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VOL. 128.
SATURDAY,MAY 4 1929.
Einatuial Thraixicit
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The Financial Situation.
In discussing last -week the bill introduced in
Congress which would authorize the U. S. Treasury
to issue short term Treasury bills to be sold on a
discount basis, we mentioned as an objectionable
feature the provision in these bills by which it is
proposed to exempt completely from taxation—from
the surtaxes as well as the normal income tax—both
the proposed Treasury bills and future issues of
certificates of indebtedness. The matter is not one
to be passed over lightly. It involves a complete
change in the country's tax policy. Such a change
should not be made without considering what it
involves and not until the proposition has been
studied from every angle. Moreover the step should
not be taken except with the utmost deliberation
and with full knowledge on the part of every member of the two houses of Congress of what it is
contemplated to do.
The proposal should be fully debated and considered all by itself as a separate and distinct proposition. The object which it is sought to attain ought
not to be accomplished covertly or by indirection.
Yet such will be the case in the present instance if
the bill introduced is rushed through with no
thought of anything else than the fact that the Treasury will be given authority to issue short term bills.
The merit of the proposal to authorize Treasury bills,
which can be sold on a discount basis rather than on
an interest basis, is one thing. The merit of a
proposal for granting full tax exemption (even from
the surtaxes) is a wholly different thing. Congress
should not unwittingly approve the latter when it is
merely in favor of the former. The two propositions
should not be confused. They should not be linked
together except after each has had separate and full
consideration and the conclusion has been reached
that each separately and both conjointly are meritorious.
NO. 3332.
Let there be no misunderstanding that the step
will mark a complete departure in the country's tax
policy of recent years. The statement is not exaggerated. When the country entered upon the task
of financing its huge needs as a participant in the
World War, the 1st Liberty Loan Bonds were put
/
1
2
out with a coupon rate of 3 %. These bonds were
fully tax exempt—exempt from the high and graded
surtaxes as well as the much more moderate normal
taxes. It was almost immediately recognized that
this was a mistake. None of the subsequent Liberty
Loan issues, nor the Victory Loan Bonds, nor any
certificates of indebtedness, nor U. S. obligations of
any kind were made exempt from any but the normal
taxes due. Not only that, but public sentiment has
become so pronounced against letting anyone enjoy
exemption from the surtaxes that attempts to evade
such taxes have been looked upon as little short of
criminal. Does the country now want to take a
backward step and revert to the original mistaken
policy. Do we now want to depart from what is generally regarded as a sound principle of taxation,
namely that no one within the class which it is intended to reach should be rendered legally exempt?
It should not escape attention that Secretary
Mellon has been openly advocating the step backward for some time, and has lost no opportunity to
secure full exemption where Congress could be beguiled into taking the step. In his report to Congress last December Mr. Mellon on page eight of the
report said:
"I recommend that the Congress consider an
amendment of the Second Liberty loan act, as
amended, authorizing the Secretary of the Treasury
to exempt further issues of securities from the surtax as well as the normal tax.
"The enactment of such an amendment would not
interfere with the subsequent adoption of a constituj:
tional amendment permitting the Federal and the
State Governments to tax so-called tax-exempt'
securities, should the Congress and the States deem
such an amendment desirable. But pending the
adoption of such an amendment, there is no reason
why the Treasury Department in marketing securities should be at a disadvantage as compared with
States and their subdivisions, or why there should
be discrimination against individual investors who
desire to acquire United States Government securities.
"If States and their political subdivisions continue
to issue securities which are wholly tax-exempt at
the rate of a billion dollars a year, the Federal Government should not be limited to the issuance of
securities exempt only from the normal income tax."
The foregoing constitutes the entire argument in
favor of full tax exemption, namely that municipal
obligations now enjoy such a privilege. But if one
series of obligations are favored in that way, is that
2874
FINANCIAL'CHRONICLE
any reason why we should create other obligations
endowed with the same unhappy privilege? Should
we not rigidly limit the privileged class rather than
to extend its number? We financed the needs of a
gigantic war during which there were put out some
$25,000,000,000 of U. S. obligations of one kind or
another without adventitious aid of this kind,except,
as already stated, in the case of the 1st Liberty Loan
31 2s for $2,000,000,000, and having done so, why
/
should we, now that we are once more conducting
the Government in normal peace time conditions,
want to revert back to the objectionable practice
which we deliberately rejected during the war?
One wrong step has already been taken in the
matter of such tax exemption, though not in the case
of U. S. obligations, and Congress should not allow
that blunder (for "blunder" it was) to be repeated—
at least not except with its eyes open. In an obscure
place in the Revenue act of 1928 a few words were
inserted by which tax exemption was granted to
bankers' acceptances when held by foreign central
banks. As pointed out by us last week, Secretary
Mellon argued in favor of such exemption on the
theory that acceptances command very low rates of
interest and that therefore special inducement
should be offered foreign central institutions to buy
such acceptances by granting full tax exemption.
But to-day these bankers' acceptances are selling on
a discount basis of 51 2 and higher and the argu/%
ment, if it ever had any validity, loses all its force.
Note now what has happened as a result of the
wrong step referred to. In the Monthly Review for
May 1 of the Federal Reserve Bank of New York,
issued the present week, a discussion of foreign balances in the United States appears and in it we find
the following statement: "There was also a tendency
for foreign funds to be transferred from employment
in Treasury certificates to employment in bankers'
acceptances because of the higher relative yield from
acceptances and the change in the tax provision, by
which foreign Central Banks no longer were required
to pay taxes on income received from investments in
Bankers' Acceptances."
In other words, Treasury certificates of indebtedness have become less desirable because they are not
endowed with the special privilege of full tax exemption that has been conferred upon bankers' acceptances. No doubt this very fact will be urged as a
reason why the proposed Treasury bills to be sold
at a discount and why future issues of certificates
should be granted a similar special tax favor. The
argument will not hold water. We have simply
embarked upon a wrong course and should now
retrace our steps. If we do not, but instead yield to
Mr. Mellon's persuasion, we will soon have the entire
body of United States obligations to the aggregate
of $15,000,000,000 to $20,000,000,000 fully tax
exempt, as obviously the different issues of U. S.
bonds and certificates of indebtedndess as they mature will have to be taken up with the proceds of
new issues and Mr. Mellon is arguing for tax exemptions for all "further issues of securities." Let Congress mark well the fact that granting tax exemption in the case of Treasury bills is meant to be
merely the first step, to be followed later by general
exemption.
The lesson which the mistake made in granting
tax exemption to bankers' acceptances, with the
effect of displacing U. S. certificates of indebtedness,
[vol.. 128.
teaches is that such a mistake should not have been
made in the first instance and that when a blunder of
that kind is committed it is certain to have serious
and far reaching consequences. It is to be hoped
that some day the country will again reach the stage
where we can do without any Federal Income Tax,
but so long as the need for such a tax exists, why
should the U. S.. Treasury throw away the revenue
which the tax on the income of U. S. Bonds yields?
It might even be asked whether U. S. obligations
should in the future be exempt even from the normal
tax. Does Great Britain grant such freedom? But
at all events to go a step further and grant exemption, in addition, from the surtaxes, is wholly without warrant or justification, whether in the case of
Treasury bills, certificates of indebtedness or U. S.
obligations of any kind.
Brokers' loans are again miming true to form.
Contraction in the total of these loans came to an
end two, weeks ago, and after last week's increase
of $67,000,000 we have the present week a further
increase of $40,000,000. Thus $107,000,000 of the
$368,000,000 contraction during the preceeding four
weeks has already disappeared and thus also past
experience, which shows that when contraction has
gone a certain limit it ceases and renewed expansion
occurs, is repeated. Of this week's further increase
of $40,000,000 in the grand aggregate of these loans,
more than the whole amount is found in the loans
which the reporting member banks in New York
City have made for their own account, the amount
of such loans being $979,000,000 this week (May 1)
against $924,000,000 last week (April 24). The
amount of the loans for account of the out-of-town
banks is also somewhat larger, standing at $1,676,000,000 against $1,652,000,000. On the other hand,
and for a wonder, the loans "for account of others"
this time shows a decrease, the amount at $2,876,000,000 May 1 comparing with $2,916,000,000 April
24. The grand total of these brokers' loans under
all the differnt headings at $5,532,000,000 May 1
compares with $4,282,000,000 on May 2 1928.
In the foregoing we are dealing with the weekly
figures of the Federal Reserve Bank of New York.
The Stock Exchange figures for the even month
have also been issued the present week, and these
show a small decrease for the month, due to the fact
no doubt that the contraction during the early part
of the month exceeded the renewed increase the
latter portion of the month, and in that respect the
changes accord with those of the weekly Federal
Reserve figures. The Stock Exchange statement,
being more comprehensive than the Federal Reserve
returns, deals with much larger totals—roughly 114
/
billion dollars larger. For April 30 the Stock Exchange aggregate is $6,774,930,395, which compares
with $6,804,457,408 on March 30. On April 30 last
year the Stock Exchange total was only $4,907,752,599, and on April 30 1927 it was no more than
$3,341,209,847, while on April 30 1926 it was but
$2,767,400,514, showing an expansion in three years
of over $4,000,000,000!
Borrowing of the member banks at the Federal
Reserve institution has slightly increased during the
week, being $985,829,000 May 1 against $974,
513,000
April 24; on May 2 last year the total was $757,054,000. The feature of this week's statement, however, is that a substantial increase in the holdings
MAY 4 1929.]
FINANCIAL CHRONICLE
,of bankers' acceptances is shown„ the amount the
present week being $170,421,000 against $141,175,000
last week. Why the Reserve Banks, after having
-continuously reduced their bill holdings over a
period of some four months, should now again have
begun to add to them, is difficult to understand.
Holdings of U. S. Government securities are also
about one million dollars larger, being $150,730,000
against $149,782,000 last week. Besides this, foreign
loans on gold this week are reported at $14,899,000
against $7,735,000 last week, this apparently representing ,some further shipments of gold from Germany. Altogether the total of bill and security holdings the present week is $1,329,245,000, or roughly
49,000,000 larger than a week ago, when the amount
was $1,280,601,000.
The April return of mercantile insolvencies is
hardly as satisfactory as the returns of the preceding
four or five months. Some increase appears in the
number of business failures for the month, although
liabilities are slightly smaller than they were a year
ago, and also show,some reduction from the preceding month. Mercantile insolvencies in the United
States in April, as compiled from the records of
R. G. Dun & Co., numbered 2,021, involving total
indebtedness of $35,269,702. These figures compare
with 1,987 similar defaults in March for $36,355,691
of liabilities and with 1,818 in April of last year
owing $37,984,145.
The increase in the number of failures for April
over March is quite unusual. Furthermore, a
larger number of insolvencies occurred than for any
month since October last, with the single exception
of January. This is also contrary to the regular
course of events. The increase in April is probably
only temporary, as other features of the report now
made for that month are quite satisfactory. Of the
insolvencies in April this year, 499 were of manufacturing concerns, for $10,422,876; 1,388 in trading
lines involving $19,101,961, and 134 of agents and
brokers owing $5,744,865. For the corresponding
period of 1928, defaults among manufacturing concerns numbered 432,for $16,236,432 of indebtedness;
1,276 in trading lines owing $16,048,734, and 110 of
agents and brokers for $5,699,979.
All three classes show an increase in the number
of defaults in April this year, but the indebtedness
for that month for the manufacturing division is
quite considerably reduced from the amount included
a year ago. On the other hand, liabilities for the
trading class last month were much heavier than
they were in April of last year.
In the manufacturing division, six of the fourteen
leading classes into which the statement is separated
show more failures last month than in April of last
year. The two leading classes, lumber and bakers,
make the least satisfactory showing. Some increase
in the number of defaults last month also appears
for the divisions embracing manufacturers of chemicals and drugs, of leather goods, the latter including
shoes, and for hats and furs. Fewer insolvencies
were reported in April. on the other hand,for manufacturers of clothing,for machinery lines, iron works
and in the printing trades.
Only one of the fourteen leading divisions among
manufacturing classes reported liabilities last month
in excess of $1,000,000, and that was the lumber
section. The defaulted indebtedness in April this
2875
year for that division, however, is more than 30%
less than it was a year ago. Reference has already
been made to the falling off of the April liabilities
for the manufacturing section. There is a reduction
for eleven of the fourteen leading manufacturing
classes.
In trading lines, the increase shown last month is
very largely in ten of the fourteen prominent classifications. These fourteen divisions constitute nearly
80% of all trading defaults for that month. The
notable increases in April were in the grocery
division, in hotels and restaurants, for dealers in
furniture, hardware, drugs and in jewelry. Some
increase, also, was shown for general stores, for
dealers in stationery and books, and hats and 'furs.
There was, however, a reduction in the number of
defaults last month for the important classes embracing clothing,for dry goods, and shoes and leather
goods. As to the indebtedness for the trading section, a considerable part of the larger amount shown
for April this year was included in eight of the fourteen leading divisions. These were mainly the three
classes embracing general stores, clothing and dry
goods. Liabilities for failures in the grocery line
were, as usual, the heaviest of any single group,
although there was a slight decrease from a year
ago. Taking these four divisions of the trading section together, grocers, general stores, dealers in
clothing and in dry goods, the total amount involved
for April this year was $7,852,000, which is more
than 40% of all trading liabilities reported for that
month,and shows an increase of nearly 20% over the
liabilities reported for the same four classes in
April 1928.
Another feature of the April insolvency record
relates to the reduction in the large failures, which
last month numbered 48 for $13,740,560 of liabilities. For April of last year the number was 54, and
the indebtedness $18,120,704, and for April 1927, 75
involving $31,134,224. Not since April 1920 has this
record for that month been as satisfactory as
appears for the month just closed. The improvement for April this year was almost entirely for the
manufacturing classes, where 18 of the larger defaults, involving $3,997,999 of indebtedness, compares with 27 for April 1928, with $10,919,569 of
liabilities.
The stock market this week has shown sustained
strength and prices are higher all around. The reason for the improvement is to be found almost entirely in the slight relaxation that has occurred in
the money tension. After the setback the market
encountered on Thursday and Friday of last week,
on the latter of which two days call money on the
Stock Exchange went as high as 16%,the market on
Saturday last showed a much improved tone and
also a better level of prices. There seem to have
been some fears lest even greater tension in money
than that of last week would be witnessed on
Monday and Tuesday, April 29 and April 30, when
final preparations had to be made for the 1st of May
interest and dividend disbursements. Instead of
that, the tension, while still quite pronounced, relaxed somewhat. On Monday,renewals were at12%,
but with an advance to 15%, which was not quite as
high at the 16% recorded the previous Friday.
The speculative fraternity derived comfort from
this and on Tuesday renewals were at 14%,but sup-
2876
FINANCIAL CHRONICLE
[VOL. 128.
plies were plentiful and a drop to 10% occurred. Roller Bearing at 87 against 8214; Warner Bros.
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The entire market now became positively buoyant Pictures at 12814 against 117%; Mack Trucks at
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and prices bounded forward with an avidity not seen 105 against 104; Yellow Truck & Coach at 471 j
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for many days past. The whole Stock Exchange list against 48; National Dairy Products at 135 against
shared in the upward spurt. On Wednesday exten- 131%; Johns-Manville at 191 against 181; National
sive realizing occurred, causing reaction in a part Bellas Hess at 59 against 57 ; Associated Dry
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of the list, but the tone remained very confident; Goods at 56 against 62; Commonwealth Power at
money renewed at 11% and then dropped to 10%. 151% against 138 ; Lambert Co. at 14378 against
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The excellent showing of income made by the U. S. 144%; Texas Gulf Sulphur at 81% against 821 ;
%
Steel Corporation in its statement for the March Kolster Radio at 42 against 42%. As an indication
quarter had a stimulating influence on all the dif- of the way the market has been rising, the following
ferent steel stocks. On Thursday the renewal rate shows some of the stocks that have this week estabdropped to 10% and all other loans on the Stock lished new high records for the year:
Exchange were at the same figure; the course of
STOCKS MAKING NEW HIGH FOR YEAR.
prices was somewhat irregular, but for the great Railroads—
Industrialand Miscellaneous (Con)
Int. Harvester.
majority of stocks the tendency of prices was still N. Y. New Haven & Hartford. Interype
Texas & Pacific.
Corp.
upward, and on Friday the rise was carried even
Kraft Chese.
Ludlum Steel.
Industrial and Miscellaneous—
further; call money on the Stock Exchange was 10@ Advance Rumely.
Marmon Motor Car.
McCall Corp.
11%. The further increase in brokers' loans in the Air Reduction.
Motion Picture.
Allis-Chalmers.
Federal Reserve weekly statement appeared to exert Am. Bosch Magneto.
Munsingwear.
Murray Body.
American Can.
no adverse influence; and, as a matter of fact, its American Chicle.
North American.
Postum Co.
effect was in part offset by the decrease shown in Am. Rad. & Stand. Sanitary.
Prairie Pipe Line.
Am. Rys. Express.
the Stock Exchange statement for the even month. Columbian Carbon.
Pure Oil.
Radio Corp. of AinericA.
Columbia Gas & Elec.
Trading has been on a larger scale than last week Commercial Solvents.
Stand. Sanitary.
Stromberg Carburetor.
The sales on the New York Stock Exchange on Satur- Commonwealth Power.
Symington.
Continental Baking, class A.
day last were 1,740,510 shares; on Monday they Corn Products Refining.
Tenn. Copper & Chemical.
Texas Pacific LAni Trust.
Autolite.
were 3,272,840 shares; on Tuesday 4,314,580 shares; Elec. Power & Light.
Elec.
Underwood-Elliott-Fisher.
Union Carbide & Carbon.
on Wednesday 4,688,900 shares; on Thursday Equitable Office Bldg.
Federal Light & Traction.
U. S. Industrial Alcohol.
4,179,590 shares, and on Friday 4,527,490 shares. Foundation Co.
Waldorf System.
Westinghouse Elec. Instrument.
On the New York Curb Market the dealings on Gen. Ry. Signal. A.
Gould Coupler, class
Wollworth.
Yale & Towne.
Saturday aggregated 896,200 shares; on Monday Hershey Chocolate.
Int. Business Machines.
Young Spring & Wire.
974,300 shares; on Tuesday 1,379,900 shares; on
Wednesday 1,656,300 shares; on Thursday 1,500,900
The copper stocks have risen with tie rest of the
shares, and on Friday 2,537,800 shares.
market. Anaconda Copper closed yesterday at 144
As compared with Friday of last week the changes against 142 on Friday of last week; Kennecott Copare almost uniformly in an upward direction, with per at 952 against 8778; Greene-Cannanea at 167
/
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the largest gains, as heretofore, in the specialties against 160½; Calumet & Hecla at 46 against 45;
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and the speculative favorites. The merchandise Andes Copper at 56% against 51%; Chile Copper at
stocks were again features of strength. Sears Roe- bid 102 against 1033 ; Inspiration Copper at 483
4
%
buck closed yesterday at 1641 8 against 153 of Fri- against 49; Calumet & Arizona at 133 against 134;
/
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2
day of last week, and Montgomery Ward & Co. at Granby Consol. Copper at 83% against 83; Amer130% against 1261 ; Woolworth & Co. closed at ican Smelting & Ref. at 109/ against 1051 U. S.
4
14
%;
229/ against 225, and Safeway Stores at 166
78
/ Smelting & Ref. & Min. at 602against 60.
1
2
/
1
against 163%. Western Union Tel. closed at 200%
The oil group has also shared in the rise. Simms
against 188; American Tel. & Tel. at 2281 against Petroleum closed yesterday at 32 against 30 on Fri%
231%, and Int. Tel. & Tel. at 263/ against 260; day of last week; Skelly Oil at 45 against 44 ; At18
/
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2
Westinghouse Elec. & Mfg. at 161 against 152 ; lantic Refining at 67 against 61%;Pal American B.
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2
/
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2
United Aircraft & Transport at 142 against 121; at 63% against 602 Phillips Petroleum at 41%
/
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2
/
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;
American Can at 14914 against 1411 ;United States against 41%; Texas Corp. at 66% against 65; Rich/
%
Industrial Alcohol at 16812 against 16412; Com- field Oil at 45 against 44½; Marland Oil at 40%
/
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2
4;
mercial Solvents at 358 against 3373 Corn Prod- against 39%; Standard Oil of N. J. at 591 against
%
ucts at 963 against 99%; Shattuck Co. at 141
%
/ 57%; Standard Oil of N. Y. at 43 against 42%;Pure
1
2
against 147, and Columbia Graphophone at 77% Oil at 28% against 26 .
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2
against 82%.
The steel group has been rather quiet notwithAllied Chemical & Dye closed yesterday at 289
/ standing the extraordinarily favorable income state1
2
against 28314 on Friday of last week; Davison Chem- ment for the March quarter submitted by the U. S.
/
ical at 58/ against 56%; Union Carbide & Carbon at Steel Corporation. U. S. Steel closed yesterday at
14
258% against 238%; E. I. du Pont de Nemours at 182/ against 1853 on Friday of last week; Bethle18
%
1751 2 against 177; Radio Corporation at 1103 hem Steel at 112 against 111%; Republic Iron &
/
%
against 10114; General Electric at 258
/ against Steel at 99 against 97%; Ludlum Steel at 9778
1
2
/
/
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2
23914; National Cash Register at 126% against 124; against 80, and Youngstown Sheet k Tube at 127
/
Wright Aeronautical, after declaring a 100% stock against 125. In the motor group General Motors
dividend, at 132 against 254; International Nickel at closed yesterday at 8414 against 8518 on Friday of
/
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5312 against 481 A. M. Byers at 1592 against last week; Nash Motors at 98% against 99%; Chrys/
1
%;
1627s; American & Foreign Power at 115 against ler at 93 against 94%; Packard Motors at 134%
/
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2
96 ; Brooklyn Union Gas at 1853 against 179; against 131%; Hudson Motor Car at 88 against
/
1
2
%
/
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2
Consol. Gas of N. Y. at 115 against 108 ; Colum- 86%, and Hupp Motor at 55 against 51%. The
/
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2
/
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2
/
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2
bia Gas & Elec. (new) at 65 against 61%; Public rubber group has been weak. Goodyear Tire & Rub/
1
2
Service Corp. of N. J. at 88% against 827s; Timken ber closed yesterday at 126% against 1312 on Fri.
/
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1
MAY 4 1929.]
FINANCIAL CHRONICLE
2877
activity noted on more extensive purchases by the
French public. Toward the close, however, some
profit-taking developed and the list turned irregular.
No distinct trend was noted in the trading yesterday,
gains and losses being about equally represented.
The Berlin Boerse opened firm, Monday, stimulated by comparatively optimistic reports from the
reparations experts in Paris. The extreme pressure
on the mark was lifted, causing a greater degree of
confidence among speculators. Optimism was again
general on the Boerse Tuesday, and further substantial improvement took place. Some unsettlement
was introducd late in the day by a sharp decline in
Polyphone shares. Threats of trouble over May
Day demonstrations caused uneasiness Wednesday,
and stocks dropped at the opening. Trading also
fell off, but improved late in the day. The irregularity continued throughout most of the session, with
a few issues showing a better trend toward the close.
Disastrous riots in Berlin late on May 1 caused depression on the Boerse Thursday, a general decline
Slight improvement
Price movements on the important European stock taking place in all markets.
again noted toward the close. In yesterday's
markets have been irregular this week, London and was
moved downward.
Berlin showing considerable unsettlement, although session, the Boerse again
the Paris Bourse improved rather steadily. The
A decidedly more optimistic tone has marked the
markets were faced by a formidable array of uncere on German
tainties, with the dragging reparations develop- discussion of the Experts' Committe
ns
ments foremost among them. The international reparations in Paris this week, with indicatio
possibility that a
money situation gave no signs of improvement, pointing more and more to the
the
while in the early part of the week, all markets were compromise plan may yet be adopted to replace
official statements were issued by
made nervous by the approaching May Day with its Dawes Plan. No
n was
customary Communistic disorders. The London the body of experts this week, but the impressio
to press correspondents that
Stock Exchange was dull in most sessions, financial apparently conveyed
a settleactivity there showing a steady subsidence with the no stane would be left unturned to effect
present meeting. After it appeared on
approach of the general elections at the end of this ment at the
than
month. In the opening session of the week slight April 11 that the German offer was far lower
Allied experts had expected, and in addition
recessions occurred in British funds, with the re- the
conditions, it
mainder of the share market also declining frac- was hedged about with unacceptable
believed for several weeks that the conference
tionally. A sharp rise and a subsequent drop in the was
began to
gramophones was the leading feature of the day. was likely to end in failure. The experts
most groups, with draft a report to be submitted to their respective
Prices dropped further Tuesday in
booked their rebusiness on a very small scale. Gilt-edged issues governments ...nd in one case even
drawn up,
were firmer on an influx of gold. The Exchange turn passage. While the report was being
meeting
wasclosed Wednesday for the usual May Day holiday. efforts were continued to find a common
y balance could
When trading was resumed Thursday a substantial ground on which at least a temporar
Gerincrease was noted in the volume of trading, but price be struck between the Allied demands and the
movements were again irregular. British funds im- man offer.
In the deadlock that developed between the Gerproved on further acquisitions of gold by the Bank
of England. Copper shares also showed a better man and Allied experts a place of especial importone, but gramophones, communications, artificial tance was assumed by the American delegates, Owen
silks and motors all eased off. Stocks in general de- D. Young and J. P.. Morgan. It was reported in a
clined further yesterday in a quiet market at Lon- Paris dispatch of last Sunday to the New York
don. The gilt-edged division held up well, however, Times that the influence of the unofficial American
representatives was being thrown to persuading the
and home rails also were steady.
The Paris Bourse began the week with a distinctly Germans that they would be the greatest losers from
better trend, with the issues that were weakest last a breakdown of the conference. Dr. Hjalmar
week showing the most improvement. No great in- Schacht, the chief of the German delegation, returnterest was taken in the transactions by the general ed to Berlin Sunday morning for a series of dispublic, however, and the better tone was not main- cussions with government officials and Reichsbank
tained. A good many securities lost all the ground executives, remaining in the German capital until
they had gained, in a late reaction. The atmosphere Wednesday. Hopes for the conference again waned,
was measurably better Tuesday and an advance took Monday, when it was declared in Berlin that no new
place in all departments of the market. A bright offer would be forthcoming from the German extendency prevailed Wednesday and the list contin- perts. The experts in Paris continued their labors,
ued to advance. Transactions became more numer- however, reports indicating that an air of "quiet
ous with outside interest apparently growing. The optimism" had pervaded the gathering. "As the conshares most in demand were those of French banks, ference draws rapidly nearer the decisive hour," a
chemicals, electricals, coal mines and steels. The dispatch of Monday to the New York Herald Tribune
Bourse' again opened firm Thursday, with greater said, "it is evident that the Germans must make a
2
1
/
day of last week; B.F. Goodrich at 82 against 85,
12
against 56/,and the pref.
5%
.
and U. S. Rubber at 5
12
at 80/ against 81.
The railroad stocks have been largely dormant
and most of them have declined. Pennsylvania R. R.
78
closed yesterday at 81 against 81/ on Friday of last
/
week; New York Central closed at 18514 against
/
1841 2; Del. & Hudson at 196 against 188; Baltimore
78
/
& Ohio at 120% against 1211 8; New Haven at 99/
against 101%;Union Pacific at 219% against217½;
/
Canadian Pacific at 2371 2 against 240; Atchison at
/
12
199/ against 1991 2; Southern Pacific at 127%
12
against 126%; Missouri Pacific at 83/ against
/
831 2; Kansas City Southern at 85 against 85; St.
Louis Southwestern at 99 against bid 100; St. Louisk
San Francisco at 1111 against 113; Missouri-Kansas:Texas at49% against 50½;Rock Island at 123%
against 124; Great Northern at 103 against 104½;
4,
Northern Pacific at 101 against 1013 and Chic. Mn.
& Pac. pref., at 52 against 52%.
St. Paul
2878
FINANCIAL CHRONICLE
[VoL. 128.
higher offer than anything they have yet spoken of mission, Great Britain, Germany
and the United
as possible if any agreement is to be reached. Be- States had maintained that
trained reserves should
yond that Mr. Young and his American coadjutors be included in peace-time
'armaments, while France,
will exercise a well-nigh decisive role in bringing Italy, Japan and other nations
with conscript armies
the debtor and creditor positions nearer, if ever they had taken an opposite view. This
fundamental difare to be brought together at all."
ference between the greater nations prevented any
Dr. Schacht left Berlin Wednesday for his return progress being made on the
agenda for the general
to Paris, with the position still unchanged. The Ger- disarmament conference projected
by the League of
man delegation was represented in an Associated Nations, thus largely nullifying
the efforts of the
Press dispatch from Berlin as foreseeing no solu- Preparatory Commission in its
successive sessions.
tion to the reparations problem at the present con- It was this consideration that
prompted Lord Cushference and possibly not even at a later one. Dr. endun to say on April 19, ‘fUnless
we effect a good
Albert Voegler, the second German expert, and the deal during the present session, we
shall most likely
two alternates, Messrs. Kastl and Melchoir, went to fail altogether, and we shall most
certainly make
the Belgian frontier to meet Dr. Schacht and rode ourselves the laughing stock of the
world." As a
back with him to Paris. They arrived in the French consequence of the concession made
by Britain and
capital Thursday evening and the discussions were the United States, the Preparato
ry Disarmament
promptly resumed, with Owen D. Young taking a Commission decided last Saturday
to exclude comleading part. An entirely new plan was proposed pletely the reduction and limitation
of trained reby Mr. Young, as chairman of the gathering, accord- serves from the disarmament conventio
n which it is
ing to a dispatch to the New York Herald Tribune. drafting.
This plan, it was said, called for annuities of "someThe statement by Ambassador Gibson on land
thing less than 2,000,000,000 marks over a certain armament was made late April
26, after the commisnumber of years, the number of which could not sion decided to postpone for later considera
tion sevlie ascertained." Mr. Young's strategy, it was de- eral articles of the aviation
chapter for its general
clared, has been to concentrate on the first fifteen convention. President
Loudon announced that army
years of the annuities to be paid, a draft of a plan effectives were up for
discussion. Mr. Gibson immecovering this period having been presented to Dr. diaely arose to make
some "general remarks in the
Schacht last week, before his departure for Berlin. interest of brevity."
After pointing out the fundaSome additional delay in reaching a final decision mental differences of
the two schools of thought, he
seems likely, however, according to late reports, as continued:"We have
always maintained that trainM. Emile Moreau, Governor of the Bank of France ed reserves should
be included with peace-time armaand chief French delegate, has had to absent him- ments, since both
actually exist in time of peace.
self over the week-end.
In our eyes a nation which possesses an adequate
and equipped trained reserve is in a position promptNotable progress in drafting a general disarma- ly to undertake an offensive
battle. Such a nation
ment convention to serve as a basis of discussion on is, therefore, in a markedly
more favorable position
this important question has again been made by the than one which must train
its personnel and equip it.
Preparatory Disarmament Commission of the League Untrained civilians cannot
be turned into efficient
of Nations, which gathered at Geneva April 15 for fighting men without
many months of training.
its sixth session. A far-reaching.step toward finding Starting with these premises
the American delegaa real basis for agreement on the naval aspect of the tion reached the conclusio that
n
logic and fairness
problem was taken April 22 by Hugh S. Gibson, call for trained
reserves being included among peace'ila irman of the American delegation, who outlined time effectives
in the draft convention. In these
a new approach to naval disarmament on behalf of principles, for
which we stood during the first readthe Washington Government. To the statement ing, we still
believe. Nevertheless, as I indicated
then made, Mr. Gibson added another on April 26, the other
day, I as fully recognize that other deleof hardly less significance, on the land armament gations
which hold opposing views believe in their
aspect of the problem. Both steps were taken for the thesis with the
same conviction. Therefore, if we
express purpose of speeding the work of the com- are to reach an
agreement—if we are to be able tojoin
mission by encouraging a conciliatory spirit all in a common draft—it
will be necessary for concesaround. In his statement on naval armament, Mr. sions to be made
not only on the part of one but
Gibson made it plain that the United States desires on the part of every
delegation here present.'
not merely limitation but actual reduction of the
"With this in mind I am able to declare that the
classes left unrestricted by the Washington treaty American Government as
a practical matter is disof 1922. He remarked at the time that the question posed to defer to the
views of the majority of these
of land armaments was interesting primarily to countries whose
land forces constitute their chief
other countries. In his further statement made military interest,
and in the draft convention before
late last week, he indicated that the United States, us, to accept their
ideas in the matter of trained
in order to make agreement possible, was prepared reserves. I
venture to express the hope that as a
to make concessions from its'contention that trained corollary to this
attitude the delegations of other
reserves should be counted as effective in peace-time countries will in
like manner make the maximum
land armaments.
of such concessions as they find possible. I do this
The new attitude of the United States on this as- in no spirit of
bargaining. There are two ways in
pect of the disarmament problem gained additional which the commission
can proceed further. The first
importance because of a somewhat similar pro- is for each delegation
to 'hold up the concessions it
nouncement that was made on behalf of Great is prepared to make until the last
minute, seeking
Britain April 19 by Lord Cushendun, chief of the in return to obtain other advantage
s for value reBritish delegation. In previous sessions of the com- ceived. This would inevitably result in
months of
MAY 41929.]
FINANCIAL CHRONICLE
negotiation and bargaining and would certainly not
truly represent the spirit in which we are met here.
The other method is for the delegation frankly to
explain what concessions they are in a position to
make, to lay their cards on the table and to create
a feeling of candor and harmony that will be conducive to the further success of our work. It is in
this spirit that I have made a fundamental concession today, and it is, I am convinced, the method by
which, if it finds favor with the other delegates, we
can advance our work not only speedily but effectively and after three years and six sessions offer
to our governments and peoples a positive accomplishment."
These remarks by Ambassador Gibson created a
profound impression upon the commission and
brought immediate replies from Count Massigli of
France, and Mr. N. Sato, of Japan. The French
delegate referred to the declaration as "important"
and "historical," and ventured to address the commission because France "has found itself in the past
sessions in radical opposition on a matter of principle with the American delegation." The French
delegation adopted this attitude, he said, because of
its profound conviction that France had and would
have no aggressive intentions. In the altered situation produced by Mr. Gibson's statement, France
would be more than ever ready to lay its cards on
the table and to make every concession within its
power, he concluded. Mr. Sato expressed the appreciation of the Japanese delegation for Mr. Gibson's
"supremely important statement" and remarked that
a way will now be found for the solution of a number
of difficulties which presented themselves in the
first reading of the report regarding trained reserves. "The Japanese delegation will do everything
in its power to make a counter concession in its
turn," he added. The usual closing time of the commission having been reached, further discussion was
put off until the following day.
When the conversations were resumed last Saturday, Count von Bernstorff reiterated Germany's
stand against trained reserves and asserted that the
Reich had already made a concession by dropping
its immediate demand for the abolition of compulsory service. He remarked, however, that Germany
was willing to make a further concession on trained
reserves by applying to them the same principle of
equivalent values that America had advocated for
navies. Lord Cushendun, who was the only one to
mention this proposal in the subsequent discussion,
rejected it as "very complicated." The British delegate reaffirmed that his Government, in order not
to "wreck" the convention, was prepared to give in
on the matter oftrained reserves. Count von Bernstorff also gave in finally, although he asked the
French delegates point-blank just what concessions
they intended making. Even M. Litvinoff, of Russia,
after deploring Mr. Gibson's move at preventing real
reduction of land armaments, ended by admitting
the "necessity of compromises." It was especially
noted in press dispatches from Geneva that Count
Massigli made no statement whatever on behalf of
the French Government in last Saturday's session,
even though some comment appeared to be in order.
In a report to the New York Times it was remarked
that "satisfaction was expressed here over to-day's
development because it brought much nearer the
prospect of a draft convention, however mediocre.
2879
being finally framed and even more because it
sharply clarified the situation and fixed the responsibility for achieving land disarmament definitely on
the conscript powers, especially France."
Sessions of the Preparatory Commission this week
have been devoted to consideration of less important
points and to the usual maneuvering of the delegations. The German and Russsian delegates pointedly
reminded the commission Monday that "drastic reductions" of armaments rather than limitations
would appear to be called for in accordance with
Mr. Gibson's declarations, but the commission
avoided the issue. Tuesday's meeting was devoted
mainly to consideration of technical questions regarding the division of naval, air and army effectives
into categories for purposes of ultimate limitation
or reduction. The French made a concession l.);\
withdrawing their previous demand that all three
branches be considered together. The British spokesman announced the intention of his Government to
adhere to the Geneva protocol of 1925 prohibiting
the use of poison gas in warfare, with the single
reservation that reciprocity must prevail. A discussion of tables of the armed forces of each nation
followed ' and was continued in subsequent
meetings.
A lively but unofficial interest has been maintained in Geneva, meanwhile, in the naval disarmament proposal of the United States, as set forth by
Ambassador Gibson early last week. In some circles
it was believed that a full exposition of the American formula on equivalent naval values would be
placed before the present session of the commission
when the main naval item is reached on the agenda.
Elsewhere it was declared that the next concrete
step in the reduction of naval armaments will be
taken in Washington, rather than Geneva, possibly
as the result of a preliminary accord between the
United States and Great Britain on general lines.
In a Washington dispatch of Thursday to the NewYork Times, it was reported, however, that the Administration "seems to have decided to await developments at Geneva and not to press, for the time
being, the proposal for a reduction of naval armaments." Developments must be slow, it was pointed
out, particularly in view of the general election in
Great Britain at the end of this month. In London,
W. C. Bridgeman, First Lord of the Admiralty, told
the correspondent of the New York Times Monday
that a preliminary discussion between England, the
United States and Japan could be inaugurated "as
soon as we know what Mr. Gibson's plan means."
No need was seen to wait until after the British
elections for such a private parley. Japanese naval
authorities have carefully kept their own counsel
throughout the discussion at Geneva, but public
opinion in Japan is reported very hopeful of substantial results.
A defense of the British debt settlement with
America as "one of the most important steps" in
restoring the City of London to its old-time financial
prestige was made by Prime Minister Stanley Baldwin, Tuesday, at the annual dinner of the British
Bankers' Association. The statements made by Mr.
Baldwin at the London function were additionally
significant because of the attack on the Balfour note
recently launched by Philip Snowden, who was
Chancellor of the Exchequer in the Labor Govern-
2880
FINANCIAL CHRONICLE
ment. Mr. Baldwin negotiated the debt settlement
himself in 1922, when he was Chancellor of the Exchequer. "Let me remind our critics of our position,"
the Prime Minister said in his address to the bankers. "We gave our bond to America. It was a very
strict bond. It was to pay on demand with interest
at 5%. The accumulated debt at the time we went
over to settle was approximately $5,000,000,000, if
you include accrued interest, all subject to the 5%
interest rate, a rate which could not be lowered
below 4 % by the law as it then stood in the United
/
1
2
States. We were pledged to begin payments at the
end of 1922.
"After long discussion with the Debt Funding
Commission we got them to reduce the interest on
the arrears from 5 to 4 %, and fixed the future
/
1
2
interest at 3% for ten years and 3 % for the subse/
1
2
quent years. On the one side you were liable to
$250,000,000 yearly which redeemed no capital and
was interest charged in perpetuity until you funded
the debt or paid it right off. We funded the debt.
Instead of $250,000,000, we pay $165,000,000 for ten
years and $190,000,000 after that—and that covers
both interest and redemption. I have always maintained that in the circumstances and at the time it
was not an unfair business view and I will leave it
at that. That there was any alternative to fulfilling
•ur word I have always denied. If we had postponed indefinitely paying the $250,000,000 or repudiated payment in the hope of getting a better bargain
we should never either on the one hand have made
any progress in restoration of the currencies of
Europe or on the other restored the credit of the
City of London to where it stands to-day."
On the same day, Winston Churchill, the present
Chancellor of the Exchequer, informed the House of
Commons that the British Treasury holds sterling
bonds for the French debt to Great Britain, the total
of which is $3,604,300,000. These bonds are regarded
as security for the whole debt, he said. Mr. Churchill
was promptly questioned by Captain G. M. GarroJones, Liberal, whether this circumstance "does not
envisage a possible departure from the principle of
the Balfour note, which should not therefore be
regarded as a sacred and unchangeable policy."
'The Chancellor replied that there is no such departure, the bonds merely constituting security in
the absence of ratification. The continued discussion
of the Balfour note caused the introduction by Lord
Birkenhead in the House of Lords, Thursday, of a
motion approving the principle of that note, which
provides that Britain will not demand more from
her war debtors than would suffice to pay her own
debt service to the United States. The motion was
promptly adopted after Lord Birkenhead declared
that Great Britain had never had the credit to which
she was entitled for being prepared at the end of the
world-war "to forego every war debt owed her on the
basis of complete cancellation."
A new government was formed in Austria Thursday by the Christian-Socialist Deputy, Dr. Ernst
Streeruwitz, his selection of Cabinet members being
confirmed by the dominant parties almost a full
month after the resignation of Mgr. Seipel's government. Mgr. Seipel resigned the office of Chancellor
because he could make no legislative headway
against the Socialist opposition. The post was
offered in succession to many of the political lead-
(VoL. 128.
ers of the country, but all declined excepting Dr.
Streeruwitz, who was appointed Chancellor April 26.
The new Chancellor is not looked upon any too
favorably by the Socialists, as he was an officer in
the old imperial army and has lately made a name
for himself as an industrialist. He is known to
be an advocate of Austria's uniting with Germany.
Observers in Vienna are not of the opinion that the
path of the new government will be an easy or
smooth one. "The Social Democrats declare that
none of the contentious questions which wrecked
Mgr. Seipel's government has been adjusted or even
ameliorated," an Associated Press dispatch of
Thursday said.
The intense political passions and class antagonisms of Europe flared into th3 open Wednesday
in connection with the customary May Day demonstrations and disorders of the labor and Communist
groups in such capitals as Berlin, Paris and Moscow.
Extreme precautions against violence were taken
by the police of Berlin and Paris, the authorities
of the German capital prohibiting demonstrations
altogether, while the French police arrested 26 persons and also placed a ban on manifestations and
gatherings within the limits of Pads. German
Communists, in defiance of the police orders, held
meetings in several places in Berlin and when the
police tried to break them up, sanguinary rioting
resulted in which 8 persons were killed and 73 seriously injured. More than 600 arrests were made.
The tumult was followed Thursday by violent demonstrations of Communist Deputies in the Reichstag
which caused a temporary adjournment of that body.
The disorders were resumed in several of the industrial districts of Berlin Thursday evening and again
yesterday, causing additional deaths. A savageness was displayed that has been unparalleled since
the widespread restlessness of the days immediately
following the world-war. Elsewhere in Germany
the day gassed without rioting. The vigilance
of the police in Paris prevented any disorders
there, although more than 3,400 arrests were made
in the course of the day. Communist leaders
who had summoned French workers to violent
dembnstrations were closely watched and quickly
apprehended on their first moves toward the
organization of any gatherings. Severe clashes
occurred in Warsaw, 24 persons being wounded
there. Moscow celebrated the day with huge demonstrations and military displays. In Mexico City
several hundred men and women of the radical
unions gathered before the United States Consulate
in a demonstration but were quickly dispersed without bloodshed by the police.
Several fundamental divergences regarding both
the facts and the law are disclosed in the diplomatic
correspondence between Canada and the United
States covering the sinking of the Canadian rumrunning schooner "I'm Alone" by the American
Coast Guard 200 miles out in the Gulf of Mexico on
March 22. The correspondence, made public in
Washington and Ottawa late last week, reveals that
the two governments have agreed to submit the case
to arbitration under the provisions of the Ship
Liquor Treaty of 1924 between the United States
and Great Britain. Canada, in the arbitration,
seeks redress for the sinking of the ship. Four notes
MAY 4 1929.]
FINANCIAL CHRONICLE
2881
across the United States border, these including
Fausto Topete, Francisco Borquez, Hector Ignacio
Almada and Ramon E. Iturbe. Most of the others
placed themselves in the hands of the Federal
authorities. The city of Nogales, Sonora, was
promptly taken over by the Federal troops under
General Lucas Gonzales. On the following day
Agua Prieta, the last of the rebel strongholds on
the northern frontier of Mexico, was also surrendered to the Federals, thus leaving only a few scattered bodies of troops in the interior still maintaining their opposition to the Mexico City regime. Resistance to the Federal cavalry units on the west
coast ceased virtually at the same time, more than
2,000 rebel troops giving up their arms to the loyal
forces.
The fast approaching end of the revolt was heralded last Sunday in a statement issued by Secretary of War Plutarco Elias Calles, who promptly
assumed command of the Federal forces when the
movement was begun on March 3. The statement,
given out by President Portes Gil at his quarters
in Chapultepec Castle, said: "I report with the
greatest satisfaction that in my opinion the rebellion
in the State of Sonora is over. The principal rebel
leaders are hastily making for the United States
border. Most of.them have no troops." Notwithstanding this report, observers in the Mexican capital expected a slow dwindling of the rebel resistance. The rapid culmination of the movement was
therefore somewhat of a surprise. The opinion that
Mexico eventually will benefit from the insurrection
of the past two months was expressed Wednesday
by President Gil. Owing to the dismal failure of
the movement, similar uprisings will be much less
likely and less frequent in the future, he declared.
The Executive expressed the belief that the political
campaign this year would be peaceful from now on,
and he remarked also that in his view the Catholic
Church as an institution had nothing to do with
the revolt.
The probable cost of quelling the rebellion also
was considered by Senor Gil, who remarked: "The
expense to which the Government is being put may
be divided into two classes: the immediate expense
for the purchase of war material, equipment of
troops and their sustenance. On the other hand
there must be placed the loss in lives, destruction
of railroad, tracks and other damage for which the
nation will have to pay. The first item will cost
about 15,000,000 pesos ($7,500,000), which has been
covered, thanks to the economy the government has
been practicing. The government so far has been
able to meet all pecuniary commitments without
getting behind a single day in the wages of its employes and without leaving unpaid any merchandise
commitments. As for the second part, the damage
cannot yet be estimated and this eventually will
reveal just how unpatriotic have been the military
leaders who headed the revolt." Official announcement also was made in Mexico City on April 20 that
Sudden and unexpected proposals of surrender by the negotiations between the Mexican Ministry of
the few remaining insurrectionary leaders in Finance and the international committee of bankers
Mexico brought the military rebellion in that coun- seeking to reach a new 4ebt agreement have been
try to an end on April 30. Negotiations to this end postponed. Owing to the military uprising, it was
were completed at a hastily summoned conference said, the Mexican financial situation does not offer
of rebel leaders with the Mexican Consul at Nogales, any prospect that during the present year such a
Ariz., just across the line from Nogales, Sonora. new agreement will be mad.
Many of the more prominent rebel generals fled
were exchanged between the two governments. The
first, from William R. Castle, Jr., Assistant Secretary of State, to Vincent Massey, the Canadian
Minister to Washington, gave a report of the facts
in the sinking as obtained from the Coast Guard on
March 28. The second was a Canadian note of
protest from Minister Massey on April 9. This was
followed by a reply of Secretary of State Stimson
for the United States on April 17, while the final
note was a rebuttal from Canada which was delivered April 24.
The United States contended in its correspondence
that one purpose of the Ship Liquor Treaty, which
permits pursuit, search and seizure of suspected
rum runners within one hour's steaming distance of
the suspected craft from the American shore, "was
to extend in effect the distance from the coast of
the United States within which the jurisdiction of
this country might be exercised with respect to certain classes of British ships." The Canadian
position, in direct opposition to this, was that the
convention "does not extend the territorial limits
of the United States nor confer any general jurisdiction" within the so-called treaty waters beyond
the internationally recognized three-mile limit. In
filing its protest, Canada made clear that it was
actuated by no desire to protect rum runners, but
was "anxious solely to uphold the exact performance of treaty obligations and the maintenance in
full integrity of the rules which protect the freedom
of traffic oit the high seas."
Canada held that the schooner was outside treaty
waters, and that even if she were within those waters
when the pursuit was initiated, such pursuit could
not legally have been continued beyond one-hour's
steaming distance from the American shore. The
United States contended that the ship was within
treaty waters and that the pursuit could be legally
continued to the high seas. Canada maintained that
the,pursult was not continuous, inasmuch as it was
begun by the Coast Guard cutter Wolcott and two
days later was completed by the cutter Dexter,
which ,sank the schooner with the Wolcott in sight
but its gun out of commission. The United States
asserted that the pursuit was continuous, inasmuch
as both Coast Guard boats were operating conjointly as a unit of the same force and under one
command. Canada asserted that the entire course
of the Coast Guard was manifestly with "punitive
intent" and that the sinking was unjustified because
the treaty calls for the use only of the reasonable
minimum of necessary action. The United States in
turn stated that the Coast Guard used the utmost
discretion' and refrained from using force except
as a last resort, and that in firing on the "I'm Alone"
took the greatest precaution to avoid any loss of
life. That a member of the schooner's crew was
drowned, the United States greatly deplored but
held the captain of the vessel to blame for his refusal
to stop.
2882
A new budget system was devised for the Dominican Republic by General Charles G. Dawes and his
commission of private American citizens in the
course of a five weeks'stay in Santo Domingo, which
terminated April 23. The plan, comprised in a
190-page report, was ceremoniously handed to President Horacio Vasquez just before the departure of
the commission, and reports have since indicated
that several laws have already been submitted to the
Dominican Congress in accordance with the plan.
Owing to the unsettled status of political affairs in
the Dominican Republic, there is some uncertainty
regarding the eventual application of General
Dawes's suggestions. The task which Mr. Dawes
completed with the assistance of his commission,
was offered to him two days before the close of
his term as Vice President. President Vasquez of
the Dominican Government was looking at the time
for methods of increasing the revenue. Further
taxes were inexpedient, and more foreign loans could
not be obtained without the consent of the United
States State Department. President Vasquez therefore decided to try an American budget system after
consultation with Sumner Welles, who was American Commissioner under President Harding, and
who is now adviser to the Dominican Government.
The commission found that Dominica was heading
for a deficit for 1929 of approximately $4,127,000.
Recommendations were made for the repeal of an
extensive program of public works and for other
economies.
On his return to New York last Monday, General
Dawes explained that the report contained a budget
law in codified form ready for enactment. "This
law," be said, "in addition to the usual provisions,
provided also for the establishment of an executive
control of expenditures; an accounting law, making compulsory a proper system of governmental
budget accounting, proprietary accounts to produce a balance sheet and adequate operating statements; a law regulating projected public improvements; a modified law of finance and the necessary
repealing laws.. This part of our report, together
with certain recommendations for changes in departmental organization, comprised our specific
plan. We then reviewed the Dominican budget
item by item and made suggestions with accompany.
ing explanations as to the manner in which economies might be effected under our plan in,operation.
In addition, collective statements were made showing the condition of governmental finances, including direct and indirect liabilities—a difficult and
exacting work in the condition in which we found
the accounts, which had been kept under an inadequate and decentralized system. 'Our report, covering 190 pages, was completed in three weeks, which
was made possible only by the untiring industry of
the entire commission. This also would have been
impossible had it not been for the complete and
earnest cooperation of the officials of the Dominican
Government, who worked night and day with us to
furnish the necessary data. Again, it would have
been impossible had not the majority of the commission possessed experience in similar labor in
the past."
The Bank of Rumania yesterday jumped up its
rate of discount from 6% to 8%. Rates continue at
732% in Germany; at 7% in Italy; at 5% in Great
[VoL. 128.
FINANCIAL CHRONICLE
Britain, Holland, Norway and Spain; 5% in Denmark; 43/2% in Sweden; 4% in Belgium, and 33/2%
in France and Switzerland. London open market
discounts for short bills are 5@5 1-16% or the same
as on Friday of last week and for long bills, 5 1-16®
51 % against 51
A
/@5 3-16% the previous Friday.
Money on call in London is 4/%. At Paris open
market discounts remain at 3 7-16% and in Switzerland at 3%%.
• Gold holdings of the Bank of England rose £2,224,822 the past week. This was the largest increase of
the year and brought the total up to £158,766,163
compared with £160,730,414 a year ago. Notes in
circulation increased £4,094,000, but on account of
the gain in gold, reserves decreased only £1,869,000.
Proportion of reserve to liability is now 52.12%,
against 52.72% last week and 38.87% the corresponding week last year. The Bank's rate ,of discount remains at 53%. Loans on government
securities expanded £1,095,000 while those on other
securities contracted £1,493,000. The latter is composed of "discounts and advances" which dropped
£1,664,000, and of "securities" which rose £171,000.
Public deposits fell off £7,379,000, while other
deposits gained £5,074,000. Other deposits include
"bankers accounts" and "other accounts" which
increased £2,256,000 and £2,818,000 respectively.
Below we furnish a detailed statement of the various
items of the Bank's return for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1925.
1928.
1927.
1926.
May 3.
May 2.
May 4.
May 5.
May 6.
Circulation
6381,371,000 135,756,000
Public deposits
10,939,000 13,679,000
Other deposits
99,161,000 101,409,000
Bankers' accounts 60.688,000
Other accounts_
38,473,000
Governm't securities 45,351,855 31,385,000
Other securities_
25,067,000 56,697,000
Dint. & advances 9,285,000
Securities
15,783,000
Reserve notes & coin 57,394,000 44,724,000
Coln and bullion__a158.766,163 160,730,414
Proportion of reserve
52.12%
38.87%
to liabilities
4 Si%
Bank rate
53.%
137,584,540 141,196,415 148,287,720
12,397,629 16,700,929 11,021,489
93,829,838 107,350,812 107,716,551
46.289,229 42,230,328 37,609,815
41,902,240 73,544,394 72,735,150
35,767,400 26,029,084 26,145,543
153,601,940 147,475,499 154,683,263
33.67%
%
20.98%
5%
22%
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 £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
In its statement for the week ending April 27,
the Bank of France reports a further gain in gold
holdings of 690,366,919 francs. This raises the total
to 35,788,083,078 francs and establishes also a new
high for the year. Notes in circulation increased
200,000,000 francs, bringing the total up to 62,847,357,820 francs, as compared with 62,647,357,820
francs last week and 63,317,357,820 francs the week
before. French commercial bills discounted rose
965,000,000 francs. Creditor current accounts gained
692,CC0,000 francs, while credit balances abroad
dropped 844,877,350 francs. An increase was shown
in current accounts and deposits of 571,000,000
francs, also in bills bought abroad of 54,000,000
francs, whereas advances against securities fell 53,000,000 francs. A comparison of the various items
of the Bank's return for the past three weeks is
shown below:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as o
Changes
for Week.
Apr. 27 1929, Apr. 20 1929. Apr. 13 1929.
Francs.
Francs.
Francs.
Francs.
Gold holdings____Inc. 690,366,919 35,788,083,078 35,097,716,159 34,323,084,117
Credit bab3. abed_Dec. 814,887,350 8,543,548,265 9,338,433,615 10,318,867,453
French commercial
bills discounted _Inc. 965,000,000 6,278,330,778 5,313,330,778 5,580,330,778
Bills bought abed_Ine. 54,000,000 18,442,649,294 18,338,649,294 18,414,649,294
Adv.eget.securs__Dec. 53,000,000 2,283,328,874 2,336,328,874 2,375,328,874
Note circulation__Ic. 200,000,000 62,847,357,820 62,647,357,820 63,317,357,820
Cred. curr. sects...Inc. 692,000,000 19,158,673,325 18,466,673,325 17,997,673,325
Curr.accts.& dep_Inc. 571,000,000 6,858,571,295 6,287,571,295 5,748,571,295
MAY 4 1929.]
FINANCIAL CHRONICLE
In its reports for the last week of April the Bank of
Germany showed an increase in note circulation of
712,565,000 marks, raising the total of thlt item to
4,631,496,000 marks, as against 4,409,460,000 marks
for the corresponding week in 1928 and 3,676,192,000
marks for the same week in 1927. Other daily maturing obligations fell 184,176,000 marks, while other
liabilities rose 28,028,000 marks. On the asset side
reserve in foreign currency increased 59,436,000
marks, bills of exchange and checks 610,513,000
marks and advances 221,090,000 marks. Gold and
bullion showed a loss of 287,323,000 marks, while
deposits abroad remained unchanged. Silver and
other coin dropped 19,280,000 marks, notes on other
German banks 22,071,000 marks, investments 65,000
marks and other assets 5,883,000 marks. Below we
show a detailed comparison of the various items for
the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Apr. 30 1929. Apr. 30 1928. Apr. 30 1927.
for Week.
Assets-Retchsmarks. Reichrmarks. Reichsmarks.
Retchsmarks.
Cold and bullion
Dec. 287,323,000 1,891,575,000 2,030,931,000 1,850,257,000
154,344.000
Unchanged
Of which depos. abed.
85,626,000 101,249,000
Res've In torn curr_ _Inc. 59,436,000
99,372,000 169,737,000 170,532,000
Bills of exch. ac checksinc. 610,513,000 2,926,597,000 2,493,874,000 2,067,526.000
Silver & other coin_ Dec. 19,280,000 134,503,000
70,775,000 103,285,000
7,243.000
Notes on oth. Ger. bkaDee. 22,071,000
8,657,000
6,732,000
Inc. 221,090.000
Advances
262,077,000 102,775,000
66,555,000
65,000
Investments
Dec.
92,899.000
93.999,000
92,890,000
Dec. 5,883.000 429,731,000 588,894,000 451,618,000
Other assets
LCabUUieS—
Notes In circulatIon Inc. 712,565,000 4,631,496,000 4,409,460,000 3,676,192.000
0th.daily matur.obligDeo. 184,176,000 585,119,000 557,588,000 581,516.000
Other liabilities
Inc. 28,028,000 290,654,000 193,301,000 185,526,000
Money rates in the New York market continued
this week to reflect the long-continued absorption
of credit in securities speculation. The'customary
month-end increase in the requirements for funds also
contributed to maintenance of the rates at unusually
high levels, but even with this influence on the wane
toward the close yesterday, rates tended upward
rather than downward. At the opening of the week,
just before the end of April, call money renewed at
12%. No great amount of funds appeared to be
available and on withdrawals by the banks of about
$20,000,000, call loans were marked up to 15% on
the Stock Exchange, while in the outside trading
18% was reached. Renewals Tuesday were fixed
at 14%, but with the heaviest month-end demands
accomodated, some relaxation took place and new
loans dropped late in the day to 10%. In Wednesday's market, renewals were arranged at 11%. Offerings were more liberal, however, and the rate
dipped agains to 10% on the Exchange, while in the
outside market some business was done at 9%. Renewals Thursday were put at 10% and this rate
prevailed also on new loans. In yesterday's final
money market session of the week, loans were renewed at 10% and advanced late in the day to 11%.
These figures contrast with a month-end rate for
April, last year, of 6%, Which was followed by a
decline to 43/2%.
Brokers' loans against stock and bond collateral, as
reported for the week ended Wednesday evening by
the Federal Reserve Bank of New York, continued
their upward swing with a gain of $40,000,000. The
monthly compilation of the New York Stock Exchange covering April also was issued this week, a
reduction of $29,527,013 being shown. Gold movements through the Port of New York for the week
ended Wednesday consisted entirely of imports, a
total of $8,201,000 coming in, of which $8,142,000
came from Germany. In addition $12,825,000 gold
was released from earmarks.
2883
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, the renewal rate
on Monday was at 12% and from this there was an
advance to 15%. On Tuesday after renewals had
again been fixed at 14% there was a drop to 10%.
On Wednesday the renewal charge was 11% from
which there was a decline again to 10%. On Thursday all loans were at the latter figure including renewals. On Friday after the renewal rate had been
fixed at 10% there was an advance to 11%. Time
money rates stiffenM at the beginning of the week,
but later eased a trifle. On Monday the quotations
were 83/2@9% for 30 days, 83'@83/2% for 60 days,
1
90 days and 4%,and 8(0).83.% for five and six months
Since then quotations each day have been 83 %
4
/
for 30 days; 81 2 for 60 and 90 days, and 8X%
%
for four, five and six months. There has been little
or no time money available. Business in commercial
paper remains at a standstill. Nominally rates for
names of choice character maturing in four to six
months are 6% while names less well known are
63.1 7 with New England mill paper quoted at 6%.
, 0,
In the case of banks' and bankers' acceptances
rates for 30
-day bills were marked up X of 1%
yesterday in both the bid and the asked columns,
otherwise there have been no changes during the
week. The posted rates of the American Accept4
ance Council are now 53 % bid and 53.'% asked for
bills running 30 days, 53% bid and 5%% asked for
4
3%
60 and 90 days, 5% bid and 53 % asked for 120
days, and 53 % bid and 53/2% asked for 150 and
4
180 days. The Acceptance Council no longer gives
the rate for call loans secured by acceptances, the
rates varying widely. Open market rates for acceptances have also been marked up N% in the
case of 30-day bills, but are somewhat lower for some
of the other maturities as follows:
SPOT DELIVERY.
Prime eligible bills
—180 Days—
Bid. Asked.
534
534
—150 Days—
Bid. Asked.
534
534
—120 Days—
Bid. Asked.
534
534
Prime eligible bills
—90 Days-BM. Asked.
534
534
—60 Days—
BM Asked.
534
534
—30 Days—
Bid. Asked.
634
535
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible members banks
Eligible non-member banks
544 bid
544 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Phlladelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rase in
Effect on
May 3
5
5
5
5
5
5
5
6
454
434
5
454
Date
Established.
Preview
Roes.
July 19 1928
July 13 1928
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
Apr. 25 1928
June 7 1928
Mar. 2 1929
June 2 1928
634
434
614
434
414
dyi
a%
4
6
434
04
6
Sterling exchange continues to be dominated by
the strong pull of high money rates in New York, the
same as during many weeks past, this overweighing
all seasonal factors and likewise the stronger position
of the Bank of England, which might be expected
under normal conditions to give firmness to exchange
at this season. The range for the week has been
from 4.84 13-16 to 4.85 1-16 for bankers' sight, compared with 4.843 to 4.85 last week. The range for
4
cable transfers has been from 4.85Y to 4.85%, cornt
2884
FINANCIAL CHRONICLE
pared with 4.853 to 4.85% the previous week. It
is difficult to find anything to say respecting the
course of sterling exchange which has not already been
covered here during the past few weeks. Sterling
is maintained just above the gold point through the
support of the Bank of England and the co-operation
of other central banks. It is generally believed that
exchange will remain in the neighborhood of present
quotations, which are below parity, until the season
during which sterling is normally quoted at a premium comes to a close.
One reason given for the steadiness of sterling
around present quotations is indirectly the result of
the gold shipments from Argentina to New York.
The theory is that had credit conditions been less
strained here most of this Argentinian gold would
have gone to London and that its diversion to New
York is a factor in the London-New York exchange
situation. While the Bank of England made no
change in its rate of rediscount this week, the probability of an increase in the near future is widely discussed, despite the fact that industrial interests in
Great Britain are strongly opposed to a higher rate
and continue to urge a reduction from the present
532% figure. Since the Bank of England raised its
rate early in February. Holland,Italy, Poland,Hungary, Austria, Norway and Germany have all been
compelled to follow suit in order to protect their gold
reserves as far as possible from undue depletion.
It is everywhere recognized that the rise in the
world's money rates had its origin in the United
States and that this country still remains the dominating factor. It is not thought that the increase in
the German bank rate from 63/2% to 732%, which
became effective on Thursday of last week, will
start a fresh upward movement in European nioney
rates, but the position in Germany- is sufficiently
difficult to cause much uneasiness in London. It
undoubtedly emphasizes the need for the London
money market to maintain its own discount rate close
to the Bank of England rate, yet lately there has been
a decided fall in open market discount rates in London. Perhaps the most important influence has
been the competition for bills by brokers, who in
many cases allowed their holdings to run down during the period of anxiety and who have begun to refill
their bill cases now that the outlook appears to be
more favorable. The improved position of the Bank
of England encourages the exchange market to feel
that rates will continue steady around present quotations, although disappointment is frequently expressed over the failure of sterling to show normal
seasonal firmness. It is believed in some quarters
that if there is any easing at all in the New York
absorption of credit the tourist demand for exchange
may shortly result in a higher sterling rate.
The most encouraging factor in the situation is the
improved position of the Bank of England. This
week the Bank of England shows an increase in gold
holdings as of May 2 of 0,224,822, the total standing
at £158,766,163, as compared with £160,730,414 a
year ago. On Saturday last the Bank of England
exported £25,000 in sovereigns. On Monday the
Bank of England reported the release of £1,000,000
in sovereigns from earmark, sold 00,777 in gold
bars, bought £10,000 in gold bars and exported
£10,000 in sovereigns. On Tuesday the Bank bought
068,972 in gold bars and exported £12,000 in sovereigns. On Wednesday the Bank bought £744,732
in gold bars and released £100,000 in sovereigns from
[VOL. 128.
earmark. On Thursday the Bank bought £5,666 in
gold bars and sold £3,437 in gold bars. Yesterday
the Bank' exported 0,000 in sovereigns. London
dispatches on Thursday stated that £1,000,000 in
sovereigns expected to reach London from Australia
at the end of this week would be paid into the Bank
of England on Monday. A further consignment
of £750,000 sovereigns and 089,000 bar gold from
South Africa is due to reach London on May 13, and
will probably be absorbed by the Bank of England.
The Bank has increased its gold holdings by more
than £7,000,000 in less than three months.
At the Port of New York the gold movement for
-May 1, inclusive, as reported by
the week April 25
the Federal Reserve Bank of New York, consisted
of imports of $8,201,000 of which $8,142,000 came
from Germany and $59,000 from Latin America.
There were no exports. The stock of earmarked gold
showed a net decrease of $12,825,000. Canadian
exchange continues at a discount owing largely to
the high money rates in New York. On Saturday
last Montreal funds were at 25-32 of 1% discount,
on Monday at 25-32, on Tuesday at 13-32, on Wednesday and Thursday at 25-32 of 1% discount, and
on Friday at% of 1% discount.
Referring to day-to-day rates sterling exchange
on Saturday last was inclined to firmness in a dull
half-holiday market. Bankers' sight was 4.84 13-16
@4.85; cable transfers 4.853@4.85 11-32. On
Monday the market was steady. The range was
4.844@4.85 for bankers' sight, and 4.85 5-16@
7
4.85 11-32 for cable transfers. On Tuesday sterling
was fractionally higher. Bankers' sight was 4.84 27-32
On
@4.85; cable transfers 4.85 9-32@4.85%.
Wednesday sterling was steady. The range was
4.84%@4.85 1-16 for bankers' sight and 4.85 11-32@
4.85/s for cable transfers. On Thursday sterling was
3
a trifle lower. Bankers' sight was 4.84%@4.85;
cable transfers 4.85 5-16@4.85 11-32. On Friday
the range was 4.84 13-16@4.85 for bankers' sight,
and 4.8534@4.85 5-16 for cable transfers. Closing
quotations on Friday were 4.84 15-16 for demand,
and 4.85 5-16 for cable transfers. Commercial sight
bills finished at 4.84 13-16, 60-day bills at 4.80 5-16,
90-day bills at 4.783, documents for payment (60
3
days) at 4.80 5-16, 7-day grain bills at 4.83%.
and grain for payment closed at 4.84 13-16.
Cotton
The Continental exchanges have been dull and
irregular. The recovery of the German mark from
the slump which occurred last week is the most
important event among the Continentals. In Thursday's trading there was another break in marks
followed by prompt recovery, when the rate for
cable transfers closed at 23.71. The selling of
marks is largely due to fear as to the outcome of
the reparations conference. Various rumors respecting the conference are largely responsible for
the irregularity in the quotations. Another unfavorable development was attributed to cabled
reports received in New York which stated that
the Bank of France is discriminating against German
bills and has advanced its discount rate for such
paper to 4% from 33/2%. Should such discrimination
prove to be a fact, it would indicate that France is
attempting to bring financial pressure to bear upon
Germany in order to bring the reparations conference
to a satisfactory conclusion. The gold import point
for shipments of the metal between Berlin and New
York is stated to vary between 23.72 and 23.71
MAY 4 19291
FINANCIAL CHRONICLE
2885
at current interest rates. Gold parity is 23.82. center finished at 3.904 on Friday, against 3.90 9-16
Evidently the Reichsbank has been under severe on Friday a week ago; cable transfers at
pressure in supporting mark exchange for weeks against 3.90 13-16; and commercial sight bills at
past. The currendies of the countries surrounding 3.90 5-16, against 3.903j. Antwerp belgas finished
Germany have taken on strength due in great part at 13.88 for checks and at 13.88% for cable transfers,
to the withdrawal of funds from Germany. It is as against 13.89 and 13.893 on Friday of last week.
stated in banking quarters that a number of foreign Final quotations for Berlin marks were 23.69 for
short-term loans have now fallen due in Germany, checks and 23.70 for cable transfers, in comparison
and the indications are that these funds will be with •23.64 and 23.65 a week earlier. Italian lire
transferred to New York. A Berlin dispatch to the closed at 5.24 for bankers' sight bills and at 5.243.
2
"Wall Street Journal!' on Thursday said: "Gold for cable transfers, as against 5.24% and 5.243/ on
reserve of tile Reichsbank on April 30 is understood Friday of last week. Austrian schillinga closed at
to have totaled 1,892,000,000 marks, making a loss 14.10 on Friday of this week, against 14.10 on Friday
of metal from April 20 of 287,000,000 marks. Hold- of last week. Exchange on Czechoslovakis finished
2
,
ings of foreign exchange, on the other hand, increased at 2.96, against 2.96; on Bucharest at 0.593/, against
Poland at 11.23, against 11.23; and on
in the period by 60,000,000 marks. Gold cover 0.593/2; on
of the Bank now amounts to about 41%, and ex- Finland at 2.52, against 2.52. Greek exchange closed
change cover to 43%. Bank is believed to have at 1.293 for checks and at 1.29 for cable transfers,
secured promises of aid from other banks of issue, against 1.29% and 1.29
including Bank of England."
The exchanges on the countries neutral during the
French francs are showing a tendency to sag. This
is due largely to the attraction exerted by other war, with the exception of Holland, have been dull.
money centres on French funds, although the failure Scandinavian currencies have been steady. Improveor delay, as may ultimately prove to be the case ment and activity in guilders is, as reported here last
with respect to the reparations conference, has much week, due largely to remittances to Holland of payto do with the unsettlement of French exchange. ments for exports from the Dutch tropical colonies.
The higher money rates in Berlin are certainly The guilder is now at a new high for the year. Spanish
attracting private funds from France. Meanwhile, pesetas continue to decline. Quotations have been
money is moving freely in the Paris market at extremely irregular. The London market is very
easy rates. The Bank of France ratio of gold to nervous with respect to the peseta situation and is
liabilities continues to show improvement and stood disinclined to credit any news from Madrid which
at 43.64% on April 27, whereas the legal minimum might be regarded as bullish on Spanish exchange.
is only 35%. The Bank of France shows aa in- The commission appointed by the Government to
crease in gold holdings this week of 690,366,919 study the re-establishment of the gold standard of
francs, the total standing at 35,788,000,000 francs. valuation for Spanish money reported on Wednesday
Most of the present acquisitions of gold by the that the time had not yet arrived for official stabilizaBank of France are understood to represent pur- tion of the peseta. The commission recommended
chases abroad, although the Bank continues, as revaluation at par in the near future. (Par is 19.30
during the past year, to absorb gold from hoardings. as against the closing price this week of 14.31 for
Italian lire are inclined to weakness. Despite the cable transfers.)
Bankers' sight on Amsterdam finished on Friday
higher discount rate of the Bank of Italy, which is
a steady drain on Italian at 40.19, against 40.17 on Friday of last week;
at 7%, there has been
credit reserves. In the first quarter of this year cable transfers at 40.21, against 40.19; and comItalian foreign trade returns showed an import mercial sight bills at 40.153/2, against 40.14. Swiss
4
balance of 2,300,000,000 lire, against 1,678,000,000 francs closed at 19.253 for bankers' sight bills and
lire a year ago. It is asserted in banking circles that at 19.263 for cable transfers, in comparison with
4
the task of maintaining the lire has not been an easy 19.253 and 19.261 2 a week earlier. Copenhagen
/
one, and that due to the combined influence of checks finished at 26.653 and cable transfers at
the adverse trade balance and the strain from New 26.67, against "26.663' and 26.68. Checks on
York the supporting exchange operations of the Sweden closed at 26.713 and cable transfers at
Bank of Italy have cost the institution approxi- 26.73, against 26.703' and 26.72; while checks on
mately 640,000,000 lire in foreign exchange holdings Norway finished at 26.663 and cable transfers at
during the first three months of this year. The 26.68, against 26.663' and 26.68. Spanish pesetas
1928 report of the Bank of Italy shows that a policy closed at 14.30 for checks and at 14.31 for cable
of restriction on circulation and bank credits is transfers, which compares with 14.44 and 14.45 a
being pursued through the manipulation of the Bank's week earlier.
rediscount rate, which must be kept sufficiently
high also to prevent exports of capital, and through
The South American exchanges have been dull,
sales of exchange which serve to make good the although Argentine paper pesos are ruling steady
heavy deficit in the balance of international pay- largely as the result of the gold exports to New York,
ments, defend the lire, and also absorb the cur- but due also to the steady development of the
rency. Since much of the exchange owned by the Argentinian export season. It is believed that were
Bank of Italy was due to purchases against lire it not for the pull of the New York money market
before stabilization, the circulation has become out both the Buenos Aires and Rio de Janeiro exchanges
of proportion to business requirements, especially would show a decided improvement at this time. The
during the strain of re-adaptation of prices and high money rates here have caused a retardation of
consequent economic depression.
many loans which might have been consummated
The London check rate on Paris closed at 124.17 in the interests of South American projects. The
on Friday of this week, against 124.175 on Friday Bank of Brazil, it was announced on Wednesday, has
of last week. In New York sight bills on the French secured a stabilization credit of £5,000,000 in London
•
2886
FINANCIAL CFIRONICI,F,
through Lazard Brothers and another credit of
approximately $5,000,000 has been opened in New
York through Dillon, Read & Co. These credits have
been effected to aid stabilization.
Brazilian exchange has never been formally revalued although a revalorization law was passed
covering the preliminary steps of revalorization and
placing the power to declare a revalorization in the
hands of the president of the republic. With respect
to the situation in Brazil the Department of Commerce has made the following report: "The credit
situation continues to be serious, with no immediate
prospect of improvement, and the Bank of Brazil
is so far holding its present credit restriction policy.
There is an increasing number of failures. The credit
curtailment and restriction of Brazilian banks is
precipitating a difficult commercial situation from
which there has been much protest." Argentine
paper pesos closed on Friday at 42.08 for checks, as
compared with 42.08 on Friday of last week; and at
42.13 for cable transfers, against 42.13. Brazilian
milreis finished at 11.93 for checks and at 11.96 for
cable transfers, against 11.92 and 11.95. Chilean
exchange closed at 12 1-16 for checks and at 123/i
for cable transfers, against 12.10 and 12.15; and
Peru at 3.99 for checks and at 4.00 for cable transfers, against 4.00 and 4.01.
[VOL. 128.
day were 44.80@45, against 44 13-16@45% on Friday of last week. Hongkong closed at 48%@48%,
against 48 11-16@48 15-16; Shanghai at 60%@
60 9-16, against 60%@ 61; Manila at 50, against 50;
Singapore at 563.I, against 56%@563' Bombay at
1;
36%, against 36%, and Calcutta at 36%, against
36%.
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:
Emmy CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
Saturday.
Apr. 27
Monday
Apr. 29
127.009.90f le9.000.em
Tuesday
Apr. 30
Wednesday Thurory,
May 1
May 2
$
113,000,1011 149.001.004.
iso.soo,ose
Friday.
May 3
A 1707 04h
, ,
for Week
5
149,000,001 Cr
807.000.00
Note.
-The foregoing heavy credits reflect the huge mass of checks wh!ch come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented In
the daily balances. The large volume of cheeks 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 Far Eastern exchanges have been ruling lower
owing largely to the lower price of silver. This
applies especially to India and China. The Japanese
yen have been showing weakness, although the business outlook there has been gradually improving.
The following table indicates the amount of bulThe uncertainty with respect to the temoval of the
gold embargo is largely responsible for the weakness lion in the principal European banks:
in yen. On the other hand the greater attractiveness
May 1 1929
May 2 1928
of money rates. in New York and London causes a Banks of II Gold.
Silver.
Gold.
I Slicer. I Total.
Total.
stdady transfer of funds from Tokio to these invest£
:
£
4
11214
England I158.766,163
158,766,164
ment markets and of course this, without a compensat- France a__ 217,956,294 8 217,956.294 160.730.414, 13,717.872 160,730,414
147,141,6381
160,859,510
Germany
c994,600 95,523,620
94,529,020
994,600101,714,500
ing demand for yen, has a depressing effect upon the Spain b 102,392,000 28,695,000 131.087,000 100,719,900: 28,054,000 132.371,000
104,317.000i
56,520,000 49,792,000
I 56.520,000
1 49,792.000
Japanese unit. Closing quotations for yen checks Fri- Italy
Neth'Iands 35,184,000 1,744,000 36,928,000 36,264,000 2,191,000 38,455,000
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
APRIL 27 1929 TO MAY 3 1929, INCLUSIVE.
1
Noon Buying Rate for CaMe Transfer, to New York:
Country and Monaary
Value Os Untsed Stares Money.
Untt
1 Apr. 27 Apr. 29 Ayr. 30
May 1
May 2
May 3
8
8
EU RAO Y.$
8
Austria. schillIng ------140421 .140447 .140482 .140483 .14(1406 .140433
, 138857 .138855 .138861 .138857 .138840 .138830
Belgium belga
1 007215 .007220 .007215 .007220 .007195 .007220
Bulgaria. ley
Csecnoeiw.skle. krone .029598 .029596 .029599 .029601 .029599 .029596
Denmark. krone
266613 .266693 .226676 .266676 .266662 .266604
Eyginod. pound ster4.852799 4.852916 4.852955 4.853372 4.852994 4.852942
ling
025158 .025154 .025156 .025158 .025151 .025150
Finland. markka
039081 .039082 .039083 .039087 .039084 .039081
France, franc
Germany.reichsmark. .236952 .236984 .237054 .237073 .236965 .236958
.012928 .012929 .012923 .012927 .012924 .012924
Greece, drachma
401968 .401996 .401990 .402052 .402065 .402098
Holland. guilder
.174278 .174276 .174259 .174316 .174259 .174287
Hungary, pengo
052427 .052406 .052374 .052376 .052386 .052399
Italy, lira
Norway, krone
.266652 .266709 .266694 .266714 .266692 .266684
.111922 .111922 .111930 .111922 .111900 .111922
Poland. zloty
.044640 .044640 .044540 .044640 .044340 .044640
Portugal, wend°
Rumania.leu
.005948 .005951 .005949 .005951 .005947 .005949
143971 .143147 .143656 .143756 .143291 .143252
[Wain. Peseta
Sweden,krona
267127 .267147 .267150 .267211 .267193 .267211
Switzerland. franc._ _ .192572 .192566 .192559 .192659 .192657 .192644
Yugoelavla, dinar.-- .017564 .017566 .017565 .016567 .017561 .017565
ASIAOhmsChalon tael
.631875 .6289.58 .626250 .625416 .624166 .624791
Hankow tael
.624843 .820781 .619687 .618750 .617187 .618593
Shanghai [eel.... .607589 .604553 .601785 .602678 .601339 .602375
Tientain tael
641041 .640625 .637083 .635833 .634583 .635625
Hang Kong dollar
.485482 .484642 .484000 .484464 .484107 .4843/5
Mexican dollar... .439500 .437000 .438125 .438250 .438000 .433500
Tientsin or Peiyang
dollar
.439166 .434166 .436041 .436250 .436250 .432083
Yuan dollar
.435833 .430833 .432708 .436250 .432916 .428750
India. rupee
.362545 .362579 .362650 .362407 .362141 .362207
Japan. yen
.449240 .450137 .449009 .448938 .448812 .447990
Sthgapore(S.S.idollar .559583 .559583 .559583 .559583 .559583 .559583
NORTH AMER..
Janada. dollar..... .992224 .992248 .992174 .992095 .991977 .992479
Cuba. peso
.999578 .999485 .999485 .999750 .999957 1.000270
Mexico. peso
.482225 .482225 .482350 .482725 .482350 .481975
Newfoundland. dollar .989420 .989687 .989375 .989587 .989440 .989812
SOUTH AMER.Argentina. Desofifold) .955735 .955792 .955687 .955827 .955754 .955811
Brasil. milreia
.118772 .118918 .118872 .118891 .118840 .118872
120602 .120569. .120497 .120496 .120527 .120536
Chile, peso
965467 .964911 .965517 .967887 .968506 .969263
Uruguay. peso
.963900 .963900 .963900 .963900 .963900 .963900
Oolombla, peso
I
Nat. Bela. 26,607,000
Switzland 19,289,000
Sweden...,, 13,049.000
Denmark _ 9,593,000
Norway _ 8.157.
000
1,268,000 27.875.000 21,706,000 1,245,000 22,951,000
1,698,000 20.987,000 17,413,000 2,337,000 19,750,000
13.049,000 12,902,000I
I 12,902,000
470,000, 10,063,000 10,109,0001
641,000 10,750,000
I 8.157,000, 8,180,000,
1 8.180,000
Total week 742.042,477 34,869,600776,912,077669,274,952, 49,180,472718,455,424
Prey. week 739,681,771 34.737,600774,419,371668,986,4911 49,021,472 718,007,963
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 £2,481,300. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
The Election Campaign in Great Britain.
With the announcement by Prime Minister Baldwin, on April 24, that Parliament would be prorogued and dissolved on May 10, that nominations of
members for the next Parliament would be made on
May 20, and that the voting would take place on May
30, the electoral campaign which had already been
going on more or less actively in Great Britain for
several weeks entered upon its more formal and
final stage. The present Parliament was elected on
Oct. 29, 1924, and the Baldwin Government, the formation of which was announced on Nov. 1, succeeded
the Labor Government under J. Ramsay MacDonald.
Of the 615 members of the House of Commons elected
in 1924, 412 were Conservatives, more familiarly
known as Tories, while the Labor Party returned
152, the Liberals 42, and two small groups known as
Independents and Constitutionalists won six and
three seats respectively. Subsequent by-elections,
more than fifty in number, have slightly reduced the
Conservative majority. Some 1428 candidates
MAY 4 1929.]
FINANCIAL CHRONICLE
2887
offered themselves for the 615 seats in 1924. For the the fundamental problem. With his usual optimism,
coming election the number of candidates is about Lloyd George proposes to get rid of unemployment
1700, of whom about 584 are Conservatives, 565 in a year, and to borrow some $1,000,000,000 for the
purpose. The Labor Party solution, as announced
Labor Party, and 475 Liberals.
• Aside from the political issues involved, the ap- on April 18 by J. R. Clynes, includes a number of
proaching election is particularly interesting be- national undertakings, among them road building,
cause of the great increase in the number of women land drainage and reclamation, electrification, a revoters. Prior to 1928, women over 25 years of age duction of the working day in coal mines from eight
were allowed to vote under certain conditions. An hours to seven, increased government control of the
act of 1928, however, opened the franchise to all mines, a pension fund for miners to be provided in
women over 21, and about 6,000,000 women, it is es- part from a levy on mine royalties, the raising by a
timated, will be entitled to cast their vote g on May year of the compulsory school age, the promotion of
30. Some 65 women have offered themselves as can- emigration of unemployed workers to the colonies
didates. The immediate effect of this large increase and Dominions, and an inquiry into the state of the
in the so-called "flapper" vote has been to swell the cotton industry. "Our program on unemployment,"
total electorate from about 21,000,000 in 1924 to up- Mr. MacDonald said on April 27 in a speech to a
wards of 27,000,000 this year, the latter figure com- great audience in London, "is not a program of reprising approximately 12,500,000 m'en and 14,500,- lief works, although a program of works that will
000 women. Moreover, not only are women in the give relief. What we are facing today is a complete
majority in the electorate as a whole, but they also revolution in the transport organization of this counoutnumber men voters in most of the constituencies. try. We want to lay down a program that will
Figures made public on May 1 show that in only recondition our country, and in the process of re38 of the 615 constituencies are,men voters in the ma- conditioning we will face and tackle successfully the
jority. How this very large number of newly-en- problem of extra unemployment which we have with
franchised women will vote is, of course, an open us to-day. We propose to meet that by modifying
question, but the strenuous efforts which are being the structure of the government to meet the new
made by Conservatives, Liberals and the Labor Party economic and industrial situation."
to enlist the support of women is a pretty clear inPremier Baldwin,in a speech on April 18 formally
dication of the decisive influence which women opening the Conservative campaign, declared that
voters are expected to exercise in the election. The the chief causes of unemployment were the decline
numerical claims made by party leaders are based, in the export trade, and a falling off in emigration
of course, as in every election, upon hope rather than to the Dominions. The former he hoped to remedy by
knowledge, but it seems to be generally expected that further extension of the safeguarding or protective
the Conservative majority in the present House of system to industries that could prove their need of
Commons will be materially reduced and that the it, at the same time that he pledged himself not to
Labor Party strength will be substantially in- introduce protection as a general policy and not to
creased.
impose any taxes on food. He also called attentionl
The main reasons for expecting an increase in the to the decline in the birth rate since the war as a
Labor Party representation are to be found, first, temporary check upon overcrowding. As far as proin the absence as yet of any such untoward incident tection is concerned,it should be noted that while the
as wrecked Mr. MacDonald's chances in 1924, and, Liberals continue to maintain their free trade posisecond, in the continuance of a grave unemployment tion, the leaning of the Conservatives toward protecsituation and wide dissatisfaction with the policy tion has become more marked, and that a growth
of the Baldwin Government in the past toward dis- of protection sentiment is distinctly to be observed
armament. The publication of the famous Zino- in the Labor ranks.
viev letter in 1924, purporting to show a friendly
Whether or not the annual budget which the Chaninterest on the part of Soviet Russia in the success cellor of the Exchequer, Winston Churchill, laid beof the Labor Party, was too heavy a load for the fore the House of Commons on April 15 will help
MacDonald Government to bear, and its weight was the Conservatives is a question in regard to which
increased by the rather bungling manner in which there appears to be much difference of opinion. The
the incident was handled. It is now known that the most conspicuous feature of the budget is the reletter was a forgery, as the Labor Party insisted moval of the ancient tax on tea, with a resulting loss
that it was at the time, and it.
seems unlikely that of revenue estimated at about $25,000,000. A new
any such attempt to influence a British election will "derating" bill, the benefit of which is to be extended
be made again. The fact that Mr. MacDonald and at once to the farmers, is expected to lighten the
his followers are, in general, favorable to a resump- farmers' taxes by $12,000,000 annually; the tax on
tion of friendly relations with Russia does not ap- saloons is cut down 25%, although new taxes are
pear, at the present stage of the campaign, to be laid upon breweries, distilleries and tobacco manua matter which counts particularly against Labor facturers, and the unpopular tax on betting is resuccess.
placed by a license fee for bookmakers. A loss of
The unemployment issue is much more important, revenue due to decreased consumption of beer was
and each of the three parties has been at pains to offset by what Mr. Churchill called "the harvest of
declare what it proposes to do. The Liberal pro- death," the death taxes having yielded during the
gram, as expounded by Lloyd George, now the un- past year the extraordinary sum of $400,000,000, and
disputed leader of the party, proposes in the main $500,000,000 had been taken from the national debt.
a huge provision of public works, involving a colos- With estimated revenues for 1929-30 of $4,133,000,sal expenditure hardly less burdensome, as its oppo- 000, and estimated expenditures of $4,112,000,000,
nents point out, than that which unemployment it- Mr. Churchill was able to point to a prospective surself entails, and without effect, it is insisted, upon plus of $21,000,000.
2888
FINANCIAL CHRONICLE
On the other hand, Hargreaves Parkinson of the
London "Economist," in an article reprinted in the
New York "Herald Tribune" of April 14 (the day before the • budget speech), pointed out that Mr.
Churchill was leaving the national expenditure "at
a higher level than five years ago," that he had
"maintained a heavy annual sinking fund charge
without effecting any sensible decline in the debt's
gross total, or in the rate of interest at which the
state is able to borrow in the market," and that
"when every extenuating circumstance is allowed
for. . . the budgetary record of the last five years
.
must be written down as distinctly disappointing."
Criticism from the Opposition was, of course, to be
expected, the Labor point of view being expressed
by Philip Snowden, Chancellor of the Exchequer in
the MacDonald Government, who described Mr.
Churchill's statement as "an election manifesto and
a bribery budget."
It is a kind of unwritten law in Great Britain
that a Parliamentary election shall be fought on
domestic and not on foreign issues, but two questions
of foreign policy have nevertheless played their
part in the campaign discussions this year. On
April 16, in the course of a debate on the budget,
Mr. Snowden went out of his way to attack the Balfour note regarding the payment of war debts owed
to Great Britain, declaring that "no more scandalous transaction has ever been carried through by a
British Minister than the settlement with our foreign debtors," and that "the Labor Party certainly
did not subscribe to the Balfour note and it should
hold itself open, if circumstances arise, to repudiate
the conditions of that note." Mr. MacDonald, who
would appear not to have been consulted by Mr.
Snowden, took pains to declare the next day that
while he had never concealed his criticism of Mr.
Baldwin for concluding the American debt settlement, the Labor Party "had no intention of repudiating any agreements except under conditions in which
all agreements might be revised." The other foreign
issue is disarmament, and on that question all three
of the parties have proclaimed their agreement in
principle with the scheme of naval reduction recently submitted by the United States at Geneva, while
the Labor Party has added a strong pronouncement
in favor of arbitration, and a demand for action on
the question of "freedom of the seas."
It is probably a safe prediction that the coming
election will show a considerable increase of independent voting. Aside from the six million new
women voters, regarding whose political preference
there can be only conjecture, it is obvious that party
lines are very indistinctly drawn. With all three
parties pledged to do something for the relief of unemployment and all three committed to the support
of armament reduction, there is less apparent reason
than usual for the voters to adhere strictly to the
old party lines in order to feel confident that some,
at least, of the greater needs of the country will
receive attention. The one thing in regard to which
there seems at present to be no doubt is that Mr.
Baldwin will again be Prime Minister if the Conservatives win, and that either Mr. MacDonald or
Lloyd George will replace him if the Labor Party
or the Liberals, or possibly a coalition of the two,
control the new House of Commons. No new leaders
have come forward to challenge the authority of
those three in their respective parties.
[VoL. 128.
The "Debenture" Plan of Farm Relief.
The "debenture plan" of farm relief will not become a law, but it serves to show the alarming extent
of the drift of governmental aid to an industry. That
it should be seriously proposed is a flaming danger
signal. Will we go on until the government will
become the patron and protector of all business, and
thus insensibly pass into socialism? Anil to what is
this extrenie measure due? Even farm organizations are not united on a method of "relief." We do
not believe a majority of real farmers are asking for
any relief. While the McNary-Haugan bill with its
provision for an "equalizing fee" was uppermost in
the general discussionl and on top of the second veto
by President Coolidge, in the campaign in which
Mr. Hoover was known to be antagonistic to this
measure, and when the Midwest was said to be "in
arms," he won the election and carried the principal
farming States of this section. There is therefore
no mandate from the people for a rankly radical law.
Yet here at the opening of the farm relief legislation
we have this arrant proposal for a direct subsidy.
It is useless to discuss the plan itself. Paying one
half the corresponding tariff on exports is no more
than giving money to the exporters, that, while it
may slightly raise prices, will never filter back to the
producing farmer himself. We recall no similar proposal in the past, and it shows that after long effort
and many legislative attempts to "help the farmer"
legislators are willing to vote him a bounty out of
hand. It suggests the saying concerning vice that
"seen too oft," is first tolerated and at last "embraced." If no other plan can be agreed upon then,
say these Senators, let us give the farmer a purse
taken from the Treasury. Of course the rejection of
this plan will soften down opposition to granting
dollar aid to. cooperative marketing and stabilizing
associations which in some form is likely to become
a law. Seen from the attitude of a government
restricted to governing, not aiding, the people, this
is one step behind socialism, and a short step at
that. Where does the $500,000,000 "revolving fund"
come from save from the taxes on the people; and
where will it go, if lost, save out of taxes never to
return?
Drifting, and drifting, and careless of where the
current is carrying us! There is embodied in the
current bill an insignificant, apparently, insurance
feature, and there is to be granted to a bureaucratic
Federal Farm Board almost unlimited powers. Selling a surplus in a foreign market *no one really
expects heavier duties on farm products to avail anything, and with an at least latent fear that there is
to be a readjustment, a depression, a trend downward in commercial affairs—with corresponding
reduction in the wage scales,—why not next insure
the wage earner against such possible reduction, and
out of the Treasury pay him the difference between
now and then? For several purely economic reasons the textile industry is hard beset. Why not
propose to "equalize" it with all other manufactures
by paying it a bounty, or setting up marketing associations and stabilizing associations pending such
time as the "price is right"?
Why should the farmer become the sole solicitude
of the government of the "richest nation on earth"?
Why not pay the individual merchant a bounty equal
to the cut prices of the chain stores? Why not
organize one great chain of individual merchants
MAY 4 1929.]
FINANCIAL CHRONICLE
2889
loaning money or
not now in any of the existing chains and put up a has Congress to experiment with
granting a bounty to a class? What right has it
revolving fund of five hundred millions to stabilize
bureaucracy
these small merchants against all comers? Why the to set up oite more Board leading to
in all while at the same time eschewing any such intent?
farmer alone—the most independent worker
Reserve Board.
the range of our industrial occupations, for he owns There is comparison to the Federal
production? Well, But is this, with all its idiosyncrasies for the conthe land, the source of all primal
Must the
the actual reason is plain. The farmer unwittingly trol of credit, fastened upon us forever?
cooperative marhas become the tool of his associations, and he has farmer forever bow down to these
the
become the pet, and will become the victim, of poli- keting associations and stabilizing corporations,
Farm Board, simply because
tics. He is like a man who is slightly ill and who creatures of a Federal
and proposes
is constantly told by his friends that he is in a some political party keeps its promise
him in its own way whether he approves the
"bad fix" and ought to see a doctor. And in the last to aid
with the proelection campaign both political parties offered to way or not? Is this scheme consonant
tection of inalienable rights? Is this "revolving
become the doctor, and the triumphant one which
basis for it in
promised aid is now engaged in keeping that promise, fund" constitutional? Where.is the
that indestructible charter? The greatest enemy of
and any bill that passes must be more political than
the people in a representative democracy is the ineconomic.
the body
But our purpose here and now is to call attention sidious encroachment of socialism on
we are making toward politic. Some form of farm aid will pass, but it
to the insidious marches
appreciation of its
bureaucracy and socialism. In the very proposed ought not to pass without a full
farm bill advocates say there must be no price fixing revolutionary tendencies!
and no bureaucracy. And yet it is proposed to loan
The Duty of Working for Peace.
money to carry crops until they can be profitably
We note with satisfaction a meeting in Temple
disposed of; and there is created a Federal Farm
Board with tremendous and even undefined powers. Emanu-El, Fifth Avenue and Seventy-sixth Street,
The very fact that we are doing this thing at all is on the 14th of April, said to be the second of a series
prime proof that we are drifting into government of interdenominational meetings preparatory to the
ownership. If government is to control price and Universal Religious Peace Conference in Genoa next
profit individual ownership will amount to little in year. This conference will 13e attended by 1,000 delethe long run. Oh,there must be no interference with gates representing all the great religions of the
"initiative!" But what is the use of initiative when world — Buddhism, Confucianism, Christianity,
marginal lands and surplus are in the hands of the Islam, Zoroastrianism, Hinduism and Judaism. At
state? Here is a session of Congress called to ful- this meeting in Temple Emanu-El there were four
fill a political promise that is not denied, an speakers: the Reverend Dr. Frederick Lynch, secre"emergency"Congress to furnish aid to one industry, tary of the Church Peace Union; Dr. John Lovejoy
an aid that can only come out of all other industries, Elliott of the Society for Ethical Culture; the Rev.
and yet that washes its hands of bureaucracy. And Dr. Robert Norwood, rector of St. Bartholomew's
we are as a people not alarmed at the drift, we have Protestant Episcopal Church, and Rabbi Nathan
heard so much of the woes of the "poor farmer" that Krass; Rabbi Krass presiding.
We have but a meagre account of the address. Dr.
we forget that there are many millions of able, selfrespecting, well-to-do farmers that are not asking Elliott is quoted as saying: "Peace is a matter on
for this legislation at all. • And if there were no which religious organizations cannot take a neutral
other proof ample confirmation lies in the fact that ground. Either it will be the noblest of leaders or
the theoretic and political farmers cannot agree the poorest of camp followers. Either it must raise
among themselves.
men to the plane where they can see themselves and
If we are ultimately to turn the Government of others as moral and spiritual beings or it must fail
the United States into a benevolent and charitable in the achievement of its one great purpose. Reinstitution we are on the right road, as far as this ligious organizations alone are in a position to prebill for relief is concerned in its relation to the sent a really effective front to the forces that make
farmer, wishing only good to this sturdy class of for war!" . . "The arguments that war is uneco.
our citizenry, we would not stop its enactment if we nomic, that it brings with it unspeakable suffering,
could. Our opinion is that it will prove an inter- go down before the passions that create wars. In
ference in the orderly processes of production and times of peace these arguments receive assent but
sale, that, in a short time, will arouse complexities are ineffective to check those forces which make for
that will become a burden rather than a benefit. war. Only those forces which attack war as morally
But that is an individual opinion and not binding wrong, as destructive of the very spiritual nature in
on anyone. That it is leading us away from the man, can in the long run be effective." ... "It is
Constitutional Government of Our Fathers is, never- not enough for us simply to protest against the
theless, an important consideration. Political increase of navies and armaments. For it is not
promises have been made from time immemorial, and alone not chiefly that wars are created by armanot seldom forgotten. That they ought to be per- ments. It is not only the gun but the man behind
formed to the letter is true—and in this case both the gun which has to be reached." Dr. Norwood ,
parties made practically the same promise. But said in the course of his talk: 'Peace can come
that does not make this proposal of farm relief, even when we recognize that only by a development of the
to the extent of a bounty, sacred, if in the keeping human and spiritual relations between the races can
of the promise the theory and intent of our govern- we sound the note of human brotherhood."
ment is to be subverted.
On the previous day a report by Dr. Nicholas MurNo one can now say how far this bill will go. At ray Butler as director of the division of intercourse
best, it is called "experimental." But what right and education of the Carnegie Foundation for Inter-
2890
FINANCIAL CHRONICLE
[VOL. 128.
national Peace was made public in which occurs the
The greatest legacy one generation can leave to
following statement: "In the United States a sharp another is the liberty insured by peace. A liberty
distinction exists between what is public and what to livc and love, to work and wonder, to create and
is governmental. Much of the most important public confirm. Millions of men leave little in tangible
life and action of the American people is carried on property, not one that cannot leave an influence that
by them in the sphere of liberty. It is to that sphere makes for peace. And what does this peace conthat the rest of the world should learn to look, even tain? A life that is free to enjoy the fruits of its
more than to those public expressions and public own labor; a comfort that is not forever in the
acts that take place in the sphere of government, for midst of alarms; a contemplation that sees in the
the revelation and interpretation of the full purpose progress of civilization a vision of the meaning and
and ideals of the American people." By some it is purpose of the Infinite. But as long as the expectasaid that the Paris Peace Pact was forced into tion of war shadows the horizon no people can be
existence by the power of public opinion, and happy, contented, or free. Look at the condition of
whether or not this is true the Pact met with the mankind to-day. Engulfed in debt, fearful of the
universal approval of the people at large. And we future, afraid of the unknown—engaged in making
might wish that our industrial organizations, our preparation for a'possible conflict that it hopes will
Chambers of Commerce, even our political parties, never come! And why? Because those who aver
might, in accord with the religious organizations that peace is impossible dominate those who aver
above, continue to educate the people to peace. For that it is not. And every child born into the world •
the last year there has been study and thought on to-day must work overtime to lift the load of taxa- •
the continuance of "prosperity," but conjecture does tion incurred by wars of the past, those of the
not extend beyond two or three years. What, then, present, and those that may come. It is a heritage
would happen to our progress and prosperity if in of unreason, of hate, of wrong no less than a crime.
ten or twenty years there should come upon us this Peace alone can liberate humanity.
feared and fearful world war which is to destroy
To make and think and talk for peace is the
civilization? We cannot afford to be idle while highest individual duty of to-day. All else hinges
there still lingers this apprehension of another cata- upon this security. Perhaps these colossal war debts
clysmic conflict, and just as "continual dropping will never be paid; they have been extended over
wears away a stone," so continual resolve to perpetu- half a century; but shall they be constantly inate peace will wear down the latent belief that war creased? Having outlawed war as a national policy
must come.
nothing short of criminal, the logical next step is
It is a crusade in which every human being may disarmament. And, gradual or complete, it is a
gladly join. It is the last stand for civilization, for national duty, for unfortunately in this we are deif our goodwill under which we cultivate art,science, pendent upon the nations as governments. Meanreligion, free government, and religious liberty, is time and all the time as peoples and individuals we
once destroyed, centuries must elapse before it can can aid in establishing a public opinion that will
be restored. There is nothing, not even the cultiva- eventually sweep the foul stain of war from the
tion of the mind, that can take the place of the educa- face of the earth. Since war is an outlaw now,every
tion of the heart. We already have reason on our man is free to talk against it,—every man is in duty
side. We know now that war is the most destructive bound to be a pacifist. Not in anger, not in prejuagency invented by man. Economics teaches its dice, not in blind belief in any preventative, but in
infinite waste. Politics teaches its enmity to lib- solemn conservation to those who yet must live and
erty. Sociology teaches its degradation of man. learn and work to sustain life, there is for each, high
Religion teaches its unmoral nature, and we have or low, rich or poor, wise or ignorant, the precious
solemnly outlawed it and declared it unworthy of opportunity and privilege to set forth in calmness
the respect of humanity. But unless the hearts of and truth the mighty blessings of perpetual peace.
the people can be quickened to a sense of its futility
and folly, to a sense of its power to excite lasting New Jersey as an Important Industrial Empire.
enmity, we have failed to carry out the logic of our
In the new economic era the progress of individual
Peace Pact. We must keep alive the feeling of states is important. There is a bit of unwritten
universal goodwill.
family history which tells by what a narrow chance
In this great stake of universal peace every man New Jersey was saved in the early days of
the Revohas a part. If he does no more than express on, lution. One of her citizens, Elisha Boudinot, afterthe street corner his enmity to war he keeps the fires wards Chief Justice of the State, was on his way
burning. For there are yet those who believe that home with his relative William Peartree Smith, from
"man is a fighting animal," that "there always have a Trustees' meeting at Princeton, and 'stopping for
been wars and there always will be," that "the only the night at New Brunswick learned that the inhabiway to prevent war is to be prepared," that the gov- tants were gathering to decide whether they would
ernment is the protector and savior of the people join the revolt or remain loyal to England. They
by means of armies and navies. Even now, having went over to the meeting and found President
outlawed war, having set every man's hand against Witherspoon, of Princeton, in an earnest address
it, we cannot disarm. Some are afraid to speak out advocating their remaining loyal to the King, and
in defense of disarmament because others scout the evidently winning the support of his hearers. When
possibility of perpetual peace. But all the arma- he ended the visitors ascended the platform and
ments in the world can not destroy the goodwill the asked to be heard. Mr. Boudinot took the Revocitizen and subject may feel to peoples and races. lutionary side so vigorously that when he stopped
We cannot talk too much in favor of amity and the audience arose and refusing Dr. Witherspoon a
peace, and public opinion is the most powerful lever chance to reply voted enthusiastically to join the new
we have.
movement. Judge Boudinot was first president,
MAY 41929.]
FINANCIAL CHRONICLE
2891
and one of the organizers and directors of the Nat- taxes now amount to $187,500,000, while her state
ional Newark and Essex Bank in 1804 which has taxes are relatively not large. They are graded to
protect her own industries as far as possible and no
just celebrated its 125th anniversary.
tax is levied on stock of New Jersey corporations
This, with a price subsequently set by the British
on Boudinot's head and that of his brother Elias, of or National Banking institutions belonging to a
Burlington, Washington's friend, settled New Jersey's non-resident. Since 1884 there has been no direct
tax for general purposes; the educational tax is
course.
With her position on the main line of communica- turned over to the local committees, and receipts
tion between the states, the fact that Washington for the general needs of the State come from corspent two and a half- years during the war with much porations, the inheritance tax, and certain small
of the fighting on her territory, the sturdy character sources.
From her mineral resources, large factories are
of her settlers, and the ability and importance of
producing cement, clay for both red and fire bricks,
some of her leading citizens, New Jersey has held
an influential position. She secured early develop- some building stone, and oxides of zinc, iron and
ment of all her lines of transportation, and lying manganese. There are 2,000,000 acres of forest,
between New York and Philadelphia, found ample three-eighths of which is hard wood, and five-eights
market for her agricultural products; but with scar- pine; but seven-tenths of the whole is so severely cut
city of mineral resources and but slight water power and burned over as to have little wood with present
she had for years few large manufacturing industries. market value. Three-tenths of the whole, however,
Now all that has changed; and her Chamber of Com- contain marketable. timber estimated at a billion
merce has just issued a beautifully illustrated volume and a half board feet, and five million cords of fuel
giving full details of her remarkable growth and wood. The total marketable value of timber, is a
expansion in corporate industry in every line, no less stumpage of $25,000,000, and a yearly cut of $2,than in the culture and prosperity of her people.* 000,000. There are hundreds of local wood indusWith every advantage from the aid of many special- tries using mainly imported wood. Local wood is
ists, public officials and business men, and innumera- taken principally for railway use, for posts, barrels,
ble attractive illustrations this book aims to make and the like. With proper care at least 300 board
known her special advantages: economic, financial feet could be made the annual product per acre;
educational and social, which cannot fail to have a and the State is seeking to bring this about.
New Jersey in early colonial days took up ship
general interest.
It gives a picturesque and rapid account of the building and coast-wise trading, and cherishes
early history of the State; the establishing of the both. She has considerable deep sea fishing and is
Dutch in what is now Jersey City in 1660; the coming planting and marketing oysters in increasing quanof the English soon after, and their peaceful creation tity. Sea products of large value lie at her door.
of the Province of New Jersey with Elizabeth as the She has large adjoining areas of marsh, as well as
capital and abode of the Governor; the first Assembly of uncultivated sandy pine-barrens, which she is
there in 1668; and the Quaker settlements later; with draining and clearing. This once accomplished
a reference to the peaceful story of the first 75 years will make possible on "millions of acres of waste
land," large increase in productions. Though she
of the 18th century.
Growth came rapidly after the Revolutionary War; has some 400,000 acres of abandoned small farms,
and again after a destructive commercial panic re- her agricultural development with the introduction
sulting from the War of 1812, there were 20 years of of machines and modern methods will add much
great prosperity. With growing cities and towns to her wealth. Sunflowers, for example, now
and great increase of manufacture, the expansion of found to be valuable for potash produced from the
paper money precipitated the disastrous panic of stalk are said to yield 175 lbs. to the acre.
1837, followed by years of suffering. In the "40's"
Modern methods are introducing many important
industry took a new start. Cotton mills in the changes. Sulphur from coal protects grapes, an
northern section of the State and woollen in the important crop, fertilizes potatoes and yields plant
southern, paper mills, potteries, clothing and hat food. By virtue of her position, New Jersey is
factories, iron and glass works, variously appeared. sure to profit largely by every new device. Her
Highways were opened and railways, among the first railways are rapidly being electrified. Radio will
in the country, were built.
control transportation; sound will be conveyed by
After the Civil War an intense individual activity light, power transmitted without wires, and fraarose. Cities grew; speculation in land was rampant; grance given to odorless plants. Wages will be
1873 brought the financial crash when for three years raised, work hours shortened, prices lowered, and
all were crippled and bankruptcy prevailed. By the urban life continually increased. Noise will be
close of the century 80% of her population was greatly reduced and human energy conserved in
urban, while her farms had become largely market countless ways.
gardens. Manufacture had greatly increased, silk
Her Chamber of Commerce declares that the
Paterson, brick and terra-cotta works in State shares to the full, and in all directions, the
mills in
South Amboy and Trenton, jewelry making in New- advances going on in the country, and presents in
ark; with many other, some large, in leather, rubber, detail her water supply, her exceptional sewage,
chemicals, iron and steel, shoes, hats, &c. New her control of heat and coolness, her easy transport,
Jersey with the Metropolitan Area of New York her facilities for small towns at the back, and the
and Philadelphia extending over her fields found growth of conveniences in the air rather than underground.
herself the industrial center of the country.
Little is said of her politics, and she has undoubtHer claim is that New Jersey is inseparable from
edly shared in the common experience. Her local the future of America, and the report closes with
an enumeration of features of the new era in part
New Jersey, the Life and industries of a Great State.—Chamber of
as follows: "Ours is a nature on which we navigate
Commerce, Newark, N. J.
2892
FINANCIAL CHRONICLE
the air, take pictures of the insides of our bodies,
photograph music, broadcast photographic pictures,
measure the length of thought waves, with an
electric microphone can hear a worm chewing at
the center of an apple, and can measure the amount
of carbon monoxide thrown off in a single puff of
a cigarette."
All this and much more New Jersey is prepared
to make use of. "In August 1826 John Stevens,
a New Jersey man, built a wood fire in an odd
looking locomotive which gave birth to America's
50 billion dollar transportation agency, and started
us into an age of metal contrivances that have
greatly multiplied the effective range of human
senses." Everywhere man's mental attitude is expectant, and New Jersey in the rarely elaborate
and picturesque volume before us, the report of the
Newark Chamber of Commerce, makes it clear
that to-day she abounds in this expectancy.
The Business of Business.
[Communtested.1
The automobile did more than inaugurate a new industrial
era. It introduced economic possibilities that set the world
by the ears. Just as every stock salesman uses the old Bell
Telephone stock went-a-begging when-it-first-came-out argument to unload all sorts of dubious propositions on the public,
the prophets of mass-production use the automobile to dispose of their extravagant predictions regarding its application
to the whole industrial situation. There are certain
elements of that situation, however, not safely to be taken
for granted.
In order to get an inkling of the probable development of
present day business it is necessary to analyze its tendencies
and question its motives. Prosperity appears to be the
prime motive; and the basis, therefore, of prosperity gives
the desired indication as to the manner of the business of
business.
After discussing the usual contributing items, mass production, high wages,advertising and installment selling, Paul
M.Mazur names "obsolescence"—quick style changes—"the
vital ingredient in American business prosperity." Such
being the case the prospects of prosperity become at once
identifiable. It is only necessary to visualize the process,—
rapid changes of style in furniture, cooking utensils and other
articles of daily use, first every six months, then every three
months and so on,—it is only necessary to visualize the violence of the proceeding to appreciate a probable diminution.
No very acute prophetic vision is required to foresee that
if prosperity is vitally dependent upon a man's changing his
bed every month sleeping sickness will be prevalent.
Though his study of the situation is comprehensive, Mr.
Mazur miscues where most all writers on economic stlbjects
miscue: he misses the deeper implications of our industrial
position. The past record of man socially bristles with precedents of unseemly violence coming a cropper. Assurances
of permanency for prosperity, accompanied by formulas
spelling failure, give the true measure of value. In the heyday of their glory few prominent citizens of a vanished power
realized the coming denoument; no more can the massproductionist and mergerist sense the germ of disaster in his
ambitious plans to overdo a good thing.
The appeal of mass production to the imagination diverts
attention from less attractive characteristics of modern industry. The moral and spiritual effects of excessive standardization is something to the purpose, Pere Lorentz, in a
"Forum" article calling attention to movie mergers, finds:
"Efficiency and standardization do not mean entertainment
and good taste. If one camera man does the work of two,and
Lily Le Grande wears a cheap$10,000Parisfrock in six movies
nstead of one, will Shot make the movie any stronger?"
[VoL. 128.
Ostensibly initiated to take the drudgery out of the home,
organized industry tends to extremes unadvised by caution.
In place of making living easier it is on the way to destroy
the means of living for great numbers of people. The point
of departure from sound procedure is where it starts to furnish a fat income for a few favorite sons rather than provide
a living for the whole population. There is a feeling that the
proportion of national income which now goes to labor is less
than before the war, backed by figures to show the property
owning class has taken the lion's share of enhanced prosperity.
What with consolidations, mergers and added efficiency, the
wedge is entered for an elimination contest in which the
middle-aged, unfinancially minded and unskilled are put on
the skids.
Turning from exploitation of the worker as such, capital
devotes its ingenuity to the exploitation of the consumer.
Egged on to consume more so that he can produce more and
therefore earn more to consume more, the worker-consumer
finds himself in a squirrel cage of accelerating speed, from
which there is no escape if the pace of prosperity is to be
maintained.
Theoretically consumption is limitless. Practically there
are obstacles. If theorists are right, England has only to
double her wage scales and decrease working hours in order
to achieve prosperity. And then we run counter to Italy's
experience, where industrial equilibrium results from increased hours and decreased wages. Perhaps -the natural
resources•of a country and the character of its people have
greater influence on these matters than economists are
willing to admit. At any rate we need not let infatuation
for mass production run away with a sense of proportion.
When we find a proposed course does violence to the normalities of living, its far-reaching economic aspects are
certain to be subjected to other than pleasing conjecture.
The creation of an increased consumer purchasing power
through installment selling, occasions much controversy.
Installment selling is the approved instrument for converting future earnings into present purchasing power.
While the plan extends the consumer market and merits
encouragement within the limits of customer solvency, its
extension beyond these limits is patently bad business.
Mass production makes the need. Whether it can be
curbed sufficiently to negotiate a safe course for activities
inspired remains to be experienced.
A general recognition of the abortive effort to coerce
consumption into meeting the idemands of production is
evident throughout contemporary discussions of the subject.
Dr. Schmalenbach of Cologne,reviewing the economic effects
of the cartel, holds the race for volume will eventually
wreck industry, and play into the hands of the Socialist.
Sensing the soundness of the Doctor's finding, the New
York "Times" realizes the race for volume "is a very live
problem."—"The substitution of machine for human labor
has been as much at fault as the over-expansion brought
about by the war."
Advertising offers further proof of the debatable ground
on which an over-expanded market is founded. To their
regret many manufacturers learned increased sales are an
empty gesture unless accompanied by greater dividendpaying possibilities. As people become resistant to the
lure of advertising, returns in profits decline.
A measure of artificial aids to consumption, stimulated
by the successes Of motors and radios, is the stupendous
publicity campaign maneuvered to compass it. In order
to achieve the required consumption industry resorts to
highly colored pictures and the wildest spiel of the spiders.
The art work is to attract prospective purchasers; the
spiel is to whirlwind them into signing on the dotted line
in spite of their better natures.
Elmo Calkins, though an enthusiastic advertising man,
recognizes this "relentless exploitation" of the consumer;
and wonders in the case of food and toilet articles, whether
we may not be "scratching gravel from the bottom of
MAY 4 1929.]
FINANCIAL CHRONICLE
2893
consumer demand." The scramble for wider markets fre- wants, hitherto unknown among these dwellers in poverty.
quently involves expenses very inadequately covered by The wants gave rise to industries, and the industries to trade,
and the gains of trade raised the standard of comfort."
sales results.
The chain of circumstances bringing about the improveThe spirit of progress, which has accomplished so many
things, encourages the hopefuls to believe it can not fail ment is now widely advertised and firmly credited. Are the
them in meeting the emergency. Meanwhile the spirit of links limitless? Radically different circumstances govern the
progress unobtrusively offers obstacles to the conduct of supporting elements of present day industry: New condiordinary business. In several important industries rapid tions have arisen which require solutions apart from once
shifts of demand prove highly disorganizing and profit reputable traditions. While recognizing the verity of industrial revolution, the great body of citizenry still revel
sapping.
Textiles for example. Quickly shifting changes of fashion in the pre-revolutionary atmosphere.
in women's wearing apparel demand an industrial nimbleUnlike Con Regan, who lived on the border line between
ness difficult to establish. Owing to food fads and changing two counties, paying taxes in neither, voting in both, the
tastes, dietary habits have undergone considerable revision average person pays tribute to things past with one hand and
affecting staples. Flour consumption, according to Govern- things present with the other, exercising his franchise unment figures, reduced 14% in 16 years. Per capita con- equally. He gives too much credit to the new; too little
sumption of meat fell from 159 pounds to 143 pounds. experimental value to the old. His sentimental attachments
Dairy products and vegetables and fruits show marked and practical interests do not separate properly.
The disposition of business to believe you can not have
increases. Considerable perturbation is being experienced
by the Hollywood contingency as to the possible inroads too much of a good thing, is apt to lead it astray. If the
of the "talking-film." Should the "talkies" prove suc- stimulation of consumption was good practice in the initial
cessful in displacing the silent drama there would be much stages of business, why not now?
Overproduction of coal and textiles, so long as all citizens
scrapping of expensive equipment, and directed "artists'
would have to find other and less remunerative avenues of of the world do not use all of these commodities they can,
self expression.
is regarded as underconsumption. Business acumen is
machine is approaching rough roads. Merg- spending itself on mergers and consolidations which reduce
The industrial
ers and consolidations temporarily take up the slack. When the ranks of consumers. Tightening the reins of proindustry is fully merged, what then? Either a taking over duction, and finding a cure for underconsumption, swing
of industry by Government or a break-up into smaller units: at a tangent.
for a static condition after a debauch of progress is unthinkMany business magazines publish articles bemoaning the
able.
mounting costs of distribution. Extensive and expensive
Business completely Merged means of course the throwing advertising, extravagant displays of merchandise and handout of great numbers of workers, the destruction of hordes of some stores, add to prices and thus keep down consumption.
perfectly good consumers; The Possibility has been breathed, Consequently the very means used to encourage more
but is lightly brushed aside by optimistic persons made san- buying, discourage in a measure by adding to selling price.
guine by the hitherto smooth course of prosperity in the face The argument that advertising makes lower prices possible
of scoffers and pullbacks. The tremendous success of the by increasing output, cuts both ways.
flivverimbued in them belief in a succession of other problemaThis much is on record. One of our large advertising
tic flivvers to carry along dispossessed workers to evermore agencies advises against advertising addressing itself to the
paying employment.
overcoming sales resistance of a reluctant remnant of the
in the human body reveals that the chief public. Indicating that while advertising pays up to a
Study of growth
factors are chemical. Speed of growth depends upon the certain point, where numerous consumers are brought into
speed of chemical reactions, their nature, quantity and the the fold at each coup, the effort to reduce the resistance
presence of a catalyst—a substance which profoundly affects of possible customers in the twilight fringe is unremunerative.
chemical reactions without becoming a part of them. As the
Attention is repeatedly called to the marked increase in
process proceeds there is an automatic slowing down by the cost of doing business during recent years, distribution
reason of the available supply of chemicals failing. Any one expenses being out of proportion to increased prices. "Mulstationed at the early stages of growth, and knowing nothing tiplied competition for the consumer's dollar," is admittedly
of the involved factors, might excusably presume the process largely to blame.
to be limitless. So with the casual observer of the economic
The pressure of production incites these wastes, probody. He notes the accelerating speed of industrial activity, duction itself being the victim of misplaced confidence in
and deduces therefrom a continuation which neither the formulas of limited application. The case of cotton goods
materials nor the rules of the game substantiate.
will serve to emphasize the point. The National City
Human expectation is a curious hodgepodge of believing Bank of New York recently said: "The cotton goods
not enough and hoping too much. Confidence in brilliantly industry is slack all over the world, but apparently this
conceived futures is bolstered by reference to former delin- is not due to diminishing consumption, but to over-developquencies. Because we failed to appreciate possibilities now ment of the industry, together with a new practice of running
eventuated, we are asked to credit the wildest conjectural double shifts for the purpose of lowering the percentage of
predictions. Aviation is a case in point. The former sneers overhead."
American business developed rapidly into a monstrous
of railroad and automobile skeptics are used to build a bright
Whatever the prospect for air trans- animal. Local troubles lose themselves in the vast mass.
future for aeroplanes.
portation, perfection can not be predicated upon a previous A palsy of the tail or a tack in the paw, arouse no alarm
among economic doctors. They are, nevertheless, possible
state of ignorance.
In attempting to prefigure the probable course of events, seats of infection which can eventually affect the whole
human reactions to conditions already inaugurated must be body.
The glamour of immediate prosperity, fostered mainly
reckoned in the accounting. What these reactions will be in a
given situation is difficult to predict. Who knows whether by a few probably unrepeatable innovations, leads to wrong
there will be a timely intervention to save industry from its conclusions. The significance of our only source of reliable
worst faults, or whether it will be permitted to pursue the information is obscured in the mists of self-approval. Men
place great confidence in the geological record. Each
even tenor of its way to a monstrous breakdown?
for developing a small, squalid dubious footprint and splint of bone is made the basis of a
Balzac recites the formula
village: "One form of production demands another. The cunningly woven story. To the at least equally tangible
additions to the population of the township had created fresh implications of the sociological record, they are cold. Yet
2894
FINANCIAL CHRONICLE
[VOL. 128.
the fossiliferous remains of empires and kingdoms speak from furnishing twenty-four per cent of this trade to thirtyeloquently of social grandeur cut off in the flower of its nine per cent, while England declined in comparison. Another
youth, and mercantile supremacy denied in the height of turn of the wheel may easily change the proportions.
its power. The inference in the one case is as telling as the
Having focused our eyes on a growing mountain of merother if we permit judgment free play. The feeling that chandise, they refuse to accept the prospect of a dwindling
man has in some mysterious manner acquired a defense row of hills.
against the mistakes of his ancestors, is not borne out by
Overproduction is definite and measurable, underconsumpthe facts.
tion, from the viewpoint of compelling a comprehensive abEngland's present experience is illuminating. Reviewing sorption of goods by persuasion, is vague and presumptive.
the causes of unemployment in England, Sir Philip Gibbs To expect that the latter will somehow fortuitously balance
destroys those illusions of immunity which characterize the former, is to invoke the miraculous.
our economic thinking, and brings us face to face with the
Chesterton laughs hugely at the twentieth century pretense
actuality of a fairly prosperous nation having a distressingly of having overcome superstitions of the ninth century. Aclarge unassimilatable element of idle labor. Get the com- cording to his showing, the supposedly hard-boiled citizen of
plete picture. "The state of the working classes has never today is fifty per cent soft-boiled. Belief in miracles yielded
been so good," wages are higher, housing conditions much less readily to college education than popular opinion credits.
improved, motor cars and radios common, "they approxiMr. Filene, the Boston merchant economist, obligingly set
mate to,the American standard of living." On this back- the miracle to words and music. Calling it "companionate
ground of prosperity looms 1,250,000 out-of-work, hope- prosperity," in which all humans must share alike, he tunes
lessly stranded, who "can not be absorbed into an industrial up the world to his measure. His theme is mass production.
system which has reached its limit of expansion until new The motive universal prosperity.
markets are opened in other countries of the world."
"As the new scientific methods become more widely
Progress i ; what you make it. The Chinese, doubtless adopted, we shall from time to time produce surpluses of
wisely, take theirs in small doses. We prefer the forcing many kinds of goods. Then we shall have to turn to other
process. When, therefore, the industrial monster of our countries to find an outlet for these surpluses if we are to
raising bites the hand that fed it, expectancy is vindicated. retain our prosperity. But how are these other nations to
Dominating the scene at one stage of its career, the monster find the credits with which to purchase our goods? Obfell upon evil days.
viously they can not buy from us to the largest possible
Inspired by results in a few industries, unique in their extent unless they, too, are prosperous."
economic relations, there is a disposition to predict the conExtended to meet the prospective situation, it is appartinuous rise of wages and reduction of prices generally. ent that the discord arises from an embarrassment of goods
Survey of the field scarcely justifies the prediction. In sev- rather than from an absence of gold.
eral important industries the tendency of wages is downBy calling overproduction underconsumption, can we
ward. Several items of outstanding expense manifest an make it so?
inclination to rise.
Wise in its generation is the conception of prosperity forCheapening production and lowering prices may conceiv- warded by Mr. Filene. But in giving the valid measure of
ably proceed further in the matter of articles made from prosperity it betrays limitations which no financial wizardry
metal and other heavy materials constituting a minor ele- in sight promises to overcome. The conditions under which
ment of the family budget. Food, taxes, rent and medical it is supposed to operate—the creation of a surplus through
attendance are the rascals that eat into the little, old bank mass production—are the conditions contributing to its
roll. And these are the items booked for future depredations unsoundness. If those nations who now buy our surplus
—reduction of Federal taxes affects mostly incomes in the achieve prosperity through mass production, they will no
larger brackets; higher and ever higher local and state taxes longer be in a position to take our surpluses off our hands
do the dirty work.
since they will have excess productions of their own. When
Safety razors can now be turned out to sell for ten cents fully panted the African will probably make pants for
each. Reduction to five cents may serve to hang an argu- himself.
ment on; it would not support much of a family on a rising
Increased buying power of customer nations depends upon
tide of expense.
their industrial progress, industrial progress means big proThe economic ideal and the social ideal are in opposition. duction; big production leads to surpluses; surpluses are
The economic ideal certifies efficiency, which in turn involves financially disastrous unless marketable profitably.
production offood,clothes and shelter at the minimum effort;
How to break up an inadequate income into sufficient
Socially an adequate supply of these commodities to the whole parts to satisfy an overadequate supply—outmiracling the
people is the chief consideration. The one emphasizes the loaves and fishes. We come here to the vital issue. The
process, the other the product. If the process be dominant, problem we face is not really one of overproduction or underthe number of people in each industry must gradually de- consumption; but of adjusting the activities of industry to the
crease, leaving many to find a living elsewhere. Take the needs of the people.
matter of food production. Presuming sufficient food could
"I painfully reflect that in almost every political controbe produced by one thousandth of the workers now engaged versy of the last fifty years, the educated classes, the leisured
therein, what would it profit the people? Millions of them classes, the wealthy classes, the titled classes have been in
would be without means of gaining a livelihood since indus- the wrong. The common people—the toilers, the men of
try generally would be similarily closed to them.
uncommon sense—these have been responsible for nearly
Efficiency tends to eliminate workers. Mass production all of the social reform measures which the world accepts
tends to pile up surpluses. Continuing these processes is today."—Gladstone.
WALTER SONNEBERG.
playing both ends against the middle.
Philadelphia, Pa.
The question of immediate interest is, What is the object
of this business of business? It can not live by efficiency
alone. Neither is the accumulation of wealth in a few hands
The Speculative "Wave" and the Federal
valid excuse for waywardness.
Reserve.
At present we are on the sunny side of the street. But
lEuttorim in New York "Journal of Commerce" on May 1.]
"the sun do move." When it moves over the peoples of all
At the same time that a speaker before the International
lands, prosperity is no longer a special dispensation. The' Chamber of Commerce's American Section was complaining
statistical position of United States trade with Latin America of the injurious influence of speculation upon European
is the answer. During the last sixteen years we advanced central banks, on Monday last, the Governor of the Federal
MAY 41929.]
FINANCIAL CHRONICLE
Reserve Board in Los Angeles was expressing the opinion
that "natural readjustments" of the stock market will
follow the present "wave of speculation." Hence, thought
the Governor, no "tinkering" with the Federal Reserve
System is desirable, since present evils will be self-corrective.
The latter view is shared by Treasury officials, and there is
general agreement in Governmental circles at large to the
contrary of the opinion expressed before the International
Chamber of Commerce.
Here is more uncertainty and vagueness about the fundamental banking problems with which we are faced at the
present time. What are the facts in the situation. Of
course, it is obvious that any "wave", whether of speculation
or anything else, eventually "corrects" itself. The cyclical
theory of business is based upon the belief in a rhythmic
movement of values and of production which may be regarded as "self-corrective" in the same way that a series of
ocean waves is self-corrective. The variations from average
level after a while disappear and smooth water is restored.
Can any banking system "correct" this series of variations
and should it try to do so. These are two widely different
questions, as to both of which there is broad difference of
opinion among the recognized authorities. A small number
of persons possibly believe that by the proper use of bank
credit, withholding or enlarging it, as the case may require,
differences in the volume and intensity of business may be
"ironed out". There are others who doubt the feasibility
of any such proposal, and as yet there is no consensus of
opinion. Even granting the statement that a banking
system or central bank "can" eliminate or mitigate variations
in business, the question whether, and how far it ought to
do so, is almost equally difficult. It certainly ought not to
apply its strength to this object merely in order to help
one class in the community or to straighten out one kind
of fluctuations. To do so would merely make it an ally of
special interests which have their own axes to grind, and
and were intent upon preventing certain kinds of fluctuations
from going further than they wished.
So far as there is a definite, or accepted body of opinion
on the matter, it is merely to the effect that the banking
system should so far as possible keep itself free of speculation
and neither allow its resources to be used in promoting
movements of prices nor in repressing them, unless some
2895
very definite reason can be cited in favor of either policy.
Undoubtedly in adopting such a course of action, a wisely
managed banking system exerts a true stabilizing influence,
since it compels speculative manipulators to rely upon
funds which they themselves own or of which they can
get the use with thefull knowledge of their owners,inbringing
about their shifts orchanges of value. On the other hand, the
placing of bank funds at their disposal for the accomplishment of their objects in the early stages of a speculative movement is not more reprehensible than the sudden withdrawal
of them without warning when the persons who had no
such intent had become deeply involved in the movement
of values.
As for the Federal Reserve System, it has the advantage
of having had its course of action definitely laid out and prescribed bylaw. It is forbidden to make loans for the purpose
of carrying or trading in securities; its objects are those of
accommodating the commerce and business of the country;
it has no duty other than that of discounting commercial
paper and facilitating the operations of trade, industry and
agriculture. All this may be summed up in the statement
that the Federal Reserve Act forbade it to put the bank reserves of the country into speculation. If and when they become so engaged, it is evidently the duty of the System to
withdraw them as promptly but with as little harm as pdsible.
No one who has thought at all of the matter would have
Governor Young.attempt to correct the present "wave of
speculation", and no one who devotes sufficient investigation would be inclined to support the speaker at the
Chamber of Commerce meeting who desires to see action
designed to withdraw credit from present speculative operations through the agency of Federal Reserve tanks or
foreign banks, unless such withdrawal can be justified upon
sound banking grounds. These gentlemen, like the others
who have been in the habit of likening the Reserve bank
to a "fire engine" or water supply system,need to be reminded
that the best thing for a central or reserve bank to resemble
is a bank. We are now faced with the necessity of gradually
restoring our banking funds to the channels of business.
This is a large problem and we shall have our hands full in
solving it without undertaking extraneous reforms of miscellaneous nature.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, May 3, 1929.
Bad weather has interfered more or less with trade all over
the country. It has been too wet and cold. Even in Texas
the temperature has been as low as 26 degrees. Big storms
have occurred in Pennsylvania, Illinois, Missouri and Ohio
and in half a dozen southern States with much loss of life
and damage to property. Bad weather has greatly delayed
the seeding of corn and oats and also to some extent that of
the spring wheat crop. It has necessitated considerable
replanting of cotton on both sides of the Mississippi River.
It is altogether too cold for the opening of May. The gains
in trade early in the year were partly lost in the inclement
weather of April. In general, March weather was rather
favorable than otherwise in many parts of the country, but
in April there was a change for the worse. And with the
opening of May there have been heavy snow storms in Missouri and Illinois, followed by predictions of frost, which may
mean damage to the fruit crops of the Central West. The
output of automobiles in April may turn out to have been
the largest on record. Cotton goods have declined partly,
owing to dullness of trade in most fabrics and partly because
of the recent lowering of raw cotton prices. In finished cotton
goods at times trade has been fairly large and there is a demand for prompt shipments. That suggests that stocks
have been considerably depleted in various lines. In woolen
and worsted dress goods there has been a better demand and
the same is true of men's wear lines. Silk piece-goods have
met with a ready sale, especially for the next fall season. In
raw silk there has been a moderate business, and Japanese
silks have remained firm here regardless of a decline in Japan
Naturally,however,trade in spring clothing and other wearing apparel hassuffered more or less from the bad weather. As
regards general trade, city business makes a better showing
than rural business, bad roads interfering with rural trade.
Prices for commodities in general declined further in April
after a drop in March. Failures in April were 2% more
numerous than in March and about 4% larger than in April
last year. But, on the other hand, the liabilities in April,
this year, were the small st since last September, and they
were nearly ::1% smaller than in April, last year. In fact,
they were the smallest in nine years.
Wheat prices ended practically where they were a week ago
for the selling pressure is off, the technical position is better
and an average private estimate of the winter wheat crop of
618,000,000 bushels is offset by the readiness with which
unexpectedly large May deliveries were handled. Wet
weather has delayed seeding in the spring wheat belt. There
are those who believe that wheat is inordinately cheap.
It remains to be seen whether a reduction in rail export
freight rates will stimulate export trade. At the moment
it looks as though European crops would be smaller than
those f last year. And if the Soviet Russian Government
can make a communist out of the Russian peasant, who,
like all farmers, the world over, is an individualist it will be
something akin to squaring the circ'.e. The upshoot may
easily be that Russia will have to buy grain in other countries,
partly in the United States. Corn, like wheat, advanced
slightly except on May delivery, and May declined only
slightly despite May deliveries much large than had been
expected. The crop movement has been small, partly owing
to stormy weather. Also Chicago's stock has fallen to about
12,000,000 bushels. Seeding of corn will be somewhat
later than usual, owing to constant rains. The quality of
the last crop was so high that the farmer can hold his corn.
Then, too, there has been a good feeding demand for it encouraged by the relatively high prices current for cattle,
hogs and sheep. -Oats have advanced with a good cash demand and prospects of a notably smaller acreage. Rye has
changed little. Provisions advanced slightly with lard
2896
FINANCIAL CHRONICLE
stocks showing a decrease that encouraged buying, though
supplies of lard are still undoubtedly large.
Raw sugar has declined slightly, prompt Cuba closing at
s
17/c. Action on the tariff has again been delayed and that
fact tends to keep the market more or less unsettled. Meanwhile it is noticed that there is buying of sugar for May next
year apparently in part by Europe. Coffee has declined
slightly except for May santos. The fact that the Brazilian
Government has secured another loan of £5,000,000 in London is interpreted as usual, by the bears as a sign that the
Defense Committee is having difficulty in supporting the
market. Yet net declines for the week are small. Rubber
advanced slightly for the May delivery but declined nearly
half a cent on later months. It is intimated that tire prices
will be reduced slightly by two big mail order concerns.
As to rubber in general supplies are evidently ample and the
demand at this time is none too urgent.
Cotton advanced slightly owing to cold wet weather over
much of the belt, and a better technical position after the
recent very searchingliquidation. The market acts sold out
in both New York and Liverpool, as well as in the other
great markets Of the world. The latest development is
sand storms and high winds in Texas together with a cold
wave which will cause delay by necessitating considerable
replanting. Replanting is necessary, too, it seems, in parts
of the belt further to the eastward, including Atlantic States.
Manchester's trade has improved somewhat, but Worth
Street has remained quiet. Cocoa has declined about Mc.
Pig iron has been quiet with the daily output in April the
third largest in the records. Steel production in April may
'turn out to have been the largest on record, but it does not
appear that new business is anything more than fair in size.
Yet the report of the United States Steel Corporation for
the March quarter shows the largest earnings for any quarter
since the fourth quarter of 1918 and 463 % larger than for
the same time last year. Steel backlogs are said to be good.
The stock market has been strong despite the fact that
money on Monday was up to 15%,though to-day 10@11%.
In to-day's business there was heavy buying for a time,
early in the session with the ticker at times nearly a quarter
of an hour late, and the total transactions for the day 4,527,490 shares. Some stocks were at a new high record, with
news as to brokers' loans, discount rate and the Reserve
Banks report having a heartening effect. Meanwhile it is
gratifying to notice that the hectic markets of earlier in the
year have disappeared, and the trading is on a more conservative scale. In bonds convertible issues were active
and United States issues were in demand at some advance.
These two things were the features to-day. Rumors of a
more optimistic nature as to the possibility of an early
settlement of the German reparations tangle infused a somewhat steadier tone into stock markets abroad.
In Lowell, Mass. there is a fair demand for all grades of
goods, and employment, especially in the smaller units is
increasing. The two remaining cotton textile plants of
major size in Lowell, the Scott Mills and the Merrimack
Manufacturing Co., report good business and excellent prospects, partly owing to the fact that fine cottons have become
fashionable this year. At Newmarket, N. H., the strike
entered upon the eleventh week last Monday. Charlotte,
N. C. wired April 28 that the textile strike at Bessemer
City has spread to the Gambrill and Melville Mills, so that
• all mills there are now affected by walk-outs by members of
the National Textile Union. The mill continued to operate
and closed the week with only about 30 less than its normal
force. The strike came as a complete surprise, as members
of the union had previously stated that they wished the
plant to continue operation, as its wages are said to be above
the average, and that it voluntarily operates only 55 hours.
An official statement of wages at Gambrill-Melville show
weavers $18 to $24; spinners $15; card hands, $15; speeder
hands, $20. The mill will not deal with the union. The
Osage Mill at Bessemer City is closed completely. American
mills No. 1 and 2 are operating with reduced forces. Chadwick-Hoskins last Saturday paid one-half wages to workers
who did not strike at Pineville, where the mill remains closed.
In Gastonia the Loray Mill has practically a full day force,
but is several hundred shy on the night shift. The Pineville, N. C. mill of the Chadwick-Hoskins chain resumed
-down beoperations on April 29 after a three weeks' shut
cause of the strike. Fifty per cent more workers were on
hand than necessary to fill the 285 jobs. Strikers declared
only $150 relief funds were received during the three weeks
of strike called by the National Textile Workers Union to
[VOL. 128.
support 150 families. All the strikers returned to work
except a few who had gotten jobs elsewhere. A settlement
of the strike of 1,775 employes of the Brandon Corporation
is believed likely during the week with both sides making
concessions, according to reports. At Bessemer City, N. C.
the Osage Mill resumed operations on the 1st inst. after a
shutdown of five days on account of the strike called by the
National Textile Workers Union. Practically all strikers
sought re-employment.
North Carolina advices on the 2nd inst. said that additional evidence that the strike in Gaston County is about
over, was apparent. Only 320 employes are out now. Of
this number,120 are out because the Osage Mill, at Bessemer
City, has not made any attempt to return to night operation.
Atlanta, Ga. wired that Southern textile mill owners fear if
the present strikes succeed they will face conditions similar
to those that decided them to move their plants from the
North to the South. The cotton-textile industry, facing
severe competition with rayon and other fabrics, mills for
manufacture of which have also sprung up in the South,
claims to be forced to adoption of such systems as the multiple
loom system, if it is to operate successfully. Chester,
S. C. wired that in Chester County all of the plants are
operating and there is a splendid co-operation between the
officials and the operatives.
Sales of Montgomery Ward & Co. for April were 35.3%
greater than those for that month last year. The figures
last month were $21,573,323 against, $15,940,784, an increase of $5,632,539. April was the twelfth consecutive
month to register a gain over the same month of the previous
year. Excepting January, the April percentage of increase
was the largest of any month since February 1924. Sales of
the company for four months ended with April were 31.6%
larger than the corresponding period of last year. The
total this year was $80,974,097 against $61,517,279 in 1928.
an increase of $19,456,818. Total sales of department stores
in March were 6% larger and average daily sales 11% larger
than in the corresponding month a year ago, according to
reports made to the Federal Reserve system by 523 stores,
say Washington advices to the Daily News Record. The
increase of 11% in average daily sales reflected in part the
fact that the Easter selling season this year was eight days
earlier than last year; after allowance is made for this fact
the increase shown was about 8%. Inventories of the reporting department stores at the end of March were 3%
below the level of a year ago.
April was one of the worse of Aprils here this year, though
it is pointed out that the record bad April was in 1912 when
rain fell on 22 days. The total rainfall in April 1929 was
5.76 inches, or 3.53 inches above the average April fall of
3.23. The record is 7.02 in April 1874. The best April of
all time was in 1881 when only one inch of rain fell. This
year April's temperatire was below normal for 18 days, but
on the other 12 it ran up at a rate that made the average
50.4 degrees, while the average of averages during the last
59 years has been a degree lower than that-49.4. The
coldest April on record averaged 41.3 degrees. April 2 sent
the mercury to a low for the month of 32 degrees. Five
days later the record high of 86 was established. The
highest average temperature, 55 degrees, was recorded in
1921. Northern Maine on April 30 had a snow fall of three
inches.
On May 2 from 3 to 6 inches of soggy snow fell over a wide
area of Missouri and southern Illinois and the temperature
dropped to the freezing point in a strong wind. There were
fears of damage to the crops, especially of fruit. Wire communication was\interrupted. In Chicago there was a snowfall with a cold north wind. Twenty-five persons were killed
on May 2 by tornadoes in seven States; i.e., Tennessee,
Virginia, West Virginia, Arkansas, Florida, Pennsylvania
and Ohio. In New York on the 2nd, inst., temperatures •
were 56 to 61 degrees; on the 1st, Boston had 56 to 68;
Chicago 38 to 58; Cincinnati 56 to 78; Cleveland 40 to 76
Detroit 38 to 68; Kansas City 36 to 52; Milwaukee 36 to 50;
New.Orleans 60 to 84; New York 52 to 62; Philadelphia 54
to 62; Portland, Me., 44 to 66; Seattle 52 to 58; St. Louis 32
to 70; and St. Paul 32 to 58. To-day temperatures here
were 48 to 62 degrees; yesterday in Boston 50 to 70; in Chicago 36 to 46; Cincinnati 34 to 88; Cleveland 36 to 60; St.
Paul 28 to 46. The rains died down at the South, but
temperatures were still abnormally cold, many of them being
in the 30's and 40's minimum. The storms at the South and
in the Central West caused many fatalities and damaged the
crops.
2897
FINANCIAL CHRONICLE
MAY 4 1929.]
New York Federal Reserve Bank's Indexes of Business
Activity.
The New York Federal Reserve Bank presents as follows
in its May 1 "Monthly Review" its indexes of business
activity:
Average daily car loadings of merchandise and miscellaneous freight in
March showed about the usual seasonal increase, and in the early part of
April showed a more rapid increase. Loadings of bulk freight, however,
especially coal, declined sharply in March. Retail trade appears to have
been considerably more active than in February, as increases were shown,
after seasonal allowance, in average daily sales of department stores and
mail order houses; there were increases also in sales of life insurance companies and in advertising.
This Bank's indexes of business activity, in which allowance has been
made for the usual seasonal variations, year-to-year growth, and where
necessary for price changes, are shown in the following table:
(Computed trend of past years equals 100%; adjusted for seasonal variations.)
Primary DistributionMar. 1928. Jan. 1929. Feb. 1929. Mar. 1929.
Car loadings, merchandise and nalscell_103
103
103
101
Car loadings, other
87
104
92
98
Exports
99
105
1090
97
Imports
117
1080
114
104
Panama Canal traffic
91
90
95
86
1019
Wholesale trade
104
100
98
Distribution to Consumer
Department store sales, Second Dist 98
Chain grocery sales
107
Other chain store sales
100
Mall order sales
89
Life insurance paid for
102
95
Advertising
96
96
92
96
106
95
101
103
99
102
104
98
107
96
102
106
107
99
Genera? Business Activity
Bank debits, outside of N. Y. City__.i07
Bank debits, New York City
159
Velocity of bank deposits, outside of
111
New York City
Velocity of bank deposits. N.Y. City_162
Shares sold on N. Y. Stock Exchange_281
Postal receipts
90
Electric power
104
Employment in the United States
95
Business failures
115
Building contracts, 36 States
125
New corporations formed in N.Y.State 115
108
185
112
187
113
194
121
202
442
85
107r
98
102
123
120
125
210
313
87
106
99
102
108
119
128
216
338
84
General price level
Composite index of wages
Cost of living
179
224
172
179
225
170
180
227
171
174
223
169
100
101
91
109
and lead and smaller advances in prices of iron and steel and cotton goods,
as well as of certain agricultural products, particularly cotton, livestock,
meats and hides. Prices of grain and flour w(..re lower during the month
and the price of leather declined, reflecting an earlier decline in prices
of hides. Silk and rayon textiles and raw wool were also somewhat lower
in price.
In the middle of April prices of livestock and raw silk were higher than
the end of March, while cotton and wool had declined in price. Among
the non-agricultural products there were marked declines in the prices of
copper, lead, tin and zinc; a further decline in rubber, and increases in
pig iron and finished steel.
Hank Credit.
Between March 20 and April 17 there was a considerable decline in the
volume of member banks loans to brokers, and in the banks holdings of
investments. Loans chiefly for commercial and agricultural purposes
showed a rapid increase, snd at the end of the period were near the high
level of last autumn. During the same period volume of Reserve Bank
credit in use declined further as a consequence of additions to the country's
stock of monetary gold. A continued rapid reduction in holdings of
acceptances carried the total to the lowest point since the autumn of 1924.
Security holdings also decreased somewhat, while discounts for member
banks increased.
Open market rates on bankers' acceptances and commercial paper increased further. Rates on collateral loans increased sharply in the latter
Part of March, but declined in April.
Wholesale Trade During March as Reported to Federal
Reserve Board-Distribution Larger Than in
February.
Under date of April 30 the Federal Reserve Board reports
that wholesale distribution during March was larger than
in February, as is usual at this season. Increased sales were
shown by firms in all lines of trade reporting to the Federal
Reserve system, but sales of groceries, boots and shoes, and
drugs showed less than the usual seasonal increase. Sales of
agricultural implements, which are not included in the
Board's index of wholesale distribution, were larger in
March than in the previous month. The Board adds:
As compared with the corresponding month of last year, March sales
of meats, dry goods, men s clothing and hardware were larger, while sales
of groceries, boots and shoes, drugs and furniture showed a decrease. Per
the first three months of this year sales of wholesale firms were larger by
about 1% than during the first quarter of 1928, the largest increases beiNg
reported by firms handling meats and drugs.
Current developments in wholesale trade are summarized in the (.1lowing tab.e:
P. C. Inc.(1-) or Dec.(-)
in Sales February 1929
Compared with
p Preliminary. r Revised.
Federal Reserve Board's Summary of Business Conditions in the United States-Industrial Output
Increased in March-Advance in Wholesale Prices.
"Volume of industrial production and of trade increased
In March and wholesale prices advanced somewhat," says
the Federal Reserve Board in its monthly summary of
business conditions in the United States, made available
April 27. The Board states that "there was a growth of
commercial loans of member banks in leading cities in March
and the first half of April, while investments and loans on
securities of these banks showed a reduction for the period."
Its summary continues:
Index Numbers Adjusted
for Se..s.nal Veriattwas
(1923-25=100).•
February
1929.
Groceries
Meats
Dry goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
Total eight lilies
March
1928,
March
1929.
February
1929.
Merck
1928.
7.4
2.3
9.8
19.2
30.2
24.9
13.8
14.7
-6.2
11.4
5.3
3.8
-0.7
0.3
-2.1
91
122
88
98
95
92
109
93
95
119
83
88
107
87
114
91
97
169
e3
94
96
91
110
95
11.9
0.8
96
96
96
*Revised to exclude sales of women's clothing. See March Federal Reserve
Bulletin.
Stocks of reporting firms were generally smaller at the end of March than
either a month or a year ago.
Detailed statistics by districts and for previous months are given herewith:
0-400
nON
MOE§0000000ft
00
4,00,WORON
000
0001
0-40
V
W0•400....0.0 ,
-.WW
0
0
WHOLESALE DISTRIBUTION BY LINES.z
Index numbers, based upon dollar value of sales. Monthly average 1923-25=100.
Production.
Output of manufacturers reached a new high level in March. AutoMen's Boots
mobile production was exceptionally large, and steel ingot output was
Total
Month.
Eight Oro- Meats. Dry Cloth- and Hard- Drugs. Feral
reported to be above rated capacity. Output of refined copper, lumber,
titre.
Goods. lag. Shoes. were.
Lines. aeries.
cotton and silk textiles, and sugar was also large for the season. There
was some seasonal recession from February in the production of wool
With adjustm eat for season at cart aliens
textiles and leather, and a further decline in production by meat-packing
1927
111
99
91
81
86
109
90
94
plants. The volume of factory employment and payrolls continued to October
112
100
105
86
89
105
94
97
November
increase during tbe month and was substantially above the level of March
89
106
101
93
109
87
92
95
December
1928.
.
192829
108
115
99
89
106
93
Production of minerals as a group declined sharply, reflecting reduction January
96
110
96
110
99
88
113
98
99
in output of coal by more than the usual seasonal amount. Output of February
110
95
96
94
83
109
97
March
96
nonferrous metals continued largo and petroleum production increased. April
111
$7
94
77
78
112
93
92
117
92
113
During the first part of April industrial activity continued at a high rate, May
96
86
109
99
99
110
94
82
76
79
112
94
92
although preliminary reports indicated a slight slowing down in certain June
107
95
123
79
80
111
91
94
branches of tile steel industry, and a smaller output of coal and petroleum. July
117
166
109
90
90
116
100
101
August
112
112
The value of building contracts awarded increased seasonailY during September- _ 96
90
89
84
122
92
116 *112
87
99
85
March and the first two weeks in April, reflecting in part, the award of a October
111
95
97
113 •101
100
95
91
122
94
contracts, chiefly commercial and industrial. The total volume November _ _ 99
few large
128
*94
72
101
86
115
89
95
of building, however, continued smaller in March than a year ago. Con- December
1929
133
*91
119
tracts for residential building and public works and utilities were substan- January
96
88
99
117
101
91
114
107
88
83
119
95
96
tially below the level of March, 1928, while industrial and commercial February
1099
937
950
989
880
March
969
919 1220
building was in larger volume.
Without adJu timer for sea tonal o ailed° rts
Distribution.
1927
118
128
114
101
99
122
102
108
Railroad shipments of commodities declined somewhat in March but October
115
113
110
61
101
88
100
97
November__
were larger than in the same period of the proceeding year. The decline December -- 85
$3
99
82
48
70
103
90
from February reflected smaller shipments of coal and coke, grain products,
1928
72
106
94
78
85
106
85
88
and livestock, all of which were also below March a year ago. Loadings January
941
101
87
128
108
89
85
93
of ore and miscellaneous freight increased substantially over February February
107
121
111
87
131
105
95
100
March
and continued above 1928.
113
U
99
75
105
70
88
Aprll
88
27
114
57
110
109
75
96
93
Sales by wholesale firms in all lines of trade reporting to the Federal May
$3
104
77
39
114
71
97
89
Reserve system were seasonally larger than in February. In comparison June
102
73
113
74
92
98
68
90
with toe same month a year ago, however, sales in most lines of trade July
102
110
118
148
101
115
119
110
August
were smaller, except in the case of drygoods, men's clothing and hardware. September.... 111
126
137
130
105
119
110
100
133
125
99
134
123
108
108
112
Department store sales snowed a larger increase in March than is usual October
106
117
90
114
66
100
105
at this season, and were larger than in the same month in the preceding November.... 99
89
120
51
108
69
59
88
84
December
Year. partly on account of the fact that Easter came in March this year.
1929
131
•80
84
74
117
91
*98
93
January
Prices.
91
105
84
114
113
84
83
90
February
1ln..
007.
1.20•1
11,1
In.-.
on.,
190n i nAn
Wholesale prices of commodities during March averaged slightly higher
than in February, according to the index of the United States Bureau
Revised to exclude women's clothing. See description in Federal Reserve
of Labor statistics. There were marked increases in prices of copper "Bulletin" for March 1929. • Revised. 9 Preliminary.
2898
[vol.. 12s
PINANC_IIAL CHRONICLE
CHANGES IN SALES AND STOCKS OF WHOLESALE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
(Increase (-1-) or Decrease (-) Per Cent.)
Ltne and Federal
Reserve District.
Sales March 1929
Compared with
Percentage changes in sales between March 1928 and March 1929. together with the number of firms reporting and stores operated, are given
in the following table:
Number of Stores.
Stocks March 1929
Compared with
No.
of
Firms.
Groceries-United States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
Bt. Louis District
Minneapolis District
Kansas City District
Dallas District
Elan Francisco District
Dry Goods
United States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
Dallas District
Ban Francisco District
Boots and Shoes
(Jolted States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
San Francisco District
Hardware
United States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis
Kansas City District
Dallas District
3an Francisco District
Drugs
United States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
It. Louis District
Kansas City District
Dallas District
Ian Francisco District
Furnituregnited States
Richmond District
Atlanta District
Chicago District
It. Louts District
Kansas City District
Ian Francisco District
Agricultural Implements
United States a
Minneapolis District
Dallas District
Ian Francisco District
Pape,and Stationerygew Yr.:* District
Philadelphia District
Atlanta District
Ian Francisco District
A utmnobile Supplies
Ian Francisco District
Cotton Jobbersgew York District
Silk Goods
`Tow York District
Machine Tools
Jutted States a
Diamondsiew York District
Jewelry
low York District
'hliadelphia District
Electrical Suppliesktlanta District
Chicago District
It. Louis District
Per Cent.
+7.4
+7.0
+7.4
+3.5
+7.9
+7.5
+7.3
+7.9
+13.7
+12.0
+1.9
+1.9
+6.4
Per Cent.
-6.2
-12.8
-8.9
+0.4
-6.0
-6.4
-3.8
-4.1
-9.2
0.0
-9.3
-7.1
-3.6
Per Cent.
-0.1
Per Cent.
+2.8
-1 1:5
7
-1.1
+1.7
-6.5
-2.3
+4.8
+10.4
-2.0
-3.3
+0.7
-31.4
6
;-- :1
+2.5
-2.1
-0.4
+4.7
-2.0
-1.0
-5.6
+4.0
+3.6
+9.8
+10.8
+17.5
-4-17.2
+12.2
+24.7
+19.6
-7.9
+4.2
+0.3
+15.2
+5.3
+7.3
-9.1
+4.8
-8.0
-7.5
+7.6
+4.7
-1.6
-1.9
-7.2
-1.4
-16.6
-13:8
-1.0
-5.7
-1.9
-0.4
-3.2
-1.0
-2.5
+19.5
--3 - - .6
2
-17.6
-21.4
-21.1
-5.6
-24.3
-18.7
-14.0
-8.6
+30.2
+43.2
+43.8
+117.4
+125.5
+28.5
+35.9
+92.2
+29.8
+45.0
+31.7
-0.7
-2.5
-0.1
+9.3
-3.3
-0.2
16.0
+14.7
+5.9
8.0
-9.5
-10.5
-7.4
-13.2
-10.9
-21.6
-21.8
-1-- 3:2
1-5.2
-19 5
.
-6.4
-5.3
-14.6
-5.0
+4.3
-4.2
-11.5
-9.0
-12.4
+24.9
+29.7
+31.2
+25.0
+25.1
+13.5
+48.4
+19.8
+38.0
+33.2
+15.7
+23.6
+0.3
+1.0
-3.1
+4.6
-3.8
-3.6
+8.8
-6.4
+1.0
-0.7
+10.9
+2.3
+0.2
+0.9
+1.7
+4.1
+1.0
+0.3
+12.4
+2.0
+0.5
-1.4
+1.1
-3.1
-11.2
-5.8
+1.2
+0.6
+0.1
-4.0
+25.8
-1.0
+13.2
0.0
-3.8
+13.8
+19.7
+4.1
+9.7
+3.2
+10.3
+18.5
+8.8
+21.1
+17.1
+12.6
-1.2
+0.4
-7.3
+0.6
-12.0
-10.3
-1.4
+3.1
+4.0
-0.6
+0.1
+0.7
-1.1
+0.2
+19.5
----
-- --
-i-ii.i
+0.9
+5.1
+0.3
-1.9
-1-:1- 2
.
-2.8
+21.0
+6.9
-4.3
+14.7
+27.8
+13.5
+10.5
+13.3
+29.6
+12.2
-2.1
+13.6
-3.5
-8.1
+4.9
+3.7
+14.3
+2.1
+13.5
+0.2
26.6
-+22.2
+0.5
+34.1
+109.0
-5.2
+65.3
+5.1
-2.0
+11.5
-0.7
+5.0
-4.9
+0.3
+29.0
-1.9
+2.7
+12.3
+6.9
-8.8
+11.8
+5.4
-8.8
-5.7
+2.2
+2.7
-3.9
+5.3:3
.
-10.9
+12.6
+0.9
-13.2
+0.4
-2.5
-2.2
+2.2
-6.5
+23.6
+13.8
8-8.2
8+10.1
-0.5
+50.8
____
__._
+12.8
+13.9
----
+11.6
+18.7
+1.8
+23.5
d-1.9
+8.6
d-11.8
+24.2
+1.9
+16.0
+14.5
4-1.9
+8.2
+30.1
+15.4
4-37
+4.7
+1.2
+6.8
-1.5
+19.2
+18.4
-0.5
4-18.3
523
30,388
3,383
1.354
1,189
3,650
703
309
a
28,823
2,965
1,129
957
3,435
650
274
a
March 1929
Compared with
March 1928.
Total sales of department stores in March were 6% larger
and average daily sales 11% larger than in the corresponding month a year ago, according to reports made to the Federal Reserve System by 523 stores. The increase of 11% in
average daily sales reflected in part the fact that the Easter
selling season this year was eight days earlier than last year;
after allowance is made for this fact, the increase shown was
about 8%,says the Board, whose survey continues:
Inventories of the reporting department stores at the end of March were
3% below the level of a year ago.
Reporting chain stores and mall order houses made substantially larger
sales than in March of last year, which reflects in part the establishment
during the year of additional stores.
34
14
5
13
4
7
4
4
(Per Cent.)
6.1
3.4
17.6
20.1
20.6
0.9
35.8
27.9
24.7
Increases in the dollar sales of mail order houses reflect in part the establishment during the year or additional retail outlets. a Number of stores not reported_
Note.
-The month had 26 selling days this year, 27 last year.
More detailed statistics follow:
DEPARTMENT STORE SALES AND STOCKS, BY FEDERAL
RESERVE DISTRICTS.
(Index Numbers. Monthly average 1923-1925=100.).
No. of
Federal Reserve Distrkt. Stores.
Index Adjusted for
Seasonal Variations.
Index without Seasonal
Adjustment.
March
1929.
March
1929.
Feb'y.
1929.
March
1928.
104
115
98
107
115
117
123
111
106
102
114
93
105
105
108
123
106
103
98
106
95
102
105
113
113
105
95
118
116
ioi
118
ioi
110
101
110
99
105
114
113
119
110
101
102
115
115
76
89
75
83
78
87
95
85
76
76
85
91
96
102
96
101
105
119
109
105
91
93
109
110
523
112
110
104
110
85
38
45
47
53
29
31
81
19
16
21
21
32
433
United States_a
Stocks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago_a
St. Louis
Minneapolis
Kansas City _b
Dallas
San Francisco
United States_a
March
1928.
38'
64
60
59
29
44
105
19
20
27
22
36
Sales
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago_a
St. Louis
Minneapolis
Kansas City _ b
Dallas
San Francisco
Feb'y.
1929.
97
106
85
93
97
99
108
90
75
96
107
90
96
99
100
109
92
79
103
103
93
99
100
102
106
94
85
80
104
100
82
103
102
84
109
103
99
108
90
97
100
101
112
91
78
122
83
106
103
91
99
85
91
94
98
105
86
75
122
79
98
97
103
105
105.
98
103
103
105
110
06
118
86
106
a As revised in February 1929: see Federal Reserve Bulletin for March.
b Monthly average, 1925 equals 100.
SALES OF CHAIN STORES AND MAIL ORDER HOUSES.a
Index Numbers of Sales.
(Monthly Average 1923-25+100).
No. of No. of Stores.
ReportAdjusted for Sea- Without Seasonal
ing
March March sonal Variations.
Adjustment.
1929. 1928.
March March March March
1929.
1928.
1929.
1928.
Chain stores:
Grocery
Five-and-ten
Apparel and dry goods
Drug
Cigar
Shoe
Candy
Mail order houses (a)- -
34
14
5
13
4
7
4
4
30,388 28,823
3,383 2,965
1,351 1,129
1,189
957
3,650 3,435
703
650
274
309
229
167
266
197
114
161
160
c142
213
142
224
158
109
119
120
c113
235
156
241
198
108
159
152
c156
227
133
200
163
107
117
119
c125
a It Is to be noted that some of the reporting mall order houses have bean establishing throughout the country during recent years an increasing number of branch
stores in which sales are made "over the counter." Changes in the volume of sales
by these firms, therefore, no longer measure changes in sales through the mails.
b Number of stores not reported. c Including sales made through branch stores.
CHANGES IN SALES AND STOCKS OF DEPARTMENT STORES,
MARCH 1929.
(Increase (+) or Decrease (-) Based on value figures.)
Changes in Sales.
Federal Reserve
District and Cgs.
Boston:
Boston
New York
New Haven
Providence....
Total
New York:
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Other cities._ _.
Total
Philadelphia:
Philadelphia
Allentown
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre_..
Wilmington
Other cities-Total
Changes in Stocks.
Jan.1 to Mar.31
March 31 1929,
March 1929 1929, Compared
Compared with
Compared with with Jan. 1 to
March 1928. March 311928. March 311920. Feb. 28 1929.
Per Cent.
+5.2
+5.6
+3.0
+10.6
+5.3
Per Cent,
+1.1
+0.5
+0.5
+3.2
+0.0
Per Cent.
-5.4
-5.5
-1.4
-8.1
-5.4
+6.6
+8.3
+6.0
+16.2
+2.4
+5.6
+9.3
+7.9
+4.9
+0.3
+3.3
+11.6
-2.5
+2.9
-1.8
+5.1
+1.4
+0.4
-2.3
+4.5
+1.3
+2.8
-5.7
+1.1
+5.1
+13.5
+17.9
+13.6
' +0.7
-4.4
+3.1
+4.6
+13.4
+1.9
+20.6
+9.5
+6.2
+0.5
+0.6
+10.3
+7.1
+0.1
-2.0
+0.2
+1.6
+3.7
-4.4
+5.0
+5.7
+1.0
-13.0
-8.5
-5.1
+2.3
-12.7
+0.4
-10.7
-9.3
-8.7
+3.8
-1.1
-7.0
-11.9
++++++++ +++++++++++++
Federal Reserve Board's Survey of Retail Trade in
United States-Sales in March Exceed Those of
Previous Month and March Last Year.
Department stores
Chain stores:
Grocery
Five-and-ten
Apparel and dry goods
Drug
Cigar
Shoe
Candy
Mall order houses.
•
uoj-.t-mcO
a Sales of agricultural implements for the United States are comp lied by th
Chicago Federal Reserve Bank.
S Stocks at first of month-quantity not value.
e Based upon Indexes of orders furnished by the National Machine Tool Builders'
Association.
d Includes diamonds.
Starch
1928.
--ai
- 1:1
1
+5.6
+11.3
March
1929.
523
Feb. 1929. Mar. 1928. Feb. 1929. Mar. 1928.
Increase in Sates.
FINANCIAL CHRONICLE
MAY 4 1929.]
Changes in Stocks
Changes n Sates
Federa ,Reserve
District and Ctts
March 31 1928,
Jan.lto Mar.31
Compared with
March 1929 1929, Compared
Compared with with Jan. 1 to
March 1928. March 31 1928. March 31 1928. Feb. 28 1929.
Per Cent.
Per Cent.
Per Cent.
+3.8
+1.2
+4.4
+0.8
-2.8
+0.2
+11.7
+0.4
+1.2
+5.3
+2.3
-4.0
+3.7
+4.5
-2.0
+3.8
-7.8
-14.7
-9.3
-10.8
-6.3
-4.5
+12.7
+2.4
+5.2
+0.8
+7.8
+4.5
+5.0
+12.1
-0.4
+6.8
+6.4
+10.3
+9.9
+8.7
+7.5
+9.2
+5.0
+1.6
+4.2
-1.6
+2.6
-2.8
-3.3
-1.9
-7.3
-3.3
+9.4
+5.7
+6.5
+4.9
+6.2
+0.9
+3.3
+10,3
+7.2
-3.5
+3.3
+1.5
+5.1
+2.2
-0.5
-3.9
-3.5
-1.6
-0.3
-0.4
-8.1
-3.2
-6.3
-4.4
-1.9
-3.9
+4.7
+8.3
+2.1
+1.2
+2.1
+2.3
+3.2
+8.5
+16.2
+2.9
-1.1
+3.7
+8.0
+5.3
+13.6
+0.7
-0.3
+0.3
+5.5
+1.4
+19.6
+9.9
-13.6
-5.5
+2.1
+7.7
+4.2
+17.5
+6.0
+5.0
+6.8
+3.5
+8.2
+6.0
+11.2
+3.9
+4.5
+2.5
+4.8
+0.2
-0.3
-2.8
+1.1
-7.0
+14.4
-13.1
-11.6
-5.1
-6.9
+6.9
-10.9
+6.3
+1.4
+1.2
+5.0
+2.0
-8.0
_
+9.0-1.
+2.0
0
-8.0
-14.0
-12.0
-2.0
+13
.
.
.5
+4.0
+6.0
+4.0
-8.0
+3.5
+5.0
+18.0
+2.7
+5.1
+12.5
+7.2
-1.7
+3.2
+12.1
+2.4
+1.3
+7.6
+3.6
-0.7
-7.4
-2.8
-4.3
-6.3
-2.9
-2.5
+8.8
-1.1
+12.6
-5.4
+4.7
+5.1
+3.1
-3.0
+4.1
-3.4
+0.4
+0.9
-1.6
-5.7
-1.5
-10.8
+2.8
14.8
+2.2
+2.7
+8.9
+7.6
+6.5
8.2
+5.5
+3.7
+4.0
+3.6
+6.4
+3.8
-3.8
+4.1
+5.4
+3.0
+5.1
+3.6
+4.6
+2.4
Booton.
Si.
Dal- San
New Cleve- Rich- ChiYork. land, mond. cago. Louis. las. Fran.
,
Per Ct. Per Ct. Per Ct. Per Ct. Per Ct. Per Ct. Per Ct. Per Ct. Per Ct.
Federal Reserve Districts.
Department.
+3.6
+1.5
-7.6
-10.0
-15.8
-2.1
-3.9
-4.4
-4.4
+3.2
-2.5
March.
+6.8
Jan.1-11ar.31
Rate of Stock Turnover.*
Federal Reserve
District and
City.
.32
.40
.29
.32
.29
.33
.31
.41
.40
.29
.27
.32
.89
1.19
1.03
.76
.70
.90
St. LouisSt. Louis
Evansville__
ipittle Rock
Louisville.Memphis
Total
.39
.24
.23
.29
.31
.34
.35
.24
.19
.24
.27
.30
C000/ LOCCO
.90
.60
.52
.70
.74
. .80
MinneapolisMinneapolis
.50
Duluth-Sup'r. .33
.
St. Paul
.40
Total
.41
.45
.29
.35
.37
M10./.0
.?t':
MCNt...t..
wco.
.1*-.,cr,
io,4, 0
..1 , 4M
1co ,
..36! ,.46,6ou 1.1iAit:;:b6C., ic36;clao
.4,
,
...co wo,ocw. ...aw.a..olaco.t.,..s, MMON.50w...WW1OW ..-41-.OWNOW -40WO.V.
1
Chicago
Chicago
Detroit
IndianapolisMilwaukee
Other cities..._
Total
1.28
.87
.97
1.01
.23
.17
.25
.24
.20
.16
.21
.25
.24
.29
.28
.26
.26
Kansas CityKansas City
.24
Denver
.20
Okla. City
.30
Omaha
.25
Topeka
.22
Other cities
.17
Total
.23
DallasDallas
.29
Fort Worth.__ .24
Houston
.32
San Antonio_ .30
Other cities... .24
Total
.28
San Franctsc oSan Francisco. .25
Los Angeles
.30
Oakland
.25
Salt Lake City .25
Seattle
.27
Spokane
17
Other cities..__ .15
Total
.26
.63
.49
.77
.68
.55
.44
.60
.72
.66
.81
.79
.70
.73
.23
.27
.23
.21
.25
.15
.17
.24
0041 0, MCC/COMO...1,
,
%
.58
.58
.62
MCMCO1'..14 M
% %
New Orleans__ .18 .19
Other cities___ .21
.21
Total
.22 .22
OCI1C1.0MCV
-
0,*MOMWVN.CA.
.30
.22
.18
.25
M.P.M., ,,,
OMNWOnW
.
.32
.28
.29
.20
.28
40...00C-Nt ..0
,
.
.
.28
.28
.32
.30
.31
.25
.28
.28
.32
.20
.27
.
.33
.20
.25
.22
.21
.31
.23
.29
.25
.24
.23
.22
.30
MWOMM
.
.35
.26
.24
.34
.29
.31
.18
.32
Jan.1-Mar.31
NOt.
%
.33
.26
.23
.26
.30
March.
1929. 1928. 1929. 1928.
I
1
ki,:ki4 WiaWE4W Wiai4E4Wi.kiaWki4 Wkkis,i4WkWkiaiukEz WkWkiaki.aW WE.,i.WW A
coo.. .....wbQ, oc,...1baceocco.w-4. .tmcow.o.mocy.a...ovco a.w.0c00(0-4 lo...o, - 1
1929. 1928. 1929. 1928.
United States_ .32
.28
.86
70
.65
.78
.64
.58
.71
.42
.43
.68
•Rate of stock turnover Is the ratio of sales during given period to average stocks
en hand.
Total.
Booton.
+15.8
+5.0
+4.0
+10.8
+6.4
+2.1
+4.4
+7.2
Rate of Stock Turnover.*
Total.
CHANGE IN STOCKS OF DEPARTMENT STORES, BY DEPARTMENTS.
(Increase (+) or decrease (-) in sales in Mar. 1929, compared with Mar. 1928.)
STOCK TURNOVER OF DEPARTMENT STORES. MARCH 1929.
Boston_
Boston _
OutsideBoston
New Has
'en-Providen:v..-Total_
New Y IrkNew Yor
BridgePo rt - - Buffalo_ ._ _ _ Newark
Rocheete
Sy remise.--Other Ci:les- Total_
Philad .Iyhia
Ph iladel his._
A lientow
Altoona_
Harrlsbu
Joh nsto
Lancaste
Reading. - Scranton
Trenton
Wilkes-IIarra.
Wilming on - _
Other citles_
Total
Clevela sdClevelan
Akron.
Cincinna CI....
Coiumbu
Dayton
Plttsburg -.
Toledo_
Wheeling
Youngst own__
Other clt
Total _
Rtchm ,ndRichmon
Baltimo
Washing Mn __
Other cit les___
Total
Attant t-Atlanta
Binning am _ _
Chattan oga..
Nashville
Federal Reserve Districts.
Department.
Piece Goods
Silk and velvets-- -13.1 -10.5 -16.5-16.0 -12.3-15.2 -17.2 -5.5 -6.8
Woolen dress goods -21.8 -22.8 -22.0 -26.7 -12.0 -28.5 -23.0 -9.0 -17.2
Cotton wash goods -9.3-10.5 -6.6 -9.4 -0.6 -5.2-15.3-18.0 -11.4
-8.3 -11.2 -0.7 -18.6 +1.8 +0.4 -31.4 -6.5 -6.3
Linens
Domestics, muslins
sheeting, &c_
- -9.4 -12.0 -11.4 -9.2 -2.8 -3.0 -13.5 -16.7 -10.9
Ready-to-Wear A cessort es
Neckwear & scarfs +2.7 -5.4 +10.6 +3.3 +9.6 -0.7 -2.8 +3.0 +2.7
+24.7 +27.3 +24.9 +26.0 +31.2 +25.2 +18.4 +18.7 +19.8
Millinery
Gloves (women's & ccesori es
children's)
Corsets& brassieres +30.0 +34.4 +24.4 +29.4 +46.0 +31.8 +23.4 +43.6 +23.9
Hosiery (women's +4.7 +3.2 +6.9 +3.1 +8.7 +8.1 -1.0 +4.6 +2.9
.
& ch ildren's)- Knit underwear. __ +10.0 +4.7 +4.6 +17.5 +9.1 +13.8 +6.5 +7.6 +8.0
Silk and muslin un- - -2.1 +11.9 -5.3 +3.1 -4.5 -7.5 +3.0 -3.9
derwear (including petticoats)_- +1.6 -6.5 +4.3 +3.5 -7.2 +6.4 -5.5 +10.2 +6.0
+15.8 +13.8 +16.9 +16.8 +10.6 +18.4 +4.9 +36.8 +16.7
Infants' wear
Small leather goods +21.7 +18.3 +23.6 +25.9 +33.6 +10.8 +5.3 +24.9 +24.9
Women's shoes... +20.7 +12.0 +25.9 +24.2 +27.8 +21.7 +18.0 +0.7 +17.8
___ +34.0 +37.2 +44.4 +45.4 +35.2 +9.6 +20.6
+35.3
Children's shoes
Women's & Miss es Rea dy-to- WearWomen's coats... -2.0 -3.2 +15.0 -5.6 -18.9 +5.0 -6.7 +1.6 +1.6
-------4.1
Women's suits... +6.2-29.2 +47.6 -3.8 -9.8 -21.5
Tot.(2 above lines) -1.9 -4.0 +17.9 -5.5-18.0 -2.5 -3.4 +21.4 +0.8
Women's dresses_ - +3.3 -1.9 +6.1 +1.4 +10.0 +5.1 +6.0 -0.6 +4.3
Misses' coats and
+0.8 -3.0 +24.3-15.3 -7.7 +13.7 -5.8 +17.0 +101
sults
Misses' dresses- _ +17.8 +16.7 +23.9 +9.5 +33.4 +9.8 +21.9 +8.5 +29.1
Juniors' and girls'
+24.9 +32.4 +36.8 +19.4 +23.7 +30.1 +12.0 +23.0 +18.6
wear
Men's ci.: Boys' W carMen's cloth ing _ _ _ +10.1 +3.4 +14.7 +5.1 +4.2 +13.8 +28.0 +13.7 +6.9
Men's furnishings
(inel.men'shos-y
gloves & und'w'r +10.8 +8.7 +13.7 +12.9+14.0+111.9 +0.7 -1. +10.7
_ +43.3 +12.2 +20. +39.7
... +38.6 +33.3
Men's hats & ceps_ +34.9
__ +14.6 +15.6 +17.8 +16.3 +2.2 +1. +13.4
Tot.(2 above lines) +14.0
+27.2 +27.3 +28.9 +28.6 +28.8 +32.7 +13.7 +22. +201
Boys' wear
Men's &boy'sshoes +19.0 +17.1 +17.8 +16.9 +6.2 +32.7 +18.7 +7. +5.6
House FurnishinFurn. (Incl. beds,
--- +6.3 +1.3 -5.7 -20.0 +14.9 -1.8 +7. -11.1
mattresses. spgs.
___ +19.6
-3.6
--- -5.6 -0.4 -66.5 +4.3 -23.1
Oriental rugs
Domes.floor covers -4.7 -3.1 -4.1 -6.0 -12.4 +4.8 -11.6 +43.8 -12.6
Draperies,curtains,
-3.7 -4.4 +0.6 -7.5 -1.8 +2.1 -10.6 -9.8 -5.6
upholstery
___ +2.2 -13.1 -6.0 -9.9 -22.8
Lamps and shades_ -8.3
___ +1.0 -8.4 -2.5 +0.5 -12.2 -11.2 -7.6
Tot.(2 above lines) -4.3
China dr glassware -7.1 -2.9 -10.4 -20.2 +3.2 -2.2 +36.2 -10.7 -8.1
+0.9
+6.3
+2.0
+0.9
+4.0
+6.8
+3.4
+6.1
United States
Federal Rcoerce
District and
City
CHANGES IN SALES OF DEPARTMENT STORES, BY DEPARTMENTS.
(Increase(+) or decrease (-) in sales in Mar. 1929, compared with Mar. 1928.)
Per Cent.
+3.5
+3.4
+7.9
+1.7
-3.7
+5.9
+14.2
+4.7
+3.1
+7.4
+5.0
Cleveland:
Cleveland
.
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Wheeling
Youngstown _ _ _
Other cities
Total
'Richmond:
Ric/mond_
.
Baltimore
Washington__
Other cities_ ___
Total
Atlanta:
Atlanta
Birmingham_.
Chattanooga.. _.
:Nashville
New Orleans._ .
Other cities_._
Total
Chicago:
Chicago
Detroit
Indianapolis_ _
hi Ilwaukee
Other cities_ _
.
Total
St. Louis:
St. Louis
Evansville.....
Little Rock
Louisville
Memphis
Total
Minneapolis:
Minneapolis._ _.
Duluth-Superior
St. Paul
Total
Kansas City:
Kansas CityDenver
Oklahoma City.
Omaha
Topeka
Other cities_
Total
Dallas:
Dallas
Fort Worth___.
Houston
San Antonio
Other cities....
Total
.
San Francisco:
San Francisco__
Los Angeles_ _ ....
Oakland
Salt Lake City
Seattle
Spokane
Other cities_ _..
Total
2899
New Cleve- Rich- ChiSt.
DalYork. land. mond. cogs. Louts. las.
Son
Fran.
Per Ct. Per Ct. PerCt. Per Cl. Per Ct. Per Cl. Per Ct. Per Ct. Per Ct.
Piece Goods
Silk and velvets__ -9.6 -13.8 -7.9 -8.3 -12.1 -7.9 -19.2 -1.1 -9.2
Woolen dress goods -19.4 -27.0 -16.1 -23.1 -21.3 -8.5 -27.1 -20.3-17.1
Cotton wash goods -10.1 -17.9 -11.2 -6.3-18.0 -4.3 -5.4 -12.5 -10.3
-4.4 -6.2 -2.0 -0.9 +1.3 +9.8 -24.8 -16.4-15.0
Linens
Domestics. muslins
.sheeting. &c_... -5.0 +0.7 -2.6 -6.5 -0.5 -2.4 -0.7 -16.8 -10.2
Ready-to-WearA cessori es
Neckwear At semis -5.9 -16.5 -0.7 -9.3 -4.7 +4.9 -11.8 +5.0 -3.7
-19.5 -6.7-21.1-17.6-21.8-21.5-50.6-15.11-18.3
Milinnery
Gloves (women's &
-11.0 -8.5 -21.4 -8.2 -8.3 -1.9 -17.3-16.8 -8.9
children's)
Corsetsarbrassleres -9.0 -6.7 -5.2 -12.5 -6.2-10.2 -7.7 -11.7 -8.3
Hosiery (women's
& children's)... -0.5 +0.9 -6.5 +2.7 -5.6 +11.8 -10.6 -8.6 -2.7
Knit underwear- -9.7 -13.5 -7.5 -13.3 -7.3 -5.3 -6.3 +0.2 -8.9
Silk and muslin underwear (includ-1.9 -6.0 +15.7 -6.5 -0.5 +3.6 -1.8 +3.7 -9.8
ing Petticoats)
-8.2 -3.8-15.1 -7.7 -8.2 -4.5 -4.1 -6.6 -12.8
Infants' wear
Small leather goods -2.3-17.8 -0.6 -1.8 -5.1 +5.6 -2.9 -12.2 +7.7
--- -4.0 +1.1 +0.7 -0.4 -8.7 -2.4
.
Women's shoes_ - -2.5 -5.5
___ +5.8 -8.1 -8.9 -8.8 -17.6 -3.3 -5.1
-5.6
Children's shoes
Women's & Miss es' Rea dy-is- WearWomen's coats... -8.1 -9.6 -7.8 -12.6 -15.9 +10.5 +29.2 +0.5 -18.1
___ +25.6 -38.1
-22.9 -60.2 +3.8 -24.4 -36.4 -28.5
Women's sults
Tot.(2 above lines) -9.6 -12.7 -6.7-13.7-16.6 -1.2 +25.4 +8.6 -21.5
Women's dresses... -10.0 -9.3 -10.5 -9.2 -21.7 -2.8 -5.1 +0.1 -17.6
Misses' coats and
-0.4 +11.7 +1.4 -7.4 +15.7 +10.9 -8.8 -32.6 -16.0
suits
Misses' dresses... -4.7 +15.7 -12.7 -15.0 +0.4 -11.0 -13.4 -5.2 +2.9
Juniors' and girls'
-7.0 +3.7 -2.1-11.9 -4.9 +4.2 -51.2 -6.9 -5.9
wear
Men's & Boys' W ear
-10.1 -5.0 -1.6 -8.1 -2.8 -17.1 -9.4-14.2 -19.5
Men's clothing
Men's furnishings
(inchmen's hos'y
+0.3 -9.0
gloves & und'w'r -6.0 -5.4 -8.7 -3.7 -5.6 -4.7 -9.1 -2.4
-9.3
__ -6.7 -12.4
___ +12.1
Men's hats & caps_ -11.7
-5.7 -1.2 -4.0 -9.5 +1.1 -9.0
Tot.(2 above lines) -6.2 - -7.9 -22.4.
-6.7 -8.4 -0.2 -4.4 -r8.5 -1.49 -7.1 -2.7 -5.3
Boys' wear
-4.6 +9.9
Men's& boy'sshoes -3.3 -9.2 +11.4-10.1 -9.8 -2.4-14.0
House Furnishtn gFurn. (incl, beds.
-9.9 +11.5 +5.6
mattresses.sPgs.) +1.0 -8.4 +7.6 -4.9 -3.5 +13.0
--- -7.7
-__ -1.6 -3.1 +2.6 +8.8 +34.2
+0.4
Oriental rugs
Domeelloor covers -0.7 -5.8 +5.1 -2.7 -0.5 +4.7 -13.6 -3.5 +5.1
Draperies, curtains
+4.1 -4.1 +20.0 -4.1 +7.3 +11.1 +2.2 -7.1 -08
upholstery
--- +4.4
.._ -1.1 -3.1 +3.3 +5.2 -19.1
Lamps and shades -1.4
___ +15.8 -3.9 +6.9 +8.2 --0.8 -10.8 -0.1
+4.2
Tot.(2 above lines)
China & glassware -0.9 -7.8 +9.9 -1.5 -8.7 +4.7 -9.3-12.1 -18.9
Business Conditions as Viewed By Conference of
Statisticians in industry-Fairly Satisfactory Production Looked For in Second Quarter-New
Records in Rubber Consumption, Automobile Output, &c., in March.
On the whole, trade and industrial activity in the United
States ended the first quarter of the year at the high levels
of the preceding several months, establishing "new high
records" for the month in several instances, according to
the March report of the Conference of Statisticians in Industry, which operates under the auspices and with the co-
2900
FINANCIAL CHRONICLE
operation of the National Industrial Conference Board, 247
Park Avenue, New York. There has been noticeable no
serious tendency toward over-production or accumulation
of heavy inventories, the Statisticians' Conference finds.
However, "a peak seems to have been definitely passed in
March and the easing off toward lower levels seems to be
taking an orderly course. Existing conditions and developments during the first quarter of the year assure fairly satisfactory production and trade schedules for the second quarter
of the year at least."
New high monthly records for March were found to have
been made in the production of automobiles, rubber consumption, in the output of steel ingots, and high levels
prevailed in the pig iron, machine tool and farm machinery
industries, in textiles and the manufacture of electrical
equipment. Manufacturing employment stood at a higher
level during March than at any time since April, 1927, and
payroll totals were greater than at any time since November
1923. While a peak of activity is believed to have occurred
in March, the easing off thus far in April has been "very
mild." No marked improvement in the building industry
seems likely as long as the current high rates for money
obtain, the Conference concludes.
The full text of the March statement of the Conference
of Statisticians in Industry for March follows:
[VOL. 128.
nessed the beginning of a tapering off in the demand pressure. As reported
by the National Machine Tool Builders Association, the ratio of unfilled
orders to shipments amounted to a backlog of 60 days by the end of March.
as against one of 70 dayk at the end of February and of 80 days at the end
of January. While shipments during March were largest ever reported.
net orders decreased.
The March index of employment of the National Metal Trades Association, stood at 112.7, the highest point ever reached. It amountedTto
110.1 in February. However, decreases in employment in Marchtwere
reported for six of the thirty-three localities included, as against decreases
In three localities in February.
The fact that orders for railroad cars during the first three months of
the year nearly equalled the entire total of orders for 1928 is taken in the
trade as signifying a likely slackening in the demand for steel from that
steel consuming industry during the next several months. Indeed, orders
since the beginning of April have slowed down considerably. Unfilled orders
for locomotives, however, show no signs of let-up, and by the end of March
were nearly three and one-half times as large as a year ago.
The March output of primary copper, 93,303 tons, was second only to
that of March, 1917, which amounted to 94,830 tons, and the output for
the quarter was second only to that of the first quarter of 1917. March
this year also witnessed the highest price of copper, 24 cents a pound, since
the War. A sharp break during the first weeks of April, however, brought
it down to 18 cents, and it remains extremely unstable. Prices of tin, lead,
and zinc are equally weak, and antimony, nickel, and aluminum prices
are barely stable.
3. Building Construction; Lumber and Cement.
The value of new building and engineering work contracted for during
March in the 37 states east of the Rocky Mountains was 34% greater than
that for the preceding month, but 18% smaller than that for March, 1928,
according to the reports of the F. W. Dodge Corporation. As compared
with the average for March of the past four years, residential building was
19% lower, commercial building, 6% lower, public works and utilities.
26 below, but industrial building, 26% above the average. This decrease
The State of Industry and Trade in the United States.
from February to March was caused largely by the downward turn in conThe high rate of activity which prevailed in trade and industry during tracts for commercial, industrial, and miscellaneous projects. The small
the first two months of the year for the most part continued, and in several gains in public work, utility, educational and residential contracts were
Instances was surpassed in March. New high monthly and quarterly Insufficient to offset these declines. The value of building permits in 18
records were reached in the production of automobiles, in the consumption of the largest cities on the Pacific Coast, was 7% smaller in the first quarter
of rubber, in the ouput of steel ingots, and, peace-time records. in the of 1929 than during the corresponding period of a year ago.
production and shipments of refined copper, and high levels of production
However, reports on building construction during the first part of April
prevailed In the pig iron, in the machine tool and farm machinery industries, indicate that the end of the decline may be in sight.
in textiles and in the manufacture of electrical equipment. Manufacturing
Weekly freight car shipments of forest products, with the exception of
employment stood at a higher level in March. 1929, than at any time since the week ending March 30,have continued on a smaller scale than a year ago.
April, 1927, and pay-roll totals were greater in March, 1929, than at any Unfilled orders for lumber at the end of the first fourteen weeks this year
time since November, 1923. However, there is some reason to believe amounted to 112% of cut as against 113% last year this time. The prothat productive activity of the first quarter marked the peak of the current duction of Portland cement in March was 2.5% and shipments 0.2% less
business expansion, although the easing off thus far in April has been but than in March, 1928. Stocks of Portland cement at the mills at the end
very mild.
of March were 8.3% higher than a year ago.
Consistent with past performance during peaks of industrial production
4. Textiles; Shoes; Hides and Leather.
and high money rates, the volume of building construction has continued
The consumption of raw cotton in March continued at the high rate set
Its recession from last year's levels. The leather tanning industry shows
little improvement Stocks of rubber tires show seasonal accumulation. during the several preceding months and amounted to nearly 633,000 bales.
This was a higher total than was consumed a year ago, but was smaller
Money rates remain high.
than the totals consumed in March, 1927, or 1926. According to reports
1. Automobiles; Rubber; Petroleum.
of the Association of Cotton Textile Merchants of New York, the ratio of
The March output of automobiles in the United States and Canada sales to production of cotton cloths during March amounted to 120.2%;
amounted to 625.345 passenger cars and trucks
-a new monthly record. the ratio of shipments to production amounted to 109.3%; stocks at the
The output for the first three months of the year thus makes a new quarterly end of the month were 7.4% lower than is year ago, and unfilled orders
record of 1,544,932 units. The average ouput of automobiles during the were 6.9% higher. Spindle hour activity for the first two months of the
first quarters of the past six years has equalled 24.5% of the average annual year amounted to 11.15% of single shift capacity as against the previous
totals. Should this proportion hold true this year, the 1929 output will high of 104.7% of capacity reported for the first two months of the year
amount to 6,300,000 automobiles
-an increase of almost 50% over the 1927. This high rate of activity in cotton manufactures has aroused some
average of 4,176.000 of the last six years, and of 37% over the previous apprehension in the trade as to whether it does not point to a tendency
record output of 4,600.000 cars and trucks of 1928. However, new car towards an over-production of cotton goods similar to that which occurred
registration during the first two months of this year was 53% larger than during the year 1927.
during the corresponding two months of last year and exports were 75%
March figures for mill consumption of raw wool are not yet available.
larger.
However, the employment index for March in the woolen and worsted goods
The consumption of crude rubber was also at record levels in March as Industries was 96.5 as against 97.6 In February. The index for March a
well as the quarter. Stocks on hand and in transit have been on the in- Year ago stood at 93.9. March this year registered the sharpest decline in
crease and are now larger than they have been for some months past, the price of raw wool since last August. At the end of the third week in
giving assurance of ample supply to meet the demand of American manu- April it was at the lowest level since September, 1927.
facturers. Prices have declined from recent speculative levels.
March taidngs of raw silk amounted to 49,878 bales, a gain of 3,650
Similarly, there has been some seasonal accumulation of dealers' stocks bales as compared with February, but a loss of 2,133 bales as compared
of automobile tires. Stocks of automobile and truck casings are about 11% with takings of March a year ago. Total takings for the quarter, however,
higher than a year ago at this time, and nearly 28% higher than on April were about the same as for the same period last year. According to com1 1927.
putations of the Silk Association of America, the ratio of monthly employThere has been a slight easing off in the production of crude petroleum ment to normal requirements in the industry stood at 80.8 in March this
since the beginning of April, due largely to the effects of the voluntary co- Year as aghast 79.7 in March a year ago.
operation of producers to desist from further flooding the market. Record
Employment in leather and in boots and shoes was less in March, 1929,
stocks of crude and the largest stocks of gasoline since May. 1927. have than either in the preceding month or in March a year ago. The employIn the meanwhile been accumulated.
ment index of the United States Bureau of Labor Statistics for leather
for March and 91.3 for February, 1929, and at 99.1 for March,
2. Iron and Steel, Machine Tools and Other Metal Products; Non-Ferrous stood at 90.0
1928. The index for boots and shoes stood at 92.2 for March and 93.5
Metals.
for February, 1929, and at 95.6 for March, 1928. The hide trade showed
Largely sustained by the demand from the automobile industry, steel some improvement during March and stocks wore closely sold up to proIngot production likewise surpassed all its previous monthly and quarterly duction. The leather market continued slow, preventing further improveas well as daily records. The total output in March amounted to 5,049,176 ment in the hide prices.
tons and the daily average, to 194,199. On the basis of an equal number
5. Retail Trade and Wholesale Prices.
of working days, output of steel ingots during the first quarter of this year
Department store sales in March were larger than a year ago. Total
was almost exactly 1.500,000 tons, or 12% above that of the corresponding
Period last year. It was also some 7% higher than that of the previous sales were 6% larger and daily average sales were 10% larger than in March
record quarter (the fourth quarter of 1928). and some 6% higher than that a year ago. Sales of chain stores and of mail order houses increased nearly
of any other three consecutive months of highest record. (September- 28% over March a year ago. Compared with February, this year, March
November, 1928). This rate of output cannot, of course, be maintained employment in retail trade increased 1.7%. The fact that Easter this
Indefinitely without either the continued record demand for steel from the year fell in March while last year it fell in April accounts for a large part
automobile industry or an increased demand from other sources, such as of this year's increase noted. The increase in the number of outlet units
the building industry. On the face of it, an early tapering off of the present accounts for part of the increased volume of chain store business.
levels of production is inevitable and should cause no alarm. But as yetI
Commercial failures in the United States continued on the decrease,
there are no Indications that this tapering off will assume large proportions both as regards numbers and liabilities. According to Bradstreet's, there
were fewer failure and smaller liabilities than a year ago in every group of
before mid-summer.
Unfilled orders of the United States Steel Corporation, although larger states for March, and fewer failures in every section but New England,
on April 1 than for some months past, are no larger than has been common and smaller liabilities in all groups except the middle Atlantic and the far
In recent years, that is, amounting to about two and one-half months of West, for the quarter.
ingot production at the current rate.
Our foreign trade continues to expand, especially our exports, which in
The March output of pig iron, amounting to 3,714,473 tons, was sur- March were the largest in value in nine years. Imports in March were also
once, by the output of 3,867,694 tons in May, 1923. On a large-the largest in three years, but were 8103,000,000 less than exports.
passed only
daily basis, the March output fell short only of the records established in The accumulated favorable balance for the quarter is more than twice
-the record year to date. The quarter's output of that of a year ago.
May and June, 1923
Commodity prices at wholesale, as averaged for March by the United
10,362.028 tons was the largest for a first quarter on record. At that rate,
the total 1929 output would be 11% greater than that of 1923. which is, States Bureau of Labor Statistics, were higher by approximately threeabove, the record year to date. The price situation remains firm fourths of 1% than in the preceding month, and 1.5% than in March.
as noted
1928. The chiefincrease(12.2%)occurred in the non-ferrous metals group
for both pig iron and steel ingots.
After several months of continuous increase, to record breaking levels, effected largely by the spectacular rise of electrolytic copper, while the
in the production, shipments, and orders of machine tools. March wit-- chief decline (4.3%) was registered by leather. The price of farm products
MAY 4 1929.]
FINANCIAL CHRONICLE
as a whole increased by 1.7%, the increase of over 9% in the price of livestock and poultry outbalancing the decreases of nearly 4% in grains and of
not quite 2% in the price of "other farm products." Price changes of all
other commodities were relatively negligible either way. Textiles as a
group showed ne change.
6. Chemicals, Drugs and Oils.
Business in chemicals, drugs and oils was of a satisfactory volume during
the first quarter ef 1929. Compared with the first quarter of 1928 production of chemicals Increased 2.9%, of drugs, 3.1%, of oils, not including
Petroleum, 54%, and of paints 5.3%. Stocks carried over from the preceding quarter were not heavy, except In the case of c.heanicaLs used largely
in apiculture which was due to the slackness In the demand for fertilizers,
insecticides, and the like. The outlook for the immediate future is colored
by the agricultural situation.
7. Coal and Freight Car Loadings.
The month of March witnessed a decline in the rate of production of
as well as in the spot price quotations. The total output
bituminous coal,
of soft coal in March was 39,210,000 net tons, and the average daily rate
was 1,508,009, which show a decline of 23.45% from the February record.
and a decline of 7.37 when compared with March, 1928. Employment in
bituminous coal mining, during March, decreased 0.8% from February.
Thus, this year witnessed a sharper rise as well as an earlier and sharper
seasonal decline in the production of bituminous coal than 1928.
There was also a decline in the production of anthracite in March to a
total of 4.950,099 net tons from a total of 6.670.000 net tons in February.
The daily average production declined from 284,000 tons in February to
190,000 tons in March. Shipments of anthracite during the month of March
1929,amounted te 3,628,691 gross tons. This is a decrease as compared with
the shipments during the same month last year. of 546,791 tons, and fair
short, when compared with the preceding month of February, this year,
1,539.506 tons. March employment in anthracite mining decreased 7.5%
as compared with February. All these decreases are, of course, largely
seasonal, reflecting the coming of Spring and warmer weatner, as well,
also, as the dealers' practice to withhold orders In March in anticipation
of the usual price cut in April.
It is due largely to the decline in shipments of caol that freight car loadings have, in the last few weeks, failed to maintain the increases over last
year which they manifested during the earlier part of this year. From a
weekly average of 200,000 feright cars of coal loaded during January and
212.000 freight cars loaded in February, loadings decreased to a weekly
average of not more than 160.000 in March. While increases during the
same time took place in loadings of merchandise and of less than carload
lots, and in "miscellaneous shipments they were not sufficient to prevent
a gradual decline in total car loadings which has been observed towards
the end of March and since.
However, estimates of the Regional Shippers' Advisory Board call for an
increase of 7.55% in freight car requirements for the second quarter of this
year over those of the same period last year.
8. Summary.
On the whole, trade and industrial activity during March was maintained at the high levels of the preceding several months. While in some
instanced "new high records" were established, they were not of a nature to
cause alarm, as no tendencies towards serious over-production or accumulations of heavy inventories have been manifested. Furthermore, a peak
seems now to have been passed in March and the easing off towards lower
levels seems to be taking an orderly course. This assures fairly satisfactory
production and trade schedules for the second quarter of the year at least.
No marked improvement In the building industry seems likely as long
as the current high price of money continues.
American Business Justified in Looking Forward to
Continued Prosperity, According to Guaranty
Trust Co.—Hand-to-Mouth Buying of Wholesale
and Retail Distributors.
Most of the favorable elements that have contributed to
the prosperity of the United States during the last six or
seven years are still operative; and, with a continuance of
the sound and cautious policies that have prevailed during
the greater part of this period, American business is Justified in looking forward to general prosperity for some time,
states the current issue of"The Guaranty Survey," published
today by the Guaranty Trust Company of New York.
The survey, issued April 29, continuess:
"The most conspicuous change during the past year has been in the level
of money rates; and the present state of business gives little reason to
believe that this change need bring about any serious difficulty.
"Seldom, if ever, has the business situation in the United States
presented a more complete picture of prosperity than it does today. The
production and distribution of commodities are at record levels; wages are
high and employment is large; the earning position of most of the large
corporations is very favorable; optimism is general among all classes of
the population; and both the growth of established enterprises and the formation of new ones are proceeding rapidly. To be sure, some important
Industries are by no means in an enviable possition ; but such irregularities
always exist, even in the most prosperous times.
2901
prises appear to be holding their stocks of unsold goods at distinctly mobcrate levels. 'Hand-to-mouth' buying is still the prevalent practice among
wholesale and retail distributors. Commodity prices in general are as
nearly as stable as they have ever been, and probably more so than ever
before at a time of such active business. Finally, the transportation
situation, from the shipper's viewpoint at least, has never been better.
The railroads are handling an enormous volume of traffic at low rates and
with more promptness than ever before in their history.
The Automobile Industry.
"The high records reported by the American motor-car industry since
the beginning of 1929 are significant in several ways. In part, the
rapid expansion of output during the last three months is a seasonal development due to the active demand for new models and the eagerness of
producers to build up dealers' stocks in anticipation of the spring trade.
The high level of activity is attributable in part to a generally larger volume of gales throughout the industry, reflecting an undiminished amount
of purchasing power in the hands of the public at large. To a certain
extent, it may also indicate an exaggerated optimism on the part of certain producers, resulting in an unduly rapid accumulation of stocks ef
unsold cars.
"It is, of course, not to be expected that the peak figures of the quarter
just ended can be maintained throughout the year. The March output was
at the rate of approximately 7,000,000,000 vehicles a year, and the production for the three months' period represented an annual rate of nearly
6,000,000,000 units. Not even the most optimistic observer could seriously
maintain that domestic and foreign markets for American motor ears
could continue to absorb such an output miller present conditions. The
general expectation is that production will remain at very high figures for
a few weeks and then gradually recede to a materially lower level.
a a *
'While there is no doubt that a high level of output is fully warranted
by the condition of the market, it must again be emphasized that the great
increase over the level of a year ago is mainly due to the expansion in the
small-car field. The two leading manufacturers of low-priced cars are now
producing more than half of the total output, and it is doubtful whether
the rest of the industry is operating more than 10 per cent above the rate
maintained in the early part of 1928. Moreover, the high degree of irregularity that has existed for some time as between the trends of output by
different maunfacturers continues. Competition remains very keen, and
many producers have failed to maintain the rate of sales that they enjoyed
a year ago.
"For many years the market for American automobiles has been drawn
more and more from the replacement and foreign demand, and less from
the increase in domestic registration. This trend will undoubtedly continue.
It is estimated that the life of the average automobile is seven years.
On the basis of this estimate, the present registration implies an ultimate
annual replacement demand for 3,500,000 vehicles. With a virtual certainty of further marked gains in foreign shipments and an almost equal
certainty of continued growth in the use of motor vehicles in this country,
it is clear that the American automobile industry is warranted in anticipating an indefinite period of operation at or above present levels—subject,
of course, to the short-term fluctuations experienced by every branch of
production and trade."
Number of Homeless in Municipal Lodging Houses
Highest in 15 Years—Upward Trend of Last Ten
Years Reached Peak This Year—Welfare Council
Study Shows How Figures Reflect Unemployment.
The number of homeless men given free shelter In the
Municipal Lodging House has been rising steadily during
the last ten years, and during February and March of this
year the daily average of men at this haven for the "down
and out" was higher than at any time since the winter of
1915-16, it is shown in a report made public (Apr. 28) by
the Research Bureau of the Welfare Council of New York
City. The daily average for 1928 was 15% higher than
that for 1927 and the 1927 rate represented an increase of
60% over the previous year. Concerning the many social
and economic factors suggested during the inquiry, by persons familiar with the situation, as explanations of this
increase In New York's "homeless population," the report
declared:
It is said that the number of cheap commercial lodging houses has
decreased, that saloons on the Bowery no longer provide free "flops" to
their customers, which also explains the large number of patrons of missions, although the number of missions does not seem to have changed
in recent years. It has been suggested that the increase in automobiles
has made it easier for men to come to New York City. It is possible
that social agencies send applicants to the Municipal Lodging House more
often than formerly, Finally, there remains the economic theory that
fewer and fewer men are required in manufacturing, owing to the great
increase in industrial efficiency, and more and more men become destitute
in the process of readjustment before they can be absorbed into other
occupations.
Unusual Features of Present Situation.
"The situation, however, contains some features that are not ordinarily
Going back as far as 1914, the earliest year for which
associated with the typical period of lousiness expansion. The stability
the Welfare Council's
of the general price level is in striking contrast to the pronounced upward comparable figures are available,
tendency that almost invariably characterizes an era of prosperity. And research staff found that the low mark at the Municipal
there is little or no indication of the swollen inventories and the over- Lodging House was reached in 1920 when the average daily
taxed transportation facilities that are often witnessed at such times. The
registration for the year was 69. This average rose to 251
absence of these factors is encouraging.
"A high level of industrial activity, while it represents, for the moment, In the next year, to 375 in 1927, to 434 in 1928 and to an
a favorable business factor, is not in itself an indication of future pros- average of 672 for the first three months of this year. In
perity. It is often accompanied by increasing inventories, speculative
forward buying of commodities at advanced prices, and severe transpor- further indicating the results of the study the Council says:
tation difficulties—three sets of factors that sooner or later become
Ten years ago the average daily registration for March was 89; this
Instrumental in bringing expansion to an abrupt halt. The significant year it was 681. On the night of March 5, this year, there were 937 men
feature of the present situation, therefore, is that these conditions are in the Municipal Lodging House and on February 2, bed, coffee and rolls
conspicuously absent. There is every indication that, in most lines, large and a "clean-up" were given to 955 men. On twelve days during the
production is being maintained in response to a persistent demand based first three months of this year, the number of men registered at the lodging
on a high and widely distributed purchasing power among the ultimate house exceeded the institutions' "maximum capacity for men," some
consumers of the industrial output. Most industrial and commercial enter- nights by nearly a hundred. The house has 857 beds for men.
2902
FINANCIAL CHRONICLP,
Homeless Women and Children, Too.
The report, incidentally, shows
-what is known by few-that, every
day, homeless women and homeless children also find their way to the
Municipal Lodging House on Twenty-fifth St. near the East River. The
monthly average daily census of women at the lodging house in recent
years ranged from 4 to 23 and for children from I to 8. On some nights
shelter was given to as many as 84 women and 9 children.
More Homeless Men than During Depresion of 1921-22.
A curve showing the trend of lodgings at the municipal institution
reached a higher peak last winter than at any time since the winter of
1915-16, considerably higher even than in the winter of 1921-1922.
The Research Bureau of the Welfare Council points out that during the
last ten years there has been no change in the laws nor in the administrative policy in regard to the Municipal Lodging House and that the
situation is not explained by changes in the general population of the city.
Analysis of the lodging house records shows that in the last seven years
the average daily lodgings of "non-residents," men who have been in
New York City less than a year, represented 3 to 14% of the total
-97
to 86% of the lodgings having been
given to men who said they had been
in the city a year or more. Not more than five lodgings a month are
given to the same man, if he is a resident of the city. A non-resident
may stay at the Municipal Lodging Houuse only one night in the entire
year.
"It has been generally supposed," the report points out, "that the
number of men cared for each night at this House was a fairly accurate
barometer of employment conditions; in times of depression the number
of men accommodated is frequently quoted by newspapers."
To test this assumption, the Research Bureau of the Council compared
the cycles of the average daily, census at the lodging house from 1919 to
1927 with the employment indexes covering the same period for New
York City, New York State, and the United States. Using the indexes
of the State Department of Labor, the Federal Reserve Board, the
American Telephone and Telegraph Company, and the Harvard "B"
indeex of general business conditions, it was found that the curve of un
employment and that of Municipal Lodging House registrations were closely
correlated. The lodging house data, the report says, are highly valuable as a
guide to those engaged in work with homeless men. They probably constitute
a more sensitive index of the extent of real distress among those on the lower
levels of the economic scale than do the various employment indexes.
The report of this inquiry, the first of its kind ever made, was prepared
by Maude E. Stearns.
Copies of the report are being sent to Mayor Walker, Miss Frances
Perkins, Commissioner of the State Department of Labor, and the Lower
East Side Community Council, which has been very much concerned about
the problem of homeless men. The findings will also be considered by
the Family Service Section of the Welfare Council, which is made up
of all agencies engaged in welfare work for families and homeless men,
by the section on Employment and Vocational Guidance which includes
all organizations in these fields of social service, and by the Section on
Care of Aged.
[VOL. 128.
Annalist's Weekly Index of Wholesale Commodity
Prices.
The Annalist Weekly Index for wholesale commodity
prices is 144.6 against 145.2 last week, 145.3 the preceding
week and 145.3 last year at this time. The "Annalist" in
indicating this says:
This is a further drop of .6 points from last week and makes a new low
for the past 12 months. The decline in food products groups is 1.6 points
and to some extent reflects the decline in the farm products groups that has
preceded it for several weeks.
ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1918=100)
Apr. 301929. Ayr.241929. May 1 1928.
Farm products
Food products
Textile products
Fuels
Metals
Building material
Chemicals
Miscellaneous
All commodities
141.5
145.1
151.5
161.5
128.1
154.0
135.2
121.3
144.9
141.5
146.7
152.0
161.5
128.3
154.1
135.2
121.7
145_2
162.0
152.5
154.7
156.8
120.4
154.5
134.6
116.2
152 0
ANNALIST MONTHLY OF WHOLESALE PRICES AVERAGED
April 1929.
March 1929,
April 1928.
142.7
144.1
152.0
161.7
130.3
154.3
135.2
121.4
145.3
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodltlaa
145.4
144.2
153.7
161.3
131.1
154.0
134.9
123.6
146.5
152.8
151.0
152.7
156.7
120.6
151.6
134.6
118.0
148.0
Course of Construction Costs Steady-Peak Reached
in 1920, Study of Price Trend Shows.
General construction costs in the United States, as measured by the construction costs index number of "Engineering
News-Record," have shown little variation since the closing
months of 1924. The index number on costs, which is
based on prices for structural steel, cement, lumber, and
the rate for common labor, averaged 206.78 for 1928, as
against 206.24 in 1927, 208.03 in 1926, and 206.68 in 1925.
The average for 1913 equals 100. The paper quoted continues:
Prior to 1913 a fair degree of stability obtained in construction costs.
In 1914 and 1915. costs actually went down, but by 1916 an abrupt upturn
took place and costs mounted steadily until June 1920. when the peak
figure of 273.80 was established. The second half of 1920 witnessed generDepartment of Commerce Monthly Indexes of Produc- ally easier conditions in the construction industry and costs went off until
May 1922, when the index number settled at 164.62, the low for the movetion, Stocks and Unfilled Orders.
ment.
On May 1 the Department of Commerce at Washington
The construction cost index number (yearly average) et "Engineering
issued as follows its monthly indexes of production, stocks News-Record" for the past 26 years follows:
1903
181.24 1823
93.90 1910
96.33 1917
214.07
and unfilled orders.
1904
93.43 1918
87.40 1911
189.20 1924
215.36
1905
198.42 1925
90.55 1912
90.70 1919
206.68
1906
100.00 1920
251.28 1925
95.10 193
Production.
208.03
100.55 1914
1907
88.56 1921
201.91 1927
206.24
The general index of industrial production during March, after allow- 1908
174.46 1925
92.58 1922
97.20 1915
206.78
129.58
90.92 1916
ance for seasonal conditions, showed gains over both the preceding month 1909
and the corresponding period of 1928, according to the computation of the
Federal Reserve Board. The principal increases over March 1928. in
manufacturing, occurred in the output of automobiles, iron and steel and Substantial Seasonal Increase in Wholesale Trade in
non-ferrous metals. Declines from last year were registered in food prodNew York Federal Reserve District.
ucts and in the output of leather and shoes. Mineral production, after
"Wholesale trade, as reflected in reports received from
adjustment for seasonal conditions, showed a decline from the preceding
month but was larger than a year ago.
dealers in this District, was very irregular in March, but in
Commodity Stocks.
Stocks of commodities held at the end of March were greater than a
Year ago, but showed a decline in the preceding month. The principal
Increase over last year was shown in raw materials.
Unfilled Orders.
The general index of unfilled orders showed gains over both the previous
month and March 1928. Forward business for all groups was larger than
In February except textiles, where unfilled orders declined. As compared
with a year ago, all groups for which data are available showed larger unfilled orders in March. The greatest relative increase over last year occurred in unfilled orders for transportation equipment, principally railroad.
Index Numbers, 1923-1926=100.
Production
Raw materials:
Animal products
Crops
Forestry
Industrial (compiled by Federal Reserve Board).Minerals
Total manufactures (adjusted)
Iron and steel
Textiles
Food products
Paper and printing
Lumber
Automobiles
Leather and shoes
Cement, brick and glass
Non-ferrous metals
Petroleum refining
Rubber tires
Tobacco manufactures
Commodity Stocks
Total
Raw materials
Manufactured goods
Unfilled Orders
Total
Textiles
Iron and steel
Transportation equipment
Lumber
February
1929.
March
1929.
March
1928.
80
82
74
117
120
117
126
113
101
122
78
155
97
123
125
161
152
129
88
72
86
119
110
120
132
116
96
126
97
78
96
109
103
110
114
107
105
118
94
111
102
112
108
141
134
120
138
145
125
134
143
121
127
132
120
78
79
97
74
69
84
78
93
78
76
81
75
90
71
72
163
96
122
127
E
general showed a substantial seasonal increase over'February,
and was slightly larger than previous, although there was
one less selling day than in March of last year." We quote
from the May 1 Monthly Review of the Federal Reserve
Bank of New York, which, in surveying wholesale trade,
goes on to say:
Diamond sales were substantially larger than a year ago, and sales of
paper, men's clothing, Jewelry, and hardware showed moderate increases.
Sales of groceries, cotton goods, and st t •nery were smaller than in March
1928, and sales of shoes and drugs showed little change. Machine tool orders
continued much larger than a year ago, and quantity sales of silk goods
also were considerably larger.
Stocks held by wholesale dealers in shoes, hardware, and jewelry and
diamonds declined further below the volume of a year ago, and stocks of
cotton goods remained somewhat smaller. Drug and silk goods stocks
continued to show a considerable increase over those of a year previous,
and grocery stocks were somewhat above the increase in silk goods stocks,
however, was the smallest reported during the past year.
,
P C. of Accounts
OWstanding
'Percentage Change Percentage Change
Feb. 28
March 1929
March 1929
Collected
Compared with
Compared with
in March.
Commodity.
March 1928.
Feb. 11129.
Nes
Sales.
Stock
End of
Month.
Net
Sates.
Stock
End of
Month.
1928.
1929.
72.3
78.9
+6.1
Groceries
-8.9
+1.6
+7.4
45.3
Men's clothing
38.9
---+3.7
____
+19.1
-6.5
-2.2
Cotton goods
+2.2
2.5
48:7
49.3
Silk goods*
•+14.4 *-8.2 *+17.9 *-1-10.1
-0.1 -21.8
34.0
32.3
Shoes
+43.8 -13.2
42.4
42.5
+0.4 +19.5
Drugs
-1.1
+19.7
44.7
+1.0 -11.2
Hardware
41.3
+0.9
+29.7
StationeryMachine tools**
--+6.9
__
-9.3
____
81.8
72.8
60 1
.
67,5
____
+5.4
Paper
_+12.3
+13.9 1
Diamonds
+12.8 1
+1.8 1-11.8 } 27.6 1 28.1
Jewelry
+11.6 j -1.9
+3.0
_ __ _
83.4
Weighted average
- -- +15.7
*Quantity not vaMe. Reported by Silk Association of America.
**Reported by the National Machine Tool Builders' Aasoclatlon.
52.3
MAY 4 19291
FINANCIAL CHRONICLE
Department Stores in New York Federal Reserve
District Show Largest Increase, as Compared
With Previous Year, Since August 1926.
The Federal Reserve Bank of New York states that,
"reporting department stores in this District showed in
March the largest increase in sales, as compared with a
year previous, since August 1926. The reported increase
for the month was nearly 8% and, after allowance for one
less business day than in March 1928; the daily rate of sales
shows an increase of 12%." In its May 1 Monthly Review
the Bank adds:
While the early Easter this year undoubtedly was a factor in the large
volume of sales in March, the increase was probably more than can be
attributed to this factor alone. The sales in each locality throughout the
District were larger than last year; especially large increases were reported
from Newark, Southern New York State, and the Westchester District,
and sales in New York City, Buffalo, Bridgeport, Central New York
State, and the Capital District showed more than a 6% increase. The
Increase in sales was even larger in apparel stores than in department stores.
Stocks of merchandise on hand in department stores at the end of March
were slightly larger than a year previous, notwithstanding the large sales
during the month, but the rate of stock turnover was considerably higher
than a year ago.
Locality.
Percentage Change
March 1929
Compared with
March 1928.
Net
Sales.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson Rivery Valley District..
Capital District
Westchester District
+6.6
+8.0
+2.4
+5.6
+16.2
+8.3
+9.3
+1.6
+6.9
+17.3
+4.4
+6.5
+8.3
Stock
End of
Month.
+1.4
-2.3
+1.3
+2.8
+4.5
+0.4
-5.7
Per Cent of Accounts
Outstanding
February 28
Collected in
March.
1928.
1929.
47.2
56.2
38.6
34.3
45.1
47.1
51.7
38.4
36.3
46.1
35.0
All department stores
+7.9
+1.1
45.6
45.6
Apparel [gores
+14.1
+3.4
49.5
47.2
Sales in the apparel departments showed the largest increases, but
sales in nearly all principal classes of merchandise except yard goods
showed
moderate increases over a year ago.
Net Sales
Percentage Change
March 1929
Compared with
March 1928.
Shoes
Toys and sporting goods
Musical Instruments and radio
Men's and boys' wear
Women's and Misses' ready-to-wear
Luggage and other leather goods
Women's ready-to-wear accessories
Men's furnishings
Linens and handkerchiefs
Books and stationery
Hosiery
Toilet articles and drugs
Silverware and Jewelry
Furniture
Home furnishings
Cotton goods
Silks and velvets
Woolen goods
Miscellaneous
Stock on Hand
Percentage Change
March 31 1929
Compared with
March 31 1928.
+26.7
+26.3
+22.8
+21.0
+19.2
+17.8
+15.6
+14.6
+5.3
+4.9
+4.6
+4.6
+3.9
+1.3
2.9
5.9
-16.2
-22.0
-5.8
+2.8
-1.0
-19.7
1.3
-2.4
-2.6
-5.1
-7.9
-2.0
-4.9
6.5
+4.0
-11.9
+7.6
+6.9
2.6
9.8
-10.1
-6.2
Early Easter Helped Chain Store Trade in New York
Federal Reserve District During March.
In its Monthly Review of Credit, May 1, the Federal
Reserve Bank of New York reports as follows on chain
store trade:
Reports of leading chain store systems, as well as department
stores,
indicated good retail trade in March, undoubtedly due in part to
the early
Easter. Candy and shoe organizations reported unusually large
increases;
variety chains showed the largest increase in sales since September,
and 10
cent chains had the largest increase since August 1927.
After making adjustment for the increase in the number of units operated,
sales per store in 10 cent, shoe and candy chain systems showed substantial
Increases in March, following decreases in February. The increase
of 6%
in sales per store for all types of chain stores combined was the largest
since Juno 1928.
Percentage Change March 1929
Compared with March 1928.
Type of Store.
Grocery
Ten cent
Drug
Tobacco
Shoe
Variety
Candy
Number
of
Stores.
Total
Sales.
Sales
Per
Store.
+1.3
+0.6
+14.1
+6.3
+7.0
+19.1
+12.9
+3.4
+14.3
+12.0
+0.9
+35.8
+21.8
+37.6
+2.2
+4.3
-1.8
-5.1
+26.9
+2.2
+21.9
2903
was the first time so far this year that loading of revenue
freight has exceeded the million car mark in any one week,
being an increase of 32,426 cars over the preceding week
this year. All commodities showed increases over the week
before except forest products and merchandise less than
carload lot freight. Compared with the corresponding week
last year, loading of revenue freight for the week was an
increase of 58,867 cars, and an increase of 53,611 cars above
the corresponding week in 1927. Details follow:
Miscellaneous freight loading for the week totaled 412,314 cars, an
increase of 27,453 cars above the corresponding week last year and 38.905
cars, an Increase of 27,453 cars above the corresponding week last year and
38,905 cars over the same week in 1927.
Coal loading totaled 152,938 cars, an increase of 3,918 cars over the same
week in 1928 and 2,821 cars above the same period two years ago.
Grain and grain products loading amounted to 36,710 cars, a decrease of
2.885 cars below the same week in 1928, but 1,171 cars above the same week
In 1927. In the western districts alone, grain and grain products loading
totaled 24,742 cars, a decrease of 2,770 cars below the same week in 1928.
Live stock loading amounted to 27,997 cars, an increase of 426 cars above
the same week in 1928, but 806 cars under the same week in 1927. In the
western districts alone, live stock loading totaled 22,475 cars, an increase
of 912 cars over the same week in 1928.
Loading of merchandise less than carload lot freight totaled 263.533 cars,
an increase of 4,085 cars above the same week in 1928 and 6,459 cars over
the same week in 1927.
Forest products loading amounted to 68,634 cars. 3,273 cars above the
same week in 1928 and 2,555 cars above the same week in 1927.
Ore loading amounted to 30,307 cars, 21,121 cars above the same week
in 1928 and 1,932 cars over the same week two years ago.
Coke loading totaled 11,723 cars, 1,476 cars above the same week last
year, and 574 cars over the corresponding week two years ago.
All districts reported increases in the total loading of all commodities
compared with the same week in 1928 while all except the Pocahontas
district 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
4,982,547
4,752,559
Week ended April 6
956,364
919,352
953,907
Week ended April 13
971,730
912,659
949,561
Week ended April 20
1,004,156
945,289
950,545
Total
15,078,930
14,569,496
15,395.138
Production of Radios through Standardization of Parts
Reaches Same Stage as Automobile Production,
According to Union Trust Co., Cleveland.
The production of radios in the United States, through
standardization of parts and stabilization of engineering
principles, has reached the same stage as automobile production, The Union Trust Co. of Cleveland reports. "The
immediate development of the radio should follow the line
of further refinement of the present product rather than the
introduction of revolutionary innovations," the bank says in
its magazine, Trade Winds. "As with the automobile,
virtually all makes of radio offer the same specifications; the
difference is in the quality of material and skill of manufacture." It adds:
"However, the industry reports that some prospective customers are
delaying the purchase of receiving sets in anticipation of sight being added
to sound in the service to the home through radio communication. Television, radio engineers declare, is still in the experimental stage and it may
be some years before it becomes a commercial possibility."
The bank adduces figures showing that while the annual
retail sales of receiving sets mounted from $5,000,000 in 1922
to $306,000,000 in 1928, the sales of parts dropped from
$40,000,000 to $12,000,000. This is explained by the facts
that during the novelty stage of the radio, the majority of
sets were assembled by their owners from parts, and that
since 1924 the trend of retail prices of manufactured sets has
been steadily downward. In conclusion, the article states:
"Most of the leaders of the industry agree that it has crossed the threshold
of a new era-one in which the manufacturer will not be so absorbed as
heretofore with technical problems, nor the retailer with service problems,
but both will Concentrate on merchandising." "Sales will be largely replacement sales. Sales methods will be more intensive, perhaps modelled closely
after those of the automobile retailer.
"In general, radio executives look for more profit in the industry in the
future than there has been in the past. More care In gauging production.
virtual standardization of the product and increasingly intensive merchandising should eliminate the necessity of liquidations which have greatly
reduced profits in the past."
Monthly Index of Real Estate Activity-March Figure
at 82.3 Compares with 86.8 for February.
March real estate activity is indicated by the figure
82.3, according to the statistics compiled by the National
Total
Association of Real Estate Boards from the number of
+6.3
+12.8
+6.2
deeds recorded in 63 cities from which the Association
Loading of Railroad Revenue Freight Exceeds 1,000,000 draws its data, using 1926 as a base year upon which to
compare activity from month to month. The figure for
Cars a Week for First Time in 1929.
Loading of revenue freight for the week ended on April 20 February was 86.8. In its advices April 23 the Association
totaled 1,004,156 cars, the Car Service Division of the adds:
This is the seventh index figureT,to be computed by the Association In
American Railway Association announced on April 30. This the new series. FormerlyIthelAssociationtcomplled figures based not on
2904
deeds alone, but on all transfers and conveyances in the cities reporting.
iror that reason the former series is not comparable with the present one.
The revised monthly Index from January 1924 to date is fis foLows:
97.9
94.6
88.6
99.8
100.9
88.2
94.4
96.3
96.0
103.0
92.6
99.9
1925.
1926.*
1927.
1928.
1929.
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
......
00..000.000000
COVINO.4.00..,4WW0..4
1924.
January
February
March
April
May
June
July
August
September
October
November
December
91.3
90.5
91.7
90.6
91.2
87.8
94.1
96.1
91.2
94.7
96.9
95.7
89.6
92.7
85.2
82.6
90.2
84.2
84.3
91.3
83.8
95.0
89.9
85.6
87.2
88.8
82.3
-----------
•
(Activity for each month of 1926 Is taken as the normal of activity for that month.)
Production of Electric Power in the United States in
March Increased Approximately 10% Over Same
Month Last Year.
According to the Division of Power Resources, Geological
Survey, the production of electric power by public utility
power plants in the United States amounted to approximately 7,989,212,000 k.w.h., an increase of about 10% over
the corresponding period a year ago when output totaled
around 7,241,000,000 k.w.h. Of the total for March last,
4,850,922,000 k.w.h. were produced by fuels and 3,138,290,000 k.w.h. by water power. The "Survey" further
shows:
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT-HOURS).
Total by Fuels and Water Power.
January
1929.
Division-
February
1929.
March
1929.
Chance in Output
from Previous Year.
Feb. '29. Mar. '29
588.669,000 530.598,000 564,104,000 +10%
New England
Middle Atlantic_ _
2,162,999.000 1,915,315,000 1,977,213,000 +2%
East North Central_ 2,031.071,000 1,850,448,000 1.974,032,000 +12%
West North Central_ 472,250,000 428.528,000 436,192,000 +6%
South Atlantic
1985.801,000 904.350,000 1,075,775,000 +21%
East South Central_ 320,172.000 289,524,000 293.162,000 -1%
West South Central_ 385,726,000 361.857,000 371,754,000 +27%
Mountain
0%
322.801,000 287,312.000 320,813,000
Pacific
971,569,000 865,034,000 976,167,000 +6%
+13%
%
+3
+13%
+6%
+25%
-3%
+25%
+5%
+8%
+10%
+8%
8,241.058,000 7.432,956,000 7,989.212.000
The average production of e ectricity by public utility power plants in
March was 257.000,000 k.w.h. per day, a decrease of about 3% from the
record rate for January and February. This reduction in daily rate shows
that the seasonal decline in demand for electricity which occurs each year
started in March as usual. This seasonal decrease is due to the rise in
temperature and to the increasing hours of daylight.
The proportion of the total output of electricity produced by the use of
water power showed a market increase in March as compared with February, indicating a decided increase in the water supply of the streams
used for water power.
The total production of electricity in the first quarter of 1929 was 23,633,000,000 k.w.h., an increase of 11% over the output for the same period
in 1928. The output for the first quarter in 1928 was only 8% larger
than for the first quarter of 1927. No adjustment was made in these
figures because of February 1928 being one day longer than February
1927 and 1929.
Based on the output for 1928. the output for the first quarter of 1929
indicates an annual output for the year of 97,000,000,000 k.w.h.
United States- -
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1928 AND 1929.
1928.a
January-- February__ _
March
April
May
June
July
August
SeptemberOctober._
November- December-
[VOL. 128.
FINANCIAL CHRONICLE
1929.
7,265,000,000 8,241,000.000
6,868,000.000 7.433,000.000
7,241,000,000 7.989,000.000
6,845.000.000
7,118.000,000
6,998,000,000
7,142,000,000
7,510,000.000
7,276,000,00'
7,922,000,000
7.753,000,000
7,912,000,000
Increase Inerease
1929
1928
Over
Over
1927.
1928.
13%
8%
10%
6%
bll%
6%
6%
8%
8%
10%
12%
10%
14%
13%
10%
Produced by
Water Power.
1928.
1929.
38%
38%
39%
43%
45%
44%
43%
40%
38%
36%
36%
35%
33%
33%
39%
Dun's Report of Failures in April.
The insolvency record for April, compiled by R. G. Dun
& Co., shows contrasting trends, both in comparison with
the returns for March and those for a year ago. Thus, the
number of commercial defaults in the United States, at 2,021,
increased last month, whereas the liabilities, amounting to
$35,269,702, declined. Changes from the March figures were
small, the number of failures rising by about 13
4% and the
indebtedness decreasing by some 3%, but wider alterations
occurred from the totals for April 1928. A year ago, the insolvencies numbered 1,818 and involved $37,98,145, the
current statement therefore showing a numerical increase of
around 11%, but a reduction in the liabilities of a little
more than 7%. Usually, the number of failures declines in
April, yet the upward trend shown in the latest report
is largely offset by the relatively favorable exhibit as to the
indebtedness. Not in any year since 1922 has the number of
defaults reached the 2,000 mark in April, but last month's
liabilities are the smallest for the period in all years back to
1920.
One of the interesting features of Dun's record is the tabulation separating the larger insolvencies from the greater
number of smaller reverses. For April, such a compilation
shows 48 failures for $100,000 or more in each case, aggregating $13,740,563 altogether. Excepting 1925, when 45
similar defaults were reported, the number of large insolvencies last month is the lowest for the period since 1920,
while the liabilities are less than the amounts for all years
back to that time. A year ago, 54 large insolvencies occured,
with total debts of $18,120,704, and in April 1927, the number was 75 and the indebtedness was $31,134,224. The high
point for April was touched in 1922, when there were 77
defaults of exceptional size, totaling more than $42,000,000.
Monthly and quarterly failures, showing number and
liabilities, are contrasted below for the periods mentioned:
Liabilities.
1929.
$35,269,702
36,355,691
34,035.772
53,877,145
1929.
2.021
1,987
1,965
2,535
Number
1928.
1,818
2,236
2,176
2,643
December
November
October
6.487
1928.
1,943
1,838
2,023
7.055
1927.
2,162
1,864
1,787
4th quarter
September
August
July
5,804 6,813 5,662 $116,366,069
33,958,888
1 635 1,573 1,437
58,201,830
1,852 1,708 1,593
29,586.633
1,723 1,756 1,605
3rd quarter
June
May
April
5,210 5,037 4,635 5121,745.149
529,827,073
1.947 1,833 1,708
36,116,990
2,008 1,852 1,730
37,985,145
1,818 1,988 1,957
2nd quarter
March
February
January
5,773 5,653 5,395 5103.929.208
554,814,145
2,236 2,143 1,984
45,070,642
2,178 2,035 1,801
47.634.411
2,643 2,465 2,298
April
March
February
January
lot quarter
lot quarter
1927.
1,988
2,143
2,035
2,465
6.643 $124,288,608
1926.
1928.
840,774,160
2,069
40,601,435
1,830
34,990,474
1,763
7,055 6,643 6,081
5147.519.198
The report also says:
When the April insolvency returns are examined according to divisions of business, it is seen that more failures
-occurred last month than a year ago in manufacturing,
--__
--__
trading and "other commercial" occupations, the latter
including agents, brokers, &c. The increase in the manufacturing defaults was from a total of 432, to one of 499,
____
10%
527 Stcfl non non
40%
.7.....1
--- _
while trading reverses numbered 1,388 last month, against
a Final revision. b Part of increase Is due to February 1928, being one day
onger than February 1927.
1,276, and insolvencies among agents, brokers, &c., were
The quantities given in the tables are based on the operation of all power 134, compared with 110 in April 1928. The record of liaplants producing 10.000 k.w.h. or more per month, engaged in generating
-Railway bilities, however, is considerably better this year, duo to a
'electricity for public use, Including Central Stations and Electric
The
Plants. Reports are received from plants representing over 95% of the total large reduction in the manufacturing indebtedness.
capacity. The output of those plants which do not submit reports is estiamount for that classification last month, at $10,422,876,
of output and fuel consumption as reported in
mated; therefore the figures
fell much below the $16,236,432 of April 1928, more than offthe accompanying tables are on a 100%. basis.
[The Coal Division, Bureau of Mines, Department of Commerce, co- setting sizeable increase in the trading total. The latter
operated in the preparation of these reports.]
reached $19,101,961, against $16,048,734 a year ago, but
there was little change in the lliabilities for the group emDun's Price Index.
bracing agents, brokers, &c.
Monthly comparisons of Dun's index number of wholesale
The compilation of failures by branches of business shows
prices based on the per capita consumption of each of the numerical decreases last month compared with the returns
many commodities included in the compilation, follow:
for a year ago, in eight of the 15 separate manufacturing
lines, improvement appearing in iron, foundries and nails,
Mar 1
May I
May 1
APT. 1 May 1
machinery and tools, woolens, carpets and knit goods,
1926.
1927.
1928.
1929.
1929.
clothing and millinery, paints and oils, printing and en$32,227 $33,663 $42,196 $29,055 $30,651
Breadstuffs
19,821 graving, tobacco and glass, earthenware and brick. On the
23,503 24,057 21,555 20,184
Meat
21,208 20,940 21,886 21,287 23,078
Dairy and Garden
number of defaults largely
19.857 19,797 20,731 other hand, increases in the
19,277 19.376
Other food
34,606
34,684 35,068 36,488 32,561
Clothing
predominated in the trading division, declines occurring
21,308 21,708 20,801 22,496 23,271
Metals
38.829 36,786 36,386 37,434 37.177 only in tobacco, &c., clothing and furnishings, dry goods and
Miscellaneous
$189.036 $191,596 5199.169 5182.794 8189.235 carpets, and shoes, rubbers and trunks.
FTTotal
MAY 4 1929.]
FINANCIAL CHRONICLE
FAILURES BY BRANCHES OF BUSINESS
-APRIL 1929.
-Number
Liabilities
Manufaaurem1929. 1928. 1927.
1929.
1928.
1927.
Iron.foundries& nails.--- 10
12
13
$151,423
$313,610 83,762,243
Machineryandtools
24
32
19
489,637 3,603,090
406,074
Woolens, carp.& knit gds3
5
3
100,450
184,112
31,800
Cottons, lace & hosiery._ _
3
__
2
319,900
801,769
Lumber,carp.& coopers-- 87
70
79 2,264,865 3,293,995 5,921.272
Clothing and millinery 37
39
48
316,626
638,808 1,576,031
Hats,gloves and furs
9
5
11
86,402
164,304
142,031
Chemicals and drugs
14
9
2
115,575
581,114
8,000
Paints and oils
1
2
2
10.000
16,054
13,500
Printing and engraving._ _ 16
19
22
131,388
295,400
565,401
Milling and bakers
48
42
41
949,612
379.440
646,715
Leather,shoes & harness.- 13
7
14
90,365
190,107
947,562
Tobacco,&c
4
8
8
213,721
155,200
136,457
Glass.earthenw & brick
4
9
2
52,611
63,222
42,670
An other
226 173 226 5,130,301 6,357,976 10,276,066
Total manufacturing.-.499 432 492 510,422.876 $16,236,432 825,277,590
Traders
General stores
88
85 119
5983.310
Groceries, meat & fish _ _ -- 329 293 292 $1,408,391 2,663,815 51,777,310
2,662,817
1,663,833
Hotels and restaurants- _ -- 99
75
84
909,435 1,120,173
615,242
Tobacco, &c
18
25
22
175,706
161,500
173,299
Clothing and furnishings_ - 169 203 169 2,193,670 1,987,209 3,155,174
Dry goods and carpets- --- 83
90 104 1,587,493
965,125 1,258,931
Shoes,rubbers & trunks__
. 52
55
56
445,867
515,063
720,688
Furniture and crockery... 68
48
833,448
68
453,100 1,583,594
Hardware,stoves & tools_ 56
45
43 •
558,252
782,800
645,622
Chemicals and drugs
75
53
637,813
60
682,444
831.126
Paints and oils
4
3
3
58,749
26,172
49,305
Jewelry and clocks
45
37 ,31
550,568
582,900
349.740
Books and papers
15
9
15
194,884
128,866
235,516
Hats,furs and gloves
7
5
4
68,450
132,200
31.400
All other
280 250 272 6,816,418 4,884,059 9,217,154
Total trading
1,388 1,276 1.342 819,101,961 516,048,734 822,307,734
Other commercial
134 110 134 5,744,865 5,699,979 5.570,403
Total United States..-2,021 1,818 1,968 335,269,702 $37,985,145 553,155,727
Business Review of Fletcher-American National Bank
of Indianapolis-Activity in Indiana Well Sustained.
"General activity in Indiana during March was well sustained," says Edwin J. Kunst, Manager of the Indianapolis
division of the Indiana University Bureau of Business Research, in the April issue of the Indiana Business Review.
The Review is published monthly by the Fletcher American
National Bank of this city and is prepared by the I. U.
Bureau. Mr. Kunst says:
2905
month last year, and during the first quarter activity in the shoe industry
in this district averaged as high as in the corresponding period a year ago.
In districts outside of New England. however. Production was at
a lower
rate than a year ago during the months of February and March. An
increase in March in the number of workers employed by representative
manufacturing establishments In Massachusetts and a further increase
in the aggregate weekly earnings resulted in somewhat larger payroll
totals. Recent employment reports indicate a satisfactory condition in
industrial operations. The total volume of new building construction
in New England during the first quarter of this year was about 15% less
than in the same period a year ago, and the decline was largely due to
reductions in the volume of the residential class of building. Sales of
reporting New England department stores during the first quarter of this
year were approximately 1% ahead of the sales of the corresponding period
a year ago. Increases were reported from practically every state.
Silberling Business Service Looks for Declines in
Commodity Prices.
A moderate decline in the level of prices of commodities
is anticipated by the Silberling Business Service. The latest
report of this organization points out that the basic credit
factors that control the general movements of the commodity
market have been pointing in a downward direction for five
or six months. The actual average of prices, however,
have for three or four months been practically constant
or even slightly rising in tendency, and it therefore appears
that a further decline is now in prospect. The Silberling
Organization (which specializes in the forecasting of future
business developments rather than the review of past conditions)
-presents a definite forecaster of the direction of
wholesale prices,which it is maintained has proved highly
accurate over a test period of ten years. This forecasting
factor points definitely to some further decline in prices,
continuing the weakening tendency which began at the
close of 1928. It is pointed out that this decline will be limited probably to two or three months, after which prices
should continue fairly steady during most of the remainder
of the year.
Business Conditions in Philadelphia Federal Reserve
District-Seasonal Activity Reported-Gains in
Wholesale and Retail Trade.
Trade and industry in the Philadelphia Federal Reserve
District have been seasonally active. It is stated in the
The "Review" points out that warm weather in March and Business Review, May 1, of the Philadelphi
a Federal Rean early Easter helped retail and wholesale sales to make serve Bank. In further noting the
course of business in its
a better showing. Department stores, chain drugs, whole- District the Bank says:
sale dry goods and drugs report gains, while hardware and
The volume of production and distribution of commodities has increased
shoes report decreases. Automobile sales are setting new since last month and was generally larger than in the same period last
records. "The crop outlook is unusually promising in most year.
Distribution of goods continues in good volume for this season. Retail
sections of the State," says the I. U. economists. "In- sales
in March increased substantially and
6% larger than in
creasing demand for industrial labor has helped reduce the the same month last year, owing chiefly towere aboutthat Easter occurred
the fact
excess of farm labor supply, and is expanding purchasing much earlier this year than last. Wholesale and jobbing trade also showed
power. Bank clearings and debits reflect a larger money a pronounced gain in the month but was smaller than in March 1928.
relatively stable.
turnover, and there has been a growth of demand for funds Wholesale and retail prices continue and miscellaneous commodities
Railroad shipments of merchandise
in this
in local sections of the State. Business failures have been section showed more than the usual seasonal increase. Similarly the total
less serious than a year ago. Movements of grain and live movement of commodities by railroad freight also increased noticeably
stock to market have dropped off considerably, but freight in comparison with the preceding four weeks and the same period last
year. Likewise, check payments in
in
ended
loadings of merchandise have been on the increase. Whole- April 17 increased almost 6% fromthis districtthe the four weeks weeks
those in
preceding four
sale and retail prices are tending to run slightly higher than and were nearly 16% larger than in the same period last year. Sales
of ordinary life insurance in March were the largest shown in any month
last year."
Industrial indicators continue at high levels. Pig iron output
set another
record. Automobile and accessory plants operated
close to
Several large industrial projects swelled the total for new buildingcapacity.
contract
awards to a high figure. Petroleum production continued
ahead of last
year. Coal output began its seasonal decline earlier and
more gradually
than last year and remained a weak spot in the industrial picture.
High Rate of Industrial Activity in Boston Federal
Reserve District.
Reviewing the New England situation the Federal
Reserve
Bank of Boston states that "the unusually high rate
of
industrial activity, which prevailed in New England
during
the first two months of the current year was continued in
March and the first part of April." In its monthly
Review,
May 1, the Bank,comments further as follows:
The physical volume of business, as measured by the
New England
Business Activity Index, was more satisfactory during
January or February, and activity was at the highest March than in
March level ever
recorded. There has been evidence of a slowing up in certain lines
of
industry during recent weeks, however, and it is doubtful
whether the
present high level of activity will be maintained without
a moderate recession. The general level of wholesale commodity prices
has been declining since last autumn, although during February and
March there was
a slight advance. During recent weeks the wholesale
commodity Price
level has again been drifting downward. Electric
New England during March :was considerably higher power production In
than in March, 1928,
but there has been a substantial long-time growth
element in this series
since 1921. When adjustments were made for the
changes, there were declines in March from February customary seasonal
in
chandise and miscellaneous), in residential building, and carloadings (merin boot and shoe
production in New England. Consumption of raw
cotton during March
by New England mills, el a daily average basis,
was greater than In either
January or February. but was about 7% less than the
amount consumed
In the average month'of 1923-24-25. The daily average amount
of raw
wool consumed in New England mills during March was
considerably
more than during the corresponding month a year ago, and was
also larger
than in February this year. Volume activity in the silk goods
manufacturing industry was continued during March, but at a level
substantially
lower than that which prevailed in March. 1928. Production of
boots
and shoes in Now England during March was at about the same as in that
in the past eight years. Registration of new passenger cars in Pennsylvania and Delaware also showed large increases in the month and as compared with March, 1928.
Conditions in the manufacturing industry in the main have been decidedly more satisfactory than last year. The demand for finished goods
has been fairly active, showing gains over a month and a year ago. Unfilled orders while in most instances declining recently are appreciably
larger than last year. This is especially true of iron and steel products,
and some of the textile commodities. Building materials, on the other
hand have had a considerable seasonal increase but just about measured
up to the volume of a year ago.
Plant operations have expanded. Factory employment and wage payments were slightly larger in March than in February and showed a material gain as compared with a year earlier, indicating a higher level of production. The demand for workers by employers continued well ahead of
last year. The gain in the use of electric power by industries also vu substantial in comparison with a year ago.
The volume of output showed an increase during March which was largely
seasonal. This was particularly true of pig iron, transportation equipment,
certain textile products, foods, and chemical products. Production of shoes
and hosiery and the consumption of wool fibers also showed gains.
Building operations have expanded seasonally and lately compare more
favorably with last year. The value of contract awards was much larger
in March than in February but was nearly 24% smaller than in March,
1928. The preliminary reports for the first seventeen days in April, however, indicates an upward trend as compared with March or April, 1928.
Largely because of slackened demand, the output of both anthracite and
bituminous coal declined sharply In the last four weeks. In comparison
with a year ago, the mining of anthracite also showed a pronounced drop
while that of bituminous coal continued slightly larger.
Member banks in this District increased their borrowing from the
Federal Reserve Bank in the five weeks ended April 24. Money in circulation did not change materially, but the commercial banks lost In the
settlements and a substantial sum was withdrawn by the government from
depository banks. Reports of member banks as of the middle of the
month show a lees in deposits since the middle of March, but their loam on
securities, as well as commercial loans, increased substantially.
[VOL. 128.
FINANCIAL CHRONICLE
2906
Conditions in wholesale and retail lines are reviewed as
follows:
Wholesale and Jobbing Trade.
Most preliminary reports indicate a moderate level of activity in the
distribution of goods by wholesalers and jobbers. The demand for drugs,
hardware, paper, and electrical supplied is active, while that for dry
goods and groceries varies from fair to poor. No pronounced changes in
sales have been noted since the middle of last month. Prices generally
remain rather stable.
The dollar volume of wholesale business in March was about 11% larger
than in February but nearly 3% smaller than in the like month last year.
Sales of jewelry, shoes, and groceries were above, while those of the
remaining five lines below the amount of a year earlier. The majority
of reporting firms had an increase in accounts outstanding during March,
but at the end of the month only jewelry exceeded the volume of a year
before. Collections were smaller than a year ago in all lines except shoes
and jewelry.
Retail Trade.
Business at retail has been fairly good, according to preliminary reports,
and the volume of sales in the four weeks ended about the middle of April
compared well with that of a year ago. Retail prices continue virtually
unchanged.
Sales in March were over 6% larger than in the same month last year
in spite of fewer trading days in March this year than last. This gain,
however, was due to an earlier occurrence of Easter this year. March sales
also exceeded the 1923-1925 average for that month by nearly 3%. The
largest increases as compared with a year earlier were shown by apparel
and shoe stores. Department stores also reported substantial gains, while
credit stores showed marked declines. Retail trade in this district during the first three months of this year was about 1% ahead of that for
the same period last year.
Inventories carried by retailers increased seasonally but were noticeably
'mailer than at the end of March, 1928. The rate of turnover was greater
than last year. Accounts receivable also showed an appreciable rise as
compared with a year before. Collections showed gains in all lines in contrast with a year ago, the average increase being almost 4%.
sented a gain of 1.8% in the monthly and of 16.3% in the yearly comparison, while total sales showed an expansion of 24.1 and 15.4%, respectively. All reporting groups-drug, grocery, five-and-tea-cent, cigar,
furniture, shoe, musical instrument, men's and women's clothing chains
-had larger sales in March than a month previous, and only musical
instrument chains reported smaller sales than last March. Average sales
per store in March exceeded the February average by 21.9%, but declined
0.8% below a year ago.
Other Retail Trade.
Gains of 101.7 and 24.2% over February and last Marc!,, respectively.
were shown In aggregate March sales of 24 retail shoe dealers and the
shoe sections of 25 department stores. All of the retail dealers and all but
Iwo department stores recorded Increases in the former comparisons, and
most dealers and department stores had larger sales than a year ago. For
the first quarter of the year, sales totaled 9.0% above the corresponding
period of 1928. Stocks of dealers and department stores averaged 7.2%
heavier on March 30 than at the end of February, exceeding by 0.6%
those of a year ago. Collections by dealers fell off 25.3% in March from
the preceding month and were 3.2% below last March. while accounts
receivable the end of the month increased 18.8% over a month previous
and 12.9% over March 31 1928. The ratio of accounts outstanding to
sales averaged 56.4% for March,90.5% in February, and 58.3% a year ago.
March sales of furniture by 26 dealers and 28 department stores totaled
12.7% more than in the preceding month and 5.4% above last March:
Installment sales by dealers increased 14.3% and 6.5 in the respective
comparisons. Collections on installment sales were 5.7% larger than in
February, though declining 4.5% from a year ago, while total collections
Increased 1.4 and decreased 6.5% in the monthly and yearly comparisons.
On March 30 accounts receivable on dealers' books were 2.4% smaller
than a month previous but 0.5% in excess of the corresponding date of
1928. March 30 stocks of dealers and department stores averaged 6.5%
heavier than at the end of February and 2.9% more than year ago.
Retail hardware trade in the five States including the Seventh District
increased 78.8% in March over the preceding month and aggregated
7.0% more than In March last year. For the first quarter of 1929, however,
sales totaled 1.2% less than in the same period of 1928. All five States
-month comparison, with Indiana and
recorded gains in the month-to
Iowa showing smaller sales than a year ago, and Illinois, Michigan, and
Wisconsin a heavier volume of business. Indiana, Iowa, and Illinois
have had less trade for the year to date, than in the same period of 1928,
while Wisconsin and Michigan hardware sales have been larger.
Mall order business in this district was good during March. and showed
a gain over March 1928.
Merchandising Conditions in Chicago Federal Reserve
District-Expansion in Wholesale and Retail Trade
-Chain Store Sales also Increase.
Increases in wholesale, department store and chain store
Manufacturing Activities and Output in Chicago
sales in the Chicago Federal Reserve District are indicated
Federal Reserve District-Increase in Shoe Manby the Federal Reserve Bank of Chicago in its "Monthly
ufacturing-Midwest Distribution of Automobiles.
Report," issued May 1, which thus
Business Conditions
A larger output in the shoe manufacturing industry in
surveys merchandising conditions:
its district and continued expansion in the midwest distriWholesale Trade.
Expansion over February took place in the March sales of all reporting bution of automobiles is reported by the Federal Reserve
-lines of wholesale trade, and the majority of groups showed gains over Bank of Chicago in its Monthly Business Conditions Report
March 1928. In the wholesale hardware, drug, dry goods, and shoe
May 1. Reviewing manufacturing activities and output,
trade, every firm had larger sales than in the preceding month, and the
majority of firms in each group except groceries and drugs shared in the the Bank says:
gains over March last year. Sales for the first quarter of 1929 exceeded
those of the same period in 1928 by 0.9% in groceries, 1.7% in hardware,
6.5% in dry goods. 3.2% in drugs, and 18.6% in electrical supplies, with
a slight decline of 0.3% shown for ahem
Collections were generally heavier than in February, but fell below
a year ago in all lines but dry goods and electrical supplies, comments on
this item indicate that collections are poor In certain localities and only
fair In others. Prices remain at a steady level, according to the reports
of the majority of firms, although an upward tendency Is apparent in
hardware and electrical supplies; some grocery lines trend downward,
while slight advances have been recorded in others.
WHOLESALE TRADE DURING THE MONTH OF MARCH 1929.
Net Sales During Month
Per Cent Change from
Stocks at End of Month
Per Cent Change from
Preceding
Month.
Accounts
Preceding
Month.
Same Month
Last Year.
(36)+ 7.9
(15)+48.4
(10)+19.6
(13)+18.5
(8)+92.2
(34)+16.0
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Same Month
Last Year.
(36)- 4.1
(15)+ 8.8
(10)+ 7.6
(13)- 1.4
(8)+14.7
(34)+30.1
(251+ 4.8
(10)+ 0.3
(8)- 0.4
(11)+ 0.5
(6)- 5.3
(27)+ 1.2
(24)+ 4.7
(10)- 4.0
(8)- 5.6
(11)+ 4.2
(6)- 4.2
(26)+18.3
Outstanding End of Month.
Per Cent Change from
Preceding
Month.
Same Month
Last Year.
Ratio to
Net Sates
During
Month.
Collections During Mona.
Per Cent Change from
Preceding
Menth.
Same Month
Last Year.
(33) 100.7 (27)+ 3.5 (27)- 3.2
(33)- 9.0
(33)+ 0.5
3 (12)- 4.8
(15)+16.4 (15)+ 3 6 (15) 189.4 (12)+12.
.
(9)+ 7.1
(9)+ 5.1
(10) 286.7
4.4 (16)+ 1.8
(10)+
(8)- 9.1
(8)+ 3.7
(12) 130.4
(12)- 1.7
(12)+ 7.8
(6)- 3.8
(6)+36.1
(7) 227.1
(7)+ 7.0
(7)+23.3
(34) 116.9 (28)+14.3 (24)+18.4
(34)+ 1.
3 (31)+30.8
parentheses indicate number of firms included.
Department Store Trade.
preceding month was shown
A seasonal increase of 26.9% over the
department stores of the Seventh
In the aggregate of March sales by 106
over March 1928, the
District. A gain of 8.0% was likewise recorded
being somewhat counteracted
effect of the earlier date of Easter this year
For the year to date, sales
by the one less trading day in the month.
5.5%. Chicago,
have exceeded those of the first quarter of 1928 by
the gains over March last year,
Detroit, and Indianapolis stores shared in
was larger, while the total
and the aggregate for 60 stores In smaller cities
comparison a similar trend
for Milwaukee firms registered a decline in the
Stocks at the end of
has been shown for the first quarter of the year.
by 6.8 and 2.1%,
March were heavier than a month previous or a year ago
33.2% for March
respectively. The ratio of sales to average stocks was
date 91.8, against
this year against 32.2% last March, and for the year to month previous,
a
00.1 in 1928. March collections fell off 3.7% from
receivable on March 30
though gaining 10.0% over a year aro, while accounts
-month and yearly
were 1.9 and 12.6% larger in the respective month-to
outstanding the
comparisons. The ratio of March collections to accounts
40.1% in 1928.
end of February averaged 39.8% this year, against
Chain Store Trade.
chains Increased in March
The number of stores and aggregate sales of 22
reprever both February and a year ago. The 2,569 stores in operation
Groceries_ flardware _
Dry goods_
Drugs
Sboes
.1eiee. au anFigures in
-Preliminary estimates of
Shoe Manufacturing, Tanning, and Hides.
the United States Department of Commerce show that 11.6% more shoes
were manufactured in the Seventh Federal Reserve district during March
than a month previous. Sales of leather exceeded those of February, but
were below the corresponding period of 1928, while production increased
In both comparisons, according to reports sent direct to this bank by
representative tanneries in the district. Prices remained firm.
Chicago trading during March in packer green hides and calf skins was
in smaller volume than in February: shipments from the cityal so declined.
The prices of packer steer hides eased in March from the preceding month,
while those of other offerings firmed somewhat; quotations trended slightly
upward in April.
-Twenty-tour furniture manufacturers of the Seventh District
Furniture.
booked orders in March totaling 10.5% less than in the preceding month
and 0.9% below the corresponding month of 1928. In both comparisons
half of the firms showed an increase in volume of new orders. Shipments
followed the usual March trend and registered a gain of 10.5% over FebruarY, but in the comparison with a year ago declined 8.1%. Shipments
were larger than new orders in March and together with the amount of
cancellations, effected a drop in unfilled orders on hand March 30 of 6.2%
from February 28; this last item, however, was 22.5% greater than on the
corresponding date last year. Production showed a decline from last
month and also from March 1928.
-March established another
Automobile Production and Distribution.
record in automobile production, output gaining over the record February
figure. Passenger cars produced by manufacturers in the United States
totaled 513,266, an increase of 23.8% over the preceding month and 38.0%
above March last year. For the first quarter of 1929, production showed
a gain of 46.8% over the corresponding period of 1928. Truck output for
March aggregated 69,559, or 18.9% larger than in Februrary and 67.6%
heavier than last March. First-quarter production of trucks exceeded
the first throe months a year ago by 79.3%.
Continued expansion has taken place in distribution of automobiles in
the Middle West, data for March recording large gains in both wholesale
and retail sales of new cars and in the number of used cars sold, as compared
with the preceding month and with a year ago. Stocks of DOW cars declined somewhat in the month-to-month comparison but are much larger
than a year ago, while the number of used cars on hand continues to gain.
Deferred payment sales constituted 51.7% of the total retail sales of 38
dealers in March, which compares with an average of 48.6% In Februrary
and 44.3% for 22 dealers a year ago.
CHANGE IN MARCH, 1929, FROM PREVIOUS MONTHS.
Per Cent Change from
Midwest Distribution of
Automobiles.
New cars
Wholesale-Number sold_ _
Value
Retail
Number sold
Value
On hand March 30
Number
Value
Used cars
Number sold
Salable on hand
Number
Value
Companies Included.
Feb. 1929. Mar. 1928. Feb. 1929. Mar. 1928.
+28.5
+35.0
+30.9
+20.1
34
34
25
25
+93.6
+87.6
+49.9
+32.0
GO
60
41
41
--7.4
-6.2
+40.7
+16.5
62
62
43
43
+65.4
+34.5
60
41
+5.9
-1.4
+36.0
+15.6
60
60
41
41
MAY 4 1929.]
FINANCIAL CHRONICLE
2907
Boys'
Industrial Employment Conditions in Chicago Federal
Misers' & Infants'. Athletic.
Total.
Reserve District-Manufacturing Plants Increase
Childrens'
Forces.
Hosiery knit during month
-13.1
+11.8
+10.8
+8.4
Net shipments
-4.3
+25.7
+8.3
The volume of employment at manufacturing plants of Stock on hand dming month fin- +7.6
at end of month,
ished and ln
--10.8
,
--13.4
+1.6
+1.4
the Chicago Federal Reserve District showed a further Orders booked thesis)
during month
-16.8
+27.0
+21.6
+26.7
expansion during the period Feb. 15 to March 15, reporting Cancellations during month
+223.2
+149.9
+25.1 '
+32.9
Unfilled orders at end of month
-4.4
-25.7
+6.6
-9.6
firms adding 1.4% more workers and 1.2% in payroll
amounts. In stating this in its May 1 "Monthly Business
Expansion of Business in Kansas City Federal Reserve
Conditions Report," the Bank adds:
District in March More Pronounced Than Usual.
As during the preceding period, metals and vehicles again led the expansion, the former with an addition of 2.6% and the latter with a gain
The expansion of business throughout the Tenth [Kansas
of 4.4% in the number of workers. Greater activity in the building
industry was reflected in an increased demand for building material, City] District in March was more pronounced than that
and the stone, clay, and glass products group registered a gain of 3.9% which usually takes place at the opening of a spring season.
in men and 4.5% in payrolls, the first increase in employment in this The "Monthly Review," May
1, of the Federal Reserve
group since last August. Lumber and lumber products showed a slight
gain in both men and payrolls, although there was a reduction in operations Bank of Kansas City, from which we quote, further reporti
at furniture and wood box factories. Chemical products reported increased as follows:
employment as well as larger payrolls, continuing the upward trend of the
preceding month.
Other reporting groups reflected a downward trend in employment.
The most definite declines were in the food products group, especially
meat packing and flour production; in paper manufacture and in printing
decreases were also shown. In the clothing industry some curtailment
In operations took place, and activity is below the level of a year ago.
Aside from the manufacturing industries, there was little change in the
demand for labor. Building and construction activities have increased,
but operations at coal mines show a decUe, sales forces both retail and
wholesale were reduced slightly, and the pnlic utilities though maintaining
the volume of employment show considerable curtailment in payrolls.
Employment records at the free employment offices of the various States,
however, indicate a general improvement in the ratio of number of applicants to available positions.
The returns show production and distribution of commodities, and banking operations, to have been at the highest level for March in recent years.
and the accumulated volume for the first quarter of 1929 greater than that
for the first quarter of 1928. Preliminary reports for April indicated a
continuance of the high rate of activity and a good beginning for the second
quarter.
Payments by check in 30leading cities, as seen from the reports ofamounts
debited by banks to accounts of individuals, firms and corporations, show
increases of $166,165,000 or 12.8% for March and $521.449,000 or 11.3%
for the first quarter over the corresponding month and first quarter of
last year.
Carloadings of 29 principal commodities, reported by regional shippers
advisory boards which serve the Tenth District, were in larger numbers in
March and the first quarter than last year. And estimated requirements
for April. May and June reported to these boards by manufacturers and
shippers called for more freight cars than in the second quarter of 1928.
EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RESERVE
Wholesalers' distribution of merchandise was in substantially larger volDISTRICT.
ume than in February, although slightly smaller for the month and the first
quarter than last year. Department store reports indicated distribution
Number of Wage Earners
Twat Earnings.
of goods to consumers to have been in record-breaking volume for this
Week Ended.
Week Ended.
spring month. Their accumulated sales for the first three months showed
industrial Groups.
Per
Pet
a gain of 3.6% over the same period last year. Productive activity in
Mar.15 Feb. 15 Cent
Mar. 15
Feb. 15
Cent
1929. 1929. Change. 1929.
1929. Change. leading industries during March was at the highest level of recent years.
Manufacturers of "combines" for use in the coming harvest, and of grain
All groups (10)
348.151 343,456 +1.4 610071003 $9.955,450 +1.2
storage bins and other farm machinery, and car building shops, were workMetals & metal prods.
ing at full-time capacity. Steel and iron mills were operated up to 95%
(other than vehicles)
138,847 135.302 +2.6 4,379,987 4,283,647 +2.2
Vehicles
41,552 39.811 +4.4 1,260,306 1,206,295 +4.5
of capacity. The flour output was larger than a year ago, while that of
Textiles & textile products 24,181 24.284 -0.5
638,442
627.652 +1.7
meat
-packing plants was smaller.
Food de related products_ _ 42,945 43,477 -1.2 1,098,523 1,138,404 -3.5
Production and shipment of zinc and lead ore during the month was at
Stone,clay.& glass products 12,529 12,059 +3.9
358,805
343,464 +4.5
Lumber & Its products
the highest level of the year, and there was indreased,activity at the metal
31.054 30,919 +0.4
743.310
738,093 +0.7
Chemical products
9,036 8,774 +3.0
242,419
mines in Colorado and New Mexico. The output of soft coal declined, and
239,120 +1.4
Leather products
13,240 13,271 -0.2
276,517
292,376 -5.4
there was a further decline in the daily average output of crude oil.
Rubber products
4,301 4,286 +0.4
109,849
110,630 -0.7
Building construction made a good start for the season. The numbers
Paper and printing
30,488 31,273 -2.5
982,845 975.769 -1.3
of permits issued in leading cities was the highest for March since 1926,
and the value of permits the highest for MArch since 1925. The value of
Industrial Consumption of Electric Power in Phila- contracts awarded in the District was smaller than in March and the first
quarter of last year.
delphia Federal Reserve District Increased in
Farmers throughout the broad agricultural area in this district made good
a well-balanced acreage of leading crops.
progress with
March as Compared with Same Month Last Year
- the middle the planting ofindicated that in most sections farmers At
of April reports
were
Below That of Previous Month.
almost as far along with their spring work as usual, although on account of
Industrial consumption of electrical energy was about heavy rains a few sections were still behind in their plantings. 'Winter
wheat was making a much better showing than had been anticipated. The
14% larger in March than in the same month last year, condition of
80% of normal on April 1 in this district compared with 76.9%
but it showed a decline as compared with February,according a year ago, with indications that abani anment would not be as large as
last year.
to the Federal Reserve Bank of Philadelphia, which says:
Total sales of electricity decreased in March but increased nearly 22%
in comparison with March 1928. The output of electric power by 12 central
stations of this district showed a gain of 7% in the month and was almost
22% larger than a year earlier. The accompanying table gives percentage
changes.
ELECTRC POWER-PHILADELPHIA RESERVE DISTRICT.
Twelve Systems.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street ears and railroads
Industriee
All other sales
Report
March.
Kilotealls.
1,784
K. W. H.
557,872,000
211,123,000
224,316,000
122,433,000
440,543,000
85,458,000
10.507,000
74,951,000
263,954,000
5.528,000
55,676.000
202,750,000
91,131.000
Change from Change from
Feb. 1929. Mar, 1928.
Per Cent.
-0.0
Per Cent.
+9.6
+7.0
+139.2
-28.5
+2.8
-1.4
-12.0
-3.0
-13.1
-2.2
-6.0
-0.6
-2.5
+14.4
+21.6
+93.3
-23.5
+68.6
-22.9
-1.3
+8.8
-2.4
+11.2
+3.1
+4.1
+14.1
+113.6
on Hosiery Industry in Philadelphia Federal
Reserve District.
The following preliminary report on the hosiery industry
by 119 hosiery mills in the Philadelphia Federal Reserve
District, from data collected by the Bureau of the Census,
is made available by the Federal Reserve Bank of Philadelphia:
PERCENTAGE CHANGES FROM FEBRUARY TO MARCH 1929.
Men's.
Women's.
FullFullfashioned. Seamless. fashioned. Seamless.
--9.3
Hosiery knit during month
+3.6
+8.9
--3.4
+51.6
Net shipments during month
+13.5
+9.1
--1.8
Stook on hand at end of month, finished and in the gray
-3.4
+2.7
+6.8
+10.8
+11.1
Orders booked during month
-5.6
+50.7
+38.3
Cancellations during month
+116.3
+310.8
+171.8
-38.9
Unfilled orders at end of month
-25.1
-12.2
+0.1
+76 2
Business Conditions in San Francisco Federal Reserve
District-Unfavorable Agricultural Conditions
Seasonal Expansion in Industry and Trades.
Trade activity in the San Francisco Federal Reserve District during March was moderately above the levels of a
year ago, according to Isaac B. Newton, Chairman of the
Board and Federal Reserve Agent, of the Federal Reserve
Bank of San Francisco, who, in summarizing conditions
under date of April 20, says:
Unfavorable developments in the agricultural situation during March
and early April cast a shadow over the progress made in ther fields of
activity in the Twelfth [San Francisco! Federal Reserve District during
that period. Severe frosts in northern and central California seriously
damaged important fruit crops in that area, and lack of seasonal rainfall in
many parts of the District has adversely affected farm crops and livestock
ranges. Difficulty in marketing the District's wool clip at prices acceptable
to producers has also become an agricultural problem of first importance.
Industry and trade expanded seasonally during March and continued at
the relatively high levels established during the closing months of 1928,
and the first two months of 1929.
Industrial production was larger during both March and the first quarter
of 1929 than during the similar periods in 1928. Although production of
Petroleum decreased during the month, daily average output was substantially above the average of recent years. Mine production of copper declined
slightly during March, but mines of the District were still operating on
heavy production schedules. Following a period of winter curtailment the
lumber industry resumed active operation, and output was larger than in
any previous March.
Trade activity during the month was moderately above the levels of a
year ago. Exports to foreign countries, domestic intercoastal shipments
through the Panama Canal, andsales of new automobiles were substantially
larger than last year, while general trade at retail and at wholesale showed
only small changes over the year period.
Prices reached a peak for the first three or four months of 1929 during the
early part of March, and the general price level has receded gradually since
that time. An •outstanding feature of the individual commodity price
situation was the decline in quotations for refined copper from a high of
24 cents per pound in late March to 18 cents per pound on April 16.
Commercial loans of reporting member banks of the District increased
during March, but their security loans and their investments were reduced
by a larger amount with a resulting decline in their total loans and investments. The Federal Reserve Bank of San Francisco reduced its holdings
2908
of purchased bills and securities during the six weeks ending April 17, while
discounts for member banks showed little net change for the period. The
amount of Federal Reserve Bank credit outstanding at mid-April was
smaller than in the previous two months.
Unfilled Softwood Lumber Orders Still High.
Preliminary figures on unfilled orders for softwood lumber
for the week ended April 27 1929, showed an equivalent of
27.4 days of average production. This compares, respectively, with the 28 days equivalent of a week previous,
and the 28.1 day equivalent of a month ago. New business
for the week ended April 27 was somewhat below output,
according to telegraphic reports from 805 softwood and
hardwood mills to the National Lumber Manufacturers
Association. Reported shipments were about the same as
during the preceding week, and there was no falling off
in production. Hardwood demand, as indicated by orders
received, for the year to date, is reported as 103% of production, and softwood demand as 110% of production. Combined hardwood and softwood orders of 805 mills for the
week amounted to 377,367,000 feet, as compared with new
business the previous week reported by 814 mills as 441,694,000 feet. Shipments were reported as 411,844,000 feet,
against 419,726,000 feet reported the week before. Production was given as 407,271,000 feet, as compared with
410,080,000 feet the week earlier. The Association's statement further says:
Unfilled Orders.
The unfilled orders of 356 Southern Pine and West Coast mills at the
end of last week amounted to 1,086,792,000 feet, as against 1,079,515,000
feet for 345 mills the previous week. The 150 Southern Pine mills in the
group showed unfilled orders of 263.506,000 feet last week, as against
231,965,000 feet for 140 mills the week before. For the 206 West Coast
mills the unfilled orders were 823.286,000 feet, as against 847,550,000 feet
for 205 mills a week earlier.
Altogether the 540 reporting softwood mills had shipments 100%, and
orders 91% of actual production. For the Southern Pine mills these percentages were respectively 113 and 97: and for the West Coast mills 103
and 93. Of the reporting mills, the 540 with an established normal production for the week of 341,114,000 feet, gave actual production 105%.
shipments 106%, and orders 96% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of eight softwood and two hardwood regional associations,
for the two weeks indicated:
Past IVeek.
Preceding Week 1929
Revised.
Softwood.
Mills (or units*)
[VOL. 128.
FINANCIAL CHRONICLE
Hardwood.
Softwood.
Hardwood.
MO
359.470,000
359,984,000
326,548,000
312
47,801.000
51,860,000
50.819,000
539
351,791.000
364,606,000
380,430,000
339
58,289,000
55,120,000
61,264,000
Production
Shipments
Orders (new business)
•A unit Is 35,000 feet of daily production capacity.
West Coast Movement.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. reports production from 47 units as 9,193,000 feet, as compared with a normal figure for the week of 11,989,000. Forty-three units
the week earlier reported production as 8,905,000 feet. There were no
noteworthy changes in shipments and new business last week.
The Hardwood Manufacturers Institute of Memphis, Tennessee, reports
production from 265 units as 38,608,000 feet as against a normal production
for the week of 47,781,000. For the previous week 275 units reported
production as 44,183,000 feet. Shipments were about the same last week,
with a noticeable decrease in new business.
Detailed softwood and hardwood statistics for reporting mills of the
comparably reporting regional associations will be found below:
LUMBER MOVEMENT FOR 17 WEEKS AND FOR WEEK ENDING
APRIL 27 1929.
Average
Production
Association—
Production.
Shipments.
Orders.
for Week.
Southern Pine (17 weeks)_ _1,116,899.000 1,170,373,000 1,210,888,000
Week (150 mills)
67,448.000
76.114,000
65.264,000 75,301,000
West Coast Lumbermen's—
(17 weeks)
2,846,958,000 2,845.956,000 3,018,077,000
Week (210 mills)
195,452,000 200.437,000 180,882,000 174,647,000
Western Pine MIrs.(17 Wks) 486,042,000 542,174,000 578,675,000
Week (32 mills)
34,512,000
33,456,000
28,100,000 33,768,000
Calif White & Sugar Pine—
(17 weeks)
305,120,000 447,677,000 447,480,000
Week (22 mills)
30,353,000
21,227,000
21,340,000 24,220,000
Calif Redwood (17 weeks)._ 121,640,000 116,761,000
133,067,000
Week (14 mills)
7,979,000
6,587,000
10,014.000
8,341,000
No. Car. Pine—(17 weeks). 172,101,000
161.935,000 153,350,900
Week (70 mills)
9,980,000
9,121,000
9,383,000 11,688,000
No.Pine Mfrs.(17 weeks)_
. 80,800,000 132,958,000 138.912,000
Week (9 mills)
9,593,000
9,208.000
8,756,000
8,133,000
No. Hemlock & Hardwood
61,387,000
68,254,000
77,572,000
(Softwoods) (17 weeks)
3,449,000
4,538,000
2,809,000
5,016,000
Week (33 mills)
Softwoods total(17 wks.)5,207,141,000 5,479,221,000 5,748,712,000
Week (540 mills)
359,470,000 359,984,000 326,548,000 341,114,000
No. Hemlock & Hardwood
(Hardwoods)(17 weeks)_ 227,344,000 161,353,000 160,394,000
5,857,000 11,989,000
7,028,000
Week (47 units)
9,193,000
Hardwood Mfrs. nun.—
(17 weeks)
673,782,000 742.238,000 763,692,000
44,962,000 47,781,000
Week (265 units)
44,832,000
38,608,000
Hardwood total (17 wk.) 901,126,000
Week (312 units)
47,801,000
924,086,000
50.819,000 59,770,000
903,591,000
51,860,000
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 207 mills show that for the week ended April 20
both orders and shipments exceeded production by 13.07%
and 1.39%, respectively. The Association's statement
follows:
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
207 mills Tenon for week ended April 20 1929.
(All mills reporting production, orders, and shipments.)
Production
194,947,846 feet (100%)
Orders
220,439,793 feet (13.07% over production)
Sh pments
197,660,831 feet (1.39% over production)
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (259 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to date.)
Feet.
216,738,330
Actual production, week ended April 20 1929
184,965.071
Average weekly production, 16 weeks ended April 20 1929
197,062,307
Average weekly production during 1928
199,477,375
Average weekly production last three years
264,318,601
a Weekly operating capacity
a Weekly operating capacity is based on average less hourly production for the 12
last months preceding mill check and the normal number of operating hours per week
The West Coast Lumbermen's Association wires from Seattle that new
business for the 206 mills reporting for the week ended April 27 totaled
179.640.000 feet. of which 65,658,000 feet was for domestic cargo delivery.
and 25,678,000 feet export. New business by rail amounted to 76,845,000
feet. Shipments totaled 199,171.000 feet, of which 63,818,000 feet moved
coastwise and intercoastal, and 36,147,000 feet export. Rail shipments
totaled 87.747,000 feet, and local deliveries 11,459,000 feet. Uhshipped
orders totaled 823,286,000 feet, of which domestic cargo orders totaled WEEKLY COMPARISON (IN FEET) FOR 205 IDENTICAL MILLS-1929.,
326,534.000 feet. foreign 243,389,000 feet and rail trade 253,363,000 feet. (All mills whose reports of production, orders, and shipments are complete for the
last four weeks.)
Weekly capacity of these mills is 230,350,000 feet. For the 16 weeks
March 30.
April 13.
April 6.
Week Ended—
April 20.
ended April 20, 140 identical mills reported orders 10.8% over production,
Production
193,879,190 195,943,353 189,023,254 190,392,237
and shipments 2% over production. The same mills showed a decrease Orders
220,123,719 196.049,252 205,485,387 219,666,004
In inventories of 3% on April 20, as compared with Jan. 1.
89,199.031
88.204,089
Rail
88,458,393
81,361,658
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 150
mills reporting, shipments were 13% above production, and orders 3%
below production and 14% below shipments. New business taken during
the week amounted to 65.264,000 feet (previous week 68,887,000): shipments, 76,114.000 feet (previous week, 68,105,000), and production,
67.448.000 feet (previous week 63,712,000).
The Western Pine Manufacturers Association of Portland, Oro., reports
production from 32 mills as 34,512,000 feet, as compared with a normal
production for the week of 33,768,000. Thirty-five mills the week before
reported production as 36,992,000 feet. There were considerable decreases
In shipments and new business last week.
The California White and Sugar Pine Manufacturers Association of San
Francisco, reports production from 22 mills as 30,353,000 feet, as compared
with a normal figure for the week of 24,220,000, and for the previous week
22,662,000. There were notable decreases in shipments and new business
last week.
The California Redwood Association of San Francisco, reports production from 14 mills as 7,979,000 feet, compared with a normal figure of
8,341.000. Eleven mills the preceding week reported production as
5,861,000 feet. Shipments were about the same week, with a 45% increase
In new business.
The North Carolina Pine Association of Norfolk, Va., reports production
from 70 mills as 9,980,000 feet. against a normal production for the week
of 11,688,000. and for the week earlier 12,363,000. Both shipments and
orders were somewhat below those reported for the week before.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 9 mills as 9,208,000 feet, as compared with a
normal figure for the week of 8,133,000, and for the previous week 8,580,000.
Shipments were about the same last week, with a slight increase in new
business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis.(In its softwood production) reports production from 33 mills
as 4,538,000 feet, as compared with a normal production for the week of
5.016.000. Twenty-six mills the preceding week reported production as
3.804,000 feet. Shipments were about the same last week, with a marked
reduction in orders.
Domestic cargo
Export
Local
Shipments
Rail
Domestic cargo
Export
Local
Unfilled orders
Rail
Domestic cargo
Export
92,439,642
27,758,839
11,466,843
197.140,546
83,608,326
75,880,817
26,184,560
11,466,843
847,550,642
266,510,061
326,034,237
255,006,344
57,990,869
39,795,887
16,900,383
200,688,881
84,069,868
61,800,613
37,917,562
16,900,383
829,459,792
264,542,107
310,502,597
254,415,088
66,025,056
37,689,534
13,566.708
189.206,514
77,840,267
68,474,454
29,325,085
13,566,708
841,232,630
272,250,370
315,562,684
253.419,578
77,241,005
40,549,440
12,676,528
202,820,725
84,620,907
67,092,892
38,430,398
12,676,528
825,257,900
262.190,280
318,506,800
244,560,820
112 IDENTICAL MILLS.
(All mills whose reports of production, orders, and shipments are complete for 1928
and 1929 to date.)
Average 16
Average 16
Weeks Ended
Weeks Ended
Week Ended
April 20 1929. April 20 1929. Apr. 21 1928.
112,432,653
Production (feet)
106,040,304
122,879,901
119,647,280
Orders (feet)
116,060,369
147,319,520
109,240.327
Shipments (feet)
108,422,755
126,680,509
DOMESTIC CARGO DISTRIBUTION WEEK ENDED APR. 13 '29 (112 mills).
Orders on
Hand BeOrders
ain't, Week
Apr. 13'29. Received,
Canceltenons.
Shipments.
Unfilled
Orders
Week Ended
Apr. 13'29.
Washington et Oregon
(94 Mills)—
Feel.
Feet.
California
105,011,809 22.377.879
Atlantic Coast
143,447,570 17,984,202
Miscellaneous
5.354,987 1,760,485
Feet.
Feet.
Feet.
163,809 21,376,749 105,849,130
117,596 20,756,339 140,557,837
481,989 6,633,483
Total Wash. dr Oregon 253,814,366 42,122,566
281.405 42,615,077 253,010,450
Brit. Col.(18 Mills)—
California
Atlantic Coast
Miscellaneous
4134,000
1,017,919
23,509,778 8,648,932
7,129,622 2,959,022
7,000
359,000 1,116,919
474,000 10,762,268 20,922,442
993,000 9,095,644
31,657,319 12,071.954
481,000 12,114,288 31,134,005
Tnfill rin,....ti,. ,..,,,,, slag A71 MIR si 104520
752.405 54 720 245 254 174 4AS
Total Brit. Columbia_
MAY 41929.]
FINANCIAL CHRONICLE
Report of Finishers of Cotton Fabrics.
The National Association of Finishers of Cotton Fabrics,
at the request of the Federal Reserve Board, arranges for a
monthly survey within the industry. The results of the
inquiries are herewith presented in tabular form. The
Secretary of the Association makes the following statement
concerning the tabulation:
The figures on the attached memorandum are compiled from the reports
of 28 plants, most of which are representative plants, doing a variety of
work and we believe it is well within the facts to state that these figures
represent a cross section of the industry,
Note.
-(1) Many plants were unable to give details under the respective
headings of white goods, dyed goods and printed goods, and reported their
totals only: therefore, the coltunn headed "total" does not always represent
the total of the subdivisions, but is a correct total for the district.
(2) Owing to the changing character of business and the necessary
changes in equipment at various finishing plants, it is impracticable to
give average percentage of capacity operated in respect to white goods as
distinguished from dyed goods. Many of the machines used in a finishing plant are available for both conversions, therefore the percentage of
capacity operated and the work ahead is shown for white goods and dyed
goods combined.
_ PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.
IVhite
Goods.
March 1929.
Total finished yds. billed during month
District 1
2
3
5
8
Dyed
Goods.
Printed
Goods.
Total.
15.343,518 17.145,405 16,502.869 55.319.014
868,096 4,078,474 19,554.964
5.146.685
8.653,760 5,115,459
13,769.219
5,121,380 1.776,147
6,897.527
2,954,099
2.954,099
Total
37,219,442 24,905.107 20,581,343 98,494,823
Total gray yardage of finishing orders
received
District 1
16,726,771 14,749.181 16.578.458 50,734,549
2
6.871,045 5.728.929 3,011,040 21,009,150
3
8,385,040 3.939,570
12.324.610
5
5,087,011 1,965,717
7.953,628
2,849.685
2,849,685
Total
40,820,452 26.383,397 19.589.498 94,871,622
No. of cases finished goods shipped to
customers
District 1
7,002
6.145
4,907
33.427
2
4,000
1,095
17.746
3
5,126
2,810
7.936
5
4.025
4.025
8
1,978
1,978
Total
No. of cases of finished goods held in
storage at end of month
District 1
2
3
5
8
Total
Total average % of capacity operated
District 1
2
3
5
8
Average for all districts
Total average work ahead at end of
month expressed in days
District 1
2
3
8
22,131
10,050
4,907
65,112
2,622
3,489
1,062
1,808
675
3,954
1.004
2,883
16,504
9,830
6,661
1,808
675
9,656
4.968
White & Dyed
Combined,
69
63
73
69
117
2,883
35,478
119
131
77
79
73
69
117
70
122
77
3.7
2.8
3.0
7.0
11.3
21.5
13.2
7.1
5.4
3.0
7.0
11.3
3.9
20.5
6.3
Average for all districts
February 1929.
Total finished yds. billed during month
District 1
2
3
5
8
Dyed
Goods.
White
Goods.
Printed
Goods.
rola,.
10,612.699 14,237,233 13,009,34 44.003.433
4,157.348
582,408 4,092,536 16,570,725
7.184.048 4,615,449
11,799,497
4,714.811 1,442,965
6,157.776
2.886,625
2.886,625
Total
29,555,531 20,878,055 17.101,876 81,418,058
Total gray yardage of finishing orders
received
District 1
13,125,783 15,218,236 16,567.514 47,142,311
2
5,759,098 4,445,280 3,070,954 18,882,450
3
8,552,824 4,103,575
12,656,399
5,048,427 1,947,127
6,995,554
8
2,782,856
2,782.856
Total
35.268,98825,714.218 19,638,468 88,459,570
No. of cases finished goods shipped to
customers
District 1
5,182
5,52
4,057
28,508
2
3,608
687
12,945
3
4,437
2,325
6,762
4,106
4,106
8
2,070
2,070
Total
No. of eases of finished goods held in
storage at end of month
District 1
2
3
5
Total
Total average % of capacity operated
District 1
2
3
5
8
Average for all districts
Total average work ahead at end of
month expressed In days
District 1
2
3
5
8
Average for all districts
19.403
8,532
4,057
54,391
2,713
3,984
894
1,998
698
3,962
770
2,947
16,708
11,418
6.331
1.998
698
10,287
4.732
White & Dyed
Combined.
68
59
72
78
154
2.947
37 1
.53
100
123
73
74
72
76
154
69
107
74
4.0
2.2
3.1
4.8
10.4
24.5
12.4
8.0
4.9
3.1
4.8
10.4
3.8
22.9
6.4
2909
Cigarette Production in March Increased 7% Over
February.
Cigarette production in March increased more than 7%
over February, as shown by the Internal Revenue Bureau
report. March production amounted to 8,689,510,500
cigarettes, compared with 8,062,500,000 in February.
Government receipts from taxes gained nearly $2,000,000,
amounting from $24,195,000 in February to approximately
$26,070,000 levied on the March production. It is observed
that:
Output of cigarettes has increased by approximately 7% each month this
year. The total first quarter production amounted to 27.932.273,000
cigarettes compared with 24,371,000.000 in the corresponding three months
of last year, the increase being generally attributed to improved methods
of blending and toasting, and to women smoking as an aid in avoiding overweight.
This increase in cigarette production has been to a considerable extent
at the expense of other forms of manufactured tobacco, the total for all
tobacco products having decreased from 29,817.000 pounds in March of
1928 to 28,187.000 pounds in the same month of this year. Snuff, which
made an astonishing increase last year, declined from 3,765,000 pounds in
March of last year to 3.475.000 pounds in the same period of 1929.
Cigars continued their decline during March as compared with the same
month of a year ago, large cigars falling from 497,900.000 to 491,300,000
and small cigars declining from 35,200.000 to 30.400,000
Petroleum and Its Products-Strong Undertone in
Crude Oil Reported by Producers.
Crude oil is showing in some degree the firmness which
has come to the refined products market, according to
reports received during the past week from producing
centers. Slight advances have been made in some sections,
but as yet the market has not become noticeably higher.
The Ohio Oil Co. has advanced the market prices for Princeton, Illinois, Indiana, Lima and Western Kentucky crude
oils 15c. a barrel. The strength becoming apparent in
crude oil is not only duo to the stronger refined products
market, but is also accountable somewhat to the curtailment program being put in force individually throughout
larger and more important_sectors of the oil producing
centers.
Speculation is rampant throughout the industry as to
the possible results of the rumored merger of Standard
Oil of New York and the Vacuum Oil Co. In the opinion
of well-posted factors it is not believed that the Government will obstruct the proposed merger plans. This combined organization will, when consummated, constitute one
of the most important oil units not only in this country but
in the entire world.
While the international oil conservation plan is still
resting upon the completion of a survey being made by a
representative of the U. S. Government, interest during
the past week attached to the visit made by a group of U. S.
Senators, who called upon President Hoover and appealed
for leniency in the carrying out of his oil conservation order
with reference to applications for leases and prospective
permits filed before the program become effective. It is
understood that President Hoover looked with favor upon
the argument put forth by the Senators, to the effect that
there should be special consideration in the cases of permits in which special equities existed at the time the order
stopped further drilling and prospecting on all public lands.
He has taken their proposal under advisement. The
changes for the week are:
-Ohio Oil Co.advances Illinois, Princeton,Lima, Indiana. and
April 29.
Western Kentucky crude oils I5c. a gallon, effective April 26.
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
1.35 RI Dorado, Ark, 34
CabeII, W. Va
1.45 Urania. La
Illinois
Western Kentucky
1.53 Sall Creek, Wyo., 37
Midcontinent, Oklahoma, 37
1.23 Sunburst, Mont
.80 Artesia. N. Meg
Corsicana. Tex.. heavy
Hutchinson, Tex., 35
.87 Santa Fe Springs, Calif., 33
Luling, Tex
1.00 Midway-Sunset Calif.. 22
Spindletop, Tex., grade A
1.20 Huntington, Calif 26
SpindletoP, Tex.. below 25
1.05 Ventura, Calif 30
Winkler, Tex
.65 Petrolia. Canada
5.90
.75
1.14
,90
1.23
1.65
1.08
1.35
.80
1.09
1.18
1.90
REFINED PRODUCTS
-U. S. MOTOR GASOLINE HELD FIRMLY
-FUEL OILS PROMISING.
Optimistic reports are received from all parts of the country
as to the firmness of U. S. Motor Gasoline, and while no
price advances have been made public during this week,
it is generally believed that some increases may be expected
in the near future. Consumption is continuing at a greater
rate than during the corresponding period last year, and this
condition is reflected in wholesale markets.
The New York State law taxing gasoline 2c. a gallon
became effective Wednesday, May 1. This will not, of
course, have:any effect upon the volume of gasoline conslimed by motorists and others, and exerted no basic effect
2910
FINANCIAL CHRONICLE
on prices, retailers simply adding the tax to the regular
quoted price of gasoline. It is noted that with the generally
improved market, there has come a lessening of offerings,
and few refiners are selling far ahead. Asking prices for
U. S. Motor Gasoline continued from 93,4c. to 9340. per
gallon, with the stronger tendency towards the higher figure.
A slight, but nevertheless perceptible, improvement in kerosene continued this week. Demand from jobbing interests
has been more concentrated and prices are being held firmly.
Business has been well sustained in Diesel oil, there being
considerable new business booked, while large shipments were
made against existing orders. Prices are well maintained.
There is little interest being shown at present in new
committments for Bunker fuel oil, but standing contracts
are being drawn against in good volume. Lubricating oils
are quiet, with some firmness shown in Pennsylvania oils.
The general situation throughout the country in the refined
products market shows a firm undertone in mid-continent;
stronger market with upward tendency on East Coast; quiet
but firm situation on Gulf coast; generaly firm market in
Pennsylvania; firm market, prices unchanged in California.
Gasoline, U. S. Motor. Tankcar Lots, F.O.B. Refinery.
New York (Bayonne).09% Arkansas
0734
.06% North Louisiana
West Texas
.0634 California
.0634
.0834 North Texas
Chicago
.07
0734 Loa Angeles.export„.07% Oklahoma
New Orleans
.09
.0734 Gulf Coast,export_ 08% Pennsylvania
Gasoline, Service Station, Tax Included.
19
New York
182
Cincinnati
.18
Minneapolis
21
195
Atlanta
Denver
New Orleans
.16
.22
21
Baltimore
Detroit
.188 Philadelphia
.20
.215
Boston
Houston
San Francisco
.18
.15
205
Buffalo
Jacksonville
Spokane
.24
.169
15
Chicago
Kansas City
179 St. Louis
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
New York (Bayonne).0834 Chicago
.0734
.0534 I New Orleans
North Texas
.0534 Los Angeles. export- 05% I Tulsa
.0634
Fuel Oil, 18-22 Degree. F.O.B. Refinery or Terminal.
New York (Bayonne)1.05 Los Angeles
.75
85 I Ghlt Coast
Diesel
2.00 New Orleans
.55
95 1Chicago
Gas Oil, 32-36 Degree, F.O.B. Refinery or Terminal.
New York (Bayonne)
03
.0534 !Chicago
.03 !Tulsa
Natural Gasoline Output in March Increased Approximately 35,700,000 Barrels Over Similar Month Last
Year-Stocks Again Increase.
During the month of March, the output of natural gasoline totaled 181,600,000 barrels, an increase of 24,700,000
barrels over the preceding month and 35,700,000 barrels over
March 1928, according to the Bureau of Mines, Department
of Commerce. Stocks on hand increased from 34,405,000
barrels at Feb. 28 1929 to 41,802,000 barrels at March 31
1929. The Bureau further shows:
OUTPUT OF NATURAL GASOLINE, MARCH 1929 (Thousands of Gallons)
Stocks End of
Month.
Production.
March
1929.
February Jan.
-Mar.
1929.
1929.
March
1928.
March
1929.
Feb.
1929.
9.300
1,200
57,000
2,900
33,900
5,100
2,700
3,700
65.800
10,900
1,200
a47,500
2,800
29,800
4,900
2,400
3,200
54,200
31,600
3,800
159,600
8,800
94,900
15,100
7,800
10,200
174,000
10.100
1,400
51,900
2,900
26,900
4,500
2,700
3,800
41,700
2,779
325
20,104
1,086
14,221
928
371
592
1,396
2,427
283
15,615
1,255
11,407
1,058
375
708
1,337
United States total_ _ ,181,600 a156,900
a5,600
5,680
Daily average
Revised.
505,800
5,620
145,900
4,710
41,802
34.465
Appalachian
Ill., Ky.. dm
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
Estimated Crude Oil Output in United States at
Higher Rate Than at This Time Last Year.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
the week ended April 27 1929, was 2,650,650 barrels, as
compared with 2,671,850 barrels for the preceding week, a
decrease of 21,200 barrels. Compared with the output for
the week ended April 28 1928, of 2;403,800 barrels per day,
the current figure shows an increase of 246,850 barrels daily.
The daily average production east of California for the week
ended April 27 1929 was 1,862,950 barrels, as compared with
1,875,250 barrels for the preceding week, a decrease of 12,300
barrels. The following estimates of daily average gross
production by districts are for the weeks shown below.
[Vol,. 128.
The estimated daily average gross production for the Mid-Continent Field.
Including Oklahoma, Kansas, Panhandle, North, West Central, West, East
Central, and Southwest Texas, North Louisiana and Arkansas, for the week
ending April 27 1929, was 1,526,650 barrels, as compared with 1,541.100
barrels for the preceding week, a decrease of 14,450 barrels. The MidContinent production, excluding Smackover (Arkansas) heavy oil, was
1,477,550 barrels, as compared with 1,492.650 barrels, a decrease of 15.100
barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons.
follow:
-Week Ended-Week Ended
OklahomaApr. 27 Ayr, 20
North LouisianaAyr. 27 Apr. 20
Allen Dome
25,750 26,300 Haynesville
5,350
5.350.
Bowlegs
32,950 34,950 Urania
5,900 6,900
19,650 19,650
Bristow-Slick
ArkansasBurbank
20,950 21,200 Champagnolle
8.650 10,400
Cromwell
7,900 7,900 Smackover (light)
6,200 6,200
Eariaboro
60,200 60,900 Smackover (heavy)
49,100 48,450
Little River
72,350 73,800
Logan county
10,900 11,000
Coastal Texas
Maud
28,900 28,650 Hull
9,100 9,300
Minion
30,300 29,450 Pierce Junction
21,100 15,850.
St. Louis
99,750 107,300 SpindletoP
32,600 31,650
Searight
11,550 9,500 West Columbia
6,500 6,000
Seminole
32,350 34,100
Tonkawa
10.400 10,350
Coastal Louisiana
KansasEast Hackberry
2,650 2,800
Sedgwick County
26,250 24,600 Sulphur Dome
3,300 2,400
Panhandle Texas
Sweet Lake
400
400
Carson County
6.550 6,500 Vinton
4,100 4,000
Gray County
25,800 28,700 Old Hackberry
4,300 3,600
Hutchinson County.-- 25.150 26,300
Wyoming
North TexasSalt Creek
27,150 35.350
Archer County
16,700 16,650
Wilbarger County
Montana
27,250 26,650
West Central Texas
6,500 5,300
Sunburst
Brown County
8,400
8,550
Shackelford County.... 13,200 13.300 California
West Texas
10,500 10,500
Dominguez
Crane dr Upton Counties 47,600 48,850 Elwood-Goleta
35,000 31,500
46.350 45,650 Huntington Beach
Howard County
44,000 46,500.
Pecos County
23,500 25,500.
88,500 92,200 Inglewood
Reagan County
3,500 3,500.
18,800 19,150 Kettleman Hills
Winkler County
180,000 189,500
144,150 139,000 Long Beach
East Central Texas72,500 72,500
Midway-Sunset
Ooralcana-Powell
6,700 7,000
8,000
8,100 Rosecrans
Southwest Texas
170,000 160,000
Santa Fe Springs
Laredo District
41,000 48,500
11,950 11,550 Seal Beach
Luling
14,000 14,500
12,000 12,300 Torrance
Bait Flat
40,450 41,400 Ventura Avenue
.
56.500 56,500
Average Daily Crude Oil Production in March Below
Record Reached in February-Stocks Continue
to Increase-Gasoline Output also Shows Slight
Decline.
According to reports received by the Bureau of Mines,
Department of Commerce, the production of crude petroleum in the United States during March 1929 amounted to
82,515,000 barrels. Although this was the largest amount
ever produced in any month, the daily average which it
represents, 2,662,000 barrels, was considerably below therecord figure of February, 2,703,000 barrels. Of the three
leading producing States of California, Texas, and Oklahoma, Texas was the only one to record an increase in
daily average production in March. This resulted in the
main from increased output of the Salt Flat field. Daily
average production in California showed a decrease, which
was largely due to the decline at Santa Fe Springs. Oklahoma showed a material decline in daily average production,
this being due to a more or less general curtailment throughout the State.
Stocks of crude petroleum east of California continued
to increase but at a much reduced rate as compared with
February. The increase in stocks east of California was
approximately 2,700,000 barrels, of which over half was
in refinery stocks. Stocks of light and heavy crudes in
California increased nearly 3,500,000 barrels, the major
portion of which occurred in the light grades.
The reduction in daily average crude production with a
consequent lessening in the amounts of crude oil going to
storage was reflected in the change in stocks of all oils,
which in March increased at a slower rate than in February.
Another factor which operated to reduce the amount of oil
going to storage was the increase in gasoline consumption,
although this was practically nullified by the opposing
factor of decreased fuel oil consumption. The Bureau
continues:
The daily average production in the greater Seminole district during
March 1929 amounted to 398,000 barrels. This was the first month in.
along time that the output of this prolific area has fallen below the 400,000
barrel mark. Completions in this area in March were nearly double the
number in February, but a large part of the new production was held back.
Little change of consequence was noted in west Texas, where the daily
average for March was 385,000 barrels as compared with 390.000 barrels
In February. In California the Long Beach field showed a very small
increase in daily average production, but Santa Fe Springs fell off from
a daily average of 189,000 barrels in February to 170,000 barrels in March.
This would indicate that the peak for this field was past. although the
possibilities of the two deepest sands are not yet known.
Stocks of crude petroleum in the greater Seminole area declined from
18,394,000 barrels on March 1 to 18,101,000 barrels on March 31. This
was the first decline in these stocks for several months and indicated an
increased demand for this crude.
STOCKS AT SEMINOLE,ST. LOUIS. &c.(BARRELS OF 42 U. B. GALLONS).
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Apr. 27'29. Ayr.20 29. Ayr. 1329. Apr. 28'28.
648,300
673.600
663,300
Oklahoma
109,100
105,350
111: 00
0
.
Kansas
61,700
64,050
60.000
70,500
Panhandle Texas
84,400
83,350
82,900
72.650
North Texas
52,500
52,500
52,500
55,250
West Central Texas
354,400
358,200
357,600
387,150
West Texas
19,050
19,800
18,700
23,600
East Central Texas
72,850
73,400
71,750
23,500
Southwest Texas
35.600
35,600
35,650
46,500
North Louisiana
73.500
72,800
72,300
78,500
Arkansas
131,150
134.100
137,600
97,950
Coastal Texas
20,400
21,650
16,400
19,300
Coastal Louisiana
111,250
110.750
110,500
109,000
Eastern
Mar. 311929. Feb. 28 1929. Afar. 31 1928.b
48,400
53,650
46,150
60,450
Wyoming
11,450
9,650
9,550
11,000
Montana
Producers' stocks
493,000
548.000
386,000
6,400
6,500
6,250
6,650 Tank-farm
Colorado
17,901,000
17.653,000
stocks
18,386,000
3,350
2,550
2.600
2,400
New Mexico
776,200
796.600
787.700
621,000
California
Total stocks
1it.101.000
18.394.000
18.772.000
2,671.850 2,615,050 2,403,800
b Includes stocks at Seminole only.
2,650,650 .
Total
MAY 4 1929.]
FINANCIAL CHRONICLE
PRODUCTION (BARRELS OF 42 U. S. GALLONS).
March 1929.
Total.
Seminole
1
St. Louis, &c_ J
West Texas _
Long Beach_a _
San. Fe Spgs_a
February 1929.
Daily Av.
Total.
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY(BARRELS OF 42 U.S. GALLONS).
March 1928.
Daily Av.
Total.
398,000 11.438,000
11,942,000
5,816,000
5,275,000
385,000 10,915,000
188,000 5,163,000
170,000 5,300,000
409,000 j9,747,000
1 450,000
390,000 10,904,000
184,000 3,877,000
189,000 1,165,000
314.000
15,000
352,000
125,000
38,000
a From Amer can Petroleum Institute.
RECORD OF WELLS, MARCH 1929.c
Completions.
Oil.
Seminole-St. Louis, &c_
West Texas
Long Beach
Santa Fe Sonnet'
March 1929.
Daily Av.
Total.
12,325,000
Gas.
118
76
24
is
Dry.
3
1
Total Initial Argo. Initial
Production Production Drilling
(Barrels).
(Barrels). Mar. 31.
850
2,600
800
9 nnn
100,300
199,800
18,800
RA son
13
33
4
a
2911
229
280
94
sea
c From "Oil & Gas Journal."
The daily average throughout of crude petroleum in
March was 2,603,000 barrels, an increase over February of
30,000 barrels. This increase took place in runs of domestic
,
crude, daily average runs of foreign crude showing a slight
decline, states the Bureau, which goes on to say:
Daily Av.
February 1929.
Daily Av.
Total.
-Mar.
Jan.
1929.
Jan.
-Mar.
1928.
Field
Appalachian __
Lima-Indiana _
Michigan
Ill.
-S. W. Ind_
Mid-Continent
Gulf coast _ __ _
.
Rocky Mtn_ _
California
2,635,000
85,000 2,350,000
83,900 7.568.000 7,452,000
401,000
128,000
4,100
99,000
3,500
335,000
145,000
434,000
90.000
4,700
130,000
4,600
678.000
21,900
534,000
19,100 1,801,000 1,878.000
48,115,000 1,552,100 44,488,000 1,588,900 141,363,000 132,014.000
4,350,000 140,300 3,840,000 137,100 12,443,000 10,563.000
2,139,000
69,000 1,951,000
69,700 6,231,000 7,111.000
24,325.000 784,700 22,301,000 796,500 70,012,000 56,184.000
U. S. total
82,515,000 2,661,800 75,693,000 2,703,300 240,187,000 215,693,000
State
2,341.000
75,500 2,145,000
Arkansas
24,325,000 784,700 22,301,000
California
205,000
6,600
185,000
Colorado
602,000
19,400
453,000
Illinois
82,000
2,700
85,000
Indiana
Southwestern
76,000
2,500
81,000
6,000
200
4,000
Northeastern
3,086,000
99,600 2,836,000
Kansas
559,000
18,000
511.000
Kentucky
1,666,000 • 53,700 1,514,000
Louisiana
584,000
18,800
541,000
Gulf coast
34,900
973,000
Rest of State 1,082,000
145,000
4,700
130,000
Michigan
282,000
9,100
275,000
Montana
911,000
2,900
67,000
New Mexico..
267,000
8,600
240,000
New York
17,600
482,000
547.000
Ohio
425,000
13,700
387,000
Cent.& east_
122,000
3,900
Northwest'n.
95,000
21,133,000 681,700 20,070,000
Oklahoma
42,500 1,240,000
Osage Co_ . 1,319,000
.
Rest of State 19,814,000 639,200 18,830,000
916,000
29,600
806,000
Pennsylvania
1,000
2,000
Tennessee
24,239,000 781,900 21,763,0()0
Texas
. 3,766,000 121,500 3,299,000
Gulf coast_
Rest of State 20,473,000 660,400 18,464,000
15,100
467,000
404,000
West Virginia_
1,561,000
50.400 1,424,000
Wyoming
957,000
30,900
903,000
Salt Creek_ _
19,500
521,000
604,000
Rest of State
76,600
796,500
6,600
16,200
3,000
2,900
100
101,300
18,200
54,100
19,300
34,800
4,600
9,800
2,400
8,600
17,200
13,800
3,400
716,800
44,300
672,500
28,800
100
777,200
117,800
659,400
14,400
50,900
32,300
18,600
6,810,000
70,012,000
604,000
1,561,000
254,000
240,000
14,000
8,851,C00
1,656,000
4,956,000
1,848,000
3,108,000
434,000
863,000
234,000
762,000
1,561.000
1,240,000
321,000
64,087,000
3,958,000
60,129,000
2,572,000
5,000
69,102,000
10,595,000
58,507,000
1.333.000
4,530,000
2,776,000
1,754,000
7,893,000
56,184,000
707,000
1.663.000
237,000
215,000
22,000
10,149,000
1.723,000
5,269,000
1,286,000
3.983,000
90,000
1,076,000
221.000
567,000
1,738,000
1,359,000
379.000
60,089,000
5,687,000
54,402,000
2,366,000
11.000
59,087,000
9,277,000
49,810,000
1,426,000
5,107.000
3,581,000
1,526,000
Feb. 28
1929.
March 31
1928.
The daily average gasoline production showed a slight decline in March
as compared with February, but was 18% above that of March 1928.
Gasoline consumption showed a very material increase in rising from a
daily average of 813,000 barrels in February to 919,000 barrels in March,
a gain of 13%. The latter figure is, at the same time, 17% above a year
ago. Stocks of gasoline again showed an increase, but this was considerably below the average increase for the past several months. On
March 31 1929 stocks of gasoline amounted to 47,205,000 barrels, which
at the current rate of total demand, represents 44 days' supply, as compared with 48 days' supply on hand a month ago and 45 days' supply
on hand a year ago.
Tile indicated daily average domestic demand for both kerosene and
lubricants and the apparent demand for gas oil and fuel oil declined in
March as compared with February. The indicated domestic demand for
Classification by gravity (approx.)
wax increased but stocks continued to accumulate.
Light crude_ _
.73,713,000 2,377,900 a67743000 a2419400 216,268,000 191,086,000
8.802.000 283.900 a7.950.000 a283.900 23.919.000 24.607.000
The refinery data of this report were compiled from schedules of 330 Heavy ennip
refineries which had an aggregate daily crude oil capacity of
a Revised.
3,342,500
barrels. These refineries operated during March at 78% of their recorded
STOCKS OF CRUDE PETROLEUM HELD IN THE UNITED STATES
•capacity, as compared with 328 refineries, operating at 76% of their re(BARRELS).
Corded capacity, in February.
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke, and asphalt, in thousands of barrels of 42 U. S. gallons.)
Mar.
1929.
Feb.
1929.a
Mar.
1928.
Jan.Mar.
1929.
Jan.
Mar.
1928.
New supply
Domestic production:
Crude petroleum:
Light
Heavy
73,713
8,802
67,743
7,950
65,940 216,268 191,086
8,569 23,919 25,607
Total crude
Natural gasoline
Denzol
82,515
4,324
264
75,693
3,736
233
74,509 240,187 215,693
3,471 12,043 10,200
238
747
681
Total production
Daily average
Imports:
Crude
Refined
87,103
2,810
79,662
2,845
78,218 252,977 226,574
2,523
2.811
2,490
6,790
1,489
7,016
908
Total new supply all oils
Daily average
95,382
3,077
87,586
3,128
Chainge in stocks all oils
8.467
8,864
86,915
2,804
78,722
2,812
80,244 249,092 225,633
2,589
2,768
2,479
1,572
10,801
74,542
2,405
1,678
9,506
67,538
2,412
1.530
5,222
4.005
11,247 32,021 32,559
67,467 211,849 189,068
2,176
2,354
2,078
405
433
Demand
Total demand
Daily average
Exports: b
Crude
Refined
Domestic demand
Daily average
Excess of daily average domestic
production over domestic demand
6,845
1,135
21.881
3,281
19,026
3,354
86,198 278,139 248,954
2,781
3,090
2,736
5,954
347
29,047
23,321
457
412
Stocks (End of lion(S)Crude petroleum:
East of California: c
Light
Heavy
California:
Light
Ileavy_d
327,634 325,76)3 318,071 327,634 318,071
52,025 51,173 51,178 52,025 51,178
Total crude
Natural gasoline at plants
Refined products
504,230 498,033 483,366 504,230 483,366
995
821
843
995
843
137,305 135,209 128,719 137,305 128,719
24,067
100,504
21,810
99,284
19,633 24,067
94,484 100,504
19,633
94,484
Grand total stocks all oils
642,530 634,063 612,928 642,530 612,928
Days' supply _e
229
226
237
232
247
Bunker oil (incl. above in domestic
4,213
',demand)
4,252
4,236 12,380 11,770
a Revised. b Includes shipments to Alaska, Hawaii, and Porto Rico. c Exclusive of producers' stocks. d Includes fuel oil e Grand total stocks divided
by,dally average total demand.
I
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (BARRELS).
(From Bureau of Foreign and Domestic Commerce.)
March 1929.
Total.
Imports
From Mexico
586,000
From Vebezuela
4,923,000
From Colombia
888,000
Fromnther countr's 393,000
Mrs
Total imports_ _ 6,790,000
Exports:Domestic drude oil:
6'To Canada
1,249,000
• To other countries 323,000
Foreign crude oil_
in
I Total exports_ _
1.572.0110
Jan.
-Mar .Jan.
-Mar.
1929.
9128.
18,900 529,000
158,800 4,791,000
28,600 1,378,000
12,700 318,000
18,900
171,100
49,200
11,400
1,899,000 3,715,000
15,336,000 10.742,000
3,538,000 3.839,000
1,108,000
730.000
219,000 7,016.000
250,600 21.881.000 19,026,000
Total.
40,300 1,354,000
10,400 324.000
48,300 4,110,000 3,161,000
11,600 1,112,000
837.000
1,000
50.700 1.678.000
59.900 5.222.000 50110 non
No crude shipments to territories.
February 1929.
Daily Av.
Daily Av.
March 31
1929.
At Refineries(and in coastwise transit thereto)
Reported by location of storage:
East coast-Domestic
Foreign
Appalachian
Indiana, Illinois, Kentucky, &c
Oklahoma, Kansas, Missouri, &c
Texas-Inland
-Domestic
Gulf coast
Foreign
Arkansas and Inland Louisiana
-Domestic
Louisiana Gulf coast
Foreign
Rocky Mountain
9,050,000
6,380,000
2,496,000
2,930,000
5,920.000
1,592,000
8,417,000
392,000
1,310,000
2,986,000
2,316,000
2,108,000
9,129,000
5.690,000
2.358.000
2,839,000
5,982,000
1,855,000
8,190,000
273,000
1,260,000
3.103,000
1,845,000
2,066,000
8,706,000
5,414,000
2,060,000
3,015,000
5,759,000
1,665,000
7,868,000
383,000
654.000
5,859,000
1,080.000
1,655,000
46,257,000 44,590,000 44,118,000
Total east of California
Elsewhere than at Refineries
Domestic-Reported by field of origin:
Appalachian-N. Y., Pa., W. Va., Gross 4,986,000 4,907,000 6,489,000
4,695,000 4,624,000 6,181,000
Eastern and Central Ohio
Net
962,000 1,249,000
Gross
944,000
Kentucky
815,000 1,121,000
798,000
Net
1,268,000 1,390,000
Lima-Indiana
Gross 1,177,000
994,000 1,085,000 1,210,000
Net
Illinois-S. W.Indiana
Gross 12.001,000 11,920,000 12,711,000
11,343.000 11,254,000 12,208,000
Net
Mid-Continent-Oklahoma, Kansas, Gross 258,714,000 257,085,000 247,366,000
Central, North and West Texas_
Net 246.035,000 244,863,000 234.531.000
Northern Louisiana and Arkansas_
Gross 27,995,000 28,642,000 28,717,000
25,212,000 25,842,000 25,677,000
Net
Gulf coast
Gross 19,902,000 18,814,000 17,153,000
Net
19,901,000 18,344,000 16,779,000
Rocky Mountain
Gross 24,973,000 25,153,000 27.346.000
Net
24,942,000 25,119.000 27,304,000
Total plpe-line and tank-farm!Gross 350,692,000 348,751.000 342,421,000
stocks east of California
(Net 333,110,000 331,946,000 325,011,000
69,000
233,000
83,000
320,000
75,000
45,000
292,000
Foreign crude petroleum on Atlantic coast__
Foreign crude petroleum on Gulf Coast
403,000
120,000
Total refinery, plpe-line and tank-farm
stocks of domestic and foreign crude
Petroleum east of California
379,659,000 376,939,000 369.249,000
Classification by Gravity (Approximate)
East of California:
Light crude (24 deg. and above)
Heavy crude (below 2 deg.)
4
327,634,000 325,766.000 318,071,000
52,025,000 51,173,000 51,178,000
California-Light
Heavy (Including fuel)
24,067,000 21,810,000 19,633,000
100,504,000 99,284,000 94,484,000
Producer's Stocks (not included above approx.)
East of California
California
7,550,000
1.851,000
7.500,000
1.863,000
NUMBER OF PRODUCING OIL WELLS COMPLETED.y
Jan.
-Mar. 1928.
March 1929.
February 1929.
Jan.
-Mar. 1929.
2,549
1,074
1,086
3,365
Y For States east of California from "Oil & Gas Journal"; for California, from the
American Petroleum Institute.
SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES (BARRELS).
March
1929.
Crude oil
Refined products:
Gasoline
Gas oil
Fuel oil
Lubricants
Asphalt
Total refined products
February
1929.
Jan.-hfar,
1929.
Jan.
-Mar.
1928.
155,000
241,000
396,000
1,072,000
1.550,000
480,000
51.000
1,000
3,000
1,735,000
343.000
8,000
2,000
3,000
5,108.000
1,157,000
59,000
5,000
9,000
3,132,000
661.000
277,000
155,000
9,000
9(IRA MI
9 MI MR
A RRR non
4 924 MA
2912
[VoL. 128.
FINANCIAL CHRONICLE
INDICATED DELIVERIES OF CRUDE PETROLEUM, EXCLUSIVE OF
CALIFORNIA GRADES, TO DOMESTIC CONSUMERS (BBLS.).
March 1929.
Total.
Daily Av.
February 1929.
Total.
Daily Av.
Jan.
-Mar. Jan -Mar.
1929.
1928.
Domes. pelro.
by fields of
originAppalachlan___ 2,581,000
83,300 2,390,000
85,400 7,577.000 7,484.000
Lima-Indiana _
219,000
7,100
325,000
129.000
503,000
4,600
Michigan
145,000
90,000
4.700
130,000
4,600
434.000
Ill.& S. W.Ind.
589,000
19,000
592,000
21,200 1,825,000 1.840,000
Mid-Continent 47,573.000 1,534,600 42,120,000 1,504,300 135,923,000 118,645.000
Gulf coast _
3,603.000 116,200 4,064,000 145.100 11,656,000 11.706,000
Rocky Mtn_ _ _ 2,316,000
74,700 2,080,000
74.300 8,790,000 7.045,000
Deliveries dr
exports_ - 57,026.000 1.839,600 51.505,000 1,839,500 164,708,000 147,135,000
Deliveries_ _ 55,883,000 1,802,700 0,603,000 1,807,200 161.395,000 144,763,000
Foreign petrol_ 6,901,000 222,600 6,949,000 248,200 21,848,000 18,989,000
529,665 short tons, as compared with 429,935 short tons in
the same period in 1928. A comparative table follows:
MONTHLY COPPER PRODUCTION (IN SHORT TONS).'
(By principal countries of the world, which furnished about 98% of world's total.)
Monthly Production.
Daily Hale.
1927.
January
February
March
April
May
June
July
August
September
October
November
December
1928.
1929.
1927.
1928.
1929.
142,337
132,870
136,347
135,729
139,114
134,243
132,186
135,015
133,291
145,278
141,975
148,981
140,546
144,546
144,843
143,427
153,414
156,474
153,1911
158,838
154,518
173.623
180,813
176,240
175,783
164,090
189,792
4,624
4,745
4,398
4,324
4,488
4,475
4,264
4,355
4,443
4,686
4,733
4,805
4,534
4.984
4,672
4,781
4,940
5,216
4,942
5,124
5,151
5.601
6,027
5,685
5,670
5,860
6,122
1,658.346
138,198
1,880,471
156,706
529,685
176,555
4,543
5,138
5,884
Deliveries of domestic& for'n
petroleum__ _ 62.784,000 2.025.300 57.552,000 2,055,400 183,243.000 163.752.000
Total
Monthly average
STOCKS HELD BY THE REFINING COMPANIES IN THE UNITED STATES
MARCH 31 1929 (IN BARRELS).
x Table includes production by the United States, Mexico, Canada, Chile and
Peru,Japan. Australia. Europe (partly estimated) and Belgian Congo.
Gas and
Gasoline. Kerosene. Fuel Oils.
Lubricants.
East coast
Appalachian
Indian. Illinois, Kentucky, Zrc
Oklahoma, Kansas, Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California
6.541,000 1,153,000 4.600,000 2,908.000
2.007,000 286,000 1,024,000 1,236.000
8,415,000 657,000 2.104,000 742,000
5,849,000 595.000 4,683,000 525,000
7,308,000 1,367,000 11,338,000 2,254,000
3.119.000 697,000 5,370.000 113,000
2,673,000 283,000 1,976,000 183.000
892,000
11,293,000 2,817,000
Total
Total Feb. 28 1929
Texas Gulf coast
Louisiana Gulf coast
47,205,000 7,855,000 a30,195,000 8,853,000
45.704,000 8,210,000 a30,118,000 8,534,000
6,322,000 1,274,000 8,620.000 2,189.000
2.848,000 674.000 4.208,000 109.000
Was
Pounds.
Bast coast
Appalachian
Indiana, Illinois, Kentucky, dic
Oklahoma, Kansas, Missouri_
Texas
Louisiana and Arkansas
Rocky Mountain
California
UnfinOiled
Oils
(Bbli.).
69.405,000 22,500 107,100
16,912,000 2,600
400
15.432,000 27,600 47,500
7,933,000 67,100 2,000
10,008.000 147,100 8,500
17,715,000 55,600 32,800
20,999,000 79,800 6.600
100 45,200
53,000
61,000
199,000
52,000
15,000
98,000
32.000
181,000
7,967,000
1,408.000
3,615.000
2,124,000
10,877,000
2,504,000
1,540,000
b8.438,000
158,404,000 402,400250.100
140.053,000 388,100 235,600
9.737,000 138.700 8,400
17 715 01)11 CC snn 905011
Total
Total Feb. 28 1929
Texas Gulf coast
Lentsiser. ChM enaat
a East of California.
Other
Finished
Coke Asphalt Products
(Tons). (Tons). (Barrels).
691,000
652,000
8,000
38,471,000
38,170,000
9,177,000
112(010
2 096 000
b Includes 1,676,000 barrels tops in storage.
Non-Ferrous Metals Show Little Change-Copper Holds
at 18 Cents, Delivered in East.
Quiet prevailed in non-ferrous metals in the past week,
but prices underwent little change. Sellers are content to
wait until demand manifests itself rather than force metal
on an unwilling market by cutting prices, "Engineering and
Mining Journal" reports. The paper goes on to say:
The volume of copper sold was only nominal, with virtually all of the
business going to the custom smelters. The large producers'are not selling
anything at all. The price continues at 18 cents a pound, delivered at
usual Connecticut points. With larger supplies expected to be available,
copper buyers may resume their former practice of buying for delivery
Inside of 60 days, in which case business seems unlikely to pick up neich
before June. Foreign sales in April were exceedingly small, the export
market being much quieter even than the domestic market.
London lead quotations are fairly stable, and production statistics recently
released show a considerably lessened output, all of which tends to improve
the statistical situation and is indicative of a period of price stability. Sales
of lead in the East have been at 7 cents, and in the Middle West at 6.80
cents a pound.
Most producers of zinc quote 6.80 cents, St. Louis. Some business went
through as low as 6.55 cents. Buying interest In zinc has been small.
Tin prices were unsettled, though the final quotations reveal little net
change for the week.
Gary Memorial Medal Awarded to James A. Farrell.
At the meeting of the directors of the American Iron &
Steel Institute held on Friday, April 26, on recommendation
of the committee on award, the first award of the Gary
memorial medal was made to James A. Farrell for distinguished achievement in the iron and steel industry. The
presentation of the medal will be made at the banquet in
the evening of the spring meeting of the Institute, May 24.
World's Production of Copper at New High Level.
According to the American Bureau of Metal Statistics,
the copper output for the month of March, by principal
countries of the world which furnished about 98% of the
total, amounted to 189,792 short tons, a new high record,
and compares with 164,090 tons in the preceding month
and 144,843 tons in the month of March 1928. The daily
rate of production for these countries in March 1929 was
6,122 short tons, as against 4,672 tons in the corresponding
month last year and 5,860 tons in February 1929. Production of non-reporting countries is reported at 3,000 tons
per month.
The total output for the three months ended March 31
1929 (excluding non-reporting countries), amounted to
American Iron & Steel Institute's Survey of Capacities.
The survey of capacities which is made annually by the
American Iron & Steel Institute has been completed and
shows the following results, according to an announcement
by the Institute on April 23:
ANNUAL CAPACITIES AS OF DEC. 31 1928.
Pie Iron and Ferro-Alloys.
Pig iron
Ferro-alloys (capacity of blast furnaces only)
51,233,895
Total pig iron and ferro-alloys
STEEL INGOTS AND STEEL CASTINGS.
Steel Ingots.
51,389,625
hearth
Basic open
1,088,185
Acid openhearth
8,513,000
Bessemer
741,670
Electric
26,986
Crucible
Total
50,531,865
702,230
61,759,466
Steel Castings.
780,175
693,715
49,188
499,450
2,395
2,024,922
Estimated Reports Show Further Gain in April Pig
Iron Output.
Telegraphic returns to the "Iron Age" on April 30 from
all active furnaces show that estimates, made by the companies, indicate the month's production as approximately
3,656,900 gross tons. This is a daily rate of about 121,900
tons. Compared with March, when the daily rate was
119,822 tons, the April rate is a gain of 2,078 tons per day,
or 1.74%. The April rate was the largest this year. The
next highest record was 122,548 tons por day in June 1923
which was the second largest on record. In April 1928, the
daily rate was 106,103 tons.
According to these preliminary returns, there were nine
furnaces blown in and six shut down, a net gain of three for
the month. At the end of April there were 215 furnaces
active. The gain was mainly in steel-making furnaces
the Steel corporation blew in seven and independent steel
companies two. Five stacks were shut down by independent
steel companies while only one merchant furnace was blown
out. No Steel corporation stacks were shut down. There
was thus a net gain for the month of three steel-making
furnaces.
Actual data for the April pig iron production:will be published next week.
Steel Output Continued at High Level-Pig Iron Production at Higher Rate-Price of Pig Iron Again
Advances.
The daily rate of pig iron production in April exceeded
that of the previous month, replacing the March average
as the third highest on record reports the "Iron Ago" of May
2. Steel ingot output, for which figures are not yet available
probably also showed a gain over March in daily rate, and
possibly in total tonnage for the month, continues the
"Ago," adding:
Despite record shipments, the inflow of steel business shows little reduction in volume, pointing to well sustained mill operations through most
of the remainder of this quarter. Indications of seasonal curtailment are
still almost entirely lacking lending support to the view that any such letup
will come later than usual and will be proportionately less pronounced.
Pig iron output in April, as estimated from telegraphic returns to the
"Iron Age," was 3,656,900 tons, or 121,900 tons a day, compared with
3,714,473 tons, or 119,822 tons daily, in March. The aveage showed a
gain of 2,078 tons, or 1.74% over that of the previous month, and has been
exceeded only in June and May 1923. On April 30 furnaces in blast numbered 215 compared with 212 on April 1. Nine steel works stacks were
blown in and one merchant and five steel company furnaces were put out.
The buoyancy of steel demand is impressive. Deliveries from mills In the
Chicago district are still extending, and an Increasing volume of overlfow
business from that area is reaching other markets. Two cargoes of finished
steel from a Lake Erie mill have been unloaded at Chicago and a schedule
has been arranged calling for the delivery of a boatload every four days.
Shipments last year were at the rate of one vessel weekly.
The shortage of plates in the Chicago territory has caused a leading consumer to place round tonnages with an Ohio mill and an eastern Pennsylvania producer.
MAY 41929.]
FINANCIAL CHRONICLE
The industry is not merely benefiting from surplus Western demands,
but also finds support in other directions. Builders of railroad equipment
and barges and fabricators of structural steel are placing heavier specifications for plates and shapes. Tin plate production has been stepped up, now
ranging from 96% for the leading interest to rated capacity or higher for
Independents, and some large consumers have already overspecified their
second quarter contract tonnages. Deliveries on automobile steels show
virtually no improvement, with some makers of body sheets fully committed into July and August. Wire products and tubular goods, although
less active than other materials, are nevertheless feeling a seasonal gain in
demand.
For the industry as a whole, unfilled orders on May 1 will show little, if
any, decline from those of a month ago. The unfilled tonnage of the Bethlehem Steel Corp., as of April 25, was actually larger than that of March 31,
according to an announcement by President Grace. Figures for the United
States Steel Corp. are not yet available, but are likely to be unusually
favorable. Incoming orders have been running neck and neck with shipments. which have been averaging 54,000 tons daily, the highest rate
since
1920.
With shipments and production practically at capacity, the retention
of a
backlog closely approaching the total of 4,411,000 tons reported on March
31 will give further assurance of a continuance of the excellent earnings of
the
first quarter. Total net earnings for that period, at $60,105.000, were the
largest since the second quarter of 1918,a war year. Surplus for the quarter,
after payments of dividends, interest on bonds and all other expenses, was
more than half the total for 1928.
The shortage of crude steel, although still acute, has not seriously affected
mill operations except in the Chicago district, where tonnage is being
allocated among the various finishing departments. Three additional sales
of ingots. totaling 10.000 tons, were made during the week.
A few automobile companies have curtailed operations to bring out new
models, but most motor car builders have announced schedules calling for a
high rate of production through May and into June. Fabricated structural
steel awards, at 43,500 tons, exceed those of the previous week by 10,000
tons, although falling considerably short of recent record totals. Pending
railroad equipment business has been augmented by an inquiry for 500
automobile cars for the Nickel Plate, The Norfolk & Western will build
600 in Its own shops.
The pig iron market is quiet except in the Chicago district, where buyers
are placing contracts for the third quarter. In some instances they are
asking that shipments be begun in June,indicating that they underestimated
their requirements for the current quarter.
Scrap has shown further weakness, heavy melting grade declining 25c.
a ton at both Pittsburgh and Chicago.
A German dispatch to the "Iron Age" reports the purchase of
$1,750.000
worth of machine tools in this country for the Opel automobile works,
in
which the General Motors Corp. recently acquired an interest.
Straits tin fell during the week to 43.75c. a lb.. New York, the lowest
price since July 10 1923.
A slight advance in the "Iron Age" pig iron composite brings
it to $18.58,
just lc. a ton below the peak price of 1928. reached in the
fourth week of
last November, and the highest average since that time.
The finished steel
composite is unchanged at 2.412c. a lb., as shown by the following
tables:
Finished Steel,
Pig Iron.
April 30 1929, 2.412c. a Lb.
April 30 1929, $18.54 a Gross Ton.
One week ago
2.412e. One week ago
$18.54
One mouth ago
2.4120. One month ago
18.46
One year ago
2.355c. One year ago
17.59
10-year pre-war average
1 6890. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates.
Based on average of basic iron at Valley
wire nails, black pipe and black sheets. furnace and foundry
These products make 87% of the United Philadelphia. Buffalo,irons at Chicago,
Valley and 132rStates output of finished steel.
High.
Low.
High,
Low.
1929_2.412c. Apr. 2 2.391o. Jan, 8 1929___$18.54 Apr. 9 $18.29 Mar. 19
1928_2.391c, Dec. 11 2.314c. Jan, 3 1928___ 18.59 Nov.27 17.04 July 24
1927_2.453c. Jan. 4 2.293o, Oct. 25 1927- 19.71 Jan, 4 17.54 Nov. 1
1926_2.453o. Jan. 5 2.403o, May 18 1926_ 21.54 Jan. 5 19.46 July 13
1925._2.560c, Jan, 6 2.396c, Aug. 18 1925-- 22.50 Jan, 13 18.96 July 7
2913
Over their range of products sheet
-makers note no marked variation in
demand. Specifications for the higher finishes are substantially as heavy
for May as they were for April delivery. Strip mills at Pittsburgh have cut
down their backlogs slightly, but at Chicago cold strip needs exceed shipments. Farm country buying of wire products has exceeded expectations
and jobbers orders have been expanding.
Car-builders are taking as much steel as makers of plates and light shapes
can ship them. With the Chicago & North Western likely to defer action
on its inquiry for 2,500 cars, approximately 6,300 freight and 200 passenger
cars are now pending, requiring in all 150,000 tons of steel. The week's
awards include 500 by the Norfolk & Western and 150 by Northern Refrigerating Co.
Structural steel awards in the past week approximated 65,000 tons,
compared with 33,000 tons last week and a weekly average of '41,700
tons for 1929 to date. New York subways have taken 16,000 tons, and
electrification work of the Pennsylvania railroad 6,600 tons. Bids on
fabricated and erected structural steel are sharply competitive. Highway
construction is beginning to take round lots of reinforcing bans.
Subsidiaries of the United States Steel Corp. are operating this week at
100 to 103% of practical capacity. It is noteworthy that of the eight steelworks blast furnace stacks lighted in April, six were at Corporation plants
and no Corporation stack was blown out. Independent producers are
averaging close to 99% this week. Chicago district operations have rebounded to 98%,but necessary repairs threaten.
Rarely has an iron ore season on the Great Lakes got under way so
swiftly. It is estimated that from 1,500.000 to 2,000.000 tons was shipped
in April, contrasted with only 5.946 tons last April.
Higher prices on pig iron in Eastern Pennsylvania have lifted the "Iron
Trade Review" composite of 14 leading products three cents this week.
to $37.07, its highest in 28 months.
Leading steel companies made further increases in their
operations during the past week, and ,the U. S. Steel Corp.
as well as the Bethlehem Steel Corp. are credited with being
at about 103% of the rated capacity at present, says the
Wall Street "Journal" of April 30. This is an unusual situation and indicates the activity in the industry. It also
means that for April the larger steel concerns had remarkably favorable earnings, the "Journal" adds, further stating:
For the United States Steel Corp. the present rate is a gain of nearly
3% over the preceding week, when the big interest was running at 100%.
Two weeks ago the corporation was at 96%•
Independent steel companies increased their activities to better than
99%, due to the big jump by the Bethlehem Corp. and by other large
units. This compares with 96% in the two preceding weeks.
For the industry a new high record has been established. Figured on the
basis of these weekly reports in the past the industry is now running at
around 101% of the rated capacity, against a shade below 98% in the previous week and about 96% two weeks ago.
It is now quite certain that the ingot production in April was larger
than the record established in March, when the output was placed at
194,199 tons per day, for a total of 5,049,176 tons. At that time it was
expected that the March figures would stand as a record for a long time.
Since the close of last month the larger steel companies have been steadily
expanding their activities, so that now it is generally estimated that a fair
sized gain will be recorded in the production for April, making that month
the record which may hold at least for the current year.
At this time last year the industry was working along at a much lower
rate, the average being placed at about 85%, with the Steel Corp.running
at a fraction over 90% and the independents at apprcadmately 80%•
None of the steel authorities look for any further increase in activities.
They expect to see a gradual letting down of operations shortly. However.
this view was also expressed several weeks ago, and since that time the
rate of production has gone up much further.
The "American Metal Market" this week says:
Pig iron production declined fractionally in April, but the
According to trade estimates
at a trifle above
net gain of three active stacks in the month may presage a full rated capacity, which meanssteel ingot production is hard driving and
that many units, under
comeback in May, the "Iron Trade Review" of Cleveland with exceptionally favorable weather conditions, are exceeding their normal
on May 2 said. Preliminary estimates place the April daily full tonnages, for there remains a little slackness in Bessemer steel prorate at 118,154 gross tons, compared with 119,662 tons in duction, demand not running so much to that grade at present:
March and 106,066 tons last April. So close is last month's
rate to the record for April-118,210 tons in 1923-that final Bituminous Coal, Anthracite and Beehive Coke Production Increases.
figure may establish an April record, adds the "Review,"
According to the U. S. Bureau of Mines, the outputiof
which further goes on to say:
April total production is estimated at 3,544,620 tons, compared with bituminous coal for the week ended April 20 1929, increased
3,709,518 tons in March, which was a longer month, and 3,181,975 tons over the preceding week by 401,000 net tons and over the
last April. The four-month output of 13,905,542 tons is a record for
the corresponding period last year by 731,000 tons. The properiod. In April, eight steel works stacks were blown in and four were
blown out; two merchant stacks were dropped and one was lighted. The duction of Pennsylvania anthracite for the week ended April
216 stacks active as of April 30 was the greatest number since April 1927.
20 last amounted to 1,423,000 net tons,an increase of 281,000
In steel the trend in buying continues moderately downward, with the
tons over the previous week, but was 182,000 tons lower than
Chicago district, for several weeks an exception, now in line on
some
products. But so insistent is the pressure for prompt steel and so wide is the the figure for the week ended April 21 1928. The total outgap between booking and shipping, especially on bars, plates, sheets and put of beehive coke for the week under review is estimated
strip, that this tendency is scarcely reflected in production and the mills
at 112,200 net tons and compares with 86,800 tons for the
have never entered a May with operating rates so high.
Shortage of semi-finished steel continues to handicap finishing mills at corresponding week last year and 105,100 tons for the week
Pittsburgh, Chicago and Youngstown, the recent advances not bringing ended April 13 1929. The Bureau's statement follows:
out additional supplies. Chicago continues to draw
plates from Cleveland
and Buffalo and forging bars from Pittsburgh. Water shipments to Detroit
are expanding. In the East, deliveries generally are easier.
Considering all districts, iron and steel prices are strong. Pig iron pro.
ducers in the valley district continue to apply their recent advances on
the current small sales. More lower lake iron than reported appears to
have been sold in the Chicago district, but without weakening the Chicago
market. Iron and steel scrap prices tend toward softness. Sheet bars at
Chicago and billets at Philadelphia are up $2. Finished steel prices generally
are steady. Some sheets have been sold for third quarter delivery with
price to be determined later.
A measure of plate activity is the fact that since December car builders
at Chicago have taken 900,000 tons, Including some bars and light shapes,
while a Milwaukee fabricator of welded pipe has required 800,000 tons.
On some sizes Chicago plate mills can deliver no sooner than 16 weeks.
Two steamers at New York call for 24,000 tons. Backlogs of Pittsburgh
plate mills lengthened in April.
Alloy steel cars appear to have suffered more than soft steel bars in whatever curtailment has taken place in automotive buying. Business of bar
makers varies according to their automobile-buying affiliations. Demand
for bars at Chicago has been less spirited, though deliveries continue as
distant as 13 to 16 weeks.
BITUMINOUS COAL.
The total production of soft coal during the week ended April .20 1929.
Including lignite and coal coked at the mines, is estimated at 8,648.0001net
tons. Compared with the output in the preceding week, this showean
Increase of 401,000 tons, or 4.9%. Production during the week in _1928
corresponding with that of April 20 amounted to 7,917,000 tons.
Estimated United States Production of Bituminous Coal(Na Tons), (Incl. Coal:Cototb•
1929-1928
-to bate.
Week.
to nate.a
West.
7.641,000 145,714,000
April 6
7,158,000 134,872.000
1,364,000
Daily average
1,777,000
1.256,000
1,647,000
8,247,000 153,961,000
April 13.b
7.415,000 1142,287,000
1.375.000
Daily average
000
1.750,0001,236,000. .
8,648,000 162,609,000
April 20_c
7,917,000 150.204,000
1,441,000
1.730,000
Daily average
1.600,000
1,320,000
a Minus one day's production first week in January to equalize number of days
In the two years. is Revised since last report. c Subject to revision.
framed
The total production of soft coal during the present calendar-year to
April 20 (approximately 94 working days) amounts to 162,609,000 net tons.
Figures for corresponding periods in other recent years are given below:
150,204,000 net tons 1926
1928
170,578,000 net tons
190,948,000 net tons i 1925
1927
151,896,000 net tons
2914
[VOL. 128.
FINANCIAL CHRONICLE
As shown by the revised figures above, the total production of soft coal
for the country as a whole during the week ended April 13 amounted to
8,247,000 net tons. This is an Increase of 608,000 tons, or 7.9%, over
the estimate for the preceding week when output was curtailed by the
'holiday on April I. The following table apportions the tonnage by States
and gives comparable figures for other recent years:
EsMasted Weekly Production of Coal by States (Net Tons).
Average
Week Ended
Ayr. 23
Apr. 16
Apr. 13
Ayr.
Apr,6
.14
1923.a
Sato1927.
1929.
1929
1928
412.000
361,000
Alabama
321,000
325,000
345,000
21,000
8,000
Arkansas
14,000
22,000
11,000
184,000
154,000
Colorado
143,000
168,000
128,000
52,000 1.471.000
Illinois
235,000
798,000
808,000
514,000
40,000
Indiana
249,000
261,000
197,000
100,000
17,000
Iowa
40,000
58,000
57.000
79,000
10,000
Kansas
40,000
24,000
22,000
620,000
934,000
Kentucky-Eastern
749,000
7,08.000
657,000
188,000
421,000
Western
187,000
185,000
336,000
52,000
51,000
Maryland
49,000
24,000
30.000
22,000
14,000
13,000
6,000
Michigan
11,000
59,000
12,000
51,000
Missouri
38,000
46,000
42,000
63,000
52,000
54,000
38,000
Montana
59,000
43.000
New Mexico
61,000
45,000
45,000
16,000
17,000
25.000
27,000
24,000
North Dakota
766,000
137,000
182,000
370,000
Ohio
319,000
49,000
54,000
34.000
29,000
Oklahoma
24,000
Pennsylvania (bitum.)___ 2,374,000 2,153,000 2,130,000 2,208,000 3,531,000
121,000
118,000
110,000
96,000
100,000
Tennessee
20,000
22,000
12,000
17,000
17,000
Texas
70,000
80,000
77,000
94,000
77,000
Utah
249,000
280,000
213,000
210,000
222,000
Virginia
35,000
47,000
37,000
33,000
-'42,000
Washington
W. Virginia-Southern b_ 1,563,000 1,436,000 1,507,000 1,922.000 1,293.000
741,000
815.000
628,000
566,000
Northern_c
600,000
116,000
84,000
110,000
82,000
107,000
Wyoming
6.000
6,000
3.000
1,000
1,000
Other states
Total bituminous coal__ 8,247,000 7,641,000 7,415,000 7,970,000 10,836,000
Pennsylvania anthracite-- 1?1.42,000 1,329.000 1,596,000 1.750,000 1,974,000
Total all coal
9,389,000 8,970,000 9,011,000 9,720.000 12,810,000.
a Average weekly rate for entire month. b Includes operations on 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
.
April 20 is estimated at 1,423,000 net tons, the highest weekly production
since March 2. Compared with the output in the preceding week, there
is an increase of 281,000 net tons, or 24.6%.
Estimated Production of Pennsylvania Anthracite (Net Tons).
19291928
Cal. Year
Cal. Year
to Date.
Week.
Week Endedto Date.s
Week.
1,329,000 20.380.000
April 6
1,503,000
18,015,000
April 13..b
1,142,000 21,522,000
1,596,000
19,611,000
1.423,000 22.945.000
April 20.c
1,605,000 21,216,000
a Less one day's production first week in January to equalize number of days in
two years. b Revised. c Subject to revision.
the
BEEHIVE COKE.
The total production of beehive coke during the week ended April 20 is
estimated!at 112,200 net tons as against 105,100 tons in the preceding week.
In the Connellsville region, according to the Connellsville "Courier," there
was a net decrease of fifty in the number of ovens fired during the week.
The following table apportions the tonnage by States:
Estimated Production of Beehive Coke (Net Tons).
Week Ended---1929
to
Apr.20 Apr. 13 Apr. 21
1928.
Date.
1929.
1929.b
90,500 83,000 65.200 1,411,800
Pennsylvania and Ohio
158,000
8,900
10,900
11,100
West Virginia
4,400
26,500
1,400
1.400
Georgia, Ky. and Tenn
78,700
4,300
5,300
5,300
Virginia
4,000
92,500
4,500
3,900
Colo. Utah and Wash
1928
to
Date.a
1,047,600
203,400
73,100
75,200
72,500
112,200 105,100 86,800 1,767,500 1,471,800
United States total
15,493
18,605
14,467
17,517
18.700
Daily average
a Minus one days production first week in January to equalize number of days
In the two years. b Subject to revision.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on May 1, made public by the Federal Reserve Board, and which deals with the results for the twelve
Reserve banks combined, shows increases for the week of
$11,300,000 in holdings of discounted bills, $29,200,000 in
bills bought in open market and of $900,000 in Government
securities. Member bank reserve deposits increased $45,600,000, Government deposits $3,000,000, cash reserves
$12,300,000 and Federal Reserve note circulation $11,100,000. Total bills and securities were $48,600,000 above the
amount held on April 24. After noting these facts, the
Federal Reserve Board proceeds as follows:
ing the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the mbmber banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week increased $40,000,000.
This follows an increase of $67,000,000 last week, bringing
the amount of these loans on May 1 1929 up to $5,532,000,000, or only 8261.000,000 below the high record in all time of
$5,793.000,000. reached on March 20 1929. On May 2 1928
the amount of these loans stood at $4.2f?..000.000.
Holdings of discounted bills decreased 115,300.000 at the Federal Reserve
Bank of New York and $11.800,000 at Philadelphia and increased $16.300.000 at Cleveland, $9,100,000 at Atlanta, $8.400.000 at Boston, $3.000.000
at Kansas City and $2,800,000 at Richmond. The System's holdings of
bills bought in open market increased $29,200,000, and Treasury notes
$4.200,000, while holdings of U. S. bonds declined $1,200,000 and Treasury
certificates $2,000,000.
Federal Reserve nore circulation increased $11,100,000 during the week,
Increases of 16.700.000 at New York, $2,700,000 at Boston and $2,300,000
each at cifleago and San Francisco being partly offset by a decrease of
$3.700.000 at Cleveland.
CONDITION OF WEEKLY REPORTING MEMBER RANKS IN CENTRAL
RESERVE CITIES
New York
•
May 11929, April 24 1929, May 2 1925
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 2950 and 2951. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended May 1, is as follows:
Investments-total
Increase (+) or Decrease (-)
During
Year.
Week.
May 1 1929.
Total reserves
Gold reserves
2,985,762,000
2,812,030.000
+12.346.000
+13,449,000
+117,312.000
+102.600.000
+48,644.000
-84,202,000
985,829,000 +11.316,000
Bills discounted, total
+6,745,000
Secured by U. S. Govt. obliga'ns 547,996,000
+4,571,000
437,832,000
Other bills discounted
+228.775.000
+37,744,000
+191,031,000
170,421,000
+29,246,000
-192,880,000
U. 8. Government securities, total 150,730.000
50,384.000
Bonds
84,478.000
Treasury notes
15,868,000
Certif cates of indebtedness
+948,000
-1.218,000
+4.152,000
-1,986,000
-141.572,000
-4,496,000
-16,408,000
-120.668.000
Federal Reserve notes in circulation_ _1,663,639,000
+11,078,000
Total bills and securities
BI ill bought in open market
Total deposits
Members' reserve deposits
Government deposits
1 329,245.000
7 332,000.000 7.253,000.000 7.319.000.000
Loans-total
5 478,000,000 5,410,000,000 5.470,000,000
On securities
All other
U.S. Government securities
Other securities
2 410,358,000 +60,274,000
2,335,817.000 +45,599,000
+3,038,000
33,892,000
2,777,000,000 2,707,000,000 2,851,000,000
2,699,000,000 2,702,000,000 2,619,000,000
1,856,000,000 1,844,000,000 1,349,000,000
1,074,000,000 1,079,000,000 1,064,000,000
782,000,000 765,000,000 785,000.000
745,000,000
52,000.000
Reserve with Fede-al Reserve Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
704,000,000
54,000,000
707,000,000
49,000,000
5,334,000,000 5,160,000,000 5,695,000.000
1,149,000,000 1,153,000.000 1,165,000,000
32,000,000
62,000,000
60.000,000
108,000.000
918,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank.. 157.000.000
93,000,000 124,000,000
795,000,000 1.107,000.000
177,000,000
180,000.000
Loans on se= ties to brokers and dealers
979,000,000 924,000,000 1,329,000.000
For own account
1,676,000,000 1,652,000,000 1,586,000.000
Fo account of out-of-town banks
2,876,000,000 2,916,000,000 1,366,000,000
For account of others
Total
On demand
On time
Loans and investments-total
Loans-total
5 532,000,000 5,492.000,000 4,282,000,000
5 141,000,000 5,077,000,000 3,270,000,000
391,000,000 415,000,000 1,011,000,000
Chicago.
2,030,000,000 2,027,000,000 2,051,000,000
1,600,000,000 1,593,000,000 1,526,000.000
+73,000,000
-83.163.000
-106.043,000
+13,892,000
of Member Banks for New York and Chicago
-Brokers' Loans.
Federal Reserve Districts
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 coverReturns
Loans and investments-total
897,000,000
703,000,000
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
434,000,000
525,000,000
187,000,000
247,000,000
237,000,000
288,000,000
170,000,000
15,000,000
U.S. Government securities
Other securities
826,000,000
700,000,000
187,000,000
242,000,000
Investments-total
890,000,000
704,000,000
429,000,000
On securities
All other
171,000,000
15,000,000
187.000,000
18,000,000
1,210,000.000 1,210,000,000 1,280,000,000
646.000,000 647.000,000 701,000.000
15,000,000
16,000,000
8,000.000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank.
178,000,000
325,000,000
157,000,000
310,000,000
186,000,000
380,000,000
26,000.000
20,000,000
34,000.000
• Revised. a 1928 figure in process of revision.
MAY
4 1929.]
FINANCIAL CHRONICLE
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were include with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only
a lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district, with loans and investments of $135,000,000 on Jan. 2,
which recently merged with a non-member bank.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business April 24:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on April 24 shows declines for the week
of $81,000,000 in loans and investments. $141,000,000 in net demand deposits. $4.000,000 in time deposits, $17,000,000 in Government deposits
and $31,000.000 in borrowings from Federal Reserve banks.
Loans on securities increased 633,000,000 at reporting banks in the
New York district and declined $29,000,000 in the Chicago district,
$5.000,000 each in the Richmond and Kansas City districts and $18,000,000
at all reporting banks. "All other" loans increased $8,000.000 in the
Chicago district and declined $16,000.000 in the New York district,
$10,000,000 in the Dallas district, and $26,000,000 at all reporting banks.
Holdings of U. S. Government securities declined $7,000,000 in the
New York district and 518,000,000 at all reporting banks, while holdings
of other securities declined $6,000,000 in the New York district and $22,000,000 at all reporting banks.
Net demand deposits, which at all reporting banks were $141,000,000
below the April 17 total, decreased $49,000.000 in the New York district,
$38,000,000 in the Chicago district. $12,000,000 each in the Philadelphia
and San Franc,sco districts, and 610,000,000 in the Boston district. Time
deposits increased $5,000,000 each in the New York and Chicago districts
and decreased $9,000,000 in the Philadelphia district, $5,000,000 in the
Boston distnct and $4,000,000 at all report.ng banks.
The principal changes in borrowings from Federal Reserve banks for
the week comprises decreases of $15,000,000 at the Federal Reserve Bank
of Cleveland,$8,000,000 at St. Louis.$6,000,000 at Chicago, and 54,000,000
at Richmond.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
April 24 1929, follows:
Increase 1+) or Decrease (—)
Since
April 24 1929. April 17 1929. April 25 1928,
$
$
$
Loans and Investments—total_ _22.259.000,000
—81,000.000 +341,000,000
Loans—total
16,388,000,000
—43,000,000 +617,000,000
On securities
All other
7.335,000.000
9.052,000,000
*-18,000,000
*-26,000,000
+386,000,000
+230,000,000
5,871,000.000
—38.000,000
—276,000,000
U.S. Government securities__ _ 3,002,000,000
Other securities
2,868,000,000
—18,000,000
—22,000,000
. +3,000,000
—280.000,000
Reserve with Federal Res've banks 1,658,000,000
Cash in vault
235,000,000
—13,000,000
+8.000,000
—139,000.000
—7.000,000
12,977,000,000
6,775,000,000
148,000,000
—141,000,000
—4,000.000
—17,000,000
—730,000.000
—28,000,000
+31,000.000
1,076,000,000
2,542,000,000
—62.000,000
—183,000,000
—47.000.000
—503,000,000
608,000,000
—31,000,000
+153,000.000
Investments—total
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
*April 17 figures revised.
Summary of Conditions in World's Market, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication May 4 the following summary of market conditions abroad, based on advices by cable and radio:
2915
tricts; and a continued heavy demand for medium capacity trucks. The
textile market was quiet, owing to the fact that the cold weather has but
arrived. Import orders are principally for winter goods, the summer.
buying season, except for bathing suits, being over.
BOLIVA.
The improvement in Bolivian trade noted during the imMedlatehr
preceding months of the year failed to be maintained during April and the"
general business situation during the month was unfavorable. Sales
certain specialized lines such as automotive products continued to show
strength but hardwood, groceries and textiles slumped considerably. The
textile industry is practically paralyzed it is declared by the heavy Import
duties put into effect on April 15. The trade in foodstuffs, with the creep.'
tion of sugar has declined as a result of the large crops now being harvested.
The decline in retail sales is further emphasized by a 50% decline in sales'
and business is facing a period of credit stringency which threatens many'
small firms with bankruptcy. Congress is reported intending to raise
present import duties on luxuries such as automobiles, liquors, silks, et
cetera, 100%, and commercial firms whose business would be affected by
such increases are gravely concerned. The bill creating a domestic sugar
industry protected by a high import tariff became a law on March 20
although not reported until April 24. Tin prices continued to decline during
the month. Some recovery took place near the close of the month. If tip
prices continue to recede much further all except the three principal producers will have to shut down it is believed.
BRAZIL.
General business continues to be slow and the credit situation serious.
the month was firm after having opened weak_
Exchange at the close of
The average up to April 28 was 8,475 milreis for eight dollars. The serious
weakness of the early part of the month was curbed by the reported acquisition of a £5,000,000 six month's credit with an option for £15,000,000 loan,
at the expiration of the other credit. The money crisis early this month.
was reported the most serious from a banking standpoint in many years.
The Bank of Brazil's policy is to weed out firms underserving of further
credit in order to liquidate direct discount business for the purpose of
eventually operating rediscounts only. Steps are already being taken in
this direction and the process is expected to precipitate additional failures
from weak elements during the next six months. There were many failures
in April, including two large concerns, both of the textile business. A
stringent money condition continues with the Bank of Brazil holding a
large percentage of the circulating medium inactive. The Bank of Brazil
s making loans only in exceptional cases of deserving houses. Money rate
vary from 12 to 15% with reports from the interior showing that short
term loans are bringing much higher rates. Banks are paying as high as
12%.
CANADA.
Improved wholesale demand in the Maritime Provinces and a weaker
trend in copper and lead ingot prices were the outstanding developments.
in the Dominion during the week ended April 26. Winnipeg reports somewhat better rural collections although city collections are said to be very
slow. The general commodity movement however remains very satisfactory in all districts. The hardware continues particularly strong and
reports an excellent volume of spring business. Commercial failures for the
first quarter of 1929 increased in number although the liabilities and meets
were lower than for the corresponding period in 1928.
CHILE.
The general economic situation during April continued to be very satisfactory and the outlook is promising. The growing shortage of labor is forcing wage scales steadily upwards. Large construction activities, good
crops at better prices, and the foreign demand for and hiz;11 prices of copper.
all contributed to increased merchandise sales during the month. Money
conditions showed a further tightening. Bank discount for commercial
paper have been further increased
to %. Deposits are averaging lower
and brokers loans are more numerous at advancing rates. The movement
of shares on the stock exchange for the first 20 days of April gain exceeded
the volume of transactions for the equivalent period of the previous month.
Transactions in bonds were 40% higher than in March. Bonds were several'
points below the quotations of last month but shares have been above.
principally the result of the movement of mining stocks and firmness of
industrials. Collections in Santiago showed little change but are becoming
more difficult in the rural sections. Central bank discount rates remained
unchanged during the month. Government monetary issues as of April 19'
amounted to 5,088,642 pesos and the circulation of Central bank notesas of the same date totaled 361,649,290 pesos. Despite the better returnsand the greater borrowing facilities available, agricultural interests complain.
of the lack of funds and high interest rates. Manufacturing industries
continue to report a very active demand, as well ass large number of orders.
on band.
CHINA.
General trade conditions in the Shanghai and Yangtze areas have considerably improved, following the conclusion of military campaigns in the
Yangtze Valley and in Eastern Shantung. Conclusion of the military campaign in Hupeh and Hunan Provindes is also helpful to trade, and stepr
are now being taken by the Ministry of Finance to reorganize the financial
condition and remove existing trade impediments in those provinces. The
Hankow branch of the Bank of Communications was reported opened on
April 1 and the Central Bank of China on April 25. Operations of the
Nanking Government mint were resumed on April 13, coining 150,000
dollar coins each day. Moderate rains occurring in North China Ore
promise of a fairly normal wheat crop. Rains are not yet affecting the
Elai-ho River, which is now navigable to Tientsin only by vessels drawing
under eight feet. The amelioration scheme for controlling the Hai
-ho is
not yet under way, and plans are being made for dredging operations to.
start soon.
COLOMBIA.
Business conditions in Colombia are dull and prospects for an early Improvement are not promising. There is still a tightening of credit and bank
collections are slow. The number of drafts protested in Bogota continue
to mount and imports into the country continue to decline. The Magdalena
river is good with a freight moving normally.
.
ARGENTINA.
COSTA RICA.
Business throughout the month was good. General rains have put the
Although coffee prices are lower than last season, with much wider
soil in a satisfactory condition for late ploughing and for winter alfalfa. differentials
in grades and brands, the unexpected increase in the crop.
The corncrop is better than the first reports indicated but the almost coin- which
was estimated at 4% larger than last season, and the resumption of
complete failure of the crop reported in the dry farming belt is causing hog railway traffic
with Port Limon have added a feeling of optimism to the
raisers in that region to throw on the market an unusually large number of fundamentally
sound condition. • With money now being available tehogs in order to avoid fattening them on corn from other sections. The coffee growers,
this is the season of liquidation by merchants rather than'
appointment of three directors on the National Mortgage Bank will permit one of
purchasing. Collections are not as good as usual, but are somewhat
this institution to function again after several months of inaction. Auto- better than
in March. Road building activities which were recently
motive imports continued to be heavy. The outstanding facts noted in this commenced,
are now giving employment to about 2,000 men. The exchange
connection are a greater preference for open cars, a diminution in the number rate
remains at the rate of four colones to the dollar, where it has been sham
of second-hand cars as a result of distributors sales efforts in country dis- 1924.
2916
FINANCIAL CHRONICLE
CUBA.
The dullness which has characterized business during the past several
months continued throughout April, with no variation of single importance.
Trade is at a low point and appears to be running at an even tenor. The
failure of one of the largest merchant houses in Matanzas during the month
was a development which reflected the culminative effect of the prolonged
depression rather than a recent adverse trend of business. Sugar grinding
continued at a high rate during the month, although about half the total
number of mills finished their work for the current season. On April 24,
about 75 of the 163 mills grinding, had cased operation and on April 20,
approximately 4,685.000 long tons of raw sugar had been fabricated, as
compared with a final output slightly in excess of 4,000,000 tons last year.
The average price in Cuba during the first half of April revealed a further
sagging.
DENMARK.
Danish industry, including building and outdoor activity, is showing
fundamental and seasonal improvement and gradually overcoming the
adverse effects of the past severe winter. Unemployment although still a
serious problem was markedly reduced during April and at the end of the
month was estimated at 48,000 compared with 70,000 at the close of March
and 53,000 in April 1928. The major branches of industry continue to show
limited improvement while the leather, textile and footweat industries
remain at a relatively low level of production. Shipping is fully occupied
although quotations on freight rates show a slight downward tendency.
The April production remains exceptionally high for the principal agricultural products such as butter, egg and meat, while the output of bacon
was very low. Agricultural exports were high, but prices were not very
satisfactory with the exception of prices on bacon which rose sharply. Imports and exports remain high.
[Vol.. 128.
Sugar production in April was at a slightly higher rate than in March
and the output was estimated locally at 11,000 long tons, bringing the total
production to May 1, to about 38,000 tons.
JAPAN.
General business remains dull. Discussion is increasing in the local
press on the advisability of removal of the gold embargo, resulting in severe
declines in stock and bond prices. Stock prices are the lowest since July
1927. Foreign exchange is as yet unaffedted. Despite a lower domestic
rate on account of the speculative possibility of yen enhancement, the
Taiwan Electric Power Co. is considering floating in foreign markets the
recent Government-guaranteed loan of 49,000,000 yen (approximately
$21,800,000). It is reported that a thousand tons of Argentine wheat is enroute to Japan.
MEXICO.
Business in general was dull during April, although showing a marked
improvement over March. While military operations are now practically
confined to the state of Sonora,economic conditions throughout the country •
are still below normal and unemployment is widespread as a result of the
reduced activities of nearly all important industries. The government
of the Federal District is encouraging public improvements and the repainting of buildings at Mexico City, with the view of providing work
for the unemployed. Improvement of communication facilities continues.
Long distance telephone service between Mexico City. Queretaro, and
San Luis Potosi was inaugurated during April. One of the local telephone
companies is installing new equipment at Mexico City, and is extending
its service. Great interest in aviation continues and service is constantly
being expanded. It is reported that sales of radio equipment have been
good during the winter. However, the market usually .declines during
the rainy season.
DOMINICAN REPUBLIC.
NEW ZEALAND.
The trend of business continued upward in April and conditions in general
Distribution of funds by dairy factories in New Zealand is stimulating
showed a alight improvement over March. Imports in the northern district business there considerably, particularly in rural districts, as payments
were above normal in the first quarter and have continued high during the this
season exceed those of the previous one by a considerable margin. The
present month, but no marked increase has occurred through southern general impression prevails throughout the country at present that business
ports where importers appear to be marking time. Reflecting the higher will continue active through the coming winter. Textile distributors have
level of imports, customs returns for April were greater than in March and been busy since the season opened,and boot and shoe importers are reported
in April, 1928. A seasonal decline in business in the eastern part of the to be placing heavy forward orders. Lumber continues quiet, with local
country may be expected shortly. Collections are still poor in the northern mills
affected by imports. Brick and cement works are active. A firmer
and western sections, but somewhat easier in Santo Domingo and are
tone prevail with dried fruits. Conditions in the automotive trade ase
improved in the central district and at Macoris. A further improvement satisfactory, with sales improving and stocks adequate.
Is anticipated as crop shipments continue. There is a fair amount of
NICARAGUA.
private construction in southern districts, but in the north there is little
activity in this llne and building trades are very slow. Labor conditions in
Business conditions In Nicaragua continue fair, although the usual
the Puerto Plata district have improved slightly so far this year. Rural labor seasonal drop in retail sales is beginning. On April 4 circulation of the
Is finding ample employment, but conditions in the urban centers are unset- cordoba reached its highest point, viz., 4,488,000, but the number has
tled partly owing to the lessened activity in building. Some improvement since declined to 4,270,000.
is expected when the tgbacco crop reaches the market in volume.
NORWAY.
ECUADOR.
One of the most encouraging factors, in the gradual economic progress
is the excellent catches reported from the principal fishing
General conditions in Ecuador during April failed to show an improve- of Norway,
1929 is estimated at
ment. The unsatisfactory situation of previous months appeared to be even areas. Cod liver oil production for the spring of
industry
more marked than in March. In Guayaquil, business continues stagnant. 62,000 hectoliters against 31,000 hectoliters in 1928. The whaling
greater catch than last
bank credits have been curtailed, and collections continue difficult with which also had a favorable year reports a 66%
year with a total whale oil production of 250,000 barrels. Further expanmany requests for extensions. In the interior, particularly in Quito where
and pulp
the Governmenal employees are located, more money is in cireulation sion, of this profitable industry, is contemplated. The paper
of the 1929 production already
and more activity is noticeable. Nevertheless, many firms in that area are industry is operating at capacity with most
are expecting better and
reported to be behind in their payments. Prospects for the cacao crop are sold. Prices are firm. Mechanical pulp mills
agreement between
considered bad. Mush monilla is being reported, and, consequently, much more stable prices for their products as a result of the
Norwegian. Finish and Swedish producers under which export sales will
of the cacao is of poor quality.
be placed on p quota basis. The Norwegian Hydro Electric Company
EL SALVADOR.
began producing nitrate in April under the new Haber process. According
Customs collections during April established a record and business to present plans the annual prosuction capacity will be increased to 450.000
conditions are generally healthy with locally grown cereals normal in price. tons of nitrate. Shipbuilding yards are well occupied although mans
It is stated that there is no demand for average quality washed coffee new ships for Norwegian shipping companies are under construction in
of the first, second or third grades. This coffee has been offered without foreign yards. The freight market is dull with low freight rates prevailing.
sale at prices below superior washed. Prices on April 24 for first bean The improvement in the industrial situation is further reflected in the
unwashed superior ranged from $23 to $25.50 f. o. b., and for second number of unemployed which at the end of March was registered at 23.800
unwashed current grade from $22 to $22.50 f. o. b. Up to the end of April against 26,700 at that date a year ago.
a total of 475,000 bags of coffee has been shipped and its is estimated that
PANAMA.
50,000 bags remain unsold, making an estimate 1928-29 crop total of 525,It is stated that road between Paja and Chorrera will be completed by
000 bags. Flowering of the new coffee crop (1929-30) has been good folgiving access by automobile to the interior
lowed by favorable growing conditions. It is stated that sales of jute the middle of May, thereby
that all bridges and culverts on the
bags for coffee and sugar are 20% below last year, for the reason that during the rainy season. It is expected
Santiago and Sons will be completed by the end of May.
highway between
there were left over stocks.
The road between Conception and Volcan has been graded about threeGREECE.
fourths of the distance and will be passable by automobiles during the
Foreign trade returns for the first three months of 1929 disclose a con- next dry season. It is planned to have this road surfaced by 1931, thus
siderable improvement in value of exports over the corresponding period opening up the richest agricultural area of the Republic; which section.
of 1928. Imports totaled 3.164,000,000 drachmas(drachma equals $0.013) It is stated, is capable of producing 75.000.000 pounds of coffee, and large
and exports 2,356,000.000 drachmas, as compared with 3,304,000,000 and amounts of tobacco, rice, corn and cattle.
1,515.000,000 drachmas, respectively, for the first three months of 1928.
SWEDEN.
HAITI.
Annual reports published by several large Swedish industrial concerns
and the show
Both imports and exports are showing declining tendencies
increased dividend payments for 1928 and confirm previous preforeign
dictions of continued progress. The paper market is satisfactory and the
approach of the dull summer season indicates further recessions in
in practically all lines is dull, reflecting the decreased iron and steel industry shows further improvement. Advance lumber
trade. Business
purchasing power owing to reduced returns from agricultural crops. The sales on April 15 were estimated at 575,000 standard (1,138.500,000 board
feet) an increase of 75,000 standards (148.500,000 board feet) since
currency circulation remains at a low level and collections are very slow.
March 15. Several large saving banks stopped payments on April 8.
HONDURAS.
Honduras which began The failures were reported largely duo to real estate speculation in the
The marked improvement in general business in
suburbs of Stockholm. Eight or possibly nine banking institutions are
are the most notable
in February, continued during April. Automobile sales
quarter. Although involved representing about 88,000 depositors and deposits amounting
as over 100 new cars were imported during the first
crowns.
the banana crop promises to be to 46.000.000 crowns. The total loss is estimated at 30,000,000
In danger of damage from drought and fire,
2,533.318 stems of A government proposal has been introduced for the appropriation of 10.the largest in the history of the republic. A total of
000.000 crowns principally for the relief of smaller depositors. The bank
stems went to the
hennas were exported during April, of which 2,220,678
institutions.
more plentiful and failures have exhibited no major effect on commercial banking
United States and 312,640 stems to England. Money is
where much less than
Republic. New York exchange Demands for credit, at the end of the first quarter,
collectionsare reported easier throughoutthe
Sales of foreign bills totaled only 26,000,000 crowns during
a year ago.
In Tegucigalpa has been selling at 2.03 pesos to the dollar.
the first three months of 1929 as against 78,000,000 crowns for the corJAMAISA.
responding period of 1928. The stock exchange was decidedly bearish
has during the latter half of March which resulted in lower quotations from
Economic conditions in Jamaica remain satisfactory. Retail trade
the middle of April
been good and was stimulated by the visit during the month of 22 United practically all leading international shares. Toward
in the summer tourist however, quotations became firmer and showed a rising tendency. It is
States naval vessels and a substantial increase
export surplus for
traffic. Bank deposits are normal, and collections improving but still below estimated that the trade balance will show a slight
work on March.
the average. Labor conditions are satisfactory. Construction
industry
TRINIDAD.
roads, streets and buildings is progressing steadily. The banana
count
Is in a thriving condition, the fruit at present bringing 85 cents per
General business conditions in Trinidad continue satisfactory and the
States from Jamaica during the movement of merchandise Is at a somewhat higher level than at this time
bunch. Declared exports to the United
current month up to the 25th amounted to $500.000 and were $61,000 in last year.
excess of these for the same period of last year. The increase in the value
UNITED KINGDOM.
all
of banana exports accounted for $59,000 of this gain. Imports from
The British coal trade continues to be less active and most producing
countries in the same period increased about 3%. The fiscal year ended
of districts now need new business. The demand for house coal is much
March 31 1929, was, on the whole, a prosperous one for the Government
fiscal reduced but the country's requirement for industrial coal show improveJamaica. Import duties for the year exceeded those of the preceding
ments, especially from the iron and steel industry. Contract shipments.
period by a fair margin.
MAY 4 1929.]
FINANCIAL CHRONICLE
which continue at a good rate, feature the export trade. The Bolton
Master Cotton Spinners' Association, representing 11.000,000 of the
18.000,000 spindles using Egyptian cotton, has decided to extend the
period of curtailed production for an additional four weeks, to terminate
about the middle of May. The Association originally undertook to operate
on organized short time for eight weeks from February 18. The short time
procedure, calculated to curtail production by 33 1-3%, was undertaken
for the purpose of reducing spinners' stocks of yarn. It is said, however.
that owing to the unsatisfactory state of business, stocks continue large
and therefore it has been considered expedient to extend the period for
reduced output. A further improvement in the employment situation
Is indicated by the latest labor returns, which show the totals of workpeople
on the unemployment registers as 1,153.500 in Great Britain and 35,300
in Northern Ireland on April 15 as compared with 1,269,000 and 37.000.
respectively, on March 11.
VENEZUELA.
The term of President Gomez expired on April 19, and consequent
changes in the Cabinet resulted in a slowing up of business. Sales of
merchandise and bank collections are somewhat less satisfactory than
during March. Congress will elect a new President before May 5, after
which time business conditions are expected to markedly improve. Exports
of coffee from the port of La Guaira for the first quarter of 1928 amounted
to 60,900 bags, as compared with 44,250 for the same period of 1928.
Calm° exports for the first three months through La Guaira amounted
to 14,740 bags, or about half as much as shipped during the same period
of last year. However, the year's crop is still expected to approximate
200,000 bags on account of a longer season. Petroleum production is
slackening somewhat, March average being 343,000 barrels daily, which
was 21,500 barrels less than the daily average in February.
2917
and the change in the tax provision, by which foreign central banks no longer
were required to pay taxes on income received from investments in bankers
acceptances.
It seems likely that the amount of foreign funds reported as employed in
brokers loans would have been considerably larger if some other date were
reported than Dec. 31, for a number of foreign lenders in the call market
withdrew funds on Dec. 31, probably for "window dressing" purposes.
While the report includes returns from practically all of the important
banks and banking houses, it was not, of course, possible to secure returns
from every concern doing some foreign banking business. It seems probable
that if the returns had been entirely complete there would be even less
difference between the figures for Dec. 31 1928 and those for Dec. 31 1927.
because of the nature of the shift of funds during the year from the account
of central banks of issue to private account.
The data for American balances abroad are probably somewhat less
completely satisfactory, but show in general a further increase.
Discount Rate Rise—Defense Credits, Reported Sought
by the Reichsbank.
Under the above head, Berlin advices May 2 were announced by the New York "Journal of Commerce" in its
issue of May 3:
The exchange crisis became especially acute to-day when it was reported
that the Reichsbank had lost 287,000,000 marks in gold during the week
ended April 30. Coming on top of the loss of 251,000.000 marks during the
week before, this week's loss in gold brings the reserve ratio of the institution down to 43%,which compares with a legal minimum of 40% and a
ratio of 56.6% last week.
The Department's summary also includes the following
It is generally felt that further transfers of reparations are out of the queswith regard to the Island possessions of the United States.
tion, and the big problem of the moment becomes the conservation of the
Reichsbank gold reserve. A rise in the discount rate from 734 to 8% is
PHILLIPPINE ISLANDS.
The textile market is In a generally overbought condition and offtake freely Predicted for to-morrow, when the board meets again.
Reports are current here also of arrangements with foreign central banks
Is slow from importers' and dealers' stocks, due to heavy supplies at inthe defense of the mark, thus halting the outflow
terior points. It is reported that a number of Chinese dealers are having for a special credit for
to resort to extension of their bank credits. The week's abaca market of gold. The gold has gone mainly to buy marks in the foreign exchange
markets, and that this process has been difficult is shown by the size of the
was inactive with sellers' prices between one-half and 1Ji pesos above
buyers prices. The latter are now offering Grade E at 31 pesos, per picul weekly gold losses. Despite the large amounts of gold shipped, the mark
of 139 pounds; F, 27; I. 24.50; JUS, 20; JUN, 16.50. and L, 14.50 (1 pesos is still quoted at the lower gold point and was weak to-day.
The acute weakness of the market is attributable to a substantial extent
equals $0.50.) Arrivals of abaca at ports of shipment for the week ended
April 22 totaled 34,900 bales and shipments amounted to 29,700 of which to the flight of capital from Germany resulting from fears of the effects of
the United States took 11,000. Exports of abaca from all points for the a breakdown of the reparations conference and the application of the transfirst quarter of the current year amounted to 397,700 bales, 145,600 of fer clause of the Dawes plan. Special strength in guilders and Swiss francs
which went to the United States. Stocks of abaca at all ports on April 22 on the market here reflects German purchases of those currencies in connection with the tranfer of funds into securities and banks in those countries.
amounted to 213.700 bales.
Copra arrivals have improved slightly but prices are about 25 centavos
(1234 cents) too high for mills to use the copra at present oil prices and Money Stringency Held World-Wide—London Finantemporary shut
-downs during May are expected. Today's f.o.b. prices
ciers Think Tension Only Emphasized by Situation
are manna, 11.875; Cebu, 11.625; Hondagua. 11.275; and Lagaspi, 11.25
pesos per picul. Arrivals of copra at Manila during the week ended April
at Berlin—New York the One Cause.
20 amounted to 3,700 metric tons, making a total of 9,361 tons for the
Under the above head the New York "Times" announced
first three weeks in April.
PORTO RICO.
Trade in practically all lines declined steadily in March and April, but
the recession in retail trade in the larger cities was not as great as elsewhere.
The basis causes are generally well known and can be traced back to the
hurricane of last September. Firms which were in an unsatisfactory
condition prior to the storm, and those that failed to recognize the temporary nature of the improvement following the disaster, are now facing a
difficult situation. It is believed, however, that the cost of large firms
which enjoy good management have so shaped their affairs that they are
in a position to weather a period of depression. However, the possibility
looms of an increase in embargoes and failures during the next few months,
but these should be confined mostly to small concerns. Banks report
collections slower than a year ago but not noticeably worse than In March.
The necessity of a conservative policy in regard to credit extensions is
emphasized by current conditions and the uncertain outlook. In view
of the continued low level of sugar prices, hope for relief during the next
few months is confined to the pineapple crop now moving, to tobacco
returns In June and July, and to disbursements of federal funds which
will not reach important proportions before the middle of next June.
the following advices from London, April 26:
Discussion of the money situation, which recently has given less cause
for apprehension and has been less to the fore as a topic of financial interest,
has been revived by the advance in the German bank rate. In financial
circles here, there is no disposition to impute political motives to Germany
in this action of the bank. In London's opinion, the simple explanation
is that the Reichsbank has been compelled, as any other State bank would
be compelled in similar circumstances, to take steps to check the outflow
of gold, which in the last few weeks has been continuous and heavy.
In Germany's case, of course, the situation has been complicated and
made more difficult by the reparations position. But apart from that
matter, the stringency which prevails on the whole international market
has now involved Germany as already in all other European countries.
Since the Bank of England raised its rate early in February, Holland.
Italy, Poland, Hungary, Austria and Norway have all been compelled to
follow suit in order to protect their gold reserve as far as may be possible
from undue depletion. Every one recognizes that the rise in the world's
money rates had its origin in the United States, and that America still
remains the dominating factor.
It is not thought that the rise in the German bank rate will start a fresh
upward movement in European money rates, but the position in Germany
Foreign Balances in United States—Figures Presented is sufficiently difficult as to cause some uneasiness. It undoubtedly emphasizes the need for the London money market to maintain its own disin Monthly Review of New York Federal Reserve count rate close to the Bank rate, yet lately there has been a decided fall
Bank.
in open market discount rates here.
important influence has been the competition for bills
Figures covering foreign balances in the United States, byPerhaps the mostmany cases allowed their holdings to run down during
brokers who in
showing foreign funds in this market at the end of Dec. 1928 the period of anxiety and who have begun to refill their billcases now that
has been the
favorable. Another
of $2,912,000,000 as compared with $3,012,000,000 at the the outlook appears to be more of funds which have factor released from
been
employment in the bill market
end of Dec. 1927, are presented as follows in the May 1 use In the Stock Exchange, now that speculative activity has diminished
"Monthly Review" of the Federal Reserve Bank of New to a marked extent. The third factor has been emprovernent in the position
of the Bank of Englnad.
York:
The Bank's present gold reserve of £156.500,000 exceeds by £6,500,000
Each year for some years past the Department of Commerce, in connec- the
holdings at the time the Bank rate was raised. Its ordinary banking
tion with its computation of this country's balance of payments, has sent a
reserve of £59,250,000 is more than £8,000,000 above the early February
questionnaire to each of the principal banks and banking houses to ascertain total and £13,750,000 higher than a year ago. l'ossibly too much imthe amounts of foreign funds In our money market, and also the amounts portance, however, may be attached to the latter comparison, owing to the
of American funds employed at short term abroad. The figures for Dec. fusion of the note issues which took place last Autumn and which released
31 1928 have just been complied and show foreign funds In this market to the Bank's general fund the gold previously pledged for separate account
amounting to $2.900,000.000. compared with $3,000,000,000 on Dec. 31 of the currency notes.
1927. The principal items in this total are shown in the following table.
DUE TO FOREIGNERS.
Report Reichsbank to Seek Return of German Balances
Dec. 21 1927.
Dec. 31 1928.
Foreign deposits
1,938,000,000
1,751.000,000
—Will Halt Gold Outflow by Request to Banks and
from foreigners
Borrowings
109,000,000
201,000,000
Employed in bankers acceptances
Corporations—Estimate Over $200,000,000 Held
406.000,000
570,000,000
Employed In brokers loans
101,000,000
208,000,000
Here.
Employed In treasury certificates
445,000,000
174,000,000
Employed In other short-term loans
13.000,000
8,000,000
The following is from the New York "Journal of ComTotal
3,012,000,000
2,912,000,000
May 5:
merce" of
The changes shown above are accounted for in part by the fact that the
high money rates in the New York market during 1928 attracted a considerable amount of funds of foreigners. On the other hand the movement of
funds from foreign countries to this market, together with the reduction in
new foreign financing here, placed pressure upon the exchanges which made
it nemnsary for foreign banks of Issue to liquidate some of their deposits
and holdings of short-term securities in this market in order to support the
exchanges of those countries. There was also a tendency for foreign funds
to be transferred from employment in Treasury certificates to employment
In bankers acceptances because of the higher relative yield from acceptances
The Reichsbank will shortly take steps to protect its gold reserve by
seeking to bring about the withdrawal of short balances held here by German banks and corporations, it was widely reported in banking circles Yesterday. Drastic action in this direction is necessary, It is believed, following the loss of $120.000.000 in gold by the Reichsbank during the first
three weeks of April. and the continued weakness of German exchange even
after that loss of gold.
The rapid depletion of the Reichsbank gold reserve, resulting from the
virtual cessation of borrowing abroad by Germany and the prevalence of
high interest rates In the United States, has threatened to bring the reserve
2918
FINANCIAL CHRONICLE
[VoL. 128.
1309, the "Wall Street Journal" of April 26, in Paris
advices stated:
Government has secured another loan conversion success, as appears
from announcement of results of 4;4% 40-year bond issue at 944%
of the Caisse d'Amortissement or National Sinking Fund in exchange
for National Defense Bonds (running for two years and paying 4%)
Big Balances Here.
and for the Caisse's own 6% 1926 bonds yielding 7%. Within 24
Various estimates are made as to the volume of German balances available hours 5,352,000,000 francs in Defense Bonds were offered for conin this market, which the Reichsbank would seek to have transferred back to version.
Of the 2,400,000,000 francs in so-called Tobacco Bonds in 1926, beGermany. Among the lowest estimates, which have been made latterly, is
$200,000,000, while in other quarters in touch with the situation the total cause secured on profits of the tobacco monopoly now operated by the
Is put in excess of $500,000,000. These balances are kept in deposit with Caisse, 2,164,000,000 or 93% have been converted. It follows that the
American banks, placed on the call market or invested in acceptances and Caisse is called upon to pay out only about 250,000,000 francs on 1926
bonds whose redemption was demanded, apart from 600,000,000 in balsecurities.
The ability of the Reichsbank to exercise pressure on the German banks ances on 1926 bonds converted and 200,000,000 in premiums on
and corporations to bring at least a part of their balances back to Germany Defense Bonds converted.
The 4%% issue is exempt from the usual taxes on securities and
Is not seriously doubted by those in touch with the situation. The Reichsbank,it is pointed out, has a powerful grip on the German financial market, therefore carries a privilege. But it is a tribute to government
as was shown when the 1926 speculative boom in Germany was punctured credit that such an immediate and wide response was forthcoming
after the central bank ordered the individual banks to cut speculative loans to a 4%% issue, and this points the way to further conversion loans
by 25%. Equally prompt response could be secure& in this case, it is said, in the not distant future.
City of Paris has been encouraged thereby to offer a 4%% loan
by Reichsbank action.
The return of short-term balances, however, may be at least in part off- of 2,300,000,000 francs at 91% of which 1,800,000,000 are being
544% loan, but these bonds, besides
set by a certain amount of capital export which is going on out of Germany employed to pay off the 1921 '
at the present time, on account of the uncertainty over reparations and the being exempt from taxes (which are borne by the city) also carry title
to numerous lottery prizes. Owing to abundance of money available
possible application of the transfer clause. The strength in Swiss francs and
guilders in the foreign exchange market during the past few days is attrib- for investment, success of the issue was certain from the outset.
uted to this capital export movement from Germany. However, it is not
Taxation Remains an Obstacle.
believed to be large in proportions, and it is thought that it would end if the
There are indications in all this of the gradual cheapening of money
reparations situation were made clearer one way or the other.
on long terms, but taxes still make it expensive for colonial governIn any case, however, special measures such as the return of short-term
ments, municipalities and private corporations to float loans. The
balances would not solve the fundamental difficulty in the German balance
of payments at the present time. Owing to an excess of imports over ex- question of taxation has become acute in regard to the projected
ports, the transfer of reparations payments tends to cause gold exports loan of 5,000,000,000 francs for development of the colonies, since the
unless offset by the movement of long term and short-term capital into government is reluctant to exempt it from the stamp duty and the inGermany, and that movement has come to a virtual halt at the present come tax. The former amounts annually to 1-5 of 1% and the latter to
5
time. A return of short-term capital on a connected basis would correct 18%. There is also a transfer tax of 4 of 1% on bearer securities
the situation for a time, but would not solve the fundamental difficulty payable annually on the average quotation of the security for the
resulting from the inability of Germany to sell substantial amounts of preceding year.
Thus, supposing the colonial loan of 5,000,000,000 francs carried
securities in foreign markets at present.
5%, the annual fiscal charges would be:
Francs
Stamp duty
10,000,000
Explaining Sterling's Firmness Despite Tight Money
Transfer tax
25,000,000
in United States.
Income tax
45,000,000
ratio of that institution down near its legal minimum, making immediate
protective measures urgent. The ratio of gold and foreign exchange holdings to notes in circulation dropped on April 23 to 56% which compares
with a minimum of 40%. The reserve must be at least three-quarters in
gold and the rest in foreign exchange. Latterly, the ratio has been above
60% at the middle of the month.
A special cablegram from London April 26 to the New York
"Times" said:
The steady maintenance of sterling exchange in the face of this week's 12
and 16% rates on the Wall Street market attracts much comment. There
are doubtless many reasons for this steadiness, but this week it was considered as indirectly a result of the gold shipments from Argentina to New
York. The theory is that had credit conditions been less strained in America, most of this gold would have come to London, and that its diversion
to New York is a factor in the London-New York situation.
The absence of a decline in sterling has undoubtedly depressed the discount rates in the London market; it has also tended to obscure the fact
that, internationally speaking, there has not yet been any pronounced
Improvement in the monetary situation or outlook. The trend on the
Continent reveals this clearly enough, and evidently the credit situation in
the United States has not yet undergone any pronounced improvement.
Recovery in the London market discount rates is therefore probable.
Causes of the Break in Mark Exchange—London Thinks
General Money Stringency Makes Higher German
Bank Rate Ineffective.
London advices April 27 to the New York "Times" stated:
Friday's (April 26] severe decline in German mark exchange was followed
to-day by a substantial recovery. Official support has been given to the
exchange, the previous weakness in which was principally due to fright on
the part of Continental holders in German securities and mark balances.
The London market now regards the fall as having been overdone and looks
for further recovery.
It is felt here, however, that the higher German bank rate only partially
affects the real difficulty of the German situation, which Is the continued
stringency of credit in other countries, particularly America. So long as
Germany was able to borrow freely abroad, the scarcity of credit facilities
in Germany itself was concealed. Now that foreign loans are no longer
obtainable, however, Germany's difficulties are fully revealed, and the
situation has probably been made worse by withdrawal of funds from
Berlin by those countries which, while themselves in a state of financial
stringency, have become uneasy concerning Germany's financial future.
London has very recently received offers of foreign money which had
apparently been employed in the German market.
Total
80,000,000
The colonies might shift these taxes onto subscribers but in that case
they would have to pay more than 5% on the bonds.
Recently the government granted exemption to loans offered by
Morocco and Tunis, but this was simply because both colonies had
received foreign proposals of very favorable nature and the home
government did not wish them to be financed from abroad. French
Equatorial Africa, to which tax exemption was refused, had recently
to offer 6% bonds at 9354% so that cost to the colony, inclusive of
commissions, amounted to 6.7% plus 1.9% in taxes—a total of 8.6%.
Since proposals for reform of taxation on securities are to be
contained in the 1930 budget—to be produced in Parliament before
the summer—a stimulus to long-term borrowing may be expected
soon. Tax-reform should also give a stimulus to Bourse trading in bonds
as well as shares and thus aid in two ways in bringing the price of
long loans within normal relation to that of short loans. Besides,
it will prepare the ground for the big task of public debt conversion
which is bound to come.
Further Conversion Loans Ahead.
From January I, 1931, the first of the war loans (191546 5%,
totaling over 18,850,000,000 francs) and the 1920 6% rentes totaling
more than 27,600,000,000 francs, are convertible. But there are also
various short-term debts falling due from 1931 onwards, consisting of
bonds issued to claimants for war damages, as follows:
Francs
3 301,000,000
1931
3 411,000,000
1932
1100,000,000
1933
1934
7 062,000,000
Total
14,894,000,000
Bulk of this total must be converted into debt costing less than the
present 5% and therefore, government will seek by every means
to prepare the market for 3% or 4% bonds.
At present prices the 5% 1915-16 war loan stands at just under par
and the 1920 6% loans at 104. The latest issue of Rentes (May, 1928),
was a 75-year 5% bond issued at 91; today itquotes 98. It would still
be risky for the state to offer 4%, but progress made since the franc
became stable (January, 1927) together with the abundance of money
and general confidence, it will not be long before its credit is on that
basis or even better.
British Treasury Holds $3,604,300,000 For French Debt.
Here is the evidence of progress to date:
From the New York "Times" we take the following adEnd
End
End
vices (Canadian Press) from London April 30:
1926
Today
1928
1927
3% Rentes (Perpetual)
55
The British Treasury holds sterling bonds for the French debt to
73
66
62
5% 1915-16 War Loan
60.75
99
82.50
94.70
Great Britain, the total amount of which is $3,604,300,000. In giv53
4% 1917 War Loan
67.75
87.50
81.50
ing this information in the House of Commons today Winston Church4% 1918 War oLan
53.50
68.20
82.50
86.50
ill, Chancellor of the Exchequer, said Britain still regarded the bonds
6% 1920 Deconstructim
94.50
73
101
104
as security for the whole debt.
5% Six-yr. bonds (due 1931)
"In that case," questioned Captain G. M. Garro-Jones, Liberal,
99.55
100
101
for war damages
100
"does that not envisage a possible departure from the principle of the
Balfour note, which should not therefore be regarded as a sacred and
unchangeable policy."
"No, sir," replied Mr. Churchill. "There is no such departure, but Canadian Loan Corporations Supplement Work of
in the absence of ratification it, constitutes our security."
Chartered Banks—Make Loans on Real Estate.
In answer to a further question Mr. Churchill said the total cash
Loan corporations occupy an important position in Canapayment to foreign countries made by or on account of Germany from
the armistice to March 31, 1929, amounted to 3,646,000,000 gold marks, da's financial structure, according to a report on these inor about $910,000,000.
French
Loan Well Received—Response
Soundness of Government Credit.
Reflects
Regarding the response to the 43/2% French loan, to
which reference was made in these columns March 2, page
stitutions by American consul Emil Sauer, Toronto, which
has just been issued by the Commerce Department as a
trade bulletin. The chief purpose of these loan corporations,
the bulletin explains, is to make loans on real estate, this
form of investment not being permitted the chartered banks.
The loan corporations can accept deposits from the public
MAY 4 1929.]
FINANCIAL CHRONICLE
and against these checks are drawn having the same currency as bank checks and which are passed through bank
clearing houses. In consequence of their taking deposits,
it has become an established obligation on the part of loan
corporations to keep part of their assets in liquid form.
The Commerce Department, under date of April 30 adds:
2919
goods to Poland, having furnished 14% of the imports in 1928 as compared
with 13% in 1927. England with 9.3% and France with 7.5% were the
third and fourth largest exporters of goods to Poland.
Temporary Business Depression in Poland Due to
Adverse Climatic Conditions.
Temporary business depression because of adverse climatic
conditions marred the economic situation in Poland in
February, according to the monthly review of the National
Economic Bank of Warsaw; under date of April 25 the
review is quoted as saying:
Canadian loan corporations originated in the Province of Ontario and
It Is there that the chief development of these institutions has taken place.
At present there are twenty-six such corporations operating in Ontario,
the assets of the three largest comprising about 70% of the total combined
assets of all loan associations in that province.
Real estate mortgages comprise about 75% of the total assets of these
loan corporations, the remainder being made up of collateral loans, United
The sharp frosts and heavy snowfalls, together with the difficulties of
Kingdom, Dominion and Provincial bonds, &c. Of their total liabilities communication, caused a partial interruption in the movement of agriculapproximately 65% are liabilities to the public and 35% to the shareholders. tural produce, which in its turn adversely affected the financial position
While Canadian loan corporations have no exact equivalent in the United of the farmers. While it Is undoubtedly true that there was a slight reStates, it is pointed out that in many ways they are comparable to American covery in grain prices, in actual fact the business recorded, both at home and
building and loan associations.
for export, was insignificant. The exports of barley and of French beans
showed an increase, and in the latter case prices were favorable. There was
a decrease in the exports of small cattle, butter and eggs, although in the
Spanish Commission Decides Against Stabilization of last two cases, there was an improvement in the price quotations.
Peseta at This Time—Urges Revaluation at Par
Transportation difficulties it is stated also caused a deSoon.
crease in the export of coal and a reduction in the demand on
The following Madrid advices May 1 appeared in the New tile home market. The difficulty of movement of refined
•
York "Times":
products resulted in a reduction of 50% in the production
The Commission appointed by the Government to study the problem of crude oil and of about the same percentage in the activities
of re-establishing the gold standard of valuation for Spanish money reported
iron and steel
to-day that the time had not yet arrived for official stabilization of the of the potassium salts industry. Business in the
peseta. Present economic conditions and the exchange situation do not trades was very low, but production in the zinc and lead
justify government intervention, it was said, but the Commission recom- industries continued normal. The severe frost and heavy
mended revaluation at par In the near future.
moveA gradual stabilization, which would lower the cost of living without snowfalls it is added caused not only stoppage in the
working a hardship on producers and the country's commerce, is hoped for. ment of goods, but also in communication of all sorts between
Nevertheless the commission advised an extraordinary budget to cover
and the country. The resulting general stagnation
needed public improvements. It was suggested that the government towns
might by economy in the administration of its affairs offest the necessary of trade adversely affected the financial position of the
drain on the treasury.
buyers and provoked a large increase in the number of proCommenting on the above, the "Times" says:
tested bills. The percentage of protests recorded by the Bank
The peseta's par value is 19.3 cents, but its value is now about 14.47 of Poland during February rose from 3.75 to 4.61, which
cents in international exchange.
increase is mainly to be attributed to the adverse weather
conditions.
Will Sign Cuban Bonds—Island's Secretary of Treasury
Coming for Financing Formality.
Brazil Gets Big Stabilization Credit to Halt Exchange
Decline. •
following is from the "Times" of April 30:
The
The Secretary of the Treasury of Cuba is coming to New York this
The following is from the May 2 issue of the New York
week to sign a 810,000,000 issue of Cuban Government bonds under an
agreement with the Chase Securities Corp. The financing is being ar- "Journal of Commerce:"
ranged in connection with extensive public works projects in Cuba, chiefly
the construction of new highways.
The work is being done on a modified "pay-as-you-go" plan, under
which a total credit of 860,000,000 was obtained from a group headed by
the Chase organization. As contractors finish stipulated parts of the work
they are paid by the Chase Corp., which takes a proportionate amount of
certificates of the Cuban Government. Periodically these are refunded
Into bond issues underwritten by the Chase organization. Several such
bond issues have been floated since the establishment of the credit.
W. Wroblewski Former Polish Minister to U. S. Elected
President Bank of Poland.
Wladyslaw Wroblewski, Minister of Poland at Washington
from 1922 to 1925, has been elected President of the Bank
of Poland for a period of five years to succeed Dr. S. Karpinski whose term had expired, according to cable advices received April 26 by the American Polish Chamber of Commerce. The Chamber's announcement says:
Dr. Felix Mlynarski, Vice-President, who came to the United States In
connection with the $72,000,000 stabilization loan of 1927, was re-elected
as was Charles S. Dewey, American financial adviser to the Polish Government, who sits as a member of the board of directors of the bank.
Mr. Wroblewski is a native of Cracow and a graduate of the University of
Cracow. Before entering the Polish diplomatic service, he was a professor
of law and general director of the Agricultural Syndicate of Cracow. He
was Under-Secretary of State and Chairman of the Commission to negotiate
with the German Government in 1919 in regard to the provinces returned
by Germany to Poland. Later he was Chairman of the Polish delegation
to negotiate the Peace with Soviet Russia in 1920. A year later he was
appointed Minister to Great Britain where he served until his appointment
to Washington in 1922. Since returning to Poland Mr. Wroblewski has
been publishing a newspaper in Poznan.
Mr. Wroblewsld succeeded Prince Lubomirski, the first Minister of
Poland in Washington, and was followed by Jan Ciechanowski. Mr.
Ciechanowski served until the present year when he was succeeded by the
ncumbent, Tytus Filipowicz.
More Than Half of Poland's Unfavorable Trade Balance
Said to Be Due to Excess of Imports from U. S.
More than half of Poland's unfavorable balance of foreign
trade last year was due to the excess of imports from the
United States, according to figures received on April 20 by
the American Polish Chamber of Commerce from Warsaw.
In making this known the Chamber says: •
For the year of 1928 Poland's unfavorable balance in foreign trade was
$95,670,000 of which the American portion was $50,131,000, as compared
with $28,083,000 for France and $12,029,000 for India. These three countries, therefore, account for a little more than 94% of Poland's unfavorable
balance.
Poland's total foreign trade last year amounted to 8657,462.400 as compared with $605,550,400 for the previous year.
Germany ranked first in 1928 both in exporting products to and importing
products from Poland, having supplied 27% of the Polish imports and
hought 34% of the exports. The United States ranks second in supplying
It was announced here yesterday the Brazilian milreis is being
supported in the market with the aid of a stabilization credit of 5E5.000,000 which has been opened with Lazard Brothers of London.
Another credit of less than $5,000,000 has been opened here for the same
purpose, probably through Dillon, Read & Co., who have been affiliated
with Brazilian financing in the past, it is further stated here.
In view of the virtual cessation of financing for South American
account which has taken place following the general rise in interest
rates and the dull state of the bond market here, South American
foreign exchange rates have turned downward and small gold shipments have been made from there, chiefly from Argentina, which has
by far the largest gold reserve of any South American country. Brazil
is less well entrenched, and for that reason has had to resort to stabilization credits to maintain the quotation of her currency.
The Brazilian exchange has never been formally revalued, although
a revalorization law was passed covering the preliminary steps of
revalorization and placing the power of declare revalorization in the
hands of the president of the Republic. Cable rates have been steady
for some time at 11.96c per milreis.
The Argentine peso has also been steady at 42.12c, which is low
enough to cause further small gold shipments, it is believed here.
Argentina drew large amounts of gold from this country last year,
and there is no doubt that she could safely lose substantial amounts
before any embarrassment would be created in the credit situation
there.
A feature of the South American foreign exchange markets which
further illustrates the effects of the cutting off of new loans has been
the drastic decline of the Uruguayan peso, which is now off the gold
standard. This currency has lost 1%c during the past week, and is now
quoted at 97.25c, which compares with a par value of 103.42c.
World Coffee Surplus—Sao Paulo Said To Hold It All.
From Sao Paulo April 18 the "Times" reported the
following:
The coffee situation is the focus of national attention, with Brazil's
realization that the world surplus is all held in Sao Paulo.
Present stocks exportable at Santos are sufficient to meet the probable demand until June, 1930, with the picking of the new crop starting
next month generally estimated at 14,000,000 bags. Santos exports
for 1928-1929 will probably barely reach 9,000,000.
The Sociedade Rural considers the situation unbearable and proposes a plan to rid Santos of the oppressive weight of 1927-1928 rain.
damaged stocks, which it considers responsible for decreased exports,
by depositing a minimum of 500,000 bags of high grades in the government warehouse at Santos, permitting withdrawal upon substitution
of equal amounts of the rain-damaged product.
Managua To Tax Railroad—Nicaraguans Hope Measure
Will Divert Money From Washington
From the New York "Times" we take the following ad's-Ices from Managua April 26:
A special session of Congress called by President Moncada decided
to impose a tax on the net profits of the railroad, which, though controlled by the Nicaraguan Government, is incorporated in the United
States and is now managed by the J. G. White Management Corpora.
tion of New York.
2920
FINANCIAL CHRONICLE
The tax has previously been paid to the United States as an excess
profits tax and amounts to slightly more than $90,000 annually. 4 is
believed in Managua that the railroad will be able to claim exemption
from the tax in the United States on the ground that it is taxed by a
foreign government, and the effect of the Nicaraguan tax will be that
the Nicaraguan Government will receive the amount of the tax instead
of the United States.
President Moncada declared Saturday, May 4, a national holiday
and festival in commemoration of the conclusion of hostilities and of
the Tipitapa agreement of 1927, which resulted from the mission of
General Henry L. Stimson as the personal representative of President
Coolidge.
(Vol,. 128.
head office of the bank, 55 Wall Street, all interest
ceasing from and after the redemption date.
'
R. W. Lyons Attributes Chain Store Success to Use
of Economic Principles.
Chain stores are meeting with success solely because they
have made use of certain economic principles and have
realized the greatest efficiency to be found in any type
of retail distribution, according to Robert W. Lyons, Executive Secretary of the National Chain Store Association, who
Australia Appoints Commissioner Here—Herbert spoke on April 30 at the Business Conference for Retail
Brookes Named by Premier Bruce—Minister at Grocers held under the auspices of the Philadelphia School
of Pharmacy and Science, the School of Pharmacy of Temple
Washington not Thought Necessary.
Melbourne (Australia) advices April 25 to the,New York University and a group of wholesale and retail druggists.
In order to show that there is no mystery about the business
"Times" stated:
technique of chain stores, Mr. Lyons analyzed before the
Herbert Brookes, brother of the tennis player, Norman Brookes. and
Acting Chairman of the Australian Tariff Board, has been appointed AUB- Conference the savings which his industry has realized by
trallan Commissioner-General to the United States.
increasing the rate of turnover in its stores. He said:
Sir Hugh Denison, who resigned last year, bore the title of Commissioner.
An important illustration of its vital nature is strikingly afforded by the
Prime Minister Stanley Bruce, in making the announcement to the following facts: The Harvard Bureau of
Business Research has determined
Federal Parliament to-day, referred to the appointment of Ministers to that the average turnover in the
wholesale dry goodsfield is 3.4 times per year,
the United States by the other Dominions and said he did not consider which means that one turnover is
accomplished each 107 days. The same
It necessary that Australia follow suit at present. The Government.
authority has also determined that the average turnover of the average
however, is closely watching the results of the action of Canada and the department store (which must get its supply of
merchandise from the wholeIrish Free State.
sale dry goods house) is 2.1 times per year. This means that a complete
turnover is accomplished every 174 days. Contrast the above figures with
Tenders Asked For Purchase of Argentine Bonds Through those which I have recently taken from one of the leading chains of department stores. This chain of department stores turns its stock 4.3 times per
Sinking Fund.
year which means once in every 85 days. Observing that the independent
National City Bank of department store which competes with this chain must purchase its merJ. P. Morgan & Co. and The
New York, as fiscal agents, have issued a notice to holders chandise from the wholesale dry goods house, it follows inevitably that we
must add the days required
wholesale
of Argentine Government Loan 1927, external sinking for retail turnover in order for determine turnover to the days required
to
the time which elapses while
1, 1927, this merchandise travels from the manufacturer to the consumer. To
fund 6% gold bonds, public works issue of May
due May 1, 1961, to the effect that $115,724 in cash is reduce it to its simplest terms, this means 281 days.
Assuming that the carrying charges of the average Inventory are fairly
available for purchase for the sinking fund of so many set at a rate of6%,let us consider for a moment what the above illustration
of the bonds as shall be tendered and accepted for pur- means in dollars and cents. The average inventory for the chain departchase at prices below par. Tenders of such bonds with ment store group for the year in question was $20,042,480. Its carrying
charges, with a turnover every 85 days amounted to $280,045.28.
coupons due on and after November 1, 1929, should be
Based upon an equal inventory, and with a combined total turnover of
made at a flat price, below par, at either the office of 281 days, the wholesaler and individual retail dry goods merchant must have
paid a carrying charge of $925,796.65, upon the same inventory. Thus
J. P. Morgan & Co., 23 Wall Street, or the head office of It will be apparent to you that
through scientific control of inventory and
The National City Bank of New York, 55 Wall Street, turnover alone, the chain store system referred to Is effecting a saving of
before 3 P. M., May 31, 1929. If tenders so accepted $645.751.40 every 85 days Let those who say "there is no magic in the
are not sufficient to exhaust the available funds, addi- science of management" give thought to the significance of these figures.
tional purchase upon tender, below par, may be made up
to July 30, 1929. The bankers reserve the right to reject
any or all tenders.
J. P. Morgan & Co. and The National City Bank of
New York, as fiscal agents, have also issued a notice to
holders of Government of the Argentine Nation external
sinking fund 6% gold bonds, issue of May 1, 1926, due
May 1, 1960, to the effect that $115,975 in cash is available
for purchase for the sinking fund of so many of the bonds
as shall be tendered and accepted for purchase at prices
below par. Tenders of such bonds with coupons due on
and after Nevember 1, 1929, should be made at a fiat
price, below par, at either the office of J. P. Morgan &
Co., 23 Wall Street, or the head office of The National
City Bank of New York, 55 Wall Street, before 3 P. M.,
May 31, 1929. If tenders so accepted are not sufficient to
exhaust the available funds, additional purchases upon
tender, below par, may be made up to July 30, 1929. The
bankers reserve the right to reject any or all tenders.
Chatham Phenix National Bank & Trust Co. Fiscal Agent
For Bonds of Province of Mendoza, Argentine.
Chatham Phenix National Bank and Trust Company,
fiscal agent for the $6,500,000 external 7%% bonds due
1951 of the Province of Mendoza, Argentine, announces
that it has recently acquired and cancelled $57,000 of the
bonds for the account of the semi-annual sinking fund.
The Chatham Phenix National Bank and Trust Company
also states that it is in possession of funds for the payment of the June 1, 1929 coupon pertaining to the above
Issue of bonds.
Bonds of Saxon State Mortgage Institution Called For
Redemption.
The National City Bank of New York, as trustee, has
Issued a notice to holders of Saxon State Mortgage Institution bonds that $36,000 principal amount of the mortgage collateral sinking fund 7% guaranteed gold bonds,
due Dec. 1, 1945, have been called for redemption June
1, 1929, at 100; and that $29,000 principal amount of the
mortgage collateral sinking fund 6% guaranteed gold
bonds, due Dec. 1, 1946, have been called for redemption
on June 1, 1929, at 100. The bonds will be redeemed on
and after June 1 upon presentation and surrender at the
Development of Chain Store System—Practically
Every Line of Retail Distribution Covered by This
Form of Distribution says Central Union Trust Co.
The chain store is an element of revolution and evolution
that is rapidly becoming characteristic of.retail trade not
alone in the United States, but in many other countries, is
the conclusion of a survey prepared by the Central Union
Trust Co. of New York. In the United States practically
every line of retail trade is covered by this form of distribution, and from one store in 1858 the number is estimated as
high as 100,000 to-day, with a turnover of from eight to ten
billions of dollars, or from 15 to 20% of total retail trade.
,`In face of this solid, compact accomplishment, the existence
of a function for the chain and of consistent support from the
consumer is indisputable," the survey states. It adds:
Slowly gathering impetus during the first two decades of the present
century, the past few years have shown a speeding up of the now force that
Is making for radical change in methods of distribution, is crowding out the
picture commercial factors of age-old sanction, bringing the manufacturer
face to face with an entirely now line-up in his sales work, presentlqg competitive situations of extreme novelty and significance, revamping distribution methods and practices, potently affecting advertising, introducing
new and disturbing elements into the manufacturing field itself, establishing
practices in rebates and allowances as well as in merchandise appeal. creating a great current of opposition from many rural banks, independent
retailers and manufacturers, and, finally, is maturing a competitive war
among chain elements themselves, that in the form of interchain competition is destined to modify profoundly the directional and structural factors
nvolved in this most important trade movement of the twentieth century
The survey traces the evolution of chain practice in this
country during the past seventy years, discusses the effect
of the new method on the entire range of retail distribution,
and describes the changes that have taken place in the chain
system itself. The development in other countries is also
discussed, and the similarity in practice is indicated between
the situation in this country and abroad. Emphasis is placed
on the relationship that exists between the development of
the chain system, or mass selling, and mass production. The
underlying causes leading to the present strength of chain
systems are shown, and the probable trends suggested. The
basis states:
On the basis of the evidence at hand, it Is a fair deduction that the future
development of the chain store will be more intensive than extensive, and
whereas the saturation point for chain practise has by no means been reached
the weight of authority is in favor of the belief that increase in the future
will be rather in sales per store than in number of stores. The next decade
will be a period of consolidation for the chains and they will be able tamore
nearly determine their place in the great function of distribution, and will
also free themselves from much of the exaggerated optimism that makes
MAY 4 1929.]
FINANCIAL CHRONICLE
claims of 100% of retail trade. Development will be in line with growth of
the country and population, rather than in the sensational advance so far
made.
It is quite evident that distribution is to become more highly integrated
and that an entirely new school of merchandizing will develop, both as
related to chain practice and to the independent merchant. The machinery
of distribution will go in high gear, and much of the complaint now voiced
about the weight of distribution costs will be silenced by more economical
practice. The sales volume of certain chains will greatly increase as retail
trade increases, and an annual turnover of a billion dollars will not be startling for some systems. Distribution through outlets controlled by manufacturers will grow, and closer co-operation between chains and manufacturers will be affected. However, the independent store will continue.
but on a different merchandizing basis than at present.
The chain store will also become an important factor in financial
operations. It is estimated that in 1928 offerings of chain store securities
amounted to $237,000,000, while the issues of a number of chains are among
the most active on the New York Stock Exchange. Some of the issues leave
little to be desired from an investment standpoint, and with increased knowledge both on the part of the public and the chains of the economics of the
situation, public participation will increase. Altogether the outlook is
hopeful both for the continued progress of the chain system, and for those
older industrial and merchandizing elements that have had to modify
practice and organization, to the end that the public be served in a more
satisfactory fashion.
Bill Before State Legislatures Taxing Chain Stores
Constitute Penalty for Business Efficiency According to R. W. Lyons of National Chain Stores
Association.
Robert W. Lyons, Executive Secretary to the National
Chain Store Association authorizes the following on April 10:
2921
Viscose Company of America, Calvin A. Owens, and Col.
Lewis Landes." In announcing the plans Mr. Allen said:
"Money is about the highest priced commodity and I an, of the
opinion that the interest rates for the use of money have reached an
era of new high levels. Due to the tremendous industrial expansion
and increased volume of business, stock buyers in the market are
eager to pay the prevailing rate on call loans as evidenced during the
last six months. Business has selchnn, heretofore, been able to escape
the adverse effect of high interest but conditions have changed; and
wtih the public in the market, we must all get accustomed to a wider
distribution of stock ownership. With labor, money has advanced and
the progressive business man is organizing to face the changed situation."
Calvin A. Owens, author of "What About Call Money?"
and the originator of the First Call Money Company is
quoted as saying:
"Well posted and observant legislators, long ago, learned that it is
impractical to legislate what one person will pay for funds badly
needed for temporary use, or what another will accept for the use of
his money, subject to one day call. The fluctuating rate of call loans
is reflected in the well-known law of supply and demand. To date,
the bankers of the country have been faced with this responsibility,
and incidentally, it has proven very profitable for them. Money loaned
on call, secured by 40% of the fair market value of listed securities,
is the most liquid security in modern finance.
"The records for the past six months show, that the average yield of
call loans has been at the rate slightly in excess of 10%. Unless one
was possessed of at least $100,000 in available cash, he was excluded
from enjoying this high rate of interest. First Call Money Corporation of America is the first organized effort to stabilize the call money
situation and at the same time permit the public to participate. With
ten to fifteen million people financially interested in the purchase and
sale of securties, the formation of a company for the specific purpose
of assembling funds to finanoe the marginal or installment buyer is a
progressive and timely move.
"Up until a decade or so ago, the banks of the country were faced
with the problem of financing automobile purchases. From this necessity sprang the motor finance companies and since that period haue
followed the establishment of financial corporations for electrical appliances, refrigerator, furniture, household equipment, flying machines
and even clothing and jewelry. But, withal, there had been no step
taken for an organization of a single corporation to finance the fifteen
million people in stock purchases, whose capital requirements aggregate
some seven billion dollars a day. The sterotyped answer is "Why net
Banks?" Would not that answer also be applicable to other lines of
business where goods are required on the marginal or installment
basis?"
Bills, of the type which are before several State legislatures at the present
time, designed to especially tax chain stores, constitute a direct penalty for
business efficiency. They will also, if enacted into law, result in a higher
cost of living for the people in those States.
The uneconomic results of such legislation is apparent to those who
understand the chain store business and its service to the public. It would
surprise many legislators who are considering these measures to know that
many successful grocery chains earn less than two cents on each dollar
of merchandise sold. They are able to conduct a sound business on so
small a margin only because of the volume of sales which they handle.
The very fact that chain stores do handle so much business indicates the
public interest In them.
For the most part, these bills are not supported by organizations of independent merchants. The successful independent merchant does not
oppose chain stores; for he knows that if he operates efficiently, he will continue to be successful, no matter what competition exists. He also knows
From the "Times" of May 1 we take the following:
that those who fail to operate efficiently, be they chain store managers or
Call Rates Fluctuate Widely.
independent merchants, have never and will never succeed. In addition,
they constitute an economic drag on the whole community.
Wide fluctuations in call Toney rates in recent months have called
The attitude of the sound independent merchant in regard to anti-chain attention repeatedly to the fact that there was no one organization
store legislation is expressed in a resolution recently passed by the Ohio devoted exclusively to operations in this market. The banks have been
Hardware Association, a body of 1,500 independent merchants, In which it the main reliance of the call money market, though in the past year
was said:
loans placed for the account of corporations have reached large pro". . . We wish to record our opposition to the proposed legislation portions. The corporation funds in the market are entirely unregulated
which Intends, through license taxes, to handicap the operation of 'chain'
sudden withdrawals at times that the corporations have
stores. We feel that such a tax would merely be passed on to the consumer and subject to
have filled the
and thus unnecessarily increase the cost of commodities. The hardware special needs for their funds. In the past the banks
men of Ohio feel fully capable of meeting the competition of 'chain' stores void caused by sudden withdrawals of corporation funds, but with the
without the assistance of such legislation."
their own debts to the Reserve
banks concentrating on the reduction of
The fundamental fact remains that if the chain stores serve the public banks and with the Federal Reserve authorities pressing for a curb on
they will continue in their present success. By so doing they will continue so-called speculative loans relief has frequently been slow in coming.
to serve the people of this country. Any effort to curb their success by This situation was characterized as the start of this week by a 15%
means of legislation will, equally, be detrimental to the best interests of call loan rate against an 8% rate early last week. Similar conditions
new corporathe people.
forced the call loan rate up to 20% late in Marcb. The
call money
tion is intended to work toward a stabilization of the
investing public into participation. At
Ohio Chain Store Tax—Proposal to Levy Tax of Between situation, while admitting the for corporations, but they are limited to
present the banks place loans
$5 and $2.40 Blocked.
multiples of $100,000, which shuts out small investors.
In its issue of April 12, the "Wall Street Journal" reported
the following from Toledo:
Brokers' Loans on New York Stock Exchange April 30
Total $6,774,930,395—Falling Off of $29,527,013
in Month.
While the volume of brokers' loans on the New York
Stock Exchange was reduced during the month to the extent
of $29,527,013, the amount outstanding on April 30 is
still at the high figure of $6,774,930,395; the Mar. 30 total,
at $6,804,457,408 was the highest on record. The April 30
total consists of demand loans of $6,203,712,115 and time
loans of $571,218,280, these amounts comparing with demand loans of $6,209,998,520 and time loans of $594,458,888
Organization of First Call Money Company of America—
on Mar. 30. Commenting on the Stock Exchange figures
Designed to Stabilize Call Money Situation.
and those of the Federal Reserve Bank, the New York
A movement to "stabilize" the call money situation re- "Journal of Commerce" of yesterday (May 3) said:
milted in the organization on April 30 of the First Call
For the nearest corresponding period between April3and Mayl,a decrease
Money Company of America, with 100,000 shares no par of $30.000.000 in loans to brokers was indicated in the weekly reports of the
Bank, as of April 3, revalue, all subscribed, according to an announcement made Federal Reserve Bank of New York, The Reserveand yesterday reported a
ported loans to brokers aggregating $5.562.000,000,
by John H. Allen, former Vice-President of the National total of $5,532.000,000. There is usually a much larger discrepancy between
City Bank and President of the American and Foreign Increases or decreases as reported by the Stock Exchange and by the Fedthis month was interpreted
eral Reserve Bank. The close
Bank Corporation. The company plans to begin opera- as indicating that liquidation ofcorrespondencecarried out chiefly by banks
loans is being
tions immediately and the public generally we are told which are members of the Federal Reserve system.
Vindicating this inference was the fact, as shown in the Stock Exchange's
will be permitted to participate in the profits now possible
report, that while the borrowings of brokers from New York banks or
with high call money. Associated with Mr. Allen in the trust companies sharply declined, there was a compensating advance in
new venture, it is stated, "are a number of bankers, in- loans by private bankers, brokers and foreign banking agencies. The
by or,
a
dustrial leaders and economists, including among others, former class toare large extent comprises the member banks, loans
the bases for the Federal Reserve Bank's reports.
through which
Senator Daniel 0. Hastings, of Delaware, Henry Bazillion,
demand loans by $77.The New York banks or trust companies reduced
former President of the Gotham National Bank; Col. 357,793. and time loans by $55.268.938. On the other hand, private
bankers and others increased demand loans by $71.071,388. and time
Charles R. Van Etten, President of the Brooklyn Ash loans by $32.028,330.
Removal Co.; Edmau Mitchell, President of the WilmingThis caused a net decline In demand loans of $6,288.405 and in time
loans from the New York
bon Gas & Electric Co.; Charles A. Ernst, founder of the loans of $23,240.608 and In effect the shifting of
The Ohio General Assembly's proposal to impose a tax of between $5
and $2.40 annually on individual chain stores has been halted by a ruling
of Attorney General Bettman.
The Stone bill, which would have given Ohio about $5,000,000 revenues
each year, was reported out by the House taxation committee and was
regarded as certain to be passed by the combined vote of rural districts
until the Attorney General made his ruling.
The ruling stated: "The proposed tax based upon the classification as
erected by the bill is unreasonable, arbitrary, discriminatory and has the
effect of taxing a store on a basis of depending upon who owns or operates
the store. This constitutes class legislation which is unconstitutional."
2922
FINANCIAL CHRONICLE
banks to the accounts of private bankers, foreign banking agencies and
others. It is understood that foreign investments comprise a large Portion
of the total loaned by this group. Some are of the opinion that foreign
funds formerly invested in the American bill market flowed into the call
loan market as the member banks slowly reduced their collateral loans.
It was pointed out that not only the reduction of time loans was much
larger than that of loans on demand, but that the former represented a
vastly higher percentage of decrease in view of the greater volume of funds
loaned on demand.
[VOL. 128.
from $25 to $150. In February, 1929, 57% of the total turnover
was
in issues selling from $25 to $150. The average price of all
shares
traded in during the year was approximately $60, which is comparable
with the average price per share traded in on the New York Stock
Exchange.
Trading on New Buffalo Stock Exchange Inaugurated
May 1.
The following is the statement issued May 2 by the Stock
The new Buffalo Stock Exchange, formed on Feb. 21,
Exchange showing the volume of brokers' loans.
as noted in these columns March 9, page 1484, began operaTotal net loans by New York Stock Exchange members on collateral,
contracted for and carried in New York as of the close of business Apr. 30 tions on May 1. Below we give the securities listed on
1929, aggregated $8,774,930,395.
the Exchange and the commission rates charged.
The detailed tabulation follows:
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New
York banks or trust companies
55,153.513.342 5426.918,983
(2) Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or
others in the City of New York
1.050,198.773 144,299,297
$6,203,712,115 5571.218,280
Combined total of time and demand loans, $8,774,930,395.
The scope of the above compilation is exactly the same as in the loan report issued by the Exchange a month ago.
The compilations of the Stock Exchange since the issuance
of the monthly figures by it, beginning in January 1926,
follow:
1926—
Jan. 30
Feb. 27
Mar.31
Apr1130
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1927—
Jan. 31
Feb. 28
Mar. 31
April 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1928—
Jan. 31
Feb. 29
Mar.31
Apri130
May 31
June 30
July 31
Aug. 31
Sept 30
.
Oct. 31
Nov.30
Dec. 31
1929—
Jan. 31
Feb. 28
Mar.30
Apr. 30
Der/land Loans
52,516.960.599
2,494,846.264
2,033,483.760
1,969,869.852
1,987,316,403
2,225.453,833
2,282,976,720
2,363,861,382
2,419.206.724
2,289,430.450
2,329,536,550
2.541,682,885
Time Loans.
$966,213,555
1.040,744,057
966,612,407
865.848.657
780.084,111
700,844,512
714.782.807
778,286.686
799,730.286
821,746,475
799,625.125
751,178.370
Total Loans.
$3,513,174,154
3,536,590,321
3,000,096,167
2,835,718,509
2,767,400.514
2.926,298.345
2.996.759.527
3.142.148.068
3,218,937,010
3.111,176,925
3,129,161,675
3,292,860.255
2,328,340,338
2,475,498,129
2.504,687,674
2.541,305.897
2,673,993,079
2,756.968.593
2,764,511,040
2.745,570,788
3.107,674,325
3,023,238,874
3,134,027,003
3,480,779,821
810,446,000
780.961,250
785,093,500
799,903.950
783.875.950
811,998.250
877,184.250
928,320,545
896,953,245
922,898.500
957,809,300
952,127.500
3.138.786.331'
3,256,459.379
3.289,781,174
3,341,209,847
3,457,869,029
3,568,966,843
3,641.695,290
3,673,891.333
3,914,627.570
3,946,137,374
4.091,836.307
4.432,907.321
3,392,873,281
3,294,378,654
3.580,425.172
3,738.937,599
4,070,359.031
3,741,832,505
3,767.694,495
4,093,889,293
4,689,551,974
5,115,727,534
5.614,388.360
5,722,258,724
1,027,479,260
1.028,200,260
1,059,749,000
1,168,845,000
1,203,687,250
1.156.718,982
1.069,653,084
957.548,112
824,087,711
783,993.528
777,255,904
717.481,787
4,420.352.541
4,322,578.914
4.840.174.172
4,907,782,599
5,274,046,281
4,898,351,487
4.837,347.570
5,051.437,405
5,513,639,685
5,879,721,062
6.391,644,264
6,439,740.511
5.982,672,411
5,948.149,410
6,209,998,520
6,203,712,115
752,491,831
730,396,507
594,458,888
571,218,280
6,735,184,242
6,678,645,917
6,804,467,408
6,774,930,395
New York Curb Market Inaugurates Ticker Service on
Pacific Coast.
On May 1, an ambition of the Board of Governors of
the New York Curb Exchange ever since the market moved
indoors in 1921, was realized when the ticker service was
inaugurated on the Pacific Coast. E. Burd Grubb, Chairman of the Committee on Quotations, in making the announcement of the plans on April 29 said that the first
cities on the Pacific Slope to receive the service would be
San Francisco, Los Angeles, Oakland and Pasadena and
that arrangements were also completed for the starting of
the service on May 1 in the cities of Kansas City, Mo.;
Denver, Col.; and Salt Lake City, Utah. These combined
installations gives the service to 57 cities throughout the
country.
It is the intention of Curb Exchange officials to continually extend the ticker service. Mr. Grubb said, and
now that the Pacific Coast has been reached, plans are
being pushed for the completion of a chain of cities that
will spread over the length of the land. Within a short
time, tickers will be installed in Minneapolis, Milwaukee,
Columbus, Akron, Youngstown, Louisville and Richmond,
Va. Preliminary plans also call for the extension of a
line to New Orleans and well as along the Seaboard with
the terminus at Miami, Fla. As a result of the spread
of the Curb Exchange ticker service there are to-day approximately 2,200 tickers in 57 various cities in this country and Canada and additional ones are being installed
rapidly.
Comparison of the prices of the various issues bought and sold on
the Exchange further demonstrates the solid foundation on which
securities trading here has established. The so-called "penny stocks"
are conspicuous by their absence. During the last year particularly,
no share priced under $1 were sold on the Stock Exchange floor. The
bulk of the 31,000,000 shares traded in during the year ranged in price
SECURITIES LISTED ON THE BUFFALO STOCK EXCHANGE.
Bonds—
Erie Share.
Buffalo & Fort Erie Public Bridge
First National Shares,
1st is. 1900.
Great Lake Shares.
Deb. 85. 1945,
Iroquois Share.
Buffalo General Electric
Marine Union Investors.
55 due Feb. 1 1939.
Niagara Share. common.
5s due Apr. 1 1939.
Pan American Share.
.55 due Feb. 1 1956.
Tonawanda Share.
Buffalo General Laundries 1st conv.630, Western New York Investors.
1941.
Stocks—
Buffalo Lockport Ry. 5s, 1938.
Atterbury Motor.
Buffalo Niagara & Eastern Power 5%, Buffalo Niagara & Eastern Power—
due Sept. 11930.
First preferred stock.
Buffalo Niagara Falls Electric Light 5%, Preferred stock.
due Feb. 1 1942.
Class A stock.
Buffalo Niagara Falls Electric Ry. 5%, Common stock.
1935.
Consolidated Aircraft.
Buffalo Ry. 5%, 1931.
Curtiss Aeroplane.
Buffalo Traction Co.5%,1948.
Curtiss Flying Service.
Crosstown Street Ry. 5%, 1932.
Deco Refreshments.
Eldred Electric
%, 1940.
Donner Steel, no par.
Federal Portland Cement6%.
Erie County Abstract.
Hydraulic Power
Erie Monroe Abstract.
5%, 1950.
Fedders Manufacturing Co., class A.
5%, 1951.
Great Lake Portland Cement, preferred.
Hydraulic Race 6%, 1936.
Common.
International Investing Corp. deb. 6%. International Railway.
A, w. w., 1954.
Irving Airchute.
International Railway Refunding & International Ry Co., v. t. c., common.
Improvement 5%, 1962.
Kirkland Lake.
Lockport Newfane Power & Water 6% Lake Shore Mines.
1964.
Novadel-Agene.
Niagara Falls Power
Pierce Arrow.
5%,Jan. 1 1932.
Preferred.
6%,Jan. 1 1932.
Pratt & Lambert.
6%, Nov. 1 1950.
Remington Rand
Niagara Gorge 50, June 11951.
Common.
5%,July 1 1959.
Rich Ice Cream.
Niagara Lockport & Ontario Power 5%, Spencer Kellogg.
April 1 1955.
;natter Hotels, preferred.
Salmon River Power 5%, Aug. 1 1952.
Common.
Spencer Kellogg & Sons deb.6%,1938. St. Regis Paper, preferred.
Warren & Jamestown Street Ry. 5%, Sylvanite.
due July 1 1934.
Title Mortgage.
Western New York Water
Trice Products.
1st 5%, 1950.
Upson & Co.. preferred.
Convertible debenture 6%, 1935.
Class A.
lot 534%, 1950.
Class B.
Western New York Utilities 5%, due Ward & Dickinson.
June 11946.
Ward La France A.
Bank and Insurance Stocks—
Weatherbeet Stained Shingle, preferred.
Community National Bank.
Common.
East Side National Bank.
Western New York Water, class A.
First Natipnal Bank.
$5 participating preferred.
Guardian Casualty.
Wire Wheel.
Liberty Bank.
Wright-Hargreaves.
Lincoln National Bank.
Buffalo General Laundries, panic. pref.
Manufacturers & Traders-Peoples Trust Stout D.& C.
Co.
Incorporated Investors.
Marine Trust Co.
Liberty Share.
Investment Trust—
Hooker Electro Chemical, common.
All-American Shares.
Preferred.
Brott & CO.
Hotel Statlers, preference.
COMMISSION RATES.
Commissions on all stocks and rights:
Commission
Commission
Value—
Value—
per Share.
Per Share.
Up to 99 cents
50.025 5100 but less than $150
0.30
$1 but less than 55
0.05 $150 but less than $200
0.50
$5 but less than $10
0.10 5200 but less than 5300
0.75
$10 but less than $25
0.15 $300 but less than 5350
1.25
$25 but less than 550
0.20 5350 but less than $400
1.75
$50 but less than $100
0.25 $400 and over
2.50
Commission on bonds shall be $2.50 Per $1,000 bond.
The above commissions are for all stocks and rights, with the exception
of bank stocks, a schedule of commissions for which is as follows:
Less than $200.
per share.
$200 but less than $300, $2 per share.
$3300 and over, $2.50 per'share.
There shall be a minimum charge on any transaction of 53.
Number of Issues Traded In on San Francisco
Stock Exchange.
Trading in stocks listed on the San Francisco Stock
Exchange is constantly broadening to include an increasing number of issues, according too an interesting analysis
made by J. G. Schaffer, Secretary of the San Francisco
Stock Exchange. In addition to a greater number of
Issues traded in, the figures show also that the industrial
list leads all other groups in the totals of transactions.
In indicating this under date of April 24 an announcement by the Exchange said:
Increasing
In January of this year 78% of all the issues listed on the Stock
Exchange contributed 92% of the total trading for the month. In
February, 77% of the issues comprised 99% of the total trading for
the month. By comparison this is a marked increase in the spread of
demand for Pacific Coast issues over the months of the year 1928, as
is shown in the following figures:
January, 1928: 35% of all the issues
-88% of total trading.
May, 1928: 40% of all the issues
-92% of total trading.
September, 1928: 76% of all the issues
-97% of total trading.
Of equal interest is an analysis showing the proportion of industrial
shares bought and sold on the Exchange floor. During January and
February of 1928, 45% of the total trading was in industrial issues.
In no other month of 1928 did the ratio fall below 50%. Since June,
1928, the industrial list comprised approximately 66% of the total
trading. The next important group of shares listed on the Exchange,
MAY 4 19291
FINANCIAL CHRONICLE
judged by volume of trading, is that of the oils, which has averaged
close to 18 per cent, while the banks since last June have contributed about 12 per cent of trading.
The importance of these figures lies in the evidence they give, that
in affording an active market for industrial shares, the Exchange is
contributing in a very important degree to the prosperity of California
and the San Francisco metropolitan area.
The sale of industrial stock issues creates a flow of capital from the
investor to the corporation. Industrial corporations create pay rolls;
consumes raw materials; attract new projects and produce new wealth.
2923
African hides. The committee on wet salted hides, headed by E. L.
McKendrew, will cover cattle hides from other producing areas.
Based on current production figures, it is estimated that the New
York Hide Exchange will have a potential trading volume of 86,000,000
cattle hides annually.
The Board of Governors of the Hide Exchange approved
on May 1 the recommendations of the contract and commissions committees. The contract unit on the exchange
will be 40,000 pounds, wet salted hides. The minimum
price fluctuation will be 1/100th cent per pound. It is also
announced:
Temporary Officers Elected For New York Burlap and
Commission rates for members residing within the United States
Jute Exchange.
and Canada will be $10 per contract, rates for non-members being
members and non-members residing outside
The New York Burlap & Jute Exchange, organized for double this amount. For Canada, a commission of $2.50 shall be
United States and
sisal and sugar of the on each contract in addition to the above rates.
futures trading in burlap, jute, hemp,
charged
For each contract bought or sold by one member for another, giving
bags, announced on April 29 the election of temporary
transaction, the floor brokerage shall
day
of trading quarters and the admis- up his principal on thewhereof the member clears for another member
officers, the securing
one
be $1.50, and $2.00
membership. The transactions made or initiated during the day by him persohally or for
sion of more than fifty applicants to
latest addition to New York's list of commodity futures his account while present on the floor of the Exchange.
At current price levels (approximately 15 cents per pound) a wet
markets will be international in its scope. Eight foreign
valued at $6,000.
mem- salted hide contract on the exchange will be
countries are already represented in the Exchange
the fact that hides are produced in all parts
Because of
bership which is limited to 200. The new exchange will
the New York Hide Exchange, which will
be located on the ground floor of 78-80 Wall Street, and of the globe,
the present month (May) for futures trading, should
architects are now at work on plans for the trading floor, open
stabilizing influence on the industry all over the
clearing house and executive offices. Because of the num- have a
the plans world, Armand Schmoll, Jr., First Vice-President of the
ber of different commodities to be traded in,
pointed out on April 13. Mr. Schmoll is quoted
call for trading posts instead of a trading ring such as exchange,
& Sugar, National Raw Silk, as saying:
the New York Cotton, Coffee
"The establishment of the New York Hide & Skin Exchange, which
Rubber, Metal and other neighboring exchanges use.
will be the first of its kind in the world, will be of great service and
officers of the new exchange are: Rutger benefit to cattle raisers, farmers, small collectors of hides in the primary
The temporary
Bleeker, of Rutger Bleeker & Co., President; Leonid Pos- markets, the large collectors, packers, exporters, importers, tanners, shoe
indirectly the shoe retailers."
nikoff,of Harriss & Vose, Vice-President; William R. manufacturers, and
Mr. Schmoll said that the average annual production of
Treasurer. The Board of Governors,
Pinner, Secretary and
In addition to the officers, includes E. A. Canalizo, Presi- the leading hide countries, exclusive of goat skins, sheep
approxident of the New York Cocoa Exchange; P. H. Menikoff, skins, calf skins, buffalo and horsehides was
of I. Witkin mately as follows: United StateS, 15,000,000 pieces; India,
of the Punta Alegre Sugar Co., Isaac Witkin,
& Co. The board will be composed of fifteen members 12,000,000; Argentina and Uruguay, 7,000,000; Africa,
with equal representation for the trade and for commis- 7,000,000; Canada, 2,000,000; Central American and Northern South America, 3,000,000; Brazil, 3,000,000; Europe,
sion houses.
Julius B. Baer, who attended to the legal work in con- 2,000,000; China, 2,000,0000; Australasia, 2,000,000; and
nection with the organization of the Rubber, Silk and Java and Malayan Islands, 1,500,000.
The New York Hide Exchange Clearing Association,
Metal exchanges, has drawn up temporary by-laws and
will form a working basis for those to be Inc., filed articles of incorporation on April 23 at Albany.
rules which
adopted when the membership is completed. Committees Incorporators are Claude Douthit, Chairman of the Board
on commissions, price differentials, grading and ware- of American Hide & Leather Co., David Ong, President
of
housing are at work on these features of trading. F. R. of the United States Leather Co., W. Leslie Harriss
& Co.,
Henderson, President and Founder of the Rubber Ex- Harriss & Vose, Floyd Y. Keeler of Orvis Bros.
change and active in the organization of other futures and F. R. Henderson, President of the Rubber Exchange
has
markets, is co-operating in getting the Burlap & Jute Ex- of New York. A manager for the Clearing House
start
change started. Among the foreign burlap interests which been appointed, and the association will be ready to
opens. The trading
have been elected are representatives from 'England, functioning when the Hide Exchange
close to comFrance, Germany, Spain, Czechoslovakia, Russia, India and floor of the Exchange at 7 'Cedar' Street is
Pinner the new Exchange pletion. H. J. Fink, Secretary, has moved into permanent
China. According to Secretary
building.
"will make for a broader market for the merchant and quarters on the 10th floor of the Hide Exchange
M. R. Katzenberg, President of the New York Hide
experts a greater and safer sphere of
give the trade
of
operations. The new Exchange will not bring about any Exchange announced on April 23 the appointment
revolutionary changes which will upset the market, but, H. G. Taylor as Assistant Secretary. An item regarding
16,
on the other hand, will provide facilities for hedging the new exchange appeared in our issue of March
which will be of inestimable benefit to the producer, ex- page 1669.
porter, importer, manufacturer and consumer." He adds:
"The annual production of the commodities in which the new Ex- Members of National Metal Exchange Approve Changes
change will trade is around $250,000,000 a year. All of the cornIn By-Laws To Provide For Trading In Copper
tnodities are produced abroad and to a large extent American conFutures.
had to accept the prices fixed in foreign markets. With
sumers have
a futures exchange in operation here, it is reasonable to believe that
Members of the National Metal Exchange on April 29
the United States, as the largest consumer of these commodities, will
of amendments
play an important part in determining what are fair prices, based upon voted unanimously in favor of the adoption
the laws of supply and demand."
to the by-laws providing for the listing of copper futures
comA reference to the movement to established the Burlap and at the same time approved trading, grading and
appeared in our issue of July 14, 1928, mission rules submitted by the Board of Governors. "We
& Jute Exchange
plan to start trading in copper futures about the middle
page 190.
of May and look forward to the establishment of an active
market in this metal," said President Erwin Vogelsang.
Name of New York Hide and Skin Exchange Changed to "The
copper contract has been carefully drawn to meet the
New York Hide Exchange—Articles of Incorporation
requirements of the industry and we believe it will have
Filed For New York Hide Exchange Clearing Asso- the
approval of producers, exporters, manufacturers and
ciation—Recommendations Regarding Commissions and
consumers alike. This new department on the exchange
Contracts Approved.
will supplement trading in tin futures and will add mateThe Board of Governors of the New York Hide & Skin rially to the volume of business transacted in our market."
Exchange announced on April 15, that the organization's
The copper contract will be for 50,000 pounds, giving
charter has been amended and the name changed to New It a money value at the current price of the metal of
York Hide Exchange. Information made available by the around $9,000. Twelve positions will be traded in, includExchange on April 15 said:
ing the current month and the eleven succeeding ones.
The use of two contracts is contemplated in the exchange, one to Fluctuations will be in hundredths of a cent with a maxiTo facilitate grading
cover dry hides and the other wet salted hides.
and the formulation of trading rules, the general grading committee mum for any one day of 200 points (two cents) above or
has been divided into two groups, one to work on dry hide contracts below the previous day's close in each position. The plans
and the other covering wet salted hides. The dry hide committee, for trading in copper futures were referred to in these
under the Chaairmanship of Armand Schmoll, Jr., will establish
gradings for River Platte, Brazil, Central America, India, China, and columns April 27, page 2729.
2924
FINANCIAL CHRONICLE
Trading on National Metal Exchange During April
--:-Turnover For Month Established New High Record.
Sharply declining prices for tin futures stimulated trading on the National Metal Exchange during April,
the
turnover for the month, 6,210 tons, establishing a new
high
record. The previous record month on the Exchang
e was
January, this year, when 6,160 tons were traded.
Tin
prices showed a net loss of 5.15 cents a pound in
.
April,
the market selling off from a high of 48.35
cents to a low
of 43.20 cents per pound. The April was
5.05 cents a
pound under the quotation ruling at the close
of January.
Trading
Raw Silk Futures on National Raw Silk Exchange, Inc. During April.
Raw silk futures representing a value
of $11,300,000
were traded in on the National Raw Silk Exchang during
e
April, it was announced on May 1, by Paolino Gerli, President. This was an increase over March of $3,950,00
0, and
was the best record of any month since the Exchang
e
began operations. A total of 17,380 bales were traded
in
during April, which compared with 13,105
bales in January, the previous record month for volume. The inaugura
tion of trading in a ten-bale unit on the Exchang
e is
scheduled for May 27.
in
[VOL. 128.
-about 200 million dollars or about 30% of
their total reserves. There has
thus been no essential change during the month
in the position of the money
market.
The following table shows the general level
of money rates in New York
at the end of April compared with a month previous.
While rates for bankers
acceptances showed some ease, rates for commercia
l paper and for bank
loans to customers were slightly firmer. Time
money advanced further in the
early part of the month, but subsequently eased
slightly, and at the close of
April was practically the same as a month
ago. The change in rates for
bankers acceptances was due to conditions
peculiar to that market, which
will be described later.
Money Rates at New York,
Apr.30'28. Mar. 28 '29. Apr. 29 '29.
Stock Exchange call loans
•5-6
*8-20
*7;5-16
Stock Exchange 90
-day
loans88
yi
8
Prime commercial paper
5X-6
6
Ellla-90-day unindorsed
5i4
Customers' rates on commercial loans
x43454.%
47
15.60
x5.73
5
H
Treasury certificates and notes:
Maturing June 15
8.65
4.89
4.90
Maturing Sept. 15
4.88
4.94
Federal Reserve Bank of New York rediscount rate
4
5
5
Federal Reserve Bank of New York buying
rate for 90
-day bills
334
5)4
634
• Range for preceding week.
a Average rate of leading banks at middle of month.
x Nominal quotation.
In the call loan market the chief event of importance beyond
the firming
of rates in the first week of the month was a distinct
tightening of the
market in the last week of the month following a recovery in
stock prices
and the apprach of the month end. On Friday. April 26. the rate
for new
loans rose to 16%—the highest rate in recent years except for the
20%
rate on March 26. The causes of this high rate were similar to those operating on March 26—an increasing demand for funds at the time of monthend demands upon the banks. The New York banks, with their
heavy
borrowing at the Reserve Bank, were reluctant to put oat funds, except
In case of extreme necessity to avoid a breakdown of the market. Under
such circumstances very tight money and high rates are from time
to time
inevitable.
Review of Money Market in April by New York
Federal
Reserve Bank.
The following review of the money market is
from the
May 1 "Monthly Review" of the Federal Reserve
Bank of Roger W. Babson Sees Present as Opportune Time to
New York.
Buy Bonds.
Some reduction during April in the total of
brokers loans and a slight
Writing at Babson Park, Florida, under date of Apr. 15,
easing of rates for bankers acceptances and time
money in the latter half of Roger W.
Babson states that:
the month make it desirable to examine the
credit position with a view to
discovering what, if any, fundamental changes
have occurred.
Brokers loans as reported to this bank by
the New York City banks have
declined 301 million dollars since the highest point
on March 20. and 177
million dollars since Feb. 6. when the Federal
Reserve Board made its
public statement regarding speculative use of
credit. Loans to brokers are.
however, only a part of the credit employed in
carrying securities. Large
sums are lent for this purpose by banks
directly to their customers. The
recent decrease in brokers loans has reflected in part
a transfer of loans from
brokers to banks, as the accompanying
diagram indicates. High call rates
have induced many holders of securities
on margin to seek funds directly
from their banks and reduce their borrowing
from brokers. While the
statistics do not allow a complete analysis
of this transfer, the following
table shows a computation based upon the figures
of the reporting member
banks in 101 leading cities and is only
approximate as to loans of banks
direct to customers.
(In Millions of Dollars).
1929.
February 6 1
March 20
April 24
Ban* Loans Loans by
to
"Others" to
Brokers.*
Brokers.
3,047
2.859
' 2,576
2,621
2,934
2,916
Bank Security
Loans
Directly to
Customms.a
Total
Security
Loans.b
4,511
4,783
4,759
10,179
10,576
10,251
Change from Feb.6
—471
+295
+248
+72
Change from March 20
—283
—18
—24
—225
•Brokers loans reported by New York C ty banks
for own account and for outcd-town banks; figures probably include some loans
for customers of out-of-town
banks.
a Estimated figures computed by deducting 'bank
loans to brokers" from total
sectuity loans of reporting member banks: actual
figures probably are somewhat
larger.
b Total security loans of reporting banks (these
country's banking resources) Plus brokers loans for banks have about 40% of the
the security loans of non-reporting banks, which "others": this does not Include
if available would increase this
total at least 50%.
From these figures It is clear that the
total amount of credit employed
in carrying securities remains slightly larger
than early in February, but is
reduced from the high point of March 20.
Meantime the total loans and
investments of the reporting member banks have
followed a somewhat
similar course as an increase in "all other
loans," largely commercial, has
been partly offset by a slight reduction in
investments.
There has thus
been some reduction since March 20 in the
total demand for credit though
not sufficient to release any considerable
amount of funds.
The gains and losses of reserve funds,
which are the determinants of
money conditions, may be summarized as follows:
(Weekly averages of daily figures, in millions of
dollars).
Week Ended
April 28
Compared With
Week Ended
March 29.
Gains of Reserve Funds—
Not gain of gold
60
Reduction in currency circulation
31
Reduction in member bank reserves
10
Miscellaneous
16
Total gains
117
LOOMS Of Reserve Funds—
Reduction in Federal Reserve acceptances
80
Reduction in Federal Reserve securities
13
Treasury credit And miscellaneous
20
Total losses
113
Net gain of reserve funds
4
Decrease in Federal Reserve discounts
4
It will thus be seen that gains to the market from gold imports
and
releases of gold from earmark early in the month together with
some reduction in currency circulation were offset by decreases in Federal Reserve
holdings of bankers acceptances and Government securities. There
was
little net gain or loss of funds to the market. A measure of the relation of the
supply of and demand for funds is to be found in the borrowings of the New
York City banks from the Federal Reserve Bank. In order to keep their
reserves in balance the city banks continued to find it necessary to borrow
Any man who studies fundamental conditions must recognize
that this
is an excellent time to buy good bonds. In comparison
with most docks,
they are grossly under-valued. And, yet, many investors have
such a
bad case of speculative fever that they are passing up this golden
opportunity. They appear to have lost their investment perspective
entirely.
Mr. Babson's views, written for the St. Louts Chambers
of Commerce News, and copyright by the Publishers
Financial Bureau, are further set out as follows:
To be sure, the increase in interest rates of the past six months
has
depressed bond prices. That was Only to be expected. However,
interest
rates Will not always remain high. The present "squeeze" in money
is a
direct result of over-speculation in the stock market. That situation
will sooner or later correct itself, and money rates will again
decline.
Bond prices, accordingly, should resume their underlying upward trend.
Of course, if the present high interest rates were due to cominoditzr
inflation, that would be another matter entirely, but there is no such
commodity inflation.
Commodity Prices Determining Factor.
A studs of the price trend of bonds over a long period of years clearly
proves that commodity prices are the underlying factor in the broad
movements of the bond market. Interest rates also, are highly important,
but may be regarded as temporary rather than permanent factors.
Statistics show that average commodity prices reached their high point
In 1920, and have since been declining. There have been temporary
upward spurts, but the broad trend has been toward lower levels. There
is every indication, moreover, that this gradual decline will continue
for
some time to come. This means that the future purchasing power of
bonds should be greater and market values correspondingly higher.
The depression in bond prices which we are now experiencing appears
to be a temporary affair rather than a fundamental long-swing movement
As such it offers unusual opportunities for investors to buy good
investment bonds at attractive yields. Money rates are high because the stock
market is getting an undue proportion of our credit supply for the time
being. Already there are signs of faltering in this mad speculative movement. While certain good stock, with long-pull prospects based on
specific factors, will doubtless sell higher over the next ten years, the
great majority of speculative stocks which are now absorbing too much
of the available credit supply and selling at fictitious prices will be here
scaled down. Then interest rates will fall, bonds will once more become
popular and will sell again at their rightful prices, based on their increased
purchasing power. This is apparent because of three fundamental factors:
Trend is Toward Safety.
1. The broad movement of commodities is still gradually downward
despite increases in certain individual items. This means greater purchasing power for bond income and enhancement of bond values in the future.
2. Interest rates may continue high for a while longer, but should
react sharply when real liquidation occurs, as it must, in the stock market.
8. People will come out of this hectic stock market after the smash
with a chastened spirit and an eagerness for investments which offer safety
rather than risk.
Business by the Babsonchart is now 6% above normal compared with
4% above, a year ago at this time.
McCain of National Park Bank on Credit Situation—Says Danger Lies in Manner of Withdrawing
Loans, Not in Large Total—Sees Trend Toward
Billion Dollar Banks and Predicts More Consolidations.
The danger in the present credit situation does not lie in
the amount of call loans outstanding but rather in the manner in which this money can be withdrawn from the market,
C. C.
MAY 4 1929.]
r INA NCIA L.CHRONICLE
2925
of the circumstance that many individual enterprises, for
partly
Charles S. McCain, President of the National Park Bank reasonsby reasonsuggested, have themselves entered the loan and diverted
already
before the from their normal application in business funds now devoted to lending and
of New York, said on May 3, in an address
occupy
Arkansas Bankers' Association at Little Rock. Mr. McCain operating upon securities. And so, eventually, we have come tobanking
and $14.000,000,000 of our commercial
between
loans were high in comparison, funds in $13,000,000,000less protected by securities of the kinds I have
expressed doubt that brokers'
loans more or
with the business done ten years ago. Asserting that funds spoken of about 40% of this sum being in the form of so-called brokers'
while some 60% is lent directly by banks to infor the call loan market should unquestionably be supplied loans or advances to brokers, and not imagination that led the Federal Res, Mr. dividuals. It was hard fact to call attention in its annual report of that
by banks rather than individuals and corporation
serve Board three years ago
by
McCain pointed out that the situation to-day was just the June to the steady decline in the amount of commercial paper heldthis
for rediscount with it, and was continuation of
reverse, with only $2,500,000,000 of outstanding brokers' member banks eligibleled it in subsequent reportsit note the steady growth
to
same hazard that has
loans provided by the bankers of the country and $3,500,- of securities' loans on the part of the banks, to the gradual exclusion of
provided by others. Just as surely as a demand advances based upon commercial obligations. Our bankers thus have
000,000
to further the speculative mania which has been the
tended to
comes in any business to use its funds, where they are lend- outgrowthstimulate and
of our great industrial prosperity, instead of checking it, and they
ing on call, he said, they will be withdrawn by that concern, have, therefore, inevitably lost the influence, not to say control, which they
or if a lack of confidence should develop in the security of have in past times exerted over investment movements that threatened
danger to the community."
such loans, private individuals and corporations would with- excess or promised
delcared:
Discussing the operations of the Federal Reserve banks, he
and put their money in the banks or in some other form
grave dissatisfaction with out Federal Reserve system,
draw
"There has been
been
has come
of short time investments. In ordinary times banks could dissatisfaction whichconflicting from wholly opposite sources, and has by
points of view. Much that has been said
totally
regulate this, but to-day others control the situation and no animated by upon it is unjust. The significant aspect of the case,from
way of criticism
and
one can control them. Mr. McCain said:
the present standpoint, is that the system has lacked leadership,
account and to the welfare of the com"It is an unusual situation when a banker finds himself lending a customer that, instead of turning to its own
which the financial and business world
at Sji% and some two weeks later if that customer receives an amount of munity, the plastic conditions in
has allowed itself to be hurried along by cirmoney which enables him to pay off his note and leave a surplus, the found itself after the war, it
who had
cunstances, without affording any material guidance to those
banker is requested to lend that for him at 20%•
as a fundamental duty owed by any great
"The question is frequently asked as to how call loans can be reduced. rightly expected such guidance
The Federal Reserve system has
Frankly, I see no way for them to be reduced materially except by a redue- central banking system to the country.
financial revolution of the moment. but its part
tion in the prices of stocks which will have to come about either by a drastic thus played its part in the
which has been assigned to it. Because of
that
decline or by a slow decline, which is the method that the Federal Reserve has been far different from
have, in no small measure, lost the Power to serve
Banks, as well as the member banks, hope to see,bring about the cure to this lack of leadership we
had
for a sufficient period to enable the world at large in the restoration of sound banking conditions which
this situation, or by a stabilization of prices
been ours at the outset, and we have gradually approached an impasse, in
the public to pay in full for securities on which they are now borrowing."
of our power, instead of being a
which control of events may be outside
Commenting on the trend toward consolidations in the supreme privilege which could be exercised if we saw fit. The conseand banking fields, Mr. McCain pointed out that quences of this dereliction of duty are still to be fully revealed in their relaindustrial
ns among the banks tion to the changing basis of business."
there were 689 mergers and consolidatio
of the country last year. The formation of larger and larger
units in industry has created a demand in the minds of bank
officials and stockholders for larger institutions, he explained,
so that in place of the $100,000,000 institutions, which were
formerly the standard, the goal to-day is for billion dollar
banks. "We shall see, I think, a further grouping and merging of banking interests in various cities of the country,'
he said. "It seems to be demanded by the times, although
I sometimes wonder if it is for the best interest of the customer as well as the stockholder. Time alone will tell."
The National Park Bank, Mr. McCain stated, is the largest in the United States which has attained its present size
without merging or consolidating with any other institution.
Continued Tightness of Money
Is "Jarring Note" In Business Situation.
The National City Bank of New York, in its May 1
Bulletin covering economic conditions says that "with
business generally in satisfactory shape from the standpoint of both volume and profits, the one jarring note of
importance lies in the continued tightness of money which
manifests itself in the highest rates of interest since the
_
deflation period of 1920-21, and in the practical destruction of a bond market." The bank adds:
National
City Bank Says
little adverse
Although thus far business has shown surprisingly
to the policy of
effect from these unfavorable conditions, partly due
partly to the
banks in granting preferential rates to industry, and
needs through
success of many corporations in financing long term
Sees Banks Aiding Stock Speculation—Dr. H. Parker stocks in lieu of bonds, it would be contrary to the experience of the
some way
past for this immunity to be continued indefinitely. Unless
Willis Reviews Economic Changes Since War.
whereby the existing credit situation can be cured and
country have contributed to the growing is soon found to normal levels it is difficult to see how a check to
The banks of the
rates restored
volume of security speculation in this country during
business can be long postponed.
and the
Already the tight money conditions have affected building,
past few years, instead of seeking to restrain it, Dr. H.
forward in recent months
Columbia University, volume of new construction work coming
of the
Parker Willis, Professor of Banking at
has shown a considerable decline. According to the records
declared in an address delivered at Bowdoin College in F. W. Dodge Corporation, the value of new contracts awarded during
quarter
those of
Brunswick, Me., on May 2. Dr. Willis spoke on "The the first quarter of the year fell 15% behind residetftialthe first which
building
loss centered chiefly in
Financial Revolution in the United States," it is learned of last year, with the
utilities which were down 18%,
was off 34%, and public works and
from the account of his speech in the New York "Journal of while non-residential contracts were up 11%.
the
he is the editor, which indicates as
While it is true that the March figures of new plans filed with
Commerce," of which
of
building departments of leading cities would indicate some revival
follows what he had to say:
on the stock
activity, it is to be doubted that so long as speculation
Dr. Willis made a plea for adjusting our laws to changing business and exchanges continues to absorb so large a proportion of the surplus
financial conditions, rather than retaining obsolete legislation and mak- funds of the country the building industry can attain that full measure
ing minor changes only from time to time in accordance with the special of prosperity without which business loses one of its most important
desires of small groups.
sustaining influences.
Broadening a Favorable Factor.
Tight Money and Foreign Trade
Discussing the security situation, Dr. Willis pointed out that "individuals
however, is in
have begun to reason in a large way about the prospects of the industries
Where the shoe is likely to pinch most severely,
whose securities they are buying and which they have recognized themselves crade ction with the maintenance of the huge volume of our export
tonne
.
as being indispensable customers." This broadening
and their associates
pf the security market has in general been a favorable factor, he said. In
an export balance
It is true that before the war America always had
The purchase of securities, he declared, it is rately possible for the individual of trade and there was no difficulty about it, but in those days we
to distinguish between speculation and genuine investment, and speculative were a debtor nation and ourselves owed large sums in interest abroad
attitude on the part of the public has been based upon the apparent bewhich we were accustomed to pay in the form of goods.
lief that it is possible for given stocks continuously to advance in values.
Now the positions are reversed and we are a creditor nation, and the
speculation, Dr. Willis declared, has taken capital from local
Increased
not been
recipient of large interests payments from abroad. We have
business and shifted it to financial centers. The distinction between ingoods, consequently our
the regulation of the latter, Dr. Willis de- willing however, to accept these payments in
vestment and speculation and
other way, and
international accounts have had to be balanced in some
clared, was properly a banking function.
through the sale of foreign securinot. American banks fulfilled the traditional function of this has been done to a large extent
"Why have
During the past five or six years the amount of
banking in checking and retarding the process which has thus been de- ties in our markets.
and $1,500,000,scribed?" he asked. "It is a difficult question to answer, but perhaps the such financing has averaged between $1,000,000,000
000 annually and the credits thus established in favor of foreign countries
best response that can be given is to say that, thrown off their balance by
factor in the maintenance of our export trade.
the shift in industrial conditions and in methods of world finance, they have have been a vital
allowed themselves to be caught in the general financial excitement, so that
Effects of Tight Money
Instead of exercising a restraining influence they have tended to add to
All of which emphasizes the importance of the probable effects of a
the general confusion. Indeed many of them have materially contributed
thereto. Certain it is that they have become heavily overburdend with continuance of the existing credit stringency and lack of a bond market
nominally high-rate foreign bonds and with second-grade securities of many upon our foreign trade position and the business of the country gendifferent kinds. Worst of all, they have in too many parts of the country erally. Already the offerings of foreign securities in this market have
tended to starve their local customers in order that they might have surplus been sharply reduced. Though the total issues reached the large figure
funds which they could lend in distant financial markets at figures that of $1,488,000,000 during the twelve months of last year, it is significant
would give them a profit larger than could be made through conservative that by 'far the greater part of this business was done in the first six,
advances to regular customers.
months, the amount shrinking by more than one-half under the influence
of the tightened money conditions of the second half, while for the first
Stimulate Speculative Mania.
quarter of 1929 the $274,000,000 total was the smallest for any cor"So we have seen the expansion of what are called 'brokers' loans,' partly
since 1926.
in consequence of this tremendous transfer of funds by country banks and responding period
the
2926
FINANCIAL CHRONICLE
IVOL. 128.
Meyer's term expiring Aug. 6 1931, has been President
of the Federal Land Bank of St. Louis since August 1922,
and of the Federal Intermediate Credit Bank of St. Louis
Asking that if under a "dubious policy," of the Federal since June 1923. President Hoover's letter accepting Mr.
Representative McFadden Fears "Bad Money Situation"
May Bring International Crisis—Questions Policy of
Federal Reserve Board.
Reserve Board, American bankers were not getting the Meyer's resignation follows:
worst of financial relations with Europe, Representative
The White House, Washington,(April 29
1929).
Louis T. McFadden of Pennsylvania, Chairman of the Hon. Eugene Meyer,
Farm Loan Commissioner, Federal Farm Loan Board,
House Committee on Banking and Currency, declared at
Washington, D. C.
the opening session in Philadelphia on April 26
of the My Dear Meyer: I have received your letter of April 3, in which you
American Academy of Political and Social Science, that tender your resignation as Federal Farm Loan Commissioner and as a
the country is confronted with a "bad money situation" member of the Federal Farm Loan Board.
I intensely regret that your decision is irrevocable
and that, in the cirthat seems to be drawing us to the brink
of an interna- cumstances, the duty devolves upon me to accept your resignation.
I particularly wish to take this opportunity to express
tion crisis. Philadelphia advices to the New York "Times"
which all of us hold for the work you have accomplishe the appreciation
d as Farm Loan
in reporting this, gave the following
further account of Commissioner during the past two years. I know that you undertook
what Mr. McFadden had to say:
the difficult task of reconstruction at a time when the
Farm Loan System
Mr. McFadden, added that in his
opinion the "collapse" of the
reparations conference in Paris was a phase
of a
unless soon corrected, might involve the immediate situation which,
as well as the
future welfare of the civilized world.
William C. Redfield of New York City,
former Secretary of Cornmerce, who disagreed with the Pennsylvanian,
stated that "as a
banker" he knew of no such serious situation.
McFadden States Views.
"We are confronted today with a had money
situation," said
Mr. McFadden. "This situation is obviously
not exclusively a domestic
one. It is one that seems to be drawing us to the
brink of an international crisis. I do not believe that I can
be accused justly of being
either a pessimist or an alarmist when I
make this statement. All of
the discussion and investigation
of financial problems at home and
abroad have yet to offer convincing evidence
that such a crisis can
be averted.
"The collapse of the reparations conference
is, in my judgment, a
significant phase of a serious situation which, unless soon
corrected,
may involve the immediate as well as the future
welfare of the whole
civilized world. The conflict between the Federal
Reserve Board and
the Wall Street bankers and brokers cannot
be considered accurately
as one that concerns the American people alone,
especially when we
bear in mind the exchange of American gold
for European paper
which is still absorbing our call loans, and to furnish
interest and
dividends upon the European paper we accepted in return for
our
And we are still engaged in the hazardous pursuit of acquiring gold.
more
of that paper.
"Only recently an international authority pointed out in
the course
of an illuminating article on 'The Dollar Abroad,' prepared for
him
by the Foreign Policy Association, that we are lending abroad
at the
rate of $2,000,000,000 a year and our foreign investments
are increasing at the annual rate of about $1,000,000,000
to $1,500,000,000.
What does this portend?
Questions Reserve Board Policy.
"We are finding at the same time that European investors are
puorchasing our best stocks, our gilt•edge securities, whenever there
is a
slump in them or from ten to twenty points. There was shipped
to
Europe during the last recession of the market a total of $500,000,000
of securities. Their value was attested by the fact that they were
not
yet aboard ship when they jumped ten to thirty points.
"Under a dubious policy of the Federal Reserve Board are we not
getting the worst of our financial trafficking with Europe's
shrewd
and subtle financiers? Why is it, when our trade and industry are in
need of cheaper money we remain so interested in the restoration
of
Europe's disordered finances?
"The action of the Federal Reserve Board in lowering the discount
rate in 1927 at the behest of European bankers, an action
which
resulted in the sending of $500,000,000 of our gold to Europe,
is
thought in well-informed financial circles to supply the answer.
Shifting of Gold Abroad.
"This action was taken ostensibly to increase our European exports,
notably those of agriculture, but the shifting of gold abroad to help
restore the gold standard was manifestly the real reason for it. Such
action was praiseworthy in itself, but we should remember that
it
made money cheap and abundant at home and created a flood of new
securities with a resultant deluge of call money upon the market.
"It was then and there that the Federal Reserve Board lost control
of credit, one of its two primary functions
It is striving to regain
control but it is doubtful whether it can do so under its present policy.
Under existing conditions Europe may not find such a situation altogether unsatisfactory.
"Well informed financial circles in this country anticipated the break
up of the Reparations Conference. We should remember that Europe
is no longer face to face with the Germany of armistice days. A new
Germany, a Germany of a new generation, has arisen which is determined upon the fixing of a not too distant day when reparations
payments shall not only be pared down considerably but shall end for
all time. The Germans of the present day feel that the Allies have
already acquired ample 'war damages' since the Treaty of Versailles
and since the asssmbling of the first Dawes commission in January,
1924."
Mr. McFadden declared it was obviously for funding German reparations with the interallied indebtedness to the United States that the
"feeler" for an international bank was put out by the committee of
experts. He added that it was "not improbable" that when France
faced the maturing of her special $400,000,000 debt to us next
August she would "employ the collapse of the Reparations Conference as a pretext to seek postpbnement of the payment."
Eugene Meyer Resigns as Federal Farm Loan Commissioner—H. P. Bestor Named as Successor.
The resignation of Eugene Meyer as Federal Farm Loan
Commissioner was made known-on May 2, at which time
announcement was made of the nomination by President
Hoover of Horace Paul Bestor to succeed to the post relinquished by Mr. Meyer. Mr. Bestor, named to fill Mr.
was confronted with a critical situation and public
confidence had been
impaired.
Under your leadership, the administration and supervision
of the System
has been greatly strengthened, this great institution of
service to the farmers
has been placed on a sounder basis and public confidence has
been materially
improved, and will be of lasting benefit to the agricultural interests
of
the country.
I am aware that after ten years of public service you unwillingly
undertook this additional two years of service, and I can realize your
desire to
be relieved.
I earnestly wish, however, that you could remain in public service where
your high qualifications and sense of public service so respond to public
interest.
Yours faithfully,
HERBERT HOOVER.
Senate Action on Farm Relief Bill—Adopts Amendment of Senator Norris to Debenture Clause.
Amendment of the debenture clause in the Senate farm
relief bill was adopted by the Senate (without a roll call) on
April 30, this amendment, offered by Senator Norris (Republican) of Nebraska, adding to the clause, a provision for
decreasing the debenture rates whenever overproduction
developed on a crop on which they would be applied. The
Associated Press in referring to the amendment, said:
The proposal was described as an effort to answer the criticism
that the
debenture plan, vigorously opposed on ten counts by President
Hoover,
would have a tendency to bring about overproduction of
crops affected.
It was frankly hailed as a means of drawing support to the
provision, and
Senator Borah, Republican, of Idaho, was counted as one of the
recruits.
Senator Norris argued that "there isn't anything in the bill
without
the plan that will restrain overproduction," but held it was
"quite evident"
that without some such restraint as he proposed it would operate
to increase production.
The vote on April 30, according to the "Times" was not
taken as indicating the final line-up on the original debenture plan. The "Times" also said:
Chairman McNary of the Committee on Agriculture supported the
amendment as less obnoxious than the original proposal which is opposed
by President Hoover but will vote to eliminate any debenture plan whatsoever when the farm bill comes up for passage. Senator Watson, who
has offered an amendment to reject any debenture provision, said a vote
would be taken on his proposal Thursday or Friday and he forecast victory
for his measure.
President Hoover's attitude figures prominently in the day's debate.
Senator Allen of Kansas in his maiden speech defended the President
against Senator Brookhart's assertion that the President had failed to
carry out his campaign promises for agriculture. Mr. Allen asserted that
the farm bill as passed by the House accorded exactly with the President's
Pledges.
Senator Brookhart reiterated the views he had previously expressed
declaring that the President had stated in his acceptance speech that he
had no patience with those unwilling to spend a few hundred million dollars
for the farmer.
"This bill doesn't spend one dollar for the farmer," he continued. "It
merely provides for loans which are supposed to be paid back. There Is
no provision for the meeting of losses by the Government."
Senator Sheppard attacked President Hoover in a speech devoted to
the Republican Party and the alleged achievements of the Democratic
Party. His remarks caused Seantor Robinson of Indiana to demand that
he show a single statement by President Hoover inconsistent with the
House bill. Mr Sheppard replied by insisting that whereas Mr. Hoover
had promised to set up machinery with adequate capital to meet
the
farm situation, the pending bill failed to do so.
According to the Washington correspondent of the New
York "Journal of Commerce" President Hoover's farm relief
program was given strong support in the Senate on May 1
when Administration forces served notice that the export
debenture plan must be eliminated from the MoNary bill,
The account went on to say:
Senator Watson of Indiana, Republican floor leader, taking the floor to
reply to charges made by Senator Robinson of Arkansas, the Democratic
chieftain, told the Senate that "if the export debenture plan is put into
the
farm bill, we will have no relief." He declared the bill would fail of passage
because the House will not accept the debenture scheme and the
President
would not sign it even should such a measure be passed by Congress.
Expects Vote on Bill Next Week.
The majority leader called up his amendment to strike out the debenture
Plan and Chairman McNary of the Agriculture Committee serevd notice
that he expected a final vote on the Watson amendment by
Friday or
Saturday. McNary said this would permit a vote on final passage
of the
farm bill by the middle of next week.
The Senate debate was marked by political charges and counter
charges
with Democratic Senators, including Robinson and Caraway of Arkansas
and Harrison of Mississippi, consuming nearly all of the two hours Senator
Watson held the floor.
Another Administration stalwart, Senator Fees of Ohio, addressed the
Senate at length in favor of President Hoover's farm relief program.
MAY 4 1929.]
FINANCIAL CHRONICLE
House Committee Approves Four Measures Supplementing Farm Relief Bill.
Committee on Agriculture on April 29 approved
The House
four measures to supplement the farm bill passed April 25
and refetred to in our issue of April 27 (page 2746) providing
the $500,000,000 co-operative marketing plan. The "Journal
of Commerce" says:
The bills are designed to liberalize the Federal Warehouse Act, apply
the oleomargarine tax to other butter substitutes, tighten up the pure
food laws, and provide for the assignment of representatives of the Department of Agriculture to foreign service.
Cotton Bills Up.
At the same time the Committee referred to a sub-committee for consideration of the Vinson bill to regulate trading on cotton exchanges and
the Fulmer bill to provide for the use of net weights and the standardization
of cotton bales.
From its Washington corresponding on May 1, the paper
quoted reported the following:
Meanwhile, Chairman Haugen of the House Agriculture Committee
announced that consideration of additional farm legislation by the House
would be deferred until after the Tariff bill had been passed. The Com,mittee had piannned to call up the four neasures prepared as supplemental
features to the farm legislation already passed by the House.
Senate Ultimatum.
Chairman Haugen explained that"a delegation from the Senate came over
and said that if we took up these bills, which they did not consider as farm
relief bills within the meaning of the special session call, they would pass a
lot of general legilsation and make us take it."
The four bills scheduled to be taken up to-day included a measure to
broaden the scope of the oleomargarine tax law, revision of the Federal
Warehouse Act, creation of a foreign agricultural service and the Mapes bill
amending the Pure Food and Drug Act.
The action of Senate and House leaders in persuading Chairman Haugen
to hold up consideration of the farm bills was construed as part of a determined plan by the Administration to force adjournment of the .sifecial
session by July 1.
Sub-Treasury Assay Office to Be Sold.
From its Washington bureau the "Wall Street Journal"
of May 3 reported the following:
Advertising of bids for sale of the assay office of the Sub-Treasury in
New York City will be made within a day or two, according to James A.
Wetmore,supervising architect of the Treasury Department. It is reported
that bids have already been received for the property but will not be given
consideration until the advertising has been completed and all bids received.
Ogden Mills, Under-Secretary of the Treasury, it is said, will take charge
of the entire matter because of his familiarity with conditions in New York.
Inquiry By Federal Trade Commission Into Public Utility
Companies—Purchase of Brooklyn Eagle and Other
Papers Was Made With Financial Aid of International
Paper & Power Co.
Testimony that the International Paper and Power Company gave financial assistance to Frank E. Gannett, New
York newspaper publisher, in purchasing several newspapers, was given by A. R. Graustein, President of the
paper and power company, before the Federal Trade Commission in Washington on April 30. All the daily papers
have been reporting the proceedings at length and the
following account is taken from United Press advices in
the New York "Evening World" of April 30:
Newspaper holiings of the International Paper and Power Company in eleven papers in various parts of the country were disclosed by
Graustein as follows:
Chicago Daily News, $250,000 in preferred and common stock.
Chicago Journal, $1,000,000 in debentures, $6,000 in preferred stock
and 10,000 shares of common stock.
Brooklyn Eagle, $1,954,000 in notes and common stock.
Hall and Lavarre, $850,000 in notes, secured by stock of the Augusta
Chronicle, Columbia Record and the Spartanburg Herald-Journal,
Ithaca Journal-News, $300,000 in notes.
For the Boston Herald and Traveler, Graustein said his firm paid
$525 for each of 10,248 shares purchased, which represented a half
interest in the two newspapers.
This amount was paid on the total valuation of $10,684,000, and the
price paid was about eleven times higher than the net earnings, he said.
Graustein said he considered this a "fair trade" at the time of the
transaction, but the International Paper and Power, estimates it has
made a clear profit of $1,000,000 on the rise in the stocks since the
purchase last January.
Telling his transactions with Gannett, Graustein said he assisted the
publisher to the amount of $1,954,500 in the purchase of the Brooklyn
Eagle; $300,000 in the purchase of the Ithaca (N. Y.) Journal•News,
and $450,000 for the Knickerbocker Press and the Albany Evening
News, both at Albany.
Graustein revealed that the International Paper and Power made an
offer of approximately $20,000,000 for the Cleveland Plain Dealer,
which was refused. The power company also offered to finance the
purchase of II Progresso, a New York Italian daily, but this deal also
failed.
Graustein said he did not remember for whom his company planned
to finance this transaction.
Sought Boston Papers.
Negotiations leading to purchase by the International Paper and
Power Company of a 50% stock interest in two Boston newspapers also
were aired in today's testimony.
Investigation of the sale of the stock interest in the Boston Traveler
and Herald is being made as part of the commission's National Power
Propaganda inquiry.
The Commission decided to inquire into the purchase after Senator
Norris (R., Neb.) charged it represented an effort by power interests to
control the press.
2927
Telling of the transaction, Robert Lincoln O'Brien, former editor of
the Herald, said the matter of the stock sale first was mentioned by
Sidney W. Winslow, a director of the Herald and also of the United
Shoe Manufacturing Company.
Sale of half interest in the papers to the Power Company was suggested by Winslow O'Brien said, at a directors' meeting about five
months prior to the sale in last January. At this meeting, O'Brien
added, the sale also was favored by Daniel G. Wing, a director of the
Herald.
Further questioning of O'Brien developed that Wing is a director also
of the International Paper and Power Company. O'Brien said he did
not believe Wing's directorship in the Power Company constituted
direct interest any more than the fact that other owners of the Herald
are stock holders in the United Shoe Manufacturing Company puts
them in the shoe business.
All stock holders in the Herald and Traveler, O'Brien testified, agreed
to sell one-half of their stock to the International Paper and Power
Company thus giving that concern 50% of the Paper's stock.
The•stock, he added, was sold for less than its true worth and since
the sale O'Brien said he has been offered twice the amount he received
for his stock from the power company.
Efforts to learn the exact price which the power company paid for
the stock were unavailing as O'Brien said he did not care to reveal it
unless other stockholders agreed.
James Garfield, Secretary of the Boston Publishing Company, which
publishes these newspapers, took the same position as O'Brien when
questioned.
To Call Power Officers,
Chief Commission Counsel Healy indicated he would seek this information from representatives of the power company who are to testify
later. Questioning of O'Brien revealed that efforts to purchase the
Herald were made more than a year ago by Dr. Basil O'Connor, a New
York attorney, representing Frank Gannett, owner of an eastern chain
of newspapers.
In conversations with O'Connor who O'Brien said is a partner of
Franklin D. Roosevelt, Governor of New York, O'Brien tried to discourage him from going ahead with the purchase. He said he told
O'Connor the people he represented might not care to pay a sufficient
price, but O'Connor replied that his principals were willing to pay
whatever the paper was worth.
Nothing, however, came of these negotiations. In response to questions Healy, O'Brien said there never was an attempt by a utility
concern or any one else to influence the editorial policy of thtb Herald
during his editorship.
In addition to the newspaper mentioned, Graustein said his firm was
at present negotiating for purchase of another newspaper, but he declined to disclose the paper involved. The transaction, he said, was
incomplete, and it would embarrass the company to have the matter
made public now.
No Other Papers.
Outside of these newspapers, and the Boston Herald and Traveler, in
which the company recently bought a 50% stock interest, Graustein said
his company had not agreed to finance purchases of other papers.
Graustein denied that the International Paper and Power Company
has set aside a definite suns to be used in financing newspaper prop.
erties. All money advanced to newspapers by the company comes from
the International Paper Company, the present concern, he added.
Reverting to the Gannett transaction, Graustein said it came about
through his desire to sell newsprint to the papers which Gannett owned.
He said Gannett pointed out that he could purchase paper for less
money elsewhere, and inquired what advantage he could gain by buying
from Graustein's firm.
In his conversations with Gannett, Graustein testified, he told the
publisher he would advance credit and assist him financially in any
of his current newspaper purchases. The matter of assisting in purchase of the Brooklyn Eagle was then brought up, but Gannett did not
at first reveal the name of the paper, describing it as the "X" newspaper to him, Graustein said.
Stock in Brooklyn Eagle.
Eventually, however, Graustein continued, the International Paper
and Power Company advanced a total of $1,954,000 for which it obtained 400,000 shares or 40% of the common stock of the Brooklyn
Daily Eagle Corporation, which owns all outstanding stock of the
Brooklyn Publishing Company. The latter company in turns owns
68% of the capital stock of the Eagle.
For the Ithaca Journal-News, Graustein advanced $300,000 for
which he obtained notes. Graustein said he was not sure whether the
notes were secured by a mortgage, but he believed they were a prior
lien on the property.
In the case of the two Albany newspapers, Graustein's firm paid
$450,000, for which he said it received all of the preferred stock, and
3,000 shares, or 30% of the common stock, of the Knickerbocker Press
and Albany Evening News.
Preceding Graustein, Robert Lincoln O'Brien, former editor of the
Boston Herald, and James Garfield, secretary of the Boston Publishing
Company, were questioned by Chief Counsel Robert Healy, opening a
phase of the commission's investigation of public utilities. This part of
the investigation was requested by Senator Norris (Rep.), Neb., after
publication of the Boston purchase of the Paper and Power Company.
Refused to Tell Price.
Both refused to reveal the price paid by the power company, but
O'Brien said he has since been offered a larger amount for his stock
and Garfield said it was sold at a price below its real value. The
stock pays $16 a share annually, Garfield said.
O'Brien said he was personally a staunch opponent of Government
ownership and frequently had printed editorials opposing public ownership projects.
Publications of these articles was entirely on his own initiative,
O'Brien said, and was not caused by any outside influence. Healy
asked O'Brien about an editorial written by F. G. R. Gordon, who has
been a paid agent of the National Electric Light Association.
"If I had known Gordon was in the pay of a power association,"
O'Brien said, "I should not have printed his editorial, although it
agreed with my own personal views on the subject."
O'Brien's resignation from the editorship of the Herald was caused
by "uncongeniality with the directing ownership" and not by any
difference of opinion over matters of policy, he said.
From the New York "Times" of May 1 we take the
following statement issued by Mr. Graustein at Washing-
2928
FINANCIAL CHRONICLE
ton April 30 after he had testified before the Senate Committee:
International Paper Company is double the size of any other paper
company in the world. The earning power of its vast investment in
the paper business has been seriously threatened, not only by a heavy
decline in the price of newsprint but also by a heavy curtailment in its
mills. Curtailment of production in a newsprint mill is perhaps more
expensive than in almost any other industry, because the investment in
plants, timber limits, working capital, etc., are so great that it takes
about $5 of invested capital for $1 of turnover.
The interest, insurance and taxes and upkeep on the $5 of course
continue whether the $1 of product is sold or is not sold.
Under these circumstances, it requires very little thought to see the
importance to a newsprint company of securing its share of the
available business. The situation of the International Paper Company
a year ago i nthis respect can best be described by a brief excerpt from
its last annual report.
These statements indicate for 1928 a deficit of $4,706,403.97 after all
dividends. In 1927, there was a balance after all dividend payments
of $49,588.46.
Had to Curtail Newsprint Output
"The poor showing of 1928 is due to several factors, the foremost of
which was the curtailment in newsprint production and the reduction
in newsprint price." In other words, in 1928 the company suffered
a heavy deficit due, as its stockholders were informed, to the fact that
it had to curtail its newsprint output very substantially. In fact, it
did not have its share of the business.
It was to remedy this situation that an interest was purchased in
The Boston Herald-Traveler. The statement has been widely made
that the International bought The Herald-Traveler. While there is
an element of truth in the words, they convey an entirely inaccurate
idea.
The International only purchased an interest in The Herald. Though
that interest was a 50% interest, it was tied up with a trust agreement
so that control remained where it had been for he last fifteen years.
At the outset of the negotiations it was immediately agreed both that
The Herald did not want the International to have any say about the
news or editorial policy and that the International did not want to
have any say on either point.
For "Community of Financial Interest."
The Herald uses about 30,000 tons of newsprint a year, of which the
International had supplied 10,000 tons in 1927 and only 5,000 tons in
1928, with the prospects for 1929 dubious. It was, of course, part of
the understanding leading to the purchase of the stock that the International was to supply the entire newsprint requirements of The Herald
from the expiration of The Herald's existing newsprint contracts.
Thus the International secured a very large customer at a time when
it was in very serious need of business.
Some people have loosely said that an investment like this in a
newspaper was unnecessary for the sale of newsprint. Such people
either know a great deal more about selling newsprint than we do or
they know nothing at all about it.
As a matter of fact, the manufacture of newsprint requires, as we
have said, so large an investment and the supply of newsprint absolutely every day is so vital to the paper that some community of financial interest is natural and not infrequent. In fact, in England a
majority, both of newsprint capacity and newsprint consumption, is
interconnected through a community of financial interest.
Rothermore owns interests in at least three mills.
The Berry
group owns paper mills. Harrison, paper manufacturer, owns a chain
of newspapers.
No less is such development apparent on this side. The Chicago
Tribune, the largest consumer of newsprint in the West, has for many
years owned a newsprint mill and is in process of enlarging its newsprint properties, and only within the last two or three years. The
New York Times, probably the largest consumer of newsprint in the
East, has acquired what is reputed to be approximately a one-half
interest in a very large newsprint mill in Ontario.
Says Competitors Advance Funds.
More than that, competitors of the International have assisted in
financing of newspapers and the poor showing of International in
1928 is partly ascribable to the loss of a large account through financial
assistance extended by a competitor.
Under these circumstances, it was clear to the management of the
International newsprint properties that the solution admitted of only
one answer—that was of obtaining additional tonnage in the only way
in which it was possible to obtain it.
It has been intimated that the business might have been obtained
by dropping the price. That observation again shows a lack of familiarity with the newsprint business. If the International, the largest
factor in the newsprint business, dropped its price in a period of
overproduction, a like drop in price by all other manufacturers would
have been inevitable and no progress would have been made, rather
the reverse.
The only remaining factor in the situation is the suggestion that our
power interests should have prevented our proper running of the newsprint properties. The mere statement of that suggestion ought to be a
sufficient answer to it.
The International has no right, ability or desire in any way to
influence the news or editorial policy in any newspaper in the whole
country. The International feels that it would be unwise policy from
the point of view of its power properties to adopt any other policy,
and public sentiment generally, we believe, supports that viewpoint.
Moreover it would be unsound policy from the point of view of the
investment made in the newspaper.
Special Interests a Handicap.
A newspaper influenced in its news or editorial policy by the special
interests of its owners has, to say the least, an uphill job to be successful; and the International would not be winning to make any
investment under any circumstances in any newspaper if it did not
feel that the investment in itself was wise and profitable.
In the case of The Boston Herald, which has been widely discussed,
we are perfectly confident that our purchase can be demonstrated to
have been not only wise but advantageous as an investment. Specifically, we think we have at least $1,000,000 profit today if we desired
to cash in on it. We are speaking entirely independently of the advantages obtained from the newsprint contract.
Perhaps it might be well to make clear the answer to another question. Why should a paper company own an interest in utilities? The
[Vol,. 128.
answer lies in the history of the International. It was formed thirty
years ago as a newsprint consolidation. Newsprint is manufactured
largely from ground wood and grinding wood requires very large
quantities of power.
Tells of Entering Power Business.
The newsprint industry is one of the largest consumers of power
that there is. In those days when the International was formed there
was no such thing as long-distance electrical transmission, and for that
reason, perhaps, few water powers were electrically developed at all.
At any rate, each newsprint mill was located at the waterfalls and
the waterfalls were used hydraulically. Some five years ago it became
apparent that the price of newsprint, $75, a price at which the International was making only a very moderate profit, faced the probability
of a further substantial decline, a decline which the International, as
its mills were then constituted, could not stand.
It was then necessary to modernize its mills which could be modernized, and abandon other mills and otherwise prepare for the impending
competition. The abandonment of each mill meant a problem as to the disposition of the water power. Many of these water powers were located at
sites within transmission distance of the large industrial power markets of
New England. The question which the International faced was the
same which the farmer faces in getting his produce to market.
It could have sold its product wholesale to distributing companies,
but in order to get the best results it felt it was best to have an interest
in the instrumentality of marketing the power, feeling that in this
manner it could best serve the interests of the consumer and also its
own interests. It was in this manner, and for that purpose, that the
International became interested in the New England Power Association,
and within the year there has been put on the lines of the New England
Power Association some 60,000 horsepower developed at the old Bellows
Falls plant of the International, now abandoned.
Says Two Lines Are Related.
The International in this way has been able, not only to realize for
its stockholders on its obsolete mills, but also to serve the public and
promote the industrial development of New England, a cause to which
it is all the more committed now because of its large investment in the
New. England Power Association.
The intimate connection between newsprint and power is being
illustrated from day to day in Canada. Many Canadian newsprint
mills have developed their own power. The International in the
Gatineau Valley, north of Ottawa, has constructed perhaps as large
a hydroelectric system as has ever been built at one time, all fundamentally based on the supply of power to its big Gatineau newsprint
mill, but branching out to sell power on a huge scale to the hydroelectric power commission of Ontario.
The power which the International is selling here is delivered
to the commission at an extremely low price, under four mills per
k. w. h., and transmitted by the commission to tie in with its Niagara
system, supplementing, to a very large extent, the power, now inadequate, from Niagara and enabling the Province of Ontario to
continue its industrial growth based on low cost power.
The Canadian enterprises of International have thus served the
industrial development of Canada. In New England the company is
hopeful of serving an increasingly useful part in the supply of lowcost power for the purpose of industry.
Temporary Reduction In Freight Rates—Applicable To
Export Grain Agreed To By Eastern Railroads.
In response to suggestions from President Hoover, executives of railroads in Eastern territory ,agreed on May 2
to put into effect reduced rates on grain for export. The
reduced tariffs will continue in effect until the end of
September. A statement on May 2 by Robert N. Collyer,
Chairman of the Tariff Executive Association, Eastern
Territory, says that 'the Eastern railroads have taken
this action with the hope that the owners of the grain,
the United States Shipping Board and steamships serving United States ports, as well as other agencies Involved
In the handling of export grain, will co-operate and do
their part toward relieving the serious condition that is
confronting the farmers of the United States."
On the day of the issuance of Mr. Collyer's statement
(May 2) railroad Presidents met in Washington—the
"Times" in a dispatch from Washington May 2, having
the following to say regarding the decision reached:
The executives are understood to have assembled in conference
here at the request of the administration. It also is known that the
wheat surplus problem has been the subject of extended conferences
among the Government officials. The present situation of the heavy
surplus awaiting shipment and with no adequate foreign market has
been caused in part, at least, by the big crop harvested and marketed by
Canada, and increased production overseas. .
The tenor of the announcement made by the railroad executives, in
describing the conditions faved, served to centre interest here immediately upon the farm problem, especially in view of the pessimistic
statements which have been made recently by certain members of
Congress from the farming districts.
Deportment's Announcement.
No formal statement was issued at the White House, but late in the
day the following announcement was made by the Department of
Agriculture as representing the Department's position:
"At a meeting of the presidents of Eastern railroads, held in Washington this morning, it was decided to put into effect a reduction of the
freight rate on wheat for export.
"These reductions will approximate 2 cents per bushel on wheat
moving from Buffalo, 4 cents from Chicago and 5 cents from St.
Louis. The reductions will be temporary and will expire on Sept. 30,
1929.
"These reductions are made in response to suggestions from President Hoover, in which Secretary Lamont and Secretary Hyde concurred. The reductions are hailed as a practical demonstration of
cooperation between the administration and the railroads in aid of
the farmer and the orderly marketting of the coming crop.
"Similar action is expected from Western railroads."
•
MAY 4 1929.]
Among the railroad executives in conference were Presidents Crowley
of the New York Central, Willard of the Baltimore & Ohio, Atterbury
of the Pennsylvania. Dice of the Philadelphia & Reading and Loomis of
of the Lehigh Valley.
Mr. Collyer's statement in behalf of the railroad executives follows:
At a meeting in Washington today (May 2, 1929) of Presidents and traffic executives of Eastern railroads, consideration was
given to the emergency in agriculture caused by the great accumulation of grain on farms and in elevators in the west. This grain together with the alinormally large crop maturing and which will soon be
ready for market must meet the competition of the unusually large
carry-over and production in foreign countries, with consequent lowering of the price level in the principal markets of the world.
As the result of studies by the Department of Agriculture and individual investigations by the railroads based upon the representations
of that Department, the railroads recognize that an emergency of national proportions exists necessitating every possible aid to the im—
mediate removal of this surplus out of the country.
The rates of the Eastern railroads applicable to export grain have
been recognized by the Commission and are shown in the current investigation of export grain rates under Docket 17,000, Part 7, to be on
as low a basis as justified. In consentng to extend their aid to agriculture in meeting this great emergency prior to the movement of the
new crop, the Eastern railroads feel that general public recognition
must be given to the fact that rates on grain lower than their present
export rates would be far less than can be regarded as reasonable rates
and should not, in justice to these carriers, be referred to hereafter as
constituting a fair measure of export rates on grain.
The Eastern railroads have taken this action with the hope that
the owners of the grain, the United States Shipping Board and steamships serving United States ports as well as other agencies involved in
the handling of export grain will co-operate and do their part toward
relieving the serious condition that is confronting the farmers of the
United States.
It is also expected that Department of Agriculture will so revise
its regulations with respect to the grading of grain as to place United
States growers and exporters on as favorable a basis as shippers using
Canadian ports.
It has been concluded to seek authority from the Interstate Commerce Commissio nto make tariffs effective on short notice covering
reductions as follows:
Rates on grain "at and East" of United States lower Lake Erie
ports to North Atlantic seaboard for export to be reduced two cents per
bushel.
All rail reshipping rates on grain -from Chicago to New York for
export to be reduced from 22% cents per one hundred pounds to 17
cents per hundred pounds, maintaining present relationships to other
North Atlantic ports; the all rail reshipping rate from St. Louis to
New York to be reduced from 26% cents per one hundred pound to
20 cents per hundred pounds, retaining present relationships to other
north Atlantic ports.
All of these tariffs to expire by limitation with the close of
business September 30, 1929.
From the Washington account to the "Times" May 2
we take the following:
The drastic nature of the action taken by the administration and the
Eastern executives served to centre interest upon the immediate problem
of ridding the country of a huge surplus which must be handled before
any legislation which Congress may see fit to adopt can become law.
The first effect of the announcement by the administration was to
stir up speculation as to what attitude the Canadian wheat interests
would take toward the action by the American railroads.
Canada also has a great surplus of wheat and faces the prospect,
just as do the farmers of the United States, of a new crop of bumper
proportions to be harvester within a relatively short time. Experts have
offered various forecasts, among them that the Canadian interests might
take steps to meet the new competition from America which would
result from the lowered railroad rates here.
If the Canadian interests take no steps, it is felt that the rate reductions by the railroads of this country will aid materially in getting the
Amerioan surplus into the export trade.
On the other hand, if Canada meets the challenge with lowered
rates, there were some who feared that this might have an unfortunate
effect upon the European price which controls the value of export wheat.
Nine-Cent Cut to Seaboard Is Aim.
The Eastern railroad executives took action for lowered rates after
a brief study of statistics prepared by the administration. The general
scheme, if the Western carriers meet along similar lines, will be to reduce the rail rate on wheat from its origin to seaboard by about 9
cents a bushel. This would go far to make it possible for the American
farmers and middlemen to compete with the Canadian wheat shipments.
It is hoped in this way to get rid of a considerable part of the
present surplus and prepare for the incoming shipments from the farms
of the new crop, which will be well under way by about July 15.
It was admitted, however, that only developments which included
the attitude which Canada might assume, would determine just how
successful the effort set in motion today would be.
The present indications are that the new crop will exceed the 800,000,000 bushels harvested last year.
Some of the railroad experts felt that the long range situation was
fundamentally dependent upon the reduction in wheat planting, and
reports that Canada would increase its acreage by 2,000,000 acres, with
an estimated yield of sixteen bushels an acre, emphasized this point,
they felt. Early reports also are to the effect that the Argentine crop
will be a gib one.
The fact that American exports of wheat have been falling off
sharply over a period of several months has been a subject of some
concern to the administration.
This shrinkage in exports, which has been accompanied by a sharp
increase in Canadian exports, is shown in the following table, covering
the nine months' periods, July to March, inclusive, for 1929 and 1928:
1929
1928
Commodity.
82,846,000
131,403,000
Whetit (bushels
$98,309,000
$185,809,000
Wheat (val. in dol.)
9,966,000
10,288,000
Wheat flour (bbls.)
dollars). $58,969,000
$67,576,000
Wheat flour (val. in
Estimate on March 1 by the Department of Agriculture showed a
total of 355,563,000 bushels of wheat to be disposed of the greatest
total on any similar date ince 1919, when the total was 362,947,000
bushels. The figures for 1929 indicate that large holdings of the
"visible supply," or wheat which has passed out of the hands of the
2929
FINANCIAL CHRONICLE
farmers, were being held by purchasers in the hope of better prim.
The following tables show the trend as of March 1 for four years:
1928
1929
Place
130,007,000
148,813,000
On farms ..
74,086,000
78,411,000
Country mills and elevators
80,187,000
128,339,000
Visible supply
Total
Place
;wintry mills and elevators
Visible supply
-On farms
335,563,000
1927
85,907,000
61,271,000
130,230,000
284,280,000
1926
76,333,000
48,105,000
100,137,000
224,105,000
277,408,000
Total
The visible supply represents the stocks at the principal elevators and
grain markets of the country, which have passed out of the hands of
the farmers.
President Atterbury of the Pennsylvania called at the White House,
following the conference of Eastern executives here, to discuss the situation that has developed "in connection with the action of the Eastern
railroads this morning and some further explanation of the statement
issued by them," he said later.
"The grain situation in the United States," he added, "is that our
interior storage is now pretty completely filled. There is still a considerable amount of wheat on the farm, with a large crop in prospect.
"In order that there may be a clearance of storage space in preparation for the new crop, the railroads are cooperating to stimulate
exports.
"In this desire for cooperation in solving the problem of storage for
the farmers they have made reductions which are a substantial contribution to stimulation of movement into foreign ports.
"The railroads in the East have been largely guided by the wishes of
the President and the Cabinet in this and are hopeful that the action
taken will be taken as it is intended—that is, as a friendly effect of cooperation to solve the difficulty with which the farmers are confronted, that is, adequate storage for their grain. St;hh action is taken
.
at this early period in order that it may be effective. 'Y
"The railroads realize that unless the farmers are prosperous the
railroads themselves cannot prosper."
While the proposed reductions are made applicable generally to the
grain rates, the real problem faced by the administration and the
railroads is that of moving the wheat surplus into the export trade.
In referring in its issue of May 2 to the meeting in
Washington scheduled for that day the "Times" said:
Railroad men had difficulty in recalling yesterday when a similar
request by an administration to the railroads had been made. The
last public interchange of views was at the time of the railroad labor
troubles in the Harding Administration. It was this unusual aspect of
the situation that made railroad men believe that the suggested lowering
in rates would be made.
Tells Railroads To Institute Barge-Rail Rates—I. C. C.
Order Provides For a Differential of 20% on Joint
Mississippi-Warrior Barge-Rail Service.
The following is from the May 3 number of "Railroad
Data" published by the Committee on Public Relations of
the Eastern Railroads:
On April 20 the Inter-State Commerce Commission ruled that the
railroads which make connections with the barge lines on the Mississippi and Warrior Rivers of the Government-owned Inland Waterways
Corporation should establish combination barge-rail rates and routes
for the benefit of shippers.
The order was made effective August 27 and will provide for a
differential, equivalent in most instances to about 20% of the all-rail
rates effective between such points as it is proposed the traffic shall
move. All commodities are included.
In an analysis of this decision published last week, the Wall Street
Journal said:
"In its decision of last Saturday requiring most of the railroads of
the country to join with the Inland Waterways Corporation in making
through routes and rates, the Inter-State Commerce Commission carried forward a process of integrating rail and inland water carriers
which has been going on for several years. Earlier decisions have
directed specific railroads, chiefly those connecting physically with
barge services on the Mississippi and Warrior Rivers, to provide joint
services, without which admittedly the water carriers had little hope
of amounting to anything.
Under Orders from Congress
"What this means to the railroads can be definitely measured only
when the making of through rail-and-water rates and the divisions
thereof among the participating carriers has been completed. The Commission's latest order does not in itself make rates, but it accepts again
the differential in favor of the waterways which was made during the
war. The Commission offers no substantiation of its inherent reasonableness, but labors under the Congressional mandate that the waterways must have a rate differential.
"Then comes the delicate task of apportioning these lower through
rates between the barge line, on the one hand, and from one to half
a dozen rail carriers on the other. In an earlier decision the Commission laid down the broad principle that 'the rail lines should receive the same revenue as they would receive if the traffic moved allrail by the same gateway,' but added that 'this principle is subject to
qualifications.' The Inland Waterways Corporation is pressing for
divisions much more favorable to itself than that and other water
carriers are doing or will do likewise.
"It is safe to say that, in effect, the railroads are being forced to
cooperate with the waterways for extension of their service to remote
inland points, so that barge lines may take from the railroads a portion of their business; and that they must accept for their local part in
the through hauls rates considerably less than their comparable local
rates.
A Subsidy at Railroads' Expense
"Commissioner Woodlock, who has concurred in all the decisions
opening railroads to water-borne traffic, has not neglected to point out
that advantages thus given the waterways are in fact a subsidy to
the users thereof, made primarily at the cost of the rail carriers. In
the present case he adds:
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FINANCIAL CHRONICLE
[VOL. 128.
"'But the public should understand two things. One is that this
is an experiment; and the other is that its results should be closely
observed, so that appropriate action may be taken in accordance with
those results. The latter involves a strict scrutiny of two things. One
is the operation of the Government-owned Inland Waterways Corporation, to the end that we may be able to determine whether or not
it is economically justified. The other is the effect of this operation
upon the rail carrier revenues so that we may be able to determine to
what extent they are diminished by the water service. In both cases
it is evidence and not propaganda that is required.'
"If the Commission carries out the intent of Congress, that rail
transportation shall be preserved in full vigor, it will protect the railroads from serious damage to their total revenues. It is under a
moral obligation to relieve them from the cost of the experiment the
moment that cost is disclosed."
Governor Strong Quoted.
Governor Strong answered: "The Federal Reserve system does exercise
some control, at times, over the total volume of credit that is employed in
the country. The Federal Reserve system exercises some influence upon the
cost of that credit, by its discount rate and its open market operations.
Beyond that, the Federal Reserve system has no power to direct or control
how credit is used. We (the Federal Reserve) deal with it quantitatively;
the member banks deal with it qualitatively, as to its particular application,
and if member banks or nonmember banks find it more profitable to lend
money in one direction than in another we have no power, of course, to
'control that."
And on Page 296, the Chairman questioned Governor Strong further:
"Are there any other factors that enter into this question, over which
the Federal Reserve Board has control, that you have not stated?"
And Governor Strong replied: "I think the fundamental thing about the
Federal Reserve system is that, holding the reserves of so many banks, the
,gold reserve of the country, and being the source of supply of additional
credit when
Representative McFadden Says Federal Reserve by .retiring that it is requiredItby business, and the means, if you please, of
credit when
is no longer needed by business, the Federal
Continuance of Its Mistaken Policy is Reaping Reserve system, through changes in the rate of discount and preliminary
Whirlwind—Analysis of Stock Market Loans Sug- purchases or sales of securities in the market, has the power to influence at
gested—Quotes Late Governor Strong on Control times the total volume of credit." been
The operations of this system have
unchartered and largely pioneerof Credit by Federal Reserve.
ing, except that an observance of the management of the functions embodied in these operations have been operating in the world for many years.
In addresses before the Five o'Clock Club of Philadelphia
In fact, the study which was made of these monetary systems prior to the
on April 6, Representative McFadden, Chairman of the enactment of the Federal Reserve Act laid down certain
fundamental direcHouse Committee on Banking and Currency, made the state- tions to the management of the system.
ment that "the present active policy of the Federal Reserve
System Resiponsive to Government Demands.
Indicates that there is inflation in the Stock Market and
This system, like all central banking systems in an emergency, has always
that an undue amount of Federal Reserve credit is being been responsive to the demands of its Government. Naturally, at the outused to foster this speculation." He further said "the Fed- break of the World War, the needs of our public Treasury became so important that the Treasury found it necessary to practically dominate the
eral Reserve by a continuance of its mistaken policy seems policy and management of the newly established system, and it was fortunate, indeed, for us that this concentrated system had been established
to be reaping the whirlwind. Timeliness in putting into
and was available to serve the needs of this country in such an unpreceoperation the powers of the system in its operations should
dented emergency.
suggesting an
now be manifest to the management." In
Under the stress of this service it was necessary in 1917 to amend the
analysis of Stock Market loans, Representative McFadden legal reserve requirements in order that the system could release additional
credit so that the financing by the Government of its loans might proceed in
said:
an orderly manner. Through the public appeal that was made at the same
My position has been and is now that changed conditions prevail as time for a greater gold reserve as a basis for the extension of Federal Reregards financing of the business of commerce and production in this coun- serve credit, the country responded to the extent of providing the system
try, and that there is altogether too little known about the ultimate dis- with an additional $400,000,000, and thus the system was enabled to meet
position of the proceeds of stock market loans, and that before the Federal the emergency.
Reserve should ever take precipitate action to decrease these loans its
The close of the war precipitated a situation in 1920 which resulted In a
should have a careful analysis of the composition and use to which the drastic liquidation of prices and increasing liquidation of credits, the velocproceeds will ultimately go.
ity of which was largely accelerated by the then mistaken Treasury policy
In this connection the Federal Reserve management should know how and weak vacillating attitude of the management of the Federal Reserve
much of these loans are used for the purpose of carrying foreign loans; system.
how much of these loans represent money borrowed by industry to take up
Somewhat analogous to the 1920 liquidation is the present problem in
bank loans; how much of these loans are used for the purpose of carrying Federal Reserve management except, instead of Federal Reserve credit being
long-time investments. When these things are known the balance might invested in commodities, as then, the claim is now put forward that an exeasily be conceived as that portion used in speculation.
cessive amount of Federal Reserve credit is invested in stock and securities.
Several tiraes during the course of his speech Represen- The management of the system during this inflation period, however, became
aware of the power of publicity which was the later effective influence used
tative McFadden quoted the late Governor Strong of the by the management in causing this deflation.
In 1922, following the deflation of 1920 and 1921, the management of the
New York Federal Reserve Bank on the subject of control
by the Federal Reserve Board of the credit of non-member system were confronted with entirely new problems, in that the system
found itself in the position of not having sufficient demands in the way of
banks, Mr. Strong being quoted as saying "the Federal Re- rediscounts from its member banks to provide itself with the necessary
serve system exercises some influence upon the cost of that earning assets to pay its dividends and operating expenses. And, through
credit by its discount rate and its open market operations. its purchase of Government securities to cover this exigency, it discovered,
quite by accident, a new and most potent power and influence to guide it
Beyond that the Federal Reserve system has no power to in its future management—the power of its open market operations.
direct or control how credit is used." Incidently RepreOpen Market Operations for Federal Reserve Banks.
sentative McFadden said: "If the discount rate is now
Whereupon the Federal Reserve Board took official cognizance of this
raised, further importation of gold will be imminent and fact and established under its direction an Open Markets Committee. This
the general price level will be disturbed and a changing committee has since been operating in all open market operations for the
12 Federal Reserve banks under the direction and with the approval ef
price affects employment." In conclusion he stated: "The
te Federal Reserve Board. The authority granted by the creation of
public had best be informed that the managers of its credit this committee is a very potential influence in the important operations
system are determined to restrict credit for the purpose of or changes of policy of the system.
From 1922 until the summer of 1927, the Federal Reserve operations
deflating the stock market." The full text of Representative
Proceeded in a normal manner and apparently under the complete control
McFadden's address was given as follows in the United and
direction of the management of the system. The management was
States Daily:
using the additional powers of publicity and open market operations,
together with the discount rate very successfully; and keen observers et
The need for the revision of our banking laws became apparent 15 years
prior to 1913. Revision, however, was long delayed because of the contro- these various influences were quite thoroughly convinced that the authorversies which arose as to the type of revision best suited to the needs of 4ty granted in the law, in conjunction with these directing influences, was
effective in the control of the operations of the system, so that the
this country.
Following an exhaustive study of foreign banking systems and the pos- monetary system was then proceeding in an orderly manner and fulfilling
sible application of them to the needs of the United States by the Monetary the complete requirements of industry, commerce and the demands of
Commission, headed by the late Senator Aldrich, the Federal Reserve Sys- agriculture.
The power and influence of the system was enlarging and, because of
tem came into being and has been in constant operation, though in somethe disturbed conditions abroad, industrially, economically, and financially,
what amended form, since that time.
the attention of the management of the Federal Reserve system, particuA complete organization of credits was provided. The old archaic system
of pyramiding bank reserves was abolished. New legal reserve require- larly through the contact which had been established by the Federal
ments were set up and thus a credit reservoir was established under the Reserve Bank of New York with the central banks of issue of England,
general supervision of the Federal Reserve Board until at the present time and the continental European countries, was being directed to the European
the arbitrary legal reserve requirements have impounded within the sys- situation.
tem's control approximately $2,500,000,000.
And through these observations it became apparent that a certain
Under actual operations of the system, the original functions contem- amount of understanding and co-operation was necessary not only for the
plated were enlarged to include a transit and many other departments in- successful management of the Federal Reserve system, but for the central
cidental to the serving of member banks. To cover the expenses of these banks of issue of the other major countries of the world. One of the
operations and the dividends paid to the stockholder member banks at nor- controlling elements to this situation -Was the fact that there MS immal rates of interest, $1,000,000,000 of these legal reserves have to remain pounded in the Federal Reserve system practically 40% of the world's
invested in earning assets to cover the necessary operating expenses of the gold, and it was being realized that, in order to get the world back to
system leaving a net liquid reserve of approximately $1,250,000,000.
anything like a proper basis, certain European countries, including
The main responsibility vested in the management of the Federal Reserve England, should return to a gold basis.
system is the maintenance of a proper gold reserve and supervision over the
In order to return to a gold basis the management of the banks of
total volume of credit. In substantiation of my views in this respect, I de- England, France, Italy,
Belgium, and Germany began to negotiate, through
sire to quote from the hearings held before the Committee on Banking and the Governor of the Federal Reserve Bank of New York, with the Federal
Currency of the House of Representatives in March and April of 1928 Reserve system to bring this to pass. In response to the desires
of what
(Part One, Page 295). When the late Governor Benjamin Strong, of the was to be believed not only beneficial to the European countries
involved,
Federal Reserve Bank of New York, was testifying, the Chairman of the but also to the best interests of the United States, the Federal Reserve
Committee asked him, "To what extent can the Federal Reserve system management in the summer of 1927 changed its policy to make the necescontrol the credit of nonmember banks?"
sary monetary changes to bring this about.
MAY 4 1929.]
FINANCIAL CHEONICLE
The changed policy made money cheap in the United States through the
lowering of the discount rate and open market operations and resulted
in the exporting of approximately $500,000,000 worth of gold from this
country. The Federal Reserve management in order to accomplish this
released a larger amount of credit than was necessary to accomplish the
then supposed beneficial results.
Plan Designed to Solve International Situation.
The management of the Federal Reserve System was thoroughly aware
of the resulting possibilities of the release of this vast amount of credit
and its possible resulting influence other than the release of gold for
export, namely, the use of these funds for speculative purposes, but were
prompted in their action by the fact that they had been convinced that it
was to the best interests and welfare of the American people to get the
world back to a gold basis to thus enable trade relations and settlements
to proceed in an orderly manner, and that they could deal with the speculative situation if and when it developed. In the meantime the international situation would be solved.
How well the Federal Reserve management dealt subsequently with
the speculative situation was apparent by the mild change of monetary
policy in February, 1928, when in administering their powers for the purpose of regaining control of the credit situation they completely underestimated the power that was vested in the credit which had been previously
released, and because of this fact they failed in their attempt to regulate
the credit siutation and proceeded to temporize with the situation until
the second of February, this year, when they announced to the member
banks the firming tendencies of the money market, which they had noted
since the beginning of the year and which they stated was contrary to
the usual trend at that season, and pointed out that it was incumbent upon
the Federal Reserve Banks to give constant and close attention to the
situation in order that no influence adverse to trade and industry of the
country should be exercised by the trend of money conditions beyond what
might have developed as inevitable.
And in the notice which the Federal Reserve Board gave to the member
banks they called attention to the extraordinary absorption of funds in
speculative loans which had characterized the credit movement during the
past year or more and admonished the member banks that they had a
grave responsibility whenever they discovered evidence that their loans
were used for the purpose of maintaining speculation in securities with the
aid of Federal Reserve credit.
is danger in industry getting its money from brokers loans instead of
through banks direct?
The reconstruction of capital structures during the past few years, with
the resulting sequence of increased corporate savings„ must be in the
balance sheet offset by loans and investments, and this revamping of the
capital structures of these various industries has necessarily resulted in
the making of large loans to provide the required refinancing operations
to cover the interval of redistribution to the investing public. One of the
resulting effects of the continued tightening of money under the present
Federal Reserve policy has been to wipe out one group of speculators and
investors to the benefit of another group of speculators and investors.
The present active policy of the Federal Reserve Indicates that there
is inflation in the stock market and that an undue amount of Federal
reserve credit is being used to foster this speculation.
Careful Analysis Urged of Stock Market Loans
This was a direct indication that the Federal Reserve management were
directing their attention and activities to the stock market, and that
Federal Reserve credit was being used to sustain speculation and prices,
and that in their opinion, because of this fact, prices of securities had
been boosted to inflated values. This statement clearly indicated that
It was the desire of the system that brokers' loans and stock values should
be liquidated in substantial amounts.
Because of the seriousness that such directed action might have on the
country, I stated my interpretation of the duties and responsibilities of
the management of the Federal Reserve system to be supervision of the
total volume of credit and protection of the gold reserve, and remarked
that I did not understand that the gold reserve was in any danger, nor
did I see any indication of a general rise in commodity price level which
Is the main indication of inflation of credit, and that because of these
facts I did not think that the Federal Reserve system should concern itself
about the condition of the stock market of the security loan market, and
because of the fact that I felt it would be easy for them by such action to
produce a business slump without really intending to do so.
All reports at the present time indicate that business is proceeding in
an orderly manner, and theie were no indications at that time to the
contrary. My position has been and is now that changed conditions prevail
as regards financing of the business of commerce and production in this
country and that there is altogether too little known about the ultimate
disposition of the promeds of stock market loans, and that before the
Federal Reserve should evcr take precipitate action to decrease those loans
It should have a careful analysis of the composition and use to which the
proceeds will ultimately go.
In this connection, the Federal Reserve management should know how
much of these loans are used for the purpose of carrying foreign loans;
how much of these loans represent money borrowed by industry to take up
bank loans; how much of these loans are used for the purpose of carrying
long-time investments. When these things are known the balance might
easily be conceived as that portion used in speculation.
If the present restrictions that are being applied by the system are
continued, the bight interest rates may make it too expensive for corporations to finance themselves. There is also grave danger of the loss of
confidence on the part of the public who may become afraid to buy stock
Issued. The Federal Reserve management cannot prevent a corporation
or the public from loaning money on call or buying or selling stocks. I
do not think that it has been shown that any positive harm through
increase of brokers loans is being done to business and industry or to
employment. And the total amount of rediscounting by member banks
when compared with a year ago is only slightly above that which was
made necessary by the export of gold.
There are two important indicators which the management of the Federal
Reserve system should at all times watch—the level of prices and employment. I don't consider that the Federal Reserve management has any
authority to fix prices except in so far as authority is granted to them
to manage the total volume of credit and to maintain the gold standard,
and I believe that if corporate profits do not warrant the present price
level of securities that the market will within itself correct this situation
If given the opportunity. Just as long as high rates for call money continue, just so long will the surplus available credit and money (not only
form this country but from all parts of the world) pour into the New York
market.
In the recent precipitate fall on the stock market, it was interesting to
note that the price of commodities fell in unison with the fall in the price
of stocks.
Our average gold reserve ratio is 71%, whereas the legal requirement
Is 35% on oustanding Federal Reserve notes and 40% on deposits; so I
do not see why we need to be alarmed about reserve ratio.
Business and industry in this country have been proceeding at a tremendous pace in the past few years, and as a result of the prosperity which
has come to us from our vast developments, a large volume of individual
savings has resulted, corresponding partly to the production of additional
wealth and partly to the results of the capitalization of increased values
as represented in stocks and real estate.
And in order to carry on the tremendous transactions incident to this
great development and prosperity, large bank loans are, of course, required
if we are to continue our present pace. Are we to understand that there
2931
Description of Processes of Inflation and Deflation
In this connection I desire to again quote the late Governor of the
Federal Reserve Bank of New York, Benjamin Strong, in hearings before
the Committee on Banking and Currency of the House of Representatives
in March, 1928. In speaking on the subject of inflation of credit, Mr.
Strong said:
"As to the internal management of the Federal Reserve system itself and
what might be done to check either an inflation or a deflation, I go back
again to the operation of the gold standard.
"The creation of a great volume of credit in excess of what the business
of the country requires immediately has certain reactions. Interest rates
go down. You have an exodus of capital from the country; and, if such
a policy is so deliberate as to be generally recognized, there would be a
flight of capital; and, if it were a gradual policy of inflation, insidous
and not readily perceived by the public, it would undoubtedly in time
have some effect upon prices.
"But in every case the consequence is the same. Gold would leave
the country, Gresham's law would operate at once, and it would be an
apparently short time, pmticularly if the public were aware of the situation, before the reserves of the country would become so impaired that
we would be facing a suspension of specie payments. I do not know of
anything that would bring the country to its senses any more quickly.
"The reverse of that is equally true in a period of deflation of the
credit and currency of the country, if it could be brought about. There
is a limitation upon what is possible, but the method would obviously be
to sell all the investments of the system, and the banks would thereby be
heavily in debt to the reserve banks, and then the only method would be
to raise the discount rate, possibly to perilous heights, and the response
to that would be an in flux of gold.
"Reserves of member banks would bulid up rapidly and the automatic
chock on contraction would begin to operate."
Importation of Gold and Price Dislocation
This a very clear, concise statement of the effect on inflation and
deflation, and is pertinent to the present situation. If the discount rate
is now raised, further importation of gold will be imminent and the
general price level will be disturbed and a changing price affects employment.
The Federal Reserve by a continuance of its mistaken policy seems to
be reaping the whirlwind. Timeliness in putting into operation the
powers of the system in its operations should now be manifest to the
management.
I again quote from the testimony of the late Governor' Strong; he says:
"Again getting back to the gold standard: The gold standard is much
more automatic check upon excesses in credit and currency than is a
system where gold payment, if you please, is suspended, and it is left
to the human judgment of men to determine how much currency shall
be issued which they do not need to redeem in gold. And when you
speak of a gold standard, you are speaking of something where the limitation upon judgment is very exact and precise, and the penalty for bad
judgment is immediate.
"Where you are speaking of efforts simply to stabilize commerce,
industry, agriculture, employment, and so on, without regard to the
penalties of violation of the gold standard, you are talking about human
judgment and the management of prices, which —I do not believe in at
all. I do not think anybody should be given the power to say what the
price of anything should be."
The Federal Reserve system have announce, in the statements issued by
the Federal Reserve Board to the 12 Federal Reserve Banks and the additional statement in the April bulletin of the Federal Reserve Board, a
definite change of policy, and are now engaged in the execution of the
powers essential tb carry that policy into operation.
General notice has been served on the member banks to scrutinize all
loans and see to it that the proceeds of any loans or rediscounts granted
are discouraged from going into stock market operations, with the further
implied threat that if the present admonitions do not result in sufficient
restriction of the speculative market to satisfy their views, the additional
power of raising the discount rate will follow.
The public had best be informed that the management of its credit
system are determined to restrict credits for the purpose of deflating the
stock market.
New Passenger Service Between Chicago and Pacific
Northwest to be Inaugurated by Great Northern
Ry., June 10—New "Empire Builder" to Cut Running Time Five Hours.
A new passenger service between Chicago and the Pacific
Northwest, consisting of a fleet of new trains running on a
5-hour faster schedule than present transcontinental trains,
will be inaugurated by the Great Northern Ry., June 10,
according to advices received in New York, April 28, by
M. M. Hubbert, General Eastern Passenger Agent, from
W.P. Kenney, Vice-President and Director of Traffic. The
new train, which, it is said, will constitute the last word in
transcontinental passenger service, will be named "The
Empire Builder," in honor of James J. Hill, whose pioneering
efforts in the development of the Northwest gave him that
title. Mr. Kenney said that except for the building of the
8
-mile tunnel under the Cascades, the Great Northern has
never done anything so worthy in giving recognition to its
distinguished founder. Mr. Kenney added:
2932
FINANCIAL CHRONICLE
[VoL. 128.
Brown Brothers & Co., whose financial activities have
kept pace with the growth of this country in foreign
trade for more than a century, are again occupying the
corner of Wall and Hanover Streets where the firm has
done business for ninety-five years. Now, however, there
is on the site a thirty-six story building, the erection of
The new train will be the companion train of the "Oriental which has just been completed and the lower floors of
Limited,' the system's present crack train. Neither will be which are their offices. Pending the construction of the
extra-fare trains, Mr. Hubbert said. The cars will bear the new building the firm occupied temporary quarters at 37
names of dauntless explorers, pioneers, soldiers who pro- Wall Street. With its return to the site at 69 Wall Street,
With the finest equipment that has ever been turned out of the Pullman
Company's plant, combined with the drastic reduction in running time, we
believe the "Empire Builder" to be the most pretentious development in
railway passenger transportation that has ever taken place.
"Through setting new standards in fast and luxurious travel we are hopeful that the "Empire Builder" will contribute further to the advancement
of the Northwest, thus perpetuating Mr. Hill's ideals in act as well as in
name."
tected the early immigration, and Mr. Hill's distinguished so long its home, an announcement says:
When the firm started business in New York in 1825, it
took temassociates.
porary quarters at 191 Pearl Street, moving
63 Pine Street,
The "Empire Builder" will be a new train from engine to In 1833 the offices were moved to 59 Wall later toat the corner
Street
of
observation car, according to information received by Mr. Hanover Street, where the old Joseph Building was located. During
the Civil War, two small buildings in the rear of 59 Wall Street
were
Hubbert. Each of the eight trains comprising the fleet will purchased, and in 1864 on the enlarged site
there was
represent an outlay of more than a half million dollars. Even Story building then considered thoroughly fireproof. erected a five.
During the
with the five hours shorter time on the 2,200-mile run between World War additional buildings were necessary to accommodate the
firm's growing business,
is this
Chicago, Seattle and Portland, Ore., there will be six of the has been replaced by the and itthirty-six entire group of buildings that
new
story structure.
new trains enroute at all times. The advices state:
The firm of Brown Brothers & Co. dates back to 1825 when the
These thousand-ton trains will be drawn by what is claimed will be the
most powerful fleet of passenger locomotives in the world. They are said
to be capable not only of making fast time through the prairie states and
also of making good time with the heavy trains over the road's exceptionally
favorable mountain grades and without use of helper engines.
Eleven locomotives, four of which will be coal-burning, six oil-burning
and one electric, will be used to move each train across the continent. Due
to the use of extra large fuel and water tenders, virtually the only stops,
aside from the larger cities, will be those made to change engines and service
the trains.
Observation and dining cars, as well as sleeping cars, are being built by
the Pullman Company. In order to incorporate in one car all of the conveniences and facilities most popular with travellers, a sun-parlor observation car has been designed which is said to be the longest observation car
ever built. The familiar observation platform gives way to a sun-parlor;
beyond that is the observation lounge, with tables, writing desks, chairs
and settees; women's dressing room with both shower and tub baths;
buffet kitchen and fountain; another spacious parlor where smoking and
cards may be indulged in; barber shop and men's baths.
Sleeping cars will have larger dressing rooms than the ordinary pullmans,
with many minor refinements in detail, while the distinctive features of the
dining cars include electrical refrigeration and electrical dishwashing machines.
Other advantages of the Great Northern's new passenger service are that
it will save passenger virtually a whole business day at Chicago and the
Pacific Coast cities and that it will afford daylight travelling through all
of the scenic regions of the Northwest—the Minnesota lake region, the
famous Militias Pass, Glacier National Park, which the Great Northern
skirts for a distance of 60 miles, the Kootenai and Pend d'Oreille Rivers,
the Columbia and the Cascades.
The "Empire Builder" will have departure hours somewhat earlier than
present trains. At Chicago the trains will leave in the evening and at
Tacoma. Seattle and Portland they will leave in the late afternoon. They
arrive at these cities in the early forenoon instead of the evening as now.
The use of oil burning and electric locomotives over the greater part of
the route gives the Great Northern the longest mileage of cinderless travel
of any of the Northwest railways. This, together with the dustless ballast
used on hundreds of miles of roadbed makes the journey over the route an
exceptionally clean one.
Trans
-America Corporation Stockholders Get First
Quarterly Dividend.
According to the San Francisco "Chronicle" of April 26,
payment of the first quarterly dividend of the Trans-America
Corporation, aggregating $20,000,000, including the cash
dividend of $1 per share and 1% in stock, was being made on
that day to the 135,000 stockholders of the corporation. We
quote from the paper mentioned as follows:
Stockholders will receive, in addition to the dividend check itself, a fractional warrant or stock certificate and, in some cases, both. More than
20,000 of the group will receive whole certificates, while 125,000 will be
mailed fractional scrip. Since the scrip does not have to be presented for
a period of five years, stockholders will not be forced to dispose of it at once,
or purchase additional fractions, but may accumulate the warrants as
subsequent dividends are paid. At the current market the present quarterly dividend is worth $2.30, or more than the total regular annual dividend
of $2.24 paid by Bancitaly Corporation.
The beard of directors of Transamerica has as yet taken no formal
action with respect to the continuance of the stock dividend, but It is
known that A. P. Glannini, President of the corporation, looks with favor
upon such distribution, either on a quarterly or semi-annual basis. At
the time the current dividend was approved he expressed the opinion
that the arrangement would be made permanent with the possibility that,
the entire dividend might ultimately be paid in stock. Should the plan
receive the approval of the directors it would mean a return in excess of
7% on the present market price of the stock. At $200 a share the yield.
on the present dividend rate, would be 6%.
In preparing for the payment of this first dividend, the offices of Transamerica have handled in excess of 20.000,000 items, evidencing ownership of securities, and have passed through the books of the corporation
some $4,000.000,000 in entries. A staff of 700 clerks has been engaged in
the work, operating on a twenty-four-hour schedule with three shifts of
eight hours each.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Arrangements were reported made this week for the sale
of a New York Curb Market membership for $165,000, an
increase of $5,000 over the last preceding sale.
A Chicago Board of Trade membership was reported sold
this seek for $39,700. The last preceding sale was at $37,500
Baltimore house of Alexander Brown & Sons, realizing that the opening of the Erie Canal was diverting to New York much of the Western
trade which had previously cleared through the Maryland capital, decided that the best way to take advantage of the new order of things
was to open an office in New York, then a city with 166,000 inhabitants. At that time the firm's main activity was the exportation of
cotton, tobacco and miscellaneous goods and the importation of Irish
linens. Alexander Brown, founder of the Baltimore house, had come
from North Ireland in 1800 after long experience in the linen trade
there.
Gradually the Browns developed as a supplemental activity dealings
in bills of exchange, first to cover their own trade commitments and
later for the account of other American firms; and front this beginning Brown Brothers & Co. developed into an outstanding factor in
domestic and international finance. Brown Brothers & Co.'s commercial and travelers letters of credit have long been honored in every
part of the world.
Through the years Brown Brothers & Co. have done an ever-increasing investment and underwriting business, and now rank as one of
the most active houses in that field. In this connection one of their
important achievements in recent years has been the part played in
cooperation with the Baltimore house of Alexander Brown & Sons in
all financing done by the Federal Farm Loan System.
Equipped with a thorough knowledge of European banking and
business, Brown Brothers & Co. have been an important factor in the
financial rehabilitation of that Continent since the World War. The
firm has originated or participated in numerous arrangements to supply
Old World countries and corporations with working capital made
necessary because of losses during the great war, jnet as during the
period of reconstruction following the Civil War it pointed the way
for profitable investment of European capital in the United States.
The three senior partners of the firm today are great grandsons of
Alexander Brown, and grandsons of the founder of the New York
house. The firm's outstanding position in domestic and foreign fields
is recognized as a monument to sound business principles strictly
adhered to throughout its long existence. .
Dr. Benjamin M. Anderson, Jr., Economist of the Chase
National Bank, New York, sailed on the "Statendam" on
April 20 for Rotterdam., where, on May 7, he is to deliver
an address before the Netherlands Commercial University
on "Commodity Price Stabilization of False Goal of Central
Bank Policy." Dr. Anderson will also visit Belgium, Germany, Austria, Hungary, Switzerland, France and England on this trip. Ile will speak before the American Club
at Paris on June 13.
Announcement of the promotion of Russell F. Thomes to
Assistant Vice-President and 0. M. McCullough to Assistant
Secretary is made by the Central Union Trust Company
of New York. Mr. Thomes has been associated with the
Central Union since 116. At the time of his election to his
new post lie was Assistant Treasurer. He is President of
the New York City Bank, Comptroller and Auditors' Conference and a commitee member of the National Auditors'
Association. Mr. McCullough is southern representative
for the Central Union. He was formerly connected with the
First National Bank of Philadelphia and previous to that
with the American Trust Company of Charlotte, North
Carolina.
The Guaranty Trust Company of New York announced on
April 25 the appointment of Harry V. Russell as an Assistant Vice-President,
John H. Brennen, President of the Times Square Trust
Co., located at 7th Avenue and 40th Street this city, announced the following elections: T. T. Haldane as VicePresident; Joseph W. Hanson as Secretary and Treasurer.
Mr. Brennen also announced the following appointments:
D. Hoyt, Assistant Treasurer; J. J. Sherry and Edward
Rokahr, Assistant Secretaries. The Thnes Square Trust
Co. will open its Bathgate Avenue Branch at 174th Street
and Bathgate Avenue sometime next month.
-4---
MAT 41929.]
FINANCIAL CHRONICLE
Continued reports of further possible bank consolidations indicate as ,emminent a merger of the Equitable
Trust Company and the Seaboard National Bank of this
city. Regarding these reports we quote the fqllowing from
the New York "Journal of Commerce" of April 29:
Rumors that the Equitable Trust Co. and the Seaboard National Bank
are to be consolidated were revived on Saturday on the'advance in the
prices of the shares of both institutions. Equitable stocks were quoted
at 735 bid, 745 asked, as compared with the previous range of 715-722,
and the shares of the Seaboard National Bank advanced to 1,200-1,200
from 1,180.1,200.
The consolidation of the Equitable Trust Co. With the Seaboard
National Batik has been the subject of gossip since the announcement
of the merger between the Guaranty Trust Co. and the National Bank
of Commerce. Bank stock dealers at first had believed that either or
both of these institutions would be merged with the National City
Bank. Then, when the National City was united instead with the
Farmers' Loan & Trust Co., discussion switched to the possibilities of
the institutions being merged with each other. Officals of both banks
refused to support the rumors.
It is generally supposed that should the two banks be merged the
consolidation will take place under the charter of the Equitable Trust
Co. The reason for this supposition is that in the two examples this
year of consolidation between a national bank and a trust company the
merged institution adopted the trust charter. The two instances were
the Guaranty Trust Co. union with the National Bank of Commerce
and the consolidation of the Hanover Bank and the Central Union
Trust Co. .
In addition to this argument on the basis of previous examples it is
also pointed out that the reasons for the keeping of the trust charters
would still obtain. These are, first, that the trust business has within
the past few years proved one of the most profitable in the banking
advertising, is
field. The present trend, largely under the stimulus of
second
distinctly toward the institutional management of estates. The
the
reason is that a national charter places greater restrictions upon
in the Fedoperations of a bank and compels the bank's membership
advantage gained, it is stated, is one
eral Reserve system. The chief
of prestige.
At a special meeting of the stockholders of Guaranty
Trust Company of New York on Thursday, May 2, the
merger between the Guaranty Trust Company and the
National Bank of Commerce was approved. The approval
of the merger agreement by the directors of the Guaranty
Trust was noted'in these columns April 13, page 2402. On
May 1, William C. Potter, President of the Guaranty
Trust Company announced that, in conformity with the
merger plans of the Guaranty Trust Company and the
National Bank of Commerce, the Directors, on May 1,
elected James S. Alexander, Chairman and Charles H.
Sabin, Vice-Chairman, effetcive as of the 'close of business May 4.
--o—
At a special meeting of the shareholders of the Chemical
National Bank of New York on May 1, at which fourfifths of the stock was represented, the conversion of the
bank into a state bank under the name CHEMICAL BANK
& TRUST COMPANY was approved. This is the first
step in the merger of the Chemical Bank and the U. S.
Mortgage & Trust Co., details of which were given in our
issue of March 30, page 2027.
The directors of the Public National Bank & Trust Company of this city took action on April 25 toward increasing the capital from $6,600,000 to $8,250,000 in shares of
$25. A special meeting of the stockholders will be held
on June 3 to ratify the plans. The additional stock will
be offered to the present shareholders at $100 per share
and part being applied toward the bank's capital ,structure, and part toward the capital of The Public National
Corporation, its affiliated security company. E. E. Gerstein,
President, in the notice to the stockholders April 29, says
in part:
2933
Joseph Brown, President of the Sterling National Bank
& Trust Co., announces that the bank will open officially
on Tuesday next May 7, in its quarters in the Chanin
Building, 42nd Street at Lexington Avenue. The bank
will regularly open for deposits at 8:30 A. M. as an aid
to the commuters from Westchester and Queens Borough.
It is explained that this innovation is instituted to aid
commuters unable to do their banking before leaving their
homes. New officers of the bank not previously announced
are Morris W. Haft of Morris W. Haft & Bros. of 1385
Broadway, a coat and suit manufacturing firm, recently
elected to the Board of Directors, and two Assistant VicePresidents, Abraham Cohen formerly Vice President of the
Pennsylvania Exchange Bank and Harry A. Siegel, a
director of A. De Pinna Company for the past 15 years.
The Credit Department will be in charge of Harold W.
Tallman, who was connected with the Chase National
Bank for the past few years. Mention of the new institution was made in these columns March 23, page 1844
and April 13, page 2403.
A testimonial dinner in honor of Conrad C. Probst, on
the occasion of his appointment as Vice-President of the
International Germanic Trust Co. of this city was given
in the Music Room of the Hotel Biltmore, on Thursday
evening, April 25.
After overcoming many obstacles in earlier life, just
twenty-five years ago, Mr. Probst started as a bank messenger in the old Bank of Commerce, and advanced through
many departments in that institution and the Battery
Park Bank, which later merged with the Bank of America.
He recently resigned as an officer of the Bank of America
to become Vice-President of the International Germanic
Trust Co.
At a meeting of the Board of Directors of The Chase
National Bank of New York this week the following official appointments were made: Charles E. Sandahl, Assistant Cashier; John Bastedo„Manager Investment Service Department; Wilton A. Pierce, Assistant Manager
Investment Service Department; Manuel J. Die; Assistant
Manager of the Isthmian branches. The Chase National
Bank also announces the appointment of John Bastedo as
Manager, Investment Service Department.
Frederick P. Small, President, American Express Company, was this week elected a director of Chase Securities Corporation.
Shares of Chelsea Exchange Bank of New York and
Chelsea Exchange Corporation, the securities affiliate of
the former, both advanced sharply in the local bank stock
market this week following reports to the effect that
unification of the two institutions is being discussed by
the Directors. Consummation of such a plan, which is
expected in some circles will be advantageous to the stockholders of both organizations, according to interests close
to the banking institutions. Under the plan now being
discussed units will be created of the stock of the bank
as well as the securities corporation similar to the certificates issued and now outstanding for the National city
Bank, Chase National Bank and other large banking institutions.
Joseph Cohn, a leading figure in the millinery industry
Stockholders of the Bank and the Coroporation at the close of business on June 10 will be given the privilege to subscribe for the and for fifteen years a member of •the firm of Cohn &
new shares at the rate of one new share of the Bank and one new Kaplan, has been elected a Vice-President of The Bank
share of the Corporation for each four shares registered in their
Cohn will retire from
names respectively at the time aforesaid, at the subscription price of of United States of New York. Mr.
$100. for one share of the stock of the Bank and one share of the the firm of Cohn & Kaplan, having disposed of his interest
stock of the Corporation. which sum of $100. is to be so divided that to his nephew, P. Workman. He is a director of the
the Bank will receive $50. for each of its shares so subscribed for,
and the Corporation will receive $50. for each of its shares so sub- Eastern Millinery Association.
scribed for. The subscription privilege will expire at 3 p. m.
(Easters Daylight Saving Time) on June 28, 1929, and any subscripA certificate has been issued to the Claremont National
tions not exercised at or before said time will be void and of no fur- Bank
of New York, authorizing a new branch in the
ther force and effect.
Assignable Subscription Warrants covering such subscription rights, vicinity of 167th Street and Jerome Avenue. The branch
as well as Fractional Warrants, will be issued and mailed as soon will open in about 60 days.
after June 10, 1929 as is practicable. No subscription for a fraction of
a share will be received. Therefore a shareholder receiving a FracEugene S. Hooper, Jr., formerly with the National Bank
tional Warrant, in order to derive benefit from it, must either sell
his Fractional Warrant or buy additional Fractional Warrants sufficient of Commerce in New York, has joined Manufacturers
to enable him to subscribe for a full share.
Trust Company as Assistant Vice-President and will be
Any shares to be offered as herein provided, not purchased by those
entitled to subscribe therefor, may be sold at the market but at less located at the Main Office, 139 Broadway, according to
than the respective prices set forth above to such person or persons, cor- an announcement made by Nathan S. Jonas, President of
poration or corporations, as the respective Boards of Directors shall
Manufacturers Trust Company. Mr. Hooper was born in
deem proper.
In February last, as noted in our issue of Feb. 9, page Jefferson, Texas and after graduating from the University
831, the bank increased its capital from $6,000,000 to of Texas in 1919 became associated with the National
Bank of Commerce in New York.
$6,600,000.
2934
FINANCIAL CHRONICLE
Subscriptions for the stock of the Washington Square
National Bank of New York, which has just been granted
an application for organization by the Treasury Department, are being received and allotments will be made
shortly. Subscriptions are being taken at $160 a share.
As indicated in our Issue of April 20, page 2574 the new
National bank will have a capital of $500,000 and a surplus of $300,000. John S. Scully will be President of the
bank which has taken temporary offices at 1 Fifth Avenue
where the organization details are being completed. The
organization committee consists of Frederick P. Altschul,
William S. Butler, Charles E. Duross, James F. Egan,
Thomas Farrell, Paul Willard Garrett, Charles F. Goetz,
William Merrick, George B. Mulgrew, William J. Olvany,
John S. Scully, Edward E. Spafford and Hamilton Vreeland, Jr.
[Vol.. 128.
Plans are being developed for the organization of a new
bank in Brooklyn under the name of the Midland National
Bank of Brooklyn in New York with a capital of $1,000,000. Application has been made to the Comptroller of the
bank. William R. Bayes, of 40 Wall Street, is acting in
behalf of the organizers.
Ratification of a split-up of stock from $100 to $20 par
was voted by the stockohlders of the Richmond Hill National Bank of New York at a special meeting on April
29. The stockholders will meet on May 22 to vote on a
proposal to increase the capital from $200,000 to $300,000,
the additional stock to be offered stockholders at $25 per
share. An item regarding the change in the par value
of the stock appeared in our issue of April 13, page 2404.
The First National Bank of Griffin Corners, Fleischmanns, N. Y., on Apr. 8 changed its title to the First National
The Brooklyn Trust Co. announced on April 23 plans for Bank of Fleischmanns.
the establishment of a "Composite Fund," designed to
secure diversification in the investment of trust funds,—
George H. Thatcher, for the past two years President of
the Fund to be managed for the sole benefit of the institu- the City Savings Flank of Albany, Albany, N. Y. and promtion's trusts accounts. The plan is similar to that inaugu- inent in financial affairs of that city, died suddenly yesterday
rated by the Farmers' Loan & Trust Co. of this city, referred (May 3)while walking along West 40th St., New York. Mr.
to in our issue of March 2, page 1319. The Brooklyn Trust Thatcher was also President of the Albany City Safe Deposit
Company in its announcement regarding its "Composite Co. He was born in Albany in 1851 and was educated at
Fund" says:
Williams College, Williamstown, Mass.
The Fund will provide all the advantages of an Investment Trust and
will be managed by Brooklyn Trust Co. without compensation. The
Company will have no financial interest of its own in the Fund.
Paricipation in the Composite Fund will be available to existing
Trusts when amended to expressly authorize such investment and to
Trusts hereafter created with similar authorization. Deposits of $500
and upwards will be accepted for investment in the Fund under a short
form trust agreement, at standard rates of commission, copies of which
will be supplied on request.
The price of Certificates of Ownership will be determined monthly by
the market value of the securities in the Fund and all transactions in the
Certificates will take place on the first business day of each month.
It has been the policy of Brooklyn Trust Co. when authorized to do so,
to invest a reasonable proportion of Trust Funds in sound common stocks.
This policy will be continued in the management of the Composite Fund.
Action on the question of increasing the capital of the
Lafayette National Bank of Brooklyn from $500,000 to.
$700,000, and to change the par value of the stock from
$100 to $25 will be taken at a special meeting of the
stockholders on May 28. The President of the bank,
George S. Horton, in a letter to the stockholders announcing the decision of the directors in the matter says:
If this be approved by the stockholders you will receive 4 shares of
stock for each share of stock now held by you, and will receive
rights to purchase 8 shares of the additional new stock for each 5
shares of the present stock held by you.
The directors are proposing that this new stock be sold at $50. per
share, which will not only increase the surplus, but will give a substantial sum to be added to the Bank reserves.
As you have already been advised in regard to the opening of the
new office at Livingston Street, you will appreciate the necessity of
the increased capital.
If the increase is approved by the stockholders, those holding Lafayette Bankshares Corporation Voting Trust Certificates will receive their
rights from the said Company at the same time they are received
by the holders of Bank stock.
Proposed consolidation of the Liberty Bank of Buffalo, N. Y., and the Community National Bank of that
city was announced on Apr. 25 following meetings of the
respective directors of the involved institutions, according
to the Buffalo "Courier-Express" of Apr. 26. The union
will become effective upon ratification by the stockholders
of the two banks. The new institution will continue the
name of the Liberty Bank of Buffalo. With the merger of
the Frontier National Bank of Buffalo, upon which the
stockholders of the Liberty Bank of Buffalo will vote on
May 14, and the consolidation of the Community National
Bank, the deposits of the enlarged institution will approximate $100,000,000. It will have a capital of $5,500,000,
with surplus and undivided profits of $11,125,000, and total
resources of more than $120,000,000. In the 22 offices
through which the Liberty Bank of Buffalo will serve the
city of Buffalo there are approximately 150,000 depositors.
Under the merger plan stockholders of the Community
National Bank will receive one share of Liberty Bank of
Buffalo stock for each share of Community National Bank
stock. Oliver Cabana, Jr. and George G. Kleindinst will
continue as Chairman of the Board of Directors and President, respectively, of the consolidated bank, while Robert
W. H. Campbell, President of the Community National
Bank, will be made a Vice-President. Several of the members of the Board of Directors of the Community National
Bank will be added to the Board of Directors of the new
organization. A brief history of the two institutions contained in the paper mentioned follows:
The new Fort Greene National Bank of Brooklyn, which
is now undergoing organization with a capital of $500,000,
a surplus of $100,000 and reserve of $25,000, will be located at Flatbush and Atlantic Avenue. As noted in our
Issue of April 20 (page 2574), the opening of the new
bank will occur about June 1. Bennett De Beixedon is to
be President; William Reed, Vice-President and George W.
Rogers, Cashier. In addition to Messrs. De Beixedon and
Reed the Board will Include:
The Liberty Bank was organized in 1882 and in 1919 it merged with
the Union Stockyards Bank, now the Broadway office. The bank now
has eleven branch offices, with another under construction at Fillmore
and Leroy avenues. Head offices of the bank are located in the Liberty
Bank building, Main and Court streets.
The Community National Bank was organized in 1920 with headquarters on Jefferson Ave. near Utica St., and later established branch offices
in the Hertel and Kensington districts. In 1925 a merger was effectea
with the South Side National Bank and the bank acquired the building
at Main and Seneca Sts. for its head office. Subsequently three more
branch offices were opened in the outlying business sections of the city.
James W. Roberts, assistant vice-president of the Pennsylvania
Railroad Company; Dr. H. Beeckman Delatour, chief of staff of St.
John's Hospital; Frederick Powell, real estate; Edmund A. Burke,
real estate; Frank W. Eckels, president, Frank W. Eckels Insurance
Agency; George H. Gray, president, Pyle-Gray Real Estate Company;
G. Lansing Hays, treasurer, Bakelite Corporation; Louis Meyer, vicepresident, Stahl-Meyer Inc.; William Reed, vice-president of the
bank; Marcy Schor, Vice President, H. Schrier, Inc., and Frederick
M. Sitting, Vice President, R. C. William & Co.
The organization of a bank in Scarsdale, New York
along new lines was announced on May 2, its Board of
Directors it is stated, comprising men prominent in banking and financial circles in New York City who live in
Scarsdale. The institution has already had its charter
approved as a Trust Company and the capital and surplus will be $400,000. There are to be twenty-five directors.
The ,privilege of subscribing to the stock is accorded preferentially to residents of Scarsdale so that the bank will
be a community institution. The institution will be tentatively known as the Trust Company of Scarsdale and
the eletcion of officers will take place shortly. The announcement regarding the new institution says:
The Anchor National Bank of Brooklyn is being organized with a capital of $200,000 and a surplus of $200,000.
The institution is to locate at 50th Street and 8th Avenue,
Brooklyn, where a new building is being planned to be
erected for the bank. Benjamin Miller will be President
of the bank. The organizers are Mr. Miller, Maxwell S.
Harris, Z. K. Berlin, Samuel Harris, Frank Hillman, Louis
Hochstein, Simon Kaplan, Max Krischer, Alexander R.
Piper, Charles Rosenblum, Max Silverstein and Robert
Blank.
One of the unusual features of this new bank is that it proposes
facilities for its depositors believed never before offered. It will pay
the bills of its depositors without the necessity of their preparing and
writing checks themselves; it will only be necessary for the depositor
to forward the bills to the bank properly approved for payment. Also,
prominent women of Scarsdale are to be invited to sit in the councils
of the institution.
MAY 4 1929.]
FINANCIAL CHRONICLE
The preliminary work of organization has been in the hands of
Oscar F. Banse, Treasurer of the Vanderbilt Hotel Corporation, New
York, Secretary and Treasurer of the Bon Air-Vanderbilt Hotel,
Augusta, Georgia, Treasurer of the Bon Air Hotel Corporation,
Augusta, Georgia, Secretary, Treasurer and Director of the Old Point
Vanderbilt Corporation, Old Point Comfort, Virginia, and Director of
the Farrell Silverplate Company, New York. Other directors are:
Arthur Boniface, Village Engineer, formerly Village Trustee and
President of the Village of Scarsdale; Judge Charles M. Carter, Local
Police Justice; George D. Clifton, Real Estate Operator and Village
Trustee; Walter J. Collet, President, Collet Construction Company,
Member of the Village Board of Trustees; Randolph P. Compton, Vice
President; William R. Compton Company, bankers, 44 Wall Street,
New York; Warren W. Cunningham, former Mayor and member of
the law firm of Moore, Hall, Swan & Cunningham of New York;
Arthur F. Driscoll, member of the law firm of O'Brien, Malevinsky
and Driscoll, New York City, and a member of the Board of Trustees
of the Village; Dr. Ambrose Gallagher, local physician; Elbert E.
Gibbs, Vice President Frederick Fox & Co.; W. Burks Harmon,
President, Harmon Real Estate Corporation, director New York Title
and Mortgage Co., and director National Mortgage Corporation; Richard R. Hunter, Vice President Equitable Trust Company, New York
George A. Marsh, executive manager of the Scarsdale Board of Education; Dr. John A. Mathews, Vice President Crucible Steel Company
of America; Richard C. Noel, Vice President, William R. Compton
Company; Walton •H. Marshall, manager The Vanderbilt Hotels, and
member of the Advisory Board of the Chemical National Bank, 29th
Street Branch; Erwin Rankin, Vice President American Founders
Corporation, and President, American Securities Corporation; Walter
Arthur
Robbins, of Kissel Kinnicutt & Co.; Phillip J. Ross, attorney;
Company, New
S. Van Winkle, President of the impire City Savings National Bank,
York; S. Sargeant Bolck, Vice President Nassau Co.; Edward C.
&
Brooklyn; Sidney J. Weinberg, of Goldman Sachs
Jr., Wilson and
Wilkinson, of Potter & Company; Andrew Wilson,
Trust Company.
Wilson, attorneys; Russel V. Worstell, New York
2935
The Merchants' National Bank is capitalized at $3,000,000 with surplus and undivided profits of $6,647,948. Its
deposits (as reported March 27 last) total $44,523,315 and
its total resources aggregate $61,626,378. It was established in 1831.
Pursuant to the recommendation of the directors, shareholders of the Second National Bank of Boston at a special meeting on May 1 voted to reduce the par value of
the $2,000,000 capital stock from $100 a share to $25 a
share, thereby increasing the number of shares from 20,000
to 80,000 shares, according to the Boston "Transcript" of
May 1.
According to advices from Pittsfield, Mass. on April 29,
printed in the Springfield (Mass.) "Republican" of April
30, the respective directors of the Pittsfield National Bank
and the Third National Bank of Pittsfield on that day
approved the union of the institutions under the title of
the Pittsfield Third National Bank & Trust Co. Application has been made to the Comptroller of the Currency
for permission to merge the institutions. The consolidation must also be approved by a two-thirds vote of the
stockholders. The new organization will have resources of
$6,640,505. The Pittsfield National Bank is capitalized at
$300,000 and the Third National Bank at $125,000. Charles
W. Power heads the former, while Ralph P. Bardwell is
President of the latter. The dispatch went on to say in
columns part:
As indicated in our General Investment News
The Pittsfield National pavs 10 per cent and a recent sale of a few
2644) control of the Engineers National
Apr. 20 (page
by the National shares was made at $230 a share. Third National pays 10 per cent plus
Bank of Boston, Mass. has been acquired
two per cent extra last year. It is quoted at $250 a share.
It is proposed to keep both boards of directors. Most employes
Bancorporation of America, Inc., of New York, an investthe laws would be retained although there would be readjustments. Mr. Power
ment trust concern recently incorporated under
of the Pittsfield National for five years. President
of has been president Third is a native of Shelburne Falls, where he
of Maryland. According to the Boston "Transcript"
Bardwell of the
for an increase in the capital of started his career as a banker in 1863. Coming to Pittsfield in 1864,
Apr. 13 the plans provide
he entered the employ of the Pittsfieldi National bank and remained
the Engineers National Bank from $500,000 to $1,000,000 with it until the Third was organized in 1881 when he became cashier.
its surplus from $50,000 to $500,000. He has been president of the Third since 1904.
and an increase in
The National Bancorporation, Inc., according to reliable
A merger, effective May 1, of The Claremont Bank of
Information, it was stated, would acquire a 5% interest
In the institution before the increase in capital, paying Jersey City with The Trust Company of New Jersey makes
it is stated the largest financial insticash for the stock. Following this and the capital in- the latter company
County and the second largest in the
crease, negotiations will be started for the acquisition tution in Hudson
State. Plans for the merger were reported in our issue
of control of other banks, in New England. The Engifor this combina- of April 20, page 2575. With the Claremont Branch at
neers National Bank will be the nucleus
391 Jackson Avenue, adjoining the station of the Central
tion of banks in the East. A new Board of Directors, it
composed entirely of Boston Railroad of New Jersey, and the Greenville Branch at Old
was said, would be elected
Bergen Road and Danforth Avenue, The Trust Company
business men. The Engineers National Bank is one of
been chartered in May of New Jersey has nine offices, and two affiliated trust
the newer Boston banks, having
companies—The Monitor Trust Co., 19th Street at Park
1924. At the close of 1928 it had total resources of over Avenue, West New York and The Park Trust Co., 4th
the close of 1928 showed
$4,000,000. Statements coming at
Street at Park Avenue, Weehawken. The announcement
that the Brotherhood of Locomotive Engineers' controlled of the merger says:
1501 shares of its stock.
the bank through ownership of
No changes will be made in personnel of The Claremont Bank
Victor M. Cutter, President of the United Fruit Co.,
has been elected a dliector of the First National Bank of
Boston.
Merchants' National
AftCr -holding the Presidency of the
Boston for twelve years, Alfred L. Riply resigned
of
of the Board of Dion April 30 to become Chairman
rectors, and Robert D. Brewer, Treasurer of the Provident
Institution for Savings in Boston was appointed President
tng to the Boston "Transcript" of that
in his stead, accoLdi
The clunges take effect June 15 next. The new
date.
President-elect has been a director and member of the
itive conmittee of the Merchants' National Bank
len went to Vashingtó'witB the United States food
dministrator. Subsequently, 1919, he entered the law
,rm of Hopes, Gray, Boyden & Perkins, remaining until
'1121 when he joined the Provident Institution for Savings as Assistant Treasurer. In July, 1924, he became
vice-Treasurer and in 1925 Treasurer.
offices. Depositors of that bank will deal with the same officers and
employees as before. Mr. Joseph G. Parr, formerly President of
The Claremont Bank as First Vice-President of The Trust Company
of New Jersey, and W. R. D. Andrew as Vice-President and Manager
of The Claremont Branch, will continue in charge as heretofore.
William C. Heppenheimer, Chairman of the Board of
the Trust Company of New Jersey and William C. Heppenheimer, Jr., is President. The institution reports
capital, surplus and undivided profits of over $13,000,000
and assets of over $90,000,000.
Special meetings of the stockholders of the West Side
Trust Company of Newark, N. J. and the Hawthorne
Avenue Trust Company of Newark will be held May 15
pursuant to resolutions of their Directors passed at special meetings on April 24, which resolution provides for
the submission to the stockholders for their approval a
merger agreement dated April 24, 1929, between the two
institutions for the merger of Hawthorne Avenue Trust
Company into West Side Trust Company. The notice to
the stockholders of the respective institutions says:
TL merger agreement, which has been approved by the Boards of
Directors of both banks and by the Commissioner of Banking and
Insurance of the State of New Jersey, provides, among other things,
that the business of Hawthorne Avenue Trust Company is to be
mergcd into that of West Side Trust Company at the opening of
business an May 17, 1929, and is to be continued at the present banking office-of Hawthorne Avenue Trust Company, which office is to be
knosan as "West Side Trust Company, Hawthorne Avenue Branch":
West Side Trust Company is to receive all of the assets and assume
the liabilities of Hawthorne Avenue Trust Company; the present Board
of Directors of West Side Trust Company is to be continued, with
the addition of representatives of the Board of Directors of Hawthorne
Avenue Trust Company, and that the present members of the Board
of Directors of Hawthorne Avenue Trust Company, together with
representatives of West Side Trust Company, are to constitute an
Advisory Board for the Hawthorne Avenue Branch.
The merger agreement further provides that the capital stock of
Hawthorne Avenue Trust Company is to be exchanged for capital stock
2936
FINANCIAL CHRONICLE
of West Side Trust Company on and after the opening of business on
May 17, 1929, on the basis Of three shares of Hawthorne Avenue
Trust Company for one share of West Side Trust Company, and for
this purpose, under the terms of the merger agreement, the capital
stock of West Side Trust Company is to be increased from 40,000
shares to 43,000 shares, the additional 3,000 shares being used for
exchange for the 9,000 shares of Hawthorne Avenue Trust Company
stock now outstanding (the stock of both companies having a par value
of $25), and that, in addition, the stockholders of Hawthorne Avenue
' Trust Company are to receive one share of West Side Securities Company common stock for each • share of West Side Trust Company
• stock to which they may be entitled.
The West Side Trust Company has a capital of $1,000,000 while the capital of the Hawthorne Avenue Trust
Company is $225,000. When the merger is effected there
will be seven banking offices operated by the West Side
Trust Co., one branch which the West Side Trust Co.
already has, the South Side National Bank and Trust
Company of Newark, which has two branches, and the
Peoples National Bank of Newark. The West Side Trust
Company owns two-thirds of the capital stock of the South
Side National Bank and Trust Company and of the Peoples
National Bank, and Ray E. Mayham is President of all
three institutions.
Formal opening of the enlarged and remodeled banking home of the City Bank & Trust Co. of Hartford, Conn.
will take place on May 7 from 4:30 to 9:00 P. M. The
new equipment includes the modern cageless type of fixtures in the main banking room and the very latest fire
and burglar proof vault in the safe deposit department.
Officers of the institution are: Fred P. Holt, Chairman of
the Board; LeRoy W. Campbell, President; Frank A.
Hagarty (and Counsel), Alfred W. Jacobs (and Secretary) and Clayton C. Chase, Vice-Presidents; Ernest S.
Warner, Cashier; Allen I. Balch (and Trust Officer),
Harold B. Skinner, Howard S. Warner and Francis F.
Segerberg, Assistant Cashiers, and Philip M. Purrington,
Assistant Trust Officer.
'
A special meeting of -stockholders of the Chestnut
the
Hill Title & Trust Co. of Philadelphia will be held May 8
to vote on a proposed increase in the bank's capital from
$125,000 to $250,000.
The Bankers Trust Co. o- f Philadelphia, including the
Empire Title & Trust Co., merged with it Saturday (Apr.
27), now has $24,554,798 deposits and $35,300,868 resources.
It has $3,912,500 capital, $1,000,000 surplus, half paid in
and half from earnings, and $971,945 undivided profits, a
total of $5,884,445. The growth of this company since it
began business Jan. 2 1927 commands attention. In less
than two and a half years its deposits and resources have
increased ten times. It now operates in seven offices,
.
has some 36,000 depositors and conducts day and night
service in all but the central city offices. Bankers Trust
stock, owned by above 1300 stockholders, was subscribed
for in 1927 at $62.50 a share, began dividends this year at
6% and sold at auction last week at $132. Officers are
Jacob Netter, Chairman of the Board; Samuel H. Barker,
President; J. Milton Lutz, Senior Vice-President; George
W. Brown, Jr., Vice-President; E. Raymond Scott, Vice.
President and Treasurer; Edwin Ristine, Max Weinmann,
Cyrus S. Radford, Anthony S. Ruggiero, Vice-Presidents;
Carey E. Mayo, Secretary and Assistant Treasurer; Daniel
A. Ryan, Edward Green, Geo. J. Hess, Harry H. Bucks,
Lena Smith, Harry J. McGowan, Clinton S. Seltzer, Paul
E. McClean, John W. Sperry, John F. Donnelly, Louis
Klingsburg and F. Maynard Marsh, Jr., Assistant Treasurers; Maurice E. Reeve, Trust Officer; Francis S. Goglia,
Assistant Trust Officer; Henry M. Keller, Title Offic
and Albert A. Mosser, Assistant Title Officer.
[VOL. 128.
with Government agents, and it was agreed that the matter should be
submitted to the court in a friendly suit to be instituted by the Government If the Court decides the use of these two letters is not permitted
an injunction will be issued."
The Pennsylvania State Banking Department at Harrisburg has approved the charter for the new Adelphia Bank
& Trust Co. of Philadelphia, according to the Philadelphia
"Ledger" of May 1. The new bank will be located at
1508 Chestnut Street and will have a capital of $1,000,000
with combined surplus and undivided profits of the same
amount. An item concerning the institution appeared in
the "Chronicle" of March 23, page 1846.
On Apr. 22 the directors of the Colonial Trust Co. of Baltimore decided to recommend to the stockholders an increase
in the capital of the institution of $100,000 (14,000 shares
of the par value of $25 a share), raising it from $800,000 to
$400,000, according to the Baltimore "Sun" of Apr. 23. The
new stock will be offered to the stockholders at $70 a share,
$25 of which will go to capital and $45 to surplus account.
This will give the bank combined capital, surplus and undivided profits, it is understood in excess of $1,000,000.
A special meeting of the stockholders has been called for
May 6 to take action on the proposal. The paper mentioned
added:
With Colonial Trust stock selling on the Baltimore Stock Exchange
around $93 a share, it was figured that the rights were worth about
$5.75. The existing stock is on a 12% dividend basis, or $3 a share, and
it is planned to continue the same rate on the enlarged capital. The
dividend was increased last year.
Elmore B. Jeffery, for the past eight years President of
the Equitable Trust Co. of Baltimore, a member of the
Finance Commission of Baltimore and active in financial
circles of that city, died on Apr. 25 after a prolonged illness.
The deceased banker, who was 58 years of age, was born
in Belair, Hartford Co., Md., and received his education in
the Belair schools. When about 18 years of age he moved
to Baltimore where he obtained work for a time with a
bakery concern. Later he became an official of mother
bakery business, a position he retained f:)r several years.
Approximately fifteen years ago he entered the banking
field and eventually became President of the Equitable Trust
Co., the office he held at his death. Mr. Jeffery was also
at the time of his death President of the Maryland Title
& Guaranty Co., Vice-President of the New Amsterdam
Casualty Co. and President of the Board of Trustees of
Goucher College.
J. G. Geddes, Vice-President of the Union Trust Co.,
Cleveland, and Manager of its Foreign Department, sailed
on the S.S. Olympic on Apr. 26 for an extended business
trip in Europe. Mr. Geddes will call upon bankers in England, Holland, France, Sweden, and Czecho-Slovakia for
the purpose of cementing more firmly the present business
relationships existing between bankers in those countries
and The Union Trust Co., and Making new business contacts.
"Foreign trade is constantly becoming of greater iii3Wtance
to manufacturers of the United States and to those
of' ltatl'
interior sections as well as the seaports," says Mr.
Geddes.
"More and more manufacturers are discovering that
foreign
markets offer them previously unsuspectel sales
outlets.
Naturall it is necessary for a banker engaged in
financing
and h:.dug details of foreign trade to income
familiar
In I • -on with business conditions in foreigx countries
and
wi financiers and industrialists abroad."
The appointment of 0. Stuart White as President of the
U. S. (United Strength) Bank & Trust Co. of Philadelphia
was announced this week by the institution. Mr. White will
assume his new duties on May 6. Another change in the
bank's personnel, according to the Philadelphia daily papers
of May 1, was the resignation as Vice-President and a director of John G. Williams. According to the Philadelphia
"Ledger" of Apr. 24„ the United States District Court of
Philadelphia in a friendly proceeding filed Apr. 23 has been
asked to decide whether the U. S. Bank & Trust Co. may conJ. G. Armstrong, Assistant Vice-President of the Un in
tinue to use that corporate title. The paper mentioned said: Trust Co. of Cleveland, Ohio, on April 30 was made a
"The parties interested are the Government and the bank. The Govern- Vice-President of the institution. Mr. Armstrong has been
ment takes the position that the use of the letters "U. S." constitute a in charge of the
Terminal Square office of the Union Trust
technical violation of the Federal law on May 24, 1926. When the matter was brought to the attention of officials of the bank, which was Co. in the Hotel Cleveland since the opening of the office
formerly the Allegheny Title and Trust Company, they held a conference there. He will head the Terminal Square office as Vice.
FINANCIAL CHRONICLE
MAY 4 1929.]
President when the bank moves into its spacious new
quarters in the Terminal Building. Promotion to the new
office is the culmination of more than thirty years of
banking experience in Cleveland. Mr. Armstrong received
his education in Cleveland Public Schools, and served his
banking apprenticeship with the Park National Bank.
During his career he has served as clerk of the Board of
Trustees of Cleveland Heights and as a member of the
Sinking Fund Commission of Cleveland Heights. In addition to his duties as Vice-President of the Union Trust
Co. he is also Secretary and Treasurer of the J. H. R.
Products Company of Willoughby, Ohio.
'
2937
National Bank of Commerce of Detroit (an affiliation of
the Union Trust Co. of Detroit), according to an announcement by Henry H. Sanger, President. Mr. Lambert is the
third generation of his family to be affiliated with the
Clayton & Lambert Manufacturing Co. Early in 1925, he
acquired control of the company and put through a most
successful reorganization. His election fills the vacancy
caused by the death of William P. Hamilton.
Advices on Apr. 24 from Youngstown, Ohio, to the Cleveland "Plain Dealer," stated that Phillip F. Carosella,
President of the Union Savings Bank of Youngstown, the
failure of which on Apr. 13 was reported in our issue of
Apr. 20, page 2576, had that night admitted participating
in defalcations aggregating approximately $50,000, according to Prosecutor Ray L. Thomas, and had been arrested
together with Eugene Rudy, Secretary and Treasurer of
the institution, both officers being held in the County jail
in default of $855,000 bonds. Continuing the dispatch said
In part:
Officers and directors of the Second National Bank of
Saginaw, Mich., announce the death on Apr. 13 of Edwafd
W. Glynn, Vice-President, Cashier and Director of the
Bank, and continuously associated with it for forty-six
years.
The following news item comes to us this week from
the Peoples Trust & Savings Bank of Chicago:
Courtney R. Gleason, well known in Chicago real estate circles
since the World's Fair days, has been elected a vice-president of
the Peoples Securities Company, the investment organization affiliated
with The Peoples Trust & Savings Bank of Chicago at 30 N. Michigan
Avenue. On May 1st the real estate mortgage business heretofore
carried on by his organization will be conducted by Peoples Securities
Company which also becomes he mortgage loan correspondent for the
Connecticut General Life Insurance Company of HartforcL
Mr. Gleason came to Chicago from his home on a farm near Kankakee in 1892. His first position was with the real estate firm of
The first irregularities in the bank's accounts occurred in September,
White & Wentworth as manager of their Hyde Park office at 43rd
1927, ()arosella said, according to the prosecutor.
Street and Greenwood Avenue. In 1899 he formed the business of
Records of 70 accounts were missing at the time the bank was closed C. R. Gleason & Company and in 1916 he sold the real estate and
on Apr. 13. Carosella this afternoon turned all his property over to C. W. renting part of it to two of his employes, Schendorf and Boenicke, now
Miller, state bank examiner. The property will cover a large part of of the firm of Carroll, Schendorf and Boenicke.
the shortage, Miller says. The banker also showed inclination to help
In 1925, Mr. Gleason accepted the vice-presidency, in charge of the
banking authorities clear up the situation by going over the books with loan departn-nnt of E. 0. Sthae & Company v.here he handled annnally
Miller and pointing out where the false entries were made.
from $8,000 Onn to $12.000.000 of real estate mortgages and b, n 1
Rudy and Carosella will be arraigned before Justice of the Peace issues. This eNperience led him to the organization of his owil
Charles W. Martin at some date to be set later.
mortgage loan business and Courtney D. Gleason & Company opened
Accounts of Rudy show a change from $553,748.10 on March 27 to its offices at 120 South La Salle Street on January 1, 1928. This
$491,422.17 on April 1, Miller declared. There is no way of estimating entire organization will move in with the Peoples Securities Company
the total amount of the shortage, he said, but so far it is believed that on May 1st. Mr. Gleason's long and diversified experience in the
it may reach $66,000.
Chicago real estate field will then be made available to the 40,000
Of the first eleven pass books returned to the bank, the average shortage depositors of The Peoples Trust & Savings Bank.
book was $4,000, Miller said. Accounts of about 70 depositors
for each
are missing and of this number, only seventeen pass books have been
The circulation of several unfounded rumors relative to
returned, he added.
The Union Trust Co., Cleveland, has announced a plan
for organizing a securities company to be owned by the shareholders of the bank and for reducing the par value of the
bank's stock from $100 to $25 a share. This will increase
the number of shares from 228,500 to 914,000, each shareholder to receive four new shares of stock for each share which
he now holds. The new stock issued will carry by endorsement a proportionate interest in the securities company.
No change is made in the amount of capital in the bank.
The new securities company will carry forward on an expanded scale the operations of the bank's present bond department, according to President J. R. Nutt. Commenting
upon the reduction in the par value of the stock, President
Nutt stated that banks like public utilities and many great
industrial companies have come to desire a wide ownership
of their stock among their customers and the public generally.
The bank's plan will be carried out by five trustees.
1
,0•••••••
That Carter C. McConnell, Secretary and General Manager of the McKinley Savings & Loan Co. of Miles, Ohio,
had disappeared on the night of Apr. 15 and that efforts
were being made to protect the institution from a "run"
by its depositors, was reported in Associated Press advices
from Niles on Apr. 17, appearing in the Cincinnati "Enquirer" of the following day. The dispatch said in part:
The man, who disappeared two days ago as he drove to a meeting of
officials of the Masonic Temple, may have been a victim of amnesia,
physiciane believe. His nervous condition had been poor since August,
1927, when a bandit who tried to take his diamond ring shot him.
It was revealed that the banker had the tank of his automobile filled
with gasoline just before he dropped from sight.
A preliminary check of McConnell's accounts at the savings and loan
company showed them to be in good condition, bank officials said. State
bank examiners were said to be here today to go over the books.
Depositors seeking to withdraw their money formed a line from the
window of the paying teller to the curb of the sidewalk. Officers of the
other Niles banks said they would back the McKinley Co. to the fullest
extent. The McKinley Co. was paying the depositors in checks on the
Niles Trust Co.
A subsequent dispatch from Youngstown, Ohio (Apr. 19)
to the "Wall Stfeet Journal" contained the following:
Stockholders of McKinley Savings & Loan Co., Niles, face a possible
loss through defalcation by Carter C. McConnell, Secretary and General
Manager, whose accounts are alleged to be short $100,000, following his
disappearance Monday evening. There is a total of $249,691 held in
stock. The institution has about 5,000 depositors with deposits of
over $1,000,000 and a surplus account of $1,500,000. The surplus is
sufficient to pay all depositors in full, according to Frank J. Thomas,
president. Bank has taken advantage of the Ohio law requiring 60 days'
notice for withdrawals.
Charles F. Lambert, President of the Clayton & Lambert
Manufacturing Co., has been elected a director of the
its affairs prompts the Continental Illinois Bank & Trust Co.
of Chicago to issue the following notice to the press:
It has been brought to our attention that several rumors have been
afloat concerning the Continental Illinois Bank and Trust Company.
First—That the Continental Illinois Bank and Trust Company is considering a merger with the Northern Trust Company.
Second—That the Continental Illinois Bank Trust Company is planning
to give up its State Charter and apply for a charter to conduct the banking business under the National Banking laws.
Third—That the Continental Illinois Bank and Trust Company is planning
to split its capital stock on the basis of ten new shares of ten dollars
($10) par for each old share of one hundred dollar($100) par held.
Fourth—That such new stock is to be placed on a two dollar ($2)
annual dividend basis.
We wish to state that the above rumors are absolutely
without foundation or basis of fact.
The Congress Trust & Savings Bank, Chicago, recently
celebrated its second anniversary. The bank, which is located at 510 South Wabash Ave., has now 10,483 depositors,
assets exceeding $3,000,000 and combined capital and surplus of $550,000.
Failure of two small Michigan banks, the Midland County
Savings Bank, Midland, and the Reed City National Bank,
Reed City, was reported in advices from Reed City on May
2 to the New York "Times." Depositors in both banks are
expected to be paid in full, and in the case of the Reed City
National Bank full payment is assured, it was stated. Poor
crops and the recent failure of the Indiana Flooring Co. at
Reed City were given as reasons for the suspension of the
Reed City institution. Orders for the closing of the Midland County Savings Bank were issued, it was Said, by
M. C. Taylor, Chief State Examiner, No reasons were
given. The fact, however, that unpaid farm loans and mortgages totaled more than the State would allow was said to
have caused the action.
Effective April 20, the proposed consolidation of the
American National Bank of Wausau, Wis. and the Marathon County Bank of that city were consolidated, forming the American National Bank of Wausau with capital
of $600,000. An item with reference to the approaching
consolidation of these banks appeared in our issue of
April 6, page 2218.
Announcement that arrangements for the absorption of
the Central National Bank of Tulsa, Okla. by the Exchange National Bank of that city had been completed,
April 25, and that the proposed merger would become
effective at noon April 27, was made by Harry H. Rogers,
President of the latter institution, according to a dispatch by the Associated Press from Tulsa on April 25,
2938
FINANCIAL CHRONICLE
[VOL. 128.
appearing in the "Oklahoman" of the following day. The
enlarged bank, Mr. Rogers said, will be housed in the
Exchange National Bank's new home. Statements made
by the institutions in response to the national bank call
of March 30 showed combined resources of $66,169,152.
The dispatch furthermore stated that the Exchange National Bank, the larger of the two banks, was founded
18 years ago, while the Central National Bank was established 22 years ago.
"It now develops that an act cannot be framed and passed by the legislature of Florida that will be acceptable to the two banks, and meet
the different views entertained by the national bank Comptroller at
Washington and .the banking authorities of Florida, concerning branch
banks and the use of more than one building by a national bank.
"In view of this fact our directors met this afternoon and decided
to proceed no further with the proposed consolidation plans, as the
banking room of neither institution is large enough to accommodate the
various departments of the combined organization and allow for the
expansion of services contemplated.
"In the same spirit that prompted the steps taken toward merging the
interests of these two pioneer banks in the interest of Jacksonville and
Florida—it goes without saying that each institution will continue to
The First Minneapolis Co., a unit of the First National
expand its facilities to meet the advancing
Bank Group in Minneapolis, Minn., has taken over the this section—just as they have done for so financiial requirements of
many years."
securities and real estate. business previously conducted
That three San Antonio, Tex., banks have combined their
three
by the bond and real estate departments of the First
Minneapolis Trust Co. The officers of the company are: resources, forming the largest State bank in Texas, was reLyman E. Wakefield, Chairman of the Board of Directors; ported in a United Press dispatch from that city on April 28
Robert W. Webb, President; 1. H. Overman, P. J. Leeman, appearing in the Houston "Post" of the same date. The
and D. C. Hair, Vice-Presidents; Hugh W. Martin, Secre- institutions involved in the consolidation, which was antary and Treasurer; Henry E. Atwood, Bond Officer, A. C. nounced on April 27, are the City National Bank, the
Danenbaum, Real Estate Officer; Louis K. Hull, Assistant Guaranty State Bank and the Central Trust Co., the last
named an affiliation of the City National Bank. The new
Secretary, and A. H. Lindemann, Assistant Treasurer.
organization, which will be known as the City Central Bank
The Liberty National Ban- k of Tahlequah, Okla., with & Trust Co., will occupy
the present home of the City
capital of $40,000, was placed in voluntary liquidation on National Bank. It will be capitalized
at $2,000,000 with
March 28. The institution Was absorbed by the Liberty total deposits of $23,000,000 and resources
in excess of
State Bank of Tahlequah.
$25,000,000.
Consolidation of the First B- ank of Duluth, Minn., and the
It is learned from the Dallas (Tex.) "News" of April 10
American Exchange National Bank of that City, to form the
First & American National Bank of Duluth, was consum- that the directors of the Republic Bank & Trust Co. of
mated on Apr. 18. • The new institution is capitalized at Dallas on April 9 decided to reduce the par value of the
.$8,000,000. References to the approaching union of these bank's stock from $100 a share to $20 a share, giving present stockholders five new shares for each share held. The
"banks was made in our issue of Mar. 2, page 1323.
bank's capital is $3,500,000. At the same meeting Joe E.
An associated Press dispatc- h from Lincoln, Neb. on Apr.
26, printed in the Omaha "Bee" of the following day, stated Lawther, President of the Liberty State Bank of Dallas
that the Nebraska State Bank of Humboldt, Neb., was closed (in which institution the Republic National Bank & Trust
Apr. 25 by the Department of Trade and Commerce, accord- Co. recently purchased a substantial interest) was made a
ing to an announcement by Clarence G. Bliss, Secretary. director, and Tom J. Moroney was appointed an Assistant
The failed institution was capitalized at $30,000 and had Cashier.
deposits of $260,000. It. W. Clark is President and R. V.
Resignation of G. L. Alexander, as a Vice-President of
Clark, Cashier. The dispatch furthermore stated that the
closing of the bank by examiner R. EL Larson resulted from the California Bank of Los Angeles and as a director of
the California Group Association was announced on April
slow and frozen loans, Mr. Bliss Stated.
23 by Andrew M. Chaffey, President of the California
John G. Lonsdale, Presitient of The National Bank of Bank,
according to the Los Angeles "Times" of April 24.
Commerce in St. Louis, will preside at a round-table discus- Mr. Alexander's
resignation became effective April 30.
sion on "Business Finance and The Credit Supply," to be Mr. Chaffy said:
held in Washington on the afternoon of May 1, in connec"It is with regret that I announce Mr. Alexander's resignation.
tion with the seventeenth annual meeting of the Chamber For the past eight years he has occupied a responsible position in the
California Bank group, and he is leaving with the good wishes of myof Commerce of the United States. The annual meeting self and all my associates."
will cover a five-day period, beginning April 29 and conAccording to the "Times" of April 25, announcement
cluding May 3. The round-table sub-topics will deal with was made on April 24 by President Chaffey of the appoint"Credit Supply and Speculation in Relation to the Require- ment of A. E. Huntington as President of the California
ment of Business"; "New Developments of Corporate Fi- Trust Co., the promotion of Lewis E. Bliss to the Presidency of the California Group Corporation and the adnance"; "Community Efforts to Protect Purchasing Power vancement of several other•officers in the
California Bank
Through Investment Education." Mr. Lonsdale, who is a group. Mr. Huntington, the new President of the Calidirector of the National Chamber, Department of Finance, fornia Trust Co., is also a Vice-President of the California
Is being sponsored by the St. Louis Chamber of Commerce Bank and has been associated with Mr. Chaffey for the
past twenty years.
for re-election. In addition to being a director, he also is recently resigned to He succeeds Leo S. Chandler, who
engage in the practice of law. Mr.
serving as Chairman of the Committee on Aeronautics.
Bliss, the new President of the California Group CorporaAt the general session of the gathering on the afternoon tion, takes the position formerly held by Mr. Huntington.
of May 2, Mr. Lonsdale is scheduled to deliver an address He has been a Vice-President of the Califorina Bank since
1920. The other promotions announced by Mr. Chaffey
on "The Tax Dollar."
include the assignment of T. E. Ivey, Jr., a Vice-President,
to general supervisory charge over the operations of the
The First National Bank of Chattanooga, Tenn., an- entire bank,
and also his election as a director; the prodeath on Apr. 6 of C. C. Nottingham, Executive motion of F. M. Magee, a
nounces the
Junior Vice-President in charge
of the Sixth and Grand office, to a Vice-President; the
Vice-President of the institution.
advancement of Don S. Williams, a Junior Vice-President,
A contemplated merger of the Barnett National Bank to a Vice-President, and the promotion of George M.
of Jacksonville, Fla. and the Florida National Bank of Chelew, Assistant Cashier, to a Junior Vice-President
that city into an organization with resources of $45,000,- together with the duties of personnel officer.
000 was abandoned by the respective directors of the inFrom the Los Angeles "Times" of Apr. 16 it is learned
stitutions at meetings held April 30 because of the in- that
James R. Page, W. H. Thomson and E. C. Sterling,
ability of the two banks to have enacted State legisla- all
three associated with the Security-First National Bank
tion acceptable to their requirements for using both bankof Los Angeles (formed recently by the union of the Los
ing quarters, and at the same time meet the varying
Angeles-First National Bank & Trust Co. and the Security
views of the National and State banking departments reTrust & Savings Bank) are to become officers of the Caligarding branch banking, according to the Jacksonville
fornia Bank of Los Angeles, taking up their new duties
"Florida Times-Union" of May 1. Following the meeting
about July 1, or as soon as various phases of the Securityof the directors of the Florida National Bank, President
First National consolidation on which they have been workArthur F. Perry issued the following statement:
"On April 17 our directors approved a tenative plan of consolidat- ing are finally completed. Mr. Page, now Vice-President
ing the Florida National bank and the Barnett National bank, subject of the Security-First National Bank of Los Angeles, will
to an amendment to the Florida banking laws authorizing the merged become Executive Vice-President
of the California Bank
banks to use the buildings now occupied. This action followed the
assurance by the Comptroller of the currency that the plan would and chief aide to Andrew M. Chaffey, the President of the
have his hearty support provided proper State legislation could be Institution; Mr. Thomson, also a Vice-President of the
enacted which is necessary to the national banking department grant- Security-F
irst National Bank, will become Senior Viceing permission for one national bank to transact business in two
President of the California Bank, and Mr. Sterling, now
separate buildings.
MAY 4 1929.]
FINANCIAL CHRONICLE
Vice-President of the Security-First National Co., will
become Executive Vice-President of the California Securities Co., the investment subsidiary of the bank. In congrgatulating the three officers on their new affiliation, J. F.
Sartori, President of the Security-First National Bank
. Los Angeles, said:
of
While we regret the loss of these gentlemen from the Security-First
National organization, it has never been our policy to stand in the way
of any officer who had what he thought was a better opportunity elsewhere. These gentlemen have a business proposition which they, could
not afford to decline. They go with our entire approval and they have
our best wishes for their success.
The "Times" added:
Activity yesterday in California Bank on the Los Angeles Stock Exchange was attributed to a numberof reasons, but it is understood that
the real explanation is found in the purchase of a substantial interest in
the bank by the three new officers and their close associates. The stock
sold up 8 points, and during the last two weeks has advanced about 10
points.
Mr. Paige comes into the California Bank by way of the investment
banking business and the Los Angeles-First National Trust and Savings
Bank, recently consolidated with the Security Trust and Savings Bank.
He was a member of the investment house of Stevens, Page & Sterling,
which was dissolved when the business was sold to the First Securities
Co., investment subsidiary of the Los Angeles-First National. Mr. Page
joined the bank at that time as vice-president.
Besides his banking interests, Mr. Page is a director of the International Re-Insurance Corporation, I. N. Van Nuys Building Co., and Subway Terminal Corporation.
As a banker Mr. Thomson is well and favorably known in Southern
California and Arizona, where he has been actively engaged in commercial
banking for a number of years. He started with the old California
National of Los Angeles, of which J. E. Fischburn was president, and
then went te the Phoenix National of Phoenix, Ariz. He was brought
back to Los Angeles by Henry N. Robinson to join the First National
Bank as Vice-President.
When the business of Stevens, Page & Sterling was sold to the First
Securities Company, Mr. Sterling became a vice-president. In his new
position he will have executive charge over all the investment operations
of the California Bank.
In the California Bank group, of which Mr. Chaffey is the head, are
the California Bank, California Securities Co., California Trust Co, California Group Corporation, Pacific Mortgage Guaranty Co., California
National Bank of Beverly Hills, and Pomona Commercial and Savings
Bank of Pomona. Resources of the group are in excess of $130,000,000.
Supplementing our item of last week (page 2752) with
reference to the proposed union of the Pacific National Bank
of Los Angeles and the National Bank of Commerce of that
city, the Los Angeles "Times" of Apr. 26 stated that stockholders of the Pacific National Bank at a special meeting the
previous day added six new members to the Board of Directors and ratified a proposed $6,000,000 increase in the bank's
authorized capital stock. They were advised that under
the merger plan with the National Bank of Commerce each
holder of five shares of stock will receive the right to purchase one additional share of the consolidated institution
at $40 a share after each share held has been exchanged
for a share of the new bank. In the previous item it was
stated that under the merger plan the consolidated bank will
increase its capital from $2,000,000 to $3,000,000, $500,000
of the new stock to be used to acquire National Bank of
Commerce stock, and the remaining $500,000 offered to the
shareholders of both banks, at a premium yet to be determined, in the proportion of one new share for every five
shares held. According to an announcement by Thomas
A. Morrissey, President of the Pacific National Bank, another meeting of the stockholders will be called to sanction
the proposed consolidation, after approval has been received
from the Comptroller of the Currency. The six new directors added to the Board, making the total membership
eleven, are: Erle M. Leaf, President of the National Bank of
Commerce; J. H. Cheek of the Cheek-Neale Coffee Co.; J.
M. O'Brien, Los Angeles Mortgage Underwriters' Co.; L. M.
Lockhart and Charles S. Jones of the Rio Grande Oil Co.,
and E. P. Beselich.
As of Mar. 1 the Sonoma C- ounty National Bank of Petaluma, Cal. (capital $400,000), was placed in voluntary liquidation. The institution was absorbed by the Bank of
America of California, head office Los Angeles.
On Apr. 20 the Security Na- tional Bank of Everett, Wash.
and the Citizens National Bank & Trust Co. of that city were
consolidated under the title of the Citizens Security National Bank of Everett, with capital stock of $200,000.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market continued its upward course the present
week, though there have been occasional manifestations of
irregularity, especially on Wednesday, when prices were
somewhat mixed during the greater part of the day. The
so-called specialties have again attracted a generous amount
of speculative attention, and many new tops have been
recorded from day to day. The outstanding features of the
week were the advance of call money to 15% on Monday,
the record-breaking bond issue of the Amer. Tel. & Tel.
2939
amounting to $225,000,000 and the exceptionally favorable
report of the United States Steel Corp.for the March quarter
of 1929, showing the best quarters earnings since June 1918
amounting to $60,105,000. The weekly report of the Federal
Reserve Bank, made public after the close of business on
Thursday, showed a further expansion of $40,000,000 in
brokers loans.
Numerous bullish demonstrations characterized the trading during the short session on Saturday. As the day advanced the usual week-end profit-taking brought about some
modification of the early gains, but the list as a whole closed
at higher levels. Columbia Graphophone moved briskly forward to a new peak above 86. Corn Products also monopolized a good part of the buying interest, and as a result of the
merger rumors moved into new high ground above 100. In
the copper group Anaconda crossed 143 in anticipation of an
increase of the present dividend rate of $4 at the next meeting. Kennecott also was in strong demand at higher prices.
Aircraft issues continued their upward gyrations, with
United Aircraft & Transportation in the lead with a sharp
advance to above 126 following rumors of the possible association of Colonel Lindbergh with that organization. Atlantic
Refining was the attraction in the oil shares, and moved
ahead 2 points to above 64 followed by most of the other
favorites of the group. Sears-Roebuck was the outstanding
feature of the merchandising issues and Union Carbide &
Carbon represented the specialties on the upside with a new
gain of nearly 5 points.
The market was somewhat erratic on:Monday, the early
trading developing a brisk selling movement,followed by an
equally sharp rally after the first hole,and this continued to
the close. American & Foreign Power moved briskly forward
over 7 points and closed above 110. United States Steel was
strong and closed at 1873/2 with a gain of nearly 2 points.
Bethlehem Steel lost some of its pep and slid down 2 points to
109%. Copper shares were among the strongest stocks on
the recovery and both Anaconda and Kennecott closed at
higher levels. One of the spectacular features of the day
was the sharp advance of United Aircraft Transportation
which shot upward 8 points to 137% following an early low
at 122.
L On Tuesday stocks forged ahead in the most buoyant
fashionlas call[money slipped down from a renewal rate of
14% to110%., United States Steel common assumed the
market leadershipfearly in the day and surged upward in- a
most -impressive manner1 to above 190 but dipped to 188%
later in the day and closed with a net gain of nearly 2 points.
Copper shares continued in strong demand,Kennecott boundingiforwardrover131 points to 94 and Anaconda scoring a
similarjgain to1146. American Smelting was up nearly 5
pointsfat the7 close and most of the other shares were in
activerdemandrat higher prices. Columbia Graphophone
againrdisplayedi greats activity and moved into new high
—
groundiroathe current movement as it crossed 87. Among
the motor stocks Packard gained about 5 points as it crossed
135 followed by Hudson, Studebaker, Thipp and Chrysler
with substantial gains.% High priced industrials were in
sharp demandrespecially Commercial Solvents which shot
ahead nearly 19 points and closed at 359. United Aircraft
& Transportation was 10 points higher and Curtiss was up
nearly 5 points.
Theltoneiwas somewhat mixed on Wednesday, though
there was considerable buying in many of the more popular
speculative issues and many new tops were established in the
early[trading.% United Aircraft & Transportation shot upward about 14.'points to 162 but slipped back later and closed
at 1521withia net gain of 53 points. Murrayl Corp.rof
America opened with a block of 25,000 shares with an overnight gainlof nearly 3 points and soared to a new top above
96. As the day advanced it dipped to 94% and closed with a
net gain ofi2 Vepoints. Other noteworthy features included a
newrhighron:the current movement by Columbia Graphophone asit crossed 87, though it slid backward later in the
day following:reports that the merger with H-M-V- Grams
phone Co. had been dropped and closed with a loss of 4
points, and the new tops recorded by Air Reduction, Union
Carbider& Carbon and Mathieson Alkali. United States
Steel, common selling ex-rights to subscribe to the new stock
was moderately higher. The motors were featured by
Willys-Overland which advanced about3 points to 273's, and
3
%
Marmon Motor Car which jumped ahead 73 points to 97%.
General Motors sold up to 86 but closed unchanged from the
Radio Corp. moved to the front:in
preceding day at 84
the late trading and closed at 109 with a net gain of over 5
2940
points. Texas & Pacific represented the railroad issues on
the upside and closed with a gain of about 10 points at 179%.
3
On Thursday General Electric was one of the noteworthy
features as it soared upward nearly 15 points and crossed
258 at its high for the day, Westinghouse Electric followed
with a 2 point gain to 1593 . Radio Corp. lifted its top
%
above 112 but closed at 110 with a net gain of 2% points.
Copper shares came back under the leadership of Kennecott
Copper which ran up 2 points and sold above 95, and Andes
Copper moved ahead about 3 points. In the railroad list
interest turned to Delaware & Hudson which scored a 6
point gain. Johns-Manville was the outstanding strong
feature of the specialties as it surged upward 7 points and
closed at 190. United Aircraft & Transportation failed to
hold the gains of the preceding day and slid back 6 points to
146. Oil shares were dull and Columbia Graphophone which
had been bid up with great rapidity earlier in the week was
weak and dipped over 3 points.
The market again swept forward on Friday and carried
many of the more popular issues into new high ground for the
year and a. few to the highest peaks on record. American
Can and Radio Corp. stood out conspicuously in the trading
as they bounded upward to record tops and the mercantile
shares surged forward to higher levels. In the latter class
Woolworth crossed 231, Montgomery Ward was up 8 points
and Sears
-Roebuck 7 points. Copper and oil shares improved
and there was a strong demand for public utilities and specialties at higher prices. Motors were in moderate demand but
without noteworthy movement. The final tone was strong.
issues were numerous. Aluminum Co. was conspicuous for
an advance from 205 to 2743 , the close to-day being at
4
271. Amer. Cyanamid,el. B rose from 563 to 623/8, reacted
4
to 59 and ends the week at 60. Auburn Automobile advanced from 174% to 201,finishing to-day at 199%. Bendix
2
Corp. improved from 139% to 1637 reacting finally to
%
1623'. Caterpillar Tractor sold up from 753/i to 88 and
at 84 finally. Ford Motor of Canada non-voting class A
stock was traded in for the first time up from 643/3 to 693,
down to 623-f and at 623/3 finally. The class B sold up from
91 to 1043 the close to-day being at 103. Gold Seal Electrical Co. was conspicuous for a rise in the old stock from
73 to 107, the close to-day being at 100. The new stock
advanced from 18% to 273/3 and ended the week at 263.'.
Oils were quiet with changes mostly upward. Humble Oil
& Ref. sold up from 114% to 1233 and ends the week at
%
1205 . Illinois Pipe Line improved from 325 to 3403/3.
A complete record of Curb Market transactions for the
week will be found on page 2971.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Bonds (Par Value).
Week Ended
May 3
Stocks;
Number of
Shares.
Railroad,
&e.,
Bonds.
State.
Municipal &
Foreign Bonds
1.740,510
3,272,840
4,314,580
4,688,900
4,179,690
4,527,490
33,521,000
5,192,000
5,702,000
6,091.000
7,981,000
6,122,000
11,945,000
1,934,000
2,198,500
1,815,000
1,679,000
1,585.000
1502,000
710,000
145,000
256,750
239,000
361,000
22723910
Week Ended May 3.
S34 609.000
311.156.000
32.213.750
Saturday
Monday
Tuesday
Wednesday
Thursday
FrMay
Total
Sales at
New Fork Stock
lettlaange.
Jan. 1 to May 3.
Week Ended May 3.
1929.
Stcks-No. of shares_
Bonds.
tovernment
State and foreign bonds
Railroad & misc..bonds
TotalbonAs
1928.
United
States
Bonds,
1929.
21,639,433
390,432,670
274,946,937
$2,213,750
11,158.000
34,609,000
$2,292,000
15,593,000
51,604,000
$45,818,350
218,025,150
602,003.500
365,422,750
316,583.125
1,178,955,325
3865,847,000 31,560,961,200
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Philadelphia.
Baltimore.
Shares. Bond Sales. Share.. Bond Sales. Share:. Bond Sale..
Saturday
Monday
Tuesrls.Y
Wednesday
Thursday
Friday
*30,107
*51,104
*64,808
*57,696
*61,491
*39,570
Total
304,776
323,000 a38,813
28,000 a65,691
19,550 a96,968
28,000 0101,246
42,000 a179,162
26,000 a155,998
$166,550
637,878
$4,400
32,200
14,000
47,000
16,200
52,067
53,033
52,138
52,901
54,416
53,812
$15,500
9,900
53,200
57,100
24,000
47,000
3113,800
18,367
$206,700
321,000 3288,100 840,350
397,600
18,570 $132,400
Prey. week reviSed
*In addition, sales of rights were: Saturday, 750; Monday, 120; Tuesday, 45,229;
Wednesday, 93,127; Thursday, 79,867.
a In addition sales of rights were: Saturday, 1,600; Monday, 4,800; Tuesday,
6.500; Wednesday, 1,900; Thursday. 3,100; Friday, 300.
-Monday, 137: Wednesday, 517; ScripS In addition there were sold: Rights
-Monday. 25.
SatUrday, 30-20; Monday, 5-20; Tuesday, 16-20. Warrants
THE CURB MARKET.
Active trading in the Curb Market this week led to a
buoyant market, prices generally showing advanoes. Aviation and utility stocks were the feature. Aviation Corp.
improved from 66% to 753 with the final transaction
to-day at 74. Bellanca Aircraft rose from 173/2 to 24 and
reacted finally to 22. Bendix Aviation Corp. made its appearance for the first time and was heavily traded in down
from 83% to 80 and back to 83%, the close to-day being
at 82. Fokker Aircraft, com. from 393 reached 503', and
sold at 493 finally. Irving Air Chute gained 10 points to
40 and reacted finally to 37. Nat. Aviation advanced from
703' to 88 and closed to-day at 843/3. Niles-Bement-Pond
improved from 55 to 71% and reacted finally to 693/8.
Among utilities Allied Power & Light, com. advanced from
4
453 to 58% closing to-day at 573. Amer. Superpower
corn. A ran up from 117 to 142, the corn. B advancing
8
from 1173/i to 1413/ The close co-day was at 1363/i and
.
137 respectively. Elec. Bond & Share corn. sold up from
2
793 to 933/i and at 91% finally. Electric Investors gained
19 points to 120. United Gas Improvement sold up from
184 to 199. Changes among industrial and miscellaneous
Rights
Domestic
Foreign
Government
$733,000
1,129,000
1,204,000
1.111,000
1,020,000
1,625,000
$221,000
274,000
236,000
340,000
291,000
157,000
8,945,400
Total
25,800
49,190
72,000
73,275
105.350
80,520
406,135
$6,822,000
$1,519,000
Course of Bank Clearings
Bank clearings will show a decrease the present week.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that for
the week ended to-day (Saturday, May 4) bank exchanges
for all the cities of the United States from which it is possible
to obtain weekly returns will be 5.9% smaller than for the
corresponding week last year. The total stands at $13,770,685,727, against $14,626,125,003 for the same week in 1928.
At this centre there is a loss for the five days ended Friday
of 1.9%. Our comparative summary of the week follows:
1928.
22.723,910
$47,978,750 369.489.000
Stocks
(No. Shares)
896,200
974,300
1.379,900
1,656.300
1,500,900
2,537,800
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
TRANSACTIONS AT THE NEW YORE STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended.
May 3 1929.
[VOL. 128.
FINANCIAL CHRONICLE
Ckaringe-Returns by Telegraph.
Week Ending May 4.
Per
1929.
1928.
Cent.
37.729,000,000
590,438.325
489,000,000
466,000,000
116,313.865
122,900,000
183,000,000
174,779,000
166,159.184
202,698,805
124,322.739
96,595,461
51,092,730
$8,046,000,000
960,341,605
512,000,000
564,000,000
120,354,860
130,700,000
191,039,000
181,797,000
168,666,491
173,747,912
108,989.491
88.315,252
60,281,954
-1.9
-38.5
-4.5
-17.4
-3.4
-6.0
-4.2
-3.9
-1.5
+16.7
+14.1
+9.4
-15.2
Thirteen cities, 5 days
Other cities, 5 days
$10,522,300,109 $11,306,233,565
953,271.330
1,080,980,190
-7.0
-11.8
Total all cities, 5 days
All cities, 1 day
311,475,571,439 112,387,213,755
2,295,114,288
2,238,911,248
-7.4
+2.5
313,770,685,727 314,626,125,003
-5.9
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended April 27. For
that week there is a decrease of 0.9%, the 1929 aggregate
of clearings for the whole country being $11,436,297,967,
against $11,545,772,973 in the same week of 1928. Outside
of this city, however, the decrease is 5.3%, the bank ex'changes at this centre recording a loss of only 0.2%. We
group the cities now according to the Federal Reserve districts in which they are located, and from this it appears that
in the New York Reserve district (including this city) there
is a decrease of 0.2% and in the Boston Reserve district of
9.3%, but in the Philadelphia Reserve district there is a gain
of 3.6%. The Cleveland Reserve district shows an increase
of 14.9%, while the Richmond Reserve district suffers a
loss of 8.8% and the Atlanta Reserve district of 0.1%. In
the Chicago Reserve district the totals register a decline of
6.9%, in the St. Louis Reserve district of 2.4% and in the
Minneapolis Reserve district of 2.5%. In the Kansas City
Reserve district the totals are larger by 3.8%, but in the
Dallas Reserve district there is a decrease of 8.9% and in the
San Francisco Reserve district of 4.8%.
MAY 4 1929.]
FINANCIAL CHRONICLE
2941
The course of bank clearings at leading cities of the country
In the following we furnish a summary by Federal Reserve
for the month of April and since Jan. 1 in each of the last
districts:
SUMMARY OF BANK CLEARINGS.
four years is shown in the subjoined statement:
Week End, Apr. 27 1929.
1929.
Federal Reserve Dists.
1st Boston _ _ __12 cities
2nd New York_ _ 11 "
3rd Philadelpla 10 "
4th Cleveland__ 8 "
5th Richmond _ 6 "
6th Atlanta_ __ _11 "
7th Chicago ...20 "
8th St. Louis _ _ _ 8 "
9th Minneapolis 7 "
10th KansasCity 12 "
11th Dallas
5 "
12th San Fran.._17 "
$
534,288,450
7,378,352,310
610,946,995
455,517,272
159,346,916
171,831,569
969,436,341
197,859,007
109,481,537
222,036,915
69,598,182
557,602,473
Inc.or
Dec.
1928.
1927.
1926.
-$
$
$
%
509,143,410 -9.3
580,174,204
539,797,197
7,391,009,246 -0.2 6,281,004,518 6,413,212.880
589,698,935 +3.6
664,392,754
573,738,450
396,450,561 +14.9
400,263,680
385,835,948
174,768,769 -8.8
208,604,932
191,924,612
171,836,237 -0.1
182,433,500
211,043,124
1,041,196,100 -6.9
978,697,604 1,014,916,602
202,781,220 -2.4
211,160,575
209,766,710
112,252,529 -2.5
110,257,325
104,580,220
213,933,306 +3.8
218,234,677
213,582,943
76,375,096 -8.9
75.858,984
69,974,222
585,742,500 -4.8
509,028,388
505,330,534
Total
129 Cities 11,436,297,967 11,545.772,973 -0.9 10,296,359,851 10,457,452,732
Outside N.Y. City
4,185,467,620 4,417,739,775 - 5.3 4,136,509,780 4,159,947,347
elsoInfla
ell nf..Ino
Anc con non
.... ,,&., nno
_t_• ..,
.
°arm nes. .....1
rse.•e,eI'me
BANK CLEARINGS AT LEADING CITIES.
April
Jan. I to April 30-1929. 1928. 1927. 1926. 1929.
(000.000s
1928.
1927.
1926.
omitted.)
$
34,998 32,040 26,465 25,964 157,150 125.361 103,814 102.610
New York
Chicago
2,789 3,209 3,006 2,862 12,521 12,284 11.630 11,760
2,075 2,248 2,195 2,199
Boston
8,957
8,597
8,158
8,558
2,693 2,397 2,310 2,497 10.426
Philadelphia
9.407 10.019
9,589
589
596
611
641
St. Louis
2.460
2,470
2,481
2.816
Pittsburgh
847
733
800
737
3,283
2,981
3.191
3,006
San Francisco
859
920
817
808
3.573
3,762
3,259
3,304
456
447
Baltimore
468
533
1,710
1,777
1,848
1.953
Cincinnati
331
319
329
322
1.315
1.327
1,270
1,303
Kansas City
588
548
582
545
2,307
2,235
2,409
2,230
680
548
553
523
Cleveland
2.542
2,133
2,076
1,987
354
328
Minneapolis
241
327
1,350
1.283
1,104
1,300
235
234
935
1.000
995
1,039
New Orleans._.... 224
260
969
794
735
730
3,848
3.034
2.792
2,830
Detroit
157
160
155
149
690
672
Louisville
623
607
195
178
168
745
676
Omaha
178
768
718
69
67
73
55
285
266
236
235
Providence
146
169
179
706
742
720
Milwaukee
175
598
909
873
783
740
3.950
3.410 3,242
2,947
Los Angeles
261
228
232
228
873
911
Buffalo
1,031
877
110
124
124
134
514
514
494
530
St. Paul
164
146
140
132
526
647
578
488
Denver
100
95
98
94
417
391
399
373
Indianapolis
183
189
209
217
740
741
825
895
Richmond
92
83
83
92
388
362
366
416
Memphis
212
201
219
208
875
818
758
780
Seattle
289
82
75
73
74
284
Salt Lake City....
309
301
99
72
72
93
354
324
259
287
Hartford
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of April. For that
month there is an increase for the whole country of 6.7%,
the 1929 aggregate of the clearings being $55,204,051,806
and the 1928 aggregate $51,754,426,988. While the April
total of $55,204,051,806 does not establish a new high
monthly aggregate, it is the highest amount ever recorded
for the month of April in any year. New York City is
responsible for a good part of the increase, its gain being
9.2%. Outside of this city the increase is only 2.5%. In
the New York Reserve district the totals are larger by 9.3%
and in the Philadelphia Reserve district by 11.5%, but the
51,232 48.060 41,924 41.496 223,544 188,898 165,138 164,355
Total
3,972 3,694 3,790 3,973 15,794 14.851 15,111 15,944
Boston Reserve district has suffered a decrease of 7.0%. The Other cities
Cleveland Reserve district has bettered its total of a year ago
55,204 51,754 45,714 45,489 239,338 203.749 180,249 180.299
Total all
by 15.0%, the Richmond Reserve district by 1.2% and the Outside N.Y.City 20,206 19,715 19,248 19,504 82,189 78,388 76.435 77,689
Atlanta Reserve district by 5.2%. The Chicago Reserve
Our usual monthly detailed statement of transactions on
district shows a loss of 5.1%, while the St. Louis Reserve the New York Stock Exchange is appended. The results for
district has a slight gain to its credit-1.0% and the Minne- April and the four months of 1929 and 1928 are given below:
apolis Reserve district a gain of 3.2%. The Kansas City
Month of April.
Reserve district showsan increase of 8.0%,the Dallas Reserve
Four Months.
Description.
district of 13.8% and the San Francisco Reserve district
1929.
1928.
1928.
1929.
of 0.4%.
82,600,470 80,478,835 377.036.720 269,381,169
Stocks, number of shares--
April
1929.
April
1928.
Federal Reserve Diets.
S
1st Boston _ _ __14 cities 2,389,824,890
New York. 4 " 35,783,217,307
3rd Philadelpla 14 "
2,877,061,376
4th Cleveland_ _15 "
2,076,772,907
833,594,608
5511 Richmond _10 "
6th Atlanta_...18 "
909,919,990
4,413,103,295
7th Chicago ___29 "
8th St. Louis_ _.10 "
947,287,049
9th Minneapolls13 "
552,768,274
10th Kansasaty 16 "
1,265,344,529
11th Dallas
41 "
644,732,115
12th San Fran.
.28 "
2,631,425,466
Ine.or
Dec.
S
2,547,079,599
32,739,029,150
2,580,184,172
1,804,714,750
823,938,173
864,664,155
4,648,928,601
938,136,309
535,800,823
1,172,369,770
478,826,818
2,620,674,068
%
-7.0
+9.3
+11.5
+15.0
+1.2
+5.2
-5.1
+1.0
+3.2
+8.0
+13.8
+0.4
April
1927.
Railroad and miseell. bonds__ 152.294,500 215,265,900
State, foreign, die., bonds-. 50.635,600 74,909,500
9,845,000 14,472,000
U.S. Government bonds
April
1926.
$
S
2,481,909,540 2,452,621,782
27,160,061,667 26,652,009,330
2.502,078,812 2,689,315,913
1,805,677,768 1,784,076,095
867,502,626
944,015,762
905,023,519 1,138,273,371
4,407,023,715 4,248,961,898
947,259,613
985,322,076
443,101,511
539,048,334
1,183,246,684 1,141,109,504
506,856,520
499,880,968
2,435,765,169 2,393,876,585
581,809,500
212,948,650
44,961,600
212,775.100 304,647,400
Total bonds
777.639,450
304,865,625
63,876,750
839,717,750 1,146,181.825
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 for
the years 1926 to 1929 is indicated in the following:
1929.
1928.
1927.
1926.
No. Shares.
No. Shares.
No. Shares,
No. Shares.
Canada
31 cities
1.949 412 772
L798279 296 -1-9.4
1.538 203 565
Federal Reserve Dists.
$
let Boston _...14 cities 9,718,422,278 10,064,944,190
2nd New York._14 " 160,244,480,774 128,073,517,451
2nd Philadelpla 14 " 11,155,263,918 10,317,123,193
4th Cleveland__15 "
7,988,559,161 7,251,503,603
5th Richmond _10 "
3,197,143,688 3,236,602,020
3,605,692,257 3,584,126,434
6th Atlanta--18
7th Chicago ___29
19,006,158,606 17,933,851,256
3,974,860,888 3,893,556,540
8th St. Louls_10
2,18.9,152,755 2,117,181,551
9th Minneapolls13
5,007,624,866 4,786,244,016
10th KansasCity 16
2,272,075,128 2,033.433,733
llth Dallas
11 1,
10,979,024,724 10,457,174,074
12th San Fran_28
Inc.or
Dec.
1927.
29 cities
7,965,364,713
38,987,885
35,725,989
52,271,691
294,436,240
188,902,334
127,649,569
126,985.565
Month of Aorll
82.600.470
80.478,835
49,781,211
30,326,714
MONTHLY CLEARINGS.
1926.
clearings, 10144 An.
-3.4 9,597,497,451 9,176,153,942
+25.1 106,471.091,190 105,230,527,164
+8.1 10,136,357,508 10,729,051,445
+10.2 7,308,268,103 7,053,256,908
-1.2 3,405,599,297 3,605,378,090
+0.6 3,717,952,053 4,731,731,934
+6.0 17,068,331,029 17,188,760,355
+2.1 3,822,878,567 4,058,857,960
+3.4 1,892,208,466 2.128,388,317
+4.6 4,848,197,428 4,685,257,188
+11.7 2,188,041,656 2,174,612,601
+4.9 9,732,674,678 9,537,746,380
192 cities 239,338,459,043 233,749,258,061 +12.6 180,249,097,424 180,299,722,286
82,188,642.761 78,387,956,504 +4.8 76,434,751,131 77,689,332,835
Outside N. Y. City
Canada
34.275,410
44,162,496
49,211,663
The following compilation covers the clearings by months
since Jan. 1 in 1929 and 1928:
Four Months.
1928.
56,919,395
47,009,070
84,973.869
Month of January
February
March
1447 515 am
We append another table showing the clearings by Federal
Reserve Districts for the four months back to 1926:
1929.
110,805,940
77,968,730
105,661,570
1st quarter
Total
192 CBIOS 55,204,051,806 51,754,428,988 +6.7 45,713,507,04-4 48,468,511,618
20,206,498,402 19,714,566,515 +2.5 19,238,048,393 19,504,450,850
Outside N. Y. City
7,338,899,249 +8.5
5,062,352,769
5.397,409.649
(..teanngs 1.14437.94 arra, sor,
Month.
1929.
1928.
%
1928.
1929.
1st qu_ 184134407.237 151994831.073 +21.1 61,982.144.359 58,673,389,989 +5.6
Anr11_
55_204.051.806 51.754.428.988 +6.7 20.206.498.402 19,714,566,515 +2.5
We now add our detailed statement showing the figures
for each city separately for April and since Jan. 1 for two
years and for the week ending April 27 for four years:
CLEARINGS FOR APRIL, SINCE JANUARY 1 AND FOR WEEK ENDING APRIL
Month of April.
4 Months Ended April 30.
Ckarinps at1929.
• WWI
1928.
-Boston
First Federal Rose rve District
2,843,882
2,953,940
Maine -Bangor
16,104,818
16,257.770
Portland
2,075,314,414 2,247,627,592
Mass.
-Boston
8,529,064
5,616,305
Fall River
2,841,019
2,794,533
Holyoke
4,968,514
5,495,438
Lowell
4,647,587
6,286,571
New Bedford
25,944.809
24,962,066
Springfield
15,904,330
15,478,156
Worcester
99,044,989
Conn.
-Hartford..
93,358,717
37,443,725
38,459,735
k New Haven
10,868,200
11,172.500
r Waterbury
67,102,300
It. 0.
-Providence...
68,987,700
3,208,740
3,687.045
N.35.
-Manchester..
Total(14 cities)-
- 2,369,824,890 2,547,079,599
Inc. or
Dec.
+3.8
+0.9
--7.7
--34.2
+10.6
+13.8
-3.8
-5.7
+2.7
+2.8
+2.8
+14.9
-7.0
1929.
10,906,195
64,855,321
8.557.527,477
23,718,806
10,792,827
21,999,715
21,304,243
97.608,429
63,649,312
353,781,058
151,600,439
43,901,300
284.611,500
12,167,856
%
$
$
$
$
Jan... 66,170,468,510 51,534,639,563 +28.522.266,802.640 20,491,159,634 +13.7
Feb.,.. 54,701,998,193 44,603,174,152 +22.6 18,772,239,863 17,779,048,086 +5.6
March 63,261,940,534 55,857,017,358 +13.320,943,101.85620.403,182,269 +2.7
1928.
Week Ended April 27.
Inc. or
Dec.
11,131,156 --2.0
63,907,278 4-1.5
8,957,245,938 --4.5
31,498,694 --24.7
12,759,013 --15.4
4-8.9
20,203,376
19,332,220 4-10.2
97,863,325 --1.3
60.473,827 +4.8
323,709,538 +9.3
144,640,685 +4.8
43,506,800 -3.7
266,284,300 +6.9
12,408,040 -1.9
9,718,422,278 10,064,944.190
27.
-3.4
1929.
1928.
Inc. or
Dec.
1927.
1926.
574,092
3,713,141
478,000,000
1,095.299
585,265
3,660,785 +1.4
528.000,000 --9.5
1,868.536 --41.4
732,606
3,344,286
527,000,000
1,665,948
838.071
3.529,050
488.000,000
1,622,744
1,278,362
1,112,818
5,481,897
3,588,856
16,791,999
7,801,464
987.074 +29.5
887,147 +28.3
5.738,798 -4.8
3,482,387 +3.1
19,892,766 -15.6
8,599,653 -9.3
1,104,217
1,098,048
5,322,503
3,069,722
15,030,388
7,523,008
894.300
1,239.996
5,185,867
3,440,642
15,088,548
7,368,093
14,168.100
702,422
14,798,100
664,901
-4.3
-5.4
13,661,200
622,278
11.815,000
978.886
534.288,450
589.143.410
-9.3
580,174.204
539.797.197
2942
[Vol,. 128.
FINANCIAL CHRONICLE
CLEARINGS-(Continued.)
4 Months Ended Apri 130.
Month of April.
Week Ended April 27.
Clearings at
1929.
1928.
$
$
Second Federal Re serve District -New York
-Albany
28,249,095
28,209.722
N. Y.
Binghamton
6,120,280
5,563,923
Buffalo
261,341,332
228,228,128
Elmira
5,064,856
4.832,378
Jamestown
5,779,696
5,767,616
New York
34,997,553,404 32,039,860,473
Niagara Falls
*7,000,000
6,903,742
Rochester
67,592,036
66,403,618
Syracuse
31,568,293
28,946,537
Conn.
-Stamford ...._
.
17,646,006
16,865,092
N. J.
-Montclair _ __ _
4,315,154
4,062.217
Newark
148,025,746
122,156,704
Northern N. J
195,077,468
174,215,189
7,883,941
Oranges
7,013,811
Total(14 cities)...._ 35,783,217,307 32,739.029,150
Inc. or
Dec.
1929.
%
$
1928.
Inc. or
Dec.
1929.
1928.
Inc. or
Dec.
1927.
8
%
8
$
%
$
105,691,384
108,130,353
+0.1
22,734,493
25,994,738
+10.0
876,894,360
+14.5 1,031.130,883
17,968,290
20,692,783
+4.8
22,579,420
23,285,620
+0.2
+9.2 157,149,816,282 125,361,301.557
25,075,682
26,275,932
+1.4
243,584,396
275,043,378
+1.8
109,947,248
122,279,914
+9.1
63,293,231
71,475,560
+4.6
15,083,836
16,972,613
+6.2
475,056,168
543,458,397
+21.2
707,046,740
798,818,007
+12.0
27,260,646
31,106,314
+12.4
$
+2.3
5,340.772
7,253,802
+14.3
1.130,303
987,571
+17.6
54,480,415
51,399,104
+15.2
1,132,975
1,106,994
+3.2
1,133.782
1,284,499
+25.4 7,250,830,347 7,265.327,407
+4.8
+12.9
13,987.888
13,394,580
+11.2
6.167,771
6,380,577
+12.9
4,048,566
3,922,061
+12.5
978,465
757,380
+14.3
+13.0
39.121,026
39.195.271
+13.7
-26.4
6,384,165
7,083,002
+11.5
996,368
1,042,600
+6.0
51,018,666
48,149,493
+2.4
996,136
1,027.457
-11.7
1,176,885
1,268,142
-0.2 .159,850,071 6,297,505.386
+9.3 160,244,480.774 128,073,517,451 +25.1 7.378.352.3107.391,009.246
-0.2 6,281,004.5186,413,212.880
Third Federal Res erve District- Philadelphia25,593,049
6,822,459
Pa.
-Altoona
6,278,238
+8.7
98,625,090
Bethlehem
21,819,300
19,037.184 +14.6
20,141,165
5,155.474
Chester
5,281.273 -2.4
82,230,344
22,309,193
Harrisburg
19,358,283 +15.2
38,542,733
11,665,540
Lancaster
12,516,668 -6.9
10,655,947
Lebanon
3,181,651 +10.0
3,498,500
15,312,717
Norristown
3,945,531
4,508,816 -12.5
Philadelphia
2,693,000,000 2,397,000,000 +12.3 10,426,000,000
74,196,761
19,670,493
Reading
19,311,130 +1.9
112,156,210
Scranton
27,907,056
27,910,316 -0.1
69,938,543
Wilkes-Barre
16,663,952
20,371,566 -18.2
38,259,840
York
11,101,849
9,244,187 +13.7
42,365,112
N.J.
-Camden
11,462,979
10,080,708 +13.7
101,246.407
Trenton
22,039,050
26,104,152 -15.6
25,087,235
75,187,762
21,755,682
74,752,586
43,429,711
11,110,972
16,995,790
9,589,000,000
71,917,161
113,800,659
73,268,077
34.065,887
42,023,378
124,727,493
Total(14 cities)---- 2,877.061,376 2,580,184,172 +11.5 11,155,263,918 10,317,123,193
Fourth Federal Re serve District -ClevelandOhio-Akron
32,672,000
31,439,000
Canton
19,541,902
20,760,589
Cincinnati
331,479,716
318,041,505
Cleveland
680,098,768
548,090,867
Columbus
76,811,000
79,291,300
Hamilton
5,411,951
5,266,664
- Lorain
2,543,902
1,641,068
Mansfield
9,063,647
8,280,567
Youngstown
30,859,745
23,248,793
Pa.
-Beaver Co
*3,000,000
2,955,597
Franklin
1,010,403
1,295,003
Greensburg
5,201,498
6,743,620
Pittsburgh
846,867,637
733,348,765
-Lexington
8,281,282
7,331,060
KY.
W. Va.-Wheeling.....
20,313,934
18,695,874
1926.
+2.0
1,606,910
6,971,423
+31.2
-7.4
1,079,386
+10.0
-11.3
1,985,766
-4.1
-10.0
+8.7 579,000,000
4,045,110
+3.2
6,199.771
-1.4
-4.5 • 3,406,709
+12.3
2,301,984
+0.8
-18.8
4,350,136
+1.4
-3.3
+3.2
+29.2
13,189.658
5,395,671
3,677,934
1,103.552
-0.2
37,185.412
11,594,558
5.470.299
3.094,868
970.818
36,006,258
.
1,709,155 -6.1
4,431,262 +61.0
1,171,422 -7.8
1,583,163
4,44Z,692
1,361%852
1,678,382
4,440,879
1,498,139
1,895,352
-1.8
1,915,090
2,235,246
557,000,000 +3.9
4,188,753 , -3.4
6,679,073 -7.2
4,251,667 -19.9
1,890,508 +21.7
532,000,000
4.294,373
5,650,511
3,813,760
1,767,317
543,000,000
4,430.214
5,750,788
3,715,785
1,850,929
6.481,743 -33.3
7,558,996
5,136,288
+3.6
564,392,754
573,736,450
8,846,000 -17.3
3,636,736 +12.1
71,124,311 -0.2
120,502,616 +22.5
15,056,200 -8.9
6,400,000
4,829,258
70,034,000
114,597,809
15,619,200
4,931,000
3,447,015
69,429,885
120,170.917
14,761,700
+2.8
+1.2
1.778,535
5,707,402
1,884,381
5,724,424
205.053.385
170,532,393 +20.2
181,297,476
165,486,626
+8.1
610.946,995
589.698,935
+7.3
+10.7
-0.9
+19.2
-2.8
+15.0
+19.6
+9.5
+13.8
-8.3
-30.2
-4.3
+10.1
+15.7
+9.2
7.318.000
4.078,252
70,955,395
147,533,066
13,715.200
+3.9
+6.3
+3.9
+24.1
-3.1
-2.7
+31.1
+9.5
+32.8
+1.5
-21.1
+29.6
+15.5
+13.0
+8.7
121,865,000
81,049,108
1,314,852,445
2,541,638,627
298,213,500
20,609,881
7,715,971
36,149,842
111,232,242
10,796,414
3,532,962
24,267,976
3,283,181,108
50,668,325
82,785,760
113,665,000
73.229,417
1,326.653,399
2,133,090,366
306,936,100
17,913,350
6,450,803
32,997,760
97,750,919
11,771,381
5,058.537
25,351,499
2,981,057,876
43,775,030
75,802,166
Total(15 cities) _ _ _ _ 2,075,772,907 1,804,714,750 +15.0
7,988,559,161
7,251,503,603 +10.2
455,517,272
396,450,561 +14.9
400.263,680
385.835.948
Fifth Federal Rese rye District- Richmond
W. Va.-Huntington _
+0.1
5,203,657
5,200,346
Va.-Norfolk
21,100,999
22,097,246 -4.5
Richmond
182.685,668
189,457,000 -3.6
N. C.
-Raleigh
11,845,577
12,679,171 -6.6
S. C.
-Charleston- *11,000,000
10,789,810 +2.0
Columbia
10,857,161
10,094,463 +7.6
Md.-Baltimore
456,024,580
447,370,875 +1.9
Frederick
2,231,727
2.386,644 -6.5
Ha;erstown
3,345,189
3.842,731 -12.9
D. C.
-Washington129,300,050
120,019,887 +7.7
20,048,144
82,627,988
740,317,928
42.568,674
39,417,984
41,964,881
1,710,352,139
7,564,455
12,098,185
500,183,310
20,854,583 -3.9
90,537,801 -8.7
741,340,964 -0.1
44,832,143 -5.0
41,258,564 -4.5
38,366,828 +9.4
1.776,740,932 -3.7
8.288,320 -8.7
14,172,651 -14.6
460,209,234 +8.7
997,257
4,223,927
39,420,000
1,170,064 -14.8
4,869,403 -13.3
43,713,000 -9.8
987,894
5.301,338
47,385,000
1,247,425
8,594,883
51,302,000
1,881,618
4,982,356
1,829,864
4,922,441
*2,100,000
*2.300,000
-8.7
*2,000.000
2,122,970
85,355,699
97.873.169 -12.8
109,833,526
120,103,927
27,241,033
24,341.133
+9.7
26,416,854
25,233,727
823,938,173
+1.2
3,197,143,688
3,236,602,020
-1.2
159,346,916
174,766.769
-8.8
191,924,612
208,604,932
Sixth Federal Rese rve District- Atlanta
Tenn.
-Chattanooga *37,000,000
35,984,452
Knoxville
13,993,745
16,694,097
Nashville
106,855,336
92,643,237
Ga.-Atlanta
249,270,608
218,363,347
Augusta
9,548,776
8,585,626
Columbus
5,536,109
4,751,933
Macon
7.293,810
9,007,784
F1a.-Jacksonville
.
76,920,100
74,764,208
Miami
16,904,000
14,750,000
Tampa
15,400,725
17,018,552
Ala -Birmingham.....
109,257,531
102,313,348
Mobile
7,665,301
7,148,212
Montgomery
7,374,204
6,989,372
Miss.
-Hattiesburg
7,632,000
6,077,000
Jackson
9,466,322
8,495,000
Meridian
3,850,258
3,427,157
Vicksburg
1,772,915
1,799,703
La.
-New Orleans- - 234,951,127
224,078,250
+2.8
-16.2
+15.3
+14.2
+11.2
+ 16.5
-19.0
+2.9
+14.6
-9.5
+6.9
+7.2
+5.5
+13.4
+11.4
+12.3
-1.5
-4.3
145,472,755
56,853,776
423,614,887
964,851,487
37,456,362
20,696,305
29,845,287
298,931,740
60,319,000
60,810,964
419,413,598
31,256,692
29,158,606
29,874,000
38,942,704
15,739,809
7,452,965
935.001,320
145,417,410
62,291,585
394,278,883
881,348,908
33,941,755
18,731,160
36,444,685
310,860,244
64,302.000
70,005,652
418,197,170
28,677,204
30,483,390
29.602,000
35,660,263
16,224,977
7,521,612
1,000,137,536
+0.1
-8.7
+7.7
+9.5
+10.4
+10.5
-18.1
-3.8
-6.2
-13.1
+0.3
+10.6
-4.3
+0.8
+9.2
-3.1
-0.9
-6.5
*7,500,000
2.675,279
21,385,370
49,584,089
2,371,313
7,399,745 +1.4
2,800,000 -4.5
20.597,735 +3.8
43,580,680 +13.8
1,746,804 +35.7
7,551,504
2,715,938
22,566,677
44,495.762
1,956.189
6,891,690
2,784,163
20,324,354
57,196.293
1,769.485
1,109.855
14,070,138
2,374,000
1,584,072 -29.9
14,779,160 -4.8
2,890,000 -17.9
1,671,741
19,572,351
4,910,000
1,570,143
27,045,626
12,
476.986
21,365,582
1,312,771
22,642,893
1,393,966
-5.6
-5.8
22,166,308
1,841.184
24,745,248
1.956,529
1,513,905
1.400.000
+8.1
1,250,373
1.180,000
329,040 -19.0
50,692,142 -8.7
248,523
51,486,890
377,298
62,725,310
+5.2
3,605,692,257
3,584,126,434
-0.1
182,433,500
211,043,124
236,226
691,350
254,490,101
220,023 +7.4
633,959 +9.1
191,725.427 +32.7
217,753
1,014,737
169,911,269
219,571
*800.000
160,805,531
6,760,375
7,683.910 -12.0
7,882,202
7,870,376
3,649,980
3,635,607
3.075,349 +18.6
3,210.085 -13.5
2,768,000
2,452,232
2,386,328
2,607,820
21,397,000
2,953,075
5,107,730
19,923.000 +7.4
2,730,375 -8.2
4,530.216 +12.7
20,401,000
2,911,200
5,036,054
20,798,000
3,227,400
5,401,625
29,543,476
35,510,377 -16.8
38,168.499
38,245,590
Total(10 cities)----
Total(18 cities) _ __ _
833,594,608
909,919,990
864,664,155
+0.6 I 171,831,569
Seventh Federal R eserve DIstric t.-Chicago.-5,050,594
Mich.
-Adrian
1,356,137
1.115.833 +21.5
4,594,748 +9.9
Ann Arbor
4,229,709
3,905,441
+8.3
18,355,456
16,226,179 +13.1
793,640,719 +22.0 3,848,308,792 3,033,944,150 +26.8
Detroit
968,585,979
71,645,290
19,425,445
16,141,394 +20.3
Flint
61,831,367 +15.9
+8.8
147,322,198
33,338,303
135,341,259 +8.9
36,279,666
Grand Rapids
+3.9
38.646,994
8,932,982
8,601,398
36,127,203 +7.0
Jackson
17,202,000
65,235,743
12,464,573 +38.0
47,289,55 +37.9
Lansing
13,808,115 +22.9
63,656,606
Ind.
16,973,728
54,396,213 +17.0
-Ft. Wayne_ _ ...
90,676,320
*24,000,00o
23,452,286 +2.3
93,894.186 -3.4
Gary
+5.4
95,262,292
412,087,000
391.127,054 +6.6
100,416,000
Indianapolis
56,329,387
12,615,700 + 12.9
48,665,038 + 15.7
14,245,511
South Bend
95,149,997
21,966,212 -1.6
21,611,014
96,327,567 -1.2
Terre Haute
58,222,212
15,835,541 -11.4
67,584,86 -13.9
14,028,850
Wis.-Madison
705.749,432 -15.3
169,237.834 -13.5
598,086,564
146,354,305
Milwaukee
16,977.746
4,132,848 -8.8
16,814,429 +1.0
3,769,819
Oshkosh
53,590,441
12,515,307 +4.0
51,342,517 +6.3
13,014,193
101.1a-Ced Rap
218,627,565
46,358,910 +7.9
186,929,048 + 17.0
Davenport
*50,000,000
165,419,719
Des Moines
45,323,015 -4.6
173,347,036 -4.6
43.234,348
8,565,123
8.443,052
Iowa City
2,199,122 -0.8
2,181,182
+1.5
125,562,957
Sioux City
116,866,586
27.611,274 + 18.3
+7.5
32,668,501
+1.4
25,800.152
22,020,185 +17.2
Waterloo
5,908,429
*6,000,000
23,362,531
Illinois-Aurora
22,987,143 +1.6
6,595,061 -8.8
6,014,287
35,890,905
Bloomington
33,667,508 +6.6
9,206,478 +11.2
10,234,935
Chicago
+1.0
2,788,902,896 3,208,986,958 -13.1 12,521,485,314 12,284,366,586
22,511,724
Decatur
22,439,178 +0.3
5,543,481 -4.5
5,240,295
102,007.861
Peoria
93,176.688 +9.5
22,969,364 +11.1
26,214,910
67,063,209
Rockford
59,981,433 + 11.8
+8.6
17,422,896
18,914,940
50,518,206
Springfield
48,371,059 +4.4
12,769,817 +2.4
13,071.663
Total(29 cities) _ _ _ _
4,413,103,295 4,648,928,601
Eighth Federal Re serve District -St. Lou is
Ind. Evansville__
20,829,166
23.256,146
New Albany
806,966
730,951
-St. Louis
1.4o.
596,141,004
589,315,093
Ky.- Louisville
157.437,672
160.499,822
Owensboro
1,496,183
1,450,603
Paducah
9.786,804
9,321,266
-Memphis_ _ .. _
Tenn.
83,048.267
92,069,727
krk.-Little Rock....
64,234,784
57,554,476
U.-Jacksonville.1.903,913
1.468,391
Quincy
7,101,356
6,970,768
Total(10 eltles)-- --
947.287.049
938.136.309
-5.1 19,006,158,606 17,933,851,256
266,495
46,302.772
+0.0
+11.6
-9.4
-1.1
-1.9
-3.2
+5.0
+10.9
+11.8
+29.7
+1.9
93,892,117
3,101,325
2,460,138,026
689,995,091
7,969,492
47,614,949
388,381.284
251.298,721
6,735,854
25,684,029
67,364,248 +39.4
3,031,751
+2.3
2,470,229,178 -4.8
671,580,201
+2.7
7,403,633 +7.6
40,588,019 +17.4
362,324,276
+7.2
237,771,189 +5.6
5,901,105 -19.7
27,362,940 -6.1
+1.0
3.974,860,888
3,893,556,540
+2.1
171,836.237
2,984,404
2,812,943
+6.1
2,514,087
2,186,415
8,994,028
9,515,528
-8.5
8,437,396
10,644.359
6,562,901
1,743,030
6,085,922 +7.8
1,350,825 +29.0
5,686,360
1,162,102
6,382,260
1,229,705
1,781,538
696,747,539
1,214,253
4,482,482
3,694,926
2,183,975
1,437,633
737,435,663
1,285,793
5,224,892
3,656,401
3,071,182
1,845.327
738,633,216
1,168,755
4,821,157
3,113.345
2,606,361
+20.1
-18.2
-3.5
+16.7
+20.3
-6.0
969.436,341 1.041,196,100
-6.9
2,215,447
604,518,499
1.128,295
5,627,352
3,746,392
2,451,070
978,697,604 1,014,916.602
4,899,495
4,710,630
+4.0
7,119,325
5,571,393
126,400,000
33,324,847
270,052
132,200,000
34,122,384
295,114
-4.4
-2.3
-8.5
139,100,000
32,087,217
250,112
135,900,000
35,948.465
299,393
+2.7
17.432,766
16,800,000
+7.8
12,225,256
12,533,290
352,328 +31.3
416,347
1,442,742 -1.5 , 1,460,419
19,074.334
12,082,215
624,037
1,660,138
17,898,426
13,183,151
462,693
1,420,343
197,859,007
202,781,220,
-2.4
209,766,710
211,160,575
2943
FINANCIAL CHRONICLE
i
31A- 4 la='
CLEARING S.-(Conduded.)
1928.
1929.
Week Ended April 27.
4 Months Ended April 30.
Month of April.
Clearings at---
Inc. or
Dec.
1929.
1928.
Inc. or
Dec.
1928.
1929.
Inc. or
Dec.
1926.
1927.
S
Ninth Federal Res erve District -Minneapolis
30,284.911
30.867.828
Minn.-Duluth
354,269,424
328,365,596
Minneapolis
2,825,037
2,414,373
Rochester
124,397,610
109,806,187
St. Paul
9,429,845
8,301,869
N.flak -Fargo
6,423,000
5,347,000
Grand Forks
1,969,343
1,517,710
Minot
.5,000.000
5,488,986
S. Dak.-Aberdeen
7,510,521
8.328,905
Sioux Falls
2,885,954
3,049,549
-Billings
Mont.
5,255,273
Great Falls
4,874,265
14,945,000
Helena
13,855,000
637,028
Lewistown
598,88
+1.9
+7.9
+17.0
-11.7
+13.6
+20.1
+29.8
-8.9
+10.9
+5.7
+7.8
+7.9
-6.0
111,216,357
1,350.015,383
9,914,003
513,535.558
34,484,811
23,605,000
6,975,218
18,766,074
31,588,066
11,342,967
20,320,807
55,309,264
2,079,247
111,866.341
1,283,150,804
10,004,009
514,455,010
33,867.296
21,641,000
5,900.415
21,287,229
28.599,020
11,000,685
19,378,555
53,357,750
2,673,437
+5.2
-0.9
-0.2
-1.1
+22.9
+18.2
-11.8
+10.5
+3.1
+4.9
+3.7
-22
535,880,823
+3.2
2,189,152,755
2.117,181,551
Tenth Federal Res erve District Kansas City1,897,037
Neb.- Fremont
1,695,428
Hastings
2,248,523
*2,000.000
Lincoln
19,395,034
18.512,765
Omaha
177,891,427
105,396,522
8,303,312
Kan.
9,706,463
-Kansas City. _
18,156,920
Topeka
15,022,758
37,417,800
34,481,230
Wichita
5,516,641
Missouri -Joplin_ _ _ _
6,108,868
548,231,425
588.498,797
Kansas City
27,222,000
30,582,000
St. Joseph
121,320,169
126,900,000
Okla.- OklahomaCity
47.477,641
58.537,348
Tulsa
5,730.349
6,251,457
Colo.
-Colorado Spgs.
145,618,910
164,206,808
Denver
5,942,582
7,444,085
Pueblo
-10.6
-11.1
-4.5
+9.7
+16.9
-17.3
-7.8
+10.7
+7.9
+12.3
+4.6
+23.3
+9.1
+ 12.8
+25.3
6,936,883
10.240,152
77,309.207
768.455.160
36,953,093
61,286,441
138.374.809
24.826.929
2,306,952.640
123,435.395
520,243,643
231,084,878
25,866,962
647,338,982
28,319,692
1,265,344,529 1,172,369,770
+8.0
Eleventh Federal Reserve Distr jet-Dallas7.035,609
8.602,745
Texas- Austin
8,632,000
10.600,000
Beaumont
228,307,180
199,600,686
Dallas
23,616,298
27,175,332
El Paso
50,301,548
55.242,968
Fort Worth
18,653,000
18,650,000
Galveston
158,842,601
132.047.604
Houston
.2,000,000
Port Arthur
2,272,968
2,684,146
2,536,095
Texarkana
10,775,000
10,399,000
Wichita Falls
21,852,143
23,732,010
La.
-Shreveport
+22.3
+23.0
+ 14.4
+ 15.1
+9.8
-0.1
+20.4
-12.0
+5.8
+3.6
-7.9
Total(13 cities) _ _
Total (16 cities) _
552,768,274
Total (11 citieS)-- -
544,732,115
478,826,818 +13.8
6,604,469
72,909,921
6.529,533
71,533,537
+1.1
+1.9
7,350,518
65,199.593
5,556,376
68,855.368
23,158,606
1,832,080
27,422,573 --15.5
1,741,001
+5.2
25,949,343
1,775,392
30,092,997
1,647.861
994,109
1,247,126
1,036,812
1,127,052
560,649
587,833
3,379,000
3,311,600
+3.4
109,481,537
112,252,529
7,269,627
9,441,069
87,857,259
744,988.921
35,921.901
63,488,595
148,797,695
23.100,479
2,234.702,360
121.901,628
491,029,865
193,320,316
22,267,333
578,377,074
23,779,894
-4.6
+8.5
-12.0
+3.1
+2.9
-3.5
-7.0
+7.5
+3.2
+1.3
+5.9
+19.5
+16.2
+ 11.9
+19.1
5,007,624,866
4.786,244,016
+4.6
35,112,894
40,052,000
957,835,333
107,959,848
230,193,448
93,350,000
646,721,441
11,154,778
10,680,329
45,786,246
93,228,811
29,203,807
34,692,000
858,182,591
95,724.897
218,718,828
84,256.000
548,375,318
9,818,610
10,529,848
46,030.000
97,901,834
+20.2
+ 15.4
+11.6
+ 12.8
+5.2
+10.8
+17.9
+13.6
+1.5
2,272,075,128
-8.0
512,285
434,432
+2.1
2,799,000
2,423,165
-2.5
104,580,220
110,257,325
298,145
439,640
3,412,667
41,461.011
365,789 --18.5
468.242 -6.1
4,127,624 -17.3
40,111,591
+3.4
353,423
385,210
4,636,113
37,190,495
376,978
555,342
4,294,735
41,641,069
3,022,278
7,080,635
2,719.660 +11.1
7.986.882 --11.3
2,549,239
8,903.843
2,302,377
8.861,295
127,462,113
6,644,000
29.600,000
123,919,359 +2.9
+4.0
6,386.586
25,310,578 +16.9
132,828,981
5,075.944
26,033.665
126,021,971
6,431,121
23,187,692
838.419
1,153,162
a
1,463,264
1,181,674
a
1.355,321
--2.4
+8.0
1,068,926
a
1,208,858
1.071,944
222,036,915
213.933,306
+3.8
218,234,677
213,582,943
1,568,420
1,556,492
+0.8
1,475,521
1,277,946
47,720,060
.52,142,321
-8.5
49.040.885
41,942,885
12,357,949
4,668,000
13,214,300
4,503,000
-6.5
+3.7
12,693,256
8,212,000
13,165,047
9,230,000
4,283,753
2,033,433,733 + 11.7
Twelfth Federal R cserve Metric t-Sari Franc 114C0-.4,000,000
13,731,000
14.256,000
3.701,000 +8.1
Wash.-13ellingham _ _
219,240.675
Seattle
211.660,561
+3.6
875,367,605
817,766.786
52,467.000
Spokane
55,209,000 -5.0
220,933,000
213,134,000
6,571,121
23,659,304
24,908,024
Yakima
5.526,876 +18.9
4,522,149 +19.6
19,415,902
Idaho-Boise
5,408,280
20,380.460
7,254.000
2.148.134
1.899,000 +13.1
Ore.
8,261.134
-Eugene
590,182,195
157,441,252
151,358,388 +4.0
626,089.799
Portland
6,541,974
5.719,747 +14.4
26,918,468
Utah-Ogden
26,587,236
75,209,392
81,562,493
Salt Lake City
301,274,899
+8.4
309,334,684
16,206,000 +28.7
61,602,000
Aria.
20,856,000
84,797,000
-Phoenix
5,028,809 +14.2
21,871.581
Calif.-Bakersfleld... _
5,741,887
24,298,674
20,639,849 -0.5
87,921,325
20,531,801
85,653,224
Berkeley
14,803,731 -0.1
60,718,515
14,786,680
59,700,567
Fresno
34,283,290 +13.6
38,950,849
158,418,654
135,418,883
Long Beach
873,233,000 +4.1 3,950,429,000 3,410,026,000
909.251,000
Los Angeles
+8.4
15,413,089
3,669,136
15.259,037
3,977,853
Modesto
87,338,543 -2.7
341,659,422
84,946,210
335.486.453
Oakland
138,765,058
33,635,888 -6.3
130,556,77
31,504.827
Pasadena
22,785,429
18,695,291
4,709,484 +20.2
5.660,995
Riverside
+4.5
128,579,171
26,802.619
124,296,14
28,015,831
Sacramento
105,452,149
95,432,327
27,793,436
23,869.235 +26.4
San Diego
920,208,645 -6.7 3,572.845.736 3.762,101,457
858,576,953
San Francisco
53,389,921
13,024,599 +4.2
51.763,219
13,572,231
San Jose
34,921,934
28,559.651
9,622,012
6,966,253 +38.1
Santa Barbara
38,480,138
9.253,672 +0.9
36,340.217
9,314,869
Santa Monica
2,190.502 +4.5
2.289,503
8,435.185
8,539,475
Santa Rosa
10,005,300 +6.5
10,651.600
42,854,400
45.277.200
Stockton
I b...9
k Total(27 cities).,.. 2.631,425,466 2.620,674,668 +0.4 10,979,024,724 10,457,174,074
4,958.983
-6.8
4,437,322
4.358,344
69.598,182
76,375.096
-8.9
75,858,984
69.974.222
45,668,986
10,888,000
1,100,362
45,714,923 --0.1
13,267,000 --17.9
1,115.062 --1.3
41,457,083
11,048,000
1,120,282
43,214,054
10,829,000
1.060,186
34,429,758
+3.8
+7.0
-3.5
+5.3
+5.0
+13.9
+6.1
-1.2
+2.7
+37.7
+11.1
-2.6
-1.7
+ 17.0
+15.9
+1.0
-1.8
+6.3
+21.9
+3.5
+10.5
-5.0
+3.2
+22.3
+5.9
-1.2
-5.4
33,029,396
+4.2
33,421,139
35,605,173
18,317,244
17,472.589
+4.8
14,855,763
15,942,140
3.467,231
9,234,849
201,531,000
3,700,571
8.558,241
209,702,000
+7.9
-3.9
4,262,719
6,934,983
168,520,000
4,648,274
7,052,747
158,342,000
19.430,719
6,709,688
19,269.119
6,295,464
+0.8
+6.6
18.341.765
6,434.419
18.678,456
5,907,749
6,592,930 -7.2
5,332,315 +1.9
206,650,320 -10.1
+2.5
2,964,106
1,504,346 +27.4
1,935,518 -4.5
6,263,839
5,044,424
183,028,800
2,596.483
1,302,525
2,079,164
7,394,132
5,721,148
182,317.000
2,489,036
1,467,229
2,250,410
2,344,300
2,589,000
+4.9
557,602.473
585,742,900
6.117,832
5,593,670
185,895,387
3.039,238
1,916,114
1,898,095
2,317,000
2,411,800
509,028.388
-9.4
605,330,534
Grand total(192 cities) 55.204,051,808 51,754,426,088
.
+6.7 239 338. 59,043203,749,258.061 +12.6 11 436 297967 11 545 772 973
4
-0.9 10 296 359851 10 457 452732
Outside:New York.- 20,206,498,402 19.714,566,515
+4.8 4,185.467.620 4,417,739,775
-5.34.136,509.7084,169.947.347
+2.5 82,188,642,761 78,387,956,504
CANADIAN CLEARINGS FOR APRIL, SINCE JA NUARY 1, AND FOR WEEK ENDING APRIL 25.
Month of April.
Week Ended April 25.
4 Months Ended April 30.
Clearings at
1929.
$
613,489,301
626,914,833
232,585,035
111,051.987
35,551,563
29,557,546
17,014.471
28,253,208
.55.000,000
13.900.002
12.467,435
15.919,898
.28.000,000
27.174,841
2.948,824
2.823,241
11.885.709
6,046.423
6,476,573
3,206,917
4,545,923
2,073.265
4,224,610
4,781,627
5,908.669
29,892,479
2.249.792
4.105,113
3,655,776
3,952,391
3.695.321
1928.
Inc. or
Dec.
1929.
1928.
Inc. or
Dec.
$
613,929,191
569,519,476
203,179,782
87,237,156
33,727,739
25,611,069
15,131,920
30.996,218
50,656,715
12,033,812
10,376,413
14,436,315
26,349,112
20,746,498
2,601,674
3,247,741
10,070,191
5,103,791
5,623,746
3,745,374
3,497,246
2,087,392
3,834,970
4.171,453
5,420,560
20.066.454
1,916,754
3,641,793
3,509,323
3,278,097
2,631,321
%
-0.1
+10.1
+14.5
+27.3
+5.4
+15.4
+12.4
-8.8
+8.6
+16.0
+20.1
+ 10.2
+6.3
+31.0
+13.3
-13.1
+18.0
+18.5
+15.2
-14.4
+30.0
-0.7
+25.0
+14.6
+9.0
+49.0
+17.4
+12.7
+4.2
+20.6
+40.5
$
2,593,016,219
2,667,775,900
869,949,739
427.801,522
146,245,869
113,024,735
64,451.758
110.437,269
237,637,676
50.191,235
48,020,475
58.080,925
109,712,947
93,737,719
10,053,503
11,229,987
41,048,200
22,141,128
• 24,915,276
14,105,152
16,342,623
8,028,528
17,203,723
17.315.035
22,466,883
104,570,094
7,961,173
15,960,940
14,262,235
14,642,187
13,034,058
S
2,455,760,500
2,433,958.852
840,447,028
362.700,628
127,122.815
103,342.372
54,047,092
106.212,577
206,710,551
46,290,842
41,332.465
54,835,224
105.843,466
79.011.351
9,250.325
11,423,871
38,365,006
20,834,232
22,127,489
14,751,092
13,460,335
7.360,502
15,001,628
15,339,448
20,765,593
73,363,134
7,327.098
14,215,118
13,122.719
14,151,839
10,424,057
%
+5.6
+9.6
+3.5
+17.9
+15.0
+9.4
+19.3
+4.0
+15.0
+8.4
+21.0
+5.9
+3.7
+18.6
+9.9
-1.7
+7.0
+6.3
+12.6
-4.4
+20.7
+9.
+11.7
+12.9
+8.2
+37.1
+8.7
+12 3
.
+8.8
+3.5
+25.0
Total(31 cities)._. 1.049.412.773 1,798,379,296
+8.4
7,965.364.713
7.338.899.249
+8.5
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 Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
a No longer report clearings. • Estimated.
1929.
1928.
Inc. or
Dec.
1927.
$
$
%
6
131,212,563 135.647.602 --3.3 121,105,874
137.586,192 139,030,936 -1.0 119,004,819
46,987,992
46,204,842 4-28.6
59,413.753
19,088,08'
22,151,731 4-11.3
25.318,228
6.880,497
8,037,056 ---4.0
7,714.280
6,493.531
4-12.9
5.333.628
6,020,880
3,203,859
3,363,529 4-10.6
3,718,666
6,055,971
6.018,944 -0.1
6,014,387
6,526,751
4-1.9
12,330,331
12,936,398
2,959.534 -0.62,510,503
2,941.929
2.112,718
2,543,920
2,767,170
3,228,763
3,351,118 -2.2
3,276,827
4,492,425
5,770,789 4-11.7
6,443,229
3,734,614
4,960,411 4-52.4
7.557.501
513,885
4-9.7
576,946
632.733
535,508
784.157 -18.0
626,808
1,793,438
2,332,409 4-12.8
2,631.463
1,001,909
1,115,655
1,292,224
1,204.312
1,245,262 4-7.3
1,335,836
1,228,962
831,200 4-37.2
1,140,327
934,506
826,927 4-19.7
990,189
466,223 -4.1
275.818
446,900
980,112
863,293 4-2.0
880.537
896,105
4-7.8
963.948
857,498
1,255,322 -1.3
1,106 767
1,238,83
5,395,027 /-21.8
6,572,450
5,158:754
355,030
473,038
A-4.1
492,58
860,337
801,365 4-6.1
850,028
658,905
796,211 --1.8
786,968
921,204
797,406
801,714 4-14.9
572,360
624.551 4-38.5
865.120
-1-8.8
-1-15.8
435.589.960
417.769.775
44.3
370_261.933
1926.
$
91,165,786
93,220,279
38,759.634
17,559,442
5,018,655
4,832,496
2,580,554
4,612,721
6,528,493
2,399,414
1,944,956
2,331,619
4,464,514
5,883,968
444,573
599,782
1.578,366
892.073
916,774
531.818
784,351
209,350
716,422
627.126
889,311
3,485,270
348,085
737,334
572.559
294.635.725
2944
[VOL. 128.
FINANCIAL CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 17 1929:
CURRENT
NOTICES
Mansfield & Co.. 50 Broadway, Now York, have prepared an analysis
of the Public National Bank & Trust Co. of New York.
On Wednesday, May 1, West & Co. moved their New York Office
GOLD.
to new quarters on the eighteenth floor of 63 Wall Street.
The Bank of England gold reserve against notes amounted to £155,042.703
Greer, Crane & Webb, members of the New York Stock Exchange,
on the 10th inst. (as compared with £154,045,537 on the previous Wednes-when announce the removal of their office to 37 Wall Street.
day), and represents an increase of £1,136,388 since April 29 1925
an effective gold standard was resumed. In the open market this week
William M. Erb and Lucius P. Ordway, Jr., have been admitted to
about £665,000 South African gold was available. The Bank of England general partnership in the firm of F. B. Keech & Co.
secured about £534,000
-as shown in the figures below, the balance being
- M. Kidder & Co., 5 Nassau St., Now York City, are distributing
A.
taken by the home and continental trade (about £117,000) and India. The and analysis of Public
Service Corp. of New Jersey.
following movements of gold to and from the Bank of England have been
--A. D.Watts & Co.,specialists in Canadian Securities, have moved their
announced, showing a net influx of £760,357 during the week under review:
New York office to larger quarters at 49 Wall St.
Apr. 11. Apr. 12. Apr. 13. Apr. 15. Apr. 16. Apr. 17.
Received
£1,668
£29
E7,374 £250,000
£30 £533,800
Wellington & Co., members of the Now York Stock Exchange,announce
Withdrawn
3,000 the removal
5,000
7,000
4,000
8,421
5,123
of their office to 120 Broadway.
The receipt on the 13th inst. was in sovereigns "released," and that of
--Merrill, Lynch & Co. have established private telephone connections
yesterday in bar gold from South Africa. Withdrawals consisted of £8,514 with Frank,
Rosenburg & Co. of Baltimore.
In bar gold and £24,000 in sovereigns. The following were the United
-R. G. Harper & Co.,48 Wall Street,this city,have prepared a pamphlet
Kingdom imports and exports of gold registered from mid-day on the 8th
entitled "The Engine Division of Aviation".
Inst. to mid-day on the 15th inst.:
-Buell & Co., members of the New York Stock Exchange, announce
Imports.
Exports.
British South Africa
£49,646 the removal of their offices to 63 Wall St.
£1,356,934 Germany
Other countries
57,985
10,267 Switzerland
Gilbert Ellott & Co., members of the New York Stock Exchange, are
18,150
Austria
12,000 now at 11 Broadway, New York.
Egypt
54,278
British India
Albert E. Karn has been admitted to the New York firm of Schuyler,
25.936
Other countries
Earl & Co. as a general partner.
£217,995
81,367,201
-The Empire Trust Co. has been appointed transfer agent for the capital
United Kingdom imports and exports of gold for the month of March stock of the Hibernia Trust Co.
last are detailed below:
-John S. Dickerson and John G. Lethbridge have become associated
Exports.
Imports.
Germany
£156,591 with Prank B. Calm & Co.
Netherlands
15,715
£2,952,492
-Faroll Brothers. Chicago, admitted Leroy Baumgartl as a general
France
64,342
18,356
Switzerland
75,450 Partner on May 1 1929.
Italy
786.710
-Orr, Van Dyne & /Czech of New York announce the removal of their
Austria
39,575
Egypt
92,322 offices to 61 Broadway.
West Africa
-Abeles, Re3-noll & Campion, Inc. have removed their New York office
58,843
Union of South Africa
2,163,861
to 150 Broadway.
Rhodesia
69,562
Theodore IIoffacker & Co. have removed their offices to 56 Pine St.,
British India
249,035
Straits Settlements
91,290 New York.
Other countries
20,690
24,786
Eldredge & Co. announce the removal of their New York office to 48
•
£5.287,900 £1,591,720 Wall St.
The Transvaal gold output for the month of March last amounted to
-Rosenberg & Co. announce the removal of their offices to 27 William
866,529 fine ounces, as compared with 815,284 fine ounces for February Street.
1929 and 877.380 fine ounces for March 1928. The preliminary report on
Herman I. Rudkin has become associated with Berman, Thomson
the mineral production of Canada during the calendar year 1928, issued by & Co.
the Dominion Bureau of Statistics at Ottawa, gives the gold production of
Barton & Barton have moved their New York offices to 521Broadway.
Canada for that year as 1,891.050 fine ounces. The production of the
-Schlesinger & Co. are now in their offices at 32 Broadway, NewjYork.
Province of Ontario amounted to approximately 8334% of the total.
-Seasongood, Haas & Macdonald are now at 63 Wall St., New York.
SILVER.
There has been little movement to record since our last letter, prices
having kept steady at practically the same level. Holders of silver on China
account again offered to sell, but were unwilling to follow the market when
prices began to sag. The quotations touched 25%d., but here fresh buying
orders from China arrested any further fall and the market again slightly
hardened. America has been rather less disposed to sell and the tone of
the market continuos steady in the absence of any real willingness on the
part of sellers. The following were the United Kingdom imports and exports of silver registered from mid-day on the 8th inst. to mid-day on
the 15th inst.•.
Imports.
Exports.
U. S. A
£11,636 British India
£171,438
Prance
9,509 Other countries
6,332
Other countries
12,013
£33,158
.£177,770
INDIAN CURRENCY RETURNS.
/n Lacs of RupeesApr. 7.
Mar. 31.
Mar. 22.
Notes in circulation
18598
18803
18946
Silver coin and bullion in India
9985
9989
9943
Silver coin and bullion out of India
Gold coin and bullion in India
3222
5.H
3222
.
out of India
Gold coin and bullion
4323
Securities (Indian Government)
:1
:i5.5
Securities (British Government)
1054
1069
1068
Bills of exchange
200
400
The stock in Shanghai on the 13th inst. consisted of about 80,100,000
ounces in sycee, $130,000,000 and 10.500 silver bars, as compared with
about 78,500,000 ounces in sycee, $122,000,000 and 9,200 silver bars on
the 6th inst. Quotations during the week:
-Bar Siker per oz. std.- Bar Gold
Two Mos.
Cash.
per oz. Fine.
25 15-16d. 25 15-16d. 849. 1134cl.
Apr. 11
84s. 1134d.
2534d.
2534d.
Apr. 12
25 13-16d. 25 13-16d. 84s. 1134d.
Apr. 13
84s. 1134d.
25/id.
2534c1
Apr. 15
Apr. 16
25 13-16d. 25 13-16d. 84s, 10%d.
84s. 1034d.
2534d.
2534d.
Apr. 17
845, 11.12d.
25.843d.
25.843d.
Average
The silver quotations to-day for cash and two months' delivery are the
same as those fixed a week ago.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Frt.,
Thurs.;
Sat.;
Wed.;
Tues.,
Mon.'
Apr. 27. Apr. 29. Apr. 30. May I.
May 3.
May 2.
25 3-16
25 5-16
2534
2554
25 5-16
25 3-16
84s.113.0. 848.1134(1. 848.1034d. 84s.1 id. 848.1134d. 84s.1134d.
54%
Holiday
5474
5434
5434
100%
100%
Holiday 100%
100%
9634
Holiday
96%
9634
9634
Silver, p.oz_d_
Gold,p.fine oz_
%
Consols.
British 53.'-.
British 4 Y %-.
.
French Rentes
Paris).fr..
(in
French War L'n
On Paris) _ fr. ____
---
73.50
100.30
73.60
101
73.70
73.85
73.95
100.05
100.40
100.40
The price of silver in New York on the same days has been:
Silver in N.Y.per oz. (eta.):
5434
Foreign
5534
5434
5434
5434
5434
So mutercial aniXtceUaneons ,,extis
Breadstuffs figures brought from page 3048.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the Now York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour. I
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.19619s..bush. 60 lbs.bush. 5615:.bush. 32 lbs. ush.4819s.bush 56Ibs.
805,000
636,000 136.000
Chicago
146,000
21,000
208,000
391,000 204,000 101,000
47,000
Minneapolis
1,251,000
27,000
Duluth
76,000
576,000
39.000
101,000 143,000
107,000
Milwaukee._
96,000
48,000
1,000
69,000
Toledo
31,000
2,000
22,000
1,000
20,000
5,000
Detroit
32,000
4,000
5,000
258,000
256,000
Indianapolis.
29,000
St. Louis
447,000
529,000
7,000
512,000
128,000
72,000
Peoria
444,000
36,000
15,000
58,000
104,000
Kansas City
45(1.000
568,000
92,000
Omaha
156,000
157,000
22,000
St. Joeph
140.000
123,000
Wichita
54,000
106,000
Sioux City _
36,003
1.000
34.000
28,000
Tot. wk.'29
Same week '28
Same week '271
440,000
458,000
442,000
3,661,000
4,132,000
3,285,000
3,064.000
4,486.000
2,360,000
2,275.000
3,422,000
2,500.000
609,000 168,000
1568,000, 244,000
548,000 423,000
Since Aug.11928
18,065,000419,441,000 224,274,000 116,944,00084,796,000 23,237.000
1927
18,567,000 391,878,000 250,231,000 125,059,000 63,668,0032,830,000
1926
18,408,000 284,583,000 177,441,000 115,827,000 16,875.000 25,298,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, April 27, follow:
Receipts at-
Flour. I
Wheat.
Barrels. I Bushels.
New York
305,000
820,000
Portland, Me.
17.000
112,000
Philadelphia
36,000
239,000
Baltimore.
14.000,
55,000
Newport News
6,000,
New Orleans*
45,000
12,000
Galveston
37,000
Montreal...20,000
125,000
St. John, N.B.
22,000
861,000
Boston
55,000
214,000
Oats.
Corn.
I
Bushels.
18,000
4,000
24,000
1
Barley.
Rye.
Bushels. Bushels. Bushels.
60,000 313,000
42,000
24,000
77,000
7,000
73,000
1.009
60,000,
24,000
6,000
50,000
42,000
6.000
18,000
70,000
1,000
Tot. wk.'29 520,000 2,475,000
266,000 480,000
112.000
62,000
Since Jan 1 '29 9,031.000 48,339,000 13,789,000; 5,407,000 9,090,000 2,082,000
Week 1928._
451,000 1,918,000,
89,0001
222,000 246,000 370.000
Since Jan ('29 8,112,000 41,275,000 7,408,000 6,516,000 7.615.000 3,904.00
• Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
MAY
4 1929.]
2945
FINANCIAL CHRONICLE
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.
-The Buffalo National Bank, Buffalo, Okla
April 24
$25,000
Correspondent, E. E. Thomas, Rosston, Okla.
April 27
-The Midland National Bank of Brooklyn,in New York,
N. Y
1,000,000
Correspondent, William R. Bayes, 40 Wall St., New
York, N. Y.
April 27
-The Pocono National Bank of Mount Pocono,Pa
50.000
Correspondent, F. D. Brundage, Mount Pocono, Pa,
APPLICATIONS TO ORGANIZE APPROVED.
April 26
-Anchor National Bank of Brooklyn in New York, N.Y_ 200,000
Correspondent, Maxwell S. Harris, 5000 15th Ave.,
Brooklyn, N. Y.
April 27
-The South Park National Bank of Chicago, Ill
200,000
Correspondent, Jesse Binge, 5922 South Parkway,
Chicago, Ill.
April 27
-The First National Bank of Minatare, Neb
25,000
Correspondent, C. E. Clough. Minatare, Neb.
CHANGES OF TITLES.
April 23
-The First National Bank of Mount Joy, Pa., to "The
First National Bank & Trust Co. of Mount Joy.''
April 24
-The First National Bank of Brockwayville, Brockway.
Pa., to "The First National Bank of Brockway, to
conform to change in name of place in which bank is
located.
April 25
-The First National Bank of Bradentown, Fla., to "The
First National Bank of Bradenton," to conform to
change in name of place in which bank is located.
VOLUNTARY LIQUIDATIONS.
April 22
-The First National Bank of Electra, Texas
100,000
Effective April 15 1929. Liq. Agents, A. T. McDannald, R. L. Robb and Edward Schlaffke,Electra, Texas.
Succeeded by the First National Bank in Electra, Tex.,
No. 13,284.
-The Old National Bank of Grand Rapids. Mich
April 23
800,000
Effective April 22 1929. Liq. Agent, Kent State Bank,
Grand Rapids, Mich. Absorbed by Kent State Bank,
Grand Rapids, Mich.
April 23
-The First National Bank of Florence, S. Dak
25,000
Effective April 9 1929. Liq. Agents, F. B. Stiles, C. J.
Odegard. it, J. Fahnestock, Watertown, S. Dak. Absorbed by the First National Bank of Watertown,
S. Dak., No. 2935.
April 24
-The Hanover National Bank of the City of New York,
N. Y
10,000,000
Effective 3 p. m. April 23 1929. Lief. Agent, Central
Union Trust Co., New York. N. Y. Absorbed by
Central Union Trust Co., New York, N. Y. The
liquidating bank has 11 branches, all located in Now
York City,
April 24
-First National Bank at Turlock. Calif
75,000
Effective Feb. 13 1929. Liq. Agent, W. C. Marshall,
631 Market St., San Francisco, Calif. Absorbed by
Bank of America of California, Los Angeles, Calif.
April 24
-The Farmers Nattmal Bank of Ludlow, Mo
60,000
Effective April 15 1929. Liq. Agents, board of directors of liquidating bank. Succeeded by the Ludlow
National Bank, Ludlow, Mo., No. 13,293.
April 25
-The First National Bank of Paris, Tenn
50,000
Effective April 17 1929. Liq. Committee, John R.
Rison, J. F. Aden, J. L. Stewart, J. F. Nance. Hal L.
Laurence, L. C. IIumphreys and W. M.Barham,Paris,
Tenn. Absorbed by First State Bank & Trust Co. of
Paris, Tann.
April 25
-The First & Citizens National Bank of Smithfield, N. C.. 175,000
Effective April 25 1929. Liq. Agents, R. P. Holding
and C. F. Gordon, Smithfield, N. C. To be succeeded
by a new State bank.
April 26
-First National Bank in Temple, Okla
25,000
Effective Dec. 31 1928. Liq. Agent. V. A. Dowlen.
Temple, Okla. Succeeded by a new State Bank.
April 27
-The Third National Bank of Syracuse. N. Y
300,000
Effective April 27 1929. Liq. Agent, Mercer V. White,
Syracuse, N. Y. Absorbed by First Trust & Deposit
Co. Syracuse, N. Y.
April 27-The Liberty National Bank & Trust Co. of Syracuse,
'
N.Y
400,000
Effective April 27 1929. Liq. Agent, Ralph E. Haven,
Syracuse, N. Y. Absorbed by First Trust & Deposit
Co., Syracuse, N. Y. The liquidating bank has one
branch located in Syracuse.
April 27
-The State Bank of Terrell. Texas
200,000
Effective April 18 1929. Liq. Agent, D. E. Nicholson.
Terrell, Texas. Succeeded by the State Bank in
Terrell, No. 13.287.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927,
April 27
-Hudson County National Bank, Jersey City, N. J. Location of
branch, vicinity of Newark Avenue and Erie St., Jersey City.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
-Corn Exchange National Bank & Trust Co., Philadelphia, Pa.
April 13
Location of branches: Third and Arch Sts., 1518 Walnut St.,
60th and Ludlow Sts. 2809-11 Germantown Ave., 12th and
Spring Garden Sta. (all located in City of Philadelphia).
-The Broad Street National Bank of Trenton, N. J. Location
April 13
of branch: Vicinity of the corner of South Clinton and Hamilton
Ayes., Trenton.
By Adrian H. Muller, & Son, New York:
Per Cent.
BondsShares, Stocks.
Per share.
$250 lot
1,000 Irving Tr. Co.
(new) par $10.. 6734
$50 NAM. certificate
33 1-3 Silliw Realty Corp.(N. Y.)_$5 lot Cit. of Wheeler Bros.. Inc.. un-S,
dated,granted to John W.Bailey.
82 Nor. Amer. Wireless Corp., C
entitling him to 10-195ths of the
par $10 ea.; 1,000 Alaska Coke &
net proceeds of sale of 100 Iota
Coal C
-S, par $1; $5,000 Alaska
fronting on Jericho Turnpike.
Anthracite RR. Co. 1st 68, 1924,
partly in Queens Co. and partly
certificates deposit
$62 lot
In Nassau Co.(Queens Park)57551 et
$1,005 lot
30 Samed Realty Co., Inc
86 lot Ctf. of Philip S. Clark, dated Dec.
240 U. S. Ship Corp., par $10
15 1919 granted to John W.
1 Brooklyn Academy of Muslc____814 lot
Bailey, entitling him to
78 Columbian Bronze Corp., corn.
20
-444th interest in the net Propar $5; 577 pref. par 810. _ _51.480 lot
ceeds of sale of premises on south
500 The Petrarmo Co., par $55_ _ _8615 lot
side of Hempstead and Jamaica
Per Cent.
Bonds.
Plank Road, Queens Co.. N. Y.,
$1,200 Eureka Smelting Co., let
$15 lot
containing 32,086 acres
m. ser. A 6s, Jan. 1 1938, July 1
1929 & subs, coup. attached: also
By R. L. Day & Co., Boston:
$ per Sh.
Shares. Stocks.
620
8 First Nat. Bank
384
75 Nat. Shawmut Bank
250
2 Federal National Bank
3 Webster & Atlas Nat. Bank21034
36834
10 Beacon Trust Co
57034
5 Old Colony Trust Co
55 First Carolinas It. Stk. Ld.Bank 16
14 Ludlow Mtg. Associates_ _18144-18234
3%
10 Tremont & Suffolk Mills
18
100 Whitman Mill
41
25 Wamsutta Mills
10134
21 Pepperell Mfg. Co
2
8 Union Mills Inc
034
33
20 Connecticut Mills 1st pref
4 Nashua Mfg. Co. pref--.86 & div.
18
10 Whitman Mills
834
4 Everett Mills
87 ex-dtv.
1 Nashua Mfg. Co. pref
6
3 Border City Mfg. Co
6
54 Connecticut Mills 2d pref
45
5 Nashua Mfg. Co. common
100 Androscoggin & Kennebec RR.
1%
2d pref
10 units Universal Chain Theatres. 20
3 Greenfield Tap & Die Corp. 8%
Shares. Stocks.
$ Per aft•
4 Kidder Participations Inc. common No.2
244
6 Springfield Fire & Marine Ins.
203
Co., par $25
3 Mass. Ltg. Cos.6% pref.(undep.)1094
10 Conn. Lt.& Power Co.534% p1.107
50 Merrimack Chemical Co., par 85074
100
10 units Thompson's Spa Inc
20 Plymouth Cordage Co
7734
25 Nar. Service Co. $3 part pre
3634
106 No. Bost. Ltg. Prop. common
67
(undeposited)
10 Rogers Paper Mfg. Co. A
sa
1,000 Gila Copper Sulphide Co.,
par $10
513410$
50 units Universal Chain Theatres_ 20
125 Kidder Participations Inc. No.3 15
115 Saco Lowell Shops common_10-104
2 Westchester Fire Ins. Co., par 510 82
15 New England Power Assoc.COM. 0634
15 New England Power Assoc. Pt-- 961w
24 units First Peoples Trust
40
87 Old Colony Trust Associates
55
25 Amer. Glue Co. common
3834
20 Rockland L.& P. Co. pref., par
103 ex-div. 850
104
preferred
94 25 Bay State Fishing Co. common_14634
3 Saco Lowell Shops common
5 Fall River Elec. Light Co. (onRightsPer Right
64
deposited), par 825
4,000 First Nat. Bk.. w.
534-5 as•
5 Kidder Peabody Acceptance Corp.
99
BondsPer Cent.
preferred 13
$1,000 New Ocean House 645.
5 Kidder Participations Inc. prof.
Jan. 1946
95 & int-87 ex-div.
No. 2
By Wise, Hobbs & Arnold, Boston:
5 per Sh.
Shares. Stocks.
2l0
11 Webster & Atlas Nat, Bank
25 First Nat. Bank (old)._ _62044-620%
311-312
35 Beacon Trust Co
56834-569
45 Old Colony Trust Co
50 First Nat. Bank, Boston (old)__623
386
25 Nat. Shawmut Bank
38644
92 Nat Shawmut Bank
56834
12 Old Colony Trust CO
353
2 Atlantic Nat. Bank
38534-387
85 Nat.Shawmut Bank
101%
3 Pepperell Mfg. Co
45 Naumkeag Steam Cot. Co _ _130-130%
334
79 Tremont & Suffolk Mills
,
10 Boston de Maine corn.(unstpd.)- 6535
3
10 Suncook Valley RR
15 Union St. Hy.. New Bedford.-- 40
50 West Boston Gas Co., par $25_35-3535
10 Merrimack Chemical Co., par 850 7244
32 Boston Woven Hose & Rubber
96
Co. common
7 Amer. Insur. Co., Newark, par $5 26%
100 Federal Mtge. & Loan Co. pre6
ferred, par $10
88
4W.L. Douglas Shoe Co. pref
76 Old Colony Trust Associates_52-55
6 special units First Peoples Trust_ 3
Shares. Stocks.
S Per Sh.
36 units First Peoples Trust
40
20 Old Colony Gas Co. common
(new)(when issued). par 525_60%-6334
10 Livingston Petroleum Corp. of
Delaware
5110$
40
6 units First Peoples Trust
10 units Thompson's Spa Inc_10334&dIv.
7534
25 Western Mass. Cos
3
10 J. R. Whipple Corp. corn
10 Meb Syndicate Inc
506.
500 Beacon Participations, Inc.,
19%
class A preferred
20 Mass. Bonding & Ins. Co
16934
500 Imperial Consol. Min. Co.
corn., par $1; 500 Seven Metals
Min. Co. corn., par 81;400 Santa
Fe Gold & Cop. Min. Co. corn.,
par $10; 200 Butte-Ballaklava
Cop.Co.corn., par $10; 100 Utah
Consol. Min. Co. corn., par $5:
100 Tuolumne Cop. kiln. Co.
corn., par $1; 100 South Utah
Mines & Smelt, corn., par $5;
2,500 Oxford-Max Oil & Gas Co.
corn., par 51; 25 L. A. Williamson
Co. tom., par $10; 10 Industrial
$24 lot
Motors Corp. corn
5 Bath Iron Works, Ltd., prof.;
2 Anderson Coal Min. Co. corn.;
1.200 San Calletano Min. dc Sm.
40
16 units First Peoples Trust
11
5 Amer. Soda Fountain Co
10 No. Bost. Ltg. Prop., common
67
(undeposited)
1834
Co. corn., par 51: 2 Beacon Coal
10 Saco Lowell Shops 2d pref
Co. corn.; 311 Butte Central Cop.
76 No, Bost. Ltg. Prop. common
67
Co. corn., par $10; $500 Butte
(undeposited)
40
Central Cop. Co. reg. inc. 6s_ _ _$15 lot
6 units First Peoples Trust
Per Cent.
Bonds100-11 warrants Springfield Gas Lt.
81c.
-88c.
$1,000 Shawmut Bank Invest.
Co. (undeposited)
88
70
Trust 5s. Mar. 1952
Springfield Provision Co
10
By A. J. Wright & Co., Buffalo:
$ per Sh. Shares, Stocks.
$ Per Sh.
1,000 Goldhill Mines, par 51
36.
$1.25 lot 5 Labor Temple Assn. of Buffalo 4c
par 50c
80.25 lot
Vicinity, Inc., par $5
1,000 Baldwin Gold Mines, par $1_ Sc.
$2.75 lot
50 Assets Realization Co
Shares. Stocks.
100 Green Monster Mining Co.,
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
Auction Sales.
-Among other securities, the following, which have not yet been paid.
not actually dealt in at the Stock Exchange, were sold at auction
The dividends announced this week are:
in New York, Boston, Philadelphia and Buffalo on WednesBooks Closed
Per
When
Days Inclusive.
of this week:
day
Name of Company.
Cent. Payable.
By Barnes & Lofland, Philadelphia:
Railroads (Steam).
$ Per Sh,
Shares. Stocks.
10 Guardian Bk.& Tr. Co., par 850 90
150K
2 Amer. Dredging Co
170
3 Belmont Trust Co., par 850
208
Phila. Nat. Bank, par 820
30
50 Southwark Nat. Bank, par $10- 45
30 Southwark Nat.Bank, par 810._ 45%
19 Mitten Men & Mgt. Bank St
100
Tr. Co.(unstpd.)
5 Mitten Men & Mgt. Bk.& Trust
95
Co. (stamped)
100 Bank of North America &Trust
144%
Co., par $25
2 Corn Exch, Nat. Bank & Trust
190
Co., par $20
100 U.S. Bank & T.Co., par $10. 12
10 Jenkintown Bk. & Tr. Co..
196
Dar 810
5 Abington (Pa.) )3k. & Tr, Co__ _ _ 81
30 Security Title & Tr. Co., par 850 70
10 Security Title & Tr. Co., par $50 55
4 Security Title & Tr. Co., par $50_ 70
50 Pa. Co. for Ins. on Lives, &c.,
146
par 810
1610
2 Girard Trust Co
Shares. Stocks.
5 Per B5
20 Sixty-Ninth St. Term, Title Ss
Trust Co., par $50
175
100 Holmesburg Tr. Co., par 550.275
5 Chestnut Hill Title & Tr. Co.,
Par $50
1104
10 Belmont Trust Co., par $50_
170
5 Broadway Merchants Trust Co.,
250
3 Aldine Trust Co
15 Lancaster Ave. Title & Tr. Co....100
20 Tioga National Bank
3 1-3 North City Trust Co
Camden, N. J
375
5 Broadway Merchants Trust Co.,
Camden, N. .1
330
7 Bankers Securities Corp. common
v. t. c
136
6 Bankers Securities Corp. common
v. t. c
135
Phila. Life Ins. Co., par$10
532
2644
235 Phila. Co. for Guar. Mtges.,
par 820
65
100 C. Howard Hunt Pen Co. commoo, par $25
73
4 Phila. Bourse corn., par 850
32
1 5Colontal Trust
245
54 Ninth Bank & Trust
635
10 Mitten Dank Sec. pref
244
Rights8 Per Rt.
754
3034
Canadian Pacific, corn. (quar.)
234 June 29 Holders of rec. May 31
Illinois Central, corn. (quar.)
*134 June 1 *Holders of rec. May 10
N. Y. Chic. & St. Louts, com.& pf.(qu.) *134 July 1 *Holders of rec. May 15
Public Utilities.
Amer. Gas & Elec., corn.(quar.)
25c, July 1 Holders of rec. June 11
Common (1-50th share common stock) (f) July 1 Holders of rec. June 11
Preferred (quar.)
81.50 Aug. 1 Holders of rec. July 8
Amer. Wat. Wks. & Elec. 1st Pt. (Cal.)- 21.50 July 1 Holders of rec. June 12
Associated Gas & Elec. $7 pref. (qu.)
*$1.75 July 1 *Holders of rec. May 31
Original preferred (quar.)
*8744c July 1 *Holders of rec. May 31
Blackstone Val. Gas & Elec.. pre
53 June 1 Holders of rec. May 154
•134 June 1 *Holders of rec. May 20
Central Indiana Power, pref. (quar.)
Fall River Electric Light (guar.)
*75e. July 1 *Holders of rec. May 15
Federal Light & Tract., corn, (qUi.)•--- 3734e. July 1 Holders of rec. June 136
134 June 1 Holders of rec. May 15
Preferred (quar.)
*75c. June 1 *Holders of rec. May 14
Hackensack Water, corn
*8744c June 1 *Holders of rec. May 14
Preferred
Northern States Pow.(Wisc.) pf. (qu.). 1% June 1 Holders of rec. May 20
Scranton-Spring Brook Water Serv.51.50 May 15 Holders of rec. May 66
$6 preferred (quar.)
51.25 May 15 Holders of rec. May 64
$5 preferred (quar.)
•134 May 10 *Holders of rec. Apr. 30
Sioux City Gas & Elec,, pref. (quar.)_
4334c. June 15 Holders of rec. May 20
Southern Calif. Edison, p1, A (qu.)
3744c. June 15 Holders of rec. May 20
Preferred series B (quar.)
Southern Colorado Power, pref(guar.)._ 134 June 15 Holders of rec. May 31
*1100 Subj, to stkhlrs. meeting May 22
Utilities Power & Light, corn B
2946
Name of Company.
Public Utilities (Concluded).
West Penn Rys Co., pref. (guar.)
Wisconsin Public Service, 7% pfd (qu.)_
61.(% preferred (guar.)
6% Preferred (guar.)
FINANCIAL CHRONICLE
When1
Per
Cent. Payable.
131
144
1.44
1%
June
June
June
June
15
20
20
20
•
Books Closed
Days Inclusive.
Holders of rec. May
Holders of rec. May
Holders of rec. May
Holders of rec. May
Name of Company.
25
21
21
21
Miscellaneous.
Alaska Packers Assn. (guar.)
*2
May 10 *Holders of rec. Apr. 30
Amer. Hard Rubber, corn (guar.)
*1% May 15 *Holders of rec. Apr. 30
Amer. Multograph, corn. (quar.).
'6231e June 1 *Holders of rec. May 18
Amer. Radiator & Standard
Sanitary Corp.. corn. (quar.)
3744c. June 29 Holders of rec. June 11
Preferred (guar.)
$1.87 June I Holders of rec. May 15
Associated Electrical Industries
Amer. dep. rots. for ordinary shares_ _ *6
May 13 *Holders of tee. Apr. 23
Associated 011 (guar.)
*50c. June 29 *Holders of rec. June 17
Atlas Imperial Diesel Engine (guar.) -- *50c. June I *Holders of rec. May 20
Bakers Share Corp., corn. (qu.)
144 July 1 Holders of rec. May 1
Common (guar.)
144 Oct. 1 Holders of rec. Aug. 1
Common (guar.)
115 Ja.1 '30 Holders of roe. Nov. 1
Bearings Co. of Amer., 1st pref.(guar.)_ M.% June 29'Holders of rec. June 15
Blaw-Knox Co. (guar.)
25e. June 1 Holders of rec. May 21'
Bohn Refrigerator, pref. (guar.)
*2
June 1 *Holders of rec. May 25
British-American Brewery. el. A-divide nd omi tted.
Brown Mfg., corn. (guar.)
*62440 June I *Holders of rec. May 10
Preferred (guar.)
•134 June 1 *Holders of rec. May 15
Bucyrus-Erie Co corn. (guar.)
250 July I Holders of rec. May 29
Preferred (guar.)
131 July 1 Holders of rec. May 29
Convertible preference (guar.)
62440 July 1 Holders of rec. May 29
Bunker Hill & Sullivan Min. & Constr.._ *250. May 6 *Holders of rec. Apr. 25
Extra
*50c. May 6 *Holders of rec. Apr. 25
Bull Corp., pref. (guar.)
4
.144 June 1 *Holders of rec. May 17
Byron Jackson Pump, corn. (guar.) _ _
*50e June 1 *Holders of rem May 15
Casein Co. of America. corn. (guar.)
I% May 15 Holders of rec. May 7
Common (extra)
I
May 15 Holders of rec. May 7
Celluloid Company,$7 pref.(quar.)
$1.75 June I Holders of rec. May 10
Chain Belt Co
•6244c May 15 *Holders of rec. Apr. 30
City Ice & Fuel (Cleve.), corn. (quar.)_.. •900. June 1 *Holders of rec. May 15
Preferred (guar.)
*131 May 31 *Holders of rec. May 15
Coca-Cola Co., corn. (guar.)
411 July 1 *Holders of rec. June 12
Class A (No. 1)
*31.50 July 1. *Holders of rec. June 12
Colorado Fuel & Iron. pref.(guar.)
*2
May 25 *Holders of rec. May 10
Columbia Pictures Corp., pref. (guar.).
750. June 1 Holders of reo. May 15
Consolidated Mills Corp., cl. A
250 May 15 Holders of rec. Apr. 30
Consolidated Paper Box. el. A (qu.)
•3731e May 15 *Holders of roe. Apr. 30
Continental Amer. Bank Shares A (qu.) *25c June 1 *Holders of rec. May 20
Debenbam Securities, Ltd., Amer. she
411.59 May 18 *Holders of rem May 13
Deere & Co., corn. (quar.)
$1.50 July 1 Holders of rec. June 15
Preferred (guar.)
131 June 1 Holders of rec. May 15
Dictaphone Corp., corn. (guar.)
*50c June 1 *Holders of roe. May 17
0. Common (extra)
"500 June 1 *Holders of rec. May 17
"Preferred (guar.)
*2
June 1 *Holders of rec. May 17
Dominion Tar & Chemical, pf. (qu.)- -- 131 May 1 Holders of rec. Apr. 25
Dunlop Rubber Co.
*Amer. dep. rots, for ordinary shares.- *20
May 18 *Holders of rec. Apr. 22
Eitingtort-Schild Co., Inc., corn. (qu.) _ *8244c June 1 *Holders of rec. May Is
•131 June 15 *Holders of rec. June 1
6(% preferred (guar.)
Elec. Elevator & Grain, el. A pf.(No.1) 41744c May 1 *Holders of rec. Apr. 20
Elec.ShareholdingsCorp.pf.(qu.)(No. 1)D $1.50 June 1 *Holders of rec. may 10
Faultless Rubber, corn. (guar.)
'500 July 1 *Holders of rec. June 15
Preferred (guar.)
MX July 1 *Holders of ree. June 15
Federal Knitting Mills, pref. (guar.)
- 4
.14( July 1 *Holders of rec. June 20
Preferred (guar.)
'131 Oct. 1 *Holders of rec. Sept.%)
Federated Business Publications
May 15 Holders of rec. May 5
Second preferred
$3
Finance Service (Bait.), com. (quar.)_....
400. June 1 Holders of rec. May 16
Preferred (guar.)
1% June 1 Holders of rec. May 16
Firestone Tire & Rubber, p1. (qu.)
144 May 15 Holders of rec. May I
(qu) 1% May 15 Holders of rec. Apr. 30
First Holding & Trading Corp., pref.
First Industrial Bankers (Belt.) pret
May 1 Holders of rec. Apr. 25
$1
Foshay (W. B.) Co., co. (mthly.)
*1828c May 10 *Holders of rec. Apr. 30
4
Preferred (monthly)
.500. May 10 *Holders of rec. Apr. 30
Preferred (extra)
*182se May 10 *Holders of rec. Apr. 30
Goodyear Tire & Rubber let pt. (qu.)
1% July 1 Holders of reo. June 1
Ground Gripper Shoe, corn. (qu.)
*25c. Apr. 15 *Holders of rec. Apr. 1
Preferred (guar.)
*75e. Apr. 15 *Holders of rec. Apr. 1
Hathaway Bakeries, class A (quar.)_...... *750. June 15 *Holders of rec. June 10
Convertible pref.(guar.)
411.75 June 15 *Holders of rec. June 10
Hollinger Consol. Gold Mines (mthly.).
5e. May 20 Holders of rec. May 3
Holt (Henry) & Co., Inc., class A
MSc.June 1 *Holders of rec. May 11
4
.1% May 1 *Holders of rec. Apr. 27
Hood Rubber. 7% pref. (guar.)
•1.88 May 1 *Holders of rec. Apr. 27
744% Preference (guar.)
1% May 15 Holders of rec. May 4
Hoosae Cotton Mills (guar.)
v.1% June 1 *Holders of rec. May Ill
Horn & Hardart: pref. (guar.)
1 Holders of rec. May 15a
Household Products, Inc. (guar.)
8744e.
Ingersoll-Rand Co., corn. (guar.)
4
11 June 1 'Holders of rec. May 11
Common (extra)
ill 25 June 1 *Holders of rec. May 11
'8731c June 1 *Holders of rec. May 15
Inland Steel, corn. (guar.)
Internat. Agric. Corp.. prior pref. (qu.)_ 1% June 1 Holders of rec. May 15
"Holders of rec. Apr. 29
Knox Hat, corn. (pay in corn. stock)*125 May
Cl. A partic. pref. (pay In corn. stk.)_ '1631 May 8 *Holders of reo. Apr. 29
31440. May 15 Holders of rec. May 9a
Kruskal & Kruskal (guar.)
Kroger Grocery & Baking, corn. (qu.) _ "250. June 1 *Holders of rec. May 10
Mc. May 10 *Holders of rec. May 1
Laguna Land & Water (monthly)
250. June 1 Holders of rec. May 15
Lindsay (C.W.) Co., Ltd., COM. (qu.)
1% June 1 Holders of rec. May 15
Preferred (guar.)
$2.50 June 1 Holders of rec. May 4
Ludlow Mfg. Associates (guar.)
•14( May 1 *Holders of rec. Apr. 20
Mallory Hat, pref. (guar.)
Margarine Union, Ltd.
May 17 *Holders of rec. Apr. 27
Amer. dep. receipts for ordinary ebs._
June I *Holders of rec. May 15
May Department Stores, corn.(quar.)-- *$1.
June 1 Holders of rec. Apr. 29
$3
Merrimack Mfg., corn. (guar.)
*$1.50 May 1 *Holders of rec. Atm. 20
Metal & Thermit, corn. (guar.)
Metro-Goodwyn Pictures, prof. (guar.)_ *474(c June 15 *Holders of rec. May 31
*14( May I *Holders of rec. Apr. 22
Monarch Knitting, pref. (qur.)
4
.145 Aug. 1 *Holders of rec. July 20
Monsanto Chemical Works (in stock)
•134 May 15 *Holders of rec. Apr. 25
Morse Twist Drill dc Mach.(guar.).
May 1 *Holders of rec. Apr. 27
*1
Nassau Management (No. 1)
May 1 *Holders of rec. Apr. 26
411
National Lock Washer, cons. (guar.)
Common (payable in corn. stock).- _* f33 1-3 June 1 *Holders of rec. Apr. 28
.3744c July 1 *Holders of rec. June 20
New Haven Clock, corn.(guar.)(No. 1) 4
N.Y. Home Foundation Corp.(No. 1)_ 331 May 1 Holders of rec. Apr. 29
May 15 Holders of rec. Apr. 30
$1
Ohio Seamless Tube, corn. (guar.)
40c. May 15 Holders of rec. Apr. 30
Ontario Steel Products, corn. (guar.)
1% May 15 Holders of rec. Apr. 30
Preferred (guar.)
3744c May 25 Holders of rec. May 15
Orange Crush Co., corn. (guar.)
50e. June 1 Holders of rec. May 15
Patterson-Sargent Co., corn.(No. 1)July 1 *Holders of rec. June 24
Pittsburgh Steel, corn.(guar.)
411.25 July 1 *Holders of rec. June 15
Pittsburgh Steel Fdy., prof. (guar.).
*37%c June 1 *Holders of rec. May 10
Pure Oil Co., corn. (guar.)
144 May 15 Holders of rec. May 1
Quissett Mills (guar.)
Rapid Electrotype (guar.)
*3744c June 15'Holders of rec. June 1
June 1
Raytheon Mfg.(Stock dividend)
se5
*40e. May 15 *Holders of rec. Apr. 30
Richardson Co.. new
Sally Frocks, Inc.. corn. (No. 1)
40e. July 1 Holders of rec. June 15
Saunders (Clarence) Stores, Inc.
Common, class A (guar.)
750, May 1 Holders of rec. Apr. 29
Preferred, class A (guar.)
141 May 1 Holders of rec. Apr. 29
Savage Arms, corn. (guar.)
4,500 June 1 *Holders of rec. May 15
Second preferred (guar.)
•144 Aug. 15 *Holders of rec. Aug. 1
Schulte Retail Storm Corp., corn -Div. passedSchletter &Sander,Inc., pf.(on.)(No.1) 4 8740 May 15'Holders of rec. May I
.
Seneca Plan Corp., pref. (guar.)
1% May 1 Holders of rec. Apr. 15
Simms Petroleum
400. June 15 Holders of ree. May 31
Simons(H.)& Sons, Ltd., corn.(No. 1)_
50e. June 1 Holders of rec. May 17
Preferred (guar.)
1% June 1 Holders of rec. May 17
•300.May 15 *Holders of rec. May 1
Smith (A. 0.) Corp., corn.(guar.)
4
.1.44 May 15 *Holders of rec. May 1
Preferred (guar.)
May 15 *Holders of rec. May 4
*2
Soule Mill(guar.)
•623(0 June 15 *Holders of rec. May 15
Standard Oil (Calif.) (guar.)
*40c.iJune 15 *Holders of rec. May 10
Standard Oil (New York) guar.)
[VOL. 128.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Standard Royalties Wewoka Corp
Preferred (monthly)
1
May 15 Holders of rec. Apr. 30
Standard Royalties Wetumka Corp
Preferred (monthly)
I
May 15 Holders of rec. Apr. 30
Studebaker Corp., torn. (guar.)
*$1.25 June 1 *Holders of rec. May 10
Preferred (guar.)
4
.144 June 1 'Holders of rec. May 10
Swan & Finch Oil Corp., pref. (guar.)_ _ •4344e June I *Holders of rec. May 10
Swedish Match, class A & B
(g) May 23 *Holders of coupon No. 16
Union Sugar, pref. (guar.)
MM.May 10 *Holders of rec. May 5
Unit. Cosmetic Shops, Ine.(qu.)(No. 1) 4
.25c. July 1 *Holders of rec. June 15
United Rayon Factories
Amer. dep. receipts for COM,bearer abs *18
May 15 *Holders of rec. May 9
U. S. Playing Card (quar.)
July 1 *Holders of rec. June 20
411
U. S. Steel Corp., corn. (guar.)
144 June 29 Holders of rec. May 31a
Preferred (guar.)
144 May 29 Holders of rec. May 4a
Vapor Car Herding, tom. (guar.)
412.50 May 10 *Holders of rec. May 1
Wesson Oil & Snowdrift, pf.(qu.)(No.1) $1
June 1 Holders of rec. May 16
White (J. G.) & Co., Inc. pf. (quar.).__
144 June 1 Holders of rec. May 15
White Motor Co.. corn. (guar.)
*25c. June 29 *Holders of rec. June 12
White Motor Securities, pref. (guar.)._ '131 June 29 *Holders of rec. June 12
Witherow Steel, 1st pref. (guar.)
•14.1 June 1 *Holders of rec. May 25
Second preferred (guar.)
4
.1.41 June I *Holders of rec. May 25
Warren (Northam) Corp., cony. pf.(gu.)
75c. June I Holders of rec. May 15
*11.6 May 15 *May 12 to May 19
Worcester Salt, pref. (guar.)
Yellow Taxi Corp. of N.Y.(guar.)*750. June 15 *Holders of rec. June 1
ZimmerknIt, Ltd., pref.-Dividend pass ed-
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Daps Inclusive.
Railroads (Steam).
Atch. Top.& Santa Fe corn.(quar.)_.._ 244 June 1 Holders of rec. May 34
Atlantic Coast Line RR.,corn
344 July 10 Holders of reo. June 12a
1% July 10 Holders of rec. June 12a
Common (extra)
Baltimore & Ohio, corn.(guar.)
1% June 1 Holders of roe. Apr. 130
1
June 1 Holders of rec. Apr. 136
Preferred (guar.)
Bangor & Aroostook, corn.(guar.)
87e. July 1 Holders of roe. May 31
Preferred (guar.)
1% July 1 Holders of rec. May 31
May 15 Holders of rec. May 6a
Central RR. of N. J. (guar.)
2
Chesapeake & Ohio, preferred
841 July 1 Holders of roe. June 80
Delaware & Hudson Co.(guar.)
2% June 20 Holders of rec. May 28a
Ga.Southern & Fla.. let & 2d pref
244 May 23 Holders of rec. May 9
Hudson & Manhattan,common
1% June 1 Holders of rec. May 16a
Internat. Rys. of Cent. Amer.. pf.(qu.). 14( May 15 Holders of rec. Apr. 300
Maine Central, common (guar.)
1
July I Holders of rec. June 15
Preferred (guar.)
1% June 1 Holders of rec. May 15
Nash. Chat.& St. Louis (In stock)
*40 Sub). to stockholders' meet. July 9
New Orleans,Texas & Mexico(quar.)
144 June I Holders of rec. May 15a
Norfolk & Western, corn. (Quar.)
2
June 19 Holders of rec. May 31a
Adjustment Prof. War.)
1 May 18 Holders of rec. Apr. 300
*3
Ontario & Quebec, capital stock
June 1 *Holders of rec. May 1
Debenture stock (guar.)
"2% June 1 *Holders of rec. May 1
Pennsylvania RR.(guar.)
May 31 Holders of rec. May la
$1
Reading Company,corn. (guar.)
May 9 Holders of rem Apr. lla
$1
First preferred (guar.)
50c. June 13 Holders of rec. May 23a
St. Louis-San Francisco, pref. (guar.)._ 1% Aug. I Holders of ree July la
Preferred (guar.).
134 Nov I Holders of ree Oct. la
Wabash Hy., Prof. A (guar)
1% May 25 Apr. 21 to May 20
Public UtilitIes.
Allied Pow. & Light, $5 let pref. (guar.) $1.25 May 15 Holders of rem May 1
$3 preference (guar.)
750. May 15 Holders cf rm. May 1
Amer. Gas & Power, $6 1st pref. (guar.) $1.50 May 15 Holders of rec. May 1
88 preference (quar.)
$1.50 May 15 Holders of roe. May 1
Amer. Water Wks. & Elec. corn.(qu.)
25e. May 15 Holders of rec. May la
Associated Gas & Elec. $8 pref.(quar.)_ - $1.50 June 1 Holders of rec. Apr. 30
$6.50 preferred (guar.)
1.62% June 1 Holders of rec. Apr. 30
$1.25 June 15 Holders of rec. May 15
55 Preferred (guar.)
500. June I Holders of rec. Apr. 80
Brazilian Tr.. Lt. & Pow.,com.(quar.)_
Brooklyn Edison Co. (guar.)
2
June 1 Holders of rem May 100
$1.75 May 15 Holders of rec. Apr. 30
Central & S. W. UHL,$7 pref.(quar.)
$1.75 May 15 Holders of rec. Apr. 30
$7 prior lien pref.(guar.)
$1.50 May 15 Holders of rec. Apr. 30
$6 prior lien pref.(guar.)
Chicago Rapid Transit. pr. pt. A (qu.)
•85c. June I *Holders of roe. May 21
Prior pref.. serles 13 (qijar.)
4
.60e. June I *Holders of roe. May 21
Cities Service Power & Light
•500. May 15 *Holders of rec. May 1
56 preferred (monthly)
87 preferred (monthly)
•58%. May 15 *Holders of me. May 1
June I *Holders of roe. May 15
Cleveland Electric Ilium., pref.(qar.).
50c. May 15 Holders of rec. Apr. 20a
Columbia Gas& Elec. new corn.(quar.)
Preferred series A (guar.)
134 May 15 Holders of rec. Apr. 20a
Connecticut Ry.& Ltg.. com.&pf.(qu.)- $1.1244 May 15 May 1 to May 16
750. June 15 Holders of rec. May 10a
Consol. Gas of N. Y., corn. (quar.)-Holders of rem June 15
$1.25 July
Consumers Power. $5 prof. (guar.)
Holders of rem June 15
6% preferred (guar.)
144 July
Holders of rec. June 15
8.8% preferred (guar.)
$1.85 July
7% preferred (guar.)
Holders of ree. June 15
14( July
50c. June
Holders of rec. may 15
8% Preferred (monthly)
6% preferred (monthly)
Holders of rec. June 15
50c. July
8.8% preferred (monthly)
Holders of rec. may 15
55o. June
Holders of rem June 15
Mc. July
6.6% Preferred (monthly)
Eastern Mass. St. Rys. let pref.(quar.)
134 May I Holders of rec. Apr. 30
Empire Pub. Sem.. corn. A (qu.)(N0.1) 0450. May I Holders of rec. Apr. 25
zFederal Water Service, class A (guar.). 500. June
Holders of rec. May 2
Foreign Power Securities Corp. pt.(qu.)_ 134
May I
Holders of rec. Apr. 80
Havana Electric Ry., pref. (guar.)
Holders of rec. May 10a
$1.50 June
Havana Elec. & Utilities let pt.(qu.)--- •$1.50 May I *Holders of reo. Apr. 20
Cumulative preference (quar.)
•$1.25 May I *Holders of rec. Apr. 20
IllumInating & Power Secur.. eon).(qu.) $1.50 May I Holders of rem Apr. 30
Preferred (guar.)
134 May I Holders of rem Apr. 30
Kentucky Utilities, Junior pref. (guar.). "87)4c May 2 *Holders of rec. May 1
Keystone Telephone,Prof.(guar.)
Holders of roe. May 20
$I June
Los Angeles Gas & Elec., pref. (quar,)... •14( May 1 *Holders of rec. Apr. 30
Louisville Gas & Electric Co.(Del.)
Common A and B (guar.)
43440 June 2 Holders of rec. May 31a
Massachusetts Gas Cos., pref
May dI6 to June 3
52
June
Middle West Utilities. COM.((War.)
$1.75 May 1 Holders of rec. Apr. 30
Nat.Power & Light, corn.(guar.)
Holders of rem May ha
250. June
National Water Wks.Corp., coin. A.(qu) 250. May 1 Holders of rec. Apr. 27
Preferred series A (guar.)
8745c May 1 Holders of rec. Apr. 27
North Amer. Co., coca.(In corn. stock)._ f2% July
Holders of rec. June d5a
Holders of rec. June 5a
Preferred (guar.)
750. July
Holders of rec. May 15a
North American Edison, pref. (quar.)- - $1.50 June
North Amer. Utility Sec., 1st pref. (c91.) 51.50 June 1 Holders of rec. May 31
First pref. allot. certificates (quar.)- - $1.50 June 1 Holders of rec. May 31
North West Utilities, Prof.(guar.)
$1.75 May I Holders of reo. Apr. 30
Holders of rec. May 15
Ohio Edison Co.6% pref. (quar.)
144 June
Holders of rec. May 15
6.8% Preferred (guar.)
1.85 June
16
7% Preferred (guar.)
1% June 1 Holden; of rec. May 15
5% Preferred (guar.)
134 June I Holders of rec. May
Holders of rec. May 15
6% preferred (monthly)
500. June 1
550. June 1 Holders of rem May 15
8.6% Preferred (monthly)
Pacific Gas & Electric,6% pref.(qu.).-- *37440 May 15 *Holders of rec. Apr. 30
34.37e May 15 'Holders of rec. Apr. 30
5 % Preferred (quar.)
Pacific Lighting, COM. (guar.)
750. May 15 Holders of rec. Apr. 30a
$5 preferred (guar.)
411.25 May 16 *Holders of rec. Apr. 30
Penn-Ohio Edison 7% prior prof.(qu.)
144 June 1 Holders of rec. May 15
Pa.-Ohlo Pow.& Lt.. $8 pref.(guar) 51.50 Aug. 1 Holders of ree. July 20
7% preferred (quar.)
144 Aug. 1 Holders of rec. July 20
60e. June 1 Holders of rec. May 20
7.2% preferred (monthly)
600. July 1 Holders of reo. June 20
7.2% preferred (monthly)
80e. Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
550. June 1 Holders of rec. May 20
8.6% Preferred (monthly)
550. July I Holders of rec. June 20
6.6% preferred (monthly)
8.6% preferred (monthly)
550. Aug. 1 Holders of rec. July 20
MAY 4 1929.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Boas Closed
Days Inclosive.
Public Utilities (Concluded.)
Philadelphia Electric Co (quar.)
50c. June 15 Holders of reo. May 310
Phila. Suburban Water, pref. (quer.).
1% June 1 Holders of rec. May lie
Pub. Service Corp. of N.J., pf.(mthly.) 50c. May 31 Holders of rec. May 3a
Southern Calif. Edison,com.(guar.).
2 May 15 Holders of rec. Air. 20a
Southern Colorado Pow.. com. A (qu.)
50o. May 25 Holders of rec. Apr. 30
Syracuse Lighting,8% pref. (quar.)_._. *2
May 15 'Holders of rec. Apr. 30
7% Pref. (quar.)
*1M May 15 *Holders of rec. Apr. 30
634% Preferred (quar.)
•1% May 15 *Holders of rec. Apr. 30
0% preferred (guar.)
*1H May 15 "Holders of rec. Apr. 30
Tampa Electric Co., corn.(quar.)
50c May 15 Holders of rec. Apr. 28
Tennessee Pow & Lt.. 5% let pf.(qu.)
11.4 July 1 Holders of rec. June 15
6% 1st pref. (guar.)
134 July 1 Holders of rec. June 15
7% let preferred (quar.)
1% July 1 Holders of roe. June 15
7.2% let preferred (quar.)
1.80 July 1 Holders of rec. June 15
6% let preferred (monthly)
50c June 1 Holders of rec. May 15
6% let preferred (monthly)
60c July 1 Holders of rec. June 15
7.2% let preferred (monthly)
60c June 1 Holders of rec. May 15
7.2% let preferred (monthly)
60c July 1 Holders of rec. June 15
United Gas Improvement (guar.)
51.1234 June 29 Holders of rec. May 310
Western Power, pref. (quar.)
134 July 15 Holders of rec. July 1
West Penn Elec. Co..7% prof.(quar.)
134 May 1 Holders of rec. Apr. 20a
6% Preferred (quar.)
154 May 1 Holders of rec. Apr. 20a
Fire Insurance.
American Re-Insurance (quar.)
Bankers & Shippers (quar.)
Pacific Fire
750. May 1 Holders of rec. Apr. 30
5
May 8 Holders of rec. May 6
$1.25 May 6 Holders of rec. May 3
Miscellaneous.
Abbott Laboratories, corn.(No. 1)
50c. July 1 Holders of rec. June 20
Abbotts Dairies, com. (quar.)
June 1 "Holders of rec. May 15
First and second preferred (quar.)._._ •1M June 1 *Holders of rec. May 15
Allegheny Steel, com.(monthly)
150. May 18 Holders of rec. Apr. 30
Preferred (guar.)
.1)4 June 1 "Holders of rec. May 15
Preferred(quar.)
'134 Sept. 1 *Holders of rec. Aug. 15
Preferred(guar.)
'134 Deo. 1 *Holders of rec. Nov. 15
$1.75 May 15 Holders of rec. Apr. 240
Allis-Chalmers Mfg.,corn.(guar.)
otiOc. June 30 *Holders of rec. June 15
Aluminum Mfrs., corn. (quar.)
*50e. Sept. 30 *Holders of rec. Sept. 15
Common (quar.)
"50c. Dec. 31 Holders of rec. Dec. 15
Common (quar.)
934 June 30 "Holders of rec. June 15
Preferred (guar.)
•1% Sept. 30 *Holders of rec. Sept. 15
Preferred (quar.)
•1% Deo. 31 *Holders of rec. Dec. 15
Preferred (quar.)
American Can, own.(quar.)
750. May 15 Holders of rec. Apr. 30a
American Chicle, common (guar.)
'50c. July 1 *Holders of rec. June 12
Amer. European Securities, Pref.(guar) $1.50 May 15 Holders of rec. Apr. 30
American Founders Corp.
Corn.(1-10th share com. stock)
(f) June 10 Holders of rec. May 31
Amer. Home Products (monthly)
300. June 1 Holders of rec. May 140
Amer. Internat. Corp.
.
e2
Common (stook dividend)
Oct.
Amer. Laundry Mach., corn. (quar.)._ *al
June
*Holders of rec. May 200
Quarterly
*31
June
*Holders of rec. May 20
American Manufacturing
Common (qua?.)
75c. July 1 Holders of reo. June 15
Common (guar.)
750. Oct. 1 Holders of rec. Sept. 15
Common (quar.)
750. Dec. 31 Holders of rec. Dec. 15
Preferred (quar.)
11.( Mar. 31 Holders of rec. Mar. 15
154 July 1 Holders of roe. June 15
Preferred (oust.)
Preferred (quar.)
is' Oct. 1 Holders of rec. Sept. 15
114 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
American Metal, common (quar.)
75e June 1 Holders of rec. May 21a
Preferred (rifler.)
134 June 1 Holders of rec. May 210
American Radiator,com.(quar.)
$1.50 June 29 Holders of rec. June lie
Preferred (guar.)
May 1 Holders of rec. May 9s
American Rolling Mill
Common (payable in common stock)
July 30 Holders of rec. July la
'5
Amer. Smelt. & Refg. pref. (quar.)
1% June
Holders of rec. May 3a
Amer. Tobacco, corn. & com. B (qua?.) $2
June
Holders of rec. May 10a
Amer. Writing Paper, pref.(qua?.)
750. July
Holders of rec. June 18a
Amparo Mining (guar.)
1
May 1 Holders of rec. Apr. 30
Autrad Corp., com. (attar.) (No. 1)
*25c. July 1 "Holders of rec. June 20
Anaconda Copper Mining (quar.)
$1.75 May 20 Holders of rec. Mar. 290
Anaconda Wire & Cable (qu.)(No. 1)-- •75c. May 6 *Holders of rec. Apr. 16
Andes Copper Mining (guar.)
75e. May 6 Holders of rec. Mar. 29a
Armstrong Cork (quar.)
"37%c July
*Holders of rec. June 15
'121.40 July
"Holders of rec. June 15
Extra
Artloom Corp., pref. (quar.)
$1.75 June
Holders of rec. May 15a
Associated Apparel Industries
331
Corn mon (monthly)
Holders of rec. May 210
0 June
Common (monthly)
3311e. July
Holders of rec. June 20a
Associated Dry Goods 1st pref.(quar.)
134 June
Holders of rec. May Ila
I% June
Second preferred (quar.)
Holders of rec. May lie
Atlantic Gulf & West Indies EIS. Lines,
Preferred (quar.)
June 29 Holders of rec. June 10a
$1
Preferred (quar.)
Sept.30 Holders of rec. Sept. 10a
Si
Preferred (quar.)
Dec. 31 Holders of rec. Dec. lie
Si
Atlas Imperial Diesel Engine (quar.)
*50c. June 1 "Holders of rec. May 20
Atlas Powder, common (quar.)
June 10 Holders of rec. May 31a
Si
.1% July 1 'Holders of rec. June 20
Babcock & Wilcox Co.(guar.)
Balaban & Katz, corn.(monthly)
"25c. June 1 *Holders of rec. May 20
Common (monthly)
*25c. July 1 'Holders of rec. June 20
Bomberger (L.) & Co.,634% pf.
134 June 1 Holders of rec. May 130
134 Sept. 2 Holders of rec. Aug. 120
6H% preferred (gnarl
154 Dec. 2 Holders of rec. Nov. lia
634% preferred (quer.)
Bankers Capital Corp., pref.(quer.).-- •52
July 15 *Holders of rec. July 1
Preferred (quar.)
Oct. 15 *Holders of rec. Sept.30
*$2
Preferred (quar.)
Jan15'30 *Holders et rec. Dec. 31
Baronial' Corp., el. A & B ((luar.)
50c. May 8 Holders of rec. Apr. 80
Bautnann(Ludwig) St Co., let pref.(qu.) is' May 15 Holders of rec. May 1
Berkey Ar Gay Furniture pref.(quar.)_._ .1% May 16 *Holders of rec. May 1
Berkshire Fine Spinning Associates
Common (guar.)
750. June I Holders of rec. May 15 '
Convertible preferred (quar.)
1% June 1 Holders of rec. May 15
Bethlehem Steel,corn
$1 May 15 Holders of rec. Apr. 19a
Common (quar.)
$1
Aug. 15 Holders of rec. July 19a
134 July 1 Holders of reo. June 1
Preferred (quar.)
Bigelow-Hartford Carpet. pref. (quer.). •134 Aug. 1 *Holders of roe. July 18
Preferred (quar.)
*I% Nov. 1 *Holders of reo. Oct. 18
Illouners, common (quar.)
300. May 15 Holders of rec. May 1
780. May 15 Holders of rec. May 1
Preferred (guar.)
Bond & Mtge.Guar.,new ($20 Par) MO $1.25 May 15 Holders of rec. May 7
$1.50 June 1 Holders of roe. May 15
Borden Co.(Qilar.)
$2.50 May 15 Holders of rec. Apr. 30
Boss Manufacturing, corn
$1.75 May 15 Holders of rec. Apr. 30
Preferred (quar.)
Boston Woven Hose & Rubb., cOnt.(qu) $1.50 June 15 Holders of reo. June I
$3
June 15 Holders of rec. June 1
Preferred
British Type Investors, Inc.
550. June 1 Holders of rec. May 1
Class A (hi-monthly)
280. May 15 Holders of rec. Apr. 30
Bruck Silk Mills, Ltd
75c. May 15 Holders of rec. Apr. 25a
Brunswick-Balke-Collender. com. (au.)31'
June 15 Holders of rec. Apr. 22
Buckeye Pipe Line (quar.)
$1
June 15 Holders of rec. Apr. 22
Extra
May 15 Holders of rec. May 10
2
Burns Bros., class A (guar.)
75o. June 10 Holders of rec. May 27.
Burroughs Adding Mach. (quar.)
*50c May 15 *Holders of rec. May 1
Butler Brothers (quar.)
June 15 Holders of rec. May 31a
51
California Packing (quar.)
52.50 June 17 Holders of rec. May 31a
Calumet & Arizona mining (Muir.)
June 29 Holders of rec. May 3Ia
Calumet & Ifecla Cons. Copper Co.(qu ) $1
Campbell, Wyant & Cannon Fdy.(qu.) *50c June 1 *Holders of rec. May 15
13.4 May 30 Holders of rec. May 15
Canadian Car dr Fdy., com.(quar.)
13( May 15 Holders of rec. Apr. 30
Canadian Converters, Ltd.(guar.)
$1.75 JUDO 30 Holders of rec. May 20
Canfield Oil. com.& pref.(quar.)
$1.75 Sept.80 Holders of rec. Aug. 20
Comm_u & preferred (quar.)
51.75 Dec. 31 Holders of roe. Nov.20
Common & preferred (guar.)
50o. June 1 Holders of rec. May 15
Carman & Co., class A (quar.)
Caterpillar Tractor (quar.)
*75c. May 25 *Holders of rec. May 15
Celluloid Corp., let partic. pref. (quar.) $1.75 June 1 Holders of rec. May 10
Centrifugal Pipe (quar.)
150. May 15 Holders of rec. May 6
Century Ribbon Mills. pf. (quar.)
$1.75 June 1 Holders of rec. May 18a
Chelsea Exchange Corp.. cl. A & B (au ) 25e. May lb Holders of rec. May 1
Name of Company.
2947
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous Cont(nued).
Chicago Yellow Cab (monthly)
280 June 1 Holders of roe. May 200
Chickasha Cotton 011 (Guar.)
75e July 1 Holders of roe. June 10e
Childs Company common (guar.)
60e rel no 10 Holders of rec. May 24a
Preferred (quar.)
134 dJ'ne 10 Holders of rec. May 24a
Copper Co.(quar.)
June 28 Holders of rec. June la
8734cChile
Chrysler Corporation (guar.)
75c June 29 Holders of rec. May
Churngold Corp. common (guar.)
"75e May 15 *Holders of rec. May 1
City Radio Stores, common (guar.)...- 3754c June 1 Holders of rec. May 150
Claveland Stone. common (quar.)
rec May 15
•50c June 1 'Holders
Common (quar.)
'50c. Aept 1 *ffo ders of rec. Aug 15
,
Cohn-Hall-Marx, corn. (quar.)
5234e. July 1 Holders of rec. June 15
Colgate Palmolive Peet Co. prof.(guar.) 134 July 1 Holders of rec. June 8
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 7
Preferred 'guar.)
134 Janl'30 Holders of rec. Dee. T
'15
Columbia Graphophone. Ltd.. corn
May 16
$4
Columbia Phonograph, Inc
May 25 Holders of rec. May 10a
Columbus Auto Parts, pref. (quar.)
50c. June 1 Holders of rec. May 18
Community State Corp., A & B (Qar.). 134 May 15 Holders of too. May 10
Class A & B (guar.)
134 Sept. 2 Holders of rec. Aug. 28
131 Deo. 31 Holders of roe. Dee. 20
Class A & B (guar.)
Consol. Bond dv Share Corp. p1.(qu.)_.. '134 May 15 *Holders of rec. Apr. 15
Consolidated Sand & Gravel(Toronto)May 1 Holders of rec. May 2
Preference (quar.)
6 11. May I Holders of roe. May la
Continental Can, corn.(guar.)
$34c
2 5
Continental Securities. Pref.(guar).- "$1.25 June
*Holders of rec. May 15 '
Coon(W. B.) Co., com
'60c. Nov. "Holders of rec. Oct. 10
*70o. Aug.
*Holders of rec. July 10
Common
Preferred
*134 Nov. 1 *Holders of rec. Oct. 10
Preferred
'134 Aug. 1 "Holders of rec. July 10
n1I4 May 28 Holders of rec. May 13
Coty, Inc., stock dividend
n1 34 Aug. 27 Holders of rec. Aug. 12
Stock dividend
n134 Nov. 27 Holders of rec. Nov. 12
Stock dividend
250. July 1 Holders of rec. June 20a
Crosley Radio, corn.(guar.)
Crosley Radio (stock dividend)
e4 Dec. 31 Holders of rec. Dec. 200
Crown Zellerbach, pref. A & B (guar.).- *$1.50 June 1 'Holders of rec. May 13
•154 June 15 *Holders of rec. June 1
Cu neo Pressiquaf..(quar.)
preferred prer)
*134 Sept. 15 *Holders of rec. Septa 1
Curtis Publishing, com.(monthly)
*50c June 2 *Holders of rec. May 20
"81.75 July 1 *Holders of rec. June 20
Preferred (quar.)
•1
Davis Mills(quar.)
June 22 Holders of rec. June 8
*50c. June 15 *Holders fo rec. June 5
Decker (Alfred) & Cohn, corn. (Quar.)
•
134 June 1 *Holders of roe. May 22
Preferred (quar.)......
'1% Sept. 1 *Holders of rec Aug. 22
Preferred (quar.)
•35c. June 1 *Holders of rec. May 20
Dexter Company (quer.)(NO. 1)
2
June 15 Holders of rec. May 1310
Diamond Match (quar.)
Direction der Disconto-Geselschaft(Berl In)
May 25 Holders of coupon No.3
Amer.shs.(subJect to meeting Mar.25) 10
75e. May 15 Holders of rec. Apr. 30
Dominion Bridge (guar.)
$1.50 May 15 Holders of rec. May. 1
Dow Chemical. common (qua?.)
$1
May 15 Holders of rec. May 1
Common (extra)
134 May 15 Holders of rec. May 1
Preferred (quar.)
el
July 15 Holders of rec. July la
Dunhill Internat. (stock dividend)
el
Oct. 15 Holders of re',
Stock dividend
.
ill
Eastern Bankers Corp. pref.(quar.)..... $1.75 Aug. 1 Holders of rec. July 1
51.75 Nov. 1 Holders of rec. Sept. 30
Preferred (guar.)
$1.75 Febl'30 Holders of rec. Dec. 31
Preferred (quar.)
50c. June 1 Holders of rec. Apr. 30
Eastern Theatres, Ltd.,(Toronto). DOrn•
Eastern Util. Investing COM81.50 June 1 Holders of rec. Apr. 30
$6 preferred (quar.)
51.75 June 1 Holders of rec.Apr. 30
57 preferred (guar.)
500. June 24 Holders of rec. June la
Emporium Capwell, cam.(quar.)
50c. May 15 Holders of rec. May 1
Equitable Casualty dr Surety
"ea
Oct. 1 *Holders of roe. Sept.20
Evans Auto Loading,stock dividend
*60c. Aug. 1 'Holders of rec. July 20
Fair (The), corn. (qua?.)
.
0134 Aug. 1 *Holders of rec. July 20
Preferred (quar.)
750. June 29 Holders of rec. June 126
Fairbanks, Morse & Co.corn.(guar.)
1% June I Holders of rec. May lla
Preferred (guar.)
Fashion Park Associates, coca.(No. I)._ 6234c June 29 Holders of rec. June 170
Common (payable in com.stock).... 1% June 29 Holders of rec. June 17a
Federated Capital Corp., corn.(quar.).. 375-4e. May 31 Holders of rec. May 15
Common (payable In com. stock).... 1234 May 31 Holders of rec. May 15
373.4e May 31 Holders of rec. May 15
Preferred (quar.)
Finance Co.ot Amer..corn. A & B (qu.)_ 1734e July 15 Holders of rec. July 5
4334e July 15 Holders of rec. July 5
7% pref. (quar.)
First Federal Foreign Blur. Corp.(qu.)
51.75 May 15 Holders of too. May 1
12340 June I Holders of rec. June 1
First Trust Bank-Stock Corp.(guar.)
Extra
934c June 1 Holders of rec. June 1
Fisher Brass 52 A pref.(quar.)
*50e. May 20 *Holders of rec. Apr. 30
Fitzsimmons & Connell Dredge & Dock,
Corn.(1-40th share corn.stk.)
(1) June I
Corn.(1-40th share com.stk.)
(I) Sept. 1
Cons.(1-40th share corn.stk.)
(1) Dee. I •
Florsheim Shoe, pref.(quar.)
134 July 1 Holders of rec. June 150
Follansbee Bros. St Co. com.(quar.)
50e. June 15 Holders of rec. May 31
Common (extra)
250. June 15 Holders of rec. May 31
Preferred (quar.)
154 June 15 Holders of rec. May 31
Foster & Kleiser Co., corn. (quar.)
"280. May 15 'Holders of rec. May 1
General Alliance Corp.(quar.)
380. May 15 Holders of rec. Apr. 300
General American Tank Car (quar.)--- El
July I Holders of rec. June 130
Stock dividend
1
July I Holders of rec. June 130
General Asphalt pref.(quar.)
1)4 June I Holders of rec. May 15a
4.1% June 1 *Holders of rec. May 20
General Box Corp. pief.(qua?.)
.
General Bronze, com.(quar.)
*50c.
*Holders of rec. May 14
General Cable Corp., Cl. A (quar.)
51
June I Holders of rec. May 100
General Cigar pref.(quar.)
1,4 June 1 Holders of rec. May 210
General Outdoor Adv., class A (guar.)_.. $1
May 15 Holders of rec. May 60
'31.50 May 15 *Holders of roe. May 6
Preferred (quar.)
Gillette Safety Razor (quar.)
$1.25 June 1 Holders of rec. May 141
Gladding,MeBean& Co..com(in corn stk) *2
Oct. 1
Globe-Democrat Publishing pref. (qu.). 1% June 1 Holders of rec. May 20
Globe Grain & Milling
Common (qua?.)..
*2
July 1 "Holders of rec. June 20
First preferred (qua?.)
•154 July 1 *Holders of rec. June 20
Second preferred (guar.)
*2
July 1 *Holders of rec. June 20
Gluck Mills (quar.)
81.50 May 15 Holders of rec. Apr. 23
Godman (H. C.) Co.. com.(quar.)
75c May 10 Holders of rec. Apr. 25
First preferred
3
June 1 Holders of rec. May 20
Second preferred
81.75 June 10 Holders of rec. June 1
Goldberg (S. M.)Stores Inc. pref.(qu.)_ *21.75 June 15 *Holders of rec. June 1
Golden State Milk (qua?.)
"40e. June 1 *Holders of rec. May 15
Stock dividend
"el
Sept. I "Holders of roe. Aug. 15
Stock dividend
Dec. 1 'Holders of rec. NoV. 15
*el
Goodrich (B. F.) Co., corn. (qua?.).... al
June I Holders of rec. MAY 100
Preferred (quar.)
134 July 1 Holders of rec. June 10
Gorham Mfg., com.(guar.)
500. June 1 Holders of rec. May 1
Common (quar.)
50c. (opt. 1 Holders of rec. Aug. 1
Common (guar.)
50c. Dec. 1 Holders of rec. Nov. 1
Common (payable In common stock). fb
June 1 Holders of rec. May. 1
First preferred (quar.)
134 June 1 Holders of rec. May 15
Gratoa & Knight pref.(quar.)
*134 May 15 'Holders of rec. Apr. 15
Great Atlantic & Pacific Tea, com.(qu.)'Si
June I *Holders of rec. May 3
Preferred (guar.)
•1% June 1 *Holders of rec. May 3
Great Lakes Dredge & Dock (quar.)
May 15 Holders of rec. May 17
2
Greenfield Tap & Die Corp.6% pf.(qu.) 111 July
Holders of rec. June 15
2
8% Preferred (guar.)
July
Holders of roe. June 15
Greeuway Corp., 5% pref. (quar.)
•750. Hay 15 'Holders of rec. May 1
•750. Aug. 15 'Holders of rec. Aug. 1
5% preferred (guar.)
5% preferred (quar.)
*75c. '-foe. 15 *Holders of rec. NOV. 1
e m Watch c
Gruen Won i iiomm on (quar.)
m at g
*50e. June 1 "Holders of rec. May g".
"500. Sept. 1 *Holders of rec. Aug. 21
Common (quar.)
*50c. Dee. 1 *Holders of rec. Nov.20
Common (quar.)
*50o. Wrl'30 "Hold. of rec. Feb. 18'30
.Preferred (guar.)
"1% Aug. 1 *Holders of rec. Jai' 21
Preferred (guar.)
'1% Nov. 1 *Holders of rec. Oct. 21
'is' Febl'30 'Hold. of rec. Jan.21'30
Preferred (guar.)
Gulf States Steel. prof.(guar.)
1% July I Holders of rec. June 15.
Preferred (quar.)
11.4 Oct. 1 Holders of rec. dent.16a
Preferred (quar.)
154 Jan 2'30 Holders of rec. Deo. 164
Hale Brea. (quar.)
*50c. June I 'Holders of rec. May 15
Hamilton Bank Note Engraving of Ptg.
Common (quar.)
*71.4e May 15 *Holders of rec. May 1
2948
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 Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
$1 50 July 15 Holders of rec. June 280
$1.50 June 1 Holders of rec. May 10a National Biscuit, corn. (guar.)
Hamilton Watch pref. (guar.)
141 May 31 Holders of reo. May 170
Preferred (guar.)
Paper, common (guar.)._ _ •2543. May 15 *Holders of rec. Apr. 30
Harnmermill
May 15 *Holders of reo. May I
.$2
Harbison-Walker Refract., corn. (guar.) 5013. June 1 Holders of reo. May 210 National Casket, common
May 15 *Holders of reo. May 1
Common (payable in common stock)_ *15
Preferred (guar.)
144 July 20 Holders of rec. July 10a
6100 May 20 Holders of roe. Apr. 250
National Dairy Products (stock div.)
Hartford Times. Inc., partic. pf.(qu.)_ _ •75e. May 15 *Holders or rec. May 1
July 1 Holders of reo. June 30
Ii
COMMCM (payable in common stk.)
May 31 *Holders of rect May 15
Hart,Schaffner & Marx,Inc., corn.(go.) 02
Oct. 1 Holders of roe. Sept. 3a
Common (payable in common nook). fl
Hawaiian Commercial Sug. (monthly)._ •250. May 6 *Holders of rec. Apr. 25
50c. May 31 Holders of rec. May 150 National Dept. Stores 2d pref. (guar.)._ *194 June 1 *Holders or reo. May 15
Hawaiian Pineapple (quar.)
National Distillers, pref.(qu.)(No. 1)... 141.75 Aug. 1 *Holders of rec. July 15
July 1 June 26 to June 30
Hayes Body Corp. (guar.) (pay. In stk.) 2
6234o. July 15 Holders of rec. July 1
Nat. Fireproofing. pref.(guar.)
Oct. 1 Sept.28 to Sept.30
2
Quarterly (payable in stock)
6244c Oet. 16 Holders of rec. Oct. I
Preferred (guar.)
2
Jan2'30 Dec. 25 to Jan. 1
Quarterly (payable in stock)
National Food Products. com. A (guar.) 6244c May 15 Holders of rec. May 30
*25c. June 15 *Holders of rec. May 15
Recta Alining (guar.)
2
Oct. 15 Holders of reo. Oct.
Class B (Payable in class B stk.)
May 15 Holders of rel. Apr. 25a
1
Hershey Chocolate. cony. pref.(guar.)._
$1.75 June 15 Holders of reo. May 310
Prior preferred (guar.)
134 May 15 Holders of reo. Apr. 25a National Lead, pref. cl. A (guar.)
3744c May 15 Holders of roe. May 1
National Refining, corn. (guar.)
of reo. May 24
Hibbard. Spencer. Bartlett&Co.(mthly.) 35c. May 31 Holders
41.50 May 15 *Holders of reo. Apr. 25
Nat.Securities Invest., pref.(guar.)
Monthly
350. June 28 Holders of reo. June 21
$1.25 May 15 Holders of rec. May 4
National Supply, common (guar.)
Hormel(Geo. A.)& Co.common (qu.) *3730 May 15 *Holders 61 reo. May 1
500. May 15 Holders of reo. May de
Nestle-LeMur Co.. class A (guar.)
Horn (A. C.) Co., 1st pref. (guar.).
- *1% June 1 *Holders of reo. May 24
e50 July 15 Holders of reo. Juno 15
Hu pp Motor Car stock div.(guar.)
a% Aug. 1 Holders or rec. July 150 New Amsterdam Casualty (in stk.)
*11.75 June 1 *Holders of Teo. May 15
e231 Nov. 1 Holders of rec. Oct. 150 Newberry (J. J.) Co.. pref.(quar,)
(guar.)
Stock dividend
*2
May 10 *Holders of roe. Apr. 20
New Jersey Zinc (guar.)
*2
Huron & Erie Mortgage(quar)
July 2
New Quincy Mining (guar.)(No. H.-. *100. May 27 *Holders of reo. May 15
*2
Oct. I
Quarterly
*750. Nov. 1 *Holders of reo. Feb. 1
Nichols Copper Co., class B
of reo. July 3
•600. July 15 *Holders
Illinois Brick (qual.)
*134 June 29 *Holders of reo. June 19
-Pond. pref. (qual.)
Niles-Bement
•60. Oct. 15 *Holders of rec. Oct. 3
Quarterly
15c. June 1 Holders of roe. May 10
North Central Texas 011, corn.(quar.)
Illinois Pipe Line
*$10 June 15 *Holders of reo. May 13
19o. June 1
Northern Manufacturing. pref.(guar.)._
Imperial Chemical Industries
19e. Sept. 1
Preferred (guar.)
June 7 *Holders of reo. Apr. 18
*5
Amer. dep. refs. ord. reg. stook
190. Deo. 1
Preferred (guar.)
May 15 Holders of rec. Apr. 26
$1
Indiana Pipe Line (guar.)
*1244c May 15 *Holders of rec. Apr. 30
Olistooks, Ltd., A dr B (qual.)
May 15 Holders of rec. Apr. 26
41
Extra
*400. May 15 *Holders of reo. May 1
Internat. Combustion Eng.. corn.(guar.) 500. May 31 Holders of reo. May 150 Old Colony Investment Trust
$1.25 May 15 Holders of reo. Apr. 26s
Preferred (guar.)
I% July 1 Holders of rec. June 170 Oppenhelm, Collins & Co.(guar.)
144 July 15 Holders of rec. June 211s
Otis Elevator. pref.(guar.)
Int. Cont.Invest. Corp.corn.(guar.)... *25o. uly 1
134 Oct. 1 6 Holders of reo. Sept. 300
Preferred (guar.)
131 June 1 Holders to roe. May 4a
International Harvester, pref. (qual.)
134 J'n15'30 Holders of reo. Dee. 310
Preferred (qual.)
•194 May 15 *Holders of reo. May 5
International Oxygen, pref.(quar.)
*50c May 15 *Holders of tee. Apr. 30
60c. May 15 Holders of reo. May la Pacific Associates(guar.)(No.1)
Internat. Paper Co., corn.(guar.)
*50c July 15 *Holders of reo. June 30
Internat.Paper & Power.corn.rt. A (qu.) 600. May 15 Holders of reo. May la Pacific Equities, Inc
•10o July 15 *Holders of rec. June 39
Extra
International Perfume, corn.(No. 1)... 25e. June 1 Holders of reo. May 20
25c .May 81 Holders of reo. May Ile
Packard Motor Car (monthly)
64.93 May 15 Holders of reo. May 4
1)
Preferred (No.
000 May 31 Holders or reo. May 110
Extra
Internat. Safety Razor class A (qu.).... 600. Juno 1 Holders of reo. May 10
•154 May 15 'Holders of rec. May
50o. June 1 Holders of reo. May 100 Paepcke Corp., corn. (guar.)
Class B (quar.)
*6244c May 15 *Holders of reo. May 1
250. bine 1 Holders of rec. May 10a Parker Pen. common (guar.)
Class II (extra)
May 151 Holders of reo. May 6
41
Penmans, Limited, corn. (quar.)
International Shoe, pref. (monthly)._ •50o June I *Holders of rec. May 15
Pennsylvania Investing Co.(guar.).--- 62440 June I Holden of rec. Apr. Mt
•500 July 1 *Holders of rec. June 15
Preferred (monthly)
•3794c May 31 'Holders of rec. May 17
15
Perfection Stove (mont111.19
•506 Aug. 1 *Holders of rec. July
Preferred (monthly)
•3740 June 30 *Holders or rec. June 18
Monthly
•500 Sept. 1 *Holders of reo. Aug. 15
Preferred (monthly)
•373403 July 31 *Holders or reo. July 18
Monthly
*50i3 Oct. 1 *Holders of tee. Sept. 15
Preferred (monthly)
*3744c Aug. 31 Holders of reo. Aug. 16
Monthly
050o Nov. 1 *Holders of reo. Oct. 15
.
Preferred (monthly)
•3740 Sept.30 *Holders of roe. Sept.18
Monthly
•500 Dec. 1 *Holders of rec. Nov. 15
Preferred (monthly)
*3744c Oct. 31 *Holders of reo. Oct. 17
reo. Dec. VI
Monthly
*50e Jan 1'30 *Holders of
Preferred (monthly)
•3734c Nov.30 *Holders of rec. Nov. 18
Monthly
$1.50 June 1 Holders of rec. May 15a
International Silver, corn. (guar.)
•37440 Dec. 31 *Holders of reo. Dec. 18
Monthly
25c. May 15 Holders of rec. May la
Intertype Corporation, corn.(quar.)._.._
75c June I Holders of rec. May 2045
Phillips-Jones Corp. corn. (guar.)
*500. July 1 *Holders of reo. June 15
Irving Air Chute(No. 1)
134 June 1 Holders or reo. May 100
Pierce-Arrow Motor Car, pf. (guar.)
*500. June 29 *Holders of rec. May 31
Isle Royale Copper Co.
144 June 1 Holders of reo. May Ill
Pittsburgh Steel Co.. pref. (guar.)
Joint Security Corp
*500 May 15 *Holders of reo. Apr. 30
Plymouth Oil, corn. (guar.)
Aug. 1 Holders of roe. July 20
fl
Corn.(payable in corn.stock)
*3734c June 1 *Holders of reo. May 15
Poor & Co., class B (guar.)
Nov. 1 Holders of reo. Oct. 20
/1
Corn.(payable I n com.stook)
Powdrell & Alexander, Inc., corn,((BO 8744c May 15 Holders of rec
$1.25 June 1 *Holders of rec. May 13
Jones & Laughlin Steel common (quar.)_ •
81.75 July I Holders of reo. June 14
Preferred (guar.)
June 1 *Holders of rec. May 13
Comm on (extra)
*41
144 July 1 Holders of rec. June 13a Pressed Metals of Amer.. pref.(qual.).. •141 July 1 *Holders of rec. June 12
Preferred (guar.)
•144 Oct. 1 *Holders of reo. Sept. 12
Preferred (guar.)
Kalamazoo Vegetable Parchment(qu.)_ •150. June 30 *Holders of reo. June 20
•141 Jan1'30 *Holders of reo. Dee, 12
Preferred (guar.)
•150. Sept.30 *Holders of rec. Sept.20
Quarterly
May 15 *Holders of reo. Apr. 25
•2
Procter & Gamble, corn. (quar.)
•150. Dec. 31 *Holders of reo. Dec. 21
Quarterly
May 15 Holders of reo. Apr. 27s
$1
Pullman, Inc. (guar.)
*6244c July 15 *Holders of reo. June 30
Kawnee Company(qual.)
*750 June 1 *Holders of reo. May 15
Purity Bakeries, com. (guar.)
15 *Holders of reo. Sept. 30
•6244e Oct.
Quarterly
41 June 1 Holders of reo. May 110
Republic Iron & Steel, corn,
•6235c Jan15'30 *Holders of reo. Dec. 31
Quarterly
194 July 1 Holders of reo. June 120
Preferred (guar.)
*1244c July 1 *Holders of reo. June 20
Rayne° Co., common (extra)
50c May 15 Holders of rec. Apr. 29
Richfield 011 of California (guar.)
Kayser (Julius) & Co. v.1. ctr
0/50 July 1 *Holders of rec. June 10
July 25 Holders of res. July 50
$1
$1.50 June 1 Holders of reo. May 100 Rio Grande Oil
Kendall Co., pref.(qual.)
Hold, of rec. Jan. 6'80
$1
(r)
25e. June 1 Holders of rec. May 10a Rio Grande 011
(participating divIdend)
Preferred
.1 34 Oct. 25 *Holders of reo. Oat.
rStock dividend
Kinney (G. R.) Co., Inc., new com.(gu.) •25e. July 1 *Holders of reo. June 17
Rio Tinto Co., Ltd.
June 1 *Holders of reo. May 20
*2
Preferred (guar.)
Amer. dep. rots, for ord. bearer shs -- 25shill May 6 Holders of reo. May 1
41.75 July 1 Holders of reo. June 15a
Knox Hat. prior prof.(guar.)
•45i3 June 1 *Holders of reo. May 15
$1.75 Oct. 1 Holders of reo. Sept.160 Root Refining, prior pref.(guar.)
Prior preference (guar.)
*750. June 1 *Holders or reo. May 15
Cumulative pref.(guar.)
750 June 1 Holders of reo. May 150
Participating pref.(guar.)
14 May 15 Holders of reo. May 101
Royalty Corp. of Amer., par. pf.(extra)
pt. 3 Holders of reo. Aug. 150
Participating pref.(guar.)
/
. 74
500. June 20 June 8 to June 20
75e Dee. 2 Holders of rec. Nov.15a St. Joseph Lead Co.(qual.)
Participating pref. (guar.)
to June 20
250 June 20 June 8
Extra
1 *Holders of reo. May 18
Lake of the Woods Milling. corn.(guar.) •8013. June
50a. Sept.20 Sept.10 to Sept.20
Quarterly
Preferred (guar.)
•141 June I *Holders of rec. May 18
25o. Sept.20 Sept.10 to Sept.20
Extra
Lakey Foundry & Mach.stock dividend_ *e234 July 30 *Holders of rec. July 15
.25e June 1 *Holders of roe. May 25
St. Louis Screw &Bolt,corn.(guar.)
141234 Oct. 30 *Holders of reo. Oct. 15
Stock dividend
*$1.50 May 15 *Holders of reo. May 1
Savage Arms. 2d pref.(guar-)
•750' June 30 *Holders of reo. June 19
Lenders, Frary & Clark (guar.)
Schletter & Zander, Inc., coin.(No. 1)... *50o. June 29 *Holders of reo. June 15
•75e. Sept.30 *Holders of ree. Sept.20
Quarterly
Scott Paper*75e. Dec. 31 *Holders or refs. Dec. 21
Quarterly
June 30
Com.(In stk. subj. stkhrs.'aPProv.) /2
Langendorf United Bakerlee-Dee, 31
Com.(In stk.subj.to inkhrs.'approv.) 12
*50o. July 15 *Holders of reo. June 30
Class A and B (guar.)
Sears-Roebuck & Co.
•500. Oct. 15 *Holders of rec. Sept.30
Class A and B (guar.)
el Aug. I Holders Of reel. July 150
Quarterly(payable in stock)
•50e. Ja 15'30 *Holders of reo. Dec. 30
B (guar.)
Class A and
el Nov. 1 Holders or reo. Oct. 16a
Quarterly (payable in stock)
% May 01 Holders of rec. May 210
Lanston Monotype Machine Mar-5....
$1
Sept.19 :Holders of rec. Aug. 27
Sheaffer (W, A.) Pen Co.(guar.)
•8734c July 1 *Holders of roe. June 15
Leath & Co., pref.(guar.)
Sheffield Steel
Oct. 1 *Holders of rec. Sept. 15
•8744c
Preferred (quar.)
July I Holders of reo. June 20
Common (payable in common stock).... ffl
Lefcourt Realty Corp., corn.(No. 1)... •40c. May 15 *Holders of reo. May 6
Oct. 1 Holders of reo. Sept.20
Common (payable in common stook).May 31 Holders of ree. Apr. 30a
$1
Lehigh Coal & Navigation (guar.)
75o. May 15 Holders of reo. Apr. 30
Sherwin-Williams Co.. corn. (guar.)._
Ley (Fred T.) & Co.. Inc.(qu.)(No. 1) *75c. July 5 Holders of tee. June 15
.May 15 Holders of reo. Apr. 30
Common (extra)
Liggett&MyersTob.com.&com. B (go.). 81 June 1 Holders of reo. May 150
June 1 *Holders of reo. May 15
Preferred (guar.)
160. July 1 Holders of roe. June 20
Lincoln Interstate Holding Co
May 15 Holders of reo. May la
Sinclair Consol. 011 Corp.. prof.(guar.).
•250. June 1 *Holders of rec. May 15
Lindsay Light, corn. (guar.)
50o. June 15 Holders of reo. May I50
Skelly 011 (quar.)
*144 June 1 *Holders of rec. May 15
Preferred (guar.)
6244e. June 15 Holders or reo. June 5
Holders of rec. May 15a Smallwood Stone class A (guar.)
80e. June 1
Link Belt Co.(qual.)
1.6234 May 15 Holders of rec. May 3a Smith (Howard) Paper Mills, pref. (qu.) 144 June I Holders of roe. May 21
Locw's, Inc., pref.(guar.)
*e300 Subj.to etkhders meeting May 11
May 15 Holders of rec. May la Sparks withington Co.(stk. dlv.)
Louisiana 011 Refining Corp., pref.(mi.)
40o. June 30 Holders of reo. June 150
Spencer Kellogg & Sons, Ins.(guar.).4,1% Arne 29 *Holders of reo. June 19
Lunkenheimer Co., pref.(guar.)
40e. Sept.30 Holders of rec. 8001.14a
Quarterly
•13.1 Sent.30 *Holders or rec. Sept.20
Preferred (quar.)
$ 1.37% May 15 Holders of reo. Apr. 25
Standard Investing. pref.(guar.)
*Holders of reo. Des, 21
*1% Dec. 31
Preferred (guar.)
194 June 1 Holders of rec. May Ili
500. May 15 Holders of reo. Apr. 250 Standard 011 (Ohio). prof. (guar.)
Macy(R.H.)& Co.,com.(guar.)
Standard Paving & Matis (Toronto)
1
July 1 Holders of rec. June 20
Mallinson (H. R.) pref. (guar.)
50o. May 15 Holders of rec. May 2
Common (guar.)(No. 1)
May 15
Mange'Stores Corp.6;4% pf.(qu.)(No.1) •1% June I *Holders of rec. Apr. 30
Preferred (guar.)(No.1)
$1.75 May 15 Holders of reo. May 2
*5043. May 8 *Holders of res.
Radiator & Mfg.. el. B (qu.)
McCord
87 Ile
Holders of reo. May la Steinberg'e Drug Stores Prof.(guar.).- .2% June 1 Holders or MO. May 20
250. June 1
McIntyre Porcupine Mines (guar.)
July 1
50c. May 10 Holders of roe. Apr. 20a Steinke Radio(guar.)
McKesson & Robbins, Inc., corn.(qu.).
Quarterly
*234 Oct. 1
8734c June 15 Holders of reo. June la
Preferred (guar.)
1% June 1 Holders of roe. May 16a Stewart-Warner Corti.
Mengel Co., pref. (guar.)
New $10 par stock (guar.)(No. 1)- 87340. May 15 Holders of reo. May 4
(ilu) 40c. June 1 Holders of rec. May 15
Merritt-Chapm & Scott Corp..corn.
New 310 par stock (in stock)
e2
Aug. 15 Holders of reo. Aug. 5
1% June 1 Holders of rec. May 15
Preferred series A (guar.)
New $10 par stock (in stock)
e2
Nov. 15 Holders of reo. Nov. 5
May 15 Holders of reo. May la
$1
Miami copper Co. (quar.)
New $10 per stock (In stock)
e2
Feb.5'30 Holders of reo. Feb.I'll
500. May 15 Holders of reo. Apr. 15a
Mid Continent Petroleum,corn,(guar.).
Mix Baer & Fuller, Corn.(guar.)
'37940 June 1 *Holders of rec. May 15
•250. July 1 Holders of reo. June 15
Minor. Inc. (guar.)(No. 1)
Common (guar.)
•3744c Sept. 1 *Holders of reo. Aug. 15
*41.26 Aug. 15 Holders of reo. Aug. 8
Minneapolis-Honeywell Reg., corn
Common (qua?.)
gee. I *Holders of reo. Nov. 15
*37
•194 May 15 Holders of rec. May 1
Preferred (guar.)
Straus (S. W.) Invest., pf. A (quar.)
•75o. May 1 *Holders of rec. Apr. 15
•144 Aug. 15 *Holders of ree. Aug. 1
Preferred (guar.)
•750. July 1 *Holders of roc. June 15
Stroock (S.) Co.(guar.)
Nov. 15 *Holders of rec. Nov. 1
*194
Preferred (guar.)
Quarterly
•750. Oct. I *Holders of reo. Sept.16
Mock, Judson & VoehrInger Co-Quarterly
•75o. Dee. 21 *Holden; of reo. Dee, 10
*50o. May 15 *Holders or rec. May 1
Common (quar.)(No. 1)
Studebaker Corp.
1 Holders of rec. Apr. 30
$1.50 June
Mohawk Mining (quar,)
June 1 Holders of rec. May 10a
Common(payable in common stock).. 11
750. May 20 Holders of reo. May 10
Mohawk Rubber corn.(cm.)(No. 1)......
WI. 1 Holders of reo. Aug. 100
Common (Payable In corn. stock).... fl
May 20 Holders of rec. May 10
Common (payable In corn. stock)__-. 11
Deo, 1 Holders of roe. Nov. 90
11
Common (payable in cont. stook).
rec. May 40
Montgomery Ward & Co., corn.((M.).
- 6234c May 15 Holders of rec. June 20
I% June 1 Holders of rec. May 100
Sun 011 Co., pref. (guar.)
*141 July 1 *Holders of
Class A (guar.)
30 Holders of roe. June 50
76e. May 15 Holders of rec. May la Texas & Pacific Coal & 011 (in stock)._ e25.6 June 15 Holders of reo. May 4a
Moody's Investors Service, part. pf.
(qu.)
80o. May
Thatcher Mfg., cony. pref. (guar.)
Muncie Gear Co.. pref., class A (guar.) *50c. July 1 *Holders of reo. June 15
300. June 1 Holders of reo. May 230
Thompson (John R.) Co..(monthly)
Preferred, class A (quar.)
*50c. Oct. 1 *Holders of rec. Sept. 15
144 May 15 Holders of reo. Apr. 12
Tide Water 011 5% pref.(guar.)
Preferred, class A (guar.)
*50e. Jan l'30 *Holders of n3o. Doe. 15
May 15 May 1 to May 15
Tudor City Second Unit, Inc., prof..... 3
July 2 *Holders of reo. June 21
Murphy (G. C.) Co., pref.(gum.)
*2
500, May 10 Holders of reo. Apr. 190
UnionOil. oom.(guar.)
*Holders of reo. Sept.21
*2
Oct. 2
Preferred (guar.)
*500. May 10 *Holders of reo. Apr. 19
16
May
National Bearing Metals, corn.(guar.)
- 750. June 1 Holders of reo. July la Union 011 Associates (quar.)(qua?.)
400. June 1 Holders of reo. May 174
United Biscuit of Am., corn.
25c. July 15 Holders of rec.
Nat. Belles-Hess, new corn.(aim.)
600. May 25 Holders of roe. Apr. 25
250. Oct. 15 Holders of reo. Oct. la United Corporation partic. pref.(extra) •250. July 1 *Holders of rec. June 15
New common (guar.)
250. Jan. 15 Holders of reo.Jan.2'30a UnitedCoemeticsShops Inc.(gu.)(No. 1) 75o. June 1 Holders of rec. May 15
New common (quar.)
July 15 Holders of reo. July la United Electric Coal Co.. coin.(qua?.)
el
Stock dividend (guar.)
*400. May 10 *Holders of reo. Apr. 300
Oct. 15 Holders of reo. Oct. la United Engineering & Fdy, corn.(qu.). •200. May 10 *Holders of rec. Apr. 30
el
Stock dividend (guar.)
Common (extra)
Ja.1510 Holders of reo.Jan.2'30a
el
(guar.)
Stook dividend
*144 May 10 *Holders of reo. Apr. 30
Preferred (quar.)
of reo. May 210
$1.75 June 1 Holders
Preferred (Quan)
Noose of ComParar.
2949
FINANCIAL CHRONICLE
MAY 4 1929.1
Per
Cent
When
Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
*50c. June 1 *Holders of roe. Mayll3
United Milk Crate, el. A (User.)
United Piece Dye Wks..Pref.(quar.).. *131 July 1 *Holders of rec. June 2u
•7% Oct. 1 *Holders of rec. Sept. 20
Preferred(quar.)
'154 Jan2•30 *Holders of rec. Dee. 20
Preferred (quar.)
U.S. Cast Iron Pipe & Fdy.. corn.(qu.) 500. July 20 Holders of rec. June 295
50e. Oct. 21 Holders of rec. Sept.300
Common (quar.)
500. Jan2010 Holders of rec. Dee 31a
Common (quar.)
30e. July 20 Holders of roe. June 290
First dr second pref. (quar.)
30e. Oct. 21 Holders of roe. Sept. 300
First & second pref. (guar.)
30e. Jan20'30 Holders of roe. Deo. 310
First & second pref. (quar.)
June 1 *Holders of rec. May 21
U. S. Hoffman Machinery, corn. (quar.) *El
U. S. Leather
July 1 Holders of reo. June 100
Class A partici. & cony. dock ((it!.)... $1
Oct. I Holders of rec. SePI. 100
ClassA panto. & cony. stock (qu.)- - SI
Utah Apex Mining
*25c. June 1 'Holders of rec. May 15
Utility & Ind. Corp., pt.(qu.)(No. 1)... 3731c May 20 Holders of rec. Apr. 30
Vanadium Corp. of Am.(quar.)
750. May 15 Holders of rec. May la
*131 June 10"Holden of rec. June 1
Vapor Car Heating. prof.(quar.)
Preferred (quar.)
Sept. 10 *Holders of rec. Sept. 2
"134 Dec. 10 *Holders or roe. Doe. 2
Preferred Mar.)
•5e. May 15 *Holders of rec. Apr. 30
Venezuelan Petroleum (quar.)
Volcanic Oil & Gas (quar.)
'350. June 10 *Holders of rec. May 31
Extra
*50. June 10 *Holders of rec. May 31
Quarterly
*35e. Sept. 10 *Holders of roe. Aug. 31
Extra
'Sc. Sept. 10 *Holders of roe. Aug. 31
*350. Dec. 10 *Holders of roe. Nov. 30
Quarterly
Extra
*50. Dee. 10 "Holders of rec. Nov. 30
Vulcan Detinning, pref. (cuss.)
,1
July 20 Holders of rec. July 90
July 20 Holders of rec. July 9a
Preferred (acct. accum. dividends) - h4
131 July 20 Holders of rec. July 9a
Preferred A (quar.)
h431 July 2 Holders of rec. July 9a
Pref. A (acct. acoum. dividends)
•1%
July 1 *Holders of rec. June 22
Waltham Watch, pref.(qua?.)
Preferred ((mar.)
*I% Oct. 1 *Holders of rec. Sept. 21
550. June 1 *Holders of rec. May 24a
Warner Bros. Pictures, Inc., pt. (681.)_ Warren (A. D.) Co.. corn.(qu.((No. 1)- $1.50 May 15 Holders of rec. Apr. 30
750. June 1 Holders of rec. May 15
Wayagamack Pulp dr Paper (quar.)_
*50c. June 1 'Holders of rec. May 15
Weber Showcase. 1st pref. (guar.)
331c July 1 *Holders of rec. June 20
Western Grocer, preferred
Westfield Manufacturing corn.(quar.)-- 3731c May 15 Holders of roc. Apr. 30
$2
May 15 Holders of rec. Apr. 30
Preferred (quar.)
Westvaco Chlorine Prod., corn.(No. 1)_ 33 1-3c June 1 Holders of rec. May 2
West Va. Pulp & Paper. pref.(quar.)--- *134 May 15 'Holders of rec. May 5
•131 Aug. 15 *Holders of rec. Aug 5
Preferred (quar.)
•1%
Nov. 15 *Holders of rec. Nov. 5
Preferred ((mar.)
2
June 1 Holders of rec. May 15
Wheatsworth. Inc., 8% Pref. (quar.)
*El 25 July 1 *Holders of rec. June 20
Whitaker Paper Co.. corn.(quar.)
"13I July 1 *Holders of rec. June 20
Preferred ((mar.)
100. May 15 Holders of rec. May 1
Will & Baumer Candle,corn.(guar.).
2
July 1 Holders of rec. June 15
Preferred (quar.)
"'lasted Hosiery (quar.)
*231 Aug. 1 'Holders of rec. July 15
.34 Aug. 1 *Holders of roe. July 15
Extra
134 May 15 Holders of rec. May 4
Wolverine Portland Cement (quar.)
$1.50 June 1 Holders of rec. Apr. 25a
Woolworth (F. W.) Co., corn. (quar.)
Wright Aeronautical Corp,((Mar.)
50c May 31 Holders of rec. May 15a
Wrigley (Wm.)Jr. Co.(monthly)
250. June 1 Holders of rec. May 200
Monthly
25c. July 1 Holders of rec. June 200
25e. Aug. 1 Holders of rec. July 200
Monthly
Zonite Products (quar.)
*25c. May 15 *Holders of rec. May 6
'Prom unofficial sources. 7 The New York Stook Exchange has ruled that stock
win not be quoted ex-dividend on this date and not until further notice 0 The
New York Curb Market Association has ruled that stock will not be quoted exelivIdend on this date and not until further notice.
a Transfer books not closed for this dividend. 4 Correction. e Payable in stock.
Payable in common stock. S Payable In scrip. 73 On account of accumulated
elvIdends. I Payable In preferred stock.
a Coty.Inc.. declared a stook dividend of6%.Payable In quarterly Installments.
o Stockholders of Empire Public Serv. Corp have option of applying this divt
dend to the purchase of corn. A stock at $18 per share.
p Electric Shareholdings Corp. dividend payable In cash on common stock at
rate of 50
-100th of a share of common for each share preferred held.
g Swedish Match dividend is 10 Kronen.
r Rio Grande ()Retook 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 134 shares on each 100 shares, the first
134% having been declared payable April 25 with the Intention to declare a second
% payable on or before Oct. 25.
to Less deduction for expenses of depositary.
s Holders of Federal Water Service class A stock may apply the dividend to purchase of additional clam A stock at rate of $25 per share, receiving 1-50th share
for each share held.
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 April 26:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED FRIDAY, APRIL 26 1929.
NATIONAL AND STATE BANKS-Average Figures.
Leans.
ManhattanBank of U.S
Bryant Park Bank
Chelsea Exch. Bk_
Grace National__
Port Morris
Public National __
Brooklyn
Nassau National_
Peoples National_
prancra National_
Oth.Cash, Res. Dep.. DeP.Other
Gross
Gold. Including N. Y. and Banksand
Bk. Notes Elsewhere. Trust Cos. Deposits.
$
192,158.300
2,090.200
23,919,000
17,702.600
3,814,900
132,092,000
$
$
$
3
$
26,000 3,232,600 24,010,200 1,730,700 182,153,000
91,200 140,800
227.900
2,200,000
____ 1,746,000 1,432,000
23,208,000
3,090 100,000 1,485,100 1,738,000 15.595,300
248,000
3,686,700
35,00 101,700
26,000 2,022,000 8,011,000 10721000 129,707,000
22,678.000 85,000
8,300,000 5,000
2.567.700
____
313,000 1,799,000
573.000
114,000
56.600
293.000
579,000 21,240.000
90,000 8,000,000
36.300 2.136.800
-Average Figures.
TRUST COMPANIES
Loans.
ManhattanAmerican
Bk. of Eur. & Trust_
Bronx County
Central Union
Empire
Federation
Fulton
Manufacturers
Municipal
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N..1.-
Cash.
Res'oe Dep., Depos.Other
Gross
N. F. and Banks and
Elsewhere. Trust Cos. Deposits,
$
$
$
54,239,900
810,300 11,072.500
17,643,458
886,292
60.935
21,743.568
563.749 1,563,667
245,841,000 *34,330,000 4,535,000
80,476,600 *5,536,300 2,894,800
228,275 1,348,195
17,880.551
14.371,800 '1,855,000
233,000
390.407,000 3,421,000 49,669,000
66.024,800 1,861,100 4,809.500
72,153,157 3.616.667 6.836,127
117.762.200
27,146,085
$
20,100 54,231,800
16.862.574
21.390,934
2,972,000 251,368.000
3,176,500 76.861,400
214,498 18.089.989
13,774,900
2,056,000 357,219,000
91,200 62,377,700
57,121,831
$
2,821,000 18,356,700
1,834,187 1,980,579
0107.781
238.539
891.547
112,673,300
24,489,197
205.748
9.382 553
"Includes amount with Federal Reserve Bank as follows: Central Union,$33,317.000; Empire, $3,765,000; Fulton, $1,734,100.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statementfor a series of weeks
BOSTON CLEARING HOUSE MEMBERS.
May 1
1929.
Changesfrom
Previous Week
Aprll 28
1929,
April 19
19296
3
$
$
$
86,550,000
86,550.000
86,550,000 Unchanged
Capital
116,024,000 Unchanged
116.024,000 116,024,001]
Surplus and profits
+995,000 1,125,237.000 1,128.882,00(
Loans,disc'ts dz invest'ts_ 1,126,232,000
680,103,000 +5,328.000 674.775,000 675.962,000
Individual deposits
-614,000 133,108,000 132,682,000
132,494,000
Due to banks
262.056,000 -3,791,000 265.847.000 208,572,00(
Time deposits
11,470,001]
-253,000
8,095,000
7,842,000
United States deposits..,
32,999,001]
34,019,000
35,647,000 +1,638,000
Exchanges for Clg. House
84,995.000
86,793,001]
81.383,000 -3,612,000
other banks
Due from
81,789,00C
-714,000
81,657,000
80,943,00
Res've in legal deposit's
8,150.001]
8,087.000
-153,000
7,934,00
Cash in bank
1.180.001]
1.308.000
P129 1Mil PIMA. In P R,Bk_
.
347.00
-961.000
Weekly Return of New York City Clearing House.
Beginning with Mar. 311928, the New York City Clearing
House Association discontinued giving out all statements previously issued and now makes only the barestkind of a report.
-The Philadelphia Clearing House
Philadelphia Banks.
The new return shows nothing but the deposits, along with return for the week ending Apr.27, with comparative figures
the capital and surplus. We give it below in full:
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members of the Federal Reserve System
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 27 1929.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
'Surplus & Net Demand
Time
Clearing House
*Capital. Undfrfded
Deposits
is not a part of legal reserve. For trust companies not
Deposits
Members.
Profits.
Average.
Average.
members of the Federal Reserve System the reserve required
$
$
$
$
is 10% on demand deposits and includes "Reserve with
Bank of New York & Tr. Co.. 6,000,000 13,539.100
60,111,000
11.085,000
Bank of the Manhattan Co- 22,250.000 42,559,300 170,262.000
42,072,000 legal depositaries" and "Cash in vaults."
Bank of America Nat'l
38,364,400 138,614.000
47.694,000
Beginning with the return for the week ending May 14 1928,
National City Bank
100,000,000 111,246,500 6878,598,000 160,697.000
Chemical National Bank
6,000.000 20,731,200 133,096.000
9,152,000
Clearing House Association discontinued showBank of Commerce
25,000,000 49,317.800 291,595,000
33,334,000 the Philadelphia
Chat.Phex. Nat. Bk.& Tr.Co 13.500.000 15,698,000 156,136,000
40,224.000 ing the reserves and whether reserves held are above or below
Hanover National Bank
10,000.000 22.812,400 117,392.000
3,015,000
12.100,000 21,352,500 171,234,000
Corn Exchange Bank
32,936,000 requirements. This will account for the queries at the end
10,000,000 26,601,000 130.391.000
National Park Bank
10.216.000
10,000,000 95,735,400 234,921,000
First National Bank
9,538,000 of the table.
A680--
25,000,000
40,000,000 55.037,800
Irving Trust Co
1,000.000 1,550,500
Continental Bank
61,000,000 79.908,400
Chase National Bank
500,000 3,869,100
Fifth Avenue Bank
11,000,000 16,614.400
Seaboard National Bank
25,000,000 77,498,400
Bankers Trust Co
5.000,000 6,533,400
U. S. Mtge. & Trust Co
Title Guarantee & Trust Co_ - 10,000,000 23.854,300
40,000,000 65,078.300
Guaranty Trust Co
4.000,000 3,812,600
Fidelity Trust Co
3,000.000 4,160,400
Lawyers Trust Co
612,500,000 032,041,100
New York Trust Co
Farmers Loan & Trust Co.__ 10,000,000 23,212,700
30,000,000 28,625,000
Equitable Trust Co
Com'l Nat. Bank & Tnist Co_ 7.000,000 7,332,000
Harriman Nat'l Bank dr Tr Co 1,500,000 2.840,300
Clearing Non Member.
Mechanics Tr. Co., Bayonne_
Totals
363.447.000
7,608.000
8556,504,000
25.076,000
118,289.000
e341,929,000
,53,878,000
35,039.000
61461,935.000
42,181,000
18,020,000
136,100.000
e124,884,000
f328.455,000
32,016.000
30,626.000
42,738,000
685,000
64,417,000
1.065,000
5,809,000
49,620,000
5,747,000
2,345,000
68,590,000
5,103,000
2,645.000
18,511.000
27.331.000
44,109,000
1.879,000
5.485,000
3,320,000
5,695,000
401 850.000 890.743.500 5.161.057.000
751.737.000
500,000
817,200
"As per official reports: Nat mall. Mar. 27 1929; State, Mar. 22 1929: trust companies. Mar. 22 1929. g As of Mar. 30 1929.
Includes deposits In foreign branches:(a) $297,854,000: (8) 314,317.000: (e) $63.
4350,000;(4) 2108,414,000: (e) $16,335,000;( $118,256,000.
Week Ended April 27 1929.
Two Ciphers (00)
omitted.
Trust
Members of
P.R.System Companies.
$
Capital
59,983,0
Surplus and profits
190,044,0
Loans, dlscts. & invest. 1,072,648.0
Exch. for Clear. House
40,176,0
Due from banks
97,312,0
Bank deposits
124,244,0
Individual deposits_ - _ 631,154,0
Time deposits
218,225,0
Total deposits
973,623,0
Res, with legal depos_
Res. with F. R. Bank..
69,386,0
Cash in vault*
10,480,0
Total res. & cash held_
79,866,0
Reserve required
7
Excess reserve and cash
In vault
7
April 20
1929.
April 13
1929.
Total.
$
$
$
$
67,483,0
67,483,0
7,500,0
67,483.0
16,097,0 206,141,0 208.141.0 206.141,0
72,878.0 1,145,526,0 1,156.549.0 1,158,513.0
41.475,0
282,0
40.458,0
41,070,0
96.371,0
13,0
97,325.0 102.402,0
920.0 125,164,0 126,717,0 125,951,0
32,253,0 663.407,0 678,657.0 668,470,0
19,865,0 238,090,0 238,841,0 230.810,0
53,038.0 1.026,661.0 1,042.215.0 1.025,231,0
5,002,0
5,332.0
5.850.0
5,850,0
69,262,0
69,920.0
69,386,0
12.191,0
12,025.0
12,037.0
1,557,0
7,407,0
87,277,0
86,455.0
87.273,0
7
7
7
7
?
7
7
•Cash ln vault not ootmted as reserve for Federal Reserve mambo's
1
[VOL. 128.
FINANCIAL CHRONICLE
2950
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 2 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2914. being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 1 1929.
May 11929. Apr. 24 1929. Apr. 17 1929. Aps1110 1929.IApril 3 1929. Mar.27 1929.IMar.20 1929. Mar.13 1929. May 2 1928.
$
2
2
$
RESOURCES.
1,317,449,000 1,279,901,000 1,288,060.000 1473,428,000 1,235.237400 1.271,104,000 1,300.876,000 1,213.407,000 1,190,083,000
Gold with Federal Reserve agents
66,7854001 70,707400
67,075,0001 64,432.000
64.1353,0001 59,661,000
70.573,000
68,466.000
8. Treas
61,172,000
loll redemption fund with U.
Gold held exclusively eget. F. R. notes 1.378.621,000 1,348,367,000 1,358.633.000 1440,503,000 1,299,669.000 1,337.889,000 1471.083,000 1,277,760,000 1.249,744,000
Gold settlement fund with F.R.Board__ 671,114.000 682,613.000 674,560.000 706 899.1'00 742.785.000 709,176,0001 875.996.000 767.446.0001 859,878,000
Gold and gold certlficatee held by banks_ 762,295,000 767,601.000 746.290.000 727.380.000 676.758.000 662,195,000 664.434.000 654.919,000 599,808,000
Total gold reserves
Seeerves other than gold
2,812.030,000 2.798,581.000 2.779.483.000 2.774,752.140 2.719.212,000 2,709,260,000 2.712,013,000 2,700,125,000 2,709,430,000
173,732,000 174.835.000 176.490.000 175,7644001 173,309,000 169,755.000 165,778,000 160.264,000 159,020,000
Total reserves
Son-reserve cash
Bills discounted:
Secured by U. B. Govt. obligations
Other bills discounted
2,985,762,000 2,973.416,000 2.955.973.000 2,050.546,000 2.892.521.000 2.879,015.000 2,877.791,000 2,860,389,000 2,868,450,000
77,510,000
78,367,000
78,312.000
80.453.000
75.924.000
62,790,000
77,102.000
78.988.000
74,287,000
610.418.000
419,434.000
540,454.000
423,078,000
1
1
1
621,980.000 588A39,001) 583.135,000 510,252,000
402,150.000, 354,298.000 372,488,0001 246,802,000
547.996,000, 541.251.000
07,833,000. 433,262.000
533.1192.000
460.304.000
Total bills discounted
15111, bought in open market
11 8 Government securities:
Bonds
Treasury notes
Certificates of indebtedness
985.829,0001 974.513.000
170,421,000 141.175.000
994.296400 963,532 030 1.029.852.000 1,024,130,000 942,737,000
141.027,000 157,317.000 174.703.000 208,427.0001 236,838.000
51.602,000
80.326.000
17.854.000
51.629.000
91.841.000
17.959.000
612 000
51. .
91.951.000
22,52e 00(1
1
51.609.000
91.417.000
26,032400
Total U. S. Government securities_ _.
Other securities (see note)
Foreign loans on gold
1
150,730,000, 149.782.000
7496,000
7,3116,0001
7.735,000
14,899,030,
161.429.000
7.295.000
0,115.000
106.089,000
6.845.0001
169.058.000
6.845.000
S0,384.0001
84,478,000
15,858,000
51.611.000
90.904,000
42,836400
51,611,0001
91.190,000:
27,509,000
170,310,000
6,845.000
185,351,000
8.845,000
955.623.000' 757.054,000
283,101.000 363,101,000
51.618,000
90.502.000
23,177,000
54,880,000
100,886,000
136,536,000
165,297,000' 292,302.008
10.250,000
990,000
7,562,000i
Total bills and securities (see otste)._
Gold held abroad
Due from foreign banks (see note)
Uncollected Items
Bank premises
All other resources
1
1,329,245,000 1,280.601.000 1.310.162.000 1,293,783,0001.380.458.000 1,409.712.000 1.371,771.000 1,421.833.000 1,413,447,000
1
1
570,000
724.000
723,000
723,000
722,000
722.000
723.000
724.000
725,000,
707,771.000 1380.417,000 803.693,000 661,234,000 730.174.000 673.689.000 747.690,000 754,786,000! 697,387,008
59,421,000
58.691400
58.693,000 58491.000
58.693.000
58.729.000
58.733,000
58,739,000
58,739,000
7,970,0008,255.000, 10,122,000
8.576400
.483.000
7.700,000
7.780,000
8,358,0001
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
5 164,887,000 5.080,665.000 5.214,086.000 5,054.053.000 5.146,975,000 5,107,312.000 5.143.043,000 5,182.990.0005.112.187.000
i
1
1
.
1
1,663,639,000 1.652.561,000 1,653,228.000 1457.719,000 1.663.649.000 1.652,879.000 1,641.577.000 1,650,009,000 1,590,639,000
I
I
1
1
2,335.817.000 2.290.218.000 2,302.392,000 2.301.940 000 2.335,304,000 2,332,181,000 2.339,544,000 2,362.567.000 2,441,860400
7,773,0001 20,000,000
4.570,000
23,405,000
4.721 0001 16.900,000
45,455,000
30.854.000
33,892480
6,317,000
5,834,000
10,558.000
6.047.000
9,327,000
6.058,000
10.163,000
9.858,000
8.340,0001
25,344,000
20411,000
21,742,000, 20,149.000
23,850.0001 19,715.000
21.764.000
19.156,000
32,309,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,410,358,0002.350,084.000 2,379,774.000 2439,838,009 2,382.477,000 2,383,386,000 2,370,310,000 2,396.785,000 2,493.521,000
656.462.000 643,581.000 748,167,000 624,251,000 669.514.000 640,280,000 701.967,000 708.172,0001 640,996,000
155,958,000 155.851.000 155,133.000 11.4486,000 154.307.000 154,310.000 153,730.000 152,521,000 137,605,008
254.398.000 254.398400 254,398,000 254,398.000 254,398.000 254,398.000 254,398,000 254.398.000! 233,319,000
21,105,0001 16,107,000
21,061,000
22,961,000
22.630.000, 22,059,000
23,386,000
24,072,000, 24,190.000
1
1
5,164,887,000 5.080465.000 5,214,086.000 5,054,053.000 5,146.975.000 5.107,312,000 5.143,043,000 5,182,990,000'5,112,187,000
Total liabilities
Ratio of gold reserves to deposits and
66.3%
66.7%
694%
87.8%
67.2%
67.1%
68.9%1
69.9%
69.0%
F. R. note liabilities combined
Ratio of total reserves to deposits and
70.2%
70.7%
71.7%
73.8%
71.3%
71.5%
73.3%1
74.3%
73.3%
liabilities combined
F. It. note
Contingent liability on bills purchased
349,257,000 345,317,000 347,390,000 347 652.000 338,287.000 332,165,000 329,194,000 306,944,000 261,449,000
for foreign correspondents
Distribution by Maturities
1-15 days bills bought in open market
1-16 days bills discounted
1-15 days U. 8. certif. of Indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market.
18-30 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
31-60 days bills bought in open market
81-60 days bills discounted
81-60 days U. S. certif. of indebtedness.
81-80 days municipal warrants
61-90 days bills bought in open market.
81-90 days bills discounted
61-90 days U.S. certif. of Indebtedness-90 days municipal warrants
61
Over Cu day bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_
Over 90 days municipal warrants
94.551.000
806,106.000
4,177,000
$
66,626,000
803,341,000
5,450.000
30,092,000
44,024.000
28,011.000
45,367.000
32,037,000
75,567,000
1,245,000
101.000
11.069,000
40,778,000
2,672,000
19,354.000
10.446,000
300.000
$
62,231,000 67,504.000
830.040.000 797,619.000
5,010,000
1.650.000
79,288.000
855.144.000
2.420.000
93.984.000
865.446,000
2,940.000
124,186.000
776,069,000
19.275.000
148,860,000
787.080,000
794.000
110,901,000
634,766,000
5,077,000
28,503.000
40,490.0001
4r,937.000
38,010.000
44,841,000 , 45.810,000
52,370.000
40,319.000
54,169,000
42,865,000
64,002,000
45,414,000
80,308,000
28,840.000
34,286,000
67,741,000
290,000
34,736,000,
68,164.0001
930.000
29,495.000
65.934.000
27.855.000
70,143.000
33,147,000
65,365.000
36,423,000
73.860,000
51,249,000
69,563.000
99,557,000
50,003,000
11,042,000
9,557,000
41401400
13,048.0001
41,955.000
6.000!
20470.000
43469.000
120,000
23.489.000
48,324,000
80,000
26,164.000
42,679.000
128,000
19,123.000
39,763400
39,000
14,613,000
44.156,000
64,146.000
27,955.000
102,000
2.715,000
16.563.000
12,114.000
300,000
2,509,000
13,641,000
12,013,000
300,000
1
1,938,000
11,169,000
20.756,000
2.134.000
10.431,000
23.532.000
2,762,000
10,321,000
24,441.000
2,937,000
10,180,000
23,522,000
4,377.000
9,410,000
22.383,000
8,189.000
14,890.000
120,417,000
F.R. notes received from Comptroller_ _ 2,813,454,000 2.818,819,000 2.835,968.0002,852.048,000 2,859.913,000 2467,384,000 2.873,578,000 2.882,693,000 2,798,800,000
755,327,000 757,167,0001 767.927,0001 778,767,000 796.307,000 816,637,000 824.062,000 833,452,000 847,935400
F. R. notes held by F. It. Agent
2.058,127,000 2.061,652,0002,068,041,000.2.073,281,000 2.063.606,000 2,050,747,000 2.049,516,000 2,049,241,000 1,950,865,000
Reserve Banks
Issued to Federal
wa==.
How Secured
1
381,294,000 366,195,000 366,995,0001 366,595,000 387,595,000 367.195,000 363,195,000 363.195,000 416,241,000
By gold and gold certifIcates
97,222,000
97.659,000
99,244,000 106,749,000
95.491.000
92,793,000
89.649,000 86,965,000
94,219,000
Gold redemption fund
841,936,000 820,913,000 831.416,000 819,868,000 772.151400 806,250,000 840.459.000 750,968,000 667,093,000
Board
Gold fund-Federal Reserve
1.106,891,900 1,070,905,000 1,085.927,000 1,074,128,000 1.150,767,000 1,178,878.000 1,130.676,000 1,183,273,000 1,076,904,000
By eligible paper
2,424,340,000 2,350,806,000 2,373,987,000 2,347.556.000 2.388.004.000 2,449,980.000 2.431.552.000 2.396.680.000 2,266,987,000
Total
NOTE.-BeginnIng with the statement of Oct. 7 1925, twO new Items were added in order to show separate 7 the amount of balances held abroad and amounts due
-All other earning assets," previously made up of Federal Intermediate Credit Bank debentures, was changed to
la foreign correspondents. In addition, the caption.
item was adopted as a more accurate description of the total of
"Other securities," and the caption,"Total earning assets" to "Total bills and secnrities." The latter
Federal Reserve Act, which, it was stated, are the only Items included
the discounts, acceptances and securities acquired Under the provision of Sections 13 and 14 of the
therein
RESERVE BANKS AT CLOSE OF BUSINESS MAY 2 1929.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
-Two ciphers (00) omitted.
Cleveland Richmond Atlanta. Chicago, 81. Louis. MOmeap. Kan.City. Dallas. Son Iran.
Boston. New York. PAW
Total.
Federal Reserve Bank of
5
$
2
3
$
S
$
$
$
$
$
s
$
RESOURCES.
24,089,0 54,122.0 48,759,0 23,107,0 173.171,0
Gold with Federal Reserve Agents 1,317,449,0 75.185.0 281,203,0 93,538,0 154,518,0 39,582,0 83,072,0 267,103,0 7,037,0 2,955,0 2,803,0 1,869,0 3.442,0
11.556,0 5,241,0 5,014,0 3,840,0 3,817,0 6.276,0
61,172,0 7,322,0
red'n fund with U. S. Trees
Gold
51,562,0 24,976,0 176,6134
Gold held excl. eget. F. R.notes 1,378.621,0 82.507,0 292.759,0 98,779,0 159,532,0 43,422,0 86,889,0 273,379,0 31,126,0 57,077,0 28,178,0 26,114,0
Gold settle't fund with F.R.Board 671,114,0 55,709,0 186,451,0 49,194,0 67,147,0 13,826,0 15,810,0 143.894,0 33,865,0 20,296,0 5,203,0 10,753,0 311,630,0
27,070,0
61,781,0 16,643.0 7,413,0 101,677,0 10,031,0 5,620,0
Gold and gold cifs held by banks 762,295.0 26,688.0 474,950,0 24,356,0
Total gold reserves
geeerVe0ther than gold
2,812,030,0 164,904.0
173,732.0 14.174,0
954.160,0 172,329,0 278,460,0 73,891,0 110,1124 518,950.0 75,072,0 82,993,0 85,003,0 61,843,0 234,613.0
52,194,0 7,496,0 13.553,0 8.745,0 8,548,0 26,397,0 11,898,0 2,465,0 5,679,0 6,979,0 15,604.0
85,458.0 90,682.0 68,822,0
Total reserves
2.985,762,0 179.078,0 1,006.354,0 179,825,0 292,013,0 82.1336,0 118,660,0 545,347.0 86,970,0 1,283,0 1,798,0 2,8324 249,917,0
3,9324
30.663,0 2,263,0 4,153,0 4,995,0 4,9244 7,176.0 3,812,0
Non-reserve cash
74,287,0 6,456,0
......
Sills discounted:
14.728,0 17,016,0 12,820,0
Sec. by U. S. Govt. obligations 547,996,0 36,355,0 169,677,0 62,285,0 58.246,0 20,275,0 18,089.0 65,190,0 24.922,0 7,642,0 29,105,0 9,905,0 48,390,0
32,694,0
774054 39,577.0 33.101,0 34,086,0 58,422,0 45,535,0 22,411.0
bills discounted
47,450,0
Other
437,833.0
22,370,0
Total bills discounted
985,829,0 83,808.0 247,582,0 101,862,0 91,347,0 54,361,0 76,511.0 110,725,0 47,333,0 3,682,0 46,121,0 22,725.0 81,084,0
5,891,0 10,774.0 10,604.0
56,834,0 11,402,0 12,991,0 0,327,0 7,454,0 6,9794 1,411,0
170,421,0 30.072,0
Bills bought in open market
MIMI
U. S. Government securities:
21,0 19,937,0 7.125,0 4,540,0 7,755,0 7,813,0
64,0
548,0 1,152,0
685,0
155.0
689,0
50,3844
Bonds
902,0 3,598,0 11,943,0
657,0 3,211,0 5.209,0 4,213,0 4,102,0
11,841,0 9,327,0 27.409,0
84,478,0 2,0664
Treasury notes
23,0 1,136,0
16,0
5,0
10,0 1,085.0
5,170,0 7,027,0
15,868.0 1,396,0
Certificates of indebtedness
Total U S. Gov't securities
tart n IS 020 n
97 059 0
1 3100 ft
2 9,49 0 95 921 0 II 225 0
5 ARS
ri
0.702 n
11
497
n 5.3 cm, n
2951
FINANCIAL CHRONICLE
MAY 4 1929.]
Ban Fran.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas.
s
$
$
$
$
$
$
$
$
$
$
$
$
750,0
2,000,0 1,500.0 1,250,0
401,0
1,465,0
7,366,0
527,0
492,0
Either securities
399,0
596,0
531,0 2,041,0
685,0
1,629.0
5.233,0 1,534,0
14,899,0 1,182,0
Foreign loans on gold
87,788,0 145,976,0 60,678,0 37.116,0 63,797,0 46,703,0 110,445,0
52,0
24,0
Total bills and securities_ ..... 1,329,245,0 119,213,0 328,280.0 132,138,0 133,929,0 63,182,0
24,0
18,0
29,0
99,0
28,0
33,0
74,0
70,0
220,0
54,0
725,0
Due from foreign banks
88,051,0 28,834,0 12,858,0 38,453,0 24,028,0 39.008,0
707,771,0 71.078,0 202,715,0 61.933,0 67,727,0 49,652,0 23,434,0 8,529.0 3,929,0 2,110,0 4,140,0 1,922.0 3.704,0
Uncollected items
16,087,0 1,762,0 6,535,0 3,575,0 2,744,0
58,739,0 3,702,0
494,0
404,0
Bank premises
356.0
524,0
335,0
521,0
534,0 1.972,0
171,0 1,288,0
1,705,0
54,0
8,358,0
&Bother
144,735.0 407,552,0
505.719,0 204,607.0 239,550,0 795,699,0 184.587,0 139,367,0 199,250,0
5,164,887,0 379,635,0 1,586.024.0 378,162,0
Total resources
LIABILITIES.
132,157,0 305.143,0 57.558,0 63,719,0 65,825,0 37,547,0 155,163,0
P. R. notes In actual eirculadon. 1,663,639,0 135,854,0 295,815.0 141,357,0 205,620,0 67,881,0
Deposits:
66,073,0 340,106.0 75,958,0 51,925.0 84,174,0 66,778,0 172,883,0
304,0
Member bank-reserve acet 2,335.817,0 139,993,0 947,320.0 134,107,0 190,671,0 65,829,0 1,452.0 7,191,0 1,730,0 1,117.0 1,131,0
1,464,0
7,367,0 4,301,0 2,522.0 3,599,0
33,892,0 1,714,0
647,0
Government
296,0
296,0
225,0
359,0
350.0 1,230,0
413,0
916,0
862,0
2,081,0
665,0
8,340,0
Foreign bank
19,0 10.004,0
146,0
229,0
110,0 1,243,0 1,854,0
96,0
65,0 1,029,0
17,462,0
52,0
32,309,0
Other deposits
67,985,0 349,770,0 79,901.0 53,496,0 85.747,0 68.557,0 183,838,0
2,410.358,0 142,424.0 974,230,0 139,335,0 195,138.0 69,937,0 21,711,0 80,012,0 29,515,0 10,969,0 33,419,0 24,845,0 38,158,0
Total deposits
656,462.0 69,983,0 182,468,0 56,736,0 61,155,0 46,864,0 5,332,0 19,494,0 5,428,0 3.088,0 4,285,0 4.469,0 11,244,0
Deferred availability Items
55,829,0 15,133,0 15,089,0 6,183,0
155,958,0 10,384,0
Capital paid I u
7,082,0 9,086,0 8,690,0 17,978,0
71,282.0 24,101,0 26,345,0 12,399.0 10,554,0 36.442,0 10,820,0
254.398,0 19,619,0
Surplus
627,0 1,171.0
888,0
1,013,0
1,365,0
1.784,0 4,238,0
6,400,0 1,500.0 2,372,0 1.343,0
1,371,0
24.072,0
All other liabilities
139,367.0 199.250,0 144,735,0 407,552.0
1,586,024.0 378,102,0 505,719,0 204,607,0 239,550,0 795,699,0 184.587,0
5,164,887,0 379,635,0
Total liabilities
73.7
Memoranda.
04.9
59.8
72.9
63.3
83.3
59.3
60.0
72.9
64.1
79.2
64.4
73.3
Reserve ratio (per ceut)
Contingent liability on bills pur13,458,0 47,275,0 13,803,0 8,627,0 11,387,0 11,387.0 24,845.0
chased for foreign correspond'ts 349.257,0 25,533,0 108.742,0 33,127,0 35,197,0 15,874,0
F. R. notes on hand (notes reed
from F. R. Agent less notes in
32,893,0 10,115,0 9,325,0 10.421,0 9,075,0 64,612.0
394.488,0 23,303,0 110,835,0 33,181.0 34,621,0 19,423,0 31,574,0
circulation
AT CLOSE OF BUSINESS MAY 1 1929.
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS
RESOURCES (Concluded)
Two Ciphers (00) omitted.
Federal Reserve Arent at
New York.
Boston.
Total.
Dallas. San Fran.
Cleveland Richmond Atlanta. Chicago. Si. Louis. Mtnneap. Kan.Ctts
$
$
$
101,296,0 61,754,0 306,175,0
732,605,0 209,433,0 269,391,0 113,020,0 218,831,0 414,661,0 79,683,0 88,568.7 25.050,0 15,132,0 86,400.0
325.955,0 29,900,0 29,150,0 25,711,01 55,000,01 76,620,0 12,010,0 15,524,0
New York.
Boston.
Total.
5
Two Ciphers (00) omitted
F.It. notes ree'd from Comptroller 2,813,454,0 218,032,0
by F. It. Agent.._ 755,327,0 58,875,0
F. It. notes held
Phila.
76.246,0 46,622.0 219,775.0
406,650.0 179,538.0,240,241,0 87.309.0 163,831,0 338,041.0 67,673,0 73,044,0
F. R. notes issued to F. R. Bank_ 2.058,127.0 159,157,0
Collateral held as security for
F. P.notes issued to F. It. Bk.
Gold and gold certificates-- 381,294,0 35,300.0
94,219,0 16,885,0
Gold redemption fund
841,936,0 23,000.0
Gold fund-F.It. Board
1106,891.0 113,802.0
paper
Eligible
14,757,0 35,000,0
8,050,0 14,167,0
171,880,0 31,000,01 47,200,0 6,690,0 17,250,0
4,399,0 2,350,0 12,652,0
14.323,0 9,481,01 12.318.0 5,892,0 8.822.0 1.103,0 3,039,0 2,955,0 44,360,0 6.000,0 125,519,0
57.000,0 266,000,0 13,000,0 37,000.0
95,000,0 53,057,01 95,000,0 27,000,0
33.370,0 96,471.0
281,314.0 96.845,0,103,527,0 55,058,0 83,492,0 117,437,0 48,043,0 25,937,0 51,595,0
384,540,0 72,132,0 80,059,0 100,354,0 56,477.0 269,642,0
562,517,0 190,383,01258,015,0 94,640,0 166,564,0
2,424,340,0 188,987,0
Total collateral
Phila.
Weekly Return for the Member Banks of the Federal Reserve System.
resources
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the always a
are
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures were given in
week behind those for the Reserve banks themselves. Definitions of the different items in the statement Reserve Board
of the
the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment 2915 immediately
upon the figuresfor the latest week appears in our department of "Current Events and Discussions," on page
later.
for a
preceding which we also give the figures of New York and Chicago reporting member banksbills of week
exchange or drafts sold with
and
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks
acceptances of other banks and bills sold with
endorsement," and Include all real estate mortgages and mortgage loans held by the bank. Previously secured by U. S. Government obligations are
Loans
endorsement were included with loans, and some of the banks Included mortgages in investments.
the Federal Reserve are not any more subno longer shown separately, only the total of loans on Securities being given. Furthermore, borrowings at total being given. The number of reporting
divided to show the amount secured by U. S. obligations and those secured by commercial paper. only a lump
also been revised to exclude a bank in the San
is now omitted: In Its place the number of cities included has been substituted. The figures have
banks
non-member bank. The figures arc now given in
Francisco district, with loans and Investments of $135,000,000 on Jan. 2. which recently merged with a
round millions Instead of In thousands.
FEDERAL RESERVE DISTRICT AS AT CLOSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH
BUSINESS ON APRIL 24 1929. (In millions of dollars.)
Federal Reserve District.
Total.
Boston. New York
-total
Loans and investments
$
22,259
8
1,499
$
8,514
-total
Loans
16.388
1,114
Phila.
$
5,347
037
1
$
675
1,521
647
3,296
699
375
679
485
1
1.940
518
5
2,191
513
2,572
521
250
444
350
1,300
102
249
412
888
s
$
$
-
3
$
3
469
645
3.139
3,208
519
418
702
819
191
326
149
364
1,201
1,371
232
289
81
170
140
304
5.871
-total
Investments
385
2,167
321
670
158
134
724
178
124
235
135
640
111
124
95
40
378
262
3,002
2,868
189
196
1,181
984
104
217
322
343
73
85
64
70
343
381
70
108
69
55
1,658
235
97
17
767
67
76
14
122
30
39
11
40
9
248
37
46
6
26
6
55
11
34
8
107
19
12,977
6.775
148
891
461
6
5,755
1,706
64
698
276
7
1.023
963
12
346
241
4
'330
228
7
1.806
1.239
18
378
231
2
210
131
1
485
180
2
296
142
10
758
975
14
1,076
2,542
47
106
13.7
84'
62
151
9S
197
43
93
74
99
222
431
55
111
49
74
107
184
55
85
124
167
693
49
211
70
Cl
'17
55
Cl
OR
00
30
16
66
U. 9. Government securities
Other securities
Reserve with F. R. Bank
Cash In vault
Due from banks
Due to banks
Borrowings from F. R. Bank
*Subject to correction.
1,253
Dallas. San Frac
7.335
9,052
On securities
All other
Net demand deposits
Time deposits
Government deposits
City
Cleveland Richmond' Atlanta. Chicaco. St, Louts.IMInneap Eon.
Condition of the Federal Reserve Bank of New York.
The followinglshows the condition of the Federal Reserve Bank of New York at the close of business May 1 1929,
comparison with the previous week and the corresponding date last year:
In
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with 13.8. Treasury.
May 1 1929. Apr. 24 1929. May 2 1928.
$
281,203,000 281,203,000 228,315,000
14,822,000
11,556,000
12,037,000
Gold held exclusively agst. F. R.notes
Gold settlement fund with F. It. B ord.
Gold and gold certificates held by bank_
292,759,000
180,451.000
474,950,000
293.240.000
148,267,000
473,348,000
243,137,000
363,676,000
370,890,000
Total gold reserves
Reserves other than gold
94,160,000
52,194,000
914,855.000
52,170,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
May 11929. Apr. 24 1929. May 2 1928
3
5
$
220,000
202,715,000
16,087,000
1,705,000
221,000
186,535,000
16,087.000
906,000
217,000
200,850,000
16,549,000
2.505,000
977,703.000
32387,000
Total resources
1,006.354,000
Total reserves
30,663.000
Non-reserve cash
Rifle discounted
by U. S. Govt. obligations... 169,677,000
Secured
77,905,000
Other bills discounted
Total bills discounted
Bills bought In open market
U. EL Government securities
Bonds
Treasury notes
Certificates of indebtedness
247,582,000
56,834.000
155,000
11,841,000
5.170,000
--17,166.000
Total U.S. Government securities__
1,465.000
Other securities (see note)
5,233,000
Foreign Loans on Gold
Total bills and securities (Soo Note)
328.230,000
967.025,000 1,010,090,000
19.688.000
32.319,000
175,218,000
87,651,000
200,573,000
48,682,000
262,8139,000
28,599,000
249,255,000
84,963,000
1,334,000
10,231),(100
5,450,000
1,434,000
14,993,000
36,459.000
17,073,000
1,495,000
2,717,000
52,891,000
312,753.000
387,109,000
1,586,024,000 1,515,346.000 1,637,008,000
343,753.000
989,042,000
474,000
1,906,000
16,549,000
Fell Reserve notes in actual circulation
Deposits-Member bank, reserve acct._
Government
Foreign bank (See Note)
Other deposits
295,815,000
947,320.000
7,367,000
9,081.000
17,462.000
289,096,000
903,642,000
8,054.000
5,813,000
7.165.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
974,230,000
182,408,000
55,829,000
71.282.000
6,400,000
924,674,000 1,007,971,000
168,551,000 175,607,000
42,545.000
55,821,000
63,007,000
71.282,000
4,125,000
6,422,000
Total liabilities
Ratio of total reserves to deposit and
Fell Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1,586,024,000 1.515,840,000 1,637,008.000
79.2%
79.7%
74.7%
108,742,000
103,489,000
73,712,000
separately the amOunt of balances held abroad and amounts due to
-Beginning with toe statement of Oct. 7 1925, two new items were added in order to show
NOTE.
Credit Bank debentures, was changed 10
foreign correspondents. In addition, the ()option "All other earning assets," previously made up of Federal Intermediatemore accurate description of the total of tke
assets" to "Total bins and securities." Tile latter term was adopted as a
"Other securities," and the caption "Total earning
Act, Wilda,It was stated, are the only Heats Included therein.
Reserve
Oisoountaoceptanoes and securities acquired under the Provisions of Sections 13 and 14 of he Fedeal
2952
FINANCIAL CHRONICLE
Vaulters'
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
antte.
iJ
Maturity.
Wall Street, Friday Night, May 3 1929.
r Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 2939.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
West Ended May 3.
Sales
for
Week
Par. shares
Ranee for Week.
Lowest.
$ Per share.
Highest.
Range Since Jan. 1.
Lowest. i Highest.
$ Per share. 8 per share.1$ per share.
Railroads
.Albany & Sustl
100
60215% May 3215% May 3 nog
Matto & Ohio rights
43,4
2% May 1 214 May 1 234
Beech Creek RR
50
May 1 38
May 1 38
601 38
•Canadit Southern__ 100
i30j 55
May 2 55
May 2 55
Canadian Pacific rights_ 48,800 5% May 2 634 May 3 5%
Central RR of N J___100
30ff305
Apr 29 310
Apr 30 305
Cleve & Pittsburgh__100
501 73% Apr 30 7334 Apr 30 73%
1,200j 23
Cites & Ohio rights
May 2 25% Apr 30 23
Missouri Pacific tights 1119761 134 Apr 27 1% Apr 30
%
New Orl Tex & Mex_100
30113234 Apr 27 135
May 3 130
Southern Pacific rights.. 1093
.
184 Apr 27
1093001
let
In Apr 27
Preferred
100
1001 79
Apr 30 79
Apr 30 70
Feb 216
May 214
May 41%
May 61%
May 634
Apr360
Apr 7916
May 25%
Apr /14
Apr 140%
34
Ap
89
M
Jan
May
Jan
Feb
May
Feb
Jan
Apr
Apr
Feb
Apr
Jan
Indus. & Miscall.
Adams Express rights___
May 3 6434 May 3 64
May 6434 May
4001 64
Air Way Elec Appli____• 2.8001 3734 May 1 3934 May 2 3714 May 4034 Apr
Allegheny Corp
*92.7001 3334 Apr 29 35% May 3 27% Mar 37% Mar
Preferred
100 7,300100% Apr 30 102% May 1 9934 Apr 105% Feb
Alliance Realty
1 1901 96
Apr 30 100
May 3 86
Mar 105
Jan
Am & For Pow pf (6) • 2
001 98
Apr 27 98
Apr 27 95
Feb 100
Feb
Am Hawaiian S S Co_ _10, 7,6
36% Apr 29 39
May 3 2434 Mar 42
Apr
Am Radiator pref_ _100
100182
Apr 27 182
Apr 27 140
Jan 195
Jan
Am Rad & Stand San rts160300 2% May 2 2% May 2, 234 May 234 May
2545,000 115% Apr 29 120% Apr 30112% Apr 12034 Apr
Am Rolling MIII
American Stores
4.1 5,200 77% May 3 81
Apr 27 7714 May 85
Apr
Am Sumatra Tob rights.. 46,600
g May 2 54 Apr 29 34 Apr g Apr
Am Tel & Tel rights----9 .800 6% May 2 654 May 2 634 May 636 May
2
Anaconda Copper new 60 117900 117
Apr 29 121% Apr 30 114% Apr 140
Mar
Rights
102900 2534 Apr 29 27% May 1 24
Apr 3534 Mar
Associated Appar Ind__• 1,600 63
May 3 5434 Apr 29 53 May 5514 Apr
Assoc D Gds 2d pf.._ _100 2,200 30
May3 31% May 1 30
May 42% Feb
Atlantic Refg rights
21,000 734 Apr 27 834 Apr 27 534 Apr 834 Apr
Bohn Aluminum & Br_ _•116,300 12734 Apr 30 136% May 3 114
Apr 136% May
Borden Co new
2510.300 93% Apr 30 9534 Apr 27 9334 Apr 9511 Apr
Borg-Warner Corp__ _1071,200128
Apr 27 143% May 3 121% Apr 143% May
Cavanagh-Dobbs Ina_ _• 2,200 30
Preferred
100 200 98
Celotex
32,900 70%
Preferred
100
400 8816
City Ice & Fuel
• 1,100 5434
Coca Cola class A
• 5,400 48
Cons Cigar pref (7)_.100
100 97
Continental Can rights__ 5,400 134
-Crosley Radio Corp__. 25,800104%
Curtis Pub Co
• 1,500122
Preferred
• 300115%
Cushman's Sons prat_ •
60 110%
De Beers Cons Mines_
10 23
Dominion Stores
• 3,400 52
Duplan Silk
• 7
23
Preferred
100
100 99
'Elk Horn Coal pref....50
200 8%
Emerson-Brant cl B_ _
2
6%
Eng Pub Ser pref (534).. 800 96
Evans Auto Loadkig___ 2,7
62
Fairbanks Co
• 400 7%
Preferred
10 12
25
Fashion Park Assoc__ __• 1,3
6934
100 200 99
Preferred
First Nat Pict let pf_l
9 114%
Fisk Rubb rcts 50% pd.._ 2,000 11%
May 3 31%
May 1 98%
Apr 29 7514
May 1 90
Apr 27 57%
May 1 48%
May 3 99%
May 3
Apr 29 114
May 2 12416
May 2 117
May 3 111
May 3 23
Apr 27 5334
Apr 29 23
May 2 99
May 1 934
May 2 714
Apr 29 96%
Apr 27 63
Apr 30 734
Apr 27 12
May 3 71
Apr 30 99
Apr 29 11534
Apr 29 11%
May 1 30
Apr 30 98
May 1 6234
May 1 87
May 3 54
Apr 29 48
Apr 30 927
%
May 3 1%
Apr 30 86
May 3 117
May 2113%
May 3 108%
May 3 22
Apr 29 5034
Apr 29 20%
May 2 98
May 2 8%
May 2 4
Apr 29 96
May 1 55
Apr 27 434
Apr 27 11
May 1 65%
Apr 30 99
May 3104%
May 1 11
Gen Gas & El pt A (7)_• 341)108
Apr 27 112
Class A rights
18,7
34 Apr 27 4%
Graham-Patge rights__ 40,40
1% Apr 29 2
Grand Stores pref_ _ _100
300111034 May 2 111
Hayes Body Corp
•85,7
60% May 2 66%
Int Combus Eng rights__ 22,700127
34
Int Nickel of Can p1.100 200121
Apr 30 121
Jordan Co rights
11,100
3,4
lie Apr 29
Kendall Co pref
• 6501 91
Apr 29 93
Kinney Co rights
9,
1% May 3 2%
Lehigh Valley Coal___-• 1,100 22% Apr 29 26
' 50 1,7003 37
Preferred
May 1 38%
Link Belt Co
• 800 53
Apr 27 53%
McGraw-Hill Publica's • 1,800 4314 Apr 29 46%
Mengel Co prof
May 2 102
100
10 102
40232
-Mexican Petroleum_100
May 1 242
10105
Preferred
100
Apr 29 105
• 1,000 99
Michigan Steel
May 3 103
10 105
May 2 105
Mil El Ry & Lt pref_100
May 1l07
Apr 29
14
May 2 1%
May 3 107
Apr 30 50%
%
Apr 27
Apr 30 118
Apr 27
May 1 89%
Apr 29 134
May 2 19
May 2 34%
Apr 30 53
Apr 30 41%
May 2 9
Apr 30 226
Apr 29 105
May 3 99
May 2 101
May 4234
May 1053,4
Apr 79%
Apr 9336
Apr 6234
May 50
Feb 100
May 13.4
Ma 125
Mar 129
Mar 118
Feb 115%
Feb 25
Ap 53%
Ma 28%
Ma 102
Mar 13
Jan 13
Ap 99%
Ma 7334
Jan 10
Apr 35
Ain 72%
Apr 10114
Ja 115%
Apr 11%
Feb
Mar
Feb
Feb
Jan
Feb
Mar
May
Feb
Mar
Mar
Feb
Mar
Apr
Jan
Jan
Jan
Feb
Feb
Mar
Apr
Jan
Mar
Mar
May
Apr
Mar 11634 Jan
Apr 4% Apr
Apr 2 May
Apr 116
Jan
Ap 8634 Apr
Apr
14 Apr
Jan 128
Mar
Ap
34' Apr
Apr 96
Feb
AD
2% Apr
Feb 2834 Apr
Ma 40
Feb
Apr 61
Feb
Apr 48
Feb
Apr 102
May
Mar 295
Apr
Ap 105
Apr
May 103
May
Ja. 10916 Apr
Nat Dairy Prod new w 1_ 23,800 68
May 1 6934 May 368
May 69% May
Newport class A
50 10,000 4534 May 1 52
Mar 52
May
May 3 43
• 3,100 10314 May 2 109% May 3 10336 May 11034 Apr
Newton Steel
* 33,300 5414 May 3 61% Apr 27 5434 May 6434 Apr
Oliver Farm Equip
*19,600 64
May 3 6834 Apr 30 64
May 69% Apr
Cony ParticiP
*10,500 98
Apr 30 9934 May 2 98
Preferred A
Ap 9936 May
Phillips Jones Corp_---• 26,900 6034 May 1 6314 May 3 41
Mar 63% Apr
May 2 9234 Feb 98
100
Pitts Steel pref
90 9754 Apr 29 93
Apr
Apr 30 50,36 Mar 65% Jan
34,600 56% Apr 27 65
Pirelli of Italy
Radio Corp pref B
Ma 82% Apr
*17,800 8034 Apr 29 8234 May 1 74
May 311034 May 3 100
Mar 112
Rem'ton Typew 2d pf100
50 110
Apr
Republic Brass
* 9,300 5034 Apr 29 54% May 3 48% Ap 54% May
May 3 102
May 2 110
Class A
Apr110
May
• 800 107
May 3 105 May 105
May 3 105
Preferred
100 200105
May
Bon Calif Edison rights__ 22 100 3 Apr 27 314 May 1 2% Apr 3% Apr
Spalding Bros
• 3,000 so% Apr 30 6034 May 3 5034 Apr 6034 May
Sparks Withington
May 3 170% Apr 19734 Apr
Apr 29 196
• 1,400190
Spencer Kellogg & Sons• 1,600 36
Apr30 3534 Apr 43
Apr 29 39
Feb
Spicer prat A
• 3,400 49% Apr 27 5254 May 3 4816 Apr 35% Mar
Superior Steel rights__ 11,000 3 Apr 29 3% Apr 30 1% Apr 4
Apr
Timken Detroit Axle_10 26,900 2534 Apr 29 31
May 3 2534 Apr 31
May
S Express
100
900 6
U S Steel new w 1_ _10024,200 181%
Rights
363270 5%
United Airport & Trail..662600 12134
Preferred
5035,100 85
United Dyewood--__100 480 7%
Preferred
100
10 60
Univ Leaf Tob pref 100
30 122
Va El & Pow pf (8).,i00
1010034
Vulcan Detin prof A_100
70 100
Wilcox-Rich class A___*87,000 4534
Class B
•121000 4016
Woolworth Co new w I.* 68,800 9034
Bank. Trust & Insurance Co. Stocks.
Equit Tr Coot N Y_ _100
•No par value.
101730
May 3 6%
Apr 29 186
Apr 29 634
Apr 27 162
Apr21 10934
Apr 27 8
May 2 60
Apr 27 122
May 2 10034
Apr 27 105
Apr 29 61%
Apr 29 62
Apr 29 93%
Apr 27 2
May 1 181
Apr 30, 5%
May 1, 7834
May 1 6834
May 1 614
May 2 533.4
Apr 27 120%
May 2 100
Apr 27 97
May 3 37
May 3 34
May 3 85%
Apr 27 730
Apr 2 493
Jan 10
Apr 186
Apr 634
Apr 162
Apr 10916
Apr 9%
Apr 60
Jan 123%
Jan 10134
Feb 110
Mar 6134
May 62
Ayr 93%
Jan 765
[Vora. 128.
Apr
May
Apr
May
May
Feb
Jan
Mar
Jan
Apr
May
May
May
Mar
Int.
Rate.
June 15 1929,,. 434%
Sept.15 1929... 434%
Deo.15 1929..
435%
Bid.
Asked.
99nei
9911.
9911
99nee
9913st
c9"..
Maturity.
Rate.
Sept.15 1930-32
Mar.151930-32
Deo.15 1930-32
Sept.15 1929
Dec. 15 1929
334%
835%
314%
43(%
4%%
Asked.
961
%
97
Minn
9918n
99nn
991n
974,
07'32
99un
99nee
New York City Realty and Surety Companies.
(AU
prices dollars per share.)
Bid
85
165
535
105
297
342
Alliance R'Ity
AmSuretY new
Bond & M G..
New(320par)
Home Title Ins
Lawyers Mtge
Lawyers Title
&Guarantee 425
Ask
Bta
100 Lawyers Wes
175
chest M & T3 350
555 Mtge Bond..i 190
110 N Y Title
305
Mortgage- - 725
352
New
73
U S Casualty_ 450
435
New w
108
eta
Ask
Ask
N. V. Inv't'rs
1st
98
2d pref
97
Westchester
735
Title & Tr _ t175
75
470
112
365
210
250
New York City Banks and Trust Companies.
(All once* dollars per share.)
Banks-N.Y. Bid
Ask Banks-N.Y. Bid Ask Tr.Cos.-N.Y Bta
Ask
America
228 232 Penn Exch_
170 180 Empire
628
Amer Unions_ 260 275 Port Morris__ 1250 1350 Equitable
Tr_ 62
72
0 725
Bryant Park* 400
Public
305 310 Farm L & Tr_ 1940 1960
Central
215 223
Rights ____ 39
42 Fidelity Trust 235 250
Century
250
Seaboard _
1200 1220 Fulton
750 850
Chase
1105 1115 Seward
167
173 Guaranty_ _
1045 1055
Rights
113 116 Trade*
310 325 Int'lGermanie 222 228
Chath Phenix
Yorkville
220 325 Interstate._ 368 373
Nat Bk& Tr 783 780 Yorktown'.,. 290
Irving Trust, 1661
67Is
ChelseaEx new 118
122
71
Rights
8
ChLs'aExC'p A
_
Brooklyn.
Lawyers
Class B_
--- Globe Each*
400 425 Manufacturers 228 - 292
Trust-Chemical --__ 1800
Municipal*
710 720 Murray Hill
310 325
New
115 Nassau
765 765 Mutual(We8tCommerce ___ 1045 055 People's
1200 1600
chaster)
375 405
Conighental* _810 870 Prospect
R tin ta
170 195 N Y Trust_ _ _ 286 290
Times Square_ 170
177
Corn Exch__ _ 1085 1095
Title Gu & Tr 194 189
Fifth Avenue_ 3200 3700
Trust Cos.
3
U Rights5 1040
S Mtge &Tr 1020
First
6700 6900
New York.
350
Grace
Banc* Com'l
United States 4200 600
128
7
1300
Italians Tr_ 410 430 Westchest'rTr 1000 100
1250 1300 Bank of N Y
Liberty
280 288
IIaHranImveanr
& Trust Co. 955 975
Manhattan' _ 1025 930 Bankers Trus 167
92
0
170
Brooklyn.
National City 398 402 Bronx Co Tr _ 500
Brooklyn
1135 150
Park
R
1025 1040 Central Union 428 "438 Kings Co_.
..3200 400
19
21 County
675 MIdwood
310 330
*State banks. I New stock. z Ex-dividend.
Es
-stock div. y Ex-rights.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Dade Record of U. S. Bond Prices. Ayr.27 Apr. 29 Apr. 30 May 1 May 2
May 3
First Liberty Loan
IHigh
____ 98
98
98
98
98 81
,
334% bonds of 1923-47_ Low____ 971781 97:::1 97:1181 971:31 98In
(First 316)
Close
---- 971712 979:81 9718.8 98
981,1
Total sales in $1,000 units-16
---57
12
9
12
Converted 4% bonds of I High
------------1932-47 (First 4s)
Total sales in 81,000 units___
Converted 431% bond/High
01 1932-47 (First 4Xs) LowClose
Total tales in $1,000 unitsSecond converted 43 % High
‘
,
bonds of 1932-47(First LowSecond 4348)
Total sales in $1.000 units_ _
Fourth Liberty Loan
rifila
Low434% bonds of 1933-38
(Fourth 434s)
Close
Total sales in 81.000 units-Treasury
(High
Low..
434*, 1947-52
(Close
Total sales 1,1 51,000 units_ High
9s, 1944-1954
Low_
(Close
Total sales in 51.000 units_
High
Me. 194'64956
3Low_
Close
Total sales in 51.000 units-_
(High
3355, 1943-1947
Low_
Close
Total sales its $1.000 units___
{
High
3355. 1940-1943
Low.
Close
Total asks in $1.000 units__
__
99uss
99":1
991582
15
___.
____
991
:n 992
:n
9916,,"
it 99 .1
991532 99181
32
11
____
9914
.1
99 11
"
99iits
6
___
99148s
99 52
"
991Iss
9
____
____
___
____
__
Nun 9917ss 9931n 995582 99un
9911.1 991
:81 992 .1 99,3n 9911.1
99e% 99,2.1 99uss 99un 99uss
76
227
96
152
8
108ups 108ust 108ust 108uss 109
108",,1081
% 10811n 1082
:n 108: 82
0
108"n 108"31 108"n 108un 109
31
1
6
17
32
104ups 104*',, 104"ss 1042
% 105
10423n 104"ss 104"ss 104uss 104uss
104"ss 104"ss 104"ss 104uss 105
250
12
13
1
95
101uss 101.
0n
---- 101"ss
--101un 101:in
--- 1012:81
-101uss 101"st
.--- 101"ss
-150
28
_
___ 97.
1s,
___ in
97
--27n
---- 97uss
- 97t 97:
us
731
---- 97 1n
---_ 98
971781
310
____
_
3
2
____
97uss 97',,....
6
____
97uss 971:81
____ 971:n 9726n
------____
II
9 -1is;
9
99un
99:
1n
15
Or;
9916..
Nu.
29
109:01,
109:s1
109:82
21
105%
105:n
105:41
31
102:ss
1022
:28
102:ss
20
98381
98
98
8
9711u
971,
12
9718n
216
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
1 1st 33-4s
97"st to 97sts,
5 1st 4148
30 4th 434s
991411 to 99:
18.
99tin to 9931
,
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 484 13-16
®
4.85 for checks and 4.853.j ®4.85 5-16for cables. Commercial on
banks
sight, 4.84 9-16©4.84 13-16; sixty days 4.803.4(34.80 5-16;
ninety days,
4.78 64.783j. and documents for payments, 4.79%04.80 5-16.
Cotton
for paynsent, 4.8334. and grain for payment, 4.83%•
To-day's (Friday's) actual rates for Paris bankers' francs
were 3.90%
03.90% for short. Amsterdam bankers' guilders were 40.17%18i40.20
for
short.
Exchange at Paris on London, 124.17 francs; week's
range. 124.17
francs high, and 124.13 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualChecks.
Cables.
High for the week
4.85 1-16
4.85%
Low for the week
4.84 13-18
4.85%
Paris Bankers' Francs
High for the week
3.90%
3.90 15-16
Low for the week
3.90%
3.90 27-32
Amsterdam Bankers' Guilders
High for the week
40.20
40.22
Low for the week
40.16
40.1934
Germany Bankers' Marks
High for the week
23 71
23.71.4
Low for the week
23 82
23.63
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 hare, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aprt1 27.
Monday.
April 29.
Tuecday, 'Wednesday, I Thursday,
May 2.
May 1.
April 30.
Friday,
May 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-shars lots
Lowest
Highest
PER SHARE
Range for Prerioiu
Year 1928
Lowest
Hisbest
per slat*
Par g per share $ per share $ per share
Railroads
per share Shares
$ per share $ per share 3 per share 5 per share S per share
.100 19514 Mar 26 20932 Feb 4 1824 Mar 204 Nov
4
19914 2014 1997g 20012 200 2004 200 20012 1994 2003 x1984 19912 6,900 Atch Topeka 6r Santa Fe. 100 10212 Jan 2 1034 Jan 7 1021 Jan 10812 Apr
:
1024 1024 1024 1024 1024 1024 1,200 Preferred
1024 103
103 .10318 1024 103
4
100 169 Jan 2 1913 Feb 4 15718 Oct 19113 May
700 Atlantic Coast Line RR
179 179
8'1764 *17814 17812 17812 17912 17714 17714 •177 -184
1763
4June 125% Dee
100 11810,Iar 26 133 Mar 5 1033
12114 12114 121 12214 12114 1214 120 4 1217 12014 12114 1204 12114 18,500 Baltimore & Ohio
3
8
77 Nov 85 Apr
100 77 Apr 13 8012 Mar 20
500 Preferred
784 7912 7912 7912 7914 7914 *7914 7913 7914 7914
7841 80
0
ao 65 Feb 16 72 Jan 2 61 June 8414 Jan
5,300 Bangor & Aroostook
*6712 69
7012 71
66141 6612 663 663
4
67
4 67
6612 6714
100 105 Apr 4 11012 Jan 22 104 Dec 1153A May
10 Preferred
5106 A 108
*
10634 10634 *10612 108 *10612 108 '10612 103 *10612 108
58 Feb 91 Deo
100 85 Apr 4 1094 Jan 5
1.000 Boston & Maine
94
*89
93
, 91 2 93
8914 8914 *89
89
89
4
893 90
7754 May
533 Jar
6412 6512 10,000 Bklyn-Manh Tran v t c_No par 64 Apr 19 817 Feb 25
1 oa 1 66 64 66 654 6634 6412 66 6434 654
Jan 953* May
82
No par 84 Mar 26 924 Feb 1
300 Preferred v t c
8714 8414 86
8714 "80
8714 "80
874 '80
*80 14 8718 "80
477 Sept
1413 Jan
3
2.300 Brunswick Term & Ry Sec_100 25 8 Apr 4 4418 Jan 18
29
29
4 29
303
3012 3012 3012 31
*2912/30
2914
29
3214 July 6412 Nov
4
Buffalo & Susquehanna__ -100 543 Jan 26 85 Mar 2
65
•62
65
*62
72
"62
72
*62
*62 4. 72
72
O32
38 Sept 63 Nov
5313 Jan 4 6812 Mar 4
100
40 Preferred
57
*55
55
55
58
55
0
*5512 58
5513 58
5512 *55
100 22512Mar 26 2697 Feb 2 19513 June 253 Nov
4
23612 2383 11,900 Canadian Pacific
8
4
240 24112 23714 2393 238 2403 24012 24112 y23414 238
98 Sept 10718 Mar
Caro Clinch & Ohio ctfs st'd100 97 Mar 28 10112Mar 14
*9714 9312 *974 9812 •9714 9812 *9714 984
974 99
0
*9714 99
4
100 210 Mar 26 22914 Apr 8 17512 June 2183 Dee
222 22314 2,800 Chesapeake & Ohio
232 22312 223 223
22312 225
-22414122434 224 22414
:
100 2131 Jan 18 216 Feb 27
Preferred
55, Jan
i88 May
1118 Jan 2 19 4 Feb 4
3
100
800 Chicago ds Alton
133 Ii=r4 1354 1414
4
4
;iiT2 15 14 14 "1414 -111- -1414
77
16
4
Preferred
1812 184
19
1814
18I 184 184 1854 1834 1834 184 40 •1814 40 '30 40 1.100 Chic & EaBt Illinois RIt 100 34 Mar 26 2534 Feb 4 37 Feb 264 May
Feb 4814 May
Apr 11 43 Feb
100
"30
*30
40
*30
40
40 '32
-032
58 Aug 7838May
100 54 Apt 27 66% Feb 4
57
*55
700 Preferred
57
*54
57
*55
5414 55
55
*53
54
54
9% Feb 25 Deo
8
4
1712 163 174 4.500 Chicago Great Western. 100 1412 Mar 26 237 Feb 1
1713, 173
4 17
1812 174 18
18:4 184 18
2013 Feb 5038 Dee
100 4618 Jan 7 635* Jan 31
454 493
4 6,800 Preferred
2
4
513 514 503 5114 5014 5014 4812 5012 4854 50
2214 Mar 4013 AIM
31 Mar 28 397 Feb 2
8
Pae__
31541315g 3112 3134 314 3212 3134 3212 314 324 3154 3234 8,400 Chicago Milw St Paul &
37 Mar 595* Nov
4
503 Mar 26 634 Feb 2
5212 16,600 Preferred new
52
4
5274 523 53
4
52121 524 513 524 514 5214 52
1
/
78 June 9414 May
4
Western_100 813 Mar 26 944 Feb 5
4 83
834 84
843
84
8414 4,800 Chicago & North
8312 8312 8312 85
83121l84
100 134 Apr 24 145 Feb 5 135 Dec 150 May
Preferred
*140 '135 139 •135 139 *135 139 *135 139 *135 139
00135
7
1395 Nov
4
4
123 1233 123 12312 123 1233 1234 1235, 4,200 Chicago Rock 1st & Pacific_100 12213 Apr 2 139 Jan 19 106 Fob 11112
124 4 12412 1234 124
Ms/
100 10514 Mar 27 10814 Jan 25 105 Dec
10654 10654
200
*10612 1073 •10613 10714 •10613 10714 1064 10674 •10613 107
4
99 Dec 105 May
8
100 100 Jan 8 1027 Feb 5
400 67:. preferred
10112 10112
101 101
1004 1004 *10014 101
101
*10014 101 *10014
100 1094 Apr 6 122 Mar 5 105 Aug 128 May
100 Colorado A Southern
112 112 *102 11212 •102 114 *102 112
*1094 112 '102 112
67 July 85 Apr
100 75 Mar 20 80 Jan 25
320 First preferred
4
79
733 7834
79
79
79
79
O78
79
*78
78
78
85 May
691 Nov
100 64 Apr 22 7213 Mar 5
7113
7112 •69
Second preferred
7113 *69
7112 •68
7112 *68
7112 *68
68
•
6S12 Dec 8733 June
6212 Apr 18 705 Jan 2
100
1,900 Consol RR of Cuba pref
63
63
634 6313 64
63
63
83
63
63
65
33
O
79 Dec 94 June
100 70 Apr 10 81 Jan 2
400 Cuba RR pre
70 •---- 70 •____ 70 •____ 70 *____ 70 •____ 70
*684
Apr
100 182 Mar 26 20714 Feb 1 16314 Feb 226
196 1973
189 190
19012 198
18812 1884 18974 190
4 4,800 Delaware & Hudson
189 189
150 Apr
2,800 Delaware Lack & Western_100 122121%Iay 2 13314 Feb 1 12514 Dec
12212 12312 123 123
4
123 1243 123 12314 123 123
*123 125
3
5013 Feb 65 4 Apr
1,700 Deny dr Rio Gr West pref 100 554 Jan 2 774 Feb 21
68
68
68
*6612 6712 67
65
674
6514 *66
68
68
47 Feb 4
3 Aug
4
63 Jan
3 Apr 9
100
312
4
1
/ •3
4
1
/ 3
3
100 Duluth So Shore & Atl
312
*34 312 *3
3 31
*33
*314 31
912 May
8
43 June
71: Feb 4
4May 1
43
100
*44 512
100 Preferred
4 6
4 *43
4 43
43
*513 6
*512 6
*512 6
4
483 June 72% Deo
100 64 Mar 26 78 Mar 5
7214 724 723 7312 45,300 Erie
4
4
703 723
4 714 7314 7214 73
7154 721
8
50 June 637 Jan
4
100 57 Mar 26 643 Feb 4
608 593 6014 598 6014 2,100 First preferred
4
60% 60
60
61
60 601
61
4914 June 62 Jan
100 56 Mar 27 6014 Jan 5
Second preferred
4
*5613 5812 "5613 583
4
*5612 583 *5613 59
*5012 59
•5714 59
9312 Feb 11434 Nov
8
_100 102 Mar 26 1157 Mar 4
4
10312 1053 1024 103
4.900 Great Northern preferred.
103 103
1044 1051 104 105
105 105
4
9118 Feb 1113 Nov
100 10012Mar 26 112 Mar 4
4
3,400 Pref certificates
4
10312 1031 1024 1031 10252 10312 1023 1023 102 10212 102 103
3
43 Aug 817 May
47
*46
47
800 Gulf Mobile & Northern-100 4312 Mar 28 59 Feb 4
4712 •46
49
481
4612 48
46
46
47
•
99 Aug 109 May
100 96 May 3 103 Jan 3
96
400 Preferred
97
•96
96
98
*96
98
98
93
*96
99
37
0
1734 June
7 Aug
7 Feb 18 111 Apr 20
10
114 10
•913 11
600 Havana Electric Ry.__No par
1114 *9
1114 •10
10
11
*10
51 Dec 784 Sept
100 55 Feb 16 73 Apr 15
Preferred
7112 711
80
100
*7113 75 *71 80 "71
80
80 .71
75
0
100 375 Mar 29 450 Jan 22 340 July 473 No',
418 435
100 414
70 Hocking Valley
380 410 *380 418 "390 414 *392 414 0
-4
13
5018 Dec73 Apr
8
3
100 40 4 Apr 9 533 Jan 5
44
3,200 Hudson & Manhattan
4 434 444 4272 4454 4233 435* *43
4233 4312 423* 433
Oct9312 Apr
81
100 74 Apr 10 84 Jan 18
77
•74
300 Preferred
77
74
0
76
76
76
74
7512 7512 0
76
74
0
100 134 Mar 26 152 Feb I 1314 Jan 14814 May
137 1371
4.700 Illinois Central
8
4
4
4
4
4
1373 1373 1363 1363 1363 13714 1363 1365, 137 137
100 135 Mar 27 14514 Feb 4 13013 Jan 147 May
Preferred
0135 145 •135 145 .135 145 *135 145 *135 145 •135 145
1
/
824 JUDO
Juip
1
110 RR Sec Stock
77
•77 7711 .71 85 7734 7712 '77 4 7712 *3114 77 s 77 77 4,700 Interboro Rapid certificates___ 77 8 Apr 10 8018 Feb 21 75 Jan 62 May
29
583 Feb 25
Tran v t.3_100 283 Apr
3112 314
313
3214 313 32
4 314
3154 3212 314 323
5218 Nov
3613 Ma
Cent America 100 43 Apr 1 59 Jan 26
48
200 lot Ry8 of
*454 48 .4534 4714 '45
54 48
"45
47
45
48
•47
4512 Apr 17 594 Jan 25
No pa
43
46
Certificates
46 •
46 '43
46 '43
46 '43
*43
46
*43
8
697 Jan 82 May
100 7218 Apr 18 804 Jan 2
73
74
7412
30 Preferred
8
727 727 •73
7214 74
0
723
0 8 74
74
73
0
57 Mar
2 Mar
414 Jan 18
314 Jan 30
10
4
1
/ 314 *314 312
3
4
33
4 *314
40 Iowa Central
4
1
/ 312 *314 33
3
4
*312 33
43 June 95 Nov
8
78 Mar 28 987 Jan 12
10
85
8512 1,400 Kansas City Southern
85
85
85 '8412 85
85
85
85
85
84
6612 Aug 77 Apr
100 6413 Apr 29 7012 Jan 15
8412
6413
600 Preferred
4
4
*6414 643 '643 65
65
4 6412 6412 65
4
643 643
4
/
841 Feb 116 Apr
50 863 Mar 26 10214 Feb 2
4
89
89
500 Lehigh Valley
88% 89
88
88
4
884 *873 89
*87
89
89
4
10 13334 Mar 26 15312 Feb 5 1393 Nov 15913 May
140 142
1,900 Louisville & Nashville
140 141 *140 14218 14014 1404 •14014 141
141 142
Jan 96 May
75
6018 Apr 25 87 Jan 3
62
62
110 Manhattan Elevated guar_100
5014 611
61
4 61
.6114 0413 604 603
-4
, 6014 65
Jan 64 May
40
3112 Apr 8 5713 Jan 11
10
35
4 6,600
353
3412 351
Modified guaranty
4
343 35
35
34
8 3412 35
357
3514
7l May
34 Dec
3
43 Jan 22
8
27 Mar 4
100
334 21. 33 *3 33 •3 34
*24
Market Street Ry
3
*212 33
*212 33
4
3812 Dee 543 May
100 30% Apr 10 3912 Jan 4
*2814 301 '2814 3014
Prior preferred
*2814 3013 2814 301 02814 30
2814 31
0
612 May
178 May
384 Jan 19
24 Mar 26
212 21
23
0 8 25* •
213 2%
238 23
600 Minneapolis & St Louls_100
24 21z
8 25, 0
•23
40 June 524 Jan
42
42
•36
*36
42
Minn St Paul & OS Marie.100 3913 Feb 20 4714 Feb 4
*36
42
.36
42
036
42
*36
4
7014 Dec 873 May
100 71 Jan 14 87 Jan 23
73 .65
*65
73
73
Preferred
*65
73
•65
73
65
*
72
*65
80 Dec 7113 Jan
100 5713 Apr 10 66 Jan 25
58
60
60
59
63
*60
320 Leased lines
4
593 5934 60 60
593
*59
3013 J une 58 Dec
_ _ _No par 4212 Mar 26 55 Feb 4
4 494 50
493
49
29,700 Mo-Kan-Texas RR_
5014 5154 4933 61
4914 511
5012 311
100 102 Apr 9 10712 Apr 25 10113 June 109 Feb
10612 107
107 107
11,100 Preferred
106 107
1064 10712 107 107
10614 107
8
417 Feb 7614 Sept
100 6213 Jan 4 874 Mar 5
84% 847
8414 8313 85
84
22,200 Missouri Pacific
8314 84
8314 84
83% 84
8
8
100 120 Jan 2 1373 Mar 5 105 Feb 1267 Dec
4
1343 13518 13433 13433 134 134% 4,8001 Preferred
13412 135
13412 135
13418 135
82% Aug 89 June
50 7814 Apr 2 865* Jan 17
821
8212 *7852 8212 O78
78
30 Morris & Essex
8212 •
83
3
83 8 •78
*78
83
Louls-100 186 Jan 29 202 Apr 10 17112 Aug 2044 May
4
4
1923 1923 191 191
4
4
210 Nash Chatt & St
4
4
4
-4191 1933 191 1923 •1923 1943 •1923 194
513 Apr
2 Feb
8
33 Jan 25
2 Mar 27
214 .2
214
218 218 *2
100 Nat Rys of Mexico 2d pref_100
24 *2
24
212 02
2
O
100 17812 Mar 26 20414 Feb 1 156 Feb 196.3 Nov
4
185 18614 19,300 New York Central
183 1848 183 1867 185 1863 185 186
I 18414 185
4
/
Co_100 12818 Mar 26 145 Feb 2 1211 Oct 146 May
136 13614
136 136
136 136
136 136
900 NY Chic & St Louis
130 136
4136 137
Jan
3
100 105 4 Feb 25 10914 Jan 4 10413 Aug 110
4
4
4
600 Preferred
010714 10814 10712 10712 10712 1074 1074 1074 1073 1073 1073 1073
Apr
Jan 505
50 285 Mar 26 379 Jan 8 168
300 300
300 300
300 300
300 300
299 300
150 N Y & Harlem
300 310
4
4 1045, Apr 27
543* June 824 Dee
100 807 Jan
1005* 1024 10014 10114 9913 1013 82,700 N Y N It & Hartford
10214 104% 10114 1024 101 103
4
11438 Jan 3 1193 Apr 27 112 Sept 117 May
11813 1181
2,100 Preferred
4
1 118 1193 11912 11912 11812 11812 118 11913 *118 119
24 Feb 39 May
2714 273
8
4 273 27% 1,900 N Y Ontario & Western_100 25 Mar 27 32 Feb 4
2714 28
4 2712 2712 •
4
283 284 2712 273
13 May
97g Feb 21
4
1
/ Jan
5
5 April
51
6
'512 6
•5
6
100 N Y Railways pref____No par
'5
513 512 "5
6
5
•
2313 Dec 43 July
8May 2 41 Jan 30
100 223
pret
2254 23 '2212 25
•2252 2312 •2254 26
230 N Y State Rye
22
2314 2312 • 54 2312
32 June 58 Nov
Feb 4
100 38 May 2 48%
8
*37
42
0383
38
38
100 Norfolk Southern
*3813 39
*3818 40
*38 A 43
100 191 Jan 9 206 Feb I 175 June 198% Nov
1,500 Norfolk & Western
4
0196 V197 •1963 19712 1964 19711 197 19712 19612 19714 196 196
8
847 Oct 90 June
86
100 83 Feb 15 86 Jan 17
86
86
86
50 Preferred
8714 854 8514
b 8412 08412 *8412 10154 *85 4 102 1014 10318 *86 8 10138 101 10114 4.100 Northern Pacific
923* Feb 118 NOV
4Mar 6
8Mar 26 1143
100 993
1013
1013
1034 10154
10314
905* Feb 115 Nov
100 99 Apr 10 112 Feb 2
100 1004 100% 101
10014 10014 10014 10014 4,300 Certificates
(10014 10014 100 101
2
347 May
1913 May
100 20 Feb l' 43 Feb 28
33 •
36
3812 381
33
37
35
33
1,300 Pacific Coast
31
31
32
*28
Jan
70
40 Aug
100 32 Mar 27 60 Mar 2
41
444 41
407 4
*4012 41
8
100 First preferred
4
447 •35
44% 44
*3912
2013 Aug 39 May
100 2112 Jan 10 40 Feb 28
34
34
3514 •3312 35
32
34
ISO Second preferred
32
32
*29
0
3
30
3
61% June 767 Dee
8
26 833 Apr 25
50 7212 Mar
82
4
804 814 804 81
49,900 Pennsylvania
4 8214 823 x81
4
813 8212 8154 823
25 Mar 27 May
100 30 Jan 18 347 Feb 1
33 '28
*28
*28
33
32
33
*23
Peoria & Eastern
30
•28
*28 d 32
8
100 148 Jan 3 1744 Feb 1 1247 Feb 154 Nov
156 15754 15912 15912 1,100 Pere Marquette
155 155 •156 159
4
- 155 )t15912 •155 159
4
Oct 1013 Mar
98
4
99
99
93
140 Prior preferred__-_,.100 96 Jan 5 100 Mar 22
4
98
4
4 983 983 *973 98
983
98
!,98
*9784
3
92 Nov 100 4 Max
100 92 Mar 15 97 Jan 8
*93
96 '93
96
100 Preferred
9413 •3212 9514 *9213 96
9413
30E1312 496
s
563 Aug
50 Nov
50 4913 Apr 18 51 Apr 12
Phila Rapid Transit
511s
50
1
2
50 4912 Apr 19 50
491, ;.5, If
-49T2 1912
51
49l
40 Preferred
;161-3 51 '49'31 51 132 13678 •133 136 ;iiT2 1313 O131 138 3.300 Pittsburgh & West Va 100 12812 Apr 22 14834 Jan 10 1211 Mar 163 001
Oot
4
/ Feb
Jan
131
4
13014 13012 ,131 1317
4
/
941 Feb 1193 May
3
50 10218 Mar 26 11712 Feb 4
10614 10613 6.300 Reading
4
10618 10734 1063 1074 10618 107
10634 106% .1054,107
Apr
4113 Nov 48
60 4112 Apr 22 434 Feb 28
4112 4113
.4112 413 *4113 413
300 First preferred
4 4112 411
4
*4112 y413 ▪ 41.13 j 41%
4
:
3
4
Jan 597 May
44
50 441 Apr 17 493 Feb 5
*45
*45
47
47
15
47
300 Second preferred
454 45% 0
45
*45
45% 45
50 Feb 77 Dee
4
100 6318 Mar 21 683 Apr 6
69
*67
69
•67
69
Rutland RR. prof
69 '67
*67
69 •'67jg 09
, .67
100 111 Mar 26 12213 Feb 4 109 Feb 122 Mar
8
8
8 3,300 St Louis-San Francisco
1123 1123 11118 1117
112 112
11212 113 .112 , 11213 11112 112%
94 Dee 101 May
100 9214 Mar 28 961: Feb 2
0514 95
95
95
951
3,300 1st pref paid
944 9512 95
,} 95 ,,,49512 95 .2-1 95
8712 Feb 1243* Nov
4
100 9618 Mar 26 1153 Feb 4
09
4 99
993
99
99
900 St Louis Southwestern
4 99
994 993
*98 100
*99 100
Jaw
89 July 95
4
100 873 Apr 10 94 Apr 26
94
94 .02
*92
94
100 Preferred
*92
94
*92
94
94
94
•92
r
• Bid and asked pricer no sales on this day. I Ex-div,dend
a Ex-dividend and ex-eights. g Er-rights.
.
b Ex-dlv. of Dia the shares of Chesapeake Corp.stooks
2954
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here. see second
page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sales
STOCKS
for
NEW YORK STOCK
Saturday,
Monday,
Tuesday, Wednesday, I Thursday,
Friday,
the
EXCHANGE
Apr. 27.
Apr. 29.
Apr. 30.
May 1.
May 2.
May 3.
Week.
$ per share $ per share $ per share $ Per share $ per share
$ per share Shares
Railroads (Con.)
Par
16 4 16 4 1612 1612 *154 1612 1612 1612 1.16
,
,
.
1512 1612 17
1,500 Seaboard Air Line
100
19
*1812 19
19
*1712 19
*18
19
*18
*18
20
20
100 Preferred
100
127 12712 12612 127
12612 127
12612 12714 12614 1273 12712 12814 4,500 Southern Pacific Co
4
100
143 14314 142 143
142 1423 142 14214 142 1423 142 14212 3,700 Southern Railway
4
4
100
9714 9714 9718 9713 *967 9714 967 967
3
8
3 963 967
4
8 063 967
4
500 Preferred
8
100
122 122
120 123
121 127
124 130
12712 1293 128 1294
8
530
Mobile & Ohio certlfs
100
•162 163
162 163
165 171
1724 18013 177 181
176 177
5,600 Texas & Pacific
100
1812 19
1812 1812 183 187
4
8 18
18
173 173
4
4 1754 174 1,700 Third Avenue
100
48
48
48
48
*48
49
48
48
*46
*46
48
48
500 Twin City Rapid Transit_ _100
*98
99
98
*98
9813
98
*98
99 •_99
Preferred
100
21712 2183 217 21814 218 2187 218 2187 218 218
4
8
3
21912 219 3 3,600 Union Pacific
,
100
83
83
8214 8214 *82
83
824 8218 8213 822
4 8214 824
700 Preferred
100
*95 ____ *95 _
*95
____
Vicksburg Shrev & Pac____100
*95 4 ---,
_ *9614
Preferred
100
-65- 65
;6512 66
-66- 66 ---- 66
67
66
700
100
*92
93
92 92 92 92 6534 -9312 *6614 934 *9212 6612 800 Wabash A
9238
93
94
Preferred
100
*80
85
*78
83
*80
85
*80
*80
85
85
Preferred 11
.80
85
100
4212 43 3 4212 433
,
4 4314 444 44
4514 4318 4418 4314 4114 27,200 Western Maryland
100
*41
46
*42
46
*42
46
*42
*42
46
46
42
100 Second preferred
42
100
364 37
*34
*3412 3612 *35
3612 3412 3413
361, *3412 36
900 Western Pacific
100
597 61
8
6012 607
3 593 6013 6014 6014 60
4
60
604 6018 2,600 Preferred
100
preceding.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
.Lowest
$ Per share
1612 Jan 2
19 Apr 25
124 Mar 25
141 Apr 1
9634May 2
104 Apr 4
15612Mar 27
173
413lay 2
44 Jan 29
9712 Jan 29
209 Mar 26
8112 Apr 6
98 Mar 4
103 Mar 7
61 Mar 26
9112Mar 26
8014 Apr 15
3212 Mar 26
385 Mar 26
8
33 Apr 1
57 Jan 28
Highest
PER SIIARB
Range for Previous
Year 1928
Lowest
11195511
$ per share $ per shore per share
213 Mar 5
4
11h Mar 3012 Jan
2412 Mar 5
17 Aug 38
Jan
1383 Feb 2 117h Feb 13114 May
8
1583 Feb 1 13912 Feb 165 May
99 Jan 3
965 Sent 10214 Jan
1407s Jan 14 100
Jan 15912 Jan
181 May 2
9912 Jan 1945 Oet
8
39 Feb 25
283 Jan 4612 May
584 Jan 25
324 Sept 56 May
100 Jan 5
94h Oct 107 Feb
231 Feb 2 18613 Feb 2247 Nov
84s Mar 16
8218 Oct 874 Jan
101114 Jan
99 Aug 111
Jan
103 Mar 7
9914 Nov 10812 Mar
8153 Jan 6
51
Feb 9614 May
1047 Jan 7
8
8812 Feb 102 MAY
91 • Jan 8
87 Feb 9915 May
54 Feb 4
311 Feb 543 May
/
4
4
5312 Feb 4
3312 Feb 547 May
417 Mar 5
8
2814 Feb 3812 Dee
8412 Feb 4
5212 Aug 62h Jan
Industrial & Miscellaneous
41
41
41
41
41
41
*41
43
4012 4212 *42
43
2,200 Abitibi Pow & Pap
No par 3914 Mar 27 547 Jan 22
8
3614 Nov 85 Apr
7914 7914 *7914 80
80
80
80
80
80
80
81
82
1,400 Preferred
100 79 Apr 10 8358 Jan 7
78 Nov 10253 July
*121 128
120 120 *118 120
118 118
115 115 *1164 120
500 Abraham & Straus____No par 115 May 2 159h Jan 3
90 June 142 Dec
•1093 112
4
1093 1093 *1093 111 *110 111
4
4
4
110 110
1093 1093
780 Preferred
4
4
4
100 1093 Jan 18 112 Jan 2 109
Oct 11413 June
*740 745 .710 740
705 710
730 730 *710 739 *710 720
300 Adams Express
100 389 Jan 16 750 Apr 23 195
Jan 425 Dee
*92
957 *92
3
953 *94
8
95
*94
95
94
94
*92
9"
100 Preferred
100 92 Apr 3 96 Jan 3
93 Jan 9912 May
*27I4 2712 *2714 28
*2714 28
2738 29
29
29
2814 2918 2.500 Adams Millis
No par 273
8May 1 357 Jan 15
3012 Dec 3312 Dec
93
9412 9112 9512 944 10214 95 1047
8 90
95
82
9212 220.800 Advance Rumely
8May 1
100 48 Jan 29 1047
11
Jan 65 Sept
90
92
9212 100
10014 1094 10812 119
101 10912 84 10733 178,000 Preferred
100 5812 Jan 23 119 May 1
3414 Jan 693 Sept
27
8 3
4
278 3
278 3
27
8 3
278 3
27
3
8
5,000 Ahumada Lead
27 Apr 9
I
Vs Fen 20
2
/ Jan
1
4
1097 1107 11013 1147 11378 12138 11838 1227 1193 12912 1253 131
bh May
8
3
8
8
71,300 Air Reduction. Ine____No par 9518 Apr 10 131 May 3
4
4
59 June 9953 Dec
78 74
712 734
5
3
712 73
71.2 753
713 73
4
712 73
4 7,100 ..1Jax Rubber,Inc
No par
712 Apr 10 1114 Jan 2
712 Jul e 14h Jell
614 614
614 63
8
64 7
6l
64
612 714
65
8 714 11,400.Alaska Juneau Gold Min__10
4
53 Mar 26 1014 Jan 8
1
Jan
10 Nov
2014 2014 *20
2112 *19
21
*2012 203
4, 2
*19
20
20
200'Albany Pert Wrap Pap_No par
16 Mar 15 25 Jan 8
223 Dec 314
4
280 284
276 278
280 284
28014 286121 279 281
288 28912 10,700 Allied Chemical & Dye_No par 241 Jan 7 3055 Mar 1 146 Feb 2523 Jan
124 125 *121
4 Nor
____ *124
124 124 *124 125
12314 12418
700; Preferred
100 12014 Apr 8 125 Apr 27 12012 June 1275 May
8
195 195
197 204
203 206 *201 204
201 205
266h 212
7,700 Allis-Chalmere Mfg
100 166 Mar 26 205 Apr 24 11518 Feb 200 Deo
3
5 4 5 4 *5 4 6
,
,
6
6
6
57
618 *614 63
8 54
4
700 Amalgamated Leather_No par
512 Apr 25 1112 Jan 14
913 Oct 16h Ayr
*56
60
*58
60
*58
62
*58
*58
60
*58
60
60
1 Preferred
67 Apr 23 73 Jan 17
89 Mar 90
Apr
33
3318 323 334 323 33
4
4
3234 33
8
3212 3234 327 3433 12,300 Amerada Corp
No par 30 Feb 18 425 Jan 3
8
2718 Feb 4372 Nov
1614 161, 1618 1618 *1614 17
1614 1673 16
1614
16
1613 1,600 Amer Agricultural Chem__100 1413 Mar 26 235 Jan 15
8
1558 Feb 26 Nov
56
56
5412 5412 543 554 5514 5514 553 5512 55
4
5512 2,800 Preferred
8
555 Feb 797 Nov
100 5314 Mar 26 733 Jan 11
4
11912 12012 119 121
2
121 121 •119 120 *11912 120
120 124
2,400 Amer Bank Note
10 110 Mar 26 13414 Feb 6
74 4 Jan 159 May
,
*61
63
6114 6114 *61
623
61
4 6114 6114 614 6114 61
80 Preferred
50 60 Jan 3 6212 Apr 25
60
Oct 657 Jan
*1512 16
8
*1512 16
*1512 16
*1512 15 4 155 155 *1512 16
3
8
8
100 American Beet Sugar..-No Par
1514 Mar 25 2012 Jan 16
143 July 2412 Aug
4
•
45
*4518 50
50
*4618 50
*4618 50
*48
50 .48
50
Preferred
100 46 Apr 24 6014 Feb 5
36
Feb 615 Sent
5712 59
8
575 594 585 6318 6312 707
8
8
8 695 734 643 7112 198,100 Amer Bosch Magneto__No par 4012 Feb 14 7314May 2
8
4
1538 Feb 4482 Nor
5418 5418 5312 5412 5412 65
5412 5514 5312 54
5312 5312 3,300 Am Brake Shoe et F____No par 45 Jan 16 62 Feb 4
39h July 4918 Jan
*1223 125 *12234 123
4
12234 1223 12212 122 4'1223 125 *1223 125
,
4
4
4
140 Preferred
122 Mar 27 12612 Mar 21 120 Dee 128 June
100
2712 27 4 2618 27
,
263 2733 27
4
2818 2718 297
8 293* 31
34,900 Amer Brown Roved El_No par
4
1518 Jan 7 333 Apr 5
1053 Apr 264 May
88
8312 8812 8812 8812 8812 89
90
887 887
8 8813 89
8
410 P7eferred
100 493 Jan 7 943 Apr 12
8
4
4014 Apr 657 May
11014 14158 13734 1393 213912 14414 143 1453 14214 144
4
8
1433 14914 316,000 American Can
4
25 10734 Feb 18 14914May 3
7012 Jan 11712 Nov
14112 14112 14112 14112 141 141 *14034 1415 •141 14214 141 141
8
700 Preferred
100 14033 Feb 14 141h Jan 14 13634 Jan 147
99
093
8 98
984 9812 9812 09
API'
4 9918 997
993
8 9913 10012 3,2001 American Car Ss Fdy__No par 93 Feb 18 10618 Jan 3
8814 July 11112 Jan
•11613 119
11614 11614 117 117 *117 11712 117 117
11712 11753
500 Preferred
100 116 Apr 22 124 Jan 29 11053 Aug 13712 Mar
*7714 7712 7714 77 4 *76
,
77
*76
775
76
76
76
s 76
6001 American Chain pref
100 725* Jan 23 8512 Mar 13
71 Dec 105 June
54
5412 53 8 54
7
5414 5512 5612 573
3 57
584 583 595 16,6001American Chicle
4
8
No par 4634 Mar 26 59hMay 3
44 Dec 50h Dee
Prior preferred
No par 10912 Jan 2 11414 Jan 30 107
Jan 114 May
Amer Druggists Syndicate..10
9 Jan 25 11 Jan 2
-iEsT2
*40
42
41- -4078 4113 40 455- "io- 176- _ 1:400 Amer Encaustic Tiling_No par 35 Mar 26 478 Feb 25 1013 Dec 1512 Apr
340 340
340 341 '335 340 '331 338
339 339
339 339
800,American Express
100 280 Feb
409 Apr 8 169" Jan iio" )5i;
97 103
99 4 11112 110 11712 11012 117
,
11014 113
112 116 296,100 Amer & For'n Power___No par 754 Jan
1387 Feb 19
8
225 Feb 85 Dee
8
•10612 108
108 108
108 108 *10614 10712 107 108 *107 108
700 Preferred
Napa 10412 Apr 9, 10812 Feb 14 10434 June 110 May
903 91
4
0112 93
9318 ppg 92
93
9134 9212 92
923
4 8,800 2d preferred
No par 88 Apr 9 103 Feb 21
81
Feb 100 Sept
*7
712 *7
8
*7
712 *7
712 *612 712 *613 712
American Hide & Leather.100 3014 F pr
6 4 Aeb
10 Jan 2
84 Oct 153 Feb
*3012 3112 303 303
8
4
4 317 3178 *31
8
32
32
*3214 34
32
500 Preferred
100
38 Jan 2
31 Nov 673 Feb
8
803 8114 7912 81
4
797
3 793 80
7973
8
7913 80
*7918 797
8 3,000 Amer Home Products__No pa
75 Jan
4
Ja n26
Feb 86 No•
59
*3912 4012 3912 395
8 3983 4018 40
4018 393 438 4214 435 36,600 American Ice
8
8
No pa
38 Mar 2
,
28
4334 Pei
8558
Jan 46h Aug
*9312 95
93
93
02
92
*30
94
*90
9413 *90
300 Preferred
9412
100 9012 Feb 11 96 Mar 6
90
Jan 9912 Ma,
6318 657
8 537 66
8
65
6612 654 678 675 715
8
8 695 723 165,000 Amer Internat. Corp___No pa
8
4
5753Mar 26 7614 Jan IS
64 65
8
612 74
74 754
753
7
7
718
9,600 Amer La France & FoamIte_10
7
7
6 Mar 26
8 8 Jan 10
7
514 Jan "ilia "Zia
6014 6014 *6114 65
*61
63
*63
65
*63
65
10 Preferred
65
100 6018 Apr 13 75 Feb 21
56
117 11734 115 1104 117 1177 11718 11812 *63
Jan 8512 Oa
8
1174 118
11714
9,900 American Locomotive_No pa 1023 Feb 18 123 Mar 18
8
87 June 115
•11712 1181 1184 11814 *11712 11812 11752 11812 *117 118 *117 119
Jan
300 Preferred
118
100 113 Jan 3 118121.1ay 1 10314 Oct 134 Mar
3
*153 158
150 152
154 154
15234 157
155 157
165
1,800 Amer Machine & Fdy__No par 150 Apr 29 199 Mar 6 12912 June 18354
•109 112 *109 112 *109 112 *109 112 *109 112 *109 157
Deo
112
Pref (7) ex-warrants
110 Mar 11 11612 Jan 12
58
5814 58
J'
5812 59
60
593 613
5934 807
4
8 60 6012 12,300 Amer Metal Co Ltd___No par 5512 Mur 26 813 Feb 6 110 Dec 116
4
*116 121
39 Mar 633 IN..
1153 1153 117 117 *116 120 *11712 120 *11712 120
4
4
4
200 Preferred (6%)
100 115 4 Apr 20 135 Feb 6 105) Aug 11712 May
,
7312 744 *72
7313 73
*7212 77
77
72
72
75
75
280 Amer Nat Gas pref____No par 67 Apr 4
1/814 Jan 7
*7
912 *7
963 Dec 993 Nov
4
9
4
*7
9
*7
9
*7
9
*7
818
American Piano
6i2Apr15
No par
177 Jan 31
8
*394 40
123 Jaw 25 Feb
4
397 40
8
*38
39
*36
40
*36
38
*36
120 Preferred
100 36 Apr 25 55 Jan 31
10412 105
103 10612 1064 1093 10712 1093 108 1087 10712 38
38 Dec 90
Jan
4
4
8
4
10012 10013 10014 10013 10018 1003 10018 10012 10014 10014 10018 1093 18,900 Am l'ower & Light_ ___No par 8118 Jan 8 120 Jan 30
6214 Jail 95 May
8
10014 2,100 Preferred
No par 937
sMar26 105 Feb 28 10012 Dee 10714 May
*745 75
8
*747 75
8
745 7453 *748 75
8
7412 7412 *7412 75
200 Preferred A
No par 73 Jan 7 80 Feb 13
1 807 8114 803 8118 803 80 4 803 8114 814 818
• 8
7018 Nov 7712 Nov
4
4
,
4
8 81
8112 1,900 Pre: A stamped
No par 79 Mar 26 84 4 Feb 15
,
814 Dec 8614 Nov
*18412 187
18358 18438 184 185
18738 191
198 200
202 204
2,600 American Radiator
2. 165 Mar 261 210 Jan 15! 13018 Jan 19112 Dee
457 4613 4538 4618 4534 47
8
4714 50
4
9473 52
51
5253 144,300 An, Rad & Stand San'ry No
44 Apr 10 52hMay 3
Pa
180 184 4 180 1843 180 1833 178 184
,
4
4
182 18214 181 188
10.800 Amer Railway Express._.i00' 12978 Jan 16 188
May 3 11013 JaIl 143 'fie;
54
5512 5314 567 *55
8
5512 5412 543
8 537 56
3
54
567
8 5,400 American Republics___No pa
44 Feb 18 643 Jan 2
4
*6512 66
*6612 667
5114 Feb 85
6718 665 67
Apr
8 66
8
6612 67
67
67
2,000 American Safety Raxor.No pa
62 Mar 26 74/4 Jan 31
3812 3812 3813 387
66
38
Jan 747 Sept
8 38
*38
39
38
3818 3712 373
4 1,600 Amer Seating v to
32 Feb 16 4I7 kiar 15
/
1
4
No Da
,
438 44
418 418
418 413
414 414
414 41
2753 Nov 45 May
418 44
1,800 Amer Ship & Comm....No pa
35 Jan 2
8
7 Feb 5
*85
8612 867 87
87
85
312 Aug
6h May
8
87
877
8 S7
87
87
88
700 American Shipbuilding_ ___100 85 Apr
104 2 106
,
1033 10512 10514 10913 10913 1125 1095 1113 10914 111
80 Sept 119
4
Jan
8
8
4
90,300 Am Smelting & Refluing__100 9312 Jan 29 94 Jan 24
16 1243 Mar 1 169 Feb 293 Dee
4
1361,3 13618 *136 13614 13613 13612 13613 13612 1363 1363 x135 136
8
8
1,400 Preferred
100 135 May 3 138 Jan 4 131 Mar 142
*196 199 •196 199
19834 19834 196 19712 *198 1973 *197 199
Apr
4
309 American Snuff
10 19312 Mar 26 206 Feb 1 141
*100 10312 *100 10812 *100 10812 *100 106
Jan 210 Dee
109 109 *10812 110
10 Preferred
66
67
Oct 120 June
6678 677
6618 6518 6613 66
3 66s 688 883 698 14,200 Amer Steel Foundries... 100 108 Feb 13 112 Jan 24 100
8
No pa
62 Mar 26 797 Feb 4
11114 11114 11113 11112 11114 112 *11214 11212 11112 11112 *11112 118
8
504 June 703 Jan
8
150 Preferred
10 11013 Jan 4 114 Mar 13 109 June 120 Feb
*7918 8012 7918 SO
80 3 803
,
8 80
8118 79
79
7912 797
8 2,900 Amer Sugar Refining
100 7112 Apr 5 943 Jan 25
*107 1073 •107 1075 107 107 *1063 1075 10714 10712 *106 107
4
55 Feb 9312 Nov
8
3
4
8
300 Preferred
100 10512 Apr 8 111 Feb I 100 Feb 11012 May
4812 4812 48
483 *4714 4814 *4714 4814 4718 4814 474 483
4
4 3,000 Am Sum Tob
No pa
45 Apr 9 60 Jan 7
/
1
4
26
46
Feb 7358 Sept
*25
26
*25
27
2714 /..26
4
26
263 263
4 2612 2612
400 Amer Telegraph & Cable__10
17 Jan 2 327 Mar 25
230 232 4 229 231 4 231 2341 2284 2325 225 228
8
Jan
1714 Dec 32
,
,
8
22612 2283 41.500 Amer Telep & Teleg
4
100 19314 Jan 8
1023 163
4
16213 1623 16212 16212 1623 1623 162 164h 165 168
4
4
4
4,900 American Tobacco corn......5 160 Mar 26 23512 Apr 23 172 July 211 MAY
18612 Jan 28 152 June 1843 Deo
164 165
8
16412 16512 16338 165
16312 1633 16212 1643 165 169
4
4
7,900 Common class B
50 16014Mar 26 188 Jar 24 152 June 18472 Nov
120 120
120 120 •1193 120
8
1197 120 *1193 120
4
4
1193 1193
4
700 Preferred
10 11812 Mar II 12114 Jan 15 1153 Sept 126
•147 149
4
Apr
146 14712 1483 1513 15114 15212 1514 1523 15212 1534 3,600 American Type
4
4
Founders-100 13612 Jan 5 165 Jan 31 1097 Aug 1424 Nov
8
108 108
108 108 *10812 109 3
'10812 109 i 10812 10812 109 109
110, Preferred
1
100 10713 Jan 8 112 Apr 5 107 Nov 115 Mar
84
84
8314 8613 8612 897 28712 893
8612 87h 27,600 Am Wat Wks & El
3
4 867 88
8
No par 6714 Jan 8 94 Mar 2
*10018 10212 *101 10213
52 June 7612 Nov
*101 10218 *10112 10212'*102 192h *102 10218
I 1st preferred
97 Jan 3 104 Jan 28
19
Oct 106
Apr
98
197
8 19 4 21
,
204 21 4 2014 203
8 204 21
,
4 203 213
4
7,100 American Woolen
100 18 Apr 26 377 Jau 3
14 July 32h Nor
45
8
47 4 4712 49
,
4814 49
8 4914 50h 11,600 Preferred
49
43
482 497
100 4318 Apr 23 585 Jan 2
*1034 12
4
39 Aug 653 Nov
8
1058 105 *1053 12
8
*1113 12
*11
12
11
11
200 Am Writing Paper etts_No par 1014
10(2 June
1912 Feb
*40
Mar 28 1514 Jan 21
403
4 39 4 40
,
*393 403 *393 40h *393 403 *393 403
4
4
4
GOO Preferred certificate
4
100 393 Apr 29 46 Mar 2
4
34 June 533 Oct
33
333
4 32
33,
8 33
4 8,700 Amer Zinc, Lead & Smelt .25 3033
36
343 353
3612 3453 3614 35
63 Jar 57
8
Mar 26 4914 Mar 18
Oct
*96
977
8 96
9714 *95
98
983 *96
9813 1,000,
4
98
98
98
25 96 Apr 15 11114:gar 19
Jan 1177 Oct
40
8
14112 1433 1404 144 4 14214 14638 14318 1467 142h 14514 1433 145h 288,0001 Preferred
4
,
4
8
Anaconda Copper Mining_50 11514 Jan 15 1747 Mar 21
Jan 12014 Dee
54
8
*55 4 5613 553 55 4 *5512 56
,
,
4
561 20,000 Anchor Cap
55513 56
5612 5612 5612
No par 51 18 Mar 26 625 Feb 21
48 Dec 545 Dee
1183 1183 *11614 1183 •114 1183
8
3
4
4
4 *1157 120 *1157 118 *11418 118
3
8
1001 Preferred
No par 111413Iar
124 Mar I 10614 Dee 111 Dee
5218 53,
8 524 5414 5318 548
3
564 58h 151,900,Andes Copper Mining No par 4S Jan 25 6838 Mar 1
537 55
55
58
8
3618 Nov 56 Nov
31
3718 37 4 37
,
3712 37
3
37
3713
3814 39h 39
3973 7,600'Archer, Dan'is, klid'Id _NO par 31;14 klar 26 4912 Mar 4
5514 Feb 1127 Nov
•11412 115 •11412 115 •11413 115 *11413 39
8
11412 11412 11412 11412
115
1301 Preferred
Oct 11514 Mar
100 114 Jan 4 115 Jan 11 112
*8713 88 2 88
,
88
8713 873
4
88
*87
1,600,Armour & Co (Del) pref __.100 8512 Mar 26 95 Jan 30
4
863 Jan 9712 June
3
1212 12 4 1212 1278 1212 125
,
8 1212 123
4 1212 134 1213 12h 19,1001 ArnaourrBr fd
oe lilinots class A...25 1218 Mar 25 1818 Jan 2
1114 Jan 2312 Sept
7
7
64 7
,
634 7
834 7
6h
7
634 67 18.4600001
25
65 Jan
612 Mar 26 104 Jan 2
8
1313 Slay
.
78
7812 78
78
7713 78
78
*77
*77
78
78
Preferred
78
.100 7512 Mar 26 86 Jan 24
718 Jan 9112 June
•
25
25
254
25
25
2518 25, 2538 25
6 0 Arn eldre cerb
40
2518 2, 001 Artio e Colista ble Corp.)? par 25 Mar 25 4078 Jan 2
254 25
3514 July 51 4 Apr
,
25
•
*24 4 28
26
,
*2434 28
*2434 28
28
267 277 .27
8
8
.1!1 iib ) 241/ Apr 12 30 Feb 5
ar
(
2814 Dec 44 2 Mar
,
•96 • 100
*96 100
*96 100
*96 100
*96 100
I Preferred
*96 100
99 Deo 114 Mar
97 Apr 5 100 Jan 4
•Bid sad asked prices, no sales on this day. z Ex-dividend.
y Ex-rights.
2955
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday, I Monday,
Apr. 27.
Apr. 29.
Tuesday, 'Wednesday,
May 1.
Apr. 30.
Thursday,
May 2.
Friday,
May 3.
STOCK
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
PER SNARE
Ranee Since Jan. 1.
On Denis of 100
-share lets
Lowest
Highest
PER SHARI
Rangefor Previous
Year 1928
Lowest
Highest
S Per share $ per share 5 per share $ per share $ per share 5 per share Shares Indus. & laical. (Con.) Par $ per share I $ per share $ per share $ Per shaft
251 Jan 34% Apr
:
8
600 Art Metal Construction- 10 273 Mar 26 307 Feb 4
*288 2878 2812 2812 *2812 288 2814 285
8
8 2812 2812 2812 2812
4014 June 7512 Dec
No par 50 Mar 26 705 Jan 10
52
52
5614 5512 567 36,800 Assoc Dry Goods
5312 5218 53
8 51
5238 5018 517
8
100 100 Apr 4 107 Jan 15
9912 Aug 1134 Apr
First preferred
*98 102
*98 102
*93 100
*98 100
*98 100
*98 102
25 43 Feb 11 4714 Apr 5
3712 Feb 533* Sept
*4478 4514 447 447
220 Associated 011
45
45
45
4514 45
8
8 4518 4518 *45
3718 Feb 594 May
5912 5912 5818 607
593
4 593 6012 5912 598 6,600 At! GI & W I S S Line_No par 3218 Feb 16 6212 Apr 24
8
8 585 5918 59
4
38 Feb 654 Oct
4
100 453 Feb 11 593 Apr 23
58
58
800 Preferred
58
583
8 5712 58% *5612 5812 *5612 5812 57 57
25 5312 Jan 29 68 Jan 2
50 Nov 6611 Dec
62
6512 6212 643
8 6512 6712 65
4 6414 665
655
8 6518 678 387,100 Atlantic Refining
100 114 Apr 16 11718 Jan 11 1144 Sept 11814 Jan
*11412 116 *11412 116
Preferred
116 116
10
83
Jar 114 Doe
No par 90 Apr 15 113 Jan 2
*94
*94
96
1,000 Atlas Powder
-66- --- -96T4 - - -6§- 16*94
96
96
6i
9
100 100 Mar 13 1064 Jan 14 102 July 11012 May
102 102 *101 102
102 102 *101 102 *101 102
70 Preferred
102 102
1738 June
1018 Feb 25 158 Apr 26
814 Jan
No par
1518 1512 1512 153 *1512 158 1512 153
4
4 1512 154 1514 1514 3,200 Atlas Tack
94 May
53 Apr 8 10 Jan 11
4
48 Jan
63* *612 64
9,300 Austin, Nichols & Co_No par
6
6 18
6
63
8 612 *612 6% *614 67
39
Jan
25 July
•34
36
36
36
36
36
1,600 Preferred non-voting____100 32 Mar 14 4218 Jan 14
*36
40
*3612 40
*36
39
58 May 3 65 Jan 8
58
Oct 75 May
*6112 62
*58
61
*5312 65
100 Austrian Credit Anstalt
*58
65
58
58
*58
65
341 Noy
4
612 Jan
No par 2218 Feb 15 353 Apr 8
3058 305
8 2918 3018 3012 313
3018 323
8 3018 31
4 3112 3418 10,900 Autosales Corp
7
41 Nov
25 Aug
*40
50 3614 Mar 4 43 Jan 23
41
40
40
200 Preferred
*38
39
394 394
38
401
*38
39
43
Oct 5211 May
*4518 4512 4514 4514 *4518 4514 *4518 4511 *4518 4
200 Autostr Saf Hazer -A"_No par 4314 Jan 10 50 Jan 1 1
814 4518 4518
242 242 *242 248 *245 248
1,100 Baldwin Locomotive Wks_100 225 Mar 2 271 Mar 22 235 June 285 May
24812 251
248 249 *245 250
4
Oct 1243 Apr
*120 12114 *120 12183 11938 120
1
100 115 4 Jan 4 125 Apr 3 115
80 Preferred
12118 1213 11912 11912 *11912 121
4
:
:
100 Bamberger (L)& Co pref 100 10814 Jan 2 1101 Feb 1 10714 Nov 1117 Jan
•1083 10914 *10834 10914 10914 10914 1087 109 *1083 10914 *10834 10914
4
4
8
267 Aug 3514 Dee
8
4
•28
No par 2812 Jan 14 333 Jan 23
30
*28
Barker Brothers
30
*25
*26
28 *__ __ 28
*263 28
4
2612
917 Dec 10112 June
4
100 893 Jan 19 97 Jan 28
*92
93
*92
93
100 Preferred
92
92
93
*92
*92
*92
93
93
2312 Aug 52% Feb
17
No par 1312May 3 2914 Jan 15
17
167 1714
8
1612 17
*16
1612 *1312 1612 1312 1312 1,300 Barnett Leather
20 June 53 Nov
4314 438 43
25 3818 Feb 18 4678 Jan 3
433* 4314 448 437 4j 8 4314 4414 4312 45
61,000 Barnsdall Corn class A
7
20 Jure 514 Nov
*43
25 33 Feb 16 49 Feb 2
46
*43
46
*43
46
- __
-- ---98 June 14012 Mar
No par 90 Apr 29 11384 Jan 25
*90
95
90
09- -- -0 Ba yur
9212 *91
Cla Cigars, Inc
1:504 97
*92- - - -923 - - -99- - 93
95
•102 103
100 10112 Apr 25 1068 Jan 29 10312 Dec 1103* Mar
102 102
120 First preferred 10158 1015 10112 10112 103 103 *102 103
8
1214 Mar 241: Dec
23
No par 20 Feb 7 2812 Jan 8
2314 2212 23
3,400 Beacon 011
233
8
223 223
4
4
4 225 2318 23
4 223 223
70 8 July 10114 Dee
3
4
20 813 Mar 26 101 Jan 12
*86
88
85
854 2,700 Beech Nut Packing
8412 85
85
85
86
8512 *8512 86
Jan
12 Dec 22
4
•1414 15
*141 1512 1418 16
8
1512 3,000 Belding Hem'way Co__No par 1118 Feb 13 173 Apr 18
1514 15
153 153
4
4 15
825 Sept 921t May
8
*813* 82
700 Belgian Nat Rys part pref____ 81 Jan 29 84% Jan 3
8212 8218 8212
*8112 82
4
4 82
811 81% 813 813
4
Oct
14
53 4 Jan 102
1
No par 75 Mar 26 9312 Jan 3
8814 8814 8718 9112 9014 913
9112 9318 17,400 Best & Co
92
4 90
4 9014 913
51% June 883* Dee
11012 11134 1085 1105 1095 1133 11214 11412 11118 1123* 1113* 11212 151,800 Bethlehem Steel Corp____100 8218 Jan 31 11818 Apr 22
4
8
Apr
11818 11914 118 1193* 118 1187 11718 118
118 118
3,700 Beth Steel Corp pf (7%)_100 11684 Mar 27 123 Jan 11 11618 June 125
118 118
8
No par 4214 Jan 21 617 Apr 5
333* July 50 Sept
*5414 558 54
4,800 Bloomingdale Bros
5112\ 5314 53% 54
495 51
8
5018 54
557
100 10812 Apr 1 111 Jan 16 10912 Jan 11114 July
*10714
Preferred
__ *10714 ____ *1074 ____ *1074 ____ *10714 ____ *10714 ____ ______
87 June 122 Dee
100 97 Feb 15 118 Jan 2
*105 110 *104 110 *104 110 *104 110 *104 110 *104 110
Blumenthal & Co pref
:
654 Jan 851 Dec
No par 7812 Mar 25 8912 Jan 12
*8214 84
8 2,700 Bon Arni class A
83 8314 844 8414 8414 8412 8412 883
83 83
121 Nov
:
714 73
54 Jan
6 Mar 26 111 Jan 2
4
7
7
718 71
No par
718 718
7
8 '71s 7 8
800 Booth Fisheries
73* 73
4114 Mar 724 Noy
100 45 Apr 10 6314 Jan 18
*49
5112 *50
5112 *464 5112
52
5112 *48
*50
527 *49
1st preferred
Jan
4
50 17412 Jan 8 2033 Feb 5 152 June 187
188 190
18712 18712 1864 188
188 1903 18714 188
4
188 188
3,400 Borden Co
8% Aug23 Jan
1018 1018
*1018 11
*1018 12
*1014 12
*101 12
8
100 Botany Cons Mills class A-50 10 Apr 24 154 Feb 11
*10
12
1
2118 Feb 83 8 Oct
4514 4612 445 468 454 483
4514 4712 163,500 Briggs Manufacturing_No par 3314 Mar 26 631 Jan 3
8
4712 4812
8 4814 50
118 Jan
678 Jan 28
35 Apr 18
8
100
94 May
3 8 37
7
*33
4 4
*33
4 4
400 British Empire Steel
33
4 334 *312 4
*33
4 4
53 Jan 14 1311 Jan 28
12 Feb
*612 7
214 Jan
100
3
4 *612 7 4 *612 7
3
2d preferred
*
612 712 *612 7 4 *612 73
451 June 75% Noy
:
54
5412 53
52
528 517 54
54
52
54
21,000 Brockway Mot Tr____No par 51 Mar 27 7378 Jan 2
5158 53
*108 125 *106 120
100 106 Apr 30 145 Jan 2 110 June 150 Nov
106 106 *1073 122 *1073 122 *107 122
4
4
100 Preferred 7%
4
•300 340 *305 340 *310 340 *300 345 *300 340 *300 340
100 300 Jan 2 340 Jan 5 2081 Jan 325 Noy
Brooklyn Edison Inc
•179 180
4
180 18112 18112 185
17714 17714 179 181
No par 170 Apr 9 20011 Jan 28 139 June 2033* Nov
1834 1868 11,400 Bklyn Union Gas
:
44 Dec 551 Apr
*4214 44
4214 4212 *42
4212 4212 4214 4212 1,000 Brown Shoe Inc
44
4312 *43
No par 38% Apr 4 47 Jan 2
Jan
*11714 11712 *1174 11712 *11714 11712 *11714 11712+11714 11712 11712 11712
100 117 Feb 7 11912 Feb 18 115 Nov 120
10 Preferred
4518 4534 4514 453
4538 46
2712 Feb 623* Sept
4
4 453 4612 453 4612 46
4
48
15,600 Bruns-Balke-Collander_No par 42 Mar 26 5514 Jan 18
4
241 Feb 481 May
:
3318 3312 33
8
8 333 34
3314 3312 347
10 323 Mar 26 423 Jan 5
8
334 3314 338 3418 5,000 Bucyrus-Erie Co
*43
4312 4258 4312 425 448 4312 44
333 Feb 5458 May
10 413* Mar 26 50 Feb 5
4212 423
4 425 43
8
4,000 Preferred
Apr
•11418 ____ *11418 ____ *11418 ____ *115
100 112 Jan 3 117 Apr 25 11014 Mar 117
___ *115
____ *115
____
Preferred (7)
•108 10912 *106 118 *10814 110 *108 10818
Oct
9312 Feb 127
par 10712May 3 127 Jan 11
700 Burns Bros new clAcomNo
1073 1073 10712 10712
4
4
8
157 Mar 103 433* June
Apr 16 39 Jan 14
30
*291 30
8
30
*291 30
8
*29% 30
*295 30
8
30
3 0 New class B com__ _-No pa
6 0 proforrod
0
30
% June
97% Feb
*99% 102% *991 10314 100 100
8May 3 10514 Jan 7
8
100 995
*9958 100
*99% 100
995 99%
8
Jan 249 Dec
28614 28614 288 288
285 28612 2,300 Burroughs Add Mach_No par 234 Jan 16 29712 Apr 12 139
2848 285
28414 29014 286 288
50 June 88 Des
8418 6418 641* 6512 64
4
6414 63'2 6414 665 668 6412 644 2,000 Bush Terminal
No par 601 Apr 17 8918 Feb 2
8
108 108
10812 10812 108 1083 108 1087 1073 108
100 10412 Apr 19 11012Mar 2 1047 Aug 115 May
4
106 108
4
8
240 Debenture
:June
11412 11412 *11312 11412 *11312 11412 *11312 11412 *11312 11412 *11312 11412
100 110 Mar 22 11812 Feb 19 111 Aug 1191
10 Bush Term Bldg. pref
163* May
4
8
812
812
81 Aug
812
*
8 Apr 29 123 Jan 4
812 812
818
81s1 1,500 Butte & Superior MinIng_10
814 812 *818 812
1214 Nov
418 Jan
91: Jan 3
'738j 3,100 Butte Copper & Zino
(Ps Apr 9
5
74 714
74 714
73
8
73* 712
7 8 73
3
712 758
4
3712 Dec 671: May
100 29 Mar 27 41 Jan 2
307 3112 3012 31
8
31
31
8 304 31
3012 301
3012 39341 3,000 Butterick Co
4
8
9011 Jan 2061 De
160 16314 15814 161
16012 16478 1638 16678 162 169
15912 165
19,400 Byers & Co (A M)-___2V'o par 134 Mar 26 1927 Jan 2
8
100 105 Apr 3 1291 Jan 26 108% Apr 118 Del
11014 112 *11014 112 *1103 112
*11014 112
11014 1104 *11012 112
4
10 Preferred
65 Mar 122 Dec
4
118 12012 118 12012 11934 1223 120 1244 12014 123
4
121 1224 11.200 By-Products Coke----No par l04'sMar2S 1291 Jan 25
684 June 8253 Sept
8
7584 7712 774 7814 777 78 8 77
77
765 79
8
775 8012 23,400 California Packlng____No par 7218 Mar 26 815 Feb 27
2514 Mar 36 Sept
4
*27
25 263 Mar 2 30 Apr 3
30
*27
30- *27
*27
*27
30
*27
30
30
30California Petroleum
Ps Apr
I% Mar
4 Jan 22
212 Apr 10
10
212 212
2% 25*
*212 214 *25* 214
212 25
8 3,300 Callahan Zinc-Lead
212 23
4
89 Feb133 Nov
8Mar 1
8
8
134 1354 13314 137
4
135 13612 13412 1365 1353 13634 13258 1358 20,600 Calumet & Arizona Mining_10 12114 Jan 7 1425
2018 Jan477* Nov
25 421e Mar 28 6178 Mar 1
4514 46
4518 468 _4512 4614 4658 478 4514 4614 4512 4618 23,200 Calumet & Hada
8514 84
854 8788 84
87
547 Jan 8612 May
8
4
8534 20,300 Canada Dry Ginger Ale No par 78 Jan 4 893 Mar 19
8512 8612 8418 8514 '85
43 Dec 50 Sept
No par 38 Mar 25 4812 Jan 3
427
3812 39
3812 3812 38
6,300 Cannon Mills
4414 42% 4312 42
3814 33
Jan 515 Nov
410 410 *405 420
435 440
425 432
415 420
429 429
1,700 Case Thresh Machlne____100 390 Apr 16 509 Jan 2 247
:
•120 129 *125 135 '
100 122 Apr 4 130 Apr 18 12012 Dec 1351 Mar
125 125 *120 129
5120 129 *120 129
100 Preferred
3814 Dec 3912 Dec
1,200 Central Aguirre Asso_ _No par 3112 Mar 26 4814 Jan 30
37
37
38
3718 3712 3712 3712 3718 378 *37
3
8
38
2818 Mar 4818 Dee
46
4638 4518 46
473 493 54,400 Central Alloy Steel____No par 4012 Mar 26 524 Feb 1
8
46% 47% 455* 4714 4538 48
Jan 11114 May
•110 11112 *110 11112 *10912 11112'
4
111 111
100 1053 Apr 2 11212 Jan 28 107
5110 11112'110 112
10 Preferred
Oct
1712 *16
8
11 Aug 24
1712 *16
*1412 1718
16
17
173 173 *16
1712
300 Century Ribbon Mille_No par 13 Mar 26 2012 Jan 2
*70
77 Aug 92 May
734 no
100 70 Apr 16 82 Jan 17
7314 70
7312 *6814
7312 *70
Preferred
10012 10112 101 1014 10114 10412 104 104% 1035 104 ;OP 1733412 15,600 Cerro de Pasco Copper_No pa
:
581 Jan 119 Nov
9614 Apr 17 120 Mar 1
8 731'
2218 2218 2218 23
2214 2284 2212 2212 2338 2512 257 263 13,200 Certaln-Teed Produas_Ne par 1612 Apr 10 2858 Jan 2
231s Dec 6458 Apr
8
4
*55
64
*55
75 Nov 100 May
*55
60
4712 Apr 12 8112 Jan 11
*55
60
*55
60
*55
60
65
10
preferred
rerred
o fe
65
:
1
64
65
661
64
7011 Oct83 Dec
67
66
65
65
563 Mar 28 924 Jan 31
4
681
65
65
No pa
4 2,700 Cer C
7a
512 Feb 24 Noy
Chandler Cleveland MotNopar 20 Jan 24 23 Jan 11
No par 2212 Jan 11 2214 Jan 18
Certificates
s
14 Mar 377 Dec
No par 36 Mar 7 41 Jan 29
---- ---Preferred
certificates
No par 37 Jan 9 40 Jan 14
-12 -iE8 873* 12.400 Chesapeake Corp
-iit- IA -ili- Ii7- -ggTs ii/ -ii- iii- -ii- ii
623* July 8118 Jan
4 3178 3178 30 3034
No par 7812 Mar 26 90 Apr 8
.
4
32
317 32
8
313 3218 32
3218 3218 1,300 Chicago Pneumat Tool No par 2814 Mar 26 35 8 Jan 25 111 Aug 17318 Dec
7
514 51
*51
5218 51
51% 5014 505* 5114 52
5218 5218 2,500 Preferred
No par 481* Mar 27 5614 Jan 11
3312 3312 3312 3212 3212 *32
•32
8
3212 *32
297 Aug 43 Jae
33
*32
33
1,40 0eh.cotto nahn_ _No par 30% Mar 28 36 Jan 7
20 C lickgohY llo w C o
a
ae
*4212 4234 4212 4212 4212 425
4312
8 4212 4212 *425 4312 43
45 Dec 5618 Oct
8
10 4012 Apr 2 50 Jan 2
587
584 595* 57
5518 578 56
37 Apr 64 Dec
5712 5512 567
58
8 56
8
607 Apr 24
8
No par 447 Mar 2
11,500 Childs Co
10212 104
104 104
104 104 *104 10614 104 104 *102 1037
373 Mar 74% No.
8
12712 Mar 21
8 4,000 Chile Copper
25 7114 Jan
Jan
110 *100 110 .100 110 *100 125 *100 115
100
5
7
% rsec
on
2
Feb;ao 4
, ,
o lm 123 gr 15 •
ia;
tle
; ow n
100 Strys e Bj ro tern ctilkVo ;
931 9512 934 95
4
'
1
931s 9512 9312 95% 93
9414 93
94% 162,
8
4912 4918 491 495g *4914 51
5114 Jan 5414 June
4912 4912
*4913 51
*4912 51
140 City Stores class A__-_No par 4912 Feb 25 52 Jan 2
22
23
221 23
8
2218 2212 22
2238 2178 22
217 22
27 Feb 4
r 2012 Mar 2
4,500 New_
No par
603 61
4
61
603 61
4
61
61
61
6012 61
61
6214 2,500 Cluett Peabody & Co-NO
72% Jan 3 "tioi, Dec iiiii4 -iii
6012May
4
*110 115 *110 1123 *110 1123 *110 11514 *110 112 *110 112
4
:
100 110 Mar 27 119 Jan 3 1111 Dec 124% Mar
130
1293 130% 13012 13114 12912 130
4
129
•130 131
130 13012 3,500 Coca ColaCo
140 Feb 5
No par 12314 Mar 2
,iiii
6312 653
8 633 64
6114 62
61
615
4
6234 638 62
444 Dec iiii. 63
7214 Mar 14
par 50 Jan
12.400 Collins & Alkman
*97
9812 *97
Jan
98% *97
98
9818 97
*97
97
90 Nov 109
*95
97
200 Preferred non-voting___100 93 Jan 3 10312 Feb 6
68
71
6912 6712 68
67
674 6514 6714 69
5218 June 841: Jan
663 6814 12,700 Colorado Fuel & Iron
100 59 Mar 26 7812 Mar 8
147 15458 15212 158
4
1451 1464 143 147
4
153 157
79 June 1341 Dec
155 1593 44.500 Columbian Carbon v t cNo par 12114 Mar 26 1593
3
4May
6512 693
8 6614 68
6012 6112 593 6318 6318 67
65
66% 286,700 Colum Gas & Eleo____No par 5312 Mar 26 693
8May
en
8
11071g
103 s 1037 *1037 10412 10412 10412 1047 105
7
10414 1047 *10414 10414 1,300 Preferred
s
8
8
8
I
8
100 1037 Mar 21 1077 Jan II 10312 June i e la e
824 873
8 8012 8712 77
84
8018
803
8 76
827 88
8
7918 1229600 Columbia Graohophone
61 Dec 84% Nov
644 Mar 26 88% Jan 9
Nov
514 5218 534 36,7N
5114 5238 51
5112 5212
5214 5014 53
21 Feb 71
51
Credlt____No par 43 Mar 26 6258 Jan 2
n434 25 2434 2434 *2414 25
*241 25
4
*2414 25
23 Feb 27 Ma
*2414 25
25 2412 Jan 2 26 Jan 9
4
4 253 253 *2512 252
28 Des
4
4
14 *2512 254 *2512 251 *2512 253
23 Feb
*2512 25
:
30 Preferred B
25 25 Jan 21 271 Jan 30
98
98
98
97
9714 9714 98
971 98
4
85 June 107 Nov
974 98
983
4
400 let preferred (854%)-100 9518 Apr 1 105% Jan 24
160 16058 158 1593 15912 161
8
4
55 Mar 1407: Nov
15314 1564 15312 158
15618 158
7,600 Comm Invest Trust--_No par 13112 Jan 2 195 Feb 4
Jan 109 May
99
•10214 10414 *10214 10414 *10214 10414 *10214 10414 *10214 10414 *10214 10
100 1014 Mar 27 109 Feb 5
preferred
414
9412 9412 9312 9312 *9118 9512 *9118 9412
92% June 9812 505
92
*82
*9412 97
100 93 Mar 15 99 Ja1128
200 Pefrgd
S)
45
45
*44
4214 43
30% Des
45
45
618 Aug
*42
45
*45
49
45
100 2714 Jan 7 62% Feb 4
1,100
Warrants
359 361
350 357
344 360
8
338 341
35712 361
338 342
8.800 Commercial Solvents_No par 22514 Feb 18 361 May 1 1377 June 2504 Nov
6214 Jan 1101: Dec
1454 152
142 14314 140 14214 142 1444 142 1434 14214 147
29,400 Commonwealth Power_No par 10714 Jan 7 152 May 3
Oct
68
*68
70
48
Jan 84
68
70
*68
70
70
70
70
68
68
600 Conde Naar Publica___No par 68 Apr 25 93 Jan 19
8 25
24
2538 247 253
2614 2518 257 33,700 Congoleum-Nairn Ino_No par 2212Mar 26 363 Jan 28
2334 24
2334 237
22 June 3112 Apr
4
8
7912 7814 7812 7818 79
87 Feb 8714 Dee
*79
81
7914 7914 79
78
79
No par 78 Mar 26 92% Feb 6
1,400 Congress Cigar
*3
4
1
11: Feb 7
33* May
% Apr 6
"4
7
8
14 Jan
3
8
1
"4
7
8
*1
3
1
200 Conley Tin Foil etpd_No par
*3
4
1
*8512 8612 855* 855
8612 87
*8612 87
*8512 87
791 Jan 100 Des
:
8 855 8814 3,11?3 Oonsolr pret Cigar
No par 81 Mar 26 9614 Jan 2
8
o ldated
7 *93
94
94% Oct 102% Apr
93
*93
•___ 92
_
93
94
100 9012 Mar 27 96 Jan 7
93
94
9312 93
2914 2814 29
23 July 2918 Sept
1
29
2818 2818 2712 29
2814 283 6 : o Sonsolglm
4 8 8goo
28% 29
Ind pref_No par 25 Mar 26 30 4 Apr 23
i a
109 11012 1091 11112 1114 1153 345
108 1091 10514 108
Aug 1704 Ma,
4
8
(NY) No par 9512 Mar 26 11812 Jan 26 y74
8
10712 110
9714 Aug 105 Mat
8 99
9912 9912 9918 994 99
9918 9918 994 5,900 Preferred
No par 9811 Jan 2 10018 Mar 25
9918 993* 991
.9934
..i00
lg
colyruextterclal
• Bid and anted priers; no sale on this day, t Er-dividend of 100% In num 11009
s Es-dividend
I, Ez-rights
Ez-div and ez-rtghts.
11,1,,
2956
New York Stock Record-Continued--Page 4
For sales daring the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Ayr. 27.
Monday,
Ape. 29.
Tuesday,
Apr. 30.
Wednesday, 1 Thursday.
May 1.
May 2.
Friday.
May 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Ian. 1.
On toasts of 100
-share lots
PER SHARI
BMW for Prelims
Year 1928
Lowest
Highest
Lowest
litabeal
$ per share $ per share $ Per share $ Per share $ Per share $ per share Shares Indus. & Mace'. (Con.) Par $ per IWO i per share
$ per share I per share
312 312
35
8 358
312 312
33
33
34
34 8,100 Consolidated Textile_No par
38 312
3 8May 1
5
63 Jan 15
8
24 Aug
612 Den
16
1658 163 163
4
4 165g 165
8 16
1812 •16
1614 2,200 Container Corp A vot__No par 1438 Apr 20 2312 Jan 9
1612 16
20 Nov 36 Apr
818 812
8
83
8
814
818 84
8
8
2,300 Class B voting
74 8
3
No par
6 Apr 20 1112 Jan 2
98 Oct 191 Apr
4
74
7
7514 72
74
7312 74
73 k 77
747 78
784 7912 30,900 Continental Baking()IAN° par 474 Jan 8 7912May 3
2812 Apr 5312 Jab
1114 1138 11
1132 1114 115
113 1218 115 1312 123 14 149,800 Clam B
8
4
No par
814 Jan 8 14 May 3
334 Apr
911s Dee
8 054 96
95 4 95 4 9512 957
9534 957
3
3
96
9618 9658 97
4,800 Preferred
100 8812 Jan 2 97 Jan 18
73 Apr 964 Jab
7518 75 4 7318 741
3
7412 78
2743 783
4
8 747 757 1/7412 7612 51,300 Continental Can Ino_No par 60 Jan 19 8018 Mar 22
53 Dee 1287 Sopa
125 125 *125 128 *125 12514 125 125
125 126 "125 126
300 Preferred
100 124 4 Jan 7 128 Feb 14 123 Jan 128 s Mar
3
*8412 85
*8412 847
84
84
•8212 8312 8212 844 8418 8418 4,000 Continental Ins
10 79 Mar 28 9412 Jan 14
75 Feb 945s May
2138 228
213 23
4
2212 2312 22
7 23
7
79,700 Continental Motors___No par 1718 Mar 28 283 Jan 21
2212 23
2212 23
8
10 Mar 2012 Nov
9812 1017
8 9618 994 9712 1003
4 974 99
9712 108,000 Corn Products Refining-25 8858 Feb 8 1017 Apr 27
97
9818 96
643 Jan 94 Nov
8
*1413 1423 14112 1413 14112 1414 14112 14112 1413 14158 14138 1413
4
4
4
640 Preferred
8
8
100 14114 Feb 28 1443 Jan 19 13812 Jan 14644 Apr
4
6314 644 6118 6312 6212 6412 63 635
/
1
8 627 65
8
8
6338 647 36,400 Coty Inc
No pox 51 Mar 26 8214 Jan 28
625 Dec 897 Nov
8
8
3818 4038 3938 4038 38
3818 3218 383
6,200 Crex Carpet
8 3312 3512 35
35
100 2238 Jan 10 575 Apr 17
8
1212 Sept 27 Nov
*95
97
*9512 97
*9514 97
954 9514 9538 9558 *9512 97
60 Crown Will Pap 1st pf_No par 9514May 1 10114 Jan 18
9612 Jan 10514 001
*2012 2112 19 4 2012 207 207 *2012 2112 2012 2012 2112 213
3
8
8
900 Crown Zellerbach
No par 193 Apr 29 25 4 Jan 9
4
4
3
2314 Dec 263 Nov
4
8914 89 8 89 89
3
8914 91
90
9018 9012 2,600 Crucible Steel of America_100 85 Mar 26 94 Jan 11
903 "9012 91
4
6914 July 93 Feb
*110 115
110 115
110 115
110 115
Preferred
109 115 "110 115
100 109 Jan 8 1163 Feb 28 111 Dec 121 May
4
•20
21
1912 1912 20
20
1918 20
8 2,600 Cuba Co
193 2012 2058 213
8
No par 17 Mar 27 244 Jan 3
20
Oct 284 May
312 35
8
312 37
8 *312 378 *312 4
*312 4
312 312 2,000 Cuba Cane Sugar
No par
3
12Mar 7
48 July
512 Jan 3
74 May
*1014 11
10
10
9 4 10
3
912 912
100
914 Apr 24 1878 Jan 3
8 3,000 Preferred
9 3 94
3
914 93
133 Oct 323 Jan
4
8
1112 1158 1112 113
4 1112 115
8 1112 113
8 3,800 Cuban-American Sugar---_10 11 Apr 24 17 Jan 3
4 1118 115
8
4 115 113
153 Dec 244 May
8
*6312 63 8 63
5
6312 63 635
540 Preferred
8 6312 63 8 6358 64
100 61 Mar 5 95 Jan 3
6312 64
5
933 Deo 108 Feb
4
512 *5
*5
512 4.514 512 *514 512 *514 512
514 514
100 Cuban Dom'can Bug__No par
45 Apr 3
8
64 Jan 2
5 Nov
12
Jan
"547 ---- 54 4 5538 54
8
3
544 54
54
4 633 533
4 2,700 Cudahy Packing
54
50 525 Mar 26 678 Jan 15
4
54 3
8
54
Jan 7814 Aug
165 167 8 183 1683 16612 17114 167 172
7
8
16512 1693 165 18858 51,200 Curtiss Aer & met Do_ fsro par 13518 Mar 26 17312 Feb 5
4
5318 Feb 1923 May
4
*205 220
205 280 .205 280
221 221 *21014 221
221 221
40 Cushman's Sons
No par 20714 Apr 17 22514 Jan 15 1443 Jan 230
4
Oct
*1214 125
12114 12114 12114 125
12114 125 *12114 125
12114 125
100 12018 Jan 22 130 Mar 22 114
101 Preferred (7)
Jan 141 Sept
*60
61
"60
64
60 60
6012 6012 6112 814 63
63
800 Cutler-Hammer Mfg
10 5818 Mar 26 653 Jan 11
4
52 June 6512 Nor
*7512 80
7512 7814 78
7812 7812 7812 79
1,100 Cuyamel Fruit
80
7938 79
No par 63 Jan 3 85 Feb 5
49 July 63 001
5612 57
56
58
564 5934 5838 5912 5758 5812 577 583 18,600 Daviaon Chemical--No par 49 Mar 26 6918 Jan 31
8
4
341 Feb 683 Nor
4
*375 38
8
38
38
38
38
*38
3812 *384 3812 3812 39
1,100 Debeniuun Securities
54 3638 Apr 5 487 Jan 24
8
36
Oct 4914 Apr
123 123
123 123
122 122 •123 124
4
124 1253 123 124
100 118 Feb 20 128 Jan 4 11512 Feb 126% Mar
37QlDeere&Copref
252 252 *24912 254
25212 25212 *249 253
253 253
2524 254
700 Detrolt Edison
100 224 Jan 2 260 Mar 21 16612 Jan 22414 Dec
*5318 56
54
54
5414 5414 .544 5418 53 53
53
53
700 Devoe & Raynolds A-No par 52 Apr 17 64% Feb 5
40 Jan 61 Apr
115 115 *115 ____ 116 115 '
3115
____ •115
____ 115 115
701 let preferred
100 112 Jan 7 11512 Jan 15 108
Jan 120 Mat
*144 147
144 144
144 14412 144 144
144 145
141 144
690 Diamond Match
100 130 Apr 2 16412 Jan 11 13438 Jan 172 No
10
1014 10
1014 1014 103
8 1018 103
1018 5,800 Dome Mines, Ltd
1018 1014 10
No par
83 Mar 28 10 4 Apr 26
12
5
8 June 13 Jab
116 116
11512 1157 115 118
8
115 11814 1165 1177 116 11612 7,900 Drug Inc
8
8
No par 110 Mar 26 12618 Feb 4
80 Mar 1201e No
"64
65
65
64
65
71
69
72
45,800 Dunhill International_No par 64 Apr 8 92 Jan 2
4
707
8 693 71
69
5512 Jan 9938 Nor
10014 10014 *100 1005 100 10018 *100 10018 *100 1004 *100 10012
8
100 Duquesne Light 1st pref--_100 4912 Jan 24 1007 Mar 5
8
993 Oct 110'2 Mat
e
*7
8
718 74 *7
8
*714 7 4 *7
900 Durham Hosiery Mills B_- 50
8
3
7
74
514 Jan 14 1112 Mar 4
84 May
3 Aug
*42
48
*43
46
43
43
*40
43
20 Preferred
43 .40
43 '40
100 36 Jan 2 45 Apr 17
3434 Oct Ws Jan
179 4 1797 176 176
3
8
1793 1793 178 1793 1783 17912 179 17912 2,100 Eastman KodakCo____Nopar 170 Apr 13 19412 Feb 2 163 Feb 1944
4
4
4
4
Jul)
*12714 128 *1273 128 •12714 128
4
12714 12714 "1274 128 *12714 128
10 Preferred
100 126 Jan 2 128 Mar 9 12312 Aug 134 Apr
6418 643 63
1 66
4
65
7 673
6514 665
8 6512 653
4 654 668 8,400 Eaton Axle & Spring___No par 6014 Mar 26 753 Feb 1
4
26 Jan 681e NOT
17712 1783 1774 1783 178 181
4
4
4
180 180
175 1793 14,000 El du Pont de Warn
1783 179
4
20 15534 Jan 22 1984 Feb 1-11714 11714 11714 11714 11714 11714 11738 1171 11712 11758 11712 11712 2,000 8% non-vot deb
100 115 4 Jan 21 119 Apr 5 114 July 12112 Ma?
3
25 95 8 Jan 2 1124 Jan 18
7
1218 Jan 99 Dec
100 934 Jan 9 100 Jan 18
87 Nov 10012 Feb.
31
31
3112 3112 3112 3112 32
3112 3112 31
32% 33
1,900 Eitingon Schlid
No par 2912 Mar 26 393 Jan 10
8
3314 Aug 43 Nor
*100 101 *100 101 *100 101
101 101 *100 101 *100 101
100 Preferred 5.14%
100 98 Mar 26 113 Jan 19 101% Aug 1217 Nor
8
8
14714 1495 145 14712 146 15212 15312 16512 16314 168
16714 172 135,200 Electric Antoine
No par 1263 Mar 28 172 May 3
4
60 June 13612 Dec'
*11314 115 *11314 115
114 114
11314 114 *11214 113 '11214 113
80 Preferred
100 109 Jan 2 115 Apr 2 10812 Sept 1124 Dee1512 16
15 4 1638 1512 157
3
8,000 Electric Boat
16
15 4 1614 155 16
16
3
No par 1212 Jan 9 1838 Mar 19
4
81 Aug
1738 Juno
6712 6814 65 4 673
3
4 68
707
70% 72
/ 7014 714 7012 717 37,100 Electric Pow & Lt
1
4
No par 4318 Jan 8 7214May 1
283 Jan 493 Dec
4
5
*10712 10812 10712 10712 1073 10812 10812 1084'10714 10812 1073 10818 1,300 Preferred
4
4
No par 105 Apr 1 10914 Feb 13 105 Dec 1104 Mar
*13214 146 *13212 146 *13214 146 *13212 148 *13212 146 *13212 146
Certificates 50% Paid
12212 Jan 4 136 Feb 13 12014 Nov 12978 Apr
*82
8212 82
828 8238 8318 8212 83
8212 85% 844 85% 9,100 Elea Storage Battery___No par 77 Mar 26 927 Feb 4
69 Feb 914 Dna
,
*4
414 *4
414 *4
414 *4
4
/ *4
1
4
414 *4
414
Elk Horn Coal Corp___No par
4 Apr 24
612 Jan 9
6
une
9 Jab
*12
1212 12
12
113 115
8 12
12
13
15
15
157
8 3,100 Emerson-Brant class A_No par 105 Jan 22 2212 Feb 7
8
15 8 Deb
514 Feb
5
713 713
4
4 7112 72
7114 7112 72
72
*7112 72
7112 72
1,200 Endicott-Johnson Corp____50 7114 Apr 30 834 Jan 4
743 Dec 85 Ain
4
*12312 125 *12312 124 *1234 125
12312 12312 *12312 124 "12312 124
100 Preferred
100 121 Feb 7 12414 Feb 28 12114 Jan 12758 Dee
*5014 504 4912 5012 4953 514 50
5118 51
5158 5118 5112 11,600 Engineers Public Serv_No par 47 Mar 25 6014 Jan 31
33 Feb 51 Nov
'91
9318 9114 914 *9114 9318 914 914 '9112 9312 *9112 9312
300 Preferred
No par 90 Jan 12 10412 Jan 31
9012 Dec 10212 Oct
3814 3812 383 387
383 397
4
394 41
404 40 4 40
40
3
3 26,200 Equitable Office Bldg_No par 3114 Jan 4 41 May 1
295 Oct 333 July
4
50 50
50
503
8 4938 4938 *4912 50
1,300 Eureka Vacuum Clean_No par 4412 Feb 1 54 Feb 28
50 50
495 495
8
43 Dec 79 Jan
*2312 25
2414 25
2414 2414 *24
25
24
450 Exchange Buffet Corp-No par 2214 Jan 15 25 Apr 2
24 '24
25
193 July 345 Oct
4
8
4514 4514 45
457
4412 45
*444 45
44
433 4412 44
1,400 Fairbanks Morse
4
4
3212 Jan 54 Apr
NO par 4312 Mar 20 513 Jan 31
010812 110
10812 110 *10812 110 •10812 110 *10812 110 *10812 110
20 Preferred
100 10714 Feb 18 1107 Jan 9 104
Jan 1148 May
4
*
4 8312 87
*8312 843
85
*83
84
8514 '8314 88
1,900 Federal Light & Trao
84
84
42 Jan 71 Dee
15 68,2 Jan 3 87 Apr 30
4 984 9812 *9812 983
*9812 983
4 9812 9812 9812 9812 *98'3 99
80 Preferred
No par 9814 Apr 30 104 Feb 6
98 Jan 109 Apr
*220 275 •220 280 *220 300 •220 300 *220 270 *220 300
Federal Mining & SmelVg_100 225 Apr 9 310 Feb 4 120 Apr 230 Dee
*66
965 *99 100
8
*9912 100
*994 100 '9912 100
4
993 993
200 Preferred
4
100 9814 Mar 27 100 4 Jan 7
3
9114 Jan 1024 Sept
1612 1612 *164 17
1612 17
1612 17
16% 17
17
17
2,200 Federal Motor Truek_No par 1412 Mar 28 225* Feb 8
1638 Aug 257 Map
8
9712 98
9712 9712 *97
97
98
98
974 9812 *98
99
800 Fidel Phan Fire Ina N Y __ -10 9014 Mar 26 106 Jan 2
7514 June 10712 Dec.
*105 123 *1058 12
*1058 12
8
4
*10% 1112 *10 8 1112 .105 1112
5
8
Fifth Ave Bus
8
No par 105 Mar 25 133 Mar 2
4
114 Jan
1514 Map
827 83
8
85
*83
8014 82
8014 82
80
78
1,800 Filene'e Sons
80
78
NO par 78 May 3 9812 Feb 25
101 101 *1014 103 *10112 103 *102 10212 10212 103
103 103
150 Preferred
100 100 Apr 9 107 Jan 23
69
68
6912 68
683
4 685 693
69
8
k 6712 6918 6712 69
4,100 First National Storeo_No par 82 Apr 18 747 Mar 18
8
28
Apr 7638 Dee
4 1112 1134 1112 1178 115 1178 1112 113
1112 113
2
4 1112 1134 23,300 Fisk Rubber
No par 107 Apr 9 204 Jan 23
8
81 Aug 173 Jan.
4
58
60
59
59
'58
*51
58
58 •_ _ _ _ 59 •_ _ _. 59
400 let preferred stamped-100 58 Apr 29 7212 Jan 14
553 Oct 9112 Jan,
4
60 a_ ___ 62 *_ _- 63 •____ 63 •_ _ __ 63
60
63
*60
100 1st preferred cony
54
100 60 Apr 18 8211 Jan 25
Oct 973 Jan
,
4
68869
67 673
4 6638 73
6712 6914 8518 68
4 7312 113,100 Flelschmann Co
703
No par 654 Apr 30 844 Jan 2
65 June 891 Oct
*50
8
50 4 *50
5012 *50
50 4 •50
3
503 *50
5018 5032 5018
3
200 Florsheim Shoe Cl A
No par 48 Feb 25 54 Jan 8
4914 Nov 561 Nov
4 9912 9912 101 101
99 4 993
101 101 .100 10218 101 101
3
1,000 Preferred 67
100 974 Mar 18 10218 Jan 18
984 Oct 100 Dela
65
4
65 4 663 6712 67
3
70 4 70% 717
5
678 67
715 15,900 Follansbee Bros
8 69
8
3
56% Dec 6912 Dee
No par 5912 Mar 26 73 4Mar 19
695
8 67
6714 6712 64
6733 67
684 14,100 Foundation Co
888 6712 6812 65
8
No par 45 Jan 22 695 Apr 30
363 Oct 5712 Dee
8
tog 9134 89
8
903
4 895 914 9058 92
9018 917
9312 49,800 Fox Film class A
8 92
72 June 1191 Sep*
No par 82 Apr 11 101 Jan 19
8
8
109 109 *1065* 109 *1085 109
1063 1063 *1063 107 '1063 107
4
4
4
4
50 Franklin-Simon pref
100 10612 Feb 28 110 Jan 4 10612 Dee 113 Feb
4412 45
4412 4414 45
44
4412 455
8 444 4412 444 4434 8,100 Freeport Texas Co____No par 38 Mar 26 547 Jan 25
8
43 Oct 10914 Jan.
105 105
4
4
31013 10712 *1013 10712 1018 1013 10518 106
4
10414 105
4
900 Fuller Co prior pref____No par 99 Mar 26 10612 Feb 28 102 Mar 1094 Apr
2314 24
2012 2112 22
218 21
21
268 2414 2714 19,800 Gabriel Snubber A----No par 20 Mar 25 334 Feb 5
•21
15 Mar 2812 Jan
1314 15 8 1412 145
3
8 1352 1412 10,600 Gardner Motor
1212 1252 1212 1212 121g 13
1758 Dee
714 June
No par 1012 Mar 25 25 Jan 31
88
90
90
943 20,800 Gen Amer Tank Car-No par 8112 Mar 26 102 Jan 9
4
90
8912 9312 91
8812 88
917
88
607 Feb 101 Dee
8
5
7214 7438 7414 7512 7512 788 7714 80 8 793 8114 47,300 General Asphalt
4
74
73
68 June 947 Apr
100 61 Mar 26 8114 Jan 12
8
115 11612 117 11812 118 12112 12212 123
2,600 Preferred _
1110 117 *112 117
100 10412Mar 26 123 May 3 11018 June 1414 Apr
4
4
100 General Baking pref__No par 130 Mar 26 140 Feb 5 132
4
313314 1373 *13314 1373 '134 1373 134 134 .13314 138 '13314 138
Oct 150 June
5412 544 55
26,600 General Cable
543
4 53
8
5112 5212 525 5514 545* 564 53
21 Feb 413 Not
No par 3712 Jan 9 61 Feb 28
8
4
4
1075 109
1085 1093 19,700 Class A
8
8
103 106
10512 11012 110 1113 108 110
56 Feb 8854 Nov
No par 81 Jar 8 12012 Feb 28
105 105 *10412 10512 *10412 10512
4
100 Preferred
31033 108 *103 4 106 *1033 106
4
3
Oct 107
100 104 Apr 13 1074 Jan 21 102
Oct
7012 7212 713 7214 15,100 General Cigar Inc
g
8
4 713 72
4 717 723
723
7014 72% 72
3
NO Par 63 Jan 8 74 Feb 25
694 Nov 75 8 Feb
180 Preferred
11714 11714 *11714 120 *11714 120 *11714 120 "11714 120 *11714 120
100 1124 Jan 5 122 Jan 24 11414 Sept 130 Mar
244 247
239 245
243 25812 25312 25812 115,400 General Electric
4
23914 2413 237 239
No pro 219 Mar 26 252 Feb 1 124 Feb 22112 Dee
/
1
4
8 1114 1114 8,200 Special
1112 1118 1112 1114 114 1114 1118 1114 1118 113
11 Sept 13 June
10 11 Jan 3 114 Feb 4
4
82
7,200 General Gas & Elea A__No par 70 Jan 7 90 Apr 3
84
83
834 823 83
83
8712 82
75
85
88
3514 Jan 74 Nov
105 105
700 Class B
1105 110
105 105
105 105 *105 10912 *105 107
No par 78 Jan 3 112 Apr 25
37
Jan 80 Nov
12814 128 128
128
128 128
300 Pref A (8)
12712 12712 126 129
128 128
No par 121 Feb 20 135 Feb 14 121
Oat 144 Apr
4
250 Pref B (7)
4
1105 108
108 108
1083 1083 10812 110 *1083 11012 108 108
4
No par 104 Apr 2 115 Feb 15 105
Oct 11478May
1100 109 *100 103 *100 110 *106 110 "108 110 *106 110
Gen Ice Cream Corp-No par 797
744 July 10512 Oat
8Mar 9 110 Apr 3
11,500 General Mine
764 77
774 7838 778
7
4 77
77
77
78
77 8 7718 773
No par 74 Mar 26 894 Jan 18
79 Dec 841a Not
963 *913
963
4
4
4
983 *98
4
*983 983 *963 963 *963 983 *98
Preferred
1
4
8
8
4
984 Dec 1001A Dee
100 954 Apr 5 100 Jan 4
8418 8514 360,000 General Motors Corp
833 847
1
4
844 8514 8318 8414 83 4 854 8414 88
3
73 Dot 904 Nov
10 7712 Mar 20 9114 Mar 21
4
3 124% 1243 1247 124% 124 4 124% 1243 1244 1244 12478 2,100 7% preferred
3
1243 124
4
4
100 12412 Apr 8 12612 Jan 2 12312 Jan 1274 Apr
503
4 1,500 Gen Outdoor Adv A__No par 495* Feb 6 52 Jan 2
3
3
51
4
51
5012 507
8 5012 5012 503 504 50 4 50 4 *50
49 Aug 587 Jan
8
363
34
4 367 3912 13,100 Trust certificates---No par 32 Feb 14 41 Mar 12
35
34
3414 34
3414 3414 3514 35
2912 Aug 523 Jan
8
4
8
47,500 Gen Ry Signal
1047 10812 1047 1067 105 4 10712 107 10914 10712 1098 1083 113
8
844 June 1235 J.J)
3
No par 9312Mar 26 113 May 3
7912 80% 7912 818
85% 8114 8314 8218 8412 96,800 General Refractories_No par 68 Apr 10 8812 Feb 20
814 8412 83
4512 June 82 Jan
30,600 Gillette Safety Easor No par 110 Apr 9 1264 Jan 25
1123 113 8 1125, 114
11312 116
4
1165, 120
5
8
9718 June 12358 Oct
1131 1157 211318 115
/
4
7,600 Gimbel Bros
3814 384 3814 3914 3838 39
4
3914 3914 395
4 393 40
39
3418 Mar 597 June
No par 377 Mar 20 481s Jan 28
4
8
83
8212 '81
*82
"81
83
Preferred
8214 *8112 82
•81
8214 *81
87 Mar 101 Juno
100
14 Apr 25 90 Jan 3
48
4912 50
485
8 484 4912 4811 493
4818 484 22,300 Glidden Co
4 4818 49
20% Jan 87 Dec.
No par 387 Jan 2 5012 Apr 26
4
130 Prior profaned
3
1105 1054 10512 105 4 *105 10512 *105 10512 1053 1053
8.105 10512
95 Jar 105 Sept
8
100 10312 Jan 3 10618 Apr 22
8 4712 493
8 497 5214 493 5214 495 50 8 495 5114 53,400 Gobel (Adolf)
8
4738 487
2
5
8
4
4212 Dee 624 No
No par 44 Jan 26 60 Feb 5
6814 96,400 Gold Dust Corp v t o....No par 544 Mar 28 82 Jan 19
8452 6512 83
643
8 63
52 8478 847 883
8
4 64% 6612 66
71
Jan 14314 Dee
27,400 Goodrich Co (B F)
84
833* 85% 81
828 84
6818 June 10914 Dec
813 8314 82
4
8314 8112 83
No par 81 Apr 29 1054 Jan 2
500 Preferred
0112 114 *113 114 *113 11378 •113 114
11318 11318 11318 11318
100 113 Jan 9 11518 Feb 25 10912 Feb 1145 8 MAY
3
130 131
8
12818 1297 1284 13072 12932 13178 128 1293 12614 1283 63,100 Goodyear T & Rub____Ne par 112 Feb 21 15418 Mar 18
4
4
454 June 140 Dee
10312 1033 1034 10312 10318 10318 10314 10312 10318 1034 2,300 lat preferred
4
104 104
921s Mar 105 Dar
No par 1011 Mar 27 1047 Feb 28
4
4
• Ma and asked prism no sales on *Ms day. z 19:411•1d-nd
y Ex flohSs
2957
New York Stock Record-Continued-Page 5
Fos sales clueing the week of stocks not recorded here, see fifth page Preceding.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Apr. 27.
Monday, 1 Tuesday,
Apr. 29. I Apr. 30.
Wednesday,
May 1.
Thursday,
May 2.
Friday.
May 3.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share tots
Lowest
Highest
PER SHARE
Rangefor Previous
Year 1928
Lowest
Highest
Shares Indus. & Miscel. (Con.) Par $ Per share $ per share $ Per share $ per shard
Gotham Silk Hosiery_No par 5158 Mar 26 58% Apr 17
70 Dec 93 Apr
No par 5114May 3 74% Jan 23
4 5114 5218 5,900 New
4
8 518 513
/
4
53
537
8 521 523
4 513 523
53; 55
4
100 943 Apr 27 10114 Jan 5 100 Dec 130 Apr
100 Preferred new
97
*933 96% *95
4
*943 97
4
4
4
943 943 *943 977 *943 99
4
4
95 Dec 112 May
Preferred ex-warrants-100 97 Jan 11 100 Jan 12
*97 100
*97 100
*943 100
4
*943 105
4
*97 103
*97 105
8
6 Dec 125 Feb
7
7 Feb 18 1314May 2
No par
1214 1314 1212 1314 28,400 Gould Coupler A
1114 1113 13
9
9 14 10
9
934
4
163 Feb 611 Song
4
3514 35 8 y3312 3512 333 343
7
4
8 3412 3712 363 3818 28,900 Graham-Page Motors_No par 3218 Apr 22 54 Jan 2
4
4
3 333 343
261 June 58 Sept
No par 3113 Apr 22 4912 Jan 11
*3012 3512 *32
33
*3312 3512 y33
3512 *3313 3513 *32
100 Certificates
3512
3918 Feb 93 Dee
8
827,8 8434 83 8 857
8413 868 84% 848 8338 848 12,400 Granby Cons M Sm & Pr_100 81 Mar 26 1027 Mar 20
84
85
4
,
6514 June 94% Oor
100 773 Jar 30 9612 Mar 18
923 *88
8
913
4 91; 927
90
913
4 90
4,100 Grand Stores
91
91
91
8 92
263 July 417 Oct
4
8
No par 2018 Mar 26 327 Jan 2
2613 2734 263 2712 2818 2914 29
27 27
4
2912 2818 2913 9,900 Grand Union Co
8
4612 Aug 623 Oct
8
No par 41 Mar 26 543 Jan 4
50
503
4 498 50 8 5018 50 4 50
3
5012 4,800 Preferred
8
8 50
517
8 495 513
3
No par 11412 Apr 12 14458 Feb 5 11134 Dec 12512 Sept
8
4
4
12012 1233 1237 1237 123 12538 1223 12514 12214 12412 124 12414 4,300 Grant (W T)
3
1914 June 33 s Gel
293 297
8
2914 298 2918 30
30
3012 30
3014 29; 3018 8,600 Gt Nor Iron Ore Prop No par 27; Jan 7 398 Feb 1
Jan 3812 Dec
31
4Mar 26 44 Jan 25
3714 3778 3712 378 3713 38
37; 38
6,900 Great Western Sugar-No par 323
3718 373
4 3713 38
/
1
4
100 113 Apr 22 11913 Feb 1 11212 Feb 120 Jan
115 115 *115 1167 *115 1167 115 115
1153 116
4
8
280 Preferred
1167 117
8
4
893 June 1771 Dec
8
8
16012 16514 160 164
16514 16812 36,500 Greene Cananea Copper_100 15238 Mar 26 1975 Mar 20
1613 16514 1623 1658 162 166
4
4
*334 3 4
9 8 Jar
3
43 Dee
4
512 Jan 3
313 Apr 24
37
3 8 1,400 Guantanamo Sugar__No par
37
38
3
4
37
8 37
4
38 4
Jar
90 July 107
100 50 Apr 12 90 Jan 2
*53
64
52
52
*5113 64
10 Preferred
*5112 64
*5112 64
*511 64
7
51 Jan 73 2 Bari
4
100 613 Apr 2 79 Mar 5
6312 643
8 6318 6312 63
6518 6518 7,000IGu1f States Steel
6512 667
8 65
65
66
8
100 103 Apr 5 109 Feb 14 1033 Nov 110 Are
!107 108 *107 108 *107 108 *107 108 *107 108 *107 108
Preferred
23 Jan 80 Jan
25 25 Jan 7 29 Feb 28
273 273
4
4 275 2734 27 8 2738 28
8
280 Hackensack Water
5
263 263 *2612 27
4
4
28
23 Jan 30 Deti
25 27 Feb 18 31 Mar 8
2811
*28
30
*28
30
70 Preferred
*28
28
28
*28
2914 28
28
2512 Jan 29 June
25 26 Jan 31 29 Jan 14
*2714 28
10 Preferred A
*2714 28
*27
28
*27
28
28
2714 2714 *27
8May 3 55 Jan 10
No par 387
42
43
411
42
4212 4134 4218 4112 42
8
40
388 403 63,800 Hahn Dept Stores
100 98 Mar 28 115 Jan 31
101 10114 101 10114 1003 10112 101 10118 100 4 101
993 1008 8,900 Preferred
4
3
4
99 Aug 104 Apr
4
100 1003 Feb 15 105; Jan 8
103 103 *10213 10312 *10212 103 *10212 103
70 Hamilton Watch pref
102 103 *10212 103
59 May 97 Nov
100 91 Jan 14 99; Jan 23
*9414 95
170 Hanna let met class A
95
9511 9512 *9512 97
*9514 98
95
*9514 98
54 Dec 5713 Oct
3
*59
603
4 60
60 Harbison-Walk Refrae_No par 54 Jan 3 60 4 Mar 22
4
4
*59
60
4
*59
593 'P.__ 593 *.--- 593
60
100 112 Jan 14 11812 Jan 29 110 June 120 Jan
*112
__
__ _ ___
___ *112
__ *112
__ *11212
__ *112
Preferred
2311 Aug 2738 Fit
*2434 1512 *2434 .
200 Hartman Corp class A_No par 2418 Apr 5 27 Jan 2
25 25
*243 4 25
2512, *243 15
*243 25
4 4
*112165 Aug 87; Doc
8
2538 2538 *25
No par 2358 Mar 26 398 Jan 2
3,000 Class B
253
8 2512 27
7
2512 2512 25 8 2518 2512 25
61 Dec 68 Nov
20 60 Feb 19 6612 Apr 18
*63
600 Hawaiian Pineapple
625 625
8
8 6212 63
64
6212 6212 *6213 63
63 63
Ool
25 104 Mar 15 118 Jan 29 105 Dec 120
*108 109 *106 109 *106 109 *106 109 *106 1083 *106 108%
4
Helme(3 W)
303 Jan 7212 Dec
4
82
83
4
g
8118 8212 8112 8413 8418 8612 857 868 863 9412 23,400 Hershey Chocolate--No par 64 Feb 16 9412May 3
7014 Feb 89 Nov
4May 3
No par 80 Feb 16 993
9412 993 14,500 Preferred
4
9018 917
8 9238 95
908 9114 8914 8913 8912 90
/
1
4
100 104 Jan 4 10818 Apr 17 100 Aug 105 Api
104 10412 10412 105
104 104
*104 1053 104 104 *104 105
900 Prior preferred
4
18
18
1514 Sept 30% Jam
8
No par 1612 Apr 25 217 Mar 5
161 1612 *16
700 Hoe (It) & Co
1713 1713 *1611 18
1612 1612 17
453e Dec 4984 OW
No par 40 Apr 18 51 Mar 9
4318 4318 3,900 Holland Furnace
43
433 444 43
4
/
1
44
44
44
431 443
4 44
18 Dec 86% Ain
8
157 Mar 26 22 Jan 2
*1613 17
8
8
*16% 17
1612 1612 165 185 •1613 17
300:Eiollander & Son (A)
*1612 17
---No Par
Jan 80 Not
67
*76% 7612 *76
100 7214 Feb 21 76 Jan 3
7614
77
*78
76
76
*75
76
*7514 77
2001Homestake Mining
6418 Feb 84 019
7318 7318 3,7001Househ Prod Inc
72
74 I 7218 73
71
72
71
No par 6513 Mar 26 79% Jan 7
7012 7138 71
79 Dec 167 API
96
9812 9434 953
97
4 95 100
95
95
15,800 Houston Oiler Tex tem ctfs 100 8018 Mar 7 109 Apr 2
92
961 98
/
4
4058 Feb 73 4 Not
7314 9,500 Howe Sound
3
7212 7314 71
8
No par 6614 Jan 8 8212 Mar 21
72
723
4 70; 7314 7112 7312 725 731
9978 Ma
75 Jan
8
8
8
86% 863 8738 865 8738 865 873
8 8718 8812 24,100 Hudson Motor Car
86
863 87
4
No par 7118 Feb 15 9312 Mar 15
29 Jan 84 Not
8 537 5712 6518 5738 5412 555
8 5518 5614 53,700 Hupp Motor Car Corp____10 5018 Apr 29 82 Jan 28
51
513
4 5018 517
383 NO1
s
21; Feb
36; 3712 365 373 30,200 Independent 011 dt Gas_No par 30 Jan 31 3813 Apr 22
3738 38
3
8 3618 37
8
36
3612 35 8 363
4
20
Oct 70 API
4May 1 3212 Jan 2
193 193 *18
4
*185 20
8
20 20
19
1914 .18
4
No par 193
300 Indian Motocycle
*1838 20
3
93 Nov 115 Aro
9
.--- 88 *--- - 87 *--- - 88 *--- - 87 *____ 87 *_-- 87
100 89 Mar 6 95 4 Feb 5
Preferred
9 Feb 3938 Juli
8
8
4 485 4912 4758 49
475 4812 48
8
10 29 Jan 8 5238 Apr 10
493 88,300 Indian Refining
4
4812 501s 475 493
/
1
4
812 Jan 37 Jull
4
445 457
8
4612 4713 4518 4712 4518 47
443 453
4
8 45
10 28 Jan 7 483 Apr 10
467 55,600 Certificates
8
100 160 Jan 2 165 Jan 11 140 Dec 185 Noi
Preferred
Oa
4
.
3112 116 *1123 115 *110 115 *110 11512 1ii 112 *iio ffi
ion Industrial Rayon
No par 110 Mar 26 135 Jan 18 118 Dec 146
90 Feb 127 Not
14513 148
148 146
146 146
0138 146
146 148
14713 14712 1,000 Ingersoll Rand
No par 120 Jan 3 15318 Apr 24
46 Mar 80 Do
93
913 917
4
923 93
4
93
9212 923
4 9112 92
par 7812 Jan 2 968 Mar 20
92
8 92
1,700 Inland Steel
No
18 Feb 48% Not
48; 4912 4818 498 4912 513* 4918 513* 4912 50% 48; 508 32,400 Inspiration Cons Copper___20 4318 Jan 7 6612 Mar 1
8% July 21; Jaz
9
9
912
*9
914
914 914
9
83 Apr 22 1414 Jan 11
4
912 10
No par
*958 93
4 1,000 Latercont'l Rubber
2
•1312 14
13 Feb 207 Mat
*1313 14
13; 133
4 13% 1313 1313 1313
*1312 14
No par 1213 Apr 12 178 Jan 28
400 Intermit Agrieul
485 Mar 85 Do
8
*73
75
*73
75
*70
75
*70
75
*73
75
*73
75
Prior preferred100 75 Apr 13 8812 Jan 26
8
1763 17634 17518 1787 1787 1797 179 185
4
1807 1815 180 181
8
8
8
8
8
7,000 lot Business Machines_No par 1493* Jan 24 185 May 1 114 Jan 1663 Not
g
Jan 947 Do
56
4
*87
91
8
4 883 90
8 893 903
88; 883 *8918 907
4
4
91
91
4.400 International Cement_No par 85% Apr 9 1023 Feb 4
4514 Feb 80 De,
4 72; 7534 7313 7514 7312 7514 93,900 Inter Comb Eng Corp_No par 61 Mar 26 10312 Feb 15
7238 7114 735
7212 70
71
Jan 2 121 Feb 16 103 Mar 110 SeD
*10714 10914 10912 10912 *10714 114 *11012 114. 111 111
100 10812
10912 10912
400 Preferred
7
80 Dec 97 3 De
1087 11011 10712 1097 109 11014 11078 11278 111 8 11812 1165 1193 66,800 International Harvester No pa
8
4
923 Jan 15 11934May 3
8
8
4
*14113 146 *14112 14214 1415 14158 1415 1415 •142 144 514114 14114
8
8
/
1
100 1404 Mar 26 145 Jan 18 13634 Ma 147 Ma3
800 Preferred
:Jan 4
Dec 121; Ma:
85
8118 8214 81
8118 82
82
82
8214 81
8214 7,900 International Match pref-35 6514 Mar 26 1021
8112 83
7 8 Mal
3
3 4 Mar
3
714 Feb 15
5 Mar 26
53
6
6 18
618 614
618 634
612 6%
4 6
53
4 53
4 5,000 lot Mercantile Marine_100
3418 June 441* Jar
4858 503
8
4 4758 4812 453 48
100 3611 Feb 1 5114 Apr 23
4718 4812 4818 4918 4718 483
31,600 Preferred
8 5018 5214 5114 5338 53
8
8 481g 507
7338 Feb 26912 De
48
4834 473 487
545 441,400 lot Nickel of Canada_No par 401258ar 26 7234 Jan 23
8
50
Oct 863 Mal
8
4 69 69
683 683
4
*60
70
*65
70
73 73
400 International Paper-_No par 5712 Jan 11 83 Apr 9
*60
70
Jai
89 Dec 108
*86
96
*86
90
*86
90
*87
90
100 87 Apr 10 94% Jan 8
89 89
*87
90
100 Preferred (7%)
22 Dec 3412 No'
3018 297 3012 10,100 Inter Pap & Pow el A-No par 2712 Jan 8 3538 Mar 19
305
8 30
29% 293
4
8
4 29
/ 293
1
4
4 293 303 x30
,
147 Dec 19 No
8
4
17
17
4 2,600 Class B
4 173 173
173 1818 1752 173
4
17
1714 1714 1714
No par 153 Jan 16 2412 Mar 8
13; De
10; Nov
No par 1038 Jan 10 1714 Apr 4
8
4 6,400 Class C
8
8 133 133
1318 1335 13
5
4 135 135
4 13 8 133
133
8 1318 133
88 Dec 91 De
863 863
4
8614 87
87
100 80 Apr 15 93 Jan 23
4 1,800 Preferred
873
4 8618 8714 *86
4 86
8
612 873
47; Oct60 De
52
4 52
600 lot Printing Ink Corp_-No par 51; Apr 22 63 Jan 23
4
*5212 5314 *5212 5334 *5214 523 *5212 523
52
52
98
98
98
100 98 Apr 26 108 Mar 4 100 Dec 100 De
320 Preferred
98
981 9814 9814 98
/
4
98
*98
9812 98
4913 Mar 68; Jai
3
*78
80
78
80
*78
80
80
100 551 Jan 4 90 4 Feb 4
140 International Salt
80
*80
82
*80
82
Jai
138 14212 14212 14212 2,600 International Silver
*132 13914 *132 13212 13212 13212 13212 136
100 131 Jan 22 150 Mar 6 126 June 196
Jai
*11518 11712 *11518 11712 *11518 11712 *11518 11812 *1151g 11812 *11518 11812
/
1
4
100 112 Jan 4 119 Jan 17 11214 Dec 131
Preferred
8
8
8
256; 25878 255 25834 25812 26212 258 2837 25812 2617 283 2633 21,600 Internat Talc)& Teleg
100 19714 Jan 7 279 Mar 28 1391 Fels 201 DO
6113 Nov 90 De
7418 7518 7,200 Interstate Dept Storee_No par 71 Apr 26 9312 Jan 2
74
72
727
8 727 76
76
767
8 74
75; 77
8
*10814 15014 *10814 130 *10814 130 *110 15014 *110 130 *110 120
100 130 Jan 15 150 Jan 2 12412 Nov 150 De
Preferred
335
36
12 Jai
3813 10,200 Intertype Corn
*32
233 Sept38
4
z34
341 3414 35
/
4
33
34
32
33
No par 29 Jan 2 3812May 3
*547 55
8
55
55
5518 5518 55
47 Oct61 Ma:
55
55
55
55
55
1,600 Island Creek Coal
1 53 Jan 2 69 Mar 5
*148 14813 14912 14913 148 150
77; Mar 179 No
4 3,300 Jewel Tea, Inc
4
4
1493 15212 1523 1533 15112 1513
4
8
No par 1357 Apr 16 16214 Feb 5
8
100 12412 Jan 3 12518 Feb 13 1195 Nov 12512 No
Preferred
4
MU, f811; iii" fif" ii6f iii" 18218 iiiii iii" fiisi 55" iii" 67,400 Johns-Manville
'
9614 June 202 De
4
No par 15514 Mar 26 2423 Feb 2
121 121
9121 122 *121 122 *121 122 *121 122 *121 122
20 Preferred
100 119 Jan 21 122 Mar 14 11812 Oct122 All
12112 122
122 122
4
4
12112 12112 12134 1213 12134 12134 12178 122
210 Jones & Laugh Steel pref 100 11812 Jan 4 12214 Mar 11 119 Dec 1241 Ma
____
__ .____ 29 •____ 29
*____ 29 *____ 29 *____ 29
4112 Go
25% Ma
Jones Broe Tea Inct---No par 35 Jan 21 35 Jan 21
914 _10
10
10
818 Aug1912 Oe
1018 1018 1013 1112 6,800 Jordan Motor Car
y93 10
8
*95g 10
6 Mar 26 1613 Jan 2
par
No
1093 1093 *109 110 *109 110
4
4
109 109
*10818 109 *108% 109
4
30 Kan City P&L 1st pf B_No par 106 Feb 18 1123 Jan 22 108 Aug114 Ap
2713 27
*27
2712 27
27
Oc
27
27
27
*2612 2712 27
2912 Dee 34
1,600 Kaufmann Dept Storee_112.50 2634 Apr 19 371 Feb 6
871 88
/
4
8612 8913 87% 8912 12.200 Kayser (J) Co v t o
8612 8812 878 88
8
88
89
625 Jan 92 No
8
No par 76 Mar 26 925 Apr 24
3014 30% *28
3114 34
5112 No
35
3712 *35
29; *3012 31
1512 Ma
3712 1,000 Keith-Albee-Orpheum_No par 25 Apr 11 48 Jan 4
107 111
*98 107
110 115
10812 1131 3,300 Preferred 7%
10518 10534 105 105
7512 May 160 No
/
4
100 9412 Apr 11 138 Jan 5
8
8 167 1712 24,600 Kelly-Springfield Tire_No par 11 Mar 26 237 Jan 2
8
g
8
16; 178 1634 1714 167 1714 167 1712 161 173
19 Dee 2512 No
/
1
4
8
*744 85
/
1
*7414 843 *7414 8413
7414 79
7718 7718 3,
4
*7718 85
5534 Feb95 No
100 8% preferred
/
1
4
100 75 Apr 8 9478 Jan 9
90
913 *85
4
913 *85
4
*85
90
*85
013 *85
4
68 Feb101 No
88
*85
Jan 14
6% preferred
100 85 Apr 12 100
52
5538 5412 5778 5712 607 38,500 Kelsey Hayes Wheel
Oa
52
523
4 52
2212 Jan 56
52
5214 51
8
4
-No par 4718 Mar 26 613 Feb 26
510614 10912 10912 10912
*10614 109 *10814 10912 *10614 10912 *106% 10912.
20 PreterrecL
100 10614 Apr 23 110 Jan 8 106 Mar 111 No
8
8 1612 17
163 17
4
8
4 1612 167
167 1712 58,500 KelvInator Corp
8
163 178 157 163
4
71 July 227 Ap
4
12 Mar 26 1914 Feb 6
No par
5
9314 953
4 9218 953
8 9218 94
4 95
8 8818 923
968 706,100 Kennecott Copper
8818 907
,
No par 7838 Feb 26 1047 Mar 18
643 6812 657 66
4
8
*64
/
4
657
6718 641 66; 6414 65
37% Aug 56; Oe
67
2,600 Kinney Co
No par 5012 Feb 1 708 Apr 18
4
4
4
10218 10218 *102 1023 *102 1023 10212 1023 *102 1023
8718 Mar 100 All
102 102
4Mar 6
90 Preferred
4
100 9312 Jan 2 1093
425 44
43
417 4318 417 4318 31,500 Roister Radio Corp____No par 31 Apr 10 78% Jan 3
8 42
*
425 438 405 423
5115 Aug 95% No
4218 4114 42% 4034 42
4178 4314 43
4418 72,200 Kraft Cheese
32 Dee 42 No
401 428 40
4
No Par 323 Mar 26 4418May 3
4
973 *96 10012 *96 10012 *96 10012 *96 10012
99% Dec 10114 De
*95
100 Preferred
97
97
100 95 Apr 20 99; Jan 2
483 50
4
4912 4912 4912 51
8 4812 49
/
1
4
7,100 Kresge(88) Co
Mar 4 085 Feb 91 No
491g 4912 4812 493
12
10 46'4Mar26 57
8
8
10 Preferred
*11414 1145 11414 11414 *114 1145 *114 114; *114 114;•114 114;
100 109 Jan 6 115 Feb 14 11014 June 118 Ay
*151 19
*1513 17
*1512 19
2714 Fe
*1512 19
300 Kresge Dept Stores--No par 15 Mar 27 23 Jan 2
*1512 17
13 Jan
12
17
17
72
*701 72
72 \72
72
72
51; Feb 75 Au
*7014 72
60 Preferred7312 72
*72
100 7112 Feb 19 7312 Apr 26
*95
97
97
97 .95
97
*95
99
97
*95
87 Feb 124; No
200 Kraut Co
97
97
No par 9612 Mar 22 114 Jan 6
8
3653 373* 363 37
36
3612 353 3714 36% 37
363 37
8
4
4
325 Dec 403 Or
2
42,600 Kreuger & Toll
8
3518 Mar 26 463 Mar 6
9218 9312 22,100 Kroger Grocery & Bkg_No par 85 Mar 26 12213 Jan 3
4
957
8 933 97
7314 Mar 13214 No
;938 93
9118 9218 91
9235 93
234 234 *230 240
400 Laclede Gag
235 237 *230 240 *230 240
100 234 May 2 245 Mar 14 200 Jan 260 Fe
*230 235
8
8
8
99 Nov 12413 Ja
8
•10038 11212 *1003 11212 *1003 101 *1003 101 *10038 101 *1003 101
Preferred
100 100 Mar 8 102 Jan 4
29
/
1
29
30% 1.700 Lago 011 dr Transport-No par 2614 Feb 19 33% Apr 15
3012 3014 304 2914 298 29
278 Feb 391 Ay
*30
*3012 31
8
*
8
26,900 Lambert Co
792 Jan 1368 No
No par 12718 Jan 22 15714 Mar 19
14335 1448 14218 14412 144 1458 144; 1473 14313 1465 1437 146
1834 1038 1734 1814 1712 18s 5,800 Lee Rubber <1; Tire_ _No par 1712May 3 25 Jan 14
1714 Jan 2614 Or
8
*1812 188 183 1812 18% 19
69
5712 5712 57
5714 5714 *57
57
800 Lehigh Portland Cement__ 60 50 Apr 17 65 Feb 6
58
423 June 5812 Na
4
*55
57
57
110 110
110 110
110 110
110 110
5
4
270 Preferred 7%
4
110 110
100 1063 Jan 3 11012 Feb 14 1061 Dee 110 8 Ma
110 110
56
8 5512 5612 55 5512 56
Jan 647 Os
8
38
1,600 Lehn & Fink
Ne par 5212Mar 26 6812 Feb 4
5414 5414 548 567
56
56
2812 Aug 4014 No
Life Savers
No par 2914 Jan 7 393 Jan 5
88
838 June 12212 pa
8814 893
884 884 88
88
4 3,100 Liggett & Myers Tobacco-25 8112Mar 26 10512 Jan 28
884 88
/
1
8 88
87 4 877
8
8814 88
4 88
9055 6,400 Series B
8014fJune 12312 la
8
25 8118 Mar 26 10312 Jan 29
4 867 8712 8712 8818 881g 883
8718 873
8
100 13514 Mar 27 WTI/Mar 1 184 Aug 147 Al
*13512 13612 13513 13512 13512 13512 *13512 1363 *13513 13838 13513 13512 1.100 Preferred
51
3
5 Mar 22
5012 517
8 4,100 Lima Locom Works___No par 4418 Mar 28
5018 50 4 50
WS MA
38 July
51
51
50
50
*50111 5
2
86; 87
85% 877 13,600 Liquid Carbonic
8
8
87
8
8534 87
63% Feb 1241s No
38 Jan 3
857 8812 863 88
No Par 713 Mar 28
877
8
607 6138 6012 617 12,600 Loew%Ineorporated
8
4918 June 77 Ma
8
8 605 62
No par 58; Apr 9 8412 Feb 27
607
8 6014 623
60
601z 617
8
110 * All
9971 Mar
54
400 Preferred
9812
*967 9812 9812 9812 *98
8
97
wog *96 100
*96
99
Nova? 97 Apr 27 110 Jan 31
71 Jan 19 1113 Apr 1
1034 1114 41,100 Loft Incorporated
1938 An
1018 1078
9; 10
5 4 Feb
3
9; 1018
No Pax
9% 97
3
98. 9 4
26
Jan 2654 Po
2812 283 *28
4
30
4
800 Long Bell Lumber A-No par 27 Apr 11 321s Jan 5
2812 *283 30
2812
4
2818 28Ig *281 30
$ per share $ per share $ per share $ per share $ per share $ per share
-clans"
•
Big sag awe prima; as sales on sum day. • Ex-dIvkland. I Fs
0018 stook.
2958
New York Stock Record-Continued-Page 6
For sales during the week of stocks not recorded here, see sixth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Apr. 27.
Monday,
Apr.29.
Tuesday,
Apr. 30.
Wednesday,
May 1.
Thursday,
May 2.
Friday,
May 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share 3 per share $ per share $ per share $ per share $ per share Shares Indus. & Were!. (Con.) Par
25
8
67
4 66
643 65
4
66
673
4 664 683 15,600 Loose-Wiles Biscuit
658 663
*6512 66
100
40 1st preferred
118 118 *118 119 *118 119 *118 119 *118 119 *118 119
25
2212 203 2158 2012 21
205 2112 10,700 Lorillard
8
4
213 223
8
8 21
2158 22
100
200 Preferred
85
*80
*87
89
88
88
8612 8612 *80
89
•88
89
No par
1334 1378
1412 133 14
133 145
4
1334 14
137 1412 40,300 Louisiana 011
8
4
8 14
100
20 Preferred
*883 9312 *887 9312 *887 0312
9012 9012 *9012 94
*9012 94
8
8
4
8
8 5,900 Louisville G & El A____No par
395
8 39
4018 395 405
8 40
403
3918 3912 39
8 3014 403
No par
52,000 Ludlum Steel
99
865 88
8
8
8012 803 87
793 8012 80
8
96
8712 957
1,400 MacAndrews & Forbes_No par
3714 3712 37
38
39
3714 3714 *3714 38
3814 *373 39
100
Preferred
*10734
10734 ___
*1073
4
*1073
4
*1073
4
4
- *1073
100
Mackay Companies
-;
*130 170 *130 1770 *130 170 *130 170 *130 fib *130 170
100
Preferred
863 *84
4
863 *84
4
*84
863 *84
4
863 *84
4
863 *84
4
863
4
No par
10312 10434 10212 10312 10318 10614 10512 1085 1053 10714 10412 10612 41,500 Mack Trucks,Inc
4
8
No par
6,900 Macy Co
15512 156
15712 158
155 157
157 16834 168 171
156 158
No par
2,300 Madison So Garden
18
/ 18
1
4
/ 185 187
1
4
8
8 19
1912 *1912 20
19
19
191 2 19
No par
70
723
8 7218 741 1 727 743
69
72
735 16,100 Magma Copper
4 7218 7312 73
3012 315 31,100 Maillson (H It) itz Co No par
*2812 287
8 273 2912 2838 3038 2914 30
4
297 31
l'referred
100
8
8
*99 1037 399 1037 *99 1037 *99 1037 *99 1037 *99 1037
8
8
8
100
Manati Sugar
*1512 1812 *154 1812 *1512 1812 *15
1812 *1512 1812 *1512 1812
100
300 Preferred
*41
48
*41
48
41
41
*39
40
8 40 40
*40
407
No par
600 Mandel Bros
3014 2912 30
*2912 3014 30
30
3012 *30
*2912 3012 30
No par
*2914 2912 2914 3012 2914 30
297 297
8
8 2918 2918 2914 2912 1,500 Manh Elea Supply_
25
700 Manhattan Shirt
29
2918 2918 297 2978 *2912 2978 2918 30
2914 2914 29
1714 10,200 Maracaibo Oil Expl_ __No par
1678 17
17
17
1712 1738 1618 1718 17
167 17
8
No par
4
8 393 403
3912 4014 393 4114 39,200 Mariand 011
41
4
8 40
3912 4038 3938 403
No par
7412 7512 3,100 Marlin-Rockwell
723 723
4 7318 74
723 73
4
7312 7312 73 73
4
No par
4
8
4 9018 988 9618 988 977 1013 42,800 Marmon Motor Car
8912 8934 8838 8912 8914 903
No par
800 Martin-Parry Corp
*1214 1212 124 1212 1218 1218 *1218 1212 *1218 1212
*1214 13
8
543 554 50,000 Mathieson Alkali WorksNo par
553
4
5114 523
8 503 51% 5118 513
,
4 54
4 50 2 553
100
--------60, Preferred
123 123
*123 124 *123 124 *123 124
123 123
25
4,000 May Dept Stores
8514 87
85
87
83
*841 85
*83
86
84
83 83
No par
2
2212 215 2214 1,700 Maytag Co
4
4 213 2212 2212 2212 22
*2134 2212 2134 213
4112 4112 2,000, Preferred
No par
42
4 42
4112 4112 4112 4112 4112 4134 4112 413
400; Prior preferred
No par
8112
8114 8114 *80
81
82 *____ 8118 81
817 817 *81
8
No par
4
8412 843 8612 4,800'McCall Corp
79
7712 78
76
76
793
4 79
*7712 78
20 McCrory Stores class A No par
103 103 *10014 105 *10014 105 *10014 105
100 100
•100 105
700 Class B
No par
10312 10312
100 100 *100 105 *10212 10312 10338 104
100 100
100
200 Preferred
110 110 *10818 115 *10812 115
112 112 *110 11478 *110 115
McIntyre Porcupine MInes_5
1912 *
4
183 *____ 183 *_ 183
4
1912 *18
*18
1912 *18
4
7312 7314 758 16,500 McKeesport Tin Plate_No par
7012 713
4 7014 717
70
72
72
7312 73
7
5514 19,100'McKesson & Robbins_No par
4
52
53 k 523 5312 54
517 52
527 527
52
52
50
613
4 6,700' Preferred
4 60 6012 60
8 5912 603
57
575
8 577 585
*58
583
6612 1,900 Melville Shoe
No par
65
65
*64
63
64
64
65
6312 64
65 65
16,100 Mengel Co(The)
par
No
288
2412 287
8 28
8
243 2538 245 2538 2414 25
4
24 4 253
3
1,300 Metro-Goldwyn Pictures pf_27
26
*2512 2612 2512 2512 2512 2512 *2512 26
*26
2614 26
5412 5712 115,000 Mexican Seaboard 011 No par
8 5414 56
57
5814 5414 6612 554 58
5538 577
4514 4414 4518 26,600 Miami Copper
5
4
14414 4618 44
4438 4518 4438 4618 453 47
No par
343 3512 18,400 Mid-ContPetrel
4
4
4
34 4 3514 343 3518 3438 354 348 3512 343 35
3
Preferred
100
---_ ____
44 414 4,800 Middle States Oil Corn
D
4
414
414
4
418 414
4
4 14
418 414
5,000 Certificates
10
27
8 3
3
3
3
318
318 318
3
318
3
3
/
1
4
1,500 Midland Steel Prod met__100
4
4
4
4
260 4 2603 260 2693 2693 2693 *265 269 *265 369
3
0261 289
No par
2318 2312 234 2318 2318 2318 2,000 Miller Rubber
233 23 8 2338 237
4
7
235 24
72
727 13,300 Mohawk Carpet Mills_No par
73
69% 707
8 70
8
4 6938 70
70
7012 687 703
12918 1327 202,900 Mont Ward&Co111CorpNo par
8
8
125 12912 12738 1315 12718 131
4
12512 12612 1233 125
55g 6
No par
4 2,600 Moon Motors
55
8 53
512 538
538 5 8
7
512 538
/ 57
1
4
s
5
11,300 Mother Lode CoalitIon_No par
37
8 4
378 4
378 4
4
4
4
4
4
4 18
No par
18,500 Motion Picture
4312 4212 44
39
3912 4018 398 404 *3814 39
39
40
No par
1912 2012 8,600 Moto Meter A
2014
19
1914 197
1812 19
19
197
19
197
130 1313 132 142
135 13712 13518 13518 135 13712 4,500 Motor Products Corp No par
4
127 133
No par
8
/
1
4514 4538 444 453
4 463 4738 4612 474 16,800 Motor Wheel
8 443 4514 4512 463
4
No par
6718 6314 6612 29,500 Mullins Mfg CO
61
623
4 613 613
60
4
4 6012 6218 6012 62
270 Preferred
99
No par
96
92
92
92
•92
93
91
903 90
4
/ *9012 92
1
4
No par
594 584 5912 8,700 Mun2ingwear Inc
5614 5734 5712 583
•57
58
4 5712 5912 58
94,100 Murray Body
No par
9212 95
95
84
/ 8912 8514 8812 8714 92
1
4
943 9612 91
35,300 Nash Motors Co
No par
9818 99
97 8 993
7
8 9812 977
8 973 983
4
4 9812 993* 974 987
37
3814 72,100 National Acme stamped____10
32
/ 347
1
4
8 3314 3412 333 3334 3338 375
3714 39
8
No par
8 8,400 Nat Hellas Hese
3
5712 57
/ 55 4 5738 5512 573
1
4
58
603
58
603
8 58
4 58
100
100 l'referred
106 106 *102 107 *105 107 *102 104 *102 104
3106 108
35
184 1867 18558 1855 18312 185
182 1833 181 182
4
186 1888 5,700 National Biscuit
8
8
100
500 Preferred
8
8
1423 143 *143 14314 143 143
4
1427 1427 *1425 143 *14238 143
8
4
124 1253 12118 1233 122 128
8
125 1283 125 1297s 1263 130 101,
4
000 Nat Cash Register A w i No Par
s
8
131 13212 13012 1323 13312 13512 13434 13678 1343 1357 13414 1367 33,200 Nat Dairy Products___No par
4
8
4
1,900 Nat Department Stores No par
33
*327 33
8
33
33
327 33
33
33
33
33
33
100
*93
9314 934 9314 9314 9314 *93 101
95
300 1st preferred
*93
96
*93
4818 4912 4714 487
8 48% 511
4 5038 52
5012 51% 5018 5112 31,500 Nat Distill Prod ctfs_ __No par
8
7,000 Preferred temp °Us_ _No par
4
853
8 843 85
838 84% 833 84% 8378 8412 83 4 847
8 85
3
100
54's 55
5314 *53
1,900 Nat Emma & Stamping
55
531
*53
543 *54
4
543 5514 *54
4
100
145 145 *148 149
150 15212 149 1503
145 147
145 145
4 1,300 National Lead
100
140 140 *140 142
140 140
240 Preferred A
140 140
140 140
140 140
100
118 118 *118 119 *118 119
118 118 *118 119
118 118
40 Preferred B
No par
543
4 54
54
557 187,400 National Pr di Lt
8
553
5618 54
523 5312 5114 5238 53
4
No par
11
11
*1034 11
11
11
*1012 11
•11
12
500 National Radiator
11
11
No par
31
31
*2714 30
30
30
*2714 30
*271 30
/
4
700 Preferred
30
32
50
126 12618 12614 12614 *124 12512 *124 126 1125 125
126 126
1,000 National SupPlY
100
__ *11512
_ *116
0116__ *116
70 Preferred
_ 11512 11512 11512 11512
1128 *128 132 •127 130 *123 128
50
---130
2,200 National Surety
129 133
_-- 124 129
No par
83
7512 773
4 77
*78
79
34,200 National Tea Co
8 81
7914 843
8 8112 843
78
5214 5312 191,700 Nevada GonsaiGhpper_No par
527
8 5012 52
/
1
4 51
/
4
47
481 461 4812 484 503
/
4
No par
454 *4518 4514 45
45
454 45
45 45
46
4518 45
1,700 N Y Air Brake
100
*48
*48
51
400 New York Dock
*47
48
50
50
5112 *48
*47
49
50
100
*89
90
*89
90
*89
90
*89
90
*89
91
*89
91
Preferred
140 NY Steam pref (6)__ __No par
9912 99
9912 9912 99
99
99
99
*99
9912 *99
9914
No par
180
11312 11312 11114 11113 *11114 11312 *11114 113
tot preferred (7)
11114 11114 11312
11114
No par
8
/
1
10512 10618 105 1064 10512 1087 1073 1084 107 1071 10712 1107 32,300 North American Co
/
4
/
1
8
/
1
4
4
50
5212 1,100 Preferred
5218 523
8 5214 5214 52
*524 53
/
1
/ 5214 .5214 524 527
1
4
/
4
10112 10112 *101 1013 1011 1013 10112 1011 10118 10134 10112 10112 1,300 No Amer Edison pref__No par
/
4
4
4
523
4 1,900 North German Lloyd
5012 5012 *5014 5112 5112 5112 5212 523* 5212 5318 51
70 Northwestern Telegraph___50
*4714 51
*4714 51
4714 4714 *4714 51
47
*47
5112 47
37
8 4
35
8 41,
4
4
3,600 Norwalk Tire & Rubber-___10
33
4 4
41 418
/
4
*44 43
/
1
4
100
Preferred
3912 *333 394 *333 3912
*333 3912 *30
4
*333 40
4
4
4
*33 4 40
3
7Nunnally Co (The)___No par
*6
*6
7
*6
7
*6
7
7
641
7 8 *6
3
25
900 011 Well Supply
*24
2412
24
24
g
2514 247 25
25
25
25
*25
25
100
90 Preferred
99
4
4 99
993
4 993 993
*9712 100
*99
993 *99
4
*9814 100
814 84
/
1
8
/ 8
1
4
/ 2,500 Omnibus Corp _____ - NO par
1
4
812 9
8
8
8
8
81 814
/
4
100
4001 Preferred A
*86
89
*86
89
.86
89
*86
89
86
86
•86
89
7914 4,600,0ppenheim Collins & CoNo par
7934 79
77
7712 *7612 77
783 *7612 7712 77
4
78
1
Orpheum Circuit. Inc
____ 40
_ 40
40 *____ 40 *__ _ 40 *_ 40
100
200 Preferred
83
85
80
81
4
4 743 77
*7312 75
741 743 *7314 743
/
4
4
50
Elevator
2,100 Otis
318 325
30912 311
307 307
310 31012 31012 31012 301 305
100
101 Preferred
1231, 12417 12312 1231r. *12312 12412 *12312 12412 *12312 12412 *12312 124,2
No pal
437, 13,60, )tis Steel
42''i'"43i31 4314 437
44
431
8 4314 441?_ 4318 4312 43
100
preferred
100 Prior
101 1021 *101 103 *101 103 *101 103 *101 103
10212 10212
/
4
No par
200 Outlet Co
*82
88
*82
88
1084
88
85
*82
84
85
84 I 85
25
8612 1,000 Owens Bottle
86
*85
86
8412 8412 8418 85
8412
84
85 4 *83
3
25
5,500 Pacific Gas & Eleo
57
56
56
56
56
56
565
8 5612 5712 5614 5614 56
No par
*77
/ 78
1
4
4
797
8 793 8018 1,200 Pacific Ltg Corp
79
79
777I 1783 784 79
77
/
1
4
100
390 Pacific Mills
3612 3612 *3612 37
37
35
3612 3612 *35
37
35
3
5
No par
114 13,000 Pacific 011
118
118
118
118
Ns t118
118
118
11
/
4
11
/
4
114
100
290 Pacific Telep & Tales
185 189
185 18712
185 185 *180 1843 180 180
183 185
4
100
Preferred '
12712__ *12712 _ _ *12712 ___ *12712 _ _ *12712
_ __ _
__ *12712
10
- - _3
6
1314 13312 130 13212 1311 13718 13412 137
/ 1
- 514 134 13 18 135,500 Packard Motor Car
- -12 133 1 / 4
613
4 6,700 Pan-Amer Petr & Trans ___54)
59
597 *5812 59
8
60
60
6014 *58
80
60
60
50
8
5912 613
8 594 61
4
60
623
8 593 6114 6112 643 223,700 Class B
6238 61
300 Pan-Am West Petrol B_No par
16
*141 16
/
4
14
*14
14
16
*14
.14
16
*1414 16
1214 1214
1218 1218 *1214 13
/
1
/
1
/ 134 134 1,900 Panhandle Prod & ref_No par
1
4
1212 1212 1212 13
100
Preferred
•130
65
*60
65
65 2
,
*60
644 *60
/
1
*60
*60
65
65
6612 6714 653 671 667 68125 6712 684 67
6712 6718 6812 56,100 Paramount Fam Lasky_No par
4
/
4
8
No par
*83
6512 3,000 Park & Tilford
83
64
63
/ 65
1
4
6512 65
64
64 0 6312 65
97 10
1
17,600 Park Utah C M
10
1012
912 1018
93 10
4
912 10
95
8 98
7
No par
1018 1012 1018 1012 103 1118 11
12
/ 1214 1312 1214 1314 167,200 Paths Exchange
1
4
8
No par
8
4 21
2418 257 25,400 Class A
2014 2112 204 203
26
223
8 213 244 24
4
18,800 Patin° Mines & Enterpr____20
381 38
/
4
/ 38'8 3812 384 393* 39
1
4
393
3 3838 39
4014 39
•Old and asked prices; no sales on ants day
s Ex-dividend. a Ex-rIghte. 0013 stock.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lois
$ per share
5918 Mar 26
11612 Jan 12
20 Mar 25
86 Mar 27
123 Mar 26
4
89 Feb 8
36138 Jan 23
6612 Mar 26
37 Apr 26
104 Jan 8
122 Jan 19
8318 Jan 26
91 Mar 26
148 Mar 26
1814 Jan 5
68 Jan 16
2414 Apr 9
953 Mar 25
8
1512 Apr 22
38 Apr 22
28 Feb 16
2838 Apr 13
28 Apr 9
12 Feb 18
357 Feb 20
6918 Mar 26
663 Feb 18
4
1218 Apr 30
550 Apr 26
120 Jan 28
83 Mar 26
41,1ar 26
203
41 Apr 1
80 Apr 26
7114 Feb 16
100 Apr 10
100 Mar 26
110 May 1
19 Apr 11
6212 Mar 26
49 Jan 7
55 Mar 26
5612 Mar 28
20 Mar 26
24 Jan 10
4112 Mar 26
3018 Jan 8
3012 Feb 16
12014 Jan 18
33 Mar 6
4
23* Feb 25
225 Feb 15
2212 Jan 5
651258ar 26
11118 Mar 26
5 Mar 26
3 Feb 8
1212 Jun 8
18 Apr 15
111 Apr 11
39 'Mar 26
5814Mar 26
904
1Apr 30
5018 Apr 6
62 Mar 26
94 Mar 26
2818 Jan 7
5018 Mar 26
105 Apr 2
168 Mar 26
4
1413 Feb 20
98 Jan 8
11618 Mar 26
2818 Jan 4
9214 Feb 4
33 Mar 26
6712 Feb 7
497 Mar 26
132 Jan 2
140 Jan 2
118 Jan 2
4214 Mar 26
10 Apr 15
30 Mar 15
1113 Mar 26
4
11414 Feb 8
4
1233 Apr 4
70 Mar 28
393 Jan 18
4
4112 Mar 25
4114 Mar 27
8512 Jan 7
9812 Mar 19
11114 Mar 15
8
903 Jan 7
513 Mar 5
4
997 Mar 27
5012 Apr 26
45 Apr 9
3 Apr 30
/
1
4
37 Mar 7
6 Apr 26
2212 Apr 2
95% Apr 13
712 Feb 21
80 Mar 26
7214 Feb 8
80 Apr 12
276 Jan 7
122 Jan 8
37 Jan 2
/
1
4
101 Jan 21
84 Apr 29
81 Jan 7
53 Jan 2
70 Jan 7
29 Feb 18
I Mar 6
159 Jan 3
4
1163 Jan 3
11612Mar 26
4014 Feb 18
4012 Feb 10
14 Apr 26
912 Feb 16
4712 Feb 25
5512 J.. 2
6012 Apr 11
912 Apr 29
712 Mar 26
131 Mar 26
/
4
:
341 Jan 7
b Ex-dividend 300% in stock.
Highest
PER SHARE
Range for Prat>ions
Year 1928
Lowest
Highest
I per Share $ per share $ Per ilharl
745 Jan 5
8
4414 June 8834 Sepi
12112 Apr 2 11712 Aug 125 Ma)
283 Jan 11
8
/
1
23 4 June 464 Ap
3
8612 Dec 114 Mal
93 Jac 16
18 Jan 9
938 Feb
193 Api
4
10014 Feb 21
78 July 98 Api
47 Jan 31
28 Feb 41 Mal
99 May 3
44 46 Jan 4
Aug -57 -Ain
/
1
4
1073 Apr 19 106
4
Oct 110 Noi
140 Mar 28 10812 Mar 134 Mai
844 Jan 14
6814 Jan 86
Ool
83 Apr 110 Nos
11434 Feb 5
1861 Jan 2 y134 Aug 382 Atli
/
4
24 Feb 28
184 Dec 34 May
/
1
433 Feb 75 No
8212151ar 21
4
16
393 Jan 15
8
Jan 3812 No
10512 Jan 18
8718 Jan 110
Oct
26 Jan 14
21 Nov 41
Jar
40 Nov 88 Jar
5012 Jan 10
32 June 404 Jar
383 Mar 9
8
2812 Sept 664June
373 Jan 14
4
/
1
313 Feb 43 May
4
3538 Jan 4
1812 Apr 18
1212 Feb 2512 Ain
33 Feb 493 Nos
4718 Jan 3
4
797 Jan 21
4514 Mar 83 Nos
4May 3
77 Dee 86 Dec
1013
1218 Mar 2538 June
18 Jan 2
4
21634 Jan 25 1173 June 190 De(
125 Jan 2 115 Jan 130 Api
75 July 11312 Nos
10812 Jan 10
1712 Aug 304 Nos
25 Apr 4
4018 Aug 52 May
4518 Jan 3
8912 Dee 101 May
9018 Jan 10
56 Feb 80 De(
8612May 3
77 Feb 1094 No
1133 Feb 5
4
8912 Mar 11984 No
11512 Feb 6
120 Feb 7 109 Feb 11811 Nos
1914 Sept 2811 Mai
2312 Jan 5
8
6212 June 783 Nos
82 Jan 31
3
4518 Nov 50 4 De(
59 Mar 4
8
54 Nov 633 Nos
62 Feb 4
607 Nov 70 Sept
8
72 Jan 3
347 Jan 4
2514 July 41 Sept
244 Dec 274 May
27 Feb 25
438 Jan 73 Dec
69% Jan 3
173 Jan 33 Dex
4
5412 Mar 20
397 Jan 3
/
1
2518 Feb 444 Nos
121 Jan 4 10314 Feb 12012 De(
23 Jan
8
7 Mel
/
1
4
518 Jan 3
5 May
112 Jan
/
1
4
312 Jan 3
275 Apr 3 193 June 295 Nos
Jar
1812 Aug 27
287 Mar 20
8
/
1
4
3918 Aug 75 Dec
8014 Mar 1
1567 Jan 2 11514 Dec 15613 Dec
8
114 May
5 8 Feb
3
8 Jan 8
412 May
23 Aug
8
612 Mar 4
/
1
5 Mar 144 Dec
44 May 3
4
13 Mar 243 Sepi
254 Jan 3
4
94 July 2183 Oct
206 Mar 1
2512 Jan 5114 061
4712 Feb 4
/
1
3914 June 954 Oct
817 Jan 4
8
:
98 Dee 1047 No
1024 Jan 11
464 Mar 6212 May
/
1
5912May 1
214 Feb 12414 Oct
9612May 1
8014 Feb 112 Nov
1187 Jan 25
a
714 Jan 3212 Dec
3912 Feb 28
71 Mar 1
9014 Jan 11812 Dec
118 Jan 3
/
1
205 Jan 4 15912 July 1954 Nov
144 Jan 26 13712 Feb 150 Apt
4
4714 Jan 1043 Dec
1483 Mar 20
4
6412 Jan 1334 Dec
13738 Jan 29
324 Oct
217 Jan
8
4
373 Mar 5
91
Jan 102 May
95 Apr 12
2014 June 5812 Jan
5512 Mar 14
8114 June 7138 Jan
8612 Mar 13
/
1
4
2314 Mar 57 Nov
6214 Jan 9
Jan
173 Mar 20 115 July 136
Jan 14714 May
14112 Feb 1 139
1234 Apr 24 11212 Mar 122 July
/
1
/
1
4
217 Jan 48 Dec
8
613 Mar 4
8
8
14 July 403 Jan
17 Jan 10
36 Dec 9812 Jan
41 Jan 29
844 June 146 Dec
/
1
144 Jan 2
117 Apr 19 114 Sept 119
Jan
/
4
155 Feb 1 1381 Dec 150 Nov
2
Jan 390 Des
913 Mar 1 0160
8
8
17
/ Jan 423 Dee
1
4
627 Mar 21
397 Oct 5012 Nov
8
493 Mar 4
4
47 Aug 6414 Jan
584 Feb 2
/
1
Jan
85 Sept 95
90 Apr 10
9812 Oct 10512 MaY
103 Jan 10
Jan 115 Apr
1147 Fah 19 102
8
584 Jan 97 Nov
/
1
11()8May 3
1
544 Jan 9
51 Sept 55 2 May
3
/
1
9934 Oct 1054 Feb
1033 Jan 15
4
6414 Jan 12 634 June 6912 Nov
/
1
48
50 Mar 16
Oct 55 May
7 Sept
/
1
4
212 Mar
614 Feb 4
33
/ Jan 48 Sept
1
4
45 Jan 81
6 Dec 13 May
/
1
4
8 Feb 8
Jan
2014 June 41
32 Jan 3
10612 Jan 16
97 June 11012 Jan
10 Feb 28
/
1
4
7 Dec 1814 May
12
2
8312 Dec 993 June
90 Feb 28
OM Aug 8812 Jan
847 Apr 13
Oct
18 May 70
75 May 104 Nov
95 Jan 2
/
1
4
12
345 Mar 20 14718 Feb 285 Des
4
125 Jan 24 11914 Jan 1288 July
1012 Jan 4012 Nov
483 Mar 15
8
8212 Jan 103 Nov
108 Feb 20
/
4
81 June 991 Sept
961 Jan 4
/
4
/
1
744 Jan 954 Apr
/
1
983 Feb 13
4
4312 Feb 5618 Nov
881 Jan 31
/
4
69 Dec 853 June
2
86 Mar 13
25
Oct 354 Nov
37 API' 17
214 Apr
1 Sept
112 Jan 10
200 Mar 14 145 June 169 Dec
Oct 12512 May
129 Feb 27 114
561 Feb 163 Deo
/
4
153 Jan 2
3134 Feb 5512 Nov
6255 Apr 22
3714 Feb 884 Nov
/
1
6512 Apr 22
/
1
16 July 284 Apr
/
1
4
171 Jan 3
/
4
1112 Feb 213 May
1514 Jan 3
4
70 Feb 10614 May
76 Jan 16
471 Oct 563 Dee
7078 Mar 18
/
4
8
34 Mar 98 Nov
871 Jan 14
/
4
9 Aug
13 Feb 28
/
1
4
1412 Jan
3 Feb
15 Nov
/
1
144 Jan 9
81: Feb 34 Aug
30 Jan 9
237 Jan 42
4
473 Mar 4
4
Ayr
2959
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, see seventh page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
'Saturday,
Apr. 27.
Monday,
Apr. 29.
Tuesday,
Ayr. 30.
Wednesday,
May 1.
Thursday,
May 2.
Friday.
May 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Slade Jan. 1.
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1928
Lowest
Highest
per share $ per share Per shall
Per share
Shares Indus. & Miscall. (Con.) Par
7
1418 Sept 25 8 Mar
60 1338 Mar 26 2212 Jan 11
2,700 Peerless Motor Car
4
1
/
22 Jan 4118 Oet
2 5712 Apr 18
No par 38 Jan
18,800 Penick & Ford
Oct 115 Mar
100 100 Apr 2 110 Jan 9 103
160 Preferred
4
1
/ Jan
8 Aug 14
818 Mar 28 12 Jan 20
50
100 Penn Coal & Coke
4
141 July 31 May
11,800 Penn-Dixie Cement____No par 17 Mar 26 27 Jan 5
1
/
75 Sept 964 Apr
100 83 Apr 20 94 Jan 22
Preferred
100
4
/
100 208 Jan 11 28712 Mar 14 1511 Jan 217 Nov
1,400 People's G L & C (Chic)
4112 Dec 4614 Dec
No par 3318 Apr 10 4512 Jan 3
1,400 Pet Milk
3
174 4 May
2,100 Philadelphia Co (Pitt8b)„..50 15712 Apr 17 180 Jan 5 145 Mar 49 Aug
4512 Mar
50 4812 Jan 15 50 Apr 29
20 5% preferred
4
/
511 Oct 57 Mar
50 51 Apr 1 54 Mar 13
900 6% preferred
2
273 June 39 4 &OA
1
4
/
23,600 Phila & Read C & I__No par 191 Apr 29 34 Jan 8
15 Mar 2512 MAY
10 1312 Apr 30 2314 Feb 26
11,200 Philip Morris & Co.. Ltd
85 Apr 99 May
100 8814 Jan 17 96 May 1
Jones pref
30 Phillips
7
3514 Feb 53 2 Nov
.No par 3712 Mar 8 47 Jan 3
17,300 Phillips Petroleum...
Oct 38 MAY
21
5
5 25 Apr 11 37 8 Jan 22
1,000 Phoenix Hosiery
94 Dec 10314 Feb
100 95 Apr 25 100 Jan 6
Preferred
8
1812 Oct 307 Dec
8
48,800 Pierce-Arrow Class A__No-par 2712Mar 25 377 Jan 9
s
2
563 Oct 747 Dec
4
1
/
100 72 Jan 2 8612 Jan 9
4,700 Preferred
h Mar
4
1
/
5 Apr
3
38 Mar 18
214 Feb 8
2
212 212
233 233 3,500 Pierce 011 Corporation
4
212 23
1614 Feb 50 Oct
8 5112 Mar 18
100 30 Jan
700 Preferred
44
44
44, 44
4312 44
8
65 Apr
57 Jan 15
4
1
/
3 Feb
s
43 Apr 25
No par
518 518 5,200 Pierce Petrol'm
4
1
/ 514
5
4
1
/
54 5
4
323 Feb 587 Deo
4
1
/
7,000 Pillsbury Flour Mills-No par 4814 Mar 26 63 Jan 15 108
507 50% 501g 52
517
51
1
/
Jan 1444 Dee
100 143 Jan 2 15614 Jan 14
Preferred
364 June 78% Dec
100 61 Mar 27 8344 Jan 9
9,900 Pittsburgh Coal of Pa
4 6812 71
693
69
69% 70
71
'61
63
62
67'4
4
81 May 1007 Dec
100 8512May 3 100 Jan 5
800 Preferred
87 8712 *8512 8612 8512 86
88
1387
8644 87
87 87
26 Feb 38 Dec
8
100 24 Apr 6 343 Jan 9
25
Pitts Terminal Coal
*20
25
•20
25
1320
*20
25
*20
1120
25
25
6318 Oct 82 Mar
100 60 Apr 2 7814 Jan 9
Preferred
8
5211 5912 *5212 5912 *5212 593 *5212 5912
*5212 5912 *5212 5912 •
4
3
53 4 July 851 Dec
4
600 Porto Rican-Am Tob el A.100 77 Jan 11 953 Mar 15
87
85
85
8512 85
8512 *84
84
1384
*84
87
8514 *
2314 Aug 51% Dee
4
No par 36 Jan 4 503 Jan 2
435 44
7,300 Class B
4
4 433 44
4 4414 453
4312 44
433 443
4
4 4314 453
4
1
/
102 Mar 26 105 Jan 31 100 Aug 108 Sept
500 Postal Tel & Cable wet_ _ _100
8
8
4
1
/ 1023 1023
10212 10218 1023 1023 •10214 10212 *10214 10212 10214 102
3
8
6138 July 13612,Ma7
4May 3
/
4
No par 623 Mar 26 811
4
8 7914 813 390,900 Portturn Co, Inc
•7514 787
74% 76
76,
8 75
74 4 75 4 73 8 753
5
3
3
5912 Dec 6153
8
58 Jan 30 655 Jan 2
6,000 Prairie Oil & Gas
594 60
8
4
1
/ 595 60
60
60
603 60
4
4
1
/ 5612 604 5912 60
14 61 May 3
5
25 53 8 Jan
30,300 Prairie Pipe & Line
61
4
/
591 59
8
585 5912 59
60
4 5818 59
584 593
59
4
1
/
18 June 33 Oet
1
/
No par 194 Feb 18 2538 Mar 22
2114 207 2114 5,300 Pressed Steel Car
4
s
20% 20% 203 2118 21
4
203 21
20% 21
12,043t
70 Aug 93
100 7412 Feb 16 81 Mar 27
78
78
200 Preferred
79
79 .78
79
80
*78
80
*78
80
*78
16 Feb 29% Nov
4
2,300 Producers & Refiners Corp-50 184 Feb 16 257 Jan 3
8
217 21% 2112 2178 2118 2112 213 22
4
/
4
/
211 211 2118 2112
4
1
/
41 Feb 49 June
4
50 384 Feb 20 463 Mar 21
43
43
40 Preferred
*4112 43
*4112 44
4112 4158 *4112 43
*4112 43
91 Feb
52 No
63
50 Pro-phy-lae-tic Brush_.No par 55 May 1 8234 Jan 14
*57
63
•57
55
55
61
*55
61
*55
63
*55
4
1
/ Jan 8312 Dec
41
1
/
8
8 8412 8612 857 8812 8712 895 113.400 Pub Ser Corp of N J__No par 75 Mar 26 944 Jan 31 1033 Jan 115 May
8
1
/
8214 8312 8112 824 827 847
8
100 104 Jan 5 10812 Feb 5
8
4 1,400 6% preferred
4
4
4
4
*1043 1047 *1043 1041 104% 104% 1043 104% 1043 1047 x104 1043
8
Oct 12912Ma1
8
100 118 Apr 26 1247 Jan 3 117
500 7% preferred
11912 11912 118 119
.
118 118 *1191 120 •11912 120 *11912 120
100 145 Apr 17 15012 Mar 15 134 Jan 150 May
146 146 •146 149
300 8% preferred
*146 149 *146 149 *146 149
•146 149
Dec 11012 Apr
8
8
4
300 Pub Seri; Elec & Gas pre(_100 1053 Apr 3 1095 Jan 28 10612 Oct 94 May
4
4
•10712 1073 *10718 10833 •10712 1073 10712 10712 *106 1073 10618 10618
8
777
8
No Par 795 Mar 26 9178 Jan 3
83
8 82
21,600 Pullman, Inc
8 8212 8312 821a 833
8
4
/
8
825 8333 811 8214 817 827
8
175 Dec 347 Jan
50 1518 Feb 18 2114 Jan 14
17
17
2,700 Punta Alegre Sugar
17
17
1652 1658 1612 17
19 Feb 3114 Nov
25 2314 Feb 16 2912May 3
8
273 273
2712 28
2712 28
4 2712 2912 87,800 Pure Oil (The)
4
1
/ 2412 28
2678 27
100 112 Jan 14 116 Feu 25 108 Mar 119 June
210 8% preferred
11218 11214 11214 11214 11212 114
11214 11214 11214 11214 112 112
8
75 June 1393 Oct
115 Mar 26 1394 Feb 4
4
4
126 12814 125 125 4 12553 1263 12814 12814 12512 12618 1243 12514 6,000 Purity Bakeries
3
105 July 16614 Oct
Preferred
- 32
-11 4
10212 1043 104 1.06 4 10'712 1 3- 110 114 1- 111260 Radio Corp of Amer-No Par 6814 Feb 18 114 May 3
102
9853
10033
5411 Jan 60 May
50 54 Apr 2 57 Jan 3
500 Preferred
4
543 55
5412 55
8
•547 5518
56
56
*55
56
56
*55
3414 Dec 5112 Nov
1
/
19 Mar 26 464 Jan 4
4
36
1
8
/
345 37% 295,700 Radio Keith-Orp cl A__No par
8
38
8 2812 293
8 295 314 303 36
2858 295
8
8
247 Jan 605 Dec
8
10 57 Jan 7 843 Mar 4
14,700 Real Silk Hosiery
73
7314 731s 76% 75% 79
1
/
7214 724 7214 73
4
/
*721 73
4
1
/
8012 July 97 Dec
5 10212 Feb 8
100 97 Jan
140 Preferred
9812 98
9812
1
/
984 *98
*98
98
0814 9814 9814 98
.98
15 Dee
512 Feb
9 Mar 26 1614 Feb 1
No par
*1112 12
1112 1112
200 Reis (Robt) & Co
1114 11% 11% *1112 12
*1112 12
*11
5114 Feb 8918 Dee
100 70 Mar 28 10812 Feb 6
100 First preferred
*71
*7014 75
73
70l3 73
7114 7114
1371
79
79
*71
4
1
/
23 Jan 3612 May
No par 28 Mar 26 3534 Feb 4
32
3314 43,200 Remington-Rand
3012 3118 3014 307
3 3018 3333 3212 338 3218 33
8714 Dec 98 June
4
1
/
100 90 Jan 4 96 Feb 4
preferred
9414 93
4
1
/ 935
9412 *9312
8 933 93 4 1,300 First
4
3
94
94
*9312 9414 *94
884 Oct 100 Jan
93 Mar 20 997 Feb 19
100
Second preferred
*9414 997 *9414 997 •9414 99% •9414 664
9414 100
*
*9414 100
4
4
1
/ Jan 351 Oct
32
8Mar 28 317 Jan 3
10 255
8
4 27
4
1
/ 274 273 10,100 Reo Motor Car
4
1
/ 2718 27
27
274 2714 27
2714 2712 273
4
/
491 June 9412 Nov
98% 9914 99 100
31,900 Republic Iron & Steel_ _ - _100 7914 Feb 8 10212 Ain 23 102 June 112 Feb
96
99
97
9814 9712 998 9812 1003
37
100 1087 Jan 7 11511 Feb
s
4
112 112 *1093 112
200 Preferred
111 111 *111 112
*109 112 *109 111
s
814 Feb 147 June
74 Mar 26 1214 Jan 16
No par
918 1,900 Reynolds Spring
9
9
9
9
9
g 912
3187
94
9
912 92
5534 55
5518 55
56
554 5514 55
15,900 Reynolds (RJ) Top class B_10 53 Mar 26 66 Jan 11
4
1
/ 55
55
5512 55
80 Mar 15 I 16518 Mar 195 May
10 70 Apr 24
74
74 •70
110 Claas A
75 '70
7014 7012 *70
75
•70
517014 75
Oct 61 Dee
50
53 Feb 26 64 Jan 2
4
5512 *553 57
55
500 Rhine Westphalia Elec Pow_ _
3
55 4 557
8
*5412 557 *547 557
55
*54
4
1
/
23 Feb 56 Nov
4
1
/
4
4
1
/ 4534 18,500 Richfield 011 of Californla_25 393 Feb 18 49 Jan 3
8 44
44% 453
453
45
4438 46
4514 454 4438 45
4
No par 333 Feb 21 4212 Mar 28
8
4
1
/ 16,300 Rio Grande Oil
1
/
1
/
364 364 363 37
4
3614 3612 3612 3712 363 371
4
3612 363
25 226 Feb 18 310 Mar 16 145 June 278 Nov
100 Rossia Insurance Co
280 280 *267 279 *267 280 *270 280 *270 280
267 280
•
4
40 Dec 491 Dee
1
/
324 33
32,600 Royal Baking Powder__No par 30 Mar 26 4314 Jan 2
8 3212 33
4
1
/ 3212 333
4
1
/ 33
3
3258 333
4 3218 33 8 32
100 991254ar 2 10312 Jan 21 10412 Dec 10418 Dec
__ 100
Preferred
•____ 100
• __ 101 *____ 101 *____ 101 *____ 100
Oct
4
1
/ Jan 64
44
8
497 Feb 19 5534 Jan 5
1
/
51% 524 3,100 Royal Dutch Co(N Y shares)
52
52
8 5233 521
4
513 5134 5133 523
52
52
4
1
/
37 Mar 71 Dec
10 62 Jan 7 96 Jan 21
8 71% 7414 7112 7314 39,900 St. Joseph Lead
4
693 7312 7114 745
69
4
1
/ 67
4
1
/ 69
66
4
1
/ Dec
No Par 157 Mar 26 19514 Jan 4 171 Dec 201 Dec
1677g 15,900 Safeway Stores
16612
166 169
4
1663 172
163 167
16212 163
13162 163
95 Dec 97
100 93 Apr 4 97 Jan 16
4
/
170 Preferred (6)
953 •951 96
4 95
953
4
4 9514 9514 95
*9514 95 4 *9514 953
3
100 102 Feb 16 108 Jan 18 10612 Dec 10618 Dee
4
310 Preferred (7)
10512 10518 10518 10518 10514 1053
105 105 •10412 105
4
1043 105
3614 Dec 51 Dec
s
3814 Mar 26 517 Jan 24
_No pa
4
1
/ 48
8 46
30,200 Savage Arms Corp. _ _
4718 483
49
4
1
/ 43
4118 4138 43
41
42
42
3
35 4 Dec 6712 Apr
4
/
21 Apr 24 411 Jan 8
211 15,200 Schulte Retail Storee_No pa
4 21
4 214 213
4
/
211 2118 213
213
4 21
2118 21% 21
100 97 Apr 17 11812 Jan 2 115 Dec 129 APT
100 100
100 100
490 Preferred
100 100
98
8 98
10012 10012 10012 1007
4
1
/
17 June
10 Feb
2 2214 Apr 12
158 Jan
No pa
1818 17% 184
8 1,300 Seagrave Corp
1818 18
4 18
4
173 173
•1812 19
17% 18%
824 Jan 19712 Nov
4
1
/ 160 161% 161 16714 87,200 Sears, Roebuck & Co No pa 13954 Mar 26 181 Jan 2
4
/
15312 15712 15414 15612 156 1611 113012 163
4
1
/ Oct
7
2 Jan
512 Jan 2 1012 Mar 20
pa
No
8 63
63
1
/
64 6%
7,300 Seneca Copper
5
68 7
5
6 8 6%
6% 6%
8
' 612 65
801g Feb 14014 Oct
8
No pa 12312 Jan 8 1493 Apr 25
4
4
142 1453 1427 14414 14014 1423 141 1423
8.700.Shattuck(F G)
14614 1473 142 144
4
4
1
/ Jan 5712 Oct
39
4
4
473 .47
48
4
1
/ •47
47
*47
48
Shell Transport & Trading_£2 43 Jan 25 553 Jan 10
*47
48 '47
48
*45
4
1
/
2314 Feb 39 Nov
4
/
4
253 Feb 18 311 Apr 2
No pa
4
1
/ 30
4
1
/ 2934 29
4
1
/ 29
29
297
4
1
/ 29
32,600 Shell Union 261
8 29
4
8 283 293
4
283 293
4
1
/
1
/
544 June 85 Nov
5412 Mar 26 7412 Jan 24
8 66
683
4
1
/ 44,800 Shubert Theatre Corp.No pa
67
4 66
663
57
57
5812 57
598 60
58
1
/
3
55 4 June 1014 Nov
75 Mar 26 116 Jan 31
No pa
881 33,500.Simmons Co
90
86
4
1
/
87
89
87% 86
8514 85
8418 8614 82
1818 Feb 2714 Nov
8
295 33 146,100:Simms Petrolem
10 1818 Mar 26 3414 Apr 24
8
8 293 303
305
4
8 30
303
4 295 301
2912 3038 29
4
8
173 Feb 461 Nov
39 111,1001Sinelair Cons 011 Corp-NO Par 3512 Mar 26 45 Jae 2
384 38
38
4
1
/
3833 3gi
8
3812 375 3818 373 39
38
Got
45fay 1 111 Jan 29 10212 Jan 110
100 1073
4
4
4
1103 31073 1073 *10712 109 •10712 109
100 Preferred
4
4
*1093 112 *110 1103 110
1
/
25 Feb 424 Nov
o5 327 Mar 7 4614 Apr 24
445
8
8 4352 46
4 44
4312 443
4434' 44
4
/
431 443
60,000 Skelly 011 Co
4412 45
June 134 Feb
8
1097 110 •110 115
109 111 *10912 110
800 Sloss-Sheffield Steel di Iron 100 108 Apr 15 125 Jan 19 102
•110 115 *109 113
Mar
100 105 Jan 2 112 Jan 18 10412 Oct123 Apr
108 108
100 Preferred
*108 11012 •108 11012 *108 11012 *105 110 *108 110
11 Dec 20
124 1238
No par 1014 Mar 26 1614 Feb 5
12
1318 1312 4,800 Snider Packing
131
12
127
4
123 1234 114 12
Jan
31 Nov 60
5112 8,900 Preferred
4 4612 48
473
50
43
No par 33 Jan 3 5112May 3
4418 45
48% 501
43
4
1
/
3142
3212 Feb 4933 May
4
4
353 367 ,11,600 So Porto Rico SUR
4
3
8
35 4 3712 3412 351
No par 34 Mar 26 443 Jan 2
3712 3814 3712 3818 363 377
1
/
434 Jan 5612 Nov
1
/
25 533 Jan 4 6312 Jan 31
3
4
8 55 4 564 553 5614 553 56
4
s
563
4 56
5512 5618 8,900 Southern Calif Edison
5612 563
4
1
/
4
1
/ Jan 60 May
24
38
3812 39
38
39
37
38
39
387
4,000 Southern Dairies el A._NO Par 3512 Feb 16 42 Jan 2
38
37
4
1
/ 36
9 Jan 30 Apr
8
4
113 Mar 4 153 Jan 12
13
No par
133
8 1314 137
8 4,300 Class B
8
125 133
8 124 1312 1212 1212 1214 13
Jan 120 Apr
4
1
/
114 11414
150 Spalding Bros 1st pref
*11414 117 *11414 117 *1144 116 *11412 116
100 113 Apr 8 117 Feb 6 109 July 57 Dee
115 115
4
1
/
26
4
4312 4312 43
393 Mar 26 524 Jan 3
447 *4334 44
3
*4312 437
8 1,100 Spans Chalfant&Co IneNo pa
4312 4312 43 4 44
Oct100 Alla
97
1393
95
94
94
100 89 Mar 19 97 Jan 17
*93
94
94
94
*93
170 Preferred
*93
94
94
1014 Nov20 Feb
4
1
/
838 Apr22 14 Feb 4
9
9
9
9
918 *9
No pa
918
•9
812 9
710 Spear & Co
812 812
3
4
765 Nov92 8 Feb
4
753 *75
783
3
77
75 4 *75
20 Preferred
100 75 Apr 18 8012 Jan 2
4
4
753 753 *75
4
753 *75
*75
4
/
4
1
/
23 Jan 511 Dec
4Mar 1
45 Jan 7 663
5712 59
4
584 597
59
4
/
4 1311 633 20,500 Spicer alfg Co
No pa
613
4
5712 57% 563 57
6512 Sept91 Nov
8
15 1177 Feb 6
4
7714 Jan
111 113
53,200 Spiegel-May-Stern Co_No Pa
10812 110
107 1083 108 11012 1097 1131 110 114
4
1
/
Oct 40 Nov
24
4
1
/
2514 April43 Jan 11
4
2812 29
4 293 297
4
2918 30
29
4,300 Stand Comm Tobaceo_No pa
2914 293 293
30
30
8
7
57 8 Jan 845 Doe
8814 891
8614 89
4
/
1
/
804 Mar 26 997 Jan 31
8812 92
8912 911 42,400,Standard Gas & El Co_No pa
8
86% 855 871
86
3
64 8 Dec 7133 May
4
8 6412 643
4
643 65
65 65
50 63 Apr 4 67 Feb
2,600 Preferred
4
1
/ 644 647
4
1
/ 64
4
13643 64% 64
14212 Dee
117 11814
300 Standard Milling
100 104 Mar 26 16314 Jan 18 100 Jan
115 115 *111 117 *111 117 *111 117
4
*110 1173
97 Nov 115 Doe
110 110
110 110
112 112
111 160 Preferred
100 110 Apr 22 133 Jan 12
•..- 112 *____ 123 ▪ ___ 110
53 Feb 80 Nov
8 7612 774 774 78% 48.000 Standard 011 of Cal----No Pa
7714 785
64 Feb 18 8114 Mar 20
1
/
4
763 783
77
8 76
7612 773
4
4
373 Feb 591 Nov
8
583 591
48 Feb 16 6112 Apr 2
57% 591
4
573 5812 57% 591 127,800 Standard 011 of New Jersey.2
4
1
/ 581
57
8
573 581
4
283 Feb 4518 Dec
4
1
/
8
423 43
Mar 7 45 Jan 2
4214 423
8
4
1
/ 86,800 Standard 011or New York _.25 38
1
/
4 423 43
424 431
4218 427
4212 431
7
7 g Feb
214 Jan
4
1
/
9 Jan 21
512 512
412 Jan 2
1,300 Stand Plate Glass Co__No pa
512 512 *512 57
4
1
/
512 5
4
1
/
4
1
/ 5
5
54 51
Jan 40 Feb
10
20 20
17 Jan 3 31 Jan 18
•18
10
320 Preferred
193
20
4 20
1818 191
18
18
1818 184
4
1
/
34 June 53 Dec
5414 5012 553
50
41 Jan 26 56 May 3
4 55
56
6,100 Stand San Mfg Co____No pa
4914 50
1
/
4912 494 4812 481
4
Oct 1263 May
*1384 -- *13812 _ -- •13812
1
/
•13812
100 11812 Jan 15 138 Mar 21 118
Preferred
•13812
-- *13812 _
35 Dec MN gent
4
1
/ 4154 4212 43
4112 42
26 Apr 11 4314 Jan 3
4,900 Stanley Co of Amer.._.NoPa
43
42
41
41
39% 4012 40
8
4
1
6912 7112 693 71
65 Apr 10 723 Apr 24
7018 7114 35,000 Stewart-Warn Sp Corp
7018 71
8
70% 687 697
70
Jan 99 Dec
44
98
9714 101
9918 9814 100
20,500 Stromberg Carburetor_No pa 35234 Jan 11 101 May 1
98
05
95
86
84
87
4
1
/ Oct
Jan 87
57
8314 8412 8314 83
._No pa
77 Jan 5 98 Jan 26
8
4
1
/ 833 84% 40,000 Studeb'r Corp (The.
1
/
4 814 8338 8212 843
4
1
/ 833
82
1
/
100 1244 Jan 2 12512 Apr 26 12112 Feb 127 June
1
/
1244 1243 1243 1243
1
/
4
4
210 Preferred
4
*1243 ---- *1243 -- • / -- *1244 125
1244
1
4
4
4
1
/
6 Mar
3 Feb
412 Mar 14
No pa
3 Feb 27
434 31,
318 318
Boat
34 318
800 Submarine
314 34
318 31
312
4
/
311 Jan 77 Nov
No pa
57 ?Aar 26 6812 Jan 10
6112 6112 62
116112 62
63
600 Sun 011
6112 6112 6112 *6112 62
*61
Jan 110 Apr
10 100 „Ian 3 10512 Jan 8 100
10312 104
1043 10512
4
180 Preferred
4
1
/
4
0104 1043 10418 1041g 1044 1043 •10414 105
4
/
141 Nov
4
1
/
2 Feb
7 Feb 16 12 Jan 3
No Pa
812 8
812 8
4
1
/
1
/
84 8
4
1
/
4
1
/ 34,800 Superior Oil
4
1
/
4
1
/
812 8
813 8
812 8%
8
Jan 567 Nov
18
4
100 38 Jan 2 733 Apr 9
65
62
4
1
/ 634 65
65
22,200 Superior Steel
654 64
62
6714 63
623
4 61
4
/
111 Feb 234 Sept
50 1512 Mar 11 2214 Apr 11
1714 1714
1712 17% •1714 18
800 Sweets Coot America
1712 1712 *173 18
4
*1712 18
7 May
4 A ug
412 Mar 12
9 May 2
No pa
9
8% 7,200 Symington
8
4
1
/
8
7% 8
.37
712
8
7
3
7
19.53 Apr
10 Aug
1214 Mar 11 1958May 2
No pa
18% 1814 19
16
187 28,600 Class A
4
1
/ 18
8
*15
1514 157
16
4
3 153 16
1
/
154 Jan 2253 MAY
1914 Feb 8 2512 Mar 28
4 2112 2212 2,200 Telautograph Corp_ _No pa
224
4
4 2212 22
4
1
/ 2212 2212 22
312213 223 312212 223
$ per share $ per share 5 per share
4
*1612 17
1658 1718 *1612 163
543
4 5218 544
54
5514 52
108% 108% *10618 109 *10812 1088
812 812
4
1
/ *83
8 8
*83
8 812
2212 2114 2214
22
21% 22
84
*
*82
85
82
85
*82
26212 26412
31262 265 *262 265
3512 3512 35 4 35 4
3
3
*3512 37
4
1573 158
15712 165
4
*1573 158
50
*49
4912 491
521
523
4
5212 5212 52
5212
8
8 195 204 1934 20
203
20
1
/
1414 143
8 1418 144 1312 1518
1
/
96
1390
96
*90
90 90
4
1
/
1
/
4112 424 41% 42
4
1
/ 4112 42
8 30
295
31
28
31
29
•
97
*95
*95
*95
97
97
3418 3514
8
337 35
3312 351
8 84
8
8414 851
845
4
41
8 / 847
212 258
8
4
1
/ 23
2
2% 2%
44
44
4313 431 *4312 44
3
5 8 538
518 51
54 512
50 50 51%
50
5012 51
per share IS per share 3 per share
8
8
165 167
1612 1658 164 17
1
/
5714
1
/
544 53
8 53
538 543
10812 10812
10812 1097 *10812 110
s
4
1
/
4
1
38
4
1
/ *83
4
*818 8
8 83 ' / 8
8
2133 2314 223 2314 227 2312
8
83 83
84
*83
85
*83
4
4
265 265 26514 26912 2683 2683
3718 357 357
4 36
363
6
3
16312 165 *164 165 *160 180
50
*49
50
*49
50
.49
53
*52
53
*5212 53 .52
8
20
2014 208 2012 217
207
4
143 1512
g
147 1514 143 15
4
4
4
953 953
96
*90
96
96
4 4112 427
4133 4212 4112 413
28
*25
29
3012 3012 *26
97
*95
97
*95
97
*95
8
8 344 3518 3414 353
344 345
844 8412 8414 8412 *8412 85
• Bid and asked prioes; no sales on this day. s Es-dividend
a Ez-risats
2960
New York Stock Record-Concluded--Page 8
For sales during the week of stocks not recorded here. see eighth page preceding.
JUG!! AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Apr. 27.
Monday,
Apr. 29.
Tuesday,
Apr. 30.
Wednesday,
May 1.
Thursday,
May 2.
Friday,
May 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
PER SHARE
Range far Previous
Year 1928
Lowest
Highest
Lowest
Illohest
S per share $ per share $ Per share $ Per share $ Per share $ per share Shares Indus.
& Miscel. (Con.) Par 3 pet share 3 per share $ per share $
18% 1918
per shard
185 207
8
8 1912 204 1912 20
1914 2018 194 203 127,900 Tenn Copp & Chem__No par
4
16 Apr 9 204 Apr 29
1013 Jan
6438 6514 6418 6458 645 857
197 Dee
8
8
6512 663
4 6518 657
8 653 67
8
55,000 Texas Corporation
25 574 Feb 21 6812 Apr 20
60 Feb 74eg Nov
82
8258 8018 8112 814 833
4 8218 84
8178 827
8 8158 8238 131,900 Texas Gulf Sulphur_-__No Par 7214 Feb 18
8514 Apr 18
8218 June 8213 Nov
20 20
1912 2018
197 20
8
197 20
8
s 197 2114 12,100 Texas Pacific Coal de 011
193 197
8
4
10 1614 Jan 25 23 8 Mar 21
7
1218 Mar 285 Nov
1658 167
8
8 165 163
4 1658 1712 163 1718 1612 1678 165 173 13,800 Texas Pao Land Trust
8
4
8
8
1
1314 Mar 26 2412 Jan 17
243 247
20 June 30% Apr
8
8 24
25
2514 2512 25
7 26
257 283
8 27
14,900 Thatcher Mfg
8
28
No par 1612 Mar 14 283
8May 2
43
22
43
Jan 394 May
44 44
*43
44
*4312 44
437 437
600 Preferred
8
438 44
No par 35 Mar 9 483 Jan 5
*
45
Oct 532 June
3812 3812 38
384 38
3318 3818 3818 38
3814 1,600 The Fair
38
38
hlo par 3414Mar 28 517 Jan 15
*109 110 *109 110 *109 110 *109 110
34
Jan 5213 Dec
109 110
109 110
Preferred 7%
100 10412 Feb 26 110 Jan 2 10412 Jan 1144 Ost
453 457
8
8 443 443
4
4 443 443
4
4 44
4412 *44
445
8 443 443
4
4 3,200 Thompson (J It) Co
25 44 May 1 62 Jun 12
195 197
564 June 718 June
8 1912 197
1978 2014 1912 193
1912 197
4 1958 2053 25,900 Tidewater Assoc Oil-No Par
1712 Feb 8 22 Jan 3
143 Feb 25 Sept
*8712 88
4
*8712 88
88
88
*87
88
*87
87
88
88
800 Preferred
100 86 Mar 15 90 Jan 2
8178 Mar 2134 Dec
3314 333
4 3314 3314 34
35
35
35
35
35
3312
35
3,400 Tide Water Oil
100 274 Feb 1 375 Jan 3
8
1958 Mar 414 Dec
*94
9412 94
94
944 9412 *944 943
8 9412 9412 1,000 Preferred
4 9412 943
100 9018 Feb 25 974 Jan 17
863
82
8212 813 823
8
4 8212 88
8614 877
8 854 883
883 66,400 Timken Roller Bearing.No par 7312 Feb 16 150 Jan 3 11254 July 10018 Dec
4
4 87
8 Mar 154 Nov
15
153
8 1478 1514
147 1514 143 1514 147 1514
4
143 153 22,700 Tobacco Products Corp___20 1413 Apr 24 2218 Mar 18
4
8
4
19
194 187 194 19
s
1912 187 1918 19
8
1918 19
1918 10,100 Class A
20 1834 Apr 26 225 Mar 18
8
15
15
.14
18
*14
18
*14
17
*1418 17
*1418 17
200 Dividend certificates A -___
15 Apr 27 18 Fell 13
19 Aug 253 Jan
•15
20
4
•14
15
*14
20
*13
*1414 17
17
*1414 17
Dividend certificates B
15 Apr 25 20 Mar 28
19 Aug 24 June
•15
20
15
15
*14
20
*14
19
*1414 19
100 Dividend certificates 0
*1414 19
15 Apr 29 1912 Jan 15
19 Dec 23 Aug
1034 11
1012 11
1053 107
8 107 11
1034 1118 107 113 74.800 Transc't'l Oil tern ctf_No par
4
8
9 Feb 26 13 Jan 2
63* June 144 Nov
*46
50
*46
50
*47
*4712 50
60
48
48
50
51
1,000 Transue & Williams St No par 41 Feb 28 533* Apr 18
'
.
4414 Dec 5913 Feb
4858 49% 4818 4958 49% 50
503 5114 505 527
3
5218 533 69,900 Tile° Products Corp___No par 383 Feb 18 5412 Apr 24
8
8
4
325 June 447 Sept
8
8
*233 24
4
2312 238 2313 2313 *2334 2412 2318 2312 23
23% 3,100 Truax Truer Coal
No par 21 Apr 9 3178 Jan 23
47
47
48
48
49
493
4 483 4912 *46
8
*46
49
4812 1,000 Truscon
10 443 Mar 26 615 Jan 3
4
8
5514 Nov 837 Dec
1143 11518 113 114% 11512 12214 11912 1221a 120 1213 1183 12178 43,900 Under Steel
8
4
8
Elliott Fisher Co No par 91 Jan 7 12214 Apr 30
83 June 937 Dec
*125
8
__ •125 ____ *125 ____ •125 126 *125 126 *125 126
Preferred
100 125 Jan 5 125 Jan 5 119 Mar 125
Apr
*30
31
30
30% *3014 31
305 31
8
30 8 313
4 3012 3012 2,100 Union Bag & Paper Corp 100 30 Apr 29 43 Jan 14
3
30 Dec 493 Feb
4
24018 2427 240 2433 24212 24714 24914 26412 257 2635 257 2603 67.700 Union Carbide
8
4
4
8
& Carb_No par 19612 Jan 7 26412May 1 13818 Feb 209 Nov
5014 51
5018 5014 5014 5112 5053 51
50
5014 5014 5114 6,200 Union 011 California
25 48 Feb 20 5413 Apr 18
4234 Feb 68 Nov
•138 145 *138 145 *138 14212 14212 144
146 146 *140 146
300 Union Tank Car
100 1217 Jan 15 15014 Feb 20 110
8
Oct 12818 May
4834 50
49
4912 49
49
484 49% 48
4
4812 473 48
6,100 United Biscuit
No par 42 Apr 11 5312 Jan 14
3413 Apr 57
Oct
4
118 132 *118 132 *118 125 *118 125 *118 125 *118 125
Preferred
100 120 Jan 19 126 Jan 24 11214 Mar 135
Oat
1858 19%
1812 19
19
1938 19
1914 1812 1918 19
1914 6,600 United Cigar Stores
10 18 Apr 25 3712 Jan 11
227 Aug 345 Feb
8
98
98
*97
98
9612 97
9512 96
0412 9512 9518 9518 2,100 Preferred
100 9412.May 2 104 Jan 2 1037 Dec 11418 Apt
8
441 447
44
443
4 43 4 4412 433 4414 4314 435
3
8
8 44
447
3,900 United Electric Coal___No par 4214 April 811g Feb 6
5814 Oct 8911 Dec
130% 13212 130 131
130 130
130 130
130 130
130 133
4,000 United Fruit
No par 130 Apr 29 15813 Jan 31 13112 June 148 Nov
1814 1834 1818 1818 *1814 20
1812 1813 1812 1812 1814 197
United Paperboard
18 Jan 7 2638
*7314 74 *7314 744 *7314 74 7314 7314 7314 731 1 7414 7414 2,500 Universal Leaf Tobacco No 100 7134 Mar 26 8113 Jan 22 1613 Dec 2778 Ape
400
par
Jan 23
603 June 875 Nov
8
8
•88
90
*86
89
90
91
89 89
88
89
*89
8912
160 Universal Pictures 1st pfd_100 8418 Apr 10 93 Jan 2
9114 Nov 100 Feb
1553 1512 144 1512 1312 1414 133 143
4
8 1418 1418 1418 1514 6,900 Universal Pipe & Rad_ _No par
1312 Apr 30 2214 Jan 2
155 June 357 Oct
8
8
*86
95 .86
95
*86
9318 *88
95
*86
95 .88
95
Preferred.
100 9814 Feb 6 10012 Jan 9
874 Sept 10154 Dec
4114 4218 4012 413
447
4 4112 42
41
4218 4312 51,700 US Cast'on Pipe & Fdy__20 38 Mar 28 5578 Mar 18
442
42
38 Dec 53 Nov
1838 1853 •18
1812 18
18
*1712 1812 *1714 1814
17
1714
1,100
1s1 preferred
No par 17 May 3 19 Jan 11
18 Nov
1912 Nov
*19
1914 *19
1914
1918 1918 *19
1918 *19
1918 19
19
1,700 Second pr :ferret'.
No par 1858 Apr 18 1958 Feb 8
194 Dec
184 Nov
1653 165
16
16
1618 1618
1612 1612 165 1718 17
8
18
9.400 U S DIstrib Corp
No par
1258 Mar 26
1812 Apr 19
134 June 2014 Jan
*7712 88 .78
8012 *7912 81
*7912 81
*7912 814 *7912 8112
Preferred
100 7114 Mar 12 84 Apr 20
76
Oct 903 Jam
2
•374 38
38
*36
377 377
8
8 3518 3512 373 373
4
4 353 363
4
8 1,400 US Holt Mach Corp_No par 34 Apr 8 497 Jan 2
8
41 Dec 68% Jan
1634 165
159 164
1643 171
4
169 1733 16814 17078 16718 171
4
37,800 0 S Industrial Alcohol
100 128 Jan 16 1733
4May 1 10212 June 138
OM
*1253 ........ 1253 ___- 125 4 ____ •1253 ____ 1253 1253 1253 ---4
4
3
4
4
4
30 Preferred
4
100 12414 Jan 8 127 Apr 3 1185 Sept 1257 Nov
,
8
233 237
8
8 2312 233
4 2312 24
2312 2212 2318 215 223 51,200 U S I eathor
23
8
4
No par 20 Mar 26 3512 Jan 14
Jan 51 May
22
4513 4418 453
4513 45
58 45
8 424 4412 4218 4312 4118 4212 4,600 Class A
No par 4014 Mar 28 614 Jan 14
72 Apt
Jan
52
9414 9414 .94
9512 94
94
94
*90
93
*90
94
93
300 Prior preferred
100 94
Feb
4
92
93
904 9214 9112 95
0634 100
973 1023 10112 1037 89,000 U S Realty & Impt____No par 81 Apr 30 107 Feb 1 1093 Dec 1094 May
4
*
4
Jan 8 11912
6
56% 5714 55
814 Feb 035 May
8
56
5.54 5614 55 4 5753 5512 5612 55
3
56
30,500 United Statee Rubber
100 42 Jan 8 85 Mar 18
27 Juno 6314 Jam
8112 82
8114 8034 8118 8012 8112 803 81
31
8014 804 2,200
8
1st preferred
100 77 Feb 18 9212 Jan 16
55 July 109% Jam
6014 61
58% 597
4 69
603
4 61
825
8 6018 81
603 61
8
11,000 U S Smelting, Ref & Min___50 5712Mar 26 72% Mar 20
3913 Feb 7112 Nov
*524 5412
5212 5212 5412 5412 *5312 5412 *54
5412 5312 5412
700 Preferred
60 62 Apr 17 58 Jan 3
61
Jan 68 Doc
1854 1863 1853, 188
4
18814 1903 y1815 1837 18114 1823 182 18312 206,400 United States Steel Corp
8
8
4
8
15718 Jan 8 1937 Mar 1 1323 June 17212 Nov
8
8
14358 1435 14358 1433 14358 14378 1433 144
8
4
4
144 144
14213 14212 7,600 Preferred
100 141 Feb 6 1444Mar 1 1385 Jan 14714 Apt
8
*904 9412 *90
9412 *90
9412 .90
9412 *90
9412 *90
9412
U S Tobacco
No par 88% Apr 5 1095 Jan 30
86 Juno 120 Oat
*140 ____ 141 141 *142
____ *142
____ 143 143
___ •143
30 Preferred
100 136 Mar 6 143 May 3 12713 Jan 139 Jane
*301 320 .305 310
320 320 *320 350
325 325 •320 330
30 Utah Copper
10 264 Jan 2 353 Mar 19 139
Jan 273 Del
423 437
8
8 4218 4212 4214 437
8 423 4414 4212 423
4
4 4212 43
26,000 Utilities Pow & Lt A__No par 35 Mar 26 49 8 Jan 30
3
2813 Feb 4E5 May
83
4
8 4 83
3
4
87
8
812 83
4
812 84
812 83
812 83
4 5,900 Fudge() Salem
41
No par
812 Mar 27 1312 Jan 21
*8914 75
*5914 75
69 69
*70
75
75
7018 7018 *70
200 Preferred
100 60 Apr 23 82 Jan 16
9312 94
92
944 0414 973 x•9513 9814 94
8
973
4 95
9714 22,900 Vanadium Corp
No par 8314 Mar 26 11813 Feb 81 60
Jan 11111 Nov
•31
31
35
31
*31
3414 .31
32
31
32
32
31
300 Van Raalte
No par 27 Mar 12 36 Jan 171
75, Jan 407 Ool
*
•83
84
83 83
*81
83
81
81
*81
83
*81
83
260 let preferred
100 60 Jan 2 83 Apr 24
437 Jan 78 Nov
8
91
91
905 91
8
91% 92
914 9178 913 934 927 933
8
4
4 7,400 Vick Chemical
No par 82 Jan 4 947 Mar 191 88
o
Jan 85 Dee
*170 ____ *170 19814 *170
___ •170
____ •170 19514 *170 19514
Victor Talk Machine___No par 143 Feb 18 200 Mar 181
625 Jan 1583* Nov
1123 1121 113 11318 11318 11314 11314 11313 *11314 1135 11314 11312 2,100
4
8
7% prior preferred
100 110 Mar 1 11414 mar III 10112 Jan 1124 Del
1512 1612 16
8
1733 163 167
8 167 17
8
1634 1634 1612 17
5,300 Virg-Caro Chem
1518 Mar 28 245 Jan 281
No par
12 Juno 203 Nov
4
*5212 54
5214 5212 5253 53
63
53
*5212 5312 527 524
8
900 6% preferred
100 60 Apr 6 6512 Jan 281 443 Jan 6414 Nov
8
•90
91
.90
91
*90
91
.90
91
*90
91
91
91
100 7% Preferred
100 89 Apr 3 974 Feb 4
8812 Jan 9913 Nov
10912 10912 *10912 ____ *10912 ____ •10912 ____ 10912 10912 *10912 110
30 Virg Elec & Pow pf (7)
100 107 Feb 21 10912 Apr 271 10612 Dec 11412 Api
*47
50
*47
50
*47
50
*45
4712 *47
50
*47
50
Virg Iran Coal & Coke pf-100 45 Feb 27 411 Jan 291
47
Oct 6258 Jar
Vivadou (V)
No par
13 Jan 18 15 Jan 41
113 June 253 Jac
4
100
78 June 100
I
Jac
874 91
87
88
908 864 90
893 *86
8512 8612 1,510 Vulcan Detaining
87
100 50 Jan 16 89 Feb 201
2212 June 74 NM
110 110 *105 110 *105 110 *105 110 *105 110 *105 110
10 Preferred
100 91 Jan 4 110 Apr251
74 June 99 Sept
84
91
88
8812 *86
83
86
86
*81
86
*81
86
360 Class A
100 40 Jan 2 01 Apr 27
1912 June 483 Nov
4
263 263
4 2612 275
4
8 28
2912 29
30
283 293
4
283 31
4
74,500 Waldorf System
No par 2218 Mar 26 31 May 3
1913 Jan 2814 Der
397 41
8 405 4218 403 4314 397 414 4038 414 20,700 Walworth
8
393* 407
4
8
Co
No par 2318 Jan 8 443 Apr 24
1412 Aug 2678 Sepi
4412 45
43
43 43
44
*43
44
43
433
8 433* 445
8
200 Ward Baking Class A No par 43 Apr 13 843 Jan 17
4
70 Dec 123 Fet
12
115 113
12
8
4 1112 12
1112 1112 1114 1214
1218 1212 4.700 Class B
No par
84 Mar 28 2114 Jan 16
1514 Dec 295 Jar
8
743 743 *7412 75
4
4
*7413 75
743 743
4
4 75
75
743 75
4
1,300 Preferred (100)
No par 71 Mar 25 8712 Jan
77 Dee 9713 Jat
1187 1227 118 124
8
s
12414 12818 1244 12812 12312 12812 12814 13014 354,300 Warner Bros Pictures-No Par 97 Mar 26 134 Jan 15
21
80% Aug 13914 Sep
534 54
55
5
2
5414 5612 5514 .563
4 5512 5612
5612 574 25,400 Preferred
No par 44 Apr 10 594 Jan 22
5134 Deo 574 Del
33 8 337
4
8 333 3418 34
5
35 8 35
3
3514 35
3514 35
358 17,000 Warner Quinlan
No par 324 Apr 11
427 Jan 2
26
Feb 447a Oct
158 1623 157 159
4
160 161
165 1673 165 165 *159 164
4
4,500 Warren Bros
No par 139 Apr 16 170 Jan 2 140 June 19213 Apt
*4813 49
*47
49
49
49 *____ 493
4 493 493
4
4 493 50
4
40 I. trot preferred
60 48 Apr 21 53 Mar 27
494 Nov 61
Api
1812 1812 18
1858 183
1812 1814 1812 18
18
18
18
3,600 Warren Fdry & Pipe___No par
1518 Mar 26 344 Jan 3
13 June 367 Oct
8
8 835 84
83 8 87
5
8414 845
*88
875
8 87
8718 87
87
2,200 Webster Elsenlohr
25 7212 Apr 22 1133 Feb 5
8
*90 100
*90 100
'90 100
*90 100
*90 100
*90 100
Preferred
100 99 Mar 11 100 Mar 11 _--- ---- ---- ---.
*41
4112 41
4114 40
4314 44
46
45
4312 45
455
13,300 Wesson Oil& Snowdrift No par 37 Mar 28 48 Mar 7
87 Nov 110 Dee
6.512 6512 6411 65% 66
6718 66% 68
67
69
667 674 7.200 Preferred
8
No par 8312 Apt 16 7212Mar 9 1053*
190 19114 18912 192
188 188
18978 190
191 1937 19612 2004 27,700 Western Union Telegrarn_100 1793 Jan 2 22034 Mar 9 13912 Dec 1083 Nov
8
4
Oct
July 201
4 474 4812 477 4812 473 484 477 49
4814 483* 475 483
8
8
8
16,400 Wetughse Air Brake
4
No par 454 Jan 24 6412Mar
4218 June 673 1a1
8
15314 158
151 1561 1551 15938 15718 1597 15614 16113 16018 16212 163,200 Westinghouse Elec de Mfg_50 13713 Jan 15 16612 Feb 2
8
4
8818 Jan 144 Nov
148 1494 148 15312 150 15312 *151 154
150 156
155 158
720 lot preferred
50 132 Jan 2 159 Feb 4
953 Jan 139 Not
4814 41
44
395
8 384 45
*3812 3953 38
454 43
447 26,700 Weston Elec Instruml_Ns par 22 Jan 23 4814kfay 1
1213 Jan 2812 Jun.
36
*353 36
*3512 36
4
3618 *36
*3514 36
3614 336
3614
500 Class A
No par 3312 Jan 7 3312 Apr 23
303 Jan 4012 Mal
4
8
.
3105 10518 *105 107 *105 1055 •105 1055 105 10518 *105 10513
200 West Penn Eleo cl A
4
No par 1023 Mar 23 110 Feb 1 103 June 112
Ap
10814 10814 1083 1084 1087 108% 108 108
1083 1085 108 108
*
4
3
8
90 Preferred
100 103 Mar 28 11114 Jan 17 10711 Oct 1164 Ap
99
*98
98
98
9812 93
*98
98
9812 9812 984 98'2
130 Preferred (6)
100 96 Apr 16 102 Jan 17
9812 July 1044 Ap
11434 1154 115 115
115 115
1143 115
4
115 115
115 11614
130 West Penn Power pref
100 113 Jan 8 117 Mar 18 1134 Oct 118 Jun,
106 106
10814 10814 10812 1083 108 108
106 108 *108 109
4
280 6% preferred
100 106 Apr 27 11012 Jan 16 103 June 113
Jai
•53
5312 53
53 .52
.51
52
52
03
53
*5212 53
200 West Dairy Prod el A__No par 61 Apr 19 6954 Feb 5
5212 Dec 78
Ap
*2713 2742913 27% 265 274 2713 274 2818 293
8
2 74
8 29
297
8 4,200 Class B
No par 26 Jan 10 344 Feb 5
8
203 Jan 49
Ap
3512 36
8
3612 353 353
351- 36
2
35% 3512 3553 357 *35
8 2,300 White Eagle01 & Refs _No par 3014 Jan 30 38 Feb 25
8
2018 Feb 38 No463 4753 463 47
4
4812 467
464 4714 4818 463
4512 4614 7,000 White Motor
4
No par 405 Jan 3 6312Mar 2
8
3014 Feb 4354 Jun,
4814 495
4 49
5012 495 4958 5,000 White Rock Min Spelt
8 483 49
8
8
4
497 505* 4953 493
50 43 Jan 2 51 Apr 19
3418 Jan 494 No,
25
2214 24
25
4,500 White sewing 1,1athine_No par 20 Apr 9 48 Jan 2
25
2478 25
25
4
25
253 253
4 25
3314 June 523 De,
3
50
5212 *50
5112 483 40
4
52
4
.50
52
•50
453 4812 1,100
Preferred
No par 4534May 3 577 Jan 16
613 Aug
4
8
58 Del
273 283
4 27
8 264 28% 15,000 Wilcox Oil & Gas
263 274 264 273
263 28
4
28
4
No par
1912 Jan 7 294 Feb 6
174 Dm
224 No,
23
7 248 23
2418 23 8 2413 245 2712 2614 274 27
28 237,600 Willys-Overiand (The)
8
3
6 23 Apr 29 35 Jan 3
1734 Jan 33 Du
98
98
98
98
98
08
99
*98
98
98
98
900 Preferred
98
100 9614 Apr 1 103 Jan 3
92% Jan 10418 De.
*812 87
8 *83
4 88
9
7
918 918
9 14
600 Wilson & Co Inc
9
9
9
9
No par
11
814 Apr 25 1313 Jan 23
Oct 16
Yet
*1812 2012 *1812 19
•1812 19
20
19
1812 183* 1,000 Class A
•185 19
8
No par
17 Mar 26 '27 Jan 21
22
Jan 35 Mai
61
61
8012 60% 61
1,100 Preferred
*8012 62
*807 62
8
8014 62
61
100 69 Mar 26 70 Jan 23
634 Oct775 Fel
223 22653 22313 2247 2235 2257 2213 22412 223 231
225 226
5
27,600 Woolworth (F W) Co
4
8
8
8
26 19218 Mar 28 231 May 3 1754 Feb 2253* NO,
473 473 *48
4
4812 475 514 51
5,100 Worthington p da at
5314 5312 535
8
53 4 52
3
100 43 Mar 25 6412 Feb 5
28
Jan 65 No,
8412 *82
*82
8412 *82
8412 *82
8412 1382
8412
8412 •82
Preferred A
10t) 77% Apr 12 9212 Jan 23
4614 Jan 93 No'
70
70
*69
70
72
71
700 Preferred B
713 713
71
4
71
4 72
71
100 66 Apr 6 82 Jan 11
41
Jan 80 No'
248 2573 258 26412 a13112 1357 131 13212 132 1343 36,700 Wright Aeronautical___No
254 255
4
4
8
Par a131 May 2 299 Feb 6
69 Feb 289 No,
76
76
76
78
76
783* 8,300 Wrigley(Wm Jr)
7614 76
77
777
77
773
No par 70 Mar 26 807 Jan 30
8
68 July 84 Alb
7012 7112 *7012 7112 7012 7153 7013 713* 7153 713
2,100 Yale & Towne
8 7112 73
25 0134 Feb 11 73 May 3
8112 Nov 8412 Ap
465 4812 44
8
473 4812 276,400 Yellow Truck & Coach al B _10 35 Mar 26 5114 Apr 24
8
48
4
457 47
463 4812 473 49
273* Feb 573 No,
4
*87
9812 *94 100
95
*87
•9512 10512 *9512 9812
*90 100
Preferred
100 80 Mar 8 9112 Apr 25
83 Nov 96
AP
6518 67% 86
67
12 69% 6512 67
6614 6714 6812 67
67
9,700 Young Soling & Wire. No par 5214 Mar 26 694 Apr 27
454 Dee 563 No'
4
*124 127
12413 12412 1237 12412 125 125
12912 127 12812 2,900 Youngstown Sheet e, T _No par 105 Feb 19 1317 Apr 17
8
125
8
8312 June 1153 De
8
•Bid and asked prices. no sales on this day. z Ex-dividend. a Ex-rlith1S. • No par value,
Ex rights.
a Ex-Div. 100% in stock.
2961
New York Stock Exchange-Bond Record Friday Weekly and Yearly
"and interest"-ercept for income and defaulted bonds,
Jan; 1 1909 the Exchange method of quoting bonds was changed and prices are now
BONDS
-N. Y. STOCK EXCHANGE.
Week Ended May 3.
Price
Friday
May 3.
Week's
Range or
Last Sale..
200,
Range
Since
Jan.1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 3.
Price
Friday
May 3.
Week's
Range or
Last Sale.
En
Ran vs
Since
Jan,1.
High
High No. Low
Ask Low
Bid
Czechoslovakia(Rep of) 89..1951 A 0 10912 sale 10912 11012 19 109 111
11012
7 108 111
1952 A 0 11014 Sale 110
fund 8e ser 13
Sinking
972.2
1
/
3 1084 Ill
4
911I.219922.1 Danish Cone Municip 89 A 1940 F A 10912 1103 11012 11012 34 10712 11011
8
1946 F A 1095 11012 10912 110
Series 13 f 88
98222 1002.,
8
4
1
/ 77 102 1047
103
4
1942 3 J 1033 Sale 10314
6s
9014,,9911;1 Denmark 20-year esti
4
1
/
98 10134
1955 F A 9934 Sale 9934 10014 85
Extl g 53403
864 90
8812 82
8
Apr. 15 1962 A 0 8812 Sale 877
434s
Extl g
4
/
9811210012n
09
96
4 50
963
105 11122.1 Deutsche Bk Am part elf 69_1932 51 S 9612 Sale 9612
9512 99
9612 55
10142110612o Dominican Rep Cost Ad 5345'42 M S 96 Sale 99
4
1
/
9312 98
1
9412
1940 A 0 941 944 9412
1
/
4
/
of 1926
let ser 53403
98123210317u
4
904 973
26
95
2d series sink fund 53403_ _1940 A 0 94 Sale 9334
,
4
/
42
1
/
95 9811
9914 1014
3
100
Dresden (City) external 75..1945 51 N 0914 10012 9914 102
9542 9822n
4
1
/ 15 10134 10324
047 11 .1
1962 .m 8 102 Sale 102
Dutch East Indies extl Os
4 22 10134 104
1023
102 10318 102
-year external Os
40
State and City Securities.
3
6 100 4 10378
8
1013 10212 10134 10134
-year external 534s....1053 M
30
7 101 10312
N 10218 ____ 10218 10218
1953 M
30-year external 554e
8812 8812
---- 8812 Jan'29
INT Y C 334% Corp st_Nov 1954 MN
10 108 111
110
1948 J J 110 Sale 10918
El Salvador (Repub) 85
8812 981
4
/
N ---8812 Jan'29
334% Corporate st __May 1954
8412 Ma
6
85
1067 J J 8412 Sale 8412
EstorJa (Rep of) 75
1936• N
4
46 registered
993 Mar'28
97
92
9
4
1
/
06
Finland (Republic) extl 6s 1945 51 S 9514 Sale 94
1956 MN
9912 June'28
9702 101
45 registered
4 10015 19
56
9 m
1950 M 5 100 Sale 993
External sink fund 79
"si5 99
1957 51 N
05 Feb'29
4% corporate stock
9912
94
10
97
4
963 Sale 96
External s f 6349
1957 MN
---- 1044 Nov'28
44% corporate stock
92
85
6
8812
1958 F A 9714 98 88
10234 1- 74
623- Extl sink fund 5348
1957 MN ---- _-_- 1023 Mar'29
4
424% corporate stock
9912
95
3
9714
9712 9712 Finnish Mon Loan 6349 A 1954 A 0 9714 Sale 9612
4
/
971 Jan'29
1958 MN ____
7
.42 corporate stock
954 9814
External 6349 series B.- _1954 A 0 9714 9814 954 Apr'29
9718 98
Jan'29
1959 M
stock
98
.4% corporate
8
11212 87 1003 116
D
4
8
99
French Republic ext 734s_ _1941 J D 1123 Sale 11218
0058 10018
1960 MS
10018 Mar'29
44e corporate stock
10818 Sale 10718 10818 212 10512 10844
External is of 1924
99
99
1964 MS 9914
90 Mar'29
.43£03 corporate stock
379 10518 103
944 AO
German Republic ext'l 78_ 1959 1,4 N 106 Sale 10512 106
1966 AO 1013
10138 Nov'28
8
454s corporate stock
99 10212
5
100
100 Sale 99
(51unicipality) 8s
-1513T4 - 14 Gras
98
1972 AO 10118
9814 Mar'29
454t corporate stock
203 103 10452
10312 104
939
Brit dz Ieel(UK of) 5345_ 1927 F A 10312 Sale
10812June'28
1971 J o
6349 corporate stock
99 11812
---- -- GI -year cony 5355
4
99
4
993 99
99
10
10134 104
1963 MS
1024 Mar'29
454s corporate stock
8
1 c824 877
4
843
3
4
853 c84 4
c4% fund loan £ op 1960 1990 M N c85
1035 1035
8
8
1065 3D
1034 Apr'29
43403 corporate stock
1
/
984 10 c96 100
c5% War LoanL opt 1029.19473 D c9818 Sale c9818
10312 10418
.
1967 J J
10418 Feb 29
454e corporate steck_July
8 104 1074
4
Prague (City) 730_1952 M N 10512 107 10512 1063
8
9912 995 Greater
1060
9912 Apr'29
Mew York State Canal 4a
9514 99
4
4
1
/
97
968 F A
1
9912 9912 Greek Governments f see 75_ 1964 5 N 9614 Sale 9614
9912 Apr'29
Mar 1958 MS
4s Canal
874
82
8411 42
8
8412 Sale 827
98 101
17
1952 A 0 100 10014 994 100
z
6
f:
)
R u
S kurg u t1 )
:tib i e( bldt8 ti O
Hmiin(ngptsnaeeec
Foreign Govt. & Municipals.
97
93
1946 A 0 0314 941 95 Apr'29
5 101 1044
101
10014 101 101
84
3
1947 F A 84
9012 Heidelberg (Germany)ext 73.4s 50.3
84
8512 84
Agri° Mtge Bank a f 6e
9118 100
13
8
J 913 Sale 915
9302
4
Hungarian Munic Loan 7345 19455
8414 16
90
84
Sinking fund 69 A__Apr 15 1948 AG 84 Sale 84
8
865 94
8 11
893
8714
-_Sept 1 1940.3 J 843 89
4
External f
8512 8902
8712 13
8712 867
8
Akerahus (Dept) extl 58.- 1963 MN 87
9414 55
9814
93
61 m N
1, 1 M N 933 9412 93
4
4
J 9212 Sale 9218
4 12
923
4
/
911 963 Hungarian Land MInst 7348 '6
Antlouula(Dept)col 78 A...1945
9312 9312
5
931
9312 Sale 9312
S f 7149 ser B
1945 .1 J 915 9214 914
947
9218 23
91
8
8
External s 1 79 ser ii
4
/
9912 1011
22
Hungary (Klngd of) s 17349_1944 F A 101 Sale 10018 101
1945 J J 9112 9314 92 Apr'29
914 954
1
/
External 9 t 7s series C
14
4
1
/ 97
95
74
97
1945• J 03 Sale 92
7
93
9512 Irish Free State extla Sf68..1060 MN 97 Sale 9612
91
External s f 79 ser D
4
9412 972
215
97
1951 hi
97 Sale 9612
'
.
Italy (Kingdom of) ext 79_1947 .1
1957 AO 913 947 93
1
8
93
88
4
79 1st ser_
95
External s f
9512
0 94 964
Consortium 75 A1937 M 5 9512 Sale 9412
Italian Creel
1957 AO 9012 9314 893 Apr'29
94
4
89
Extl sec s f is 78 2d ser
914 95
94 4 43
943
2
9414
4 Sale ,4
58 SaleSal
Exti sec s f 79 ser B
1957 AO 903 9212 90
9012
8
8
4
873 93
Exti sec e 1 7s 3d ser
9018 954
8
GO
8
9814 1007 Italian Public Utility ext 713_1952 J J
8 100
Argentine Govt Pub Wks69.1960 AO 997 Sale 995
94
90
4 26
913
95 1 J J
1934 F A 9134 Sale 9138
Japanese Govt loan 48
Argentine Nation (Govt of)
3
99 4 1024
1004 120
100 Sale 100
30
-year f 0545
41
98 10118
Sink fund 68 of June 1925-1959 3D 994 Sale 9912 100
9234 10012
1
4
973
4
4
(Germany) a f 75-1947 F A 973 Sale 973
1959 AO 9912 Sale 9913 100
93
4
9818 1003 Leipzig
Exti ef6sof Oct 1025
924 094
8
087 9314 Apr'29
Lower Austria (Prey) 730..1950 J D 99
1957 MS 100 Sale 9912 10014 82
9812 101
Sink fund 68 series A
9814 101
10014 43
-year 08__1934 M N 100 Sale 100
40
4
9812 1003 Lyons (City of) 15
External 68 aeries 13_ _Dec 1958 J o 093 Sale 9912 100
4
9812 101
10014 29
1.5-yr 68.1934 MN 100 10014 100
8 75
9812 1003 Marselles (City of)
4
HUI sf Os of May 1926 1960 MN 100 Sale 9912 1003
9104
83
27
87
8
86 Sale 853
.1960 SI S 100 Sale 9912 100
67
9814 10034 Medellin (Colombia) 654s..19545
External s 16e (State fly)
18
25
5
18
1945
18
Irrigat Asstng 4345_1943
196i FA 997 Sale 9912 100
8
52
8
98 1007 Mexican
Exti 68 Sanitary Works.
494 Jan'28
J
43
98 1003 Mexico(U 5) extl 59 01 18100 £'45 Q
Ext 6s pub wks(May'27).1961 MN 100 Sale 9912 100
4
85
28
2912 28 Apr'29
Assenting 59 of 1899
1962 F A 9514 Sale 9514
Works extl 51i8
96
943 9714
Public
47
8
4
283 34
4
283 Apr'29
_
911, 8914 991
Assenting 5s large
1945 M S
2
4
/
891 9214
ArgentIne Treasury 58 £
1612 22%
10
18
-1612 18 - 17
Assenting 49 of 1904
951
51
Aw3tralla 30-yr 59_ _July 15 1055 J J oi Sale 9478
8
925 97
4
1
/
1712 23
20
18
18 Sale 1712
Assenting 49 of 1910 large_ __ _
8 26
953
External 6801 1927__Sept 1957 SI S 95 Sale 9434
4
923 9612
2212
16
7
17
Assenting 45 01 1910 small........ 1712 Sale 16
1956 MN 863 Sale 8534
861 140
Exti g 4 He of 1928
8
8412 881
4
/
29
12
37
11
29
29 Sale 29
1943 J D 10212 Sale 102
Tress Os of'13 assent(large)'33
66 1011 10312
(Govt) a I is
4
/
103
Austrian
25
3
85 e
25 Apr'29
Small
874 9011
8914 44
8
02
25
9118 9612 Milan (City. Italy) ext'l 6348 '52 A 0 8812 Sale 883
Bavaria (Free State) 63.4s..1945 FA 9118 Sale 9118
Minas Geraes (State)
7348 g_1945 J
8
1143 Sale 114
52 11212 115
115
Belgium 25-yr ext ef
58
4
1
/
9212 95
Brazil 1958 M F3 93 Sale 9212
9314 13
1941 FA 10812 Sale 10812 1083
Ertl 5 f 6345
17 108 110
20-yr 5 188
2
3 101 103 2
Montevideo (City of) 78____1952 J D 101 10112 10112 10112
1054 53 1024 107
10412 Sale 104
-year external 834e_ _ _ _1949
25
1955
60
973 1007
100 Sale 9912 1001
4
External a f 69
8
5 103 108
4
/
Netherlands 603 (flat pritts)__1972 MS 1041 Sale 10414 10413
1955 3D 10712 Sale 10714 1073
98 1063 109
4
External 30-years f 75
s
993 1002g
1954 AO 9112 9212 995 Apr'29 _
8
30-year external 65
1958 Si N 106 Sale 10514
147 10418 10811
106
Stabilization loan 703
9011 95
92
11
1945 Si N 11012 111 111
111
6 10938 11212 New So Wales (State) eat 551957 FA 9112 Sale 9112
[Bergen (Norway) a f 8s
3
9012 94 4
92
33
Apr 1958 AO 92 Sale 91
External 8 f 5s
1049 AO 9612 100
997
1
9812 101
8
997
-year sinking fund 613
15
1021
26 100 1034
-year eat) (35____1943 FA 101 Sale 101
Norway 20
28
96
9312 99
4
Berlin(Germany)51 63.4s,,...1950 AO 943 Sale 9312
100 1034
1944 F A 101 Sale 101
23
102
20-year external 68
55
90
8712 92
External sink fund Os. _..1958 3D 895 Sale 8912
8
4
1
/
1052 AO 10112 Sale 101
28 100 103
102
-year external Cis
30
104
1945 AO 102 Sale 102
15 10112 104
Bogota(City) ext'l s f 85
987 1013
8
4
1985• D 101 Sale 993
4 1015s 62
-year 5 t 5345
40
94 100, 104
103
8
Bolivia (Republic of) extl 88.1947 MN 1023 Sale 102
1
/
934 9759
47
961
External a f 5e____Mar 15 1963 MS 9612 Sale 96
91
29
4
8712 95
External see 7.3
8812 Sale 883
8814 95
11
883
8
Municipal Bank extl 9 f 56.1967 J O 875 891 8814
1969 M S 8814 89
891
51
88
92
87
Externals f 7s
85
904
12
851 8612
867
Nuremberg (City) extl 603_1952 FA
10012 35
9814 101
Bordeaux (City of) 15-yr 69_1934 MIS 100 Sale 100
9
4
993 1025
1955 MN 166T 1001 99
27
4
1
/ 1001
4
Oslo (City) 30-years 1 68
4
Brazil(U of) external 85....1941 .1 I) 10614 Sale 10014 107% 31 1053 109
95 10114
1946 FA 984 993 0812
5
987
4
5348
1
/
Sinking fund
937 185
4
/
961
91
Externals I63403 of 1926_1957 AO 9212 Sale 9212
19 100 10211
1053• D 10012 10112 10012 1007
1957 AO 923 Sale 9244
4
033 178
Exti a f 634e of 1927
4
92
8
965 Panama (Rep) ext1 5 AB
10114 10112
1961 ▪ D
10112 Jan'29
1952 3D 9712 Sale 971 10018 34
Eat' sec s I 634s
Ta (Central Railway)
4
/
9538 102
9414 23
9212 9414
Extl 5163 ser A__131ay 15 1963 MN -94 gale 9312
105 1073
754e (coffee secur) E (flat)_1052 AO 10618 107 10018 Apr'29
8
95
91
92
7
Pernambuco (State of) ext 7e '47 MS 91 Sale 91
1935 NI S 997 Sale 993
8
4 100
Bremen (State of) extl 7s
13
994 10212
of)
1957 MS 91 Sale 91
93
Brisbane (City) S f 56
29
9312 Peru (Republic
90
107 10712
10714 Jan'29
1958 FA 91 Sale 90
Ceti e I sec 7348 (of 19263_1956 MS
91
Sinking fund gold 55
7
89
4
/
911
1959
34 100 103
OStS 10118 gale 10118 102
Extl 5 f sec 7s
80
16
Budapest (City) extl 51 6s _1962 3D 79 Sale 79
79
8312
4
1
/
90
85
1960 J
8814 95
8
1955 2 -I 1013 Sale 100
88 Sale 873
Nat Loan mai a f Os
Buenos Airea(City)63403
8
1013
8
994 1021
4
/
904
85
1961 AO 87 Sale 87
53
90
1960 AG 975 Sale 9712
13 fg68
ExtIl f 6,ser C-2
8
6
4
973
9612 100
4
/
771 8318
1940 AO 7712 783 7714
14
78
gold 65
1960 AO 97 Sale 97
8
Extla f Os ser C-3
97
2
96 10018 Poland (Rep of)
33
85
9212 97
Stabilization loan a f 704 1947 AO 8414 Sale 8414
dittlenos Aires (Prov) extl 68_1961 MS 92 Sale 9112
4
9138 032
1950 J J 864 Sale 0618
23
97
Ceti sink fund g 85
Bulgaria (Kingdom)s I 79_ IOW ii 8112 Sale 8112
8 22
823
8112 90
% 1136 2
55834 8887
6
88...1961 J O _
106
10712 106
StabTurn s f 7543_Nov. 15'68
8612 871 87
8 20
877
8513 9714 Porte Alegre (City of)
5
9712 1023
12
1966 J J 55ra 10012 9912 100
Exti guar sink fd
4
/
18 1071 113
waist791941 AO 10902 110 10812 109
• J 96 Sale 96
7348-46
°Was Dept of(Colombia)7548'
Queensland (State)
97
17
9414 101
,
1947 FA 103 10478 102
5 11 102 1047
1034
-year external 85
8
Canada (Dominion of) 59_1931 AO 993 Sale 994 10012 19
25
9912 10158
10512 10 105 108
1929 F A 995 Sale 994 100
10
-year 53421
8
39
4
/
991 1003 Rio Grande do Sul text' a f 803_1946 AO 10514 Sale 105
8
2
9,4
99
85
96
22
89
1968 3D 89 Sale 89
1952 MN 10318 10312 10312 104
4
1
/
65
Ent a f 65 temp
84 1014 1053
4
9712 15
1966 MN 9712 Sale 9612
1936 FA 98 Sale 9712
4349
Ceti 5 t 703 of 1926
08
39
97
8
995
121
1
84
05 0 /
1054 ii 104 1063 107 Apr'29
4 11 192 195
25-yr 8185_ 1948 AO 10514 Sale 10504 1053
Carlsbad (City) 8 f 85
8
10434 10712 Rio de Janeiro
54
95
1953 FA 9414 Sale 94
Cauca Val (Dept) Colom 73413'53 AO 99 Sale 9812
Exti a 163.4'
99
14
9714 102
9012 73
1952 AO 9018 Sale 8912
Central Agri° Bank (Germany)
Rome (City) extl 6358
::
1
8
:12
821 000
0 1 183
3 118 : 04
1964 MN 10314 10312 1034 1034
Farm Loan a f 7e Sept 15 1950 M S 96 Sale 9334
Rotterdam (City) extl 85
97
933 99
76
4
1953 J J
87 Apr'29
91
Farm Loan 8 f 69_July 15 1960 J J 8312 Sale 8212
2
8212 883 Saarbruecken (City) 68
8 31
837
10 4 8 5
1 1873 1 111'
5 f 8s__Mar 1952 MN 1103 Sale 1104 1104
Farm Loan s f 69_0ct 15 1900 AO 84 Sale 8214
4
Sao Paulo(City)
84
4
/
821 88
88
8
925 984
5
96
1957
N 96
9612 9518
Farm loan Os ser A _Apr 15 '35 AO 86 Sale 86
Ceti e f 654s of 1927
8714 42
89
4
903
5 10412 108
4 105
Chile (Republic of)
San Paulo (State) extl, f 85_1936• J 105 Sale 1043
7
0 18
03
10512 33 197 102
f 78.. 1942 MN 10112 Sale 101
1950 3.3 10453 105 1043
9
-year external 8
External sec 5 f 89
20
4 46 100 103
1013
3
External sinking fund 68 196(1 AO 9314 Sale 93
External a f 7e Water L'n_1956 MS 1013 Sale 10114 10114
4
0112 94
8
935 136
1961 FA 934 Sale 93
18
91
1988.33 9002 Sale 9014
f 6s
rag
Extl a I fla 4 int
ExternalS
0112 9404
93503 44
98
95
1901 • J 9312 Sale 93
8 45
977
9312 55
Santa Fe (Prov Arg Rep) 78 1942 St S 97 Sale 97
fly ref extl 8f 69
914 94
1001 St S 93 Sale 93
7
9612
Saxon State Mtg last is ...1945 J O 9612 Sale 9512
Exti sinking fund 68
933
9112 94
4 89
9112 95
1962
•S 927 Sale 92
4
93
Dec 1946 J
9334 192
8
St g 63401
Extl sinking fund 69
4
1
/
913 94
9012 6204 9112
8
8
23
100 4 04
10514 92 10 18 105
4
4
4
97
9512 993 Seine, Dept of(France) extl 79 '42• J 10512 Sale 104
431311e Mtge Ilk 6345 Juno 30 1957 3D 9412 963 953
73
9893,111
979
877% 96
38
N 0012 Sale 803
91
4
9802 Sale
SI 648 of 1926__June 31) 1961 J
97 1007 Serbs, Croats .4 Slovenes 89 '62
9914 45
8
814
1961 AO 923 Sale 9
Apr 30
1962 MN 8012 Sale 80
4 71
803
8
Exti sec 79 ser It
92
93
Guars f 6s
89
35
94
k
947
77
27
SO
Chinese(ilukuang fly) 55_ _ _1951 • D 3814 Sale 3814
2
3814
35
8
443 Silesian Landowners Assn(39_1947 FA 80 Sale 77
19
981
s
Christiania (Oslo) 30-yr e f 68 '54 St S 99 Sale 99
4
1
/ 10
99
99 10112 Soissons (City of) extl 69_1936 MN 9812 Sale 983
3
90 4 94
1946 FA 91
8
925
8
96
9212
92
9278
94
Cologne(City)Germany 63151950 MS 92
92
0
8
975 Styria (Frew) extl 75
4
.1 88 Sale 873
1961
1939 3D 1027 Sale 1024 10314 60 1013 10414
8
Sweden 20-year (39
Colombia (Republic)6s
8 45
887
4
8412 91
1964 MN 1027 103 1027
18
8 104
External loan 51413
8
88
Externals f 65 of 1928__ _1961 AO 8712 Sale 87
52
1
/
844 DI
3
16 10818 110 4
8314
Colombia Site Bank of 030_1947 AG 834 84
4
8314
8053 8802 Swiss Confed'n 20-yr a t 89..1940 J 3 10912 Sale 10914 1091
8
5
76 100 8 1037
91
Sinking fund is of 1920_1946 MN 90 Sale 90
28
9314 Switzerland Govt ext 5348_1940 AG 103 Sale 10214 103
88
4
4
1
/
93
7618
7618
Sinking fund 78 of 1927_1947 FA 934 Sale 9212
3
884 9514 Tokyo City 681080 of 1912 1952 MS 7618 77
7012
98%
76
85
1961 AO 88 Sale 873
1952 3D 9534 99
4
3 52
883
95
55
06
Ceti 41 5 348 guar
Copenhagen (City)
23
94
9712
8712 92
1953 MN 873 873 87
3
89
4
8
88
25-yr g 4348
12
864 8918 Tolima (Dept of) extl 78_ _ 1947 M N 8712 Sale 8712
9614
93
48
/ 1957 MN
1957 FA 9512 Sale 95
95
Trondhjem (City) 1st 51
9312 Apr'29
'Cordoba (City) extl 8 f 79
96
15
9312 94
_1945 3D 155i2 ss
2
9514
(Prov)
4
/
951
15 1037 MN 9514 9512 951
9511
External a 1 78 Nov
6
94
9712 Upper Austria
26
89
79._Cordoba (Prov) Argentina 7011942 J J 9912
10014 1004 29
4
External a I 8345._June 16 1957 J D 883 8914 8812
1
/
954 1004
k
4
854731i 0 /
07 1891911
Costa Rica (Itepub)ext1 78_195) MN 9512 Sale 93
96
9212 96
Uruguay (Republic) extl 88_1946 F A 108 10814 10712 10814 16 19
220
974 100
158
99
1960 MN 9812 Sale 9812
99 10018 10012 Apr'29
.Cuba (Repub) 58 of 1904...1044
External s t 65
994 10212
94
88
29
901
External 58 of 1914 ser A _ _1049 FA 101
100 Apr'29
100 1023 Venetian Prov Mtg Bank 78_1952 AO 88 Sale 88
4
11
8438 90
115
86
8
External loan 44e ser C_ _1049 F A 94 Sale 9312
94
5
9312 9712 Vienna (City of) en'5 f 85_1952 MN 86 Sale 845
8514
80
1
811
811 8112
Sinking fund 5349__Jan 161953 33 101 Sale 101
Warsaw (City) external 75_1958 FA 81
1011
24 100 104
9614
92
52
947
4
Cundinamarea (Dept) Columbia_
Yokohama (City) ext1 89_1961 3D 943 Sale 9412
1959 MN 84 Sale 84
Exti s f 0 149
4 25
843
82
8914
High No.
Ask Low
Bid
U. S. Government.
IFirst Liberty Loan
3D 9842 Sale 972731 98222 106
33i% of 1932-1947
J D
9920.1 Jan'29
Cony 4% of 1932-47
.2 88
3D 9924a Sale 9912 9912
.2
Cony 43(% of 1932-47
.2131ar'29 ___
3D
9922
4%
/
2d cony 41 of 1932-47
:Fourth Liberty Loan
32.. 623
AO • 9930.2 Sale 992232 99
434% of 1933-1938
.210912.2 98
1947-1952 AO 109204 Sale 10811
4e
/
Treasury 41
1944-1954 J D 1052 Sale 10422.1 1052.2 402
.2
'Treasury 48
1946-1956 MS 1022 Sale 1011732 1022.2 241
.2
Treasury 349
1943-1947• D 98
::
Sale 9722.2 982 323
"Freaeury 331e
.2
'Treasury 334e June 15 1940-1943 3D 9722n Sale 9712 972232 230
Low
High
945
•On Os bade of $6 to the I meta,
•OM Wits
2962
New York Bond Record-Continued-Page 2
•
BONDS
N. Y STOCK EXCHANGE. t
t
Week Ended May 3.
Price
Prides
May 3.
Week's
Range or
Last Sate.
'44
Range
Since
Jan.1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3.
Price
Prides
May 3.
Week'.
Range or
Isla Sale.
4.4
to.2
Ranee
Mews
Jan. 1.
Bid
Ask Low
MO No, Low
High Chic Mllw & St P (Concluded)
Bid
Ask Low
High No. Low
High
Railroad
Gen 414s series C___May 1989 3 a 943g 95 94
9412 13
9213 9544
Ala at Sou 1st cons A 5s----1943 J D 101
_
10234 10312
10312 Mar'29
Registered
_ 100 May'28
let cons 48 ser B
1943 J D 931 - -7g 9318 Apr'29
/ 93
4
93 94
Gen 4Hs serieeE____May 19 5 3 D 95 Sale 9458
89 5 J
2
9478 50
917 96
k
Alb & Sum 1st guar 3145-1946 *0 83 86 8613 Mar'29
85 8612
Debentures 48
81% Feb'28
Alleg & West let g gu 4s
1998 AO
90
9212 Chic Milw St P & Pao 514._ 1975 F A 92% Sale 92
9212 Mar'29
9Q1 94
9234 98
Alleg Val gen guar g 48
1942 M
92I8 91- 9212
1 91 95
Cony adj 59
92
Jan 1 2000 A 0 72 Sale 72
73 527
7134 80
Ann Arbor 1st g 48__ __July 1995 J J 74
76 7218 Apr'29
Chic & N'west gen g 3Hs1987 MN 75% 77 753*
7514
3
727 8012
3
Atch Top & S Fe
--Gen g 444_1995 AO 92% Sale 9178
92% 51
904 94
Registered
Q F
7712 Oct'28
Registered
AO
85 92
General 4s
85 Apr'29
1987 M N 88 90 89
8918 94 "ii" Woe
Adjustment gold 4a__July 1995 Nov 86 88 8612
14
88
Registers"
845 86
8
Q F
84 Apr'29
84 84
Registered
Nov
8812 Jan'28
Stpd 4s non-0 bee ta tax '87 MN
87 Apr'29
87
901
4
Stamped
July 1995 MN 87 88 87
88
82 "igs
Gen 434s stpd Fed inc tax_1987 MN 9618 ___ 106% Oct'28
Registered
MN
Gen 58 etpd Fed Inc tax _ _1987 MN 1053 Sale 1033
4
80 4 803
4
3
803 Apr'29
4
4 10534 15 jai& 1- 9
Cony gold 43 of 1909
64
1965• D 88
Registered
8714 90
8714 Apr'29
MN
101 Apr'29
101 101
Cony 48 of 1905
1955• D 89
_
2
Sinking fund 65
9012
90 2
,
1879-1929 A 0 9934 ____ 993 Apr'29
4
99 1001
Cony g 4s Issue of 1910
4
1960 J D 8318 88% 86 Apr'29
8514 90
Registered
A 0
10014 00.'28
Cony deb 41314
1948
11434 Sale 11218 11314 364 10812 119
Sinking fund 5e
1879-1929 A 0 98
9914 2 987k lO01
9958 9914
Rocky Mm Div 1st 48._1965 J J _93 91% Feb'29
8 93
913 92
Registered
A 0
99 Mar'29
99 99
Trans
-Con Short L let 48_1958 J J ioi2 92 8912
3 87%
Sinking fund deb fe
89 2
,
1933 M N 113112
10012 Apr'29
99 10134
/
1
4
Cal-Aria 1st & re/ 413e A.1962 MS 9914 Sale 98%
9512 99 4
5
9914
Registered
,
100 4 Jan'29
MN
3
10034 10034
All Knox: at Nor 1st g fe.._ _1946 J D 103 4
,
10-year secured g 78
103 1034
, -- 103 Apr'29
1930.2 D 101*4 Sale 101
6 1001 103
10114
/
4
Atl Char! A L 1st 4lie A_ _1944 J
15
9411 96
9114 -- 9412 Apr'29
-year secured g 6He_ _ _ _1936 M
10718 Sale 10718 108
27 10718 111%
1st 30
-year 5e series B._ _ _1944I, 10114 -_
1st ref g 5s
1 101 104
101% 101%
May 20313 D 10314 105 1033
4 10334
1 10113 10538
Atlantic City 1st cons 48
1951 J J • 84 87 8718 Oct'28
1st & ref 410
May 2037 J D 9412 Sale 9412
95
9313 97
All Coast Line 1st cons 45July'52 M
9114 904 8938
a6- 93 Chic RI & P Railway gen 481988 J J 8812 Sale 8734 8812 47 85/ 8934
9114 14
13
1
4
Registered
M
9014 9014
Registered
00I4 Jan'29
8814 Dec'28
1 J
General unified 434a
1964 ID 99 Sale 973
9912
9 94
Refunding gold 48
4
9912
1934 A 0 94 Sale 93%
94% 122
"sr
L& N coil gold 48____Oct 1952 MN 8914 89% 8914
86% 91
10
Registered
89%
9234 Jan'29
A0
9234 9234
All & Day let g 48
1948 J J
75
69
Secured 4348 series A
69
69
1952 M S 92% Sale 917
9234 61
86
9513
24 46
1948 J J
62 6712 Ch St L & N 0 Mem Div 48_1951 J D 824 88 87
62 62 Apr'29
87
1
845 88
8
Atl & Yad let guar 4s
1949 *0
83 81
81
Gold M
1 81 811
June 15 1951 J D 104 106 10312 Feb'29
10313 105
Austin & N W let gu g 55_ 1941• .1
__ 10258 1034 Mar'29
I% 10314
Registered
107 Apr'28
J D
Gold 313s
8412 Jan'27
June 15 1951 J D
Bait & Ohio 1st g 48_ _ __July 1948 A 0 9212 Sale
9314
62 90
9214
Registered
93
78 Apr'29
J D
78
8012
Registered
July 1948 @ J
891: 92 Ch St L & P ist cons g 5e___ _1932 A 0 99 101 100 Apr'29
1
_
- 9114
91 4
,
9912 101
20
-year cony 43.451933 M 8 9818 Sale 9712
963 99
4
98% 79
Registered
_ 10134 Jttne'28
A 0
Registered
M S
Chic St P Ni &0cons
- - 98 June'28
99
99
99
Refund & gen 52 settee A._ 1995 J D
Sale lot
102 64 -614 k-21- Cons6ereduced to 368_ __ _1930 1 D 99 Sale 9534 Apr'29 3 9534 161"
l 2
__
Ms___ 1930 AI D
90 J s
3
97
Registered
J D
3
Debenture 544
99 4 Dec•28
96-9712 98 9712 Apr'29 _
0614 101
1st gold 55
July 1948 A 0 104 10412 104
10414 30 102 10412
Stamped
M El 9712 99Is 9814 Mar'29
9818 991$
Ref & gen 63 series C
1995j D 108% Sale 108% 1094 37 I0734 110 Chic T H & So East 1st
5s___1960 .1 D 98 Sale 967
91 10013
984 19
PLE&W Va Sys ref 4s...1941 M N 92
9234 92
14
92
9014 94
Inc gu 58
Dec 1 196051 S 88 Sale 88
9213
6
8812
85
Southw Div 1st be
1950 J J 1023s Sale 102
99% 10312 Chic Un Stan 1st gu 4He A_190 3.1 5 98 Sale 9712
102% 42
1963 5 J
98
13
97 10014
Tol CM Div let ref 40 A _ 1959 j J 83 8314 83
8018 8514
834 14
1st 5e series B
10234
1023 Sale ;102
4
3 101 10412
Ref & gen 5s series D _ _ _ _2000 M 8 10114 Sale 101
10112 62 100 103
Guaranteed g 58
19443 D 10134 Bale 1013
4 102
10 100 102%
Bangor & Aroostook let 551_1943 J J 101 Sale 101
101
10 100 105
1st guar 6 He series C
s
1963 J .1 114 116 11161 1168
/
4
6 112 11634
Con ref 48
1951 j J 80 81 8134 Apr'29
8018 8614 Chic & West Ind gen 6e Dec 1932 4 1. 102 _ _ 10114 Feb'29 _
10114 10114
Battle Crk & Stur Is t gu 38_1989 .1 D
6812 Feb'28
Consol 50-year 4s
8614 Sale I 853
4
8412 89
863
/
1
4
4 56
Beech Creek let gu g 43._ _1936 j .1 95
95
1 -01i2
95
ref 5135 series A
1952 .7 S 10214 1037s 102
9 M let I
6
10214
7 101 105
Registered
J .1
Choc Okla & Gulf cons 5s
- - -- 95 Aug'28
1952 M N 10012 101 10012 10038
3 10012 1014
/
1
2d guar g 58
1936j .1 9312 Cln H & D 2c1 gold 4 He
97 June'28
95 93
1937 3 3 92
93
1
93 94
/
1
4
Beech Crk Ext ist g 3Hs_ _1951 A 0 7712 ____ 80 Mar'29
80 80 C 1 St L & C let g 4e_Aug 2 1936 @ F 95 ____ 9612
9612
9413 96
/
1
4
Belvidere Del cons gu 3140-1943 J .1 85
Registered
Aug 2 1936 Q F
97 Oct'28
Big Sandy 1st 414 guar
1944.j D 8418 _--- 91% Mar 25
89
9134 CM Leb as Nor let con gu 48 1942 m N 9914
953 Apr'29
3
81 -- 3
9 4
5
Bolivia Ry 1st 58
1927 J J
_
Boston & Maine 1st 613 A C 1967 MS 9634 Sale -9614
97 - 88 -9112 111
- Clearfield M Mah Ist gu 58_ _ 1943
9812 ___ 100 July•28
Beaton N Y Air Line 1st 48 1955 F A 7814 Sale
7812
76
7
8112 Cleve Cin Ch & St L gen 4e._1993 to 95 - 9 9712 Apr'29
8812 90 89
55
871 91
Bruns & West 1st gu g 444_1938 J J 93
02
0312
96 92 Apr 29
20-year deb 4 He
1931
7
97 4 99
3
/
1
4
Buff Roth & Pitts gen g 53-.1937 M S 10012 Sale 9912 10012
9912 10012
2
General 5e series B
19
2
1993 to 19034 5151 .A. 190454 Jan'29
: .
0955 1_1_1
112 112
Consol 414e
1957 MN 89 Bale 89
893
92%
4 18
88
Ref at impt 6s series A...1929
16
9912 101%
Burl C R at Nor let & coll 54 W34 A 0 10112 10212 10112 10112
5 100 102
Ref & impt 6s ser C
1941
8 102% 105
Ref & impt 55 ser D
1963
_ 102 Apr'29
.I
98 103 6
3
Canada SOLI cons gu ty: A
1962 A 0 103 104 10414 10414
a 103% 10634
Calm Div 1st gold 48 .,1939
102189312 93%
9214 9412 932 Feb'29
Canadian Nat 4Ha_Sept 15 1954 M S 94 95 95
9634
93
8
954
Cin W& M Div 1st g 4s__1991
84
8418 85 84
2
80 92
6
-year gold 4143__Feb 15 1930 F A 99 Sale 98%
4
978 993
4
St L Div 1st coll tr g g 48_ _1990 MN
99
28
___ 8734 Apr'29
85% 8812
39
-year gold 4133
1957 3 J 9418 Sale 9418
9312 96
62
947
Sat& Col Div 1st g 4s..
.1940 M S 84911 94% 9218 Mar'29
9218 924
Canadian North deb at 78_1940 .1 D 110% Sale 110
6 1084 113
1103
4
W W Val Div 1st g 42
___ 95 90 Oct'28
1940 J
25
-year s f deb 6Hs
1946J
11412 Sale 11412 114%
3 114 11618
Ref & impt 4 Hs ser E.._ _1977 J J -951 Sale 9512
9512
93 11FRegistered
112 113 CCC & Igen consges
112 Apr 29
1934 J J 10058 104 103 Apr'29
103 10418
10-yr gold 4 Hs__Feb 15 1935 F A
9514 99 Cleo Lot& W con let g 5e
9714
- D7 Apr'29
0
9
1933 AO 9 15 101_ 190 A
0
8
99 10118
Canadian Pac Ry 4% deb stock
8514 Bale 85
8318 86 Cleve & Mahon Val g 58._ _1938 J J
85% 127
Oct'
Col tr 4Na
1946 M S 973 Sale 9714
98
99 CI & Mar let gu g 4 He
4
96
38
951k
1935 MN 9534 18 9614 Apr'29
96
Carb & Shaw let gold 45___ _1932 M S
9818 Nov'28
Cleve & P gen gu 413e ser B_I942 AO 97 9884 10054 Mar'28
Caro Cent let cone g 4a
19493 .1
11 1- 8
6
794 Apr'29
Series A 434e
1942 J J 97 100 97 Apr'29
"o/ 98.
Caro Clinch.40 1st 30-yr 68_1938 J D 10012 Sale 100
101
10 100 10112
Series C 3Hs.
Oct'28
1948 MN 86 87 91
1st & con g 6s ser A_Dec 15'52 J D 10712 108 10712 10818 26 107 109
Series II 314e
8934 Jan'29._
1950 FA
-094 - 9 4
.
83
Cart az Ad 1st gu g 4e
19813 D
872 Feb'291 _. _ _
4
873 873 Cleve Shor Line 1st gu 41411-1981 *0 864
4
9712 100 98 Apr'29 _
96
99
/
1
4
Cent Branch UP let g 4&1948J to
16- 85 Mar'291 _
8412 85 Cleve Union Term let 510- _1972 AO 108 ____ 107
107 1
5 10512 109
Central of Ga 1st gs_Nov 1945 F A jai"
_
105 Dec'28
107 Oct'28,_ _
Registered
AO
Conant gold Its
1945 M N 10034 fui3- 10018 10018
1(1" lets f Maori:
1
1973 AO 104 litife- 10354 104 I 14
Registered
MN
1.00 100
100 Jan'29
lets fguar 4HeserC
1977 AO 9713 991 977 Apr'291
.
0774 101
10
-year secured 6e__June 1929 J D -664 166" 99%
994 low,
99%
7
Ref & gen 5348 series B..__1959 A 0 104 105 103
10412
3 102 10512 Coal River Ry 1st an 444
19453 D 8314 ____ 90% Mar'29 _ _ _
85 90%
1959 A 0 9834 Sale 9834
Ref dc gen 68 series C
983
4
4
1
983 10112 Colorado & South Ist g 48-1929 F A
9978 Jan'29 _ _
99% 99
/
1
4
Chatt Div Our monef'g 48-1951 J D 83 86 87 Mar'29
_
87 87
Refunding & exten 4 Hs
6
97 1
1935 M N 9612 Sale 9612
95
/ 9713
1
4
Mao & Nor Div lat g 53_1946 J J
107 101 Jan'29 _ _ 101 101
Col & II V let ext g 4.
92 8812 Apr'29
1948 A 0 87
88 91
/
1
4
MidGa&Atldivpurm5sl947J
95 1031 10318 Apr'28
Col & Toll 1st ext 45
911 Mar'29 _
1955
A
9115 914
/
1
Mobile Div let g 58
1946 J
99
_ 100 Apr'29 _
"ifis lOOls Conn & Paasum Rio 1st 43 19940 F O
88 Apr'29
3 F A
3A
88 90
1961 3 J 79 4 112:1- 793
Cent New Eng 1st gu 49
3 . e
4
793
4
79% 84 Consol Ry deb 4e
7
_ _ 941 Mar'29
9413 941g
Central Ohio reorg 1st4Hs_ _1930 M S 9712
9712 Apr'29
97
9914
71
Non-cony 4e
67
1954 J J 94%- - 73 Mar'29
71
75
Cent RR & tag of Ga collas 1937 M N 95 IA 95 Apr'29
95
_
9914
Non-cony deb 4s____J&J
Mar'29
69 72
Central of NJ gen gold 5s
1987 J
10912 111 10912 109% 12 107% 11118 Non-cony deb 4s_ _ _ Ad40 19553 0 67 68 70 Nov'29
__ 76
1955 A
1987 Q .1
Registered
10712 Apr'29
107 109%
678358 73 Jan'29
Non-cony debenture 44_1958 J
73 75
General 4s
1987 J .1 8818
89 Feb'29 _
89 89 Cuba Nor Ry 1st 53.4s
3 81 9814
83
1942.2 D 83 Sale 82
1949 F A 91 Sale 91
Cent Pas Ist ref gu g 43
913
4 85 90
93 Cuba RR 1st 50-year Sag.... _1952 j
90 Sale 89
90
38
89 96
Registered
F A
88 Sept'28
let ref 710 series A
1936
D 101 10312 10113
100 106
/
1
4
Mtge guar gold 3148.A0g1929 J D 99 Sale 99
5
99
99
994
1st lien & ref 6s ser B ...1936J D
Sale 06 Apr'296 96
1
9013 98
Through Short L 1st gu 48_1954 A 0 914 Sale 0034
913
4 10
904 9134
1960 F A 10112 Sale 10112 102
Guaranteed g 58
991 103
/
4
Day & Mich 1st cons 413e-1931 J
79
1
9914 9812 Apr'29
12
97494
97
/ 98
1
4
/
1
4
Del & Hudson let & ref 4s.__1943 MN 90
3 9912
92
7
89
94
/
1
4
Charleston & Sayn'h let 75_.1936.2 J 111 _ _ -- 11114 Mar'29
30-year cony 58
- 11114 1134
2
1935 A 0 10112 Sale 10112 10112
97 10412
Ches& Ohio 1st con g 5a.- 1939 M N 1013 Sale 1014 1011
4
4
5 10138 10412
13 100 105
I5-year 5 Hs
1937 M N 103 Sale 10212 103
1939 M N
Registered
10214 Dec'28
10-year secured 78
10114 28 10013 1081
1930 D 10114 Sale 101
4
1992 M
General gold 4144
5812 Sale 9818
98% 52
9412 10014
RR & Bldge let gu g 48.-1936 F A
964 Aug'28
M 8
Registered
9214 Mar'29
9214 9518 Den & R G 1st cons g 48.-1936 J
8912 883
8912 32 "ii
4
89
9234
1930 F A 99 Sale 99
20-year cony 430
9918 57
9812 991s
Consol gold 4 He
93
5
9912 9412
1936
J 924 93 93
1993 A 0 9414 Sale 9312
Ref & impt 4148
943 262 9018 95
4
Den & R G West gen 5s_Aug 1955 MN 93 Bale 92
9358 108
91
98
F A
Registered
9218 Mar'29
92ls 9218
Ref & impt 53 ser B Apr 1978 MN 89 Bale 89
82
90
87 9104
Cada Valley 1st 5s-May 1 '40 J
9934 10012 Des M & Ft D 1st gu 43
100 Apr'29
39 3014 Apr'29
25
48
19353 J 30
Potts Creek Branch 1st 40_1946 J J 88% 89 88% Apr'29
8812 8812
Temporary et% of deposit----2712 Apr'29
32
23
27% 86
R & A Div 1st con g 4s____1989 J J 84 88 85
85
83 8634 Des Plainee Val 1st gen 410 1947
1
9258 99 9258 Feb'29
92 92
/
1
4
/
1
4
1989.2 .1 8114 83 81 Apr'29
2d consolgold 48
81
45
Det & Mac 1st lien g ea
76 75 Apr'29
199 5 D 75
19 5 3
9
75
7614
Warm 8nrings V lst g 5s._1941 M S
100 100
100 Mar'29
Gold 4s
75
76
75
Champ Corp cony 56 May 15 1947 M N 99 SAle 993
4
08 10012 Detroit River Tunnel 4148_1961 M N 97" 9 18 Apr'29
993 273
4
8
7
5 9712 75
8
96 100
/
1
4
/
1
4
Chic & Alton RR ref g 341--1949 A 0 67 68 67
6712 39
66% 70% Dul Missabe & Nor gen 58_1941 j j 19948
1993 Apo
0 35
24
0314
1023 10314
4
CU dep Med Oct 1928 lot
6512 69 Dui & Iron Range 1st 5s._1937 A 0
67 69 67 Apr'29
r'9235Sale
091 19114
/
4
Railway first lien 3)48---1950
70
22 6614 71
Registered
10012 May'28 _ _
68'4 Sale 6814
A 0
Certificates of deposit
69
71
Dul Sou Shore & Atl g 53____1937 J J 763478
2 67
69
65
74 lift;
Chic Burl & Q-111Dly 3%8_1949
83 86 East Ry Minn Nor Div 1st 43'48 A 0 88
84% 16
86 8414
_8414 7318
777
9
8
94 9772 Feb'2
98 94
/
1
4
Registered
J J
84
84
East T Va & G a Div g 58-1930 jJ 9738 1003 9718 Apr'29
84 Apr'29 -1955 m N
4
9714 9914
Illinois Division 45
1949 J J 914 Sale 913
4
924 21
90% 94
Co 1st gold 55
Cons
104 104% 10458 Apr'29
10413 10534
General 4s
1958 M S 01
9214
5 8912 9312 Elgin Joliet& East 1st g 5s-19 5 M N
9112 921g
103 103 Apr'29
9 1 A o
6
4
100 105
Registered
11 s
El Paso & W let 5s
4
Apr'29
913 Sept•28
ioore
100 10514
ion& re1411seer B
1977 F A 9738 Sale 97%
95 9912
9712 15
let & ref as series A
1971 F A
/
4
Erie 1st consol gold 744 ext_1930 M S 19112 Sale 0 1
105
Sale
7 1011 106
100
10 100 104
19112
Chicago& East III let as__ _ _1934 A 0 104% 106 1044 10118
/
4
4 1011 106
let cons g 45 prior
44
1996 .1 ./ 8314 sale 8931,2
80% 85 s
7
C & E III Ry (new co) cos 55_1951 244 N 10012 Sale 10118
8034 8513
8218
Registered
Apr'29
8314 29
83%
1996 J J
8112 81%
Chic & Erie lst gold 58
1982 M N
9933 106
let consol gen lien g 4s_ _ _1996 J J 773 grd:of 773
4
Apr'29
7834 54
104
4
75% 8012
Chicago Great West 1st 44_1959 M S 10114 Sale 104
6612 5974
6712
68
Registered
150
7358 Mar'29
68
1996
J
7254 7354
Chic Ind & Louisv-Ref6s 1947 J J 10018 Sale 1004 1004
4
Penn coil trust gold 4s_1951 F A ioi." 105 10118 Apr'29 _
1 10018 1133
10054 10114
Refunding gold 53
1947 3 J 1904 103 108 Apr'29
100 108
50-year cony 48 series A.
8212 82
82
_ _1953 A 0 81
7814 sot
Refunding cle Series C
1947 J
92 92
Series B
821
82
- 92 Jan'29
1953 A 0 8112 Sale 8112
10
781: 844
1st & gen 5s ser A
1966 M N 987
5 96 10314
Gen cony 45 series D
5
0 80 851 4
,
1
90
8
4- , 98%
1953 A 0 9578 85434 942 Dec'28
99
lst & gen 611 ser B.
19663 J 1053 91 2 10612 10612
--MAY
Ref & lmpt 5s
5 103 10814
1967 M N
4 159
Ch141nd & Sou 50
-year 4s.-1956 J J
87% 94%
Erie& Jersey 1st f 68_ _1955
- 13 94% Feb'29
917161C 110
-0612 -1 ;
J 11014 115 10914 Apr'29
f1
Chle'L 8& East let 4
_ _ _1969 J D
94 94
Genesee° River 1st 5 f 55_1957 J J 10914 Bale 10914 112
94 Mar'29
15 10613 112
ChM & St P gen g 48A-MaY 1989 j J 8458 Sale 844
81
863 Erie & Pitts gu g 310 ser B-1940
4
102 Feb'28
8412 15
J
Registered
80 80
Apr'29
Series C 3343
80
8818 Jan'29
1940.2 J 884 91
-iire
Oen g 314s ser B __Matt 19seJ J 73 _--- 74
714 76 Est RR esti f 744
74
1954155N 103 Sale 10234 10334 50 10114 105
____
2963
New York Bond Record-Continued-Page 3
r. •
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3.
Price
Friday
May 3.
Week's
Range or
Last Safe
't •
Range
Since
Jan,1.
9513
92 93
77 Sale
343 Sale
4
Great Nor gen 78 series A___1936 J J 10934 Sale 10913 110
Registered
.1 J
109 Apr'29
lit & ref 41 Beetles A____1981 ii 9418 95 95 Apr'29
/
4
General 5H s series B___1952 J J 10818 Bale 10818 10812
General Is series C
1973'.3 10334 Sale 10334 104
General 4349 series D._ _1970 j
9612
96 Sale 96
General 4Hs series E
9612 954
/
1
1977.3, 95
963
4
Green Bay & West deb MD A _ - _ Feb
85 Oct'28
Debentures etre B
Feb 2212 2434 2212
2212
Greenbrier Ry lit HU 49---1940 MN 914
9114 Mar'29
Gulf Mob & Nor 1st 5Hs__1950 AO 10014 104 10018 Apr'29
let M 58 series (..)
1950 AO 974 99 102 Dee'28
Gulf& S I lit ref & ter g 58_91952 J J 101 ____ 10418 Mar'29
Hocking Val lit cons g 4)0_1999 J J 98 Sale 94
95
Registered
10212 Mar'28
1999 J ,
974 9738
Housatonic Ry cons g 58.-1937 MN 97
975
8
H & T C lst g int guar...1937 j
102
102
102
N
Waco & N W div 1st 6s
_ 102 10014 Mar'29
1930
991
Houston Belt & Term let 58_1937 .3.3 9912 Bale 9913
____ 99 Mar'29
Houston E & W Tex 1st g 58_1933 N
lit guar 59 red
1933 MN 9738 100 9812 Feb'29
Mud & Manhat lit Si sec A.1957 FA 9214 Sale 92
9312
AdjustmentIncome 58 Feb 1957 AO 77 Sale 76
7712
9212 92 Mar'29
Illinois Central let gold 4s__ _1951 3.3 91
• J
95 May'28
Registered
lit gold 330
8412 85 8018 Apr'29
'.3
Registered
84 Nov'28
Extended lit gold 390.__1951 A0 82 85 8318 Apr'29
lit gold 35 sterling
1951 MS 7118
7414 Mar'29
Collateral trust gold 48_1952 A0 8914 Sale 8918
8914
MN
Registered
87 Oct'28
lett °funding 48
914
1955 MN 5118 "911; 91
Purchased lines 334s
89 83 4 Jan'29
3
1952ii
J
Registered
87 Nov'28
Collateral trust gold 46_1953 MN 86
88 8714
88
MN
Registered
9014 May'28
Refunding Si
igil; 104 Apr'29
1955 MN
15
-year secured 6Hs9.-1936 J J 10813 Sale 108
10812
40
-year 4929
Aug 1 1906 J A 9812 Sale 9812
9834
Cairo Bridge gold 48
1950 J O 8514 92 90 Mar'29
Litchfield Div lit gold 36_1951 ▪ J 7458 77 72 Apr'29
Louis,Div & Term g 314e 1933 J J 8114 8312 814
814
Omaha Div lit gold 3s_ 1951 FA 7413 Sale 7413
7413
St Louis Div & Term g 38-1951 J J 7218 ____ 7638 Oct'28
Gold 3348
81 Mar'29
1951 J J 7718
J J
Registered
7834 Oct'28
Springfield Div 1st j 3338_1951 J J
___ 88 Dec'28
Western Lines lit g 40__ _1951 FA 7889
91
9013 Apr'29
FA
Registered
92 Apr'28
Ill Cent and Chic St L & NO
Joint let ref Si series A_ __1963 JO 102 Sale 1014 10213
18t & ref 4Hs series C__1963 J O 943 9514 9514
4
9514
94
49
18
48
9
3
4
_
5
2
5
74
52
21
22
41
5
Ind Bloom & West lit ext 4e 1940 AO 85
91 Nov'28
Ind Ill & Iowa 1st g 4(3
1950.3.3 87 9312 9214 Feb'29
Ind & Louisville let gu 48_ __1956'.3 8412 86 80 Apr'29
Ind Union Ry gen 58 set A__1965 J J ---- 10212 102
102
2
Gen & ref Is series 15
103 103 Mar'29
1965• j
Int & Ort Nor let fisser A_ 1952 j
105 Sale 10418 105
Adjustment (is set A July 1952
90
8978 Sale 8912
35
Stamped
7712 Feb'28
Lit 5e melee B
J J 93
94
4
9512 93
Asa u(i
94
C
9312 94 9378
18
fat Rys Cent A mer,Ist 58
j
7
1952 N 784 Sale 78%
96
79%
2
lit Coil tr 6% notes
9314 9312
1941 MN 90
933
4 25
let Ilen & ref 6
j D 95 Sale 941
F A
/
4
9534
7
Iowa Central letHs94
/
1
4
" 404 Sale 40
4012
gold 5s_.....119387
2
Certificates of depoalt
40
50 42 Apr'29
Refunding gold 48
13
13 Sale 13
1951 M
41
James Frank & Clear lit 48_1959 J D 8758 9(3 88 Apr'29
Kan A & R 1st gu g
_ _ 10014 Apr'29 -___
J
Kan & M let gu 548
82 85 84
84
1990 A 0 982
K 0 Ft8 & M Ry ref g 48_1936 A 0 9212 Sale 92
93
7
KO&MR&B 1st gu 521_1929 A 0 981 Sale 9818
9818
/
4
1
Kan City Sou let gold 3s
/
1
7514 29
1950 A 0 7518 Sale 744
Ref &(mitt 5s
Apr 1950 J J 99 Sale 9812
99
8
Kansas City Term 1st 411_1960 J J 8834 Sale 88
89
34
Kentucky Central gold 48_1987
8834 Sale 883
4
883
4
2
Kentucky & Ind Term 414i_ 1981.3 J 91% 95 Jan'29
Stamped
1961.3 J 87
99 90 Apr'29 ---Plaln
1961.3 J 91
93 Apr'29 Lake Etta & West 1st g 58_1937 J J 9934 Sale 993
4
99
/
1
4
7
2d gold 158
1941 J J 984 9912 100 Feb'29
Lake ein & Mich do g 810_1997 J D 7813 80 78
/
1
4
7918
6
Regletered
1997 J D 73
7812 7812
7812
2
25
-year gold 4s
1:1 9714 Sale 97
1931
9712 21
Registered
9934 Apr'28
Lob Val Harbor Term gu 58_1954 F A la" itiff 102 Apr'29 ::::
a
Leh Val N Y 1st gU g 4338_1940 J J 9512 Sale 9512
9512
1
Lehigh Val(Pa) cone g 43_2003 M N 86 Sale 86
864 40
/
1
MN
Registered
86 Jan'29
il
General cons 4)0
2003 fl 11 -97)4 98 9512
9612
Registered
99 Nov'28
;
1
UM Valley RR gen Si series 2003 MN
Leh V Term Ity let gu g 5a 1941 A 0
A 0
Registered
Leb & N Y ist guar gold 4s__1945 M
Lex & East let 50-yr 5810.-1965 A 0
Little Miami gen 4s serial A_1902 M N
Long Dock consol g 68
?1
(Long Isld 1st con gold 5sJulY INI
1
1st consol gold 48____July 1931 Q J
General gold 48
1
Gold 48
Mg I3
Unified gold 49
1949 M S
Debenture gold 58
30
-year p m deb 5s 580,.2N
M
Guar Sh B 1st con gu
t3 M
Nor Sh B let con go 56.0et'32 Q J
Lou & Jeff Edge Co gd g 48_1945 M
& Nashville as___1937 M N
Unified gold 48
.1
1940 J j
Registered
Collateral trust gold 58_1931 MN
1
Due Feb. 1,
10413 Sale 10414
9978 103 103
10378
87
90 90
107 Sale 107
8613
ioi" itif" 10412
9812
97%
100
90 - . 94
9412
_
9912
8812 89
98 Sale 98
9914 Sale 99
88% Sale 88
89
9818 89
86
8978 90
102
101
941 95 9414
/
4
934
"9913 166" 9818
Bid
Louisville & Nashv (ConCluded)10-year sec 78._ _May 15 1930 M N
let refund 5948 series A_2003 A 0
2003A 0
let & ref 5s series 13
let & ref 4Hs series C_ _2003 A 0
1930 3 J
N 0& M lat gold 6s
19303 J
2d gold es
Paducah & Mem Div 48.._1946 F A
St Louis Div 2d gold Si,_1980 M S
Mob & Monts 1st g 4Hs 1945 M S
South Ry joint Monon 46_1952 J .1
Atl Knoxv & CM Div 49_ _1955 M N
Louisa Cin & Lex Div g 4;39'31 MN
,
1934.3 J
Mabon Coal RR lit 58
Manila RR (South L9103)48.1939 M N
lit ext 49
9 9 .I1 N
5
Manitoba 8 W Coloniza'n 55 1934 M D
Man G 13 & N W let 3Hs_ _1941 J .1
109 11258 Mich Cent Det& Bay City 58231 M S
•
QM
Registered
109 109
1940 j j
J .T
Midh Air Line 4s
9212 98
Registered
10412 1093
4
1952 M N
let gold 3Hs
1004 104
1929 A 0
20-year debenture 48
9212 974
A0
Registered
93
973
8
1940 A 0
Mid of N J let ext 5s
A
"ii" 2153 Milw L S & West imp g 512_1929 F D
9114 9114 Mil& Nor 1st ext4Hs(1880)19343
10018 106
Cons ext 493s (1884) 1934 J D
ME Spar & NW let gu 4s_ _1947 M S
J
ioirs 108 Milw & State Line lst3948-1941 J N
Minn & St Louts 1st cons 58_1934 M
94
99
Temp etre of deposit_ 1934 M N
97l 98I
1949 M S
lit & refunding gold 4s
102 10214
Ref & ext 50-yr 58 sir A_1962 Q F
10014 102
Certificates of deposit
MStP&5Salcong4elatgu'38.1 J
9834 100
1938.3 J
9813 99
let cons 58
1938 J J
let cons 5s gu as to int
974 10218
10
90 98
-year coil trust 6Hs__ -1931 M S
1946 J .1
7213 843
2..& re i series A
15 ear se
sty
4
1949M 8
1941 M N
91 9514
lit Chicago Terms f 4s
M11
1891111PPI Central 1st 58_1949 J J
-tiOra 8538 Mo Kan & Tex let gold 48._1990 J D
Mo-K-T RR pr lien 5seer A _1962 J .1
1982.3 J
"riga
40
-year 45 series B
19783 J
Prior lien 43.3s ser D
7414 7414
Cum adjust 56 ser A _Jan 1967 A 0
86 4 93 4
3
3
Mo Pao let & ref baser A_ _1965 F A
1975 M 8
90 927
General 48
1977 M 8
lit & ref 59series F
83 4 833
1
4
Mo Pee 3d 7i ext at4% July 1938 MN
84 91
1st & ref g 5s ser0
Mob & Bit prior lien g 55-1 94b J 1
17 M 1
J .1
jai- 161.34
Small
- 1945 J J
107 11138
lit M gold 4s
1945.3 J
97 1004
Small
Mobile & Ohio gen gold 48_1938 M S
86
90
Montgomery Div lit g 58_1947 F A
713 7514
4
1977 M S
9458
81
Ref & impt 4Hs
7412
Mar
gold 48_1991 M S
1 74
1937 J .1
MMoonlitt
glutor
e
1937 J .1
let guar gold 58
8612
81
Morris& Essex let gu 3338....2000 J D
8858 - - 2
96126
1
Prise
Friday
May 3.
zt,
802
Fla Cent& Pen lit ext g 5s-1930 J J
1st corm'gold 55
1943 J J
Florida East Coast lit 40_1959 in
let & ref 58 series A
1974 MS
Fonda Johns & Glov let4Hs 1952 MN
Fort St U D Co 1st g 490_1941 J J
Ft W & Den C let g 5;0_1961 J D
Prim Elk dr Mo Val lit(18._1933 AO
OH&SAM&P lit 58
1931 MN
241 extent, 5s guar
1931 ii
Oily Roue & Rend lit 55
1933 AO
Ga & Ala By lit cons 53 Oct 1945 J J
Oa Caro & Nor 1st gu g 58_ _1929 j
Georgia Midland 10 38
1946 Au
Or B & I ext lit gu g 4338_1941 J J
Grand Trunk of Can deb 69_1940 AC
15
-year s f 65
1936 MS
Grays Point Term lit 58._1947 J O
Ask Low
High
High No. Low
98 98
98 Apr'29
9313
9512
2 93% 9914
9118 94
5
9134
92
7713 20
75 80
76
2512 50
3313
35
8
94
94
94 Nov'29
____ 107 10614 Apr'29
10614 10714
102 103 102
8
3 102 1035
102
9834 100 9834 Apr'29
975 100
8
99
97 100
9912 99 Apr'29
9812
98 100
9812 9914 9813
2
88
85 86
1
86
863 86
8
9714 994 99
944 99
7
99
7418 75 7313 Mar'29
73 • 75
12
95.4 97
97 Mar'29
110 Sale 110
5 10814 113
1103
4
1033 Sale 10312 104
4
40 103 106
97
97
97 Apr'29
9618
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 3.
100 10514
94
/ 971
1
4
/
4
92 1214
84 88
12
/
1
4
102 103
103 103
10014 10612
89
98
9112
91
78
93
93
40
40
12
85
9914
84
We
9512
82
963
4
984
/
1
51
5112
20
8912
10014
8412
Ask Low
,
11
Range
Since
Jan.1.
High No. Low
10114 10112 101
10112
98
9812 10518 1054
10318 105 10212 Apr'29
9814
98 Sale 9758
9934 100 9934
993
4
99 4 100 Apr'29
3
_ _ 9112 9114 Mar'29
62
65 65 Apr'29
97 100 100 Sept'28
_ 8712 861 8634
/
4
"55 91 91
91
98 Sale 98
98
100
100
7417 74
"ii "
74
69
73% 69
69
99% ____ 9912 Apr'29
4
16
12
2
8
15
2
1
1
3
Nish
10012 105
1004 10712
10212 105 2
7
974 99
9984 10084
100 1004
1
9114 9114
64 67 1
14
1
897.
92
98
9912
100 100
73 8 75
5
69
77
984 1004
8612 8612
8612 Apr'29
100 Apr'29
9912 100
10034 Apr'28 _92
9612 9214 Apr'29
-9214 93
9218 July'28
82
85 8212 Apr'29
-815:51
9934 Mar'29
9912 9914
99 Oct'28
-56- 92 94 Mar'29 -- -fag: --9 8;
6
9912 Jan'29
9912 9912
"iii" 161 90 Feb'29
2
96
96
1
94 94
94
94 95
1313f2 92 9034 Apr'29
90 92
90 Apr'28
"Li 53 50
6515
51
3
60
46
6
50 484
4818
47
534
2213
2312 61
194 ao
2212 Sal
20 Sale 20
2
20
15n2 20
16 Jan'29 ---16 16
86 Sale 86
38
88
66
89 4
1
9714 sale 9714
9714
2
9314 99
9714 Sale 9813
984
5
961s 9912
9913 991 974 100
/
4
8
9714 101
98 Sale 9814
/
1
4
9814
9812 102
1
90 92 Apr'29 -917 95
8
"i5"
_ 9312 Jan'29 --- 934 9312
96 Ii 9612 Apr'29
12
9612 995
3
8438 853 85
86
3 815 86
s
8
---- 10078 100
101
15
9812 102
831 8412 8234
/
4
84
45
8112 863
1
92 Sale 92
924 16
83
9412
10714 Sale 107
10713 61 102 107
12
9812 Sale 98
9813 23
9612 1002
75 170
734 Sale 73
/
1
70
77
9778 Sale 9734
9834 96
9312 9912
9018 91
9038 Apr'29
Ms 91 s
7
97 Sale 9738
/
1
4
9834 101
944 100
9914 101 100 Apr'29
99 100
95 100 99 Feb'29 -- 99 100
-_- 8912 8834 Apr'29 -- 86 98
_
8512 8512 Apr'29
85 89
12
901*
93
93
1
9112 9333
0018
_ 99 Apr'29 _- 99 99
9334 We 9334
9334
6
9(1
974
87
88 844 Mar'29
844 86
105 10812 106 Apr'29
106 1041
10034
10034 Feb'29
1004 101
77 7738 77 Apr'29
7618 804
90 Apr'29
8913 902,
Nash Chatt & St L 48 ser A_1978 F A
A 90 00% 99
1937F
N Fla & S lat gu g 58
99
99 102
18 July'28
Nat By of Mex pr lien 4 Hs_1957 J .1 17%
J J
1834 July'28
July 1914 coupon on
4
98
4
934 1212 98
Assent cash war ret No 419o7n7 ;Co.
91 13
2
1s
8712 Aug'28
-year s f 48
Guar 70
14 Apr'29
Assent cash war I'M No 5 on --- 1212 16
1214 IS's
3811 July'27 Nat RR Mix pr lien 434i Oct'26 J J
Assent cash war ret No. 4 on -_ii 18 "tif" 2934 Apr'29
19 Wit
1 1st
22 Apr'28 _
consol 45
1 o1
5
Assent cash war ret No 49 n
8
1014 74
8
9 --712 YU:
88 Oct'28
Naugatuck RR let g 48-- _.1954 iai
997,
99 'Apr'29
New England RR Cons 58_1945 J J
98
19453 .1 8038 89 8618 Mar'29
Consol guar 4s
8618 86%
1986 F A
N J June RR guar lst 48_
88 Mar'29
88 88
N 0& N E ist ref &imp 4HBA'52 J J
93
93
93 9714
8978 90 Apr'29
New Orleans Term lit 48
1953 J J
8734 91
N 0Texas& Mex n-e Inc 53_1935 A 0 96 Sale 96
96
6 96 100
1st re series B
1954 A 0 9414 98 9414
4 93 11/014
9414
1st Miseries C
1958 F A 99 10012 98 Apr'29
98 101
1956 F A 8914 8978 89
lit 4Hs aeries D
89
5 89 96
lit 592s series A
19511A 0 101 Sale 101
10112 29 1004 1051
,
9512
95
/
1
4
N & C Bdge gen guar 4;0_194 J .1
2
944 953
4
NYB&ME lst cong 58_1935 A 0 9678 99 9678
2 9512 97
97
NY Cent RR cony deb 6s1935 M N 10512 Sale 105
106
23 1024 108
M N
106 Jan'29
Registered
106 106
Comm!48 series A
F A 87 . Sale 884
7/4
/
1
883
4 28
8612 89 s
7
Ref& impt 4Hs series A 2093 A 0 983 Sale 9814
1915 F A
997
4
984 23 97 10013
/
1
55 1044 107 1
Ref & impt 58 series C____2013 A 0 105 Sale 105
106
1
106 Mar'28
Registered
A0
89
93
98
9912
70
76
9512 991
4
8618 9012
8814 9078 NY Cent& Hill Ely M 334e 1997.3.3
95
95
J J
Registered
87 90
Debenture gold 48
1934 MN
9078 96
MN
Registered
9954 101
80
J J
-year debenture 48
99 100
Lake Shore coil gold 3Ha.1998 FA
9 42
78
8112
Registered
1998 FA
7588 7812
Mich Cent toll gold 334i,...1998 FA
9638 9913
FA
Registered
fo .. Nne,ilatereciSt L let g 4e 1937 AO
.
YCsic &
98
9
iOi1937 A0
9512 998
4
25
-year debenture 48
1931 MN
8418 8814
2d 6s series A B C
1931 MN
86
86
Refunding 534s series A _ _1974 AO
9212 100
Refunding 534s !aeries B1975ii
Ref 434s series C
S
1978
NY Connect 1st gu 434e A..1953 J A
19 3
,
1043
4
1014 10714
lit guar 58 series B
FA
Apr'29
lOi3lg 10312 N Y & Erie lit ext gold 43_1947 MN
Feb'28 _
3d ext gold 43.48
1933 MS
Oct'28
4th ext gold 56
1930 AO
107
1 10538 1385- N Y & Greenw L gu g be-1946 MN
-1 8
Dee'28 ---- ifiii2 aft; NY 4( Harlem gold 3331---2000 MN
.
Jan'29 --MN
Registered
9812
5
9813 1014 N Y Lack & W lst & ref gu 5e'73 MN
Feb'28 ---97 100
lit & ref gu 4 He con
1973 N
94
1
90 94
N Y L E & W Ist 78 ext
1930 M S
Dec'28
N Y & Jersey 1st 58
1932 FA
89
10
88
9014 NY & NE Bost Term 48_ _1939 AO
98
1
98 100 N Y N H & H n-c deb 4s
1947 M
994
6
96
9938
Non-cony debenture 330_1947 M
8954
4
88
9188
Non-cony debenture 3%3.1954 A0
Apr'29
9812 100
.3,
Non-cony debenture 48_1955
Apr'29
8
412 90
Non-cony debenture 48_1956 MN
Apr'29
10014 10213
Cony debenture 3348
1956 J J
9438 15
3 92 93
93
34 9 34
5
1948 J J
Cony debenture 6,
6314
J J
----Registered
Apr'29
A0
984 1003*
/
1
Collateral trust 68
195 MN
947
9
Debenture 48
Ist & ref 4341 eer of 1927-1967 3D
N
Harlem R D Pt Ches lit 461954
___!
Week's
Range or
Lan Sale.
864 90
1
80 Sale 80
8012 16
7738 8214
76
79
78 Apr'29
7712 784
951 957 9518
/
4
8
9538 22
9334 975
4
95 Jan'29
95 95
95 97 95
9518 10
90 9518
8
77 Sale 77
77
7414 8154
/
1
7418 7512 734 Apr'29
735 732
8
5
12
77 Sale 753
4
77
744 79
764 78
7418 78 78 Apr'29
2
9314
933 95 9314
8
914 96
_
9612 Feb'28
8
22
961g 98
98 Sale 971
99
10114 20 10018 1024
10114 Sale 101
1054 10613 10512 10638 23 10412 1074
/ 1064 18 105 107
1
4
/
1
1054 Sale 105
/
1
12
95
943 9912 9314
4
93 954
9712
95
/ 99 9712
1
4
931 9712
4
101 104 10012 10012
9914 10212
90-_ _ 90 Apr'29
90 90
__-- 100 9812 Mar'28
9734 100 100 Apr'29
99 100
95 95
95
9438 98
73 ____ 83 Jan'29
83 85
8518 Apr'28
10018 Feb'29
10118
Fools jai;
96 Apr'29
96 1004
104 Feb'28
51 "994 100 Mar'29
ioa- gal;
90 Mar'28
79
80 80
Jan'29
-ST' 1675
76
75
75
1
75 774
7178 74
7172
717
19
7014 75
7712 8078 81 Apr'29
74
8418
7918 80 79
33
793
4
76 84
1a
717 7213 7118
7212 18
694 '76
12238 Sale 12314 12313 103 116 126
118 Apr'29
ioi gale 103 10412 55 115 119
102 10512
75
7613 7613
7612
1
70 4 '7812
8
9014 128
90 Sale 8912
12 9212
85
89 ____ 89 Apr'29
Koz yoas
New York Bond Record—Continued—Page 4
2964
Price
Friday
May 3.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended May 3.
Week's
Range or
Last Sale.
Ask Low
Bid
NY 0& W ref let g 4s_June 1992 M S 68% Sale 68%
70
Reg 55.000 only__June 1992 M S
e .1955 J D -ai 66 6214
General 45
8
94 875
N Y Providence & Boston 4s1942 A 0 90
A 0
893
4
Registered
9212 88
N Y & Putnam lst eon gu 43 1933 A 0 87
N Y Sun & West 1st ref 58-1937 J J 8212 8512 82
1937 F A
8434
2d gold 434s
1940 F A ,7212 Sale 7212
General gold be
9912
1943 M N
101
Terminal lot gold be
N Y W-ches & B 1st ser I 4345'46 J J 83 Sale 8212
8
Nord Ry ext'l s f 6148
1950 A 0 1003 Sale 10014
Norfolk South lst & ref A 58_1981 F A 8414 Sale 8418
9912 99
Norfolk & South 1st gold 55_1941 M N
Norfolk & West gen gold 60_1931 M N
Improvement dr ext 6s__ _1934 F A
1932 A 0
New River let gold 8s
•
N & W Ry 1st cons g 48-1996 A 0
1996 A 0
Registered
DIV' let lien & gen g 48_1944 J J
1929 M S
10-yr cony 6s
Pocah C & C joint 4s__ _ _1941 J D
North Cent gen & ref Is AI974 M S
Gen & ref 4;:is ser A stpd_1975 M S
North Ohio 1st guar g 58
1945 A
North Pacific prior lien 45_ _ MI
Registrd
Gen lien ry & Id g 33.Jan 2047 Q F
Jan 2047 Q F
Registered
Ref & inapt 4 Hs series A2047 J J
Ref & kept 68 series B___ _2047 J
Ref dr impt Is series C____2047 J J
Ref & impt 5s series D____2047 J J
Nor Pao Term Co 1st g 6s.,_1933 J
Nor Ry of Calif guar g 58-1938 A 0
2
96
9914
8614
6514
104"
1093
4
99
102 Mar'29
105 Mar'29
10118 10118
905
8
9058
8912 Feb'29
92
Sale 92
13212 Feb'29
95%
95%
1077 Jan'29
8
97 Apr'29
14
- 96 Feb'29
4
Sale 8814
897
8
8712 87 Apr'29
65%
Sale 6518
62 Mar'29
9712 9614 Apr'29
4
4 1113
Sale 1103
102% 102%
104
gale 104
1093 Feb'29
4
107 June'28
North Wisconsin 1st es__ _ _1930 1 J
Og & L Cham lst gu g 4e ___1948 J J
Ohio Connecting Ry 1st 4s__1943 M S
Ohio River RR let g tis— _1936 J D
1937 A 0
General gold 58
Oregon RR & Nay con g 48_1946 J D
Ore Short Line let cons g 58_1946 J J
1946 J J
Guar stpd cons 55
1929 J D
Guar refunding 45
Oregon-Wash let & ref 4s_ _1961 S J
D
Pacific Coast Co 1st g 55 _1946J—
Pao RR of Mo 1st ext g 4_1938 F A
1938 J J
211 extended gold Is,
Paducah & Ills 1st s f 4 Me_ _1955 J J
Paris-Lyons-Med RR extl 65 1958 F A
Sinking fund external 7s_1958 M S
Paris
-Orleans RR 5 f 75__ _ _1954 M S
Ext sinking fund 5;45_ —1968 M S
Paulista Sky let & ref 5 f 7s 1942 M S
100 Sept'28
80
80
95% Nov'28
9918 Apr'29
-993
4
99% Mar'29
99%
9012
9012 Sale 9012
10212 104 103 Apr'29
10212 10412 10212 103
98%
983 Sale 98%
4
8812
8812 Sale 874
7612
7612 Sale 7312
90%
4
4
903 92
903
973 Mar'29
4
9818
1005 Oct'28
8
925 _
8
100 Sale 9912 10014
8
4 1033
8
1033 Sale 1023
1033 Jan'28
8
05
91 2
94 - 1- 9414
102 103% 10112 103
Pennsylvania RR cons g 48_1943 M N
1948 M N
Consol gold 48
48 start stpd dollar_May 1 1948 M N
Consol sink fund 434s1960 F A
General 4345 series A _ _ _1965 S D
1968 J D
General 58 series B
1930 A 0
-year secured 7s
10
1938 F A
I5
-year secured 6345
F A
Registered
40-year secured gold 5s___1964 M N
Pa Co gu 3;45 coil tr A reg-1937 M S
Guar 33.4s coil trust ser 11_1941 F
Guar 3345 trust etfs C____1942 J D
Guar 3;is trust ctfs D____1944 J D
Guar 15 -year gold 4s_ _1931 A 0
-25
Guar 45 ser E trust Ws_ __1952 M N
1963 MN
Secured gold 4is
Pa Ohio & Det lst dr ref 434s A'77 A 0
Peoria & Eastern let cons 45_1940 A 0
April 1990 Apr.
Income 45
Peoria & Pekin Un 1st 534s, 974 F A
i
Pere Marquette let sec A 5s..1956 5 J
1956 5 J
1st 4s series II
2
9
3
1
25
15
93
927 943
8
4
9112 93
,
9112 93 2
100 Sale
4
983 Sale
10614 Sale
10112 Sale
108 Sale
96
79
BONDS
N. Y STOCK EXCHANGE
Week Ended May 3.
Price
Friday
May 3.
Week's
Ranee or
Last Sale
01.2
81
1
3
48
18
10
1
86
58
31
3
93% Apr'29
4 18
923
9 12
9212 15
9212
100% 26
100
9914 38
9212
10518 10612 27
1018 136
10118
10712 10814 53
112 Apr'2
ria" Sale 10114 102 66
4
90 893 Apr'29
88
3
85'8
8518
85% 86
1
85%
86% 8514
2
87
8612 84
83
9818 10
8
97% 9818 975
8812 88% Mar'29
98Lt 62
-27i Sale 9718
s
4
9511
9512 Sale 9512
1
83'z
84
8512 83%
41% 37 Mar'29
37
10212 10312 103 Apr'29
10112 Sale 10112 10112 15
89% 30
893 Sale 88%
4
Ask Low
High No• Low
Bid
Hipp
,
High
4
8712 96
83'a 88%
74% St L-San Fran pr lien 41.4-_1950 MS 8714 Sale 863
8
99 490
1978 MS 8812 Sale 96.
83% 1391n
Con M 454s series A
51
101
7114
98% 1014
Prior lien bs series B
1950 J J 100 Sale 100
St Louts & San Fr Ry gen 85_1931 S i 100 10218 102 Apr'29 -- 101 102
10014
1931 55 10014
10014
5
General gold 55
95 8 1004
1
2 6412 10212 Apr'29 -- 102 1031s
8912 St L Peor & N W lst gu ba_ _1948 J J 1027 11931 MS 9618 975 9718 Mar'29
8
8612 St Louis Sou let gu g 4s
954 9718,
MN 84 Sale 84
834 89
8412 18
St L SW let g 45 bond ctfs 1989
8014
8014
79
82
1
2d g 4s Inc bond etre Nov 1989 J J 8018 82
82
9512 32
1932 S D 9518 953 9518
10112
95
8
Consol gold 4s
984
8
97 10158
9912 25
let terminal & unifying 58_1952 J J 9912 Sale 985
85
9314 51
8
4
8914 95 4
St Paul &K C Sh L 1s1 434s.,1941 FA 913 925 9138
105
1
98 Apr'29
98
98
903 St Paul & Duluth 1st Is__ 1931 FA
4
8818 Apr'29
1968 S D
1st consol gold 45
102
8014 8818.
'
S
9718 Jan'28
St Paul E Or Trunk let 4345_1947
9412 Was
4
101% 10314 St Paul Minn & Man con 45_1933 S i -947 963 9412 Apr'29
1933 S i 102 104 103 Apr'29
1011 10418.
4
1st consol g Os
105 105
S i
103 Jan'29
99% KA
103 108
Registered
,
9612
1
65 reduced to gold 4;45___1933 S i -9612 99 0612
89
9214
9812 994
S i
95 Dec'28
Registered
8912 8912
9.1" 94 Mar'29
1937 S D -92 -Mont ext 1st gold 4s
9014 94
94 95
13212 13212
Pacific ext guar 45 (sterling)'40 ii 8712 90 103 Mar'28
10312 34 loofa 1 6 1
8
9112 955 St Paul Un Dep 1st & ref 56_1972 S . J 10314 10412 103
./
.;
2
9018
8714 91
1077 107% S A & Ar Pass let gu g 4s__ _1943 J J 9018 9012 90%
8
102 Apr'29
9574 99
102 102
Santa Fe Pres & Phen 1st 56_1942 MS
106 Mar'29 8s.,,..,,1934 AO 10212
96
106 106
9614 Say Fla & West let g
1934 AO 983 -_-- 9814 Apr'29
4
90
984 1004
let gold Is
87
-- 90 Apr'29
8812 904
Scioto V & N E lst gu g 4s_.,,,1989 MN
85% 89
Apr'29 -A0 88%-7318
73
69
1950
727 74
8
63
6712 Seaboard Air Line let g 4s
10
70
_— 69
1950 AG
62
6712 75 4
Gold ds stamped
1
834
4512 106
355 5014:
8
Adjustment 55
Oct 1949 FA 4512 Sale 44
98
98%
14
4
593
1103 11313
8
5612 6018
1959 A0 5612 Sale 5612
Refunding 48
73% 140
72
80
101 105
1st dr cons 65 series A
1945 54 S 7314 Sale 72
M S
75 Mar'29
75
101 1043
8
75
Registered
16
86
89
81
1093 109%
4
Atl & Birm 30-yr 1st g 48_61933 MS 82 Sale 81
6714 77
64
714
Seaboard All Fla 1st gu 66 A..1935 FA 65% Sale 6512
8514
6512 20
64 4 704
1
1935 FA 65% 66
Series B
8712 98 Dec'28
--- Seaboard & Roan let Is extd 1931 J
995 Apr'29
8
"6E8
1929 MN
8
787 83 So Car & Ga 1st ext 5%s
101 Dec'28 -1936 FA 10015
991 9913 S&NAlaconsgugbo 55-1963 AO 106 ____ 19512 Ap'r29
1613;
-.
Gen cons guar 50-yr
993 100
8
29
90
BO% in%
8
89% 9212 So Pao coil 45(Cent Pac col) k'49
893 90 8914
J D
,
8514 86 0
8618 Apr'29
10212 106%
Registered
995 103
8
99i8 99%
10212 106
June 1929 S D 99% Sale 99
20
-year cony 45
95
9914,
1st 4345(Oregon Lines) A_1977 MS 9612 9712 95 Apr'29
98
9914
9
10112 10 100 1011
1934 S D 101 Sale 101
8412 89%
20
-year cony be
9412 29
94
92% 974
1988 MS 9312 94
7312 30
Gold 4348
943
4 90
94% 94%
Gold 434s WI
May 1 1989 MN 94% Sale 9418
90% 9418
9018 88 Apr'29
874 91
San Fran Term 1st 4s____1950 AO 89
9614 99
AG
90 Nov'28
Registered
9713 1- 1- So Pao of Cal let con gu g 56_1937 MN 10118 102 100 Apr'29
6
100- 103 ,
9514 9618
10113 1047 So Pao Coast let gu g 48----1937 S i 9412 06 9514 Apr'29
8
9
917
8
So Pac RR let ref 45
1955 S i 91% Sale 9114
8914 92%,
S i
90% Mar'29
-95 961
90 4 90%
1
Registered
108% 23 10618 110
10112 104
Southern Ry let cons g 55_1994 S i 15. 1 Sale 108
34
1 105 108
105
J
105
Registered
122
89
9318 95
Devel & gen 45 series A___1956 AO 89 Sale 87
3
83 8 80
A0
91% 94
_
Registered
8714 Sept'28
34 106i2 115
92% 93 4
3
1956 AO 11412 Sale 11414 115
Develop & gen 81
54 117 123
997 10112
4
19511 All 12112 Sale 120% 123
Develop & gen 834s
9714 10012
Mem Div let g 55
1996• J 1045 106 104% Apr'29
104 1064
8
1951 J
105% 10812
89
St Louis Div lat g 45
86% Apr'29
85
100 Apr'29
100 8 1037
3
8
964 100
Ent Tenn reorg lien g 55 1938 MS
4
9214
92
10712 111
Mob 4: Ohio coil tr 4s
1938 MS
9112 934
101 frii"
89% 893
4
8412 8712
8914 89
84
85
964 9918
8814 92
963 9918
8
9212 9714
8312 87
45
37
10112 103
1004 1047
8
917
8
86
• J
73 Apr'29
Spokane Internet let g be- —1955
86 Nov'28
Staten Island Ry let 430..__1943 S D
95 Apr'28
Sunbury & Lewiston 1st 48__1936 S i
99 Mar'29
Superior Short Line 1st be_ _31930 M S
98 Apr'29
Term Assn of St L 1st g 4;0_1939 A0
1944 FA 100 1614 100 Apr'29
1st cons gold Is
8918
„▪ 1 8914 893 8918
8
1953
Gen refund s f g 45
4
4
Texarkana & Ft8 let 5Ms A 1950 FA 1013 1023 10112 10214
____ 98 Mar'29
1943 J J 98
Tex & N 0com gold bs
10714
2000 S D 10714 gale 107
Texas & Pac let gold 55
211 inc5s(Mar'28ep on)Dee 2000 Mar ____ 95 100 Dec'27
9914
1977 AG 9912 Sale 9812
Gen & ref 58 series B
993
4
1931 55 993 Sale 9914
4
La Div B L let g 55
10518
105
Tex Pee-Mo Pac Ter 04s 1964 MS 105 _
9912 Apr'29
Tol & Ohio Cent lot go 58
1935 S i 9912
103 Apr'29
924 95
Western Div 1st g 66
19 AO
35
9712 9812 Apr'29
1935 S D 95
107 108
General gold 55
39
Toledo Peoria & West lst 45_1917 J S 12_ 15 Nov'27
35
88
RT 88
Tol St L & W 50-Yr g 45
103 103
1950 AO 88 96
94
Tol W V & 0 gu 4%5 A_ _1931 S i 9614 98 98 Apr'29
8
1933 J S 9618 08 955 Apr'29
95% 99%
let guar 4345 series B
9912
9912
1942 MS
96% 10012
let guar nseries C
9712 993 Toronto Ham & Buff let g 4,1946 S D 8414 89 8414 Mar'29
4
9412 9612
50 Apr'29
77
S D 69
65
945 941e Ulster & Del let cons g 66-1928 - 67 787 65
Certificates of deposit-----50
1952 A 0 50 Sale 50
95
9812
1st refunding g 45
9314
95
9612 Union Pac let RR & Id get 451947 J J 9314 Sale 9212
9112
9112
00% 95
985 100
8
Registered
8914
June 2008 MS 89% Sale 89
let lien & ref 45
9912 995
4
9714
96
97
1967 J J 95
Gold 434s
105 4 1084
1
4
June 2008 NI S 1083 1091 10812 Apr'29
1st lien & ref 55
863
8
87
8
1988 J D 863 87
40
-year gold 45
106 10812
9212
9212
94
92
U N J RR & Can gen 45— _1944 M
96 Nov'28
1933.1 J 9412
Utah & Nor let ext 45
9212 Apr'29
10114 10114 Vandal's cons g 4s series A._1955 F A
9212 Apr'29
1957 MN 92
Cons 5 f 45 series B
13
10 ff; 13
99% 10012 Vera Cruz & P assent 4145_ _1934
99 10018 Mar'29
1931 NV§
---- -- Virginia Mid Is series F
1938 M N iooTs 10112 10014 10014
General bs
2003 J J 9914 10312 9914 Apr'29
9114 9312 Va & Southw'n 1st go 55
1958 A 0 91
9112 91 Apr'29
-year be
let eons 50
1031s 10318
8
8
Virginian Ry 1st 55 series A_1962 M N 1037 Sale 10318 1037
1939 M N 10114 Sale 101
1013
8
Wabash RR let gold 55
7112 74
1939 F A 10018 10312 10112 10112
211 gold 55
84
84
1975 M S 10112 Sale 10112 102
Ref & gen s f 55455er A
90
9312
8818 May'27
Debenture B 6s registered..1939 J J
1954 J J 75 814 88% Nov'28
997
let lien 50-yr g term 4s
92
10112 10112
Dot & Chic ext 1st g 58_1941 J J 10012
88 Jan'29
91
Des Moines Div 151 g 4s 1939 S J 86
-65; 102
_1941 A 0 78
4
79% 793 Apr'29
Omaha Div lst g 3345
1941 M
9012 9012 Mar'29
87
Tol & Chic Div g 45
99
Wabash Ry ref & gen 65 11_1976 A 0 95% 98% 98%
8912
1978 F A 87% 89 8814
Ref & gen 4Xs series C
8114 921g
87
78
83 Nov'28
80
8
9312 987 Warren 1st ref gu g 3148...2000 F A
8414 Mar'29
1948 Q M
Wash Cent 1st gold 48
8318
1945 F A -8518 Sale 83%
Wan Term lat gu 3345
87
9012
8818 Apr'29
1945 F A 885
-year guar 48
5
let 40
91 97 Feb'29
83
8814 W Min W & N W lst gu 58_1930 F A 97 8014
8
1047 1047 West Maryland let g 4o___ _1952 A 0 8014 gale 79
8
9614
I977 J J 9712 Sale 9512
1st & ref 534s series A
10012 10012
1937 5 J
9513 971 West NY & Pa 1st g 55
8712
875 891
8
1943 A 0 10034-- - 8712
Gen gold 45
98 101
9912
Western Pee lat ser A ba.__ _194 ei S 99 Sale 9812
97% Aug'28
M S
-884 frici" Registered
88
4
92% 945 West Shore let 4s guar____2361 J J 88 Sale 8712
8512
2381 J .1 8438 873 8512
Registered
974 100
Wheeling & Lake Erie—
1930 F A ---- -- 100 Sept'28
Ext'n & impt gold be
Refunding 4545 series A 1968 M S 8512 --- 90 Feb'29
102 102 Feb'29
196654 S
Refunding 55serieS B
8518 Apr'29
1949M S 84% 88
RR 1st coon!45
6
6
53
12
2
5
2
8
1
1
1
_
9
10114 Apr'29
Pitts Mel{& Y Ist gu 85.-1932 J J
1934 J J lO2Is
10338 July'28
2d guar 65
1940w 0 99%
99% Apr'29
Pitts Sh & L E 1st g 55
1943 J J
10014 Aug'28 ---1st consol gold 55
1943 MN
_
9918 Sept'28
Pitts Va & Char let 4s
9112 Apr'29
Pitts Y & Ash lst 45 ser A _ _1948 J D oiEs
1982 F A 10312
10318 Mar'29
1st gen 55 series B
19745 D
1st gen bs series C
7112 mfi?i5
Providence &cur deb 4s___ _1957 M N
5
84
92 84
Providence Term let 45_ _ _ _1958 M S 82
19
91
Reading Co Jersey Cen coll 4s'51 A 0 90 Sale 90
4
__
A 0
943 June'28
Registered
56
99
Gen dr ref 4345 series A__1937 .1 J 9734 Fitife" 97%
1948 M N
Rich & Meek lat g 45
79 7818 May'28
Richm Term Ry let gu 55.._1952 J J 98 10114 101 Feb'29
Rio Grande June 1st gu 53
- 9918 100 Nov'28
-1232
6 May'28
7
Rio Grande Sou 1st gold 45..1940 J
Guar 48 (Jan 1922 coupon)'40 J J
712 Apr'28
8918 16
Rio Grande West 1st gold 401_1939 J J 87% 89 - 87
8 12
827
1st con & coil trust 45 A...1949 A 0 82
8212 8212
RI Ark & Louis let 434s
1934 M S 9412 Sale 9414
942 12
-Canada 1st gu g 45_ _ _ _1949 J
Rut
75
32% 82 Nov'28
12
Rutland let con g 434s
87
1941
87
87
11 Due May.
I DUG June.
J 87
88 Apr'29
8
103 icTi" 1047 Feb'29
0
1053 Nov'28
4
9612
J -6,134 963 9612
j4)Ø34
0 1003 10112 9914
4
4
0 99% 99 2 1013 Dec'28
,
995
8
J 94% 943 9914
4
943
4
N 94% Sale 94%
9712 Mar'29
0 9712 100
5 Due August.
_
1
25
__
26
71
-
97
10238
9932 loo
10212 Imo
87
95
9512
9912
8414
5
5
32
37
5
36
6
19
5
26
37
1
56
8
--_-
____
7212 Slls
—
_ -99
99
98
98
100 103
90
85
10012 1044
98 98
105% 109%
9612 1014
9912 103
95 1004
--
92%
8
PIdia Bait & Wash 1st g 45_1943 M N 92% 933 925
4
1974 F A 10714
107
General 55 series 11
107
36
37
Phillippine Ry 1st 30-yr s f 4s '37 J
36
36
103 Mar'29
Pine Creek registered 1st 68_1932 J
1958 J D
94 Apr'29 _
Pitts & W Va let 414s
1940 A 0 59 - - 9712 Apr'29
-34 9112 9712 9712
P C & St L gu 4 Ms A
1942 A 0 9712
Series B 4 Ms guar
9712 Apr'29
1942 MN 971,
Series C 4 As guar
9618
1945 M N 9618
9618
Series D 45 guar
9714 Sept'28
Series E 3348 guar gold_ 1949 F A 9214
1953 J D 9612
94% Jan'29
Series F 45 guar gold
1957 M N 9612
9612
9612
Series GI 45 guar
1960 F A 9612
9612 Apr'29
Series H con guar 45
Series I cons guar 414s_ 1963 F A 96%
Series J cons guar 434s,.
,,1964 MN 965 9812 501 AM•
; 125
8
General M Is aeries A__- _1970 J D 1063 107
4
Jan'28
S D
Registered
10712
8
Gen mtge guar Is tier B. -1975 A 0 10712 1677 107
A 0
11312 Jan'28
Registered
1947 1
St Joe & Grand 1st 1st 4s
1996 J
St Lawr & Adir 1st g 55_
1996 A
2d gold 65
19315
St L Cairo guar g 4s
St L Ir Mt & 8 gen eon g 58_1931 A
Stamped guar 58
1931 A
1929 5
Unified & ref gold 4s
RIV&OD1V ist g 4s._ _ _ _1933
St L M Bridge Ter gu g 5s_1930 A
Range
Blues
Jan,1.
High No. Low
67
4
68%
Apr'28
62
Apr'29
Oct'28
Jan'28
8414
Apr'29
8018
3
83
Nov'28
70l
7
73
99%
Feb'29
79%
24
83
101% 66 10014
83
6
8514
9712
Mar'29
102
104
_
101
9018 - 7918
92
Range
Since
Jan.1.
ccA
59
33
7
138
7
1
3
84
_
14
3
50
55
33
9114
90
86
93%
108
85
92
If
98
95%
9919
884
85
85
621s
951s
02
90%
991s
1084
894
95
9212 144
9212 94%
12
MD
100% 1004
100 10058
9914 100
897 9514
8
1015 104%
8
10018 10314
97 10118
100 10414
100 1011,
88
88
7914 85%
9012 9018
94% 10018
8414 90%
8414 84'.
83
86
8818 91
97
97
78
82
927 99%
8
9912 1014
86
914
9512 100
53I 881,
8118 88%
"OF
102 102
845 89%
s
unnimimmommommunft
New York Bond Record—Continued—Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3.
Cl.
Price
Friday
May 3.
Week's
Range or
Last Sale
V1
Range
Since
Jan, 1,
Bid
A sk Low
High No. Low
Iligh
Wilk & East 1st gu g be
1942 J D 845 88
8
697
8
10
70
6511 74
Will & S F let gold 5s
1938 3D 683 70
8
98 Apr'29
99 1005
8
Winston-Salem S B let 4a
1960 33
92 June'28
Wis Cent 50-yr 1st gen 4s
1949 J
79 Sale 7814
4 .7 712 14 4
7812
77
-1Sup & Dui div & term 1st 4s'36 MN 8512 88
88 Apr'29
877 9112
8
Wor & Con East lst43_ _1943 J 3
923 Dec'28
8
INDUSTRIALS
Abraham & Straus deb 5%5_1943
With warrants
AO 108 Sale 108
109
25 107 120
Adams Express colt tr g 48.._ _1948 M
843 Sale 843
8
8
843
8
8314 8834
2
Adriatic Elec Co extl 78_ __ _1952 A0 9612 Sale 9612
9612 34
98
94
Ajax Rubber let I5-yr a I 88_1936 J o 101 1011 101
10118
2 10014 10714
Alaska Gold M deb 613 A_ _ __1925 M
3
4 Feb'29
7
4
4
Cony deb 6s series B
1926 MS
3
3 Apr'29
3
_
8
Albany Pefor Wrap Pan 66_1948 A0
933
4
933 983
933
4
4
1
4
Allegheny Corp Coil tr 55_ _ _1944 FA 101.4 Sale 10112 10214
9812 11012
425
Allis-Chalmers Mfg deb 5s..1937 MN 993 Sale 9912
4
97 101
10018 55
Alpine-Montan Steel let 7s_ A955 MS 93
93
9112 98
94
9312
5
Am Agile Chem 1st ref a f 7 tis'41 FA 10414 Sale 104
10412 14 104 10612
Amer Beet Sug cony deb 68_1935 FA 88
8718
90
8718
80
1
893
8
American Chain deb of
_1933 A0 973 Sale 9714
9712 14
9512 99
8
Am Cot Oil debenture 58._ 1931 MN 985
8 9914 9914
9914
98
1
9914
Am Cynamld deb be
1942 AO 953 Sale 9512
4
933 9612
953
4
4 22
Amer Ices deb be
1953• D 90
897
8
897 99 2
90
41
3
,
Amer Internet Corp cony 5%s'49 .1 .1 10712 Sale 10314
108 1074 101 111
Sale
Am Mach & Fely af f3s
1939 AO 1033 Sale 1033
4 1033
4
4
4
5 1033 10412
American Natural Gas Corp—_ _
Deb 6;is (with purch ararr) '42 A0 78
3512 963
7735
8
35
79
Am Sm & It 1st 30-yr 53 ser A '47 A0 101 Sale 1005
8 1013
Sale
4 52 100 102
Amer Sugar Ref 15-yr 8s
1937 J J 1033 Sale 10312 104
4
8
49 10178 1047
Am 'Felon & Teleg coil tr 4s 1929 J J 9912
8
99
9912 99
Sale 993
995
8
Convertible 48
1936 MS 9514 Sale 95
917 0712
9514
a
5
20-year cone 4)4s
1933 MS 138 Sale 965
9658 101
8
9812
5
30
-year coil tr be
1946 J O 10314 Sale 103
1037
8 60 101 10474
Registered
J O
101
101 101
Feb'29
35-yr a I deb be
1960
1025 Sale 1023
4
1031 201 10114 1053
4
8
20
-year 16%8
MN 1053 Sale 1053
1943
4 1063 141 10412 1073
4
4
Am Type Found deb (is
1940 AO 10012 10314 1033
8 1033
4 10338 10514
8
Am Wat Wks & El col trbs_ _1934 A0 973 Sale 973
4
4
9718 993
31
981
8
1)eb g 6s ser A
N 104 Sale 103
1975
1033
33 101 1053
4
Am Writ Pap let g 6s
1947
81 Sale 81
81
81
21
8512
Anaconda Cop Min let(is__ _1953 F A 1043 Sale 10414
1041 245 1033 1053
s
4
4
Registered
103 Apr'29
102 103
15
-year cony deb 75
1038 FA 1.5•K 116 180
224
120 180 268
Registered
00
Jan'29
196 200
Andes Cop Min cony deb 78_1943 J J
235 Dec'28
641_
Anglo-Chilean f deb 78_ __,1945 M N 97 gide- 96
97
18
1Antille(Comp Azuc)7%11- — 1939
7018
71
3 7114 75
6518 797
11
a
Ark & Mem Bridge & Ter 58_1964 M S 97 1005 07
97
8
97 10312
1
Armour & Co let 4)4s
1939 J D 90 8 Sale 905
5
8
9114 42
9278
90
Armour & Co of Del 534e_ _1943 J J 91 Sale 9012
9118 65
9018 9212
Associated 0116% gold notes 1935 M S 102 Sale 102
102
5 10112 10318
Atlanta Gas L let bs
1047 J
1013
10312 Dec'28
4
Atlantic Fruit 75 Ws dep._ _1934 J D 125
8
15 Nov'28
-AtStamped ctfe of deposit
J D 125
8
_ 15 July'28
Atl Gulf & W I SS L col tr 58_1959 J
73 7312 7312
7412 32
67_ 77
Atlantic Refg deb 58
1437 J J 100 4 Sale 100
3
1003
4 22 100 10212
13aldw Loco Works let 5s.,.1940 M N 10612
10612 10612
4 106 107
Baregua (Comp Az) 7 As_ _ _1937 J J 873
4 8712
93
8712
2
8712 99
Barnsda II Corp 88 with warr_1940 J D
136
Jan'29
12918 142
Deb Ge (without warrant).1940 J D _
9978 Feb'29
9852 100
Batavian Pete gen deb 43d0_1942 J J 9214 Sale
91 4
,
9214 58
90
9312
Behling-Llemingway 68
1936 J J 90 Sale 89
90
12
883 92
4
Bell Telep of Pa be series 13._1048 J J 10312 104 10312
104
21 103 10512
let & ref be series C
1060 A 0 1053 Sale 1053
4
4
8 11 104 10814
Berlin City Elec Co deb 6 tie 19513 D 9114 Sale 9012 1057
9012 95
9214 40
Berlin Elec El & Linda 6(48_1956 A 0 923 Sale 913
4
8
023
4 48
04
89
Beth Steel let & ref 58 guar A '42 MN 10018 Sale 10018 1025
8 15
993 104
4
30-yr p m & linp s Ss__ _ _1936 J
100 Sale 09
100
62
99 102
Cons 30
-year 65 series A1948 F A 1045s Sale 10414 1045 163 10212
8
1053
4
Cone 30-year 53is ser B___1953 F A 10312 Sale 10312 10414 131
1003 104
4
Bing & Bing deb ()%e
1950M
9514 Sale 0518
9514
4
94 100
Botany Coos Mills6)48
1934 A
6312 Sale 6012
6412 39
6012 7414
Bowman-Bilt Hotels 7s
1934 NI S 99
99
1
993 99
4
98 100
B'way & 7th Av 1st cons 5s 1943 J D 70
7112 7018
713
4 19
7018 7718
Brooklyn City RR 1st 58_ _ _ _1941 J J 863 8712 863
4
4
1
863
4
9212
86
Bklyn Edison Inc gen 5ft A
1049 J J 1035 104 1035g
8
10414 17 10212 10512
Registered
J J 10314 - - 105314 Dec'28
General 6s series B
1930 J J 10012 101 10012 101
3 ioo 103
Bklyn-Man R '1' sec 68 '
1968 J J 95 Sale 9412
9312
162
95
93'2 983,
Bklyn Qu Co & Sub con gtd be '41 SIN 6212 697 70
8
63
753
5
8
7812
let Ss stamped
1941 J J 73
Jan'29
767 83
8
80
83
Brooklyn It Tr let cony kg 48_2002 J J
8814 Nov'27
3-yr 7% secured notes_ __ _1921 J .1
___ 13614 Nov'28
Bklyn Un El 1st g4-Ss
8812 8952 90
1950 F A 10590
85 I212
Stamped guar 4-be
1950 F A 8812 Sale 88
897
8 14
Bklyn Un Gas let eons g 5.9_1945 M N 104 105 104
104
82
6
1 10 12 10814
93
1st lien & ref Os series A _ _ _1947 M N 116 Sale 116
116
3
118
Cony deb 5345
1936 J J 350 390 354
354
2 354 400
Buff & Susq Iron lets f 58_1932 J D 921
__ 9412 Mar'29 _ _.9412 9618
Bush Terminal 1st 4s
1052 A 0 8512 87
285 Mar'29
_
85
88
Consol be
1955 J
95
965 95
3
4
4
95
993
4
Bush Term 13Idgs Is gu tax-ex '60 A 0 100 101 100
10112
5 100 1045
8
By-Prod Coke let 5 Sis A __ _1945 MN 100 Sale 100
100
2 100 102
Cal0& E Corp unit& ref5s_1937 51 N 10012 Sale 10014
10014
3
9914 103
Cal Petroleum cony &bet be 1939 F A 9914 ,Sale 983
4
995
8 24
95 4 102
3
Cony deb of 53'4s
1938 M N 10114 Sale 10012 1013
4 24
993 10314
4
Camaguey Sug let et g 7s_ 1942 A 0 92 Sale 9112
93
8
90
9712
Canada SS L let & gen (Is_ _1941 A 0 9912 10014 100 Apr'29
9812 10112
D 102 103 102 Apr'29
Cent Dist Tel let 30-yr bs_ _1943
192 10414
0 ,1
6
Cent Foundry let 16a May 1931 F A
___ 9778 977 Apr'29 _
,2
_
98'2
Central Steel let g s f 8s
1941 MN 1221 Sale 12214
2
12212
6 122 12412
Certain-teed Prod 1.345 A_ _1948 M S 7214 Sale 71
72
36
68
83
Cespedes Sugar Co let a f 7 As'30 M
96 Sale 96
96
1
95 100
Chic City & Conn Rye be Jan 1927 A 0 7612 ____ 7214 Apr'29 _
_ 65
7214
Ch G L & Coke let gu g 50_1937 J J 1003
4
100 Apr'29
100 103
1027 F A 823 Sale 8218
Chicago Rye let.5s
4
83
35
7712 83
Chile Copper Co deb bs
1947 .1 J 9558 Sale 9512
96
125
9312 96 2
,
Cin G & E 1st M 4s A
1968 A 0 88 Sale 87
88
30
86
8914
Clearfield Bit Coal 1st 4e
_1040 .1 J
77
90 Dec'28
_
1938 F A 105 Sale 10414
Colon Oil cony deb 6e
106
38 104 11958
ColoF&ICogens t Ls
19433 J 97
8
'2 9 12 9735
9712
1
97
9912
Col Indus 1st & coil be gu .,.1934 F A 94
95
94
94
4
0312 987s
1052 M N 100 Sale 9953 10012 205
Columbia G & E deb be
9714 10012
Columbus Gas let gold bs_ _ _ 1932 J J 96
98
9712 Mar'29
_
97
9934
Columbus Ry P& L let 4%e 1957 J J 9318 933 9318
4
933
4 24
9012 933
4
Commercial Cable 1st g 4s_2397 Q J 8714 -- __ 8712 Feb'29
8712 8712
1934 M N 9712 9912 94
Commercial Credit of Gs_
99'
5
94
9912
19353 J 94 Sale 93
Col tr s t
% notes
97
16
92
97
1948 M
Comm'l Invest Tr deb 65
93 Sale 93
94
18
923 9812
4
1949 F A 97 Sale 96
Cony deb 5AS
97
263
94 10514
Computing-Tab-Rec s I 68..1041 J J 1047 105 1047 Apr'29
8
8
1043 106
8
Conn Ry & List & ref g 4(45 1951 .1
9512 98 9612 Mar'29 _
_ 9614 99
1951 J
Stamped guar 4%e
96
9714 96 Apr'29
9512 99
Consol Agricul Loan 834s —1958 J
87 Sale 87
8712 GO
833 8712
8
Consollduted Hydro-Elec Works
of Upper Wuertemberg 73_1956 J
8912 9212 9212
9212
2
8914 973
4
Cons Coal °INS d let & ref 5s_1050 J D 68 Sale 6714
6812 19
6518 733
4
Consol Gas(NY)deb 534s..1945 F A 105 Sale 1043
4
10512 45 104 1063
4
Consumers Gas of Chic gu 58 19363 D 9912 10212 9912
9912
2
9912 102
Consumers Power let ba_ _ _1952 MN _
8 104
10334 1027
4
Container Corp 1st 138
9312 sale 9312 9478 1 101 104
1946 J
91 10012
15-yr deb 58 with warr
857 82
8
1943 J D 82
83 2 11
,
82
9112
Cent Pap & Bag Mills 6%0_1944 F A
07 Mar'29
97
97
Copenhagen Telco est 6s_ _ _ _1950 A 0
100 Apr'29
99 10012
Corn Prod Refg let 25-yr of 58'34 M N il(55i.2 102 102
o1
102
9914 103
Crown Cork & Seals!6s.._1947 J D 98 Sale 9712
98
13
05 100
Crown-Willamette Pap 65_1951 .1 J 1013 Sale 10112 10214 29
4
99 10314
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3.
2965
Price
Friday
May 3.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Bid
Ask Low
High No Low
High
Cuba Cane Sugar cony 7s___1930 J J 6512 6412 63
6512 17
6012 791s
Cony deben stamped 87 _1930 J J 6412 6514 64
4
6514 12
6014 80
B 101 Sale 10012 10114 33
Cuban Am Sugar 1st coil 85_1931
9912 1033
4
Cuban Dom Sug let 7;is_ _ _1944 MN 00 Sale 8912
9012 44
8812 977
4
Cumb T & T let & gen 5s___1937 ▪ J 1015 Sale 1015
8
8 1015
8
7 10112 103
Cuyamel Fruit let s t 68 A _ __I940 A0 98
99
98
98
98 102
3
Denver Cons Tramw 1st 5s_ _1933 AO
76 Dec'27
Den Gas & EL lst & ref efg 58'51 MN 987 103
8
98
99
11 --97- WStamped as to Pa tax
1951 MN 9914 Sale 985
8
9914
97 101
8
Dery Corp(DO) 1st s f 78_ _1942 M S 64
70
65 Apr'29 _—
85
73
Second stamped
64
6512 65
11
65
62
70
Detroit Edison lot coil tr 58_1933 ▪ J 10012 1097 10012 101
8
10 100 102
1st & ref he series A_July 1940 M
,
1013 Sale 101
8
10318 18 101 104 4
3
AO 1013 10212 10134
Gen & ref be aeries A
4
1023
8
8 1003 10414
4
1st & re:6s series B_ _July 1945 M
5
0
106 Sale 1053
4 10658 21 1052 1085
4
8
3D 10512 106 1023
Gen & ref 5s ser B
4 10234
2 10014 10454
1962 FA 1023 103 103 Apr'29
Series C
8
- 103 1051
2
Det United 1st cons g 4343-1932 33 965 97
8
965
8
97
7
9612 98
Dodge Bros deb 68
1940 MN 10314 Sale 1023
4
10358 471
97 10572
Dold (Jacob)Pack lst6s_ _ _ _1942 MN 8714 Sale 8714
8712
863 88
7
4
Dominion Iron & Steel 5s, 1939 lii S 90
99
97 Dec'28 -Donner Steel 1st ref 78
1942 33 1005 101 101
8
101
2 --98357101
N 1033 Sale 10312 1033
Duke-Price Pow let 65 ser A '66
4
4 37 103 10514
Duquesne Light 1st 4348 A 1967 A0 993 Sale 99
4
993
98 741007
4 69
2
East Cuba Sug 15-yr s f g 7;0'37 158 S 83
8312 83
83
2
97
80
Ed El III Bkn 1st con g 48_ 1939
9514 95n 97 Apr'29
95 197 1
Ed Elm Ill let cons g be
1995
10814 1097 10814
1 lo814 no%
10814
Elec Pow Corp(Germany/630'50 MS 9314 Sale 93
933
4 13
9111 98
Elk Horn Coal let & ref 6%8.1931 J O 9312 94
9312
9312
90
1
951/1
Deb 7% notes(with warets)'31 J o 77
78
7712 Apr'29
7712 811a
Equit Gee Light 1st con 5s_1932 M
__ 99
9914 Apr'29 _
9918 1004
Federal Light & Tr let 513_1942 M
943 9412 9412
2
9412
2
9214 983
4
let lien 515s stamped-- —1942 M
913 Sale 943
8
8
95
2
9214 97
let lien 6s stamped
1,942 M
1193594
10312 Sale 10312 104
3 10112 104
J o 987 Sale 98
30-year deb Gs ser B
8
99
9
9652 102
3D 10012 Sale 10012 101
Federated Metals 1 7s
19 10012 105
Fiat deb 7s (with warr)
1946
14414 Sale 138
14812 56 137 171
Without stock purch warrants_
9412 95
9412
95
38
9412 103
Fisk Rubber lot sI8s
11218 11214 11218
11212
4 111 1147
2
Frameric Ind & Deb 20-yr 73as 42 J J 10 35 Sale 10314
'4
19 1
4
10412
2 1013 10612
4
MN 10012 101 10012 10012
Francisco Sugar 1st s 17;is_ _1942
3 100 109
French Nat Mall SS Lines 75 1949 J O 1013 102 10114
8
102
17 1003 1023
4
4
Gannett Co deb 68
1943 FA 92 Sale 92
9212
92
95
Gas & El of I3erg Co cone g 58 1949 JD 997 10412 106 Mar'29
2
106 106
Gen Asphalt cony 65
1939 AO 105 Sale 10414
10412 10 103 10911
Gen Cable let of 534s A,_._1047 J J 9914 Sale 987
8
9914 77
98 100
Gen Electric deb g 3%e
1942 FA 943 ____ 943 Apr'29 _ -4
4
9412 96
Gen Elec(Germany) 75 Jan 15'45 33 102 Sale 101
10212 44 100 10414
S t deb 634s with Warr_
1940 J o 11713 120 11718
11718 14 11112 123
Without warets attach'd '40 J D
97 97
98
92/8 9914
2
20-year s 1 deb (is
1948 MN
89 Sale 88
8938 64
9412
88
Gen Mot Accept deb Cis
1937 FA 1017 Sale 10112 102
8
124 10014 1033
4
Genl Petrol 1st f bs
1940 FA 1003 101 1003
4
4 101
9914 102
4
FA
Gen Retr 1st s f 63eer A
10712 Apr'29
1035 10712
8
Good Hope Steel & I sec 78_19 AO 95 1:;3- 9612 Apr'29
1982
45
4
95 1007
_8
Goodrich (B F) Co 1st 6543
8
-1947 J J 1067 Sale 10612 107
58 10635 10814
Goodyear Tire & Rub 1st 55_1057 MN
94 Sale 9318
9431 200
95
91
Gotham Silk Hosiery deb 68_1936 J O 9812 9914 9918
9914
6
9812 100
Gould Coupler let s t tIa„
944
( aps )72_ 1940 FA 76 Sale 70
j
7612 25
687 7612
4
P A 9714 Sale 967
Gt Co El Power
Cons
8
98
18
96
9912
J J 93 Sale 93
1st & gen s 1 6;is
1950
94
33
Ws 9512
Great Fulls Power 1st s f 5s_ _1940 MN 10418
10612 Apr'29
1043 107
4
Gulf States Steel deb 534s_ _1942 3D 973 Sale 973
8
8
9812 41
96
99
Hackensack Water 1st 4s
1952 S i 84
85
84
84
2
84
871a
Hartford St Ry 1st 48
1930 84 S 9614 98
9618 Nov'28
Havana Elec consol g 5s
1952 FA 80
85
82 Apr'29
80
87
Deb 534s series of 1926
1951 MS 69
74
7012 Apr'29
59
7912
Hoe (11) & Co 1st 6348 ser A.1934 A0 83
86
84
84
5
83
89
Holland-Amer Line 6s(fla4)_1947 MN 10012 Sale 100
1005
8 37 1023 1033
g
2
Hudson Coal let s f Is ser A.1962 if) 7512 Sale 7518
7612 31
7412 85
Hudson Co Gas let g 55
1947 MN 10114 10212 102 Apr'29
,
3
0
- 10012 105
Humble Oil & Refining 5%8_1932 J J 10112 Sale 10118 1011_
42 10014 10218
Deb gold 5s
AO 10014 Sale 100
1005 139
8
9912 10112
Illinois Bell Telephone 5& 1956 3D 104 Sale 1023
4 104
42 10112 1047
4
Illinois Steel deb 43.45
1940 AO 9818 100
119446
95 4
3
98
9372 9914
A0 ____ 103 103 Mar'29 46
Steel Corp 51 78
103 10312
Mtge
1948 FA 84 Sale 833
4
8512 40
8312 9214
Indiana Limestone let 51 63_ 1946 MN 9018 Sale 90
,31
90'g
10
92
90
MN 10012 _
Ind Nat Gas & 01158
10012 10013
I
9712 1004
Indiana 6
S
1952 MN 10312 Sale 1033
1st .53
8 10434 61 10114 108
Ingersoll-Rand 1st bs Dec 31 1935• J 100 ___ 102 Sept'2
Inland Steel 1st 434s
1978 A0 92 Sale 92
92
11
4
953 93
Inspiration Con Copper 6558 1031 M
10118 1013 101
4
1013
4 28 101 10212
Interboro Rap Tran 1st 5s 1966• J
705 Sale 70
8
705 115
8
70
7912
Stamped
'3 703 Sale 7018
8
703
4 89
69
7912
76 Mar'29
_
76 ' 612
10
AO 6412 Sale 64
-year 6s
645
8 28, 64
84
Registrd16
10-year cony 7% notes_ __1932 MS 933 Sale
1932
4
9312
943
4 22
91
993
40
Int Agric Corp 1st 20-yr Is. _1932 M N, 933 94
4
907
8
907
8 75
90 4 95
3
Stamped extended to 1942___- M N
765 771.,
8
7712 8112
Int Cement cony deb 53.-1948 M N 107 Sale 7712 Apr'26
10612 108
120 102 11812
Intermit Match deb 58
1947 M N.. 9712 Sale 963
9734 128
933 99
4
Inter Mercan Marine s 1 6s_ _1945 A u 101 10114 101 4
1 , 1 m til
10112 95
9912 102
International Paper Is ser A.1947 J 3 89 Sale 89
9212 70
89
96514
Ref s / 6s ser A
9314 Sale 93
94
44
93
97
Int Telep & Teleg deb g 4;is 1952 3 " 9314 Sale 9314
9334 64
9214 9012
Cony deb 4 tie
1
1939 J
1233 Sale 123
4
125 1303 10912 131
Kansas City Pow & Lt Ss
ns
952 M S 10318 Sale 1023
4 10314
4.
9 10118 1053
let gold 4 34o series B
983 10112 98 Mar'29
4
98 10012
Kansas Gas & Electric (15.. _ 19 7 j
52 M
10518 Sale 105
10512 23 103 106
Kayser (Julius) & CO deb 5%5'47 m
132
Jan'29
128 141
Keith (B F) Corp 1st 6s_ __ _1946 M
9212 95
92 Apr'29
__
97
92
Kelly-SprIngf Tire 8% notes.1931M N 110 11018 110
11018 17 110 11014
Kendall Co 534s with warr_ _1948 M q 93 Sale 93
94
21
92
96%
Keystone Telep Co 1st 5s _1935 3
'8812 90
8912
8912
1
8912 91
Kings County
nty
in
y P g Is...1937 A 0 10014 ____ 10412) Apr'29
62
10214 10412
1997 A 0 12812 ____ 1285
money
8 1285
8
2 12814 130
Kings County Elev 1st g le_ _1949 F A 81 Sale 81
81
3
80
85
Stamped guar 45
F . 79
J /
,
1
7912 80
81
5
82
79
Kings County Lighting 5s
119549
94
10412 ____ 10412 Mar'29
10412 10514
First & ref 6 tis
19543 3 1141
2_ 115
115
5 115 11614
Kinney(OR)& Co 7%% notos'36 J D 10518 10714 10514
10514
1 1061a 10712
Kresge Found'n coil tr 65...._ 1936 J 13 103 Sale 1015
8 10312 27 1013 104
8
Kreuger & Toll Is with War.1959 M S 98 Sale 98
983 175
8
9312 99
Lackwanna Steel 1st 50 A...1950 M S 1003 Sale 100 8
4
5
101
10
99 10212
Lacel Gas of St L ref&ext 5.8_1934 A 0 993 Sale
4
993
4 10014 10
9812 1017
8
Col & ref 534s series C_ _ _1953 F A 1035 Sale
8
8
Lehigh C & Nay of 43'ds A.19143 3 957 9612 10312 10412 13 1017 10512
8
957
8
9578
1
9312 99 4
3
Lehigh Valley Coal let g 5.9_1933 J J 98
985
98'2 9858
8
1
985 101
8
Registered
_6i 100 Oct'28
1st 40-yr gu int red to 4% _1,3 j j 91
:973
9344
97
Oct'28
1st & ref e I 5s
3._
:.r
F
:
101_ 101
_
Apr'29
-ioi- 101
let & ref a 158
14 F A 88 1 51
93
92 Apr'29
so 934
1st & ref s I Is
88
91
Apr'29
91
9312
1st & ref s f 5s
94 Nov'28
1st & ref s 1 be
857 88 Mar'29
4
88
901s
Lex Ave & P F 1st gu g 5s_ _1 96 Fl A
1993
4
_
3714 May'28
Liggett & Myers Tobacco 7e_1944 A 0
s 1, 10118
12:0
18 2
2 -118- - --1
121;
58
i10458i2
10118 10
187
99 103
Loew's Inc deb 85 with warr_1M. F 0 1103 Sale 1107
A
1
4
8 11012 42 11012 1231s
Without stock pur warrants_ A 0 987 Sale 9
8
812
9914 26
97 1002
2
Lombard Elec let 75 with war '62 J D 973 Sale 9718
4
977
7
97 102
Without warrants
JD 93 Sale 9134
931
19
9512
90
Lorillard (P) Co 75
A3
71
19; S 10712 Sale 10712 1081
8 10612 11312
Registered
117 Apr'2
----bsDeb
833 87
4
8412
871
917
4
15
80
5;is
85 Sale 85
863
4 45
897
85
8
Louisville Gas & El(Ky) 58_1952 M N 10318 Sale 10218
103
16 10014 104
Louisville Ry 1st cons 55____1930 J J 9312 98
94
95
6
50
95
,
,
,
,
y
New York Bond Record-Concluded-Page 6
2966
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3.
it
Price
Friday
May 3.
Week's
Range or
Last Sale.
High No.
Bid
Ask Low
Lower Austrian Hydro El Pow6
1944 F A 82
833
4
latef 614e
833 83
4
3
99
McCrory Stores Corp deb 534s'41.1 D 98
99 99
5
1942 A 0 9514 96
Manatt Sugar 1st s f 7;2s
9512
9518
6212 27
Manhat Ry(NY)cons g 48_1990 A 0 6214 Sale 60
2013.1 D
2645
4
59% 583 Apr'29
Manila Elec Ry & Lt s 1 58_1953 M 8 10252 10418 10212 Apr'29
Marion Steam Shoves f 68_ _1947 A 0 92
94 Apr'29
93
Mfrs Tr Co ctts of partic In
10
A I Namm & Bon lst es_ _1943 J D 1013 Bale 1013
4 102
4
20
Market St Ry 75 ser A April 1940 Q J 8914 Sale 893
90
4
1957 A 0 9614 Sale 9618
Meridional El 1st 7s
9812 20
10
Metr Ed let& ref bs ser C _ _ _1953 .1 .1 10114 Sale 10114 102
Mete WestSide El(Chic)48_1938 F A 7412 76
74 Apr'29 ____
Miag Mill Mach 78 with war_1950 J D 9212 95
9212 Apr'29
.1 D 84
Without warrants
85 Apr'29
89
Mid-Cont Petrol 1st 6 Ms_ _ _1940 M
105 Feb'29
Midvale Steel &0cony sf58_1936 M
9912 158
9912 Sale 9812
2
Sift El Ry & Lt ref & ext 430'31
J 98% Sale 98%
983
4
General & ref bs series A__1951 J D 10134 103 101 Apr'29
D 1003 Sale 100
let&ref5sseriesB
1981
1003
4 25
4
.1 10112 Sale 101
Montana Power let 58 A___ 1943._
1013
4 32
32
Deb 58 series A
19623 D 100 Sale 9914
100
Montecatini Mln & Adria
26
115
Deb 78 with warrants__ 1937._
.1 113 Sale 113
J
Without warrants
9135
8 94
965 Sale 9514
8
2
Montreal Tram lst & ref 58__1941 .1 J 963 97% 9714
97%
4
5
9378
95
Gen & ref s bs series A__1955 A 0 9514 98
1
1955 A 0 9514 Sale 9514
Series B
9514
MO1T01 & CO let
4Ms
1939 J J 3718 sale 8718
871 33
/
4
_
Mortgage-Bond Co 48 ser 2 1966 A 0 77
8112 Jan' 9
90
5
10 -year 58 series 3
1932 J .1 96
-25
9614
96% 96
10
Murray Body 1st630
99 Sale 9814
99
1
Mutual Fuel Gas 1st gu g 58_19 4 MN 10212 10314 10212 10212
1947
3
13
Mut Un Tel gtd es ext at5% 1941 MN
98 Feb'29
Namm (A I) & Son-See Mfrs Tr
Menu Elea guar gold 433__ _1951 J .1 563 57
57 Apr.29
4
2
10114
Nat Acme let s f68
1942.1 D 10114 Sale 10114
192
Nat Dairy Prod deb 5348_ _1948 F A 97 Sale 96%
97
Jan'29
Nat Enam & Stamps 1st 58 1929.1 D 101-- 101
7
Nat Radiator deb 63s
1947 F A 73 Sale 73
7312
NatStarch 20
-year deb 58.._ 1930J_
J 9612 100 98 Jan'29
2
104
National Tube 1st ef bs_ _ _1952 M N 10318
104
-5
Newark Consol Gas cons 58_1948 .1 D 10112 Sale 3.0112 10112
4
New England Tel & Tel bs A 1952.1 D 10518 Sale 10518 105%
9
1st g4Msseries B
1961 M N 99
4
99
9912 983
1952 A 0 95% 97
New On Pub Serv let 58 A.
9514 36
94%
10
First & ref be series B
1955 J D 95 Bale 94
95
/
1
4
8
NY Dock 50-year let g 4s 1951 F A 8118 82
8412
8118
Serial5% notes
1938 A 0 8312 Sale 8412 Apr'29 ___
N Y Edison lst dr ref 6 Ma A_1941 A 0 11318 11314 11318 113% 19
let lien & ref 5s series B
1944 A 0 103 10312 1,0318 10318 10
NY0a8EILt1I&Prgbs-1948J TO 10538 Bale 105% 105% 26
_
Registered
110 Apr'28
9
9212
Purchase money gold 48_ _1949 FA 9212 gife 9218
NY LEA WC& RR 5348_1942 MN
102% Oct'27
.▪ 11 98% 1151- 98 Mar'29
NY LE&W Dock & Imp 551943
-2
NY & Q El L & P let g 5s_ _1930 FA 9814 993 98%
99
4
_
N Rya lst R E & ref 4s__ 1942'.1 1014 ____ 56
Jan'29
Certificates of deposit
5614 Mar'29
5012
30
-year ad, Inc 513. _ _Jan 1942 AO
258 To 2% Mar'29 _ __
Jan'29
Certificates of deposit_
3
9
2
Y Rye Corp Inc es. __Jan 1965 Apr 1112 Sale 1112
12% 22
3
Prior lien es series A
78
1965 J J 78
78
79
Y & Mehra Gas 1st es A_ _1951 MN 10212 106% 10412 Apr'29 ___
NY State Rye 151 cons 4 Ms_ 1962 MN 40 Sale 40
41% 37
8
let cons 614s series B
1962 MN 50 Sale 50
51%
Y Steam let 25-yr(Weer A 1947 MN 1053 Sale 1053
4 10615 12
4
N Y Telep lst & gen s 14148_1939 MN 9918 Sale 987
993
4 57
8
80
-year deben 51 68_ _Feb 1949 FA 11012 Bale 110
110% 28
20
-year refunding gold 68_1941 AO 10814 Bale 10618
10612 59
N Y Trap Rock tat es
1
1948 J o 983 98% 99
99
8
' 101 102 10114 10214 12
3
Niagara Falls Power let 5s .1932
Ref & gen es
Jan 1932 A0 10214 103 102 Apr'29
Niag Lock &0Pr Ist 5s A _ _1955 AG 10314 Sale 102% 10314 22
Norddeutsche Lloyd (Bremen)
20
-years f 138
1947 MN 9212 Sale 92
9212 32
Nor Amer Cem deb 634a A..1940 MS 74 Sale 73
29
74
No Am Edison deb be ser A_ _1957 M
10038 Sale 997
100% 39
Deb 5 Ms ser B__ Aug 15 1963 FA 101 Sale 100% 101
112
M
Nor Ohio'frac & Light es_ 1947
12
10014 Sale 10014 101
Nor States Pow 25-yr 58 A 1941 AG 1003 Sale 10012 10112 39
4
6
let & ref 5-yr es series R 1941 AO 10412 Sale 10412 10514
___
North WT let Id g 434s gtd_1934.13
973 Apr'29
4
Norweg Hydro-El Nit 5348_1957 MN -6614 gide" 9014
36
91
Ohio Public Service 73s A _1946 A0 11218 113 112 Apr'29
5
let & ref 7s series B
1947 P A 110 111 11012 111
/
1
4
Ohio River Edison let es_._1948 J
4
10518 106 10518 1051s
1944 F A 883 8914 887
7
Old Ben Coal let es
4
8
8912
Ontario Power N F 1st 58_1943 FA 9914 Sale 9914 1001
8
Ontario Transmission 1st 5s..1945 MN 9934 10212 100 Apr'29 __
5
Oriental Decal guards
1953 M
97
9612 Sale 9612
Eat'deb 5M5 int Ms
1958 MN 873 Sale 873
4
8812 51
4
Oslo Gas & El Wks eat! 58_ _1903 MS 89
90
/ 92
1
4
903
4 24
Otis Steel let M es ser A _ _ 1941 M
10038 Sale 10018 1003
4 78
Pacific Gas & El gen & ref bs 1942 J J 101 Sale 101
10214 46
Pan Pow & Lt 1st & ref 20-yr 58'30 FA 9914 Sale 991
16
991
Pac1/10 Tel & Tel 1st Is
1937 J J 10134 Sale 10112 10214 32
1952 MN 104 Sale 10314 104
Ref mtge be series A
29
Pan-Amer P & T cony s f 631_1934 MN 10812 Bale 10612 10714 75
1930 FA 10412 Sale 10412 10412
2
1st lien cony 10-yr 7s
46
97
Pan-Am Pet Co(of Cal)cony 68'40 3D 97 Sale 9612
Paramount-B'way lot 5Ms_ _1951 J J 10118 Sale 101
10214 25
-Lasky 68_1947 J
35
99
Paramount
-Fm's
99 Bale 9812
1
8912
89
/
1
4
Park-Lox 1st leasehold 6348_1953 3' 851 90
1
102
Pat& Passaic0& El cons 58 1949 MS 1015 104 102
8
MN 8012 Sale 784
Paths Each deb 78 with warr 1937
8112 46
2
94
Penn-Dixie Cement es A.... 1941 MS 94
96 9314
Poop Gas & C 1st cons if 68-1943 A0 11212 Bale 11212 11212 11
Refunding gold bs
1947 MS 1023 Sale 10234 10312 10
4
M
102 Nov'28
Registered
169
99
Philadelphia Co sec bs ser A _1967 J o oi §ftie 9812
13
1987 MN 984 Sale 98%
Phil& Elec Co lot 434s
99
'
9114 23
owls& Reading C & I refbe_1973 M 3 9114 Sale 90
1949
10014 164
Cony deb es w 1
10014 Sale 100
79
92
1939 3D 913 Sale 91
4
Phillips Petrol deb 6)e
6
Pierce-Arrow Mot Car deb 8a1943 M
10714 Bale 10714 108
16
Pierce 011 deb a 188_ _Dec 15 1931 J O 10512 Sale 10512 108
7
Pillsbury Fl Mills 20-yr es_ _1943 AO 1033 10412 10412 105
4
356
138
Pirelli Co(Italy) cony 78._ _ _ 1952 MN 13812 Sale 125
3
9412
Pocah Con Collieries 1st a f 581957 J
9412 ____ 9412
8
103
Port Arthur Can & Dk 68 A.1953 FA 102 Sale 102
1
let M Os series B
1953 P A 10212 Sale 10212 10212
5
Portland Elec Pow 1st es B 1947 MN 10014 Sale 10014 1004
2
Portland Gen Elec 1st 58-- _1935 J J 99 100 99
9918
1
Portland Ry let & ref bs _
9714
9812 9714
193(1 M N 97
18
Portland Ry L & P 1st ref 5.3_1942 F A 973 Sale 973
99
4
4
4
lst lien & ref es series B
10114
19471M N 101 Sale 10014
9
1st lien & ref 7348 series A_1946111 N 107 10818 107
107
22
Porto Rican Am Tob cony es 19421.1 J 101 Sale 10112 101
Postal Teleg & Cable coil
4
948 149
19533 3 9412 Sale 933
13
Pressed Steel Car cony g 5s_ _1933 J J 94% Bale 9 %
95
4
Prod & Ref 818s(with war).1931 .1 D 11114
_ 111 Mar'29
5
Without warrants attached__ J D 109 10912 109
109
Pub Serv Corp N J deb 4148_1948 F A 193 Sale 18112 19812 196
10412 72
PubServEi&GasIst&refss'85J D 10312 Sale 10318
16
1st & ref 4 Ms
99
19873 D 9812 99 9814
12
78
Punta AlegreSugar deb 7s..19373 J 78 Sale 76
9312 32
Pure 011 s f 5 % notes
1937 F A 9312 Sale 9814
Range
Since
Jan. 1.
Low
BONDS
N. Y. STOCK EXCHANGE
Week Ended May 3.
B •
t
a,
High
Purity Bakeries s f deb 5e..._ 1938 J J
97
4
MN
RemIngton Arms 68
Rem Rand deb 534s with war'47 M N
Republic Brass es
July 1948 M S
Repub 1 & S 10-30-yr 5881_1940 A 0
Ref & gen 5345 series A..__1953 .1 J
Reinelbe Union 78 with war.1946 J J
Without elk purch war___1946 J J
Rhine-Main-Danube 7e A _ __ 19 3 MS
90
5
1013 105
4
Rhine-Westphalia Elec Pow 7 955 M N
8'50
1
1152 MN
80
9758
Direct mtge Os
F A
93
9712
Co m (is of 1928
Cons
F A
993 103
4
Rima Steel Isle f 78
72
8014 Rochester Gas& El 73;ser B.1946 M S
Gen mtge 534s series C _1948 M S
9212 988
s
85
9412
Gen mtge 4318 series D
1977 MS
104 10514 Roch ar Pitts C&I pm 58_1948 MN
1937 MN
97 10018 St Jos Ry Lt & Pr 1st 58
9712 99% Bt Joseph tiltk Yds 1st 4148_1930
100 103
St L Rock Mt& P 5s etmpd_1955 J .1
97% 101% St Paul City Cable cons fe 1937 .1 J
San Antonio Pub Sem 1st(93_1952 J J
9912 104
Saxon Pub Wks(Germany) 78'45 F A
97 101
MN
Gen ref guar 634/3
11112 127 &hula> Co guar 83413
19 6 J .1
51
4
965
8
Guars f6 Ms series B
1946 A0
93
94
9958 Sharon Steel Hoop s f 531s-194 MN
8
931 965 Shell Pipe Line s f deb Sis._1952 M N
s
9514 9814 Shell Union Oils f deb 58_ _1947 1*1 N
D
8614 8812 Shinyetsu El Pow let 6348_1952
8112 8112 Shubert Theatre 68_June 15 1942 .1 D
J
1935
954 9712 Siemens & Halske s f 75
3
1951 M S
9814 102
Deb f 634s
10212 104
8 f 83.3s allot Ws 50% pd__'51
Sierra & San Fran Power 58_1949 F A
98 98
Silesia Elec Corp f 6 Ms__ 1946
bb
64
Silesian-Am Exp coil tr 7s__ _1941 F A
10114 10214 Simms Petrol6% notes
1929 MN
9312 977 Sinclair Cons01115
8
-year 78_1937 M S
101 101
1st lien coll es series D
1930 M S
1938
D
7013 8214
let lien 634s series D
98 98
Sincalir Crude 011530 serA.1938
.1
1005 1045 Sinclair Pipe Lines 1 bs
8
8
1942 A 0
10012 10312 Skelly 011 deb 5Ms
1939 M 5
104 107
Smith(A 0)Corp let 614s._1933 M N
97 10014 South Porto Rico Sugar 7s_ _1941 3 D
915 963 South Bell Tel & Tel 1st f 58 1941 J J
2
4
9014 9812 Southern Colo Power es A_..1947 J .J
81
873 S'west Bell Tel let & ref 58_ _1954 F A
4
90
Spring Val Water 1st g bs
80
1943 M N
11238 115 4 Standard Milling let Is
3
1930 M N
102 105
1st & ref 53545
1945 M S
10312 10712 Stand 011 of N J deb bs Dec 15'48 F A
- Stand Oil of N Y deb 4348_ 1951 3 D
Stevens Hotel 1st es series A _1945 J .1
Sugar Estates (Oriente) 78_1942 M S
98
98
Syracuse Lighting 1st g 58_ _ _1951 J D
98 10018 Tenn Coal Iron & RR gen be_1051 J 1
56
56
Tenn Cop & Chem deb es A_1941 A 0
56
58
Cony deb 6s ser D
1944 M S
258 28 Tennessee Elec Pow let 0s.,,1947i D
2
3
Third Ave let ref 48
1900.1 J
1113 2412
Adi Inc Is tax-ex N Y Jan 1960 A 0
78
87
Third Ave Ry let g be
19373 .1
10112 106
Toho Mee Pow let 78
1955 M S
40
54
8% gold notes_ _ __July 15 1929 J J
Tokyo Elec Light Co. Ltd 19 .
50
70
- _53
_ .
J D
4
let 68 dollar series
10414 1073
Toledo Tr L & P 534% notes 1930 J J
973 101
4
110 111% Transcont 011 634s with war 1938 J J
10514 10812 Trenton 0 & El 1st g bs_ _1949 M S
9812 101
Truax-Traer Coal conv 6%8_1943 M N
Trumbull Steel let s f Os.. _ _ 1940 M N
100 103
101 10315 Twenty-third St Ry ref be. _1962 .1 J
101 10418 Tyrol Hydro-Elec Pow 7346_1955 MN
1952 F A
Guar sec s Ts
1945 M S
90
94
UPgawa El Pow s f 7s
3
1 93 M S
80
Union Elec Lt & Pr(Mo)58.1932 nit N
68
993 102
8
R f& xt ba
99 1017 Un E L&P(III) Istg 5MeserA254 1 J
8
10014 10314 Union Elev Ry (Chic) 58_. _1945 AO
1931 J J
9854 1015 Union Oil let lien s f 5s
4
104 10012
30-yr es series A_ ___May 1942 F A
972 1053
4
4
95 A s
5
18t lien ef 55 series C_Feb 1933 m O
6_
89
9212 United Biscuit of Am deb 81942 MN
11012 11312 United Drug 25-yr 58
1097 11512 United Rye St L let It 45_ .._..19343 J
8
105 107
United 8S Co 15-yr es
5
N
193 1
887 91
8
Un Steel Works Corp 6 Ms A.1 9 7• D
•D
With stock pur warrants
99 102
9914 103
Series C without warrants....'3D
95
99
With stock pun warrants_ .10
United Steel Wks of Burbach
853 90
4
9314
Esch-Dudelange 5!7s. _ __ 1951 A0
90
100 10312 US Rubber let & ref 55 ser A 1947 J 3
•A
99 10212
10-yr 734% secured notes_1930
9814 10014 U 5 Steel Corp(Coupon Apr 1963 MN
100 10314
8110-60-yr 5sIRegis_ .Apr 1963 MN
10114 105% Universal Pipe & Mad deb 0819303 D
Utah Lt& Trac 1st& ref 5s_ _1944 A 0
10212 109
1944 F A
8
1023 1043 Utah Power & Lt 1st Is
4
92
97 4 Utica Elec L & P 1st s f g 5
3
13-195 3 3
0
10012 103
Utica Gas & Elec ref & eat 58 19573 .1
3
97 8 100 4 Utilities Power & Light 530_1947 J D
7
8912 9512 Vertientes Sugar 1st ref 7s....1942 J D
19533 .1
101% 105
Victor Fuel isIs f 58
84
78
Va Iron Coal & Coke 1st g bs 1949 M 13
1934 J .1
9714 Va Ry & Pow let & ref 6s
91
11112 113
Walworth deb 6345(with war)'35 A 0
1 52 10! 1st sink fund 68 aeries A_ _.1945 A 0
. 8 1_ 1
1 53
5
Warner Sugar Refin 1st 78_ 1941 .1 D
Warner Sugar Corp 1st 78_ 1939 J .1
1939 M 8
98 10012 Warner-Quinlan deb es
94
Wash Water Power f 58
1939 J .1
88
100 101
Westches Ltg g 58 stmpd gtd 19503 D
West Penn Power ser A 58_1946 M 8
8912 94
1013 108
1st 58 series E
1963 M 8
let 5148 series F
10512 107
1953 A 0
102 105
let seo Is series0
19563 D
119 15412 West Va C &C 1st 6s
1950 .1 J
9412 95
Western Electric deb 5s.....1944 A 0
100 1053 Western Union cell tr cur 58_1938 .1 J
4
10212 10558
Fund & real est g 43.4s.....1950 M N
100 10314
15
-year 634e
1936 F A
98 102
25
-year gold ba
99
West'h'se E & M 20-yr g 58..19 8 3 D
90
1941 M S
5
9914 Westphalia Un El Pow 86_1953 J J
98
100 1021t Wheeling Steel Corp 1st 5301948 .1 .1
107 1071 White Eagle Oil& Ref deb 5348'37
/
4
100 107
With stock purch warrants__ M S
89
95
White Sew Mach es(with war)'36 J J
93% 99
Without warrants
Ill 111
1940 M N
Pattie I deb es
109 11218 Wickwire Spen St'l let 7s___1935 J J
172 20814 Wickwire Sp SO Co 73LJan 1935 M N
101 10512 Willys-Overland s f 6148____1933 M S
97% 997 Wilson & Co 1st 25-yr f(38_1941 A 0
RR
76
Winchester Repeat Arms 734s 41
4
963 10013 venni/sown Sheet&'rube Se 10781
81
87 8
7
98
99%
93 4 10012
3
60
68
583 605
4
8
971 10412
/
4
94
9912
Price
Friday
May 3.
WOW.
Range or
Last Sale.
3 c
2,
Rqsse
Since
Jan.1.
Bid
Ask Low
High No.
9318 9414 92
3
92%
/
1
4
8
981 Sale 98
9812
9312 Sale 93
9412 74
/
1
4
10312 Sale 103
/ 10312
1
4
7
1018 10312 101% 102
12
10112 Sale 1014 102
/
1
3
10112
6
9814 1007 100
8
94 Sale 93
9412 29
102
15
100 101 100
12
101 10112 10013 101
8914 Sale 87
8914 48
9112 Sale 9014
91% 35
928 9314 933
4
4
93%
1
107 109
/
1
4
0712 10712
1
10512 106
3
4 106
053
...... 10014 99% Apr'29
90 90 Dec'28
95 Sale 94
3
94
99 • Feb'29
6814 70
70 Apr'29
9318 92 Apr'29
3
1067 Sale 106
8
1067
8
978 Sale 97
9812 28
91 Sale 91
91% 30
90
98% 90
93
8
13
93 Sale 90
93
8
9618 16
96 Sale 955
9512 49
9358 Sale 95
4
/
1
4
97% 75
973 Sale 97
873 Sale 86
8812 34
4
89
85
842 Sale 8214
101
8
100 1023 100
4
4 10312 104
10314 Sale 1023
103 Apr'29 - _
8
9812 997 9812
7
985
8
2
85
89
22
97
97 Sale 96%
99
9912 99 Apr'29
1023 Sale 102% 10318. 111
4
9914 83
9918 Sale 99
38
1003 Sale 100% 101
4
68
97
9612 Bale 96
93%
94
51
933 94
4
94% 40
9414 Sale 94
4 10112 12
101 Bale 1003
1
10518 106 10512 10512
10212 19
102 103 102
5
8 103
10258 104 1023
4 10352 25
103 Sale 1023
987 Apr'29 973 100
4
8 9812
3
99
9812 99
2
101
101 Sale 100
10212 41
1013 Sale 1013
4
74
97
9614 Sale 96%
15
98
97 Sale 97
93
28
92 Sale 9012
10412 105 10412 Apr'28 -- 10212
103 Apr'29
170
115
109 Sale 105
102
4 107
10812 Sale 1013
10512 44
105 Sale 105
58
12
57 sale 5658
48
47
45 Sale 4454
94
1
94 Sale 94
97%
7
973 9812 9714
4
99% 31
99% Sale 99%
Low
High
893 95
4
97 101
/
1
4
9213 95%
102 10312
100% 10314
101 104
100 10413
93
98
9712 102%
100 102
87
93%
90
983
a
96
91
107 110
10312 107
95% 100%
90 Bale 898
9012 116
4 12
993
9914 Sale 9914
54
99 Sale 9812
99
_
101% 104 10012 Apr'29
NI;Sale 9612
4 11
963
102 Sale 10112 10212 24
___ 57
58 Mar'28 - 4
97
97
97
98
8818 Sale 8818
5
90
9912 23
9914 Sale 99
9912 28
9912 Sale 9918
9912 30
993 Sale 9914
4
101% 102 10112 10214
8312
85
83
10114 ____ 98 Apr'29 -8,
107
10614 107 10133
4
9812 21
9812 Sale 973
4
9812 99
983
4
9912
6
96 Sale 95
9614 93
2,
83
8212 8314 83
16,
99
983 Sale 983
4
4
84
8612 70,
8812 8514
8634 24.
8514 Sale I 8514
21
854 88% 8514
88
841 93 4 863
/
4
3
4
883
4
5
89% 9112
99 10012
/
1
4
96 10418
100% 10013
96 10312
10112 10818
68
62
97
9912
88% 9212
95 100
9918 1003
4
9914 10138
10018 104
83
8712
98 101%
106% 10911
97 10152
98 10014
9412 97%
82
8412
977 100
2
9012
84
92
84
83
9014
851s 893
4
1043
4
91%
101
10812
Sale 104
Sale 91
Sale 100%
Sale 10812
1063
4
-i8j2
8714
925 Sale 9258
8
9914 Sale 99
1025 __ 1023
8
8
10812 ____ 106
9112 Sale 9112
92 Bale 9012
3534 3812 35
7412 79
74
987 Sale 98
8
99 Bale 981
90 Sale 8912
1053 107 106
4
7712 80
80
983 Bale 9814
4
10114...... 10112
10311 104 1034
/
1
10112 102 10012
4
10318 1033 1031
1047 ____ 105
8
102 Sale 102
2512 Sale 2512
8
1027 Sale 1027
8
9912 10014 100
98 Sale 98
108 Sale 108
101% Bale 10114
1043
4
8212
83
81
9985 Sale 998
- WI:
a99
99
667 77
8
92
94
10112 1067
a
96 1001
2
91
94%
90 101
90 101
9413 9712
935 97
8
9412 98%
83
94
82
9113
9912 105
102 108
101 108
985 101
8
83
/ 89
1
4
9614 99
99 100
101% 10312
9812 100
99 101%
94% 97%
95
93
92
9512
8
99% 1025
102 107
101 10414
10118 10412
10112 105%
97 100
/
1
4
9812 102
100 105
10004 103 0
3
95% 98
9812 100
90
98
10412 107
101% 1031e
102 115
1003 107
8
10412 107
51
136
44% 64 4
3
92
971
4
96
9952
9812 99 4
8
105
13 103 108
92%
913
4 89
88
60 100 102%
101
1083 622 107 10912
4
106% 10712
Apr'29
85% 90
Apr'29
9314 30
92% 9612
97% 101
99 12 55
Apr'29 --- 102% 104%
8 104% 107
106
9112 98
9214 49
90131 97%
92
23
34% 40
Apr'29 _82
74
Apr'29
_9712 10012
987
8 24
91 103
993
4 92
88
93
6
90
37 100 107
106
75
85%
6
80
9814 99%
98% 73
Apr'29 -- 100 102%
10314 18 102% 105
%
1
8 100 4 104
1013
8
101% 105
Apr'29 _
8 102 10512
10514
4
10218 10 10158 104 4
25
8314
3
26
10312 30 10112 108%
4
6 100 104 4
101
95
5
9914
98
1088 12 107 111
993 103%
4
1015
8 53
10414 106
Feb'29
19
8214 90
84
987 103
2
42
997
34
10154 Bale 10112 102
1
10512 107 10512 10512
907 94 Apr'29
8
9412
2
937 93
8
11
57
58 Bale 0012
33
59
55% Sale 55
10112
9
10112 1015 101
71
101 Sale 10112 102
107
18
107
8
0
1073 8 lle 10012 1007 148
9 4 13a
9914 1057
2
105 1313
9312 9912
93 10012
el
42
4068 603
4
101 102%
100 10312
107 108
Wag J...
2967
FINANCIAL CITRONICLE
MAY 4 1929.]
Outside Stock Exchanges
Exchange.—Record of transactions at
the Boston Stock Exchange, Apr. 27 to May 4, both inclusive, compiled from official sales lists:
Boston
Stock
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High Shares.
Railroad —
100
Boston & Albany
100
Boston Elevated
100
Preferred
100
' let preferred
100
2d preferred
Boston & Maine
100
Corn unstamped
Ser C 1st pf unatpd_100
Preferred stamped_ _100
Prior preferred stpd-100
Ser A let pfd stpd
Ber"B" let pfdstpd-100
Ser C let prof stpd_ _100
Ser D 1st pfd end_ _100
Negot rcts 85% paid _ _ _ _
17734 1,74% 17735
8534 8234 8534
96
96
98
112% 113
101
1004 102
884
106
141
89
97
8835
1064
7335
1134
105
141
103
140
5
32
120
49
65
228
20
205
1753( 175%
107 107
60
60
47
45
67
87
8254 8254
100 104%
129 131
80% 8234
17
10
65
109
88%
97
85
108
73
113
101
141
103
Boston & Providence_100
Chic Jet & U S Y pfd _ _100 107
East Mass St Ry 1st pf_100 60
100
Preferred B
100
Adjustment
101,
Maine Central
100 100
Preferred
N Y N & Hanford__ _100
Old Colony
100 8135
Pennsylvania RR
511
100
Prov & Worcester
100 115
-Mass
Vermont
192
795
35
30
262
175
114
175
115
so
5
1,854
156
2,073
42
so
Bonds—
17
234 8,25
23
17
Air Investors Inc
• 134 134 1335
25 134
American Brick Co
71
69
40
734
Amer Chatilion Corp
72
72
55
72
70
Amer.& Oen dee Corp__
435 6% 17.27
255
54
Amer Pneumatic Beryl°.25
1534
25 244 2234 26
3,45
Preferred
100 2274 2254 2354 5.07 193
Amer Tel & Tel
24 7% 66,32
24
84
Rights
•
17% 19%
1,09
163.4
Amomeag Mfg Co
95
46
Bigelow-Hart'Carpet__• 10.535 105 106
lo0
107 107
1004
Preferred
93
934
93
924
Brown & Co
1
74
74
Capital Admin Co Ltd
10 70%
Colum bla GraPh'n
77 34 874 9,128 8435
104 107
Continental Securitlee Corti 104
353 104
41
394 41
1,424 3934
Credit Alliance Corp CIA
210 13%
164 16%
Crown Cork & Seal Co.Ltd
44 73.4
104 10534
4534 4634
100 10154
1754 18
2534
24
3024 306
3834 384
100 101
41
4134
20
20
60
50
144 1835
Apr
May
Apr
Apr
Jan
Jan
Jan
Apr
Mar
Jan
Jan
Jan
Apr
Mar
May
Apr
Jan
22%
20
76
75
634
26
238%
754
24
1064
107
94
784
88,5
120
4755
1634
Mar
Jan
Apr
Jan
May
May
Apr
Apr
Jan
Apr
May
Jan
Mar
Jan
Mar
Jan
Apr
Feb
Jan
Apr
Mar
Jan
Jan
Jan
Mar
Mar
Apr
Apr
Apr
Apr
754
10834
48
10234
18
27
351
384
101
41+35
27
614
19
May
Feb
Jan
Mar
Apr
Mar
Jan
Apr
Apr
Jan
Jan
Jan
Feb
4
3.100
1,835 99
87 45
40 97
5,065 12
225 2234
935 280
100 28
565 100
1,046 3
94
200 20
75 50
100 IA
203
1,265
1,668
115
150
69
380
6
27
18
9
20
3,16
37
3,670
87
245
158
5,411
616
4,889
90
15
May 17
20
Apr 334
Apr 126%
110
124 Jan 1854
Jan 424
39
Mar 3534
30
Apr 47
34
Jan 126
110
204 May 2635
Apr 5234
37
Apr 108
97
2634 Apr 334
2135 Apr 23%
6755 Apr 1024
434 Apr 4535
904 Apr 9.334
1051 Apr 134
Apr 13
11
12834 Jan 167
Mar 83
76
11% May
15
10034 Feb11235
Jan
Jan
Jan
Feb
Apr
Feb
Jan
Feb
Mar
Jan
Jan
Jan
May
Feb
Apr
Feb
Jan
Jan
Apr
Apr
Jan
Mar
45
34
29
434
27
4335
9834
101
150
1754
8
21
100 4335
330
2%
35 26
405
434
261 224
260 3434
10 98
80 994
253 143
560 14%
25
8
95 18
48
Fe
Feb
Apr
54 Jan
40
AP
Jan
Apr
84 Jac
Apr 27
Feb
Fe
4435 Apr
Ma
9934 Feb
Apr 104% Jan
Apr 158
Feb
Apr 19
Jan
Jan 10
Jan
May 3534 Jan
100 30 • 3454 374
Paelno Mille
184 184
0
Plant (Thos GE let P1-10
18)4 1834
Hole Si Co_ _ _10
Reece But
Reliance Management Corp 314 314 32
24
2454
Shawmut Man Con Stk_.- 24
3335 33
34
Bter Sea Corti pf allot ere10a 1294 129 130
Swift & Co
• 75
73
75
Torrington Co
13
134
13
Tower Mfg
21
21
Traveler Shoe Co
3234 32%
TM-Continental Corp
104 104
` Preferred
1,980 2834
15 18
50 17
2,085 28
1,455 2334
1,41
3034
322 127
18
7035
5,59
8
2
1834
10
29%
2 104
Mar 3734 Apr
Feb 25
Jan
Apr 1834 Mar
Mar 38% Feb
Jan 26
Mar
Mar 37
Jan
Apr 1394 Jan
Apr 84
Jan
Jan
174 Feb
Jan 244 Feb
Jan
35% Apr
Apr 106
Feb
6 48% 38% 4654
Unlon Twist Drill
714 734
United Shoe Mach Corp.25 72
3135
31
25 31
Preferred
414
41
41
U S Brit Inv $3 pfd allot ct
884 90
Corp 1st V
S Foreign Sec
4034 4135
41
U S & Int Ser Corp pre_
2435
24
Utility Equities Corp com
loog 100 1004
Preferred
683-4
Venezuelan Mx Oil Corp 10 67% 66
2854 30
• 30
Waldorf System Inc
86
813
..100
Waltham Watch pre.
Waltham Wagon —
101 101
100 101
Prior preferred
4055 41
25 41
Walworth Co
1574 168
611 103
Bros
Warren
494
48
60
let preferred
50
50
so
2d preferred
7
5
7
weiseataata. Inc
8,905 25
1.86
714
52
31
14
39
56 884
1,89
40%
300 2334
91
100
2,43
ee
1,820 224
75 84%
Mar 4854 May
May 87
Jan
Jan 314 Jan
Jan 41,4 Apr
Apr 95
Jan
Apr 44
Apr
Apr 27)4 Mar
Jac 1114 Mar
Feb 7755 Jan
Mar 30
May
Apr 954 Jan
30 100
145 2554
176 139
35 48
20 50
2,303
5
Feb 102
Jan 4431
Apr 167
May 52
Apr 53
May 1734
444
334
29
435
234
42
964
1004
147
1635
8
18
Range Since Jan. 1.
Jan
Apr
Apr
Jan
Mar
Jan
High.
Low.
Jan 50e
25c
2
Jan
1
554
34 Apr
504 Jan 58
Mar 6054
42
Apr 3254
25
5
34 Jan
4
Jan
1
335
14 Jan
255
154 May
14
Jan
85c
5235 Jan 66
Jan 105%
105
35
Apr
24
754
4% May
334
154 Jan
235
14 Jan
235
154 Feb
Jan 80o
50e
1
506 Apr
Jan 6035
41
Jan 650
20e
Jan 67
58
354
25-4 Apr
84
54 Jan
54
24 Jan
194
124 Apr
Feb22
11
3834 Apr 50
3434 Jan 48
200 Feb 550
Jan 520
30c
354 Jan
634
234
990 Jan
Mar
Feb
Jan
Apr
Mar
Mar
Mar
Apr
Jan
Mar
Mar
Mar
Jan
Mar
Mar
Mat
Mar
Jan
Jan
Mar
May
Mar
Apr
Mar
Mar
Jan
Jan
Max
Feb
Mar
Mar
Mar
Mar
Mar
.
Amosketur Mfg 8e____194S 85
Ernesto 13redo Co 7s_1954 93
Chic Jet Ry & US Y 58 '40
Domestic & For Investors
1947
Corp 534s
East Mass Street RR
1948
435s series A
1948
5e series B
1948
Gs series C
FoxNew EngTheatr's64s43 98
1936
flood Rubber 75
Int Hydro-ElecSyst 881944 100
t
Kamm' (1(5(1'Inc 68 1953 89
1931 974
Mass Gas Co 445_
New Ens T dr T 5s__ _1932
P C Pocah Co 7s deb_ _1935 112
Reliance Managment 58'54
1944 101
Swift & Co 5s
Western Tel & Tel 58_193)
Whitenights Inc 843_1932
8454 86 $14,000
14.000
94
93
9935 18,000
99
138
54
6134
74
994
88
10034
90
97%
9934
112
964
10134
100%
51
3,000 138
138
5354
58
74
9734
8435
100
89
97%
9954
112
96
101
10034
51
Apr
8334 Apr 91
Apr 964 Feb
93
Feb 10135 Jan
99
May 138
8.000 53
6,000 58
1.000 14
14.000 79
3.0008534
26.000 100
13.000 87
97%
5.00
1.000 99
2.000 103
11.000 98
4,000 100
2.000 984
4.000 51
May
Apr 64
Mar 80
Apr 80
Mar 10854
May 96
Apr 10034
Mar 98
Apr 9935
Apr 1005-4
Feb 135
Apr 10114
Mar 10355
Mar 10034
Apr80
Jan
Feb
Feb
Jan
Jan
Ape
Jan
Jan
Jan
Mar
Feb
Mar
Feb
Jan
• No par value. x Ex-d vidend
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Apr. 27 to May 3, both inclusive,
compiled from official sa es lists:
Stocks-18
15
294
25
1124 11934
154 16
4035 424
324
30
43
4536
1214 12235
204 214
39
38
98
9834
284 29
22%
22
7034 7535
4334 45
9135
91
1154 13
1135
11
160 16735
83
80
1155 1134
10835 10734
Rah.,
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares
Idioms—
100
30c 30e
Adventure Cons Copper_25
Range Since Jan. 1.
775
14 134
14
treadlan Cone Min 1.A.L.-28
1,275
355 4
335
5
trisooa Commercial
High.
Low.
100
10
5434
54
Bingham Mines
644
4535 4735
25 48
Jaturnet dr Heels
3,317
26
25 2554 25
Copper Range Co
Jan
Apr 182
174
150
334
334
Ease Butte Copper Min_10
Apr 884 Jan Franklin Mining Co----25
82
7,190
335
335
351
Jan •InTo.oelt Consolidated_ _25
98 /jay .101
loo
1% Ix
Apr Hardy Coal Co
115
3an
110
110
1
134 2
Jan Helvetia
Mar 108
100
100
95ci 95c
25
55
55
55
1
Jan Island creek Coal
Apr 108
110
87
1
105 105
Preferred
Feb
Apr 132
94
2634 2,561
26 2551 24
Copper
Isle Royal
Jan
Apr 90
85
65
44 5
26
Keweenaw Colmar
Jan La Salle Copper Co
Apr 110
108
200
2
2
25
Apr 814 Jan
71
259
135
25
134
Lake Copper Corp
Jan
129
Apr
113
115
14 14
6
Mason Valley
Jan
Apr 111
100
40
60c 80c
25
Maas Consolidated
Feb
Apr 160
141
20
500 50c
Mayflower & Old Colony 25
Feb
Apr 107
102
x5635 6055
2,666
26 59
Mohawk
3,900
254 300
250
COPPer-___
New Dominion
Jan
Apr 199
175
20
65
65
New River Co pref
Jan 1074 Feb
104
450
3%
25-1 34
5
NI plaiting Mines
Jan
Apr 72
60
64 74 18,024
7
15
North Butte
Jan 0.11bway Mining.
Apr 70
60
52
235
25
23.4
Apr 58% Jan Old Dominion Co
45
1,149
26 1234 124 1335
Feb
Jan 78
62
200
15
• 15
1534
P.C.Poosbontas Co
Jan
80% Apr 84
37% 404 2,534
25 38
8254 Mar 10434 Apr QUIncY
855
tt Mary's Mineral Land _25 384 3534 3634
Apr 139% Feb Shannon
120
110
300 303,
10
724 Mar 8354 Apr Superior & Bost Copper_10
335
30c 31c
Feb
Apr 185
175
285
44 4%
6
Utah Apex Mining
Feb
Apr 121
113
1.475
136
134
134
Utah Metal & Tunnel-- _-1
Miscellaneous—
10
East Boston Land
Eastern 88 Lines Ine____21) 104
Preferred_ _
100
let preferred
Eastern Utility Inv Corp-- 18
Economy Grocery Stores_' 25
100 305
@Moon Eieo Ilium
Elms Shareholdings Corp'
100
Preferred
41
Empl Group Assn°
Daly-Houston Elec.__ _100
100
Preferred
General Alloys Co
Georgian Inc (The)
20
Preferred class A
• 25
Gilchrist Co
Gillette Safety Rasor Co-• 11934
Greenfield Tap & Die_..25
Greif Bros Coop'ge class A _
Hatnaways Bakeries ciamB 32%
454
Claes A
Preferred
• 2051
flood Rubber
Hygrade Lamp Co
Preferred
10
Insurance Sec Inc
Insuranshares Corp cl A-22%
International I 010
Int Hydro El Syst cl A____
4434
Kidder Peab twerp Apt 100 91
Libby McNeill & Libby_10 1234
26 11
Loewe Theatres
Massachusetts Gas Co_100 160
100 83
Preferred
Mass Utilities Ass. cam_
1154
Mergenthaler Linotype.100
Mortgage 13k of Colombia
45
American shares
34
10
National Leather
Nat Nitre & Stores Corp_
Natservicei
NelsonCrP(Herman)tr ott5
New Engl Equity Corp_ _
New Eng Public Service_ •
New Engl Pub Sery pr pfd• 1004
New Eng Tel & Tel_ _ _100 150
North Amer Aviation Ino
8
100
Nor Texas Elec
North Texas Else Pret_100
_
Sales
Friday
Log Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High Shares,
454
Abbott Laboratories com_• 52
25 9735 9555
&Ville atom Co.
37
Adams (J D) Mfg com___• 37
164
Adams Royalty Co com—• 18
Ainsworth Mfg Corp eom10 4335 42
15.4
Au -Amer Mohawk "A"._6 1534
414
• 47
Allied Motor Ind Inn com• 474 46
Preferred
73
• 79
Allied Products "A"
American Colortype corn _• 414 41
89
Amer Corn Ale Corp corn_'
234
Amer C,ommw Pow "A"_• 25
• 2534 2434
Class B
834
Warrants
Amer Pub Serv pret___100 10134 101
Amer Pub Mil prior pf _100
100
Pam-tic pre
Amer Radio & Tel St Corp. 2134
American Service Co,cote • 144
Am States Pub Ser A com.• 27
Amer Yvette Co Inc cow •
•
Preferred
Art Metal Wks Inc Corn..' 434
Anon Appar Ind Inc com..• 53
Assoc Investment Co _ .. __• 55
Awe Tel Utll Co eom___• 27
Atlas Stores Corp com_.• 50%
Auburn Auto Co man_ _ _• 200
AutomatWasherCo con pf•
Backstay Welt Co com__-•
Balaban & Eats v t a_ _ _ _25
Bastian-BlessIng Co corn...
Baxter Laundries Inc A_5
Beatrice Creamery com_50
Bandit Corn Class B new5
Rinke Mfg Co cl A conv of•
•
Bium's Inc corn
•
Convertible pre
Bora-Warner Corp corn 10
100
7% Preferred
Bonin VIvItone Corp pret •
ttrat.b At Sons(E Ji corn _.•
Briggs & Stratt Corp com_•
Bright Star Eleo "A"—
•
Clam B
Brown Fence & Wire el A.•
•
Class"B"
10
Brown Mfg Co
Bruce Co EL common.„.
•
Bulova Watch Co corn....
•
234 Preferred
Bunte Bros—
10
Common
20
Butler Brothers
CamCo v t e
Campo Wyant de Can Fly•
Canal Constr Co oonv pf_•
Castle 4 co(AM)eom__10
CeCo Mtg Co Inc oom --•
•
Cent Dairy Prod Corn A Pf
uentrai Ill Pub Sere ore! •
Central Ind Power pfd—
r.....tinr•atos of demon—
4435
75
40
22
162
2935
1404
37
24
16
274
2731
48
31
284
7
41
2035
7854
50
933.4
933.4
1834
1434
2654
20
27
41
53
53
27
5035
173
294
7,000
52
950
974
750
38
700
18
4334 6,050
800
153.4
4854 15,600
450
47%
32,850
81
200
4114
100
89
254 5,400
500
2534
50
84
350
10154
Range Since Jan. 1.
Low.
39
934
37
184
344
1434
2935
46
494
3634
79
22
24
8
,
9934
50 91%
9334
50 93
934
2254 7.800 18%
1,850 144
144
1,500 2634
27
1,100 20
24
800 27
30
4434 10,850 38
1,450 4534
5334
1,100 50
55
600 27
27%
100 45
5035
26,750 13)4
200
250 294
30%
950 41
444
42
50 744
75
753.4
500 35
40
38
800 15
2155 2234
150 78
854 86
137 1644 153,700 98
1.200 2734
30
29
200 25
2534
25
50 50
50
50
1274 14254 139.500 944
1.150 10135
1015-4 103
700 29
3534 37
400 2334
254
25
300 344
3434 3535
2435 6.100 22
22
8
1534 1834 10.550
4,700 25
28
28
2,050 24
28
25
750 44
50
48
2,150 41
48
43
900 284
31
29
250 484
4934
49
29
29
284 30
7
3835
19
7254
4934
23
96
100
6,050
100
7
41
1.150
2034
500
18.150
77
5454 3,800
459
2334
450
973.4
9335 934
50
High.
Mar 52
Feb 100
May 434
Apr 25
Mar 4334
Mar 39
mar 574
May 49
81
Jan
Jan 4934
Mar 89
31
Jan
Jan 34
1151
Jan
Jan 103
Mar
Mar
Mar
Apr
mar
Apr
Apr
Jan
Mar
Mar
Feb
Mar
Jan
May
May
Apt
Feb
Jan
Apr
Jan
Feb
Feb
May
Feb
Alm
Mel
Feb
Mal
Mal
9534
96
3754
16
29
24
30
6754
6834
60
33
7434
200
3934
Mar 5254
Apr 88
Mar 484
Apr 28
Mar 98
Mar 16434
Mar 3735
Mar 28
Apr54
Mar 152
Apr 10335
Mar 3935
Mar 2934
Apr 36
Mar 28
Feb 184
Mar 3854
Mar 37
Apr 67
Apr 48
Mar 3151
Mar 5034
Jan
27
2734 Mar
Jar
Jac
Mai
Pet
Jan
Apt
Am
Fet
Jam
Fel
Jam
Fel
Fel
Jai
Jam
Jam
Jai
Jai
Jai
Mal
Jai
Ma
Ma
Jai
Fel
Fel
Jai
Ap
is
AP
Jai
is
Jai
Ma;
Fe
Fel
3435 Mn
Ja
45
Ja
is
is
Ja
Fe
Fe
Ja
7
36
19
66
434
22
94
May
Mar
Feb
Mar
Mar
Apr
Mar
14
47
2134
7914
8634
4334
98
90
Mar
9551 Is
2968
FINANCIAL CHRONTCLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par• Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Cent Pub Ser (Del)
•
35% 3654
150 24
383-4 Mar
Jan
Class"A"
• 4411 44% 44% 1,250 35
Jan 4414 May
Central S W 1311Pref
• 97
96% 98%
vs% Jan
Jan
550 94
Common
78
Jan
1,250 7031 Mar 90
82
Prior lien. pref
• 101
Jan 10334 Apr
101 10331
350 100
Chain Belt Co corn
• 51
48
51
200 4631 Apr 59% Jan
Cherry Burrell Corp corn.* 49
4834 50
550 48)5 Apr 68)5 Jan
CDR)City & C Ry Par eh2
214
. 234
1% Jan
550
33.4 Mar
•
Preferred
2331 29
31
Mar
Jan
1,250 18
Certificates of deposit-. 2531 224 26
May
Jan 26
600 16
Chicago Corp corn
• 2
Feb
Feb 34
634 254 2735 7,500 18
Units
• 68
Mar 75% Feb
654 68
19,200 65
Chic Electric Mfg A
*
11
Jan
11
May 15
50 11
Chic Rye part ctf ser 2_100
Mar
4
7
4
235 Jan
300
Chic Towel Co cony pref _*
Feb
Mar 97
95
95
100 94
City Radio Stores cora_ •
Feb
Apr 31
2535 26%
400 25
Club Alum Uten Co __• 30
2934 3135
3,450 2634 Mar 3434 Feb
Commonwealth Edlson_100 248
23634 250
Mar
Jan 252
3,027 209
Commonw Util Corp B_ •
Jan 4311 Jan
38
39
110 35
Community Tel Co cum pt•
35)4 Feb
Apr
283( 28%
300 27
Cons Serv Co(The) ctf dep 35
Mar
Mar 35
35
35
900 35
Construction Material-. 31
Feb
2934 32
Mar 38
1,050 27
Preferred
• 4634 44
Feb
2,950 43)4 Mar 55
4635
Consumers Co common 8 11
Mar 13)4 Jan
1035 13
7
16,850
Preferred
100 72
Feb
May 80
70
650 70
75
Warrants
64 Jan
Mar
2,850
3
4 . 531
434
Crane Co,common
Jan 48)1 Mar
46
25 46
46
360 46
Curtis Mfg Co
Jan
Mar 37
31
5
32
150 30
Davis Indus Ina "A"
•
Decker (Alf)& Cohn,Inc..
De Mete,Inc. pref w w_ •
Dexter Co (The) cora
Eddy Paper Corp (The).'
El Household Utll Corp.10
Else Research Lab Ina_
Rights
Empire0& F Co 6%151100
100
634% preferred
7% preferred_
8% preferred
Emp Pub Service A
Fits Simmons & Cannel Di
& Dredge Co corn
•
Foote Bros(3 43 M Co__ 5
Foote-Burt Co (The) corn •
Gen Spring Bumper A___•
.
Class B
•
Gen Wat Wks Corp Pf $7-*
Gerlach Barklow COM - •
Preferred
•
Gleaner Corn Harv Corp
Common
Godchaux Sugar, Inc. cl B•
Goldblatt Bros Inc com_ _•
Great Lakes Aircraft A__•
Great Lakes D & D___ _100
Gnu arca Cooper A com_•
Grigeby-Grunow Co
Common(new)
•
Rail Printing Co COM -10
Hart-Carter Co cony PT..
Hartford Times part pret•
fib Span Bart & Co corn 25
Hormel & Co(Geo) corn A •
Houdaille-Hershey Corp A.
Class B
•
Illinois Brick Co
25
Inland WI & Cable corn_10
Insull Ott' Invest Inc....'
$535 Prior preferred_ •
Internal Pwr Co Ltd corn •
Interstate Pow Co $6 prat *
Iron Fireman Mfg Code'
Irving Air Chute Co Inc
Common
•
Jackson Motor Shaft Co__'
Jefferson Electric Co corn •
26
48%
1135
34
90%
03
28
49
59%
5935
2635
30
27
240
734 Mar 1734 Jan
1035 11%
200
Jan
Apr 27
1734 1735
150 17
29
May 3734 Feb
30
300 29
Apr 2235 Mar
17
19
150 17
Jan
2534 26
600 2434 Jan 28
43
Mar
Jan 49
5,650 30
49
1034 124 9,950
7
Mar 22)4 Jan
34 Apr
31 Apr
A
A 10,150
9034 0034
100 9034 May 9834 Jan
Apr 97
Jan
93
93
50 93
96
150 954 Mar 9834 Mar
9634
108 108
100 10734 4.Dr 11034 Jan
24
May 2834 May
28% 6,900 24
61
224
49
54
52
90
19%
26%
97
26
28
2334
209
42
57
22
47
3831
3734
90
19
24
Apr 8334
Mar 30
Mar 53
Mar 81
Mar 5911
Apr 100
Apr 28
Mar 30
Feb
Jan
Mar
Apr
May
Jan
Feb
Feb
1,300 90
101
50 24
26
650 28
30
27% 19,215 15)4
505 190
250
50 3914
42
Mar 125
Jan
38
Mar 36
Mar 32
Apr 275
Feb 423(
Jan
Feb
Jan
Jan
Feb
Mar
62%
24
50
594
594
90
20
26%
100
150
500
7,900
7,000
125
150
450
[Vot... 128.
Titters
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares
PacPub Ser Cocl"A"come
Parker Pen (The) Co com10
Penn Gas & Elea A corn •
Peoples Lt & Pr Co A com*
Perfect Circle (The) Co..'
Pines Winterfront
Common new
Rights
Poor & Co class B com___•
Potter Co(The) corn_
•
Pub Seim of Nor Ill com100
Common
•
Pub UM Sec Corp $635 pf_
Q-R-S-De Vry' Corp (The)
Rights
New
Quaker Oats Co com
•
ktaytheon Mfg Co
•
Reliance Mfg corn
10
Richards(Elmer) Co pref.'
Roes ()ear & Tool soul_ _.
Ruud Mfg Co. corn
•
Ryan Car Co(The) com_25
Ryerson & Son Inc com_ •
Sally Frocks, Inc. corn...*
•iangamo Electric Co....'
Saunders class A com
•
Preferred
50
Sheffield Steel corn
*
Slgnode Steel Strap Co..'
Preferred
30
Purchase warrants
Sonatron Tube Co cam _ __•
So Colo Pow El A com_25
Southwest Gas & El Co
7% preferred
100
Southwest Lt & Pow pfd__•
Standard Dredge cony rd..
,
Common
•
&Matte Radio Co
•
Sterling Motor, pref_ _ _30
StorklIne Fur eon* pref_25
Studebaker Mall Or oom_b
Class A
•
Super Maid Coro com
•
Sutherland Paper Co com10
Swift & Co
100
Swlft International
16
Tenn Prod Corp. corn _ _ •
Thompson (J R) com
25
Time-O-St Controls "A"_.
12th St Store (The) Pfd a •
2314
5331
2335
47
2134
47
48
2335
5331
2114
48
49
73
122
2735
30
244
245
244
9854 9835
74
124
2934
31
244
245
9835
48
28
3
2
334
46
4534 46
309
309 318
73
73
77
2554 2311 26
24
24
24
56
53
57
43
43
4334
1234 1234
3814 3934
2834
42
37
2931
2
37
28
39
58
37
74
1735
29
2
34
24
950
4,550
300
600
100
Range Since Jan. I.
Low.
2114
44
2034
47
45
Feb
Apr
Feb
Apr
Apr
High.
2431
57
244
58
60
Mar
Jan
Feb
Feb
Jan
700 66
350 108
9,000 2234
900 27
2,385 205
415 205
155 08%
Apr 75
Apr 126
Mar 34
Mar 4014
Jan 245
Jan 245
Mar 9834
Apr
Apr
Mar
Jan
Feb
Feb
Mar
1,300
2
6,100 45
30 300
2,800 53
3,700 20
400 24
3,350 45
750 41
50
8
650 38
Apr
311
Apr 4634
Apr 389
Mar 8134
Mar 3034
Apr 2834
Jan 67
Mar 4434
Jan 18
Jan 48
Apr
Apr
Feb
Apr
Jan
Jan
Feb
Mar
Jan
Feb
Mar
Jan
Mar
May
Apr
Apr
Apr
Mar
Mar
Mar
3134
464
73
54
90
2034
3231
4)1
4454
2631
Mar
Jan
Jan
May
Jan
Jan
Jan
Jan
Feb
Feb
Apr 101
Jan 95
Mar 41
Mar 3934
Mar 49
Mar 38
Mar 30
Jan 22
Apr 30
Mar 74
May 21
Mar 140
Mar 3734
Feb 2831
May 62
Mar 3931
May 26
Jan
Apr
Feb
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
29
850
42
850
58
50
54
600
74
100
100
18
30
750
200
231
3734 35,550
24
50
28
3534
50
37
58%
163.4
2631
2
2731
23
100 9611
98 100
215 8734
9035 93
8,050 28
3534 3234 36
7,690 28
3334 3034 34
13,000 25
3535 3335 38
31
32
850 30
32
24
24
24
350 23
950 1335
18
19
19
2534 1,850 24
254 24
4,000 50
6035 64
63
15
14
150 14
15
130
1,300 129
129 13034
33
33
2.300 303.4
34
2,775 21
27
25
2534
4435 46
150 4434
3211 3134 3234
1,500 26
150 2111
2134 22
United Cbemicals Inc pr..
4634 1,000 45
46
Mar 6011 Mar
Unit Corp of Am pref....' 2631
2534 2835
850 23
Mar 3734 Jan
United Dry Dks.Ina cam _• 1834 18
1911
800 1531 Apr 23
Jan
United Clas Co corn
•
2834 2935
850 25
Apr 3934 Jan
Un Repro Corp part pf A _• 2834 25
2.050 23
2851
Apr 4251 Jan
Apr 17911 Mar U S Gypsum
12435 12034 125% 80,800 119
20 6935 454 7334 35,250 4531 Apr 7334 May
Mar 3534 Jan
2,000 23
25% paid
27
29
54
5,250 42
61
47
Mar 61
Apr
Mar 3434 Jan
1,750 24
27
Preferred
29
2835
100
125 12531
Apr 130
135 125
Jan
Jan 45
44
Feb US Lines Inc pre
44
100 42
• 1734
1734 1734
1,500 1734 Apr
1831 Apr
Jan
V S Radio & Telev corn • 88
55
60 54% Apr 58
55
77
14,300 4451 Jan 141
92
Feb
2,600 3311 Jan 5711 Feb linty Prod Co Inc cora •
5435 49
55
43
100 43
May 55
43
Jan
Mar 5934 Feb
41% 4735 12,800 34
45
Utah Radio Products come 21H
2.200 18
Mar 66
Jan
2134 22H
4035 46% 13,600 30)1 Mar 59
4435
Ut & Ind Corp. com
Feb
• 2234 2134 2234 14,650 2035 Feb 31
Feb
May 41
32
Jan
400 32
Cony. pref
33%
• 27
'
8,450 25
2635 27
Feb 31
Feb
Mar Van Sicklen Corp part el A• 2931 29
78
85
2,750 7034 Mar 86
86
Mar 36)4 Jan
600 29
2934
404 4134
41
Feb Vesta Battery Corp corn 10
Jan 53
4,500 30
11
50 10
Apr 15
11
Jan
210 2114
Feb Vogt Mfg common
Jan 250
215 125
* 30
29
150 29
Apr 35
30
Feb
274 27%
Jan Vorclone Corp Dart prof..' 4134 39
50 2714 Mar 31
4115 1.190 37
Mar 5734 Jan
9835 9835
100 9834 May 1004 Mar
Wahl Co corn
• 2031 1731 204 1,300 1735 May 27
Jan
31
2934 3135 5,190 24% Jan 3435 Feb Walgreen Co
Corn stock purch warr_.
574 574
50 53
Apr 78
Feb
30
May Warchel Corporation __ _ _• 22
40
950 23,54 Mar 40
1,050 1634 Apr 26
23
21
Jan
31
34
34
Apr 4014 Feb
1,400 25
Preferred
1,550 283.1 Mar 36
• 29
30H
29
Jan
5234 55
54
Mar Ward (Montgomery) & Co
1,000 4531 Jan 59
Class A
* 134
134 134
50 131
Jan 134
Apr
Kalamazoo Stove eorn___• 104
98 107
7,350 95
Jan Waukesha Motor Co corn • 185
Mar 131
165 165
165 168
Mar
Feb 210
Kellogg Switchbd corn._10 1434
14
15
1,250 1031 Mar 1934 Jan
Wayne Pump Co
Ken-Rad Tube&l.p A corn' 29
25
304 11,250 20
Feb
Mar 42
Convertible preferred- •
38
4411 1,100 35
Mar 46
Jan
Kentucky Util jr cum p1.50 51% 51% 51%
50 5031 Feb 52% Mar
Common
25
*
35
1,400 25
Apr 35
Apr
Keyerrone St & WI corn_.
• 4635 45
4734 3,300 40
Jan
Mar 58
Wextark Rad Sta Ina,com• 4435 4335 4534 2,050 38
Jan 6534 Jan
La Salle Ext Unly corn..10
335 335
250
631 Jan Western Grocer Co com_25
334 Apr
20
100 20
Apr 25
2031
Jan
16
Lane Drug corn v
• 17
1,520 16
1735
Apr 2934 Jan West Pow Lt&Tel 1st pf A* 33
3274 3314
400 3134 Apr 3534 Jan
•
22
Cum preferred
23
400 20
Mar 32
Jan
Wieboidt Stores. Inc
• 4334 4331 44
250 43
Apr 57
Jan
19
Leath & Co coin
23
285 17
• 19
Jan 2514 Mar Wilcox Rich Corp
42
Cumulative preferred._
42
42
200 40
Jan
Apr 46
Cony preferred A
*
46
53
450 37
Jan 53
May
Libby McNeill & Libby _10 1335 114 1334 9,350 11
Mar 15)1 Jan
class B
*
43
43
200 234 Jan 49
Feb
Lincoln Printing cora
24
21
550 21
. 22
Apr 2635 Feb
Williams 011-0-Matie corn* 24
2434
24
500 20
Jan 294 Jan
434
43
350 42
50 43
7% preferred
Jan 4534 Jan
Winton Engine con pref.... 84
87
78
4,600 57
Mar 94
Jan
Purchase warrants
4
150
4
334 Apr
4
735 Feb Wolverine Port!Cement_10
450
6
634
8
Jan
Feb
05 7
Lindsay Light corn
54 6
1,200
3% Jan
10
6
54
Apr Woodruff & Edwards Ine17,500 23
36
36
L100 011 Ref Co corn
Mar 37% Apr
37%
•
Panic class A
• 2334 23
1,200 2111 Apr 2811 Jan
24
650 20
Lynch Glass Mach Co__.
Mar 30
27,5 2634 27%
Jan
Yates
-Amer Mach
3031
2934 3234 11,550 21)4 Mar 3234 Apr
McCord.Radiator Mfg A....
42
42
50 38
Mar 4414 Jan Yellow Cab Co IncDart pf • 32
(Chic)•
3214
32
850 303.4 Mar 35
Jae
McQuay-Norrb3 Mfg
450 5734 Jan 70
70
70
• 70
Apr Zenith Radio Corp corn...
, 44
4234 4534 8,200 3331 Mar 6214 Feb
39
50 37
Mar 42
39
Mapes Cons Mfg Co com_*
Jan
255 18
2135 23
Apr 334 Jan
Mark Bros Tbeatres pref• 2135
Bonds
7,850 1434 Jan 2931 Feb
144 18
Meadow Mfg Co com____• 1735
Mer & Mfrs See
-Chic City & Con Rys 5s '27
7731 78
$5,000 65
Jan 78
May
24
2,650
25
Mar 32
27
Part preferred
Jan Chic City Rys 5s
25 26
8334 8335 3,000 8134 Feb 85
1927
Jan
1,100 25
Apr 354 Feb
Mid Cont Lawnd Inc A_ _•
2735
2735 25
Certificates of deposit_ _ _ __ __
8131 8234
3,000 8034 Mar 8334 Jan
290 98
Feb 108
100 101
Midland Steel Prod corn..' 101
Jan Chicago Itys M
1927 84
8334 8411 31,000 78
Feb 8834 Mar
Mar 190
16731 17334 4,800 161
Jan
Middle West Utilities--* 170
Certificates of deposit__
8331 82
8335 45,000 7734 Mar 834 Jan
650 11831 Mar 122
Preferred
Feb
100 11834 11634 118
Purchase money 5s_1927 61
604 61
5,000 44
Jan 61
May
500 98
Jan 10331 Feb
9831 99
99
$13 cum preferred
68 series A
73
73
1,000 60
1927
Feb
73 May
250 121
Mar 127
Jan
Psior lien preferred_ _100 123% 12335 124
5s series B
5934 61
1927 61
6,000 4134 Feb 81
May
50 90
Jan 104
10134
$6 cum prior lien pref_ •
Feb
10135
Adjustment income 4s'27
34
34
5,000 23
Mar 34
May
1,200 46
Mar 52
Jan Commonwlth Edison 5s '43
liart.Inc,conv pf• 47% 4634 48
1024 10234 6,000 1024 Mar 10434 Jan
750 55,1 Jan 71
70
Mtnneap Honeywell Reg •
69
Mar
1st mtge 58 ser A_ _1953
10235 10235
1,000 9934 Mar 103
Mar
50 90
Mar 9434 Mar El Paso 6348
94
Miss Vail Util Inv pr In pf•
94
9931 9,000 9834 Jan 103
1943 9931 99
Apr
Ma-lian Pipe Line com_-• 4031 32% 40% 15,100 2231 Jan 40% May
614s
1938 10034 1003410034
Mar
2,000 9934 Mar 103
Mar 68
9,000 48
tdodineMfg corn
Feb Sou Union Gas 630_1939 9835 9835 98A
5734 66
• 63
1,000 9811 Apr 9814 Apr
Mohawk Rubber
10031 10034
Swift & Co 1st s 1g 53_1944
2,000 10014 Apr 10211 Feb
450 51
Max 66
Common
Jan United Pub Util 6s C_ _1947
5734 59
• 58
99
99
4,000 99
May 99
May
Mar 35
500 27
Jan
Monighan Mfg Corp A....* 28% 28
29
181 lien 534s 13
Apr 85
85
2,000 85
85
Apr
1947
Jan 160 May Wrought Iron of Am63413'38
7,400 104
Monsanto Chem Works_ _• 157
137 160
99
9,000 98
99
Feb
Apr 103
100 1634 Apr 263,4 Jan
Monroe Chem corn
1814 19
•
• No par value.
Apr 61
50 36
Preferred
•
4011 40%
Jan
Mar 51331 Jan
2,300 25
Morgan Lithograph corn.'
27% 31
Philadelphia Stock Exchange. Record of transactions
54,850 68% Apr 79
Morrell& Co Inc
May
• 79
60% 79
Mosser Leather Corp corn •
Apr 24% Jan
50 15
15
15
at Philadelphia Stock Exchange, Apr. 27, to May 3, both
Muncie Gear class"A"___• 23
Mar 31
Jan
1,300 18
2031 24
Class"B"
•
Mar 30
Jan inclusive, compiled from official sales lists:
350 16
16
17%
Muskegon Mot Specialties
Friday
Sales
Convertible class A____• 2831 28
850 2334 Mar 36)4 Jan
29
Range Since Jan. I.
Last Week's Range for
Week.
of Pricey
Sale
Nachman SprIngfilled come
Mar 7831 Feb
1,800 60
6434
62
Low.
Par Price. Low. High. Shares.
National Battery Co pfd' 50A
StocksHigh.
Jan
Feb 64
450 50
5035 52
Nat Elea Power A Part.... 3034 30
Jan
Mar 38
3135 2,000 27
511 2,443
5
5
Apr
Almar Stores
54
Nat Secur Inv Co
8% Jan
60
564 54
83
63
Common
Apr 63
2931 Feb American Milling new
May
Feb
1,250 25
• 2631 2635 27
8111
5,730 77
• 7834 79
Apr 97
6% cumul pref
Apr 10534 Feb American Stores
Jan
100 101
1,550 100
100 101
Nat Standard corn
Feb Bank of No Amer & Trust
• 47
Mar 56
4,150 39
4535 49
2,500 130
100 14435 143% 145
Cowl
Apr 149
Nobblitt-Sparks Ind cont.* 44
Feb
Apr
41 (44
2,350 3234 Mar 50
148 148
200 75
Feb 220
Jan Bankers Securities common
North American Car corn.* 5031 4634 51% 6,700 40
Jan
Mar 70
56% 5711 4,200 5431 Apr 6331 Jan
50 57
Preferred
Feb
North Amer CI & El el A.* 22
Mar 26
2131 22
350 20
11434 11634
330 114% Apr 118
• 36
Jan
Ontario Mfg Co COM
4054 Jan Bell Tel Co of Pa pref__100
1,750 30
3231 36
Mar
57
57
57
100 52
Jan 595-4 Jan
12
Oshkoeh Overall Co
1534 Mar Blauners All ctf
12 At 12
Apr
k 900 12
100
8)1 Jan 10
9% 9%
Convertible preferred •
Mar Bornot Inc
Feb
24 IP2436
400 2331 Mar 27
•
MAY 4 1929.]
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
*
Budd (E G) Mfg Co
Preferred
Budd Wheel Co
Camden Fire Insurance _ _ _
Central Properties corn
Commonwealth CM C0_10
Consol Traction of N J_100
Cramp Ship & Eng_ _I00
Curtis Publishing Co new
Electric Storage Batt__I00
10
Fire Association
Franklin Fire Ins
General Asphalt
48
8734
88
364
10%
234
504
214
234
115
8174
474 4734
225
7634
55
8734
894
3634
1074
234
Horn&Hardart(Phila)com• 206
Horn&Hardart(N Y)corn •
100
Preferred
Insurance Co of N A_ __-10 8074
Keystone Watch Case •
Lake Superior Corp_ __ _100 2334
Lehigh Coal & Nay
50 167
10
Lit Brothers
Manufac Cas Ins
624
Mark (Louts) Shoes Inc_ •
Minehill&SchuylkillBay50
Northern Central Ry_ _50
Northern Liberty Gas
North East Power Co_
•
North Penn RR
50
Pennroad Corp
Penn Cent L&P cum pref..• 79
Pennsylvania Insurance
14534
Pennsylvania RR
SO
Phila Dairy Prod pref
Phila Elec of Pa
25 98
Phila Eiec Pow pref
25 3334
4434
Philadelphia Inquirer
52
Preferred wl
Phi's Rapid Transit__ 50 5074
50 494
7% Preferred
P & R Coal & Iron Co •
Philadelphia Traction_ _50
Phila. & Western Ry_ _50
R E Land Title new
10 2274
Reliance Insurance
ShreveElDoradoPipeL.-25
• 62
Scott Paper Co
100
7% cum pref
64% preferred B
Sentry Safety Control.
Rights
Pennsylvania RR
United Eiec Co
BondsConsol Tree N Jlet58_1932
Elec&Peoplestr Mhz 4s1045
Lake Sup Corp 5e stped
PhilaElec(Pa)lst434sser'67
1st lien & ref 58. _1960
1966
1st 5s
1st lien & ref 534s._1947
lot lien dr ref 574s....1953
Phlia Elea PowCo534s 1972
Phila & Read C dr J 6s.___
Strawbridge & Cloth 581948
York Rys 1st 5s
1937
High
Low.
5634 16,650 3414 Jan 667
%
91
1,047 5634 Jan 91
400 34
894
Jan 10834
Jan 4274
3734 3,425 33
11
74 Mar 11
9,600
234
100 234 Apr 32
51
Apr 61
75 50
4
234
24 Apr
800
117
60 1144 Jan 120
7
361 79% Mar 9234
85%
49
1,200 464 Mar 50
225
Apr 225
5 225
50 7634 May 78
7614
205 210
313 205
5474 5434
300 5434
103 103
100 103
8074 81
1,400 79
14 4734
54
54
23
254 7,800 17
159 1694 4,300 146
21
21
200 2034
6234 6434
1,400 59
2
2
2
200
44 5334
544 5434
854 8534
50 78
38
38
78 38
474 4874
700 40
38 87
87
87
6,200 2134
2134 22
79
425 78
7934
144 14634 3,800 136
8034 824 15,700 73
60 90
904 904
94
1,200 8134
98
3314 3335 4,200 33
4434 4634 1,100 41
1,900 52
52
5274
50% 3,595 50
50
494 4934 2,800 4934
200 204
2074 2034
514 5134
1,000 51
74 734
6
RIO
7174 7334
500 6934
2274
22
900 2134
3174
31
2,250 31
62
644
430 48
110 110
5 100
4
993 101
10 9934
184 1934 2,900 114
3
24
334 48,500
214
300
7734 7734
53
54
62
58
99
99
10234 10234
103 104
106 106
104 104
104 10434
100 100
993,4 9934
96
96
1,000
22,000
8,500
3,000
2,000
27,700
13,900
100
32,000
1,000
2,000
2,000
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
10
44
Telephone Sec CorP
731
711
4
4
34
1,500
34
Tone-Belmont Havel .. _ __1
1
34 335
Tonopah Mining
500
334
374
50 3634 364 3531
Union Traction
900 35
7
United Corp temp Ws__ 6074 534 604 179,800 39%
4234 444 69,000 42
Temp Ws preference -- 44
18434 199 153,755 157
United Gas Improvem't 50 199
•
Un Lt & Pr "A" coin _
34% 3434
300 3274
U S Dairy Prod class A_ •
50
49
600 48
1st preferred
94
94
18 94
1934 20
Victory Insurance Co...10 20
700 1934
W Jersey & SeashoreRR 50 4634 4634 4634
300 444
233
6234
108
91
5434
42
1694
26
71
34
5434
8534
38
5734
88
26
81
175
8374
9334
98
4
3 34
50
5214
54
514
3034
5534
934
8434
26
3834
70
110
101
1934
Feb
Jan
Feb
Jan
Apr
Jan
May
Jan
Jan
Jan
Apr
May
Apr
Jan
Jan
Apr
Feb
Mar
Apr
Jan
May
Mar
Apr
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Feb
May
Apr
Apr
934
Mar
14
Apr
4
Jan 38%
Mar 6
074
Mar 47
Mar 199
Jan 4234
Jan 5334
May 954
Apr 254
Apr 5234
Mar
Jan
Jan
Apr
Mar
Feb
May
Jan
Mar
Mar
Jan
Jan
Apr
May
Apr
Mar
Jan
Jan
Mar
Apr
Feb
Feb
Jan
Mar
Apr
Mar
Apr
Apr
Mar
Feb
Mar
Mar
Apr
Apr
Apr
Mar
Mar
Apr
May
Jan
Mar
Feb
Apr
Apr
Jan
Jan
Jan
Feb
Apr
3
24 May
77
50
45
9734
101
102
105
104
10234
100
9934
96
Mar
Apr
Mar
Jan
Mar
Jan
Jan
Feb
Mar
Feb
Apr
Apr
Apr
Apr
Apr
Jan
Mar
Mar
Mar
Feb
Apr
Mar
Apr
Apr
Apr
534 Apr
234 May
8474
5474
65
9934
105
1057
%
10674
10634
106
10434
10034
99
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Jar
Fel
Fel
Jar
• No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Apr. 27 to May 3, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices
Week.
Par Price, Low. High. Shares.
Arundel Corporation-----* 40
3934
183
At Coast Line (Conn.)_ _50
Baltimore Trust Co...._50 19234 192
15
I Benesch & Sons new wl _
• 47
4434
Black & Decker corn
25
27
Preferred
40
183
193
15
48
2734
534
3134
139
306
18
55
84
274
20
1734
146
37
45
2574
34
80
5134
86
Range Since Jan. 1.
Low.
Apr 4
934
Jan 200
Jan 195
Mar
1874
Jan 48
Feb 28
Apr
Feb
Jan
Feb
May
Jan
45
12
5
139
48
25
45
1,035
28
12
103
421
10
Jan
Jan
Feb
May
Apr
Jan
Feb
Mar
Mar
May
Mar
Mar
Apr
11734
100
62
27
1043,4
15
254
104
11134
10914
103
2274
55
Feb
Apr
Jan
Feb
Jan
Mar
Jan
Feb
Feb
Mar
Jan
Jan
Jan
334
67-4
2,335
Jan
1
534
307-4 32
3.792 274 Mar 3434
30
31 2 11-20 28
Feb 344
13834 139
Jan 139
25 115
304 310
186 290
Apr 314
1274 1274
Jan 1334
500 11
1731 18
186 173,4 Apr 25
55
55
205 55
Apr 603,6
101 104
95 97
Mar 104
84
83
70 83
Mar 9274
4934 4934
8 4934 Apr 4934
2534 2574
58 2534 Apr 2534
2734 2734
111 27
Jan 36
20
20
95 1934 Apr 22
189 17
173,4 18
Mar 1934
146 14931
261 146
May 18334
3674 40
812 31
Jan 4634
470 475
36 470
Apr 480
45
186 4334 Mar 473,4
44
35
18 35
35
May 393,4
186 2534 Mar 27
2574 26
20
34 Apr
534
M
Si
81
471 7634 Feb 82
80
3 275
315 315
Jan 315
52
260 4931 Mar 5234
5134
8634
567 77% Jan 93
85
May
Feb
Feb
May
Apr
Apr
Mar
Jan
Apr
Jan
Apr
Apr
Feb
Feb
Feb
Van
idar
Mar
Jan
Jan
Feb
Jan
Jan
May
Mar
Jan
11334
90
404
254
97
12
24
88
109
10574
1004
15
50
10
Park Bank
Penna Water dr Power_*
Southern Bank Sec Corp_
Preferred
3tandard Gas com
3tand Gas En pf w war_100
Un Porto Rican Sugar com•
Preferred
50
Union Trust Co
United Rys & Electric_ _50
U El Fidelity & Guar new 1
U S Fidel&Guar Co Fire w0
Wash Bait & Annapolis- 5
50
Preferred
West Md Dairy Inc pref__•
50
Prior preferred
Western National Bank_20
2934 2934
8734
87
89
50
50
99
99
15
15
46
46
42
44
4434
4934
47
35734 360
9% 10
764 7634 80
70
70
62
834 834
11% 114 1174
874 90
90
534 5354
41
41
Rights
Colonial Trust w 1
634
64
Range Since Jan. 1.
654
933.4 9334 5,000
1044 105
27,000
9934 9934
2,000
94
100
103
99
94
100
9934
6034
3334
50
7534
Feb
Jan
Apr
Jan
Feb
Feb
Apr
Apr
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Feb
May 31
Apr 100
Apr 57
Apr 10174
Feb 1574
Jan 48
Jan 45
Mar 4934
Jan 360
Feb 1334
May 9434
Apr 87
Jan
934
Jan 1134
Apr 96
Feb 54
Apr 54
6.4 Apr
Bonds
Baltimore City Bonds
1961
974 5,700 97
97
4s Sewer Loan
3,000 97
1958
9734 9734
4s Water Loan
200 97
97
97
4s Engine House_ -1957
2,700 97
1954
97
97
4s Annex Impt
1,100 97
97
9774
4s Paving Loan__ _1951
400 97
97
97
1951
4s Annex Impt
Balt Citys 4s (coupon)1945 9734 9774 9774 26,000 9734
900 102
10234 10234
0
334s certificates----'94
1,000 99
99
99
Benesch I & Sons 100W 1_ _
168 174% 10,000 120
Black & Decker 645_1937 173
101 101
2,000 101
Cots & Po Tel of Va 55'43 101
10,000 99
99
99
Commercial Credit 68_1934
98
98
6.000 9714
Consol GEL & p4345'35 98
Elkhorn Coal Corp 674s'31
Handler Creamery 68_1946
Houston 01154% notes'38
Iron City Sand & Gravel
1940
1st 68
Md Merch & Nat Title 53511
Prudential Rentz 63-48_1943
St Louis Chain Stores 6s__
Santee Timber Corp 65 '41
Southern Bankers Sec 5s'38
Stand Gas Equip 1st 65 '29 994
United Ry & E 1st 4s_1919 6034
1919 3374
Income 4s
1936
Funding 5s
Wash Balt & Annan 5s '41 757-4
High.
Low.
20 2934
152 82
10 49
5 98
23 15
9 4034
465 39
215 44
37 339
9
113
932 7634
168 5634
8
10
74 11
25 874
75 53
35 41
634 May
Mar 994 Jan
Mar 9934 Feb
May 9934 Jan
Mar 994 Jan
Mar 9934 Jan
Mar 9934 Jan
May 9934 Feb
Mar 10234 Apr
Mar 9934 Feb
Mar 17474 May
May
May 101
Jan 9934 Jan
Apr 984 Jan
Jan 934 Apr
Apr
Apr 105
Feb 9994 Apr
90
97
97
1,000 94
94
100
4,000 100
10334 30,000 100
1,000 99
99
94
5,000 94
1,000 100
100
9934
3,000 98
3,000 6034
61
20,000 33
34
51
2,700 50
7534 19,000 75
Apr 97
Apr 101
Jan 1033-4
Feb 9934
May 94
Apr 1054
Apr 9934
Feb 65
Mar 43
Apr 63
Apr 8334
Jan
Alm
May
Feb
Slay
klar
May
Feb
Jan
Jan
Jan
• No par value.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, Apr. 27 to May 3, both inclusive compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Par Price. Low. High Shares.
*
Aetna Rubber corn
Air-Way Elea Appli pf _100
Amer Multigraph corn_ - -*
Amer Ship Building com100
*
Apex Electric
100
Preferred
20
Bond Stores A
*
B
Buckeye Incubator com__•
Bulkley Building pref_ _100
•
Byers Machine A
Central Alloy Steel pref 100
100
Brass prof
Chase
•
City Ice & Fuel
_10
Clark (Fred G) corn
Cleve Autom Mach pfd 100
Cleve Build Sup &Br COM •
•
Cleve-Cliffs Iron comCleve Electric II16% pf 100
Cleve Railway com____100
100
Cleve Sand Brew
Cleve Stone corn
Cleve Union Stkyds cam _*
Cleve Worst Mills com _100
•
Com'l Bookbinding
*
Cooper Bessemer
•
Preferred
Range Since Jan. 1.
Low.
High.
,
1534
14
97
97
3731
37
37
88
88
337-4 36
102 1034
43,4
41-1
43-4
234 234
18
18
18
6414 6434
14
14
15
111 1114
10374 10334 10434
57
55
57
974 934
100
100 100
31
2934 31
230 275
250
112
112 11234
100 10134
101
1
1
70
70
21
21
15
15
15
263: 264 274
46
42
46
51
50
51
1,360
130
205
10
671
109
1.375
75
310
99
280
80
65
352
15
95
300
2,471
103
1,221
20
30
20
170
1,420
48
120
15
964
35
86
2614
102
3
1
107 4
644
934
10834
103
54
5
70
2874
135
11074
100
1
61
21
14
2634
42
50
Apr
Apr
Mar
Apr
Feb
Apr
Jan
Jan
Jan
Mar
Feb
Mar
Mar
Apr
Jan
Feb
Mar
Feb
Mar
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Apr
27
101
40
93
37
107
434
234
287-6
66
20
113
10434
64
1354
100
35
275
1123-4
110
234
79
25
1934
2734
46
51
Jan
Feb
Jan
Jan
Apr
Mar
Apr
Apr
Mar
Mar
Feb
Mar
May
Mar
Mar
Mar
Feb
Apr
Feb
Mar
Apr
Mar
Mar
Mar
Apr
May
May
275 278
5934 60
30
30
634
6
4134 42
3234 34
285 292
109 10934
108 109
4834 49
3634 37
284 290.
109 109
4234 4234
400 403
43
4374
1023-4 102%
19
19
1234
12
55
60
155 163
10
65
485
220
42
1,675
10
65
133
365
130
75
20
105
36
'175
10
50
225
233
59
200
57
30
6
3534
3234
220
1083-4
108
4()
29
250
10831
40
376
43
10234
17
12
39
145
Jan
Jan
Apr
May
Jan
Apr
Feb
Apr
Feb
Jan
Feb
Feb
Mar
Jan
Jan
Mar
Apr
Apr
Apr
Jan
Feb
278
69
34
1574
48
3431
292
111
111
5434
40
300
111
43
500
50
105
2534
15
73
168
Apr
Mar
Feb
Feb
Mar
Apr
Mar
Jan
Jan
Feb
Apr
Mar
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Apr
Jan
May
May
Mar
Apr
Apr
Mar
Apr
Jan
Jan
May
Mar
Jan
Jan
Apr
14
High.
635 384
15 179
377 165
27 15
2,412 3134
13 27
Chas & Po TelefBaltpf 100 11634 116 11674
25
100 100
Colonial Trust
•
5234 5234
Commercial Credit
,
25 2534 2534 2534
Preferred B.
634% 1st preferred -100
97
98
13
Warrants
13
25
25
Cora Credit of N 0 pref.-- 25
ConsolGasEL&Power-___* 100
9
634 100
110 1104
6% preferred ser D__100
10574 10574
534% pref WI ser E..100
5% preferred ser A__100 10034 10034 101
Consolidation Coal---100 1534 1534 17
100 55
55
55
Preferred
Dellon Tire & Rubber -_-•
Eastern Rolling Mill ____•
Scrip
25
Equitable Trust Co.
50
Fidelity & Deposit
•
Finance Co of Am A.
Finance Service corn A _10
First Nat Bank WI
Handler Creamery pref._
Houston Oil pref v t ctf100
Humphreys Mfg Co
Preferred
Mfrs Finance corny L-25
25
let preferred
25
2d preferred
Maryland Casualty Co 25
•
Maryland Mtge corn.
Mercantile Trust
March & Miners Tmnsp .•
Mid-Continental Petrol_
Monon W Penn PS pf._25
Mortgage Securly corn __•
MtVer-WoodMilis pref.100
National Cent Bank- -100
National Sash Weight pf__
New Amsterdam Cas Co 10
2969
FINANCIAL CHRONICLE
•
Dow Chemical corn
Elec Control & Mfg corn __• 594
•
Enamel Products
25
Falls Rubber pref
Federal Knit Mills corn_ _ _• 4134
• 34
Ferry Cape & Screw
Firestone 'I' & R corn_ -10
100 10934
6% preferred
100 108
7% Preferred
• 49
Foote-Burt corn
•
Geometric
General Tire & Rub com _25 290
Great Lakes Towing pf _100
Greif Bros Cooperage nom •
100 403
Guardian Trust
10
Halle Bros
100
Preferred
Harbauer corn
•
Harris-Seyb-Potter corn- -• 124
India Tire & Rub corn--• 60
Interlake Steamship cora- 163
,
Jaeger Machine corn
• 334 33
344
Jordan Motor prof
100
60
50
Kaynee corn
10 37
35
40
Kelley Isl Lime & Tr com_• 57
57
57
Lamson & Sessions
25 5234 5134 5234
Lorain St Say & Tr
_100
310 310
Maud Muller
'124 13
•
425 425
Midland Bank "Ind"__100 425
McKee(A G)& Co corn_ •
3931 3931
•
Metrop Pay Brick cora_
2
234
Miller Drug rites
•
234
75
75
Miller Rubber pref._ _100
Mohawk Rubber corn ___-• 5834 58
6274
3734 3754
Murray Ohio Mfg cora_ •
• 38
3734 38
Myers Pump corn
370 3274
626 30
2,035 29
50 5634
675 43
11 310
135 1234
22 350
75 3934
10 42
2
60
21 7
074
1,085 53
20 324
1,380 3234
Apr 4534
Mar 60
Jan 40
Feb 6074
Feb 5334
Apr 310
Apr 144
Mar 425
Mar 4334
Apr 52
May
234
Mar 85
Mar 6534
Apr 43
Mar 3834
National Carbon pref__100
National Refining com__25
National Tile corn
•
so
National Tool corn
•
Nestle-LeMur corn
Nineteen Hund Wash corn*
Nor Ohio P & L6% pfd 100
Ohio Bell TeleP pref---100
•
Ohio Brass B
100
Preferred
Seamless Tube com-•
Ohio
27 127
40 33
500 34
170 14
1,040 22
27 22
60 9774
54 1114
1,208 8074
23 10634
372 687-4
Feb 13034 Feb
Jan
Apr 38
Mar
Jan 41
Feb
Apr 18
Mar 2934 Jan
Feb 3034 Apr
Mar 9914 Jan
Mar 11534 Jan
Jan
Apr 92
Mar
Jan 107
Feb 7514 Jan
129 130
35
35
34
3491
17
18
274 27
28
2934 2934
9734 98
11234 113
804 82
82
107 107
71
70
70
3474
2970
FINANCIAL CHRONICLE
Range Sinus Jan. 1.
High.
40
40%
28
27
2835
25
22% 2534
2434 2236 2435
3434 35
3435 35
56
56
57
382 394
160 39
325 28%
2,634 2234
576 21
495 3434
495 3435
1,510 4735
1,044 330
Scher-Hirst class A
•
22
22
Selberling Rubber corn
•
47
48
Preferred
100 107
10635 107
Sherwin-Williams com_ _25 9135 86
92
Preferred
100 107
10654 107
Stand Textile Prod A pf 100 85
8434 8534
B preferred
100
4634 4834
Stearns Motor corn
•
335
3
4
Stauffer class A
• 3034 3034 31
150 2155
223 47
25 105
982 82
60 10435
125 71
172 33
1,775
3
75 30
Feb 25
Jan
Jan
Apr 65
Mar 10734 Jan
Apr 92
May
Jan
Mar 108
Apr
Jan 90
tJan 51
AM
May
634 Jan
Feb 3235 Apr
Thompson Products com _• 59
58
Trumbull-Cliffs Furn pf 100
104
Union Trust
100 392
364
Van Dorn Iron Wks pfd 100 35
35
Weinberger
• 4434 40
Wellman-Seaver-Mor pf100
62
Wheeler Met
Prod34
:
Widiar
2535
WM Corp
100 104
1033.4
Youngstown St & Tu pf 100 104
102
340
50
2,132
12
1,025
96
250
100
75
305
Jan
Apr
Jan
Jan
Jan
Apr
Apr
Mar
Mar
Jan
RondaDity Ice & Fuel 6s._ .. _1933
r••••.i "f. Tulua lia
60
104
396
35
45
63
34
2536
104
104
9934 9934 $1,000
Or IA OR
A non
4634
103
307
28
24
62
3234
25
103
101
Mar 42
Mar 33%
Jan 30
Jan 28
Apr 3834
Apr 3851
Mar 5934
Mar 394
68
10535
396
35
48
65
36
2934
104
104
9934 May 101
05
anr 08
Mar
Jan
mar
Mar
Mar
mac
Apr
May
Jan
Jan
AM
AP/
Apr
Jan
Apr
Feb
Mar
May
Feb
Jar
• No par value.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Apr. 27 to May 3, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low, High. Shares.
Range Since Jan, 1.
Low.
Ahrens
-Fox "A"
•
1834 1844
Aluminum Ind
* 3234 32
3335
Am Laund Mach corn_ __25 93
90
95
Amer Products pre
•
2534 26
Amer Rolling Mill oom_ _25
115 120
Amer Seeding Mach com 50
26
26
Preferred
100
6435
63
Amer Thermos Bottle A_ •
1634 1634
Preferred
50
4734 4734
Amer Prod corn
2535 2534
Amer Rod Corp
60
65
60
Baldwin new pref
100
100 104
Buckeye Incubator
• 1835
18
20
8 18
1,915 32
2,800 81
37 23
294 90
655
634
306 1934
391
163.4
8 47
100 20
2,861 3734
12 100
1.014 10
Carey (Philip) com
_100
Carthage Mills
•
Central Brass A
• 20
Champ Coat Pap spl pf _100 106
Churngold Corp
• 30
•
Cinn Bail Corp
Chin Car B
100
334
Preferred
1035
Cin Gas & Elec pref _ __ _100 98
C N & C Lt & Trac com 100 100
Preferred
100
Cin Postal Term pref _ _100 7934
Cin Street Ry
50 4935
Cin & Sub Tel
50
City Ice dr Fuel
• 5735
Coca Cola A
• 3034
Crosley Radio A
• 10834
Crown Overall pref__ _ _100
2
7
350
16
268
228
404
672
882
225
82
110
1.135
146
297
68
133
100
327 327
45
45
20
20
106 106
30
31
3454 35
334 334
10
1035
9735 9
834
93 100
72
76
7934 80
49
4934
11834 120
54
5734
30
3035
10735 111
106 106
Dan Cohen
27
27
Dixie Ice Cream
50 60
60
Dow Drug corn
100 26
25
Eagle-Picher Lead cons _20 18
18
Early & Daniel pref. _100
107
Egry Register A
• 31
31
Fitth-Third-Un Trust- _100 340
335
Foundation pfd
10435 1043.4
Formica Insulation
• 4534 4554
French-Bauer (deP)
1335
•
Fyrfyter A
2435
230
38
20
105
20
3334
3
10
9635
93
70
7934
4835
11835
5334
30
88
106
High.
Feb 20
Apr 34
Mar 96
Mar 30
Mar 120
Mar 27
Jan 6435
Alm
18
Jan 4734
Mar 34
Mar 66
Apr 10735
Jan 2735
Jan
Mar
Apr
Mar
Mar
Jan
Apr
Apr
Apr
Apr
Apr
May
Mar
Apr
Apr
Apr
Feb
Feb
35135
45
2734
106
37
40
4
15
99
100
77
8535
5535
130
63
3454
127
108
Feb
Apr
Jan
Jan
May
Apr
Apr
Jan
Jan
Jan
Apr
Jan
Mar
Mar
Apr
Jan
Jan
Jan
Jan
Apr
Apr
Jan
May
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
2835
60
2734
19
107
31
340
10435
4754
1335
25
720 26
220 58
84 25
1,210 18
5 104
130 31
51 327
10 101
1,527 2634
6 123.4
165 2434
Apr 313.4 Mar
Apr 60
May
Apr 4135 Jan
Apr 2134 Jan
Feb 10736 Apr
Jan
Apr 37
Mar 360
Mar
Feb 1045-4 APT
Jan 48
Apr
Apr 133.4 Apr
May 2835 Feb
• 49
Gibson Art corn
4934
49
Globe-Wernicke pref _ _ _100
91
91
Goldsmith Sons
,
2736 28
110 11434
Gray & Dudley
Grless Pfleger
95
95
5265 58
Gruen Watch corn
•
100 11534 11535 11535
Preferred
Hatfield-Campbell com_ _*
1235 13
Hobart Mfg
• 6234 6234 64
• 54
54
52
Int Print Ink
Preferred
100 9954 99 100
2534 2534 25%
Julian Kokenge
4055 41
Kahn participating
40
• 24
21
2434
Kodel Elec & Mfg A
93
93
10 93
Kroger com
288 4835
16 82
32 24
247 110
100 95
32 50
8 114%
45 1235
195 62
40 52
155 99
10 25
30 3634
1,310 15
6 90
Jan
Feb
Jan
Mar
Apr
Jan
Jan
May
Apr
Apr
May
Mar
Jan
Jan
Mar
3035 31
Lunkenhelmer
•
Manischewitz corn
3934
100 3935 39
1934 20
McLaren Cons A
•
66
65
Mead Pulp
* 66
26
20
Meteor Motor
• 2534
2864 3034
2934
Morse Coney A
7
•
6% 734
Morse ConeY B
16835
Nash(A)
100 168% 161
Nat Recording Pump_ _ _ ..• 28
2974
28
Ohio Bell Tel pref
100 112% 112% 112%
Ohio Shares pref- - -100
103 103%
84 28
993 33
100 1634
26 65
314 20
603 2834
6%
294
144 150
381 28
30 11135
20 102
Paragon Refining B
Voting trust etts
Proctor & Gamble com _ _20
100
5% Preferred
Pure 0116% pref
100
Queen City Pet prat__ -100
Rapid Electrotype
•
Richardson corn
100
United Milk Crate A
•
1.I S Playing Card
10
US Print dr Litho com_100
Preferred
100
II S Shoe pref
100
Whitaker Paper corn
*
100
Preferred
Wurlitzer 7% pref
100
58
97
3634
120
101
60
116
1335
70
6334
108
30
42
29
116
Feb
Jan
Jan
Mar
Jan
Feb
Apr
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan 32
Jan 39%
Jan 22
May 71
Apr id
Mar St.
May
10
Jan 175
May 3454
Apr 11435
Apr 104
Jan
Apr
Apr
Jan
Jan
Apr
Mar
Jan
Feb
Jan
Feb
24% 24% 24% 1.235 22% Jan
Jan
620 20
24
2234 24
Jan
1,400 279
38435 348 390
103% 102% 10334 • 829 102% Feb
143 99
Apr
993i
9934 99
Apr
10 100
100 100
Feb
451 58
6935
69% 65
Apr
790 48
48% 4934
Apr
200 29
29
29
Apr
163 100
10134 100 102
353 8534 Jan
100
9834 100
59 9934 May
100
cog ioo
May
47
80 47
48
25 7434 Jan
77
77
Jan
2 102
10535 10534
Apr
4 116
117 117
Mar
30
2934 Mar
May
390
10435 Mar
103% Jan
10134 Feb
6955 May
Mar
58
Jan
37
Jan
115
Feb
100
Mar
102
Jan
69
Jan
87
10735 Jan
11735 Apr
•No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Apr. 27 to May 3, both
inclusive, compiled from official sales lists:
Stocks-
outs"'
Last Week's Range for
Sale
of Prices
Week,
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low,
High.
Allegheny Steel corn
•
75
75
830 60
Preferred
105
105 105
99 100
Aluminum Goods Mfg_
32
32
3234
565 29
Am Wind GI Mach com100
25
25
20 24
Arkansas Gas Corp nom_ _*
534
5
534 10197
365
Preferred
10
8
8
8% 2,334
764
Armstrong Cork Co
* 7034 7034 7134 2,617 6134
Bank of Pittsburgh
50
1823.4 18234
8 180
Blaw-Knox Co
25 40
40
41
645 3834
Carnegie Metals Co
10
1834 1855
125 1634
Cent Ohio Steel Prod corn *
24
24
15 24
Citizens Traction Co_ _ _50
35
35
45 35
Clark (DL) Co corn
* la%
1655 17
1,115 1634
Colonial Trust Co
100
310 325
8 310
Consolidated Ice corn __SO
4
4
25
4
Preferred
50
20
21
291 1935
Crandall McKenzie & II_ _ _
25% 2534
300 25
Feb 00
Mar 105
Mar 39
Feb 32
Jan
534
Jan
834
Jan 73
Feb 188
Feb 4534
Apr 20
Apr 28
Apr 35
Mar lay,'
Mar 325
May
5
Mar 26
Mar 29
Devonian 011
10
Dixie Gas & HUI com____•
Preferred
100
Follansbee Bros Co pref 100
Harb-Walker Ref coin _ _*
.
Horne (Joseph) corn
•
Jones & Laughlin St pt_100
Koppers Gas& Coke pret__
Libby Dairy Prod com_ •
1st preferred
100
Lone Star Gas
25
McKinney Mfg corn
*
Nat Fireproofing com __ _50
Preferred
50
Penn Federal Corp com_ •
Peoples Say & Trust_.100
_100
Petroleum Exploration__25
Phoenix Oil Co pref
1
Pittsburgh Brewing pfd -50
Pitts Investors Security...*
Pitts Plate Glass
100
Plymouth 011 Co
5
7
1336
14
14
74
75
98
98
60
60
60
36
36
36
12034 12054
10134 10134 10114
3634 3734
1083.4 115
74
6934 745-4
13
13
16
13
16
3434
34
34
435 435
800 800
31
31
45c
45c
735
734
29
31
29
69
69
68
25
25
26
3,850
375
100
87
95
100
10
590
610
30
2,747
50
460
910
10
10
140
800
225
320
800
110
6
734
70
95
52
35
12034
101
2534
10434
67
1134
1035
2834
435
750
31
304
6
2535
64
24
Mar
Jan
Jan
Apr
Jan
Mar
Apr
Mar
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Apr
Apr
Mar
Jan
Jan
Jan
Feb
Salt Creek Consol OIL _10
San Toy Mining
1
Stand Plate Glass pr pfd100
Stand Steel Springs
Stand Steel Propeller__,-•
Suburban Elec Dev
•
Union Steel Casting tom.*
United Engine & Fdy corn •
United States Glass
25
Vanadium Alloy Steel
Westinghouse Air Brake_ _*
Wiser 011 Co
25
Witherow Steel corn
•
354
Sc
3234
72
27
23
28
4634
1135
7034
48
13
53
334
6c
3254
72
28
23
28
47
1435
7134
4834
13
54
300
4,000
100
50
2,710
100
10
480
649
190
230
30
150
334
Sc
25
72
2534
223.4
20
38
1034
70
4334
13
3134
Apr
Jan
Jun
May
Apr
Mar
Feb
Jan
Jan
Mar
Apr
May
Jan
10
14
27%
4834
Unlisted
Davidson Coke pre
Hach Linn corn
National Erie pre( A
Penns Industries units_
Pittsburgh Screw & Bolt_
Ruud Manufacturing
Western Public Service__ __
Bonds
Independent Brew 68_1955
• No par value.
10234
1834
25
110
27
4354
24X
68
68
10234
18%
253.4
110
2734
4454
28
68
75 102
210 18
1,110 25
170 109
4.080 2335
300 41
3,710 2434
$5,000
68
1334
16
78
9936
61
40
12134
10334
43
135
75
1635
17
3534
535
800
35
75c
8
34
75
3034
Mar
May
Feb
Jan
Apr
Jan
Apr
Jan
Feb
Jan
Feb
Apr
Apr
Jan
Feb
Feb
Jan
May
Apr
Feb
Jan
Mar
Jan
Mar
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Apr
Jan
Jan
Feb
Feb
Jan
Jan
534 Jan
25c
Jan
3254 Apr
8735 Feb
28
Apr
29
Jan
Apr
31
4934 Apr
15
Feb
72 I Mar
5434 Mar
1435 Feb
79
Mar
Apr 10254 Apr
Apr 20
Mar
Apr 26
Mar
Feb III
Feb
Mar 3034 Apr
Mar 4434 Apr
Apr 28)4 Mar
Apr
70
Apr
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Apr. 27 to May 3,
both inclusive, compiled from official sales lists:
Stocks-
r rum?"
OWL"
Last Week's Range for
Week.
Sale
of Prices
Par Price. Low. High Shares.
Alaska Packers Assn
American Co
Anglo & Lend Paris Nat Bk
Associated Insurance
Associated Oil
A Bans L M Diesel En A_ _ _
Aviation Corp
168 168
168
140
140 14034
25434 25254 254Si
9% 10
10
4534 4535
______
58
55
2774 2534 2834
Bank ot California N A _ __ _ 330
330
Byron Jackson Pump Co_
4054 37
Calamba Sugar prat
1754
California Copper
635
635
Calif Cotton Mills common 693-4 6354
Calif Oregon Pow 7% prat_
112
California Packing Corp__
7835
7754
Caterpillar Tractor
8434 76
Clorox Chemical Co
40
Crown Zelierbach pref A __ _
9234 9234
B
9254
V te
213.4 2034
Cons Chem Co
283-4
283-4
335
4134
1734
. 734
6954
112
7935
8735
4135
9234
925-4
2134
2834
Dairy Dale A
3034 3074
B
2435 2435 2434
Douglas Air
393-4 35
393-4
Emporium Corp (The)__ _ ______ 28 X 2
.
834
Fageol Motors corn
4.85
4.75 4.85
Preferred
734 73.4
Firemen's Fund Insurance_ 110
110 112
Foster & Kielser common
113.4
113.4 1134
Galland Mere Laundry_
5035 51
Golden State Milk Prods_
55
5235 5535
Gt West Pr A 6% prat
1003.4 10054 101
Preferred
106
106 10654
General Paint A
2934 2954
B
25
25
Haiku Pineap Co Ltd com_
13
13
13
Preferred
2235 2255 2235
Hawaiian Coml Az Sug Ltd_
5334 5334 5454
Hawaiian Pineapple
6234 6235
Home Fire & Marine Ins
______
39% 3934
lIonolulu Cons 011
4
034 3934 4056
Honolulu Plant
68
66
66
Illinois Pacific Glass A..
36
35% 36
Jantzen Knitting
4434 4434
John Bean
5434 52
5574
Kolster Radio Corp
4254 4154 4374
Langendorf United Bak A_ 3354 3234 34
B
31
31
3134
Leighton Ind A
17
1634 18
Byte
10
10
Leslie Salt Co
3434 35
LA Gas & Elec Prof
10354 10354 104%
Lyons Magnus A
2356
2254 22
11
1234 125-4
1254
Magnavox Co
8
864
83-4
Magnin (I) common
3654
3634 35
Natomas Co
25
25
2554
Nor Amer Investment corn
122 122
Preferred
101 I, 01 101
53.4% preferred
94
94
14.
/ n.lt a......,..... nil
1
1
OK,,
oat! ,;u
.W
0.0
W.
W
...I
0.
Ob. N
.
WO, ONN
4
9WM...W .4 0 ,
..
..= 0 0 WW .
'.
'
.00M.00.0W0.00 CA.0.0.0...10.
1.4W.
uuy
NN.I. OCIAN
,
Packard Electric com_
•
Packer Corp corn
•
Paragon Refining corn- --•
Vot trust certificates_ _ _
;
Patterson Sargent
Patterson-Sargent
•
Reliance Mfg corn
•
Richman Brothers com
•
For,. 128.
•
.WWG1
.
CO
.
WW0
0..w.0A.N.A1
'ol.
4Wi.N.O.IONW0. .
,,,q,.c..0.w.CW.020.Qa.C.CN¢Q *.N. OMONNN.NICA
1...O.WOOW.C.OQ..WWW
=000.0.N..100LAWCOWOMN.0..00.0.00G NO -40Q10-.4.0.0
000,..
Friday
Saw
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
168
1395-4
251
934
45
50
2534
May 180
Jan 17134
Apr 26934
Apr 12
Jan 46
Mar 6535
Apr 2854
Mar
Mar
Feb
Mar
Feb
Jan
May
290
31
1734
6%
63
10864
73
71
38
92
9234
1934
2
634
Jan 340
Mar 8634
Apr 19
May
1054
Apr 94
Apr 11535
Mar 8134
Mar 8735
Mar 5035
Jan 96
Apr 95
Apr 253.4
Apr 283,4
Apr
Jan
Jan
Mar
Jan
Jan
Feb
May
Jan
Jan
Mar
Jan
May
2334
173.4
24
273.4
4.75
73-4
10434
1034
5035
5235
100
105
29I4
23
Jan 3136
Jan 26 Si
Mar 3974
Jan 3734
Apr
7
8
Jan
Mar 151
Mar 1234
May 55
Mar 5935
Mar 10256
Mar 10734
Apr 323-4
Apr 2834
Apr
Mar
May
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Apr
Jan
Feb
9
21
5034
59
395-4
3534
6034
35
44
453-4
32
28
25
16
7
3454
10354
22
123-4
7
33
25
113
100
94
20
Jan
Apr 13
Mar 2334 Jan
Jan 5534 Apr
Mar 655-4 AM'
May 4634 Jan
Feb 4054 Apr
Apr
Jan 66
Feb
Apr 47
Apr 485-4 Jan
Feb 553-4 May
Apr 793.4 Jan
Feb
3554 Mar
Jan 3254 Mar
Apr 1836 Jan
Jan
1036 Feb
Apr 473.4 Jan
May 1083-4 Jan
Apr 233.4 May
Apr
123-4 May
Feb 1335 Jan
Apr 39
Jan
May 30
Apr
Jan 123
Feb
1034 Jan
Feb
Jan 95
Mar
Mar 38 ' Jan
MAY 4 1929.]
FINANCIAL CHRONICLE
Associated Gas Elec
• 574
Barraniall Corp "A"_ _ _ _25 43%
Bolsa Chien, Oil "A"
1 18715
Buckeye Union Oil pfd._ _1 38c
Byron Jackson
• 40
Range Since Jan. 1.
Lou,.
5715 57%
100 554
43
4315
700 38
1.701.924 15,300 1.70
Mc 41c
11,100 33c
37
41% 7,500 33
J Bean Mfg
• 5435 524 544
800 49%
California Bank
25 141
138 141
839 125
Central Investment.._ _100 101
101
101
16 101
Doug Air
• 394 33% 40
17,700 24%
EmscoDer&Equip corn • 41
39% 424 31,500 37%
Far&SlerchNattBank _ _100 485
485 485
10 460
Foster & Kleiner corn
_10 11 15
11 14 11%
100 11 , i'
Apr 574 Mar
Feb 4635 Mar
Apr 4.30 Jan
Apr 1.85
Jan
Apr 413( May
Apr 5415
Jan 141
Apr 103%
Mar 40
Feb 4414
Jan 485
Feb
12
Mar
Mar
Mar
May
Feb
Apr
Jan
Macmillan Pete
25
Mascot Oil
1
MerchNat&Tr&Sayl3k__25
Merchants Pete
1
Midway Northern Oil._ _.1
SlorelandMotorsCo corn 10
Mortgage Guar Co_ _ _ _100
Nat Bank of Commerce_25
Occidental Pete common_l
Oceanic Oil
1
Pacific Clay Products_ __ ..•
Pacific Finance corn_ ___25
Pacific Lighting corn
•
Pacific National Co
25
Pacific Western Corp_ _*
Republic Pete Co
10
Republic Supply Co
*
Richfield 011 corn
25
Pref ex-warrants
25
Rio Grande Oil COM new_25
3934
1.70
220
Mc
23c
3.15
199
4734
3.75
1
33
117
80
38
1834
5
60
45%
25
36%
205
50c 1
20c
2
190
45
2.10
1
31
6735
70
35
184
5
GO
40
24%
3235
8 J L & P 7% prior pret_100
6% prior pref
100
Seaboard Nat Sec
25
Seaboard Nat Bank
25
Signal Oil & Gas A
25
B
25
So Ca3if Edison com
25
8% preferred
25
25
534% Preferred
So Calif Gas6% Pre( A 25
So Counties Gas6% pf_100
Standard Oil of Calif
•
Sun Realty common
1
Rights
Seaboard Dairy Corp A.100
Sec First Nat Bank
25
Trans
-America corp
25
Scrip
Union Oil Associates__ __25
Union 011 Calif
25
115
101
48%
46
394
57
55%
2534
244
25%
100 •
77%
4
2.95
99
136
141
1.35
50%
504
P
Bonds
Pacific Lt & Pr 53_ _ _1951 102
1Q42 107
115 1154
101
1014
4834 484
46
46
3934 40%
57
57
5511 564
25% 25%
24% 244
25% 25%
100 100
7635 7915
3.50 4
2.95 3.05
99
99
136 137%
134% 141
1.35 1.35
50
5034
5011 51
102
107
•01
3934 40
1.70 1.70
210 220
55c 55c
23c
23c
3.13 3.15
19715 199
4734 48
3.05 3.75
1
1.10
33
33
11531 117
77
80
38
38
1834 19
5
54
60
60
44% 4531
25
254
3635 3735
N
Friday
Sales
Last Week's Range
for
Sale
of Prices.
1Veek.
Par Price. Low. High. Shares.
Stocks-
Apr 1014 Mar
Feb 102
Feb
Jan 1.1735 Apr
Mar 264 Jan
Jan 60% Mar
Apr
9
Apr
Apr 65
Apr
Jan 99
Jan
en% May 108 I Jan
2.15
Jan 2.55
Jan
354 Apr 37
May
--=
88;188S8t85=8S8.00., 87,8888g88e9,81g2488g88
8828888t84:1148
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Apr. 27 to May 3,
both
inclusive, compiled from official sales lists:
2971
r rsuuy
owes
Last Week's Range for
Sale
ofPrices.
Week.
Stocks Concluded) Par. Price. Low. High Shares.
Gilmore 011
8 12
12
1215
GlobeGr&NIII let pfd - 25 25
25
23
Goodyr Tire & Rub pfd100 9931 9931 100
Goodyear Textile pfd_ -100 100
100 100
Holly Development.
1
1
1 1.05
Home Service 8% pfd..._25 25
25
25
Hydraulic Br Co com__25 52% 524 5335
Int Reins, rts
715
7
74
Par
10 544 544 60
LA Biltmore pfd.
100 96
98
96
L A Gas & Elec pfd ___100 103% 10334104%
LA Investment Co
1 2.40
2.35 2.45
[Magnin corn
• 3635
3535 37
102
107
Ran7e S we Jan. 1.
Low.
10
High.
Mar
1535
Jan
99%
98
1
25
90
7
53
96
3415 Feb
112%
100
42
42
37
57
5415
2531
244
25
100
64%
3.50
2.95
99
125
125
1.35
45
4615
§§
Friday
&hos
Last Week's Range for
Range Since Jan. 1.
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shared.
Low.
High,
-Occidental Ins Co
2634 2634 27
281 2615 Apr 30% Feb
Oliver Filter A
384 394
575 38
Jan 48
Feb
36
374
775 34
Mar 45
Feb
Pacific Gas & Elea com__
564 56
57
3,460 54
Jan 67% Jan
1st preferred
264 2615 27% 3,085 261 Mar 28
%
Jan
Pacific Light Corp com
80
77)5 80% 7.652 70
Jan 8431 Mar
6% preferred
101% 1024
145 1014 Apr 104
Feb
Pacific 011
1.124 1.124
400 1.124Feb
1.25 Jan
Pacific Public Service
234 23% 23% 3,680 20% Jan 24% Apr
Pacific Tel & Tel COM
185
1814 185
110 160
Jan 196
Mar
Preferred
126% 1274
20 121
Jan 130
Mar
Paraffine Cos Inc corn
851.1 83
87
5.119 79% Mar 88% Jan
Pign Whistle pref
14
14
250 124 Mar 144 Apr
Rainier Pulv & Paper
31
31
31
785 31
Apr 35
Mar
Richfield 011
4535 44% 45% 6,682 394 Feb 48% Jan
Preferred ex-warrants
2431 24% 25%
785 24% Jan 254 Apr
Roos Bros corn
32% 33
425 31% Mar 34
Jan
Preferred
98% 98%
40 98% Mar 100% Jan
S J Lt & Pow pr pref
115 1154
75 112
Apr 118
Feb
S J & P6% prior pref
101
101 101%
20 984 Mar 102% Jan
B F Schlesinger A com
18
17% 18
220 16
Apr 2115 Jan
Preferred
87
87
87
55 86% Mar 90
Jan
Shell Union()Hewn
294 2915
1,162 26
Feb 31% Apr
Sierra Pacific Electric prat
93% 93%
10 90
Mar 96% Jan
Spring Valley Water
87
87
200 86
Mar 92
Jan
Standard Oil of Calif
78% 76% 7934 15,949 64% Feb 8031 Mar
Standard Oil of N Y
424 42%
1.000 424 May 44% Apr
Tidewater ASSOC Oil corn.._
20
19% 20%
450 18
Feb 21% Jan
Preferred
88
89
25 86% Jan 89% Jan
Tmnscont'l Air Trans') Inc
28
30
35 24
Mar 30
Mar
Traung Label & Litho Co__
22
22
130 21
Apr 23
Feb
Transamerica
134% 141
57,535 125
Feb
Union Oil Associates
50% 50 50% 4,235 44% Feb 142% Mar
53% Apr
Union 011 of California
50% 504 51
5,142 464 Feb 53% Apr
Union Sugar corn
2315 22
2315
807 21
Mar 28% Mar
Weill & Co Inc(R) pref__
109 109
30 105
Jan 109
Apr
Wells Fargo Bk & Un Tr_ _ 310
310 310
25 300
Mar 318
Apr
West Amer Finance pre__
4.35
4.35 5
950
4.35 Mar
615 Jan
West Coast Bank
23
23
23%
571 23% May 30
Jan
• No par value.
102
107
424 Apr
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
May
Jan
Feb
Jan
Jan
253%
80c
35c
3.45
199
48
515
1.20
5615
120%
8035
40%
23
94
62
4814
254
42%
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Jan
Apr
Jan
Apr
Mar
Apr
Apr
Feb
May
Jan
Mar
Mar
Jan
Feb
Feb
Mar
Apr
Mar
Mar
Feb
Apr
Feb
Feb
1164
1014
50
48
48%
70
674
2631
25
26
99
80%
511
3.55
99
14215
142
1.35
53%
54
Mar
Mar
Feb
Feb
Mar
Feb
Jan
Jan
Feb
Feb
Apr
Mar
Jan
Feb
Mar
Apr
Mar
Apr
Apr
Apr
May 102
Apr 103
May
Apr
•No par value.
St. Louis Stock Exchange.
-Owing to wire trouble, the
record of transactions for the week ending May 3, has not
come to hand.
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 (April 27) and ending the
present Friday (May 3). 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.
Week Ended May 3.
Stocks-
Range Since Jan. 1.
Low.
High.
Friday
Sales
Last Week's Range for
Sale
Week
ofPrices
Stocks (Continued) Par. Price. Low. High Shares
Indus. Rc Miscellaneous.
Aoetol Products corn A....' 1615
Armstrong Cork corn__.,..'
104 1615
100 16
Apr 23
Jan Art Metal Works corn
Acoustic Products corn,.__'
•
515
515 64 14,100
5
Feb 19
Jan
Aero Supply Mfg Cl A....*
4esociated Dye & Print._'
40
40
100 384 Mar 50
Apr Assoc Elec IndustriesClaSS It
• _3935
39% 40
500 38
Feb
50
Apr
Class B new
Amer dep rcts
•
1315 14
1.400 1315 Apr 144 Apr
Aero Underwriters
Aasoclated Laundries A..•
38
3815
400 384 May 484 Feb
Agfa Ansco Corp corn..,..' 40
tssoclated Rayon corn_ _•
3615 404
5,500 32
Apr 4315 Jan
Preferred
6% preferred
100 8735 85
100
8715
400 7315 Jan 874 May
Ainsworth Mfg Co
4tlantic Fruit
• 434 42
_. •
43%
2,800 39
Apr 434 May Atlas Imperial & SugarAla Gt Southern ord____50 14534 145% 145%
Diesel EngA
100 144% Jan 161
Feb
Preference
4 ties Plywood
50
146
•
147
150 146
Apr 167
Alexander Industries
Feb Atlas Portland Cement....
• 1815
•
1711 1934 13,000 13
Mar 23
Mar
Mies & Fisher Inc corn
• 26
26
26
100 26
May
36% Jan
Allied Motors Industries_
Auburn Automobile corn_•
45
44
46
700 39% Apr 46
Apr
Allied Pack corn
4utornatie Regis Staab__ •
•
h
h
h
1,100 600 Apr
2
Jan
Allison Drug Stores CIA'
Cony prior panic
315 4
•
300
315 May
711 Jan
Class B
•
2% 215 1,200 215 Apr 54 Mar aviation Corp of the Amer•
Alpha Portl Cement oom-• 4934 49
New
50
•
1.100 46
Mar 5445 Feb4viation Credit
Corp.__ _•
Aluminum Co common- __• 271
Axton-Fisher Tob
205 27431 4,300 146
-10
Jan 27134 May Babcock & Wilcoxcorn A
Preferred
100 10615 10615 107
Co__100
400 1034 Jan 107
Mar Bahia Corp common
Aluminum Ltd
• 1354 120 13535
•
900 10611 Apr 1354 May
Aluminum Goode
Bauman (Ludwig) & Co
_ • 3235 32
3215
1,200 30
Mar 41
Feb
Mfg.
100
American Arch Co
Common
43
45
•
400 3714 Apr 4734
Jan
American Bakeries cl A.. •
Cony 7% lit pref. __100
47
47
100 47
Apr 50
Jan
Bean (John) Mfg corn __*
Amer Beverage Corp.- - _ • 15
15
15
1,600 1334 Jan
16% Jan
Hellanca Aircraft v t 0...*
Amor Brit & Cont Corp...' 1615
16% 17
900 164 Mar 2234 Feb
Bendix Aviation Corp
Am Brown Boverl Elea Corp
Bandit Corp corn
• 1915
Founders shares
174 1934 3,600
5
854 Jan 20
Apr
•
... 25
Amer Chain coin
25
300 1615 Star 344 Mar Bigelow-Hartf Carpet__ •
Filauner
American Cigar com___100 37
135 137
-•
475 135
Apr 144% Mar 13Iaw•Knoscommon
x Co
112 112
Preferred
112
•
25 1104 Apr 112
Jan
Bilas(E W) Co
• 4231 42
Amer Colortype corn
424
400 37
Jan 494 Feb Blumenthal (S) common...
864 8834 3.600 74
Amer Corn Alcoholv t a 100
& Co corn •
Mar
Feb Blyn Shoos Inc coin
4235 4431 13.100 42% May 90
New
..43
10
4431 May
564 6234 17,500 1150
Amer Cyanamid oom ol B 20 60
Jan 80
Jan Bohnek (II C) Co corn....'
112 120
Preferred
100
900 98
Jan 122
Mar Boston & Albany RR _100
16
174 3.700 16
Amer Dept Stores Corp_ _• 174
Apr 29
Mar Briggs & Stratton Corp_.'
1st preferred
94
100 9334 92
375 904 Apr 114
Mar Bright Star Elec cl A
•
Class B
Amer Laundry M'y corn.'
.•
89
94
125 77
Mar 9515 Jan BrIll Corp
Amer Meter
class A
•
• 11534 1144 115%
50 1144 Apr 5124
Jan
Class B
Amer Mfg corn
•
100 50
50
50
25 3734 Jan 50
May Brilio Mfg corn
Amer Milling new
•
59
100 58
59
Apr 59
May
Am Solvents &Chem v t o•
2915 294
400 264 Jan 4034 Mar Brit Amer Tob ord bear _LI
Ordinary registered__ _ f1
Cony panic preferred_ •
4735 474
100 4634 Jan 55% Jan
British Celanese
Amer Thread pref
311 316
5
400
3
Feb
334 Jan
Amsterdam Trading CoAmer deposit receipts__
Bruce (E L) Co
American shares
3015 304
100 30
Mar 33
Jan
Anchor Post Fence cm.... 304 304 3015
200 2934 Star 4311 Jan tsudd (E 0) Mfg com____•
M
Bullard Co (new co)
•
Anglo-Chile Nitrate Corp.' 39
374 40
4,200 83
Jac 4511 Jan Bulova Watch com
•
•
Angus Co corn v IC
144 15
400 144 May 15
Apr
$3.50 cony pre
•
$4 CUM cony prof
• 5234 52% 5234
200 5234 May 53
Apr Burma Corp Amer dep rats
Ape° 141ossberg Co ci A__25
10
104
200
5
Feb 1215 Jan Butler Bros
•rotitrna ihkelln Tilila
20
• 113
5234 1534 11.700 2234 Mar 5534 May Fint:APIA
rk A- The enrn.._•
1
20
12%
23
7234
34
54%
544
70
42
20
70
42
214
1215
1015
19
6615
85c
60
54%
49
1414 423,400
1115
200
1,206
25
72% 3,900
1
10,800
60
100
55
200
5415
3,000
19931 1764
10%
214
21
74
6634
2235 184
194 19
3345
120
119
1154
164
23
815
48
5534
4934
314
4
Low.
61
39
19
Jan
Apr
Feb
934
10
19
6615
76c
60
53
49
Apr
Mar
May
Apr
Apr
May
Feb
Apr
High.
75
Apr
564 Feb
2734 Feb
1434
1414
854
8715
2
60
8015
544
Apr
Feb
Jan
Jan
Jan
May
Jan
Jan
7,900 1304 Jan 201
201
11%
900
Jan
1514
8
2,700 1934 Mar 294
22
75% 16,700 3234 Jan 89
23 288,500 174 Apr 23
Apr 2345
1,400 18
20
3415
Apr 434
400 32
120
125 11731 Apr 137
1115
200
915 Mar 2234
May
Jan
Jan
Mar
May
Feb
Feb
Jan
Jan
74
304 3134
96 100
53
654
1715 24
22
82
80
83%
162% 139% 1634
104
104 104
55
55
5511
38
38
50
494 55
9634 95
9731
134
115 2
3431
175
100
1,200
Range Since Jan. 1.
500
150
3,600
11,500
53,500
40.900
150
1,00
100
23,300
2,400
300
30
924
49
15
80
00
96
51
38
39
80
135
Apr 33)
Feb 100
Apr 55%
Jan 24
May 83%
Mar 163%
Jan 104
Jan 6015
Apr 4534
Apr 644
Feb 9734
May
3
Apr
May
May
May
May
May
Mal
Fet
Fet
Jat
Sia3
Jar
65
17435
344
2215
15
23
815
20
3115
314
65
600 644 Apr 77
Jar
174%
100 1743.4 May 174% Ma)
3534 10.200 344 Star 38
Mar
24
1.000 19
Mal
Apr 24
1611 4,900 1134 Apr
1535 Apr
244
400 23
May 2614 Ain
835
500
84 Apr
1215 Mar
20
100 194 Apr 274 Mal
3135
400 2945 ADr 324 Fet
3134
1,500 294 Mar 32
Jar
74
48
49%
49
29
49
315
284
734
835
900
48
100
5615
2.400
50
1,900
3235 8,100
49
300
4
20,100
294
800
834
200
434
48
34%
44
29
49
314
2544
64
Im.
May
Jar,
r.
.
Mar
Mar
L.
,
Mar
r••••'.
84
48
437
53%
3235
50
511
4414
171.
Jar
Mal
Mai
Mar
Sim
Mai
Jai
Jai
1,,
FINANCIAL CHRONICLE
2972
Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Stocks (Conttnued)-Par Price. Low. High. Shares.
734 77
Capital Administr allot ctf 76
31
31
• 31
Carman & Co CIA
3031 31
• 31
Class B
3734 3391
Carnation Mil Prod corn 25 38
205 209
Casein Co of America-100 209
7534 88
• 84
Caterpillar Tractor
4344
Celanese Corp of Am cam • 4334 42
11191 115
100
First preferred
9445 98
1C0
New.preferred
40
•
40
Celluloid Co corn
•
n10934 u10934
First preferred
835 9
Centrifugal Pipe Corn- •
3391 3534
Chain Store Stocks Ino...•
•
3291 3231
Chats Corp
• 7141 6934 73.31
Checker Cab Mfg corn
5434
54
Chic Jefferson Fuse al El_•
1
1
Class B
50
Cities Service common_20 11631 11234 11634
2935 2891 2934
New common
100 9834 9734 n9834
Preferred
9
931
10
Preferred B
2791 2831
City Machine & Tool com•
254 254
City Radio Stores com_ *
49
50
City Say 13k (Budapest) 691 7
tClark Lighter corn A. •
Cleveland-Cliffs Iron_ _* 244 238 244
4234 4334
•
Cohn-Hall-Marx Co
70
704
Colgate Palmolive Peet_ • 70
14 131
135
Colombian'Syndicate
28 n31
Columbia Pict com w 1...• 30
3035 31
Columbus Auto Parts pf _•
344 42
Consolidated Aircraft. _• 42
Conga Automatic
7
734
7
Merchandising v 8 ct---•
3091
• 3034 29
$3.50 Preferred
404 4134
Consol Dairy Products-' 41
2491 27
Consul Film Indus corn.• 25
3291
Canso] Instrument corn...• 314 29
18
1831
• 18
Consol Laundries
Cons Ret Stores Inc corn.• 3191 3191 3334
Causal i'lleatres Ltd v t c_• 22% 214 2235
ContinentalDiamondFibre• 364 3531 3934
• 304 604 304
Coon(W B) Co Cora
40
50
Cooper-Bessem'rCorpcom* 48
$3 cum pref with warr .• 50% 504 51%
Copeland Products Inc:
•
1691 17
Class A with war?
100 10031
Corroon & Reynolds $6 pt.*
Crock Wheel El Mfg com 100 3104 280 3104
Crosse de Blackwell
4934 50
Pre( with warrants
40
39
10
Cuneo Press corn
9434 94%
.100
6% pref with war?..
424 44
Aaron) Exp corp.' 43
Curtiss
2834
28
27
Curtiss Flying Serv
Curtiss-Reid Aircraft
29
3034
pfd with stk purch war 30
• 304
Davega Ine
• 2891
Davenport Hosiery
Davis Drug Stores allot afe 37
Dacca Record Ltd
3%
Amer shs for ord sh-E1
Deere & Co common_ 100 600
• 1791
De Forest Radio v t e
Denver Tramway pref _100 22
Deutsche Bank (Berlin)
Am dep rcts bearing shs_
Direction der DiscontoGesellschaft Am dep rcts
Dixon (Jos) Crucible-100 1694
Dodder Die-Casting
•
Dominion Bridge
: 3934
Douglas Aircraft Inc
644
Dubiller Condenser CorP-•
• 1234
Durant Motors Inc
Durham Duplex Razor
Prior pref with warr- •
Duz Co class A
191
Class A vot trust ctfs•
Edison Bros Stores corn...' 2234
Elee Shovel Coal pref. •
Emsco Derrick Sr Equip_ _• 4134
Fabrics FInbilzing cam_ •
431
10
Fageol Motors com
Fairchild Aviation class A • 2494
100 894
Fajardo Sugar
431
•
Fandango Corp com
Fanny Farmer Can Shops*
Products Ina_ _..• 1291
Fansteel
•
Federal Screw Works_
3444
Federated Metals tr
Ferro Enameling Co al A • 62
28
Fiat, Amer dep receipts__
444
•
Film Inspect Mach
10
Fire Assoc of Pala
Firestone Tire & R com_10 289
• 4931
Fokker Air Corp of Amer.
-Fisher Inc corn. .* 33%
Fonts
Ltd
Ford Motor Co
1891
Amer dep rate ord reg_Ll
Ford Mater of Can cl A_ ___ 62%
103
Class B
Foremost Dairy Prod corn • 1431
Convertible Preference-'
Foremost Fabrics Corp-- 274
• 28
Farhat' Co class A
Foundation Co
Foreign shares class A..
Fox Theatres class A com.• 29%
Franklin(H H) Mfg corn • 3631
100
Preferred
4
Freed-Eiseman Radio__ - •
French Line Am abs for
francs
corn B stock_600
Freshman(Chas)Co
• 11
76
Gamewell Co corn
Garlock Packing com....-: 234
• 19
General Alloys Co
General Amer Investors--• 84
834
General Baking com
•
7241
Preferred
General Bronze Corp corn
: 45
General Cable warrants._ . 274
Gen Elea Co of Gt Britain
1534
American deposit raiz._
General Fireproofing com.• 37%
0110.1 Laundry Mach com •
Gen Printing Ink com__' 48
Gaul Realty & Util corn..' 1834
Pf with corn parch war 100 91%
Gilbert (A C) Co pref._ _ _* 43
12734
Glen Alden Coal
Goldberg (S M)Store corn: 23
Goldman-Sachs Trading * 10834
100
Gold Beal Electrical CO '
26%
New
•* 36
Gorham Inc cocornA
cum pref
$3
Gorham Mfg common...* 78
Clatham Knitbao Mach_ _• 1231
2,500
200
600
800
50
20,300
8,000
600
900
100
100
1,800
1,800
100
13,800
400
100
27,900
31,900
2,900
200
300
100
200
700
200
200
600
3,000
2,200
400
28,700
Range Since Jan. 1.
Law.
7191
3035
2391
37
180
69
4134
10434
9234
40
100
84
3091
31
4634
48
50c
884
2834
9691
891
2491
254
49
631
238
364
6634
1 tie
28
30
254
High.
Mar
Apr 78
Apr 3191 Feb
Apr
Apr 32
Feb
48
Apr
Jan
Jan 267
May
Mar 88
Mar 574 Feb
Ayr
Mar 122
100 Feb
Feb
Jan
Feb 50
Mar
Jan 110
Jan
Apr 13
Apr 403.4 Jan
Jan
Mar 42
Mar
Jan 94
Mar 594 Mar
191 Mar
Mar
Jan 12191 Mat
Apr 3191 Mar
Feb 9834 Jan
931 Jar
Jan
Apr 344 Jan
Feb
Apr 31
Apr 5691 Feb
Apr 2491 la'
May
Apr 244
Feb4691 Apr
Apr 8091 Jan
Jae
2
Jan
May 3191 Mar
Mar
35
Ma
Mar
Mar 43
Sates
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
[VOL. 128.
Range Since Jan. 1.
Low.
High.
Gramophone Co Ltd
Amer dep rats ord El 8334 81% 8944 7,000 6244 Jan 8944 Apr
40% 4134 3,500 35
Granite City Steel nom • 41
Mar 4434 Mar
10 115
115% 1154
Gt Atl & Pac Tea 1st pf 100
Jan 117% Feb
1934 Feb
400 12
Greenfield Tap & Die corn•
Jan
16% 17
400 1334 Jan 1734 Mar
16
1634
Greif (L) & Bros cora_.• 16
44 Feb
1,300
24 3
Griffith (D W)clam A--•
1% Jan
234
124
'
Mar
120 13431 8,100 120
GrIgeby-Grunow Co new
Apr 183
43% Mar
Ground Gripper Shoe corn* 3644 3634 n38% 1,400 27
Jan
•
200 32
Jan 424 Mar
3734 3734
$3 preferred
Apr 70% May
614 74% 17,200 57
Guardian Fire Assurance 10 71
Hall(C M)Lamp Co....' 254 2334 2534 2,900 204 Mar 26% Jan
Jan
Apr 35
Hall(W F) Printing......10 2834 2634 29% 5,100 26
Havana's' Candy St el A •
34 Mar
334 334 1,400
551 Jan
334
44
44
Jan
100 4234 rJan 45
Hartford Times panic Di.
20
20
Hartman Tobacco com__10
Jan
Jan 22
100 20
240 63% Jan 9834 May
Hart-Parr Co com• 97% 9735 n9834
Jan 82% Mar
7334 15,600 46
• 6941 69
tiaygart Corp
Apr
45
• 46
Apr 54
1,500 41
4734
Haseltine Corn
21
Apr 26% Jan
2,600 19
20
Helena Ruh'etein Inc nom • 21
Apr 23
400 20
21% 23
Hellman (Richard) warr-- 23
May
Feb 12141 Jan
170 115
119 120
Hercules Powder pref -.100 119
• 2891 2831 2831
Apr
100 1934 Feb 30
Hayden Chemical
Apr 244 Jan
23
100 23
23
Holt (Henry) & Co cl A_•
Feb
4934 53
700 3,435 Jan 57
Hormel(Geu A)& Co cora•
Apr 6131 Feb
55
100 55
55
Horn & Hardart com_*
Apr 105
100
Jan
25 100
102 102
Preferred
Mar 5044 Jan
49
1.200 45
49
flouted Finance part p150 49
Jan
25
• 25
1,700 234 Apr 12
22
Hurler's of Del cam
ilio 95
9234 95
700 9034 AD 100% Mar
7% preferred
• 36
700 3441 Jan 49% Jan
35% 374
Hygrade Food Prod cam.
, Imperial Chem Industries
114 Feb
831 May
200
831 831
831
Am dep rctsord she reg El
1791 JAI
535 Apr
18,500
Apr 584 Jan
200 32
35
Indus Finance corn v t e.10 35
3734
Jau
Apr 45
2,000 25
9035 Jan
7944 81% 2,500 7734 Fe
insur Co of North Amer_10 8135
2,700 37% Mar 5091 Fat
3331 Jan
May
28
Apr Insurance Securities_ _ IP 28
2844 2,700 28
Jan 27
23,500 18
Feb
AP 120
*
100 102
103 103
Mar Int Cigar Mach
35
Feb
7,500 23
1641 Mar 24% Jan
400
17% 19
internal Perfume cum. •
Mar
Pet. 21
8,100 17
Mar 14% Jan
• 11
1,800
Products cam_..
Internal
1035 11
2,200 314 May 3934 Feb
200 78,35 Apr 834 Feb
7934 80
$6 cum preferred_ _ _ _11111 80
2,200 184 Mar 2291 May
May
•
93 120
9,600 124 Jan 120
16,200 2591 Apr 3931 Apr Internal Projector
* 2434
53,700 19% Apr 25 May
1944 25
New when issued
200 2891 Apr 434 Jan
Jan
Feb 46
Apr
Internat Safety Rasor 13_• 354 3434 3631 2,500 25
Apr 42r
2,900 39
Feb 744 Mar
International Shoe com...' 6791 64
500 60
6734
3,300 484 Apr 5291 Apr
Mar 3231 Mar
Interstate Hosiery
3144 4,000 30
3131 30
Mar
Mar 63
* 48
600 45
45
48
600 1514 Apr 2191 Fer Investors Equity Mils.164
100 27% Apr 33% Jan
29
29
Apr Iron Fireman Mfg com vtc•
Apr 102
1,300 100
Apr 40 May
50
40 130,300 23
75 12791 Jan 31091 May Irving Air Chute coin...' 37
141
4 Jan
Wats FeaechinlAm dep rct
200 10% Apr
1144 11%
547er
600 1335 May 20
Feb Jonas & Naumburg own _ • 1334
1334 1434
300 49% Apr 58
Mar
•
$3 cum cony pref
300 464 Apr 59
4634 47
May 4734 Jan
• 300 39
1,100 1934 May 2494 Mar
Karstadt(Rudolph) Am ,h, 19% 19% 21
100 8934 Mar 944 Apr
1,000 2645 Jan 5291 Feu Ken Red Tube & L A__• 2935 2554 3034 10,700 224 Mar 304 Mar
1,500 1731 May 17% May
1734
33,500 1931 Mar 2991 Apr Kermath Mfg
174 17%
Jan
Keystone Aircraft Corp..' 36
3434 3934 3,200 31% Mar 50
May 3435 May
Mar
900 32
3334 32
Kinney (0 R) corn
3434
300 2734 Apr 35
Mar 2431 Feb
19
100
Klein(H) dc Co partic pf 20
20
20
Feb
• 3031 3054 3151
300 3031 May 37
1,260 2834 Apr 3634 Jan Knott Corp com
2991 3034
Jan 71% Mar
100 41
60
60
60
200 1891 Jan 34% Feb Kobacker Stores com
2735 2834
Apr 574 Mar Kolster-Brandes. Ltd.
700 35
3834
37
591 Apr 124 Mar
Amer 'Mares
5% 6% 12,800
635
800 3831 Apr 4534 Jan
3934
414
39
3g 331 1,300 344 Mar 642 Feb Lackawanna Securities_ --• 39
2,200 1034 Jan 4134 Jan
Lake Superior Corp-- -1111(
Feb
25
Apr
2391 23
850 546
580 605
Lakey Foundry & Mach- -• 28
2734 3031 4,900 2734 May 3535 Jan
1534 1735 40,600 1491 Apr 2691 Jan
Feb
200 174 Mar 29
May Landay Bros class A__ •
May 22
1734 1731
100 22
22
22
Jan
534 Apr 13
30
Land Coot Fla
•
534 6
Apr 81% Jan
200 70
7444
41
Jan Lane Bryant Inc cora_ •
7234
100 3934 May
3935 39%
Mar
3334 Feb 49
70
',mums.I. A it) & CO collo 3945 39% 40%
Jan
May 39
28
10
Jan Lefcomb Realty
28
28
• 28
300 354 May 39
3594 3534
Jan
3634 Mar 39
30
Mar
36% 37
Preferred
680 1604 Jan 173
166 16931
Jan
Apr 172
Jan
159 168% 4,70 149
50 166
Mar 42
Lehigh Coal & Nay
3291 334 1.100 27
May Leonard Fitzpatrick de
Jan 105
100 100
1044 105
Jan
Apr 37
23
20
2334
23
•
Mueller Stores com_
3334 4091 43,000 2491 Mar 404 May
Feb 484 Mar
600 44
46%
46
2,500
691 Mar 114 Jar. Lamer:stores corp corn._ •
644 7
Apr 6444 Mar
1,600 57
t83.1
194 lmn
LOY (Fred T)& Co Inc ---• 5891 5731
1235 1391 2,400 1245 Mar
Jan
1445 11,600 1134 Mar 15
Libby, McNeil Sr Libby _10 1391 12
Jan 22041 Feb
300 179
185 191
Libby Owens Sheet Glass 25 187
Feb5391 Mar
300 40
4134 43
1831 Apr 2314 Mar
• 20% 1935 2131 5,300
Jan Lily-Tulip Cup Corp
7
400
294 May
235 3
Apr 264 Jail
200 19
2134
10
21
44 Jan Lit Brothers CorP
135 Apr
800
14 2
May London Tin Syndicate
2,100 2091 Apr 23
2035 23
1,100 154 Apr 224 Mar
154 15%
Jan
Apr 61
Am dep rats ord reg_ __Li
100 47
474 4734
,* Feb
994 Apr
1234 1431 14.100
Loaner's i And de I.:Dinar • 1244
800 4134 May 4535 Feb
4194 43
Apr 3691 Apr
1,400 35
Apr 2591 Jao MacMarr Stores coin--• 3535 3531 3535
300 19
20
20
334 3434 4,100 3334 Apr 3551 Mar
64 JAB
Mangel Stores Corp cam.*
44 Mar
400
434 441
Mar
Apr 103
300 102
102 10234
64% pref with warr_ •
2234 2534 5,900 2191 Apr 3491 Feb
Apr 12491 Jan Malacca Rub Plantation
90 79
8834 8935
931 Apr
844 Apr
13.11
Mar
Am dep rectsord sh regEl
44 Pet, 10
8%
435
534 4,800
Apr 3545
2:3OL 334 Apr 103 Mar
• 3431 3344 34%
100 2691 Apr 4035 Feb Mange! Storer' com
264 2635
Mar
200 102
102 102
635% pf with corn pur w• 102
900 1091 Mar 2191 Jan
1234 1334
100 173.4 Jan 204 Jan
19
May Manning I3owm & Co A_ •
19
400 6444 Apr 76
734 76
Jan
Mar 42
100 38
38
38
Mar
6,200 3234 Apr 39
Mapes C00.401 Mfg
•
324 35
500 2391 Apr 5614 Jan
29%
Apr 7334 Apr
100 60
29
Marlon Steam Shoo corn • 29
62
62
Jan
May 175
145
50
May 2891 May Maryland Casualty
145 145
25
2835 25,000 26
26
500 7134 Apr 9934 Jan
7235 76
14 Jan
591 May Massey-Harris Ltd com •
234 5% 8,000
Mar
751 Apr 11
Mar
400 46
May 53
831 935 11,100
Bottling Co of A ID.
Mavis
•
2%
46
4735
Mar 3834 Jan
300 34
35
Apr May Hosiery Mills pro_ _.
2,525 22034 Feb 309
35
276 309
Apr 314 Jan
400 22
28
24
394 50% 77,900 18% Jan 50% May McCord Rad & Mfg el B.* 26
Jan
Mar 59
44
Apr 3834 Jan
100
500 30
McLellan Stores class n_.• 47% 47% 47%
33%
30
200 5614 Apr 5934 Apr
'
58
58
Mead Johnson de Co com
Feb
Mar 24
200 15
15
15
•
20.000 154 Jan 2091 Jars Meadows Mfg com
19
173.1
100 10534 Feb 11951 Jan
100
1074 1074
6234 6931 39,600 6231 May 694 Apr Mercantile Stores
May
9,300 2434 Apr 30
Apr
2,100 5634 Apr 172
Merritt Chapman & dant• 294 2535 30
91
10834
Apr 10041 Feb
100 95
1,200 1334 May 154 Apr
95
635% pfd A with warr100
95
1334 1431
Jan
3
14 Apr
Apr
Apr 23
•
800 22
100
2
Meeabi Iron
2
22% 224
Feb
Mar 89
May
1,300 2731 May 30
79
8141 1,000 70
Metropol Chain Stores...* 81
2731 30
5.631 Apr 10641 Jan
1,200
100 244 Apr 3334 Feb ‘iinland 'nee! Pralucts •
10034 101
28
28
Mar
200 4431 Apr 66
Midvale Co
59%
• 5934 57
May
Jan 53
1,100 1391 Feb
1934 Mar
Miller(I)& Sone 00011---• 53
4,400 39
5034 t3
15% 17
Minneapolls-Honey well
284 2935 22,860 2734 Apr 3534 Jab
5531 Jan 7241 Mar
Regulator com mon
65
• 65
300 3034 Mar 424 Mar
704 1.00
36% 3635
Mar
Mar 83
200 77
25 8534 Feb 914 Feb Minneapolis St & Marh _10 83
83
82
88
88
Jan
Apr 95
94
44 Jan
5
Mirror (The) 7% pref _ _100
94
94
800
191 Feb
334 4%
Jan 4134 Apr
28
1,10
Mock,Judson Voehringer•
38
39
May
12591 Apr 160
10
Jan Monsanto Chem Works....' 160
100 4234 Jan 59
158 160
49% 4931
Montecatini M & Agr64 Mar 124 Jan
1134 42,500
10
6% Feb
Ma
3
Warrants
334 34 2,100
39-4
Jan
900 474 Feb 524
Apr
Moody's Inv part pref...' 4831 48% 4934
1,910 68% Mar 78
75
7744
May
6,200 1384 Apr 78
6035 78
Morrell (J) de Co. Ine-_• 78
Apr 2334 Apr
900 23
2334 23.31
33
3534 Apr
Apr
6,000
35
10,400 1391 Apr214 Jan Moto Meter Gauge de Eq_• 3434 33
19
15
100 7734 Jan 10634 Mar
99
Apr 9334 Jan
99
Murphy(GC)Co cam_ *
7734 8734 8,500 66
Apr7641 Pau
700 58
N W111111.1111 eur.ngfreld ... 62
104 JAB
6531
Mar
62
7
834 831 23,200
May
88
23,700 6341 Jan
7034 88
Nat Aviation Corp
• 843.4
Jam
7135 7235 3,700 674 Apr 7994 Jan
6
Mar
5
500
5
National 'taking corn_
•
5934 Fib
5
Jan
43
2,600
46%
Jan
45
Apr 70
275 65
6531
47
Mar
65
Preferred
100 65
38% 1,800 1744 Jan
36
Apr 7594 Jan
800 65
6634
65
Nat Bancservice Corp_
•
Apr
6634 684 8,300 604 Man 6941
2044 Feb
Nat Dairy Prod cora_
•
1444 1534 30,900 1135 Jan
Apr 10691 Jan
200 102
10334 104
Preferred A
100
35
374 1,500 3034 Jan 3834 Mar
Feb
2735 Jan
Jan
Nat Family Stores com_• 3734 36g 4731 3.400 304 Jan 094
2,500 25
2535 2631
300 3241 Jan 6931 Mar
May
Apr 48
Preferred with warr_25 3834 384 39
3,160 46
48
46
Feb
Nat Food Products
4,600 1734 Apr 25
17% 1841
Jan
200 x3134 May 37
Apr 10034 Feb
Class A with wan__• x314 z3134 32%
91
9134 2,600 89
Jan
Apr 12
2,800 III
10
10
Clams B
• 10
Jan
100 4234 Jan 48
43
43
Jan
5
Apr
3
100
334
336
Jan
Nat Leather stamped-10
1,300 1194 .1 au 139
127 129
Apr 4034 Jan
2,700 23
Feb Nat Mfrs & Stores
• 304 2734 31%
Apr 23
4,400 17
23
18
1,500 2934 May 4134 Jan
FeD 12191 Mar Nat Rubber Machinery..' 2991 2934 3031
24,500 . 93
107% 110
3531 Mar
Mar
• 3434 3136 3536 30,900 25
May Nat Screen Service
Jan 107
14,000 23
73 107
2,900 3911 Apr 5531 JAB
39% 4235
•
1831 2744 74,000 1834 Apr 2734 May Nat Sugar Refg
Mar 2434 Apr
7
1731 2434 67,900
May Nat Theatre Supply own... 20
goo 3545 May 36
Mar
35% 36
Apr 20
200 17
19
1934
loo 5034 May 5034 May Nat Toll Bridge com A_ •
50% 5e%
1
100 2034 Feb 324 Mar
2031 20%
Apr Natihtim Pharmacies pief _
Jan 82
1,900 71
82
78
Apr 2634 Feb
600 19
1934 2031
1944 Feb Nebel (Oscar) Co Inc cora•
1234 13% 7,600 1291 Apr
MAY 4 19291
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price Low. High. Shares.
Nehl Corp common
•
•
First preferred
Neisner Buie common. •
Preferred
100
Nelson(Herman)Corp___5 28
Neptune Meter class A...'
Nestle Le Mur Co el A_ •
Nave Drug Stores A ctf deP 14)4
Newberry (J J) corn
•
New
80
New Haven Clock corn.. •
New Meg & Ariz Land.....!
N Y Investors
45
N Y Merchandise Co_
•
Niagara Share Corp
• 43%
Nichols & Shepard Co_ •
Niles-Bernt-Pond com _ _
69%
Noma Electric Corp com.• 234
North American Aviation
' 18%
North Amer Cement
•
Northam Warren Coro pf_• 444
Northwest Engineering..
• 38
Novadel-Agne common_ •
Ohio Braes class B
• 824
Oil Stocks Ltd
Class A without warr-• 14%
Ontario Mfg
34
Orange Crush Co
28
Outbd Motors Corp corn B• 14
Cone pref el A
• 20)4
Paramount Cab Mfg oom.• 30
Parke Davis dr Co
•
Parker Pen Co corn
5354
Parmelee Transport corn.* 24%
Pander(D) Groc Cl A_ •
Class B
• 614
Penney (J C) Co oom
• 351
Class A preferred_ _100
Pennroad Corp oom•t o..* 21%
Pepperell Mfg
100 1004
Perfect Circle Co corn. •
Perryman Mee
2474
Phelps Dodge Corp new_25 8031
PhilinCe(Louls)Inc A oom • 31
Common class B
• 30
Phil Morris Con Inc cam •
2
Class A
25
9
Pick (Albert). Barth h Co
Common vol trust ctts..1
Pref class A Manic on • 15
Piedmont & Nor Ry _.100 83)4
Pierce Governor Co
•
Pitney Bowes Poetage
• 264
Meter Co
Pitts & L Erie RR com_50
Pitteb Plate Glass com-25 70
Pitts Screw & Bolt
274
Potrero Sugar corn
•
634
Pratt & Lambert Co
• 72
Procter & Gamble oom _ _10 381
Propper Silk Hosiery
33
Pvirene Manufacturing__Iti
Quaker Oats corn
Preferred
100
Rainbow LuminousProd A• 32
Raybeetos Co oommon_25 874
Reeves (Daniel)...Ammon • 4031
Reliance Bronx dr St corn* 2231
.
!
Revert I
:
....
5
a%
Republic Brass warrants_ ......
Republic Motor'Fry • o__•
Reynolds Metals common • 484
Preferred
• 77
Richman Bros Co
•
Richmond Radiator cots
' 1331
7% cum cony pref
• 31
Ritter Dental Mfg corn__ _• 62
Riverside Forg & Mach
Rolla Royce Ltd
Amer den receipts rag stk
Roosevelt Field Inc
• 164
Roes Gear & Tool corn
* 55
Ruberoid Co
100 81
Ruud Mfg coin
• 4331
Russeks Fifth Ave Inc._.' 35
Safe-T-Stat Co common
'3331
Certificates of deposit.- 3434
Safety Car Htir & 1.1g...1002084
Safeway Stores 2d ser war_
tit Regis Paper Co
• 1344
7% cum pref
100 103
Schiff Co coin
•
&blotter & Zand corn vtc-* 24)4
Cum cony prof
•
Schulte Real Estate Co- _• 244
Schulte-UnIted 5o to 31 St• 15
7% pref part pd rcts.100 73
Second Gent Amer Inv Co.
Common
• 304
6% pref with warrants__
Seeman Bros common_ •
Seiberling Rubber corn. •
Selected Industries com...• 224
Allot ctfs let paid
9431
Selfridge Provincial Storm
Ltd ordinary
El
314
Sentry Safety control
1231
Serve!Inc(new co) t o.-• 2031
•
Pref•t c
100 79
Baton Leather nom
• 26
50 37
8baron Steel 110011
Sheaffer(W A)Pen
• 5994
Eiherwin-Wms Co oom..25 9031
Sikorsky Aviation corn...* 524
Silica Gel Corp nom•t(3.-• 414
Sliver (Isaac) & Bro
•
100
Preferred
Singer Manufacturing-100
£1
Singer Mfg Ltd
•
Skinner Organ corn
Smith (A 0) Corp com- •
Bola Viscose
200 Bra
Sonatron Tube common...
• 3731
• 33
Southern Asbestos
South Coast Co corn
•
Sou Grocery Stores com___ 2231
Cony class A
* 36
Sou Ice & UMl corn el A. •
Southern Stores class A_ •
Southwest Dairy Prod...* 164
Southwestern Stores corn.' 1831
Span & Gen Corn Ltd...E1
431
Spiegel May Stern Co
64% preferred
100 90
Stahl-Meyer Inc corn....' 4431
Standard Dredging pref..* 3231
Standard Investing corn...* 37
Standari Motor Constr.100
311
Stand Steel Propeller come
Starrett Corp corn
• 29
Stein Cosmetics corn
• 21
Range Since Jan. 1.
Low.
High.
22
24
200 204
72
72%
500 70
152 155
600 142
204 210
300 187
24
28
2,800 23
21
21
100 1931
28
28
100 24
14% 15
200 1414
119 12031
400 11114
79
80%
800 79
25% 25%
200 2511
6% 7% 3,900
6%
42% 45
4,400 3616
40
40
200 36%
41% 45
1,500 25
126 127
200 76
54
78
7,500 364
23% 24% 6,400 17
16% 1834 49,100 14
10
10%
300
834
39% 4434 1,300 39
38
38
200 37
24% 26
1,000 22%
80% 83
350 80%
Mar
Jan
Jan
Jan
Apr
Jan
Apr
May
Mar
May
May
May
Apr
Jan
Jan
Jan
Mar
Mar
Mar
Apr
Mar
Apr
Feb
Apr
291(
78
164
210
28
21
2834
3114
125
8014
254
914
484
473-4
47
127
78
2554
24
13
454
484
31%
92
Jan
Feb
Feb
Feb
Feb
Feb
Apr
Jan
Jan
May
May
Mat
Feb
Mar
Feb
Ayr
Apr
Apr
Jan
Jan
Jan
Feb
Fen
Jan
14% 15%
34
34
29%
28
131( 15
204 21
32
27
48
4931
454 53%
244 244
64% 65
6031 6214
341 351
9854 9934
21% 22%
100% 100%
474 47%
204 2431
7534 8031
27
31
26
30
2
2%
9
9
Apr 194
Mar 34
Apr 29%
Apr 15
Apr 214
Mar 43%
May 684
Apr 56
Apr 2514
Mar 65
Mar 6251
Apr 412
Apr 1024
Apr 25
Mar 1134
Apr 6114
Apr 24%
Apr 89
Apr 31
Am* 30
May
431
Jan
94
Jan
May
Apr
Apr
Apr
Jae
Feb
Jan
Apr
Apr
May
Fen
Fet
Apr
Feb
Jan
May
Mar
May
May
tau
Apr
3
5
15
15
74
8334
414 31%
2,500 14%
100 29%
3,400 28
3.200 11
1,800 18%
5,500 23
500 os
1,300 45
10,400 2414
250 583(
400 55%
990 330
750 97%
16,700 21
50 98
100 45
10.900 20)4
33,000 70%
1,700 24%
3,900 23%
8,000
2
100
814
3,800
300
300
1
15
5334
ao
Feb
Mar
Jan
Mar
8
Jan
iu
Jar
83% May
38% Jan
26
2834 17,400 131 Mar
%
139 14/4
500 135% Mar
66)4 70
400 64
Jan
261E 28% 2,500 23
Ma
6
400
634
si Jan
714 72
300 634 Jan
347 382
3,000 281
Jar
33
34%
700 33 May
8
84
400
7
An
323 323
20 323
Apr
108 108
10 108
Apr
30%
156%
76%
31%
7
.6
382
43
323
1k0
Apr
Feb
Jan
Apr
Feb
get
May
Jar.
far
Apr
Jan
32
34%
794 894
404 41
21% 2234
4
3
35
354
251 24
44
47
735( 7711
385 39214
134 134
31
31%
57g 62
24
26
65
89%
45%
2334
5
35%
64
52)4
79
394
19%
g
6331
26
Jan
May
Jen
Apr
Apr
May
Feb
Feb
Mar
Jan
Feb
mor
Mar
May
Mar 154
Apr 18
Apr 58
Apr 10834
Apr 44
Apr 3531
Eei
375.4
Apr 35
Jan 2294
Apr 626
Apr 15094
Feb 107
Apr 79
Apr2434
Apr 445.4
Apr394
Apr 26
Apr 89
Feb
Mar
Jan
Jan
Apr
Apr
mar
Apr
Jan
Jan
Mar
Jan
Jan
May
May
Jan
Jan
Jan
32
10,400 2331 Apr 354
114
1,000 10434 Apr 125
71
200 67
Apr 80
474
100 47
Mar 654
224 17,500 1834 Jan 3114
944 3,600 9314 Apr 106
Jan
Jan
Jan
Jan
Feb
Jam
6.700 32
9.100 694
3,800 364
7,200 224
5,000 c6o
300 35
500
154
2,700 31 4
4,600 113
260 330
200 in%
800 29
3,400 46
300 20
10% 11
200
931
1531 1634 5,100 1594
54% 65
200 45
85%
81
200 754
43
44
600 404
35
35
1,600 35
30
34
11.400 17
314 35
3,200 3114
205 20851
575 167
465 475
50 465
129 1344 3,800 111)
102 103
150 100
57
61%
700 5611
2234 2431
800 23
44
44%
400 44
2494 2594 2,000 23
15
164 3,200 13
70
7534 2,500 70
3034
112
71
474
204
9334
May
Jai
AD
Apr
iii
May
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Apr
1114
311 34 2,900
314 Jan
31ru Feb
184 194 18,100
9
Mar 20
Apr
195.4 21
38,100 1454 Jan 21
Apr
79
83
800 61
Mar 83
May
25
26
400 224 Apr 3234 Jan
3654 44
3,700 354 Jan 5031 Feb
554 5954 7,900 48
Apr 634 Jan
87
93
925 81
Mar 93 May
50
1331 4,400 2014 Jan 6314 Mar
39
4234 11,700 2314 Jan
4814 Mar
7434 7934
800 6531 Apr 86
Feb
11634 11694
25 1104 Apr 128
Feb
585 585
20 570
Feb 631
Jan
6% 6%
100
6
Apr
94 Jan
4554 4234
200 40
Jan 47
Mar
nog 198
17 163 • Feb 200
Apr
5
5
60
44 Apr
64
3314 374 5,300 2834 Mar 4314 Feb
314 334 1.300 11014 Apr 4914 Feb
Feb
20
20
100 20
Mar 28
Feb
21
2434
600 21
Apr 35
344 36
1,000 3034 Mar 3734 Mar
Feb
104 1054
300
814 Apr 1734 Jan
7
9
1,400
5
Apr 12
Jan
500 1234 Jan 21
1631 log
Jan
1774 21
2.900 1731 Apr 2834 jail
4% 5
7,200
4
Mar
7
Jan
884 90
400 86
Jan 984 Feb
43
444 1,000 39
Feb 534 Jan
3231 3334
200 294 Apr 334 Apr
365.'s 374 1.600 8531 Apr 43
Feb
34 4
1,400
21( Mar
434 Jan
274 2734 •1,400 2514 Apr 30
Mar
29
2914 1,900 28
Apr 31
Mar
20
21
10,600 154 Mar 21
May
29-*"3
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares
Stein (A)& Co corn
314
Preferred
92%
Sterchl Bros Stores
Sterling Securitiesallot ctfs 33%
Stetson (John B) corn_ •
Stinnes(Hugo)Corp
SUP Baer & Fuller
Strauss(Nathan)Ino oom •
Stromberg-Carl Tel Mfg )
,
Str000k (El) & Co
•
Stark Motor Car
• 18%
Swift & Co
100 1294
15 33%
Swift International
ilyrao Wash Mach B corn.' 19)4
Taggart Corp common....' 46
Tennessee Prod Corp cam. 25%
•
Tbermold Co corn
7% Corn oonv prof..100
Thompson Prod Inc el A • 59
Thompson Starrett pre_
Tishman Realty & Constr•
Tobacco Products Exports*
Todd Shipyards Corp
* 66
Toddy Corp CIA
27
-America Corp
Trans
140
Transcont Air Transp_-_
, 294
Trans-Lug Pict Screen
Class A coral:11On
• 1554
Travel Air Co
•
Fri-Continental Corp corn • 3211
o asswar100 104%
withTriplex m pref
%
Am rets for ord sh rag-Trunk Park Stores4651
;
..
Tubixe Artificial Silk cl
Tung-Sol Lamp Wks corn
'
Class A
•
--a4
Union Amer Investment.*
•
Co Carbide & Carb
Union Tobacco
Union Twist Drill
•
United Carbon v t C
Preferred
100
United Chemicals $3 pref.*
United Corp
Preferred
United Dry Docks corn _...•
United Eng & Foundry-United Milk Prod cam•
lin Piece Dye Wks
•
64% preferred
100
United Profit Shar corn_ •
united Shoe Mach cam_ _25
U S Asbestos common...-•
(I ii Dairy Prod class A_ •
U S Finishing common_100
0 8 Foil claim B
•
S & Foreign Sec oom-..•
•
08 Freight
08 Gypsum common___20
S Lines w I
0 8 Rubber Reclaiming_ •
Universal Aviation
•
Ctfs of deposit
Universal Pictures
•
Van c3amp Milk
van Ca
p
. .
rep paokw a m
7% m f wlth eorr _100
58%
854
9%
67)4
9831
4514
62
43
1734
45
12
40
73
46)4
63
4854
924
7034
174
2111
27)4
2954 3134 1,900
9214 924
200
284 2814
100
32
344 5,000
90
904
125
1014 104
100
3434 344
100
27
27
100
295E 3094 1,300
42' 42
100
16% 194 3,600
1294 12954
250
3214 3314 2.400
1754 1911 1,200
451( 46
500
25
254
600
2814 2954 1,300
98
994
200
564 6334 5,300
51 9.1 514
400
604 70
1,800
24 234 1,300
654 6615
500
27
27
100
13414 140% 21.900
274 294 1,3800
Range Since Jan. 1.
Low.
High.
28
Apr
91
Apr
2814 Apr
304 Mar
8514 Mar
9% Jan
34)4 Apr
264 Mar
29
Jan
42 May
154 Apr
129
Apr
2914 Mar
1514 Mar
434 Apr
24
Jan
25
Feb
90
Feb
4.6
Jan
51% May
49% Jan
24 Apr
59
Apr
254 Apr
125
Feb
244 Feb
384 Feb
99% Feb
29
Apr
345( May
100
Jan
16% Feb
43% Jan
3614 Feb
34)4 Feb
61% Feb
34
Jan
13934 Jan
3734 Jan
2334 Jan
59)4 Feb
27
Feb
354 Mar
105
Mar
691( Jan
584 Jan
70 May
314 Jan
764 Jan
8134 Jan
1434 Mar
30)( Feb
14%
50%
32%
104
16
3.900
5%
53%
300 454
33% 14,300 30
1044 1,300 104
Jan 24
Apr 61
Jan e35
Apr 1071(
Mir
Jan
Feb
Jan
24
46
370
24
33
25)4
4894
385
24%
33%
500 2234
45
1,00
1.700 365
1,200 15
1.000 244
Jan 334
Apr 604
Apr 595
Jan 32
Feb 35
Feb
Jan
Jan
Mar
Apr
55% 59
1.100 5234 Apr 7214
8034 8714 138.200 68
Mar 8734
9% 104 5,000
9% May 20
39
39
100 26
Feb 39
62% 8834 3,500 46
Jan 76
98% 99
300 92
Jan 102%
44
4674 5,900 44
Mar 6154
62 699,200 53% Apr 62
53
42% 44)4 109,300 42% May 4414
17)4 1954 4,100 164 Apr 2014
45
45
100 45 May 45
12
124
700 10
Apr 21
40
42
1.400 40
May 63
104 104
100 103)4 Apr 10634
74 91( 4,900
Apr 11
7
72% 73
400 7214 Apr 854
45
48
1,400 45
Apr 51%
49% 434
200 48(4 Jan 53%
954 964
275 90
Jan 96%
62% 6611 8,100 57
Jan 744
484 5014 3,500 4734 Apr 1)5 4
,
94
7,300 82
9214
Mar 10 i%
7534 12.900 56
81
Mar 75)4
17% 1714 5,600 1714 Apr 18%
25
27
1,200 16
Jan 31
174 2114 9,100 154 Mar 27%
18
21
1.500 15
Apr 21
700 16% Mar 29
284 2714
Feb
May
Jan
Apr
Feb
Mar
Feb
May
Apr
Apr
May
Jan
Mar
Feb
Mar
Feb
Jan
Mar
May
Feb
Feb
Feb
May
Apr
Mar
Mar
May
Apr
98
2716
2814
30
98
30%
30%
3034
500
1,800
1,100
200
98
274
22
28
Apr 101
May 3814
Jan 88
Jan 35
Jan
Feb
Feb
Feb
Waltt & Bond class B. •
194 21% 6.700 184 Apr 2614
Walgreen Co common.....' 8751 83
88% 6.10
714 Mar 91
Warrants
61
57% 61
1.300 51
Mar 65
Walker(Htram)Goodernam
• 764 754 78
& Wortscommon
4,000 66
Mar 9334
Watson (John Warren)Co•
7
74 1.200
7
514 Mar 1414
Wayne Pump common....' 244 2414 30
5,000 174 Apr 82
Western Air Express--.10 68
674 704 32,400 564 Apr 7034
Western Grocers
214 2134
100 2134 Apr 2194
Westvaco Chlorine Prod- • 87
87
90
1,100 4744 Jan 1164
Wheeling Steel com. _1119
99 10014
300 5914 Jan 10314
Whitenlights Inc corn....'
734
614 934 16,500
64 Apr 18
Widlar Food Products--• 25
24
500 24 May 29
25
Williams (ft C)& Co luc..• 30% 3054 303.4
200 304 Apr 4114
WU-Low Cafeterias corn.
• 2014 20
2034 2,000 20
Apr 30
Preferred
5034 51
300 50
Mar 58
Winter (Henn Inc Corn....' 14% 1494 154 5.900 114 Mar 1654
Wire Wheel Corp cam_ .•
6,700 265( Apr 38
2994 32
Worth Inc cony class A...•
915
51,4 Mar 1154
94 951
goo
•
Wright Aero corn
1244 133
11,500 114
Mar 155
Yates Amer Mach part pf
31
31
24)4 Apr 334
10
Yellow Taxi Corp
3234 314 324 2,300 1844 Jan 33
Zenith Radio
4434 4254 4834 8.00
3434 Mar 613(
Unite Products Corn corn• 35
3434 354
700 3114 Jan 4484
Rights
Adams Express
634 644
700 6014 Apr 644
Aero Supply Mfg
54
314 Apr
334 414 1,900
American Cyanamid
1014
84 Apr 11
94 104 15,000
Amer Radiator &
Standard Sanitary
11( Apr
211
116 114 9,700
Amer Superpower w
84
64 83.4 96,600
611 may
84
Am Tel & Tel bond rts
64
5% May
534 64 6,000
Associated G & E deb rte._
9
74 Feb 134
814 974 24,600
Atlantic Coast Fisheries
...... 21
Apr 30
214
200 21
Bethlehem Steel
84
714
6% Apr
614 811 42.600
Continental Can
116 134 29,300
14 Apr
1%
Flat
103(
74 124 31.700
11.4 Apr 1714
Ford Motor of Canada--- 90
3,175 854 Apr 102
854 102
Gold Seal Klee Co
9.400
2
1
1
1%
Apr
Gorham Mfg
14 134 2.000
14 May
134
Kelsey-Hayes Wheel
414
314 414 4.500
314 May
454
1.oews Inc deb rights
26
26
100 26 May 4934
McCord Bad & Mfg
13c
5,000 Ire
May 13c
Noranda Mines
34 28c
16 29.000 250 Apr 6943
Pennsylvania RR
3
314 86.300
3
5
Apr
Sharon Steel Hoop
71c n3
6,19
350 Apr
3
United Carbon
1% 2
134
2,500
14 Apr
24
United Power Gas & Water
10c
10c
5.000 10c AD
10e
Walker(Hiram)Gooderham
& Marts common
•
8
400
754 8
7% May
8
Westvaco Chemical
3%
334 34 4.800
314 Apr
4
White Sewing Mach deb rts
6
o
800
514 Apr 1434
Public Utilities
Allied Pow & Lt com
• 5734 4554 5854 60,900 444 Apr 5834
$5 1s1 preferred
7734 77
79
1,000 77
May 79
$3 preferred
44
43
•
300 43
Apr 44
Amer Cities Pow & Li Corp
Class A
so 40
3934 40
3,400 3614 Mar 4334
Class B
2614 274 6,100 2334 Mar 3014
• 27
Am ComNrith P cum
2534 2314 254 40,500 22
Jan 31
Common B
• 2511 24
254 3,100 24
Apr 374
Warrants
8
834
84 4,900
Jan 1134
8
Amer & Foreign Pow warn 91
754 9314 98,700 5234 Jan 1134
Amer Gas & Elea corp....* 1494 145 152
6,100 128
Jan 1924
•
Preferred
1054 106
500 104
Feb 10914
Amer Lt & Trao oom _100 244
241 2494
950 205
Mar 2594
Amer Nat Gas corn•t
• 12% 1294 1334 1,100 11
Apr 184
Amer States Pub Serv 1).clA
27
900 265.4 Mar 2734
27
Jan
Jan
Jan
vog
7%t
rred
Mfg Corp
25
•
•
274
284
304
Feb
Jan
Jan
May
Apr
Mar
Mar
Jan
Feb
Feb
Mar
Mar
Mn
Feb
Jan
Mar
Apr
Apr
Feb
Jan
Apr
Apr
Apr
Aur
May
May
Apr
Apr
May
Apr
Jan
May
AN
May
May
Feb
Apr
Apr
Apr
Apr
Apr
Apr
May
Apr
Ian
May
Apr
May
Mar
Mae
Mat
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Ma
&WM
Friday
Last Week's Range for
Week.
ofPrices.
Public Utilities(Cond.) Sale
Par. Price. Low. High. Shares.
Amer Superpower Corp A•
•
Class B common
New
First preferred
Convertible preferred
Assoc Gas & Elec class A.•
Brazilian Tr Lt & Pr ord100
Brooklyn City FtR
COD
Buff Niag be East Pr corn.'
•
Class A
25
Preferred
Central Pub Serv corn
•
Class A
Cent All Serv States v to.
Cent & S W Util 7% pret•
Cent States Elm common •
•
New corn
6% prat with warr. _100
6% pref without Warr100
7% Preferred
Convertible preferred- _
Warrants
Cities Sec P & Lt $6 pref •
100
7% Preferred
Cleve El ilium corn
Columbus Elec & Pow_ •
Com'with Edison Co. 100
Com'w'Ith Pow Corn Pf.100
ConaG EL &TBaltcom.•
13635 114 142
137
11754 14155
264 25% 274
9955
99% 98
89% 90%
5751 574 59
55
55
55
855
834 8%
831
831 855
64
6355 67
55
514 55
255( 2555 2551
09,800
15.300
78.300
900
500
25,200
300
5,300
1.200
1.800
4,600
300
4455 44%
17
16
95
95
2,800
1,300
50
East States PowB corn _ •
Edison Gen Elec (Italian)Elec Bond & Sh Co corn _ _•
•
Preferred
•
Elea Invest
Preferred
Elea Pow & Lt 2nd pf A_ •
Option warrants
Emp Gas & Fuel 7% pf 100
100
8% preferred
Empire Pow Corp part stk•
Engineers Pub Bar, war__
Federal Water fiery el A_.'
General Pub Sery corn...'
6% preferred
Internal Tel & Tel new wi •
•
Internal Util class A
•
Class B
Warrants
Italian Super Power
Warrants
Jersey Cent PA L 7% pf100
K C Pub Serv com v t c_.•
Long Island Light corn _ •
100
7% preferred
Marconi Internal Marine
Commun Am deP rctsMarconi Wirel T of Can_l
Marconi Wireless Tel Lend
Class B
Memphis Nat Gas
Middle West Utli corn___•
•
$8 preferred
100
7% preferred
Mohawk & Hud Pow corn'
•
1st preferred
•
2,1 preferred
Warrants
Municipal Service.......
800
4614 4895
41%
200
41
9155 7951 9334 288.300
10651 1054 1065
1.000
1
,
120
34,500
101 120
700
9931 984 9951
100
100 100
464 4355 4735 1:3)00
300
9551 9551 9534
300
10774 108
47
9,000
4251 47
254 25
4,000
2555
48% 4836 4956 4.700
,
404 3855 4035 4,200
25
100 100
87% 864 884 95,000
1.000
4251 4395
1595
1555 15% 4.100
500
751
63.4
1451 164 4,300
1531
800
955
84 995
50
10234 10236
2
7
7
7
1,400
5534 58
40
10954
10934
443.1
95
78
113
844
120
133
13036
31% 2755
94
106
61
60
60
245
235 55
1004 10055
1014 9655
8054
8035
11355
n86
125
133
3115
94
10674
61
60
2474
10154
101%
3,800
200
700
200
1,000
1,000
200
300
400
100
460
1,400
2,500
48
2451
954
244 68,600
21
7% 931 120,100
Range Since Jan. 1.
High.
Low.
624
68
26
974
89%
4914
53
74
8
6134
4954
2555
35
13
92
Jan
Jan
May
Apr
Apr
Jan
Mar
Apr
Apr
Mar
Apr
Apr
Jan
Feb
Mar
142
141%
274
10054
94
6155
70
114
z1035
793
724
26%
May
May
May
Feb
Jan
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Mar
45
19% Apr
9755 Apr
735( Mar
10355 Jan
Mar
83
1084 Feb
Jan
97
19% Jan
94 May
May
106
May
60
66 •Mar
Jan
215
9034 Mar
8854 Apr
80%
122
8755
125
13355
40
9634
10755
75
724
258
1034
112
May
Jan
Feb
Apr
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Jaa
Jan
Feb
Apr
Mar
Apr
Jan
Mar
Jan
Jan
Apr
Apr
Mar
Mar
Apr
Jan
Apr
Mar
Apr
Mar
Jan
Jan
Jan
Apr
Jan
Apr
Jan
5834
4954
9755
10955
124
101
103
4735
9854
110
69
35
83%
44
100
9454
49
22%
11
18%
15
105
9
6711
113
Feb
Feb
Mar
Jan
Jan
Fall
Mar
May
Jan
Jan
Feb
Jan
Feb
Jan
Apr
Mar
Jan
Feb
Jan
Jan
Jar
Apr
Apr
Fen
Mar
42%
41
73
10555
774
9734
99%
2834
9531
10735
39
23
4634
27
100
7454
424
14%
434
11%
5%
10335
4
48%
1084
194 Mar
74 Feb
Jan
28
1055 Mar
2251
194
1861
104%
123
71
11034
110
454
3334
Jar
Mar
JAI)
Feb
Jan
Jan
Jan
Jan
Jar,
Mar
Mar 3755
32%
200 31
Nat Electric Power el A....• 324 31
450 10634 Mar 1094
• 10735 1074 1074
Nat Power & Lt pre!
26
810 22% Mar
2235 23
Nat Pub Sere corn class A• 22%
200 2934 Mar 3284
30
3054
•
Common class B
100 484 Apr 60
5351 5351
Nev Call/ Elec com_ _100
Jan 100
120 95
98
9636
New Eng Pow Assn 6% pfd
Apr 152
50 145
150 150
New Eng Tel & Tel__ _100
300 ill% Mar 114
Y Telep 655% Pref__100 11231 112 113
N
194
1795
1,200 1334 Jab
Nor Amer Util See com • 174 16
100 944 Mar 96
95% 954
•
1st Preferred
AI%
Mar
51
14,300 40
Power corn_ __ ..• 6034 47
Northeast
1574 17434 18,000 1384 Jan 1744
Nor States P Corti com_100 165
109 109
100 1074 Apr 10934
100
Preferred
Apr 118
50 110
112 112
Ohio Bell Tel 7% 0E1..100
Feb
Feb
Feb
Feb
Jan
Feb
Mar
Jan
Mar
Fen
Fee
May
Feb
Mar
2155 2034 21% 16,400 18(4
5,600 124
14% 1454
1455
2.600 162
169 173%
170
450 97
9895 99
250 116%
116% 120
52
3,100 38
51
52
125 105
107
1065/ 1064
200 104
104 106
400 2355
2534 26
3,900 25
2854
27
28
2734
27
Pacific Gas & El let prat-25
2155 2155 2195
Penn Gas 65: Elec Class A.
• 714 61% 7236
Penn-Ohio Ed corn
10355 10556
7% prior preferred_101 10355
9555
93
•
$8 Preferred
3955 46
46
warrants
Option
2295 194 2755
Warrants series B
88
88
Penn Water & Power....• 88
,
4796
4755 47
Peoples Light & Pow el A 102 102
Power Corp of Can com •
76% 76%
•
Secur pref
Power
9955 100
Puget Se P&L 6% Pre-10C 9935 374 47
Rochester Central Power.. 47
5134
50
50
Sierra Pacific Etre corn-100
754 7954
Southeast Pow & Lt corn.• 80
77
77
• 77
tc
Common v
105 105
•
$7 Preferred
3935
36
39
Waffle to put coin etk
25% 254
Sou Calif Edison pref B-25
244 244
554% preferred C....25
46
46
Sou Cities nth cl A com *
234 2355
SOU Colorado Pow A__ -25
118 118
-100
Bell Telep pf.
Bou'west
109 109
So'westPow&Lt7%Pf--100
8651 5631
21
Standard Pow & Lt
10055 101
•
Preferred
95% 9535
-Amer Elea pref
Swiss
63% 644
• 64
Tampa Electric Co
106 106
Tenn Elec Power 7% p1100
42
41
41
Union Nat Gas of Can...
254 2%
2%
United Elec Serv warrants.
174 1895
American Shares W I... 1795
2955
2751 27
UnitedGas when issued
184 199
United Gas 1m provem1.50 199
3454 353.1
3595
United Lt & Pow corn A....•
• 99
97% 99
Preferred class A
5754
5795 55
Prof class B
184 19
19
United Pub Serv Co
48%
47% 47
Util Pow & Lt class B....
214 23
22
New W I
200
800
11,900
300
170
5,600
1,600
100
2,300
100
100
210
31,800
600
8,700
400
100
3,000
800
300
100
200
50
10
100
250
100
26
214
53
102
89
30
164
814
45
9795
65
98
31
47%
7155
72
1044
27%
254
233.4
40
234
117%
108
19 -4
10055
954
500 63
25 106
3,900 34
294
5,500
900 1755
13,700 23
138,000 155
30.800 3094
1,400 9534
1,000 53
1,700 18
8,600 37
4,000 2191
Jan
Mar
Mar
Apr
Apr
Mar
Apr
Apr
Mar
Jab
Mar
Apr
Mar
Fe)'
Feb
Mar
Apr
Apr
Apr
Jan
Jan
Jan
Apr
Apr
Jan
Apr
Apr
Jan
Mar
Apr
Feb
Mar
Apr
Mar
Jar
Apr
May
284 Jan
2435 Jan
7234 May
106% Jai,
Mar
97
46
Jan
2295 May
101% Jan
58% Fr..
1223-4 Feb
8694 Mar
10155 Apr
49
Jan
62% Feb
Jar
90
Jan
85
108% Feb
4714 Jan
2655 Jan
263.4 Jan
48
Mar
2755 Feb
12351 Mar
111% Jan
Feb
70
10531 Feb
98% Feb
Apr 7054 Jan
Jan 1003-4 Feb
Mar 4254 Apr
455 Feb
Apr
May 2351 Mar
Jan
Mar 39
May
Mar 199
Mar 434 Jan
Mar 100% Jan
Mar 5755 May
Feb
Feb 21
Jan 4954 Apr
May
May 23
Former Standard Oil
Subsidiaries. Par.
14% 154 5,300 14% Jan 18%
15
Anglo-Amer 011(vot sh)_ El
200 144 Jan 18
15
15
Voting stock ctts of del)Apr 17
500 14
1436
14
Non-voting shares_ __El
Mar 4634
600 38
3951 42
Borne-Scrymser Co. _100
Jan 743-4
900 67
7035
69
50 70
Buckeye Pipe Line
100 1404 Jan 17034
1704 17034
25
Cheesbrough Mfg
29
2355 2255 234 35,800 174 Jan 754
011 v t 0.....1
Continental
Jan
200 62
6851 69
Cumberland Pipe Line_100 69
150 5934 Apr 7054
5955 624
100
Eureka Pipe Line
6%
595 Jan
100
64 634
Galena Signal Oil corn..100
Apr 77
110 '75
78
75
Old pref Ws of dep.Ran fling_ _25 12034 11434 12334 25,900 89% Feb 12334
Humble 011&
[vol.. 128.
FINANCIAL CHRONICLE
2974
Feb
Feb
Feb
Feb
Jan
May
Mar
Feb
Jan
Jan
Apr
May
Sales
Friday
Last Week's Range for
Former Standard 011
Week.
ofPrices.
Subsidiaries
Sale
Par. Price. Low. High. Shares.
(Concluded)
100
Illinois Pipe Line
Imperial Oil(Canada)con •
New w I
50
tndlana Pipe Line
National Transit_ _12.50
100
New York Transit
Northern Pipe Line___ _100
25
Ohlo 011
25
Penn-Met Fuel
Solar Refining new
South Penn 011 New
10
Southern Pipe Line
Sou West Pa Pipe Lines 100
Standard 011 (Indiana) new
Standard 011 (Kansas) 25
Standard Oil (Ky) new...
25
Standard Oil(Neb)
25
Standard 011(0) com
Swan Finch Oil Corp_...25
vacuum 01 new
Range Since Jan. 1.
High.
Low.
Jan 3404
ZOO 285
34094 325 34034
Mar 11955
4,400 88
112n 118
117
29% 2831 29% 9.800 274 Apr 3055
91
600 813-1 Feb 97
904 91
234 2351 244 2,100 2155 Mar 25%
Jan 85
100 72
82
80
82
450 524 Apr 63
5755 6936
59
71
2,SuO 8455 Jan 7455
7055 69
Mar 4455
200 30
304 304
200 384 Mar 50
44
443-4
5731 56% 58% 2,600 4055 Feb 604
Feb 223.4
700 13
1935 21
200 62% Apr 70
6455 674
,
5955 594 593-1 31,600 56
Mar 63
Jan 21%
600 18
,
1955 1955 1955
Mar 4591
4,900 38
3995 3934 40
800 454 Feb 4951
494 48% 4951
1234 1284 2,110 1105( Feb 12831
128
18
15
Mar
200 15
15
15
12555 1244 12655 5,000 10555 Jan 1334
May
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Apr
Jan
Mar
Jan
Jan
May
May
Jan
Mar
Other 011 Stocks2,800 450 Mar 720 Jan
116 500 58c
tmer Contr 011 Fields__ _1
454 Mar
855 Jan
5,700
455 5
5
434
Amer Maracaibo Co
44 Apr
4
1% Feb
455
10
434 32,400
Argo 011 Corp
344 Jan
855 May
535 855 518,900
, 834
Arkansas Gas Corp corn715 Mar
Mar
200
9
8%
8
10
834
Preferred
255 Jan
134 May
1,400
134 2
154
Atlantic Lobos 011 cora_-_•
455 Jan
254 Feb
391 4,200
3
3
new corn..
Carib Syndicate
Jan
8% 935 5,000
•
834 Mar 15
955
Colon Oil
400
6% Jan 1114 Feb
734 8
1
8
Consol Royalty 01.
855 Mar 1154 Jan
855 94 28,100
•
831
Creole Syndicate
255 Apr
154 Feb
1,200
131 2
14
Crown Cent Petrol Corp..'
Jan
Mar 26
200 17
17
17
Darby Petroleum Corp_ •
6
Jan
Jan
2
100
34 351
Derby Oil& Ref corn.....'
•
200 20% Jan 273-4 Jan
27
27
Preferred
1254 May
7
Apr
100
1255 12%
10
Devonian 011 Co
Jan
dull Oil Corp of Penna-25 1623-4 15754 16252 12.300 14254 Jan 167
795 Jan
44 Apr
8.900
455 5
5
Hornaokla Oil
Jan
Apr 22
1,200 15
19
18
•
Houston Gulf Gas
254 Jan
14 Fe),
234 39,600
235
234
intercontinenta!Petrol_10
5355 554 9,300 4634 Mar 65% Jan
5434
International Petroleum..
3% Jan
1% Mar
900
24
2
•
Kirby Petroleum
6)4 Mar
Jan
5
5
3,000
5
5
Leonard 011Developrn't_25
3734 May
3,800 2354 Mar
3555 374
• 3655
Lion Oil Refg
74% Feb
Jan
700 67
7355
Lone Star Gas Corn_ ___25 7355 69
14 Jan
8,400 56e Apr
'Is 56c 630
Magdalena Syndleate____1
Apr 3855 Jan
25
300 25
25
• 25
Margay 011
695 Mar
3% Jan
900
451 5
•
asexico-Ohlo 011 Co
40% 20,700 1515 Jan 4074
4055 32
Mo Kansas Pipe Line
154 Jan
4 Feb
11
500
155
134
155
1
Mountain & Gulf 011
1,700 183-4 May 2295 Feb
18% 19
Mountain Prod Corp--10 1855
2734
5
2455
1155
24
354
1055
8434
30
18
84
2534
29
210
53.4
2514
24
23
1(155
89
64
54
Mar
Jan
Mar
Apr
Mar
Mar
Jan
Feb
Jan
Mar
Feb
Apr
Apr
Jan
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Jan
6
34 Apr
600
334 454
Jan 470
Ve
311 nlul 25,100
Apr
1974
1,700 16
16
1774
100 1254 Feb 165
148 148
4
300
34 Jan
3% 334
1%
1911 3,500 500 Mar
1
5,300 1255 Apr 18
124 13
1235
Jan 240
Sc
500
11.
200 2455 Apr 3235
2491 2494
Jan
174
1,700 710
31 790
31
154
Jan
100 750
454
134 May
2,000
13-4
234
2
16%
153.4 16% 2.500 143.4 Mar 2854
III 26,000 10e
Jan 540
.15 310
154
Jan
800 20o
3.4 60c
24
Jan
195 10,900 210
136
13.4
7
Apr 12
735 15,800
751
77-6
Jan 80e
510
54 16,600 160
2315
Jan
1755 19% 1.900 18
94
734 Mar
732 1,800
73-1
73.4
18% 8184 18% 4,400 1854 Mar 23
914
1,200
334 Jan
531
555
, III
III
2816
,
200 75c Mar
100 2455 Mar 2755
2754 274
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Jan
Mar
Jan
Fen
Jan
Jan
Apr
Jan
Mar
Mar
Jan
Feb
Mar
Jan
Apr
• 2551
Nat Fuel Gen new
5
New Bradford 011
N Y Petrol Royalty
20
1155
Nor Cent Texas 011 Co...
• 1855
Pacific Western Oil
•
2
Panden 01 iCorp
Panetpee 01101 Venezuela•
Petroleum (Amer)
29%
Plymouth Oil
25
•
Red Bank 011
Reiter Foster 011 Corp--•
555
Richfield 011 Co pref. ___25 254
_
Root Refining Co prat
27
•
Royal Canadian Oil
34
Salt Creek Conaol 011_10
Salt Creek Producers_ _10 2034
Southland Royalty Co.... -----21
Texon Oil& Land new w
Tidal Osage 011non-vt stk• 14
Transeent 011 7% pref-100 86
43.1
Venezuela Petroleum_ _ 5
25
Y" Oil& Gas Co
Mining Stock.
6
Arizona Commercial
1
Arizona Globe CoPPer
10
Carnegie Metals
Bunker Hill & Sullivan_ _10
Chief Consol Mining
Gamstock'Tun & Dege_10c
Congo'. Copper MIne9-;
Consol Nev & Utah Corp_3
25
Copper Range Co
Cresson Conrad GM & 191.1
Dolores Esperanza Coro_2
Engineer Gold Min Ltd_ _5
Evans Wallower Lead corn•
Falcon Lead Mines
First National Copper
GoldCoin Mines
Golden Gentry Minee......5
Gaulfield Conso: Mines..1
210
Flecla 19112Ing
liollingerConsGoid Mines5
Ilud Ray Min & Smelt...'
Iron Cap Copper
10
Kirkland Lake Gold Min_l
Lake Shore Mines Ltd_ __1
Marion Valley Mines
5
Mining Corp of Canada_15
Mohawk Mining
New Cornelia Conner----5
New Jersey Zinc new
Nuwmont Mining Corp_10
5
NIpissing Mines
•
Noranda Mines, Ltd
1
Ohio Copper
Premier Gold Mining__
1
Red Warrior Mining
Roan Antelope C Mln Ltd.
St Anthony Gold Mm....
St Mary's Mineral Land _25
Shattuck Denn Mining...'
So Amer Gold & Plat
1
Standard Silver Lead_ _1
1
Took klugheo
Tonopah Belmont Deve1 1
Tonopah Mining
1
United Eastern Min
United Verde Extension 50c
•
United Zinc Smelting_
I
Unity Gold mines
5
Utah Apex
1
Walker Mining
Wenden Copper Mining I
5
Yukon Geld Co
25
4
19
11
18
2
7
28%
24%
14
5
2434
26%
150
33.4
2091
1851
2055
1231
84
454
254
2535 2,600
434
1,400
204
1,500
1154
1.600
1955 3.000
2)4 2,200
3.400
755
3055 12.000
2555 2,800
200
14
551 4,900
700
254
1,700
29
116 2,400
300
355
2151 3,200
2095 3.100
2134 6,600
600
14
500
86
454 3,100
300
254
2451
34
16
851
18
2
7
283.4
23
114
6
214
23
be
334
204
184
163-4
109f
80
434
2%
Apr
Apr
Feb
Jan
Apr
Jan
May
Apr
Feb
Apr
Feb
Mar
Mar
Mar
May
May
May
Feb
Jan
Mar
Feb
Feb
17
155
151
134
451 454
434
5635 6195
flog
46
48
47
83% 833-4 84
218
208 22134
355
3
533.133.4
5055 5351
234
2)4 255
2
135 2%
31
116 190
463.4
45% 43
4 35c
34
34
34
20% 194 21
235 23-4
255
11
116 180
951
9
54 800 800
334 354
34
II,
1834 17% 1851
1
1
131
135
134
44 43.4
44
334
355
134
154
155
660 660
Bonds8655
86
AbItibiP 21P 5sA____1953 86
933.4 943.4
Alabama Power 4156_1967 94
102 10254
1st & ref Si
1956 102
51
50
Allied Pk 1st col tr 89_1939
Certificates of deposit... ------ 474 49
51
51
1939
Debentures 6s
Aluminum Co s f deb be'52 101 55 1014 10134
9831
98
9734
1948
Aluminum Ltd 5s
107 108.4
Amer Aggregates 65_1943 107
Amer Com'Ith Pr 6s '49... 9955 98 100
254 Jan
1% Jan
6,500
54 Mar
1,200
434 Jan
Apr 8134 May
6,800 50
Jan 4834 Apr
7,000 40
1.200 7554 Mar 8754 Jan
11,200 18755 Feb 23314 Mar
351 Jae
Apr
9.200
2
14.000 4551 alar 6815 Jan
4% Jan
134 Jan
35.100
21is Jan
1 1116 Apr
35,600
320 Mar
Jan
3.300 llo
Jan
H14 Jan 50
3,400
3.4 May 93c Mar
7,300
Apr 344 Jan
100 34
Feb
28
Apr18
6,000
344 Jan
0
2
1,500 1555 Feb
Jan
360
4,700
log Mar
8% Mar
1,600
2
Jan
100 802% AprApr
Pit Jan
300
1816 Feb
2,600
Mar
26
4,500
251 Jan
Fae
A
1
1,000 15;i: M prr
254 Apr
10,400 800 Mar
64 Mu
34 Jan
300
May
234 -Feb
600
23-1 Jae
134 Jan
12,200
115 Jan
100 860 Apr
72,000 85
48,000 9254
13,000 9141
30,000 45
37,000 40
5,000 47
39,000 100
80.000 96
8,000 107
86.000 98
Mar
Ma
Feb
Jan
Jan
Ma
Feb
Feb
Apr
May
8734
954
103
57
5554
057
10254
9854
11554
100
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Apr
Jan
May
Bonds (Continued)
-
Friday
Last Week's Range So2es
Sac
ol Prices.
Price. Low. High. Week.
Amer 0 & El deb 5s__2028 064
American Power & Light
6s, without warr___2016 10555
Amer Radiator deb 4413.'47
Amer Roll Mil deb 5s_1948 974
Amer Seating 6s
1036 95
Amer SoIv & Chem 68_1936 110%
Without warrants
0434
Appalachian El Pr 58_1956 9811
Arkansas Pr & Lt. 6e._1956 96
Asso Dye & Press 68..1938 854
Associated G & E 515e 1977 112
Con deb 448 Nei war 1918 135%
Without warrants__ _
Assoe'd Sim Hard 64e '33 -1949 1734
Atlantic Fruit 88
Atlas Plywood 54s 1943 89
Bates Valve Bag 6,9_ _1942
With stock numb warr_
1037-4
Beacon 01165, with warr'36
Bell Tel of Canada 55_1955 1014
1st Useriee B
1957
New
10031
Berlin City Elec 6348.10511 91)4
Boston Consol Gas 5s.1947
Boston & Maine RR 68 '33
Buff Gen Elm 5s
1956
Burmeister & Wain of
Copenhagen 15-yr Os '40 98%
8;4
.
Canadian Nat Rya 78_1935
Capital Admin Se A..1953
Carolina Pr & Lt 58_1956
lot & ref 55 new._ _ _1956
Cent States Elec 6s.... _1948
Cent States P & Lt 5 411'53
Chic Pneum Tool 555s '42
Chic Rye be etf dep_1927
Childs Co deb fe
1943
Cigar Stores Realty
555s serlee A
194..
Cities Service 58
1966
Cities Service Gas 554s 1942
CitleeServ Gas Pipe L 69'43
Cities Serv P & 1.546_1952
Cleveland Elea III 78_ _1941
Gen mtge M A
1954
Cleveland Term Bldg Os '41
Columbia River Long Bdge
let 6 411
1963
Commerz und Private
Bank 5540
1937
Consol0 E I.& P Balt534s series E
1952
bs series F
1965
411s
Consul Publishers 6%31038
Consol Textile 85
1941
Cont'l C & El 5a
1958
Continental Oil 5303. _1937
Cosgrove Mach Coal848'54
Cuban Telm 735s- _.1941
Cudahy Pack deb 53.4s 1937
Se
19411
Del Elm Pow deb 554.3 '59
Deny& Salt Lake fly (is '61
Detroit City Gas 51313_1954
6s seriee A
1947
Detroit lilt lidge 6.48.1952
25year f deb 7s_ __ISM
Dixie Gulf Gas 6 43_1937
With warrante
Elee l'ow (Ger) 6548_1953
El Pam Nat Gas 6303 A '13
Deb 6 5.43_ _ _ _ Dec 1 1931'
Empire OP & Refg 654s '42
Ercolc Mare) Elea Mfg
6548 with warrants_1953
EuropMtg&Inv7aserC 1967
1950
73.4s
9635 9654 21,000
96
95
110
943-4
98%
95%
8n
110
135%
114
864
164
89
105%
97%
9735
954
114
96
9951
9654
86
114
141
11654
86%
1731
90
103
111
1004
100%
100%
91
101%
101
10214
10434
111
1014
101
100%
91%
1014
1014
10331
105
0714
98%
94
86%
9055
95
9454
105
10334 1034
963
35
93
8651
10054
8951
8835
95
99
8254
100
90
80
79
934 Feb
40,000
6,000
36,000
75,000
45,000
84,500
8,000
3,000
12,000
102
106
98
993.4
994
91
1004
9834
1014
Apr
Mar
Mar
Apr
Mar
Apr
Apr
Apr
Feb
9934 24,000
97%
Jan
9454
89
9154
9554
95
107
10354
964
4.000 10754 Apr
11,000 9635 Mar
Apr
38.000 99
Apr
26,000 99
31,000 854 Mar
9,000 0051 Apr
6.000 98% Mar
20.000 7751 Mar
May
15,000 86
31,000 93
34,000 86%
17.000 89%
25,000 94
104,000 94
5,000 104
2,000 10254
3,000 9534
93
95
86
864 75,000
105 1054
102% 10234
1004 100%
1004 1004
8951 8934
88% 89%
96
95
87
87
109% 109%
9735 98%
99
9934
9554 9555
81
824
9931 100
105 1054
90
89
8251
80
79
033.4
9934 99
100
100
9134 904
Low.
Feb
Mar
Mar
Apr
May
Feb
Feb
Mar
Mar
Jan
Jan
Jan
Jan
May
May
10731 10734 10734.
9S
974 OS
994
99
99
994
8731 87
8734
9051 9151
99
90
99
82%
81
88
88
86
94
884
9054
9555
944
Range Since Jan. 1.
124,000 105
5,000 9534
46,000 94
13,000 92
18.000 110
11,000 94
119,000 87%
39,000 93
12,000 83
139,000 984
177,000 99
46,000 944
26,000 8634
21,000 1614
7,000 89
23,000
7,000
1,000
22,000
1,00
11,000
62,000
18.00
6,00
3,000
14,00
24,00
6.000
89,000
32.000
24,00
30,000
18,00
804 14,00
934
1,00
9954 18,000
10055 9.00
9131 54,00
92
93
89
90
954 07
Fabrics Finish 65
9454 94%
1939
Fairbanks Morse C3 5.3 '42
0
05
95
Federal Sugar Gs 1933_1933
88% 8/3Si
Finland Residential Mute
Bank 65
...... _ _196 I
.
854 85% 86
Firestone Cot Mills Se. 191)1 914 9131 9154
Flrastone T&R Cal 56.194a 9451 94
9451
First Bohemian Glass Wks
30-yr 78 with warr__ 1957 8435 8434 85
Fisk Rubber 6 5.4.3_ .._ _1931 94
95
91
Florida Power & Lt 65.1954 0234 92
924
Foitts Ftsaer 654e. _1939
9934 9954
Garlock l'acking deb M '30
9754 9754
Gatineau Power Ca__1956 96
95% 964
65
1941 9731 974 9854
Gelsenkirchen Mm 68_1034 8951 8955 90
GenlAnier Invent 58_1952
Without warrants
834 8451
Gen Laund Mach 6545 1937
100 1004
°Moral Rayon Os ear A '48
86
8635
General Vending Corp-'
Oswith warr Aug 15 1937 76
74
77
1946
Ga & Fla RR Os
60
65
Georgia l'ower ref 68_1967 973.4
9751 98
Grand Tnink fly 0 45.1938
1074 108
Guardian Investors 55 '48
90
With warrants
94
1937 1004 1004 101
Gull Oil of Pa be
100% 1014
Hinting fund deb 56_1947 101
9414 9534
Gulf States Utl 5e.--1958
Mar
Apr
Apr
Mar
Mar
Feb
Apr
Apr
02
Apr
86
Mar
105
1014
99%
9834
8951
85
93
87
10754
97
117%
934
80
98
105
84
70
Feb
Apr
Apr
Jan
May
Mar
Feb
May
Jar
Mar
Mar
Mar
Apr
Mar
Feb
Apr
Ma
79
92
98
99
88
May
Apr
Apr
Jan
Mar
9.000
4,000
2,000
Apr
86
81
AP
9535 Slay
6,000
1,000
1,000
944 Apr
1041-4 Apr
8651 Jan
10,000
13,000
17,000
Ma
85
91
Mar
924 Mar
10,000
14,000
73,000
3,000
11,000
36,00(1
24,000
72,000
84
89Si
874
091-4
974
93
964
89
Jan
Jan
Apr
Apr
Apr
Apr
Mar
Jan
9,000 834 Apr
21,000 100
Jan
0,000 78
Apr
7,000 69
15,000 60
112,000 964
25,000 105
3.000
49,000
14.000
3,000
90
984
9954
9455
Apr
Apr
Mar
Mar
May
Mar
Apr
Apr
9935 100
Hamburg Elec 75._ _ -1935
2,000 99
Apr
824 8331 11.00
Hamburg El s. Ind 554.'35 83
82
Ms
91
91
16,000 91
Hanover Credlasta 5461949 91
Apr
1931 0434 9451 95
15,00
9314 Jan
13sHarpen Mining 68_ .1941.
87
88
87
31,00
With warrants
864 Apr
87% 88
1938
3,000 87% Apr
Hood Rubber 7s
70
7451 3,00
70
May
10-yr cony 554s ____1938
864 8855 16,000 8034 Apr
Houston Gulf Gas 63.4e '43 87
864 88
1943
8.000 83
Ma
6s
9,000 97
Apr
Pow&Lt54s ser 13 1954 10051 994 100%
024 9254
1,000 0314 Ma
May 1957
54s
11211 117 197,000 10214 Feb
Baden Oil& Gm deb 6e1939 116
87,500 9754 Ma
Ind'polle P & 1.55 ser A '57 9954 98% 100
964 9654 5,000 914 Ma
tat Pow Secur 75 ser E 1957
Ma
Internal Securities 69_1947 8851 87% 884 51,000 85
Interstate Nat Gas 68.1036
2,400 102
102 103
Apr
Without warrants
9355
7,000 00
Apr
Interstate Power bs._ _1957 9354 92
4,000 914 Apr
9255 93
New
9255 17,000 91
01
Debenture 88
1952 92
May
98
1,000 06
98
interstate P Ser 5s ser D '56
Mar
90% 90% 5.000 8734 Feb
4 555 series le
1958
9531 22,000 95
Invest Co of Am 56 A_1947 0531 95
Apr
79
2,000 78
Without warrants
79
Jan
02
2,000 90% Mar
92
Iowa-Neb. T. & P58.1957
4,00
8654 89
harm Hydro-Elee 78_1952
864 Feb
laotta Fratichini
95
6,00
95
With warrants
95
Apr
1,000 87
Without warrants
8735 88
Jan
2975
FINANCIAL CHRONICLE
MAY 4 1929.]
High.
Bonds (Contintied)-
Italian Superpower 64_1983
Without warrants
leddo Highland Coal Os '41
1064 Jan
9934 Jan Kansas Gas & Elec 88.2022
Kelvinator Co 68
1936
9734 May
Without warrants
9754 Jan
Koppers0& C deb 5.9_1947
122
Jan
Laclede Gas Light 5549 '35
9735 Mar
Lehigh Pow Secur 6s_ _2026
9935 Jan
Libby, NicN & Libby 5s'42
Jan
d98
Lone Star Gas Corp be 1942
94
Jan
Long Island Ltg Os. _1945
131
Mar
118
Feb Louisiana Pow & Lt 58 19.57
Manitoba Power 5358_1951
120% Feb
Mansfield Min & Smelt
88
Feb
7s with warrants.„1941
224 Jar
7s without warrants 1941
1034 Jan
Mass Gas Cos 54s...1946
McCord Rad & Mfg 68 1943
11055 Jan
Memphis Nat Gas Os.
.1943
1184 fax
With warrants
10254 Jan
Matron Edison 454s__1968
1024 Feb
Minn Pow & Lt 4 34s_ _1978
100% Apr
Montreal LB & P col bs '51
94
Apr
Morris & Co 7'i9----193
103
Jan
°
103
Jan Munson S S Lines 64s '37
With warrants
104
Jan
Narragansett Else fa A '57
Nat Distillers Prod 63is '35
994 Jan
Nat Power & Lt (Is A.21126
Nat Public Service 56.19731
110
Jan
_1939
101
Feb Nat Toll Bridge
Nat Trade Journal 63.1938
102% Jan
Nebraska Power Os 4.2022
994 Apr
Nelsner Realty deb 68_1948
9034 Jan
9634 Jar. New Eng G & El Asan 58'47
10134 Jan
54
1948
N Y & Foreign Invest
824 May
1/0
1948
Jan
54s A with warr
NY P& L Corp 1st 448'87
994 Jan
Niagara Falls Pow 60_1950
904 Jan
Nippon Elea Pow O34s 1953
9234 Jan
North Ind Pub Sere Se 1968
Nor States Pow 84%.1933
9834 Jan
North TPxas 1 3tIlltlas 75 37
9735 Jar
108
Feb Ohio Power be sec B 1952
41.4e series D
1958
104% Feb
98% Jan Ohio River Edison 5s.1951
Omnod Co With warr Its '311
1941
100
Jan 04W(W.0 Falls 134
Oswego River Pow 6,
3_1931
88
Jan
Par Gas & El 1st 440-1957
.
Pacific Invest 59._ 191,
10554 Mar Pacific Western 0116 3411 '43
10331 Feb Parmelee Transport Gs 1944
1004 Apr Penn-Ohio Edlson (18 1950
Without warrants
10034 May
98
.1959
Jan
54s when
9154 Jan
Penn Pow & Light M D '63
9831 Jan
1952
let & ref 58 B
92
.ia- ii & Pr 59_ _197..
Jan Pro,
111
Jan Phila Electric 534s_ _1953
Phila Elm Pow 548..1972
994 Jan
101
Jar
Phila Rapid Trans 69_1962
9634 Jan Phila Suburban Con
Gas & El 1st & ref 448'57
9134 Jan
10034 Jan Pittsburgh Coal 6s__ _1949
1003.4 Jan Pittsburgh Steel Os.._1948
1939
98
Jan Poor 4 Co Os
894 Feb Potomac Edison
_ _1958
Potrero Sugar 7s_Nov 1547
884 Jan
Power Coro of N Y 534s'47
97
Feb Procter dr Gamble 4481947
101
Max Pub Serv of Nor 111 55.1931
1054 1,111.7 Queenaboro (1 & li 54s '52
914 Apr Reliance Bronze & Steel
Corp 15-yr deb 65..1944
98% Jan
Richfield 01154% notea'31
02
Tor>
Rochester Cent Pow 56 '53
100
Mar Ruhr Gas6 541.1
1953
8t Louis Coke & Gas As '47
101 54 Feb °an Ant Public Sera 561958
961
4 Jan Saud a Falls Co 5s A.
..1955
9551 Jan Schmte Real Estate (is 1935
With warrants
914 Jar,
Without warrants
94
Jar. ScripPS(E W)534s _ _1943
96
Jan
Serve]Ins(new co) 58_1948
Shawinigan W & P 4549 '67
88
Feb Shawsheen Mills 7s_ ..1931
98
Jan Sheridan Wyorn Coal 68 '47
11214 Feb Sloss-Sheffield 54 I 6s 1929
993.5 Apr
Fur money (Is
1929
973-1 Apr Snider Pack 6% notee_1932
974 Feb Solvay-Am Invest 59_1942
10031 Jan Southeast P & L 6s_..2025
914 Jan
Without warrants
Sou Calif Edison Ea___1951
86% Feb
Gen & refunding 58_1944
10254 Jan
Refunding 5s
1952
95
Jan Sou Calif Gm re
1937
Southern Dairies 6s_ .1930
874 Feb
53
1057
704 Jan So'west Dairles 648
9834 Jan
With warrants
1938
108
Jan S'Ire4t ti 4 E Is A._ _1957
Sweat Pow & Lt 8s_ __2022
1014 Jan Staley (A El Mfg (18_1942
1014 Jan Stand Pow & Lt 6s_ __1957
102
Jan Stinnem (Hugo) Corp
994 Jan
7.3 Oct 1 '36 without warT
7s 1946 without warente
103
Jan Strauss (Nathan) 6s._1938
88
Jar. Sun 011 64s
1939
9555 Mar Swift & Co Ss Oct 15 1932
964 Feb Texas Cities Gas Se.. _1948
Texas Power & Lt 56-1956
93
Afar Thermoid Co (59 w w 1934
97
Jan Trans Lux Dayl Pict Sent
844 Jan
6)4s without warr_ _1932
9234 Jan Ulen Co 64s_ _ _ Nov 11936
92% Jan
l'Moll Amer Invest Ss 1915
101
Feb
United El Seri (13I946)75'56
9634 Jan
Without warrants
11934 Apr United Industrial 63461941
100
May United Lt & Rye 53.48.1959
9654 Feu
1952
69 serim A .
92
Jan United Oil Prod 8s_ _ _1933
Un Rys of Havana 7555 '35
10431 Jan United Steel Wk..8348 1947
964 Jan
With warrants
964 Jan US Rubber
97
Jan
Serial 64% notes_ _1939
9854 Apr
Serial 64% notes__1031
90% Apr
Serial 034% notes..1032
107
Jan
Serial 6)4% notes.-1933
83
Jan
Serial 614 % notes__1931
9434 Jan
Serial 644% notes_ _1935
9134 Jan
Serial 6(4% rioter_ _1936
Serial 635% 110T0-1937
106 3 Jan
4
Serial 634% notes__1939
904 Apr
Serial 635% 1191ca-1949
9734
Friday
Last Week's Range Sales
Sale
for
ofPrices.
Price. Low. High Week.
Range:Since Jan. 1.
Low.
I
High.
Jan
774
Mar 82
77% 7734 59,000 75
104 1044 5.000 1034 Mar 104
Apr 102
102 102
2,000 08
Jan
Apr
May
79
10034
101
106
94
9954
106
964
101
Jan
Apr
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Mar 103
102 102
1.000 96
Mar 97
93 .93
1.000 93
10331 103% 10454 33,000 10254 Feb 10434
94
Apr 99%
9354 94
11,000 93
Mar
Feb
Apr
Jan
76
794 42,000 70
9834 934 100% 53.000 98
99
9831 994
5.000 9834
104
1034 10455 83.000 1024
934 93
03% 25,000 90%
9734 94
98
24.000 96
104
101 105
8,000 103
93
9354 32.000 9034
9935 90
9935 20,000 984
99
9734
91
994
99
9634
91
9951
994
99
21,000
98
7.000
91% 9,000
9931
5,000
100
12,000
9755 971
4
98% 9831 9955
9954 100
100
104
103% 10455
8031 80% 8115
98
98
8954 8934 91
106 106
102 103
93
92
93
9255 924 93
89
9235
8854
10055
102
100
0231
984
964
96
9954
88
8931
9274 93%
105 1054
874 90
1004 10014
1014 102
100 1004
100 1004
924 9335
99
99
984 984
80
80
974 98
9651 96%
9?
9355
954 96
9954 994
964
9311
89
964
994
Apr
Feb
Apr
Mar
Feb
Mar
Apr
Apr
Apr
Feb
Jan 107
Jan
Mar 99
Apr 02% Jan
Apr 10134 Jan
Jan
Mar 101
9,000 9755
61,000 97
5,000 9851
52.000 102
36.000 79
2,000 98
16.000 87
4.000 106
6.000 102
10,000 89
12.000 874
Apr
Mar
Apr
Mar
Mar
Mar
Apr
Apr
Apr
Mar
Apr
99
10054
101
105%
8335
9834
98%
110
1084
974
9755
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Mar
Jan
Feb
Jaz
30.000 88
192,000 90
47,000 044
18,000 87
3.000 98
10,000 101
10.000 9934
11,000 98
37,000 90%
2,000 9751
2,000 9334
4.000 80
3,000 97
22.000 934
15.000 111
954
53.00
230,000 994
May
Mar
Jan
Apr
Mar
Apr
Apr
Mar
Mar
Apr
May
Apr
Jan
Mar
Apr
Apr
Apr
94
9334
108%
92
1014
104
103
101
935(
10054
102%
9834
9931
98%
904
98%
100
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Apr
100 1004
94
944
10055 102
100 102
97
94% 94
1053.4 105%
104
103 1014
9851 984 9855
22.000
51.000
15,000
18,000
23.000
5,000
41,000
7,000
QS%
94
100
100
3.4
10554
102)4
14834
Apr
Apr
Feb
May
May
May
Mar
Apr
102
9734
10234
10354
100
10634
105%
1034
Jan
Mar
Jan
Apr
Feb
Jan
Jan
Feb
974
1004 100
102
10154
094
97
984
70
70
04
9654
99
102
102
1.000 96
24.00 100
32,000 10054
1,000 9931
23.000 9034
69
14,00
94
1.00
954
5,00
974
10,000
7,00 102
Apr
Mar
Apr
May
Jan
Apr
AD
Apr
Ma
Fe
985(
100%
103
9934
98
46
9854
98
100
105
Jan
May
Jan
Slay
Mar
Jan
Feb
Apr
Jan
Fen
94
102
9755
10034
102
9935
974
71
94
98
100
10254
9934 994 100% 112,000
101% 100% 101% 18,000
53.000
87
8655 86
83
83
32,000
82
884 85
8654 11,000
4,000
9634 96
9655
98
994 14,000
994
984
83
RO
84
014
98
May 10051 Apr
Ma 102% Jan
Mar 8834 Jan
Jan
Mar 94
Jan
92
Ma
Feb
Apr 97
Mar 1024 Jan
100
90
9451
81
994
88
9254
75
9135
04
92
99
994
88
944
Slay
Apr
Jan
Jan
Mar
Slay
Mar
Apr
Apr
Apr
Apr
9954
9251
9.3
9954 1014
90
89
9451 9534
81
82
935( 944
94
94
92
92
994 934
9934 99.4
89
924
96
964
10334 1014 10331
1014 101% 102
1004 1004
10131 10154 102
924 92
9255
97% 99%
97
97
994
95
1014
944 9854
974 974
95
21,000
69,000
15.000
11,000
48,000
3,000
3,000
4,000
3.000
15,000
5,000
Mar 10554 Jan
Mar 10214 FOn
Mar 1024 Mar
Apr
Mar 102
Mar
Mar 95
Feb
Mar 09
Mar
Mar 95
98
9134
994
974
98%
Jan
Apr 101
Apr 971,4 Jan
Apr 107% Jan
Feb
99
Jan
Mar 9951 Jan
9934 2,00
9554 6.000
103
24.00
934 22.000
37,000
99
084 98% 11,000 90
994 99 100
22.000 97
1011'1 100% 1014 9,000 100
891
4
8431
9054
99
71
108
84
99
984
9954
985.5
994
99
98.4
984
934
99
9854
9754
974
9355
9755
99
0051 23,000 88
85
5.000 84
91 51 21,000 864
101
23.000 99
71
1.000 070
10S
1,00 108
86
Jan
Mar
Apr
Jan
Apr
itJan
Jan
Feb
Jan
Jan
Feb
113,000 100
32.000 99
1,000 100
41,000 994
92
15,00
98,000 96
92
1,00
924 92
93
65,000 884 Jan
Mar
86
88
87
874 48,00
11651 120
120
7,00 116% An
Feb
1004 10054 IN% 23,000 100
9954 994 994 56,000 5444 Ma
824 834 14.000 8254 May
99
Ma
9855 993.5 74,000 98
Feb
102 1044 52,000 MO
85
90 3-4
100
71
110
964
9554
8514
94%
98%
93
1003-4
1(10
10754
98%
26,00
0954 9.000
5,0(10
99%
3.000
9854
994 8,000
99
11.000
3.000
9754
99
2,000
9954 6,000
9935 9.000
1,000
100
83
9434
91
14034
102
1004
89
9954
105%
Feb
Feb
Jan
Jan
Mar
Mar
Jan
Ma!
Jan 9934 Apr
Feb
Apr 100
Mar '16% Feb
Apr 9254
Apr 91%
Mar 94
May 10154
Apr 79
May 110
AP
9855 Jan
98
Jan
97
Jan
984 Jan
964 Jan
Jan
96
97% AD
Jan
07
Jan
98
Jo
07
90
Jan
Jam
Jan
Jan
Jan
Jan
Feb
Jan
100
100)4 Jan
1003-4 Jan
10031 Jan
10034 Jan
10035 Jan
1005-4 Jan
10014 Jan
10035 Jan
Feb
102
2976
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds (Concluded)-
US Smelt & Ref 5346_1935
10334 10334
Utilities Pr & Lt 58___1959 98
98
98
Van Camp Packing 68_1948
84
8434
Virginia Mee Pow 5s__1955
9934 100
Western Power 534s__1957 12434 118 125
Westvaco Chlorine 5146'37
10035 10034
Wheeling Stee1414s___1953 87
8634 8734
Range Since Jan. 1.
Low.
16,000 103
41,000 98
5,000 84
27,000 9634
105,000 10934
4,000 9914
59,000 8634
Mar
Feb
Mar
Apr
Jan
Mar
Apr
High.
10434
98
8714
10034
125
104
89
Feb
Feb
Feb
Jan
May
Jan
Jan
Foreign Government
and Municipalities-Agricul Meg e Bk Rep ofCol
20
-year 73__Jan 15 1946
94
9514
20-yr 7s___Jan 15 1947
9434 96
Baden(Germany) 7s__1951
9734 9734
Bank of Prussia Landowners
Ass'n 6% notes____1930
9634 97
Buenos Aires(Prov) 7346'47 10214 10234 10334
1952 101
100 101.
7s
Cauca Valley (Dept) Colombia esti a f 7s
1948 89
89
90
Cent Bk of German State&
1951 85
85
Prov Banks 68 B
8534
1952 85
85
8534
66 serial A
Danish Cons Munk:5%6'55
Is new
1953
Danzig P & Waterway BO
1952
Extl s f 6346
Frankford (City)610_1953
German Cons Munk 7s '47
1947
66
Indus Mtge Bk of Finland
1st mtge eol s 1 7s 1944
Lima (City) Peru 834e 1958
Maranhao (State) 7s1958
Medellin (Colombia) 7s '51
Mendosa (Prov) Argentina
1951
714s
Montevideo (City) ils 1959
Mtg Bk of Bogota 7s_1947
New
Mtge Bank of Chile as 1931
Mtge Bk of Denmark 3472
Mtge Bk of Jugostav 78'57
Parana(State of) Bras 7s'58
Prussia (Free State)6%6'51
Esti fla (of'27) Oct 15'52
Rio de Grande do Sul 7867
Rumanian Mono Inst 78'59
Russian Governments
1919
634.
1919
634s Otis_
* 1921
5%s
5146 Certificates--.1921
Saar Basin 7s
1935
Baarbrucken 7s
1935
Banta Fe (City) Argentine
Republic esti 7s.......1945
Santiago (Chile) 7s_-_1949
Silesia(Prov)75
1958
s......___,.._ a e.--.. e. -.nnn
,
6,000
12,000
2,000
Apr 100
94
94
Apr 99
9234 Mar 98
Jan
Jae
Jan
Mar
Jan 98
12,000 95
Apr 10434 Feb
45,000 100
Jan
106,000 9934 Mar 101
19,000
87
API'
9634 Jar
26,000
19,000
83
84
Apr
Apr
8734 Feb
8734 Mar
99
9834 9934 22,000
9234 9234 5,000
9834 Mar 10134
Mar 9634
92
Jan
Jan
84
84
92
96
8434
81
91
96
8434
Jan
Apr
Jan
Mar
Apr
Jan
Jan
Jan
8534
85
9434
9634
8634
15,000
26,000
34,000
62,000
8634
9634
98
89
Jan
Jan
9834
23,000
9734 100
8934 8934 2,000
9734 May 102
Apr 93
88
97
86
96
86
97
2,000
28,000
Mar
85
9234 Mar
9634
9434
87
87
9634
9534
7634
9714
95
87
87
9734
9613
7714
36,000
20,000
2,000
1,000
17,000
7,000
16,000
93
94
87
87
9634
95
75
Apr
Feb
Apr
Apr
Mar
Mar
Mar
99
96%
94
94
9834
97
8214
Apr
Feb
Feb
Jan
Feb
Jan
Jan
8734
93
86
933-4
84
8934 33,000
93
5,000
87
80,000
7,000
94
8434 51,000
8734
92
86
91
84
May
Feb
Apr
Apr
Apr
93%
97
903-4
97
8934
Jan
Feb
Jab
Jan
Feb
1534
1434
1414
1414
1434
19
17
1534
1634
35,000
109,000
18,000
38,000
1234
1234
1236
1234
Feb
Jan
Feb
Feb
1934
19
1934
19
Apr
Apr
Apr
Apr
99
9834 9834
99
99
2,000
2,000
98
99
Jan
Mar 101
Mar 10134 Fen
99
7934
95
93
9734 99
79
80
9734
9634
7714
8734
93
86
8434
nn ,
1
uuT2
nnl,
nnl,
6,000
2,000
29,000
q nnn
Jan
94
9734 Feb
9114 Apr 96
Apr 100
96
79
Apr 85
ilfi 1, 1, i• 1 nn IL
a
Jan
Jan
Jan
Ian
•No par value. I Correction. a Listed on the Stock Exchange this week, where
additional transactions will be found. a Sold under the rule. •Sold for cash
11 Option sales. S Ex-rights and bonus. to When issued. a Ex-dividend. g Er
rights. I Ex-stock dividend.
"Under the rule" sales were made as follows:
a Amer. Meter Co., Jan. 15 at 128: e Danish Con. Munbs. 513s, 1955, Jan. 13
at 105: p Educational Pictures pref.. Feb.6 at 100. U United Milk Products. Mar
21. pref. at 81 o Allied Pack. 6s. 1939 April 2 at 59.
"Cagle' sales were made as follows:
Arkansas Power & Light let & ref. 5s. Jan. 22 at 99.
"Option" sales were made as follows: u Schutter-Johnson Candy, class A. Mar. S.
100 at 6.
t Sales of Clark Lighter common A at 2914@3214 reported last week was an
error. Should have been Club Aluminum Utensil Co. common.
CURRENT NOTICES.
-H. M. Byllesby and Co. announces that Frank J. Adams, formerly
Vice-President of It. M. Grant & Co., has been made Manager of the Eastern division of the Byllesby municipal bond department. Mr. Adams has
been associated with the R. M. Grant organization for more than eleven
years.
-John N. Cole & Co., members New York Stock Exchange of this city,
announce, in connection with the change in name to Burden, Cole & Co.,
the admission of Williams Burden and Henry P. Cole as general partners.
Other partners are John N. Cole and Charles E. Clapp Jr.
[VOL. 128.
Sutro & Co., members of the New York, San Francisco and Los Angeles
Stock Exchanges, are distributing a Pocket Manual on Western Securities
devoted to statistics of corporations, banks and trust companies of the
Pacific Coast.
Otis & Co. have issued an analytical circular on the Cleveland Tractor
Co., pointing out that the tractor industry is in a favorable condition, due
to the great demand for tractors for agriculture and road maintenance.
-McDowell & Herdling, members of New York Curb Market and
specialists in public utility securities, are now located in their new offices
at 150 Broadway. Their new telephone number is Rector 6231
Gilbert Eliott & Co., members of the New York Stock Exchange,
26 Exchange Pl., New York City, have prepared special circulars on National Liberty Insurance Co. and Aetna (Fire) Insurance Co.
Chatham Phoenix Corporation of this city announce the appointment
of Raymond J. Watrous in charge of their trading department and of
George Shaw as a member of their retail sales department.
Paul G. Friedmann and Robert W. Torney have formed a partnership
under the firm name of Friedmann & Torney. members of the New York
Curb Market, with offices at 150 Broadway, New York.
-Edward Straehle and Frank I. Kennedy have been appointed Asst.
Vice-Presidents of the Union Title & Guaranty Co. of Detroit, according
to an announcement by John N. Stalker, President.
-W. E. Hutton & Co., members of the New York Stock Exchange,
have opened an uptown New York office at 57 West 57th St. under the
direction of W. D. IIutton, resident partner.
-Fred J. Brown has become a general partner in the firm of H. L. Allen
& Co. of this city, the business to be conducted hereafter by Henry L.
Allen, Charles C. Thomas and Mr. Brown.
-Evan B. Thomas has been appointed wholesale sales manager for the
Pacific Coast by Pynchon & Co. Mr. Thomas will have headquarters in
the Hunter-Dulin Building, San Francisco.
- B. Cooke & Co. announce that Edward W. Russell has been adC.
mitted to general partnership in the firm, the offices of which have just
been moved to 32 Broadway, New York.
-Harry W. Belcher, formerly financial advertising manager of the
"United States Daily," has been appointed manager of financial advertising
of the Morning and Sunday "World."
-Jackson, Storer & Schwab announce that Edward C. Rutter, formerly
of Hambleton & Co.. has become associated with their New York office
in charge of wholesale distribution.
Abbott, IIoppin & Co. of New York announce that Maynard C. Ivison,
formerly with the Chase National Bank, has been admitted to general
partnership in their firm.
-II. M. Byllesby & Co., Inc., announce that Frank J. Adams has
become associated with them as Manager of their municipal bond department, Eastern Division.
-Hon. John Dailey, for 20 years prominent member of tho Illinois
Senate, has been elected to the board of directors of Goddard, Kneessi
Co., Inc., of Chicago.
Wood. Low & Co., members of the New York Stock Exchange, announce the removal of their offices from 22 William Street to 63 Wall
Street, New York.
Richard W. Heurtley is now associated with the investment banking
firm of A. L. Chambers & Co., in charge of the New York office at 43
Exchange Place.
The Investment Managers Co. are now at 63 Wall Street, New York.
The company acts as managers of invested funds. Edgar Lawrence Smith
is the President.
-story
-Peabody, Smith & Co. have moved their offices to the new 36
building at 63 Wall Street. Their new quarters will embrace the entire
twelfth floor.
- R. Williston & Co., members of the New York and Boston Stock
J.
Exchanges, announce that A. F. Cronhardt has become associated with
their firm.
Marks & Graham, members of the New York Stock Exchange, announce the admission of Henry F. Westheimer to special partnership in
their firm.
-West & Co., members of the New York Stock Exchange, the Philadelphia Stock Exchange and the New York Curb Market, announce the
removal of their New York office to 63 Wall St. The firm also has offices
in Philadelphia, Boston, Chicago and San Francisco.
W. C. Simmonds & Co., members of the Unlisted Securities Dealers
Association, announce the removal of their offices to 40 Exchange Place,
New York.
Goodbody 3: Co., announce the removal of their up-town New York
office from 350 Madison Ave. to the New York Central Building, 230 Park
Avenue.
Allan S. Richardson has been appointed Manager of the municipal,
wholesale and institutional departments of Kramlich, Rood and Co. of
Denver.
Stenzel Johnson & Co., Inc., investment bond house, announces the
removal of their office from 7 Wall Street to 30 Broad Street, New York.
M. J. Meehan & Co. have opened a new branch office at 14 Mamaroneck Ave., White Plains, N. Y., under the management of James P.
Dowdle. The firm also announces the removal of its Fordham office to
new quarters at Fordham Road and Morris Avenue.
L. F. Young has been elected director and VicoPeident of the
Foshay State Bank of St. Paul and will be in charge of its operations.
- L. Davis Co., Chicago, announce the opening of an office in the
L.
Dwight Bldg., Kansas City, under the management of Fred Mosher.
-The Bank of Montreal has available at its New York agency, 64 Wall
St., road maps of the Provinces of Ontario, Quebec, Manitoba, New Brunswick, Alberta and Nova Scotia, as well as maps showing automobile roads
from the United States to all parts of Canda.
Walter E. Leary, formerly a partner in the firm of Milman, Peters &
Leary of Boston and Springfield, certified public accountants, has been
admitted as a general partner in the firm of Gurnett & Co., members of the
New York and Boston Stock Exchanges.
Announcement is made that Herman De Goff has retired from the
firm of Stern, De Goff & Co.. and that the name of this New York Stock
Exchange firm, now composed of Louis Stern and Abraham Stern, has
been changed to Louis Stern & Co.
-J. Ros. McIntosh and Victor J. Valles have formed the investment firm
of J. R. McIntosh & Co. with offices at 49 Wall St., New York City.
-Robert II. Minton has been admitted as a general partner in the firm
of Louchhelm, Minton & Co., members New York Stock Exchange.
-Gruntal,'Lillienthal & Co. announce the opening of a branch office
at 350 Stone Ave., Brooklyn, under the management of Ira Hodes.
-Brooke, Stokes & Co. announce the opening of an office at 20 Nassau
Street, Princeton, N. J., under the direction of Burt E. Myrick.
Charles E. Doyle & Co., 20 Pine St., New York, have prepared for
general distribution an analysis of Remington Arms Co., Inc.
-llornblower & Weeks have prepared for distribution an analysis of
Brown-Durrell Co., manufacturers of hosiery and underwear.
-Furlaud & Co. of New York City have appointed Edward F. Stauderman assistant retail sales manager,and have added Alvin R. Whiting, WE.
-Charles L. Fink has become associated with the Brooklyn office of
Detior, Garfield A. Drew. Joseph P. Archer and Charles Williamson to their
Neville G. Hart & Co., members New York Stock Exchange.
retail sales force.
-Clement, Curtis & Co., Chicago, wish to announce that Charles C.
-Scott, Burrows & Christie, Chicago, announce the removal of their
Renshaw retired as a partner in their firm as of April 30.
offices from the seventh floor to the fourth floor, where they have doubled
-John D. Wells, Jr. has become associated with G. L. Ohrstrom & Co.,
their space, at 298 South La Salle St. Telephone number has been changed
Inc. in their Buffalo office in the Liberty Bank Building.
to State 0172.
2977
FINANCIAL CHRONICLE
MAY 4 1929.]
Quotations of Sundry Securities
All bond prices arts "and Interest' except where marled
Investment Trust Stocks
Chain Store Stocks
Preferreds
Par Bid
Par Bid As!
Ask
and c com
pa Bon d
34
Atlantic &
37
40 44
Diamond Shoe. cam
4414 4814
100 104
Preferred
77
74
22
Edison Bros Stores core_
2314 All & Pac Intl Corp units
100 103
Bankers Financial Trust
Preferred
- 27 _
34
.31
1612
Bankers Investm't Am corn_
Fan Farmer Candy SO pref
Bankers Sec Tr of Am corn _
20
18
Fed Bak Shops.corn
.712 9
22
Baninstocks Holding Corp.. 20
Prel 7% with warr___ _100 90 100
Bankshares Corp of U S ci A
8
9
Feltman & Curme Shoe
Bankstocks Corp of Md el A 17
20
Stores A COM
Class B
65
50
1014 1212
161. 1812
49
Preferred
55
-1 M
( Nll
H
Fishman1% Peeterred Stores com
Basle Industry Shares
a
918 97
99 103
Preferred
British Type Investors A... s70
Gt Atferred Tea Tot cow-t *338 345
prel & Pac
27
25
CanadianBank stocks
114 117
2812 287
Colonial Investor Shares
15
Howorth-Snyder Co. 4_
100 13
.
a
Conrefered Securities Corp_ 106 110
p tinen
rtal
•
KOnX Hat.COM
82 86
*/135 150
New w 1
Credit Alliance A
41
39
Kobacker Stores cum
1 *60 68
Crum & Forster Insumn10( 102 106
Cum pref 7%
shares corn
103 108
•
Lane Bryant Inc corn
100 102
Preferred
120 130
7% cum oref
Diversified Trustee she... . 261s 267
s
Leonard Fitzpatrick &100
e
221s 233
Shares B
30
corn
Muller Stores
Eastern Bankers Corp Corn-- 25
_
a
____ let *22 115
t 109
Preferred 8%
Units
- -145 151
Lerner Stores 614% prof-.
Empire Equities Corp corn A
1212
12
99 102
Without warrants
Equtt Investors6% pf unite. 64
68
370
Lord &Taylor
66
Federated Capital Corp..... 62
8
)
T ;
First preferred 6%____ 1.1:0 3( 104
107 114
113
Newunits
Second pref.8%
2612 263
Financial Investing
4
0
McLellan Stores6% pref 180 197 100
First Holding & Trad
11
13
Melville Shoe Corp
First Investment, A prof.... 44
49
warr_100 100 104
lot pref
td
Fixed isrturt Shares
223 2312
4
Mercantile Stores
1012 12
Foundation Sec corn
Preferred
23
General Trustee common._
28
Metropolitan Chain Stores..
75
New units
70
New preferred_
100 118 122
_
6% bonds
90 95
4
*5014 523
Miller (I) & Sons corn..
2312 2512
Greenway Corp corn
100 98 101
Preferred 6
.
5412
Preferred (w w)
Mock Judson & Voekinger pf 101 105
Guardian Investment
t *97 102
56127
Murphy(0 C) Co com_
28
Preferred
105 110
8% CUM pref
Guardian Investors
15 -20
18
an
Nat Family Stores Inc w1Ge 12
6%
18
90 100
*15
corn
units
88
42
50
lOn 82
NaPtr8efherreSdh818,
Ha0• e
$3e dFinanclal
ar
22
*19
Nedick's Inc cony
Incorporated Equities
5134 -_- -*150 155
Nelsner Brea Inc corn
Incorporated Investors
(1
6612 - 106 200 212
Preferred 7%
Insuransharesser A
80
263 2814
*176
4
Newberry (J J) Co corn
Series B 1928
22 231z
8
13
8 17
Series C
273 2914
4
103 106
Preht
Rigfe;red 7%
Series F
3114 323
4
N Fireterret7% corn....? *3812 40
Y M pchenclise
1100
Series B
243 2512
4
100 103 107
Inter Germanic Tr new
225 230
124 127
Penney (J C) Co
lot See Corp of Am corn A. 61
64
112
Peoples Drug Stores corn...t
Common B
36
32
114 118
151 156
*471* 5012 EAllot ctfs
Preferredelugg817%Corp
94 99
ekt% nreflred
a
preferr
103
PIeelYm Pr
6
W
9012 9414
96
91
Reeves(Daniel) Preferred
47 50
Invest Co of Am corn
Rogers Peet Co corn__ 100 135 145
95 100
05 96
Safeway Stcree pref
162
3eliel reteeelts
i A uned
Saunders(Clarence).corn B. 3412 3712
Investment Trust of N V.. 1212 - 1114
*60 62
Schiff Co corn
Invest Trust Associate..... 47
52
CUM cony prof 7%.._100 113 116
1'
50 56
2212 Investors Equity
22
Shaffer Store corn w I
48
51
[Inver (Isaac) & Bros 0010.1 *75 7912 Joint Investors class A
Convertible preferred_
107 108
7% corn cony pref ____100 116 120
Joint Sec CorpB
120 125
75
Southern Storese unite
S Stores corn class A....1 *312 512 Kent Securities Corp cow_ 110 114
100 102
Prefened
*212 312
Com class B
Keystone Invest Corp notes_ 147 149
58
int preferred 7% ___100 54
t
Massachusetts Investors_
523 551s
8
9912 101
Young(F,dwin11)Drugunits
Mohawk Invest Corp
134 137
Standard 011 Stocks
Motor &Bankstock Corp
14
12
4
Anglo-Amer 011 Tot etook.51 *143 15
1212 1312
1412 Mutual Investment Truel_
/1 *14
Non-voting stook
New England Invert. Trust. 12
4
Atlantic Retg corn new 25 *663 67
24 - -.
OldColony Invest Tr coin_
Preferred
4 % bonds
85
42
*38
Borne Scrynmer CO
Pacific Investing Corp coin_ 32 1671
.70
Buckeye Pipe Line C0
120:8
Second Internal See Corp.. 5112 5412
Cheeebrough Mfg Con...-28 •165 172
Corn B
25
22
233
Continental Oil v t e
10 . 8 2312
44
47
Cumberland Pipe LIne_100 64 69
44
Shnm utferr In.
48
pre Bked
Eureka Pipe Line Co_-100 59 63
434e
8
Galena Signal Oil oom_-.100
1942 85 88
he 1982
89 92
80
Preferrea old
100 76
Southern Bond & Share
80
Preferred new
Ire
76
30 34
Corn & allotment ctfe
Humble Oil& Refining .21 *12114 122
14
48 50
$3 pref allotment Ws_
Illinois Pipe Line
100 330 350
Standard Investing Corp_ 36 39
Imperial 011
*115 116
100 103
5 SS % Preferred w w
*2914 29%
125
5% bonds w w
Indiana Pipe line co_. .00 *907 91
4
4
5414 543 State Bankere Financial.... 18 21
International Petroleum _
1414 lb
New
27
273 TrusteeStand Oil Shs
4
12
Natlonal Transit Co...1X bo *233 2412 United Founders Corp corn. 3112 33
4
1414
New York Transit Co_ _.10C 82
8312 (3Shares cleat A
4
IVA 151.
Class A 1
Northern Pipe Line Co_ _IOC 5812 59
353 ---8'
Ohio Oil
Class C 1
71
70
25 .
36% --Class c 3
e2
Penn Met Fuel Co
31
It *30
31•8 35 s
Class
7
Prairie Oil& Gasit *59 4 597
s
,
_
1814'
Class D
Prairie Pine Line
60 6012
Solar Refining new
-- 16
543 4412 U S & Brit Internal el B.
34 17
Class A
Southern Pipe Line C0_50 *21
2112
4114 4414
South Penn 011 new
Preferred
5714 5814
43
41
U S Elee LA Powr
S'west Pa Pipe Lines. new -- *65 68
50
Standard Oil (California)..? *77% 7814 t) 8 & Foreign Sec corn.... 48
89 91
Preferred
Standard 011(Indiana)
59 4 5918
,
Standard 011 (Hamme)-28 *19
1912
2
Standard 011(Hentucky)._ •393 40
Carscalli ugsr S_
$o
s Sugef
s
90
Standard 011(Neb)
Fajardo Sugar
100 88
26 •49
50
30
Standard 011 of New Jer _25 *5914 59 8 Godchaux Sugars,Ire
t *25
5
3
Preferred...... ____100 85 90
Standard 011 of New York.26 *43
4314
14
•11
Standard Oil (Ohio)
28 *1271 1281 Haytlan Corp Amer
.
doily Sugar t• nip eom_t *35 39
Preferred
100 1161_ 119
Swan & Finch _
9. *15
Preferred
100 80 84
17
42
Union Tank liar CO
National Sugar Ref
100 41
25 *140 146
einium 011 (New)
ref17
100 23 28
25* 12512 1261* New Niquero Sugar
•112 115
Investment Trust
Savannah Sugar corn
Preferred
and Bonds
100 110 114
22
Allied Internet Investors , 106 110
dugs/ Estate. Oriente pf _100 19
Amer Alliance Invest
Tertlearee Sugar of
63
100 40 50
.58
Amer Bond & Share own li
2812 3114 Rubber Stocks (Cleveland
Amer Brit & Cont corn
Aetna Rubber common..._.1 •131 18
2012 21
Palle Rubber own
1
*5
58
3
88
86
0% Preferred -----Amer Cit Pow & L units.... 65 67
Preferred
173
4
25 •11
*321 36
Faultless Rubber
Am&miM'oo Sb Corp unite.
rn
83 85
Firestone Tire & Rub corn 10
40
290
38
Co
193$1 97 98
100 109 110
99 102
Arn Iroe m s eCortr corn
5el% u:nriert tis
10C 108 110
76
DPrreeffee rrrreeda
4
433 473 General Tire & Rub oom __Se •285 290
4
0.4 preferred
Preferred
100
50
7% .
140tp eferred
1011
hr
70c 74c rloody'r T & R of Can of.100 1108 109
ladle Tire & Rubber
60
75
Amer & Gen) Sec. unite.... 72
Mason Tire & Rubber conl_t
34
30
ClassA
Preferred
1012 121*
100
Class B
74
Miller Rubber preferrell_100 70
47
50
Amer Internet Bono & rib
Mohawk Rubber
26
29
58 4
,
100 55
Amer & Scottish Invest
81
90
Preferred
50
46
11X
Astor Financial clam A ..
.0 •46
•elberlIng Tire & Rubber.
4711
14
10
Class B
Proalianwi
10612 __-11.1rehaser alsic peva accruel1.11vidend. 1 Last sale
5 Sale prlee
y
r ,.1144116n qUotatiob
VW.Alatia z
Railroad Equipment.
Ask
Par Bid
5.50 5.20
Chicago A North West es5.40 5.10
Equipment6 Me
Chic R I & Pao 410 & 53.
5.25 5.00
5.50 5.20
Equipmentes
Colorado & Southern 61.-5.60 5.20
Delaware & Hudson 1385.50 5.20
Erie 434s & be
5.30 5.00
5.60 5.20
Equipment ee
Great Northern es
5.50 5.20
5.20 5.00
Equipment 5.
Hocking Talley 55
5.20 5.00
5.50 5.20
Equipment&
5.10 4.90
Illinois Central it 345 lc 81
Equipment es
5.20 5.00
Equipment 78 & 0345
5.20 5.00
Kanawha & Michigan Os.
- 5.50 5.20
Kansas City Southern 8SOL 5.2 5.00
Louisville A Nashville 6I..
5.50 5.20
5.2 5.00
EquipmentMs
Michigan Central fie A
5.20 4.90
MinnStPer SS M 1.4s&O. .5.40 5.10
Equipment 614s & 7e---. 5.50 5.00
5.40 5.10
Missouri Pacific fie A 0 S415.20 5.00
Mobile es Ohio be
New York Central 434e & ee 5.00 4.85
Equipment es
5.50 5.20
Equipment78
5.00 4.80
Norfolk A Western AAR
5.10 5.00
Northern Pacific 75
5.30 5.00
Pacific Fruit Exprees le.... 5.20 4.90
5.10 5.00
PennsylvaniaRR eq be
Pittab A Lake Erie 6}4e_.._ 5.25 5.00
Reading Co 4 Mit A fie
5.00 4.90
St Louie & San Francleco mt. 5.20 5.00
Seaboard Air Line 5545 & Sr 6.00 5.50
Southern Pacific Co Ms
5.10 5.00
Equipment 78
5.2 5.00
Southern Ry 414e & Os
5.2 5.00
Equipment es
5.50 5.20
Toledo & Ohio Central es_
5.5 5.20
Union Pacific
_ 5.2 5.00
Aeronautical Securities
Aeroinarine-Klernm
5
5
3
Aeronautical Industritia . 221 223
Short Term Securities
4
Air Associates
14
12
Mlle Chal Mfg. be May '37_
19
18
9912 10014 Air Investors corn
Alum Co of Amer. 59 May'52 10114 10112
Preferred
40
38
Amer(tad,deb 454., May'47 063 973 Mrstocks Inc
47 49
4
4
Am Roll Mill deb 5e. Jan '48
96
1 181* 19
963 Alexander Indus corn
4
ingio-Am 011 4 Ms, July '29
8% participating pref
*90 95
983 993
4
4
ins'ila Cop Min let cons es
Amer Aeronautical
25
23
Feb. 1953 10414 1043 American Airports Corp_ _ _t 55 65
8
Hatavian Pete 4 Ms._1942 91
9112 Amer Eagle Aircraft
8
84
3
Bell Tel of Can be A _Mar '55 10012 101
Aviation Sec Co of N E
23 2312
tiethittl
notea June 1529
9914 100 Bach Aircraft
23
4 314
Sec 5% notes_June 15 '30
1712
9912 BellaticaAircraft Corp. new
99
17
Her 5% notes_June 15 '31
9812 9912 Berliner-Joyce Aircraft
20
17
Sec 5% notes_June 15 '32
12
9812 9912 Central Airport
10
Ccciii Invest Tr
Cessna Aircraft new corn... 2812 2912
a% notes
May 1930
Preferred
97
99
100 110
Cud Pkg. deb 51.4s_Oct 1937
360 370
973 9812 Claude Neon Lights
4
Cunard SS Line 4 M e Dec'29
New WI
40
39
983 9912
4
Ed El 111 Bost
Consolidated Aircraft
3612 37
4(4% notes
Nov 1930
983 99, Consolidated Instrument 1 2912 30
8
8
Empire Gas A Fuel be
Crescent Aircraft
12
11
June 1929-30
9712 993 Curtis Flying Service
4
2712 28
mak Rob b Me-Jan 1931
94
943 Curtin-Robertson Airplane
4
thud Slot Accept.
Units
110 118
6% serial notee_Mar '30
30
35
983 9912 Curtiss Assets
4
8% serial uotee_Mar '31
9712 9812 Curtiss Reid pre
2912 3012
8% eertol notes. _Mar '32 9612 9712 Fairchild Camines Engine_ _ 55 65
8% serial notes__Mar '33 9614 9714 Fokker Aircraft
41
4112
8% serial noteiL_Niar '34
Preferred
20
23
9512 9612
8% serial notes_Mar '36
2312 24
9414 9512 Great Laker Aircraft
8% serial notee__Mar '36
30
34
9312 9512 Haskelite mfg
Gulf 011 Corp of Pa deb be
Heywood Starter Corp
42
40
Dec 1937 10012 10112 Kreider-Reisner Aircraft,., 60 57
Deb be
21
23
Feb 1947 1003 10114 Lockheed-Vega
4
hoppers Gas & Coke deb he
12
Maddox Air Lines corn
14
19
June 1947
21
9814 99 Mahoney-Ryan Aircraft___
Slag Pet 4 Ms.Feb 1530-35 94 993 Mohawk Aircraft
10
12
4
Mar 011 55. notes June 1530 97
Mono Aircraft
9
12
98
Serial5% notes. June 1531
Preferred
30
35
943 953
4
4
Serial5% notes June 15'32
18 .20
Moth Aircraft Corp units
94 95
Mass Gas Cos,654e Jan 1946 10334 10412
Common
10
12
Pacific Mlle 5 he--_Feb '31
National Air Transport
660 710
9612 98
Peoples Gas I. & Coke 454e
New
3514 353
4
Dee 1920 & 1930
14
15
98 9912 Nat Aircraft M &VD Corp..
Prom & (iamb. 434s July '47
9512 98
National Aviation
7512 7612
gloss Mini MU & Ir 05 Aug '29
9912 100 North Amer Aviation
1612 17
Swift & Co 5% notes
Pollak Mfg
6 4 74
,
,
Oct 15 1932
9912 997 Scenic Airways common....
s
312 5
tie NJ RR & Can 45 Sept'29
99 9912 Stearman Aircraft corn_ _• 110 120
Wise Cent 5s l
Jan '30
97
18
98 Stinson Aircraft corn
19
Swallow Airplane
12
13
Tobacco Stocks Par
Travel Air Mfg New
50
53
U S Alr Transport
10
12
American Cigar 00m.--100 135 140 United Aircraft w I
147 149
Preferred
100 106
Preferred
98 102
British-Amer Tobao 0r6--41 *30
Universal Aviation
32
173 1814
4
Hearer
warner Aircraft Engine new 28
11 *30
32
30
Imperial Tob MOB& Imre *30
Western Air Express, new.
32
6812 69
'St Cigar Machinery new100 106 115
Mater Bonds.
Johnson Tin Foil A Met_100
Miran Wat let 65 60 4.4&0 9412 96
55 65
Stand Comm. class B
'
20 Birm WW Int 5404'56.401AD 1013 1023
17
4
4
Union Cigar
let M fes 1984 eer B__J&D 9712 98
53
4 612
*91 11
Onion Tobaceo Co com__
City W(Chatt)5MtrIMAJ&D 101 103
(Ilass A
let M 54 1964
*55 63
J&D 94
Young (J EH Co corn ___100 105
'its' of New Castle Water
Is Dee 2 1941.....J&D
Preferred
100 104
94
Clinton WW let es'39.F&A 94
Corn'w'tb hat let 85454'47 100 102
Indus. & rdismill
Airmen.. W forOct2'304,40
95
70 1(81 L Ar Int Wat ba '42 J&J 92 04
•merloan Hardware
MI *68
let M es 1942
100 119 120
Babcock & Wilcox
J4.1 100 102
*501 5112 Huntington let es '84 MAP 100 102
Bliss(1(W)Co
84
Preferred
1954 93
ao MO
chime Company prof._ _100 105 108 Mid States WW eit'136 M 4 100
1&11
Hercules Powder__ .- • •113 119 Monte Con W let5(56A MD 90 92
Preferred
100 117 120 Monm Val Wt 6141 '50..J&J 95 97
Muncie WW be Oct2•39 A01 94
Internal Sliver Ill pref 100 114
Phelee Dodge Corp new _80 81 St Joeepb Water Ifte 1941A&O 9612 Iflinger Manufacturing ... too 570 585 Sbenango ValWat Es•MlA&O 92
cis
filmier Mfg Ltd
El
.6,
4 7 So Pitts Wat let 61 1960 114J 9512 9612
let M Ifte 1988
FAA 96
Ter B W W es '49 A .J&D 100 103
Railroad Equinmell te
let M 551966 met B. FAD 94
Atlantic Coast Line Si _
5.50 6.20 Wichita Wat let ee '40 _MAP 100 103
let M rte 195a per H. FAA
.
Equipment 6141
5.25 5.00
94
Baltimore & Ohio 65_ ....
5.50 6.20. Chain Store Stocks
Equipment 4145 & Si
100 105
5.20 5.00 Berland Stores units new
Buff [loch
Pitts equip 6.
• 56312 67
5.50 5.40: Bohack (H C) Inc com
Canadian Pacific 4141 & 8.
100 102 105
5.40 5.10' 7% let preferred
Central RR of N J (15_
5.50 5.201 Butler (Jamie) corn
*8 2 1012
,
Cheaapeake & Ohio fis_
Preferred
100 40
5.50 5.20
so
Equipment
5.20 5.00 Consol Ret Sts. 8% of with
Equipment
_.
warrants
101
5.20 5.00
Publ.. Ullllllos
Par 3(1 AIR
American Gas & Eleotrle-t •149 150
*105 107
6% preferred
Amer Light & Trao oom_100 245 249
Preferred
100 108 114
Amer Pow A Light
Deb 082016
M&S 105% 106
Amer Public Util corn. _100
50
9312 7 5, prior preferred _ _100
66
100
Partic preferred
93
96
•DPalachlan El Pr Pi--100 106 108
estociated Gas A Elm
55 preferred
*95
97
Conew'Ith Pr Corp prel_100 101 1013
4
East. UM. Asse. corn •
t *371 3812
*121 13 2
Cony. stock_
,
im Bond A Share pref.100 1053 106
8
General Pub Serv "orn
t *40
4012
9312
Gen'l Public UM $7 pre!-- t *92
Mielissippi IIIT Pow pref.100 104 106
First mtge be 1951._ .14.1 100 101
Deb be 1947
MAN
9412 9012
National Pow A Light prat_ t *106 108
$6 preferred
*100 101
North States Pow oom_100 16612 169
7% Preferred
100 108 110
Nor 1'e:ea Elea Co ooM_100
7
9
Preferred
100
30
25
Ohio Pub Per,. 7% pret_100 108 110
6% Prof
100 103
Pacific Gas A El let pref _ _28 *2612 2712
PagelSound Pow& Lt6%0
*99 100
8% preferred
89
*87
let & ref 554e 1949_ _J&D 101 102
South Cal Edison 8% pf _ _25 *55 65
Stand 0 & E 7% pr pf _ _100 108, 1103
4
2
Peen Eleo Power let prof 7% 105 107
50', nreferred
.100
08 100
Toledo Edison 5% pref _
95
_ 92
6 _ preferred
102 105
prel
Rio 109 111
.stern Pow Corp met.100 103 107
• Perch.'. t
par
,lIcusi..
1
Inuestutent and AlaiIrma inteliigiuto
2978
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third
week of April. The table covers seven roads and shows
9.33% increase over the same week last year:
Third Week of April
1929.
Canadian National
Canadian Pacific
Georgia & Florida
Mobile & Ohio
St Louis Southwestern
Southern Railway System
Western Maryland
Total (7 roads)
Net Increase (9.33%)
Increase.
1928.
5
5,046,889
3,942,000
30,400
351,960
482,300
3,730,137
350,414
s
4,524,304
3,505.000
25,900
336.853
337.771
3,678,242
337,771
Decrease.
s
3
522,585
437,000
4,500
15,107
144,529
51,895
12,643
13,934,100 12,745,841 1,178,259
1.178.259
In the following table we show the weekly earnings for
a number of weeks past:
Per
Cent.
Current
Year,
Previous
Year,
Increase or
Decrease,
5
15,877.441
15,642,128
15.776,100
12,177.506
11.317.960
12.137,810
12,780,980
19,183,384
12,955,515
13.630,111
13,368,601
14.482.134
13.838.516
14,087.158
14,485.650
19,580,198
14,258.006
13.704,380
13.934.100
$
14.501.895
14.280.804
14,365,208
12,061,018
11.212,753
12,721,605
12,905,285
18,082.346
13,296,258
13,598,284
13,226,590
15,431,548
13,385.303
13,715,106
13,818.627
20,378,281
13,394,590
12,849,259
12.745.841
$
+1,175,546
+1,361.324
+1,410,892
+116,488
+105.207
-593,795
-124,303
+1,101.038
-340.741
+31,827
+142,011
-949.414
+453.213
+372,052
+667.023
-798.083
+803.416
+855.121
+1,178.259
Week.
lit week Dec. (12 roads)
2d week Dec. (12 roads)
8d week Dec:(12 roads)
4th week Dec. (10 roads)
let week Jan. (11 roads)
24 week Jan. (11 roads)
ad week Jan. (10 roads)
4th week Jan. (11 roads)
1st week Feb. (11 roads)
24 week Feb. (11 roads)
ad week Feb. (11 roads)
4th week Feb. (11 roads)
lit week Mar.(11 roads)
24 week Mar.(II roads)
id week Mar.(11 roads)
4th week Mar. 9 roads)
(
lit week Apr.( 9 roads)
24 week Apr.( 8 roads)
3d week Apr.( 7 roads)
9.49
9.53
9.82
0.96
0.94
4.60
0.97
6.08
2.56
0.23
1.06
6.15
3.38
2.70
4.02
3.93
6.45
6 65
9.33
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the class 1 roads in the country.
Length of Road.
Gross Earnings.
Kona.
1928.
Jan
February
March
April
1927.
456,520.897
455,681,258
664.233.099
473.428.231
509,746.395
501.576,771
512.145.231
558,908,120
654.440.941
616.710.737
530,909.223
484.848.952
1929.
486,201,495
474.780,516
May
June
July
August
September
October
November
December
January
February
Inc.(+1 or
Dec.(-).
488.722.646
468.532,117
530.643.758
497,865.380
518.569.718
516.448.211
508.811.786
556.743.013
564.421.630
579.954.887
503,940.776
458,660,736
1928.
457.347.810
456,487.931
-30.161.749
-12.850,859
-26.410,859
-24,437,149
-8.823.323
-14,871.440
+3.333,445
+165.107
-9,980,689
+36.755.850
+29.968.447
+28,188,216
+28,853.685
+18,292,585
1928.
1927.
Miles.
239,476
239,584
239.649
239.852
240.120
240.302
240.433
240,724
240,693
240.66
241,138
237,234
1929.
240,833
242.884
Mlles.
238.608
238,731
238.729
238,904
239.079
239.066
238,906
239,205
239,205
239.602
239,982
236,094
1928.
240,417
242,668
Inc. (+)
Net Earnings.
Month.
or
Dec.
Per Cent.
1928.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
1927.
Amount.
$
93,990.640
108.120.729
131.840,275
110.407,453
128.780.393
127.284.367
137.412.487
173.922,684
180.359,111
216,522.015
157,140,516
133.743.748
1929.
117,730.186
126,368.848
99.549.436
107.579,051
135,874.542
113,818,315
126.940,076
129,111,754
125.700.631
164,087.125
178.647,780
181,084.281
127,243.825
87.551,700
1928.
94,151,973
108,987.455
-5,558,796
+541,678
-4,034,267
-2.910,862
+840,317
-1.827,387
+11.711.856
+9.835,559
+1,171,331
+35.437,734
+29,896.691
+48,192,048
5.58
+0.50
-2.96
-2.56
+0.68
-1.41
+9.32
+5.99
+0.98
+19.58
+23.49
+52.74
+23.578.213
+17,381.393
+25.04
+15.95
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, net earnings and not after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1929.
1929.
1928.
1929.
1928.
1928.
2
$
8
$
$
2
Ann Arbor
March
576,105
527,914
From Jan 1_ 1,565,344 1,418,180
Atch Topeka & Zanta Fe
March
17,018,226 15,819,616
From Jan 1_48,758.951 45,215.994
Galt Col & Sante Fe
March
2.171.257 2,058.292
From Jan 1_ 6,604,212 6,279,076
Panhandle & Sante Fe
March
1,048,920 1.017.772
From Jan 1_ 3,069.336 2,985,155
Atlanta Birm & Coast
March
430,109
406,245
From Jan 1_ 1,115,573 1,202.699
Atlanta & West Point
March
240,900
277,836
From Jan 1. 701.934
778,025
Atlantic City
March
224,670
218,635
From Jan!. 616,765
632,756
Atlantic Coast Line
March
8.364,996 7,747,321
From Jan L22,246.268 20,988,979
Baltimore & Ohio
'10,253,323 18.851,283
March
From Jan 1_56,670,869 53,218,161
B &0 Chic TermMarch
346.978
378,448
From Jan 1_
983,025 1,031,399
Bangor & Aroostook
840,480
845.588
March
From Jan 1_ 2,399.762 2.279,948
174,240
434,026
147,241
348,738
146,528
351,306
123.147
278,097
5,182.558 3,854,672 3,713.740 2,616,487
14,863,758 11.322.791 10,595.599 7,602,531
387,314
1,350,492
271,488
844.750
294,835
1.083,289
173,435
562,983
168,778
987,502
91,932
482.809
140.787
844.170
54,960
375,685
4,695
-15,192
26,430
16,057
-12.317
-65,799
11,382
-29,127
25,624
117.577
84.869
205,738
12,087
74.493
69,693
157,208
-52,296 -52,268 -92,596 -89,618
-182,232 -287.259 -303,146 -399,309
3.415,510 2,462,336 2,714,951 1,908,569
8,319,852 5,528,910 6.415,249 4,072,868
5,324,592 3,082,820 4,299,612 3,177,144
12,868,193 9,617.382 9.788,653 6.965.091
--7,250
84,219
81,210
184,030
-63,028
-85,603
25,734
19,117
397,603
1,079,291
392.883
949,396
328.860
882,438
314,971
753,511
-Crossfrom Railway- -Net from Railway- -Net after Taxes
1929.
1928.
1929.
1928.
1928.
1929.
$
Belt Ry of Chicago
March
703,042
712,247
198.967
208,070
255,788
148,450
From Jan L 2,017,218 1,930,651
541,554
563,517
390,722
420,365
Bessemer & Lake Erie
March
858,514
708,863
155,591
8,148
131,296 -15,602
From Jan 1_ 2.226.677 1.935,952
201.046 -72,000
128,060 -143,206
Bingham SC Garfield
March
49,658
38,185
19,150
7,479
10,544
-110
From Jan 1_
138,842
116,086
56.438
22,348
30,502
-641
Buff Roch & Pitts
March
1,432,074 1,449,876
256.726
307.365
226,726
307.365
From Jan 1_ 4.208,277 4,200,569
803,618
841.512
673.444
751,419
Buffalo & Susquehanna
March
155,971
137,921
24,819
7,783
41,812
5,783
From Jan 1_ 485,350
408,139
82,960
24,739
95,753
15,738
Canadian Nat RyeALI & St Lawrence
March
202,907
250,118
18,425 -35.463
-2,038 -50,383
From Jan 1_
560.461
764,118
-4,791
-8,753 -54,814 -51,503
Chi Det & Can G T Jet
March
395,752
335,089
241,547
195,781
230,285
185,231
From Jan 1_ 1,042,019
906,314
612,993
495,270
580,231
464,211
Bet G H & MilwMarch
930,918
789.350
466,564
325.362
454,668
320,564
From Jan 1_ 2,226.083 2,059,768
904,730
782.268
869,134
755,661
Canadian Pacific Lines in Maine
March
407.712
348.557
122,707
109,606
108,207
95.608
From Jan 1_ 1,155,955
932,930
307.664
291,083
264,164
249,583
Canadian Pacific Lines in Vermont
March
181,956
172,767
18,792
-8,107
14,762 -12,957
From Jan 1_
498,166
498,922
33,301 -14,094
21,241 -28.644
Central of Georgia
March
702.367
771.810
547.951
610,993
2.355,029 2,491,312
From Jan 1_ 6,174.077 6,553,428 1,490,968 1,614,554 1,103.648 1,210,612
Central RR of NJ
March
963,883 1,195,135
603,796
791,425
4.526,140 4,664,875
From Jan 1.13.496,314 12,923,940 3,090,557 2,861,291 2,347.299 2,127,021
Charles & West Carolina
56,032
March
81,514
77.577
327.792
328.569
103,018
From Jan 1_
84,709
122,146
149.369
822,586
854,703
186,650
Chicago & Alton
487.331
March
532,370
2,451,516 2,490,689
638,296
592.914
From Jan!. 7,011,584 6,931,314 1,661.272 1,375,092 1,344,407 1,058.084
Chicago Burl & Quincy
March
12.954,737 13,865,936 4,898,218 4,965,103 3,752,318 3,747,022
From Jan 1_38,660.122 39,031,578 14.529,313 13,411.119 10,934,501 10,323,090
Chicago & East Ill
March
357,113
2,065,061 2,191,940
315.206
436,155
472,873
From Jan 1_ 6,218.267 6,232.014 1.295,291 1,094,339
747,989
932,363
Chicago Great Western
March
427,398
2,112.441 2,071.044
392.037
506,410
470.288
From Jan 1_ 5,881,030 5,726.658 1,037,441 1,123,583
871,407
787,194
Chicago & Ill Midland
March
101,832
242.833
46,641
288,932
54,576
109,267
From Jan 1_
226,969
753,979
160.008
734,845
183,813
249,274
Chic Milw St Paul & Par
March
13.722.122 14,231,148 3,511,492 4,625,756 2,720,834 3,800,690
From Jan 1_38,707,485 38,894,359 9,079,845 10,736,568 6,655,097 8,409,125
Chicago & Nor Western
March
11,622,611 12,082,737 2,249,012 2,400,236 1,472,441 1,621,500
From Jan 1_33,421,516 33.478,839 6.077,777 6,364,276 3,748.257 4,032,911
Chicago River & Ind
March
208,990
261.230
229,265
598,152
621,614
269.940
From Jan 1_ 1,735,160 1,741,226
545,548
684.119
623,719
750.778
Chic RI & PacMarch
11,400,173 11,179,600 2,652.034 3,059,455 1,976,250 2,418,005
From Jan 1_33,101,889 31,349,827 7,447,424 7,714.346 5,319,998 5,814,339
Chic R I & Gulf
157,950
227,438
185,930
March
245,882
531.892
616,730
508.792
588,387
659,698
From Jan 1.. 1.795,282 1,578,411
731,993
Chic St Paul Minn &0
256,400
478,035
365,427
364,934
March
2,095.561 2,300.714
501,974
742,596
832,960 1,074,651
From Jan 1_ 6,136.557 6,523,675
Clinchfield181,401
142,777
256.513
217,787
621,231
598,064
March
699,408
482,346
474,213
707.427
From Jan 1. 1,800,670 1,772,971
Colo & Southern
142,647
142,580
76.383
211,076
876,522
906,248
March
746,929
572,329
529.465
373,180
From Jan 1_ 2,846,918 2,889,430
Ft Worth dc Den City
267.497
229.936
220,354
172.550
902.897
890,688
March
984,871
871,441
810.388
716,283
From Jan 1_ 2,805,299 2,715,136
Trinity & Brazos Valley
y
2,423
-5,344
2,162
167,111
9.790
152.443
47,041
605,232
64,989
23,567
42,268
552,213
From Jan 1_
Wichita Valley
48,046
182,242
112,014
41,193
119,859
98,160
March
174,991
482,386
262,320
150,879
231,785
From Jan 1_
387.823
Columbus & Greens
19,075
150,456
25,368
146,385
16,275
24,168
March
72,779
449,840
65,288
454,678
62.472
61,666
From Jan 1_
Del Lack & Western
6,142,455 6,348.065 1,297,585 1,382,651
810,856
869,164
March
From Jan 1.19,304,318 18,379,620 4,010,779 4,009,429 3,317,501 2,476,812
Denver & Rio Grande West
719,903
562,137
2,548,712 2,486,100
534,851
377.067
March
From Jan I_ 7.741,023 7,443.978 2,196,338 1,792,541 1,661,178 1,237,415
Denver & Salt Lake
211,220
53,397
37,469
217,195
43,378
30,461
March
502,096
979,353
304,160
472,077
From Jan 1_ 1,027,768
283,145
Detroit & Mackinac
126,463
31,148
22,926
126,907
20,713
12.981
March
25,474
314,142
325.550
41,419
-5,927
11,584
From Jan 1_
Detroit Terminal
274,898
183.316
108,105
68,639
82,703
50.191
March
483,848
284,280
149,625
740,980
217,648
101,871
From Jan 1_
Ironton
Dot Tol &
1,348,341
827,239
718,084
253,181
628,488
199,935
March
574,242 1,796,860
431,564
From Jan I. 3,875,131 2,241,499 2,025,878
Del & Tol Shore Line
293,983
313,749
559,130
355,947
488,405
264,554
March
773,216
814,712
933.101
683,417
From Jan 1_ 1,530,790 1,311,448
Range
Duluth & Iron
96,601
92,664 det184,614 det187,209 de1204,316 de1206,717
March
297,900 de(535,471 de(516,268 def595,341 det575,889
From Jan 1.. 305,076
Dui Missabe & Northern
101,608
104,449 def326,782 de(310,644 def425,705 det310,644
March
274,200
293,465 def960.814 def897,098 def960,814 de(897,098
From Jan I_
Dui So Shore & Atlantic
428,195
108,351
445,015
85,931
March
76,350
55,917
225,671
249,122
129,669
From Jan 1_ 1,214,479 1,238,032
159.108
Dul Winnipeg & Pac239,288
71,831
203,889
67,055
March
61,537
54,725
628,044
715,586
178,352
201,775
From Jan 1_
174,073
165,604
Elgin Joliet & Eastern
967,721
2,385,966 2,436,389
950,171
March
632,591
649,296
From Jan!. 6,435,448 6,358,323 2,218,596 2,121,302 1,223,682 1,208,604
RailroadErie
NJ&NYR11.127.212
123,555
4,249
6,218
March
141
2,209
363,589
372.464
27.127
14,961
From Jan 1_
14,803
3,208
MAY 4 1929.]
FINANCIAL CHRONICLE
-Grossfrom Rattwao-- -Net from
---Ara after Taxes
-1929.
1928.
1929.
1928.
1929.
1928.
$
$
$
Evans Ind & Terre Haute
March
201,338
183,956
87.642
60,238
55,572
86,767
From Jan E 585.378
521,020
241,275
176,159
223,762
159,267
Florida East Coast
March
2.033,768 1,686,690 1,096,982
441,432
956,126
589,678
From Jan 1. 5,240.388 4,795,965 2,573,443 1,879,201 2,143,733 1,233,770
Ft Smith & Western
March
119,677
121,138
12,741
14,583
8,021
11.468
From Jan 1_
391,653
383,728
88,686
52,464
44,695
33,081
Galveston Wharf
March
178,533
146,252
69,836
51,013
34,013
52,836
From Jan 1_
573.478
414.349
248,345
197,345
130.996
79,996
Georgia Railroad-March
459,942
482.648
867,724
85,947
87,139
77,118
From Jan 1_ 1.266,692 1,283.690
187,682
175,213
149.012
161,254
()rand Trunk Western-March
1,987,557 1,874,320
620.401
531,840
528,878
449.087
Froin, Jan 1. 5,599,161 5,056,670 1,796,274 1,283,272 1,521,701 1,035,708
Great Northern-March
10,077,074 8,602,668 3,566,307 2.286,899 2,869,985 1,576,598
From Jan 1_24,904,971 22,998,174 5,783,551 5.177.997 3,734,273 3.143,134
Green Bay & Western
March
152,054
154,920
38.805
47,459
39,459
28,805
From Jan 1. 435,777
412,967
87,644
78,235
111,745
54,187
Gulf Mobile & Northern-March
650,181
675,176
195,362
15.0,875
200,739
162,007
From Jan U 1,775,584 1,809,978
483.288
487.011
362,311
376.241
Gulf & Ship Island
March
329,618
370,782
70,617
128,353
38,924
102.012
From Jan 1_
838,847
248,200
160,558
84.689
968.608
168,718
flocking Valley
March
1,531,072 1,354.857
491,904
356.024
361,541
231,047
From Jan 1_ 4,686,133 3,813,804 1,629,651
900,384 1,238.528
525,359
Illinois Central System-March
15,229,810 15,972,783 3,661,972 4,175.238 2,588,281 2,961,957
From Jan 1.45,209,122 44,785,701 10,975,744 10,468.522 7.721,483 7,236,692
Illinois Central Co
March
13,150,945 13,824,275 3.350,996 3,878.524 2,446,749 2,831,788
From Jan 1_38,985,017 38,336,490 9,908.058 9.375,087 7,167,434 6.642.583
Illinois Terminal
March
801.931
192,244
608.875
188,181
170.454
152,947
FtornJan 1. 1,783,582 1.741,987
502,518
522,261
438,808
427.366
Yazoo & miss valley
March
2,061,319 2,132.876
308,899
303.094
138,171
137,308
From Jan 1_ 0,198.610 6.405.732 1,060.993 1,110,673
550,084
613.624
International Great North.
March
1,577,591 1,488.478
307,812
255,804
264,291
213,378
From Jan 1. 4,557,959 4,273,641
810,075
629.205
503,781
681.307
Kan City Nlez & Orient
March
155,014
261.343
1,784
21,757
--2,799
17,758
From Jan 1_
457,297
750,581 --33,040
97,236 -56,856
85,170
Kansas City Men & Orient of Texas
March
257,572
480,778
79.896
69,518
62,381
73.567
From Jan 1_
838,162 1.473.419
158,999
268,232
129,683
246.617
Kansas City Southern
March
1,573,425 1.551,051
458,287
492,570
340.757
378,295
From Jan 1. 4,471,783 4,447,584 1,339,048 1,375,203
986,109 1,032,485
Texarkana & Ft Smith
March
272,272
228,228
153.668
110,053
128,362
97,917
From Jan 1_
772.926
851,589
402,840
293,318
343,855
255,844
Lake Superior & Ishpeming
March
77,164
73,850 --11,986 --22,156 --24,956 --34,554
From Jan 1_
225,330
219,327 --55,047 --65.028 -93,956 -102,090
Lehigh & Hudson River
March
219,920
213,773
50.195
77,233
37.6
81,794
Itmri Jan 1_
828,192
658.662
183,573
124,81
188.557
148,249
Lehigh & New England
March
320.415
347,401
24,824
45,694
19.890
38,153
From Jan 1_ 1.050,008 1,086,515
157,922
140.382
131,289
116,618
Loe Angeles & Salt Lake
March
2,337,303 1,943,579
305,509
681.000
519,577
170.488
From Jan 1_ 8,538,629 5,625,420 1.728.687
812.999 1,303.991
08.903
Louisiana az Arkansas
March
387,285
130.211
322,340
183,318
117,683
85.031
From Jan 1_
983,406
263,336
915,319
383.259
308.808
215,841
Louisiana Ry & Nay Co
-March
310,883
80,425
283,768
55.377
81,580
31,744
From Jan 1. 879,320
819,922
128,178
136,492
191,599
66,788
La By & Nay Co of T81arch
80,373
86,469 --24.025
--1,195 --28,626
--5,198
From Jan 1_
240,558
263,997 --22,645
12,429 -37,269
386
Louisville & Nashville-March
10.738,564 12,031,952 1,698.532 2,762,556 1,156,756 2,135,154
From Jan 1_32,331,587 34,208,213 6,225,077 8,996,481 4.459.036 5,202,148
Loulsv Henderson & St LMarch
284,370
69,274
35.592
301,043
21,046
45,896
From Jan 1_
790,454
201,227
128,862
898,086
82.349
131,579
Maine Central
•
March
1,592,750 1,708,532
457.902
380,926
274,567
3521917
From Jan 1. 4,630,245 4,997,454 1,037.534 1,257,865
787,919
943,075
Minneapolis & St 14011118-March
1.190,408 1,294,499
195.342
263,512
135,230
199,097
From Jan 1. 3,438,630 3,462,282
494,028
485,767
299,592
308,432
Mississippi Central
March
144.137
43,881
38,877
33,297
135,237
30,404
From Jan 1. 404,883
114,063
122,572
84,962
400,039
96,595
810
-Kansas-Texas Lines
March
4,595,731 4.385,827 1,480,371 1,417.345 1,191,455 1,147,345
From Jan 1.13,334,133 12.744,744 4,050,340 3,787.529 3,225.672 3,008,141
Missouri & North Arkansas-March
159,659
10,655
19,310
143,663
8,142
18,920
From Jan 1. 440.140
29,764
5,505
405.439
22,269
-1,501
Missouri Pacific-March
11,442,671 11,082,137 2,802,895 2,567,851 2,303,141 2,099,066
From Jan 1_32,787,675 31,266,411 8.118,679 7,282,028 6.677,281 5,909.880
Mobile & Ohio
355,510
March
389,283
1,474,769 1.573,385
275,615
306.029
845,814
From Jan 1_ 4,133,488 4,300,009
935,023
583,172
685.155
Nash Chatt & St Louis
493,887
March
502,428
2,058,283 2,069.891
403,786
427,084
From Jan 1_ 5.659,308 5,533.584 1,266,598
904,528 1,012,353
678.697
Nevada Northern
78.921
31,635
81,295
March
123,219
66,609
21,329
216,901
From Jan 1. 343,988
222,475
92,210
172,515
60,484
Newburgh 5; South Shore-26,047
40,981
March
170,311
137.281
8,468
27,627
Froni Jan 1. 411,072
72,190
61.976
418,756
19,453
24,680
New Orleans Great Northern
March
92,895
94.886
296,106
283,321
74,784
77.399
From Jan 1_
238,712
280,512
854.948
775.033
186,038
225,011
New Orleans, Terminal
March
76.882
37,369
168,973
138,889
85,874
26.362
From Jan 1_
187,280
123.684
408,731
450,057
158,345
90,622
New On Tex & Mexico
March
260,420
105,087
62,736
297,848
42,178
85,010
From Jan 1_
731,904
166,962
716,817
140,539
78,135
104.147
Beaumont So Lake & WNlarch
333,240
97,888
335,749
118.593
93.848
113,058
From Jan 1_
884,018
801.049
179,918
226.800
214,486
163.280
St L Browns & Nies-March
948,834
868,576
380,174
313,254
359,131
294,392
}Wan Jan 1. 2,504.136 2,439,428
841.420
880.507
799,140
785,247
2979
-Grossfram,Raliway-- --ma from Railway-- -Net after Taxe31929.
1928.
1929.
1929.
1928.
1928.
New York Central
31,931,768 31,196,639 7.153,510 7,124.564 4,859,439 4,900.718
March
From Jan 1_92,699,283 88,172,626 20,602,476 10,024,764 13,835,519 12,754,068
Indiana Harbor Belt
1,118,145 1,118,351
March
312,738
384,052
321,371
319,802
934,472
From Jan 1_ 3,093,929 3,019,730
845.768
755.355
690.008
Michigan Central
8,569,390 7,953,129 2,916,912 2.609,853 2.301,468 2,053,521
March
From Jan 1_23,870,693 21,927,843 7,825,934 6.777,471 5,935,781 5,270,868
&
C C C St Louis
7,530,046 7,627,499 1,912.926 1,988,216 1,428,119 1,520.924
March
From Jan E22.362.219 21,581,994 5,459,929 5,002.281 4,095,857 3,722,209
Cincinnati Northern
383,929
335,449
113,423
March
129,756
88,018
101,749
932.722 1,032,518
230.977
From Jan 1_
309,722
187,970
240,183
Pittsburgh & Lake Erie
2,823,257 2.615,581
409,838
470,488
247.938
March
292,480
From Jan E 8.080,644 7,293,902 1,033,158 1,210,275
583.700
717,248
New York Connecting
258,705
260,409
199,885
181.059
158,885
March
141.559
754,640
492,622
737,897
377,517
263,517
From Jan 1_
374,122
NY Nil & Hartford11,199,245 11,118,902 3,667,792 3,170,564 2,968,120 2,551,407
March
From Jan L31,367,828 31,420,615 9,913,575 8.030,241 7,712,644 6.129,401
Western
Norfolk &
8,665,488 8,838,824 3,189,650 3,121.130 2,388.078 2,319,453
March
From Jan L26,927,067 24.189.328 10,277,682 7,967,679 7,872.957 5.565,237
Northern Pacific
7,831,859 8,142,610 2.090.783 2,565.343 1.432,454 1,887.908
March
From Jan E20.584.827 21,298,724 4,123,949 5,069.146 2,164.144 3,054,233
Northwestern Pacific
427,584
13,142 -34.636 -25,044 -75.324
454,360
March
From Jan E 1,221,443 1,202,238 --89,531 -109.015 -204,283 -231,044
Pennsylvania System
Pennsylvania Co
55.392,596 52,350,843 15,090,940 13,189,549 12.028,207 10,242,137
March
From Jan1156,740.033 147 740 574 38.989.491 32.890,958 31,395,722 25,361,813
Long Island
738,058
3,043,395 2,879,549
829.181
475.895
377,001
March
991.194
From Jan E 8,706,257 8,469,124 2,024,906 1,238,918 1,760.523
Monongahela
588.683
307,123
631.590
283.151
March
254,015
232,424
911,748
727.640
687,541
835.777
From Jan E 1,907.192 1,738,994
W Jersey & Seashore
733,007
201.163
21,855
757.778
172.736
March
--8,770
31,872
428,812
10,218
From Jan E 2,110,885 2,115,877 4,446,584
Peoria & Pekin Union
190,994
43,009
152,915
68.170
26.089
March
51,170
521,503
136,683
85.683
186.405
135,405
From Jan E 462,700
Pere Marquette
3,958,798 3,639.896 1,430,480 1,132.785 1,169.841
934,564
March
From Jan 1_10,858.683 9,712.025 3,488,452 2,580,751 2,797,584 1,987,858
Pittsburgh & Shawmut189,224
58,364
40.287
38.925
59.738
153,200
March
142,269
138.202
527.087
194,251
190,507
461,119
From Jan 1_
Pitts Shawmut & North
150.544
31,187
27,971
37,049
34,054
152,584
March
127,561
118,738
458,804
104,161
94.939
463,203
From Jan 1_
Quincy Omaha & K C
--3.922
63.823
-3.358
57,156
-8.779
--8,187
March
--3,843
185,283
-1,920 --18,413 --18,404
From Jan E 183,793
Reading Co
7.827,494 7,654,135 1,594,742 1,504,120 1,242.223 1,090,898
March
From Jan L23,540,090 22,550,730 5,101,739 4,134,341 3.977.802 2,976,941
& Pot
Iticlim'd
329,281
1,230.395 1,041,068
478,516
285.781
401.907
March
855.228 1,013.805
888,530
From Jan E 3,293,578 2.913,157 1,219.771
Rutland584,332
449.554
72,937
103.812
Starch.
76,367
48.350
183,861
175.978
261.403
107.399
From Jan E 1.399.687 1,840,236
St Louts-San Francisco
6.728,174 6,772.813 1,848,340 2,110.886 1,438.128 1,888,531
March
From Jan 1_19,155.880 19.327,674 5,274.546 5,499,929 4,101.568 4.390.218
1.-E3 Fran of T
St
144,495
137,258
15.414
12,190
24.361
March
21,288
429.937
86,191
68,843
59,230
From Jan E 442.650
77.069
Ft Worth & Rio Grande
101,392
3,621
--508
92,784
-929
--5.196
March
299,101
--2,521
9,831
18,727
From Jan!, 293,081
5,892
St Louis Southwestern
477,335
538.234
March,_ 1,579,864 1,626,264
582,236
625.805
From Jan E 4.510,418 4.540.591 1,688,987 1,698.323 1.485.851 1.450,990
-W of TSt Louis S
694,721 630,940
-146.184 --100,224 --176,185 --128.272
hum'
-417,123 --155,157 --502.410 --238.836
From Jan E 1,815,391 1,726,853 San Diego & Arizona
32.666
36,014
120,928
38,332
128,601
41,902
March
74,122
92,493
91,119
356,309
110,551
From Jan 1_
336,122
San Ant Uvalde & Gulf
95,298
87.834
232,151
92,001
99,032
219,560
March
171,977
152.490
164.948
From Jan E 534.879
549,280
183.157
Southern Pacific System
Sou Pacific Co
March
18.451,805 17,508,338 5.594,220 5,129,535 4,166.003 3,782,301
From Jan 1_51,537,197 48,355,677 14,414.044 12,748.058 10.17a.972 8.721.852
Texas & New Orleans
926.380
March
6.495,455 5,830,933 1,815.212 1.276,623 1,438.871
Froin Jan 1_17.929,670 16,365,740 4,106.580 2,601,819 3,092,280 1,674.396
Southern Pacific SS Lines
40.991
47,701
44,740
49,549
955,708
March
943.061
131.620
34.168
140.074
39.039
From Jan E 2.667,724 2,747.135
Spokane International
20.948
26.370
20.850
26.412
90,281
95,605
March
59.417
68.188
51,675
75,809
From Jan E 310.240
275.923
Spokane Port dr Seattle
268,281
184,467
265,748
180.299
728,430
March
738,937
486,300
657.696
406.427
742.367
From Jan E 2,034,551 1,955,921
Staten Island Rapid Transit
54,029
72,518
March
54.518
35,433
236.215
247,109
121.940
173,436
118.784
176,948
From Jan 1- 688,530
697,768
Tennessee Central
28.712
80.876
72.592
34,267
March
301,666
255.537
126,941
From Jan E 766,441
172.385
103,868
815,319
152,699
Term Ry Assn of St Lo016343.131
393.682
249.188
March
289.816
1,070,586 1.208,621
941,889 1.128,652
Froin Jan E 3,181,292 3.389,631
826,496
657.712
Texas & Pacific-March
4,102.851 4,248,294 1,357.088 1,348,894 1,153,972 1,267.736
From Jan 1_11,399.952 11,826,050 2,372.981 3,536,298 2,785.271 3,029.934
Texas Mexican-40,758
104,740
14.729
March
11,726
45,807
110,489
41,427
From Jan 1_
303,754
58.800
34,145
19,087
282,634
Toledo Peoria & West-30,179
180,899
March
46.862
35.191
53.332
182.316
65,336
553,821
181,821
From Jan 1_
489,747
77,398
184,970
Toledo Terminal-144,365
March
50,518
124,214
26.587
85.551
44,087
111.915
333,223
From Jan 1. 414.735
115,494
82,997
160,481
Ulster & Delaware
March
70.116
--4,298
71,835
--1,679
--HIS
-7.420
181,045
FronaJanl_
179,549 --23,224 --33,969 -33.524 -50.210
[VOL. 128.
FINANCIAL CHRONICLE
2980
-Grossfrom Railway- -Net from
1929.
1928.
1929.
$
Union Pacific Co
Oregon Short Line
944,749
3,079,673 3,074,213
March
From Jan 1_ 9.113,399 8,695.896 3,173,918
Ore-Wash Ry & Nay Co
265,588
2,346,122 2,406,231
March
887,026
From Jan 1_ 6.515,427 6,584,952
St Jos & Gd Island
109.615
325,632
323,155
March
338,402
956,712
From Jan 1_ 946,195
Union RR (Penn)
145,462
735,189
March
783,958
320.769
From Jan 1_ 2,120,046 2,065,394
Utah
63,403
122,565
168,045
March
296,502
488,119
From Jan 1_ 675,588
Virginian
704,120
1,531,025 1,548,757
March
From Jan 1_ 5,025,500 4,868,189 2,533,565
Wabash
6,484,392 6,202,578 1,846,624
March
From Jan 1_18,344.402 16,743,999 5,057,455
Wichita Falls & Southern
32,694
79,831
89,092
March
81.347
229,118
From Jan I_ 250,280
Western Pacific
221,360
1,338,659 1,118,508
March
523,964
From Jan 1_ 3,704,034 3,208,369
Western Ry of Alabama
21,132
309,103
259,298
March
83,424
827,374
From Jan 1_ 726,526
Wheeling & Lake Erie
511,999
1,706,700 1,540,756
March
From Jan 1_ 4,915.329 4,175,061 1,515,243
Railway- -Net after Taxes
1928.
1929.
1928.
$
588,589
664,198
852,926
2,605.689 2,319,664 1,816.365
427,711
863,597
64,111
296,444
239,870
292,233
125,905
362,247
88,202
272,346
115.462
230,769
41,559
135.261
37,516
165,386
51,096
248,162
32,004
139,291
-Month of March- -Jan. 1 to Mar. 311928.
1929.
1928.
1929.
430,154
544,115
567,166
2,061,784 2,003.560 1,604,765
1,700,401 1,580,767 1,418,834
4,104,038 4,183,766 3,302.010
13,825
42,362
27,219
64,422
8,324
26,564
55.091
198,678
118,680
214,742
-42,475
-94,347
114,074
257,173
9,765
40,874
93,598
103,562
384,499
430,506
1,118,299 1,112,720
301,480
751,052
17,538,585 16,807,501 47,862,429 47,100,788
13,582,309 13.174,294 40.218,849 38,986,487
Gross earnings
Working expenses
Net profits
3,956,275 3.633,206 7,643,579 8,114,301
101,117
288,942
58,059
181.761
Canadian Pacific
Chicago Rock Island Lines.
Freight revenue
Passenger revenue
Mail revenue
Express revenue
Other revenue
-Month of March- -Jan. 1 to Mar. 311928.
1929.
1928.
1929.
$
$
$
9,271,010 9,14%,194 26,823,243 25,186,909
1,631,883 1,566,329 4.963,664 4,913,845
267,013
778.622
218,839
656.872
285,069
284,582
734,666
695,306
501,348 1,636.336 1,435,948
561.928
Total ry. oper. revenues_ -12,016,903
Detail of Operating ExpensesMaint. of way and structure_ 1,511,413
2,425,560
Maint. of equipment
273,964
Traffic
4,409,903
Transportation
167,375
Miscell. operations
372,638
General
41,866
Trans. for Inv.-Cr
11,711,292 34,907.171 32.928,250
1,453,049
2,212,090
257,315
4,181.095
83.538
364,312
85,493
4,320.877
6,752.018
803,826
13,351,956
468,220
1,133,421
92,564
4.122.689
6,364.721
767,358
12,366,416
252,941
1.095,796
354,416
Railway oper. expenses.. _ 9,118,987 8,465.906 26,717,754 25,625,505
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are re-S. C. Commission, such as
quired in the reports to the I.
fixed charges, &c., or where they differ in some other respect
from the reports to the Commission:
•
System.
The Atchison Topeka & Santa Fe Railway
Net revenue from ry. oper_ 2,897,916 3,245.386 8.179.418 8,382,735
Railway tax accruals
Uncollectible ry. revenue__ _ _
691.631
2,598
661,655 2,191.631
7,776
8,091
1,966,108
13,496
Total railway oper. income 2,203,687 2,575,955 5,979,695 6,323,131
Equipment rents-Debit bal. '355,089
99.562
Joint facility rents-Debit bal
Net railway oper.income
Non-operating income
Gross income
Rent for leased roads
Interest
Other deductions
Total deductions
Balance of income
296.861
112.111
1.068.210
313,342
941,977
311,873
1,749.036 2,166,983 4,598.143 5,069,281
306,264
253,526
72,708
105,853
1.854,889 2.239,691 4,904,407 5,322,807
12,951
971,491
8,516
39,539
38,819
13.241
975,000 2,916.998 2,973,212
50,917
62,428
10,682
992,958
998,923 3.060,245 3,059,653
861.931
1,240,768 1,884.162 2.263,154
Denver & Rio Grande Western.
(Includes the Atchison Topeka & Santa Fe Ry. Gulf Colorado &
-Month of March- -Jan.1 to March 31Santa Fe Ry. and Panhandle & Santa Fe Ry.)
1928.
1929.
1928.
1929.
$
-Month of March- -Jan.1 to Mar.311928.
1929.
1928.
2,548,711 2,486,100 7,741,022 7.443.978
1929.
Total revenues
1.828,808 1,923,962 5,544,684 5.651,436
Total expenses
58.432.498
Railway operating revenues_20,238,402 18.874.906 41,230,746 54,394,927
41,766.483
562,137 2,196,337 1,792.541
719,902
Net revenues
Railway operating expenses-14.549,752 14,663,631
555,000
535,000
185,000
Railway tax accruals
185,000
17.201.742 12,628,444 Uncollectible ry. rev. (net)..
34
160
70
5.688,650 4,211,275
52
Net from railway
4.101.219 Hire of equipment (net)
108,791
143,819
30,975
57,972
1.537,665 1,370,409 4,671.283
Railway tax accruals
72,791
68.104
24,281
23.038
--122,536 --173,728 -280,292 --590.631 Joint facility rents (net)
Other debits or credits
432,323 1,873,100 1,418,812
Railway operating income_ 615,861
Net railway oper.income 4,028,447 2,667.137 12,250.175 7,936,592
12,324 Other income
12.351
19,369
70,526
5,344
12.324
28,252
12.351
Average miles operated
437,668 1,943.627 1,438,182
644,114
Available for interest
•
352,690 1,433,625 1.061,849
Interest and sinking fund--- 526,319
American Railway Express Co.
-Month of February--2 Mos. End. Feb. 28376.332
510,001
84,977
117.795
Net income
1928.
1929.
1928.
1929.
$
$
$
Revenues$
41,101,937 39,926,572
20,573,573 20,377,343
Express-Domestic
Georgia & Florida RR.
•
1.677
1,744
865
872
•
Miscellaneous
-Month of March- -Jan.1 to March 311928.
1929.
1928.
1929.
39,928,249
Chargesfor transportation_20,574.445 20.378,209 41,103,682 17,336,930
9.156.860 9,063,972 18,554,308
Express privileges-Dr
390,294
186,458
425,173
165,078
Railway operating revenue__
355,456
336,942
129,224
Revenue from transport_ -11,417,585 11,314,237 22,549.374 22,591,319 Railway operating expenses- 133,636
540,774
533,346
255,741
Operations other than transp. 244,525
34,837
57,233
88,231
31.442
rev,from ry. oper_.-Net
5.693 • 63,213
48,233
21,735
Total operating revenues--11,662.110 11.569,978 23,082,721 23,132,094 Railway operating income _
Dr2,628 Cr12,060
Cr3,135
Cr911
Equipment rents-Net bal_
Expenses
Dr2,917
Dr883
Dr2,556
678.305 1,470,488 1,353,959 Joint facility rents-Net bal. Dr1.069
764,913
Maintenance
39,862
38,252
17,206
20,835
Traffic
44,720
63,792
21,577
14,837
19,932,871
Net railway oper.Income..
10,006,897 9,969,244 19,821,231 1,284,744
Transportation
4,914
1,295
1,244
4,552
Non-operating income
632,959 1.229,748
615,603
General
19,751
46,016
22,822
68.345
Gross income
Operating expenses
11,408,249 11,297,715 22,559.720 22,611.437
1.117
1,127
3,391
3,376
520,656 Deductions from income....
523,001
272.262
Net operating revenue
253,861
3,119
3.324
1.506
1,250
Uncollec. rev, from transp
21.705
44,889
64,953
16,375
340.783
Surplus applic. to interest_
326.862
172.181
Express taxes
157,478
16,470
16,641
49,965
49,510
Total interest charges
176,754
192.814
98,574
Operating income
95,133
5,234
28,248 -33,134
14,988
Net income
14,413
8,751
41,071
25.630
Interest (see note)
Boston and Maine.
construction on $2,300,000 1st mtge. 6%
-Interest chargeable to
Note.
-Month of March- -Jan. 1 to Mar. 31- bonds and $684,160 6% notes issued for Greenwood Extension, less interest
1928.
1929.
1928.
1929.
on unexpended balance of proceeds thereof deposited or invested.
6,256.759 6,309,830 18,158,722 18.031,287
Operating revenues
Gulf Coast Lines.
4,649,631 4,671,139 13,575.901 13.557,253
Operating expenses
-Month
1£
12
1929.
1to11928.92e
1.1,607,128 1,638.691 4,582,821 4,474,034
Net operating revenue____
885,399
917.936
285,590
$
$
315,397
Taxes
7,034
3,003
2,268
1.569,762 1,526,681 4,183,911 4.045,570
653
revenues
Uncollect. ry. revenues
514,817 Operating expenses
141,822 ' 561,863
987,302 2,940,018 2,843.664
1,023,690
159,234
-Dr
Equipment rents
46,803 Operating
83,365
24.369
25,383
Joint facility rents-Cr
369,447
816,372
764,384
operating income_ - 380,798
Net ry.
3,019,979
410,255
936,686
420,090
894,161
Net 17. operating income__ 1,106,460 1,184.641 3,016.652
19,380 Gross income
16.000
6,256
5,287
misc,operating income__
Net
337,413
339.384
124,507
211,362
215,539
299,162
326.379
104,914
Other income
Net corporate income
3,372,036 3,376,772
1,216,661 1,315,404 2,040,955 1,953,524
Gross income
654,454
681.802
Deductions (rental, int., &c.)
International Great Western.
660,950 1,331,081 1,423.248
-Month of March- -Jan. 1 to Mar. 31534,859
Net income
1929.
1928.
1928.
1929.
$
$
$
$
RR.
Buffalo & Susquehanna
1,577,591 1,488,476 4.557,959 4,273,641
revenues
Operating
1,269,979 1,232,672 3,747,884 3.644,437
-Month of March- -Jan.1 to March 31- Operating expenses
1928.
1929.
1928.
1929.
$
$
119,638
333,344
274,158
$
141.393
$
Net ry. operating income
408,139
485,349
137,921
150,161
378,523
323,988
154,696
155,970
Operating revenues
53,902 Gross income
147,275
17,714
39,184
Net railway operating income
51.505
111,934
15.510
3,884 -62,154 8,404
105,824
34,796
Net income
Net corporate income
*Before adjustment bond interest.
of $19,093 in
Note.
-Figures for three months of 1929 include creditfor prior years
overpaid
tax accruals for refund of Federal income taxes
Government claim
Missouri Pacific Lines.
and debit of $21.749 in miscellaneous income for U. S.
-Month of March- -Jan. 1 to Mar. 31of overpayment under guaranty for six months in 1920.
1928.
1929.
1929.
1928.
-j
9;
Canadian National Rys.
Gross earnings
Working expenses
Net profits
31-Month of March- -Jan.1 to March
1928.
1929.
1928.
1929.
$
$
$
$
22,173.633 21,157,650 59,965,827 59.618,023
16,843.292 16.422,877 49,115,058 49,094,028
5.330,340 4,734,772 10.850.768 10.523,994
Operating revenues
Operating expenses
1
11,442,570 11,042,137 32,767,675 31,266,412
8,639,876 8,474,286 24,648,996 23,984.383
Net ry.operating income- 1,740,719 1.673.791 5,193,293 4,693,534
2,111.373 1,943,274 6,351,143 5,514,316
Gross income
640,824 2,231,689 1.598,657
739,038
Net corporate Income
Virginian.
Norfolk & Western Railway Co.
-Month of March- -Jan. 1 to Mar. 311928.
1929.
1929.
1928.
2,242
2,240
2,240
2,242
Average mileage operated...._
$
$
$
$
Operating Revenues-.
7,908,540 7,871,581 24,773,601 21,856,936
Freight
656,584 1,839,020 1,937.430
Passenger, mail and express.. 645,883
127.693
99,579
Other transportation
33,595
32,620
267,266
214,865
Incidental and joint facility.75,063
78,422
Ry. operating revenues_ 8,665,466 8.636,824 26,927,067 24,189,326
Operating ExpensesMa1nt. of way and structures 1,091,301 1,296,747 3,454,764 3.666.525
Maintenance of equipment
1,789,299 1,642,644 5,310,351 4,820,157
334,208
345,611
Traffic
107,488
111,590
2,225.896 2,233.209 6.757.454 6.636,320
Transportation-rail line
65,177
62.505
20,805
Miscellaneous operations
21,835
774,455
717.088
General
256.849
230,601
1,610 --75,197
Transp'n for investment-Cr
6,321 -43,080
Ry. operating expenses
Net ry. operating revenues
Railway tax accruals
Uncolleetible ry. revenues
Gross revenue
Net from railroad
Net after taxes
Net after rents
Fixed charges
Balance
3,189,649 3,121,130 10.277,681 7.967,678
800,000 2,400,000 2,400,000
800,000
2,441
4,724
1,676
3.573
Railway operating income_ 2.386,076 2,319,453 7,872,957 5,565,236
624,166
772,688
219,301
Equipment rents (net)
240,752
Joint facility rents (net)
-12,146 --13,241 --31,572 -15.236
Net ry. operating income
2.614,682 2,525,513 8,614,073 6,174,167
275,985
475,282
129.872
Other income items (balance) 164,741
2,779.424 2.655,385 9,089.356 6,450.152
418,476 1,215,235 1.254,811
404,393
Gross income
Interest on funded debt
2.375,031
Net income
Prop'n of operating expenses
63.19%
to operating revenues
Prop'n of transp'n expenses
25.69%
to operating revenues
2,236,909 7,874,120 5,195,341
63.86%
61.83%
67.06%
25.86%
25,10%
27.43%
Pere Marquette.
-Month of March- -Jan. 1 to Mar. 311928.
1929.
1928.
1929.
$
$
$
$
3,958,798 3,639.695 10,858,663 9,712,024
2.528,318 2,506,930 7,370,211 7.131,273
Railway oper. revenues
Railway opor. expenses
1,430,480 1,132,764 3,488,451 2,580.750
844,084 2.481.617 1,796,905
1,018,507
873,210 2,746,052 1,958,480
1,077,103
161.574
264,434
29,125
58,596
Ir* Net rev,from operations
Net railway oper. inconle
Bal. before deduct, of int_
Other income
212,521
864,582
interest accrued_ -
Surplus
638,909
216,580
656,630 2,107.142
651,117
1,307.363
The Pittsburgh & West Virginia Ry. Co.
-Month of March- -Jan. 1 to Mar.31.1928.
1929.
1928.
1929.
$
$
$
$
361,721 1,291,681 1,012,755
Railway operating revenues_ 429,753
585,219
670,673
198,565
Railway operating expenses.. 237,014
Net rev,from ry. operat'ns
Net ry operating income (net
after rentals)
Non-operating income
192,739
163,156
621,007
427,535
203,428
5.920
172,445
2,692
653,370
23,094
467,669
15.958
Gross income
Deductions from gross income
209,349
23,438
175,138
23,251
676,465
71,454
483,627
72,699
185,911
151.886
605.010
410.928
Net income
The Pullman Co.
Sleeping Car OperationsBerth revenue
Seat revenue
Charter of cars
Miscellaneous revenue
Car mileage revenue
-Dr
Contract revenue
-Month of March- -Jan. 1 to Mar. 311929.
1928.
1928.
1929.
$
$
$
$
6,454,432 5,998,500 19,082,508 18,363,029
794,846 2,441,462 2,410,767
823,550
558,804
527,452
155,087
184,599
46,513
39,731
13,234
16,664
76,443
250,171
248,842
95,086
906,956 2,302,329 2,102,252
947,761
-Month of March- -12 Afos. Ended March 31
Net Oper. Surplus
Net ONT.
Gross.
Revenue. Aft. Ches.
Gross. Revenue.
Baton Rouge Elec Co
370,034
447,793
47,996 1,154.731
106,187
1929
309,430
380.917
28,652 1.046.324
90,664
1928
Elec Co, Ltd
Cape Breton
672.738
149.137
80,401
16,448
58,928
1929
72.272
140,725
660.899
11,973
56,279
1928
Columbus El& Pr Co & Sub Cos
202,590 4,306.139 2,339,532 1,475,291
368,328
1929
203,566 4.346,327 2.401.787 1,519,412
372,251
1928
Eastern UM A.sso & Sub Cos
291,945 8,758,107 3,368,015 2,674,979
773,690
1929
242,832 8.347,673 2,989,074 2.401,495
710,830
1928
El Paso Mee Co(Del) & Sub Cos
114.419 3,262,482 1.329.917 1,111,658
277.649
1929
99,934 3.042.540 1,186,683 1.000,598
253.959
1928
Co
Fall River Gas Works
204.004
225,161
12,492 1.013,880
77,391
1929
260,327
242.614
90,418
20,544 1.049,207
1928
Haverhill Gas Light Co
144,767
152.322
700.666
9,068
57.044
1929
128.962
133,064
712,925
9,599
58,062
1928
Jacksonville Traction Co
.47.424
114.446
17,597 1,187,402
106,698
1929
M8,775
119.459
14.870 1,306,308
106,844
1928
Puget Sound Pr & Lt Co & Subs
461,605 15,421.546 6,420.820 3,902.082
1,284.500
1929
506.577 14,934,360 6,489,581 3,717.065
1,208,062
1928
Savannah Elec & Power Co-543,177
991,313
76,929 2.213.409
181,705
1929
949,296
493.911
89,721 2.238.362
194,469
1928
Sierra Pac Elec Co & Sub Cos
642,393
583,815
47.120 1,418,958
112,729
1929
697.217
105,120
543.365
45,815 1,267,189
1928
Tampa Elec Co & Sub Cos
146,339 4,630,514 1,460,639 1.413,381
409,423
1929
147,275 4,706,508 1.518,933 1,471,626
418,598
1928
Va Eiec & Pow Co & Sub Cos
646.717 16,448,021 7,216,902 5.323,402
1929
1,439,176
569,807 15,679,692 6.449,214 4,778,433
1,338,848
1928
Gal -Houston Else Co & Subs
449,964
822,530
150.349 5,252.217 1,701,087
1929
798.075
145,629 5,147,911 1,665.847
446,895
1928
East Texas Elec Co(Del)& Subs
227.159 8,400,363 3,466,219 1,801.435
681,065
1929
164,560 7.375,820 2.687.533 1.204,593
547.136
1928
No Texas Elec Co & Sub Cos
413.113
861,392
255,489
85,612 2.816,255
1929
539.021
921,748
92,406 2,798,499
261,638
1928
-Month of February- -12 Mos. Ended Feb. 28
Gal.-Houston El Co & Subs-.816,037
413.604
129,559 5.249,148 1.696,366
1929
757.388
139,274 5,105,462 1,623.371
418,886
1928
No Texas El Co & Sub Cos
422.013
868,186
58,537 2,822,404
219,687
1929
536,711
914,219
76,719 2,780,232
240,175
1928
•Deficit.
Total revenues
6,626,571 6,131,157 20,077,131 19,487,571
2,623,216 2,662,163 7,437,803 7,448,419
Maintenance of cars
124,833
136,745
65,523
41,243
All other maintenance
Conducting car operations__ _ 2,892,962 2,846.195 8,607,078 8,560,888
757,117
General expenses
277,484
736,962
247,775
Total expenses
Net revenue
Auxiliary Operations
Total revenues
Total expenses
5,805.197 5.841,366 16,906.678 16.903.171
289,790 3,170,452 2,584,399
821,374
137,243
116.377
20,866
842,240
309,263
Operating income
20,994
65,047
69,045
310,785 3,235,500 2,653,445
237.162 1,006,049
936,089
532,976
Net revenue
Total net revenue
Taxes accrued
115,914
94,919
73,622 2,229.450 1,717,355
379,099
314,052
362,658
293,612
St. Louis Southwestern Ry. Co.
(Including St. Louis Southwestern of Texas)
-Month of March- -Jan. 1 to
1929.
1928.
1929.
S
3
3
Railway operating revenues- 2,210,803 2,220.984 6,325,808
Railway operating expenses_ 1.731,183 1,738,973 5,053,944
Net rev,from ry. operat'ns 479,620
482,011 1,271,863
Railway tax accruals and uncollectible railway revenues 119,671
135,698
294.798
359,949
Railway operating income_
Other railway oper. income-- -40,950
1,543.165
339.346
346.312
--12,111
977,065
-88,527
1,203.919
--8.348
1.195,471
318,998
334,201
888,537
62.637
60.567
185.986
189,989
Net ry. operating incomeNon-operating income
256.360
18,477
273.633
25,102
702,550
71,344
1,005,482
71.306
Gross income
Deductions from gross income
274.837
217,198
298,735
219,225
773,895 1,076,788
657.S4 •
661.437
57.639
79.510
113.047
415,350
Texas & PaciOlc.
Operating revenues
Operating expenses
-Month fltlarch--Jan. 1 to Mar. 311928.
1929.
1929.
1928.
$
$
4,102,851 4,248,293 11,399,952 11.626.050
2,745.786 2,801,399 8,026.972 8,099,752
Net ry. operating income
Gross income
900,802
969,317
Net corporate income
700.798
954,772 1,939,500 2,182,875
1.002,666 2.085,352 2.335.166
763.444
1.284.734
American Water Works & Electric Co.; Inc.
(And Subsidiary Companies)
-Month of March- 12Mos.Ended Mar.31.
1928.
1929.
1928.
1929.
$
$
$
3
4,420,458 4,260,729 51,598,791 49,228.067
Gross earnings
26.109.294
Oper. exp., maint. and taxes_ 2,209,528 2,165,217 26.130.076
2,210,929 2,095.512 25,468,715 23.118.772
Gross income
8,416,195
Less-Int. and amortization of discount of subs.... 8.041,001 4,834,985
5,145.916
dividends of subsidiaries
Preferred
45,328
31.465
Minority interests
13.218,383 13,296.509
12,250.331
Balance
1,302,857
Int. & amort. of disct. of A. W. W.& E. Co., Inc....
10.947.473
Balance
4,274,484
Reserved for renewals, retirements and depletion
9,822,263
1,247.841
8,574,422
3.825,092
6.672.988 4.749.330
Net Income
Boston Elevated Railway.
Mar. 31- 1928.
3
6,267,444
4,724,278
Total railway operating Inc
Deductions from railway
operating income
N e tincome
-Month of March- -Jan 1 to March 311928.
1928.
1929.
1929.
3
1,531.025 1,548,757 5,025,500 4,868,189
567,166 2,533,565 2,061,784
704,120
644,115
430,154 2,003,560 1,604,765
455,304 2,213.365 1.725.226
619,461
336,276
990,408 1.007.633
329,849
953,514
344,269
182,744 1.393,667
Electric Railway and Other Public Utility Earnings.
-Below we give the returns of ELECTRIC railway and
other public utility companies making monthly returns which
have reported this week:
5.475.816 5.515,694 16,649,385 16,221,647
Total
2981
FINANCIAL CHRONICLE
MAY 41929.]
1,630,111
1928.
1929.
Month of March$
$
Receipts3.033.760 3,086.266
From fares
operation of special cars, mail pouch service,
From
1.265
1.687
express and service cars
privileges
From advertising in cars, on transfers,
66.570
66,452
&c
at stations,
From other railway companies for their use of tracks
8,476
5,040
and facilities
5,198
4.476
From rent of buildings and other property
23,681
22,218
From sale of power and other revenue
3,133,633 3.191.456
Total receipts from direct operation of road
5.790
4,512
Int. on deposits, income from securities, &c
3,138.145 3.197.246
Total receipts
Cost of Service
299.198
252.739
Maintaining track,line equipment & buildings_ -388.443
371,949
Maintaining cars, shop equipment, &c
239.081
224,747
Power
998,113
951,846
service men)
Transportat'n exp.(Lnclud. wages ofcar
7.595
8.005
Salaries and expenses of general officers
155,055
122,459
Law exps., injuries and damages, and insurance
115.820
115.356
Other general operating expenses
163.526
147,116
Federal,state and municipal tax accruals
261,441
261,904
Rent for leased roads
Subway, tunnel and rapid transit line rentals to be
187.642
157,724
Paid to the City of Boston
Cambridgesubway rental to be paid to the Common33.362
33.412
wealth of Mass
209.267
212.931
Interest on bonds and notes
6.345
4.921
Miscellaneous items
Total cost of service
Excess of receipts over cost of service
2,892.736 3,037.260
245.409
159,986
2982
Barcelona Traction, Light & Power Co., Ltd.
Gross earnings from oper _
Operating expenses
Net earnings
[VOL. 128.
FINANCIAL CHRONICLE
-Month of March- 3 Mos. End. Mar. 31.
1928.
1929.
1929.
1928.
Pesetas
Pesetas
Pesetas
Pesetas
_ 8,621,859 7.844,522 26.729,103 24,808,169
2.715,321 2,293,764 7,738,558 6,662,594
5,906,538
5,550,758 18,990,545 18,145,575
Chicago Surface Lines.
-Month of March
1928.
1929.
FINANCIAL REPORTS
Annual, &c. Reports.
-The following is an index to all
annual and other reports of steam railroads, public utilities,
industrial and miscellaneous companies published since and
including April 6 1929.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Boldface figures indicate reports published at length:
RailroadsPublic Utilities (Concluded).
Alabama Great Southern RR
2453 New York Rys. Corp
2804
Ann Arbor RR
2798 New York & Richmond Gas Co_ ___2462
1,227.087 1,164,858 Atchi'n Topeka & Santa Fe Ry2665, 2618 New York Water Service Corp.2804, 2629
Residue receipts
58,031 Atlantic Coast Line RR
33,560
2667. 2618 Niagara Lockport & Ontario Power
joint account expenses, Federal taxes, &c
227.104 Bangor & Aroostook RR
2291
272,243
Co
City's 55%
2462
Belt Ry Co
2455 North American Co
2451 North American Light &Power Co_ _28 5
879,723 Boston & Maine RR
921.284
Balance
2 04
8
0
Canadian National Ry System
2622 North American Utilities Securities
Engineers Public Service Co.
Central & Georgia Ry
2668, 2617
Corp
2805
Chesapeake Corp
2623 Northern States Power Co.__ _2846, 2462
(And Subsidiaries)
2492, 2449 Northwestern Public Service Co_ __ _2270
-Month of March- 12 Mos. End. Mar. 31. Cheapeake & Ohio Ry
Chicago Great Western RR
2798 Nova Scotia Light & Power Co., Ltd.2629
1928.
1929.
1928.
1929.
Chicago Indianapolis dr Louisville Ky2450 Ohio Water Service Co
$
2805, 2629
$
$
$
4,020.934 2,479,842 37.632,835 29.994.589 Chicago & North Western Ry_2660, 2617 Oklahoma Gas & Electric Co.
.2805. 2462
Gross earnings
2265 Omaha & Council Bluffs Street Ry._2629
1,569,417
Net after taxes
955,578 15,735,397 11,703,137 Chicago Rys
Oregon-Washington Water
655,412 a8.404,599 a6,377,616 Chicago Rock Island & Pacific Ry
*Net after int. & amortization 1,048,121
2830, 2796, 2291
Co
2805.
Service2629
Pacific Gas & Electric Co
• Before subsidiary preferred dividends and minority interest. a After Chicago St. Paul Minn. atz Omaha
2836, 264902
227366
Ry
2663, 2617, 2455 Peninsular Telephone Co
interest, amortization and available for reserves and dividends of Engineers
Cincinnati New Orleans & Texas
Peoples Gas Light & Coke Co
Public Service Co.
2451 Philadelphia Co
Pacific Ry
2462
Delaware & Hudson Co
2799 Philadelphia Electric Co
New Bedford Gas & Edison Light Co.
2462
Delaware Lackawanna & Western
Philadelphia Rapid Transit Co
2630
-Month of March- 12 Mos.End. Mar.31.
RR
2485, 2449 Pittsburgh Rys. Co
2620
1928.
1929.
1929.
1928.
Elgin Joliet & Eastern Ry
2451 Pittsburgh Suburban Water Service
$
Erie RR
2489, 2450
Co
Gross revenues
403.100
386,392 4.361.002 4.365.753 Georgia Southern & Florida Ry _ _ _ _ _2454 Portland Electric Power Co 2805, 2630
2463
Open caps. and taxes
235,414
221.159 2.604,453 2,621,822 Hocking Valley Ry
2494, 2449 Public Service Co. of Oklahoma
2270
2656, 2617 Public Service Electric & Gas Co_...2271
Illinois Central RR
Gross income
167,686
165.233 1,756,549 1.743,931 Indianapolis Union Ry
2800 Rochester Telephone Corp
2266 St Louis Public Service
Kansas City Southern Ry
2231
27
60
Interest and amortization _
262.451 Lehigh & Hudson River Ry......_ _2623 San Diego Consol. GB13 Co
237,301
20.347
19.672
& Electric Co.
Depreciation
378,501 Louisville & Nashville RR_ ___2301, 2262
35.270
336.287
28.494
2806. 2463
2800 Scranton Spring Brook Water Service
Maryland & Pennsylvania RR
Net income
119.519
100.617 1.182.961 1.102,978 Mobile & Ohio RR
2454
Co
2806, 2630, 2271
New Orleans & Northeastern RR.--2455 Southern California Gas Co
2630
The Philippine Railway Co.
2797 Southern Colorado Power Co_2806, 246 3
Norfolk Southern RR
246
3
-Month of January- 12 Mos. End. Jan. 31
Norfolk & Western Ry.RR_ __2306. 2265 Southwest Gas Co
2619 Southwestern Gas & Electric Co_ _2463
Northern Pacific Ry
1928.
1929.
1929.
1928.
2797 Southwestern Power & Light Co..._2 63
Pennsylvania Co
31
2 63
4
2262 Spring Valley Water Co
Gress oper. revenue
682,944 Pennsylvania RR
71 ,139
73.949
n.021
Standard Gas & Electric Co_ _84
503,383 Philadelphia Co
Oper. expenses and taxes537,247
2796
2 8
.
44.128
48.303
Rir
,,monri Fredricksburg & Potomac
2796, 2483
'
RR
2801 Tennessee Electric Power Co
Net revenue
179,561
173.891
29.521
2631
28.718
2 66 Teh0
2293, 2264 T0xas
Southern Pacific Co
RY
Deductions from Income
2631
Electric Power Co., Ltd.(Toho
341,960
Interest on funded debt
28.496
341.960 Southern Ry. Co
28.496
le mloai RR. Assoc. of St. Louis_ ..240i
Denryoku Kabushiki Kaisah)--2806
2826, 2796 Twin State Gas & Electric Co
Net income
1,024 -168,068 -162.398 Unit,. Pacific RR
221
2453 Union El. Light & Power Co.(111.). _28
Virginthn Ry
Income approp. for invest, in
28
06
2833, 2796 Union Water Service Co
74,685
65.809 Wabash Ry
physical property
2806, 2631
United Gas Improvement Co
Public Utilities2631
2625 United Light dr Power Co
1.024 -242,754 -228.207 Alabama Water Service Co
Balance
221
2631
Amer. Cities Power & Light Corp-2268 United Public Service Co
2832
Southern California Edison Co.
Amer. Commonwealths Power Corp_2268 United Public Utilities Co
2632
United,Rys & Electric Co. of Balt...2632
Amer Community Power Co
2268
-Month of March- 12 Mos.End'Mar.31.
American Electric Power Corp
2458 Utilities Power & Light Coro
2430
1928.
1929.
1928.
1929.
American Gas & Electric Co
2458 West Kootenay Power & Light Co..
2271
$
$
$
$
2802
Ltd
Gross earnings
2,972.704 2,644.925 36.426.570 31.430.849 American Light & Traction Co
2268 West Texas Utilities Co
2271
Expenses
836.259
729:111 9.035.173 7,168,912 American Natural Gas Corp
2268 West Va. Water Service Co__ _2807, 22264436644
2
324,349
283,108 3,499.671 3,160,573 American Public Utilities Co
Taxes
American States Public Service CO- _2801 Weste Power Corp
Western
American Tel & Tel. Co
2625 Western Union Telegraph Co
1,160,609 1,012.219 12,534.844 10.329,486
Total expenses and taxes
American Utilities Co
2458 Western United Corp
2807
Ry
2458 Western United Gas & Electric Co.
.2807
Total net Income
1,812.095 1.632,705 23.891,725 21.101,363 4861°4eMgwer Co1Cnnebec
zo
Arizona Po in
2268 Winnipeg Electric Co
2632
531.512
432.847 6.261.558 5.572.801 Amor. Gas & Electric Co
Fixed charges
2802 Wisconsin Electric Power Co
A8800. Telephone Utilities Co
2268 Wisconsin Gas & Electric Co
24 4
26
4
1.280,582 1,199.858 17,630.167 15.528,561 Atlantic Public Utilities, Inc
Balance
2802 Wisconsin Public Service Corp2807, 2464
Bangor Hydro-Electric Co
2458 Wisconsin Valley Eleetrie C0-2807, 2464
Third Avenue Railway System.
Industrials
Birmingham Electric Co
2458
-Month of March- 9 Mos.Ended Mar.31. Boston Consolidated Gas Co
2458 Abraham & Straus. Inc
2271
1928.
1929.
1929.
1928.
Buffalo Niagara & East. Power Corp.2625 Acme Steel Co
$
$
$
Operating Revenue
California Oregon Power Co...2802, 2459 Advance Rumely Co
2 77
22 2
86
1,310.011 1,281.808 11,257.131 11,277.230 California Water Service Co.
Transportation
.2802. 2626 Air Reduction Co
2807
112.500
112,500
12.500
12.500
Advertising
-Way Electric Appliance Corp
191.278 Canada Northern Power Corp., Ltd_2626 Air
196,431
24.241
21,184
Rents
Canadian Hydro-Electric Corp
2269
2808, 2 3
26
64
42
6,530
4.944
474
564
Sale of Power
Central Indiana Power Co
2626 Alan Rubber Co.. Inc
Central & Southwest Utilities Co---.2269 Alaska-Juneau Gold Mining Co
2464
Total operating revenue.-- 1.347.229 1,316,057 11,571,008 11.587,539 Central States Utilities Corp
2626 Aldred Investment Trust
2633, 2464
Ch(eBsaapet.alte
Allegheny Steel Co
Potomac Tel, Co.
Operating Expenses
City)
2269 Allied Motor Industries, Inc
2808
214,342 1.855,139 1,681,921 Chesapeake & Potomac Tel, Co.
169,507
Maintenance of way
Allis-Chalmers Mfg. Co
2808
124.556 1,064,873 1,084,405
125,172
Maintenance of equipment....
(D. C.)
2269 Alpine Montan Steel Corp
53,573
2808
32.962 -21.018 -104.399
Depreciation
Amerada Corp
747,277 Chesapeake & Potomao Tel, Co.
2465
766.767
88.593
87.453
Power supply
(Va.)
2269 Amer. Brown Boverl Electric Corp. 2808
437,139 3,959,494 3,910.184 Chm‘ k3 & Potomac Tel. Co.
450.374
Operation of cars
.pca e
ia
Amer. Chain Co., Inc
959.158
2465
937.253
108,953
104,801
Injuries to persons & property
2269 Amer. Chicle Co
481,581
457,258
60,043
51,681
General and miscell. expenses
Chester Water Service Co.....2803. 2626 Amer. Coal CO. of Alleghany Co....26 3
2 33
6
CM., Hamilton & Dayton Corp
2626 Amer. District Tel. Co (N. J.)
2633
Total operating expenses
1,021.953 1,012.611 8.956.387 8.918,102 CM., Hamilton & Dayton Ry
2626 Amer. Hide & Leather Co
Cities Service Co
2842, 2796 Amer. Home Products Corn
22880088
303.446 2,634,621 2,669,436 Colonial Gas & Electric Co
Net operating revenue
325,275
2627 Amer. International Corp
831.869
816,731
89,265
Taxes
91,710
Commonwealth Power Corp
2269 Amer. Machine & Foundry Co
26
63
46
3
Connecticut Electric Service Co_ _2269 Amer. Pneumatic Service Co
214.130 1,817.889 1.837.567 Connecticut Light & Power Co
Operating income
233,565
2269 Amer. & Scottish Investment CO___24613
23
63
168.832
151.783 Cumberland County
16.532
Interest revenue
18.603
Power & Lt.Co 2459 Amer. Writing Paper Co., Inc
Dakota Central Tel. Co
2269 Amer. Zinc, Lead & Smelting Co
8
-2 12
2270
230.763 1.986,722 1,989.351 Detroit Edison Co
Gross income
252.169
2627 Animal Trap Co. of Amer., Inc
2466
Dixie Gulf Gas Co
2627 Arkansas Natural Gas Corp
2810
DeductionsDuquesne Light Co
2620 Art Metal Construction Co
2810
384,810
384.810 Eastern
42,756
Int, on 1st mtge. bonds
42,756
2269 Assoc. Apparel Industries, Inc
34
226634
659.715 Eastern Connecticut Power Co
659,715
73,301
Int. on 1st ref. mtge bonds._
73,301
New Jersey Power Co
2627 Assoc. Dry Goods Corp
845,100
645.100
Int. on adj. mtge. bonds
93.900
93.900
Eastern Texas Electric Co
2627 Atlantic Refining Co
13.694 F
12,511
Track and terminal privileges
1,431
Federal Water Service corp__2828, 2453 Atlas Plywood Corp
1.398
2246634
7
6,309
6,119 Florida
Miscell.rent deductions
632
761
Power & Light Co
2634
2270 Atlas Tack Corp
13.269
17,769
1,974
Amort. of debt disct. & exps_
1.474
2452 Auto-Strop Safety Razor Co.,Inc-2811
25.110 General Gas & Electric Corp
25.110
Sinking fund accruals
2.790
2,790
Havana Electric Ry
2811
2804 Babcock & Wilcox Co
334,402
132.666 Hawaii
21.446
Miscellaneous
40,360
Consol. Ry., ctd
tE,Corp
i x e8
Balaban
19,476
19.476
Int. on series C bonds
2.164
2,164
Illinois Power & Light Corp_ _2628. 2 59 Bankers securities Corp
26
4
Illinois Water Service Co
2804, 2628 Bayuk Cigars, Inc
Total deductions
240,397 2.300.704 2,104,461 Indianapolis Power &
258.907
2811
Light Corp_..2628 Beatrice Creamery Co
Interstate Power Co
Best h co Packing Co
R ec &N ut
Net income
--9.633 --313,981 --115.110 Italian Superpower
--6.737
Corp
2461 Bemis Bros. Bag Co
Jamaica Public Service Co., Ltd...
2273
22222688683311144111
.2628
Virginia Electric & Power Co.
Keystone Telephone Co
2811
ltm iititee16C0
B
2804, 2421 11tihebem S.nels, CorD
26
6,
(And Subsidiary Companies)
aclede Gas & Electric Co
-Month of March- 12 Mos. End. Mar. 31. Lehigh Valley Transit Co
223
2 74
63
2270
1928.
1929.
1928.
London (Ont.) Street Ry
Cr,r
Inc
1929.
$
$
Lone Star Cl&S Corp
B
Corp
$
2815
2832
$
liin 1 BmIn um
222 go C. lu ae8
27
68
0
Gross earnings
16,448,020 15,679,692 Louisville GDP & Electric
1.439,175 1,338,847
2635
2461 Borg-Warner Corp
Co
Market St. Ry
2461 Boroman Biltmore Hotels Corp_ - _ _2812
Operation
520,985 6.318,911 6.341.811 Massachusetts Gas Cos
539,123
2461 Botany Consolidated Mills. Inc_ - - _2812
Maintenance
127.034 1,517.885 1,521.148 Massachusetts Lighting Cos
129.451
l\Ip
m( 3etor tg. Co
)
f
;
2812
Taxes
121,020 1,394,322 1,367.518 Massachusetts Utilities Assoc
123.884
Michigan Gas dr Electric Co
864 Brunswick Terminal & Ry.Securities
402
Net operating revenue
569,807 7,216.901 6,449,213 Missouri Gas & Electric ISkee. Co
646,716
22
Income from other sources
21,567
6.700 Mohawk Hudson Power Corp
2812
8 Buciis uarie Co
2 u r yr
Mountain States Power Co_ _ _2804. 2 6
2467
22
6
4
Balance
7.238,468 6.455,914 Nevada California Electric Corp.__ _2629 Burroughs Adding Machine Co
2487
Interest and amortization
1.915,066 1.677,481 New Brunswick Power Co
Bush
2273
NewEMining Co
SuperiorTarminalCo
England Fuel & Transportation
2635
ie
l
Balance
5,323,402 4,778.432
Co
2813
2462 By-Products Coke Corp
Gross earnings
Operating expenses, renewals and taxes
5,478,279 5.351.468
4.251.192 4.186.609
46
13
13
i
MAY 4 1929.]
FINANCIAL CHRONICLE
2983
Industrials (Concluded).
Industrials (Continued).
Delaware & Hudson Company.
2273 Miami Copper Co
2475
Callahan Zinc-Lead Co
2
173 Michigan Steel Corp
2643
Calumet & Arizona Mining Co
(99th Annual Report
-Year Ended Dec. 31 1928.)
Mid-Continent Petroleum Corp
. 2475
Campbell, Wyant & Cannon Fdry.
2813 Mohawk Investment Corp_ _2644, 2281
Co
The remarks of President L. F. Loree, together with com2281
Canadian General Electric Co.. Ltd_2813 Mohawk Mining Co
Canadian Wegtinghouge Co., Ltd__ _2273 Motor Products Corp
2644, 2282 parative income account and comparative balance sheet for
2635 Mountain & Gulf Oil
2282 1928, will be found under "Reports and Documents" on
(A. M.) Castle & Co
2813 Mulling Mfg:Co
Central Alloy Steel Corp
2822 subsequent pages. Our
usual comparative table of statistics,
2813 Murray Corp of America
Central National Corp
2282
2273 Mystic Steamship Co
Canada Iron Foundries, Ltd
2476 income account and balance sheet, were given in V. 128, p.
Century Ribbon Mills, Inc
2813 National Dairy Products Corp
2476 2799.
Cerro de Pasco Copper Corp
2813 National Distillers Products Corp..
.2822
2635 National Enameling &Stamping Co.
C,erto Corp
Missouri Pacific Railroad Co.
Chesebrough Mfg. Co. (Consol.) _ _ _2814
Inc
2282
Chicago Pneumatic Tool Co_ _2636, 2468 National Fireproofing Co
2476
(12th Annual Report-Year Ended Dec.31 1928.)
Childs Co
2814 National Supply Co
2476
Chrysler Corp
2814 Nevada Conant. Copper Co
2844
The remarks of President L. W. Baldwin, together with
ClInehneld Coal Corp
2274 New Bradford 011 Co
2644
Collins & Alkman Corp
2814 New England Coal & Coke Co
2476 the income account and comparative balance sheet for the
New England Fuel 011 Co
Colorado Fuel & Iron Co
2814
2283 year 1928, will be found under "Reports and Documents"
Cord?. Nast Publications. Inc
2814 New Idris Quicksilver Mines, Inc_ _2283
subsequent pages.
Congress Cigar Co
2814 New River Co
2477 on
Consol. Film Industries, Inc__2815. 2468 N Y. & Honduras Rosario Mining
Consol. Mining & Smelting Co. of
Co
2477
TRAFFIC STATISTICS
-YEARS ENDED DEC.31.
Canada,Ltd
2274 Newton Steel Co
2822
1928.
1927.
1926.
1925.
Consol Textile Corp
2815 Nipissing Mines Co., Ltd
2645 Revenue freight (tons)__ 41,384,696 38,665,636 41.761,665
Consol. Theatres, Ltd
2469 North American Aviation, Inc
2645 Rev, tons carr. 1 mile_10312288,840 9386122,06410132034120 40.380.712
9564442.764
Container Corp. of Amer
2477 Rev, tons carried lmile_
2815 North American Car Corp
Continental 011 Co.(Me.)
2274 North American Investment Corp_ _2645
per mile of road
1,385.169
1.275,096
1,379.054
1,303.480
Credit Alliance Corp
2283 Avge.amt.rec.per ton m_ 1.041 cts.
2815 North Central Texas 011 Co., Inc
1.074 cts.
1.065 eta.
1.091 eta.
Crown Cork & Seal Co.. Inc
2815 Nova Scotia Steel & Coal Co., Ltd_ _2284 No. pass. carried
4,305.980
5.052.116
5,846.836
6,890.526
Cuneo Press, Inc
2646 No. pass. carr. I mile_ 438,312,386 460,495.708
2815 Oil Shares Inc
490,810.960 492,044,088
Cutler-Hammer, Inc
26 7 011 well Supply Co
,
2477 Avg.rec.from each pass.
$3.1474
$2.9004
$2.7427
$2.3998
Cuyarnel Fruit Co
24r9 Old Dominion Co
2284 Avg. rec. per pass. mile_
3.09 cts.
3.18 cts.
3.27 cts.
3.36 eta.
Davis Coal & Coke Co
2477
2275 Orpheum Circuit, Inc
Detroit
-Michigan Stove Co
2822. 2477
2637 Otis Elevator Co
Diamond Electric Mfg. Co
2815 Owens Bottle Co
2823
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
Diamond Match Co
2470 Packard Motor Car Co
2478
1928.
1927.
1926.
1925.
Dictaphone Corp
2470 Panhandle Producing & Refining Co_2646 Avge. mileage operated_
7,444.79
7,361.11
7,347.09
7.337.62
2815 Paragon Refining Co
2284
Dome Mines, Ltd
$
Operating Revenues
$
$
$
Paramount Cab. Mfg. Co
2815
2823 Freight
Dominion Stores, Ltd
107,388,215 100,788,411 107,913.649 104,319.277
2637 Park & Tilford, Inc
Donner Steel Co
2478 Passenger
13,552.823 14.652.502 16.035,972 16.536.035
_ _2816
2647 Mail
(E. I.) du Pont de Nemours & Co _.2816 'Pathe Exchange, Inc
2,977,578
2.626,569
2,649.501
2,886,211
2638 Patin° Mines & Enterprises Consol_2285 Express
Dunhill International, Inc
2,739,752
2,543,314
2,890,927
2.747.172
2275 (J. C.) Penney Co., Inc
2479 Miscellaneous
Eagle & Blue Bell Mining Co
2,911,361
2,845,528
2.409,837
2,285,012
2275 Pennok 011 Corp
2285
East Butte Copper Mining Co
1,768,432
2.042.291
1,859.186
1.829.703
2799 Pennsylvania Coal &Coke Corp__ -.2647 Incidental
Eastman Kodak Co
Joint facility
238,364
229.788
231.222
228,252
2470 Peoples Drug Stores, Inc
2479
Eaton Axle & Spring Co
Pet Milk Co
2816
(Otto) Elsenlohr & Bros., Inc
2648
Total ry. oper. revs 131.576,525 125,728,405 133.990,294 130.831,661
2816, 2470 Phelps Dodge Corp
Electric Auto Lite Corp
2285
Operating Expenses2816 Phillips Petroleum Co
Electric Boat Co
2648 Maint. of way St struc_ 21.588,903 21,820.236 21,262,028
20,465.706
2638 Phoenix Oil Co
Empire Title & Guarantee Co
2285 Maint. of equipment_ .._ 24.276,306 23.764.538
26,532.577 25.895.938
2816 Pierce-Arrow Motor Car Co
Emporium Capwell Corp
2823 Traffic
3.559,606
3,410,975
3,533.471
3.108.345
Office Bldg. Corp
2275 Pittsburgh Steel Co
Equitable
2823 Transport'n-Rail line
45,366.529 46.237,278 47,481,048 48,307,743
2816 Pond Creek Pocahontas Co
Evans Auto Loading Co
2285 Miscell. operations
1,222,075
1.363.053
1.276.158
1,184,455
-Wallower Lead Co
2275 Portland Gold Mining Co
Evans
2285 General
4,489,205
4,275.909
4.040.780
3.929.948
2
175 Posture Co., Inc
Fageol Motors Co
2823 Transp. for inv.-Credit 1,411,423
1.305.990
1,274.118
615.637
Fairbanks, Morse Co
2816 Pratt St Whitney Aircraft Co
2648
Fanny Farmer Candy Shops, Inc__ _2470 Producers Refiners Corp
2285
Total ry. oper. expen_ 99.091,201 99,565.998 102.851,944 102,276.500
Federated Publications, Inc
2816 Radio-heith-Orpheum Corp
2479 Net rev,from ry. oper
32,485.324 26,162.407 31.138,351 28,555,162
(Wm .)Filene's St Bona Co
2817 Real Silk Hosiery Mills, Inc..
.2648. 2480 Railway tax accruals
5.813,251
4,769,420
5,612.341
5,266.438
2275 Regal Shoe Co
First Illinois Co
2480 Uncoliect. railway revs_
38,105
46,188
37,163
35.485
2817 Remington Arms Co., Inc
Fleischmann Co
2648
Flint Kote Co
2817 Republic Brass Corp
2648
26,633.967 21,346,800 25,488.846 23.253.239
Total oper. income
Follansbee Brothers Co
2470 Republic Iron & Steel Co
2823
Operating Income
Other
Ford Motor Co
2471 Rio Grande Oil Co
2286 Rent from locomotives
660,001
678,214
392,676
293.036
Ford Motor Co. of Canada, Ltd.- 2471 Rolls-Royce of America, Inc
2648 Rent.fr. pass. tr. in cars.
504.301
291.897
287.715
255,215
Foundation Co
2817 Rosy Theatre Corp
2649 Rent from work equip
150.541
132,123
150.909
60,501
Freeport Texas(Sulphur) Co
2638 Royal Baking Powder Co
2648 Jt.facility rent income
388,317
400.660
451,013
412,621
2817 St. Joseph Lead Co
(Chas.) Freshman Co.. Inc
2286
2639 Schulte Retail Stores Corp
Gannett Co., It I
2480
28,337,127 22,849,695 26,771,159 24,274,613
Total oper. income_
General American Tank Car Corp_ _2276 Serve', Inc
2649
.
Deduc'nsfr. Oper. Inc.
2494 Sinclair Como!. Oil Corp
General Asphalt Co
2619 Hire offgt. cars-deb.bal _ 4.261.822
3,636.252
4,286,254
4,038,149
General Baking Corp
2472 Skelly Oil Co
2649 Rent for locomotives_
220,431
171,840
85,152
87,673
2817 Southern Air Transport
General Electric Co
2824 Rent for pass. train cars_
570,933
336,146
256.363
333,231
2310, 2264 Standard Oil Co. of N Y
General Motors Corp
2824 Rent for floating equip
41,091
14,088
8.830
24.195
2640 Standard Textile Productg Co
General Public Service Corp
26r,o Rent for work equipm't..
48.912
64,440
53,537
35.963
2818 State Stregt Investment Co
General Ry. Signal Co
2660 Joint facility rents
1,846,399
1.727,430
1.747.237
1,742,339
2472 Steel Co of Canada, Ltd
Gillette Safety Razor Co
2650
Gleaner Combine Harvester Corp- _2472 Submarine Boat Corp
2825
Net ry. oper. Income_ 21,347,536 16,899.498 20,333,786 18,013,064
Glidden Co
2818 Sweets Co. of Amer., Inc
2825
Non-Oper.Income
.
Symington Co
2825. 2288 Inc. from lease of road
Globe Automatic Sprinkler Co. of the
20,007
18,004
17,273
17.392
2472 Tennessee Copper & Chemical Corp_2288
U.S.
235,120
Miscell. rent income._..
240,556
231.943
229,156
2277 Texas Gulf Sulphur Co.. Inc
Gorham Mfg. Co
2825 Misc. non-op. phys. prop
97,615
111,322
114,078
108,314
2818, 2277 Timken-Detroit Axle Co
Gould Coupler Co
2825 Dividend income
3,191,625
2.337,872
2.307,333
2,918,923
2472 Tobacco Products Corp
.
Goulds Pumps, Inc
2651 Inc. from funded securs278,812
350,884
730,785
770.566
Graham-Paige Motors Corp_2818, 2472 ITranaue St Williams Steel Forging
Inc. from unfund. secur179.183
760,275
216,379
409.669
2818 I Corp
Grand Rapids Varnish Corp
2651 Inc. from sinking. &c
3472 Trans Pork Stores, Inc
(W. T.) Grant Co
2651
384
364
reserve funds
468
71
Groton & Knight Co
2818 Truacon Steel Co
2288 Miscellaneous income
34.856
4,487
3.027
4,997
(M. A.) Hanna Co
2641 Underwood Elliott Fisher Co
2482
Hartman Corp
2472 Union Bag & Paper Corp
2825
Gross income
25,385.139 20,723,263 23,955,072 22,472,152
2819 Union Carbide & Carbon Corp
Hershey Chocolate Corp
2825
Deduc'nsfrom Gross Inc.
Holland Furnace Co
2278 Union 011 of California
2482 Rent for leased roads..
163,845
183,419
138,081
138,845
Howe Sound Co
2819 Union Twat Drill Co
2825
38,858
32,779
35,854
37,111
Hudson Motor Car Co
.2819 United Biscuit Co.of Amer.
-2652. 2288 Miscellaneous rents__
17,701
25,371
Miscell, tax accruals
20,575
17,446
2819 United Carbon Co
Hupp Motor Car Corp
2652
87,826
37.659
39.513
Separately oper. prop_ - _
48.004
2278 United Cigar Stores Co.of Amer--2482
Indian ReSning Co
Int. on funded debt- __ - 15,193.307 15,814,395 15,007,530 14,524.188
Ingersoll-Rand Co
2473 United Dyewood Corp
2825
162,597
402,445
65,752
debt _ _ _ _
40,839
2279 United Electric Coal Cos
Inland Steel Co
2652 Int. on unfund.
17.041
17,273
16.100
17.509
Inspiration Consol. Copper Co
2278 United Fruit Co
2482 Miscell. income chargesIntercontinental Invegt Corp
2473 U.S. Asbestos Co
2845
4,401.196
8.631,667
9,512,690
Net income
7,648,209
Intercontinental Rubber Co
2279 U. S. Gypsum Co
2652
828.395
828.395
828,395
828,395
International Cement Corp
2641 U.S. Leather Co
2845, 2289 Shs.com.out.(par $100)
$0.98
Earns, per sh. on com $7.15
$6.09
$4.90
International Cigar Machinery Co.
.2473 U. S. Playing Card Co
2845
Co
International Paper
2621 U. S. Smelting Refining .t Mining
International Safety Razor Corp2642,
Co
'
GENERAL BALANCE SHEET DEC. 31.
2652
2473 Universal Pictures Co., Inc
2653
1928.
1927.
1927.
1928.
2820 Universal Pipe & Radiator Co
Interstate Dept.Stores
2853
LiattilittesAMU
2642 Utah Copper Co
Intertype Corp
2620 Invest. In road &
Cornmonstock _ 82,839,500 82,839,500
Co
2279 Venezuelan Petroleum Co
Iron Cap Copper
2289
equipment.. _496,844,341 481,040,723 Preferred stock- 71,800,100 71,800,100
2820. 2279 Viau Biscuit Corp., Ltd
Island Creek Coal Co
2852 Impr. on leased
Funded debt un2820 Virginia Iron Coal &Coke Co
Johns-Manville Corp
2852
matured
348,861,920 325,694.320
48,259
66,606
ry. Property 2820 Wagner Electric Corp
Joint Security Corp
2852 Sinking funds..
638 Loans & bills pay
7,000,000
631
2820 Waldorf System. Inc
Jones & Laughlin Steel Corp
2653 Deposits in lieu
Traffic & car ser2820 Waltham Watch Co
Car Co., Inc
Jordan Motor
2852
vice bal. pay. 1,611,416
869.518
of mtge. prop.
2473 Ward Baking Corp
(G. R.) Kinney Co.. Inc
2483
sold
25,792 Audited sects &
38,781
2821 Warner-Quinlan Co
(13. S.) Kresge Co
2653 Misc, phys. prop 2,907,186
wages payable 9.599,765 11,280,559
2,733,919
2279 Warren Bros. (Asphalt) Co
LaSalle Copper Co
2654 Inv. In affil. cos.
Misc,sects pay285.487
309,347
2642 Warren Foundry de Pipe Corp
Logo 011 & Transport Corp
2654
1,200,124
Pledged .__ 34,605,549 37.306,134 Int. inat'crunp'd 1,192,905
2474 Wesson Oil & Snowdrift Co
Lambert Co
2654 Inv. in atilt. cos.
Funded debt ma2820 West Kentucky Coal Co
Lincoln Printing Co
2291
tured unpaid30.200
-unpledged _ 29,180,203 26,807,971
1,627,000
2280 Weston Electric Instrument Co
Loft, Inc
2290• Otis. -pledged_
363,758 Divs, mat'd un21,346
2643 (S. S.) White Dental Mfg. Co
Lord St Taylor
2854 Otis. inv.-unpl'd 1.187,975
paid
62,381
737,894
2474 White Motor Securities CO
Madison Sq. Garden Corp
2290 Cash
3,984,419
10,139,242
2,273,697 Unmat. int. seer 4,155,803
2821, 2475 White Sewing Machine Corp
2654 Special deposits_ 1,111,489
Magma Copper Co
2,611,644 Unmet.rents ao2291 Loans & bills rec
Manhattan Electric Supply Co., Ine_2280 (H. F.) Wilcox Oil & Gas Co
erued
345,171
14,432
23,845
337.767
2281 Willys-Overland Co
Corp
2483 Tra file & car serMargay 011
Oth. curet liab _
405,787
412,940
2475 (Alan) Wood Steel Co
Marion Steam Shovel CO
2655
455,402
vice bal. rec. _ 1,629,550
886,349 Deferred nab...
589,364
2821 Woodley Petroleum Co
Martin-Parry Corp
2654 Net bal.rec.from
Tax liab tiny -- 3,941,700
3,072,667
2643 (William) Wrigley Jr. Co
Mathieson Alkali Works (Inc.)
2852
1,672,075 Insur.& casualty
ag'ta & conduc 1.875,877
.2475 Yellow Truck St Coach Mfg. Co...
.2655 Misc. accts. rec_ 4,132.148
Mayflower-Old Colony Copper Co.
reserves
4,863
7,738
3,895,583
2281 Zonite Products Corp
Mercantile Stores Co.. Inc
2655 Mat'is & suppl. 11,335,749 12,235,839 Accrued depr.-eq 15,938,512 13,514,554
483,711
diva. ree.
393,982
323,502 0th. unadj. creel
637,758
Rents receivable
36.000
36,000 AddIt'ns to Prop
Northern Pacific Railway Co.
0th.curet assets
76,608
75,734
through inc. &
ork, fund adv.
35,829
923,883
1,116,161
32,373
surplus
(32d Annual Report-Year Ended Dec. 31 1928).
180,019
Other def. assets
145,945 Profit & loss_ _ _ _ 54,374,247 48,988,319
Charles Donnelly together with Rents & Maur.
The remarks of President
251,796
prern.pd.in adv
122,217
the comparative income account and balance sheet, will be Other unadjust.
1,493,736
1,535,934
debits
found under "Reports and Documents" on a subsequent
page. Our usual comparative tables were published in V.
128, P. 2619.
597,559.077 574,935.828
Total
-V. 128, P. 2800.
Total
597,559,077 574,935,828
2984
FTNANCIAL CHRONICLE
Kansas City Southern Railway Co.
-Year Ended Dec. 31 1928.)
(29th Annual Report
The remarks of President C. E. Johnston will be found
under "Reports and Documents" on subsequent pages.
Our usual comparative income account, comparative balance
sheet and general traffic statistics were published in V. 128,
p. 2266; V. 128, p. 2623.
Chicago Burlington & Quincy Railroad CO.
(75th Annual Report-Year Ended Dec. 31 1928.)
The remarks of President Frederick E: Williamson, together with a comparative income account and general
balance sheet, will be found on subsequent pages.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1925.
1928.
1927.
1928.
9,399
9,404
9,390
9,375
Average miles oper__
Operattons16,879,540
15,149,391
13,896,397
18.365.795
Rev.passengers carr_
893.669.925
871,773,361
811,600,215
Rev, pass. earr. 1 m- 730,969,834
2.810 cts.
2.786 cts.
2,718 cts.
2,697 Ms.
Rate per pass. p. tn..
43,308,852
43,934,448
42,182,867
46,009,515
Rev. fre:ght (tons)_ _
12,851,221,639 12,298.287,741
Rev. freight 1 mile__12,931,723,281 11.942,859,045
.965015.
.992 Ms..960 cts.
.982 Ms.
Rate per ton per m._
668.89
6 .
665.6
714.67
Av.tons per tr. mile.
$1.95
$1.90
$1.75
$1.66
Earns. p. pass. tr. tn.
$7.02
16.60
Earns, per fr't tr. m_
36 34
$16,645
6
7 53
$1$,155
616.648
$17,374
OPer. rev. per mile__
[VOL. 128.
United States Steel Corporation.
(Results for Quarter Ended March 31 1929.)
The income statement for 1929 excludes deduction for allowances for
amortization of investment applied to bond sinking funds which previously
have currently been made from earnings. These are excluded since the
cumulative allowances for that purpose heretofore made in part from earnings and in part by appropriations of surplus, now total an aggregate,
which, with further allowances from surplus contemplated to be made in
1929, will have amortized investment in intangible value to the full amount
deemed necessary. The premium payable in 1929 In the redemption of
bonds of the corporation under plan announced for retiring the issues will
be paid from and charged to surplus.
INCOME ACCOUNT FOR QUARTER ENDED MARCH 31.
1927.
1926.
1928.
1929.
Net after Taxes, &c.$18,759,098 $11,899,549 $13,512.787 $13,810,149
January *
19,080.941 13.581,337 14,943,305 14,385,381
February *
22,265,342 15,453.146 17,128,633 16,865.755
March *
Total (see x below)--$60,105,381 $40,934.032 $45,584,725 $45,061,285
Deduct
For sinking fund,deprec.
depl. & res. funds_._. 14,716.828 15,026,893 14,660,387 14,317,715
4.097,848
3,203,106
4,374,863
4.238,894
Interest
477,420
358,082
293,750
Prem. on bonds redeem
817,919,934 $19,602,161 $19,257,363 $18,986,328
Total deductions
42,185,447 21,331,871 26,327.362 26,074,957
Balance
6,304,919
6,304,919
Div. on pref.(1j%)._. 6,304.919 ' 6.304,919
8,895,293
Div. on common(1j%) 12,453,411 12,453,411 12,453,411
823,427.117 82,573,541 87,569,032 810,874,745
Balance, surplus
7,116,235
5,083,025
5,083,025
Shs.corn. out.(par $100) 7,116,235
$2.11
$3.89
$3.94
$5.04
Earns. per sh. on com
* After deducting interest on subsidiary co.'s bonds outstanding, viz.:
GENERAL BALANCE SHEET DEC. 31.
1927.
1926.
1928.
1925.
1929.
1927.
1928.
1927.
1928.
$625,145 $651,430 $675,402 $699,059 $655,853
January
675,292
698,314
649,593
655,698
Assets
623,925
February
696 803
674,926
649,001
655,221
Road & equip1-595,822,811 591,402,259 Capital stock... 170,839.100 170,839,100 March
624,534
Funded debt_ _ _219,672,000 222,904,000
Inv.in af111. cos.
a After deducting all expenses incident to operations, including those
32.079.912 32,079,912 Traf., &c., bats_ 2.387.317
Stocks
and maintenance of plants, also taxes (incl. reserve
10,911,150 for ordinary repairstaxes) and interest on bonds of subsidiary companies.
810,283558,145 Accts. & wages_ 7,307,134
Bonds
for Federal income
984,175 1,001,932
4,182,929 4,287,752 Matured int. &c
Notes
Unfilled Orders as Previously Reported (V. 128, p. 2386).
7,149,837 7,033,924 Fund, debt mat.
1928. Sept. 30 1928. June 30 1928. Mar. 31 1928.
Advances12,600 Mar. 31 1929. Dec. 31
93.800
4,335,206
1.560
unpaid
3,637,009
104,230
3,698.368
Spec. depos., &13
3,976,712
4,410,718
696,720
716,896
accts._
Other investm'ts 9,864.768 15,579,499
-V.128. p. 2653.
930,209 Acc'rd int.,&e_ 2,285,793 2.354,673
953,808
Misc. phys. prop
Accrued taxes-. 7,950,577 10,397,028
Dep. for mtged.
Anaconda Copper Mining Company.
1,643,594
94,442 Insur.. &c., res.. 1,843,109
658,410
property sold.
410,320
122.468
-Year Ended Dec. 31 1928.)
12,549,248 12,309,150 Other curr. liab_
(Annual Report
Cash
65,276
91,609
Deferred Ilabil__
Time drafts and
Accrued depree_ 85,441,108 68,349,219
184,031
283,023
deposits
President John D. Ryan, Chairman of the board and
348,547 Unadjusted, &c.
259.488
Loans & bills rec
5,551,942 8,422,985 Cornelius F. Kelley, Pres., in their remarks state in subaccounts
Mat'ls & suppl_ 14,555,427 12,487,544
497.770 stance:
501,498
89,682 Add'ns to prop.
58,012
& diva. rec.
1.836,461 Funded debt reBal,from agents 1,504,345
The outstanding development of the copper industry during 1928 was
44,044,177 44.044,177
tired
21,390
45,081
Other cur. assets
600 the extraordinary increase in domestic consumption which developed
600
Traf., &c., bats_ 1.197,023 1,727,552 Sink, fd. res'ves
continued throughout the year.
Misc. accounts. 5,707,058 5,055,811 Profit and loss..167,201,337 155,534,296 during the second quarter and
World production, as reported by the American Bureau of Metal StaDisc. on fund.dt 5,575,643 5,708,046
tistics, amounted to 1,916.471 tons, total stocks decreasing 17,798 tons,
157.101
215,520
Deferred charges
Indicating world consumption of 1,934,269 tons, or 10.93% more than
Other unadjust.
1927, the previous high record. This compares with a normal increase
&c., accounts 3,243,410 4,787.105
of 6%. Export shipments from North and South America were 674,221
696.814,241 898.858,108 tons as compared with 641,865 tons during the ririor year, an increase of
Total
696,814,241 696.656,108
Total
5.04%; while consumption of new copper lathe United States was approxi-V. 128, p. 879.
mately 947.803 tons, or 20.33% greater than in 1927. World stocks of
refined copper at the end of the year (only a part of which was available
RR.
Chicago Milwaukee St. Paul & Pacific
for shipment) amounted to 81.779 tons compared with 114,514 tons at
the beginning of the year and a peacetime maximum of 420,845 tons at
-Year Ended Dec. 31 1928.)
(1st Annual Report
May 1 1921.
The price of copper at the beginning of the year was 13.86c. It declined
The remarks of Pres. H.A.Scandrett together with income
2, and at the close of the year was 16.275c. The
account and balance sheet as of Dec.31 1928 are given under to 13.675c on March as reported by the Engineering and Mining Journal,
average for the year,
was 14.57c, being an increase of 1.65c over 1927 average price. Silver
"Reports and Documents" on subsequent pages.
also increased in average price from 56.37c to 58.176c, while lead and zinc
GENERAL STATISTICS FOR CALENDAR YEARS.
decreased from 6.755c and 6.242c respectively to 6.3054 and 6.027c.
x1925.
x1926.
The increase in the income of company over that of the prior year was
x1927.
a1928.
11,205 due both to increased copper prices and to the expansion of operations.
11,193
11,209
11.251
Miles operated,average_
-In August, company purchased from
Acquisition of Clark Properties.
m
Equipent-2,083 interests representing the heirs of the late Senator Clark, all oftheir mining,
1,942
1,830
1,779
Locomotives
1,587 milling and lumber interests located in Montana and Idaho, together with
1,556
1,360
1,315
Passenger equipment_ _ _
74,408 the Butte Electric Railway and the Montana Hardware Co., for the sum
70,304
68,348
69,673
Freight, misc., &c.,cars_
of 84.456,825.
Operations
-year 7% con-$36,857,000 of the $50,000,000 15
9.968,907
9,356.123
8,144,675
Corporate Changes.
7,508.463
Passengers carried
for stock of company
Pass.carried one mile_ 611,282,032 652,538,191 661,703,600 685,581,981 vertible debentures. due Feb. 11938, were exchanged
the trust indenture, increasing the number
2.912 cts. In accordance with the terms of
2.962 cts.
2.944 cts.
2.959 cts.
Rate per pass, per mile
49.948.773 49,289.106 49,003,529 49,589,057 of shares outstanding from 3,000,000 as of Jan. 1 1928, to 3,648,311 at
Freight (tons) carried
debentures
Frt.(tons) carr. 1 mile_13142634.5201252970436511978810935 11966830189 the close of business Dec. 31 1928. Most of the remaining
1.050 cts. have since been converted.
1.039 cts.
1 .Rate 020 cts.
1.037 cts.
per ton per mile626
628
-year series A 6% secured gold bonds due Jan. 1 1929,
638
652
(tons)
The $16,933,000 10
Av.rev, train load
$6.57 were paid and retired at maturity.
$6.53
86.51
$6.76
Earns, per frt. train mile
Butte, Anaconda & Pacific Railway Company let mtge 5% sinking
a Includes operations of Chicago Milwaukee & St. Paul By. receivers
Jan. 1 to 13 1928 incl. x Chicago Milwaukee & St. Paul By. and corp- fund gold bonds, due 1944 were decreased to $2,250,000 at Dec. 311928.
-In 1928 dividends amounting to 814.419,034 were declared
Dividends.
orate receivers' accounts combined.
by company, compared with 89,000.000 the prior year. The quarterly
INCOME ACCOUNT FOR CALENDAR YEARS.
rate of distribution was increased from $0.75 to $1 on June 26 1928, to
x1925.
x1926.
x1927.
$1.50 on Dec. 24 1928, and to $1.75 per share on Feb. 2 1929.
a1928.
96
-Expenditures for extensions and improvements to build$
$
Construction.
$
Operating Revenues132,210,043 127,804,440 124,405,026 125,671,655 ings and machinery, including items previously authorized, totalled $4,Freight
19,212.551 19,596,028 19,966,179 460,596.
17.415,043
Passenger
-The output of manufactured products of the various
American Brass Co.
13.552,337 13,307,822 13,824,294 13,652,204
Mail, express, &c
2.713,091
2.730,656 plants for the year 1928 established a new high record of 778,397,151
2,618,006
2,126,260
Incidentals,- &c
pounds, an increase of 135,485,973 pounds over the output for 1927.
the various plants
Total oper.revenues 165,303,693 162,942,819 160,538,440 162,020,693 The manufactured products were distributed among 92,384,621 pounds:
as follows: Ansonia, 167,462,497 pounds; Buffalo,
Expenses
pounds; Kenosha,
Maintenance of way.&c. 26,815,538 27,944,845 24,056.868 22,141,286 Detroit, 81,263,464 pounds; Hastings. 116,590,312 Waterbury, 100,28,655.812 35,615,377 36,458,013 39,680,380 125,594,262 pounds; Torrington, 72.751,109 pounds;
Maint. of equipment
3,040,054
2,720,644 252,021 pounds; Toronto. 22,098,865 Pounds.
3,849,551
3.495,859
Traffic expenses
Passengers
Tons
56,516,946 60,589,389 59,986,505 61,074.468
Transportation
Carried.
Freight.
4,114.564
4,151,455
4,589,698
Railways4,236,603
General expenses
16,629
978,692 Butte, Anaconda & Pacific Railway Co
5
1,030,411
1,222,442
1,264,939
Miscell. operations
508,841
946,326
Cr.404,779 Cr.305,304 Cr.322,139 Cr.260,402 Tooele Valley Railway Co
Transporta. for invest
Companies Controlled But Not wholly Owned.
130,449,632
Total oper. expenses-120,580.918 133,505.998 128,401,168
The North Lily mine,In the Tintic Mining District of Utah, was operated
(80.51)
(79.98)
(81.93)
(72.9)
Per cent op. exp. to earn.
on a development basis for the first half of the year 1928 from the Tintic
Net operating revenues- 44,722.775 29,436,821 32,137,272 31,571,061 Standard mine, only sufficient ore being extracted to pay for the cost
66,064
36,174
42,195
2,403
May
Uncollectible railway rev
8,938.834 of equipping and of developing the property. In the latter part of
8.900,896
8,869,507
9,924,917
Taxes
the shaft and surface plant of the North Lily were put into operation.
In July the mine
20.525,119 23,200.202 22,566,163 and mining was begun toy the North Lily Mining Co.
24,795,455
been
Operating income
began the production of approximately 200 tons per day, which has
49,962
Nom-Operating IncerMe-607,068 continued since that time. During the year there were mined lead,
703,467
701,095
616,275
Rents received
361,598 tons lead ore, from which there were produced 23,683,375 pounds
363,284
366,154
330,620
Income from lease of rd_
934,718 729,153.56 ounces silver, and 6.351,789 ounces gold.
194,396
267,561
Miscellaneous income__ _ 2,413,385
During the year, International Smelting Co. acquired a majority stock
The
ownership of Park Nelson Mining Co. and Park Premier Mining Co.
38.155,736 21,859,929 24,461,349 24,469.547 latter company holds a 51% interest in Park Central Mining Co., Park
Gross income
Deduct
18,743,557 19,448,840 Empire Mining Co. and Park Cummings Mining Co.
land in what
Interest on funded debt_ 21.236.783 17,257,525
These companies collectively own more than 5,000 acres of
1,264,357
2,025,474
3,252,616
Int. on unfunded debt
79,807
may prove to be the easterly extension of the Park City belt of mineralizaRents for hire of equip.,
7,415,325 tion. Development of these properties will be financed by funds advanced
5,924.604
7,560,931
joint facilities, &c
7,404,626
275,636 by International Smelting Co.
214,790
154,786
Miscell. deductions
184.183
Operations at the Walker mine were conducted throughout the year.
broken. The concentrator made an average
9,250,332 def6,365,929 def2,447,075 def3.934,611 486.156 tons of ore were
Balance, surplus
tons of ore, averaging 1.443% copper
5,963,933 10,251,505 15.411,099 recovery of 91.294%. 391,275 tons oftoncentrates, averaging 22.755%
Previous surplus
were treated,from which 22,653.70
315,690
259,881
730,250
139,538
Miscellaneous credits_ _ _
copper were produced. There were sold to the smelter 22,544.86 tons
8.064,311 11,792,178 ore and concentrates yielding 9.613,856 pounds fine copper, 202,313.62
328,254
9.389,872
Total surplus
1.540,673 ounces silver, and 13,011,201 ounces gold.
2,100,378
1,585,672
Miscellaneous debits.-- 1,007,800
Operations of the Arizona Oil Co. during the year resulted in the pro10.251,505 duction of 174,102 barrels of oil.
5,963,933
Total prof. & loss sur- 8,382,072 def1,257,418
Foreign Companies.
x Chicago Mila Income account Jan. 14 to Dec. 31 1928. Inclusive.
Control of Silesian-American Corp. is vested in Silesian Holding Co.,
combined.
-V.128,
waukee & St.PaulRy.corporate and receivers' accounts
of which your company owns a majority of the shares. A dividend of
p. 1551.
FINANCIAL CHRONICLE
MAY 41929.]
'7%Ton the preferred shares of Silesian-American Corp. was paid during
-the year and the principal amount of its outstanding bonds was reduced
'to/212,429,000 at Dec. 31 1928.
lips The properties of its Polish subsidiary, Giesche Spolka Akcyjna, operated
as satisfactorily throughout the year as the low price of 5.467c per pound
zinc prevailing in European markets, permitted.
pa The subsidiary companies produced approximately 133,467.000 pounds
zinc, 13,953,000 pounds lead, 2,976,000 metric tons coal, 103,590 tons
-60° Be sulphuric acid, 67,360 tons superphosphate and mixed fertilizers,
and manufactured large quantities of zinc sheets, zinc battery cups, lead
sheets, pipe, shot, litharge, brick and sundry other products.
The greater part of new construction and plant modernization was
'completed at Dec. 31 1928. the new electrolytic zinc plant starting operations at the end of the year.
Since acquisition of control by your company, Giesche Spolka Akcyjna
expended to Dec. 31 1928, $7,604,132.54 for new construction, plant
-modernization and mine development.
CONSOLIDATED INCOME ACCOUNT
-CALENDAR YEARS.
1925.
1928.
1926.
1927.
Receipts$
Sales of metals & manufactured products _ _ _ _222.602,539 180,894.558 209.027.852 198,698,145
Royalties, be
9,764.005 9.333,242 10,375,941 10.593,876
Income from invest/lets,
In sundry companies_ _ 13,734.958 6.981.394 6.880,926 6,522.991
Sales of mdse. and rev.
from P.S.companies- 3,161,372 3.131.445 3,935,073 3,478.478
Metals & mfd. products
in pro -ess and on hand 55,671,171 53.323.616 49,506.496 50,645.458
totalreceipts
304,934.045 253.664.255
Disbursements
Metals in process and on
hand Jan. 1
53,323,616. 46,144,208
Cost of Mdse.sold, &c- - 2,235,949 2,030,342
Mfg.exp.,incl. selling_ _ 84,281,244 63,762.788
Mining,&c.,expense- _ _ 47,294.093 49,579.686
Ore purchases
75,566,510 62.140.683
Adm.exp.& Fed'I taxes_ 2.391.446 1.737,195
5.296.438 4.765.672
Depreciation, be
Int.incl. disc, on bonds_ 10.359,605 13,382,541
Totaldeductions
Netincome
Dividends
279.726,288 269,938,947
50,645,458
2,983,721
67.616,863
48,028,781
78.946.555
2,132.994
4,885,599
10,255,100
46,645.598
2,457,793
66.616.862
45.797,717
73.404.146
1.939,601
5,049.347
10.482.519
280.748.901 243,543,115 265,495,071 252.393,584
Chile Copper Company.
(Annual Report
-Year Ended Dec. 31
1928).
CONSOLIDATED INCOME ACCOUNT(INCL. SUBS. COS.)
For Calendar Years1928.
1927.
1926.
1925.
Copper produced (lbs.) _265,863,517 219,600,465 220,138.465 219,516,420
Copper sold (lbs.)
282,998,571 235,291.177 2/5.286,183 207,978,026
Average price
15.03 cts. 13.29 cts. 14.11 eta. 14.273 cts.
Operating revenue
$42.544,973 $31,279,529 $30,376.224 $29,684.407
Operating costs
14,385,942 13,228.920 12,141,479 11.293.499
Net operating income_228,159,031 $18,050,609 $18,234,745 $18,390,908
Other income
928,820
811.983
851,274
997.100
Totalincome
$29,087,851 218,862,592 $19,086,019 219,388,008
Federal taxes,&c
4,054,920 2,754,411
2,469,674 2,567,923
Interest on bonds
2,168.497 2,363,292 2,239,425 2,239,959
Deprec. plant & equip't 2,920,570 2.659,352 2,720,923 2.640,975
Net income
Dividends (10%)
1.121,140
3.000.000
$3.37
5,231,217
3.000.000
$4.74
170,521,201 163,633,771
Total
170,521,201 163,633.771
Total
x Property investment $99,338,600, plant and equipment at mines,
reduction works, power plants, railroads, steamships, &c., 257.914,477.
less reserve for deprec. of plant and equip. 520,950,628.-V. 128, p. 733.
8,545,3(53
3,000,000
$5.85
def$2.117
25,016
$4.830
BALANCE SHEET DECEMBER 31.
(Including assets and liabilities of subsidiary companies.]
1927.
1928.
1928.
1927.
LiabilitiesAssets$
$
$
5
Capital stock _ _ _182,415,550 150,000,000
Alines & mining
Min.Int. in subs 1,864,021
claims, land,
1,909,244
be
101.350,594 136,478,853 Secured gold bds
16.933,001)
First mtge.68 _ _104,401,000 104,731,000
Buildings, machinery, &c _ A33,635,929 172,775.605 Butte Ana&Pac.
Ry.lat m.5s - 2,250,000 2,316.000
Invest.In sundry
companies -144,430,458 98,115,867 7% debentures - 13,143,000 50,000,000
23,327,615 10,822,239 AndesCopper7%
Cash
debentures_
Markerle secure 2,506,025 7,238,251
39,890,000
6% gold bds_ _ _ _ 16,933,000
Material&suPP•
& prep'd exp_ 16;031,053 19,573.141 Notes payable_ - 13,000,000 12,000,000
Div. payable _ -- 5,472,466 2,250,000
Metals in process, be
55,671,171 53,323,616 Accts. & wages
payable
Acets receivable 20,202,546 16,232,691
11,481,492 8,869,946
Def.chgs., be... 6,527,753 13,568,011 Int. & taxes aces 4,853,944 6,809,349
Reserve for depreciation _ -- 50,165,071 46,371,365
Totakeaadde)505,683,144 528.128,273 Surplus
99,703,599 86,048.370
Note.
-In order to comply with the Government income tax requirements
for the purpose of computing depletion, an additional valuation of the
mining property as of Mar. 1 1913 has been recorded on the books of the
'company, but for the sake of uniformity the result of those entries has been
-V.128. p.2633.
omitted from the current statements.
The Studebaker. Corporation, South Bend, hid.
(Report for Quarter Ended March 31 1929.)
CONSOLIDATED PROFIT AND LOSS AND SURPLUS ACCOUNT
3 MONTHS ENDED MARCH 31.
1928.
1929.
1927.
34,690
30,028
cars sold
Number of
29,155
Net sales in the U.S. and abroad- - - -$37.738,915 $38,654,315 234,304,643
Net earnings from sales after deducting cost of mfg. selling and general expenses, tint before depreciation, repairs and replacements to
$7,216,556 $6,366,035 $5,832,859
plant and property
546,896
496,814
Less: Reserves for depreciation
530.472
1,417,365 1,446,265
Charges to repairs and replacements- - 1,827,956
Balance of earnings
Add: Interest received,less Paid
$4,841,704 $4,451,856 $3,856,122
64,979
49,664
69,965
Net profits, before income taxes- - - $4,906,682 54,501,520 $3,926,088
Less:reserves for income taxes
301.625
521,647
523,151
Net profits
$4,605,057 23,979,873 $3,402,937
Dividends paid: preferred stock
127.750
129,938
131.250
Common stock
2,343,750 2,343.750 2.343,750
Balance transferred to surplus sect_ - _ $2,133,557 $1.506,186
$927,937
Surplus account Jan. 1
- 36,681,040 38,574,319 36,533,833
Appropr.for stock dividends
3,045,240
Surplus account, March 31
Per share of common stook outstand
$35,769,357 $40,080,505 237.461,769
$2.36
$2.05
$1.74
CONSOLIDATED BALANCE SHEET MARCH 31.
1928.
1929.
1929.
1928.
Liabilities
Assets
Preferred stock.. 1,7,300,000 7.425,000
Real est., builda65,753,027 63,495,708 Common stock_c75,750,000 75,000,000
ings,‘F‘c
4,130,293 1,294,294 Deposits on sales
Investments
539,410
523,960
Sight drafts, &c. 4,546,666 5,852,523 contracts _ _
26,489,917 30,346,473 Accts. payable 10,179,219 10,210,530
Inventories
Res. for Fed. &
Accts. and notes
Can. taxes_ _ _ 1,282,270 1,879,462
5,596,750 4,387,422
rec. less res
Sundry cred. &
Deferred charges
495,724 reserves
571,783
4,047,684 3,558,851
Insurance, be.
8,600,834 12,263,280 Res. for conting.
Cash
422,570
Burp. aDDrop for
Pierce-Arrow el.
stock div _
2,295,240
B com stk_ _ _ 2,000,000
1,158,176 Res. for moving
965,934
Housing develop
Detroit plant- 1,349,301
Goodwill, patent
35,769,357 40,080,504
19,807,277 19,807,277 Surplus
rights. &o
Total
138,512,481 139,100,878
138,512.481 139,100,878
Total
a Plant and property at South Bend, Ind., Detroit, Mich., Walkerville,
Ont., and at branches. Jan. 1 1929, $65,541,273; plus additions during the
year less realizations, $758,649; less total reserve for depreciation, $546,896.
Is Preferred stock, 7% cumulative, authorized. 150.000 shares of $100 each,
$15.000.000, whereof issued $13.500,000; less retired under provision of
charter, $6,200,000. c Represented by 1,893,750 shares of no par value.
V. 128, p. 2825.
219,943,864 $11,085,537 $11.655,997 $11,939,151
11,590,683 11,023,645 10,978,326 10.977,988
Balance,surplus
28,353,181
$61,892
$677,671
$961,163
CONSOLIDATED BALANCE SHEET DEC.31.
1928.
1927.
1928.
1927.
LiabilitiesAssets$
$
$
s
.
Prop.invest_ -.x136,302,449 137,309,404 Capital stock _ _110,387,475 110.337,425
Fund debt
35,000,000 35,000,000
Def. chges. incl.
dis. on bonds_ 9,346,061 9,886.908 Res, for renewls
& rePl., ins,
Suppl.on hand &
1,099,712 1,054,528
exp. Prepaid _ 6,369,827 7,433,397 be
Notes payable_
4,000,000
Copper in proc.
262,996
& on hand _ _ _ 1,012,479 1,733,055 Int. & taxes aces 3,777.186
Accts. receivable 11,120,780 4,903,394 Accts. & wages
2,797,110 3,822,288
Cash & call loans 6,369,608 2,367,615 payable
Surplus
17,459,717 9.106,536
x 24,185.144 10,121,140 14,231.217 17,545.363
(8%)14.419.034(6)9.000.000(6)9.000.000(6)9.000,000
9,766,110
Balance,surplus
Shs. of stk.out.(par $50) 3,648,311
$6.63
Earns. per share
'-Of which apportioned to
minority interest_ _ __x
$10,364
2985
New England Power Association.
(Annual Report-Year End. Dec. 31 1928)
CONSOLIDATED STATEMENT OF EARNINGS YEARS END.DEC. 31'
[Including to the extent of stock interests owned, earnings of subsidiaries
controlled throughout the period.]
1928.
1927.
1926.
Gross oper. rev. (after elimination of
$30,292,660 $27,378,252 $25,504.932
inter-co. sales)
1,542,944
1.400.409
Other income
1.157.799
Total income
Operating expenses
Maintenance
Depreciation
Taxes
$31,835.604 $28,778,661 $26.662,731
11,207,405 10,827,403 10.574.126
2,865,208 2,782,269 3.679.273
2,934,746
2,687,084
1,392,153
2,893,447 2.523,271
2,109,761
Net earns. bef.int. & dividends----$11,934.798 $9,958.633 58,907.417
4,542,270 3,854.438 2,195,585
Int. paid & amortiz. of discounts
401,300
256,824
221.769
Min.int. in earnings ofsubsidiaries
1.549,651
1.369,437
1,287,544
Pref.& class A div. of subsidiarb4L.
Bond int. & disc. amortiz.-Narragansett Co.(less int, on special dep.
1,386.285
with trustee,see a below)-------Div. accruing to stockholders of New
England Co. predecessor of New
44,922
England Power Association
$5.441,576 $4.477,934 $3,771,312
Net consolidated earnings
1,910,422
1,791,515
Prof. divs. of New Engl.Pow.Assoc..- 2,059,059
$3.382.517 $2.567,512 $1,979.797
Bal.applicable to com.shares
34.44
Earns, per sh. on aver, number outs'g
33.37
$3.34
a Income of 3% on $1.457,163 special fund of Narragansett Co. detrustee under indenture Feb. 1 1927.
posited with
CONSOLIDATED BALANCE SHEET AS AT DEC. 31.
1927.
1928.
1928.
1927.
LiabRities8
Assets$
$
$
Capital assets-193.655,666 181,310,871 Preferred stock _ 34,774,800 33,365,300
Corn,stock .....x44.050.23() 41,717.847
Work orders in
4,686,815 1,599,561 MM.int. in com.
progress
4,561,208 4,771.322 stk. & surp. of
Cash
subsidiaries- 4,435,869 4.451.506
U.S.Treas.certif 1,000,000
Pref. & class A
Accts.¬es rec
(less res.)-- -- 3,373,961 3,083,266 stks,of subs__ 22,054,105 22,407,870
2,178,400 2,302,988 20-yr. 5% debs.
Mat.& SUD633,412 due 1948
25,000,000
524,321
Prepaid charges
54,100 1,080.200
Bonds assumed _
Accts, rec. from
Fded. debt of
empl. und.sav.
sub. cos
64,887,317 57,719,088
& stk.subscrip
825,907
248,593 Notes payable__ 5,835,000 19,302,147
plans
Accts. pay. &
Stks. held for
100,100 accr.(ine.prov.
283,300
empl.subscr.for Inc.tax). 4,572,203 4,074,723
Restricted dep.&
594,333
394,016 Divs. payable __
604.530
302,478
cash in skg.fds
11.707
Securities owned 17,325,693 10.830.110 Warr. pay.(net)
Res.for deprec._ 20.541,555 17,861,877
aects.¬es rec.
665,436
720,762
do for cas._ _
153,604
(not cur. due).
342.946
465,956
Other over.res._
Unamort. bond
Sus. cred. of Un.
disc., be., unadjusted deb - 4.357,242 2,920,929 Elec. Rys.Co. 3.178.434 3,179,250
77,190
35,508
do of oth. cos
Inv. in Conn.
423,250
Valley stock.- 4,145,173 2,041,938 Empl.stk. subsc 1.245,300
Surp. paid in ___ 1,500,000 1,500,000
Surplus earned._ 3,376,416 1.484.118
237,373,768 210,237.106
Total
237,373,768 210,237,106 Total
-V.128, P. 2629.
x Represented by 849.773 shares of no par value.
U. S. Industrial Alcohol Co.
(Annual Report-Year Ended Dec. 31 1928.)
President Russell R. Brown and Chairman Charles E.
Adams in their remarks to stockholders, state in substance:
burins 1928 the company acquired the 30% of stock of the U. S. Industrial Alcohol Co. of Calif. outstanding in other hands on Dec. 31 1927.
In Oct. 1928, action was taken to redeem and retire the outstanding
preferred stock issues of the company and of the Cuba Distilling Co., both
of which were callable at $125 per share. The preferred stock of the Cuba
Distilling Co., of which 11,686 shares were held by the public and 5,680
were owned by company, was paid off on Nov. 15 1928. The preferred
stock of the company, of which 60,000 shares were outstanding. could not
be called for redemption on any date earlier than April 15 1929, but the
money to redeem it was deposited with the transfer agent and the holders
were given the right to turn their stock in at any time. To provide funds
for the retirement of these preferred issues, 80,000 shares of the common
stock were offered and sold to the stockholders at $110 per share, payable
on Dec. 3 1928. As of Dec. 31 1928. 18,000 preferred shares had been
turned in and redeemed. The auditors have eliminated from the attached
balance sheet the preferred shares still outstanding on the one side, and.
on the other, the cash deposited to retire them on April, 1929.
The consolidated earnings for the year 1928, after deduction of Federal
Income taxes, amounted to $3,777.801. Owing to the changes in the financial structure of the company late in 1928, some confusion may arise as to
the per share earning power of the common stock disclosed by this report.
Had it been possible to redeem the preferred stocks and issue the 80.000
common shares required to finance such redemption on Jan. 1 1929. then
2986
FINANCIAL CHRONICLE
[Vol.. 128.
the above earnings of 83,777,801 would have been charged first with a full
year's dividend on the preferred shares, or $501,802. leaving $3,275,999
available for the 240,000 shares of common, equivlaent to 813.64 per share.
Had the change in the financial structure taken place on Jan. 1 1928, these
same earnings would have been subject to no deductions for preferred dividends and earnings of $11.80 per share on 320,000 shares of common stock
STEAM RAILROADS.
would have been shown.
Road Raises Shop Men's Pay.
-A wage increase of 3 to 5c. per hour for
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS
2,000 employees of the Denver & Rio Grande Western RR. has been
announced.
-New York "Times," May 3, p. 18.
(Including Subsidiaries)
Eastern Carriers Agree to Cut Rates on Export Wheat.
1928.
1927.
1925.
-Executives meeting
1926.
at Washington hold "emergency of national proportions exists."
Operating income
$7.196,712 $5,105,312
-New
York "Times," May 3, p.1.
Adm.,sell.& gen.aspens 1.910,763
1,855.491
Matters Covered in Chronicle" of April 27.-(a) Southern Pacific RR.
Depreciation
1,038,042
654,433
grants wage increase to shop workers, p. 2748.
Freight Cars in Good Repair, &c.
Net earnings
$4,247.907 $2,595,388 $1,451.926 $2,687.057
-Class I railroads on Apr. 15 had 258,253
Interest on notes, &c_
27.492
140,119 surplus freight cars in good repair and immediately available for service,
Reserved for Fed. taxes379.686 the car service division of the American Railway .Association announced.
470,105
350.861
319,679
This was a decrease of 13,100 cars compared with Apr. 8, at which time
Profit on sale of secur_
Cr1,133,474
there were 271,353 cars.
Surplus coal cars on Apr. 15 totaled 124,289, a decrease of 10,437
Net income
83.777,801 $2,244,526 $2,238,229 $2,167,251
within approximately a week while surplus box cars totaled 86,664, acars.
DividendsdeU.S.Ind.A.Co.7% pf_
407,981
420,000
420,000
420,000 crease of2,443 for the same period.
Reports also showed 26,888 surplus stock cars, a decrease of676 cars under
Cuba Dis. Co.7% pf_
74,635
128,562
82.537
128.562
the number reported on Apr.8, while surplus refrigerator cars totaled 11.996.
Reserve for corn. div--(55)1,380,000 (5)1200,000(1 W)300,000
an increase of 616 for the same period.
GENERAL INVESTMENT NEWS
Balance, surplus
81,915,185
$541.989 $1,489.667 $1,618,689
Profit and loss surplus
14,214.215 16,373,306 18,263,380 x17,590.870
Corn. shs. outst.
(no par)
320.000
240,000
y240.000
7240.000
$7.04
$6.74
Earns. per com.share
$10.29
$7.25
x After deducting claims paid for Boston tank accident occurring in 1919.
y Par $100.
CONSOLIDATED BALANCE SHEET DEC.31.
1927.
1928.
1928.
1927.
$
Liabilities$
$
Assets$
25.996,171 24,505,680 Common stock__x17,200,000 24,000,000
Properties
450,586
793,586 Preferred stock__
6,000,000
Investments
4,744,730 3,142,107 Cuba Distilling Co.
Cash
1,168,600
preferred
Loans sec, by coll. 1,000,000
950,518
Acc'ta, &o., rec.- 3,801,415 2,780,935 Accla payable__ 1,441,093
Res, for deprec..._ 6,708,611 5,706,007
Merchandise, ma350,861
Lariats& supplies 4.181,506 5,376.423 Res. for Fed. taxes 470.105
715,730 Rca for pref. diva.
105,000
Pats.,tradem..&c.
17,493,865 Res,for corn. diva.. 480,000
300,000
-will, org.,exp..
ad.
192,093 Res, for conting_46,126
Prepd.ins.,taxes,&e 339,613
14,214,215 16,373,306
.
Surplus
40,514,025 55.000,419
40,514,025 55,000,419
Total
Total
-V. 128. p. 2483.
x Represented by 320,000 no par shares.
New Orleans Texas & Mexico Ry.(Gulf Coast Lines).
-Year Ended Dec. 13 1928).
(13th Annual Report
STATISTICS FOR CALENDAR YEARS.
1926.
1928.
1925.
192T.
926.06
1,023.25
992.83
921.74
Average miles operated5,210.935 4,865,930
5.018,357
Revenue tons carried_ __ 5.375,442
Rev,tons carried 1 mile-795,646.972 810,663,328 868,690,034 853,294,193
1.53 cts.
1.53 cts.
1.56 eta.
1.38 eta.
Rev, per ton per mile676,220
776,874
596,299
661.436
Passengers carried
66,621.405 60.047,976 71.,997.326 65_,557.569
Pass. carried one mile
2.92 eta.
3.13 Ms.
3.12 eta.
3.11 cis.
Rev, per pass. per mile.-INCOME STATEMENT FOR CALENDAR YEARS.
1926.
1928.
1925.
1927.
$12,234,677 $12,658,613 $13,302,598 $11,787,381
Freight
1.656,001
1,866,837
2.251,411
2,044.295
Passenger
823.064
903,201
946,672
887.142
Mall, express, &c
Total oper.revenues--$14.713,741 $15,428,651 516.500,683 $14,718,818
3,195,139 3,077.210 2,216,018
Maintenance of way,&c. 2.450,282
2.558,335 2,782,675 2,802.053
2.401.637
Maint. of equip
498.457
454,873
474.560.
Traffic expenses
4.361.474 4,977,381
4,595,885 4.161.456
Transportation
795,255
751.410
741.095
648.037
General & miscellaneous
120.282
85,910
109,938
53,381
Trans.for inv.-Cr
Total oper. expenses-810,543,520 $12,084.940 $11,580,539 $9,828,640
4,170,220 3,343.711
4,920,143 4,890,178
Net earnings
572.687
747,930
744.088
765,752
Ry. tax accruals
12.801
9.432
18,103
4,971
Uncollectible ry.rev
Operating income_- $3,584,732 $2,590,192 $4.149,420 $4,124.145
418,820
97.681
475,856
436,676
Equip. rents (net)
222.092
242.842
268,605
257,828
Joint facility rents (net)Net operating income- $2,943.821 81,910.674 $3.415,735 $3.757,859
25.743
20,938
16,876
18,555
Miscell. rent income-4.180
166.226
Separate oper. preps
626.466
258,637
442,716
400
Income from funded secs
37,955
60,669
71.212
154.371
Inc.from unfunded secsDr6,307
9,454 Dr.19,580
18,810
Miscellaneous income_ __
Total non-oper. inc_.... $500,107
3,443.929
Gross income
51,000
Rents for leased roads
Loss on sep. oper. prop.
(New Iberia &
.
Int. on funded debt - - 2,331,864
8.349
Int. on unfunded debt
10.344
Miscellaneous charges
Total deductions
Net income
Div. appropriations-.
3717.528
2.628,202
34,000
3333,005
3.748,740
8356.682
4,114,541
2,050,239
58,199
10,041
1,862,238
2.062
'9,881
99,432
1,463,438
27.393
10,114
82,401,557 $2,152,479 $1.874.180 81.600.377
1,874,559 2,514,164
475,723
1.042,371
1,038,198
1,038.198
1.038,198
1.038.198
$836.362 $1,475,966
$4,173 def$562,475
Bal. to profit & loss--Shares of capital stock- _
150.000
150,000
150.000
0
150,000
outstanding (Par $10 )
$12.50
$3.17
$16.76
$6.95
Earns.per sh.on cap.etk.
Credit balance at the beginning of year
Profit and less account shows:
1928.81.042,371; unrefund$5,209.403;income balance brought forward forother credits,
$3.475; total.
able overcharges. $9,218; donations, $29,350;
16.293.818; Deduct div. appropriations from surplus. $1,038.198; surplus
investment in physical property. $29.350; debt discount
appropriated for
extinguished through surplus. $265.734; loss on retired road and ectuipment,
$18,210; other debits. $15.789; credit balance Dec. 31 1928. 84.926,537.
GENERAL BALANCE SHEET, DEC. 31.
1928.
1927.
1927.
1928.
Liabilities$
$
g
8
Assets15,000,000 15.000,000
Road & equipm3.51,355.589 49,855.795 Capital stock
47,238,821 43,418,000
2.102 Funded debt
2,102
on leas prop
Impt.
1,403.739
297,598 Loans & bills pay.
Misc. phys. prop__ 284,574
185,851
Inv.in affil. cos_ _ _16,535,780 15,601,377 Traffic, &c.. bale- 189,887
13,587 Accts. & wages un8,527
Other investments
1,586,438 2,397,932
paid
772,806
604,326
Cash
54,263
64,144
Misc. accts. pay_.
Time drafts and
41,297
43,748
5,000 Interest matured.
10,000
deposits
1,527
40.853 Divs. mat.(unpd.)
32,148
Loans & bills roe8.500
139.263 Unmet. rents aeon
Special deposits... 135,812
2,400
1,400
114,194 Fund. debt mat'd.
Bal. from agts.. Ice 103,185
617,286
Materials & suppl_ 1,704.611 2,735,347 Interest accrued... 700.040
10,154
35,819
liabilities...
25,704
28,550 Other
Other assets
50,839
6,484
200,809 Deferred liabilities
Traffic. &c.. bats_ 245,696
197,122
210,672
Miss. accts. receiv. 1,274,683 1,289.610 Tax liability
140,804 Accrued deprec'n. 3,138,212 2,719,412
Int.& dive. receiv- 206.226
418,669
23,222
20,989 Unadj. credits.- 500,312
Deferred assets- ....
Unadjusted debits 2,802,990 2,210,960 Add. to Prop. thro. 1,729,382 1,700,031
Inc. de surplus..
AlMrop. surp. not
5,248
5,248
spec. Invested_
75,355,176 73.469,647 Profit and loss- 4.926.537 5,209,403
Total(each side)
-V. 128. p. 880.
Arkansas Western Ry.-Construction of Extension.
--
The I.
-S. C. Commission on Apr. 23 issued a certificate authorizing the•
company to construct an extension of its line of railroad in Scott County,
Ark., from Waldron to a point about 23.5 miles southeasterly thereof.
The company was incorporated in Arkansas May 13 1904. Its railroad,
extending from Heavener, Okla., eastward about 32 miles to Waldron,
Scott County, Ark., is a separately-operated unit of the Kansas City
Southern system. All its capital stock, except directors' qualifying shares,
and all its outstanding bonds are owned by the Kansas City Southern.
Railway. At Heavener its line connects with the main line of the Kansas
City Southern.
Atlantic City RR.
-Bonds Extended.
The I.
-S. C. Commission April 23 authorized the company to extend.
from May 1 1929 to May 1 1954 the maturity of $2,200.000 of 1st mtge.
bonds.
Authority was granted to the Reading Co. to assume obligation and<
liability as guarantor for the payment of the principal of and interest on
the bonds.
The report of the Commission says in part:
The bonds proposed to be extended were issued under a mortgage dated.
May 1 1889, bore interest at the rate of 5% per annum and matured May 1
1919. At maturity the date of payment was extended for ten years to
May 1 1929 and the interest rate increased to 53% per annum. The
company represents that as it does not have in its possession funds with
which to pay the bonds at maturity, it is necessary that it secure an extension of time as proposed.
Extension of the maturity date will be effected by giving present holders
the privilege of extending their bonds and by attaching to each bond so•
extended an agreement elated May 1 1929 and will provide for payment
of the principal of the bonds on May 1 1954, and for the payment of int.
thereon from May 1 1929 at the rate of 5% per annum, payable semiannually on May 1 and Nov. 1 in each year. It will further provide that
the bonds shall be red, at the option of the company on May 1 1939, or
on any subsequent int. date, upon not less than 30 days' notice, at par
and int. plus a premium of 2h" %,; that neither the bonds nor the terms
thereof shall be changed except to the extent expressly provided in the
extension agreement.; and that the lien and priority of the mortgage securing the bonds and the rights and powers of the trustee and of the bondholders thereunder shall remain unimpaired and unchanged. Any bonds
not so extended will be acquired by the Reading or one of its subsidiaries
at par and extended. Sheets of interest coupons covering the period of
extension will also be attached to each bond.
No underwriting or other similar arrangement has been made or will
be made in connection with the extension of the bonds and no charge will
be made by the Reading against the Atlantic City or the holders of the
bonds on account of the guaranty or matters in connection with the
exten.sion,-V. 124, p. 1061.
Belt Ry. Co. of Chicago.-Oper. Under Trackage Rights.
The I.
-S. C. Commission on April 15 issued a certificate authorizing the.
company to operate under trackage rights over portions of the lines of the
Baltimore & Ohio Chicago Terminal RR. and the Indiana Harbor Belt
RR. in Cook County, 111.-V. 128, p. 2455.
-Kuhn, Loeb (St.
Central of Georgia Ry.-Bonds Sold.
-S. C.
Co. have purchased, subject to the approval of the I.
Commission, $10,000,000 ref. & gen. mtge. 5% gold bonds,
series C, due April 1 1959, which they have sold, at 983„4
and int., to yield about 5.12% to maturity.
Coupon bonds in denom. of $1,000 registerable as to principal, exchangealbe for fully registered bonds and re-exchangeable under conditions.
provided in the mortgage. Interest payable A. & 0. Entire series 0,
but not a part thereof, redeemable upon not less than 90 days' notice.
on April 1 1934 or on any int. date thereafter, to and incl. April 1 1954.
at 105 and int., and on any int. date thereafter at 105 and int. less %
for each six months elapsed after April 1 1954. Both prin. and int. of theseries C bonds will be payable in gold coin of the United States of America,
without deduction for any tax, assessment or Governmental charge (otherthan income taxes exceeding in the aggregate 2% per annum) which the
company or the trustee may be required to pay or to retain therefrom
under any present or future law of the United States of America, or of'
any State, Territory, county, municipality or other taxing authority
therein.
Listing.
-Application will be made in due course to list these bonds onthe New York Stock Exchange.
-P. & Gen. Counsel.
Data from Letter of T. M. Cunningham Jr., V.
Security.-These bonds will be issued under the ref. & gen. mtge. of the•
company, dated April 1 1919, and will be secured by a direct mortgage
on 1,477 miles of railroad owned in fee (of which 58 miles are leased to..
other companies), on valuable leasholds and trackage rights covering.
525 miles, and on important and valuable terminals at Savannah, Macon,
Atlanta, Columbus. Ga , and elsewhere, subject to $330.890,800 of prior
lien bonds (outstanding at the average rate of only $20.910 per mile on
the 1.477 mlles of road owned in fee) which cannot be extended or renewed
and for the retirement of which ref. dr gen. mtge bonds are reserved.
The refunding and general mortgage covers all of the railroad lines of the
company owned in fee and the company's valuable leaseholds which form
a system of railways connecting Savannah. Ga., with the important cities
of Atlanta, Macon, Augusta, Albany, Athens and Columbus, Ga.; Birmingham and Montgomery, Ala., and Chattanooga. Tenn. The lines.
thus form an important connection between the Atlantic seaboard and
these cities as well as with the lines of Illinois Central RR., with which
they connect at Birmingham, Ala.
Purpose.
-The present issue of bonds is being sold to provide for the.
-year 6% secured gold bonds,
Payment on June 1 1929 of $8,000,000 10
and for other corporate purposes.
Earnings.
-Gross income for the year ended Dec. 31 1928, applicable.
to the payment of rentals, interest, &c., but after payment of all taxes,
was $5.376,299, while the total ofsuch rentals,interest, &c.. was $3,664,108.
$15,0000
0 o
Capital Stack.
-Company has outstanding $20.000,000commonstt)ck.
preferred'
Uninterruptedly from 1912 through 1923, when
stock outstanding was converted into common stock, company paid dividends of 6% on the preferred and 5% on $5,000,000 of common stock.
From Jan. 1 1924 it has paid dividends on the 820,000,000 of common,
stock now outstanding, all of which (except directors qualifying shares)
is owned by the Illinois Central RR. either directly or through a corporation wholly controlled by it, such dividends having been at the rate of 6%
per annum to Jan. 1 1928 and since such date at the rate of 7% per annum.
Bond Issue.
-Total authorized amount of the ref. & gen. mtge. bonds
(both there outstanding and those reserved to refund prior lien bonds) is
limited to an amount which shall never exceed three times the aggregate par amount of the then outstanding capital stock. Under this provision
the present authorized Issue is limited to 560,000.000, of which there will
be outstanding after the present issue in the hands of the public, $5,000.000
,
of series B
% and $13,000,000 of series C. 5%. In addition, the company will have in its treasury, or will be entitled to have authenticated,
MAY 4 1929.]
FINANCIAL CHRONICLE
2987
by the trustee under the mortgage, $11:109.200 of bon is. Of the author-Abandonment.
Michigan Central RR.
ized issue $30,890,800 of bonds are reserved to refund or retire a like
-S. C. Commission on April 16 issued a certificate authorizing the
The I.
amount of outstanding prior lien bonds. In case of the increase of out- company to abandon part of its Dearborn branch which extends from the
standing stock such additional bonds as may then become issuable may easterly line of the right-of-way of the Detroit & Ironton RR. in a northbe issued from time to time, under the restrictions stated in the mortgage, westerly direction to a connection with the company's main line in the City
for extensions, additions and betterments, and, to the extent limited in of Dearborn, a distance of approximately 2.65 miles, all in Wayne County,
the mortgage, for the acquisition of equipment at not exceeding 80% Mich.
-V. 128, p. 2800.
of the cost thereof, or, to the extent of not exceeding $2 000.000, to aid
In refunding prior lien bonds. The mortgage provides for a sinking fund
Missouri-Illinois RR.
-Control of Mississippi River &
of 5% per annum for 20 years in respect of bonds issued for equipment.
Bonne Terre Rv.-V. 128, P. 2617.
-S. C. Commission on April 20 approved the acquisition by the
The I.
Chicago Burlington & Quincy RR.
-New Directors.
- company of control of the Mississippi River & Bonne Terre Ry. by rchase
George F. Slade, Alexander Legge and Charles F. Clore have been of its capital stock and under lease. The acquisition by the Missouri
elected directors, succeeding Horace H. Holcomb, Charles E. Perkins and Pacific RR.of control of the Missouri-Illinois RR.by purchase of its capital
stock was also approved and authorized.
Edward M. Shelton.
-V. 128. p. 879.
The report of the Commission says in part: The Bonne Terre has outstanding $3,000,000 capital stock (par $1000 and the Missouri-Illinois has
Chicago Union Station Co.
-Earnings.
$2,250,000 (par $100). Neither company has any outstanding bonds or
Year End. Year End. Year End. 10 Mos. End. funded debt. The Missouri-Illinois proposes to purchase 29,999 shares
PeriodDec.31 '28. Dec. 31 '27. Dec. 31 '26. Dec. 31 '25. of the stock of the Bonne Terre for $3,324,889, which is approximately
Operating deficit
3597,587 8110.833 a share, and to lease its property for a term of 99 years. It ex81,088.403 31,448.722
8788.331
Non-operating income
4,753,491
5,188,060
4.555,970 3,719.025 pects to issue bonds to provide funds with which to purchase the stock and
filed an application for authority to issue 83.500,000 of 1st mtge. 5%
Gross income
$3,665,088 83.739,338 $3,767,640 $3,121.438 has for that purpose, to be sold at 95. The Missouri Pacific proposes to
bonds
Int., amortization, &c- _ 3.52.5,088
3,627,640 3,004.771 acquire control of the Missouri-Illinois by purchase of 51% of its stock, or
3.599,339
11,475 shares, for $1,250,000, or approximately $108.93 per share. There
Net income
3116.667 appears to be no ascertainable market value for the stock of either company.
8140.000
$140,000
$140.000
Comparative Balance Sheet December 31.
The main line of the Bonne Terre extends north and south between
Riverside, Mo., the northern terminus, and Doe Run, Mo., a distance of
1928.
1927.
Assets$
1927.
Liabilities1928.
$.
46 miles. There are 16 miles of branch line and 30 miles of siding, making
Investmls in road89,603,054 96.419,969 Capital stock
2,800,000 2.800,000 a total of 92 miles of standard-gauge track. It is testified that the genera]
Cash
87,000,000 67,000,000 condition of the railroad property is excellent.
1,384,191
64,824 Funded debt
Special deposits
The main line of the Missouri-Illinois extends from Salem. nr., south1,562,893 1,562,954 Non-negothe debt
Traffic and car serto attillat. cos ....22,624,821 28,098,345 westerly about 123 miles to Bismarck. Mo., where it intersects the Missouri
vice balance
division of the Missouri Pacific. There are 13.5 miles of branch line and
205 Audited accts. dr
98
154,288 35 miles of sidings and yard tracks. The principal branch extends from
104.235
Net bal. receivable
wages payable
from agents--291 Int. mat'red unpd. 1,557.893 1.557,954 Collins, Ill., southeasterly nearly 11 miles to Chester, Ill. Traffic is inter251
Misc, accts. rec.- 812,402
8,239 changed with the Missouri Pacific at Menard, Chester and Flinton,
811,180 Other curr. IlabiL
29,167 and Bismarck. and with a north-and-south line of the St. Louis-San Fran29,167
Math & supplies
79.271 Unmet. int. accr'd
60,727
3,871 Deterred liabilities 1,238,304 1.294,751 cisco at St. Genevieve, Mo. The principal other termini are Little Rock
Rents receivable
3,871
3,502
Work, fund adv.
50 Other deter. Habil_
50
Landing, Mo., which is on the west bank of the Mississippi River, and
140,000
140,000 Kellogg. Sparta and Roseboro, Ill. It is testified that the physical property
Disc,on fund. dbt. 2,047,152 2,113,910 Corp. surplus_
26,218
0th. unadj. debts_
41,234
of the Missouri-Illinois is in excellent condition to meet the requkementa
of the traffic.
Total
95,495,923101.082,748
95,495,923101,082,746
The property of the Bonne Terre is to be leased to the Missouri-Illinois
Total
under a proposed lease for the term of 99 years from the effective date
-V. 120, p. 4077.
thereof, which is designated as of midnight between Dec. 31 1928 and
Jan. 1 1929. By the terms of the lease the lessor agrees to transfer to the
Colorado & Southern Ry.-Earnings.lessee as of the effective date of the lease all cash, bills and accounts receivConsolidated Income Account for Calendar Years.
able, all claims accruing in its favor arising out of or in connection with ita
1927.
1928.
1926.
Operating Revenues1925.
business prior to the effective date of the lease, and all other current assets
$20,408,782 $21.100,597 321.639.917 819.598.518 on the effective date thereof. The lessee agrees, among other things, to
Freight
3,293,730 4.080.246 4,487.368 4.140.562 Pay to the holders of the Bonne Terre stock, other than that held by or for
Passenger
1,058,953
Mail & express
1,052,191
955,793
918.655 the lessee, $10 annually for each share held by such holders, to maintain
577,014
All other tramp
597.408
638,891
579.359 the demised property in as good condition as when received, to pay all
Incidental
246,579
300.279
366.211
347.179 taxes, assessments and governmental charges that may be levied upon the
72.676
Joint facility
86.850
84.627
69.883 lessor or upon the demised property, existing current obligations and liaeffective date of the lease, and all interest and sinking
bilities existing at
Total oper. revenues 325,657.735 $27,217,571 $28,172,807 825.654.155 fund requirementsthe all bonds, notes and other obligations of indebtedness
on
Operating Expensesof the lessor issued or incurred after the effective date of the lease with the
Maint. of way & struct__ 33,780.995
5,231.304
3,214,624
2,888.666 consent of the lessee and in accordance with the provisions of the,lease,
Maint. of equip
4,096.138 4,969.772 5,155.101
4.934.683 the sinking fund payments to be deemed to be advances made by the lessee
405.599
Traffic429;719
348.603 to the lessor and to bear interest at the rate of 6% per annum.
385,437
Transportation
8,078,803
8,650.427 9,043,522 8,461,550
The lease also provides that the lessee, for the account of the lessor, may
Miami'. operations
193,347
171.688
208.408
203.689 make additions and betterments to the demised property, including the
General
984,471
1.009.644
958,266 construction and acquisition of new lines, and shall be entitled to reimburse995.869
Transp. for invest-Cr._
130.092
276.045
29,643
44.830 ment therefor at its option in cash or by a credit against any indebtedness
at the termination of the lease, or by the issue to
to the
Total oper. expenses.-$17,411,722 $20,184.050 $18,973,320 $17.750,628 of the lessee shares lessor
of stock, bonds or other obligations of the lessor. The
the lessee of
Net revenue
8,246,012 7,033,520 9,199,486
7,903.527 lease further provides that the lessor shall issue and deliver to the lessee.
Ry. tax accruals
1,448,600
1,660, 56
1,750.817
1.637.703 or upon its order, upon its written request and subject to any necessary
Uncoil. ry. revenue._ __ 27,709
5,540
8,596
6.993
approval, shares of stock, bonds or other obligations for the
Hire of equipm't (net)
Dr411.090 Dr446,123 Dr559,934 Dr531,425 governmental paying, extending or refunding any bonds or other obligapurpose also of
Joint facility rents(not)_ Dr171,757 Dr174,369 Dr179.061 Dr 65,924 tions of the lessor as required, or for the purpose of reimbursing the lessee
in respect thereof. It is also provided that all such stock.
Operating income_ --- $5,997,570 $4,936,717 36.701.079 $5,661,483 for payments obligations shall be accepted by the lessee at the fair market
bonds or other
Aron-operating Incomevalue or at such value as may be agreed upon between the boards of direc$96,585
$99,111
$93,388
Miscell. rent income ___
$95,261 tors of the lessor and lessee. With respect to any such securities, however,
640.386
695.117
Divs. & miscell. int_ _ _ _
531,462
596,012 nothing herein is to be construed as a commitment by us to the authoriza1,821
2.638
4,037
Miscellaneous income __
2,946 tion of their issue or of their disposition, either at their fair market value,
or at a price to be agreed upon between the lessor and lessee, or otherwise.
Gross income
$6.626,457 $5,731,058 $7,442,398 $6.355.702
It is claimed that the price to be paid for the stock of the Bonne Terre
Deductions
when there is taken into account the book value of the assets
Is
$3,693
$7.121 ofreasonable
$3,632
$3,614
Miscellaneous rents..- - that company as shown by its balance sheet of Dec. 31 1928, its past
2,460.139
2,383,338
2.551.365 earnings, the value of its property and assets as of Dec. 31 1928 predicated
2,370.562
Int. on funded debit
9.905
20,640
4,624
Int. on unfunded debt....
7.860 on our final valuation as of June 30 1914, plus subsequent additions and
Amort. of disc, on fund.
betterments less retirements, its dividend record from 1919 to 1928 incl.,
31,756
31.419
31,116
32,157 and the revenue accruing to the Missouri-Illinois from freight interchanged
debt
88.868
13,424
12,513
Miscell. inc. charges
91.259 between it and the Bonne Terre in the years 1926, 1927 and 1928. Using
Dec. 31 1928 as a basis of computation, the book value
Net income
$4.204.027 $3.278,605 $4,848,037 83,665.939 the balance sheet ofbe approximately $108.366 a share.
the
1,611.146
1,610,299
1,610,872
Dividends
680.311 ofThe stock would
Missouri-Illinois represents that the acquisition by it of control of
the Bonne Terre will be in the public interest bemuse through the acquiBalance, surplus
$2,593.155 $1,667.459 33.237,738 32,985,628 sition by the Missouri Pacific a control of the Missouri-Illinois the latter
-V.127.9. 3394.
will become an integral part of the Missouri Pacific system, and the beneDenver & Salt Lake Western RR.
-Proposed Construc'n. fits thereby accruing will be enjoyed by the Bonne Terre line; more adequate
emergencies and
-S. 0. Commission on April 15 approved the construction by the and appropriate equipment will be available to meet
The I.
insuring more prompt
company of a line of railroad in Eagle County. Colo., upon condition that unusual demands for cars and locomotives, thereby the line now operated
served by
the Denver & Rio Grande Western RR. be permitted to operate over said and efficient service to and from all points benefits accruing from adverhave the
new line of railroad and over the Denver & Sisk Lake Ry. between Orestod by the Bonne Terre: that line will representatives of the Missouri-Illinois
tising and general solicitation by
and Utah Junction, Colo., on fair and reasonable terms.
companies will
larger buying power
The company is a subsidiary of the Denver & Salt Lake Ry., a successor and Missouri Pacific, and thematerial and supplies of those for its operanecessary
be used to reduce the cost of
by reorganization of the Denver & Salt Lake RR.
will be strengthened and assisted in
tion: and that the Bonne Terre line
rendering service through the larger and more completely organized execuDuluth South Shore & Atlantic Ry.-Earnings.tive, operating, engineering and accounting departments of the Missouri
Quar. End. mar.31- 1929.
1928.
1927.
1926.
operating expenses will be reduced through
Freight revenue
3968,649
3966.596
8919.044
1942.194 Illinois and Missouri Pacific, and companies in the operation of the line.
utilizing general officers of those
Passenger revenue
176,379
192,168
218.840
244.204
Since the Missouri Pacific by its control of the Missourl-Illinois will be
69,451
All other revenue
79,268
93.435
85.679 able.
through it, to control also the operation of the Bonne Terre. much the
same advantages as the foregoing are advanced by it in support of the proTotal operating rev-- 31,214.479 $1,238,032 $1,231,319 81.272.077
the two other lines may be operated as
161,547
Maint. of way & struct155,174
161.591
151,183 posed acquisition of control whereby operating economies specifically men205.047
Maint. of equipment_ -205,881
205,727
240.605 a part a its system. Among the $15,000 annually in operating expenses
21,645
Traffic expenses
24,988
24,629
21.005 tioned is an estimated net saving of
of lead concentrates originating
560,368
Transportation expenses
556,942
554.238
571,163 In the transportation of about 150.000 tons Riverside and routed over the
8,973
Miscellaneous operations
13,343
14.224
15,248 on the Bonne Terre and now interchanged at
through the eongested terminal
Pacific
31.228
32,581
36,412
General expenses
34,740 Missouri division of the Missouri divert this tonnage over the Missouri
at St. Louis. It is proposed to
thence north over the Illinois division
$988,910
8996.820 $1,033,913 Illinois via Derby and Minton andLouis, Ill., thereby saving the terminal
Total oper. expenses_ - $988.808
of the Missouri Pacific to East St.
revenue__ $225,671
$249,122
3234.499
$238,134
Net operating
Louis incident to the present routing.
96,000
90.000
87.000
87,000 charges and avoiding the delays in St.
Railway tax accruals--As a number of through trains are operated daily in each direction over the
2
14
15
Uncollec. railway rev_ __
Illinois division as compared with one over the Missouri division,it is claimed
38,654
47.228
40,138
51,294
Equipment rents
will also provide superior service and
15.193
12.410
13,114
16.839 that the proposed change of routing proposed to eliminate the terminal at
Joint facility rents
more prompt movement. It is also
Doe Run at a saving of 36,000. With reference to that portion of the track
$75,822
899.470
394,233
$83,001
Net ry. oper. incomeMissouri Pacific single track
10,519
49,179
56,224
80,226 of the Missouri-Illniois which parallels the that 7.5 miles of it could be
Other income
between Flinton and Chester, it is testified
Pacific and operated as a second track much
the
$86,341
$148,650
$150,458
8163.226 conditioned by new Missouri
Gross income
built as had been contemplated.
218.225
218,775
219.325
220.869 cheaper than a thatsecond track could bewill be able to divert from other
Interest on funded debt_
the Missouri Pacific
It is claimed
138
53
44
14
Other income charges.-lines to the Missouri-Illinois an amount of freight estimated at 10,000
for the second year,
first year of unified
370.263
$131,937
$68,913
$57.657 tons for the annually thereafter,operation 25,000 tons
Net deficit
which will produce revenues respectively
and 50,000
-V. 128, p. 1722.
of $10,000. $25.000, and $50.000. This traffic is expected to come largely
through'the use of the Missouri-Illinois junctions, such as Salem. Cen-New Director.
Gulf Mobile & Northern RR.
business
- tralia Nashville and Coulterville Ill., for the interchange of to and
Rogers Caldwell of Nashville. Tenn., has been elected a director.
that now moves almost entirely through the East St. Louis gateway
V. 126, p. 3111.
from the north and east. It is tested the Missouri-Illinois has inter-Abandonment of Line.
change connections with a number of class I roads that originate traffic
Kingston Carolina RR.
of the east, some of which traffic is destined to
pr The I.-S. 0. Commission on April 19 issued a certificate authorizing the in the industrial section southwest, and that there is a movement of forest
and foreign commerce, its line of markets in the south and
company to abandon, as to inter-State
is claimed that for this
railroad in Lenoir and Duplin Counties, N. C., extending from Kinsto ,n and other products in the reverse direction. It gateways could be estabLenoir County, in a general southerly direction, to Beulaville, Duplin traffic a through route via the Flinton and Salem
lished that would be shorter between certain points than the route now
County, a distance of 31.086 miles.
2988
FINANCIAL CHRONICLE
used and should result in satisfactory and dependable service and increased business for the Missouri Pacific and Missouri-Illinois. This
route would appear also to have more favorable grades and to be shorter
for the movement of certain traffic handled by the Missouri Pacific, as compared with its movement via St. Louis, and would eliminate the terminal
charges at that city.
It is pointed out that the Bonne Terre and the Missouri-Illinois are
naturally tributary to the Missouri Pacific. that they have been looked
upon as closely affiliated with the Missouri Pacific interest, and that the
three lines have established and maintained channels of trade for many
years.
In determining the fairness of the purchase price the Missouri Pacific
takes into account calculations based on the consolidated book value of
the properties of both the Missouri-Illinois and Bonne Terre and their
combined earnings and dividend records. Other factors taken into consideration are existing connections and exchange of traffic with the two companies, and the various operating and other economies that are to be
expected to result from the proposed acquition of control. Although the
Missouri Pacific is to pay nearly $109 a share for 51% of the Missouri
Illinois stock under an agreement dated Dec. 26 1928, between it and the
Pittsburgh Plate Glass Co. and four lead companies, which own all the
outstanding stock in question, it also has an option, under the agreement,
good until Jan. 1 1959. to purchase the remaining 49%. or 11,025 shares,
for $750,000, or about $68 a share, plus a sum equal to 49% of any moneys
the Missouri
-Illinois shall have paid out of earnings after Jan. 1 1929,
and up to the time of the exercise of the option, for additions and betterments to its property or expended in payment of certain bonded or other
indebtedness, and plus a further amount equal to 49% of the increase,
if any, in the excess of current assets over current liabilities.
Commissioner Eastman, concurring, In part says:
I agree generally with the conclusions reached by the majority, with
the exception that I am of the opinion that the acquisition by the Missouri
Illinois of substantially 100% of the stock of the Bonne Terre coupled with
a lease of the property of the latter for 99 years will effect a consolidation
of the two carriers into a single system for ownership and management
which we are without authority to authorize under paragraph (2) of sect.5.
[VOL. 128.
The company's statement to the Conamissionsays that it had purchased'
the Owasco River BE. from the International Harvester Co. for $75.0001
In cash. Two other roads, the Federal Valley and the Boyne City, Gaylord
& Alpena, have agreed to accept arbitration to fix their values.
In the case of three other lines, the Ulster & Delaware RR., the Chicago..
Attica & Southern RR.and the Fonda, Johnstown & Gloversville RR., the.
application says the New York Central has offered arbitration.
These last three arbitrations are said to be unagreed to as yet by the
small corporations, but the New York Central, notwithstanding, asks theCommission to allow it to merge with the Big Four and Michigan Central on.
the ground that the procedure as to the short lines had complied with the
Commission's conditions.
Equipment Trusts.—
The I.
-S. C. Commission on April 22 authorized the company to assume.
obligation and liability in respect of $6.300,000 43.6% equipment-trust
gold certificates to be Issued by the Guaranty Trust Co. of New York
under an equipment-trust agreement to be dated April 15 1929; the certificates to be sold at not less than 96.84 and diva, in connection with the
procurement of certain equipment. (See offering in V. 128, p. 2624.).
Construction of Branch Lines.—
The I.
-S. C. Commission on April 19 issued a certificate authorizing the
company to construct a branch line of railroad in St. Lawrence County,
N. Y. from a point on its Oswegatchie branch about 3.500 feet west of
Emery:ville station in a southerly direction to the site of the proposed mills
on the lands of the St. Joseph Lead Co. in the town of Fowler, about
3.7 miles.—V. 128, p. 2624.
New York Chicago & St. Louis RR.—Pittsburgh &
West Virginia Ry. Opposes Nickel Plate's Petition to Retain
Wheeling & Lake Erie Stock.—
The Pittsburgh & West Virginia RR. has filed with the I.
-S. C. Commission a reply to a petition of the New York, Chicago, & St. Louis Ry. for a
vacation of the report and order by which the Commission directed the
Nickel Plate as well as the Baltimore & Ohio and New York Central, to
Authorized to Issue $3,500,000 1st Mtge. 5s.—
The L-S. C. Commission April 26 authorized the company to issue not divest itself of its holdings of stock in the Wheeling & Lake Erie Ry.
The Commission is asked to take immediate steps under section 11 of the
exceeding $3,500,000 1st mtge. 5% bonds, series A the bonds to be sold
at not less than 95 and int. and the proceeds used in the purchase of 29.999 Clayton Act to enforce its order by application to the United States Circuit
Court of Appeals for compliance therewith, no action having been taken by
shares of capital stock of the Mississippi River & Bonne Terre By.
It is proposed to sell the bonds to Dillon, Read & Co. at 95 and int. On the Nickel Plate to enjoin the order of the Commission within the time prothis basis the annual interest cost to the company will be approximately vided by statute.
The New York Central and Baltimore & Ohio having disposed of their
5.336%.—V. 127. p. 1944.
stock in the Wheeling to the Allegheny Corp., the Nickel
filed a
Missouri Pacific RR.—Equip Trusts Offered.—Solomon petition taking the position that there was no occasion for Plate disposeit to
of
Bros. & Hutzler, New York are offering ,925,000 4% to its stock,since it held only 17.7, and it filed an application for authority
acquire
equip. trust certificates, series F at prices to yield from It control. the stock held by the Allegheny Corp., which would have given
"On the question of competition," the P.& W. V.says,"The Commission
4.95% to 5.75% according to maturity. Issued under the
must be deemed to have held, and clearly did hold, that there was sufficient
Phila. plan.
competition between the Wheeling and the Nickel Plate to bring about a
To be issued by the Bank of North America & Trust Co., Philadelphia, violation of the Clayton Act. The fact that competition between the
as trustee. Dated May 1 1929. Payable annually in serial installments Wheeling, on the one hand. and the Baltimore & Ohio and the Central.
of $595,000, May 1 1930 to May 1 1944 both inclusive. Payable to bearer on the other, may be considered to have been restored, by virtue of these
with optional registration in denominations of $1,000. Dividend warrants trunk lines having sold their Wheeling stock. Is beside the point, for the
(M & N)and certificates payable at the agency of the trustee in New York Clayton Act deals not with how much competition remains, but with what
City.
competition may be destroyed."—V. 128, p. 2624.
Issuance.—Subject to authorization by the Interstate Commerce ComNew York Susquehanna & Western RR.—Earnings.—
mission.
Security.—The certificates are to be issued in part payment for the fol[Including the Wilkes-Barre it; Eastern RR. Co.)
lowing standard railway equipment:
Calendar Years—
1928.
1927.
1926.
The title to the equipment is to be vested in the Trustee, and the equip- Operating revenue
1925
ment is to be leased to company at a rental sufficient to pay these certificates, Oper. exp., taxes, &c__ _ $5,263,153 $5,199,136 $5,395,850 $5, 79,121
4,550,025 4,857,832 4,731,577
4,687,473'
and the dividend warrants and other charges as they come due. Payment
of the certificates and dividend warrants will be unconditionally guaranteed
Operating income_ _ _ _ $713,128
$341,304
$664,273
$491.648
by company by endorsement on the certificates.
Net equip, and rents_ _ _ Dr.224.661 Dr.238.684 Dr.113,564 Dr.I86,575
25 8
-wheel switch engines; 250 50
-ton auto-ton automobile cars: 1.750 40
mobile cars; 1,000 50
-ton box cars; 500 70
-ton stock
-ton hopper cars; 500 40
Net ry. oper. income_
$488,467
$550.709
$102,620
$305.073
cars; 60 cabooses, steel underframe; 11 coaches, divided; 13 baggage ears: Non-operating income_ _
75.129
78,907
62.699
60,643
13 combination mail-baggage cars; 1 cafe-club-coach car; 2 diners-parlor
(observation type); 20 20
-yd. air dump cars; 2 25
-ton clam shells; and 1
Gross income
$613,408
$177.749
$567.373
$365.716;
-ton steam wrecker.
150
Deduc.from gross inc_ _
807,084
803,335
819,773
823,128;
The equipment subject to this trust will be new, and wilrcost not less
than $11.900,000 of which amount about $2,975,000 is to be paid by the
Deficit for year
$235.961
$206.365
$629,335
$457,412'
company in cash, such payment being not less than 25% of the cost of the —V. 126, P. 2640.
equipment.
Authority to Issue $46,392,0005% Cone. Bonds Granted.
The I.
-S. C. Commission on April 19 authorized the company to issue
$46,392.000 20
-year 5 % convertible gold bonds. series A, to be sold at
not less than 97;•5 and the proceeds used to refund maturidg obligations,
to reimburse its treasury for capital expenditures heretofore made, and to
provide funds for proposed additions and betterments.
Authority was also granted to issue not exceeding $46,392.000 of common stock, consisting of 463,920 shares (par $100). said stock to be issued
solely to effect the conversion into stock of such of the bonds as may be
presented by the owners thereof for such purpose.
The report of the Commission says in part:
The applicant will be required to pay at maturity $30,551,000 of unifying
& refunding mtge. bonds of the St. Louis Iron Mountain & Southern By.,
due July 11929. and is making arrangements to acquire, under a proposed
agreement and lease, certain ,equipment at a cost of approximately $11,900,000, of which 25%.or $2,968,665, as stated in the application, is to be
paid in cash and the remainder provided through the Issue of equipment
trust certificates. It proposes to expend $11,612,077 during the current
year for additions and betterments to its own road and equipment and to
road and equipment of certain affiliated companies. In addition, it shows
that prior to Jan. 1 1929 it had made expenditures from income not yet
capitalized, as follows:
Additions and betterments to road and equipment
$904,494
Advances to Missouri Pacific RR.Corp. In Nebraska for capital
purposes
377,281
Acquisition of bonds & stocks of New Orleans & Lower Coast RR. 300,000
Advances to New Orleans & Lower Coast RR.for cap. purposes_
201,945
Acquisition of stock of Marion & Eastern RR
190.000
Advances to Marion & Eastern RR. for capital purposes
19,583
Acquisition of properties of Kansas City Northwestern Ry_ _ _ _
240,010
Orange & Fredericksburg RR.—Name Changed.—
The name of this company has been changed to Virginia Central Ry.—
V. 122. p. 1307.
Pennroad Corporation.
--Details of Organization—Pennsylvania RR. Stockholders Given Rights to Subscribe to 5,800,0001
No Par Shares at $15 per Share.—President W. W.
Atterbury,
President of the Pennsylvania RR., in a letter to the stock-holders dated April 24 says:
Directors have given earnest consideration to recent develbpments in
the field of transportation, and have reached the conclusion that it will be.
of material advantage to this company and its stockholders, for the stockholders to unite in establishing a corporation so organized that it may
make investments and take advantage of opportunities on a much broader•
basis than is possible under the limited powers of a railroad company.
Directors are of the opinion that such an independent instrumentality is
needed to protect your interests and those of your company.
Accordingly, there has been incorporated in Delaware the Pennroad'
Corp. with broad powers, among others to invest its funds in securities
of any corporation or other agency, including those engaged in transportation of any description on land or water or by air, but without power'
to operate railroads.
In order that the stockholders of the Pennsylvania RR. should have
the first opportunity to purchase the stock of the corporation, arrangements have been made that there be offered to said stockholders at $16
per share the 5,800.000 shares of common stock, without par value, of the
corporation presently to be issued.
The outstanding capital stock of Pennsylvania RR., including stock
allotted to employees on the installment plan, consists(111.583,479 shares
Total
$2,233.313 (par $50). a total of $579,173,950. There are approximately 157,000
The expenditures made and to be made, all of which appear to be prop- registered holders of stock of whom over 80% own 100 shares or ICOR, and
erly capitalizable, aggregate $47,365,055. or $973.055 more than the amount in addition there are close to 100,000 employes subscribers.
to be capitalized through the proposed issue of bonds.
The wide diversification of the ownership of Pennsylvania RR. stock,
The bonds were offered for subscription at 9734 to the holders of the not only in this country but abroad, indicates that there will be a correPreferred and common stock of record April 1 in a principal amount equal spondingly wide distribution of the stock of the new corporation. Acto 30% of the par value of stock registered in their respective names. cordingly, in furtherance of the purpose for which the now corporation
Subscriptions expired May 1 1929. Any bonds not subscribed for by has been organized and in order to insure continuity of management, all
stockholders are to be sold at 9734 to Kuhn. Loeb & Co., New York, that the stock now being issued will be placed in a voting trust, under which
company having agreed to underwrite the issue for a compensation equal W. W.Atterbury, Effingham B. Morris and Jay Cooke have consented to
to 2M % of the entire principal amount of the bonds to be issued. On act as voting trustees. The voting trust will be for a period of 10 years
this basis the average annual cost to the applicant will be approximately and will vest in the voting trustees the entire voting power in respect of
the stock deposited thereunder. Voting trust certificates will be de5.93%.
The proceeds of the bonds will be used to pay at maturity the unifying livered in respect of all stock purchased pursuant to the present offering.
& refunding mtge. bonds of the St. Louis Iron Mountain & Southern ity.,
President Henry H. Lee, President of the Pennroad Corp.,
to reimburse the applicant's treasury for the capital expenditures heretofore
made, as stated above, and to provide in part for the proposed capital ex- in a letter to the stockholders of the Pennsylvania RR'
.
penditures for equipment and for additions and betterments.
dated April 24, says:
Acquires Control of Missouri-Illinois RR.—See MissouriIllinois RR. above.—V. 128, p. 2800.
Mississippi River & Bonne Terre Ry.—Control and
Lease of Road.—
See Missouri-Illinols RR.—V. 127. p. 1944.
New York Central RR.—Files Petition to Buy Six Small
Lines.—
The Pennroad Corp. hereby offers to the stockholders of the Pennsylvania RR. including employe now subscribing to its stock,the opportunity to purchase, at $15 per share, voting trust certificates for 5,800,000
shares of common stock of the corporation.
The corporation reserves the right to sell to others, at such time and
at such prices as directors may determine, any of such stock not purchased
by stockholders of the Pennsylvania RR., or their assigns, and to sell the stock purchased pursuant to said offering irrespective of the aggregate
amount thus sold.
The certificate of incorporation provides for an authorized issuelrof
company, April 29, notified the L-S. C. Commission that arrange 10.000.000 shares of common stock (no par) of which, as above stated,
The
ments to purchase six small railroads connecting with its line have been 5.800,000 are now being offered. The balance is reserved for future issue.
made. The purchase negotiations are taken in compliance with a Com- Including shares reserved against options which have been granted, in,
mission decision which required the acquisition as a condition attached to connection with the organization of the corporation, to purchase addithe approval of the New York Central plans for formally consolidating with tional common stock of the corporation on or before July I 1932, as folthe Cleveland, Cincinnati, Chicago & St. Louis and the Michigan Central, lows: 125,000 shares at $16 per share, 125,000 shares at $17 per share.
the two rail systems which are now subsidiaries of the Central, but are 125,000 shares at $18 per share and 125,000 shares at $19 per share. No'
officers or directors of the Pennsylvania RR. participate in such options.
operated as independent units.
MAY
Holders of common stock will have the right to subscribe pro rata to
future additional issues of common stock sold for cash, except stock issued
upon exercise of options or option warrants. The common stock has no
other pre-emptive right, except as may be granted by the board of directors, in respect of any particular issue of stock or securities.
Of the proceeds of the common stock to be issued as herein provided.
$10 per share is to be capital, and the remainder paid-in surplus not available for dividends on the common stock.
The first board of directors of the corporation consists of W. W.Atterbury, Effingham B. Morris. Charles E. Ingersoll, Levi L. Rue, Jay Cooke,
R. B. Mellon and A. J. County, all of whom are members of the board
of directors of the Pennsylvania RR., and Henry H. Lee, the president
of the corporation.
-Stockholders of the Pennsylvania RR. are offered
Terms of Offering.
the privilege of purchasing at $15 per share, on or before June 14, a number of shares of the common stock of the corporation equal to one-half
of the number of shares of stock of the Pennsylvania RR., registered in
their respective names on its books at the close of business on May 10 1929.
Full share and fractional warrants, specifying the amount of stock
which may be purchased, will be issued by the corporation and mailed
to each stockholder. These warrants will be mailed as soon as possible
after May 10 1929, to the address for dividends recorded on the books
of the Pennsylvania RR., unless other instructions are received prior to
that date.
Fractional warrants desired by stockholders to complete full shares or
fractional warrants which the stockholders desire to dispose of must be
bought or sold in the market, as such fractions will not be sold or purchased
by the corporation. The corporation will, however, on request, endeavor
to aid stockholders to purchase or sell fractional warrants.
Payment for stock purchased meet be made in full at the time of surrender of the warrants, on or before June 14 1929. Checks or drafts
should be drawn in favor of the Pennroad Corp. for the exact amount
of the payment required.
Unless the warrants, accompanied by payment in full for the stock
purchased, are returned to one of the offices named below on or before
June 14 1929, the right to purchase will be void and the warrants of no
value.
For the convenience of stockholders of the Pennsylvania RR. payment
will be accepted by the corporation at any of the following offices: Room
169 Broad Street Station, Philadelphia, Pa.; No. 380 Seventh Ave., New
York City; Wilmington Trust Co., Wilmington, Del.; Midland Bank
Limited, London, Eng.
Voting trust certificates representing common stock of the corporation
will be delivered in respect of all stock purchased pursuant to this offering.
Such voting trust certificates will be sent to the purchasers thereof by
registered mail as soon as possible after June 14 1929.
All communications in relation to the foregoing should be addressed
to the Pennroad Corp., Room 169 Broad Street Station, Philadelphia,
Pa.
-Warrants for stockholders of the Pennsylvania
Foreign Stockholders.
RR. residing in Great Britain or on the Continent of Europe will be sent
to the recorded addresses for dividends as promptly as possible. The
warrants, accompanied by payment in full of the purchase price, may be
sent to the Midland Bank Ltd. Poultry, London, E C. 2, provided they
are received by that Bank on or before June 14 1929. Payment of such
'
purchase price may be made in sterling by check drawn to the order of the
Midland Bank Ltd. at the rate of 4934 pence sterling for each dollar.
-V.
128. p. 2800.
-Stockholders Receive Rights to SubPennsylvania RR.
scribe to Shares of Pennroad Corp.
-See latter company above.
-V. 128, p. 2800.
Quebec Central Ry.-Earnings.Calendar Years1927.
1926.
1925.
1928.
Gross revenue
$3,155,967 $3,312,280 $3,205.142 $2,947,315
Oper. exp, and taxes_ .. _ 2,442,715
2.633,040 2,485.006 2,295,426
Net revenue
Other income
$713,251
11,958
$679,240
4.048
$720.137
10,260
8651,889
11,701
Total income
Interest charges
$725,209
398,192
$683.288
404,693
$730,397
385.957
$663.590
357,127
Net income
Dividends
$327,017
200,324
$278,595
169.080
$344,439
169,080
$306,462
169,080
Balance,surplus
-V. 126. e. 2785.
$126,693
$109,515
$175,359
$137.382
-Earnings.
Tonopah & Goldfield RR.
Calendar YearsTotal ry. oper. rev
Total ry. oper. exps_-_
Railway tax accruals_ _ _
Uncoil, railway rev
Equip & it. facil. rents..
Operating income
Other income
Total income
Deductions from income
1928.
$287,668
240,050
33,421
1926.
$271,787
256,198
42.720
31
1925.
$345,172
291.857
43,277
$4,744 defS27,163
25,226
20.090
$10,036
22.685
def$1,937
10.640
$32.722
11,546
1927.
$281,956
240,865
36,311
35
7,882
$6,314
8,857
$15,172
57.
$24,834
10.636
Net income
$14,198 def$12.577
$21.176
$15,114
Profit and loss account: Balance, surplus. Dec. 311927. $446,693; transferred from income, Cr. $15,144;losses written off Dr. $259,144, miscellaneous items, net Cr. $246,949. profit and loss surplus Dec. 31 1928,
$449.613.-V. 126, p. 2640.
Vicksburg Shreveport & Pacific Ry.-Refunded.-
The I.
-S. C. Commission on April 22 authorized the company to issue
$1,845,000 of refunding and improvement mtge. gold bonds. series 13, to
be delivered at par to the Yazoo & Mississippi Valley RR. in reimbursement for funds advanced for the redemption of certain outstanding bonds
of the applicant.
The report of the Commission says in part:
The applicant has outstanding $1,845,000 of refunding and improvement 8% mtge. bonds, series A. Although these series A bonds will not
mature until Nov. 1 1973, they are now redeemable on any interest date
at 105 and interest, and have been called for redemption at that price on
May 1 1929. To effect their redemption the applicant proposes to issue
under and pursuant to, and to be secured by. the foregoing mortgage
$1,845,000 of series B bonds bearing interest at 5%. to be delivered at
par to the Yazoo & Mississippi Valley RR., lessee a the applicant's property, to reimburse that company for funds advanced.for the redemption
of the outstanding series A bonds. The applicant represents that the re-.
demption of the series A bonds and the substitution therefor of 5% series
B bonds will result in a total net saving of $726.007 in fixed charges after
deduction of the redemption premium of 5% and an estimated amount
.-V. 128. p.2801.
of $2,767 for trustee fees and cost of engraving new bonds
Virginia Central Ry.-New Name.
See Orange & Fredericksburg RR. above.
Virginian Ry.-New Director.
William R. Coe, Jr., associated with the National City Co. has been
elected a director -V. 128. p. 2453.
Wabash Ry.-Developing Plans for New System-Inclu-The company is develsion Is Sought of Western Maryland.
-S. C. Commission for
oping a plan for submission to the I.
the establishment of one or more additional independent
systems in the territory east of the Mississippi River, one of
which will include the Western Maryland Ry., according to
a petition filed by it on April 29 for permission to intervene
in the Inter-State Commerce Commission proceeding against
the Baltimore & Ohio RR.,alleging that acquisition of Western Maryland stock was in violation of the Clayton Anti
Trust Law.
2989
FINANCIAL CHRONICLE
4 1929.]
The Wabash petition represents that the Baltimore & Ohio's interest in
the Western Maryland was acquired pursuant to an agreement between
the Baltimore & Ohio, the New York Central and the Nickel Plate for the
purpose of forestalling the formation of an additional competitive system
In trunk line territory.
The Wabash submits in its petition that the Baltimore & Ohio should be
ordered to divest itself of the Western Mryland stock and that such order
should provide for the sale of the stock on terms prescribed by the Commission to carriers designated by the Commission to the end that it may be
utilized in the establishment of an additional independent system in trunk
line territory.
The Wabash petition to intervene in the proceeding was granted by
Assistant Director of the Bureau of Finance,0. V. Burnside, who presided
at the hearing in the Commission's case on April 29.
With reference to its plans for establishing a new competitive system in
Eastern territory, the Wabash states in its petition that from Toledo
eastwardly, the lines of the Wheeling & Lake Erie By., the Pittsburgh &
West Virginia Ry. and the Western Maryland By. will, upon completion
of the line now under construction between Conchran's Mills and Connellsville. Pa. constitute an independent route to tidewater at Baltimore.
The Wabash connects with the Wheeling& Lake Erie at Toledo.
In its complaint against the Baltimore & Ohio, the Commission alleged
that in Feb. 1927, the B. & 0. acquired 144,789 shares of 7% cumulative
preferred stock 8,000 shares of 4% non-cumulative convertible second
preferred stock and 159.050 shares of common stock on the Western Maryland By. without the Commission's authorization or approval and that the
effect ofsuch acquisition was to lessen competition between the Baltimore &
Ohio and the Western, Maryland and in violation of the Clayton Act.
George M. Shriver, senior Vice-President of the B. & 0. testified re'
garding the purchase of the stock, and stated that the B. & 0. now owns
Western Maryland stock to the value of $33,090,900. or 42.88% ofthe total.
The B. & 0. holdings consist of $16,385,900 of first pref. $800,000 of
-V.128, p.2796.
second preferred and $15.905,000 of common stock.
-Denies Application.
Western Pacific RR.
-S. C. Commission on April 15 denied the company's application
The I.
for authority to acquire the line of railroad of the Union Belt Railway of
Oakland and the construction of two proposed lines of railroad, in Alameda
County, Calif., The application was denied without prejudice to renewal
in part.
The record is held open for the taking of further testimony upon the application of the Southern Pacific Co. and the Central Pacific Railway
for authority to acquire the line of the Union Belt Railway of Oakland.
V. 128, p. 111.
PUBLIC UTILITIES.
American Commonwealths Power Corp.-Debentures
-Spencer Trask & Co., G. E. Barrett & Co. Inc.,
Offered.
Hemphill, Noyes & Co. and Fenton, Davis & Boyle are
offering $4,000,000 gold debentures, 6% series, at 97 and
int., to yield over 654.%.
Dated May 1 1929; due May 1 1949. Denom. of $1,000 and $500 c*.
Prin. and int. payable at New York Trust Co., New York. Callable all
or part at any time upon 60 days' published notice at 10234 and int. Int.
payable M. & N. without deduction for any normal Fed, income tax not
exceeding 2%. Corporation agrees to reimburse holders of these debentures
upon timely application for personal property taxes imposed by the States
of Conn., Penn. and Calif., not exceeding 4 mills, Maryland, not exceeding
434 mills, District of Columbia, not exceeding 5 mills and Mich., not
exceeding 5 mills, and for the Mass. Income tax on the interest, not exceeding 6% of such interest.
-Debentures will be convertible up to and incl. May 1 1939.
Convertible.
unless called for prior redemption, and ifso called, then up to and Mein
the 10th day prior to the redemption date, into the Class A common s
at $25 per share if converted up to and incl. May 1 1932. at $30 per share
if converted thereafter and up to and incl. May 1 1934. and at $35 per share
if converted thereafter and up to and including May 1 1939.
Data from Letter of Frank T. Hulswit, President of the Corporation.
-Organized in Delaware. Owns (a) all of the preference and
Company.
common stocks of American Community Power Co.;(b) all of the preference
and common stocks of American Gas & Power Co.; (c) all of the first pref.
stock and over 99.9% of the common stock of Union Gas Utilities, Inc.:
and (d) certain diversified public utility investments; and has contracted
to acquire (e) the gas properties serving Birmingham, Bessemer, Fairfield,
Tarrant City, Hollywood and Brighton, Alabama, and certain territory
adjacent thereto.
The subsidiary companies include Community Power and Light Co..
General Public Utilities Co., Minneapolis Gas Light Co., Jacksonville Gas
-Light Co., Savannah Gas Co., St. Augustine Gas &
Co., Bangor Gas
Electric Light Co. and Union Gas Corp.; and will also include Birmingham
Gas Co., which was organized to take over and operate the Alabama
gas properties. The subsidiaries furnish directly or indirectly electric light
and power, gas, water and (or) ice service to 295 communities with a present
estimated population of 1,800,000 located in the States of Alabama, Arizona
Arkansas, Florida, Georgia. Kansas, Louisiana, Maine,Minnesota, Missouri
Nebraska. New Mode°, South Dakota and Texas.
The diversified public utility investments, other than the stocks of the
above mentioned subsidiary companies, have a market value based on
current quotations in excess of $8,000,000 and include substantial investments in such companies as The United Light & Power Co.. The American
Superpower Corp., The United Corp. and Long Island Lighting Co.
Earnings for Twelve Months Ended December 31 1928 (incl. Birmingham
Gas Co.
$19,748,903
Consolidated gross earnings, All sources
11.874,734
Operating exp., maintenance & general taxes
$7,874,169
Net income
.
Earnings accruing to American Commonwealths Power Corp.
after deducting all taxes of the corp. and subsidiaries, deprec.
reserves, annual bond interest and pref. stock div. requirements of subsidiary companies and earns. accruing to minority
1.778,281
common stocks, but before amortization charges
Annual interest requirements on $13,000,000 gold debentures
755,000
outstanding (including the present issue)
The earnings available, after depreciation, as shown above, are equivalent
to approximately 2.4 times annual interest requirements on the gold debentures outstanding (incl. the present issue).
During the year ended Dec. 31 1928, the market value of corp.'s investments in stocks of other companies, including The United Light & Power
Co., The American Superpower Corp., Long Island Lightning Co.. &c..
referred to above as diversified public utility investments. increased $2,387,028, or more than $2 per share for the Class A and Class B common
stocks. None of this market appreciation is reflected in the above statement of earnings. All of these sundry investments will be free assets of the
corporation and are readily marketable securities.
Purpose.
-Proceeds from the sale of these $4,000,000 debentures, will be
applied toward the acquisition of the gas properties serving Birmingham
and other communities adjacent thereto, and for other corporate purposes.
Earnings for 12 Months Ended March 31 (Company and Controlling Cos.).
1928.
1929.
12 Months Ended March 31Gross earnings-all sources
$18,043,008 $8.253,865
10.844,554 4.978,025
Operating expenses, incl. maint. and gen. taxes_
1,348,411
Interest charges-funded debt
-subsidiary cos_ _ _
3,314,627
Balance
Preferred dividends (subsidiary companies)
$3,883,826 $1,927.429
433,684
1,324,670
-American Commonwealths Pow.
Balance avail.
$2,559,156 $1,493.744
Corp. and for reserves
Interest charges-funded debt-Amer. Common275,410
515.000
wealths Power Corp
Balance available for diva, and reserves
$2,044.156 $1,218.333
Annual div. charges-lst pref. stock-American
210.000
Commonwealths Power Corp
534,996
-2d pref. stock-American
Annual div. charges
95,977
95,977
Commonwealths Power Corp
$1.413,183
$912,357
'Bal. avail, for res. Fed, taxes and surplus
The above statement for the 12 months ending March 31 1929 does not
Include any earnings of the gas properties serving Birmingham, Alabama and
2990
FINANCIAL CHRONICLE
territory contiguous thereto, which are in the process of acquisition. The
earnings from these properties will add approximately $1,900,000 to gross
earnings and $825,000 to net earnings.
-V.128, p. 2458.
American Gas & Electric Co.
-Dividends.
The directors have declared the following dividends on the common
stock: (1) the regular quarterly cash div. of 25c. per share, and (2) a
regular semi-annual extra div. of 1-50 of a share in common stock. These
dive, are payable July 1 to holders of record June 11. Extra dividends
of 1-50 of a share of common stock have been paid semi-annually since
July 1924, and in addition the company in Jan. 1925 paid a special extra
div. of 5% in common stock, one of 40% in Jan. 1927, and one of 50% on
Jan. 2 1929.
The directors also declared the regular quarterly div. of $1.50 per share
on the unstamped no par value preferred stock, both payable Aug. 1 to
holders of record July 8.-V. 128. p. 2458.
American Superpower Corp.
-Offers United Corp.
Stock to Shareholders.
,The directors have voted to offer to class A and class B common stock-
holders of record May 8 the right to subscribe on or before May 24 to
410,902 shares of United Corp. common stock at 430 per share in the ratio
of one share of United Corp. common for each four shares of class A or
class B common stock of American Superpower Corp.
A special meeting of stockholders will be held June 4 to vote on a recommendation to exchange class A and class B common for new voting common to be created in the ratio of five shares of new common for each one
share of class A and class B common now held.
There are outstanding 829,420 shares of class A and 814,188 shares of
class B common stock, the sole voting power resting with the "B" stock.
, After the change in capitalization there will be outstanding 8.218,044
shares of new common entitled to one vote a share.
-V.128, p. 2625
Associated Gas & Electric Co.
-Exchange of Securities:
A table of exchanges of preferred stocks and bonds(as revised)follows:
Outstanding
with Public
To Be Deposited
Shares. Option 1 a. Option 2 b.
Stocks (per Share)
Assoc. Gas & Electric Co., preferred:
Original series
97,108 Market
1
$7 dividend
40,811 Market
2
$6.50 dividend
183.724 Market
2
Underlying Preferred SICCASClarion River Power Co.. partic. pref_ - 10.985
$10
0.2
Erie Lighting Co. preference
3,139
40
0.8
Staten Island Edison Corp.$6 pref
18.356
103
2
Western N.Y.Gas & El. Corp.7% pfd._
110
4,157
2
(Depew & Lane. L.,P.& Conduit Co.)
Affiliated Co. Preferred Stock
Eastern Util. Invest. Corp.$7 pref
'110
13,455
2
Bonds and Debentures (per $1.000)
Associated Gas & Electric Co.:
53i% cony.geld debs.,due 1977
.
$14,612,400
---20
6% convertible series "B"
835.700
1,020
20
9
6% convertible series"0"
2,857,000
1,010
20
014% cony.Manila El.ser."B"&"C" 1.934,450
1,050
20
Underlying Bonds
Citizens L.. H.& Pr. Co..5s. due 1934-- 1,297,000
1.050
20
Depew & Lancaster Co..5s, due 1954506.500
1,050
20
Du Bois El.& Tree. 55. due 1932
165,000
1,050
20
Erie Lighting Co.5s.due 1967
3.549.500
1,050
20
Granville Elec.& Gas Co.58,due 1933_ 1,050
33,500
20
Hopkinsville Water Co.55
1.025
28,000
20
Indiana Gas Utilities Co.5s. due 1946-- 989.000
1.050
20
Jefferson Elec. Co.55,dies 1933
164.000
1,050
20
Lake Shore Gas Co.5345,due 1950
701.000
1,050
20
Lock Haven Gas & Coke Co.(is, due 1944
1,050
51.350
20
Long Island Water Corp.534s,due 1955- 2.299,000
1,050
20
Manila Electric Co.5s. due 1946
88,000
1.050
20
Manila El. RR.& Lt. Corp. 58. due 1953 1,579.700
1.050
20
Manila Suburban Rye. Co. 5s, due 1946..
97.000
1.050
20
N.Y.State G.& El. Corp.536s,due'62- 3,853,500
,
1,075
20
N.Y.State G.& El. Corp. 68, due 1952404,500
1,100
20
Penn Public Service Corp.58,due 1954-- 2,703,500
1.050
20
Penn Public Service Corp. Cs,due 1047.._ 5,275,500
1.090
20
Plattsburgh Gas &El.Co.58.due 1939-252.000
1,050
20
Portsmouth (Ohio) Gas Co.6s.due 1929..
144,000
1,010
20
Richmond Light & RR.4s. due 1952- - - - 1,240.000
875
18
Spring Brook Wat.Co.(N.Y.) 5s, due '30
111,000
1,010
20
Union Gail & Electric Co.5s. due 1935_ - _
551,000
1,050
20
Warren Light & Power Co. 5s. due 1931146,000
1,020
20
a Value in 534% Investment certificates at 100. b Class A"stock.
The 534% interest bearing convertible investment certificates will be
delivered at $100, in exchange for the above stocks and bonds at the values
shown under option 1 above.
The investment certificates will be available in denominations of $1,000
in coupon and registered form,and $100 in registered form only. Fractional
amounts of investment certificates will not be issuable, but depositors may
purchase them at the above price. Interest will be adjusted so as to be
continuous, but not overlapping.
Class "A" stock will not be delivered at the time of exchange, but depositors will receive convertible debenture certificates in the principal
amount of $100 for each two shares of class "A" stock deliverable, which
certificates are convertible into class"A"stock at any time after six months
from date of issue at the option of the holder or the company; bear Interest
at the rate of 6% per annum payable quarterly and provide that, In lieu
of cash interest payments, the holder will receive dividends in class "A"
stock which he would receive on the class "A" stock into which the certificate is convertible had he converted the same. Adjustments will not be
made for accrued interest or dividend under this option.
All exchanges are subject to the terms of the offers to the holders of the
securities to be deposited.
Holders of coupon bonds should deposit them with the Chase National
Bank of the city of New York, agency division, corner Pine and Nassau
Sta., N. Y. City. Preferred stocks and registered bonds should be sent to
the Associated Gas & Electric Securities Co., Inc., 61 Broadway, New
York City.
The above offers supersede all previous ones and are subject to withdrawal
at any time. Compare also V. 128, p. 2802.
American Telephone & Telegraph Co.
-Issue of
---At the
$225,000,000 of Convertible Bonds Approved-Rights.
special meeting of the stockholders held on April 30 the directors were given power to authorize the issue of not exceeding
$225,000,000 of convertible bonds, the stockholders to be
offered the right to subscribe for the bonds at their face value
in the proportion of $100 of bonds for each six shares of stock
held.
Following the meeting of the stockholders, the directors
authorized the issue of 10-year convertible 4%% gold debenture bonds to be dated July 1 1929, the stockholders of record
May 10 1929 to be entitled to subscription rights. The
amount thus offered is approximately $219,000,000.
President Walter S. Gifford on April 30 said in part:
The purpose of the issue is to provide funds for the payment of approximately $75,000,000 of the coll. trust 4% bonds, due July 1 1929, and for
new construction which is required by the Bell System to care for additional business resulting from the continuously increasing use of telephone
service.
The bonds are convertible into the stock on Jan. 1 1930 or at any time
thereafter, but not later than Dec. 311937 but if called for redemption on
not later than their
'
any date within that period they may be
redemption date.
The conversion price is, during the year 1930, $180 per share during
the years 1931 and 1932, $190 per share, and during the years 1933 to 1937
inclusive, $200 per share. These prices are subject to reduction upon the
Issue from time to time of additional stock by the company, all as stated
in the indenture under which the bonds are issued.
[VOL. 128.
In their conversion the bondholder may
share of stock for
each $100 of bonds surrendered, on paying take onefor
in
each share, the
difference between the conversion price then in cash and
effect
$100 or, the
bondholder may take as many shares of stock as the principal
amount of
bonds surrendered will pay for at the conversion price then
In effect, and
If there is a remainder, the bondholder may take one
additional share on
paying in cash the difference between the current
conversion price to a
share and such remainder.
At the time bonds are surrendered for conversion
cash must be made of accrued interest and dividends. an adjustment in
The bonds will be redeemable upon 60 days' published
notice. If prior
to Jan. 1 1938, the redemption price is 105,
the redemption price is 100. Redemption and if on or after Jan. 1 1938,
of loss than all of the bonds
must be on an interest-payment date.
The issue has not been underwritten.
An official statement issued on May 1 says
in part:
When asked further about the
Gifford stated that if all of the $219,000,000 convertible bond issue, Mr.
bonds are in due course converted into
stock at, say, $180 per share and the $80 above par is
paid in cash, the
company will ultimately receive nearly $400.000,000 from
He went on to say that the 1929 construction program the issue.
is the largest in
the history of the Bell System and that similar large
programs are planned
for the years to follow.
In 1928," Mr. Gifford stated, "the Bell System spent
000.000 on plant additions, betterments and replacements. about $430,spend about $530,000,000. This means a net addition in In 1929 it will
1929 of $350,000.000 or about 12% addition to the present plant of the System.
Of
this total, about $140,000.000 is devoted to the toll and long
distance lines
of the Associated Companies and the long lines of the American
Telephone
& Telegraph Co. The extraordinary growth in long distance
telephoning
has resulted to a large extent from the marked
tance service in the last few years and the three improvement in long disreductions in rates which
have occurred during that time.
"One interesting item of the growth of the Bell System is its
for new buildings. It now owns about 2,300 buildings which, prograra
together
with the land on which they are situated, cost approximately
This is probably the largest group of buildings belonging to $335,000.000.
any one company or institution. During 1928, 122 new buildings and 39 additions to
buildings were made. In 1929. the program contemplates 200 new buildings and 80 major additions."
-V. 128, p. 2625.
Bell Telephone Co. of Pennsylvania.-Earnings.
3 3fos. End. Mar.311929.
Operating revenues
$17,408,532
Exp., ma t. and deprec. 11,900,442
Deduc.(incl. Fed. taxes)
835,239
Operating income_ _
$4,672,850
Gross income
4,922,697
Int. and rentals
1.763.008
Net income
$3,159.687
Preferreddividends_ _- _
325,000
Common dividends_ --- 1,600,000
Balance, surplus
-V. 128. p. 1393.
1928.
1927.
1926.
$16,042,824 $14,742,259 $13,593,167
10,675.162 10.106.335
9,489.002
870,800
752,500
736,800
$4,496,862 $3,883.423 $3,367,365
4.731.013
4,254,575 3,917,507
1.598.528
1.642.286
1,547,180
$3,132.485 $2,612,288 $2,370,326
325.192
325.000
325,210
1.600,000
1,600.000
1,600,000
$1.234.687 $1,207.485
$687,095
5445.116
Binghampton Ry.-Foreclosure Sale.
The following is a
digest of a notice dated April 25 and signed by the
Empire Trust Co.:
The United States District Court for the Northern District of New York
heretofore confirmed the report of special master Roy C. McHenry therein,
and, by decree filed in the office of the Clerk of that Court at Utica, N. Y..
March 12 1929, adjudged that the general and refunding first
mortgage
constituted a prior and superior lien upon all the right, title and interest of
Binghamton Railway in and to the real estate in Binghamton, Endicott and
Johnson City, N. Y., described as Parcel 3, Miscellaneous Properties in
said decree.
Said decree directed William H. Riley, special master to sell at
auction to the highest bidder, upon the premises of the company,public
at its
office in Binghamton, on May 15, all of the property ordered and decreed
by said decree to be sold.
The special master is directed by the terms of said decree to first offer
for sale as Lot One all of the property described as Parcel 3 and is directed
to receive no bid for the property so comprising Parcel 3 unless the same shall
be at least equal to thesum of $125,000;in the event that there is no
bid for said Lot One the special master is directed to offer for saleaccepted
the said
Parcel 3, with other property of company,at upset prices, as, and under the
terms and conditions set forth in said decree.
The reorganization committee heretofore formed as a bondholders committee of bonds issued under the first consolidated mortgage and general
and refunding first mortgage, has been dissolved, and there is no bondholders committee for bonds issued and outstanding under said general and
refunding first mortgage.
-V. 126. p. 3296.
Birmingham (Ala.) Gas Co.
-Bonds Offered.
-An issue
of $5,000,000 1st mtge. gold bonds 5% series due 1959 is
being offered at 96 and int. to yield about 5.27% by Bonbright & Co., Inc. and W. C. Langley & Co.
Dated May 1 1929; due May 1 1959. Interest payable M. & N. 1 at
Bankers Trust Co., New York, trustee. Red. on any int. date as a whole
or in part, upon 30 days' notice. at 105 up to and incl. May 11936, thereafter at Yi% less during each succeeding year up to and incl. May 1 1956
and thereafter at 100 plus int. in each case. Denoms. c* $1,000 and $500.
and v* 51,000 and $5,000 and authorized multiples thereof. Company
will agree to pay interest without deduction for any Federal income tax up
to but not exceeding 2%. Company will also agree to refund Penn. 4 mills
tax; the Calif. tax not in excess of 4 mills per annum; the Conn, tax up to
4 mills per annum; the Maryland securities tax not exceeding 434 mills per
annum: or the Mass, income tax or Mass, tax measured by
exceeding 6% per annum on income derived from the bonds. income not
Issuance.
-Subject to authorization by the Alabama P. S. Commission.
Data from Letter of Frank T. Hulswit, Pres, of the Company.
Company.
-Will supply the gas service in Birmingham, Fairfield, Bessemer and 4 adjacent communities in Alabama. These towns are
practically
contiguous and make up the "Birmingham District," one of the most
tant centers for the manufacture of iron and steel in this country. imporTotal
population of the district served is estimated to exceed
300,000.
Purpose.
-These bonds, together with $6 first preferred stock
mon stock, are being issued for the acquisition of the company's and comproPertizo.
and to provide necessary working capital.
CapitalizationAuthorized. Outstanding.
1st mtge. gold bonds, 5% series due
preferred stock-S6 cumul (no par)
1956.0 st
150,40 abs. 30,000 she.
Preference stock-$6 cumul (no par)
none
50,000 abs.
Common stock (no par)
500.000 shs. 200,000 alas.
IC Limited by the restriction of the mortgage.
Security.
-Bonds will be secured by a direct first mortgage on all the
fixed property of the company, which will include standby gas generating
machinery, 6 holders with an aggregate capacity of 9.349,000 cu. ft.. am
447 miles of mains.
Earnings Derived from Properties lobe Owned for the 12 Months Ended Dec 31.
1926.
1928.
1925.
1927.
Gross oper. revenues -- $1,829,504 *1,606.403 $1,478,049 $1,244,609
Op. exp., maint. & taxes 1,059,848
834.689
761,898
938,422
Net rev. from oper___
5643,365
$667,981
s482,7n
$769,656
Non-operating revenues
53,395
35,218
47,684
68,535
Total net income -__
$703,199
$696,755
$817.340
$551,246
Annual interest charges on $5,000,000 1st mtge. gold bonds (this issue)
$250,000.
Total net income as above for the 12 months ended Dec. 31. 1928 was over
3.2 times the annual interest requirements on the first mortghge gold bonds
presently to be outstanding.
Management.
-Company will be controlled by American Gas & Power
Co., and its operations will be supervised by American Commonwealths
Power Corp.
-V. 128, p. 2458.
Brooklyn City RR.
-Time Extended.
The stockholders committee has extended the time for deposits of stock
under the plan for unification of the Brooklyn City RR. and 13. M. T.
surface lines to May 15.-V. 128, p. 2625.
MAY 4 1929.]
2991
FINANCIAL CHRONICLE
Cleveland Electric Illuminating Co.-Expanison.--May Acquire Water Co.
Colonial Utilities Corp.
-Earnings.
California Oregon Power Co.
12 Mos. Ended Feb. 28Gross earnings
Net earnings
Other income
1928.
1929.
$3.464,919 0,931,045
2,268.216 1,803,423
7,443
33,845
Net earnings incl. other income
-V.128, p. 2802.
$2,302.061 $1.810,866
-V. 128, p. 2087.
See North American Co. below.
P. U. ComThe corporation has made application to the New Jersey
to the
mission to purchase the Bridgeport (N. J.) Water Co., adjacent
The Bridgeport company
Pennsgrove Water Co. already owned by it.
owned by Glidden, Morris & Co., who recently organized the Colonial
Is now
-V. 128, p. 2087.
Utilities Corp.
-Rights, he.
Gas & Electric Corp.
-New President.
a Water Service Co.
Californi
Columbia
"melon"
E. C. Elliott, Vice-President of the Federal Water Service Corp. has
The directors on May 2 voted what is in effect a $31.500,000 directors
been elected President of the California Water Service Co. and of Oregon. to the holders of the common stock of record June 15 1929. The stock for
will hereafter make his headquarters authorized the offering of 843,284 additional shares of common
Washington Water Service Co., and
ratio of one
in San Francisco Both of these companies are subsidiaries of the Federal subscription at $24 per share by holders of common stock,in the
l'he common stock
-V. 128, p. 2802.
additional share for each 10 shares held as of June 15. for 66% per share
corporation.
Stock Exchange
yesterday on the
- sold has been selling at New York for several weeks following the recent
-Stock Split-up.
around 60
Canada Northern Power Corp., Ltd.
and
common
The shareholders have approved an increase in the authorized common 234-for-1 split-up of the shares. At the current market price for the
is equivalent to about 1% times the
stock from 75,000 shares, no par value, to 500,000 shares, no par value, stock, the aggregate value of the rights ) to be raised through this financing.
-for-1 basis. amount of the new capital ($20.238,816
a proposal to split up the common stock on a 5
and approved
s will
-V. 128, p. 2626.
Rights will expire at the close of business Aug. 15 1929. Subscription Nov.
Bailey V. Harrison has been elected a director.
share on
be payable in 3 installments: $8 per share on Aug. 15,$8 per
per share Feb. 15 1930. the latter including adjustment for
-Income Account.
15, and $7.64
Canadian Light & Power Co.
the due date
1926
Interest at the rate of 6% per annum on each installment for
1927.
1928.
Calendar Yearsa
$313,405 thereof to Feb. 15 amounting to $.36 per share. Stockholders may, as
$347.930
$353,100
Gross income from all sources
pay any or all of the installments before the due
97,176 convenience to themselves,
122,737
124.373
Operating & maintenance expense_
made on the
164,513 date, but interest will be allowed only as if payment had beenwill be issue
162,952
160.963
Interest on bonds
Installment schedule set forth. The new stock certificates
$51,716 Feb. 15 1930, and will be entitled to dividends thereafter. will be used,
$62,240
$67.763
Net revenue
shares
The proceeds from this issue of additional common the treasury of the
1.957
Previous surplus
according to Pres. Philip G. Gossler, to reimburse
and
$51.716 corporation for advances made to subsidiaries for their construction
$62.240
$69,720
Total surplus
32,997 other requirements, and for other general corporate purposes. dividend
Sinking fund reserve
which is of no par value, is on a per annum
The common stock
26,810
per share
Suspense account. 1927
18,719 basis of $2 per share, the initial quarterly dividend of 50 cents 8,432.840
60.283
40.997
Depreciation reserve
There are
being payable May 15 to holders of record April 20. split-up.
of the recent
91,957
shares outstanding or issuable as a result
$1,913
Surplus
Controlled by Ores
Consolidated Income Account (Incl. Subsidiary Companies
-V. 126, p. 2641.
99% Common Stock Ownership or Lease).
-Tenders.
Aurora & Elgin RR.
Mos.-1928. 1929-12 Mos.-1928.
Chicago
Period End. Mar. 31- 1929-3
$34,760,417 532,005,005109.950,971 $99.501.711
The Continental National Bank & Trust Co.. successor trustee. Chicago, Gross earnings
Aurora. Elgin &
14,912,555 13,511,676 54,189.525 49,294,969
111., will until May 10 receive bids for the sale to it ofApril 15 1901. to Operating expenses
gold bonds, dated
-year 5% 1st mtge.
Chicago Ry. 40
Res. for ren'is & replace-V. 125,
2.742,514 10,091.379 8.363.735
an amount sufficient to exhaust 00,000 now in the sinking fund.
& depletion_ _ _ 3,122.450
menu;
8.687.501
7,747.058
2,864,180 3,065.381
p. 2806. 513.
Taxes
-Notes OfChicago North Shore & Milwaukee RR.
_ _$13,861,232 $12,685.510 $37.923,009 $33,155.505
Net oper. earnings_
1,048.878
1.115,925
177,215
106,704
4
-Halsey, Stuart & Co., Inc. are offering at 973 and Other income
fered.
-year 6% gold notes.
int., yielding about 6.85% $1,500,000 3
Dated April 1 1929: due April 1 1932. Prin. and int, payable at office
of Halsey, Stuart & Co., Inc., in Chicago and New York. Int. payable
(A. & 0.) without deduction for Federal income taxes now or hereafter
deductible at the source not in excess of 2%. Denom. $1,000c*. Red. all
or part at any time upon 30 days' notice at following prices and int.: prior
to April 1 1930, at 101; on April 1 1930, and thereafter to maturity at 100.
Company will agree to reimburse the holders of these notes if requested
within 60 days after payment, for the Penn. 4 mills tax, and any personal
property or exemiption tax in Conn., not exceeding 4-10% of the principal
In any year, and for the Mass, income tax on the interest not exceeding 6%
of such interest per annum.
-Authorized by the Illinois Commerce Commission and the
Issuance.
Railroad Commission of Wisconsin.
Data from Letter of Pres. Britton I. Budd, Chicago, April 25.
-Operates the electric interurban railroad running from
Company.
Ohie:ago, Ill., along the shore of Lake Michigan to Milwaukee, Wis., with
a branch to Mundelein, Ill. Through lease and traffic agreements, the
company operates into the loop district of Chicago and south to 63rd St.,
and renders a complete service to its patrons. Terminal facilities in Milwaukee are provided by a wholly owned subsidiary. The property owned
consists of 2 main lines, one extending from Evanston along the lake shore
to Milwaukee, and the other from the north city limits of Chicago at
Howard St., through the Skokie Valley, connecting with the old main line
near Lake Muff, Ill. .
Authorized. Outstanding.
Consolidated Capitalization$10,000,000 17,000,000
Prior lien 7% cumulative
7,684,200
7,524,700
Preferred 6% non-cumulative
Common stock
(closea)
124,000,000
Underlying divisional 5% bonds, due July 1 1936
618,872
Real estate mortgages
1st & ref. mtge gold bonds,series A.6%,due Jan. 1
a
9.531.600
1955
lit & ref. mtge. gold bonds. series B, 534%, due
a
2,597,200
April 1 1956
(closed)
2,500,000
-year 534% gold notes, due Feb. 1 1930
3
1,500,000
2.000,000
-year 6% gold notes, due April 1 1932
3
of additional bonds limited by the restriction of the mortgage.
a Issuance
part security for the 1st & ref.
b Does not include $5,500,000 pledged as
mtge. bonds.
The above table does not include $1,700,700 equipment trust certificates,
Interest on which, amounting to $96,320 for the 12 months ended March 31
1929, is included in operating expenses.
-Proceeds of these notes will be used for refunding and other
Purpose.
corporate purposes.
Consolidated Statement of Earnings 12 Months Ended March 31.
1928.
1929.
$8,030,981 58,590,070
Gross revenues, incl. other income
6,221,556
6,303,025
exp., incl. maint., rentals & taxes
Oper.
$13,967.936 $12,862,725 $39,038.934 $34.204,383
Total income
1.087.419 4,217.785
1,006,467
282,060
Lease rentals
1,303,890
2,559,949
256,218
645.338
of subsInterest charges
1.090,056
2,498.617
263,314
606,741
Pref. diva, of subs
Int. charges of Col. Gas
2,310.036
707,083 2,726,088
732,688
& Elec. Corp
$11,701,108 $10,629,642 $30,167,760 525,282.615
Net income
of 6% preferred stock
Annual dividend requirements on 947,220 shares
128. p. 2459.
outstanding at March 31 1929 amount to 55,683,320.-V.
-Earnings.
Commonwealth Edison Co.
1929-12 Mos.-1928.
Period End Mar. 31- 1929-3 Mos.-1928. $78.210.383 $73.280.429
$21,607,280 $20,439.672
Operating revenues
int.,
Net inc. after taxes,
14.619.105
St prov.for redeem's _ _ 4,941,782 4,935,50 15,481.329
Shares of cap. stk. out1,243,925
1,255,168
1,243,925
standing (par $100).-- 1,255,168
$11.75
$12.34
$3.96
$3.93
Earns.per sh.on cap.stk_
.
-V. 128, p. 883.
Consolidated Gas, Electric Light & Power Co. of
Baltimore.-Earnings.
1926.
1927.
1928.
Quer. End. Mar. 31- 1929.
$7,409,299 $6,955,326 $6,709,917 $6,787.938
Gross revenue
4,601,686 4,489,910 4,381,728
4.834,144
Expenses & deprec
Operating income- - - - $2.575,155 $2,353,640 $2.220,007 $2,406.209
60.528
139,370
89,496
90,064
Other income
$2,665,219 $2,443,136 $2,359.377 52.466,737
Grossincome
726.334
781,736
777,576
756,325
Fixed charges
212,179
1212,999
949,880
970,144
Preferred dividends --- J
525.966
1577,708
dividends _ __ I
Common
$786,934 $1.002,259
$715.680
$938.750
Surplus
Sly3. common stock out837.233
924.338
949,14$
941.357
standing (no par)
$1.83
$1.48
$1.51
31.74
Earnings per share
-V. 128, P. 2037.
.-Electric
Consumers Power Co.(Me.).of electricity.cfc Gas Sales
showed an increase of
1929, sales
DurinT the first quarter of3 months of 1928 and sales of gas, principally
18% over the c wresponding
These gains in sales
as fuel, showed an increase of approximately 23%. customers, making
were accompanied by an increase of more than 2,537 this total 282,007
Of
a total number of customers, as of March 31,430.535.
were electric and 148,528 were gas customers.the first quarter of this year
Additions and improvements made during
expected that this
Involved expenditures of over $1,000,000 monthly. It IS
of 1929. it
average will be maintained or exceeded during the remainder
was announced.
$1.809,425 $2,287.045
Net earnings before depreciation
To Construct New Dam on the Muskegon River.
Annual interest requirements on $20,747,672 mortth Power Corp.) has
This company (a subsidiary of the Commonweal
gage bonds, real estate mortgages and notes to be
the Newayge
$1,179.369 filed application at White Cloud, Mich., for a permit from the Muskegon
outstanding incl. these notes amount to
-foot dam on
construct a 100
The gross earnings of the company have shown a steady increase, but County Board of Supervisors, to 6 miles up stream from the company's
ly
have not as yet reflected full benefits from large capital expenditures made River at Oxbow, approximate
to Power Co. engineers, the new Oxbow
in connection with the new Skokie Valley main line. It is expected that present dam at Croton. According
dimension than any other water • • wer plant on
ent project
with the adequate transportation facilities afforded by this line that Skokie dam will be bigger in every the highest earthwork emban
rapidly which should result in large increases in the the company's system and
Valley will develop
company's operating revenue. Freight business has already shown sub- of its kind in the world. of the permit sought by the Consumers Power Co..
Under the provisions
stantial increases. Carload freight, a service which has been developed
the project by Stevens & Wood, Inc., engineers
almost entirely since the opening of the new line in June 1926, gained work will start this year onplant completed during 1931. A mammoth new
the
approximately 60% in revenue for the year 1928 as compared with 1927 and ronstructors, and this construction project which will have a maximum
lake will be created by
length and about 134
.
-V. 128, P. 1393
depth of 100 feet. It will be some 16 or 18 miles in
of standing timber in the
miles across at its widest point. Every stick valley is flooded, with the
& Electric Co.
-Earnings.
Cincinnati Gas
lake-bed will be taken out before the
proposed
The gross earnings of the company for the quarter ended March 31 1929 idea of making this body of water one of Michigan's most attractive beauty
were 0,535,458, and the gross corporate income, before fixed charges, for spots.
The volume of
the same period, PM $2.486.152.-V. 127, p. 2525.
The new dam will have a total length of some 3,500 feet. this will exert
water impounded will be nearly nine billions cubic feet, and
-The stock- a total pressure on the dam of about 275,000,000 pounds.
-Stock Split-Up Approved.
Service Co.
Cities
holders on April 30 voted to split the common shares four
for one. This will increase the outstanding common shares
to 24,000,000. It was voted to change the common stock
from its present $20 par value to no0par and to increase the
authorized amount from 20,000,00 to 50,000,000 shares.
Four shares of no par stock will be issued for each share of
$20 par stock now outstanding. authorize the issuance of
The stockholders also voted to
$1,000,000 5% non-cum. pref. stock to be sold to Henry L.
Doherty & Co. and authorized the board of directors to issue
preferred and preference stocks in series as the occasion may
arise, provided that no such issues shall have dividend rates,
redemption prices or voting rights greater than those enjoyed by the preferred and preference shares now outstand-V.128, p. 2796.
ing.
Binds Called.
and hit
The company has called for redemption on June 1 1929 at 105
the outstanding $93.000 of Ionia Gas Co. 1st mtge. gold bonds. 834%
series "A," due June 1 1944.-V. 128. p. 112.
-Bonds Called.
Cuba Hydro-Electric Co.
scrim
All of the outstanding 1st mtge. & collat. trust gold bonds,634% and
next at 10734
due June 1 1948, have been called for payment June 1 N. Y. City.
Guaranty Trust Co., trustee, 140 Broadway,
int, at the
of the above
The trust company has been authorized to purchase any
to date
bonds at any time prior to June 1 1929 at 1074, and int. hereon
of surrender.
Duluth-Superior Traction Co.(& Subs.).-Earnings.
First QuarterGross revenues
Operating expenses
Fixed charges and taxes
Netincome
-V.128, p. 1225.
1929.
$516,197
415,662
80,113
1928.
$557,329
419.372
87.645
1927.
$567,240
421,877
83,355
$20,421
$50,313
$62.008
2992
FTNAW3TATJ CIFIRONTe
Denver Tramway Corp.
-Earnings.
Quarter Ended March 31Total operating revenue
Operating expenses
Taxes
1929.
1928.
1927.
$1,088,420 $1,090,628 $1,111,438
726,359
730,245
611,028
124,035
127,115
127.865
Net operating income
Total miscellaneous income
$238,025
12,323
$233,267
9,492
$372,545
16,267
Gross income
Interest on underlying bonds
Interest on general & refunding bonds
Amort.of discount on funded debt_
$250,343
46,025
79,316
4,056
$242,759
48,275
80,525
Cr.3,058
$388,812
61,745
80,544
Bal. avail,for deprec.& div. require
Sim,pref. stock outstanding (par $100)
Earnings
share
per2087.
$120,951
104,412
$1.15
$117,018
104.412
$1.12
$246,523
• 104,164
$2.36
Eastern Utilities Investing Corp.
-Class A Common
Stock Offered.Pynchon & Co., New York, will shortly offer 50,000 shares class A
common stock. The offering price is about $17.50 per share.
The class A common stock is entitled to quarterly non-cumulative dividends at the rate of $1 per share per annum before dividends are paid on
the class B common stock. After payment of a like amount per share on
the class B common stock in any quarterly dividend period, it participates
equally with the class B common stock, share for share, in any additional
dividends. The class A common stock is non-callable and shares equally,
share for share, with the class B common stock on dissolution, liquidation,
or winding up. It is without par value and non-voting.
Company.
-Formerly Pennsylvania Electric Corp. It is engaged primarily in the business of acquiring and holding for long term investment,
securities deriving their income from public utility and allied enterprises.
• Corporation diversifies its investments among the securities of a number
of public utility and allied enterprises. Corporation has broad corporate
powers including authority to underwrite the issuance of securities. &c.
The corporation does not engage in management or supervision either
directly or through the ownership or control of a majority of the voting
stock of any corporation. Its primary business is the investment of the
proceeds of the sale of its capital securities, and the reinvestment and (or)
disbursement to its security holders of the income received.
Insestments.-Corporation owns principally stocks of representative
public utility and allied enterprises. Some of the more important companies, from whose general operations the dividend and interest income
of the corporation is directly or indirectly derived, are as follows:
Associated Gas & Electric Co.
New Jersey Power & Light Co.
Cambridge Electric Light Co.
Old Colony L. & P. Associates.
Cambridge Gas Light Co.
Paul Smith's El. Light, Power & RR.
Central Mass. Light & Power Co.
Public Utility Investing Corp.
Commonwealth Gas & El. Co.
Southeastern Mass. Power & El. Co.
Consolidated Gas Co., New York.
Southern Berkshire Power & El. Co.
Consumers Construction Co.
United Gas Improvement Co.
Edison Electric Ill. Co. of Boston
Utilities Power & Light Corp.
General Gas & Electric Corp.
West Boston Gas Co.
Massachusetts Lighting Co.
Western Massachusetts Co,
Metropolitan Edison Co.
J. G. White Management Corp.
New England Gas & El. Assoc.
Weymouth Light SE Power Co.
New England Power Assoc.
Worcester Gas Light Co.
Earnings.
-The earnings of the corporation for the calendar years 1927
and 1928, and the 12 months ended Jan. 31 1929 after giving effect to
recent financing were as follows:
-Calendar Years- 12 Mos.End.
1928.
Jan. 31 '29.
1927.
Dividend & Interest income
$1.936,894 $2,240,961 *54,318,245
Expanses & taxes
33,268
25,508
29.608
Net earnings (exclusive of realized
profit on sales of securities)
51.911,386 $2,207,693 54.288,637
Annual interest requirement on total funded debt_.
$1.750,000
* Includes return of 5% per annum on a portion of the proceeds of recent
financing pending permanent investment of such proceeds.
Capitalization as of Jan. 31 1929 (after giving effect to recent financing.)
5% gold debentures due 1954
x535,000,000
$5 cumul. prior preferred stock
75,000 shs.
Cumulative preferred stock: $6 dividend
60,734 she.
$7 dividend
14,266 shs.
Participating preference stock
175,000 shs.
Class A common stock
765.000 shs.
Class B common stock
500,000 shs.
Each 51,000 principal amount of definite debentures will carry warrants
void after Dec. 31 1934, entitling the holder to purchase 20 shares of class
A common stock at any time after Dec. 31 1929, and on or before Dec. 31
1934 at a price of $15 per share.
Note.
-Substantially all the preferred stocks (excepting the $7 dividend
cumulative preferred stock) and the class A common stock are owned by
Associated Gas & Electric Co. and are held for the conversion of the 53t%
convertible investment certificates of that company. These convertible
investment certificates may, at the option of the holder, be converted into
units of 3 shares of $5 cumulative prior preferred stock. 2 shares of $6
cumulative preferred stock. 5 shares of participating preference stock and
5 shares of class A common stock for each 51,000 convertible investment
certificate.
Balance Sheet as of Jan.311929.
(After Giving Effect to Recent Financing.]
AssetsLiabilities
Investments
571,000,520 5% gold debentures
$35,000.000
Cash
9,408,736 P.O. Stocks
32,500,000
Int. & dividends receivable_ _
214,069 Cl. A & el. B corn. stks & sur. 12,478,856
Accounts payable
403,676
Accrued dividends
109,178
Total (each side)
$80,623,325 Reserves
126,615
Diroctors.-Garrett A. Brownback, Frederick S. Burroughs, John M.
Daly, Howard C. Hopson. John 1 Mange. Warren Partridge, Daniel
Starch, C. B. Stuart.
-V. 128, p. 2087.
-Usual Stock Dividend.
Federal Light & Traction Co.
-
The directors have declared a quarterly dividend of 37Mc. per share in
cash and 1% in common stock on the common stock, both payable July 1
to holders of record June 13. Like amounts were paid on April 1 last. A
dividend of 20c. per share in cash and 1% in stock was paid on this issue in
each of the 15 preceding quarters.
-V. 128. p. 2459.
Great Western Power Co. of California.
-Earnings.
--
Calendar Years1928.
1927.
1926.
1925.
Gross operating rev- _ _ _ $9,459,973 $9,024,225 $8,470,061 57.928,250
Oper. exp., taxes, &c_ _ _ 2,976,123
3,233.195
3.167,055 3.064.919
Net earns, from oper - 56,483,850 $5,791.029 $5,302,976 $4,863,330
Sundry earnings
62,622
55,847
32,897
77,294
Total income
56,516,748 $5.846,876 55,365,598 54.940,625
Interest deduction (net) 3,165,524
2,665,399
2.862,619
2.776,830
Deprec. reserves
577,940
609,649
750.009
547,742
Net income
52,601,215 $2,374,607 52,122.260 51,616,053
Preferred dividends- _ - - 1,369,814
992,900
1,136.865
741.325
Balance, surplus
$1.231,401 51,237,742 51,129,360
$874,728
Shs. corn. stk. outstanding (par $100)
275,000
300.000
300.000
275.000
Earns, per share
$4.10
$4.12
$3.16
$4.10
-V. 126. p. 2790.
Gatineau Power Co.
-Starts Another Generator.
This company, one of the units of the Canadian Hydro-Electric Corp.,
Ltd., controlled by the International Hydro-Electric System, a subsidiary
of the International Paper & Power Co., has started the second 25,000 h.p.
generator in its Bryson, Quebec, hydro-electric plant. Located on the
Ottawa River. 50 miles above the city of Ottawa, the Bryson station is
designed for 75.000 h.p. in three units of 25,000 h.p. each, of which two are
now installed and in operation.
[VOL. 128.
With the startling of the second generator in the Bryson
Gatineau Power Co. now has hydro-electric plants on power-house, the
and its tributaries of an aggregate installed capacitythe Ottawa River
of 562,600 h.P.,
slightly greater than the installed capacity on the American side of Niagara
Falls. Of this power, 436,000 h.p. is in the hydro-electric
plants of the
company on the Gatineau River, and the balance,
126,600 h.p., is on the
Ottawa River and its other tributaries.
In the first three months of this year, the Gatineau
Power
482,359.000 k.w.h. of electric energy, 234 times the output ofCo. produced
the company
in the corresponding period of 1928, and the greatest
for any quarter in the
history of the company.
-V.128, p. 1226.
Great Falls Power Co.
-Bonds Called.
-
All of the outstanding lst mtge.sinking fund 5% gold
bonds,dated May!
1941, were recently called for redemption
May
int. at the Bankers Trust Co.. trustee, 16 as of St., 1 1929 at 107% and
Wall
N. Y. City.
-V. 127,
p. 2955.
Illinois Bell Telephone Co.--Earnings.-
Quarter Ended Mar. 31Total revenues
Total expenses, including taxes
Interest
Balance, net income
Dividends paid
Balance, surplus
-V. 128, p. 2504.
1929.
1928.
1927.
$22:139,093 $19,669,165 517.774,741
17,663,697 16.001,456 14,395,515
934.264
671.346
937.867
53.541,132 52,996,363 $2,441,359
2,200,000 2,200,000
1,600,000
$1,241.132
$796,363
$841,359
Indiana Bell Telephone Co.
-Earnings.
-
Calendar Years1928.
1927.
1926.
1925.
Telephone oper. rev--$12.136,335 $11,369,234 $10,820,506
$9,902,494
Telephone oper. exp_ _ __ 7,574,197
7,054,256
7,140.561
7.153,496
Uncollectible oper. rev _
48,799
41,981
58,285
34,054
Taxes assign, to oper_-_ 1,297,727
1,297,125
1,129,089
923,220
Net non-oper. income __ Cr.224.055 Cr.283,561 Cr.217,313 Cr.131,092
Rent and miscellaneous_
168,304
151,322
163.425
159,465
Interest
241,046
405,337
409,012
1,000.903
Net income
$3,030,316 52,702,774 $2,137,446
8762,448
Dividends
2,400.000
1,755,000
1,080,000
Other app. from net inc.
49,000
200.000
118,841
Balance, surplus
5581,316
5947,774
5857.446
5643,607
-V. 126, p. 3116.
International Hydro-Electric System.--Listing.-
The company will make immediate application to the New York Stock
Exchange for listing of 1,045,000 shares of class A stock, of which 475,000
shares have been issued and 570,000 shares are held in reserve for conversion
of debentures.
-V. 128. p. 2461.
Louisville Gas & Electric Co.
-Earnings.
-
12 Mos. Ended Feb. 28Gross earnings
Net earnings
Other income
1929.
1928.
$9,834,445 $9,000,017
5,113,777 4.625,164
320,868
199,584
Net earnings incl. other income
-V. 128, P. 2461.
$5,434.646 $4,824,745
Market Street Railway Co.
-Earnings.
12 Mos.
Ended Feb. 28Gross earnings
Net earnings
Other income
1929.
1928.
59,683,278 $9,844,171
1.372.853
1,559,287
18,204
24.151
Net earnings incl, other income
-V. 128, P. 2461.
51.391.057 $1,583,435
Massachusetts Gas Cos.
-Rights, &c.
-
A special meeting of the shareholders has been called for June 3 to authorize an issue of 166.667 additional common shares to be offered for subscription to the common stockholders pro rata at par ($100).
President Richards states: "If this issue is authorized, the company
will realize $16,666,700. The current indebtedness at present is $12,000.000, which represents in the main expenditures for additional capital stock
of the Boston Consolidated Gas Co. purchased Aug. 21 1928: payment of
balance of bonds of 1909 issue which matured Jan. 1 1929 and loans to
subsidiary companies.
"It is proposed to use the proceeds of the new issue of shares to pay this
Indebtedness and the balance will be used to pay for the construction of a
new battery of by-product coke ovens at Everett, Mass., and for other
necessary additions to the plants of subsidiary companies.
"The new battery of by-product ovens to be constructed will cost about
53.000,000 and that, together with expenditures which are necessary to
keep our coal-mining properties up to date, modernize part of our fleet
units, will we believe add substantially to our income.
"The trustees are of the opinion that the proposed method of financing
Is of special advantage to the preferred shareholders in that the money is
raised by common shares instead of by bonds or obligations having priority
over preferred shares, and the trustees are also of the opinion that the
Proposed method of financing is advantageous to the common shareholders
in that they are able to obtain the new shares at a very advantageous price
and to participate according to their present holdings in the future earnings
of the company."
The stock offering will be on the basis of two now shares of common for
every three existing shares. There are at present 250,000 common shares
outstanding.
-V. 128, p. 2804.
Mountain States Power Co.
-Earnings.
-
12 Mos. Ended Feb. 28Gross earnings
Net earnings
Other income
1929.
1925.
$3,032,099 $2,769,691
1,036.359
1,175.838
74,912
139,979
Net earnings incl. other income
51,250.750 $1,176,338
(Note).
-Tacoma and Puget Sound divisions sold December 31 1927.
Net earnings of Tacoma and Puget Sound divisions for the 10 months ended
December 31 1927 are included in other income.
-V. 128, p. 2804.
New England Tel. & Tel. Co.
-Quarterly Report.
-
3 Mos, End. Mar,31- 1929.
1928.
Oper. revenues$17.600,438
Oper. expenses__ __ --.- 11,969,809 $16.702,442
11,591,970
Taxes & uncollectabies _ 1,499,749
1,492,977
Total oper. Income.-- $4,130,880 $3,617,494
Net non-oper. revenues_
110,318
81.292
Total gross income... $4,241.193 $3,698,786
Int. on funded debt.... 1,033,790
1,033,262
Other interest
127.125
57,233
Debt. disc. & exp
41,576
41,576
Rent, &c
167,064
168,427
Net income
$2.871,641 $2,398,288
Dividend appropriation_ 2,213,224
2,212,948
Balance, surplus
$185,340
Shs. cap. stk. outstand- $658.417
ing (par UN)
1.106,474
1.106,610
Earns. per share
$2.16
$2.59
-V. 128. p. 879.
1926.
1927.
$15,584,456 $15,104,766
10,691,483 10,591.768
1,297,657
1.440,231
$3,452,742 53.215,350
151.576
130.986
$3,583,728 $33.366.926
583,262
1.033,263
378,320
16,890
41,575
134,750
139,209
$2,352,792 52,270,564
2.212.932
2,206,259
$139,860
$64,305
1.106,468
$2.12
1,102,751
New York & Harlem RR.
-Committee Callsfor Proxies.
-
The protective committee, of which Ernest Sturm is chairman and other
members are Frederic J. Fuller. Spencer Trask Mitchell, William D.
&hone and Samuel Thorne, is seeking proxies for the next annual meeting
on May 21. A letter signed by John S. Sheppard, Sec. of the committee,
says:
-The next annual meeting will be held on May 211929. Since the
annual meeting action for an accounting against the New York Central last
and
New York & Harlem roads has been commenced. Certain questions tending to show the income received by the 'Central' from properties of the
MAY 4 192.]
FINANCIAL CHRONICLE
2993
-Earnings.
Philadelphia Company.
been asked and answered. These
'Harlem' not covered by the lease have considerable income from property
1928.
1929.
12 Mos. Ended Feb. 28answers clear the situation and indicate a
$62,377,581 $61.083,282
purposes. This action your committee Gross earnings
exclusive of that used for railroad
29,225,693 26.448,850
intends to prosecute vigorously and it looks for united support. running to Net earnings
1.197,271
1,768,252
Other income
"We. therefore ask you to sign and return the enclosed proxy
desigErnest Sturm, William D. Scholl° or William N. Cohen, the persons
$30.993.945 $27,646,121
the meeting.
Net earnings incl. other income
nated by the committee, to act for the minority stockholders at co-operation
The committee urges upon every stockholder the importance ofs' interests." -V.128, p. 2619.
in the effort it is making to protect and further the stockholder
-Sale of Interest in
Philadelphia Rapid Transit Co.
-V.127, p. 260.
Bus Concern.
-Earnings.
New Jersey Power & Light Co.
-V. 128, p. 2805.
See Public Service Coordinated Transport below.
1927.
1928.
Years Ended Dec. 31$2.885,703 $2.717,860
Transpor .-Acquisi
Operating revenue
Public Service -Coordinated recent lettertto Presidenttion.
1,528,859
1,581,131
R. T.
Operating expenses and maintenance
President Thomas N. McCarter in a
481,308
465,792
in substance:
Taxes and depreciation
Senter of the Philadelphia Rapid Transit Co. saysindependently operated
to acquire many of the
"Having found it necessary
$707,693
$838.781
and Philadelphia. we
Operating income
99,238 buses supplying service between New Jersey points Pennjersey would be
148.357
that of
Other income
feel that the amalgamation of the services into reduce the overuse of buses
serve to
$806.931 an economic move and one that woulda city streets.
$987.138
Total income
307,867 over the bridge and into Philadelphi
300,000
for its interest in the PennInterest on funded debt
"To accomplish this result we now offer PET PET has invested in the
32,240
32.434
from income
Other deductions
jersey Co. as a going concern the amount which a total, as we understand
Co. to date, plus $500.000 in cash, or of the debts and other
6460,824 Pennjersey
$054,704
Net income
in addition, assume all
178,204 it, of $925,000. We will, in the interest of Pennjersey, this to include all
197,841
Dividends on preferred stock
obligations incurred for or
296.875
Dividends on common stock _
car-trusts covering the purchase of Pennjersey motorof the outstanding
withdrawal of PET from bus
$288,620 buses. This would result in the permanent
$159,987
adjacent to Philadelphia.
Balance,surplus
transportation in New Jersey suburban territory of a certain agreement of
-V. 127. P. 3540.
force and effect the terms
"This leaves in full
and lease a surface car
Service is
April 11 1927 by which Public street cars to build Camden over the Dela-Tenders.
New Orleans Public Service, Inc.
entering
Camden for use of PET
The New York Trust Co., trustee. 100 Broadway, N. Y. City, until loop in
when called upon by you, in good
ware River Bridge, and we also agree,
May 3 received bids for the sale to it of gen. lien 434% gold bonds, due faith to aid your company to secure a satisfactory agreement covering the
exshould likewise expect
July 1 1935, to an amount sufficient to exhaust $151,246 at prices not
operation of your street cars over this bridge. We of suburban bus traffic
128. D. 1226.
-V.
ceeding 105 and interest.
the friendly co-operation of PET in the distribution
points in Philadelphia."
to appropriate
New York State Railways.-Earnings.Transit Co., in reply to the
President Seater of the Philadelphia Rapidreceipt of your letter of even
1926.
1927.
1928.
3Mos. End. Mar,31- 1929.
part: "I hereby acknowledge
$2.498.511 62,644,292 $2,788,416 62,792,002 above, said in the purchase of PRT's interest in Pennjersey Rapid Transit
Gross earnings
.111,359 date relating to
2,113,568 2
2,037,827
to the following
Operating exps. & taxes. 1,921,245
381.613 Co., and do now accept the same subjectyour letter, PRT agrees to with372.952
383,344
376,654
Interest, &c
7,880
"Referring to the second paragraph of
7.880
7.360
6.700
transportation in New Jersey suburban terriSinking fund
draw permanently from bus
that a continuation
tory adjacent to Philadelphia. provided that it Is agreed ia RR. bus organiBal. for diva., depre$291,151 of its minority stock ownership in the PET-Pennsylvan its associates, shall
$294,016
6215,759
a RR.and
& surplus ____ $193.911
ciation
zation, which is controlled by the Pennsylvani
provided further that
-V. 128. p. 1054.
not be considered a violation of this agreement: and account and benefit
bus line
it will not prevent the PET running a to do so for the Pennsylvania RR.,
-Subs. Plans New Plant.
North American Co.
the
by
a RR., if required
power
to the PennFurther plans to insure adequate facilities to meet the increasing were of the Pennsylvani
new Pennsylvania RE. West Philadelphia station
needs of territories served by the North American Co.'s subsidiaries Elec- from the RR. station in Camden.
sylvania
by President Frank L. Dame. The Cleveland
understood that there shall be no
announced on April 27
"In this connection it is to be likewise city beyond the present terminals
American subsidiaries,
tric Illuminating Co.. one of the principal North generating plant near
extension of bus operation by you in this of PRT."-V. 128, p. 2805.
was to break ground this week for a new steam electric
buses, without the consent
shore of Lake
Ashtabula, 50 miles east of Cleveland, 0. The site is on theinstallation of of Pennjersey
Erie and comprises 151 acres. The plant will have initial
Public Service Co. of New Hampshire (& Subs.).
kilowatts capacity, consisting of three 50,000 kilowatt turbo150,000
generators, each supplied with steam from a pair of boilers using pulverized Earnings.
1929-12 Mos.-1928.
coal. The plant is expected to be in operation in August 1930. Ultimately
Period End. Mar. 31-4929-3 Mos.-1928.
five Imre units will be installed, with 250,000 additional capacity. The Gross oper. revenues_ _ _ 61,085,156 $1,039,819 $4,069,481 $3,726,849
1,811,730
1.952.696
489,727
Ashtabula plant will be similar in its general plan to Avon station, located Oper. exps. & taxes__ __
506.746
on Lake Erie west of Cleveland. High-tension lines will connect it with
6550,092 $2,116,786 $1,915,119
the company's transmission system, now supplied principally from Avon
Net oper. revenue ___ $578,411
85,537
-V. 128. p. 2804.
50,257
19.097
station and Lake Shore station in Cleveland.
14,930
Non-oper. revenue (net)
$569,189 $2,167,043 $2.000,656
-Earnings.- •
593,341
North Continent Utilities Corp.
Gross income
519,240
587.051
159,922
150,718
Interest charges
Consolidated Earnings Statement for Year Ended Dec. 31 1928.
321.958
378,357
88,828
103,693
$3,602,243 Depreciation
Gross earnings from all sources
2,264,961
Operating expenses and maintenance
$320,439 $1,201.636 $1,159,458
$338,929
88.902
Balance
Taxes (Federal taxes excluded)
283.979
343,353
74,633
90,248
Pref. div. requirem'ts
$1,248.380
$875.478
$858.283
$245,806
444.122
bond discount and expense
Bal. avail for corn.stk. $248,681
Interest charges including
64,084
Federal income taxes
Balance Sheet March 31 1929.
150,255
' Depreciation
Liabilities
Assets
$4,917,629
plant & equip _ _222,847,668 Common stock (no par) _ _ 6,065.290
$589,919 Property,
Net Income
$6 div. pfd. stock (no par)
. 2,139,250
subs. cos__ 860,000
Dividends paid or accrued on preferred stock in hands of public: 215,684 Investments in
6,557 $5 div. pfd. stock (no par)___
Sinking fund uninvested ..-__
114,269
Preferred stock of subsidiaries
150,345 PM.cap, stock subscrip___
168,787 Other investments
of public:
Preferred stock of North Continent Utilities Corp
437,733 Bonds in hands
Material & supplies
M.T.L.dr P. Co. 7s, 1952 x810.500
598,383
$205,447 Accounts receivable
Balance available for common stock
M.T.I-. & F.Co.5 s, 1952 x4,149,500
182,046
2,816 Cash
Amount applicable to minority interest shareholders
49,875 P. S. Co. of N. H.5s, 1956 3,650.000
Notes receivable
P. B. Co.ot N.H.44s. 1957 3,100,000
29,284
_ $202,631 Advance payments
100,000
Bal. avail, for cora, stockholders of Nor. Cont. Util. Corp_ -_
75,990 Notes payable
Suspense
1,147,055
-V. 126. p. 3929.
Unamort. debt (Met. & exp._ 1,001,277 Accounts Payabledue
313,787
Accounts not yet
513,449
Met.& exp. on cap. stock
1,834,969
-Earnings.
Northern States Power Co.
Reserves
1929.
1,969,047
1928.
Surplus
12 Mos. Ended Feb. 28$31,707,713 $30,090,848
Gross earnings
$28,031,857
16.392.767 15.157,056
Total
Net earnings
228,031,857
Total
624.684
64,837
Other income
sinking fund, in treasury.
x Gives effect to deductions for bonds held in
bonds.
$17,017,451 $15,221.893 and pledged as collateral for Public Service Co. of New Hampshire
Net earnings incl. other income
-V. 128, p. 1905.
-V. 128. p. 2797.
-Earnings.
Oklahoma Gas & Electric Co.
-Merger Negotiations Cornpleted.Richmond Rys., Inc.
with the Tompkins Bus
Negotiations for the merger of this corporation for the sale of the Richa contract
Corp., were completed on May 1 and signed as soon as the Transit Comwill be
mond Railways for $1,500,000
general manager of the
mission sanctions the deal, Samuel H. Serena,
President of the
Richmond corporation and M. T. Gordon, Jr., acting
$8.728.835 $5,753,390 Tompkins Bus Corp., announced.
Net earnings Inc!. other income
Included in the sale,
Inc..
-Gas properties sold Nov. 30 1927. Gas department net earn(Note).
The properties of the Richmond Railways,
and the ferry which
ings for the 9 months ended Nov. 30 1927. are included in other income. comprise all their trolley cars, franchise, car barns to Holland Hook.
N. J.,
-V. 128. p. 2805.
operates across Kill van Kull from Elizabethport,
low three years
The price would have been considered
Staten Island.
has caused the railways
-Earnings.
ago, but since then the competition with buses it is said.
Pacific Lighting Corp.
$800,
corporation a daily loss of between $700 and
1929.
1928.
two of the trolley lines
12 Months End, Mar,31As soon as the contract is signed, it is understood
$32,014,948 $29,272.736
Gross revenue
. The Tompkins Bus Corp. will
-cent
13,578,075 13,024.241 will be withdrawn and buses substituted
and will retain the 8
Operating expenses
to operate trolley services trolleys. Later the street
3,022.472
2,890,093 continue temporarily
Taxes
fare, and issue transfers between the buses and
-cent fare
with a 5
buses substituted
$15,414,401 $13.358,401 car services are to be abandoned, and -V. 117, p. 440.
Net income
3.147,593
3.451,852 under the present zoning arrangement.
Bond interest
3,611,624
4,029,823
Branch Line.
Depreciation
336,036
Sacramento Northern Ry.-Construction of authorizing the
331,759
Amortization of bond discount & expenses
The 1.-9. C. Commission April 22 issued a certificate County. Calif.,
branch line of railroad in Solano
$7,900,950 $5,983.167 company to construct a
Net profit
-V. 127. p. 3246.
1306,380
1,327,569 approximately 73i miles long.
Div. on pref. stocks of subsidiary cos Corp
599,172
599,547
Div. en pref. stock of Pacific Lighting
-Earns.
3,481.033
2,075,576
San Diego Consolidated Gas & Electric Co.
.Cash div. on corn. stk. of Pacific Lighting Corp
1928.
1929.
12 Mos. Ended Feb. 28$6,981,093 $6.595.588
$2.514,365 61,960,475 Gross earnings
Remainder to surplus
3,298,585 3,095,482
1,250.000
1,127.459 Net earnings
Shares of corn, stock outstanding (no par)
4,891
3,324
$4.79
$3.58 Other income
Earn, per share
Consolidated Balance Sheet Mar. 31.
$3.301,909 63,100.373
incl. other income
Net earnings
1929.
1928.
1928.
1929.
-V.128, p. 2806.
i
Liabilities8
$
8
Assets-Earnings.
fr .128,889,348 119,316,018 Preferred stock _ 10,000,000 10,000.000
Plant,prop.&
Southern Colorado Power Co.
Corn,stock.
1928.
1929.
Invest. In secur.. 3,737,460 4,509,663 Sub.& pfd. atk - x22,422,500 16,295,450
12 Mos. Ended Feb. 2821,838,600 21,841,200
$2.296.768 $2.303,131
Cash & secur. in
earnings
Gross
1,002.782
188,727 Collect on instal.
1,095,961
890,726
sinking fund..
10,427
41,110
sales
38.906 Net earnings
7.842
3,267,277 1,981,976
Cash
Other income
debt_ _ _
Acsts.¬esrec 6,332,914 3,196,903 Funded constr. 59,524,000 58,097,200
2,545,140 2,511,986
1,739,634 Adv.for
$1.103,803 $1.013.209
Mater.&impel - 1,824,037
Net earnings incl. other income
1,345,278
'Deferred charger 5.924,740 4,789,046 Accts. payable _ 1,340,761
380,014
Divs. payable
192,364 -V.128, p. 2806.
_
502,857
Accr.Interest .
617,572
Southwestern Bell Telephone Co.-Earnings.2,078,495 1,903,743
Accr.taxes
1926.
1927.
1928.
1929.
Quar. End. Mar. 31Deprec.reserve_ 20,370,883 16,904,212
$20,784,469 $18,649,836 $17,062,194 $14.154,836
426,679
383,892 Gross income
Other reserves .
3.645.449
4,883.379 4,431,297
5,646,054
8,195,464 5,590,164 Net after taxes
Totahea.side) 149,666,504 135,721,967 Surplus
-V. 128. P. 1905.
-V. 128. p. 2462.
x Represented by 1,250.000 no par shares.
12 Mos. Ended Feb. 28Gross earnings
Net earnings
Other income
1929.
1928.
$12,886,114 $11,195.740
6,067,807
5.186.656
661.028
568,734
2994
FINANCIAL CHRONICLE
Standard Gas & Electric Co.—Earnings.-
[Vol.. 128.
time diva,shall be in arrears or unpaid on the preferred stock
periods and until all such dividends in arrears shall have been for 6 quarterly'
ration will agree to refund certain taxes to holders of this paid. Corpoupon written application within 60 days after payment, preferred stock
vided for in an agreement to be filed with the transfer all as will be propresent normal Federal income tax. Transfer Agent: agent. Free from.
Net earnings Incl. other income
Co. of New York: Registrar: The Seaboard National Central Union Trust
$73,089,501 $65,141,856
Bank of the City of'
—V.128, P. 2796
New York.
.
Stock Purchase Warrants.—The holders of each share of
this preferred
State Line Generating Co.—Notes Offered.—Halsey, stock will be entitled,subsequent to Nov.30 1930, to purchase one
share of'
conunon
Stuart & Co. Inc. are offering at 98% and int.• to yield $35 per stock at the following prices: To and including Dec. 31 1933, at
share;and thereafter,to and including Dec.31 1938,at$50
per share,
about 6.18% $7,000,000 2
'
-year 532% gold notes.
thereafter the stock purchase privilege will be void.
Business.—Corporation. upon completion of present financing will
Dated May 1 1929: due May 1 1931. Principal and
own.
offices of Halsey, Stuart & Co., Inc., In Chicago and New int. payable at not less than 79% of the outstanding class B stock of Federal Water
York Interest Corp. and all
Service
will be payable M. dc N., without deduction for Federal income
taxes Power Corp. of the outstanding class B common stock of Peoples Light &
now or hereafter deductible at the source, not in excess of 2%.
These companies, representing important factors in the
or part at any time upon 30 days' notice at the following prices Red. all public utility fields ofelectric light and power,gas and waterservice,
and int: their subsidiaries render service
through,
100.50 prior to May 1 1930 and on May 1 1930 and
in territories having an aggregate population.
at 100. Denom. $1.000c*. Company will agree to thereafter to maturity estimated to be in excess of 2,800.000. In addition to this diversificat
reimburse the holders of utility service,
ion.
of these notes. if requested within 60 days
payment, for the Penn. panies are locatedthe various operating subsidiaries of the two latter com4 mills tax, for the Conn. personal property after not exceeding 4 milk;
in 21 states, and include
tax,
per New York Water Service Corp., Alabama Green Mountain Power Corp,
dollar per annum,and for the Mass,income tax on the interest not exceeoing
Water Service Co., California
Water Service Co., Scranton-Spring Brook
6% of such interest per annum.
Edison Co., West Virginia Water Service Water Service Co. Arizona
Issuance—Authorized by the Public Service Commission of Indiana.
Electric Co. The annual gross business of theCo., and Wisconsin Hydro
subsidiaries is
Data from Letter of Pres. Samuel Insull, April 26.
000 and their combined assets are approximately $200.000.0 over $22,000, .
00.
Company.—Organized in Indiana to furnish power at wholesale to the
Capitalization—
Authorized, Outstanding.
Commonwealth Edison Co., Public Service Co. of Northern Illinois, North- 5% cony, gold deben., series due May
1 1979ern Indiana Public Service Co. and Interstate Public Service Co.
$4,000,000
Preferred stock (no par)
--a shs. e45.000 shs.
500,000
owns a site located on the shores of Lake Michigan immediately Company Common stock (no par)
southeast
61,000,000 shs. d100,000 abs.
of the Illinois
-Indiana state line, upon which Is being built a large and
a Limited by restrictions of the indenture.
advanced type of generating station, the first unit of
b 195.000 shares reserved for stock purchase privileges as
follows: 45,000
to be in operation In Oct. 1929. The total area of the which is expected shares for the holders of the preferred
site owned
stock: and 150.000 shares for the
proximately 90 acres of which 76 acres consist of filled-in land, is ap- bankers, of which 100,000 shares are at $35
per share until Dec. 31
title to
which has been granted by the State of Indiana to the company.
and 50,000 shares are at $50 per share until Dec. 311938. 100,000 1933.
The
shares
power station site combines the essential advantages of central
are reserved for conversion
for the important loads to be served in the district, abundant supplylocation debentures, series due May,1after Nov. 30 1930, of 5% convertible gold
1979.
ofclean
condensing water, excellent railway service for the provision
C $3 Series with common stock purchase privilege.
of coal,
storage accommodations for some 500,000 tons of coal. In addition and
d 175.000 additional shares of common stock, for which the corporation.
to the
existing means ofserving the plant with fuel by rail, arrangements
have been will presently receive the full consideration, are !satiable from time to time.
made allowing for its transportation to the station by water.
In the future, as follows: 50,000 shares when annual earnings of the
The first unit of the power station now being installed will be a
ration available for common stock then outstanding. Including suchcorpoaddiunit of 208.000 kilowatt capacity, consisting of one high pressure turbine tional shares, are equal
to at least $3 per share. 50,000 additional shares
and two
low pressure turbines, equipped with 8 vertical condensers of
when such earnings are equal to at
a
of 360,000 gallons of water per minute and served with steam fromcapacity 75,000 shares when such earnings least $3.50 per share, and the remaining
are equal to at least $4 per share.
6 water
tube boilers fired by means of powdered fuel equipment
Earnings.—The consolidated earnings of the subsidiaries to be presently
. The present
intention is to add from time to time four additional
large units to an controlled for the year ended Jan. 311929. after deducting all prior charges,
ultimate minimum capacity of 1,000,000 kilowatts.
including interest, dividends on preferred stocks, amortization, depreciation.
The purpose of constructing the State Line Generating
station is to and earnings applicable to class A stocks and to minority interests, and after
assure a supply of energy at the lowest possible cost.
Company will own giving effect to the investment by the corporation and its subsidiaries of
no transmission system beyond its own property
and no sub-stations except the proceeds from the sale of securities thereof to be presently issued. are
those required for its own use and
equal to over 2.85 times the annual dividend requirements on the preferred
its
tracting companies at its propertywill sellTheentire capacity to the 4 con- stock to be presently
line.
size and
outstanding. After deducting from the above earncontracting utility companies, together with the naturecharacter of the 4 ings the annual
of the power condividend requirements on such preferred stock, the balance
tracts entered into by them with the company, assure the
latter company is equal to over $2.52 per share per annum on the common stock to be
a maximum load and a certain source of
presently outstanding.
income.
Purpose.—The debentures, preferred stock and common stock
Capitalization Outstanding
presently issued and-or the proceeds from the sale thereof will housed to be
(upon completiqn of the present .financing.)
toward
the acquisition of the stocks to be presently owned
2
-year 534% gold notes due May 1 1931 (this issue)
by the corporation and
$7,000.000 for other corporate purposes.
-year 5 % gold notes due December 1 1930
2
—V. 128, p. 2806.
14.000.000
Capital stock, now outstanding in the nominal
United Light & Power Co.(& Sub.).—Earnings.—
owned (except directors' qualifying shares) directlyamount of $466.000, is
to the extent indicated by the companies following,or through subsidiaries
(Incl. Consolidated Earnings of American Light & Traction
and each owning comCo.)
pany has obligated itself to furnish its proportionate part of any
12 Months Ended Jan, 31—
necessary Gross earnings
1928.
1929.
additional funds, as more fully hereinafter set forth:
of sub. & controlled cos. (after
Commonwealth Edison Co
eliminating inter-co. transfers)
$84.340,729 $89,829,019`
40% Operating expenses
Public Service Co.of Northern Illinois
38.428,324 38,177,819
30% Maintenance,
Northern Indiana Public Service Co
5.476.309
204, Taxes, generalchargeable to operation
5.770,938
InterstatePublic Service Co
and income
7.868.774
10
8.458.291
Completion.—The cost of the station and initial installatio
Depreciation
n of generating
5.833.253
6.936,436.
equipment is estimated at $28,500,000. The owning
companies have
obligated themselves, in the respective proportions
Net earnings of sub, and controlled companies_
_$26.734,070 $30,485.535
the capital stock of the company, to furnish all in which they now own Non-operating earnings
necessary funds in excess
233,41&
of the above stated funded debt of the company,
including this issue, to
complete the station and Initial installation. All such
Net earnings all sources
advances will rank Interest
$30,718.950
junior to the obligation of the company to pay
on bonds, notes, &c., of sub, and controlled cos. due
principal and interest on
the notes to be outstanding on completion of this
public
financing.
11,840,664
Purpose—Proceeds from the sale of these notes
Amort. of
(the portion thereof Divs. on bond and stock disc, of sub,and controlled cos
848,997
not used to refund current borrowings will be escrowed
pref. stocks of sub, and controlled cos. due public and
depositary) will be used to meet a part of the cost with an independent
Proportion of net earnings attributable to common stock not
of the station and the
initial installation of generating equipment.
owned by company
8,495,389 •
Earnings.—Fifty year contracts have been
of electrical energy by State Line Generating entered into for the furnishing
Gross income, available to United Light & Power Co
Co. to Commonwealth Edison
$9,533,899
Co., Public Service Co. of Northern Illinois,
Interest on funded debt
3,064,092
Service Co. and Interstate Public Service Co. Northern Indiana Public Other interest
These contracts together
4,932
cover the station's entire output from its initial
154,582
capacity now being in- Amortiz. holding company bond discount and expense
stalled as well as that from additional turbine units
later to be Installed Net income
when mutually agreed to by the company and the
$6,310,293
contracting companies. Class A
Under the terms of these contracts, regardless
preferred dividends
1,043,732
taken, monthly payments are to be made to the of the amount of electricity Class B preferred dividends
company by the contracting
307.080
companies (in the proportions in which they or their
subsidiaries now own
Balance available for
the capital stock of the company)aggregating a sufficient amount
$4,959,480
to pay all Earnings per 2631.rn share on common stock dividends
taxes,insurance and charges to retirement reserve and a return
common
$1.56
to be fixed by —V.128, p.
the company, but not to exceed 8% of the company's
investment (such
charges to retirement reserve and the return being subject,
United Public Utilities Co.—Bonds Offered.—Thompson
energy sold to Nor. Indiana Pub. Service Co. and Interstate in respect to
Public S rvice
Co., to review by the Public Service Commission of Indiana)
and in addi- Ross & Co. Central Trust Co. Ill., Wm. L. Ross & Co.,
tion to pay other actual operating costs except cost of fuel
burned. Each Inc. and Whitaker & Co. are offering
contracting company will be entitled to its proportionate part
an additional issue of
of the
output and will be billed monthly for the cost of the fuel burned total $1,000,000 series C 1st
lien 6% gold bonds at 99 and int.,
basis of the amount of electricity actually taken by such company.on the
to yield about 6.05%. The bonds which are dated April 1
The company has covenanted that, so long as any of these notes
remain 1927 and
outstanding and provision for the payment thereof shall not
due April 1 1947 are listed on. the Chicago Stock
have been
made, it will not cancel or modify in any material respect either
tracts to supply funds for completion of the station and the initial the con- Exchange.
installaEach bond carries a non-detachable warrant entitling
tion of generating equipment or the power contracts, all above
the holder thereof
mentioned. to purchase, on or before
Under the power contracts the following are the estimated annual
April 1 1934 at $15 per share, common stock
and expenses of the company after the completion of the 208,000 earnings (without par value) of United Public Service Co.. In the ratio of 10 shares
kilowatt of common stock for each
capacity of the station now being installed:
$1,000 of bonds. Warrants attached to bonds
called for redemption prior
Gross earnings
$7,555,850 on or before, but not after, to April 1 1934, may be exercised at_any time
Operating expenses, maintenance and taxes (except Federal)_
the date fixed for redemption.
4,426,350
Data from Letter of Ernst Jacobson, Pres.
Net earnings before depreciation
$3,129,500
company.—A New Jersey corporation. Owns,of the Company.
Interest on the company's maximum funded debt of $21,000,000
through stock ownership, control of operating subsidiarie
principal amount then to be outstanding
1,155,000 centralized group of 63 communitie s furnishing public utility service to a
—V.128. p. 2806.
s in the territory lying between Dayton,
Ohio, and Winchester, Ind., and to a centralized
group of 83 communities
In North and South Dakota, and furnishing
Trenton Bristol & Phila. St. Ry.—Forectosure.-ice service in Anniston and
Mobile,
Action to foreclose the mortgage covering the outstandin
g $544,500 munities Ala., Fort Worth, Tex., Fort Smith, Ark., and to eight comin Louisiana, including New Orleans. Company also controls.
30
-year bonds because of the non-payment of interest for the
3Si
has been instituted in the U. S. District Court at Philadelphialastthe years through subsidiaries, the distribution system supplying natural gas to
by
Trust Co. of Maryland. trustee of the mortgage.—V. 112, p. 1284. Union the domestic consumers of Fort Smith, Van Buren and Alma, Ark.aoElectric light and power is supplied to 28.549 customers in 138 communities
United Power Gas & Water Corp.—Stocks Offered.— and gas to 20,163 consumers in 23 communities. The combined population of the territory supplied with electric light and power and gas service
G. L. Ohrstrom & Co., Inc., are offering.45,000 shares $3 alone is estimated to be in excess
of 250,000.
The properties of the operating subsidiaries include electric power stacumulative preferred stock (no par value) at $49 per share
combined
and div.(with common stock purchase privilege) and 100,000 tions having a ice-makinggenerating capacity of 26,204 h.P., Ice Plants
having a daily
capacity of 1,545 tons: gas plants of 395,000
shares of common stock (no par value) at $38 per share. cubic feet daily capacity, supplemented by natural gas; 1,218,miles of'
These offerings were made subject to the rights issued to electric transmission lines, 337 miles of gas distribution mainsjanc4112
miles of gas transmission lines.
404
stockholders of Federal Water Service Corp. and Peoples
Security.—The bonds of all series are secured by a first lien on all outLight & Power Corp. to purchase this preferred stock and standing bonds, indebtedness (except current indebtedness not in excess
of current assets) and at least 95%, of the capital stock of all classes
of
common stock of United Power Gas and Water Corp. Such each subsidiary, as defined; the securities representing such outstanding
bonds, indebtedness and capital stock being deposited and pledged
rights expired April 30.
with
the trustee under the indenture. Upon the acquisition of new subsidiarie
The pref. stock is entitled to cumulative dividends at the rate of $3 per similar deposits
s
in respect of such subsidiaries will likewise be made.. The
share per annum. Dividends payable Q.
-F. Pref. stock is red, all or part, Indenture
on any div. date, upon 60 days' notice, at $55 and diva, per share. Upon must at provides that these requirements in respect of each subsidiary
all times be maintained. Company may, however, in lieu of
any dissolution or liquidation holders of pref. stock shall be entitled to depositing any
outstanding indebtedness of a subsidiary, deposit cash
receive $55 and diva, per share before any distribution may be made to the sufficient to retire
holders of the common stock. Holders of preferred stock shall be entitled stock is pledged, the same. Indenture provides that unless 100% of the
to vote share and share alike with the holders of the common stock if at any non-pledged stockan adequate deposit in cash must be made against the
which carmto exceed 5% of the whole.
wawa
12 Mos. Ended Feb. 28—
Gross earnings
Net earnings
Other income
1929.
1928.
$149,079,469 $142,270,335
70,153,416 63,003,553
2,936,085
2,138,303
MAY 41929.]
FINANCIAL CHRONICLE
Additional bonds of any series may be issued under the conservative
restrictions of the indenture.
Maintenance & Renewal Fund.
-Indenture provides that during each
-calendar year the company shall expend or cause to be expended by its
subsidiaries an amount not less than 12Y4% of the consolidated gross
operating earnings for the preceding calendar year for a (a) repairs, renewals and replacement; (b) extensions or acquisitions in respect of which
the company would otherwise be entitled to Issue additional bonds;or (c) the
redemption or purchase of bonds outstanding under the indenture.
Earnings.-(onsolidated earnings of the company and its subsidiaries
'for the 12 months ended Feb. 28 1929, irrespective of dates of acquisition.
were as follows:
Gross earnings
$4,408,917
•Oper. exp.. incl. maint. & taxesiother than Federal), but before
retirement provision
2,710,674
Net earnings
$1,698,243
Ann. int. require. on total 1st lien gold bonds (of all series)
$835.820
Net earnings, as shown above, were over two times the annual interest
'requirement on the total amount of first lien bonds outstanding, including
this issue.
The sources of net revenue shown above were approximately: Electric,
.130%; gas, 14%; ice. 15%; and the balance from miscellaneous sources.
Capitalization Outstanding (Upon Completion of this Financing).
.First lien gold bonds: Series A.6%
56.994,000
Series ,534
6,476.000
Series C.6% ethis issue)
1,000,000
'One year 6% gold notes
1,000,000
Preferred stock (no par value)
55,000 shs.
Common stock (no par value)
181 000 shs.
Managenient.-All of the common stock of United Public Utilities Co.
(except directors' qualifying shares) is owned by United Public Service
Co.
-V. 128. p. 402.
Wisconsin Public Service Corp.-Earning8.12 Mos. Ended Feb. 28Gross earnings
Net earnings
Other income
1929.
1928.
$5.097.853 84.693.634
2.259.653
1,901.450
13,483
7,333
Net earnings incl. other income
-V. 128, p. 2807.
$2.273.136 $1.908,783
Wisconsin Valley
12 Mos. Ended Feb. 28Gross earnings
Net earnings
Other income
Electric
Co.
-Earnings:
1929.
1928.
81.706.343 $1,638.344
670.740
778.422
24,560
8.458
Net earnings incl. other income
-V. 128, p. 2807.
5695,300
5786.880
INDUSTRIAL AND MISCELLANEOUS.
2995
American Commercial Alcohol Corp.
-Stock Split-Up.
The stockholders on April 26 approved an increase in the authorized
no par value common stock from 300.000 to 750,000 shares together with a
split-up of the stock on a 2
-for-1 basis.
The common stockholders and holders of voting trust certificates for
common stock of record April 27 will receive one additional common share
or voting trust certificate for each share held. There are currently outstanding slightly more than 136,000 common shares and voting trust
certificates.
-V. 128, p. 2272.
American Department Stores Corp.
-Acquisition.
The corporation announced last week the acquisition of its 10th store
since the first of last year, I. Sulzbacher & Co., of Steubenville, Ohio. The
corporation now owns and operates 17 retail stores, as compared with 7
stores operated at the end of 1927.
The Sulzbacher concern,for 40 years one of the leading retail department
stores of Ohio, will erect a new building for its expanding business which
will be ready for occupancy late this year. The present personnel of the
Sulzbacher Co.will be continued.
Gross sales billed by all units of the American corporation for last year
totaled $13,230,469, an increase of 39% over 1927. These figures include
sales of new stores only from the date of acquisition of each unit.
For the first quarter of 1929 sales amounted to $4,018,021. an increase
of approximately 35% as compared with the corresponding quarter of last
year.
The appointment of Frank H. Anderson as Vice-President and Director
of store operations of the American Department Stores Corp., has been
announced by G. Howard Hutchins, Executive Vice-President. Mr.
Anderson was formerly Treasurer and General Manager of the J. W. Hale
-V. 128, p. 2465
Co. of South Manchester, Conn.
American Diatom Co.(N. J.), Phila.-Bd. of Directors.
The board of directors now includes: David Fulmer Keely, Donald F.
Bishop, Le Roy S. Bishop, Joseph L. Klaudi, E. Roland Snader, Jr..
Craige M. Snader and E. M. Loveland.
-V. 128. p.2808.
-To Offer $15,000,000 PreAmerican Founders Corp.
ferred Stock.
It is understood that Harris, Forbes & Co. will offer publicly next week
a new issue of $15,000,000 6% first pref. stock to be represented by units
convertible into common stock. Each unit will be convertible into one
share of common stock of the corporation any time after June 1 1929 and
on or before Feb. 1 1932 at a price to be announced later. It is also expected
that appropriate adjustment will be made in the event of recapitalization,
pro rata offerings of common stock, or payment of dividends in common
stockholders subsequent to June 1 1929. in excess of the regular quarterly
rate.
Corporation is primarily a management, financing and holding organization supplying investment supervision to its affiliated investment companies.
International Securities Corp. of America, Second International Securities
Corp., United States & British International Co., Ltd.. and American &
General Securities Corp.
The combined resources of American Founders Corp. and affiliated
companies exceed 5150,000.000.-V. 128, p. 2466.
Butte Wages to be Lowered.
-Anaconda Copper Mining CO, posted notices
at its Butte mines announcing reduction of 25c. a day in miners' wages
effective May 1 1929. This will make miners' pay $5.75 a day.
-"Wall
American I. G. Chemical Corp.
-Incorporated
.Street Journal." April 26.
Company was incorporated in Delaware April 26. Compare abo
Publishers Oppose Union's Five-Day Week.-Assoctation holds cut in time V.
128. p. 2809.
for printing trades lacks economic justification.
-New York "Times,"
April 27, p. 7.
-Earnings.
American Metal Co., Ltd.
Matters Covered in "Chronicle" of April 27.-(a) Bricklayers win $3,876,1928.
3 Mos. End. Mar. 31- 1929.
1927.
1928.
.000 a year pay raise and 5
-day week-p. 2723. (b) Union wage increases
In Springfield, Mass
-p. 2723. (c) American Petroleum Institute to co- Net profits after all exps. $766.471
$562,234
and depreciation
5586.075
5702.808
operate with Federal Oil Conservation Board in its plan for working out Shs.
corn. stk. outstandwith State authorities oil conservation measures
-p. 2728. (d) Wage rise
594,985
841.194
ing (no par)
594.278
593,505
in lead and silver mines-wages in Utah coal mines cut
-p.2729. (a) Ana- Earns, per share
$0.79
$0.79
$0.84
$1.04
conda Copper Co. reduces miners' wages In Butte, Mont.
-p. 2729.
(f) Draft plan to list investment trusts
-New York Stock Exchange gover- -V. 128. p. 1908.
nors said to have agreed on class of shares to be admitted-law body framing
American Pneumatic Service Co.
-Earnings.
.rules-p. 2736. (g) Large corporations
-23 listed on New York Stock
1929.
Quarter Ended
1928.
Exchange with common stock in excess of 5,000,000 shares
-p. 2736. Net incsme after Mar. 31all chgs. incl. deprec. & taxes._
$113,356
$2,472
(h) Bond syndicate participants
-50 houses appeared In issue aggregating
$25,000.000 in first quarter
-p.2737. (i) Market value of listed shares on -V. 128, p. 2633.
New York Stock Exchange: April 1. 869.770,122.189-Decrease of $2.101,American Radiator & Standard Sanitary Corp.
767,547 in month-p. 2737. (1) Trading on Commercial Exchange of
Philadelphia to begin by June 1-Membership fixed at 350-p. 2738. Initial Dividends
-Exchange of Shares Suspended.
(k) Delinquent corporations in New York State which have failed to pay
The directors have declared an initial quarterly dividend of 373ic. per
'franchise tax for five years face dissolution unless payment is made by
share on the common stock, no par value, payable June 29 to holders of
June 30-p. 2748.
record June 11,and an initial dividend of$1.87 per share on the 7% preferred
stock for period from Feb. 25 to May 31. payable June 1 to holders of
Abraham & Straus, Inc.
-New Controller.
Kenneth C. Richmond, Asst. Comptroller, has been appointed Comp- record May 15.
It was announced by the company that the issuance of stock of the new
troller, succeeding George R. Warden.
-V. 128. p. 2271.
corporation in exchange for stock of the American Radiator Co. and stock
of the Standard Sanitary Manufacturing Co. is suspended for the period
Adams-Millis Corp.
-Definitive Stock Certificates.
The corporation announces that definitive common stock certificates commencing May. 2, 1929, and ending June 14 1929. but such exchange
are now ready to be issued in exchange for outstanding temporary cer- is authorized beginning June 15 1929, for such further period and on such
as may hereafter
tificates at the National Bank of Commerce in New York.
-V. 128, p. conditionscommittee of the be prescribed by the board of directors or the
corporation.
executive
2464.
Under the plan, each preferred and each common share of the American
Ainsworth Mfg. Corp.
-Earnings.
-Radiator Co. was exchanged for four shares of no par common stock of the
3 Mos. Ended Mar. 31new company, while each share of Standard Sanitary preferred was en1929.
1928.
Net earnings
$232,866
$100.624 titled to one share of new preferred, and Standard Sanitary common holders
Earns, per sh. on 116,150 shs, com. stock
$2.00
$0.86 were given 1.09043 shares of new no par common stock. See also V.128.
-V. 128, p. 1398.
p. 2272. 2633.
American Bank Note Co.-Earnings.Quar. End. Mar. 31x Operating profit
Other revenues
1929.
5870,268
57,688
1928.
5655,529
45,328
1927.
$539.217
36.849
1926.
$439.975
40,364
Total income
Depreciation
Miscell. charges, &c__.
5927,957
89,082
146,960
8700,858
70,230
102,499
$576,066
67,189
58,358
$480,339
63,324
41.174
Net profit
Preferred di vid ends _ _ _ _
Common dividends
$691,913
74,721
296,715
8528,128
67,435
296,693
8450,519
67,435
247,262
$375.841
67.434
197.810
Surplus
$320.478
$164,000
$135,822
Earns. per. sh. on corn.
(par 810)
$1.04
$0.77
$0.77
x A/ter expenses and Federal taxes.
Consolidated Balance Sheet March 31.
1928.
1929.
1929.
Liabilities
8
AssetsPreferred stock__ 4.495,650
Land, bidgs., machinery, ate-11,615,890 10,962,120 Common stock.- 5,934,300
2,903,436 2,909,832 Corn,stock salt/Inventories
Accts. receivable.- 1,222,496 1,359,352 Pref. foreign subs_ 389,280
Accounts payable_ 777.275
Def. instal. on stk.
63,720 Reserve for taxes_ 379,595
20.306
sold to
M'ketable Invests_ 1,762,016 1,660,768 Advs.oust.orders. 256,963
107,366 Pref. & common
107.120
Contract dep
1,000,000 '500,000 dive. payable.._ 384,150
Loans on call
1,569,333 1,527,082 lawn pensions et
Cash
special reserves_ 699,813
Cash Se Recurs, for
276,691 Surplus
7,337,769
special reserve... 298,813
Deferred & unadj.
Tot.(each side)_20,634,795
175,729
135,386
charges
-V. 128, P. 1558.
$110.597
$0.62
1928.
4,495,650
5,933,860
440
388.352
518,060
410,810
291,748
364,128
675,691
6.463,919
19,542,859
-Earnings.
American Bosch Magneto Corp.
-Stock Split-Up ProAmerican Railway Express Co.
posed-To Broaden Powers and Change Name.
The stockholders will vote June 3 on a proposal to change its authorized
capital stock from 400,000 shares of $100 par value to 1.500,000 shares
without par value. As soon as this change is effected three new shares will
be exchanged for each share held. This will leave available for future
corporate purposes 460,740 shares of the new stock.
It is also proposed to change the name of the corporation to Railway &
Express Co.and to broaden its purposes and powers.
The addit'ional powers will include the acquiring, holding, selling and
otherwise dealing with respect to its shares of its own capital stock, also
securities and shares of stock of others and other property, personal, real
or mixed, and businesses of all kinds, and to originate and participate in
financings and underwritings, to lend money on call or otherwise and participate in reorganizations.
At a special meeting of stockholders on Feb. 15 1929. the sale of the entire
fixed assets of the corporation (including materials and supplies) effective
March 1 1929, was approved. On March 1 1929, these assets were transferred for the sum of $30.313,000. subject to adjustments, to Railway
Express Agency, Inc., organized by certain participating railroads to carry
on the express business of the United States.
-V. 128, p. 2272.
-Assets Increase.
American Re-Insurance Co.
In the three months ended March 31, the assets of the company,after all
disbursements and payment of dividends to stockholders, increased by
approximately $326,000 over the amount shown as of Dec. 31 1928. it is
announced premium income for the quarter showed a steady growth over
the corresponding quarter of 1928.
The outlook continues favorable. New contacts are being developed
which are expected to add to the premium volume of the company and
to diversify its operations further. Reinsurance arrangements have been
recently made whereby the maximum amount of loss sustainable by the
company on any policy has been materially reduced without payment of
additional premium charge.
-V.128. p..560.
American Republics Corp.
-Earnings.
-
3 Mos. End, Mar. 31- 1929.
1927.
1928.
1928.
Total sales
$2,798.709 $1,967.910 81,404.861 $4.395.888
Operating profits
95.334
125.818
317 312
,
190.217
Depreciation
52.552
54,542
62,236
51.309
Federal taxes
31.884
3 M03, March 31Sales
Cost ofsales
Expenses
Balance
$223,192
Earns. per eh.on 207.399
she. capital stock outstanding (no par)_
$1.07
x Before taxes.
-v.128. p. 1907.
Net profit
$126,778
550.205
Other charges (net)
301,933
210,566
Net income (after deduct. res. for Fed. income taxes)
def$83.788 def$251.729
-V.128,p. 1057. 1049.
x$71,276
$0.34 •
x$42,782
4138,908
$0.21
50.67
1929.
1928.
1926.
1927.
57.720,901 $6,126,671 $7.657.002 55.915.306
6.700.159 4,856.582
5.456.191
6.843,870
475.205
514.963
620.274
750,252
$441.881
30.403
5583.521
83,728
8334.456
$423.663
-Earnings.
American Safety Razor Corp.
3 Months Ended March 31Net profit after depreciation, &c., but
before Federal taxes
Shares capital stock outst.(no par)_ -Earnings per share
-V.128, p. 2272.
1929.
1928.
1927.
$290,941
228.112
$1.28
$272,680
208.112
$1.31
$151,888
202.000
$0.75
-Comparative Balance Sheet.American Surety Co.
Assets-
[VOL. 128.
FINANCIAL CHRONICLE
2996
Mar.31'29.
$
Liabilities5,000,000
Capital stock
Sur. & undiv. prof. 6,275,026
Res. unearn. prem. 6,892,656
Res. contin. claims 3,791,118
Exp. & tax reserve 1,386,607
Volun, special res- 200,000
25,000
2,547,143 2,106,031 Res. for deprec_ __
98,467 Res. outst. prem. 625,000
82.167
Accts. pay.,&c_ __ 243,241
57.660
113,604
Mar.31'29.Dec.3128.
$
$
8,539,225 8,539,225
2,965,597 3,207,512
4,006,756 3,999,865
4,730,050 4,445,787
1,454,106 1,173,725
Real estate
II.S.bonds
Other bonds
Stocks
Cash
Premium in course
of collection_
Accr. int. dr rents_
Reinsur. & other
accts. receivable
24,438,649 23,628,273
Total
-V.128, p. 2094.
Total
Dec.31'28.
8
5,000,000
6,027,831
6,944,386
3,785,094
1,110,725
100,000
450,000
210,237
24,438,649 23,628,273
-Listing.
Anaconda Copper Mining Co.
The New York Stock Exchange has authorized the listing of 2,165,011
on official
shares additional common stock (par $50) from time to time,applied for
notice of issuance, making the total amount of common stock
7,577,537 shares.
The stockholders of record on April 30 are given the right to subscribe
to the additional stock for $55 per share in the ratio of 2 shares of additional stock for each 5 shares stock held. Stock not taken by stockhold-V. 128, p. 2633.
ers will not be sold.
-Earnings.
Andes Copper Mining Co.
(Including income of Potrerilloa Railway Company.]
1927.
Calendar Years1928.
88,926.898 52,703,695
Copper sold (lbs.)
$13,555.544 $7.044,734
Revenue from copper sold
3.814,451
5.676.683
Prod, cost, lees value of sliver & gold
$7,878,861 $3,230,283
Operating profit
194.684
252,969
Other income
Total
Miscellaneous charges
Int., including discount of debs
Deprec. of plant & equipment
$8.131,830 $3,424,967
42.346
1.570,528
2,952,670
2,077.581
250,000
550,000
Net income
Shs. cap, stock outstanding (no par)
Earnings per share
Earn
-V. 128, p. 1400.
$3,933.721
3,577.495
$1.10
$179,950
1,762.219
$0.10
Archer-Daniels Midland Co.-Earnings.- Ended
Mos.
The holders of the class A shares are entitled to receive, when declared.
cumulative preferential dividends at the rate of $1.60 per class A share per
-yearly in priority to any dividends on any other shares.
annum payable half
In addition, holders of class A shares are entitled to participate equally.
share for share, in all dividends paid or declared in any year in excess of the
aforesaid dividend of $1.60 per share and a non-cumulative dividend not
exceeding $1 per share on the class B common shares. On any distribution
of assets other than out of surplus or net profits, the holders of class A
shares are entitled to receive $25 per class A share in priority over the holders
of class B shares; and after the holders of class B common shares have received $25 per class B common share out of assets, the holders of class A
shares are further entitled to participate equally share for share in all distributions to shareholders. Holders of class A shares are entitled to one vote
per class A share and holders of class B cotnnon shares to five votes per
class B share at all meetings of the company. Transfer agent, Toronto
General Trusts Corp. Registrar, National Trust Co., Ltd.
Issued.
CapitalizationAuthorized.
Class A participating shares(no par)
150.000 shs. 95,000 shs.
Class B common shares (no par)
75,000 ails.
50,000 shs.
Business.
-Company has acquired the business formerly carried on by a
company of the same name, which had previously acquired the business
founded by W.D.Beath & L. B. Beath as a partnership in 1904. The partnership commenced operations in Oshawa, and in 1908 the business was
moved to Toronto, where the first unit of the present plant was erected in
1911 on part of the present site on Symington Ave. This plant has grown
to many times its original size and an entirely new plant additional to it
has been erected on Pelham Ave., Toronto. Manufacturing plants are
also operated at Sarnia and Montreal. Company manufactures steel products, Including steel containers of various kinds, grain and dump truck
bodies, steel barrels, drums, conveyors and tanks, pumps and servicestation equipment.
-The fixed assets have been appraised by Dominion Appraisal
Assets.
Co., Ltd., at $871,372, and total net assets, as shown on the balance sheet,
amount to 82,567,500, which is in excess of the issue price of the class A
shares.
-The earnings after provision for income tax and adequate
Earnings.
depreciation, and after eliminating the Income from certain investment&
not acquired by the present company, have been certified for the calendar
years as follows:
1928.
1927.
1926.
1925.
$307,315
$234,183
$186,084
$120,740
It is estimated that the earnings for the current year will be in excess of
$350,000.
-Proceeds are being used to provide part of the purchase price
Purpose.
of the business so acquired and to provide additional working capital.
Listing.-ApplIcatlon will be made to have these shares listed on the Toronto Stock Exchange or the Unlisted Department thereof.
Bendix Aviation Corp.-To Acquire Stromberg Carburetor
Co. of America, Inc., and Others-General Motors Corp. to
Acquire Substantial Minority Interest.
-V.128, p. 2634.
See Stromberg Carburetor Co.of America, Inc., below.
-Earnings.
(Sidney) Blumenthal & Co., Inc.
3 Mos.End. Mar.31Earnings from operation
Accrued interest
Depreciation reserve_ _ _
Reserve for taxes
Loss on mill operation..
-6
-3 Mos. EndedMar.2'29. Feb. 29 '28. Mar. 2 '29. Feb. 29 '28.
8827.317
$640,638
$437,845
$222,789
Net profit
Shs. corn. stk. outstand.
• 200.000
480.852
200,000
480,852
(no par)
Net profit
$3.38
$1.73
$1.81
$0.31
Earns, per share
-V. 128, p. 1401.
-V.128. p. 2466.
Period-
-Training School.
Arrow Aircraft & Motors Corp.
1929.
$404,149
26,661
59,286
47,730
1928.
$116,722
28,840
66,558
$270,472
$21,324
1927.
$268,424
31,044
58,996
1926.
$192,764
32,961
60,821
122,464
$178,384 loss$23,482
Board of Hospitals, Homes and Deaconess Work of
-Peek-Bonds Offered.
The first training school of its kind in the country will be established the Methodist Episcopal Church.
within the next three weeks at the main factory of this corporation in Brown & Co., Denver, are offering $392,000 1st mtge. 53/2%
Neb. to provide instruction for workers in airplane construction, serial gold bond secured by the National Tuberculosis SaniLincoln,
under the
according to President Mark W. Woods. The school will bewill devote
tarium and Beth-El Hospital, Colorado Springs, Colo.
direction of a former professor in mechanical engineering, andairplanes.
building and assembling
its entire activities to training men for
Total authorized issue $392,000, dated Dec. 1 1928; due serially 1929
V. 128. P. 2810. 2466.
1947. Callable wholly or in part, upon 30 days' prior notice, on any int.
date at 101%. Principal and int. payable J. & D. at the Mercantile Trust
-To Retire Bonds.
Arrowhead Springs Corp.
Co., St. Louis, Mo., trustee.
The corporation has elected to redeem on July 1 1929 all of its outstandThe Board of Hospitals, Homes and Deaconess Work of the Methodist
D-100,
ing 1st mtge.63.5% serial gold bonds, numbered as follows: D-13 todenom. Episcopal Church-an Illinois Corp-supervises all institutions of the
of the
incl., of the denom. of $500 each. and M-55 to M-450 incl.,
Methodist Episcopal Church for the care of the sick, incurables. and other
of $1,000 each.
dependents, and is selected by the Board of Bishops and the General
Accordingly, on July 1 1929 there will become due and payable upon each Conference of the Church. Under the Board's jurisdiction are a total of
of said bonds so called for redemption at the office of the trustee, Security- 252 hospitals, children's homes, homes for the aged, deaconess homes,
Ange.es,
First National Bank of Los Angeles, Sixth and Spring Sta., Los to
business girls and young men, and deaconess
July 1 training schools, homes forare conservatively valued at $56,000.000, have
Calif., the principal amount thereof and interest thereon accrued
schools. These institutions
1929. plus a premium equal to Si of 1% of such principal amount for each endowments in excess of 513,000.000 and last year cared for over 222,000
of the then unexpired term of such bonds called for guests.
year or fraction thereof
redemption, not exceeding in any case a total of 4% of such principal.
The property mortgaged consists of the National Tuberculosis Sanitarium
-V.121, p. 981.
C. M.Rice is Secretary of the corporation.
and Beth-E1 Hospital, both owned by the Board, and situated on 21 acres
of the highest ground in Colorado Springs, Colo. The Sanitarium, which
-Employees' Stock Plan.
Atlantic Refining Co.
was erected in 1924, is national in its scope, and has not only the support
At the annual meeting to be held June 10, the stockholders will vote on of the Methodist Episcopal Church, but also of Colorado Springs, which has
issuapproving a stock purchasing plan for employees. It calls for thebe in given liberally to the Board for its work. Beth-El Hospital is the only
ance of 133.333 shares of common stock for this purpose and will
Protestant general hospital in Colorado Springs and one of two in the
operation for five years beginning July 1 1929.-V. 128, p. 2634.
State of Colorado. Its nurses home accommodates 40 nurses in training.
About 1.200 major operation and 325 maternity cases are handled each year.
-Stock Increase, &c.
Atlas Portland Cement Co.
the authorized no-par The hospital is of modern fireproof construction; its work is entirely nonThe stockholders have approved a plan to increase
sectarian, as is also its staff. The conservative value of the mortgaged
common stock to 1.500,000 shares from 1,000,000 shares.
Property is in excess of $850,000 or over twice the amount of the first
The directors were authorized to Issue the additional stock at their dis- mortgage loan.
cretion. It was voted to reduce the authorized preferred to $26,300 from
This loan was created for the purpose of refunding the outstanding funded
by cancellation of 74.211 shares of $33 1-3 par value, including Indebtedness of the Board, and for the further purpose of retiring floating
$2.500,000
or
for
shares which have been surrendered for exchangebeen common stockthe indebtedness incurred entirely for capital expenditures.
purchased by
cash and also such preferred shares as may have
Bon Ami Co. (& Subs.).-Earnings.
company and held as treasury stock and exchanged by the company for
-V. 123, p. 3188.
common stock.
Quarter Ended March31-1928.
.
$613,730
$643,722
Gross profit on sales
-Capitalization Decreased, &c.
Beacon Oil Co.
359,939
399,444
Operating profit
March 26 it was voted to amend
18,820
19,660
At a meeting of the stockholders held on the capital by 30,000 shares of Depreciation
44,934
44,849
Federal & Canadian taxes
the articles of incorporation by reducing
54
21
Minority interest
preferred stock.
M.Leonard. R. B. Kahle,
The directors elected at this meeting were: C.
K. Liggett, H. H.
$206,131
$334,914
Net profit
E. N. Wrightington, L. J. Wash, J. L. Richards. L. F. Rand and J. A.
81.55
$1.35
Earns, per sh. on 100,000 shs. class A stock
Hewetson, W. L. Stephens, F. H. Bedford Jr., George
$0.80
$0.90
Earns, per sh. on 200,000 shs. class B stock
Van Wynen.
1927.
1928.
1929.
-V. 128, p. 1231.
Ended March 31
3 Months
$1,592,906 $1,076,055 $1,449,636
Gross income
1,117,428
1,168,803
Borg Warner Corp.
-Earnings.
1,014,015
Operating expenses
66,708
63,011
123.459
Earnings of the company for the quarter ended March 31 1929 amounted
Interest
207,358 to $1,851,993 after charges, taxes, and preferred dividends. March
253,161
314,955
Depreciation
earnings were $707,528.-V. 128, p. 2812.
$58,142
$140,478 loss$408,920
Net profit
Boston Woven Hose 8c Rubber Co.-Earnings.44,861
45,237
21,040
Preferred dividends
Pres. F. Newton Smith in a letter to the stockholders says:
Company has taken an actual inventory of its raw materials and mer$12,905
def$453.787
$119,437
Balance, surplus
-1. e.
chandise on March 1. This inventory was figured on the usual basis
-V.128. p. 1733.
cost or market, whichever is lower. We are therefore able to give you the
results of our operations for the first 6 months of the current fiscal year.
Barnsdall Corp.-Earnings.No comparative figures are available.
1926.
1927.
1928.
Quar. End.March 31- 1929.
The net sales for the period were $4,401,461, an increase, despite lower
Profit after int. & Fed.
The net profit was 5513.371
$3,180,109 $1,921,936 $2,373,309 $2,160,394 selling prices, of $177,818 over last year.and reserve for Federal taxes,
taxes
795,536 after all charges, including depreciation
1,417,710
1,532,805
1,291,737
:Depletion & deprec
but before preferred and common dividends and equal, after deduction
$955,599 $1,364,858 of preferred dividends, to $5.70 per share earned on the common stock
$389,131
$1.888,372
Net profit
for the 6 months' period.
911,233
Dividend's
Our gain in net sales has continued to improve since March 1 and we
$955,599 $1,364,858 cannot see any reason why the second 6 months will not be equally sat$389,131
$977,139
Surplus
-V. 127. p. 2232.
isfactory.
Shs. combined cl A & B
910,952
1,137.661
-Obituary.
1,249,673
outstanding (par $25)- 2,258,107
Bowman-Biltmore Hotels Corp. director, died in New
$1.48
$0.84
$0.31
York
$0.84
Earns per share
Charles Francis Flynn, Vice-President and a
-V. 128. P. 13872812.
x Includes intangible development cost.
City on May 1.-V. 128, p.
-Bankers
-Stock Offered.
(W. D.) Beath & Son, Ltd.
Bond Co., Ltd., and Playfair, Paterson & Co., Toronto, are
offering 95,000 shares class A participating shares at $26.50
per share and dividend.
-Briggs & Stratton Corp.-Earnings.
Quarter Ended March 31Net earnings after chgs. ar taxes
Earns per an.on 300,000 fibs, cap.stk.(no par)
-V.128, p.2273.
1929.
$342.243
$1.14
1928.
$140,154
$0.47
MAY 4 1929.]
FINANCIAL CHRONICLE
British American Brewing Co. Ltd.
-Omits Dividend.-
The company recently decided to omit
quarterly dividend on the
arise A stock, no par value. The last quarterly payment of 62A cents
per share it is stated, was made on Nov. 1 1928. This rate had been paid
since and incl. Feb.11928. (For offering,see V.125,p.2533)
.-V.126. p.721.
2997
Calumet & Hecla Consolidated Copper Co.
-Earnings.
Earnings Statement Three Months Ended March 31.
Receipts1929.
1928.
1927.
1926.
Copper sales
$5.667,906 $3,333,849 33.596.721 83.801.980
Custom mill. & smelting
5.198
14,418
Broadway & 41st Street Building (Bricken Textile Dividends
4.770
Interest
36,635
18,594
23,637
31,566
Building Corp.) N. Y. City.
,
-Bonds Offered.-S W.Straus Miscellaneous
.W
5,660
4,982
6.675
8.016
& Co., Inc., are offering at 99 and int. $4,500,000 1st leaseTotal receipts
$5,710,202 $3,357,424 $3,632,230 $3,860,751
hold mtge. 63% sinking fund gold bonds.
Disbursements
Dated April 1 1929; due April 1 1944. Interest payable A. & 0. Denom. Copper on hand Jan. 1- 2.115,276 3
.650,171
3,372,632 3,182,379
$1.000. $500 and $100c5 Principal and int. payable at office of S. W. Prod., selling, adm, and
.
Straus & Co., Inc., New York. Red, except for sinking fund purposes at
taxes
3,141,006
2,867,716
2,510,884
2,443,307
103 and int. Callable for sinking fund retirement at 101 and int.
Depreciation & depletion 1,065.817
743,872
862,973
1,257,863
States Federal income tax paid by the borrowing corporation up United Miscellaneous
77,192
10,367
to 2%
of interest per annum as to bondholders resident in the United States and
up to 5% of interest per annum as to bondholders not resident in the
Total expenditure_ _ -- $6.322,098 $7,261,753 86.823.680 86.893.916
United States, Minn., 3 mills tax; Mont. 3H mills tax; Penn., Coon., Less cop.on hand.Mar.31 1,782,839
4,216,528 3,345.073
2,978,842
Vermont, Calif. and Oklahoma 4 mills taxes; Maryland and W. Va.
4
mills taxes; Dist. of Col., Mich., Colo., Kansas, Ky., Wyo., Neb. and
Net expenditures ---- $4,539,259 $3,045,225 83,478,607 $3,915,074
Va. 5 mills taxes; Iowa 6 mills tax; New Hamp. state
Gain for quarter
1,170,941
312,198
153.623 loss 54,322
tax
of interest per annum, and Mass. State income tax up incomeof up to 3%
of the stockholders
A
to 6%
interest Per
annum refunded. Straus National Bank & Trust Co., New York, trustee. vote special meeting location of the main has been called for May 23 to
on changing the
office of the company outside of
Data from Letter of Abraham Bricken, Pres. of Bricken Textile Calumet, Mich.,from Boston, Mass., to New York City.
-V. 128. p. 2095,
Bldg. Corp.
CanadaWinegars, Ltd.
-Purchases Plant.
Security.
-Bonds will be secured by a direct closed mortgage on the longcorporation, said to be the largest manufacturer of vinegars in
This
term leasehold estate in the land occupying the entire block
south side of West 41st St. between Broadway and Seventh front on the Canada, through its subsidiary, the Western Vinegars Ltd., has just comAve., N. Y.
City, and the 33
-story stores, loft and office building now being erected pleted the purchase of the plant of the Premier Vinegar Co., 1365 Powell
St., Vancouver, B. C., Canada. This increases its chain of modern plants
thereon. The plot has an area of approximately 18,222 square feet.
to 13, situated at strategic points throughout Canada. In addition old
The building will be 33 stories in height with a 3
will be
the highest type steel frame fireproof construction -story tower. It stores, established warehouses are maintained in New York City and Chicago for
and will contain
loft space and offices. It will have six set-backs commencing at the 17th distribution purposes.
The acquisition of the new plant in Vancouver and the purchase a few
floor. Interior layout is designed to permit leasing in single floor areas or
weeks ago of the Pioneer Vinegar works in Edmonton.'Alta., Canada,
divided units.
should materially add to the earnings of the company for the current year,
Valuation.
-The total value, completed leasehold property has been
especially as both purchases have been made without having recourse to
appraised as follows:
any new or additional financing, it is stated.
-V. 127, p. 686.
Kenneth Slawstua Hobbs,Inc
$6,750.000
Spear & Co.,Inc
6,750,000
Canadian Car & Foundry Co., Ltd.
-Unfilled Orders.Based on these appraisals, this bond issue represents a 662-3% loan.
Pres. Butler says: "The company has on its books orders in excess of
Leases.-Bquitable Trust Co. of New York has leased the banking space
on the 2d floor. Several stores have already been leased, as have the entire $34,000,000 as compared with $13,000,000 last year. These orders will
3d. 4th, 5th, 6th and 9th floors. From the number of applications that keep us busy for a considerable time.
"We are continuing constantly to improve our plant and equipment
have been filed, it is anticipated that the building will be substantially
facilities, and this year we are spending considerably more on new equiprented before completion.
Earnings.
-Based on the leases already signed and on rental schedules ment and improvements than last year, due in part to improved earnings
generally prevailing in this vicinity, the net annual rental income, after position."
Regarding rumored settlement of the claim of the company's subsidiaries
deducting operating costs, ground rent and taxes, with the customary
allowance for vacancies, is estimated at $727,550. This amount is more in the United States against the German government, amounting to over
than 2)4 times the greatest annual interest charge and is more than 8330,000 86.000,000, Mr. Butler denied any definite announcement of a decision
had been received. He said the company was still waiting: for the decision
in excess of the greatest annual interest and sinking fund requirements.
by the Mixed Claims Commission at Washington.
-V.128. p. 2095.
Brooklyn Capital, Inc.-Stock Offered.-An issue of
45,000 shares capital stock (par $20) was recently offered at
$23 per share by Brooklyn Commerce Co.
Transfer agent, Guaranty Trust Co., New York. Registrar:
Chase
National Bank, New York.
CapitalizationAuthorized. Outstanding.
Common stock ($20 Par)
Cornpany.-Has been organized in Now York 100,000 she. 50,000 shs.
for the purpose, among
others, of buying, holding and selling stocks and securities
of bank, trust.
insurance, title and other companies engaged in
of Brooklyn and throughout Long Island, but itsbusiness in the Borough
charter does not limit
it to such securities. In view of the character
company expects to derive larger earnings from of the proposed business.
of securities than from dividends or interest apprec%tion in the value
thereon. Company will
originate and also take part in the underwriting of security
affording to its stockholders a means of participating indirectlyissues, thus
in financial
operations, which would not otherwise be available to them as individuals.
Company will receive a net amount of $1,000,000 cash from the
issue
and sale of 50,000 shares of its capital stock after paying all
expenses incidental to the organization, and exclusive of the remaining 50,000 shares
option. Of the 50,000 shares to be presently issued 10% will be
taken for
investment by certain of the organizers or interests affiliated with them.
None of the organizers, directors or interests with which they are
affiliated
will receive any consideration in connection with the organization of the
corporation except for organization expenses and commissions paid for the
distribution of the stock offered.
Extends Option to Stockholders.
-Company has announced a modification
of the existing option to stockholders under which they are entitled
scribe to 50,000 shares of authorized, but at present unissued to subcapital
stock, $20 par value, not later than Feb. 1 1939, at $23 per share. The
new option will entitle stockholders to subscribe to 25.000 shares of
this
stock on or before Feb. 1 1934 at $23 per share. Stockholders of record
at the time of the exercise of such option shall be entitled to subscribe
to the remaining unissued 25,000 shares at $23 per share
on the
basis of one new share for every two held.
Dircctors.-Meter Steinbrink. Hon. William M. Calder, Mannasseh
Miller, Hunter L. Delatour, Chauncey F. Doughty. Julius
Lehrenkrauss,
James J. Fradldn, G. Foster Smith, Arthur S. Somers.
(Edward G.) Budd Mfg. Co.
-New Director.
Robert E. Allen, Vice-President
of the Central
been elected a member of the board of directors -V.Union Trust Co. has
128. p. 1560.
Bunker Hill & Sullivan Mining & Concentrating Co.
--Extra Dividend of 50 Cents.
The directors have declared the usual extra
the regular quarterly dividend of 25c. a share dividend of 50c. a share and
on
payable May 6 to holders of record Apr. 25.-V. the common stock, both
128. p. 1734.
Bush Terminal Co.-Earnings.-
Quar. End. Mar. 311929.
1928.
1927.
1926.
Total gross earnings- - - - $2,149,044 82,200,020 $2.202,900
$2,219,957
Total operating expenses 1,048,511
1,139,015
1,130,279
1,221,036
Taxes
348.675
349.888
336,043
328.606
Depreciation
53,559
51.951
43,989
43.989
Int.on bonded debt,&c_
255,509
258,439
242.509
266.644
---Balance,surplus- _
$442,790
$400,727
$450.080
$359.682
She, corn. stk. outsani- .
(no par)
230,030
216,747
137,770
137.770
Earns per share
$0.86
$0.72
$1.25
$0.59
-V.128, p. 2813.
Butte Copper & Zinc Co.
-Earnings.
-
Quarter Ended March 31Tons of ore
Proceeds of ore
Interest received
1929.
41,846
$56,014
4,957
1928.
37,197
$32,928
1,722
1927.
37.667
$53,254
2,332
Total income
Administrative expenses and taxes_ -
$60,972
16.233
$34,651
10,467
$55,58.5
19,972
Net income
Earns, per share on 600,000 she, corn.
stock (par $5)
-V.128, p. 891.
$44,739
$24.183
$35,613
$0.07
$0.04
$0.06
By-Products Coke Corp.
-To Split-up Shares.
-
The stockholders will vote May 23 on increasing the authorized
stock to provide for a split-up. The basis on which shares will common
has not been determined, it is announced. There are at present be split
shares of no-par common stock outstanding, out of 200.000 shares 189,936
authorized.
-V. 128, p. 2813.
Canada Steamship Lines, Ltd.
-New Director, &c.
-
T. R. Enderby, general manager, has been elected a director to succeed
the late F. W. Molson.
The London advisory committee has been reduced to three members
from six and consists now of the following: Sir Walter R. Lawrence, Sir
Reginald McLeod and R. B. Philpotts.-V. 128, p. 2095.
Canadian Dredge & Dock Co. Ltd.
-New Directors.-
Two new directors have been elected, .Z1z.:John E. Russell, Toronto.
President of the Consolidated Sand & Gravel Co., Ltd.. and Louis A.
Merlo, Windsor, President of Canada Paving & Supply Corp., Ltd. The
board of directors also includes the following:
E. Phin, Hamilton,
Chairman of the Board; F. W. Grant, W. J. Sheppard, Major-Gen. S. 0.
W.
Newburn, Frank M. Ross, D. I. McLeod and A. R. Dufresne.
-V. 128.
p. 253.
Casein Co. of America (N. J.).
-Extra Dividend.
-
The Casein Co. of America (Del.) has declared an extra dividend of 1%
and the regular quarterly dividend of 154%, both payable May 15 to
holders of record May 7. An extra of 1% was also paid on May 15 and
Nov. 15 1928.-V. 127, p. 2688.
Caterpillar Tractor Co.
-Earnings.
Quarter End. Mar. 31- 1929.
1928.
1927.
1926.
Gross revenue
$12.153,001 $7,781,003 $6,671,000 $5,677,403
Net profit before taxes _ 2,497,127
1,481,233
1,438,023
1,400.542
The balance sheet as of March 31 1929, shows current assets of 829,849,843 as compared with $25,427,623 on Dec. 31 1927; current liabilities of
$7,094,565 against $10.751,134. leaving net working capital of $22.755,278
against $14.676,489.-V. 128, p. 1059.
Celanese Corp. of America.
-New Director.- al
P. A. Thomson of the investment banking firm of Nesbitt, Thomsontt
Co., Ltd. of Montreal, has been elected a director. He is also a director
of Canadian Celanese, Ltd.
-V. 128, p. 1735. Ave 410...rvu
Central Alloy Steel Corp.
-Makes Improvements.
-
The corporation is equipping its entire Massillon sheet rolling mill works
with modern pack furnaces. The effect of this improvement will be to
increase the productive capacity of auto body sheets at the plant to 150.000
tons annually, or by nearly 40%. The equipment, which will cost $250,000,
will be completed b y the end of the present year,it was announced.
-V.128.
P. 2813.
Central Industrial Real Estate Trust.
-Bonds Offered.t
-Lee, Higginson & Co. and Jackson & Curtis are offering.
$2,000,000 1st (closed) mtge. 6% sinking fund gold bonds
at 983 and int., to yield over 6.13%.
Dated April 1 1929; due April 1 1949. Principal and int. payable a
offices of Lee, Bigginson& Co.in Boston, New York and Chicago. Denom
51.000 and $500c*. Callable as a whole or in part on any int. date on 30
days' notice at 103 on or before April 11934; at 102 thereafter on or before
April 1 1939; at 101 after April 1 1939 but on or before April 1 1944 and
at 1004 after April 1 1944 but before maturity, plus int. in each case.
Interest payable without deduction for normal Federal income tax up
to 20%. Present Penn. and Conn. 4 mills and Mass, income tax up to
6% refundable upon application within 60 days after payment. First
Trust and Savings Bank, Chicago, trustee.
Capitalization (to be outstanding upon completion of present financing.)
1st (closed) mtge 6% sinking fund Gold Bonds
Pr
Preferred shares 7% cumulative
$2,500000:000000
Common shares (no par)
15,000 shs,
Data from letter of Arthur G. Leonard, Halsey E. Poronto and
David E. Shanahan, Trustees.
Business.
-The Trust has been organized to acquire industrial real
estate, the most important piece consisting of nearly 19 acres immediately
adjacent to the Central Manufacturing District, Chicago. At the time
the bonds are issued leases will have been signed for the
the properties at rentals aggregating more than 8308.000 greater part of
annually for a
period of years; of this amount the rental of Harris Brothers Co. at the
present rate will be approximately 5275.000. As favorable opportunities
are offered, it is the intention of the trustees to continue to
sell or lease
the mortgaged property on making agreed reductions
in rental of Harris
Brothers Co.
Properties.
-The properties are located immediately adjacent
Central
Manufacturing District, Chicago: in New Jersey (across to theHudson
the
River from and north of N. Y. City); and
The appraised value of the land alone is in in Detroit. St. Paul and Joliet.
excess of $3.097.000
buildings is in excess of $862,000, making the total appraisedand of the
valuation
in excess of $3,960,000 which is approximately 198% of
this issue.
Security.
-Bonds will be secured by a closed first mortgage on all real
estate and buildings to be presently acquired by Trust,
at less than 52%
of present appraised valuation, and also by an
assignment of all leases,
the principal lessee to pay real estate taxes.
Earnings.
-The net income from leases to be in force at the time the
bonds are issued, after deducting estimated operating expenses
of the
Trust, will amount to more than 3266,000 or over twice
of 8120,000 on these bonds to constitute the Trust's total interest charges
funded debt.
Purpose.
-Proceeds will be used as part of the purchase price of the
properties to be owned by the Trust.
Sinking Fund.
-Mortgage will provide for a cumulative sinking fund,
etm it4,011316 ade on
on
g,04)
o
m and of
,
10 f each yttfrs onalenci ;
oin the y c i 7 an 1 4 h
1t
8
said payments to be increased annually by an amount equivalent to
the
annual interest on all bonds previously retired by sinking fund. Such
Payments may be made either in cash or bonds at par.
mnanti
e cs
Cerro de Pasco
Skeet Dec. 31.1928.
Assets
Metal, &c., mines
& mineral. &c.,
leases, plant
equipment,&c_x28,098,566
1,277.594
Investments
97,987
Deterred charges__
Supplies for oper4,050,358
ations, &c
381,844
Mdse. Inventory
Acc'ts receivable 2,767.369
Co.& custom ores_ 1.969.321
Copper, silver and
gold inventory__ 6,736,02d
U.S. Treas. ctts__12,835,000
5,804.803
Cash
[VOL. 128.
FINANCIAL CHRONICLE
2998
Copper Corp. (&
1927.
30,724,843
1,274,743
225,429
4,248,219
433,411
3,085,295
382,193
-Balance
Subs.).
1927.
1928.
Liabilities-76,200,000 6,200,000
Capital stock
Capital surplus
Stockholders'
equity in owned
47,401,244 52.306,261
properties
Res. for U. S. and
542,824
N.Y.State tax.. 152,031
Acc'ts payable____ 1,760.499 1,719,548
Drafts payable__ 1,809,012 1,836,448
Waves accrued and
215,704
232.118
unclaimed
505,404
6,463,960
Surplus
7,468,781
11,000,000
4,483,278
64,018,865 63,326,191
Total
64,018.865 63,326,191
Total
x Metal and coal mines, mining leases and miscellaneous Properties,
construction, &c., $34,806,260;
$48,229,155: plant, equipment, concession,
less reserves for depreciation and depletion, 654,936,847. y 1.122,842 ohs.
without par value.
Our usual comparative income account was published in Y. 128, p. 2813.
-Earnings.
Charis Corporation.
1929.
Quarter Ended March31-1928.
690,939
$119,178
Net profit after taxes
$0.91
$1.19
Earns. per sh. on 100,000 shs. cap.stk.(no par)
-V.128. p. 2274.
-California Se-Bonds Offered.
Christie Realty Corp.
curities Co., Los Angeles, are offering $425,000 1st mtge.
series A,
63. % sinking fund gold bonds (fee and leasehold), payment
at 100 and int. Unconditionally guaranteed as to
of principal and interest by Charles H. Christie and Alfred
E. Christie..
int. (M. &
Dated March 1 1929; due March 1 1949. Principal and without deducpayable at the head office of California Bank, Los
Angeles.
normal Federal income tax, which tax, up to 2% per annum,
tion for the
when payable at source, the corporation agrees to pay. Denoms. $1.000
notice
and $500 c*. Red. in whole or in part on any int, date after 30 days'during
at par and int. plus a premium of 3% during the first 5 years. 2%
the second 5 years, and I% during the remainder of the term of the bonds.
California Trust Co.. Los Angeles, trustee. Exempt from personal property tax in California.
Corporation.-Incorp. in 1922 for the primary purpose of dealing in real
estate, and owning and operating income properties. Present holding's consist of a well diversified group of properties, the major portion of which are
income producing.
-These bonds will be direct obligations of corporation, and will
Security.
be secured by a trust indenture constituting a first mortgage on the fee
valuable parcels of
title and(or) leasehold estate of the corporation in fiveof Hollywood, Los
real estate centrally located in the business district and all furniture.
Angeles. together with all buildings and improvements,
or
fixtures and equipment owned by the corporation, now located andhereafter
erected or placed thereon. Upon completion of this financing oferection
a large
building contemplated thereby, improvements will consist
of a
automobile parking and service station and public market leased to the
4 story Hotel
Richfield Oil Co. a Calif. and other responsible tenants; the store and loft
-story reinforced concrete
Regent, and a newly constructed 2
the
building. A recent appraisal of the mortgaged property, including cost
leasehold estates. by George D. Copeland, together with the estimatedtotal
These bonds are part of a
of the new building, totals $940,000.
authorized issue of $1,000,000.
-Upon completion of this financing and occupancy of the new
Income.
building, it is estimated that net annual income from the mortgaged proprequirements of
erty. applicable to the payment of Interest and sinking-fund corporation has
series A bonds, will be at least $60,000. In addition, the
Income from other properties which are not pledged to secure these bonds.
-7'o
City Manufacturing Co., New Bedford, Mass.
Decrease Capitalization-Liquidating Dividend of $25 per
Share Proposed.
Treasurer John B. Strong reports that the directors have voted to proagain cut in
pose to the stockholders that the capital of the corporation be stockholders
half in a second step to complete liquidation. A meeting of the that the par
the directors' recommendation
is to be held May 15 at which
a cash
value of 7.500 outstanding shares be reduced from $50 to $25 and2234.
-V. 127. p.
distribution of $25 per share be paid, will be voted on.
222% from 1925 to 1928 and the dollar value 308%. The increases in 1928
over 1927 were 44% and 72% respectively. Export business in 1928showed
an increase of 150% in dollar value over 1927.
Net sales of the company and net earnings for the two-year period ended
Dec. 31 1928 after all charges including depreciation and Federal taxes at
the current rate of 12%. adjusted to exclude interest on borrowed money,
eliminated by this financing (amounting to $145,494 in 1927 and $155,808
in 1928) have been as follows:
Calendar Years
1927.
1928.
Net sales
$7,351.210 $4,262.776
Net earnings as above
733.246
262,208
Net per share
$1.19
$3.33
Current business would indicate for the complete first quarter of 1929
substantial increases in sales and net earnings over the first quarter of 1928.
Purpose.-Proceeds from the sale of these shares, together with proceeds
of shares recently subscribed for by stockholders of the company, will be
used to retire existing bank and other indebtedness of the compnay and
for additional working capital.
Pro Forma Balance Sheet Dec. 311928.
[Adjusted to give effect to the following transactions: (a) change In
capital structure, including the issuance in the aggregate of 98,884 shares
to existing shareholders; (b) sale of 121,116 shares for cash and application
of a portion of the proceeds in payment of notes payable and accrued
interest; (c) elimination of appreciation on permanent assets, writing off
intangible assets and increasing reserve for contingencies.]
Liabilities
Assets$916.741 Accounts payable
Cash 5, ctts, of deposit
$440,454
728,573 Accr. Federal, state 5, county
Notes accept. & accts. rec.1,414.012 taxes
106,288
Inventory
235,082 Deterred Income
170.536
Other assets
2,337,225 Reserve for general meting._
284.703
Permanent assets
80,257 Corn. cap.5,cap.surplus_ _ 4,704,018
Deferred assets
Total
-V. 128, p. 892.
$5.711.998
Total
65,711,998
-Initial Class A Dividend.
Coca Cola Co.
The directors have declared an Initial semi-annual dividend of $1.50 per
share on the $3 cumul. div. class A stock, no par value, and the relar
quarterly dividend of $1 per share on the common stock, no par value, both
payable July 1 to holders ofrecord June 12(see also V.128, p.254).-Y• 128,
P. 1403.
-Rights, &c.
Cohn-Hall-Marx Co.
The directors, at a special meeting, voted to offer 25,000 additional
shares of stock to stockholders of record May 10. in the ratio of one share
for each four shares held, for subscription at $40 per share Rights expire
June 18. The proceeds of this issue of common stock will be used for
general corporate purposes and in connection with the development of the
company's activities.
At a recent special meeting of the stockholders, it was voted to increase
the authorized number of shares of capital stock from 100,000 shares to
-Y. 128, p. 2814.
125.000 shares, all common stock without par value.
--Earnings.
Columbia Investing Corp.
The corporation reports earnings up to April 161929 of 5225.000, equal
after provision for preferred stock dividends but before provision for Federal
-V. 127.
income tax, to $4 per share on the common stock outstanding.
fl• 552.
-Initial Preferred Dividend.
Columbia Pictures Corp.
The directors have declared an initial quarterly dividend of 75c. a share
on the cony, preference stock (no par value) payable June 1 to holdees of
record May 15. (For offering, see V. 128. p. 1561.).
Earnings-Quarter Ended March 311929.
Net earnings after all charges and taxes except charge offs__ $560.226
402,148
Charge offs for amortization of films
Net earning,
Preferred dividends
$158,081
18.750
Balance, surplus
Earnings per share on 100,000 shares common stock
-V. 128. p. 2274.
,
$139331$1.39
-Earnings.
Commercial Solvents Corp.
1927.
3 Mos.End. Mar.31- 1929.
$1,129,641
Operating profit
47.772
Other income
1928.
$731.688
15.102
$670.637
18.410
1926.
$453.723
27.973
$1,177.413
119.065
213.993
$746.790
58.617
112.447
$689,047
41.810
121.138
$481,696
79.194
80,613
Total income
Charges
Federal taxes. &c
$321,889
$526,099
$844,355 $1,575.726
Net profit
Shs. coin, stk outstand.
217,722
217,722
217.722
221.996
(no par)
$1.48
$2.42
$2.64
$3.80
- Capital stk.(no par)
2274.
owners of iron ore -V. 128, p.
An alliance between this company, one of the largestCo., who is promi-Earnings.
reserves in the country. and Cyrus S. Eaton of Otis &
Conde Nast Publications, Inc.
rubber industries, is
1928.
1929.
1927.
nently identified with various steel, public utility and Cleveland-Cliffs Co.
Quarter Ended March 31$540.863
$399,135
announced by William G. Mather, President of thenot be announced in Not income after all charges Incl. taxes $443,494
would
Although Mr. Mather stated that details shortly, it is understood that Earns, per sh. on 320.000 shs. of corn.
$1.39
$1.67
$1.20
advance of a stockholders' meeting to be held
stock (no par)
there will probably be some change in the company's capital structure to -V. 128, p. 2814.
permit the participation of the Eaton interests in the company. The latter
--Earnings.
company at present has outstanding 400,000 shares of no par value common
Commercial Credit Co.
stock, with no preferred stock or bonded indebtedness. on the Marquette Comparative Summary of Consolidated Operations for First Quarter, Ended
The company's ore properties are mainly located ore reserves on the
March 31.
Range, but the company also has important mines and In addition to its
1927.
1926.
1928.
1929.
Mesaba, Menominee, Gogebic and Cuyuna ranges.also owns the Lake
$
$
$
mining companies and ore reserves, the company Co.(owning and oper57,949,201
50,976,966
Gross receivables purch_ 90.927,874 78,730,063 42,280,014 109,588,131
RR.. the Cliffs Power & Light
Superior & Ishpeming
92,823.784
plants and serving an extensive Average cash employed-138,655,907
ating several large hydro-electric power chemical works. It also has an
Repossessed cars in comterritory), blast furnaces, coal mines and
519.186
863,011
165,439
holdings of timber and nonpany's possession_
interest in other industrials through its large
Gross earns,from oper- 4,362,253 2,733,704 3.113,700 3,986,509
mineral lands, totaling nearly 600,000 acres.
interests include the Republic Iron & Steel Co.. Youngs- Management expenses
The Eaton steel
1,451,502 1.774,402
1.263,784
Central Alloy Steel Corp., Otis
excl. int, and discount
town Sheet & Tube Co., Inland Steel Co. have an aggregate ingot capacity Net unprotected losses, 1.881,215
'
Steel Co. and Wheeling Steel Corp., which
650.051
815,817
113,435
-V• 121,
above reserve
that of the United States Steel Corp.
of 14,000,000 tons, or 70% of
Not Inc. for int. & dis,
P. 1793.
charges, applicable to
-Otis & Co. are
-Stock Offered.
Baltimore Co., prior to
Cleveland Tractor Co.
478,314
731,518
931,441
1,706.079
common
Federal taxes
offering at $32 per share 96,000 shares (no par)
Int. & die. charges of
522,986
410.615
• 311,999
624,871
Baltimore Co
shares.
present statutes of Ohio, to be Net inc. appltc. to cap.
These shares are not required. under the
Ohio. and dividends are exempt
CMS. cos., after
stk. of
listed for personal property taxation in
116,214
242,097
628.221
1,066,706
tax. Transfer agents, ConFederal taxes
61,294
from the present normal Federal income
60.000
59,750
and Cleveland Trust Co.. Prof. dim of affil. cos
60,000
tinental Illinois Bank & Trust Co., Chicago,
Bank, Chicago and Midland
Cleveland: Registrars, Harris Trust 5: Savings
Net inc. applic. to cap.
Bank, Cleveland.
56,214
180,803
568,471
stk. of Bait. co_ _ _ _ 1.006,706
President of the Company.
Data from Letter of W. King White,
% &7% 1st
198,759
1916, as the Cleveland Motor Plow Divs. on
156,666
199,955
199,967
Compang.-Incorp. in Ohio, Jan. 20adopted May 24 1917. Company
pref. stocks
Co., the present name having beenconsisting of five models of the track
24,137
368.516 Dr.142,545
806.739
manufactures a wide line of tractors,
Balance
used in the agricultural,
80,000
80.000
80.000
80.000
type ranging in power from 12 h.p. to 100 h.p., andare sold under the trade Divs. on 8% cl. B pf.stk.
The tractors
road building and industrial fields.
total of 325.000 square
288.516 Dr.222.545 Dr.55.863
726,739
name of "Cletrac.' Company's plant, having a acres of land on East
Net inc. on corn,stk_169,572
167.137
335.540
516,027
feet of floor space, is located on approximately 90St. Clair Ayes. The Divs, on com.stock.-193d St., Cleveland, Ohio. between Euclid and
The total number of
present plant occupies about 12 acres of this site.
credit or debit
Net
Cr.210,712 Cr.121,379 Dr.392,117 Dr.391,403
employees ranges from 700 to 1,100.
from operation
Outstanding.
Authorized.
495
3,109
28,488
34,929
Capitalization220.000 she. Furnit.& fixt. chgd. off_
350.000 phi.
common shares
No par value
an immediate Net debit from oper. to
*Dr.249,197
22,323
-Company, whose tractors met with of its business,
undivided profits
Sales et Earnings.
development
favorable reception, was, following the initial
when sales dropped
successful until the time of the post-war depression
Total credit or debit
In common with industry in
from oper. to undiv.
off sharply and deficits were reported. of this depression in 1921. The
company felt the full extent
Cr $153,460 Cr.5120,884 Dr.$644.423 Dr.$419,891
.
profits
general, the
deficits which
rapidly decreasing sold increased
Depreciation of invest, mortitage'& acceptance corp., in liquidation.
recovery from such depression resulted in
tractors
turned into profits in 1927. The number of
were
-Alliance Formed with Eaton
Cleveland-Cliffs Iron Co.
Steel Interests.
MAY 41929.]
FINANCIAL CHRONICLE
Consolidated Balance Sheet March 31.
1929.
1928.
1929.
1928.
Assets$
$
Ltabfifffes$
Cash
19,739,504 13,422,268 Coll. tr. notes pay - 1,776,000 33,701,500
Open acc'ts, notes,
Coll. tr. notes Pay..
accept. & instal.
ser. A. due 1934
lien oblIgations_40,143,272 26,151,329 Coll. tr. notes pay., 4,252,500 4,428,000
Motor lien retail
ser. A, due 1935
time sales notes _77,526.124 48,294,464 Notes pay., sec'd_ 4,339,500 4,518,500
3,818,301 3,228,899
Sundry acc'ts and
Notes pay., unsec_74,603,585 7,563,500
notes receivable 740,736
564,842 Sundry acc'ts pay_ 1,112,464
721,924
Repossessed cars:
Accrued Federal &
Cos.' & trustees'
other taxes
535,303
223,225
possess., deprec.
Reserve for Fed'i
value
190,243
165,439 income tax
132,106
97,783
Mtge. & accept'ce
Contingent reserve 2,900,200 2,130,469
corp
133,673 Dealers' PartielPa•
Com'l Credit Mgt.
loss reserve__
2,817,212 1.467,875
Co
268,126
Reserve for possible
AviationCetCorp. 500,000
losses
1,711,257
960,430
Remsley, Milib'n
Deferred interest &
& Co., Ltd
4,206,302
433,705
charges
3,957,696 2,505,488
Sundry stks. bds.
11,000
153,895 Pref.stk. Mill. cos. 3,000,000 3,000,000
Treas. stk. purch.
614% 1st pref._ _ _ 8.000,000 8,000,000
for sale to empl_
264,791 7% 1st pref
4,000,000 4,000,000
Skg. Id. coll, trust
8% prof. class
4,000,000 4,000,000
notes, series A
421,638
322,134 Common stock_ _x23,743,715 10,449,127
Due by employ. In
connection with
purch. of stock_
157,317
Interest dr discount
prepaid,.&c
952,890
932,858
Furniture & fIxt's.
4
4
Total
144,699,841 90,996,720 Total
144,699,841 90,996,720
x Represented by 1,033,616 shares of no par value.
-V.128. p. 2636.
2999
lutionary improvement in the performance of the water-coole
which has been the most efficient engine for aircraft operation. d motor
"Prestone," the technical name for ethyl glyco, is a
properties similar to glycerine. It has a boiling point colorless fluid with
than water and a freezing point considerably lower 175 degrees higher
than water,
there is little difference in the weight of the two liquids. The use while
of this
liquid effects a 75% reduction in amount of liquid required for cooling
purposes and also provides a more perfectly uniform system of cooling.
Curtiss officers pointed out.
Quarter Ended March 311929.
1928.
1927.
Sales
$1,433.509 $1.496,924
$657,972
Cost of sales
1,188,054
472.572
1.227,639
Net sales
Other income
$245,455
x270,782
$269,284
14,677
$185,399
8.303
Total income
Loss of subsidiaries
$516,237
$283,961
5,456
$193.703
13.259
Gross profit
Sales, general & administrative exps.
Int.,income taxes & special charges_ _
$516,237
76.978
53,022
$278,505
50.881
37.502
$180,444
73,106
$8.280
$386,237
$190,122
x258.983
1.083.395
$99,058
57,756
465,864
Net profit
Surplus adjustment
Surplus previous year
1.069,256
Total surplus
Dividends paid
$1,455,493 $1,532,500
$622,678
179,998
209,954
88.308
Surplus
$1,275,495 $1.322.546
8534,370
Shares corn.stk. outstand.(no par)
348.895
218.060
218,060
Earnings per share
$1.10
$0.22
x During the quarter the company sold for a net sum $0.60
of $258,983, after
deduction of income tax,stocks owned which had been carried on the books
at $1.
Condensed Consolidated Balance Sheet March 31.
Consolidated Automatic Merchandising Corp.
-Begins
1929.
1928.
1929.
1928.
Nation-lVide Installation of "Talking Robots" to Sell Groceries.
Assets$
$
Liabilities$
$
The corporation Is beginning country-wide installation of "talking Prop'ty accts.(net) 3,644,545 1.221,199 Mtges, payable_
522,000
Patents and goodrobot" machines to vend groceries. The Schulte-United store at
Accts. Payable &
Bridgewill (net)
867,635
923,727
port, Conn., is the first in the country to install a battery
accrued interest. 369,309
106,258
698,703
742,605 Rte. for Inc. taxes_ 205,587
merchandising machines, and additional installations will of the grocery Investments
145,794
2,688,581 1.761,897 Preferred stock_
in the new Schulte-United stores at Chelsea Mass and New soon be made Inventories
2,523.100
Britain, Conn. Accts.& notes rec. 679,284
230,752 Common stock.._x10,535,379
Schulte-United expects to install more than 25,000 of the robots.
938.267
-V. 128, Cash
3,271,624
592.044 Surplus
D. 2814.
1,275,495 1,322,546
Short term secur._
91,432
Deferred charges__ 443,966
85,741
Consolidated Instrument Co.
Places Order.
-
of America, Inc.
-
Expanding production activities among aircraft manufactur
ers in the
Far West are indicated in release order just received by this
company from
the Alexander Aircraft Co. Colorado Springs, for 1,000
ment panels, shipments to be made on regular weekly type "B" instru'
schedules. This is
said to be one of the largest delivery contracts for
instrument equipment
placed recently, according to J. Leopold. President
of the Consolidated
company.
-V. 128, p. 1912.
Consolidated Retail Stores, Inc.
The corporation announces the acquisition-Acquisition.
of Schunemans and Mannbeimers of St. Paul Minn. This acquisition brings
the Consolidated chain
to include 22 stores in addition to three separate
a millinery department and two shoe chains, ready to wear departments,
all wholly owned and two
stores partly owned. Schunemans and Mannheime
consolidation in July 1926 under the corporate title rs is the result of a
of Schunemans, Inc.
of Schuneman & Evans (established in 1888)
(founded in 1871). The present department store and Mannheimer Bros.
of five stories and basement occupies a site of 200 feet on Wabash St. and
In addition the company leases about 7,500 square 160 feet on Sixth St.
building as well as a warehouse containing four storiesfeet in an adjoining
contemplated that the Consolidated corporation, will and basement. It is
appropriate approximately $100,000 for improvement to the newly acquired
property and reallocating of departments.
Sales of approximately $3.750,000 were reported by Schuneman
s and
Mannheimers for 1928. while It is understood that the net
worth of the
company is in excess of $1,000,000.-V. 128. p. 2468.
Corn Products Refining Co.
-Acquires Control of New
England Grain Products Co.
-Latter to Offer 40,000 Shares of
$7 Cumulative Preferred Stock.
The company has purchased a controlling interest in the New
Grain Products Co. Tucker. Anthony & Co. will offer shortly anEngland
issue of
40,000 shares of New England Grain Products $7 cumul. pref. stock carrying purchase warrants for common stock. The Corn Products company
has made a substantial investment in the pref. stock of the New
company in addition to acquiring control through the ownership ofEngland
102,000
shares of the common.
The New England company which does a business of
$19.000,000
annually manufacturing and selling feed products in New England,
has been
built up by the gradual absorption of nearly a score
cerns, the oldest of which dates back to 1771. of grain and feed conManufacturing is now
carried on in four large mills and distribution is effected
through
60 retail stores and 1,100 dealers. The management will remain more than
under the
direction of Charles M.Cox, who has been active in the developme
nt of the
New England company for 43 years.
The Corn Products company is the largest producer of
gluten
meal, of which the New England company is a heavy purchaser. feed and
With the
ownership of the majority of its common stock by Corn
Products, the New
England company is assured of its requirements of the
relatively scarce
gluten products.
3 Mos.End. Mar.311929.
1928.
1927.
1926.
Net earnings*
$3.779,908 $3,114,976 $3,018,076 $3,148,719
Other income
504,972
526,872
518,175
514.555
Total income
$4.284,881 $3,641.849 $3,536,251 $3.663,274
Interest & depreciation_
849,476
927,141
798,473
945,024
Net income
$3.435,404 $2,714,708 $2,737,779 $2,718,250
Preferred diva. (1 h %)437.500
437,500
437,500
437,500
COM. diva. quar.(2%)- 1.265,000
1.265.000
1,265,000
1,265,000
Surplus
$1,732.904 81,012,208 $1,035,279 $1,015.750
Earns.per sh.on2,530.000
shs.com.stk.(par $25)
$1.18
$0.90
$0.90
$0.90
* Net earnings from operations, after deducting charges for maintenanc
e
and repairs and estimated amount of Federal taxes, &c.
-Y.128. p. 1547.
Corroon & Reynolds Corp.
-Registrar.
-
The Chase National Bank has been appointed registrar for 1.127,400
shares of common stock. no par value.
-V.128, p. 2636.
Total
12,385,770 5,557,966
Total
12,385,770 5,557,966
x Represented by 348.895 no par shares -V. 128, p. 1737.
Curtiss-Robertson Airplane Manufacturing Co.
-To
Increase Common Stock-Rights-Retirement of Preferred
Stock Proposed.
At a special meeting of the board of directors held on May 1,a resolution
was adopted calling for a stockholders' meeting to be held on July 15 1929
to pass upon the board's recommendation that the stock of the company
be increased from the present capital of 5.000 shares
stock
and 30,000 shares, without par value, to 100,000 sharesof preferred stock
of common
without par value.
The board decided that if the proposed increase in the amount ofcommon
stock is approved, the holders of the 30,000 shares of common stock now
authorizea should be given the right to usbscribe at $40 per share to 30,000
shares of the proposed increased common stock, without par value, share
for share.
At the same meeting appropriate action was taken
reitement
at $102 a share of all of the preferred stock, totalingfor theshares,
5,000
on
Oct. 1 1929, provided the increase in the common stock was approved
at the stockholders' meeting.
It was announced that the Curtiss Aeroplane & Motor
subscribe to its share of the additional common stock Co., Inc., would
of the CurtissRobertson company, and would underwrite any portion unsubscribed for
by other stockholders of Curtiss-Robertson Airplane Mfg. Co. at
the
subscription price of $40 a share.
Diamond Match Co.
-Earnings.
-
Quarter End.Mar.31- 1929.
Operating income
$658.695
Deprec. and amortiz..._
120.178
Federal, &c., taxes
127,012
1928.
$699,207
144,969
139.428
1927.
$739,473
146,511
180,129
1926.
$785,636
155,082
214,914
Net profit
Dividends
$414.810
498,000
$412.833
333.000
$415,640
336,000
Surplus
Previous surplus
$411.505
332,000
79,505 def.S83.190
5,276.569
5.182,926
$79,833
$79,640
4.907.322
4.646,952
Profit & loss surplus - $5.356,074 $5.099,737 $4,987,155
$4.726,592
Shares of cap. stk. outst.
(par $100)
166,000
166.000
166,500
168.000
Earns. per share on com_
$2.48
$2.50
$2.47
$2.47
-V.128, p. 2470.
Dictaphone Corp.
-50c. Extra Dividend.
-
The directors have declared an extra dividend of 50c. per
common stock, and the regular quarterly dividends of 50c. pershare on the
share
common and $2 per share on the preferred stock, all payable June 1 to on the
holders
of record May 17. An extra dividend of 50c. per share
was paid on the
common stock on Dec. 1 1928, while on March 1, last, and on
June 1
1928 stock dividends of 10% each were paid.
-V. 128, p. 2470.
Direct Control Valve Co.
-Removes Offices.
-
The company on April 30 announced the removal of its New York
offices from 101 Park Ave. to the 34th floor of the Arnold Constable Bldg.
at 10 East 40th St. This building, incidentally, is equipped throughout
with the automatic radiator valves made by this company. The
offices of the company also have been moved from the McCormicChicago
on South Michigan Ave. to the Willoughby Tower near by. This k Bldg.
building
has also been completely equipped by the company.
-V. 128. P. 1913.
Distributors Group, Inc.
-Extra Dividend-Rights.
The corporation announces there
on the North American Trust shareswill be declared an extra disbursement
June 30, and valuable rights issued to
shareholders entitling them to subscribe to additional shares of this issue.
-V. 128. p. 2815.
Dominion Holding Corp.
-Capitalization Increased, &c.
At a meeting of the stockholders, it was voted to
the authorized
capitalization from $202.000 to $1,010,000. Under raiseexisting
Crosley Radio Corp.
-Earnings.
the
structure the corporation is authorized to issue 20,000 shares of capital
Quarter Ended March 31class A
1929.
stock, par $10, and 2,000 shares of class B stock at $1 par
1928.
Net profit after taxes and reserves
$820.000
$38,000 company is now permitted to issue 100,000 shares of class Avalue. The
Earns, per share on 520,000 shs, common stock
and 10.000
shares of claw B stock.
(no par)
$1.58
While the company was organized in August 1928. the balance sheet
$0.07
-V. 128, p. 2637.
as
of March 5 1929 showed that most of the original capital
stock has been
subscribed. The total assets of the corporation were $151,647, with
$62.466
of that amount in cash. The corporation was organized in
Curtiss Aeroplane & Motor Co., Inc.
-To Acuqire an investment corporatio
New York as
n. It is
Additional Common Stock of Curtiss-Robertson Airplane Mfg. revenue from holding and trading understood that it Is to gain its entire
in the securities of other corporations
and is not an operating company in any way.
Co.
-New Product.
The personnel of the board of directors was increased from 4 to 7 members.
See Curtiss- Robertson Airplane Mfg. Co. below.
D. Hunter of Williams. Hunter & Platt, Inc., is President.
Successful testa of a new liquid which when substituted for water greatly Chauncey 2637.
V. 128. p.
improves the performance of liquid-cooled motors, resulting in 100%
greater potential horsepower, 5% increase in speed and a considerable
Dow Chemical Co.
-Extra Dividend.
decrease in motor weight, have been completed by the company, it is
The directors have declared an extra dividend of $1 per share on
announced. The new liquid, "Prestone," which was recently announce
common stock in addition to the regular quarterly payment of $1.50 the
by the Army Air Corps, was applied to standard commercial aircraft for
per
the first time in these tests, when planes of the Curtiss Flying Service share, both payable May 15 to holders of record May 1.
The directors also voted the regular quarterly dividend of 1 h% on Us
were used in the experiment. The use of this liquid resulted in a revopreferred stock, payable on the same date. Compare V. 126, p. 2654
3000
FINANCIAL CHRONICLE
[VOL. 128.
be
less of outside business, will lead to more economical operation than canare
maintained by an independent commercial bleachery. These earnings this
requirements of
statement:
the equivalent of over six times the maximum interest
The company has issued the following
In view of the fact that there has been some misunderstanding in regard Issue and over three times the average annual principal and interest reExchange in quirements.
to the application for listing shares on the New York Stock
we wish to bring
connection with recent transactions by the company,
Farrand Building, Highland Park, Mich.-Bonds Ofto your attention the following:
& Chemical
In connection with the acquisition of the Krebs Pigment
Stock fered.-Straus Brothers Investment Co., Chicago, are offerCo., company has made application for listing on the New York
non-voting ing $700,000 1st mtge.6% serial gold bonds at prices to yield
Exchange 20.823 shares of common stock and 19.999 shares of
debenture stock.
the Du Pont from 5.80% to 6%, according to maturity.
in connection with the acquisition of the minority interests of
Dated Feb. 15 1929; due serially 1932-1941. Interest payable F. & A.
company has issued 452,270
Rayon Co., and the Du Pont Cellophane
debenture stock
at offices of Straus Brothers Investment Co. Red. all or part upon any
Co..
shares of common stock and 47,208 shares of non-voting
-V.128. o. 2816, int. date on or after Aug. 15 1931 at 102 and int. In inverse numerical
been listed on the New York Stock Exchange.
which have
,
order, on three weeks' published notice. Personal property tax free in
Michigan. Normal Federal income tax up to 2% paid by the borrowers.
-Earnings.
Eagle-Picher Lead Co.
1928.
Central Trust Co., Detroit, trustee.
1929.
31
Quarter Ended March
-Funds derived from this bond issue, together with the mortSecurity.
$7,515.241 $5,517,252
Gross sales
430,631 loss 293,999 gagors' investment will be used to finance the erection of the building.
Net income after chgs. & Federal taxes
These bonds are secured by a closed first mortgage on the land-owned in
-V. 128, p. 1405.
fee simple-and on the Farrand Building how being erected at 12820-84
-Increased Sales.
Woodward Ave. Highland Park, Mich. The property covers the entire
Easy Washing Machine Co., Ltd.
10% over those for block frontage cif 280 feet on the east side of Woodward Ave., between
For the first quarter of 1929 sales show an increase of
Farrand Park and McLean Ave., with a depth of 200 feet.
the corresponding period of 1928.-V. 127. p. 3097.
-The annual gross income from this property is conservatively
Income.
to cover
at $136,272.from which ample deduction has been
-Acquisition.
Economy Grocery Stores Corp. & Woodbury, Inc.,located in estimated expenses, vacancies, taxes, insurance. &c., leavingmade
an estimated
operating
has acquired for cash Rood
The corporation
-more than twice the greatest annual interest
oldest and largest markets annual net income of $92,177
Springfield, Mass., and comprising one of the run in the neighborhood of charge on the bonds.
in the state. Sales annually are understood towill involve no immediate
-These bonds are the direct personal obligation of Harry
Mortgagors.
$1,000,000. This acquisition, it is stated,
and Max Dunitz, Joseph Bornstein and their wives.
-V. 128, p. 894.
financing.
-The Farrand Building will be of fireproof construction, four
Building.
-Initial Dividend. stories high, with basement. It will contain 10 stores, and 133 apartments
Electric Elevator & Grain Co., Ltd.
3734 cents of one, two, three and four rooms, all equipped with electrical refrigeration
The directors have declared an initial quarterly dividend1of holders of and other modern conveniences. Three elevators will serve the building.
A stock, no par value, payable May to
per share on the class
cumulative until
become
record April 20. Dividends on this issue do not annum. See offering in
-Listing.
Fashion Park Associates, Inc.
Feb. 1 1930 at the rate of $1.50 per share per
The New York Stock Exchange has authorized the listing of 34,500 adV. 128, p. 894.
stock, and 46,500 additional shame
ditional shares (par $100) preferred
acquisition
-Initial Dividend. the $6 (no par) common stock on official notice of issuance upon the(Ill.), makElectric Shareholdings Corp.
dividend on
Hub-Henry C. Lytton & Sons
The directors have declared an initial quarterly payable June 1 to of the business and assets of thefor 84.712 shares of preferred stock and
ing the total amount applied
cumul. pref. stock (optional stock dividend series),
in common stock
a meeting of directors Mar. 26.
holders of record on May 10. This dividend is payable per share of pref. 287,992 shares of its common stock. At
theretofore pending for the acquisition of the
at the rate of 50-1000ths of a share of common stock of $1.50 a share. board approved negotiations and principal assets (other than investments
business as a going concern
at the option of the holder, in cash at the rate
stock, or.
payment of
directly pertaining thereto.
In order for a stockholder to exercise his option to receiveon or before and real property and the assets of said company
him
machinery and equipment and
the dividend in cash, the corporation must receive from not received such Including accounts receivable, supplies, property as is presently used by
If the corporation has
deferred charges, so much of which real
May 20 notice of such election.
-V.128, said company is to be occupied under lease), of the Hub-Henry C. Lytton
stock.
notice bele& e this date, the dividend will be paid in common
The busi& Sons, subject to certain liabilities which are to be assumed. purchase
p.1914.
ness and assets were authorized to be acquired directly or by the & Sons
Airport.
C. Lytton
-Establishes Large
of all the outstanding capital stock of the Hub-Henry liabilities not to
Essex Airport, Inc.
The establishment of a large airport in Essex County, N. J., between after the elimination of the afore-mentioned assets and
authorized the
the incorporaMontclair and Paterson, was recently announced throughof men resident be acquired or assumed. The board, at said meeting also
also authorized the officers
a
tion of Essex Airport, Inc. The incorporators are to group local facilities execution of a contract for such acquisition, andcarry out said contract and
provide
steps
things as may be necessary to
to do such other
in the community, who, it is said, are taking
issuance of 34,500
growth.
for the present needs of aviation and for its inevitable future the directors to acquire the said business and assets, including the
of the company
The stock of the company has been privately subscribed by offering of shares of preferred stock and 46,500 shares ofcommon stock
be no public
26 1929, the contract for
in consideration thereof. Under date of'Mar.
and a group associated with them and there will
Robert the acquisition of said business and assets was duly entered into.
securities. The development of the airport will be undertaken by
of the management
The Bub-Henry C. Lytton & Sons Is an Illinois corporation founded in
Christie and William L. Maude under the supervision
It is engaged in the business of selling at retail men's furnishof the company.
and
which im- June 1904.
Inc., has acquired a large tract of land upon more than ings, clothing, hats, haberdashery and outfittings of all descriptions
Essex Airport,
tract, comprising
vabtlin lil ans es in
e
,ar yll Isu n oary four dtodary LIfollowing cities:
g
provements will be begun immediately. The and Fairfield Ave., in the operates, directly orof t
Road
100 acres, Ilea at the juncture of Fairfield southwest of Paterson. and the
Township of Fairfield, about seven miles
Annual Report of Weber & Heilbroner Inc.Inc.
same distance west of Montclair.
'
Hewitt Jr., ViceSince the close of the fiscal year, the name of Weber & Heilbroner, conThe officers are: Walter S. Marvin, Pres.; George F.
were
os.; Adolph J. Lim, Sec. & Treas.: was changed to Fashion Park Associates, Inc.. and contracts
Pros.; William Osgood Morgan. Vice-Pr
Ralph H. summated whereby the business of Fashion Park, Inc., Rochester, N. Y.,
are:
Herbert E. Jefferson. Asst. Sec. & Treas. The directors
Adolph J. the Stein-Bloch Co., Rochester, N. Y., and Weber & Helibroner, Inc..
Bollard (of Dillon, Read & Co.); George F. Hewitt, capitalist;
Transconti- have been consolidated under the name Fashion Park Associates, Inc..
Lim (Pres. Montclair Trust Co.); Walter S. Marvin (director
Noble, which now is the owner of
the assets and good will of the several comnental Air Transport, Inc.): William Osgood Morgan (attorney,Roy E. panies as going concerns. all
Morgan & Scammell); Jansen Noyes (Hemphill, Noyes lft Co.);
Weber
(Pres. NaThe figures given below reflect only the operations of the do not & Heilinclude
Tomlinson (Pres. National Biscuit Co.), and James C. Willson
broner and subsidiary companies chain of retail stores, and
tional Aviation Corp.).
the operations of Fashion Park. Inc. and the Stein-Bloch Co.
Fairbanks, Morse & Co.-Earnings.
Consolidated Income Account (Weber lit. Heilbroner. Inc. et Subs.)
1926.
1927.
1928.
1929.
1925-26.
1926-27.
*.
Qua? End. Mar. 311927-28.
1928-29.
$2,275,298 $2,332,945 $1,836.285 $2.455.168 Years End.Month of Feb. x$3,517.820 $3,244,048 $3,298,023 $3,315.852
Gross income
1,604,430 Gross operating profit.. _
1,424,941
1,540,372
1,460.856
Expenses
218,828 Oper. exp., deprec. &
221,230
186,681
215,829
2,601,880
Depreciation
28,447
amortization clharges._ 2.783.869 2,648,000 2.642.681
32.185
32,542
40,387
Pension fund
42,222
100,000
96,000
$713,972
8655.342
Debenture interest
$596,048
8733,950
Net earnings
78,450
15,620
63,902
55,467
29.991
Feu,rat taxes
100.315
Profit from sub. cos$525.012
$100.087
$409,447
$406,760
$713,972
8655,342
I'et income
8626.039
$834.265
Total income
131,706
127.054
123,870
122,106
94,000
90.500
PreArred dividends_ _ _ _
80,600
87.703
276,654 Federal taxes, &c
276,610
276,653
276,653
Common dividends
$619,972
$564,842
$545.439
$746,560
Net income
$116,652
$8,925 defS303,577
$8,000
381.239
324,378
la
B, nee, surplrs
470.628
646,665
Dividends
,
Earns. tr r sh. on 368.977
$1.07
Nil
$0.77
$0.77
$238,733
$240,464
$74,811
shs, corn. stk.(no par)
$99,895
Balance, surplus
742.118
952,172
1,164.703
-V.128, p. 2816.
1,239,234
Previous surplus
' 209.213
-Notes Approp.sur.cred. back_
i•iiirf°rest Finishing Co., Spartanburg, S. C.
1.179
571
8,220
Co. Federal tax adjustment_
3,682
2.388
2.160
890
-A. M. Law & Co., South Carolina Securities
Divs. on corn. stk. held
Offered.
8,029
and A. G. Furman & Co. are offering $600,000 63/2% serial Adjustments
$984.533
81,356.269 81,451.458 81.196.203
Total surplus
gold notes at 100 and int.
861
4,103
Interest payable A. & 0* Federal tax adjustment_
Dated April 1 1929: due serially 1932-1941.
31.500
31.500
Bankers
.
$500 c5 Principal and interest payable at the30 days' Pref. stock sinking fund
Denom. $1,000 and
126,720
on any int. date upon
534
part
Prem. on rel, of pref.stk
Trust Co., New York. Red. all or
80,000
year or fraction thereof. Cen- Organization expense_ _ notice at h % premium for each unexpired
1.402
Adjustments
tral National Bank, Spartanburg, trustee.
Treasurer of the Company.
8952,172
Data from Letter of H. A. Ligon,
$1,355,735 $1,239,234 81,164.703
P. & L. surplus
finishing plant to bleach,
-Has been established ass commercial
Company.
the products of Arcadia Mills, Shares cony, stock _ out88.168
88,168
94.668
95.968
standing (no par) - - dye and mercerize cotton goods, especially
It has now become part of
Greenville.
$5.73
$6.31
$4.52
S5.95
of Spartanburg, and Mills Mill, of two mills, which manufacture various Earns, per share
-V. 128. P. 2816.
lease.
of these
ic Includes profit on gale of a store
the merchandising policies
fine and fancy goods for the mews
kinds of cotton goods, particularly
obtaining more
selling it, thereby
-Earnings.
wear trade, to finish their product before
Federal Screw Works.
enabling them to sell their product
1928.
1929.
direct contact with the consumer and common stock of the company,
Quarter Ended March 31$572,063
established brands. All of the two mills and Reeves Bros., well- Net sales ___________________ $1.590,314
under
97.602
317,393
_______________ _
400,000 now issued, is owned by these
City. An up-to-date plant is being Net income after ili Jigs. bui_________
95,000
143,500
known commission house of New York alyout six miles from Spartanburg Shs.com.stock outstanding
$1.02
$2.21
approximately $850,000
built at a cost of
of the plant will be about 80,000,- Earns, per share
on the North Tyger River. The capacity
not only to take care of the -V. 128, p. 566.
of goods annually, which is sufficient
000 yards
the company to handle additional
-McDonald
-Stock Offered.
output of these mills but also to permit
Ferry Cap 8c Set Screw Co.
goods of other mills.
-These mills have entered into Callahan & Co., Cleveland, recently offered 25,000 shares
Mill and Arcadia Mills.
L contract with Mills
Co., agreeing to supply cloth equal
contracts with Fairforest Finishing as long as any of these notes are out- (no par) common stock at $31 per share. Of the offering
to at kast 85% of their production
finishing plant which it is estimated will 5,000 shares were acquired from the company and 20,000
standing at a commission to I he
this source alone of $79,800
give minimum net profits to this compnay from interest of this isue. This shares from individuals.
and
agent. Stock
Per year, which is ample to pay principal
Midland Bank, Cleveland, 0., registrar and transfer
above all costs.
commission gives a net profit over andability of these two mills, both of is The exempt from personal property taxation in Ohio; and dividends are
now
Arcadia Mills and Mills Mill -The
tax.
successful operation, to comply with these exempt from the present normal Federal income
which have had long records of
Outstanding.
Authorized.
financial statements. The
Capitalizati
77,873 Om
c :ntracts, is shown by their earning records and including depreciation and Common stock on- par)
100,000 shs.
(no
n..t earnings of the companies, after all charges,
of Company.
Ira eine taxes, have been as follows:
Data from Letter of Thomas Ferry, President
Mills. Mills Mills.
Arcadia
Mills Mill.
screws,
Arcadia Mills.
$222,668
Company.-Incorp. In 1906 in Ohio for purpose of making cap
$127,616
$304,539 1925
$149.292
19 9
132,716 set screws and similar products. Company was organized to develop the
131,371
275,966 1926
364,536
la:0
126.828 upset method of making cap screws. Company was a pioneer in this
159.505
65,106 1927
14,433
1,21
17,824 method of making screw products which is now almost universally used.
28,892
210,369 1928
94,840
,
1.,22
While the company is engaged primarily in the making of screws, it has
291,245
227,367
1923
8166,998 enlarged the scope to include many similar products such as automobile
Av.10 yrs.$134,177
,
43,919
patented
1924
experience of connecting rod bolts, shackle bolts and abusiness in veneer or acorn nut.
the
farm implement and
growing
-Based upon conservative estimates and
Earnings.
this company should be in It also does a large and steadily it has enjoyed a steady business in standother bleacheries in the South, the earnings of
The steady opera- airplane parts. For many years
production.
excess of $239.500 per year, with only 70%
ard screws for wholesale hardware houses throughout the United States
with those mills, regardti in of the bleachery on account of its connection
-Listing.
(E. I.) du Pont De Nemours & Co., Inc.
MAY 4 1929.]
FINANCIAL CHRONICLE
Earnings.
-Net earnings for the four years ended Dec. 31 1928, after
allowance for depreciation and Federal income taxes paid were as follows:
Year1928.
1927.
1926.
1925.
Earnings
$262,226 $168,932 $242.871 $171,136
Per share
$3.37
$2.17
$3.12
$2.20
Sales for the above period have shown a steady and consistent increase.
March 1929 was the largest month in the company's history and business
booked assures us of a substantial increase over 1928.
Officers and Directors.
-Thomas Ferry, President & Gen. Mgr.: Harold D.
North, V.-Pres.; George M. North, Treas.: Ed. W. Ferry, Sec.; George A.
Coulton, Charles L. Bradley, Paul North.
Dividends.
-It is the intention of the management to place this
on
a $2 annual dividend basis with the first quarterly dividend of stockper
50c.
share, payable on July 11929.
Listing.
-Application will be made to list this stock on the Cleveland
Stock Exchange.
Finance Service Co.
-Comparative Balance Sheet.-
AssetsMar.31 '29. Dec. 31 '28.
Furnitureddixls
$32,365
$32,131
Cash
523,402
622,492
Notes rec
2,988,633 3,026,672
Accts. rec., less
res
1.343,992 1,214,048
Accr. int. on
notes rec
6,142
7,182
Int.paid in adv_
38.919
28,586
Liabilities- Mar. 31 '29. Dec. 31 '28
7%cum.pref stk. 0248,980
$257,300
Com.stk.,class A x628,900
628,900
Com.stk..class B x200,000
200,000
Coll.tr.n't's pay 2,917,000 2,872,000
Res.for Fed.tax.
22,484
28.478
Res. for div. on
Pref. stock__
1,452
1,501
Deprec. reserve15,574
14.955
Contge res've __
164,812
208,707
Paid-in surplus_
388,366
388.300
Tot. (ea. side) $4,933,456 84,931,111 Earned surplus_
345,888
330.970
x Represented by shares of $10 par value.
-V. 128. P. 737.
First Baptist Church of Asheville N. C.
-Bonds
Offered.-Waldheim Platt & Co., St. Louis are offering
$315,000 6% 1st (closed) mtge. real estate serial gold bonds.
Dated April 1 1929; due serially April 1 1930-1941. Principal and int.
(A. & 0.) payable at Boatmen's National Bank of St. Louis. Red. on any
int. date, on 60 days' notice, at 102 and int. Central Bank & Trust Co. of
Asheville, trustee.
The Church -The First Baptist Church of Asheville, N. C., was founded
Feb. 28 1829. It had 8 members, and conducted its services in a oneroom log cabin. The Church has grown until it now has a congregation
numbering 2,000, with an enrollment of 1 400 in its Sunday School. It is
the largest Baptist Church in North Carolina, and one of the largest in the
entire South.
Security.
-These bonds are the obligation of the trustees of the First
Baptist Church of Asheville, and are secured by a first closed mortgage
upon the Church's property, fronting 150 feet on Oak St. by a depth of 279
ft. on Woodfin St. in Asheville. The improvements consist of the church
structure with educational buildings, Pastor's Home, and a 2
'
-story brick
garage used in connection with the church. The mortgage also covers the
equipment. The church buildings contain over 1.000,000 cu. ft. The
seating capacity of the educational plant is 3,000, and of the main auditotorium,2.000. There are 101 rooms. The church properties, upon completion of the buildings,show a cost as follows: Land, $150,000; buildings and
equipment,$474,000; total, 8624.000. The church conservatively values
the
land, buildings and equipment at this time at $750,000.
First Holding & Trading Corp.-Initial Dividend.
-
The directors have declared an initial quarterly dividend
the preferred stock payable May 15 to holders of record of 1
oc
Apr
V. 128, p. 1236.
on
Z'
-0.-
First Industrial Bankers, Inc.(Del.).-Initial Dividend.
3001
Balance Sheet December 311928.
Assets.
Liabilities.
Cash
$237,758 Accounts payable
$130,214
Notes receivable
889,562 Accrued liabilities
30,326
Accts. receiv.. incl. sales cos
129,084 Mortgages payable
150,000
Subscriptloas to capital stock_
8,903 Capital stock
21,462,430
Adv., seamen, erectors, drc_
23,431 Surplus
419,645
Complet.contr.await.deliv.,&c. 178,729
Merchandise inventory
326.149
Investments
20,832
Fixed assets
339,151
Deferred assets
39,020
Total (each side)
$2,192,619'
a $7 cumulative preferred, 9.500 shares; class "A." 13,743 shares:
common, 35,000 shares.
(M. H.) Fishman Co., Inc., bc. to $1 Stores.-Pref.
-George H. Burr & Co., Boston. recent y
Stock Offered.
offered $300,000 7% cum. cony. pref. stock, series A, at•
100 and div. A limited amount of the common stock was
also offered.
•
Preferred as to dividends and as to assets over common stock. Cumulative dividends payable quarterly at rate of 7% per annum, first dividend
payable July 15 1929. Cumulative sinking fund equal to 3% per annum
of preferred stock outstanding Oct. 15 1933, set adsle and applied semiannually out of net profits or surplus after provision for preferred dividends.
first installment set aside Oct. 15 1933. Entitled on liquidation or dissolution to $100 per share and div. Red. in whole or in part at $110 per share
and div. upon 30 days' notice. Dividends exempt from present normal
Federal income tax. Transfer Agent. Irving Trust Co., New York City.
Registrar, Chase National Bank, New York.
Capitalization
Authorized. Outstanding.
% cumul. pref. stock (par value $100)
63750.000
c$378,000
Common stock (no par)
a150,000 shs. 75.000 she.
a 15,120 shares reserved to provide for conversion of 7% cumulative
convertible preferred stock, series A. b Including $378,000 of 7% cumul.
convert. pref. stock, series A, of which this issue is a part; the remaining
$372,000 may, if and when issued, be made convertible at a rate to be determined by the board of directors, but the conversion rate shall not be more
favorable to the holder than in the case of this issue of preferred stock.
c $78.000 of this 7% cumul. convertible pref. stock, series A, will be issued
to replace the old preferrred stock.
Data from Letter of M. H. Fishman, Pres. of the Company.
-Business was started in Oct. 1917, with one store at Rutland.
History.
Vt. In Jan. 1928. the business was incorp. in Delaware, without change of
management, under the present corporate name. Since its inception the
business has expanded steadily, sales having increased from $24,000 in 1918
to $913,000 in 1928. Company operated in 1928 a chain of 12 five cent to
one dollar stores, transacting a general line of merchandising busineds.
Purpose.
-Entire proceeds derived from the sale of this issue of preferred
stock (except the portion issued to replace the old, preferred stock) will
remain in the business and will be used primarily for expansion.
Assets.
-The net tangible assets as shown by the balance sheet as of Dec.
31 1928, after giving effect to this financing, were over $153 per share of
this issue of preferred stock, and the net current assets were over $114
per share.
-The sales and earnings for the 2 years ending Dec.
Sales and Earnings.
31 1928 are as follows:
Prof. Aft. Deprec.
No. of Stores. Sales. & Fed. Taxes.
Year
1927
• 9
$521,156
$44,481
*12
1928
913.006
69.098
• Of these stores four were in operation less than six months.
-V. 128.
p. 2817. 2638.
Checks in payment of the first quarterly dividend of $I per share on
$4 cumulative convertible preference stock, series A have been mailedthe
-Correction.
Fleischmann Co.
to
stockholders of record as of April 25 1929.
In last week's "Chronicle" the figures for cost and expenses for the Ins
This corporation, with headquarters in Baltimore,
operates about 20 quarter were given as $16,322,347 instead of 810,322,347.-V. 128, p. 2817.
branch offices in several States, doing a small loan
uniform Small Loan Law sponsored by the Russell Sage business under the
-Earnings.
Follansbee Brothers Co.
The directors include Wallace Groves (President),Foundation.
Company reports for the quarter ended March 31 1929, net profit of'
Morgan
(August Belmont & Co., New York), A. R. McGill (President First Belmont $402,572 after depreciation, interest and Federal taxes, equivalent after
National
Bank, Sharon, Pa.), /trios S. Stockbridge (of Baltimore, Md.). and
C. T. deducting preferred dividend, to $1.98 a share on 180,000 shares of common
Williams (of C. T. Williams & Co., Baltimore. Md.).
stock. This compares with net profit of $243,855 reported in the first.
quarter of 1928, equal to $1,100 common share similarly computed. The
Fiscal Bond & Share Corp.
earnings per share of common stock in the first quarter of 1929 thus showed
-Organized.This corporation has been incorporated in Mar landas a general investing an increase of 80% over 1928. For the year ended Dec. 31 1928, the comand trading company with broad powers, accord
to an announcement by pany reported earnings of $7.53 per share on the common stock.
W. U. Follansbee, Chairman, states: "Both production and shipments
J. W. Rockwell, Jr., Pr.of United States Fiscal Corp. The new company
Pros,
is one of a group of financial institutions headed by United States Fiscal surpassed all former records and the volume of business on hand indicates
maximum operations into the third quarter. Close associations with regular
Corp. Other members ofthis group are Financial Investing Co.of New
York
Ltd. Second Financial Investing Corp., Domestic & Overseas Investing customers should show very satisfactory shipments throughout the year.
"The company has naturally participated in the generally inproved condiCo.,
and Alexander Hamilton Investment Corp., all of which are
general investment trusts.
tions in the steel business. It is also reaping the benefits of its regular
The capitalization of Fiscal Bond & Share Corp.consists of 200,000 shares PelicY toward reduction of costs and especially to the maintenanoe and
of class"A"common stock and 100,000 shares of class"B"common
quality
stock, improvement of there and service.
all without par value.
"Accordingly
is the continued appreciation upon the part of the
The directors are J. W. Rockwell, Jr., Pres., United States Fiscal Corp. company's customers of the advantages in the use of sheet steel and tinplate
Raymond M. Smith, Pres., Smith, Reed & Jones, Inc. Donald Young
produced exclusively by the Follansbee forge methods of manufacture.
of aa"A product
Morris & Smith, members New York Stock Exchange Reed B.
of the company which has been growing very rapidly is
Chaffee. Dawson and Shealy, Attorneys, New York, and Dawson, of electrical steel sheets as utilized in transformers, dynamos, motors.
Willard W.
&c.,
Seymour,Pres. Stone, Seymour & Co., Syracuse.
and of late particularly in the radio business which is a large consumer of
Officers are: Pres., Willard W. Seymour Vice-Pros., Reed B.
this specialty.
Dawson
Compt.& Sec., Daniel S. Hamilton, tfto. of Domestic and Overseas
"At the present time and extending throughout this year in a manner to
Investing Co., Ltd. Treas., Edward Groff'. Vice-Pros., Commercial
Trust Co. of cause little or no interference in production at the company's original plant
Jersey City.
at Follansbee, W. Va.. electrical installations are being made on Hot Mills.
Cold Mills, &c., which will further reduce costs.
(I.) Fischman & Sons, Philadelphia.
"The
-Stock Offered.
- the ratefinancial statement continues satisfactory, current assets being at
Paine, Webber & Co. recently offered blocks of cumulative sufficientof almost 6 to 1 of current liabilities. Company has acquired
accordiney
to retire
convertible preferred stock (no par value) and class A stock will cover of its own bonds come the$500,000 on June 1, which of
for five years to
sinking fund requirements
annum,"
-V, 128. p. 2817.
(no par value).
$10,Per
Transfer agent, The Philadelphia National Bank; registrar,
Forest Plaza Apartments, Ann Arbor Mich.
Franklin
-Bonds
Trust Co. of Philadelphia.
Offered.
Pref, stock is preferred over the class A and common stocks
-Federal Bond & Mortgage •Co., Detroit, Mich.,
and cumulative dividends at the rate of $7 a share per annum as to assets are offering $235,000
6% 1st mtge. serial real estate gold
-J,
in whole or in part on any div. date after Jan. 15 1930 upon payable Q.
not less
30 days'notice at $110 a share and dive. Upon dissolution, whether than bonds at par and int.
voluntary or involuntary pref. stock will be entitled to $105 a share
Dated March 15 1929; due serially March 15 1932-1941. Int. payable
and dive
before any distribution may be made to class A or common stockholders.
M.& S. Tax free in Michigan; Normal Federal income tax up to 2% paid
Convertible at the option of the holder into class A stock on or
by borrower.
before
Jan. 15 1931 at the rate of 2shares ofclass A stock for each share of
preferred, onSecurity -These bonds are directly secured by a closed first mortgage
and after Jan. 15 1931 at the rate of one share of class A for each
the land owned in fee, and buildings and furnishings and by a first lien
share
of preferred. In case of pref. stock called upon 30 days' notice for redemp- on the net income from rentals. The Forest Plaza is now under construction, the conversion right may be exercised at any time during said 30
tion and will be a 5
-story, 58
-apartment building. There will also be in
days connection
prior to the date so fixed for redemption.
-car garage.
a fire-proof 20
The land has been
at $75,000. Based on contractors' bids,
Data from Letter of President Maurice I. Fischman, March 1929. architects' estimates, appraisedestimates,
and on
the buildings, furnishings and
Company.-OrganIzed in Pennsylvania Jan. 27 1926 as the
incorporation equipment have been valued at $342,000, or a total valuation of $417,000.
of a business of a similar name established in 1888. Predeeessor company The bond issue is 56% of the valuation of the property.
was originally engaged in buying, repairing and reselling soda fountains,
Earnings -On a conservative basis and after a survey of rentals in Ann
together with the manufacture and sale of carbonated water, flavors; ex- Arbor the income has been estimated as follows:
tracts, &c. About 8 years ago the company decided to concentrate its Gross annual income apartment building and garage
$
efforts in the manufacture and distribution of soda fountains and is now Annual expenses (including taxes,insurance and vacancy allowance) 5"
15,700
among the leading manufacturers in this field.
CapitalisationAuthorized. Outstanding.
Net annual income
$35.300
Cum.cony. pref. stock (no par)
10,000 shs. 9,500 shs.
Foundation Co., N. Y.
Class A stock (no par)
*35,000 she. 13,743 shs.
-Present Management Seeks
Common stock (no par)
35,000 shs. 35,000 shs.
for Control.
*Includes 20,000 shares of class A Stock reserved for conversion of cumu- Proxies.-Fight on
A letter to the stockholders, seeking proxies for the annual meeting
lative convertible preferred stock.
Earnings.
-Net sales and net profits for the year ended Dec. 31 1928 are to be held on May 6 says:
A campaign is now under way by certain interests to acquire controt
over double net sales and net profits for the entire year 1927, as indicated
of this company at the annual stockholders' meeting on May 6 1929.
by the following tabulation a earnings:
We believe that it is the purpose of these interests to replace the present
1927.
1928.
board of directors, consisting of Willis H. Booth, Vice-President
Net sales
$803,994 $2,380,287 Guaranty Trust Co. of New York George Murnane, partner of the
in Lee.
Net profits
88,820
The pref. div. requirements amount to $66,500 per annum. The 423,783 Higginson & Co. H. P. Wilson, former President of Western Power Co.
average
net profits for two years are over 3h times pref. div. requirements, and are Louis E.Stoddard, capitalist, and certain executive officers of the company,
consisting of individuals who are not now connected with,
equivalent to $3.89 on the combined class A and common stock at present by a new board,
the company either as director.or officers.
outstanding. The net profits for 1928 were over 6 times pref. div. require- the management ofCo. Is in a strong
The Foundation
financial and business position, with
ments and equivalent to $7.32 a share on combined class A and common
excellent prospects for a successful year in 1929 and for the future, du&
stock at present outstanding.
to the experience, ability and loyalty of the present management and th
3002
[Vol,. 128.
FINANCIAL CHRONICLE
close co-operation which exists between that management and the present
board of directors. With the advent of a new board of directors, the
present management of the company will be seriously disrupted. Franklin
Remington. Chairman, who was one of its founders in 1902 and has continuously served as President or Chairman since that time, and Harry J.
Deutschboin. President, who has been continuously connected with the
company for more than 17 years and has been either President or First
Vice-President & General Manager for the last ten years, are unwilling
to continue in the employ of the company if these interests gain control.
In the opinion of the management, the proposed change in control will
not enhance the business of the company and the best interests of its
stockholders. Accordingly, you are earnestly requested to execute and
return immediately the enclosed proxy running to Franklin Remington.
Harry J. Deutschbein, Ralph L. Dalton. and Charles W. Gillespie.
(Signed by Franklin Remington, Chairman, and J. H. Deutschbein,
President.)
A group headed by John W. Doty, former Chairman and
President of the company, is seeking to unseat the present
management and plans to place him in charge again. A
•
statement by Mr. Doty says:
The capitalization of the new company upon completion of proposed
financing will consist of $2,500,000 cony. 6i% sinking fund debentures
due 1944 and an authorized issue of 285,000 shares of no par value common
stock of which 115,000 shares will be outstanding, and of which 75,000
shares are reserved for conversion of each debenture into 30 shares of
common stock. The financing which will be undertaken in connection
with the merger has been underwritten by Bauer, Pogue, Pond & Vivian.
The convertible debentures will be the only funded debt of the corporation which, based upon the balance sheet as of Jan. 1 1929, shows net
tangible assets of $5,262,769. Current assets of the same date were
$1,401,272 and current liabilities $185,408.
General Outdoor Advertising Co.
-Earnings.-• Quarters End. Mar.31- 1929.
1928.
192T.
1926.
Operating revenues
26,338.672 $6,606,902 $6,661,946 $6,668,010
Open. exp., incl. deprec_ 5,795,395
5,729,796
5.523,701
6,143,071
Earnings from oper_
Miscellaneous income_ -
$543.277
61,703
$877,106 $1,138,245
86,560
89,802
$524,939
66,480
Gross earnings
$604,980
$963,666 $1,228,047
$591,419
Amortization
638,579
591,568
573,896
Interest
10,862
13,624
16.865
10,178
The contest for control will come to a head at the annual meeting on May Federal taxes
48,459
86,033
79.355
6. The recent trend of the company's net earnings being downward,stockholders of the company owning very large amounts of its stock deterNet profit
loss$44,461
2310,015
$551,253
$501.886
mined to make me again the executive head of the company, with a board
per sh. on 642,383
of directors satisfactory to me. Holders of more than 51% of the capital Earns,corn. stk.(no par)
$0.22
she,
Nil
$0.59
$0.53
stock have already given proxies, which will be voted for my election, -V. 128, p. 2099.
and I am entirely confident of the result..
"If elected, the new board of directors, including myself, will have
-Installs New Press.
General Refractories Co.
a substantial personal investment in the company, and I expect to be able
The company announces the completion of the installation at its Baltimaterially to increase its net earnings. So far as we can ascertain from more plant
press different from any now in use in the refractories
an examination of the company's stock books, the present officers and industry. of a type of upon the construction of which the research and
among them and have no engineering This press, of the company have for some time past been
directors do not own 1,000 shares of its stock
departments
substantial interest in the company.
-V. 128. p. J237.
working, will be used in the manufacture of magnesite and chrome brick.
A feature of the new machine is that it will be able to turn out unburned
Fox Metropolitan Playhouses, Inc.
-Listing.
brick, which can replace burned brick for certain uses, thereby substantially
There have been placed on the Boston Stock Exchange list. $13.000.000 reducing manufacturing costs.
% cony, gold notes, dated May 1 1929, and due May 1 1932, with
"This press, which is of the hydro-dynamic type, is the most powerful
deliveries against initial transactions in the form of interim.certificates of now in use in the industry, either in the United States or abroad," says
Halsey, Stuart & Co., Inc.
the company's announcement.
Fox Metropolitan Playhouses Inc.. is a wholly owned subsidiary of
"The company also has in contemplation the installation of similar
Fox Theatres Corp., and it has existing contracts for the acquisition of machines at other of its 15 plants, for the manufacture of various types
115 theatres of a seating capacity in excess of 140,000 persons, the majority of refractories other than magnesite and chrome, which will serve quite a
of the theatres being located in New York City.
-V. 128, p. 2818.
diversity of industries."
-Stock Offered.
General Aero Corporation of America.
-G. H. Holmes & Co., Inc. are offering 300,000 shares no
par common stock at $15 per share.
-Earnings.
(Adolph) Gobel, Inc. (& Subs.).
Earnings Quarter Ended March 31 1929.
$13,018,000
Net sales
414,733
Net profits after int. but before Federal taxes
Transfer agent: Security Transfer & Registrar Co., New York.
314,964
Net income after taxes & preferred dive. orsubs. & minority int_
Authorized. Outstanding. Earns, per share on 404,357 shares common stock
Capitalization$0.78
1,000,000 shs. 420,000 she. -V. 128, p. 2640.
Common stock (no par)
Of 580,000 shares of authorized capital stock not included in this offering,
be issued to
100,000 shares are reserved against stock purchase warrants to
-Aldred & Co., the
Gorham, Inc.
-Preferred Stock Sold.
founders.
-Has been formed as an operating holding corporation for the First National Corp. of Boston, Minsch, Monell & Co.,
Company.
purpose of acquiring stock ownership in a diversified selection of companies Inc., and Green, Ellis & Anderson have sold at $50 per
engaged in the manufacture and sale of airplanes and airplane accessories
and the operation of airports and air transport companies. In so far 88 share 110,000 shares (no par) $3 cumul. preferred stock
possible the controlling interest will be acquired in the corporations selected. (with warrants to purchase common stock, class A).
Company will operate as a holding company, but in the companies it
Certificates of $3 cumulative preferred stock will be accompanied by
controls as subsidiaries, will outline policies with respect to production of
sales. The technical and research staff of company will be at the command stock purchase warrants, non-transferable apart from such certificates.
companies, and it is believed entitling the holders thereof to purchase one share of common stock. class
of its respective subsidiaries and associated
with centralized executive management, important economies can be A for each share of such preferred stock, at $40 per share during the period
ending May 11931; at $45 per share during the 2 years ending May 11933;
effected in the operation of the various units of the parent corporation.
after which date
Corporation will derive its earnings from the stocks held in its respective and at $50 per share during the year ending May 1 1934,of such preferred
the warrants will expire. In case of redemption of shares
subsidiaries and associated companies. Each corporation in which com- stock
before the exercise of the warrant attached to the certificate for such
pany is acquiring ownership will retain its own individuality and identity.
but each unit will receive the co-operation and benefit of the resources of stock, the company agrees to issue a detached warrant evidencing the
subscription privilege.
the parent concern.
Transfer agent: Bankers Trust Co., New York. Registrar: The Bank
A brief description of the companies whose securities corporation has
of American, N. A., New York.
already contracted to purchase is given below:
Holmes Airport, Inc., New York.
-This air terminal Is located in the
Data from Letter of Pres. Edmund C. Mayo, New York, April 27.
Borough of Queens, New York City, within 4 miles of Grand Central
-As the result of a careful study of the retail jewelry field,
Company.
Central Station. A tract of 220 acres has been assembled-130 acres being the directors of the Gorham Manufacturing Co. have arranged for Gorham.
acquired by fee simple purchase and 90 acres by long term lease-and is Inc., organized in Delaware, to acquire through wholly owned subsidiaries
being developed as a modern air terminal with administration building.
of Black. Starr & Frost of New York, Spaulding
traffic tower, hangars for transport companies and private owners; and the business and assetsand the Fifth Avenue New York retail establishment
Co.,
show room and demonstration space for airplane distributors. The land & The Inc. of Chicago,
of
Gorham Co., sales agent for the Gorham Manufacturing Co. and
involved in this air terminal has been appraised as having a present value the properties will hereafter be operated through wholly owned subsidiaries
of over 28,000,000. A little less than one-quarter of this air terminal is to be known as Black, Starr & Frost
-Gorham, Inc., New York,and Spauldnow in temporary operation.
Chicago.
General Aero owns all of the stock of Holmes Airport, Inc. (except ing-Gorham Inc.,of these assets will be effected without any allowance
The acquisition
qualifying shares of directors).
being made for good will built up by the former owners over many years
-Eastern Air Express, Inc., a Delaware corpo- of
Eastern Air Express, Inc.
operation, or for the value of advantageous leases, or for valuable trade
ration, has been formed as an air transport company, to operate from names or trade marks. The inventory is being taken over at a value which,
Holmes Airport, Inc. Tr -motored planes are to be used on the passenger It is estimated is below current wholesale cost. All articles of jewelry and
runs which it is planned to operate to the following cities: Philadelphia. all precious stones of the value of $500 or more have been appraised by a
Baltimore, Washington, Richmond, Atlanta, Jacksonville, Tampa, Miami. committee of experts, the remainder of the inventory being acquired at
and Norfolk.
cost as shown on the books of the companies formerly operating the proLines are also contemplated to Montauk Point, Boston and Montreal.
All stock in Eastern Air Express, Inc. (except qualifying shares of direc- perties.
Payment is to be made wholly in preferred and common stock of Gorham,
tors) is owned by General Aero Corp. of America.
of
the
-A contract was closed by General Inc. This arrangement requires the payment to The former ownersarSwallow Airplane Co., Wichita, Kan.
bankers have
99,800 shares of $3 cunulative preferred stock.
Aero in Dec. 1928, for the purchase of controlling interes; in the Swallow ranged to purchase this -referred stock, and Gorham. Inc. has agreed to
Airplane Co. (Del.). Swallow is America's oldest commercial plane. sell them 113,200 additional shares, thus making a total of 110.000 shares
Production schedule for 1929 calla for 1.000 completed planes.
clients. The
purchase
-A 50% interest has been contracted which the bankers have agreed to retaining for resale to their received by
Gates Flying Service, Inc., New York.
the common stock
former owners of the business are
for by General Aero in this organization, which is headed by Ivan R. Gates. them in part payment for their properties.
Airport a fleet
Gates Flying Service, Inc., is now operating from Holmes
Black, Starr & Frost.
-The business was founded in New York by Isaac
of modern open and closed sight-seeing and training planes and is planning Marquand in 1810, at a time when the population of N. Y. City was only
to place in operation shortly 3 or morc tri-motored multiple passenger 96,000. The first store was a little shop at 166 Broadway, near Maiden
transport cabin planes of the most approved manufacture. TPlans for the Lane. The house grew until in 1860 it was ono of the most famous of Be
Immediate future also include the establishment of a ground training school day, carrying on a business which not only included the whole of tho United
at Holmes Airport as well as in other cities throughout the country where States, but extended to England as well. Successive removals necessitated
Gates Flying Service. Inc., will be established.
by expansion of business brought the company to its present location
General Aero is also negotiating for the acquisition of interests in other at Fifth Avenue and 48th St. In addition it has branches in this country
units related to aviation.
in Palm Beach and Southampton, and abroad in Paris.
-Proceeds of this financing will be used by the corpoPurpose of Issue.
Spaulding & Co., Inc.
-The house of Spaulding & Co., Inc., which has
and assoration in acquiring Aircraft securities in the various subsidiary contracts; branches in Evanston, Ill., and in Paris, is successor to a business founded
ciated companies selected; in completing payments on existing
Hoard & Co. In 1888 it was
74
subsidiaries for expansion needs, and for in Chicago its years ago under the name of S.that time the business of N.
advancing funds to'its respective
inc. under
present name, taking over at
general corporate purpoaes.
Matson & Co., formerly known as Matson & Hoes. The principal store
Directors -Daniel de R. M. Scarritt, Fred R. Angevine, Major William of the house is located on Michigan Ave., Chicago.
0. Brooks, C. L. Offenstein, Alfonso J. Guarini, Ivan R. Gates, Nathan F.
Control of Spaulding & Co., Inc. was acquired by the Gorham ManuMax
Vanderlip, Frank J. Coriell, E. H. Holmes, Warren W. Lewis, Hans facturing Co. several years ago.
Goodman, Leonard P. Scott, Dr. A. J. Rage, Col. R. A. Egan,
Gorham Cornpany.-The business of the Gorham Manufacturing Co.,
Lubig.
the largest manufacturer of sterling silverware in the world, was founded
In 1831 and in 1873 a retail store was established in New York. The Gorham
-Quarterly Earnings.
General Cigar Co., Inc.
Co. has operated a Fifth Ave. retail store since 1901. The Fifth Ave. store
1927.
1928.
1929.
Quarter Ending March 31is to be distinguished from the company's Maiden Lane. New York estaband wholesale house
Net profit after charges & Federal
$619,187 ment, which is primarily a manufacturer's showroom
$393,571
$705,369
department and the bronze
taxes (est.)
362,576 and which, together with the ecclesiastical
407,570
407,570
Gorham, Inc.
Shares corn. stk. outslanding (no par)
$1.35 division of The Gorham Co., will not be acquired by
20.75
$1.51
Earns, per share
Outstanding.
Authorized.
Capitalizational10,000 shs.
-V. 128, p. 896.
6300,000 elm
Preferred stock (no par)
d125,000 she.
c500,000 she.
stock,class A (no par)
-Merger Negotiatied. Common
25.000
General Industrial Alcohol Corp.
25,000 she.
Common stock, class B (no par)
Formation of this corporation under the. laws of Delaware has been
preferred stock is Lssuable in series, with
a $3 cumulative series. b
announced by Walter J. Trautman. Pres, of the corporation. The new such designations, preferencesThe relative, participating, optional and other
and
company was formed for the purpose of acquiring the business and assets special
as may be expressed in the resolutions
and the
of the General Industrial Alcohol Co., Inc., at Marrero. La.,plants of of the rights or qualifications thereof the same. c 160,000 shares will be
Board of directors authorizing
National Industrial Alcohol Co., Inc., at New Orleans, and the
$3 cumulative preMichigan Chemical reserved for Issue against the warrants attached to the for origination and
the Greendale Co. at Lawrenceburg, Ind., and the Government permits ferred stock, and against those issued to the bankers
Co. at Bay City, Mich. The new company will have alcohol per annum. financing, and for a proposed Employees Stock Purchase Plan. All warrants
gala. of
entitling it to produce approximately 5,000.000
same terms, with the exception of warrants reserved
In addition to the above, the new corporation will acquire complete are exercisable upon the of which will be fixed by the directors of Gorham.
terms
ownership of Molasses Distributors Corp. which has ipurchased the domes- for employees, the will expire not later than May 11934. d Of this amount
Molasses Co. of New Inc. All warrants
tic bulk blackstrap department of the Xmerican
shares are about to be offered to stockholders of the
York and certain subsidiaries, excluding foreign collecting facilities and approximately 36,400 Co., in the proportion of one common share, class
terminals Gorham Manufacturing
tank ships, but including a fleet of 57 tank cars and tidewater
A, for each 5 shares of Gorham Manufacturing Co. common stock (or
at Boston, Brooklyn and New Orleans, providing economical storage and voting trust certificates) held.
distribution for over 30,000,000 gallons of blackstrap per annum.
Pro forma Condensed Consolidated Balance Sheet of Gorham, Inc. as of
, January 31 1929.
Assets
$863,889
$794,402 Accounts payable
Cash
40,217
18,718 Accrued accounts
Notes receivable
135.000
2,270,053 Res.for organiz. exp. bet)Accounts receivable
912,500
9,643,138 Reserves for contingencies- Inventories
5,500,000
1 Preferred stock
Good-will
304,729 Common stock & surplus- 5,680,590
Furniture, fixt., prop.& equip
101,155
Deferred charges,&c
Total
3003
FINANCIAL CHRONICLE
MAY 4 19291
$13,132,198
$13,132,198
Total
Gorham Manufacturing Co.
-Retail Store in New York
Acquired by Gorham, Inc.
-V.128,
-See Gorham,Inc.above.
p. 2640.
Grand Central Surety Co.
--Organized.
-Quarterly Report.Hercules Powder Co.
1928.
1927.
1926.
1929.
Quar. End. Mar. 31Gross receipts
$8,438.926 $7,107,973 $6,577.671 $6,004,731
700.811
667.408
797,038
xNet earns, all sources 939,046
197,937
185,656
199,922
199,922
Pref. div.(1(%)
$481,752
$502.875
$597,116
$739,125
Balance, surplus
7147 000
(no par)
y147,000
7147,000
Shs.of com.out.
598.000
$..37
$3.42
$4.06
Earns, per sh. on corn..-$1.23
x After deducting all expenses incident to manufacture and safe, ordinary
and extraordinary repairs, maintenance to plants, accidents, depreciation,
taxes, &c., also interest on Aetna bonds. y Par $100.
Consolidated Balance Sheet 11,ctrch 31.
.
1928.
1929.
Liabilities
$
$
3
AssetsPlants & property.31,467,572 28,340,090 Common stock_ _x14,950,000
1,177,068 1,283,768 Preferred stock _11,424,100
Cash
Accts. receivable 5,234,640 4,658,291 Accts. payable_ __ 704.297
99,961
700,000 Pref. div. payable_
Collateral loans
704,944 Deferred credits__ 229,216
Invest. securities. 603,522
Liberty bonds_ __ - 3,371,700 3,371,750 Fed. taxes (est.) _ _ 551,725
8,119,555
MaVls & supplies_ 4,402,146 4,126,968 Reserves
13,504,003
Finished products_ 3,155,138 2,713.703 Profit & loss
125,018
Deferred charges _ 171,070
1928.
$
14,700,000
11,424,100
535,538
99,951
354,452
522,826
6,402,444
11,985,201
This company has been chartered under the Insurance Laws of New
York to do a general surety and re-insurance business. Initial capitalization will consist of 25,000 shares of capital stock, (par $10) and total
capital and surplus of $400,000. The company will specialize in the bonding
of persons in positions of public and private trust, contracts and bonds.
and in the indemnifying of banks and various financial associations and
corporations against loss. The company also has the authority to purchase, sell, mortgage, receive as collateral or invest in real and personal
49,582,857 45,024,533
Total
49,582,857 46,024,533
Total
property.
-V. 128, p. 1407.
x Represented by 598,000 shares of no par value.
Officers are: Chairman and Treas., J. Paul Barmak; Pres., Abraham
Rayman; Vice-Pros., Samuel P. Lasdon:
& Gen. Counsel, Norman
Heywood-Wakefield Co -Earnings.L. Marks, Asst., Treas., Harry Schlacht, Sec.. Sec., W. A. Fisher; Gen.
Asst.,
1928.
1929.
Quarter Ended March 31.
Mg!, S. Burns.
$13,627 loss $122.295
Directors include J. J. Monahan, J. F. Vassilaros, A. Gottlieb, N. J. Net profit after charges
-V. 128, p. 1239.
Walch. J. D. Perry, F. L. Huber, A. I. Hayman and G. C. Koch.
Grand Union Co.
-Earnings.
-Recapitalization.
Hewitt-Gutta Percha Rubber Corp.
Quarter Ended March 31Store sales
Jobbing sales
1929.
1928.
$7.505,788 $6,080,256
1,095,422
1,624.418
Total sales
Profit (after all charges except. Fed. taxes)
-V. 128, p. 2818.
59 130,206 $7.175,677
$210,600
$57,003
The company has filed a certificate at Albany, N. Y., changing its
authorized capitalization from 30,000 shares of pref. stock, par $.50, and
60,000 shares of common stock, no par value, to 10,000 shares of pref.
stock, par $50, and 80,000 shares of common stock, par $10.-V. 126. p.
3766.
-Earnings.
(R.) Hoe & Co., Inc.
-Expansion.
Ground Gripper Shoe Co., Inc.
The Kahler Shoe Co., a subsidiary, announces the extension of its chain
of stores through the closing of leases for two additional retail establishments in the Chicago Loop district and one in Los Angeles, Calif. The
company already operates one store in Chicago and the Ground Gripper Co.
has three stores there. The Ground Gripper Co. has signed a lease and
will open its first store in Evanston, a suburb of Chicago, shortly, it is
announced.
-V. 128, p. 2640.
Gulf States Steel Co.
-Earnings.-
Calendar YearsTotalincome
Interest
Depreciation
British income tax
1928.
$628,644
379,397
270,741
57,787
1926.
1927.
$557,689 $1,124,050
399,013
393,253
243,130
265,386
Cr.16.31'l
59,367
1925.
$681,463
387,244
230.545
59.940
$475,962
$3,234
($3)240,000
$138,062 sur$475.962
$236,266
80,000
80,000
80.000
Nil
$5.95
80.05
def$79,281 def$138.062
Net profits
Dividends,class A stock.
$79.281
Quarter End. Mar. 311929.
Net operating income__ $609,167
Taxes, depreciation, &c_
254,912
1028.
$557,171
219,322
1927.
$386,598
149,503
Net income
Shares corn, stock outstanding (no par)_ _ _
Barna, per share
x Par $100.
-V. 128, P. 2100.
$354,255
$337,849
$237.095
Balance, deficit
Shares of class A stock
outstanding (no par)_
Earnings per share on
Class A stock
-V. 127, p. 2239.
$256,634
197,500
$1.62
x125,000
$2.42
x125,000
$1.61
x125,000
$1.77
-Organized-New Machine
Hofgaard-Remington Corp.
Invented by Norwegian Unifies all Accounting, Inventory, Sales
and Records, Greatly Reducing Space and Labor Required
Series of Magnets Employed.
In the "Chronicle" of April 20 1929, page 2641, it is stated with respect
to the M. A. Hanna Co. that no dividends have been paid on the 1st pref.
stock since June 30 1925. A dividend of I'M% on this stock was paid on
March 20 of this year.
-V. 128, P. 2641.
An investment banking group headed by Mendes. Bell 8s Whitney, Inc.,
have formed the Hofgaard-Remington Corp. to own and control a new
business machine system, invented by Rolf Hofgaard, which unifies the
work of cash registers, calculating, accounting, bookkeeping machines,
adding machines typewriters and other office machines of this kind, and
greatly reduces space and labor required. The machine and system are
covered by world-wide patents, and before acquisition by HofgaardRemington Corp. had undergone a period of development and experiment
covering several years. Remington Arms Co. owns a substantial interest
the machines at Bridgeport.
in the new corporation and will manufacturewhich makes possible at the
Rolf Hofgaard, inventor of the machine,
time of sale the complete recording of the transaction by electric current
on working machinery in another part of the building, is a Norwegian and
the son of the superintendent of an institution for the deaf, dumb and blind
in that country.
According to statements by experts,the Hofgaard machine functions with
absolute accuracy; therefore it is unnecessary to repeat the calculations in
order to check up the results. As the operator writes out an invoice, the
machine will calculate and record prices which simultaneously are added..
It will figure the discounts desired, recording in proper classification the
discounts and net totals. It will multiply the pounds, and fractions in
weights by a fraction in price; add up parts of the calculation and at the
end give the grand total of the various sub-totals of the columns. The
machine will also, in addition to adding and multiplying, perform direct
division and subtraction.
When the machine is installed in a bank it will be able to do the work
of nearly nine-tenths of the employees, according to the inventor. He cites
a
as an example the instance of a bank which estimated that it would accomplish its accounting and auditing with 8 employees as compared with
staff of 67 now required.
Whatever work the operator performs will be recorded in the central
"brains" of the machine, which may be located in the basement or any
other part of the building. It may simultaneously be duplicated on one or
several typewriters or other recording devices in any desired office in the
building.
Whereas the present calculating and accounting machines all are based
Upon mechancial principles, using wheels and dials, the Hofgaard machine
has no such mechanical devices. The working "brains" of the Hofgaard
machine consist entirely of a series of electro-magnets which are placed in
a cabinet and are connected with the key-board of the operator by electric
wire. Therefore the apparatus in front of the operator is much smaller
than any instrument of similar purposes. The invention may be applied
to small units, for simple operations such as addition and subtraction, or to
more elaborate units, including such features as multiplication, division
and various combinations thereof. The largest field, however, will probably be where the machine is connected up with a scrim= of so-called registers.
which simultaneously will take care of the bookkeeping, classification and
statistical work of large hanks, department stores and wholesalers, and
where any number of operators simultaneously can operate the same central
"brain" from any part of the building.
The machine may also be attached to cash registers so that the cashier
in depressing the keys, keeps the accounts of the firm and a complete record
of the inventory, the number of the clerk being reeorded with each transaction, and the items of sale listed and classified.
After many years of seclusion in his laboratory in Oslo. Norway, where
he developed the fundamental principles and the first model, Roll Hofraard
came to the United States at the instance of 0.Collett, member of a European banking and engineering family, who has sponsored his work. The
completion of Mr. Hofgaard's inventions has been predicated upon a
thorough and extensive study of American business administrative methods
and needs. The inventor will receive a substantial interest in the profits
of the company.
1926.
$389,470
132,836
(M. A.) Hanna Co.
-Correction.
-Quarterly Earnings.
Hazel-Atlas Glass Co.
3 Months Ended.5far.30 '29. Mar.31 '28. Mar.26 '27.
Gross income
$1,199,081
$1,248,917
, .
231,162
212,549
324,469
Repairs and maintenance
486,343
441,643
Provision for taxes, depreciation, &c427,487
23,581
18,677
30,604
Interest
Net profit
Dividends paid
Balance, surplus
-V.128, P. 1917.
$402,130
$469,586
$'64.127
(3%)298,221(230246,582 (2)193.489
$165,906 , $155,548
$276,097
--Acquisition.
Hahn Department Stores, Inc.
The corporation has acquired Maas Bros, Inc., Tampa, Fla., making the
-V. 128, p. 2277.
29th store in the Hahn chain.
-Earns. Statement-Control.
(The) Hartford Times, Inc.
Statement of Profit and Loss for 11 Months Ended Dec. 31 1928.
Gross revenues, $2,019.973, less commissions, discounts and
$1.972,966
allowances, $47,007; net revenue
Expenses of operation. $1,321,032; depreciation, $68,328; total_ - 1.389,360
Net operating profit
Other income (interest, &c)
Int. & amort, of bond discount, &c., $177.988; State income
tax. $8,809; Federal income tax, $52.858; total
$583,606
Cr12,997
Net profit
Dividend on preferred stock ($3 per share on 50,000 shares)
$356,948
150.000
$239,655
$206,948
Earned surplus Dec. 31 1928
1,346,308
Capital surplus: Balance Feb. 1 1928
Deduct-Int. paid to stockholders of the Burr Printing Co.,
$20,263; sundry charges appllc. to operation of the Burr
29,919
Printing Co., $9,656; total
$1,316,389
Capital surplus Dec. 31 1928
Of the outstanding 100.000 shares ef no par value common stock, 70,000
shares are owned by the Gannett Co..Inc. (see also latter in V. 127. p. 554).
-V. 126, p. 2975.
-Bankers Deny Purchase of Control or
Hayes Body Corp.
Substantial Iuterest-Preduction, &c. and
Co.
Hayden,.Stone & Co. of
Denial has been made by Hallgarten &
reports published recently regarding their purchase of control of the Hayes
Body Corp. Neither control nor any substantial interest has been acquired
by them, either on their own account or for others.
The Hayes Body Corp. reports that production of bodies to date this
year is 122% more than in the same period of 1928. with the daily output
at more than 1,000. Company officials estimate that this year's sales will
exceed $25,000,000 as.compared with $17,526,132 in 1928 and $12,604,101
in 1927. It is also pointed out that the company is manufacturing more
expensive and higher priced products than in the first half of 1928 which
allows for a larger margin of profit. The fact that net profit, before taxes,
for the second half of 1928 was only $167,202 as against $742,832 for the
first half of the year is attributed to changes made in the company's largest
customer, from Willys-Overland to the Chrysler and Marmon companies.
Earnings for 1928 were $884,528. or $3.53 a share on the 250.000 shares
outstanding, as compared with net profits in 1927, after taxes and all other
charges, of $91,018 equivalent to 45 cents a share on the 200.000 shares
then outatanding.-V. 128. p. 2819, 2472.
-Dividend Rate Incieased.Hecla Mining Co.
The directors have declared a quarterly dividend of 25c. per share,
tr f. er s
o isrom Jute 15
c
June
holders of record May 15.
are
je)
Ttlar
5ltg
compared with quarterly dividends of 25c. per share paid from March 15
1927 to and incl., March 15 1928, (not 1929 as stated in the "Chronicle"
of April 20, page 2641) and quarterly dividends of 50c. per share from
March 15 1925 to Dec. 15 1926 incl.-V. 128, p. 1917, 2641.
v dc ns
jihi, eot r
-Earnings.
Hedley Gold Mining Co., Ltd.
The company reports a net loss of $58,394 for the year 1928. This compares with a net loss of $37.974 for the year 1927.-V. 126, p.2321.
96.000
Nil
---Earnings.
Holland Land Co.
Calendar YearsLease rentals
Farming oper.(net)...._
Profit on land sales (net)
Int.on land sales contr's.
Interest on warrants_ _ _ _
Miscellaneous income_ _ _
1928.
$15.949
16,550
66,388
59,330
5,807
2.097
1927.
$12,183
16,558
69.727
66.819
6,493
2.320
1926.
$12,369
17.719
77,417
78,393
8,497
2,034
1925.
$12.689
9.708
188.029
97.695
7,698
2,731
Total
Admin.,oper., &c.,exp_
Depreciation
Int., loss on equip. sales
&c.(net)
$166,120
82,136
7,543
$174,100
68,008
8.951
$196,429
79,581
12,152
$318,600
87,845
15,630
9,148
1,071
3.835
13,715
Net prof.bef.Fed.inc.tax
$67,293
$96,070
$100,861
$201,409
3004
FINANCIAL CHRONICLE
[VOL. 128.
Comparative Balance Sheet.
changed for new no par stock on the basis of one share of the old common
AssetsDec.31 '28. Feb.29'28.
LiabilitiesDec.31'28. Feb.29'28. for one -fifth of a share of new no par stock.
The proposed recapitalization would result in the company having a total
Plant, equip., &c_ $620.463 8615,231 Capital stock
$750,000 $3,000,000
Prop. susp. acct1.657,821 Accounts payable_
1,840
3,236 Issue of 720,000 shares of one class of new stock, of which about 600,000
Inv. in & adv. to
Accrued payroll__
1,134
1,437 shares would be held by the public, and the balance would remain in the
company's treasury. It would also result in the wiping out of approxiOther cos
21,766
31,604 Fed. inc. & profits
Land sales contr
863,846 1,070,004
taxes
7,378
12,093 mately $41,000,000 in accumulated dividends on the 6% preferred stock,
on which no payments have been made since Feb. 1 1923.
Inven. of crops ___
25,409
2,809 Deferred profit on
A special meeting of the stockholders will be held on June 24 at which
Reel. dist. 999 war.
439,043
land sales
357,850
in exc. of Habil__
44,829
67,818 Surplus
x619,113
95,271 action will be taken on the proposed plan.
Commenting on the proposal, President Franklin said it would permit the
Liberty L'n bonds..
20,000
company to distribute dividends to stockholders whenever the earnings
Accts. receivable__
8,319
11.569
justified such a step. He declared that the outlook for the company was
Cash
152,682
74,224
improving and that development plans could be put into effect as soon as
Total
$1,737,315 $3,551,079
Total
81,737,315 83,551,079 the recapitalization was approved.
"The plan represents a fair adjustment for both the common and prex Includes capital surplus of $592,179 and earned surplus of $26,933 for
ferred stockholders," Mr. Franklin said. "It differs from the former plan,
1928.-V. 126. p. 2800.
which was abandoned in Nov. 1927, only in that the preferred stockholders
(A. C.) Horn & Co.
-Increases Operations in Retail Field. would receive $20 cash,instead of one-fifth of a share of new 6% cumulative
In connection with its program of expansion, the company is arranging preferred stock for each share of old preferred.
"
The original proposal, which was approved by 99% of the stockholders
for nation-wide distribution through leading department stores throughout but was overthrown by an injunction,
provided that for each 5 shares
the country. The establishment of this service, President It. E. Bishop of existing preferred stockholders thereof
would
said, is for the purpose of widening the field of the company's products, preferred and 5 shares of new no par common. receive one share of new
The existing
and has been planned so as not to interfere with the regular business of was to be exchanged for the new common on the basis of 5 common stock
shares of the old
jobbers and dealers. To meet the demands of the retail trade the company for one share of the new.
has installed new equipment for packing paint in small cans at a minimum
"It is to the interest of the company that the new plan be adopted, and
of cost.
all
ought to benefit by it. By the
The company, Mr. Bishop said, has already placed its products in 14 the classes of shareholders its accumulated dividends the retirement of
and
common stock
department stores in the larger cities of the East and Middle West and will preferred stockto share in the earnings of the company.
have a
Preferred
negotiations are under way and will be closed shortly for sales in 5 additional stockholderschance
will also benefit. At present a deficit of $29,000,000 stands
stores. In all about 30 such contracts will be closed this year under present as a bar to their dividends."
plans, and eventually this number will be substantially increased.
Mr. Franklin
Establishment of these sales departments is a new departure in the com- take care of the said the company had in its treasury sufficient funds to
In
$10,000,000
pany's operations as heretofore most of the company's products have been ruary it received more thanpayment to preferred stockholders. as aFebtax
$3,000,000 from the Government
shipped in bulk to wholesale dealers and jobbers.
1535.
-V.127. I?
refund, and it has also received large sums in recent years from the Royal
Mail Steam Packet Co.to which it sold the White Star Line in January 1927.
HoskinsMfg. Co.
-Earnings.
The original plan of
was taken into court by minority
Quarter Ended March 311928. interests, who obtained recapitalization
1929.
a permanent injunction restraining directors from
Net profits after all charges, incl. taxes
$88,476 putting the plan into effect on the ground that property rights of preferred
$169,104
Earns, per sh. on 120,050 abs. corn. stock
$1.41
$0.75 sotckholders would be violated if they were forced to renounce their claim
-V. 128, p. 1917.
to back dividends. An appeal from this decision was considered by the
company, but was not taken.
-V. 127, p. 3100.
• Houston Oil Co. of Texas(& Sub.).
-Earnings.
-Quarter Ended March 311928.
1927.
1929.
International Paper & Power Co.-Pres. Graustein
Gross earnings
$2,454,255 $2,185,035 $2,484,711
Oper.& gen.exp.& taxes
1,061,709
1,367.617
1,034,062 Reveals Investments in Newspapers Before Federal Trade
Incomefrom operations
Other income credits
$1.086,638 $1,123,326 $1,450,649
45,051
70,341
70,230
Total income
$1,156,868 $1,168,377 $1,520.990
Abandoned leases & retirements
f 132,522
1251,510
126,409
Int., amortization & Federal taxes_ _ _1167,502
293,128
Depreciation & depletion
560,209
530,490
420,557
Net income
Shs.of com:stock outstanding
Earnings per share on common
-V.128, p. 1407.
$345,148
249,686
$0.84
$337,862
249,686
$0.81
$680,896
249.686
$2.20
Hudson Motor Car Co.
--April Shipments.
-
The company shipped 44,447 Hudson and Essex cars in April, the largt
es
Individual month the company ever has known, it is announced. This
brings total Hudson and Essex shipments for the year to 152,495, which is
likewise a record, exceeding 1928 total by 33,058 cars.
May of this year will see a continuance of maximum production at
1900 Hudson and Essex cars a day, adds the announcement, which further
goes on to say:
Retail sales for the first three weeks of April were 33,213
-which projects
total April retail sales at 47.941, as against 34,016 for all April a year ago.
Stocks of Hudson and Essex cars in the country are now around 28,900
at least 18.000 below a month's retail supply, which would be considered
or
a normal stock.
Distributors and dealers have asked for about 5,000 more cars in May
than the Hudson company will be able to produce. Indicating the great
sales activity. Detroit territory has asked for and has been allotted 3,500
cars for May; Philadelphia, 3,000: Boston. 2.100; Chicago, 2,000: smaller
centers proportionately. In every case this is a great increase over any
previous month's business.
-V. 128, p. 2819.
- Industrial Rayon Corp.
-Earnings.
Earnings for Quarter Ended march 31 1929.
Profit from operations
Allowance for depreciation
Interest charges
Bond discount
Provision for Federal income tax
$533,598
86,292
7,428
5,149
54,900
Net profit. subj. to adj. upon detail, audit as of end offis. yr..
Earns, per share on 190,431 abs. no par stock
-V. 128. p. 1408.
$379,828
$1.99
Ingersoll-Rand Co.
-Dividend Rate Increased-Extra of
-The directors on May 1 declared an
$1.25 Also Declared.
extra dividend of $1.25 per share and a dividend of $1 per
share on the common stock, no par value, both payable
June 1 to holders of record May 11. Previously quarterly
dividends of 75 cents per share had been paid, the last
payment at this rate having been made on March 1. In
addition, extras of $I each were paid on June 1, Dec. 1 and
Dec. 21 1928.-V. 128, p. 2473.
-New Director, &c.
Inland Steel Co.
Commission-Purpose is to Sell Newsprint not Dictate Policy.
The following is taken from the New York "Times" of
May 1:
Revelations of large investments by the International Paper & Power Co.,
or its subsidiaries,in eleven newspapers of the East, Middle West and South,
in addition to the Boston "Herald" and Boston "Traveler," were made
Apri130 by Archibald R. Graustein, President of the company,in testimony
before the Federal Trade Commission.
The inquiry was begun at the request of Senator Norris of Nebraska as a
part of the Commission's extended investigation into publicity activities
of public utilities. It was directed specifically at the purchase of stock
in the Boston Publishing Co., which publishes the "Herald" and "Traveler"
there, by the International Paper Co.
Mr. Graustein declared the investments were made with the object of
obtaining outlets for newsprint, and in no way did the company seek to
influence news or editorial policies of the newspapers, nor did it desire to
exert such influences.
Including the Boston "Herald" venture, the company's interests in the
newspapers ran well in excess of $10,000,000. They were listed as follows
in an exhibit placed in the record:
Brooklyn "Daily Eagle."
-$1,954,000 in notes and 400 shares of common
stock of the Brooklyn Daily Eagle Corporation.
-$450,000
Albany (N. Y.) "Knickerbocker Press and Evening News."
in preferred and 3,000 shares of common stock.
Ithaca (N. Y.) "Journal-News,'-A contingent interest of $300,000 in
notes.
-10,248 shares of common
Boston "Herald" and Boston "Traveler."
stock at $525 per share.
Chicago 'Journal."
-$1,000,000 of debentures and $600,000 of pref.
stock of the Bryan-Thomason Newspapers, Inc., and 10,000 shares of the
common stock of this paper.
Ccohmmicagoon's'Dtoa
News, -$250,000 worth of pref. stock and 5,000 shares
of
stock.
Augusta (Ga.) "Chronicle," Columbia (S. C.) "Record" and Spartansburg (S. C.) "Herald-Journal," published by William Lavarre and Harold
Hall.
-$855,000 in notes secured by the stock of these newspapers.
The stock purchases in the Chicago" Journal," Mr. Graustein testified,
had indirectly aided the Bryan-Tilt:mason Newspapers,Inc.,the 'Journal's'
owners, in financing two of the later corporation's newspapers, the Tampa
C.)"Record.
(Fla.) "Tribune" and the Greensboro (N.
The witness, under questions by Robert E. Healy, chief of Commission
counsel, said that the assets of the International Paper & Power Co.and its
subsidiaries totaled $490,000,000, of which $292,000,000 consisted of power
developments and $198,000,000 paper and pulp enterprises. In 1917, he
testified, the gross income of the combined companies was 54% from power,
25% from newsprint and 21% from miscellaneous sources.
The newspaper holdings, the witness said, were procured only to assure
contracts for newsprint and were in no way associated with the hydroelectric and other power developments. He said that the newsprint part
of the business was the original and outstanding branch of his company's
sidered uxindrybat the power projects came subsequently and were conactivItie:, alia t
"No utilities propaganda is involved in these newspaper holdings," Mr.
Graustein said. "Some of the newspaper publishers said to us that they
preferred to be financed outside of local influences.
"There is not one case of a newspaper where we have the control and
where the control Is not in other hands. I have never met an editor of any
of the papers. We have nothing to do and do not want to have anything
to do with news and editorial policy. The only contact we have is with the
Charles R. Robinson, a Vice-President, has been elected a director to fil newspaper accounting office. We know there is danger of suspicion of our
death of Samuel Deutsch.
controlling editorial policy, and we feel that we must keep 100% clear of
the vacancy caused by the
J. L. Block, A. C. Booth and Frank R. Mayer have been elected Vice- influencing these policies.
Mr. Graustein revealed plans of his concerns to buy stock in two other
Presidents.
-V. 128, p. 2279.
.
newspapers. One was the Cleveland "I'lain Dealer, he said, but "it
-Earnings.
Interstate Hosiery Mills, Inc.
didn't go through." The other was the Italian language newspaper in
New York, "Ii Progresso," which also failed to materialize when some
1929.
1928.
Quarter Ended March 31$1.279,113
$908.278 other company exceeded International's bid.
Net earnings
•
The witness testified that the amount of holdings sought by the Inter-V. 128, p. 1566.
national companies in the "Plain Dealer" would have been between $4,000.000 and $5,000.000, as the price for that newspaper would have involved
International Business Machines Corp.-Quar. Earns. "something
like $20.000,000? He added that preliminary negotiations
1928.
1927.
1926.
3 Mos.End.Mar.311929.
Net after bond interest,
had been instituted through the banking house of Halsey-Stuart.
At the present time, he said, the international companies were negotiating
$873,654
reserve, deprec'n, &c_ $1,767,388 $1,366,700 $1,084,446
another
140,978
113,654 for the purchase of the stock, amounting to about $750,000, in
129.301
Estimated Federal taxes
176,662
newspaper, but he refused to reveal its name, declaring that it would be
2820.
unfair, as the contracts now are being drawn.
-V.128, P.
$943,468
$760,000
Balance,surplus
$1,590,726 $1,237,399
Sbs. cap. stk. outstand.
578,643
578,643
International Projector Corp.
-To Split Up Shares. par
(no par)
578,643
607,570
$1.63
$1.31
The stockholders will vote May 7 on increasing the authorized no
Earnings per share
$2.14
$2.62
value common stock from 200,000 shares to 1,500,000 shares, and on ap-V. 128. D. 2080.
owned. the 12 a nee 1o332 now common- shares in exchange for each share
provin- . ssu, p
g v
5
f five
.
-New Plan OfInternational Mercantile Marine Co.
fered.
-Program Is Intended to Wipe Out Accumulation and
Deficit and Permit Development.
-
-Earnings.International Silver Co.
1928.
1929.
Quarter Ended March 31$236,018
$268,819
Efforts of the directors of the company to effect a recapitalization of Net income after deprec.,int. & Federal taxes
$1.43
ns
$1.79
the company by settling the long-standing differences between com- Ear.sh.on com.stk
mon and preferred shareholders were renewed May 2 when the directors -V. 128, p. 15661
approved a new reorganization plan, with a view to eliminating the com-Stock Offered.-The
Investment Fund of New Jersey.
pany's deficit of approximately $29,000,000 and the accumulated dividends
of about $80 a share on the preferred stock.
offering of an initial block of 5,000 shares at $8 per share was
President P. A. S. Franklin announced after the directors' meeting
that under the new plan of rec.;pitalization preferred stockholders would recently made by George E. Bailey & Co. of Jersey City.
The trust will be managed by a board of five trustees, of which A. Harry
receive more than $10,000,000 in cash, at he rate of $20 a share on ap
proximately 517.250 shares of $100 par stock. In addition the old pre- Moore, former Governor of New Jersey, is Chairman. George E. Bailey;
ferred would be exchanged for new no par stock on a share-for-share basis, Newton A. K. Bugbee, former Comptroller of New Jersey; John F. Friebele
whlle_approximately 498,718 old $100 par common shares would be ex- and James Kelsey are the other members of the board.
•
MAY 4 1929.]
FINANCIAL CHRONICLE
3005
share of 7%
7% cum. pref. stock of series KII in the new company for each
cum. pref. stock in the old company.
one share of the
The common stockholders in the old company will receive
stock in the
common stock in the new company for each share of common
old company.
of the 7%
The pref. stockholders of Wire Wheel will receive one share
plus 58 1-3c. in cash
cum. pref. stock of series WW in the new company,
1929 incl., for
30
in adjustment of accrued dividends from April 1 to April
each share of 7% cum. pref. stock in Wire Wheel.
5-7ths of one share
The class A stockholders in Wire Wheel will receive
company, plus $1.66 2-3
of the 7% cum. pref.stack of series WW in the new 30 1929 incl., for each
cash in adjustment of dividends from Jan. 1 to April
share of class A stock in Wire Wheel. Wheel will receive 0.59 of one share
The common stockholders in Wire
share of common stock
of the common stock in the new company for each
in Wire Wheel.
1928(New Camoang)
Consolidated Balance Sheet December 31 consolidation and (b) to the
the
(Giving effect (a) to the provisions of of common stock.]
shares
issuance of an additional 107,065
Liabilities.
Assets.
$2,135,786 Notes payable-Banks_ _ -$1,183,050
Cash
1,488,410
32,913 Accounts payable
securities_
Marketable
444.143
2.276.017 Sundry creditors
Accounts & notes receiv
inc. taxes 124,774
4,664,264 Prov.for current
Inventories
82,323
227,576 Dividends payable
189.700
Prepaid expenses
714,034 Contr. pay.. real est.purch 362,746
Investments
Reserve for conting., &c
machinery,
4,020.500
Land, bldgs.
s10.625,512 7% preferred stock
equipment, &c
b13.306,923
Common stock
x9.016,770
Trade names, patents and 9,543,238 Initial surplus
good-will
$30,219,339
Total
$30,219,339
Total
of the earned surpluses of the
the
depreciation.
x Of this $7,179,447 representsAftersum
deducting $6,871,560
two constituent corporations. a of no par value.
b Represented by 749,454 shares
-Closes Sales Contracts.
Account for Calendar Years.
Irving Air Chute Co., Inc.
Income
-Old Company only.]
Contracts for sale and distribution of Irvin Air Chutes throughout the
[Kelsey-Hayes Wheel Corp.
1927.
1928.
13 nations of South America were consummated this week between this
Corp., it is announced. The
$19.555.650 $13,998.330
company, and the Curtiss Aeroplane Export
and allowances
13,613,171
Irvin parachute is already used by a number of the South American Govern- Sales, less returns
general & selling exp--- 18,036.990
admin.,
ments. Col. Louis J. Campbell. Chairman of the Irving company, stated Manufac. costs,
$385.158
$1,518.660
that these contracts marked the first expansion of his company in the
246.719
Operating profit
almost
392,687
foreign commercial field. Heretofore, the Irving company has for the
Other income
the production of safety parachutes
entirely confined its activities to
$631,877
$1,911,347
United States Army, Navy and Marine Air Corps., and for the GovernTotalincome
708,792
ment of practically every principal country in the world, all of which use
Depreciation
334
the company's product as standard equipment.
Canadian income taxes
In the domestic field, the Irving company has also just completed con- Federal and
$631.877
Flng
$1,202,221
tracts with the Curtiss Flying Service. Inc. and the NationalIrvin Schools,
175.357
chutes at
Net income
138,166
Inc.. by which these organizations will sell and distribute
698,522
797,044
their service stations and flying schools throughout the United States. Preferred dividends
all
It is expected supplementary orders from these two companies alone during Common dividends
$267.0111oss$242,002
the remainder of the year will exceed the company's entire 1928 output.
$1.14
Balance, surplus
$2.67
V. 128, p. 2820.
(no par)
Earns. per sh. on 398.522 shs. corn. stock
-Dividend of 50 Cents.
Isle Royale Copper Co.
128, p. 2820.
-V.
In connection with the declaration last week (see V. 128. p. 2820) of
-Earnings.
Kelvinator of Canada, Ltd. the year ended Sept. 30 1928 of
a dividend of 50 cents per share on the outstanding $3,750,000 capital stock,
profit for
par $25, to be payable June 29 to holders of record May 31, we wish to
The company reports a net a loss of $153.966 for the preceding year.
with
state that a like amount was also paid on March 30 last. During 1928 the $6,156, which compares
of the business, and also provision
company paid the following dividends: 50c. per share on March 15; 75c. All expenses incident to the operation absorbed during the current year.
been
per share on Sept. 15, and 50 cents per share on Dec. 15, making a total of for all necessary reserves, have the previous year.
of
assets to
$1.75 per share for that year, as compared with a total of $1 per share in Net sales were 44% in excess
1928 shows a ratio of current
-V. 128. p. 2820.
each of the three preceding years.
The balance sheet as of Sept. 30 124. p. 3505.
current liabilities of over 3 to 1.-V.
The trustees have broad powers to invest in mortgages,stocks and bonds.
in securities of companies both domestic and foreign, in Government,
municipal and other obligations.
Advisory management service and certain bookkeeping and clerical
services will be rendered by the Industrial Credits Service, Inc.
All outstanding shares or parts of the trust estate are entitled equally
to dividends and distributions from earnings when and as declared by the
trustees. It is purposed to make the first distribution on June 15 1929. and
quarterly thereafter. All outstanding shares or parts are also entitled to
share equally in the proceeds of the liquidation of the trust estate. They
are not callable and have no voting rights.
-On April 17 1929, the trust estate consisted of securities of the
Holdings.
following companies, title to which was vested in the trustees:
Great American Insurance Co.
Chase National Bank
Home Insurance Co.
Commercial Trust Co. of N.J.
Importers & Exporters Insur. Co.
Equitable Trust Co.
Westchester Fire Insurance Co.
Federal Trust Co.
Baltimore & Ohio RR. Co.
Fidelity Union Trust Co.
Hudson & Manhattan RR.Co
of Jersey City
First Nat Bank
New York Central RR. Co.
,
Guaranty Trust Co.
Pennsylvania RR. Co.
Hudson County Nat. Bank
American Car & Foundry Co.
Irving Trust Co.
General Electric Co.
National City Bank
General Motors Corp.
N.J. Title Guar.& Trust Co.
Standard Oil of New York.
The Trust Co. of N. J.
Standard Oil of New Jersey
Aetna Fire Insurance Co.
American Tel. & Tel. Co.
American Insurance Co.
Consolidated Gas Co. of N.Y.
Baltimore American Insur. Co.
Public Service of N. J.
Camden Fire Insurance Co.
Miscellaneous bonds.
Continental Insurance Co.
Flremens Insurance Co.
These securities had a market value of approximately $38.374 on that
-V. 128.
date and in addition the trust estate had $1,626 cash on deposit.
P. 2642.
-New Director.
Johns
-Manville Corp.
Clarence M. Woolley, chairman of the American Radiator & Standard
-V.128, p. 2820, 2102, 14(19.
Sanitary Corp., has been elected a director.
-Acquisition.
(Julius) Kayser & Co.
-Earnings.
Kelvinator Corp.
Quarter Ended March 31Gross profit
Operating expenses
Depreciation, interest, etc
1928.
1929.
$1.495,791 $1.177.343
959,614
1,039,505
213,939
183,036
The company announced on May 1 the acquisition of a controlling interest
in the Kayser Hosiery Motor-Mend Corp., owners of the Vanitas system
$3,790
$273.250
of hosiery mending.
Net profit
$0.23
par)_
President H. L. Van Praag, stated that the purchase was in keeping Earns, per sh. on 1,167,800 she, cap. stk.(no
by the concern in the belief -V. 128, p. 2279.
with the general expansion program undertaken
that the operation of repair departments in retail stores was to be an in-Enters Sporting Goods Field.of Bauer
creasingly important feature of the hosiery industry for years to come, and
(The) Kendall Co.
assets
acquired the business and purchase of the
that it is the intention of the Kayser company to make an intensive worlik
This company, which last Fall
for installation of profitable repair departments under the
concern. has just completed the it is announced.
wide campaign
& Black, a surgical supply
at South Bend,Ind.,
Vanitas system in retail stores.
garments sold by
Bike Web Manufacturing Co.,located
Laurence Mayer, Vice-President in charge of merchandising tfor the The latter company produces the webbing foundation and most of the
direct the management and developmen of the
Montgomery Ward & Co.,
Kayser company, will
Sears Roebuck & Co. and
goods manufacturers
known sporting
-V.128, p. 2820.
acquired company.
athletic bandages used by nationally Bike company moved to a new plant
1929 thd
and distributors. Early incontinues, however, to maintain its principal
-Earnings.
(Spencer)Kellogg & Sons.
Bend, Ind. It
at South
depreThe company reports for the 12 weeks endedMarcb 16 1929 net income selling offices at Chicago, Ill.
earnings of $2,177,504, before
of $278,969 after charges and Federal taxes, equivalent to 56c. a share
The Kendall Co. in 1928 showed
for depreciation of $659,847.
on 500.000 no par shares of stock.
earned
interest and taxes. After provision
for preferred
the edible cocoanut oil business ciation, of $390,000 and taxes of $135,500, there was available
The company, it is stated, has bought
interest
of the Colgate-Palm Olive-Peet Co., and will distribute that company's and common dividends $992,057.-V. 127, p. 3408.
edible cocoanut oil, sold under the trade name "Kollne" from Kansas
City.
-V. 128, p. 1066.
Knox Hat Co. Inc.-Stock Dividends.- the common stock
dividend on
'
The directors have declared a 25% stock preference stock, both payable
the partic.
-Earnings.
Kellogg Switchboard & Supply Co.
and a 63i% stock dividend onholders of record Apr. 29, See also V. 128.
1926,
1927.
1928.
1925.
Calendar Yearscommon stock on May 8 to
In
$191,223
• $264,707
$978.404
$915 902 p. 2821.
Net profit
146.962
140,987
141,440
Depreciation
155517
% Stock Dividend
4,843
2,551
Laclede Steel Co. St. Louis, Mo.-50-Stock Split Up
Interest_
1,416
32,555
32,821
32,115
Patent amortization_
Paid to Stockholders of Record Feb. 28
616
1,959
100,257
91,650 Recently
Federal tax
-for-1 Basis.
on a 5
capital
s held Feb. 28 1929. the
$14,249
$89.192
$693,787
Net income
$667:319
At the special meeting of the stockholder into 27,500 shares of common
divided
f
614,324
781,309
dividends
Preferred
stock was increased from $2,750.000, divided into 41,250 shares of comCommon dividends
1569,250 stock, $100 per share, to $4,125,000
the surplus
transferring $1.375,000 from
mon stock. par $100 per share, by
$89,192 def$600,075 def$87.522
Balance
$98,069 account to the capital account.
as a 50% stock dividend
stock
Dr.I9,100
Adjustments
It was voted to distribute the increased in proportion to their respective
50,000
100,000
Res,for conting. llabil- to the stockholders of record Feb. 28 1929,
Prem, on treasury stock
holdings at that time.
(as increased to 41,250 shares)
Cr.423
Dr.8,679
purchased
The par value of the stock of the company
and the number of
942.531
1,651.285
1,738,807
Previous surplus
1,640,738 was changed from $100 per share to $20 per share, to 206,250 shares.
41,250 shares
shares was correspondingly increased from reduction in par value of stock
$942,531 $1,651,285 $1.738.807
Profit & loss. surplus- $963,047
As a result of the stock dividend and the
entitled to 7% shares of $20 par
g.
Shares of corn. outst'd.
to $20 per share, each stockholder was
in his name.
314,609
314,665
316,250
5253.000 value stock for each share of $100 par stock standing Trust Co. to act as
(par $10)
Nil
$1.55
the St. Louis Union
$2.64
Earns.Per sh• on com --Arrangements were made with
Nil
x Par value $25.-V. 126, p. 2486.
s who
registrar and transfer agent.
issued, and all stockholderreason
No fractional shares of stock were
shares of stock by
-Listing.
Kelsey-Hayes Wheel Corp.
would otherwise be entitled to receive fractional
received from the St.
The New York Stock Exchange has authorized the listing of 642,389 of the stock dividend or the decrease of par value
on official notice of issuance in exchange Louis Union Trust Co. scrip certificates for the fractional shares to which
shares of common stock (no par)the old
dividends will be payable on
of
company
for shares of the common stockof its common stockand of Wire Wheel Corp., they would otherwise become entitled. No
on official notice of Issuadditional shares
scrip.
and 107,065
common stockholders of the new company, this fractionalts have been made for the purchase and sale of these fractional
ance, pursuant to sale to the
Arrangemen
Building, St. Louis,
making the total amounts, the listing of which is hereby applied for, 749,454 scrip certificates through Smith-Moore & Co., LaSalle , and stockholders
Mo., at the current market price without commission
shares.
certificates aggregating
of the old Kelsey-Hayes Wheel Corp.
On April 25 1929 the stockholders Corp. of America
have been urged to buy or 801 scrip so that scrip
approved a plan of full shares may be presented as soon as possible, inasmuch as fractiona
and the stockholders of Wire Wheel and authorized their
exchanged for full share
companies
respective Presi- scrip certificates will be void and of no value if not
consolidation of their two
dents and Secretaries to execute and file a certificate of consolidation with certificates on or before Sept. 2 1929.
dividend of 50
the Secretary of State of the State of New York on April 25 1929.
The company on April 1,last, paid an initial quarterly cash
on April 26
(par $20), to holders
The directors of the new company record May 1929 authorized the issue cents per share (254%) on the increased common stockper share (15%) Per
16 1929 of an additional of record March 23. This was equivalent to ($15)
to common stockholders of
and sale
cash
107,065 shares of common stock at $30 per share, each common stockholder annum on the old 27,500 shares of common stock on which quarterly
-V. 128, p. 2474.
being entitled to subscribe for one new share for each 6 shares of common dividends of $2 per share had been paid.
must be exercised by June 6 1929. The proceeds
stock held. These rights
-Earnings.
Lambert Co.
of the sale of this common stock is to be used to retire notes payable and for
consolidated
The company reports for the quarter ended March 31 1929ownership of
other corporate purposes.
n all the issued and outstanding shares of net profits, after taxes, of 82.238,298. based on the present equivalent to
Under the plan of consolidatio
Co. This is
stock of the old company (namely, 19,633 shares of 7% cum. pref. stock 95.8% of the stock of the Lambert Pharmacal
stock now outstanding.
and 398,522 shares a common stock) and of Wire Wheel (namely, 12,000 $3.20 per share on the 698,996 shares of capital
profits for the first quarter of 1928
shares of 7% cum. pref. stock. 12,000 shares of class A stock and 413,- On a similar basis consolidated net
per share on the number
333 1-3 shares of common stock) have thereby been converted into full-paid would have been $1,709,344, equivalent to $2.44 increase of $528,954 for
an
and non-assessable shares ofstock in the new company on the following basis: of shares now outstanding. This represents 2642.
128, p.
The pref. stockholders in the old company will receive one share of the the period, equivalent to 30.9%.-V.
3006
FINANCIAL CHRONICLE •
(F. & R.) Lazarus Co., Columbus, 0.-Regi8trar.-
The National City Bank of New York has been appointed registrar for
the certificates of deposit for common stock not to exceed 370,000 shares.
-V. 128, p. 2821.
Lehigh Valley Coal Corp.
-Earnings.
-
Quarter Ended March 31Coal sales
Cost of coal
x1929.
1928.
$10,734,915 $10,409,472
9,298,012
9,569,934
Operating profit
Other operating profit
Other income
$1,436,903
Dr.37,904
493.357
Gross income
General expenses and miscellaneous deductions
Interest
Federal taxes
Carrying charges on reserve coal lands
Depreciation and depletion
Minority interest
$1,892,355 $1,358,056
408,812
392,879
308,625
318,750
63,600
16,489
83,981
69,846
541,128
454,126
17,882
6,630
$839,538
86,193
432,326
Net income
$99,336
Earns, per sh. on 1,182,687 shs. coin. stk. (no par) $468,327
$0.26
Nil
x This report is the corporation's first statement of earnings. To facilitate comparison with the same period last year, the earnings for that period
have been stated as though the corporation was in existence at that time
and its shareholdings were the same as in 1929.-V. 128, p. 1568.
Lessings, Incorporated.
-Earnings.
-
Quarter Ended March 31Net profit after exp. prov.for taxes, &c
Shares cap.stk. outstanding (par $5)
Earns, per share
-V.128, p. 1410.
1929.
$22,603
33,434
$0.67
1928.
$7,803
33.534
$0.22
Libby, McNeill & Libby (8c Subs.).
-Earnings.
Year EndedMar. 2 '29. Mar. 3 '28. Mar. 5 '27. Mar. 6 '26.
Net
$3.012,288 $1,775,376 $2,505,382 $2,405,415
Preferred dividends_ - - - 1,260.000
1.260.000 1.260.000
630,000
Surplus for year
Previous surplus
$1,752,288
6,472.592
$515.376 $1,245.382 $1,775,415
6.471,795 5.226.413 3,450,998
[VOL. 128.
London Tin Syndicate.
-Japanese Mine Makes
Progress.
Reports from Toyo Mines, Ltd., a subsidiary, indicate
the development of the Mitate mine in Japan. With the rapid progress in
completion of the
new pilot mill, the mine now has a production of 50 tons
and is paying all operating expenses. This progress has of tin monthly,
been made since
the company was organized in November of
Machinery now being installed will increase 1927.
the output of the company
to 6,000 tons of ore monthly, which should make the
annual output worth
more than $1,000,000, it is stated. The company
the Jananese government, 1,020 acres of land in01•114 by direct title from
the Island of Kyushiu.
The reserve of ore in sight at present is 175,000
tons.
-V. 127, p. 3552.
Long Bell Lumber Corp.
-Report.
Calendar YearsProfit for year
Depletion
Depreciation
Operating hit. charges
Income taxes
Net income
Dividends paid
1928.
1927.
1926.
1925.
$7,446,360 $6,681,425 $9,062,626 $11,503,737
2,129,212
1,917,500 2,757.565 3,167.860.
1,410,176
1,396,092
1.612,042
1,559,243
1.970,493
1,869,766
1,640.483
1,287,570
334,500
676.885
$1,936,478 $1,498,065 $2,718,036 $4,812,178
1,794,150 2,392.667
2.395,940
$1.936,47810s4296,085
$325.366 $2,416,239
Balance, surplus
Earns. per sh.00 593,921
shs. class A stock
$3.26
$2.52
$4.57
$8.10
Results for Quarters Ended March 31.
1928.
1928.
1927.
1926
Operating income
$1,258.424 $1.472.997 $2,087.988 $2,822,101
Depletion
486,2641
920,652
837,802
1756.701
Depreciation
312,1341
1392,966
,
Interest
487,727
474,602
444.822
345,337
Fed.inc. taxes
88,629
167,837
Net income
def$27.702
477,743
$716,735 $1,159.259
Earns, per sh. on 593,•
921 shs. class A stk.(no
par)
Nil
x$0.13
$1.21
$1.95
,
x Before Federal taxes.
-V.127. P. 2694.
MacAndrews & Forbes Co.
-Earnings.
Calendar YearsSales
Cost of goods sold
1928.
1927.
1926.
1925.
$7.239,483 $12,659,373 $11,695,471 $10,084.099
x5.558.389 8,949,132 8,267,435 6.862.647
Total surplus
$8,224.880 $6,987.171 $6.471,795 $5,226.413
Surplus debit adjustment
514,579
Gross profit
$1,681,094 $3,710,241 $3,428,036 $3,221,462'
Other income
302.675
314.452
401,871
356.441
P. & L. surplus
$8,224,880 $6,472.592 $6.471,795 $5.226,413
Earned on corn. shares
$2.59
$0.76
$1.84
Total income
$1.70
$1,983.770 $4,024,693 $3.829.907 $3,577.893
Selling. admin.& gen.exp. 565.598
2.285.436
2,012.548
1,784.446
Consolidated Balance Sheet.
Reserve for income tax_ 105,530
244.272
164,325
, 219.640'
AssetsMar. 2 '29. Afar. 3 '28. Mar. 5 '27. Mar. 6 '26. Sub, co's. net loss for
Land, bldgs., equiP---.$17,433,974 $16,895,867 $15,741,554 $15.501,455
1928 applic. to holdings
Investments
1,109.319
therein
1,169.358
799.067
327,234
88,456
Bond disc. & exp
690,978
752,526
343.005
513,460
Deferred charges
528,806
Net income
469,877
$1,224,186 $1,494,985 $1,653,034 $1.573,807
Cash
2,410,142 2,387,065 2.212.748
2.112.478 Prior surplus
2,415,502 2.770.478 2.645,260 2,535,536Accounts receivable_ _ _ - 6,745,409 • 6.541.197 6,953,350
6,328.675 Surplus of bus. applic.
Marketable securities_
to holdings therein_
31,629
210,370
56.951
Inventories
31.255.206 28,996.724 29.920,454 24,928,534
Prepaid ins. & interest
303,705
311,677
Total surplus
$3,696.640 $4,265.463 $4,298,294 $4,109,343
Dividend minority stockTotal assets
holders
$60,477.541 $57,524,292 $56,001,807 $49.922.206
289.311
76,392
53,180
Preferred dividends- _ _ Liabilities
126.000
126.060
137,190
144,903
Common dividends- -- - 1.078.725
Preferred stock
1,324.750
1,314,234
$18,000,000 $18.000,000 $18,000,000 $18,000,000 Adjustments
1.266.000
,
•Commonstock6. .
Dr21,852
. ,
6,750,000
Funded debt
12,500,000 12.500.000 8,000.000 8,500.000
Profit SE loss surplus-- $2.491.915 $2,503.490 $2,770,478 $2,645,260.
Purch. money mortgage_
__
100,000
Shs.com.stk.out.
(no par)
Reserves
378,500
378,500
1,089,6$7
_- 376,748
360,000
984.559
926,289
904.173
Notes & accounts pay..- 13,912,974 12,717,141 15,853,723 10,541,620 Earned per share
$2.90
$2.85
$3.82
$.3.52
x Includes $152,441 depreciation.
Surplus
-V. 127, P. 3713
8.224,880 6.472,592 6,471,795 5.226,413
.
McGraw Electric Co.,Omaha,Neb.-Sale& Acguistion.Total liabilities
$60,477,541 $57.524,292 $56,001,807 $49,922.206
* Represented by 675,000 shares $10 par
The company has sold its wholesale electrical
stock.
at Sioux
-V. 126. P. 3132.
City and Omaha to the Westinghouse Electric & supply business Co., and
Manufacturing
with the proceeds of the sale has acquired the Busman Manufacturing Co.
Lily-Tulip Cup Corp -Earnings.of St. Louis, makers of fuses, and the
For the 3 months ended March 31 1929 the corporation
reports net earn- manufacturers of automatic electric Waters Genter Co. of Minneapolis,
ings, after depreciation and all charges, including Federal
toasters and other electric products.
tax, of $93.216 "-y. 126. P.
which is equivalent, after preferred stock dividend
3938
.
requirements, to over
48 cents a share on the outstanding 183,000 shares of common
stock.
The balance sheet, as of March 31, shows current
McCord Radiator & Mfg. Co.
-Earnings.
-against current liabilities of $280,055, or a ratio of assets of $1,314,698
Quarter Ended March 31approximately 5 to 1.
1929.
1928.
-V. 128. p. 1410.
Netsales
$3,459,560 $2,712.876.
Net profits after expenses, depreciation & taxes- 292,411
179,349
Lindsay Light Co.
Earns per share on class"B"stock
-Earnings.
-$1.79
Quarter Ended March 31
1929.
1928. -V.128. p. 1743.
Net profit after chges., deprec.,& Federal taxes_ _
$20,082
$14.844
Earns, per shr. on 60,000 shs. corn.stk.(par $10)
McKesson & Robbins, Inc. (Md.).-Acquires 24 New
$0.23
$0.14
-V. 128, p. 900.
Units
-To Save 52,000 Independent Retail Druggists.
-
With the addition of $41,000,000 annual sales volume through the acquisition of 24 wholesale drug houses in various sections of the country,
Quarter Ended March 31this
1929.
1928.
corporation, which was organized about a year ago to develop a system of
Net profit after ches. & Federal taxes
$710,183
$566.434 distribution and service to 52,000 independent retail druggists throughout
Earns, or.shr. on 709,027shs. corn. stk.(no par). _
$0.91
$0.71 the United States, is now putting into effect a mutualization plan for the
-V. 128, p. 1743.
trade, which for the first time in the history
of
a close partnership among drug manufacturers,the industry will establish
wholesalers and retailers.
Liquid Carbonic Corp.
-Rights--Expansion Program.
The
- trally acquisition of the 24 new units gives the company a total of 56 cenPresident W. K. McIntosh announces that the directors have
located distributing points in the United States and opens the way
the offering to stockholders of 44,448 shares of unissued capitalapproved to making immediately
stock at
effective
$70 per share in the ratio of one new share for each six shares outstanding. which is to provide a constructive the new program the main purpose of
and economical plan for the distribution
The stockholders of record May 9 will be given the right to subscribe
to of drug Products from manufacturers to consumers.
the additional stook,such rights expiring onJune 4 1929.
The 24 houses added to the system are the following: (1) Blanding &
"The funds obtained from the sale of this stock," Mr. McIntosh said, Blanding, Inc.. Providence,
R.
(2) H. & J. Brewer Co., Springfield.
"will be used to reimburse the company for expenditures made and
to Mass.: (3) Bronx
be made in carrying out its present expansion program. This has included 1::!allas, Tex.; (5) Drug Co., New York; (4) J. W. Crowdus Drug Co.,
Doster-Worthington. Inc., Birmingham, Ala.; (6) L.
the purchase of the General Carbonic Co. with eight carbonic plants, the Eisen & Co., Inc., Yonkers
N. Y.;( ) Hornick. More & Porterfield,
7
0. & J. Machine Co., manufacturer of automatic labeling machines. the Sioux City, Is.: (8) Iluntington
' Drug Co.,Huntington, W. Va.; (0) C. S.
National Labeling Machine Co., manufacturer of hand labeling machines, Littell Sr Co., Inc., New
York: (10) C. J. Lincoln Co., Little Rock. Ark.;
a quarter interest in the business of the Dry Ice Corp. of America, and a (11) J. S. Merrell Drug Co., St.
half interest in a company which is the only producer of carbonic gas in Co., Ogden, Utah; (13) Parker Louis, Mo.; (12) Ogden Wholesale Drug
-Blake Co., Ltd., New Orleans, La.; (14)
Cuba. In addition the company is largely expanding its own carbonic Peter-Neat
-Richardson, Louisville, Ky.:(15) C. E. Potts Drug Co., Wichmanufacturing facilities by the building of new plants in Denver and ita, Kans.:(16) J. B. Riley Drug
Cleveland, where it has not previously had plants, the rebuilding and Roanoke, Va.;(18)Schuh Drug Co., Macon, Ga.;(17) Roanoke Drug Co..
(19)Charles E.Schumacher
doubling in size of its plant in St. Louis and enlarging its plants in Minne- Co., Brooklyn, N. Y.; (20) Co., Cairo,
Spokane Drug Co., Spokane, Wash.; (21)
apolis and Atlanta, and the installation of additional equipment in a Spurlock-Neal Co., Nashville,
Tenn.; (22) Stewart & Holmes Drug 00..
number of its other plants.
Seattle, Wash.; (23) Alfred
"The corporation has so far realized comparatively little of the benefit Noyes Bros. & Cutler, Inc.,Vogeler Drug Co. Cincinnati, Ohio; and (24)
St. Paul, Minn.
anticipated from its expansion program. The business of the General CarThe plan now being put
bonic Co. was not taken over until Feb. 1 and the new plants will not be tised drug and toilet goods into operation provides that all nationally adverproducts
completed for another 90 days. The full benefit of these expenditures cannot for resale to retail drug stores and will be handled by McKesson & Robbins
drug manufacturers withwill
be expected until the next Meal year.
out discrimination lower distributing offer to allgreatly increased sales to
costa and
"Net shipments for the six months show an increase of $1,119,302 or the public. The McKesson
sales
over 30%. Unfilled orders for soda fountains and bottling machinery to independent drug stores & Robbins organization will confine itsretail
and small chains and will enable those
are largely in excess of last year and incoming orders continue to show
in- units which have limited capital to meet fully the aggressive competition
creases.
of the larger drug chains.
"The net profit aster all charges for the six months ended March 31,
All independent drug stores and small chains will be furnished, without
were $283,117, compared with
in profits is discrimination, complete service on all nationally advertised products sold
due to larger volume of sales, $4,725 last year. The increaseprofit
a more satisfactory margin of
and a in the drug field, and on the best available terms as to prices and discounts.
reduction in interest charges due to the retirement
In their behalf will
on Jan. 1 1929. The total assets of the company of all outstanding bonds Robbins and without be conducted, under the auspices of McKesson &
at that
cost to
122.731, an increase over the previous year of $5,808,569. date were $19,- along the lines now followed the retailers, a national advertising campaign
by the larger chains.
Free window and counter display services will be made available to
Earns.6 Mos.End.Mar.31- 1929.
1927.
1928.
1926.
Net profit after int.,
independent druggists, together with advice and assistance from former
chain store
depreciation, &c
$283,117 $4,725 loss
$111.089
$220,964 & Robbins.merchandising experts who have been employed by McKesson
A liberal credit program has been adopted, together with a
Pres. W. K. McIntosh, stated
the increase in profits in the first
6 months was due to larger sales that more satisfactory margin of profit plan whereby the independent druggists participate in the profits of
McKesson & Robbins.
coupled with a decrease in interestand
charges. So far little benefit has been
Of particular interest to the retail druggists will be an increase in trade
derived from the large investment made recently in expanding the company's
activities through the purchase of the General Carbonic Corp. and the discounts enabling them to compete at least on an equal basis with chain
stock investment made in Dry Ice Corp. Earnings from this investment store groups in the sale of nationally advertised produets. The general'
Public
should be reflected increasingly from month to month during the remainder stores will be benefited by being able to purchase in independent drug
nationally advertised products at prices which heretofore only the,
of the year.
-V. 128. p. 2280.
arge chains have been in a position to offer.
Link Belt Co.
-Earnings.
--
MAY
4 1929.]
3007
FINANCIAL CHRONICLE
From the standpoint of the industry, the plan is expected to serve better
than ever before all interests involved while affording the general public
an improved service, especially in territories in which the large chain drug
stores cannot afford to operate.
Offers Retail Druggists Plan to Acquire Common Stock
Below Market Price.
-The "Boston News Bureau," says:
The corporation has perfected a new and somewhat unusual plan whereby
retail druggists will be able to acquire its common stock. Previously it
had offered its shares to retailers at $40 and at $45 a share, against a current market price of $51, for cash instalment subscription.
Now the company is permitting retailers to apply discounts on goods
*Purchased against rights entitling the holder to one-fifth of a share of
common stock. The retailer is entitled to one right for each $9 of discounts, and in effect may acquire the common stock for $45 a share, or
appreciably under the market. To permit execution of the plan, 300,000
•unissued common shares have been set aside.
-V. 128. P. 2821.
Motion Picture Capital Corp.
-Earnings.
(Including Cinema Finance Corp. and Pictures Holdings, Inc.)
Quarter End. Mar. 31- 1929.
1927.
1928.
1926.
Total income
$223.971
$577,991
$129,261
$221,175
Expenses & bank int_ - 82,894
73,662
32,618
63,520
Balance
Other income
$545,373
$65,741
a266,401
$141,077
$147.513
Gross profit
Losses, deb. int., &c
Federal taxes
$545,373
7,855
30,000
$332,142
289,277
$141,077
53.994
11,773
$147,513
15,370
'18,043
Net profit
$507,518
8114,100
$42.865
$75,310
a Profit from sale of securities.
Comparative Balance Sheet.
AssetsMar.31 '29. Dec.31 '28.
Liabilities-Mar.31 '29. Dec.31 '28.
Porn. & fixtures$2,771 8% cum. pref. stk_ $379,825 $613,400
$1
Maddux Air Lines Co.
Misc. Investm'ts_
80,820
16,175 $2.50 2d pfd. stk_x1.976,000
-Acquisitions.
2,265,811
752,585 Common stock..-y 1,830,847 1.315.980
The executive committee has confirmed the acquisition of Maddux, Inc., Cash
Los Angeles Lincoln Motor Car distributor, and the business of Stephen 8. Motion pict. neg 24,927 5
-year6% convert.
2,650,326 1,644,210
s.f. debs., ser. A
166,000
420,000
Nerney, Hollywood Lincoln distributor. The former will become a wholly Investments
Accts. payable_ 1,656
owned subsidiary of the Maddux Air Lines, whose territory will include Notes, acc'ts and
341,786
779.033 Bank loam
165,357
485,761
all of the Los Angeles Metropolitan area and surrounding towns, except commas receivle_
2,431
Accr'd int. recelv.
13,585
9,260 Dividends payable
10.990
l'asadena and Long Beach.
-V. 128. p. 1067.
4,544
Deferred charges _
117,119 Reserves
207,276
160.000
Accrued interest
5.225
22.025
Maracaibo Oil Exploration Corp.(& Sub. Cos.).
3,500
Guarantee deposits
Calendar Years
-1926.
1928.
1927.
6,137
13,203
Deferred credits
Net earnings
$42,845
$71,271
$32,126
Total (ea. side) $5.356,873 $3,346,082 Surplus
617,775
299,565
x Represented by 49,000 shares of no par value. y Represented by
Balance Sheet Dec. 31.
-V. 128, p. 2104.
194,100 shares of no par value.
• Assets
1928.
1927,
LiaMines
1927.
1928.
:Property, plant Sc
Capital stock and
$
S
$
$
equipment
y4,265,734 4,233,608
Moto Meter Co., Inc.
x2,84.5,441 2,744,984
surplus
-Basis for Exchange of Stocks AnCash
445,784
543,868
nounced-Rights, &c.
Accts. receivable_ _
710
359
The basis of exchange of stock by means of which the newly formed
Calls loam
100,000
100,000
Moto Meter Gauge Re Equipment Corp. will acquire the business and assets
Securities owned
416,875
416,875
Total (each side) 4,265,734 4,233,608 of the Safe-T-Stat Co. and the Moto Meter Co., Inc., is announced by
Deferred assets
456,924
427.522
the committee working out the plan of consolidation. The holders of
for depreciation and $867,185 amounts Safe-T-Stat common stock and of Moto Meter class A stock must deposit
x After deducting $74,137 reserve
received for property sold. y Represented by 330,000 shares of no par their shares with the Central Union Trust Co. of New York on or before
value, amount paid in $2,900.800: due to property revaluation $1,104.900; May 8 1929, and in exchange will receive certificates of deposit entitling
due to net earnings accumulated to Dec. 31 1928, $260,034.-V. 126, them, upon consummation of the merger, to common stock of the new
P. 3309.
company at the following rates:
For each share of Safe-T-Stat common deposited, one share of new
-Earnings:
Marchant Calculating Machine Co.
common stock, and for each share of Moto Meter class A stock deposited,
94th of a share of new common stock.
Quarter Ended March 31-1929.
1928.
$623,181
$470,517
Such depositors will also be given the opportunity to purchase shares
Sales
Net profit after chgs. but before taxes
132,198
88.701 of common stock of the Moto Meter Gauge & Equipment Corp., at the
rate of $32 per share on the following basis: Depositors of Safe-T-Stat
-V. 127, p. 2242.
common may purchase 4i of a share of common.tock of the new company
for each share deposited, and depositors of Moto Meter class A stcck
Marmon Motor Car Co.-Record Shipments.
Shipments of Marmon Model 68, Model 78 and Roosevelt cars during may purchase 34th of a share of common stock of the new company fer
April totaled 6.029 units for a new all-time monthly record, it was an- each share deposited. For this purpose 137,500 shares have been set
nounced on May 1 by Vice-Pres. A. R. Heiskell. The April volume is aside, and the proceeds from this sale will be used to retire certain under67% greater than the previous high monthly record established in March lying indebtedness of the subsidiary companies and to provide additional
, of this year, when 3,604 units were shipped, and represents an increase of working capital.
Mendes, Bell & Whitney, Inc., has undertaken to form a syndicate of
150% over April last year, when shipments totaled 2,406 cars. Notwithstanding this record performance during April. the company is entering which it Is to act as Syndicate Manager, to underwrite the exercise by the
May with the strongest unfilled order position in its history. Mr. Betaken holders of the class "A" stock of the Moto Meter Co., Inc., and by the
holders of the common stock of Safe-T-Stat Co.. of the right conferred by
said,
-V,128, p. 2643.
the plan to purchase shares of common stock of the new company. The
compensation,
Mengel Co.(& Subs.), Louisville, Ky.-Annual Report. syndicate, including the syndicate manager, will receive ascompany.
a commission of 19,000 shares of common stock of the new
Calendar Years1928.
1927.
1926.
1925.
The syndicate manager has obtained and has agreed upon request of
Net sales
$16,383,502 $12,200.340 $12.454,546 $11,991,470 the committee to assign to the committee or to its nominee or nominees
Cost of sales
13,137,923
9,370.298
9,709,115
9,205,093 options to purchase (1) voting trust certificates representing 200,000 shs.
'Sell.. adm.,&c.,exp_ _ _ _ 1,355,834
1,256.716
1.261,985 of class B stock of the Moto Meter Co., Inc. (being all of the class B stock
1,275,089
Depreciation
571.929
573.806
573.984 authorized and outstanding), at a price of $8.75 per share subject to the
5 .991
Interest (net)
348,350
319,156
317,448 assumption by the new company of certain liabilities referred to in said
312.550
Federal taxes(est.)90,254
57,000
75.500
8.5,000 option, and (2) at least 60,000 shares. out of 80.000 shares authorized and
Miscell. deductions
53,128
3,812
35,708
Cr.30.932 outstanding, of the pref. stock of National Gauge & Equipment Co., all
Notes and accounts writof the common stock of which is now owned by the Moto Meter Co., Inc..
ten off (net)
32,736
8,488
at a price of $15 per share.
Out of the new money which will be available upon the exercise of the
Net profit
$498,066
$578,891 rights of purchase conferred by the plan upon the stockholders of the
$510.184
$902,754
Previous surplus
1,462.373
1,118,703 Mote Meter Co., Inc., and the Safe-T-Stat Co., the exercise of which has
2,006.201
1,731.237
Miscell. credits
306,020
207,940
been underwritten by the syndicate, it is intended, upon consummation of
the plan to apply $1,750,000 to the exercise of the option to purchase the
Total surplus
$3.116,895 $2.241,421 $2.266,459 $1,697,594 voting trust certificates representing class B stock of the Moto Meter Co..
Preferred diva.(7%)_ - 235.221
235.221 Inc., and to apply at least $900,000 (and such additional amount not ex235.221
235.221
Miscell. charges
316.666
3,979
7,803 ceeding $300,000 as may be required under the terms of the option) to the
383.897
exercise of the option to purchase shares of the pref. stock of National
Profit & loss surplus_ - $2,497.776 82,002,221 81,714,572 $1,454,570 Gauge Sc Equipment Co. It is further intended to make provision out of
*Shares of corn, outstandthe new money for the payment at maturity with interest of $493,531 of
ing (no par)
240.000
x60.000
x60,000
x60.000 6% serial gold notes of the Moto Meter Co., Inc., of which $249,750 will
Earns, per share on corn.
$2.78
84.58
$4.38
$5.73 mature on Sept. 11 1929 and the balance on Sept. 11 1930. The balance
x l'ar $100. V. 128, p. 2103.
of the new money will be used for the purposes and consummation of the
plan as the committee may determine.
-V. 128, p. 2821.
Michigan Steel Corp.
-Earnings.
--
The company reports for the quarter ended Mar. 31 1929, net profit
-of $587,333 after interest, depreciation and taxes, equivalent to $2.67 a
share earned on 220.000 shares of no par stock.
-V. 128. p. 2643.
Motor Wheel Corp.-Earnings.-
Midland Steel Products Co.
-Earnings.
-
Quarter Ended March 311929.
1928.
Net profit after int. & deprec. but before Fed. taxes $1.003,558
$630,551
President E. J. Kulas,says: The period was the most active in company's
history. Shipments for the first quarter increased 125.6% over a year
before, while 94% more steel was consumed in manufacture. Both the
Cleveland and Detroit plants have operated at capacity since the start of
the year. In many departments, production schedules were on three
-hour shifts. There has been no slackening in operations or demand and
8
the company is booked to capacity for an Indefinite period.
-V. 128,
p. 1920, 1743.
Missouri
-Kansas Pipe Line Co. (Del.).
-Div. Outlook.
-
Operations have progressed to the point where President Frank P.*Parrish
.characterizes the payment of a dividend on the stock in July as "certain."
The amount and form of this dividend, he says, will be determined by the
-directors at their next meeting, by which time an analysis of market holdings
and the immediate development program, now being made, should be
available.
Mr. Parrish also reports that the company has commenced construction
in Kentucky of the first line to Owensborough. The pipe for this line has
been ordered from the National Supply CO.for shipment at the rate of one
mile a day. The Missouri-Kansas company is now operating seven drilling
rigs of its own and is contracting for several more.
-V. 128, p. 1920.
Monarch Knitting Co., Ltd.
-Resumes Preferred Div.
-
The directors have declared a quarterly dividend of 14:i% on the 7%
cumul. pref. stock, par $100. payable May 1 to holders of record Apr. 22.
• The last previous quarterly distribution of 1%% on this Issue was made
on Feb. 1 1925.-V. 128, p. 1242.
-Earnings.
Monsanto Chemical Works.
Quarter Ended March 31Net profits after all chgs. Inc. Fed. taxes
-V. 128, p. 2821.
1929.
$352.510
1928.
$191.601
Montgomery Ward & Co., Chicago.-April Sales.
Increased 1929-4 Mos.-1928.
1929
-April
-1928.
Increase.
32_,1 573.323 $15,940,784 $5,632,539 1580,974.097 $61,517,279 $19,456,818
-V. 128. p. 2282.
Moody's Investors Service.
-Earnings.
-Months Ended March 311929.
1928.
Net income after all charges & taxes
$112,375 def.$9,291
Earns, per sh. on 60,000 shs. part. pref. stock
$1.87
Nil
Current assets, as ef March 31 1929, amounted to $1,764,268. while
.current liabilities were $94,323, a current ratio of over 18 to 1.-V. 128.
p. 415.
Moto Meter Gauge & Equipment Corp.
-Merger.
See Moto Meter Co., Inc., above.
-V. 128, p. 2822.
Quar. End, Mar. 311929.
Gross earnings
$1,504,093
Other income
72,021
1928.
5799.388
58,279
1927.
1926.
$576,114
254,039
70.026
150,246
$857,667
159,730
48,993
87.300
4584,281
4670,054
78.878
91,917
$1,101,803
5561,644
343,750
275,000
5505.403
19,578
275.000
5578,137
20,052
275,000
Total income
Expenses, &c
Interest, &c
Federal taxes
Net profit
Preferred dividends_
Common dividends
$210.825
$283,085
$286,644
Surplus
5758,053
Shs. com, stk. outstand550.000
550.000
ing (no par)
550,000
687.500
$1.01
Earns, per share
81.02
$0.88
81.60
x Profit after all charges but before taxes.
Balance Sheet March 31.
1929.
1928.
1929.
1928.
Liabilities
Assets
Land, bides., maCommon stock - - -y6,875,000 5,500,000
752,228
chinery, &c. _ -AE7,184,028 6,200,136 Accounts payable_ 1,425,322
Accrued taxes roy.
Construction work
510,281
in progress
141,241
38.893
and Interest.. ___ 1,414,704
Cash, &c
382,482
501,189 ESL Fed. inc. tax
U. S. bonds
87,300
1,505.631 1,260,923
res. for cont.,&c 150,246
7,320,572 6,690,369
Customers' notes
Profit & loss
dr sects. rerelv_ 3,370,767 2.120.102
3,807,093 2,532,904
Inventories
592,413
Other assets •
639,300
Prepaid taxes, Ins.,
202,189
246,731
bond dist., &c._
7,185,844 13,540,178
Total
17,185,844 13,540,178
Total
x After depreciation. y Represented by 687,500 shares of no par value.
In connection with the report, Pres. H. F. Harper, issued the following
statement: "Net profit, after taxes, for the first quarter. was $1,101,803.
compared with $561,644 last year, an increase of 96%. This is equivalent
to $1.60 a share on the present 687,500 shares of no par common stock
outstanding. This means $2 a share based on the 550,000 shares outstanding at this time last year when compared with $1.02 a share earnings
for the first quarter of 1928.
Sales for the first quarter were $11,000.000, compared with sales of $6.
350,000 for the first quarter of last year. Each month this year has been
in turn the largest month in sales volume the corporation ever enjoyed.
sales increase we have been able to meet the
In spite of this tremendous
demand of our customers each month due to the expansion program in
3008
buildings and equipment which was completed in Jan. Our new hub
plant is in full operation and all hubs for wood, wire and steel wheels are
now being completed in this one department.
-V. 128, p. 1569.
Mullins Mfg. Corp.
-Earnings.
Gross profit
Expenses
[VOL. 128.
FINANCIAL CHRONICLE
Ear a ngs Quarter Ended March 31 1929.
$296,187
139,497
Operating profit
Other income
$156.690
26,724
Total income
Federal taxes
$183,414
19,158
Net profit
Preferred dividends
$164,256
52,500
Surplus
$111,756
Earns, per sh. on 100,000 shs. corn stk. (no par)
$1.12
Balance Sheet March 31.
Assets1929.
1928.
1928.
Liabilities
1929.
Real estate, plant
$
$
$
arc
43,643,437 83,160,751 Preferred stock_ _$3,000,000 $946,500
Cash
543,298
500,000 y500,000
127,687 Common stock ___
Notes & accts. rec. 1,135,481
765,716 Note to W. H.
Mtge. recelv
5,600
100,000
5,850
Mullins
Inventories
2,389,051 1,442,335 Notes payable_ _
400,000
Investments
21,750
24,221
24,484
21,756 Indiv. stk. subsc__
Due from of
448,483
969,340
Accts. pay & accr_
dr empi
68,592
15,655
19,159
12,429 Federal tax res_ _ _
Sinking fund
8,751
13,500
2.759 Accrued taxes- --Special fund
7,671
90,000
• Res. pf. stk. disc_
Reorganiz. exp. __ 236,040
3,756,726 3,222,799
Surplus
Pats. & good-will_
85,454
85,454
Deferred charges _
117,180
102,546
Total
$8,282,946 $5,727,280
$8,282,946 $5,727,280
Total
x After depreciation. y Represented by 30,000 no Par shares.
-V. 128.
p. 2822.
Murray Corp. of America.
-Earnings.
Earnings 3 Months Ended Mar. 31 1929.
Gross profit
Expenses
Depreciation
Interest
Federal taxes
$1,115,543
28,774
124,775
70,051
107,040
Net profits
J. W. Murray pref. dividends
$784,903
4,348
Balance surplus
Earns, per share on 538,020 shs. corn, stk. (no par)
Consolidated Balance Sheet Mar. 31.
1929.
1929.
1928.
Assets8
$
Liabilities$
Cash in banks & on
Accts. payable __ - 3,590,324
hand
2,912,590 1,155.406 Accr,int., taxes,dic 486.924
Callloans
4.700,000
935,000
Pur,money oblig's
Customers sects __ 2,181,480 3,223,933 Funded debt
3.312,100
Inventories
3,564,590 4,118,121 Res. for disputed
Dies & patterns__
. 652,153
Fed. tax claim _I 1,590,740
I
Invest. In Dietrich,
R.forgen.cont'g
es
Inc
575,111
217,400
429,521 8% pref. stock.
Other assets
242,393
115,806,483
159,210 Corn, stock
Property accts __13,408,4l7 10,268,550 Surplus
2,834,838
Good-will
302,328
302,328
Deferred charges
234,745
816,068
$780,555
$1.45
1,172,024
Nassau Management Corp -Initial Dividend.
-
Net profit
Prior surplus
Total surplus
Preferred dividends
Common dividends
8573,872
492,345
327,066
268,991
72,594
$993,949
756,377
97.000.
276,509
def$1,343,501
1,213,963
$620,440
,
1,214,210
.,
def$129,538 $1,834,650
195,434
210.000
202,500
.
202,500
Balance, surplus
Special reserves
$542,038 $1,436,716
222,752
658,689
def$1,200,727 $1,213,963
Earnings for 12 Months Ended March 311929.
The corporation reports for the 12 months ended March 31 1929, profit
before deprec. of$481,723 and after providing for depreciation, doubtful
accounts, adjustment of inventory and interest on debentures, a net lossof $1,340,259.-V. 128, p. 1243.
National Rubber Machinery Co.
-Earnings.
-
Net credit transferred to surplus
Earns per share on 103,235 shares cap.stock (no par)
Earnings 3 Months Ended March 31.
Net earns, after all chgs. incl. deprec. & taxes
$163,129
Earns per share on common stock
$1.55
-V. 128, p. 1570.
$481,375
87,806
35,712
40,590
40,646
$276.620
$2.67
$104.872
$1.00
National Standard Co.
-Earnings.
-
National Acme Co.
-Earnings.
1927. .
$197,967
$15,348
500.000
$0.39
500.000
$0.03
6 Months End. Mar. 31Net income after all charges & Federal taxes
-V. 125. p. 3209.
$227,568
1926.
500,000
$0.45
National Biscuit Co.
-Earnings.
1929.
3 Mos. End.Mar. 311928.
1926.
1927.
Net,after taxes,&c ____ $4,709,455 $3,795,131 $3,756.668 $3,051,917
Shares corn.stk. outst'd'g
(par $25)
2,400,000
2,046.526
2,046,520
2,046,520
Earns. per share
$1.78
$1.64
$1.62
$1.27
-V. 128, p. 552.
National Food Products Corp.
-Bonds Offered.
-J. A.
W. Iglehart & Co., Baltimore and Arthur Perry & Co.,
New York, are offering $2,500,000 15-year collateral trust
6% convertible gold bonds, series A at 9934 and int. to
yield 6.05%.
Dated May 1 1929; due May 1 1944. Int. payable M. & N. at the
Baltimore Trust Co., trustee, or at the First National Bank of Boston,
without deduction for normal Federal income tax up to 2%. Denom.$1,000
and $500 c*. Red. all or part, on any date upon 60 days' notice at 1023.
and int. Corporation will agree to refund upon proper and timely application the Penn. 4 mills tax, Conn. 4 mills tax, Maryland 43 mills
tax, Mass, income tax not exceeding 6% per annum and other state, county
and municipal securities or income taxes not exceeding % of 1% of the
principal amount per annum in the aggregateConvertible.
-Bonds will be convertible at any time prior to the maturity
or redemption date at the option of the holder into class B (voting) stock
at the following prices: $11 per share on or before Sept. 30 1932; $15 per
share on or before July 31 1937; $20 per share on or before May 11944.
Data from Letter of Hunter C. Phelan, Pres. of the Company.
-Corporation was incorp. in 1925 in Maryland to
History & Business.
engage in the manufacture and distribution of food products either directly
or through ownership of securities of other corporations. Upon completion
of acquisitions incident to this financing the corporation will own capital
stock of Southern Grocery Stores, Inc., David Pender Grocery Co., and
H. C. Bohack Co., Inc., in the amounts shown below, and holdings in other
food products corporations. It is the policy of the corporation to operate
principally in the chain grocery store field.
The David Pander Grocery Co. and the Southern Grocery Stores, Inc.,
.
operate a total of 781 stores in Virginia, North Carolina, South Carolina.
Georgia and Alabama. H. C. Bohack Co., Inc., operates 461 stores in
Metropolitan New York.
Authorized. Outstanding.
Capitalization.15
-year coll. trust 6% convertible bonds, series A
a$4,000,000 $2,500,000
(this issue)
1375,000 shs. 75,000 shs.
Class A stock (no par)
Class B (voting) stock (no par)_ _ _ _ _ ________ c1.000,000 shs.d223,556shs.
a The additional $1,500,000 of authorized bonds may be issued under
the restrictions of the indenture. b Entitled to cumulative preferential
dividends of $2.50 per share per annum and to participate equally with
class B in further dividends up to $1 per share per annum. c 634,635
shares reserved for the conversion of these bonds and for 384,635 purchase
warrants to be outstanding. d Includes stock dividend of 4,383 shares
payable October 15 1929.
-Bonds will be the direct obligation of the corporation and will
Security.
be specifically secured by deposit, with the trustee under the indenture,
of 33,000 shares (50.7%) of class B stock of David Fender Grocery Co.,
51,000 shares (85%) of common stock and $1,000.000 of 7% notes of
Total
Reserve for depreciation
Reserve for doubtful accounts
Adjustment of inventory
-obsolete products
Miscellaneous
Federal income tax reserve
Interest
12 Mos.'28. 4 Mos.'27.
$500,832
$967,775
73,040
26,174
Earnings for 9 Months Ended Dec. 311928.
222,600 Oper. prof after deduct, cost of goods sold, sell. & adm. exp
11,750,245 Depreciation
643,701 Interest
Prov. for doubtful accts. & other deductions-net
Federal income tax
The directors have declared an initial dividend of 1% on the capital
stock, payable May to holders of record April 27.
1928.
National Radiator Corp.
-Earnings.
Period Ended Dec. 31Operating profit
Other income
Profit and loss, surplus
1928.
$
1,670,956
163,912
1,144,000
3,705,700
Total
28,773,810 20,473,139
28,773,810 20,473,139
Total
x Represented by 538,055 no par shares.
-V. 128, p. 2282.
3 Mos. End. Mar. 311929.
Net profit after charges
but before taxes
$708,831
Shs. of cap.stk. outst'd'g
(par 810)
500.000
Earns, per sh. on cap.stk
$1.41
-V. 128, p. 1570.
Southern Grocery Stores, Inc., and 21,500 shares (21%) of common stock
of H. C. Bohack Co., Inc. Based on the present market the value of this.
collateral alone is over $5,750,000, which is equivalent to over $2,300 for'
each $1,000 of bonds.
Earnings.
-The earnings accruing to the corporation from Its holdings
in Southern Grocery Stores, Inc., and David Fender Grocery Co. upon'
completion of acquisitions coincident with this financing combined with
annual income at current rates from advances and from other investments
presently to be owned by the corporation, after deduction of the holding
company expenses, amount to $361,910, or over 2.4 times the annual
interest requirements on this issue of bonds. The above earnings do not
include any profit from the sale of investments, which profit, before Federal
income taxes,for the 12 months ended Mar.311929. amounted to $606,004.
Based on the volume of business done in 1928 by the David Ponder
Grocery Co. and the Southern Grocery Stores, Inc., without any allowancefor a normal increase in sales, but giving effect to various economies in
purchasing, distributing and selling groceries and provisions which should
result from the co-operative management of the two systems, the operating
executives estimate that for the next 12 months, above earnings will bey
in excess of 4 times the interest on these bonds.
Listing.
-Application will be made to list these bonds on the New York
Curb Market.
Sinking Fund.
-Corporation will pay to the trustee, as a sinking fund
to be used to retire bonds by purchase at or below redemption price or by
call by lot, $25,000 each May 1 and Nov. 1 commencing May 1 1930.
Corporation, however, will be entitled to cumulative credits, against these
payments, equvalent to the principal amount of all bonds previously converted.
Purpose.
-Proceeds will provide in part for the acquisition of common
stock of Southern Grocery Stores,Inc.,for advances to subsidiary companies.
to retire bank loans and for other corporate purposes.
-V. 128, p. 2104.
1929.
$332,500
1928.
$231,991
-New Director, &c.
National Surety Co.
Henry Bruere, Vice-President of the Bowery Savings Bank of New
York, has been elected a director. The appointments of C. E. Deming
as Vice-President and Comptroller, and of Hubert J. Hewitt as VicePresident and Secretary, were confirmed and approved at a meeting of the
board held on Apr. 30.-V. 128, p. 1412.
National Trade Journals, Inc.(8c Subs.).
-Earnings.
Earnings for 10 Months Ended Dec. 311928.
Gross income of publications for period owned from sales of
advertising, subscriptions, &c
81.562.634
Mechanical, editorial & all other oper. & admin. charges, incl. all
necessary prov. for deprec. res. for doubt. notes & accts., &
reserves for taxes
1.325,900
Accrued int. on 10-yr. 6% convert. notes & other int. paid to
carry purchase money oblig. net of accruals paid after date of
issue by purchasers
21.755
Net income
Dividends paid
$214,979
203.897
Earned surplus at Dec.31 1928
$11.082
Earns per share on 110,000 no par shares
$1.95
Earnings for Quarter.
-For the quarter ended March 311929,the company reports net earnings, before interest and taxes, but after reserve for
depreciation, $211.489. After deducting three months' interest amounting
to $42,000 on the outstanding convertible notes and reserve for taxes, the
net earnings for the quarter amounted to 8149.189, eoual to $1.35 per share
on the 110.000 shares of outstanding capital stock.
-V.128,P. 125.
Natomas Co.
-Listing.
The San Francisco Stock Exchange has authorized the listing of 101,000
shares capital stock (no par value).
The Natomas Co. was incorp. Nov. 13 1928, in California.
The company was organized and its stock issued for the purpose of
the reorganization of the Natomas Co. of California in accordance with
the terms of the reorganization agreement entered into Aug. 15 1928.
Natomas Co. of California, which succeeded to the interests of Natomas
Consolidated of California, was organized in Calif. Dec. 24 1914, to take
over all the properties of Natomas Consolidated of California. Company
engaged in a number of enterprises, principally the development and sale
of approximately 60,000 acres of land in Reclamation Districts Nos. 1000
the
i n
t
and 1001; the development and sale of tho American h u
ILiverhl ed:;ner
s galoae ff ldredges andcrushing
o
o
oso
o
water utility
Co., the operationof ag
and other minor projects.
. The amount of stock outstanding was: preferred (par $100). $6,823,200
common (par $100), $9,249,500.
Natomas Co. of California took over the properties of Natomas Consolidated of California as of Jan. 1 1915. During the 5 year period ending
Jan. 1 1919 (which 5 year period included the one year during which
Natomas Consolidated of California had not paid interest on its bonds)
Natomas Co. of California was not required to pay interest on its bonds
in cash, but scrip coupons, equal to 6% interest on the outstanding bonds,
were convertible into bonds of the same issue.
The original issue of bonds in exchange for bonds of the old company'
was $8,456,400. Bonds issued in exchange for scrip amounted to $2,853,300.
During the 9 year period covering the calendar years 1919 to 1927 incl.
the company paid interest on its bonds in cash,such interest paid amounting
to $5.534,000.
MAY 4 1929.]
FINANCIAL CHRONICLE
The drain upon the resources of the company, caused by the payment
of this large amount of interest, in addition to the rising cost of reclamation
assessments and county taxes, required the disbursement of sums in excess
of the company's income, largely by reason of the low yields from lands
leased on crop share basis and the inability of purchasers of lands under
contracts ofsale to meet their payments promptly. Generally, the company
suffered from the agricultural depression, including the low value of farm
products and the mounting costs of taxes imposed upon the lands.
The board of directors appointed an advisory committee in the spring of
1928 to investigate and examine the situation in which the company found
itself and to recommend the character of financial structure that the company should adopt. This committee made an exhaustive investigation and
recommended the financial structure which has subsequently been adopted
by Natomas Co., now owning the properties.
Natomas Co. of Calif.
-Successor Company.
-
See Natomas Co. above.
-V. 126, p. 2660.
Increase.
$687.736
$284,4721$3,348,691 $2,180,792 $1,167,899
Early in the year the company announced that it expected to open 18
stores during 1929. According to the present schedule, the company
believes that it is possible that it will open 23 stores. A new store was
opened in Chicago on March 23 and one in Boston on March 28.-V. 128,
p. 2644.
Neptune Meter Co.(N. J.).
-Earnings.
Calendar YearsNet income after deprec., int. & all
charges, including income taxes.-Preferred dividends (8%)
Common dividends
Balance, surplus
Shs. of cont. stk. outstanding (no par)
Earned per share
-V. 126, p. 1824.
1928.
1927.
$772,168
159,462
497,000
$779,369
159,528
497,900
$115,706
248,400
$2.47
$121,941
248,950
$2.49
Net operating income_
Other income
1926.
$239,052
248.950
$2.96
(J. J.) Newberry Co.
-To Increase Common Stock.
-
New Haven Clock Co.-Pref. Stock Offered.
-George H.
Burr & Co., Thomson Fenn & Co. and Chas. W. Scranton
& Co. are offering (subject to rights of stockholders) the
unsold portion of $750,000 63' % cumul. cony, preferred
stock, series A at 100 and div. A limited amount of common
stock is also being offered.
Preferred as to dividends and as to assets to the extent of UN per share
and diva. Cumulative dividends, payable quarterly, commencing Aug. 1
1929. Cumulative semi-annual sinking fund. commencing Jan. 1 1932.
payable out of net profits or surplus after provision for dividends on preferred stock, amounting semi-annually to 1%% of the aggregate par value
of the greatest amount of 64% preferred stock ever outstanding. Red,
all or part at any time on and after July 1 1931, (and at any time in case
of consolidation, merger, or gale of entire assets) at $110 per share and
diva. upon 30 days' notice. Dividends exempt from present normal
Federal income tax, exempt from personal property tax in Conn. Transfer
agent: Bankers Trust Co., New York. Registrar: Chase National Bank,
New York.
Conversion.
-Convertible at the holders' option at any time before redemption, upon giving ten days' prior written notice to the company, at
the rate of 2 shares of common stock for each 1 share of 634% cumulative
convertible preferred stock, series A.
CapitalizationAuthorized. Outstanding
6%% cumul. preferred stock (par $100)
141.500.000
$750,000
Common stock (no par)
b150,000shs
72,000shs
a Including this issue of 8750,000 634% cumulative convertible preferred
stock, series A; the conversion provisions of the remaining $760,000 634%
cumulative preferred stock (which may be issued in subsequent series)
shall, if and when issued, be determined by the directors at the time of
issue, provided one share of preferred stock shall be exchangeable for or
convertible into no more than 2 shares of no par value common stock.
b 15.000 shares reserved to provide for conversion of 634% cumulative
convertible preferred stock,series A.
Data from letter of R. H. Whitehead, ores. of the Company.
Cornpany.-Ilas an unbroken business history of well over a century,
being the outgrowth of Jerome & Co. established in 1817. The present
company was organized in 1857 and incorp. in 1882 in Connecticut. Company manufacturers a complete line of timepieces, and among its products,
which have a nation-wide reputation, are the well known tip-top wrist
and pocket watches, New Haven artlarms, New Haven Westminster
chimes, banjo, wall, shelf, office, Boudoir, automobile and novelty clocks.
Company's success during the past several years has been largely due to
the styling of its merchandise and the introduction of modern methods
of production. The industrial laboratory and department of standards
maintained by the company have enabled it to constantly improve the
quality of its products, and keep them at a uniformly high standard. Its
plant, located in New Haven, Conn has a floor space of over 350,000
square feet, and is equipped with the best of modern automatic machinery,
Sales and Earnings.
-The sales and earnings of the business for the 4
years ended Dec. 31, 1928. after all charges and Federal taxes, were as
follows:
Net Profits No. Times *Earned per
Cal. Years.Sales.
After Taxes. New Pfd. Div. Sh. Corn,
1928
$4,270,240
$295.076
6.05
$3.42
1927
4,798,336
318,430
6.53
3.74
1926
4,471.817
296,841
6.08
3.44
1925
4.205,585
265,766
5.45
30.1
* Earned on 72,000 shares after deducting the full annual dividend requirement on the $750,000 par value 634% cumulative convertible preferred stock. series A. to be presently outstanding.
-The balance sheet as at Dec. 311928. after giving
Financial Condition.
effect to this financing, shows the company to be in excellent financial
condition. Total current assets as shown therein are $2.942.144, against
total liabilities of $182,661. This is a ratio of over 16 to 1 and leaves a net
working capital of $2,759,483. Cash alone is more than double the total
liabilities. Net assets, amounting to 54,085,592, are equivalent to over
$544 per share of 654% cumulative convertible preferred stock, series A.
and net current assets to more than $367 per share of 654% cumulative
convertible preferred stock. series A.
Purpose.-Pioceeds of this issue of 634% cumulative convertible preferred stock, series A, will be used for the retirement of the present outstanding 7% preferred stock ($25 par), and for other porporate purposes.
Listing.-tIpplication will be made to list the common stock on the New
York Curb Market.
Initial Dividend.
The directors have declared an initial quarterly dividend of 3734 cents
per share on the common stock, no par value, payable July 1 to holders of
record June 20.-V. 128, p. 2822.
-Earnings.
-Newton Steel Co.
The company reports for the quarter ended March 311929, net profit of
$687.316 after depreciation. Federal taxes, &c., equivalent after allowing
for dividend requirements on preferred stock, to $2.72 a share earned on
240,000 shares of no par common stock.
$2.198,500
53,752,604
1,515,964
27,000
2,613,157
$891,320 $1,074,025
820,473
325,621
$912,642
226,802
$973,635
255.149
$1,711,794 $1,399,646 $1.228,784 $1,139,443
Gross income
502,000
502,000
Bond interest
502,000
502,000
351,388
Serial gold note interest_
97,560
27,355
Other deductions
26,708
26,888
$760,844
500,000
$870,290
500,000
$699,895
500,000
$610,735
500,000
$260,844
Balance, surplus
$370.290
$199,895
Shares of common out70.000
70.000
standing (par $100)
70,000
$3.72
$4.13
Earns, per sh, on cora
$2.85
x Includes New York Dock Trade Facilities Corp.
Earnings for Quarters Ended March 31.
1929.
1928.
1927.
$801.254
$945,693
$874,550
Revenues
426,150
500,245
410,593
Expenses
241,832
283,389
294,744
Taxes, interest, &c
$110,735
$ 896,403
Net income
159,528 Earns, per share on com_
497,823 -V. 127, p. 695.
The stockholders will vote May 10 on increasing the authorized common
stock (no par value) from 400,000 shares to 800,000 shares. See also
V. 128, p. 2822.
Balance Sheet March 311929.
LiabilitiesAssets
Land, bldgs. and mach'y 84,145,751 6% preferred stock
Current assets
5,749,931 Common stock
Investment
181,489 Current liabilities
Deferred charges
30,054 Reserves
Surplus
New York Dock Co.
-Earnings.
x1928.
Calendar Years
x1927.
1111
1926.
1925.
$3,633,920 $3,738,037 53,427,863 $3,381,716
Total revenue
Maintenance
583,706
566,252
412,978
344,054
350,799
Deprec'n & retirement_ _
346.682
349,989
342,987
956,825
Other expenses
863,122
896.026
891.185
851,267
Taxes
831,447
856,585
886.008
Netinc.N.Y.Dock Co.
Pref. divs.(5%)
Neianer Bros., Inc.
-April Sales.
1929
-April
-1928.
Increased 1929-4 Mos.-1928.
$972,208
3009
$133,271
$0.12
$162.059
$0.53
70,000
$1.58
1926.
$744,621
372,637
265.871
$169,213
$0.63
$106,113
Nil
-Initial Dividend.
New York Home Foundation Corp.
The directors have declared an initial regular semi-annual dividend
of $1.75 per share on the preferred stock (par $50), payable May latn
holders of record April 29.-V. 127, P. 3554.
No vadel-Agene Corp.-Earnings.
Mar.31 '29. Dec. 31 '28.
Earnings 3 Months Ended$363,604
$407,864
Gross profitfrom operations
114,990
113,802
Selling,administrative & research expense
54,838
Organization and other non-recurring charges_
Sink, fund for retire. of pref. stock applied to
58,649
58,839
amortization of patents
27.226
32,519
Provision f . axes & contingencies
Net profit
Discount on stock purchased
Surplus January 1 1929
8202,893
6,233
82.835
$107.703
10,657
Total surplus
Preferred dividends
$291.961
35.320
$118,359
35.523
$82,835
$256,641
Net surplus
$1.02
$0.45
Earns per share on 159,506 shs. corn. stk.(no par)_
Comparative Balance Sheet.
Dec.31 '28.
Mar.31 '29. Dec.31'2.3.
Mar.31 '29.
Liabilities$
Assets100
5,000
129,005 Notes payable_
141,425
Cash
116,946 Accounts payable_
09,569
193,330
Accounts receiv_ _ _ 104,915
34.196 Deposit on cylln__
19,960
19,960
Deposit on cylind_
239,904 Res. taxes & cont.
68.566
86,505
210,731
Inventories
4,825 Suspense
71
Marketable secur_
Accruals, corn., &c
11,087
Invests. subs. cos_ 139.388
Preferred stock less
Furnit. & fixtures
64,460
treasury stock__ 1.967,500 2,029.900
6.130
(less deprec.)___
54.746 Common stock__
853.755 x853,755
46.884
Deferred charges._
256,641
2,625,654 2.684,304 Surplus
82,835
Patents
Total
3,295,088 3,328.386
3,296,088 $3,328,386
Total
-V.127. v. 2381.
x Represented by 159,506 no par shares.
Nunnally Co., Atlanta, Ga.-Annual Report.
1928.
1927.
Calendar Years$1.858,734 $1,832,6421
Net sales
1,746,7471
Expenses, deprec., &c_ - 1,821,657
1926.
1925.
Not stated
Operating profit
Other income (net)
$37,077
10,889
$86,195
38,362
$242.291
34.007
$243.992
46.573
Total income
Reserve for Fed. taxes_
Profit-sharing distrib
$47,966
$124,557
16,356
8276,298
36,103
$290,565
34,444
20,000
Net profit
Dividends
$236,121
$240.195
$108,201
$47,966
(75c)120,000(1.25)200,000(1.25)200,000
Surplus
Profit & loss surplus..--Earns. per sh. cap. stock
$47,966 def.$11,799
110.987
58.720
$40,195
134.725
$1.50
$36.121
94,530
$1.48
Bala n27 Sheet Dec. 31.
w0 .
Se
c.3
1927.
1928.
1928.
g
Liabilities
$
Assets$
x3,000,000 3.000,000
Property account_ 1,099,393 1.114,713 Capital stock
69,653
Trade-marks and
54.860
Accts. payable..
25,000
good-will
1 449.974 1,449,974 Notes payable_
Cash
18,088
37.918 Federal tax reserve
16,580
110,987
58,720
Investments
229:383 Profit & loss sum_
97 0 2
4
In ces. ree.(cust.). 215°1e°2589
A cytntory
253,006
207,335
Def'd digs., leaseholds & organiTotal (ea. side). 3,138.580 3,198,727
zation expenses_
16,692
3.030
-V. 127, p. 1262.
x Represented by 160,000 shares of no par value.
-Earnings.
Ohio Leather Co.
Quarter Ended Mar. 31Net income after charges but before taxes
-V. 128, p. 1243.
1929.
$29.023
1928.
S99.574
Otis Steel Company.
-Earnings.Ea rnings Quarter Ended March 31 1929.
ofit
Manufacturing pr
Expenses, taxes, &C
$2,237,151
557,126
Operating profit
Other income
$1.680,025
97,934
Total income
Interest, discount, &c
Subsidiary companies advances and losses
$1.777,959
255,152
15,330
Net profit before depreciation & Federal taxes
Depreciation and estimated taxes
$1,507.477
545,146
Net income
$962,331
Earnings per share on 887,002 shs. common stock (no par)_ _
$1.19
Net earnings of $962,331 for 1929 compares with $630,295, after similar
charges in the like period of 1028, an increase of 53%
According to Pres. E. J. Kulas, production and shipments for the first
three months of the year were the greatest in the history of the company.
Operations for April are continuing at capacity and demand is holding at
a high level for the season.
-V. 128. p. 2477.
Orange Crush Co. 373'c. Common Dividend, &c.
-
The directors have declared a quarterly dividend of 3734 cents per shar
on the common stock, placing it on a $1.50 annual basis, payable Ma
Total
S10,107,225
Total$10.107,225 25 to holders of record May 15. This is the first dividend on the ne
-V. 128, p. 2822.
xReprosented Dy 240,000 no par shares.
stock outstanding after the two-for-one split-up earlier In the year.
3010
FINANCIAL CHRONICLE
[VOL. 128.
The company announces that it has entered into a contract extending value, which has realized to the company a net amount
in excess of
over a period of 5 years with Southern Dairies, Inc., which provides a 12.578.000.
new and immediate outlet for the company's product through at least
Earnings.
-Net earnings of the company after providing for all operating
1,500 soda fountains. An annual increase in sales of $500,000 is expected expenses and maintenance are
to result from this arrangement, it is stated. The company is also nego- available for interest, Federalestimated to be at least $840,000 annually
taxes, depreciation and dividends. This
tiating with several of the largest chain store systems in the country and is 5.6 times the average annual interest requirements on the
company's
expects shortly to close contracts which will provide in some cases for soda total funded debt. Earnings are based upon actual results, over a
period
fountain distribution of the Orange Crush syrup and in other cases an of years, of ships now comprising part of the Pacific-Atlantic fleet and
of
outlet for the bottled drink manufactured by the company.
similar ships operated in intercoastal trade under the present manageThe Orange Crush Co., in addition to manufacturing a complete line ment.
of flavoring concentrates for the bottling trade, about 2 years ago began
Directors.
-J. C. Ainsworth, John S. Baker, J. E.
Dent,
supplying syrups for fountains which are dispensed from special advertising Kenneth D. Dawson, Prank K. Houston, William Cushing, C. E. R. A.
F. Humphrey,
containers. During 1928, 100% more of the syrup was consumed than Nicol, Ernest L. Nye, H. W. Poett, Cecil P. Stewart, Guy W. Talbot,
inthe preceding year, and it is anticipated by the management that reve- Ralph E. Williams, H. B. Van Duzer,
nues from this source will eventually exceed those from all other sources.
Pro Forma Opening Balance Sheet.
Assets
Liabilities
Outlet Co., Providence, R. I.
-Earnings.
Cash
$706,857 5% 1st pref. mtges, to
Years Ended Jan. 31Steamship tonnage, 18 ves1926.
1929.
1928.
I'. S.Shipping Board- -31,150,708
1927.
Total gross profit
sels at cost
$3,338,541
$3.448,112 $3,448,707 $3.453,772
4,651,865 636% 1st & gen. marine
Oper.exp.,less other inc- 2,334,441
2,184,570 Bond disct. & organization
2.412,267
2,291,137
equip. bonds
1,750,000
Provs.for Fed.taxes(est.)
141,000
134,000
142,000
expenses
152,290 7% non-cumul. pref. stock 2,580,500
157,500
Good-will
1 Common stock (no par)
29,805
Net profit
$899,505 $1,012,970
$979,671 11.000,070
Previous balance
1.005,567 x.3,725,808 x3.502,093 x3,002,020
Adjust. of Fed. tax res
Total
Cr.40,000
Dr.3,570
Cr.1,502
Cr.15,024
$5,511.013
Total
$5,511,013
Sundry adjustments_ _ _ _
Cr.4,602 V. 128, p. 2646.Dr.9.605 Dr.40,000
Prem.on pfd.stk.purch_ Dr.110,987 Dr.53,014
Dr.6,094
Total surplus
$1.866,148
Div.on old com.stock of
J. Samuels & Bro.,Inc
Divs. on 1st pref. stock_
176.319
Divs. on 2d pref. stock_
26.250
Divs, on common
400,000
$4,647,888 $4,391,934 $4,059,592
212,550
27,750
400,000
236.877
29,250
400.000
420,000
122.500
15,000
Cora. stock & surplus- $1,263,579 x$4,007.588 x$3,725,808 x$3,502,093
Shs.ofcom.outat.(nopar)
100,000
100,000
100,000
100,000
Earns. per sh. on com.__
$8.75
$7.77
$6.33
$7.60
x Includes common stock and surplus.
-V. 128. p. 263
Owens Bottle Co. (8z Subs.).-Earnings.Quar. End. Mar.31- 1929.
1926.
1927.
1928.
Mfg. profit & royalties-- $1,366,655 $1,523.767 $1,720,138 $1,778,782
Other income
149,767
290,243 • 365,524
129,537
Total income
Operating expenses
Federal tax
11,516.422 11,653,304 $2,010.381 $2,144,306
732,694
717.364
722.958
736,327
197,200
125,200
173.900
80,100
Pacific Coast Co.(& Subs.).
-Annual Report.
-
Calendar Years1928.
1927.
1926.
1925.
Gross earnings
$4.440,927 $3,991,230 $5,017,218 $5,793,632
Operating expenses, &c. 4,057,383
3,627,685
4.419,097
5,092,591
Taxes
181,862
148,090
177,681
170,205
Net earnings
1201,683
1215,455
1420,440
$530,835
Other income
4,381
5,026
3,557
24.635
Total net income __-_
$206,064
$220.480
$423,997
$555.470
Deduct
Interest on bonds
200,000
200,000
245,833
250.000
Interest on notes
1,650
Accrd. into disc.x
15,647
16,042
16,355
18,481
General interest (net)
12.042
Net income
Div. on 1st pref
Div. on 2d pref
def.$21,625
$161,809
$285,339
14.437
(131 %)19.062 (5%)76,250 (5%)76,250 (5%)76,250
(1%)40.000(4%)160,000 (1%)40,000
Balance, surplus
def$40,687 def$111,812 def$74.441
$169,089
Shares of common outNet profit
$713,363
$791,777 $1,119,117 $1,214,412
standing (par $100)- 70,000
70,000
70,000
70,000
Shares com. stock outEarned per share on com.
Nil
Nil
Nil
$0.70
standing (par $25)_ -729,906
661,128
807.288
767.186
x Accrued interest and discount on Carbonado Mine purchase.
Earnings per share
$1.34
1.62 -V. 127, p. 2971.
1903
$0.88
$
0
$0.94
The above statement for 1929 does not include earnings of Illinois
bo
Co. and subsidiaries.
-V. 128, p. 2823.
Pacific Finance Corp.
-Note Issue Approved.
At the special stockholders' meeting, authorization was given for the
Issuance of $10,000,000 in 53 % 15
Owens-Illinois Glass Co.
-Listing.
-year convertible notes, as approved
The New York Stock Exchange has authorized the listing of 807,288 by the directors on April 10. These notes will be redeemable at 105 and
shares common stock (voting). Par $25, on official notice of issuance of int, and are convertible into common stock on a sliding scale, ranging from
such certificates bearing the corporate title of Owens-Illinois Glass Co., in 120 in the year ending April 30 1930 to 150 in the fifth and sixth years.
exchange for certificates for common stock bearing the name the Owens The issue has been underwritten by a banking syndicate which is offering
-See also V. 128. D. 2478.
Bottle Co., which have been issued and are outstanding in the hands of the $7.000,000 of the bonds.
public: with authority to add 20,000 shares of common stock on official
Pan American Airways, Inc.
notice ofissuance, in part payment for the acquisition of the assets of Illinois
-Passengers Carried.
Glass Co. and its subsidiaries making the total amount now applied for
This corporation carried 3,254 passengers, and average of 36 a day, over
their international air routes between the United States and Havana,
827,288 shares of common stock (par $25).-V. 128. p. 2822.
Nassau and the countries of the West Indies in the first 3 calendar months
Pacific-Atlantic Steamship Co. ("Quaker Line").- of this year, according to a traffic report made by James M. Eaton, General
Traffic Manager of the company.
Equip. Banda Offered.
-Freeman & Co. and Chemical
In addition to the record passenger business, this corporation transported
National Co., Inc. are offering $1 750,
gen. 100,084 pounds of mall, over 50 tons, between the United States and
000 63 %
Cuba,
Haiti,
marine equip, gold bonds, series A at prices to yield 6.80%. longestthe Bahamas, in the Dominican Republic, Porto Rico and over the
air mail line
world,
'the 2.079 mile route through Central
Dated May 1 1929: due serially Nov. 1 1931-1937 incl. Prin. and hit. America to the Panama Canal Zone in this period on perfect operating
(M.& N. 1). payable at Chemical National Bank of New York. Red. all schedules. The corporation's planes flew nearly 250,000 miles during
or part (but in case of partial redemption then in inverse order of maturity) the first 90 days operations of the routes. No figures were available
at par and int. together with a premium of 234% of the principal amount at this time for the traffic on the Brownsville-Mexico City line of the
if red, prior to maturity and on or before Nov. 11931, and together with a Pan American Airways system over which service was inaugurated early
premium of 2% of the principal amount if red, thereafter prior to maturity in March -V. 128. p. 2284.
and on or before Nov. 1 1933. and together with a premium of 1 3. % of
the principal amount if red, thereafter prior to maturity and on or before
Paramount Famous Lasky Corp.-Earnings.
Nov. 1 1934. and together with a premium of 1% of the principal amount
The corporation estimates its consolidated net profit, after all charges
if red, thereafter prior to maturity and on or before May 11937. Denom. and taxes, for the first quarter of 1929 to be $2,5135,000, which amounts
$1,0000. Company will covenant to reimburse bondholders for the to $1.16 per share on 2,206.505 shares of common stock outstanding.
Penn. and Conn. 4 mill tax: the 43'6 mill tax of the State of Maryland: the A comparison of the same quarter's earnings for 1927, 1928 and 1929
5 mill tax of the District of Columbia: the 536 mill tax of Calif., and the follows:
6% income tax of Mass., and will pay the principal and interest of the
1929.
1927.
1928.
bonds without deduction for any tax except succession and inheritance Net profit
$2,565.000 $2,264,000 $2,067,000
taxes and Federal income tax in excess of 2% per annum.
The profit for the first quarter of 1929 estimated as above is approxiCapitalizationAuthorized. Outstanding. mately 13% greater than the corresponding quarter of 1928, the previous
5% mtges. to United States Shipping Board_
$1,150,708 reccrei first quarter of the company The profit recently realized by the
1st & gen. marine equip, gold bonds
63
1,750,000 company from the sale of securities in Canadian companies has been
$1,750,000
7% non-cumul. cony, preferred stock
5,000,000 2.580.500 added to reserve for contingencies.
-V. 128, p. 2646.
Common stock (no par value)
200,000 abs. 29,805 shs.
Paris Pattern Co., Inc.
-Stock Offered.
-Stanley &
Data from Letter of Kenneth D. Dawson, Pres, of the Company.
Ilistory.-Company has been organized to acquire a number of freight Bisell, Inc. and Strabo V. Claggett & Co., Inc., New York,
lines now operating between Pacific and Atlantic ports of the United States, are offering at $11 per share 30,000 shares common stock
including Quaker, and California and Eastern lines and certain steamers
now operating in Arrow and Williams lines. Company will presently ac- (no par value). For details see V. 128, p. 2647.
quire 18 steamships having an aggregate deadweight capacity of more than
Parking Stations of New York, Inc.
-Stock Offered.
160,000 tons. These ships, and others which may be secured, will be
Operated under the established trade name "Quaker Line" in a regular E. H. Rollins & Sons are offering 30,000 shares class A stock
freight service between the ports of New York, Balthnore, Philadelphia, (no par value) at $25 per share
($2 dividend cumul. partic.)
and Los Angeles, San Francisco, Seattle and Portland, Oregon.
Data from Letter of Pres. W.E. McGairk, New York, April 26.
The management of the Pacific-Atlantic Steamship Co. has been engaged
opening of the Panama Canal and is
in the intercoastal trade since the
Company.-Incorp. April 8 1929, in New York, primarily for the purpose
experienced. The present step will enlarge an already established business of owning and operating parking garages of strategic location in large
and because of the increased number of vessels under single management municipalities. Properties will be acquired only after the most painstaking
should lead to greater profits through a more efficient handling and routing investigations as to their potentialities.
of cargoes.
Because of the ever-increasing traffic congestion and the limitations being
The Shipping Act of 1916 and Merchant Mariae Act of 1920 restrict the placed on curb parkingmany far-sighted economists agree that well located
operation ofships in the American intercoastal trade, with minor exceptionss parking garages afford'investment opportunities among the best. Furtherto those built in this country and owned by American citizens. This more,restrictive measures, with regard to the erection of garages, which are
prevents foreign competition and gives American built and owned ships a being enacted from time to time in large cities, tend to make existing persubstantial monopoly in the domestic intercoastal trade, in which these mits for garage operation increasingly valuable.
Issued.
ships are being operated.
CapitalizationAuthorized.
$550,000
Security -Secured by first preferred ship mortgage on 6 steamships, with 6% 1st mortgage •
30,000 shit.
an aggregate deadweight capacity in excess of 60,000 tons, and by preferred Class A stock
60.000 shs.
40,000 shs.
ship mortgage on 12 steamships, with an approximate deadweight capacity Class B stock
60,000 shs.
of 100.000 tons, the latter being subject only to first preferred ship mort• Held by the Prudence Co., Inc.
gages amounting to 11.150,708 payable to the United States Shipping Board
Property.
-story motoramp garage of
-Company will open on May I a 6
in installments, finally terminating in 1937. These ships are bonded at reinforced concrete construction at Dellb Ave. and Navy St., Brooklyn
the low rate of less than $18 per deadweight ton,including both this series A on a plot containing over 21,000 square feet. Company owns both the buildmortgage and the mortgages to the United States Shipping Board. This ing and the land, the value of which, including improvements and working
compares with a present cost of new construction of from $80 to $100 per capital, will amount to approximately $1.300,000. The land alone has
-deadweight ton for similar vessels. In respect of any steamship which may heretofore been appraised at $500,000 by E. J. 3z S. Grant. This garage
not have been subjected to the mortgage at the time of the issuance of the will be known as Brooklyn Parking Terminal and will have a capacity of
bonds, there will be deposited with the trustee, pursuant to the provisions approximately 675 cars. Its location is excellent, being in the centre of
of the mortgage, an amount of cash which will bear the same ratio to the the so-called downtown Brooklyn district and within easy access of the
amount of the loan as the appraised value of said vessel (reduced by the shopping, office, theatrical, and night-life sections.
amount of the Shipping Board mortgage, if any, thereon), bears to the
Provisions of Issue.
-The class A stock is preferred over class B stock in
aggregate appraised value of the 18 vessels (reduced by the aggregate the event of liquidation to $37.50 per share plus diva. It is non-callable,
is fully paid and non-assessable and is entitled to cumulative dividends from
amount of the Shipping Board mortgagee).
Valuation.
-These 18 steamships have been independently appraised by the date of issue at the rate of $2 per share per annum payable July and
Elfplen Sons & McNaught,Inc., New York. naval architects, engineers and thereafter quarterly. After the full quarterly dividends, together with any
appraisers, at $5,818,759, and by Pillsbury & Curtis, San Francisco, also cumulative dividends on the A stock have been declared and set aside for
expert naval appraisers, at $5,806,000,or approximately 22-3 timesthe the current dividend period, dividends may be declared on the B stock
amount of these series A bonds after deducting the Shipping Board mort- at a rate per share sufficient to equal, but not to exceed in the aggregate
$2 per share on the "A"stock. No additional dividends may be paid on the
gages from the appraised amounts.
-Proceeds from the sale of these bonds will be used as partial B stock unless additional dividends in an equal aggregate amount are also
Purpose.
Payment for the steamships now being purchased-the balance of the paid on the A stock. Transfer agent, Grance National Bank of New York.
purchase price as well as initial cash working capital in excess of $700,000 Registrar, The Chemical National Bank of New York.
Earnings.
-A careful and complete study of traffic conditions in the
has been provided by the sale of $2,580,500 of 7% non-cumulative convertible preferred stock and 29,805 shares of common stock without par neighborhood of the Brooklyn Parking Terminal has been made by the
1st &
6
,%
MAY 4 1929.)
FINANCIAL CHRONICLE
3011
Ramp Building Corp. which estimates that the earnings of this property,
Pierce Arrow Motor Car Co.
-April Sales.
in normal operation, will be as follows:
Sales to dealers for April totaled 1,366 cars, as compared with 624 for the
Gross revenue
$562,980
Ci.. . exp., incl. deprec. and State and Federal taxes
327.770 same month last year. This is an increase of 742 cars or 119%. The comFt mortgage interest
33,000 pany goes into May with 2,144 unfilled orders from dealers, it was
announced.
-V. 128, p. 2823.
Balance
$202,210
Pierce Petroleum Corp. (8c Subs.).
-Earnings.
-The balance as shown in the above estimate amounts to more than 3.3
Calendar Yearstimes the annual dividend requirement of the class A stock to be outstanding.
1928.
1926.
1927.
1925.
$10,081,363 $8,501.134 $8.117.531 38.193.137
If distribution of the entire estimated balance were to be made to class A Gross profit
stock and class B stock, in the manner provided in the charter as sum- Mktg.,gen.& adm.exp- 7,605.225
7,103,884 6,983,042
7,149.375
marized under provisions of issue, that balance would be equal to $3.36 Interest
162,059
211,416
227,857
194,571
per share for the class A stock and $2.52 per share for the class B stock to Prov.for uncol. accts.rec
131,286
42,950
72,000
114.000
Depreciation
I i. .899
be outstanding upon completion of this financing.
706.141
1,061,175
920.906
Patterson-Sargent Co.
-Initial Dividend.
-
Balance, surplus
The directors have declared an initial quarterly dividend of 50 cents per
share on the common stock, no par value, payable June 1 to holders of
record May 15. (See offering in V. 128, P. 574)-V. 109, p. 1898.
Pathe Exchange, Inc.
-Chairman of Board, &c.
Joseph P. Kennedy. who during the last year has acted in an advisory
capacity to the board of directors, has been elected Chairman of the Board.
Five new directors were elected to fill vacancies on the board. They are:
Joseph P. Kennedy, Stuart Webb, E. B. Derr, C. J. Scollard and Lewis
Innerarity. Four of the new directors replace vacancies left by the recent
resignations of E. F. Albee, Maurice Goodman, Marcus Heiman and Elmer
P. Pearson.
-V. 128. p. 2647.
Penick & Ford, Ltd., Inc.
-7'o Retire Bonds.
-
It is announced that funds have been deposited with the Canal Bank &
Trust Co., trustee, New Orleans, La., for the redemption of $1,790,500
1st mtge. 6A % sinking fund gold bonds outstanding. The bonds will be
paid at par, together with a premium of 5% of the principal thereof, on
and after June 1 1929, upon presentation at the trust company.
-V. 128,
p. 1748.
Pennsylvania Coal & Coke Corp.-Earnings.
3 Months Ended March 311929.
1928.
Gross earnings
$1,151,105 $1,203,589
Operating expenses & taxes (not incl. Fed. taxes)_ 1,314,105
1,123,967
Operating income
Miscellaneous income
def$163,000
40,090
$79,623
34.239
Gross income
Depletion
Charges to income
def$122,910
61,362
51,436
$113,861
66,524
43,091
Net income before Federal taxes
-V. 128, P. 2647.
def$235,708
$4.246
Perryman Electric Co.
-Stock Sold.
-An issue of 75,000
shares of common stock has been sold by Abeles, Reynell &
Campion, Inc., New York, at $15.50 per share.
Transfer Agent, Central Union Trust Co., New York. Registrar, Chase
National Bank of New York.
CapitalizationAuthorized.
Issued.
Common stock (without par value)
300,000 shs. 250,000 abs.
Data from Letter of Benjamin S. Katz, Pres. of the Company.
Company.
-A Delaware corporation. Has been organized to acquire the
business and assets, including real estate, patent rights, trade marks and
of Perryman Electric Co.gd-wil
Inc.(New York). The latter company
was formed in Aug. 1925,to furnish an organization to carry on the
developments of George H. Perryman in the radio tube field. It has since been
engaged continuously in developing, manufacturing and selling radio and
other vacuum tubes for use in connection with various mechanical and
electrical devices. These include radio receiving sets, amplifiers, power
phonographs, rectifying devices, talking movies and television sets, signal
apparatus, &c. Predecessor company commenced the erection of its own
new plant now practically completed at North Bergen, New Jersey. It is
expected that production in the new plant will start about May 15 1929.
Earnings.-Haskips & Sells have certified that the net earnings of the
predecessor company for the 12 months ending Dec. 31 1928 were $207,582,
after deducting all charges, including depreciation and Federal taxes, and
that such earnings for the 3 months ending Dec. 31 1928 were $177,017.
The latter figure for the 3 months' period is at the annual rate of $2.83 a
share on the 250,000 shares of stock to be outstanding at the conclusion of
the present financing.
Assets.
-The balance sheet as of Dec. 31 1928. after giving effect to the
present financing, shows net tangible assets of $1,120,394 including cash
in the amount of $779,581, as compared with total liabilities of 587.549,
giving a current cash position of more than 8.7 to 1.
Purpose.
-Part of the proceeds of this issue will be used to complete the
financing of the company's new factory and equipment. The balance will
be used as additional working capital and for other corporate purposes.
(J. C.) Penney Co., Inc.
-Common Stock Rights.
Announcement has just been made by the company that on May 13
1929 common stockholders will be issued rights to purchase at $7 per share
additional common stock at the ratio of two shares for every one share of
record at the close of business May 10 1929. The Chemical Bank & Trust
Co. New York City, will handle the issuance of this new stock and such
rights must be exercised before July 12 1929, after which date no warrants
will be honored.
The new stock was authorized last December by the stockholders in
increasing the common stock from 1,250,000 to 3,000,000 shares. The
proceeds from the new stock will be used in connection with the store
expansion program.
-V. 128, p. 2479.
Phillips Petroleum Co.
-Expansion, &c,__
Treasurer 0. K. Wing April 29 says in part:
Through continued expansion along diversified lines, the company was
able to show a small increase in profit during the first quarter of 1929 over
the first quarter of 1928. Net income after all charges including Federal
and State taxes but before depreciation and depletion was $3,612,879
against $3,105,091 for the first quarter in 1928.
Operating expenses and charges were reduced 11.1% while gross income
was reduced only 1.2% (due largely to the company's unwillingness to
deplete valuable oil reserves below cost prices).
The company's natural gasoline plants in operation total 48 and 3 more
are now under construction. Total natural gasoline production increased
more than 20% over the first quarter of last year. Prices for natural
gasolines were approximately 16.6% higher on March 31, than on Jan. 1,
and we are entering the season of increased demand.
The company's marketing division is being rapidly, yet carefully, expanded. Sales through retail facilities increased 19.8% in the first quarter
of 1929 over the fourth quarter of 1928. Total retail outlets now approximate 2,000. The company's products, Phillips Benzo-Gas, Phillips
Aviation Phillips 66 and Phillips Oils are being favorably accepted by
the public. Refining capacity is being increased and refinery operation
has been satisfactory.
Shipments of domestic and wholesale grades of liquefied petroleum
gas increased 394% over the first quarter in 1928. Several new Philgas
(domestic fuel) areas have been put into operation and more are contemplated in the immediate future. Sales of Philfuels (industrial grades)
are increasing both in volume and in number of purchasers. This division
affords a new and broad outlet for natural gas and gasoline products.
Two new oil pools in Ellis County. Kansas, have been opened up on
large blocks of acreage owned by the company. Some drilling is in progress
in an attempt to determine the extent of these pools but active development
will await correction of the country's over-production.
The financial position of the company remains exceptionally strong.
-V. 128, p. 2648.
-Balance Sheet Dec. 31.Pierce Oil Corp.
1927.
1928.
1928.
1927.
LiabilitiesAssets$
5
$
$
1,748 Preferred stock...15,000,000 15,000,000
Cash on deposit...
1,789
44,493 Common stock -29,622,831 29,622,831
Treasury stock ___
44,493
Investment
:34,917,817 34,917,817
Deficit
9,658,732 9,658,773
Total
Total
44,622,831 44,622,831
44,622,831 44,622,831
x 1,103,419% shares of capital stock of Pierce Petr. Corp.-V.128,p.125,
$1.052,895
$100,100
910,658 loss$86.275
Consolidated Balance Sheet Dec. 31.
1928.
1927.
1928.
1927.
LiabilitiesAssetsS
$
$
1,315,141 1,102,327 Accounts payable
Cash
and accruals_ 1,866.994 1,822.492
Notes & accts. rec.,
2,507,780 2,404,462 Notes payable____ 1,250,000 1,850,000
less reserves
4,921,655 5,076,054 Trade acceptances
Inventories
137,803
126,221 Reserve for claims
Invest.and adv.. 135,342
In litigation or
Cap, assets (book
16,213,219 16,219,711
contested
513,508 b2,061,102
value)-z
79,547 10-year 8% sinking
Cash with trustee
436,734
fund debentures 634,727
163,249
900,000
Deferred charges
460,857 Common stock_c19,134,519 19,134.519
Deficit
1,570,500
Preferred stock
Surplus
286.139
25,256,387 25.905,916
Total
Total
25,256,387 25,905,916
a Real estate, buildings, plant and equipment, pipe lines, &c., $20,285.003, less reserves for depreciation. 94,171,784. b Notes payable on
demand, $1,200,000, secured by pledge of demand note of Pierce Pipe
Line Co., Inc. (a subsidiary company) for $3,073,876; the validity of these
notes and of this pledge is challenged by the corporation, and suit is in
progress to cancel the notes, set aside the pledge and for an accounting.
Empire Petroleum co.,$208,643 open account;liability on this open account
is also denied by the corporation; various other miscellaneous unsettled and
contested claims. c Authorized, issued and outstanding, 2,500,000 shares
of no par value.
Results for Quarter Ended March 31.
1929.
1928.
1926.
1927.
Gross profit
$2,217,298 $2,058,377 $1,936,749 $1,781,949
1,838,205
1,733,929
1,632,627
Expenses
1,737,867
61,550
75,208
Interest, Sic
73.610
75,809
286,420
Depreciation
283.505
252,569
230.300
Net loss
-V. 128.p. 125.
Prer$31.122
$34.266
$129,496
$154.588
-Notes Offered.
Poor & Co.
-Continental Illinois Co.,
Eastman, Dillon & Co. and Howe, Quisenberry & Co., Inc.
are offering at 993. and int. $3,500,000 6% sinking fund
convertible gold notes.
Dated April 15 1929; due April 15 1939. Red. all or part by lot at any
time on 60 days' notice at par and int. plus a premium o15°7 prior to April
15 1935, 4% April 15 1935 to April 14 1936, 3% April 15 1936 to April
14 1937, 2% April 15 1937 to April 14 1938, and 1% thereafter prior to
maturity. Interest payable (&.& 0.) without deduction for United States
income tax not in excess of 2'. Denom.$1,000 and $500 ce. Continental
Illinois Bank & Trust Co., Chicago, trustee.
Convertible into class B stock on or before Apr. 15 1930 at $32 per share;
on or before April 15 1932. at $34 per share; on or before April 15 1934,.
at $36 per share; on or before April 15 1936, at $38 per share: on or before
April 15 1938, at $40 per share and on or before April 15 1939, at $42 per
share. If called for redemption, convertible nevertheless up to 10 days
before redemption date.
Authorized. Issued.
Capitalization6% sinking fund convertible gold notes
$3,500.000 $3,500,000
Class A stock no par value)
160.000shs. 160,000 shs.
500,000shs. 329,000 abs.
Class B stock no par value)
The class B stock is listed on the Chicago Stock Exchange and application
has been made to list it on the New York Stock Exchange. Regular
dividends are being paid at the rate of $1.50 per share per annum and a
special dividend of 50c. per share was paid March 1 1929. Class A stock
is preferred as to assets up to $25 per share, callable at $263. preferred
as to dividends up to $1.50 per share cumulative, participating equally
with class B stock after the latter has received $1.50 per share in any one
year up to 50c. per share additional non-preferential and non-cumulative,
and is not convertible. Neither class of stock has pre-emptive stock
subscription rights. Both classes have one vote per share in election
of directors.
Data from Letter of Fred A.Poor,President of the Company.
Company.
-A Delaware corporation, company and its subsidiaries
the oldest established in 1905
-are engaged in the manufacture and sale
of railway supplies used in track maintenance and construction, the more
important of which are rail joints, rail anti-creepers, rail laying machines.
automatic rail oilers, switch point protectors, car stops and other patented
devices. They also manufacture commercial drop forgings and malleable
castings.
Customers include every important railroad in the United States and
Canada and the principal railroads in many foreign countries. The companies have earned a net profit in every year of their history without
exception.
Subsidiaries of Poor & Co. are the P. & M. Co., Chicago: the P. & M.
Co., Ltd., Montreal; Canton Forge & Axle Co., Canton, Ohio; Vermilion
Malleable Iron Co., Hoopeston, Ill.; Maintenance Equipment Co., Chicago.
and the Rail Joint Co., New York City. Poor & Co. also owns minority
interest in P. & M. companies in England, France and Australia.
Purpose.
-Proceeds are being used to pay in part for purchase of all or
substantially all of the capital stock of the Rail Joint Co., the balance
of the purchase price being paid from investments and cash on hand. •
Security.-Notes constitute the only funded debt of the company and
are its direct and general obligation, secured by note indenture providing
among other things that the company (1) will create no mortgage or encumbrances on its property, real or personal, or that of its subsidiaries,
except purchase money mortgages or liens on after acquired property and
(2) will take no affirmative action which would (a) reduce consolidated
net current assets below $1,750,000, or (b) reduce the ratio of current
assets to current liabilities below 2 to 1.
Earnings.
-Combined net earnings available for interest and Federal
taxes, of Poor & Co. and subsidiaries as at present constituted and the Rail
Joint Co. and subsidiary, after depreciation, but not including investment,
and interest net income, have been certified to by independent auditors
as follows, based on acquisition of 100% of the capital stock of the Rail
Joint Co.
Times
Note
Net Earns,
Interest. Earned.
Calendar Yearsas Above.
7.4
1924
$210.000
$1,554,110
11.8
1925
210,000
2,487.250
1926
14.1
210,000
2,960.643
8.1
1927
210,000
1,696,438
1928
10.5
210,000
2,208,187
In no year of the past five have the net earnings as above been less than
7.4 tunes interest requirements on this issue of notes and in 1928 they
amounted to 10.5 times such requirement.
Balance of net earnings in 1928 available for dividends on class B stock,
after deducting note interest. Federal tax at 127, and the maximum
dividend on the class A stock, amounts to $1,438,405 or $4.37 Per share
-A fixed payment of $170,000 each 6 months, first paySinking Fund.
ment Oct. 15 1929, is provided for interest on these notes, the balance
to be applied to retirement of principal. This payment is sufficient to
retire approximately 45% of the entire issue by maturity. All as more
fully defined in the Note Indenture.
Pro-Forma Consolidated Balance Sheet as at December 31 1928.
[After giving effect to the proposed acquirement of the entire outstanding
capital stock of Rail Joint Co. and the proposed issuance of $3,500,000 of
6% Sinking Fund Convertible Gold notes.]
3012
FINANCIAL CHRONICLE
P Assets--
Liabilities
Cast
$845,435 Accts. & accrued items Pay-- $541,470
Accts & notes receivable__ -- 1.156.662 Provision for Fed. &c taxes.
269,784
Accrued int. receivable
19,220 6% cony, gold notes
3,500.000
Inventories
7,692,848
752,189 Capital stock & surplus
Other assets
290,880
Land, buildings dr equip--- 2,368.585
Prepaid exp. & advances.._..
41,951
i12,004,102
Pats., pat. rights & goodwill_ 6,529,179 Total each side
-V.128, p. 2823.
[VOL. 128.
Reo Motor Car Co.
-Earnings.
Quarter Ended March 31•
Sales
Cost of sales, &c
Expenses, &c
Operating profit
Other income
1929.
1928.
$12,949,389 $10,378,387
9,846,427 7.870.663
2.188,444 2,309,110
$914,517
142,321
$1,056,838
446,027
73,297
Total profit
Depreciation
Porto Rican-American Tobacco Co.
-7'o Increase Stock. Federal taxes
The stockholders will vote shortly on increasing the authorized class B
stock, no par value,from 150,000shares to 300,000shares.
-V.128,P. 1923.
$198,614
124,200
$322,814
409,303
Net profit
$537.514 loss$86,489
Earns, per sh. on 2,000,000 shs. com.stk.(par $10)
$0.26
$1.10
Comparative Consolidated Balance Sheet.
The trustees in their remarks to holders of shares of beneficial interest
AssetsMar.31'29. Dec.31 '28. Liabilities- Mar.31'29. Dec. 31 '28.
state in part:
Land, build gs,
Capital stock ___$20,000,000 $20,000,000
The Trust has made substantial progress during the fiscal year ended
mach., &e-x$10,922,225 $10,899,791 Accts. payable_ 2,557,472 3,319,711
Jan. 31 1929. The number of shares outstanding increased from 11.500 to Land contracts
Accrued payroll_
297,921
219,268
60,600, and the total amount of capital-paid-in increased from $515,981 to
receivable_ _ _
142,363
204,445 Federal tax, &c_
997,629 1,020,645
$2.929.458. Since the larger proportion of this increase in capitalization Cash
3,745,829 7,278,651 Div. payable _
800,000
800.000
number of shares Sight drafts._..,.
took place during the latter part of the year, the average
959,091
243,295 Misc. payable__
452,010
156,355
outstanding for the fiscal year was only 30,635 and the average amount Receivables.
3,556,225 2,904,203 Deferred credits
21,514
13,088
of capital invested was only $1,548,300.
Govt. bonds. _ 2,080,000
100,000 Earned surplus_ 11,029,050 11,295,661
The total net assets of the trust at the end of the year. after deducting Inventories
14,914,542 15,237,254 Capital surplus_
472,509
472,509
the reserves for taxes and the dividend payable Feb. 1 1929, amounted to Investments__ _ _
90,000
93,515
$3,711,388. This includes cash resources of $687,174 and securities, at Deferred charges
217,830
338,083
market values,amounting to $3,024,214. The market value of the securities
owned was 26.9% in excess of the book value of $2,382,595. Investments
Total
$36,628,105 $37,297,237 Total
$36,628,105 $37,297,237
value
in public utility securities accounted for 81% of the aggregate market
x After reserve for depreciation of 58,251,592.-V. 128. p. 2286.
of the Emir t es owned at the end of the fiscal year.
Rio Grande Oil Co. (Del.)
The net earnings of the trust for the fiscal year, including profits from
-Listing.
the sale of securities, amounted to $166,339. This is equivalent to $5.42
The New York Stock Exchange has authorized the listing of 18.000
per share on the average number of shares outstanding during the period. shares additional capital stock (without par value), payable on or after
profits on the se- April 25 1929 as a stock dividend, making the total number of shares
During the fiscal year, the increase in the unrealized
curities owned,combined with cash dividends paid to stockholders,amounted applied for 1,218,000 shares.
to $753,499. This is equivalent to a gain of 48.6% on the average amount
Consolidated Income Statement.2 Months Ended Feb. 28 1929.
of capital invested during the period.
Sales
$3,426,533
Cash dividends of 50 cents were paid quarterly during the fiscal year,and, Cost of sales
1.948,672
in addition, an extra dividend of 3% in stock was paid on Feb. 1 1928. Marketing expense
110,272
On Aug. 1 1928, a policy of paying regular stock dividends at the rate of General & administrative expenses
76,799
1X% semi-annually was inaugurated. The regular quarterly cash dividend
were declared
of 50 cents and the semi-annual stock dividend of 1X%
Profit from operation
$1,290,790
payable Feb. 1 1929, to stockholders of record Jan. 4 1929.-V. 127. Profit from sale of leases, &c
7,923
p. 3261.
Total earnings
$1,298,714
Prairie Pipe Line Co.
Bond interest and expense
-Earnings.
1,462
The company reports for the quarter ended Mar. 31 1929, net profit of Other interest
6,199
$5.400,000 after taxes and charges, equivalent to $1.33 a share (par $25) Depletion
314,827.
Depreciation
earned on 4,050,000 shares of stock.
-V. 128, p. 1571.
56.146
Reserve for Federal income taxes
100,000
Power & Light Securities Trust.
-Annual Report.
Producers 8c Refiners Corp.
-Bonds Called.
Net income
$820,080
All of the outstanding 1st mtge. 10
-year 8% s. C. gold bonds, datedJune
Earnings per
$0.68
1 1921, have been called for payment June I next at 110 and int. at the -V. 128, p. 286.in share on 1,200,000 shares
-V. 128,
Central Union Trust Co.. trustee, 70 Broadway, New York City.
p. 2285.
Royal Weaving Co., Pawtucket, R. I.
-Extra Div.
Company declared an extra dividend of 10% ($10 per share), payable
Pullman, Inc.
-New President.May 15 to holders of record April 29. This is additional to the regular
quarterly disbursement of 2$.6% and will make total payments thus far
)). A. Crawford, formerly executive Vice-President and a director, has this
-V. 128. IL
year of 15%, or $15 per share.
been elected President, to succeed the late Edward F. Carry.
The report for the year 1928 shows earnings of $30.52 per share against
2823.
$16.75 per share in 1927. The company's balance sheet for Dec. 31 showed
net
Pure Oil Co.
-Larger Dividend.
-The directors have de- for working capital of $5,456,439 and capital stock of $2,500,000. Reserve
machinery was
and reserve for depreciation at
clared a quarterly dividend of 3734 cents per share on the $2,067,394. Capitalplaced at $985,151 $2,527,822 and profit and surplus
surplus was listed as
common stock (par $25), payable June 1 to holders of record as $763,045.
May 10. This compares with a quarterly dividend of 25
Russell Mfg. Co., Middletown, Conn.-Expansion.
Announcement was made recently that arrangements have Just been
cents per share paid on Dec. 1 1928 and on March 1 1929, completed for
the company to act as national distributors of Rusco Dartand a dividend of 124 cents per share paid in each of the mouth-Tex airplane cloth. This is one of the oldest and best known airplane cloths manufactured, and is used as standard equipment by most
three preceding quarters.
-V. 126, p. 3110.
of the large manufacturers of military and commercial airplanes. This
marks a
point in the
of the line of aeronautical products
-Reduces Dividend. factured newthis companygrowthincludes aero rings, aero cord, safetymanuQuissett Mill, New Bedford, Mass.
belts,
by
which
The directors have declared a quarterly dividend of $1.25 per share, acid proof aero battery covers, surface tape. &c.
payable May 15 to holders of record May 4. This places the stock on a
It in also announced that a new branch office is to be opened in Dallas,
annual basis, as compared with $8 previously.
-V- 124, p. 1080.
.
$5
Texas, on May I. From this branch office the states of Arkansas, Colorado, Kansas, Missouri, Oklahoma and Texas will be served with Rusco
Radio-Keith-Orpheum Corp.
-Earnings.
-V. 128, P. 1245.
automotive and aeronautical products and belting.
Earnings 3 Months Ended March 31 1929.
-Earnings.
Safe-Guard Check Writer Corp.
$181,373
Profit after expenses, depreciation, interest, &c
1929.
1928.
Quarter Ended March 31486,836
Other income
3.636
Sales of machines
1,560
11,388 def$14,891
$668.209 Net profits after all charges & Federaltaxes
Total income
taxes
60.000 -V.128,P.2649.
Federal
Profit before minority interest
-V.128. p. 2479.
$608,209
-Stock Sold.
-Frank T. StanRadio Securities Corp.
ton & Co., New York have sold 1,000,000 class A shares
at $7.50 per share.
Authorized.
Outstanding.
Capitalization1,100,000
1,000,000 shn.
Class A shares (par $5)
100,000
100,000 she.
B shares(no par)
Class
All voting power is in class A shares.
has been organized in Delaware for the primary
-Corporation
Business.
purpose of investing and dealing in securities of radio, communications,
and allied industries, with particular reference to those companies which
are now stablized and are showing past and present substantial earnings,
as well as great future possibilities.
-The companies selected for original investment by the corDiversity.
poration are all leaders in their respective fields and include the following
International Tel. & Tel, Corp.
American Tel. & Tel. Co.
Marconi Int. Marine Communication
Cable & Wireless, Ltd.
Co.
Canadian (Ion. Elec. Co., Ltd.
Marconi's Wireless Telegraph Co.,
Canadian Marconi Co.
Ltd.
Co., Ltd.
Canadian Westinghouse
Radio Corp. of America
Fox Film Corp.
Spanish & General Corp., Ltd.
General Electric Co.
Warner Bros. Pictures (Vitaphone)
Westinghouse Elec. & Mfg. Co.
and from time to time investments may be made in other companies,
whether engaged in the communication field or not.
The companies in which investments will be primarily made cover a
wide range of activity, including: Manufacturing, world communication,
television, ship-to-shore communication, maritime radio equipment, Aviation radio equipment, radio equipment, facsimile transmission, radio telegraph, radio telephone, talking movies, and news service.
Management.
-The management will invest the funds received from
the sale of this issue in securities which they consider have the best prospect.
less than the full par value of the A stock will be invested.
Not
No more than 20% of the funds of the corporation will be invested in
prn
ant
any o company.
T.Stanton & Co. will receive B stock to the extent of 10'7 of
the issued A stock for its services as financial counsel and managers.
pal on
B stock has no value until at least 25% in dividends has beenshare for
the A stock, in which event B stock is convertible into A stock,
share.
Among the directors are the following: Frank T. Stanton, Walter
Mack, Ernest J. Hall, John A. Neville, Anson Gardner, George Davies,
William Scott (Secretary). Arthur M. Crumrine, Francis Taylor,
-Earnings.Slendara y ores, Inc.
maafe w y
z1928.
Years-
1927.
1926.
$103,303,598 $69,573.685 $50.536.513
84,665,091 57,749.938 41,862,371
13,969,011
9,032,653 6,635,644
662,807
402.264
289,417
SaC
1
Cost of sales
Operating expense
Depreciation
Operating income
Other income
$4,006,689 $2,388,830 $1,749,081
106,298
40,006
72.209
Total income
Interest, &c
Prov. Federal tax, &c
84,112,987 $2.428,836 $1,821,290
74,178
174,156
91,419
533,711
348,006
249,186
Y$3,505,098 $1,906.674 $1,480,685
248,220
490,626
129.947
950,586
571.630
110,000
151,430
3,487
406,849
Net income
Preferred dividends
Common dividends
Com. & prem. on pref. stock
Net income of prod. cos
$1,912,456 $1,083,338
1,917,226
833,888
Surplus
Previous surplus
$833,888
$3,829,682 $1,917,226
Profit and loss surplus
$833,888
x From date of acquisition to Dec. 31 1928, for companies acquired
during the year. y Equivalent after preferred dividends to $8.12 on the
average amount a common stock outstanding during the year, as compared with $26.82 per share on the 60,000 shares of common stock outstanding in 1927.
Earnings for Quarters Ended March 31.
1929.
1928.
$1,376,866
$683,919
Net profit after Federal taxes
592 660
341,875
Average abs. COM, stk, outatand, during quarter0.09
$1.74
Earnings per share
-V.128. p. 1571.
-Earnings.
St. Louis Rocky Mountain & Pacific Co.
1926.
Calendar Years1927.
1928.
Coal sales
$2.536,860 $2,639,758 $2,406,951
Cost of sales, operating
& gen exp., &c
1,695,826
1,881,610
1,855,859
1925.
$2,233,821
1.587,399
Gross revenue
Other income
$681,001
92,313
$758,148
75,051
$711,125
63.221
$646,422
54,485
Total income
Int., Fed. tax, &c
Deprec. & depletion.....
$773,314
290,000
225,233
$833,199
299,063
226,243
$774,346
313,373
220,907
$700,907
291,829
216.895
Net income
Prof. dive
Com. dive
$258.080
50,000
200,000
$307,892
50,000
200,000
$240,066
50,000
200.000
3192,183
60,000
200,000
$8,080
-5% Stock Div. Profit & loss, surplus__ _ 1,070.127
Raytheon Mfg. Co., Cambridge, Mass.
The directors have declared a 5% stock dividend on the capital stock, Earns. per sh. on 100,000
57,892
1,081.434
-New Control.
Rail Joint Co.
-V. 125, p. 3074.
See Poor & Co. above.
par value, payable June 1.-V. 126. p. 4097.
Surplus
shs.com.stk.
(par $100)
$2.08
$2.57
do!$9,934 def.$57,817
1,031,713
1,045,736
$1.90
$1.42
MAY
Results for Quarter Ended March 31.
1927.
1929.
1928.
$771,010
$703,485
$641,953
535,143
463,163
512,164
53,150
53,487
53,825
68,090
64,521
67,140
•Gross earnings
Expenses, taxes, &c_
Interest, &c
Deprec. & depletion---Net income
Earns, on corn. stock_
-V. 127, p. 2550.
$61.118
$0.49
$70,692
$0.58
$113.952
$1.01
Seeman Brothers, Inc.
-Earnings.
1926.
9 Months Ended March 31$626,629 Net profit after all charges, incl. Federal taxes_ _ 430,139 Earns. 13er sh. on 125,000 shs. corn. stk.(no par)..
54,125 -V. 128. p. 1071
65,538
$76.826
$0.64
Safe-T Stat Co.
-Terms of Exchange, &c.
Sally Frocks, Inc.
-Initial Dividend.
-
The directors have declared an initial quarterly dividend of 40 cents per
share on the 100,000 shares of common stock, no par value, Payable July 1
to holders of record June 15. (See offering in V. 128, p. 1415.)-V. 128.
p. 2480.
San Carlos Hotel (Pensacola (Fla.) Hotel Co.).
-Bonds
Offered.
-Hibernia Securities Co. Inc., New Orleans, La.
recently offered $500,000 1st idg.e guaranteed 6% seriai
gold bonds at 100 and int.
•
Unconditionally guaranteed as to payment of both principal and interest
by the endorsement of W. B. Harbeson and The W.B. Harbeson Trustees.
'whose combined net worth as of Dec. 31 1928, according to statement of
J. Y. Fauntleroy & Co., was over $4,000,000.
Dated March 1 1929; due serially 1929-44. Denoms.$1.000 and $500 c5
.
Int. payable M. & S. at Hibernia Bank & Trust Co. New Orleans, La.
Callable, all or part, by lot on any int, date on not less than 30 days' nor
'
more than 60 days' notice at 103 and int. Hibernia Bank & Trust Co.,
New Orleans, and Louis V. DeGruy, trustees.
Borrower and Security.
-These bonds are the obligation of Pensacola
Hotel Co.and are secured by a direct closed 1st mtge. on the property of the
company, known as the San Carlos Hotel, together with furnishings and
equipment, located at the corner of Palafox and Garden Sts. in Pensacola.
The property mortgaged measures 235 feet front on Palafox by a depth
and frontage of 192 feet on Garden St., and is regarded as one of the most
valuable commercial sites in Pensacola.
-story building,fireproof throughout.
The San Carlos Hotel is a modern 7
The last unit of the hotel was completed about two years ago. The building
was erected to provide 491 guest rooms; 325 of these rooms are fully furnished and equipped; the remaining 166 are not yet provided with partitions,
furnishings and fixtures having been constructed to care for future expansion
at a nominal additional cost. There are 16 stores on the ground floor which
provide a substantial income on account of the strategic location of the hotel.
These bonds are additionally secured by the pledge with the trustees of
notes aggregating $150,000 in principal amount, signed jointly by the following: J. D. Henderson, Pres. Bagdad Land & Lumber Co.; A. F. Bullard,
Pres. First National Bank of DeFuniak Springs, Fla.; E. C. Work. Compt,
Bagdad Land & Lumber Co.; G. 0. Waits (deceased); T. E. Henderson,
Pres. First National Bank, Andalusia. Ala.; Fox Henderson & Sons of
Troy, Ala. By the terms of the indenture, so long as the company is not
in default, $16,667 in principal amount of these notes will be successively
released as the principal amount of outstanding bonds is reduced by fixed
amounts, which in no case will be less than $12,000; provided, however.
that all the notes will be released when this issue has been reduced to not
more than $400,000 of bonds outstanding.
-According to the statement of J. Y. Fauntieroy & Co., public
Earnings„
accountants of New Orleans, earnings for the past 4 years applicable to
payment of interest on these bonds have averaged over $65.000 per year,
or more than twice the maximum interest requirement notwithstanding the
fact that for three of these years only 170 rooms were completed, and during
a great part of this time the building program interfered with the economical
operation of the hotel. It is estimated by the management that earnings
for 1929 and subsequent years will be greatly in excess of the average for
the past four years.
Schulte Retail Stores Corp.
-Omits Common Dividend.
-The directors on May 1 voted to omit the dividend
ordinarily paid June 1 on the common stock. The company
from June 1 1928 to March 1 1929, both dates inclusive,
made quarterly payments at the rate of 87%c. in cash and
3. of 1% in stock. At the annual meeting on April 15
President David A. Schulte, stated that no further dividends
should be paid on the common stock until the price situation
in the popular priced cigarette field had become adjusted.
President Schulte on May 1 explained the action of the
board in the following letter to stockholders:
In order to provide for the expansion of the business of the corporation
along new and broader lines, necessitated by economic conditions in the
retail tobacco fleld, it has been decided, in the interests of the company
to eliminate dividends on the common stock, effective as of to-day.
These economic conditions, discussed at our last meeting, have been
produced by the cut-rate prices at which cigars and cigarettes are sold by
chain drug, grocery, department and other stores where their sale is merely
incidental to other merchandise, and they are sold at little or no profit.
To meet this competition and to make up the loss of profits resulting from
our being forced to reduce prices on cigars and cigarettes, we have devised a
new plan. Soda and luncheonette service will be installed in all new Schulte
stores and in existing stores wherever space permits. Additional lines of
merchandise that may consistently be sold in our present and new type
stores will also be added.
Although the above outlined plan will require the expenditure of a large
sum of money, the company is in such sound financial condition that it
can afford to make this additional investment with the hope that, after
the new policy has had an opportunity to function, it will result in an increase in the volume of profitable business and increased profits so as to
enable us to resume our dividends at a future date.
-V. 128, p. 2649.
Seagrave Corporation.
-Earnings
Calendar Years1928.
1927.
1926.
$2,150,031 $1,912,170 $2.075,984
Net sales
Cost of sales, selling &
1,813.826
admin. exP
1.617,506
1.743,061
1925.
$2,068,981
1,684,991
Operating profit
Other income
$336.204
50,455
$294,664
44.239
$332,923
63,330
$383,990
32,401
Total income
Int., Federal taxes, &c _
$386.659
56.529
$338,903
66,530
$396,253
75,329
$416,391
68.780
Net income
Preferred dividends
Common dividends -
$330,130
71,400
x94,734
$272,373
75.600
x106,685
$320,924
79.800
x79,711
$347,611
83,300
x52,921
_
$163.996
$90,088
$161,413
Balance
$211,390
Aver. shs, of corn. outst.
114,070
111,438
107,667
(no par)
103.170
$2.26
$1.76
$2.23
$2.56
Earned per sh. on coot._
x Including $3,830 in stock warrants in 1928, $2,457 in 1927. $4,499 in
1926 and $6,338 in 1925.
Results for Quarters Ended March 31.
1929.
1928.
1927.
1926.
$493,269
$448,385
$389,076
Net sales
$532,160
404.030
410.113
344,287
Costs and expenses _
438,553
$44,355
$83.156
$44,789
Operating profit
$93,607
10,866
11,563
10,516
Other income
9,644
$94.022
$54,869
Total income
$56.352
$103,251
7,924
15,796
13.368
Federal taxes, &c
20,409
Net profit
Shs. corn. stk. outstand.
(no par)
Earns. per share
-V. 128, p. 1924.
1929.
3634.809
$5.08
1928.
3504,798
$4.04
Shaffer Oil & Refining Co. (& Subs.).-Earnihqs.-
1025.
1926.
12 Mos.Ended Dec.31- 1928.
1927.
Gross earnings
$17.813,405 $16,950.720 $21,910,698 315,297,880
Op. exp., maint. & taxes 13.775,795 13,943,936 15,865,123 10.869.474
Net operating earns- - $4,037.609 $3,006.784 $6,045,575 $4,428,406
1,613,101
1,092,884
933.486
1,185,596
Interest
-V. 128, p. 2824.
See Moto Meter Co., Inc. above.
3013
FINANCIAL CHRONICLE
4 1929.]
$46.945
$78,226
$42,984
382,842
114,070
$0.26
113,038
$0.53
110,427
$0.20
107.667
$0.58
$33,104,123 $1,821,188 $4,952,692 $2,815,306
Net income
816,667
980,000
528,500
Preferred dividends--- Bal,for retirem't & depl.
res., amort. & surp_ 32.575,623
-V. 127, p. 2973.
3841,188 $4,136,025 $2,815,306
-Par Value Changed, &c.
Sharon Steel Hoop Co.
The stockholders on April 10 authorized the exchange of 300,000 outstanding shares of common stock, par $50 for 300,000 shares of no par
value common stock, share for share, and authorized the issuance of 75,000
additional shares of no-par value. Warrants of rights for the new issue
were mailed to all stockholders on April 15, after which they became exercisable at the Union National Bank of Pittsburgh. The additional 75,000
shares were issued May 1 at $32.50 a share. Each stockholder was entitled
to purchase one share of the additional issue for every four shares held
("Money and Commerce").
The Commercial National Bank & Trust Co. of New York has been
-V. 128, p. 1071.
appointed transfer agent for the common stock.
-Earnings.
(Frank G.) Shattuck Co.
1925.
1926.
1927.
1928.
Calendar Years$16,$49,728 $15,535,805 $13,247,470 $11,439,401
Sales
2,436,797 ,4,039.069
trading profit.. _ - _ 3,781,046 3,437,626
Gross
Other income-Rents.
'334,233
96,188
75,044
237,311
interest & discount- - $4,018,357 $3,512,670 $2,532,985 $4.373,303
Total
2,726.858
685,484
880,388
Gen.& admin.expenses- 1,021,765
283,672
376,633
482,875
505,628
Depreciation
152,658
156,427
297,432
300,585
Federal income taxes- - Net profit
Common dividends
32,190,379 $1.851.974 $1,314,440 $1,210,113
637,250
600,000
650,000
700.000
3714.440
31.490,379 $1,201,974
Balance,surplus
Shares of cap.stk. outst.
300,000
350,000
350,000
(no par)
Earnings per sh. on cap.
$4.38
36.25
$5.29
stock
Earnings Quarter Ended March 31.
1927.
1928.
1929.
Net profit after deprecia.
$390.779
$542,123
3623.040
& Federal taxes
Earns. per sh. on stk. on
$1.30
$1.54
$1.78
present basis
-V.127, p. 2973.
$572,863
300.000
$4.03
1926.
$316,596
$1.05
-New Officers.
Sheffield Farms Co., Inc.
Two new Vice-Presidents have been elected, viz.: H. S. 'Van Bomel,
charge
in charge of pasteurization and equipment, and R. M. Wellwood, ingeneral
of creameries and production. In addition, C. E. Cuddeback,
supervisor of personnel, has been elected a member of the executive committee.
Officers of the company who were re-elected are: L. A. Van Home',
President; B. S. Halsey, Harry Tuthill and Alva Cuddeback, Vice-Presi-V. 126, p. 731.
dents, and Harvey Brown, Secretary and Treasurer.
-New Control.
Southern Grocery Stores, Inc.
See National Food Products Corp. above.
Louis H. Windholz, has been elected chairman of the Southern Grocery
the D.
Stores, Inc. Mr. Windholz will also continue as President of Herbert
Ponder Grocery Co. and will supervise the direction of Southern. elected
company, was
Moore, formerly general manager of the Fender
and
vice-president and general manager of Southern. Mr. Windholz have
Hunter G. Phelan, president of the National Food Products Corp.,
-V. 128, p. 1416.
been elected to the executive committee.
-Listing.
Signal Oil & Gas Co.
The San Francisco Stock Exchange has authorized the listing of 155,589
shares of common A stock, par $25, out of a total authorized issue of
300,000 shares.
The listing circular states in part:
for the purpose
This company was incorp. June 25 1928, in Delaware properties of the
of taking over as of Aug. 1 1928, the assets, business and According to its
Gasoline Co., Inc., and Signal Gasoline Corp.
Signal
now
charter it can engage in all branches of the petroleum industry. It natspecializes in the manufacture of casinghead gasoline and the sale of
ural gas.
gasoline
The properties of the natural gasoline department consist of 6 about
plants in the Signal Hill Oil Field, which have a daily capacity of
averaging approximately 100.000 gallons
150.000 gallons and at present are
marketed
of natural gasoline production per day. This production is all contracts.
to the Standard Oil Co. and the Shell Oil Co. under favorable Gas Co.
Southern Counties
In addition the residue dry gas is sold to the
wells
and the Southern California Gas Co. There were an average of 142
contributing gas at Signal Hill during Dec. 1928.
Okla., and
The gasoline department also operates plants at Bristow, discovery
Regan County,Tax. In this connection there has recently been a zone on
by the Texon Oil & Land Co. of an entirely new deep producing
discovered well
properties surrounding the company's plant in Texas. The
gravity oil
is now making approximately 2.000 barrels production of 57 This gas is
content.
and about 20,000,000 cu. ft. of gas, rich in gasoline
Signal Gasoline Co. of Texas, a subsidiary of the
under contract by the
Signal Oil & Gas Co.
department, the
In addition to the operation of the natural gasoline
and semi
company has under oil lease approximately 3,000 acres of proven Santa Fe
acres at
proven acreage in Kern County, approximately 80
proven
drill sites at Lawndale, Calif. Included in the drilled.
springs and several
acreage in Kern County is 160 acres on which there are now 4 wells
with a tested production of 2,000 barrels daily.
southThe company also has production on 80 acres of land, 3 Yi miles propthis
east of Maricopa. Kern County. There is one well producing on well now
erty averaging approximately 100 barrels per day, and another
drilling.
interested
The company is active in the Lawndale area and is at present
in the drilling of one well which is very close in and is now down about
3,000 feet.
The board of directors consists of: H. M.Mosher (Chairman of the Board
and Vice-President), S. B. Mosher (President), 0. W. March (Secretary
and Treasurer), C. B. Edington, R. II. Green, and Ross McCollum.
Income Account of Signal Oil & Gas Co. and Predecessor Companies for the
Year Ended Dec. 31 1928.
Sales, $4,610,098; royalties, allowances, &c., $1,512.901; net $3.097,197
sales
1,063,819
Cost of sales
$2,033,378
Gross profit on sales
207.738
General and administrative expense
$1,825,640
Profit from operations
40.788
Add: other income
Gross income
Deduct: income charges
$1,866,428
51.125
$1.815,303
Net income
Depreciation, $287,230; depletion, $176.739; Federal income
547.324
taxes, $83,355; total
$1.267,979
Net income
3014
FINANCIAL CHRONICLE
Balance Sheet December 31 1928.
Assets
Liabilities
Cash
$175,319 Class A corn,stock (par $25)_ $3,889,725
Marketable securities
78,472 Class B corn. stock (par $25)- x1,297,525
Notes receivable
53,054 Notes payable
50.000
Accts. rec. (less reserves).
458,674 Accounts payable
175,636
Inventories
92.786 Royalties payable
120.664
Invest. In & adv. to aftII. cos.
314.645 Purchase money obligations_
53,790
Gas contracts & leases (less
1,192
Accrued interest
amortiz
3,821,801 Dividends payable
103,745
Oil leases, equip. & develop.
83,355
Federal income tax, 1928
(less res. for delves., den',
669,413
Surplus
and intang. drilling exp.)_
296,503
Gasoline plants & equip.(less
res. for deprec.)
1,068,374
Deferred charges
85,418
Total
86,445,046
86,445,046
Total
x Represented by 51,901 shares (par $25) outstanding out of a total
authorized issue of 100.000 shares.
Southern Dairies, Inc.
-New Contract.
p. 1821.
Southern Pipe Line Co.
-Sale of Line Approved.
-
See Orange Crush Co. above.
-V. 127.
The stockholders on April 30 approved the sale of the system of pipes
extending from the West Virginia-Pennsylvania State line to Mil'way,
together with an unused portion of the line between Matthews Farm and
Philadelphia,and a branch line to Brame11 Point, New Jersey. none of which
are longer required for the business of the company, to the Manufacturers'
Light & Heat Co.,a corporation engaged in the production and distribution
of gas.
-See V. 128. p. 2650, 2824.
Spencer Trask Fund, Inc.
-Listed.
On March 26 the company made application to list upon the Boston
Stock Exchange 125,000 shares (authorized 2,000,000 shares), without
par value, capital stock, with authority to add thereto on or before May 1
1929 on official notice of issuance and payment in full, 125,000 additional
shares. On April 16 1929 a further application was made to list 100,000
additional shares, on notice of issuance and payment in full. At April 28
315,000 shares were issued and paid for and are now on the list.
Balance Sheet April 11 1929.
Assets
Liabilities
Cash
$183,438 Capital stock (225,000 shares
Call loans & accr. in thereon_ 6,917.779
$1,125,000
stated value)
Marketable securities, at cost:
7,875.000
Paid-in surplus
Domestic stocks-Industrial 1,678,715 Net profit, period March 25 to
Railroad
10,132
130,300
April 11
Foreign railroad stock
114,900 Prov. for management com15,000
pensation, Federal tax, &c_.
Total
-V.128. p. 2106.
89.025,132
$9,025,132
Total
Standard Oilstocks Corp.
-Trust Shares Offeied.-Offering is being made of Standard Oilstocks Trust shares, an
investment trust confined to common stocks of the Standard
Oil group. The shares are issued by the Fidelity-Philadelphia Trust Co. of Philadelphia, trustee, with which stocks
of the various Standard Oil companies have been deposited
by the Standard Oilstocks Corp. and public offering is being
made by the latter company.
Price at which the shares are offered is based on the prevailing market
price of the stocks of 32 Standard Oil properties deposited in the trust.
Each 1,000 shares of the trust represents a unit of 164 shares of stock of the
32 companies. The trust will run for 20 years, maturing March 25 1949,
when it will be liquidated, and proceeds from sale of property then in its
possession will be distributed pro rata to shareholders.
The trust described as a limited fixed investment trust, will be open for
formation of additional units from time to time, and issuance of trust
shares representing these units. Among other features of the trust is the
right of a holder of 1,000 of the Oilstocks Trust shares to surrender the
share certificates at any time and receive from the trustee in exchange the
deposited stock of the Standard Oil companies.
Except in cases of conversion of any of the Standard Oil shares in the trust
or recapitalization of any of the properties, the stocks deposited in the trust
can be changed or substituted only with the concurrence of the trustee.
Standard Paving & Materials, Ltd.
-Initial Dividends.
The directors have declared initial quarterly dividends of 50 cents a
share on the common stock, no par and 1U% on the 7% cumul. cony, red.
pref. stock, par 8100, both payable May 15 to holders of record May 2.
For offering of pref. stock, see V. 128, p. 1574.
[VOL. 128.
President William L. O'Neill, April 25, says in part:
The Bendix Aviation Corp. (incorp. in Delaware) has an authorized
capital stock of 3,000,000 shares, all common stock of the same class without
par value. Under the plan of reorganization, the new corporation
Benda Aviation Corp.
-will acquire all of the assets and succeed to the
business of the present Bendix Corp. as well as of the Stromberg Carburetor
Co. of America, Inc. and will acquire also all the capital stock of Scintilla
Magneto Corp. and all the assets or all the capital stock of Delco Aviation
Corp. As a part of the transaction also, the new organization will acquire a
minority interest, now held by the Electric Auto-Lite Co. and others, in the
voting stock of Eclipse Machine Co., a subsidiary of Bendix Corp.
The Bendix Corp.. which will be the largest unit in the new organization.
occupies a prominent position as a manufacturer of automotive and aviation accessories. Through Its subsidiary. Bendix Brake Co., it has attained
a commanding place in the automotive brake field. Beyond this, however,
the rapidly growing demand for brakes on airplane landing wheels
brought about the development of Bendix Aviation wheels and brakes, has
more than half of the planes being built to-day are being equipped and
with
these wheels and brakes. The Eclipse Machine Co. for more
-years
than 15
has manufactured Bendix Drives for automobile engines. These drives
now standard equipment on motor cars throughout the world. Last are
year
Bendix Corp. purchased a controlling interest in the voting stock of Eclipse
Machine Co. Under the proposed arrangement, all of the other voting
stock of Eclipse Machine Co. will be acquired by the new organization. In
addition to its manufacture of Bendix Drives and other products, Eclipse
Machine Co. has a well organized plant at East Orange, N. J., which is
now an outstanding factor in the production of starters for aviation engines
and other aviation accessory apparatus.
Magnetos have been developed by the Scintilla Magneto Corp. expressly
for aviation purposes and they are now standard equipment on the Curtiss.
Wright and Pratt and Whitney engines.
The ignition system used on Liberty Aviation engines was developed and
produced through what is now the Delco Aviation Corp. which will be taken
over by the new organization together with all its assets.
Under agreements with General Motors Corp. and the Electric Auto-Lite
Corp., the Bendix Aviation Corp. will have valuable licenses under patents
and inventions covering brakes and starting devices on motor vehicles and
covering many parts and accessories of airplanes and other aviation
equipment.
The Stromberg company is one of the largest and most successful carburetor manufacturers. Its carburetors are used exclusively by all of the
large producers of aviation engines.
Each of the concerns involved in the proposed reorganization is outstanding in its own special field. There has been practically no duplication.
The plants are all in good condition. Each concern is in strong financial
condition, and the new corporation will have an exceptionally strong cash
and current asset position. It is planned to continue and extend the
production of automobile accessory products as heretofore, but the greatest
increase in business may be expected to come from the aviation industry
in which the Bendix Aviation Corp. will be an important factor. The
accessory products which will be manufactured by Bendix Aviation Corp.
through its subsidiaries are the principal ones required by the aviation
industry. Plans are being made for a complete line of aviation accessory
equipment. Plans also are being made for research development along
lines which should materially assist the aviation industry.
According to the plan of reorganization, in addition to the 180,000 shares
of the new stock to be issued to the Stromberg company, the present stockholders of Bendix Corp. will receive 1.000.000 shares of the new stock, and
an additional 140,000 shares and a substantial cash payment will go to
the owners of the minority interest in the voting stock of Eclipse Machine
Co.: 70,000 shares of the new stock will be exchanged for all the outstanding
stock of Scintilla Magneto Corp.; 175,000 shares are to be reserved for
bankers and others under options (in which some of the Stromberg company
officers and directors will be interested) to purchase all or a part athe shares,
and 135,000 shares will be reserved for officers and employees on terms to be
fixed by the directors.
The General Motors Corp. will acquire a substantial minority interest of
500,000 shares in consideration of the payment of $15,000,000 in cash and
the conveyance to the new corporation of all the assets or all the capital
stock of Delco Aviation Corp., a subsidiary carrying on its aviation battery
Ignition business, and the granting of licenses for aviation purposes, exclusive for 5 years, and non-exclusive thereafter, under its aviation patents
and inventions,
with other valuable licenses. These patent rights
are highly valued by the new corporation. The General Motors Corp.,
along with other agreements advantageous to the new corporation, will also
agree to continue its purchases of starter drives from Eclipse Machine Co.
for at least 5 years.
The Electric Auto-Lite Co. will grant to the new corporation licenses
similar to those granted by the General Motors Corp.
Neither the new corporation nor any of its subsidiaries will have any
funded debt or any bank loans.
It is intended that applications will be made to list the new stock on the
New York and Chicago Stock Exchanges.
The holders of a majority of the outstanding stock of the Stromberg
tlonp_any h 2 . pi 2ticl 1.signified their approval of the plan of reorganizecom
v. 1a8 ar ea5y
ve
Stott Briquet Co., Inc.-Preferred Stock Offered.
-First
Saint Paul Co. and Kalman & Co., Minneapolis, recently
Standard Textile Products Co.(& Sub.).
-Earnings.
- offered 35 000 shares convertible preference stock, $2 cumuResults for Quarter EndedMar.30'29. Mar.31 '28. Apr. 2 '27.
Net sales
83.983,848 $3,700,650 13,433.804 lative dividend (no par value), at $30 per share, to yield
Cost of sales
2,740,649 about 6.67%.
Sales exp., gen.admin. exp., &c., &c} 3,446,928
3,201,663
302,071
Income from sales
Other income
$536,919
9,452
$498,987
6,034
$391,085
6,591
Income avail for interest & deprec_
Interest
Depreciation
$546,371
95,321
125,362
$505.021
105,033
130,854
$397.676
115,951
130,000
Profit on operations
Disc, on bonds purch. for retirement_
Approp. for reserve for contingencies
$325.687
4,725
Dr88,500
$269,134
5,224
Dr78,000
$151,725
9,460
Add'n to stockhars'equity for quer $241,912
$196,357
Stockholders' equity Dec.31
10,815,595 10,109.923
$161,184
9,811,606
Stockholders'equity at end of per'd $11,057,507 S10,306.280 S9,972,790
Consolidated Balance Sheet March 31.
1929.
1928.
1928.
1929.
Liabilities$
$
Assets$
$
Notes Payable-Cash in banks and
250,000
541,569 Accounts payable.. 532,519
on hand
323,659
524,854
Accts.& notes rec. 1,601,117 1,282,470 Pros', for Federal
income tax
71,500
101,800
Inventories
3,554,914 3,179,642
Accrued liabilities_ 201,077
Due from officers
212,670
31,993 Standard 1st mortand employees__
22.950
5,614,000 5,827,000
gage bonds
237,619
PrePaid expenses._ 213,416
Misc. accts. rec_ _ _
59,752 Mobile Cotton
22,025
Mills bonds.._ _ 225,000
375,000
Investments
3,567
136,000
88,500
Res, for coating__
128.000
Engr. rolls, mfg.
supplies, &c
946,343 1,079,969 Stockholders'
611,057,507 10,306,281
Plant account
equity
a10,768,481 11,107,830
Total
17,790,103 17,524,411
Total
'17,790,103 17,524,411
a After deducting $5,636,614 reserve for depreciation. b Represented
by $5,000.000 class A pref. (par $100). $4,000,000 class B pref. (par $100)
and $4,665,000 common (par $100)less deficit $2,607,493.-V. 128,P.2650.
Stromberg Carburetor Co. of America, Inc.
-Proposed
Sale to Bendix Aviation Corp.
-Stock Exchange Offer Made.
Convertible after May 1 1930 into common stock, share for share. Preferred as to cum. diva. at rate of $2 p_er share per annum, payable
Q.
-F.
Divs, exempt from the present normal Federal income tax. Red., in whole
but not in part (except for sinking fund), on any div. date after Aug. 1
1930
at 835 per share and dive. upon 60 days' written notice. Preferred as to
assets up to $35 per share and diva. Merchants Trust Co., St. Paul.
registrar and transfer agent.
Data from Letter of C. W. Stott, Pres. & Can. Mgr. of the Company.
Company and Business.
-Organized in Delaware to acquire the business
and assets of the Wisconsin company of similar name, is the outgrowth of
a business organized in 1909. Company is one of the two leading manufacturers of briquets in the Middle West.
Properly.
-The company's manufacturing plant at Superior, Wis., is
situated on a 10
-acre tract owned by the company in close proximity to the
principal coal docks of the Duluth-Superior harbor, and affords ample
storage and trackage facilities. The initial capacity of the plant was 10 tons
per hour, which has been steadily increased to a present capacity of 120
tons per hour.
Capitalization
Authorized. Outstanding.
Cony. preference stock (no par)
35,000 shs. 35.000 shs.
Common stock (no par)
*35,000 shares reserved for the conversion of conrerirbleshs fer8
*l
5rstol k.
pre en 0 scis.
.
Earnings.
-Sales and earnings for the four-year period ended April 30
1928 and the year ended Feb. 28 1929 have been as follows:
1925.
1926.
1928.
1927.
Net sales
31.325398 51,901,793 $1,929,236 $2,258,208 $2,9 3,910
1 09
42 .
Net aft. Fed. tax. 212,758
323,856
305,187
403,144
355,332
Earned per sh. on:
35.000 shs. cony.
pref. stock
$6.08
$8.72
$11.52
11.15
65.000 shs. common stock__ -2.20
3.62
4.39
5.13
Assuming the conversion of all preference stock, net earnings asS39:925
abo
4
for the year ended Feb. 28 1929 were equal to $3.23 per share on 100,000
shares of common stock.
Sinking Fund.
-Certificate of incorporation provides for annual sinking
fund payments commencing May 1 1932 In the amount of 10% of the net
earnings available for dividends on the common stock during the pr3coding
fiscal year. The trustee shall use such sinking fund,in the manner provided
by the certificate, for the purchase of preference stock in the open market
at a figure lower than the redemption price, or for its redemption by lot at
$35 per share plus accrued dividends.
The stockholders will vote May 7 on approving a proposition to sell and
convey all the assets of the company, consisting mainly of the entire capital
Studebaker Corp. of America.
-Employees Offered
stock of Stromberg Motor Devices Co. and Stromberg Research Corp.
(both of Illinois), to the Bendix Aviation Corp.,in consideration of the issu- Rights to Buy Stock at $82 a Share.
ance to the Stromberg Carburetor Co. of 180,000 shares of stock of Benda
Employees are being offered rights to subscribe on a monthly payment
Aviation Corp. and the assumption by the latter of all the debts and obliga- plan to common stock at $82 per share. A block of 15,000 shares has been
tions of the Stromberg Carburetor Co. When this proposition is approved at set aside for this purpose. President A. It. Erskine announced. Delivery
the meeting, then, upon the completion of the transfer, the 180,000 shares of the stock will not be made until 12 months after date of the purchase,
of Bendix stock will be distributed upon the basis of 1 1-5 shares of the new but all cash and stock dividends will be paid to employee subscribers during
stock for each share of Stromberg stock and proper corporate proceedings the time instalment payments are being made. Individual subscriptions
to that end will be instituted.
will be limited to five shares.
MAY 4 19291
3015
FINANCIAL CHRONICLE
contracts already secured and under negotiation, it is conservatively estimated that sales for 1929 should approximate $500,000. with net earnings
of $80,000. or approximately $5.30 per share.
-The balance sheet as of Dec. 31 1928, after giving effect to this
Assets.
financing, discloses current assets of $133.281. including $69,135 cash,
against current liabilities of only $28,277, a ratio of more than 4.7 to 1.
-April Sales.
and working capital of $105.004.
Stutz Motor Car Co. of America.
Diridend.-It is the intention of the directors to authorize the payment
Production and sales figures for April indicate the biggest month in
-J.
the entire 18 years' history of Stutz, according to an announcement by of dividends at the annual rate of 75c. per share, payable Q. manufactur-Proceeds will be used to increase the company's
Purpose.
Col. E. S. Gorrell, president of the company. Orders on hand at this
and for additional working capital.
time show an increase over the same period of 1928 of 220%, while April ing facilities
Listing -Application will be made to list this stock on the Chicago Curb
shipments of Stutz and Blackhawk cars exceed April of last year by 162%.
Total shipments for this year exceed those of last year 134%. while Exchange.
export shipments have increased 126%, Col. Gorrell stated. March
Tide Water Oil Co.-New Director.
had established a new high mark in Stutz and Blackhawk sales and proJ. Byron Deacon has been elected a director.-V. 128. P. 1221.
ductions, but an increase of close to 25% is anticipated for April over the
preceding record-breaking month.
-Organized.
Toledo Precision Devices,,Inc.
"While we have increased our daily production rate as rapidly as is
consistent with careful manufacture, an oversold condition seems imminent
Formation of this corporation to service manufacturing concerns faced
within the next few weeks," declared Col. Gorrell. "We are bending by special problems and needing special precision instruments is announced
every effort to meet such a contingency however, and hope to be in a by the Toledo Scale Co.
position to give reasonably prompt deliveries."
The precision device company is a development of the Toledo Scale
Foreign trade this year has taken 20% of the entire Stutz output. Ship- Co. With the modern scientific passion to eliminate waste in manufacture,
-V. the announcement says, there has sprung up a sharp demand for automatic
ments have been made to all continents and more than 30 countries.
128, p. 2824.
devices and systems to check quality as contrasted to the function of
For years one of the chief lines of the scale
-Middleton, scales in checking quantity.
Sun-Glow Industries, Inc.
-Stock Offered.
company has been the studying of special problems of this nature and the
instruments to do such tasks as check the correct amount
Worthington & Co., Inc., Cleveland are offering 15,000 manufacture of
of sand on sandpaper, the percentage of moisture of cloth, the thickness
shares common stock at $29.50 per share.
of U. S. paper money, and even the moisture of water. The design and
Company.
-Has been organized In Ohio to succeed to the businesses of the manufacture of such machines will hereafter be taken out of the scale
Sun-Glow Manufacturing Co. and the John A. Jesse Manufacturing Co., company and will be done by the checking and testing company.
Officers of the new company will be 11, D. Bennett, President; C. 0.
both of Mansfield, 0., and the F. B. Zieg Manufacturing Co. of FrederickMarshall, Vice-President and General Manager; Carl J. Zinke, Secretary;
town, 0., which has been in existence for over 20 years.
The latter two companies manufacture specialized lines of furniture, M. L. Schutzberg, Treasurer.
such as breakfast room suites, occasional tables and furniture novelties.
Some of the 50 devices to be manufactured are a continuous checker,
The Sun-Glow Company has been for several years the sales organization machines used to sort connecting rods and find their center of mass, to
manufacturers, and has established the check the expansive force of piston rings, and to measure scales, broom
controlling the output of both
and corn graders, and a score or more similar technical instruments.
"Sun-Glow" brand as a well-known trade name.
Sales.
-While a certain volume of sales are made to jobbers, the great
-Dominion
majority of the output is sold to mail order houses, department stores and
Toronto Elevators, Ltd.-Pref. Stock Offered.
premium houses. Net sales in 1926 were $923.235; in 1927, $1.462,873,
Securities Corp., Ltd., Toronto, recently offered $1,500,000
and in 1928, $1,698,348.
-Net earnings of the consolidated companies for the 3 years 7% cumul. cony. pref. shares at par ($1OO).
Earnings.
ended Dec. 31 1928, after depreciation and Federal taxes and adjusted for
Preferred as to assets in voluntary liquidation to the extent of $110 a
certain non-recurring items, wore as follows:
share and dive., and in involuntary liquidation to the extent of $100 a share
Per Share.
by cheque at par
Net Earnings, Corn. Stock. and diva. Dividends (from April 15 1929) payable (Q-J)of the company's
at any branch in Canada (Yukon Territory excepted)
$44,027
$1.27
1926
bankers. Red. at any time by call in whole or in part at $110 per share and
3.75
118,743
1927
diva. on 60 days' notice. Transfer agent and registrar, National Trust Co..
121,901
3.86
1928
Montreal.
-Directors have announced their intention of placing the Ltd. Toronto and time into no par value common stock on the basis of
Dividends.
Convertible at any
common stock on a dividend basis of $2 per share, payable quarterly, to one share of preferred stock for 3 shares common.
price.
yield over 6%% at the offering
Authorized.
Issued.
CapitalizationAu(horized.
Issued.
Capitalization81,500,000 a$1.500.000
$100,000
$100,000 7% preferred stockpar value)
6% preferred stock
40,000 shs. a25.000 shs.
Common stock (no
30.000 shs. 30,000shs.
Common stock (this issue)
a Preferred shares will decrease and the common shares increase as and
-Application will be made to Hat the common stock on the
Listing.
when the conversion privilege is exercised.
Cleveland Stock Exchange.
Data from Letter of James Playfair. Pres. of the Company.
Pro Forma Consolidated Balance Sheet as of March 15 1929.
-Owns and operates a grain elevator at Toronto and owns or
Company.
Liabilities
Assets
controls all the outstanding capital stock of the Sarnia Elevator Co., Ltd.
$114,349 Accounts payable
843,292 The elevator at Toronto, constructed in 1928 and designed primarily to
Cash
15,120 Accrued Items
11,281 handle domestic business, is situated on central harbour front freehold
Certificates of deposit & hit3,293 Sprinkler system contractNotes receivable
23.130 property. In addition the company holds more than two adjacent acres
118,498 Reserve for Fed. taxes test)
Accoun tsrecelvable
10,788 under lease with an option to purchase prior to April 1 1933. The elevator
189,656 6% preferred stock
Inventories
100,000 Is an electrically-operated steel and concrete structure with a storage capa1,318 Common stock
Due from officers & employ -150,000 city of 2.000.000 bushels, completely equipped to transfer grain received
12,956 Surplus
Life insurance policy
481,530 either by boat or rail. Company operates a feed manufacturing plant at the
338,120
Fixed assets
Toronto elevator which is also equipped with special machinery to condition
26,712
charges
Deferred
grain. Besides its services as a public elevator the Toronto elevator will be
used to conduct a general grain and feed merchandising business.
Total
$820,021
Total
$4820,021
The Sarnia Elevator Co., Ltd., owns and operates a newly constructed
bushel public transfer elevator advantageously situated on the
Thalhimer Brothers Realty Corp., Richmond, Va.- 1,000.000 at Sarnia, Ont. This unit has a system of continuous conveyers,
waterfront
Bonds Offeied.-Fred'k Nolting & Co. and Central Trust and modern switching equipment which ensures economy of time and labor
In the movement of grain. It has docking facilities for lake freighters and
Co. of Richmond, Va. recently offered $600,000 6% secured adequate railway siding accommodation. With this equipment it is estimated the company will have handled approximately 10,000.000 bushels by
guaranteed serial gold bonds, series A,at 100 and int.
the close of its current fiscal year. 2,000,000 bushels additional storage
Dated April 11929; due serially semi-annually April 1'1931-April 1 1944. capacity is now being installed at Sarnia, together with a travelling marine
Principal and int. (A. & 0.), payable at Central National Bank of Rich- leg with an unloading capacity of 25,000 bushels per hour. The addition.
mond, Va.. trustee or office of Frederick E. Nolting & Co.. Inc., Rich- when completed, will give the Sarnia Co. a storage capacity of 3,000,000
mond,Va. Denoms.$1,000, $500, $i00*. Callable on any int, date, upon bushels, and the management estimate that they will then be able to handle
30 days' notice, at % of 1% remium for each unexpired year or fraction approximately 20,000,000 bushels per annum. It is expected that this
thereof.
1
new storage capacity will be ready in time to receive the 1929 crop.
Lessee.-Thalhimer Brothers. Inc., lessee of the property under the
Upon completion of the new annex, the Sarnia Elevator Co., Ltd., will
indenture securing these bonds was incorp. in 1922. The business is be indebted to the City of Sarnia in approximately $787.000 in principas
one of the largest and finest department stores in the south. Corporation amount under the agreement for sale by which the company acquired its
has been successfully operated by the same family for 87 years. During property and elevator from the city. This amount is payable in installment
this entire period, sales and earnings have shown steady and substantial over a period of 20 years.
growth.
-To meet liabilities incurred for expenditures already made in
Purpose.
Thalhimer Brothers Realty Corp., a wholly owned subsidiary of Thalhimer
with the elevator on the Toronto waterfront, for the acquisition
Brothers, Inc.. will acquire the leaseholds covering 601 to 627 East Broad connection
the Sarnia Elevator Co., Ltd., for expenditures now
capital stock
St., inclusive, with the exception of 21.15 ft.x90 ft., known as 611 East of the made by the of
latter company.
being
Broad St., which is now owned in fee. All of this property is to be leased
period ended Mardi 30 1929, covering 6 months'
-The
Earnings.
to Thalhimer Brothers, Inc., for a period extending about 8 years beyond operations of the Sarnia Co. and 4% months' operations of the Toronto
the last maturity of this issue of bonds.
consolidated net earnings available for dividends on these
Security.
-Bonds are to be secured by the property now owned, and to elevator shows
preferrred shares, after providing for depreciation and income taxes of
be acquired, by Thalhimer Brothers Realty Corp.
Thalhimer Brothers, Inc., $82,278.
Income.
-All the property has been leased to
The management estimate that net earnings available for dividends on
for a period of 23 years, at an annual rental, payable monthly, suffcient the above basis will be as follows:
take care of all taxes, ground rentals, maintenance, and operation, expenses,
For the fiscal period ending Sept.30 1929. $200.000. This will represent
interest and curtails on this issue; thus making all charges on this proeprty the result of a full year's operations of the Sarnia elevator and 10 months'
including retirement of these bonds,a part of the fixed expenses of Thalhimer operation of the Toronto elevator during a portion of which period normal
Brothers, Inc.
conditions will not have obtained.
Out of these funds. Thalhimer Brothers Realty Corp. will deposit monthly operating fiscal year ending Sept. 30 1930. $364.000. This estimate gives
For the
with the trustee of this issue a sum sufficient to pay semi-annual interest effect to the results expected from the additional capacity under construction
and curtails on those bonds.
at Sarnia.
-Proceeds will be used to provide funds for the new buildin
Purpose.
The annual charges on these preferred shares will amount to $105,000.
now being erected and to equip same.
The directors have declared the regular quarterly dividends of $1.25
per share on the common stock and 1%% on the preferred stock, both
payable June 1 to holders of record May 10. The 1% quarterly instalment
of the stock dividend declared last January on the common stock also
carries the above dates. (See V. 128, p. 748).-V. 128. P. 2825.
Thomas Engineering & Manufacturing Co.-Stock
Offered.-Koeppe, Langston, Loper & Co., Chicago, recently offered 15,000 shares (no par) common stock, priced
at the market.
Authorized. Outstanding.
Capitalization30,000 shs.
15,000 shs.
Common stock (no par value)
Transfer agent, Foreman Trust & Savings Bank, Chicago. Registrar,
Illinois Merchants Trust Co.. Chicago.
Data from Letter of F. C. West, President of the Company.
-Is being organized in Illinois to acquire the business and assets
Company.
of the Thomas Sales Co.. not incorporated. This company began business
With a Very nominal capital and has experienced a steady growth to its
present size entirely from the reinvestment of earnings and without additional capital. Company is engaged in building essential units for manufacturers and jobbers of radio sets and parts and specializes in the quantity
production of superior quality radio condensers and radio power packs.
Ignition systems for automobiles, trucks, tractors and marine engines are
also an important item of manufacture. Company's products enjoy national distribution; in addition, an important export business is being rapidly developed.
The company also owns patent applications on certain machinery used
in the manufacture of its principal articles, which results in the profitable
production on a competitive basis of units superior to those in ordinary use.
Earnings.
-The business has shown a net profit in each year since its
Inception. Sales and net earnings after all charges, as reported by the
auditors for the three years ending Dec. 31. are as follows:
1926.
1927.
1928.
683,092
$127,335
$151.415
Sales
5,147
11,503
24.241
Net income
The above shows net earnings for the year ended Dec. 31 1928. of $1.61
per share on the total amount of common stock to be presently outstanding,
and is more than 2.14 times the annual dividend requirements. Based on
--New Vice-President.
Tr -Continental Corp.
Homer 13. Vanderblue, director of the Economic Service of the Harvard
Economic Society and professor of business economics at Harvard University, has been elected Vice-President of Tr -Continental Corp. Be-ginning July 1. Mr. Vanderblue will devote his entire time to the affairs
of the corporation.
-V. 128, p. 2651.
-Transfer Agent.
United States Express Co.
The Central Union Trust Co. of New York has been appointed transfer
-V. 128, p. 267.
agent for 100,000 shares of capital stock.
-Stock Incese.
United States Radio & Television Corp.
The stockholders on Apr. 12 increased the authorized capital stock from
125,000 shares (all outstanding) to 250,000 shares, without par value,
and authorized the directors to offer rights to the present stockholders.
V. 128. p. 2289.
-Earnings.
United States Hoffman Machinery Corp.
Quarter Ended March 31Gross profit on sales
Selling, administrative & gen.expense
1929.
$745,188
429,706
1928.
$746,495
439,051
1927.
$867,593
466,723
Profit from operations
Interest and other income
$315,482
47,330
$307,444
104,321
$400,869
47,305
Gross income
Depreciation
Reserves and other income charges
Income taxes accrued
Provision for amortiz. of patents- _
$362,811
37,061
57,253
20,992
58,131
$411,765
47,936
47,579
35,821
55,001
$448,175
46,419
33,336
41,821
54,899
Net income for period
Earnings per share on 222,203 shares
capital stock (no par)
$191,375
$225.427
$271,698
$0.86
$1.01
$1.22
3016
FINANCIAL CHRONICLE
Condensed
Assets1929.
Plant property_ _c$1,074,308
U.B. certificates_
constr.erequip.
66,717
Patents
a1,771,105
1
Good-will
Cash
344,978
Notes & bills rec
2,870,237
Accts.receivable__ 725,202
Prep'd & def. chgs. 150,525
Inventories
1,113,240
Deposits on leases,
contracts, &c_ _ _
2,233
Investments
15,317
Balance Sheet March 31.
1928.
Liabilities1929.
1928.
$647,624 Capital stock._ _ _634.632,182 $4,632,182
400,000 Accounts payable
35,421
& accrued accts.,
1,922,272
includ. Federal
1
380,138
315,399
taxes (est.)
618,506 Customers' install.
24,990
2,709,879
45,089
dividends
785,705 Deposits on acct. of
9,568
46,121
13,896
uncompl.sales
1,138,582 Reserves for taxes
246,220
77.682
and royalties._ _
1,864 Unappropriated
3,049,616 3,028,197
15,317
surplus
Total
$8,133,865 58,321,295
$8,133,865 $8,321,295
Total
a After deducting reserves of $1,566,519. b Authorized 223,334 shares
of no par value outstanding, 222,203 1-3 shares. c After deducting reserves of $371,161.-V. 128,p. 1075.
Universal Aviation Corp.
-Deposits of Stock.
L. H. Piper. G. M. Pynchon. Jr. and Preston Lockwood, the deposit
committee, operating under the proposed plan to exchange common stock
of this corporation for the stock of the Aviation Corp. (of Delaware), have
issued the following statement:
"It has been called to the attention of the deposit committee that statements have been published to the effect that exchange of Universal stock
for Aviation shares has not progressed with sufficient rapidity to insure the
acquisition by the Aviation Corp. of control of the Universal company,
which control is necessary to make the plan effective.
The committee wishes emphatically to deny these statements, and to
announce that a large number of shares have been depoited and that prospects are bright for a consummation of the transaction."
-V.128, p.2108.
Victor Talking Machine Co.
-New Directors.
David Sarnoff, Joseph R. McDonough, Joseph L. Ray and Isaac Lambent have been elected directors, succeeding William Boyd, George E.
Cullinan, N. F. Johnson and Albert Strauss.
-V. 128, p. 2483.
Waldorf System, Inc.
-Earnings.-
•
3 Mos.End. Mar.31- 1929.
1926.
1927.
1928.
Sales
83,914,562 $3,647,181 $3,572,170 $3,320,834
282,661
Net profits
266,076
277,638
284,167
Preferred dividends__ -24,959
17,322
13,602
15,485
Common dividends
185,604
138,003
Surplus for period_ _ _ _
Shs. cora. outat.
(no par)
Earns. per sh. on com
-V.128, p. 2653.
8264.036
461,610
$0.57
8268.682
441.610
$0.60
$83,150
441,810
80.56
$119,699
441,610
$0.58
Walker 8c Co.
-Stock Sold.
-A banking group comprising
First National Co. of Detroit, Inc • Hallgarten & Co.; A. G.
Becker & Co. and Watling, Lerchen & Hayes, announce
the sale at $60 per unit and divs. on the class A stock, to
yield about 6.15% on the basis of class A dividends and
proposed class B dividends, 61,666 units, each unit consisting of one share of class A convertible stock of (no par)
and one share of (no par) class B stock. Claude Neon
Lights, Inc., of New York purchased 20% of the issue.
'The sale of the stock does not represent any new financing
by the company, the stock having been acquired from the
Walker interests.
Class A convertible stock (no par) is preferred over the class B stock
(no par) as to cumulative dividends of $2.50 per share. per annum, payable
Q.-3., and as to assets, in the event of liquidation, to $40 per share and
diva. Class A stock red, on any div. date on 30 days' notice at $43.50
per share and div. Convertible into class B stock, share for share, at
any time, and, in the event of redemption, may be so converted to within
5 days of the redepmtion date. Provisions have been made to protect
this conversion privilege from dilution. Class A stock assumes share for
share voting power with the class B stock when four consecutive quarterly
dividends have been passed. Class B stock (no par) has exclusive voting
power until 4 consecutive quarterly dividends on the class A have been
passed.
Transfer Agents: Detroit & Security Trust Co., Detroit, Mich. and
Guaranty Trust Co., New York. Registrars: Guardian Trust Co.
of Detroit and Commercial National Bank & Trust Co.. New York.
Data from letter of Harry C. Macdonald,Pres. & Gen. Mgr. of Co.
Company.
-Is the outgrowth of a business founded about 1886 by Henry
W. Walker with a nominal capital. Incorporated in March, 1907, with a
capital of $25,000. the business has been built up to a present worth in
excess of 82,450,000 (exclusive of the value of unexecuted contracts, goodwill, etc.) entirely from earnings. Company furnishes outdoor advertising,
poster, painted and electric displays and commercial signs, and does its
major business in Detroit and the surrounding community. Company
Is the chief factor in this territory, doing, it is estimated, about 90% of
all such business.
Negotiations are now being carried on toward the effecting of a consolidation between Walker & Co. and Bellows Claude Neon Co. of Detroit,
by the issuance of additional shares of class A and class B stock, and which
If consummated, will not alter the present authorized capital structure,
since provision for exchange of stocks has already been made.
Authorized. Outstanding,
Capitalization125.000 ells. 62,500 she
Class A convertible stock (no par)
a400.000 shs. 137,500 shs.
Class B stock (no par)
a 125,000 shares reserved for the conversion of the class A convertible
stock, and 30,000 shares reserved under option to the management at $20
per share.
-The company has operated at a profit in every year since
Earnings.
its incorporation. Sales have grown, almost without interruption, from
$245,583. in 1912, to $2,899,914, in 1928, and profits have shown a corresponding expansion. The company had on hand, as of Jan. 1 1929,
unexecuted contracts in excess of $3,300,000. as compared with $2,722,000,
-year period
on Jan. 1 1928, or an increase of 21%. Net earnings for the 4
ended Dec. 31 1928, after all charges, including depreciation and Federal
taxes,adjusted to the current rate of 12%, were as follows:
Net Earns. Earned per Share of Stock
As Adjusted To Be Presently Outstanding
Calendar Year
81.90
$6.68
$417,454
1925
2.27
7.51
469,435
1928
2.57
8.17
510,812
1927
2.12
7.18
447,469
1928
2.21
7.38
481.293
Average (4 years)
New business contracted for according to the books of the company
amounted, for the first 2 months of 1929, to 8493,149 as compared with
$356,755 for the corresponding period of 1928, or an increase of about 38%.
Financial Condition.
-The balance sheet, as of Dec. 31 1928, adjusted
to give effect to present financing shows net tangible assets of 82.457,045
and current assets of $918,706 equal to 4.17 times current liabilities of
8220,115.
Dividends.
-Company has paid cash dividends on its capital stock without interruption since its incorporation in 1907, together with stock dividends from time to time as earnings of the company have warranted. The
management has announced its intention of recommending to the directors
the placing øf the class B stock on a dividend basis of $1.20 per annum,
to be paid quarterly, beginning Aug. 1 1929.
convertible
[A value of $38.50 per share has been placed on the class A
stock, and of $21.50 per share on the class B stock. These stocks will
the
be traded in as units until July 1 1930, unless separated sooner by
bankers.)
-Record March Sales.
Western Electric Co., Inc.
An official statement says:
The company's sales for the month of March were the largest in the
history of the organization, totalling $34,188,000. Sales for the first three
months of 1929 were 186.798,000 which exceeds the sales for the same
period last year by 325,505,000.-V. 128, p. 2654.
[VOL. 128.
Walworth Co.
-Earnings.Quarter End. Mar.31- 1929.
1928.
1927.
1926.
Net Sales
Not 1 $5.413,455 86,453,053 $6,922,857
Other income
Stated
88,029
96.940
114,654
Total income
Expenses, taxes, &c_
Operating profit
Interest
Depreciation
I
-
l
$5,501,484 $6,549.993
5,435,203
6,072,040
8x696,359
169,120
125,293
388,281
180,614
136,983
37.037,511
6,787,011
$477.953
192,455
157,498
$250,500
197,528
214,801
Net profit
$401,946 loss$251.316
$128,000 loss$161,829
x After administrative selling expenses and taxes amounting to 8919,456.
Consolidated Balance Sheet March 31.
1929.
1928,
1929.
1928.
Assets8
8
LfaStlfdes3
$
:Plant & equiptal.15,401,709 15,666,892 Preferred stock
Cash
742.567
688,170
Walworth Co.__ 1.000,000 1,000,000
Drafts & notes rec_ 442,237
329,393
Subsidiaries- -__ 368,500
380,000
Accts. receivable
3,133,732 3,057,747 yCap.stk. &sure _14,413,003 14,109,535
Bal. receiv. for sale
Accts. pay.& accr,
of real estate_
225,000
items
1,164,018 1,096,957
Inventories
8,271,937 8,009,738 Notes & accts. pay.
Prepd. ins., Int.&1930
39,500
taxes
138,309
172,437 Notes payable
Cash sure. val. life
Walworth Co.. 975,000
675,000
Insurance
7,605
Subsidiary cos_
100,000
Miseell. securities_ 248,965
44,456 Purchase oblig_
22,500
Titles in land &Bonds debs.&
bldgs. Walworth
Walworth Co. _10,200,000 10,649,500
.
Ohio Co
52,815
73,615
Subsidiary cos_ _ 486,300
540,900
Leaseholds of WalContingency res- - 548,688
564,198
worth-Munzing,
Miscell. reserves_ _
39,791
Ltd
73,104
74,093 Other liabilities_ __
82,326
47,601
Deferred charges
289,736
178,461
Treasury stock _
89,280
Walworth Co. bds.
& debentures _
88,500
150,500
Good-will
425,910
426,409
Total (each side)29,317,128 29.186,191
x After depreciation and amortizat on of $8,954,516. y Represented by
301,670 shares of no par common stock.
-V. 128. p. 1577.
Wesson Oil & Snowdrift Co., Inc.
-Initial Div.The directors have declared an initial quarterly dividend of $1 per share
on the 84 conv, pref. stock, no par value, payable June 1 to holders of
record May 15. See offering in V. 128,p. 1076.)-V. 128, p. 2854.
Westinghouse Electric & Mfg. Co.
-Acquisition.-
See McGraw Electric Co. above.
-V. 128. P. 2290.
Westfield Mfg. Co.
-373c. Common Dividend.-
The directors have declared a quarterly dividend of 37%c, per share on
the common stock, no par value, payable May 15 to holders of record
Apr. 30. A like amount was paid on Feb. 15. These payments are
equivalent to an annual rate of 83 per share per annum on the common
stock outstanding prior to the distribution on Jan. 10 last of a 100% stock
dividend. A quarterly cash dividend of 50 cents per share was paid on
the old capitalization on Nov. 15 last.
-V. 127, p. 3723.
Westvaco Chlorine Products Corp.
-Earnings.--
Quarter Ended March 31Sales
Cost ofsales and expenses
1928.
1929.
$1,660,549 81,093,034
1,181,909
821,071
Operating profit
Other income
8478,640
21,104
8271,963
11,592
Totalincome
Interest,&c
Depreciation
Federal taxes
8499,744
58,733
100,000
39,070
$283,555
39,460
99,000
16,511
Net income
Preferred dividends
$301.941
39,692
$128,584
12,218
Surplus
Shares common stock outstanding (no par)
Earnings per share
-V.128, p. 2852.
3282,249
200,000
$1.31
8116,366
100,000
$1.18
-Extra Dividend.(S. S.) White Dental Mfg. Co.
The directors recently declared an extra dividend of Yi of py. and the
regular quarterly dividend of 1 ji %, both payable May 1 to holders of
record, Apr. 23. These are the same amounts as paid in each of the six
previous quarters.
-V. 128, p. 2654.
-Earnings.Wire Wheel Corp. of America.
Comparative Statement of Profit and Loss.
Calendar Years
1928.
1927.
1926.
Sales to customers
$4,247,897 $3,387.159 $1,641.215
Cost of sales
3,089,105
2,412,064
1,316,763
Selling expense
158.077
125,978
98,917
106,993
Administration expense
83,223
64,428
$893,723
Net operating income
- 87657894 - 11637 12
I 1
-287.849
Other income
55.999
33,920
Total income
81,181.572
8821,894
$197,033
242.143
Deductions
213.525
26,718
Net profit for the year
$939.428
8608,368
$170,314
Surplus at close of period
$1.188,021
$561,785
383,162
-V.128, p. 2852.
Worth, Inc.-New Control.
Control of this corporation, operating six women's specialty stores in
New York, Brooklyn, Newark, Hartford, Toledo and New Bedford, Mass.,
has been purchased by Philip Daniels and Harry N. Britt from Emanuel
Kaplan, H. H. Weinberger, Samuel Silberstein and associates, it is announced.
At a special meeting of the board of directors held April 25, 1929, Emanuel
Kaplan, H. H.Weinberger and Samuel Silberstein resigned as ()Meters and
directors, being replaced on the board by Philip Daniels, Harry N. Britt
and Leo Cl. Federman. Mr. Daniels will be the new President: Mr. Britt
treasurer: and Mr. Federman, Chairman of the executive committee.
Leo 0. Federman is President of the Interstate Department Stores and a
director of several other companies.
In connection with the reorganization of the management,the corporation
will receive a substantial amount of additional working capital, it is stated.
In the year ending Jan. 311929, sales of over $4,200,000 were reported.
-Ir. 128, p. 420.
-Resumes Dividend.
Yellow Taxi Corp. of New York.
The directors have declared a quarterly dividend of 75c. per share, payable June 15 to holders of record June 1. This is the first dividend on the
issue since March 15 1927, when a quarterly payment of $1.25 per share.
was
made.
-V. 128, p. 2655.
Yellow Truck & Coach Manufacturing Co.
-Earns.
[including Yellow Mfg. Acceptance Corp.]
Quarter Ended March 311929.
1928.
1927.
Net sales
$12,921,999 89,467,915 $7,708,658
Net earnings
2.508,339
1,411,802
1,303,930
Administrative & selling expenses_ _ _ _ 2,283,514
1,843,633
1,754,546
Depreciation
289,764
190,015
214,045
Federal taxes
2,472
864,939
Net loss
8621,846
$667,133
123,791
Subsidiary companies' profit
84,238
loss1,057
Net loss
prof.558,852
$537,608
$668,190
-V. 128, p. 2655.
Zimmerknit, Ltd., Hamilton, Ont.-Defers Dividend.
The directors have voted to defer the quarterly dividend of 1X% ordinarily due en May 1 oh the 7% cumul. pref. stock. The last payment at
this rate was made on Feb. 11929.-V. 126, P. 1681.
MAY
3017
FINANCIAL CHRONICLE
4 1929.]
&cycles and 13ocuuxtuts.
PUOLISMIIII
CHICAGO, BURLINGTON & QUINCY RAILROAD COMPANY
SEVENTY-FIFTH ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1928.
Chicago, January 2 1929.
To the Stockholders of the Chicago, Burlington & Quincy Railroad Company:
The following is the report of your Board of Directors for
the year ended December 31 1928:
MILEAGE.
MILEAGE OF ROAD OPERATED ON DECEMBER 31 1928.
Operated
under
Lease or
Contract.
Total
Mileage
Operated.
78.00
395.59
1,686.32
1,370.09
259.54
23.36
1,122.92
134.38
2,847.39
259.47
228.14
685.94
35.72
119.42
75.03
.91
11.50
15.83
49.45
22.72
.45
.53
29.66
431.31
1,805.74
1,445.12
260.45
34.86
1,138.75
183.83
2,870.11
259.92
228.67
715.60
4,343.78
9,013.14
361.22
9,374.36
Line Owned.
State.
Branch
Lines.
Main
Line.
•Colorado
213.99
Illinois
968.78
Iowa
372.18
12.81
Kansas
Minnesota
22.18
648.83
Missouri
134.38
Montana
1,411.25
Nebraska
48.88
South Dakota_ _ _ 228.14
Wisconsin
607.94
Wyoming
Total
4.669.36
Total.
181.60
717.54
997.91
246.73
1.18
474.09
1,436.14
210.59
LINE OWNED.*
State.
Colorado
Illinois
Iowa
Kansas
Minnesota
Missouri
Montana
Nebraska
South Dakota
Wisconsin
Wyoming
Miles of Second
Road. Track.
395.59
1,686.32
1,370.09
259.54
23.36
1,122.92
134.38
2,847.39
259.47
228.14
685.94
Third
Track.
Fourth
Track.
Yard
Tracks
and
Sidings.
Total.
.48
--------168.53
492.89
5.84 1,181.04
44.99
245.27
--------59.06
------------ -29.80
2.61
2.27
41.28
112.80
--------449.31
------------ -47.27
32.70
--------845.75
------------ -53.18
194.06
--------75.14
3.66
--------251.10
$170,839,100
Of the total amount outstanding
$900 was represented by fractional stock scrip convertible, in multiples
of $100, into full shares. This scrip is not entitled to vote or to receive
dividends until so converted.
Dividends paid during the year:
$8,541,910
8,541,910
June 25 1928, 5% on $170,838,200
Dec. 26 1928, 5% on 170,838,200
Total (all charged to Income for the year)
$17,083,820
FUNDED DEBT.
On December 31 1927. the Funded Debt outstanding in the
$222,904,000
public was
hands of the
During the year 1928 the following changes were made:
Equipment Trust Gold Notes matured
January 15 1928
Equipment Trust Gold Notes redeemed
July 15 ® 103
$404,000
par
2,828,000
$3,232,000
Net deductions
On December 31 1928, the Funded Debt outstanding in the
$219,672,000
hands of the public was
ACCRUED TAXES.
States
Colorado
Illinois
Iowa
Kansas
Minnesota
Missouri
Montana
Nebraska
South Dakota
Wisconsin
Wyoming
Other States
1928.
$548,346.10
2,634,815.59
1,113,008.66
141,781.92
43,511.47
593,311.70
160,989.59
1,933,891.94
217,556.33
476,029.40
642,033.32
758.18
1927.
$483,670.37
2,543,354.11
1,109,943.23
150,010.76
45,828.28
556,566.15
160,194.65
2,224,952.72
225,721.46
454,340.66
616,969.95
761.28
Increase or
Decrease.
Inc. $64,675.73
Inc.
91461.48
Inc.
3,065.43
8,228.84
Dec.
Dec.
2,316.81
Inc.
36,745.55
794.94
Inc.
Dec. 291,060.78
Dec.
8,165.13
Inc. _21,688.74
25,063.37
Inc.
Dec.
3.10
564.60
3,411.08
1,974.42
$8,572,313.62 Dec. $66,279.42
$8,506,034.20
Total States
289.34 U. S. Government
3.104,264.00 Dec. 418.088.66
2,686,175.34
69.52
1,685.03
$11,192,209.54 $11,676,577.62 Dec. $484,368.08
Grand total
181.65
3,725.84 INVESTMENT IN ROAD AND EQUIPMENT DURING THE YEAR.
Additions and
312.65
Betterments.
497.34
Account
940.70 Engineering
$ 166,974.15
Cr.67,843.58
Land for transportation purposes
Total
9.013.14 1.084.47
47.26
5.84 .i.nni 4R 12 A q9 17 Grading
569,923.37
532,728.07
* Includes yard tracks and sidings owned, but not operated, as follows: Bridges, trestles and culverts
223,936.02
Colorado 1.11 miles, Illinois 1.11 miles, Iowa .70 miles, Nebraska .21 Ties
1,035.208.12
Rails
miles. total 3.13 miles.
852.318.80
Other track material
262,327.98
Ballast
COMPARATIVE STATEMENT OF INCOME, YEARS Track laying and surfacing
274,511.16
7.620.99
fences
Right-of-way
ENDED DECEMBER 31.
3,977.52
Snow and sand fences and snow sheds
Per Ct.of
209,935.39
Per Ct.of Crossings and signs
437,190.54
Ry.Oper.
1928.
1927.
Ry.Oper. Station and office buildings
Revenue.
18,126.55
Railway Operating Revenues.
$
$
Revenue. Roadway buildings
96,998.06
77.94 126,952.879.35
Freight
118,497,414.02 75.80 Water stations
115,616.24
12.10 19,715,276.10
Passenger
22,058,572.19 14.11 Fuel stations
473,266.23
2.57 4,181,409.98Mall
3,739.043.90
2.39 Shops and enginehouses
2.67
292,280.59
4,348,682.17
Express
4,141,537.08
2.65 Grain elevators
3.011.08
2.71
4,413,370.28_ _ All other transportation_ _ _ 4,488,783.87
2.87 Storage warehouses
9.296.94
1.51
2,471.026.12
Incidental
2,494.883.06
1.60 Wharves and docks
476,202.20
.50
808,765.34
Joint Facility
900,219.69
.58 Telegraph and telephone lines
166,584.77
Signals and interlockers
100.00 162,891.409.34 Total railway open revenues 156,320,453.81 100.00 Power plant buildings
98,444.23
Railway Operating Expenses.
15.411.41
Power transmission systems
15.66 25,515,421.87_Maintenance of way & struc_ 23,668,877.97 15.14 Power distribution systems
121,060.64
16.70 27,197,585.87_Maintenance of equipment_ 26,486,674.60 16.94 Power line poles and fixtures
13.614.99
2.01
3,275.344.86
Traffic
7,927.06
3,161,990.50
2.02 Underground conduits
32.48 52,922,444.94
140,330.42
Transportation
53,503,271.98 34.23 Miscellaneous structures
.92
1496,193.19._ _Miscellaneous operations.- 1,576,228.17
491.15
1.02 Paving
2.71
4,411,170.29
General
52,036.25
4,407,381.46
2.82 Roadway machines
Cr.38 Cr.627.002.20 Transportation for Invest9,203.96
Roadway small tools
ment-Credit
160,334.04
Cr.886,921.52 Cr.57 Assessments for public improvements
165.011.65
70.10 114,191,158.82 Total railway oper. expenses 111,917,503.16 71.60 Cost of road purchased
Cr.50.146.05
Shop machinery
82.303.83
Power plant machinery
29.90 48.700.250.52_Net rev, from ry. operations_ 44.402.950.65 28.40
S6.976,214.77
Total expenditures for road
11,192,209.54... _ _Railway tax accruals..... 11,676,577.62
33,783.52_ _Uncollectible ry. revenues_ Cr.$655,314.97
51,393.26
Steam locomotives
Cr2,857,082.42
Freight-train cars
____ 37,474,257.46_ _Railway operating income__ 32,674,979.77
981,097.26
Passenger-train cars
____Dr.2,467,281.60_ _Hire of equipment
-Net_ _Dr2.364,201.33
Cr.21,411.65
Floating equipment
__Dr.2,094,608.84._Joint facility rents
277,345.95
-Net_ _Dr2J67.470.03
Work equipment
4,548.51
Miscellaneous equipment
32,912.367.02 Net railway operating income 28,143.308.41
Other Non-Operating Income.
Cr.$2.270,817.32
Total expenditures for equipment
581,139.62_ _Miscellaneous rent income__
612,571.29
2,399,091.22 Dividends & miscell. interest 2,212,047.10
Cr.$285,194.08
Interest during construction
57,495.94....- -Miscellaneous income_ _ _ _
348.11
57,288.84
Other expenditures-general
3,037,725.88 Total other non-oper. income 2,881,907.23
Cr.$284,845.97
Total general expenditures
Gross income
31.025.215.64
Other Deductions from Gross
Income.
Miscellaneous rents
202,383.68
188,989.28
9,177,555.00--Interest on funded debt _ _ _ 9,126,458.33
146.656.64_ _Interest on unfunded debt _ _
129,862.53
Amortization of discount on
funded debt
145,245.65
135,531.72
Miscell. income charges _ _ _
1,250.00
Total other deductions from.
gross income
9,671,840.97
9,582.091.86
Net income
26,278,251.93
21.443.123.78
35,950.092.90
---_
Disposition of Net Income.
Dividends
17,083,820.00
17,083,815.00
Income balance transferred to
profit and loss
9,194,431.93
4,359,308.78
CAPITALIZATION.
CAPITAL STOCK.
The Capital stock outstanding remained without change
(luring the year:
$ 4.420.551.48
Grand total
There was no investment in New Lines and Extensions during the year.
Transportation Purposes, Shop Machinery and
Credits for Land for
Equipment are due to retirements during year being in excess of new acmllrements and installations.
General Expenditures credit is due to readjustment in accounts of previous
years.
GENERAL OPERATIONS.
REVENUES.
Total Operating Revenues for 1928
Total Operating Revenues for 1927
$162,891,409
156.320,454
$ 6,570,955
4.20%
Increased $ 8,455,465
Freight
2,343,296
Decreased
Passenger
442.366
_Increased
Mail
207,145
Increased
Express
75,414
Decreased
Other Transportation Revenues
16,304
Decreased
Demurrage
99,007
Other Incidental Operating Revenues_ --Decreased
7.14
10 62
11.83
5.00
1.68
5.32
3.21 a
$ 6,570.955
4.20%
Increase
The increase was made up as follows:
Total increase
3018
FINANCIAL CHRONICLE
Freight.
[vol.. 128.
Freight revenue for the past year was the largest since
1920. An increase of
,455,465, or 7.14%, over the
previous year was due to an increase of 8.51% in ton miles
of revenue freight handled. Heavier movement of agricultural products and bituminous coal and a record movement of manufactured products were the principal reasons
for the increase.
A comparison of tonnage with 1927 commodities shows
the following:
the fourth of the Burlington Escorted Tours Bureau,operated
jointly with the Great Northern and Northern Pacific
Railway Companies. In 1928 the bureau handled a total
of 3,381 passengers, a decrease of 58 passengers or 1.7%
below 1927, which was due to decrease in the total business
to and from Alaska and to an increase in the number of
competitors. With visitors to the Yellowstone National
Park the Cody gateway is proving deservedly popular,
and there was an increase in the number moving by that.
route.
Increased
Decreased
Increased
Decreased
Increased
Decreased
Tons.
776,985 8.85
31,553
1.16
2,276,359 13.43
1.73
43,024
949,088 9.86
101,007 6.24.
The increase in earnings for the carrying of Government
mail is largely the result of the order of the Interstate Commerce Commission in July, 1928, raising the rates to be
allowed for that service.
Increased
3,826,848
Products of Agriculture
Animals and Products
Products of Mines
Products of Forests
Manufacturers and Miscellaneous
Less-than-carload tonnage
Total tonnage
9.07%
A comparison of carloads shows:
Total cars (all commodities) in 1928
Total cars (all commodities) in 1927
Increased in 1928
1,477,074 cars
1.380,681 cars
96,393 cars
6.98%
Mail.
Demurrage.
Demurrage assessed and collected for 1928 shows a decrease of a little over $16,000.00 as compared with 1927.
In nearly all cases where consignors and consignees handle a.
large volume of business, they are taking advantage of the
Average Agreement plan of handling cars in order to get
the benefit of credits which may be used to offset debits on
cars delayed beyond the free time.
Equipment rents net showed an increased debit for year
1928 as compared with 1927.
The car loading for the year 1928 was 945,324 cars, as
compared with 869,905 for 1927, requiring additional cars
on the line to protect.
There were received from connections in 1928 a total of
531,750 carloads, as compared to 510,776 in 1927. As cars
received under load from connections are principally foreign
cars, this increase affected the per-diem balance adversely.
It was necessary to accumulate and hold a large number
of cars for the grain crop, the loading of which was delayed
by successive rains extending over a period of five weeks.
There was an increase in per-diem reclaim payments, due
to the increase in carloads originating or terminating in
switching districts of other carriers but having road haul
movement over the C. B. & Q.
Another generally favorable crop year in our territory
resulted in an increase of 25,751 carloads of grain. Notwithstanding the decrease in the amount of wheat and corn
raised in Nebraska during 1928, the number of carloads
of all grain originating on our lines west of the 'Missouri
River increased 27.7%. The comparatively light production of corn during 1927 made a demand which resulted in a
heavy eastern movement from this territory during 1928.
A larger movement of grain from the northwest moving
via the Twin City gateway and a greater production of
grain other than corn and wheat resulted in an increase
of 10% in the movement of grain tonnage in territory east
of the Missouri River. A short crop of citrus fruit, the
inability of western and northwestern potato growers to
develop a market for their product and the lighter movement of cantaloupes through the Kansas City gateway
accounts for the decrease of 3,109 cars, or 4.64%, in the
total movement of fruits and vegetables.
Animals and products decreased 31,553 tons, or 1.16%.
A substantial increase in the movement of hogs was offset
OPERATING STATISTICS.
by a lighter movement of cattle from the corn belt. The
Tons of revenue
46,009,515
movement of sheep from the Wyoming territory continued Tons of revenue freight carried, 1928
freight carried, 1927
42,182,667
to increase. With the exception of a decrease in fresh
Increase
3,826,848 9.07%
meats there was little change in the movement of animal Revenue tons one mile, 1928
12,931,723,281
Revenue tons one mile, 1927
products.
11,918,019,045
The increase of 1,559,082 tons, or 14.41%, shown in the
Increase
1,013,704,236 8.51%
tonnage of bituminous coal as compared with 1927 was due Revenue tons per train mile, 1928
714.67
665.64
to a six months' suspension in the operation of our mines Revenue tons per train mile, 1927
east of the Missoari River during the earlier year. Of the
Increase
49.03 7.37%
Revenue tons per
22.70
total bituminous coal handled, 75% originated on the Revenue tons per loaded car, 1928
22.46
loaded car, 1927
Burlington, and of this 60% went to system points. The
Increase
.24 1.07%
average revenue per ton decreased 4c., or 2.4%. A larger
Average revenue per ton mile (cents), 1928
.982
movement of other products of mines also contributed to Average revenue per ton mile (cents). 1927
.994
the increase of 2,276,359 tons, or 13.43%, in the total
.012 1.21%
Decrease
tonnage of products of mines.
Aver, distance hauled per revenue ton (miles), 1928
281.07
The tonnage of forest products decreased 1.73%, com- Aver,distance hauled per revenue ton (miles), 1927
282.53
pared with 1927, this decrease being in shipments from
1.46 .52%
Decrease
north coast states via Billings and St. Paul. These de- Revenue passengers carried, 1928
13,896.397
15,149.391
creases were approximately offset by increases in southern Revenue passengers carried, 1927
lumber through the Paducah, St. Louis and Kansas City , Decrease
1.252,994 8.27%
730,969,834
gateways, where our percentage of increases in carloads Revenue passengers carried one mile, 1928
Revenue passengers carried one mile, 1927
811,600,215
handled were 11.7, 8.0 and 16.1 respectively.
Decrease
80,630.381 9.93%
The movement of manufactured products increased
Average distance
revenue passengers,
52.60
949,088 tons, or 9.86%, exceeding the tonnage of any Average distance carried revenue passengers, 1928carried
192753.57
previous year. Practically every commodity classified
Decrease
.97 1.81%
under this heading showed substantial increases over the
EXPENDITURES (OPERATING).
previous year. The movement of agricultural implements
and sugar, glucose, etc., increased 15.11% and 6.69%, re- Total operating expenses, 1928
$114,191,158.82
111.917,503.16
spectively, over last year's record tonnage. Other com- Total operating expenses, 1927
modities under this heading showing substantial increases
Increase
$ 2,273,655.66 2.03%
over any previous year were furniture, fertilizer and paper.
The increase of $2,273,655.66, or 2.03%, in operating
Passenger.
expenses was the result of various conditions having a direct
The continued development of hard roads and consequent influence on the three major classes of operating expenses,
increase in the use of private and public automobiles for among the more important of which were the following:
In furtherance of our policy of maintaining our facilities
intercity travel explains the decrease in passenger revenue.
We carried 1,252,994 fewer revenue passengers than during in condition suitable for an improved handling of the inthe previous year, a decrease of 8.27%. The decrease in creased traffic reflected in an increase in gross revenue of
passenger miles was 80,630,381, or 9.93%, the average haul $6,570,955.53, or 4.20%, heavier maintenance of way exper passenger increasing 6.2 miles over 1927. The constant penses were incurred; there being an increase over the preincrease in the average haul indicates that the decrease in ceding year of $1,846,543.90, or 7.80%, in this item. Apour passenger business continues to be largely in the short proximately one-half of this increase was incurred in makhaul traffic. The tendency to reduce passenger fares for ing necessary rail replacements, to provide for the use of
various occasions and special parties to meet bus competition heavier power, the operation of longer trains, and an inand the fact that our low rate summer tourist traffic is now crease in train speed. The remainder of the increase was
a larger proportion of the total accounts for the average in the minor classes of maintenance work such as ballasting
revenue per passenger mile, decreasing from $0.02718 in and general track conditioning.
Notwithstanding an increase of 9.70% in tons of revenue
1927 to $0.02697 in 1928. Because of the effect of these
excursions on regular commercial travel, the operation of freight carried and numerous increases in rates of pay,
excursions between certain points was discontinued. As a transportation expenses were reduced $580,827.04 or 1.09%,
result of this curtailment the gross revenue from low rate under the comparatively low level prevailing in 1927. This
week-end excursions decreased 6.8% as compared with last decrease was accomplished principally by a continued apyear. Our business in Chicago's suburban territory showed plication of rigid measures of economy in all departments.
a slight decrease, this being attributed to the greater use An increase in general efficiency, resulting in part from the
of private automobiles and busses and to the curtailment use of improved appliances also contributed to this reducof activities of an important manufacturing plant in that tion. Due to the coal miners' strike in.1927, the price of
territory. The revenue from this traffic, however, in- fuel in 1928 was lower than in the previous year. This
creased almost 1%, due to the fact that effective January 1 fact, taken together with an increase in the efficiency of
1928, the Illinois Commerce Commission granted an in- power, contributed to a decrease of $1,191,812.41, or 11.21%.
crease in commutation rates of 4.3%. The year 1928 was in the charge for fuel for locomotives.
3019
FINANCIAL CHRONICLE
MAY 4 1929.]
Maintenance of equipment expenses increased $710,911.27,
or 2.685, over 1927. This was due principally to a large
proportion of our coal carrying equipment coming due for
heavy repairs during the year, which fact coupled with the
prospect of continued activity in the Illinois coal fields made
it advisable to incur expenditures sufficient to bring that
class of equipment up to a condiiton suitable for the prompt
and economical handling of that traffic.
In addition to the foregoing, installation of now boiler.
Washing plant was begun at Alliance, Neb., and will be completed in 1929, capital expenditures for the year amounting
to $8,668.15.
Grain Elevators.
In order to promote freight traffic, grain elevators were
purchased as follows:
St. Louis, Mo.-"Burlington Elevator A"
Gibson, Neb.-"Nebraska-Iowa" Elevator
Capital cost, $300,137.23
Capital cost. 125,252.88
EXPENDITURES (CAPITAL).
A 400,000 bushel annex at Farmers Terminal elevator,
There were no new lines constructed during the year, owned by the Company, at Council Bluffs, Iowa, was comcapital expenditures having been directed primarily towards pleted at a capital cost of $194,705.58. •
increased economy and safety of operation and improveCoal and Water Stations.
ment in service. Total expenditures for 1928 chargeable
At Centralia, Ill., installation of pumping equipment of
to Capital Account were as follows:
increased capacity and construction of modern water treat.$6,976,2i4.77
For Road
completed at a capital cost of $40,283.60.
2,270.817.32* ing plant was
Cr.
For Equipment
For General
Cr.
284,845.97*
84,420.551.48
Total
* For explanation of credits see note, page 3017.
Additional Second Track Between Si. Paul, Minn. and Savanna.
Hog Yard at Hastings, Neb.
a
In order to satisfactorily handle traffic at this point,
hog shed was constructed with pens, paving, sewer.and
large
water lines, and lighting, at a capital cost of $50,392.47
moval.
Chalco-Yutan, Nebraska Line-Re
This project, undertaken in 1926 as a four-year program,
The easterly 8.08 miles of the line extending from Chaloo
27.06 miles of second main
was continued during the year,
Neb., being no longer required for traffic purposes
track having been completed and placed in operation, as to Yutan,approval of the Interstate Commerce Commission,
was, with
follows:
credit to capital acM.P. 352.16 to 362.87 retired and salvaged, with a resulting
Alma to Stockholm
M.P. 363.74 to 373.31 count of $510,172.48.
M.P. 391.98 to 396.04
Hager to Diamond Bluff
Prescott to Hastings
M. P. 408.i7 to 411.38
Grading was also completed between Bay City and Hager,
Wis., and 5.2 miles of new second main track completed
except for surfacing.
It is expected that this program of second main track
between Savanna and St. Paul will be completed in 1929.
Capital expenditures for the year amounted to $1,502,185.33.
Galena Jct. to Galena. So. Dak.-Removal.
The narrow gauge line from Galena Jct. to Galena, So.
Dak.,a distance of 8.21 miles, being no longer required, was
taken up and salvaged after approval by the Interstate Commerce Commission, resulting in a credit to capital account
of $92,017.29.
Bridge Construction and Replacement.
Work was continued on the construction of a viaduct at
Chicago,
Aurora, Ill. This is a steel and concrete viaduct
the City of Chicago, dated July 8 1926, pro- Ohio Street, and was completed except a small amount of
Ordinance of
ng of the Chicago River between Polk 306 ft. long
vided for straighteni
protection work. The total estimated capital cost
and 15th Sts. and work on this project was begun by the concrete
$63,502.00, of which $10,117.16 was exyear. This necessitated abandonment of of this project is
City during the
passenger yard and the enlargement of pended in 1928.
the Stewart Ave.
Work was continued on a subway at Washington Street,
the 14th St. passenger yard, moving the passenger engine
This is a subway under three tracks and
St. to Western Ave. and using the Denver, Colo. roadway and one 7 ft. sidewalk. A portion
terminal from 14th
having a 30 ft.
vacated space for trackage.
is being borne by the City of Denver. The estiOrdinance of the City of Chicago, dated May 19 1926, of the cost
Company of this project is $50,of Western Ave. from 16th St. mated capital cost to the was expended during 1928.
provided for the widening
the replacement and modifica- 071.00, of which $29,690,87ft. wooden Howe truss spans at
south. This will necessitate
The replacing of five 150
tion of a portion of the locomotive terminal facilities at
secondbridge 23.37 over Rock River at Rockford, Ill., with of this
Western Ave.
The total capital cost
of the City, it was found hand steel spans was started.
As a result of these two projects
estimated at $17,433.00, of which $3,435.15 was
necessary to provide for the handling of additional locomo- project is in 1928.
replacing the coal, expended
tives at the Western Ave. terminal,
No.
The work of reinforcing the Mississippi River bridgework
cinder, and water facilities with modern and economical
started. Most of the
office, washing and 204.66 at Burlington, Iowa, was of completion of plans and
plants, together with construction of
during the year consisted
locker facilities. This work was completed during the done
will
ordering of material. The strengthening of this bridge
year at a capital cost of $473,784.46.
over the structure
yard neces- increase the allowable speed of heavy.trains total capital cost
The enlargement of the 14th Street passenger
remove present restrictions The
sitated replacing the power plant with a modern one, re- and will project is estimated to be $82,182.00, of which
of this
modeling the passenger yard facilities and service building,
was expended during 1928.
constructing new water, coal and steam facilities together $2,894.12
The replacement of 960 ft. pile trestle bridge 18.18,Platte
with water and fire protection lines. It was also necessary
Neb., was completed. It was replaced
to remodel the commissary building and make additions River near Kearney,
consisting
with two 76 ft. through plate girders, the balance
and alterations to the five-story brick bulding at 14th and
was
of pile trestle. The total capital cost of this project
Canal Streets, converting same into a service building for
$42,650.66.
the commissary, stationery department and laundry; also
The replacement of 860 tin. ft. pile trestle, bridge No.
for store rooms, Pullman Company accommodations, yard
132 ft.
64.96, Platte River, near Columbus, Neb., with one cost of
offices, locker rooms, etc. Additional elevators and other
span and pile trestle was started. The capital
conveniences necessary for rental of a portion of this building steel
$26,979.00, of which $19,226.18
for warehouse purposes were installed. This work is in this project is estimated to be
expended during 1928.
progress and will be completed during 1929, there having was
No.
The replacement of a 132 ft. truss span at bridge
been expended during the year 1928, chargeable to capital
Bean Lake, Mo., with 98 ft. double track through
41.12,
account, $329,588.14.
and timber approaches was
It was also necessary to remove our existing boathouse plate girder span with steelremoval of the present speed
This will result in
and build a brick and tile boathouse in a new location for started.
The total capital cost of this
handling freight interchanged with water transportation restriction for heavy engines.
at $21,304.00, of which $22,207.26 was
lines. This improvement was completed at a capital cost of work is estimated
expended during 1928.
$50,655.17.
trestle
The usual program of replacement of temporary pilecarried
Flood Protection Work, Galesburg to Peoria, Ill.
was
bridges, either in kind or in permanent form,this account
Work in progress during 1927 to restore this line and pro- out during the year. There was expended on
tect it from further flood damage was completed in 1928, during the year $155,156.44 chargeable to capital account.
the capital charge for the year amounting to $21,873.86.
Automatic Block Signals.
Passenger and Freight Stations.
To promote economy and safety of operation, there were
during the year on imModern passenger and freight stations were completed as completed and placed in operationpreviously signaled, 24.8
portant lines of heavy traffic not
follows:
Capital cost, $15,408.12 miles of automatic block signals, as follows:
Bayard, Neb
Terminal Improvements.
Minatare, Neb
Torrington, Wyo
Capital cost. 21,719.04
Capital cost. 35.793.86
At Cheyenne, Wyo., construction of modern freight and
passenger station was undertaken and will be completed
early in 1929, there having been expended for this purpose
during 1928, $1,618.75 chargeable to capital account.
Road Miles of
Single Main
Track.
6.5
LaCrosse Division from Sullivan Tower to Herrington Tower_
18.3
Bluffs
Creston Division from Pacific Jct. to Council
24.8
Total
Automatic block signals were also installed on new second
track as follows, the first main track having been previously
The following improvements were undertaken and com- equipped:
Miles of
pleted during the year:
Second Track.
Locomotive Terminal Improvements.
Capital Cost.
-stall roundhouse, turntable, clinker pit and
Peoria, Ill.
-New 5
$32,275.76
coalin facilities
21,807.67
Kansas Ulty, Mo.-Now coal and cinder handling plants
40,038.06
-Power plant improvements
Denver. Colo.
9,186.99
-Boiler washing plant
Sterling. Colo.
8,140.41
Gibson. Neb.-Boiler washing plant
12,499.23
Lincoln, Neb.-Boiler washing plant
LaCrosse Division from Alma to Stockholm
LaCrosse Division from Diamond Bluff to Prescott
Total
21.4
11.2
32.6
Total capital expenditures for the year for this purpose
am:minted to $104,055.03.
3020
FINANCIAL CHRONICLE
[VOL. 128.
Centralized Control—Arenzville to Concord, Illinois.
Steel underframes and reinforced ends were applied to two.
With a view to expediting movement of trains on 3.5 business ears.
miles of single track line of heavy traffic and promoting
The acquisition of 31 gas-electric motor cars
economy and safety of operation, a system of centralized year made possible the elimination of additional during the
steam trains.
control was installed at a capital cost of $26,593.39.
with the attendant reduction in expense where such elimination was possible. In 1928, 10.17% of the total passenger
Rail Replacement.
train
There was laid in main track of main and branch lines with miles run were handled by motor cars as compared
3.49% in 1927. By the close of 1928, approximately
during the year 409.57 miles of new 90-lb., 100-lb. and
110-lb. rail and 302.17 miles of second-hand rail, at a capital 15% of our total passenger train miles were being handled
by motor cars. The substitution of a motor ear for a steam
cost of $653,862.22.
train has resulted in a reduction in the number of employes
Additions and Improvements to Equipment.
required to operate the train as well as a substantial decrease
in fuel cost. Trailer cars are used where the business requires.
New rolling stock delivered:
31—Gas electric railway passenger motor cars.
5—Steel lounge cars.
9-70 ft. steel baggage cars.
150
-50
-ton Hart selective ballast cars.
VALUATION.
The charge on account of valuation for the year was $219,075.79, which is $8,495.76 less than for the year 1927. The
total expense from the beginning charged to valuation is.
Built in Company shops at Aurora:
2-71 ft. 1134 in. composite steel and wood body, steel underframe subur- $4,655,577.72. This includes the expense of preparing the
returns to all valuation orders, as well as completion reports
ban coaches, seating capacity 100.
33-71 ft. 113. in. all steel suburban coaches, seating capacity 100.
and all other records specified in Valuation Order No. 3.
The cost for the year may be divided as follows: 71% to
At Galesburg:
compliance with Valuation Order No. 3; 2% to support of
422-34 ft. 3 in. 55
-ton all steel twin hopper gondola cars.
500-40 ft. 50
-ton single sheathed box cars.
the Presidents' Conference Committee; and 27% to all other
250-36 ft. 40
-ton steel frame, single deck stock cars.
valuation work. The 27% last referred to was largely in
At Denver:
.
connection with furnishing miscellaneous valuation data re3—Class F-2 (0-8-0) switch locomotives (converted from Mallet type).
quested by the Bureau of Valuation and the Presidents' Con15—Class 0-9-A (0-6-0) switch locomotives (converted from Prairie type).
ference Committee bringing land valuations to date where
.
The following equipment will be built in Company shops there have been substantial changes in value; and general
preparation for bringing all federal valuations to date. If
in 1929:
compliance with valuation orders issued during the year for
At Aurora:
the purpose of providing the data for bringing valuations to
20-71 ft. 11% in. all steel suburban coaches, seating capacity 100.
1-54 ft. dynamometer car.
date according to the methods used in the original valuations
25-30 ft. steel underframe way cars.
is necessary, valuation expense during the coming year will
At Denver:
show an increase due to the necessity of reporting at one
15—Class 0-10 (0-6-0) switch locomotives (converted from Prairie type). time for a ten-year period.
INDUSTRIAL.
At Galesburg:
-ton all steel twin hopper gondola cars.
750
-55
During the year 1928 there was considerable industrial
250
-50
-ton steel flat cars.
development and expansion in the territory served by the
500
-50
-ton 16
-door all steel general service gondola cars.
-50
-ton composite gondola cars.
750
Burlington. The following table indicates the number of
The following equipment has been ordered from outside industrial sidetracks built and extended during the year: New Tracks. Extensions.
shops and will be delivered in 1929:
On Lines East of the Missouri River
46
10
6—Class M-4 (2-10-4) freight locomotives.
On Lines West of the Missouri River
13
3
59
13
Eight Class S-1 and S-2 (4-6-2)locomotives were converted
The number of new leases of property for industrial and
to Class S-1-A and 8-2-A and improved by applying frames
of heavier design, Schmidt superheater, new cylinders ar- business purposes made during the year, after deduction of
ranged for outside steam pipes, Walschaert valve gear, feed leases of similar character canceled or expiring and not rewater heaters, 83/2 in. cross compound air pumps, &c. We newed during the year, was 149. There was a net addition
own 120 Pacific type S-1 and S-2 locomotives, 81 of which of 247 business concerns on the line during the year, on
have been converted, leaving 39 yet to be changed. It is property served by our tracks. Twenty industries located
on property served by our tracks made substantial additions
planned to continue this program in 1929.
Franklin boosters were applied to two S-1-A and five 5-2-A to their plants.
(4-6-2) locomotives, making total of nineteen passenger locoAGRICULTURAL.
motives now so equipped.
The grain yields throughout our territory, although not
Program of converting Class 0-2 (2-8-2) type locomotives exceeding any previous record productions, based on the
to 0-2-A was continued in 1928, sixteen locomotives having volume of business handled by our line, were very satisfacbeen changed by replacing present frames with those of tory. Wyoming had the best agricultural year in her history.
heavier section, old C. B. & Q. pattern with Hulson grates, Beet growers in Wyoming,Colorado, Nebraska and Montana
Street stokers with the improved Duplex stokers, Emerson received a record payment for their crops. A record crop
superheaters with Schmidt superheaters, wooden cabs with of beans was harvested in Wyoming: Great Northern variety
steel cabs and by application of force feed lubricators, feed beans exceeded last year's crop by 35%, the Big Horn Basin
water heaters, &c. We own 100 Mikado type 0-2 locomo- producing 320 cars.
tives, 38 of which have been converted. This program is to
Cooperation was given in p'lacing a Wyoming exhibit at
be continued in 1929.
the Omaha and Chicago Live Stock Shows, which gained a
Feed water heaters were applied to 46 locomotives.
large amount of publicity for the state, and assistance was
Radial buffers were applied to 28 Class 0 (2-8-2) locomo- given many communities in arranging for advertising camtives.
paigns. Settlement was completed on 44 farm
Arch tubes were applied to61 locomotives of various classes. prising the first section of the Willwood Division units comof the ShoFranklin and Lam type automatic fire doors were applied shone government irrigation project;
the second section opened
to 52 locomotives.
in October with 25 units and ten
before the end
Hulson grates were applied to 172 locomotives of various of the year. A total of 462 cars of were taken effects received
emigrants'
classes.
on Alliance, Casper, McCook, Sheridan
Twenty-five Pacific type S (4-6-2) passenger locomotives sions compared with 417 cars in 1927; and Sterling diviwere equipped with Commonwealth swing motion tender land were developed from a limited 2,500 inquiries for
amount of classified
trucks.
advertising. A large amount of literature was distributed.
Mechanical force feed lubricators were applied to 71 locoSubstantial progress was made in northeast Missouri in
motives, replacing hydrostatic lubricators.
furthering the use of agricultural limestone and legumes to
Pursuant to order of the Interstate Commerce Commission build up soil fertility and provide the necessary forage crops
all of our road and switch locomotives were fitted with cab in connection with a live stock
dairying is
program
curtains, and all road locomotives with cab windshields, dur- now being emphasized; 299 dairy rationsin which
were corrected and
ing the year.
43 dairy feeding demonstrations established in 1928. An
Water pressure system, replacing old gravity water system increase in dairy cattle has
section
was applied to sixteen steel or steel underframe passenger cars. and cooperation given a been brought about in this
state-wide dairy movement. A
Seventy-eight mail and mail-apartment cars were equipped series of poultry schools including culling demonstrations and
with electric fans. This is a requirement of the Post Office poultry clinics was held.
Attendance at 76 soil improvement
Department.
meetings totaled 13,320; 1,266 soil tests were made for 512
Sixteen wooden passenger cars were equipped with roller farmers. A Soil Dividend Special visited 20 towns in October
bearings for use as trailers with railway passenger motor cars. and laid foundation
clubs, legume
for
Twelve passenger cars were equipped with axle generators, demonstrations, dairy numerous dairy calf
and poultry schools, contesting
in order to improve lighting.
associations and agricultural improvement clubs. Each of 88
Steel underframes were applied to 58 standard way cars. legume
showed
Steel underframes, reinforced ends, water pressure system marked demonstrations visited for the second time
progress; four new demonstrations were established.
and axle generators were applied to two 70ft. wooden coaches. A total of 167 lime
established in
storage
Steel plates and reinforced ends were applied to 13 dining Lines East territory with bins have now been
29 new bins in 1928. There has been
cars.
an increase of 163 cars of commercial fertilizer shipped to MisSeventy-four freight cars were equipped with steel center souri points and a gain
of 19 cars of lime; also increase of 88
sills with cover plates.
cars of lime to Illinois points. Nineteen carloads of soy
Cover plates were applied to 322 steel center sill freight beans were shipped from northeast Missouri points which
cars.
have never originated full carloads of this crop previously.
Steel ends were applied to 1,778 box ears.
Efforts to stimulate support of county agent work resulted
MAY
3021
FINANCIAL CHRONICLE
4 1929.]
Total.
Accident.
Sickness.
For—
in employment of three new county agents in Missouri. Death
$4.798,580.50 $1,920,305.68 $6,718,886.1810,370,441.635,439,040.63
4,931,401.00
Assistance was given in stimulating fruit and vegetable pro- Disability
1,671,568.31
1,671,568.31
duction in Illinois and Iowa; 197 ears of peaches moved from Surgical attendance
$9,729,981.50 $9,030,914.62 $18,760,896.12'
southern Illinois as compared with 178 in 1927; eight cars of
Total
cantaloupes originated as result of development of a new
7,412 members have died, 5,291 from sickness and 2,121
cantaloupe association to which assistance was given. A new from accident (266 of the latter cases while off duty) dis•
acreage of fruit and vegetables was developed in Atchison ability benefits have been paid in about 255,000 cases of
County, Kansas. Over 7,000 acres of rice were grown in sickness and 210,000 cases of accident. The total contributhe Elsberry, Missouri, district. A United States rice experi- tions of members have been about $19,000,000; interest on
mental farm has been established in this section to study cash balances, income and profit from investments and
methods and stimulate yields which were not satisfactory miscellaneous receipts have amounted to about $780,000;
this year. Assistance was given in advertising for Weston, these two amounts making the total receipts about$1,000,000.
Missouri, tobacco market which opened in December with in excess of the benefits paid. The Company is holding in
buyers from all large companies and prospects of a high trust for the Relief Fund a cash balance of $295,838.81
average price on a four million pound crop.
upon which it pays 4% interest, and bonds of the C. B.& Q.
A survey in wheat growing sections on Lines West to and affiliated roads of the par value of $765,000 which were
determine benefits from operation of wheat smut prevention purchased for the Relief Fund at cost of $722,043.06. The
train in 1927 disclosed a 32.31% increase in amount of seed Company furnishes facilities for carrying on the work of the
wheat treated to prevent smut as compared to 1927; this Relief Department and pays operating expenses: the exresulted in a 46.39% decrease in smut in the 1928 crop; penditure by the Company on that account in 1928 being
42.8% more seed was treated in the fall of 1927 as compared $134,636.14, making a total of $3,666,320.11 since the Fund
with 1926.
was established. The average age of our members Dec. 31
In survey to determine benefits from operation of poultry 1928, was 36 years 9 months, an increase of 4 years in
special train in 1927 in five Lines West states it was found the last twenty years—this is indicative of the increasing
that 600 new, modern-type poultry houses have been built permanency of our force. Appreciation of the opportunity
and over 400 remodeled 150 new brooder houses have been for death and disability protection afforded by the Relief
communibuilt. Poultry production has doubled in many.
Department is evidenced both by a higher percentage of
ties with distinct advance in quality commanding better employees who are members, and members increasing the
prices. Turkey production increased 126% in Colorado in amount they have previously been carrying.
1928 and 119% in Wyoming, 17 cars of turkeys marketed
The Directors express their appreciation of the co-operafrom the North Platte Valley compares with 5 cars in 1924; tion and the faithful and efficient services rendered by ther
Horn Basin shows an increase of 5 ears officers and employes of the Company during the year.
25 cars from the Big
over 1927 and northeast Wyoming increased turkey shipFollowing herewith is the report of the Comptroller.
ments 4 carloads.
By order of the Board of Directors.
meetings in the Sheridan District resulted
A series of beet
FREDERICK E. WILLIA.MSON,
1928 as compared with 3,800 in 1927;
in a 7,000 acreage in
President.
a follow-up tour disclosed a yield of 15 tons per acre where
methods advocated had been adopted, comparing with 10
GENERAL BALANCE SHEET.
tons per acre where ordinary methods were used. A total
DECEMBER 31 1928.
of 7,000 trees was planted on the Sterling Division at9 points
ASSETS.
in cooperation with the Operating Department for protection
against sand and as an experiment in replacing board snow Investments: in road and equipment:
Investment
set out for beautification of station
fences; 156 trees were
$466,844,149.97
Road
125,830.159.88
Equipment
grounds at 11 points. A hog sanitation campaign was con3.148,500.68
General expenditures
Red clover seed
,
$595,822.810.53
ducted in four eastern Colorado counties.
654,410.15
property sold
in the Big Horn Basin to
Deposits in lieu of mortgage
experiments were inaugurated
953,807.87
Miscellaneous physical property
was given
develop seed production. Considerable assistance
Investments in affiliated companies:
$32,079,912.39
in marketing Wyoming and Nebraska seed potatoes and
Stocks
810,283.04
Bonds
forth their advantages were
10,000 copies of folder setting
4,182,928.69
Notes
7.149,837.36
distributed to stimulate demand. Cooperation was given in
Advances
44.222.961.48exhibition of two historical ears viewed by 181,000 people at
Other Investments:
$4,038.00
34 Lines West stations during special celebrations, including
Stocks
9,518,532.68
Bonds
the Nebraska State Fair. Our representatives participated
341.738.81
Notes
458.13
in numerous programs of agricultural and real estate associaMiscellaneous
9,864,767.62
tions and community, county and state organizations. A
$651,518.757.65.
large amount of publicity material was prepared for the
investments (capital assets)
Total
press; a partial record on Lines East shows a total of 512 Current Assets:
$12.549,245.67
Cash
articles totaling 240 columns appearing in 112 publications
283,023.01
Time drafts and deposits
104,230.00
Special deposits
with total circulation of over eight and one-half million. A
259,487.85
bills receivable
Loans and
corresponding amount of publicity was secured in Lines West
Traffic and car-service balances receivable 1,197.022.52
territory with numerous illustrated articles describing develNet balance receivable from agents and
1,504,345.36
conductors
opment and opportunities in our territory.
5,707,056.37
receivable
PENSION DEPARTMENT.
The Pension Department was established January 1 1922.
During 1928, 201 employees were added to pension roll
and 103 pensioners died. The number carried on pension roll
December 31 1928, was 1,091, their average monthly pension
being $55.38, average age at retirement 68 years one month,
and their active service average 38 years. The charges to
pension account in 1928 amounted to $770,580.55, and the
cost of the operation of the pension plan since its establishment has been $3,803,016.45. A total of 1,677 employees
have been placed on the pension roll, 586 of whom have died.
The increase in average monthly pension of $1.93 is due to
an increase of almost a year in continuous service of those
who retired; the trend is toward greater permanency in employment, which will probably be reflected in both an increase in monthly average of pension and total yearly cost.
RELIEF DEPARTMENT.
The Relief Department was established June 1 1889, and
is rounding out its 40th year of operation. Membership at
Dec. 31 1928, was 32,955, 70.57% of the employees, as
against 67.29% Dec. 311927: the total death benefit carried
:
by the members is $29,.541 000, their average death benefit
is $896.41 and daily disability benefits $1.22 the Engine,
Train and Yard men average death benefit of $1,330.95 and
daily benefits of $1.80. Benefits were paid in 1928 as follows:
For—
Death
Disability
surgical attendance
Total
Sickness.
$255.663.79
180,853.45
Accident.
$42,734.00
132.544.40
74.114.05
Total.
$298,397.79
313,397.85
74.114.05
$436,517.24
$249.392.45
$685.909.69
Contributions of members in 1928 were $734,654.89 and
other income $46,452.71. During the year 284 members
died, 248 from sickness and 36 from accident (12 of the
latter cases being due to accidents while off duty);. 8,291
members were reported disabled, 4,982 from sickness and
3,309 from accidents.
The total benefits paid since the establishment of the
Relief Department were:
Miscellaneous accounts
Material and supplies
Interest and dividends receivable
Rents receivable
Total current assets
Deferred Assets:
working fund advances
Other deferred assets
Total deferred assets
Unadjusted Debits:
Insurance premium paid in advance__ __
Discount on funded debt
Other unadjusted debits
14,555,426.07
56,012.35
45,061.61
36,260.910.81:
$33.319.58
182,200.21
215,519.79
3107,483.05
5,575,642.80
3.135,927.08
8,819.052.93
Total unadjusted debits
Grand total
$696,814,241.18
LIABILITIES.
Capital Stock:
$170.839.100.00•
Common stock
Long Term Debt:
$248,407,000.00
Funded debt unmatured
Less bonds held by or for the Company- 28.735,000.00
219.672.000.00'
Total long term debt outstanding
Current Liabilities:
Traffic and car-service balances payable_ $2,387.317.00
Audited accounts and wages payable... 7,307.133.56
716,696.65
Miscellaneousaccounts payable
984.174.50
Interest matured unpaid
93,600.00
unpaid
Funded debt matured
2.265.793.33
Unmatured interest accrued
122,468.38
Other current liabilities
Total current liabilities
Deferred Liabilities:
Other deferred liabilities
Unadjusted Credits:
Tax liability
Insurance and casualty reserves
Accrued depreciation—Equipment
Other unadjusted credits
13,877.183.42'
91.608.64
$7.950,577.32
1,643.109.49
65,441,108.01
5.551.941.86
80.586.736.68
Total unadjusted credits
Corporate Surplus:
Additions to property through income
$501,498.89
and sukplus
44,044,176.95
Funded debt retired through income
600.00
Sinking fund reserves
167,201,336.60
Profit and loss
211,747.612.44
Total corporate surplus
Grand Total
$696.814.241.18
3022
FINANCIAL CHRONICLE
[Vol.. 128
NORTHERN PACIFIC RAILWAY COMPANY
THIRTY-SECOND ANNUAL REPORT-FOR THE YEAR ENDING DECEMBER 31 1928.
Office of the
RATIOS.
NORTHERN PACIFIC RAILWAY COMPANY,
1917. 1924. 1925. 1926. 1927. 1928.
•
St. Paul, Minnesota, March 26 1929.
per. exps. to oper. revs_ 60.41 74.02 71.50 70.12T 71.00 69.91
To the Stockholders of the
trans. exps. to °nen revs.32.34 35.88 34.27 33.17V 33.38 32.41
Taxes to oper. revenues__ 7.83i 8.97
Northern Pacific Railway Company:
9.55i 9.40% 9.32
9.57 o
The following, being the thirty-second annual report,
TRANSPORTATION-RAIL LINE.
shows the result of the operation of your property for the
The charges for transportation expenses were $32,825,year ending December 31 1928:
514.56, an increase of $923,222.08, or 2.89%, as against an
increase in total operating revenue of 5.96%.
INCOME ACCOUNT.
Increase +
MAINTENANCE OF EQUIPMENT.
1928.
Decrease
1927.
Average mileage operated- The charges for maintenance of equipment were $18,6.729.84
6.669.95
+39. 9
Operating Income$
700,310.67, an increase of $835,138.42, or 4.67%. Of the
Operating revenues
101,272,723.78 95,574,816.28 +5,697,907.50
Operating expenses
70,801.966.02 67,854,738.56 +2,947,227.46 total charges $4,181,558.84 represents depreciation, accrued
at the rate of 4%.
Net operating revenue
30.470.757.76 27.720,077.72 +2.750.680.04
Railway tax accruals
9.088.173.23 8.907.123.66 +781,049.57
LOCOMOTIVES.
Uncollectible railway revenues
20,681.25
20,009.94
Railway operating income.. 20,761
Equipment rents
-Net
1.985,490.66
Joint facility rent
-Net
2,341,177.85
Net railway oper. income-25,088.571.79
+671.31
18,792.944.12 +1.968.959.16
1,728,209.39 +257.281.27
2,071,683.22 +269,494.63
22,592,836.73 +2,495.735.06
Non-operating Income
Income from lease of road- _
333.342.35
330,513.00
Miscellaneous rent income_
502,743.19
513,618.98
non-oper. phys. prop. 244,131.18
263,130.70
Dividend income
9,333,797.05 9.336,122.00
Income from funded securities 599,426.52
730.657.77
Income from unfunded securs.
and accounts
292,687.66
255,799.00
Miscellaneous income
14,390.50
5,222.51
Total non-operating income..11.320.518.45 11,435,063.96
Total number of locomotives on active list December 31 1927
Additions:
Locomotives purchased
1,220
None
1,220
Deductions:
Locomotives sold
Locomotives withdrawn from service, to be dismantled
11
77
-
+2.829.35
-10,875.79
Total locmotives on active list, December 31 1928
-18,999.52
-2,324.95 In addition to locomotives on active list there were:
-131,231.25
Withdrawn from service and on hand December 31 1927
Withdrawn from service during the year
+36,888.66
+9.167.99
Less-Dismantled
-114,545.51
Gross income
36.409,090.24 34.027.900.69 +2,381.189.55
Deductions from Gross Income
Rent for leased roads
51,470.65
51.470.65
Miscellaneous rents
74,849.29
76,770.71
-1.921.42
Miscellaneous tax accruals_ _ _ 132.904.17
219,658.59
-86.754.42
Interest on funded debt
14.646.254.70 14.714,082.32
-07,827.62
Interest on unfunded debt
131,682.09
150,501.34
-18,819.25
Amort. of disc, on funded debt
31,939.79
34,963.54
-3,023.75
Miscellaneous income charges.. 206,779.36
242,029.76
-35.250.40
Total deduct,from gross inc.15,275,880.05 15,489.476.91 -213,596.86
Net income
21.133,210.19 18,538,423.78 +2,594,786.41
Dividend requirements
12,400,000.00 12.400,000.00
Balance for the year
8.733.210.19 6.138,423.78 +2,594.786.41
EARNINGS.
FREIGHT BUSINESS.
Freight revenue was $81,724,976.48, an increase of $6,262,021.52, or 8.30%.
The number of tons of revenue freight carried was 24„089,259, an increase of 986,940, or 4.27%.
7,052,061,971 tons of revenue freight were moved one mile,
an increase of 480,587,173 tons one mile, or 7.31%.
The average revenue per ton mile increased from 1.148
cents to 1.159 cents.
The revenue train load increased from 670.22 to 695.87
tons. The total train load, including company freight,
increased from 777.53 to 807.43 tons.
The number of miles run by revenue freight trains, including proportion of mixed, was 10,134,180, an increase of 329,280, or 3.36 per cent.
88
1 132
None
77
-
Leaving on hand locomotives withdrawn from service which may
be sold or dismantled
77
53
24
PASSENGER EQUIPMENT.
Comparative Number and Seating Capacity of Passenger Cars.
Inc. (+) or
Dec.(-)•
Num- Seat'g Num- Searg Num- Seat'g
ber. Caper. ber. Caper. ber. Caper.
Dec. 311928.Dec. 311927.
Coaches-first class
Coaches
-second class
Cafe coaches
Combination passenger cars_ _ _
Gasoline rail cars
Tourist cars
Buffet and observation cars_ _ _
Parlor cars
Sportsmen's car
218 17.372
158 10,400
384
6
67 2.020
627
14
6 312
45 1.647
589
15
1
17
224 17.852
164 10,748
Total passenger carrying cars
Dining cars
Express refrigerator cars
Postal cars
Baggage and express cars
Mail and express cars
Gasoline rail cars
530 33.368
45
151
3
164
94
2
537 33.845
45
151
3
165
94
2
Total passenger train cars__ _
989 33,368
997 33,845
67 2
.62O
627
14
6 312
46 1.680
589
15
17
1
-486
--6 -348
+6 +384
-33
-------
-7 -477
-1
-8 -477
During the year the following conversions from one class
to another were made: Six first class coaches to cafe coaches.
1 second class coach, 1 buffet and observation, and 1 baggage
car to work equipment. Five second class coaches were sold.
On December 31 1928, of the 989 passenger cars owned,
644 were not due in shops for two months or more.
Three gas-electric cars were delivered early in 1929. The
purchase of 7 additional gas-electric cars, 5 mail and express
PASSENGER BUSINESS.
cars and 7 combination passenger and baggage cars has
Passenger revenue was $10,732,830.25, a decrease of been authorized.
$1,040,452.45, or 8.84%.
FREIGHT EQUIPMENT.
Mail revenue was $1,801,010.81, an increase of $101,Comparative Number and Capacity of Freight Cars.
769.46, or 5.99%.
Express revenue was $1,923,732.32, an increase of $132,Increase (+)
059.23, or 7.37%.
Dec. 311928.
Dec. 311927. Decrease (-).
Sleeping car, parlor and chair car, excess baggage and
Num- Capacity Num- CapacityNum- Cnpacity
miscellaneous passenger revenue was $971,531.22, a decrease
ber. (Torts). ber. (Tons). her. (T0713)•
of $112,938.15, or 10.41%.
Box
24,322 972,88024.450 977,570-128 -4,690
Total revenue from persons and property carried on pas- Automobile
2.941 137,580 2.948 137,880 -7 -300
Refrigerator
4,850 161.520 4,879 162,365 -29 -845
senger and special trains was $15,429,104.60, a decrease of Stock
2,100
65.610 -35 -290
65,320 2,135
Flat
$919,561.91, or 5.62%.
7,009 252,985 6,597 235,595 +412 +17,390
Coal
6,923 345,990 6,987 349,010 -64 -3,020
The number of passengers carried was 2,203,569, a de- Ballast and ore
1,421
74.830 -77 -3,080
71,750 1,498
crease of 477,152, or 17.80%. The number of passengers
Total
49,566 2,008,025 49,494 2.002,860 +72 +5.165
carried one mile was 348,013,851, a decrease of 31,977,330,
or 8.42%.
Percentage
+0.15 +0.26
The number of miles run by revenue passenger trains, Average
An
An 47
capacity per car
4-0 04
.
including proportion of mixed, was 9,065,975, a decrease of
The purchase of 100 stock cars, 500 gondolas, 200 flat
514,679, or 5.37%.
Mahe average revenue per passenger mile decreased from cars, 100 hopper coal cars and 500 automobile cars has been
authorized.
3.098 to 3.084 cents.
FREIGHT CAR SITUATION ON DECEMBER 31.
EARNINGS AND EXPENSES PER MILE OPERATED.
GI
1917.
1924.
1925.
1926.
1927.
1928.
$
revs. perO.
$S
$
$
$
mile
13,526.37 14,265.46 14,620.55 14,568.38 14,329.17'15.048.31
Oper,expenses
per mile_ _ _ 8,171.39 10.558.94 10.453.59 10,215.11 10.173.20 10,520.60
Net oper rev.
per mile.._ 5.354.98 3,706.52 4,166.96 4,353.27 4,155.97 4,527.71
Taxes per mile 1,059.52 1,279.47 1,396.39 1,369.45 1,335.41 1,439.59
Net after taxes 4.295.481 2.427.05 2.770.57 2.983.82 2.820.56 3.088.12
1928.
Northern Pacific cars on line
38,932
Foreign cars on line
8,322
Total cars on line
47,254
Northern Pacific cars on foreign lines
10,634
Number of cars unserviceable
3.183
Percentage of unserviceable to total cars on line
6.73
Number of cars requiring heavy repairs
1,741
Percentage of above to total cars on line
3.68
Number of cars requiring light repairs
1,442
Percentage of above to total cars on line
3.05
Inc.(+)
1927. Dec.
(37,077
7,587
44.664
12,417
3.398
7.61
1,656
3.71
1.742
3.90
+1,858
+735
+2.590
-1,783
-215
-.88
+85
-300
-.85
FINANCIAL CHRONICLE
MAY 4 1929.]
MAINTENANCE OF WAY AND STRUCTURES.
The charges for maintenance of way and structures were
$12,596,853.25, an increase of $631,574.83, or 5.28%.
The table on page 30(pamphlet report) shows the distribution of this increase under the respective accounts.
The following statements give particulars of some of the
work done.
GENERAL.
FINANCIAL RESULTS OF OPERATION.
The Net Railway Operating Income of the Company in
1928 was $25,088,571.79 an increase of $2,495,735.06,
or 11.05% over 1927. The Net Income of the Company
in 1928, after paying all charges, was $21,133,210.19, an
increase of $2,594,786.41, or 14.00% over 1927.
RETURN ON PROPERTY.
Year Ending
December 31
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
Railway Property
Investment
including Material
and Supplies•
and Working Cash
at end of Year.
$519,390,340
524,278,065
531,518,194
532,312.282
547.614,271
559.236,547
557.966,448
581,455,528
586,395,122
596,316.581
608.490.106
617,172,925
624.378,240
Net Railway
Operating
Income.
$33.446.012
30.491.140
24,217.342
14.368,479
7.949,458
10,843,826
19.450,515
17.100.557
19.861,077
22,227,319
24,213,700
22,592.837
25.088,572
Return on
Investment
Per Cent.
6.439
5.816
4.556
2.699
1.452
1.939
3.486
2.941
3.387
3.727
3.979
3.661
4.018
There has been an important development during the
year in the extension and use of natural gas from the Glendive-Baker Anticline in eastern Montana. Pipe lines now
serve Glendive, Terry, and Miles City, Montana, and the
entire Black Hills district of South Dakota. Further extensions are being considered.
A bill providing for submission to the courts of the controversy concerning the erroneous inclusion of Northern
Pacific indemnity lands in the National Forest Reserves
was introduced at the recent session of Congress. It
passed the House of Representatives, but was not voted on in
the Senate. The necessary legislation will doubtless be
adopted at the next session.
TAXES.
The following statement shows taxes accrued each year
during the past four years:
1927
1925
1926
1928
37,868,689.54 $7,627.522.69 $7,657,980.10 38.199.054.42
State taxes
Federal taxes-- - 1.433,269.69 1,484,402.25 1.207.638.23 1,449,562.01
Canadian & mis39,222.05
41.505.33
39.556.80
cellaneous taxes 44,936.61
$9.346,895.84 $9.151.146.99 $8,907,123.66 39,688,173.23
Total
COMPARATIVE STATEMENT OF PAYROLLS.
A comparison of payrolls and number of employes for a
period of years ending December 31, follows:
1916
1917
1918
1919
Hearings in the general class rates investigation being 1920
1921
conducted by the Interstate Commerce Commission, men- 1922
tion of whin was made in the 1926 and 1927 reports, were
concluded during the year. Briefs have been filed but no
conclusions have been announced by the Commission. This
proceeding has afforded the carriers an opportunity to seek
partial relief from seriously inadequate earnings in Western
Trunk Line territory through proposals for increased class
rates throughout the Middle West. The rate increases proposed affect the entire class rate adjustment in the territory
served by the Northern Pacific east of Mandan, North
Dakota.
The general investigation of the rate structure of the
country by the Interstate Commerce Commission under
the so-called Hoch-Smith Resolution is still going on. During the year hearings were completed in seven of the eleven
branches of this investigation, including the class rates
investigation above mentioned, the grain rates investigation,
and the live stock rates investigation, which are of primary
importance to the Northern Pacific.
VALUATION WORK.
It was stated in the annual report for 1927 that the officer
of your Company, being of the opinion that the tentative
valuation as of June 30 1917, which the Interstate Commerce Commission had placed upon the Northern Pacific
property was too low, had filed a protest and supported hat
protest by oral testimony. The Commission has not as yet
rendered its decision on this protest.
The Valuation Act requires the Commission from time
to time to revise and correct its valuation of railroad properties. 'In accordance with this requirement, the Commission has decided to establish a valuation as of December 31,
1927, for all railro_cl properti s, and employes of your Company are now engaged in furnishing to the Bureau of Valuation the information which it has called for to enable it to
establish a valuation of Northern Pacific properties as of
the date named.
At the end of 1928, six employes were engaged in valuation
work and the amount expended by the Company to that
date in connection with the work was $2,381,538.18.
3023
No. of
Pay Rolls Employes
328,204,669
35,877.879
49,632.127
52,605,396
66,503.794
50,643.526
49.041,401
No. of
Pay Rolls Emploves
351,921,572
45.950,886
46.188,348
44.938.046
44.952.702
46.261.466
28.899 1923
31.887 1924
32,228 1925
33,700 1926
35.553 1927
28,911 1928
27,899
11.44
27,133
26,831
26,111
25.728
25,841
The increase in the payrolls for 1928 as compared with
1927 is accounted for by increases in rates of pay as the result
of arbitration awards in 1928; by wage increases awarded in
1927, the full effect of which was not felt until 1928, and
by an increase in the number of hours worked by employes
because of a heavier volume of business handled.
SECURITY OWNERS.
There are now 36,335 owners of stock and about 30,000
owners of bonds of the Company.
As showing the number of small stockholders, the following
figures are given:
18,690 hold from 1 to 19 shares;
12,368 hold from 20 to 99 shares;
31.058 or 85.48% hold less than 100 shares each;
5,277 hold 100 or more shares.
36,335 the stockholders are women;
Total
14,927 of savings banks, insurance companies, trustees, guardians,
2,979 are
colleges, and charitable institutions.
IMPROVEMENT IN EQUIPMENT.
On December 31, 1928, the Company had 49,566 freight
ears with a total capacity of 2,008,025 tons, and an average
capacity of 40.51 tons. The following tabulation shows a
comparison of freight car condition:
Cars new or rebuilt since March 1 1920 Cars with steel center sills
underframes
Cars with steelconstruction
Cars-all steel roofs
Cars with metal
Cars with steel ends
1920.
18,860
3.773
3,795
19.094
March 1
Dec. 31
1928.
36.034
23.114
13,911
4,196
30.825
5,982
All classes o equipment and locomotives have been adequately maintained and are in good condition. Eight
hundred and twelve locomotives are equipped with superheaters, and two hundred and eight-three are equipped with
mechanical stokers. The total tractive power of locomotives on December 31, 1928, was 47,966,680 pounds, an
average of 42,373 pounds.
LINES ABANDONED.
The relocation of the Bitt r Root Branch between Florence
and Hamilton, Montana from the west side to the east side
LAND DEPARTMENT.
The operations of the Land Department for the year, of the Bitter Root River was completed November 14, 1928.
The abandonment and removal of the old White Pine
which are summarized in statements appearing on pages
47 and 48 show a marked improvement over the preceding Hill Line between Pinehurst and Trout Creek, Montana,
was completed on April 25, 1928.
year.
During the year 233,891.28 acres were sold, as compared
FINANCIAL CONDITION.
with 134,097.62 acres sold in 1927, an increase of 74.42%.
During the past year outstanding securities amounting
The total of land, town lot, timber, and miscellaneous to $1,472,500 have been retired, reducing the funded debt
sales, in 1928 amounted to $3,226,477.35, as compared with from $318,232,000 to $316,759,500. The net expenditures
$1,618,651.14 in 1927, an increase of 99.33%. Contracts for additions and betterments amounted to $5,852,268.
covering 51,341.70 acres, representing $428,647.27, were Since December 31, 1915, $112,758,130 have been expended
cancelled, as compared with cancellations in 1927 of 138,- on additions and betterments to the property. In he same
426.87 acres, representing $698,990.44, a decrease of 62.91% period, not considering the increase in debt due to the rein acreage and 38.68% in deferred payments. The net cash funding of the Northern Pacific-Great Northern (C. B.& Q.
receipts for the year were $962,490.93, as compared with Collateral) Joint 4's fn 1921, the total debt outstanding in
$361,958.26 in 1927, an increase of 165.91%. The outstand- the hands of the pubi3 decreased $7,473,400. Excepting
ing deferred payments on land contracts on December 31, certain Equipment Trust Certificates and Branch Line
1928,amounted to $4,616,762.23, as compared with $3,761,- Bonds, totaling $8,439,000, which mature from time to time
602.12 on December 31, 1927,an increase of 22.73%. These between now and the year 1968, none of the Company's
comparisons re.lect the improved conditions generally pre- funded debt will mature before 1996, and the larger part
vailing in your Company's territory.
of it will not mature until 2047.
Interes, has continued in Redwater Valley land in eastern
PENSION DEPARTMENT.
Montana where your Company's branch line from Glendive
On December 31, 1928, there were on the retired list 720
to Circle and Brockway was completed on September first. employes, whose average monthly allowance was $51.96.
During the period from July 1, 1927, to December 31, 1928, During the year 164 employes were added to the list, and
75,928.17 acres of railroad lands were sold for $978,105.45. 61 died. The total amount disbursed during the year was
In addition, 22,011.42 acres, consideration $275,083.06, $420,649.21.
were covered by short time options at the end of the year.
NORTHERN PACIFIC RAILWAY COMPANY
Seventy-five new families have located in the territory, UNIFICATION OF NORTHERN RAILWAY COMPANY.
AND GREAT
and the outlook for additional sales and settlements for 1929
The final hearing for taking testimony was held at Washis exceptionally good.
ington, D. C., on March 19, 20 and 21, 1928, before the
3024
FINANCIAL CHRONICLE
. VoL. 128.
[
ness on and after March 1, 1929, by acquiring for that purpose the operating equipment and properties of the American
Railway Express Company.
The stock of the Railway Express Agency, Incorporated,
is owned by the participating railroads on the basis of the
ratio of express business handled on each railroad to the
EXPRESS BUSINESS.
total express business handled by all of the participating
During and since the period of Federal Control of railroads, railroads.
SUBSIDIARY COMPANIES.
the express business of the country has been conducted by the
American Railway Express Company unde: a contract
The operating results of the Spokane, Portland & Seattle
which, having been extended from time to time, expired Railway Company, together with its subsidiaries, . the
February 28, 1929. As a result of studies that have been Oregon Trunk, Oregon Electric, and United Railways, will
made, the railroads, including your Company, have reached be found on page 49, and those of the Minnesota and Interthe conclusion that the express business can be handled national Railway Company on page 50.
more efficiently through their own express agency. AcBy order of the Board of Directors,
cordingly, the Railway Express Agency, Incorporated, has
CHARLES DONNELLY, President.
been formed to conduct the operations of the express busiDirector of the Bureau of Finance and a member of the
Commission. Subsequently briefs were filed by the applicants and by interveners. On October 3, 4, and 5 the case
was presented to the full Commission in oral argument and at
the conclusion of the argument taken under consideration
by the Commission.
GENERAL BALANCE SHEET, DECEMBER 31 1928.
ASSETS.
INVESTMENTS.
ROAD AND EQUIPMENT—1928.
5473.574,001.00
Road
119.354,055.39
Equipment_
3,716,189.38
General
$596,644,245.77
DEPOSITS IN LIEU OF MORTGAGED PROPERTY (Net moneys in hands of
340,524.89
Trustees from sale of landgrant land. etc.)
11,271,177.76
MISCELLANEOUS PHYSICAL PROPERTY
INVESTMENTS IN AFFILIATED COMPANIES—
144.085.285.01
Stocks
30,198,047.75
Bonds
2,264,761.17
Notes
3.665,322.51
Advances
$180,213,416.44
OTHER INVESTMENTS—
301.00
Stocks
2,430.587.17
Bonds
1,970,962.50
U. S. Treastwy notes and certificates
4,616,762.23
Contracts for sale of land grant lands
9,018,612.90
Total Capital Assets
$797,487,977.76
CURRENT ASSETS—
$14,300,067.65
Cash
Special deposits
5,287,381.00
9,954.34
Loans and bills receivable
1,725,017.80
Traffic and car service balances receivable
855,494.39
Net balances receivable from agents and conductors
3,452,075.62
Miscellaneous accounts receivable
11,353,490.37
Material and sueplies
87.556.85
Interest, dividends and rents receivable
86,671.55
Other current assets
$37,157,709.57
Total Current Assets
DEFERRED ASSETS—
44,344.23
Working fund advances
73,821.94
Other deferred assets
Total Deferred Assets
$118,166.17
UNADJUSTED DEBITS—
Balance of Guaranty due from Government
2,345,586.91
Discount on funded debt
16,572,476.55
Other unadjusted debits
Total Unadjusted Debits
$18,918,063.46
Grand Total
$853,681,916.913
1927.
Increase
$468,802,408.71 $ 4.771,592.29
119,420.444.64
3.626.445.72
89,743.66
$591,849.299.07 $ 4,794,946.70
296,164.02
10,269,345.21
262,434.80
$159,984.0
201.00
710,405.29
1,372,650.00
3.761,602.12
5,844,858.41
$788,313,098.35
100.00
1.720,181.88
598,312.50
855,160.11
3,173.754.49
$9,174,879.41
$12,707,212.73
5,326,327.00
29,990.13
1,778,401.89
757,398.21
3,363,659.90
11.653,089.01
102,526.79
92,305.49
$35,810,911.15
$1,592,854.92
2,760,606.14
2,377,474.95
12,660,903.19
$17,798,984.28
$842,068,562.03
484,935.10
435,236.10
333,935,000.00 335.402,500.00
17,170,500.00
17.175,500.00
$316,759,500.00 $318,232.000.00
$565,244,736.10 $566.716,935.10
Total Capital Liabilities
CURRENT LIABILITIES—
Traffic and car service balances payable
Audited vouchers and wages payable
Miscellaneous accounts payable
Interest matured unpaid
ljnmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total Current Liabilities
DEFERRED LIABILITIES—
Other deferred liabilities
Total Deterred Liabilities
UNADJUSTED CREDITS—
Tax liability
Accrued depreciation of equipment
Other unadjusted credits
Total Unadjusted Credits
CORPORATE SURPLUS—
Additions to property through income and surplus
Funded debt retired through income and surplus
Miscellaneous fund reserves
Total Appropriated Surplus
Profit and loss balance
Total Corporate Surplus
Grand Total
$885,327.62
5,547.063.83
• 701,312.77
5,290,319.00
3,100,000.00
375,966.66
7,456.57
110,122.12
$16,017,568.57
$806,707.22
6,352,247.46
1,195,448.91
5,329,265.00
3,100.000.00
390,598.95
7,456.57
165.865.18
$17,347,589.29
166.682.00
$166,682.00
$7,637.081.10
46,526,326.33
10,522,076.62
$64,685,484.05
3,450.00
99,000.00
$38,946.00
20,035.79
53,384.09
299,598.64
14,969.94
5,633.94
$1,346,798.42
776.68
26,625 40
$27.402.08
2,760,606.14
31,888.04
3,911,573.36
$1,119,079.18
$11,613.354.93
Increase.
Decrease.
$301.00
$1,467,500.00
5.000.00
11,472,500.00
$1,472,199.00
e8,620.40
267,925.81
$267,925.81
$9,326,781.79
49,472,390.28
14,664,372.63
$73,463,544.70
_-_
98,096.18
88,415.72
45,120.91
100,447.34
$145,568.25
LIABILITIES.
1927.
1928.
$248,000,000.00 $248,000,000.00
STOCK. •
Capital stock—common
GOVERNMENTAL GRANTS—
Grants in aid of construction
LONG TERM DEBT—
Funded debt (see below)
Less—held by or for the Company
$66,389.25
44,360.87
1,001,832.55
144.085,285.01
30,201.497.75
2,363,761.17
3.402,887.71
$180,053,431.64
Decrease.
805,183.63
494,136.14
38,946.00
14,632.29
55,743.06
$1,330,020.72
101,243.81
$101,243.81
$1,689,700.69
2,946,063.95
4,142.296.01
$8,778,060.65
$136,092.82
$774,413.46
$638,320.64
311,232.50
17,321,395.79
17,010,163.29
167,815.01
327,479.26
159,664.25
S18.423,288.51
$615,140.33
$17,808,148.18
180,366,097.08
5.i23,17.48
175,242 479 60
$5,738,757.81
$198,789,385.59 $193 050,627 78
$853,681,916.96 5842.068,562.03 $ 11,613.354.93
FUNDED DEBT DECEMBER 311928.
NAME.
Amount
Nominally
Outstanding.
Amount.
INTEREST.
Amount Held
Charged
by or for
Amount
Date
Income for
When
Northern
Actually
of
MaYear Ending
Pacific
Outstanding. Issue. lures. Rate. Payable. Dec. 31 1928.
Railway Co.
Issued.
$4.318,477.38
r. Jan.
$107,752,100
4
$107,752,100 1897 1997
Northern Pacific By. Co. prior lien mortgage
1,636,545.00
60,000,000 55,448,500 54,551,500 1897 2047
37, 9r. Feb.
Northern Pacific Ry. Co. general lien mortgage
14,200.00
355,000
4 june, Dec.
Division mortgage—
355,000 1900 1996
-Duluth
Northern Pacific By. Co. St. Paul
900,000.00
Jan., July
20,000,000___ 20,000,000 1914 2047 414
Nor. Pacific. Ry. Co. refunding and improve. mtge., Ser. A
6,417.576.00
107.295,600
8 Jan., July
336,000 106,959,600 1921 2047
By. Co. refunding and improve. mtge., Ser. B,
Nor.Pac.
435,115.00
5 Jan., July
8,702.300
--__-,—
8,702,300 1922 2047
Nor. Pac. By. Co refunding and improve. mtge., Series C__- _
500,000.00
17,837,000
5 Jan., July
7,837,000 10,000.000 1923 2047
Nor. Pac. By. Co. refunding and improve. mtge., Series D
74,812.50
7 May, Nov.
900,000
900,000 1920 1930
1920, certificates—
Northern Pacific By. Co. equipment trust
93,656.25
1,800,000
1,800,000 1922 1932 4M Feb., Aug.
Northern Pacific By. Co. equipment trust 1922, certificates
129,103.12
2,820,000
2,820.000 1925 1040 43i 0 Mar.,Sept.
Northern Pacific Ry. Co. equipment trust 1925, certificates_
Assumed.la
g
50,000.00
1,000,000
5 Feb., Aug.
1,000.000 1881 1931
St:Paul and Duluth RR.first mortgage
40,000.00
4 June, Dec.
1,000.000
1,000,000 1898 1968
StiPaul and Duluth RR.first consolidated mortgage
5,600.00
4 Jan.., July
2,620,000
2,480,000
140,000 1895 1935
The Washington and Columbia River By. first mortgage
31,169.45
*1,853,000
4 0 Qr. Mar.
1,074,000
779,000 1898 1948
The Washington Central Ry.first mortgage
STIR ORA nnn 217 17A ann 411A 7c0 Knn
.
214.648.254.70
Total
Washington Central Railway Company deeded to this Company subject to these bonds.
*Railway and property formerly of the
MAY 4 1929.]
FINANCIAL
3025
CHRONICLE
CAPITAL STOCK.
$248,000.00
'There was no change in the amount of capital stock outstanding during the year, viz
FUNDED DEBT.
Funded debt has been reduced as follows:
$332,500
5,000
450,000
450,000
235,000
Prior Lien bonds purchased and canceled under Article 8. Section 2 of mortgage
The Washington Central Ry. Co. first mortgage bonds reacquired and held in treasury
Equipment Trust of 1920, certificates redeemed
Equipment Trust of 1922, certificates redeemed
Equipment Trust of 1925, certificates redeemed
31.472,500
Decrease in funded debt
CHARGES TO CAPITAL ACCOUNT.
FOR YEAR ENDING DECEMBER 31 1928.
Engineering
$193,395.17
Land for transportation purposes
150,005.49
Grading
812,698.08
Tunnels and subways
6,974.83
Bridges, trestles and culverts
512,626.05
Ties
344,961.20
Rails
484,089.58
Other track material
728,778.58
Ballast
452,455.98
'Track laying and surfacing
368.969.20
• Right of way fences
60,625.61
Snow and sand fences and snow sheds
5,043.37
Crossing and signs
284,810.69
Station and office buildings
325,088.08
Roadway buildings
3,832.22
Water stations
201.673.26
Fuel stations
98,380.99
Shops and enginehouses
158,449.72
Wharves and docks
18.141.32
Coal and ore wharves
1,017.96
Telegraph and telephone lines
85,548.42
Signals and interlockers
97,422.96
Power plant buildings
39,596.50
Power transmission systems
2,910.42
Power distribution systems
11,235.07
Power line poles and fixtures
7,080.43
Miscellaneous structures
29,548.57
Paving
3,696.99
Roadway machines
49,061.51
Roadway small tools
14,465.91
Assessments for public improvements
110,933.90
Revenues and operating expenses during construction
9,092.01
•Other expenditures-Road
1,455.82
'Shop machinery
109.138.36
Power plant machinery
142,160.28
Unapplied construction material and supplies_ _
4,166.40
Total expenditures for road
55,848,549.41
Expenditures. Retirements.
Steam locomotives. $71,869.45 $1,048,160.95 $976,291.50
Freight train cars_ _ 1,222,008.81
568,838.11 653,170.70
Passenger train cars
57,777.90
49,129.34
8,648.56
Work equipment __
368,423.19
121,572.43 246,850.76
Miscell. equipment
1,232.23
1,232.23
51.721,311.58 $1,787,700.83
Total expenditures for equipment
6,100.01
General officers and clerks
2,832.59
Law
188.75
Stationery and printing
8,724.04
Taxes
71,300.45
Interest during construction
795.52
Other expenditures-General
Total general expenditures70,107.62
$5,852,267.78
Net charges to capital for the year
Adjustment of road, prior to July 1 1907-adjusting value of
estimated land grant acreage transferred to account 705 in
1,057,321.08
• 1920, to value of actual acreage
$4,794,946.70
Net increase in capital account this year
COMPARATIVE STATEMENT OF EQUIPMENT
DECEMBER 31 1917, 1927 AND 1928.
Dec.
Inc.
1928aotutred
w
l .
1917. 1927. 1928.
88
1,361 1,220 1,132
Locomotives
Passenger Tram Cars:
45
54
45
Dining cars
46
46
39
Buffet and observation cars
6
Chair cars
15
26
15
Parlor cars
224
224
218
First class coaches
223
164
158
Second class coaches
6
Cafe coaches
6
6
16
Tourist sleepers
69
68
67
Combination cars
165
165
164
Baggage and express cars
105
94
94
Mail and express cars
3
15
3
Postal cars
87
151
151
Express refrigerator cars
16
16
Gasoline rail cars
1,029
997- iff89
Total passenger train cars
Freight Train Cars:
25,709 24,450 24,322
Box cars
772 2,948 2,941
Automobile cars
4,354 4,879 4,850
Refrigerator cars
2.361 2,135 2,100
Stock cars
8,144 6,597 7,009
Flat cars
62
Oil cars
5.130 6.987 6,923
Coal cars
1,548 1,498 1.421
Ballast and ore cars
48,080 49,494 49,566
Total freight train cars
Miscellaneous Equipment:
582
551
555
Cabooses
Superintendents' business and instruc25
44
25
tion cars
43
44
74
Boarding cars
Pile drivers, steam shovels, wrecking
3,187 2,925 2.850
cranes and other equipment
Hand,push, motor and velocipede cars 3,568 3,947 3,750
7,428 7,523 7,219
$66,389.25
Total miscellaneous equipment
6
6
6
8
128
7
29
35
412
64
77
72
31
1
75
197
304
FREIGHT AND PASSENGER STATISTICS.
Year 1928.
Mileage
Statistics.
Mileage
Statistics.
Decrease.
Increase.
Year 1927.
• Amount
Rate, &c.
Amount
Rate, &c.
Amount.
Per
Cent. Amount.
Per
Cent.
Average mileage of road operated •
59.89 .90
6,729.84
6,669.95
Average mileage of road operated in freight service
59.90 .90
6,705.91
6,646.01
Average mileage of road operated in passenger service
33.80 .55
6,176.60
6,142.80
ir•r
Freight Traffic.
Freight revenue
575,462.954.96 36262,021.52 8.30
$81,724,976.48
Other freight train revenue
1,504,179.84 47,107.67 3.13
1,551,287.51
!,^
Total freight train revenue
$76,967,134.80 $6309,129.19 8.20
T $83,276,263.99
Tons of revenue freight carried
986,940 4.27
24,089,259
23,102,319
Tons of revenue freight carried one mile
480,587,173 7.31
7,052.061,971
6,571,474.798
Average receipts from each ton of freight
5.12 3.67
3.27
3.39
Average receipts per ton per mile revenue freight
3.00011 .96
.01148
.01159
Average distance haul of one revenue ton
8.30 2.92
292.75
284.45
Freight train rev, per mile of road in freight service
3837.39 7.23
11,580.95
12,418.34
Passenger Traffic.
Passenger revenue
------------51040.452.45 8.84
11.773,282.70
10,732,830.25
,Other passenger train revenue
4,575,383.81 $120,890.54 2.64
4,696,274.35
"p..
Total passenger train revenue
$919,561.91 5.62
$16,348,666.51
$15,429,104.60
Passengers carried-revenue
477,152 17.80
2,203,569
2,680,721
Passengers carried one mile-revenue
31,977,330 8.42
348,013,851
379,991,181
Average amount paid by each passenger
5.48 10.93
4.39
4.87
Average rate per passenger per mile
5.00014 .45
.03098
.03084
Average miles traveled by each passenger
16.18 11.41
157.93
141.75
Pass, train rev, per mile of road in passenger service......2,497.99
3163.45 6.19
2,661.44
I.•
Total Train Traffic.
Revenue from freight and passenger trains
93,315,801.31 $5389.567.28 5.78
98,705,368.59
Revenue per mile of road operated
$676.34 4.83
13,990.48
14,666.82
Revenue per train mile
5.33 6.86
4.81
5.14
Expenses per train mile (excluding miscell. operations)_
5.19 5.56
3.42
3.61
train mile
Net traffic revenue per
, KO
1 `40
It 14 10 07
LAND DEPARTMENT.
The transactions for the year ending December 31 1928,
wore as follows:
Contracts for
Cash
deferred
' ..I.
l::1
lir
.
1 -me.•••••,,,,
payment.
Acres.
payments.
Total.
233,891.28 31,344,042.74 31,882,434.6133,226,477.35
Newrsales
Cancellation of prior
125,246.94
51,341.70
303,400.33
428,647.27
IL sales
L.. 0 owl
182,549.58 51,218,795.80 51,579,034.28 $2,797,830.08
f Net sales
The cash transactions of the Department were as follows:
Received from sales as above
Received from payments en contracts
Interest collected on deferred payments
Total
Less for expenses
Less for taxes
$1,218.795.80
723.874.17
210,363.31
$442.833.99
747,708.36
$2,153.033.28
1,190,542.35
Net cash receipts for the year
$962,490.93
The not proceeds credited to profit and loss and property
accounts wore made up as follows:
Total net sales as above
Interest collected
$2,797,830.08
210,363.31
Expenses and taxes
53.008,193.39
1,190,542.35
51,817.651.04
Surplus
Credited to-Miscellaneous Physical property $278,183.28
1,539,467.76
Profit and loss
BALANCE OF LAND DEPARTMENT
ASSETS.
CURRENT
Increase (±)
Decrease (-)
1927.
1928.
Contracts for sale of lands ---$4,616,762.23 33.761,602.12 +3855.160.11
15.00
Bills receivable
15.00
-4,401.79
Accounts receivable
46,531.57
50,933.36
54,663,308.80 $3,812,550.48 +5850,758.32
+539,134.31
Less, accounts payable
$210,619.32
Less, suspense account (collections not taken to account by
49,272.36
land agents)
$171,485.01
41,582.60
+7,689. 76
5259,891.68
5213,067.61
+546,824.07
Balance Land Department
$4,403,417.12 $3,599,482.87 +5803.934.25
current assets
3026
[Vol- 128.
FINANCIAL CHRONICLE
THE DELAWARE AND HUDSON COMPANY.
NINETY-NINTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31, 1928.
New York, N. Y., April 24, 1929.
To the Stockholders of The Delaware and Hudson Company:
The following statement presents the income account of your company for the year 1928, arranged in accordance with
the rules promulgated by the Interstate Commerce Commission, with comparative results for the year 1927:
1928.
1927.
$40.285,496.00 $42,753,526.00
31,685,730.80 34,656,101.25
Railway operating revenues
Railway operating expenses
Increase.
38,599,765.20
Operating Income Credits—
Hire of freight cars—credit balance
Rent from locomotives
Rent from passenger-train can
Rent from work equipment
Joint facility rent income
$8,097,424.75
$502,340.45
$177,160.18
57,527.85
107,789.45
28,748.06
164,817.44
Net Railway operating revenue
$130,136.44
77,580.52
105,649.24
41,167.29
180,364.48
Decrease.
$2,468,030.00
2.970,370.45
$47,023.74
$20,052.67
.
2,140.21
12,419.23
15,547.04
$536,042.98
$534,897.97
$1,145.01
$9.135,808.18
$8,632,322.72
$503,485.46
Operating Mown.Debits—
Railway tax accruals
Uncollectible railway revenues
Rent for locomotives
Rentfor passenger-train cars
Rent for work equipment
Joint facility rents
$1,122,128.40
11,059.16
8,299.81
70,622.11
1,249.78
379,019.90
$1,471,158.00
686.46
7,381.25
59,422.43
1,488.78
502,404.13
Total debits
$1,592,379.16
22,042,541.05
$7.543,429.02
$6,589,781.67
$113.308.33
84,882.84
Cr.1.362,91
1.199,455.19
202,262.77
2,106,468.90
56,406.31
67,669.07
$112,911.81
87.902.09
Cr.284.925,31
1,258,439.62
351,488.39
270,295.13
37,035.24
878,758.87
Total credits
Gross railway operating income
Net railway operating income
Non-operating Income—
Income from lease of road
Miscellaneous rent income
Miscellaneous non-operating physical property
Dividend income
Income from funded securities
Income from unfunded securities and accounts
Inconb from sinking and other reserve funds
Miscellaneous income
239.00
123,384.23
2450,161.89
$953.647.35
$396.52
23,019.22.
283,562.40
58,984.43
149,225.62
1,836.173.77
19,371.07
811,089.80
$3,829,090.50
Net income—Carried to profit and loss
Percentage to capital stock---------------------------------------
FINANCIAL.
The capital stock of The Delaware and Hudson Company
on December 31, 1928, was $51,573,900, there having been
no change during the year.
The total funded debt was $60,202,450, a decrease of $1,765,400 since December 31, 1927. The outstanding Six Per
Cent Gold Notes, issued to pay for 1,500 freight cars allocated to your company by the United States Railroad
Administration in 1920, were decreased by the payment of
$265,400 that matured on January 15, 1928,and the $1,500,000 Six Per Cent Secured Note, due on March 1, 1930, in
favor of the Director-General of Railroads, issued in final
settlement with the United States Government for all transactions incident to the occupation and use of your company's
property during Federal Control, from January 1, 19IS, to
the close of business on February 29, 1920, was paid on
September 1, 1928.
The sum of $490,000, being one per cent of the par value
of the First and Refunding Mortgage Gold Bonds outstanding on June 1, 1928, was paid during the year to the trustee
under the mortgage securing that issue, making the total
paid, to December 31, 1928, $7,262,430. The sum paid
31,915,544.84
3,093.33
584.995.50
3,266,625.26
441,474.53
18.092.32
34,557.34
$6,264,383.24
$6,358,759.00
Total deductions
$2,070,832.01
25,013,760.52
Deductions from Gross Income—
Rent for leased roads
Miscellaneous rents
Miscellaneous tax aocruals
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
Income applied to sinking and other reserve funds
$1,117,184.66
$9,301,687.51
$1,283,867.11
968.34
9,900.00
2,931.614.00
145,324.88
16,617.27
25,468.92
Gross income
$2,711,905.84
211,372,519.52
Total non-operating income
$349,029.60
$10,372.70
918.56
11,199.68
$3,037,304.27
12.33
5.89
$31,677.73
2,124.99
575,095.50
,
335,011.26
296,149.77
1,475.05
9,088.42
21,250,622.72
$3,321,454.73
6.44
was expended in additions and betterments to the mortgaged
property in accordance with the trust agreement.
In the early part of 1928 the capital stock holdings of your
company in the Lehigh Valley Railroad Company and the
Wabash Railway Company were sold to the Pennsylvania
Company. The profits arising therefrom are not reflected
in the income account as the regulations of the Interstate
Commerce Commission require that such profits shall be
credited directly to the profit and loss account, in which
suitable entries have been made.
• RAILROAD DEPARTMENT.
NET RAILWAY OPERATING INCOME.
The final result of all railway operations directly by your
company, exclusive of subsidiaries, during the calendar year
1928, was a net railway operating income of $7,543,429, an
increase of $953,647, or 14.47 per cent, over 1927. This
gain was effected by savings in operation despite a substantial
decrease in gross receipts from operation.
OPERATING REVENUES.
Gross operating revenues of your railroad during the year
1928 amounted to $40,285,496, a decrease of $2,468,030, or
approximately six per cent under 1927. The decrease
MAY 4 1929.]
FINANCIAL CHRONICLE
3027
being
gh its own cars by other railroads, the favorable balance
mainly represents diminished volume of traffic, althou
similar balance of $130,136
$177,160. This compares with a
there were reductions in rates and divisions on anthracite
a small portion of the in 1927.
TAXES.
and bituminous coal which caused
decrease.
the year taxation absorbed $1,122,128 of your
During
FREIGHT.
us
es compared with $1,471,158 during the previo
Freight revenues amounted to $33,664,184, a decrease of revenu
or approximately twenty-four
a decrease of $349,030,
$2,580,182, or approximately seven per cent. Revenue year,
e rate per ton of revenue freight
7,447, a decrease per cent. At the averag
from anthracite traffic amounted to $13,90
during 1928, the company had to move 785,238
of $1,811,175. Revenue from bituminous coal amounted received
pay the taxes of the year.
to $2,161,341, a decrease of $442,993. Revenue from other tons to
ROAD AND EQUIPMENT.
ted
freight, including coke and reconsignment charges, amoun
in addiDuring 1928 your company expended $1,458,452
to $17,595,393, a decrease of $326,014. The total revenue
to its property and property carried
improvements
tonnage was 1,423,658 tons less than in the previous year. tions and
$451,237 was abandoned, resulting in a
d traffic decreased 1,400,174 tons. Less than carload in the accounts at
Carloa
road and equipment account of $1,007,215.
traffic decreased 23,484 tons. The average loading per car net increase in the
elimination of
Land was acquired at Green Island for the
of revenue freight decreased from 29.32 tons in 1927 to 27.67
Ballston Lake, Saratoga Springs
Worcester,
tons in 1928. The average length of haul decreased from bridges; at East
development; at Esperance to
miles in 1928. Revenue and Crown Point for future
141.54 miles in 1927 to 140.05
Waterford to eliminate encroachment; at
freight transported aggregated 23,557,354 tons, of which clear title; at
reduction of curvature; at Clemons for protraffic originating and terminating on your railroad con- Wadhams for
landslides; at Saratoga for ditching; and at
tributed 16.99 per cent; traffic originating on your railroad tection against
elimination of grade crossings.
and destined to points on other roads contributed 38.66 per Cobleskill for
Delmar was
The construction of an undercrossing near
cent; traffic as to which your railroad performed an intercent complete at the close of the year.
per
mediate service contributed 29.04 per cent; and traffic re- ninety-three
grade crossings at Green Ridge Street and
ceived from other carriers and destined to points on your Eliminations of
1927, were
d
at East Market Street, Scranton, starte in
railroad contributed 15.31 per cent.
completed during 1928.
PASSENGER.
lain, at Port
The reclamation of land under Lake Champ
Passenger revenues amounted to $3,502,483, a decrease
e additional yard area and to reduce the
Henry, to provid
of $109,062, or approximately three per cent. Local revenue
main track was ninety per cent complete
owing to reduced curvature of the
decreased $144,210, or twelve per cent,
built to connect
at the close of this year. An extension was
travel. Interline traffic increased $53,775, or three per
sidings, the passing siding at
East Worcester and Summit
cent, duo to increase in travel. Other passenger revenues
feet and improvements
Sanitaria Springs was extended 2,102
decreased $18,627, or four per cent.
arrangement of tracks at Whitehall by
were made in the
OTHER REVENUES.
old Champlain canal
removing Bridge R-77.58 over the
ue from mail transportation amounted to $256,032,
underpass.
Reven
and constructing a small concrete
ed during the year by
an increase of $21,606, or nine per cent, over 1927, caused
Track conditions have been improv
by an increase in the rates which took effect on August 1, the application of heavier rails and fastenings and additional
1928, and some increase in business. Express revenue tie-p'ates and rail-anchors. Flashing-light signals were inamounted to $574,995, an increase of $640. Revenue from stalled at several crossings during the year. A new twinPullman operations amounted to $53,296, an increase of span nonbalanced turntable, 105 feet in diameter, was in$4,395, or nine per cent. Milk revenue amounted to $886,- stalled at Colonie in place of a ninety-foot turntable of the
799, an increase of $130,617, or seventeen per cent, caused balanced type.
Rutland,
by an increase in business. Switching revenue amounted
The reconstruction of Bridge R-99.60 at Center
1927, was
se of $8,614, or two per cent. Deber,
to $355,082, an increa
which was destroyed by flood in Novem
murrage revenue amounted to $296,634, a decrease of $78,- completed.
construction
268, or twenty-one per cent, brought about by a decrease
The office building at Carbondale, on which
in the number of cars of anthracite held on the Pennsylvania
complete and in use. A number
was begun in 1927, is now
division awaiting orders, and a general decrease in business. of miscellaneous buildings in the Carbondale yard were
repair work to
Miscellaneous revenues amounted to $695,991, an increase
retired on account of the transfer of heavy
of $133,610, or twenty-four per cent, the result of an increase
Oneonta.
were closed and
of $195,636 in revenue from coal storage plants which was
Stations at Wadhams and Whallonsburg
partly offset by a decrease of $58,569, principally attribu- a
constructed at Merriam, between
new passenger station
table to a reduction in the number of detoured trains.
the former locations.
OPERATING EXPENSES.
of improving its
Your company has continued the policy
ing expenses amounted to $31,685,731, which is
onal and improved
Operat
motive power by the application of additi
$2,970,370, or nine per cent, less than 1927, and $3,256,089, mechanical appliances. Tenders of several locomotives
ty. Five locomoor nine per cent, less than 1926.
were lengthened to increase their capaci
Maintenance of way expenses decreased $972,944, or sev- tives were changed from consolidation to switcher typo and
enteen per cent, and maintenance of equipment expenses eight obsolete locomotives were dismantled.
freight and
decreased $1,896,314, or seventeen per cent.
The work of reconditioning and modernizing
Transportation expenses decreased $311,175, or two per passenger equipment was also continued. Two open-end
tion to the decrease
use in subcent. This decrease was not in propor
coaches were lengthened and reconditioned for
traffic because increased wages granted
in the movement of
dining car 607 was reconstructed with
urban service and
Loss and damage freight
in 1927 partly offset that decrease.
n improvements.
s
sed $80,449. moder
were
increased $147,641,and injuries to person decrea
Three all-steel combination mail and baggage cars
expenses increased $11,775, or two per cent; ex- purchased and three steel-underframe, twin-hopper coal ears
Traffic
, or one
freight
penses of miscellaneous operations increased $3,018
were built in the shops of your company. Ninety-nine
es increased $189,892, or eleven
per cent; and general expens
passenger car and fifty-eight units of work equipcars, one
per cent.
ment were retired.
HIRE OF FREIGHT CARS.
INDUSTRIAL DEPARTMENT.
to foreign
During 1928 your company paid $1,974,681
along the
Sixty-four new industrial plants were located
roads and $251,142 to private car lines and individuals for
railroad in 1928. In addition, there were
for the use of tracks of your
the use of freight cars and received $2,402,983
3028
FINANCIAL CHRONICLE
I VOL. 128
twenty-six extensions to plants already established. Fifteen $6,205, and the net operating deficit was $61,906, as comnew side tracks were constructed and two were extended. pared with a deficit of $53,711 in 1927.
The estimated cost was $111,620, of which $26,270 was borne
THE LAKE GEORGE STEAMBOAT COMPANY.
by your company and 5,350 by the industries served.
The operating revenues of The Lake George Steamboat
PENSIONS.
Company decreased $796; operating expenses decreased
On December 31, 1928, two hundred and eighty-eight $11,033, arid the net operating deficit
was $9,649, as corn-retired employees were receiving pensions, an increase of pared with a deficit of $20,063 in
1927.
twenty-four during the year. The amounts paid to penALLIED COAL COMPANIES.
sioners during the year aggregated $159,759.51. At the end
PRODUCTION.
of the year there were also twelve employees carried on the
The anthracite produced by your affiliated corporations
Incapacitated Roll, to whom payments totaling ,688.83
during the year 1928, including the product of washeries,
were made.
GROUP INSURANCE.
aggregated 5,933,191 long tons, a decrease of 548,217 long
Your company's group insurance plan, whereby compre- tons, or 8.46 per cent, below 1927. This
output was 9.40
hensive protection is afforded to its employees and their per cent of the year's total production of all
anthrhcite mines.
families against losses by death, illness, accident and unem- and washeries, estimated at 63,100,492 long
tons.
ployment, has been continued. During the year 1928 the
MARKET CONDITIONS.
seventh in which the plan has been in operation, premium
During the year 1928 market demands showed some impayments amounting to $151,962.71 were contributed by
provement over 1927, when they were diminished by the mild
your company. The payments to employees and the benewinters of 1926-1927 and 1927-1928, and by the continued
ficiaries they selected amounted to $388,825.61, as follows:
substitution of other fuels by consumers who turned to them
$237,805.92
160 Death claims
107,371.29 in consequence of the strikes of 1922 and 1925-1926. Ener1,059 Health claims
9,323.53
121 Accident claims
22,500.00 getic efforts are being made to recover markets thus lost.
15 Accidental death and dismemberment claims
7,178.44 By better methods and more careful preparation the quality
10 Total and permanent disability claims
4,646.43
57 Unemployment claims
of the product has been much improved and gratifying1,422
8388,825.61
results are beginning to appear. The anthracite sold by
All the claims except those on account of unemployment
your affiliated corporations in 1928 was 6,608,678 long tons,
were paid by the Metropolitan Life Insurance Company
an increase over 1927 of 394,597 long tons, or 6.35 per cent.
which underwrites the plan. The unemployment claims
These sales exceeded production and included over 675,000.
were paid directly from your treasury.
long tons held in storage. The present outlook is for inALLIED STEAM RAILWAYS.
creased sales and production in 1929.
GREENWICH & JOHNSONVILLE RAILWAY COMPANY.
COAL
PROPERTIES.
The operating revenues of the Greenwich & Johnsonville
These are being maintained and kept in modern condition.
decreased $23,009 under 1927, as a result of decreased freight
The sand flotation process of separationhas been installed
traffic; operating expenses decreased $27,064, principally
at Marvine colliery, resulting in efficient and satisfactory
maintenance expenditures. Net
on account of decreased
preparation, as well as in substantial economies in operation.
operating revenues amounted to $65,924, which was $4,056,
ALLIED TROLLEY AND MOTOR BUS LINES.
or seven per cent, above 1927. The freight movement, in
ton-miles, decreased twelve per cent. Passenger-miles in- DISCONTINUANCE OF OPERATIONS OF HUDSON VALLEY
RAILWAY COMPANY.
creased twelve per cent.
Because of constantly increasing use of automobiles, both
THE QUEBEC MONTREAL AND SOUTHERN RAILWAY COMPANY
for pleasure and business purposes, the Hudson Valley RailThe operating revenues of the Quebec Montreal and Southway Company sustained annual operating losses which were
ern decreased $45,815, as a result of decreased freight traffic.
increasing and without prospect of improvement. It was
operating expenses decreased $90,028. Income from rent
concluded, therefore, to discontinue operations and dissolve•
of freight cars decreased $28,294, and the net income, before
the company. Operation ceased at 12:01 a. m. on Decemdeducting inter-company interest, was $57,595, a decrease
ber 1, 1928, and final liquidation is in progress.
of $74,217 below the preceding year. The freight movement
SALE OF TRACTION LINES.
decreased 3,180,196 ton-miles, or eleven per cent, and freight
On December 31, 1928, your company sold to Messrs.
revenue decreased $41,296, or eight per cent.
E. L. Phillips and G. W. Olmsted all its interest in the
NAPIERVILLE JUNCTION RAILWAY COMPANY.
United Traction Company, Capitol District Transportation.
The operating revenues of the Napierville Junction inCompany, Inc., Schenectady Railway Company, and all
creased $16,070, as a result of increased passenger traffic,
assets of The Northern New York Development Company
somewhat offset by a decrease in freight traffic; operating
$12,712, principally on account of in- used by the three other corporitions.
expenses increased
creased passenger traffic. Net income decreased $40,061.
GENERAL.
The freight movement decreased 955,718 ton-miles, or five
VALUATION.
The cost of your company's valuation work, to the end of
per cent;freight revenue decreased $31,797,or eleven per cent.
The passenger movement increased 742,430 passenger-miles, 1928, aggregated $801,062.16, of which $664,487.87 was.
or eight per cent, and passenger revenue increased $40,308, charged to corporate operating expenses, and $136,574.29
to the operating expenses of the United States Railroad
or eleven per cent.
SCHOHARIE VALLEY RAILWAY COMPANY.
Administration.
The operating revenues of the Schoharie Valley increased
On March 26, 1928, the Interstate Commerce Commission
$968 over 1927, as a result of increases in freight and milk served valuation orders on the Schoharie Valley Railway
traffic, partly offset by decreases in passenger traffic and in Company, the only one of your railway subsidiaries having
receipts from demurrage; operating expenses decreased $299. property in the United States which had not previously
Net operating revenues amounted to $15,963, an increase been covered by the Commission's inquiries under the
of $1,267, or nine per cent, over 1927. The freight move- Valuation Act. Answers have been made to these orders,
ment, in ton-miles, increased nine per cent and passenger- maps have been prepared, and the field work has been commiles decreased thirty-seven per cent.
pleted in connection with the valuation of this property.
ALLIED BOAT LINES.
ORGANIZATION OF THE DELAWARE AND HUDSON RAILROAD•
THE CHAMPLAIN TRANSPORTATION COMPANY.
CORPORATION.
At a special meeting of the stockholders held on June 26
The operating revenues of The Champlain Transportation
Company decreased $1,944; operating expenses increased 1928, a resolution was adopted authorizing the Managers.
3029
FTNANCIAL CHRONTCLF,
MAY 4 1929.]
of your company to transfer to a new corporation, to be
organized under the Railroad Law of the State of New York,
as amended, all the stock of which shall be owned by your
company, any and all of the railroad properties, boat lines,
hotels and other interests belonging to it, and all or any
real and personal property owned or controlled by it, including the stock of subsidiary corporations, except those engaged in the anthracite industry. Pursuant to this resolution and in accordance with Section 5 of the Railroad Law,
as amended, The Delaware and Hudson Railroad Corporation is being organized to take over and operate such railroad
properties. Its certificate of incorporation was filed in theoffice of the Secretary of State of New York on December 1,
1928, and applications have been made to the Public Service
Commission of New York and to the Interstate Commerce
Commission for the authority necessary before the transfers
of property can be made. The Public Service Commission
has already granted the hearing required by statute and an
order from the Interstate Commerce Commission fixing an
early date of hearing is anticipated.
By order of the Board of Managers,
L. F. LOREE. President.
—TABLE NO. 1.
GENERAL BALANCE SHEET—DECEMBER 31 1928-1927
ASSETS.
1928.
ITEMS.
Investments—
Investment in road and equipment
Improvements on leased railway property
Deposits in lieu of mortgaged property sold
Miscellaneous physical property
Investments in affiliated companies
Other investments
1927.
$77,040,170.92 $76,678.959.88
12,826,209.01
13,472,213.06
496.76
12,884.67
6,472.28
30,880,521.55 36,336,357.10
4,762.804.43 45,151,950.93
$361,211.04
646,004.05
$496.76
6,412.39
5,455,835.55.
40,389,146.50.
$44,844,676.11
$126,162,182.24 $171,006,858.35
Current Assets—
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivabln
Traffic and car service balances receivable
Not balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets
$2,250,012.18
8,041,745.45
45,000,000.00
361.768.51
870,000.00
1,034,793.31
156,967.74
3,743,996.47
4.180.384.17
115,173.09
6,989.58
$4.466,089.12
4,000.00
218,462.10
1,034,053.97
109.814.04
2,756,544.15
3,452,444.70
452,141.26
6,989.58
2.990.58
Decrease.
Increase.
$2,216,076.94
18.037,745.45
45.000,000.00
143,306.41
870,000.00
739.34
47,153.70
987,452.32
727,939.47
336,968.17
2,990.58
$65,761,830.50 112,503,529.50 $53,258,301.00
•
Deferred Assets—
Working fund advances
Insurance and other funds
Other deferred assets
$11,665.00
1,227,817.92
6,209.47
$82,397.68
52.03
11.245.692.39
$1,163,242.68
$82,449.71
$96,423.97
491,909.25
400.00
$102,023.16
565,312.21
400.00
$588,733.22
Unadjusted Debits—
Rents and insurance premiums paid in advance
Other unadjusted debits
Securities Issued or assumed—Unpledged
$11,665.00
1.145.420.24
6,157.44
$667,735.37
$193,758,438.35 $185,341,365.90
Total Assets
$5,599.19
73,402.96
$79,002.15
$8,417,072.45
LIABILITIES.
1928.
ITEMS.
Stock—
Capital stock
Premium on capital stock
1927.
Increase.
Decrease.
$51,573,900.00 $51,573,900.00
4,535,450.00
4,535,450.00
156,109.350.00 $56,109,350.00
Long-Term Debt—
Funded debt unmatured
Current Liabilities—
Loans and bills payable
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
$1,765,400.00
$60,202,450.00 161.967,850.00
15.000.000.011
3528,275.28
5,647,842.87
225,126.85
47,500.50
111,505.50
7,100.00
463.873.64
115,832.01
583,059.96
$5,000,000.00
328,538.42
6,466,400.28
444,441.85
44,896.25
107,806.50
7.100.00
501.044.63
115.832.01
579,196.83
17.730.116.61
113,595,256.77
$5,865,140.16
Deferred Liabilities—
Other deferred liabilities
$1,683,317.73
$1,926,043.62
$242,725.89
Unadjusted Credits—
----------------------------------------Tax Liability ---------------------Insurance and casualty reserves
Accrued depreciation—Equipment
Other unadjusted credits
$493,147.24
1,141,887.67
11,214.679.91
1,500,575.18
$798.551.89
1,081,408.99
10,423,636.84
1,352,735.32
$60,478.68
791,043.07
147,839.86
$14.350,290.00 $13,656,333.04
$693,956.96
16,995.388.85
31,091,143.62
$11,387.70
15,584,993.84
Corporate Surplus—
Additions to property through income and surplus
Profit and loss—Balance
$7.006,776.55
46.676,137.46
1199.736.86
818,557.41
219,315.00
2,604.25
3,699.00
37,170.99
3,863.13
$305.404.65
$53,682,914.01 $38,086,532.47 115,596,381.54
Total Liabilities
$193,758,438.35 $185,341,365.90
$8,417,072.45
3030
FINANCIAL CITRONICLE
[VOL. 128.
THE KANSAS CITY SOUTHERN RAILWAY COMPANY.
TWENTY-NINTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED DECEMBER 31, 1928.
Kansas City ,Mo., May 1, 1929.
To the Stockholders of
The Kansas City Southern Railway Company:
The twenty-ninth annual report of the affairs of your
Company, being for the year ended December 31, 1928, is
herewith presented.
your Company, is operated separately by its owner, the
Texarkana and Fort Smith Railway Company, which maintains its own general offices and books of accounts at Texarkana, Texas, in accordance with the State law. The
reports of that company are, however, combined with those
of the parent Company in so far as necessary to enable a
comprehensive survey of operations for the entire line from
SUMMARY OF OPERATIONS.
Kansas City to the Gulf.
That portion of the system lying within the State of Texas,
The succeeding statement shows the results of operation
the mileage of which is included in the operated mileage of for the year,compared with such resultsfor the preceding year:
1928.
Average Mileage Operated
RaBway Operating Revenues:
Freight
Passenger
Excess Baggage
Mail
Express
Other Passenger-train
Switching
Special Service Train
Other Freight-train
Incidental and Joint Facility
Total
Railway Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investraent--Cr
Total
•
Net Revenue from Railway Operations
Railway Tax Accruals
Uncollectible Railway Revenues
1927.
865.10
$18,034,002.30
1,168,531.38
9,472.19
285,153.58
470,134.06
8,161.16
1,139,186.80
3.705.50
7,620.29
297,929.27
921,423,896.53
Increase.
Decrease,
865.10
84.18% $18,489,931.22
5.45
1,418,707.34
.04
12,609.26
1.33
276,036.58
2.19
466,290.29
.04
4,830.56
5.32
1,091,724.05
.02
6,592.74
16,871.60
1.39
265,012.05
100.00%
522,048,605.69
83.86%
$455,928.92
6.43
250,175.96
.06
3,137.07
29,117.00
1.25
2.12
3,843.77
.02
3,330.60
4.95
47,462.75
.03
2,887.24
.089,251.31
1.20
3. - 7 - 1-- 2
9 .2
100.00%
$624,709.16
11.81%
15.86
3.25
267,700.54
30.78_
.08
10,424.67
5.31
.12
$118,574.64
175,292.65
65.78% 914,764,490.99
66.97%
5675,469.80
57.334,875.34
34.24%
$7,284.114.70
33.03%
21,296,770.26
7.472.08
6.33%
.03
$2.485,054.87
3,321,178.34
784,472.29
6,369,109.29
28,336.80
1,109,926.84
9,057.24
514.089.021.19
11.60%
15.50
3.66
29.73
.13
5.18
.04
51,259,496.43
4,408.07
5.88%
.02
Railway Operating Income
$6.070.970.84
28.34%
Equipment Rents
-Net debit
Joint Facility Rents
-Net debit
$1,007,215.06
90,168.38
Net Railway Operating Income
54,973,567.40
Ratio of Operating Expenses and Taxes to Operating Revenues
22,603,629.51
3.496,470.99
716,771.75
6,785,783.36
17,912.13
1,171,080.84
27,157.59
55,879,872.36
61,154.00
18,100.35
$50,760.64
$137,279.83
3,064.01
26.67% $191,098.48
51,019,110.25
92,742.91
511,895.19
2,554.53
$205,548.20
24.768,019.20
71.64%
416,674.07
73.30%
1.66%
OPERATING EXPENSES.
Maintenance of Way and Structures:
Decreases on account of
Smaller amount of rail renewals in main lino_ 3225,555.73
Gravel ballast used in replacement
35,961.50
Floods and high water in previous year
20.797.03
16.096.14
Supervision
OPERATING REVENUES.
Shops and enginehouses
14,205.01
Freight Revenue:
Casualties
11,157.52
Decreases due to the lesser movement of
Miscellaneous items (Net)
8,334.80
Crude petroleum from Oklahoma fields to
Increases on account of
refineries in the Port Arthur, Tex., distr ct _21,296,603.70
Lesser amount chargeable to other companies as
Pine lumber, caused by the depletion of
their proportion ofextraordinary maintenance
forests along the rails of your company__
269,750.10
expenditures on joint tracks
155.226,04
Cross ties purchased by other railroads
169,379.43
Renewal of a greater number of cross tics
47.608,87
Bituminous coal from the Missouri
-Kansas
Ordinary track maintenance
10.596,18
field
157,690.62
$118,574.64
Clay, gravel,sand and stone used in highway
Maintenance of Equipment:
construction
106,624.03
Decreases on account of
Castings, machinery and boilers
87,67035
Classified and running repairs to
Iron and steel pipe
79,208.05
$108,427.76
Locomotives
Other metals, pig, bar and sheet
43,230.64
Freight-train cars
82,429.14
Less-than-carload consignments, on account
18,795.64
Passenger-train cars
of the competition of motor trucks
69,820.64
Casualties
26,340.52
Increases duo to the greater movement of
Supervision
21,067.22
Refined petroleum and its products
583.495,23
Increases on account of
Corn and oats to Louisiana and Texas, on
Retirements of locomotives
78.291,97
account of a shortage of local crops in the
2.475,67
Miscellaneous items (Net)
previous year, and corn for export
466.093,93
175,292.65
Forest products, other than pine lumber and
Traffic:
150.071,97
cross ties
Increases on account of
Fresh fruits and vegetables from Texas points 116.357,29
520.269,63
Supervision
92.435,94
Automobiles and trucks
32.101,05
Solicitation forces
Packing house products, other than fresh
10.410,79
Advertising
87.592,82
meats
Miscellaneous items (Net)
4.919,07
Bar and sheet iron and structural iron
72.242,98
67.700,54
46.909,12
Canned food products
Transportation:
48.794,69
Vegetable oils
Decreases on account of
Other manufactures and miscellaneous traffic 160.055,27
Price of fuel
$268,336.96
5455,928.92
Consumption of fuel
21,497.33
Passenger Revenue:
5289,834.29
Decreases due to less business on account of the
Locomotive, yard and train service, caused by
construction of new highways and the use
lighter traffic
40.693.15
of motor vehicles, viz.:
Station forces
30,707.78
Local traffic
$195,459.44
Supervision
25,110.91
Interline traffic
54,716.52
Casualties
16.095.74
250,175.96
Miscellaneous items (Net)
14,232.20 .
Mall Revenue:
416,674.07
Increase due to higher rates authorized by the
Miscellaneous Operations:
Interstate Commerce Commission
9.117,00
Increases on account of
Express Revenue:
Operation of grain elevator at Port Arthur, Tax. $7.827,45
Increase due to the greater movement of lessMiscellaneous items (Net)
2.597,22
than-carload shipments
3.843.77
10.424,67
Switching Revenue:
General:
Increase due to the greater number of cars
Decreases on account of
handled at Kansas City, Mo
47.462,75
Expenditures in connection with consolidation of
Other Revenues:
railroads
$76,500.10
Miscellaneous decreases
11,945.02
Miscellaneous items (Net)
4.646.03
Incidental and Joint Facility:
Increases on account of
Miscellaneous increases
32.917,22
Federal valuation
10.381,91
Pensions
9.610,12
Net decrease in Operating Revenues
2624,709.16
61,154.00
Transportation for Investment-Cr.:
Increase due to smaller quantity of materialo for conOPERATING EXPENSES.
struction purposes convoyed in revenue trains
18.100,36
The decrease of $675,469.80 in Operating Expenses reNet decrease in Operating Expenses
$675,469.80
OPERATING REVENUES.
The decrease of $624,709.16 in Operating Revenues restilted from the following causes:
sulted from the following causes:
MAY
4 1929.]
FINANCIAL CHRONICLE
TAXES.
Following is a statement of charges on account of taxes,
eompared with the preceding year:
1298.
1927.
Decrease.
State, county and municipal taxes$1.025,885.44 S1,057.188.00 S31,302.56
Federal income taxes
219,482.99
339,582.26 120.099 27
Federal capital stock tax
14,128.00
14.128,00
Totals
$1,259,496.43 $1,396,770.26 $137.273.83
Main Line Owned or Controlled
Branch Lines Owned or Controlled_ _
Total Mileage Owned or Controlled
Branch Lines Operated under Lease
LinesOperated underTrackage Rights
Total Mileage Operated
3031
First
Main
Track.
777.01
64.16
Second
Main
Track.
18.78
841.17
18.78
17.99
5.945:ii.
865.10
23.89
Other
All
Tracks. Tracks,
474.19 1.269.98
24.53
88.69
493.72 1.358.67
5.94
16.1
-39.84
515.46 1.404.45
The total track mileage was increased from 1,397.22 to
The decrease in State, county and municipal taxes was 1,404.45, making a net change of 7.23 miles, which consists
due to adjustments of reserves. The decrease on this ac- of the following items:
count was substantially offset by increases resulting from
Additions:
Main Track,Gas Center,La.,to
higher rates of assessment in Arkansas and Oklahoma, and Second Terminal. Industrial and SideHarriet St-Shreveport,La.1.60 miles
Yard.
Tracks owned or jointly
higher valuations in Missouri and Texas. The Federal
owned
5.30 miles
income tax was less because of a decline in taxable income Lines operated under trackage rights
.33 miles
and a lower rate of assessment.
Total increase
7.23 miles
The increase in the Federal capital stock tax resulted from
EQUIPMENT.
additional assessments applicable to the two years immeThe Rolling Equipment owned or otherwise controlled
diately preceding June 30, 1926, the effective date of the
on December 31, 1928, consisted of:
repeal of the tax.
Under
Owned.
Trust.
Total.
REVENUE TONNAGE.
Locomotives
149
13
162
81
81
The revenue tonnage movement for the year, as compared Passenger-train Cars Commercial Service
Freight-train Cars in
3,371
'h53
4.166
with that of the year preceding, was as follows:
Freight-train Cars in Work Service
450
450
For the year ended December 311928.
Revenue Tons one mile-North
Revenue Tons one mile-South
For the year ended December 311927.
Revenue Tons one mile-North
Revenue Tons one mile-South
Cabooses
Work Equipment
858.661.196
970.757,907
1,829,419,103
828.724.106
1,102.905.193
1.931.629.299
Decrease in Revenue Tons one mile
102.210.196
WAGE ADJUSTMENTS.
Adjustments in the wages of employees of your Company
were made during the year as below stated:
On December 17, 1927, a Board of Arbitration awarded
an increase of 30 cents per day to firemen in road passenger
service, and 35 cents per day to all other firemen, hostlers
and outside hostler helpers. The railroad companies questioned the legality of the award, but the issue was decided
in favor of the employees by the United States Circuit Court
of Appeals in May, 1928. The increase, which was retroactive to August 1, 1027, approximates 6.2 per cent and
involves an estimated addition to the pay rolls of $27,300.00 per annum.
The General Managers' Conference Committee, at the
suggestion of the Emergency Board appointed by the President of the United States, agreed to increase the pay of road
conductors and brakemen 6.5 per cent. The new rates
became effective May 1, 1928, the resulting increase in the
pay rolls being estimated at $46,900.00 per annum.
The General Managers' Conference Committee, following
the above-mentioned adjustment in the wages of firemen,
granted an advance of 6.5 per cent to locomotive engineers.
This increase, which likewise became effective May 1, 1928,
amounts approximately to $31,000.00 per annum.
COST OF MATERIAL AND SUPPLIES.
The prices of the several classes of materials used in construction and maintenance, fluctuated between somewhat
narrow limits. In some instances there were increases,
while in others there were recessions. The price of fuel oil
declined 18.00 per cent, and that of coal receded 5.58 per
cent. The appended exhibit shows the approximate average
changes in the costs of principal materials in comparison
with the preceding year:
DESCRIPTION OF MATERIAL.
Maintenance of Way and
Maintenance of EquipStructures:
Decrease
ment:
Decrease.
Angle Bars
3.1%• Car and Locomotive ReAnti-Creepers
-Rail
4.9
placers
Bolts-Treated Track
Castings-Grey Iron
3.4
Cross Ties
8.5
Castings
-Steel
Frogs, Crossings and Switch
Copper-Sheet
12.6
Material
Copper Ferrules
12.6*
Hand and Push Cars
__
Couplers
Lumber-White Oak
Flues
Lumber-Yellow Pine
6.3
Iron-Merchants Bar
1.7
-Bridge and Metal_ _ _ 2.6
Paint
Iron-Engine Bolt
-Depot and Building__
Paint
____ Iron-Stay bolt
Rail-Standard Open Hearth
____ Journal Boxes
Roofing-Texaco
Lumber-White Oak
Shingles
-Asphalt
2.5
Lumber-Yellow Pine
Shovels-Track
5.1
Nails-Common Wire
1.i;
Spikes-Track
Nuts
-Hots Pressed
Tie P
2.1
Paint
Ilates
-Freight Car
1.g--Roadway
Tools
1.0*
Pipe-Merchants Black Steel
__
Wire-Barbed
1.0*
Rivets
Roofing-Galvanized Car- - - 6.6;
1.4
Maintenance ofEquipment:
Springs-Elliptical
Air Brake Hose
4.0% Springs-Helical
Air Brake Material
Steel-Fire Box Sheet
2.7*
Asbestos and Magnesia MaSteel-Tank Sheet_ _ _ ---- 2.7*
.
terial
10.9*
Tires
-Locomotive Driving- ---Axles-Engine
___ Tools
-Shop
4.5
Babbitt
_ Upholstering Material
3.5*
Belting-Leather
Waste-Cotton,Colored, No.
-Machine and Carriage ---Bolts
1
8.8*
Brake Beams-Metal,Freight - __ - Wheels
-Cast
Brick-Fire
(*) Increase.
Brooms
2.6*
Brushes
Total Units
74
53
4.178
74
53
808
4,986
SUBSIDIARY COMPANIES.
In addition to its own railroad property, rights of way,
real estate, buildings, equipment and appurtenances, your
Company controls, by virtue of its ownership of securities,
all the property of the following corporations:
KANSAS CITY & GRANDVIEW RAILWAY COMPANY.
A standard-gauge line under construction between Leeds
(a suburb of Kansas City), Missouri, and Grandview, Missouri, 13.36 miles, controlled by your Company through
ownership of all the capital stock. The bonds issued by the
company are outstanding in the hands of the public.
Your Company at present conducts its operations between
Belt Junction (near Leeds), Missouri, and Grandview Junction (near Grandview), Missouri, a distance of 10.96 miles,
over a branch line of the St. Louis-San Francisco Railway
Company. This trackage has a maximum grade of 1.62
per cent, while the new line will have a maximum grade of
.5 per cent. Upon completion of the construction, which
had progressed approximately 50 per cent to December 31,
1928, your Company will own or control a continuous line
of railroad between Kansas City, Missouri, and Port Arthur,
Texas. It is expected that operations over the new line will
commence by October 1, 1929.
Under an agreement entered into as of December 1, 1927,
the entire line of the Kansas City & Grandview Railway
Company will be leased to your Company, and operated by
it pursuant to the terms of the lease.
THE ARKANSAS WESTERN RAILWAY COMPANY.
A standard-gauge line from Heavener, Oklahoma, to
Waldron, Arkansas, 32.33 miles, together with rights of way,
buildings and appurtenances; controlled by your Company
through ownership of all the capital stock and bonds.
THE KANSAS CITY, SHREVEPORT AND GULF TERMINAL
COMPANY.
Union depot property at Shreveport, Louisiana, including
its real estate, buildings, and 1.58 miles of yard and terminal
track; controlled by your Company through ownership of
all the capital stock and bonds.
PORT ARTHUR CANAL AND DOCK COMPANY.
Lands, slips, docks, wharves, warehouses, one grain
elevator (capacity 500,000 bushels), etc., all at Port Arthur,
Texas; controlled by your Company through ownership of
all the capital stock. The bonds of the Dock Company
are outstanding in the hands of the public.
Under an agreement entered into as of February 1, 1923,
all the property of the Port Arthur Canal and Dock Company is leased to the Texarkana and Fort Smith Railway
Company, and operated by the Railway Company pursuant
to the terms of the lease.
THE K. 0. S. ELEVATOR COMPANY.
One grain elevator, of capacity 1,070,000 bushels, situated
at Kansas City, Missouri; controlled by your Company
through ownership of all the capital stock. No bonds have
been issued or authorized.
THE KANSAS AND MISSOURI RAILWAY AND TERMINAL
COMPANY.
A company operating an electric switching line in and
through Kansas City, Kansas, which connects with the
present terminal tracks of your Company and forms an intermediate connection between your line and a substantial
interurban line serving an industrial territory from Kansas
City, Kansas, to Lawrence, Kansas, a distance of about
35 miles. Its property, the construction of which was completed on June 30, 1924, consists of 5.56 miles of main track
CONDITION OF EQUIPMENT.
and 4.84 miles of yard and side tracks. Control is had by
The program for the rehabilitation of equipment was your Company through ownership of all the capital stock
carried forward. During the year 640 freight cars were put and bonds.
THE UNION LAND COMPANY.
into good condition, while 7 freight cars were dismantled
A company owning 126.09 acres of land in and adjacent to
and their value was written out of the property account.
Kansas City, Kansas, and North Kansas City, Missouri,
MILES OF RAILROAD.
suitable for industrial sites. All the capital stock is owned
mileage operated by your Company at the end by The Kansas and Missouri Railway and Terminal ComThe track
of the year was as below stated:
pany, and control of the Land Company is had by your
3032
[VoL. 128.
FINANCIAL CHRONICLE
Company through its ownership of the Terminal Company.
No bonds have been issued or authorized.
Prior to
1928.
Filling bridge B-763
Reconstruction of bridge B-582
and raising grade of approaches
INDUSTRIAL LAND COMPANY.
thereto
acres of land
A company owning 464.13 acres of land, mainly situated Purchase of 7.86of underpassand
at
construction
Missouri, and acin the northeastern part of Kansas City,
U. S. Highway 71, near Anquired for future yard expansion; controlled by your Com- derson, Moof underpass at U.
pany through ownership of all the capital stock. No bonds Construction 17, Mile 242
S. Highway
Bank protection, Mile 216
have been issued or authorized.
Construction of industry tracks:
Chevrolet Motor Co., Kansas
ADDITIONS AND BETTERMENTS.
City, Mo
Kansas City Power & Light
Net expenditures were made for Additions and BetterCo., Kansas City. Mo
Ralston Purina Co.. Kansas
ments to road and equipment in the amounts following:
City, Mo
$876,683.96
For Road
.
Dixie Oil Co., Superior, La_ _
99.348.39
For Equipment
A. C. Steer° & Co., Shreve4,941.04
For General Expenditures
port, La
$980,973.39
The Texas Co.. Port Arthur,
Tex
. A classified schedule of such expenditures is presented in Construction of interchange
tracks:
the statistical section of this report.
Missouri-Kansas-Texas RR..
The bridges, trestles and culverts of your road were imEve, Mo
24,099
proved by decreasing the length of steel bridges from
Gulf, Colorado & Santa Fe Ry.,
DeRidder,
feet to 24,093 feet; increasing the length of concrete bridges Purchase of La
equipment and
from 437 feet to 503 feet; decreasing the length of wood
machines:
Steel business car
trestles from 58,769 feet to 58,256 feet; decreasing the
Rail welding outfits (2)
number of cast iron pipe culverts from 609 to 607; and inWeed burner
Rail laying crane
creasing the number of concrete pipe culverts from 260 to
Tractor equipped with 1-ton
264. A table showing the progressive improvements made
crane and 6 trailers
1928.
35,869.94
Total.
35,869.94
20.432.33
20,432.33
13,276.56
13.276.56
5,248.45
3,340.43
5,248.45
3,340.43
4.862.62
4,862.62
2,782.99
2,782.99
3,021.09
4,634.26
3,021.09
4,634.26
5,112.42
5,112.42
10,438.21
10,438.21
11,533.76
11.533.76
2,652.09
2,652.09
84,589.93
4.895.01
5,546.87
5,293.39
84,589.93
4,895.01
5.546.87
5,293.39
2,536.83
2.536.83
in bridges and culverts from June 30, 1900, to December 31,
$907,496.84 $866,695.18 $1774,192.02
Totals
1928, appears in the statistical section.
The expenditures for additions and betterments include
Ballast was applied during the year in tracks at various
not
locations at a cost of $52,953.89. The condition of your the cost of a number of new sidings to serve industriesnew
main line with respect to ballast at the end of the year is heretofore reached by your tracks and to accommodate
industries in process of establishment.
shown by the succeeding tabulation:
773.11 miles
The following is a list of such industry tracks, some of
Section of 6 inches or more under ties
3.90 "
less than 6 inches under ties
Section of
which have been completed, and others are in the course of
777.01 miles construction:
Total main line mileage owned
NEW TRACKS TO SERVE NEW INDUSTRIES.
•
New 115-pound rail was laid in your main line between
Completed:
85-pound steel, Kansas City Public Service Co
Kansas City, Mo.
Mile Posts 343 and 355 in substitution for
Kansas City. Mo.
substituted for Sheffield Steel Corporation
-pound rail was
10.99 miles, and new 127
City, Mo.
Chevrolet Motor Co
Kansas City, Mo.
-pound material between Mile Posts 415 and 428, 12.21 May Coal Co
85
Curranville, Kas.
at the end of Peerless Coal Co
miles. The weights of rail in the main line
Fort Smith, Ark.
323
m
Arkola Sand & Gravel Co
the year, including adjustments and corrections of measure- Poteau Mining Co
Ileavener, Okla.
& Co. (FlourjFeed. etc.)
H. 0. Osborne
ments, are shown by the tabulation below:
Bates, Ark.
Bates Smokeless Coal Co
Hatton, Ark.
Wonder State Lumber Co
Superior, La.
Dixie Oil Co
Shreveport. La.
A. C. Steere & Co
Shreveport, La.
New York Iron & Metal Co
Cedar Grove. La.
Shreveport Creosoting Co
Mansfield, La.
The Texas Co
Zwolle, La.
777.01 miles Mansfield Hardwood Lumber Co
Total main line mileage owned
Hornbeck. Ls.
White-Cirandin Lumber Co
Beaumont. Tex.
Work was continued upon the schedule for the reinforce- National Supply Co
of tie plates, with a
NEW TRACKS TO SERVE EXISTING INDUSTRIES.
ment of track through the application
Completed:
view to stability, permanence and economy of maintenance. Colgate-Palmolive-Peet Co.(Soap)
Kansas City, Kw.
Kansas City, Kw.
American Walnut Lumber Co
The expenditure for this purpose was $40,225.89.
Kansas City, Mo.
new station buildings, Ralston Purina Co Co
Expenditures.have been made for
Kansas City, Mo.
American Radiator
Kansas City, Mo.
required by public authority or made necessary by the de- American Asphalt Roof Corporation
Neosho. Mo.
Phil Ratliff (Coal)
mands of traffic, as follows:
Watts. Okla.
Chamberlain Canning Co
Prior to
Hatton, Ark.
Wonder State Lumber Co
Total.
1928.
1928.
Superior, La.
Dixie Oil Co
$22,076.24
$223.09
$21.853 15
Gentry, Ark
Chaison, Tex.
22,020.40 Magnolia Petroleum Co
1,992.95
20.027.45
DeRidder, La
Uncompleted:
21,994.13
2,840.53
19.153.60
Many, La
Port Arthur, Tex.
The Texas Co
$66,090.77
$5,056.57
$61.034.20
Totals
the foregoing, these new industries have
12.21-mi1es
10.99 "
88.63 "
659.83 "
4.24 "
1.11 "
Rail weighing 127 pounds per yard
Rail weighing 115 pounds per yard
Rail weighing 100 pounds per yard
Rail weighing 85 pounds per yard
Rail weighing 80 pounds per yard
Rail weighing less than 80 pounds per yard
In addition to
Other principal items of additions to and betterments of located on existing tracks of the Company:
therefor, Fulton Bag & Cotton Mills
Kansas City. Kas.
your property, together with the amounts expended
Kansas City, Kam,
G. B. Little Oil Co
were as follows:
Kansas City, Ku.
Frank A. H. Rohe Sand Co
Prior to
1928.
Shop improvements at Pittsburg,
Kas.:
$281,540.10
New machinery and tools
11,286.36
Lumber rack
Deep well and water supply
9,062.55
system
Shop improvements at Heavener,
Okla.:
28.599.38
New machinery and tools
64,877.23
Extension to enginehouse
750.17
New water station at Liming,La..
New fuel oil storage tanks:
Heavener, Okla
DeQueen, Ark
Leesville, La
Separate and raise grade and construct double track main line
from Harriet Street, Shreveport. La., to Texas and Pacific
crossing south of Cedar Grove,
285,380.52
La
-foot exConstruction of a 3,120
tension to Douglas Island
141,593.43
track, Shreveport. La
Increasing weight of rail in main
track:
-pound.
From 85
-pound to 115
Mile 343 to Mile 355
-pound to 127-pound.
From 85
Mile 415 to Mile 428
Extension of passing tracks:
Watts, Okla
Loring, La
3,607.99
DeQuincy, La
Starks, La
38.745.68
Lemonville, Tex
9,199.86
Vidor, Tex
18.693.20
Chaison, Tex
Concrete and steel ballasted deck
10,014.77
undergrade crossing. Mlle 545Installation of additional piles
and piers at Neches River
14,145.60
Bridge C-766, Beaumont,Tex_
Section house and coal shed,
Gentry, Ark
Electric interlocking signal systems at railroad crossings:
Misseuri Pacific RR., Kansas
City, Mo
Missouri Pacific RR.
,Richards.
Mo
-San Francisco Ry.,
St. Louis
Mile 119
1928
Total.
$18.394.06 $299,934.16
11.863.77
577.41
18,825.94
27.888.49
278.08
1,827.88
21.801.06
28,877.46
56,705.11
22,551.23
23,701.04
24,016.00
55.833.43
23,701.04
24,016.00
55.833.43
252,777.56
538,158.08
3.642.28
145,235.71
48,267.74
48,267.74
66.888.11
66,888.11
4,808.73
24.654.17
32,482.91
2,638.74
2,713.43
12,337.16
871.56
4,808.73
24,654.17
36,090.90
2.638.74
41,459.11
21,537.02
19,564.76
1,066.21
11.080.98
5,186.98
19,332.58
4,192.01
4,192.01
2.705.61
2.705.61
5,973.03
5,973 03
4.166.87
4.166.87
Industrial Paper Stock Co
Kansas City Show Case Works
Drexel Oil Co
Blaker Lumber & Grain Co
R. J. Hurley Lumber Co
F. L. Martins' Sons (Flour and Feed)
F. J. Sizemore (Coal)
Gentry Transfer, I' e & Coal Co
Southern Lime & Stone Co
Adair County Mill & Elevator Co
Fort Smith Nut Products Co
Acme Spring Bed Co
Connell Transfer Co. (Bulk Oil)
H. C. Osborne Co. (Flour, Feed, etc.)
H. Wann (Staves)
Eugene Cox (Poultry and Eggs)
W. L. Joiner (Coal)
W. I. Joiner (Coal)
Ashdown Canning Co
J. E. Wood (Vegetables)
Southern Cities Distributing Co
Period Furniture Co
Standard Oil Co of Louisiana
Waterman Brick & Tile Co
Diamond Coffee Mills
Frank Grocery Co
J. M. Jackson (Seed House)
D. H. Anderson Lumber Co
J. E. McFatter (Grocery)
G. W. Brinson (Fruits and Vegetable')
B. Marcello (Flour and Feed)
J. G. Caze (Bulk Oil)
J. Imhoff & Sons (Building Material)
Beaumont Well Works
Goodyear Tire & Rubber Co
Orange Grocery Co
T. S. Reed.Grocery Co
Swift & Co
Kansas City, Kam.
Kansas City, Mo.
Drexel, Mo.
Hume, Mo.
Hume, Mo.
Hume, Mo.
SulphurSprings,Ark.
Gentry, Ark.
Marble City, Okla.
Saillsaw. Okla.
Fort Smith, Ark.
Fort Smith, Ark.
Mena, Ark.
Mena, Ark.
Mena, Ark.
Mena, Ark.
DeQueen. Ark.
Ashdown, Ark.
Ashdown, Ark.
ChristmanSp_ur,Ark.
Texarkana. Tex.
Texarkana, Tex.
Lewis, La.
1\100ring:sport. La.
Cedar drove. La.
Mansfield, La.
Converse, La.
Anacoco, La.
Leesville, La.
Ludington. La.
DeRidder, La.
DeQuincy. La.
Beaumont, Tex.
Beaumont. Tex.
Beaumont, Tex.
Port Arthur, Tex.
Port Arthur. Tex.
Port Arthur, Tex.
The following industries, included in the above lists, are
worthy of special mention:
Sheffield Steel Corporation, Kansas City, Missouri:
This corporation. the successor of the Kansas City Bolt & Nut Company.
has recently expended approximately $3,000,000 00 in the rearrangement
and expansion of its plant. A direct connection with the tracks of your
Company has been effected, and as a result a substantial amount of additional tonnage is expected.
Chevrolet Motor Company. Kansas City, Missouri:
The Motor Company has completed the construction of an assembly
350
plant at a cost of about 82.500,000.00. which is equipped to produceyour
motor cars per day. This industry is served directly by tracks of
of one other carrier.
Company and by those
MAY 4 1929.]
FINANCIAL CHRONICLE
3033
Improvements to existing equipment, made at a cost of DISPOSITION OF STOCKS OF MISSOURI
-KANSAS$150,803.53, consisted mainly in the following:
TEXAS RAILROAD COMPANY AND ST. LOUIS
Locomotives-Application of superheaters, steel tender frames and trucks,
SOUTHWESTERN RAILWAY COMPANY.
Bradford throttle valves, storm hoods and flaps to cabs, improved
driving box brasses, power reverse gears, Huron arch tubes and plugs,
It was stated in the annual report for 1927 that the Interimproved lubricators, improved tank valves. Bethlehem auxiliary State Commerce Commission, in May of that year, denied
locomotives, and improved cylinder cocks.
the application of your Company for authority to acquire
Freight-train Cars-Application of Mogul end reinforcements.
Passenger-train Cars-Application of steel underframes, steel trucks, axle- control by stock ownership of the Missouri-Kansas-Texas
driven electric lighting equipment, and steel cover plating.
Railroad Company, and a similar application by the latter
Work Cars-Application ofsteam hammer to pile driver.
company for authority to acquire control by stock ownerFIRST MORTGAGE BONDS OF TEXARKANA AND ship of the St. Louis Southwestern Railway Company; and
FORT SMITH RAILWAY COMPANY.
that the Missouri-Kansas-Texas Railroad Company, in an
There was no change in the situation with respect to the effort to meet the views of the Commission as expressed in
First Mortgage 53i Per Cent Guaranteed Gold Bonds its decision, filed with the Commission, in March, 1928, an
authorized by the stockholders of that company Novem- application for authority to acquire control by stock ownerber 16, 1925. The status at the end of the year was as ship of the St. Louis Southwestern Railway Company
follows:
and/or your Company.
Total authorized issue
$15.000.000 00
The Missouri-Kansas-Texas Railroad Company dismissed
Issued and sold
10.000.000.00
its said application on October 5, 1928, and its said plan to
Unissued December 31. 1928
25,000.000.00 create a railroad system composed of the three properties
was definitely abandoned. Thereupon your Company took
EQUIPMENT TRUSTS.
Company
The aggregate face amount of Equipment Trust Notes back from the Missouri-Kansas-Texas Railroad Company
the stock of the St. Louis Southwestern Railway
and Certificates outstanding December 31, 1928, was as
which, as stated in the annual report for 1926, had previously
below set forth:
been sold by it.
Trust No. 34, dated January 15, 1920:
Following the above-mentioned adverse decision of the
Balance last reported
8508.800.00
Paid during the year
63,600.00
Commission, your Company deemed it advisable to dispose
$445,200.00 of the Missouri-Kansas-Texas Railroad Company common
Series E, dated September 1, 1923:
Balance last reported
$1,188.000.00
stock owned by it, as favorable occasion for so doing should
Paid during the year
108,000.00
offer. Accordingly, in June, 1927, it began to sell the said
1,080.000.00
stock in the open market, and a substantial amount was thus
Total
$1.525,200.00 disposed of.
In February, 1928, the Interstate Commerce Commission
DEPRECIATION RESERVE FUND.
instituted a proceeding against your Company under the
Moneys equaling the amount of charges to operating ex- Clayton Act, the general purpose of vfhich was to compel
penses representing the so-called depreciation of equipment, it to dispose of all the stock of the Missouri-Kansas-Texas
and for the amortization of equipment retired and of prop- Railroad Company and the St. Louis Southwestern Railway
erty abandoned in connection with improvements, together Company then owned by it.
with proceeds from the sale of obsolete equipment, are deIn May,1928, your Company sold the remaining Missouri
posited in a special fund set aside for additions to and Kansas-Texas Railroad Company common stock owned by
betterments of your property. The total amount so de- it, amounting to 287,616 shares, to bankers, under a conposited, and withdrawals therefrom, are shown by the tract giving the common stockholders of your Company
statement following:
the right to purchase 96-100 of a share of Missouri-KansasDEPOSITS.
Texas Railroad Company common stock at a price of $33.00
Charges for Depreciation of Equipment:
per share for each share of your Company's common stock
From June 1,1916, to December 31, 1917-- $215.923.27
From January 1, 1918,to February 29,1920._ 363.196.93
owned by them. There were 180,699 shares of the said
From March 1, 1920. to December 31, 1927_ - 2,267.529.78
stock taken on subscription by the common stockholders
From January 1.1928,to December 31, 1928- 360.072.35
$3,206,722.33 of your Company or their assignees.
Charges for Amortization of Retired Equipment:
Of the St. Louis Southwestern Railway Company stock
From January 1, 1918, to February 29. 1920_- $371.965.45
From March 1, 1920, to December 31. 1927__ 565.252.39
acquired by your Company, 20,000 shares of common were
From January 1. 1928. to December 31. 1928- 107.565.91
September, 1928, at the high prices then prevailing'
1.044,783.75 sold in
Charges for Amortization of Abandoned Property:
and in April, 1929, 135,000 shares of preferred were sold
From January 1, 1918, to February 29, 1920-- 2195,464.27
to New York Investors, Inc.
From March 1, 1920, to December 31. 1927-- 689.961.50
From January 1, 1928,to December 31. 1928- 180.000.00
Thus your Company disposed of its entire holdings of
1,065,425.77 450,000 shares of common stock of the Missouri-KansasProceeds from Sale of Obsolete Equipment:
Texas Railroad Company and 155,000 shares of common
From June 1, 1916,to December 31, 1917___ - $165,926.00
From January 1. 1918, to February 29,1920__ 120.585.29
and preferred stock of the St. Louis Southwestern Railway
From March 1. 1920, to December 31, 192738,596.88
Company. There resulted from this purchase and sale a
From January 1, 1928,to December 31. 1028.
325,108.17 profit to your Company of $646,584.53, taking into considerIntereston Bank Balances and Loans from Fund:
ation all interest paid on loans, all dividends received on the
From June 1, 1916, to December 31, 1927--- $80.574.49
From January 1, 1928, to December 31, 192812,880.93
preferred stock, and all interest received on dividends and
93,455.42 proceeds of sales.
Replacement Fund released by Trustee under Equipment
Trust, Series D:
FEDERAL VALUATION.
From January 1, 1925, to December 31. 1928
22.592.59
It was mentioned in the last annual report that the St.
Total
$5,758,088.03
Louis & O'Fallon Railroad Company had brought a suit
WITHDRAWALS.
which involved the validity of the Interstate Commerce
Payments for New Equipment:
From June 1, 1916, to MemCommission's methods of valuation. But, as previously
ber 31, 1927
$656,530.60
stated, there is some question whether in that proceeding a
From January 1, 1928, to Decase is presented upon which the court can review fully the
87,126.76
cember 31, 1928
8734357.36
correctness and validity of the Commission's valuation.
Improvements to Existing Equipment:
The case was argued in the Supreme Court of the United
From June 1, 1916, to Decem$1.646,607.27
ber 31, 1927
States on January 3-4, 1929, and it is hoped that the court
From January 1, 1928. to Dewill render a decision determining the principles and methods
154,476.54
cember 31. 1928
1,801,083.81
by which such valuations should be made.
Shop Improvements:
The Commission has ordered all the railroad companies,
From January 1. 1922, to De$1,635.439.82
cember 31, 1927
including your own, to furnish data upon which valuations
From January 1, 1928. to Deas of December 31, 1927, may be'made for purposes of re225,955.70
cember 31, 1928
1,861395.52
capture. Representatives of the Commission's Bureau of
withdrawn for other purAmount temporarily
Valuation and of your Company are now going over land
400.916.67
poses
4,807,053.36 values, and other data are being furnished to the Bureau of
Valuation.
Balance December 31, 1928
$951,034.67
COST OF FEDERAL VALUATION.
Prior to
GROUP INSURANCE.
Total.
1928.
1928.
$68.824.72
$68,824.72
The agreement entered into with the Metropolitan Life Field work
referred to in preceding annual reports, Valuation orders Interstate Com- 110,803.17 $27,997.05 138,800.22
Insurance Company,
merce Commission
providing for a plan of group, insurance affording compre- Contribution to Presidents' Conference Committee
1,230.41
8.265.57
7,035.16
employees of your Company against Appraisal of real estate
hensive protection to
5.52436 90.687.11
85.162.75
10.529.49 308,292.15
loss by death, accident, illness and total and permanent General and miscellaneous
297,762.66
disability, was continued in effect.
Totals
8569.588.46 $45,281.31 8614.889.77
At the close of the year 93.4 per cent of eligible employees
original plan of group insurance,
were subscribers to the
The appended balance sheets and statistical statements
and of these 77.8 per cent had subscribed to additional life give full detailed information concerning expenditures for
insurance.
improvements, and the results of operation.
Payments to employees and their beneficiaries amounted
A. report, including balance sheet, income account and
during the year to $176,110.76, classified as follows:
other pertinent matter, in form prescribed by the Interstate
52 Death claims
$105.859.73
Commerce Commission, has been filed with that body at
9 Accidental death and dismemberment
claims
Washington.
7.500.00
33 Accident claims
1,424.98
By order of the Board of Directors.
638 Health claims
24,733.15
C. E. JOHNSON, President.
69 Total and permanent disability claims
36.592.90
8176.110.76
For Comparative Balance Sheet. &e.. see "Annual Reports" on
Page 2286 Issue of April 6. 1929.
3034
FINANCIAL CHRONICLE
For,. 128.
MISSOURI PACIFIC RAILROAD COMPANY
TWELFTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31, 1928.
St. Louis, Mo., March 1, 1929.
To the Stockholders:
There is submitted herewith report of the operations and
affairs of the Company as of December 31, 1928.
CORPORATE INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31. 1028. COMPARED WITH
THE PREVIOUS YEAR.
Increase.
1927.
1928.
$
Railway Operating Revenues _ 121.576.525.15 125.728.405.41 5.848.119.74
Railway Operating Expenses_ 99.091.201.26 99.565.997.86 x474.796.60
Net Revenue from Rail32.485,323.89 26.162 407.5.5 6.322.916.34
way Operations
Railway Taxes and Uncollect5,8.51,357.22
'hie Railway Revenue
4.815.607.56
1,035.749.66
Railway Operating Income 26.633.966.67 21.346.799.99 5.287.166.68
200.264.99
1.502.895.16
Other Operating Income_ --_ 1.703.160.15
Total Operating Income_
28.337.126.82 22.849.695.15 5.487.431.67
Deductions from Operating
5.950.196.72 1.039.393.89
6.989.590.61
Income
Net Railway Operating Income
21.347.536.21
4.037.602.63
Non-Operating Income
16.899.498.43 4.448.037.78
213,835.88
3.823.766.75
Gross Income
25,385.138.84 20.723.265.18 4.661.873.66
Deductions from Gross Income
15,872.447.88 16.322.068.90 x449.621.02
Net income transferred to
Profit and Loss
9,512,690.96
4,401,196.28 5,111,494.68
x Decrease.
DIVIDENDS.
A regular quarterly dividend of 13.1%, or $886,381.10,
for the three months ending December 31, 1928, and a dividend of 13/2%, or $1,063,657.31, on account of unpaid
accumulated dividends, were declared on the PREFERRED
STOCK, payable December 31, 1928, to holders of stock as
of December 15, 1928, the total dividends for the year being
2%%, or $1,950,038.41.
INCOME.
A brief comparative statement of the Corporate Income is
shown above, subdivided to indicate the "Net Railway
Operating Income" defined in the Transportation Act of
1920.
A detailed statement of Corporate Income is given on page
8 [pamphlet report].
OPERATIONS.
(Compared with Previous Year)
The results from operations for the year show very substantial increases in volume of freight traffic handled and in
gross and net income.
Total Railway Operating Revenues for the year were
$131,576,525.15 as compared with $125,728,405.41 in the
previous year, an increase of $5,848,119.74, or 4.65%.
The increase in Freight Revenue was $6,599,803.51, or
6.55%, the principal increases being Products of Agriculture,
$4,084,874.91, and Manufactures and Miscellaneous, $3,638,038.64. The increase in revenue from wheat, included
in Products of Agriculture, was $2,023,712.14, and from
Corn, Oats and other Grain, $2,008,841.04. The principal
increases included in Manufactures and Miscellaneous were
Petroleum Oils and Products, $503,695.27; Automobiles and
Auto Trucks, $1,165,336.33, and other Manufactures and
Miscellaneous, $1,903,340.25.
The Total Number of Tons of Revenue Freight Handled
increased 7.03% and the Ton Miles increased 9.87%. The
Average Revenue Per Ton Mile was 10.41 mills as compared
with 10.74 mills in the previous year.
The Passenger Revenue for the Current Year was $13,552,823.53 as compared with $14,652,502.50, a decrease of
7.51%. Passengers Carried shows a decrease of 14.77%
and the Passengers Carried One Mile a decrease of 4.82%.
The increase in Average Distance Each Passenger Carried
was 10.64 miles or 11.67%, and the Average Revenue Per
Passenger Per Mile was $0.0309, compared with $0.0318
last year.
Total Railway Operating Expenses decreased $474,796.60,
or 0.48%.
Expenditures for Maintenance of Way and Structures
decreased $231,333.66. Maintenance of Equipment Expenditures increased $511,768.71, while the Transportation
70,748.94.
Expenses decreased
Hire of Freight Car Charges show an increase of $625,570.68 over the previous year, due principally to an increase
in use of private car lines, the payments to that account for
the year 1928 showing an increase of $432,270.73. The
average miles per car per day for 1928 was 40.63, compared
with 38.80 in 1927, 39.66 in 1926, 37.22 in 1925, 33.02 in
1924 and 26.61 in 1923.
FEDERAL VALUATION.
The hearing before the Interstate Commerce Commission
on the formal protest to the Tentative Valuation as of
June 30, 1918, which began September 20, 1927, was concluded April 3, 1928. The opening brief was filed June 20,
1928, and the reply brief September 5, 1928. The Commission had not, at the closq of the year, rendered its decision
as to final value.
Since the conclusion of the 1918 valuation case before the
Commission, attention has been directed to the work of
bringing valuations to date. A formal order has been
served by the Commission, directing that necessary reports
for bringing valuations to date be filed with the Commission
within ninety (90) days following March 1, 1929.
PENSION SYSTEM.
Three hundred employees were retired in 1928 and fiftynine pensioned employees died during the year. Since the
inauguration of the Pension System, July 1, 1917, one
thousand eighty-four employees have been retired and three
pensioners have returned to service. The total number of
deaths, three hundred thirty-two. At the close of the year,
seven hundred forty-nine employees were receiving pensions,
averaging $58.07 per month, involving a monthly expenditure of $43,493.70.
CAPITAL STOCK.
No changes have been made in the Capital Stock during
the year.
FUNDED DEBT.
Long Term Debt outstanding in the hands of the public
increased $23,167,600, the detail of changes being shown
on page 13 [pamphlet report!.
First and Refunding Mortgage 5% Bonds, Series G, to
the amount of $3,307,000 and Interim Receipts for Series G
Bonds to the amount of $22,600,000, a total of $25,907,000,
were issued during the year; of this amount $25,000,000
were sold and $907,000 placed in the treasury.
Texarkana Union Station Trust Certificates, Series A,
to the amount of $1,500,000 were issued during the year for
the purpose of constructing a new union passenger station
and facilities at Texarkana, Ark.; the proportion of this
liability assumed by your Company based upon a 30%
interest being $450,000.
Equipment Trust Obligations amounting to $2,282,400
matured and were paid during the year.
The Funded Debt Outstanding is shown on pages 14 to 16
[pamphlet report], inclusive. Detailed description of the
Mortgages will be found on pages 19 to 25 [pamphlet report],
inclusive.
NEW LINES.
There were no new lines constructed during the year. On
April 1, 1928, the operated mileage was increased 64.07
miles by the lease of the Chester and Mount Vernon Railroad.
The net increase in the owned and operated mileage,including
this and other changes of minor importance, was 64.70
miles, details of which appear on pages 42 to 45 [pamphlet
report], inclusive.
MISSOURI PACIFIC TRANSPORTATION COMPANY.
In November, 1928, the Missouri Pacific Transportation
Company, a Delaware Corporation, the stock of which is
owned by your Company, was organized for the purpose of
operating and maintaining, among other things, motor
vehicles for the transportation of passengers, baggage, mail,
express, freight and other commodities, in the various States
through which we operate.
The handling of traffic, ordinarily carried in local passenger trains, by motor coaches will be at lower unit costs,
and will result in substantial savings through the elimination
of non-productive local passenger train miles.
.Satisfactory progress is being made in the acquisition of
highway franchises, and to date approximately 2,300 miles
are being covered by motor coaches operated under regular
daily schedules.
ROAD AND EQUIPMENT.
The expenditures for the year include construction. of
19.84 miles of second main track, completing 81.06 miles
of the total program begun in 1925 to double track the line
from St. Louis to Jefferson City, Mo.; also completion of
6.95 miles of second main track through Gurdcn, Ark.;
improvements to grain elevator at Omaha, Nebr., increasing
capacity of bins from 450,000 to 1,450,000 bushels; new
sheep and cattle feeding facilities at Dodson, Mo.; construction of hold yard and tracks to servo new plant of the Chevrolet Motor Company at Leeds, Mo., and raising of tracks
above high water level at various points.on the system to
insure continued operation of trains during flood periods.
New double track bridge was constructed over the Arkansas
River at Little Rock, to replace the old Baring Cross Bridge
which was destroyed in flood of 1927, and a new Union
Station to serve four railroads is in course of construction
at Texarkana, Arkansas. In addition to the automatio
block signals installed for second main track between St.
MAY 1 1929.]
FINANCIAL CHRONICLE
3035
Louis and Jefferson City, a total of 121 miles was comThe details of charges to Road and Equipment are shown
pleted during the year, practically all of which was installed on page 18[pamphlet report], a summary of which.follows:
in State of Arkansas, making a total of 1,293 miles for the New Lines Constructed. Completion of Prior Years'Projects $1,078.298.51
system as of December 31, 1928.
New Lines Purchased
223,349.08
3.815.174.88
There was delivered and put into service during the year Second Main Track
Road
112,111.091.86
270 Automobile Cars.
Less Retirements
577,950.35
Orders have been placed for additional equipment for
11.533.141.51
Equipment
31.469.602.17
delivery in 1929, as follows:
Less Retirements
2.299.980.76 Cr.830.378.59
25 Switching Locomotives,
500 Steel Hopper Cars,
2 Steel Parlor Dining Cars,
500 Steel Underframe Stock Cars.
1 Steel Cafe Club Coach Car.
60 Steel Underframe Cabooses,
13 Steel Baggage Cars,
20 Dump Cars,
13 Steel Mail and Baggage Cars.
2 Locomotive Cranes,
11 Steel Coaches,
1 Steam Wrecking Crane,
1,000 Steel Underframe Box Cars,
1 Spreader-Ditcher.
2.000 Steel Underframe Automobile Cars,
Assets and Liabilities Not Appraised June 1 1917
Total Charges to Road and Equipment
Cr.15.966.78
$15,803.618.61
By Order of the Board of Directors,
L. W. BALDWIN, President.
sMISSOURI PACIFIC RAILROAD COMPANY.
GENERAL BALANCE SHEET DECEMBER 31, 1928, COMPARED WITH DECEMBER 31. 1927
ASSETS.
December 31,
1928.
December 31, Increase(+)or
1927.
Decrease(—).
Stock—
Capital Stock:
Common
Preferred
LIABILITIES.
December 31, December 31,
1927.
1928.
3
82.839.500.00 82,839.500.00
71.800.100.00 71,800,100.00
Investments—
Investment in Road and
Equipment
496.844.341.22 481,040.722.61 +15.803,618.61
Improvements on Leased
Total
154.639.600.00 154,639,600.00
Railway Property
66,606.18
48,258.51
+18.347.67
Sinking Funds
630.69
638.44
Long Term Debt—
—7.75
Deposits in Lieu of MortFunded Debt Unmatured 348.861.920.00 325.694.32'.00
gaged Property Sold- __ 38.780.81
25.792.19
+12.988.62
Mace'. l'hysical Property.. 2,907,186.45 2,733.918.64
+173.267.81
348.861,920.00 325,694.320.00
Total
Investments in Affiliated
Companies—Pledged
34,605,548.65 37,306,134.20 —2,700.585.55 Total Capital Liabilities
503.501.520.00 480.333.920.00
Investments in Affiliated
Companies —Unpledged- 29,180.202.58 26.807.971.24 +2,372,231.34
Current Liabilities—
Other Investments—
Loans and Bills Payable..
7.000.000.00
Pledged
21.346.32
363.758.50
—342.412 18 Traffic and Car Service BalUnpiedged
1,187,975.31
737.894.29
ances Payable
+450.081.02
1,611.416.44
869.515.8i
Audited Accounts and
Total
564.852.618.21 549,065.088.62 +15.787.529.59
Wages Payable
9,599.764.89 11.280,559.13
Miscellaneous Accounts
Current Assets—
285.486.69
Payable
309.346.83
Cash
10,139.241.54 2.273.696.83 +7.865.544.71 Interest Matured Unpaid.... 1,192.904.65
1.200.124.32
Special Deposits
1,111,489.07 2,611.644.32 —1,500,155.25 DividendsMatured Unpaid
62.380.66
Loans and Bills Receivable
14,432.02
23,845.45
—9.413.43 Funded Debt Matured UnTraffic and Car Service
30.201
.00 1.627.000.00
paid
Balances Receivable---- 1,629,550.47
886.349.78
+743,200.69 Unmatured Interest Accr'd 4.155,802.64 3,984.419.03
Net Balance Receiv. from
345,170.60
Unmatured Rents Accrued
337,766.73
Agents and Conductors.. 1,875,877.44
1.672.074.54
405.787.33
+203.802.90 Other Current Liabilities....
412.940.50
Miscellaneous Accounts Receivable
4,132,148.31 3.895.583.14
+236.565.17
17,688.913.90 27,021,672.42
Total
Material and Supplies
11,335,749.45 12.235.839.07
—900.089.62
Interest and Dividends ReDeferred Liabilities—
ceivable
393,981.91
323.502.50
589,364.28
455.402.45
+70.479.41 Other Deferred Liabilities
Rents Receivable
36.000.00
36,000.00
Other Current Assets
76,608.49
75.734.24
455.402.45
+874.25
589,364.28
Total
Total
30,745.078.70 24.034.269.87
Deferred Assets—
Working Fund Advances_ -Other Deferred Assets
Total
35.829.55
180.019.06
32,373.27
145,944.65
Unadjusted Credits—
3,943.700.15 3,072.667.22
Tax Liability
Insurance and Casualty
+3.456.28
4,863.03
Reserves
7,736.34
+34.074.4 Accrued Depreciation—
15,936,511.84 13,514,554.51
Equipment
537,758.45
+37.530.69 Other Unadjusted Credits_
483,710.86
178.317.92
Unadjusted Debits—
Rents and insurance Prendums Paid in Advance 251,795.71
Other Unadjusted Debits.._ 1,493.736.16
122.217.52
1.535.934.10
+129.578.19
—42.197.94
1,658.151.62
+87.380.25
1.745.531.87
+23,167.600.00
+23.167.600.00
+23.167.600.00
—7,000.000.00
+741.900.56
—1,680,794.24
—23.860.14
—7.219.67
+82,380.68
—1.596.800.00
+171.383.81
+7.403.87
—7.153.17
—4,332.758.52
—133.961.83
—133,961.83
+6.710.808.83
215.848.61
Total
Increase(+)or
Decrease(—).
Total
597,559,077.39 574.935,828.03 +22,823,249.36
Note.—The following Securities not included in Balance Sheet Accounts:
Securities Issued or Assumed—Unpledged
17,721.000.00 13,968.000.00 +3.753,000.00
—2.873.31
+2,421.957.33
+54.047.59
17.078,668.93 +3.344,164.54
Corporate Surplus—
Additions to Property
through Income and Sur923.883.42
1,116,160.61
plus
54.374.246.96 48.988.318.98
Profit and Loss
+192.277.19
+5.385.927.98
55.490.407.57 49.912,202.40
+5.578.205.17
Total
Grand Total
20.422.833.47
+871,032.93
Grand Total
597,559.077.39 574.935,828.03 +22,623,249.38
Note.—The following
Capital Liabilities not included in Balance Sheet
Accounts:
Funded debt—Unpledged. 17.721,000.00 13.968.000.00
+3.753.000.00
The Capital Liabilities shown above include the securities issued under
the Reorganization Plan for bonds of various issues dealt with by the Plan.
Including $1.629.500.00 principal amount, not acquired on December 31 1928. which are accordingly not shown as Liabilities.
The company IS guarantor jointly with other companies of the securities
of certain terminal companies none of which are in default.
CURRENT NOTICES.
—Redmond & Co. have moved their main office in New York from the
building at 31 Pine St., which they built in 1906 for their exclusive occupancy, back to 48 Wall St., where the massive new building of the Bank of
New York & Trust Co. has been erected on the historic site of the old building of the Bank of New York,in which Henry S. Redmond founded the business in 1889. In 1892 Mr. Redmond took into partnership H. S Kerr
and Gilbert M. Plympton, organizing the firm of Redmond. Kerr & Co.,
with membership in the New York Stock Exchange. In 1904 the name of
the partnership was changed to the present name of Redmond & Co. As
now constituted the firm consists of A. Perry Osborn, Henry Fairfield
Osborn Jr., Russell E. Sard, Walter Shepperd and J. B. Taller Jr., with
Colonel Franklin Q. Drown as special partner. The four-story Redmond
Building at 31 Pine St., with its marble front, monolith columns, bronze
ornamentation and its lofty banking room, has been a conspicuous landmark
In the Wall Street district for the 23 years of the firm's occupancy. It will
make way for the towering structure to be erected by the Bank of the
Manhattan Co., which will be taller than the Woolworth Building. In
keeping with the trend toward branch development in this city, the firm
has an office at 341 Madison Ave., in the heart of "Little Wall Street" in
the Grand Central zone, and at 66 Leonard St., in the centre of the downtown textile district. Branch offices are also maintained in Philadelphia,
Albany and Yonkers. At its new location in 48 Wall St., the firm occupies
three floors, which have been equipped with modern business conveniences
and appointments.
—The investment banking house of Bond & Goodwin, Inc., moved on
May 2 into new quarters at 63 Wall Street, in which building the firm will
occupy the entire 22nd and 23rd floors. Bond & Goodwin, Inc., which
has been in business for 35 years, was organized originally as a partnership
in 1894 and was incorporated in October 1922. The officers of the corporation are: Maynard S. Bird, Chairman: Storer P. Ware, President: Maxwell E. Beason, J. F. Thompson, H. C. Van Voorhis, Harry T. Harmon
and Edward N. Fenno Jr., Vice-Presidents; Wm. A. Smart, Treasurer,
and Thomas A. Kirwan, Asst. Vice-President.
—Lee. Higginson & Co., one of the oldest investment banking houses in
the country, have moved their New York office to a new building at 37
Broad St., constructed for their own use. The building fronts 106 feet on
Broad St. and has a depth of 110 feet. Its construction has made a marked
change in the character of Broad St. between Exchange PI. and Beaver St.,
where in years gone by the outdoor Curb Market was conducted. The
firm of Lee, Higginson & Co. was started in 1848 under the name of Lee
Higginson by John Clark Lee and George Higginson of Boston. In
1853 Henry Lee and George Cabot Lee joined the firm, and its present
name was then established. Two grandsons of the original partners.
George C. Lee and Francis Lee Higginson. are members of the firm to-day,
the former being its senior partner. Lee, Higginson & Co. opened theft
New York offices in 1906 and since 1913 have been represented here by
resident partners, of whom there are now six: Frederic W. Allen, Jerome D.
Greene, Donald Durant, George Murnane, Edward N. Jesup, Robert
Grant Jr. In London the firm is represented by the British house of
Higginson & Co., of which several of the partners are also members. The
senior partner of Higginson & Co., Sir W. Guy Granet, is also a partner In
Lee. Higginson & Co. The business of Lee. Higginson & Co. is largely
that of the Issue and distribution of securities, including governments,
municipalities, public utilities and industrial corporations. The firm also
carries on other banking operations incident to the financing of trade and
industry.
—Mitchell, Hutchings & Co., 231 South La Salle St., Chicago, are
pleased to announce the formation of a co-partnership under the name of
Mitchell. Hutchings & Co., which will enable them to transact, In addition
to their established investment business, a general brokerage business in
stocks, bonds, grain and provisions. The following are partners
W. Edwin Stanley, James C. Hutchings, Robert A. Gardner, Charles C.
Renshaw, William H. Mitchell, and Henry M. Fraser.
—Announcement is made of the dissolution of Simons, Marsh & Co.
and the formation of a new New York Stock Exchange firm, under the
firm name of Simons. Blauner & Co., to be composed of 'Murray Simons,
Eugene Blauner. Isadore B. Kraut, Seymour Blauner, member New
York Stock Exchange, Albert E. Marsh and Julius Blauner,special partner,
with offices at 50 Broad St., New York City.
.
[Vol,. 128.
FINANCIAL CHRONICLE
3036
CHICAGO, MILWAUKEE, ST. PAUL AND PACIFIC RAILROAD COMPANY
FIRST ANNUAL REPORT—FOR THE YEAR ENDED:DECEMBER 31, 1928.
To the Stockholders of Chicago, Milwaukee,
St. Paul and Pacific Railroad Company:
The Board of Directors submits the following report of the
operations and affairs of Chicago, Milwaukee, St. Paul and
Pacific Railroad Company for the year ended Dec. 31 1928.
Chicago, Milwaukee, St. Paul and Pacific Railroad Company (a Wisconsin corporation) was organized March 31
1927, to acquire the property of Chicago, Milwaukee and
St. Paul Railway Company, which was sold Nov. 22 1926,
under a final decree of foreclosure. The acquisition of the
property under the terms and conditions of the Plan of Reorganization (dated June 1 1925, as modified, Nov. 19 1925)
was authorized by an order of the Interstate Commerce
Commission, dated Jan. 4 1928, and your Company entered
into possession and operation of the property as of midnight
Jan. 13 1928. The Income Account is, therefore, for the
period from Jan. 13 1928 (midnight) to Dec. 31 1928, and
includes only transactions for that period. Charges and
credits arising out of transactions which took place prior to
Jan. 13 1928 (midnight), but determined and accounted for
subsequent thereto, resulted in a debit of $2,371,153.06
which, in accordance with the accounting rules of the Interstate Commerce Commission, was not charged against the
income of your Company.
Gross operating revenues in 1928 were the highest in the
history of the railroad. As compared with 1927, passenger
revenues decreased $1,122,020, and freight revenues increased
$8,421,981. There was a net increase in railway operating
revenues of $7,612,080.
Expenditures for maintenance of way decreased $541,173;
for maintenance of equipment $5,659,965 (in part due to the
fact that charges on account of retirements in 1927 were
abnormally high), traffic expenses decreased $171,801 and
transportation expenses decreased $1,700,222. The total
decrease in all railway operating expenses was $8,265,367.
Railway tax accruals increased $1,369,927, of which $936,639 is due to Federal income tax, no such tax having been
paid in the previous year.
As a result of the increase in operating revenues and reduction in operating expenses the net railway operating income
increased from the 1927 figure of $14,072,934 to $29,119,053,
or an increase of $15,046,119. Deducting from this amount
the net debit to net railway operating income of $2,424,924,
resulting from charges and credits arising out of transactions
which took place prior to Jan. 13 1928, and for that reason
not included in the operating accounts of this company, the
net increase was $12,621,195.
While the 1928 results are very substantially better than
those of any previous year since the beginning of Federal
control, and so afford ground for encouragement, they still
fall far short of what they should be. The rate of return
earned on the investment in road and equipment, including
material and supplies and cash at the beginning of the year,
was but 3.84%, and the rate of return earned on the Interstate Commerce Commission's tentative final valuation
(which is regarded by the Company as inadequately low),
plus the net of additions and betterments less retirements
since valuation date, is but 4.17%.
That the situation confronting this Company in the matter
of return earned is not radically different from that which
confronts the Western lines as a whole, is shown by the fact
that in the year 1928 for the entire Western district the
average rate of return earned on the investment in road and
equipment, including materials and supplies and cash on
hand, January 1st of that year;was:4.36%. For the Northwestern region, the figure was 4.05%. The Interstate Commerce Commission has, linder the provisions of The Interstate Commerce Act, fixed 5M% as the fair rate of return.
The shortage below such return for the Western district as a
whole was $148,118,000, for the Northwestern region, $59,707,000, and for this Company, $14,521,000.
When consideration is given to the fact that these low returns were earned in the year in which the Company's
operating revenues were the greatest in its history, that during the year 1928 as a result of proceedings under the Railway Labor Act, increases were made in wages (only partly
reflected in 1928 results) aggregating $1,600,000 on a yearly
basis, and that since the first of this year additional wage
increases have been made which, on the basis of 1928 pay
rolls, would increase the total wage bill by approximately
$1,000,000, the need for the practice of every operating
economy and for a more liberal rate level is apparent.
Passenger revenues, as a result of motor vehicle competition,
continue to show a declining tendency and apparently the
bottom has not yet been reached. The average freight earnings per ton mile in 1928 were 10.37 mills, as compared with
12.66 mills in 1921. This reduction in ton mile earnings of
18% since 1921 reflects the two general rate reductions made
by the Interstate Commerce Commission and the cumulative
effect of rate reductions, which have been characterized as
the whittling process. As a partial offset to this declining
tendency the Interstate Commerce Commission, after protracted hearings, increased, by its decision entered in August
1928, the rates on all railroads for carrying the mails by
15%,and also awarded back pay to May 9 1925. It is estimated that this increase will amount to $440,000 annually
for this Company and that the portion of the order awarding
back pay, which has recently been sustained by the Supreme
Court of the United States, will, when Congress makes the
necessary appropriation,give this Company about$1,415,000.
iate Commerce Commission had before
In 1926 the Interst
it an application by the carriers in the Western District for
a 5% increase in their freight rates. The Commission denied
this application, but pointed out in its decision that the rates
in Western Trunk Line territory were relatively low as compared with the surrounding rate groups. Western Trunk
Line territory embraces all of our lines, except those in
Indiana, Montana, Idaho and Washington. The carriers in
9iis territory filed an application with the Commission to
mcrease the class rates. A large number of hearings were
held on this application and the case has now been finally
submitted to the Commission for decision.
The operated mileage at the close of the year and the
income for the period Jan. 14 to Dec. 31 1928, inclusive,
were as follows:
OPERATED MILEAGE AT CLOSE OF YEAR.
11.251.72
Miles of road
1,297.14
Miles of additional main tracks
4.318.85
Mlles of yard tracks and sidings
16,867.71
Total Mileage Operated
CONDENSED INCOME ACCOUNT
[January 14 to December 31 1928, Inclusive.]
Railway Operating Income—
$165,303,693.60
Railway operating revenues
120.580,918.39
Railway operating expenses
Net railway operating revenue
Railway tax accruals
Uncollectible railway revenues
Railway operating income
Equipment rents
--debit balance
Joint facility rents—debit balance
Net railway operating income
944,722,775.21
$9,924.917.38
2,403.13
9,927.320.51
934.795.454.70
$3,316,819.66
2,451.579.83
5.768,399.49
929,027,055.21
3037
FINANCIAL CHRONICLE
MAY 4 1929.]
Non-Operating Income—
1330,620.07
Rents from lease of road
628,382.16
Rents received—Other
187,264.97
Dividends on stocks
Income from funded securities:
817,002.53
Interest on bonds and notes
9,134.51
Interest on advances to affiliated companies
Income from unfunded securities and accounts:
on demand loans, time loans and
Interest
time deposits
560,318.27
Interest on bank balances
195.962.52
Miscellaneous Interest
13,815 92
Miscellaneous income
1.504.89
2,744.005.84
Net railway and non-operating income
Deductions—
Rents paid—Lease of road
Rents paid—Other
Interest on unfunded debt
Miscellaneous
$31.771,061.05
$1,019.953.92
74.056.09
79,807.95
98.489.12
1.272,307.08
Netincome before deduction for interest on funded debt $30.498,753.97
Interest on Funded Debt—
Fixed interest bearing obligations
$12.093,097.86
Convertible adjustment mortgage bonds(5%
9,143,684.65
declared)
21,236.782.51
Net income
Income applied to sinking and other reserve funds
Net income transferred to Profit and Loss
$9,261,971.46
11,638.55
$9,250,332.91
CAPITAL STOCK.
On Jan. 14 1928 the share capital of the Company consisted of 1,188,458 shares of Preferred Stock, par value $100
per share, and 1,174,060 shares of Common Stock, without
par value, issued in connection with the acquisition of the
property of Chicago, Milwaukee and St. Paul Railway Co.
Preferred Stock has been increased 3,292 shares, issued in
payment of unsecured claims against the Chicago, Milwaukee
and St. Paul Railway Company.
The Capital Stock outstanding as of Dec. 31 1928, was
as follows:
Preferred Stock, 1,191,750 Shares
$119,175,000.00
Common Stock, 1,174,060 Shares
(No par value)
FUNDED DEBT UNMATUR,ED.
In connection with the acquisition of the property of
Chicago, Milwaukee and St. Paul Railway Company, the
Company assumed $154,479,000, principal amount, of the
funded debt outstanding, secured by mortgages on properties
acquired by the Company and by equipment trusts, and
issued $106,395,096, principal amount,of its own Fifty Year
Five Per Cent. Mortgage Gold Bonds, Series A, and $182,873,693 principal amount of its own Five Per Cent. Convertible Adjustment Mortgage Gold Bonds, Series A.
The funded debt was increased during the year by $24,000,000, the principal amount of General Mortgage 4%%
bonds Series E, sold at par, to provide for the retirement of
$14,000,000 principal amount of Ten Year, First Mortgage
Bonds Security, Gold Loan of 1924, bearing interest at 6%
per annum; part payment of new equipment purchased under
Equipment Trusts; additions and betterments to the property; and other corporate purposes.
It was also increased by ,911,000 par value of Equipment Trust Certificates, Series E, F, G and H, issued and
sold. By the issue of the Equipment Trust Certificates,
Series G and H, and the payments of $677,668.69 in cash,
the Equipment Leases dated April 30 1927,and June 18 1927,
from Pullman Car & Manufacturing Corporation and The
Bettendorf Company, respectively, to the Receivers of
Chicago, Milwaukee and St. Paul Railway Company, were
cancelled. The unfunded debt of the Company, therefore,
was thus reduced by $2,133,669.
The funded debt was decreased by $14,000,000, principal
amount, of Ten Year 6%, First Mortgage Bonds Security,
Gold Loan of 1924, due Jan. 1 1934, but called for retirement
July 1 1928 ($688,000 principal amount, of which, however,
have not been presented for retirement and are still outstanding) and by $3,280,500 principal amount,of Equipment Trust
Notes maturing during the year.
The net increase in the amount of Funded Debt was
$15,630,500.
Funded Debt outstanding, in the hands of the public as
of Dec. 31 1928 amounted to $459,378,289.
BONDS AND EQUIPMENT TRUST CERTIFICATES SOLD DURING THE YEAR 1928.
Description of Security.
Chicago, Milwaukee and St. Paul Railway Company General
Mortgage Gold Bonds, Series E-4%%
Chicago, Milwaukee, St. Paul and Pacific Railroad Equipment
Trust Certificates, Series E
-45C%
Chicago, Milwaukee, St. Paul and Pacific Railroad Equipment
Trust Certificates. Series F-4K%
Chicago. Milwaukee, St. Pabl and Pacific Railroad Equipment
Trust Certificates, Series 0-4q_%
Chicago, Milwaukee, St. Paul and Pacific Railroad Equipment
Trust Certificates, Series H-434%
Date Sold.
Par Value.
Discount.
Expense.
$34,590.40
Par
Net Proceeds
Realized.
60
$23.965.409.
2,468,177.43
May 29 1928
$24.000.000
July 12 1928
2,535,000
97.55%
$62,107.50
July 12 1928
4,920,000
97.55%
120,540.00
7,659.52
4,791,800.48
July 12 1928
871,000
97.55%
21,339.50
2,467.75
847,192.75
July 12 1928
585.000
97.55%
14,332,50
2,072.69
568.594.81
t21R.:119.5(1
551.505.43
532.641.175.07
1:12 All fUlA
Total
TREASURY BONDS.
At the close of the year ended December 311928,there were
2
In the Treasury of the Company bonds to the amount of.. $ 6.270.000.00
Composed of the following:
0. M.& St. P. Ry. Co. General Mortgage
Bonds—Series D 5%:
Pledged under Ten Year 6% First Mortgage Bonds Security, Gold Loan of
1924 called for retirement July 1 1928
of which $688.000, principal amount,
were not presented as of Dec.31 1928-- $20.000,000.00
In Treasury—Unpledged
5,453.000.00
$25,453,000.00
C. M.& St. P. By. Co. General Mortgage
Bonds—Series A 4%:
In Treasury—Unpledged
759,000.00
Milwaukee & Northern RR. Co. Pint
Mortgage 4%% Bonds:
In Treasury—Unpledged
38,000.00
Milwaukee & Northern RR. Co. Consolidated Mortgage 435% Bonds:
20,000.00
In Treasury—Unpledged
Total Treasury Bonds
$26,270,000.00
ADDITIONS AND BETTERMENTS.
EQUIPMENT.
During the period January 14 to December 31 1928, purchase was authorized and delivery made of 300 automobile
cars, 1,600 box cars, 650 stock cars, 552 coal cars, 2 special
type flat cars, 15 gas electric motor cars, 10 baggage and
express cars, 1 car float, 2 locomotive cranes, 2 ballast
dressing machines, 2 burro cranes, 1 company service car
and 1 second hand narrow gauge steam locomotive. In
addition to these purchases, 10 roller bearing baggage and
express cars and 3 company service ears were constructed in
the company's shops.
s
Steel platek and underfra.mes were applied to 6 suburban
coaches and 12 passenger and express cars which had been
Selling
Price.
4.715.07
previously converted from sleeping cars. Steel center sills
and steel plates were also applied to 2 dining ears, 5 parlor
cars and 4 buffet cars. 2 steel compartment sleeping ears
were converted to buffet lounging cars, 4 steel observation
cars to parlor cars and 164 gondola ears to flat cars for use
in logging service.
RAIL.
61,847 gross tons of new rail ranging in weight from 90
pounds to 130 pounds and 53,367 gross tons of second-hand
rail ranging in weight from 50 pounds to 100 pounds, or a
total of 115,214 gross tons of rail were laid in main tracks
replacing rail of the same or lighter weight.
In yard and side tracks there were laid 5,294 gross tons of
second-hand rail replacing lighter rail and 72 gross tons of
new rail and 9,512 gross tons of second-hand rail, or a total
of 9,584 gross tons of rail, replacing rail of the same weight.
BRIDGES, TRESTLES AND CULVERTS.
The program of replacing open deck untreated timber
structures on main lines with creosoted timber structures
with ballasted deck, and masonry and steel structures, as
these structures become worn out and require renewal, was
continued during the year. These changes will effect a considerable saving by eliminating future maintenance expenditures on open deck untreated timber structures and will also
reduce the fire hazard.
The superstructures of the Wisconsin River crossings near
Lone Rock and Spring Green, Wisconsin, consisting of steel
truss spans, were replaced with spans of heavier design and
improved type. The replacement of 300 lineal feet of the
remaining 697 lineal feet of open deck pile trestle approach
at the Missouri River crossing at Chamberlain, South Dakota, with a steel span, which was started in 1928, will be
3038
FINANCIAL CHRONICLE
[VoL. 128.
completed during the year 1929 making a total of 1,336 lineal pended on this work $596,001, of which $563,956 was a
feet of steel spans at this crossing.
charge to Capital Account. It is expected $753,000 will be
STATION FACILITIES.
expended during 1929 and the remainder, or approximately
The La Crosse, Wisconsin depot project consisting of the $2,650,000, during the three years 1930 to 1932.
construction of a new 2
-story brick and concrete station,
YARD TRACKS AND SIDINGS.
rearrangement of tracks and installation of other station
The program of lengthening passing tracks, thereby perfacilities was completed during the current year. This mitting the hauling of longer trains, the elimination of delays
improvement will facilitate the movement of passenger and reduction of operating costs, has been continued during
traffic, add to the comfort of pass ngers and provide addi- the current year, and a number of such projects have been
tional office space for use by the railroad.
carried to completion. In addition thereto, there have been
A new office building has been constructed at Miles City, several new passing tracks constructed at points where they
Montana, which will be used by all departments having were urgently needed to facilitate train movements.
offices at that point. The consolidation under one roof of
Rearrangement of existing yard tracks and extensions to
the various offices which have heretofore been widely the existing yards have been completed at Cedar Rapids,
separated has resulted in a material reduction in force and a Iowa; Sioux Falls, South Dakota, Savanna and Bensenville,
saving in cost of maintenance and operation.
Illinois, and others which have been authorized will be completed during the coming year.
WATER AND FUEL STATIONS.
The following statements show expenditures made to Road
The program of improving the locomotive water supply
situation on the system, which was started a few years ago, and Equipment and charged to Investment Account during
has been continued during the current year. Soft water the period Jan. 14 to Dec. 311928.
treating plants have been completed at Shawmut, Montana;
INVESTMENT IN ROAD AND EQUIPMENT.
Bonilla, Milbank and Belvedere, South Dakota; Glencoe,
The expenditures chargeable to Investment in Road and
Minnesota Falls and South Minneapolis, Minnesota;Spencer,
Iowa; Rondout, Spaulding, Davis Junction, Leaf River, Equipment during the period Jan. 14 to Dec. 311928, and
the total Investment in Road and Equipment Dec. 31 1928,
Kittredge, Elgin and Savanna, Illinois.
The supply of water has been improved by drilling new were as follows:
wells at various point, rebuilding existing water stations and
constructing new water stations at more favorable locations.
New mechanical coaling stations have been completed
during the current year at Gratiot and Wisconsin Rapids,
Wisconsin, and Bonilla, South Dakota. Authority has been
granted for additional plants at Madison and La Crosse,
Wisconsin.
SIGNALS AND INTERLOCKERS.
The installation of automatic train control on the La Crosse
Division between Portage and La Crosse, Wisconsin, and
between Tunnel City and Raymore, Wisconsin, which was
authorized and commenced during the preceding year, has
been completed and placed in operation. This installation
has been made in compliance with an order of the Interstate
Commerce Commission.
SHOPS AND POWER PLANT FACILITIES.
Power plant facilities at Miles City, Montana, have been
enlarged by the construction of an extension to the existing
power house and the installation of six new boilers and other
power plant machinery. Numerous economies will result
from the use of these facilities and sufficient power can now
be produced to meet the demands, a condition which has not
existed in the past.
TRACK ELEVATION AND DEPRESSION.
Work which was started in 1926 in compliance with an
ordinance passed by the City of Chicago, was continued
during 1928 on the elevation of tracks and separation of
grades on the Chicago and Milwaukee Division from Irving
Park Boulevard northerly approximately two miles to a point
north of Elston Avenue, Chicago. The total cost of this
work is estimated at $1,500,000. There was expended during the year $443,359. At the close of the year there had
been expended $1,159,881 of which $943,557 was a charge to
Capital Account. It is expected this work will be completed
on or before Sept. 1 1929 at a cost not in excess of the estimate.This projectis referred to as the MayfairTrack Elevation.
In compliance with an ordinance passed by the City of
Evanston, on April 7 1927, work was started during the year
1928 on the elevation of tracks and separation of grades on
the Evanston Line in the City of Evanston, Ill., extending
from the northerly limits of the previous elevation at Church
Street, Evanston, to Isabella Avenue, Evanston, Illinois, a
distance of approximately one and one-half miles. The total
cost of this work is estimated at $2,225,000. During 1928
there was expended $255,254. During 1929, expenditures
of approximately $1,100,000 will be made, and the remainder
of the work will be completed in 1930. This section of the
line is leased to the Chicago, North Shore and Milwaukee
Railway Company, under terms of which the Milwaukee will
receive, as additional rental, the interest it is required to pay
upon the expenditures made by it for these improvements.
Track depression of about two miles of the Northern Division on the northwest side of Milwaukee, Wisconsin, in compliance with an order of the State Railroad Commission,
which requires a separation of grades at eight streets, was
commenced in June 1927. The total cost of this work is
estimated at $4,000,000. There was expended during the
year 8261,158. At the close of the year there had been ex-
Equipment Purchased and Constructed. Jan. 14 to Dec. 311928:
1 Narrow gauge steam locomotive. purchased $5,014.93
300 Automobile cars. purchased
790.161 95
1600 Box cars, purchased
3,402,821.95
650 Stock cars. purchased
1,106,191.55
552 Coal cars, purchased
1,303,709.56
2 Flat cars, purchased
14,736.79
15 Gas electric motor cars. purchased
631,492.52
10 Baggage and express cars, purchased
126.925.99
10 Roller bearing baggage and express cars,
constructed
179,910.59
1 Car float, purchased
50,535.43
2 Locomotive cranes. purchased
41,613.84
2 Ballast dressing machines. purchased
22,400.00
2 Burro cranes. purchased
22,637.62
1 Company service car, purchased
682.39
3 Company service cars, constructed
2,573.69
Miscellaneous Equipment:
8 Automobile trucks. purchased
8,036.97
1 Ford roadster, purchased
511.16
1 Chevrolet sedan, purchased
448.50
Other Additions and Betterments to Equipment:
2 Compartment sleeping cars converted to
buffet lounging cars
19.330.08
4 Observation cars converted to parlor cars
24,983.22
164 Gondola cars converted to flat cars
53.246.36
88,804.63
Miscellaneous conversion of equipment.—
Improvements to other equipment
468.263.93
Gross Additions and Betterments—Equipment
$8,365.033.65
Less original cost of equipment destroyed,sold, taken down,
or converted
503,826.53
Net Additions and Betterments—Equipment
$7.861,207.12
Additions and Betterments—Road—Jan. 14 to Dec. 31 1928:
Land for transportation purposes
$261,910.24
Grading
613.278.24
Tunnels and subways
1,275.25
Bridges, trestles and culverts
1,001,382.61
Ties
184,779.35
Rails
7/46,510.67
Other track material
1.678,057.43
Ballast
61,531.63
Track laying and surfacing
220,981.01
Right of way fences. &c
35.435.48
Crossings and signs
305,139.63
Station and office buildings
394,309.15
Roadway and miscellaneous buildings
48,498.51
Water and fuel stations
324,06:3.21
Shops and engine houses
174,800.95
Grain elevators
8,721.00
Wharves and docks
75 055.44
Telegraph and telephone lines
144,616.99
Signals and interlockers
121,301.45
Pow& stations, transmission systems, Ste
69.08:3.44
Paving and assessments
57,203.78
Roadway machines and tools
64,283.46
Shop machinery
207,514.53
Miscellaneous
115.196.30
Gross Additions and Betterments—Road-46.057.959.78
Credit—Road property retired or converted_ __ 1,534.986.91
Net Additions and Betterments—Road
Net Additions and Betterments—Road and Equipment
Road and Equipment, Jan. 14 1928
Road and Equipment. Dec. 31 1928
5,422.972.87
$13,284,179.99
669,264.605.92
$682,548,785.91
General balance sheet, income, profit and loss and other
tables relating to corporate affairs and statements showing
results of operation are appended hereto.
The Board records its appreciation of the co-operation
and the loyal and efficient services rendered by the officers
and employees throughout the year.
By order of the Board of Directors.
H. A. SCANDRETT, President.
April 18 1929.
MAY 4 1929.]
FINANCIAL CHRONICLE
3039
GENERAL BALANCE SHEET AS OF DECEMBER 31 1928.
ASSET SIDE.
LIABILITY SIDE.
Investments—
Capital Stock—
Road and equipment
$682,548,785.91 Common Stock:
Improvements on leased railway property
In hands of public (1,174,060 shares—no
330,656.63
Sinking funds
par value)
18,351.89
$137.709,450.19
Deposits in lieu of mortgaged property sold
76,547.18 Preferred Stock:
Miscellaneous physical property
In hands of public
4,688,953.95
119,175,000.00
Investments in affiliated companies:
Stocks
Total Capital Stock
$5,413,827.40
$256,884,450.19
Bonds
Governmental Grants—
1.160,800.00
Notes
Grants in aid of construction
11,585.967.81
2.810.80
Advances
Funded Debt—Unmatured—
7.080.890.78
25.241,485.99 Bonds:
Other Investments:
In hands of Public:
Kewlestee
Stocks
Fixed interest bearing_$237,762,096.00
$7,855.39
Bonds
Contingent int bearing 182,873,693.00
166,700.00
Notes
In Treasury of Company
538,774.34
6.270.000.00
Miscellaneous
Pledged for loan
20,000,000.00
3,548.89
$446,905,789.00
716,878.62
Obligations:
Equipment
Total investments
Equipment gold notes
7,668.500.00
$713,621,660.17
Current Assets—
Equipment Trust certificates
31.074,000.00
Cash
$7,802,260.84
Demand loans
10.600.000.00
$485,648,289.00
Time deposits
Less bonds unsold:
5,453,490.41
Special deposits
Held in Treasury or pledged
26,270,000.00
38,940.00
Loans and bills receivable
5,011.102.43
Traffic and car-service balances receivable..
Total Funded Debt unmatured
459,378,289.00
754,333.92
Due from agents and conductors
3,943.319.34
Miscellaneous accounts receivable
Total Capital Stock, Funded Debt and Governmental
3,214.180.58
Material and supplies
Grants
S716.265.549.09
12,872,138 01
Interest and dividends receivable
Current Liabilities—
472,507.85
Rents receivable
Loans and bills payable
S293.088.93
354.00
Other current assets
Traffic and car-service balances payable..
3.313.695.55
88.378.32
Payrolls and vouchers
10,293.502.60
Total current assets
343,677.23
50,251.005.70 Miscellaneous accounts payable
Deferred Assets—
z Interest matured unpaid
2.985.202.67
Working fund advances
*Funded debt matured unpaid
$41.200.69
692.000.00
Other deferred assets
Unmatured interest accrued
2,674.455.38
8,350.530.16
Unmatured rents accrued
302.206.53
Total deferred assets
563.219.45
2.712,746.07 Other current liabilities
'Unadjusted Debits—
Insurance premiums paid in advance
$16,963.62
Total current liabilities
27.137.123.12
Other unadjusted debits
Deferred Liabilities—
4.181.497.36
Other deferred liabilities
$1,020,417.09
Total unadjusted debits
4.198,460.98
Total deferred liabilities
1.020.417.09
Unadjusted Credits—
Tax liability
$8,223,880.33
Accrued depreciation—Equipment
5.200.655,40
Other unadjusted credits
4.450,293.51
Total unadjusted credits
Corporate Surplus—
Additions to property through income and
surplus
Sinking fund reserve—Bell. Bay & Brit.
Col. R. R. Co
Total appropriated surplus
Profit and loss, credit balance
Total corporate surplus
17.874.829.24
S100.858.62
13.022.42
$113,881.04
8.382.072.44
8.495.953.48
Grand Total
$770,793,872.92
z Includes $2,563,348.75 payable Jan. 1 1929.
* Includes—
Ten Year First Mortgage Bonds Security Gold Loan of
$688.000.00
1924. called as of July 1 1928
Miscellaneous matured bonds covered by cash deposits
4.000.00
Grand Total
$770,793,872.92
$692,000.00
—The newly organized stock brokerage firm of Gammack & Co. has
opened for business at 60 Broadway, N. Y. City, with John G. Winchester,
a member of the New York Stock Exchange, acting as floor member. All
five partners are Harvard graduates. Thomas H. Cammack was formerly
a member of the Wall Street staff of the New York "Sun" and is financial
editor of the "Outlook and Independent" and a regular contribotor
to
"World's Work." Carl L. Muller. another partner, has been
engaged
for nine years in banking with William Schell & Co.,the 13anca
Commerciale
Italians, Milan, and the American Colonial Bank of Porto Rico.
He
Is a director of Schell, Pavenstedt & Co., Inc. His father, Carl
Muller.
was for many years a partner of Muller, Schall & Co., private
bankers
Edmund W. l'avenstedt, Treasurer and director of Schall,
Pavenstedi
& Co., Inc.. Is also a member of the new firm of Cammack &
Co. His
father. E. Pavenstedt, was for many years a partner of Muller,
Schell &
Co., Treasurer and a director of the South Porto Rico Sugar
Co., and
Vice-President and a director of the American Colonial Bank
of Porto
Rico. Aldo R. Baleen wi I be a special partner of the new
firm. He
is Secretary and director of the McLellan Stores Co. and a director
of the
American Chatillon Corp.
—Kahn I. Fosdick, formerly Vice-President of the Northern
Trust Co.
of Chicago, has been appointed resident partner in charge of the
Chicago
office of Colvin & Co. Mr. Fosdick was associated for many years
with
the Northern Trust Co., with whom he started as a ealeeman. At
the time
of joining Colvin & Co. he was Executive Vico-President in charge of
the
bond department. Charles Arnold Weeks, formerly manager of the
bond
department of the Fidelity Trust & Savings Bank of Chicago, has
also
become associated with Colvin & Co.
—Pierrepont E. Grannie, Archibald C. Doty and C. Edmund
Fay
announce the formation of a co-partnership under the name of Grannie,
Doty & Co., with offices at 74 Trinity Place. to deal in bank and insurance
stocks. Mr. Grannie & Mr. Doty have heretofore been co-partners in
the firm of Grannie & Doty. Mr. Fay was formerly Vice-President of
Broomhall, Killough & Co., Inc.
—Curtis & Sanger announce that Thomas Motley and Edward Motley
withdrew from their limited partnership as of May 1 1929. The firm will
be continued under the same name by the following as general partners:
Allen Curtis, John E. Thayer Jr., Daniel II. Reese, Harry II. Bemis
Edward II. Baker, N. Gorham Nickerson Jr.. Duncan F. Thayer and
Sabin P. Sanger, limited partner.
—Clark, Dodge & Co., who have been doing an investment banking
and stock exchange business in New York at 51 Wall Street for 82 years,
have formally opened their new quarters in the 36-story building at Wall
and Hanover Streets. They will occupy the entire thirteenth and fourteenth floors, giving them twice the floor space previously occupied. The
address will be 61 Wall Street.
—Gulbord, White & Co., Inc. announce the opening of New England
offices at 30 State Street, Boston, under the management of Raymond
L. Meyer, Vice-President. Kenneth Batty, Frederick Graham and Henry
L. Bazigian will be associated with Mr. Myrer in Boston, Carl Linde in
Portland. Me.. and Arthur Lviingston Smith in Providence, R. I.
—Announcement is made of the formation of Mulford, Palmer & Claflin.
with offices at 100 Broadway, New York City, to underwrite and distribute
investment securities. The partners are Joseph M. Mulford, formerly
resident manager of the New York office of the First Illinois Co.: Louis S.
Palmer, formerly a partner of C. L. Schmidt & Co., Chicago. and James
E. Claflin. President of the Industrial Asbestos Corp., and formerly of
J. E. Claflin & Co., Chicago. All are directors of various industrial
enterprises.
—Charles Emory, formerly member of the firm of Gray, Emory. Vas
conceits & Co. has become Vice-President of the Central Securities CO. This
company is affiliated with the Central Trust Co. of Salt Lake City, and
correspondents of Kidder Peabody & Co. Mr. Emory has opened the
Denver branch of the Central Securities Co., at 314 First National Bank
Building.
—The Interstate Corporation, the securities affiliate of the Interstate
Trust Co.. moves its offices to larger quarters at 37 Wall St.. New York.
Following the removal of the securities corporation, the trust company
will in the near future also take over new quarters at 37 Wall St. as soon as
renovations which are now in progress are completed.
—Lee. Stewart & Co.. Inc.. 63 Wall St., this city have issued an usual
analysis of the 28 listed stocks underlying North American Trust Shares.
covering an 18
-year record of earnings and dividends on these stocks for
that period, and showing regular and extra cash dividends, rights, stock
dividends and split-ups of the 28 companies.
—George W. Fanning, Oscar Charwat and Leo Charwat have formed the
co-partnership of G. W. Fanning & Co., with offices at 11 Broadway. New
York, to continue the business of G. W. Fanning Co. which was dissolved
as of April 27. The new firm will deal in over the counter securities. spedi
alizing in bank and insurance stocks.
—Adams & Peck of New York, who for many years have specialized in
guaranteed stocks and "Merger Rails," have moved from 20 Exchange
Place to 63 Wall Street, the new Brown Bros. & Co. building, where they
will have much larger space on the 17th floor. This house in recent months
has been active in aviation securities.
—Frederick W. Ludwig. Alexander J. Robertson and Lewis G. Engel,
as general partners, have formed the firm of Ludwig, Robertson & Co. at
25 Broad Street. to conduct a general brokerage and commission business
in stocks, bonds and other securities. The firm of Battelle, Ludwig &
Co. has been dissolved.
—D. B. Warwick & Co., members of the New York Curb Market,
announce the withdrawal of Paul G. Friedmann and Robert W. Torney
from the firm, and that they will continue business with the following partners. D. B. Warwick, Henry A. Howe, J. M. Warwick Jr., J. M. Warwick
and Mary V. Warwick.
—Matt H. Connell, John H. Wolfarth, Robert G. Ilsley and Timothy
F. Allen Jr., formerly trading as M. H. Connell & Co., announce that
they will do business hereafter under the firm name of Connell, Wolfarth
& Ilsley. Offices of the new firm will be located at 56 Pine St., New York.
—James 13. Murrow and Kenneth D. Series have become associated
with Taylor.Ewart & Co.,Inc.,in the sales department and Charles Kahle
and E. Irvine Haines have become associated with the firm's analytical
service department, according to announcement made May 1.
CURRENT NOTICES.
FINANCIAL CHRONICLE
3040
[VOL. 128.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE GRAIN PROVISIONS
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
Friday Night, May 3 1929.
/
COFFEE on the spot was quiet; Rio 7s 171 ac.; Santos 4s
24 to 24%c.; Victoria 7s and 8s 17%c. Robustas were quoted
at 19% to 20c. The total deliveries of Brazilian coffee during the month of April amounted to 608,064 bags. The stock
in warehouse here and elsewhere in the United States is but
361,624 bags and the afloat 334,700 bags, making the total
visible supply for the United States of 696,324 which is considerably below the average of recent years at this time. On
April 29th cost and freight offers from Brazil were irregular
and in some cases lower. On the 2nd inst. cost and freight
offers were in light supply and in some instances slightly
higher. For prompt shipment, Santos Bourbon 2-3s were
quoted at 24.45c.; 3-4s at 23 to 23.65c.; 3-5s at 22.60 to 2320c.;
4-5s at 22.55 to 224c.; 5s at 22.35c.; 5-6s at 21%c.• Bour20.05c.;
bon separations 6s at 20.30c.; 5-6s at 20.40c.; 7s at'
7-8s at 16.65 to 19.85c.; part Bourbon or flat bean 3-5s at
22%c.; Santos peaberry 4-5s at 21%c.; Rain-damaged but
dry Santos 4-5s at 20%c.; 7s at 17c.; 7-8s at 16.05c.; Rio 7s
2
at 16.40c to 163/c.; 7-8s at 16 to 16%c.; Victoria 7s at 16.10c.;
7-8s at 15.85c. Future shipment Bourbon 7-8s for May-June
/
at 16c.; Victoria 7-8s July-October at 1514c. To-day owing
to the holiday in Brazil, there were few cost and freight
offers. They included Santos Bourbon 3-4s for prompt shipment at 23.65c.; 3-5s at 23.20c.; 4-5s at 21.80 to 22.55c.•, 5s
at 22.05c.; 6s at 20.30c. 6-7s at 20.40c.; 7s t 20.05.; 7-8s
at 15.65 to 19.85c.; Rain-damaged 7-8s at 15%c. and peaberry 4-5s, rain damaged at 21%c.
G. Duuring & Zoon made the arrivals in Europe during
April 1,124,000 of which 460,000 were Brazilian; deliveries
in Europe during April 901,000 of which 397,000 were Brazilian; stock in Europe on May 1st 2,036,000; world's visible
supply on May 1, 5,217,000, showing a decrease of 220,000.
Last year the visible supply was 5,434,000 bags. The weather
in Sao Paulo has been fine. The fact that fairly good future sales of Santos extending well into the first six months
of the 1929-30 crop at prices much below offers for prompt
shipment, precludes the idea some think that present cost
and freight prices will hold. The Comtelburo Ltd. cabled the
Exchange that receipts at Rio from May 1st to 15th will be
12,913 bags daily compared with 13,214 bags daily from
April 16th to 31st. Arrivals of mild coffee in the United
States during April were 404,874 bags against 353,495 bags
during March and 339,843 bags in April last year. Deliveries for the same time were 361,089 bags against 366,084
and 313,941 bags respectively. Stock of mild coffee in the
United States on May 1st was 404,563 bags against 360,778
bags a month ago and 340,667 last year.
Futures on April 29th were 9 to 13 points lower on Rio and
1 to 13 lower on Santos. There was little support. Liquidation had its unchecked effect. Early private Rio cables were
understood to have been lower. The official advices were
not received until after the close. It was a dull market
with apparently a downward tendency. On April 30th futures declined 5 to 12 points on Rio and Santos after an
early rise of 7 to 12 points early on rumors that Brazil had
secured a large loan in the United States. Trading on April
30th was very quiet owing to a scarcity of contracts and
rumors that Brazil has obtained a large loan from American bankers for Dillon Read & Co., the purpose of stabilizing exchange and probably to support prices. On the 1st inst.
with Brazilian and Hamburg markets closed trading in futures was light. Receipts at Rio during April were 284,000
bags; since July 1st 2,550,000 bags; against 3,316,000 in the
same time last year and 3,025,000 two years ago. Receipts
at Santos in April were 754,000 bags; since July 1st 7,397,000 bags against 8,623,000 in the same time last year and
7,968,000 two years ago.
On the 2nd inst. Rio futures ended 1 to 3 points off and
Santos 5 points lower to 7 points up on light trading. Brazil
has it seems secured an additional loan in the United States
of $5,000,000 This was taken here by some as indicating
that Brazil is finding it none too easy to support coffee
prices. But Europe bought. Price changes here were not
marked. To-day futures closed 5 to 10 points lower on Rio
and 1 to 4 points off on Santos. Final prices are unchanged
to 3 points lower on Rio as compared with a week ago and
2 points lower to 13 points higher on Santos.
,Rio coffee prices closed as follows:
I July
Spot unofficial_ __
May
16.22©16.2:31Sept
14.4440
Dec
15.480
14.800 nom I March_ _ --14.060
Santos coffee prices closed as follows:
[July
Spot unofficial
22.45020.50[ Sept
May
20.17020.18
[ Dec
2'.64t _
20.780 nom I March_ -- -19.700
COCOA today closed 3 points higher on May and 7 to 9
points lower on other months, with sales of 165 lots. Final
prices show a decline for the week Of 24 to 32 points. Stocks
of cocoa in warehouses on May 2nd totalled 351,548 bags
against 263,546 last year. Arrivals of cocoa in New York
since the 1st of the month totalled 1,005 bags against 8,992
bags to the same time last year.
/
-Cuba raws were quiet at one time at l78c. for
SUGAR.
May shipment. On April 29, London terminal at 3.15 p.
m. was 4 to 134c. lower than opening quotations. Sales
last week totalled 44,000 tons against 28,500 the previous
week. London beet at the same hour was barely steady
4d
and unchanged to Y lower. Sales last week totalled
170,000 tons against 49,300 the preceding week. On April
30th sales included 17,000 bags Porto Ricos due May 5th
to 7th and 5,000 bags due about the 10th at 3.58c. delivered or 1-13/16c. c.&f. London cables reported sales on
April 30th of 3,000 tons Cuba for June shipment to the
United Kingdom at 9s by interests supposed to be outside of the Syndicate and of several cargoes of Cubas
and or San Domingos for June shipment to Europe at
the same price which is equal to 1.73c. f.o.b. Perus afloat,
due the second half of May have sold at 8s 10/2d or 1.70c.
f.o.b for Cubas. A cargo of Java Muscavados for June
shipment was reported sold at 9g guilders. Some 24,000
bags Cuba due May 9th sold on April 30th at 1-27/32c.
c.&f. or 3.61c. delivered.
Refined was 4.90c. with new business quiet and interest
centered on offerings from second hands which however
were smaller. Receipts at United States Atlantic ports
for the week were 90,161 tons against 114,649 last week
and 106,526 in the same week last year; meltings 68,462
tons against 70,728 last week and 56,000 last year; importers' stocks 306,639 tons against 283,445 last week and
356,407 last year; refiners' stocks 246,740 tons against 248,235 last week and 160,146 last year; total stocks 553,379
tops against 531,680 last week and 516,553 last year. Receipts at Cuban ports for the week were 166,503 tons
against 130,091 last year; exports 135,640 tons against
109,768 last year; stock (consumption deducted) 1,509,795
tons against 1,316,618 last year; centrals grinding 64
against 32 last year. Of the exports 73,850 went to Atlantic ports, 15,401 to New Orleans; 3,673 to Interior
United States, 12,198 to West Coast United States; 24 to
South America; 6,350 to Australia; 24,144 to Europe.
Havana cabled in one instance as to the Cuban crop movement in the week ended April 27th: Receipts 181,102 tons;
exports 168,698 tons; stock 1,426,462 tons. Exports were to
New York 54,348 tons; to Philadelphia 20,103 tons; to
Boston 3,103 tons; to New Orleans 21,614 tons; to Interior
United States 1,340 tons; to Norfolk 5,575 tons; to Canada
186 tons; to United Kingdom 21,055 tons; to France 14,958
tons; to Spain 31 tons; to Sweden 6,429 tons; to Uruguay
29 tons; to the United States West Coast 6,848 tons; to
New Zealand 6,350 tons; to Shanghai 6,729 tons. Havana
Fabled April 30th that a total of 105 mills had finished grinding with a combined outturn of 17,062,060 bags which compares with Guma-Mejer's estimate for these mills of 17,849,000 bags. It is figured that the remaining 58 mills will
have to exceed their estimate by at least 10 per cent in order
that Guma's estimate of 5,200,200 can be reached.
Futures on April 29th were 2 to 4 points net lower with
sales of 39,700 bags. A little May liquidation figured in the
trading; also local selling of distant months especially December. Yet the trading was light all day. On May 1st,
83 May notices were issued. Early London cables on the
1st inst. reported May shipment Cubas offering at 8s 10T/2d;
June at 9s and July at 9s 1%d equal to 1.70, 1.73 and 1.76
f.o.b. respectively. There were reported buyers for June
shipment at 8s 10%d and for July at 9s. On May 2nd
London cables reported sales of four cargoes of Cuba at 8s
11%d c.i.f. or 1.71c f.o.b. for May and 9s for June or 1.73c
f.o.b. There were said to be buyers F. 0 Licht cabled that
he would make no further estimates for the European beet
crop until the end of May This decision probably is due
to the very backward weather in the producing countries.
Brussels cabled that sugar beet is planted in Belgium at
this season. It is expected that the area planted will be reduced by 20 per cent., the farmers being too uncertain as
to the possibility of finding a market for sugar over and
above that required for home consumption. Last year Belgium .bought more than 1,800,000 kilograms of sugar beet
seed in Germany, and Belgium agriculturists are considering the question of producing their own seed. The stock
here of raw sugar in warehouse on May 2nd was 1,926,546
bags against 1,288,617 bags a month ago and 2,220,780 last
year at this date. Warehouse space is said to be getting
very scarce. Operators are said to be storing at other
ports, notably Norfolk. The total production of the 115
Cuban mills which had finished grinding up to May 1st was
MAY 4 1929.]
FINANCIAL CHRONICLE
19,654,965 bags as against Guma-Mejer's estimate of 20,504,000
bags for these mills. The Miranda has since finished with
493,000 bags which compares with Guma's estimate for that
mill of 550,000 bags and brings the total production to 20,147,675 bags against Guma's estimate of 21,054,000 bags for
the 116 centrals. The forty-seven mills still grinding are
expected to finish soon. The Cuban Sugar Club makes the
total production to April 30, 4,915,000 long tons. The disparity between these and the mill figures is said to be due
to the use of bags which often weigh more than the usual
average of seven to the ton.
Of late prompt raws has been quiet here at 174 to 1-15/16c.
f.o.b. Cuba. Dr. Mikusch estimated the area planted to beet
in Europe, except Russia, at 1,864,000 hectares as against
1,873,000 hectares last year. Futures on the 2nd inst. advanced 6 points for a time on May and 3 on July. Five
notices were issued but they seem to have been promptly
stopped. Later Europe sold distant months especially from
March to May next. There is supposed to be a good sized
short account in the present month of May. The ending
was 1 to 2 points net higher on near months and 1 point
lower on all others.
Today 4,100 tons of Porto Ricos loading May 6th sold
at 3.64c. or 6 points above the price last paid. It is understood that all but one of the local refiners are in favor of
closing tomorrow. Today futures ended unchanged to 4
points lower with sales of 42,400 tons. There were 45
May notices today. London was unchanged to gd higher early. Final prices show a decline for the week of 3
to 6 points except on May which is 1 point higher.
Spot unofficial
1.96(41.97 March
1 !Sept
2.1002.11
May
July
1.9001.92 Dec
1.9414
Jan
2.02® _-2.05®
LARD on the spot was steady at one time at 12.15 to
12.25c. for prime western; Refined Continent 12%c.; South
America 132
/
1c.; Brazil 141c. It declined later only to
/
2
advance again. On April 30th spot prices were off to 12
to 121/2c. for prime western; refined 12 c. for the Conti/
1
2
nent, 13c. for South America and. 14c. for Brazil. Spot
prime Western on the 2nd inst. was 12.30 to 12.40c.•, refined Continent 12%c.; South America 132 Brazil 141c.
/
1c.;
/
2
On April 30th futures declined 2 to 5 points net with
hogs 10c. lower and receipts 113,500 against 110,600 on the
same day last week and 101,000 last week. On the 2nd
inst. futures advanced 13 to 18 points due to a bullish
statement of stocks at Chicago on May 1st and a rise of
25 to 30c. in hogs. The stock of contract lard at Chicago
on May 1st was 97,965,686 lbs., a decrease in April of
180,472 lbs. The total compares with 97,527,155 lbs. on
April 15th and 98,146,158 on April 1st. On May 1st last
year it was 84,095,013 lbs. Today futures ended 5 to 13
points lower. Final prices, however, are 2 to 7 points
higher, for the week.
DAILY_ CLOSING PRICES OF LARD FUTURES
Sat.
Mon.
Tues.
Wed.
11.60
11.50
11.45
11.57
11.95
11.87
11.85
11.97
12.35
12.25
12.20
12.37
May
July
September
IN CHICAGO.
Thurs.
Fri.
11.72
11.67
12.15
12.02
12.50
12.40
PORK dull; Mess $32.50; family $35.; fat back, $27. to
$30. Ribs, cash 12.87c., 50 to 60 lbs. Chicago. Beef quiet;
Mess $26; packet $25. to $27.; family $28.50 to $30.; extra
India mess $42. to $45.; No. 1 canned corned beef $3.10;
No. 2 six pounds, South America $16.75; pickled tongues
$75 to $80 per bbl. Cutmeats, steady; pickled hams
10 to
20 lbs. 211c to 211 pickled bellies clear, 6 to
/
2
/
2c.;
%
to 1934c.; bellies, clear, dry salted, boxed 18 12 lbs. 181
to 20 lbs.
1458c.; 14 to 16 lbs. 15c. Butter, lower
/
grades to high
scoring 42 to 462 Cheese, flats 22 to 292
/
1c.
/
1
/
1
to 28c. Eggs, medium to extras 251 to c.; daisies 222
/
2
311c.; closely
/
2
selected 32c to 321 2
/
.
OILS.
-Linseed was in fair demand. Consumption
is
holding up well. Carlots were quoted at
10.1c. but it
was said that 9.80c. would be accepted on a firm
bid.
single barrels 10.9c. was asked. Cocoanut, Manila, For
Coast,
tanks 71c.; spot, N. Y. tanks 72c.; Corn,
/
2
/
1
crude, bbls.
tanks, f.o.b. mill 82
/
1c. Olive, Den. $1.35 to $1.40. China
wood, N. Y. drums, carlots, spot 15c.; futures 15c.
Coast, tanks futures 132c. Soya bean, bbls., N. Y. Pacific
/
1
111
/
2
tanks coast 9c. Edible, corn, 100 bbl. lots 12c.; Olive, c.;
to 2.30. Lard, prime 151c.; extra strained winter, 2.25
/
2
133/c. Cod, Newfoundland 67c. Turpentine 54 to N. Y.
8
/
1
Rosin $7.45 to $10.15. Cottonseed oil sales today, 602c.
ing switches, 7,900 bbls. Prices closed as follows: includ9.800
rly
Spot
1o.104
lOct
10.25010.28
May
9.90(4
June
Aug
9.90010.10 Sept
10.15010.25'Nov
10.29
(410.301;iec
10.00(410.20
10.021410.10
PETROLEUM-The market for gasoline was noticeably
firmer. Prices ranged from 9 to 9 c. in tank cars at re/
1
2
/
2
fineries and 10 to 101c. delivered to nearby trade. One refiner was reported to be quoting 10F. in some instances. The
market continues to improve despite the very unfavorable
weather. Some are looking for 10c. before the end of the
month Chicago and the Mid-Continent sent bullish reports.
Kerosene was holding up well. Water white 41-43 gravity
8c. at refineries; 43-45 was 82 at refineries and 912c. in
/c.
1
/
tank cars delivered to nearby trade. There was a good jobbing demand. Tank wagon prices were steady. Bunker oil
was a little more active at $1.05 refineries and $1.10 f.a.s.
New York harbor. Diesel oil was moving a little more freely
at $2 to $2.10 at refineries. Furnace oil was in better demand.
3041
Gasoil was steady. Later on gasoline was offered more
sparingly. Large refiners are said to be short of supplies.
Tables of prices usually appearing here will be foundion aniearlier page in
our department of "Business Indications." in an article!entitled "Petroleum
and Its Produeta."1
RUBBER
-On April 29th New York declined 20 to 40
points with little rallying power. The sales were 815 tons.
May notices were 148 making the total 475. Actual rubber
was weak. London's stock increased last week 710 tons
reaching 31,213 tons. Liverpool's stock increased 258 tons,
making the total 4,779 tons. On April 30th owing to a rally
in London New York advanced 40 to 50 points from the early
lows ending 10 to 30 points net higher, with sales of 1,285
tons. London opened 1/16d lower but regained the loss.
New York ended with May 19.50 to 19.60c.; June 19.90 to 20c.;
July 2020 to 20.30c.; September 20.40 to 20.50c.; October
20.50c.; December 20.80 to 20.90c.; January 21c. Outside
prices: Ribbed smoked sheets, spot and May 194 to 19%c.;
%
June 1934 to 20c.; Spot first latex crepe 20 to 201 c.; clean
thin brown crepe 17% to lnic.; specky crepe 17% to 173/c.;
8
/
/
1c.;
rolled brown crepe 1278 to 132 No. 2 amber 177A to 18 c.;
/
1
2
8
8
No. 3, 17% to 17N.; No. 4, 173/ to 173/c. Paras, upriver
/
1
fine spot 211 to 2134c.; coarse 122 to 12%c.; Acre, fine
/
2
/
1
2
spot 22 to 22 c. London spot and May 9-13/16d. Singapore 9 d.
/
1
2
New York on May 1st advanced 10 to 20 points on covering with London up 1/16d. The sales here were 995 tons.
The closing on May 1st was at 19.70 to 19.80c. for May,
20.30 to 20.40 for July, 20.60 to 20.70c. for September, 20.70c.
for October and 20.90 to 21c. for December. Outside prices:
Ribbed smoked sheets spot and May 197% to 20c.; June 20 to
-Dec. 204 to 21c. Spot
20 c.; July-Sept. 201 to 2034c.; Oct.
/
1
2
/
1
2
/
first latex crepe 201 $ to 20 c.; clean thin brown crepe
/
1
/
1
2
to 18c.; specky crepe 172 to 1734c.; rolled brown crepe 13
%
to 1334c.; No. 2 amber 18 to 181 c.; Paras, upriver fine spot
/
1
2
/
1
2
211 to 2134c.; coarse 12 to 12 c.; Acre, fine, spot 22 to
/
2
/
1
/
1
c.
222 Caucho Ball-Upper 122 to 122 London spot and
/
1
c.;
8
May 9 7Ad; June 9 15/16d. Singapore May 93/d. An overproduction of tires is feared in Great Britain. On the 2nd inst.
New York fell 30 to 40 points on liquidation despite a rise in
London of 1/16d. The sales here were 1,257 tons. Though not
large the offerings came upon a dull market. Evidently supplies are abundant. New York on the 2nd inst. ended with
May 19.50c.; July 19.90 to 20c.; September 20.20 to 20.30c.;
October 20.30c.; November 20.40c.; December 20.50 to 20.60c.
-Smoked sheets, spot and May 192 to 1934c.;
/
1
Outside prices:
-Dec. 203/8
/
1c.;
June 19% to 197%c.; July-Sept. 20 to 202 Oct.
/
1
2
to 20%c. Spot first latex crepe 20 to 20 c.; clean thin
brown crepe 177% to 18c.; specky crepe 174 to 1734c.; rolled
/
1
2
%
/
brown crepe 1314 to 13 c.; No. 2 amber 18 to 181 c.; Paras,
/
/
4
2
/
1
/
1
2
upriver fine spot 211 to 211c.; coarse 122 to 12 c.; Acre,
/
/
1c.
fine spot 21% to 22c.; Caucho-Ball-Upper 1214 to 122
London spot and May 9-15/16d; June 10d. Singapore, May
936d; July-Sept. 9-11/16d.
Today the failure of a better demand to develop on the
higher cables from primary markets was evidently a damper.
London closed 1/16d higher with spot-May 9 15/16d; June
10d; July-Sept. 10 3/16d and Oct.-Dec. 10 7/16d. Singapore ended dull unchanged to 1/16d net higher. No. 3 Amber crepe spot 81 8d or / net lower. An unofficial esti/
1d
2
mate of the rubber stocks at London show an increase of
400 tons for the week. New York closed today 20 to 40
points higher with sales of 518 lots. Final prices show an
advance on May of 10 points for the week while other
months are 40 points lower.
HIDES.
-The sales of River Plate frigorifico hides last
week were up to the heavy aggregate of 70,000 hides at a
sharp break in prices. The bulk of the buying was attributed to United States tanners. The market is now fairly
/
1c.
well sold up and prices are called steady at 163/8 to 162 City
packer hides were very dull. Country hides were slow. Common dry hides demand was fair. Cucutas 25c.; Central
America 23c.; Savanillas 22 c.; Santa Marta, Maracaibo
/
1
2
and Laguayra 231c. Packer, native steers 15c.; butt brands
/
2
14c.; Colorados 131c.; bulls, native 11c. New York City
/
2
calfskins 5-7s, 2.15 to 2.20; 7-9s, 2.50 to 2.60; 9-12s 3. to
OCEAN FREIGHTS.
-Grain charter increased.
3.05.
173
/
4
.
CHARTERS included grain 27,000 qrs. Montreal to Mediterranean
181 2c. basis, option Marseilles 18c.; wheat Portland or Puget Sound to
/
U K.
-or Continent 29s May 20-June 20 • wheat Portland or Puget
Sound to U.K. or Continent 29s option. load Vancouver Is 3d less
May 25-June 15th: 36,000 qrs. Montreal, May 15-28, to Genoa,
Naples, Messina 17c, 1742c. and 18c.; 36,000 qrs. Montreal, May 10-25,
to Genoa, Savona two ports 181 e.; 26,000 qrs. Montreal first half
A
June, to Antwerp, Rotterdam 1214c.; Montreal to Marseilles and
West Italy 17e. first half Juno; Montreal to three Swedish ports
201c. first half May; 31,000 qrs. Montreal. May 15-June 5, to Greece
/
2
20e.; Sugar:
-Cuba prompt to Odessa 24s.; Santo Domingo, June
1-15th to U.K. 20s 3d • Petroleum Coke:-Baltimore, last half May,
French Atlantic $5.25, two ports 15e. more; Beaumont, May probably
Hamburg $6.25. Case Oil:-150,000 cases 29e., Gulf May-June to
South,Africa. TANKERS:-Gulf, May, dirty, to north of Hatteras not
east of New York 21c.
COAL was firm with wholesale prices of domestic sizes
advanced on May 1st 10c. Good buying of barley was reported at $1.50. Anthracite domestic size wholesale prices,
grate to pea inclusive were advanced 10c. a ton effective
May 1st and are to remain at the new level until June 1st.
Then may come another advance. Retailers will make no
change in their prices during May. They may be advanced
3042
FINANCIAL CHRONICLE
in June. Wholesalers and retailers look for better trade in
May than they had in April.
TOBACCO-Sumatra was reported in good demand. Connecticut shade grown was in some demand, but prices were
certainly no higher. There seemed to be hints that they may
have been a little easier. A fire brand was a threat that
certain large interests would cut retail prices on cigarettes.
Some were impressed; others were not. In Chicago the cutting of cigarette prices has developed into a trade "war". It
will mean losses of course. Bad weather has made bad
worse. Springfield, Tenn., to the U. S. Tobacco Journal:
"Sales here for the week ending Wednesday 1,379,990 lbs.;
average price 12.24c. This brings the season's total sales
thus far up to 17,110,533 lbs. at an average of 15.89c. Hopkinsville, Ky.:-Sales for week ending Friday 475,015 lbs.;
average price 10.34c. The season's total sales thus far 18,890,235; average price 14.27c. In Rotterdam, Holland, Friday about 1,200 bales bought for America sold last. Friday
at lower prices. Activity on the new crop has started in Cuba
and leaf exports increased."
COPPER was quiet but firm at 18c. for domestic delivery and 18.30c. for export. Export sales of late have been
small. Surplus stocks of refined for April are expected
to show very little, if any, gain. Shipments are about as
large as they were at any time this year. In London on
the 1st inst. spot standard advanced £1 to £78 5s; futures
up 11 lOs to £74 10s; sales 100 tons spot and 1,600 futures;
electrolytic unchanged at £83 for spot and /84 for futures.
At the second session London standard ended at 178 lOs
for spot and £75 for futures with sales of 100 tons spot
and 200 futures. Of late trade has been dull though there
was some business for export. Quotations were 18c Connecticut Valley and 18.30c. c.i.f. Europe. In London on
May 2nd spot standard advanced 5s to £78 10s; futures up
15s to £75 5s; sales 50 tons spot and 1150 futures. Electrolytic £83 for spot and £84 futures. At the second
session standard closed at £78 12s 6d for spot and £75 2s
6d for futures.
TIN of late has been quiet. Straits sold on the 1st inst.
at 44c. On the Exchange sales were 130 tons at a net
decline of 30 to 45 points. The world's visible supply
decreased 279 tons to 26,353 tons. Straits tin shipments
to all countries were 8,950 tons against a monthly average
of 6,373 tons in 1926, 6,818 in 1927 and 8,151 tons in 1928.
American deliveries in April were 8,435 tons against a
monthly average of 6,500 in 1926, 6,050 in 1927 and 6,575
in 1928. The average for the first four months of this
year has been well over 8,000 tons. Banka shipments were
large and were distributed as follows: to United States
62 tons; to the United Kingdom 593 tons; to Holland 545
tons and to all other countries 349 tons, making a total of
1,549 tons. Chinese shipments were 620 tons to the
United States and 15 tons to other countries, making a
total of 635 tons. In London on the 1st inst. spot standard droped £1 5s to £196 15s; futures off £1 7s 6d to £199
2s 6d; sales 50 tons spot and 430 futures. Spot Straits
declined £1 5s to £198 5s. Eastern c.i.f. London fell 5s to
/203 on sales of 300 tons. At the second session standard was unchanged; sales for day 735. Sales of tin in
April made a new high record. The total for the month
was 6,210 tons against the previous high of 6,160 in January of this year. The sharp drop in prices stimulated
the demand. Prices showed a net loss of 5.15c in April,
the market selling off from a high of 48.35c. to a low of
43.20c. The low in April was 5.05c. under the quotation
ruling at the end of January.
Of late prices have been dropping in a dull market. On
the 2nd inst. May, June and July closed here at 43.40c.
In London on the 2nd inst. spot standard dropped lOs to
£196 5s; futures off 2s 6d to £199; sales 50 tons spot and
500 futures. Spot Straits tin fell lOs to £197 15s. Eastern c.i.f. London declined £1 15s to £201 5s on sales of
300 tons. At the second session spot standard up 5s;
futures rose 2s 6d; total sales for the day 680 tons. Today prices closed 10 points lower to 10 points higher with
sales of 50 tons. Final prices show a decline on May
for the week of 1 point while other months are unchanged
to 20 points higher.
LEAD was in fair demand and steady at 7c. New York
and 6.80 to 6.821c. East St. Louis. In London on the
2
/
1st inst. prices fell Is 3d to £24 8s 9d for spot and £24 Is
3d for futures; sales 100 tons spot and 1,000 futures. Later
trade was on a moderate scale at 6.80c. East St. Louis
and 7c. New York. In London on May 2nd prices advanced Is 3d to £24 lOs for spot and £24 2s 6d for futures;
sales 200 tons spot and 500 futures.
ZINC was steady but quiet at 6.55 to 6.60c. East St.
Louis. Sales in April were very small. In London on
the 1st inst. spot dropped 2s 6d to £26 12s 6d; futures up
2s 6d to 826 17s 6d; sales 400 tons futures. Later sales
were small; East St. Louis 6.60c. nominally. It is said
that these prices on worthwhile business might be shaded
2
1
/
2 to 5 points. On the 2nd inst. London spot was /26
12s 6d; futures off 2s 6d to £26 15s; sales 550 tons spot
and 425 futures.
-In structural steel the demand at one time
STEEL.
was reported better from railroad companies, builders of
[VOL. 128.
bridges and structures. Scrap has been declining in the
Chicago district, but not, it is said, in Youngstown where
quotations were $18.25 to $19. Specifications on strips
were said to be satisfactory. One report said that curtailment of steel output from present appearances will come
somewhat later than usual. Chicago deliveries are reported to be increasing. That district seems to be favored in the matter of business beyond all others.
PIG IRON has been quiet. The New York sales last
week are stated at 5,000 tons. Prices were unchanged
with deliveries reported good. New business is another
matter. It is hinted, too, that worthwhile sales for the
third quarter might be at some decline. The scarcity of
semi-finished steel has some effect, but it is not at all
marked. It is supposed to mean, however, that steel mills
will not be offering pig iron very freely but rather converting it into ingots and regular crude steel. Birmingham, however, reported sales of pig iron smaller than the
production with $15 quoted for No. 2 foundry. The
daily output in April exceeded that of March. It was
121,900 tons against 119,822 in March, an increase of 134
per cent, and has been exceeded only in May and June,
1923. The composite price is one cent a ton below the
high of 1928. Deliveries are said to be good on old business. New sales are another matter. They are small. In
Pittsburgh minimum quotations on basic and foundry
were declared to be $18.50 valley, with Bessemer and
malleable $19 valley. Spot furnace coke is quoted $2.75
and $2.85 at oven.
-Boston wired a government report: "Prices
WOOL.
continue very irregular on most lines of domestic wool,
and the limited sales reported are being made on the low
side of the ranges quoted. Manufacturers are making
only occasional inquiries for fine original bag Western
wools and these wools are selling in the range 97c to $1
scoured basis. The receipts of domestic wool at Boston
during the week ended April 27th amounted to 956,900
lbs. as compared with 2,884,500 lbs. during the previous
week." At the beginning of April there were 350,000
bales of wool left in Australia, of which about 50,000 bales
were in Melbourne and the rest in Sydney and Brisbane.
At Geelong on April 26th offerings were 15,000 bales and
90 per cent. sold. Compared to previous series, April 10th
and 11th the market was firm to medium and fine greasy
crossbreds 5 to 7% per cent. higher. Greasy merinos and
comebacks realized 2334d. At Sidney, Australia on April 29th
there was a fair selection of merino wools mostly of the
topmaking types for which there was good competition both
from England and the Continent. Prices were said to be not
quotably changed although according to one cable they were
rather lower. In London on April 30th the third series of
Colonial wool auctions for the current year opened with total
offerings of 127,000 bales. The sales will close May 15th.
There was a large attendance of home and foreign buyers
and buying was active and general.
Compared with March sales merinos were slightly lower; crossbreds at par; Puntas from par to 5 per cent lower. Details:-Sydney
291 bales; greasy merinos 19% to 21%d. Victoria 785 bales; scoured
merinos 32 to 33d; scoured crossbreds 21% to 80%d; West Australia
359 bales; greasy merinos 20 to 22d. New Zealand 2383 bales; greasy
crossbreds 18% to 20%d; Puntas 3055 bales; greasy crossbreds 13 to
2
/
16d. Victoria scoured comeback realized 31 to 821d. New Zealand
slipe realized 13% to 25d, latter halfbred lambs. Greasy 50s realized
40s, 13%d. Fifty seven
18% to 20%d; 46-50s, 16% to 17%d; shabby
bales of Queensland wool were withdrawn.
In London on May 1st offerings 8,245 bales included a
large number of speculators' lots. High limits caused many
withdrawals. Otherwise there was an active trade with British and Continental buyers at full prices. Cape scoured wools
sold at prices at par with those at the March sales but Cape
greasy wools were withdrawn at limits.
New Zealand greasy crossbreds best 58s realized 22d: 50s, 19%d;
48s, 17%d; 46s, 16d. Details:
-Sydney 545 bales • scoured merinos
86 to 41%; greasy 16 to 25%d; Queensland 714 bales; scoured merinos 35 to 41d; greasy 14 to 17d; Victoria 1144 bales; scoured merinos
28 to 87d; greasy 20 to 26%d• scoured crossbred 24 to 28d: greasy
13 to 18d: South Australia 1031 bales; scoured merinos 85 to 88d;
West Australia 697 bales: greasy merinos 18 to 22%d; Tasmania 277
bales; gleasy merinos 25 to 26d; greasy crossbreds 22% to 28%d•
New Zealand 2869 bales; scoured merinos 88 to 40%d; greasy merinos
18% to 21%d; scoured crossbreds 22 to 36%d; greasy crossbreds
14% to 22d: Cape 418 bales • scoured merinos 80 to 42d; Puntas 550
bales; greasy crossbreds 12 to 13d. New Zealand slipe sold at
17d to 23%d.
At London on May 2nd offerings 12,300 bales, mostly
greasy crossbreds. New Zealand fine grades were frequently
withdrawn at firm limits. Medium to coarse grades sold
well to Yorkshire and the Continent. So did .slipe qualities, the latter firmer if not higher. Puntas were in good demand, chiefly to Continental buyers. First offerings of
Falklands in this series were all sold at prices 5 per cent
below those at March sales.
Best New Zealand greasy crossbred 50-66s, sold at 20d; 509, 19d;
-Sydney 250 bales scoured mer48s, 17%d; 46s, 14d to 16d. Details:
inos 34 to 35%d; greasy 19 to 20%; Queensland 146 bales; scoured
merinos 86 to 411
M; Victoria 855 bales; greasy merinos 18% to
21%d; South Australia 241 bales: greasy merinos 16% to 17%d ; West
Australia 657 bales • scoured merinos 36 to 87d; greasy 11% to 22%d:
New Zealand 4468 bales; scoured merinos 38% to 40%d: scoured
crossbreds 16 to 36%d; greasy crossbreds 14 to 20d; Cape 1014 bales;
greasy merinos 11% to 171 2d; greasy crossbreds 12 to 19d; Falklands
/
New Zealand slipe sold at
956 bales • greasy crossbreds 14% to 20d
/
131 2 to 261 d, hitter halfbred lambs.
4
Boston of late has been quiet and only fair steady with
London lower. Ohio & Pennsylvania fine delaine 40 to 41c.:
MAY 41929.]
FINANCIAL CHRONICLE
1
2
14 blood 45c.; Y8 blood 47 to 48c.; / blood 46 to 47c. Territory clean basis, fine staple 1. to 1.03; fine medium, French
12
combing 97 to 1.02; fine medium clothing 95 to 97c; /
blood staple 95 to 98c.; Y8 blood staple 90 to 92c.; / blood
1
2
82 to 83c.; Texas, clean basis, fine 12 months 1.; fine 8
months 96 to 98c.; fall 95 to 97c. Pulled, scoured basis,
A super 95 to 1.; B super 85 to 90c.; C super 78 to 80c.
Domestic, mohair, original Texas 55 to 57c.
COTTON
Friday Night,'May 3 192 1,
P 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
51,241 bales, against 56,917 bales last week and 57,351 bales
the previous week, making the total receipts since Aug. 1 1928
8,751,175 bales, against 7,767,926 bales for the same period
of 1927-28, showing an increase since Aug. 1 1928 of 986,249
bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Galveston
Texas City
Houston
New Orleans__ -Mobile
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
761
1.363
3.963
1.183
1.601
1,311
2,743
335
514
400
29
280
3.156
1,618
25
767
224
13
909
2,062
493
5.191
1,855
798
228
148
284
467
1.235
275
635
203
1.942
147
219
622
1.324
3,648
278
13
265
61
246
1
V ni.1•2 thla yawl,
A 171 In 111A 11 497
------------1.406
7 0A7
---7 417
Total.
1,289 10.160
608
608
958 8.477
886 14.361
57 3.185
521 2.816
121 3.180
20
418
639 2.577
490 3.642
28
293 1.789
A ARO
Al OA1
The following table shows the week's total receipts, the
total since Aug. 1 1928 and the stocks to-night, compared
with last year:
1928-29.
Receipts to
M11 y 3.
This Since Aug This Since Aug
Week. 11928. Week. 11927.
Galveston
Texas City
Houston_._ _
Corpus Christi.
Port Arthur, Stc
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles
10,1602,731.065
608 176.040
8.477 2.811,403
---- 256,831
_-.
15.915
14.361 1.511.566
498
3.185 263.925
12.373
186
2.816 252.191
3.180
____
Wilmington
418
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
Totals
1927-28.
2.577
__
3,642
_28
1.789
25.156 2.094.926
407
89.323
19.526 2,458.466
__-- 176.961
---_
2.444
25.913 1.394.951
4,171
s
13,640
165.327
5.505
124,585
223.733
92
49.396
3,235
50.29/3
9,085
368
4.222
5,316
34
100
313
1,632
267.181
12.494
t6
602.544
249.070
1,124
125.391
213.122
34
6.539
7.067
66,115
155
1929.
1928,
285717
12.857
455.397
289.317
22.557
503.859
251.022
348.664
19.215
674
22,374
12.064
--___ 590
24.211
22,392
30.570
24.377
67.428
28.291
67,699
164.213
2.794
1.129
4.497
116.856
3.701
1.456
4.457
51.241 8,754.175 109.891 7.767.926 1,334,088 1.454.292
In order that comparison may be made with other years,
we give below the totals at leading po ts for six seasons:
Receipts al- 1928-29. 1927-28. 1926-27. 1925-26. 1924-25. 1923-24.
10.160
25.156
19.461
13.569
10,734
8,337
8.477
19.526
21.008
6.870
9.372
476
14.361
25.913
24,381
23.994
10,947
19.894
3.185
4,171
2.035
1.512
516
3.629
2,816
13.640
12.414
19,928
3,856
6,261
Galveston_....
Houston•____
New Orleans_
Mobile
Savannah
Brunswick
.
Charleston,&•
Wilmington_ Norfolk
N'port N., ate.
All other....._..
Tot. this Week
3,180
418
2.577
13.913
4.813
6,064
6.067
9,085
4,222
5,316
34
2,828
4.508
2.436
1.129
1.646
51,241
109,891
108.689
76.810
45.115
44.272
2,633
645
5.223
3.256
213
5,092
1,198
469
2.162
Since Aug. 1-- 8,754.175 7,767,926 12068451 8.906.695 8.812.735 6.26g ono
* Beginning with the season of 1926. Houston figures nclude movement of
cotton previously reported by Houston as an interior town. The distinction
between port and town has been
abandoned.
The exports for the week ending this evening reach a
total of 89,378 bales, of which 16,224 were to Great Britain,
15,485 to France, 11,130 to Germany, 7,480 to Italy, 9,051
to Russia, 16,632 to Japan and China and 13,016 to other
destinations. In the corresponding week last year total
exports were 125,541 bales. For the season to date aggregate exports have been 7,149,186 bales, against 6,321,933
bales in the same period of the previous season. Below
are the exports for the week.
Exported to
Week Ended
GerJapan&
May 3 1929. Great
Exports from- Britain. France. many. Italy. Russia. China. Other.
Total.
____
3,168 4,956 1.508 4,650
1,711 3,222 19,216
Galveston
2,665 6.736 5.806 2,293 9,051 10,227 8,195 42973
Houston
496
New Orleans____
--------864 1.815 10,399
3,833 3,391
_
____
670
Mobile
--------100
770
9avannah3.682
-----830
Charleston
------1.284 2,114
Wilmington ---- 2,800
-----------------------,800
- 2
Norfolk1.189
New York
114
402 1,100
------------400 2.016
Baltimore227
San Francisco__ Total
Total 1928
Total 1927
163
------------------------163
16,224 15,485 11,130
7,840
9,051 16,632 13,016 89,378
28.774 8,382 28,635 4.159 5,200 8,166 42,225 125.541
44.038 16.150 62.327 15.960 18.700 45.224 22.453 2145,69
From
Exported to
Aug. 1 1928 to
I GetMay 3 1929. Great
Japan&
Exportsfrom- Britain. 'France! many. Italy. Russia. China. Other.
Total,
375.454 302,285 657.503183.499 15.798549.735354.0972,338.371
Galveston..394.667 278.425 520.274199.522 88.814437.677 160.1162.079.495
Houston
34.615 12.068
Texas City
.1 9.682 11.117 107.964
38.866 1,616
Corpus Christi
46,405 41.940 89,541 21.624 4,904 55.036 27.781 287.231
8,310
680, 2.430
3.845
650
15.915
Port Arthur..
1.151 3.250
1.296
330
6.027
-Lake Charles_
New (Means. 389,838 92.746 213.452 116.315 81.577149,050 103.198,1.146,182
85.0011 1,943
73,177 4,068
Mobile
10.300 4.6701 179.159
•
5.775
100, 12.373
750
1.400
49 111,546 2,622
10,600 3,7671 284.013
Sayan nah _ _ 155.429I
498
498
Gulfport
- -1
57,738
777 68,349
1,150 14.829 132,844
Charleston
9.842 39- Ono
.
36.6001
WIlm Wigton - 3.400
88.842
70,6221 1,038
6.900 1,965 106.941
25,042 2.374
Norfolk
93
92
Newport News
26,530 13,089
22,799, 4,386
6,010 14,720
New York _
87.534
1.442
1,284'
3.564
6.290
Boston
_ ..1
1,776
2,629
4,405
Baltimore..
1
150
233
Ph(lade]phla__
36.014 6.935
76.698
110 198.130
65.574 13.799
Los Angeles- 4.296
600
6.607 1,948
13.451
San Diego.....
17.170
6.789
675
10.039
200
35.123
250
San Fran....
18.073
18,073
Seattle
I
1,759.669 756.713 1.787.900 596.290 191.093 1348487 709.034 7,149,186
Total
Total 1927-281.244.422 802,078 1,887,685 547,034219.467 863.036 758,211 6.321,933
Total 1926-27 2,386.55393a.506 2.643,688681,326 271. i 70 l62833 1084458 9.622,534
Note.-Ezports to Canada -It has never been our practice to Include In the above
table reports of cotton shipments to Canada. the reason being that virtually all the
cotton destined to the Dominion comes overland and It is Imposallde to get returns
concernlog the same from week to week. while reports from the custoina districts on
the Canadian border are always very slow In coming to hand. In view, however, of
the numerous Inquiries we are receiving regarding the matter, we will man that for the
month of March the exports to the Dominion the present season have been 24.143
t ales, In the corresponding month of the preceding season the exports were 18.857
tales. For the eight months ended March 30 1929 there were 198.509 hates exported, as against 171.163 bales for the corresponding eight 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 Shipboard Not Cleared for
May 3 at
-
Stock.
3043
Galveston ____
New Orleans- Savannah
Charleston_ _ -Mobile
Norfolk
Other ports*
GetOther CoastGreat
Britain France. many. Foreign wise.
5,200
3,575
4,000
642
6.300 21.000
4.292 13,663
800
_
-_ 2 866
.
1.86+5
3;666 14- 666
.
2;66.
6
2.000
Total 1929- 12.775 5.642 14.392 51.163
Total 1928._ 18.617 8.025 16,882 50.131
Total 1927- 19.734 10.766 25.338 60.802
• Estimated.
Total.
Leaving
Stock.
3.500 40 000 245.717
352 22.524 228.498
300 1.100
21.274
682
682
21,710
13.990
725 5.225
250
67.178
250
20.000 645.938
5.809 89.781 1.244.305
2.680 96.3:35 1.357.957
3.180 117.820 1.812,360
Speculation in cotton for future delivery early in the
week was active. It took the shape of heavy liquidation by
the West, Vall Street and "Wire" house interests, and
prices declined on April 29th some 45 to 55 points. The
weather was considered in the main good. Liverpool was
depressed. Spot markets were dull and lower. Cotton
goods also declined in a small market and souse big mills
last week sold less than their production. But on the
decline the trade bought more freely. Rains fell; the belt
was too cool; it needs dry warm weather everywhere and
prices rallied. The technical position was stronger. That
condition seemed to be world wide. Manchester had a
little better demand for cloths from India and China, though
often the bids were so low as to preclude business. On
April 30th prices advanced early 20 points on the better
technical position at home and abroad, firmer cables and a
good demand to cover. Wall Street was supposed to have
liquidated within a few days some 150,000 bales. The
West had also sold heavily. The market certainly had more
of a liquidated appearance. There was less pressure to
sell. The trade bought more freely. But speculation was
not active. On the rise there was some renewal of liquidation. Spot markets were 5 points higher but quiet. The
total sales were only half as large as those on the same
day last year. Exports were very small. The total for
the season according td one statement was only 875.000
bales larger than en the same day last year, as against an
excess of 1,075.000 bales at one time. Cotton goods were
dull. Manchester reported a little better demand for cloths
but bids often too low.
On the 1st inst. prices advanced with the weather too
wet or too cold and the evidence seemingly plain that both
home and foreign markets had been sold out. Rains in the
Central and Eastern belts were general and sometimes
rather heavy. The weekly report was not altogether favorable. It said that temperatures were mostly seasonable in
the cotton belt, though the nights were rather too cool for
good germination in many sections. East of the Mississippi
river field work, outside of the Carolinas, was less active
because of rather frequent rains. At the same time the
nights were too cool for best germination. In central
Georgia stands of early cotton are rather poor, while in
sections of other States they are reported as irregular. It
was too cool and wet in much of Arkansas, though fairly
good progress was reported from most of the Western and
some Southern districts. In Oklahoma temperatures were
rather too low. On the other hand much of Texas sent
favorable reports. That is to say in the eastern two-thirds
of Texas rains had been favorable. The condition in twothirds of Texas was stated as good to very good. In Okla-
For... 128.
FINANCIAL CHRONICLE
3044
homa, despite rather cool'weather, good progress was made
In planting. In Louisiana conditions were generally favorable. In the Carolinas planting made rather favorable
progress. In Tennessee the weather was favorable for
increased activity in farm work. Frost did no harm as
little had been planted on account of the rains. Profit taking
cut down the rise to 5 to 10 points. Spot markets were 10
points higher.
On May 2nd prices advanced 18 to 24 points owing to
4
rains over most of the best, sometimes 1 to 21 inches, and
a forecast of frost in Mississippi, Alabama, Louisiana and
Arkansas. Moreover, Liverpool was higher than due. Alexandria advanced 58 to 125 points, and Indian in Liverpool
20 points. Manchester was a little more active in its
home trade. Reparation rumors from Paris were hopeful
as to an early settlement. But the forecast, after all, was
for fair weather over most of the belt with higher temperatures in parts of Texas. That would be a change for the
better after days of wet and cold conditions. Some reaction
took place. But Liverpool had advanced on the American
rains and buying to replace old holdings. There was some
new buying here. All the world's markets acted sold out.
One rumor from Worth Street was that the sales of standard
cloths in April were 20 per cent, under a full production.
That, if true, would be something in very sharp contrast with the state of trade in the earlier months of
the year. Worth Street, furthermore, was quiet and
perhaps not oversteady. Spot markets, though higher,
continued to show daily sales far smaller than on the
corresponding days last year. Nevertheless the tone on the
whole was better both at home and abroad. Wall Street
bought with stocks rallying after an early decline and
money 10 per cent.
To-day prices declined 10 to 15 points early in the day
because of the general absence of the predicted frost in the
belt, none appearing except in Tennessee, Moreover Liverpool, after opening better than due, reacted. The forecast
was for generally fair and warmer weather. Southwestern
Interests as well as New Orleans and local traders sold.
Worth Street was dull. But later came reports from Texas
to the effect that cold high winds, rains and sand storms
earlier in the week had caused a good deal of damage to
early cotton in that State. Some of these reports put the
damage at 30 to 90 per cent., although it was in districts
where not much more than 15 per cent of the intended area
had been planted. Still it was a setback. Moreover, the
temperatures are still low all over the belt. The minima
were very generally in the 30s and 40s.• Of course that is
too cold for this time of the year and retards germination.
Not only in Texas but in parts of the Eastern belt it was
reported that a good deal of replanting will have to be
done owing to recent cold weather. It was even asserted
that in parts of the Atlantic States, especially in the Caro
lines, seed was becoming scarce. Here contracts suddenly
became more difficult to buy. Offerings fell off. Early
sellers covered. Some new buying appeared. The trade
bought. Spot houses were said to be buying July and new
October especially. A rally took place from the low level
of the morning of 30 to 35 points, making the net rise for
the day of 7 to 15 points. Final prices show a rise for,the
week of 2 to 10 points. Spot cotton ended at 19.75e. for
middling the same as a week ago.
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
Apr. 27
Tuesday, Wednesday, Thursday,
May 2
May 1
Apr. 30
Monday,
Apr. 29
Friday,
May 3
MayRange- 19.51-19.63 19.00-19.40 19.14-19.35 19.01-19.40 19.35-19.49 19.25-19.59
Closing. 19.56-19.57 19.15- 9.20-19.21 19.30-19.31 19.39-19.40 19.50-19.51
June
Range__
8.65
18.7018.9519.0518.70Closing- 19.4618.70JulyRange-_ 18.77-18.90 8.25-18.65 8.38 18.6018.28-18.7018.60-18.75 18.51-18.86
Closing_ 18.81-18.83 8.38-18.49 8.45-18.46 18.65-18.56 18.63-18.66 18.77-18.79
Aug.
18.53
Range.,.,
18.4318.6018.6818.6018.80 -Closing- 18.83Sept.18.66
Range-.
18.6018.6518.4718.7318.83Closing- 18.85-
Pa.-
Range- 8.90-18.94 8.44-18.75 8.54-18.80 18.55-18.87 18.83-18.94 18.74-19.02
18.7418.7018.53
18.8318.94Closing., 18.93- -
oa.(new)
Range__ 8.85-18.95 8.26-18.70 8.50-18.73 18.45-18.84 18.73-18.89 18.63-18.94
18.62
18.48
18.69-18.70 18.7718.87-18.88
Closing- 18.87
bros.Range.,.,
188818.8018.6718.9118.55Closing- 18.91Nov.(new)
18.90-18.95
Range__
18.8818.80
18.70- 18.9418.57
Closing_ 18.95- Dec.
Range.,., 8.99-19.10 18.65-18.87 18.68-18.90 18.61-19.00 18.89-19.05 18.80-19.09
19.01-19.04
18.78-18.79 18.85-18.87 18.94Closing_ 9.01-19.03 18.66Jon (1930)
Range__ 8.98-19.09 18.57-18.83 18.69-18.88 18.57-19.00 18.90-19.07 18.84-19.10
18.9719.04-19.05
18.86Closing., 9.01-19.03 18.65-18.66 18.78Feb.
Range.,.,
19.1018.90 --- 19.0318.8418.72Closing. 19.083far.18.81-19.00 18.70-19.10 19.0249.19 18.95 19.22
Range__ 19.11-19.22 18.79-19.00
19.1719.1018.86-18.89 18.9518.80Closing.. 19.16Apr.. Rance.,.,
C, I
Range of future prices at New York for week ending
May 3 1929 and since trading began on each option:
Option forApril 1929.
May 1929._ 1900.
June 1929._ 18.65
July 1929._ 18.25
Aug. 1929._ 18.53
Sept. 1929._ 18.66
Oct. 1929.., 18.26
Nov. 1929.., 18.96
Dec. 1929_. 18.55
Jan. 1930__ 18.57
Feb. 1929
Mar. 1930._ 18.70
Range for Week.
April 29 19.63
Apr1130 18.65
April 29 18.90
April 30 18.53
April 29 18 60
April 29 19.02
May 1 18.95
April 29 19.10
April 29 19.10
Range Since Beginning of Option.
17.72
April 27 18.00
April 30 17.12
April 27 18.25
April 30 18.53
April 29 18.08
May 3 18.26
May 1 18.90
April 27 18.55
May 3 18 57
Sept. 19 1928122.30
Aug. 13 1928 21.47
Sept. 19 1928 21.28
April 29 1929 20.95
April 30 1929 20 53
Nov. 5 192820.63
April 29 1929 20.72
May 1 1929 20.38
April 29 1929 20.70
April 29 1929 20.66
June 29 1928
Mar. 9 1929
Mar. 9 1929
Mar. 9 1929
Mar. 6 1929
Mar. 8 1929
Mar. 15 1929
Mar. 13 1929
Mar. 15 1929
Mar. 15 1929
April 29 19.22 April 27 18.70 Apr1129 1929 20.25 April 1 1929
THE VISIBLE SUPPLY OF COTTON to-night, as niltde
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,
=hiding in it the exports of Friday only.
May 3
Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
1929.
bales- 978.000
98,000
1.076.000
1927.
1928.
802.000 1.378,000
1926.
841,000
168.000
80,000
895.000 1.546.000
921,000
93,000
465,000
241,000
12,000
79.000
31,000
476.000
274.000
9.000
118.000
36.000
675,000
289.000
20,000
123.000
44,000
198,006
214.000
4.000
91.000
4,000
828,000
913.000 1,151,000
511,000
Stock at Ghent
Stock at Antwerp
Siy
Total Continental stocks
Staple Premiums
60% of average of
six markets quoting
for deliveries on
May 9 1929.
15-16
Inch.
.20
.20
.20
.20
.23
.21
.21
.21
.21
.20
.20
.20
.20
.20
.so
.19
.19
Total European stocks
1,904,000 1,808,000 2,697.000 1,432,000
Differences between grades established
89.000
77,000
141,000 163.000
India cotton afloat for Europe
for delivery on contract May 9 1929.
American cotton afloat for Europe 283,000 357.000 539.000 304,000
99,000
99.000 100.000
EgyptBrazil,&c.,afloatforEurope 99,000
Figured from the May 2 average quo389,000 367,000 289,000 275,000
Stock in Alexandria, Egypt
tations of the ten markets designated by
999,000 669,000 822.000
Stock in Bombay, India
1.329.000
1-inch &
a1,334,086a1.454,292a1,932,180 971,631
Stock in U. S. porta
the Secretary of Agriculture.
longer.
Stock in U. S. interior towns-- a564.846 a691,224 a784,478 1,438,322
8,874
.80 on Mid. U. S. exports to-day
. 100
White
Middling Fair
.61
60
Strict Good Middling.-- do
.61
5,938.516 7,187.658 5.431,053
o
e
2
Total visible supply
.42
6.052.806
do
Good Middling
.65
.29
do
Of the above, totals of American and other descriptions are as follows:
do
Strict Middling
.64
_Beals
do
AmericanMiddling
.64
.713 off Mid. Liverrpool stock
bales_ 658,000 591,000 1,065,000 553,000
Strict Low Middling.... do
.60
65.000
do
1.61
69.000 149.000
do
Manchester stock
69.000
Low Middling
.60
.42 on do
Extra White
762,000 861,000 1.099.000 447,000
Continental stock
Good Middling
304,000
do
.29
American afloat for Europe
do do
283.000 357,000 539,000 971.631
Strict Middling
do
even
a1,334,086a1.454.29201,932,180
U. S. port stocks
do do
Middling
.76 off do
U.S. interior stocks
a564,846 a691,224 a784.478 1,438,322
Strict Low Middling.- do do
100
do
1.61
U. S. export& to-day
do do
8.874
.68
.58
.59
.63
.53
.53
.53
.53
.50
.60
Low Middling
.24 9n
Spotted
Good Middling
.01 off
do
Strict Middling
.78
do
Middling
.04 off
Middling...Yellow Tinged
Strict Good
.45
do do
Good Middling
.92
do do
Strict Middling
Light Yellow Stalned_1.08 off
Good Middling
1.42 off
Yellow Stained
Good Middling
.69 off
Gray
Good Middling
1.08
do
Strict Middling
do
do
do
do
do
do
do
do
do
do
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Thurs.Fri.
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
3,679,806 4,023.516 5.568.658 3.779.053
288,000
320,000 211,000 313,000
15.000
64,000
66,000
29."
89,000
77.000
16.
141,000
99,000
99.000 100.000
99,000
389.000 275,000
389,000 36123 669.000 822.000
1,329,000 99
it:812 1?:888
1,652.000
2,373,000 1,915.000 1,619.000 3,779.053
3,679,806 4,023.516 5,568,658
April 27 to May 36,052.806 5,938,516 7,187„_658 5.431,053
Total visible supply
Middling upland
8.75d. 10.128.
10.02d. 11.60d.
Middling uplands, Liverpool-16.000. 19.200.
FOR 32 YEARS.
Middling uplands, New York- 19.75c. 21.350. 17.25d. 17.668.
NEW YORK QUOTATIONS
at New York on Egypt, good Sakel, Liverpool.... 19.00d. 22.55c1. 10.508. 17.00d.
The quotations for middl-ng upland
Peruvian, rough good. Liverpool- 14.500. 13.75d.
8.75(1.
7.85(1.
9.95d.
8.60d.
Broach, fine, Liverpool
May 3for each of the past 32 years have been as follows:
9.30d.
8.30d.
9.75d. 10.90d.
. . Tinnevelly, good. Liverpool
11.85c.
12.90c. 1913
19.75c. 1921
1929
stocks; in previous years
13.550.
11.30c. 1904
a Houston stocks are now included in the port
41.45c. 1912
21.350. 1920
1928
10.750. they formed part of the interior stocks.
15.450. 1903
29.10c. 1911
15.75c. 1919
1927
9.56c.
15.30c. 1902
26.850. 1910
18.95c. 1918
1926
Continental imports for past week have been 118,000 bales.
8.31c.
10.850. 1901
20.15c. 1909
24.15c. 1917
1925
9.81c.
10.200. 1900
The above figures for 1929 show a decrease from last
12.50c. 1908
30.50c. 1916
1924
6.12c.
11.55c. 1899
114,290 over 1928, a de10.20c. 1907
27.15c. 1915
1923
6.310. week of 82,311 bales, a gain of
11.760. 1898
13.00c. 1906
20.00c. 1914
1922
Sat. Mon. Tues. Wed.
19.85 19.40 19.45 19.55 19.65 19.75
Total East India, dm
Total American
3045
FINANCIAL CHRONICLE
MAT' 41929.]
Movement into sight in previous years:
crease of 1,134,852 bales from 1927, and a gain of 621,
Bales.
Since Aug. 1Bales.
Week18,073,841
753 bales over 1926.
193,577 1926
-May 7
1927
15.326,450
142.576 1925
-May 8
-that is, 1926
14.089,718
AT THE INTERIOR TOWNS the movement
106,370 1924
-May 9
1925
the receipts for the week and since Aug. 1, the shipments for
QUOTATIONS FOR MIDDLING COTTON AT
the week and the stocks to-night, and the same items for the
-Below are the closing quotations
corresponding periods of the previous year,is set out in detail OTHER MARKETS.
for middling cotton at Southern and other principal cotton
below:
markets for each day of the week:
Movement to May 3 1929.
Towns.
Ala.,BIrmIng'm
Eufaula .._ _Montgomery.
Selma
Ark.,Blytheville
Forest CItY
Helena
Hope
Jonesboro
Little Rock
Newport.._ _
Pine Bluff
Walnut Ridge
Ga., Albany
Athens
Atlanta
Augusta_ _ Columbus..._
Macon
Rome
La., Shreveport
M Iss.,Clarledale
Columbus...
Greenwood
Merldian
Natchez _
Vicksburg- Yazoo City
Mo., St. LouisN.C.,Greensb'o
Raleigh
Oklahoma
15 towns.
S.C.,Greenville
Tenn.,Mem ph IS
TOM, Abilene.
Austin
Brenham....
Dallas
Paris
RobstownSan Antonio_
Texarkana _ _
Waco
Movement to May 4 1928.
I Ship- 1Stocks
i menu. May
3.
Week. Season. Week.
Ship- 1Stocks
meats. May
4.
Week. , Season. Week.
Receipts.
Receipts.
52,864'
413 3,162,
232
15,0191
457 3,3421
675
560 56,619 1,949 11,418
240 12,062
35 57,3171
396 10,185
181
87,830
11
252 3,4921
28,580'
5871 5,858
24 57,035
226, 1,165,
10 57,166
109, 1,3991
33.259
1
5
117.755, 1,2711 9,394,
118 1,838'
7 47,774
642 142,340 Lou' 8,8191
1,487
39.059
1.618
3,702
8
50 6,140
150 28,878
1.323 127,425 5,984 28,833
237.072 5,614 61,872
1,44
112 11,103,
782 50,661
868 4,097,
482 51,755
750 26,3301
50 35,921
31 144,951 4,611; 27,8081
102 146,337 1,816 12,409
568, 1.904
13 31,134
958 18.221
92 189.111
500, 1,636
100 49.323
853 17,110
32.15
61
189; 1,431
15 24,911
192 2,887
34 39.323
4,976 440.419 5,679, 17,415
419 11,624
23,553
771
585
350
434'
94'
44
105'
1841
189
428
37
200
15
3511
40
1,227
5.006
43
2,404
625
215
193
448
128
330
74
24
3.975
639
89.080
19,887
75,727
58.377
78,484
37,010
51,429,
48,8381
31,983'
106.8421
48,6061
124,0591
35.4451
4,980:
50.7391
123.392;
266•3031
50,930,
65.5311
35.786
96,638
152,889
35.463
158.286
40.573
36,524,
18.0241
27.713,
336.885
25.593'
1,165
807
2,635
563
1,406
637
688
442
200
1,228
245
91
2,09
1
---350
2.284
6,858
196
2,512
1,700
680
2,922
281
2,013
924
1,607
844
723
4,428
307
7,887
6.116
14.226
11.661
8.523
8,150
9,315
2.316
1.891
11.104
2,424
17.301
1,127
1,697
4,962
26,480
52,649
505
3.951
10,064
33.222
27.652
4.225
47,228
4,654
14,580
2,852
6,959
3,792
11,553
1,137 735,687 2.697 39,902
2,925 290.438, 5.088 51.123
7,9191,412,561' 21,343151,160
188 1.995
245 54.393
214 1.460
95 26.091
1.124 28.718, 1,464 11,341
965 933921 2.081 24,795
749 2,066
302 74,752
478
772
49 29,774
201 5,298
312 36.1811
30 67.8751 1,219 3.727
534 88,786 1,728 8,519
520 771,665 2,151 13,363
2,003 194,656 3,8.56 38,439
14,4731,725,226 35.281 165,673
215 1,166
208 54,03
111
704
13 48,478
48 2.668
35,38
4
958 6,788
395 140.257
476 1,003
90,464
81
294
14.90
1,560
42,418
125 2,378
65,
609 4,751
312 145,451
Total. 56 towns 31,506 5.777,552 80,220164,846 33,6735.260,444H'8.311091,224
•Includes the combined totals of fifteen towns in Oklahoma.
The above totals show that the interior stocks have
during the week 50,476 bales and are to-night
126,378 bales less than at the same time last year. The
receipts at all the towns have been 2,167 bales less than the
same week last year.
MARKET AND SALES AT NEW YORK.
decreased
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot.
Saturday___ Quiet. 10 pts. adv.-- Steady
Monday ___ Quiet.45 pts. decl- Steady
Tuesday -- Steady.5 tits. adv -- Barely steady...
Wednesday_ Steady,10 pta. adv _ Steady
Thursday __ Steady,10 pts. adv - Steady
Steady.10iss. ads'- Steady
Friday
Contea Total,
500
500
900
900
250 53.500 53.750
200 2.300 2.500
1,850 55.800 57.650
159,507 458.700 616,207
Tota1Since Aug. 1
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:
May 3ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between Interior towns
Inland, &c.,from South
Total to be deducted
Leaving total net overland*
----1928-29---Since
Week. Aug. 1.
5.679 422.660
435
78.905
5.397
446
40,667
1.974 188,349
10,778 552.135
-1927-28---Since '
Week. Aug. 1.
4,428 334,979
3,755 235,161
156
13,538
224
28,666
5,953 218.223
7,736 351,830
19.312 1.288,113
22.252 1.182.397
5,459
522
10.276
102,031
17,764
581,464
2.045
561
16.324
79.876
19,531
559,511
16,257
701,259
18.930
658,918
3,055
586.854
3.322
523.479
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 3,055 bales, against 3,322 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 63,375 bales.
-1928-29----- -----1927-28----Since
In Sight and Spinners'
Week.
Aug. 1.
Takings.
51.241 8,754.175
Receipts at ports to May 3
.3,055
586.854
Net overland to May 3
Southern consumption to May 3--115.000 4.406,000
Since
Week.
Aug. 1.
109.891 7,767,926
3,322
523,479
100.000 4.281.000
169,296 13.747.029 213,213 12.572,405
Total marketed
321.375
310,495 *45.802
*50.476
Interior stocks in excess
takings over
Excess of South. mill
210,534
691.709
---consumption to April 1
Came into sight during week
Total in sight May 3
North.spinn's's takings to May 3- 54,552
• Decrease.
167.411
118.820
13.104.314
14.749.283
1,201,373
27,621
1,257,021
Closing Quotations for Middling CoUon on
Week Ended '
Saturday. Monday. Tuesday. wea-aay. TAUXStry. r runty.
May 3.
18.65
18.50
18.40
18.30
18.25
18.70
Galveston
18.76
18.53
18.63
18.42
18.35
New Orleans_ .... 18.68
18.25
18.15
18.15
18.05
18.00
18.40
Mobile
18.49
18.37
18.25
18.09
18.09
18.53
Savannah
18.63
18.69
18.81
18.50
18.38
18.88
Norfolk
19.05
19.15
18.85
19.00
19.20
19.35
Baltimore
18.31
18.06
18.13
17.94
17.88
17.80
Augusta
17.80
17.65
17.45
17.55
17.40
18.75
Memphis
18.70
18.50
18.40
18.30
18.25
18.31
Houston
17.75
17.65
17.65
17.65
17.65
17.95
Little Rock
17.95
17.80
17.75
17.65
17.55
17.90
Dallas
17.80
17.75
17.65
17.55
Fort Worth__ _ _ ----
-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,
Apr. 27
Monday,
Apr. 29
Tuesday, Wednesday, Thursday,
May 2
May 1
APT. 30
Friday,
May 3
18.83 ---- 18.40-18.41 18.50-18.51 18.61 ---- 18.69 ---- 18.84 ---May
June
18.78-18.79 18.35-18.36 18.4248.43 18.53-18.55 18.63-18.64 18.7648.78
July
August- - September
18.77-18.78
18.35-18.36 18.49-18.50 18.62-18.63 18.6918.77October
November
18.91-18.93
18.87-18.88 18.47-18.49 18.59-18.61 18.72-18.73 18.80December
Jan(1930) 18.90 Bid 18.48 Bid 18.64 Bid 18.76 Bid 18.84-18.85 18.96 bid
February.
18.72 13Id 18.83 Bid 18.9548.97 19.02 bid
18.95 Bid 18.60March
April
May
Tone
Steady
Steady
Steady
Steady
Steady
Steady
Spot
Steady
Steady
Steady
Steady
Steady
Steady
Options
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that the weather has
been generally favorable during most of the'week in the different sections of the cotton belt. Rain has fallen in many
sections, but precipitation has been light to moderate except
in some districts east of the Mississippi. On Thursday a
storm accompanied by tornadic blasts of wind swept through
Virginia, Tennessee, Alabama, Georgia, Florida and Arkansas, but what damage has been done to crops is not known
at this time.
-The weather has been fairly favorable for plantTexas.
ing. Progress of early planted cotton is very good with
stands and general conditions mostly satisfactory.
-The weather has been favorable except for
Mobile, Ala.
cool nights causing plants to droop, but no damage is looked
for. Good progress has been made with chopping. Stands
are fairly good.
-Planting has been delayed by wet soil.
Memphis, Tenn.
river is eight-tenths above flood stage and rising slowly.
The
Galveston. Texas
Abilene, Tex
Brenham. Tex
Brownsville. Tex
Corpus Christi, Tex
Dallas. Tax
Henrietta, Tex
Kerrville
Longview, Tex
Luling, Tex
Nacogdoches, Tex
Palestine. Tex
Paris, Tex
San Antonio, Tex
Taylor. Tex
Weatherford, Tex
Ardmore, Okla
Altus, Okla
Muskogee, Okla
Oklahoma City, Okla
Brink y, Ark
Eldorado. Ark
Little Rock, Ark
Pine Bluff. Ark
Alexandria, Ia.
Amite
New Orleans. La
Shreveport, La
Columbus, Miss
Greenwood, Miss
Vicksburg, Miss
Mobile, Ala
Decatur. Ala
Montgomery, Ala
Selma. Ala
Gainesville, Fla
Madison. Fla
Savannah, Ga
Athens, Ga
Augusta. Ga
Columbus, Oa
Charleston. 8.0
Greenwood, S. C
Columbia, S.0
Conway,8.0
Charlotte, N.0
Newborn, N.0
Weldon N. C
Memphis, Tenn
Rain. Rainfall.
dry
1 day 0.10 in.
-3 days 0.30 in.
dry
dry
dry
dry
dry
2 days 0.58 in.
2 days 0.34 in.
1.12 in.
1 day
2 days 0.22 in.
dry
dry
dry
1 day 0.08 in.
dry
0.32 in.
1 day
3 days 1.16 .
0.33 in.
1 day
3 days 2.14 in.
1 day 0.10 in.
4 days 2.07 in.
2 days 0.21 in.
3 days 1.97 in.
0.46 In.
1 day
0.65 in.
1 day
4 days 0.26 in.
0.76 in.
1 day
2 days 0.58 in.
1.05 in.
1 day
0.08 in.
1 day
3 days 1.55 in.
6 days 2.90 in.
5 days 1.66 in.
3 days 0.87 In.
3 days 1.26 in.
2 days 0.84 in.
5 days 4.97 in.
5 days 2.64 in.
3 days 1.79 in.
4 days 1.19 in.
4 days 5.98 in.
5 days 2.64 in.
4 days 2.84 in.
5 days 1.27 In.
3 days 0.61 in.
4 days 0.61 in.
4 days 2.59 in.
Thermometer
high 81 low 53 mean 67
high 90 low 44 mean 67
high 94 low 41 mean 89
high 88 low 60 mean 74
high 90 low 58 mean 74
high 88 low 48 mean 69
high 94 low 44 mean 69
high 94 low 30 mean 62
high 90 low 44 mean 67
high 94 low 44 mean 60
high 84 low 48 mean 80
high 88 low 46 mean 67
high 92 low 40 mean 66
high 92 low 50 mean 71
high 90 low 48 mean 66
high 88 low 44 mean 66
high 88 low 39 mean 64
high 91 low 40 mean 6,6
high 75 low 43 mean 59
high 87 low 40 mean 64
high 85 low 39 mean 62
high 86 low 42 mean 64
high 83 low 41 mean 62
high 89 low 42 mean 66
high 88 low 45 mean 67
high 85 low 44 mean 65
high __ low __ mean 73
high 90 low 50 mean 70
high 88 low 41 mean (15
high 87 low 42 mean 65
high 84 low 43 mean 66
high 82 low 60 mean 73
high 83 low 41 mean 62
high 83 low 49 mean 66
high 85 low 47 mean 66
high 90 low 46 mean 68
high 87 low 50 mean GO
high 88 low 56 mean 7/
high 82 low 42 mean 6
high 83 low 48 mean 6
high 84 low 48 mean 66
high 87 low 50 mean 69
high 79 low 40 meao 60
high 84 low 46 mean 8.5
high 81 low 48 moan So
high 78 low 50 mean 65
high 86 low 48 mean
high 77 low 41 mean
high 83 low 44 mean us
3046
FINANCIAL CHRONICLE
[VOL. 128.
The following statement we have also received by tele- shipments for the past week and for the corresponding week
graph, showing the height of rivers at the points named at of the previous two years:
8 a. m. of the dates given:
May 3 1929. May 5 1928.
Feet.
Feet.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
18.4
35.8
30.3
11.9
52.6
14.0
33.0
22.3
22.2
45.6
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.
Receipts at Ports.
Week
1929.
1928.
Stocks at Interior Towns.
1927.
1929.
1928.
Receiptsfrom Plantations
1929.
1927.
Jan.
25. 171.761 120.406258.932 1,1183599 1.180,096 1.467.429 129.3201
Feb.
,
1. 155.73 139.5671 235,198 1,072,678 1,134,087 1,404.189 109.710
8_ 135.078 111.826228.441 1,007.913 1,087.654 1.350.179 70.313
16_ 81,57.1 107.418 206,170 966.4121.049,18)) 1.305,580 40,069
23_ 80.866 75,323 210.19.. 938.027 1.023,12. .279.I9 80.481
Mar.
1_ 91,438 62.281 196.159 906.387 987.384 1.224.580 61.788
8.. 86.941 70,7552)7,975 849.11,5 941.043)I,)68,286 29.749
15.. 106.151 73.234227.54)0 814.522 916.2461,097.531 71,677
22.. 97.085 76.637,1 85,888 781.667 687,170 1.036.360 64,530
29_. 78.041 88.473168.766 752.959 863.788 984.188 49.333
Apr.
1
59 884 80.232 140.92R 711.349 835.381 922.735 18.274
12._ 48.659 73.019 131,290 679,205 803,203 889.925 16,515
57,351 72.882 102.307 646.881 773,381 1,541.773 25.027
26__ 56.917 92,378 86,136 615.322 737.026 824.696
25.358t
Ala,
1
3._ 51,241 109.891 108.689 564.846_691,224 784.478
765
1928.
1927.
82,958 238.380
93,558 171,958
65.392 174.431
68.945 162.171
19,263 1..4.807
26.545 141.545
24.434161.4181
48,437156,805
47,561124.717
68.091116.594
51.805
40,861
43,060
59.006
79.475
98,792
36,190
50,162
64,089 68.471
Alexandria. Egypt,
May 1.
1928-29.
1927-28.
1926-27.
PO,000
7.811,330
Receipts (C rflora)This week
Since Aug. 1
140,000
5,793.153
110.000
7.655.355
This Since
Week. Aug. 1.
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
To Liverpool
148.6 3 4.000 125.054 2.750200,751
To Manchester. &c
6 000 '46.272 4.750 138.077
To Continent and India.. 7 010 401.828 4,500)31.368 6,500 161.896
8.750125.157
To America
3,000 160.732
200 100,724 6,000 119.358
Total exports
16.000 857.445 13,450 695.223 24.000 807.162
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750
This statement shoos that the receipts for the week ending Ilbs. 1 were
May
120.000 cantars and the foreign shipments 18.000 bales.
Export (hales)-
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns is quiet and in cloths is steady. Demand for cloth
is improving. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
1929
1928.
844 Lbs Shirt.
32 Cop
Twist.
Deo.-
Cotton
ings. Common ,Micktrg
to Finest.
Uprds
d. (1. s.
1540164 133
@13
1552 016%
16 016
15401652
154p164
013 6
013 5
013 6
013 6
Feb.8.
22.
Mar.-
13 3
133
13 3
13 3
d.
s.
32s Cop
Twist.
6.
d.
10.48 15
10.35
10 34
10.43
10.49
814
MOS- COttom
lags, Common Afttkirp
to Finest
thirds.
s
s. d.
41.
@1644 136 014 0
14 40154
1414016
143501652
144,01854
13 5
135
13 6
13 6
10.82
013 7
013 7
014 0
014 0
9.79
10.07
10.25
10.40
1540164 13 4 @131
1016 15 6164 13 5 @137
10.86
The above statement shows: (1) That the total receipts
8.
154016%13 4 013 7
11.12 15 0164 13 5 013 7
10.54
154(4164 13 4 013 7
from the plantations since Aug. 1 1928 are 8.973,115 bales;
11.14 15 63184 13 5 •13 7
10.77
1540164 13 4 013 7
11 10 1554(5)17
13 6 014 0
10 96
In 1927-2 were 8,077,478 bales,and in 1926-27 were 12,035,379
1540164 13 4 013 7
10.96 154017 13 6 014 1
10.86
bales. (2) That, although the receipts at the outports the Apr11134015% 13 3 P13 6
10.73 154017 13 7 014 1
10.91
past week were 1.241 bales, the actual movement from
15440184 13 2 013 4
10.89 15520174 14 0 014 2
11.11
plantations was 765 bales, stocks at interior towns hav154 164 13 2 s. 13 4
10.69 154a417 14 0 11114 2
11.25
ing decreased 50,476 bales during the week. Last year May- 15 018 13 0 013 0 10.23 16 01754,14 1 014 3 11.61
1
receipts from the plantations for the week were 64,u89
_
143(015U 12.7 013 1
10.02 164 01752 14 2 014 4
11.60
bales and for 1927 they were 68,471 bales.
SHIPPING NEWS.
-As shown on a previous page, the
WORLD'S SUPPLY AND TAKINGS OF COTTON.
- exports of cotton from the United States
past week
The following brief but comprehensive statement indicates reached 89,378 bales. The shipments thedetail, as have
in
at a glance the world's supply of cotton for the week and up from mail and telegraphic reports, are as follows: made
since Aug. 1 for the last two seasons from all sources from
Bales.
which statistics are obtainable; also the takings or amounts GALVESTON-To Gothenburg-Apr. 24-Tortugas. 270
270
To Copenhagen-Apr. 24-Tortugas, 171
171
gone out of sight for the like period:
To Liverpool-Apr. 29
-Steadfast, 2.547
2.547
Cotton Takings,
Week and Season.
1927-28.
1928-29.•
Season.
Week.
Visible supply April 26
6.135.117
Visible supply Aug. 1
American in sight to May 3_ _
Bombay receipts to May 2
Other India shIp'ts to May 2
Alexandria receipts to May 1
Other supply to May 25b
4.175.480
118.820 14,749.283
82.000 2.766.000
10.000
530.000
24.000 1.545.200
5.000
537.000
Total supply
Deduct
Visible supply May 3
Season.
Week.
6.022,896
4.961.754
167.411 13,104.314
91,000 2.757.000
506.500
7.000
28.000 1,226.860
491.000
6.000
8.374,937 24.302,963 6.322.307 23.047.428
6.052.806 6.052.806 5
.938,518 5.938.516
Total takings to May 3_a
322.131 18,250.157 383.791 17.108.912
Of which American
271.131 13.210,957 245.791 12,460.552
Of which other
51.000 5,039.200 138.000 4,648.360
* Embraces receipts in Europe from Brazil. Smyrna, West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 4.408.000 bales in 1928-29 and 4.281.000 bales in 1927-28-takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 13.8)4,157 bales in 1928-29 and 12.827.912 bales in
1927-28. of which 8.804.957 bales and 8.179,552 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.
1927-28.
May 2.
Receipts at
-
Since
Week. Aug. 1.
Week.
Since
Aug. 1.
1926-27.
Week.
Since
Aug. 1.
82,000 2,768,000 91.000 2.757.000 55,000 2,553,000
Bombay
For the Week.
Exports
Iron
-
Great
Since August 1.
Conti- Japan&I
Great
Britain. neat. China. I Total. Britain.
Conti- Japan &
Total.
neat.
China.
Bombay
1928-29._
1927-28._
1926-27__
Other India:
1928-29__
1927-28.1926-27--
2,000 10,000 41,000 53,000
36,000 57,000 93,000
3.000 7,000 10,000
50.000 625,000 1,311,000 1.986,000
63,000 489,000 950,000 1.502.000
7,000 276.000 1.308,000 1,591,000
6.000 4,000
1,000 6,000
4.000 10,000
94,000 436,000
90,500 416,000
35,000 319,000
Total all
1928
-29-1927-28-1926-27--
8.0001 14,000 41,000 63,000
1.0001 42,000 57,000,100.000
4,
13,000 Low 24,000
10,000
7,000
14.000
530,000
506.500
354,000
144,000 1.061.000 1,311,000 2,516,000
153. II 905,000 950,0002,008.500
595.0001.108.000,l,945,000
42,00
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
9,000 bales. Exports from all India ports record a decrease
of 37,000 bales during the week, and since Aug. 1 show
an increase of 507,500 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive,weeklyta cable of the movements of cotton at
Alexandria, Egypt.likThe following are the receipts and
To Manchester-Apr. 29
-Steadfast, 621
To Havre-Apr. 29
-Jacques Cartier, 1.039; West Quechee.
1,151
To Dunkirk-Apr. 29
-Jacques Cartier. 2.560; West Quochee. 206
To Antwerp-Apr. 29-Jaes Cartier, 108
To Ghent
-Apr.29
-West Quechee,902
To Rotterdam-Apr. 29
-West Quechee. 1.771
To Bremen-Apr. 29-Heydlitz, 1,508
To Genoa-Apr. 29
-West Harsh lw. 4.650
To Japan-Apr. 29
-Patrick Henry. 522
To China-Apr.29
-Patrick Henry. 1,189
MOBILE-To Barcelona- \ pr. 30-0gontz, 100
To Genoa-Apr. 30-Ternia,670
NEW ORLEANS
-To Liverpool-Apr. 26
-West Caddo'', 2.187
To Manchester-Apr. 26-West Caddoa, 1.646
To Bremen-Apr. 26
-City of Weatherford,496
To Cartagena-Apr. 20-Parisina, 50__.May 1-Hersdla. 120
To Japan-Apr. 27-Skramstad, 764
To China-Apr. 27-Skramstad. 100
To Amsterdam-May 1-Maasdam, 50
To Rotterdam-May 1-Maasdam. 1.113
To Antwerp
-May 1-Kentucky, 250
To Dunkirk-May 1-Kentucky,500
To Havre
-May 1-Kentucky. 2,891
To Port Cortez-Apr. 26-Aworth. 2
To Gothenburg
-May 1-Tortugas, 230
NORFOLK-To Manchester-Apr. 29
-Bellflower, 50
To Bremen-Apr. 29
-Westfalen, 400_ _ _Apr 27-Liguria.739
SAN FRANCISCO-To Liverpool-Apr. 25
-Pacific Exporter. 63
__ _Nebraska, 100
HOUSTON-To Gothenburg-Apr. 26
-Tortugas, 400
To Warburg-Apr. 26
-Tortugas. 100
To Drammen-Apr. 26
-Tortugas. 100
To Oslo-Apr. 26
-Tortugas, 100
To 11avre-Apr. 26-Jacques Cartier, 1,840; West Quechee,
-St. Duston. 1,912
1,351-_ -May 2
To Dunkirk-Apr. 26-Jacques Cartier, 1,363
To Bordeaux-Apr. 26
-Jacques Cartier, 270
-Apr. 26
-West Quechee, 285. May 2
To Ghent
-St. Dugton. 2.093
-West Quechee, 125; Jacques Cartier.
To Antwerp-APr. 26
50
0
-West Quechee, 1.166
To Rotterdam-Apr. 26
To Bremen-Apr. 27-Seydlitz, 3.101___May 3
-West Tacook, 2.705
-West Harshaw, 2,293
To Genoa-Apr. 26
-Patrick Henry, 412._.May 1-San FranTo Japan-Apr.27
cisco Maru,3.763-_ _May 3-Skramstad, 1.446
To China-Apr. 27
-Patrick Henry, 2,799__ May 3-Skramstad, 1,807
To Barcelona-Apr. 30-Aldecoa, 1.326
Murmansk-Apr.29--Nicoline Maersk,9,051
To
To Liverpool-May 3
-Steadfast, 1,942
-May 3
To Manchester
-Steadfast, 723
NEW YOR1C-To Liverpool-Apr.26-Damaria,14
-Apr. 26-Liberty, 302_ --Apr. 30-Pipestone
To Havre
County 100
To Barcelona-Apr. 29
-Juan Sebastian Eleano, 150---May 1
-Cristobal Colon, 100
To Manchester-Apr. 26-Kioto, 100
To Bremen-Apr. 30
-America, 1,050; Dresden, 50
To Lisbon-Apr.30-11innoy. 150
-To Japan-Apr. 27-Manila Maru. 3,830
LOS ANGELES
SAVANNAH-To Liverpool-Apr. 30-Darian, 1,530
To Bremen-May 3-Grece, 250
To Manchester-Apr. 30-Darian, 1,901
-May 3-Grete, 1
To Hamburg
-May 1-Tulsa, 2,800
WILMINGTON-To Liverpool
CHARLESTON-To Bremen-Apr. 30-Grete. 350
To Hamburg-Apr.30-Grete, 480
To Antwerp-Apr. 30-Grete, 1,284
-To Genoa-Apr.11-Examelia,227
BALTIMORE
621
2,190
2,766
108
902
1,771
1.508
4,650
522
1,189
100
670
2.187
1,646
496
170
764
100
50
1.113
250
500
2,891
2
230
50
1,139
163
400
100
100
100
5,103
1,363
270
2,378
625
1,166
5,806
2.293
5,621
4.606
1.326
9,051
1.942
723
14
402
250
100
1.100
150
3.830
1,530
250
1.901
1
2,800
350
480
1,284
227
89.378
MAY 41929.]
FINANCIAL CHRONICLE
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound:
High
Dertsity.
Liverpool .45c.
Manchester .450.
Antwerp .60e.
.31e.
Havre
Rotterdam .450.
Genoa
Me.
StandHigh
StandStand- •
High
Density. ard.
Density. ard
ard.
.500.
.650. Shanghai .684C. .83140.
.600. Oslo
.60e.
.750.
.750. Bombay
.600. Stockholm .600.
.500.
.650. Bremen
.45e.
.600.
.60e. Trieste
.50e.
.650. Hamburg .450.
.600.
.460. Flume
.45e. .600. Piraeus
.75e. .90e.
.600. LLsbou
.60c.
.750. %Ionics
.750. .90c.
.650. Oporto
Barcelona .30e. .45e. Venice
.500. .65e.
Japan
.6334e. .7814o.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
April 12. April 19 April 26.
27.000
36.000
32.000
22,000
20.000
18.000
1.000
1.000
1.000
65.000
53.000
69.000
977.000 965.000 966.000
682.000 670.000 654.000
75.000
42.000
42.000
30.000
21,000
27.000
182,000 200.000 185.000
86.000
94.000 100.000
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
m, 3
,
/
34.000
23.000
1.000
66.000
978.000
658.000
61.000
25.000
178 000
77.000
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:
Spot,
Saturday,
Monday,
Tueday, IVednesday, Thursday,
MarketA fair
12:15 1 Quist.
business
Quiet.
Quiet.
P. M.
doing,
M id.0pl'de
Sales
10.21d.
3,000
10.16d'.
5,090
10.03d.
9.954.
10.23d.
8,000
8,000
6,000
A fair
business
doing.
Friday,
A good
business
doing.
10.216.
7.000
Steady
Futures.1 Steady Qt uneh'd Steady Q't 2 Ma. Steady
Market
1 to 4 pts. to I pt. 8 to id pts. adv. to 3 10 to 12 pts 2 to 4 pti.
decline. 3 pia. deo. advance. advance.
advance, advance.
opened
Steady Barely sty Steady
Market, f St's uncli'd Barely sty Steady
4
4 to 1 pt. 15 to 17 pta 1 to 3 ins. I to 3 pts. 9(0 11 ins. 1 to 3 Drs.
decline,
decline, advance.
advance,
decline,
decline.
P. M.
Prices ef futures at Liverpool for each day are given below:
Mon.
Sat.
April 27
to
May 3
Tues. I
Wed.
Thurs. I
Fri.
12.15 12.30 l2.iSj 4.0012.15 4.0012.15 4.0012.15 4.0012.15 4.00
p. top. m. p. m.p. m.p. m.p. m.p .m.p. m.p. m.p. m.p. m.P. to,
d. I d.
d.
d.
d.1
April
__ __ 10.$ 9.911 9.83 9.77
May
9.93 9.84 9.76 970
June
9.99 9.90 9.82 9.76
July
9.99 9.90 9.82 9.76
August
September--------10.00 9.911 9.83 9.77
10.01 9.92, 9.85 9.78
_
October
November ____ __ _ 10.11 9.911 9.84 9.77
December ____ __ __ 10.01 9.92 9.85 9 78
January (1930)- __ 10.01 9.92, 9.85 9.78
February
9.79
.
10.02 .
.
_ 10.05 9.971 9.90 9.82
March
10.06 9.98, 9.91 9.83
.
A prU
---------------9.84
May
d.
9.81
9.75
9.81
9.81
9.82
9.84
9.83
9.83
9.83
9.84
9.87
0.88
9.89
d.
1
d.
d.
9.70 9.80 9.98
9.63 9.73 9.92
9.68 9 78 9.97
9.68 9.78 9.97
9.70 9.79 9.98
9.73 9.81 9.99
9.72 9.80 9.98
9.73 9.81 9.98
9.72, 9.81 9.98
9.73; 9.82 9.99
9 /61 9.8510.02
9.771 9.8610.02
9.781 9.87 10.03
BREADSTUFFS
d.
d.
tt.
9.90, 9.98 9.88
9.831 989 9.82
9.89 9.949.87
9.89 9.04 9.87
9.89 9.94 9.87
9.90 994 9.87
9.89 993 9.86
9.90 9.94 9.87
9.90 9.94 9.87
9.91 9.95 9.88
9.949.92
9.951 9.99 9.93
9.96110.00 9.94
3047
one time during the day. Crop news was mixed. Reports
from Kansas spoke of the possibility of record crops, while
those from Illinois and Indiana said there was some deterioration because of too much rain. Seeding was said to be
making rapid progress in Canada. Contract deliver:es were
larger than anticipated. They were 5,963.000 bushels. Expth't sales were larger, being estimated at 1,000,000 bushel;
mostly Manitoba. On the 2nd inst. prices ended % to %c.
net higher. Trunk lines ask for a reduction of about '2.c. In
the freight rate to the seaboard. The average of private
crop estimates was 618.000,000 bushels, the range being •
600,000,000 Ito 646,000.000. But May liqu:dation seemed to
be pretty well over. St. Louis reported a blizzard and the
forecast was for frost over most of the Central NVest. But
Liverpeol was % to 1%d. lower. May deliveries were rather
large. Cash interests and elevators bought May and sold
July. The technical position was better but supplies are
large and export demand not urgent to say the least.
c.
/
2
To-day prices ended 1 to 11 lower. There was a fair
trade. Winnipeg and Minneapolis were lower. Early prices
were rather steady with the news not so favorable as it has
been recently. Commission houses bought the distant
months, while cash Interests took the nearby deliveries.
Liverpool was better than due. There were complaints of
dry weather in tile southern hemisphere. The cut in export
freight rates by easteren roads and indications of smaller
world's shipments and a further decrease in the visible
supply all helped to steady prices. Prices broke, however,
on I quidation and ended at about the low of the day.
Export sales were small. The Canadian Pacific it is said
may follow eastern roads in the United States and cut
freight rates. The open interest fell off considerably and
is now only 124,000,000 bushels with less than 0.000.000
open in May. Final show a decline on May of %c. for the
week while other months are % to %e. higher.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. TtIe3.
Wed. Thurs. Fri.
13914 1394 1404 140
1404 1393.4
No.2red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sal. Mon. Tues. IVed. Thurs. Fri.
lilY, 112
113
113112
May
11614 1164 1184 11714 111(34 117%
July
12014 12014 12214 12114 12214 121
September
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG:
Sal. Mon. Tues, Wed. Thurs. Pi i.
12014 1194 1204 121
12114 12114
May
1234 1224 1234 1224 1244 123
July
12314 123
12414 12414 12534 124
October
Indian corn advanced on the later months. Large May
deliveries had no effect. That month is only a fraction
lower, as receipts have been small. On April 29th prices
advanced lc. with a larger cash demand, firm cash markets
and covering of shorts. Yet the weather was very good for
farm work and farm supplies are said to be large. On the
other hand the United States visible supply decreased last
week 2,659,000 bushels against 1,261.000 a year ago. The
total was 28,194,1)00 bushels against 40,059,000 a year ago.
/
ic. higher, with
On April 30th prices ended 14c. lower to Y
May deliveries expected to be 1,500.000 to 2.500,000 bushels
on the 1st. They proved to be 3,600,000 bushels, but had
been practically discounted. The weather on April 30th was
rather favorable for seeding. There was a fair shipping
demand. The country offerings and the crop movement were
alike small. A private report stated the supply available
as 29 per cent. larger than a year ago. Large quantities of
Argentine corn it was said were afloat and unsold for
Europe. There was May liquidation which was something
of a clog on prices.
On the 1st inst. prices advanced % to %c. on bad weather
and a somewhat bullish weekly report, During most the day
prices were firmer but sagged a little towards the close on
the weakness of wheat. Deliveries on May contracts were
larger than expected and caused quite a little selling of
May early in the day. Covering and an early advance in
wheat gave corn its early strength. On the 2nd inst. May
liquidation carried that delivery down about lc. net. Other
,4c. higher. The weather was
months ended %c. lower to 3
bad for farm work. Seeding is perhaps a little late. Argentine shipments were 6,496,000 bushels or about 1,000,000
larger than In the previous week. May deliveries at Chicago
were rather large. Advances met rather large liquidation.
The Iowa report was bullish. The country movement was
,small. To-day prices ended % to %c. lower on liquidation
and better weather for planting. The shipping demand was
light. There was a fair demand for cash corn, however,
and cash markets were steady. The country movement was
small and offerings were light. Final prices are %c. to lc.
higher on July and September for the week while July is
off %c.
Friday Night, May 3 1929.
Flour has been quiet. Consumers are said to be awaiting
developments. It would seem that they have been doing
that for a long time, meanwhile buying as little as possible.
At any rate their buying as a rule has been cautious. The
export demand moreover has to all appearance been modLater prices were advanced 10c. There were
erate.
rumors that Russia had been buying in Liverpool. Just
when It bought, if It had, and how much, were things left
to conjecture. The cables gave no light on that.
Wheat advanced slightly except on May, which fell %c.
The technical position is better. Selling pressure relaxed.
Wheat is said to be selling below the cost of production.
Supplies are very large. But big May deliveries had been
discounted. On April 29th prices, after some irregularity
/
all day, ended 14c. lower to %c. higher. Liverpool was %
to 14cl. lower. The fact that Winnipeg dropped 2c. hit
Chicago at one time hard; that and favorable weather.
The foreign crop news, too, was mostly favorable. The
weather was favorable in the Canadian Northwest. It will
further seeding. The United Kingdom is said to have large
stocks. World's shipments for the week were 14,371,000
bushels and North America exported 7,407,000 bushels with
North American shipments since July 1st, 463,000,000
bushels against 408,000,000 last year. World's shipments
since July 1 were 764,000,000 bushels, or just 100,000,000
bushels more than at the same time last year. There was
a decrease in the total of stocks afloat, with this placed at
58,696,000 bushels. The United States visible supply decreased last week 3,459,000 bushels against 1,207„000 in the
same week last year. The total is still 114,787,000 bushels
against 65,150,000 a year ago.
On April 30th prices closed 1,4 to 1%c. net higher. At
one time on that day they were 1% to 2Y
4c.. higher partly
owing to a rise in Winnipeg in spite of rumors that the May
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
deliveries would be 2,000,000 to 3,000,000 bushels on the 1st.
10634
yellow
1073.4 10734 107
10714 107
They proved to be close to 6,000,000 bushels the next day No.2
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
and had little effect, having been largely discounted. The
893.489% 8934 89
May
9014 89X 8.834
firmness of prices in Minneapolis had no small influence July
9344 9334 93
93
93g 93
9474 9534 9534 9574 95. 9534
1
4
on April 30th, May there going to a premium while July
there got within 1y of Chicago July. Export sales were
4c.
Oats advanced moderately as the cash demand has been
500,000 bushels. Cash markets advanced 2 to 3c. On the steady especially for the higher grades and wet weather
1st inst. prices closed 2 to %c. lower after being higher at has, It is said, cut down the acreage. On April 29th prices
3048
FINANCIAL CHRONICLE
[VOL. 128.
GRAIN STOCKS.
Wheal.
Corn.
Oats.
Rye,
Barley
United Statesbush,
bush.
bush,
bush.
bush
New York
204,000
14,000
99.000
50,000
177,000
Boston
7,000
4.000
Philadelphia
286.000
69,000
70,000
8,000
7,000
Baltimore
808,000
110,000
87,000
4.000
116.000
Newport News
4.000
New Orleans
283,000
145.000
87,000
42.000
4,000
Galveston
776,000
133,000
25,000
Forth Worth
1,990,000
381,000
216.000
3,000
39.000
Buffalo
3.771,000 3,135,000 1,523,000
42,000
227,000
" afloat
1,130,000
135,000
151,000
324.000
Toledo
2,473,000
26,000
224,000
13,000
13,000
Detroit
173,000
25,000
25,000
10.000
27.000
Chicago
13,490.000 11,306,000 1.894.000 2,680,000
655.000
Milwaukee
588.000 1,816,000
371,000
543,000
308.000
Duluth
24.631,000
555,000
923.000 1.847,000 1,079,000
Minneapolis
29,321,000
819,000 2,311.000 1.392,000 3,454,000
Sioux City
391,000
629,000
295,000
6.000
St Louis
3,025,000 1,105,000
300.000
10.000
98.000
Kansas City
18,053,000 3,236.000
16,000
32.000
14.000
Wichita
3,413,000
221,000
13,000
4,000
St Joseph, Mo
1,428.000
829,000
3.000
Peoria
7,000
26,000
219.000
10,000
329,000 1.314,000
Indianapolis
766,000
Omaha
7,452,000 2,008,000 1,328,000
31.000
81,000
On Lakes
659,000
257,000
148,000
145,000
On Canal and River
102,000
Total April 27 1929...114,787,000 28.194,000 10.774,000 7.010,000 6.816,000
Total Aprll 30 1929...118,246,000 30,853,000 10,404,000 6,975.000 7,852,000
Total April 28 1928... 61,616,000 33.555,000 11,168,000 5,532,000 2,316,000
Note.
-Bonded grain not included above: Oats
-New York, 242,000 bushels:
Boston, 21,000; Philadelphia, 4,000; Baltimore, 5,000; Buffalo, 325,000; Buffalo,
DAILY CLOSING PRICES OF OATS IN NEW YORK.
afloat, 64,000; Duluth, 14,000: total, 675,000 bushels, against 21.000 bushels in
Sat. Mon. Tues. Wed. Thurs. Fri.
1928. Barley-New York. 211,000 bushels; Boston, 125,000; Philadelphia, 122,000:
61
No. 2 white
62
6034 6034 6034 62
Baltimore, 31,000; Buffalo, 1.341.000; Buffalo. afloat. 247,000; Duluth, 123,000:
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Chicago, 1,134,000; on Lakes. 44,000; total. 3,378.000 bushels, against 619.000
Sat. Mon. Tues. Wed. Thurs. Fri.
bushels in 1928. Wheat
-New York, 2.825,000 bushels: Boston, 1,509,000; PlanaMay
47
4674 4731 4934 4931 4834 delphia. 3,257,000; Baltimore, 3,448,000; Buffalo, 10,892,000; Buffalo, afloat.
July.
4574 4631 4634 4634 4634 4634 3,509,000; Duluth. 282,000: on Lakes, 1,684,000; Canal, 78,000; total, 27,484,000
4434 4431 4574 4474 4574 4434 bushels, against 8,344,000 bushels in 1928.
September
Canadian
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Montreal
510,000
351.000
394.000
9,338.000
Sal. Mon. Tues. Wed. Thurs. Fri.
5,447,000 2,080,000 5,577,000
May
4834 47
4731 4831 4931 4831 Ft. William & Pt. Arthur-57.769,000
1,939,000
427,000 1,209,000
July
4931 Other Canadian
10,005,000
49
495( 4974
50
October
49,
% 49% 4974 5034 4974
50
Total April 27 1929.--.77,112,000
7,890,000 2,858,000 7.180,000
Total April 20 1929.-- _83,475,000
9,142,000 2.688.000 8.851,000
Rye has declined slightly. On April 29th prices declined
Total April 28 1928.--.76,691.000
2,377,000 3,268,000 3,962,000
114 to 1%c. Good sized May deliveries were expected. The
Summary
114,787,000 28,194,000 10,774,000 7,010,000 6.816,000
United States visible supply increased last week 35,000 American
Canadian
77.112,000
7,890,000 2,858,000 7,180100
bushels against 141,000 last year. The total was 7,010,000
Total Apri127 1929-191,899,000 28,194,000 18,670,000 9.868,000 13.926,000
Total April 20 1929...201,721,000 30,853.000 19,553,000 9,603,000 16.703,000
bushels against 5,439,000 a year ago. On April 30th prices
Total April 28 1928-138,307,000 33,555,000 13,545,000 8.800.000 6,278,000
ended unchanged to %c. higher with a steady cash demand
and little pressure to sell. The United States visible supply
increased last week 370,000 bushels against a decrease in
the same week last year of 1,323,000 bushels. The total is
10,774,000 bushels against 13,576,000 a year ago. On April
30th prices closed %c. higher after having been % to 2
4c.
lower. May deliveries on the 1st were expected to be about
100,000 bushels. A fair shipping demand prevailed. There
was some May liquidation but it was quite readily taken.
The receipts were small. One estimate of the supply was
43 per cent, larger than a year ago. On the 1st inst. prices
ended 2 points higher on May but % to / lower on other
1c.
4
months. Deliveries on contract were small. A good export
business was reported in Canadian qualities.
On the 2nd inst. prices ended unchanged to %c. higher
with a bullish Iowa report. Farm work was delayed by
storms. The tone was steady though the trading was not
large. May was %c. higher, the firmest delivery on the
list. The cash demand however was not brisk. To-day
prices declined % to %c. in sympathy with corn. Selling
was scattered and export business light. Final prices show
an advance for the week, however, of % to 1%c.
5034
declined % to 1%c. net after being at one time % to Thc.
The world's shipments of wheat and corn, as furnished by
higher. May deliveries on the 1st were expected to be
Broomhall to the New York Produce Exchange, for the week
100,000 to 200,000 bushels. No export business seems to ending
Friday, April 26, and since July 1 1928 and 1927,
have been done. Trading was small. On the 1st inst. prices are shown in the following:
deliveries were rather
ended %c. lower to %c. higher. May
large. No export business was reported. On the 2nd inst.
Wheal.
Corn.
prices ended % to %c. higher with the crop estimates around
Exports.
1928-29.
1928-29.
1927-28.
1927-28.
only 42,200,000 bushels and the condition 83.6. To-day prices
Week
Since
Week
Since
Since
Since
followed those of other grain downward and ended at a
Apr. 26.
Apr. 20.
July 1.
July 1.
July 1.
July 1.
decline of % to 1%c. Final prices show a decline on May
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
and July for the week of 1 to %c., while September is up 5c. North Amer. 7.407,000462.535,000408.075.000 Bushels, I 32.626,000 14.239.000
4
192,000
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
9534 9434 9434 9334 9434 9331
5
9674 9574 9574 9534 95% 9431
9634 9634 9574 8634 9734 9635
Black Sea.
1.827.000 19,233.000
2.216.1 1 1
. .114
Argentina__ _ 4,060.000 164.021,0 143,070,000 5,374,000 197.083,
21,573,000
Australia _
2,320,000 95,888.111 57,263,141
India
8.312,111
1,112.
111
0th. countr't 284,000 38.620,
476,000 26,016,0001 23,323,000
27.040,
Closing quotations Were as follows:
GRAIN.
Wheat. New York
Oats, New York
No. 2 red,f.o.b
1.39%
No.2 white
61
No.2 hard winter.f.o.b----1.26%
No. 3 white
60
Corn. New York
Rye, New York
No. 2 yellow
1.0634
No. 2 f.o.b
1.0431
No.3 yellow
1.0431 Barley. New York
Malting
8831
FLOUR.
Spring pat.high protein.$6.35 © 97.35 Rye flour. patents
$6.25436.60
Spring patents
5.850 6.35 Semolina No. 2, pound.
3%
Clears first spring____ 5 25
5.65 Oats goods
2.800 2.85
Soft winter straights___ 5.75
6.25 Corn flour
2.6584 2.70
Hard winter straights__ 5 75
6.10 Barley goods
Hard winter patents... 6.10
6.60
Coarse
3.60
5.20
5.70
Fancy pearl Nos. 1.2.
Hard winter clears
8.20
3 and 4
Fancy Mimi. patents
7.65
6.504 7.00
7.80 8.50
City mills
For other tables usually given here, see page 2944.
Total.,.. 14.371,000764.392,000653.240.000 6,042.000257,552,000 278,368.000
Man
July
September
The exports from the several seaboard ports for the week
ending Saturday, April 27 1929, are shown in the annexed
statement:
ExportsfromNew York
Portland, Me
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
St.John, N.B
Wheat.
Corn.
Oats.
Flour.
Rye.
Barley.
Bushels. 'Bushels. Bushels. Bushels. Bushels. Bushels.
114.789
30,000
43,600 206.400
759,000
17,000
112,000
24,000
40,000
29,000
32,000
20,000
1.000
7,000
241,000
30,000
2,000
156,000
17,000
216,000
6,000
21,000
8,000
7,000 355.000
8.000
18,000
18,000
42,000
22,000
861.000
Total week 1929._ 2.228.000
2.682.762
Same week 1928
397.000
120,000
220,789
228,583
170,000
144.444
61,600 386.400
191.000 284.823
The destination of these exports for the week and since
July 1 1928 is as below:
Flour.
Exports for Week
and Since
Week
Since
July Ito-Apr.'27 July 1
1929.
1928.
United KingdomContinent
8.& Cent. AmerWest Indies
Brit No.Am.Col
Other countriesTotal 1929
Total 1928
Wheat.
Week
Apr. 27
1929.
Sinn
July 1
1928.
Cons.
Week
APT. 27
1929.
Since
July 1
1928.
757,000 63,633.726
85,962 2,898,265
88,972 4,403,311 1,456.000 173,298,959
353,000
3,000
291,000
7.000
74,000
16.000 410,000
20,000
____
1,000
26,855 1,272,989
8.000 3,348,733
42.000 9,762,110
333,000 17,543.962
217,000
797.000
22,000
220,789 9,276,585 2,228,000 240,728,418
228,583 9.671.531 2.632.762 208.720,342
397.000 28,322.322
120,000 9,752.285
2.250
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 27, were as follows:
WEATHER BULLETIN FOR THE WEEK ENDED
APRIL 30.
-The general summary of the weather bulletin,
issued by the Department of Agriculture, indicating the influence of the weather for the week ended April 30 follows:
In the eastern half of the country stormy conditions prevailed during
the week in Central and Northern States. A storm of wide extent and considerable energy moved from the far Southwest to the St. Lawrence Valley
on the 23d-26th, and another passed eastward over Northern States, but
extending well southward, the latter part of the week. These resulted in
widespread and frequent precipitation over most sections from the central
and northern Plains eastward. Temperature changes were not marked.
Chart I shows that, for the week as a whole, the temperature averaged
near normal in all parts of the country, except the Rocky Mountain area
where some abnormally cool weather prevailed. In nearly all other sections
the weekly mean temperatures ranged from about 2 deg, above normal to
about 2 deg, below normal. East of the Rockies freezing was confined to
the more northern districts, but was general in the Rocky Mountain States
and the Great Basin; the lowest temperature reported for the week was
20 deg, above zero at some stations in 'Wyoming.
Chart if shows that very little precipitation occurred in the Southwestern
and far Western States, and also in extreme southern districts, but elsewhere it was widely distributed and mostly substantial to rather heavy.
There was heavy snowfall in some Rocky Mountain sections, especially
in Wyoming.
As during several preceding weeks, rainfall was frequent in many important agricultural sections and consequently seasonal spring activities
were further delayed, especially in Central and Northern States. In some
Ohio Valley localities weather conditions were somewhat better, especially
In the southern part, but little or no improvement, as affecting field work
in general, was reported from most places. Dry and warmer weather Is
needed badly in the central and northern Atlantic area, the Lake region,
and the Ohio and Mississippi Valleys. Reports indicate that recent frosts
did some local damage over a considerable area from the Great Lakes
southeastward as far south as North Carolina, but no extensive or serious
damage was done.
in the South conditions were fairly favorable in most sections. Further
rains and wet soil delayed work more or less in the Southeast and in the
north-central Cotton Belt, but otherwise field operations made mostly
satisfactory advance. Growth and germination were hindered to some
extent by cool nights, and warmth would be generally beneficial. In the
Southwest rain is needed as far east as the western third of Texas and
western Oklahoma, while moisture is still deficient in the interior of the
Pacific Northwest.
In the Great Plains States, except for heavy rains and wet soil in some
Central districts, especially in Nebraska, conditions were mostly favorable
though, more generally, work was interrupted by rain the first part of
the week. Much of the northern Plains had the most favorable week of
the season, and seeding small grains made rapid advance. Cold weather,
with heavy snows in some places, was unfavorable in Rocky Mountain
sections and the Great Basin, especially for.shearing sheep and for young
lambs, with considerable local losses reported.
SMALL GRAINS.
-Growth of winter wheat probably averaged fair In
the eastern sections of the belt, but it varied greatly, ranging from poor to
to excellent in
excellent. Condition remained generally fairwetness locally. the Ohie
There was
Valley, but there were complaints of excessive
some yellowing in the trans-Mississippi States, especially in Iowa and
Missouri, but condition was generally very good in the latter State, with
the crop largely in the jointing stage. Wheat did well in the Great Plains
area, with much jointing reported in southern and eastern Kansas, but
rain is rather badly needed in parts of the Southwest where there was
local injury by wind and sandstorms: fair to good progress and condition
were noted in moist sections. Rain is also needed in the eastern parts of
the Pacific Northwest, where only slow advance occurred, but wheat did
well in the Atlantic Coast States.
MAY 4 1929.]
FINANCIAL CHRONICLE
Seeding spring wheat made excellent progress in the northern part of
the belt where drying winds permitted resumption of this work in many
previously wet areas. Much wheat is yet unsovrn in South Dakota, but
the early crop is coming up nicely to good stands and color. Plowing
and seeding were rushed in Montana, but it is still locally too wet. Oat
seeding was further delayed in north-central sections. especially in Iowa,
-stern areas the crop is mostly doing well, except in parts
but in more es
of the Southwest. where some damage by wind and sandstorms occurred
and rain is badly needed. Much rice was planted in the South and some
flax was seeded in South Dakota.
CORN.—Except in some extreme western parts of the Corn Belt, unfavorable weather during the week caused further delay in the preparation
of seed beds and the planting of corn. Because of continued wetness.
farm work in the interior valleys and middle Atlantic area is getting considerably behind an average season, a number of reports indicating usual
spring activities from two to three weeks late. In the Southwest and
most of the Great Plains planting progressed rather favorably, but very
little was seeded in the interior valleys and in the East. In the South
conditions were rather favorable, though warmer weather would be beneficial. In an average year corn planting begins by May 1 to southeastern
Pennsylvania, the north-central portions of the northern Ohio Valley
States. southern Iowa, and south-central Nebraska.
COTTON.—Temperatures were mostly seasonable in the Cotton Belt,
though the nights were rather too cool for good germination in many
sections; rainfall was widely distributed, but was light to moderate, or only
fairly heavy, in most places. In the Carolinas plaiting made rather favorable 'progress and is well along as far north as the coastal plain of North
Carolina, with some up in the southeast portion of that State. Elsewhere,
east of Mississippi River, field work was less active because of rather
frequent rains, and at the same time the nights were too cool for best
germination. In central Georgia stands of early cotton are rather poor,
while in sections of other States they are reported as irregular. In Louisiana
conditions were generally favorable. It was too cool and wet in much of
Arkansas, though fairly good progress was reported from most of the
western and some southern districts. In Oklahoma the weather was generally favorable for field work, and good progress was made in planting
cotton, though temperatures were rather too low. In Texas the weather
was fairly favorable for planting, replanting, and chopping, and progress
of the early-planted was very good, with stands and general condition
mostly satisfactory.
3049
public. Much of the greatly expanded vogue for cotton dress
goods is believed to be tracable to the fact that such fabrics
can now be had in guaranteed fast colors, as well as to the
improved styling and quality which distinguishes them at
moderate prices. There is nothing spectacular about
woolens and worsteds at present, but the industry as a whole
is in a better position than it has known for years. A growing demand for the rougher weaves is a feature in the silk
division. It is coming to light that various lines of these
fabrics are well sold ahead, with silk and wool combinations
and the extra rough constructions adaptable for sports wear
particularly popular. Mills are reported to be running
behind on orders for the heavier fabrics. Both plain colors
and prints are selling well. A new rayon product is sewing
thread which is now on the market after preparation during
several years of experiment.
DOMESTIC COTTON GOODS.—While there have been
only a few days of recognizable spring weather so far, even
such short spells serve to indicate that there is a good deal of
spring buying still to be done by distributors, in order to be
able to meet a public demand which revives with the most
encouraging celerity on the appearance of warm and sunny
weather. The slackened activity in cotton goods has been
attributed to the combined effects of unfavorble spring
• weather, high money rates and the nervous atmosphere
engendered by the Congressional session which is dealing
with many matters which touch the industry closely.
It is hoped that the somewhat more favorable movements
The Weather Bureau also furnishes the following resume in money rates during the past week may be indicative of
of the conditions in the different States:
the beginning of a gradual return to normal, and, if some of
Virginia.—Richmond: Wheat, oats, pastures, and truck good. Corn the warm and balmy weather which is associated with this
planting under way and finished in some localities of south; much delayed
arrive in the near future, many factors
in most interior account wet soil. Tobacco plants scarce In some localities. season really does
are of the.opinion that a substantial volume of business may
Some cotton planted.
North Carolina—Raleigh: Some frost damage on 23d in north. Most be booked during the current month. Reports from retail
of week warm, with showers,favorable for setting out tobacco and planting
corn, peanuts, and other crops. About three-fourths of cotton planted channels show that stocks are in healthy shape throughout
on coastal plain and one-fourth in Piedmont; some early up in southeast. the country, with no apparent congestion even where they
Small grains and most fruits doing well.
South Carolina.—Columbia: Rainfall beneficial, except plowing delayed are most plentiful, and having, for producers, an encouragin northwest. Cotton and early corn planting practically completed, ex- ingly lean aspect where they are lowest. Thus it is expected
cept in northwest where nearly half finished; chopping cotton on coastal
plain and germination generally slow account cool nights. Winter cereals, that expanded public buying would be reflected within a
potatoes, truck, tree fruits, and pastures improved.
an influx of orders into the primary market.
Georgia—Atlanta: Rains too frequent, and continued cool weather, short time, in
somewhat detrimental. Much damage to crops and other property in Meanwhile labor strikes in Southern mills are holding the
several southeastern counties, from Bleckley to Bullock, by small tornadoes attention of the trade. It is said that so far the producers
on April 25; considerable loss of life. Planting cotton and corn progressed
unpleasantly
more slowly. Stands of cotton rather poor in central; chopping progressing, whose mills are subject to the strike are more
except in north where crop mostly not up. Condition and progress of corn affected by propaganda appearing in Northern papers which
very good, but much still to be planted. Cutting oats begun.
their mills, but which the
Florida—Jacksonville: Progress and condition of cotton fairly good: is supposed to reveal conditions in
crop mostly clean, but late; chopping in west. Corn good progress and former regard as something approaching vicious misrepredoing well. Melon crop in good condition. Oats mostly harvested.
tobacco
is little evidence of the strike affecting
Peaches holding. Cane and peanuts fair. Setting sweet potatoes; bulk sentation. There
of potatoes shipped. Citrus dropping on uplands where rain needed badly. actual business. Even in cases where factors have issued
Alabama.—Montgomery: Rain delayed farm work in central and north
deferred shipment, there has not as yet been any
and badly washed lands locally. Corn planting continued; coming up warnings of
well. Potatoes, pastures, and fruits mostly doing well; transplanting difficulty about securing delivery. The easing price tendency
sweets progressed. Progress and condition of truck varies from poor to which is always apparent just under the surface of the margood. Cotton planting finished in some localities of south and progressed
rather slowly in most sections of central and north: early-planted coming up, ket, is still a source of disquietude. This fundamental
with stands irregular, varying from poor to good; chopping progressing trade evil continues its menace without much progress being
locally in south.
-inch 64x60's
MississippL—Vicksburg: Frequent rains delayed cotton planting and made toward practical relief. Print cloths, 28
only rather poor progress was made in this work; cool nights fore part construction, are quoted at 53'c. and 27-inch, 64x60's, at
caused only fair germination. Preparations for planting corn were also
39-inch 68x72's construction, are quoted
delayed and mostly poor germination was reported. Progress of truck nic. Gray goods,
-inch 80x80's, at 10 Ygc.
was mostly good, while pastures made excellent advance.
at 83,4c. and 39
Louisiana.—New Orleans: Generally favorable for work and crops.
WOOLEN GOODS.—Two barometrical testimonies to the
Progress and condition of cotton fair to good: some further planting necessary, but not much replanting; chopping progressing in a few localities. good position of woolens and worsteds are the current reports
Corn and rice planting nearly completed: more rain needed in numerous
southern localities, especially for rice. Oats poor to fairly good; heading of conditions in the American Woolen Co.'s mills and the
in south.
of wool consumption for March.
Texas.—Houston: Rains in eastern two-thirds favorable, but condi- Census Bureau's estimate
tions unfavorable in much of western third account dryness. Condition Taken as a whole, the American Woolen Co.'s mills show an
of winter wheat, oats, pastures, barley, and truck good to very good: increase in activity. While some departments are less busy
progress poor in drier sections, but fair to good elsewhere; some damage
oy aam.storms in west. Progress and condition of corn mostly very good than they were a short time ago, and others only slightly
and cultivation progressed favorably. Progress of cotton very good. more so, or only on a par with a previous moderate rate, in
with weather fairly favorable for planting, replanting, cultivating, and
chopping; stands good.and condition good to very good. Rico planting a general survey they are revealed to be working at approxiprogressing.
two-thirds of capacity, which is the highest rate in
Oklahoma.—Oklahoma City: Field work Progressed satisfactorily, ex- mately
cept in northeast and north-central where delayed by rain and wet soil. any year since 1907. The progressive policies of the big
Good progress in planting cotton and corn, except in north-central and
are given credit for its improved position, as well as
northeast, but too cool for quick germination of cotton and growth of factor
For instance, the curearly-planted corn. Progress and condition of winter wheat and oats gen- the workings of the Wool Institute.
erally fair to good, but need rain in moat of west where much local damage rent active demand for broadcloths is attributed to the conby wind and sandstorms.
construction and
Arkansas.—Little Rock: Progress of early cotton good in most of west tinuous application of new methods of
and locally in south; rather poor elsewhere due to wetness; planting, ex- styling to production by the American Woolen Co. The
cept in a few northern counties, well along, with some cultivation in south
March consumption were at an
and west. Corn planting well along, except in some northern counties; Census Bureau's figures for
conditions very good where up and some cultivating.
increase over February and also over March of last year.
Tennessee.—Nashville: Weather favorable for increased activity of
steady demand for medium-priced worsteds,
farm work. Frost in east, but no damage
Considerable damage by As a result of the
hail to peach orchards in cast. Planting corn well under way, but progress mills engaged in their manufacture are booked ahead fairly
slow. Cotton planting begun generally; little planted account rains. Prog- well into the future, and it is expected that the habit of
ress and condition of winter wheat excellent, while oats good stand.
Kentuag.—Louisville: Temperatures moderate to low; light frost in buyers of delaying purchases until late in the season will
oast. Too wet locally, but fair progress in plowing. Corn planting slow bring about a shortage of such fabrics. It is observed that
in north and east; better progress in southwest. Oats, grass, and clover
very low and when it is
doing well. Potatoes mostly up; tobacco plants making seasonal advance, stocks in distributing channels are
Progress of winter wheat continues excellent.
remembered that some time—generally upwards of five
weeks—is ordinarily required for filling orders, it is seen
THE DRY GOODS TRADE
that there is really danger that retailers may, not be in a
position to take full advantage of a growing public demand.
New York, Friday Night, May 3rd 1929.
Textiles at the present time are considerably affected by
FOREIGN DRY GOODS.—Locally business in linens
the uncertain weather conditions. Buyers continue to continues much in the same even tenor. Reports from
observe a hand-to-mouth policy in filling their needs, and abroad tell of abnormal dullness throughout European marsince the public demand is variable and unsteady, reviving kets, with the possible exception of Ireland, where some
on the occasional sunny days, and sagging again in between, factors who are engaged in producing fine cambrics have
they are more cautious than ever, particularly in those enough orders on their books to keep them employed for a
divisions where they have little difficulty in procuring goods few weeks ahead, while others are reduced to the necessity
they neod, and where there is no real necessity for booking of running their mills only during alternate weeks. The
far in advance. Cotton goods markets are comparatively outlook is uncertain and all divisions of the trade are apparquiet, with strikes in the South and on unstable price-situa- ently wrapped in an atmosphere of procrastination,from the
tion unfavorable features of the general state of affairs. The buying of flax to the placing of orders by merchants. Burfact that fast color cotton goods are now becoming the rule laps' sales are larger and the undertone of the market is
rather than the exception is credited with having achieved a better. Light weights are quoted at 6.55c. and heavies
good deal in the way of furthering their popularity with the at 8.80c.
3050
FINANCIAL CHRONICLE
ttaie and Tag Dmartment
[VoL. 128.
1,242.000 East Cleveland S.D., Ohio.bonds,consisting of6742.000
schools
bonds, awarded as4
and $500.000 real estate
as 5s. Syndicate headed by the Bankers Co.bonds,awarded
of New York
purchased the obligations at 100.4595, a basis of
about
1.150.000 Milwaukee County. Wis.. 4,14% sewerage bonds, 4.80%•
sold to
Kissel, ilinnicutt & Co. of Now York
about 4.35%. Issue matures $115,000 at 101.79 a basis of
on April '15 1940 to
1949 Inclusive.
1,104,000 Elizabeth, N. J., 434% school and street
improvement bonds,
due serially from 1930 to 1957 incl., awarded to
a group
a Ulrh174,7
b
4
Weld & Co. of New York at 100 019,. a managed
basis of
1,100.000 Flint School District, Midi..
434% series A bonds, due from
1930 to 1949 incl., awarded to Stone & Webster
and Blodget,
Inc.. of New York. and the Fidelity Trust
Co. of Detroit
at 100.068, a basis of about 4.49%.
1,000,000 Oakland. Calif.. 4q% harbor inapt. bonds,
due
1930 to 1966 Incl.. awarded to Eldredge & Co. serially from
of New York
at 100.74. a basis of about 4.68%•
1,000.000 Peoria, III 4% bridge bonds, due serially from
incl.. awarded to C. W. McNear & Co. and the 1929 to 1948
H. C Spear
& Sons Co., both of New York. at 98. trbasIs of
about 4.20%.
1,000,000 Union Township, N.J.,6% bonds, due on May 11934.
awarded
at private sale to a syndicate headed by the
Bancarmeric
Corporation of New York.
MUNICIPAL BOND SALES IN APRIL.
State and municipal bond disposals, according to our
records, for this month aggregated $85,592,914. This
figure compares with $102,863,507 for March and with
$129,904,592 for April 1928. During April of last year
the City of Chicago, Ill., and the Chicago Sanitary District,
between them,contributed about 323,000,000 to the month's
total.
In the foregoing we do not include the exceptionally heavy
disposals of warrants on April 2 by the City of Chicago, Ill.
A syndicate headed by Lehman Bros. of New York underwrote the loan, amounting to $50,000,000, consisting of
$40,000,000 6% corporate fund warrants and $10,000,000
Mention is made herewith of some of the municipalities
5.
K3% educational fund warrants. The successful group paid which were unsuccessful in disposing of
their offerings in
par for the obligations, which mature in varying amounts addition to those
already enumerated above: No bids were
between May and Dec. 15 1930. The proceeds of the sale submitted on April 8 for
$600,000 43/2% Malone S. D.,
are to be used only for the payment of the delinquent salaries N. Y. bonds—V.
128, p. 2510. Stowe Township, Pa.,
of city employees. The notes were re-offered for investment, rejected bids on April
1 for $200,000 4%% bonds. Reofpriced to yield 5.60% (V.128, p. 2331.
fered May 1—V. 128, p. 2336. No bids submitted on
Only one long-term municipal award exceeding 8.5,- April 1 for $240,000 4%
Evansville School City, Ind.
000,000 was made during the month. The City of St. bonds—V. 128, p. 2332. Bonds
to be reoffered on May 6
Louis, Mo., on April 15 disposed of $6,000,000 43'% as 43 s—V. 128, p. 2509.
%
Frank Janice, City Treasurer,
bonds, consisting of three issues, maturing from 1930 to reports no bids submitted
on April 2 for $100,000 4
1949 inclusive. _ A syndicate headed by Roosevelt & Son Dunkirk, N. Y. bonds—V. 128,
p. 2332. No bids received
of New York took the major pJrtion of the offering as on April 8 for $155,000 Mount Ephraim,
N. J. bonds.
follows:_
bonds at 100.932, a`basis of about Interest rate not to exceed 554%. Bonds
were reoffered as
4.38%,—
and another issue of $2.003,000 at 101.332, a basis 6s on April 22. No report received as
to their dispositions—
of about 4.37%.A group headed by Halsey, Stuart & V. 128, p. 2511. $300,000
4
N. Y.
Co., New York,-bidding 103.153, was awarded the re- bonds offered on April 23; bids and 43% Warwick, advisereceived taken under
maining $2,000,000 bonds, which price represents an interest ment—V. 128, p. 2871.
Bids rejected on April 2for $225,000
cost basis to the city of about 4.48%.:
Olympia, Wash. bonds. Coupon rate was not to exceed
- Twice during the month McLennan County, Tex., failed 6%—V. k28, p. 2512. Bids rejected on April
3 for
to sell $1,160,000 road bonds bearing a coupon rate of 43/i%. 6% West Palm Beach, Fla. bonds. Reoffered on $240,000
April 17.
both occasions no bids were submitted—V.128,pp.2334, No report as to their disposition—V. 128,
On
p. 2337. Bids
2867. No bids were submitted on April 4 for the pur- ,rejected on April 4 for $160,000 5% Cedar
Rapids, Iowa
chase of $1,503,000 not to exceed 6% State of Idaho notes- bonds—V. 128, p. 2508. Privately sold on
April 11 as 4%s
128, p. 2333. All bids submitted on April 2.3 for the to the White-Phillips Co. of Davenport.
Price paid not
purchase of $1,000,000 Salt Lake City, Utah, tax-anticipa- given—V. 128, p. 2685. Cuyahoga
Co. Ohio, on April 10
bonds, were rejected. It is repurted that Walker Bros. rejected all bids for
tion
$610,522; notice of sale failed to state
of Salt Lake City have arranged for the purchase of the that interest rate was not to exceed 434%. Bids
tendered
bonds as 53 s, with the allowance of 23i% on daily balance were for 5s—V. 128, p. 2509. County recently
4
,
borrowed
—V. 128, p. 2869. Other municipalities which were un- $2,000,000 payable in one year from local banks.
Interest
successful in marketing their obligations during the month rate was 6% which is said to be the highest
the county has
were quite numerous. Further on in this article we make ever paid for short-term funds. Dane County,
Wis. rejected
note of some of the offerings which were not sold.
all bids on April 15 for $350,000 43j% bonds—V. 128,
A summary of the other awards of $1,000,000 or over p. 2686. Bids were rejected on April 17
for $200,000
made during the month is given herewith:
43.% Henderson Co., Ky., bonds—V. 128, p. 2688. White
$3.500.000 Chicago South Park District. Ill., 45 Columbian Fine Arta Fish Bay, Wis., all bids
rejected on April 15 for $141,000
Bldg. bonds, due in equal amounts on June 1 1929 to 1948 incl.
awarded to a group headed by Ames.Emerich & Co. of Chicago. 4Y
2% track removal bonds—V. 128, p. 2694. Flint, Mich.
at 95.54, a basis of about 4.60%•
3.000.000 Pittsburgh S. D., Pa., 43( bonds, due serially from 1930 to on April 8 rejected all bids for two issues of 5% bonds
1959 incl. Of the bonds awarded. $200,000 were taken by the aggregating $320,000. No
bid of par was received—V. 128,
Sinking Fund of the Board of Education, and the other $2,800.000 were awarded to a syndicate headed by the National p. 2687. No satisfactory tender was submitted on April 4
City Co., New York, at 100.2999. a basis of about 4.23%.
for $100,000 53/2% Dayton, Tex. bonds—V. 128, p. 2509.
2.620.000 Buffalo. N. Y.,4X% bonds,consisting of three issues maturing
annually from 1930 to 1949 incl., purchased at par by a group Perry Cook, Village Clerk, Lyndhurst, Ohio, reports all
headed by White, Weld & Co. of New York. No bids were
submitted on April 1 for these bonds when they were offered bids rejected on April 15 for $241,600 5% bonds-- V. 128,
,
for sale at competitive bidding—V. 128, p. 2330.
p. 2867. No bids received on April 30 for two issues of
2,500.000 State of California bonds. One issue of $2,000,000 4% Monmouth Beach,
N. J. bonds. Interest rate was not to
University Bldg. bonds was purchased by a syndicate headed
by R. H. Moulton & Co. of Los Angeles at 100.88, a basis exceed 6%—V.128, p. 2690. No bids submitted on April
6
of about 4.44%. A $500,000 block of 4% harbor improvement
bonds due July 2 1989. optional after 1954, was purchased by for 8100,0005% Tusten and Cochecton Central S. D. No. 1
the Sinking Fund. which in turn awarded them to the Anglo- N. Y. bonds—V. 128, p. 2513. These bonds were also unLondon-Paris Co. and the Bankitaly Co., both of San Fran- successfully offered
on Dec. 31—V. 128, p. 144. Bids were
cisco, at 92.95. a basis of about 4.40%.
2,500.000 Nassau County. N. Y.. 4;4% coupon or registered bonds, con- rejected on April 2 for $95,000 Morganton, N. C. bonds.
sisting of four issues maturing serially from 1931 to 1943 incl., Coupon rate was not to exceed 6%—V.128, p. 2335.
purchased by a syndicate headed by George B. Gibbons & Co.
Temporary loans negotiated during the month aggreof New York, at 100.713, a basis of about 4.42% •
2,400,000 Los Angeles. Calif., bonds, comprising four issues, due serially gated $102,995,000, which includes $36,815,000 borrowed
from 1930 to 1965 incl., awarded to a syndicate headed by the by the City of New York. Canadian bond sales for the
First National Bank of New York at 100.198. a basis of about
4.58%. Three issues aggregating $1,500,000 were taken as month amounted to $6,367,531, of this total, $4,000,000
4;4s, and a $900,000 issue was taken as 450.
bonds were reported to have been sold in the United States.
Lincoln Park District, Ill.. series C bonds. due $100.000 The securities sold here are
2,000.000 4
part of a $6,056,000 issue awarded
April 1 1930 to 1949 incl., awarded to a banking group headed
by the Harris Trust & Savings Bank. Chicago, at 99.10, a by the Province of British Columbia, to a group headed by
basis of about 4.605%.
A. E. Ames & Co. of Toronto, at 98.65, a basis of about
1,700,000 Paterson, N. J., 534% notes, payable April 24 1931, sold 5.09%. No financing
during April was undertaken by any
to a syndicate managed by the Bankers Co. of New York, at
of the United States Possessions.
100.109, a basis of about 5.45% •
A comparison is given in the table below of all the various
1,600.000 New Hampshire (State of) 434% flood bonds, due serially
from 1930 to 1933 id., awarded to a group headed by E. H. securities placed
in April in the last five years:
Rollins & Sons of Boston, at 99.41, a basis of about 4.73%.
1,606,558 Minneapolis, Minn., bonds maturing serially from 1930 to
1954 incl.. awarded to a syndicate headed by the Bankers Co.
of New York at par plus a small premium. Of the bonds sold.
$1,417,558 were taken as 434s and the remaining $189,000 as4Si.
1,550,000 Hartford, Conn., 4;1% improvement bonds, due serially from
1930 to 1960 incl., awarded to White, Weld & Co. and the
Old Colony Corp.. both of New York, at 99.744, a basis of
about 4.27%.
1,500,000 Syracuse, N. Y. bonds, consisting of four issues, due serially
from 1930 to 1969 inclusive, awarded to a group managed by
George B. Gibbons & Co. of New York, at 100.11, a basis of
about 4.22%. Of the bonds sold, $920,000 were taken as 4s
and $580,000 as 43•is.
1928.
1925.
1927.
1929.
1928.
$
$
$
$
Penn. loans(U. S.)- 85.592.914 129,904,592 134,881,048 111,151,259 94.871,859
*Temp. loans (U.S.)102,995,000 77,979,000 55,531,000 78,149.500
Bonds U.S. Poss'as.
525,000
1,050,000
None
Canadian Ins(Perm
Placed In Canada. 2,387.531 2,497,124 2,524,194 5,900.474 8.035,419
Placed In U. S--- 4,000,000
22,894,000
29,240,000
Gen.fd.bds. N.Y.C.
None 20,250,000
Total
194,955,445 230.830,718 228,155,242 195,201,233 130,997,078
•Includes temporary securities issued by New York City, 638,815,000 In April
1929, $58,573,000 In April 1928, $42,500,000 in April 1927, 558,750,000 In April
1928, and $77,300,000 In April 1925.
FINANCIAL CHRONICLE
MAY 4 1929.]
3051
Rate. Maturity. Amount. Price. Basis.
Page.
Name.
1945-1949 175.000 100.11
2865--East Chicago S. C., Ind__
2687--East Cleve. S. D., Oh1o__451 1930-1954 742.000 100.45 4.80
1930-1949 500,000 100.45 4.80
2687__East Cleve. 8. 4)., Ohio_5
5.00
69.660 100
1-9 yrs.
3056__East Grand Rapids,Mich.5
4.50
90,000 100
1944
2687__East Moline S. D., I11--_4
17,000 100.40
2687__Eaton, Ohio
1930-1947
5
71757
60,000 100.40
434 1930-1958
2865Edgecombe Co.. N.0
4.49
2332__Elizabeth, N. J.(2 iss.) 4 A 1930-1957 1.104,000 100.01
4.49
12.000 100.09
434 1930-1949
2865-_Elkhart Co.,Ind
81.500 100
2509__Elk Road Dist., IV. Vs
(bhln
534 1930-1939 242,300
E 11
-1932-1946
6
15.000 100.24
_
3057_Fairfai 8. D.,Calif
For the
For the
Month of
Month of
4.47
1930-1967 150,000 100.43
Four Months. 2509_ _Fairfield, Conn
April.
Four Months.
April.
5.98
6
1930-1939 395,000 100.05
05,592,914 $333,228,588 1910
$20,691,260 $124,708,581 2509_ _Fairview, N. J
1929
5.73
531 1930-1950
53.000 100.16
117,402.998 2509__Falrview. N. J
37.462,552
129,901,592 493,905,006 1909
1928
5
1940-1944 200,000
2865-.Fayette Co., Iowa
112,196,084,
21,428,859
1927
134,881,048 507,494.813 1908
12,500
78,235.067 2509_- Fayetteville, Tenn
111,151,259 470.774.988 1907
19,909,004
1926
4.49
434 1930-1949 1.100,000 100.06
65.755,686 2865_ _Flint S. D., Mich
1925
94,671,659 421,599,166 1906
8,725,437
15.000
76.137,234 2865_ _Flora, Miss
1924
133,288,881
40,409,428
428.848.418 1905
4.43
434 1934-1959
80,000 100.60
58.333,230 2865_ _Ford City S. D., Pa
1923
81,426,486 328.000,980 1904
11,814,584
6.47
95
100,000
1947
6
48,803,588 3057 Fort Pierce. Fla
1922
/137,176.703 429.237.993 1903
17.626.820
38,254.819 2687-.Fort Vannoy Irr. Dist1921
6.735.283
88,104,218 292,561,134 1902
r35,000
1934-1948
6
Ore
1920
33.192,622
9,298,268
16,194,759 240.267,877 1901
7.00
5.000 100
193(1-1939
7
1919
48.650.275 2687-Fowler, Calif
14,157,809
52,713,484
158,952,753 1900
26.098,992 2509-Franklin Co. 8. D. Ward
1918
7.477.406
14.999,882
90,130371 1899
5.97
100.000 100.20
20 yrs.
6
No. 1 La
1917
27,336,696
3,570.963
48,277,482
169,324,775 1898
4.56
1916
48,631.385 2687„Freeport, N. Y.(3 iss.)-4.60 1930-1949 289,000 100.31
13,060.323
4
6.899.155 206,902 393 1897
19.000
19,672.118 2865- Fremont S. D., Mo
1915
26,402,049
4,521,850
171.261,251 1896
4.61
192.000 102.05
4A 1942-1961
-Gary, Ind
29,496306 25091914
8.469364
5103,224,074 268.986,826 1895
1929-1938 680.000
6
35.718,205 2509_ _Gary, Ind
1913
11.599.392
23,644.915
96.258,461 1894
4.65
170.000 100.83
451 1935-1942
1912
26,680.211 2687__Gary. Ind
, ,
9.175,788
„ 1893
155.962 100.58
2865_ _Geauga Co.. Ohio (3 iss.)-5 ki 1930-1938
1911
38.562,686
162,026,305
5
-.H
54.000 100
331 193G-1934
Mich
• Includes $25,000.000 bonds sold by New York State and $3,000.000 Purchased 2687__Genesee Co..Ohio
5.90
5,500 100.27
1930-1934
6
2865„Gibsonburg,
by the Sinking Fund of New York City.
2866-.Gilboa. Blenheim. Broome
a Includes $45,000,000 bonds issued by New York City at public sale.
and Conesville Central
x Includes $55,000.000 bonds issued by New York City at public sale.
4.82
160.000 100.91
8. D. No. 1., N. Y - - -4.90 1930-1959
V IncIodine 570.000.000 bonds sold by New York City-$65,000,000 at public
---391.000 100
3057- _Glassboro 8. D.. N.J_
sale and 55.000.000 to the Slaking Fund.
130.000 100.90 -431 1930-1944
2688_ _Gloucester. Mass
6
We present herewith our detailed list of the municipal bond 2866-Gonzales Co., Tex Iowa_434 1939-1950 60.000 101.09 4.30
17,000
1930-1939
2366_ _Grant Twp. 8. D.,
5.00
10.000 100
1930-1949
5
issues put out during the month of April, which the crowded 2688...Grayson Co . Va
4.40
17.000 100.73
4.60 1932-1948
2333- Graysville, Pa
-condition of our columns prevented our publishing at the 2866_ _Green Lake Co., Wis_ _ -4A 1933-1938 312,000 100.49 4.42
2509_ _Greenshurgh-Fairview W.
usual time.
4.96
6,000 100.26
1934-1939
5
D.. N. Y
5.00
20.000 100
1930-1939
5
Rate. Maturity. Amount. Price. Basis.
Page.
Name.
2866_ _Greene. N. Y
4.16
60.000 100.42
431 1930-1939
1958
97.50 5.17 2688_ _Greenfield, Mass
5
50.000
2507__Aberdeen, Wash
5
20.000
9,800 100.05 4.49 2688_ _Gfeenwood. Miss
2863--Adams Co., Ind. (3 iss.)_43.1 1930-1939
5Y4 1931-1941
11.000 100.00 5.50 3057__Guilford County, N. C.
2507- _Altkin Co., Minn
4.73
451 1930-1957 605,000 100.22
80.000
2684- _Akron. Ohio
5
(3 issues)
6.50
25.000
.2684_ _Albany, Ore
10-20 yrs.
97.63 4.67 26138__Fladdon1'ield Tvrp., N. J.544 1930-1939 194.000 100
43
4.50
3,600 100
2507_ _Albert Lea B. D., Minn 4
1940-1945 d225.000 100
4.40 3057__Hamilton County,Ind -.444 1930-1934
2684_ _Allegan Co.. Mich% 1931-1939
46.800 100.38
2688__Harlingen Indep. 8. D.,
123.000
5
2330_..Allentown S. D., Pa
1934-1959 850.000 100.15 4.24
Texas
4.92
2684__Allin Township, III
434
45.000 100
4.50 2510__Harr1son Co.,Iowa----- -- 1940-1944 d130.000 100.39
4.27
99.74
1930-1960 1,550.000
4
1931-1955 500.000 100
Hartford, Conn
2507__Altoona 8. D. Pa
4.00 26f38_ _
4.46
Vi 1939-1958 400.000 100.47
1930-1959 190,000 100.83 4.92 3057__Hazelton, Pa
.2330__Amity S. D. No. 1, N. Y_5
30.000
1934-1949
2/166...Hebron. Nob
3054Amsterdam S. D. No. 2,
N. Y
5
1930-1959
65,000 101.09
4.88 3057-Hempstead 8. D. No. 10.
4.71
451 1930-1949 200.000 100.39
N. Y
3054__Amsterdam S. 13. No. 2,
N. Y
44 1929-1948
10,000 101.09
4.88 2866__Hempstead S. D. No. 15,
4.63
135.000 101.27
451 1931-1957
3054-Anniston, Ala
5% 1930-19:39
10.000 100.06
N.Y
5.49
4.87
1940-1944 200.000 100.54
5
5
200.000 101.59
286:3__Ashland, Ky
2510-Henry Co., Iowa
5.74
8.000 101
1930-1937
6
2863 ..Ashtabula Co., Ohio
531 1930-1938
12.780 100.35 5.17 2688_ _Holgate. Ohio
4.91
1990-1944 200.000 100.53
5
35.000
3055__Ashton 8. D.,Iowa
2510-Howard Co., Ind
140.000
1930-1969
g 1930-1939 r140.000 97.61 "ai 2510_ _Humble Indep. 8.D.,Tex.5
2863_Atchison Co.. Kan
4.82
11.000 100.88
1930-1939
3055--Atlanta, Ga.(2 Issues).254,000 100
4.50 3057__Huntington Co.. Ind____5
6.00
6.000 100
1-12 yrs.
6
3055_ _Avon S. D. No. 1. N. Y__451 1930-1959
95.000 100.39
4.71 2866__Independence, Ore
2865-Bamberg So Caro
534 1930-1939
60.000 ------ ____ 2688__Islip Union Free 8. 13.
4.72
125.000 100.33
451 1930-1959
3055_ _Barnegat City, N. J
15,000
6
No. 13, N. Y
5.16
2864-_Beaver Dam, Wis1930-1949
25.000 100
7
(.8o 2333_ _Jackson, Miss.(2 issues)_531 1930-1954 675.000 100.84
4.72
4% 1940-1944 300.000 100.11
0 1930-1949 200.000 100.43 4.20 2688„Jackson Co., Iowa
2864__Beaver Co., Pa
4.46
20.000 100.10
434 1930-1949
2685_ _Benson. Minn
25.000
5
2866_ _Jamestown, R. I
4.77
30,000 100.28
W. D., N. Y4.80 1934-1948
1.855 100.53
3055--Benton County. Ind
1930-1939
6
2688_ _Jamesville
7.500 100.499 4.40
434 19:30-1939
79.000 100.88 4.58 2333__Jefferson Co.. Ind
2864- _Benton Co., lowa
451 1931-1936
6.00
5.000 100
10 years
6
90.300 100.32 _
2507_ _Berrien Co., Mich
534
_ 3057__Jefferson, Ohio
3057-Jeffers0n Co. S. D. No.
195.800 100 05
2507__Berrien Co., Mich
5I
r5.000
451 1-10 Yrs.
26,600 100.83 4.32
1930-1938
12. Colo
2685__Bexley, Ohio (2 issues)_4
65.000
1951-1959
5
2866__Johnson City, Tenn
3055_1311tmore Forest, N. 0
5.22
1930-1960 310.000
(2 issues)
6
2866_ _Johnstown S. D., Pa____4 g 1930-1959 260.000 100.27
4.65
25.000 101.38
3057__Jones Co., Iowah 1940-1944 d300.000 100.45
2685__Illackhawk Co.. Iowa_ _ ..431 1939-1943
4.50
40.000 100
234
3057__Kennett Square. Pa
3055_131aine Co. S. D. No. 10.
4.95
1940-1944 d200.000 100.27
5
d30.000 100
5-20 yrs.
Mont
6
6.00 2333_ _Keokuk Co.. Iowa
5.50
100.000 100
57.500 100
434 1930-1944
2508_Bourbon,Ind
4.50 2866__Kermit Indep. S. D.., Tex.534
13.000 100
2508....Bourbon, Ind
434 1930-1943
4.50 3057__King Co. S. D. No. 161,
5.00
4,700 100
5
58.000 101.67 4.10
Wash
431 1930-1958
2864„Bridgewater Mass
•
2685_ _Bristol, Tenn. (2 issues).5
18.500 100.27 4.96 2510-King Co. S. D. No. 51,
1930-1916
5.00
1939-1952 d25.000 100
5
Wash
2685__13rockton. Mass (6 isaues)43j 1930-1954 385.000 100.27 4.18
2685_ _Brooklyn Heights, Ohlo.53' 1931-1950
20.000 100 80 5.45 3058_11osclusko County, Ind.
4.50
58.400 100
2331_ _Brookline. Mass.(2 iss.).431 1930-1939 240.000 10006 4.15
434 1930-1939
(2 issues)
__ 1940-1944 200.000 100.74
23:31_ _ Brookline, Mass
120.000 100.06 4.15 2689_ _Kossuth Co., Iowa
1939-1944
4
1
V. 5
214.000 100.27
2864_ _Buchanan Co.. Iowa
451 1930-1949
19.10-1944 d200.000 100 43 4.66 2510_ _Lackawanna, N. Y
4
5.00
10.000 100
1929-1938
2508_ _Buffalo. N. Y.(3 issues)_4
5
1929-1949 2.520 000 ion
4.25 2689_ _Laingsburg. Mich
5.00
14.000 100
1930-1943
2864_ _Burlington, Vt. (2 Issues)4
r60.000 100.01
Calif_ __ _5
1949
2510_ _Lakeview 8. D.,
4.00
1930-1934 225.000 100
2508- _Burlington, Wig
4
10,000 100.64 4.80 2867_ _Lansing, Mich
1930-1934
5
4.83
84.200 100.66
1930-1939
2508-Butler Co. 8. D. No. 17,
2867_ _LaPorte Co., Ind. k3 Lsa.15
4.00
35.000 100
1932-1941
Nob
4
4% 1931-1949 rd10.000
3058-Lawton. Okla
6.48
95
1934-1957 r112.000
2864- _Butler Co.. Iowa
150.000 100.38 17iW 2689. _Leesburg. Fla
6
431 1940-1944
4.64
451 1940-1944 d200.000 100.53
06 0
5 0 0 10011
0 106 8 _ i 2867_ _Lee County, Iowa
3055_0aldwell County, N. 0- __ 1930-1959 2.6 000
47i
4.60
99.10
2331-California (State of)
434
2334_ _Lincoln Park DM., Ill_ ..434 1930-1949 2.000.000 100.45
4.96
1932-1959 460.000
2:331- _California State of)
1954-1989 d500.000
4
92.95 4.40 2689_ _Lincoln Park S. D., Mich.5
mono
26115_ _Camp hill S. D.. Pa
1949
55.000 100.26 4.46 2867.. _Livingston County. Ky...5 A
434 1932-1949
4.36
1930-1942 234.000 100 06
1934-1948
5
15.000 102.09 5.77 3058_ _Lockport, N. Y
2508-(3anton, No, Caro
6
4.30
3055_ _Capron 8. D., Okla
1934-1918
431 1943-1959 298 000 100 06
5
15.000 100
5.00 3058_ _Lockport, N. Y
4.92
1930-1959 250.000 100.34
2685„Codar Rapids, Iowa
4,1 1930-1939 160000 100
4.75 3058-Lockport Two. S. D., 111.5
299,500 100.05
2685_ _Celina. Ohio
1930-1939
451
12.000 101 87 5.60 3058_ _Long Beach, Calif
6
TAW
19:39-1938 237.319 100.42
2685-_Charleston, So. Caro_ 4% 1931-1940
'mono 97.70 4.90 2334_ _Lorain. Ohio
5
4.98
50.000 loom
1930-1939
5
300.000 100
2685„Chattanooga, Tenn
444
1959
4.50 2689_ _Lorain. Ohio
4.58
2685_ -Cheektowaga,N.Y.(2 iss.)531 1930-1944 256.123 100.61 5.15 2867_ _Los Angeles. Cal.(3 iss.)-434 1930-1964 1.500.000 100.19
4.58
900.000 100.19
2685- _Cheyenne 8. D. Okla_ _ _6
1949
451 1930-1965
29.500 100
6.00 2367_ _Los Angeles. Calif
2331--Chickasha, Okla
1931-1945
75.000 ------ ---- 2510__Los Angeles Co. 'Mun.
2686-Chicago South Pk. Dist..
Impt. 1st.. Calif.(2 la1934-1949 971.000 100.26
Ill
1929-1948 3,500.000
4
6
95.54 4.60
sues)
1910-1944 0280.000 100.31 4.94 2689..
2686__Chickasaw Co., Iowa_ __ _5
.Los Angeles Co. Acquis.
2331...Cincinnati, Ohio (2 iss.)-431 1930-1949 600 nnn Inn 13 4.52
& Impt. Dist. No. 44.
6.98
1934-1953 162.536 100.13
45' 1930-1939 200 000 100 13 4.52
7
2331„Cincinnati, Ohio
Calif
431 1935-1944
70 000 Innis 4.48 2867-Love Co. Con. S. D.
2864_ _Clairton, Pa
--__
12.000
1935-1945
5
1940-1944 d200 000 100 58 4.88
2686_ _Clayton Co., Iowa
No. 2, Okla
10 ono 100.23 5.23 2510__Lower Alsace Twp. S. D.,
5( 19:30-1939
2331-Cleves, Ohio
4.46
61,000 100.68
5
/25.000
434 1950-1959
2864_ _Cleveland , Tenn
Pa
1930-1939 529.00 100.51
2864...Cleve. Heights. 0.(2 iss.)5
474:1 2867-Lynwood Impt. Dist. No.
1933-195.3 120.000
1931-1966
7
180.000 102.11 4.82
2:331...Compton City S. D.,Cain
19. Calif
2864-_Cochise Co. 13. D. No. 9.
2867__Lyorut 8. D. No.69. Kan _4 g 19304946 170.000 104)
100.000
6
1930-1947
70.000 107.50 5.01 2510_ _McClellan R. D., W. Va..__
Ariz
1.86
7.5.000 100
3058__McLennan County, Tex_4 A
2508-Colonie 8. D. No. 19.
4.92
5
20-30 yrs. d125.000 101.01
1930-1969 180.000 101.56 4.86 3058- _McMinn County. Tenn__5
N. Y
5.84
33.000 101.12
1931-1944
451
17,000
2689_ _Macomb Co.. Mich_ __ _ _6
3056__Columbia, Tenn
51.000
2686_ _Columbia Co.. N.Y.(2 iss)434 1930-1959 257.500 100./38 17,
16 3059__Ntacomb County, Mich_ _6 1930-1944 20.000 101.03 5.86
534 1930-1939
534 1934-1953
12.000 100.28 5.45 3059__Macon Co., N. C
2686- _Corning, Ohio
5.95
28.000 100.05
1930-1943
6
1933-1948 100.000 100
2865_ _Corpus Christi S. D.. Tex.6
6.00 2511_ _Manasquan. N. J
4.85
175.000 100.59
2865_Cottonport S. D No. 12,
2689_ -Manlius S. D. No.2.N.Y.4.90 1930-1969
5.00
118.250 100
1930-1934
60.000 100.14 4.98 2867_ _Mansfield, Ohio
1930-1949
5
5
La
5.99
36.300 100.02
1930-1932
6
300.000 100
2865-Crane Co., Texas
2867_ _Mansfield, Ohio
5.48
6,900 100.07
534 1930-1932
28.500 101.84 1756 2867_ _Mansfield, Ohio
2865-_Crano Con. S. D., Mo....534 1931-1949
5.17
100.29
2686-Cuyahoga Falls, Ohlo-_53.1 1930-1944
31,500 100.23 5.21 2689_ _Maplewood Twp.. N. J 511 1930-1935 481.000
4.70
2865__Cuyahoga Falls. 0.(2 18.)531 1930-1939 779.402 100.28 5.19 2689_ _Maplewood Twp., N. J- _4.5( 1931-1946 392.000 100.41
4.93
1931-1969 100.000 100.60
r82.000 100.83 5.43 2689_ _Maplewood Twp.. N. J..5
2332__Darlington, So. Caro_-__534 1932-1951
5.50
30,000 100
3056_ _De Kalb San. Dist., 111-444
190.000
1933-1949
99
4.60 2690_ _Marianna Sp. S. D. Ark_5 A
1948
434
114.000 100.79 4.35 3059__Maricopa CO. S. D. No.
2865__Dodge County, Wis
--_11.000 100.12
54
2865-Dryden Iswp. 8. H. No.
83, Ariz
5.69
16,548 100.12
1, Mich
50.000 102.16
_ 2867_ _Marion, Ohio 13 issues) _ _551 1930-1933
1932-1959
17,000
534 1939-1940
2509-_Dyersburg, Tenn
534
30 yrs.
200,000 100
5.50 2511__Marshall Co.. Ky
4.50
1930-1959 300,000 100
4
3056_ _ Dundee Twp.8. D. No.5,
2867_ _Marshall, Mich
4.50
6,818 100
1930-1939
Mich
1930-1958
43
150,000 100.66 4.70 2867_ _Martin Co., Ind
The number of municipalities emitting permanent bonds
and the number of separate issues made during April 1929
were 361 and 454, respectively. This contrasts with 312
and 405 for March 1929 and with 487 and 63S for April 1928.
For comparative purposes we add the following table,
showing the aggregate of long-term issues for April and the
four months for a series of years:
IX
-2%
4..
-.a
3052
FINANCIAL CHRONICLE
[VOL. 128.
Pap.
Name.
Rate. Maturity. Amount. Price. Basis. Page.
Name.
2690-Marshall Co., Ky
Rate. Maturity. Amount. Price. Basis.
6
1930-1939
1.593 100
6.00 0000__Tipton Co. Ind
lad
2867_ _Massillon, Ohio
434
9,575 100
6.900
4.50
2693__Toledo, Ohio1930-1951
0000_ _Medford, Ore
5,000 100.04 4.43
00
113,000
2693__Toledo, Ohio
2868_131edicine River D. D.,
.Wy 1930-1954 140,000 100.04 4.43
2693-Trinity Co., Texas
Okla
6
154,000 ------ ___ 9.000 100
6.00 2280- _Tucson, Ariz
2868__Meirose, Mass.(3 issues)-4
6
1930-1939
1930-1942 100,000 100.34 4.17 2513__Union Co., So.
68,500 ----2868 _Meridian, Miss
Caro5
6
1930-1949 154,000 98.38- ---60.000 102.66
5.19
2870-- Union Township, N. J 6
2690._Middletown, Ohio
534 1930-1937
1931-1935 272,000 100.41 4.89
12,000 100.44 5.14 2870._Union Township, N. J..- -5
2690_ _Middletown, Ohio
534 1930-1934
1930-1948 118,000 100
5,000 100.13 5.20 2336__Vassar, Mich
5.00
2868 ..Milford, Tex
534
6
1932-1969
30,000 100.07 ---28.000 100
6.00 2870__Ventnor City,
2690_Milford S. D.,Iowa
434 1930-1949
534 1931-1958 275,000 100.41 5.21
55,000 100.20 4.73 2693_ -Wake Co., N. N. J
2690--Mills Co.,Iowa
5
1931-1959 642,000 103.35 4.70
1940-1944 d70.000 100.37 4.93 2871--Wales, N.Y 0.(3 iss.)-5
2511--Milner S. D., Ga
1939-1942
5
1931-1955
30,000 100
25,000
2871--Walla Walla Co. S. D.
2868_..Milwaukee Co., Wis--- _4
1940-1949 1,150,000 101.79 4.35
No. 68, Wash
2511--Minneapolis, Minn
6
1.500 100
434 1930-1951 1,417,558
6.00
2513--Wapello County, Iowa--5
2511-Minneapolls, Minn
434 1951-1954 189,000
1940-1944
67,000 100.39 4.91
2693--Warren Co., Iowa
2511--Minneapolis, Minn
1940-1944 d200,000 101.12
434 1924-1933
68,000 100.14 4.87 2871-Ward Rural S. D.,
2511- _Minneapolis, Mimi
5
1939-1939
12,600 100
1930-1939
59.500 100.14 4.87 2693__Warren Co.. Miss Ohio_6
6.00
2690-Monett, Mo
5
5
20,000 100
50,000
5.00
2513- _Warren Township. Ill_ 534
2511--Monona Co., Iowa------ -- 1935-1941
20.000 ---- ---80,000 100.35 4.95 2694--Washtenaw County,Mich6__ 1930-1939
2511- _Montgomery Co., Md---434 1939-1968 475,000
1931-1939 270,000 100.11- ---,
98.80 4.59 2513--Washington Co., Iowa_5
3059- _Morgan Co. Ind
1939-1944 d200.000 100.52 4.88
434 1930-1939
19,500 100
4.50 2871-Watertown. Mass.(2
2690_ -Muscatine Co., Iowa-- 434 1935-1944
iss.)434 1930-1944 235.000 101.07 4.07
130,000 101.93 4.53 2871--Wayne County, lowa 5
2511-Nance Co. S. D. No. 3,
1940-1944 200,000 100.28 4.95
2336--Wayne County, Pa
Neb
434 1939-1944 250.000 100.89 4.37
434 1930-1958 110,
2513--Wayne Co.. Tenn
3059--Nashville, N. C
6
35,000
1939-1942
20,000
3061-Weimer, Texas
2335_ _Nassau Co., N.Y.(4 iss.)-434
534 1-40 yrs.
50.000 166:20- 1.48
4.42
2511__New Hampshire (State of)4X 1931-1944 2,500,000 100.71 4.75 2871- _Wellersburg S. D., Pa---5
1,500
1930-1933 1.600,000 99.41
2514.._Wenatchee, Wash
2868Neph1. Utah
434
434 1934-1941
69.500 100 --- 116
25,000 97.10 4.93 2694 _Westfield. Mass
-3059Neversink, N.Y
434 1929-1943 150,000 100.94 4.10
5
1930-1939
13,000
2871__West Point 8. D., E
8
2868_Newhall S. D.,Calif
5
15,000 101.75 -1930-1959
30,000 101.55 4.83 2514-Westwood S. D., N. J 434
2691__Newton Co.,Ind
5
1930-1939
11,000 101.09 4.78 2871--West Union, Iowa (2 issj44 1931-1968 225,000 100
4.75
2868- New Ulm, Minn
19.000 100
115:00
0
12 600 100
4.50
2871__West View S. D. Pa434
2511_Noble Co., Ind
_
1958
5
80,000 100.69 4.47
1930-1949
103.10 4.62 2514Wharton Co. R.D.No.4,
2511--Noble Co., Ind
5
1930-1949
11.200 103.06 4.62
Texas
2511--Noble Co., Ind
554
5
500.000 101.67
1930-1949
10.100 103.02 4.62 3061__Wichita, Kan
2511-Norman S. D., Ida
434 1-10 yrs.
45,344 100
1930-1934
5
6,000 100
:fa
5.00 3061-Wllllston, N.Dak.(2 iss.)5
2511- No. Kenilworth Pav.Dist.
1931-1949
80,000
---2871__Willits Un. High S. D.,
No. 28-23, Ariz
6
1930-1939
55,000
Calif
2811--North Platte, Neb
5
1934-1954 115.000 102.61 4.75
434 1934-1949 d50,000
2694__Wilmington, Del
2868..
..Oak Creek. Colo
434 1959-1960 800,000 103.05 4.30
6
2871__Winchester, Mass.
2512__Oak Harbor, Ohio (2188.)-5
1931-1936
6',9 0
5
0
15 5 5 100
5.00 2514--Winneshiek Co., (3 iss.)4 X 1930-1939 119,500 100.54 4.12
2335_ _OakLand, Calif
1935-1944 200.000 100.45 4.90
1930-1966 1,000.000 100.74 4.68 2694-Woodlake Union Iowa_ - _5
2512_0maha, Neb
H.S. D.,
M
1949
d19,000 101.83 4.36
Calif
2691--Oneida & Eagle Twps. S
5
.
1930-1939
25,000 100.04 4.99
2871.. Woodland Acquis. & Imp.
D. No. 1, Mich
434 1930-1944 125,000 100
4.50
DIst. No. 1.
2691- _Orchard Lake. M1ch
554
5
32.340 100.272_._.
1932-1959
75.000 101.30 4.89 2871-Wood-Ridge, Calif
2691-_Orleans Co. N Y
N. J
5% 1930
-1938
1930-1938 300,000 100.10 57.1i
434 1938-1940 177,000 102.29 4.47 2694
_Woodville. Ohio
2691_ _Ottawa Co_, Mich
6
1929-1932
5
7,050 101.06
1931-1939
90,000 100
5.80
5.00 2694-Woodlake, Ohio
..Paducah, KY
2512..
6
1931-1940
6
2,404 101.03 5.81
1930-1939
33.394
2694--Worth Co., Iowa
2868_ _Palisade. Colo
5
1940-1944 d150,000 100.96 4.79
150,000
3061--Wyoming Twp. S. D.
2512--Parkside S. D.,Pa
28.000 101.99 4.35
1949
N0. 9, Mich
2335-Parma, Ohio (2 issues)
534 1937-1959
--A 1930-1939 152,000 100.53 5.37
60,000 102.73
5.26
2512-Paas-A-Grille, Fla
s
6
1949
51,000 100.07 4.99
1933-1948
55.000 95
6.58 2872-Yankton. So. Caro
2868Paterson, N.J.(3issues)_5%
1,700,000 100.10 5.45 3061-Yolo County Acquisition
1931
& Impt. Dist. No. 1,
2336-Peoria, Ill
4
1929-1948 1,000,000 98
4.26
Calif
2512-Perkins Co. S. D. No.79,
534
32.340 100.27
2872--York Co. S. D. No. 37,
Neb
434 1939-1940
11,000
So. Caro
2691-Pettie Co.. Mo
6
1949
434
100.000 100.13 4.73
50,000 109.56
5.22
Total bond sales for April (000 municipalities, covering 000
2512_Phillips Co. S. D. No.63,
separate issues)_
Colo
434 1930-1939
r5.000
000,000,000
2691__Plerce Co., Wash
d Subject to call in and during the earner years and to mature in
434
1949
100.000 100
4.25
the
3059-P11ot Point. Texas
554
40,000 100
4.50 later year. k Not incl. 500,000,000 temporary bonds. r Refunding bonds
2869-Pineville, Ky
534 1938-1948
28,000
2512- _Pittsburgh 8. D.. Pa__ _434 1932-1959 2,800,000 100.29 1:23
The following items included in our totals for previous
2512_ _Pittsburgh S. D., Pa_ - __4
months should be eliminated from the same. We give the
2512__Pittsford. N. Y.(215E1.)_5
1930-1944 330:888 100.32 5.20
2869__Pla,ttsburg. N.Y
434 1948-1950
24.000 100
4.50 page number of the issue of our paper in which reasons for
3059- _Pocahontas Co., Iowa__ A%
r10,000
1934
these eliminations may be found.
2512-_Pontiac S. D Mich
434 1930-1952 342,000 100.04 4.62 Pap.
Name.
2512--Pontiac S. D., Mich
Rate. Maturity. Amount. Price. Basis.
454 1952-1958 158,000 100.04 4.62 2864Boerno Ind. S. D., Texas
2691-Pontiac, Mich.(3 iss.) 4
1929-1958 500.000 100.01 4.55
(March)
2691„Pontiac, Mich
40,000
434 1929-1958 150.000 100.01 4.55 2687--Glasgow, Ky.(March)
28439-Portland, Ore. (2_issues)_434
-----91,000
90,000 -----2691--Port Angeles. Wash. (2
We have also learned of the following additional sales for
issues)
7
60.512 -----3060-Potsdam S. D. No. 8,
previous months:
N. Y
4.80 1930-1968 300,000 100.18 4.79 Page.
Name.
Rate. Maturity. Amount. Price. Basis.
2691--Pottawattomie Co., Lowa5
1940-1944 300,000 100.70
4.85 2330-Allen Co., Kan
434
40,000
3060- _Poweshiek Co.. Iowa4X 1933-1942 100,000 100
4.50 2331-Barlow Twp. B. D., Ohio
3060-Pra1r1e Co. S. D. No. 5.
(Feb.)
534 1930-1942
39,000 100.05
Mont
5.24
93.4 1935-1949 d65,000 100
4.75 2863-Barrington, N. J.(Feb.)-6
13,000
2869__Presidio Co., Texas
6.00
6
1930-1944
30,000 ------ ---- 2863__Barrington, N. J. (Feb.)_ -- 1931-1939 358,000 100
1931-1939
2869Prosperity D. D., Colo_ _6
100
11,000
2685Beitranal Co., Minn
6
30,000 100
2889__Putnam Co., Ind
Yoo
4% 1930-1939
6,000 101.25 --_3060--Quincy. Mass. (3 issues)-4X 1930-1939 211,000 100.28 --__ 2864-_Boerne Ind. S. D., Texas
5X 1930-1969
40,000 105.25 4.83
304;0-Racine-Sutton S.D.,Ohio.6
1930-1951
66,000 100.78 5.90 2685._CaTroar. , Ohio
%
514 1930-1953
36,000
2691-_Rapides Parish R. D. No.
2331--Carey S.
Tex
60.000
2, La
6
1930-1949
27,500 100.36 5.95 2332- _Crawford, Neb
434
42,300 100
2691__Red Willow Co. 8. C. No.
4.50
2332_ _Crosbyton, Tex
6
1930-1969 r62,000
121, Neb
52.900
2684 _Delaware
434 1930-1934
2512-Rockville Centre, N. Y--4
12,200 100.05
4.48
1934-1969 900,000 100.10 4.49 2332-Fairview Co., Ind
Ohio (6 issues)..5341930-1939 159,000 100.64 5.61
2869__Richland Co., Ohio
554 1930-1939
20.000 101.50 5.18 2865_ _Fayetteville, No. Caro.(2
3060-- Rockport, Mass.(2 issues)4
1938-1943
52,000 101.80 4.22
issues)
554 19314965 137,000 101.08 5.14
2869- _Rockwell City. Iowa__ --5
10,000 100.68
2687 Glasgow _, KY
6
1930-1949 d22.000 100
2512_..Roseburg, Ore
5
1930-1939
6.00
25.000 96.83 5.70 2688--Hi ns Ind. S. D. Tex5
1929-1957
3060-Royal Oak Twp. S. D.
40,000 100
5.00
2334--La e Norden, So. Dak
434
No. 10, Mich
r10,000
5
1932-1958 100,000 101.21 4.88 2688__Little Compton, R. E _.._434
1930-1959
2869_ _Russell, Ky
60,000 100
6
4.25
100,000 100
6.00 2867-Manasquan, N. J. (Feb.)5
1929
2869__Rutherford Co., N. O__534 1945-1952
r19,500 100
5.00
40,000 104.61 4.89 2868--Newburgh.
454 1930-1945
2869Rutherfordton, N. C- _5
80,000 100.12 4.73
1945-1959 103,000 101.65 5.63 2868--New EgyptN. Y N. J.
S. D.,
2692.. St. John The Baptist Par
(Sept.)
434 1929-1958
S. D. No. 1, La
50,000 100
5
1929-1948 180,000 100.20 4.98
4.50
2692-_St. Louis, Mo
125,000 95.20
434 1930-1949 2,000.000 100.93 4.38 2868N.Little Rock S. D Ark..
Twp. S.
2692__St. Louis. Mo
10,000 100
4% 1934-1949 2,000.000 101.33 4.37 2693Un1onLinn. OreD., Pa-_434 1929-1938
4:16
2335.. West
6
1931-1939
2692.._St. Louis, Mo
d2,624 101
434 1934-1949 2,000.000 100.15 4.48 2337--Wheeler Ind. S. D., Tex_
5.39
2336-Salamanca, N. Y.(2 iss.)5
16,000 100
1930-1944
18,220 100
---5.00 2337_ _Wichita Co. R. D. No. 1,
25128alina, Kan
434 1930-1940
24.066 100
4.50
Texas
534
8060....Salt Lake City Sch. Dist.,
26,000 103.74
Utah
All of the above sales (except as indicated) are for March
4
20 years
500,000 96.22 4.28
2692__Scott Co., Iowa
1935-1944 r93,000 101.72 4.55 These additional
March issues will make the total sales.
2513--Secaucus. N.J
1930-1969 227.500 100.01 3060__Sedro Wooley. Wash. (2
(not incl. temporary loans) for that month $00,000,000.
issues)
40,000 100
4.75
434
CANADIAN BOND SALES IN APRIL.
3060__Seward. Neb
75.000 100
434
4.50
2336__Shaker Heights, S. D.,0.534 1929-1948 500,000 101.37 5.07 Page.
Name.
Rate. Maturity. Amount. Price. Basis.
2872_ _Brit. Columbia (Prey.005
2870__Shamrock, Tex
1943-1959 175,000 -----6
1954 r6,056,000 98.65 5.09
2694_ _Carleton Co., Ont
2870__Shiawassee County,Mich.
5.14
127,250 98.63
5
5-15 yrs.
(2 issues)
38,003 100.35 ---- 2514-Mossbank, Flask
6
634
15 yrs.
4,000 100.25 ---2694-8askatoon S. D. No. 13,
2692.
-Shoshone, Idaho
85.000 -----5
2692_ _Smith Co., Tenn
Bask
534 1935-1958 195,000
125,000 92.70 5.50
5
30 yrs.
2692_ _Smyrna, Del
50,000
--- Yoe) 2337- -Thorold Twp Ont
1959
5
5
96.35 5.41
1930-1949
55.281
Total amount of debentures sold during April
2870„Somerville 8. D., N. .173,000 -----.
30,000.000
2513-Southampton-Riverside
CANADIAN SALES FOR PREVIOUS MONTHS.
1934-1948
50,000 100.77 4.91 Page.
2513-SoW - past
Name.
uth
YAcquLs. &5
Rate. Maturity. Amount. Price. Basis.
2872__Ronyn, Que.(Mar.)
Impt. Dist. No. 1, Calif.6
1934-1948 224,000 -----5
5.30
25,000 97
1-15 yrs.
2337..
2692--South Williamsport S. D.,
..SaskatchewanS. D.,Sask.
(March)
12,000
434 1934-1959 221,000 17...5_ 5.16Pa
2870-Spencerville, Ohio
50.000
NI
1930-1954
2693--Starbuck S. D., Minn
4.00
25,000 100
4
5M
2870__Star City, IV. Va
-40,000 100
2693_ _Stephenville, Tex.(2 Us. 190.000 ,,-_,,
3060__Sterling, Colo
5(
1930-1964 150,000 100.88 - -: i
44 4
)
4
Florida, State of-Bill Limiting Highway Department
3060--Stewartstown, Pa.(2 iss.)4
19,000 100
1939-1949
3060--Stewartstovrn, Pa
1939-1949
1,000 101.50 ---- Expenditures Introduced.
-At the request of Gov. Doyle
4
2870-_Sturgeon Bay, Wis
40,000 102.26 4.65
1934-1948
5
2336_ _Suffolk Co., N.Y.(2 iss.)4X 1930-1958 558,000 101.36 4.36 Carlton, a bill was introduced in the Senate on Apr. 24
calling for the maintenance and construction of roads in 54
3060-Sulphur. G., Ky
--2513__Superior, Neb
4
3.792
1932-1939
counties of the State on a preferential plan, according to
2870Surry Co., No. Caro
1931-1947
5
50,000 100.20- 5.22 the Florida
"Times-Union" of Apr. 25. The article states
3060--Syracuse, N. Y.(2 iss.) 4
4.22
1930-1969 920,000 100.11
3060Syracuse. N. Y.(2 issues) 434 1930-1949 580,000 100.11
4.22 that the measure provides for the regulation and maintenance
2693„Tallapoosa Co.• Ala
r29,000
6
1934
of the road program by the State Road Department, setting
2513.._Tama Co., Iowa
- 1761)
434 1935-1943 100,000
3061-Thurston Co.. Wash
274,000 100
4.25 $3,000,000 a year as the maximum to be spent for all pur434
X
15.,
21.1
NEWS ITEMS
MAY 4 1929.]
FINANCIAL CHRONICLE
3053
and incomes from fees and some other sources not now taxed, and a tax
on electrical energy.
Among the accomplishments of the session which seemed to look to the
future, in addition to the expenditures for highways, are the following:
Municipalities are now authorized to own, operate and maintain airports.
-conProvision is made for the licensing of pilots of aircraft and a well
sidered law was enacted for the regulation of traffic in the air.
Publicity Fund Increased.
The appropriations for publicity and advertising for Vermont were
from $15,000 per year to 325.000 per year. increased
Provision was made for the erection of a permanent Vermont building
at the New England States Exposition at Springfield, for which individuals
large proinside the State and others outside of Vermont have pledged aa Commisportion. The erection and control of this building is vested in
consisting of five members. The Commissioner of Agriculture.
sion,
,
Edward H. Jones, and the Director of Publicity, are members ex-officio
by the Governor and conand three other members have been appointed A. Stacy of Windsor. Hon.
Senate. These are Hon. James
firmed by the
Bellows Falls.
Guy H. Boyce of Proctor and Mr. Morton F. Downing of and probably
$50,000
It is expected that the building will cost at least secure additional indieffort is to be made to
more, and it is understood
vidual contributions.
largely
The appropriation for the elimination of bovine tuberculosis wereregular
the
increased so that the work of cleaning up the State through
preliminary methods and the area test can be speeded up. With Vermont
the Legisnow supplying, two-thirds of the milk for Boston this impressed
lature as a business proposition.
Sky Law" of the State was completely revised in an endeavor
The "Blue
companies. The
to restrict and safeguard the business of investment
ideas about
law enacted is understood to be in conformity with the best banks were
of the laws relating to investments for
this subject. Some
slightly liberalized.
between the State and
Flood control was considered and cooperation
the erection
power development companies provided. The control of
1—That Governor Long failed to account for $2,000 of the $6,000 appro- of dams, insofar as the public rights are concerned, was placed with the
of visitors to the Governors conference in Public Service Commission. This affects the erection of any dam which
priated for the entertainment
feet of water.
New Orleans in November 1928. Yeas. 59: nays. 39.
will create a reservoir to contain more than 500.000 cubic reconstruction
the
2—That Governor Long caused the Board of the State Colony and
Authority was given for the State to loan $200.000 for
pay J. F. Richardson, Secretary-Treasurer and rehabilitation of the railroad in the West River valley. The West
Training School at Alexandria to
of the institution. $5,400 as salary and maintenance,for no service rendered, River railroad, which runs from South Londoirlerry to B-attleboro, has
so that he would resign to allow the appointment of B. F. Eubanks, a been out of use since the flood of 1927; and by this means it is hoped to
political supporter of Governor Long. Yeas, 56; nays, 41.
restore the agricultural and industrial prosperity of the valley.
investigation of
By joint resolution, also, provision was made for the
Repair and Upkeep Fund.
rates more nearly
rates charged for electric energy, with view to making
3—That Governor Long paid his cousin, W. 0. Long. $728.25 out of uniform and securing a reduction. The Public Service Commission was
the funds appropriated for the repair and upkeep of the executive mansion granted $5,000 for the purpose of this investigation and action thereon.
and it
and the Governor's traveling expense fund. Yeas, 56: nays, 42.
At the present time there is a wide variance of rates in the State,
4—That Governor Long used $1,112.40 of the funds appropriated for was deemed advisable to ascertain, if possible, the reason for this variance
the upkeep and repair of the mansion to pay for law books which Mr. Long and get a reduction in some instances. There have been no general reyears.
ordered before he was inaugurated as Governor. Yeas, 50: nays. 48.
rates charged for electric energy in the State for many
5—That Governor Long caused the Highway Commission to pay the ductions of
A Business Session.
seventeen
Wimberly Construction Co. $4,000 for defective culverts on highway
The total of all the appropriations amount to approximately taxation
had been condemned by an
by
project 154-0 in Bossier Parish, which culverts
million dollars for the biennial term, and the budget is balanced
engineer of the United States Bureau of Roads and an engineer of the High- so that no bond issues are required.
way Commission. Yeas. 54; nays. 44.
was a business body. It accomOn the whole the Legislature of 1929years, with very little controversy,
Two Counts Rejected.
plished its work in record time for recent
in unison with the Governor,
both legislative bodies apparently, working radical nature there was conThose charges that were rejected by the House follows:
legislation of
1—That Governor Long paid Joe Messina. reputed to be his personal and while there was no newmembers to be looking to the future of the
the
bodyguard. $200 out of the funds appropriated for the repair and upkeep siderable which showed that Vermont must progress along with her neighState. and to recognize
of the executive mansion. Yeas, 47; nays. 51.
2—That Governor Long caused the Highway Commission to rent offices bors if she progresses at all.
In the Louisiana National Bank building at Baton Rouge at increased
Vermont, State of.—Railroad Bonds Considered Legal
rental, and that the Governor uses part of this office space as a law office
and to house his private law library. Yeas. 46: nays, 52.
Investments for State and Savings Banks.—Complying with
poses on projects. The bill is said to list 54 counties from
which would be apportioned funds from the three cent share
obtained by the road department from the five cent gasoline
tax.
--Referendum Planned on Road Bond Issue.
Iowa, State of.
—The New York "Evening Post" of April 30 stated that the
State will authorize by referendum in 1931 the issuance of
road bonds, aggregating at least $100,000,000. This plan is
to replace the one in which it was proposed to finance the
contemplated road building through the issuance of warrants.
The paper goes on to say that recommended by Governor
Hammill and passed by both houses of the Legislature, a
resolution to amend the State Constitution has been signed by
the Governor which makes possible a vote on the bond issue.
Louisiana, State of.—Governor Long Indicted on Five
Charges.—The New Orleans "Times-Picayune" of April 25
reports that the House of Representatives on April 24
adopted five and rejected two of the specific counts contained in Article 4 of the impeachment resolution charging
Governor Huey P. Long with misuse and misapplication of
public funds. The following is a list of the charges and the
votes by which they were adopted by the House as given
by the paper:
Mississippi, State of.—Special Legislative Session on
Road Building to be Called.—The New Orleans "TimesPicayune" of Apr. 28 reports that Gov. Bilbo on Apr. 27
officially announced that he will call a special session of the
State Legislature at an early date for the consideration of
no other matter than good roads legislation.
New York State.—No State Financing Pending Better
Market Conditions.—A special dispatch from Albany dated
Apr. 26, which appeared in the "Journal of Commerce"
of the following day, is published herewith:
It was stated yesterday at the office of the State Comptroller that no
State bonds will be advertised for sale under present market conditions.
It is hoped that by midsummer the bond market may be more receptive
to an offering of State securities. There are $25,000,000 of the 350.000.000
bond issue authorized for State hospitals yet to be sold, together with
320,000.000 worth of State improvement bonds which have been authorized by the Legislature and never issued.
Fortunately the State has an ample surplus of money on hand and can
borrow money from its own sinking fund and so wait until tho market is
favorable before asking for bids on its own securities. Just as soon as the
market adjusts itself however, and the Comptroller has assurance that a
fair prIce can be obtained, the Comptroller will offer several million dollars
of State bonds for sale.
Pennsylvania, State of.—Legislature Adjourns.—On
Apr. 18 both houses of the State Legislature adjourned sine
die after a session lasting 108 days.
Vermont, State of.—Summary of Recent Legislative
Session.—Lieutenant-Governor Stanley C. Wilson, in an
article appearing in the "New England News Letter" of
April 15, sums up the results accomplished by the Legislature in its 1929 session, which was one of the shortest
sessions held in the history of the state. Mr. Wilson,
who is also a member of the New England Council, places
particular stress upon the fact that the recent session did
much to promote the progress of the state in a business
sense as the appropriations were, in the main, designed for
future benefits. Mr. Wilson's article reads as follows:
The Vermont Legislature took final adjournment on March 15 after
session of64 days,which lathe shortestsession since 1900. Tde principal controversies of the session centered about the ways and means for financing
an enlarged highway program and the payments upon the bonds issued
works
for repair of flood damage to publicwere in 1927.
as usual somewhat of a compromise
The final results in these matters
State appropriations for the construction of new highways
nature. The
were increased by about one million dollars per year for the biennial term
ending July 1 1931. These appropriations are expected to provide for
the ordinary repairs and maintenance of the State aid roads, and for the
customary cooperation with towns for improvement of roads, and in addition build a minimum of fifty miles and a maximum of sixty-five miles
a year of hard-surfaced roads.
To Pay Flood Bond Interest.
The payments of pricipal and interest on the Vermont flood bonds and
the Increased expense of highways will be provided for by an increase in
four
the State tax on gasoline of one cent per gallon. making a total of
cents per gallon: a direct tax on the grand list of the State of seven and
one-half cents on the dollar of the grand list (equivalent to 75 cents on
the thousand dollars of appraisal): and a tax of $2.50 on each taxable
poll, together with some minor adjustments in automobile registration
fees.
These propositions are intended as temporary solutions only and the
whole subject of revision of the Vermont tax laws was postponed to the
next session of the Legislature. The Governor was authorized to appoint
a commission to study the tax question and make report in advance of
the next regular session. Meanwhile, at the session just closed, all tax
propositions looking to general change in the tax structure of the State
were defeated. Among these were a proposed income tax on salaries
Section 5363 of the General Laws as amended by the Legislature of 1919, the Bank Commissioner on March 1 1929
issued a list of the railroad securities considered legal investments for State and savings banks. The last previous list
was published in full in the 'Chronicle" of May 19, 1928 on
page 3162. The new list is as follows:
Atchison Topeka & Santa Fe System.
1937
Chi. S. Fe dr Calif. Ry. 1st 56
Atchison Topeka dr Santa Fe Ry.—
1095 San Francisco & San Joaquin Val. Ry.
General 48
1940
1st 513
Transcontinental Short Line 1st 4s 1958
1965
Rocky Mountain Division 4s
Railroad Co.
Atlantic Coast Line
[Equipment Trust—
Equipment Trust—
Serially to 1941
Serially to 19361 Series 16 434s
Series D 635s
Atlantic Coast Line System.
RR.of S. C.4s1948
Atlantic Coast Line RR.1st cons.45, 1952 Atlantic Coast Line
RR. consolidated 68..1933
Rich. & Petersburg RR. cons. 434s. 1940 Northeastern Western RR. 4s
1933
dr
Brunswick
Norfolk dr Carolina RR.—
1936
1939 Charleston & Savannah Ry. 7s
let 58
1946 Savannah Florida & Western Ry.—
2d 53
1934
68
Wilmington & Weldon RR.—
1934
58
1935
General 58
1945
Southern RR. lat 48
1935 Florida
General 4s
Wilmington & New Berne RR. 4s__1947
Bangor & Aroostook Railroad Co.
Serially to 1936
Prior lien equipment trust series0 Ts
Bangor & Aroostook System.
1939
extension 1st Se
Bangor 03 Aroostook RR. 1st 58-1943 WashburnRiver extension 1st 56.--1939
1943 St. Johns
Piscataquis Division 1st 5s
Northern RR. 1st 53.......1947
1943 Aroostook
Van Buren extension 1st 58
1937 Northern Maine Seaport RE.—
Medford extension 1st 5s
1935
Railroad and terminal 58
1951
Consolidated refunding 48
Boston & Maine System.
1943
Connecticut & Piasumpsie River RR. 48
Central of Georgia System.
1945 Equipment Trust—
Central of Georgia Ry. 1st 58
Serially to 1932
Series N 5348
1946
Mobile Division 1st 5s
Serially to 1933
Series 0 55
Division 1st 58-1946
Macon & Northern
Serially to 1940
Series P 4349
Equipment Trust—
Serially to 1940
Series Q
Serially to 1936
Series M 63413
Central of New Jersey System.
RR.of New Jersey gen.43.-1987
Central RR.of New Jersey gen. 5.1._1987 Central
Central Railroad of New Jersey.
Equip, trust series I 6sSerially to 1932 Equip. trust ger. L 4)18--Serlall7 to 1335
Serially to 1941
Kquip, trust series K Ss—Serially to 1934 Equip. trust of 19264343
Chicago & North Western Railway Co.
iulpment
Of 1925 ser. Q 4348—Sertally to 1940
Of 1920 series J 6448 __Serially to 1936
01 1925 ser. E 4345...Serially to 1942
01 1920 ser. K 6343...Serially to 1936
Of 1925 ser. S 4348...Serially to 1942
Serially to 1938
01 1922 ser. M 5s
01 1927 ser. T 434s—Serially to 1942
Serially to 1938
01 1922 ser. N 53
Of 1927 ser. U 4345.. ..Serially to 1943
Serially to 1938
0 58
01 1923 ser.
Serially to 1939
01 1923 ser. P 5s
Chicago & North Western System.
Manitowoc Green Bay dr North
Chicago St North Western Ry.1941
Western Ry. let 334s
2037
1st & refunding 435s
2037 Milwaukee Sparta dr N. W.Ry. 1st 45'47
1st 44 refunding 53
2037 St. Louis Peoria & N. W. Ry. 1st 53_1948
68
1s1 & refunding
1933 Des Plaines Valley Ry. let 430.-1947
Debenture 55
Ry.1st 3yis 1941
General 58, 4'%s. 45 and 3)4s.....1987 Milwaukee & State Line 1st 334s.__1935
Minn. & So. Dak. Ry.
Missouri Valley
Fremont Elkhorn &
1933 St. Paul Eastern Grand Trunk Ry.
RR.consolidated de
1947
1st 4 Ms
Iowa Mimi. 43 N. W.Ry. 1st 3348..1935
334e 1936
Sioux City di Pacific RR. 1st
Chicago Burlington & Quincy System.
Chi. Burl.& Q.RR.III. Div. mtge.—
Chicago Burlington dr Quincy RR.—
1949
1958
33-4s
General is
1949
48
•
3054
FINANCIAL CHRONICLE
Delaware & Hudson System.
Delaware & Hudson Co. 1st ref. 48.-19431Albany & Susquehanna RR.
Adirondack Ry. 1st 4845
19421 Convertible 3845
Pennsylvania RR.1946
Delaware Lackawanna & Western System.
N.Y. Lackawanna & Western Ky.-
Morris & Dwv•x RR.1st 334s
20001
1st refunding series A 58
1st refunding series B 4845
1973
1973
Great Northern Railway Co.
Equipment trust
Serially to 19381 Series D 4345
Serially to 1940
Serially to 1939
Great Northern System.
Great Northern Ry. 1st & ref. 4345_1961 Eastern Ry. of
St. Paul Minneapolis & Manitoba Ry.- ern Division 48Minnesota. North-1948
Consolidated 48
1933 Montana Central Ry.Consolidated 4845
1933
1st 58
1937
Consolidated 68
1933
1st 65
1937
Montana extentdon 45
1937 Wilmar & Sioux Falls Ry. 1st 55--1938
Pacific extension 48
1940 Spokane Falls & Northern Ry. 1st 6s1939
Illinois Central Railroad Co.
Equipment trust
Equipment trust
Equipment trustSeries B 58
Series C 4845
Series F 75
Series 0 8843
Series 11 534.
Series I 434s
Series J 5s
Serially to 1935
Serially to 1936
Serially to 1937
Series K 4345
Serially to 1940
Serially to 1941
Serially to 1937
Series N 4845
Serially to 1938
Series0 4845
Illinois Central System.
Illinois Central RR.-
Serially to 1939
Series L 4848
Series M 4345
Serially to 1941
Serially to 1942
Illinois Central RR.
Springfield division lst 3148
Cairo Bridge Ist 48
1951
St. Louis Division 1st 3s
Refunding mortgage 5s
1955
1955
Gold extended 3345
Sterling as
Gold 48
Gold 334
,
1950
St. Louis Division 1st 3845
1951
Purchased lines 1st 3848
1951
Collateral trust 1st 3848
1951 Chicago Rt. Louis & New Orleans
Refunding mortgage 48
Sterling extended 45
Gold extended 3345
1951
1950
1951
1951
1952
1950
General Is
General 6s
General 434s
[VOL. 128.
Pennsylvania System.
Harrisburg Portsmouth Mt. Joy &
1968
Lancaster RR. 1st 45
1943
1970 Hollidaysburg Bedford & Cumber.
1965 land RR. 1st 4s
1951
Consolidated 4s
1943 Junction RR. general 384s
1930
Consolidated 3345
1945 Pennsylvania & N. W.RR. gen. 58..1930
Consolidated 48
1948 Pittsburgh Virginia & Charleston
ConsolIdated 4348
1960
Ry. 1st 4s
1943
Alieghany Valley Ry. gen. 45
1942 Bunbury & Lewistown Ry. let 45_-_1936
Cambria & Clearfield RR.1st 55
1941 Sunbury Hazen= de Wilkes-Barre
Cambria dr Clearfield Ry. gen.45-1955 Ry.2d 68
1938
Cleveland & Pittsburgh RR.United New Jersey RR.& Canal Co.
General 334e
1948
General 45
1929
General 3848
1950
General 45
1944
General 4845
1942
General 45
1948
General 380
1942
General 3845
1951
Grand Rapids & Indiana RR.1st 4845.'41
General 4345
1978
Philadelphia Baltimore & Washington System.
Phila. Baltimore & Washington RR.
. .
1st 45
1943 Columbia & Port Deposit Ry.lst 48_1940
General 6s
1960 Philadelphia & Baltimore Central RR.
General 58
1974
1st 45
1951
General 4Hs
1977
Philadelphia & Reading System.
Philadelphia & Reading RR. 58
1933
Reading Company.
Equip. trust ser. J 5s_...-Serially to 19321Equip. trust ser. K 4848.Serially to 1933
Southern Pacific System.
Southern Pacific RR.
Northern Ry. let 58
1938
let refunding 45
1955 Northern California Ry. let
1929
1st consolidated 5s
1937 Southern Pacific Branch Ry. lst 65-1937
Union Pacific Railroad Co.
Equip, trust ser. A 75___Serially to 19351Equ1p. trust ser. C 4 845_Serially to 1938
Equip, trust ser. B 5s__ _Serially to 1937 Equip, trust ser. D 4848-Serially to 1939
Union Pacific System.
Union Pacific RR.Union Pacific RR.1st 4s
19471 1st lien & refunding 48
2008
1st lieu & refunding 5a
2008
Miscellaneous New England Railroads.
New London Northern RR. consolidated 45
1940
1961
RR. 158 3345
1961
Lehigh Valley System.
Lehigh Valley P.R. 1.8 4.
1948 Lehigh Valley Ry. lit 4345
1940
Louisville & Nashville Railroad Co.
Equipment trustEquipment trust
Series D 6 Sis
Serially to 1936 Series F fis
Serially to 1938
Series E 4lie
Serially to 1937
Louisville & Nashville System.
Louisville & Nashville RR.Mobile & Montgomery 434.
1945
1st & refunding 58
2003 New Orleans & Mobile Div. tat 68-1930
1st & refunding 6345
ADAMS COUNTY (P.O. Corning), lowa.-BONDS VOTED.
-At the
2003 2d 68
1930 special election
lot & refunding 434s
held on Apr. 24-V. 128. p. 2507
-the voters authorized
2003 Atlanta Kooky.& Chic. Div. 45...A955
the issuance of 3450.000 in primary road bonds by a count of 1 447 "for"
Unified 48
1940 Paducah & Memphis Div. let 4s_ _ _1946
.
1st 55
1937 Nashv. Florence & Shoff. Ry. 1st 58.1937 to 807 "against." The Des Moines -Register" of Apr. 25 published the
Trust 58
1931 So. & No. Alabama RR. let cons. 55.1936 following compilation of bonds voted and pending:
Louisville Cincinnati & Lexington
Bonds Voted in 1929:
Lexington & Eastern Ry. 1st 55---1965
RY • general 4845
1931 So.& No.Alabama RR.gen.cons.58 1963 Story
April 8
$1.300.000
Southeast & St. Louis Div. 1st 68._1971
Shelby
April 11
800.000
Audubon
April 17
750.000
Michigan Central Railroad Co.
Adams
450.000
April 24
Equipment trust of 1917 65
Serially to 1932
53.300.000
Michigan Central System.
Will Vole on Bonds:
Michigan Central RR. 1st 35is___-1952 Michigan Central-Detroit & Bay
Page
$550,000
May 1
Michigan Central-Michigan Air Line
City RR. 1st 58
1931 Dallas
1,500.000
May 9
RR. 1st ts
1940 Michigan Central-Jackson Lansing
Fremont
415.000
May 9
& Saginaw RR. 1st 3345
1951 Union
550.300
May 28
Mobile & Ohio Railroad Co.
$3.015,000
Equipment trust
Equipment trust
Series L Is
Possibllfties.-Pottawattamle, Mills, Montgomery, Mahaska, Wapello,
Serially to 1938
Series 0 4 Hs
Serially to 1941
Series M Is
Serially to 1939
Series P 4SO
Serially to 1942 Black Hawk, Linn, Clarke. Decatur, Guthrie, Cass, Boone, Webster,
Series N 4343
Serially to 1939 Series Q 43
Serially to 1943 Hardin, Taylor, Rinngold, Carroll, Linn.
ALBANY COUNTY (P. 0. Albany), N. Y.
-BOND OFFERING.'
Mobile & Ohio System.
John F. Lavin. County Treasurer, will receive sealed bids until 12 m.
Mobile & Ohio RR.i Mobile & Ohio RR.
May 9,for the purchase of the following issues of coupon or registered bonds,
General 4s
1938 I Montgomery Division 1st 58
1947 aggregating $1,765,000. Rate of interest not to exceed 434%. and must be
Nashville Chattanooga & St. Louis Railway Co.
the same for all of the bonds:
Equipment trust series B Ois
Serially to 1937 $1,565,000 Almshouse bonds. Due May 15 as follow,: $50,000. 1930 to
1958, incl.. and $115,000, 1959.
Nashville Chattanooga & St. Louis System.
200,000 highway and bridge bonds. Due $10,000 May 15 1930 to 1949,
Nashville Chattanooga & St. Louis Rylst series A 45
inclusive.
1978
Dated May 15 1929. Denoms. $1,000. Principal and interest(May and
New York Central Railroad Co.
November) payable at the National City Bank, New York.
Equip, trust of 1917 4 tis_Serlally to 1932 Equip,trust of 1922 4848.Serially to
1937
Bonded debt, May 15 1929, included proposed issues, reported as $4.155,Equip, trust of 1920 75_ _Serially to 1935 Equip, trust of 1923 5s.._Serially to
1938 000. Assessed valuation, 1928, real estate, including special franchise.
Equip, cold notes No. 43
Equip, trust of 1924 55_ . _Serially to 1939
Population, census of 1925. 197.138.
65
Serially to 1935 Equip, trust of 1924 4 iis_Serially to 1039 $305.331,411.
New York Central 1.1ne8
ALBANY COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Laramie),
Equip. trust of 1925 4lis_Serially to 1940
Equip. trust of 1922 Is__ _Serially to 1937
Wyo.-BOND SALE.
-The $250.000 Issue of semi-annual school-building
bonds offered for sale on April 30-V. 128. p. 2507-was awarded to the
New York Central System.
State of Wyoming, as 434s. at par. Due in 20 years and optional after
N.Y. Central & Hudson River RIt.10 years.
Carthage Watertown dc Rackets
Refunding & imp. 448
2013
Harbor RR. cons. 58
1931
ALHAMBFtA, Los Angeles County, Calif.
-BONDS VOTED.
Refunding & imp. 611
-At a
2013 Chicago Indiana St Southern RR.48_1956
special election held on April 24 the voters authorized the issuance of $447.Refunding & Imp.fs
2013 Cleveland Short Line Ry. 1st 434s.1961
000 In bonds for elementary school purposes by a vote of 2342 to 867.
1st 3345
1997 Gouverneur & Oswegatchle RR.
Lake Shore coil 384s
1998
1st 55
ALTOONA, Blair County, Pa.
1942
-BOND OFFERING.-Irwln
Michigan Central coll. 334s
1998 Indiana Illinois & Iowa RR. let 45.1950 Isenberg, Superintendent Accounta and Finance, will reCeive sealed bids
Debenture 4s
1934 Jamestown Franklin & Clearfield
until 4:30 p.m.(Eastern standard time) May 15,for the purchase of 3300,000
Debenture 48
1942
RR. 1st 41;
1959 4% coupon improvement bonds. Dated May 15 1929. Donoms. $1.000.
Consolidation 4s
1998 Kalamazoo & White Pigeon RR.
Due May 15, as follows: $10.000. 1932 to 1936 incl.: 315.000, 1937 to
Boston & Albany RR.1st Is
1940 1950 incl.. and $10.000. 1951 to 1954 incl. A certified check payable to the
330
1952 Lake Shore & Michigan Southern Ky.order of the above-mentioned official for $6,000 is required. city is to
1st 334s
1951
334.
1907 furnish bonds.
4s
Debenture 4s
1933
1031
AMSTERDAM UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
4s
1934 Little Falls & Dolgeville RR. 1st 35_1932
Amsterdam) Montgomery County, N. Y.
43
-BOND. SALE.
Mohawk Malone Ry.-The follow1935
ing Issues of coupon or registered bonds. aggregating $75,000. offered on
4345
1st 48
1937
1991 April
29-V. 128. p. 2507-were awarded to George B. Gibbons & Co. of
58
1938
Consolidated 380
2002
ba
1942 New York & Putnam RR.cons. 4a..1093 New York, at par plus a premium of $802.50. equal to 101.09. a basis of
about 4.88%:
Si
1963 Pine Creek Ry. 1st 6.
1932 $65,000 5% school
building bonds, Dated April 1 1929. Due April 1 as
gifs
1978 Spuyten Duyvil & Port, Morris RR.follows: $1,000, 1930 to 1934, incl., $1,500, 1935 to 1939. Incl.;
parthage & Adkqndack Ry. 1st 48-1981
1st 334.
1959
$2.000. 1940 to 1944, incl.; $2,500. 1945 to 1949, incl.; and 33.000.
Sturgis Goshen & St. Louis Ry.1st 381989
1950 to 1959. incl.
New York New Haven & Hartford System.
10,000 4t.t% School Site bonds. Due 3500 Nov. 1 1929 to 1948. Incl.
Dated Nov. 11928.
Old Colony RR.Old Colony RR.
48
1st 5348
1938
1944
ANNISTON, Calhoun County, Ala.
-The $10,000
-BOND SALE.
1st Is
1932
334s
1945 issue of 53.4% improvement bonds
offered for sale on April 25-V. 128,
Norfolk & Western Railway Co.
p. 2684
-was awarded to the Merchants Security Corp. of Mobile,for a
Equip,trust of 1923 4Hs_Serially to 19:13 Equip,trust of 1925 4845.Serially to 1035 $6 premium, equal to 100.06, a basis of about 5.49%. Dated Aprll 1 1929.
Due $1,000 from April 1 1930 to 1939 inclusive.
Equip.trust of 1924 434s.Serlally to 1934
Norfolk & Western System.
ARKANSAS CITY, Cowley County, Kan.
-BOND OFFERING.
Sealed bids will be received until 10 a. in. on May 6 by Grant M. Acton,
Norfolk & Western Ry. cons. 4s____1996 Norfolk & Western RR.
Norfolk & Western RR.Imp. & extension 65
1934 City Clerk, for the purchase of four issues of bonds, aggregating S91.165.92,
General 65
1931 Scioto Valley & New Eng.RR.188 48 1989 divided as follows: 356.785.93 434% semi-annual general improvement:
New River 65
$18.039.12 4% semi-animal general improvement; $9,411.28 4% semi1932
ann. general Improvement, and $6.929.59 4% semi-annual general improveNorthern Pacific Railway Co.
ment bonds. Dated May 1 1929. Due serially in 10 years. A certified
Equip,trust of 1920 78...Serially to 19301Equip. trust of 1925 4 Ms_Serially to 1940 check
for 2% of the bid Is required.
Equip, trust of 1922 4Hs.Serially to 19321
ARANSAS PASS INDEPENDENT SCHOOL DISTRICT (P. 0.
Northern Pacific System.
Aransas Pass), San Patricio County, Tex.
-BOND SALE.
-A $75,000
Northern Pacific Ry.Northern Pacific Ry.
Issue of 534% school bonds has been jointly purchased by the BrownRefunding & Imp. 4844
1996 Crummer Co., of Wichita and Stranahan, Harris & Oatis. Inc., of Toledo,
2047
Bt. Paul-Duluth Div. 48
Refunding & imp. gs
1931 for a $2,000 premium, equal to 102.66.
2047 St. Paul dc Duluth RR. 1st 58
Refunding & imp. gs
2047 St. Paul Sc Duluth RR. cons. 48----1968
Prior lien 48
ASHLAND, Boyd County, Ky.-ADDITIONAL DETAILS.
-The
1997 Washington & Columbia River Hy.
General lien 3.
,
2047
1935 $200,000 issue of 5 3, coupon sewer bonds that was awarded to the Harris
1st 45
Trust & Savings Bank of Chicago, at a price of 101.598-V. 128, p. 2863Pennsylvania Railroad Co.
is dated April 1 1929. Denom. $1,000. Due on April 1 as follows: $15,General equipment trustGeneral Equipment trust
000. 1934: $20,000, 1939: $30,000. 1944: 540.000, 1949: $50.000, 1954 and
Series A Ss
Serially to 1938
Serially to 1939 $45,000 in 1959. Basis of about 4.86%. Principal and interest (A. &
Series C 4845
01)
Series B 65
Serially to 1939
Serially to 1941 payable at the office of the purchaser.
Series D 4348
BOND PROPOSALS AND NEGOTIATIONS.
MAY 4 19291
FINANCIAL CHRONICLE
Financial Statement (As Officially Reported).
174,000,000
Real value of taxable property, estimated
Assessed valuation for taxation
*Total debt (this issue included)
2,290,000
Less water debt
8946,000
Less sinking fund
144,545
Net debt
1.208,455
Population. (estimated). 31,000; 1920 census, 14,729; 1910 census. 8,688.
* The above statement does not include obligations of other municipal
corporations which have taxing power against property within the City.
ASHTON SCHOOL DISTRICT (P. 0. Ashton) Osceola County,
Iowa.
-BOND SALE.
-The $35,000 issue of school building bonds unsuccessfully offered for sale on April 2-V. 128, p. 2331-has since been
purchased by the Ashton State Bank. Dated April 11929.
ATLANTA,Fulton County, Ga.-BOND SALE.
-Two issues of 4%%
bonds have recently been purchased at par by the sinking fund. The issues
are divided as follows: $154.000 sewer and $100,000 water works bonds.
AUSTIN, Travis County, Tex.
-BOND SALE.
-The four issues of
coupon bonds aggregating $1.000,000, offered for sale on May 2-V. 128,
P.2507 and 2684-were awarded to a syndicate composed of Ames, Emerich
& Co., and the Northern Trust Co., both of Chicago; Kean, Taylor & Co.
of New York, the First National Co. of Detroit, the J. E. Jarratt Co. of
San Antonio, the Prescott, Wright. Snider Co. of Kansas City and the
Austin National Bank, as 4 Us. at a price of 101.41, a basis of about 4.63%.
The issues are described as follows:
$525,000 street improvement bonds. Due from July 1 1930 to 1959 incl.
250.000 sanitary sewer bonds. Due from July 1 1930 to 1959 incl.
200,000 parks and playgrounds bonds. Due from July 1 1930 to 1959 incl.
25.000 fire stations bonds. Due $1,000 from July 1 1935 to 1959 incl.
AVENUE SCHOOL DISTRICT (P. 0. Ventura) Ventura County,
Calif.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m.
on May 21 by L. E. Hallowell, County Clerk, for the purchase of a $60,000
Issue of 5% school bonds. Denom. $1,000. Dated June 1 1929. Due
$3,000 from June I 1930 to 1949, incl. Prin. and semi-annual int. payable
at the County Treasury. A certified check for 2% par of the bid, payable
to the order of the County Clerk, is required. The following statement is
furnished with the official offering notice.:
Avenue School District of Ventura County was established April 2 1888.
These bonds were authorized by an election held within the District March
29 1929, at which 44 votes were for and none against the issue and sale.
There has been no default in payments of any of its obligations, and there is
no controversy or litigation pending concerning the validity of these bonds.
The present estimated population of the district for 1929 is 2.500, and the
area of the district Is approximately 3,200 acres. This district adjoins the
City of Ventura on the North, but no part of said City is within this district.
The principal industries are agriculture, citrus fruit growing and a very
large production of high gravity oil. The assessed valuation of taxable
property is $22,876,863. The total bonded indebtedness including this issue
is $161.000.
AVON UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Avon),
Lexington County, N. Y.
-BOND SALE.
-The $95,000 coupon or registered school bonds offered on April 30-V. 128. p. 2695
-were awarded to
the Livingston County Trust Co.. Geneseo, as 4lie, at 100.399, a basis of
about 4.71%. Bonds are dated May 1 1929. Due May 1, as follows:
$3,000, 1930 to 1954 incl.: and $4,000. 1955 to 1959 incl. An official list
of the bids submitted follows:
BidderInt. Rate.
Rate Bid.
Livingston County Trust Co., Geneseo. N. Y.
4.75%
100.3992
13. J. Van Ingen & Co., 57 William St.. New York- 4.75%
100.182
Barr Bros. & Co., 35 Wall St., New York
4.90%
100.8257
Edmund Seymour & Co., 44 Wall St., New York
4.90%
100.57
Bumpus & Co., 1440 Penobscot Bldg., Detroit
5.000 Prem.$777.50
/
Dewey, Bacon & Co., 50 Broadway, New York
5 00%
°
100.73
Geo. B. Gibbons & Co., 40 Wall St., New York ..
5.00%
100.5174
Farson. Son & Co., New York
5.25%
100.558
BANGOR, Penobscot County, Me.
-TEMPORARY LOAN.
-The
Merrill Trust Co. of Bangor recently purchased a 8100,000 temporary loan
on a discount basis of 5.50%. The loan is dated April 26 1929 and is payable on Oct. 4 1929. The following bids were also submitted:
BidderDiscount Basis.
S. N. Bond & Co
5.90%
Eastern Trust & Banking Co.. Bangor
5.97%
BARNEGAT CITY, Ocean County, N. J.
-BOND SALE.
-Sarah G.
Gant, Borough Clerk, reports that an issue of $15,000 bonds has been
awarded at private sale. The issue bears a cimpon rate of 6%.
BARRY COUNTY (P. 0. Hastings), Mich.
-BOND OFFERING.
The Clerk Board of County Road Commissioners will receive sealed
bids until 9:30 a. m. May 9, for the purchase of $18,810 6% Road Assessment District No. 34 bonds. Due May 1 as follows: $2,090. 1930; and
84.180, 1931 to 1934 incl.
BAY VILLAGE, Cuyahoga County, Ohio -BOND OFFERING,
Jesse L. Sadler, Village Clerk, will receive sealed bids until 12 m. May 20
for the purchase of $14,098.04 5% special assessment street improvement
bonds. Dated May 11929. Due Oct. 1 as follows: 81 ,000. 1930 and 1931:
$2,000. 1932: 81,000. 1933: $2.000, 1934; $1.000, 193.5 and 1936: 32.000,
1937; $1,000, 1938, and $2,098.04, 1939. Principal and interest (April and
October) payable at the Guardian Trust Co., Rocky River. A certified
check, payable to the order of the Village Treasurer for 5% of the amount
of bonds bid for, is required.
BEACHWOOD, Cuyahoga County, Ohio.
-BOND SALE.
-The
following issues of 5% bonds aggregating 8199,383 offered on Apr. 30V. 128, p. 2863
-were awarded to Stranahan, Harris & Oatis, Inc. of
Toledo:
$103,309 Properly Owners' portion, St. improvement bonds. Due Oct
1, as follows: 510.309. 1930: $10,000, 1931 and 1932; $11.000.
1933: 810.000, 1934 and 1935; $11,000. 1936; $10.000. 1937 and
1938: and 311,000, 1939.
59,900 Property Owners' portion, St. impt. bonds. Due Oct. 1. as
follows: $1,900. 1930; $6,000, 1931 to 1938, incl.; and $7,000.
1939.
16,374 Property Owners' portion, St. impt. bonds. Due Oct. 1, as
follows: $1,374, 1930; 82,000, 1931: 81,000, 1932: 82.000, 1933
and 1934: 81,000. 1935: $2,000, 1936 and 1937; 81.000, 1938
and 82,000, 1939.
19.800 Fairmount Boulevard impt. bonds. Due serially from 1930 to
1939 incl. The above issues are dated May 11929.
BEAVER, Beaver County, Okla.
-BOND OFFERING.
-Sealed bids
will be received until 2 p.m. on May 6. by G. Stephenson, Town Clerk, for
the purchase of a 350.000 issue of 6% semi-annual hospital bonds.
BENTON COUNTY (P.O. Fowler), Ind.
-BOND SALE.
-The 81,855
6% Mitchell drainage improvement bonds offered on April 27-V. 128,
p. 2507-were awarded to the Farmers & Merchants Bank of Boswell, at
$10.00 equal to 100.5;1, a basis of about 5.89%.
par plus a premium of
Dated April 15 1929. Due $185.50, May 15 1930 to 1939 incl. The
Delphi Water Works bid $1.856.01.
BILTMORE FOREST (P. 0. Asheville), Buncombe County, N. C._
-The two issues of 6% coupon bonds aggregating 8310.000
BOND SALE.
-were awarded to Magnus &
offered for sale on April 29-V. 128. P. 2507
Co. of Cincinnati. The issues are divided as follows:
water and sewer bonds. Due from April 1 1931 to 1960 hid.
$160,000
150,000 street bonds. Due from April 1 1930 to 1949 incl.
-BOND OFFERING.
BIRMINGHAM, Jefferson County, Ala.
Sealed bids will be received until noon on May 14, by C. E. Armstrong,
City Comptroller, for the purchase of a $260,000 issue of 4, 4U,443.
or 5% public improvement bonds. Denom. $1,000. Dated June 1 1929.
Due $26,000 from June 1 1930 to 1939 incl. Prin. and int. (J. & D.) payable
in gold at the Hanover National Bank in Now York City. Thomson,
Wood & Hoffman of New York will furnish the legal approval. A certified
Check for 1% of the bonds bid for, payable to the city, is required.
BLAINE COUNTY SCHOOL DISTRICT NO. 10 (P. 0. Chinook),
Mont.
-BOND SALE.
-The $30,000 issue of 6% registered school bonds
offered for sale on April 22-V. 128, p. 233- was awarded at par to the
State Board of Land Commissioners. Dated Jan. 1 1929. Due in 20
years and optional after 5 years.
-At the regular
-BONDS DEFEATED.
BOISE, Ada County, Idaho.
election held on April 21 the voters defeated the proposal calling for the
3055
issuance of $85,000 in airport bonds by a margin of 60 votes, a two-thirds
vote being required.
-BOND ELECTION.
BOONE COUNTY (P. 0. Boone), Iowa.
A special election will be held on May 15 for the voters to decide whether
81.300,000 in bonds will or will not be issued to pave three of the county
highways.
BOSTON, Suffolk County, Mass.
-BIDS.
-The following bids were
also submitted on April 26 for the $2,500,000 temporary loan, awarded on
April 26 to the Old Colony Corp. and the Shawmut Corp., both of Boston,
on an interest rate basis of 5.59% (V. 128, p. 2864). Separate tenders were
submitted by purchasers, both on the same basis. The loan was divided
beSidder them.
tweenDiscount Basis.
55..68255%
%
First National Bank, Boston
Salomon Bros. & Hutzler (plus $11)
S. N. Bond & Co. (plus $50)
5.90%
-BOND OFFERING.
-E. C.
BRADFORD, McKean County, Pa.
Charlton, City Clerk, will receive sealed bids until 5 p. m. May 17 for the
purchase of $129,000 4 % street, sewer and bridge coupon bonds. Denom. $1,000. Due May 1 as follows: $18,000, 1930 and 1931. and 1939 and
1940, and $19,000. 1947 to 1949 incl. Prin. and int, payable at any bank
In Bradford.
-BOND OFFERING.
BREVARD COUNTY (P. 0. Titusville), Fla.
Sealed bids will be received until 10 a. m. on May 10, by N. T. Froscher,
Clerk of the Board of County Commissioners, for the purchase of an issue
,
of 81,250.0005, 535 and 6% road bonds. Denom. $1.000. Dated Jan 1.
1927. Due on Jan. I, as follows: $250.000. 19:37 and $500,000 in 1947 and
1957. Prin. and int. (J. & J.) payable at the Bank of Titusville & Trust
Co., or at the Hanover National Bank in New York City. The legal
approval of Caldwell & Raymond of New York City will be furnished to
the purchaser.
(This report corrects that appearing in V. 128, p. 2864.)
BRIDGEPORT SCHOOL DISTRICT, Montgomery County. Pa.
BOND SALE.
-The 825,000 4 li% coupon school bonds offered on May 1-were awarded to the Bridgeport National Bank, BridgeV. 128, p. 2508
port, at par plus a premium of $265.00 equal to 101.06, a basis of about
4.49%. Bonds are dated May 1 1929. Due May 1, as follows: $5.000.
1934; and $10,000, 1944 and 1954. E. H. Rollins & Sons of Philadelphia
bid par plus a premium of $65.75.
BUTTS ROAD DRAINAGE DISTRICT NO. 3 (P. 0. Portsmouth),
-The 8180.000 issue of 6%
Norfolk County, Va.-BONDS NOT SOLD.
coupon drainage bonds offered on April 18 (V. 128, p. 2150) was not sold,
as all the bids were rejected. Dated June 11929. Due from June 1 1932
to 1959. inclusive.
-BOND OFFERING.
-A. H. Hewitt,
BYRON, Ogle County, III.
City Clerk, will receive sealed bids until May 7 for the purchase of $3.000
5% improvement bonds. Due $300, May 1 1930 to 1039 incl. Interest
Payable semi-annually. Bonds were authorized by the electorate on April
16. Of the votes polled, 261 favored the measure and 70 disapproved of it.
-BOND SALE.
-The
CALDWELL COUNTY (P. 0. Lenoir), N. C.
$50.000 issue of coupon court house bonds offered for sale on April 22-was awarded to the Detroit & Security Trust Co. of DeV. 128. p. 2508
troit for a premium of 3166, equal to 100.33. Dated April 1 1929. Due
from April 1 1930 to 1959 incl.
CAPRON SCHOOL DISTRICT (P. 0. Capron), Wood County,
-The $15.000 issue of coupon school bonds offered
Okla.
-BOND SALE.
-was awarded to the Bank of Carpon
for sale on April 25-V. 128. p. 2685
as 5s at par. Due 81.000 from April 15 1934 to 1948 incl.
COUNTY SCHOOL DISTRICT NO. 96 (P. 0. Roscoe).
CARBON
-The 53,000 issue of coupon school building bonds
Mont.
-BOND SALE.
-was awarded to the State
offered for sale on March 30-V. 128, p. 1959
Board of Land Commissioners, as 6s, at par. Denom. $300. Dated June 1
1929. Due in 10 years and optional after 5 years. Interest is payable on
June 1 and Dec. 1.
CAREY CONSOLIDATED SCHOOL DISTRICT (P. 0. Childress),
-ADDITIONAL DETAILS.
-The $60.000 issue
Childress County, Tex.
of school bonds that was purchased by Hall & Hall of Temple (Y. 128, P.
2331) bears interest at 5% and is due in 1969.
-BOND OFFERING.
-N.
CHAMPLAIN, Clinton County, N. Y.
Ponchal St. Maxem, Village Clerk, will receive sealed bids until 2 p.m.
May 9, for the purchase of $16,000 5% coupon Oak Si.. improvement
bonds. Dated May 11929. Denom. 81,000 and $750. Due May 1, as follows: $750. 1930 to 1945 incl., and 91,000. 1946 to 1949 incl. Principal
and interest payable at the First National Bank. Champlain. A certified
check for 3% of the amount of bonds bid for is required.
-BOND OFFERCHEATHAM COUNTY (P.O. Ashland City) Tenn.
INC.-Bids will be received by the Chairman of the County Court. until
May 6,for the purchase of an issue of $100.000 county bonds.
10 a. m.on
-BOND
CHELTENHAM TOWNSHIP, Montgomery County, Pa.
-Harold C. Pike. Secretary Board of Township CommisOFFERING.
sioners, will receive sealed bids until 7 p. m.(Eastern standard time) May
21,for the purchase of$100,0004 % bonds. Dated May 11929. Denom.
51.000. Due 525.000. May 1 1944, 1949, 1954 and 1959. A certified
check, payable to the order of the Township for 2% of the amount of bonds
bids for, is required. Sale subject to the approval of the Department of
Internal Affairs.
-BOND SALE.
-The $22.000
CHERRYVILLE, Gaston County, N. C.
issue of coupon or registered refunding bonds offered for sale on April 29-was awarded to David Robinson & Co., of Toledo. as
V. 128, p. 2685
54s, for a premium of $171, equal to 100.777, a basis of about 5.68%.
Dated May 1.1929. Due $2,000 from May 1 1941 to 1951,1nel. The other
bidders and their bids were as follows:
Rate Bid. Premium.
$61
5 X%
Walter, Woody & Treimerdinger
225
6
C. B. Fetner Co. of Charlotte
6
450
Weil, Roth & Irving Co
461
6
Bohmer-Reinhardt Co
CHEYENNE CONSOLIDATED SCHOOL DISTRICT NO. 7 (P. 0.
-MATURITY.
-The 529.500
Cheyenne) Roger Mills County, Okla.
issue of 6% semi-annual school bonds that was jointly awarded at par to
R. J. Edwards, Inc. and the Security National Bank, both of Oklahoma
City-V. 128. p. 2685-1s due on April 1, as follows: 82.000. 1934 to 1947.
and $1,500 in 1948.
-George K.
-BOND OFFERING.
CHICAGO, Cook County, 111.
Schmidt, City Comptroller, will receive sealed bids until II a.m. May 9,
for the purchase of 88,9:13,0004% gold bonds, described herewith:
$1,700,000 Robey St. improvement bonds. Due 8465.000, Jan. 1 1936 to
1938 incl., and $305,000, 1939.
1,475.000 Bridge plan and construction bonds. Due Jan. 1, as follows:
$125.000. 1931 and 1932: $100,000 1933, and 8125.000, 1934 to
1942 inclusive.
1,445,000 Bridge. Viaduct and Approaches bonds. Due 885,000. Jan. I
1931 to 1947 inclusive.
1.030,000 Extension and Rehabilitation Municipal Pt. Lighting System
bonds. Due Jan. 1 as follows: $30,000, 1936, and $50,000 1937
to 1947 inclusive.
895,000 Fire Dept. Rehabilitation and Improvement bonds. Due Jan. I.
as follows: 580.000. 1931 and 1932; $15.000. 1934, and $80.000.
1935 to 1943 inclusive.
678,000 La Salle St. Bridge construction bonds. Due Jan. 1 as follows:
578.000. 1935: $140,000, 1936 to 1938 incl., and $90,000. 1939
and 1940.
550,000 Clinton, Jefferson. DesPlaines, Pold and Taylor ins. impt.
bonds. Due $50.000, Jan. 1 1936 to 1946 Inclusive.
510,000 Twenty-Second St. and Indiana Ave.impt. bonds. Due 885.000.
Jan. 1 1931 to 1936 inclusive.
450,000 Nurses' Home-Municipal Contagious Disease Hospital bonds.
Due 825.000, Jan. 1 1931 to 1946 incl., and 850.000. Jan. 11947.
200.000 Refuse Disposal bonds. Due 550.000, Jan. I 1931 to 1934 incl.
Bonds may be registered in the office of the City Comptroller. Denom.
$1.000. Principal and semi-annual interest payable In gold at the City
Treasurer's office, or at Guaranty Trust Co.. New York.
The validity of these bonds has been passed upon by Chapman St Cutler
of Chicago. and a copy of their opinion will be furnished upon request.
Bids to be received for "all or any part" of the bonds offered. A certified
check payable to the order of the above-mentioned official for 2% of the
amount of bonds bid for it required.
3056
FINANCIAL CHRONICLE
Statement of the City Debt as of April 1 1929.
Assessed valuation
$4,250,437,799.00
Debt limitation as per constitution(5%)
212,521,889.95
Totalfunded debt, April 1 1929
$87.387,700.00
Added debts (other than funded)
14.031,082.32
Total constitutional debt
101.418,782.32
$111,103,107.63
UnexercLsed debt-incurring power, April 1 1929
CHICOPEE, Hampden County, Mass.
-TEMPORARY LOAN.
-The
Third National Bank & Trust Co., Springfield, purchased on April 25 a
$200.000 temporary loan, due in seven months,on a discount basis of5.33%.
The following bids were also submitted:
Discount Basis.
BidderWestern Massachusetts Bank & Trust Co., Springfield
5.358"
First National Bank, Boston
5.365
Salomon Bros. & Hutzler
5.47%
S. N. Bond & Co.(plus $2)
5.63%
CINCINNATI SCHOOL DISTRICT, Hamilton County, Ohio.
NOTE OFFERING.
-R. W. Shafer, Clerk Board of Education, will receive sealed bids until 3 p. m. May 13, for the purchase of $325,000 notes.
Dated May 15 1929. Denominations 825,000, 810,000 and $5,000. Due
Jan. 15 1930. Bidder to state rate of interest and furnish legal opinion.
Payable at the Irving Trust Co., New York.
-The
CITRUS COUNTY (P. 0. Inverness), Fla.
-PRICE PAID.
841,000 issue of 6% refunding bonds that was awarded to the BrownCrummer Co. of Orlando (V. 128, p. 1774) was sold at a price of 95, a basis
of about 6.60%. Due from Jan. 1 1932 to 1951 Incl.
CLAREMONT SCHOOL DISTRICT, Sullivan County, N. H.
BONDS OFFERED.
-Albert B. Kellogg, Superintendent of Schools, received sealed bids until 8 p. m. (Eastern standard time), May 3, for the
purchase of the following described
% coupon bonds, aggregating
$300000:
,
000 Stevens High School bonds. Duo Oct. 1 as follows: $13,000, 1930
$250.
to 1e39, incl., and $12,000, 1940 to 1949, incl.
50.000 school bonds. Due Oct. 1 as follows: $3,000, 1930 to 1939, incl.,
and $2.000, 1940 to 1949, incl.
Dated April 1 1929. Principal and interest payable at the Old Colony
Trust Co., Boston. Legality to be approved by Ropes, Gray, Boyden &
Perkins of Boston.
-An issue
CLARK COUNTY (P. 0. Neillsville), Wis.-BOND SALE.
of $175,000 semi-annual road bonds has been purchased as 434s by the
Milwaukee Co. of Milwaukee.
-Sealed
COLDWATER, Tate County, Miss.
-BOND OFFERING.
bids sill be received until May 7 by S. II. Cooper, Mayor. for the purchase
of a $20,000 issue of water system bonds. (These bonds were voted on
March 21-V. 128, p. 2151.)
COLUMBIA, Maury County, Tenn.
-A $17,000 Issue
-BOND SALE.
of 43i% funding bonds has been purchased by Little, Wooten & Co. of
Jackson.
COLUMBUS,Franklin ounty, Ohio.
-NOTE OFFERING.
-Howard
S. Wilkins, City Clerk, will receive sealed bids until 7 p. m. (eastern standard time) May 6, for the purchase of $470,000 promissory notes. Dated
June 11929. Denom. 85.000. Due Dec. 11930. Int. payable on Dec. 1
1929, June 11930. and Dec. 11930. Both principal and interest payable
at the office of the agency of the city of Columbus. in New York. A certified
check payable to the order of the City Treasurer for 1% of the amount of
notes bid for is required.
CROOK COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Moorcroft),
Wyo.-BOND OFFERING.
-Sealed bids will be received until 2 p. m. on
May 20, by Inez C. Noonan, District Clerk, for the purchase of a $28,000
Issue of 5% school bonds. Denom. 8500. Dated June 1 1929. Due on
June 1 as follows: $1,000, 1940 to 1944,• $2,000, 1945 to 1949; $2,500. 1950
to 1953. and $3,000 in 19.54. Int. payable on Jan. and July 1. No bids for
less than par. A certified check for 5% must accompany the bid.
-BANKS LOAN
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
$2,000,000.
-The county commissioners on April 27, borrowed $2,000,000
on short-term notes at 6% interest, according to the Cleveland "Plain
Dealer" of the following day. The Cleveland Trust Co. loaned $1,000.000;
the Central National Bank and the Union Trust Co., both of Cleveland,
each offered 3500.000. The loan is payable in one year. This is the
first time, it is stated,in the county's history that banks have charged more
than 5M % interest on funds borrowed.
DE BACA COUNTY (P. 0. Fort Sumner), N. Mex.-BOND SALE.
A $40,000 issue of court house and jail bonds has recently been purchased at
par by the State of New Mexico
DEKALB SANITARY DISTRICT (P. 0. DeKalb), DeKalb County,
111.
-BOND SALE.
-The $190.000 414% sanitary sewer bonds offered on
April 26-V. 128, p. 2686-were awarded to the Harris Trust & Savings
Bank, Chicago, at 99. a basis of about 4.60%. Bonds are dated Feb. 1
1929. Due Aug. 1 as follows: $5,000, 1933 to 1936 inclusive: $10,000,
19:37 to 1941 inclusive, and 815,000, 1942 to 1949 inclusive.
Bonds are being reoffered for public investment priced to yield 4.80 to
.
4.45%, according to maturity.
Financial Statement.
Real value of taxable property
$7,826,704
Assessed valuation for taxation, 1927
7,826,704
*Total debt (this issue only)
190,000
Population, estimated
10.000
Population (city) 1920 census
Population 1910 census
8,102
*The above statement does not include obligations of other municipal
corporations which have taxing power against property within the district.
DES MOINES, Polk County, lowa.-BONDS OFFERED.
-Sealed bids
were received until 2 p. m. on May 1, by Emmett C. Powers, City Treasurer, for the purchase of an issue of $125,000 5% improvement bonds.
Denom.81,000. Dated May 1 1929 and due on May 1 as follows: $12.000,
1930; 813,000, 1931; $15.000. 1932, 1934 and 1935; $20,000, 1937 and
$35.000 in 1938. Principal and interest (M. & N), payable at the office
of the City Treasurer.
DEWEY SCHOOL DISTRICT (P. 0. Dewey), Washington County,
-Sealed bids will be received until 8 P. m. on
-BOND OFFERING.
Okla.
May 1 by Ira B. McCrary, Clerk of the Board of Education, for the purchase of a $15,000 issue of semi-annual school bonds. Int. rate is not to
exceed 5%. Denom. $1,000. Dated June 1 1929. Due $1,000 from
Jan. 1 1933 to 1947 incl. A certified check for 2% of the bid is required.
DOUGLAS COUNTY (P. 0. Omaha), Neb.-BOND OFFERING.
Sealed bids will be received by the Clerk of the Board of Supervisors, until
May 6, for the purchase of an issue of $130,000 poor fund bonds.
-ADDITIONAL INFORMADRESDEN, Weakey County, Tenn.
,
TION.
-The $10,000 LSS110 of 536% coupon funding bonds that was pur-V.128, p. 2509
chased at a price of 100.53 by Caldwell & Co.of Nashville
Is dated March 1 1929. Due $1,000 from March 1 1940 to 1949 incl.
Basis of about 5.45%. Prin. and int. (M. & S.) payable at the Bank of
Tennessee in Nashville. Legality approved by Chapman & Cutler of
Chicago.
Financial Statement (As Officially Reported).
Actual value of all taxable property, estimated
$685,000
Assessed valuation for taxation, 1928
456.000
Total bonded debt, including this issue
72,000
Less-Waterworks bonds, $15,000; electric light bonds, $12,000
27,000
[VOL. 128.
of Chicago will furnish the legal approval to the purchaser. A certified
check for 2% of the bonds bids for, payable to the County Treasurer, is
required.
DUNDEE TOWNSHIP SCHOOL DISTRICT NO. 5 (P. 0. Dundee),
Monroe County, Mich.
-BOND SALE.
-The $150,000 school bonds
offered on April 25 (V. 128. p. 2509) were awarded as 4$45 to Braun, Bosworth & Co. of Toledo at par plus a premium of $1,000. equal to 100.66. a
basis of about 4.70%. Bonds are dated April 1 as foillows: $2,000, 1930
to 1933 incl.: 13,000, 1934 to 1939 incl.; $4.000, 1940 to 1942 incl.; $5,000,
1941 to 1945 incl.; $6.000, 1946 to 1948 incl.: 87.000, 1949 to 1952 incl.;
$8.000. 1953 to 1955 Incl., and 19,000, 1956 to 1958 incl.
DUNMORE SCHOOL DISTRICT, Lackawanna County, Pa.
BOND OFF.
-Anna C. McDonough, Secretary Board of Directors, will
receive sealed bids until 8 p. m. May 14, for the purchase of $125,000
5% coupon school bonds. Dated May 1 1929. Denominations $1,000.
Due May 1 as follows: $5,000, 1934 and $6,000 1935 to 1954, Incl. A
certified check payable to the order of the District Treasurer, for 1% of
the amount of bonds bid for, is required.
DURHAM, Durham County, N. C.
-FINANCIAL STATEMENT.
The following detailed statement is furnished in connection with the offering scheduled for May 6-V. 128, p. 2865
-of the six issues of coupon or
registered bonds aggregating $1,085,000:
Assessed valuation of all property, 1928
882.926.492.00
Assessed valuation of real property, 1928
52.930.860.00
Actual valuation of all property, estimated
135,000,000.00
Outstanding debt:
Water bonds
$3.640,999.99
Street improvement bonds
3,063,826.10
Other bonds
2,395,260.86
Bond anticipation notes other than notes
to be retired from proceeds of bonds now
offered
700,000.00
9,800,086.95
Bonds now offered
1,085.000.00
Total debt, including bonds offered
$10,885,086.95
Less water debt
$4,290.999.99
Market House bonds
8,000.00
Sinking funds, exclusive of funds for water
and market house debt
755,847.43
Uncollected special assessments actually
levied applicable to street bonds
1,567.106.41
Special assessments about to be levied,
applicable to street bonds outstanding
and now offered
128,395.66
6.750.349.49
Net indebtedness, including bonds now offered
$4.134.737.46
School bonds of the City of Durham aggregating $624.913.05 are omitted
from the above statement, since their payment has been assumed by the
Durham Public School District by vote of the people of the District under
authority of law.
The township has no indebtedness: the Durham Public School District,
coterminous with the City, has a debt of $1.729.913.05, including School
Bonds of the City of Durham assumed by the District; all School bonds
mature in annual series, except 850.000 due in 1935.
Tax rate, 1928. 1929
*135
Population, census 1920
21.16
i19
3
Population, special United States census, 1925
42:7 0
60
258
Population, present estimated
Of the outstanding bonds $310,000 are long term bonds, and the remainder are serial bonds maturing in annual installments.
DYER COUNTY (P.O. Dyersburg), Tenn.
--BOND SALE.
-The
$1,000,000 issue of road bonds offered for sale on May 1-V. 128, p. 2687
-was awarded to I. B. Tigrett & Co. of Memphis and Caldwell & Co. of
Nashville, jointly, as 5s for a premium of 87,500, equal to 100.75.
EAST CHICAGO SCHOOL CITY, Lake County, Ind.
-INTEREST
RATE.
-The 8175,000 school bonds awarded to the Fletcher American Co.
of Indianapolis at 100.11-V. 128. p. 2865
-bear interest at the rate of4)4%
payable semi-annually. Bonds are dated June 1 1929 and mature June 1,
as follows: $25,000, 1945 to 1948 incl.; and $75,000, 1949. Interest cost
basis to city about 4.49%.
EAST GRAND RAPIDS (P. 0. Grand Rapids), Kent County,
Mich.
-BOND SALE.
-The $69,660 sewer construction bonds offered on
-were awarded to the First National Co. of
Apr. 30-V. 128, p. 2687
Detroit, at par plus a premium of $18, equal to a price of 100.026. Coupon
rate 5%. Bonds mature serially in from 1 to 9 years.
-TEMPORARY LOAN.
EASTHAMPTON, Hampshire County, Mass.
-The First National Bank of Boston on May 1 purchased a $100.000
temporary loan maturing in 6 months, on a discount basis of 5.37%.
F. S. Moseley & Co. of Boston were the only other bidders, offering to
discount the loan on a 5.46% basis.
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 9, Wayne County,
Mich.
-The following issues of 5% bonds aggregating
-BOND SALE.
$157,750, offered on Mar. 18-V. 128, p. 1774-were sold locally, at par
plus a premium of $500, equal 10 103.19. a basis of about 4.79%:
$124.350 school bonds. $33,400 school site bonds.
Both issues mature in 30 years.
EDGECOMBE COUNTY (P. 0. Tarboro) N. C.
-PURCHASER.
The 860,000 issue ofcoupon school bonds that was awarded on April 25 as 5s
at a price of 100.408, a basis of about 4.97%-V. 128, p. 2865
-was jointly
purchased by the 'Wells-Dickey Co. of Minneapolis and the Wachovia
13anidder Trust Co. of Winston-Salem. The other bids were as follows:
B k and
Premium.
Rate Bid.
A.B.Leach & Co
$90.00
517
79
Prudden & Co
186.00
Stranahan, Harris & Oatis
26 0
.0
1,122 00
5)4%
W. K. Terry & Co
534%
Detroit Savings & Trust Co
534'7
Asset, Goetz & Moerlein
' .2
192
1 666
5
Braun, Bosworth & Co
242.00
N. S. Hill & Co
834.00
53•2
6x
Provident Savings Bank & Trust Co
558.00
Issues
8Ues
Union County, N. J.
-The two5ss 0
-BOND SALE.
of bonds offered on May 2-V. 128. p. 2687
-were awarded as stated herewith:
$749,000 temporary loan bonds were sold as 434s to the First National
,
Bank and Phelps, Fenn & Co. both of Now York, at par plus a
premiumatu 32.75y l ita1 . 100.36, a basis of about 4.43%•
ponds m ofre 51 0 eg 35 to
.
ed
53.000 Fire House bonds were sold as 4}is to White, Weld & Co. of
New York, and J. S. Rippel & Co. of Newark, at par plus a
premium of $114.13, equal to 100.21. a basis of about 4.48%.
Bonds mature May 1 as follows: $2,000. 1931 to 1954 incl.;
and 81.000. 1955 to 1951) incl.
Both issues are dated May 1 1929. An official tabulation of the bids
subntitted follows:
i er
Amt.Bid for Int.Rate. Amt. of Bid.
$749,000.00 4 X % *$751.750.00
Peoples National Bank
756..066..66
Union County Trust Co
749,000.00 4 X 7
Nat'l State Bank
753,727.17
Central Homo Trust Co
0
749;010..01 43 0
74
750,765.81
749,000.00 454%
Elizabethport Banking Co
750.128.63
Elizabeth Trust Co
749,000.00
El Mora State Bank
6, 00
74 0 0..00 431 a
49 00 00 4
Net bonded debt
$45.000
House Bonds.
Population. 1910 census, 708; 1920 census, 1,007: present official Elizabeth Trust Co $53,000.00 Fire
*53. 14. 7
530 7 53
. .
12 1
$5.3;000:00 1;4''
estimate, 1,500.
00
o I ns & Co
Note.
-Included in the net bonded debt above is $2,000 in bonds issued
53,589.89
53,000.00 43.4
for street improvement purposes and payable primarily from special Eilzaliethport Banking Co
53,467.77
53,000.00 434
Central
assessments levied against the property abutting on the improvements. Peoples Home Trust Co
00
444
53,328.60
65333.:0000000.
5 0 0100 450 4 4,
National Bank
These assessments are sufficient in amount to pay the principal and interest Union County Trust Co
53,255.65
bonds.
of the
53,125.00
National State Bank
53.000.00 434%
53,000.00
DUBUQUE COUNTY (P. 0. Dubu4ue), lowa.-BOND OFFERING. El Mora Sta Bank
State
* Successful bids.
-Bids will be received by J. A. Clark, County Treasurer, until 2 p. m.
purchase of an issue of $190.000 annual primary road
DISTRICT (P. 0. Emerson),
on May 14 for the
EMERSON INDEPENDENT SCHOOL
-Sealed bids were received
bonds. Denom.$1,000. Dated May 1 1929 and due on May 1 as follows: Mills County, lowa.-BONDS OFFERED.
120.000. 1941: 830,000, 1942; $50.000. 1943; $90,000, 1944 and optional until 10 a. m. on May 2, by John Carson. Secretary of the Board of Educain 1934. Open bids will be received after all sealed bids have been received. tion, for the purchase of a $14,000 issue of 494% semi-annual coupon school
Blank bonds are to be furnished by the purchaser. Chapman & Cutler bonds. Denom. $500. Dated June 1 1929.
MAY 4 1929.]
FINANCIAL CHRONICLE
3057
-The $242.300 as follows:$1,000. 1931 to 1943,inc.:82.000, 1944 to 1949,incl.;and 53.000.
-BOND SALE.
EUCLID, Cuyahoga County, Ohio.
and legal opinion.
special assessment improvement bonds offered on April 22-V. 128, P. 1950 to 1959, incl. Purchaser to furnish blank bonds Treasurer for
$5500
-Citizens Corp. of Columbus. A certified check payable to the order of the District
-were awarded as 534s, to the First
2687
Price paid not given. Bonds are dated April 1 1929 and mature on Oct. 1, must accompany each proposal. No bids were submitted for these bonds
as follows: $24,300, 1930; $24,000. 1931 to 1937 incl., and $25,000. 1938 on April 8 when they were offered as 4343.-V. 128. p. 2688.
and 1939.
-BOND SALE -The $400,000
HAZELTON, Jefferson County, Pa.
FAIRFAX SCHOOL DISTRICT (P. 0. Bakersfield) Kern County, 434% coupon street improvement bonds offered on April 29-V. 128, P.
-were awarded to E. Lowber Stokes dc Co.. and R. M. Snyder & Co.,
offered for 2510
-The $15.000 1=11(3 of 6% school bonds
-BOND SALE.
Calif.
-was sold to the Elmer J. Kennedy Co. both of Philadelphia, at par plus a premium of $1,880. equal to 100.47,
sale on April 22-V. 128. p. 2332
of Los Angeles, for a premium of $37.37, equal to 100.249, a basis of about a basis of about 4.46%. Bonds are dated May 1 1929, due 320.000. May 1
1939 to 1958 incl. Purchasers are reoffering the bonds for public invest6.97%. Due 81.000 from 1932 to 1946 incl.
ment,at prices to yield 4.25% and interest.
-T. J.
FAIRFIELD, Greene County, Ohlo.-BOND OFFERING.
Financial Statement.
Smith,Village Clerk, will receive sealed bids until 12 in. (central standard Real value
860,000.000
time) May 30, for the purchase of the following issues of 53.4% bends. Assessed valuation
580.430
0°°."
20:
aggregating $40.000:
1.990.340
Bond debt lees sinking fund
836.500 special assessmentvrater works bonds. DueSeptember 1,as follows:
Population, 38,200.
82.000, 1930 and 1931; 82.500, 1932; 82.000. 1933, 83,000. 1934:
-The
HEBRON, Thayer County, Neb.-ADDITIONAL DETAILS.
1938: 82.000,
82.000, 1935; $3.000, 1936; 32,000, 1937;
was
1939; 83,000, 1940; 82,000, 1941:,$3,000. 1942; $2,000, 1943: 830.000 issue of water system bonds thatbearspurchased by the First Na83.000,
interest at 43.4% and was
tional Co. of Lincoln (V. 128, p. 2866)
and 83,000. 1944.
$3,500 Village's portion water works bonds. Due 8250„ September 1 awarded at par. Due in 1949 and optional after 1934.
1930 to 1943, incl.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 10 (P. 0.
Dated Mar.11929. Prin.and int.payable in Fairfield. A certified check Baldwin), Nassau County, N.Y.
-The3200.000coupon
-BOND SALE.
payable to the order of the Village Treasurer for 2% of the amount of bonds or registered school bonds offered on Apr. 30-V. 128. D. 2866
-were
old for is required. Legality to be approved by Peck. Shafer & Willaims swsrded as 4Xs,to E. H. Rollins & Sons of New York at par plus a premium
of Cincinnati.
of $780, equal to 100.39, a basis of about 4.71%. Bonds are dated Apr. 1
FALL RIVER, Bristol County, Mass.
-BIDS REJECTED.-All bids 1929. Due $10,000, Apr. 1 1930 to 1949 ind. The following bids were
submitted on April 26. for the purchase of a $500.000 temporary loan, were also submitted:
Prem.
Int. Rate.
rejected according to a report. Tenders were considered too high. Loan is
Bidder$670.50
4.75%
dated April 29 1929 and is payable on Nov. 14 1929.
Roosevelt & Son
358.00
4.757
Freeport National Bank & Trust Co
-Ned J.
FLINT, Genesee County, Mich.
-BOND OFFERING.
378.50
4.75%
Vermilya, City Clerk, will receive sealed bids until 8 p. m.(Eastern standard Ames, Emerich & Co
494.80
4.80%
time) May 6, for the purchase of $72,000 sidewalk bonds-rate of interest George B. Gibbons & Co
220.00
4.80%
Dewey Bacon & Co
not to exceed 5%. Dated May 1 1929. Due 236,000. May 1 1930 and 1931.
-TEMPORARY LOAN.
Interest payable semi-annually at the office of the City Treasurer. A
HOLYOKE, Hampden County, Mass.
certified check for 31,000 must accompany each proposal. Legality to be Faxon,(lade Sc Co. of Boston were recently awarded $300.000 temporary
approved by Miller, Canfield. Paddock & Stone a Detroit.
loan dated April 25 1929 and payable on Nov. 12 1929, on a discount basis
were also submitted:
-BIDS.- of 5.33%. The following bids
FLINT SCHOOL DISTRICT, Genesee County, Mich.
Djscount Bisis
BidderThe following bids were submitted April 24,for the $1,100.000 4g% bonds
First National Bank, Boston
awarded to Stone & Webster and Blodget, Inc., of New York, and the Old Colony Corp
basis of about 4.49%-V. 128,
Fidelity Trust Co., Detroit, at 100.068, a
S. N. Bond & Co
D. 2865:
5..6964
5
55.3
9
Rate Bid. Salomon Bros. & Hutzler (Plus 33)
Bidder-A. W.
-BONDS OFFERED.
100.068
Stone & Webster and Biodget, Inc.. and Fidelity Trust Co
HUDSON, Middlesex County, Mass.
Morse,Town Treasurer, will receive sealed bids until 7 p.in.(daylight saving
Continental Illinois Co., Halsey, Stuart & Co.. and Northern Trust
% coupon water main bonds.
100.059 time) May 3 for the purchase of 810,000
Co
$1,000. Due $1,000 May 1 1930 to 1939
ROAD AND BRIDGE DISTRICT Dated May 1 1929. Denom.
FORT MYERS-10NA SPECIAL
incl. Prin. and int.(May and Nov. 1) payable at the First National Bank,
-Sealed bids
-BOND OFFERING.
(P.O.Fort Myers), Lee County, Fla.
bonds will be engraved under the supervision of the bank,
will be received until 2 p. M. on June 5, by J. F. Garner, Clerk of the Boston. The
to their genuineness. Legality to be approved by
which
Board of County Commissioners, for the purchase of an issue of $165.000 Ropes,will certify as & Perkins of Boston.
Boyden
Gray.
6% road bonds. Dated Feb. 1 1926. Due on Feb. 1, as follows: $10,000,
Financial Statement April 22 1929.
1953 and 820.000 in 1954. Prin.
1949; $30.000, 1950; 835,000. 1951 to
$7,259.152.00
and semi-ann. int. payable at the Bank of America in New York City. Net valuation for year 1928
214.309.26
Caldwell & Raymond of New York City will furnish the legal approval. Debt limit
615,200.00
Total gross debt, not including this issue
A certified check for 2% of the bid, payable to the Chairman of the above
$112,200.00
-Water bonds
Exempted debt
Board, is required.
118,000.00
School bonds
(This supplements offering notice appearing in V. 128, p. 2867 as "Lee
36,000.00
Sewer bonds
Co.")
Light and power bonds
-BOND SALE.
County, Fla.
-Of the
FORT PIERCE, Saint Lucie
000 00
773, 00..00
5
Soldiers' Memorial bonds
three issues of bonds aggregating 3200,0001, unsuccessfully offered for sale
346.700.00
on March 5-V. 128, p. 1960
-the $100.000 issue of 6% revolving fund
bonds has since been purchased by Stranahan, Harris & Oatis, Inc. of
$168,500.00
Net debt
Toledo, and the Brown-Crummer Co. of Wichita, jointly, at a price of Borrowing capacity April 22 1929
$45.809.26
95. a basis of about 6.47%. Dated Sept. 11927. Due on Sept. 1 1947.
-BOND SALE.
HUNTINGTON COUNTY (P.O. Huntington), Ind.
-BOND OFFERFREEBORN COUNTY (P. 0. Albert Lea), Minn.
5% road improvement bonds offered on April 12-V. 128,
ING.
-Sealed bids will be received by the County Clerk until 2 p. m. on -The $11,000
plus a premium
A.P.Flynn of Logansport,at
May 7, for the purchase of a $200.000 issue of semi-annual funding bonds. p.1961-were awarded to basis of about 4.82%. Datedpar, 1 1929. Due
April
of $38, equal to 100.88,a
Int. rate is not to exceed 5%.
3550 May and Nov. 15 1930 to 1939. incl.
-BOND OFFERING.
-Jacob
GALION, Crawford County, Ohio.
INDEPENDENCE SCHOOL DISTRICT (P. 0. Independence),
Keene, City Auditor, will receive sealed bids until 12 m.(Eastern standard
-Sealed bids will be received
Mo.-BOND OFFERING.
time) May 15 for the purchase of $125,000 6% refunding bonds. Dated Jackson County,
by Frank R. Brown, President of the Board of Education,for
March 1 1929. Denom. $1,000. Due as follows: $4,000, March 1 and until May 7. of an issue of $180.000 school bonds.
1 1931 to 1943 Incl. Prin. the purchase
Sept. 1 1930: $4,000, March 1 and $5,000, Sept.
-BOND OFFERING.
and int. (M. & S.) payable at the Citizens National Bank, Galion. A
IRVINGTON, Westchester County, N. Y.
certified check, payable to the order of the City Treasurer, for 3% of the Thomas J. Gorey, Village Clerk, will receive sealed bids until 8 IL M.
amount of bonus bid for must accompany each proposal. Lelality to (daylight saving time) on May 13 for the purchase of $60,000 coupon or
be approved by Squire, Sanders & Dempsey of Cleveland.
registered park bonds: rate of interest not to exceed 6%. and to be stated
dated April 1 1929.
-BOND OFFERING.- In a multiple of 1-10th or 14 of 1%. Bonds are incl. Prin. and int.
GIBSONBURG, Sandusky County, Ohio.
in. June 17, Denom. $1.000. Due $2,000 April 1 1934 to 1963
Allen L. Ludwig, Village Clerk, will receive sealed bids until 12
payable in gold at the Irvington National Bank, Irvington. A
for the purchase of $12,000 6% fire fighting apparatus equipment bonds. (A. & O.)
payable to the order of the Village, for $1,200 is required.
Dated Apr. 1 1929. Denoms. $1,200. Due $1,200. Oct. 1 1930 to 1939 certified check,
Dillon & Vandewater of New York.
incl. Int. payable semi-annually. A certified check payable to the order Legality to be approved by Clay.
-W. P.
-BOND OFFERING.
of the Village Treasurer, for $100 must accompany each proposal.
JACKSON, Jackson County, Ohio.
25, for the
-BOND OFFERING.-Bids will Turner, City Auditor, will receive sealed bids until 12 in. May
GLASGOW, Valley County, Mont.
purchase of $10,157.90 6% special assessment street improvement bonds.
be received until 8 p. in. on May 22 by G. D.Peterson, City Clerk, for the
1 1929. Due Sept. 1 as follows: $1,157.90, 1930: 81.009.
Dated
Purchase of a $50.000 issue of semi-ann. refunding bonds. Int, rate is not 1931 toMarch Incl.: $1.500, 1934: 31.000, 1935 to 1937. incl.. and $1.500.
1933,
to exceed 53.4%. Denom. $1,000. Due on May 1 1949 and optional after
certified check payable to the order of the City Treasurer, for 5%
1938. A
May 1 1939.
of the amount of bonds bid for is required.
GLASSBORO SCHOOL DISTRICT (P. 0. Woodbury), Gloucester
-The Sink-BOND SALE.
JEFFERSON, Ashtabula County, Ohio.
Townsend, District Clerk, reports
-0. M.
County, N. J.
-BOND SALE.
coupon town hall
that the Teachers' Pension and Annuity Fund, Trenton, has purchased an ing Fund Trustees purchased on Apr. 1,an issue of $5,000
are payable
Issue of $391,000 bonds for school construction and equipment purposes. bonds, at a price of par. Bonds bear a coupon rate of6% and
in 10 years. Denoms. $500. Int. payable April and September.
The price paid was par.
JEFFERSON COUNTY SCHOOL DISTRICT NO.12(P.O. Ralston),
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Colo.
-A 35,000 issue of 434% refunding bonds
-ELECTION SALE.
-PRE
-Sealed bids will be received by
Aberdeen), Wash.
-BOND OFFERING.
Co. of
in. on May 16, for the pur- has been purchased by Bosworth, Chanute, Loughridge & in fromDenver,
Mabel Taylor, County Treasurer, until 2 p.
1 to 10
near future. Due
chase of an issue of $175,000 school bonds. Int, rate is not to exceed 6%. subject to an election to be held in the
semi-annual int. payable at the County years.
Dated June 15 1929. Prin. and
-The $300.lowa.-BOND SALE.
JONES COUNTY(P.O. Anamosa),
Treasurer's office, the office of the State Treasurer or at the State's fiscal
000 issue of primary road bonds offered for sale on April 18(V. 128, p. 2689)
agency in New York. A certified check for 5% is required.
was awarded to
Velth & Duncan of Davenport as 04s for a pre-BOND OFFERING.
- mium of $1,360,Glaspell, 100.453, a basis of about 4.65%. Due from 1935
0. Greeneville) Tenn.
GREENE COUNTY (P.
equal to
Sealed bids will be received by T. G. Haney, Chairman of the County to 1944 incl. Optional after 5 years. The second highest bid was a preCourt,until 1 p. m.on Juno 1.for the purchase of a $200.000 issue of semi- mium offer of $1.355, tendered by Geo. N. Bechtel & Co. of Davenport.
annual county bonds. Int. rate is not to exceed 5%. Denom. $1,000.
--BOND OFFERING.
KALAMAZOO, Kalamazoo County, Mich.
Dated July 11929. Due $20,000 from July 1 1949 to 1958 Ind.
will receive sealed bids until 8 p. m. May 6.
O.
-BOND SALE.
-An issue for It. Howard, City Clerk, % street improvement bonds. Dated May
GREENFIELD, Weakley County, Tenn.
the purchase of 840.000
of $125.000 paving bonds has recently been purchased by Caldwell & Co. 15 1929. Denoms. $1,000. Due $4.000 May 15 1930 to 1939, incl. Int.
of Nashville for a $600 premium, equal to 100.48.
payable semi-annually. A certified check payable to the order of the City
-BOND SALE.
- for 31.000 is required. Legality to be approved by Miller, Canfield, PadGUILFORD COUNTY (P. 0. Greensboro), N. C.
The three issues of bonds aggregating $605.000, offered for sale on April 29 dock & Stone of Detroit.
-The
(V. 128, p. 2688) were awarded to the National City Co. of New York as
-BOND SALE.
KENNETH SQUARE, Chester County, Pa.
4345.at a price of 100.229. a basis of about 4.73%. The issues are described 310.000
% highway and funding bonds offered on April 29-V. 128.
as follows:
P.2333-were awarded at par,to the Kenneth Trust Co.of Kenneth Square.
$525,000 road and bridge bonds. Due on Nov. 1 as follows: $20,000, 1930 Bonds are dated May 1 1929. Bonds to mature annually. No other bid
to 1933; 825,000. 1934 to 1938; $30,000, 1939 to 1941; 340,000, was submitted.
1942 and 1943. and $50,000. 1944 to 1946.
KEYSTONE SCHOOL DISTRICT (P. 0. Keystone), Benton
50,000 county home bonds. Due on Nov. 1 as follows: $1,000, 1931 to
-The sale of the $30,000
-BOND SALE POSTPONED.
County, Iowa.
1943, and $3,000 from 1944 to 1951, all inclusive.
30,000 county jail bonds. Due on Nov. 1 as follows: 81.000. 1931 to issue of school bonds scheduled for May 1 (V. 127, p. 2510) has been indefinitely postponed.
$2,000 from 1955 to 1957, all inclusive.
1954 and
Dated May 1 1928. Prin. and int. (M. & N.) payable in gold in New
KINDERHOOK UNION FREE SCHOOL DISTRICT NO. I (P. 0.
York. Masslich & Mitchell of New York City will furnish legal approval.
-Ray L.
-BOND OFFERING.
Kinderhook), Columbia County, N. Y.
-BOND OFFERINO.-Sealed Wilson, Clerk Board of Education, will receive sealed bids until 8 P. in.
HALE COUNTY (P.O.Plainview), Tex.
May 20, for the purchase of $133,000 434% school bonds. Dated June 1
bids will be received by E. 0. Abernathy, County Judge, until 2.30 p.
on May 0. for the purchase of an issue of $150,000 5% semi-annual road 1929. Denoms. $1,000. Due June 1 as follows: 31.000. 1930 and 1931:
$2,000, 1932 to 1934 incl.; 34.000, 1935 to 1944 hid.: $5.000, 1945 to 1949
bonds. Dated March 15 1929.
Prin. and hit, payable at the National
-BOND SALE.
- Md.;and $6,000. 1950 to 1959 incl.
HAMILTON COUNTY (P. 0. Noblesville), Ind.
Union Bank, Kinderhook. A certified check for 5% of the amount of
The 33,800434% Horton Bridge bonds offered on April 20(V. 128, p.2510) bonds bid for is required.
were awarded at par to the Noblesville Trust Co. Bonds are dated April 20
KING COUNTY SCHOOL DISTRICT NO. 161 (P. 0. Seattle),
1929. Due 8360 May and Nov. 15 1930 to 1934 hid. No other bid sub-The 34,700 issue of semi-annual school bonds of-BOND SALE.
Wash.
mitted.
fered for sale on April 20 (V. 128. p. 2689) was awarded to the State of
HARRISON TOWNSHIP SCHOOL DISTRICT NO. 1, Macomb Washington as 5s at par. No other bids were submitted.
-D. F. Vanderbossche, Secretary
County, Mich.
-BOND OFFERING.
KIOWA COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 8
Board of Education, will receive sealed bids until 3 p. in. (eastern standard
-BOND OFFERING.-Sealed bids will be received
time) May 7, for the purchase of 355.000 school bonds, rate of interest (P. 0. Hobart), Okla.
not to exceed 5%. Dated March 1 1929. Denom. $1,000. Due March 1. until 2 p. m. on May 4 by L. G. McNutt, District Clerk, for the purchase
3058
FINANCIAL CHRONICLE
[VOL. 128.
of a $21,200 Issue of school bonds. Due 31.500 from 1934 to 1947 and $200
in 1948. A certified check for 2% Is required.
KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
-BOND SALE.
The following issues of 4%% bonds aggregating $58,400 offered on April 24
-V. 128, p. 2510
-were awarded at par, to the State Bank of Warsaw:
$31.000 Charles E. Bishop et al, Turkey Creek Twp. improvement bonds.
Due $2,550, May and Nov. 15 1930 to 1939 inclusive.
7.400 Isaac T. Smith et at, road bonds. Due $370, May and Nov. 15
1930 to 1939 inclusive.
Both Issues are dated May 15 1929.
LA CROSSE, La Crosse County, Wis.-BOND OFFERING.
-Sealed
bids will be received until 2 p. m. on May 8 by F. L. Kramer. City Clerk,
for the purchase of a $50,000 issue of 43i% school bonds. Denom. $1,000.
Dated July 1 1929. Due $5,000 from Jan. 1 1930 to 1939 incl. An alternative bid will be received for $40,000 not including the $10,000 that Is
due in 1930 and 1931. Prin. and int. (J. & J.) payable at the office of the
City Treasurer. Blank bonds and legal opinion are to be furnished by the
purchaser. A certified check for 5% of the bid is required.
LAKE CITY, Calhoun County, Iowa.
-BONDS OFFERED.
-Sealed
bids were received until 2 p. m. on May 1 by H. D. Minor, City Clerk, for
the purchase of a $25,000 issue of 44% semi-annual sewer bonds. Dated
3
May 1 1929.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND SALE.
-The
3425.000 5% coupon bridge bonds offered on April 30-V. 128. p. 2866
were awarded to the Commercial Bank of Crown Point, at par, plus a
premium of $12,027. equal to 102.82. Bonds are dated Jan. 1 1929. Due
semi-annually. The following bids were also submitted:
Premium.
First Trust & Savings Bank, Chicago
310.257
Fletcher Savings & Trust Co., Indianapolis
8,815
Meyer-Kiser Bank, Indianapolis
6.551
LAKEWOOD, Cuyahoga County, Ohio.
-FINANCIAL STATIS
TICS.
-The following statement of the city's indebtedness, compiled In
connection with the proposed award of $70,000 4%% grade crossing
elimination bonds; on April 20-V. 128, p. 2334-has just come to band:
1. Assessed valuation of the taxable property of the Municipality as shown by the tax duplicate of 1928
8148,513,170.00
Tax rate for 1928
$2.39 per hundred valuation.
Population, 1920 census
15,181
192(licensus
41,732
Now estimated
70,000
2. Total of all bonds and notes or other evidences of indebtedness issued and outstanding, including the present issue _$4,989,416.10
3.(a) Bonds issued prior to April 29 1902
$57.000.00
(b) Bonds issued, to refund, extend the time
of payment of,or In exchange for,bonds
representing an indebtedness created or
Incurred prior to April 29 1902
(C) Bonds and notes issued in anticipation of
the collection of special assessments,
either in original or refunded form,and
notes issued in anticipation of the collection of current revenues
1,048,918.10
(d) Bonds issued for the payment of obligations arising through emergencies by
epidemics, floods, or other sources of
nature,Issued prior to Aug.
10 1927_
(2) Notes issued subsequent
to Aug. 10 1927
Total
(e) Bonds Issued prior to Jan. 11922 to meet
deficiencies in the revenue as provided
for in Sec. 3931 0.0
(f) Bonds and notes issued for the purpose of
purchasing. constructing, improving
and extending water works or municipally owned steam railroad and rapid
transit systems, to the extent that the
income from such utility or railroad is
sufficient to cover the cost of all operating expenses. Interest charges, and to
pass a sufficient amount to a sinking
fund to retire such bonds when they become due
(g) Bonds issued under Sec. 1259 by order of
the State Dept. of Health, prior to
Aug. 10 1927
221,000.00
(h) Bonds Issued since Aue. 10 1927, under
Sec. 1259-1 and finding of State Director of Health approved by the Governor, to the extent only that such
bonds at the time of issuance exceeded
the 5% debt limitation as found by the
State Tax Commission
(I) Bonds issued for the payment of noncontractual final judgments under Sec.
2293-13 G.0
Excess condemnation and mortgage bonds
issued under authority of Sec. 10 or 12
of Art. XVIII of the Constitution, and
other bonds not secured by the general
credit of the municipality
(14 (1) Bonds and notes issued to meet deficiciencies in revenues for the years
1917, 1919. 1920. 1921 and 1925
(Acts approved March 30 1917,
June 211919. Feb. 4 1920, Feb. 24
1921 and Jan. 30 1926)
42,000.00
All other bonds issued previous to
Jan. 1 1922, excluded from limitations at the time of issuance (explained on separate sheet)
CS)
3. Total. items (a) to (k),(Sec. 2293-13, 2293-14)
1,366,916.10
4. Total bonds and notes subject to 5% limitation (2 minus 3)- 3,622.500.00
(a) Sinking fund applicable to the principal thereof
733.442.61
(b) het amount subject to 5% limitation (Sections 2293-13,
2293-14.(1.C.)
2,889,057.39
3. Bonds and notes included in item 4 above but issued without
authority of an election
916.000.(X)
(a) Sinking fund applicable to the principal thereof_ _
185,461.26
(b) Net amount subject to 1% limitation (Sections 2293-13,
2293-14 0.0.)
730,538.74
8. Amount by which the Net Indebtedness of said municipality
Incurred without a vote of the Electors, has been reduced
during the present calendar year nine-tenths of which
constitutes the annual debt limitation of said municipality
during the present calendar year where the amount shown
at item 5 exceeds 1% (Sec. 2293-18)
7. Bonds and notes included in items4 and 5 above,issued during present calendar year without authority of an election
7,000.00
E. (a) Cash value of General Sinking Fund and
$523,371.05
Bond Retirement Fund
(b) Sinking Fund investments
362.255.00
(c) Cash value of Special Assessment Bond
274,861.56
Retirement Fund
Total _____________________________________________ 1,160.487.61
LANCASTER SCHOOL DISTRICT, Lancaster County, Pa.
BOND OFFERING.
-William J. Coulter, Secretary Board of School
Directors, will receive sealed bids until 4 p. m. May 20, for the purchase of
3390.000 4 St% coupon or registered school bonds. Dated May 1 1929.
Denoms. $1.000. Due May 1 as follows: $7,000. 1931: $3.000. 1932;
$10,000. 1933 to 1935, Incl.; $15.000, 1936 to 1938, incl.; $20,000. 1939 to
1941. Incl.: 325.000. 1942 to 1944, incl.. $30.000. 1945 to 1947. incl.;
335.000, 1948: and 540,000. 1949. A certified check payable to the order
of the District Treasurer for 2% of the amount of bonds bid for is required.
Legality to be approved by Townsend. Elliott & Munson of Philadelphia.
-BOND OFFERING.
LAURENS COUNTY (P. 0. Laurens), S. C.
Sealed bids will be received by John D. W. Watts, County Supervisor. until
11 a. m.on May 11 for the purchase of a $230,000 issue of coupon highway
bonds. Int. rate is not to exceed 53%. Dated May 15 1929. Due on
May 1 as follows: 330.000. 1931. and $25.000 from 1932
and semi-annual int, payable in New York. The county to 1939. Prin.
bond forms and the approving opinion of a recognized will furnish the
,
bond attorney .
Purchaser Is to pay for the same and local expenses of transcripts. A $4.600
certified check must accompany the bid.
LAWRENCE, Nassau County, N. Y.
-BOND OFFERING.
-James
Loucheim, Village Clerk, will receive sealed bids until 8:15 p. m.(daylight
saving time) May 13 for the purchase of $125,000 4% or 4K% coupon or
registered street drainage bonds. Dated May 1 1929. Denom. 81.000.
Due May 1 as follows: $5,000, 1930 to 1936 incl.: $6,000. 1937;
1938 to 1949 incl. Prin. and int. (May and Nov.) payable in and $7,000.
gold at the
Lawrence-Cedarhurst Bank, Lawrence. A certified check payable to the
order of the village for 2% of the amount of bonds bid for is required.
Legality to be approved by Hawkins, Delafield & Longfellow of New York.
LAWTON, Comanche County, Okla.
-BOND SALE.
issue of semi-annual airport bonds offered for sale on April -The $35.000
23-V. 128, p.
-was awarded to the sinking fund,as 4s at par. Due $3,500 from 1932
2689
to 1941,incl.
LEA COUNTY SCHOOL DISTRICT NO. 24 (P. 0.
Lovington),
N. Mex.-BOND OFFERING.
-Sealed bids will be received until 2 p. m.
on May 20 by Berry Ilobbs, County Treasurer, for the purchase of a $4,000
issue of semi-annual school bonds. Int. rate is not to exceed 6%. Denom. $500. Dated June 11929. Due $500 from June 1 1932 to 1939 incl.
A certified check for 5% of the bid Is required.
LOCKPORT Niagara County, N. Y.
-BOND SAGE.
-The 3:532.000
coupon Reservoir and Filtration bonds offered on May 1-V. 128, p. 2867
were awarded to Roosevelt & Son and George B. Gibbons & Co., bothof
New York. at 100.064, a basis of about 4.30%. $234,000 bonds maturing
$18,000 May 1 1930 to 1942 incl., were taken as .5s and $298.000 bonds
maturing May 1, as follows: 318,000. 1943 to 1958 incl.; and $10,000, 1959.
were awarded as 4%s.
LOCKPORT TOWNSHIP SCHOOL DISTRICT (P. 0. Lockport)
Will County, III.
-BOND SALE.
-The 3250,000 5% school bonds offered
on April 30-V. 128. p. 2867-were awarded to Kent, Grace & Co. of
Chicago, at par plus a premium of $870.00, equal to 100.348, a basis of
about 4.92%. Bonds are dated May 1 1929. Due August 1, as follows:
$30,000, 1930 to 1932 Incl.; and 340.000. 1933 to 1936 inclusive.
LONG BEACH, Los Angeles County. Calif.
-BOND SALE.
-The
$299,500 issue of semi-annual harbor bonds offered for sale on April 26V. 128. p. 2867
-was awarded to the Security First National Bank of Los
Angeles, as 43 s, for a premium of 3159, equal to 100.05. The San Fran4
cisco "Chronicle" of April 27 reports that all of the other bids were for 58,
and were as follows: Anglo-London-Paris Co.. $1,914: Jergins Trust Co.,
$1.330: William Cavalier & Co., Detroit Co.,and William R. Staats & Co..
$1,280; National City Co., $519: Dean Witter & Co.. Citizens National
Co., and Heller, Bruce & Co.. $419.
LOS ANGELES COUNTY SCHOOL DISTRICTS(P.O. Los Angeles)
Calif.
-BOND OFFER!NG.-Sealed bids will be received until 2 p. m.
on May 13 by L. E. Lampton, County Clerk, for the purchase of two issues
of 5% semi-annual bonds aggregating $62.900, as follows:
$50,000 Keppel Union School District bonds. Denom.$1,000. Due $2,000
from May 1 1930 to 1954 incl.
12,900 Tweedy School District bonds. Denom. $500. one for $400.
Due on May 1. as follows: $400 in 1930 and $500 from 1931 to
1955 inclusive.
Dated May 1 1929. Prin. and Int. Is payable at the County Treasury.
A certified check for 3% of the bonds, payable to the Chairman of the Board
of Supervisors, must accompany the bid.
LOS ANGELES, Los Angeles County, Calif.
-BONDS OFFERED FOR
INVESTMENT.
-The four issues of bonds, aggregating 52.400.000, purchased on April 23 by a syndicate headed by the First National Bank of
,
New York at 100.198, a basis of about 4.58% (V. 128. p. 2867). are nowbeing offered for public subscription at the following prices: 1940 to 1964
for 4% bonds to yield 4.45%. and 1940 to 1965 for 4 St% bonds to yield
4.50%, while the bonds maturing from 1929 to 1939 are priced to yield from
5.00 to 4.50% according to maturity:
Financial Statement Dec. 31 1928 (As Officially Reported).
Valuation as a basis for taxation 1928-1929*
$3,727.494,340
Totalternded debt,incl. issues subsequent to Dec.31 1928_
lva bo bonds
146,320,025
$45,377.85.15
Sinking fun other than water bonds
864.564
debtds
Net bonded
100,077.611
* For purposes of taxation, taxes are levied on not to exceed 50% of the
above valuation.
Population, 1920 Census, 576,673; present est. population, 1.395.574.
LOWELL, Middlesex County, Mass.
-BOND OFFERING -Fred H.
Rourke, City Treasurer, will receive sealed blds until 11 a. m. (daylight
saving time) May 7, for the purchase of the following issues of 4%% coupon
bonds, aggregating $385,000:
3225.000 macadam pavement bonds. Due $51.000. May 1 1930 to 1934 incl.
90,000 sewer bonds. Due $3,000, May 1 1930 to 1959, incl.
40,000 paving bonds. Du- 34,000, May 1 1930 to 1939. Incl.
Three issues are dated May 1 1929. Denominations 31.000. Principal
and interest(May and Nov. 1) payable at the First National Bank. Boston.
Bonds may be registered. The aforementioned Bank will supervise the
preparation of the bonds: their legality will be approved by Ropes, Gray
Boyden & Perkins of Boston.
Financial Statement, April 25 1929.
Net valuation for year 192l3
$136,504.110.00
Debt limit 2Si% of average valuation
3,519.781.71
Total gross debt, including these issues
5.389,210.00
Exempted Debt:
Water bonds
$205,750.00
Other bonds
1,850,950.00
2.056.700.00
Net debt
$3.332.510.00
Borrowing capacity
$187.271.71
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.
Adelaide E. Schmitt. Clerk Board of County Commissioners, will receive
sealed bids until 10 a. m. May 27 for the purchase of the following Issues of
% bonds, aggregating $71.160:
$33,430 sewer improvement bonds. Due Dec. 5 as follows: 35,430, 1930:
35,000, 1931 to 19:34, Incl., and $4,000, 1935 and 1936.
20,540 sewer improvement bonds. Due Dec. 5 as follows: 31,540, 1930.
and $1,000. 1931 to 1934 incl.
8,740 sewer improvement bonds. Due Dec. 5 as follows: 51,740. 1930;
32,000. 1931 to 1933 Incl., and $1,000. 1934.
4,570 sewer improvement bonds. Duo Doc. 5 as follows: $1,570, 1930,
and 51,000, 19:31 to 1933 incl.
3.880 sewer improvement bonds. Due Dec. 5 as follows: $880, 1930,
and 31,000, 1931 to 1933 incl.
Interest payable June and Dec. 5. A certified check of $500 for each
issue must accompany proposal.
Statistics.
Assessed valuation of property for taxation on the 1928 dupli$696,819,430
cate (property assessed at its true value)
_ U3,271,368
Total bonded debt of county,foregoing Issues not
included__Tax rate per $1,000 for 1928, $26.00. Population, 1928, 350.000. Of
the bonded debt of the county the sum of $4,231,156 is paid by a levy on
the county and the sum of $514,001 is paid by a levy on townships, and the
sum of $3,526.211 is paid by special assessments against real estate.
-BOND SALE.
-A $75,000
McLENNAN COUNTY (P.O. Waco), Tex.
block of the $1,160,000 issue of 4 3. % semi-annual road bonds unsuccessfully
offered on April 22 (V. 128, p. 2867) has since been purchased at par by the
county.
-The above block of bonds was registered by
BONDS REGISTERED.
the State Comptroller on April 25.
-BOND SALE.- The
McMINN COUNTY (P. 0. Athens), Tenn.
$125,000 of 5% coupon school bonds offered for sale on April 23 (V. 128,
p. 2689) was awarded to Caldwell & Co. of Nashville for a premium of
31,263. equal to 101.01. a basis of about 4.92%. Denom, 51.000. Dated
May 1 1929. Due In 30 years and optional after 20 years. Interest payable on May and Nov. 1.
McNAIRY COUNTY (P. 0. Selmer), Tenn.
-BOND SALE.
-A $50.000 issue of 5% coupon school bonds has been purchased by Caldwell &
Co. of Nashville. Denom. 31,000. Dated Feb. 1 1929 Duo on Fob. 1
MAY 4 1929.]
FINANCIAL CHRONICLE
3059
1949. Principal and interest (F. & Al) payable at the Chemical National tinsville. Bonds mature $975 May and Nov. 15 1930 to 1939 incl. InterBank in N. Y. City. Legality approved by Chapman & Cutler of Chicago. est payable on May and Nov. 15.
Financial Statement (As Officially Reported).
MORGAN COUNTY (P.O. Wortburg), Tenn.
-BOND OFFERING.
513.000.000 Bids will be received by S. H. Justice, County Judge, until May 6, for the
Actual value of all taxable property, estimated
6,721,843 purchase of an issue of $100.000 bridge bonds.
Assessed valuation for taxation, 1927
954.000
Total bonded debt, including this issue
-BOND OFFERING.
MORRIS COUNTY (P. 0. Morristown), N. J.
Population, 1910 census, 16356: 1920 census. 18.350; present (est.). 19.500.
Hosking, Clerk Board of Chosen Freeholders. will receive sealed
-The county will receive from the State of Tennessee $234,921.20 William
Note.
to be applied to the payment of outstanding highway bonds. This reim- bids until 2 p. m.(daylight saving time) May 15 for the purchase of 31,165.bursement is to be effective under Chapter 23 of the Public Acts of 1927. 000 coupon or registered road and bridge bonds. Interest rate either
44.454 or 4% %. Bonds are dated June 1 1929. Denom. $1.000. 1)110
- June 1 as follows: $50.000, 1930 and 1931; 360,000, 1932 and 1933:$55,600.
-BOND SALE.
MACOMB COUNTY (P.O. Mount Clemens), Mich.
The 551,0006% Nine Mile Halfway Drain District bonds offered on April 1934 to 1936 incl., and $75.000. 1937 to 1946 incl. Prin. and int. (Jan. &
27 (V. 128, p. 2689) were awarded to W. K. Terry & Co. of Toledo at par July) payable in gold at the First National Bank, Morristown. No more
plus a premium of $526. equal to 101.033, a basis of about 5.86%. Bonds bonds to be awarded than will produce a premium of $1,000 over the
are dated April 1 1929. Due April 1 as follows: 51.000. 1930 and 1931: amount stated above. The United States Mtge. & Trust Co., New York.
32.000. 1932: 33,000. 1933, and $4,000, 1934 to 1944 inclusive. No word will supervise the preparation of the bonds and will certify as to their genas to the disposition of the $5,000 issue of drain bonds offered at the same uineness. A earth lw.1 check payable to the order of the County Treasurer
time has been received.
for 2% of the amount of bonds bid for is required. Legality to be apMACON COUNTY (P. 0. Franklin), N. C.-730ND SALE. $20.000 proved by Hawkins, Delafield & Longfellow of New York.
-A
issue of 534 % funding bonds has been purchased by the Hanchett Bond Co.
-BONDS OFFERED.
-Sealed
MOUNT AIRY, Surry County, N. C.
of Chicago. Denom. $1.000. Dated Jan. 1 1929 and due on Jan. 1 as bids were received until May 3, by F. M. Poor, Town Clerk, for the purfollows: 55.000. 1934. 1943, 1944 and 1953. Prin. and int.
& J.) chase of a 535.000 issue of 534% semi-annual school funding bonds.
payable at the lianover National Bank In New York City.
MUSKEGON HEIGHTS SCHOOL DISTRICT NO. 1, Muskegon
MADISON RURAL SCHOOL DISTRICT (P. 0. Madison), Lake County, Mich.
-BOND OFF ERING.-W. It. Booker. Superintendent of
County, Ohio.
-BOND SALE.
-The $12.000 school building bonds of- Schools, will receive sealed bids until 7:30 p. m. Slay 6 for the purchase of
fered on April 29-V. 128, p. 2510
-were awarded to the State Teachers' $345.000 454% school bonds. Dated May 10 1929. Denom. 51.000.
Retirement System. Bonds are dated Nov. 1 1928. Due Oct. 1 as Due May 10 as follows: $10.000, 19:31 to 1934 Incl.; 315.000. 1935 to 10:39
follows: $1.000, 1930: 3500. 1931; $1,000. 1932; 3500. 1933: 31.000, 1934; incl.; $20,000, 1940 to 1943 incl.. and $30.000, 1944 to 1948 incl. Pro.
3500. 1935; 51.000, 1936: 3500, 1937. and 51,000, 1938 and 1939. No and int, payable at the First State Savings Bank. Muskegon heights.
other tender was submitted.
Legality approved by Miller. Canfield, Paddock & Stone of Detroit.
-BOND OFFERING.
MAHASKA COUNTY (P. 0. Oskaloosa), Iowa.
-BOND SALE.
-A 520.000 Issue of
NASHVILLE, Nash County, N. C.
-Bids will be received by E. R. Rafferty. County Treasurer, until 2 p. m. 6% semi-annual town bonds has been purchased at par by McDaniel Lewis
on May 16, for the purchase of an issue of 3150,000 annual primary road of Greensboro. Denom. 35.000. Dated March 1 1929. Due $5.000 from
bonds. 1"enom. 31.000. Dated May 1 1929. Due 315.000 from May 1 March 1 1939 to 1942 Inclusive.
1935 to 1944 Incl. Optional after five years. Sealed bids will be opened
-The Ellen-BOND SALE.
NEVERS1NK, Sullivan County, N. Y.
only after all the open bids are in. I'urchaser to furnish blank bonds. County
to furnish the proving opinion of Chapman & Cutler of Chicago. A vine Savings Bank, Ellenville. has purchased an issue of 313.000 5% bridge
certified check for 3% of the bonds, payable to the County Treasurer, is and highway bonds. Dated April 20 1929. Denominations $1.000. Due
Feb. 1. as follows: 51.000, 1930 to 1936 incl.; and 32.000. 1937 to 1939 incl.
required with bid.
Interest payable semi-annually.
-The following
MALVERNE, Nassau County, N. Y.-730ND SALE.
-New
-SHORT TERM FINANCING IN APRIL.
NEW YORK, N. Y.
issues of coupon or registered bonds aggregating $52.000 offered on May 1
- York City during April issued the following corporate stock notes and bWs,
-V. 128, p. 2689-were awarded as 4.90s to the Manufacturers & Traders
0
aggregating $36,851.000:
Peoples Trust Co., Buffalo, a t'100.008. a basis of about 4.897:
Revenue Bills of 1921.
330.000 series A. street improvement bonds. Due Apr. 1 as follows:
Corporate Stock Notes.
Dale
Int.
$2.000, 1931 to 1941 incl.; and $1,000, 1942 to 1949 incl.
Rapid Transit Purposes.
Rate. issued.
Date
Amount. Maturity.
22,000 series I3, street improvement bonds. Due Apr. 1 as follows:
Int.
34.000, 1930 to 1932 Incl.; and $5.000. 1933 to 1934.
Rate. Issued. $10.000.000 July 1 1929 5.99% April 26
Ilfaturhy.
Amount.
Dated Apr. 11929. The following bids were also submitted:
3950.000 AprIl 25 1930 5.25% April 25 7.500.000 Nov. 1 1929 5.99% April 29
Rate Bid.
Int Rate.
Bidder500.000 April 15 1930 5.75% April 15 6.600,000 April 17 1930 5.25% April 17
100.1747
57
George B. Gibbons & Co
500.000 April 25 1930 5.25% April 25 5,000.000 Oct. 1 1929 5.99% April 29
Sherwood & Merrifield
100.28
100,000 April 2 1930 5.25% April 2 2.500.000 Oct. 1 1929 5.99% April 26
Batchelder, ack & Co
5
100.336
750.000 June 28 1929 5.75% April 23
50.000 April 25 1930 5.25% April 25
250.000 June 28 1929 5.75% April 23
School Construction Purposes.
1'
MARICOPA COUNTY SCHOOL DISTRICT NO.89 (P.O. Phoenix),
45.000 April 10 19305.75% Aprilii0
1,000,000 April 25 1930 5.25% April 25
-The $11.000 issue of school bonds offered for sale
-BON!) SA LB.
Ariz.
5,000 June 28 19295.20% Apr1111.9
565.000 April 15 1930 5.75% April 15
on April 24-V. 128. p. 2334-was awarded to Bosworth. Chanute, Lough1929 5.75% Apr1124
500.000 Nov. 8
ridge & Co. of Denver. as 53(s. fore premium of $13.53. equal to 100.123.
The official list of the bidders and their bids Is as follows:
-TEMPORARY LOAN.
Berkshire County, Mass.
NORTH ADAMS,
Rate Bid.
Price Bid.
BidderThe Merchants National Bank of Bos on. on April 29. purchased a 5150.000
Q
United States National Co___-5 A 7 $1.003.777 for each 51.000 of bonds. temporary loan on a discount basis of 5.34%. Loan is payable in 6 months.
-55(7
1,020.777 for each $1,000 of bonds. The following bids were also submitted:
United States National Co
Valley Bank
47.20 Phoenix.
5)%
.
7
4
Discount 7 .
BidderSidlo. Simons, Day & Co
554
62.70 Phoenix.
5.425%
Old Colony Corp
*Bosworth. Chanute. LoughSalomon Bros. & Hutzler (Plus UM)
ridge & Co
100.123 for each $100 of bonds.
5.(%
S. N. Bond & Co
Bosworth. Chanute. Lough-NOTE SALE.
NORTH CAROLINA, State of (P. 0. Raleigh).
ridge & Co
101.945 for each $100 of bonds.
534%
We are informed that two issues of 554% refunding notes. aggregating
*Successful bid.
were recently purchased at par by a group composed of the
MAVERICK COUNTY WATER IMPROVEMENT DISTRICT NO. 1 53.850.000.
Bank, the Bankers Co. of New York, and Salomon Bros.
-BONDS REGISTERED.
-The $4,800_,000 issue First National New York. The Issues are divided as follows: 32.000.000
(P. 0. Eagle Pass), Tex.
all of
of 6% serial irrigation plant bonds that was voted on Feb. 8 (V. 128, p. & Hutzler.
veterans' pension and 31.850.000 highway notes. Dated May 1 1929.
1096) was registered on April 23 by the State Comptroller.
Due on Sept. 16 1929.
-BOND SALE.
Ore.
-An issue of
MEDFORD, Jackson County,
OKLAUNION SCHOOL DISTRICT (P. 0. Oklaunion) Wilbarger
-The $55,000 issue of 5% school
$113.000 street bonds has recently been jointly purchased by the First County, Tex.
-BONDS REGISTERED.
-was registered on„April 23
National Bank, the Medford National Bank and the Jackson County bonds that was sold in March-V.128, p. 2155
Bank, all of Medford.
by the State Comptroller.
-John H.
Ohlo.-BOND OFFERING.
PARMA, Cuyahoga County,
MILWAUKEE COUNTY(P.O.Milwaukee), Wis.-BONDS OFFERED
FOR INVES7 4EN7'.-The 51.150,000 Issue of 434% coupon metropolitan Thompson. Village Clerk, will receive sealed bids until 12 m. May 20 for
3296.000 67Q special assessment street improvement bonds.
sewerage bonds awa-ded on April 22 to Kissel, Kinnicutt & Co. of New the purchase of
incl.,
York. at 101.79, a basis of about 4.35% V. 128. p. 2868-is now being Dated June 1 1929. Due Oct. 1 as follows: 329.000. 1930 to 1933 1. A
offered for public subscription at prices to yield 4.25% on all maturities. and 530.000. 1934 to 1939 incl. Int. payable on April 1 and Oct.2% of
Due $115.000 from April 25 1940 to 1949, incl. Legal opinion of Wood & certified check, payable to the order of the Village Treasurer. for
the amount of bonds bid for is required. Legality to be approved by
Oakley of Chicago.
Squire, Sanders & Dempsey of Cleveland.
Financial Statement (as Officially Reported).
of Milwaukee County, 1928
51.705.126.174
Assessed valuation
PENNSYLVANIA, State of (P. 0. Harrisbyrg).-$7,204,000 BONDS
Assessed valuation of Metropolitan Sewerage area 1928
1,662,384,723 AUTHORIZED.
-James F. Woodward, Secretary of Internal Affairs, on
Total bonded debt-Milwaukee County Wicluding
April 19. approved the issuance of 57.204,000 bonds for county and munici320.393.000 Metropolitan sewerage bonds)
21,496.200 pal improvements. The following article on the subject appeared in the
Less sinking fund
181.897 April 20 issue of the Philadelphia "Ledger:"
Net bonded debt
21.314.303
"Bonds for county and municipal improvements were approved to-day
Population of county (1920 census), 539,469: population of metropolitan for an aggregate of 57.204.000 by Secretary of Internal Affairs James F.
sewerage area (1920 census). 527.287.
Woodward. More than $5,000,000 worth of the bonds are for Allegheny
of a county building, $1,000,-BOND OFFERING.
MONDAM1N, Harrison County, Iowa.
-Sealed County,52,550.000 being for the construction
bids will be received by It. A. Young,Town Clerk. until 7:30 p. m.on May 6 000 for airdromes and landing fields; 31.000.000 for roads and $550.000 for
for the purchase of an 318.000 issue of semi-annual water works bonds. acquirgrbiaI
landforthe -'ngheO r Delaware County, to enlarge the
issues
Interest rate is not to exceed 5%. No bid for less than par will be accepted.
county prison, a dwelling for the warden, roads and heating plant for
MONETT, Berry County, Mo.-ADDITIONAL DETAILS.
-The county jail and courthouse; 3500,000 for Altoona school district for build$50,000 issue of 5% coupon municipal building bonds that was purchased ings; 3372.000 for Bradford Ste. and sewers; $14,000 for East Goshen Town-V. 128, p. 2690
by the Prescott, Wright, Snider Co. of Kansas City
- ship, Chester County, funding indebtedness: 350,000 for Loyalsock Townis dated April 1 1929. Denom. $1,000. Due from April 1 1930 to 1949. ship school district. Lycoming County, building; $18,000 for West Mead
incl. Int. payable on April and Oct. 1.
Township school district, building; $8000 for Sharpsville Borough school
Clearfield County,
MONMOUTH BEACH, Monmouth County, N. J.
-NO BIDS.
- district, high school addition;$20.000 for Pike Township.
buildroads; 310,000 for Union Township school district. Lawrence CountySpring
William F. Bradley, Borough Clerk reports that no bids were received on
district high school; $12,000 for
April 30 for the purchase of the following issues of coupon or registerel. ing; $260,000 for Johnstown school $123,000 for Dorment Borough, Allebonds aggregating 5270,000. scheduled to have been sold-V. 128. p. 2690 Township school district building;
gheny-County, swimming pool, tennis courts and street work: 545.000 for
Rate of interest was not to exceed 6%.
ground for building."
$240,000 Ocean Front Impt. bonds. Due April 1, as follows: $10,000. 1930 St. Thomas Township school district. Franklin Co..
to 1947 incl.; and 312,000. 1948 to 1952 inclusive.
PIERCE COUNTY SCHOOL DISTRICT NO. 321 (P. 0. Tacoma)
30.000 lighting system bonds. Due 52,000, April 1 1930 to 1944 incl. Wash.
-Sealed bids will be received until 10.30 a. m.
-BOND OFFERING.
130th issues dated April 11929.
on May 18, by J. E. Tallant, County Treasurer, for the purchase of a
Prin. and
FREE SCHOOL DISTRICT NO.1 (P.O. Monroe), 330.000 issue of school bonds. Int. rate is not to exceed 6%. the State's
MONROE UNION
at
-NO BIDS.
--F. L. Jacqmein, District Clerk, semi-annual int. payable at the County Treasurer's office or Treasurer. A
Orange County, N. Y.
no bids were submitted on May 1 for the $35.000 454% school fiscal agency in New York City or at the office of the State
reports that
-V. 128. P. 2690. Bonds are dated May 15 1929. certified check for 5% is required.
bonds offered for sale.
-A $40,000
-BOND SALE.
Due May 15 as follows: 51,000, 1930; and $2,000, 1931 to 1947 incl.
PILOT POINT, Denton County, Tex.
par by Garrett
-BOND OFFERING.
MONTANA, State of (P. 0. Helena).
-Sealed issue of 554% sewer bonds has recently been purchased at
& Co. of Dallas.
bids will be received by W. L. Fitzsimmons, Clerk of the State Board of
-BOND OFFEl?PINE SCHOOL TOWNSHIP, Warren County, Ind.
Examiners, until May 20. for the purchase of two issues of coupon bonds
ING.-Edwin E. Grames, Township Trustee, will receive sealed bids until
aggregating $785.000 as follows: At 11 a. m.
9 a. m. May 20, for the purchase of 533.000 454% school building bonds.
3535,000 refunding capitol building bonds. Interest rate is not to exceed Dated July 1 1929. Denoms. $1.135 and $1,220. Due semi-annually on
4S1%. Duo on July 1 1949 and optional after July 11939. Prin. January and July 1. Both principal and interest payable at the Citizens
and int. is payable in gold at the State Treasurer's office or at State Bank, Williamsport.
the fiscal agency of the State in New York.
-P. L. Rannells,
-NO BIDS.
PLYMOUTH, Marshall County, Ind.
At 2 p. et.
City Clerk, reports that no bids were submitted on April 22, for the pur250.000 historical society, capitol building bonds. Int. rate is not to chase of $35,000 434% water works bonds, scheduled to have been sold
exceed 5%. Due on July 1 1959 and optional after July 11944. V. 128, p. 2512. Bonds are dated July 2 1929. Due $L.250, Jan. and
Denom. $1,000. Dated July 1 1929. A certified chock for 2% of the July 2 1930 to 1943 inclusive.
State Treasurer, is required. (This corrects
bonds bid for, payable to the
-BOND SALE.
POCAHONTAS COUNTY (P. d. Pocahontas), Iowa.
report given in V. 128, p. 2868.)
by the
oi% refunding bonds
-BOND OFFERING.
- -A $10,000 issue of of Des Moines, Due In has been purchased
MONTGOMERY, Montgomery County, Ala.
Co.
1934.
until May 7 by W. A. Gunter, Mayor, for the Carleton D. Bob
Sealed bids will be received
-BOND OFFERING.
purchase of a $350.000 issue of 5% semi-annual school bonds. Due in 30
POLK COUNTY (P. 0. Columbus), N. C.
years.
Sealed bids will be received by W.C. Hafue,County Clerk, until May 7for
(These bonds are a portion of a $1,000,000 issue voted in 1922.)
the purchase of an 585.000 issue of 534% semi-annual funding bonds.al
-BOND SALE.
MORGAN COUNTY (P. 0. Martinsville), Ind.
PONTIAC TOWNSHIP SCHOOL DISTRICT NO. 1, Oakland
--Gordon G. Grubb. Secretary
-BOND OFFERING.
The $19,500 454% coupon road improvement bonds offered on April 22 County, Mich.
(V. 128, p. 2690) were awarded at par to the First National Bank of Mar- Board of Education, will receive sealed bids until 4 p. m. May 8. for the
3060
FINANCIAL CHRONICLE
purchase of $60,000 school bonds
-rate of interest not to exceed 5%.
Dated April 15 1929. Denominations $1,000. Due April 15, as follows:
$1,000. 1931 to 1940 incl.; $2,000, 1941 to 1947 incl.; and 83,000. 1948 to
1959 incl. Prin. and int. payable at some Bank or Trust Co. in Detroit.
A certified check payable to the order of the School District for $1,000 is
required. Purchasers to furnish printed bonds and pay for legal opinion.
.7t7TSDAM UNION FREE SCHOOL DISTRICT NO. 8 (P. 0. Potsdam)St. Lawrence County, N. Y.
-BOND SALE.
-The $300.000 coupon
or registered school bonds offered on April 30-V. 128, p. 2869
-were
awarded as 4.805, to Dewey, Bacon & Co. of New York, at par plus a
premium of $540.00, equal to 100.18. a basis of about 4.79%. Bonds are
dated May 1 1929. Due May 1, as follows: $5,000, 1930 to 1952 incl.;
$10,000. 1953 to 1963 incl.; and $15,000, 1964 to 1968 inoiusive.
POWESHIEK COUNTY (P. 0. Montezuma), Iowa.
-BOND SALE.
The $100,000 issue of 43j% county road bonds unsuccessfully offered
on March 26-V. 128, P. 2336
-has since been purchased by Geo. M.
Bechtel & Co. of Davenport, as 4s at par. Due $10.000 from Nov. 1
1933 to 1942 inclusive.
[VOL. 128.
BidderRate. Premium.
Estabrook St Co. and First St. Paul Co
434% 10,530.00
Paine, Webber & Co
434
6,345.00
Roosevelt & Son
7,590.15
First Minneapolis Trust Co
7.691.85
It. L. Day & Co. and Kalman & Co
4%
10,555.51
Continental Illinois Co
4X
12,125.00
Phelps, Fenn & Co
434%8.392.50
Geo. B. Gibbons & Co
Seasongood & Mayer, Stephens & Co. and M. F. Schlater
"
°
"28.30
& Co
434%
8,109.00
A. M.Lampert & Co.. Inc
4% % 1,162.55
A. B. Leach & Co., Inc
04%
9.842.11
Stone & Webster and Blodgett and Detroit & Security
Trust Co
Hutzler4 %
X
7,420.50
Salomon Bros. &
434%
9,940 50
Wells-Dickey Co. and Eldredge & Co
434% 10,620.00
SALEM, Marion County, Ore.
-BOND OFFERING.
-Sealed bids
will be received by Mark Poulsen, City Recorder, until 7:30 p. m. on
PRAIRIE COUNTY SCHOOL DISTRICT NO.5 (P.0.Terry), Mont. May 6 for the purchase of a $50,000 issue of 434% semi-a”nual airport
BOND SALE.
-The $65,000 issue of school improvement bonds offered bonds. Denom. $1,000. Dated May 1 1929. Due 225,030 in 1938
for sale on April 24-V. 128.p. 2336
-was awarded to the State Land Board. and 1939. A certified check for 2% must accompany the bin,
as 4 yo, at par. Denom. $5.000. Dated June 1 1929. Due on June 1
SALISBURY, Wicomico County, Md.-BOND OFFERING.
1949 and optional after 5 years. Int. payable on June and Dec. 1.
-E. J.
Parsons, City Clerk, will receive sealed bids until 8 p. in, May 13 for the
QUAKER CITY, Guernsey County, Ohio.
-BOND OFFERING.- purchase of $30,000 434% fire engine apparatus bonds. Dated June 1
R. S. Hay, Village Clerk. will receive sealed bids until 12 m. May 17 for 1929. Denom. $1,000. Due June 1 as follows: $1,000, 1931 to 1934
the purchase of $4,500 5% village's share improvement bonds. Dated incl.; $2,000. 1935 to 1941 incl.; $5,000, 1942: $4.000, 1943, and $3,000.
April 1 1929. Denom. $500. Due $500 Oct. 1 1930 to 1938 incl. Int. 1944. A certified check for $750 must accompany each proposal.
payable April 1 and Oct. 1. Bids for bonds to bear a coupon rate other
SALT LAKE CITY SCHOOL DISTRICT (P. 0. Salt Lake City)
than the one specified are also invited. Rate to be in a multiple of X of 1%.
-BOND SALE.
-A $500,000 block of the $1,500,000 issue of 4%
A certified check, payable to the order of the Village Treasurer, for 5% of Utah.
coupon school bonds offered for sale on April 30-V.
p. 2692
the amount of bonds bid for is required.
-was
awarded to a syndicate composed of the Bankers Co. of New York,ilannahs,
QUINCY, Norfolk County, Mass.
-BOND SALE.-Estabrook & Co. Bailin & Lee, and Graham,Parsons Sr Co., all of New York, and Bosworth,
of Boston. bidding 100.288, purchased on April 26 the following issues of Chanute, Loughridge & Co., of Denver, at a discount of $18.885, equal to
434% bonds, aggregating $211,000:
96.229, a basis of about 4.28%. Dated May 1 1929. Due in 20 years.
$75,000 water main bonds. Due May 1 1930 to 1934 inclusive.
SCOTIA, Schenectady County, N. Y.-BONp OFFERING.
-Howard
70.000 sewer bonds. Due May 1 1930 to 1939 inclusive.
B. Toll, Village Clerk, will receive sealed bids until 8 p. in. (daylight sav66,000 school bonds. Due May 1 1930 to 1939 inclusive.
ing time) May 6 for the purchase of $34,000 coupon or registered street
Dated May 1 1929. The following bids were also submitted:
BidderRate Bid. improvement bonds, rate of interest not to exceed 6% and to be stated in
Rate Bid. I BidderR. L. Day & Co
100.138 multiples of X or 1-10th of 1%. Same rate to apply to all of the bonds.
110.199 F. S. Moseley & Co
Dated Aug. 1 1928. Denom. $1,000 and $400. Due 33,400 Aug. 1 1929
Eldredge & Co
100.115 to
110.167 Old Colony Corp
1938 incl. Principal and interest (Feb. & Aug.) payable in gold at the
E. H. Rollins & Sons
100.144
Glenville Bank Scotia. A certified check payable to the order of the vilRACINE-SUTTON RURAL SCHOOL DISTRICT, Meigs County, lage for $500 is required. Legality to be approved by Clay, Dillon Sz
Ohio.
-BOND SALE.
-The $66.000 6% school building bonds offered on Vandewater of New York.
April 27-V. 128. P. 2691-were awarded to Blanchet, Bowman & Wood
SCOTT TOWNSHIP SCHOOL DISTRICT (P. 0. Slippery Rock
of Toledo, at par plus a premium of $519.00, equal to 100.786, a basis of
-It is reported that no
-NO BIDS.
about 5.90%. Bonds are dated March 15 1929. Due $1,500, March and R. F. D. No. 4), Butler County, Pa.
bids were received on April 20 for the purchase of 334,000 4.4% coupon
Sept. 15 1930 to 1951 inclusive. Bids were also submitted by the Well,
school bonds scheduled to have been sold (V. 128, p. 2692). Bonds mature
Roth & Irving Co., Seasongood & Mayer and Sider, Carpenter & Roose.
$2.000 Dec. 1 1929 to 1945 inclusive.
RED BLUFF SCHOOL DISTRICT (P. 0. Red Bluff) Tehama
SEDRO WOOLEY, Skagit County, Wash.
-BOND SALE.
-The two
County, Calif.
-BOND AWARD DEFERRED.
-The award of the $100,000 issue of 6% semi-annual school bonds offered on April 29-V. 128, p. Issues of bonds aggregating $40,000 offered for sale on April 22 (V. 128. IL
2869
-has been postponed until the attorney for the district has passed 1964) were awarded to the State of Washington as 494s at par. The issues
are divided as follows: 332.500 city hall and $7,500 fire truck pumper bonds.
judgment on the bids.
No other bids were submitted.
RED WILLOW COUNTY CONSOLIDATED SCHOOL DISTRICT
SEWARD, Seward County, Neb.-BOND SALE.
NO. 121 (P. 0. Danbury), Neb.-ADDITIONAL DETAILS.
-A $75.000 issue of
-The
% improvement bonds haa recently been purchased at par by local banks.
252.900 issue of school bonds tentatively awarded to the United States
Trust Co. of Omaha
-V. 128, p. 2691-was definitely purchased by them
SHIAWASSEE COUNTY (P. 0. Corunna), Mich.
-OTHER BIDS.
as the election held on April 20 was successful. The bonds bear interest The following bids were also submitted on April 19, for the two issuesof
at 5% and are dated May 1 1929.
6% bonds, aggregating $38,003.24, awarded to the Detroit & Security Trust
RICHLAND COUNTY (P. 0. Richland Center), Wis.-BONDS Co., Detroit, at 100.35-V. 128, p. 2870. Purchaser agreed to furnish
OFFERED.
-Sealed bids were received until May 3, by the County Clerk, printed bonds and legal opinion.
BidderRate Bid.
Role
for the purchase of a $46.000 issue of 434% semi-annual highway bonds.
Harris & Oatis, Inc.
100.75
Denom. $1.000. Due on May 1 as follows: $24.000, 1935 and $22.000 in
Braun. Bosworth & Co. (plus printed bonds and legal opin1on)--- 100.21
1936.
SPRINGFIELD, Robertson County, Tenn.
-BOND SALE.
-A
RICHLAND COUNTY SCHOOL DISTRICT NO.71(P.O.Brockton)
Mont.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. $66,000 issue of 454% coupon street improvement bonds has been purchased
on May 25 by Anton Schmitz, District Clerk, for the purchase of an issue by Caldwell & Co. of Nashville. Denom. $1,000. Dated Jan. 1 1929.
Due on Jan. 1 as follows: $6,000, 1930 to 1933 and $7,000, 1934 to 1939.
of $1,500 school bonds. A $50 certified check must accompany the bid.
all incl. Prin. and int. (J. & J. 1) payable at the Bank of Tennessee in
RIVIERA, Palm Beach County, Fla.
-Sealed Nashville. Legality approved by Chapman & Cutler of Chicago.
-BOND OFFERING.
bide will be received by A. M. Hunter, Town Clerk and Treasurer, until
Financial Statement (As Officially Reported).
8 p. m.on May 7 for the purchase of a $30.000 issue of6% coupon refunding Actual value of all taxable property, eat
$6,000.000
bonds. Denom.$1.000. Dated Feb. I 1929. Due from 1932 to 1954,incl. Assessed valuation for taxation 1927
3,007.714
Caldwell & Raymond of New York will furnish the legal approval. A Total bonded debt. including this issue
525,000
certified check for 2% of the bid, payable to the Town Treasurer is required. Less: Water and
47.000
light bonds
ROCKPORT, Essex County, Mass.
-The Old Colony
-BOND SALE.
Net bonded debt
Corp. of Boston purchased on April 25 $43,000 school bonds due 1943.
$478.000
Popuation, 1910 census, 2,085; 1920 census,‘ 3,860; present offilcal
and $9,000 water bonds due 1938, both issues aggregating $52,000. Successful bidders paid 101.80, at a basis of about 4.22%. Bonds are estimate, 5,000.
dated May 1 1929. Coupon, denom. $1,000. Int. payable in May and
-BOND SALE.
STERLING,Logan County, Colo.
-An issue of $150.November. Int. rate
%.
000 4X % auditorium bonds has recently been purchased by Bosworth,
ROCKY RIVER, Cuyahoga County, Ohio.
- Chanute, Loughridge & Co. of Denver at a price of 100.88, a basis of about
-BOND OFFERING.
Frank Mitchell, Village Clerk, will receive sealed bids until 12 M.(eastern 4.44%. Denom. $1,000. Dated June 11929. Due $4,000 from 1930 to
standard time) May 21, for the purchase of $14.507.55 6% special assess- 1954 and $5,000 from 1955 to 1964, all incl. Prin. and semi-ann. int.
ment, Curb Connection bonds. Dated April 1 1929. Due Oct. 1 1930. payable in N. Y. City.
Principal and interest payable at the First National Bank, Rocky River.
STEWARTSTOWN, York County, Pa.
-BOND
-The $20,000
Bids for bonds to bear a coupon rate other than the one specified are also 434% coupon general improvement bonds offered on SALE.
April 12-V. 128, p.
invited, provided, however, that where a fractional rate is bid,such fraction 177
wereawarded as noted below. Bonds are dated April 1 1929, due
shall be in a multiple of X of 1%. A certified check payable to the order of April 1 as follows: $7,000, 1939; $6,000, 1944, and
$7,000. 1949.
the Village Treasurer, for 5% of the amount of bonds bid for must $12,000 bonds sold at par, to the Peoples National Bank
of Stewartstown.
accompany each proposal.
7.000 bonds sold at par, to J. H. Leber of Dallastown.
RONAN, Lake County, Mont.
-BOND OFFERING.
-A $23,500 issue
1,000 bonds sold at 101.50, to Mrs. James K. Grove.
of coupon water works bonds will be offered for sale at public auction on
STORY COUNTY (P. 0. Nevada), Iowa.
-BOND OFFERING.June 3, at 2 p. m. by H. E. Olsson, Town Clerk, Int. rate is not to exceed
6%. Dated June 11929. A $2,350 certified check, payable to the Town Sealed and open bids will be received by H. N. Vinsel, County Treasurer,
until 2 p. m. on May 15, for the purchase of a $300,000 issue of primary
Clerk, must accompany the bid.
road bonds. Denom.$1,000. Dated May 11929. Due $30,000,from May
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 10 (P. 0. 1 1935 to 1944 incl. Optional after 5 years. The county will furnish the
- legal approval of Chapman & Cutler of Chicago. Purchaser to furnish the
Detroit, Hazel Park Branch, Route No. 7), Wayne County, Mich.
BOND SALE.
-The $100.000 school bonds offered on April 22-V. 128, blank bonds. A certified check for 3% of the bonds bid for, payable to the
p. 2691-were awarded as 5s. to the Detroit & Security Trust Co.. Detroit, County Treasurer is required.
at par plus a premium of $1,215, equal to 101.21, a basis of about 4.89%.
SUFFERN, Rockland County, N. Y.
-Richard
-BOND OFFERING.
Bonds are dated March 1 1929. Due Sept. 1 as follows: 32,000, 1932
to 1936 incl.; $3,000, 9137 to 1946 tad., and 35.000, 1947 to 1958 incl. linrnard, Village Clerk, will receive sealed bids until 8 p. in. (daylight saving time) May 20for the purchase of $50.000 coupon or registered municipal
Other bidders were:
Premium. building bonds,rate of interest not to exceed 5% and to be stated in a multiBidderof 1% or multiples thereof. Dated June 11929. Denom. $1.000
First National Bank of Detroit and Guardian Detroit Co
$1,205 ple of
Bumpus Sr Co., Bank of Detroit and Morris Mather & Co
1,210 and $500. Due $2,500 June 1 1930 to 1949 incl. Prin. and int. (June and
Dec.) payable at the office of the Village Clerk. A certified check payable
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph) Buchanan to the order of the village for $1,000 is required. Legality to be approved
County., Mo.-I30ND SALE.
-The $250,000 issue of 4% semi-annual by Clay, Dillon & Vandewater of New York.
school bonds offered for sale on May 1-V. 128, p. 2692
-was awarded to a
SULPHUR SCHOOL DISTRICT (P. 0. Bedford), Trimble County,
syndicate composed of the Harris Trust & Savings Bank of Chicago. the
Commerce Trust Co. of Kansas City and the Empire Trust Co. of St. Ky.-BOND SALE.
-A $29.000 issue of school bonds has recently been
Joseph at a discount of $9,510, equal to 96.196, a basis of about 4.38%. purchased by Mr. John Stanley of Bedford.
Dated Feb. 11929. Due from Feb. 1 1930 to 1949, incl.
-H. D.
-BOND OFFERING.
SWANTON, Fulton County, Ohio.
SAINT PAUL, Ramsey County, Minn.
-BOND SALE.
-The $450,000 Allen, Village Clerk, will receive sealed bids until 12 in. May 6 for the purbonds
Issue of coupon or registered sewer bonds offered for sale on May 1-V.128, chase of $4,500 5% special assessment improvement bonds. Bids forMarch
-was jointly awarded to E. H. Rollins & Sons of Chicago and Lane, to bear a different coupon rate are also requested. Issue is dated
2692
Piper & Jaffrey of Minneapolis, as 4348. for a premium of $891, equal to 15 1929. Denom. $450. Due $450 Sept. 15 1930 to 1939 Incl. Interest
the order
100.198, a basis of about 4.23%. Dated May 1 1929. Due from May 1 p_ayable March and Sept. 15. A certified check payable torequired. of the
Village Treasurer for 5% of the amount of bonds bid for is
.
An official tabulation of the bidders and their bids follows:
-BOND
County, Pa.
SWISSVALE SCHOOL DISTRICT, Allegheny
BidderRate. Premium. SALE.
-The 8250,000434% coupon school bonds ofTered on May 1-V.128,
E. H. Rollins & Sons,and Lane. Piper & Jaffrey (successCo. of Pittsburgh, at par plus
-were awsded to the Union Trust
ful bidders)
$891.00 P. 2693
434%
a premium of 25,430, equal to 102.17, a basis of abouti237Lehman Bros., Kean. Taylor & Co.and Stern Bros.& Co 434%
9,630.00 dated
Other°1gtatdaerr:
Due $10,000 April I 1935 to 1949
Harris Trust & Savings Bank
7,171.00 were: April 1 1929
434
9,315.00
H. M.Byllesby & Co. and Guardian Detroit Co
Premium.
434
Bidder
White. Weld & Co
10.755.00 J. H. Holmes & Co
$137.00
Guaranty Company of New York
8,235.00 Mellon National Bank
1,851.25
9.855 00 National City Co
Chase Securities Corp. and Barr Bros. & Co
4,224.75
Northern Trust Co. and First Trust & Savings Bank
8,150.00 W. H. Newbold's Son & Co
1,390.00
4
9.675.00 Prescott, Lyon & Co
Paul S Kerfoot & Co
1,482.00
434% 10,394.55
National City Co
-BOND SALE.
-The followSYRACUSE, Onondaga County, N. Y.
5,130.00
Halsey, Stuart & Co
434
7.840.00 ing issues of coupon or registered bonds aggregating 51,500,0011 offered on
434
The Minnesota Co. and Arthur Sinclair. Wallace & Co
8,595.00 April 26(V. 128. p. 2893) were awarded to a syndicate composed of George
Stranatian, Harris & Oat's,Inc.,and R.M.Schmidt & CoA X a
360.00 B. Gibbons & Co., Roosevelt & Son and Stone & Webster and Blodget.
4.30R
Estabrook & Co. and First Bt. Paul Co
128,
MAY 4 1929.]
FINANCIAL CHRONICLE
3061
WADDINGTON UNION FREE SCHOOL DISTRICT NO. 1'(P. 0.
Inc., all of New York, at par plus a premium of 131.650, equal to 100.11, a
-Nellie M.
-BOND OFFERING.
The water and school bonds were taken as 4s, Waddington), Wayne County, N. Y.
basis of about 4.22
Clerk. will receive sealed bids until 8 p. in. May 11 for
the other Issuesas 4 s. A split interest rate render of $1,500,750 was Jardine, 'District $100,000 coupon or registered school bonds. Rate of
& Co. and Arthur Sinclair, Wallace & Co.. the purchase of
submitted by Dewey, Bacon
a multiple of 34 of 1%.
both of Now York. Whereas this bid represented a lower net interest cost Interest not to exceed 5% and to be stated in May 1 as follows: 32.000.
Due
than the successful tender by $2.535, the city, upon advice of Caldwell & Dated May 1 1929. Denom. 31.000.1949 incl. and $5,000, 1950 to
to 1939 incl.; 33.000. 1940 to
1930
Raymond, New York, ruled It irregular.
'
1959 incl. Prin. and int. (M. & N.) payable in gold at the Waddington
$480,000 school bonds. Due $24,000 May 15 1930 to 1949 incl.
Bank, Waddington, or at the Chase National Bank, New York. A
440.000 water bonds. Due $11,000 May 15 1930 to 1969 incl.
to the order of William It. Rochfort. District
certified check, payable
380.000 general bonds. Due $19,000 May 15 1930 to 1949 incl.
approved by Thomson,
200.000 intercepting sewer bonds. Due 310.000 May 15 1930 to 1949 incl. Treasurer. for $2,500, is required. Legality to be
All the above laonds are dated May 15 1929. Successful bidders are re- Wood & Hoffman of New York City.
offering the obligations for public investment priced to yield 4.75 to 4.10%,
-L.E. Richard.
-NO BIDS.
WADSWORTH, Medina County, Ohio.
according to maturity. An official list of the bids submitted follows:
the
I. S. Village Clerk, informs us that no bids were received on April 27, forbeen
G.
S.
W.
Price Bid,
'
Bidder5% improvement bonds, scheduled to have
$5.634.00
purchase
*City Bank Trust Co
$1,501.650.00 4% 4% 4,.."% 43.1% sold-V. of thep. 2870
-Bonds are dated May 1 1929. Due Oct. 1. as
128,
First Trust & Deposit Co. and
to 1933 incl., and $1,634, 1934.
White, Weld & Co
1.506.855.00 4% 434% 434% 434% follows: 31,000. 1930
Mfrs. & Traders-Peoples Tr. Co
-AWARD POST1.500,180.00 4% 434% 434% 434%
WARWICK COUNTY (P. 0. Boonville), Ind.
Estabrook & Co., Hallgarten & Co.
-W.G. Bateman, County Treasurer, advizes us that the $43.000
PONED.
4% 4%
and R. M.Schmidt & Co
1,500,010.00 4% 5%
offered on April 25-V. 128, p. 2513
road bonds originally
of
Guaranty Co. of New York
1.501.350.00 434% 431% 434% 434% issuenot43-4% awarded until May 2. Sealed bids are requested. Bonds
been
will
Kinnicutt & Co. BancDue 82.150 M.& N. 15 1930 to 1939 incl.
are dated April 2 1929.
america Corp.. Kean, Tizylor dc
-TEMPORARY LOAN.
Co.and Old Colony Corp
1.500.735.00 4% 434% 434% 43.5%
WATERTOWN, Middlesex County, Mass.
Bankers Co. N. Y., Harris, Forbes
Faxon, Gade & Co. of Boston, purchased on April 26, a $100,000 temand National City Co_ _ _ _ 1,500,148.50 4% 434% 435% 43-4% porary loan, maturing in about 8 months, on a discount basis of 5.22%.
& Co.
1,501,485.00 434% 434% 454% 434% Other bidders were:
Syracuse Trust Co
Discount Basis,
Rutter .It Co.. H. L. Allen & Co..
Bidder7
5.375
Batchelder, Wack & Co. and
Union Market National Bank. Watertown
5.45%
Stephens & Co
1,501.275.00 434% 43.5% 434% 434% Salomon Bros. & Hutzler
& Co. and Arthur
Dewey. Bacon
-BOND OFFERING.
4% 434% 434%
1,500,645.00 4%
Sinclair Wallace & Co
WAYNE COUNTY (P. 0. Wooster), Ohio.
Dewey, Bacon & Co. and Arthur Sinclair Wallace & Co., jointly. also Fred Redick. Clerk Board of Couty Commissioners, will receive sealed
11 years. 5%; 12 to 40 bids until 12 in. May 9 for the purchase of 339.257.63 5% road (amt.
bid 31.500.750 on the following basis: Water. 1 to
years. 4%; School. 1 to 11 years, 5%; 12 to 20 years. 4%; General, 1 to 11 bonds. Dated May 15 1929. Due Nov. 15 as follows: 38.000. 1929 to
15) payable at
years. 5%; 12 to 20 years, 4%; Intercepting Sewer, 1 to 11 years. 5%; 1932 incl., and 37.257.63. 1932. Prin. and int.(M. & N.payable to the
12 to 20 years, 4%.
the office of the County Treasurer. A certified check, the amount of
* Agents for successful syndicate.
order of the Board of County Commissioners, for 37, of
Sanders
1 (P.O. Amite), bonds bid for is required. Legality to be approved by Squire.
TANGIPAHOA PARISH SCHOOL DISTRICT NO.until 11 a. m. on & Dempsey of Cleveland.
-Sealed bids will be received
La.
-BOND OFFERING.
-The $50.000 issue
-BOND SALE.
May 21, by W. J. Dunn, Secretary of the Parish School Board, for the
WEIMER, Colorado County, Tex.
15purchase of a $30.000 Issue of semi-annual school bonds. Int. rate is not to of 534% semi-annual water works bonds offered for male on April for a
-was awarded to the T. A. Hill State Bank of Weiner.from
exceed 6%. Denom. $500. Dated June 1 1929. Due serially in from 1 V. 128, p. 2336
to 20 years. A certified check for 234% of the bid is required.
of $100. equal to 100.20, a teals of about 5.48%. Due in
premium
- 1 to 40 years.
-BONDS REGISTERED.
TAYLOR COUNTY (P. 0. Abilene), Tex.
-BONDS
WEST MONROE (P. 0. Monroe), Ouachita Parish, La. offered
The $275,000 Issue of 5% road bonds that was sold on March 25 (V. 128.
-The five Issues of 5% 'bonds aggregating $100.000,
NOT SOLD.
p. 2156) was registered on April 25 by the State Comptroller.
-were not sold as all the bids were rejected.
County, on April 15-V. 128, P. 1964
THORN TOWNSHIP RURAL SCHOOL DISTRICT, Perry
as follows: 333.000, refunding. $30,000 paving.
-W. A. Hite, Clerk Board of Education, will The issues are described
-BOND OFFERING.
Ohio.
fire fighting equipment. $12.000 drainage, and 310.000 water
receive sealed bids until 12 in. May 11 for the purchase of $108,000 5% 315.000
-year period.
1 1929. Denom.$1,000. Due as follows: works bonds. Due over a 40
school impt. bonds. Dated Oct.
-Sealed
32.000. April 1
WHEELING, Ohio County, W. Va.-BOND OFFERING.
$2.500. Oct. 11929; $2,000, April 1 and 33.000. Oct. 1 1930:1 1932; $2,000,
be received until noon on May 11 by Chas. H. Sprague, City
11931: 32.000. April 1 and $3,000, Oct.
bids will
and $2,500. Oct.
April 1 and 53,000, Oct. 11934; Clerk, for the purchase of a 35,000 issue of grading and paving bonds.
April 1 and 32,500. Oct. 1 1933: 32.000.
1 1930
and $3,000. Oct. 1
$500
$2,000, April 1 and $2,500, Oct. 1 1935: $2.000. April 1April 1 and $3,000. Int, rate is to be bid upon. Denom. 3500. Due than from Oct.
par.
Oct. 11937: 32,000,
1936: $2,000, April 1 and 32,500. 32.500. Oct. 11939; $2,000. April 1 and to 1939 incl. Bids will not be considered for leas
-The
Oct. 1 1938: $2.000, April 1 and
-BOND SALE.
Newaygo County, Mich.
WHITE CLOUD,
1941: $2.000, April 1
1 and
$3.000. Oct. 1 1940: $2.000. April April $2,500. Oct. 1 Oct. 11943: $2.000. 312.000 Wilcox Paving bonds offered on April 26-V. 128, p. 2871-were
1 and $2.500.
and $3,000. Oct. 11942; $2.000.
the First State Bank of White Cloud. Bonds are dated
1945: Awarded at par to
April 1 and $3,000. Oct. 11944; $2.000, April 1 and $2,500. Oct. 1
1 May 1 1929. Coupon in form, denorus. of $1,000. Due $1,000 annually.
1 and
$2.000. April 1 and 33.000 Oct. 11946; 32.000. April incl. $2.500, Oct.
on May and Nov. 1.
Prin. and int.
1948 to 1951
1947; $2.000, April 1 and.000. Oct. 1 of Thornville. Bids for bonds to Interest payable
(P. 0. White
(A. & 0.) payable at the Peoples Bank
WHITE DEER INDEPENDENT SCHOOL DISTRICT bids will be
the one specified above will also be considered; Deer) Carson County, Tex.
-BOND OFFERING-Sealed
bear an int, rate other than
shall
rate is
provided, however, that where a fractional for 3% bid such fraction bonds received until 2 p. m. on May 11.by J. W. Wells, Secretary of the Board of
school
of the amount of
a multiple of 34 of 1%. A certified check
Education, for the purchase of a $35,000 issue of 5% semi-annual
bid for is required. Legality to be approved by Squire, Sanders & Dempsey bonds. Dated May 11929. Due serially in from 1 to 10 years.
of Cleveland.
-The 345.344.18
-BOND SALE.
WICHITA, Sedgwick County, Kan.
-BOND
on April
THURSTON COUNTY (P. 0. Olympia), Wash. sale onSALE.
issue of 434% coupon paving bonds unsuccessfully offered for sale
for
The $274.000 issue of annual court house bonds offeredFinance, as April 29 22-V. 128, p. 2871-bas since been purchased at par by local investors.
4548, at
-was awarded to the State Board of
V.
- 128, p. 2870
1 1928. Due in from 1 to 10 years.
Dated Sept.
par. Dated June 1 1929.
-BOND OFFERING-E. A.
WILLARD, Huron County, Ohio.
-BOND SALE.
-The
receive sealed bids until 12 in. May 20, for the
TIPTON COUNTY (P. 0. Tipton), Ind.
on March 16- Evans, Village Clerk, will street improvement bonds. Dated May 11929.
$10,000 Wilbert G. Crum et al. drainage bonds offered Bank of Tipton purchase of 323.000 53-4%
-were awarded to the Citizens National incl.
128, p. 1440
Due as follows: 81.000. April and Oct. 1 1930 to 1937 incl.: 81.500. April
1939
atpar. Bonds mature $1.000 on Feb. 16 from 1930 to a tender. Fletcher and Oct. 1 1938: and $2,000. April and Oct. 1 1939. A certified check
V.
Loan & Investment Co. of Indianapolis also submitted
payable to the order of the Village for 31,000 is required.
-The Peoples State Bank of Windfall purchased on
BOND SALE.
-BOND OFFERING.
an int. rate
bonds,
WILLIAMS COUNTY (P. 0. Bryan), Ohio.
April 22 an issue of $9.575 coupon road impt. seriallybearing years. Int.
in 10
Mont Stuller, Clerk Board of County Commissioners, will receive sealed
of 43-j%, at • price of par. Bonds mature
m. May 11 for the purchase of 38,103.056% road construction
bids until 12
'payable M.& N.
and
bonds. Dated Dec. 10 1928. Due as follows: 3918.08 March 10
TOWNSHIP OF PENNSAUKEN AND BOROUGH OF MERCHANT- $798.33 Sept. 10 1929: 3798.33 March 10 and Sept 10 1930 to 19.33 incl.
-BOND OFFERVILLE (P. 0. Merchantville), Camden County, N. J.
coupon rate other than the one specified are also
Bids for bonds to bear a
ING-Sealed bids addressed to Robert V. Peabody. Township Clerk, and Invited. Should a fractional rate be submitted such fraction shall be
Charles S. Ball. Borough Clerk, will be received until 7 p. m. (daylight stated in a multiple of 31 of 1%. A certified check for $810.30. Payable
saving time) May 13for the purchase of$65.000 434,4% or 5% water bonds. to the order of the Board of County Commissioners. must accompany
Dated May 11929. Denom. $1,000. Due May 1 as follows: $2.000. 1931
to 1961 incl., and $3,000. 1962. Prin. and int.(May and Nov. 1) Payable each proposal.
-Mont Stutter, Clerk, Board of County C,omBOND OFFERING.
in gold at the MerchantvIlle Trust Co., Merchantville. No more bonds
12 m. May 11. for the purchase of
to br awarded than will produce a premium or $1,000 over the amount missioners, will receive sealed bids untilDated Dec.8 1929. 1/ue as follows:
stated above. A certified check, payable to the order of the Township of 33,257.636% road construction bonds. 10 1929; and 3320.8.5, March and
and the Borough of Merchantyille, jointly, for 2% of the 2369.98, March 10. and 3320.85, Sept.
Pennsauken
Interest payable semi-annually. A certified
amount of bonds bid for, Is required. Legality to be approved by Hawkins, Sept. 10 1930 to 1933 incl. of the Board of County Commissioners for
Delafield & Longfellow of New York. Bonds are the joint and several check payable to the order
the borough.
$325.76 Is required.
obligations of the township and
-The two
-BONDS REGISTERED.
WILLISTON, Williams County, N. Dak.-BOND SALE. on April
TRINITY COUNTY (P. 0. Groveton), Tex.
offered for sale
The 1159,000 issue of 534% road, series F. bonds that was recently sold issues of semi-annual bonds aggregating 380,000.
22(V. 128. p. 2694) were awarded as follows:
was registered by the State Comptroller on April 27.
(V. 128, p. 2693),
bonds to the Commercial State Bank of Williston as
-BONDS REGISTERED.- $23.000 storm seweron Dec. I as follows: $500. 1931. to 1934. and 31.000,
TYLER COUNTY (P. 0. Woodville), Tex.
534s. Due
Three issues of 5% bonds were registered by the State Comptroller April 24.
1948, all inclusive.
1935 to
to the First National Bank
The issues are described as follows: $175,000 sewer improvement. $30.000
57.000 special Improvement refunding bonds I as follows: $500. 1931 to
sub-fire station and $25,000 airport bonds.
of Williston as 534s. Due on May
12.000. 1938:33.000. 1939:34.000, 1940
1934:31,000. 1935 to 1937:
UNION TOWNSHIP (P. 0. Union), Union County, N. J. 4272.000
to 1944; 35.000, 1945 to 1948. and 37,000 in 1949.
BONDS OFFERED.-Bateheider, Wade & Co. of New York are offering
OFFERING.-Arvilla
for public investment $272,000 6% impt. bonds at prices to yield 5.25
WILLOUGHBY, Lake County, Ohlo.-BOND m.(Eastern standard
to 5.00%, according to maturity. These bonds were awarded on April 24 Miller. Village Clerk, will receive sealed bids until 12
a basis of about 4.89%-V. 128. p. 2870. The township time)May 13 for the purchase of $43,843.51 41 _% special assessment
M
at 100.413,
reported an assessed valuation for 1929 of 518.200,800. compared with a street improvement bonds Dated April 1 1929. Due Oct. 1 as follows:
net debt of $374,609.
34.000. 1932: 15.000. 1933' 34.000, 1934:
34.843.51, 1930: 35.000, 1930;
interest
-BOND 35.000. 1935.and $4.000. 1936 to 1939 incl. Prin. and semi-annual to bear
UNION TOWNSHIP (P. 0. Union), Union County, N. J.
Trust Co., Willoughby. Bids for bonds Frac-A syndicate composed of the Bancameric Corp., Kean, Taylor & Payable at the Cleveland
SALE.
also be considered.
specified will
Co., H. L. Allen & Co., and B. J. Van Ingen & Co., all of New York, and a coupon rate other than the onemultiple of )i of 1%. A certified check
M M Freeman & Co. of Philadelphia,. was awarded at a private sale in tional rate should be stated in a
for 5% of the amount of bonds
1929.
April, 31,000.000 6% Improvement bonds. Dated May 1 gold at Denoms. payable to the order of the Village Treasurer
the Sea- bid for Is required.
Prin.
31.000 Due May 1 1934. York. and int. payable in
Legality is to be approved by Reed,
-The
-BOND SALE.
board National Bank, New
WINSTON-SALEM, Forsyth County, N. C.
p. 2871
Hoyt at Washburn of New York.
$1.800,000 issue of school bonds offered for sale on May 2-V.128,
- was awarded to a syndicate composed of Stoneidc Webster and Blodget. Inc.
-BOND OFFERING.
STREAM, Nassau County, N. Y.
VALLEY
Federal ComClerk, will receive sealed bids until 8 p. m. May 6, and the Guardian Detroit Co., both of New York, theWinston-Salem,
Ernest W.Pupke, Village
St. Louis, and W.F. Schaffner & Co. of
general improvement
merce Trust
for the purchase of 3135,000 coupon or registeredstated in multiples ofbonds as 43.45, at a Co. ofof 101.81, a basis of about 4.58%. Dated May 15 1929.
price
St(
rate of interest not to exceed 6% and to be $1.000. Due May 1. or Due
as
from May 15 1930 to 1958 incl. According to newspaper reports, the
1-10th of 1%. Dated May 1 192M Denoms.
York, Eldredge & Co., Old Colony Corp., Kean.
Bankers
follows: 311,000. 1931 and 1932: $14,000, 1933 and 1934; 85.000. 1935 to ' Taylor &Co. of New Detroit Co., Inc., were second high in the WinstonCo., and the
1949 incl. Prin. and int. (May and Nov.)
1939 incl.; and $6,000, 1940 to Valley Stream, Valley Stream. A
100.917 was
certified Salem bidding, with a tender of 101.209, while an offer of Pressprich &
Payable in gold at the Bank of
Lehman Bros., E. H. Rollins & Sons, It. W.
check payable to the order of the Village for $2,500 is required. Legality submitted by
of New York City.
Rogers, Caldwell & Co.
Co. and
to be approved by Clay, Dillon & Vandewater
N. J.
-BONDS OFFERED FOR
WYOMING TOWNSHIP SCHOOL DISTRICT NO. 9 (P. 0. Grand
VENTNOR CITY, Atlantic County, York, and
-The $60,000
-BOND SALE.
Morris Mather & Co. Rapids R. D. No. 1) Kent County, Mich.
-Hoffman & Co. of New
INVESTMENT.
publicinvestment 3274,000 534% munici- school bonds offered on April 27-V. 128, p. 2871-were awarded as 534s.
also of New York, are offering for
Trust Co., Detroit, at par plus a premium of
pal building bonds, at pricesto yield 4.90%. These bonds were awarded to the Detroit & Securitybasis of about 5.2657. Bonds mature as follows:
102.73, a
on April 22 to the bankers, at 100.41, a basis of about 5.12%-V. 128, p. $1.638, equal to1943 incL; 32.000. 1944 to 1946 incl.; 32.500, 1947: 33,000.
$1.500, 1937 to
2870.
incl.
1948 to 1958 incl.: 33.500. 1954 and 1955, and $4,000. 1956 to 1959
-BOND OFFERING.
VICTORIA COUNTY (P. 0. Victoria), Tex.
YOLO COUNTY ACQUISITION AND IMPROVEMENT DISTRICT
by J. J. Woodhouse, County Judge, until
Sealed bids will be received
---A $32.340 klitle of 534%
-BOND SALE.
Woodland) Calif.
10 a. m. on May 14, for the purchase of a $200,000 issue of 434% road, NO. 1 (P.O. bonds has recently beenehaaed by the American National
r
series E bonds. Due from 1945 to 1968. incl. A $4,000 certified check Improvement
Co.of San Francisco,at a price of100. 3must accompany the bid.
3062
FINANCIAL CHRONICLE
CANADA, its Provinces and Municipalities.
BRITISH COLUMBIA (Province of).
-ADDITIONAL INFORMATION.
-We are now informed that the amount of provincial bonds awarded
on April 25 to a syndicate managed by A. E. Ames & Co.. Toronto. was
56.056.000. not $6.000.000 as reported In V. 128. p. 2872. All other details
in our previous report are correct. The purchasers are re-offering the bonds
for investment at 100 and Interest.
Financial Statement March 31 1929.
Approximate Assessed value of all property within the province$901.432.148
Gros* funded and temporary debt
107,983.430
Less: General sinking fund
517.433.921
Pacific Great Eastern sinking fund
1.092.913 18.526.834
Net debt
589.456.596
Included In the above groat; debt are 510.153,069 temporary debt and
520,160.000 Pacific Great. Eastern Railway Co. bonds which were guaranteed
by the Province when Issued. The Railway Is now owned and operated by
the Provincial Government. Included also in the above grass funded debt.
according to advice from the Treasury Department of the Provincial Government. is 53.675.107 (as of March 31 1929i representing entirely self-support
lug debt.
Population (estimated). 642,000. Area, 355.855 sq. miles.
Provincial guarantees (of which 540,157.524 are in connection with railways now owned and operated by the Dominion Government). 545.517.857.
BRITISH COLUMBIA (Province of).
-PROPOSED BOND ISSUES.
We present herewith a list of municipalities for which, according to the
April 26 issue of the "Monetary Times" of Toronto. the municipal depart-.
ment has issued certificates authorizing the sale of bonds of city of New
Westminster. $46.977. payable In five years with interest at 5%, payable
half-yearly; corporation of Point Grey. $216.769, payable in 15 years with
interest at 5% payable half yearly: corporation of Point Grey, 555,884,
payable in 10 years with interest at 5%, payable half yearly: district of
Coquitlam, 512.000. payable in 10 years with interest at 5% payable half
.
yearly: district of Penticton, 540.000. payable in 25 years with interest at
5%, payable half yearly; city of Kamloops, 5.55,000, payable in 25 years
with interest at 5%. payable half yearly; district of Burnaby. 565.000,
payable in 15 years, with interest at 5%. payable half yearly: district of
Summerland. 510.000, payable In 20 years with interest at 5%. payable
half yearly: city of Salmon Arm. 32.000, payable In 10 years with Interest at
5%. Payable half yearly; city of Kelowna.566.000. payable in 20 years with
Interest, at 5% payable half yearly; district of Burnaby. 5114.000, payable
In 15 years with Interest at 5%. payable half yearly; city of North Vancouver, 58.000. payable In 20 years with interest at 5%. payable half yearly;
district, of Saanich. 580.000, payable in 30 years with interest at 5%,
payable half yearly; city of Trail. 525.000, payable in 20 years with Interest
at 5%. payable half yearly; district of Burnaby. 580 000. payable In 30
years with interest at 5%, payable half yearly; district of Oak Bay,$50,000,
payable in 30 years with interest at 5%, payable half yearly; city of Trail,
$4.500, payable in 20 years with interest at 5%. payable half yearly.
[Vol.. 128.
ONTARIO (Province of).
-BOND OFFERING.
-J. D. Monteith,
Provincial Treasurer, will receive sealed bids until 3 p. m. (daylight
time) May 6 for the purchase of 525,000,000 5% coupon provincial saving
bonds.
Dated May 1 1929. Denom. $1.000 Due May 1 1959. Prin. and int.
(May & Nov.) payable In gold at the Provincial Treasurer's office in
Toronto or in Montreal, Winnipeg, Vancouver, Regina, Halifax, Calgary
and St. John, Canada: or In gold coin of the United States in N. Y. City or
in London. England, at $4.86 2-3 to the pound sterling. A certified
check
for $250.000 must accompany each proposal.
ST. REMI D'AMHERST, Que.--BOND OFFERING -Sealed
addressed to D. Major, Sec.-Tress., will be received until 5 p. m. Maybids
13,
for the purchase of $35,500 improvement bonds, to
5%. Dated May 1 1929. Due serially in 40 years. bear a coupon rate of
Payable in St. Reml
d'Amherst and Montreal.
SASKATCHEWAN SCHOOL DISTRICTS.
-BONDS AUTHORIZED.
-The following Is a list of the authorizations granted by the Local Government Board from March 30 to April 13, as given in the April 26 Issue
of the
"Monetary Times" of Toronto:
Gladstone, $4.500. not exceeding 7%. 15
-years: Dirksburg, $1,800,
-installments: Bedford, $3.500, not exceeding 7%, not
exceeding 7%, 10
12
years; Wing. $3,500, not, exceeding 7%, 15-installments: H ubbard. t3 000
. .
not exceeding 7%, 10
-years; Edelaue. $4,800 not exceeding
North Plain. 54.750. not exceeding 6%. 15-years: Pheasant 6%, 15-years;
Plain, 54.500.
not exceeding 7%. 15
-installments: Fosterdale, $3,000. not exceeding 7%,
15-years; Big River. $7.000, not exceeding 7%, 15
-years; Kutawagan,
$1,200, not exceeding 6%, 10-years; Alexandria, $4.500, not exceeding
15-years: Gouverneur, $4.400, not exceeding 6%. 15
-years; Troy, $4.000.
6%,
not exceeding 7%. 15
-years; Cretcher. 510.000, not exceeding 7%. 20-years;
Copeland. $5,550. not exceeding 7%. 15
-years: Glenrosa, not exceeding 6%.
15-years: Whiska Creek, $4.300, not exceeding 7%, 15
-years; Aliso. Craig,
$4,200, not exceeding 7%. 15-Years.
VICTORIA, B. C.
-BOND OFFERING.
-Sealed bids will be received
by D. A. MacDonald, City Comptroller, until 2 p. m. May 6, for the purchase of 5100,000 city bonds to bear a coupon rate of 5%. Dated May 15
1929. Denoms.31,000 and $500. l'ayable in 25 years in Montreal, Toronto,
Winnipeg, Edmonton, Vancouver and Victoria.
WALKERVILLE, Ont.-BOND OFFERING.
-A. E. Cock, ClerkTreasurer, will receive sealed bids until 4 p. m. May 6 for the purchase of
the following issues of bonds, aggregating 5537.830.53. to bear a coupon
rate of 5%:
$245.000.00 public school construction 30
-year bonds.
-year bords.
232,970 17 local Improvement 10
59.560.36 local improvement I5-year bonds.
Long & Daly of Toronto have approved the legality of the issues. Bonds
are coupon, payable to bearer, issued in $100 denominations and odd lots,
and carry interest from Dec. 14 1928. Principal and Interest (Dec. 14)
payable in Canadian coin at the Canadian Bank of Commerce, Walkerville.
NEW LOANS
NEW LOANS
$125,000
Central School District Number One
Town of Sharon, Schoharie County, and Cherry Valley and
Otsego County, in the State of New York
Roseboom,
We Specialize in
City of Philadelphia
3s
31/
2s
4s
41 4s
/
41 2s
/
5s
51 4s
/
5y
2s
Biddle & Henry
1522 Locust
Street
Philadelphia
Members of
Philadelphia Stock Exchange
Baltimore Stock Exchange
Private New York Wire-Canal 8437
TOWN OF SOUTHAMPTON
Hampton Bays Bridge Bonds
Notice of Bond Sale
FINANCIAL
$150,000
SUFFOLK COUNTY, N. Y.
SCHOOL (COUPON) BONDS
Notice is hereby given that the Beard of
Education of Central School District Number
One of the towns of Sharon, Schoharte County,
and Cherry Valley and Roseboom. Otsego
County, In the State of New York, will receive
sealed proposals at the First National Bank in
the Village of Sharon Springs, New York. In said
district, until FOUR 0CLOCK IN THE AFTERNOON ON THE 16TH DAY OF MAY,
1929, for the purchase of bonds of one hundred
twenty-five thousand dollars ($125,000) of said
district of the denomination of one thousand
dollars (UMW each, numbered from one to
one hundred twenty-five inclusive and bearing
Interest at the lowest rate of interest obtainable.
not exceeding six per cent per annum (6%)
payable semi-annually.
Both principal and interest of said bonds will
be payable at the First National Bank of Sharon
Springs, New York, to the holder thereof, in
New York exchange. Said bonds shall not be
sold below par and shall bear interest at not exceeding six per cent per annum and shall be sold
to the bidder who will take them at the lowest
rate of interest, with accrued interest to be added.
Said bonds to be coupon bonds and dated
June 1, 1929. Two of said bonds shall mature on
the first day of June in each of the years 1930 to
1934 inclusive, and three of said bonds shall
mature on the first day of June in each of the
Years 1935 to 19:39 inclusive and four of said bonds
shall mature on the fi-st day of June in each of
the years 1940 to 1944 inclusive, and five of said
boncia shall mature on the first day of June in
each of the years 1945 to 1954 inclusive, and six
of said bonds shall mature on the first day of
NOTICE OF SALE
NOTICE is hereby given that sealed proposals
June in each of the years 1955 to 1959 inclusive. will be received by the Town Board of the Town
l'urchasers will be required to deposit with of Southampton, Suffolk County, New York, at
their bids in cash, by certified check or by bank the office of said board in the Town Hall in the
draft, two per cent of the amount of such bonds Village of Southampton, said town, at 1:30
and pay the balance, with accrued interest. If o'clock in the afternoon on the 8111 day of May,
any, to be added, when such bonds are delivered. 1929. for the purchase of any or all of an Issue of
Bids must be sealed and addressed to Frank S. bonds of said Town of Southampton in the amount
Clapper, Clerk of the Board of Education, care of of One hundred and fifty thousand dollars
First National nal k. Sharon Springs, New York, ($150.000) to be used for paying the cost of conand marked on the outside of envelope enclosing structing a bridge and causeway or roadway
said bids "Proposal for School Bonds."
across Shinnecock Bay in said town from the
The right to reject any and all bids is hereby mainland in the vicinity of Lighthouse Point,
reserved.
Hampton Bays, to the Dune Lands to afford
The bids will be publicly opened and announced access from said mainland to the Dune Road and
at the First National Bank in the Village of Ocean Beach, in said town.
Sharon Springs, New York, on the 16th day of
The said issue will consist of one hundred and
May. 1929, at four o'clock P. M., at which time fifty (150) bonds for One thousand dollars
and place all bidders are invited to be present.
($1.000) each, dated the first day of April, 1929,
The said district has no other bonded in- and maturing in numerical order as follows:
debtedness.
Fifteen (15) bonds aggregating Fifteen thousand
The total assessed valuation of said district In dollars ($15,000) on April 1st, 1930; and Fifteen
1929 was $1,572,145. Present population of (15) bonds aggregating Fifteen thousand dollars
district Is estimated at one thousand.
($15,000) on April 1st in each and every year
Prospective purchasers may obtain any further thereafter until all of said bonds shall be fully
information by addressing Frank S.
paid.
Clerk, Board of Education, Sharon Clapper.
The said bonds will bear interest at the rate of
Springs,
New York.
Five per centum (5%) per annum, payable semiDated,Sharon Springs, New York, April 19, 1929. annually April 1st and October 1st in each year.
form
Said bonds shall
BOARD OF EDUCATION OF CENTRAL converted into be in couponbond and may be
a registered
and will be
SCHOOL DISTRICT NUMBER ONE OF
to principal and interest at
THE TOWNS OF SHARON, SCHORARIE payable asNational Bank, Hampton the Hampton Bays
Bays, New
COUNTY, AND CHERRY VALLEY AND
York.
ROSEBOOM, OTSEGO COUNTY.
All bids must be in writing, sealed and the
By Herbert L. Odell, President
number of bonds bidder will purchase, stated
Frank S. Clapper, Clerk
and must be accompanied by a certified check for
Five per centum (5%) of the amount of the bid.
No bonds will be sold for less than par. Interest
will be charged the purchaser from the first day
FINANCIAL
of April, 1929, to the date of delivery. Purchaser
will be credited with any interest received by the
Town upon the amount deposited with the bid,
from the date the bid is accepted to the date of
delivery of bonds.
The right is reserved to reject any and all bids
and to thereafter at the same time and place sell
said bonds at public auction.
gaIMES :
&
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologi•ta
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Building
PHILADELPHIA
Dated April 24th, 1929.
BENJAMIN G. HALSEY.
Supervisor of the Town of Southampton. N. A'
FINANCIAL
MAR.". & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
@FedFRASER