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SATURDAY,SEPTEMBER 141929.
VOL. 129.
Einantiat Chronicle
PUBLISHED WEEKLY
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The Financial Situation.
The developments of the week have been rather
varied. A slump in the stock market has been perhaps the most conspicuous feature. Curiously
enough, a great many people are cudgeling their
brains in order to get at the reason for the break,
and are looking for an explanation in some underlying weakness in the general situation. The truth
is, however, the market is falling of its own weight
and there is no need of looking for outside causes.
A slump has been long overdue,inasmuch as through
speculative manipulation prices have been carried
to such heights that a break became inevitable, and
the wonder is that it was so long delayed. To be
sure, the declines have been very violent, but that,
too, is in the nature of things. The drop was bound
to be in proportion to the previous rise.
Moreover, a corrective was very much to be desired because of the huge masses of bank credit absorbed, and as a step in the direction of safety
and sanity. Unless the break shall proceed to much
greater length than now seems likely and shall
eventuate in general disaster such as so many eminent thinkers have feared must be the outcome unless
the speculative frenzy should be checked in time,
no one need give himself any concern over the present
happenings on the Stock Exchange. The reversal of
the market's course is really to be looked upon with
satisfaction, since it may be helpful in averting the
general disaster which otherwise it might be hard
to escape. In this sense thepresent week's Stock Exchange happenings are to be construed as a favorable development, rather than the contrary.
Much has been made of the fact that the monthly
statement of the United States Steel Corporation,
issued on Tuesday, showed a reduction during August in the aggregate of unfilled orders on the books
NO.3351.
of the subsidiary companies in the large amount of
429,966 tons, or far in excess of general expectations.
But the precise significance of this remains to be
seen. Granting that it may mean a slackening in the
pace of activity which has characterized the iron.
and steel trades for so long, there is nothing particularly harmful in that, and it has its compensating advantages in that it will permit the overhauling
of furnaces and mills, so much needed and so long
delayed.. For many weeks the plants of the Steel
Corporation were turning out products in excess of
the theoretical capacity of the works, and even now,
according to this week's issue of the "Iron Age,"
these plants are engaged at 91% of capacity, which
is a pretty good rate, even in the rush times like
those through which the country has recently been
passing.
The weekly review of the "Iron Age" regarding
the state of the steel industry contains nothing of a
discouraging nature, but rather the reverse. It tells
US that "evidences of a revival in railroad buying,
a slight gain in the requirements of the automotive
industry, and prospects of a recovery in farm machinery output are favorable straws in a steel market that is still without a well-defined trend." It
is admitted that "these developments have come too
late to prevent a further decline in steel works output, but they at least indicate," we are told, "that
the low point in demand may have been passed."
Then follows an enumeration of the new orders
placed during the week for rails, besides which mention is made of the fact that the railroad equipment
outlook is also beginning to show more promise.
The situation is summed up by saying: "With no
incentive for forward buying, there is no rush on
the part of steel consumers to place fourth quarter
contracts. Although mills have actually opened
their books at unchanged prices or have indicated a
willingness, in many cases, to extend present quotations into the next quarter, their customers prefer
to await developments. Both sellers and buyers
are apparently fencing for advantage pending a test
of the market."
The foregoing is doubtless an accurate statement
of the situation, and the only significance it possesses is that it shows that for the time being there
is hesitancy, which is quite natural under the circumstances, bearing in mind the pace at which steel
production and steel consumption have been proceeding for so long. Nothing could be more harmful at
such a period than a continuation of the unbridled
speculation in the stock market with serious menace
that this will involve if it is allowed to go on unchecked. The fact that these speculative excesses
are now in process of correction is most assuring
on that point.
1628
FINANCIAL CHRONICLE
[Von. 129.
Among the other news of the week have been the springing up in every quarter, then it deserves to be
monthly crop reports of the Agricultural Depart- pointed out that there will surely be less zeal in
ment at Washington, which are discussed at length the creation and extension of these concerns when
further below and which show that during the security values on the Stock Exchange are plunging
month of August prospects suffered considerable downward than when the course of prices, as in the
impairment, with a corresponding reduction in the past, is almost uninterruptedly upward and purprobable yield. But as there is, in none of the lead- chases of securities made one day are almost certain
ing crops, any reduction amounting to a real short- to show a profit the next day.
age, and at the same time the level of values has been
We have said that this week's returns of the Fedgreatly enhanced, there is very little reason for com- eral Reserve Bank of New York show a further inplaint. The Bank of England has again averted a crease in the total of these loans on securities to
rise in its discount rate, and though there has been a brokers and dealers by the reporting member banks
further loss of bullion this week, it has been rela- in New York City, when quite the contrary was
tively small. Gold engagements for shipment to looked for. The increase, too, is large, amounting
the United States have been resumed in London, but to $120,000,000, and it follows a whole series of
the gold has been acquired in the open market and heavy additions to the total week after week for a
not taken from the Bank of England.
long time past. In this latest increase the reportThe offering of the new issue of Treasury certifi- ing member banks did not themselves participate,
cates of indebtedness by the United States Treasury the total of the loans for own account having fallen
has proved a great success, these subscriptions hav- from $1,103,000,000 Sept.4 to $1,017,000,000 Sept.11.
ing aggregated $1,486,000,000, while the offering On the other hand, the loans made for account of
was only $500,000,000. Secretary Mellon 'has done out-of-town banks have increased from $1,784,000,000
well to point out that this does not signify any to $1,841,000,000, while the loans "for account of
prospective easing of the money market or indicate others" have taken another big jump forward and
large supplies of funds seeking investment. The have risen from $3,467,000,000 to $3,616,000,000.
certificates bear what must be considered a very The grand total of these loans on securities under
high rate for a United States Government obliga- the different categories is now up to the prodigious
tion, namely 47
4 of 1% aggregate of $6,474,000,000. A year ago, on Sept. 12
/
8%, even though this is 3/
less than the 5/
1
2% rate carried by the certificate 1928, the amount, then already of inordinate proporoffering made last June. But the June certificates tions, was only $4,385,000,000. It seems unneceswere exempt only from the ordinary normal Federal sary, in view of such figures, which speak so eloincome taxes, whereas the present offering is exempt quently for themselves, to comment anew on the
from the much more important and much heavier menace involved in expansion on such a scale.
surtaxes, these latter running to a maximum of 20%.
The Federal Reserve Banks have continued their
This last was really the great attraction, and it policy of enlarging their holdings of acceptances,
constituted a great departure in governmental pol- and the amount of these holdings has increased duricy, the Treasury Department having previously ing the week from $182,916,000 to $222,229,000.
taken a firm stand against the issue of United States With the additional Reserve credit thus supplied
obligations carrying exemption from the surtaxes, the member banks were enabled to reduce their inand the First Liberty loan 3/
1
2% bonds being the debtedness at the Reserve institutions, and accordonly United States issue now outstanding carrying ingly, the discount holdings of the twelve Reserve
any such valuable exemption. It has been figured institutions have been reduced during the week from
that the 47
/
8% in the new certificates is equivalent $1,046,016,000 to $972,927,000. It should be added
to 6/
1
2% for non-exempt issues on incomes in excess that the Reserve Banks have also added to their
of $100,000, and when this is borne in mind it is holdings of United States Government securities,
easy to understand why the certificates have met and this operated as further relief to the member
with such a favorable response. The present is the banks. These holdings of Government securities
first occasion when there has been an offering of increased during the week from $148,980,600 to
certificates under the law of last June, conferring $159,017,000. On the whole, the reduction in the
full tax exemption, and it may be expected that the discount holdings was somewhat larger than the
advantage thereby conferred will appear still more increase in the holdings of Government securities
strongly in future offerings of certificates. As a and of acceptances and consequently the amount
matter of fact, it would not be strange to find sub- of Reserve credit outstanding (as represented by
scriptions pouring in by the billions when it once the total of bill and security holdings) is somewhat
becomes generally known that the United States smaller the present week, standing at $1,370,273,000
Government is once more putting out obligations against $1,394,012,000 last week. The Reserve
exempt from the surtaxes.
Banks, while having added $39,313,000 to their own
holdings of acceptances, reduced somewhat their
The only really disquieting feature in the situa- purchases for their foreign correspond
ents, the
tion at the moment is the continued absorption of aggregate of these standing at $446,973,0
00 the
bank credit in security loans, but the situation in present week as against $453,020,000 last
week.
that respect is likely to be modified greatly for the
better if liquidation on the Stock Exchange is
The cotton crop suffered considerably during Auallowed to proceed to its legitimate end. This gust, as was indicated by preliminar
y reports,
week's further increase in brokers' loans comes as a printed from time to time during that
month. The
complete surprise, in view of the unloading of stocks September estimates of the Department
of Agriculwhich has taken place on the Stock Exchange. If ture, issued at Washington on Monday
of this week,
it be true, as urged, that this new increase must be however, reveal some redeeming features.
There was
ascribed to the floating of new issues of investment a heavy decline in condition during
last month, and
trusts and trading corporations, which are now some reduction in the indicated yield, but
the latter
SEPT. 141929.]
FINANCIAL CHRONICLE
is higher than the September estimate of the Department in the two preceding years, as well as in
excess of the crop raised last year and the year
before. The dry weather checked weevil damage,
though interfering with fruiting. The situation during the present and the two ensuing months will
determine the final yield.
The condition September 1 this year, as indicated
by the Department, is 55.4% of normal for the
entire cotton belt, and compares with 69.6% of normal on August 1, a reduction of 14.2 points during
the past month. The loss is somewhat in excess of
the general decline, which usually occurs during
this critical period. At the corresponding date of
last year, the September 1 condition of 60.3% of
normal showed a decline during August of 7.6 points,
while the ten-year average September 1 condition
was 56.1% of normal, the latter including the very
bad years of 1921-22 and '23. The indicated production for this year, based on the latest condition figures, is 14,825,000 bales, a reduction, as compared
with the 15,543,000 bales estimated a month earlier,
of 718,000 bales. A year ago, in spite of the lower
condition on September 1 of that year as compared
with the August 1 condition, when the loss for the
month was 7.6 points, the indicated yield on September 1 was 14,439,000 bales, against 14,291,000
bales, the August 1 estimate of that year, the increase during August representing a higher average yield per acre. The present year the yield per
acre is now placed at 152.2 pounds; in the August 1
estimate it was indicated at 159.3 pounds, a decline
for last month of 7.1 pounds. Last year the final
yield per acre was estimated at 152.9 pounds, and
the harvest was 14,477,874 bales.
The cotton report for practically every one of
the leading cotton States shows quite a sharp reduction in condition for September 1 this year, as compared with the August 1 condition. For Texas there
was a decline in condition of 18 points during the
month to 46% of normal on September 1. This latter
compares with 61% for that State on September 1
last year and a ten-year September 1 average of
53%. Oklahoma stands high in cotton production,
and the loss of condition for that State last month
was 21 points. For Arkansas, the decline last month
was 15 points; Mississippi 16 points; Louisiana and
Tennessee 14 points each; Alabama 12 points;
Georgia 10, and South Carolina five points. For
North Carolina the condition on September •1 this
year is unchanged from August 1.
The loss in indicated yield by the September report this year is quite heavy in several of those
States. For Texas, production this year is now
placed at 4,107,000 bales. This is a decline of
691,000 bales from the August 1 estimate. The
harvest last year in Texas was 5,106,000 bales, so
that the September 1 condition this year now indicates a reduction of practically one million bales
in the yield from this year's growth. Alabama and
Mississippi also show a considerable loss in yield
in the September estimate as compared with that
of August 1, although for both States the present
indications are that production will exceed last
year's harvest. Acreage abandonment this year is
estimated by the Department at 3.8% of the area
planted, leaving for harvest 46,594,000 acres. Abandonment is reported as greater than average in
Texas, North Carolina and California, but less than
average in all other cotton States.
1629
Other crops than cotton aLso suffered materially
because of the dry weather during August. Supposing the Department of Agriculture has not overestimated the damage done by the general drought, prospects for corn are now nearly as unsatisfactory as
they were in 1924, when production was greatly
reduced and quality exceptionally low. The growing season for corn is now so far advanced that
any benefit to be expected from improved weather
would be very limited, though later returns may
modify for the better the present outlook. Some
other grain crops are also in a less satisfactory condition than a month earlier; the same thing is true
of the important white potato crop. On the other
hand, there was a little improvement as to Spring
wheat.
The September crop report of the Department of
Agriculture was issued at Washington on Tuesday.
The condition as to corn on September 1, according to this report, was 67.9% of normal, as compared
with 78.8% of normal on August 1, this year, a decline during the month of 10.9 points. This was
quite an unusual loss. The September 1 1928 condition for the crop harvested last year was 78.4%
of normal. For the past ten years the corresponding figure has been lower than that given for this
year only once, and that was in the disastrous year
1924. The yield of corn since 1924 has not measured
up to the high production of some of the earlier
years, although in 1928 there were early indications of a 3,000,000,000-bushel crop. The yield this
year is now estimated at only 2,455,997,000 bushels.
This compares with an estimate, based on the August 1 condition report of 2,740,514,000 bushels, and
the harvest last year of 2,835,678,000 bushels. The
reduction between the August and September estimate this year amounts to the large total of 284,517,000 bushels. In 1924 the corn harvest was unusually low at 2,312,745,000 bushels.
In a number of the leading States of the corn belt,
the loss this year has been quite heavy, the September 1 condition being only 60% of normal or lower.
Among these States, where a large production is
usually expected, are Nebraska, with a condition for
September 1 of only 60% of normal; Missouri, 55%;
Kansas, 47%; South Dakota, 59%, and Oklahoma
and Texas, 50% and 60%, respectively. The latter
was also hit pretty hard on cotton during August.
Iowa shows a ratio of 81% of normal for September
1, which is not as high as might be looked for, while
for Illinois it is 71%; Ohio, 72%, and Indiana,
65%.
The improvement in the Spring wheat crop is welcome, although the yield as now indicated will be
considerably less than for either of the two preceding years. The condition for September 1 is put at
58.4% of normal, against 56.2% on August 1, and
82.1% on September 1 1928 for the crop harvested
last year. The yield of Spring wheat this year is
now placed at 217,492,000 bushels, which is 11,841,000 bushels higher than was shown a month
earlier, but compares with 323,785,000 bushels harvested last year. Only one crop of Spring wheat
raised in the United States in the seven years prior
to 1929 was smaller than that now indicated for
this year. Adding the estimate of the already harvested Winter wheat crop the total yield of all wheat
this year in the United States will be 785,726,000
bushels. This compares with 902,749,000 bushels
of all wheat harvested in 1928. The total produc-
1630
FINANCIAL CHRONICLE
For,. 129.
tion of wheat in the United States in three of the Thursday ruled at 8% the entire day, and the range
four years prior to 1928 was somewhat larger than yesterday was from 8% down to 7%. The further
is now shown for this year.
increase of $120,000,000 in brokers' loans shown in
The condition of the oats crop for this year was the statement of the New York Federal Reserve
slightly lower on September 1 than for August 1, Bank on Thursday evening dealt a new blow to
74.6% of normal for the later date comparing with Stock Exchange values on Friday, carrying prices
75.6% on August 1. The crop, however, is now to still lower levels, though a sharp rally occurred
indicated at 1,205,000,000 bushels, against 1,202,- in the closing hour.
895,000 bushels a month earlier; the harvest last
As liquidation proceeded the business on the Stock
year was 1,448,622,000 bushels. Barley also shows Exchange grew in volume and the transactions ran
a lower condition for September 1; likewise tobacco, in excess of 5,000,000 shares a day. On the New
hay and pasture. The indicated yield per acre, for York Stock Exchange the sales at the half-day sespractically all grains, based on the September 1 sion last Saturday were 2,593,400 shares; on the full
condition report, shows a marked reduction for day Monday they were 4,860,010 shares; on Tuesday,
practically the whole list compared with last year 4,520,630 shares; on Wednesday, 4793,470 shares;
and with the ten-year average. For corn the loss on Thursday, 5,017,310 shares, and on Friday,
this year *ill average 3.2 bushels per acre compared 5,067,360 shares. On the New York Curb Exchange
with fast year; for Winter wheat 1.8 bushels; Spring the sales last Saturday were 1,073,800 shares; on
wheat, 5 bushels; oats, 4.7 bushels, and barley, 6.1 Monday, 1,654,900 shares; on Tuesday, 1,365,900
bushels. The comparisons are all with the final shares; on Wednesday, 1,947,300 shares; on Thursharvest of 1928. The loss compared with ten-year day, 1,948,400 shares, and on Friday 1,843,400
average is in no case so heavy.
shares.
For white potatoes a reduction in yield, is also
As compared with Friday of last week, large and
indicated in the September report. . The condition general decline's in prices appear, though with a few
September 1 is given as 68.9% of normal, against exceptiOns, where prices are higher. United Air83.0% a year ago. The yield is estimated at 349,- craft & Transport closed yesterday at 1211/
4 against
000,000 bushels, a loss of 24,000,000 bushels since 1291/2 on Friday of last week; American Can
at 167
August 1. Last year the production was 464,000,000 against 176; United States Industrial Alcohol at
bushels. The decline in tobacco last month was 204% against 209; Commercial Solvents at
499 ex.
fractional, the September 1 condition being 74.1% div. against 4901/2; Corn Products at 117% against
against 74.5 a year ago. The yield of tobacco is now 111%; Shattuck & Co. at 58 against 60%; Columbia
indicated at 1,462,000,000 pounds. This compares Graphophone at 651/
2 against 66/
1
2; Brooklyn Union
with a harvest last year of 1,378,000,000 pounds.
Gas at 235 against 240; North American at 1661/8
against 1751/
8; American Water Works at 180/
1
2
The stock market this week has suffered a severe against 185; Electric Power & Light at 78
against
decline. Liquidation has been in progress day after 77; Pacific Gas & Elec. at 87/
1
2against 90%; Standday on a very extensive scale. The different groups ard Gas & Elec. at 195 against 1881/2; Consolidated
of speculators appear at length to have come to a Gas of N. Y. at 163 ex. rights against 177/
1
2; Columrealization of the serious consequences involved in bia Cras & Elec. at 116 against 93%; Public
Service
the constant expansion in brokers' loans week after of N. J. at 1221/
8 against 126; International Harweek, and month after month. The Stock Exchange's vester at 131 against 135; Sears Roebuck
& Co. at
own statement of brokers' loans showing an increase 1647
/8 against 167%; Montgomery Ward & Co. at
of over $400,000,000 a month for three successive 125% against 1321/
4; Woolworth at 971/
2 against
months appears to have come as an eye-opener to 981/
8; Safeway Stores at 1807
/
8 against 177%;
many of those who have seen the total of borrowing Western Union Telegraph at 226 against
2321/
2;
of that description steadily rising without taking Amer. Tel. & Tel. at 287% against 295%,
and Int.
much notice of it. If speculators themselves have Tel. & Tel. at 1365/s against 1427
/8.
not become apprehensive the banks have, and no
Allied Chem.& Dye closed yesterday at 333 against
doubt they have brought pressure to bear on the 3381/
2 on Friday of last week; Davison Chemical at
speculative fraternity to reduce its market commit- 537
/8 against 48; E. I. du Pont de Nemours at 211/
1
4
ments'.
against 225; Radio Corporation at 1091/
4 against
Of course also considerable bear pressure has been 1133%; General Elec. at 371 against 389;
National
exerted against the market, with very telling effect. Cash Register at 136 against 129; Wrght
AeroThis bear element made the most of the large reduc- nautical at bid 125 against 133%;
International
tion shown in the unfilled orders of the Steel Corpo- Nickel at 55 against 53%; A. M. Byers
at 1341/
8
ration, and the steel stocks have been the weakest against 140; Timken Roller Bearing
at 108%
group in the entire Stock Exchange list. U. S. Steel against 107%; Warner Bros.
Pictures at 583
%
stock itself dropped yesterday to 2301/2 (though against 60%; Mack Trucks at 1021/
4 against 1001/
4;
closing at 2351/
2) against a high of 2613
% recorded Yellow Truck & Coach at 351/
4 against 367
/8; Naon Sept. 3. The advance in the Stock Exchange call tional Dairy Products at 75/
1
4 against 79%; Johnsloan rate to 10% on Tuesday was a further weak- Manville at 210/
1
2 against 203; National Bellas
ening influence, but the drop back to 7% on Wed- Hess at 421/2 against 37%;
Associated Dry Goods
nesday did not serve to stop the liquidation, though at 523
% against 48%; Lambert Company at 1367
/
8
the markqt did enjoy somewhat of an upward reac- against 139; Texas Gulf
Sulphur at 69% against
tion on that day, this being virtually the only up- 71, and Bolster Radio at 32 against
28%. Strange
ward rebound of any consequence during the week. as it may seem, the list of stocks
which in face of
On Thursday a further severe break occurred, and the general break in the market
have the present
unfounded rumors gained currency that there was week attained new high records
for the year is by
to be another advance in -the rediscount rate of the no means an inconsiderable one, it
including the
New York Federal Reserve Bank. Call loans on following:
SEPT. 14 1929.]
FINANCIAL CHRONICLE
STOCKS MAKING NEW HIGH FOR THE YEAR.
Greene Cananea Copper
Railroads—
Harbison-Walker Refractories
Baltimore & Ohio
Hershey Chocolate
Chicago & North Western
Mercantile Marine ctfs.
Int.
Delaware Lack. & Western
Kraft Cheese
Erie
Lehigh Valley Coal
Minn. St. Paul & S.S. Marie
Loose-Wiles Biscuit
Louisville Gas & Electric,class A
Industrial & Miscellaneous-National Lead
American Bosch Magneto
Packard Motor Car
American & Foreign Power
Penn. Coal & Coke
American Machine & Foundry
Philadelphia Co.
American Power & Light
Pullman, Inc.
Sanitary
Amer. Radiator & Stand.
Radio Corp. of America
Mill
American Rolling
Republic Iron & Steel
American Type Founders
American Water Works & Electric Royal Baking Powder
Dutch Co.(NY.Shares)
Royal
Anaconda Wire & Cable
Simmons Co.
Anchor Gap
Standard Gas & Electric
Atlas Powder
Standard Oil of New Jersey
Connon Mills
Standard Oil of New York
Case Threshing Machine
Sun Oil
Central Alloy Steel
Texas Corp.
Columbia Gas & Electric
Timken Detroit Axle
Corn Products Refining
Union Carbide & Carbon
Cutler-Hammer
Union Tank Car
Cuyamel Fruit
United Biscuit
Nem
de
Pont
du
E. I.
Westinghouse Elec. Instrument
Fairbanks Morse
White Rock Minn. Spr.
First National Stores
Worthington P. & M.
Fleischmann Co.
1631
to the general market, and accordingly show only
slight losses for the week, and some of them actual
gains. Standard Oil of N. J. closed yesterday at
2 against 70% on Friday of last week; Simms
771/
2
1
8; Skelly Oil at 42/
/
4 against 357
1
Petroleum at 35/
2 against
1
8; Atlantic Refining at 64/
/
against 437
8 against 64%; Phil/
/8; Pan American B at 647
647
%
3
8; Texas Corpo371/
against
lips Petroleum at 37
Oil at 41%
Richfield
67%;
against
68%
ration at
at
Y.
N.
2 against
/
of
451
Oil
Standard
42%;
against
.
4
1
/
26
against
2
1
/
26
at
Oil
Pure
and
,
8
/
427
Share prices moved irregularly on the important.
European stock exchanges this week, with the upward and downward adjustments leaving little net
change at the end. Bank rates were again the subject of animated discussion, the London aupket
0
expecting an increase sooner or later in the 5y27
England,
while
in
of
Bank
the
by
maintained
rate
Germany the Reichsbank was urged to reduce its
2% level. No action was
been
especially
have
as
weak,
shares
The steel
Tate from the prevailing 71/
already stated; in fact, they may be said to have taken by either central bank. In England encourbeen the leaders in the downward movement. U. S. agement was derived from the cessation of the heavy
2 against 2501/
4 gold movement to France, but this was offset to
Steel stock closed yesterday at 2351/
on Friday of last week; Bethlehem Steel at 128% some extent by a resumption of the flow to New
against 136; Youngstown Sheet & Tube at bid 133 York. The movement was not important, notwithagainst 170. On the other hand, Republic Iron & standing the fact that sterling dipped much below
Steel closed yesterday at 1415
8 against 1261/
/
4, and the usual gold export point. Meanwhile, evidence
Ludlum Steel at 94 against 887
/8. The motors have piles up of the immense transfer of speculative and
declined with the rest of the list.. General Motors investment funds from Europe to the New York
closed yesterday at 727
/8 against 78 on Friday of last market to take advantage of American prosperity.
week; Nash Motors at 841/
8 against 853
%; Chrysler One of the oldest of the British investment trusts
at 697
8 against 78%; Packard Motors at 1501/2 has sent to this market in recent months close to
/
against 150%; Hudson Motor Car at 81% against $100,000,000 for investment in American securities,
/8; Hupp Motors at 39% against 403/i. In the which indicates the growth of this practice among
847
rubber group Goodyear Tire & Rubber closed yes- individuals and financial organizations in Europe.
2 against 112 on Friday of last week; The circumstance explains largely the quietude of
terday at 1091/
/8; United States the European stock markets, as compared with the
B. F. Goodrich at 71 against 717
8, and the preferred at 75 violent movements current in New York.
Rubber at 53 against 471/
2.
1
against 72/
The London Stock Exchange opened the week
shown
greater
Railroad stocks have
firmness than with a show of firmness in most departments. Althe rest of the market, and yet have been dragged though the monetary situation remained uncertain,
down in the general decline. Pennsylvania closed gilt-edged securities participated in the improve% on Friday of last ment toward the close, prices hardening perceptibly.
yesterday at 10234 against 1063
week; Atchison at 278 against 2861/
2; New York An improved tone in Wall Street over the week-end
2; Erie RR. at 885/8 was reflected in London by strength in the Anglo1
Central at 237/
4 against 247/
1
against 91;Delaware & Hudson at 217% against 219; American list. Confidence waned on Tuesday at
Baltimore & Ohio at 143 against 139; New Haven at London, and most of the leading industrial issues
8 against 123%; Union Pacific at 280 against lost ground. Weakness also set in among the in1191/
/8 against 1521%; ternational securities, and at the end of the session
288%; Southern Pacific at 1497
2; Kansas City British funds also were affected. Growing uneasiMissouri Pacific at 91% against 941/
4; St. Louis South- ness was felt Wednesday regarding the monetary
1
Southern at 102 against 103/
2 bid; St. Louis-San outlook and a good deal of selling occurred in the
1
western at 951/
8 against 94/
4; Missouri-Kansas- expectation of an increase in the Bank rate the
1
4 against 130/
1
Francisco at 127/
4; Rock Island at 137 following day. Practically all departments of the
Texas at 527
/8 against 551/
against 1411/
2; Great Northern at 122 against 1241/
2, market were depressed. The tone was firmer Thursand Northern Pacific at 109% against 1097
/8.
day, following the announcement of an unchanged
The copper group at times manifested resistance Bank of England rate. Gilt-edged securities were
to the downward trend, but has nevertheless moved marked upward to some extent, but the chief movelower. Anaconda closed yesterday at 1251/
2 ment occurred in the oil stocks as a result of a
4 on Friday of last week; Greene- similar upward trend in the oil stocks at New York.
1
against 132/
Cananea at 1887
/8 against 197; Calumet & Hecla at Gilt-edged securities were steady in yesterday's ses44 against 47; Andes Copper at 56% against 591/
8; sion at London, but the market otherwise was quiet
Inspiration Copper at 45% against 48%; Calumet and uncertain.
& Arizona at 127 against 131; Granby Consolidated
The Paris Bourse was irregular Monday after a
Copper at 81% against 85; American Smelting & firm opening. A hesitant mood characterized the
4, and U. S. Smelting session and trading was light. Among the factors
1
4 against 128/
Refining at 1201/
& Ref. at 51% against 54%.
that influenced the Paris market was the failure
The oil shares under the leadership of the Stand- of other exchanges to follow the upward
movement
ard Oil stocks have most of the time moved counter on the Bourse last week, and rumors of impending
1632
FINANCIAL CHRONICLE
[VOL. 129.
difficulties in the Cabinet of M. Briand. Prices proceeded to the point where every assurance is felt
turned weak Tuesday on rather general selling in the highest circles of reaching a preliminary
orders, with banks, chemicals, motors and steels agreement on principles to govern a formal interthe chief sufferers. The selling appeared to origi- national conference of the naval powers. After
nate largely in the Provinces. Depression continued further exchanges between the two governments on
in Wednesday's session on the Bourse, with a ma- the cruiser problem, official announcement was made
jority of the stocks losing further ground, although in London Thursday that Prime Minister Ramsay
the losses were not pronounced. Improvement MacDonald will said for the United States aboard
finally set in Thursday, the list turning resistant the Berengaria September 28. The announcement
on general buying. The chief stimulus in the sudden followed a conference between Mr. MacDonald and
recovery was the Wall Street boom in oils, at a time U. S. Ambassador Dawes, and the understanding
of general break on the New York Stock Exchange. prevailed in consequence that there is every prospect
Prices were firm on the Bourse in yesterday's of reaching the desired preliminary agreement.
session.
Statements have frequently been made that the
Trading was begun on the Berlin Boerse Monday Prime Minister's projected visit to this country
with a moderate show of firmness, although some would be abandoned unless success in the negotiauneasiness was still apparent after the pronounced tions seemed assured. Although nothing has been
decline of the previous week. The potash and min- made public officially on the conversations',it became
ing sections were particularly favored in the buying. known Thursday that the American Government
The tendency was again more irregular in Tuesday's had dispatched a note to London late the preceding
market, but most stocks maintained their previous night. Commenting on these developments, Secregains. Wednesday's opening at Berlin was lower, tary of State Henry L. Stimson said: "The note
with purchasing orders almost completely lacking. last night was not of such a nature that you could
The downward movement was accentuated by a say it brought an agreement, but it was working
severe drop in I. G. Farbenindustrie. Some of the toward an agreement, and could have caused Mr.
electricals and potash stocks were well maintained, MacDonald to be confident that there would be an
however. The Boerse faced about sharply Thursday, agreement"
and increasing optimism was manifested. Firm
The negotiations have been obscured to some exsessions at outside markets stimulated the dealings tent this week by much official and unofficial conat Berlin, while a favorable statement by the L G. sideration of the activities of William
B. Shearer,
Farbenindustrie turned the selling tide in this stock. self-confessed "Big-Navy" propagandist for pay. A
Selling was resumed at Berlin yesterday and prices suit was brought by Mr. Shearer
against three large
declined.
American shipbuilding corporations, in which it
was implied that he had been employed by them for
Plans for resuming the Hague conference of propagandist work against naval
armament limitagovernments on the Young Plan of German repara- tion and reduction. Cognizance of
the matter was
tions payments after the close of the present League promptly taken by President
Hoover, chiefly beAssembly session are taking shape both in Europe cause Mr. Shearer was present at the abortive triand America. Premier Henri Jaspar of Belgium, partite conference in Geneva two
years ago. In a
the Permanent President of the Conference, decided series of statements issued
this week, Mr. Shearer
this week that the Commission on the Bank for has implicated a number of high
naval officials, and
International Settlements is to meet at Brussels a searching investigation is now to be made by a
September 23. Henri °heron, the French Minister Senate Committee.
of Finance, announced Thursday that Owen D.
Due emphasis was again placed on the far more
Young, and J. Pierpont Morgan, unofficial American important discussions between
Britain and the
delegates to the Paris Experts' meeting, had been United States when a series of conference took
s
asked to name two Americans to sit on the bank place in Washington, Wednesday, between President
committee. It was ascertained late the same day Hoover and his principal advisers on international
that Jackson E. Reynolds, president of the First and naval affairs. The purpose of
these conferNational Bank of New York, and Melvin E. Taylor, ences, dispatches said, was to determine upon the
president of the First National Bank of Chicago, scope and character of a response to the latest prohad been chosen as the two American members of posal of the British Government
for establishing
the committee. In a Paris report to the New York fundamental principles for naval disarmame
nt pre"Times," it was indicated that the official invitation liminary to holding a formal conference of the five
to serve on the committee will be sent the two promi- naval powers. The situation
confronting the Adnent American bankers by Governor Emile Moreau ministration was
said to resolve itself into how to
of the Bank of France. The French delegates to overcome a
disparity of at east 35,000 cruiser tons
the Bank committee it was said, will be Sub- in favor of the
British, who maintained that they
Governor Moret of the Bank of France and Pierre cannot cut their cruiser tonnage below
approximateQuesnay, head of the economic service of the Bank ly 340,000 tons. A partial offset is
offered through
of France. Three other sub-committees of the Hague the use of the
yardstick, or equivalent values method
conference will meet in Paris next Monday. They of measurement, which would give the
United States
will deal with the settlement of State property, the a greater number
of the more powerful 10,000-ton
liquidation of past accounts, and deliveries in kind. cruisers, and allow
the United States to , make up
Two commissions on the new regime of the Reichs- in gun superiorit
y what it lacked in actual tonnage
bank and the German railways will meet in Berlin displacement compared
with Britain's cruiser
on a date as yet undetermined.
strength. Other factors are involved, however, not
the least of which is a suggestion which Japan is
Naval disarmament negotiations between the understood to have made, for raising
the Japanese
United States and Great Britain have apparently ratio of strength from 5-5-3 respectively for Britain,
SEPT. 141929.]
FINANCIAL CHRONICLE
1633
2. As a result tude of the whole world, and particularly that of
the United States and Japan,to 5-5-31/
a Washing- Great Britain and the United States toward each
in
indicated
was
it
of this development
York
"Times," other. Success in meeting the problem also would
New
the
to
Thursday
ton report of
probably have a beneficial effect in its bearing on American
will
conference
international
formal
that a
be called in the near future, perhaps as early as naval policy, he added. In London, similarly optimistic comments were made yesterday, Prime MinDecember.
"Opinion is strong here to-night," the dispatch ister MacDonald informing his colleagues at a Cabicontinued, "that the administration found it neces- net meeting that the negotiations with the United
sary to an agreement to concede to Great Britain the States were proceeding so satisfactorily that an
right to build 340,000 tons of cruisers, or a cruiser agreement is certain.
tonnage not greatly below that figure, and that the
uggestions for an economic union of European
disparity between the cruiser strength of the two
made by Premier 'Aristide Briand of France
States,
some
extent
gran
by
to
overcome
nations would be
League of Nations Assembly session at
the
build
to
in
States
than
more
United
the
to
right
ing the
eighteen 10,000-ton cruisers, while the total tonnage Geneva September 5, were elaborated at a private
advantage of Britain in all classes of naval vessels luncheon Monday to which M. Briand invited the
could be reduced through an agreement that Britain heads of all the twenty-seven European delegations
should curtain her battleship tonnage, which is represented in the present Assembly. In his general
greater than that of the United States. Whether the remarks before the Assembly on the preceding
preliminary agreement, which now seems to be as- Thursday, M. Briand touched on his plan for a
sured, would mean any material reduction in the European federation only lightly, after discussing
tonnage total of the American fleet, as desired by the problem of military disarmament. The next
President Hoover, has not been made known. In great problem, he declared at the time, is economic
its memorandum of last week to which a response disarmament, which "involves an economic federawas sent by Secretary Stimson last night the British tion of States, especially those geographically close
Government suggested that the proposed cut of to each other." Not the slightest infringement on
50,000 tons in American cruiser tonnage, through the sovereignty of the States concerned would be
reducing the number of 10,000-ton cruisers which implied in any such federation, he remarked. In
have been authorized by Congress from twenty-three order to unfold his plan more fully, and to permit a
to eighteen, might be overcome by this government preliminary exchange of views, the French Premier
building a corresponding tonnage in cruisers smaller and Foreign Minister sent out invitations to the
than 10,000 tons. When Prime Minister MacDon- luncheon to the twenty-seven delegation heads.
ald, in speaking before the Assembly of the League Statements made in French quarters indicated that
of Nations at Geneva, indicated that an agreement all had been sounded out in advance and had agreed
on the preliminaries to a naval disarmament con- to come, dispatches said. In the League Assembly
ference was in sight, there was some irritation here session of last Saturday, several additional public
due to the belief that Mr. MacDonald was convinced declarations were made regarding the idea of a
that the United States could not find its way clear European federation, speakers for Spain and Lithto reject his proposals. At that time it looked as if uania cautiously supporting the proposal.
The luncheon itself, Monday, was eminently sucthere were danger of a serious disagreement between
the two governments chiefly over the British sug- cessful and accomplished all that M. Briand desired.
gestion that we build small cruisers in place of "And so, between a pear and some cheese," he told.
50,000 tons of 10,000-ton cruisers. This government press representatives afterwards, "we laid the little
feels that small cruisers do not comport with its cornerstone of a European federation; discreetly,
defensive needs. But apparently a way has been between a pear and some cheese—which doesn't,
found to overcome the obstacles presented by the you know, diminish at all the importance of the
British proposal.
evest." During the luncheon, dispatches said, the
A statement on the new development was issued first definite steps were taken for a practical workin Washington late yesterday by Secretary of State ing out of M. Briand's idea of a European federaHenry L. Stimson. Great Britain and the United tion. "The meeting ended," a report to the New
States are now prepared for a naval conference, he York "Times" said, "in the delegates of all the
said, the negotiations having reached the point States of Europe not only expressing sympathy
where a conference can be called. In the formal with the idea but promising to have their governdiscussias now held assured, any matters which ments study it.. It ended with all of them unanihave not yet been fully settled in the direct con- mously charging M. Briand to send to all the governversations can be dealt with, it was indicated. Re- ments of Europe a memorandum exposing the idea
maining differences between the two countries more in detail." To the memorandum, M. Briand
center around a few thousand tons of ships in a is said to have explained, a questionnaire will be
single class, and it was considered probable that attached, thus instituting a general consultation on
even this point will be modified to a discussion of the problem. The results of the consultation are to
the way in which these ships shall be constructed be formulated by the French statesman in a report,
or of how the guns which they carry shall be manned. which will be discussed at a new meeting of the
If the conversations which have been going on suc- States of Europe, fixed definitely for next Septemceeded in bringing about a conference of the naval ber during the eleventh Assembly of the League.
powers and an agreement among them, Mr. Stimson To that meeting, M. Briand declared later, the delesaid, the armament race in all categories of ships gates will come with specific mandates from their
will be off and an entirely different atmosphere governments to consider the details of a European
substituted. He asserted, an Associated Press dis- federation.
patched said, that this not only would benefit the
At the luncheon M.Briand spoke only ten minutes,
national defense of the United States, but the atti- giving in general terms his ideas on a European
1634
FINANCIAL CHRONICLE
[vol.. 129.
federation. Later in the day, the French Premier the economic welfare of the European nations tends
received press correspondents from all parts of the toward the welfare of other economic communities."
world, but again confined his remarks to generali- Dr. Stresemann compared present day Europe with
ties. All the delegates had shown "marked sym- the disorganized group of States and principalities
pathy" with the idea, he said, and none had formu- that formerly comprised what is now Italy. Such a
lated any objection to it in principle, although some situation belongs to a medieval age, he remarked.
spoke more on its economic aspects, while others A number of new States were created in Europe by
preferred to look at it from a more general view- the Versailles Treaty, he pointed out, and with them
point. He took special pains to impress upon the came additional problems. "All this must be
correspondents that the federation was not intended stopped," he stated. "We must attain the point of
as a step against any organization, continent or creating uniform money and postage stamps, which,
nation, least of all the United States. In reply to a after all, would only correspond to the point we
question regarding Russian membership in the have attained in other fields. I can assure you my
federation, M. Briand stated that the new institu- government is ready to enter the discussion of any
tion will be open to all European nations.
arrangements such as those which have been sugAlthough the meeting was strictly private, a re- gested by previous speakers, aiming to facilitate
port of the proceedings was secured by Clarence B. commerce and end the increase of tariffs."
Streit, special correspondent of the New York
Cordial support also was given M. Briand's pro"Times," from "several Independent sources in a posal by Foreign Secretary Arthur Henderson, who
position to know." M. Briand began, it appears, represented Britain at the luncheon. He called
by saying that statesmen are usually anxious to be pointed attention, however, to the difficulties and
eloquent and accurate. This time, on the contrary, advised the greatest prudence. Mr. Henderson rehe wished to be neither eloquent nor to give his idea marked that The British had had long and wide
in too sharp a form. Admitting that the idea of a experience with federations and were themselves a
European federation would meet with objections world-wide federation. One of the chief difficulties
and reservations, he nevertheless affirmed that there he foresaw was that all the countries concerned
was no country that would be indifferent to the must keep complete independence, sovereignty and
federation or that would have nothing to gain from autonomy. Soviet Russia, too, must be kept in
it. Some erroneous impressions were abroad about mind, he said—Moscow was already suspicious of
the idea, he continued, of which the greatest was Europe grouping together against her. Care must
to suppose that European peoples could not agree be taken, he declared, not to create alarm there or
to work together except under the stimulus of in the United States. He urged that further meetworking against something or somebody. State- ings be public, so as to allay suspicions arising from
ments that Americans considered such a federation private meetings. Europe, moreover, must avoid
as a threat against their own economic or political trying to create a sort of limited society of particular
life were deprecated by the Premier. He said he interests within the League of Nations, he said.
could assure his guests he had received many mes- The federation, however, was a great idea, he desages from the United States indicating that people clared, and however difficult its political problems,
there understood perfectly that there were no ul- all statesmen should help in solving them. Mr.
terior aims in his idea and that there were great Henderson thought it would be especially useful in
advantages which America also would undoubtedly social questions, and he stressed the aid it might
gain through the European organization. The fun- give in obtaining general, simultaneous European
damental aim of the organization should be greater ratification of the eight-hour day convention.
Four other speakers were able to address the gathsecurity and greater prosperity for Europe, he declared. He then threw the meeting open to discus- ering before it adjourned in order to enable the delesion, asking the assembled statesmen to give their gates to attend the regular League Assembly session.
own opinions on the idea and the best means of Chancellor Streeruwitz of Austria gave enthusiastic
support to the idea of a United States of Europe,
furthering it.
Dr. Gustav Stresemann, Foreign Minister of Ger- and pictured graphically the economic evils resultmany, opened the general discussion with an ex- ing from the partitioning of Central Europe. M.
pression of doubt regarding the ability of member Marinkovitch, Foreign Minister of Yugoslavia,
States to retain their sovereignty untouched in any praised the idea highly and declared that political
real federation. He supported the idea in principle, rapprochement should parallel the economic rapespecially on the economic side, but urged the need prochement. Efforts to lower economic barriers
of proceeding very cautiously. Dr. Stresemann, have proved a failure where they were unaccomhowever, had already given some of his views on panied by political rapprochement, he pointed out.
the matter in a formal address to the League Assem- M. Hymans, Foreign Minister of Belgium, also exbly earlier in the day. Adverting to "certain sug- pressed himself in complete accord with M. Briand,
gestions" for closer collaboration between the States and suggested further study of the question through
of Europe, the German Minister said he declined to the League's economic commission, or through
a
regard the whole idea as chimerical. "It seems to special commission to be named for the purpose.
me it must be quite clear," he added, "that I am not Foreign Minister Motta of Switzerland
held that
suggesting or proposing any political move. No commissions are impracticable and that the matter
political consideration, no idea of subordination of was not one for League consideration. He
made the
any one State to any other State must be allowed suggestion, finally adopted, for the circulation by
to enter our discussions or our conceptions, and I M. Briand of a memorandum to all European States.
would like also to point out that I am not proposing
An open declaration in support of the idea also
any collaboration directed against any other con- was made in the League Assembly meeting on the
tinent. I am merely desirous that we should all same day by Foreign Minister Benes of Czechowork together in our common interests, but I think slovakia, who foresaw the ultimate realization of
SEPT. 14 1929.]
FINANCIAL CHRONICLE
the plan, "accompanied perhaps by a new political
system in Europe, a sort of political, economic and
moral co-operation, which will be aimed against no
one, which will not disturb any group, which is
linked both with Europe and other parts of the
world, such as the British Empire, and which will
not disturb the United States." Signor Scialoja, of
Italy, also spoke in the Assembly, giving approval
to the plan in measured terms. William Graham,
President of the British Board of Trade, referred
to the plan in an Assembly (Speech, urging a preliminary agreement among European nations that they
will not, within the next two years, make any further increases in tariff levels.
1635
same fate. The Lithuanian Premier pleaded for a
tolerance that would admit Germany was not alone
responsible for the great war, and he contrasted unfavorably the League's "failure" in the minorities
problem with Russian efforts to reconcile national
and Communist ideals. Sir Muhammad Habib-ulLah, the first Indian to represent his country in the
Assembly, declared the Eastern peoples had a feeling that the West gets the most attention in the
League. He thought Oriental interest could be
stimulated by more such work as the League's health
section has done in India, for which he expressed
thanks.
A long speech was made before the Assembly
Monday by Dr. Stresemann of Germany, who began
Sessions of the tenth ordinary meeting of the his remarks by a swift review of the negotiations
League of Nations Assembly have been less spec- at The Hague conference of Governments in August.
tacular this week than last, when impressive intro- He expressed satisfaction at the decision to evacuductory speeches were made by Prime Minister ate the Rhineland in the near future, and went on
MacDonald of Britain, Premier Briand of France, to recall that the Sarre Basin is "another part of
and Foreign Minister Stresemann of Germany. German territory whose population unanimously
Ample evidence has been given, however, of a desire desires to return to the Fatherland, which is still
on the part of the large nations to apply some of under non-German administration." He asked the
the principles enunciated by the leading statesmen League, which now administers the Sarre basin,
of Europe, and the discussions generally have re- and whose consent to a change of regime is necesvolved around the practical steps to be taken. In sary, to aid in the Franco-German parleys on the
line with Mr. MacDonald's expressed desire to have subject. Dr. Stresemann gave approval to Mr. Henthe League Covenant amended so that it will con- derson's plan for linking the Kellogg-Briand treaty
form to the new Kellogg-Briand treaty renouncing and the League Covenant, saying: "It is necessary
war as an instrument of national policy, Foreign to leave no obscurity, no uncertainty on this point,
Secretary Henderson introduced a resolution late for the solemn obligations we have taken must be
last week asking the Assembly to re-examine certain expressed in a way to be understood not only in the
articles of the Covenant. Britain, he declared, spheres of international law but by the man in the
would abolish as contrary to the pact: 1, the right street." The negotiations between Britain and
of League members under paragraph 1, artitle XII,'America for naval disarmament were followed with
to resort to war three months after arbitrators give the warmest sympathy in Germany, Dr. Stresemann
a decision on a dispute; 2, the right under para- said, and he urged that land disarmament should
graph 6, article XV, of a disputant who accepts the also be pushed with the same energy. The minoriCouncil's arbitral decision to resort to war against ties question was touched on only lightly by the
an adversary who does not accept it, and 3, the right, German Minister, who said his one aim was that the
under paragraph 7, article XV, of all League mem- League should not limit itself to considering petibers to take such individual action as they consider tions, but keep constant oversight and control over
necessary if the Council fails to reach a unanimous the way minority regimes were developing under
decision on a dispute laid before it. With a view to the various treaties. He favored establishment by
strengthening the League machinery for peace, Mr. the League of a special minorities commission, like
Henderson declared Britain favored the draft con- the mandates and economic commissions.
vention of the League's financial committee, drawn
Senator Scialoja of Italy made the next important
up to provide financial assistance to a State which address before the Assembly Monday. He cheered
is the victim of an aggressor. He made the reserva- the gathering by announcing that he had that very
tion that the benefits of the scheme should be sub- morning signed the optional clause in behalf of
ject to reciprocity among signatories of the general Italy, accepting compulsory jurisdiction of the
treaty of disarmament which the League is expected World Court in all legal disputes. Spread of the
to draw up at some time in the future.
principle of compulsory jurisdiction of the 'World
Premiers Venizelos of Greece, and Voldemaras of Court was termed by the eminent Italian "the most
Lithuania, also urged the League on to greater solid victory achieved
in our period in improving
efforts for peace in addresses made before the full the relations
between Governments." After saying
Assembly last week-end. M. Venizelos announced Italy had
concluded that the Covenant's disarmathat Greece would join the growing list of States ment provisions
must now be acted upon, he add&l:
accepting the compulsory jurisdiction of the World "It is with
the sincerest satisfaction that we have
Court, pledging that he would seek ratification of followed the conversatio
ns undertaken on the naval
the general act for compulsory arbitration on his subject between Washington and London.
We hope
return to Athens. He backed the British in demand- these conversations will
lead to a result which will
ing that the Kellogg pact be linked with the League be acceptable also to the other powers, and thus the
Covenant and declared it was a moral impossibility path will be opened to a general disarmamen
t confor the United States to sit idle if the pact were ference." Foreign Minister Benes of Czechoslovakia
violated. M. Voldemaras reminded his hearers that then announced that he would not only sign the
he had moved in the last Assembly for linking the optional clause, but had been instructed to adhere
Kellogg pact to the Covenant, but the motion was to the general act for compulsory arbitration.
shelved. He expressed the hope that the British Polling followed on the slate for new members of
resolution to the same effect would not meet the the League Council, with the result that Poland,
•
1636
FINANCIAL CHRONICLE
[VOL. 129.
Yugoslavia and Peru were elected. Decision also
was taken by the Council at this time to try the
experiment of holding only three council sessions
annually instead of four. Hereafter the Council
will meet only in September, January and May.
The League's tenth birthday was celebrated last
Saturday by the laying of a cornerstone for the new
"Palace of Peace."
A plea was made before the Assembly Tuesday
by Dr. C. C. Wu, the Chinese delegate, that the
League place in effective operation article XIX of
the Covenant, which permits the Assembly to advise reconsideration of treaties which have become
inapplicable or a danger to peace. This was as
much as to say that China desires the aid of the
League in securing abolition of her extraterritorial
treaties with Western States. The Agenda Committee rejected the proposal by a vote of 5 to 3, and it
then leaked out that China had threatened to withdraw unless the Committee took a different decision.
The Committee, it developed, was apprehensive lest
the matter be made one of general application, and
attempts were made to have Dr. Wu confine his
proposal to the extraterritorial treaties. Latvia
announced Tuesday that she would join the list of
signers of the optional clause for compulsory jurisdiction of the World Court, and also the general
act for compulisory arbitration. An announcement
that the Irish Free State would sign the optional
clause was made Wednesday by Foreign Minister
Patrick McGilligan.
Heavy fighting developed this week at several
points on the Manchurian-Siberian border between
Russian and Chinese troops, with the "attacks" apparently waxing and waning in direct relation to
the progress of negotiations for settling the long
dispute about the Chinese seizure of the Chinese
Eastern Railway, which is owned by the Soviets.
Moscow dispatches reported that Chinese troops
"unexpectedly opened artillery and rifle fire on
Soviet troops." Chinese reports stated on the official authority of the Kuomin News Agency of the
Nationalist Government, that Russian cavalrymen
had crossed the Manchurian border and attacked
Chinese defenses. Dispatches from Manchuria
stated that the border town of Pogranichnaya had
been reduced to ashes in a sweeping Russian attack
by land forces and airplanes, forcing the retirement
of Chinese troops and the establishment of a new
defense line forty miles from the border. The hostilities suddenly ceased Wednesday when the Chinese
Legation in Berlin submitted to the German Foreign
Office a verbal note replying to previous Russian
proposals for settling the Manchurian railway dispute. It is apparent that both sides are employing
their military forces in exerting pressure one way
or the other on the diplomatic negotiations. In
doing so they are violating in the most flagrant and
direct manner the obligations which both nations
incurred when they signed the Kellogg-Briand
Treaty renouncing war as an instrument of national
policy.
A reorganization of the Italian Cabinet was
effected Thursday by Premier Benito Mussolini, who
relinquished seven of the Cabinet posts out of the
eight that he has been holding recently. The Italian
dictator thus remains Premier and Minister of the
Interior, an arrangement that was customary in
most of the Cabinets before the advent of Fascism.
The announcement caused considerable surprise in
Rome, according to a report to the New York "Herald Tribune." "It is true," the dispatch. said, "that
the changes in the Cabinet announced to-day will
not mean any lessening of the Duce's absolute
power, for, retaining the Premiership, he will continue to maintain a more or less close supervision
over the affairs of each department. It will mean,
however, that henceforth he will not be obliged to
supervise personally the various details involved
in the administration of various ministries, and
shows a slight tendency away from such rigid concentration of power in his own hands." Announcement of the changes was made in a royal decree,
which also contained notice of replacement of two
other Ministers. Giuliano Balbino will be Minister
of National Education, replacing Giuseppe Belluzo,
while Giacomo Acerbo will be Minister of Agriculture and Forests, replacing Allesandro Martelli.
The Cabinet officials taking the posts held by Signor Mussolini are:
Complete quiet was restored in Palestine areas
by British troops this week, and soldiers have
already been withdrawn from some of the districts.
An official announcement, issued in Jerusalem
Thursday, stated that the danger of further race
clashes has passed. This would seem to end for
the time the difficulties that began in August at
the Wailing Wall in Jerusalem and spread rapidly
through the mandated territory. A formal statement on the troubles was made before the League
of Nations Assembly in Geneva late last week by
the British Foreign Secretary, Arthur Henderson.
After explaining that it is yet too early to give the
causes of the conflict, he stated that official figures
on casualties to the end of August were: Killed,
Moslems, 83; Christians, 4, and Jews, 109. The
wounded in hospitals numbered: Moslems, 122;
Christians, 10, and Jews, 183. For the present, ac-.
cording to late reports from Palestine, a system of
mobile patrols will be maintained by the British ,
forces in the districts from which detachments have
been withdrawn. Danger of a Bedouin,invasion was
con6idered past, and the number of British troops
in the country was regarded as fully adequate to
deal with any situation that may arise.
Dino Grandi, Minister of Foreign Affairs, formerly Undersecretary for
Foreign Affairs.
General Debono, Minister for the Colonies.
General Pietro Goszera, Minister of War, formerly Undersecretary for
War.
Rear Admiral Giuseppe Siriani. Minister of Marine, formerly Undersecretary for Marine.
General Italo Balbo, Minister of Aviation, formerly Undersecretary for
Aviation.
Michele Bianchi, Minister of Public Works.
Giuseppe Bottai, Minister of Corporations, formerly Undersecretary in
that Ministry.
Extraterritorial rights and privileges in China
are to be retained by the nationals of the Western
Powers for some time longer, but it now appears
probable that negotiations will be initiated with the
object of devising a method for the gradual relinquishment of these rights. Notes on this matter have
been exchanged with China by the Washington and
London Governments, and the correspondence was
made public last week. The Chinese Government
placed its case before the State Department in
Washington in a note dated April 27, this year.
Attention was directed in this note to China's re-
SEPT. 14 1929.]
FINANCIAL CHRONICLE
quest for the abolition of extraterritoriality at the
peace conference in Paris and subsequently at the
arms conference in Washington. The statement was
made that the Government of China now rests on a
firm foundation and that a new era has been inaugurated as between China and the United States by
the recent conclusion of a tariff treaty between the
two countries. "With the close contact between
China and the foreign powers," the note continued,
"the assimilation of Western legal conceptions by
Chinese jurists and the incorporation of Western
legal principles in Chinese jurisprudence have proceeded very,rapidly. In addition to the numerous
codes and laws now in force, the civil code and the
commercial code have reached the final stage of
preparation and will be ready for promulgation
before Jan. 1 1930. Courts and prisons along modern lines have been established and are now being
established throughout the whole country." It was
also remarked that certain, countries have already
ceased to enjoy these privileges in China and have
had no cause for complaint.
A reply to this request for reconsideration of extraterritoriality was made by Secretary of State Henry
L. Stimson on Aug.10. As summarized by the State
Department on Sept. 4; this reply expressed the
readiness of the Washington Government to join
with the Chinese Government in negotiations for
the purpose of finding some solution to the question.
The United States Government will be ready, it was
remarked, "if the suggestion should meet with the
approval of the Chinese Government, to participate
in negotiations which would have as their object
the devising of a method for the gradual relinquishment of extraterritorial rights, either as to designoted territorial areas or as to particular kinds of
jurisdiction or both, provided that such gradual
relinquishment proceeds at the same time as steps
are taken and improvements are achieved by the
Chinese Government in the enactment and effective
enforcement of laws based on modern concepts of
jurisprudence." The note points out that until an
independent judiciary, interpreting fairly a known
set of laws, has been set up in China for the protection of the individual and his property against
attack by private citizens or Government action, the
Government of the United States does not feel that
it can abandon the system of American jurisprudence under which its citizens now live and carry
on their peaceful pursuits in China.
The reply of the British Government, which also
was made public on Sept. 4, expressed appreciation
of the progressive assimilation of Western legal
principles by the Chinese Government, but added
that it is "necessary that their principles should be
understood and found acceptable by the public, no
less than by their rulers." At the same time, the
"defects and inconveniences" of the system of consular jurisdiction was recognized, and the British
Government added that it was willing to examine
them in collaboration with the Chinese Government
to determine further steps to be taken. A reply to
the American note from C. T. Wang, the Nationalists Foreign Minister, was received at Washington
Thursday.
In this communication, China requests the
United States to "enter into immediate discussions with authorized representatives of the Chinese
Government for making the necessary arrangements
whereby extraterritoriality in China will be abol-
1637
ished to the mutual satisfaction of both Governments."
Banking institutions in Cuba, whether operated
by native or foreign capital, will be relieved of the
necessity of paying taxes to the municipality in
which they are located by a decree signed by President Machado at the suggestion of Dr. Santiago
Gutierrez de Celis, Secretary of the Treasury. The
decree provides for payment of taxes by banks to
the central government only, according to a report
of last Monday to the New York "Times." All banks
in Cuba pay 8% of their profits as taxes to the government, and for some time past Mayors of municipalities in various parts of the island have approved
resolutions passed by City Councils placing a further tax of 6% on the profits of banks established
in the respective city limits. Formal protest was
made against these resolutions by representatives of
the National City Bank of New York, the Royal
Bank of Canada, the Bank of Nova Scotia and the
First National Bank of Boston. After a careful
study of the matter and considering that 14% tax
to be contributed by banking corporations might
prove detrimental to the best interests of the gov- ,
ernment, Dr. Celia adopted the petition presented
to the effect that municipalities have no right to
levy taxation on any banking institutions.
There have been no changes this week in the discount rates of any of the central banks of Europe.
Rates continue at 73/2% in Germany; at 7% in Italy;
at 532% in Great Britain, Holland, Norway and
Spain; 5% in Belgium and Denmark; 43/2% in Sweden; and 33/2% in France and Switzerland. London
open market discounts for short bills are 54%,
the same as on Friday of last week, and 53/2% for
long bills, also the same as on the previous Friday.
/
1%.
Money on call in London yesterday was 33
At Paris open market discounts remain at 33/2%, and
in Switzerland at 33t%.
In its latest statement issued for the week ended
Sept. 7, the Bank of France shows a gain in gold
holding of 75,734,220 francs, raising the total to
39,006,424,790 francs, as compared with 38,930,740,570 francs last week and only 30,426,061,605
francs the corresponding week last year. French
commercial bills discounted record a contraction of
1,361,000,000 francs. Credit balances abroad decreased 19,000,000 francs but there was an increase
in bills bought abroad of 19,000,000 francs. Due to a
reduction of 687,000,000 francs in note circulation the
total of the item now aggregates 65,780,898,125
francs, compared with 66,467,898,125 francs the
previous week and 60,752,951,030 francs the corresponding week last year. An increase was shown in
advances against securities of 146,000,000 francs while
creditor current accounts registered decrease of
435,000,000 francs. Below we furnish a comparison
of the various items of the Bank's return for the past
two weeks as well as for the corresponding week last
year:
BANE OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
Sept. 7 1929. Aug. 31 1929.
for Week.
Sept. 8 1928.
Francs.
Francs,
Francs.
Gold holdings--- -Inc. 75,734,220 39,006,474.790 38,930,740,570 Francs.
Credit bats. abed-Dec. 19,000,000 7,229,597,530 7,248,597,530 30,426,061,605
14,005,063.226
French commercial
bills discounted_Dec.1361000,000 8,058,754,586 9,419,754,586 3,272452.554
Bills bought abr'd_Inc. 19,000,000 18,562,096,507 18,543,096,507
Advs. against sec Inc. 146,000,000 2,480.657,402 2,334,657.402 17.992,434.993
2,014,693,171
Note circulation_ -Dec. 687,000,000 65,780,898,125 66,467,898,125 60,752.951,030
Creditor cur.acc'taDec. 435,000,000 19,185,458,002 19,620,458,002 16,119,054.964
1638
FINANCIAL CHRONICLE
The Bank of England statement for the week ended
Sept. 11 shows a loss of £156,159 in bullion. Reserves,
however, increased £1,115,000 as note circulation
contracted £1,272,000. The Bank now holds £137,392,581 of gold in its possession in comparison with
£176,584,789 last year, and £151,059,783 in 1927.
The rate of discount is unchanged at 53/2%. Public
deposits increased £4,916,000, but other deposits
fell off. £8,163,904. Other deposits is divided into
bankers accounts and other accounts which decreased
£7,509,627 and £654,277 respectively. The reserve
ratio advanced slightly to 27.72%. Last week it was
26.04%, while a year ago the proportion was 55.13%.
Loans on government securities showed a decrease of
£120,000, while those on other securities fell off
£4,209,125. "Discounts and advances" and "Securites," the subdivisions of other securities both show
contraction, the former £852,089, and the latter
£3,357,036. Below we give comparative figures of the
different items in the return of the Bank for the
past five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1925.
1928.
1926.
1927.
Sept. 11.
Sept. 12.
Sept. 15.
Sept. 16
Sept. 14.
.0
Circulation
2364,958.000 134,607,000 136,102,470 139.454,765 143,527,205
Public deposits._ _ 14,010,000 13,073,000 11,730,294 14.242,391 17,449,831
Other deposits
102,971,126 98,886,000 100,112,029 105,418,570 111,039,686
Bankers' accounts 66,458,288
Other accounts
36,512,838
Governm't securities 75,686,855 27,145,000 51,254,031 33,030,473 38,013,822
Other securities_ _
27,173,600 41,396,000 44,164,070 68,765,469 71,444,731
Diset. dc advances_ _ 3.457,467
Securities
23,716.133
Reserve notes & coin 32,432,000 61.728,000 34,707,313 36,145,442 37.286,481
Coin and bullion_ -137,392,581 176,584,789 151,059,783 155,850,207 161,063,686
Proportion of reserve
to liabilities
27.72%
29%
31.03%
55.13%
30.20%
Bank rate
%
54%
5%
4%
435%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England note issues adding at that time £234,199,000 to the amount of Bank of England notes outstanding.
In its statement for the first week of September
the Bank of Germany shows a slight decrease in gold
and bullion, namely, 97,000 marks. The total gold
now aggregates 2,183,343,000 marks, compared with
2,269,696,000 marks the corresponding week last
year and 1,852,614,000 marks the year before. A
large gain was shown in bills of exchange and checks
of 153,907,000 marks, while deposits abroad remained unchanged. Notes in circulation underwent
contraction of 294,676,000 marks, reducing the total
of the item to 4,602,590,000 marks, which compares
with 4,453,744,000 marks in 1928. Reserve in
foreign currency expanded 12,237,000 marks and
notes on other German banks 8,660,000 marks. A
decrease was shown in advances of 109,876,000 marks,
in silver and other coin of 1,508,000 marks and in
other assets of 7,742,000 marks. Investments, remain unchanged at 92,755,000 marks. Other daily
maturing obligations increased 37,688,000 marks
and other liabilities 20,239,000 marks. Below is
furnished a comparison of the various items of the
Bank's return for the past three years:
REICHBANIC13 COMPARATIVE STATEMENT.
C7tanstes
for Week.
Sept. 7 1929. Sept. 7 1928.
Assets—
Reads:marks.
Retchrmarks. Retchmnarks.
Gold and bullion
Dec.
97,000 2,183,343,000 2,269,696,000
Of which depos.abr'd. Unchanged
85,626,000
149,788,000
Reeve in torn eurr_
12,237,000 320,296,000 180,046,000
Bills of exch. ar cheelks.Dec. 153,907,000 2,518,236,000 2,394,212,000
Silver and other coin...Dec. 1,508,000 114,438,000
87,857,000
Notes on 0th. Ger.bks.Inc. 8,660.000
17,295,000
13,009,000
Advances
Dec. 109,876,000
45,413,000
52,190,000
Investments
Unchanged
92,755,000
93,819,000
Inc. '7,742,000 575,308,000 520,587,000
Other assets
LtaMittles—
Notes in circulation_ _Dec. 294,676,000 4,602,590,000 4,453,744,000
Oth.dally matur.oblig.Inc. 37,688,000 471,409,000 505,134,000
Inc. 20,239,000 352,980,000 243,053,000
Other liabilities
Sept. 7 1927.
Reichsmark:.
1,852,614,000
66,543,000
157,206,000
2,498,471,000
75,324,000
17,998,000
27,401,000
92,261,000
510,548,000
3,800,004,000
685,555,000
380,083,000
Money rates in the New York market followed an
uncertain course this week, with a threatening rise
[VoL. 129.
in the early sessions that upset the stock market more
than- a little. The marking up of call money came
at an unexpected period, and it indicated again how
highly volatile the actual market is at present.
Among observers in close touch with monetary conditions, astonishment prevails at the mildness of the
occasional spurts in the rate, in view of the immense
absorption of funds in securities speculation. In the
present week brokers loans are shown to have further
increased $120,000,000 in the statement of the Federal
Reserve Bank for the week ended Wednesday night.
The new supplies of money thus constantly pumped
into the stock market originate, it is believed, largely
with the heavy investment trust financing now current. Call loans Monday were 8% throughout, with
some tension apparent because of withdrawals by
the banks of about $20,000,000. The withdrawals
were heavier still on Tuesday, approximating $40,000,000, and the demand loan rate was marked up
first to 9% and then to 10%. Funds began to reach
this center more liberally beginning Wednesday in
connection with the quarterly financing of the
Treasury, and the call money rate declined to 7%.
A rate of 8% prevailed all of Thursday, withdrawals
being nominal. Funds were still more plentiful
yesterday, many.banks finding themselves with surpluses, and the call loan rate dropped to 7% at
the close.
Dealing in detail with, the call loan rates on the
Stock Exchange from day to day, all loans on Monday, were at 8%, including renewals. On Tuesday
after renewals had again been effected at 8% there
was an advance to 10% in the rate for new loans.
On Wednesday 9% had to be paid for renewals, but
from this there was a drop to 7% in the rate for new
loans. On Thursday all loans were at 8%. On
Friday with the renewal rate again 8%, some
new loans were put through at 7%. Time money
has ruled unchanged day after day at 8%@9% for
all periods,'with the volume of transactions exceedingly limited. Little or no interest has been manifested in commercial paper. Rates for names of
choice character maturing in four to six months remain nominally at 6@614%, while names less well
known are 634@63/2%, with New England mill paper
quoted at 634%.
The market for prime bank and bankers' acceptances has been very quiet the present week without
any noteworthy feature. Some activity was apparent
on Monday and Tuesday, though not to the same
extent as at the close of last week. Rates have remained unchanged. The posted rates of the American Acceptance Council continue at 534% bid and
514% asked for bills running 30 days, and also for 60
and 90 days; 5/% bid and 534% asked for 120 days
and 5N% bid and 532% asked for 150 and 180 days.
The Acceptance Council no longer gives the rates for
call loans secured by acceptances, the rates varying
widely. Open market rates for acceptances have
also remained unchanged as below:
Prime eligible bills
Prime eligible bills
SPOT DELIVERY.
—180 Days—
—150 Days—
—120 Days—
BM. Asked.
B14. Asked,
Bid. Asked.
514
634
534
534
—90 papa-—60 Days-—NI DM
Bid. Asked.
Bid. Asked,
Bid. Asked
534
53
1534
s53i
535
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
534 bid
534 bld
SEPT. 14 1929.]
FINANCIAL CHRONICLE
There have been no changes this week in the rediscount rates of any of the Federal Reserve banks.
The following is the schedule of rates now, in effect
for the various classes of paper at the different
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND
MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
Sept. 13.
Date
Established.
Precious
Rate.
5
6
5
5
5
5
5
5
5
5
5
6
July 19 1928
Aug 9 1929
July 26 1928
Aug. 1 1928
July 13 1928
July 14 1928
July 11 1928
July 19 1928
May 14 1929
May 6 1929
Mar. 2 1929
May 20 1929
43.4
5
4%
4%
4%
4%
4%
43.4
4%
4%
4%
4%
Sterling exchange continues dull, irregular and
under pressure. The range this week has been from
4.84 1-16 to 4.843
/i for bankers sight bills, compared
with 4.84 3-16 to 4.84 7-16 last week. The range
for, cable transfers has been from 4.84 21-32 to
4.84 25-32, compared with 4.84 11-16 to 4.84 13-16
the previous week. The main factors affecting the
foreign exchange situation are essentially unchanged
from last week and indeed are little different from
what they have been for several months. The high
money rates at New York are of course the outstanding adverse factor in the sterling situation. The
greatly weakened gold position of the Bank of England is a dominant factor and now with the rapid
decrease in tourist expenditures and the exertion of
seasonal autumn pressure, the adverse outlook for
sterling is accentuated. The market has been for
several weeks irregular and hesitant, owing to the uncertainty with respect to the Bank of England's rediscount rate. In banking circles it has been taken
for granted that the rate would be increased this week
to 63/2% from 532%,and this expectation brought the
market to a practical standstill. However, no change
was made in the rate, so that foreign exchange traders
look forward to a continuance of dulness, irregularity
and uncertainty in exchange transactions.
The Bank of England's statement for Sept. 12
shows a further loss in gold holdings of £156,159, the
total standing at £137,392,581, which compares with
£176,584,789 a year ago. Some gratification was
expressed in banking circles that the Bank did not
lose an even greater amount of gold. Open market
purchases nearly offset the shipment on Tuesday to
the United States. The ratio of bullion holdings to
notes in circulation was slightly improved over
Sept. 5, despite the further small loss in gold. The
improvement was due to a decline of £1,272,000 in
circulation. The situation of the banking department is slightly better, due to an increase in reserves
and a decline in the total amount of deposits. The
banking ratio is now 27.72, compared with 26.04%
a week earlier. At this time last year, however,
the Bank of England faced the autumn drain with a
banking ratio of 55.13%. Foreign exchange experts
still contend that the condition of the Bank shows
that a higher rediscount rate is imperative, but they
are inclined to believe that since the directors have
postponed the step for so long, they may continue
to do so unless the gold export movement is resumed
on a large scale. The sterling rate at current levels
in relation not only to New York, but also with respect to Paris and Berlin, is so low as to threaten
the gold supply of London at any time and may force
the Bank of England to increase its rate despite the
1639
well-known opposition of industrial and political interests in London to such a step.
Paris lays the weakness of sterling with respect to
the franc to the failure of the London bank to raise
its rate. Present conditions are admitted to be abnormal and a good many critics still think that a
higher Bank rate would not prevent gold from leaving London, on the ground that such a rate would
probably be followed by a general advance at other
central banks. Nevertheless, it is admitted that a
rise in the Bank of England rate has in the past seldom
failed to achieve its immediate object. The total
efflux of gold from London since June is approximately £36,500,000. About £18,000,000 was consigned to Paris and £15,000,000 to Berlin. The
Bank's present holdings are the lowest on record since
the resumption of gold payments in 1925. Present
bullion holdings, £137,392,000, compare with £149,917,000„when the Bank rate was advanced last February, and with the high mark for the present year of
£164,211,000, reached in June. It will be recalled
that the Cunliffe committee recommended that the
Bank of England should aim at maintaining a minimum reserve of £150,000,000. On Saturday the
Bank of England exported £4,000 in sovereigns.
On Monday the Bank sold £176,764 in gold bars.
The bulk of this was for shipment to New York.
On Tuesdayithe Bank acquired £300,000 in gold as
the result of a resale by a German purchaser of gold
bought in the open market. On Wednesday the
Bank sold £6,900 in gold bars and exported £2,000
in sovereigns. On Thursday the Bank sold £20,553
in gold bars and bought £503 in gold bars. On
Friday the Bank announced that it had sold £142,914
in gold bars!and bought £2,938 in gold bars.
At the Port of New York the gold movement for
the week Sept. 5-Sept. 11 inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $1,106,000, of which $1,037,000 came
from England and $69,000 chiefly from Latin America. Gold exports totaled $173,000, of which $158,000 was shipped to Mexico and $15,000 to Ceylon.
The Federal Reserve Bank reported no change in
gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended Sept. 11, as reported by the
Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK SEPT. 5-SEPT. 11 INCLUSIVE
Exports.
Imports.
$158,000 to Mexico
$1,037,000 from England
15,000 to Ceylon
89,000 chiefly from Latin Amer
$1,108,000 total
$173,000 total
Net Change in Gold Earmarked for Foreign Account.
None
Canadian exchange continues at a discount, due
very largely to the attractiveness of the New York
money market for Canadian funds.
Referring to day-to-day rates sterling exchange on
Saturday last wasinclined to ease. Bankers'sight was
4.84 3-16@4.84/s; cable transfers 4.84 11-16@4.843
%.
On Monday the market was irregular. The range was
4.84 3-16®4.84M for banker's sight, and 4.84 1-32®
4.843
4 for cable transfers. On Tuesday the market
was a trifle firmer. The range was 4.841A®4.84%
for bankers' sight, and 4.84 11-16®4.84 25-32 for
cable transfers. On Wednesday the market was
easier again. Bankers' sight was 4.84 3-16@4.84%
and cable transfers 4.84 11-16®4.843
4. On Thursday
the market was irregular. The range was 4.84M®
4.84 5-16 for bankers'sight and 4.84 21-32®4.84 23-32
1640
FINANCIAL CHRONICLE
for cable transfers. On Friday the range was 4.84 1-16
@4.843' for bankers' sight, and 4.84 21-32@
4.84 23-32 for cable transfers. Closing quotations on
Friday were 4.843 for demand, and 4.84 11-16
for cable transfers. Commercial sight bills finished
at 4.84 1-16; 60-day bills at 4.793; 90-day bills at
4.77; documents for payment (60 days) at 4.793,
and 7-day grain bills at 4.833. Cotton and grain
for payment closed at 4.84 1-16.
[voL. 129.
panies are more or less compensated for by Italian
investments abroad.
The London check rate on Paris closed at 123.91
on Friday of this week, against 123.88 on Friday
of last week. In New York sight bills on the French
centre finished at 3.91, against 3.913/i on Friday a
week ago; cable transfers at 3.913, against 3.913
%,
and commercial sight bills at 3.90 11-16, against
3.90%. Antwerp belgas finished at 13.893/i for
checks and 13.903/ for cable transfers, against
13.893/ and 13.903 on Friday of last week. Final
quotations for Berlin marks were 23.793' for checks
and 23.80% for cable transfers, in comparison with
23.793/2 and 23.803/2 a week earlier. Italian lire
closed at 5.223
4 for bankers' sight bills and at 5.23
for cable transfers, against 5.223
4 and 5.23 on Friday
of last week. Austrian schillings closed at 143
on Friday of this week, against 143 on Friday of
last week. Exothange on Czechoslovakia finished
at 2.963/
8, against 2.963/s; on Bucharest at 0.593/2,
against 0.593/
2; on Poland at 11.23, against 11.23,
and on Finland at 2.52, against 2.52. Greek exchange closed at 1.293/i for chalks and at 1.29%
for cable transfers, against 1.293/
2 and 1.29%.
The Continental exchanges have been dull, giving
every indication of increasing seasonal pressure and
of the sharp decline in American tourist expenditures
abroad. Conditions are essentially unchanged from
those of the past months and the underlying factor,
aside from seasonal pressure, is the pull exerted on
surplus foreign funds by the high money rates and
activity in the security markets here. French francs
have been slightly lower, although transactions have
been in only moderate amounts. The French have
large balances here and in London and the position of
the Bank of France is so strong that there is little
possibility of any real weakness developing in the
franc. This week the Bank of France shows an increase in gold holdings as of Sept. 6 of 75,734,220
The exchanges on the countries neutral during the
francs, bringing the total to 39,006,474,790 francs,
the highest in the history of the Bank. As near as war are dull and show a firmer trend. Some of the
can be judged French credits abroad total approxi- Scandinavian currencies are weaker in tone, chiefly
mately $1,500,000,000. It is believed in Paris that because of the closing tourist season. Spanish
fiscal regulations regarding foreign securities will be pesetas are steady and unrelated to the general
reformed presently so as to permit the issue of foreign movement of the foreign exchanges owing to the acloans in the French market. If this is done, the oper- tive interference of the Foreign Exchange Committee
ation will undoubtedly bring about a reduction in the at Madrid. The general revision of the Spanish
balances of French banks on short deposit in foreign customs tariff has again been postponed by decrees,
countries. However, with rates for money so high this time for an indeterminate period, having prein London, Berlin and New York, it is not likely viously been postponed from Jan. 1 1929 to'Oct. 1
that the French balances will be reduced to any great 1929. In the meantime rates at present in force
will continue in effect.
extent.
Bankers' sight on Amsterdam finished on Friday
German marks continue steady. There is some
talk in Berlin to the effect that the Reichsbank at 40.053/2, against 40.04% on Friday of last week;
should reduce its rate of rediscount. The Reichsbank cable transfers at 40.073/2, against 40.063
4, and
statement as of Sept. 7 shows a reduction in gold commercial sight bills at 40.02, against 40.013/
2.
holdings over the end of August of 97,000 marks, the Swiss francs closed at 19.253/i for bankers' sight bills
total standing at 2,183,300,000 marks, which com- and at 19.263/2 for cable transfers. in comparison
pares with 2,269,600,000 marks a, year ago. The with 19.243/ and 19.253/i a week earlier. CopenBank's status is now so favorable that it is believed hagen checks finished at 26.61 and cable transfers
the Reichsbank will forego the purchase of more at 26.63, against 26.603/b and 26.62. Checks on
English gold. German industries are urging that in Sweden closed at 26.763/2 and cable transfers at
view of the strong position of the Reichsbank, a 26.783/2, against 26.773/i and 26.79, while checks on
reduction in the Bank rate and the removal of credit Norway finished at 26.62 and cable transfers at
restrictions would be justified. It is said that the 26.64, against 26.613/b and 26.63. Spanish pesetas
Bank directors are not considering any such re- closed at 14.74 for checks and at 14.75 for cable
duction, however, one reason being the extraordinary transfers, which compares with 14.73 and 14.74 a
demand for credit now put forward by the muni- week earlier.
cipalities the finances of which are now in a difficult
The South American exchanges show no change
position.
Italian lire continue to be supported by official from the past few weeks. Argentine paper pesos,
operations. The somewhat easier tone of Italian is while dull, have been steady. As noted here on
attributed largely to the curtailment of tourist several occasions, the peso has not responded in
expenditures. Italy's commodity trade balance is any marked degree to the large shipments of gold
unfavorable. The latest official comment on the by Argentina to London and New York in recent
adverse trade balance supplied by the Minister of months. Labor troubles, especially in Buenos Aires
Finance.attributed it to the deficiency in agricultural and Rosario, are also a factor in the weakness of
production, increased need of raw material following • Argentine exchange. Argentine paper pesos closed
industrial revival, increased consumption, and pro- on Friday at 41.95 for checks, as compared with 41.95
tectionist tendencies abroad. The Finance Minister on Friday of last week, and at 42.00 for cable transclaims that Italy can no longer be considered a fers, against 42.00, Brazilian milreis finished at
debtor to foreign countries because war debts are 11.86 for checks and at 11.89 for cable transfers,
covered by reparations payments, while external against 11.86 and 11.89. Chilean exchange closed at
loans of the State, public bodies, and private cora- 12.10 for checks and at 12.15 for cable transfers,
FINANCIAL CHRONICLE
SEPT. 14 1929.]
1641
Owing to a marked disinclination on the part of
against 12.10 and 12.15, and Peru at 3.98 for checks
and at 3.99for cable transfers, against 3.98 and 3.99. two or three leading institutions among the New
York Clearing House banks to keep up compiling
In the Far Eastern exchanges the feature has the figures for us, we find ourselves obliged to disbeen the sharp break in the Chinese currencies, continue the publication of the table we have been
accompanied by a violent decline in the price of giving for so many years showing the shipments and
.
silver. The price in London yesterday was down receipts of currency to and from the interior.
to 23 11-16d. per oz., against 24d. earlier in the
As the Sub-Treasury was taken over by the Fedweek. The tone of the silver market has been weak eral Reserve Bank on Dec. 6 1920, it is also no longer
for some time, as the Indian bazaar requirements possible to show the effect of Government operations
have been supplied for the time, so that their sup- in the Clearing House institutions. The Federal
port has been lacking. Both China and India have Reserve Bank of New York was creditor at the Clearbeen selling silver recently, and there is no prospect ing House each day as follows:
of sufficient demand to cause appreciation in the DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
price. On Saturday there was a flurry in yen exAggregate
Monday, Tuesday, Wednesd'y, Thursday, Friday,
change, but this subsided on Monday. The demand Saturday,
for Week.
Sept. 9. Sept. 10. Sept. 11. Sept. 12. Sept. 13.
Sept. 7.
for yen was due to a press dispatch from Tokio
$
S
$
$
3
$
$
which stated that after a meeting of the Cabinet 185.000,000 121,000,000 184,000,000 177,000,000 183,000,800 195,000,010 Cr. 1,095,000,000
-The foregoing heavy credits reflect the huge mass of checks which come
it was announced that it is intended to remove the to Note.
the New York Reserve Bank from all parts of the country in the operation of
Federal Reserve System's par collection scheme. These large credit balances,
the
gold embargo as soon as possible. This was inter- 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
preted in some quarters to presage action on the the
daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
gold problem in the immediate future. The flurry not
pass through the Clearing House but are deposited with the Federal Reserve
of the local Clearing House banks.
in yen subsided when it was realized that the Cabinet Bank for collection for the account
approval of lifting the gold embargo "as soon as
The following table indicates the amount of bulpossible" djd not imply immediate action. Well
lion
in the principal European banks:
informed opinion in New York continues to set its
Sept. 13 1928.
expectations on next spring as the earliest likely
Sept. 12 1929.
Silver.
Total.
Total.
Gold.
Silver.
date for the removal of the ban. Closing quotations Banks of
Gold.
for yen checks were 46.92@47 1-16, against 46.85@
137,392,581 176,584,789
176,584,789
England _ - 137,392,581
(d)
312,051,798243,408,493
243,408,493
(d)
46 15-16 on Friday of last week. Hong Kong closed France a_ _ 312,051,796
c994,600 110,198,100
c994,600 110,161,750 109,203,500
Germany b 109,167,150
28,764.000 131,357,000 104,341,000 28,261,000132,602,000
at 47%@48 3-16, against 48@48 5-16; Shanghai at Spain_ _ -- 102,593,000
54,093,000
55,797.000 54,093.000
Italy,- - 55,797.000
38,710,000 36,244.000 1,872,000 38,116,000
36,930,000
Netherl'ds.
563@56 5-16, against 571
/@57 3-16; Manila at Nat. Belg_ 28,963.000 1,740,000
1,250.000 24,243,000
1,270,000 30.233,000 22,993,00
Switzeri'd. 20,274,000 1,327,000 21,601,000 17,972,000 2,134,000 20,106,000
493
%, against 49%; Singapore at 561A@56%, againet Sweden.
13,461,000 12,753,00
12,753,000
13,461,000
605,000 10,703,000
420,000 10,005,000 10,098,000
_ 9,585,000
561
/@56%; Bombay at 363, against 363., and Denmark
8,153,000 8,163,00
8,163,000
Norway _- 8,153,000
Calcutta at 363's, against 363..
Total week 834,367,529 34,555,600 868,923,129 795,853,782 35,116,601 830,970,382
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
SEPT. 7 1929 TO SEPT. 13 1929, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers to New York
Value to United States Money.
&fa. 7.
Sept. 9. Sept. 10. Sept. 11. Sept. 12. Sept. 13.
EUROPE
Austria, schillIng
.140655 .140756
Belgium, bclga
.138918 .138936
Bulgaria, lev
.007179 .007215
Czechoslovakia, krone .029601 .029603
Denmark, krone
.266110 .266153
England, pound sterling
4.846857 4.847022
Finland, markka
.025145 .025147
France, franc
.039116 .039121
Germany, reichsmark .238051 .238007
Greece, drachma
.012911 .012913
Holland, guilder
.400680 .400704
Hungary, pengo
.174335 .179373
Italy, Lira
.052282 .052279
Norway, krone
.266215 .266228
Poland, zloty
.111957 .112122
Portugal, escudo
.044560 .044800
Rumania,leu
.003941 .005932
Spain, peseta
.147312 .147480
Sweden, krona
.267784 .267794
Switzerland, franc _ .192491 .192594
Yugoslavia, dinar
.017552 .017555
ASIAChinaChefoo tael
588750 .588125
Hankow tael
.583437 .580781
Shanghai, tael
.868750 .566160
Tientsin tael
601250 .598958
Hong Hong dollar._ .478928 .478125
Mexican dollar_ _ _ .409375 .406406
Tientsin or Pelyang
dollar
.410833 .407708
Yuan dollar •
.408333 .404791
India, rupee
.359989 .380128
Japan, Yen
.467875 .468975
Singapore (£3.81.) dollar .558333 .558333
NORTH AMER.Canada, dollar
.993593 .993807
Cuba. Peso
999525 .999237
Mexico, Peso
485375 .485300
Newfoundland, dollar .991250 .991175
SOUTH AMER.Argentin , Peso (gold) .953277 .953351
Brazil, mIlrela
118836 .118554
120628 .120630
Chile, Peso
Uruguay. Peso
979472 .976831
96390) .963900
Colombia, peso
.140698
.138913
.007211
.029800
.266134
.140722
.138914
.007215
.029596
.266155
1.847328 1.846778
.025143 .025143
.039123 .039115
.238040 .237986
.012914 .012916
.400699 .400702
.174371 .174380
.052280 .052282
.266221 .266245
.112083 .112122
.044800 .044800
.005937 .005937
.147447 .147465
.267794 .267781
.192607 .192540
.017560 .017556
.140751
.138923
.007215
.029601
.286106
$
.140708
.138921
.007205
.029592
.266184
.846860 1.846398
.025154 .025139
.039119 .039115
.238067 .238005
.012914 .012914
.400686 .400733
.174400 .174376
.052281 .052282
.266217 .266233
.112094 .112093
.044800 .045000
.005933 .005934
.147405 .147465
.267776 .257779
.192536 .192565
.017560 .017556
.591250
.583750
.568214
.602083
.478750
.408906
.587708
.580781
.565660
.598541
.478232
.406562
.591875
.584218
.569446
.602291
.479071
.410312
.582708
.575468
.560303
.593958
.477053
.403125
.410208
.407291
.360115
.467375
.558333
.405000
.402083
.360400
.468768
.558750
.411250
.408333
.360089
.467121
.558333
.404168
.401666
.360385
.469003
.562083
.994297
.999237
.484937
.991612
.993519
.999175
.485000
.991012
.993697
.999237
.485300
.991125
.992342
.999175
.484575
.989493
.953607
.118572
.120632
.977323
.963900
.953500
.118545
120.628
.974115
.963900
.953700
.118636
.120628
.978549
.963900
.953395
.118530
.120625
.973984
.963900
Prey. week 833,375,585 34,558,600 867,934.185794.186,588 35,122.600 829,300,188
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 persent year is £2,481,300. c As of Oct. 7 1924.
Silver is now reported at only a trifling sum.
A United States of Europe.
The idea of a United States of Europe which M.
Briand expounded last week at Geneva with his
accustomed eloquence is not, of course, original with
him. The Pan-European movement, ar3 it is sometimes called, first took definite form in 1923 with
the publication of Count Coudenhove-Kalergi's
"Pan-Europa," a book which was republished in this
country in 1926 in an English translation
under the title of "Pan-Europe," with a commendatory introduction by President Nicholas Murray Butler of Columbia University. The publication
of Count Kalergi's book, which attracted a good
deal of attention, was shortly followed by the establishment of the Pan-European Union, and various
international societies discurssed the subject at their
periodical gatherings. In October 1924, Premier
Herriot of France, in a speech at the Sorbonne,
championed the idea of a European union, and on
Jan. 25 1925, in the Chamber of Deputies, declared
that his "greatest wish" was "to live and see the
realization of the United States of Europe." "If I
have devoted myself with so much courage," he
added, "to the League of Nations, I have done so
because in this great institution I have seen the
first rough draft of the United Staters' of Europe."
In championing the idea of a union of the European
States, accordingly, M. Briand has lent the weight
of his influence and persuasive oratory to a proposal
which is already familiar, but for whose practical
consideration he believes the time is now ripe.
1642
FINANCIAL CHRONICLE
[VoL. 129.
Precisely how the plan is to be worked out is, difficult to establish and develop sound
aeconomic
naturally, a matter of the future, and M. Briand life. The thousand of miles frontiers
s
of
are guardhas wisely confined himself to general statements. ed by customs
houses which interfere seriously with
In his speech before the Assembly of the League of trade and the movemen
t of persons, political rivalNations, on September 5, however, he boldly de ries or fears
lend their support to burdensome armadared that the proposed union should be political ments,
and a network of alliances, some defensive,
as well as economic. "I am entirely in disagree- ome offensive
, some both, preserve at best an unment," he said, with the suggestion that the union
able peace.
"would be purely economic in character," because
Yet these very difficulties and contrasts, instead
that suggestion "has about it something of the smack of making
any or every form of union impossible,
of war, and for my part I do not think we ought to seem rather
to enforce union of some kind as a
have any system which would have the appearance necessity
. Political union, in spite of what M.
of pitting one party against any other party; but Briand
said in his speech, seems at the moment
I do think that where you have a group of peoples about
the last step that is likely to be taken, and
grouped together geographically, as in Europe, there Dr. Stresema
nn is reported to have emphasized the
ought to exist some sort of federal link among them. need of
preserving carefully the independence of
They must have the means among themselves for States. An
economic union, on the other hand, or
discussing any problems which are of general in- at least some
unity of action in economic matters,
terest and for establishing the general solidarity of does not appear
to be altogether impracticable. It
Europe, in order that they may know where they should be
possible, for example, for the European
stand if really serious difficulties arise. It is that States to
lower materially their customs barriers
connecting link which I desire to establish, and ob- so as to facilitate
trade with each other, to improve
viously the most important component of that con- and simplify all
forms of international communicanecting link would be an economic agreement, and I tion, to reduce
the number of the national c.urrenbelieve that in the economic sphere an agreement cies, and to approach
uniformity in trade and busican be reached. But also there should be a political ness practices.
There is no question that Europe
and a social link which, of course, would in no way might easily be far
more self-sustaining economiaffect the sovereignty of the parties involved. I cally than it is at present
if the obstacles which
shall, therefore, take this opportunity of asking the now interfere with trade
were removed and trade
various representatives of the European States at facilities increased. No one of
these advances would
this Assembly whether they will not unofficially necescarily involve any form of
political union, but
,consider and study this question in order that later, only conference and agreement upon
certain matters
perhaps at the next Assembly, we may be in a posi- of practical business interest. J. Ramsay MacDontion possibly to translate it into reality."
ald's denunciation of hostile &riffs, in his speech
The action which was intimated in the sentence at Geneva on September 2, as i,ne of the
greatest
last quoted was taken on Monday, when, at a hindrances in the way of international
co-operation
luncheon given to the heads of the twenty-seven in Europe, points to one of the impediments which,
European delegations assembled at Geneva, "the it would seem, might most easily be removed to
the
little cornerstone of a European federation" was advantage of every country concerned.
"laid," as M. Briand expressed it, "between a pear
Two questions are certain to arise, in American
and some cheese." The proceedings at the luncheon as well as European circles,- wherever M.
Briand's
were not officially made public, but it was unoffi- proposal is discussed. The first has to
do with the
cially reported that the idea of a union was heartily relation of a European union to the
League of Nacommended by Arthur Henderson, British Foreign tions. If the United States of Europe should
beSecretary, Dr. Gustav Stresemann, German Foreign come, as M. Briand clearly intimated it would
have
Minister, and others, and that M. Briand was un- to become, a political as well as an economic oranimously authorized to transmit to all the Euro- ganization, would it not in time displace the League
pean Governments a memorandum explaining the by making the League unnecessary? We
are not
idea in detail, together with a questionnaire in- among those who would see, in the displace
ment of
tended to facilitate a general discussion of the ques- the League under such circumstances, anything
to
tion. The date for a further consideration of the be regarded as a calamity. More and more,
as the
project was tentatively fixed as that of the next League has developed, its sphere of practical inregular meeting of the League Assembly, in Septem- fluence has been confined to Europe. The
League
ber 1930.
is wholly without influence in either North, Central
The dream of a United States of Europe is not or South America, and it counts for next to
nothing
one to be dismissed as wholly visionary. The diffi- in Africa or Asia. Even in Europe the
absence of
culties in the way of translating the dream into Russia as a member greatly narrows
its field of
reality are undoubtedly very considerable. The influence, and its influence in the
Near East is 6o
Europe of to-day is a geographical expression rather slight as to be practical
ly negligible. Were the
than a political conception. If is an aggregation League, extremel unimport
ant now save as a forum
y
of many countries, with striking differences of his- for speechmaking
and debate and a meeting-place
tory, language, political and social tradition and where the represent
atives of different countries can
economic status. The Peace Conference, in its fa- get acquainted
and talk things over, to be replaced
tuous attempt to prevent for all time the recovery by a European
union actively concerned with such
of political or economic importance by Germany, practical matters
as tariffs, currencies, transportamultiplied the number of separate States, added tion, and the developm
ent of industry and trade,
many hundreds of miles to the extent of interna- Europe, we think,
would be immensely better off in
tional boundaries, and so arranged the boundaries its plain, everyday economic
and social interests,
of some of the States as to intensify underlying and better able to cope with disturbing influence
s
problems of race, language or religion and make it perilous to peace.
SEPT, 141929.]
FINANCIAL CHRONT0LE
1643
people and their banks." And we now 'ask,
The other question has to do with the attitude of "the
the people own, their banks, whence comes this
of such a European union toward the United States, since
influence tending in the direction of chain and
and, reciprocally, of the United States toward the
banking? Outside of a few isolated and
union. M. Briand and others who have spoken out branch
communities having "marketing associapeculiar
about the subject have been careful to disclaim any
use larger credits than the local banks
that
tions"
hostility toward the United States, and it would
as in the citrus fruit districts of Calisupply,
can
1) improper to impute a hostile intent where such
a single community in a normal prothere
is
fornia,
intent has been repudiated. There can laie no quesState in the Union that is asking for a
tion, however, that the rapid growth of the United ductive
bank or for a system of branch banking? Is
States as a World Power, and especially its financial branch
a single community that, once awake to the
and commercial penetration of foreign countries there
of displacement of their locally owned banks,
since the World War, has aroused a good deal of perils
sit idly by and allow the natural credit and
fear in Europe, and led to a widespread desire to will
in their own control to become disciplined
do something that would stem the American tide. capital
destroyed by financial forces alien and
The particular object of European criticism at the if not
remote?
moment is the American tariff, mounting, or threatWhat started, or who started, this evident agitaening to mount, higher and higher at the expense
in favor of branch banking? For it all amounts
tion
of foreign products, but the imposing volume of
thing in principle, whether by means of
American foreign loans, and the increasing invasion to the same
companies, chains or nation-wide branches.
of European markets by a considerable number of holding
Attention has already been called to the possible
American products, work to the same end.
to produce a system of "over-banking."
The United States, we think, has no reason to effect being
bars are down, what will prevent a
fear any serious injury to its economic life from For when the
city banks from competing in the
large
any European union that is likely to be formed. It score of
And since consolidation is the
territory?
is not well, on the other hand, for the morale of the same
will prevent the ultimatum
what
day,
the
of
nation, that its business and finance should have order
each with hundreds of
banks,
dozen
a
half
too ,easy a conquest of world markets, especially of
the credit of the country?
controlling
from
branches,
when the conquest is achieved at the expense of less
small merchant, the small farmer,
perfect business organization or international dis- 1Vhere will the
few hundred dollars of credit,—to
array abroad. The Unitea States would benefit go for his needed
branch of a remote bank working by
greatly by stiff competition from abroad, especially the "office" or
sympathetic to the man himif the competition pointed clearly to such absurdities set rules and about as
demanding his pound of
Shylock
as our tariff policy embodies. The wise course self as the famous
heart?
the
for the United States will be to welcome every step flesh nearest
We feel that the consolidation of our great city
toward such a union as M. Briand has championed,
integers is consonant with the
to meet the efforts for union halfway, and to pre- banks into larger
, industrial and financial,
corporations
of
pare to adapt its own industry and trade to a possi- growth
domestic territory, suplarger
cover
now
must
ble new order. We have been generous in helping that
demand, and follow
consumption
increasing
ply
Europe in its trying period of post-war recovery,
shores. But this has
foreign
to
trade
foreign
and at the same time have made a good deal of
branch banking—the setting up
money out of the gradual revival of post-war trade. nothing to do with
in every town and village
offices
There is the less reason, therefore, for looking with of petty finance
undermine
established local
and
anything but sympathy upon the proposal of a to annoy, hamper
the communities
of
parcel
and
part
banks, that are
united Europe earnestly trying to help itself.
to
create an interambitions
Personal
they serve.
and drown
deposits
swell
to
banks
of
Bank Holding Companies, Chains and Branches. locking chain
to
exchange
aye,
stocks in
competition,
is
the
"Treasury"
in doubt as out natural
Rumor has it that
to recommendations on banks and banking in the a holding company for active stocks in small going
forthcoming report due at the regular session of banks, is not, in our view, a rational cause for this
Congress in December. It is further announced that radical change in our banking affairs. The influprobably the Department will be inclined to let ence comet; from the wrong direction and detracts
matters "drift" until a more definite trend is estab- from the liberties of the people.
lished as to chain and branch banking. Comptroller
More than this, to encourage, by bolstering legislaPole, on the other hand, it is stated, feels that some- tion, an unnatural rivalry between our State and
thing must be done to put the national banks on National banks, as at present constituted, is to
an equal footing with State banks as to the estab- place all our banks in the toils of government. One
lishment of "branches," since under the present law might foresee as a possible outcome a United States
they cannot have branches, though State law per- Bank with branches at every crossroads, certain to
mits it, save in the cities, while in some States become the football of politics and the tyrannical
that permit branch banking any State bank may set ruler of the citizenry. But putting that aside, in
up branches in any town in its territory. On top the battle likely to ensue between the States and the
of this, holding companies are being formed that Nation for the control of the new banking system,
have for a center a large city bank, by means of the States would be overpowered, and banking would
which groups of banks are linked tOgether. Which, become a function of the Federal Government. It
to all intents and purposes, amounts to branch is time to stress the fundamental nature of the bankbanking, since the central bank is the directing ing business, which is nothing less than dealing in
force.
credits, whether under State or National charter.
We know nothing about these rumors, but the The National banks as now established do not have
way to see "branch banking" saddled on the country to have branches in order to hold their own. Nor
is to let matters "drift." We have before this spoken do our State banks have to establish chains and
1644
FINANCIAL CHRONICLE
[VoL. 129.
branches to continue in their long-time service of he rejoices at this spiritu
al outgrowth of the prosaic
the people. Because branches are set up, does not and necessary material.
But he is not satisfied and
compel their patronage.
dreams of Utopias and Millenniums that are not yet
To make this thought more specific, let us say even dawning. He is in a
period of transition, and
that there is in our country no real background for cannot determine where he
is going. He discovers
these chains and branches in banking. Holding that the question mark denote
s his position in the
companies themselves are in an experimental stage. evolution of his dual being. Is he
doomed to destroy
They may become the subject of drastic legislation. his materialistic civilization by
its inordinate inAnd unlecs we are to establish a condition which crease, or is there escape throug
h spiritual realms
will no longer allow free and independent small imagined but not realized?
banks to exist as original dealers in credits, there
Millions of minds are turning to the problem. The
is no assurance that these chains and branches will races of mankind are taking
stock of their conpay. For as fast as one country bank is absorbed ditions, pocsessions, outlook. Intelle
ctual forces of
another may be organized in the same locality. The every kind are bending themselves to
the solution.
people may not "take" to the methods of the None appears. Industry continues to
produce—marbranches, and in any event our finances are under- vellous physical achievements, portentous
powers
going a change that may lead in another direction. for human comforts and gratifications
, instruments
There seems to be, in many lines of business, almost that annihilate time and space, fickle
and fatuous
a craze for consolidation. This may work all right vehicles of folly and pleasure.
Science probes the
on an upward trend of so-called prosperity, but when atom and the (Aar, seeks to read
the riddle of the
prices fall, when stocks become inert, when dividends universe, dashes out into the unknown search
ing for
cease, in a period of continued downward trend, the truth, knowledge and health,—and finds
that to the
small business and the small bank may become the infinite "end is there none." Philos
ophy strives to
especial pride of the community.
uncover the reality of being, sets aside the scalpel
Our main purpose, however, is to consider the for the soul, discovers the psychi
c and sub-conscious,
principle involved in these proposed banking pan es through and beyond the
physical, but finds
changes. It may be readily believed, we think, that no answer to what lies ahead. And
religion, man's
in care chains and branches actually overrun the age-old solace and stay,
continues to fashion a new
country there may be National legislation that will heaven and a new earth; gradually
sheds its superin the end destroy our free banks. In doing this, stitions; closes, in part, its
ranks by the elimination
the free issuance of credit through free commercial of divisional sects; pursues its
passionate devotion
transactions will be crimped and cabined, taking to rituals and rites that seek to repres
ent the true
away the free initiative and enterprise of the people worship of the One who is Cause and
Creator; but
on which, heretofore, has rested our progress. When comes little closer to unity and univers
ality. In the
no longer a small business can develop on natural midst of all this groping, yearni
ng, learning, man
lines into a large one we shall have lost the chief still supports his dual existence by
developing the
glory of individual commercial life. It is not alto- resource's of inanimate nature and
cultivating the
gether the bigness that counts for personal and par- innate energies of mind and body, that he
may live,
ticular service; it is the skill and acumen which move, and have his being in an age named
"the
blaze out new benefits. When the cmall man can no material"!
longer go to the small bank for sympathetic credit
In the whirlwind of endeavor dust rises,
on the
co-operation, one of the greatest privileges and bene- stream of life's ideals float the dead leaves
of yesterfits will have disappeared from our financial life.
year; in the midst of the achievements of
thought
and work, the generations are caught in the
net of
passion and pleasure. To-day the philosopher
looks
The Spiritualization of Mankind.
at the spiritual landscape and finds it filled
with
Perhaps the most pressing problem of to-day is: grotesque figures
that dance like marionettes to the
How may we best spiritualize the material? For tune of "self-e
xpression" and laugh in glee over the
we have the material in such superabundance as to scruples of
the "days that are gone forever." What
give character to our age. But with all our inven- is known as
the "business world," swollen with
tions, our machines and mass-production, our mas- gigantic endeav
or, casts its all upon the turn of a
terly accomplishments in the realms of creative en- die, grasp
the material in covetous and frenzied
terprise, we are not a contented and happy people, hands, and seeks throug
h the power of credit and
nor can such a people be raid to exist. Man has co-operation
to gather government in its coils and
become the victim of his own greatness. He har- defy the laws of human
nature that are said never
nesses natural law to do his bidding and grows more to change. As a
reflex of the making of millions
impatient, more avaricious, for new instrumentali- and billions, the toilers, who gaze
afar at the rapidly
ties of what he calls "progress," with each new dis- accumulating
fortunes they feel they can never
covery. But he is now coming to know that there is achieve, cry out
let us "eat, drink and be merry, for
a life not found in the material, not wholly minis- to-mor
row we die," and turn to flaccid pleasu
res and
tered to thereby,-_a life that is the escential of
his wanton passions for relief and rest. Not all
of
higher being.
them, but apparently a majority. It is
a time of
Yet he lives in the midst of an ever-augmenting care-free
jubilance over nothing. It is a
time of
material he cannot escape, and which he cannot en- spending,
through debt-making, for another genera
tirely sensitize to his evolvi
ng spirituality. He tien to pay, because the glitter of amasse
d gold
looks about him in his materialism
and finds that blinds the eyes to the slow but sure increase of
saving
the accumulating wealth, as
one phase of the ma- and thrift. Homes are sacrificed that highwa
ys may
terial, productive business life,
is being devoted to be filled with roysterers intent on speed and
vanity.
educational foundations, charit
able institutions, Work dwindles, waste reigns, cynicism fattens the
,
means of civic, social and religio endow
ments, and jazz jubilee is on!
us
SEPT. 14 1929.]
FINANCIAL CHRONICLE
Churches are still open, but, how often it is said,
their pews are helf empty . Even the resort to current amusements will not fill them. And the priestcraft mourn decadence and grow desperate over
ways and means. Education is still the shibboleth
of better government, nobler human character, the
saving of the marses, but it turns and twists so to
meet the winds of opinion and the appeal of theories
that the individual is in danger of becoming either
an automaton or a mimic. Politics, every man's
game, plays to win, shouts to the galleries, and lets
the republic swing with the tides. Economics, impersonal, automatic, unchanging, still surrounds the
endeavors of man with the relentless forces of supply
and demand, which man would mould to his wants
but must obey in his needs. And ."business," that.
making-a-living which man cannot dispense with,
mounts, merges, manipulates, in countless ways to
become bigger and bolder. Science, egotist of time
and place, turns to the making of war chemicals and
the use of hidden forces, that, though light, heat and
power serve man, it may build fortunes for proprietors and patentees. While philosophy, looking
on at the saturnalia called progress, grins like a
gargoyle, and preaches with no hope of reform. Into
this field, like a pencil of light seeking for the
real
man, comes.the spiritual.
But this is only one side of the picture, and a
slant side at that. There is more to business than
bigness. Almost it might be said, the smaller the
store, the greater the service. There is more to economics than economies of operation and the saving
of waste. There is the co-operation of competition,
and the harmonious uplift of millions engaged in
occupations that give the greatest good to the greatest number: There is more to politics than the patter
of campaigns and scramble for issues to get in on.
There is the devotion of disinterested voters who
find no means of helpfulness to State and Nation
other than loyalty to party principles. And
there
is more to science than imaginative ventures
into
the unknown and theories of ultimate causes
the
human mind cannot fathom. There is the study of
health protection, the compounding of metals• for
strength, and the search for new gears and growth
that the common man may triumph over environment and obstacles. And in religion, true
and
benign, there is more than creed or confessional,
more than church and verbal worship. There is the
prayer of aspiration; the ritual of recognition; the
church of the field, the forest, and the flower; the
reverence of love, sacrifice, and submission. The
material, the machine age, is shot through and
through with the divine light of betterment! A
deeper current flows through the life of every people
than the mad haste for wealth, pleasure, success.
Each is questioning its institutions, seeking to
restrain its irresponsibility, striving to make
the
human life worth living, trying to blow the foam
from the goblet it drains, and looking long into the
dregs for omens of future fates. In its essence the
material is the spiritual. And as we read its underlying lessons, as we use it for helpfulness, so shall
the spiritual prosper!
But what is this that we call "the spiritual"?
Has it any kinship to the ghost that vanishes at
cock-crow? Is it a vaporous emotion that glides
through the world like the beams of a sunken sunset,
touching the falling darkness with beauty? Is it
the magic emanation of a religion that promises
1645
rewards and punishments? Is it the fanciful conjuration of angels and saints and saviors? Is it
the egotism of mind, drenched in its own visions of
heaven and hell? Is it education, knowledge, wisdom, as set forth in philosophy and science, a cloth
of gold woven of experience and endeavor, in which
man wraps himself to ward off evil and to personify
the good? Is it part of all of these, and yet is none
of them? Definitions are inadequate—but a suggestion of the truth lies in this—the material is fact,
the spiritual is faith and feeling. We shall better
analyze the content of life, better appraise the conditions of civilization, by centering our thought upon
the individual, as he is, in his inner being, so shall
he conquer the material and establish the spiritual.
It is not enough that fortunes speculatively and adventitiously acquired be given and bequeathed to
communal charities. Man must love his neighbor
as himself, in poverty as well as in riches. It is not
enough that business, science, machinery, be devoted
to mass-production of comforts, needs and luxuries;
there must be a tender of kindly helpfulness to those
who are toiling bravely in the vicissitudes of life,
that they become independent of the crushing weight
of existence and ready to share and share alike, if
need be, in the vocations and opportunities that are
open to all. Labor for one, is labor for all. And he
who is willing to work holds the key to the soul's
salvation.
The world we really live in, that on its surface
looks so like a phantasmagoria of physical inconsequence and mental irresponsibility, is a spiritual
world. In every thing there is a thought; behind
every act there is a motive; through every endeavor
runs the golden thread of accomplishment. Institutions, agencies, inventions, for sustenance and deliverance, though clothed in the physical, are enduring
and efficient only in the spiritual—that realm of
faith and feeling which reverences God and yearns
for the happiness of man. As we transform the
material we transcend it. And a time of transition
is a time of pause and pondering. Work becomes
faith; science becomes a religion; business becomes
a sacrificial devotion to betterment; and philosophy
becomes a search on an infinite shore for a pebble
of truth; evil turns into good; and knowledge leads
through wonder and worship to wisdom. There is
no panacea for conditions, no cure-all for civilization; no quick method for the introduction of the
spiritual, either by reason or religion. The divine
Purpose unfolds surely, if slowly. This is the meaning of the "flowers that toil not," the translation of
those who "stand and wait." Those who look over
the tangled web of human affairs and despair may
take hope and rejoice. The spiritual that is within
the material will transform it, even as man will
transcend the life of achievement and accomplishment. The feeling of fellowship, of kindliness, man
to man,shall put success beneath the feet of him who
succeeds. And the man who thinks and works shall
be transfigured into the undying spiritual.
Roger Babson and Prof. Fisher on the
Speculative Situation.
[Editorial in "The Evening World" of Saturday, Sept.
7.1
As an analyzer and interpreter of business conditions
Roger Babson of Wellesley, Mass., used to have a great
vogue in financial circles. That fact is to be recalled now
by way of explaining why the stock market suffered such a
shock, only momentarily as it may have been, on his reap-
[VOL. 129.
FINANCIAL CHRONICLE
1646
pearance with an extremely pessimistic address concerning
the speculative situation of the country.
Yet what he said is only what has been in the minds of
most observers who are not in the dizzying whirl of the
Wall Street game. "More people are borrowing and speculating to-day," he begins, "than ever before in our history."
Much has been done, as by the Federal Reserve System, to
strengthen the foundations of credit. But all this "has not
changed human nature." "The economic cycle is in progress
to-day as it has been in the past"—by which he means the
periodic succession of flush times, panic and depression.
"Sooner or later a crash is coming and it may be terrific.
Wise are those investors who now get out of debt and reef
their sails."
To Wall Street itself this has become an old-fashioned
and exploded way of looking at the matter. New conditions
have come into industrial being. A new philosophy of the
Nation's economic life is being written. And this philosophy has a very able interpreter in Prof. Irving Fisher
of Yale, who promptly comes forward to deny any such
forecast as Babson's.
While there will be recessions In stock market prices, says
Prof. Fisher, there will "not be anything in the nature of a
crash." And his reasons for so believing:
"We are living in an age of increasing prosperity and
consequent increasing earning power of corporations and
Individuals. This is due in large measure to mass production and inventions such as the world never before has
witnessed."
All very true. But how can this fact repeal or modify
those fundamental laws which Mr. Babson invokes? Previous panics or speculative crashes have come from an overextension of credit which has come from a general overcalculation of the earning power of any new conditions of
wealth production. May not Prof. Fisher's new set of
wealth-producing conditions be as open to over-calculation
of results and an undue stretching of credit as the land
speculations which brought on the panic of 1837, or the
railroad speculations which led to the panic of 1857 and
the far worse one of 1873, or the trust-forming speculations
which resulted in the collapse of 1903?
Human nature has not changed from what it then was,
as Mr. Babson says. We are thus obliged to regard his
advice to investors as wiser than Prof. Fisher's.
Public-Utility Earnings During July.
Gross earnings of public-utility enterprises in July, exclusive of telephone and telegraph companies, as reported
to the Department of Commerce by niney-five companies
or systems operating gas, electric light, heat, power, traction and water services and comprising practically all of
the important organizations in the United States, were
$178,000,000, as compared with $183,000,000 in June,
and $173,645,919 in July, 1928. Gross earnings consist,
in general, of gross operating revenues, while net earnings
in general represent the gross, less operating expenses and
taxes, or the nearest comparable figures. In some cases the
figures for earlier years do not cover exactly the same subsidiaries, owing to acquisitions, consolidations, &c., but
these differences are not believed to be great in the aggregate. This summary presents gross and net public-utility
earnings by months from January, 1926, the figures for the
latest months being subject to revision.
PUBLIC UTILITY EARNINGS,
Gross Earnings—
January
February
March
April
May
June
July
1926.
5177,473,781
165,658,704
167.642,439
166.927,022
159,135,618
157.744.715
153,245,315
1927.
$191,702,022
177,612,618
179.564,670
176,467,300
171,255,699
167,975,072
161,638,462
1928.
$196,573,107
187,381,731
187,726,994
181,143,683
180,255,407
178,696,556
173,645,919
1929.
5203,000,000
194,000,000
195.000,000
190,000,000
189,750,000
183,000,000
178,000,000
Total(7 months).- $1,147,827,594 $1,226,215,873 $1,285,425,397 61,332,750,000
August
September
October
November
December
Total (year)
Net F.'arnings—
January
February
March
April
May
June
July
Total (7 months)..
August
Eget tem ber
October
November
December
Total (year)
153,188.101
159,519,246
170.733.069
176.000,649
188,146,705
162,647,420
169,413,885
177,734,493
182,077.497
191,985.134
173,952.469
179,346,145
190,795,668
198,032,715
202,000,000
$1,995,415,364 32,113,074,302 52,229,552,394
$66,974,941
61,555.164
60.696,920
59,471,359
54,993,907
55,699,751
49.238,806
$73,746,891
66,907,757
05,412,739
64,907,729
61,104,779
59,167,096
53,980,280
$79,013,279
74,296,576
72,811,146
68,971,321
67,732,911
67,537,149
62,260,333
$92,000,000
86,000,000
85,000,000
83,000,000
82,500,000
79,000,000
71,000,000
$408,630,848
$445,317,271
3492,622,718
$578,500,000
49,844,522
56.930,481
60,878,181
65,844,729
73,023,848
53,551,164
61.897.207
65,259,727
70.214.468
78.937,417
61,809,794
68,235.698
73,670,561
81,363,806
91,000,000
3715.1 c2 609
$775,177,254
$868,702,577
'
Gross and Net Earnings of United States Railroads
for the Month of July
Our monthly compilations of the gross and net
earnings of United States railroads are recording
increasingly favorable results, and the showing made
by our tabulations below for the month of July is
the best of the whole ceries. The reasons for this
lie on the surface. In addition to the great manufacturing activity common to all parts of the United
States, and the activity, too, in most lines of general
business, besides the improved position of the country's agricultural communities by reason of the
higher level of grain prices recently established (following the great collapse in May when wheat at
1
4c. a bushel), the rail carChicago sold down to 93/
riers had the advantage of an extra working day in
the month the present year, July 1929 having contained only four Sundays, whereas July 1928 had
five. All this naturally had a telling effect upon
the revenues of these great transportation lines.
At the same time, growing efficiency of operations
still characterizes the management of the properties,
with the result that more than the usual share of
the additions to gross revenues is being carried forward al-3 gains in net earnings. As bearing on this
efficiency of operations, it deserves to be noted that
tap ratio of expenses to earnings for July 1929 was
onlj- 69.75%, against 73.16% in July 1928 and
75.31,7
0 in July 1927. In these circumstances, it is
surprising to find that our tables show an improvement in gross earnings as compared with the
same month of last year in the considerable sum of
$43,884,198, or 8.55%, and that as this was attended
by an augmentation in expenses of no more than
$13,090,817, or only 3.41%, the total of the net earnings (before the deduction of the taxes) has risen
in amount of $30,793,381, or 22.37%. The grand
aggregates for this year and last year are summarized in the following little table:
Month of July—
1928.
1929.
Inc (-I-) or Dec (—).
Miles of road (18
241,450
roads)
241,183
Cross earnings
$556,706,135 3512,821,937
Operating expenses
388,277,387
375,186,570
Ratio of expenses to earnings.
69.75%
73.16%
Net earnings
3168,428,748 $137,635,367
+267
+343,884,198
+13,090,817
—3.41%
+0.11
+8.55
+3.48
+830,793,381
+22.37
Added significance is given to the extent of the
improvement disclosed in the foregoing by the fact
that comparison is with a month last year when
results were much better than they had been for a
long time previously, both gross and net earnings
then recording increased totals, even though of moderate extent, following the heavy losses in the previous year, whereas in nearly all the months immediately preceding there had been larger or smaller
losses in 1928 on top of large shrinkages in the
monthly returns of 1927. We then remarked
that for the first time in over a year—or, to be precise,(ince May 1927—the aggregate of the monthly
gross revenues showed some increase as compared
with the corresponding month of the preceding year.
Furthermore, that virtually the same remark was
true with respect to the comparisons of the net earn-
SEPT. 14 1929.]
FINANCIAL CHRONICLE
1647
ings, these also having shown some losses in each during the long antecedent period of strike in the
and every month, up to that time, since April 1927, anthracite region, which strike began on Sept. 1
excepting only February 1928 and May 1928, in 1925 and was not terminated until towards the end
both of which months the railroads had had the of February 1926.
In the West the roads had the advantage of a
advantage of an extra working day in 1928.
The truth is that in July of last year the country larger grain traffic the present year than in July
was in the initial stages of that great trade revival last year, as shown in detail further along in this
which has continued uninterruptedly in progress up article. The effect altogether of these varions favorto the present date, though the South was still labor- able influences was to greatly swell the tonnage of
ing under a great trade prostration and business the roads. Illustration of this is found in the inrevival had not yet gone far enough to bring with crease in the loading of revenue freight. The Car
it any augmented demand for coal, the transporta- Service division of the American Railway Association of which is a very important item of freight tion finds that the loading of revenue freight on
with most of the railroads of the United States, with the roads of the United States aggregated 4,153,220
the result that coal production at that time still cars in the four weeks of 1929, against 3,944,041 cars
remained on a very restricted scale. Accordingly, in the corresponding four weeks of July 1928, and
our compilation for July 1928 registered improve- 3,913,761 cars in the corresponding weeks of 1927.
ment in both gross and net earnings, and yet im- Nevertheless, there is one part of the country which
provement which constituted recovery of only a small is still laboring under the influence of adverse conportion of the losses suffered in July 1927. In ditions, or at least some sections of it are. We allude
brief, our statement for July 1928 showed $3,333,445 to the South as comprised in the territory south of
increase in gross, or only a fraction of 1%, though the Ohio and Potomac Rivers and east of the Misinasmuch as this was accompanied by a reduction sissippi. Parts of the South seem not as yet to
in operating expenses in the sum of $8,378,411, the have fully recovered from the trade prostration
gain in the net reached $11,711,856, or 9.32%. In which has held that section in its grip for so long.
July 1927, on the other hand, gross earnings had We refer more especially to Florida and other disfallen off in amount of $48,297,061, and net earnings tricts with Winter resorts and to those parts of the
in amount of $35,436,548.
South which have been suffering from the collapse
With reference to the great trade activity which of the speculative real estate boom of a few years
the country is now enjoying, the pronounced indica- ago. At all events, several of the Florida roads, or
tions of this for July are found along the same lines roads connecting with that State, sustained further
as in the previous months. Automobile production decreases in earnings in July 1929 on top of heavy
slackened somewhat, as is customary at this season losses in both of the years preceding.
of the year, but altogether the seasonal recession was
Thus the Atlantic Coast Line this time reports
decrease in gross and $218,013 decrease in
$368,909
relatively slight and still left the output far in
excess of the corresponding period in the years im- net. This follows $568,695 decrease in gross, but
mediately preceding. According to the Department $137,825 inereare in net, in the year preceding, and
of Commerce, July production of motor vehicles in no less than $1,623,292 decrease in gross and
the United States was 500,331, as compared with $968,267 decrease in net in July 1927. The Florida
545,375 in June, but as against only 392,086 in July East Coast, on the other hand, was able to show
1928 and no more than 268,485 in July 1927. In the moderate recovery and reports $74,555 increase in
iron and steel trades a record July output was 'gross and $83,883 increase in net, following $341,379
established, the make of iron in July 1929 having decrease in grow, with $73,368 increase in net, in
reached 3,785,120 tons, against 3,071,824 tons in July 1928, and $736,143 loss in gross and $550,724
July 1928 and 2,951,160 tons in July 1927. Steel loss in net in July 1927. More significant, however,
production was also of record proportions for the appears to be the improvement shown in the case of
month of July, though not equalling, of course, the the Seaboard Air Line, which has to its credit
best figures of some other months. The American $72,012 increase in gross and $129,581 increase in
Iron & Steel Institute estimates that the output of net. In July last year the Seaboard Air Line sufsteel ingots in the United States in July 1929, with fered $331,890 decrease in gross and $141,087 de26 working days, aggregated 4,838,093 tons, against crease in net, and this came after $495,401 decrease
only 3,805,598 tons in July 1928, with 25 working in gross and $260,412 decrease in net in July 1927.
days. In other words, the daily output in July 1929
In addition, there is a goodly number of decreases
was 186,080 tons, as against 152,224 tons in July either in gross alone or in gross and net combined,
1928.
among other roads in the Southern group, the only
Coal production, too, was on an enlarged scale, group distinguished in that way. The Louisville &
though by no means'up to that of two years ago. Nashville reports $160,677 decrease in gross, with
The Bureau of Mines estimates the output of bitumi- $14,885 gain in net. Last year in July the Louisnous coal for July 1929 at 40,635,000 tons, as against ville & Nashville suffered $1,070,547 decrease in
36,276,000 tons in July 1928, and 33,505,000 tons in gross and $649,830 decrease in net, following
July 1927, which was the year of the strike, but as $418,673 loss in gross and $675,184 loss in net in
against 46,707,000 tons in July 1923. The output of July 1927. The Central of Georgia falls behind this
Pennsylvania anthracite for July 1929 is estimated time $150,363 in gross and $46,806 in net, after havat 4,993,000 tons, as against 4,475,000 tons in July ing suffered $108,471 decrease in gross with $678
1028. In July 1926 the Pennsylvania anthracite increase in net in July 1928, in addition to a shrinkmines turned out a total of 8,371,000 tons. However, age of $613,072 in gross and $330,564 in net in July
in this last mentioned year anthracite mining during 1927. The Illinois Central, with its line running
the Summer months was swollen to an unusual through the South from Cairo to New Orleans,
degree by a desire to make up, as far as possible, shows $14,348 decrease in gross and $143,034 defor the big loss in anthracite production sustained crease in net, after $695,060 decrease in gross and
1648
FINANCIAL CHRONICLE
[VOL. 129.
$587,886 decrease in net, in July 1928, and $275,248 added $1,399,87 to
2
gross and $983,951 to net, and
loss in gross and $59,821 loss in net in July 1927. the
Northern Pacific shows $356,505 gain in gross
Many other illustrations to the same effect might and $513,989
gain in net, and the Great Northern
be given among Southern roads. The Southern $1,423,36
8 gain in gross and $443,161 in net. Further
Railway shows Only insignificant changes the pres- south the Union
Pacific reports $1,253,747 increase
ent year, namely $53,757 decrease in gross and in gross
and $860,713 increase in net, and the Bur$76,052 decrease in net, and as a matter of fact the lington &
Quincy $1,378,592 gain in gross and
changes were not very great in July 1928 either, $745,202 gain in
net, while the Rock Island has enthere being then $353,688 decrease in gross, with larged its
gross by $985,784 and its net by $361,309.
$57,851 increase in net; but in July 1927 the South- In the
following we show all changes for the sepaern Railway lost heavily, reporting a falling off then rate roads
for amounts in excess of $100,000, whether
of $1,037,922 in gross and of $881,070 in net. These increases
or decreases, and in both gross and net:
latter are the comparisons for the Southern RailGROSS EARNINGS FOR THE MONTH
way proper. Including the Alabama Great South- PRINCIPAL CHANGES INOF
JULY 1929.
ern, the Cin., N. 0. & Tex. Pac., the Georgia
Increase.
• Increase.
Pennsylvania
$6.547.965Chic & East Illinois
357,707
Southern & Florida,the New Orleans & Northeastern Atch Top & San Fe (3)__ 2,723.301Northern Pacific
356.505
New York Central
52,321,782Trinity 3c Brazos Valley_
356.230
and the Northern Alabama, the whole going to form Chicago & North
Western 2,311,445Delaware & Hudson_ ___
309,648
Baltimore & Ohio
2,230,243Union
240,419
Missouri Pacific
the Southern Railway System, there is an increase Southern
2,230,095Chicago Great Western__
230,323
Pacific (2)-- _ _ 1,813.096Virginian
220,149
Great Northern
this time in both gross and net, the increase being Chic
1,423,368Michigan Central
203,224
Milw St Paul & Pac 1,399,872Central Vermont
196,775
Burl & Quincy__ 1,378,592Central New Jersey
187,107
$114,976 in gross and $54,814 in net. This follows Chicago
Union Pacific (4)
1.253.747Les Angeles & Salt Lake_
162,929
Wabash
1.239,153Texas & Pacific
181,324
$672,069 decrease in gross and $197,837 decrease in Norfolk & Western
1,024.300Yazoo & Mississippi Val_
153.764
Chic Rock Isl & Pac (2).
985,784Duluth & Iron Range_ __
144,841
net in July 1928 and $1,354,752 decrease in gross and New
York Chic & St Lou
773,94ILong Island
141,716
Erie (3)
705,145Western Maryland
130.031
$1,088,715 decrease in net in July 1927.
Reading
665,444Grand Trunk Western__
126,967
Marquette
616,675Denv & Rio Grand West_
126,395
Outside the Southern group, decreases, while not Pere
Minn St Paul & S Ste M..
611.705Internat'l Gt Northern__
122,155
Duluth Missabe & No
611,294St Louis Southwestern(2)
118,202
altogether absent, are relatively few, and scarcely Chesapeake & Ohio
602,918Mobile & Ohio
106,678
Colorado & Southern (2)_
New Orl & Tex Pac.
104,587
any of them are of large size or of much consequence. Detroit Toledo & Ironton 549,25801un
528,111
Elgin Joliet & Eastern_ _ _
306,571 Total(68 roads)
$43.460,812
Louis San Francis (3).
Indeed, as has been made apparent above in outlin- St
504.018
Decrease.
N Y New Haven & 'lent
302,848Atlantic Coast Line
$368,909
Pittsburgh & Lake Erie__
ing the favorable conditions which prevailed nearly Cleve
489,0528taten 1st Rapid Transit_
267,735
Cinn Chic & St Lou
486,314Lottisville & Nashville__ _
160,677
Del Lack & Western.._.454,915Central of Georgia
everywhere outside the South, the record as far as Boston
130,363
& Maine
454,099Lehigh dc New England__
101.473
Bessemer & Lake Erie__ _
441.471Northwestern Pacific_ __
the separate roads and systems are concerned is Chic
100,812
St Paul Minn & Om
423,654
372,960 Total (6 roads)
one of large and general improvement, though in Chicago & Alton
$1.1 49.969
a These figures merely cover the operations of the New York Central
many cases the improvement represents simply a Itself.
Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c., the result is an increase of $3,522,150.
recovery of losses sustained either last year or the
Note.-T.3e Southern Railway proper shows a decrease of $53,757.
Including the Alabama Great Southern, the Cincinnati New Orleans &
year before. It would take too much space to at- Texas
Pacific. the Georgia Southern & Florida, the New Orleans & Northeastern and the Northern Alabama, the whole going to form the Southern
tempt to enumerate all the principal systems dis- Railway System, the result is an increase of $114,976.
tinguished for the extent of their gains, so only a PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF JULY 1929.
few can be named for the purpose of illustration.
Increase.
Increase.
As indicating the part played by trade revival and Pennsylvania
$4,621,085Central Vermont
295,468
Atch Top & Sante Fe (3)_ 2,487.344Erie (3)
289,771
an increasing tonnage of coal in swelling the rev- Chicago
& North Western 2,046,373Trinity It Brazos Valley..
269,158
Southern Pacific (2)- _ - _ 1,717,454St Louis San Francisco(3)
261.450
enues of the systems traversing the great manufac- Missouri Pacific
1,619,622Texas Pacific
250,074
Norfolk & Western
1.315,646Minn & St Louis
239,813
turing districts, the Pennsylvania Railroad very New York Central
a1,010,580Colorado & Southern (2).
230,571
Chic Milw St Paul & Pac
983,951Chicago Great Western_
215.894
Union Pacific (4)
860,713Bessemer & Lake Erie__
appropriately heads the list with $6,547,965 gain in Chicago
215,818
745.202International Gt North-Burl & Quincy
208,179
Ohio
grecs and $4,621,085 gain in net. Last year in July Baltimore&
683,851Long Island
203.467
Duluth Missabe Sc No....
560,230Virginian
194,409
St Paul Minn & Oat
552.203Denv Rio Grande West
the Pennsylvania Railroad reported $1,086,335 loss Chic
189,926
Wabash
521.019Union
165,011
Northern Pacific
513,989Central of New Jersey _ .
in gross, but $1,404,734 gain in net. The New York Canadian
_
141,639
Pac Lines In Vt
492,677Duluth & Iron Range__
139,370
N Y New Haven & Hartf
477,9421'ittsburgh & Lake Erie__
130,378
Central this time shows $2,321,782 increase in gross Mhin
474.617Seaboard Air Line
St Paul & S Ste M_
129,581
N Y Chic & St Louis-472,1421Can8a5 Okla & Gulf._ _
105,567
and $1,010,580 increase in net, which follows Reading
456,227
Chicago & Alton
447,791
Total
roads)
(60
$29.916,041
$650,205 increase in gross, with $309,452 decrease in Great Northern
443.161
Elgin Joliet & Eastern....
430,692
Decrease.
net in July 1928. This is for the New York Central Detroit
391,955Atlantic Coast Line
Tol & Ironton_ _
$218,013
Pero Marquette
373,585Staten 1st Rapid Transit209.519
itself. Including the various auxiliary and con- Clev
Clan Chic & St Lou
361,931Kan C Meet& Orient ---147,036
Chic Rock Isl & Pac (2)361.309111inois Central
143.034
trolled roads, the result is $3,522,150 gain in gross Del
Lack & Western_ ___
349.719
6717.601
and $1,564,423 gain in net, following $524,413 in- Chicago & East Illinois_ 305,226 Total (4 roads)
a These figures merely cover the operations of the New York Central
Including the various auxiliary and controlled roads, like the Michcrease in gross, with $145,776 decrease in net in itself.
igan Central, the "Big Four," &c., the result is au increase of $1,564,423.
Icole.---The Southern Railway proper shows a decrease of $76,052.
July 1928. The Baltimore & Ohio shows $2,250,243 Including
the Alabama Great Southern, the Cincinnati New Orleans &
Texas Pacific, the Georgia Southern & Florida, the New Orleans & Northgain in gross and $683,851 gain in net after $409,870 eastern
and the Northern Alabama, the whole going to form the Southern
decrease in gross, but $1,063,294 gain in net in Railway System, the result is an increase of $54,814.
July last year. The Erie Railroad has added
When the roads are arranged in groups or geo$705,145 to its gross and $289,771 to its net after graphical divisions according to their location we
$151,691 decrease in gross, with $106,922 increase find just what we would expect to find, namely, that
in net in July 1928.
all the different district and all the different regions
The roads in other sections of the country are dis- in those districts show improvement in gross and
tinguished for gains in much the same way. In the net alike, with the single exception of the Southern
Southwest the Atchison reports $2,723,301 gain in region in the Southern district which records a very
gross and $2,487,344 gain in net, and the Missouri small decrease in both gross and net. Our summary
Pacific *2,230,095 gain in gross and $1,619,622 gain by groups appears immediately below. As previ- in net, while the Southern Pacific has added ously explained, we group the roads to conform with
$1,813,096 to gross and $1,717,454 to net. In the the classification of the Inter-State Commerce ComNorthwest, the Chicago & North Western has en- mission. The boundaries of the different groups
larged its gross by $2,311,455 and its net by and regions are indicated in the footnote to the
$2,046,373, while the Milwaukee & St. Paul has table:
San.14 1929.]
FINANCIAL CHRONICLE
1649
SUMMARY OF GROUPS.
Wheat.
Corn.
6 Wks.End. Flour.
(bulk)
July 27.
District and Region.
Gross Earnings
;bush.)
(hits.)
Month of JulyInc.(4-) or Dec.(-). Duluth1929.
1928.
5.446,000
Eastern District1929
278.000
$
$
$
%
New England region (10 roads)---- 22,968,759 21,816,508
1,521,000
+1,152,251 5.28
4,000
1928
100,017,919 92,594,113
+7,423,806 8.01 MinneapolisGreat Lakes region (34 roads)
6,645.000
1,073,000
1929
Central Eastern region (28 roads) 128,719,235 115,958,525 +12,760,710 11.00
4,304,000
543,000
1928 --Total (72 roads)
251.705,913 230,369,146 +21.336.767 9.26 Kansas 014129,975,000
1,448,000
1929
Southern District29,987.000 2.073,000
1928
Southern region (30 roads)
59,736,018 59.898,027
--162039 0.27
23,169,975 21,324,463
Pocahontas region (4 roads)
+1,845,512 8.65 Omaha & Indianapolis6,487,000 3,139.000
1929
2,124.000 3,988.000
1928 --Total (34 roads)
82,905,993 81,222,490
+1,683,503 2.07
Sioux CityWestern District612,000
223,000
1929
Northwestern region(18 roads)_
71,703,318 63,766,878
+7,936,440 12.44
463.000
237,000
Centralwestern region (24 roads) _ _ 97,571,518 89,976,093
+7,595,425 8.44 St.1928
JosephSouthwestern region (33 roads)
52,819,393 47,487,330
+5.332,063 11.22
610,000
1929 --3,581,000
641,000
1.807,000
1928
Total (75 roads)
222,094,229 201,230,301 +20.863,928 10.36 Wichita
51,000
9,808,000
1929
Total all districts (181 roads)
556,706,135 512,821,937 +43,884,198 8.55
12,760,000
88,000
1928 --District and Region
Net Earnings
Month of July- -Mileage-1929.
1928. Inc.(4-) or Dec.(- Total AllEastern District1929 --- 1,625,000 75,867,000 18,549,000
1929. 1928.
$
$
$
%
New England region__ 7,260 7,281 6,700,804 5,370,471 +1,330,333 24.77
1,680.000 63,458,000 20.744,000
1928
Great Lakes region___ 24.812 24,855 26,444,075 23,252,307 +3,191,768 13.72
Cent. Eastern region_ 27,310 27,216 40,561,608 32,394,393 +8,167,215 25.21
Total
59,402 59,352 73,706,487 61,017,171 +12689,316 20.79
Southern District40,123 40,149 12,308,824 12,312,155
Southern region
--3,331 0.03
Pocahontas region_ - _ 5,635 5,626 9,162,741
7,601,861 +1,560.880 20.53
Total
Western DistrictNorthwestern region_
Cent. Western region_
Southwestern region
45,758 45,775 21,471,565
19,914,016 +1.557,549 7.82
48,975 48,810 23,602,131 17,061.179 +6,540,952 38.33
52,011 52,012 32,425,321 26,517,508 +5,907.813 12.16
35.304 35,234 17,223,244 13,125,493 +4,097,751 31.22
Total
136,290 136,056 73,250,696 56,704,180 +16546,516 29.18
Total all districts
241,450 241.183 168.428,748 137,635,367 +30793,381 22.37
NOTE.-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-This region comprises the New England States.
Great Lakes Region -This region comprises the section on the Canadian
boundary
between New England and the westerly shore of Lake Michigan
to Chicago, and
north of a line from Chicago via Pittsburgh to New
York.
Central Eastern Region.-This r4gion comprises the section south of
the Great
Lakes Region, east of a line from Chicago through Peoria
St. Louis and the
Mississippi River to the mouth of the Ohio River, and northto
of
the
Ohio
River to
Parkersburg, W. Va., and a line thence to the southwestern
corner of Maryland
and by the Potomac River to Its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio
River north to Parkersburg,
W.Va., and south of a line from Parkersburg to the
and thence by the Potomac River to its mouth. southwestern corner of Maryland
Southern Region.-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova. W. Va., and
a
thence
following the eastern boundary of Kentucky and the southern boundary line
of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.-Thls region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha
and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.-This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and
by the
Mexican boundary to the Pacific.
Southwestern Region.-This region comprises the section lying between the misfits/Opt River south of St. Louis and a line from St. Louis to Kansas City and
thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
As noted further above, the Western grain traffic
in July the present year was considerably larger
than in that month a year ago. Though this followed mainly from the larger volume of wheat
moved, all the different cereals, with the single exception of corn, contributed to the increase. The
receipts of wheat at the Western primary markets
for the four weeks ending July 27 1929 aggregated
75,867,000 bushels, as against 63,458,000 bushels in
the corresponding four weeks of 1928. The receipts
of corn were only 18,549,000 bushels, as compared
with 20,744,000 bushels, but the receipts of oats
8,455,000 bushels, against 5,249,000 bushels; of barley 3,006,000 bushels, against 1,770,000 bushels, and
of rye 577,000 bushels, against 531,000 bushels. For
the five items combined, the receipts at the Western
primary markets for the four weeks of July 1929
reached 106,454,000 bushels, as against 91,752,000
bushels in the same four weeks of 1928. In the following table we give the details of the Western grain
movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Wks.End. Flour,
Corn.
Wheat.
Oats.
Barley.
July 27.
(bids.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago1929- 850,000 4,478,000 5,451,000 2,112.000
451,000
1928 850,000 2,584,000 8.043,000
1,944,000
249,000
Milwaukee1929 __ - 157,000
1,745,000
1,336,000
506,000
519.000
1928 --- 239,000
533,000
656,000
305,000
414,000
St. Louis1929
444,000 5,924,000 2,510,000
1,000,000
39,000
1928.
407,000 0,598,000 2,628,000
755.000
18.000
Toledo1929
1.265J000
89.000
575.000
13,000
1928.
78.000
661.000
111,000
4,000
Detroit24,000
1929.
105,000
65,000
69,000
1928 111,000
49,000
4,000
Norio,
174,000
185,000
1929
1,928,000
547,000
292,000
88,000
1928 .-- 184.000
1,593,000
271,000
132,000
EVe.
(bush.)
30,000
268,000
9,000
21,000
3,000
23,000
4,000
1,000
4,000
9.000
2.000
Oats.
(bush.)
Dark,.
ungsk4
Rgs
ansah.)
100.000
21,000
746,000
175.000
206,000
77.000
1,609,000
879,000
932,000
771,000
319,000
132,000
270000
348,000
1,383,000
428,000
254,000
100,000
14,000
3.000
50.000
38,000
4,000
8,455,000 3,006,000
5.249,000 1,770.000
577,000
531,000
The Western livestock movement, too, apparently
was somewhat larger than in July 1928. At Chicago
the receipts comprised 18,736 carloads, as against
17,018 carloads in July 1928; at Omaha 6,653 carloads, against 6,303 carloads, though at Kansas City
7,522 carloads, against 7,509 cars.
While the cotton movement in the South is never
very large in July, it being the tail end of the crop
season, this year it was on an exceptionally small
scale so far as the receipts at the Southern outports
are concerned. Gross shipments overland, however,
were larger than a year ago, comprising 60,918 bales,
against 29,323 bales in July 1928; 71,434 bales in
July 1927; 59,015 bales in 1926; 19,111 bales in 1925;
57,757 bales in 1924, and 41,627 bales in 1923. At
the Southern outports the receipts of the staple
aggregated only 101,000 bales in July the present
year, against 115,861 bales in July 1928; 147,755
bales in 1927, and no less than 200,650 bales in 1926.
Complete details of the cotton movement are set out
in the table we now subjoin:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JULY AND FROM
JAN. 1 TO JULY 31 1929, 1928 AND 1927.
-- ----. _.
Ports.
1929.
1927.
1927.
1928.
1928.
1929.
Galveston
Texas City, d/c
New Orleans
Mobile
Pensacola, &o
Savannah
Charleston
Wilmington
Norfolk
Lake Charles
Corpus Christi
Total
27,182
865
14,491
1,318
700
5.058
9,664
211
2.791
110
14.904
27,596
19.994
34,941
1,624
101,000
115.861
4,128
9,456
677
5,097
739
11,609
22,526
17.941
38,728
3.858
4
35.339
24,119
2,449
2,781
601,404
555,884
546,178
91.722
1.748
81,876
42.939
22,602
47,759
110
415,342 944,387
455.902 1,020,142
577,049 974,155
81.987 114.555
1.658
2.882
180,163 440,618
87.419 236,845
54,411
87,252
59,972 141,867
1.763
147.755 1,992.222 1.915.666 3.962,893
RESULTS FOR EARLIER YEARS.
As already stated, the very notable improvement
for July 1929, with $43,884,198 gain in gross and
$30,793,381 gain in net, follows a moderate improvement in July 1928, when our compilations showed
$3,333,445 increase in gross and $11,711,856 increase
in net. On the other hand, in July 1927 there was a
heavy shrinkage in gross and net alike. The aggregate loss in gross earningts in July 1927 reached no
less than $48,297,061, or 8.67%, and the loss in the
net $35,436,548, or 22.03%. The fact must not be
overlooked, however, that these 1927 losses came
after very substantial gains in both gross and net
in each of the two years preceding. In July 1926
our compilation showed $33,875,085 gain in gross
and $21,435,011 gain in net, while in July 1925 our
tabulations registered "40,595,601 increase in gross
and $27,819,865 increase in net. On the other hand,
however, it is equally important to bear in mind
that in July 1925 comparison was with heavily diminished earnings in 1924. The latter, as has been
so many times pointed out in these columns, was the
year of the Presidential election, when such a very
decided slump in business occurred, and this was
reflected in heavily diminished traffic over the
country's transportation lines, large and small. So
1650
[VOL. 129.
FINANCIAL CHRONICLE
decided was the slump in business at that time, and
so great the falling off in railroad traffic, that our
July compilation recorded a falling off in gross
earnings of $53,517,158, or 10.02%, and a falling off
in net of $9,601,754, or 7.86%, as compared with the
year preceding (1923). This last, though, was a
year of very active business, when the railroads enjoyed-at least in the great manufacturing districts
of the East-the very largest traffic movement in
their entire history. Our tables for July 1923 recorded the prodigious gain of $91,678,679 in gross
and of $18,392,282 in net.
However, if we go still further back, we find that
the 1923 gain in gross itself followed losses in both
1922 and 1921, though the gains in net were continuous, extending through 1921 and 1922, even
while the gross earnings were declining. Our
tabulations for July 1922 showed a decrease of $19,960,589 in the gross, with $1,964,485 increase
(1.95%) in the net. The reason for the poor showing
in that year was that the strike at the unionized coal
mines of the country, which had been such a disturbing factor in the months preceding, not only continued, but that its adverse effects were greatly emphasized by the fact that on July 1 the railroad
shopmen had also gone on strike and that this led
to acts of violence on the part of the men who quit
work, or their sympathizers, to prevent others from
taking the abandoned jobs, with the result of interrupting railroad operations, and in some instances
even preventing the movement of coal from the nonunion mines. It should not be forgotten, either, that
it was on July 1 of that year that the 10% horizontal reduction in freight rates promulgated by the
Inter-State Commerce Commission went into effect.
There was at the same time a reduction of about
7@8% in the wages of the shop crafts employees
and the maintenance of way men, but the benefit
that might have accrued from this was, of course,
vitiated by the shopmen's strike, which increased
expenses rather than decreased them. The previous
year there had been a reduction in wages of 12%
effective July 1 1921, but this in turn followed 20%
increase in wages put in effect by the Labor Board
on July 1 1920 immediately after its advent to
power.
Not only did the 1923 gain of $91,678,679 in gross
earnings follow $19,960,589 loss in July 1922, but
this latter in turn followed an antecedent loss of
no less than $66,407,116 in July 1921, as compared
with July 1920. On the other hand, the loss in 1921
was attended by an enormous saving in expenses,
with the result of bringing a gain of $84,615,721 in
the net at that time. The contraction in expenses
amounted to no less than $151,022,837, and while
due in part to the shrinkage in the volume of traffic
owing to the intense business depression prevailing,
it was in no small degree the outgrowth of dire necessity, the railroads being obliged to practice the
utmost saving and economy to avert bankruptcy
after the enormous additions to expenses forced
upon them in the year preceding, during the period
of Government control.
The truth is, prior to 1921 expenses had been
mounting up in such a prodigious way that in 1920
net earnings had got down to a point where some
of the best managed properties were barely able to
meet ordinary running expenses, not to mention
taxes and fixed charges. And it is the inflated
expense accounts of these earlier years that have
furnished the basis for the savings and economies
effected since then. As an indication of how expenses had risen in 1920 and prior years, we may
note that in July 1920, though our tables showed
$65,975,059 gain in gross, they registered $69,121,669
decrease in net, while in July 1919 there was a
falling off in both gross and net-$14,658,220 in
the former and $55,352,408 in the latter. In the
following we furnish the July comparisons back to
1906. For 1910, 1909 and 1908 we use the InterState Commerce Commission's totals, since in those
years they included all the minor roads and were
more comprehensive than our own figures, but for
the preceding years (before the Commerce Commission began to require returns) we give the results
just as registered by our own tables each year-a
portion of the railroad mileage of the country being
then always unrepresented in the totals owing to the
refusal of some of the roads in those days to furnish
monthly figures for publication.
Net Earnings.
Gross Earnings.
Year.
Year.
Year
Ilne.
(+) or
Year
Year
In& (+) Or
$
July.
'$
I
$
1906 ___ 129,386,440 114,556,36714-14,380,073 42,808,250 36,718.416 +6.089.834
1907 _-_ 137,212,522 118,666,092 +18,546,430 41,891,837 39,448.771 +2,443,066
1908 _ 195,246,134228.672,250-33.426.116 67,194,321 75,679,805 -8.485.484
1909 ___ 219,964,739 195,245,656+24,719,084 78.350,772 67,267,352 +11.083,420
1910
230,615,776 217.803,354+ 12,812,422 73,157,547 77,643,305 -4,485,758
+31,411
1911 __ 224,751.083226,306.735! -1,555.652 72,423,469 72,392,058
1912 ___ 248,595,532222.587,872 +23,007.660 79,427,565 70,536,977 +8,890,588
1913 _--235.849,764 223,813,526 +12,036,238 64,354,370 67,620,157 -3,265,787
1914 ___ 252,231.248 261,803,0111 -9,571,763 75,349,466 76.358,377 -998,911
77,833,745 +0,551,240
,
,, ,
1915, ,
1916 _ - 308,040.791 263,944,649 +44.006,142 108,709.496 88,421,559 +20,287,937
1917 --.353.219,982306.891.957 +46.328.025111,424,542 108,203,045 +3.130.597
1918 _ 463,684,172 346,022,857 +117661 315 144.348.682 109,882,551 +84,466.131
1919 _ 454,588.513469.246,733-14,658,220 96,727,014 152,079.422-55.352,408
1920 .__ 467,351,544401,376.485 +65,975,059 18,827.733 87,949,402-69,121,669
1921 ---460.989,697527,396,813-66,407,116 99,807,935 15,192,214 +84,615,721
1922 -._ 442,736,397462,696,986-19,960,589102,258,414 100,293,929 + 1,964,485
1923 _._ 534.634,5521442,955,873 +91,678,679121,044,775 102,652,493 + 18,392,282
1924 __ 480,704,0441534,222.102-53,517,158112.626.696 122,228.450 -9,601,754
1925 _ 521,538,604,480,943.003!+40,595,6011139,606,752 111.786,887+27,819,865
1926 _ 555,471,276 521.596,191i+33,875,080161,079,6121139,644.601 +21,435.011
508.413.874556,710,936-48,297.0611125.438,334 160,874,882-35,436,548
1927
1928
502.145,3311508,811.786! +3,333.445137.412,487125.700.631 +11,711.856
1929 _ 556,706,135 512,821,937.+43,884,198 168,428,748 137,635,367 +30.793,381
Note.-In 1906 the number of roads included for the month of July was 90; In 1907.
82:10 1908 the returns were based on 231,836 miles of road: In 1909, 234,500; In 1920,
238.169: In 1911, 230,076: In 1912, 230.712; In 1913, 206,084; in 1914, 235,407; In
1915, 243.042; In 1916, 244,249; in 1917, 245,699; in 1918, 231.700: In 1919, 226,654:
In 1920. 220.459; In 1921, 230,991; In 1922. 235,082: In 1923, 235,477: In 1924,
35.145: in 1925, 236,762: In 1926, 236,885; In 1927, 238,316: in 1928, 240.433: in
1929. 241,450.
The New Capital Flotations During the Month of August and for the
Eight Months Ending with August.
As compared with most other recent months, the new
capital issues brought out in this country during August
were on a somewhat diminished scale, and yet were far
from being small. In our analysis of the figures for the
month of July we showed that, barring the extremes, new
financing in the United States had for some time been
running in the neighborhood of $1,000,000,000 a month, and
on that basis the July _total of $939,885,041 might be said
to have been of about average size. For the month of
August now our total reaches $868,424,671, which, as stated,
Is on a diminighed scale in falling below the average of
$1,000,000,000. But as indicating that the amount is by
no means of small proportions, it is only necessary to point
out that even at $868,424,671 the amount is at tile rate of
over $10,000,000,000 a year.
Our compilations, as always, include the stock, bond and
note issues by corporations, by holding and investment companies of one kind or another, and by States and municipalities, foreign and domestic, and also farm loan emissions.
The grand total of the offering of securities under these
various heads was, as Just stated, $868,424,671 for August
and $939,885,041 for July. In June the new financing footed
up only $789,707,377. On the other hand, during May
the total of the new financing aggregated no less than
$1,511,714,703, several offerings of huge size having swelled
the total to unexampled dimensions (the most prominent
SEPT. 141929.]
FINANCIAL CHRONICLE
1651
of these having been the offering of $101,660,500 of new of $769,972,040 of financing done by domestic
corporations
common stock by the United States Steel Corporation to its no less than $422,922,540 consisted of new
common stock
shareholders at $140 per share, involving $142,324,700; the issues and $235,167,000 of preferred stock
issues. The
offering of $108,250,550 Anaconda Copper Mining stock at aggregate of the bond and note issues was no
more than
$55 per share of $50, and representing therefore $119,- $111,882,500.
075,605, and $219,000,000 American Tel. & Tel. cony, debenEven such bond issues as do find their way to market
tures), as a result of all of which the financing was brought have to be savored and seasoned to the public
taste, in the
to a figure that had never previously been even closely generality of cases, with privileges of conversion
into stock
approached. In April the total of the financing under at some present or future date or be accompanied
with
the various subdivisions did not differ greatly from that warrants to acquire stock at certain prices and
within cerfor the month of June, being a little larger and footing up tain limits of time to make sure of the success of
the offer$816,329,711. In March the total was $1,047,473,452; in ing. Indeed, most of the preferred stock issues are
made
February $1,019,431,752, and in January $1,065,575,103. In palatable in the same way by according to the holder
rights
December the offerings aggregated $1,178,659,551, or far in to acquire common stock. All this, of course, is
because of
excess of any previous monthly total up to that time. In the supposed valuable equities attaching to common
stock
November 1928 the offerings were $961,566,999.
issues.
These comparative figures for the different months are
Owing to the prominence of this feature in current financinteresting as showing that the totals vary considerably ing we bring together in the following the more conspicuous
from month to month, and that no conclusions can be issues floated during August the present year containing
drawn as to the general trend, as far as the magnitude of convertible features of one kind or another, or carrying
subthe offerings is concerned, from the totals of any one month. scription rights or warrants to subscribe for or
acquire new
That is true also as to comparisons with the corresponding stock. In the detailed enumeration of all the
issues which
periods of last year or the years preceding, and particularly were brought out during the month of August, given at
the
is this true in comparing with the month of August for end of this article, we have put in italics
the part relating
last year. As against the present year's August total of to the right of conversion or subscription in all, cases
where
$868,424,671, the total for August last year was no more such right exists, italic type being used to
designate the
than $268,420,307, showing an increase of over $600,000,000, fact
so that it may be readily detected by the eye.
this year's total being more than three times that of last
CONSPICUOUS ISSUES FLOATED IN AUGUST WITH CONVERTIyear. But there is a special reason for the great
BLE FEATURES OR CARRYING SUBSCRIPTION RIGHTS
difference
OR WARRANTS.
between the two years which deprives It of much of
its
$50,000,000 Blue Ridge Corp. 6% optional cony. pref. stock, convertible
significance. The contrast follows from the fact
that a
at any time into common stock at rate of 134 shares of common
great slump in the bringing out of new issues
for each share of preferred stock.
occurred
during the Summer months of 1928. And that
Tri-Continental Allied Co., Inc., 6% cumul. pref., with
slump was 25,000,000 warrants, exercisable
between Jan. 1 1931 and Aug. 15 1939.
especially pronounced during the month of
August, the
to purchase common stock at rate of $33 per share, at rate of
aggregate of the new financing done for that month
stock
common
for each share of preferred stock.
of
share
M
dropSolvay American Investment Corp.(Del.) 554% cumul pref.
ping to the lowest figures in any month of any
year since 25.000,000 with warrants to purchase at any time on or before
Sept. 1 1934.
July 1923. The drop reflected the great slowing
down in
at $325 per share, 1 share of common stock of Allied Chemical
new financing owing to the development of tension
shares
of
this
every
Corp.
4
for
preferred stock.
& Dye
in the
money market. The tension was then in its early stages, 16.000.000 Mississippi River Fuel Corp. 1st mtge. 6s 1944, each $1,000
bond carrying warrant to purchase 10 shares (but not less) of
and it made necessary the readjustment of security
capital stock at $10 per share,such right to be exercised prior to
values
to the new conditions, involving the marking down of
Aug. 15 1933.
bond 13,000,000 Southern
Natural Gas Corp. 1st mtge. 6s 1944, with warprices. In other words, the money situation, along with
the
rants entitling holder of each $1,000 bond to purchase from
congested condition of the bond market, operated then
July 1 1930 to July 1 1938, and subject to earlier redemption,
to
hold down the appeals to the money and investment markets.
30 shares of common stock at prices ranging from $12.50 per
share to $25 per share; holder of each $500 bond has proporA comparison with the August totals of the years
pretionate privilege.
ceding 1928 furnishes a better guide as to the
Insull Utility Investments, Inc., 2nd series $6 cumul.
shs.
450,000
magnitude
div. pref., each certificate carrying non-detachable warrants
and extent of this year's aggregate at $868,424,671.
As
through the exercise of which holder.at any time during year
against this, it is found that the new flotations in
1931 may turn in and transfer to company preferred stock in
August
1027 aggregated only $617,364,763, and in August 1926
exchange for common stock on basis of 4 shares of common
and
for every 5 shares of preferred stock.
August 1925 were respectively only $352,943,208 and
$404,250,000 shs. Interstate Equities Corp. $3 cumul. cony. pref. each
039,397. This shows a large increase as compared
share convertible from Aug. 1 1930 to July 31 1932 into 2shares
with
these recent earlier years. As a matter of fact, the
of common stock; thereafter to July 1 1935 into 114 shares of
present
stock and thereafter to July 31 1939 into 1 share of
common
August total is the largest by a wide margin of any
August
common stock
total on record. That is what tells the story of
what is
Another point of great interest with reference to these
going on.
new capital flotations is the part played by Investment
It is the character, however, even more than the
magni- Trusts in swelling the totals from month to month. Investtude of the new capital flotations that attracts
attention. ment Trusts and holding companies have latterly become
Here the same characteristics are observable as in
the very prominent in emitting new securities and obviously
months preceding. Because of the high money rates ruling
they differ so sharply from new financing of other descriphere, scarcely any financing on foreign account is
being tions that we have again made computations to indicate
done, capital being kept at home for profitable
employment their contributions to the grand totals of the new capital
at these high rates instead of seeking foreign fields
for flotations for August and for the eight months of the caleninvestment, and, as a matter of fact, as is well
known, dar year ending with August. In our detailed analysis of
foreign capital and foreign funds are being
attracted the corporate financing given at length each month in tabtowards this country for the same reason. Only one
foreign ular form these security offerings by investment trusts and
government issue, for $15,000,000, was floated here
during holdings companies are grouped under the designation "MisAugust, and only a single corporate issue, for
$6,250,000. cellaneous." For the month of August, out of a grand total
Municipal finhncing is proving equally difficult,
and in of $776,222,040 of corporate financing, domestic and foreign,
August 1929 the aggregate of bond awards by
American $534,807,637 consisted of corporations thus classed as mismunicipalities was no more than $77,202,631, or
only a cellaneous, and we now find that no less than $485,735,612
little above the small total of $68,918,129 for August
1928, of this comprised financing done by investment trusts and
when municipal financing came nearly to a .standstill
be- holding and trading companies. In like manner, out of a
cause of the tension in the money market. In brief, new
total *of $7,153,852,259 of new corporate issues brought out
corporate issues are almost completely dominating the
situa- during the eight months of the present year ending with
tion. Out of the grand total of $868,424,671 of new financing August,
$2,416,390,332 consisted of corporations classified
for the month of August 1929, no less than $776,222,040 as "miscellaneous," and
out of this latter in turn no less
consisted of financing by corporations, and out of this only
than $1,596,635,964 comprised issues brought out by invest$6,250,000 comprised financing by foreign corporations, the
ment trusts and holding companies. In the following we
Test being all on domespic account.
show the figures for each of the eight months separately
Again the vast preponderation proportion of the new and also indicate what
portion of the financing by these
corporate flotations consists of new stock issues, with very Investment trusts and holding
companies was in the shape
little in the shape of bonds and notes, there being virtually of bonds and notes and what
portion consisted of stock
no public demand for bond issues. Out of the grand total issues.
1652
AND HOLDING
FINANCING BY INVESTMENT TRUSTS AND TRADING
COMPANIES DURING FIRST EIGHT MONTHS OF 1929. Grand
Short-Term
Long-Term
Total.
Stocks.
Bonds & Notes. Bonds tt Notes.
1929.
$
$
265,645,500
256,845,500
9,000.000
January
197,314,050
175,814,050
21,500,000
February
149,963.088
102,963,088
47,000,000
March
99,756.500
98,256,500
1,500,000
April
90.356,200
90,356,200
May
85.853,724
70.853,724
9,000,000
June
222,011,290
201,761,290
20.250,000
July
485,735,612
481,735.612
4,000,000
August
a112,250.000
a Includes 526.000.000 Canadian.
61,484,385,964 1,596,635,964
S Includes $1,925,000 Canadian.
attenThe significance of the foregoing should not escape
trusts and
tion. It brings out the fact that investment
for $485,trading and holding companies were responsible
out
August,
during
735,612 of the new capital flotations
month
of a grand total of new financing of all kinds for the
their
of $868,424,671, or over 55% of the whole, and have to
the first
credit $1,596,635,964 for the eight months since
of January.
FURTHER FEATURES OF AUGUST FINANCING.
offerings
Going further into the details of the corporate
miscellaneous
during August it is found that industrial and
companies
financing (including the investment and trading
The
just referred to) continues to dominate this group.
$663,than
less
no
comprised
month's output in that group
and repre697,438 of the corporate total of $776,222,040,
and
industrial
the
over
millions
150
of
sented an increase
Public utility
miscellaneous total of $513,371,590 for July.
against
offerings during August totaled only $111,864,602 as
August
in
financing
$319,795,906 for July, while railroad
$27,580,000 duragainst
$660,000
of
issue
single
a
comprised
ing July.
during
Total corporate offerings, foreign and domestic,
this
of
and
0,
$776,222,04
August were, as already stated,
0,
amount stock issues accounted for no less than $658,089,54
while
0,
$110,607,50
aggregated
long-term bonds and notes
portion
short-term offerings totaled only $7,525,000. The
for refunding was only $25,045,000, or less than 4%. In
July the amount for refunding was $59,294,141, or not quite
7%. In June the refunding portion was only $16,222,217, or
less than 3% of the total. In May it reached no less than
established
$390,847,640, or nearly 30% of the total. This
to amount
respect
in
record
May as the largest month on
9,
raised for refunding. In April the amount was $134,171,77
,
$58,327,000
only
was
it
Mardi
or over 18% of the total. In
or not quite 614% of the total. In February the amount
was $122,393,350, or over 13% of the total; while in January
it was $142,547,192, or nearly 15% of the total. In August
1928 the refunding portion MILS $18,709,418, or about 9%
of the total. There were no large refunding issues during
August 1929.
The total of $25,045,000 raised for refunding in August
(1929) comprised $12,445,000 new long-term to refund
existing long-term, $200,000 new long-term to refund existing Short-term, $3,000,000 new long-term to replace existing
stock, $900,000 new short-term to refund existing shortterm, and $8,500,000 new stock to replace existing stock.
Foreign corporate flotations In our markets during August was, as already stated, confined to a single issue,
namely: $6,250,000 The National Hotel of Cuba income
debenture 6s, Sept. 1 1959, offered in units of $100 of bonds
and 1 share of common stock at $100 per unit.
of
Foreign Goyernment financing comprised an offering
external
Loan
Municipal
ed
Consolidat
Chilean
$15,000,000
7s, Sept. 1 1960, priced at 94, to yield 7.50%.
No offerings of farm loan securities were made during
offered at $150 per share, involving $30,838,500; 500,000
Shares Fourth National Investors Corp. common stock,
priced at $52 per share, accounting for $6,000,000; $25,000,000 Solvay American Investment Corp. (Del.) 5%%
cum. pref., sold at par ($100); 375,000 shares ManhattanDearborn Corp. capital stock, offered at $53 per share,
Involving $19,875,000; 250,000 shares Inter-State Equities
Corp. $3 cum. cony. pref., series "A," offered with a like
number of common shares in units of 1 share each at $65
per unit, involving $16,250,000; 600,000 shares American
Equities Co. common stock, offered at $29% per share, involving $17,700,000, and 200,000 shares General Capital
inCorp. (Del.) common stock, sold at $78% per Share,
volving $15,750,000.
Public utility financing was featured by the following:
1944,
$16,000,000 Mississippi River Fuel Corp. 1st mtge. 6s,
CaliSouthern
$15,000,000
offered at 103, to yield 5.70%;
fornia Edison Co. ref. mtge. 5s, 1954, sold at 98, to yield
5.14%; 187,200 shares Connecticut Electric Service Co. common stock, offered at $75 per share, involving $14,040,000;
1944,
$13,000,000 Southern Natural Gas Corp. 1st mtge. Os,
priced at 97%, to yield 6.25%, and 100,000 shares Electric
Bond & Share Co. cum. $6 pref., offered at $105 per share,
the month of August.
Among the domestic corporate issues brought out in
August the largest was 1,000,000 shares Blue Ridge Corp.
6% optional cony pref. series of 1929 (par $50), offered
at $51% per share, jointly with 1,000,000 shares of common
stock, the latter priced at $20 per share. In addition to
this financing the Blue Ridge Corp. sold 6,250,000 Shares of
its common stock to the Shenandoah Corp. for $62,500,000
in cash. Other outstanding industrial and miscellaneous
Issues comprised: 500,000 shares Tii-Continental Allied
Co., In-., 6% cum. pref. (par $50), offered with 750,000
shares of common stock in units of 1 share of preferred
2 per unit, involvand 1 shares of common stock at $1011/
ing $50,750,000; 450,000 shares Insull Utility Investments,
Inc., pref. 2nd series $6 cum. div., offered at $100 per share,
Involving $45,000,000; 1,800,000 shares Intercoast Trading
Co. capital stock, issued at $17% per share, involving $31,500,000; 205,590 shares Eastman Kodak Co. common stock,
Fou 129.
FINANCIAL CHRONICLE
yielding 5.70%.
There was only one railroad issue brought out In August,
as already stated, viz., $660,000 New York,Ontario &Western
Ry. Co. equip. trust 5s, 1930-39, priced to yield 6% to 5.35%.
Seven offerings were made during August not representing new financing by the companies whose securities were
offered. These issues aggregated $11,638,625, and, as
pointed out by us in previous reports, are not included in
our totals of new financing. The issues are shown, however, in tabular form following the details of actual new
capital flotations during the month. See page 1658.
The following is a complete summary of the new financing—corporate, State and city, foreign government, as well
as farm loan issues—for August and for the eight months
ended with August:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1929.
MONTH OF AUGUST.
Corporate—
Domestic:
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian:
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign:
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Foreign Government
Farm loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
New Capital. Refunding.
$
88,712,600
6,625.000
235,167,000
414,422,540
$
15,645,000
900,000
8,500,000
6,250,000
Total.
$
104,357,500
7,525,000
235,167,000
422,922,540
6,250,000
751,177,090
15,000,000
25,045,000
776,222,040
15,000,000
77,003,131
199,600
77,202,631
843.180,171
25,244,500
868,424,671
EIGHT MONTHS ENDED AUG. 31.
Corporate—
Domestic:
1,398,481,340 405,490,260 1,803,971,600
Long-term bonds and notes
43,937,600 171,742,700
127,805,200
Short-term
93.251,540 1,267,543,306
1,174,291,766
Preferred stocks
2,969,315,904 393,736,302 3,363,052,206
Common stocks
Canadian:
214,100,000
214,100,000
Long-term bound notes
Short-term
10,400,000
10,400.000
Yrelerrtd stocks
18,163,900
18,163,900
Common stocks
Other foreign:
166,260,000
2,000,000 158,260,000
Long-term bonds and notes
12,050,000
1,617,283
10,432,717
Short-term
102,312,200
102,312,200
Preferred stacks
32,266,347
32,250,807
Common stocks
Total corporate
Foreign Government
Farm loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
6,205,003,940
56,750,000
948,848,319 7,153,852,259
58,750,000
816,582,110
28,612,000
1,995,000
8,728,520 825,310,636
36,012,000
8,000,000
1,995.000
7.108.943,050
965,576,845 8,074,519,895
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1929 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during August, including every
issue of any kind brought out in that month.
19.665,938
76,500
248,754,369
868.424,671
76.500
268,420,307
68,918,129
199,425,678
500.000
449,640,263
90,808,494
277.831,769
81.000,000
24.225,000
5,000.000
167.724.500
1,278,500
166.446.000
617,364.763
92.086.994
444,277.769
81,000.000
24,225,000
5,000,000
70,523,928
8,100,000
5,000,000
15,240,000
3.690,000
176,155,280
34,000,000
4,325,000
644,500
71,168,428
18,915,000
5,000,000
15,240,000
3.690.000
94,500 243,449,78
34,000,000
4,325,000
10,815,000
125.000
301,054,197
79,979.097
211,750.100
8,700.000
500,000
24,000,000
Total.
3,748,200
70,000,000
83,727,297
70,000,000
125.000
404,039,397
29,237.000 240,987,100
8,700,000
500,000
24.000,000
2,125.000
142.732.000
7.760,000
22.185,000
42.185.100
285,004,208
67,939.000 352,943,208
102,985.200
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE
UNITED STATES FOR THE MONTH OF AUGUST FOR FIVE YEARS.
1929.
1928.
1927.
MONTH OF AUGUST.
1926.
1925.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Long Term Bonds and NotesNew Capital. Refunding.
Total.
Railroads
660.000
660,000
13.726.000
$
13/
26.000
19,598.000
Public utilities
59.804,000
79,402,000
4,845.000
36,255.000
4,845.000
8.445,000
19,245,000
44.700,000
33,995.000
19145,000
750,000
34,745.000
70,414,000
Iron, steel, coal, copper. &c
12.723,000
83,137,000
25.354,000
20,250,000
45,604.000
2.000.000
45,214,000
2.000,000
15,637.000
60,851,000
Equipment manufacturers
4,225,000
4,225,000
6,900.000
10.815,000
700.000
17,715,000
2,500.000
700,000
2,500,000
Motors and accessories
1,500,000
1,500.000
500,000
500,000
170,000
Other industrial & manufacturing_ _
130.000
300,000
7.700.000
1.500,000
9,200.000
1,581,000
729.000
2,310,000
25,525,000
Oil
3,610,000
29,135,000
7,075,000
30,400.000
37,475,000
11,795,000
300,000
12.095,000
Land, buildings, acc
10,500,000
28.402,500
10,500,000
5,000,000
28,402.500
20,846.900
5,000,000
1,100,000
21,946.900
30,812,000
Rubber
2.100,000
32,912.000
47,400,000
.820,000
48.220,000
33,228.000
3,200.000
36,428.000
Shipping
150,000
150,000
1,506,000
Miscellaneous
419.000
1,925,000
19.245.000
5.700.000
24,945.000
3.573.000
752.000
4.325,000
11.900,000
125.000
12.025.000
12,352.000
1.273,000
Total
13.625,000
8.238.000
94,962.500
8,238,000
15.645,000 110,607.500
73.721.900
3.331,000
77.052.900 164,150,000
Short Term Bonds and Notes78,911,000 243.061,000
116,076,000
63,558,000 179,634,000 125,720,000
19,137,000 144,857,000
Railroads
17.000,000
Public utilities
17,000.000
2,100,000
900.000
3,000,000
41,500,000
1,850,000
43,350,000
2.000.000
Iron, steel, coal, copper. &c
700,000
2,700,000
9.390,000
9,390.000
27,950,000
350,000
28,300,000
Equipment manufacturers
Motors and accessories
750.000
750,000
Other industrial and manufacturing
600,000
Oil
600,000
1,000.000
3.300,000
1,000,000
3,300.000
7.650,000
12,350,000
Land, buildings, &c
20,000,000
3,525,000
100.000
3,525,000
4.380,700
100,000
4,380,700
4.080,000
Rubber
4.080.000
1,935,000
1,935,000
60,000
60,000
Shipping
Miscellaneous
2 950,000
2 950,000
5,650,000
334,000
5.984,000
Total
6,625.000
900,000
7.525.000
45,880,700
2,600,000
48,480,700
34.280,000
13,050,000
Stocks47.330,000
16,975,000
334,000
17,309,000
31,410,000
350,000
31.760,000
Railroads
38,325,000
49,036,700
87.361.700
Publlc utilities
10,240,000
55.664.602
10,240.000
8,500,000 64,164,602
16.181.325
3,500,000
19,681,325
13.000,450
10,984,000
23.984,450
Iron, steel, coal, copper. &c
13.340,000
1.100,000
14,440.000
22,087.800
300,000
12,179,280
22,387,800
12,179,280
Equipment manufacturers
Motors and accessories
9.990.508
9,990,508
388,000
1,000,000
1,388,000
4,900.000
4,900,000
Other industrial and manufacturing
69.391.785
69,391.785
14,833.700
1,528,418
16,362,118
13,731.700 .12,500.000
26.231.700
8,880.250
011
465,000 .9,345,250
1.105,008
12.132.680
1,105,008
8,650,000
20.782,680
3.035.700
1.964.300
5,000.000
Land, buildings, &c
3,575.000
9.447.000
3,575,000
3.928.750
9,447.000
3.928.750
1,300.000
1,300,000
2,472,780
Rubber
2.472,780
506,250
506,250
Shipping
2,113,355
800,000
2,113,355
800.000
Miscellaneous
509,862,637
3,995,120
509.862.637
11,489.250
6.750.000
18,239,250
3,995,120
5.108.919
5,108.919
8.171,250
1.837.500
10.008,750
6.451.250
Total
649.589.540
8.500.000 658.089,540
6,451,250
61.113,660
12,778,411
73.892,078
79.401.769
74,485,000 153,886,769
43,104,280
Total3,402.500
46,506,780
54.620.100
9.750,000
64,370.100
Railroads
660.000
660,000
13,726.000
13.72.6.000
74,923.000 108,840.700 183,763,700
15,085,000
Public utilities
94,019,602
17,845,000 111,864,602
15,085,000
19,245,000
91,676,325
6,100,000
97,776,325
19,245,000
85,414,450
24,407,000 109,821,450
48,084.000
21,350,000
Iron. steel, coal, copper. &c
2,000,000
69,434,000
2,000,000
95,251,800
12,179,280
16,287,000 111,538,800
12,179,280
4,225.000
4,225,000
6,900,000
Equipment manufacturers
10,815,000
700,000
17.715,000
700.000
2,500,000
2,500,000
1,500,000
Motors and accessories
9,990,508
9.990.508
1.500,000
50Q.000
388,000
1.750,000
2,138.000
5,070,000
500,000
130,000
5,200,000
Other industrial and manufacturing
77,091.785
1.500,000
78,591,785
16,414.700
2,257,418
18,672,118
39,856,700
16,110.000
55.966,700
15.955,250
Oil
30,865,000
2,105,008
46,820,250
2.105,008
27.227,680
8,950,000
36,177.680
10,685,700
14,314,300
25,000,000
10,500,000
Land, buildings, &c
35.502,500
10,500,000
35,502,500
14,547,000
29.156,350
1,100,000
30,256.350
14,547,000
36.192,000
2,100,000
38,292,000
51,807.780
820,000
Rubber
52,627,780
33.794.250
3,200,000
36,994,250 Cit
150,000
Shipping
150,000
2.113,355
800,000
2,113,355
1,506,000
800,000
419,000
1.925,000
Miscellaneous
5.700.000 534.807,637
529,107,637
3,995,120
15,062,250
7.502,000
22,564,250
3.995,120 qin
19.958.919
125.000
20,083.919
26,173,250
3,444.500
29,617,750
14.689.250
Total corporate securities
751,177.040
25.045,000 776.222,040 180.716.260
14,689.250
18.709.418 199.425,678 277,831.769 166.446.000 444.277.769
176,155.280
67.294.500 243.449.780 211,750,100
29,237.000 240,987,100
956,520
67.961,609
77,202.631
18.709.418
180,716,260
500,000
776,222,040
15.000,000
6.250,000
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL
FINANCING FOR THE MONTH OF AUGUST FOR FIVE YEARS.
1928.
1927.
1926.
1925.
Total.
New Capital. Refunding•
Total.
New Capital. Refunding.
Tutal.
New Capital. Refunding.
Total,
New Capital. Refunding.
$
104,357.500
73,721.900
3.331,000
77,052,900 139,260,000
78,911.000 218.171,000
107.976,000
52.743,000 160.719,000 123295,000
7.525,000
45.880.700
19,137.000
2,600,000
48,480,700
29.280,000
13.050,000
42,330,000
8.975,000
334,000
9.309,000
235,167,000
7,410,000
16.198.125
350.000
5.000.000
21,198,125
31,574,330
74.485,000
106,059.350
12,242,000
2,937,500
15,179,500
422,922.540
21,885,000
300,000
44,415.535
7,778,418
52,193.953
47,827,419
47.827.419
11,932,280
465,000
12,397,280
32.735,100
9,450,000
665.000
665,000
3,000,000
3,000,000
2,125,000
MONTH OF AUGUST.
1929.
New Capital. Refunding.
CorporateDomestic$
Long-term bonds and notes_
88.712.500
15.645,000
Short term
6.625.000
900.000
Preferred stocks
235.167.000
Common stocks
414.422,540
8,500.000
CanadianLong-term bonds and notes_
Short term
Preferred stocks
Common stocks
Other ForeignLong-term bonds and notes_
6.250,000
Short term
Preferred stocks
Common stocks
Total corporate
751.177,040
25.045,000
Foreign Government
15,000,000
Farm Loan issues
War Finance Corporation
Municipal
77.003,131
199,500
Canadian
United States Possessions__
Grand total
843,180,171
25,244,500
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE EIGHT MONTHS ENDED AUGUST 31 FOR FIVE YEARS.
1926.
1925.
1927.
1928.
1929.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
8 MONTHS ENDED AUG. 31.
Corporate—
Domestic—
Long-term bonds and notes_
Shortterm
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes_
Shortterm
Preferred stocks
Common stocks
Other Foreign—
Long-term bonds and notes_
Short term
Preferred stocks
Common stocks
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Po
lons_ _
Grand total
1,398,481,340
127,805,200
1.174,291.766
2,969,315.904
405.490.260 1.803.971.600 1,357.635.500
43.937,500 171.742.700 151.333.400
93,251,540 1.267,543,306 604.667,267
393,736.302 3.363,052.206 758,582,802
936,619.400 2.294,254,900 1.977.451,990
38.373,800 189,707,200
156.298,300
236,802,300 841.469,567 490,724,575
173,182.830 931,765,632 436,430,237
214,100.000
214,100,000
83,480,000
68,792.000
152.272,000
10,400,000
18,163,900
10,400.000
18,163,900
22,000,000
8,613,400
26,000.000
48,000,000
8,613.400
118,128.000
2,000,000
1,000,000
945,401,010 2,922,853.000 1,682.948.330
187.176,695
41.425.200 197.723,500
370.287,772
117.606,350 608,330,925
456.784,914
68.826.100 505,256,337
20,000,000
138.128.000
2.000,003
1,000.000
95,892,000
1,250,000
4,000,000
990.000
378.691.170 2,061,639.500 1,526,753,375
137,028,750
35.043.000 222.219,695
10.227,500 380.515.272 392.047,585
04,989
.
11,027,575 467.812,489 302,8
27,458,000
123,350,000
1.250,000
4.000,000
990,000
54,495.000
18,000,000
1,000,000
Total.
324,663,025 1,851,416,400
77,580,000 214,608.750
30,693,500 422,741,085
45,876,910 348,681.899
10,050,000
2,500,000
2,600,000
2,600,000
64,545,000
20,500,000
3,600,000
2,600,000
156,260,000
1,617.283
102.312,200
32,256.347
6.205.003.940
56,750,000
239,474,000
46,118.500 396,900,000 232,788,000
158.260.000 350,781,500
18,787,000 251,575,000
19,000,000
17,000,000
10,000.000
10.000,000
17,000,000
12.050,000
25,240.000
12,030,000
12,030,000
102,312,200
30,100,740
5,355.625
30.281.750
30.281.750
5.355.625
32.256,347
948.848,319 7,153.852,259 3,389,405,619 1.525,888.830 4.915,294.449 3.437,176,727 1,212,045.660 4,649.222.387 3.113,144.451
234.619.000
29,500,000 516,874,800
56.750.000 442,331.587 100.538,413 542,870.000 487,374,800
84,625,000
38,100,000
38.100.000
50,850.000
92,800,000 143,650,000
160,900,000
250,289,000
46,000,000
25,000,000
23,000,000
25,240,000
2,925.000
33,520,040
3.419.300
482,681,545 3,595,825,996 2,664.954,699
14,873.000 249,492,000 310.831,000
106,097,100
40.200,000 124,825,000
160.900,000
46.000,000
23,000,000
2.925,000
496,563,435 3.161,518,134
95,000,000 405,831.000
14,527.900 120.625,000
816,582,110
28,612,000
1,995,000
7,108,943,050
894,690.993
30,530.109 928,136,644 1,037,891.472
23,044,800 1,060,936,272
825,310,636 897.606.535
53.792.000
28,840,000
28,840.000
67,479,000
38,510,000
36,612.000
28,969,000
8,288.000
5,345.000
6.161.500
6.161.500
5,345.000
1.995.000
965,576,845 8,074.519.895 4,802.445,241 1,656,957,352 6,459,402,593 5,057,147,999 1,386,359,460 6,443,507.459 4,389,159.444
909,425,840 944,001,777
35,158,000
99,792,000
4,175,000
8,288,000
598,489,392 4,987,648,836 4,065,217,576
980,196.064
129,680.000
4,175,000
736,807,622 4,802.025,198
2,000,000
10,432,717
8,728,526
8,000.000
10.815,000
6.000,000
14,734,847
46.000.000
36.194.287
94,522,000
1925.
1926.
1928.
1927.
1929.
8 MONTHS ENDED AUG. 31. New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
$
$
$
$
$
$
$
$
Long Term Bonds and Notes—
$
$
$
$
$
$
$
36,055,000 244,956,000 295.133,500 110,719,000 405.852,500
208,901.000
Railroads
289,377,240 112,143.760 401.521.000 115.888.500 206,691,500 322.580,000 310,747,490 319.678.510 630,426,000
773,979,330 243,808,170 1,017,787,500 582.244.400 137,402,100 719,646,500
Public utilities
480.096,500 251,835,000 731.931.500 561.831.500 531,189,300 1,093,020.800 709.882,600 403,946,900 1.113,829,500
37.496,000
33,150.000
94,425,000
4,346.000
61,744,300 146,952,000
116,081.000
31.884,000 147.965,000
85.207,700
Iron. steel, coal, copper. &c
16.160.000
78,265.000
3.186.500 126.700.000
123.513.500
7,800,000
7,800,000
6.799,000
5.816,000
11.155,000
6,799.000
5,816,000
11,155.000
Equipment manufacturers
1,850.000
1,850.000
76,500,000
76,150,000
350,000
5.020.000
780.000
66,000,000
66,000,000
5,800.000
50.300.000
50,170,000
130,000
Motors and accessories
150.000
150,000 .
33,735,700 182,585,500
168.687,000
71,283,000 352.557,000
70.746,000 239,433.000 148,849,800
Other industrial & manufacturing-2,075.000 217.628,000 217.865,700 105,030,300 322,896,000 281.274.000
215.553,000
73.900.000
60.400.000
62,450,000
31,747,000
54,515.000
13,500,000
54,540,600 266.400,000
7,935.000
59,500,000 211,859,400
27,753.000
011
34,400,000
15,416,000
18,984,000
71,720,000 467,372,100 360,377,000
19,418,000 429,452,900
420,316.000
30,371.000 390,748.000
19,347,000 439,663,000 410.034,900
Land, buildings, &c
3,929,000 293,341,100 395,652,100
289,412,100
34,500.000
1.750,000
34,500.000
1.750,000
1,300,000
60,000,000
60,000,000
1,300.000
Rubber
1,000,000
1,000,000
4,315,225
7,575,000
3.259,775
4.285.000
6,900,000
6.900.00
419,000
3,866,000
Shipping
9.100,000
6.000,000
3,100,000
90.626.000
6.581.000 498,575,000
10,927,000 101,553.000
42.627.500 418,190,000 310.771.500
191,994.00
27,659.000 338.430,500
Miscellaneous
12,905,000 358.710,000 375.562,500
345,805,000
1,769,941,340 407,490.260 2,176,331.600 1.791,897.000 1,051.529.900 2.843.426.900 1,328,367,990 984.188,0103,312.556.000 2.015.922.330 416,356,170 2,432,278,500 1,742,148,375 334,713,025 2,076,861,400
Total
Short Term Bonds and Rotes—
24.500,000
400.000
6,500,000
24,900,000
16,000,000
17,650,000
22,500.000
17,000,000
650.000
29,500.000
12,500.000
17.000.000
6.860.000
5,360,000
Railroads
1,500.000
90.620,000
26,980,000 _17,600,000
59,050.000
85.172.000
68,385.000
70.775.000
6.000,000
91,172.000
11,725,000
46.075,800
22.309.200
Public utilities
69,290,000
41,313.717
27,976.283
20,265.000
2,500,000
22,765,000
6,000,000
400.000
2,300,000
6,000,000
400.000
2.300.000
Iron,steel, coal, copper, &c
6,500,000
5.780.000
720,000
1.150,000
1,150.000
1,200,000
1,200,000
Equipment manufacturers
13,210.000
200.000
1,200.000
4,400,000
750,000
13,410,000
1,950.000
4,400,000
Motors and accessories
500,000
500,000
17,618,750
17.618,750
49,150,000
43,400,000
5,750,000
14,200,000
2,488,100
4.450,000
6.592,000
4.103.900
9.750,000
Other industrial and manufacturing
13,150.000
13,150,000
16,600,000
50,200,000
66,800,000
20,000,000
12,966,000
7,034,000
50,200,000
10,694,200
12,350,000
17,200.000
6,505,800
37,850,000
Oil
1,000.000
1,000,000
18,450,000
18,450.000
16,256.500
16,256.500
29,078,500
1,666.000
24,276.700
1.441.500
25,718.200
27.412,500
Land, buildings, &c
61.472.700
61,472,700
32,250,000
32,250,000
Rubber
5,000,000
5.000.000
500.000
500.000
125.000
125.000
Shipping
6,825,000
6.825.000
20,628,195
20.294.195
334,000
26.175.000
29,185,000
26,175.000
29.185.000
25.020.000
Miscellaneous
1,916.500
23.103,500
80,080,000 281,108,750
210,426,695
41.043,000 251,469.695 201,028,750
41,425,200 216,723,500
Total
38,373,800 198.707,200 175,298,300
54,370,217 183.792,700 160.333,400
129,422.483
Stocks—
10,240,000
10,240,000
84.036,700 172.205.187
52.597,650 139.954.700 192,552,350
88.168,487
71.107.700
Railroads
71,107.700
20.662,500 343,505,515
385,948.882
7,714,300 393,663,182 322,843.015
44,494,500 524.452.786
Public utilities
60,706.590 1.058.137.491 529,751,263 151.318.048 681,069.311 479,958,286
997.430.901
12,890,000
12,890.000
36.675.000
36,675.000
6,019.250
6,019.250
Iron, steel, coal. copper, &c
17,200.000
81.579.861
64.379.861
143,027,385 263,020,200 406,047,585
5.628,500
5,628.500
1,920,000
1.920.000
Equipment manufacturers
99,159.000
1,110.000 100,269,00C
41.220.650
41,220,650
31,918,790
31,918.790
28,288.702
36,705.102
8.416.400
Motors and accessories
82,863,562
5,511,852
77,351,710
16,428,000 142,990,851
12,122,575 133,230,217 126.562,851
121.107.642
32,158,700 176.054.785
65.653.040 350,268.073 143,896,085
84,832.220 691,204,193 284.615.033
606,371,973
Other industrial and manufacturing
77,681,69E
37.176.788
40.504,910
2,800,000 105,087.140
102.287.140
1,964,300
16,812,500
14.848,200
25,626,180
25,626.180
011
58.666.080 264,114,732
205.448,652
120,000
23,662.750
34.506,480
34.506,480
23,782,75(
28.578.500
100,000
54.545.783
28.478.500
1,346.000
55.891,783
Land. buildings. &c
408,500 110,180.830
109.772.330
750,000
1,550,001
800.000
2,701,675
1,464.537
1,464.537
2,701.675
1.042,400
12,930.375
11,887,975
Rubber
54,233,534
54.233,534
6,245,120
6,245,12(
8.325,855
8,325.855
Shipping
23.178.000
23,178,000
92,488.050
94.633,05(
2.145.000
147.716.595
23.678,250 161,199.414
2.645.500 150.362.095
31,182,240 426,291.459 137.521.164
13,842.4002,032.660.332 395.109.219
Miscellaneous
2,018,817,932
81,770,410 803,547,989
25,282,375 912,077,801 721,777.574
886.795.426
Total
4,306,740.117 486.987,8424.793.727.959 1.437.175.219 435,985,130 1,873,160,349 933,510,437 186.432.450 1.119.942,887
Total—
430.752,504
319,633,500
111,119,000
277,696,000
225,641,000
404,365,210
52,055,000
820,281.187
415,915.977
363,646,200
544,632.350
180.986,150
Railroads
361,984;940 117.503.760 479.488.700
Public utilities
1,505.503,684 353,855,307 1,859,358.991 1,176.754,763 688,507.348 1,865,262,111 1,235.916,686 470,750.600 1.706,667.286 1,218.978,212 263.247.470 1,482.225,682 995,707,415 185,044,600 1,180,752,011
73,151,004
6,846.000
158.756,000
66,305,000
31,884,000 190.640,000
16,160,000 102.744.250
78,944,300 228,931,861
86,584,250
Iron. steel, coal, copper, &c
267,260,885 271.986.700 539.247.585 149,987,561
8,950,004
8,950,000
12,427,500
12,427,500
12.355.000
12,355,000
7,736,000
7.736,000
1,850,000
Equipment manufacturers
1,850,000
1,460.000 176,769,004
120.430,650
200.000 120.630,650 175,309,000
86.618.790
130,000
86,488,790
44,455,102
29,818.702
14,636.400
83,513,562
5,511,852
Motors and accessories
78.001.710
50.163,700 343,195,101
88,618.575 421,813,217 293,031,401
333.194.642
835,074,973
86.907.220 921,982,193 506.584.633 173,171,440 679.756,073 434.920.085 107,891.700 542,811.785
Other industrial and manufacturing
17,769.000 187,537.140 114,176.788 104,204,910 218,381,691
169.768,140
68,854.900 333.412.500
42.441.200 102.326.180 264.557,600
59.884.980
Oil
74,082,080 299,514,732
225,432,652
19,538,000 471,685,654
19,347.000 490,425.980 452,147,650
471.078.980
32,137.000 448.405.000
74,507,500 548,982.083 416.268,000
4,337.500 464,994.630 474.474.583
Land, buildings, &c
460.657.130
36,050,004
800,000
35.250.000
35,464,537
35,464.537
62,701,675
60.000.000
2,701.675
14,230,375
,
1,042,400
13,187,975
55,233,534
Rubber
55.233,534
18.820,124
4.315.225
7,400,000
14.504.895
7,400,000
419,000
4,410,000
3,991,000
8.325,855
8.325,855
32,278,000
6,000,000
26.278.000
Shipping
13.072,000 203.011.054
51.337.250 ,528,814.914
9.560.500 369.565.290 189.939.050
360.004,790
73,809,740 870.656.459 477.477,664
28.663,900 2,416.390.332 796,846,719
2.387,726.432
Miscellaneous
6.205.003.940 948.846.319 7.153.852.259 3.389.405.619 1.525.888.830 4.915.294.449 3.437.176.727 1.212.045.660 4.649.222.387 3.113.144.451 482.681.545 3.595.825.996 2.664.954.699 406.563.435 3.161.518.13,
Total corporate securities
aaormouHa
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE EIGHT MONTHS ENDED AUGUST 31 FOR FIVE YEARS.
FINANCIAL CHRONICLE
SEPT. 14 1929.]
1655
DETAILS OF NEW CAPITAL FLOTATIONS DURING AUGUST 1929.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads$
660,000 New equipment
Public Utilities16,000,000 Capital expenditures
700,000 Refunding, acquisitions, &c
103
9651
98
13,000,000 Construction, acquisitions, &c
973i
44,700,000
9635
Equipment Manufacturers700,000 New equipment
973i
1,500,000 Addn.s. to plant & equip
99
98.15
100
1.000,000 New plant
98
2,000,000 Acq.,retire pref. stock,&c
99
9,200,000
Land, Buildings, &c.
265,000 Finance constr. of stadium
5.70 Mississippi River Fuel Corp. lot M.es, 1944. (Each $1,000 bond carries detachable warrant entitling
holder to purchase 10 shares of capital stock at 810 per share up to Aug. 15 1933.) Offered by Jesup
& Lamont, N. Y.
6.45 Missouri Valley Public Service Co. 1st Lien 6s. 1939. (Each bond carries non-detachable warrants
to purchase at anytime prior to maturity or earlier redemption date class A stock of Inland States Service
Co. at $25 per share in ratio of 40 sharesfor each $1,000 bond.) Offered by De Wolf et Co., Inc.;
Chicago.
0.14 Southern California Edison Co. Ref. M.65, 1954. Offered by Harris Forbes & Co.: E. H. Rollins
& Sons and Coffin & Burr, Inc.
6.25 Southern Natural Gas Corp. 1st M.es, 1944. (Each $1,000 bond entitled subsequent to July 1 1930,
to purchase 30 shares ofcommon stock at prices rangingfrom $1254 per share to $25 per share; privilege
void after July 1 1938. Each $500 bond carries proportionate privilege).. Offered by G. L. Ohrstrom
& Co., Inc.; Halsey, Stuart & Co., Inc.; Graham, Parons & Co.; Coffin tc Burr, Inc.; A. G.
Becker & Co. and Mercantile-Commerce Co.
6.35 The Youghiogheny & Ohio Coal Co. of Pa. lot M. es, 1945. Offered by Cleveland Tr. Co. and
Guaranty Co. of N. Y.
6-5.70 North American Car Equip. Tr. 5345"L," 1930-44. Offered by Freeman Jr Co. and Blyth & Co.
Other Industrial & Mfg.
3,000,000 Additions to plant & equip
800,000 Refunding, addns., wkg. capital
900,000 Refunding, other corp. purp
Company and Issue, and by Whom Offered.
6-5.35 New York Ontario & Western Railway Co. Equip. Tr. 55, 1930-39. Offered by Chase Securities
Corp. and Freeman & Co.
15,000,000 Refunding, extensions
Iron,Steel, Coal,Copper,&c.
2,000,000 Retire curr. debt, addas., &c
To Yield
About.
6.35 The Brown Paper Mill Co., Inc. Cony. Deb. Os. 1939. (Each debenture convertible at any time prior
to maturity or earlier redemption date into common stock at rate of 20 shares of stock for each tl.00u
debenture.) Offered by Continental Illinois Co., Inc.; Estabrook & Co. and Whitney Tr. &
Savings Bank, New Orleans.
6.10 The Brown Paper Mill Co., Inc. 1st M. 68 "B," 1944. Offered by Continental Illinois Co., Inc.;
Estabrook & Co. and Whitney Tr. & Savings Bank, New Orleans.
6.30 Carlisle Lumber Co. 1st M.6s, 1937. Offered by Baker Fentress & Co., Chicago.
6.00 Evans Auto Loading Co., Inc. Cony. Deb. es, 1939. (Convertible into common stock at rate of 11
shares of stock for each $1,000 bond.) Offered by company to stockholders; underwritten.
6.25 Rundle Mfg. Co. (Milw.) 151 M. 6s, 1939. Offered by First Wisconsin Co.; Morris F. Fox As Co.
and Milwaukee Co.
6.13 United Carr Fastener Corp. Cony. Deb.68, 1939. (Convertible into common stock at any time up to
5 days before redemption date, or up to final maturity date if not called on bases ranging from 40 shares
shares for each $1,000 debenture.) Offered by the First Natl. Corp. of Boston and CentralIllinois Co.
6.00 Agricultural & Mechanical College of Texas Stadium 68, 1930-39. Offered by Mercantile Semidges Corp., Dallas, Tex.
6.50 Balfour'kealty Co.(K.C., Mo.) 1st M.Lshld.6548, 1939. Offered by City Bank of Kansas City, Mo.
7.00 Bart Ell Manor Apts. 1st (closed) NI. 7s, 1931-39. Offered by Angelus Securities Corp., Los Angel.
7.00 Briggs Bond & Investment Co.(Det.) Coll. Tr. 6s "A," 1930-37. Offered by Watling, Lerchen
Hayes, Detroit.
400,000 Real estate mortgage
100
5.00 Carleton College (Northfield, Minn.) let M.5s, 1934-38. Offered by Wells-Dickey Co.. St. Paul.
525,000 Real estate mortgage
100
6.00 Chicago Post Offices (Postal Service Bldg. Corp.) 1st M. Coll. Tr. Os "A," 1937. Offered by
Robert Garrett & Sons, Baltimore,
1,000,000 Provide funds for loan purposes ._ 100
6.00 Continental Mortgage Co. of North Carolina let M. Coll. Tr. 6s, 1932-39. Offered by Smith.
Hull & Co., Minneapolis.
150,000 Finance lease of property
100
6.00 Crutcher & Starks Bldg. (Louisville, Ky.) 1st M. Lshld. es, 1930-36. Offered by Stein Bros. dc
Boyce, Louisville, Ky.
145,000 Real estate mortgage
100
7.00 Douglas Hotel & Business Property lot M. 78, 1930-39. Offered by Mercantile Securities Corp.;
Dallas, Texas.
225,000 Real estate mortgage
100
6.00 Elkins Court Apts. 1st M.es, 1931-38. Offered by American Bond & Mortgage co.
760,000 Finance constr. of apt
100
650 El Royale Apts.(Los Angeles) 1st M.Fee 6545. 1944. Offered by S. W.Straus & Co.. Inc.
175,000 Finance constr. of apt
Price on applleatio Farwell Castles Apts.(Chicago) let M.6345, 1939. Offered by S. W.Straus & Co., Inc.
'82,500 Finance constr. of apt
100
6.2 Fifty-First Court Apts. (Chicago) 1st M.(Ws, 1931-39. Offered by Straus Bros. Investment
Co. Chicago.
100,000 Provide funds for loan purposes -- 100
5.50 Hibernia Mortgage Co., Inc. 1st Coll. Tr. 5348 "B, 1929," 193249. Offered by Hibernia Securities Co. New Orleans.
750,000 Finance constr. of hotel bldg
100
6.50 Hollywood (Calif.) Knickerbocker, Inc. 1st M. 630, 1944. Offered by M. H. Lewis & CO.;
Banks, Huntley dr Co. and American Investment Co., Los Angeles.
200,000 Real estate mortgage
100
6.00 Intra-Urban Bldg. let M. Os, 1930-39. Offered by the Cosmopolitan Bk.& Tr. Co., Cincinnati.
850,000 Finance constr of garage bldg.__ 1001,
6.00 Kent Newark Garage, Inc. Deb. 6s, 1939. Offered by Kent Garage Investing Corp., N. Y.
225,000 Retire debt,'rents
100
6.00 (Luke C.) Leonard (Dot.) 1st M.es, 1939. Offered by Union Trust Co., Detroit.
1,000,000 Finance constr. of bldgs
100
. B.) Lyon Bldg. Corp.(Albany, N. Y.) 1st M.6548, 1944. Offered by S. W.Straus & Co.. Inc.
6.50
105,000 Additions and improvements
5.75 Masonic Temple Bldg. (North Platte, Neb.) let M. es, 1932-51. Offered by Peek, Brown dc
Co., Denver, Colo.
425,000 Finance construction of building
100
6.00 Massachusetts Chain Store Terminals, Inc. 1st M. Leasehold 68, 1939. (Each $1,000 and amid
' at $5 per share 10 shares and 5 shares. respealvele,
bond carries non-detachable warrant to purchase
of class .4 stock prior to Aug. 1 1934 or prior to any redemption date.) Offered by Robert Garrett
& Sons and Century Trust Co., Baltimore.
2,400,000 Real estate mortgage
100
6.50 Mayflower Hotel (Washington, I). C.) 2d M. 6545, 1948. Offered by American Bond 8s Mort150,000 Finance constr. of bldg
70,000 Real estate mortgage
500,000 General corporate purposes
100
100
100
1,000,000 Provide funds for loan purposes...... 100
70,000 Realestate mortgage
100
6,250,000 Finance construe, of hotel bldg.__ 100c
250,000 General corporate purposes
100
825,000 Real estate mortgage
100
30,000 Finance lease of property
650,000 Finance construction of building
300,000 Finance construction of building
100
100
100
250.000 Real estate mortgage
100
500.000 Real estate mortgage
100
1,750,000 Real estate mortgage
100
250,000 Real estate mortgage
100
80,000 Finance construe. of theatre bldg.. 100
450,000 Finance lease of property
320,000 Finance construction of building
375,000 Finance construction of building._
2,500,000 Finance construction of building
225,000 Real estate mortgage
200,000 Real estate mortgage
100
100
100
96.45
100
100
75,000 Real estate mortgage
100
200,000 Finance construction of building._ 100
150,000 Finance construction of building__ 100
825,000 Finance construction of building__
300.000 Real estate mortgage
75,000 Real estate mortgage
100
100
100
ggag
ag
eee4.
5.50 Mort
Guaranty Co. of America (Atlanta, Ga.) Guar. 1st Coll. 5545 "A G." 1938. Offered
by company.
5.25 Napoleon Ave. Presbyterian Church 1st M. 551s, 1929-43. Offered by Canal Bank & Trust Co.;
New Orleans.
6.00 The National Hotel of Cuba (Del.) 6% Income Debs. 1959. Offered by National City Co.
5.50 Northern Westchester Industrial Corp. Guar. 1st Coll. Trust 554s A, 1939. Offered by Julian
E. Gray & Co., Inc., New York, and Porter, Erswell & Co., Portland. Me.
5.50 107 West 86th St.(N. Y.) Guar. 554% Prudence CM., 1933-39, Offered by Prudence Co., Inc.;
New York.
6.00 Pelham Street Corp. 1st M. Leasehold es, 1936-41. Offered by First St. Paul Co.
6.00 Pierre Chouteau (St. L.) 1st M. Os, 1932-1939. Offered by Burkholder Bond Co., St. Louis.
6.00 Price Bldg.(Mt. Clemens, Mich.) 1st M. 135, 193241. Offered by Federal Bond & Mortgage Co.,
Inc., Detroit.
6.00 Prudential Securities Co. Coll. Trust Os B, due to 1938. Offered by Underwriters & Distributors
Securities Co., Inc.
5.50 Slaters of Charity of Providence of Montana 1st NI. 5345, 1932-44. Offered by Wells-Dickey
Co., Minneapolis, and First St. Paul Co.
6.25 South Centr
amraercial Bldgs. 1st M. &ifs, 1930-38. Offered by The National Republic
MortChicago.
6.00 Sout
....c Convention lot M. 6s, 1932-43. Offered by Bitting le Co., t. Louis.
6.00
iheatre Corp.(Emporia, Kan.) 1st M.65, 1930-39. Offered by The Wheeler-Kelly.
gney Trust Co., Wichita. Kan.
vehold 6355, 1932-44. Offered by Caldwell dr Co., Nashv.
-nnessee Enterprises, Inc.. let M.I e
,
5... Tenney Bldg.(Madison, Wis.) 1st M. 5345, 1932-41. Offered by The Milwaukee Co.
6.00 Threefoot Realty Co. (Meridian. Miss.) 1st M. es, 1931-43. Offered by A. K. Tigrett & Co,
Memphis: Meridian Finance Corp. and Citizens National Bank, Meridian, Miss., and Merchant
Bank & Trust Co., Jackson, Miss.
7.00 2 Park Ave. Bldg.(N. Y. City) 2d M.6345, 1939. Offered by S. W. Straus & CO., Inc.
6.00 University of Missouri Stadium Corp. 1st (c.) M. Field House es, 1930-39. Offered by City
Bank of Kansas City, M0.
6.00 Vestor Court Apts. (N. Y. City) Guar. 1st M. 6s. 1930-39. Offered by Empire Bond ds Mortgage Corp.. New York.
6.00 Wallace-Minard Apts.(Milwaukee) 1st M.es, 1930-39. Offered by Dick & Reuteman Co., Milw,
6.00 West Central Bldg. 1st M. es. 1930-38. Offered by Wm. C. Heinemann & Co., Chicago.
6.00 Will Rogers Hotel Bath House and Mercantile Bldg. (ClaedremboyreG,arOarkldaTJruslett
CM0...fics,hlicag9310-3.0.
Oklahoma 0
Cfity
e.
r
)
rif
algrs
ot
T
nhB
hnic
-F
e lA
dm
mer
(ic
ca
6.00 Windsor Wilson
68.
5.50 Wolff Hotel Co. 1st M. 554s, 1930-43. Offered by Ward, Sterne & Co.
5.50 Woodmont Country Club 1st M. 534s, 1938. Offered by First Wisconsin Co.,
Milwaukee.
.co
28,402.500
Miscellaneous1.000,000 Retire bank loans, add'I Invest....
97
3,000,000 Providefunds for inv, purposes..... 100
2,245,000 Capitalexpenditures
3,600.000 Acquisitions, retire current debt
300,000 Acquire predecessor company
100
994
100
OM Automotive Investments, Inc., Os. 1939. (Each $1,000 note carries warrant to purchase 5 shares
of
common stock on or before Aug. 1 1939 at prices ranging from $60 to $100 Per share.) Offered by
Lane, Piper & Jaffray, Inc., Minnesota Co.. Northern National Corp., First Minneapolis
Co..
Wells-Dickey Co. and Kalman & Co.
6.00 Empire Bond & Financial Corp. Cony. Deb. fis, 1944. (Convertible into
common stock at rate o
$100 per share until Sept. 1 1944.) Offered by Company to stockholders.
5.50 Galveston Wharf Co. Ref. M. 5348. 1954. Offered by Arthur Perry & Co. and
Halsey, Stuart
& Co.. Inc.
6.03 HYgrade Food Products Corp. 1st & Ref. M. Cony. (is A, 1949. (Convertible at anr time into 20
share* of common stork at rate of $50 per share.) Offered by J. A. Sisto & Co., E. F. Gillespie &
Co.. Inc., and Male. Simons & Co.. Inc.
6.50 Kingsport (Tenn.) Pres*, Inc.. Cony. Deb. 8545. 1939. (Convertible into 20 shares of common stock
and in addition 8130 in cash wilibe paid by company in respect to each $1,000 debenture converted.)
Offered by Stein Bros. & Boyce and Townsend Scott & Son. Baltimore
1656
Amount.
FINANCIAL CHRONICLE
Purpose of Issue.
To Yield
About.
Price.
Miscellaneous (Conc.)600,000 Exp. for plant and equipment____
100
750,000 Capital expenditures, work. cap_
100
5,750,000 Construction, working capital____
93
7.500,000 Refunding, working capital
99
[VOL. 129.
Company and Issue, and by Whom Offered.
%
6.00 Lake & Rail Warehouse & Elevator Corp. 1st M. 6s, 1951. Offered by First Minneapolis Co.
and Minnesota Co.
6.50 Liberty Baking Corp. 1st M.6 As. 1939. (Each bond carries detachable warrant to purchase any time
prior to maturity or call 1 share of common stock for each $100 of bonds at prices ranging from $20 to
$35 per share.) Offered by Lloyd E. Work dr Co. and Nordhem-Mersbach Co.
rif
6.17 Pennsylvania Dock & Warehouse Co. Leasehold M. 6s, 1949. (Each bond carries non-detachable
warrant to receive on Aug. 1 1931 or earlier at option of company, without cost, common stock at rate
of 1 share for each $100 of bonds.) Offered by National City Co. and Cassatt & Co.
6.10 Ulen & Co. Cony. Deb. 6s, 1944. (Convertible Co fifth day preceding a redemption date into common
stoat at rate of 25 shares of stock for each $1,000 of debentures.) Offered by Stone & Webster_and
Blodeet, Inc., and Brown Bros. & Co.
24,945,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Public Utilities1,500,000 Refunding; additions & betterm'ts_
To Yield
About.
99
1,000,000 Acquisitions, additions, &c
9931
500,000 Refunding; acquisitions, &c
98
Company and Issue, and by Whom Offered.
7.00 Atlantic & Public Utilities, Inc., Secured cony. 6s "A," Aug. 1 1930. Offered by Emery, Peck
& Rockwood Co., and C. II. IIuston dr Co., Inc.
7.10 Central West Public Service Co. 3-Year 7s, Aug. 1 1932. Offered by A. B. Leach & Co., Inc..
Halsey, Stuart & Co., Inc., and Porter, Fox & Co.
7.10 Missouri Valley Public Service Co. 1-Year 5s, Aug. 1 1930. Offered by DeWolf & Co., Inc., Chic:
3,000.000
0111,000,000 Acquisitions, extensions, &c
100
Land, Buildings, &c.
3,000,000 Real estate mortgage
97.92
100,000 Provide funds for loan purposes
100
100,000 Provide funds for loan purposes
100
100,000 Real estate mortgage
100
125,000 Real estate mortgage
100
100,000 Provide funds for loan purposes_
6.50 (Forrest E.) Gilmore Co. Deb. V.8, Aug. 1 1934. (Each $1,000 debenture carries warrants to purchase 100 shares of common stoat at prices rangino from 151.34 per share to $5!5 per share each $500
and $100 bond carries proportionate privilege). Offend by Federal Securities Co., Portland. Ore.
7.00 Bare-Ray Holding Corp. (N.Y. City). 5-Year Guar. Coll. Trust 656s, July 15 1931. Offered by
S. W. Straits dr Co., Inc.
6.00 Federal Corp. 1st Mtge. Coll. Trust 6s "00A," Aug. 1 1930-34. Offered by Union Bank & Federal
Trust Co., Richmond, Va.
6.00 Federal Corp. lot Mtge. Coll. Trust 65 "AZ," July 1 1930-34. Offered by Union Bank & Federal
Trust Co., Richmond, Va.
6.25 Longwood Business Block (Chicago) 1st Mtge. 651s, July 1 1934. Offered by Greenebaum Sons
Investment Co., Chicago.
6.00 2611-19 East 75th St. Bldg. (Chicago) lot Mtge. 6s, June 1 1931-34. Offered by Greenebaum Sons
Investment Co., Chicago.
6-6.60 Virginia Bond & Mortgage Corp.(Richmond, Va.) Coll. Trust 6s "00," Oct. 1 1929-Jan. 1 1933.
Offered by company.
3,525,000
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
To Yield
(a) Amount Price
Involved, per Share. About.
Company and Issue, and by 117tont Offered.
.7
,o
S
2,775,000
9255
Motors and Accessories*40,000shs. Acquisition of property
1,120,000
28d
*216,837shs Capital expenditures
131,411slis Additional capital
6,505,110
2,365,398
30
18
$
Public Utilities*30,000 abs. Acquisitions; other corp. purposes_
6.50 AssociateirTel. & Tel. Co. $6 lot Pref. (With warrants to purchase Class A stock al
$5754 per share on or before July 31 1930, at rate of 1 share for 2 shares of $6 1st pref.)
Offered by Telephone Bond & Share Co., and Dawes dr Co.
3,450,000 3 shs. pref. and I (The) Associated Telephone Co.(Calif.) $1.50 Cum.Pref. Offered by Paine, Webber
& Co.: Bonbright & Co., Inc., and Mitchum, Tully & Co.
1 sit. Common)
! Associated Telephone Utilities Co. (Del.) Common. Offered by Paine, Webber &
for $100.
Co.; Bonbright & Co., Inc., and Mitchum, Tully & Co.
Co.o. (Del.) Co. Offered by company to stockholders.
___ Associated Telephone Utilities C
505,000 255.1Corn.
___ Central Public Service Corp. Class A stock. Offered by company to stockholders.
6,414,440 40
___
Elec.
Service
Co.
Corn.
Connecticut
Offered by company to stockholders; underwritten.
14,040,000 75
._ _ Dixie Gas & Utilities Co. Common. Offered by company to stockholders; underwritten.
840,412
1254
__
Duke
Power
Co.
Capital
Stock.
Offered
by company to stockholders.
100
9,000,000
5.70 Electric Bond 8r Share Co. Cum. $6 Pref. Offered by Bonbright & Co., Inc.
10,500,000 105(par)6.10 Electric Investors, Inc. SO Prof. Offered by Bonbright & Co., Inc.
2,955,000 9854
2,109,750 245i,_ Inland Utilities, Inc. Panic. Class A Stock. Offered by E. R. Diggs & Co., Inc.
6-.05 Luzerne County Gas & Electric Corp. $6 Div. 1st Pref. Offered by company to cus500,000 100
tomers, employees and others.
6.06 Municipal Service Co. 6% Cum. Pref. (With warrants to purchase 1 share of common
1,000,000 99
stock for each share of pref. from Aug. 1 1929 to Aug. 1 1931 at prices ranging from
$34 to $3734 per share.) Offered by company to stockholders.
_ __ North American Light et Power Co. Common. Offered by Utility Securities Corp.
9,500,000 4754
___ North American Water Works & Electric Corp. Class A Common. Offered by
575,000 23
Emery, Peck & Rockwood Co.
•
64,164,602
*103,500shs Acquisitions; other corp. purposes_
*34,500shs. Acquisitions; other corp. purposes_
*20,000shs. Acquisitions; other corp. purposes _
5160,361shs Acquisitions; other corp. purposes_
•187,200shs Retire pref. stocks; acquisitions-*67,233 ohs. Additions, improvements, dre
9,000,000 Expansion of business
*100,060shs Expansion of business
*30,000shs. Acquire additional Interests
*87,000shs. Acquisition of properties, &c
*5,000shs. Additions, improvements, &e
1,000,000 General corporate purposes
*200,000shs Acquisitions,Improvements, drc
*25,000 shs. Acquisitions; other corp. purposes_
___ Logan Gear Co. $1.60 Cum. Prof. Offered by Bell & Beckwith and Stranahan, Barris
& Cads, Inc.
_ _ _ Murray Corp.of America Common. Offered by company to stockholders; underwritten.
___ Peerless Motor Car Corp. Common. Offered by company to stockholders.
9,990,508
•50.000shs Acquire constituent cos
*25.000shs Acquire constituent cos
1 1,312,500 1 oh. A and 34 sh.
B for $2614 •
I
400,600 10
2,000,000 100
.40,000shs Finance development of business _
*20,000shs Acquisitions, wkg. capital
8
160,000
750,090 25
300,000 10 (par)
4.669,785 45
875,000 1254
30,838,500 150
1,290,000 2154
*20,0005hs Working capital
*30,000shs Working capital, other corp. purl)
300,000 Development of business
0103,773shs A cq. interest in foreign Coty cos
*70,000shs Provide addn'l mfg. facilities
*205,590shs Extensions, expansion, &c
*60,000shs Acquire constituent cos
1,800,000
*120,000shs Retire debt, impts., &c
15
__
6.50
___
___
___
___
___
__
___
___
__
4,890,840 160
*81,514shs Retire banjo loans
300,000 Acquisitions, expansion, &c
} 337,500 1 sh. A and 1 sill
1
52254.
B
for
*15,000shs Acquisitions, expansion, &c
___
3,750,000 .50
*75,000shs Acquisitions
___
934
950,000
*100,000shs Expansion, additions
___
900,000 45
*20,000shs Expansion of business, &c
___
127.660 20
*6,383shs Additional capital
___
11
220,000
*20,000shs Acquisition of property, dtc
___
0150,000shs Additional capital
10,000,000 66 2-3
7.00
1,000,000 Acquire Property & equipment __.
1.000,000 100
*40,000shs Acquire predecessor co
2,220,000
*30,000811s Working capital
1
•15,000shs Working capital
515,000shs Additional capital
f
5534
6.5(
450,000 1 oh. pref. and A(
sli. corn. for $151
1
___
150,000 10
Airports & Tool Corp.(Mich.) Class A Cony. Stock. (Convertible,sharefor share, into
"It" stock any time up to 5 days before redemption date.) Offered by J. D. Currie
&Co., Detroit.
Airports & Tool Corp.(Mich.) Class B Stock. Offered by J. D. Currie dr Co. Detroit.
Airport Lighting, Inc. Common. Offered by Kiopstock & Co., Inc., New York.
Allied Kid Co. $634 Cum. Cony. Pref. (Convertible into class A stock at prices ranging
front 525 to $40 per share.) Offered by Kidder, Peabody & Co.
Atlantic Coast Airways Corp. Corn. Offered by Burns, Saunders & Tausch, Inc., N.Y.
Autosales Corp.(N.Y.City) Corn. Offered by company to stockholders; underwritten.
Colorart Synchrotone Corp., Ltd. Corn. Offered by G. D. Bernhardt, Los Angeles.
Coty, Inc. Capital Stock. Offered by company to stockholders; underwritten.
Eastern Aircraft Corp. Corn. Offered by Charles S. Redd & Co., Inc., New York.
Eastman Kodak Co. Corn. Offered by company to stockhar.-The Euclid Candy Co.of N.Y., Inc". Class A
.1,Baran & Co.,
Inc., New York.
Fairfax Airports, Inc. Corn. Offered by IN oods, Faulkner & Co. and Studebaker
Securities Co. of Missouri,
General Cigar Co. Common. Offered by company to stockholders; underwritten.
General Instrument Corp. Cl. A Stk. Offered by Cass, Howard & Co., Inc., Los A.
General Instrument Corp. Cl. 11 Stk. Offered by Cass, Howard & Co., Inc. of Los A.
Glidden Co. (Cleve.) Corn. Offered by company to stockholders.
K ocher Airplane Corp.(Del.) Corn. Offered by NI. Robins & Co.. Inc., New York.
(P. R.) Mallory & Co., Inc. Corn. Offered by E. H. Rollins & Sons.
Newport Co. Corn. Offered by company to stockholders.
Pollak Mfg. Co., Inc. Corn. Offered by Marlon S. Emery & Co., New York,
Procter & Gamble Co. Corn. Placed privately with bankers.
Republic Portland Cement Co. 7% Cum. Pref. (Each share carries detachable warrant
to purchase .1 shares of common stock at $5 per share during 1929 at $7
per share
during 1930 and at $10 per share during 1931.) Offered by Dallas Union Tr, Co.:
C. P. Mann & Co.; Guardian Tr. Co.; Neuhaus & Co.; Dillingham & McClung and
Link-Ford Co., Houston, Tex. and Frost-Whited Investment Co., Shreveport, La.
Rollins Hosiery Mills, Inc. $3.60 Cum. Cony. Pref. (Convertible into common stock,
share for share up to date of redemption.) Offered by R. P. Minton dc Co., Inc.;
Bard & Co. and Alfred L. Baker & Co.
Standard Drug & Sales Co., Inc. Cum, Cony. Pref. (Convertible at any time into
common stock, share for share.) Offered by Goodman, Bates & Co., Inc., ew York,
Standard D
Drug & Sales Co., Inc. Co.
Corn. Offered by Goodman, Besat & do., Inc.
Thos.Engineering & Mfg. Co.Corn. Offered by company to stockholders; underwrit'n.
69,391,785
Oil4,5845h5 Additional capital
*15,000shs Acquire producing properties
55,008
1.050,000
12
70
__. Gilmore 011 Co.(Los Angeles) Capital Stock. Offered by company to stockholders.
___ Venezuelan-Mexican Oil Corp. Corn, Placed privately.
1,105,008
Land Buildings, &c•20,000shs Retire existing debt, &c
•20,000shs Retire existing debt. &c
•50.000shs Expansion
} 2,000,000 1 sh. pref. and 1f The Courts Bldg. Corp. $7 Cum. Pref. Offered by Greenebaum Sons Securities Corp.
sh.com.for$100.1 The Courts Bldg. Corp. Cl. A Corn. Offered by Greenebaum Sons Securities Corp.
___ First Realty Corp. (Seattle) Class A Panic. Pref. Offered by 13aillargeon, Winslow
625,000 1254
.000.; First Securities Co.; Ferris .0 Hardgrove; Peoples Bk. & Tr. Co.; Dean Witter
& Co.; Marine Natl. Co.; Schwabacher & Co. and Smith & Strout, Seattle.
600,000 ime
7.00 40 East Oak St. Bldg. Corp. $7 Div. Pref. Offered by Holzer, Inc., Chicago.
600,000 Retire curr. debt., wkg. cap., ,t, _
7.00 Gildred Bldg. Co. (San Diego, Calif.) 7% Cum. Pref. Offered by San Diego Tr. &
350,000 Construction, other corp. purp
350,000 100
Savings Bank, San Diego, Calif.
3.575,000
SEPT. 14 1929.]
FINANCIAL CHRONICLE
1657
•
Par or No.
of Shares.
(a) Amount Price
To Yield
Invoked. per Share.
About
Purpose of Issue.
MiscellaneousF*20,000shs Provide
funds for inv. purp
$
} 230,000 2 shs. A and lab.
B for $23.
17,700,000 29%
4,312,500 1 sh. pref. and Mts. B for
341
3,825,000
_
65724
*10,000shs Provide funds for inv. purl)
*600,000shs Provide funds for inv. purp
*75,000shs Provide funds for inv. Purr)
*150,000shs Provide funds for inv. purp
5150,000shs Provide funds for inv. PUrII
21
*I 000000sh Provide funds for inv. Intrit
51,500,000
51;4
•1 00000009 Provide funds for inv. purp
*6 250000sh Provide funds for inv. purp
*60,000shs Provide funds for inv. purp
*50,000shs Provide funds for inv. purp
*30,000shs Working capital
20,000,000
62,500,000
3,120,000
750,000
1,500,000
20
10
52
15
50
506,250
7,500.000
so
*22,500shs Acquisition of properties
*150,000shs Provide funds for invest. purposes
5.82
2251
90,000 100
90,000 Expansion of business
7.00
625,000 Provide funds for invest. purposes_
800,000 1 sh. pref. dr 1 sh.f
corn. for $32 [
25,000 Provide funds for invest. purposes80,00
10,000 Provide funds for invest. purposes _
100,00
10,000 Provide funds for invest. purposes
10.000,000
10,000,000 Workingcapital
8
10
99
5,172,720
373,39
80
4
*64,659shs Working capital
*93,348shs Provide funds for invest. purposes
600,000 Expansionof business
_
6:15i
870,000 1 sh. pref. & 1 sh.I
corn. for $7251
(f)
*12,000shs
*10,000shs Expansion of operations
285,000
100,000 Provide funds for invest. purposes_
100,000
28I1
5 (par)
Company and Issue, and hi, Whom Offered.
Aircraft Shares, Inc.(Bait.) Class A Stock. Offered by Townsend, Scott dr Son, Bait.
Aircraft Shares, Inc.(Bait.) Class B Stock. Offered by Townsend, Scott & Son, Bait.
American Equities Co. Corn. Offered by E. H. Rollins & Sons.
Amer. Utilities & Genl. Corp. $3 Cum. Pref. Offered by G. E. Barrett & Co.,
Amer. Utilities & Genl. Corp. Cl. B Stock. Offered by G. E. Barrett & Co., Inc.
Anglo-American Shares, Inc. (Del.) Corn. Offered by Frear dr Co.. New York and
E. B. Merritt & Co., Inc., Bridgeport.
Blue Ridge Corp. 6% Optional Cony. Pref. (Convertible at any time into 13,1 shs, o
common stock.) Offered by Goldman, Sachs & Co.
Blue Ridge Corp. Corn. Offered by Goldman, Sachs dr Co.
Blue Ridge Corp. Corn. Sold to Shenandoah Corp.
Brooklyn Natl. Corp. Corn. Offered by company.
Calif. Basic Industries, Inc. Corn. Offered by Morris-Noble Co., San Francisco,
Capital Administration, Ltd. Class A Stock. Offered by company to stockholders:
underwritten.
Carpel Corp. Common. Offered by Waggaman, Brawner & Co., Inc., Washington,D.C.
Chicago Investors Corp. (Del.) $3 Cony. Prof. (Each share convertible into one share of
common stock with adjustment of cash dividends.) Offered by Field, Glore & Co.
Colonial Baking Co. of Des Moines, Iowa, 7% Cum. 1st Pref. Offered by Harry
H.Polk & Co., Inc., Des Moines, Iowa.
Colonial Bond & Share Corp. (Bait.) 6% Cony. 1st Pref. (Convertible into class A
stock on bases ranging from one share pref. for two shares of class Ala share for share
basis.) Offered by company.
Colonial Bond & Share Corp.(Bait.) Class A common. Offered by company.
Colonial Bond & Share Corp.(Bait.) Class A Common. Offered by company.
Colonial Bond & Share Corp.(Bait.) Class B Common. Offered by company.
Commonwealth Securities, Inc.6% Cum. Cony. Prof. (Convertible at par into common
stock up to Aug. 1 1933 at prices ranging from 595 to 5140 per share.) Offered by Otis
& Co.; First Nat'l Co. of Detroit, Inc.; Harris Forbes Corp.; The Dominion
Securities Corp. and Banks, Huntley & Co.
Commonwealth Securities, Inc. Common. Offered by company to stockholders.
Continental Investment Co. Common. Offered by company to stockholders.
Crown Drug Stores. Inc. (Del.) 7% Cum. Cony. Pref. (Convertible up to Aug. 1 1932
into common stock on bases ranging from 134 shares of common for each share of pref.
to 1 share of common for each share of pref.) Offered by Childs, Jeffries dr Co., Inc.
Crown Drug Stores, Inc.(Del.) Common Stock. Offered by Childs, Jeffries & Co., Inc.
7.00 Elmer Bros., Inc. Class A Cony. Stock (Convertible into class B stock, share for share.)
Offered by R. L. Dunn Jr. & Co., San Francisco.
7-00 First Trust Bank Stock Corp. 7% Cony. Prof. (Convertible from Feb. 1 193110 Jan. 31
1934 into common stock on basis ranging from 8 shares of pref. for 1 share of common 10
11 shares of pref.for 1 share of common.) Offeted by First Fiscal Corp., N.Y.
Fourth Nat'l Investors Corp. Common. [With warrants non-detachable (except upon
exercise) prior to Oct. 1 1934, or such earlier date as company may determine to purchase
to Oct. 1 1939 at rate of $60 per'share, 34 share of common stock for each share held.]
Offered by Guardian Detroit Co., Inc.; The Shawmut Corp. of Boston, and The
Marine Trust Co., Buffalo.
General Capital Corp.(Del.) Common. Offered by Tucker. Anthony dr Co.
*500,000shs Provide funds for invest. purposes
26,000,000
52
*200,000shs Providefunds for invest. purposes
15,750,000
78.*4'.
*100,000shs Providefunds for invest. purposes_
5,200,000
52
Gude Winmill Trading Corp. Common. Offered by Gude, Winmill & Co.
1.800,000
60
Hanover Fire Insurance Co.(N. Y.) Capital Stock. Offered by company to stkhldrs.
300,000 Additional capital
•460,000shs Acquisition of securities, &c
45,000,000 100
*1,800,000shs Provide funds for invest. purposes_
*400,000shs Provide funds for invest. purposes.'1 250,0000s Provide funds for invest. purposes*250,000shs Provide funds for invest. purposes.
*200,000595 Provide funds for invest. purposes_
*45,000shs Provide funds for invest. purposes.
*77,175shs Acquire L. Bamberger dr Co
*375,000s1ss Provide funds for invest, purposes.
1
1,000,000 Add'!capital; acquisitions
•100,000sh Provide funds for invest. purposes,
*100,000sh Provide funds for invest. purposes.
*18,000sh AcquireNorthland Transp. Co
6.00 Insult Utility Investments. Inc., Prof. 2d Series $6 Cum. Div. (With non-detachable
warrant entitling holder to receive any time during the year 1931 common stock equal
to four-fifths of the number of shares of pref. exchanged.) Offered by Utility Securities
Corp.; A. B. Leach & Co., Inc.; Central-Illinois Co.; E. H. Rollins & Sons; A. G.
* The Nat'l Republic Co.; Hill, Joiner d;Co.; Russell, Brewster & Co.;
& Co.;Beckr
Emery, Peck & Rockwood Co.; Paine, Webber & Co. and Insult SCHIS & Co., Ltd.,
London.
intarcaaat Trading Co., Capital Stock. Taken by Transamerica Corp. and its stkhldrs.
31,500,000 175;
International Carriers, Ltd. Capital Stock. Offered by Calvin Bullock, N. Y.
9,200,000 23
_ -- Interstate Equities Corp. $3
'
Corn. Cony. Prof. (Each share convertiblefrom Aug. 1 1930
into 2 shares of common stock up to July 1 1932: thereafter to July 31 1935 into 134
16,250,000 1 eh. pref. & 1 sh.1
shares and thereafter to July 31 1939 into 1 share). Offered by Bancamerica-Blair Corp.
corn. for $65
Interstate Equities Corp., Common. Offered by Bancamerica-Blair Corp.
Interstate Equities Corp., Common. Offered by Bancamerica-Blair Corp.
3,000,000 15
The Leach Corp.(Del.) $6 Div. Pref. Offered privately by A. B. Leach & Co. Inc.
4,500,000 100
6.00 R. H. Macy & Co., Inc., Common. Offered by company to stkhldrs.; underwritten.
11,190,375 145
Manhattan-Dearborn Corp., Capital Stock. Offered by Lawrence Stern dr Co., and
19,875,000 53
A. G. Becker & Co.
Monarch Fire Insurance Co., Capital Stock. Offered by Otis & Co.; Union Cleveland
4,200,000 42
Corp.; The Nine-Sixteen Co.; The Guardian Securities Co.; Central Nat'l Co. of
Cleveland, and The Midland Corp.
National Republic Investment Trust (Chicago) Cum. Cony. Pref. (Each share
convertible into 1 non-voting common share up to Aug. 1 1931, into % share up to
Aug. 1 1933 and into % share thereafter.) Offered by A. G. Becker dr Co.
5,500,000 1 sh. pref. & lab.1 National Republic Investment Trust (Chicago) Common. Offered by A. G. Becker
corn, for $55
& Co.
Northland Greyhound Lines, Inc., $654 Cum. Cony. Pref., Series 1. (Each share
1,782,000 99
6.56
convertible Into 3 shares of common stock up to Sept. 1 1934: thereafter to Sept. 1 1939
into 251 shares and thereafter into 2 shares.) Offered by Lane, Piper & Jaffrey, Inc.;
Kalman & Co.: Minnesota Co.: First Minneapolis Co. and Northern Nat'l Corp.,
Duluth.
Northland Greyhound Lines, Inc., Common. Offered by Lane, Piper & Jaffray,
378,000 21
Inc.; Kalman & Co.; Minnesota Co.; First Minneapolis Co., and Northern Nat'l
Corp., Duluth.
•
Bancorporation, Capital Stock. Offered by company to stockholders.
Northwest
5,890,000 62
Mutual Life Insurance Co.(Los Angeles.) Capital Stock. Offered by company
Pacific
2,000.000 50
to stockholders.
Class A Stock. Offered by Plaza Investing Corp.
600,000 1 sh. A dr 1 sh. 13{ Plaza Investing Corp.; Class B Stock. Offered by Plaza Investing Corp.
Plaza Investing Corp.,
for $60
Public Utility Investing Corp., $534 Interest Bearing Allotment Certificates, repre2,000,000 100
senting $5 Div. Prof. (Each certificate carries non-detachable warrant to purchase
on or before March 31 1930 one debenture right of Associated Gas & Electric Co.for $20.)
Offered by Associated Gas & Electric Securities Co.. New York.
class A common. Offered by Hartley Rogers & Co.
682,000 1 sh. el. A and (Hartley) Rogers Trading Corp.
common. Offered by Hartley Rogers & Co.,
189,01. B for $31 (Hartley) Rogers Trading Corp. class B
Los Angeles.
Sisto Financial Corp.(N. Y.) Capital Stock. Offered by J. A. Sisto dr Co., N. Y.
5,300,000 53
Americas Investment Corp. (Del.) 54% Cum. Pref. (With warrants to pur25,000,000 100
sTio Solvay
chase up to Sept. 1 1934 one share of common stock of Allied Chemical & Dye Corp. for
crery four shares at $325 per share.) Offered by Lee, Higginson dr Co., White Weld
& Co.; Brown Bros. & Co. and the Union Trust Co. of Pittsburgh.
Tr -Continental Allied Co. Inc. 6% Cum. Pref. (With warrants to purchase between
share at rate of )4 share of common
50,750,000 1 sh, pref. and 15.1f Jan. 1 1931 and Aug. 15 1939 Common stock at $33 per
for each share of preferred.) Offered by J. & W. Seligman dr Co.
shs. corn. for
Tr -Continental Allied Co., Inc. Common. Offered by J. dr W. Seligman dr Co.
S101%.
Inc., Common. (With warrants to purchase 500,000
Tr -Continental Allied
3,750,000 25
Co.,Jan. 1 1932 and Aug. 15 1939 at $33 per share). Sold to
shares of common stock between
Tr -Continental Corp.
Common. Sold to J. & W. Seligman & Co.
2,500,000 25
_ _ _ Tr -Continental Allied Co., Inc.
4,500,000 45 (approx.) --- United National Corp. Panic. Pref. Offered by Drumheller, Ehrlichman & white,
and Murphy, Favre & Co.
aeried b
United States Freight Co. Capital Stock. Offered by Company to stockhowladrerrsya
1,350,400 80
Corp. Panic. Prof. Class
ul
Ap .
O ut
erpat
675,000 1351
::: United States General Investing
Penalosa & Co., Inc., N. Y.
Stock.
Capital
8,750,000 175,5
United States Shares Financial Corp.
warrants '
to
Purchase additional capital stock at $25 per share.) Offered by united states shares
Co.
c
rtooni
n,
mKen O
drffered
.
..„ aInncic0
Cro
e
&to
rs
Corp.; TD
oorkueg
by Company to
175,000 35
Weinberger
stockholders.
Wells Newton National Corp. $4 Cum. Cony. Pref. (Convertible into common stock
share for share between Jan.31 1930 and June 30 1931.) Offered by L. L. Harr Corp.,
Inc.,
n , St. Louis.
b
ar Co.. I
Ruppertpor .
0nal
3,500,000 1 sh, pref. and 511 Welly
N ti.
N.NY
s.„ot n HL
e.and
Common, Offered
L. L. Harr Corp N. Y
Ns
sh. com. for $70
d
11, L. Ruppert & Co., Inc., St. Louis.
-
I
*18,000sh Acquire Northland Transp. Co--- 4,750,000 Development of business
400,000 Additional capital
*10,000shs Provide funds for invest. purposes
*10,000shs Provide funds for invest. purposes.
*20,000shs Acquisitionof securities
550.000 Provide funds for invest. purl).
*22,000 shs Provide funds for invest. purp_ --*100,000shs Provide funds for invest. purp_ _
25,000,000 Acquire certain securities
25,000,000 Provide funds for invest. purposes-
1
*750,000sh Provide funds for invest. purposes_
*150,000sh Provide funds for invest. purposes_
1
*100,000sh Provide funds for invest. purposes_
*100,000sh Provide funds for invest. purposes_
*16,880 sIts Expansion of business
50,000 sh Provide funds for invest. purposes_
*500,000shs Provide funds for invest. purposes_
5,000 shs Expansion of business
*50,000 sits Acquisitions; other corp. purposes.
*25.000 shs Acquisitions; other corp. purposes_
509,862,637
FOREIGN GOVERNMENT LOANS.
AMOUR&
Issue and Purpose.
15,000,000 Chilean Consolidated Municipal Loan ext.
75, 1960 (provide for purchase, construction
or improvement of municipal buildings or
other public works,street paving er funding or
consolidation of outstanding obligations)____
Price.
94
To Yield
About.
Offered by
7.50 Grace National Co., Inc.; Brown Bros. & Co.; E. II. Rollins & SJns. and Continental
Illinois Co., Inc.
1658
FINANCIAL CHRONICLE
[VOL. 129.
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No. (a) Amount Price
To Yield
of Shares.
Involved. Per Share. About.
*14.000 shs
*7,000,000
*50,000 shs
*10,000 slas
*50,000 abs
*30,000 she
• •15,000 shs
*83,250 shs
*105,000shs
*71,000 abs
*71,000 she
I
Company and Issue, and by Whom Offered.
(L. A.) Darling Co. Class A Cum. Cony. Stock (convertible into Class B Stock at any time prior
to redemption, share
for share). Offered by Stranahan, Harris dr Oatis, Inc.
420,000 1 sh. A and 1 eh..
B for 630.
(L. A.) Darling Co. Class B Common. Offered by Stranahan. Harris & Oatis, Inc.
General Parts Corp. Cony. Pref. (Convertible at any time Into common stock, share for
share.) Offered by Harry C.
850,000 1 sh. pref. and 1.
Watts & Co., Inc.
sh. corn, for 517. General Parts Corp. Common. Offered by Harry C. Watts & Co., Inc.
875.000 173‘5
New York Rio & Buenos Aires Line, Inc. Common. Offered by International Founders Corp.. New York.
The Randall Co.$2 Cum.Partic. Class A Stock. Offered by W.E.Hutton & Co.and First
Investment & Securities Corp..
780,000 2 shs. A and 1 511.1
Cincinnati.
B for 552.
The Randall Co. Class B Stock. Offered by W. E. Hutton & Co. and First Investment dc
Securities Corp., Cincinnati.
1,929,125 3015
Sundstrand Machine Tool Co. Common. Offered by Furlaud dc Co., Inc.; McCowen, Cassady &
White, Inc.. and Crawford-Dyer & Co.
2,205,000 21
United Carr Fastener Corp. Common. Offered by the First National Corp. of Boston and Central
Illinois Co.
The Vortex Mfg. Co.(Del.) Class A stock (convertible Into common stock at any time, share for share).
Offered by Paul
4,579,500 1 sh A and 1 sb.1
H. Davis & Co. Chicago; Harris, Small & Co., Detroit, and Alfred L. Baker &Co.,
corn. for $6414. The Vortex Mfg. CO.(Del.) Common. Offered by Paul H. Davis dc Co., Chicago; Harris,Chicago.
Small de Co., Detroit, and Alfred
L. Baker Sc Co., Chicago.
11,638,625
* Shares of no par value. a Preferred stocks of a stated par value are taken at Par, while preferred stocks of no par value
and all classes of common stock are computed at their offering prices. b Bonus of 1 share of common stock with each $100 of bonds. c One share
of common stock accompanies each $100 of bonds. d Bonus
of 31
, share of common stock with each share of preferred. e Bonus of 1 share of class A stock with each share of
Common stock comprising part of this
preferred.
1
offering does not represent new financing.
Ap ASS Indications of Business Activity
41.1Z
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Sept. 13 1929.
The breaking of the recent hot wave has had a good
effect on trade. Not that there has been any great activity,
but trading is on a larger scale than It was recently. This
Is especially the case in clothing, dry goods, and shoes.
Moreover, the opening of schools, and the ending of the
vacation season, both contribute to an increase in business
in many different lines, as usual, at this time of the year.
Some of the so-called lighter industries are beginning to
hum with activity, especially textiles, radio, jewelry and
Shoes. The operations of the iron and steel mills, though
they have latterly been reduced somewhat, are on a larger
scale than at this time last year. It is true that the buying
of iron and steel is for the time being on a restricted scale.
Steel scrap tends toward lower prices. It is believed that
later on in the Fall there will be a larger business in rails.
The feeling in the iron and steel trade is not unhopeful;
quite the contrary. Also there has been a better business
in finished cotton goods and silk goods. In fact, silk goods
have been quite animated. Raw wool has been steady,
but not at all active; in fact, for the most part the transactions have been small. But an encouraging circumstance
is the steadiness of prices at the sale of East Indian wool
in Liverpool. Trade here in woolens and worsteds on
the whole has been' quiet. A larger demand has prevailed
for piece silk goods, both for the Fall and Winter season.
While trade in raw silk was only moderate, prices were
firm. Cotton goods on the whole have been steady, although
there has been hints now and then of some easing of prices.
But this seemed to be the exception. There has been a
brisk business in paints, varnishes, glassware, electrical
household goods and machine tools.
Wheat has advanced a couple of cents owing largely to
continued drought in Argentina. Moreover, the Government put the total crop of wheat in the United States this
year in a report issued on the 10th inst. at 117,000,000
bushels less than that of last year. At the same nine, the
Canadian Government estimated the crop in the Dominion
at 276,000,000 bushels smaller than that of 1928. Argentina has been offering wheat freely to Europe, it is said,
at relatively cheap prices. But It looks as though its crop
this year might fall considerably below that of last year.
In that event, it does not seem like stretching the probabilities to suggest larger buying this year by Europe of
American cash wheat. In other words, the situation may
turn out to be somewhat like that of five years ago, when
Europe was compelled to buy American wheat on a big
scale at very high prices, because of short crops. Corn
prices have changed little. There is a small net decline
for the week, but the undertone is considered firm, with
the crop 2,456,000,000 bushels, the smallest since 1924, owing
to prolonged drought and heat. The supply of oats, corn
and barley is some 675,000,000 bushels smaller than that
of last year. The consumptive demand for corn has been
stimulated by the fact that the pastures have been seriously
damaged by the prolonged hot, dry weather. The prospects from the viewpoint of supply and demand seem to
point to excellent prices for corn this season. Oats have
advanced slightly, with the crop in this country and Canada
SS..a
about 400,000,000 bushels smaller than that of 1928. Rye
prices have advanced with those for wheat, with crops
smaller and a possibility that the export trade, for some
time past dormant, may awaken in the near future. Provisions have declined for the very reason that the corn
crop promises to be so small that there has been an unusually rapid marketing of hogs and cattle. Not for seven
months past has the price of hogs been as low as it is now.
It is 2%c. lower than a year ago. At the same time, hogs
in Continental Europe are 21hc. higher than at this time
in 1928. Many are looking for a brisk foreign demand for
hog products later this year. Cottonseed oil has declined
in response to lower prices for cotton and lard. Lard
ends to-nighs 12 to 25 points lower than a week ago.
Cotton has declined this week a little under a quarter
of a cent. Strange to say, following a bullish Government
report issued on the 9th inst. there was a decline of fully
a cent. Some, however, will not think this so strange. It
Is contended in some quarters that rains this month have
Increased the crop and that in all likelihood the Government estimate in October will be larger possibly by two or
three hundred thousand bales than 14,825,000 bales the
estimate on Sept. 9th. Other reports, however, and they
are very general, are to the effect that the rains are bad.
They contend that they beat out cotton, lower the grade,
protect the weevil, interfere with picking and ginning, and
therefore tend to slow up the movement for the time being.
The movement, however, has been large this week, as the
crop was early in many parts of the belt. Hedge selling
has been persistent during the week. But to
-day it slackened owing to bad weather. It is claimed by not a few
that the world needs a crop of 15,500,000 bales from the
United States and that putting the best possible construction on the recent rains the final crop is likely to fall considerably below 15,500,000.
Coffee had advanced on the perennial short interest which
persists, despite the watchfulness and vigor of the Defense
Committee in Brazil. It seems to have been taking the
Santos notices of late and so protecting the market. There
has been a certain amount of liquidation of September and
December holdings, but in the main prices have been well
sustained. September Santos ended 37 points higher.
Sugar has advanced owing to the firm attitude of the Selling Agency in Cuba, and reports of drought over Continental Europe. They have given rise to better prices
abroad, and futures here have advanced this week 7 to 10
points, while prompt Taws are 214c., a rise for the week
of %c. Some 150,000 tons have been tendered and received
this month. This is rather remarkable. Rubber has been
at times in somewhat better demand, though not at all
active. The tone, however, has been, on the whole, somewhat better. Still the August consumption turns out to
have been 38,275 tons against 41,525 in July and 42,926 in
August last year. Moreover, stocks on hand and afloat
now amount to 132,000 tons as against 120,000 a year ago.
There is no active speculation in rubber.
The output of petroleum and gasoline continued to be
large, although oil well operations In the Pacific Coast
have been curtailed. The price of gasoline has been cut
here and there. Automobile production is said to be slightly
SEPT. 14 1929.]
FINANCIAL CHRONICLE
larger than that of last month and a year ago. Most of the
business seems to be in cheap cars of a few makers. In
building there was a further decrease in August. Permits
at not far from 200 cities were 13% less than in July and
25% less than in August last year. New York City seems
to have been the hardest hit. August showed a drop of over
50% compared with August last year. For eight months
ending August 31st the decrease is, however, not quite 6%.
With building slack, building materials have been quiet.
Soft wood lumber, however, has been in somewhat better
demand. Taking trade as a whole, wholesale and retail
business was not only better than last week, but industry
Is on a scale considerably larger than that of a year ago.
Call money during the week has been as high as 10%, but
was down to-day to 7%.
The stock market on the 10th inst. declined 2 to 10 points
as money rose to 10%, when banks withdrew $40,000,000.
Fifty issues had an average decline of 5% points. It was
all due to the rise in money, a drop of 429,956 tons in the
unfilled tonnage of the U. S. Steel Corporation instead of
the expected decrease of 150,000 to 200,000 tons and a
somewhat overbought condition of the market. The sales
for the day were 4,520,630 shares. Stocks on the 12th inst.
were irregular, in some cases rising and in others declining
2 to 8 points with sales 5,017,310 shares. An outstanding
and depressing factor was the increase in brokers' loans of
$120,000,000. It made a new high record of $6,474,000,000.
Moreover, there were disturbing rumors of an impending
Increase in the rediscount rate of the New York Federal
Reserve Bank, though they were not credited in prominent
circles. Nonetheless, the mass of traders evidently
believed them and in the aggregate sold heavily. U.
S. Steel
led the decline with a drop of 7 points, an
outcropping, it
was believed, of an attempt to block any extravagant
trading. To-day stocks declined, but rallied in the
afternoon,
after transactions of over 5,000,000 shares. Call
money
dropped to 7%. Declines at one time were 2 to
4 points
In active stocks.
Charlotte, N. C., wired, Sept. 11th, that the prolonged
strikes at the Marion Manufacturing Co. and Clinchfield
Mills, at Marion, N. C., were settled last night when
the
strikers accepted the terms of settlement offered by the
mills, a virtual surrender on the part of the strikers.
The
agreement provides that the mills shall operate 55 hours
per week and that the hourly and piece rate scale of
wages
shall be unchanged. The management agrees that at
the
end of six weeks the question of whether the mills
shall
continue on 55 hours or return to 60 hours shall be
decided
by the workers. There will be no discriminatio
n against
employees solely because they joined the union
and presidents of both mills agree that any employee can
see them
at any time on questions pertaining to character
of employment. In North Carolina an effort is to be
made, it
seems, to have the Legislature shorten the hours
in the
mills. It is said here, on the 12th lust, that there
is likely
to be a 55-hour week adopted in the Carolinas.
It was oppressive weather here on the 7th
inst., with
humidity high and the temperature suddenly
risen to 85.
But there were light rains in the early evening,
increasing
by 8 P. M., to a thunder storm and raining all night.
The
rain had little effect on the temperature. On the
7th inst.
New Orleans had a cloudburst of 10% inches, causing
heavy
damage and flooded streets in some parts of the
city to
the depth of 6 feet. The heavy rain extended
along the
Gulf Coast. Here the temperatures on the 7th
inst. were
70 to 85 degrees; average 78 against 64 last year, and
66
for 46 years. Boston had 68 to 88; Chicago 64 to
72; Cincinnati 70 to 78; Cleveland 68 to 72; Detroit 62
to 74;
Kansas City 58 to 70; Milwaukee 64 to 70; St. Paul
46 to 56;
Montreal 62 to 70; Omaha 50 to 62; Philadelphia
72 to 88;
Phoenix 70 to 94; Portland, Me., 64 to 76;
Portland, Ore.,
54 to 79; San Diego 64 to 72; San Francisco 58
to 68;
Seattle 40 to 78; St. Louis 66 to 80; Winnipeg
40 to 64.
Rains on the 7th and 8th inst. swept over the
country from
New York to Boston westward to Salt Lake City
and as
far South as the Gulf States. They ended a ten
weeks'
drought here in the East. Over the 8th inst. the
rainfall
here was 1.29 inches, at Philadelphia 1.04 inches,
and at
Cincinnati 1.40, and it was raining in the cotton
belt East
and West of the Mississippi River.
On the 9th inst. It was very muggy, and although
the
temperature did not go above 82 degrees, it was
a very
oppressive day. Rains fell at night, but they were
light
1659
and only for the moment. The weather was still unseasonably warm over most sections East of the Mississippi
River except in New England, and unseasonably cool West
of the Mississippi River, save in the Pacific States and
portions of the West Gulf States. In Texas and the
Southwest there were rains of 2% to 6% inches. Boston
had temperatures of 62 to GI degrees; Chicago 68 to 89;
Cincinnati 68 to 82; Cleveland 68 to 80; Detroit 64 to- 82;
Milwaukee 64 to 84; Minneapolis 52 to 64; Montreal 56
to 68; New York 70 to 82; Norfolk 68 to 86; Omaha 52 to
60; Philadelphia 72 to 90; Portland, Me., 60 to 69; San
Francisco 51 to 72; Seattle 56 to 78; St. Louis 70 to 86;
Winnipeg 38 to 69.
On the 10th inst., at 3:30 P. M., when the temperature
was 86 degrees, the humidity was around 80. The weather
for at least a week was about the most oppressive of any
that had prevailed during the Summer. Here the temperatures were 72 to 86; in Boston 60 to 88; in Philadelphia
72 to 88. But at the West the hot wave had given place
to cooler weather. At Chicago it was 56 to 70; Cincinnati
64 to 74; Cleveland 64 to 74; Denver 46 to 64; Detroit 50
to 64; Milwaukee 54 to 68; Seattle 48 to 68; St. Louis 54
to 70; Winnipeg 38 to 73. On the 11th inst. a ten days'
drought was broken here. At 3 A. M. the temperature here
was 66 and the highest for the day was 71,"with 65 at 11.
P. M. Chicago was 66, Cincinnati 64, Cleveland 62, Minneapolis 68. To-day the temperatures were 62 to 71 here,
and the afternoon was rather close from a rise in the
humidity. The forecast was for showers to-night and
clearing by Saturday night.
Secretary of Commerce Lamont Says Business This Year
Suffered Less Than Usual From Summer Slump. Number of Activities on Higher Plane Than In Earlier
Months of Year.,
Secretary of Commerce Lamont, in a statement issued
Sept. 9 reported that "the midsummer of 1929, to judge
from the current statistics, has shown very little of that
slump in business that was formerly considered characteristic of the Summer season." He furthermore states that
"a number of activities of industry and commerce during
June, July and August, were actually on a higher plane
than during the earlier months of the year, and others
showed less decline than usual in the past." Secretary
Lamont's statement follows:
An examination of the monthly statistics of industrial activity in
the United States since the war shows a reduction in range of those
variations which are of a seasonal character. Not only has there been,
since 1921, an unusually prolonged period substantially free from
so-called crises or ups and downs in economic activity representing
the so-called business cycle, but even those variations from month to
month of the year, which are the result of seasonal influence and which
were formerly considered inevitable, have been cut down in extent.
This result must be attributed largely to greater foresight on the
part of business men producing and selling commodities as well as on
the part of buyers of goods. An important factor in making possible
the exercise of such foresight is the great and growing volume of
current statistical information furnished to the public by the Government and by private organizations. Moreover, business men, and in fact
all people, have learned to make more constant and more intelligent use
of such statistics in the guidance of their affairs.
The -midsummer of 1929, to judge from the current statistics, has
shown very little of that slump in business that was formerly considered characteristic of the Summer season. A number of activities
of industry and commerce, during June, July and August, wree
actually on a higher plane than during the earlier months of the year,
is even more conspicuous than in 1928 when, in turn, Summer business
was more satisfactory than in most preceding years.
Among the indicators of general business conditions which have shown
a position during the last three months of the year, may be mentioned
as compared with the earlier months of the year, may be mentioned
the production of pig iron and steel, of copper and zinc, and of
automobiles and textiles. A similar statement holds of the volume
of freight moved by the railroads and of the sales of the 5-and-I0
cent stores and the mail-order houses. Employment and wage payments
in factories have also been well sustained during the present Summer.
Sales of life insurance during this period have been unusually lareg.
Apart from this decided steadiness of business from month to
month during the present year, there has been a continuance of the
general upward trend as compared with the same period of previous
Years. Practically all the indicators of business activities above-men.
tioned, as well as others, have stood at higher levels during June,
July and August of the present year than in 1928, or indeed, than in
any other year of our history.
Summer of 1929 Seen as One of Exceptional Activity
By Bank of America, N. A.—Higher Rate of Operation Indicated the Present Month—Better Wheat
Prices Looked For.
With the seasonal recession in industrial operations continuing to be less pronounced than usual, the Summer
of
1929, in retrospect, will stand out as one of
exceptional
activity, according to the September review of
business
[VOL. 129.
FINANCIAL CHRONICLE
1660
conditions, prepared by the Bank of America, N. A., which
declares that in the majority of basic lines indications point
to a higher rate of operation during the present month. The
review attributes the smaller volume of new business in
iron and steel to the fact that most automobile manufacturers have not begun production of new models as promptly
as had been expected, and points out that although drought
has wrought considerable damage to the wheat crop of the
Northwest, present indications are that the ultimate crop
of the country will be marketed at better prices than were
obtained last year. While the decline in building operations is attributed in part to the difficulty of obtaining sufficient credit at a profitable borrowing rate, the bank notes
that most lines of business are apparently unaffected by
the credit situation which has shown no important change.
The present outlook, the bank believes, is for firm money,
although an adequate supply of funds appears to be available for commercial requirements.
Discussing the advance in the rediscount rate of the New
York Reserve Bank, which appeared to have little lasting
effect upon the financial situation, the review says:
"The stock market recovered rapidly from the sharp reaction which was
its immediate response to the announcement of the rate advance, and the
decline in brokers' loans which accompanied the drop in stock prices was
more than made up in ,the active bull market which followed and persisted
until the close of August.
"After the decline of $38,000,000 in loans to brokers made by reporting
member banks in New York City, which followed the break in the stock
market on Aug. 9, these borrowings resumed the expansion which, except
for this interruption, has been in progress since last June. In the four
weeks ended August 28 there was an increase of $256,000,000 in total
brokers' loans. This figure, of course, represents only a part of the money
employed in financing operations in the securities market. There is a
large amount of funds, additional, which reaches the market through
channels other than New York City member banks. High call loan rates
have attracted to the stock market not only a large volume of domestic
credit, but a very considerable amount of foreign funds. The movement
of foreign capital into this country, it Is understood, has been increasing
rapidly in the last month or two."
August 1927, as well as a 10% loss against July this year. The record
of the leading cities bears out the trend in the country generally. New
York City had a loss of 42% in August this year as against the same month
a year ago, while Chicago showed an August gain of 21% and Boston
a gain of 84%. Gains were also indicated in Cincinnati, Baltimore,
Camden, N. J., Toledo, San Francisco, Newark, Kansas City, Mo., East
Orange, N. J., Houston, Oklahoma City, Providence, and San Diego.
Building Materials.
Indices of building material prices recorded a decline in August due
Primarily to the weakness in the cement situation and to a lesser extent
to declines in brick and hollow tile prices. The outstanding event was
the cut of from 10c. to 30c. per barrel at a number of the cement mills,
this cut was passed on to dealers and contractors throughout the country.
Lumber prices have been maintained by curtailment in production; fluctuations in prices have been local and on specific items rather than general.
In spite of the decline in building permits, the type-of construction has
been such as not to affect the demands for structural steel and prices
have remained rather steady.
Labor Conditions.
Organized labor in the building industry seems to be swinging to the
five-day or the 40-hour work week. As a result of a national survey It
has been found that approximately 25% of the building mechanics of the
country are now on this shorter week schedule. The backbone of this
movement is found in the metropolitan district of New York, where 150,000.
workers are on the five-day week basis. It is estimated that more than
300 cities and towns in this country now have the five-day week in one
trade or more. Among important cities adopting this plan are: New
York, Chicago, St. Louis, Pittsburgh, Spokane, Springfield, Mass., Cleveland, Philadelphia, Providence, It. I., Hammond, Ind., Harrisburg,Pa.,
Denver, Dayton, Elizabeth, N. J., Cincinnati, Dallas, Atlantic City,
Louisville, Boston, Birmingham,Toronto, Can., Utica, N. Y,, Wilmington,
Del., Bridgeport, Conn., Buffalo, Butte, Evansville, Ind., Gary, Ind.,
Rock Island, Ill., Pasadena, Calif., Lynn, Mass., Seattle, Wash., and
Scranton, Pa.
Representatives of building workers contend that the five-day week
will aid in taking up the slackness in the unemployment situation, but
this position is opposed by many builders who hold that on large projects
as many craftsmen are used as can be economically employed.
"Annalist" Weekly Index of Wholesale Commodity
Prices.
The "Annalist" Weekly Index of Wholesale Commodity
The
Prices stands at 147.2, which is 1 point lower than last
week's index of 148.2, and compares with 153.8 last year
at this time. The further advices from the "Annalist"
Retail
state:
Preliminary Report of Federal Reserve Board on
Trade in August-5% Increase as Compared With
Same Month Last Year.
Department store sales for August were 5% larger than
in the corresponding month a year ago, according to preliminary reports made to the Federal Reserve System by 446
stores. Increases in total sales were reported by 288 stores
and decreases by 158 stores. The Board, under date of
Sept. 9, also says:
The change in sales varied considerably for different parts of the country,
ranging from an increase of 9% in the Boston Federal Reserve District to
a decrease of 8% in the Minneapolis district.
Percentage changes in total sales between Aug. 1928 and Aug. 1929 are
given by districts in the following table:
Federal Reserve Distrid.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Number Of Stores
Percentage Of Increase
Reporting.
or Decrease in SalesAug. 1929 Compared
Increase. MX:01M
with August 1928.
+9.1
+5.2
+5.6
+8.2
+5.4
-1.6
+2.5
+5.2
-8.4
+1.1
+6.3
+3.9
66
36
26
11
28
9
32
12
8
8
15
37
14
12
12
11
17
16
24
7
7
11
5
22
158
288
+4.7
United States
Note-The month had the same number of business days (27) this and last year.
Slowing Down in Building Construction Revealed by
S. W. Straus & Co.-The Five-Day Week Becoming
General.
Unmistakable signs of a slowing down in building con-
struction is in evidence in the reports made to S. W. Straus
& Co. of plans filed or permits issued in 577 comparable
cities and towns in the United States. The completeness of
this survey, covering every State, may be taken,it is stated,
as a barometer in the building industry for the next 60
to 90 days. These 577 cities doing a volume of $256,720,837 in construction in August, showed a loss of 18% from
August a year ago and 11% from July of this year. The
volume for these cities in August last year was $314,551,218
and for July 1929 the volume in these cities was $287,497,821.
For the fourth consecutve month the Straus survey
shows losses in building volume for the more than 500 cities
covered in its reports. The loss as compared with the
same month a year ago was for July 13%, for June 29%
and for May 19%. The Straus report goes on to say:
Twenty-five Leading Cities.
Building in the 25 principal building centres in the United States showed
a loss of 20% as against August last year and a loss of 27% as against
A sharp drop of 3.4 points in the farm products grOup index accounts
for the decline. The indices for the textile and miscellaneous groups rose
1.2 and 1.7 points, respectively, and the other groups remain virtually
unchanged. Further sharp declines in all live stock prices brought the farm
products index to the lowest point since July 2 and price increases in cotton
yarn, worsted yarn and silk brought the textile index to the highest point
It has reached since June. Increases in leather and rubber account for the
rise in the miscellaneous group index.
THE ANNALIST'S INDEX OF WHOLESALE COMMODITY PRICES.
-100.)
(1913=
Sept. 10 1929. Sept. 3 1929. Sept. 11 1928.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All COmMOdItlee
144.0
153.9
147.9
160.1
127.7
153.6
134.0
128.1
147.2
147.4
154.0
146.7
160.1
127.6
153.6
134.0
126.4
148.2
155.9
158.7
152.0
167.2
121.0
153.7
134.6
120.7
153.5
Industrial Activity in August, Based on Consumption
of Electricity, Lower Than in July, But Well
Above August, 1928, Level.
Based on consumption of electrical energy, manufacturing operations of the country in August registered a drop of
0.6% from the July figure but recorded a 6.1% increase
over August, 1928, according to reports received from more
than 3,600 manufacturing plants by "Electrical World."
The average daily rate of activity in August was of record
proportions in the following industrial groups: chemical
products, food products, rolling mills and steel plants,
ferrous and non-ferrous metal-working plants and stone,
clay and glass. The further report from the "Electrical
World" states:
All sections of the country reported a higher rate of operations for August
than for the same month a year ago. The South led with a 17.7% increase.
Other sections were as follows: New England, 6.4%; Middle Atlantic,
7.7%; North Central, 5.5% and the Western States, 1.4%.
Notwithstanding a gain of bout 3.5% for August as compared with July,
the automobile industry, including the production of parts and accessories,
reported a rate of operations under that of August, 1928. The high mark
In this industrial group was recorded last April, the current operations being
about 16.2% under that month's record.
Consumption of electrical energy by the rolling mills and steel plants
was on a plane 4.5% above that of July, and 20.4% above August of last
year.
The textiles industry recorded a seasonal drop of about 3% as compared
with July operations, but August activity was still about 13.1% over August
last year.
Besides the automobile industry, three other industrial groups-lumber
products, paper and pulp and robber products-recorded August operations
at a level under those of August last year. The largest curtailment in
productive operations was recorded by the rubber products groups, with a
rate of operations 12.1% under July and 13.4% under August last year.
Manufacturing activity in August as compared with July, 1929, and
August. 1928, all figures adjusted to 26 working days and based on con
sumption of electrical energy, as reported to "Electrical World" (monthly
average 1923-25 equals 100), follows:
August 1929.
July 1929.
August 1928.
,Nt--0,00NOMCC.ONONM
oiOrS4e4Oc.ipircd
MV.0M0.—.0e1.4NNNMO
All industrial groups
Metal industries group
Rolling mills and steel plants
Metal working plants
Leather and Its products
Textiles
Lumber and its products
Automobiles and parts
Stone, clay and glass
Paper and pulp
Rubber and its products
Chemicals and allied products
Food and kindred products
Shipbuilding
129.0
144.2
144.4
144.0
82.0
113.4
103.2
139.5
154.7
122.3
136.7
127.0
129.9
107.7
120.8
125.5
125.4
125.8
94.7
97.3
111.6
143.2
135.3
129.1
138.4
119.2
128.3
67.3
Consumption of Coal by Electric Power Utilities in
July Amounted to 13.1% Over the Same Month
in 1928.
Coal consumption by the electric utilities in July continued at a rate much above the same month a year ago,
according to the U. S. Bureau of Mines, Department of
Commerce. The total consumption during the month was
3,585,058 net tons, as against 3,169,962 tons in July 1928,
an increase of 13.1%. The increase was due in part to
the growth in the demand for electricity and in part to a
temporary decline in the production of water power, caused
by abnormally low rainfall during June and July. In
July 1929 water power contributed only 38% of the total
output of electricity as against 43% in July 1928. The
increase in coal consumption, however, was not uniformly
distributed. It was largest in New England (23.4%), in
the Middle Atlantic States (21.4%), and in the southern
Rockies (44%). In Illinois-Indiana the increase was
only 1.1%.
New England
Middle Atlantic
Ohio
Southern Michigan
Illinois-Indiana
Lower Missouri Valley
Lake Dock territory
Southeast
Southwest
South Rocky Mountain_ _
North Rocky Mountain_
Pacific
Totals
62
150
85
37
116
164
117
158
97
986
P. C.
251,430
1,246,018
389,849
200,974
654,892
244,440
133,850
293,572
114,498
44,815
10,172
548
203,768
1,026,135
343,660
185,498
647,961
213,412
119,694
283,477
105,436
31.111
8,875
935
+47,662
+219,883
+46,189
+15,476
+6,931
+31,028
+14,156
+10.095
+9,062
+13,704
+1,297
-387
+23.4
+21.4
+13.4
+8.3
+1.1
+14.5
+11.8
+3.6
+8.6
+44.0
+14.6
-41.4
3.585.058
3.169.962
4415 naa
.1 1'1 1
Loading of Railroad Revenue Freight Still on the
Increase.
Freight traffic continues to be the heaviest ever reported
for this season of the year, the Car Service Division of the
American Railway Association announced on Sept. 11.
Loading of revenue freight for the week ended on Aug. 31
totaled 1,160,210 cars, the highest for any week so far this
year and also the highest for any corresponding week on
record. Compared with the same week last year, this total
was an increase of 43,499 cars. It also was an increase of
42,850 cars over the same week in 1927. The details are as
follows:
Grain and grain products loading for the week totaled 53,409 cars, a
reduction of 3,905 cars under the corresponding week last year and 7,138
cars under the same period in 1927. In the Western districts alone, grain
and grain products loading amounted to 38,753 cars, a reduction of 2,726
cars under the same week in 1928.
Ore loading amounted to 75,237 cars, an increase of 6,627 cars over the
same week in 1928 and an increase of 13,604 cars compared with the corresponding week two years ago.
Miscellaneous freight loading for the week totaled 463,731 cars, 18,875
cars above the same week last year and 36,115 cars over the corresponding
week two years ago.
Coal loading amounted to 192.906 cars, an increase of 14,817 cars over the
same week in 1928 and 2,267 cars above the same periOd in 1927.
Live stock loading totaled 26,817 cars, 873 cars below the same week
last year and 3,241 cars under the corresponding week in 1927. In the
Western districts alone, live stock loading amounted to 20,200 cars, a
decrease of 731 cars compared with the same week in 1928.
Loading of merchandise less than carload lot freight amounted to 266,636
cars, an increase of 3,200 cars above the same week in 1928. but 639 cars
below the same week two years ago.
Forest products loading totaled 69,778 cars, 2,889 cars above the same
week in 1928 and 319 cars above the corresponding week in 1927.
Coke loading amounted to 11.696 cars, an Increase of 1,869 cars above
the corresponding week last year and 1,563 cars over the same week two
years ago.
All districts except the Central-Western reported increases in the total
loading of all commodities compared with the same week in 1928. while
all except the Southern district showed increases over the same week in
1927.
Loading of revenue freight in 1929 compared with the two previous
years follows:
1927.
3.756.660
3.801.918
4,982.547
3,875,589
4,108,472
4,995,854
3,913,761
5,367.206
Chain Store Sales Continue To Rise.
Sales of 34 leading chain store companies for the month of
August totaled $188,697,082, an increase of $46,105,284,
or 32.33%, over the corresponding month last year, according to a compilation by Merrill, Lynch & Co. of this city.
The M. H. Fishman Co.; Safeway Stores, Inc.; Morison
Electrical Supply Co.; Lerner Stores Co.; Neisner Bros.,
Inc., and the National Bellas Hess Co. led all others in
point of percentage gain with increases of 156.97%,116.18%,
76.27%, 74.49%, 70.99%, and 62.67%, respectively. Safeway Stores, Inc., led all others in point of dollar gain with
an increase of over $10,500,000.
Sales of these same 34 chain store companies for the
eight months ended Aug.31 1929 amounted to $1,401,374,881
an increase of $307,460,811, or 28.10%, over the same
period last year. A comparative table shows:
Inc. + or Dec.
Net Tons.
1928.
3,448,895
3,590,742
4.752,559
3.740.307
4,005.155
4.924,115
3,944.041
5.348,407
35.341,011 33.754,221 34,802,007
Total
(As reported by the U. S. Geological Survey.)
Net Tons
Number Net Tons
of
Consumed Consumed
Plants. July 1929. July 1928.
1929.
3,570,978
3,767.758
4,807,944
3,983,978
4,205,709
5,260,571
4,153,220
5,590,853
Four weeks In January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Five weeks in June
Four weeks in July
Five weeks in August
CONSUMPTION OF COAL BY ELECTRIC PUBLIC UTILITY POWER
PLANTS IN THE UNITED STATES.
District.
1661
FINANCIAL CHRONICLE
SEPT. 14 1929.]
First Eight Months.
Month of August.
1928.
1929.
3
tears Roebuck__ 35,132,543
Vlontgomery Ward 24,955,313
F. W. Woolworth_ 24,446,010
Kroger Grocery___ x21,905,167
3afeway Stores__-_ 19,670,307
13,001,412
3. S. Kresge
7,438,331
National Tea
5,316,960
Kress
H.
3.
3,849,202
McCrory Stores
3,161,919
Nat. 13ellas Hess
2,478,206
Childs Co
2,405,004
J. J. Newberry Co_
McLellan Stores_ - 2,195,115
2,125,827
Corp.
Melville Shoe
Daniel Reeves,Inc. x2,122,983
1,825,000
Sup_
Auto
Western
1,730,879
F. & W. Grand
1,645,637
G.R. Kinney
1,612,221
Stores_
Met. Chain
1,432,487
Lerner Stores
1.342.557
Bros
Neisner
1,341,275
David Fender
1,338,231
Waldorf System _
1,273,230
G. C. Murphy Co_
998,312
Lane Bryant
718,345
Bros
Isaac Silver
710,010
Mangel Stores _ _
592.192
Best eg Co
533,000
Nedick's
371,800
Federal Bake Shops
349.152
Berland Shoe Stores
281,140
Edison Bros
215,033
M. H. Fishman
182,276
Morison Elec. Sup_
Totals
Inc.
1929.
1928.
Inc.
$
$
$
%
%
28,985,684 21.21 261,361.920 201,361,080 29.80
17,007,642 46.73 167,571,106 127.552,116 31.36
182,777,182
167,680,209 9.00
21,811,872 12.08
15,197,287 44.13 190,084,891 129,821,061 46.42
9,098,808 116.18 132,664.074 65,550,272 102.38
11,272.019 15.34 92,315,889 84,645,341 9.06
6,736,115 9.98 59,453,205 55,494,419 7.13
4,850,125 9.62 39,184,315 36,736,043 6.66
3314,928 23.57 26,174,474 23,614,743 10.83
1,943,669 62.67 29,104,379 24,428,275 19.14
2,217,224 11.77 18,057.217 17,393,143 3.81
1,599,982 50.31 15,283,443 10,603,625 44.13
1,667,435 31.65 12,923,282 9,859,842 31.07
1,696,787 25.29 22,345,280 20,591,313 8.51
1,915,802 10 81 16,617,598 13,711,240 21.20
1,475,000 23.72 10,124,154 7,663,224 32.11
1,235,829 40.00 12,513,542 8,854,394 41.32
1,436,395 14.57 12,713,454 11,438.242 11.14
993.481 62.28 9,736,919 7,175,316 35.70
820,928 74.49 10,864,654 7.011,448 54.96
785.166 70.99 8,233,377 5,267,342 56.30
1,121.972 19.54 10,240,211 9,319.157 9.88
1.170,062 14.37 10,482,297 9,527,701 10.07
872.827 45.87 8,877,977 6.434.841 37.96
678.229 47.19 10,197,487 7.474.226 36.43
459.622 56.29 4,534,735 3.541,668 28.03
553,239 28.33 6,655.153 4,969,566 33.92
482,725 22.68 7,526.849 6,629.831 13.53
523,000 1.91 y2,945.000 2,490.899 18.23
319,991 16.19 2,912,568 2,597,386 12.13
205,013 70.30 2,432,765 1,577,423 54.22
1,795,692 27.30
215,811 30.27 2,285,911
412,035 152.13
83,679 156.97 1,038,862
690,951 65.10
103,405 76.27 1,140,781
188,697,082 142,591.798 32.33 1401374 88111093914070 28.10
Four weeks. 9 Ten months.
Conditions In Pacific Southwest as Viewed By SecurityFirst National Bank of Los Angeles.
Business activity in Los Angeles and in Southern California generally, during August, was changed only slightly
compared with July, and was greater than in August 1928,
in most lines. The total volume of business in Los Angeles
during the month, as measured by check transactions, recorded a gain of 3.5% over July 1929, and of 26.6% over
August last year. Check transactions in seven Southern
California cities, exclusive of Los Angeles, showed a gain
of 11.3% during the first-four weeks of August compared
with the same period last year. Postal receipts in Los
Angeles during August were 4.1% greater than in the same
month last year and 1.3% less than in July 1929. This is
the introductory paragraph of the Monthly Summary of
Business Conditions in the Pacific Southwest territory compiled by the Research and Service Department of the Security-First National Bank of Los Angeles, and released for
publication Sept. 1. The summary continues in part:
The August production of the iron and steel and the petroleum industries
was maintained at approximately the high level of the preaeding month,
and was substantially greater than in August 1928. Activity in the
furniture and automobile tire factories was greater than in August last
year, although production was seasonally lower than in the recent months
of 1929. The August operations in the building industries and in affiliated
lines were carried on at lower levels than either in July 1929 or in
August 1928. The output of the meat and fish packing industries during
the month was slightly below the level of July 1929 and August 1928.
Distribution of commodities was carried on at a satisfactory level during
the month, although advance reports indicate that some lines of trade
showed a decline in volume during August compared with July 1929 and
August 1928. The value of shipments through the Los Angeles barber
during the month totaled $88,400,146, or an increase of a% over the
same month last year, and of 5% over the preceding month of this year.
The agricultural situation improved moderately in California during
August when earlier production estimates of the walnut, almond, apple,
1662
FINANCIAL CHRONICLE
apricot, peach, fig and pear crops were revised upward. Although the 1929
production of some crops will be less than in 1928, prices for many farm
products are substantially higher this year than last year, thereby indicating
that there will probably be little, if any, diminution in the total 1929
agricultural purchasing power. A further favorable factor in the agricultural situation was the announcement during the month that the Federal
Farm Board, the Federal Intermediate Credit Bank of Berkeley,
the
Security-First National Bank of Los Angeles and two other California
banks have agreed to furnish the Sun-Maid Raisin Growers' Association
a
credit up to a maximum of $9,000,000 with which to make advances
to
farmers on their 1929 raisin crop.
Banking.
The demand for credit for commercial and agricultural
purposes was
steady during August, according to figures of Los Angeles
banks which are
members of the Federal Reserve Bank of San Francisco. Total loans
of
these banks showed a decline of less than one-half
million dollars on
August 21, compared with July 24, and were 800
thousand dollars below
the weekly average loans outstanding during 1929 to
date. Loans on
securities increased more than 21
/
2 million dollars on August 21, compared
with July 24, whereas ''all other" loans declined three million dollars
over the same period.
Total deposits moved irregularly during the month, on August 21 were
nine million dollars, or 1% less than the figure
for July 24, and were
nearly 59 million dollars, or 7% less than the high
for 1929 recorded on
January 10. All classes of deposits were less on August 21
than on July 24.
Demand deposits declined 1 1/3 million dollars, or one-half
of 1%, time
deposits declined nearly 5/
1
2 million dollars, or 1%, and all other deposits
declined 214 million dollars, or 4%.
Concurrently with the decline in total loans and deposits, investment
holdings of the reporting member banks in Los Angeles were decreased
until on August 21 they stood at nearly 314 million dollars
below the
figure reported on July 24, and 451
/
2 million dollars below the high for
1929 registered on January 2.
The discount rate of the Federal Reserve Bank of
San Francisco was
unchanged at 5%, but that bank's buying rate for short term bankers'
acceptances was reduced from 5% to 51
/
4% on August 13.
Agricultural Department's Complete Official Report
on Cereals, &c.
The Crop Reporting Board of the United States Department of Agriculture made public on Tuesday afternoon,
Sept. 10, its forecasts and estimates of the grain crops of
the United States as of Sept. 1, based on reports and data
furnished by crop correspondents, field statisticians and cooperating State Boards (or Departments) of Agriculture.
This report shows that the production of corn is placed at
2,455,997,000 bushels, which compares with the Department's estimate of a month ago of 2,740,514,000 bushels
and with 2,835,678,000 bushels harvested in 1928 and a fiveyear average production of 2,746,740,000 bushels. The condition of corn on Sept. 1 was 67.9%, comparing with 78.8%
on Aug. 1 1929, 78.4% on Sept. 1 1928 and a ten-year average of 76.6%. Almost all of the crops show a decrease in
condition and production from a month ago, due to the widespread drought which affected nearly the whole country
The indicated production of durum wheat, other spring
wheat, oats, rice, pears and sugar beets, however, all have
increased somewhat over the estimate of a month ago. In
the case of spring wheat, the increase is 12,000,00 bushels.
We give below the report in full:
The crop situation has been considerably changed
by the widespread
drought which affected nearly the whole country during August
and caused
crop prospects to decline nearly 5% during
the month. Crop yields are
now expected to be 9% below yields
last year and 6% below the average
during the preceding ten years.
The national character of the drought is illustrated by the fact
that the
conditiOn of pastures on Sept. 1 was below the ten-year average condition
on that date in tui States except New Mexico, Arizona,
Utah and California, and the TJnited States average of 67 was the lowest pasture condition
recorded for September in 15 years or more. The dry weather favored
harvesting operations, but growing crops suffered in all States from Texas
to North Dakota and from Virginia to Oregon. The decline
in prospects
during the month was particularly severe in corn, buckwheat,flax
and grain
sorghums, but appears to have been shared by practically all fruits except
pears and citrus fruits, by most hay and forage crops, by potatoes,
sweet
Potatoes, cotton, tobacco, beans and various minor crops.
Since the first
of the month some of the dry
areas have had rains, but many crops are too
far advanced to be benefited
and some of the potato sections of Colorado
and the Northwest have already had frost. If elsewhere frosts do
not occur
till after the usual date, or the
fall weather is otherwise favorable, corn,
if
Potatoes and other late harvested crops may still show some
improvement;
but crop prospects as
reported on Sept. 1 indicate that yields below the
average yields of the last ten years
may be expected for all important crops
except hay, which mostly
matured before the drought, and sugar beets
and rice which are
irrigated. If prospects do not improve crop yields,
this year will average
about as low as those of any recent year except 1921
and possibly 1911.
Corn.
Corn prospects declined
sharply during August in practically all parts
of the country because of
unusually dry conditions which prevailed during
the month. Prospective
yield per acre of corn dropped five bushels or
more in PennsYlvania,
Michigan, North and South Dakota, Nebraska
and Kansas.
The condition of corn on
Sept. 1 was reported as 67.9% of normal, or
about 11 points lower than on
Aug. 1. and 10.5 points below the 78.4%
reported a year ago. Ordinarily
there is a decrease in condition of only
two to three points from Aug. 1 to
Sept. I. The ten-year average condition
of corn (1918-27) for Sept. his 76.6%.
The reported condition of corn on Sept.
1 was below the ten-year average
for that date in all Central States except
Minnesota, reaching as low as
20 points below average in Missouri and
Michigan and 27 points below in
North Dakota, where the corn crop has suffered
from drought throughout
the summer. The Sept. 1 condition was above to
ten-year average in
several Southern States, including North and South Carolina,
Florida,
Georgia. Mississippi and Louisiana.
[VOL. 129.
The forecast on the basis of the Sept. 1 condition is for a production of
2.455,997,000 bushels, which Is nearly 11% below the forecast of Aug. 1
and fully 13% below the final production estimate of last year of 2,835,678,000 bushels.
The Sept. 1 forecast shows a prospective production in the Eastern Corn
Belt States about 16% below last year's harvest, while in the Western Corn
Belt States it was 17% less. In the South Atlantic States a prospective
crop about 4% higher than last year's short crop was indicated, while in
the South Central States a decrease of 6% was shown by the September
forecast.
Wheat.
The 1929 wheat crop is now given at 786,000,000 bushels, which is
13%
less than the 1928 crop and 3% below the average of the preceding five
Years. The present estimate is about 12,000.000 bushels greater than the
forecast a month ago, all of the increase being in Durum and other spring
wheat, no estimate being made for winter wheat as of Sept. 1. Most of the
Western States show slight increases over a month ago, but the principal
increase occurred in Minnesota and the Dakotas, where yields now appear
slightly better than anticipated on Aug. 1. While the drought continued
during August, the crop, with the exception of some Durum wheat in
North Dakota, was matured on Aug. 1.
The 1929 Durum wheat crop is now indicated to be 53,000,000 bushels.
which is about 40% less than the 1928 crop and 12% less than the average
production during the previous five years.
The spring wheat crop other than Durum is indicated at 164.000.000
bushels, which is about 30% less than production last year and 18% less
than the average production of 1923-27.
Oats.
The prospective oat crop of 1,205,000,000 bushels estimated for Sept. 1
shows practically no change from the forecast of a month ago. During
August moderate decreases occurred in the East North Central and slight
increases in the West North Central States except Missouri. The crop
matured early and suffered no serious additional injury from the dry weather
of the past few weeks. This year's crop Is about 244,000,000 bushels below
last year's production of 1,448,677.000 bushels and 140,000.000 bushels
below the five-year average.
Barley.
The barley crop is now estimated at 304,143,000 bushels, which Is about
the same as the forecast of a month ago. The acreage of barley
has been
increasing rapidly during the last few years, but the drought has
reduced
the yield, particularly in the Dakotas, Colorado and Montana.
Barley is
now expected to be about 52,000,000 bushels less than
the record crop harvested last year. The yield is expected to average 22.4
bushels per acre.
compared with the 28.5 bushels harvested last year and an average
of 24.8
bushels during the preceding ten years.
Buckwheat.
The forecast of buckwheat production shows a decline of almost
a million
bushels during August, decreases being indicated for all Important
States.
A rather light crop is now expected, the forecast being 12,523,000 bushels,
compared with 13,148,000 bushels harvested in 1928 and an average of
13.949.000 bushels during the previous five years.
Flaxseed.
Prospects for flaxseed declined about a million and a half bushels, or 9%
during August. The decline was shared by all the important producing
States, but was most severe in North Dakota and Montana. The crop is
now estimated at 16,388,000 bushels, compared with 18,690,000 bushels
last year and an average of 23,243.000 during the preceding five years.
From present indications the yield per acre will average only 5.3 bushels,
which is below the yield in any year since 1919.
Rice.
Prospects for rice are a little better than they were a month ago, the
declines in Arkansas and California being more than offset by improvement
in the Louisiana crop. The forecast is now 35.285.000 bushels, compared
with 41,881.000 bushels harvested last year and the five-year average of
37,051,000 bushels. The yield this year is expected to be about the usual
average, the reduction in production being due to the planting of a smaller
acreage.
Grain Sorghums.
Continued dry weather during the month resulted in a further decrease
of about 20% in the prospective crop of grain sorghums. The condition
dropped from 73.3% on Aug. 1 to 56.4% on Sept. 1, the lowest September
condition since 1918, and the production seems likely to be the lowest since
that year. Combining grain sorghums harvested for various purposes, It is
estimated that the crop will be equivalent to about 92.233,000 bushels, as
compared with the equivalent of 142.533,000 bushels produced last year
and an average of nearly 123.000,000 bushels during the preceding five years.
This represents a material decrease in the feed and forage supply in the
Southwest.
Hay.
With the exception of portions of the Great Plains area, a fair crop of
hay was produced before the drought became severe, but August weather
sharply reduced the yield of alfalfa, second-growth clover, millet, cowpeas
and other varieties of hay harvested late in the season. The total production of tame hay is now forecast at 93,600,000 tons. This represents a
reduction of more than 5,000,000 tons from the large crop that seemed In
sight the first of July. From Ohio west to Iowa an unusually large tonnage
of timothy and clover has been harvested, but this is offset by a rather light
hay crop from Minnesota and Arkansas west, so that the total tonnage
harvested in the country as a whole will be almost the same as last year
and also very close to the average of the preceding five years.
The preliminary estimate of the yield of wild hay is .94 ton as compared
with .98 ton last year and the ten-year average of one ton. The Sept. 1
estimated production of 12,419,000 tons compares with 12,915,000 tons
produced last year and with the five-year average of 14,368,000 tons. Yields
were very low in the Dakotas and rather light in Minnesota, Montana.
Arkansas and Oklahoma, but in most other important States they averaged
rather better than usual.
Pasture.
The decline in the condition of pastures during August exceeded the de
cline in any previous month on record since June 1911. The decline was
severe In all parts of the country except the far Southwest, and that is the
only part of the country where the condition is not below that usually reported at this time of the year.
Beans, Dry Edible.
Drought In Michigan and Montana has caused the forecast of bean production to be reduced 373,000 bushels since last month, notwithstanding
substantial increases in all of the Western bean-producing States, except
Montana. The Sept. 1 forecast of 17,254,000 bushels compares with 16.621.000 bushels produced in 1928 and an average of 17,100,000 bushels
during the preceding five years. The acreage is above that harvested in
SEPT. 14 1929.]
FINANCIAL CHRONICLE
any year since 1918. but the yield is expected to be about 11% below that
usually secured, chiefly because of the poor crop in Michigan.
Apples.
The apple crop is now estimated at 145,523.000 bushels, prospects being
reduced about 2% by the hot dry weather of August. The crop is now expected to be about 40 million bushels below that of last year and nearly
that much below the average production during the previous five years.
Production will nowhere be heavy, but in Virginia, Maryland, Northern
New England and in some of the Western States the crop will be a little
above average. The September forecast of commercial apples is 29,473.000
barrels, which is about 1% less than the August forecast, but is nearly 16%
below last year's crop of 35,268,000 barrels. Washington, the leading
apple State this year, has only about an average crop. New York,second
In importance, has a commercial crop 16% less than that oflast year with a
much larger proportion of Ilaldwins and McIntosh. In Virginia only a
Part of the crop has suffered from dry weather and the crop is sizing up
better than usual.
Peaches.
The peach crop deteriorated during August in nearly all Sttaes, chiefly
as a result of dry weather, and the September forecast of 44,374,000 bushels
is 2% less than the August report of 45,362,000 bushels. Last year the production was 68,374,000 bushels and the five-year average is 52,224,000
bushels. In Illinois and Arkansas the crop turned out slightly larger than
had been expected, while in New York and Michigan the dry weather retarded growth so the size of the fruit will be smaller than usual. The quality
of Peaches in the Southeast was so poor that shipments did not come up to
expectations. As indicated by earlier reports, the California crop is light,
the September forecast being only 12.781.000 bushels compared with
25,752,000 bushels last year and 17,808,000 bushels the average for five
years, 1923-27.
Pears.
During August dry weather retarded the growth of pears in Illinois,
Michigan and New York, so the outlook in these States is not as good as
It was a month ago, but during the month prospects improved in the Pacific
States, which have nearly 60% of this year's pear crop: so the forecast has
been increased slightly. The crop is now estimated at 20,056,000 bushels,
compared with 24.012,000 bushels last year and an average of 20,211,000
during the previous five years.
Grapes.
Prospects for grapes declined slightly during August in all important
States except New York. The total crop is now estimated at
2.032,000
tons, compared with 2,671,000 tons produced last year and an
average Production during the previous five years of 2,250,000 tons. The present estimates include 1.000,000 tons fresh weight of raisin varieties in California,
compared with 1.406,000 tons last year, 420,000 tons of wine varieties
compared with 482,000 tons last year, and 350.000 tons of table varieties
compared with 478,000 tons produced last year. The sharp decrease in all
varieties was due chiefly to the frost of last spring. The grape crop outside
of California is now placed at 262,000 tons compared with 305,000 tons
last year.
Potatoes.
Prospects for potatoes were reduced considerably by drought during
August and the September forecast of 349,112.000 bushels is 23,700,000
bushels, or about 6% below the August report. Last year's large crop was
464,483,000 bushels, and the average production for the previous five years
is 382,756,000 bushels. The decline was general except in the New England
and a few Western States. This year's forecast is the lowest in ten years
except for the 1925 crop, which amounted to only 320,915,000 bushels.
The crop of the 19 surplus late potato States is estimated at about 239.000,000 bushels, compared with 311.000.000 bushels produced last year.
Production in 16 deficient late potato States is estimated at about 79,000,000
bushels compared with 111,000.000 bushels last year. In the 13 Southern
States the production is estimated at about 31,000,000 bushels as compared
to about 42,000,000 bushels produced in 1928.
Sweet Potatoes.
Sweet potato prospects declined during August as a result of dry
weather
In a number of the most important States. The September
forecast of
75,198,000 bushels is 4% lass than the 1928 crop. The outlook is unfavorable in the important shipping States of Virginia, New Jersey and Tennessee,
and prospects have declined sharply in the large producing States of
Texas,
Arkansas, Alabama and Mississippi, but in the Carolinas, Georgia
and
Louisiana t e weather has been more favorable and yields are expected to
approximate the usual average.
Tobacco.
The condition of tobacco on Sept. 1 is reported at 74.1%. compared
with
76.4% on Aug.l. The outlook for production has declined 57 million
pounds, from 1,519,383,000 pounds on Aug. 1 to 1,462,321,000 pounds
on Sept. 1.
Flue Cured.-The condition of flue-cured tobacco in the Old Belt is reported at 80%, whereas in the New Belt the condition on Sept. 1 was 73%.
Flue-cured tobacco is estimated to produce 752,325,000 pounds, compared
with 741,011,000 produced in 1928.
Fire-cured Types.-Virginia fire cured with a condition of 80% is estimated to produce 24,780,000 pounds, compared with 21,965,000 pounds a
year ago. The tobacco appears to have more body and better
quality
than that of 1928.
Clarksville and iropkinarille -Condition on Sept. 1, 80%. Estimated
production 95,500,000 pounds, compared to 75.500,000 pounds in 1928.
Increases in acreage were made in this and all other dark-fired types.
Paducah.-The Sept. 1 condition o'86% indicates a total production of
44,785,000 pounds, compared with 28,825.000 pounds harvested in 1928.
Heavy increases in acreage, exceptionally good stands and relatively high
condition accounts for the 16 million pounds' increase in production.
Henderson.-Condition reported to be 82% on Sept. 1. Prospective production 8,600,000 pounds, compared with 6,000.000 pounds produced in
1928.
Burley.-Estimated production 300,203,000 pounds, compared with
272,718,000 pounds produced in 1928. Sept. 1 condition reported at 66.
The low condition is a result of the August drought in central Kentucky,
which reported a condition of 61. The production of burley in this State is
estimated to have been cut approximately 37,000.000 pounds since Aug. 1.
Sugar Crops.
Sept. 1 reports indicate that the total production of beet sugar and
Louisiana cane sugar will be about 1.234.000 short tons or about 26.000
short tons more than the forecast of a month ago.
Sugar beet production is now forecast at 7,865,000 tons of beets, compared
with 7,101,000 tons last year. The present forecast is lower than that or
Aug. 1 in most of the Lake States and higher in most of the Western States
except California and Nebraska. Condition is reported as 90 or better in
South Dakota, Nebraska, Wyoming, Colorado and Utah. If an average
extraction of sugar is obtained, about 1.022,000 short tons of beet sugar
may be expected from this year's beet crop compared with 1,061,000 short
1663
tons made from the 1928 crop and an average of 975.000 short tons from
the previous five beet crops.
The forecast of Louisiana cane sugar production is lowered 6,000 short
tons from Aug. 1, being now forecast at 212,000 short tons, compared with
132,000 short tons from the 1928 crop and an average of 101,000 short tons
from the previous five cane crops. In making this forecast it is assumed
that about 23,500 acres of cane in Louisiana will be used for sirup and about
173,000 acres for sugar. The present condition of 83% of normal indicates
a production of about 7,792.000 gallons of cane sirup in Louisiana. compared
with 6,700.000 gallons made from the crop of 1928, when about 20,300 acres
were used for sirup and 115.000 acres for sugar.
The production of sugar cane sirup in eight Southern States, including
Louisiana, is now forecast at 22,700,000 gallons. compared with 20,400.000
gallons in 1928 and an average of 23,800,000 gallons during the previous
five years.
Sorge.(sorghum)sirup production is forecast at nearly 25,000.000 gallons,
compared with 27,000,000 gallons last year and average of 29,300.000 galons during the previous five years.
Peanuts.
The September forecast of peanut production is 849,100,000 pounds compared with the crop of 809,060,000 pounds in 1928 and 864,549,000 in 1927.
The total area from which nuts will be gathered is estimated to be 1,217,000
acres, which is an increase of3% over last year's acreage of 1,180,000 acres.
In Virginia, North Carolina and Tennessee, which grow the large type nuts,
the production is forecast at 377.456,060 pounds. compared with last year's
crop of337,970.000 pounds. The acreage to be harvested in the Southeastern
States is reported to be less than last year. The Western States report a large
Increase in acreage, but no material increase in production. The indicated
production of Spanish type nuts expected there because of the drought in
that area is about the same as last year when the crop was 471.000.000
pounds.
Broomcorn.
Broomcorn condition on Sept. 1 was 66.5% compared with 78.3% a year
ago and 71.7% the ten-year average. The forecast is 46,700 tons compared
with 54,500 tons produced last year and an average of 56,571 tons during
the previous five years. This year Illinois and Oklahoma have much
smaller crops than usual, due to smaller acreage and decreased yields.
Kansas, Colorado and New Mexico show about average yields on largely
increased acreages.
CROP REPORT AS OF SEPT. 1 1929.
The Crop Reporting Board of the United States Department of Agriculture makes the following forecasts and estimates for the United States from
reports and data furnished by crop correspondents, field statisticians and
co-operating State Boards (or Departments) of Agriculture and Agricultural Colleges:
Total Production in Millions.
CondUton.
Crop.
Harvested.
Sept. 1
10-Yr.
Aver. Sept. 1 Sept. 1 5-Year
Aver. 1928.
1918-27 1928. 1929.
Per Ct. P. Ct. P. Cl. 1923-27
Indicated by
CondUion (a)
Aug. 1 Sepi.1
1929 1929
78.4 67.9
2,747 2,836 2.741 2,456
bush. 76.6
Corn
549
578 13568 b568
-Winter
93
49
so
81.13 61.3
53
wheat,4 States " c74.8
Durum wheat-200
231
156
164
82.1 58.4
spr. wheat. U.S_ " d70.1
0th.wheat81
0
902
774
786
All
1,345 1,449 1,203 1.205
874:4 7-4:6
777:2
"
Oats
209
357
304
304
84.4 68.8
77.7
"
Barley
54.8
41.7 1341.0 1341.0
Rye
13.9
13.1 13.5 12.5
81:i 8-3:i
''
Buckwheat
23.2
18.7 18.0 16.4
77.4 52.9
71.0
"
Flaxseed
37.1
41.9 34.8 35.3
83.0 83.4
84.1
"
Rice,5 States
122.9
142.5
56.4
115.1 92.2
78.1
76.0
"
(e)
sorghums
Grain
92.8
93.0 97.4 93.6
81.7 82.3
tons c81.7
Hay, all tame
14.4
12.9 12.4 1312.4
--------Hay, wild
c2.56
1.36
80
83.6
Timothy seed
Clover seed (red and
1.09
1.06
75.5
67.6
77.4
"
alsike)
.60
c.98
61.0 57.4
_
Alfalfa
-83.3 67.1
seed-78.5
"
Pasture
17:1
1
6
-.8 -1-7-i -177:3
68.7
67.5
74.3
_bush
(e).
Beans, dry edible
718
809 _
849
76.0 74.2
75.8
lbs
Peanuts ((or nuts)
183
186
iii
146
60.1 47.7
57.3
Apples, total crop____bush
32.5
35.3 29.7 29.5
62.5 51.7
Apples, com'l crop_--_bbls c60.5
52.2
68.4 45.4 44.4
71.2 48.2
_-_
Peaches. total crop_ _ _bush
20.2
24.0 19.8 20.1
88.5 58.5
85.1
"
Pears, total crop
82.25 82.67 82.06 82.03
83.3 65.4
tons 79.6
Grapes
42.0
c33.9
55.7 42.7
lbs 49.6
Pecans
383
464
373 349
83.0 68.9
76.2
bush
Potatoes
78.0
77.7 80.1 75.2
77.2 72.9
77.5
"
Sweet potatoes
1,331
1,378
1.519
1,462
74.1
74.5
77.6
lbs
Tobacco
c7.46
7.10 7.62 7.86
85.7 86.5
tons 85.9
Subar beets
27.0
29.3
27.5
66.6
25.0
72.4
77.0
gals.
for
sirup
Sorgo
tom, 71.7
76.3 66.6
g56.6 454.5 448.4 g46.7
Broomcorn (e)
27.6
32.7 31.6 32.1
88.7 89.5
lbs. 86.3
Hops (e)
a Indicated production increases or decreases
d All spring wheat.
the season. b Preliminary estimate. c Short time average.
raisins, including some
e Principal producing States. f For fresh fruit, ju ce and
not harvested In 1928 and earlier years. a Thousands of tons.
ii.a
Croy.
Acreage for Harvest.
Yield per Acre.
1929.
5-Year
Aver.
1023-27 l'er Ct.
1,000
of
1,000
Acres. 1928. Acres
Indicated by
Conen
10-Year
Aver. 1928. Sept. 1
1929.a
1918-27
Harre.fed.
28.2 25.0
27.8
bush. 100,899 97.7 98,333
Corn
16.0 1314.2
14.9
" 36,244 110.2 39,885
Winter wheat
9.9
13.8
12.4
4,732 79.8 5,357
"
Durum wheat, 4 Stated
.85.6 10.6
Other spring wheat, U.S
" 14,965 104.5 15,514 c12.6
15.6 12.9
14.1
All wheat
" 55,941 105.260,756
31.0
34.7 30.0
" 42,816 96.4 40,222
Oats
24.8
28.5 22.4
8,041 108.5 13,595
"
Barley
13.6
12.1 1312.5
"
4,105 95.5 3,284
Rye
18.9
783
17.6 16.0
"
747 104.5
Buckwheat
2,861 117.2 3,092
7.5
7.1
5.3
"
Flaxseed
881
928 91.3
39.3
43.4 40.1
Rice, 5 States
"
6,561 91.8 6,286 e20.4
21.9 14.7
Grain sorghums (d)
tons 59,646 104.0 60,054
1.52
1.61 1.56
Hay, all tame
bush. e674 --- - ---___
3.8
__ _
Timothy seed
823 --------1.46
1.56
__"
Clover seed (le(l Sr alsike)
"
e280___ ____
3.47
2.5
Alfalfa seed
"
1,555 110.0 1,735
13:111
11.2
10.5
Beans, dry edible (d)
lb' 1,005 103.1 1,217
697
Peanuts (for nuts)
686 698
bush
3,359 87.9 3,370 106.4
121.2 103.6
Potatoes
842 100.5
814 95.0
95.9 92.4
Sweet potatoes
lbs
1,716 105.7 2,003
730
727
779
Tobacco
tons
e715 110.2
11.0 11.1
10.1
Sugar beets
710
gals
734 101.1
77.5 70.9
352 81.3
Sorgo for strut)
TS
311
346 100.7
366
Broomcorn (d)
300
315
1.211 1,254 1,280
25
21 96.2
Hops (d)
a Indicated yield Increases or decreases with changing conditions during the
mason. b preliminary estimate. c All spring wheat. d Principal producing
States. e Short time average.
1664
FINANCIAL CHRONICLE
Labor Outlook As Viewed by C. J. Hill of Management
and Labor Department, Babson Statistical Organization-Danger in Increasing Installment
Selling.
At the 16th Annual National Business Conference,. at
Babson Park, Mass., Sept. 6, Creighton J. Hill, Director of
Management and Labor Department, of the Babson Statistical Organization, had the following to say on the labor
outlook:
[VOL. 129.
the week amounted to 62,604,000 feet (previous week 70,127.000 for 149
mills reporting); shipments 60,345.000 feet. (previous week 72,157,000):
and production 69,247,000 feet, (previous week 70.057,000). The 3-year
average production of these mills is 79,543,000 feet. Orders on hand at the
end of the week at 114 mills were 163.256,000 feet. The 138 identical mills
reported a decrease in production of 7%,and in new business a decrease of
6% as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore., reported production from 38 mills as 33,193,000 feet. shipments 2'7,522,000
and new business 23,284,000 feet. Thirty-six identical mills reported
production 10% less, and new business 27% less than for the same week
last year.
The California White and Sugar Pine Manufacturers Association, of San
Francisco, reported production from 17 mills as 18,885,000 feet, shipments
17.344,000 and orders 12,495,000 feet. The same number of mills reported
a 17% reduction in production and orders, compared with 1928.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from 9 mills as 8,466,000 feet.shipments 7,664,000 and
new business 6,654,000. The same number of mills reported a decrease in
production and new business of 18%, compared with the corresponding
week a year ago.
The Northern Hemlock and Hardwood Manufacturers' Association of
Oshkosh, Wis., reported production from 25 mills as 4,663,000 feet, shipments 2,401,000 and orders 2,140,000. The same number of mills reported
Production of 25% more, and orders 14% less than for the same period of
1928.
The North Carolina Pine Association of Norfolk, Va., reported production from 100 mills as 11,854,000 feet, shipments 11,397.000 and new business 9,526,000. Forty-seven mills reported a decrease in production of
9% and in new business of 52% in comparison with 1928.
The California Redwood Association of San Francisco reported production from 13 mills as 7,592,000 feet, shipments 6,312,000 and orders 6,109.000. The same number of mills reported an increase in production of 35%
and in orders of 25% compared with the same week last year.
Our increased standards of living which we so frequently boast of are
steadily moving away from the essentials of civilized living and in directions which are fundamentally unhealthy in our development as a people.
Furthermore, in our insatiable pursuit of more and more things we are
going into debt at a rate which is positively alarming. All this is
camouflaged successfully behind the surfaces of our present prosperity, but
a business depression would to-day have a more serious effect on a greater
number of people than any previous depression in the history of the
country.
Our credit situation is overstrained. Just so long as employment and
wages hold up at present levels there will be no trouble. But with any
definite sagging in purchasing power will come the reckoning. Bootleg
financing in the form of installment selling goes on increasingly with no
check upon it. A financial panic is to-day practically impossible, thanks
to the Federal Reserve Act. But no regulation of this tremendous reservoir of installment credit exists. When the next depression comes we will
discover that the American people have tended too much to spend earning
power before it actually came into existence.
The present employment outlook for the remainder of the year and into
the Spring of 1930 is satisfactory. Payrolls should also hold up well
during this period. Living costs are to-day lower than at any time in
the past five years, and with wage trends tending slightly upward, this
Hardwood Reports.
means that purchasing power should be well sustained.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
Industrial disturbances-with the exception of Southern textxile strikesare at a minimum, and in any labor troubles which may take place next production from 198 mills as 44,534,000 feet, shipments 38,755,000 and new
year we do not expect any serious consequences. Labor is not in the business 40,132,000. 'Reports from 188 mills show an increase in producsaddle in American industry at the present time, and the present outlook tion of 19% and new business of 5% in comparison with 1928.
The Northern Hemlock and Hardwood Manufacturers' Association of
is that the, buyer's market in labor will continue for some time to come. .
The present labor murder trial in Gastonia, S. C., is an unfortunate Oshkosh, Wis., reported production from 25 mills as 3,065,000 feet, shipaftermath to the series of textile strikes throughout the South during ments 4,600,000 and orders 4.730.000. The same number of mills report
recent months. It constitutes one more of the human tragedies which a decrease in production of 6% and an increase in orders of 52% compared
seem inevitable in the growth of an industry. The Gastonia case is similar with the same week a year ago.
to the Ettor-Giovannitti trial that followed the famous 1912 textile strike CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED SEPT. 7 1929, AND FOR
in Lawrence, Mass.
36 WEEKS TO DATE.
Production, Shipments, P.C. of Orders P•Col
AssociationM.Feet.
M. Feet. Prod. M.Feet. Prod.
Southern Pine:
Lumber Orders Below Production.
Week-155 mill reports
90
62,604
69,247
60,345 87
Reports to the National Lumber Manufacturers' Associa36 weeks-5,358 mills reports_ .. _ _ 2,414,002
2,430,063 101
2,443,746 101
tion indicate a heavy falling off in lumber orders for the West Coast Lumbermen's:
Week-218 mill reports
88
146,181
166,169
148,161
89
week ended Sept. 7. Orders were 16% below production
36 weeks-7,194 miii reports
6,430,375 102
6,293,442
6,382,588 101
in the case of 571 softwood mills. Shipments were 12% Western Pine Manufacturers:
Week-38 mill reports
70
23,284
33,193
27,522 83
below production. New business received by 223 hardwood
36 weeks-1,365 mill reports
96
1,200,524
1,246,814
1,260,189 101
mills was 6% and shipments were 9% under production. California White
& Sugar Pine:
Week-17 mill reports
Unfilled softwood orders, as reported by 456 mills, remained
66
12,495
17,344
92
18,885
36 weeks-926 mill reports
994,671 102
969,290 100
971,403
at the equivalent of 21 days' production, the same equivaNorthern Pine Manufacturers:
lent reported by 467 softwood mills a week previous. A
Week--9 mill reports
79
6,654
91
7,664
8,466
36 weeks-324 mill reports
group of 337 identical mills gives production as 6% more
299,675 109
313,462 114
276,038
Northern Hemlock & Hardwood (softwoods):
and current orders as 5% less than a year ago.
Week-25 mill reports
46
2,140
2,401
51
4,663
Lumber orders reported for the week ended Sept. 7 1929 36 weeks-1,494 mill reports
140,838
83
153,438
90
170,540
by 571 softwood mills totaled 268,993,000 feet, or 16% North Carolina Pine:
Week-100 mill reports
80
9,526
96
11,397
11,854
below the production of the same mills. Shipments as re- 38
weeks--2,805 mill
90
327,563
97
354,458
365,188
ported for the same week were 281,146,000 feet, or 12% California Redwood: rePorts
Week-13 mill reports
6,109 80
6,312
83
7,592
below production. Production was 320,069,000 feet.
36 weeks-503 mill reports
286,931 107
269,736 100
268,689
Reports from 223 hardwood mills give new business as
44,862,000 feet, or 6% below production. Shipments as
reported for the same week were 43,355,000 feet, or 9%
below production. Production was 47,599,000 feet. The
Association's statement further stated:
Unfilled Orders.
Reportsfrom 456 softwood mills give unfilled orders of 1,087,206,000 feet,
on Sept. 7. 1929, or the equivalent of 21 days' production. This is based
upon production of latest calendar year,300-day year. and may be compared
with unfilled orders of 467 softwood mills on Aug. 311920. of 1,125,739.000
feet, the equivalent of 21 days' production.
The 337 identical softwood mills report unfilled orders as 816.048,000
feet, on Sept. 7 1929, as compared with 848,846,000 feet for the same week
a year ago. Last week's production of 387 identical softwood mills was 242,162,000 feet, and a year ago it was 233,179,000 feet; shipments were respectively 218,585,000 feet and 254,716,000; and orders received 208,251,000 feet and 225,632,000. In the case of hardwoods, 213 identical mills
reported production last week and a year ago 45,302,000 feet and 38,679.000; shipments 41,428,000 feet and 40.794,000; and orders, 42,773,000
feet and 39.196,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 217 mills reporting for the week ended Sept. 7, totaled
148,161,000 feet, of which 41,407.000 feet was for domestic cargo delivery,
and 26,726,000 feet export. New business by rail amounted to 62.383,000
feet. Shipments totaled 146,130,000 feet, of which 44,079,000 feet moved
coastwise and intercoastal. and 25,592,000 feet export. Rail shipments
totaled 58,864.000 feet, and local deliveries 17,645,000 feet. Unshipped
orders totaled 660,869,000 feet, of which domestic cargo orders totaled 265.feet, foreign 218.600,000 feet and rail trade 176,824,000 feet.
Weekly capacity of these mills Is 249,835,000 feet. For the 35 weeks ended
Aug. 31, 139 identical mills reported orders 4.5% over production, and
shipments were 3% over production. The same mills showed a decrease
In inventories of 9.2% on Aug. 31, as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 151
mills reporting, shipments were 13% below production, and orders 10%
below production and 4% above shipments. New business taken during
Softwood total:
Week-57I mill reports
320,069
36 weeks-49,969 rnill reports_ _ _ _12,006,116
Hardwood Manufacturers Institute:
Week-198 mill reports
44 534
36 weeks-7,551 mill reports
1,428,194
Northern Hemlock dc Hardwood:
Week-25 mill reports
3,065
36 weeks-1,494 mill reports
406,658
88
101
268,993
12,110,640
84
101
38,755 87
1,479,930 104
40,132
1,486,770
90
104
281,146
12.146,917
4,600
318,826
150
78
4,730
300,655
164
74
43,355
1,798,756
91
98
44,862
1,787,434
04
97
Grand total:
Week-769 mill reports324,501
36 weeks-27,520 mill reports...A3,840,968
367668 13,045,673
88
101
313,855
13,898,074
85
100
Hardwoods total:
Week-223 mill reports
36 weeks-9,045 mill reports
47,599
1,834,852
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 217 mills for the week ended Aug. 31 1929
show that orders and shipments were 0.05% and 0.71%,
respectively, below output which totaled 196,217,091 feet
The Association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS, AND SHIPMENTS.
217 mills report for week ended Aug. 311929.
(All mills reporting production, orders, and shipments.)
Production
196,217,091 feet (100%)
Orders
196,130,563 feet (0.05% under production)
194,824,369 feet (0.71% under production)
Shipments
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (299 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to date.)
Actual production week ended Aug. 31 1929
223,447,463 feet
203,610,375 feet
Average weekly production 35 weeks ended Aug. 31 1929
203,870,120 feet
Average weekly production during 1928
209,667,864 feet
Average weekly production last three years
292,062,238 feet
• Weekly operating capacity
• Weekly operating capacity is based on average hourly production for the 12
last months preceding mill check and the normal number of operating hours per week.
SEPT.
1665
FINANCIAL CHRONICLE
14 1929.]
IDENTICAL MILLS-1929.
WEEKLY COMPARISON (IN FEET) FOR 212
and shipments are complete for the
(All mills whose reports of production, orders
last four weeks.)
Aug. 10.
Aug. 17.
Aug. 24.
Aug. 31.
Week Ended193,085.391 193,6064)39 189,365,086 191,453.209
Production
3
192,061,973 169,057;972 176,209,712 157,086,10
Orders
65.811.417
69,765,174
87,736.419
69,948.532
Rail
48,366,844
61,488,143
48,039,124
61,024,041
Domestic cargo
30,634,034
32,774,730
40,421.407
41,415,374
Export
12,273,808
12,181,665
12,861,022
19.674.026
Local
192,858,747 169,518,359 185,608,918 160,174,932
Shipments
70,016,138
71,749,938
71,288,836
76,339,958
Rail
46,713.489
46.816,644 60,611,590
59,583,353
Domestic cargo
31,171,517
41,065,725
38,551,857
37.261,410
Export
12,273.808
12,181,665
12,861,022
19,674,026
Local
649,100,698 653,683,251 662,729.531 677,009,466
Unfilled orders
188.285,657
184,987,970
171,356,491 178,710;492
Rail
260,241,615 259,621,346 251.150,004 260,795.058
Domestic cargo
217,502,592 215,351,413 216,591,557 227,928,751
Export
112 IDENTICAL MILLS.
orders, and shipments are complete for
(All mills whose reports of production,
1928 and 1929 to date.) •
Average 35
Average 35
Weeks Ended
Weeks Ended
Week Ended
Sept. 1 1928.
Aug. 311929. Aug. 311929.
113,886,068
110.366,586
118,523,270
Production (feet)
121,636,330
113,251,216
123,957,309
Orders (feet)
122,511,170
113,876,276
121,998,875
Shipments (feet)
BOARD OF TRADE
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO
FOR AUGUST 1929 (BUSHELS).
amount open on the long side.)
(Short side of contracts only, there being an equal
August 1929.
Wheat.
Corn.
00.15.
215,550,000 51,203,000 *37,525,000
216,397.000 a51,488,000 39,404,000
215,787,000 50,795,000 39,959,000
Rile.
Total.
*9,545,000 313,823,000
9,900,000 317,189,000
10,414,000 316,955,000
1
2
3
4 Sunday
0
216,984,000 50,375,000 40,273,000 10,782,000 318,414,00
5
217,450,000 49,234,000 39,928,000 11,270,000 317,882,000
6
0
310,794,00
11,361,000
40,284,000
212,346,000 46,803,000
7
211,532,000 47.281,000 40,583,000 11,316,000 310,712,000
8
00
*309,032,0
11,439,000
40,707,000
46,586,000
*210,300,000
9
211,679,000 47,124,000 41,143,000 11,631.000 311,577,000
10
11 Sunday
214,476.000 47.285,000 41,377.000 12,187,000 315.325,000
12
0
216,103,000 47,818,000 40,997.000 12,267,000 317,185,000
13
216,821,000 46,464,000 41,232,000 12,714,000 317,231,00
14
0
315,443,00
12,712,000
217,542,000 44,218,000 40,971,000
15
0
217,060,000 44.742,000 41,698,000 12,840,000 316,340,000
16
12,629,000
316,784,00
42,557,000
216,789,000 44,809,000
17
18 Sunday
216,780,000 44,982,000 43,113,000 12,872,000 317,747,000
19
219,594,000 *43,955,000 43,296,000 13,050.000 319,895,000
20
0
221,364,000 4 4,310,00 43,265,000 13,389,000 322,308,000
21
221,537,000 44,863,000 43,331,000 13,380.000 323,111,000
22
46,057,000 43,756.000 13,402,000 327.565,00
224,350,000
23
0
222,299,000 46,550,000 44,287,000 13,376,000 326,512,00
24
25 Sunday
47,352,000 44,593,000 13,598,000 328,839,000
223,296,000
26
328,201,000
223,378,000 46.692,000 44,467,000 13,664,000
27
0
a225,257,000 46,859,000 44,591,000 13,572,000 330,279,000
28
46,957,000 45,250,000 13,525,000 328,657,00
222,925,000
29
0
/330,447,00
13,664,000
a45,556,000
224,049,000 47,178,000
30
321,685,000
215,550,000 46,978,000 45,446,000 a13,691,000
1929 (116 mills). 31
24
AUG.
END.
WEEK
TION
DISTRIBU
DOMESTIC CARGO
Average0
218,044,000 46,998,000 42,208.000 12,377,000 319,627,00 0
Unfilled
August 1929
Orders on
9.005.000 2213,256,00
111,279.000 79,207,000 26,765,000
Orders
August 1928
Hand Re7,975,000 252,651,000
23,220,000
48,567,000
172,880,000
ShipEnded
Week
CancelOrders
gtreg Week
July 1929
9,334,600 205,081,000
129,161,000 51,210,000 15,376,000
menls. Aug.24'29. June 1929
lations.
Aug.24'29. Received.
8,696,000 210.949,000
128,261,000 54,897,000 19,095,000
May 1929
8,971,000 249,271,000
25,671.000
68,315,000
146,314,000
April 1929
8,510,000 259,091.000
27,320,000
Washington & Oregon
78.542,000
144,719,000
Feet.
Feet.
Feet.
Feet.
1929
Feet.
March
9,343,000 242,555,000
(100 Mills)127,350,000 .79,574,000 26,288,000
88.864,885 18,547,424 1,714,096 18.297,646 87,200,567 February 1929_
8,783,000 221,643,000
25,896,000
Califenia
68,461,000
1,216,285 19,950,956 131,543,273 January 1929_ _.. 118,503,000
18,142,020
134,568,494
246,165,000
10,366,000
Coast
28,548,000
Atlantic
None
26,245 3,367,299 December 1928_. 128,515,000 78,736,000 29,997,000 12,222,000 262,490,000
8,000
3,385.544
Miscellaneous
90,553,000
129,718,000
November 1928_
243,332.000
11,826,000
29,314,000
120,664.000 81,548,000
10.431.000 231.222.000
Total Wash. & Oregon 226,818,923 36,497,444 2,930,381 38,274,847 222,111,139 October 1928_ .._ _ 114.061.000 77.168,000 29.502.000
September 1928._
Brit. Col.(18 M tils)None
816,000 3.227.051
1,547,051 2,496,000
California
*Low. a High
None 2,365,000 12,831,005
12,377,005 2,189,000
Atlantic Coast
None
106,804 4,462,000
3,381,804 1,187,000
Miscellaneous
•
er Estimated at
None 3,287,804 20,520,056 Arrivals of Crude Rubber During Septemb
Total Brit. Columbia_ 17,305,860 6,502,000
949 rtql las
Total domestic cargo_ 244.124.783 42.999.444 2.030.381 41 AR9 sal
Transactions in Grain Futures During August on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of August, together with monthly
totals for all "contracts markets," as reported by the Grain
Futures Administration of the United States Department of
Agriculture, were made public Sept.7 by the Grain Exchange
Supervisor at Chicago. For the month of August 1929 the
total transactions at all markets reached 2,933,208,000
bushels, compared with 1,897,121,000 bushels in the same
month in 1928. On the Chicago Board of Trade the transactions in August 1929 amounted to 2,472,862,000 bushels,
against 1,604,222,000 bushels in August 1928. Below we
give the details for August, the figures representing sales
only, there being an equal volume of purchases:
VOLUME OF TRADING.
Expressed in Thousands of Bushels, i.e. (000) Omitted.
1Vheat.
August 1929.
Oats.
Rye.
Barley. Flax,
Total.
7,699
9,180
6,964
2,752
1,978
1,553
--------108,759
--------136,704
---------92,195
98,338
128,404
81,525
72,023
44,014
53.475
21.635
25,717
15,418
12,708
13,014
9,671
5,635
6,866
4,528
3,536
2,595
2,721
1,715
2,554
1,481
1,297
844
708
____
____ 127,323
--------163,541
____
____ 102,952
--------89,564
-------60,467
--------66,575
82 171
' 58,19
73,806
53,961
107.635
64.133
17,581
16.370
21,081
15,984
18,667
12,302
4,877
4,233
4,500
3,442
5,873
3,168
1,692 ---- ---- 106,321
1,039 ____
____
79,835
1,521 --------100,708
815 --------74,202
1,999 ---------133,974
1,387 --------80,990
69,404
85,038
103,880
79,564
58,009
35,873
10,715
10,985
11,162
16,660
14,984
14,258
4,332
3,648
3.289
4,021
2,809
3,877
940 --------85,391
1,377 --------101,046
1,808
---- 120,130
1,65101,896
752 -------- -74,534
395 --------64,403
s
9
10
11 Sunday
12
13
14
15
16
17
18 Sunday
19
20
21
22
23
24
25 Sunday
26
27
28
29
30
31
Corn.
80,569, 17,739
98,888 26,028
63,806 19,872
1
2
3
4 Sunday
5
6
7
.
37,500 Tons-Inventories in London Increase
be of
er
will
Septemb
during
rubber
crude
of
Arrivals
on
Henders
R.
F.
the
to
g
accordin
moderate proportions,
at 37,500 Ions.
arrivals
the
estimate
who
city,
this
of
Corp.
, amounted to
Imports from Sept. 1 to the 6th, inclusive
to increase in Loncontinue
rubber
of
Stocks
tons.
10,000
g last week's gain
don, the review points out, arid followin
tons, it is estimated that the
of 954 tons to a total of 35,005
this week of
London supply will show a further increase
s:
review
continue
The
tons.
approximately 1,000
on part of local operators to trade in
There is little inclination
been no appreciable change in the statistical
the commodity. There has
further developments during the next
We must wait for
position.
be better able to judge and discern a definite
few weeks so we may
trend.
factory buying is of a desultory nature, and the
In the meantime,
or less apathetic.
trade as a whole is more
the first 8 months of the year shows
Automobile production during
the production for the corresponding period of
a gain of 37% over
1923.
Cotton Ginning Report.
9 issued the following
The Bureau of the Census on Sept.
cotton ginned in each
report showing the number of bales of
season up to
present
the
States
-growing
of the cotton
nding figures for the
Sept. 1, in comparison with correspo
that up to Sept. 1 1929
two preceding seasons. It appears
against 956,577 bales
1,570,030 bales of cotton were ginned,
ago and comparing with
year
a
period
nding
correspo
the
for
1,533,577 bales two years ago.
COTTON GINNED FROM THE GROWTH
NUMBER OF BALES OF
SEPT. 1 1929 AND COMPARATIVE
OF 1929 PRIOR TO
PONDING DATE
STATISTICS TO THE CORRES
IN 1928 AND 1927.
Running Bales (Counting Round as Half
Bales and Excluding Linters).
State.
1929.
1928.
1927.
136,904
6,917
170,596
Alabama
5,913
1.771
2,726
Arizona
3,878
33,551
11.364
Arkansas
280
1,319
763
California
10,769
1,251
6,687
739 Florida
52,728 15,677 4,267 1.137 ---- ---221,958
29.017
214,070
____
___
62,682 Georgia
47,051 12,144 2,360 1,127
170,507
39.962
81,544
677 --------56375 Louisiana
42,245 10,219 3.237
162,049
21,060
95,462
65,523 15,697 4,001
791 --------86,012 Mississippi
9,114
1,489
1,398
865 --------77,722 Oklahoma
56,768 12,895 7.194
11,379
3,193
22,955
4,430
602
--------55,370 South Carolina
40,996 9,342
811,719
925,960
842,563
Texas
29
52
15
Chicago Board of Tr_ 1,895,818418,505 123,082 35.457 --------2.472.862 All other States
3,182
---------------6
51,047 10,776 1,359
Chicago Open Board ___
0
7
*1,570.03
*1.533,57
17,290
6.593
1
*956.577
193,883
2
.
_
17i
.
_
States
149,911
United
C___
Minneapolis C. of
_----------------131,711
110,215 21,496
Kansas City Bd. of Tr_
8,731
--------7,321
*Includes 86,970 bales of the crop of 1929 ginned prior to Aug. 1, which
Duluth Board of Trade. *48,631
271
1,981
------------------2,252 was counted in the supply for the season of 1928-29, compared with 88,761
St. Louis Merch. Exch.
419 --------7145
1,595
3.340 1,791
Milwaukee C. of C.....
162.283 bales of the crops of 1928 and 1927.
--------------1,958 and
1,958
-----Seattle Grain Exchange
The statistics in this report include 36,894 round bales for 1929, 43,794
1,484
--------------------1,484
Portland Grain Exch.,.
__ _
------ for 1928 and 43,351 for 1927.
Los Angeles Grain Exch
_
--- ---San Francisco C. of C.
The statistics for 1929 in this report are subject to revision when checked
against the Individual returns of the ginners being transmitted by
143,326
2,933,208
49,790
5,229
452,839
17.639
2,264,385
Aug.'29
all
markets
Tot,
STOCKS, IMPORTS AND EXPORTS-U. S.
Tot.allmarkets Aug.'29 1.132,724 615,430 85,675 45,955 13,749 3.588 1,897,121 CONSUMPTION,
Cotton consumed during the month of July 1929 amounted to 546,457
'sot. Chic. Bd. Aug.'28 919.034 570,497 77,720 36,971 --------1,604.222
was
bales. Cotton on hand in consuming establishments on July 31
*Durum wheat with the exception of 2,004 wheat.
1
1
1666
FINANCIAL CHRONICLE
[VOL. 129.
1,051,535 bales and in public storage and at compresses
986,439 bales.
The number of active consuming cotton spindles
for the month was 30,395,858. The total imports for the month of
July 1929 were 21,369 bales
and the exports of domestic cotton, excluding
linters, were 237,506 bales.
WORLD STATISTICS.
The estimated world's production of commercia
l cotton, exclusive of
linters, grown in 1928, as compiled from various
sources, is 25,751,000 bales,
counting American in running bales and foreign
in bales of 478 pounds lint)
while the consumption of cotton (exclusive
of Hitters in the United States,
for the year ending July 31 1928 was
approximately 25,285,000 bales. The
total number of spinning cotton spindles,
both active and idle, is about
165,000,000.
Agricultural Department Report on Cotton Acreage,
Production and Condition.
The Agricultural Department at Washington on Monday of
this week (Sept. 9) issued its report on cotton acreage, production and condition as of Sept. 1. It places the area in
cultivation at 46,594,000 acres, as compared with 46,695,000
acres on July 1 1929 and with 44,916,000 acres on Sept. 1
1928. The probable yield is now placed at 14,825,000
500-lb. bales, as against 15,543,000 bales a month ago.
The actual production in 1928 was 14,478,000 bales. The
World Cotton Mill Consumption and Stocks.
World mill consumption of cotton of all growths was condition of the cotton crop on Sept. 1 was 55.4% of normal,
25,882,000 running bales for the year ended July 31 1929 which compares with 69.6% a month ago, 60.3% a year ago
compared with 25,540,000 running bales for the preceding and with 56.1% the ten-year average. None of the figures
year, an increase of 1.3%, according to a cable received by take any account of linters. The report in full follows:
The Crop Reporting Board of the United States Department of Agriculthe Foreign Service of the Bureau of Agricultural Economics ture,
from the reports and data furnished
crop correspondents, field
from the International Federation of Master Cotton Spin- statisticians, co-operating State Boards (or by
Departments) of Agriculture
and
Agricultura
l Colleges, makes the following estimates:
ners'and Manufacturers' Associations, Manchester, England.
World mill consumption of American cotton amounted to
1929
September 1
Yield
Production
Acreage.
Condition.
15,076,000 running bales compared with 15,407,000 bales
Per Acre.
(Ginnings),
500-10. Gross
last season, a decrease of 2.2%. Most of the increase in total
Total
Weight Bales.
Abanconsumption of all kinds was due to an increase of consumpdonm'I For
Indi10-Yr.
10-Pr.
1929
State.
After
Harvest
Aver. 1928. 1929. Aver- 1928. aged
tion in Indian cotton which is reported at 5,178,000 running
I Crop
July 1 (Pre- 19181929. 1928 Indic.
1918bales for the year ended July 31 1929 compared with 4,523,(PreUna- 1927.
Crop. Crop
1927.
Con. lfmtnary)
a
D
e I
0t1
000 for the preceding year, an increase of 14.5%. There
nary)
Sept. 1
was a slight increase in consumption of Egyptian and a
Per
Thou. Per
Per
Per
Thou. Thou.
Cent. Acres. Cent. Cent. Cent. Lbs. Lbs. Lbs. Bales. Bales.
small decrease in other growths.
Virginia.- 1.0
88
71
78
80 246
285
260
44
48
No. Caro- 2.0
World mill stocks of all growths were 4,863,000 running So.
1,873
67
69
68
260 215
240
836
942
Caro_
2,382
54
58
63
185
147
205
726 1,014
bales on July 31 1929 compared with 4,787,000 bales a year Georgia-- 2.0
1.8
3,851
52
58 '59
140
132
148
1,030 1,193
- 3.0
108
57
58
62
105
97
115
19
26
ago, an increase of 1.6%. World mill stocks of American FloridaMissouri__ _ 2.0
330
69
64
77
248 210
275
147
190
1.5
1,105
64
cotton amounted to 2,129,000 running bales against 2,112,- Tennessee__
65
67
181
185
200
428
462
Alabama__ _ 1.0
3,751
58
59
59
145
150
155
1,109 1,216
000 bales at the same date last year. Stocks of andian Mississippi_ 2.0 4,315 60
60
177
175
185
1,475 1,669
Louisiana__ 2.5
2,161
sa 53 60
55
152
166
175
691
791
and Egyptian were slightly larger than a year ago and other Texas
6.0
17,575
53
61
48
133
138
112
5,106 4,107
Oklahoma
5.5
4,427
56
53
51
148
136
140
1,205 1,295
growths slightly smaller.
Arkansas_ 2.5
3,982
80
61
58
166
COTTON (LINT): WORLD MILL CONSUMPT
ION AND MILL STOCKS.
Year Ended.
American. Indian.
Mill consumptionJuly 31 1927
1928
1929
Mill stocksJuly 31 1927
1928
1929
Running
Bales.
15,780,000
15,407,000
15,076,000
-
3,056,000 1,515,000
2,112,000 1,728,000
2_129 OM 1 701 000
Running
Running
Bales.
Bales.
4,172,000 26,141,000
4,654.000 25,540,000
4,639,000 25,882,000
626,000 5,407,000
777,000 4,787,000
745.000 4,883,000
210,000
170,000
228.000
1.5
1.0
3.0
4.2
130
224
309
23
U. S. total.
Low. Callf.e
3.8
0.7
46,594
150
Total.
Other.
Egyptian.
Running Running
Bales.
Bales.
5,196,000
993,000
4,523,000
056,000
989,000
5,178,000
N. Mexico_
Arizona
California
Other
d87
d86
d88
__
89
87
87
62
81
76
83 283
88 282
83 d194
162
360
357
378
152
168
300
336
359
202
1,246 1,391
88
82
149
157
172
232
7
10
56.1 60.3 55.4 155.8 152.9 152.2 14,478
14.825
__
87
85
_- 230
255
80
80
a Prior to 1924 interpolated from Aug. 25 and Sept. 25 reports.
condition Sept. 1 on area left for harvest. c Allowances made for b Indicated by
cross State ginflings. d Less than a 10-year average. e Data for Lower California,
(Old) Mexico,
am not included in California figures nor in United States total.
Production, Sales and Shipment of Cotton Cloths in
August-Weekly Rate of Production Below Average.
Statistical reports of production, sales and shipments of
standard cotton cloths during the month of August 1929,
Cottonseed Oil Production During August.
On Aug. 13 the Bureau of the Census issued the following were made public Sept. 9 by The Association of Cotton Texstatement showing cottonseed received, crushed and on hand tile Merchants of New York. Its advices state:
The detailed statistics made available by the Association
and cottonseed products manufactured, shipped out, on
hand,and exports during the month of August 1929 and 1928: follow:
Production during the five weeks of August
Compiled from reports of the
and Manufacturers' AssociationsInternational Federation of Master Cotton Spinners'
. Manchester, England.
COTTONSEED
State.
Alabama
Georgia
Louisiana
Mississippi
Texas
All other states
RECEIVEP., CRUSHED AND ON HAND (TONS).
Received at Mills*
Crushed
On Hand at Mille
Aug. Ito Aug. 31. Aug. Ito Aug. 31.
Aug 31.
1929.
1928.
14,100
20,475
22,804
22,505
149,417
4,237
693
7,812
2.996
14,893
2,960
13,177
1.045
10,862
166,400
72,113
1,549 . 2,912
1929.
1928.
771
1,052
3,881
65,559
2,853
1929.
1928.
7,479
12,179
14,695
18,799
97.153
8,804
806
2,699
2,025
1,183
114,035
2,771
United States
239,39 175.643 121.760
74,116 159,109 123,499
*Includes seed destroyed at mills but not 41,340 tons and 21,972 tonS on hand
Aug. 1, nor 2.847 tons and 569 tons reshipped for 1029
and 1928, respectively.
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT AND ON
RAND.
Item.
On Hand
Season.
Aug. I.
Produced Shipped Out
Aug.1-Aug.31 Aug.1-Aug.31
Crude on
On Hand
Aug. 31.
amounted to 307.538,000
yards, or at the rate of 61,508,000 yards per week. This
weekly rate of
production during August was 13.3% less than the
average for the first
six months of 1929.
Shipments during August amounted to 326,398,000 yards,
or 106.1%
of production. Sales during the month were 312,635,000
yards, or 101.7%
of production.
Stocks on hand at the end of the month amounted to
364,060,000 yards,
representing a decrease of 4.9% during the month.
Unfilled orders on Aug. 31 were 355,095,000 yards,
representing a decrease of 3.7% during the month.
Stocks on hand Aug. 31 1929 were 17.6% less than on the
same date in
1928. and unfilled orders were 22.9% more than a year ago.
These statistics on the manufacture and sale of standard cotton
cloths
are compiled from data supplied by 23 groups of manufactur
ers and selling agents reporting through The Association of Cotton
Textile Merchants
of New York and The Cotton-Textile Institute, Inc. The
reports, cover
upwards of 300 classifications or constructions of standard
cotton cloths
and represent a large part of the production of these fabrics
in the United
States.
Production Statistics-Aug. 1928 and 1929.
The following statistics cover upward of 300 classificati
ons or constructions of standard cotton cloths, and represent a very largo
part of the total
production of these fabrics in the United States. This report
represents all
of the yardage reported to our association and the Cotton
-Textile Institute,
Inc. It is a consolidation of the same 23 groups covered by
our reports since
Oct. 1927. The figures for the month of August cover a period
of five weeks,
1929-3' •19,094,374
23,400,802
35,453,136
29,232,190
1928-29
20,350,682
23,418,819
20,913,007
18,260,818
1929 30 0338,319,698 524,375,559
a234,921,927
1928-29 335,993,223
21,011,683
234,484,079
Cake and meal
1929- I
, 80.914
56,311
85,498
51,727
(tons)
1928-29
32,648
35.101
49,034
18,715
Hulls
1929-30
65,434
39.893
32,310
58,051
Aug. 1928
(tons)
Aug. 1929
Difference
1929-29
29,291
20,372
27,013
22.6''
(5 Weeks.)
(5 (reeks.)
Linters
from 1928.
1920-30
74,640
45,652
26,389
55,357 Production was
302,470,000 yds.
(running bales) 1928_29
307,538,000
yds.
+1.7%
43,094
16,955
14,031
41,069 Sales were
340,810,000 yds.
Hull fiber
312,635,000 yds.
-8.3%
1929-30
1,848
3,03
2,751
1,596 Ratio of sales to production_
(500-1b. bales)
101.7%
112.7%
1928-29
Shipments
were
2.775
794
1,981
324,073.000 yds.
326,398,000 yds.
Grabbots,motesAc. 1929 30
+0.7%
8,820
3,277
6,560 Ratio of shipm'ts to product.
1,017
107.1%
(500-1b. bales)
106.1%
1928-29
1.903
1,441
708
1,170 Stocks on hand Aug. 1
463,270,000 yds.
382,920,000
yds.
-17.3%
Stocks on hand Aug. 31
• Includes 3,967,860 and
441,667,000 yds.
364,060,000 yds.
-17.6%
4,104,492 pounds held by refining and manufacturing Change in stocks
establishments and 4.186.570
-4.9%
-4.7%
and
sumers Aug. 1 1929 and Aug. 31 4,135,420 pounds in transit to ref ners and con- Unfilled orders Aug. 1
272,227,000
368,858,000
yds.
yds.
+35.5%
1929, respectively.
Unfilled orders Aug. 31
a Includes 5.506,926 and 4,749,955
288,964,000 yds.
355,095,000
yds.
+22.9%
warehousemen at places other than pounds held by refiners, brokers, agents and Change in orders
+6.1%
refineries
and manufacturing establishments,
and 9,727,216 and 7.949,402 pounds in
transit to manufacturers of lard substitute,
oleomargarine, soap, &c., Aug. 1 1929
and
S Produced from 26,719,346 pounds of Aug. 311929, respectively.
crude oil.
August Raw Silk Imports at New High FigureEXPORTS OF COTTONSEED PRODUCT
S FOR 12 MOS.
Deliveries to American Mills Also at Peak-Stocks
JULY 31.
Item- 1929.
1928.
Increase
011 crude, pounds
.
48,412,678
20,827,975
Refined, pounds
8,428,951
10,374,082
According to the Silk Association of America, Inc., imports
Cake and meal, tons of 2,000 pounds
309,164
298,233
Linters (running bales)
186,211
193.232 of raw silk in August totaled 65,516
(Pounds)
Refined oil
(Pounds)
ENDED
bales, an increase of
FINANCIAL CHRONICLE•
SEPT. 14 1929.]
1667
fornia, and a hearing is scheduled for Sept. 21, to be held
before the State Oil and Gas Supervisor.
On Thursday,Sept. 12, the Oklahoma City pool operators,
representing a daily production of 50,000 barrels, shut in
all their wells under a 30-day suspension plan. This action
is in conformity with an agreement approved the day
before it became operative by the Oklahoma Corporation
Commission. This suspension of the Oklahoma City pool,
where production has been mounting continually since
RAW SILK IN STORAGE SEPTEMBER 1 1929.
(As reported by the principal warehouses in New York City and Hoboken.)
early summer, is the second important development so far
Total.
Japan. All Other,
European.
(Figures in Bales-42,596 this month affecting the over-production problem, the other
10,137
781
31,678
Stocks Aug. 1 1929
65,516
7,738
475
57,303
Imports month of Aug. 1929_x
being the California conservation law.
108,112
17,875
88,981
Total amount available during August. 1,256
Although the Oklahoma City action reacts to the benefit
48,408
10,840
747
36,821
Stocks Sept. 1 1929.z
conservation plans, this was not the prime motive in the
of
Approximate deliveries to American mills taking the step, it is reported. The chief reason
52.160
operators
59,704
7.035
509
during August_Y
is to allow for a reorganization of pipe line collecting facilities.
SUMMARY.
Nevertheless, the suspension period will result in a total
Storage at Ewa of kforah.a
imports During the Month.:
cut of approximately 1,500,000 barrels of crude oil.
1927.
1928.
1929.
1927.
1928.
1929.
There have been no reductions made in Mid-Continent
49.943
47.528
48,456
52.627
68,384
46,408
crude prices, despite lower prices for gasolne throughout
January
46,093
33,991
41.677
43.768
44,828
43.278
February
45,218
the country. What effect the California conservation law
38,600
50,520
40.186
33.116
48,103
March
35.483
39,125
46,486
31,749
36,555
47,762
April
the Oklahoma City: pool step will have on the ultimate
and
49.264
39,898
42,088
35.527
52.972
49.894
May
47,425
42.809
41,127
37.024
45.090
54,031
on Mid-Continent crude is problematical.
June
reduction
42,596
47,856
38,868
43,841
38,670
46,795
July
prepared by the Department of Commerce and
59,819
48,408
56.618
62,930
50.975
Figures
65,516
August
52,475
50.464
58.986
47.286
September
Sept. 12, show that crude petroleum
Thursday,
issued
51.207
49.381
62.366
48.857
October
36,650
52.069
48,134
49,806
established a new high record with a
November
1928
in
production
44,828
53,540
44,128
48.908
---December
barrels. However, this was
901,474,000
of
output
total
413,763 566,373 552,441
Total
44:931 4457 46.768 only an increase of 345,000 barrels over 1927. Interesting
46,037
47,198
Average monthly _ _ 51,720
in this report is the revelation that for the first time Texas
Approximate Amount in Trawl,
assumed the lead as the greatest oil producer, succeeding
Approximate Deliveries
Between Japan & New York.
End of Month.
to American Mills.y
Oklahoma in this position.
18,721 bales over the preceding month and 2,586 bales over
the month of Aug.1928. Approximate deliveries to American
mills in Aug. 1929 amounted to 59,704 bales, or 8,883 bales
over the corresponding month last year and 8,080 bales over
July 1929. Stocks of raw silk at Sept. 1 1929 totaled 48,408
bales, as compared with 42,596 bales at Aug. 1 1929, and
50,975 bales at Sept. 1 1928. The Assocation's statement
shows:
1929.
1928.
1927.
1929.
1928.
1927.
57.349
46,228
49.878
53.855
49.121
46,504
51.624
59,704
52,420
50,679
52,011
41,258
46,367
46,051
40,931
50,821
47.797
49,940
47,709
45,026
48,307
42,860
49,242
47,853
45,486
41,312
41,039
47.042
50.107
47,827
46,947
43,357
31,000
30.000
29,000
30.700
28,000
21,200
34.100
41,600
25.000
23,500
19,200
28,500
24,000
17,600
32,300
27.500
25.600
31.200
22,800
42.500
17,700
19.000
21.700
25.000
22,900
26.600
29,000
28.400
21.500
18.500
26.900
33,500
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown)
8.90
$3.45 Smackover, Ark., 24 and over
Bradford. Pa
.75
1.75 Smackover, Ark., below 24
Corning, Ohio
1.14
1.35 El Dorado. Ark., 34
Cabell, W. Vs
.90
Urania, La
1.45
Illinois
1.23
1.53 Salt Creek. Wyo., 37
Western Kentucky
1.65
Sunburst. Mont
1.23
37
Oklahoma.
IdeontInent,
at
1.08
.80 Artesia. New Mexico
Corsicana,•Texas. heavy
1.35
.87 Santa Fe Springs, Calif., 33
Hutchinson, Texas, 35
.80
Calif.. 22
Midway-Sunset,
1.00
Luling, Texas
1.09
26
Calif.,
Huntington.
1.20
8pIndletop. Texas. grade A
1.18
Ventura, Calif.. 30
1.05
25
below
Texas,
Spindietop,
1.90
.65 Petrol's. Canada
Winkler. Texas
414.263 571,010 551.379
Total
YORK MAKES
NEW
OF
-STANDARD
PRODUCTS
24.225
30,700
26-0Fai
REFINED
45.948
Average monthly__
47.584
51.783
AND SERVICE
FURTHER REDUCTION OF TANK WAGON
x Imports at New York during current month and at Pacific ports previous to
ATLANTIC REFINING
STATION GASOLINE-GULF AND
PENNSYLAND
DELAWARE
the time allowed in transit across the Continent (covered by Manifests 187 to 216,
IN
COMPANIES CUT PRICES
Inclusive). y Includes re-exports. z Includes 2.420 bales held at railroad terminals
-KEROSENE FIRMER HERE-OTHER REFINED
VANIA
It end of month. Stocki in warehouses include National Raw Silk Exchange
PRODUCTS FIRM.
certified stocks. 3.700 bales.
wagon and service station prices for
January
February
March
April
May
June
July
August
September
October
November
December
Another cut in tank
S. Motor gasoline was announced this week by the StandU.
Coffee Arrivals in United States Declined in August- ard Oil Co. of New York. The cut was made on Tuesday,
Cuban Sugar Arrivals in U.S.in First Eight Month
10,and was one cent a gallon, effective in Staten Island,
of Year Increased Over 1,000,000 Tons as Compared Sept.
Westchester County and Nassau County. The gasoline situwith Same Period in 1928.
in the Eastern territory is critical, with competition
ation
Arrivals of coffee in the United States during August
becoming keener daily. Despite the new low prices, the
were 50,000 bags under arrivals in July and nearly 5,000
being
market is still reported to be weak with underselling
bags less than August 1928, according to figures made public
interests.
certain
by
continued
on Sept. 7*by the New York Coffee & Sugar Exchange.
a gallon,
Tank ear gasoline remains officially quoted at 9c.
At the same time deliveries of coffee here in August showed
are being made
sales
that
circles
trade
in
reported
is
it
an increase of 84,951 bags over July and 13,723 bags over but
is not thought
from 34c. to Y20. below this figure. It
August 1928. While coffee arrivals decreased, the arrivals at
prices will officially go any lower at this time.
car
tank
that
of Cuban sugar in the United States show an increase of
Pennsylvania and Delaware the Gulf Refining Co.and the
more than 1,000,000 tons in the first eight months of the year. In
Refining Co. have cut tank wagon and service staThe figures as made public by the Coffee & Sugar Exchange Atlantic
on gasoline lc. This was announced Monday,
prices
tion
follow:
Sept. 9.
Coffes Deliveries in United Stales.
Coffee Arivvals in United States.
to be firmer
837,502 bags August
912,609 bags
August
In the tank car situation the market seems
827,658 bags
887,502 bags July
July
898.886 bags elsewhere in the Eastern territory than in New York City
842,465 bags August 1928
August 1928
outside the
Cuban Sugar Arrivals in United Stales.
and vicinity. The price of 9c. is holding firm
2,756,718 tons
Jan. 1 to Aug. 31 1929
reported.
shading
price
no
or
1,666,452 tons city territory, with little
Jan. 1 to Aug. 31 1928
Kerosene is firmer with business reaching good volume.
now steady at eight cents a gallon, with
Petroleum and Its Products-California Conservation Water white 41-43 is
this figure. The export demand has
under
available
little
To Be Tested in Injunction Suit's Against Santa Fe
the finning in kerosene. Spot
Springs Operators-Oklahoma Pool Closes All been partly responsible for
on kerosene, with several
steady
fairly
been
has
business
Wells-No Changes Made in Mid-Continent Crude.
in maintaining the market
aiding
volume
good
for
The California State gas conservation law is to be tested contracts
keel.
even
an
on
in the courts when injunction proceedings are brought by the
More strength is noted in bunker fuel oil, with reports
State against operators in the Santa Fe Springs territory.
of a possible increase shortly. Movement is gaining
The State will name all the operators, it having been de- prevalent with spot oil firmly maintained at $1.05 a barrel
momentum
cided not to choose one at random for this test case. Calirefineries, and $1.10 a barrel f.a.s. New York Harbor.
fornia's production for last week showed a daily average at
oil is steady but not very active, holding at $2 a
Diesel
drop of 25,600 barrels, but the conservation law is not
refineries. There is a fair call for gas oil, with
at
barrel
credited for this decrease. At the present time, operators
More activity in furnace oil movement
unchanged.
prices
throughout the State are continuing without a change in
week.
this
reported
is
operations, pending the solution of methods by which they
Changes in prices announced during the week follow:
can observe its restrictions. The complaint against Santa Fe
reduction in
Sept. 9.-Atlantic Refining Company announces one cent
Springs operators has been drawn by James B. Bennett, tank wagon and service station price on gasoline in Pennsylvania and
attorney for the Director of Natural Resources of Cali- Delaware.
1668
FINANCIAL CHRONICLE
[VOL. 129.
Sept. 9.-Gulf Refining Co.announces one
cent reduction in tank wagon
and service station price on gasoline in Per
nsylvania and Delaware.
barrels for the preceding week, a decrease of 4,700 barrels.
The MidContinent production, excluding Smackover (Arkansas) heavy
Sept. 10.-Standard Oil Co.of New York announces
oil, was
reduction in 1.628,250
cent
one
barrels, as compared with 1,686,850 barrels, a decrease of 4,600
tank wagon and service station prices on gasoline
effective in Staten Island, barrels.
Westchester and Nassau Counties.
The production figures of certain pools in the various districts
for the
Gasoline, U. S. Motor, Tankcar Lots. F.O.B. Refinery.
current week, compared with the previous week, in barrels of
N.Y.(Bayonne).-4.09
42 gallons,
Arkansas
$0614
North
Louisiana
follow:
-8.07
X
West Texas
.064$ California
.0814 North Texas
.0014
.0914 Los Angeles. export.. .0714 Oklahoma
.07
.0714 Gulf Coast, export_ .0814 Pennsylvania
.0914
Gasoline, Service Station, Tax Included.
New York
$.18
Cincinnati
8.18 Minneapolis
$.182
Atlanta
21
Denver
.16
New Orleans
.195
Baltimore
.22
Detroit
188 Philadelphia
.21
Boston
.20
Houston
.18
Francisco
San
.215
Buffalo
.15
Jacksonville
.24
Spokane
.205
Chicago
is
Kansas City
179 St. Louts
169
Kerosene. 4143 Water White, Tankcar Lots F.O.B. Refinery.
N.Y.(Bayonne) ____$.08
Chicago
8.0514
Orleans
New
$.0754
'North Texas
.0514 Los Angeles, export_ .0514 Tulsa
.0834
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
New York(Bayonne)51.o5 Los Angeles
8.85
Gulf
Coast
8.75
Diesel
2.00 New Orleans
.95 Chicago
.55
Gas 011, 32-36 Degree, F.O.B. Refinery or Terminal.
New York(Bayonne)S.05X Chicago
8.031 Ttilsa
5.0
Chicago
New Orleans
I
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,164,450 barrels, or 94.1%, of the
3,362,700 barrel estimated daily potential refinding caapcity
of the plants operating in the United States during the
week ended Sept. 7 1929, report that the crude runs to stills
for the week show that these companies operated to 84%
of their total capacity. Figures published last week show
that companies aggregating 3,121,900 barrels, or 92.9%,
of the 3,359,200 barrel estimated daily potential refinding
capacity of all plants operating in the United States during
that week, but which operated to 82.2% of their total
capacity, contributed to that report. The report for the
week ending Sept. 7 follows:
CRUDE RUNS TO STILLS, GASOLINE AND OAS
AND FUEL OIL STOCKS
WEEK ENDING AUG. 17 (BARRELS OF 42 GALLONS)
.
District.
-East Coast
Appalachian
Ind.. 111. and Hy
Okla., Kansas & Mo
Texas
Louisiana & Arkansas
Rocky Mountain
California
Total week Sept. 7
Dally average
Total week Aug. 31
Daily average
P. C.
Palesttial
Capaeg
Reporrg
-100.0
88.3
98.7
80.0
90.2
96.9
93.4
98.7
94.1
_
92.9
Crude
Runs
to
Stilts.
P. C.
One?.
of Tot.
Capac.
Report.
Gasoline
Stocks.
Gas
and
Fuel Oil
Stocks
3,477,500
608.600
2,083,400
1,881,500
3,908,400
1,305,300
466,900
4,871.500
87.6
84.3
90.0
79.2
89.0
76.8
53.7
83.9
4,377,000
838,000
4,441,000
2,321,000
4,030,000
1,681,000
1.728,000
12,462,000
8,528,000
772,000
3,613,000
,4,531,000
12,651,000
5,389,000
955,000
107,694,000
84.0
31,878,000
144,131,000
86.2
31.233,000
143,784,000
18,603,100
2,857,600
18.830,800
2.690,100
Texas (Gulf Coast)
Louisiana (Gulf ensult1
100.0
3,419,000
9,593,000
3,053,000 93.1
Ion (I
GIR can
sets
1.416.000
4.530.000
Note.-All crude runs to stills and stocks figures
follow exactly the present Bureau
of Mines definitions. In
still are included under theCalifornia, stocks of heavy crude and all grades of fuel
heading "Gas and Fuel Oil Stocks." Crude oil runs to
stills include both foreign and
domestic crude.
Crude Oil Output in United States Slightly Lower
Than in Two Preceding Weeks, but Shows Large
Increase Over Last Year.
The American Petroleum Institute estimates that the
daily average gross crude production in the United States
for the week ended Sept. 7 1929 was 2,956,350 barrels, as
compared with 2,973,450 barrels for the preceding week,
a decrease of 17,100 barrels. Compared with the
output
for the week ended Sept. 8, 1928 of 2,494,200 barrels
per
day, the current figure shows an increase of 462,150 barrels
daily. The daily average production east of California
for the week ended Sept. 7 1929 was 2,102,150 barrels
as
compared with 2,098,550 barrels for the preceding week,
an.increase of 3,600 barrels. The followin estimate
g
s of
daily vareage gross production, by districts, are for
the
weeks shown below:
DAILY AVERAGE PRODUCT
ION (FIGURES IN BARRELS)
Weeks EndedSept, 7 '29. Aug. 31 '29. Aug.24 '29. Sept. 8 '28.
Oklahoma
735,400
706,050
,
.
Kansas
129,600
128,300
128,650
100,450
Panhandle Texas
136,900
137,100
133,850
65,400
North Texas
98,500
95,500
91,250
97,400
West Central Texas
59,050
58,500
59,450
55,350
West Texas
372,900
376,750
374,200
349,800
East Central Texas
17,950
18,250
17,950
24,200
Southwest Texan
78,150
77.050
78,200
25,500
North Louisiana
35.550
38.500
36.350
39,150
Arkansas
68,000
68,150
66,700
84,350
Coastal Texas
137,700
137,000
134,000
107,100
Coastal Louisiana
21,450
20,150
20,600
21,950
Eastern
135,000
128,200
127,500
113.000
Wyoming
59,400
59,400
58,050
55,750
Montana
11,100
11,200
11,500
9,750
Colorado
6,050
6,650
7,050
7,000
New Mexico
3,450
32,50
2,550
2,300
California
854,200
874,900
887,900
635,800
Total
2,9543,350
2,973,450
2,966,350
2,494,200
The estimated daily average gross production
Field, including Oklahoma, Kansas, Panhandle, for the Mid-Continent
north, west central, west,
east central and southwest Texas, north Louisiana,
and Arkansas, for the
Sept.
week ended
7 was 1,728,000 barrels, as compared
with 1,732,700
-Week Ended-Week EndedGtIaltontaSept. 7. Aug.31.
North LouisianaSept. 7. Aug.31.
Allen Dome
24,000 23,400 Haynesville
4,950
4,950
Asher
11,550 11,200 Urania
6,350
6,400
Bowlegs
32,300 32,800
Bristow-Slick
21,900 21,400
ArkansasBurbank
18,450 18,700 Champagnolle
6,300
6,350
Carr City
11,450 11,600 Smackover (light)
6,000
6,050
Cromwell
8,100 8,100 Smackover (heavy)
45,750 45,850
Eariaboro
88,550 89,500
East Seminole
7,600
Coastal Texas7,700
Little River
79,100 79,500 Barbers Hill
22,550 22.300
Logan County
17,000 19,000 Hull
8,700
9,000
Maud
11,950 12,550 Pierce Junction
15,200 13,500
Mission
25,100 25,300 Raccoon Bend
8,400
8,350
Oklahoma City
52,450 47,650 spindletop
23,800 24,200
St. Louis
66,900 67,100 Sugarlanci
11,600 11,050
Searight
12.000 12,100 West Columbia
6,300 6,200
Seminole
33.050 33,200
Tonkawa
9,100
Coastal Louisiana9,100
KansasEast Hack berry
1,600
2,500
tiedgwiek County
38,500 35,200 Old HackberrY
2,250
2,400
Panhandle TexasSulphur Dome
6,000
3,250
Carson County
9,850
9,500 Vinton
4,000
4,000
Gray County
100,000 100,400
Hutchinson County
25,300 25,400
TeemingNorth Texas35,100 35,200
Salt Creek
Archer County
19,600 19,850
wilharger County
33,150 32,850
!Nonfarm:W•st Central TexasSunburst
6,950
6,750
Brown County
8,500 8,400
Shackelford Comity
11,000 11,050
California-West TexasDominguei
9,300
9,500
Crane & Upton Cos.... 45,900 46,100 Elwood-Gol
20,500 20,500
eta
Howard County
36.500 37,550 Huntington Beach
44,000 44,000
Pecos County
133,800 133,600 Inglewood
24,000 24,000
Reagan County
17,500 17,600 Kettleman Hills
6,000
4,500
Winkler County
__128,000 131,100 Long Beach
163,000
169,000
East Central Tess.M Id way-Sunset
68,000 68,000
Corsicana-Powell
7,600
7,700 Rosecrans
6,500
6,500
Rotanseesi TexasSanta Fe Springs
''65,000 284,000
Laredo Tilstrict..,
10,600 10,150 Seal Beach
42,000 44,000
Luling
11,450 11,600 Torrance
12,600 12,600
Salt Flat
43,900 4.5,850 Ventura Avenue62,000 62,000
Oklahoma Oil Pool Closed for Month-Shut-Down
Ordered by Corporation Commission in Second Big
United States Curtailment Move.
The following is from the New York "Evening Post" of
Sept. 12:
A complete shut-down of the oil fields in the Oklahoma
City field went
into effect at 7 o'clock this morning and will continue thirty
days, following formal approval last night by the Oklahoma Corporation Commissio
n.
The restriction is the second important move of the current month to curtail overproduction of crude oil in the United States. The first was
the
new law in California, which resulted in a decline of 20,700 barrels
in daily
average production in its first week.
Producing wells in the Oklahoma City pool have been shut in altogether
,
except those making 5% or more water, which will be allowed to open
one
day a weok but will be required to shut in an additional day over the 30-day
period for each day so opened. Wells now drilling and all wells started
between now and Jan. 1 will be required to shut down for 30 days
after
reaching the final casing point.
Production of the field during the last 24 hours was 66,377 bares,
a
new peak. Daily average production for the entire State of
Oklahoma
was estimated at 735,400 barrels last week by the American Petroleum
Institute.
Crude oil run through Eastern pipe lines in August totaled 2,206,286
barrels, against 2,048,704 in July. Shipments were 5.733,320 barrels,
against
6,037,661. Stocks at the end of August were 9,440,643 barrels,
against
9,211.596 barrels on July 31.
The proposed shut-down in Oklahoma was referred to in
our issue of Sept. 7, page 1517.
Copper Sales Steady-Lead Demand Higher-General
Activity in Non-Ferrous Metal Market Lessened.
Last week's phenomenal market in copper proved to be
short-lived, domestic sales of a little over 11,000 tons in the
past week being considered about normal, "Engineering and
Mining Journal" reports, and then proceeds as follows:
Prices remain unchanged at 18 cents. Most of the demand has been for
October or November shipment and was well distributed among the
various
classes of buyers. The feature of the non-ferrous metal market has
been
the heavy demand and higher prices for lead. Zinc and tin have been
gutter than for several weeks past. Silver prices have dropped 5114 cents,
which is as low as they have been in 13 years.
In one of the most active weeks of the year in lead, and in the face
of the
American Smelting & Refining Co.'s price advance to 6.90 cents,
New
York, heavy purchases of this metal brought the total for the week to about
10,000 tons. Price in the Middle West went up to 6.70 cents, St. Louis.
The advances seemed to stimulate rather than stifle d mand, consumers
evidently fearing a further boost. All recent sales were consummated
at
the higher price levels.
Zinc has been very quiet, only a few hundred tons having been sold,
practically all at the unchanged price of 6.80 cents, St. Louis. Tin
is dull
and prices hive shown only slight variations, around 4514 cents.
Stocks of Refined Copper Increase-Production Lower
Shipments Higher.
According to the Bureau of Metal Statistics, stocks of refined copper in the hands of North and South American producers and refiners on Sept. 1 came to 104,372 short tons,
as compared with 97,729 tons Aug. 1 and 83,140 tons July 1.
Blister stocks at smelters and refineries, including metal in
process and transit were 241,678 tons Sept. 1 as compared
with 239,470 tons Aug. 1 and 25,481 tons July 1. Total
SEPT. 141929.]
FINANCIAL CHRONICLE
Copper stocks in Great Britain Sept. 1 totaled 10,862 short tons, as
compared with 10.405 tons Aug. 1. Refined stocks came to 3,415 tons
and copper in other forms to 7,447 tons Sept. 1, as compared with 3,402
tons and 7,003 tons, respectively, on Aug. 1. Refined stocks at Havre
Sept. 1 came to 7,536 tons compared with 7,962 tons Aug. 1.
Total shipments of copper by North and South American producers and
refiners were 142,005 tons in August, compared with 138,924 tons in July
and 143,719 tons in June, making total shipments of 1,202,189 tons for
the first eight months, an average of 150.273 tons a month.
Domestic shipments in August totaled 96,970 tons, compared with
98,720 tons in July and 95,258 tons in June, making a total of 788.508 for
the first eight months, an average of 98,563 tons a month.
Foreign shipments in August came to 45,035 tons, compared with 40,204
tons in July and 48,461 tons in June, making 413,681 tons in the first
eight months, an average of 51,710 tons a month.
Production of refined copper for August amounted to 148,648 tons for
North and South America,compared with 153,513 tons in July and 156,447
tons in June, making 1,241,095 tons in the first eight months, an average
of 155,134 tons monthly. Daily average for refinery output in August
was 4,795 tons, compared with 4,952 in July, 5,215 in June, 5,376 in April,
peak of the year, and daily average for the first eight months of 5,107 tons.
Mine production of copper in the United States in August came to
78,885 tons, as compared with 79,229 tons in July, 82,354 tons in June and
94,902 tons in April, making 693.520 tons in the first eight months, an
average of 86,690 tons. The daily average for August totaled 2,545 tons,
compared with 2,556 tons in July, 2,745 tons in June, 3,163 tons in April,
Peak, and a daily average of 2,854 tons for the first eight months.
Blister production for North America including direct cathode copper
came to 104,523 tons in August compared with 107,807 tons in July and
blister output of South America including direct cathode copper came to
30,971 tons in August. compared with 31,222 tons in July.
OUTPUT OF UNITED STATES MINES, BLISTER COPPER PRODUCTION
OF NORTH AND SOUTH AMERICA, AND STOCKS OF COPPER FOR
NORTH AND SOUTH AMERICA. GREAT BRITAIN, &a. (in short tons).
Mar.
1929,
Apr,
1929.
May
1929.
June
1929.
July
1929.
Aug.
1929.
ProductionMines, United States
93,698 94,902 93,392 82,354 79,329 78,885
a Blister, North America
118,796 121,775 120,952 106,842 107,807 104,523
a Blister, South America
40,158 39.195 35,947 32,068 31,222 30,971
Refined, North & South America_ 163,561 181,285 101,784 158,447 153,513 148,648
Stocks, End of PeriodNorth and South America:
Blister (including in process) -- 242,341 253,509 262,229 251.481 239,470 241,678
Refined
52,968 57.494 70,412 83,140 97,729 104,372
Total North & South Amer-- 295,309 311,003 332.641 334.621 337,199 346,050
a Great Britain-Refined
Other forms
621
7.783
1,038
4,164
868
5,783
2.383
7,426
3,402
7.003
3,415
7,447
8,404 5,202 6,651 9,809 10,405 10,862
Total Great Britain
3,218 4.368 5.444 8.484 7,962 7,638
Havre
Japan
6,964 7.192 7,447 8,392
y
y
I Includes direct-cathode copper. y Not available. a Official warehouses only.
SHIPMENTS AND PRODUCTION OF REFINED COPPER BY NORTH AND
SOUTH AMERICAN PRODUCERS AND REFINERIES (In short tons).
Production.
Primary
1929.
faunae)
,
february
dareh
Lprll
day
rune
rub,
August
&ray
147,777 6,695
135,425 5,960
156.502 7.059
150.400 10,885
151,297 10.487
146,492 9,955
142,420 11,093
138,822 9,826
2811Mients.
Total
154,472
141.385
163.561
161.285
161.784
156.447
153,513
148,648
Total 8 months 1,169,135 71,960 1,241,095
1928.
!Unary
February
March
April
May
Inns
July
/intuit
September
October
November
December
116,245
117,788
123,162
117,088
122,738
125,065
127.718
187,574
130,897
143,624
148,373
140,779
6.478
7,060
5,810
5.736
6,498
5,948
7,374
5,986
6,121
5.575
7.075
7,126
122,723
124.848
128.972
122,824
129.236
131,024
135.092
143,560
137.018
149,199
155,448
147.905
Total 1928-- 1,881.062 76,787 1.627,849
Daily
Rate
4,983
5.049
5.276
5,376
5.219
5,215
4.952
4,795
Zrport a
57,054
50,150
59.946
57.708
55.123
48.461
40,204
45.085
5,107 515,681
3.959
4.305
6,160
4,094
4.169
4,307
4.358
4,631
4,567
4,813
5,182
4,771
56.721
60,603
55,970
64.989
56.738
57.067
56.785
60.240
51.292
54,992
49,121
49,703
4,448 674,221
Domestic
100,135
98,771
105.860
99.051
93,743
95.258
98,720
96,970
Total
157.189
148,921
165.806
156,759
148,866
143,719
138,924
142,005
121.548
134,392
128,612
137.223
135,841
138,503
139.030
143,638
139,999
155,363
148,943
134,592
983.460 1,657,681
1,418,815 57,691 1,476,506 4.045 641,865 824.844 1,466,709
1,883.604 56,850 1,440,454 3.946 525,861 902,174 1,428.035
1 299,832 52.477 1.352,309 3.705584,553 831.171 1,415.724
1,267.810 32.522 1,300,332 3,553 566.895 753,389 1,319.783
1 136,624
,
1,163.885
,
.
5,521 1,157.391
_
.
wwery UI rnIUIlI Columbia.
mcluaea en,pmcm ,rvm
MINES
IN
THE
OF
OUTPUT IN SHORT TONS
UNITED STATES FOR
THE PAST SIX MONTHS.
1927
1096
1985
1924
1923
Monthly
Average
1928.
Mar.
1929.
Apr.
1929.
May
1929.
June
1929.
July
1929.
Aug.
1929.
Porphyry mines_ 32,432
Lake mines
7.457
Vein mines
32,053
Customs ores... 3,812
38,945
8,009
41,849
4,895
40,139
8,204
40.842
5,717
39,183
8,119
40,024
6,066
33,745
7.874
35,322
6,413
31,819
7,915
34,095
15,500
31,118
7,120
35,147
x5,500
Total crude Prod. 75.754
a Estimated.
93,698
94,902
93.392
82,841
79.329
78.483
National Metal Exchange Plans Broader Metal Statistics
Convinced that actual consumers and producers of metals
are often at the mercy of powerful speculators, the National
Metal Exchange is preparing to compile and distribute more
adequate statistics on metals than have been available heretofore, President Erwin Vogelsang announced. The Ex-
Sharp Decrease Shown in Unfilled Steel Orders.
The United States Steel Corp. reports the tonnage of the
unfilled orders on the books of its subsidiary companies as of
Aug. 31 1929 at 3,658,211 tons. This is a decrease for the
month of 429,966 tons, the largest reported this year. On
July 31 1929 the unfilled orders stood at 4,088,177 tons, but
on Aug.31 1928 they aggregated only 3,624,043 tons. Below
we furnish the figures by months for the past six years.
Figures for earlier dates may be found in our issue of April
17 1926, p. 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF U.S. STEEL CORPORATION.
1928.
1926.
1925.
1924.
End of Month. 1929.
4 109,487 4,275,917 3,800,117 4,882,739 5.037.323 4.798,429
January
4 144.341 4.398.189 3,597,119 4.616.822 5,284,771 4,912,901
February
4.410,718 4,335,206 3,553,140 4,379,935 4,863.504 4,782.807
March
4.427.763 3,872,133 3,456,132 3,867,976 4.446,568 4.208,447
April
4,304.167 3,416.822 3,050,941 3,649.250 4.049,800 3,628,089
May
4,256,910 3,637,009 3.053.246 3,478,642 3,710,458 3.262,505
June
4.088.177 3,570,927 3,142,014 3,602.522 3,539,467 3,187,072
July
3,658,211 3.624,043 3,196,037 3,542,335 3,512,803 3,289,577
August
3.698.368 3,148,113 3,593,509 3,717,297 3.473,780
September 3,751,030 3,341,040 3,683.661 4,109,183 3,525,270
October
3,643,000 3,454,444 3.807.447 4.581,780 4.031.969
November 3,976.712 3.972,874 3,960,969 5.033,364 4.186.776
December
Steel Ingot Production in August Heavy.
The monthly report of the American Iron & Steel Institute, issued Sept. 6, places the production of steel ingots for
the 27 working days of August 1929 at 4,925,802 tons. This
compares with 4,838,093 tons for the 26 working days of
July 1929 and with 4,178,610 tons for the 27 working days
of August last year. The approximate daily output was
182,437 tons in Aug. 1929 as against 186,080 tons in July
1929, but comparing with only 154,763 tons in Aug. 1928.
Below we show the monthly statement back to Jan. 1928:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1928, TO
AUGUST 1929-GROSS TONS.
wh ch made 94.51% of the open-hearth
Reported for 1928 and 1929 by companies
and Bessemer steel Ingot production in 1928.
Months
1928.
788,508 1,202,189
64,824
73.789
72.642
72.234
79,103
81,436
82,245
83.398
83,707
100,371
99.822
84,889
change has already arranged to utilize the figures on copper
prepared by Dr. Walter R. Ingalls, former editor of the
"Engineering and Mining Journal," and will supplement
them with equally reliable figures on this and other metals
from other sources. "Metal prices supposedly are based
on the law of supply and demand,"'Mr. Vogelsang stated.
"In the long run, this law holds good, but concealed figures
or inadequate statistics frequently cause losses to consumers and even to producers."
Ian
Feb
March
April _
May_
_
Tune_ __.
July
Aug
8 mos.
Sept --_
Oct
Nov
Dec
Total
1929
Jan
Feb
March
April
May_ _
June_ _ _ _
July_ _ _ _
Aug
8 mos_
Open_
hearth.
3,273,294
3,300,407
3,692,648
3,505,104
3,394,301
3,010,341
3,068,257
3,379,625
Monthly
Calculated
Approx. per
Monthly No.of Daily
Output
Cent.
Bessemer. Companies Output, all Wko. output, ope,
Reporting. Companies. Days. all Co.'s. ation.z
498,691
521,250
567,330
564,110
582,128
528.193
528,588
569.771
3,771,985
3,821,657
4,259,978
4,069,214
3,976,429
3,538,534
3,596.845
3.949,396
3,990,902
4,043.457
4,507,217
4,305,382
4,207,212
3,743,903
3,805.598
4,178,610
N t., t.4 NI bZ IND b., t•D
,
I Of 0'> ,
I Cn .4Cn CO
copper above ground to blister stage and beyond came to
346,050 tons Sept. 1, 337,199 tons on Aug. 1 and 334,821
tons on July 1. According to the "Wall Street Journal,"
which goes on to say:
1669
26,623,977 4,360,061 30,984,038 32,782,281 208
153,496 81.42
161,738 85.80
166,934 88.55
172,215 91.35
155,823 82.66
143,996 76.38
152,224 80.75
154,763 ,82.10
157,607
83.60
25
27
26
25
165,916
172.221
164,109
160,728
88.01
91.36
87.05
85.26
40,538,657 6,591,217 47,129,874 49,865,185 311
3,375,654
3,795,800
3,442,112
3,301,114
544,710
599,098
590,669
496,679
3,920,364
4,394,898
4,032,781
3,797,793
4,147,893
4,649,968
4,266,835
4,018,208
160,338
85.05
27
24
26
26
27
25
26
27
166,309
180,250
194,548
189,924
195,302
195.255
186,080
182,437
84.80
91.91
99.20
96.84
99.59
99.56
94.88
93.02
31.680.755 4,923,979 36,604,734 38,731,069 208
186,207
94.9!
3,694,218
3,599.224
4,183,869
4,026,576
4.276,186
3,990,798
3,922,532
3,987,352
549,616
489,279
596,691
640,351
707,484
622,585
649,950
668.023
4,243,834
4,088,503
4,780,560
4,666,927
4,983,670
4,613,383
4,572,482
4,655,375
4,490,354
4,326,000
5,058,258
4,938,025
5,273,167
4,881,370
4,838,093
4,925,802
a The figures of "per cent of operation" in 1928 are based on the annual capacity
as of Dec. 31 1927, of 58,627,910 gross tons for Bessemer and open-hearth steel Ingots, and In 1929 are based on the annual capacity as of Dec. 31 1928 of 60.990,810
gross tons for Bessemer and open-hearth steel ingots.
Tendency in Steel Production So Far This Month Has Been
Down-Railroad Demand Sets In Prices Unchanged.
Evidence's of a revival in railroad buying, a slight gain
In the requirements of the automotive industry and prospects for a recovery in farm machinery output are favorable straws in a steel market that is still without a well
defined trend, according to the "Iron Age" of Sept. 12, which
further says:
These developments have come too late to prevent a further decline
in steel works output, but they at least indicate that the low point in
demand may have been passed.
Following the placing of 30,000 tons of rails by the Reading, 75,000
tons of new inquiry has appeared, including 54,000 tons for the
Chesapeake & Ohio, and fully 400,000 tons is expected to come into
the market before the end of the month.
The railroad equipment outlook is also beginning to show more
promise. Although buying for the week was limited to 1000 gondola
cars for the St. Paul, requiring 15,000 tons of steel, new inquiries
1670
FINANCIAL CHRONICLE
include 2000 hopper cars for the Norfolk & Western and 500 gondola
car bodies for the Chicago & Eastern Illinois.
While a betterment in steel demand from these and other sources is
clearly in prospect, the extent of the increase cannot yet be estimated.
Meanwhile mill backlogs have continued to shrink and extended deliveries
have become a thing of the past.
With no incentive for forward buying, there is no rush on the part
of steel consumers to place fourth quarter contracts. Although mills
have actually opened their books at unchanged prices or have indicated a willingness, in many cases, to extend present quotations into
the next quarter, their customers prefer to await developments. Both
sellers and buyers are apparently fencing for advantage pending a test
of the market.
The decline of 429,966 tons in the unfilled orders of the Steel
Corporation in August was not unexpected in view of unusually large
production and the steady falling off in forward commitments. While
total unfilled business on August 31, at 3,658,211 tons, was only 34,000
tons larger than a year previous, output for the -month was much
heavier than in 1928. Steel ingot output for all procedures in August
totaled 4,925,802 tons, or nearly 750,000 tons more than in the corresponding month one year ago, and in terms of daily average was less
than 7% short of the all-time record of last May.
With business back on a hand-to-mouth basis, production can still be
large, as has been amply proved in recent years. For the current week
steel ingot output ranges from 85 to 95%, with some of the smaller
mills running at as low as 80%. Virtually all producers except the
leading independent, which expects to maintain a 95% operation
through September, have curtailed output. The average for Steel
Corporation subsidiaries is estimated at 91% of capacity. Among the
producing centers, the Chicago district has shown the sharpest drop,
with operations now at 92% compared with close to a capacity rate
a week ago. Pittsburgh and Buffalo plants are running at 90%.
Pig iron users, like steel buyers, are conservative in their purchases,
although many of them have covered for at least a substantial part of
their fourth quarter needs. The threat of Southern competition has not
disappeared, and offerings of steel company iron may become more of
a market factor if ingot production continues to decline.
Scrap is dull or definitely weaker in most centers, reflecting the uncertainty of steel company operations. Heavy melting steel at Pittsburgh has declined for the second week to $18.25 a ton.
A recession in plate demand at Chicago is the result of a temporary
suspension of pipe line work at Milwaukee. The Wisconsin fabricator,
however, has just booked 106 miles of 16-in pipe (15,000 tons) for
Utilities operating in Nebraska and Oklahoma. Contracts for two pipe
lines at Vancouver, British Columbia, and another at Bremerton, Wash.,
call for 8000 tons of plate.
Structural steel lettings, at 44,000 tons, showed a substantial gain
over the previous week. Fresh inquiries call for 26,000 tons, including 9300 tons for a New York subway section.
Bars, plates and shapes at Birmingham have been reduced $2 a ton to
2.10 cents a lb., cutting the differential over the Pittsburgh base from
$5 to $3 a ton. Galvanized sheets at Birmingham have been marked
down from 3.75 cents to 3.70 cents. In other districts quotations announced show no change except on galvanized sheets and cold-rolled
strip, on which some mills are asking an advance of $2 a ton over
recent minimum prices.
Copper sales last week, at 100,000 tons, were the largest on record,
with bookings about evenly divided between foreign and domestic
users. The leading producer has abandoned its efforts to advance prices
which are firm at 18 cents, delivered Connecticut Valley, for electrolytic metal.
The "Iron Age" composite prices are unchanged at $18.25 for pig
iron and 2.398 cents a lb. for finished steel, as the following table
shows:
Pig Iron.
Finished Steel.
Sept. 10 1929, 2.398c. a Lb.
Sept. 10 1929. 318.25 a Gross Ton.
One week ago
318.25
2.3.18c. One week ago
One month ago
18.42
2.398c. One month ago
One year ago
2.348c. One year ago
17.46
10-year pre-war average
15.72
1.689c. 10-year pre-war average
Based on steel bars, beams, tank plates. Based on average of basic Iron at Valley
wire, rails, black pipe and black sheets. furnace and foundry Irons at Chicago,
These products make 87% of the United Philadelphia, Buffalo, Valley and BirStates output of finished steel.
mingham.
Low.
Hfit.
FitDli.
Low.
1929_2.412e. Apr. 2 2.3910. Jan. 8 1929___$18.71 May 14 318.25 Ang. 27
1923_2.391c. I)ec. 11 2.314c. Jan. 3 1928___ 18.59 Nov. 27 17.04 July 24
1927_ _2.453c. Jan. 4 2.293c. Oct. 25 1927._ 19.71 Jan. 4 17.54 Nov. 1
1926_ .2.413g. Jan, 5 2.403c. May 18 1926._ 21.54 Jan. 5 1946 July 13
1925_2.560c. Jan. 6 2.396c. Aug. 18 1925___ 22.50 Jan. 13 18.90 July 7
Railroad demand for finished steel is spirited. More than 1100
cars were ordered in the past week, including 500 gondolas by the
Chicago & Eastern Illinois, 300 subway cars by New York and 100
hopper bodies by the Wabash. The Norfolk & Western, in addition to
repairs to 1000 steel hoppers, contemplates buying 2000 new ones.
Fresh rail inquiry embraces 53,000 tons by the Chesapeake & Ohio
and 22,000 tons by two western roads. By the end of the week fully
100,000 tons is expected to be on inquiry. This represents not so
much increased requirements as expedited 1930 buying, to enable mills
to spread production more equitably over the year. The Chesapeake
& Ohio rails will involved 12,000 to 14,000 tons of fastenings.
Other large tonnage consumers of steel are generally specifying up
to the mid-September level, but their requirements are not noteworthy.
Ford continues to order steel in large volume, but other automotive
buyers submit only fair specifications. Farm implement manufacturers
now are not expected to be active buyers before October 1. General
manufacturing demand is fair, but building steel needs are appreciably
lighter.
[VOL. 129.
is evident the mills are not considering reductions to attract tonnage.
Unchanged prices, however, tend to make contrasting sluggish and
bookings are unduly low on this account.
Plates continue the most active heavy finished line despite the curtailed specifications from the Milwaukee welded pipe fabricating. At
Chicago 20,000 tons is on inquiry. A vessel booked by the Bethlehem
Steel Corp. requires 6000 to 8000 tons. Four steamers for the Export
Steamship Corp. will require 21,000 tons of plates and three cruisers
18,000 tons. Bar tonnage at both Pittsburgh and Chicago lacks the
volume ordinarily provided by the automotive industry. The largest
prospective structural work this week is 10,000 tons for the Chicago
Tribune tower addition. In some districts fourth-quarter business is
being booked on the basis of 1.95 cents, Pittsburgh.
Sheet prices have been reaffirmed for fourth-quarter at Chicago, with
recent weaknesses in galvanized officially recognized. In the East some
contracts have been made for black and galvanized at current levels of
2.85 cents and 3.60 cents, respectively. Some mills are endeavoring
again to eliminate the $2 per ton preferential to jobbers and to stand
upon a 3.60 cent price. Sheet mill operations and backlogs both are
tapering moderately. Tin plate is quiet, though production is seasonably
high.
Strip steel production is down more sharply than most other finished
lines, reflecting in large measure the automotive apathy. Cold finished
bar prices have been formally reaffirmed, and some contracting is reported. Wire products continue in an uncertain market as to demand,
but prices are a shade stronges. Bolt, nut and rivet contracting is
proceeding at third-quarter prices.
Pig iron producers are coming up to the fourth-quarter with a large
proportion of their probable output committed. Selling at Cleveland
holds close to 20,000 tons weekly. Southern iron is stronger, less than
$13.50, Alabama furnace, now being exceptional. Sales at Cincinnati
total 12,000 tons, Boston and New York 7000 each, and St. Louis 6000.
Steel production at Chicago is reflecting the banking of a blast
furnace at Gary and the dropping of one at South Chicago. There,
as at Pittsburgh, ingot operations are about 90%. At Buffalo 32 out
of 37 open-hearth steel furnaces are on. Mahoning valley operations
average about 85%. The steel corporation is operating this week at
91%, three points lower than last week.
Ingot production in August was at the rate of 182,437 gross tons
daily, a record for the month. The July rate was 186,080 tons and last
August 154,763 tons. The August total of 4,925,802 tons made the
8-month total 38,731,069 tons, a record for the period. When unfilled
tonnage of the Steel corporation declined 429,966 tons in Augustthe heaviest drop in 15 months-the total fell to 3,658,211 tons, the
lowest level since last August 31.
The "Iron Trade Review" composite of 14 leading iron and steel
products is unchanged the fourth consecutive week at $36.52.
Ingot production of the U. S. Steel Corp. has been reduced
2% during the past week and is now at 91% of capacity,
compared with 93% in the preceding week and around 94%
two weeks ago, says the "Wall Street Journal" of Sept. 11,
adding:
Independent steel companies curtailed only about 1% during the
week and are now running at 82% of capacity, against 83% last
week and 85% two weeks ago.
For the entire industry the average is at 86%, contrasted with 874%
a week ago and 89% two weeks ago.
At this time last year the Steel Corp. was running at 77%, with
independents 78%, or 1% above the leading interest, while the average
industry was in excess of 77j/2%.
The American Metal Market this week says:
Steel production has been better sustained than the majority of
forecasts indicated, the August rate being only 2% under July and 8.7%
under the all-time record rate of last May. The present rate may be
estimated at 10% under May, which would be 33/,
7
0 under the average
rate during August. All indications are that production is engaged in
a slow decline, likely to last to the end of the year. All applicable
precedents would be violated, on the other hand, if there were not an
increase in January.
With a trifle under 47,000,000 tons of steel ingots made in 1926,
somewhat less in 1927 and a trifle over 50,000,000 tons in 1928, the 12
consecutive months to Sept. 1 show fully 56,000,000 tons. That is an
approximation of the calendar year's total, since the last four months
of this year will presumably average about the same as the last four
months of last year.
According to Rogers, Brown & Crocker Bros., Inc., writing under date of Sept. 12, producers of Pig Iron are not
as aggressive in soliciting new business, as the iron sold
during the past few weeks has placed them in a good
position with backlog tonnage on their order books. They
add :
Comparatively few large inquiries appeared during the past week,
but, nevertheless, a considerable tonnage of iron was sold quietly to
buyers who had not previously covered their requirements; in fact,
during all the recent active buying, very few inquiries were sent out,
the business being closed quietly with as little publicity as possible.
The price situation, especially in the South, is distinctly stronger, practically all producers in that district having made advances. Prices in
Northern markets are firm.
Foundries in sorne districts are more active than is usual at this
time of the year, and, as a whole, the consumption of iron is up to
expectation.
Foundry coke is moving steadily on contracts, but little interest is
shown in new business. There is more activity in the market for
Heating and Domestic coke.
Shipments of Ferro Alloys against contracts continue at about the
same rate that has prevailed for some time, with occasional orders to
cover additional requirements.
As declining steel ingot production and the unfilled tonnage stateemnt of the United States Steel Corp. indicate,
the steel markets lack some of the snap that characterized
the early months of 1929, announces the "Iron Trade Review" in its summary of iron and steel markets. Thus far
in September the tendency in production has been down.
But to a large extent this situation results from the maintenance of mill operations at rates not warranted by
incoming business, adds the "Review," which continues to Output of Bituminous Coal and Beehive Continues to
Show Increases Over a Year Ago-Anthracite
say:
Among producers there is less apprehension than might be expected
Production for First Eight Months of Current
after four consecutive months of receding production and unfilled
Year Below That for the Same Period in 1928.
tonnage. September can develop a sharp loss from the August rate of
production and still the third quarter can beat out last year. As fourth.
According to tho report of the United States Bureau of
quarter price announcements appear, continuing third-quarter levels, it Mines, Department
of Commerce, tho production of bitu-
SEPT. 14 1929.]
FINANCIAL CHRONICLE
minous coal and beehive coke continues to increase over the
figures for last year, while Pennsylvania anthracite output
again shows a decrease. For the calendar year to Aug. 31
1929, the production of bituminous coal amounted to 337,659,000 net tons as compared with 310,965,000 tons in the
corresponding period last year, while output of Pennylvania
anthracite totaled 47,835,000 net tons as against 48,361,000
tons in the 8 months ended Sept. 1 1928. Total production
for.the week ended Aug.31 1929, was as follows: Bituminous
coal, 10,619,000 net tons;Pennsylvania anthracite, 1,693,000
tons; and beehive coke, 116,600 tons. This compares with
9,436,000 tons of, bituminous coal, 1,728,000 tons of Pennsylvania anthracite and 66,900 tons of beehive coke produced
in the week ended Sept. 1 1928, and 9,971,000 tons of
bituminous coal, 1,544,000 tons of Pennsylvania anthracite
and 121,400 tons of beehive coke in the week ended Aug. 24
1929. The Bureau's statement follows:
1671
As already indicated by tlie revised figures above, the total production
of soft coal for the country as a whole during the week ended Aug. 24
amounted to 9,971,000 net tons. This Is an increase of 432,000 tons, or
4.5% over the output in the preceding week. The following table apportions the tonnage by States, and gives comparable figures for other recent
Years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
Aug. 1923
Aug. 24'29. Aug. 1729. Aug. 25'28. Aug.27'27. Average.a
State- ,
293,000
404,000
397,000
309,000
316,000
Alabama
38,000
37,000
26,000
25,000
26,000
Arkansas
166,000
212.000
173,000
125,000
137,000
Colorado
89.5,000
187.000 1.363,000
952.000
1,021,000
Illinois
336,000
290,000
440,000
268,000
315,000
Indiana
62,000
64,000
56,000
13,000
100,000
Iowa
54.000
35,000
84,000
d
d
KIIIISSIS
972,000 1,094,000
785,000
952,000
967,000
Kentucky-Eastern
217,000
514,000
266,000
229,000
248.000
Western
44,000
62,000
49,000
49,000
46,000
Maryland
21,000
20,000
12,000
14,000
14,000
Michigan
46,000
60,000
61,000
52,000
49,000
Missouri
50,000
64,000
61,000
57,000
63,000
Montana
49,000
57,000
51,000
49,000
53,000
New Mexico
20,000
14,000
15,000
12.000
13,000
North Dakota
151,000
871,000
361,000
467,000
496,000
Ohio
55,000
76.000
50,000
49,000
54,000
Oklahoma
2,640,000 2,526,000 2,337,000 2,443,000 3,734,000
Pennsylvania (Bitum.)
109,000
106,000
118,000
102,000
98,000
Tennessee
25,000
24,000
PENNSYLVANIA ANTHRACITE.
17,000
20,000
20,000
Texas
93,000
83,000
87,000
70,000
80,000
The total production of Pennsylvania anthracite during the week ended Utah
256,000
248,000
236,000
238,000
245,000
Aug. 31 is estimated at 1,693,000 net tons. Compared with the output Virginia
47,000
53,000
39,000
35,000
38,000
Washington
2,122,000 2,032,000 1,924,000 2,299,000 1,552,000
in the preceding week, this shows an increase of 149,000 tons, or 9.7%• W. Va.--Southern_b
838,000
958,000
737,000
083,000
with
683,000
that
of Aug. 31
Northern_c
Production during the week in 1928 corresponding
122,000
154,000
120.000
108,000
111,000
Wyoming
amounted to 1,728,000 tons.
5,000
4,000
3,000
54,000
54,000
Other States
Anthracite
(Net
Tons).
Pennsylvania
Estimated Production of
9.704,000
1928
1929
Total bituminous coal__ 9,971.009 9,539,000 9,276,000 2,078,000 11,538,000
1,926,000
Cal. Year
Cal. Year
Pennsylvania anthracite__ 1,544,000 1,113,000 1,731,000
Week.
to Date.
to Date.a
Week.
Week Ended11,782,000
13,464,000
11,007,000
10,652,000
11,515,000
44,598,000
1,418,000
1.113,000
44,902.000
Total all coal
Aug. 17
46,142,000
1,731,000
1,544,000
46,633,000
Aug. 24
b Includes operations on the N.& W.,
47,835,000
1,693,000
1,728,000
48,361,000
a Average weekly rate for the entire month.division of the B.&0. c Rest of State,
Aug. 31.b
K.& M.,and Charleston
a Minus one day's production first week in January to equalise number of days C.& 0., Virginian,
included in "Other States."
Kansas
d
Panhandle.
Including
revision.
to
Subject
In the two years. b
BEEHIVE COKE.
BITUMINOUS COAL.
The total production of soft coal during the week ended Aug. 31 1929,
including lignite and coal coked at the mines, is estimated at 10,619,000
net tons. Compared with the output in the preceding week, this shows an
increase of 648,003 tons, or 6.5%. Production during the week in 1928
corresponding with that of Aug. 31, amounted to 9,436,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1929-1928
Cal. Year
Cal, Year
Week EndedWeek.
to Date.
Week.
to Date.a
August 17
9,539,000
292,253,000
9,959,000
317,069,000
Daily average
1 590,000
1,504,000
1,493,000
1,631.000
August 24_b
9,971,000
301,529,000
9.276,000
327,040.000
Daily average
1,505,000
1,213,000
1,662.000
1,632,000
August 31_c
9,436,000
10,619,000
310,965,000
337,659,000
Daily average
1,573,000
1,507.000
1,636,000
1,770,000
a Minus one day's production first week in January to equalize number of days in
the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
Aug.31 (approximately 206 working days) amounts to 337,659,000 net tons.
Figures for corresponding periods in other recent years are given below:
355,199,000 net tons
310,965,000 net tons 1926
1928
319,892,000 net tons
350,630,000 net tons 11925
1927
for the country during the week
The total production of beehive coke
net tons. Compared with the
ended Aug. 31, is estimated at 116,600
shows a decrease of 4,800 tons, or
output in the preceding week, this
coke during the calendar
beehive
of
4%. The cumulative production
to 4,280,000 tons, as against approximately
Year 1929 to Aug. 31 amounts
period in 1928. In the ConnelLs2,829.100 tons during the corresponding
Courier, there was a net decrease
ville region, according to the Connellsville
fired during the week ended Aug. 31.
of 652 in the number of ovens
Estimated Production of Beehive Coke (Net Tons).
1928
1929
Week Ended
to
to
Sept. 1
Aug. 24
Aug. 31
Date.a
Date.
1928.
1929.c
1929.6
Region2,000,600
3,494,500
46,300
99.400
89,700
Ohio__
Pennsylvania and
406,900
366,400
11,300
11,900
14,500
West Virginia
112,800
51,800
1,700
Georgia, Ky. and Tenn_
16.5,400
192,100
5,000
7,100
7,100
Virginia
143,400
175.200
4.300
3,000
3,600
Colorado:Utah andWash.
66,900 4,280,000 2,829,100
121,400
116,600
United States total13,601
20,016
11,150
20,233
19.433
Daily average
equalize number of days in
a Minus one day's production first week In January to
Revised.
c
revision.
the two years. b Subject to
Current Events and Discussions
increase (-I-) Of Decrease (-)
The Week With the Federal Reserve Banks.
During
Year.
Week.
Sept. 11 1929.
S
a
The consolidated statement of condition of the Federal
a
+11.069.000
+39,313,000
222,229,000
market
open
Bills bought in
Reserve Banks on Sept. 11, made public by the Federal
-62,327,000
U. S. Government securities, total_ 159,017,000 +10,037.000
Reserve Board, and which deals with the results for the
-8,485,000
+2,155,000
44,877,000
Bonds
+10,599,000
+7,073,000
98.485,000
Treasury notes
12 Reserve banks combined, shows a decline for the week
+809,000
-64,441,000
15,655,000
of Indebtedness
Certificates
of $73,100,000 in holdings of discounted bills, and increases
-19,119,000 +175,881,000
of $39,300,000 in bills bought in open market and of $10,- Federal Reserve notes in circulation__1,864,148,000
+15,859,000
2 403,979,000 +29,973,000
000,000 in U. S. securities. Cash reserves of the Federal Total deposits
+11,589,000
2,360,265.000 +40,089,000
Members' reserve deposits
+7,837,000
-11,249,000
17,454,000
and
$30,000,000
increased
member bank
Reserve Banks
Government deposits
reserve deposits $40,100,000, while Federal Reserve note
circulation declined $19,100,000. Total bills and securities Returns of Member Banks for New York and Chicago
were $23,700,000 below the amount reported a week ago.
Federal Reserve Districts-Brokers' Loans.
After noting these facts, the Federal Reserve Board proBeginning with the returns for June 29 1927, the Federal
ceeds as follows:
Board also commenced to give out the figures of the
Reserve
Holdings of discounted bills declined $63,300.000 at the Federal Reserve
banks in the New York Federal Reserve District,
and
member
Boston
$6,800.000 at Philadelphia,
Bank of New York, $7,000,000 at
and increased $11,100,000 at San Francisco. The System's holdings of as well as those in the Chicago Reserve District, on Thursbills bought in open market increased $39.300,000, of Treasury notes
days, simultaneously with the figures for the Reserve banks
$7,100,000, of U. S. bonds $2,200,000 and of certificates of indebtedness
themselves, and for the same week, instead of waiting until
$800.000.
The principal changes in Federal Reserve note circulation for the week the following Monday, before which time the statistics coverincluded a decline of $9.000.000 at bhicago and of $6,100,000 at New York.
ing the entire body of reporting member banks in 101 cities
The statement in full, in comparison with the preceding cannot be got ready.
week and with the corresponding date last year, will be
Below is the statement for the New York member banks
found on subsequent pages-namely, pages 1700 and 1701. and that for the Chicago member banks thus issued in
A summary of the principal assets and liabilities of the advance of the full statement of the member banks, which
Reserve Banks, together with changes during the week and latter will not be available until the coming Monday. The
the year ended Sept. 11, is as follows:
New York statement, of course, also includes the brokers'
Mame (+) or Decrease (-) loans of reporting member banks. The grand aggregate of
During
these brokers' loans the present week has increased $120,Sept, 11 1929.
Week.
Year.
for the fourth week in succession establishing
000,000,
8
3,146,226,000 +30,029,000 +375,281,000 a new high record in all time. The present week's increase
Total reserves
2,971,735,000 +28,367,000 +342,789,000
Gold reserves
of $120,000,000 follows an increase last week of $137,000,000,
1,370,273,000 --23,739,000 -133,497,000 an increase of
Total bills and securities
$132,000,000 two weeks ago, and an increase
972,927,000 -73,089,000
-96,319,000 of $133,000,000 three weeks ago, making an expansion in
Bills discounted. total
Secured by U. S. Govt. obliga'ns- 491.986,000 -49,088,000 -164,049,000
480,941,000 -24,001,000
+67,730.000 the last four weeks of no less than $622,000,000. The
Other bills discounted
1672
total of these loans on Sept. 11, at $6,474,000,000, compares
with $4,385,000,000 on Sept. 12 1928.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Sept. 111929. Sept. 41929. Sept. 12 19283
5
$
Loans and investments—total
7,467,000,000 7,596,000,000 6,991,000,000
Loans—total
5 770,000,000 5,853,000,000 5,203,000,000
On securities
All other
2 846,000,000 2,944,000,000 2,520,000,000
2,924,000,000 2,908,000,000 2,884,000,000
Investments—total
1 697,000,000 1,693,000,000 1,788,000,000
U. S. Government securities
Other securities
945,000,000
752,000,000
Reserve with Federal Reserve Bank_ __. 734,000,000
Cash in vault
54,000,000
Net demand deposits
Time deposits
Government deposits
943,000,000 1,042,000,000
750,000,000 746,000,000
717,000,000
52,000,000
729,000,000
54,000,000
5,204,000,000 5,230,000,000 5,129,000,000
1,209,000,000 1,206,000,000 1,165,000,000
11,000,000
3,000,000
Due from banks
92,000,000
Due to banks
891,000,000
Borrowings from Federal Reserve Bank_ 159,000,000
85,000,000
885,000,000
217,000,000
103,000,000
935,000,000
270,000,000
Loans on securities to brokers and dealers:
For own account
1 017,000,000 1,103,000,000 865,000,000
For account of out-of-town banks_ _ _ _1,841,000,000 1,784,000,000 1,599,000,000
For account of others
3 616,000,000 3.467,000,000 1,921,000,000
Total
On demand
On time
Loans and investments—total
[VoL. 129.
FINANCIAL CHRONICLE
6,474,000,000 6,354,000,000 4,385,000,000
6,119,000,000 6,005,000,000 3,642,000,000
355,000,000 349,000,000 744,000,000
Chicago.
2 050,000,000 2,037,000,000 2,023,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank__
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
I 661,000,000 1,643,000,000 1,563,000,000
929,000,000
732,000,000
910,000,000
733,000,000
845,000,000
718,000,000
389,000,000
394,000,000
460,000,000
161,000,000
228,000,000
162,000,000
232,000,000
209,000,000
251,000,000
176,000,000
16,000,000
171,000,000
16,000,000
186,000.000
17,000,000
1 277,000,000 1,258,000,000 1,250,000,000
654,C00,000 675,000,000 679,000,000
6,000,000
1,000,000
138,000,000
310,000,000
162,000,000
316,000,000
169,000,000
342,000,000
11,000,000
1,000,000
36,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
Beginning with the statement of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of
exchange or drafts sold with endorsement," and include all
real estate mortgages and mortgage loans held by the banks;
previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the
banks included mortgages in investments. Loans secured by
U.S. Government obligations are no longer shown separately,
only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not now subdivided to show the amount secured by U. S. Government
obligations and those secured by commercial paper, only a
lump total of the two being given. The figures have also
been revised to exclude a bank in the San Francisco district,
with loans and investments of $135,000,000 on Jan. 2, which
recently merged With a non-member bank.
In the following will be found the comments of the Federal
Reserve Board repecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Sept. 4:
The principal changes in borrowings from Federal Reserve banks for
the week comprise increases of $64,000,000 at the Federal Reserve Bank
of New York, $13,000,000 at San Francisco, $9,000,000 at Kansas City
and $6,000,000 each at St. Louis and Cleveland, and decreases of $25,000,000 at Chicago and $6,000,000 at Boston.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Sept. 4 1929, follows:
Increase (+) or Decrease (—)
Since
Sept. 5 1928.
Sept. 4 1929. Aug.28 1929.
$
IS
$
Loans and investments—total- _ _ _22,591,000,000 +186,000.000 +758,000,000
Loans—total
On securities
All other
17,150,000,000
+200,000,000 +1,244,000,000
7,632,000,000 5+117.000,000
9,518,000,000 *+84,000,000
+772,000,000
+472,000,000
5,441,000,000
—15,000,000
--486,000,000
U. S. Government securities— - 2,699,000,000
Other securities
2,741,000,000
—8,000,000
—7,000,000
—222,000,000
—266,000,000
Reserve with Federal Res've banks 1,675,000,000
Cash in vault
240,000,000
+12,000,000
+2,000,000
+16,000,000
—7,000,000
13,184,000,000 *+ 199,000,000
+42,000,000
6,808,000,000
—26,000,000
11,000,000
+165,000,000
—20,000,000
—83,000,000
1,115,000.000
2,722,000.000
+83,000,000
+182,000,000
+6,000,000
—186,000,000
761.000,000
+76,000,000
—64,000,000
Investments—total
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
* Aug. 28 figures revised.
Summary of Conditions in World Markets, According to
Cablegrams and Other Reports to the Department of
Commerce.
The Department of Commerce at Washington releases for
publication Sept. 14, the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
The continued drought and forecast of unfavorable weather are
causing great uneasiness among both the agricultural and livestock
interests of the country. August commercial failure liabilities amounted
to 13,700,000 paper pesos, or nearly double those of July, but the total
for the first eight months is less than that for the corresponding period
of last three years. The Province of Buenos Aires is issuing 60,000,000
paper pesos of additional mortgage bonds designated Series "E" on
September 4; weekly passenger plane service between Buenos Aires and
Santiago, Chile, was inaugurated recently. The total number of automobiles imported during the first seven months of this year amounted
to 44,211 and of trucks to 13,745, as compared with 25,805 and 7,545,
respectively, during the corresponding period of the previous year.
AUSTRALIA.
The Australian wool season has opened with prices from 25 to 30%
lower than those prevailing at the opening of the 1928-29 season and
about 5% below the closing rates. Buying on French account was
active. Recent duty advances of 10% on rayon textiles have not as
yet been reflected in the retail or wholesale trades except for future
indents.
CANADA.
Trade news from the Prairie Provinces is more encouraging, with
local unofficial estimates of the wheat crop at 275,000,000 bushels.
Threshing is well under way in Manitoba and Saskatchewan, and will
soon be general in Alberta. Preliminary returns indicate better grades
than last year and good weather promises to enable growers to get the
crop in at an unusually early date. However, rapid delivery with the
large stocks of the old crop on hand and an inactive export demand is
creating some transportation and storage problems. Western wholesale
trade is relatively more active than the retail branch, but the latter is
fair in most centers, although as usual at this season collections are
slow. Toronto has experienced some cancellations as the result of
crop conditions but wholesalers there report a fair business and the
retailers are satisfied with the volume passing, particularly in clothing,
millinery and footwear, which are moving well. Montreal and Quebec
report satisfactory conditions, but Maritimes business is apparently
only fair. Increases of from 3 to 14% in the bank clearings of Canada's largest cities in August show that business was generally more
active than in the same month of 1928. As compared with July a year
ago, Canadian imports in July, 1929, record striking percentage increases, in tubes, pipes and fittings, 80%; rolling mill products, 48%;
electrical apparatus, 63%; copper products, 57%; coke, 49%; crude
petroleum, 46%; and vegetable oils, 59%. The major decreases were
in automobiles and agricultural implements, which declines by 30 and
17%, respectively. Hide and slcins imports fell off by approximately
51% from last year. Imports /from the United States of over $77,'
000,000, constitutes a gain of 9% over July, 1928. The United Kingdom's contribution, amounting to $17,700,000, shows an increase of
approximately the same proportions. Two new air mail services are
established in the Prairies Provinces on October first, connecting
being
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on Sept. 4 shows increases for the important centers. Canadian mineral production during the first half
week of $186,000.000 in loans and investments, $199,000,000 in net demand of 1929 was valued at more than $123,000,000. The 17% increase
deposits, $42,000,000 in time deposits and $76,000,000 in borrowings from value over the values for the first six months of 1928, is attributed
Federal Reserve banks, and a decrease of $26,000,000 in Government chiefly to larger gains in copper, nickel, and asbestos output.
deposits.
CHINA.
Loans on securities increased $117,000,000 at all reporting banks, $122,Trading conditions in China remain unchanged from last week.
000,000 in the New York district, $9,000,000 in the Boston district and
Shanghai's return to more prosperous conditions is, however, indicated
$7,000,000 in the Cleveland district, and declined $11,000,000 in the
in an announcement to the effect that approximately 2,600,000 tads
Chicago district and $6.000,000 in the Dallas district. "All other" loans
($1,500,000) will be paid on the September Settlement Day in diviincreased $45.000,000 in the New York district, $11,000,000 in the Boston
dends and in returns to investors of capital stock. Although merdistrict. $9,000.000 each in the Chicago and Dallas districts, $6,000,000
chants dealing in certain lines complain of the usual summer dullness.
in the Cleveland district and $84,000.000 at all reporting banks.
collections
of the Chinese Maritime Customs at Shanghai during August
Holdings of U. S. Government securities declined $8,000,000 and of
indicate an import increase of 10%% over that month last year; and
other securities $7,000,000.
Net demand deposits, which at all reporting banks were $199,000,000 9% higher than imports in July of this year. August exports of naabove the Aug. 28 total, increased in nearly all districts, the principal tive products at Shanghai show a decline of 5% from the previous
Increases by districts being: New York, $130,000,000; Boston, $25,- month, but an increase of 4% over such exports in August of last
000,000; Chicago,$16,000,000: Philadelphia and San Francisco, $8,000,000 year.
DENMARK.
each, and Atlanta, $6,000,000. Time deposits increased $15,000,000 in
The notable improvement in the Danish situation during the past year
the New York district. $9,000,000 in the Chicago district, $8,000,000 in
was further characterized by* increased commercial activity in the first
the Boston district, and $42,000,000 at all reporting banks.
-
SEPT. 14 1929.]
1673
FINANCIAL CHRONICLE
NORWAY.
•
to
half of the current year. Greater ability of the domestic industries
of home
The statement of the Norwegian State Telegraph for the fiscal year
compete with foreign goods and increased output and sales
there was no note- 1928-1929, recently published, shows a surplus of 11,000,000 crowns or
products largely accounted for this improvement, as
in fact, about 1,400,000 crowns above estimate. This amount, however, does
worthy increase in imports of manufactured goods. Imports,
with 1928 not represent an actual surplus, as nothing was deducted for depreciadeclined and for the first six months of the year as compared
while exports tion or for interest on the capital invested. In comparison with the
dropped from 159,000,000 crowns to 751,000,000 crowns,
As a result the fiscal year 1927-1928 the income increased 900,000 crowns and expendirose from 749,000,000 crowns to 777,000,000 crowns.
is even
lowered by 2,500,000 crowns. Both revenues and expendiimport surplus was reduced to only 3,000,000 crowns, whichespecially tures were
tures were affected by a new system of accounts so that compared with
smaller than in the prewar years. Decline in grain imports,
trade and follows the previous year the actual increase in revenues amounted to only
corn, is responsible for this favorable trend in foreign
Danish harvest of last 1,900,000 crowns and the decrease in expenditures to 1,300,000 crowns.
as a consequence of the exceptionally large
very materially
RUMANIA.
year. Regarding exports, manufactured goods increased
interesting
and agricultural exports remained at a high level. Another
the exception of petroleum products, which shows an increase by
With
very
a
was
six
months
past
the
during
trend in Danish foreign trade
110,000 tons or about 17%, exports of the other principal items show
definite increase in the trade with England and a rather marked decline marked declines for the first half of the current year, as compared with
Germany.
from
in the imports
1928. Shipments of cereals in particular decreased about 80%, with
EGYPT,
accounting for more than four-fifths of the entire shrinkage, as a
corn
Preliminary data on foreign trade for July show an adverse balance result of the exceptionally poor crop of 1928. In livestock shipments
month of 1928.
as compared with a favorable balance for the same
largest decrease (44%) is shown in hogs (55,100 and 98,100 head,
$5) and the
respectively). Exports of horned cattle also lost 5,000 head (10%).
Imports totaled 1E 4,285,000 (LE equals approximately
LE
reand
3,960,200,
3,620,700
LE
exports RE 3,225,200, as against
was not much change in exports of timber and lumber for the
2,475,400 as compared There
spectively. Cotton exports were valued at RE
period.
seven
months
of
first
1929
the
For
1928.
July,
in
VENEZUELA.
3,373,800
with RE
imports totaled RE 30,780,900 and exports RE 31,152,200; this comquiet in all commercial centers. Wholesale
exceedingly
is
Business
for
the
respectively,
31,066,700,
pares with LE 28,404,000 and LE
dealers are only placing orders for immediate needs. Banks are resame period of 1928. Cotton accounted for LE 24,519,800 of exports stricting credits to firms of unquestionable responsibility and collec1928.
in
24,598,600
increase in the sale of
in 1929 and RE
tions are slow. Automobile dealers report an
of passenger cars. ForeFINLAND.
auto trucks but a decrease in the disposal
that it will be less
indicate
to
continue
Economic conditions in Finland during August were spotty, with the casts of the coming coffee crop
production during the month of July totaled
outlook favorable. Although there are indications that it will be than last year. Petroleum less than for June. Export amounted to
50,000
some time before any real betterment in the financial situation can be 11,250,000 barrels,
in the preceding month. At the end of
expected, the prospects have improved. Industrial conditions remained 10,660,000, slightly less than
petroleum were held in storage, being about the
somewhat below normal. Bankruptcies are lower but protested bills July, 15,076 barrels of
the end of June.
have increased. Stock-exchange prices and turnover both have fallen same amount as held in storage at
off. The labor market is on the whole satisfactory, with unemployment
also includes the following
sumary
eDpartment's
The
normal. Imports during July were slightly below those of June, with
of the United States:
possesions
Island
the
was
to
activity
limited,
with
Industrial
the
regard
with
exports considerably higher.
PHILIPPINE ISLANDS.
exception of lumbering in which exports were high, both seasonally and
September 3 causing
as compared with the previous month. Prices remained low and prosThe island of Luzon was visited by a typhoon on
pects dull; no contracts for delivery in 1930 have been made. The considerable damage in several sections, though preliminary estimates
sulphite-pulp market was good; 55 per cent of the 1930 output has been
losses at less than those occasioned by the typhoon disturbance of
sold and inquiries for the 1931 production are coming in. The demand place
1928. Textiles have been very quiet during the past week
November,
is
the
outlook
but
good.
Sales
considered
dull
was
for sulphate-pulp
of the favorable undertone prevailing during the preceding
of wood pulp continued to be slow. The plywood market is seasonally in spite
Textile importers are generally of the opinion that ordering will
weaker; the capacity of the mills was not increased during the year. week.
resumed within a month, although the typhoon disturbance may delay
The paper market showed improvement. The cost-of-living index ad- be
somewhat. Copra is active, with all mills operating. It is
vanced. The financial situation remained unimproved, with prospects the revival yet how much coconut growers have suffered from the
known
not
The
weaken.
of betterment. The stock-exchange index continued to
Arrivals at Manila in August amounted to 513,000 piculs and
seasonal increase in lumber exports brought with it a large favorable typhoon. 245,000 piculs. Today's prices for warehouse grade resecado,
at Cebu
balance during July.
pesos per picul; Cebu, 10.375;
f.o.b. steamer, are Manila, 10.623
INDIA.
Legaspi, 10.25; and Hondagua, 10.125 pesos. The local abaca market
Hesand
Jute
shown by London and New York
being
considerably.
improved
has
situation
activity
strike
mill
The
is very quiet, with little
sian markets are quiet. Despite slackness in demand, piece goods are buyers. Receipts during the week ended August 31 totaled 35,200
steady. Shellac has shown a declining tendency, with few inquiries. bales, and exports amounted to 19,800 bales of which the United States
Metals are slightly firmer. Merchandise imports in July increased took 10,100. Stocks at export ports on September 2 totaled 228,900
somewhat, but exports declined. Floods continue in the Sind area bales.
PORTO
causing considerable damage to property, crops and livestock, and the
situation is being aggravated by a reported outbreak of cholera. Trade
community seems slightly more optimistic than
business
the
Although
in this region is being adversely affected, particularly piece goods. Jute
case last month, business continues dull and little improvement
and Hessian markets are still feeling the effects of the recent strike and was the
during the remainder of the year. Collections continue slow
expected
is
prices are ruling lower.
Bank clearings for August amounted to $22,151,000 as
difficult.
and
in
the
not
past
week.
improved
have
conditions
General business
with $20,088,000 in August of 1928. Customs receipts during
Weather conditions continue favorable for the new rice crop, but it is comparedmonth totaled $106,000 or below those of August, 1928, which
too early yet to make estimates as to its size. The rice market is firm the past
to $150,000. Registrations of new automobiles were 183 as
but quiet, due to lack of interest on the part of Java and Hongkong amounted with
212 in the same period of last year.
compared
with
holders
slow,
accepting
higher prices.
buyers. Paddy arrivals are
per
12.36
piasfers
at
100
kilos.
Rice
quoted
being
is
white
rice
Saigon
exports from Saigon during August totaled 109,000 metric tons, of
which Hongkong took 28,000 tons; Java, 18,000, and the Philippines Jackson E. Reynolds of First National Bank of New
8,000 metric tons. The piastre sold, sight New York, on August 31, at
York and Melvin A. Traylor of First National Bank
$0.445, with an official exchange rate of 11.35 francs (par is $0.50).
of Chicago Named to Assist in Formation of Bank
JAPAN.
International Settlements.
Government's
for
retrenchment program
Business feels the effects of the
and is at a low ebb awaiting further developments. Earnings of leading
made known in press advices from abroad Sept. 12
was
It
banks show a decline, with expectancy of reduced dividend rates.
Reynolds, President of the First National
Rumors regarding the much-discussed gold embargo continues to cause that Jackson E.
temporary fluctuations in commodity and stock markets. An abnormally Bank of New York, and Melvin A. Traylor, President of the
large rice crop is anticipated.
First National Bank of Chicago, have been chosen as the
MEXICO.
on the subcommittee appointed by the
largely
responsible for the fair two Americans to sit
Seasonal influences are considered
to draw up the statutes of the
Conference
Reparation
Collections
continue
fairly
goods.
satisfacHague
volume of sales of staple
tory, and loans are being made at rates of 9 to 10% interest. The Bank for International Settlements
Government reports that owing to the prolonged drought in the northAccording to press accounts from Rambouillet (France)
ern part of the country a considerable number of cattle have died beof
some
of
production
the construction Sept. 12, Owen D. Young, author of the reparations plan
cause of lack of pasture. The
materials is said to be exceeding the demand, which is probably due which bears his name, and J. Pierpont Morgan, delegate to
in part to the rainy season. The silver mines are using all possible
experts' commission which devised the plan were
economies in order to continue exploitation and operation in the face the Paris
of low prices for silver. The Dos Estrellas mines at Tialpujahua, in asked by Minister of Finance Henri Cheron of France to
the State of Michoacan, have been reported closed, throwing approxi- name two Americans to sit on the subcommittee. Paris
mately three thousand miners out of work. Congress met in regular
New York "World" Sept. 13 said:
session September 1st, but so far has not taken up the pending labor advices to the
The Governors of the six Central Banks of Europe represented on the
bill which is the subject of chief interest at the present time.
Young committee have accepted the names of two Americans proposed by
NETHERLAND EAST INDIES
Owen D.Young and J.P.Morgan. The American bankers were requested to
except
with
normal
motor
which
vehicles,
Market conditions continue
Propose the names because the Federal Reserve Banking system was not
of
Features
demand.
the
have
past
week
heavy
a
enjoying
still
are
authorized by the Government to make appointments.
been the inauguration of a weekly air mail and passenger service between
The New York "Times" of yesterday (Sept. 13) had the
Batavia and Palambang, South Sumatra, and the commencement of
mb of the
sayppregarding heAnierica.me
electric train service between Batavia and Buitenzorg.
appointments:
following
NEWFOUNDLAND.
as
their
members
News
"world
Progress of the summer fishery -with an advancing trend in cod prices bank" was confirmed in Wall Street yesterday. Selection of the two bankers
has improved the prospects for autumn trade, which are now considered was made by Owen D. Young, author of the reparations plan bearing
good. The retail turnover is fair, and department store buyers return- his name, and J. P. Morgan, delegate to the Paris Experts Commission,
ing from American and British centers report the placing of satisfactory which devised the plan. Presumably the invitations to the two bankers
orders. Credit conditions are easy. For the present, the price differen- to represent the United States on the banking committee was made by
tial in the local market favors American flour over Canadian. There cable, since Mr. Morgan is in Scotland shooting grouse and Mr. Young
is an active demand for salt pork and pickled beef, with prices in the is on a business trip in Canada. No formal announcement of the appointlatter rising. The mines and paper mills continue production at full ments has been made and probably will await the publication of the full
capacity. Blueberry exports to the United States for the season are list of committeemen from abroad, each country affected by the Dank of
International Settlements being entitled to its quota of representation.
expected to reach 3,000,000 pounds.
RICO.
1674
FINANCIAL CHRONICLE
[Vol.. 129.
Reported Preparing to Sail.
The Reich Cabinet
Mr. Reynolds was at his desk at the First National Bank yesterday cedure of the German put the stamp of its approval today on the prodelegation of The Hague reparations
and was reported making arrangements for his departure with Mr. Traylor after listenin
conference,
g to extended oral reports by Dr. Strese
for Brussels, where they wlll meet the other delegates for discussion of
mann, Foreign Minthis ister; Dr. Hilferding, Minister of Finance;
Dr.
most important phase of the Young plan and the outline of its functions.
Curtius
,
Ministe
r of
Economics, and Dr. Wirth, Minister
for Occupied Territory, who comMr. Traylor was reached last night by long distance telephone at
the prised the official German delegation.
Indian Hills Country Club at Wilmette,
and confirmed his selection.
Chancellor Herman Mueller, who is
still convalescing in the Black
He had just completed a round of golf.
Forest, in a personal message to
Dr. Stresemann expressed complet
"Yes. I have accepted the invitation to serve as one of the member
e
satisfaction with the settlement reached
s
of the committee, with Mr. Reynolds," he said, "and will be glad
at The Hague, especially with
to do respect to the accord on the final
what I can to help in the situation."
evacuation of the occupied zones.
The sentiment in the Cabinet appears
He said that he is now arranging his affairs in order that
to be unanimous and the Govhe may be ernment leaders tonight indicat
e
in Europe for several weeks. Mr. Traylor asked to be excused from
dis- ratification of the Young plan complete confidence of the Reichstag's
on the basis of the supplementary
cussing the details of the Young plan or the world bank at this time,
and
conuntil he has had the opportunity to familiarize himself with the details of cessions obtained at The Hague.
Dr. Stresemann went to Geneva tonight
the proposal, and further, until he has had the time to confer with
for the League of Nation ,
his meeting, after which
he intends to take a brief holiday pending
fellow-committeeman.
the final
conclusion of negotiations by su_b-committee
s over the details of the
Young Plan which were left unfinished
by
The
Hague
conference.
Bank for Internatio
Settlement
s—Organization
nal
Group Meets in Brussels Within Fortnight—Doubt
Mexico and U. S. Bankers Reach Debt Accor
London as Site.
d—Interest on
Certain Issues Not Paid Remitted—"Capacity-t
In its issue of Sept. 13 the "Wall Street Journal" ano Pay"
Involved.
nounced the following from Paris:
From the New York "Journal of Commerce"
With appointment of J. E. Reynolds and Melvin A. Traylor as American
of Sept. 12
members, the organizing committee of the Bank of International Settle- we take the following credited to its Washi
ngton bureau:
ments will meet at Brussels the last week in September. The committee is
expected to modify considerably the draft ofstatutes drawn up by the Young
committee.
They will probably leave the question of the bank to later decision by the
governments of the countries concerned. Since the French are resolut
ely
opposed to selection of London as the site, the chances favor Brussels or a
Swiss city. There is also some question of linking the bank with the League
of Nations, with a view to limiting Its independence.
There is small prospect of ratification of the Young plan by all nations
concerned and of completion of the details of organizing the bank before the
end of the year. However, the hope is expressed
in some quarters that the
first issue of reparations bonds may be made early
the
in 1930.
New York market is in a position to collaborate with Paris. Providing
Light is thrown upon the negotiations last Decemb
er between the
Mexican Government and representative
s of the American bankers,
details of which have not been published, in informa
tion received here
from Mexico City today. President Portes
Gil's recent statement to
the Mexican Congress went into
this subject in considerable detail,
though the matter was not covered
in cabled reports of the Presidential
address.
President Gil's statement reveals for the first time
that in the conversations with the American bankers
toward the close of 1928, progress in
the readjustment of the Mexica
n funded debt was made to the extent of
the signing of a memorandum respect
ing renewal of the service of the
debt, based, according to President
Gil, "on the country's capacity to
Pay."
Remit Matured Interest
It is further stated on what
appears to be good authority that the
conditions outlined in the memora
ndum represented approximately a
reduction of 40% of the total amount
of capital and interest accrued,
which was equivalent in the case
of certain issues to remitting the
interest matured and not paid.
Another interesting bit of data is
that relatives to the debt
Silver metal suffered one of the worst declines of the year in the local Mexican railways, during
the discussion of which the stateme of the
market to-day, dropping 3/
nt said
$ cents to 507
4 cents an ounce, and a simul- that all the obligations, including those guaranteed by
the Government,
taneous decline was registered in London, amounting to 3-16 penny and are to be considered exclusi
vely as a liability of the
compan
bringing the price to 23 11-16d. per ounce, also a new low for this and so far as future obligati
ons are concerned, but also as to y, not only
several previous years. The New York quotation to-day was also the have matured. The
those which
President's statement says that this
lowest in several years.
modification was
made with the consent of the bankers'
commission, but it remains to be
Information received locally from London, the primary market, was that seen what represe
ntation the bankers' commission has in
Chinese had been dumping hoards of silver on the market, first long hold- the railroad
the matter of
debt.
aggrega
50.000,
ounces.
sales,
About
an
to
snort
te
then
000
The Lamont-De La Huerta agreement, as
to
ings and
modified by the Pani amendtwo weeks ago Chinese holders in Shanghai were reported long of
20,- ment, recognizes a committee of bankers
as representing the holders
000.000 ounces. To-day they were reported short 30.000,000.
of bonds of the public debt, but there
has not been up to now, at least
Silver has been declining, with only momentary interruptions, since the
publicly
,
any
such
recogni
tion in connection with the railroad
first of the year. It was now fallen more than 6 cents since
debt.
Jan. 10, last,
when the peak price for the year of 57A cents per 01111C0 was reached.
Agrarian Debt Law.
In London the high price of 96 7-16d. per ounce was registered Jan. 7.
In the matter of the railroad debt
there are a number of phases which
are not entirely clear. Touchi
The decline since then has been over 3d. per ounce.
ng on the agrarian debt, the President's
statement says that from August 1,
1928, to August 15, 1929, 3,500,000
pesos of bonds were issued, making
the total issue of these bonds amount
Winston Churchill Demands New Stand on Debts for Great to 14,000,000 pesos.
This figure is in itself very low but it is
still not
Britain—Says Hague Agreement on Young Plan Im- known what portion corresponded to the period subsequ
ent to the change
in the method of amortiz
ation of that debt by discontinuance
pairs Principle of Balfour Note.
of redemption by the drawing method
. Agrarian bonds are now being
The following Canadian Press advices from Vancouver, redeemed by purchas
e on the open market.
By act of December 31, 1926, the
B. C. Sept. 4 appeared in the New York "Times":
issue of agrarian bonds up to 50,Winston Churchill, former British Chancellor of the Exchequer, 000,000 pesos was authorized over a period of twenty years. During
1927
the authorized annual issue
speaking here last night at a public meeting under
of 10,000,000 pesos was completed, accordthe auspices of the ing to official
reports here, and it was known that an additio
National Council of Education, declared the Hague agreem
nal amount
ent on the had been issued
in 1928. It was not known, however,
Young plan has impaired the principle of
that the total
the Balfour note and that the issue had been
brought to 14,000,000 pesos by the additio
time had come for a restatement of the British position
of the war of 1928.
nal flotation
debts in terms favorable to Great Britain
.
The funded debt of Mexico covered
"We can no longer say," he declared, "that we are obtaining as
by the various agreements with the
bankers' committee on December 31, 1927,
much from Europe, including arrears
with paymen
, as the United States is receiving was approxi
mately 1,000,000,000 pesos. The combin ts substracted,
from us."
ed funded and
floating
debt with accrued interest, amounted to
He referred specifically to the repudiated
1,250,000,000 pesos.
Russian debt of R600,- Under the
Lamont-De La Huerta agreement, Mexico
000,000, which, he said, France and Italy should
was to pay 200,be asked to agree 000,000 pesos between
was outside the "self-denying limitati
1922 and 1927, the annual payments
ons of the Balfour note."
to start
at 30,000,000 pesos and to increas
Mr. Churchill regarded this debt
e. The Paul agreement of 1927
as not impossible of collection, if creased the
deannual payment from 30,000,000 to
Russia redons the "garb of civiliza
21,000,000 pesos.
tion" in the next ten or fifteen years.
Coupled on this statement of war debts, the former
Chancellor
warned the present British Govern
ment that the outbreak in Palestine Mexican Budget $140,0
was "only a bloody foretaste"
00,000—Commission Estimates Inof what would have happened in Egypt
and India if the protect
come for 1930 at 287,000,000 Pesos
ing and guiding hand of Great Britain were
($143,000,000) Over
withdrawn.
$3,000,000 Surplus.
He had no doubt but
that the dismissal of Lord Lloyd and the proA
cablegram, Sept. 8, from Mexico City to
posal of the Labor
Government to clear the British garrison out of
the New York
Cairo and Alexandria
have been taken as a sign of weakness by the "Times" states that Mexico's Budget Commission
Arabs in Palestine.
has completed Its labor on the 1930 national
The British
financial program and,
Government must restore order in Palestine, he declared, according to
and he saw no
its
report
,
Mexic
o
can count on 287,000,000
reason why the Jews and Arabs could not live side
by
side in peace.
Certainly no British political party, Socialist, Conserve- pesos (about $143,000,000) income from all
five or Liberal,
sources, and
expenditures will be limited to 280,00
would repudiate undertakings made in time of
war to
the Zionist moveme
0,000
nt, Mr. Churchill said.
surplus of 7,000,000 pesos. The cablegram pesos, leaving a
Mr. Churchill
also said:
ly defended the principles of the Balfour note.
He declared thatstaunch
The foregoing figures were reached after
had he continued in office
a series of conferences
he would have taken any all departments of the State, and they
with
advantage, however
will have to be respect
slight, afforded by any deviation from the Balfour
ed strictly as
note principle, to
regards expenditure by each Cabinet
restore the position on war debts
departm
ent.
advanta
more
to Great Britain,
geously
The allowance for service on the public
(nearly $13,500,000), as against 34,000,000 fordebt is 27,000,000 pesos
the ourrent year. This
includes all that is considered likely to be
available for both external
Young Plan for Repar
and internal obligations, as well as the republic
's,pension roll. On this
ation Payments Approved by German figure
must be based the conversations which,
it is officially stated,
Cabinet.
soon will be renewed with the International
Committee of aBnkers on
Under date of Sept. 3
Berlin advices to the New York Mexico looking to a new agreement.
"Times" stated:
Comparing the estimates of the Ministry
of War and Marine for the
current year and the coming year, the
1930 estimate is 80,000,000
Breaks as Chinese Unload—Great Quantity
Reported Sold in Far East.
The following is from the New York "Sun" of last night
(Sept. 13):
Silver
SEPT. 14 1929.]
FINANCIAL CHRONICLE
pesos, as against 84,300,000 for 1929. The difference is roughly 5%
and it is an appreciable item in Mexican finance. The cut will be made
possible largely by reducing the size of the Mexican Army.
The budget of the Ministry of Communications is 40,000,000 pesos,
roughly 3,000,000 more than for the current year. The increase is due
to plans to continue intense development of the road program begun by
former President Canes.
President Portes Gil's educational program, according to the figures,
will receive further impetus next year. With 40,000,000 pesos available
in 1930 it will be better off to the extent of nearly 3,000,000 pesos compared with the current year. Going back to 1925, it is seen that in the
last five years appropriations for public education have been increased
by nearly 9,000,000 pesos.
Other appropriations show slight decreases.
1675
The republic plans to apply the proceeds to public works, including an
important irrigation project in the Olmos district of northern Peru. sanitation works,roads and railroads. Part of the proceeds of the first and second
series of the Peruvian National Loan has already been used in connection
with these projects.
With the $8,000,000 which the republic received from Chile in connection
with the recent Tacna-Arica settlement, and which is now on deposit in
New York, the republic will establish a National Savings Bank, according
to information received from Lima by the bankers. In addition, a Central
Mortgage Dank Is now being organized with an authorized capital of 1,200,000 Peruvian pounds (about $4,800,000). One-third of the capital of the
mortgage bank has already been subscribed by the public and one-third
by the local banks. The balance is being subscribed by the Government.
New Zealand Conversion Offers.
Mexico Writes Off Rebel Tax Levies—Relieves Those
The "Wall Street Journal" of Sept. 13 reports the following
Forced to Pay in Escobar Revolt—U. S. Had Made from its London bureau:
Protest.
Conversion loan of Government of New Zealand will be issued next
holders of the 4% consolidated stock due November 1 being
In its issue of Sept. 8 the New York "World" reported Monday.
exchange in whole or part into 5% inscribed stock due 1935-1945 at
offered
the following from Washington:
98. Although there is £9.703.932 of the 4% stock outstanding, conversion
Secretary of State Samson announced today that the Mexican Gov- will be limited to £5,000,000, and the balance will be repaid in cash.
ernment, by official decree, has recognized as valid taxes paid by
Americans in Mexico to rebel authorities during the Escobar revolution. American property holders, it was explained, are thus relieved Kingdom of Bulgaria Bonds in Definitive Form Ready
from. the necessity of again paying the same taxes to the Federal
for Delivery.
Gobernment.
that the definitive bonds of the
announce
a
Co.
revokes
23,
decree
of
Aug.
&
March 5,
Speyer
The Presidential decree, dated
which declare the payments invalid.
of Bulgaria 73/2% stabilization loan 1928 40-year
Kingdom
When this decree was issued, the United States Government took the
sinking fund gold bonds are now ready for delivery
matter up, contending that such payments had been made under duress secured
and that the Mexican Government, being responsible for what occurred at their office, 24 and 26 Pine St., New York City, in exin its territory, should not compel double payment.
change for and upon surrender of their interim receipts.
Article 2 of the new decree provides that payments which were made
to offices of the Federal Government during the rebellion and which
payments were also made to rebel elements, will not be returned to Bonds of C.zechoslovakia State Loan of 1922 Drawn for
the payers.
Redemption.
It is not known here exactly how many American property owners
are affected by the decree, since it is believed a considerable number
National City Bank of New York
the
Kuhn, Loeb & Co.;
may have made payments without reporting the matter. It is known,
are issuing a notice to holders of
Co.
&
Peabody
Kidder,
and
however, that the only Americans affected are those in the Vera
Cruz district, Sonora, Sinaloa, Coahuila and a part of Chihuahua. Czechoslovak State Loan of 19228% secured external sinking
Those were the only areas in which there were rebel activities of
fund gold bonds that $112,700 bonds, due April 1 1951,
any extent.
this loan, and $65,900 of
Inasmuch as the revolt was squelched in Vera Cruz within a few comprised in the first portion of
days, it is not believed there was any great opportunity for the rebels series B bonds, due Oct. 1 1952, have been drawn by lot for
to levy upon the population.
redemption, for the sinking fund, on Oct. 1 1929, at their
The decree extends the same relief to Mexicans as to foreigners.
amount. Such drawn bonds will be paid at the
Escobar Revolt Cost Mexico $11,400-,000.
principal
offices of the bankers on and after the redemption date from
which interest on them will cease.
Mexico City advices (Associated Press) Aug. 30, stated:
The Mexican rebellion headed by General J. Gonzalo Escobar last
Spring cost the Federal Government about $11,400,000. Figures published by the Treasury Department yesterday contained this estimate
at the same time that the Department announced its expectation that
the cost would have been entirely made up by the end of this year.
The beginning of 1930, therefore, will see the debts caused by the
rebellion wiped off the Government books.
Besides about $7,000,000 worth of repairs for property damage in
the hostilities, of costs of mobilizing and maintaining an army and of
buying military equipment, the government's income diminished $3,500,000 through temporary rebel occupation of certain parts of Mexico.
About $900,000 more was extracted from branches of the National Bank
of Mexico by rebel raiders, according to the official estimate.
A program of economies has enabled the Federal Government to
counter-balance these losses. One of the greatest economies was effected
in the army by reduction of its personnel.
Bonds of German External Loan of 1924 Drawn for
Redemption.
J. P. Morgan & Co., as paying agent for the bonds issued
External
in this country, are notifying holders of German
Loan 1924 7% gold bonds, due Oct. 15 1949, to the effect
that $4,096,300 of the bonds have been drawn by lot for
redemption on Oct. 15 1929, at 105%, out of moneys in the
sinking fund and that payment on the drawn bonds will be
made upon presentation and surrender with subsequent
coupons attached at the office of J. P. Morgan & Co.,23 Wall
St., on and after Oct. 15, after which date interest on the
drawn bonds will cease. The paying agents also call attention
to the fact that $35,100 principal amount of the bonds pre25 Cents Is Wage of Mexican Peon—Industrial Survey in
drawn for redemption have not yet been presented
Country Shows Many Also Work Illegally Long Hours. viously
payment.
for
Post"
we take the followFrom the New York "Evening
ing Associated Press account from Mexico City, Aug. 24:
Farm Board Directs Investigation of Disparity
'Publication of the industrial survey made by the Department of Federal
Between Wheat Prices of Canada and NorthIndustry, Commerce and Labor showed that the daily average wage
of peons in more than 400 sections of the country ranged from 12 to
west States.
25 cents in American money.
Sept. 11 that it
The Federal Farm Board announced on
Furthermore, the report showed that about 35% of the laboring
disparity between
class was required to toil beyond the legal limit of working hours daily is having made an investigation of the
the Northwest
and that it was those who worked longest that received the least.
Canadian wheat prices and wheat prices in
The investigators' report stated flatly that the small pay given to
of the whole subject of grain
study
a
with
together
States,
under
resent
living
bare
was
conditions in
insufficient for
workers
this inquiry,
Mexico, even though food which the peons eat is usually cheap.
storage facilities. At the request of the Board
Labor conditions were found to be worst in the mountainous mining which will include a field study in a number of the border
regions and in some isolated agricultural sections. In the somewhat
immediately by the Bureau of
more advanced industrial sections it was revealed that workers received States, will be undertaken
States Department of AgriUnited
Economics,
slightly more pay, though barely enough for existence.
Agricultural
culture. A resolution adopted by the Board on September
Agriculture Economics "to inExpected Offering of $8,000,000 State of Minas Geraes 10 requests the Bureau of
between the price of wheat in the
disparity
quire
the
into
Bonds.
(Brazil)
United States and the price prevailing in Canada, with a
The National City Co. is expected to head a banking view to d'etermining the causes for the difference and pargroup which will offer early next week $8,000,000 State of ticularly to investigate the amount and availability of
Minas Germs (United States of Brazil) secured external country and terminal elevator storage in relation to the
6%% gold bonds, due Sept. 1 1959.
Peru Arranges $5,000,000 Bank Credit in New York.
Short4erm bank credits aggregating approximately $5,000,000 have been granted the Republic of Peru by a group
of bankers headed by J. & W. Seligman & Co., and the
National City Bank of New York, fiscal agents of the republic, it was announced yesterday (Sept. 13). The announcement says:
situation."
Nils A. Olsen, Chief of the Bureau, responded immediately with a letter to Chairman Legge saying the desired
Investigation will be undertaken at once. "I shall have our
investigators undertake this piece of work at once and
make the findings at the earliest possible moment," Mr.
Olsen's communication stated.
The Board expects the inquiry to develop comprehensive
information on the following points as well as others that
1676
FINANCIAL CHRONICLE
may be found pertinent to the subject as the inquiry proceeds:
I. Availability and capacity of country elevators.
2. Availability and capacity of storage space at terminal markets.
3. Rates and other conditions that are factors in determining cost
of storage and length of time which grain may be held in storage.
4. Prices at country shipping points in relation to price at the
terminal markets.
5. IA comparison of terminal market prices by grades and classes
of wheats, cash and future, with prices at Winnipeg.
[Vol,. 129.
Mr. Joe Plummer, President of the Colorado Bean Growers' Association
and of the Colorado and New Mexico Bean Growers' Sales Agency, also
appeared before the Board. Me. Plummer presented to the Board certain
facts concerning the bean industry in Colorado and New Mexico, and also
informed the Board regarding the Colorado Bean Growers' Association. The
Colorado Bean Growers' Association has a membership of 2,000 bean
growers. Mr. Plummer, on behalf of his association, made application to
the Federal Farm Board for supplemental loans to enable his association
to make larger advances to grower-members.
The information to be obtained through the Bureau's Meeting in Washington of Advisory Council for Farm
Buildings—Hopes Structures Can Be Standardized
investigation is expected by the Board to serve as a guide
With Result of Cheaper Production and Better
in determining its future policy in the matter of encouragMarketing.
ing expansion of farmer-owned and controlled storage facilities as well as in dealing with the immediate situation.
The Advisory Council of the Farm, Structures Research
As to the proposed inquiry a Washington dispatch, Sept. Survey appointed by Secretary Arthur M. Hyde of
the
11, to the New York "Times" said:
United States Department of Agriculture, to work in comarkets
chief
among
the
which is the rush of wheat to
Many factors,
operation with Henry Giese, Agricultural Engineer of the
and the consequent congestion at all ports on the Atlantic Seaboard, have
brought about the present situation, former Governor S. R. McKelvie of Bureau of Public Roads of the Department of Agriculture
Nebraska said today in announcing the decision of the Board.
and director of the survey, held its first meeting on August
Facts brought to the attention of the Board by Senator Nye of North
27, in Washington, and adopted a program prepared by Mr.
Dakota and others, together with those developed by its own inquiries,
revealed a condition so increasingly serious that it was considered Giese. The Council consists of representatives of trade and
advisable to get to the root of the matter before attempting to devise agricultural organizations and of departments and bureaus
corrective measures.
It is difficult to tell just what is the disparity between Canadian and of the Federal Government interested In farm structures.
American prices, Mr. McKelvie said, beciuse of the differences in The survey is being made upon the request of the American
grading. The failure of the Canadian wheat crop, he noted, had raised Society of Agricultural Engineers. The informntion
supthe American price from 25 to 35 cents higher than had been anticipated,
and the result was the rush to market, which had taxed the capacity plied by the Department, Sept. 6, says:
The program contemplates a study of the present status of research as it
pertains to farm structures, and a study of a report of existing conditions
together with a plan for stimulation and co-ordination of research Investigations. The director will make contacts with agricultural and engineering
colleges, with State Departments of Agriculture, with specialists in the
Federal Government, and with industrial organizations and trade associations, in an effort to obtain any research data they may have as a result
of studies of the subject. From the information obtained the director will
make a report to the Council and the report will be published.
It developed in the meeting that manufacturers are handicapped by lack
of information on fundamental requirements of farm structures. From
existing data, which is largely accumulated opinion without scientific
basis, it is difficult to obtain actual facts. Farm buildings recommended
by various State authorities vary so widely as to type that manufacturers
are at a loss to know how to meet the requirements. It is thought that
Federal Farm Board to Make Loan of $50,000 to Ithaca If some measure of standardization can be brought about, at least within
N. Y., Co-operative Grange League Federation Ex- sections of the country subject to the same climatic and other conditions,
the manufacturer's problems would be greatly simplified and the cost to
change.
the farmer reduced.
that
it
Sept.
7
on
The Federal Farm Board announced
Structures represent the largest single item of investment the farmer
has agreed to make a loan of $50,000 to the Co-operative has aside from his land; in the United States they represent some $11,750,000,000.
Apart from the features of beauty and harmony In buildings,
Grange League Federation Exchange, Inc., of Ithaca, N. Y., the suitability of farm structures to their uses is closely related to agrito be used for the purchase or construction of marketing cultural economic welfare. From studies already made it has been found
facilities at a number of New York State railroad shipping that milk flow is affected by barn temperatures, that egg production
depends largely upon the comfort of the fowl, that the kind of storage
stations. The Board's announcement says:
affects the market grade of corn and small grains and hence affects the
These facilities are to afford grading, packing and loading service to returns received by the farmer, and that good storage is an important
farmer co-operative groups in the different communities, Which are mem- factor in the orderly and therefore profitable marketing of horticultural
bers of the Federation.
products.
The application for the loan sets forth that it is proposed to provide
Through intelligent planning of buildings for housing agricultural comthese marketing facilities at not fewer than ten nor more than fifteen modities and for giving good care to animals and fowl, the Advisory
shipping stations. The maximum cost of each unit will not exceed $8,000. Council hopes that as a result of the survey the cost of building construction
Of the sum used, the Board will advance 50% and the Federation an equal may be reduced and the value of stored products increased, thus contributing
amount, the Government's loan to be secured by a first lien on the to a lowering of the costs of production and placing farm products on
property.
the markets.
H. E. Babcock, General Manager, and other officers of the Federation
Members of the council attending the meeting were:
appeared before the Board August 12 and presented information on the
W. G. Kaiser, President, and J. L. Strahan, of the American Society of
character of their organization and the proposal to expand its marketing Agricultural Engineers, Mr. Kaiser also representing the Portland Cement
stockholders
farmer
program. It was said the Federation has some 35,000
Association and Mr. Strahan the National Association of Farm Equipment
and serves about 80,000 patrons.
Manufacturers;
Mr. Babcock said that the Federation's program calls for the establishJ. W. McBurney, of the Common Brick Manufacturers' Association of
ment of only a few units at the outset, but later the service will be extended America and research associate, United States Bureau of Standards;
to other shipping points, thus enabling farmers throughout Western New
Mrs. Margaret Robinson, of the National Grange;
York co-operatively to provide themselves with the necessary facilities
F. P. Cartwright, thief engineer, and J. P. Quinlan of the National
for marketing their agricultural products.
Lumber Manufacturers' Association;
Stanley A. KnisAy, Director of Research, sheet metal trade extension
of the National Association of Flat Rolled Steel Manufacturers;
Michigan Bean Growers Present Marketing Problems committee
S. II. McCrory, chief, and M. C. Betts, senior architect, and Mr. Giese,
to Federal Farm Board—Montana and Colorado engineer, of the Division of Agricultural Engineering, Bureau of Public
Roads, United States Department of Agriculture.
Bean Growers Also Given Hearing.
The full
of the Council represents the American Farm Bureau
A committee of Michigan State officials and bean growers Federation;membership
the American Society of Agricultural Engineers; the National
appeared before the Federal Farm Board on August 29. It Lumber Manufacturers' Association; the Portland Cement Association; the
was headed by H. E. Powell, Commissioner of Agriculture, sheet steel trade extension committee of the National Associaiton of Flat
Rolled Steel Manufacturers; the Common Brick Manufacturers' AssociaLansing, Michigan; I. H. Waterbury, editor of the "Michigan tion; the Farmers' Educational and Co-operative Union
of America; the
Farmer," Detroit, Michigan; Peter Lennon, State Senator National Association of Farm Equipment Manufacturers; the National
Grange;
the
Association,
Structural
Clay
Tile
and
Departments and Bureaus
and farmer, Lennon, Michigan; John McFarland, elevator
(of the Federal Government
of country and terminal elevator storage.
Information placed before the Board during the day by Senator Nye
included a message from the New York Barge Canal Association to
the effect that New York had elevator facilities for only 2,000,000
bushels of wheat; that 1,313,000 bushels of Canadian wheat were now
stored there in bond, which meant that it will be moved slowly, and,
in addition, 392,000 bushels of American wheat. This "freezes" the
situation in New York.
The canal association has 200 barges, of a total of 2,000,000 bushels
capcity, ready to move wheat at 3 cents a bushel, as compared with
7 cents by rail, but reported that it was futile to attemt to move the
grain to already congested New York terminals. Similar conditions,
it is stated, exist at other Atlantic ports.
operator and bean grower, Alma, Michigan, and James N.
McBride, State Representative and bean grower, Burton,
Number of New Huge Investment Trusts in Process of
Michigan. In making this known the Board said:
Organization—Two Billions to be Raised in Six
This committee advised the Board of the various problems affecting
the marketing of small beans. It was represented to the Board that about
Months—National City, Morgan Group, Lehman
GO% of the white navy beans produced in the United States are grown in
Bros. Push Plans.
Michigan. The committee discussed with the Board the desirability of
A number of new investment trusts are now in course of
working out some plan for a more orderly program with respect to the
marketing of this commodity, the purpose being to assure the grower a formation which will involve the raising
of more than $2,000,more stable price for his product. The Board took the committee's sug000,000 from the public during the next six months, a survey
gestions under advisement for investigation and further consideration.
Mr. Sylvan L. Olson, Vice-President and Director Montana Bean Growers' made by "The Journal of Commerce"indicates. In its Sept.
Association, Billings, Montana, also appeared before the Board. Mr. Olson 11 issue that paper added:
advised the Board of the operations of the Montana Bean Growers' AssociaThe new investment companies will, in virtually every case, be organized
tion. He said this association was organized in 1928 and since then haa and controlled by leading investment banking
houses
commercial banks.
and
trebled its membership. This association is handling Great Northern
The National City Bank is expected to announce the formation of an
beans. Mr. Olson also represented the Southern Idaho Bean Growers' Investment trust affiliation within the next two
or three months. While
Association.
officials of the bank deny that any step in this direction is now being made,
SEPT. 14 1929.1
FINANCIAL CHRONICLE
1677
11 W. 42nd Street, broadcast
Exposition, at
plans are under discussion and ers' Industrial
well informed quarters insist that definite
. His remarks follow:
be
WRNY
will
0,000
n
3250.00
Statio
about
of
over
capital
that an organization with initial
along the
formed
be
will
is to provide for the banking world the
tion
observe,
I
organiza
purpose,
new
the
"Your
formed. It is said that
Inc., which was organized benefits which accrue from modern invention and improvement for
es,
Associat
l
Nationa
l
Chemica
the
same lines as
zation'of its operations. In
l Bank & Trust Co.
the safer, cheaper and more efficient mechani
last week as an affiliation of the Chemica
with such deage it is important that banking keep step
machine
a
Group.
Morgan
The
ce and service cannot but prove
velopment, and your facilities, experien
P.
J.
by
formed
be
to
d
expecte
are
ous
quarters, the
Your comfortable and commodi
Investment trusts of even larger size
value.
the Guaranty Trust Co. and the of great
of your surroundings and the alertness and
ere
Morgan & Co. and its affiliated banks,
atmosph
inviting
Morgan & Co. have already formed
that you may find a further
Bankers' Trust Co.,among others. J.P.
of your directors suggest to me
railroad field, and the United Corp., capacilities
it will come without
the Alleghany Corp. to operate in the
function by inviting informally, perhaps
useful
to
operate
Corp.
Power
Hudson
members and patrons to make this a
Commonwealth & Southern and Niagara
invitation or suggestion, your
be
,
will
d
quarters
informe
in
said
, not alone as
is
it
opinions
step,
in the utility fields. The next
interchange of observations and
investment trusts to help concentrate place for the
for banking progress, but as well "ideas"
make
will
the formation of one or more general
which
"
"things
to
these plans mature,the Morgan
essential to sound
the extensive operations of this firm. When
supply the prudence and vision so
investment trusts with assets in excess of which will
confronts the difficult task of
group is expected to sponsor new
banking practice. American banking
g itself to two new forces; both the sequels
51,000.000,000.
formation. The Lehman Corp. simultaneously adjustin
become internationally minded and demoA number of other trusts are in course of
must
war—it
great
the
Bros. & Co., which contemplates of
Either would have been sufficient problem
has been incorp. in Albany by Lehman
time.
same
the
at
,
in
cratized
country
the
kind
of
this
tions
of banking development.
the formation of one of the largest organiza
in the ordinarily slow measures
century,
a
for
trust,
ent
investm
,000
340.000
A
only American vigor
according to an official announcement.
crowded almost into a decade, and
it-is
ed
Stock
by
the
Instead
organiz
being
is
Corp.,
General
radical changes with hope of
these
faced
known as the Ail-America
have
could
y
and ingenuit
Exchange house of Campbell, Starring & Co.
. Much has been accomplished undoubtedly
the public utility field was successful accomplishment
. An
Another large organization to specialize in
overcome and significant dangers avoided
s
obstacle
y
many
compan
This
Corp.
and
Power
Electric
ies lie ahead.
announced yesterday,the United States
remains, however, to be done and difficult
amount
of
immense
common
shares
00
3,450,0
and
stock
A
five
or
class
four
is selling 2,000,000 shares of
can no more than sugest
;In these brief remarks, I
shares. The Harris, Forbesmind. They are these: First, has not
stock, out of a total capitalization of 23.000,000
own
my
trouble
which
y.
questions
ip,
United Founders interests will control this compan
to look for a different type of leadersh
the public a right in banking
a more conservative adherence to that
Trusts Raised $3,000,000.000.
a little more of courage and
from
trusts in this country to the which has been tried and proved acceptable, than it expects
The amount of funds raised by investment
banking
. according to the most leaders in the fields of women's wear and motor cars. In
present time aggregates in all about $3,000,000,000
when securities are styled like
ideals,
and
the
funds
the
raised
from
ns
merely
ts
traditio
represen
its
sum
to
This
living up
reliable estimates.
the simple
market value of their securities millinery or silk stockings, without regard to more than
public, the resources of these trusts and the
are referred
. It is expected in well-informed slogan—sell 'em what they want. When stock warrants
being materially in excess of this amount
banking
an investment bond, investment
aggregate $5,000,000,000
oasc the sex appeal in
quarters that the funds raised by the trusts will
tproa
a
demi-mondaine. Second, has not the public
on or shortly after the first of the year.
hes the level of the
investmake
to
created
investment trust is
Bankers here believe that the point is rapidly being approached where the right to believe that an
ive fever
an investment trust,
most potent factors in the speculat
the
of
one
Yet,
every important banking house will be affiliated with
ments?
money lending power of so-called
permitting it to expand the scope of its organization and enjoy a much is the aggregate buyin and call
public not a right to expect that
larger capital than would be the case if it were thrown back upon the use investment trusts. Third, has the
direct capital to those channels
and
the
business
security
of
ng
part
conserve
increasi
An
will
alone.
s
of its own resource
banking leadership
needs of the country and the
of the banking houses, it is said, will be shifted into these investment trusts where it will best serve the industrial
the
and commerce. Unemployment in
trade
foreign
its
so that they will operate as investment banks to a growing degree.
of
development
estate have already resulted
It is further pointed out here that the investment trusts are rapidly building trades and uncertainty in real
into the securtiies market.
approaching to the point where they will equal the savings banks in the size from the diversion of mortgage money
be more than superficially
of their resources. The mutual savings banks of the country have more than Fourth, is not the public, which cannot
be misguided unless banking lead$9,000,000,000 of resources and constituted the leading type of investment informed in such matters, bound to
home the facts that yield and
institution until recently. At the present rate of growth it is believed the ership in no uncertain terms drives
in a time of
grave danger, be disregarded
investment trusts will equal them within a year.
security cannot, without
earnings have
, that intrinsic values and
rapid industrial changes
be picked
s
cannot
investments and that securitie
something to do with
based solely on past performances
sheet
Have
to
"dope"
York
a
New
of
ny
from
New Underwriters Trust Compa
be prolike race horses
skilled and experienced man-power
in the market. Fifth, can
for the
Capital of $1,000,000—Directors Named.
insure sound, safe management
to
enough
rapidly
duced
tions which seem to be a crop
Announcement was made this week that the new Under- hundreds of new financial organiza
has the public not a right to
Finally,
.
planting
nce
to
which grows without
writers Trust Company organized to serve the insura
themselves bankers shall not descend
call
who
those
that
r, tipster
ago carried the brand of promote
district of New York City, will have a capital of $1,000,000 demand
on
generati
a
which
s
practice
consisting of 50,000 shares, $20 par value, and a paid-in and manipulator.
the pubic
It is an indispensable part of
be
ely
subwill
privat
stock
The
Banking is a high calling.
000.
s
$1,250,
of
surplu
ed. Like the Chevalier Bayard,
challeng
be
not
must
Its morale
r that there
scribed for at $45 per share, it is stated. The banking in- service.
above reproach. Let us remembe
it must be above fear and
in importance, go far beyond
stitution, which will be located in the 111 John Street are "things not made by hands" which,
worthy
cal devices. I trust that this
Building, will open within the next three months. A refer- the most effiecient of mechani
ntality through which will
to provide an instrume
going
is
ion
associat
ous
courage
our
31,
in
Aug.
of
issue
ence to its organization appeared
opinion, practical idealism and
be emphasized the sound
always characterized the great
has
and
rizes
characte
page 1374.
leadership which
ve comand has made them in their respecti
public
The board of directors was announced this week as fol- majority of our bankersconserva
tive progress and guardians of
of
ns
custodia
munities
lows:
nt.
investme
Howard S. Cullman of Cullman Bros., Inc., director, International
Acceptance Bank, Inc., County Trust Company;
James I. Cuff of Indemnity Insurance Co. of North America, general
House Association Caucounsel, 011iance Indemnity Company;
President of Detroit Clearing
Charles F. Enderly, New York manager of Insurance Co. of North
g of Bank Stocks.
Buyin
ative
Specul
tions Against
America;
ng House Association,
Summer Ford of Breed, Abbott and Morgan;
After a meeting of the Detroit Cleari
following statement:
the
Bertram E. Gender, President and director of Lewis & Gender, Inc.;
issued
John Ballantyne, President,
Ivan N. Hardingham, President and director of The Hardingham
"Wall Street Journal"
the
to
s
advice
t
Detroi
to
according
Press, Inc.;
Horatio N. Kelsey, former United States manager of the London & of yesterday (Sept. 13):
retired;
Association of Detroit and with
now
Ltd.,
Corp.,
Scottish Assurance
At the request of the Clearing House
E. Reichert, I wish
Clarence W. Lewis, Third Vice-President of Indemnity Insurance the approval of State Banking Commissioner Rudolph
inary activity now evidenced
extraord
the
to
public
Co. of North America;
the
to call attention of
very unfortunate for
Harry L. McGee, Vice-President and director of Tidewater Rolling In the purchnsp and sale of local bank stocks. It is
ive purposes, as well conMills Steel Products;
made a medium for speculat limited in their earning
be
to
stocks
bank
should be and are
George W. Morgan of Breed, Abbott and Morgan;
ducted and conservative banks
that they do so only after a
George C. Van Tuyl, Jr., President of Bankers Loan and Invest- Power. May I suggest to buyers of the same
of the banks
earning power and prospects
the
of
ation
ment Company;
investig
h
thoroug
Paul Abbott of Watson and White;
themselves.
John A. Diemand, Executive Vice-President of the Southern Surety
Company of New York;
rship Over
John G. Winchester of Gammack and Company.
Stock Exchange to Exercise Censo
New York
s and Offerings
Organization of Investment Trust
ties.
of Their Securi
H. G. Aron of International Germanic Trust Co. Finds
Sept. 12 by the Committee
The following notice was issued
Tendency of Banking Drifting Into Practices of ProNew York Stock Exchange:
the
of
ct
Condu
ss
Busine
on
moter and Tipster.
New York. September 12 1929.
Questioning whether banking is living up to its traditions
Members of the Exchange:
To
like
styled
ery
silk
or
are
millin
ies
s of the Exchange are contemplating organand ideals "when securit
In all cases where member
Comstockings, Harold G. Aron, Chairman of the Executive izing and publicly offering the securities of an investment trust, the
s Conduct directs that the advertisement and circular
Busines
nic
Germa
ny
l
on
Trust
ationa
Compa
mittee
Intern
the
of
tee
Commit
and by-laws of the proposed corporation,
and also a copy of the charter
of New York, asks "is not the publis . . . bound to be and any management or other similar contracts, be submitted to the com. Inasmuch as the commisguided unless banking leadership in no uncertain terms mittee in duplicate prior to the date of offering
changes in these documents before the advertisement
require
ty
,
may
and
t
securi
mittee
cannot
withou
yield
that
the
fact
drives home
or offering of
of the issue is approved, all members contemplating the issue
grave danger, be disregarded in a time of rapid industrial Investment trust securities are urged to submit their plan in detail to the
changes?" Mr. Aron's criticisms of the present banking committee at the earliest possible moment.
ASHBEL GREEN, Secretary.
tendency were made in an address on Sept. 10 at the Bank-
1678
FINANCIAL CHRONICLE
Boston Real Estate Exchange Adopts Standards of
Practice Approved by National Association of Real
Estate Boards-Will Aid Municipalities Acquiring
Real Estate.
To further accurate appraisals of real estate, as an aid
to
municipalities and city officials whose duty it is to acquire
real estate, and in order to safeguard the interests of the real
estate buying public, the Boston Real Estate Exchang
e,
through its board of directors, adopted the standards o
practice for real estate appraisals which were recently
approved and adopted by the convention delegate body of
the National Association of Real Estate Boards in session
at Boston, with the statement that these standards of practice constituted the procedure which realtor appraisers are
recommended to follow in making appraisals of real estate.
Such action on the part of the Boston organization, says the
National Association, is in line with the move under way
in local real estate boards throughout the country to put
real estate appraising on a high level of standardized efficiency and accuracy. The standards of practice have likewise been adopted by the appraisal division of the California
Real Estate Association as a code of ethics for appraisers.
Louisville (Ky.) Real Estate Securities Exchange
Being Considered.
Plans for the organization of a Louisville Real Estate
Securities Exchange have been discussed by members of
the Louisville Real Estate Board, it was learned on Sept. 5,
says the Louisville "Courier-Journal" of Sept. 6, which also
said in part:
C.C.IIlean, President of the Consolidated Realty Company,and former
president of the National Association of Real Estate Boards, said definite
plans have not been agreed upon as to listing of real estate securities
on
the Louisville Real Estate Securities Exchange, should the plans for organization materialize.
At a meeting held Wednesday in the offices of the Consolidated Realty
Company, 231 South Fifth Street. the plans were discussed by Mr. Mean,
C. Robert Peter, director of the National Association of Real Estate
Boards;
Bruce Hoblltzell, President of the Bruce Hoblitzell Company; Paul
Bernoulli, Inc.; Lowry Watkins, President of the Lowry Watkins Company;
T. Noonan Ryan. Vice-President and Secretary of
the Whayne Company,
and Harry W. Goodman, President of the Louisville
Real Estate Board
and head of SemenIn-Goodman, Inc.
It was understood the exchange would be similar
in organization to
the New York Real Estate Securities Exchange,
which is scheduled to
open Oct. 1.
[vol.. 129.
4%
Yield of Tax-Exempt
Treasury Certificates of
Indebtedness as Compared with Income Subject
to Normal and Surtaxes.
The attractiveness of the new tax-exempt Treasury
certificates of indebtedness, offered last week by the Treasury
Department, as noted in these columns Sept. 7, page 1534,
is indicated in the following tabulation of the First National
Corp. of Boston:
The tax exempt feature of the new Treasury 434% certificates as applied
to individuals materially widens the market for this issue. An
increased
demand should consequently be expected. The following table
depicts
the equivalent yield value of the 4.74% Treasury certificates compared
with
that of a fully taxable security, when held by an individual whose
income
Is subject to normal and surtaxes.
Approximate
Approximate
Taxable
Taxable
Net
Equivalent
Net
Equivalent
Income.
Yield.
Income.
Yield.
$10,000 to $11,500
5.107
$40,000 to $44,000
5.82
11,500 to 14,000
5.15'i
44,000 to 48,000
5.87
14,000 to 16,000
5.25%
48,000 to 52,000
5.94
16,000 to 18,000
5.28%
52,000 to 56,000
6.00
18.000 to 20,000
5.359'
56.000 to 60,000
6.05
20.000 to 22.000
60.00010 64,000
5.475.42%
6.13
22,000 to 24,000
64,000 to 70,000
6.25
24,000 to 28,000
5.514
70.000 to 80,000
6.35
28,000 to 32,000
80.000 to 100.000
5.60%
6.42
32,000 to 36,000
5.669'
Over $100,000
6.50 0
36,000 to 40,000
5.72%
This tabulation very clearly shows the attractiveness of this issue for
individuals paying high income surtaxes as compared with other shortterm securities.
For corporations this issue also affords a higher return than other outstanding notes and certificates. The taxable equivalent yield based on
the 12% normal income tax is 5.54%. The range of equivalents
for other
issues without regard to maturity is from 4.6 to
5.28%•
The Treasury's offer to accept Treasury 3%% notes at
98 in exchange
for the new 4%% certificates affords
a favorable opportunity to increase
the return on an investment in these issues as
follows:
Yield
Taxable
Equivalent (to
to
Maturity).
Corporatio
ns).
March
3%s, 1931-30
4.35
4.83
September 3%s, 1932-30
4.22
4.70
December 3s,1932-3
04.64 e
The new June
414s, 1930
4.876%
5.549
Although some sacrifice to the holder might be
entailed in surrendering
the notes at 98, this would be offset in part
by the increased return on
the new certificates. In the case of corporations
which, for
had purchased the notes at par, there would be an additional example,
saving in
taxes of $2.40 per bond through the writing-off of the two-point loss.
It may be of significance to note that the Treasury has sought
in its
recent operations to obtain the retirement of the 3%% notes rather than
the 4th 43.15 due in 1938, but which are callable in 1933. In the event
that the latter issue is not called prior to maturity, the market would be
Provided with a medium for investment comparing favorably in maturity
with the Treasury bonds now selling approximately two to eight points
higher. and consequently at a much lower yield basis.
Members of New York Coffee & Sugar Exchange, Inc.
Adopt Amendment Providing for Trading in
Foreign Sugars.
Members of the New York Coffee and Sugar Exchange
on Sept.6 voted unanimously for the adoption
of an amendment adding foreign sugars on which United States duty
has been paid to sugars now deliverable on the No. 2 exchange contract. The action of the members is expected
to broaden the No. 2 contract, which heretofore has not
been traded. The amendment takes effect
immediately.
A previous item in the matter appeared in our issue of
Aug. 31, page 1376.
Oversubscription of $500,000,000 47A3% Treasury Certificates
of Indebtedness-Books Closed-Aggregate Subscriptions $1,486,000,000.
The subscription books to the new Treasury Certificates of Indebtedness, offered to the amount of $500,000,000
or thereabouts, running for nine months, and bearing In
terest at 4%%, were closed on Sept. 9. As announced in
these columns Sept. 7, page 1534, the books were opened
Sept. 6. The total subscriptions, the Treasury Department
announced on Sept. 11, reached $1,486,000,000. Of that
amount $104,249,000 represented subscriptions for which
Treasury Certificates of Indebtedness Series TS 1929 and
Series TS-2 1929 were tendered in payment, all of which
Trading on New York Hide Exchange in First Two were allotted in full, and $105,795,500 represents subscripMonths of Operation-Over 24 Million Pounds of tions for which 3%% Treasury notes were tendered in
partial payment; of these $100,000,000 were accepted. The
Hides Changed Hands.
Futures representing 24,680,000 pounds of hides, valued Treasury Department's announcement of Sept. 11 follows:
Secretary Mellon announced that subscriptions for the issue of
at $4,200,000, changed hands in the first two months of treasury certificates
of indebtedness, dated Sept. 16, 1929, Series TT
trading on the New York Hide Exchange, it was announced 1930, 474%, maturing June 16, 1930, closed at the close of business
on Sept. 4 by President M. It. Katzenberg in his first annual on Sept. 9, 1929. The reports received from the twelve Federal Reserve Banks show
report to the members. Although in operation only since some $1,456,000,000.that for the offering total subscriptions aggregate
Of these subscriptions, $104,249,000 represents subscriptio
June 4 last, the Exchange, he said, had already proved its
ns for
which Treasury Certificates of Indebtedness of Series
value to the hide industry. The report stated:
TS-1929 and
Series TS2-1929, both maturing Sept.
"As the various branches of the industry become more familiar with
the
operation of the Exchange and the advantages to be obtained
from its
use, there will be the same healthy increase in trading that
has taken
place upon exchanges dealing in other commodities.
"While the Exchange has not been in operation for a sufficient
have tested thoroughly the provisions for delivery, it is believed time to
that the
Committee on Grading and Warehousing has worked out a
practicable
system for handling deliveries against exchange contracts.
this committee, through its labors, has rendered a service ofFurthermore,
incalculable
value to the industry in classifying and standardizing the grades
of hides
tenderable upon exchange contracts."
15, 1929, were tendered in payment, all of which were allotted in full, and
$105,795,500 represents
subscriptions for which 33.4% Treasury notes were
tendered in partial
payment, of which only $100,000,000 were accepted,
in accordance with
the terfns of the treasury's original announcement.
"Allotments on other subscriptions were made as
'All cash subscriptions in amounts not exceeding follows:
subscriber were allotted in full. Cash subscripti $1,000 for any one
ons in. amounts over
$1,000 but not exceeding $50,000 were allotted
70%, but not less than
$1,000 on any one subscription; cash subscripti
ons in amounts over
$50,000 but not exceeding $100,000, were allotted
40%, but not less
than $35,000 on any one subscription; cash
subscriptions in amounts
over $100,000 but not exceeding $1,000,000 were
allotted 30%, but not
less than $40,000, on any one subscription; and
cash subscriptions in
amounts over $1,000,000 were allotted 15%,
but not less than $300,000
on any one subscription.
Further details as to subscriptions and allotments
will be announced
when final reports are received from the Federal
Reserve Banks."
The report states that the Exchange has 262
members,
of whom 205 are in the United States. The remainin
g 57
members are located in eleven foreign countries.
France
leads with 35 members. Floyd Y. Keeler, Treasurer,
reported that the finances of the Exchange are in a healthy
condition. The Exchange has $421,640 invested in
The New York "Times" in its Washington advices Sept.
United
States Government securities. An item regarding the trad- 11 said:
Text of Surtax Exemption.
ing on the Exchange during the first month's operation
The Treasury officials had debated for some
appeared in our issue of July 6, page 38.
time before fixing the
rate of 474% on the new certificates, but came
to the conclusion that
SEPT. 14 1929.1
FINANCIAL CHRONICLE
it was the lowest that was safe to offer even with the securities carrying
the surtax exemption feature. This is the first time that the certificate
with this exemption in effect has been offered and there naturally was
doubt as to just how much it would help the Government in marketing its
issue.
As a result of the big response officials are satisfied that there has
been considerable buying by individuals. The actual facts, however, will
not be known until complete reports have been made by the Reserve
Banks which handled the operation.
Whether there will be another offering before Dec. 15, is in doubt.
In making the present offering the treasury did not make the announcement that no further money would be borrowed before December, the
usual course adopted when no further funds are to be sought before the
next quarterly financing date.
There is a possibility therefore, it was admitted, that the Treasury
may again be in the market before December, and it is possible also
that, if money conditions ease the department may try out the new form
of financing for which provision has been made by Congress, the sale
of non-interest bearing Treasury bills at a discount.
From the same paper Sept. 12 we take the following:
Initial Trading in Treasury 43s.
Trading in the new Treasury 43% certificates of indebtedness began
yesterday in the over-the-counter market. Dealings were brisk and
the price tougched a high of 100 7/32, although most of the transactions
were done at 100 3/16. One reason for the zest in trading in this issue
was that the oversubscription was heavy and the subscription books
were closed in record time. One feature of yesterday's dealings was
that several of the orders were for large blocks.
Details of the offering were given in our issue of a
week ago, page 1534.
Debate on Tariff Bill Begun in Senate-Adoption of Simmon's Resolution Opening Tax Lists• to Senate Committee.
1679
All changes are plus unless indicated as minus.
In a prepared speech against the Simmons resolution, Senator Smoot
contended the plan was not only needless and would entail great delay.
The Simmons resolution was adopted on Sept. 10 by a
vote of 57 to 27, with 17 not voting. It authorizes the
Senate Committee on Finance to request the Secretary of
the Treasury to furnish the Committee with a statement
of the profits or losses during the years 1922-1928 of corporations affected by the pending tariff legislation. It was
noted in the Washington advices Sept. 10 to the New York
"Journal of Commerce" that "In face of an ineffectual
defense of the inviolability of "confidential" information
contained in these returns, set up by Republican Finance
Committee leaders, a coalition of Republican progressives
and Democrats which attracted to their ranks Senators
of other shades of Republicanism, broadened the original
Simmons resolution which dealt only with profits and losses
and made it applicable to domestic manufacturers and importers alike."
The "Times" Washington account Sept. 10 in noting the
amendments to the resolution stated:
an
Before the resolution was passed Senator Simmons accepted
amendment by Senator Couzens which, in effect, would include statistics
an
amendment
accepted
on importers as well as manufacturers. He also
on the sales and the
by Senator Blaine which would obtain figures
salaries of officers or employes of business houses.
Senate the resolution
As amended and agreed to by the
reads as follows:
directed forthwith to
Resolved, that the Committee on finance is
the authority vested
request the Secretary of the Treasury, pursuant to the Committee, at
furnish
The Smoot-Hawley tariff bill was taken up for debate in it under the Internal Revenue laws, to
statement in detail for each of the taxable
in the Senate on Sept. 9, on which date the measure was the earliest practicable date a
inclusive, of the profits or losses, as the case
made the unfinished business of the Senate. In pursuance years 1922 to 1928, statement for each of said years of each of the
separate
of an understanding, Senator Smoot on that day (we quote may be, and a
items:
from the Washington account to the New York "Herald- following
manufacturing, less goods returned, and
Gross sales from trading or
Tribune") allowed the tariff bill to be laid aside tem- any allowances or discounts from the sale price; and
close of each year.
porarily while the Senate engaged in a discussion of the
(a) Inventory at beginning and for each year.
Simmons resolution, intended to obtain information from
(b) Merchandise bought for sale
producing goods separately:
otherwise
Income tax returns concerning the profits and losses of tax(c) Cost of manufacturing or
of compensation of officers.
(1) Salaries and wages, exclusive
payers seeking tariff increases. This resolution, as we
(2) Material and supplies, and,
note further below, was adopted by the Senate on Sept. 10.
taxpayers whose names the
(3) Compensation of officers of the
The "Herald-Tribune's" report from Washington on Sept.
thereof, may from time
Committee, or the majority or minority members
9 in its comments on the Senate action that day said:
Congress of the pending tariff
to time during the consideration by the being the names of taxpayers
Debate on the Simmons resolution occupied most of the afternoon, legislation, transmit to the Secretary as
Committee, or of the majority
although no vote was reached. Senator John J. Blaine, of Wisconsin,
whose business is, in he opinion of the
tariff legislationoffered an amendment to include in the scope of the resolution informaminority members thereof, affected by the pending
tion relating to wages and salaries paid by corporations and other or
contained in or shown by the
are
losses
or
profits
such
as
far
so
in
taxpayers, segregated,
matters.
income tax and capital stock tax returns of such or lopes, as the case
• •
may be practicable, to show the profits
as
far
so
business of
Senator F. M. Simmons, ranking Democrat, today (Sept. 9) offered
the several branches or departments of the
a motion to proceed to the consideration of the administrative features may be, in
taxpayers.
of the bill and continue on them until disposed of. This motion was such
resolution the "Times"
not pressed today. It will be adopted later without opposition.
In reporting the vote on the
While regular Republicans charged that Senator George Norris,
through a resolution to unseat William S. Vare, was beginning a stated:
The Vote in Detail.
filibuster against the tariff bill, Senator Norris insisted the Vare
follows:
resolution would not delay the tariff measure. As a matter of the
The vote on the Simmons resolution was as
highest privilege, it is recognized that its consideration can be forced at
For the Resolution-51.
any time.
Republicans-21.
A number of amendments were offered to the tariff bill. Senator
Sackett
McNary
Glenn
Kenneth McKellar, of Tennessee, offered proposals to repeal the Blaine
Schall
Norris
Howell
flexible tariff, to reorganize the Tariff Commission and cause it to Borah
Steiwer
Nye
Jones
(Idaho)
report to Congress instead of the President, and to take manganese ore Brookhart
Thomas
Pine
Follette
La
Capper
off the free list.
Robinson (Ind.) Vandenberg
McMaster
Couzens
Louisiana,
offered amendments
Senator Edwin S. Broussard, of
imposing duties on products of the Philippines and providing for Philip- Frazier
Democrats-30.
pine independence. He proposed that the President call a conference
Swanson
Overman
George
Ashhurst
of leading nations to guarantee the independence of the islands.
Trammell
Pittman
Glass
Barkley
Tydings
Bill.
Assail
Ransdell
Democrats
Harris
Black
Robinson (Ark.) Wagner
Harrison
Though the debate today centered largely about the Simmons resolu- Brock
Walsh (Mass.)
Sheppard
Hayden
tion, rather than the tariff bill itself, Democrats assailed the measure. Broussard
Walsh (Mont.)
Simmons
Heflin
Senators Simmons, Pat Harrison, Thomas S. Walsh, of Montana, and Connally
Wheeler
Steck
others took part. Senator Smoot obtained an order for co-operative Dill
King
McKellar
printing of the House and Senatemeasure. Discussion of this gave Fletcher
Democrats an opportunity to take flings at the bill.
Against the Resolution-27.
•
•
•
Republicans-27.
for
not
SenatorSmoot
printed
having
Senator Harrison criticised
Smoot
Keyes
Gould
in the Finance Committee report an indication of the increases and Bingham
Townsend
Metcalf
Greene
decreases in rates by schedules. Senator Smoot admitted the Tariff Dale
Walcott
Moses
Hale
Commission experts had furnished such data, but that he had not Edge
Warren
Patterson
Hastings
Fess
put it into the report. Senator Harrison thereupon read data into the
Waterman
Phipps
Hatfield
Gillette
record.
Watson
Shortridge
Hebert
Goff
Changed Schedules Listed.
Kean
Goldsborough
percentage
increases
or
the
decreases as
The showing was that of
Paired or Not Voting.
made by the House bill and the Finance Committee bill, respectively,
Stephens,
compared with the existing law. It was as follows:
For the Resolution-Norbeck, Republican; Bratton, Copeland,
Caraway, Democrats-8.
Finance
Smith, Blease, Thomas (Okla.) and
and
Oddie,
Reed
Republicans
Deneen,
-Burton,
House Committee
Schedule
Against the Resolution
10t28
1.74 -4.
Chemicals
20.65
17.42
Ceramics
Absent and Unannounced-Cutting and Johnson, Republicans; Hawes
7.88
+12.78 and Kendrick, Democrats; Shipstead, Farmer-Labor-5.
Metals
59.87
+ 1.20
Wood and mfrs
Following action on this proposal, the tariff bill says
36.12
24.90
Sugar
New York "Journal of Commerce" was laid aside for
6.14
the
Tobacco
48.93
44.80 the consideration of the Norris resolution proposing to deAgriculture
22.32
22.32
Spirits
William Vare (Rep.) of Pennsylvania of his seat in
8.24
5.00 prive
Cotton mfrs.
That paper added:
Senate.
the
3.49
4.19
Flax, hemp, jute
Presentation of the resolution by Senator Norris, Nebraska, was
16.99
14.11
Wool
6.38
10.41 met with a motion by Senator James E. Watson, Indiana (Rep.), floor
Silk
.77
2.11 leader, that it be postponed until December 3, on the ground that this
Rayon
6.64
6.60 session was called for the consideration of tariff and farm relief
Paper and books
37.95
27.76 legislation and the former still is to be disposed of.
Sundries
1680
FINANCIAL CHRONICLE
[VOL. 129.
It was stated in the New York "Times" Washington dis- agreement at the disarmament conference
called by President Coolidge
patch that put aside by the Vare case, the tariff received at Geneva in 1927.
The resolution as adopted by the Senate on Sept. 11
virtually no consideration on Sept. 11 except when Chairreads
man Smoot of the Finance Committee agreed to Senator as follows:
Whereas
it
appears
the
from
newspaper
reports that William B.
Simmon's motion that the administrative features be taken
Shearer has brought suit against certain shipbuilding corporations
or
up first and completed before the rates are debated. The companies
alleging service rendered to said companies at the Genera
dispatch also said in part:
Naval Conference, and in matters connected therewith; and
"Brief but strong objections were offered by Senator Walsh, Democrat,
Whereas some of said companies have been seeking, or have
seof Massachusetts, to what he said was the practice of the customs cured, contracts with the government of the United States for
service in applying duties founded on retail prices to goods brought ing certain vessels or ships to be used by the American Navy;buildnow,
into this country by a tourist, which, he said amounted to a penalty, therefore, be it
Resolved, That the Committee on Naval Affairs, or any subcomsince duties on wholesale importations were levied on a wholesale price.
Assertions that the Finance Committee failed to give agriculture a mittee thereof be and is hereby authorized to make full investigation
parity with industry were made tonight by Chester H. Gray of the of the alleged activities at the Geneva Naval Conference and at
the
American Farm Bureau Federation in a letter to members of the meetings of the Preparatory Commission and in all matters in connection therewith, of the said Shearer and of the said shipbuilding
Senate.
According to Mr. Gray the weighted average ad valorem rate on agri- companies; and whether the said Shearer represented said companies;
cultural products has been increased from 28.34% in the act of 1922 to and, if he did represent them, the object and purposes of the said
32.60% in the Finance Committee bill, or a rise of 4.26 points, while shipbuilding corporations in employing hint as their agent or reprethe weighted average ad valorem rate on industrial products has sentative, and said Committee or any subcommittee is hereby authorized
been increased from 38.18% fe, 43.83%, or a rise of 5.65 points.
to send for persons, books and papers, to administer oaths and
to
The weighted average in the Senate bill on industrial products is employ a stenograher at a cost not exceeding 25 cents per 100
11.23 points higher than the rate on agricultural products, he says, words, to report such
'hearings as may be had in connection with
while in the act of 1922 this difference is 9.84 points—an increase of any subject which may be before said Committee, the expenses therethe spread between industrial and agricultural protection in the bill of which shall not exceed $10,000 to be paid out of the contingent
fund of the Senate; and that the Conunittee or any subcommittee
of 1.39 points.
When simple averages instead of weighted averages are used, Mr. thereof may sit during the sessions or recesses of the Senate.
Gray added, the excess of industrial over agricultural rates is shown to
While the resolution was under discussion by the Senate,
be 15.16 points and 16.98 points in the act of 1922 and in the Senate
bill, respectively, an increase of the spread between industrial and Senator Robinson of Arkansas, Democratic leader, said:
"The resolution is not intended to investigate what the Senator from
agricultural protection of 1.82 points.
Mr. Gray expressed the opinion that if parity "is not accomplished Tennessee (McKellar) has designated as propaganda. We all know
in the enactment of the forthcoming tariff adjustment it is difficult to that there exists now and has been for a long time a controversy
believe that the American farmer will be happy with the outcome of as to whether the country should maintain a large or a small navy,
and we know, too, that there have been agencies at work carrying
his effort to get adequate protection on his products."
on what the Senator terms propaganda on both sides of the question.
A prediction by Chairman Smoot that President Hoover
"The gist of the pending resolution is the investigation of an
would sign the tariff bill was the outstanding feature of alleged state of facts which disclose that the individual named in
the general debate on the bill in Senate on Sept. 12, re- the resolution was employed by shipbuilding companies to represent
them at an international conference, at which conference negotiations
ported the "Times" Washington correspondent, the report were in progress between this and foreign governments
respecting the
subject of naval armament limitation.
going on to say in part:
"No question is raised as to the right of any individuals or any
Pressed by Senator Tydings of Maryland, he asserted that he had
not asked Mr. Hoover whether he would approve the measure, but he parties to carry on propaganda within the limits of lawful action,
recently saw the President and today firmly expressed the conviction but this involves the question of interference in what is essentially the
foreign relations of the United States.
that the bill would be signed.
"There is no purpose as I understand, underlying this investigaIn a long speech, Senator Smoot asserted that the bill suited Mr.
Hoover's requirements for tariff revision, blamed the Democrats for tion to cover up the particular transactions referred to in the resoluany future damage to the program and accused them of being backed tion or to confuse them with this long-continued controversy over
by "internationalists" in trying to break down the principle of the the question as to whether the United States should have a small
or a large navy. Nothing we may now do is going to end
protective tariff.
that
Senator Simmons, the Democratic tariff leader, who broke away from controversy, but it is to be hoped that if the transactions referred
Governor Smith's leadership last year, came out flatly for the theory to in the resolution did occur, and the resolution in no sense assumes
of a "competitive tariff," as included in the Houston platform, and that fact that as a result of the investigaion such ransactions will
charged the Finance Committee bill with being a virtual embargo never again happen, when the authorized agents of the United States
against foreign products, in encouragement to monopoly and a hardship are engaged in an effort to negotiate with foreign governments
in arrangements respecting the armaents to be maintained
on the farmers of the country.
by the
governments in the conference.
Voice.
Full
Leaders
in
Rival
The subject is one of very great importance. No citizen
and no corBoth Senators Smoot and Simmons were full of fire today. Their poration, under the most liberal construction of freedom of speech and
speeches marked the start of the general debate which will continue freedom of action, has the right for mercenary consideration secretly to
for a few days before Senator Simmons begins his attack on the flexible interfere with the offort of the Chief Executive or of his
agents to
negotiate treaties or other arrangements with foreign
provisions of the tariff law.
governments. It
The Senate began the reading of the administrative features of the is not a question of propaganda; it is a far more important
question.
"We have propaganda on every subject that comes
bill late this afternoon, tentatively adopting several Finance Committee
before the Ameriamendments. Senator King, Democrat, of Utah, offered amendments can Congress. If we went into the subject of propaganda
on this
to grant independence to the Philippines, and Senator Robinson, Demo- question, we would probably also desire to go into the
crat, of Arkansas, complained that certain sections of the bill made it ganda on the tariff question and many other issues subject of propathat arise before
mandatory upon the Secretary of Agriculture to embargo diseased meats the Congress. The resolution confines the investigation
to the parbut allowed him discretion with respect to plant infection. Senator ticular transactions referred to.
Reed, Republican, of Pennsylvania, commented that the Agricultural
"It is alleged in a complaint filed in court by a
citizen
of this
Department had been "inexcusably bureaucratic" with regard to plant country, that he was employed for a very large
consideration by shipquarantines.
building companies to make representations, which in their
nature
must
There was a sharp scene when Senator McMaster, Progressive Re- have interfered with the action of a conference
relating to our foreign
publican of South Dakota, warned Senator Smoot that he would move relations.
to displace the tariff bill if Senator Smoot tried to delay consideration
"That is the subject matter of the investigation. It would be unof a resolution offered by Senator McMaster to obtain information from fortunate to
confuse it with an investigation of the general issue relatthe Tariff Commission.
ing to propaganda."
Senator Smoot explained that he did not desire to prevent the
In a Washington dispatch Sept. 11, bearing on the
McMaster resolution from being debated. The resolution would direct
resothe Finance Committee, on "request of any Senator," to obtain "com- lution, the New York "Times" had the following
to say:
plete and full information, whether confidential or otherwise," regarding
Covers Status of Naval Officers.
the tariff bill.
Just before the resolution was passed, Senator Blaine,
the Wisconsin
Progressive, inquired if the resolution was broad enough to
charges that "four or five high naval officers were engaged include
in comSenate Adopts Resolution Calling for Inquiry Into Activi- munications through agents or alleged agents in connection with this
matter."
ties of William B. Shearer at Geneva Conference on
"I think the resolution is broad enough to cover that;
it was inNaval Armament Limitation.
tended to be so," Senator Borah said.
The letter from E. G. Grace, president of the Bethlehem
On Sept. 11 a resolution was adopted by the U. S. Senate
Steel Corporation, to
directing an investigation by the Senate Committee on which Mr. President Hoover, which was made public yesterday, in
Grace explained that he and Charles M. Schwab, chairman
Naval Affairs into the activities of William B. Shearer at of the board of the Bethlehem corporation, had
acted at once to terminate
the Geneva Conference on Naval armaments. The resolu- the employment of Mr. Shearer when they discovered that Mr. Shearer
was engaged in propaganda activities at Geneva, was commented upon
tion, introduced by Senator
Borah, was passed without a by Senator Borah.
roll call. As indicating what
The statement was "an insult" to the intelligence of the American
prompted the move on the part
people, Mr. Borah said. He scoffed at the idea that Mr.
of the Senator, the "Herald-Trib
Shearer was
une" in a dispatch from
employed by the Bethlehem interests, as an observer,
Washington, Sept. 8 said:
instead of a
propagandist, at Geneva.
Statements made by William B. Shearer in an interview in New
Copies of the letter'of Mr. Grace to President Hoover,
York to the effect that he went to
Geneva with secret naval data, written
that certain prominent Navy officers in
underdate of Sept. 9, were given out at the White
1924 induced him to fight for
a big navy, that Secretary of State Kellogg got his employers to let House on Sept. 10; the letter follows:
him out and other assertions resulted tonight in a demand by Senator
Sept. 9, 1929.
William E. Borah that the high naval officers named be called before Honorable Herbert C. Hoover,
the Senate Naval Affairs Committee for questioning.
President of the United States of America.
It was Senator Borah who initiated the move for an investigation Sir:
by the Naval Affairs Committee of Shearer's allegations that three
your public statement of Sept. 7, 1929, referring to the suit of
large shipbuilding corporations financed his efforts to help block an William B. Shearer against certain
shipbuilding companies, you say
SEPT. 14 1929.)
FINANCIAL CHRONICLE
1681
The companies sued by Shearer for money alleged to be due him for
these shipthat you "cannot believe that the responsible directors of
services in their behalf are the Bethlehem Shipbuilding Corporation,
building corporations have been a party to these transactions as rethe Newport News Shipbuilding and Dry Doock Company, and the
ported in this lawsuit, but their statement of the case is needed." American Brown Boveri Corporation.
response
in
letter
this
you
addressing
Bethlehem Steel Corporation is
*
•
•
to that invitation.
To the best of our recollection Mr. Schwab and I were not conSuit.
Shearer's
in
Allegations
1927,
scious of the existence of William B. Shearer prior to December,
shipwhen we were asked to comment on the rumor that American
suit against the shipbuilding companies was filed in the
Shearer's
building interests had maintained at Geneva during the Naval Dis- Supreme Court in New York City on Aug. 21. In his complaint he
armament Conference of the previous Summer a propagandist in the alleged that he was retained by the three companies to further their
person of one William B. Shearer. We first branded the rumor as interests and had represented them in New York, Washington, Geneva
false, but upon its repetition we caused inquiries to be made of S. W. and elsewhere, and that he had interviewed public officials, newspaper
Wakeman, who was in charge of Bethlehem's Eastern shipbuilding representatives and others in their behalf. His suit was for $250,000 for
operations, with headquarters at our Fore River shipbuilding plant at services and $58,885 for expenses between Dec. 10, 1926, and March 27,
Quincy, Mass.
1929. He alleged that he was paid $51,230 and that $257,655 is still
We then learned for the first time thaa in the previous Spring, Mr. due him.
in
the
companies
emshipbuilding
other
with
joined
Wakeman had
Borah for Thorough Inquiry.
ployment of Mr. Shearer as an observer at the Geneva Disarmament
Conference for a fee of $25,000, of which Bethlehem was to pay a
In callin the Senate's attention to the Shearer suit Senator Borah
third. Mr. Wakeman assured us that his understanding was that said:
just a maMr. Shearer was employed only as an observer to furnish information
"Mr. President, I ask the indulgence of the Senate for
and that his activities as a propagandist in connection with the con. ment. I notice by the public press that a suit has been filed in New
ference were solely on his own initiative and were in no way inspired Yorok by William B. Shearer to recover some $250,000 which he alleges
he rendered to certain shipor supported by the shipbuilding industry.
to be due him by reason of services which
Mr. Schwab and I soon ascertained that Mr. Shearer was and had building companies at the Geneva Naval Conference.
by certain shipbuildemployed
naval
the
of
regarding
policies
been for years an active propagandist
"According to the item of news he was
the United States. We felt that the employment of such a man as an jog companies to rem esent them at the Geneva Naval Conference; he
observer was in conflict with the policy to which the Bethlehem interests had been paid some $50,000 and some $250,000 is still due on the
have strictly adhered of refraining from participation in propaganda in- contract.
Geneva Naval Contended to influence the naval and military policies of the United States
"Those who are familiar with the history of the
sent out and who know
Government.
ference and the kind of propaganda that was
for
the
arrange
with it must
of
to
connection
termination
Wakeman
in
Shearer
I therefore directed Mr.
something of the activities of Mr.
Mr. Shearer's employment, which he promptly did, paying Bethlehem's necessarily be deeply interested to know what his relation in connection
share of the final payment of Mr. Shearer's compensation. This ended with those shipbuilding companies is and was at the time.
companies or some of
Bethlehem's relations with Mr. Shearer.
"It also appears that the same shipbuilding
It was after this termination of his employment that Mr. Shearer them have since received contracts from the government to build cerhis
claim
informed,
against
am
shipI
the
possibly have been avoided if
advanced for the first time,
tam n ships, the construction of which might
building companies for compensation in much larger amounts than he the Geneva Naval Conference had been successful."
had already received.
the following
We should add that we have also learned from Mr. Wakeman that
The Associated Press on Sept. 6 reported
in December, 1926, he joined with other shipbuilding companies in
Newport News:
from
the employment of Mr. Shearer in connection with the movement of
Emphatic denial that the Newport News Shipbuilding and Dry Dock
encouraging the development of an American merchant marine for a
Shearer to oppose disarmament
Company ever employed William B.
fte of $7,500, of which Bethlehem paid a third.
statement tonight by Homer L. Ferguson,
Mr. Shearer's claim in his pending suit against our company and was given in a prepared
He also said the local shipbuilding firm favors the
two other shipbuilding companies that he had been employed by us president of the firm.
effort to that end.
to any greater extent than as above stated or that he is entitled to corn. President's presentstatement follows:
Mr. Ferguson's
pensation beyond the amounts already paid to him is entirely without
Dock Company never
"The Newport News Shipbuilding and Dry
foundation.
B. Shearer or any one else to oppose disarmament
Bethlehem has nothing to conceal regarding its share in the employ- employed William
or anywhere else. As a matter of fact, we have
ment of Mr. Shearer in the employment of Mr. Shearer o nthe two oc- of nations at Geneva to any fair scheme of disarmament and favor
whatever
casions above mentioned and we shall be glad to furnish any further no objection
direction.
the President's present efforts in this
information on the subject you desire.
"Shearer's engagement with us terminated several months ago, and
Very respectfully,
negotiations began. When in
disarmament
before President Hoover's
E. G. GRACE, President.
conference resulted in the cancellation of
(Sept.1922 the first disarmament battleship under construction by this cornOn the day he made the letter public
10), Presi- two battle cruisers and one
the government, the chairman of our board at that time
dent Hoover in a statement to press representatives said: pany for
government, it suits me,' and we still
The disclosures of interference with and propaganda against the
sai`l'If it is a good thing for the
efforts of the government in its negotiations of international agreement feel that way.
he threatened to bring suit,
for reduction of naval armament are already so evident as to require
"When Shearer's engagement terminated
that these matters should be gone into to the very bottom.
agreement with him extending over a term
as he claimed we had made
A previous statement by the President was given out by of years. The suit in the New York courts against us and subsequent
to pay him money which we had not
him on Sept. 6, the Washington correspondent of the New publicity are due to our refusal
pay.
York "Journal of Commerce" thus referring to his action: agreed toagreement to defray a portion of Shearer's expenses was a
"Our
efforts, and the information he
The statement of the President was made upon his own initiative at
direct result of his own persistent
a conference with Washington newspaper correspondents at the Execu- furnished has been of no avail to us."
tive offices. It came as a bombshell to the fifty or more men awaiting
whatever information Mr. Hoover might care to impart to them. He
From the New York "World" of Sept. 11 we take the
explained that he was making this statement publicly so that there can following from Camden, N. J.:
be no misunderstandong of his determination to put down that which
Building Company, a sub.
Clinton L. Bardo of the New York Ship
may interfere with the present international negotiations.
the American Brown Boveri Electric Corporation, today issued
of
sidiary
The President's statement of the 6th read as follows:
William B. Shearer:
the following statement in regard to
by William
I have been much interested in the disclosure in respect to the
"The suit now pending in the New York courts, brought
relations of a naval expert who over a month ago filed a complaint in B. Shearer against three ship building companies, and which has aroused
the New York courts against three important naval shipbuilding cor- some comment as indicating propaganda activities of the defendant at
porations for services described in the complaint, in which he ac- the Geneva Disarmament Conference in 1927, has been grossly misknowledged having been received over $50,000 on account.
construed.
This propagandist has, during the past few years, organized zealous
"Neither the American Brown Boveri Electric Corporation, one of the
support for increased armament and has been a severe critic of all defendants, nor its subsidiary, the New York Ship Building Company,
efforts of our government to secure international agreement for the has ever, directly or indirectly, indulged in propaganda to influence the
reduction of naval arms, which include activities at the Geneva con- naval policies of the Government at Geneva or elsewhere, nor have they
ference and opposition to the movement which I have initiated in the authorized others to engage in such work.
past three months. A part of this propaganda has been directed to
"It is the settled rule of the management to abstain from any intercreate international distrust and hate.
ference with the policies of the Government as laid down or supported
I cannot believe that the responsible directors of these shipbuilding by the National Administration or by Congress.
corporations have been a party to these transactions as reported in this
"In 1927 the uncertainty of the American ship building industry was
lawsuit, but their statement of the case is needed. It is due to the public, such as to make it of the utmost importance that the company be
it is due to the government and it is due to the corporations.
advised of the trend of ship building as indicated by the Geneva
In the meantime, I have directed the Attorney General to consider Conference and not shown in the press reports.
what action we can take. Unless the companies can show an entirely
"There were serious questions then as to whether or not the company
different situation from that which is purported in this suit, we are would continue its ship building activities. Accordingly Mr. Shearer
compelled to consider what measures can be proposed to free the coun- was commissioned by the New York Ship Building Company and others
try of such influences.
to act as an observer only at the Geneva Conference.
Every American has the right to express his opinion and to engage
"Such observation was the sole question of Mr. Shearer's appointment
in open propaganda if he wishes, but it is obviously against public by the New York Ship Building Company. If Mr. Shearer, while in
interest for those who have financial interest in, or may be engaged Geneva, twisted such limited employment into a broad commission ot
in contracts for the construction of naval vessels, to secretly attempt indulge in other activities, he did so on his own responsibility and
to influence public opinion or public officials by propaganda in favor of without the knowledge of the New York Ship Building Company. Such
larger armaments and attempt to defeat the efforts of governments in employment as Mr. Shearer had with the New York Ship Building
world limitation of such armaments or to employ persons for such Company ceased soon after his return in the fall of 1927, when he was
purpose.
paid in full his fee of $25,000, of which one-third was paid by the
n pany.
..,ThYearokniSy6ip BuilcdoinnngecCioom
I am making this statement publicly so that there can be no mis- New
which Mr. Shearer ever had with the
other
apprehension of my determination that our present international negotiations shall not be interfered with from such sources and through New York Ship Building Company was his employment by it and with
others late in 1926 to prepare newspaper articles supporting the policy
such methods.
of the United States Shipping Board in merchant marine matters and
From the Washington advices Sept. 6 to the "Times" for such work he was paid $2,500 by the New York Ship Building
Company."
we take the following:
1682
PINANCIAL CHRONICLE
[voL. 129.
Protest Against U. S. Tariff Bill in New Zealand House the decedent's residence in favor of residents of this
State.
—Premier Ward Talks of Retaliation If Measure
"Section 2. This act shall take effect upon passage and
Wins.
publication."
Advices, Sept. 4, from Wellington, New Zealand, to the
This act was published on July 18 1929 and, therefore.
New York 'Times" stated:
became effective under the provisions of the law on that
Emphatic protests against proposed American tariff rates flared
up in date.
the House of Representatives to-day, bringing a hint from the Premier,
Sir
Very truly yours,
Joseph Ward, that New Zealand might be forcad to introduce retaliator
y
tariffs.
HUGH W. GROVE,
Former Premier J. G. Coates, now leader of the Opposition, began
the
Vice-President and Trust Officer.
discussion with the statement that New Zealand's trade balance
with the
United States had improved, but was still two to one in favor of Americans,
owing to the enormous imports of automobiles, gasoline and automobile
accessories.
"When our butter, hides, wool and beef are increasing in exports into
the United States, the American Government proposes to increase
the
duties," Mr. Coates complained. "New Zealand cannot continue
to buy
from America when United States markets are blocked against
her.
"Continuous negotiations between New Zealand and other countries
may ultimately induce Americans to see that the matter is
important to
them, since New Zealand buys $40,000,000 worth of
goods yearly and sells
only $20,000,000 worth."
Premier Ward answered that the Cabinet was "watching developme
nts
closely" as the American tariff was becoming almost prohibitiv
e for New
Zealand goods.
"I am bound to say," he asserted, "that the United States is going
to
extremes in its protection policy. Although we are a small
country
time is arriving when we must pay particular attention and adjust the
our
own tariff accordingly. I think the center of the empire
will have to do
the same."
Eastern Bankers, Delegates to Annual Convention of American Bankers Association at San Francisco, Start on
10,000 Mile Tour of West.
More than 230 bankers of the Atlantic seaboard who
will attend the fifty-fifth annual convention of the American Bankers Association in San Francisco, September 30October 3, left the Grand Central Terminal over the New
York Central Railroad at 12:15 P. M. 011 Thursday, September 12, on two special de luxe trains on a 10,000 mile
tour of the West. The tour is designated as the "Red
Tour" and was arranged by the Transportation Committee
of the New York State Bankers Assocition, of which Willis
G. Nash, Vice-President of the Irving Trust Company, New
York City, is Chairman, assisted by M. H. Cahill, PresiColombian Scores U. S. Tariff Walls—Felipe Baron dent of
the Plaza Trust Company of New York and RanSays Protective Policy Conflicts With Peace Pro- dolph H.
Miller, President of the Homer National Bank,
fessions.
Homer, N. Y. Bankers and their friends of the Atlantic.
The New York "Times" of Sept. 1 carried the following seaboard, including Dixie
and New England, were invited
special correspondence from Cartagena (Colombia), Aug. 24: to take advantage of the
special New York Central trains.
Proclaiming fraternity among nations and advocating closer relations
The trains are designated as the "Red" section and
among peoples, and at the same time erecting unsurmountable
tariff
barriers between nations, cannot be reconciled, according to Felipe Baron, "White" section, and left the Grand Central Terminal at
the same time. The bankers, many of whom
writing on the "Protectionism of the United States" in El Tiempo
of
will be accomBogota.
panied by their wives, have all the comfort
that modern
s
"The measures of an exaggerated protectionism
which they are planning railroad transportation
to adopt in North America have not been
affords. The trains comprise solid
viewed with favor by many
steel club, dining and observation cars; drawing
countries," he writes in calling attention to the protests that have
been
room,
made to the United States Senate. "It
would appear that in this hemi- compartment and open section sleepers. At Albany
the
sphere, for its own convenience, the United
States would be exceedingly trains picked up Boston & Albany
generous in the matter of protective tariffs.
cars bearing the New
Obviously, it would be a
England bankers, starting from Boston. Upstate
mistake to increase excessively the duty on
Cuban sugar, on Argentine
bankerswheat and beef, on Colombian and
boarded trains at Albany, Utica, Syracuse, Rochester
Brazilian
and
bian tobacco or on the petroleum of Colombia,coffee, on Cuban and ColomMexico, Venezuela and Peru, Buffalo. This bankers "Red Tour"
or on the bananas of Colombia
is the first special train
and Costa Rica.
"It would be doubly an error,
because in many of these industries North tour out of New York to make a combined ture through
American capital is invested; hence high
a
customs duty would be against Yellowstone National Park and the Canadian Rockies with
the economic interests of the
United States. On the other hand, •the North a daylight
sail of Puget Sound. The itinerary, of these
Americans do not want to create ill-will
among our peoples, already
sufficiently hostile because of proceedings
that have deeply affected the special trains provides for stopovers of varying lengths at
sovereignty, the integrity and vital interests
of the weaker nations of the many points. Regarding the tour an announcement says:
New World.
"And resentment of this character,
regardless of the power of the nation
concerned, will bring to it fatal consequen
ces in the long run. Thirty-nine
nations, among them some of the most
powerful on the globe, will always
carry weight in world politics.
And it does not seem possible that the
United States will deny this reality."
At Mandam, North Dakota, the party will be met by several Indian
survivors of the Custer Massacre who will, stage a real old-time Indian
Pow Wow for the party.
At Medora, North Dakota, the party will witness a private showing
of a specially prepared real old-time western rodeo.
The special trains will arrive at Cody, Wyoming, Sunday morning,
September 15, where a three-day motor tour of Yellowstone National
Park will be made. Upon arrival at Lake Louise, the party will make
a motor sightseeing trip via the Great Continental Divide, Yoho Valley.
Kicking Horse Canyon and Cathedral Peaks. At Vancouver the party
will board the Canadian Pacific Steamship "Princess" for a daylight sail
across Puget Sound to Seattle, stopping over at Victoria for
a sightseeing drive. The party will also stop over at Portland,
Yosemite
Valley, Del Monte and arrive in San Francisco Sunday
evening. September 29, at 6 p. in.
On the return trip the special trains will leave San Francisco
, Thursday, October 3, 9 p. m., and proceed via Los Angeles
and San
Bernardino, where the party will make a motor trip
to the summit of
Mt. Rubidoux and Smiley Heights. The trains will
stop for a day
at Grand Canyon, leaving there Monday, October
7, returning via
Chicago and arriving Grand Central Terminal
Thursday, October 10,
at 7 p. m., and Boston at 9:45 p. in.
Among the Eastern banks which made reservations
sentatives are the National City Bank; Guaranty Trust for their repreCompany; Plaza
Trust Company; Chemical National Bank; Chase
National Bank; Bank
of Manhattan; Peoples National Bank; Bowery
Savings Bank; Central Hanover Trust; Irving Trust Company;
Philadelphia National
Bank of Philadelphia, Pa., as well as many
other prominent banks
along the Atlantic seaboard as far south as
Alabama, as well as
throughout New Englnd.
For those bankers who cannot spare the time
to make this "Red
Tour," the New York Central has arranged
to
service to San Francisco, permitting those desiring provide fast direct
to attend the Convention to leave Grand Central Terminal
Thursday, September 26, at
1:45 p. m., on the 20th Century Limited arriving
San Francisco Sunday,
September 29, at 7:50 p. m. Or they can
leave New York the same
day at 5:30 p. in on the Lake Shore Limited
and arrive, San Francisco
Monday morning, September 30, at 9:10 a.
in. in time for the opening
of the Convention that morning. By using
the New York Central's
air-rail lines they can make still better time.
Double Estate Tax Ended in
Wisconsin—No Longer to
Collect Death Duties on the Estates
of Non-Residents Who Own Stock in Companies
Incorporated
in its Jurisdiction.
In our issue of August 31
(page 1384) we reprinted an
article from one of the New York dailies noting
that Texas
had joined the list of States granting reciproc
al exemption
from Estate or Inheritance Taxes to non-resident
owners
of stocks and bonds of companies incorpor
ated under its
laws but residing in other States at the time
of their death.
The article undertook to enumerate the States which
still
insist on double taxation, and included Wisconsin in
the
number. It appears from the following letter that a
few
weeks ago Wisconsin also joined the States which have
removed the objectionable feature from their statute books:
Editor Commercial and Financial Chronicle.
Dear Sir: On page 1384 of the issue of the "Commer
cial
and Financial Chronicle," dated August 31 1929,
you list
the State of Wisconsin as still claiming "death duties
on the
estates of non-residents who own stock in compani
es incorporated in their jurisdictions."
Bill No. 73, A, now a part of Chapter 298 of the
Laws of
1929, was approved by the Governor on July 17
1929, and
reads as follows:
"Section 1. A new sub-section is added to section
72.01
of the statutes to read: (72.01) (9) Personal property
of a ITEMS ABOUT BANKS, TRUST
COMPANIES, ETC.
non-resident decedent made taxable under this
chapter,
Arrangements have been reported made for
except tangible personal property having an actual
the sale of
situs in two Chicago
Stock Exchange memberships, the consider
this State, shall not be subject to the tax so imposed
ation
if a he stated as
$50,000 each. Since the declaration of the 100%
like exemption was allowed at the time of death of such
membership dividend (Sept. 1) increasing
decedent by the laws of the State, territory or district
the membership
of from 235 to 470,
twelve new memberships have been sold.
SEPT. 14 1929.]
FINANCIAL CHRONICLE
in number
High price of memberships prior to the increase
was $110,000 late in August.
of New
The International Germanic Trust Company
maintained by
York this week opened the offices formerly
and 182
the City Trust Company at 594 Atlantic Avenue
Graham Avenue, Brooklyn. These offices have been opened
identify
in order to give the depositors an opportunity to
themselves and arrange the necessary details in connection
for
with their accounts so that the offices can be opened
carbe
will
plan
similar
A
19.
Sept.
regualr business by
which
ried out in connection with the Manhattan branches
Avenue.
Third
431
and
Avenue
Second
2118
at
are located
These Manhattan branches will be opened for identification purposes on Sept. 18 and for regular business on
Sept. 26. The offices in Brooklyn will be known respectively
as the Atlantic office and Williamsburg office of the International Germanic Trust Company and in Manhattan as
the Harlem and Murray Hill offices. This plan is being
carried out under the terms of the merger of the Mutual
Trust Company into the International Germanic, which was
arranged so that depositors of the City Trust Company
would receive credit in full for their deposits with a strong
instittuion. The announcement in the matter also says:
Officers of the International Germanic will be at the branch offices
for the purpose of arranging the formalities in connection with the
transfer of accounts. After presentation of deposit books and proper
identification by the depositors, the banking details will be handled as
quickly as possible and the International Germanic Trust Company
management believes that these necessary steps will be completed in
time to make the deposits available for use when the branches are
opened for regular business and the receiving and payment of deposits. Approximately 17,000 depositors, who have claims of around
$6,000,000 against the City Trust Company, are affected by the plan
that is now about to be put into execution. The Mutual Trust Corn.
pany was organized by public spirited bankers and citizens to furnish
the instrumentality through which the assets of the City Trust Company
could be liquidated and its depositors fully protected.
The merger of Mutual Trust with International Germanic Trust,
which was approved by the stockholders of the latter company on
July 22, brought to the International Germanic $6,000,000 in cash,
an amount equivalent to the capital and surplus of the Mutual Trust.
This, combined with the Internationl Germanic's own capital and
surplus of $6,000,000, gave International Germanic capital funds of
$12,000,000 and added to the board of the enlarged International
Germanic the following new members: Louis W. Abrons, President
of the General Realty & Utilities Company; Wilfred Kurth, President
of the Home Insurance Company; George V. McLaughlin, President
of the Brooklyn Trust Company; Ralph Jonas; and W. L. Schnarine,
Vice President of the Central Hanover Trust Company.
David Sherr, Sherr Brothers and Vice-President of Barnard Phillips
& Co., Inc.
Joseph E. Gilbert, Building Construction.
S. Mange!, President of Mangel Stores Corporation.
Ivens Sherr, Chairman of the Board and Treasurer of Barnard
Phillips & Co., Inc., and of Sherr Brothers.
H. Parker Willis, Editor of the Journal of Commerce.
H. Zeitz, President of Martin's Department Store.
Max Winkler, Vice-President of Bertrom Griscom Co.
It is the intention of the organizers, says Mr. Sherr; that
the bank shall devote itself primarily to the services of
the numerous industrial and business enterprises in the
mid-town section of New .York.
The Bank of the Manhattan Company of New York announces the opening of a new office at. Broadway and
157th Street. This will be the 65th office of the Bank in
Greater New York. It will be managed by W. H. C.
Pletz, Assistant Vice-President.
—•-The Bankers Trust Company of New York announces
Hanover Bank &
that it has purchased from the Central
story building at
twenty-one
and
land
the
Trust Company
Streets, coverthe Southwest corner of Pine and Nassau
and comStreet
Pine
11
and
Street
Nassau
ing 5-7-9-11
building was
monly known as "Five Nassau Street." This
Hanover Naformerly occupied by the Head Office of the
Union
Central
the
with
consolidated
tional Bank recently
frontage of approxiTrust Company. The property has a
112 feet on Pine
mately 99 feet on Nassau Street and
property the
Street. In announcing the acquisition of the
says:
Company
Trust
Bankers'
The International Germanic now announces the election
to its board of Almerindo Portofolio, President of A. Portofolio & Company. Items regarding the merger appeared in
these columns July 27, page 577 and Aug. 17, page 1069.
—•—
J. F. Tippett, President of the International Products
Corporation, has been elected a director of Hibernia Trust
Company of New York.
Trust Company on this
The property already owned by Bankers
12 Wall Street, formerly known
block comprises the building at 10 and
Pine Street. The main building
as the Astor Building, and 7 to 9 the Bankers Trust Building is
occupied by the institution known as years, with options of renewal,
on ground leased for a long term of May 1, 1994. Possession of
the final renewal period terminating Bankers Trust Company on or
the new acquisition will be taken by
about September 10th.
building at the corner of Wall and
The Bankers -Trust Company
and at that time was more
Nassau Streets was completed in 1912 The extraordinary growth of
bank.
than ample for the needs of the
advisable to purchase addiit
made
the Company since that date has
its departments could be housed.
tional pieces of property in which
business of the Company can
Some conception of the increase in the
December 26, 1912, the combined
be given by the statement that on
the Company were $25,100,000
capital, surplus and undivided profits of
whereas on June 29, 1929, the date
and the deposits $125,300,000
the combined capital, surplus and
of the last published statement,
$105,000,000 and the deposits
undivided profits were approximately
over $510,000,000.
on Nassau Street insures
The acquisition of this additional property
for many years to
Bankers Trust Company proper accommodations Street and 7 to 9
Wall
12
and
10
come. The premises known as
occupied by the departments
Pine Street are already practically fully
made of part of the buildof the Company. Use will be immediately
All of the above properties are
ing covered by the new purchase.
to the uses of the
accommodated
contiguous and can be readily
increasing business of the Company as it developes.
At the special meeting of the stockholders of the Peoples
National Bank of Brooklyn on Sent. 10, the proposal of
the Directors for an increase in the Capital Stock from
$200,000 to $500,000, was ratified by a favorable vote of
more than 85% of the stockholders with no dissenting
ballots cast. This ratification will be followed by the action of the Directors by declaring a stock dividend of 100%
which will make the Capital $400,000. The dividend will
be made payable to stockholders of record Oct. 2, 3 P. M.,
which time will also govern the issue of rights upon the
basis of one share for four held after the stock dividend
declaration at $300 per share. Rights to subscribe will
expire Oct. 18. Upon completion of this plan the Capital
Stock of the bank will be $500,000, and Surplus $400,000.
Items regarding the plans to increase the capital appeared
in the Chronicle of Aug. 3, page 744 and Aug. 10, page 1910.
The Directors of the bank on Sept. 10 declared the regular
quarterly dividend of $3 per share payable Oct. 1, to stockholders of record Sept. 10.
Announcement was made Sept. 9 that plans have been
completed for the organization of the Metropolis Trust
Company to serve the mid-town section attention to the
requirements of the apparel industries, textile and retail
trades, by a group of men long active in these'fields. The
ground floor of the new Herald Square Building on the
corner of Broadway and 36th Street, which has an entrance to the arcade leading to Sixth Avenue, has been
leased for banking quarters and plans are going forward
for equipping and establishing the new institution. The
new trust company will have capital funds of $3,600,000.
Among the organizers are the following:
Louis F. Hall, President of Louis F. Hall & Co., Inc.
John J. O'Connor, attorney.
1683
At a regular meeting of the Board of Directors of the
Chemical Bank & Trust Company of New York held Sept.
12th, a quarterly dividend of .45 per share (par value $10)
was declared on the Capital Stock of the Company, payabel
on Oct. 1, 1920 to stockholders of record Sept. 17th, 1929.
A yearly dividend disbursement of $21,000,000 by the
Chase Bank organization is called for by the new rate on
stock of the Chase National Bank of New York and Chase
Securities Corporation established through the recent declaration of quarterly dividends aggregating $1 per share.
payable October 1, next. There are 5,250,000 shares of
$20 par value stock of The Chase National Bank outstanding and an equal number of shares of the no par value
stock of Chase Securities Corporation. Each shareholder
of The Chase National Bank is also the holder of a like
number of shares of Chase Securities Corporation, the
shares being inseparable. The new dividend rate represents a return of $4 per share per year for each unit of
Bank and Securities Corporation stock held. It is further
stated:
The new rate gives a substantially increased return to Chase
stockholders who held their stock prior to July 1, 1929, when the
five to one split-up reduced the par value of Chase National Bank
stock from $100 to $20 per share. From the April dividend of
1926 to the July dividend of 1929, stockholders of the Chase organization received dividends on their $100 par stock at the rate
of $18 per annum. The new dividend rate is equivalent to an increase
to $20 per annum, to which must be added the cash dividend on the
124% equalizing stock dividend which was recently announced to
Chase stockholders of record at the close of business on August 23.
The new dividend rate also represents an increased return to the
American Express Company stockholders who exchanged their stock
for that of The Chase National Bank and Chase Securities Corporation. The dividend rate on American Express
any shares
($100 par) was $6 per annum. The basis of exchange
Comp of Chase
shares for American Express Company shares was one and two-thirds
shares of Chase $20 par for one share of American Express.Subsequently, The Chase National Bank declared an equalizig stock
2%, and those American Express Company stock/
dividend of 121
1684
FINANCIAL CHRONICLE
holders who made the exchange and now hold Chase stock have one
and seven-eights shares of $20 par Chase stock for each share of
American Express stock they originally held. For stockholders who
acquired their Chase stock in exchange for American Express Company stock, the new dividend return of $4 per annum represents a
25% increase in dividends or an increase from $6 per annum to the
equivalent of $7.50 per annum for each share of American Express
Company stock thus exchanged.
[VOL. 129.
Organization of the Caleb Heathcote Trust Company of
Scarsdale, N. Y., to do a banking and trust business under
a New York State charter is announced. The announcement says:
First organized as The Trust Company of Scarsdale, the name was
changed to avoid confusion in the public mind with the established
Scarsdale National Bank and Trust Compny, it was explained by
Richard R. Hunter, Chairman of the Board of the new bank.
The Central Hanover Bank and Trust Company of New
Caleb Heathcote, after whom the trust company is named, was the
York has announced the following appointments: Alfred founder of the manor of Scarsdale under King William III, the alst
manor grant in the British Empire. The village seal is a modifiaction
M. Ellinger, Assistant Vice-President, and Porter L. Willett, of
his family coat of arms. Heathcote arrived in New York in 1692
Peter Van Brunt, W. C. Bennett and Harvey Weeks, As- from Scarsdale, England, with considerable funds, became a successful
trader
in merchandise and lands and enjoyed an unusual reputation
identified
with
sistant Secretaries. Mr. Ellinger became
probity throughout his life, at a time when business standards were
Central Hanover last November, having been prior to his for
notoriously lax. He was, according to Mr. Hunter, a sort of private
association with the institution, a Vice-President and part- trust company himself. He had a claim to the White Plains, but his
fair
dealing with rival claimants led them to pass resolutions in comner of R. W. Halsey & Co. Both Mr. Willett and Mr. Van
Brunt came to the Central Hanover last August from the pliment to his honesty and business methods. Perhaps the first commuter of Westchester County, he appeared to foresee the great deContinental Illinois Bank & Trust Co. where they had spe- velopment of the county with reference to the growth of the
cialized in new business. Both will represent their new metropolis. As judge, colonel of militia and surrogate he virtually
affiliation in certain sections of the country, Mr. Willett ran the county. He was mayor of the borough town of Westchester
and later was three times mayor of New York.
confining his activities to Illinois, Indiana, Iowa, Ken"Some of us," Mr. Hunter continued, "have thought that the selectucky, Michigan, Ohio and Wisconsin, while Mr. Van Brunt's tion of this personal name, unusual though it be for a bank, would
territory will include Arizona, California, Colorado, Idaho, symbolize the service of the community we hope to render. Caleb
Heathcote was a good friend and neighbor and keenly interested in
Kansas, Montana, Nebraska, Nevada, New Mexico, Missis- the well-being of each
community in which he lived. If we had set
sippi, Missouri, North Dakota, Oklahoma, Oregon, South out to invent a personality to symbolize our aims, he could not have
Dakota, Utah, Washington and Wyoming. Mr. Bennett been more satisfactory than this man job who stands at the head of
Scarsdale history."
came to Central Hanover from Edwin Bird Wilson, Inc.,
The board of directors, all residents of Scarsdale, are:
Frank 0. Ayres, Vice President of the Metropolitan Life Insurance
financial advertising agents, where he was a Vice-President
in charge of his firm's Southern business. For the past Company;
Oscar F. Banse, Treasurer of the Vanderbilt Hotel Corporation of
twelve years he has been identified with the publicity work New York and
affiliated hotel companies;
Ray
of southern banks and has specialized in trust work. In
R. Beatty, real estate, Scarsdale;
Arthur
Boniface,
village engineer and former president of the
his new capacity, Mr. Bennett will engage in the developVillage of Scarsdale;
ment of trust and banking business for the New York
Charles M. Carter, Deputy County Attorney and police magistrate ;
George B. Clifton, real estate;
office and correspondent banks throughout the country. Mr.
Walter J. Collet, contractor;
Weeks will be in charge of trust solicitation work for
Randolph P. Compton, Vice President, W. R. Compton Company,
Central Hanover and will make use of his experience in bankers, New York City;
Warren W. Cunningham, attorney of New York;
insurance matter and sales promotion work in his new
Arthur F. Driscoll, of Malvinsky, O'Brien & Driscoll, attorneys,
office. He was formerly general agent at Buffalo for the New
York City;
Provident Mutual Life Insurance Co. and is past President
Roy S. Durstine, Vice President and General Manager, Batten,
of the Buffalo Life Underwriters' Association and its pres- Barton, Durstine & Osborn, Inc., advertising, New York;
Mark Eisner, attorney, New York;
ent representative on the National Underwriters' ComAmbrose W. Gallagher, physician;
mittee. He is the author of a work on the fundamentals
Albert E. Gibbs, Vice President, Frederick Fox & Co., real estate,
of insurance selling about to be published by aHrper & New York;
W. Burke Harmon, President, Harmon National Real Estate CorBrothers.
poration, etc., New York;
Richard R. Hunter, Vice President, Equitable Trust Co. of New
At a meeting this week of the trustees of the Bank of York;
New York and Trust Company, Dave H. Morris, Jr., forGeorge A. Marsh, business manager of free schools;
Walton H. Marshall, President, Vanderbilt Hotel Corporation.
merly Assistant Comptroller was appointed Comptroller.
New York, member advisory board of the Chemical National Bank;
John A. Matthews, Vice President, Crucible Steel Co. of America;
Cable advices received from London this week announced
Richard C. Noel, Vice President, W. II. Compton Co., bankers;
that the City Bank Farmers Trust Company Limited, a
Erwin Rankin, President and Director, American & General SeBritish trust corporation, has been established there as a curities Corp., etc.;
Walter Robbins, President, General Cable Corp., New York and a
subsidiary of the City Bank Farmers Trust Company of
in Kissel, Kinnicut & Co., 14 Wall St.
New York and is empowered to act in Great Britain and partner
Philip J. Ross, Director and General Counsel of the Manhattan
Northern Ireland as executor, administrator and trustee Life Insurance Co., etc.;
Herbert B. Shonk, Attorney, Assemblyman of Second District,
under wills and deeds of trust and in all other fiduciary
Westchester County;
capacities including those of ancillary administrator of the
Arthur S. Van Winkle, President, Empire City Savings Bank,
English assets of American estates. The new unit is lo- New York;
S.
Sargent Volk, President, Broadway-National Bank & Trust
cated at 11 Waterloo Place, London, S.W. 1.
Co., etc.;
Sidney J. Weinberg, member, Goldman Sachs & Co.. etc.;
The Genoa branch of The National City Bank of New
Edward C. Wilkinson, of Potter & Co., investment bankers,
York has been removed to Via Garibaldi No. 3, and is New York;
Andrew Wilson, Jr., Attorney;
operating at that location.
Russell V. Worstell, assistant secretary, New York Trust Company.
The Caleb Heathcote Trust Company of Scarsdale will be opened
The following is from the "Wall Street Journal" of yesterfor business about October 1 in quarters a block southeast of the
day (Sept. 13):
railroad station in the main business district of Scarsdale.
A merger of Continental Bank and Fidelity Trust Co. (New York) has
been practically agreed upon, it is understood. According to present proIn furtherance of the proposed merger of the First Naposals, Fidelity will be absorbed by Continental which will retain its name
tional Bank of Boston and the Old Colony Trust Company,
and continue its plan to operate as a brokers' bank.
It is understood that Frederick H. Hornby, President of Continental, stockholders of the First National Bank
have subscribed
will become Chairman, and James G. Blaine, President of Fidelity, will
become President of the combined institution. S. S. Conover, now Chairman $2,500,000 of new capital and $5,000,000 of paid-in surplus,
of Fidelity, will be Chairman of Executive Committee.
and before the merger is effected stockholders of the Old
Continental Bank recently instituted several measures of expansion. In Colony Trust Company will subscribe
$5,000,000 of capital
connection with plan to enlarge its business on the Street, additional capital
and $10,000,000 of paid-in surplus, thus giving the new
was subscribed by a number of Stock Exchange houses. Institution
also
organized Continental Corporation as a security affiliate. As of July
16, institution combined capital, surplus and profits of $114,Continental Bank had capital of $6,000.000, surplus of *10,000,000, un- 663,802, according to an
analysis prepared by Hornblower
divided profits of $1,093,608, deposits of *41,920.000 and total resources of
& Weeks. As a result of these subscriptions the capital
$61,860,000.
Fidelity Trust Co., as of June 30. had capital of $4,000,000, surplus of the consolidated bank will, it is
announced, be repre*2.500,000. undivided profits $1,432,000. deposits $51,500,000 and total sented by 2,175,000
shares of capital stock of the First
resources of $63.300.000. Present institution is result of merger between
National Bank of Boston, each share carrying a pro rata
Fidelity International Trust Co. and Coal &
Iron National Bank, Feb 1926.
Stockholders of the Fort Greene National Bank of
Brooklyn this week elected Nathaniel C. Greene, a director
of the bank. Mr. Greene is Vice-President, Secretary and
Treasurer of the Polymet Manufacturing Corporation. He
Is also Vice-President and Treasurer of the Strand and
Sweet Company of Winsted, Conn.
ownership of the Old Colony Trust Company and the First
National Old Colony Corporation. The bankers in their
analysis state:
"We anticipate that the combined earnings of the two institutions
for the current year will approximate $6 per share on the shares
outstanding after the merger. This, of course, does not include the
full benefit from the new capital funds subscribed by stockholders
of the First National Bank in July or the new funds to be subscribed
by shareholders of the Old Colony Trust Company, nor does it
SEPT. 14 19291
FINANCIAL CHRONICLE
operations of
reflect the benefits to be derived from the consolidated
of operations."
the two institutions and their increased breadth
1685
The Sept. 11 issue of the Chicago "Tribune" in its report
of the closing of the institution said in part as follows:
the examination proceeded behind closed doors at the bank under
Details of the merger were given in our issue of Sept. theWhile
supervision of Examiner John W. Cruden, numbers of those who had
"Jour7, page 1543. A dispatch Sept. 12 to the New York
entrusted their savings or business accounts to the bank, milling about in
the street outside, were cheered by a statement from Auditor Nelson that
nal of Commerce" from Boston says:
in deposits will be salvaged.
Perhaps virtually all of the $775,000
Frozen assets, in the form of an accumulation of paper deemed doubtful
or worthless, brought about the closing, the state auditor declared. He
the bank, of
said there was no hint of fraud in any of the transactions of
which Arvid E. Peterson, 6816 Merrill Ave., is President. but, the auditor
bad
of
financial
result
the
be
to
declared, the principal trouble appeared
Net profits of Bankers Securities Corporation of Phila- judgment.
For some weeks the bank's affairs have been under the scrutiny of Acting
delphia for August, after all expenses and deduction for Chief
Examiner A. E.Kinlin,it was learned. Finally on Monday a demand
anit
This
is
$307,501.
informed
are
taxes, were we
was made on the holders of the institution's 200,000 of stock to put up
fifteen
about
of
period
the
$73,000 to cover paper regarded by authorities as uncollectible. Following
nounced made $3,608,244 in
1928.
8,
a hurried meeting of the directors, the state officials were told this could
May
business
started
company
the
since
months
not be done, and the order to close the bank was given.
of the American
Plans are progressing steadily for the merger
Bank and when the
Trust Co. of Boston with the First National
Trust Co. It is figured
merger is completed with the Old Colony
institutions combined as
that the aggregate resources of the three
of June 29 last will amount to $722,716,000.
to be paid
Out of this, dividends as paid and declared
n, having
Oct. 15 total $1,862,770. Thus the Corporatio
preferred
stock
cumulative
6%
ng
participati
its
paid 8% on
has earned
and 13.52% on its 6% cumulative common stock,
more than double the dividends paid. On Aug. 31 the
Balance Sheet showed $26,187,141 capital in its business,
represented by $17,000,000 of preferred and $3,000,000 of
common stock.
That the Lancaster Avenue Title & Trust Co. of Philadelphia is to be merged with the Aldine Trust Co. of that city,
was reported in yesterday's (Sept. 13) issue of the Philadelphia "Ledger." The institutions have combined resources
of more than $9,000,000. The enlarged institution will
continue the name of the Aldine Trust Co. Terms of consolidation, approved at meetings of the respective directors
of the banks, provide for the exchange of one share of Aldine
4 shares of Lancaster Avenue
Trust Co. stock for each 23
stock. Special meetings of the stockholders of the two banking institutions have been called for Oct. 7 to take action
on the proposed union. Allen M. Matthews, President of
the Aldine Trust Co., will continue as President of the enlarged bank, while William H. Smith, President of the Lancaster Avenue Title & Trust Co., will become a Vice-President. Other officers and employees of the Lancaster Avenue
institution will be come affiliated with the new organization.
The present directorate of the Aldine Trust Co., which now
has a membership of ten, will be enlarged to include ten
directors of the Lancaster Avenue Title & Trust Co.
At the usual monthly mee- ting of the directors' of the
Central Trust Co. of Cambridge, Mass, held on Tuesday,
Sept. 3, a dividend .of 5% was declared to stockholders of
record Sept. 24, 1920, payable on Oct. 1, 1929. This makes
the dividend at the rate of 20% annually. An increase was
made in July, 1929 from 12% to 16% and now an additional increase from 16% to 20%. At the same meeting
George B. Kimball, Frederick A. Smith and Ralph U.
Sawyer were made directors of the institution. All three
are well known Cambridge men.
-Co. of Hartford, Conn., referThe new South End Trust
ence to the organization of which was made in our issue
of Mar. 2, page 1322, was formally opened for business on
Aug. 29 at 154 Main St. according to the Hartford "Courant"
of that date. Dr. James H. Naylor is President of the
institution while Chester Jorgenson is Treasurer. According to our previous item the bank's capital is $100,000,
the par value of $50 a share.
consisting of 2,000 shares of._
The Hobart Trust Co. of Passaic, N. J., which with its
two local branches, the Merchants' Bank and the Service
Trust Co. of New ,Jersey, which was closed by the State
Department of Banking and Insurance on July 24, was reopened on Tuesday of this week, Sept. 10, under new
management. The stock of the trust company, formerly
controlled by the New Jersey Bankers' Securities Co. which
bankfollowing the closing' of the bank was thrown into
ruptcy on Aug. 19 was purchased by a group of Passaic
on Tuesbankers and business men. Advices from Passaic
the reThe Security Savings Bank & Trust Co., of Toledo, Ohio, day to the New York "Herald-Tribune" reporting
branch, the
its
with
together
of
that
Co.,
city,
Trust
the
deal
Bankers'
intsitution
the
the
of
opening
has acquired
being consummated on Sept. 7, according to the Toledo Merchants' Bank, said in part:
flowers and ferns,
Except for the decoration of the offices with
"Blade" of that date. The merger adds to the Security
indicate that it was anything but the normal
to
little
was
there
of
deposits
Co.
ely
$20,Trust
approximat
&
Savings Bank
banking day.
said that while there
000,000, and also gives the institution four additional offices
Dow H. Drukker, President of the Hobart,
received in the first hour of
including three East Side branches, making 11 in all. They were a few withdrawals, newthedeposits
outgo. Mr. Drukker, who was head
business more than equalled
are located at 338 Summit St., Monroe and Detroit, Nebraska of
Hobart Trust Company before it passed through several hands
the
and Junction, 1518 Cherry St., Dorr and Detroit, Lagrange to Harry H. Weinberger and his New Jersey Securities Corporation,
as deputy banking commissioner
and Dexter, Tremainesville Road and Sylvania Ave., Cherry and Hugh H. Hilson, who resigned
ns from many
take over the vice-presidency, received congratulatio
and Huron St., Starr Ave. and East Broadway, Oak and to
their venture.
on
another branch of the
Fassett Sts. and 240 Millard Ave. Stacey L. McNarry is
The Service Trust Company, which was
President of the enlarged bank. Mr. McNary indicated Hobart, has been discontinued by the new owners, and its accounts
"that the acquisition of the Bankers' Trust Co. means a transferred to the Hobart.
Our last reference to the affairs of the Hobart Trust Co.
further broadening of the Security, especially in big industrial
In
Toledo."
conclusion, the appeared on Sept. 7, page 1544.
and residential districts of East
the First Trust & Savings Bank
paper mentioned said:
The proposed union ofW. H. Ounckel, Vice-President in active charge of the main offices;
B. Louis Schomberg, V.-President and Hugh W. Harbaugh, V.-President
and Trust Officer, wore largerly instrumental with President McNary in
bringing about the deal.
Under the consolidation plan officers of the Bankers' Trust will be
absorbed in the Security organization, and some of the directors of the
13ankers' Trust will be added to the board of the Security Savings. The
Bankers' Trust Co. was organized in April of 1927 by Sidney Spitzer and
associates. It purchased the People's Bank & Trust Co., Nov.30 1927.
The Triangle State Bank, at 7092 South Chicago Ave.,
Chicago, was temporarily closed on Sept. 10 by the State
Auditor of Public Accounts for the purpose of examining its
assets, according to the Chicago "Post" of that date, which
furthermore stated that the "action followed the periodic
examination, during which, it is said, it was found that some
of the bank's assets needed more careful perusal, according
to A. E. Kinlin in the Auditor's office." Examiner John W.
Cruden was placed in charge of the institution. At the close
of business on June 29, when the bank's last formal report
was published, it was said, the institution had resources of
$1,110,596.66. It is capitalized at $200,000 with surplus
and undivided profits of $22,000. T. J. Ryan is Chairman
of the board of directors; Arvid E. Paterson, President;
B. M. Pierzynski, Vice-President, and U. S. Anderson,
Cashier.
and the National City Bank, both of Akron, Ohio, to form
a new organization under the title of the First-City Trust
& Savings Bank, became effective on Sept. 4, according to
advices from that city on the date named, appearing in
the Cleveland "Plain Dealer" of Sept. 5. The new institution has combined capital, surplus and undivided profits
of approximately $8,000,000, deposits of about $41,000,000
and total resources in excess of $50,000,000. There are six
branch offices. George D. Bates, former President of the
First Trust & Savings Bank, is Chairman of the Board of
Directors of the enlarged bank, while Harry Williams,
former President of the National City Bank, is Chief
Executive. Other officers of the institution are as follows:
W. A. M. Vaughan, Fire Vice-President; Ira E. Myers,
G. R. Edgar, T. S. Eichelberger (and Secretary), H. Merryweather (and Treasurer), H. B. Manton, F. H. Mason and
S. F. Ziliox, Vice-President; N. G. Nelson, H. B. Slusser,
J. E. Hatch, C. G. Faine, F. W. Hamrich, H. A. Fisher,
B. M. Rockwell, H. C. Lund and Kenneth Peck, Assistant
Secretaries; H. A. Valentine, Francis Wolcott, C. G. Wilson,
T. R. Cook, G. H. Krumory, W. J. Ederer, D. L. Edwards
and J. M. Cackey, Assistant Treasurers; L. S. Dudley,
Trust Officer; Jay L. Collins, Associate Trust Officer; R. C.
Parish and P. W. Ferguson, Assistant Trust Officers; and
W. H. Simmons, Auditor. The main office of the old First-
1686
FINANCIAL CHRONICLE
City Trust & Savings Bank at 167 South Main St. continues as the headquarters of the new organization, while
the National City office will be known as the city office.
An item with reference to the approaching consolidation
of these banks appeared in our issue of June 1, page 3630.
[Vor,. 129.
With reference to a proposed 5-for-1 split-up in the
shares of the First National Bank of Flint, Mich. and its
affiliated institution, the Genessee Co. Savings Bank of
that city, advices from Flint Sept. 9, appearing in the
Detroit "Free Press" had the following to say:
Two large banking groups in Detroit, namely the Union
Stockholders of the Genesee County and First National Banks will
Commerce Group and the Guardian Detroit Group, Inc., meet October 14, to decide upon a stock split of five for one, as
proposed
by the directors of the banks last week. The new plan,
folare about to unite their $400,000,000 resources. The
if approved by the stockholders, will reduce the par value from
lowing in the matter comes to us this week:
$100 to $20 a share in the five for one division.
A joint statement by Frank W. Blair, President of the Union
The Genessee bank has outstanding 10,000 shares of stock which
Commerce Corporation and Robert 0. Lord, President of the Guardian would be multiplied to 50,000 shares and the First National stock
Detroit Group, Inc., announces that at a meeting of the boards of will be increased from 4,000 to 20,000 shares.
directors of these institutions, it was unanimously voted by these
boards and recommended to their stockholders that a merger or consolidation be effected of the Union Commerce Group and Guardian
Affiliation of the Stock Yards National Bank of South
Detroit Group.
In the plans for the consolidation or merger of these institutions, St. Paul, Minn., with the 31 other banks and trust comit is contemplated that the Guardian Trust Company and the Union panies
controlled by the Northwest Bancorporation of
Trust Company will be merged under the name Union Guardian
Trust Company and that the Guardian Detroit Bank and National Minneapolis was announced on Sept. 6, according to the
Bank of Commerce will be merged as a state institution under the St. Paul "Pioneer Press" of Sept. 7. The Stock Yards
name Guardian Detroit Bank. The parent company which will own Mortgage
Co., a subsidiary of the Stock Yards National
or control the corporations in the combined group will be known as
Guardian Detroit Union Group, Inc. Frank W. Blair will be chair- Bank, also has been acquired by the Northwest Bancorman of the board of this group, Robert 0. Lord, president and poration. The Stock Yards National Bank has a comexecutive head, and Henry E. Bodman, chairman of the executive bined
capatol, surplus and undivided profits of approxicommittee. Of the Union Guardian Trust Company, Frank W.
Blair will be chairman of the board, Robert 0. Lord, chairman of mately $546,000, deposits of $4,492,015 and resources of
the executive committee, and John N. Stalker will be president Of $5,210,920. The institutions affiliated with the Northwest
the combined banks, Henry H. Sanger will be chairman of the board,
of $234,626,732
Richard P. Joy will be vice-chairman of the board, Dr. Fred T. Bancorporation now have combined deposits
Murphy will be chairman of the executive committee, and Robert O. and total resources of $270,983,142. The appointment of
Lord will be president. The securities business will be conducted Alex Highland, who has been President of the acquired
under the name Guardian Detroit Company, of which Carlton M.
bank, as Assistant General Manager of the Northwest Ban- Higbie will be chairman of the board and John C. Grier, Jr.,
corporation was announced by E. W. Decker, President
president and chief executive officer.
In effecting the Merger, a stock dividend of 20% will be paid of the Northwest Bancorporation and also of the Northupon the stock of Guardian Detroit Group, Inc. The name of the
Guardian Detroit Group, Inc., will be changed to Guardian Detroit western National Bank of Minneapolis. Mr. Highland will
Union Group, Inc. Thereafter, each shareholder of Union Commerce become Chairman of the Board of the Stock Yards National
Corporation will receive one share of Guardian Detroit Union Group, Bank and will be succeeded in the Presidency by F. A.
Inc. stock for each share of Union Commerce Corporation surrendered. Birch, now a Vice-President
of the institution. J. C. Kohl,
At the same time it was announced by C. H. Haberkorn, Jr.,
chairman of the board of the Bank of Detroit, that at a meeting while continuing as Cashier of the institution, will be made
of the board of directors of that institution it was unanimously voted a Vice-President. Other officers of the Stock Yards Naby that board and recommended to the stockholders that the Bank tional Bank are: J. S.
Bangs and W. A. Sawtell, Viceof Detroit become a unit of the Guardian Detroit Group, Inc.
No definite statement has been made as to whether the Bank of Presidents; and 0. W. Raynum and A. A. Bibus, Assistant
Detroit will retain a separate indentity but it is contemplated that Cashiers. C. A. Cushman and Cyril E. Sheehy, General
eventually this institution will be merged into the consolidated bank.
of Armour & Co. and Swift & Co.
At the same time it was announced that arrangements had been Managers, respectively,
made for the incorporation into the new grou of the Union Indus- at South St. Paul, have been added to the Board of Directrial Bank of Flint, the Thompson Savings Bank of Hudson, and tors of the acquired bank. The paper mentioned furtherthe Bank of Hamtramck.
If and when the stockholders approve the proposed consolidation more said:
C. A. Cushman and Cyril E. Sheehy, general managers, respectively,
of these institutions, it will result in a group of Michigan banking
institutions with capital assets of over $75,000,000, deposits of more of Armour 8z Co., and Swift & Co. at South St. Paul, have been
added to the Stock Yards National board of directors.
than $350,000,000, and total resources in excess of $400,000,000.
The South St. Paul Stock Yards Bank is the third livestock bank
Albert E. Betteley and Carl M. Heck were elected Vice- to unite with the Northwest Bancorporation.
The
Stockyards Mortgage Co. of South St. Paul has a capllal of
Presidents of the Michigan Industrial Bank, Detroit, at a
$50,000 and is engaged in the real estate mortgage loan and insurance
Board
of
Directors
held
the
meeting of
Tuesday, Sept. 10, business. It is a seperate corporation, but also is entering the bank
according to an announcement by Allan A. Templeton, group. Mr. Highland is president, J. A. Bangs, Vice President, and
0. W. Raynum, Secretary and General Manager.
President. A statement in the matter says:
The Stock Yards National Bank was organized in /897 to finance
Mr. Betteley was for several years connected with the American the livestock business centering in South St. Paul, Mr. Highland said.
State Bank as statistician. He then went with the National Bank of
"As this community has grown, its financial needs have increased,"
Commerce, in the discount department, and was soon after appointed he stated, "so that in becoming affiliated with other important banks
Manages of the new business department of the Boulevard Office. which are sympathetic to the needs of the livestock and allied indusMr. Betteley is now Assistant to the President of the Michigan tries, we feel we will greatly increase our capacity for service."
Industrial Bank.
F. A. Birch, the new President of the Stock Yards National, said:
Carl M. Heck comes to the Michigan Industrial Bank after about
"On the board of directors of the Northwest Bancorporation arc
five years as bank examiner with the Michigan State Banking De- outstanding men representing every important basic industry. From
partment. Prior to that, he was connected with the Federal Reserve the packing industry there are H. G. Black, Assistant Treasurer of
Bank of Cleveland and other banking institutions of that city.
Armour & Co.; John E. Wagner, Treasurer of Cudahy Packing Co.,
The Michigan Industrial 'Bank is now a member of the Union and Ford E. Hovey, President of the Stock Yards National Bank of
Commerce Group.
Omaha, and the local Armour and Swift managers. Altogether there
are 70 directors who manage the affairs of the Northwest BancorporaTwo banks in the mining district of upper Michigan tion."
Mr. Highland will be elected a director of Northwest Bancorporabecame affiliated on Sept 4 with the First Bank Stock
tion and will be the second St. Paul director, Ralph Budd, President
'Corporation. In reporting this Minneapolis "Journal" of of the
Great Northern Railway, having been on the board for some
the 4th instance said:
time. H. A. Scandrett, President of the St. Paul road, also is a
the
First
director.
Mich.,
and
National
The First National Bank of Hancock,
The iron mining interests are represented by W. P. Chinn, General
Bank of Calumet, Mich., are the two banks which have joined the
First Bank Stock Corporation, bringing the total of banks in the Manager of Pickands, Mather & Co.; T. F. Cole, Edward C. Congdon
and George P. Tweed, all of Duluth and the Iron Range.
group to 40 and resources to more than $365,000,000.
Mr. Highland has had 25 years' experience in the country bank
James MacNaughton, President of the Calumet & Hecla Consolidated
field. For 15 years he was Vice President of the Aberdeen National
Copper Mining Company, becomes a director of the corporation.
Bank of Aberdeen, S. D., and on April 1, 1921, became President
Ryan Holds Stock in Banks.
of the South St. Paul Bank. He was President of the South Dakota
The corporation was recently organized by the First National Banks Bankers' Association in 1918. He has
specialized in the livestock end
of Minneapolis and St. Paul and three Montana banks closely identified of the banking business.
with the interests of John D. Ryan and the Anaconda Copper Mining
J. C. Thomson, Vice President and General Manager of the NorthCompany, to succeed the First Bank Stock Invesmeat Company, pre- west Bancorporation said:
decessor holding company controlled by the Twin City First Nationals.
"When we stop to think of the change
Mr. Ryan, Chairman of the Board of the Anaconda Copper Mining the financial structure of the Northwest inwhich has taken place in
the short period of six
Company, has been a stockholder of the First National Banks of months we begin to wonder why the group
banking idea was not
Hancock and Calumet.
undertaken on a larger scale years ago."
The First National Bank of Calumet has capital, surplus and unInstitutions affiliated with the Northwest Bancorporadivided profits of $530,000; deposits of $4,235,000 and resources of
$5,000,000. Established in 1886, it serves a community of 25,000 people tion are as follows:
and has been closely identified with the mining industry of the peninMinneapolis, Minn., Northwestern National Bank and affiliated banks
sula. Edward F. Cuddihy is President.
in Minneapolis, Minnesota Loan and Trust Co., The Minnesota
MacNaughton Makes Statement.
Company.
South St. Paul, Minn., Stock Yards National Bank.
The Hancock institution was founded in 1874 and is the largest bank
Duluth, Minn., First and American National Bank.
in its community. Capital, surplus and undivided profits total $303,000,
Omaha, Neb., United State National Bank, United States Trust
deposits $3,380,000 and total resources nearly 4,000,000. W. IL ThompCompany, Stock Yards National Bank, South Omaha National Bank,
son, President, has been in charge of the bank's affairs 23 years.
South Omaha Savings Bank.
a
SEPT. 14 1929.]
FINANCIAL CHRONICLE
1687
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except for a brish upturn on Saturday and again on
Wednesday, the Stock Market has drifted slowly toward
lower levels during most of the present week. Price movetions
ments have generally been irregular with sharp fluctua
shares
Oil
issues.
tive
specula
active
in many of the more
few of the
have attracted considerable attention and a
have shown
Jersey
New
of
Oil
rd
Standa
like
stronger issues
nt in
moderate gains. An occasional flurry has been appare
t manifested
interes
the
from
aside
but
stocks,
utility
the
rthy
in these properties the market has been without notewo
e Bank
feature. The weekly report of the Federal Reserv
ay showed
made public after the close of business on Thursd
increase of $120,000,000 in brokers' loans in this
further
a
From Chicago advices Thursday (Sept. 12) to the New district during the present week. Call money renewed at8%
York "Journal of Commerce" it is learned that the North- on Monday, advanced to 10% on Tuesday afternoon,
Stock
west Bancorporation has also acquired the Live
from 9% to 7% on Wednesday, and again advance41
g the number dropped
on Friday.
National Bank of Sioux City, Iowa, bringin
to 8% on Thursday but slipped back to 7%
the brief
33.
during
to
upward
group
ed
the
continu
of banks in
The trend of prices
in the
ration
demonst
bullish
strong
a
ay,
Saturd
on
session
That the State Banking Commissioner for Texas has early trading carrying many,of the speculative favorites to
Trust Co., Guarapproved a consolidation of the Central
l Motors was especially prominent in
l Bank, all of San higher levels. Genera
on a block of 25,000 shares with a
anty State Bank, and the City Nationa
opened
and
the City the trading
Antonio, into a new organization to be known as
at 79. The improvement in General
point
a
over
of
gain
Central Bank & Trust Co., was reported in a dispatch from Motors was extended to other motor stocks like Mack Truck
."
Co., which
Austin, Tex. on Sept. 10 to the Wall Street Journal
which moved ahead about 3 points, Auburn Auto
say:
to
on
went
Public utilities also
advices
aker.
Studeb
The
and
gain
similar
a
s
over
showed
having
resource
Texas,
in
This is the largest State bank
000. The capital stock is were in active demand and moved upward under the leader$25,000,000 and deposits of over $20,000, King is
into new high
R.
W.
President of the
.
$500,000
$1,300,000 and surplus
ship of American Water Works, which soared
Gas& Electric,
rd
consolidated banks.
Standa
by
d
followe
192,
crossed
it
as
ground
Power & Light and Utilities Power & Light, all of
Kansas City advices to the "Wall Street Journal" of American
with substantial gains. A few of the railway
closed
which
Sept. 3 stated:
the
with
t,
ent and forged ahead under the guidance
the
ng
in
Southwes
promin
developi
is
issues were
Branch or chain banking
and
touched a new high for the year, followed by
initial start in Oklahoma. Exchange National Bank of Tulsa,
which
Erie,
of
American-First National Bank of Oklahoma City are actively developChicago & North Western which also raised its peak. The
ing chains.
progress
greatest
the
outstanding features of the specialties was J. I. Case, which
Exchange National of Tulsa is credited with
in building up a chain. It has acquired an interest in the Liberty shot ahead about 32 points and closed at 392; and Columbia
National
National of Oklahoma City, First National of Guthrie, First
4at its top for the day and
n First Na- Graphophone which sold up to 713
of McAlester and First National of Ada, Okla. America
closed at 71%,with a net gain of 4% points. Allied Chemical
tional has made no announcement of its purchases.
& Dye closed at 344% with a gain of 6% points; National
rce
ile-Comme
Lead ran up 33 points to 1703 and Goodyear Tire &
John G. Lonsdale, President of the Mercant
y
recentl
Mo.,
Louis,
St.
of
y
Rubber Co. reached its final at 115% with a gain of 33
Compan
Trust
Bank and
e,
Lonsdal
into
ne
line
points.
opened the first long distance telepho
spendIrregularity was the dominating feature of the market on
Ark., a town named after him. Mr. Lonsdale was
"
Valley,
ful
"Peace
home,
r
summe
Monday, a majority of the stocks in both the railroad and
ing his vacation at his
ted
comple
was
industrial sections fluctuated upward and downward during
near Lonsdale, when the new telephone line
upon
ed
prevail
was
He
y.
the greater part of the session and finally closed at lower
Compan
one
by the Bell Teleph
by
did
he
which
levels. There were, as usual, some exceptions; Johnsto send the first greetings over the wire,
Hot
at
d,
l-Recor
Sentine
Manville for instance bounding forward 13 points to 215,
The
per,
calling up a newspa
banker
the
after
named
and Union Carbide & Carbon shooting upward 7 points to
Springs. The town of Lonsdale was
d 139 or better. Packard Motor Car gained 10 points to 161%,
railroa
a
g
buildin
in
age,
early
an
at
es,
due to his activiti
line is now while the "when issued stock" which represents a 5-for-1
line between Little Rock and Hot Springs. The
through split-up of the high-priced issue surged upward to a new high
passes
and
system
Pacific
i
Missour
a part of the
the upside
above 32. Public utilities were represented on
the town of Lonsdale.
2 points;
ed
nearly
improv
which
by American Water Works,
The Royal Bank of Canada announced on Sept. 11 that and by Columbia Gas & Electric, which closed at 95% with
4 points. Gold Dust attracted considerable
Sir Henry W. Thornton, K. B. E., Chairman of the Board a'net gain of 13
of Directors and President of the Canadian National Rail- speculative attention as it moved briskly ahead 23. points to
ways, has been appointed a Director of the bank. In com- 64%. Case Threshing Machine was up 23 points and Amerimenting upon the appointment, C. E. Neil, Vice-President can Machine & Foundry closed at 2203. with a gain of 10%
and Managing Director of the Royal Bank states that the points.
were
success Sir Henry has achieved in the administration of the
An avalanche of selling orders and 10% call money
Government railways has made him an outstanding figure partly responsible for the downward trend of the market on
In Canada. "Through his knowledge of Canadian busi- Tuesday, and while there were no wide-open breaks many of
ness and because he is in close touch with the develop- the more popular speculative stocks receded from 2 to 10
ment of the country, Sir Henry will be a most valued points. Most of the steel stocks were down,though Republic
addition to the board of the Bank," says Mr. Neill's Iron & Steel moved against the trend and reached a new top
3 points at 131.
statement
above 134 and closed with a net gain of
its
ued
spectacular upcontin
y
Foundr
&
e
an Machin
Barclays Bank Limited announce the opening of its new Americ
at 235 with a net gain of 14%
closing
239
to
up
sold
and
a).
swing
ys
Bank
(Canad
subsidiary in Canada known as Barcla
Case Threshing Machine also improved 19 points to
The now bank obtained a charter from the Canadian Par- points.
Union Carbide & Carbon scored a gain of 63/i
liament and opened for business at 214 St. James Street 434, while
132%.
to
West, Montreal, on Sept. 3, under the management of J. R. points
and
On Wednesday the tone of the market was better
Bruce. The list of directors was given in our issue of
from the low levels of the previous day.
briskly
rallied
prices
Aug. 31, page 1391.
the
Oil stocks were in good demand and moved upward under
The Standard Bank of South Africa, Limited, announce guidance of Standard Oil of New Jersey which sold at a
that the following information has been received by cable record top for the present shares. Houston Oil improved
shot
from their Pretoria office:
about 2% points, and Continental Oil of Delaware
The Department of Customs estimates the total imports through ahead 2 points to 343/8. Public utilities kept up with the
all Union Ports for the month of August at 17,024,790 against
American & Foreign Power being conspicuous as it
/7,052,722 audited corresponding month last year, and exports leaders,
2,followed by Consolidated
(excluding gold and diamonds) Z1,983,727 against 12,859,005 audited scored a gain of6% points to 1703/
corresponding month last year.
4
of
23
to 172%, and Pacific
e
points
advanc
an
with
Gas
The value of gold and specie exported is as follows: £4.597,641
to 127. The steel
d
points
d
3
Lighting which bounde forwar
against 14,692,073 for the corresponding month last year.
Mason City, Iowa, First National Bank. Trust Co.
Fargo, N. D., First National Bank and
Crosse.
La Crosse, Wis., National Bank of La
Bank.
Sioux Falls, S. D., Security National
Bank.
Aberdeen, S. D., First National
Deadwood, S. D., First National Bank. and Trust Co.
Faribault, Minn., Security National Bank
Bank.
Fergus Falls, Minn., Fergus Falls National
Huron, S. D., National Bank of Huron.
Bank.
Jamestown, N. D., James River National
Lead, S. D., First National Bank.
Minot, N. D., First National Bank.
Moorhead, Minn., First National Bank.
Owatonna, Minn., Security State Bank.
Rapid City, S. D., First National Bank.
Bank.
Sturgis, S. D., Commercial National Bank.
Wahpeton, N. D., Citizens National Bank, First National Bank.
Watertown, S. D., Citizens National
as
•
1688
FINANCIAL CHRONICLE
[VOL.'129.
industrial shares were stronger U. S. Steel, common moving Power
& Light moved down irregularly from 89% to
ahead about 2 points to 2403/2, while substantial gains were and
8034,
recovered finally to 86. Amer. Cities Power & Light
recorded by Vanadium, Republic Iron & Steel and Bethlehem class A
was off from 7034 to 63, the final figure to-day being
Steel. Other active stocks worthy of note included J. I. at
65%. Class B dropped from 50 to 4334 and finished
Case Threshing up 19 points, American Machine & Foundry to-day
at 4534. Electric Bond & Share, corn. declined from
which gained 20 points to a new peak at 255, Union Tank 185
to 1725
%, and closed to-day at 1753
%. Electric InCar which also moved into new high ground and General vestors
sold down from 2853
% to 264 and at 2693
% finally.
Electric which sold up to 37734 at its high for the day. Com- National
Public Service, corn. A ran up from 3034 to 43,
mercial Solvents swung upward 1434 points to 4983, Na- and closed
to-day at 4234. Northern States Power, com.
tional Lead improved 143
% points to 1843', United Aircraft advanced from 251 to 290 and ends the
Week at
moved ahead 53
, points to 1243/g, and Westinghouse Electric the miscellaneous list, investment trusts were 28834. In
featured by
closed with a gain of nearly 5 points.
National Investors, corn. which jumped from 2703 to 3913
4,
The market again slipped backward on Thursday and but reacted finally
to 360. The pref. moved up from 885
%
many of the strong stocks of the previous day lost most of to 100 and
closed to-day at 9934. Goldman Sachs Trading
their gains. Public utilities moved ahead under the leader- fell from
109% to 10634, recovered to-day to 10934 and
ship of Columbia Gas which broke into new high ground at closed at
109. Insull Utility Invest., corn. dropped from
104 and closed at 1033
4 with a net gain of 33
4 points. United 112 to 1033. Amer. Cyanamid el. B advanced from
States Steel, common broke below 234 and closed at 235 with 63% to 69%
and finished to-day at 66%. Anchor Post
a loss of 434 points. Radio Corp. was in active demand in Fence sold
up from 5934 to 67 and ends the week at 663
%.
the early trading and sold as high as 1143
4 but closed at Hazelton Corp. was conspicuous for an advance from 423
4
10834 with a loss of a point or more. American Machine & to 56,
the close to-day being at 54. Oils were little change,
Foundry maintained its forward movement and added 7 though the
market has broadened considerably for this issue.
points to its previous gain. Ludlum Steel improved 4 points
A complete record of Curb Exchange transactions for the
to 913 and Vanadium Steel closed at 9434 with a gain of week will
be found on page 1720.
nearly 5 points. With the exception of Baltimore & Ohio
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHAN
GE.
which moved into new high ground above 143, railroad
shares made little progress and copper stocks and motors
Bonds (Per Value).
Week Ended
were practically at a standstill.
Sept. 13.
Stocks
Foreign
Shares).
(NO.
Rights.
Demesne. Government.
Alternate periods of advance and recession characterized
the movements of the market during the greater part of the Saturday
1,073,800
78,000
$766,000
$244,000
Monday
1,654,900
188,400
1,239,000
249,000
session on Friday, though the trend was slightly upward in Tuesday
1,635,900
156,600
1,601,000
301,000
Wednesday
1,947,300
158,900
1,964,000
197,000
the closing hour. Public utilities were the leaders in the Thursday
1,948.400
198,500
1,729,000
202,000
1,843,400
215,300
late trading and new tops were reached by Columbia Gas Friday
1,641,000
118,000
Total
& Electric and American & Foreign Power. The feature
10,103.700 1,025,700
$8,940,000 $1,311,000
of the afternoon trading was the sensational up-rush of May
Department Stores which ran up 24 points from its early
New York City Realty and Surety Companies.
low and gushed through 100. Other noteworthy advances
(AU Wiwi donate for Mare.)
of the afternoon included Allied Chemical & Dye 4 points,
Bid -Ask
ind Ask
Ask
Alliance RIO 115
Lawyers WealN. Y.Inv'Irrs
Auburn Auto 4 points, Republic Iron & Steel 53% points and Am
Surety--- 130 135
chat M & T 373 833
in prat-- 08
Bond & M 0_
Worthington Pump 19 points. The final tone was good.
3d Prat ...- 97
(820par)_
Sc)
92 Bags Bond.. 195 205 Westchester
Home Title Ins 8 75
79 N Y Title &
TRANSACTIONS r TELE NEW YORK STOCK EXCHANGE.
Title & Tr
100 185
Lawyers Mtge 57
59
ao
53
Mortgage-DAILY, WEEKLY AND YEARLY.
Lawyers Title
& Guarantee 364
Week Ended Sept. 13.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Stocks-No,of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
Total bonds
Stocks,
Number of
Shares.
Railroad,
'Sc..
Bonds.
State,
Municipal &
Foreign Bonds.
2,593,400
4,860,010
4,520,630
4.793,470
5,017,310
5,067,360
$3,014,000
5,214,400
6,773,000
6,390,500
6,065,500
6,821,000
81.204,000
2,135,000
2,210.000
2,187,000
1,871,000
1,091,000
$100,000
737,000
731,000
164,000
492,000
357,000
26 RA2 1R(1
554 27R 400
510 698.000
82.581.000
Week Ended Sept. 13.
1929.
1928.
United
States
Bonds.
Jan..10 Sept. 13.
1929.
1928.
26,852,180
23,040,041
773,622,290
541,607,189
$2,581,000
10,698,000
34,278,400
$2,699,500
10,168,000
36,065,000
$91,003,700
435,322,150
1,424,885,300
$142,917,250
561,044.135
1,685,321,176
Boston.
Philadelphia.
Baltimore.
Maras. EwaltSales. Shares. Bond Sales. Shams. Bond
Sales.
*47,988
$26,000 a41,725
$4,000
83,651
$7,000
*81,096
27,000 a67,639
10,800
87,756
13,800
85,872
39,000 055,574
7,300
07,377
10.000
*83,609
13,000 a75,721
23,500
08,159
23,200
*93,760
58,500 075,476
23,000 Defends rs' Day
77.923
20,000 a64,017
09,956
30,000
Total
470,248 $183,500 380.152
$68,600
36,899
$84,000
Prey. week revised 321,381 $122,500
333,282
$70,200
21,266 $127,000
•In addition, sales of rights were: Saturday.
033; Monday, 160; Wednesday,
110; Thursday, 37.
a In addition, sa es of rights were: Saturday,
3,200; Monday, 12,300; Tuesday.
11,900; Wednesday, 22,150; Thursday, 26.200; Friday,
4,500. Sales of warrants
were: Saturday.
300: Monday, 1,200; Tuesday, 1,400;
Wednesday, 3,600:
Thursday, 3,000; Friday, 1,000.
b In addition, sales of scrip were: Saturday,
3-5: Monday, 3-5; Tuesday, 4-5:
Wednesday, 4-5: Friday, 3-5, 10'20.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
95
100
COURSE OF BANK CLEARINGS.
Bank clearing will show a satisfactory increase the present week. Preliminary figures compiled by us, based upon
telegraphic adviees from the chief cities of the country,
indicate that for the week ended to-day (Saturday, Sept. 14)
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 18.9%
larger than for the corresponding week last year. The total
stands at $14,015,537,062, against $11,791,948,192 for the
same week in 1928. At this centre there is a gain for the
five days ended Friday of 35.6%. Our comparative summary
for the week follows:
647.557,400 348.932,500 81,951,211,150 $2,389,282,561
DAILY TRANSACTIONS AT THE BOSTON.
PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
Sept. 13 1929.
369 U S Casualty.
Clearings-Returns Si, Telegraph.
Week Ending Sept. 14.
1929.
178.
Per
Cent.
$7,930,000,000
603,060,547
445,000,000
422,000,000
127,337,110
111,500,000
155,823,000
163,644,000
167,503,766
205,302,602
140,566,645
69,556,136
52,901,469
$5,850)000,000
599,948,285
456,000,600
384,000,000
136,399,247
122,700,000
179,209,000
176,742,000
151,927,112
186,945,716
124,586,073
70,747,674
51,159,988
+35.6
+0.5
-2.1
+9.9
-6.6
-9.1
-13.0
-7.4
+10.2
+9.8
+12.8
-1.7
+3.1
Thirteen cities, 5 days
Other cities, 5 days
$10,594,235,275
1,085,380,610
$8,190,365,095
1,132,734,195
+21.8
-4.2
Total all cities, 5 days
All cities, 1 day
$11,679,615,885
2,335,923,177
$9,623,099,290
2,168,848,902
+21.4
+7.7
$14.015,537,062 $11,791,948,192
+18.9
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'me 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
THE CURB EXCHANGE.
until noon to-day. Accordingly, in the above,
There was considerable selling pressure at
times on the of the week has in all cases had to be estimated. the last day
Curb Exchange this week causing prices to move
in irregular
In the elaborate detailed statements, however, which wo
fashion. The close to-day showed a rallying
movement, present further below, we are able to give final
and complete
earlier losses being more than recovered. In
the utility results for the week previous-the week ended
Sept. 7. For
issues gas stocks were especially strong. Lone Star
Gas that week there is an increase of 21.3%, the 1929 aggregate
sold up from 5134 to 60. Memphis Natural Gas
gained of clearings for the whole country being $11,998,890,683,
four points to 213i and sold finally at 2034. United Gas
against $9,899,798,894 in the same week of 1928. Outside
advanced from 35 to 403c and reacted finally to 3834.
Allied , of this city the increase is only 3.4%, the bank exchanges
SEPT. 14 1929.]
FINANCIAL CHRONICLE
at this center having recorded a gain of 32.2%. 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
gain of 32.3%, in the Boston Reserve District of 5.8%; and
in the Philadelphia Reserve District of 9.7%. In the Cleveland Reserve District the totals are larger by 13.7%; in the
Richmond Reserve District by 2.0%; and in the Atlanta
Reserve District by 12.6%. The Chicago Reserve District
shows a decrease of 5.3%;and the St. Louis Reserve District
of 0.6%;but the Minneapolis Reserve District has an increase
of 13.3% to its credit. The Kansas City Reserve District
suffers a loss of 2.2%; the Dallas Reserve District of 1.4%;
and the San Francisco Reserve District of 2.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY 01' BANK CLEARINGS.
Week End. Sept. 7 1929.
1929.
1928.
Itte.or
Dec.
1927.
Federal Reserve Dist.
i
%
$
489,170,975
lit Boston _-__12 cities
462,499,625 +5.8
439,327,150
2nd New York_ _11 "
6248,253,299 6,236,203,167 +32.3 5,065,130,411
496,402,986
ird Philadelpla 10 "
452,507,128 +9.7
457,986,710
386,386,312
4th Cleveland__ 8 "
339,937,499 +13.7
330,404,627
155,001,117
5t11 Richmond _ 6 "
151,878,745 +2.0
154,854,013
164,144,625
6th Atlanta_ ___13 "
145,789,617 +12.6
171,989,344
919,274,227
7th Chicago ___20 "
970,655,913 -5.3
867,246,477
8113 St. Louis__ 8 "
177,196,819
178,138,172 -0.6
183,237,121
137,756,940
121,538,733 +13.3
9th Minneapolis 7 "
126,762,505
219,101,76
10th KansasCity 12 "
223,917,025 -2.2
200,093,930
77,077,049
11th Dallas
5 "
75,993,102 -1.4
72,726,712
529,124,573
540,740,168 -2.1
12th San Fran_17 469,402,426
129 cities 11.998,890,663
Total
Outside N. Y. City
3,904,418,153
Canada
31 cities
429.261.463
1926.
$
386,066,785
4,084,766,540
449,890.446
326,459,589
159,024,301
172,694,664
751,266,765
181,821,117
113,091,689
217,945,520
66,224,333
429,002,718
9,899,798,894 +21.3 8,539,161,426 7,338,254,469
3,777,680,803 +3.4 3,574,578,852 3,349,081,696
399.361.964 +7.5
Ala 5.57 750
orra .1 ncl
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Sep ember 7.
Clearings at1929.
1928.
Inc. Or
Dec.
$
Ftrst Federal Reserve Dist rict-Boston-%
Mal le-Bangor._
690,678
596,988 +15.7
Pt(rtland
4,931,840
4,115,991 +19.8
Mass3.-Boston
432,386,604 411,000,000 +5.2
FtII River-1,045,013
1,150,625 +22.1
LCwell
1,076,190
1,031,456 +4.3
Ninv Bedford
1,062,667
848,935 +25.2
Siccingfield_
5,174,276
4,344,869 +19.1
orcester
3,177,772
3,088,349 +2.9
Con 1.-Hartford.
17,819.983
15,767.619 +12.9
Niyiv Haven
9,084,933
8,232,255 +10.4
at.-Providence
12,056,000
11,570,500 +4.2
N. L-Manches.
665,019
752,038 -11.6
AM (12 cities)
489.170,975
462,499,625
Scmond Feder al Reserve D strict-New
N. t.-Albany
6,395,658
5,386,836
BInghamton_1.483.011
1,279,491
Iffalo
64,438,956
44,317,721
Elmira
1,314,845
901,072
Ja mestown_
1,358,142
1,203,643
Niew York
- 8,094,472,530 6.122,118,091
• R xhester
17,026,082
15,148,063
53Taeuse
6,465,801
6,978.708
Con n.-Stamford
3,981,276
3,597,752
N. 1.-Montclair
796,801
660,677
orthern N. J.
50,520,187
34,611,113
+5.8
1927.
3
1926.
3
733,320
3472,073
391,000,000
2,001.870
993,059
1,066,662
4,037,413
2,815,246
16,332,257
6,244,877
9,884,800
745,573
687,978
3,128.743
343,000,000
1,631,709
879,401
896,326
4.655,641
2,740,151
11,964,907
5,987,312
9,910,100
584,517
439,327,150
386,066,785
York.
'
+18.7
5,219.748
5,399.6a7
+15.9
956,555
927,800
+45.4
39,527,701
38,690,303
+45.9
681,487
814,756
+12.8
1,140,257
1,463.018
+32.2 4,964,582,574 3,989,172,773
+12.4
10,028,883
10,055,316
-7.3
5,225,940
4,535,106
+10.7
3,095,942
2,885,623
+20.6
635,816
563,400
+46.0
34,035,508
30,357,838
Tiotal(11 cities) 8,248,253,299 6,236,203,167
+32.35,065.130,4114.084,766,540
• T hird Federal Reserve Dist rict-Philad el phisPa. -Altoona__
1,689,493
1,383,899 +22.1
1,403,469
1,943,801
Hi)thiehem - _ 4,421,948
3,525,636 +25.4
3,381,313
3,832,664
. C heeler
1,038,317
1,178,110 -12.3
1,267,665
1,145,972
Liincaster
1,787,751
1,707,806 +4.7
2,116,784
1,934,790
illadelPhia
467,000,000 424,000,000 +10.1 432,000,000
421,000,000
78oading
3,337,428
3,360,650
0.7
3,558.479
3,277,264
Sc•ranton
'
6,627,355
5,902,487 +12.3
4.886,371
5,424.774
'likes-Barre- 3,626,238
3,562,439 +1.8
3.107,623
3.109.860
4,892,390
ork
1,809,616 +21.6
1,473,607
1,669,696
N. .-Trenton4,674,596
6,076,485 -23.1
4,791,399
4,764,097
Tiotal(11 cities) 496,402,986 452,507,128 +9.7 457,986,710
449,890.448
Fimirth Feder al Reserve D istrict-Clev eland.
Ohl )---Akron_ _5,022,000
5,530,000 -9.2
Ccanton
4,140,338
5,182,567 -20.1
Ciincinnati. - - 58,712,198 +3.1
60,517,631
ClLoveland
128,211,644 105,872,807 +21.1
Ciolumbus _-.14,783,500 +26.7
18,732,800
7.9'ansfield
1,873,757
1,602,169 +17.0
.youngstown._
4,284,849
4,776,884 -10.3
Pa. -Pittsburgh- 163,703,293 143,477,374 +14.1
339,937,4991.+ 13.7
330,404,627
4,718,000
5,775,352
59,072,731
94,400.622
14.527,500
1,617.192
4,867,759
141,480,433
326,459,589
FlIfth Federal Reserve Dist rict-RichmlondW. 'a.-Hunt'g'n
1,201,986
1,186,108 +1.3
Va. -Norfolk _ - _
4,000,500
4,329,431 -7.5
-37,321,000 +0.5
37,516,000
S.C.-Charleston
ichmond.2,035,019
1.728,074 +17.8
Md.-Baltimore 82,820,361 +4.2
86,286,326
D. .-WashIng'n
23,961,486
24,493,771 -2.2
1,002,238
4,435,573
39,302,000
2,050,790
87.467,205
20,596,207
1,248,524
6,704,610
40,446,000
2,396,024
87,260,682
20,968,461
+2.0
154,854,013
159,024,301
SIlath Federal Reserve Dist rIct-Atlant aTen n.-Knoxville
2,723,167
3,495,586 -22.1
ashvIlle
19,993,666
19,206,020 +4.1
Gee:rgia-Atlanta
51,126,687
41,819,689 +22.3
A ugusta
2,160.107
1,490,226 +45.0
.2,500,000
7.1 aeon
2,332,213 +7.2
12,301,242 -18.5
Fla -Jack'nville
10,026,242
1,636,000
2.1(lan1
2,441,000 -33.0
19,130,751 +15.6
Ala -Birminii'M
22,115,665
3,300,644
1,398,124 +136.0
51lobile
2,215,000
1,741,000 +27.2
Mis9.-Jackson.330,646
386,781 -14.5
VicksbMg-- 46,016,801
40,046,985 +14.9
La.-New Orleans
2,831,104
20,546,162
46,656,969
2,791,749
2,960,939
13,496,007
3,057,125
21,708,992
1,889,401
1,955,964
477,309
53,617,623
3,088,814
18.933,378
46,966,603
2,345,700
1,763,434
20,390,450
6.072,195
21,100,015
1,946,549
1,484,000
425,822
48.177,705
171,989,344
172,694,664
Tiotal(8 cities).
Tiotal(6 cities).
otal(12 cities)
386,386,312
155,001,117
164,144,625
151,878,745
145,789,617 +12.6
Week Ended Sept. 7.
Clearings al1929.
1928.
Inc. or
Dec.
1927.
1926.
$
$
%
$
a
Seventh Feder at Reserve D Istrict.-Chi cago.266,291
Mich.-Adrian _ _
278,612 -4.5
234,932
240,084
944,943
Ann Arbor_ _
845,233 +11.8
790.570
775,712
177,649,105 174,766,385 +1.7 149.816.876 130.715,449
Detroit
8,009,501
Grand Rapids.
11,224,282 -28.7
7,513,187
7,644,772
3,520,778
Lansing
7,523,805 -53.2
5.601,666
2,490,193
3,893,541
2.913,267 +33.6
Ind.-Ft. Wayne
2,487,018
2.611,502
22,114.000
Indianapols _
19.602,000 +12.8
20,459,000
19.889.000
2,988,248
3,152,505 -5.2
South Bend_ _
2,599.700
2.788.404
4,728.087
4,519,493 +4.6
Terre Haute •
4,815.061
5,678.082
35.200,549 -8.9
Wls.-MllwaUkee
32.051,571
36,987,935
34,771,568
3.465,590
2,901,001 +19.5
Iowa-Ced.Rap •
2,700,535
2,243.723
9,687.961 +5.6
10,232,584
Des Moines, •
9,092,202
9,121,930
7,023.800 -9.9
6,330,626
Sioux City_ _ _
5,590.387
5,656,839
•
1,534,860
1,521,215 +0.2
Waterloo
1,020,624
1,214,941
1,957,589
1.770.095 +10.6
111.-Bloom'gton •
1,839,270
1,355.911
624,342,922 674,781.844 -7.5 604,741,134 513,741.203
Chicago
•
1,331,161
1,232,821
+8.0
Decatur
1,351,666 . 1,203,624
6,486.972
5,711,534 +13.6
Peoria
4,606.564
4,328.344
•
4,755,015
3.295,339 +44.3
Rockford
2.800,525
2,923,104
2,670,843
2.704,172 -1.2
Springfield_ -_ •
2.197,625
2,172,380
919,274,227
970,655,913
1
-5.3
Total(20 cities
867,246.477 751,266,765
Reserve Di strict.-St. Louis.-4,145,131
4,843,928 -14.4
5,486,933
107,500.000 112,500,000 -4.4 109,500.000
31,985,255
30,970,900 +3.3
36.795,898
335,268 +14.8
384,785
345,042
19,881,074
16,076,549 +23.7
17,572.000
11,429.778
11,500,010 -0.6
11,753,775
375.128
490,810 -23.6
380,839
1,495,868
1.420,707 +5.3
1,402,634
5.052,707
114.700,000
29,394,269
341,919
17,129,683
13.382,847
322,570
1,497,122
177,196.819
183,237,121
181,821,117
Ninth Federa I Reserve Dia rict-Minn canons7.255,800
7,314,609 -0.8
7.854,382
Minn.-Duluth_.
80,617,012 +25.1
87,670,387
Minneapolis.... 100,764,618
22.369.813
26,453,062
-15.5
.
24.416.044
Paul
St.
2,054.331
1,876,616 +9.5
1,720,222
No. Dak.-Farg)
1,480,747 -4.9
1,407,705
1,794,959
S. D.-Aberdee)
611,673
674,687 -9.3
666,511
Mont.-Billings.
3,293,000
3,122,000 +5.5
2,640,000
Helena
6.762.754
74,675,100
25.221,956
1,714,557
1,254,162
657,710
2,805,450
Eighth Feder I I
Ind.-Evansville
Mo.-St.Louis _ .
Ky.-Loulsville .
Owensboro-.
Tenn.-Meinphic3
Ark-Little Roc ;
III.-Jacksonville
•
Quincy
Total(8 cities).
Total(7 cities). 137,756,940
178,138,172
-0.6
121,538,733 +13.3
126,762,505
113,091,689
Tenth FederaI Reserve Da trict-Kans as City390,264
.393,891 -0.9
458,890
Neb.-Fremont..
604,409
693,636 -12.9
532.027
Hastings
3,818,459
4,671,619 -18.3
4,744,923
Lincoln
42,224,734
41,594,580 +1.5
37,738.314
Omaha
3.789.357 -7.6
3,503,054
3,454,139
Kan.-Topeka - 8,749,892 -8.9
7,974.035
7.527.646
Wichita
Mo.-Kan. City _ 127.118,024 130,792,080 -2.8 113,531,916
6,484,417
7,206,714 -10.0
6,024,871
St. Joseph-- 23,100,140 +3.3
23,863,758
23,539,213
Okla.-Okla.Cif -,,
1,294.795 -1.6
1,274,551
1,362,434
Colo.-Col. Spgs•
1,630,321 +13.2
1,846,056
1,179,557
Pueblo
355,122
635,939
4,266,873
36,700,210
3.696.142
7,864.574
132,221,495
6,014,939
23.532,504
1,278,057
1,379,665
Total(11 cities) 219,101,761
223,917,025
-2.2
200,093,930
217,945,520
Eleventh Fed a ral Reserve District-Da Ilas2,339,784 -29.9
1,640,682
Texas-Austin _
48,783,065 +7.5
52,439,112
Dallas
12,404,442 -8.5
11,347,343
Forth Worth _
7,249,000 -12.3
6,358,000
Galveston_ .._ 5,216.811 -14.8
5,291,912
La.-Shreveport -_
1,953.582
49,272.075
10,299,128
5,392.000
5.809,927
1,567,872
43,305,501
6,436,048
9,861,000
5.053.912
72,726,712
66,224,333
Francisco.+5.5
43,273,979
12,961,000
-3.7
-5.1
1,417,147
+1.3
34,597.236
+6.5
15,340,531
-2.7
3,446,244
-1.9
4,670,357
-7.6 171,308.000
+20.2
12,847,389
3.985,30
-4.5
+11.2
7,555,393
3,654,350
-0.8
-2.9 146.412,000
+15.1
2,132.564
+19.5
1,147,244
1,721,090
-1.6
2,932,600
-1.2
38,666,447
12,522,000
1,658,634
36.700,429
15,553.155
4,752.988
5,515,553
131,685.000
16,473,059
4,334,457
6,886,857
5,331,093
139,573.000
2,868,006
1,609,764
1,859,676
3.012,600
Total(5 cities) _
77,077.049
75,993,102
Twelfth Feder al Reserve D Istrict.-San
46,228,227
48,749,718
Wash.-Seattle 12,878,000
12,405.000
Spokane
2,071,398
1,965,423
Yakima
36,473,617
36,934,385
Ore.-Portland - _
15,827,169
16,865,544
Utah-S L City _ _
3,874.725
3,769,808
Cal.-Fresno-7.369,319
7.232,664
Long Beach _ -180,617,000
166,817,000
Los Angeles
17,674,709
21,246,050
Oakland
5,674,337
5,418,670
Pasadena- - - 6,230,757
6,930,327
Sacramento 5,624,023
5.579,095
San Diego_ _ _ San Francisco _ 184,929,699 190,496,310
3,245,389
3,734,566
San Jose
1,719,478
2,055,491
Santa Barbara _
2,061,310
2,027,833
Santa Monica _
2,494,400
2,463,300
Stockton
_
+1.4
Total(17 MU 4 529.124,573 540.740,168 -2.1 469,402,426 429,002,718
Grand total
(127 cities) _ _ 11998890,683 9,899,798,894 +21.3 8,539,161,426 7,338,254,469
Outside New Yo It 3,904,418,153 3,777.680,803
+3.4 3,514,578.852 3,349,081.696
Week Ended September 5.
1929.
5,233,000
5,095,100
60,329,639
101,440,394
16,050,200
1,690,651
4,204,311
136.361,332
1689
1928.
Juror
Dec.
1927.
1926.
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
$
145,091,120
135,364,306
48,379,726
21,092,732
7.085,210
6,641.592
3,489,449
5.966,745
10,192.538
2,414,947
2,502,842
3,198,699
5,902,896
4,989,483
641,301
864.163
2,375,058
1,205.224
808,971
4,417,720
1,183,909
513,652
881.476
1,083,168
1,139.516
8,578,714
562,869
957,753
834.937
609,836
953,625
$
128,765,588
125,425,519
45,409.586
18,192,144
7,706,957
7,124,250
3,177,696
6,692,409
9,205,468
2,474,536
2,440,564
3,135,726
6,479,776
6,051.794
787,643
880,674
2,609,752
1,328,742
1,258,626
1,219,521
964,269
273.873
737,013
1,084,357
1,063,413
4,032,038
489,638
976,221
820,257
621,575
803,339
%
+12.6
+7.9
+6.6
+16.0
-8.1
-6.8
+9.8
-10.8
+10.7
-2.6
+2.6
+2.0
-8.9
-17.6
-18.6
-1:9
-9.0
-9.3
-35.8
+262.3
+22.8
+87.6
+13.4
-0.1
+7.2
+12.5
+15.0
-1.9
+1.8
-1.9
+18.7
$
98,295,299
106,641.754
38,036,357
14.948,977
6.692,323
5,864,926
3,080,666
5,006,190
6,248,480
2,264,573
2.039.680
2,741,434
4.855,698
4,237,298
728,864
607,216
2.169.983
1,255,262
1,036,471
1,000,817
810,954
326,041
1,132,304
959,316
927.777
3,870,896
408.070
894,914
851,982
820,824
802.413
$
85,465,120
82,060,524
34,765,384
15,212,542
6,005,785
5,180,033
2,640,850
6,138,578
4,588,600
2,328,173
1,828,035
2,230,730
4,1,7.111
3,890.137
572,925
496,750
2,684,538
1,151,903
839,964
930,404
840,385
342,647
90,1178
ggra10
791,754
3.750,040
312,035
787,014
637.670
591,076
517,258
Total(31 cities)
429.361,463
399,361,964
+7.5
319,557,759
273,531,953
•Estimated.
[You 129.
FINANCIAL CHRONICLE
1690
for the week ending last Saturday and since Aug. 1 for
THE ENGLISH GOLD AND SILVER MARKETS.
each of the last three years:
We reprint the following from the weekly circular of
Rye.
Barley.
Oats.
Corn.
Wheat.
Samuel Montagu & Co. of London, written under date of Receipts Cl- Flour.
bbls.196lbs ush.60 lbs.bush.56113.hush.32 lbs bus. 48 lbs.bus. 56 lbs.
Aug. 28 1929:
834,000 186,000 149,000
600,000 1,259,000
GOLD.
The Bank of England gold reserve against notes amounted to £136.959,972
on the 21st inst. (as compared with £139,444,263 on the previous Wednesday) and represents a decrease of £16,946,343 since April 29 1925-when
an effective gold standard was resumed.
South
Yesterday in the open market an amount of £543,000 of gold from
of
Africa was available and realized 84s. 11 Sid. per fine ounce. The Bank
England secured £169,000, Germany £217,000, France £32,000. America
/32,000, India £25,000 and the home and Continental trade £67,000.
scale,
Withdrawals from the Bank of England have been on a smaller
shown a
both the French and German exchanges having, during the week,
tendency,slightly more favorable to sterling. The following are the moveof
ments as announced by the Bank, showing a net efflux during the week
£639,657.
28.
Aug. 22. Aug. 23. Aug. 24. Aug. 26. Aug. 27. Aug.
£169,595
£1,647
£1,827
Received
£6,868 169,526 £351,169
£3,863
201,005 75,295
Withdrawn
withdrawThe receipt yesterday was in bar gold from South Africa. The
for
als comprised £540,000 for France, £100,000 for Germany and £75,000
the U. S. A.
gold
of
The following were the United Kingdom imports and exports
26th inst.:
registered from mid-day on the 19th inst. to mid-day on the
Exports.
Imports.
£1,336,530
£33,064 Germany
British West Africa
2,539,185
880,514 France
British South Africa
25,650
Switzerland
1.616
Other countries
35,510
Austria
20,500
Egypt
15.248
British India
13,777
Other countries
E3,986.400
Total
£915,194
Total
rupees) for India
Following are the balance of trade figures (in lace of
for July 1929:
19,06
Imports of merchandise on private account
_25,63
Exports, including re-exports of merchandise on private account-- 1,15
Net imports of gold
Net imports of silver
Net imports of currency notes
4,62
Total visible balance of trade-In favor ofIndia
6
Net balance on remittance of funds-against India
last amounted
July
of
month
the
for
output
gold
The Southern Rhodesian
and 48,960
to 46,369 ounces as compared with 48,406 ounces for June 1929
ounces for July 1928.
SILVER.
three consecuThe week has seen little variation in silver prices and for
7-16d. for cash
tive days these remained unchanged at 24 5-16d. and 24
proved reluctant
and two months delivery respectively. Sellers have again
Bazaars has been instruand therefore the enquiry received from the Indian
worked both ways.
mental in keeping the market steady. China has
yesterday, when
America had shown little interest in this market until
readily on
following the slight improvement in the rates, silver was offered
American account in the afternoon.
of silver
The following were the United Kingdom imports and exports
26th inst.:
registered from mid-day on the 19th inst. to mid-day on the
Exports.
Imports.
£68.464
£18,404 Germany
Germany
24.987
10,000 British India
Irish Free State
9,358
countries
Other
2.5,930
Mexico
7,575
France
13,476
Other countries
£102,809
Total
£75,385
Total
1
INDIAN CURRENCY RETURNS.
Atitgli
.
2
95
Aug. 22. Au1761
(/n lees of rupees.)
18592
Notes in circulation
10868
10966
11043
Silver coin and bullion in India
Silver coin and bullion out of India
4551
'2.i
3221
Gold coin and bullion in India
Gold coin and bullion out of India
i5ie
,iiiA
4124
Securities (Indian Government)
187
187
204
Securities (British Government)
82,700,000
about
of
consisted
inst.
24th
the
on
The stocks in Shanghai
as compared
ounces in sycee. 128,000,000 dollars and 8.700 silver bars, silver bars
7.500
with 82,700,000 ounces in sycee, 127,000,000 dollars and
on the 17th inst.
Quotations during the week:
Bar Gold
-Bar Siker per oz. Std.per oz. Fine.
2 Mos.
Cash.
•
11 d.
845.
249-16<!.
247-16<!.
Aug. 22
84s. 11 d.
247-16<!.
245-16<!.
Aug. 23
11%cl.
84s.
247-16<!.
245-16<!.
Aug. 24
84s. 11%d.
247-16<!.
245-168.
Aug. 26
84s. 11%d.
24%d.
24%d.
Aug. 27
84g. 11%d.
24 7-16d.
245-16<!.
Aug. 28
848.11.46d.
24.469d.
24.344d.
Average
the same
The silver quotations for cash and two months' delivery are
as those fixed a week ago.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &43., at London,
past week:
as reported by cable, have been as follows the
Frt.,
Thurs..
Tues.,
.,
Mon.,
Sept. 9. Sept. 10.
Sept. 7.
Silver, p. os_d. 24 1-16
24
24
Gold, p.fine oz. 84.1134
84.1134
54.11 34
Consols. 2%s...._ _ ., _
5331
53%
British 58_____ .__ _
101
101
British 4%a_ __ ____
9334
93%,
French Routes
(in Paris)_fr. ____
78.50
76.55
French War L'n
On ParL5)..fr. -104.65
104.75
Wed.,
Sept. 11. Sept. 12. Sept. 13.
23 11-16
23 13-16 2334
84.1134
84.1134
84.1134
53%
5334
533-16
10134
10134
101
93%
933(
9334
78.60
77.20
76.80
104.75
105
105.45
The price of silver in New York on the same days has been:
Silver in N.Y., per os. (ete.):
Foreign
5134
51%,
5134
5134
51%
5034
iforininercial anannsceilanconsAtm
Breadstuffs figures brought from page 1771.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, Av., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
Chicago
Minneapolis_
Duluth
Milwaukee_.
Toledo
Detroit
Indianapolis
St. Louis_ _
Peoria
Kansas City
Omaha
St. Joseph__
Wichita
Sioux CitY--
219,000
3,085,000
4,004,000
41,000
145.000
33,000
72.000
1,041,000
17,000
1,317,000
6.50,000
372,000
595,000
51,000
141,000
31,000
239,000
52,000
3,000
442,000
388,000
496,000
277,000
212,000
95.000
14,000
147,000
Total wk.1929
Same wk.1928
Same wk.1927
422.000 12,023,000
463,000 15,030,000
471,000 16,069,000
3,796.000
4,820,000
5,112,000
48,000
121,000
34,000
564.000 258,000
363.000 1,498,000
573,000 194,000
87,000
12,000
8,000
112,000
167,000
22,000
54,000
105,000
272,000
162,000
20,000
18,000
7,000
70,000
164,000
404,000
25,000
8.000
5,000
28,000
1,000
3,359,000 2.227,000 784,000
3,776,000 5,273,000 896,000
4,605,000 3,937,000 1,963,000
Since Aug.12,578,000131,437,000 25,103,000 40,661,00020,354.000 5,765,000
1929
3,378,000127,797,000 33,844,000 36,845.0003l,955.000 4,280,000
1928
2.705 000105 490.000 24.843.000 31.464.000 15.544.000 6.141.000
1927
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Sept. 7, follow:
Receipts at-
Oats.
Corn,
Wheat.
Flour.
,b1.1.1951bs
New
_ . 275,000
29,000
York_
Philadelphia_
25.000
Baltimore_ ___
Newport News
1,000
New 0rleans.
48,000
Galveston_ __ _
Boston
31,000
Barley.
Rye.
lbs.
sh.60 lbs bush. 56 lbs.bush. 32 lbs.bus.48 lbs.bus.56
8,000
170,000
5,000
875,000
52,000
2,000
15,000
5,000
14,000
33,000
18,00#
341,000
16,000
57.1 11
270,000
490.000
19,000
14,000
13,000
290,000
82,000
Total wk.1929 409,000 1,991,000
Since Jan.1'29 17,680,000 131,922,000 15,814,000 12,961,000 1,563,000 3,284.000
12,000
446.000 745,000
Week 1928_
72,000
500.000 2,336,000
Since Jan.1'28 16,295,000 153,469,000 9,927.000 23,724,00022.790,000 12,983.000
• Receipts do not include grain passing tin ough New Orleans for foreign porta
on through bi Is of lading.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 7 1929, are shown in the annexed
statement:
Exports fromNew York
Philadelphia
Baltimore
Newport News
Mobile
New Orleans
Galveston
Montreal
Houston
Wheat.
Oats.
Flour.
Corn.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels.' Bushels. Bushels.
68,815
535,000
1,000
73.000
1,000
4,000
2,000
31.000
5,000
208.000
45,000
1,940,000
10,000 108,000 116.000
30,000
937.000
5.000
64,000
Total week 1929._ 3,757,000
Same week 1928._ __ 7,572.482
5,000
25.000
12,000 108,000 116.000
183,815
255,501 803,000 669,597 2,202.094
The destination of these exports for the week and since
July 1 1929 is as below:
Flour.
Exports for Week
Since
and Since
Week
Sept. 7. July 1
July Ito1929.
1929.
Wheat.
Week
Sept. 7.
1929.
Since
July 1
1929.
Corn.
Weak
Sept. 7.
1929.
Since
Jule 1
1929.
Bushels. Bushels. Bushell.
Barrels. Barrels. Bushels.
United Kingdom_ 71,281
645,980 1,633,000 16,785,000
21.993.000
2.122,000
Continent
96.534 729,607
23.000
72,000
79,000
So. lc Cent. Am.. 12.000
113,000
5,000
4,000
2,000
89,000
West Indies
4,000
87,000
83,996
Other countries
____
5,000
136,000
Total 1929
183,815 1,627,563 3,757,000 38,941,000
25,000 1,102,576
Total 1928
255,501 2,028,938 7,572.482 66,669.412
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 7, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
..
afloat
Toledo
Detroit
Chicago
Hutchinson
Milwaukee
Duluth
Minneapolis
Sioux City
5t. Louis
Kansas City
Wichita
St. Joseph, Mo
napou.
P:Lrla
I
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Oats.
Corn.
Wheat.
bush.
bush.
bush,
221,000
43,000
512,000
7,000
158,000
5,000
1,104,000
105,000
27,000
5,445.000
722,000
209.000
72.000
2,679,000
58,000
3,000,000
259,000
72,000
6.699,000
8,886,000 1,097,000 4,189,000
1,135.000
218.000
30.000
3,888,000
290,000
35,000
27,980,000 1,008,000
2,059,000
417,000
1,014,000
68,000
27,679,000
31,817,000 . 67,000
86,000
945,000
11(3.000
4,995,000
122,000
24,636,000
2,000
8,210,000
153,000
6,190,000
1.000
63,000
418,000
2,416,000
159,000
10,858,000
25,000
680,000
520.000
Rye.
bush.
46,000
2,000
11,000
10,000
Barley,
bush.
52,000
7,000
435,000
269,000
205,000
359,000
135,000
9,000
32,000
980,000
5,000
434,000
2,000
11,000
mow
6,448,000 3,209,000
5,000
29,000
835,000
80,000
2,617,000
912.000
467,000 2,907,000
4,945,000 1,827,000 3,902,000
73,000
12,000
724,000
102,000
316,000
8,000
207,000
21,000
40,000
6,000
1,037.000
1,160,000
830,000
29,000
44,000
61,000
311,000
5,000
79,000
231,000
14,000
275,000
9,419.000
Total Sept, 7 1929-184,405.000 4,979,000 24,079,000 8,690,000 9,766,000
Total Aug. 31 1929-.182,400,000 5,417,000 23,488,000 8,392,000
Total Sept. 8 1928... 01,230,000 8,178,000 15,257,000 1,336,000 6,278,000
Note.-Bonded grain not included above: Oats-New York, 90,000 bushels:
total. 188,000
Philadelphia, 3,000: Baltimore. 4.000; Buffalo, 68,000; Duluth, 17,000;
bushels, against 71,000 bushels in 1928. ilarley-New York, 758,000 bushels:
Buffalo, 926,000; Duluth, 9,000; total, 1.603,000 bushels, against 295,000 bushels
Philadelphia.
In 1928. Wheat-New York, 3.696,000 bushels; Boston. 1.235,000;
3.249,000: Baltimore, 3,376,000; Buffalo, 8,046,000; Buffalo afloat, 568,000; Duluth,
66.000; on Lakes, 521,000: Canal, 803,000; total, 21,360,000 bushels, against 4.435,000 bushels in 1928.
FINANCIAL CHRONICLE
SEPT. 14 1929.]
1691
Rye,
Oats,
Barley.
bush.
bush.
bush.
1,052,000
441,000 1,156,000
7.428,000 2,209,000 5,616,000
2,088,000
294,000
909,000
11,468,000 2,944,000 7,681,000
12,528,000 3,061,000 6,373,000
1,414,000
489,000
554,000
CHARTERS ISSUED.
Sept. 3-The First National Bank of Sayreville, N. J
3100,000
President, Edwin F. Lockhart.
Sept. 3-The Florida National Bank at Lakeland, Fla
100,000
President, Willard Hamilton; Cashier, Geo. E. Tribble.
Sept. 5-The Lawrence Park National Bank, Lawrence Park
(P. 0. Erie), Pa
50.000
President, J. C. Spencer; Cashier. Roy C. Mauer,
CHANGES OF TITLES.
4,979,000 24,079,000 8,690.000 9,419,000
National Bank. Aberdeen. S. Dak., to
11,468,000 2,944,000 7,681,000 Sept. 3-The Aberdeen
"Aberdeen National Bank & Trust Co.".
4,979,000 35,547,000 11,634,000 17,009,000 Sept. 3-The National Exchange Bank of Carthage, New York.
5,417,000 36,016,000 11,453,000 16,139,000
to "The National Exchange Bank & Trust Co. of
8.176,000 16,671,000 1,825.000 6,832.000
Carthage.'
corn,
as
and
furnished by
The world's shipments of wheat
VOLUNTARY LIQUIDATIONS.
Produce
Exchange,for the week Sept. 3-The National City Bank of Akron, Ohio
Broomhall to the New York
El.000,000
Effective
Aug. 31 1929. Liquidating Agent, Harry
since
July 1 1929 and 1928,
ending Friday, Sept. 6, and
Williams, Akron, Ohio. Absorbed by the First Trust
& Savings Bank, Akron, Ohio.
are shown in the following:
2,5,000
Sept. 3-The First National Bank of Highland at Montirey. Va_
Corn.
Wheat.
Effective Sept. 2 1929. Liquidating Commission, John
It.
F7ood,
Bradshaw,
Va.,
Monterey,
T.
Colaw,
M.
1929.
1928.
1929.
Exports.
1928.
Va., and I. W. Nicholas, Crabbottom, Va. Absorbed
by Citizens Bank of Highland, Va.
Week
Since
Since
Week
Since
Since
-The
First National Bank of Spiro, Okla
Sept.
4
25,000
1.
July
July I.
July 1.
Sept. 6.
Sept. 6.
July 1.
Effective Aug. 26 1929. Liquidating Agents, .J. R.
Spiro, Okla. Absorbed by
0.
Kerr,
and
W.
Redwine
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Farmers State Bank of Spiro Okla.
98,000 1,081,000 2,257,000
North Amer. 4,068,000 70,148,000105,269,000
Oakmont, Upper Darby.Pa_
224,000
120.000 1,080,000
324,000 1,539,000 Sept. 4-The Oakmont Nat'l Bank,
Black Sea_._
Effective Sept. 3 1929. Liquidating Agent, Donald P.
18,356,000
46,996,000
5,709,000
5,930,000
Argentina_ -51,658,000 81,365,000
Lansdowne,
Absorbed by 59th Street
Horsey,
Pa.
Australia _ 1,704.000 12,688,000 11,192,000
Terminal Title and Trust Co., Upper Darby, Pa.
280,000 1,040,000
India
III
Chicago,
Bank
of
National
-Addison
Sept.
0th. countr's 712,000 6,060,000 9,192,000 1,216,000 7,799,000 8.719.000
Effective Sept. 3 1929. Liquidating Agent, Nicholas L.
Ill. Absorbed
Ave.,
Chicago,
Ashland
4531.N.
Schenk,
12,534,000137.2.52,000145.273,000
7,023,000
____
Total
60,862,000 93.880.000
by Citizens State Bank of Chicago. 111.
THE
ACT
UNDER
OF FEB. 25
BRANCH AUTHORIZED
Cincinnati Stock Exchange.-Record of transactions Sept.
-The Boston National Bank, Boston, Mass
Stock
Cincinnati
Exchange,
Sept.
at
7 to Sept. 13:
Location of Branch-Corner of Blue Hill Ave. and
Otisfield St. (Roxbury District), Boston.
Friday
Sales
gave the
Note.-Sheet No. 2 of Bulletin No.
Last Week's Range for
Range Since Jan. 1.
capital of the Claremont National Bank of New York,
of Prices.
Sale
Week.
correct
amount
the
of
instead
8500,000
Y.,
as
N.
Par Price. Low. High. Sahres.
StocksLow.
High
•
Ahrens-Fox A
1714 17%
so 17% Sept 20 Feb
Aluminum Industries Inc..* 40
42%
40
494 32
Apr 48
July
Pittsburgh Stock Exchange.-Record of transactions
Am Laund Mach corn...20 92% 88% 93
42% 80 July 96
Jan
Amer Products common_ •
20
20
140 20
Mar 29
Jan at Pittsburgh Stock Exchange, Sept. 7 to Sept. 13, both
Preferred
•
23
24
675 20
Aug 30
Jan
compiled from official sales lists:
Amer Rolling Mill corn._25
137 142%
226 90 May 14254 Sept inclusive,
Amer Thermos Bottle A. *
17% 18
oows
604 15 May 21
rruwp
July
Amrad Corp
• 97
93% 97
Range Since Jan. 1.
1,306 37% Apr 101% Aug
Last Week's Range for
Baldwin new pref
100
79
79
1 79
Week.
Prices.
Aug
Sale
of
10334
Jan
Biltmore Mfg
•
38
3934
Low.
45 38 Sept 44
Price. Low. High. Shares.
High.
Par.
Aug
StocksBurger Bros
13
13
13
10
3 May 13% Aug
Preferred
50 51
51
51
Feb 90 Mar
9 47
•
80 60
7234
71
Jan 51
Sent Allegheny Steel corn
Carthage Mills pref. _100
95
98
3054
Mar 40
46 75
685 29
Feb
3()
Apr 98 Sept Aluminum Goods Mfg_ _ _• 30
Central Trust
100 285
285 285
22 230
30 1534 Aug 18
Jan
1554 1534
Feb 401
Aug Amer Vitrified Prod corn 50
Chain Coat Pap let pf.100
111 111
Jan
2 108
50 79 Sept 88
79
100
79
Apr
1125(
Preferred
July
Champ Fibre pref
100
10734 108%
16 105% June 108% Mar Amer Wind GI Mach p1100
Jan
100 80 Sept 88
80
80
Churngold Corp
• 27
24
27
905 1954 Aug 37
334 Jan 2454 Sept
Jan Arkansas Gas Corp corn_ _• 2334 2334 2434 7,835
Cincinnati Adv Prod
5434 5034 55
1,212 29
Jan
Jan 55 Sept
1,986
834
834 Aug
8%
74
10
834
Preferred
Ciao Ball Crank pref
32
305 30 July 40
30% 32
2,618 6134 Jan 7534 July
• 7334 7234 74
Jan Armstrong Cork Co
Cincinnati Car B
40
234 214
1 July
63
25 59
14,398 38 July 63 Sera
4
Apr Blaw-Knox Co
58
Preferred
20
7%
650
654 734
July
6
Jan 15
19
17
465 16 June 21
Apr
Co
17
10
Metals
Carnegie
Gin Gas Sz Elec pref_ ___100 9514 9634 97
420 9534 Apr 99
65 30 Sept 35
Apr
34
Jan Cftizene Traction Co._._50 30
30
C N & C Lt & Trac pf _100 83
18 78
Jan 90 May Clark(DL)Co corn
Feb
325 1434 Aug 20
1534
•
15
Cin Street Sty
50 46% ,
i634 4734
531 44 May 5554 Jan Colonial Trust Co
Jan
17 302 June 325
318 325
100 325
Cm & Sub Tel
50 127
12534 128
184 118 May 130
127 7554 May 107 Sept
Jan Columbia Gas & Elec com * 107
106 107
City Ice & Fuel
•
57
44 43% Jan 63
5834
Feb
Mar 26
500
Jan
1934
23
23
Consolidated
Ice
wet
..50
Coca Cola A
25 30
30% 3034
Apr 34
Jar
Feb Crandall McKenzie & H..* 29
2734 29
850 2434 July 29
Cohen (Dan) Co
31% 27% 31%
380 26
Apr 34 June Devonian Oil
Alta
6 Mal 17
17
4,190
14
10 16
Crosby Radio A
•
98 104
52 83 July 127
60 70
Feb Dixie Gas & Util prof. _100
Jan 8034 Maf
76
75
Crown Overall pref--100 106
106 106
165 106
Fe 108
Feb Donohoes. class A
182 1554 May 17 Sept
1634 17
•
Crystal Tissue
• 22
22
23
160 22 Sept 22% Jan First
Jar
34 400
Apr 435
400 400
National Bank _ _ _100
Dayton & Michigan pref 50
90
90
5 90 Sept 90 Sept Follansbee Bros., prof..190
95
70 9434 June 9934 Jai
95
Dow Drug common
• 2534 20% 26
791 2034 Aug 4134 Jan Harb-Walker Ref corn.• 67
Sept
67
10
52
Jan
67
67
Eagle-Picher Lead rem_.20 17
16% 17
1,072 1654 June 21
Jan
Feb 113 Jum
20 110
112 112
ioo
Preferred
Egry Register A
•
28
28
23 28 Sept 37
Jan Horne (Joseph) corn
70 33
Jal
Aug 40
38
3834
•
Filth-Third-Union Tr...100
350 365
41 327
Mar
465
9934
1,090
Sept
Koppers
100
Gm'
&
Coke
9834
9834
pf
Sept
10334 Pet
9834
Formica Insulation
• 80% 80% 8354 1,253 26% Jan
8434 Sept Libby Dairy Prod com__ * 31
795 25
Mal
31
Aug 43
30
Fyr Fyter A
•
20
20
12 19
Aug 2834 May Lone Star Gas
i5
sfim 5034 5934 40,157 37 July 5934 Sell
Gerrard B A
• 31
30
31
2.575 26 July 35
Aug McKinney Mfg eon]
• 1334 12
1334
820 11 June 1634 Mal
Gibson Art common
•
48%
48
368 4434 Aug 58
Feb
Erie
cl
2634 2654
A
National
25
150 2634 June 2734 Jai
Globe-Wernicke cam- _100
85
85
72 June 97
Jan
699 1034 Jan 21 Juts
20
21
Fireproofing corn _50 20
Goldsmith Sons Co
• 27
25
27
180 24 June 363.4 Jan Nat
677 2834 Jan 38
Aui
3734 38
Preferred
50 38
Gruen Watch corn
• 4934 4934 50
339 47 June 60
88 160 June 208 Serf
Feb Peoples Say & Trust _ _100
200 208
Preferred
100
114 114
10 112% Aug 116
100 28 July 35
30
Jar
30
Apr Petroleum Exploration_ _25 30
Hobart Mfg
•
61
62
37
55
June 70
2,000 30c Mar 850 Auf
Feb
75e 75c
1
Oil Co pref
•
lot Print Ink
5634 5434 59
425 45 June 63% June Phoenix
400
154
3
Aug
4
Ap
3
corn
50
Brewing
Pittsburgh
Preferred
100
100 100
111 9634 June 108
255
6
6
Jan
8
Fel
6
Feb
50
Preferred
•
Julian & Kokenge
27
28
35 24 July 40
200 20 Sept 34
21
Fel
20
Jan Pgh Investors Security ....•
• 17% 16% 1734
Kodel Elec & Mfg A
853 15 June 29
Apr
100
3
334
4% Fri
334
Jan
...5
&
Gas_
Pittsburgh
_
Oil
•
Kroger com
87
90
114 84 July 116
Jan 75
420 64
Jai
70
Jan Pittsburgh Plate Glass _100 66
66
Lazarus pref
100
99
9914
21
July 100 May Pelt Screw & Bolt Corp... 28
2634 3,924 25 July 2834 Jul
26
Lunkenbeimer
•
3634 123 9834
36
28 June 3614 Sept Pittsburgh Trust Co_ _ _ 100
Jan 475
55 275
465 467
Aril
McLaren Cons A
•
18% 19
10 1634 Jan 23% Mar Plymouth Oil
2534 2634 3,170 2234 May 3034 Jai
Co
5 26
Mead Pulp
•
75% 78
101 65 May 77 Sept Salt Creek Consol
534 Jai
902
254 254
011-10
234 Aug
Mead Pulp special pfd_100
104 104
13 90
Jan 108% Jan San Toy Mining
2,500
40 June 226 Jat
40
40
40
1
Meteor Motor
•
17% 18
137 12
Aug
60
24
50
2734
July
4734
May
53
..*
PropellerAn
Stand
Steel
Moores Coney A
27
28
• 28
22 25 May 32
Apr Stand Steel Springs
630 6934 Sept 95 Jul:
• 6934 6934 7934
Moores Coney B
10
354 314
334 Sept 10
21
110
Mar
20
20
Sept
29
Suburban
Electric
Jai
Dev
*
Nash (A)
180 180
100
21 150
Jan 195
2,088 38
Aug United Eng & Fdy com _ _a 5134 50
53
Jan 54
Ate
Nat Recording Pump_ .• 37
3514 3734 2.273 1834 May 38
Aug
6354
255 4434 May 67
60
An
Air Brake _• 60
Newman Mfg Co
37
38
• 37
715 35 June 40% Aug Westinghouse
45
• 4434 42
628 3134 Jan 80
Steel corn
Ma
Ohio Bell Telep pre!.. _100
114 117
77 11% Apr 117 Bent Witherow
Unlisted-Paragon Refining B
• 1714 1734 1834 1,139 1714 Sept
2,850 1154 Sept 1234 Set,
May
1134
1234
American
Austin
Car
Paragon Refining A pfd_ •
52%
5234
15 40
Aug 5234 Sept Penna. Industries Unita_.50 96 July 111
98
9834
Fel
Procter & Gamble comnew• 89
92% 3,050 81
89
July 100 July Pittsburgh Forge
10 1834 Sept 1814 Sep
1834 1834
5% Preferred
100 10834 108 109
236 10234 Feb Ill
Jan
2434
20,462
Apr
3734
3934
to
West
3934
v
Pub
Service
Old
Jul:
450 480
13 279
Jan 260 Sept
BondsPure 0116% pref
100 9834 9834 101
132 99
Apr 10334 Jan TTIA.n ix.....Alle A.
1055
70
70
81.000 68
Anr 72
an
Queen City Pet pref _..100
100 100
20 100
Apr 101% Feb
Randall"A"
22
20% 20
1,950 21 &pi 22 Sept
•
No par value.
B"
12%
1214 10
629 10 Sept 1134 Sept
Richardson corn
•
40
41
25 40
Aug 58
Mar
United Milk Cratie"A"_ _a 28
60 26
Jan 31% July
Auction Sales.-Among other securities, the•following,
United Reproducers"B" •
611 611
47
654
Aug
9
May
U 8Playing Card
10 11834 118 119
843 99% June 125 July not actually dealt in at the Stock Exchange, were sold at auction
U Print & Litho eom _100 120
111 120
203 8554 Jrin 120 Sept in New York, Boston, Philadelphia and Buffalo on Wednes•
U Shoe com
5
5
25
4
Jail
Jan day of this week:
8
Preferred
45
45
100
40 35
Aug
Jan
Waco Aircraft
463 15 Sept 69
1834 1834 18
28
June
Whitaker Paper corn
• 71
By Adrian H. Muller & Son, New York:
73
71
2 68
Aug 87
Jan
Preferred
100 10534
11 102
Jan 10734 Jan Shares. Stocks.
$ per sh. Shares. Stocks.
Wurlitzer 7% pref
108
108
100
20 108
950 subscription ctf. Issued by MomAug 11734 Apr 221 Cespedes Sugar Co. 7% cum.
25
rel Park Assn. of Bar Harbor,
preferred
• No par value.
Ste
170 Nazareth Fdy. dc Mach. Co.,
81101
1
Sundry acc'ts receivable aggregatcommon
ing approx. 611,008.18
National Banks.-The following information regarding 500 Carmen Mines Co.: 7 Hale &
13.000101
1 Akron Automobile Club, par $10:
Kilburn Co. corn.; 500 International banks is from the office of the Comptroller of the
10 Old Channel Mining Co.; 10
borough Consol. Co. pref.: 100
Currency, Treasury Department:
Assoc. Dental Products class A
Yukon Carib° Brittsh Columbia
North
Star
no
par;
150
common,
Gold Mining Devel. Co., Par $1-$11ot
APPLICATIONS TO
$325 lot
Mines Co., par $10
WITH TITLES REQUESTED.
Capitol.
-The
Citizens
Nat'l Bank of Blossburg, Pa
Sept. 4
By A. J. Wright & Co., Buffalo:
Correspondent, J. R. Stratton, Biossburg, Pa.
Shares. Stocks.
$ Per Sh. Shares. Stocks.
$ per Sb.
i
Sept. 4-First National Bank in Dahlgren, Ill
1,000 Apex Mines, Ltd., Par 81- ___ 1
3,000 Goldfield Deep Mines Co. of
Correspondent, D. F. Whited, Dahlgren, Ill.
$3.40 lot 1,000 Columbus Kirkland Mines,s4
Nevada, Par 50
Sept. 4-The Florida National Bank at Bartow, Fla
lot
100 Boston & Montana Devel. Co.,
Correspondent, James G. Bright, 1514 Barnett Nat,
par 51
Boston. ctf., par $5
250101
Bank Bldg., Jacksonville, Fla.
Wheal,
bush.
Canadian7,168,000
Montreal
Ft. William ,k Pt. Arthur_42,975,000
13,224,000
Other Canadian
Total Sept. 7 1929-63,367,000
Total Aug. 31 1929_ _ _.61,644,000
16,378,000
Total Sept. 8 1928
Summary184,405,000
American
63,367.000
Canadian
Total Sept. 7 1929...247,772,000
Total Aug. 31 1929_244,044,000
Total Sept. 8 1928-107,617,000
Corn,
bush.
25,000
5
3200,000
1927.
5
1898_,_
$750,000.
•
•
•
•
ORGANIZE RECEIVER
8125,000
25,000
100,000
1692
- FINANCIAL CHRONICLE
[VoL. 129.
By Wise, Hobbs & Arnold, Boston:
Per
When
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Shares. Stocks.
$ per Sh
7 Springfield Gas Light Co., V.t. c.,
Public Utilities. (Concluded.)
66
par 825
Telep. & Teleg., cl. A (guar.) 441 Oct. 1 *Holders of rec. Sept. 16
100 units Thompson's Spa,Inc_98 ex-div. AssociatedTr.,
Oct. 1 Holders of rec. Sept. 20
L.&Pow.,partic.Pf.(qu.)..
5 Likly Luggage Co., Inc., corn_ 95e Barcelona
Birmingham
Elec. Co.,$7 pref.(qu.) - - $1.75 Oct. 1 Holders of rec. Sept. 13
20 units Boston Securities Corp- _115
$1.50 Oct. 1 Holders of rec. Sept. 13
$6 preferred (altar.)
44
5 United Elastic Corp
Buffalo Niagara & Easy Pow., (qu.) _ *30c. Sept. 30 *Holders of rec. Sept. 12
28 Old Colony Trust Associates-- 63
*300. Sept.30 *Holders of reo. Sept. 12
Class A (quar.)
15 Brockton Gas Light Co., v. t. c..
*40c. Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
4334
par $25
Nov. 1 *Holders of rec. Oct. 15
First
preferred
(guar.)
$1.25
25
1 unit First Peoples Trust
131 Oct. 1 Holders of rec. Sept. 14
Calgary Power, pref. (quar.)
25 Beacon Participations. Inc.,
1% Oct. 1 Holders of rec. Sept. 14
Capital Tract., Wash., D. C.(quar.)..._
17
class A preferred
*50c. Oct. 1 *Holders of rec. Sept. 21
Community Telep., panic.stk.(qu.)
165
10 Hotel Trust
$1.25 Nov. 1 Holders of rec. Sent. 28
Consol. Gas of N. Y. $5 pr. (guar.)
10 North Boston Ltg. Properties.
(guar.)
_
Eastern
N.
J.
pref.
134 Oct. 1 Holders of ree. Sent. 14
Pow.
6%
90%
common (undeP-)
134 Oct. 1 Holders of rec. Sept. 14
634% Preferred (guar.)
25
4 units First Peoples Trust
1% Oct. 1 Holders of rec. Sept. 14
7%
(guar.)
preferred
Trust..
3
Peoples
units
First
special
8
Oct. 1 Holders of rec. Sept. 14
2
(quar.)
•
8%
preferred
6
1 State Theatre Co., common
Elec. Power & Light15 New Bedford Gas & Edison
1%
Oct. 1 Holders of rec. Sept. 14a
full
paid
Allotment
ctfs.
(guar-)
105%
Light, v. t. c., par $25
% Oct. 1 Holders of rec. Sept. 14a
Allotment ctfs. 50% paid (guar.) _ - 116%
31 U. S. Envelope Co., pref
$1.50 Oct. 1 Holders of rec. Sept. 17
64% ea-div. Empire Power Corp. $6 pref. (guar.)
10 Draper Corp
50e. Oct. 1 Holders of rec. Sept. 17
Participating stock (quar.)
25
7 units First Peoples Trust
Foreign Light & Power,$6 pref. (guar.)_ $1.50 Oct. 1 Holders of rec. Sept. 20
98
25 Thompson's Spa, Inc
Oct. 1 Holders of rec. Sept. 14
$7
(guar.)
General
Utilities,
pf.
Public
-16631
Common
IOC 11 Lynn G. & E. Co., par $25..
Wat. W.& Elec. Corp.com.A(qu.) 50e. Oct. 1 Holders of rec. Sept. 16
10 New England Public Service
100 Pioneer Petroleum Co., par $5_811 lot Genl.
81.75 Oct. 1 Holders of rec. Sept. 16
$7 preferred (guar.)
Co.. $6 cony. pref
275 Beacon Participations, Inc.,
114
$16234 Oct. 1 Holders of rec. Sept. 16
$6.50 preferred (quar.)
17-18
15 New England P. S. Co., com
class A pref
3835
Georgia Power Co., $6 pref. (quar.)- - 31.50 Oct. 1 Holders of rec. Sept. 14
$1.25 Oct. 1 Holders of rec. Sept. 14
$5 preferred (guar.)
By R. L. Day & Co., Boston:
'
134 Oct. 1 *Holders of rec. Sept. 30
Gold A: Stock Telegraph (Wan)
$ per sh. Gulf States
SRI:res. Stocks.
$ per sh. Shares. Stocks.
411 50 Sept. 16 *Holders of rec. Sept. 3
Utilities,
86
Pt.
(Mlar.)
es 1 3734 Sept. 16 *Holders of rec. Sept. 3
25"First Nat. Bank, par $20
32 Old Colony Trust Associates-- 63
195
85.50
(quar.)
preferred
1040
25 Merchants Nat. Bank
5 Boston Insurance Co
585
Hackensack Water, pf., cl. A (guar.)_ -- •4351c Sept. 30 *Holders of rec. Sept. 15
25 Boston Nat. Bank
50 Merrimack Chemical Co., par $50 90
243
134 Oct. 1 Holders of rec. Sept. 10
Illinois Power & Light, pref. (qu.)
4431 Inland Utilities,
9 Boston National Bank
25 United Elastic Corp
243
•42340 Oct. 0 *Holders of rec. Sept. 20
class A (quar.)
10 Merchants Nat. Bank
580
100 Fitchburg G. & El. Co. (unIndianapolis Power dr Light, pf.(qu.)- -$ 1 6231 Oct. 1 Holders of rec. Sept. 14
64%
3 014 Colony Trust Co
deposited), par $25
900
1% Oct. 1 Holders of rec. Sept. 14
International Power, 7% pref. (quar.)
10 Bala of Comm.& Trust Co--_ _206
100 Beacon Participations, Inc.,
25c. Oct. 1 Holders of rec. Sept. 20
International Superpower
18
'
50 Medford (Mass.) Trust Co.(new),
pref. A
500. Oct. 15 Holders of rec. Sept. 20
International Teleg. & Telep. (quar.)_.._
par 520
115
50 Springfield G. L. Co. (undeP.),
International Utilities, cl. A (guar.)._ -- 8734c. Oct. 15 Holders of rec. Sept. 30a
58%
47 Aesbeiated Textiles
36
par $25
$1.75 Nov. 1 Holders of rec. Oct. 180
$7 preferred (guar.)
60-Union St. Ry. Co., New Bedford 28
Massachusetts Bonding & Insurance
K. C. Public Service, pf. A (quar.)
Oct. 1 *Holders of rec. Sept. 15
$1
210
2 Columbian Nat. Life Ins. Co
Co., par $25
516
Kansas
Gas & Electric, pref.(quar.).._ *1% Oct. 1 *Holders of rec. Sept.I16
30 Amoskeag Co. pref
22% $1,000 note dated Sept. 27 1923, on
Oct. 1 *Holders of rec. Sept. 16
Keystone
Pub,
1)..
4
.70c.
Sec.,
pf.
(qu.)
(No.
6 units First Peoples Trust
demand, by Reya Corp. to order
25%
Manhattan Ry., quar.stock (quar.) _ - 4.1% Oct. 1 *Holders of rec. Sept. 20
10 units Boston Securities Corp_ _115
of Mass. Mercantile Corp., int.
Michigan Bell Telephone (guar.)
412 Sept. 30
3
124 Dedham & Hyde Park G. dc El.
at6%
Utilities, prior lien stk.(au)_ 1% Oct. 7 *Holders of rec. Sept. 21
Per Cent. Midland
Co_ (undeposited), par $25
4331
Bonds6% prior lien stock (guar.)
1% Oct. 7 Holders of rec. Sept. 21
$3,000 Kearsarge Electric Co. 6s,
100 Old Colony Invest. Trust
26
Preferred
class A (guar.)
1% Oct. 7 Holders of rec. Sept. 21
7%
int.
96% &
15 Lewis A. Crosset Shoe Co. pref._ 65e.
1949
6% preferred class A (guar.)
134 Oct. 7 Holders of rec. Sept. 21
Minnesota Pow.& Light,7% pf.(111.)
1% Oct. 1 Holders of rec. Sept. 14
By Barnes & Lofland, Philadelphia:
$6 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 14
$ per Sh. Montreal Tramways (guar.)
Shares. Stocks.
234 Oct. 15 Holders of rec. Oct. 7
$ per Sh. Shares. Stocks.
National Electric Power, 7% pf. (qu.)_ _ 1% Oct. 1 Holders of rec. Sept. 16
3-7 Integrity Trust Co., par $10....170
27 Broad St. Tr. Co., par 550-- 70
6% preferred (quar.)
9-11 Integrity Trust Co., par $10_ _170
134 Oct. 1 Holders of rec. Sept. 16
15 Chestnut Hill Title & Trust
98
25c. Oct. 15 Holders of rec. Sept. 30
National Fuel Gas (guar.)
1 Real Estate Trust Co., ass'td' pf_312%
Co., par $50
818
National Public Service, pf. A (qu.)
134 Oct. 1 Holders of rec. Sept. 17
18 Penn National Bank, par $10.... 83% 8 Provident Trust Co
New England Power Assn., corn.(qu.)- *500. Oct. 15 *Holders of rec. Sept. 30
83 Textile Nat. Bank, par $10- 3534 100 Real Estate Land Title & Trust
65%
$1 .50 Oct. 1 Sept. 17 to Sept. 30
Preferred (quar.).
1 Amer. Nat. Bk., Camden, N. J._140
Co., par $10
71
New England Pub. Serv. $7 Pr. ((lu.)-*El .75 Oct. 15 *Holders of rec. Sept. 30
202 Ninth Bk. Sr Tr. Co., par $10-. 60% 20 Franklin Trust Co., par $10_ _
1% Oct. 1 Holders of rec. Sept. 15
North Continent Utilities. pf. (qu.)- 37 Adelphia Bk.& Tr. Co., par $10. 22
20 William Penn Title dr Trust
60
134 Oct. 1 Holders of rec. Sept. 20
Ohio River Edison, 7% pf. (qu.)
5 Union Bank & Trust Co
Co., par $50
37
$50-115
134 Sept.30 Holders of rec. Sept. 14a
(qu.)
par
corn.
Co.,
Power,
Trust
Ottawa
L.,
Heat
&
Metropolitan
35 City Nat. Bk. & Tr. Co
15
230
134 Oct. 1 Holders of reo. Sept. 14a
Preferred (quar.)
5 National Bank of Germantown dr
24 Delaware County Trust Co.,
325
*50c. Oct. 15 *Holders of rec. Sept. 30
Pacific Gas dr Elec., corn. (guar.)
Trust Co., par $10
Chester, Pa., par 350
118
*51.50 Oct. 15 *Holders of rec. Sept. 30
Pacific Lighting,$6 pref. (guar.)
9 Commercial National Bank &
Broadway Merchants Trust CO..
134 Oct. 1 Holders of rec. Sept. 12
Panama Power & Light, pf. (guar.).
Trust Co., par $10
Camden, N. J., par $20, as fol3734
$1.75 Oct. 1 Holders of rec. Sept. 14
Penn. Power & Light, $7 Pl. ((Plan)
Corn Exchange Nat. Bk. & Tr. Co.
lows: 10 at 66, 10 at 64, 20 at
$1.50 Oct. 1 Holders of rec. Sept. 14
86 preferred (quar.)
par $20, as follows: 15 at 183;
67, 30 at 65.
198
$1.25 Oct. 1 Holders of rec. Sept. 14
$5 preferred (guar.)
5 at 18034;5 at 180%;60 at 180%.
3 Hatboro (Pa.) Trust Co
$1 Oct. 31 Holders of rec. Oct. 1
Philadelphia Co., corn. (guar.)
10 Glenside (Pa.) Bank de Trust
100 Bankers Bond dr Mtge. Guar.
22
750. Oct. 31 Holders of rec. Oct. 1
Common (extra)
Co. of America, no Par
Co., par $10
30
5
$1 .50 Nov. 1 Holders of rec. Oct. 1
6% preferred
5 Sixty-Ninth St. Terminal Title dr
150 Starks Mfg. Co
Oct. 1 Holders of rec. Sept. 10
82
11 Germantown Pass. Ry. Co.... 65% Philadelphia Traction
Trust Co., par 350
180
•30e. Oct. 1 *Holders of ree. Sept. 14
17 Lancaster Ave. Title & Trust
40 Phila. Life Ins. Co., par $10_-- 26% Providence Gas (guar.)
126
1 Holders of rec. Sept. 20
Co
Oct.
Trust
Si. Louis Public Serv., pf. (quo)
$1.75
Co., par 350
30 North City
85
Southeastern Power & Light100 Bankers Trust Co., par $50_ _ 144
4 Philadelphia Bourse, common- 26
184
Oct. 19 Holders of rec. Sept. 30
11
Common (in common stock)
105 Bankers Trust Co., par $50....14334 10 Philadelphia National Bank
2434
7% preferred (mar.)
*134 Oct. 1 *Holders of rec.Sept. 14
200 Bankers Trust Co., par $50_ __ _141
14 Northern Bank Sec. Corp.
•134 Oct. 1 *Holders of rec. Sept. 14
6% preferred (quar.)
100 Bankers Trust Co., par
30 Central Nat. Bank____88% ex-rights
_ _140
555
*114 Oct. 1 *Holders of rec. Sept. 14
33 Security Title & Tr. Co., par $10 12% 5 Industrial Trust
Participating preferred (quar.)
$ per Right. Southwestern Bell Telep., pf. (501.)
1% Oct. 1 Holders of rec. Sept. 20
25 Security Title & Tr. Co., par 310 12%
Rights.
15
70at
Bank
134 Oct. 1 Holders of rec. Sept. 14
Superior
Pow.,
pf.
(qu.)
National
15 Girard Trust Co., par $10
Water.
L.
&
Central
197% 100
15
75e. Nov. 1 Holders of rec. Oct. 150
United Lt. & Pr. corn. A & B,old (qu.).
250 Northern Cent. Tr. Co., par 510 34
100 Central National Bank at 70
150. Nov. 1 Holders of rec. Oct. 150
Common A & B new (guar.)
95 Northern Cent. Tr. Co., par $I0. 3434 34 Central National Bank at 70- 15
Oct. 1 Holders of rec. Sept. 16a
$1.50
86 1st preferred (quar.)
*31 .75 Oct. 1 *Holders of rec. Sept. 14
United Utilities, pref. (quar.)
DIVIDENDS.
134 Oct. 1 Holders of rec. Sept. 24
West Kootenay Pow. & L., pt. (qu.) _ _ _
I% Nov. 1 Holders of reo. Oct. 5
Penn. Power Co., 7% pf. (411.)--Dividends are grouped in two separate tables. In the West
134 Nov. 1 Holders of rec. Oct. 5
6% preferred (quar.)
Oct. 15 Holders of rec. Sept. 25a
first we bring together all the dividends announced the Western
2
Union Telegraph 911-11
- '134 Sept. 15 *Holders of rec. Allif• 31
Power & Lgt., 6% (qu.)
current week. Then we follow with a second table, m Wisconsin
*134 Sept. 15 *Holders of rec. Aug. 31
7% preferred (guar.)
Shares. Stocks.
.
$ per Sh.
25 Nat. Shawmut Bank, par $25...113%
10 Exchange Trust Co
250
5 U. S. Trust Co., par $25
181%
40 Boston National Bank
243%
40 Nat. Rockland Bank, par $20_156
10 U. S. Trust Co., par $25
181
80 First Nat. Bank, par $20
195
10 Otis Co
45
12 Davls Mills
16%
25 Arlington Mills
27%
6 Stevens Linen Works
90
4 Bates Mfg. Co
95%
15 Arlington Mills
28
4-8 Pepperell Mfg. Co
1734
23 B.B.& R1Knight Corp., cl. A_ - 10
4 Nashua Mfg. Co., common
41%
2 Amoskeag Co., pref. (old)
71
50 Arlington Mills.,
27%
150 Newmarket Mfg. Co
4251
62 Arlington Mills
28
30-Naumkeag Steam Cotton Co.. 92%
81 Arlington Mills
28
235 Arlington Mills
2734-28
148 New England Southern Corp.,
which we show the dividends previously announced, but
which have not yet been paid.
The &Wends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclustre.
Railroads (Steam).
Belgian National Rys., panic. pref.$4.11 Sent. 21 Holders of rec. Sept. I4a
American shares
Boston & Maine, pref. (guar.)
'134 Oct. 1 *Holders of rec. Sept. 13
•1% Oct. 1 *Holders of rec. Sept. 13
Prior preference (quar.)
*131 Oct. 1 *Holders of rec. Sept. 13
First preferred, class A (guar.)
Oct. 1 *Holders of rec. Sept. 13
First preferred, class B (quar.)
*2
*1% Oct. 1 *Holders of rec. Sept. 13
First preferred, class C (guar.)
1 *Holders of rec. Sept. 13
First preferred, class D (guar.)
Oct.
*2%
First preferred, class E (guar.)
*134 Oct. 1 *Holders of rec. Sept. 13
Boston & Providence (quar.)'
*234 Oct. 1 *Holders of rec. Sept. 20
Cleve., Ctn., Chic.& St. Lou.,corn (qu.) *2
Oct. 19 *Holders of rec. Sent. 27
Preferred (quar.)
*131 Oct. 19 *Holders of rec. Sent. 27
Mahoning Coal RR., corn. (guar.)- ---* $12.50 Nov. 1 *Holders of rec. Oct. 15
Southern R5', M.& 0. stock tr. ctfs_ - - *2
Oct. 1 *Holders of rec. Sept. 16
New York Central RR.(guar.)
Nov. 1 Holders of rec. Sept. 27
2
Pittsb., Bessemer dr Lake Erie, corn....
75e. Oct. 1 Holders of rec. Sept. 15
Pittsb.; Ft. Wayne & Chic., corn.(guar.) *134 Oct. 1 *Holders of rec. Sept. 10
Preferred (guar.)
*1% Oct. 8 *Holders of rec. Sept. 10
of rec. Sept. 30
Rutland'RR., pref
*2 Oct. 15 *Holders
Southern Ry., common (guar.)
Nov. 1 Holders of rec. Oct. 1
2
rec. Sept. 23
Preferred (guar.)
of
Holders
131 Oct. 15
Wabash Ry., pref. A (quar.)
*$1.25 Nov. 25 *Holders of rec. Oct. 25
rec. Oct. 1
West Jersey & Seashore
of
*Holders
15
*$1.25 Oct.
Public Utilities.
Alabama Power, $7 pref. (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 15
$6 preferred (guar.)
$1.50 Nov. 1 Holders of rec. Oct. 15
$5 preferred (guar.)
81.25 Nov. 1 Holders of rec. Oct. 15
Amalgamated Elec. Corp.(Canada), pf_
75c. Oct. 15 Holders of rec. Sept. 27
Amer,Commonwealths Pow., 1st Pt.(qu) *51.50 Oct. 1 *Holders of rec. Sept. 14
Amerieten dr Foreign PowerAllotment ctfs., 65% pd (quar.).....$ 1.13% Oct. 1 Holders of rec. Sept. 14
Amer. Diet. Teleg. of N. J., corn. (qu.) *$1 Oct. 15 *Holders of rec. Sept. 15
Preferred (guar.)
*131 Oct. 15 *Holders of rec. Sept. 15
*2
Amer. Gas (N. J.) (quar.)
Sept.28 *Holders of rec. Sent. 20
American Public Service, pref. (guar.)._ $1.75 Oct. 1 Holders of rec. SePt.116
*40c. Oct. 1 *Holders of rec. Sept420
Amer. States Pub. Serv., cl. A (quar.)
411.50 Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
31.50 Oct. 1 Holders of rec. Sept. 14
Amer. Superpower Corp. 1st pf. (Ott.).
$1.50 Oct. 1 Holders of rec. Sept. 14
36 preferred (quar.)
Nov. 1 Holders of rec. Sept. 30
Associated Gas de Elec., el. A (qu.)- -
Banks.
Bank of U. S. & Bankers Corp (quar.)... *51.50 Oct. 1 *Holders of rec. Sept. 18
*5 Oct. 1 *Holders of rec. Sept. 25
First National (guar.)
*20 Oct. 1 *Holders of reo. Sept. 25
First Security Co. (guar.)
4 Oct. 1 Holders of rec. Sept. 170
Manhattan Co.(Bank of the) (guar.)_ 4
Oct. 1 Holders of rec. Sept. 20
Public Nat. Bank & Tr. (guar.)
Oct. 1 Holders of rec. Sept. 10
83
(guar.)
(Bklyn)
Peoples Nat. Bank
Holders of rec. Oct. 2
el00
Stock dividend
Trust Companies.
1
Oct.
Holders
of rec. Sept. 20
434
(guar.)
Bank of N. Y & Trust Co.
45c. Oct. 1 Holders of rec. Sept. 17
Chemical Bank & Trust (guar.)
40e.
Oct.
1
Holders
of rec. Sept. 200
(guar.)
Co.
Tr.
County
Bronx
Fire Insurance
Oct. 1 Holders of rec. Sept. 14
4
City of New York Ins. Co. (quar.)
5
Oct. 1 Holders of rec. Sept. 14
Home Insurance (quar.)
Miscellaneous
*50c. Oct. 1 *Holders of rec. Sept. 18
Abbott Laboratories, corn. (quar.)
1% Oct. 1 Holders of reo. Sept. 20
Abitibi Power & Paper, pref. (guar.) _
1% Sept.30 Holders of tee. Sept. 20
Aeolian Company, pref.(guar.)
*250. Oct. 1 *Holders of rec. Sept. 16
Aetna Rubber,common (quar.)
*131 Oct. 1 *Holders of rec. Sept. 16
Preferred (guar.)
750. Oct. 15 Holders of rec. Sept. 30
Air Reduction, Inc. (guar.)
$1.50 Oct. 15 Holders of ree. Sept. 30
Extra
Oct. 1 *Holders of rec. Sept. 20
corn.
(guar.)._
'6234c
Elec.
Appliance,
Airway
•1% Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
20e. Oct. 1 Holders of reo. Sept. 13
Alliance Investors Corp., corn. (guar.)_ _
Oct. 1 Holders of rec. Sept. 13
Common (payable in common stock). 11
Oct. 1 Holders of rec. Sept. 13
_53
Preferred
Industries
Refrigeration
Allied
$1.50 Oct. 1 Holders of rec. Sept. 16
Prior preferred (guar.)
300. Oct. 1 Sept. 21 to Sept. 30
Aluminum Goods Mfg
60e. Sept. 30 Holders of rec. Sept. 20
Amer. Brake Shoe & Fdy.,corn.(guar.)_
1% Sept. 30 Holders of rec. Sept. 20
Preferred (guar.)
Amer. Commercial Alcohol, corn.(guar.) .440e. Oct. 17 Holders of roe. Sept. 20
*1% Nov. 1 *Holders of rec. Oct. 10
Preferred (guar.)
500. Oct. 31 Holders of rec. Oct. 16
Amerada Corp. (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 130
American Express (guar.)
•1% Oct. 1 *Holders of rec. Sept. 20
American Felt, pref. (guar.)
Oct. 1 *Holders of rec. Sept. 15
American Hard Rubber, pref. (guar.)._ - *2
75e. Oct. 1 Holders of rec. Sept. 20
Amer. London & Erop. Corp., pref.(qu.)
*500. Sept. 30 *Holders of roe. Sept. 18
Amer. Maize Products, corn.
•1% Sept. 30 *Holders of rec. Sept. 18
Preferred (quar.)
*50c. Sept. 25 *Holders of roe. Sept. 16
American Milling (guar.)
+.100. Sept. 25 *Holders of reo. Sept. 16
Extra
20
Amer. & Overseas Invest.. COM. B.(au.) *15e. Oct. 1 *Holders of rec. Sept.
Sept. 20
'
7340. Oct. 1 *Holders of rec. Sept.
Common A allot. Ws.(quar.)
20
rec.
of
*$1.60 Oct. 1 *Hdiders
$6 preferred (guar.)
SEPT. 14 1929.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
*50c. Oct. 1 *Holders of rec. Sept. 20
American Seating, corn. (guar.)
•80c. Oct. 1 *Holders of rec. Sept.18
American Shares, Inc.(No. 1)
American Thermos Bottle, pref. (quar.)• 8754c. Oct. 1 *Holders of rec. Sept.20
2
Oct. 15 Holders of rec. Oct. 5
Amer. Type Founders, corn.(guar.).
Preferred (guar.)
13( Oct. 15 Holders of rec. Oct. 5
*75c. Oct. 1 *Holders of rec. Sept.18
American Wringer, common
Amer. Zinc, Lead & Smelt., pref.(guar.) $1.50 Oct. 1 Holders of rec. Sept.19
•250. Oct. 1 *Holders of rec. Sept.20
Amrad Corp., corn. (guar.)
60e. Oct. 1 Holders of rec. Sept.20
Anchor Cap Corp., corn. (guar.)
1.6254 Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
*50c. Oct. 1 *Holders of rec. Sept.23
Artloom Corp., corn. (guar.)
Atlas Plywood (stock dividend)
*100 to stock holders to meet Sept. 18.
Oct. 1 *Holders of rec. Sept.20
Auburn Automobile (guar.)
*El
•e2
Oct. 1 *Holders of rec. Sept.20
Stock dividend
Automatic Voting Machine*50c. Oct. I *Holders of rec. Sept.14
Prior participating stock (guar.)
750. Oct. 15 Holders of rec. Bept.30
Auto Sales Corp., pref. (guar.)
el 34 Oct. 1 *Holders of rec. Sept.15
Axton-Fisher Tobacco, pref. (guar.)
*80c. Oct. 1 *Holders of rec. Sept.15
Class A (guar.)
"194 Oct. 1 *Holders of rec. Sept.20
Babcock & Wilcox Co. (guar.)
*50c. Oct. 1 *Holders of rec. Sept.30
Backstay Welt Co. (guar.)
Oct. 1 *Holders of rec. Sept.30
*el
Stock dividend
750. Oct. 15 Holders of rec. Sept.30a
Bankers Securities Corp., corn.(quar.)
940. Oct. 15 Holders of rec. Sept.30a
Common (extra)
Participating pref. (guar.)
75c. Oct. 15 Holders of rec. Sept.300
25c. Oct. 15 Holders of rec. Sept.20a
Participating pref. (extra)
250. Oct. 1 Holders of rec. Sept.20
Bankinstocks Holding Corp. (guar.)_
Baxter Laundries, corn. A (guar)
50c. Oct. 1 Holders of rec. Sept.20a
1% Oct. 1 .Holders of rec. Sept.20a
Preferred (guar.)
Dayuk Cigars, Inc., common (guar.)._
50c. Oct. 15 Holders of rec. Sept.10
1% Oct. 15 Holders of rec Sept.10
First preferred (guar.)
Beatty Bros. (guar.)
*50c. Oct. 1 *Holders of rec. Sept. 14
Benson & Hedges, Ltd., pref. (guar.).- 1% Oct. 2 Holders of rec. Sept. 20
Binks Mfg. pref. A (guar.)
563ic Oct. 1 Holders of rec. Sept. 20
*75e. Oct. 1 *Holders of rec. Sept. 13
Booth (F. E.) & Co.(guar.)
Brandram-Henderson pref. (guar.)
Holders of rec. Sept. 1
Bridgeport Machine, pref. (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 20
British-American 011 reg. SM.(qua?)
250. Oct. 1 Sept. 15 to Sept. 30
Bearer shares (guar.)
25c. Oct. 1 Holders of coup. No. 11
British Columbia Packers pref. (guar.).- 1% Oct. 1 Holders of rec. Sept. 14
1% Oct. 1 Holders of rec. Sept. 30
Brunswick-Balke-Collender pref. (gu.)._
Bullard Tobacco common (guar.)
"40c. Sept.30 *Holders of rec Sept. 17
55c. Oct. 1 Holders of rec. Sept. 20
Burkart (F.) Mfg., pref. (guar.)
Mate & Superior Mining (guar.)
•50c. Sept. 30 *Holders of rec. Sept. 18
Calamba Sugar Estates corn.(guar.).--- *40c. Oct. 1 "Holders of rec. Sept. 15
•350Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
*43 mc Sept.30 Holders of rec. Sept. 16
California Art Tile, cl. A (guar.)
Class B (guar.)
*20c. Sept.30 *Holders of rec. Sept. 18
California Consumers Co. pref.(guar.)._ $1.75 Oct. 1 Holders of rec. Sept. 15
Cambria Iron
Oct. 1 Holders of rec. Sept. 14a
81
Campe Corp. common (guar.)(No. 1)... .50c. Oct. 1 'Holders of rec. Sept. 20
Canada Gypsum dr Alabastine
3734c Oct. 1 Holders of rec. Sept. 14
Canadian Canners,
corn. (guar.).. *12 Mc Oct. 1 'Holders of rec. Sept. 14
First preferred (guar.)
*81.80 Oct. 1 *Holders of rec. Sept. 14
Ltd..
Convertible preferred (guar.)
•20c. Oct. 1 *Holders of rec. Sept. 14
Canadian Locomotive pref.(guar.)
•154 Oct. 1 Holders of rec. Sept. 20
Cannon Mills
700. Oct. 1 Holders of rec. Sept. 18a
Capital Administration pref. A (guar.)-- •75e. Oct. 1 *Holders of rec. Sept. 16
Carey (Philip) Mfg. common (luar.)Sept. 14 "Holders of rec. Sept. 10
Preferred (guar.)
*$1.50 Sept. 30 *Holders of rec. Sept. 20
Carpel Corp. common (guar.)
"25c. Oct. 1 *Holders of rec. Sept. 15
Common (extra)
•I2 Mc Oct. I *Holders of rec. Sept. 15
Carthage Mills(acc't accum. city.)
*512 Sept.30 *Holders of rec. Sept. 18
Cavanaugh-Dobbs, Inc., pref. (guar.)._ •1% Oct. 1 *Holders of rec. Sept. 20
Celanese Corp. of Am. prior pref.(qu.)_ _
184 Oct. 1 Holders of rec. Sept. 18
Central Coal & Coke, pref. (guar.)
*1% Oct. 15 *Holders of rec. Sept. 30
Central Radio Tube & Lamp corn. A (gu) "3734c Oct. 1 'Holders of rec. Sept. 20
Century Electric Co.(guar.)
1% Oct. 1 Holders of rec. Sept. 150
Chain Store Stocks, Inc. (gu.)(No 1)_ •1% Oct. 1 'Holders of rec. Sept. 15
Channon (H.) Co. 1st dr 2d pf.(gu.).--- •1% Oct. 1 *Holders of rec. Sept. 20
Chase Brass & Copper Prof. A %au.). -- 1% Sept. 30 Holders of rec. Sept. 20
Chicago Flexible Shaft (guar.)
*we. Oct. 1
Chicago Pneumatic Tool pref.(gust.)... •87540 Oct. 1 *Holders of rec. Sept. 25
Chicago Towel common (guar.)
•$1.25 Oct. 1 *Holders of rec. Sept. 20
•g1.75 Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
•75e, Jan1'30 *Holders of rec. Dec. 10
Chickasha Cotton Oil %guar.)
Cincinnati Advertising Prod., com.(gu.) *500. Oct. 1 *Holders of rec. Sept. 20
Cincinnati Ball Crank pref.(guar.)
*we. Oct. 1 'Holders of
Sept. 15
Clorox Chemical, cia.ss A & B (guar.)--- *we. Oct. 1 *Holders of rec.
rec. Sept. 20
Coca-Cola Bottling of Ohio (guar.)
•8254c Oct. 1 'Holders of rec. Sept. 15
Colgate-Palmolive Peet Co.
Common (guar.)
*50c. Oct. 15 *Holders of rec. Oct. 1
Colonial Financial Corp. corn.-I six eac it corn. & pf. to r every 20 common
shares.
Preferred (guar.)
•1% Oct. 1 *Holders of rec. Sept. 25
Conduits Co., Lt ., common (guar.)_ 25c. Oct. I Sept. 17 to Sept.30
Preference (guar.)
I% Oct. 1 Sept. 17 to Sept. 30
Conley Tank Car, pref. (guar.)
Sept .30 *Holders of rec. Sept. 20
*2
Consolidated Film IndustriesCommon and pref. (guar.)
*50c. Oct. 1 *Holders of rec. Sept. 16
Consolidated Lead & Zinc Co.(guar.)- "25c. Oct. 1 *Holders of rec. Sept. 20
Continental Baking Corp. pref. (guar.). 82
Oct. 1 Holders of rec. Sept. 160
Continental Diamond Fibre (guar.).*50c. Sept.27 *Holders of rec. Sept. 13
Continental Steel pref. (guar.)
•194 Oct. 1 *Holders of rec. Sept. 18
Cooper-Bessemer Corp. corn. (guar.) _
50c. Sept.30 Holders of rec. Sept. 10
Preferred (guar.)
760. Sept.30 Holders of rec. Sept. 10
Coronet Phosphate
$1
Oct. 1 Holders of rec. Sept. 14
Courier-Post Co. pref. (guar.)
15( Oct. 1 Holders of rec. Sept. 15a
Cremon-Cons. Gold Min. dr Mill.(gu.).
•20. Oct. 10 *Holders of rec. Sept. 30
Crosley Radio Corp. corn. (guar.)
*25c. Oct. 1 *Holders of rec. Sept. 20
Crown Cork dr Seal, class A (guar.)
"250. Oct. 1 Holders of rec. Sept. 14
$2.70 preferred (guar.)
•67c. Sept. 15 *Holders of rec. Aug. 31
Crum & Forster, Inc., class B (guar.).260. Oct. 15
Davenport Hosiery Mills, Inc., com.(gu)
150c. Oct. 15 Holders of rec. Oct. 1
Preferred (guar.)
$1.75 Oct.
Holders of rec. Sept. 20
Dayfleld Realty Corp., pref
354 Oct
Sept. 17 to Oct. 1
Delsel Wemmer Gilbert Corp., corn
'3734c Sept. 1 *Holders of rec. Sept. 14
Detroit & Cleveland Navigation igu.)- 20e. Oct.
Holders of rec. Sept. 14
Devoe dr Reynolds. A & B (guar.)
"80c. Oct.
*Holders of rec. Sept. 20
Class A & B (extra)
'15c. Oct.
*Holders of rec. Sept. 20
First and second Prof. (gnat.)
•60c. Oct.
'Holders of rec. Sept. 20
Diamond Shoe, tom. (guar.)
'3734c Oct
"Holders of rec. Sept. 20
654% preferred (guar.)
1% Oct.
Holders of rec. Sept. 20
Dome Mines, Ltd. (guar.)
*250. Oct. 2 *Holders of rec. Sept. 30
Dominion Rubber pref. (guar.)
154 Sept.3 Holders of rec. Sept. 23
Dominion Textile, Ltd., corn.(guar.)--- $1.25 Oct.
Holders of rec. Sept. 16
Preferred (guar.)
1
Oct. 1 Holders of rec. Sept. 30
Duplan Silk Corp., pref. (guar.)
$2
Oct.
Holders of rec. Sept. 20
Durant Motor of Canada, commmon__
.20c. Oct.
*Holders of rec. Sept. 10
Early & Daniels common (guar.)
"Mc. Sept. 30 Holders
4.1% Sept.3 Holders of rec. Sept. 20
Preferred (guar.)
of rec. Sept. 20
Eastern Gas& Fuel Assoc. Pr. pf.(gu.) "S 1.12% Oct.
'Holders of rec. Sept. 20
•1
6% preferred (guar.)
Oct.
*Holders of rec. Sept. 20
Eastern Rolling M111 (guar.)
3734c. Oct.
Holders of rec. Sept. 20a
Eastern Utilities Investing CorpParticipating preference (guar.).1.75 Nov.
Holders of rec. Sept. 30
g6 preferred (guar.)
$1.50 Dec.
Holders of rec. Oct. 31
$7 preferred (guar.)
81.75 Dec.
Holders of rec. Oct. 31
Prior preferred (guar.)
$1.25 Jan2'3 Holders of rec. Nov. 30
Economy Grocery Stores (guar.)
"250. Oct. 1 'Holders of rec. Oct. 1
Edison Bros. Stores, coin.(No. 1)
"250. Oct. 20 'Holders of rec. Sept. 30
Electric Auto-Lite corn. (guar.)
*S1
Oct. 1
Common (extra)
*50c. Oct. 1 'Holders of rec. Sept. 24
.154 Oct. 1
Preferred (guar.)
Emerson Electric pref. (guar.)
1% Oct. 1 Holders of rec. Sept. 20
Empire Safe Deposit (guar.)
234 Sept. 28 Holders of rec. Sept. 2I0
'6254c Oct. 1 *Holders of rec. Sept. 10
Evans Auto Loading (guar.)
•30c. • t. 1 *Holders of rec. Sept. 15
Ex-Cell-0 Aircraft & Tool (guar.)
Fashion ParkAssociates.Inc.,com.(guar.) 8234c Sept. 30 Holders of rec. Sept. 180
Sept. 30 Holders of rec. Sept.
Common %payable in common stock). 154
a
1% Nov. 1 Holders of rec. Oct. 13
Preferred (guar.)
15a
Name of Company.
1693
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Federal Bake Shops, pref. (guar.)
184. Oct. 1 Holders of rec. Sept. 9
•750 Oct. 1 'Holders of rec. Sept. 20
Feral Screw Works (guar.)
F /lene's(William) Sons Co.pref.(au.) *3 1.6234 Oct. 1 'Holders of rec. Sept. 18
*2
Oct. 1 'Holders of rec. Sept. 14
Fl caudal Invest., Ltd
First Investors Co. of N. H.(gust.).... '760. Oct. 1 Holders of rec. Sept. 16
"1254c Oct. I Holders of rec. Sept. 16
Extra
40c. Oct. 1 Holders of rec. Sept. 16
Foremost Dairy Products prof. (gust.)...
50c. Oct. 15 Holders of rec. Oct. 1
Foremost Fabrics (guar.)
•560. Oct. 1 *Holders of me. Sept. 14
Formica Insulation common (extra)._
Founders Holding Co., Inc.(in stock).. "e254 Oct. 1 *Holders of rec. Sept. 20
25e. Oct. 1 Holders of rec. Sept. 20
Fraser Companies, Ltd. (guar.)
$2
Sept.30 Holders of rec. Sept. 21
General Baking Co. pref.(guar.)
$1.50 Oct. 1 Holders of rec. Sept. 140
General Mills, Inc., pref.(guar.)
'62340 Oct. 1 'Holders of rec. Sept. 16
General Printing Ink, corn. (guar.)
•$1.50 Oct. 1 'Holders of rec. Sept. 16
Preferred (guar.)
8754c Oct. 1 Holders of rec. Sept, 14
Gilbert(A. C.) Co., pref.(guar.)
"S2.50 Sept. 20 *Holders of rec. Sept. 10
Glen Alden Coal (guar.)
•89c. Oct. 1 *Holders of rec. Sept. 20
Globe Financial (guar.)
•3754c Oct. 1 *Holders of rec. Sept. 14
Goldblatt Bros. (guar.)
•$1.75 Oct. 1 'Holders of rec. Sept. 20
Goodyear Textile Mills(guar.)
Goodyear Tire & Rubb. of Calif.(gu.) •$1.75 Oct. 1 *Holders of rec. Sept. 20
•760. Oct. 1 *Holders of rec. Sept. 20
Gorton Pew Fisheries (guar.)
Oct. 1 *Holders of rec. Sept.20
*2
Goulds Pumps common (guar.)
•I% Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
•250. Oct. 15 "Holders of rec. Oct. 10
Ground Gripper Shoe corn. (guar.)
*250. Oct. 15 "Holders of rec. Oct. 10
Common (extra)
•760. Oct. 15 *Holders of rec. Oct. 10
Preferred (guar.)
Guardian Invest. Corp.$7 1st pf.(gu.).. $1.75 Oct. 1 Holders of rec. Sept. 16
$1.50 Oct. 1 Holders of rec. Sept. 16
26 first preferred (guar.)
750. Oct. 1 Holders of rec. Sept. 16
$3 second preferred (guar.)
'3734c Oct. 1 *Holders of rec. Sept. 20
Gulf 011 Corp.(guar.)
•154 Oct. 1 'Holders of rec. Sept. 21
Hahn Dept. Stores prof. (guar.)
•154 Oct. 1 *Holders of rec. Sept. 20
Hammermill Paper pref. (guar.)
•55c. Oct. 1 *Holders of rec. Sept. 17
Hazel Atlas Glass (guar.)
•260. Oct. 1 'Holders of rec. Sept. 17
Extra
*460. Oct. 1 *Holders of rec. Sept. 20
Hercules Motors ((Mar.)
"250. Sept.30 *Holders of rec. Sept. 13
Holly 011(guar.)
50c. Sept. 25 Holders of rec. Sept. 20
Homestake Mining (monthly)
760. Oct. 15 Holders of rec. Oct. la
Household Finance Corp. panic. pf.(qu.)
Oct. 15 Holders of rec. Oct. la
10
Participating preference (extra)
•260. Oct. 1 *Holders of rec. Sept. 20
Hunts, Ltd., class A & B (guar.)
Oct. 1 *Holders of rec. Sept. 20
*81
Hydraulic Brake (guar.)
*e20 Oct. 1 *Holders of rec. Sept. 21
Stock dividend
250. Oct. 1 Holders of rec. Sept. 10
Hygrade Lamp Co., common (guar.)._
81.825 Oct. 1 Holders of rec. Sept. 10
(gum.)
Preferred
$6.50
Income Oil & Royalty-Dividend °mitt° ci.
Oct. 1 *Holders of rec. Sept. 23
.$1
Independent Pneumatic Tool (guar.)
Industrial Acceptance Corp. 1st pf. (gu.)'$1.7 50ct. 1 *Holders of rec. Sept. 20
.22
Oct. 1 *Holders of rec. Sept. 20
Second preferred (guar.)
334 Oct. 1 Holders of rec. Sept. 6
Insurance Securities Co
81.50 Oct. 1 Holders of rec. Sept. 11
Interlake Steamship (guar.)
800. Oct. 15 Holders of rec. Sept. 25a
International Match corn. & pf. (guar.).
154 Nov. 1 Holders of rec. Sept. 23
International Nickel of Can. pref. (gu.)_
International Paper, 7% pref. (guar.)- 134 Oct. 15 Holders of rec. Sept. 25
134 Oct. 15 Holders of rec. Sept. 25
6% Preferred (guar.)
154 Oct. 15 Holders of rec. Sept. 25a
Internat. Paper & Power 6% pf. (dar)-154 Oct. 15 Holders of rec. Sept.125a
7% preferred (guar.)
International Products, pref. (guar.).. h$1.50 Sept.30 Holders of rec. Sept. 14
Interstate Dept. Stores, Inc,. corn. (gu.) *50c. Oct. 1 *Holders of rec. Sept. 23
450. Oct. 1 Holders of rec. Sept. 16
Interstate Hosiery Mills (guar.)
•30c. Oct. 15 'Holders of rec. Sept. 30
Interstate Iron & Steel new corn. (gu.)
$1
Oct. 1 Holders of rec. Sept. 19
Island Creek Coal common (guar.)
$1.50 Oct. I Holders of rec. Sept. 19
Preferred (guar.)
760. Oct. 1 Holders of rec. Sept. 15
Jonas & Naumberg Corp. $3 pf.(guar.).
Jones, McDuffee & Stratton Corp.-Divi dend o mitted.
Kalamazoo Stove, common (guar.)_ _ _• 81.125 Oct. I *Holders of rec. Sept. 20
Common (payable in common stock)_ '11)4 Oct. 1 *Holders of rec. Sept. 20
Kaufmann Dept. Stores, common (au.). 3754c. Oct. 28 Holders of rec. Oct. 10
Keith-Albee-Orpheum Co.,pref.(gust.).•$1.75 Oct. 1 *Holders of rec. Sept. 21
(I) Oct. 15 Holders of rec. Aug. 31
Kent Garage Investing Corp. pref
150. Sept. 25 Holders of rec. Sept. 9
Kentucky Cash Credit Corp. corn.(qu.)15c. Sept.25 Holders of rec. Sept. 9
Preferred (gum.)
Sept.25 Holders of rec. Sept. 9
150.
(extra)
Preferred
'30c. Oct. 1 *Holders of rec. Sept. 16
Kirsch Co., common (guar.)
'5•60c. Oct. 15 Holders of rec. Sept. 30
Knott Corp., common (guar.)
50c. Oct. 1 Holders of rec. Sept. 16
Lane Bryant. Inc., common (guar.).-_ •500. Oct. 1 'Holders of rec. Sept. 15
Lane Drug Stores pref.(guar.)
•575e.
Nov. 1 *Holders Of reC. Nov. 5
Landis Machine (guar.)
Lanston MonotyPe Machine (guar.).- - •51,50 Nov. 20 *Holders of rec. Oct. 30
Oct. 1 Holders of rec. Sept. 20a
3
Lawyers Title & Guaranty Co.(guar.)
Lehigh Portland Cement, corn.(guar.)._ •6254c Nov. 1 *Holders of rec. Oct. 14
•50c. Sept.30 *Holders of rec. Sept. 18
Liberty Shares Corp.(guar.)(Ho. 1)_
•e2
Sept. 30 'Holders of rec. Sept. 10
Stock dividend
Stock dividend
Stock dividend
•**
:1 54
1 34)
31'
*Holders of rec. Sept. 20
Linde Air Products, prof. (guar.)
"81.75 Oct. 1 *Holders of rec. Sept. 20
Los Angeles Investment (guar.)
15
Oct.
*Holders
•550.
(guar.)
of rec. Oct. 1
pref.
Co..
C.)
Mahon R.
154 Oct. 1 "Holders of rec. Sept. 19
Marion Steam Shovel. prof. (guar.).- '
Marlin-Rockwell Co., corn. (gust.)... *50c. Oct. 1 'Holders of rec. Sept. 20
•760. Oct. 1 "Holders of rec. Sept. 20
Common (extra)
$1.75 Oct. 1 Holders of rec. Sept. 20
Martel Mills, Inc., pref. (guar.)
150. Sept.25 Holders of rec. Sept. 9
Maryland Cash Credit Corp., corn.(qu.)
Preferred (guar.)
150.
Preferred (guar.)
'It. Sept. 25 *Holders of rec. Sept. 13
Mascot 011 (monthly)
Holders of rec. Sept. 15
25c. Oct.
Maud Muller Candy Co.(g111tr.)
•81
Nov. 'Holders of rec. Oct. 20
McCall Corp.(guar.)
Holders of rec. Sept. 23
760. Oct.
McCord Radiator Mfg., class A (guar.).
Holders of rec. Sept. 20
50c. Oct.
McGraw-Hill Publishing, corn. (au.)
'Holders
Oct.
"81.50
of rec. Sept. 25
Medusa Portland Cement (guar.)
*Holders of rec. Sept. 25
•154 Oct.
Preferred (guar.)(No. I)
Holders of rec. Sept. 17
SI Oct.
Merck Corp., preferred (guar.)
$1 Jan 2'30 Holders of rec. Dec. 17
Quarterly
81.25 Sept. 30 Holders of rec. Sept. 14
Merrimac Chemical (guar.)
Oct. 19 'Holders of rec. Oct. 1
•82540
Michigan Steel, corn. (guar.)
•543e. Oct. 19 "Holders of rec. Oct. 1
Common (extra)
Milgrim (H.) & Bros., Inc., pref.(gu.)._ $1.75 Oct. I Holders of rec. Sept. 170
•260. Oct. 1 *Holders of rec. Sept. 16
M ilnor. Inc. (guar.)
1 yjc. Sept. 10 Holders of rec. Aug. 31
Monarch Royalty Corp., pref
Sept. 10 Holders of rec. Aug. 31
1254c.
Preferred class A
3794c Oct. 1 Holders of rec. Sept. 14
Monroe Chemical, com. (guar.)
Oct. 1 Holders of rec. Sept. 14
8754c
Preferred (guar.)
Motion Picture Capital Corp., pref _ _
Sept. 10
rec•
Murray Corp. of Amer. (guar.)
rec:
e
Oct. 15 Holders of rec. Sept.
eH
Stock dividend
16
*F°Iolders oret.
National Battery. prof. (guar.)
Oct.o
o m Se1 pt.
National Cash Credit Assn., corn. (gu.)
Holder, of roe.
Corn. (stock div. 3-100ths of a sh.)_ _ _
of rot. Sept.
Preferred (guar.)
200. Oct. 1 Holders of rec.
Preferred (extra)
Sept. 9
Prof. (stock div. 3-100th sh. pf. stk.). (I) Oct. 1 Holders of rec. Sept. 9
134 Sept. 30 Holders of rec. Sept. 16
National Licorice Prof. (guar.)
:
2
72ro.. 0
1
National Refining, pref.(guar.)
Sept...
National Standard Co.common (gu.)..
Common (extra)
26c. Sept.30
quar
pf.
.6%.(
%
croC
ao
upype
.C
Nev
wad
soRe
bea
rry
C
(
o.inmI
of tee
m.. Se
oopt
f..
•1% Nov. 1:
H
Ho
plIders
ts oft tee
ree.
. spt
Oct. 16
0
Wit Nov..
'Holders
6% preferred
(a2
16
N.Y. petroleum Royalty (guar)
N. Y. Realty &
of
4t4
ic OeeP
NipmsIng Mines Man/ pref.WI"
tt
..N
L
ett
im .)
ar Corp. corn. MU.)_ 6254c Oct. 1 Holders of
eric
(a
gn
md
Noprt
rehreAnv
•81.50 Oct. 1 'Holders of rec. Sept. 20
North Amer. Creameries class A (gu.)
*360. Oct. 1 'Holders of rec. Sept. 20
rec. Sept. 16
North American Oil Comol.(monthly).. •10c. Oct.I 'Holders
of rec. Sept. 20
Northwest Bancorporation (guar.)
'Holders of
ft rec.
1
21
0
Northwestern Yeast (guar.)
Sept. 1 Mo
ollcl'Holderso
.roe.
_
Novadel-Agene Corp., corn. (guar.)
roe.
Preferred (quar.)
*154 Oct. 1 *Holders of
rec. Sept. 23
rel,t.12zoligeer.ra 01 roc:Sept.
e
• 425 Oct.et 1°5 'Irolgeorsr. of
01..
mH000llieeers: 0.1 recree... 221
:11°.= I::
`•
.
E
1694
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Noyes(Chas. F.) Co.. Inc.Common (guar.)(No. 1)
"45c. Sept. 11
Occidental Petroleum Corp
*50c. Sept.30 *Holders of rec. Sept.20
Ohio Confection class A (guar.)
3734c Sept. 15 Holders of rec. Sept. 5
Ontario Mfg. common (guar.)
*75e. Oct. 1 *Holders of rec. Sept. 20
Orpheum Circuit, Inc., pref.(quar.)---- *52
Oct. 1 'Holders of rec. Sept. 21
Oswego Rayon pref. (guar.)
51.75 Oct. 1 Holders of rec. Sept. 14
Pacific Factors Inc. com.(guar.)
*10c. Oct. 1 *Holders of rec. Sept. 30
Preferred (guar.)
*40e. Oct. 1 *Holders of rec. Sept. 30
Packard Motor Car (for period from
*15c. Oct. 31 *Holders of rec. Oct. 11
close of old fiscal year, Aug.31, to be*150. Dec. 30 'Holders of rec. Dec. 12
ginnIng of new fiscal year. Jan. 1 1930
Park Utah Consol. Mines-Dividends au spende d.
Penick dr. Ford Co. pref. (guar.)
'134 Oct. 1 *Holders of rec. Sept. 20
Penney (J. C.) Co. pref.(guar.)
1Si Sept. 30 Holders of rec. Sept. 20
Philadelphia Inquirer pref. (guar.)
'750. Oct. 1 *Holders of rec. Sept. 20
Philip Morris & Co., Ltd., Inc.. corn.(clu)
250. Oct. 15 Holders of rec. Oct. 2
Pittsburgh Screw & Bolt (guar.)
*35c. Oct. 15 *Holders of rec. Sept. 25
Premier Gold Mining
60. Oct. 3 Holders of rec. Sept. 12
Procter & Gamble 8% Pref. (guar.)
*2
Oct. 15 *Holders of rec. Sept. 25
Pro-phy-lac-tic Brush common (quar.)..
50c. Oct. 15 Holders of me. Sept. 30
Rath Packing com. guar.)(No. 1)
'50c. Oct. 1 *Holders of rec. Sept. 20
Reliable Stores (stock dlv. 5-400ths sh.)- (e) Oct. 1 *Holders of rec. Sept. 16
Ross Gear & Tool, corn.(guar.)
'750. Oct. 1 "Holders of rec. Sept. 20
Royal Baking Powder, corn.(guar)*250. Oct. 1 *Holders of rec. Sept. 21
Preferred (guar-)
"134 Oct. 1 Holders of rec. Sept. 21
Safety Car Heat & Ltg., (guar.)
"2 Oct. 1 'Holders of rec. Sept. 14
St. Louis Nat. Stock Yards, com.(qu.). '2
Oct. 1 *Holders of rec. Sept. 21
Schletter & Zander, Inc., corn. (quar.)._ *3734c Sent.30 *Holders of rec. Sept. 16
Common (extra)
'1234c Sept. 30'Holders of rec. Sept. 16
Schoenemann (J.), Inc., 1st pf. (qu.) -134 Oct. 1 Holders of rec. Sept. 15
Seaboard Utilities
*1234c Oct. 1 *Holders of rec. Sept. 16
Second Founders Share Corp
*1234c Oct. 1 *Holders of rec. Sept. 20
Stock dividend
'l• Oct 1 *Holders of rec. Sept. 20
Second Internat. Sec. Corp., corn. A(qu) 50c. Oct. 1 Holders of rec. Sept. 14
6% first preferred (guar.)
750. Oct. I Holders of rec. Sept. 14
6% second preferred (guar.)
750. Oct. 1 Holders of rec. Sept. 14
Sefton klfg. pref.(guar.)
"1M Oct. I 'Holders of rec. Sept. 21
Selected Industries, Inc.(guar.)
1.3734 Oct. 1 Holders of rec. Sent. 156
Shattuck (F. G.) Co., new com.(au.)--- *250. Oct. 10 *Holders of reo. Sept.20
Sherwin-Wms. Co.. Canada, com. (qu.)
40c. Sept.30 Holders of rec. Sept. 15
Comtnon (extra)
Sc. Sept. 30 Holders of rec. Sept. 15
Preferred (Qum%)
134 Sept. 30 Holders of rec. Sept. 15
Shreveport El Dorado Pipe Line (qu.) _ _ *50c. Oct. 1 *Holders of rec. Sept. 20
Silver King Coalition Mining (quar.)--- "25c. Oct. 1 *Holders of rec. Sept. 20
Singer Manufacturing (guar.)
*2)4 Sept. 30 *Holders of rec. Sept. 10
Extra
*334 Sept. 30 *Holders of rec. Sept. 10
skenandoa Rayon (Zap., pref. (gu.)_- - 51.75 Oct. 1 Holders of rec. Sept. 14
Southern Acid & Sulphur
"750. Sept. 15 "Holders of rec. Sept. 10
Southwest Dairy Products. pt (qu.)
131 Oct. 1 Holders of rec. Sept. 20
Southwestern Engineering pref. (guar.). *50c. Oct. 1 *Holders of rec. Sept. 21
Standard Brands, Inc., com. (guar.)--- '3734c Oct. 1 *Holders of rec. Sept. 23
$7 preferred (guar.)
.$1.75 Oct. 1 Holders of rec. Sept. 23
Standard Dredging, cono. pref. (qu.).
*50c. Oct. 1 *Holders of rec. Sept. 15
Standard Holding Corp. (quar)
3734c. Oct. 1 Holders of rec. Sept. 150
Standard Screw, corn. (quar.)
Oct. 1 Holders of rec. Sept. 11
2
Standard Steel Spring, com.(guar.)---- *El
Sept. 30 Holders of rec. Sept. 20
State Title & Mtge. com.(guar.)
"$2.50 Oct. 1 Holders of rec. Sept. 17
Steinite Radio (Stock dividend)
234
Strawbridge & Clothier 7% pf.(gu.)---- *13.1 Oct. 1 *Holders of rec. Sept. 16
Swartwout Co. (quar.)
20c. Oct. 1 Holders of rec. Sept. 20
Taylor Milling common (guar.)
6234c Oct. 1 Holders of rec. Sept. 13
Thompson(John R.)(.monthly)
"300. Oct. 1 'Holders of rec. Sept. 23
Monthly
•30c Nov 1 "Holders of rec. Oct. 23
Monthly
•300. Dec. 2'Holders of rec. Nov. 22
Thompson Products common (guar.)--- *30c. Oct. 1 *Holders of rec. Sept. 20
Common (extra)
•300. Oct. I *Holders of rec. Sept. 20
Preferred (guar.)
*131 Dec. 1 *Holders of rec. Nov. 20
Timken Detroit Axle common (guar.)--- •150. Oct. 1 "Holders of rec. Sept. 2
Common (extra)
'Sc. Oct. 1 *Holders of rec. Sept. 2
Torrington Co. (guar.)
'750. Oct. 1 *Holders of rec. Sept. 19
'Traveler Shoe(guar)
'3734c Oct. 1 "Holders of rec. Sept. 25
TM-Continental Corp. pref.(guar.)
*114 Oct. 1 *Holders of rec. Sept. 13
Tr -National Trading Corp. corn.(qu.)300. Oct. 8 Holders of rec. Sept. 21
Preferred (quar.)
$1.50 Oct. 8 Holders of rec. Sept. 21
Troy Sunshade common (guar.)
•50c. Oct. 1
Common (extra)
"25c. Oct. 1
Preferred (guar.)
•13,
1 Oct. 1
Twenty Wacker Drive Bldg.Corp.(Chic.)
Preferred (guar.)
•51.50 Oct. 1'Holders of rec. Sept. 30
Unit Corp. preference (guar.)
500. Oct. 1 Holders of rec. Sept. 20
United Business Publishers pref. (au).... '134 Oct. 1 *Holders of rec. Sept. 21
UnitedShoe Machinery com. (guar.)-- - 6234c Oct. 5 Holders of rec. Sept. 17
Common (extra)
Oct. 5 Holders of rec. Sept. 17
51
Preferred (guar.)
3734c Oct. 5 Holders of rec. Sept. 17
United States Lumber (guar.)
•$1.50 Oct. I *Holders of rec. Sept. 20
United States Securities Investment
150. Oct. 1 Holders of rec. Sept. 16
United Verde,Exten. Mining (guar.)Nov. 1 'Holders of rec. Oct. 2
*$1.
Universal Pictures let pref.(guar)
Oct. 1 Holders of rec. Sept. 14
2
Upson Co. pref. (guar.)
"1M Oct. 1 'Holders of rec. Sept. 15
Utah Copper Co.(guar.)
Sept. 30 Holders of rec. Sept. 18
$4
Vortex MM.common (guar.)
*3734c Oct. 1 *Holders of rec. Sept. 20
Class A (No. 1)
"3131c Oct. 1 *Holders of rec. Sept. 20
Wahl Co. pref. (acct. accum. dive.)
"h1.31 Oct. 1 *Holders of rec. Sept. 10
Webster Elsenjohr, Inc., pref.(guar.)--- '134 Oct. 1 *Holders of rec. Sept. 20
Wentworth Radio & Auto Sup. pf.(qu.)- "I.M Sept. 15
West Coast Oil pref.(guar.)
'81.50 Ocf 5 'Holders of rec. Sept. 25
Preferred (extra)
(13
Oct. 5'Holders of rec. Sept. 25
Western Canada Flour Mills com.(qu.)- *350. Sept. 15 'Holders of rec. Aug. 31
Preferred (guar.)
*1M Sept. 15 *Holders of rec. Aug. 31
Western Electric Co.(guar.)
Sept.30 *Holders of rec. Sept. 25
*1
Western Exploration (guar.)
'2)4 Sept. 20'Holders of rec. Sept. 15
Weston Electrical Instrurn't cl. A (g11.)- *50c. Oct. 1 *Holders of rec. Sept. 19
Wheatsworth. Inc., common (guar.)- 250. Oct. 1 Holders of rec. Sept. 20
Whitaker Paper corn. (guar.)
*51.25 Oct. I Holders of rec. Sept. 20
Preferred (guar.)
'134 Oct. 1 *Holders of rec. Sept. 20
White Eagle Oil & Retg.(guar)
*50c. Oct. 21 *Holders of rec. Sept. 30
Wilcox-Rich Corp. class A (guar.)
'6234c Oct. 1 'Holders of rec. Sept. 20
Class B (guar.)
*50c. Oct. 1 *Holders of rec. Sept. 20
Williams Tool pref.(guar.)
Oct. 1 *Holders of rec. Sept. 20
'2
Woodruff & Edwards Corp. cl. A (qu.).. "50c. Oct. 1 'Holders of rec. Sept. 20
WorcesterSalt (guar.)
•134 Sept. 30 'Holders of rec. Sept. 28
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these ebing given in the preceding table.
Books Closed
Per When
' Name of Company.
Days Inclusive.
Coml. Parable.
' Railroads (Steam).
Akron Canton & Youngstown
Oct. 1 *Holders of rec. Sept. 14
(quar.)--- *4
Alabama & Vicksburg
Oct. 1 Holders of reo. Sept. 130
3
Bangor dr Aroostook, com.(quar.)
Oct. 1 Holders of roe. Aug. 31a
880.
Preferred (quar.)
131 Oct. 1 Holders of rect. Aug. 81a
Beech Creek (guar.)
50c. Oct. 1 Holders of rec. Sept. 166
Boston dr Albany (guar.)
2H
2
Sept. 30 Holders of rec. Aug. 31
Canadian Pacific common (guar.)
Oct. 1 Holders of rec. Aug. 306
Preference
Oct. 1 Holders of rec. Aug. 30
2
Chesapeake Corporation (guar.)
750. Oct. 1 Holders of rec. Sept. 60
Chesapeake dr Ohio, com. (guar.)
234 Oct. 1 Holders of rec. Sept. 60
Preferred
331 Jan 1'30 Holders of rec. Dec. 60
Chic. R. I. & Pacific, corn. (User.)
134 Sept. 30 Holders of reo. Sept.
Consolidated RR.'s of Cuba, pref. (qu.)_
134 Oct. 1 Holders of rec. Sept. 10a
Cuba RR., com. (guar.)
81.20 Sept. 27 Holders of rec. Sept. 27a
Preferred
Feb110 Holders of reo. Jan. 150
$
Delaware & Hudson Co.(guar.)
235 Sept.20 Holders of rec. Aug. 280
Erie RR.. first & second pref
2 Dec. 81 Holders of roe. Dec. 16a
[VOL. 129.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam) (Concluded).
Gulf Mobile & Nor., pref. (guar.)
Hocking Valley, com.((War.)
Lehigh Valley, corn. (guar.)
Preferred (quar.)
Maine Central. corn. (guar.)
Mo.-Kansas-Texas. Pref. (guar.)
Missouri Pacific. pref. (quar.)
N.Y.Chic. dr St. Louis. com.& pref.(qu)
N. Y. Lackawanna dr West (guar.)
N. Y., New Haven & Hart., COM.(qu.)_
Preferred (guar.)
Norfolk & Western. corn.(quar.)
Northern Pacific (guar.)
Old Colony (guar.)
Pennsylvania RR.(Oiler.)
Pere Marquette, corn. (guar.)
Pref. and prior preference (quar.)
Pittsburgh dr West Va. com.(quar.)__
Reading Co., second pref.(guar.)
St. Joseph So. Bend & Sou. common
Preferred
Eit. Louts-San Fran., corn. (quar.)
Preferred (guar.)
St. Louis Southwestern, pref.(quar.)_
Southern Pacific Co.(guar.)
Texas & Pacific, corn, and pref. (quar.)
Union Pacific, corn. (guar.)
Preferred
Vicksburg, Shreveport & PacificCommon and preferred
134 Oct. 1
2)4 Sept. 30
87M c Oct. 1
$1.25 Oct. 1
Oct. 1
1
Sept.30
1% Oct. 1
134 Oct. 1
1% Oct. 1
1)4 Oct. 1
Oct. 1
2
Sept.19
g Nov 1
•131 Oct. 1
Aug. 31
51
134 Sept. 30
1.3( Nov. 1
134 Oct. 31
500. Oct. 10
34 Sept. 16
2)4 Sept. 16
Oct. 1
2
134 Nov. 1
13‘ Sept. 30
134 Oct. 1
134 Sept.30
234 Oct. 1
2
Oct. 1
Holders of rec. Sept. 16a
Holders of rec. Sept. fla
Holders of rec. Sept. Ida
Holders of rec. Sept. 19a
Holders of rec. Sept. 16
Holders of rec. Sept. 140
Holders of rec. Sept. 60
Holders of rec. Aug. 15a
Holders of rec. Sept. I4a
Holders of rec. Sept. 60
Holders of rec. Sept. 136
Holders of rec. Aug. 810
Holders of rec. Sept. 30a
Holders of rec. Sept. 14
Holders of rec. Aug. la
Holders of rec. Sept. 6.
Holders of rec. Oct. 4a
Holders of rec. Oct. 15a
Holders of reo. Sept. 19a
Sept. 11 to Sept. 15
Sept. 11 to Sept. 15
Holders of reo. Sept. 30
Holders of re°. Oct. ls
Holders of rec. Sept. 140
Holders of roe. Aug. 266
Holders of rec. Sept.14a
Holders of rec. Sept. 3a
Holders of rec. Sept. 36
131
234 Oct.
/
1 Holders of rec. Sept. 60.,
Public Utilities.
American Commonwealths PowerCorn. el. A &B(1-4O share el. A stock) (r) Oct. 15 Holders of roe. Oct. 1
Amer. Electric Power. $7 pref. (quar.)
31
$1.75 Sept. 15 Holders of ree.
Amer.& Foreign Power $7 pref. (guar.). $1.75 Oct. 1 Holders of rec. Sea.
Aug. lea
$6 preferred (guar.)
$1.50 Oct. 1 Holders of me. Sept. 196
Second pref. series A (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 160
Amer. Power & Light $6 pref.(guar.)... $1.50 Oct. 1 Holders of roe. Sept. 190
$5 preferred (guar.)
750, Oct. 1 Holders of rec. Sept. lta
Amer. Public Utilities. Dr. pf.(guar.)$1.75 Oct. 1 Holders of rec. Sept. 14
Participating prof. (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 14
Amer. Telp. & Teleg. (guar.)
234 Oct. 15 Holders of roe. Sept.20a
Amer. Water Works & Elec.$6 first preferred (guar.)
$1.50 Oct. 1 Holders of roe. Sept.120
Arizona Edison, $6.50 pref. (quar.)___'51.6234 Oct. 1 Holders of rec. Sept.27
Arkansas Natural Gas, pref. (guar.)._ •15c. Oct. 1 Holders of rec. Sept.20
Associated Gas & Elec. orlg. pfd. (Q11.) .8734c Oct. 1 Holders of rec. AUg. 31
$7 preferred (guar.)
•$1.75 Oct. 1 Holders of fee. Aug. 31
$5 preferred (guar.)
$1.25 Sept.14 Holders of rec. Aug. 15
Associated Telep. & Teleg., pref. (qtr.)- - *13( Oct. 1 Holders of rec. Sept. 16
Six per cent preferred (guar.)
"13i Oct. 1 Holders of rec. Sept. 16
Associated Telep. Utilities, corn. (guar.) •25c. Oct. 15 Holders of reo. Sept.30
Common (payable In corn. stock)--•123i Oct. 15 Holders of ree. Sept.30
Bangor Hydro-Elec. 7% pref. (quar.)-Oct. 1 Holders of rec. Sept. 10
•144 Oct. 1 Holders of rec. Sept. 10
6% preferred (quar.)
Bell Telephone of Canada (guar.)
2
Oct. 15 Holders of rec. Sept. 23
Bell Telep. of Pa. pref.(guar.)
134 Oct. 15 Holders of rec. Sept. 200
Birmingham Water Wks..8% pref.(qu.) *134 Sept. 16 Holders of roe. Sept. 2
Boston Elevated Fly.. com. (quar.)
134 Oct. 1 Holders of rec. Sept. 10
Second preferred
334 Oct. 1 Holders of me. Sept. 10
Braaten Tr., L. & Pow. pref. (quar.).
134 Oct. 1 Holders of rec. Sept. 16
British Columbia Power class A (guar.).
500. Oct. 15 Holders of reo. Sept. 20
Brooklyn-Manhattan Transit Corp.
Oct. 15 Holders of roe. Oct. 15
Preferred, series A (Guar.)
51.50 ran1510 Holders of roe. Dee, 315
Preferred, series A (guar.)
Preferred, series A (guar.)
$1.50 Apr15'30 Hold, of reo. Apr. 1 '30a
Brooklyn Union Gas (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 3a
Butler Water Works, Sat pref. (quar.)-- •131 Sept. 16 Holders of rec. Sept. 2
California-Oregon Power,7% pf.(guar.) 134 Oct. 15 Holders of rec. Sept. 30
134 Oct. 15 Holders of rec. Sept.30
6% preferred (quar.)
Canada Northern Power (quar.)(No. 1)
150. Oct. 25 Holders of rec. Sept. 30
Central Illinois Pub. Sec. pref. (quar.)-- •51.50 Oct. 15 Holders of rec. Sept. 3
Central Public Service, class A (guar.)- - (u) Sept. 15 Holders of roe. Aug. 2
Cent. States Elec. Corp., corn.(quar.)_ _
100. Oct. 1 Holders of rec. Sept.
Corn.(payable in corn.stock)
JIM Oct. 1 Holders of roc. Sept.
7% pref. issue of 1912 (guar.)
134 Oct. 1 Holders of roe. Sept.
134 Oct. 1 Holders of rec. Sept.
6% Preferred (guar.)
Cony. pref. opt,series of 1928(qu.)
(m) Oct. 1 Holders of reo. Sept.
Cony. pref. opt,series of 1929(qu.)_
(m) Oct. 1 Holders of rec. Sept.
Central States Pow.& L.. $7 pref. (all.) $1.75 Oct. 1 Holders of rec. Sept. 1
Central States Utilities. $7 pref. (guar.) $1.75 Oct. 1 Holders of rec. Sept. 1
Chic. North Shore & Milw., pr. lien(TM) •131 Oct. 1 *Holders of rec. Sept. 1
Preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept. 1
ChIC. Rapid Tran., pr. pref. A (mthly.) *650. Oct. 1 *Holders of rec. Sept. 1
Prior prof., series A (monthly)
•650. Nov. 1 *Holders of rec. Oct. 1
Prior Prof., series A (monthly)
*650. Dec. 1 *Holders of rec. Nov. 1
Prior pref., series B (monthly)
*600. Oct. 1 *Holders of rec. Sept. 1
Prior pref., series B (monthly)
•600. Nov. 1 *Holders of rec. Oct. 1
Prior pref. series B (monthly)
•60c. Dec. 1 *Holders of rec. Nov. 1
$1.50 Oct. 1 Holders of rec. Sept. 1
Cleveland Railway. com. (guar.)
Coast Counties G.& E. let pref. (qu.)... 134 Sept. 16 Holders of rec. Aug. 2
Second preferred (User.)
134 Sept. 16 Holders of rec. Aug. 2
Columbus Elec. <lc Power, COM. (quar.).. *50c Oct. 1 *Holders of reo. Sept. 1
7% preferred, series B (guar.)
*131 Oct. 1 *Holders of rec. Sept. 1
•i% Oct. 1 *Holders of rec. Sept. 1
634% Preferred series C (guar.)
Commonwealth Utilities, com. B
25c. Oct. 1 Holders of rec. Sept.30
Connecticut Elec. Service, com.(guar.)* 6230. Oct. 1 *Holders of rec. Sept. 15
*El
Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
Cons'd Gas ELL. &Pow.Balt.com(quar.) *750. Oct. 1 *Holders of roe. Sept. 14
5% Preferred series A (quar.)
'134 Oct. 1 *Holders of rec. Sept. 14
534% preferred, series E (guar.)
*134 Oct. 1 *Holders of rec. Sept. 14
6% preferred, series D (guar.)
'1)4 Oct. 1 *Holders of rec. Sept. 14
75c. Sept.16 Holders of rec. Aug. fla
Consolidated Gas of N.Y.,com.(qual.)..
$1.25 Oct. 1 Holders of roe. Sept.14
Consumers Power. $5 pref.(guar.)
134 Oct. 1 Holders of nee. Sept. 14
5% Prof.(quer.)
$1.55 Oct. 1 Holders of ree. Sept. 14
6.6% Preferred (quar.)
134 Oct. 1 Holders of roe. Sept.14
7% Pref. (quar.)
500. Oct. 1 Holders of roe. Sept.14
5% pref. (monthly)
550. Oct. 1 Holders of roe. Sept.14
6.6% preferred (monthly)
Continental Gas & Elec.. com.(quar.)-- 21.10 Oct. 1 Holders of rec. Sept. 120
134 Oct. 1 Holders of rec. Sept. 120
Prior preference (guar.)
2
Sept. 30 Holders of nee. Sept. 156
Cuban Telephone, com. (guar.)
2
Sept. 30 Holders of rec. Sept. 156
Preferred (guar.)
75c. Oct. 1 Holders of rec. Sept. 150
Denver Tramway, pref. (guar.)
Detroit Edison Co.(quar,)
2
Oct. 15 Holders of rec. Sept.20
134 Oct. 1 Holders of rec. Sept. 14
Duke Power, corn. (guar.)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 14
Duquesne Light6% lit pref.(Quiz.)
134 Oct. 15 Holders of roe. Sept. 140
Eastern Mass. St. fly., corn. (quar.)- 3734c Oct. 15 Holders of rec. Oct. 1
Adjustment stock (guar.)
51.25 Oct. 1 Holders of rec. Sept. 16
East Kootenay Pow., Ltd., pt. (qu.)_
134 Sept. 16 Holders of reo. Aug. 81
Electric Power & Lt. Prof.(guar.)
$1.75 Oct. 1 Holders of rec. Sept. 1.46
Empire Gas & Fuel,6% pref.(mthly.)
*500. Oct. 1 *Holders of rec. Sept. 14
6.s4% preferred (monthly)
541-do Oct. 1 *Holders of rec. Sent 1.4
7% preferred (monthly)
• 58 1-3c Oct. 1 *Holden of rec. Sept. 14
8% Preferred (monthly)
•66 2-3c Oct. 1 *Holders of roe. Sept. 14
Engineers Public Service, com.(quar.)...
260 Oct. 1 Holders of rec. Aug. 290
Common (1-50th share com. stock).(f) Oct. 1 Holders of rec. Aug. 296
$5 Preferred (guar.)
111.25 Oct. 1 Holders of rec. Aug. 290
85.50 preferred (guar.)
1.3734 Oct. 1 Holders of rec. Aug. 296
Federal Light & Tract, COM.(quar.)
37340 Oct. 1 Holders of rec. Sept. 186
Common (payable in corn. stock)_ _
11
Oct. 1 Holders of rec. Aug. 154
Federal Public Service, pref. (guar.)_ _ _ - *1% Oct. 1 *Holders of rec. Sept, 16
Federal Water Service. $7 pref. (guar.). $1.75 Oct. 1 Holders of rec. Sept. 166
gayi preferred (guar.)
1.623i Oct. 1 Holders of roe. Sept. 166
$1.50 Oct. 1 Holders of rec. Sept. 16a
$6 preferred (guar.)
Florida Power & Light, pref. (quar.)_
134 Oct. 1 Holders of rec. Sept. 12
Galveston-Houston Electric, prof
Sept.16 Holders of rec. Sept. 34
3
Oas Securities, corn. (payable in scrip).._ •g% Oct. 1 *Holders of rec. Sept. 14
Preferred (mthly.)
Oct. 1 *Holders of ree. Sept. 14
SEPT. 14 1929.]
Name of COMPani.
FINANCIAL CHRONICLE
Per
When
Cent. Paralc
Boob Closed
Days Inclusies.
Public Utilities (Continued).
General Gas & Elec., class A (guar.).- y37 55c Oct.
Holders of rec. Sept. 120
Class B (quar.)
Holders of rec. Sept. 120
y3755c Oct.
$8 Preferred (quar.)
Oct.
Holders of rec. Sept. 120
$2
$7 Preferred (guar.)
Holders of rec. Sept. 120
154 Oct.
6% preferred (guar.)
$1.50 Sept. 1
Holders of rec. Aug. 15
Hydro-Electric Secur
25c Sept. I
Holders of rec. Aug. 15
Illinois Bell Telephone (quar.)
Sept.30 •Holders of rec. Sept. 28
Indianapolis Water, pref. A (quar.)
1.51 Oct.
Holders of rec. Sept. 120
Interstate Power, $7 pref. (quar.)
$1.75 Oct.
Holders of rec. Sept. 10
$6 preferred (quar.)
$1.50 Oct.
Holders of rec. Sept. 10
Iowa Pub. Service $7 first pref. (qu.)
$1.75 Oct.
Holders of rec. Sept. 14
$655 first preferred (guar.)
$ li612
Holders of rec. Sept. 14
10
4 Oct.
$6 first preferred (guar.)
Oct.
Holders of roe. Sept. 14
Jersey Central Power dr Light, pref.(qu.)
Oct.
Holders of rec. Sept. 16
6% preferred (quar.)
Holders of rec. Sept. 16
154 Oct.
Kansas City Power & Lt., pref. (quar.)- $1.50 Oct.
Holders of roe. Sept. 140
Kings County Ltg., pref. (quar.)
•$j.75 Oct. *Holders of rec. Sept. 18
Laclede Gas Light, corn. (quer.)
255 Sept. 1 Holders of rec. Sept. 2a
Lone Star Gas, new corn. (qu.)(No. 1).._ .200. Sept. 3 *Holders of rec. Sept. 19
Long Island Lighting, pref. A (quar.)
Holders of rec. Sept. 16
134 Oct.
Preferred series B (quar.)
154 Oct.
Holders of rec. Sept. 16
Louisville Gas dr Elec., corn. A&B (qu.). 4351e. Sept.2 Holders of rec. Aug. 3Ia
Mackay Companies, corn. (guar.)
Holders of rec. Sept. 13
134 Oct.
Preferred (quar.)
1
Oct.
Holders of rec. Sept. 13
Memphis Power & Light.$7 prof.(quar.) $1.75 Oct.
Holders of rec. Sept. 14
$6 preferred (guar.)
$1.50 Oct.
Holders of rec. Sept. 14
Michigan Electric Power,7% Pf. (al.).Holders of rec. Sept. 15
151 Oct.
Six per cent Preferred (guar.)
155 Oct.
Holders of rec. Sept. 15
Middle West Utilities, prior lien (qu.)_. $2 Sept. 1
Holders of rec. Aug. 31
$6 prior lien (no par) (quar.)
$1.50 Sept. 1
Holders of rec. Aug. 31
Monongahela West Penn. Pub. Service.
7% preferred (quar.)
43%0 Oct.
Holders of me. Sept. 14
Mountain States Power, pref. (quar.)- - - 1% Oct.d2 Holders of rec. Sept. 30
Nassau & Suffolk Ltg., pref. (quar.)
1% Oct.
Holders of rec. Sept. 16
Nat.Gas & Elec. Co., $6.50 pfd.(qu.) $ 1.6235 Oct.
Holders of rec. Sept. 20
Nat. Power & Light, $7 pref. (quer.).- - 31.75 Oct.
Holders of rec. Sept. 12
National Public Serv. common A (qu.)
400 Sept. 1
Holders of rec. Aug.
New England Pub. Serv., corn. (quar.)_ .25c Sept.3 *Holders of rec. Sept. 27
15
$7 prior lien, pref. (rill.)
•$1.75 Sept.! *Holders of rec. Aug. 30
New England Telep. & Teleg. (quar.)
Sept.3 Holders of rec. Sept. 10
2
N. Y.& Queens Elec. Light & Pow.,(qu.) *8755c Sept. 1 *Holders of rec.
Sept. 6
New York Steam, 87 pref. (guar.)
51.75 Oct.
Holders of rec. Sept. 1135
$6 preferred (quar.)
$1.50 Oct.
Holders of rec. Sept. 160
New York Telephone, pref. (quar.)___
155 Oct. 1
Holders of rec. Sept. 20
New York Water Service. pref. (quar.) $1.50 Sept. I
Holders of rec. Sept. 5
North American Co (pay eble in COM.stk) f23,4 Oct.
Holders of rec. Sept. ba
Preferred (quar.)
75e Oct.
Holders of rec. Sept. 5a
North Amer. Utility Secur. corn. (quar.) .31.50 Sept.
1 *Holders of rec. Aug. 31
let preferred (quar.)
$1.50
Sept.!
Holders
of rec. Aug. 31
let pref. allot. Ws.(guar.)
$1.50 Sept. 1
Holders of rec. Aug. 31
First Prof. allot. certifs. 76% paid
1.1255
Nor. Ohio Pow.& Lt., 6% pref. (quar.) 1% Sept.! Holders of rec. Aug. 31
Oct.
Holders of roe. Sept. 14
Northern States Power, corn. A (quar.).
$2
Nov.
Holders f rec. Sept. 30
Seven per cent preferred (quar.)
1% Oct. 2 Holders of rec. Sept. 30
Six per cent preferred (quar.)
155 Oct.d2 Holders of rec. Sept. 30
Northport Water Works, pref. (quar.)_ _
Oct.
Holders of rec. Sept. 16
North West Utilities, prior lien pf.(qu.).
51.75
Oct.
Ilolders of rec. Sept. 14
Ohio Bell Telep. pref.(quar.)
1% Oct.
Holders of rec. Sept. 20
Ohio Electric Power, 7% pref. (quar.).
151 Oct.
Holders of rec. Sept. 16
Six per cent preferred (quar.)
155 Oct.
Holders of rec. Sept. 16
Oklahoma Gas & Elec.. Pref. (guar.)._
1% Sept. 1
Holders of rec. Aug. 31
Pacific Tel. & Tel. common (quar.)
1% Sept. 3 Holders of rec. Sept.20a
Preferred (quar.)
155
Holders of rec. Sept. 3Ca
Penn Central Light & Pow., $5 pf. (qu.) $1.25 Oct. 1
Oct.
Holders of rec. Sept. 16a
$2.80 preferred (quar.)
70c. Oct.
Holders of rec. Sept. 16
Pennsylvanla Gas & El. 7% pref.(qu.)
13( Oct.
Holders of rec. Sept. 20
$7 Preferred (quar.)
$1.75 Oct.
Holders of rec. Sept. 20
P5.-Ohio Power & Light $8 pf.(quar.) _
$1.50 Nov.
Holders of roe. Oct. 21
7% Preferred (guar.)
1% Nov.
Holders of rec. Oct. 21
7.2% preferred (monthly)
60e. Oct.
Holders of rec. Sept. 20
7.2% preferred (monthly)
80c. Nov.
Holders of rec. Oct. 21
6.8% preferred (monthly)
55e. Oct.
Holders of rec. Sept. 20
6.6% preferred (monthly)
55c. Nov.
Holders of rec. Oct. 21
Pennsylvania Water & Power (quar.)6235c Oct.
Holders of rec. Sept. 13
Peoples Gas Light & Coke (quar.)
2
Oct. 1
Holders of rec. Oct. 3a
Peoples Light & Power, COM. A (quar.). r6Oc. Oct.
Holders of rec. Sept. 7
Philadelphia Electric (guar.)
50e. Sept.! Holders of rec. Aug. 31
Philadelphia Elec. Power, pref.(quar.)
50e. Oct.
Holders of rec. Sept. 10a
Portland Elec. Power, 1st pt. (quar.).....
155 Oct.
Holders of rec. Sept. 14
Prior preference (guar.)
I% Oct.
Holders of rec. Sept. 14
Porto Rico Telephone, pref
4
Oct.
Holders of rec. Sept. 15a
Postal Teleg. & Cable. pref. (quar.)_
154 Oct.
Power Corp. of Can., corn. (In corn. stk.) (5) Sept.2 Holders of rec. Sept. 130
Holders of rec. Aug. 31
let preferred (quar.)
1 35 Oct. 15
Participating 2nd pref. (In corn. stir). (n) Sept. 25 Holders of rec. Sept. 30
Holders of rec. Aug. 31
Public Serv. Corp. of N. J., corn. (qu.)
650 Sept.30 Holders of rec. Sept.
8% preferred (quar.)
2
Sept.30 Holders of rec. Sept. 60
50
7% preferred (quar.)
134 Sept.30 Holders of rec. Sept.
$5 preferred (qua!'.)
$1.25 Sept.30 Holders of rec. Sept. 60
6% preferred (monthly)
50c. Sept.30 Holders of rec. Sept. 60
Pub. Serv. Elec. & Gas.8% prof.(au.).155 Sept. 30 Holders of rec. Sept. 6a
7% preferred (guar.)
Sept. 30 Holders of rec. Sept. 6a
6a
Public Service of Oklahoma corn.(qu.)
2
Oct.
Sept. 21 to Oct. 1
7% prior lien stock (quar.)
151 Oct.
Sept. 21 to Oct. 1
6% prior lien stock (guar.)
155 Oct.
Sept. 21
to Oct. 1
Puget Sound Power alt Light (quar.)_
•154 Oct.
•Holders of rec. Sept. 20
Radlo Corp. of Amer., prof. A (guar.)._ 8735c.. Oct.
holders of rec. Sept. 2a
Preferred 13 (guar.)
$1.25 Oct.
Holders of rec. Sept. 2a
Savannah Elec. & Pow.,6% pref
3
Oct.
Holders of rec. Sept. 10a
8% debenture (quar.)
Oct.
2
Holders of rec. Sept. 10a
Shawinigan Water & Power (quar.)
50c. Oct. 10 Holders of rec.
17
Southern Calif. Edison, orig. pf. (quar.)
500. Oct. 15 Holders of rec. Sept.
Sept.
535 preferred series C (quar.)
3454c Oct. 15 Holders of rec. Sept. 20
20
Southern Calif. Edison. pref. A tquar.)
4354c Sept. 15 Holders of rec. Aug. 20
Preferred 11 (guar.)
37550. Sept. 15 Holders of rec. Aug. 20
Southern Canada Power. Prof. (guar.)._
I% Oct. 15 Holders of rec. Sept. 20
Southern Colorado Power. Prof.(quar.) _
151 Sept. 18 Holders of rec. Aug. 31
Southwestern Cask El. 8% pf.(qu.)_. *2
Oct. I *Holders of rec. Sept. 15
7% preferred (guar.)
•1U Oct.
*Holders of rec. Sept. 15
Southwestern Power & Light, pref. (mi.)
Oct.
*Holders of rec. Sept. 16
*51.
50
Springfield (Mo.) Gas & Elec., pLA (qu.) $1.75 Oct.
Holders of rec. Sept. 14
Standard Gas & Elec., $4 pref. (quar.)
Sept. 1
Si
Holders of rec. Aug. 310
Tennessee Elec. Pow..5% first pref.(qt1) 151 Oct.
Holders of rec. Sept. 14
6% first preferred (quar.)
155 Oct.
Holders of rec. Sept. 14
7% first preferred (quar.)
134 Oct.
Holders of rec. Sept. 14
7.2% first preferred (guar.)
$1.80 Oct.
Holders of rec. Sept. 14
8% first preferred (monthly)
50e. Oct.
Holders of roe. Sept. 14
7.2% first preferred (monthly)
600. Oct.
Holders of rec. Sept. 14
Texas Louisiana Power pref. (quar.)
134 Oct.
Holders of rec. Sept 016
Twin City Rap.Tr., Minneap.,com.(qu.)
Oct.
Holders of rec. Sept. 130
1
Preferred (guar.)
134 Oct.
Holders of rec. Sept. 130
United Corp., $3 pref. (quar.)
750. Oct.
Holders of rec. Sept. 50
United Gas & Elec. Corp., pref. (guar.).
154 Oct.
Holders of rec.
16
United Gas Impt.,corn.(quar.)
$ 1.1234 Sept.30 Holders of rec. Sept.
Aug. 31a
United Lt.& Pr., new corn. A & B (qu.)_
Holders of rec. Oct. I5a
150. Nov.
Old common A & 11 (quar.)
75e. Oct.
Holders of rec. 'Oct. I5a
$6 preferred (quar.)
$1.50 Oct.
Holders of rec. Sept. 16
United Public Utilities. 56 pref. (quar.)_ $1.75 Oct.
Holders of rec. Sept. 14
Utah Power & Light, $7 pref. (quar.)
$1.75 Oct.
Holders of rec. Sept. 5
$6 preferred (guar.)
$1.50 Oct.
Holders of rec. Sept. 5
Utilities Power dr Light, corn. (quar.) _
125c. Oct.
Holders of rec. Sept. 10
Class A (guar.)
1500. Oct.
Holders of rec. Sept. 10
Class B (guar.)
1254,. Oct.
Holders of rec. Sept. 10
Preferred (quar.)
$1.75 Oct.
Holders of rec. Sept. 10
Virginia Elec. & Power. pref. (guar.)._
151 Sept. 20 Holders of rec. Aug. 300
6% preferred (quar.)
155 Sept. 20 Holders of rec.
Virginia Public Serv., 7% pref. (quer.). 134 Oct. 1 Holders of rec. Aug. 300
Sept. 16
Six per cent pref. (quar.)
154 Oct. 1 Holders of rec. Sept. 18
Western Power Corp., prof. (quar.)
134 Oct. 15 Holders of rec. Sept. 30
Western Power, Light dr Terg., pf. A (qu) •$1.75 Oct. 1 *Holders of rec. Sept. 15
West Penn Elee. Co.. class A (quar.)_.... 151 Sept. 30 Holders of rec. Sept. 17a
134
154
Name of Company.
1695
Per
When
Cent. Payable.
Books Closed
Days Islamise.
Public Utilities (Concluded).
West Penn Rys Co.. pref. (quar.)
134 Sept.16 Holders of rec. Aug. 24
Winnipeg Electric Co., pref. (quar.)__
154 Oct. 1 Holder, of rec. Sept. 6
Wisconsin Public Service. 7% pref. (qu.) 154 Sept.2f) Holders of rec. Aug. 31
655% preferred (quar.)
155 Sept. 20 Holders of rec. Aug. 31
6% preferred (quar.)
135 Sept. 20 Holders of rec. Aug. 31
Banks.
American (Bank of) (guar.)
*$1.25 Sept. 30 *Holders of rec. Sept. 15
Bank of America N. A., and Bancamerica-Blair Corp. (quar.)
5 1.1255 Oct. 1 Holders of rec. Sept. I6a
Chase National Bank and Chase
Securities (quar.)
Oct. 1 Holders of rec. Sept. 11,
$1
Chatham Phenix Nat. Bk & Tr. (quar.)_ 55
Oct. 1 Holders of rec. Sept. 13
Chelsea Exchange (guar.)
6235c Oct. 1 Holders of rec. Sept. 13
Continental (new $10 par stock) (quar.)_
30e. Sept. 15 Holders of rec. Sept.
Fifth Avenue (guar.)
Oct. 1 *Holders of rec. Sept. 30''
*6
Nat. City Bank and Nat. City Co.(qu.)_ 51
Oct. 1 Holders of rec. Sept. 7
Sept. 14 Holders of rec. Sept. 9
Seaboard National (quar.)
4
Sept. 14 Holders of rec. Sept. 9
Extra
5
Trust Companies.
Banes Commerciale Italians Tr. (qu.)
52.50 Oct. 1 Holders of rec. Sept. 14
Bankers(quar.)
755 Oct. 1 Holders of rec. Sept. 9
Sept. 30 Holders of rec. Sept. 14a
Equitable (guar.)
3
5
Septd30 Holders of rec. Sept.013
Guaranty (quar)
4
Oct. 1 Holders of rec. Sept. 3
Irving (quar.)
81.50 Oct. 1 Holders of rec. Sept. 16
Manufacturers (guar.)
•15 Oct. 1 *Holders of rec. Sept. 20
U.S. Trust (quar.)
Fire Insurance.
•e100 Oct. 1 'Holders of rec. Sept. 16
North River (stock dividend)
55c. Oct. 1 Holders of rec. Sept. 14a
Bessie (quar.)
Miscellaneous.
Oct. 1 *Holders of rec. Sept. 20
*51
Acme Steel (guar.)
Nov. 1 *Holders of rec. Oct. 18
•2
Acme Wire, pref. (quar.)
155 Sept. 30 Holders of rec. Sept. 14a
Adams Express, corn. (quar.)
Preferred (guar.)
134 Sept. 30 Holders of rec. Sept. 14a
1% Oct. 1 Holders of rec. Sept. 16
Agnew-Surpass Shoe Stores pref. (qu.)
Dec. 2 *Holders of rec. Nov. 20
"el
Ainsworth Mfg stock div.(quar.)
Marl 30 *Holders of rec. Feb. 20
*et
Stock dividend (quar.)
'el
Jun 230 *Holders of rec. May 20
Stock dividend (quar.)
1% Oct. I Holders of rec. Sept. 14
Alberta Pacific Grain. pref. (guar.) _ _ _ _
15e. Sept. 18 Holders of rec. Aug. 31a
Allegheny Steel, common (monthly)
151 Dee. I Holders of rec. Nov. Ita
Preferred (qua!'.)
1% Oct. 1 Holders of rec. Sept. 11
Allied Chemical & Dye, pref.(guar.)._
Allied Laboratories cony. pref. (quar.) '8755c Oct. 1 *Holders of rec. Sept. 15
Allied Motor Industries, corn.(quar.)_ •25e. Oct. 10 *Holders of rec. Aug. 20
Oct. 1 *Holders of rec. Aug. 20
(Common (payable in common stock). *ft
Oct. 1 *Holders of rec. Sept. 14
•51
Preferred (guar.)
*8734e Oct. 1 "Holders of rec. Sept. 15
Allied Products, class A (guar.)
63e. Oct. 1 Holders of rec. Sept. 19
Aloe (A. S.) Co., corn. (quar.)
154 Oct. 1 Holders of rec. Sept. 19
Preferred (qlian)
Alpha Portland Cement, pref. (guar.)... *151 Sept. 14 *Holders of rec. Aug. 31
.3755c Sept. 16 'Holders of rec. Aug. 31
Aluminum Industries (guar.)
•500. Sept. 30 *Holden of rec. Sept. 15
Aluminum Mfrs.. corn. (guar.)
*50o. Dec. 31 *Holders of rec. Dee. 15
Common (quar.)
•151 June 30 *Holders of rec. June 15
Preferred (quar.)
•134 Sept. 30 "Holders of rec. Sept. 15
Preferred (quar.)
•534 Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
"75c. Oct. 1 •liolders of rec. Sept. 16
American Arch. corn. (quar.)
American Art Works corn.& pt.(qu.)_ _ _ $1.50 Oct. 15 Holders of rec. Sept. 30
*75c. Oct. 1 *Holders of rec. Sept. 16
American Bakeries. Class A (quar.)
*151 Oct. 1 *Holders of rec. Sept. 16
Preferred (quar.)
50e. Oct. 1 Holders of roe. Sept. 106
Amer. Bank Note, corn. (quar.)
750. Oct. I Holders of rec Sept. 106
Preferred (quar.)
Amer. Brown Boverl Elec., pref. (guar.) $1.75 Oct. 1 Holders of rec. Sept. 200
151 Oct. 1 Holders of rec. Sept. 16a
American Can, pref. (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 16a
Amer. Car & Fdy., corn. (quar.)
151 Oct. 1 Holders of rec. Sept. 16a
Preferred ((Mari
•151 Nov. 1 *Holders of rec. Oct. 20
American Chatillon Co., pt. (qu.)
50e. Oct. I Holders of rec. Sept. 126
American Chicle, corn.(quar.)
'Holders of rec. Sept. 25
"65
Stock dividend
154 Oct. 1 Holders of rec. Sept. 14
American Cigar, pref. (quar.)
60c. Sept. 30 Holders of rec. Sept. 12
Amer. Colortype, corn. (quar.)
40c. Oct. 1 Holders of rec. Sept. 15
Amer. Cyanamid, corn. A & 13 (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
50e. Sept. 27 Holders of rec. Sept. 106
Amer. Encaustic Tiling, corn.(guar.)...
Sept. 14 Holders of rec. Sept. 5
2
Amer. Fork & Hoe, corn. (guar.)
3% Oct. 15 Holders of rec. Oct. .5
Preferred
Amer. Furniture Mart Bldg., Prof• (qu.) '1% Oct. 1 *Holders of rec. Sept. 20
Oct. 1 *Holders of rec. Sept.14
•1
Amer. Hardware Corp.(quar.)
Jan2'30 *Holders of rec. Dec. 17
•1
Quarterly
30e. Oct. I Holders of rec. Sept. 140
Amer. Home Products (monthly)
Oct. 1 Holders of rec. Sept. 126
51
Amer. Internat. Corp., common
Oct. 1 Holders of rec. Sept. 12a
12
Corn. (payable In COM. stock)
Sept. 30 Holders of rec. Sept. 13a
52
American Locomotive. corn. (quar.)
151 Sept. 30 Holders of rec. Sept. 13a
Preferred (quar.)
American Manufacturing750 Oct. 1 Holders of rec. Sept. 15
Common (quar.)
76e Dee. 31 Holders of roe. Dee. 15
Common (quar.)
1% Mar. 31 Holders of rec. Mar. 15
Preferred ((Juan)
14 Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
1% Dec. 31 Holders of rec. Dee. 15
Preferred (quar.)
American Radlator, common (guar.)
$1.50 Sept.30 Holders of rec. Sept. lla
Amer. Radiator dr Standard
37540 Sept.30 Holders of roe. Sept. Ila
Sanitary Corp., corn.(quar.)
50c. Oct. 15 Holders of rec. Sept.300
American Rolling Mill, corn. (quar.)
Oct. 1 Holders of rec. Sept. 10a
$1
Amer. Safety Razor (guar.)
250. Oct. 1 Holders of ree Sept. 1130
Extra
Nov. 1 Holders of rec. Oct. 15a
2
Amer. Shipbuilding, corn. (guar.)
1% Nov. 1 Holders of rec. Oct. 15
Preferred (quar.)
5c. Oct. I Holders of rec. Sept. 120
American Snuff, corn. (guar.)
75
1 55 Oct. 1 Holders of rec. Sept. 120
Preferred (quar.)
..'
3
10 Holders of rec. Oct. la
0c
se0
tt
1
American Steel Foundries. corn. (qu.)
Holder, of rec. Sept. 14a
34
Preferred (quar.)
1 Holders of rec. Sept. 14a
501mc. Oct.0ct. 2
American Stores (quar.)
Holders of rec. Sept. 5a
Amer.Sugar Berg., corn.(quar.)
154 Oct. 2 Holders of rec. Sept. 50
Preferred (quar.)
Holders of rec. Sept. 140
American Surety (quar.)
Oct. 3°
1 Holders of rec. Sept. 106
American Tobacco, pref. (quer.)
$11.5°
34 Se
American Writing Paper, pref. (guar.)
75e. Oct. 1 Holders of rec. Sept. 18a
*Holders of rec. Sept. 16
American Yvette Co., pref.(guar.)
'Holders of rec. Sept. 14
Anchor Post Fence (quar.)
•02855°
Stock dividend
*Holders of rec. Sept. 14
55ec O
IDOc
cet
Apex Electrical Mfg., pref. (guar.)
Holders of rec. Sept. 20
51.75 Oct.
Pref. (acct. accrued dividends)
Oct. 1 Holders of rec. Sept. 20
$1
Armour & Co. of Del., pref. (guar.)- _
1% Oct. I Holders of rec. Sept. 100
Armour & Co. (III.) pref. (quar.)
1% Oct. 1 Holders of rec. Sept. 10:
Armstrong Cork, corn. (quar.)
'3755c Oct. 1 *Holders of rec. Sept. 16
Common (extra)
•1255c Oct. I 'Holders of rec. Sept. 18
Art Metal Works, Inc. (guar.)
"75c. Nov. 1 *Holders of rec. Oct. 15
Associated Apparel Industries (qu.)
Oct. I Holders of rec. Sept. 206
51
Associated Breweries. corn
500. Sept. 30 Holders of rec. Sept. 14
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 14
Associated Laundries, new corn
(o) Oct. 1 *Holders of rec. Sept. 1
Associated Oil (quar.)
500. Sept. 30 Holders of rec. Sept. its
Associates Investment, corn.(quar.)
"8734c Sept. 30 *Holders of rec. Sept. 22
Preferred (guar.)
"51.75 Sept. 30 "Holders of rec. Sept. 22
Atlantic Gulf dr West Indies B.S. Linea.
Sept. 30 Holders of rec. Sept. 100
Preferred (quar.)
$1
Dec. 31 Holders of rec. Dec. 115
$I
Preferred (quar.)
Atlantic Refining, corn. (guar.)
25e. Sept. 16 IIolders of rec. Aug. 210
Common (extra)
2.5e. Sept. 18 Holders of rec. Aug. 21a
Atlantic Steel (quar.)
•$1.50 Sept. 30 *Holders of rec. Sept. 20
Sept. 16 Holders of rec. Sept. 5
Atlantic Terra Cotta, prior pref. (guar.)
1
Sept. 25 Holders of rec. Sept. 5
Preferred (quar.)
•2
Autocar Co., pref. (guar.)
Sept. 15 "Holders of rec. Sept. 5
Auto Strop Safety Razor, class A (qu.)
75e. Oct. 1 Holders of rec. Sept. 10a
Bakers Share corp.. corn. (qU.)
135 Oct. 1 Holders of rec. Aug. 1
Common (quar.)
134 Jan 130 Holders of rec. Nov. 1
Balaban & Katz, corn. (guar.)
•75c. Sept. 27 *Holders of rec. Sept. 16
Preferred (quar.)
'134 Sept.27 *Holders of rec. Sept. 16
Baldwin( E.G.) Co., pref. A (quar.)
4'154 Sept. 14 'Holder, of rec. Aug. 30
1696
Name of Company.
[VOL. 129.
FINANCIAL CHRONICLE
Books Closed
Days Intlustre.
When
Per
Cent. Payable.
Name of Cor*Pasy.
WIles
Per
Cost. Payable.
Books Closet*
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
50c. Oct. 15 Holders of rec. Sept. 14
Copper Range Co. (guar.)
'374c Sept. 30 *Holders of rec. Sept. 20
Baldwin Rubber. pref. A (guar.)
50c. Sept. 30 Holders of rec. Sept. 120
Dec. 2 Holders of rec. Nov. 116 Coty, Inc. (guar.)Bamberger (L.)& Co..84% td.(au.)
134 Nov.27 Holden of ma. Nov. 12
160
Stock
Sept.
dividend
rec.
Holders
of
30
Sept.
624c
(qu.)
corn.
Co.
Sons
Bancroft (Joseph) &
Courts Building Corp. pref.(qu.)(No. 1)•31.75 Oct. 1 *Holders of rec. Sept. 15
Oct. 15 *Holders of rec. Sept.30
Bankers Capital Corp.. pref.(quar.)__.. *$2
4340. Sept. 16 Holders of rec. Aug. 31
Crane Co., corn. (guar.)
Jan15'30 *Holders of rec. Dee. 31
*22
Preferred (qua'.)
134 Sept. 16 Holders of me. Aug. 31
196
Preferred (guar.)
Sept.
rec.
of
I
Holders
Oct.
50c.
Barker Bros., corn. (guar.)
Dec. 81 Holders of rec. Dec. 20a
se
190
dividend)
Crosley Radio (stock
14 Oct. 1 Holders of rec. Sept.
Preferred (guar.)
•50c. Sept. 30 *Holders of rec. Sept. 10
150
Milner
Crowley.
Sept.
Co.
rec.
Holders
of
1
(guar.)
Oct.
$1
(quar.)
common
Creamery
Beatrice
1 Holders of rec. Sept. 130
Oct.
$1.75
pt.
lot
156
(MOCrown
Paper,
Williamette
Sept.
rec.
Holders
of
1
1% Oct.
Preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 13
Second preferred (guar.)
75e. Oct. 10 Holders of rec. Sept. 256
Beech-Nut Packing, corn. (guar.)
250. Oct. 15 Holders of rec. Sept. 30a
(guar.)
corn.
Corp.
Crown
Zellerbach
31
Aug.
rec.
of
Holders
14
Sept.
1%
Belding-Corticelli, Ltd.. Pref.(guar.)
1% Sept. 30 Holders of rec. Sept. 16a
Crucible Steel pref. (guar)
1% Oct. 1 Holders of rec. Sept. 3
Belgo-Canadlan Paper, pref. (quer.)
$1 Sept. 16 Holders of rec. Aug. 31
50c. Oct. I Holders of ree. Sept. 10a Cumberland Pipe Line (guar.)
Bendiz Aviation Corp.(guar.)
•1zi Sept.15'Holders of coo. Sept, 1
(quar.)
Cuneo
Press.
1
pref.
Sept.
rec.
of
*Holders
15
Sept.
Berkey & Gay Furniture,8% pf.(guar.) *2
'6234c Oct. 1 *Holders of rec. Sept. 14
75c. Sept. 16 Holders of rec. Aug. 230 Curtis Mfg. (quar.)
Best & Co. common (guar.)
*50o. Oct. 2 *Holders of rec. Sept.200
(s) Sept. 30 Holders of rec. Sept. 180 Curtis Publishing common (monthly)
Common (payable In corn.stock)
$1.75 Oct. 2 Holders of rec. Sept. 20
180
Oct.
Preferred (guar.)
$1.50 Nov. 15 Holders of rec.
Bethlehem Steel common (guar.)
50c. Sept. 16 Holders of rec. Sept. 2a
154 Oct. 1 Holders of rec. Sept. 60 Curtiss Aeropl. & Motor, corn
Preferred (guar.)
87c. Sept. 19 Holders of rec. Sept. 4a
Cutler
20
Sept.
Hammer,
Inc.
rec.
of
(guar.)
*Holders
1
•1%
Oct.
Bibb Manufacturing (guar.)
Oct. 1 Holders of rec. Sept. 14
$1.75
Dahlberg Co., Inc. (guar.)
25c. Oct. 1 Holders of rec. Sept. 10
Bickford's, Inc., corn. (qu.)(No. 1)---56c. Sept. 16 Holders of rec. Aug. 31
David & Frere, Ltd.. class A (quar.)
Sept. 10
Pref.(qu.)(period June 20 to Sept.30)'692/se Oct. 1 Holders of rec.
Sept. 16 *Holders of rec. Sept. 5
*500.
(qu.)
com.
Cohn,
Decker
&
18
(Alfred)
Oct.
rec.
*134 Nov. 1 *Holders of
Bigelow Hanford Carpet, pref.(quar.)
$1.50 Oct. I Holders of rec. Sept. 14
Deere & Co.,corn.(guar.)
*11% Sept. 16 *Holders of rec. Aug. 31
Biltmore Hats, Ltd., pref. (guar.)
*$2.50 Sept. 16 'Holders of r ec. Aug. 31
166
Coal
(guar.)
West.
&
Del.
Sept.
Lack.
rec.
of
I
Holders
Oct.
15(
Blumenthal(Sidney) & Co.. pref(quar)_
Sept. 16 Holders of rec. Aug. 310
2
55;f Oct. 1 Holders of rec. Sept. 166 Diamond Match (guar.) pref. (guar.)._ •874c Oct. 1 '
Preferred kaccr. accum. dim)
,Holders of rec. Sept. 20
Doehler Die-Casting. 7%
•750. Oct. I *Holders of rec. Sept. 14
Bohn Aluminum & Brass com.(quar.)
Oct. 1 *Holders of rec. Sept. 20
"$1.75
(quar.)
14
preference
$7
Sept.
rec.
50e. Oct. 1 Holders of
Extra
Holders of rec. Sept. 16
1
Oct.
$1.75
Dominion Glass, corn. & pref.(guar.)
*2c. Sept. 15 'Holders of rec. Aug. 31
Boise Chloe Oil, class A (qu.)
30c. Oct. 1 Holders of rec. Sept. 166
Dominion Stores (guar.)
*50c. Oct. 1 'Holders of rec. Sept. 14
Common (extra)
Holders of rec. Sept. 18
1
Oct.
154
(quar.)_._.
pref.
Shoe,
156
L.)
Douglas
(W.
Oct. 30 Holders of rec. Oct.
$1
Bon Ami Co., eom.class A (guar.)
Dow Chemical, corn. (in common stock) .1400 Subject to stockholders approval
500. Oct. 1 Holders of rec. Sept. 24
Common class B (guar.)
Oct. 1 Holders of rec. Aug. 31
$1
15
Draper
Sept.
Corporation
(guar.)
rec.
of
3740. Sept. 30 Holders
•1"i Oct. 1 *Holders of rec. Sept. 20
Bonner (The) Co.. class A
Oct. 1 Holders of rec. Sept. 166 Duncan Mills preferred (guar.)
$1
•1% Oct. 1 "Holders of rec. Sept. 20
Borg-Warner Co.. com. (guar.)
Dunham (J. H.) & Co., com.(quar.)*21.75 Oct. 1 *Holders of rec. Sept. 16
•1% Oct. 1 'Holders of rec. Sept. 20
Preferred (guar.)
(guar.)
14
preferred
First
Oct.
Oct. 15 Sept. 28 to
$1
•1ri Oct. 1 *Holders of rec. Sept. 20
Borne Scrymser Co
Second preferred (guar.)
Sept. 3
Boston Woven Hose & Rub..com.(au.). $1.50 Sept. 16 Holders of rec. Sept. 20
Oct. 15 Holders of reo. Oct. 10
$1
common
(quer)
Dunhill
Internat.
rec.
of
50c. Sept. 30 Holders
Briggs & Stratton Co. (guar.)
Oct. 16 Holders of rec. Oct. la
11
common
stock).
Common payable in
50o. Oct. 1 Holders of rec. Sept. 150
Brill° Mfg. Co.. class A (guar.)
Jo 15'30 Holders of rec. Dec. 81e
21
Common (guar.)
No. 131
British-Amer. Tob. ordinary (interim)_ _ (n) Sept. 30 Holders of coup. No. 52
Jn 15'30 Holders of reo. Dec. 310
stock)
com.
.fl
In
Common
(payable
254 Sept. 30 Holders of coup.
British-Amer. Tobacco preference
Apl5'30 Holders of rec. Apr. 10
51
Common (guar.)
•15c Oct. 1 *Holders of rec. Sept. 3
British Type Investors (bi-monthly)-Ap15'30 Holders of me. Apr. 10
fl
stock)
corn.
In
156
(payable
Common
Oct.
rec.
of
Holders
75c. Nov. I
19 Holders of rec. Aug. 28a
Sept.
Brockway Motor Truck, com. (quar.)- (qu.)
$1
com.
Co.,
&
Nem.
$1.75 Oct. 1 Holders of rec. Sept. 10a Du Pont(E.I.)de (guar.)
25 Holders of rec. Oct. 10a
Oct.
Preferred (guar.)
14
Debenture stock
*50c Nov. 15 *Holders of rec. Nov. 1
Brown Durrell Co., corn. (guar.)
Holders of rec. Sept.:10
Nov.
$1.75
(guar.).
prof.
Corp..
Eastern
Bankers
15
Sept.
•144 Oct. 1 *Holders of rec.
51.75 Febl'30 Holders of roe. Dee. 31
64% Preferred (quar.)
Preferred ((luar.)
•15i 1/1/30 *Holders of rec. Dec. 15
*Holders of rec. Sept. 21
64% preferred (qua'.)
'8715c Oct.
(guar.)
pref.
Eastern
Steamship,
23
Aug.
rec.
of
Holders
Sept. 14
$I
Holders of rec. Sept. 21
.$1.75 Oct.
Buckeye Pipe Line (guar.)
First preferred (guar.)
250. Oct. 1 Holders of rec. Aug. 28a
Bucyrus-Erle Co., common (guar.)
Holders of rec. Aug. 31
pr. pref.(qu.). $1.25 Oct.
1% Oct. 1 Holders of rec. Aug. 286 Eastern Utilities Invest..
$1.25 Oct.
Preferred (guar.)
Holders of rec. Aug. 310
(guar.)
corn.
Kodak,
280
Eastman
Aug.
rec.
6254c. Oct. 1 Holders of
Convertible preference (guar.)
Oct.
Holders of rec. Aug. 310
750.
Common (extra)
1% Sept. 30 Holders of rec. Sept. 100
Budd Wheel,7% pref.(guar.)
Holders of rec. Aug. 3I0
134 Oct.
150
Preferred
((luar.)
Sept.
rec.
of
Holders
1% Oct. 1
Burns Bros., pref.(guar.)
6c.
Oct.
(quar.)_._.
Holders of rec. Sept. 10
shs.
ord.
Corp.,
Ecuadorian
27
*50c. Nov. 1 *Holders of rec. Sept.
Bush Terminal common (guar.)
Edison Bros. Stores, Inc., pref. (guar.).- $1.75 Sept. 15 Holders of rec. Sept. 1
27
Sept.
rec.
of
*Holders
1
Nov.
stock)._
*114
Common (payable in common
p1.
Holders of rec. Sept. 30
16
(qu.)--$
Sept.
1st
1.6234
Inc.
Co.,
Schild
Eitingon
13
Sept.
rec.
•1 31 Oct. 1 *Holders of
Bush Terminal Bldgs. pref. (quar.)
'3734c Sept. 14 *Holders of reo. Aug. 31
Eldorado 011 Works (guar.)
131 Nov. 1 Holders of rec. Oct. 150 Elec. Controller dr Mfg., corn (guar.) _ 51.25 Oct. 1 Holders of rec. Sept. 20
Byers(A.M.)Co. pref.(quar.)
20
Sept.
rec.
of
Holders
Byllesby(H. M.)& Co.,corn. A & B(au) 50c Sept. 30
- $1.25 Oct. 1 Holders of rec. Sept. 96
Elect.Storage Bat.,corn.& pf.(qu.)
50c. Sept.30 Holders of rec. Sept.20
Preferred (guar.)
50c. Sept.24 Holders of rec. Aug. 310
Emporium-Capwell Corp.,com.(qua'.).
25o. Sept. 25 Holders of rec. Sept. 100
By-Products Coke Corp. (guar.)
$1.25 Oct. 1 holders of rec. Sept. 18a
(au.)
corn.
Co.,
Johnson
Endicott
20
Sept.
rec.
California Ink class A & B new corn (qu.) •50c. Oct. 1 *Holders of
1%
Oct. 1 Holders of rec. Sept. 180
Preferred (guar.)
Sept. 15 Holders of rec. Aug. 3I0
$1
California Packing (quar.)
30e. Sept. 15 Holders of rec. Sept. 3
Financial Corp., cl. A (au)..
$2.50 Sept. 23 • Holders of rec. Sept. 6o Equitable Office Bldg., com. (qu.)
Calumet & Arizona Mining (guar.)
Oct. 1 Holders of rec. Sept. 16
6214c
Equitable
Sept. 30 Holders of rec. Aug. 31a
Calumet & Hecla Consol.Copp. (quar.)_ $1
1% Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
14 Sept 30 Holders of rec. Aug. 31
Canada Cement, Ltd, pref. (quar.)
Oct. 1 Holders of rec. Sept. 26
2
Mar.)
pref.
Corp..
forth
Erskine-Dan
31
Aug.
rec.
374c. Sept. 16 Holders of
•e2
Canada Malting (quar.)
Oct. 1 *Holders of reo. Sept. 20
Evans Auto Loading, stock dividend
16
Canada Steamship Lines. pf. (guar.)... 14 Oct. 1 Holders of rec. Sept. 31
75e. Sept. 30 Holders of rec. Sept. 120
& Co., corn. (guar.).Morse
Fairbanks.
Aug.
rec.
of
15
Sept.
Holders
21
Canada Wire & Cable,corn. A(guar.)Nov. 1 Holders of reo. Oct. 21a
600.
(guar.)
corn.
Fair
(The).
25
15( Oct. 10 Holders of rec. Sept.
Canadian Car & Fdy., pref. (guru%) 1% Nov. 1 Holders of rec. Oct. 2Ia
Preferred (guar.)
Oct. 4 Holders of roe. Sept. 21
Canadian Cottons, Ltd., corn. (guar.)._
Oct. 1 *Holders of rec. Sept. 15
(qu.)
•25o.
corn.
Shops,
Candy
Farmer
Fanny
21
Sept.
rec.
Holders of
114 Oct.
Preferred (guar.)
•60o. Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
14
Canadian General Electric, pref.(quer.). 874c Oct. 1 Holders of rec. Sept. 20
Sept. 17
500. Oct. 1
Faultless Rubber. corn. (guar.)
Oct. 1 *Holders of rec. Sept.
*2
Canadian Oil Cos.. Pref. (quar.)
Sept. 17
Oct. 1
(guar.)
Preferred
$1.75 Sept.30 Holders of roe. Aug. 20
Canfield OS.corn.& pref.(guar.)
16
Sept.
2
Fear (Fred) & Co. (guar.)
$1.75 Dec. 31 Holders of ree. Nov. 20
Common & preferred (guar.)
Mills, pref.(qua').... *1% Oct. 1 *Holders of rec. Sept. 20
Knitting
Federal
Aug. 230
Carnation Milk Products21
Federal Mining & Smelting, pfd.(au.)-. 1% Sept. 16 Holders of rec.
Common (payable in common stock)- *I Jan 2'30 *Holders of rem Dec.
200. Oct. 1 Holders of reo. Sept. 20a
Federal Motor Truck (guar.)
1;4 Sept. 16 Holders of rec. Sept. 9
Carter (William) Co., pref.(guar.)
1
Sept.
rec.
of
Holders
1
Oct.
1%
Stores
(cu.)
pf.
154 Oct. 1 Holders of rec. Sept. 12a Feltman & Curme Shoe
Case (J. I.) Co..com.(guar.)
50c. Oct. 1 Holders of ree. Sept. 15
1% Oct. I Holders of rec. Sept. 120 Ferry Cap & Screw (guar.)
Preferred (guar.)
Sept. 140
reo.
of
Holders
30
Sept.
16e.
(guar.)
Ave.
Secur.
19a
Bus
Fifth
75c. Oct. 1 Holders of rec. Sept.
Celotex Co.. corn. (guar.)
Sept. 15 Holders of rec. Aug. 31
131 Oct. I Holders of rec. Sept. 196 FIrstbrook Boxes. Ltd.. pref. (quar.).. 14 Oct. I Holders of rec. Sept. 160
Preferred (guar.)
374c
374c Oct. 1 Holders of rec. Sept. 21a First National Stores, corn. (quar.)
Cent. Aguirre Associates, com.(quar.)
Dock
&
50c. Oct. 10 Holders of rec. Sept. 25a Fite Simons & Connell Dredge
Central Alloy Steel common (quar.)_
(f) Deo, 1
Common (stock div., 1-40th share)14 Oct. 1 Holders of rec. Sept. 130
Preferred (guar.)
13.4 Oct. 1 Holders of rec. Sept. 160
Florshelm Shoe. pref. (guar.)
25c. Nov. 15 Holders of rec. Nov. 1
Chalons Exchange Corp. class A & B (au)
500. Sept. 15 Holders of rec. Aug. 31a
Follansbee Brothers, com. (guar.)
250. FbI5'30 Hold. of rec. Jan. 31 '30
Class A & B (guar.)
250. Sept. 15 Holders of reo. Aug. 31a
(special)
'30
Common
1
May
25c. My15'30 Hold, of reo.
Class A & B (guar.)
Sept. 15 Holders of reo. Aug. 31
114
Preferred (quar.)
$I Sept. 30 Holders of rec. Sept. 10
Chesebrough Mfg. Cons.(guar)
*Holders of rec. Sept. 10
corn. (in stock) *12
Corp.,
Machinery
Food
10
Sept.
rec.
of
Holders
50c
30
Sept.
Extra
Oct. I *Holders of rec. Sept. 20
•300.
(guar.)
corn.
Mach..
&
Gear
250. Oct. 1 Holders of rec. Sept. 200 Foote Bros.
Chicago Yellow Cab (monthly)
1 *Holders of rec. Sept. 20
Oct.
•31.75
Preferred (guar.)
250. Nov. 1 Holders of rec. Oct. 180
Monthly
65e. Sept. 16 Holders of rec. Sept. 5
250. Dec. 2 Holders of rec. Nov. 200 Foote-Burt Co. (guar)
Monthly
•40c. Oct. 1 *Holders of roe. Sept. 13
750. Oct. 1 Holders of rec. Sept. 100 Forhan Co.. class A (guar)
Chickasha Cotton Oil (guar.)
Oct. 1 *Holders of reo. Sept. 14
•35e.
Formica Insulation (qua'.)
874c Sept.30 Holders of rec. Sept. 4
Chile Copper Co.(guar.)
•35c. Jan1'30 *Holders of rem Dee. 14
Quarterly
750. Sept.30 Holders of rec. Sept. 3a
Chrysler Corp.(guar.)
Oct. 1 Holders of rec. Sept. 12a
25e.
Foster & Wheeler, corn. (guar.)
Cities Service Co. common (monthly)._ 214c. Oct. 1 Holders of rec. Sept. 15
$1.75 Oct. 1 Holders of rec. Sept. 12a
Preferred (guar.)
Si Oct. 1 Holders of rec. Sept. 15
Common (payable in common stock)
Oct. 1 *Holders of rec. Sept. 15
•14
(guar.)
pref.
Co.,
Frank (A. B.)
50c. Oct. 1 Holders of rec. Sept. 15
4,1% Jan 1'30 *Holders of rec. Dec. 15
Preferred and preference BB (mthly.).
Preferred (guar.)
Sc. Oct. 1 Holders of rec. Sept. 15
Preference B (monthly)
'131 A pr 1.30 *Holders of rec. Mar. 15
(guar.)
Preferred
150
14 Sept. 1 Holders of rec. Aug.
City Ice & Fuel. pref. (guar.)
'131 Jul 130 *Holders of rec. June 15
Preferred (guar.)
d25c. Oct. 1 Holders of rec. Sept. 14
City Stores Co., com.(quar.)
'131 Oct 130 *Holders of rec. Sept. 15
Preferred (guar.)
8734e. Nov. 1 Holders of roe. Oct. 150
Class A (guar.)
(qu.)
51.50 Oct. 1 Holders of rec. Sept. 100
pref.
prior
Co.,
A.)
(George
Fuller
•75c. Sept. 16 *Holders of rec. Aug. 31
Clark Equipment, corn.(guar)
$1.50 Oct. 1 Holders of rec. Sept. 10
Second preferred (quar.)
Sept. 15 Holders of rec. Sept. 5
$1
Cleveland-Cliffs Iron, corn. (quar.)
'IC. Sept. 15 *Holders of rec. Sept. 1
(No. 1)___
(monthly)
Petroleum
Fulton
5
Sept.
rec.
of
15
Holders
4.34 Sept. 15 *Holders of rec. Sept. 1
$1.25 Sept.
Preferred (guar.)
Stock dividend
Sept. 20 Holders of rec. Sept. 10
Cliffs Corporation, com.(au.) (No. 1)._ $1
$1.25 Sept. 16 Holders of rec. Sept. 60
Co.. corn. (guar.)
Gamewell
20a
Sept.
rec.
Holders
of
1
Oct.
1%
Cluett Peabody & Co., Inc., pref. (qu.)
300. Oct. 1 Holders of reo. Aug. 31
Garlock Packing, corn. (No. 1)
Coats (J. P.), Ltd.
Oct. 1 Holders cf rec. Sept. 130
General Amer. Tank Car, corn. (guar.). $1
w9d. Oct. 5 *Holders of rec. Sept. 7
Amer dep. rots. for ordinary shares
Oct. 1 Holders of rec. Sept. 130
in common stock). 1
(payable
Common
120
Sept.
rec.
of
Holders
1
Oct.
*11 Jan 1'30 *Holders of rec. Dec. 13
$I
Coca-Cola Co., corn. (guar.)
stock).
com.
in
(payable
Common
Oct. 1 'Holders of rec. Sept. 12
.$3
Coca Cola International (guar.)
Oct. 25 Holders of rec. Sept. 200
$1
General Electric, com. (guar.)
15
Oct.
rec.
of
Holders
1
Nov.
374c
Cockabutt Plow, Ltd. (guar.)
15e. Oct. 25 Holders of rec. Sept. 206
Special (guar.)
•374c Oct. 1 *Holders of rec. Sept. 30
Coen Cos.. class A (guar.)
Nov.
114
Holders of rec. Oct. 70
pref.
8%
(quar.)
Corp.,
Motors
General
*Holders of rec. Sept. 18
Oct.
Coleman Lamp & Stove, corn. (guar.)- *81
134 Nov.
Holders of roe. Oct. 70
7% preferred (guar.)
Holden of rec. Sept. 7
13.4 Oct.
Colgate-Palmolive-Peet Co., pref.(qu.)Nov.
14
Holders of rec. Oct. 70
(guar.)
stock
debenture
6%
1% anl'30 Holders of ree. Dee. 7
Preferred (quar.)
*50c. Oct.
*Holders of rec. Sept. 17
General Paint, class A (guar.)
Colt's Patent Fire Arms Mfg. (au.) - *50c. Sept. 30 *Holders of reo. Sept. 12
Oct.
c
*Holders
of rec. Sept. 17
*37
34
(guar.)
B
Class
100
Sept.
rec.
of
50c. Sept. 30 Holders
Commercial Credit, corn.(quar)
Holders of rec. Sept. 100
Signal, com. (quar.)_. $1.25 Oct.
1% Sept. 30 Holders of rec. Sept. 106 General Railway
64% first pref.(guar.)
$1.50 Oct.
Holders of rec. Sept. 100
(guar.)
Preferred
10a
Sept.
rec.
of
Holders
30
7% first pref. ((uar.)
4334c Sept.
*Holders of rec. Sept. 20
*30c. Oct.
Barklow Co., com.(guar.)
8% preferred B (guar.)
50c. Sept. 30 Holders of rec. Sept. 10a Gerlach
•500. Oct.
'Holders of rec. Sept. 20
Preferred (guar.)
8564c. Sept. 30 Holders of rec. Sept. 10a
$3 class A cony. stock (guar.)
Dec.
*Holders of rec. Nov. 15
He
537
corn.
Co.,
(guar.)
A•)
Gerrard
(S.
5a
rec.
of
Sept.
Holders
Oct.
zeommerclal Invest. Trust com. (guar.) $1
Oct.
*Holders of rec. Sept. 20
Holders of rec. Sept. 5a GhtddingaricBeen& Co.Oom(la corn en) *2
Oct.
Common (payable in common stock). 11
Oct.
Holders of roe. Sept. 16
Holders of rec. Sept. 5a Gleaner Combine Harvester, corn.(qu.). 6150c. Oct.
7% first Preferred (guar.)
1 Oct.
13,
Holders of rec. Sept. 180
(guar.)
corn.
Co..
Glidden
Holders of rec. Sept. 5a
% first preferred (guar)
14 Oct.
Holders of rec. Sept. 18a
11 Oct.
Corn•(Payable in common stock)
Holders of rec. Sept. 13a
Commercial Solvents (guar.)
Oct.
$2
Holders of reo. Sept. 180
131 Oct.
Prior preferred (guar.)
Community State Corp.. A & B (quer.). 154 Dee. 3 Holders of rec. Dee. 20
Oct.
of reo. Sept. 20
Sic
*43
*Holders
Milling,
let
&
(au.)
Pi.
Grain
Globe
Holders of rec. Sept. 19
Conde Nast Publications, corn.(guar.)- 50c. Oct.
*500. Oct.
*Holders of rec. Sept. 20
Second preferred (guar.)
$1.25 Sept. 30 Holders of rec. Sept. 190
Congress Cigar (guar.)
16
Sept.
51.75
of rem Sept. 3
Holders
((lust.)
prof.
Stores,
57
M.)
(S.
Goldberg
Extra
25e. Sept. 30 Holders of rec. Sept. 14a
$1.50 Sept. 30 Holders of rec. Sept. 170
. pref. (guar.)
Consolidated Cigar, corn. (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 16a Gold Dust Corp.
Deo. I *Holders of rec. Nov. 16
'el
.)dlv
Producte
(stk.
Milk
State
Golden
15
Sept.
rec.
of
*Holders
Consumers Co., prior pref. (guar.)
•$1.50 Oct. 1
*Holders of rec. Sept. 13
•1% Oct.
Goldman Sachs Trading (quar.)
Container Corp. pref. (quar.)
'134 Oct. 1 *Holders of rec. Sept. 11
IIolders of roe. Sept. 100
134 Oct.
Oct. 1 Holders of rec. Sept. 16a Goodrich (B. F.) Co.. pref. (guar.)
Continental Baking Corp., pref. (quar.)_ $2
Nov.
$1.25
holders of rec. Oct. 1
(qua'.).
com.
Rubber,
&
Tire
Goodyear
14a
154 Oct. 1 Holders of rec. Sept.
Continental Can. pref.(guar.)
Oct.
51.75
Holders of rec. Sept. 1
First preferred (guar.)
Continental Investment, com. (guar.) _ •74c. Oct. 1 *Holders of rec. Sept. 20
Holders of roe. Sept. 14
51.25 Oct.
(qU.)
corn.
Can.,
Rub.,
&
Tire
Goodyear
rec.
20
of
Sept.
*Holders
1
(guar.)
A
series
•62Ste Oct.
Prior pref.,
•5
Oct.
*Holders of roe. aePt• 14
Common (extra)
1
Sept. 16 Holders of rec. Aug. 31
Cooksville Co. pref. (guar.)
Oct.
Holders of rec. Sept. 14
131
Preferred (qua,.)
•500. Nov. 1 *Holders of rec. Oct. 10
Coos(W • D.) Co.. corn
Holden of reo Nov. 1
500 Dec.
Gorham Mfg., corn (guar
4.1% Nov. 1 *Holders of rec. Oct. 10
Preferred
•
SEPT. 14 1929.1
NalMI of Cowan,.
FINANCIAL CHRONICLE
When
Per
Coal. Payable.
Books Closed
Days Inchutos.
Miscellaneous (Continued).
Gotham Silk Hosiery, corn. (quar.)____ 62%c Oct. 1 Holders of rec. Sept. 12a
Graham-Paige Co., 1st pref.(Quar.).-- - *51.75 Oct. 1 *Holders of rec. Sept. 15
Grand Rapids Furniture, pf.(qu.)(No.)) *50c. Oct. 1 'Holders of ree. Sept. 20
*25c. Sept.30 *Holders of reo. Sept.20
Grand Rapids Varnish (quar.)
*25e. Dec. 31 *Holders of reo. Dec. 20
Quarterly
Sept. 30 Holders of rec. Sept. 146
$1
Granite City Steel (guar.)
25c. Oct. 1 Holders of rec. Sept. I2a
Grant(W. T.) Co. (quar.)
1%d
Sept.
30 Holders of rec. Sept. 14
(guar.)
corn.
Towing,
Great Lakes
1%d Oct. 1 Holders of rec. Sept. 14
Preferred (quar.)
70c. Oct. 2 Holders of rec. Sept. 14a
Great Western Sugar, corn. (quar.)
1% Oct. 2 Holders of rec. Sept. 14a
Preferred (guar.)
Oct. 7 Holders of rec. Sept. 120
82
Greene Cananea Copper Co.(quar.)
Oct. 1 Holders of rec. Sept. 14
Greenfield Tap & Die.0% pref.(guar.).
2
Oct. 1 Holders of rec. Sept. 14
Eight per cent pref. (quar.)
*750 Nov. 15 *Holders of rec. Nov. 1
Greenway Corp.. 5% Pref. (guar.)
80c. Oct. 1 Holders of rec. Sept413
Greif Bros. Cooperage, corn. A (qu.)
50c. Oct. 1 Holders of rec. Sept. 20a
Grigsby Grunow, new stk. (qu.)(No. 1)
*50o. Deo. 1 *Holders of rec. Nov. 20
Gruen Watch, common (guar.)
0500. M'rl'30 *Hold,of reo. Feb. 18'30
Common (guar.)
•114 Nov. 1 *Holders of rec. Oct. 21
Preferred (quar.)
•114 FebV30 *Hold. of reo. Jan. 2P30
Preferred (guar.)
51
Oct. 1 Holders of rec. Sept. 160
Gulf States Steel. corn. (guar.)
114 Oct. 1 Holders of rec. Sept. 16a
Preferred (guar.)
114 Jan 2'30 Holders of reo. Dee. 16.
Preferred (guar.)
50c. Oct. 1 Holders of rec. Sept. 15
Curd (Chas.) & Co., corn. (quar.)
1% Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
25c. Oct. 1 Holders of rec. Sept. 30
Habirshaw Cable & Wire (guar.)
*3714c Sept. 16 *Holders of rec. Sept. 2
Hall (C. M.) Lamp (guar.)
*1214c Sept. 16 *Holders of rec. Sept. 2
Extra
•150 Subject to stockholders approval.
Hancock Oil. corn. A.(in stock)
Hanes(P. H.) Knitting, pref.(guar.)- - - 14 Oct. 1 Holders of rec. Sept. 20
114 Sept.20 Holders of rec. Sept. 56
Hanna(M.A.) Co., 1st pref. (quar.)___
*2
Sept. 15'Holders of rec. Sept. 5
Hanna Furnace, pref. (guar.)
35g. Oct. 1 Holders of rec. Sept. 23
Harbauer Co. (guar.)
50c. Oct. 1 Holders of rec. Sept. 23
Extra
Harbison-Walker Refr., pref. (guar.).- 114 Oct. 19 Holders of rec. Oct. 90
Harrods, Ltd.
•rol0 Sept. 23'Holders of ree. Aug. 15
Amer. deposit rcts. for ord. shares
Hartford Times, Inc., partic. pref.(qu.). •114 Nov. 15 *Holders of rec. Nov. 1
*250. Oct. 5 *Holders of rec. Sept. 25
Hawaiian Comq & Sus.(mthly)
•25e. Nov. 5 'Holders of rec. Oct. 25
Monthly
•250. Deo. 5 *Holders of rec. Nov. 25
Monthly
Hawaiian Pineapple (stock dividend _ e20 Jan 130 Holders of rec. Nov. 153
Oct. 1 Sept.26 to Sept. 30
Hayes Body Corp.(guar.) (pay. In sta.) 2
2
Jan2'30 Des. 25 to Jan. 1
Quarterly (payable In stock)
Hayes Jackson Co., cl. A (guar.)(No. 1) *24e. Oct. 1 *Holders of reo. Sept. 19
•114 Oct. 1 *Holders of ree. Sept. 19
Preferred (guar.)
*25c. Sept. 15 *Holders of rec. Aug. 15
Flecla Mining (guar.)
Helme (George W.) Co.. corn. (guar.)._ $1.25 Oct. 1 Holders of ree. Sept. 10a
114 Oct. 1 Holders of rec. Sept. 103
Preferred (quar.)
Hercules Powder, corn. (guar.)
750. Sept.25 Holders of reo. Sept. 14a
Hibbard,Spencer,Bartiett&Co.(mthly.)
35e. Sept.27 Holders of ree. Sept.20
Hires (Charles E.) Co., corn. A.(guar.).
50o. Dec. 1 Holders of rec. Nov. 14a
Holland Furnace (quar.)
(o) Oct. 1 Holders of rec. Sept. 14
Holmes (D. II.) Co., Ltd.(guar.)
$2.50 Oct. 1 Holders of rec. Sept. 23
Holophane Co.. common
*350. Oct. 1 'Holders of rec. Sept. 15
Preference
0$1.05 Oct. 1 *Holders of rec. Sept. 15
Honolulu Consol. Oil (guar.)
•500. Sept. 14 'Holders of rec. Sept. 5
Hoskins Mfg.(guar.)
•60c. Sept. 30 *Holders of rec. Sept. 15
Houdaille-Hershey Corp., cl. A (qu.).... *6714c Oct. 1 *Holders of rec. Sept. 20
Class B (guar.)
3714c Oct. 1 Holders of rec. Sept. 200
Hudson Motor Car (guar.)
$1.25 Oct. 11 Holders of rec. Sept. 1I0
Humble 011 dc Refining (quar.)
*30c. Oct. 1 *Holders of rec. Sept. 11
Extra
"20c. Oct. 1 *Holders of rec. Sept. 11
Humphreys Mfg., corn. (quar.)
*500. Sept. 30 *Holders of rec. Sept. 14
Preferred (quar.)
*50c. Sept. 30 *Holders of rec. Sept. 14
Hupp Motor Car Corp.(stk div.)(guar.) e214 Nov. 1 Holders of ree. Oct. 156
Huron & Erie Mortgage (guar.)
Oct. 1
*2
Hygrade Lamp, corn. (guar.)
"25c. Oct. 1 'Holders of rec. Sept. 10
Preferred (quar.)
1.62% Oct. 1 'Holders of rec. Sept. 10
Illinois Brick (guar.)
.060o Oct. 15 *Holders of ree. Oct. 3
Imperial Tobacco of Can.. corn. (quar.)_ 710. Sept.27 Holders of ree. Sept. 6
Sept. 30 Holders of rec. Sept. 6
Preferred
3
InlandPaperBoard,com.(gu.)(No.))
•40e. Oct. 1 *Holders of rec. Sept. 15
Oct. 7 Holders of rec. Sept. 19a
Consol. Copper Co.(quar.). $1
Insull Utility Investments. pr. pt. (qu.)_ "31.37 Oct. 1 *Holders of rec. Sept. 15
Internat. Business Mach.(quar.)
$1.25 Oct. 10 Holders of reo. Sept. 213
Internat. Buttonhole Sew. Mach. (qu.)_
20c. Oct. 1 Holders of rec. Sept. 16
International Cement, corn. (guar.).
Sept. 27 Holders of ree. Sept. Ila
$1
' Internat. Combustion Eng., pref. (gu.). 114 Oct. 1 Holders of ree. Sept. 160
Internat. Harvester, corn. (guar.)
6214c Oct. 15 Holders of rec. Sept. 253
Internat. Nickel of Canada, corn. (qu.).
25e. Sept.30 Holders of rec. Aug. 310
International Petroleum (bearer abs.)....
25c. Sept. 16 Holders of coup. No.22
Registered shares
25c. Sept. 14 Sept. 8 to Sept. 16
Internat. Products, pref (quar.)
$1.50 Sept. 30 Holders of rec. Sept. 14
International Proprietaries, Ltd.
Class A (quar.)
650. Sept. 15 Holders of rec. Aug. 25
International Salt (quan)
11.50 Oct. 1 Holders of rec. Sept. 163
International Shoe. corn. (guar.)
623.4c. Oct. 1 Holders of rec. Sept. 15
Preferred (mohthly)
500 Oct. 1 Holders of rec. Sept. 15
Preferred (monthly)
1,500. Nov. 1 *Holders of reo. Oct. 16
Preferred (monthly)
•500. Dec. 1 "Holders of recs. Nov. 15
Preferred (monthly)
.0500. Jan 1'80 *Holders of ree. Dec. 15
International Sliver, pref. (guar.)
114 Oct. 1 Holders of rec. Sept. 120
Intertype Corp.. 1st pref. (guar.)
$2 Oct. 1 Holders of rec. Sept. 16
Investment Fund of N J
15c. Sept. 15 Holders of rec. Sept. 10
Investors Equity, Inc. (guar.)
50c. Oct. 1 Holders of rec. Sept. 160
Isle Royale Copper Co
50c. Sept. 30 Holders of ree. Aug. 31
Motor
Jackson
Shaft (quar.)
'31:k. Oct. 15 "Holders of rec.
Jentzen Knitting Mills, corn. (extra)... *50c. Sept. 25 Holders of rec. Sept. 14
Sept. 15
Jefferson Electric' (guar.)
•750. Oct. 1 *Holders of reo. Sept. 17
Jewel Tea, common (guar.)
75e. Oct. 15 Holders of rec. Oct. 30
Johns-Manville Corp.. COM. (quar.)___.
750. Oct. 15 Holders of rec. Sept. 240
Preferred (guar.)
1K Oct. 1 Holders of rec. Sept. 100
Joint Security CorpCorn.(payable ID 00M.stook)
Nov. 1 Holders of reo. Oct. 20
11
Jones & Laughlin Steel. pref.(qu.)
14 Oct. 1 Holders of rec. Sept. 130
Kalamazoo Vegetable Parchment(go.).. •150. Sept. 30 "Holders of
reo. Sept. 20
Quarterly
•15o. Dec. 31 *Holders of rec. Dec. 21
Kaufman (Chas. A.) Co. (quar.)
214 Oct. 1 Holders of rec. Sept. 23
Kaufmann Dept. Stores, pref.(guar.)
114 Oct. 1 Holders of rec. Sept. 10
Kawneer Company (guar.)
*62Me Oct. 16 *Holders of rect. Sept. 30
Quarterly
•62140 Jan15'30 *Holders of reo. Dee. 81
Kelsey-Hayes Wheel Corp., corn.(quar.)
50c. Oct. 1 Holders of rec. Sept. 206
Kennecott Copper Corp. (quar.)
$1.25 Oct. 1 Ilolders of rec. Aug. 300
Kilburn Mill (quar.)
•21
Sept. 16 *Holders of
Kimberly Clark Corp.. corn.(guar.)._ 6214c Oct. 1 Holders of rec. Aug. 31
rec. Sept. I26
King Philip Mills (quar.)
"51.50 Oct. 1 *Holders of rec. Sept. 20
King Royalty Co., pref. (quar.)
2
Sept. 30 Holders of rec. Sept. 15
Kinney (O. It.) dt Co., corn.(guar.)....
250. Oct. 1 Holders of rec. Sept. 1641
Kirby Lumber (guar.)
•114 Dee. 10 *Holders of ree. Nov.30
Knapp Monarch Co.. pref. (quar.)
8414c. Oct. I Holders of rec. Sept. 16
Knox Hat, non-voting com.cuu.)(No. 1) •21.60 Sept. 15 'Holders of rec. Aug. 15
Common class A (quar.)
*$1.50 Sept. 15 'Holders of rec. Aug. 15
$1.75 Oct. I Holders of ree. Sept. 160
Prior preferred (guar.)
Participating Pref. (guar.)
75o Dec. 2 Holders of reo. Nov. 150
Koppers Gas & Coke.6% pref.(quar.)__ •114 Oct
1 "Holders of rec. Sept. 11
50c. Sept. 16 Sept. 11 to Sept. 16
Korach (S.) Co. (quar.)
3714c Oct. 1 Holders of rec. Sept. 106
Kraft-Phenix Cheese, corn •quar,)
$ 1.6214 Oct. 1 Holders of rec. Sept. 100
Preferred (guar.)
40e. Sept. 30 Holders of rec. Sept. 106
Kresge (S. S.) Co., corn. Omar.)
144 Sept. 30 Holders of rec. Sept. 106
Preferred (guar.)
20e. Sept. 17 Holders of rec. Sept. 3
Lake Shore Mines (quar.)
20c. Sept. 17 Ilolders of nxc. Sept. 3
Extra
Lakey Foundry dr Mach., stk. dividend_ "e214 Oct. 30 *Holders of rec. Oct. 15
Oct. 1 Holders of rec. Sept. 18a
$2
Lambert Co., corn. (quar.)
623,5 c. Sept. 15 Holders of rec. Sept. 5
Lamson-Sesslons (guar.)
12%c. Sept. 15 Holders of rec. Sept. 5
Extra
Landers, nary & Clark (ouar.)
•750. Sept. 30 *Holders of reo. Sept. 20
*750. Dee. 31 *Holders ef rec. Dee. 21
Quarterly
Name of Company.
1697
Per
When
Ceni. Payable.
Books Closest
Days Inclusive.
Miscellaneous (Continua).
Langendorf United Bakeries*500. Oct. 15 *Holders of rec. Sept.30
Class A and B (guar.)
Class A and B (guar.)
*50o. Ja 15'30 *Holders of reo. Dee. 30
Leath & Co.. Pref.(attar.)
0873.4o Oct. 1 *Holders of rec. Sept.15
yi Oct. 1 Holders of rec. Sept. 14a
Lehigh Portland Cement, pref. (guar.)._
Lehigh Valley Coal Corp.. pref. (guar.).
75c. Oct. 1 Holders of rec. Sept. 120
Lehigh Valley Coal Sales (guar.)
900. Sept. 30 Sept. 13 to Sept.30
Leslie California Salt (quar.)
*56c. Sept. 15'Holders of rec. Aug. 31
Lesslngs, Inc., common (quar.)
25c. Sept.30 Holders of rec. Sept. 11
Liggett &Myers Tobacco pref. (guar.)._
1% Oct. 1 Holders of rec. Sept. 100
Lindsay Light. pref. (quar.)
*1% Oct. 5 *Holders of rec. Sept. 30
Loew's, Inc., tom. (guar.)
50c. Sept. 30 Holders of rec. Sept. 133
London Packing (quar.)
*75c. Oct. 1 *Holders of ree. Sept. 16
Loose-Wiles Biscuit, core. (guar.)
65c. Nov. I Holders of rec. Oct. 18a
114' Oct. 1 Holders of rec. Sept. 18a
First preferred (quar.)
Lord & Taylor, corn. (quar.)
*214 Oct. 1 *Holders of rec. Sept. 17
Lorillard (P.) Co., pref. (quar.)
114 Oct. 1 Holders of rec. Sept. 163
Ludlum Steel, corn. (quar.)
50c. Oct. 1 Holders of rec. Sept. 20a
Preferred (quar.)
13.4 Oct. 1 Holders of rec. Sept. 20a
Lunkenheimer Co., corn. (guar.)
•371Ic Sept. 14 *Holders of rec. Sept. 5
*114 Sept. 30 *Holders of res. Sept.20
Preferred (quar.)
•134 Dec. 31 *Holders of reo. Dec. 21
Preferred (guar.)
Luther Mfg.(guar.)
Nov. 1 *Holders of roe. Oct. 15
*2
Mack Trucks, corn. (quar.)
114 Sept. 30 Holders of rec. Sept. 16a
MallInson (H. It) pref.(guar.)
114 Oct. 1 Holders of reo. Sept.20a
Mangin (I.) Co., pref. (qu.)
•114 Nov. 15 *Holders of rec. Nov. 5
Manhattan Shirt, pref. (quar.)
'114 Oct. 1 'Holders of rec. Sept. 16
Mapes Consol. Mfg. (guar.)
50e. Oct. 1 Holders of rec. Sept. 16
Merchant Calculating Mach. (quar,).... •40c J'nI5'30 *Holders of rec. Dee. 31
Mersey Oil Corp. (guar.)
50c. Oct. 10 Holders of rec. Sept. 20
Mathieson Alkali Works, corn.(quar.). Mc. Oct. 1 Holders o f ree. Sept. 76
Preferred (guar.)
1K Oct. 1 Holders of rot. Sept. 70
Maytag Co., corn. (guar.)
3714c Oct. 1 Holders of rec. Sept.d14a
McFadden Corp
•30c. pt.25 *Holders of rec. Aug. 31
McKeesport Tin Plate, corn. (quar.)___
Oct. 1 Holders of rec. Sept. 20
$1
McKesson & Robbins, Inc., pref. (qu.)_ 8734e Sept. 16 Holders of roe. Aug. 31s
Mead, Johnson & Co. (guar.)
75e. Oct. 1 Holders of roe. Sept. 15
Extra
25e. Oct. 1 Holders of roe. Sept. 15
Melchers Distilleries. class A
50c Sept. 15 Holders of rec. Sent. 1
Merchants & Mfrs. Co., el. A (quar.)
*3714c Oct. 1 *Holders of rec. Sept. 16
Prior preferred (quar.)
*114 Oct. 1 'Holders of rec. Sept. 16
Merchants & Miners Transport (quar.). "62%c Sept.30 *Holders of rec. Sept. 14
Mergenthaler Linotype (guar.)
$1.25 Sept. 30 Holders of rec. Sept. 40
Extra
50c. Sept. 30 Holders of rec. Sept. 4a
Meteor Motor Car (quar.)
*50c. Dec. 1 *Holders of rec. Nov.20
Metro-Goldwyn Pictures. Pref. (guar.)._ 4714e Sept. 15 Holders of rec. Aug. 30a
Metropolitan Paving Brick. pref.(qu.)._
114 Oct. 1 Holders of rec. Sept. 15
Mexican Petroleum, corn. (guar.)
Oct.d2I Holders of rec. Sept. 30a
$3
Preferred (guar.)
Oct.d21 Holders of rec. Sept. 30a
$2
Midland Royalty, cony. pref.(guar.)...
50c. Sept. 15 Holders of rec. Sept. 3a
Midland Steel Products, corn. (guar.)
51
Oct. 1 Holders of rec. Sept. 16
Common (extra)
72c. Oct. 1 Holders of rec. Sept. 16
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 166
$2
Preferred (extra)
$1.50 Oct. 1 Holders of rec. Sept. 166
Midvale Company (guar.)
75c. Oct. 1 Holders of rec. Sept. 17
Miller dr Hart,Inc., cony. pref.(guar.)._ •13714c Oct. 1 *Holders of rec. Sept. 15
Miller (I.) & Sons, Inc., corn. (guar.)50e. Oct. 1 Holders of rec. Sept. 15
Minneapolis-Honeywell, reg. Pref. (qu.) *114 Nov. 15'Holders of rec. Nov. 1
Mitchell(Robert) Co. Ltd.(guar.)
25e. Oct. 15 Holders of reo. Sept.30
Mohawk Carpet Mills (quar.)
62%c Sept. 30 Holders of rec. Sept. 103
Mohawk Investment Corp.(in stock)
*e100 Subject to stockholders approval
Mohawk Rubber, pref. (quar.)
114 Oct. 1 Holders of rec. Sept. 15
•450 Oct. 1 *Holders of rec. Sept. 20
Monighan Mfg., corn. A (quar.)
Monsanto Chem. Works, new stock...... *3114c Oct. 1 *Holders of rec. Sept. 14
*el% Oct. 1 *Holders of rec. Sept. 14
Stockdividend
Montgomery Ward & Co., cl. A (quar.). 41.75 Oct. 1 'Holders of rec. Sept. 20
Montreal Cottons, Ltd., coin. (quar.).. 134 Sept. 15 Holders of rec. Aug. 31
114 Sept. 15 Holders of rec. Aug. 31
Preferred (guar.)
"31.13 Sept. 14 "Holders of rec. Sept. 10
11foody's Investor Service, corn
750 Nov. 15 Holders of reo. Nov. 1
Participating prof.(quay.)
90c Sept. 14 Holders of rec. Aug. 3I6
Morrell (John) & Co. (quar.)
*50c Oct. 1 'Holders of rec. Sept. 20
Motor Products. corn. (guar.)
Sept. 20 Holders of rec. Sept. 5a
$1
Motor Wheel Corp.. corn
Common (payable In common stock). 120 Oct. 1 Holders of rec. Sept. 50
40c Oct. 1 Holders of rec. Sept. 14
Mountain Producers (quar.)
vote d to res clod divs.previously decl'd
Muncie Gear Co. pref., class A-Director
'2 Oct. 2 "Holders of rec. Sept. 20
Murphy (G. C.) Co., pref. (guar.)
50c Sept. 30 Holders of rec. Sept. 146
Myers(F. E.)& Bros. Co., corn.(qu.)..
$1.50 Sept. 30 Holders of rec. Sept. 146
Preferred (quar.)
Nachman-Springfield Co.. corn.(qu.). "75c Oct. 1 "Holders of rec. Sept. 15
250 Oct. 15 Holders of reo. Oct. la
Nat. Bellas-Hess. new corn.(quay.)....
25o JanIS'hO Holders of reo.Jan.2'300
Newcommon (quar.)
sl
Oct. 15 Holders of zee. Oct. la
Stock dividend (guar.)
sl
Ja.15'30 Holders of re°.Jan.2'30a
Stock dividend (guar.)
51.50001. 15 Holders of reo. Sept. 27a
National Biscuit, corn.(guar.)
Oct. 1 *Holders of rec. Sept. 16
National Breweries, coin. (guar.)
"21
*13.4 Oct. 1 *Holders of rec. Sept. 16
Preferred (quar.)
114 Sept. 16 Holders of rec. Aug. 31
National Brick, pref. (quar.)
4334 Oct. 1 Holders of rec. Sept. 126
National Candy, corn. (quar.)
134 Oct. 1 Holders of rec. Sept. 123
First and second pref. (guar.)
National Cash Register, class A (quar.)_
750. Oct. 15 Holders of rec. Sept. 303
37)4c Oct. 1 Holders of rec. Sept. So
National Dairy Products, tom.(quar.)
Oct. 1 Holders of rec. Sept. 36
Common (payable in common stock)_ fl
Oct. 1 Holders of rec. Sept. 36
Common (payable in corn.stk.)(extra) el
Nat. Fireproofing. Prof.(Qum.)
6240. Oct. 15 Holders of lee. Oct. 1
National Food ProductsOct. 15 Holders of reo. Oct. 5
2
Class B (payable in class B elk.)
Oct. 1 *Holders Of rec. Sept. 16
*2
Nat. Grocers. Ltd., prof. (guar.)
National Holding Corp., corn.(gu.)
*60c. Oct. 2'Holders of rec. Aug. 31
114 Sept.30 Holders of reo. Sept. 134
National Lead,corn. (guar.)
13.4 Sept. 14 Holders of rec. Aug. 30s
Preferred A (guar.)
14 Nov. 1 Holders of rec. Oct. 180
Preferred B (quar.)
National Standard Co. (quar.)
*75c. Oct. 1
"25c. Oct. 1
Extra
50c Oct. 1 Holders of rec. Sept. 18
National Steel Car (guar.)
Nat. Sugar Ftefg. (guar.)
50c Oct. 1 Holders of rec. Sept. 3
National Supply, Prof. (guar.)
$1.75 Sept. 30 Holders of rec. Sept.200
National Surety (quar.)
$1.25 Oct. 1 Holders of rec. Sept. 170
375ic. Oct. 1 Holders of rec. Sept. 13a
National Tea, new corn. (quar.)
National Transit
25c. Sept. 16 Holders of rec. Aug. 31
Nelson (Herman) Corp. (quar.)
*50c. Oct. 1 *Holders of rec. Sept. 19
Neptune Meter, class A & B (guar.) _ _ _
•50c. Sept. 15 *Holders of rec. Sept. 1
Newberry (J. J.) Co., corn.(guar.)
*2714c Oct. 1 *Holders of rec. Sept. 16
New York Auction (guar.)
*3714c Sept 16 *Holders of ree. Aug. 31
New York Transit
40c. Oct. 15 Holders of rec. Sept.20
New York Transportation (guar.)
*50c. Sept. 28 *Holders of rec. Sept. 13
Nichols Copper Co., class A (quar.)
4314e. Oct. 1 Holders of reo. Sept. 20
Class B
•75o. Nov. 1
Nickel Holding Corp.. corn. (quar.)---600. Oct. 2 Holders of rec. Aug. 310
NoblItt Sparks Industries (guar.)
*Mc. Oct. 1 Holders of rec. Sept. 20
North American Provision. pl. (quar.).- •114 Oct. 1 *Holders of rec. Sept. 10
North Central Texas Oil pref (guar.)--$ 1.6254 Oct. 1 Holders of rec. Sept. 10
190 Deo. 1
Northern Manufacturing. pref.(guar.) Oct. 1 "Holders of rec. Aug..16
Noxema Chemical, corn. A (in stock)... "110
Oct. 1 Holders of rec. Sept. 19
Ogilvie Flour Mills, corn. (quar.)
$2
$17 Oct. 1 Holders of rec. Sept. 19
Common (extra)
•500 Sept. 14 *Holders of rec. Aug. 12
Ohio 011, corn. (guar.)
*25c Sept. 14 *Holders of roe. Aug. 12
Common (extra)
114 Oct. 1 Holders of rec. Sept. 14
Ohio Seamless Tube, pref. (quar.)
3714c Sept.20 Holders of rec. Sept. 100
011 Shares. Inc., corn. (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 100
Oliver Farm Equip. prior pref. (quar.)
750 Oct. 1 Holders of rec. Sept. 100
Cony. partic. pref. (quar.)
Omnibus Corp. (quar.)
$2
Oct. 1 Holders of rec. Sept. 136
Oneida Community, corn. & pref. (qu.)_ *4334c Sept. 14 *Holders of rec. Aug. 13
114 Oct. 15 Holders of rec. Sept.300
Otis Elevator, pref. (quar.)
1(4 l'n15'30 Holders of rec. Dec. 31a
Preferred (guar.)
Otis Steel, corn. (quar.) (No. 1)
62%c Oct. 1 Holders of rec. Sept. 196
13.4 Oct. 1 Holders of rec. Sept. 190
Preferred (quar.)
Owens Illinois Glass, coat. (guar.)
$1
Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
21.50 Oct. 1 Holders of rec. Sept. 15
FINANCIAL CHRONICLE
1698
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Pacific Finance Corp., corn. (gUar.)---- 0750. Oct. 1 *Holders of rect. Sept. 20
.11 Oct. 1 *Holders of rec. Sept.20
Coro.(payable in common stock)
•IM Nov.15 *Holders of tee. Nov. 6
Paepcke Corp.. cons.(guar.)
*Holders of rec. Sept.24
"1St Oct.
Preferred (guar.)
Sept.20
Page Hershey Tubes, Ltd., corn.(qu.).. $1
Sept.20
Preferred (guar.)
Sept.27 Holders of reo. Sept. 17
$1
Paraffins Cos., corn. (guar.)
75c. Oct. 1 Sept. 21 to Oct. 1
Paragon Refining, pref. A (guar.)
60c. Oct. 2 Holders of roe. Sept. 21
Paramount Cab Mfg.(guar.)
Paramount Pam. Lasky Corp..com.(gu.) 750. Sept.28 Holders of rec. Sept. da
*25e. Sept.30 *Holders of rec. Sept. 20
Parke, Davin & Co (guar.)
*10c. Sept.30 *Holders of rec. Sept.20
Extra
750. Oct. 14 Holders of ref). Sept. 300
Park & Tilford, Ino. (guar.)
1
Oct. 14 Holders of rec. Sept.300
Stock dividend
75o. Janlr10 Holders of rec. Dec. 30a
Quarterly
1
Janine Holders of rec. Dec. 805
Stock dividend
750. AprInt Holders of roe. Mar. 290
Quarterly
1
Apr1418 Holders of tee. Mar. 290
Stook dividend
Parmelee Transportation, corn.(mthly.). *12Mc Oct. 10 'Holders of rec. Sept. 27
Patin° Mines & Enterprises Consol97c. Sept.28 Holders of rec. Aug. 31
American shares
2.5e. Oct. 1 Holders of rec. Sept. 16
Pender (D.) Grocery Co., cl. B
25c. Oct. 1 Holders of rec. Sept. 16
Class B (extra)
$1.75 Sept. 15 Holders of rec. Aug. 1110
Penn-Dixie Cement. prof. (guar.)
•25e. Oct. I *Hoidens of rec. SePt• 8
Peoples Drug Stores, corn.(guar.)
•11.6234 Sept.15 *Holders of tea. Sept. 1
Preferred (guar.)
500. Oct. 1 Holders of rec. Sept.20
Perfect Circle Co. (guar.)
•3734e Sept.30 *Holders of reo. Sept. 18
Perfection Stove (monthly)
*37)4o Oct. 31 *Holden of rec. Oct. 17
Montnry
•87340 Nov. 30 *Holders of tee. Nov. 18
Monthly
08734e Dee. 31 *Holders of tee. Dec. 18
Monthly
37340. Oct. 1 Holders of rec. Sept. 100
Pet Milk Co., corn. (guar.)
134 Oct. 1 Holders of roe. Sept. 10
Preferred (guar.)
•50e. Sept. 15 *Holders of roe. Sept. 5
Petroleum Exploration (guar.)
Oct. 1 Holders of rec. Sept. 25
Petroleum Royalties, pref. (monthly).... 1
Si Oct. 1 Holders of rec. Sept. 25
Preferred (extra)
Pettibone, Mulliken Co., pref. (qual.).. '134 Oct. 1
750. Oct. 1 Holders of rec. Sept. 40
Phelps Dodge Co.(guar.)
Philadelphia Dairy Prod., pr. pf.(qu.)-2 1.6234 Oct. 1 Holders of rec. Sept. 206
Philippe (Louis) Inc., class A (gnat.)... 400. Oct. 1 Holders of rec. Sept. 196
8734e. Oct. 2 Holders of tee. Sept. 16a
Phillips Petroleum (guar.)
Pie Bakeries of Amer., cl. A (gust.).... 50c. S . 1 Holders of tee. Sept. 13
134 Oct. 1 Holders of rec. Sept. 13
Preferred (guar.)
*50c. Oct. 1 'Holders of rec. Sept. 10
Pittsburgh Plate Glass (guar.)
1
Oct. }*Holders of rec. Sept.24
Pittsburgh Steel,COM.(Var.)
•4334c Sept. IS *Holders of rec. Aug. 31
Platt Music Co., corn. (guar.)
25e. Oct. 1 Holders of rec. Sept. 18
Polymet Mfg., new stock (guar.)
Jan 1'30 *Holders of rec. Dec. 20
*el
New stock (payable in stock)
Sept. 15 Holders of reo. Sept. I
Port Alfred Pulp & Paper, pref. (gust.).
Porto Rican Amer. Tob., Cl. A (quar.). lit Oct. 10 Holders of rec. Sept. 200
19
Powdrell ds Alexander. Inc., pref.(guar.) ▪134 Oct. 1 *Holders of rec. Sept.816
50c. Sept.30 Holders of rec. Aug.
Pralrie Oil & Gas
810
Aug.
rec.
of
Holders
250.
Sept.
30
Extra
750. Sept.30 Holders of tee. Aug. 316
Prairie Pipe Line (guar.)
50e. Sept.30 Holders of roe. Aug. 310
Extra
12
Pressed Metals of Amer.. pref.(qual.).. •134 Oct. 1 'Holders of tee. Sept. 12
•134 Jan1'80 *Holders of tee. Dee.
Preferred (guar.)
of
Sept.
3a
Holders
rec.
30
Sept.
lft
(guar.)
Pressed Steel Car, pref.
Price Bros., corn. (quar.)
% Oct. 1 Holders of rec. Sept. 14
1% Oct. 1 Holders of rec. Sept. 14
Preferred (guar.)
134 Sept. 14 Holders of rec. Aug. 24a
Procter dt Gamble. pref. (guar.)
Pt. 16 Holders of tee. Aug. 31
134
Pro-phy-lac-tic Brush, pref. (gust.).
Oct. 1 Holders of rec. Sept. 246
Prudential Co., tom. (guar.)
Oct. 1 Holders of rec. Sept. 24a
Preferred (guar.)
1834c. Oct. 1 Holders of rec. Sept. 24a
Preferred (extra)
Sept.
16 Holders of rec. July 15
250.
Public Investing Co.(guar.)
1)1 Oct. 1 Holders of tee. Sept. 100
Pure 011, 5S1% pref. (guar.)
134 Oct. 1 Holders of rec Sept. 10a
6% Preferred (guar.)
Oct. 1 Holders of rec. Sept. 106
2
8% Preferred (gum.)
Oct. 15 *Holders of rec. Oct. 1
•1
Quaker Oats, corn. (guar.)
*134 Nov.30 *Holders of rec. Nov. 1
Preferred (quar.)
50c. Sept.30 Holders of rec. Sept. 14a
Railway & Express Co.(guar.)
114 Sept.30 Holders of tee. Sept. 140
Old stock (guar.)
•66 2-30 Sept. 14 *Holders of rec. Sept. 1
Raybestos Co.. common
Real Silk Hosiery Mills, corn. (qual.)... $1.25 Oct. I Holders of tee. Sept. 130
134 Oct. 1 Holders of tee. Sept. 130
Preferred (guar.)
350. Oct. 1 Holders of rec. Sept. 16
Reece Buttonhole Mach. (guar.)
50. 5 et. 1 Holders of rec. Sept. 16
Reece Folding Mach. (guar.)
•1,4 Sept. 15 *Holders of rec. Aug. 31
Reeves (Daniel) Inc., pref. slum.)
•3734c Oct. 1 *Holders of rec. Sept.20
Reliance Mfg. of Ill., corn. (guar.)
*134 Oct. 1 *Holders of rec. Sept.20
Preferred (guar.)
756. Oct. 1 Holders of rec. Sept. 16
Reliance Mfg. (Ohio), COM. (guar.)_ _ . 1 Holders of rec. Sept. 70
Remington-Rand Co.. lit prof. (gust.)
Oct. 1 Holders of rec. Sept. 74
52
Second preferred (guar.)
•$1.25 Oct. 1 *Holders of tee. Sept. Ta
Remington Typewriter common
1)4( Oct. 1 Holders of roe. Sept. 7a
First preferred (guar.)
Oct. 1 Holders of rec. Sept. 73
2
Second Preferred (guar.)
20c. Oct. 1 Holders of rec. Sept. 10a
Reo Motor Car (guar.)
Oct. 1 Holders of tee. Sept. 100
81
Republic Brass, class A (guar.)
154 Nov. 1 Holders of rec. Oct. 10a
Preferred (guar.)
Oct. 1 *Holders of rec. Sept. 14
*3.50.
Republic Investing, pref. (guar.)
Republic Iron & Steel. pref.(guar.).-..- 114 Oct. 1 Holders of tee. Sept. 124
400. Oct. 1 Holders of roe. Sept.20
Republic Stamping & Enamel
18a
Reynolds(ES.) Tob., com.&com.13(qu) 600. Oct. 1 Holders of rec. Sept.
1.62% Oct. 1 *Holders of rec. Sept. 14
Rich's. Inc.. 614% prof. 0184r3
°I
5
Oct.
rec.
of
Nov.
1
Holders
4334c
(guar.).-Richfield Oil of Calif., pref.
Hold. of rec. Jan. 5'30
$1
(0
Rio Grande OH
el% 008. 25 Holders of fee. Oct. 6
?Stock dividend
Sept. 15 Holders of reo. Sept. 10
Royalty Corp. of Am., partio. pf.(mthiY) 1
Sept. 15 Holders of rec. Sept. 10
Participating pref. (extra)
Oct. 15 Holders of rec. Oct. 1
1
Participating pref. (monthly)
Sept. 14 *Holders of rec. Aug. 31
"1
Ruberoid Co.(quar.)
The. Oct. 1 Holders of tee. Sept. 20a
Safeway Stores common (guar.)
134 Oct. 1 Holders of tee. Sept. 204
6% Preferred (guar.)
154 Oct. 1 Holders of roe. Sept. 20a
7% preferred (guar.)
50o. Sept.20 Sept. 10 to Sept.20
St. Joseph Lead Co.(guar.)
254. Sept.20 Sept.10 to SePt•20
Extra
34 Sept. 30 Holders of rec. Sept. Illa
St. L. Rocky Mt.& Pac. Co., com•RPO
pt.30 Holders of rec. Sept. 166
134
Preferred (guar.)
St. Maurice Valley Corp.. prof. (gust.). 134 Oct. 1 Holders of roe. Sept. 16
. 1 *Holders of rec. Sept. 10
*750.
St. Regis Paper (guar.)
*406. Oct. 1 *Holders of rec. Sept. 14
Sally Frocks, Inc. (quar.)
Salt Creek Consol. 011 (guar.)
•100. Oct. 1 *Holders of rec. Sept. 14
sangamo Electric Co., COM. (gust.).... •500. Oct. 1 *Holders of rec. Sept. 10
•1ti Oct.
1 *Holders of rec. Sept. 10
Preferred (guar.)
Savage Arms, 2d Prof. (guar.)
O134 Nov. 1 *Holders of rec. Nov. I
Schiff Co.,common (guar.)
250. Sept.15 Holders of rec. Aug. al
Preferred (guar.)
134 Sept.15 Holders of too. Aug. 31
Schlesinger (B. F.) Co., corn.(guar.). '
3734c Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
*134 Oct. 1 *Holders of rec. Sept. 15
Schulte Retail Stores, Prof. (guar.)
Oct. 1 Holders of rec. Sept. 120
2
Schulte United Sc to $1 Stores. pref.(qu.) .41.75 Oct. 1 *Holders of rec. Sept.20
Schulz Baking, cony. pref.(guar.)
75e. Oct. 1 Holders of rec. Sept. 16
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 16
Scott Paper, corn. (guar.)
350. Sept.30 Holders of rec. Sept. 164
Corn. fin stk.sub,, to stkhrs.'approv.) 12
Dec. 81
Scoyill Mfg. (gnat.)
Holders of rec. Sept. 17
*81
Oct. '
Seaboard Utility Shares, corn. (quar.) •12 Mc Oct. 1 *Holders of rec. Sept. 16
Sears, Roebuck & Co.Quarterly (payable In stock)
el
Nov. 1 Holders of tee. Oct. 154
Second National Investing, pref. (qu.)._ *51.25 Oct. 1 'Holders of rec. Sept. 10
Segal Lock & Hardware, corn. (guar.) _ _ 1234e Sept. 16 Holders of tee. Aug. 81
Separate Units, Inc. ((mar.)
Oct. 1 Holders Of tee. Sept. 10
Si
Extra
25c. Oct. 1 Holders of rec. Sept. 10
Seventeen Park Ave.. Inc., preferred... 8
Sept. 16 Sept. 1 to Sept. 16
Shaffer 011 & Refs., pref. (quay.)
154 Oct. 25 Holders of rec. Sept. 30
Sheaffer(W. A.) Pen Co.,(guar.)
91
Sept.19 'Holders of tee. Aug. 27
Common (extra)
*500. Sept. 15 *Holders of tee. Aug 26
050o. Oct. 1 *Holders of tee. Sept. 20
Sheffield Steel, corn. (guar.)
Oct. 1 *Holders of rec. Sept. 20
Common (payable In corn. stock)...,.
*134 Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
134
134
134
134
M
Name of Company.
[VOL. 129.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Shell Union 011, corn. (guar.)
35e. Sept.30 Holders of roe. Sept. 44
Convertible preferred (No. 1)
11.3734 Oct. 1 Holders of tee. Sept. 5
Shubert Theatres Corp. COM.(guar.).- $1.25 Sept. 15 Holders of rec. Aug. 316
Simms Petroleum (guar.)
400. Sept. 14 Holders of rec. Aug. 306
Sinclair Corso' Oil, corn. (guar.)
500. Oct. 15 Holders of rec. Sept. 146
Common (extra)
250. Oct. 15 Holders of rec. Sept. I4a
Skelly Oil (guar.)
50o. Sept. 16 Holders of tee. Aug. 15s
Sloss-Sheffield Steel & Iron, prof.(guar.)
Oct. 1 Holders of rec. Sept. 20a
Smallwood Stone, class A (guar.)
623ic. Sept. 15 Holders of rec. Sept. 5
South Penn 011 (quar.)
050e. p1.30 *Holders of rec. Sept. 14
South Porto Rico Sugar,corn.(guar.).50e. Oct. 1 Holders of rec. Sept. 100
Preferred (guar.)
2
Oct. 1 Holders of tee. Sept. 10a
South West Pa. Pipe Lines
$1
Oct. 1 Holders of tee. Sept. 16
Spalding (A. G)& Bros.,corn
500. Oct. 15 Holders of roe. Sept.281
Swing. Chalfant & Co., pref.(guar.).- 134 Oct. 1 Holders of tea. Sept.14a
sparks-WithIngton Co.
New common (guar.)(No. 1)
250. Sept. 30 Holders of rec. Sept. 146
Preferred (guar.)
"134 Sept.16 *Holders of rec. Sept. 9
Spencer Kellogg & Sons,Inc.(guar.)... 110e. Sept.80 Holders of tee. Sept.14a
Square D Co.,class A (guar.)
•550. Sept.30 *Holders of rec. Sept.20
Standard Commercial Tob., corn. (qu.)250. Oct. 1 Holders of rec. Sept. 170
Standard Investing corn. (in stock)
01134 Oct. 10 *Holders of roe. Sept. 20
Standard Oil of Calif. (guar.)
6234e. Sept. 16 Holders of rec. Aug. 15a
Standard 011 (Indiana) (guar.)
062Mo Sept. 16 *Holders of reo. Aug. 16
Standard Oil (Kentucky)(quar.)
.40o. Sept.30 *Sept. 17 to Sept.29
Standard Oil (Nebraska)(guar.)
*624e Sept.20 *Holders of reo. Aug. 24
Extra
025c. Sept.20 *Holders of roe. Aug. 24
Standard 011 (N. J.) $25 par (guar.).250. Sept. 16 Holders of tee. Aug. I50
825 par value (extra)
250. Sept. 16 Holders of tee. Aug. 15a
$100 par value (guar.)
1
Sept. 16 Holders of tee. Aug. 15.
6100 par value (extra)
1
Sept. 16 Holders of too. Aug. 15a
Standard 011 of N. Y.(guar.)
400. Sept. 16 Holders of rec. Aug. 16a
Standard Oil (Ohio) corn.(gnat)
*132140 Oct. 1 *Holders of tee. Sept. 6
dSteinite Radio (stock div.)(quar.)--- 0234 Oct. 1 Holders of rec. Sept. 21
Sterchi Bros. Stores,Inc., corn.(guar.).- 0304). Nov. 15 *Holders of tea. Oct. 80
Sterling Motor Truck, pref. (gm.)
"40c. Oct. 1 *Holders of rec. Sept.20
Stewart-Warner Corp.e2
Nov. 15 Holders of tee. Nov. 5
New $10 par stock (In stook)
s2
New $10 par stock (in stook)
2/15/30 Holders of tee. Feb.5'30a
111734o Dec.
Mix Baer & Fuller, corn.(guar.)
*Holders of yeo. Nov. 15
4354o. Oct. 1 Holders of rec. Sept. 15
Stone (H. 0) dr Co., corn.(quar.)
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
•75e.
Str000k (S.) Co. (guar.)
"Holders of tee. Sept.18
0750 Dec.
. 2 'Holders of rec. Dee. 10
Quarterly
Studebaker CorporationDee.
Common (payable in porn. stock)..... fl
Holders of roe. NoV. 90
Sullivan Machinery (guar.)
21
Oct. 1 Oct. 1 to Oct. 4
Sun Oil,com.(guar.)
250. Sept. 16 Holders of roe. Aug. 260
Superior Portland Cement of Amer (qU.) 02734c Sept.21 *Holders of rec. Aug. 21
2
Swift dr Co. (guar.)
Oct.
Holders of rec. Sept. 10
250. Sept.16 Holders of rec. Aug. 310
Tennessee Copper & Chemical (guar.).750. Oct. 1 Holders of rec. Sept. 66
Texas Corporation (guar.)
Texas Gulf Sulphur (guar.)
Sept. 16 Holders of roe. Sept. 211
$1
e234 Sept.30 Holders of too. Sept. 54
Texas dr Pacific Coal& 011 (guar.)
Thompson-Starrett Co., Inc., pref.(qu.) 87340. Oct. I Holders of rec. Sept. 11
200. Sept. 30 Holders of rec. Sept. 160
Tide Water Oil, corn. (guar.)
Tide Water Associated Oil, pref. (go.).. 51.50 Oct. 1 Holders of rec. Sept. 18a
35e. Oct. 15 Holders of tee. Sept. 25a
Tobacco Products Corp. common (c81.)..
•21
Sept.20 *Holders of roe. Sept. 5
Todd Shipyards Corp. (guar.)
ee150 Oct. 25 *Holders of rec. Sept. 10
Transamerica Corporation, stk. My
134 Oct. 1 Holders of rec. Sept. 15
Traymore, Limited, pref. (guar.)
134 Oct. I Holders of rec. Sept. 13
Tr-Continental Corp., prof. (guar.)
6234c Oct. 1 Holders of rec. Sept. 1651
Trico Products Corp., corn. (guar.)_ _
800. Oct. 15 Holders of too. Sept.26a
Truscon Steel, corn. (guar.)
Underwood Elliott Fisher Co.
$1 Sept. 30 Holders of reo. Sept. 120
Common (guar.)
$1.75 Sept.80 Holders of rec. Sept. 12e
Prof. and pref. series B (guar.)
135e. Oct. 1 Holders of rec. Sept. 6.
Union Carbide & Carbon (guar.)
•154 Oct. 1 *Holders of reo. Aug. 31
Union Steel Casting, pref.(guar.)
•150. Sept. 30'Holders of rect. Sept.20
Union Twist Drill, corn. (guar.)
'154 Sept. 30 *Holders of roe. Sept.20
Preferred (guar.)
United Aircraft & Tramp., pref. (go.).. 750. Oct. I Holders of reo. Sept. 106
United Artists Theatre CircuitPreferred (guar.)
•154 Sept. 15 *Holders of tee. Sept. 1
United Cigar Stores common (gust.).... 250. Oct. 1 Holders of roe. Sept. (le
United Dept. Stores, corn. (qu.)(No. 1) •2234c Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.) (No. 1)
*873,l c Nov. I *Holders of roe. Oct. 20
United Dyewooa Corp.. pref. (gust.)... 134 Oct. 1 Holders of roe. Sept. ill
United Fruit (guar.)
$1 Oct. 1 Holders of rec. Sept. fla
United Milk Crate, class A (guar.)
050e. D. 1 *Holders of rec. Nov. 15
Class A (extra)
80. Dee, 1 *Holders of tee. Nov. 15
United Piece Dye Wks.. pref.(0=3- •14 Oct. 1 *Holders of tee. Sept.10
Preferred(guar.)
'154 Jan2•110 "Holders of tee. Dee. so
United Producers, class A (guar.)
"56c. Oct. 1 *Holders of rec. Sept. 15
United Reproducers, class A (gnat.).... *50e. Oct. 1 *Holders of rec. Sept. 15
*37140 Sept. 14 *Holders of ree. Sept. I
U. S. Asbestos, corn. (auar.)
U. B. Cast Iron Pipe & Fdy., corn. (1111.) 500. Oct. 21 Holders of too. Sept.300
500. Jan2010 Holders of roe. Dec. 814
Common (guar.)
800. Oct. 21 Holders of roe. Sept. 80e
First & second pref. (guar.)
2100. Jan20'30 Holders of roe. Dee. 31s
First & second pref.(guar.)
*400. Sept. 30 *Holders of rec. Sept. 14
U. S. Gypsum, common (guar.)
•154 Sept. 30'Holders of rec. Sept. 14
Preferred (guar.)
United States LeatherOct. 1 Holders of tee. Sept. 10a
Class A panic. & cony. stook (go.).. $1
134 Oct. 1 Holders of reo. Sept. 1011
Prior preference (guar.)
•51
Oct. 1 *Holders of tee. Sept.20
U.S. Playing Card, corn.(gust.)
U.S. Printing & Lithographing•51.50 Oct. 1 *Holders of tee. Sept.20
Com, and second pref. (guar.)
1)4 Sept. 14 Holders of rec. Aug. 160
U.S. Realty & 'rapt.(guar.)
114 Sept.28 Holders of tee. Aug. 29a
U.S.Steel Corp., corn. (guar.)
Oct. 1 Holders of rec. Sept. 16a
$1
U. S. Tobacco, corn. (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 16a
Preferred (guar.)
0300. Oct. 1 'Holders of rec. Sept. 14
Universal Products, corn. (guar)
Ott. 1 Holders of too. Sept. 15
Upreserit Metal Cap Corp.. we!.(Guar.). $1
$1 Sept.20 Holders of reo. Aug. 81
Vacuum 011 (guar.)
134 Sept. 17 Holders of rec. Sept. 14
Valvoline 011, common (guar.)
•22 Oct. 1 "Holders of roe. Sept. 17
Preferred (guar.)
•750. Sept.30 Holders of rec. Sept. 20
Vanadium Alloys Steel (guar.)
'433-4c Oct. 1 Holders of rec. Sept. 21
Van Camp Packing, pref. (quar.)
08 1.6215 Oct.
1 *Holders of rec. Sept. 21
Prior preferred (guar.)
*50c. Oct. 1 *Holders of rec. Sept. 14
Van Sicklen Corp., class A (guar.)
4,154 Dee. 10 *Holders of rec. Dee.
Vapor Car Heating, Pref.(guar.)
•62140 Nov. 1 *Holders of too. Oct. 17
Vick Chemical (guar.)
•600. Sept. 15 *Holders of too. Sept. 1
Viking Pump prof. (gnar.)
082
Oct. 1 *Holders of rec. Sept. 16
Va.-Carolina Chemical, pref
50o. Oct. 1 Holders of rec. Sept. 14
Vogt Manufacturing, com. (guar.)
0350. Dee. 10 "Holders of reo. Nov.80
Volcsnie Oil & Oss(war.)
4,50. Dee. 10 *Holders of roe. Nov.50
Extra
154 Oct. 19 Holders of tea. Oct. 90
Sultan Detioning, pref. (gbs.)
714
Oct. 19 Holders of reo. Oct. 90
Preferred (accrued accum div.)
154 Oct. 19 Holders of tea. Oct. 90
Preferred A (guar.)
314
Oat. 19 Holders of rec. Oct. 90
Preferred A (accrued accum.
154 Oct. 1 Holders of too. Sept.20
Wagner Elee. Corp., pref. (guar.)
Waitt & Bond. Inc.. class B (gust.).... 0356. Oct. 1 *Holders of rec. Sept. IS
3734c Oat. 1 Holders of rec. Sept. 206
Waldorf System, corn. (guar.)
20c. Oct. 1 Holders of tee. Sept.20
Preferred (guar.)
ye 1.6234 Oct. 1 *Holders of roe. Sept. 20
Walgreen Co., pref. (guar.)
Walker (Hiram)-Gooderham & Worts.
250. Seat. 14 Holders of reo. Aug. 81
Ltd. (guar.)
250. Sept. 14 Holders of coup. No. 8
Bearer shares (qual.)
'134 Oct. 1 *Holders of tee. Sept.21
Waltham Watch, pref.(guar.)
300. Sept. 16 Holders of rec. Aug. 81111
Walworth Co.,common (guar.)
•750. Sept. 30 *Holders of rec. Aug. 20
Preferred (guar.)
154 Oct. 1 Holders of roe. Sept. 170
Ward Baking Corp. pref. (guar.)
500. Oct. 1 Holders of roe. Sept. 12a
warner-Quinlan Co. (guar.)
Oct. 1 Holders of rec. Sept. 166
$1
Warren Bros., corn. (guar.)
750. Oct. 1 Holders of rec. Sept. 160
First preferred (guar.)
o
Oct.
1 Holders of rec. Sept. 186
8734
Second preferred (guar.)
0750. 001. 1 *Holders of rec. Sept. 15
Waukesha Motor, corn. (guar.)
"$1
Oct. 1 *Holders of rec. Sept. 15
Common (extra)
'Sc. Sept. 15 *Holders of rec. AMC. 30
Wellington 011 (guar.)
134
SEPT. 14 1929.]
FINANCIAL CHRONICLE
Name of Company.
Whets
Per
Cent. Payable.
Books Cloud
Days Inclusive.
1699
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Sept. 6:
Miscellaneous (Concluded).
Wesson Oil& Snowdrift common (du.)-50c. Oct. 1 Holders of rec. Sept. 1414
Western Reserve Investing,6% pt.(an.) ilk Oct. 1 Holders of rec. Sept. 14a
Participating preferred (guar.)
134 Oct. 1 Holders of re0. Sept. 14a
West Michigan SteelCommon (payable in corn. stock).
Oct. 1 Holders of rec. Sept. 15
/2
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
West Va.Pulp & Paper pref.(Quar.).•134 Nov.15 'Holders of rec. Nov. 5
Wextark Radio Stores (guar.)
*50c. Oct. 1 'Holders of rec. Aug. 15
Stock dividend
Oct. 1 *Holders of rec. Aug. 15
FOR THE WEEK ENDED FRIDAY, SEPT 6 1929.
5e5
50c. Sept. 14 Holders of rec. Sept. 5
Wheeler Metal Products, corn.(guar.)._
Common (extra)
500. Sept. 14 Holders of rec. Sept. 5
NATIONAL AND STATE BANKS-Average Figures.
Wheeling Steel, pref. A (guar.)
Oct. 1 *Holders of rec. Sept. 12
.2
Preferred B (guar.)
'254 Oct. 1 *Holders of rec. Sept. 12
White Motor (guar.)
250. Sept. 30 Holders of rec. Sept.126
OtherCash Res.. Dep., Dep. Other
White Motor Securities. pref. (guar.)... 1 q Sept.30 Holders of rec. Sept. 12
Including N. Y. and Banks and
Gross
White Rock Mineral 59111.. Coln.(guar.)
Loans.
750. Oct. 1 Holders of rec. Sept.206
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
134 Oct. 1 Holders of rec. Sept.20
First pref. (guar.)
Second preferred
Manhattan$
334 Oct. 1 Holders of ref:. Sept. 20
$
$
8
$
•62340 Oct. 1 *Holders of rec. Sept. 15
White Star Refg. (guar.)
Bank of U.5____ 245,179,900 63,800 5,060,000 32,963,4001 2,397,500 227,796,600
Widlar Food Products (guar.)
Bryant Park 13k. 2,019,100
3754c. Sept. 15 Holders of rec. Sept. 5
_ 219,200
216,100
2,141,300
Will & Brunner Candle Co.. pref. (an.).. 2
Oct. 1 Holders of rec. Sept. 16
Chelsea Exch.Bk• 21,898,000
_ _ _ _ 1,592,000
409.000
19,146,000
Willys-Overland Co.. pref. (guar.)
13( Oct. 1 Holders of ree. Sept. Ifla Grace National__ 19,240,700 2,000
31,900 1,577,700 2,736,100 17,482,300
Wilson dc Co., Inc., pref. (guar.)
hl U Oct. 1 Holders of rec. Sept. 126 Port Morris
3,619,300 32.400
85,000 , 171,8001
3,218,800
Worthington Pump&Mach., pf.cl.A(qu.) 134 Oct. 1 Holders of rec. Sept. 106 Public National_ 142,344,000 25,000 2,074,000 9,259,000)28,663,000 154.519,000
Preferred class A (acct. accum. dIv.)
3134 Oct. 1 Holders of rec. Sept.106
BrooklynPreferred class B (guar.)
7,419,200 24,400
134 Oct. 1 Holders of rec. Sept.10a Brooklyn Nat.__
53,000
404,7001 362.500 4,550,200
_
7600000 5.000
Preferred class B (acct. accum. dIv.).- h134 Oct. 1 Holders or rec. Sept. 100 'Mannino Watt
98.000
5.58.0001
49.000 7.800 000
Wrigley (Wm.) Jr.. Co.(monthly)
260. Oct. 1 Holders of rec. Sept.20a
25c, Nov. 1 Holders of rec. Oct. 196
Monthly
Monthly
50c. Dee. 2 Holders of rec. Nov.208
TRUST COMPANIES-Average Figures.
Yale & Towne Mfg.(guar.)
Oct. 1 Holders of rec. Sept. 100
$1
Yellow Taxi Corp. (guar.)
•750. Sept. 1 *Holders of rec. Sept. 1
Young (L. A.) Spring & Wire (qUar.)---750. Oct.
Holders of rec. Sept. 136
Youngstown Sheet dr Tube, corn.(guar.) $1.25 Oct.
Res've Dep., Depos.Other
Holders of roc. Sept. 140
Preferred (guar.)
di% Ott.
Cash.N. Y. and Banks anti
Loans.
Holders of rec. Sept. 146
Onus
Elsewhere. Trust Co.. Derma&
•From unofficial sources. •The New York Stock Exchange has ruled that stook
will not be quoted ex-dividend OD this date and not until further notice
$
Manhattan$
$
I The
$
$
New York Curb Market Association has ruled that stock will not be quoted
48,539,000 11.402,6
ex- American
1,090,200
24,500 49,844,900
dividend on this date and not until further notice.
Europe & Tr 16,787,018
149,600
910,424
16,137,287
a Transfer books not closed for this dividend. d Correction. e Payable In stock. Bank of
27,668,604
Bronx County
771,0011 1,680.704
25,489,363
!Payable in common stook. p Payable In scrip. h On account of accumulated
78,837,100 *5,426,300 3,393,700 3,491,300 75.146,300
Empire
dividends. I Payable In preferred stook.
14,968,042
167,4043
1,031,217
Federation
162,115
17,708,088
Commercial
Credit dividend on $3 class A stock Is 56 2-3c. for Dart of a
S
16,689,400 *1.874.5001
quarter Fulton
286,900
13,710,200
or from July 21 to Sept. 30, not 75c., as reported in last week's issue.
412,844,000 3,335,
Manufacturers
68.552.000 2,109.000 380,055,000
I Mathieson Alkali common dividend is payable either in cash or,
79,001,806 4.360,
11,461,528
68,972,928
holder. In stock on basis of one share of common for each 120 shares at option of United States
held.
Brooklyn'k Payable in common A stock at rate of 825 per share unless
stockholders elect to Brooklyn
116,256,400 2,722,000 14,035,200
113,702,800
take cash and give notice to that effect prior to Sept. 23.
26,637,639 1,630,813 2,399,087
Kings County
24,036,414
I Subject to stockholders' meeting Oct. 11.
Bayonne, N..r.m Dividend on Central States Elec. Corp. cony. pref. stocks
0 002 143
payable at option of ..____ _.103.2146
769.900
315.422 0_066 rign
holder as follows: Series of 1928. $1.50 in cash or throe
-thirty-seconds
of
a
share
of
common for each share of pref., and on Series of 1929.
three-sixty-fourths of a share
of common for each share of preferred.
Includes amount with Federal Reserve Bank as follows: Empire. 63,787.000
it British-Amer. Tobacco dividend is 10d, per share.
Fulton. $1,771,900.
London on or before Sept. 3 will be in time for payment All transfers received In
o Associated Laundries dividend is 234% in stock and of dividend to transferreee.
234t. cash or 1254c. cash,
stockholders deciding to take cash must notify company
on or before Sept. 10.
Holders of less than four shares receive cash only.
P Power Corp.of Canada stock dividends are: on common five
of common for
each one hundred shares: on panic. preferred two sharesshares
corn, for each onehundred shares.
Boston Clearing House Weekly Returns.-In the
O Holland Finance dividend 6254c. cash or 2% in stock.
following we furnish a summary of all the items in the
r Rio Grande 011 stock to be placed on a $2 per annum basis. The company
has
declared $1 payable July 25 and intends to declare another $I payable on
or before Boston Clearing House weekly statementfor a series of weeks:
Jan. 25 1930. The stock dividends are ilk shares on each 100
shares, the first
154% having been declared payable April 25 with the Intention to declare a second
134% payable on or before Oct. 26.
BOSTON CLEARING HOUSE MEMBERS.
s Best & Co.stock dividend is one share for each share held subject to
stockholders
meeting Sept. o.
t Utilities Power & Light dividends will be paid in stock unless stockholders
Changes from
Sept. 11
Sept. 4
dug. 28
company by close of business Sept. 20 of their desire to take cash, as follows: notify
1929.
Corn.,
1929.
1929.
IPre040w Week
one-tortieth share corn.; class A,one-fortieth share class A stock; class II, one-fortie
th
share class B stock.
$
$
$
$
a Central Public Service Class A dividend Is 43340. cash or one
95,825,
-fortieth share
Unchanged
95,825,000
Capital
95,700,000
Class A stock.
113,178.000 Unchanged
113,178,000 113,178.000
Surplus and Pronto
e peoples Light & Power dividend will be paid in class A common
stock at rate of Loans. disc'ts & inverals. 1,145,419,000 -6,270,000 1,151,689,000 1,138,710,000
one-fiftieth share for each share held unless holders request cash on
before Sept. Is.
683,229,000 +8,436,000 674,793,000 670,955,000
Individual deposits
is use deduction for expenses of depositary.
136,902,
+3,264.000 133,638.000 126.426,000
Due to banks
x Associated Gas dc Elec. class A dividend is one-fortieth share class
273.258,000 +4,143,000 269,115,000 262,152,000
each share held unless stockholders by notification on or before Ozt. 15 A stock for Time deposits
771,000 -1,593,000
2,364,000
y Dividends General Gas & Elec. corn. A & B stocks will be applied request cash. United States deposits
2,903.140
35,152,000
+535,000
34,617,000
33,244,000
of class A common stock unless holders give notice prior to Sept. to the purchase Exchanges for Clg. House
23 of their desire Due from other banks
86,775,000
+4,474,000
82,301,000
83,852,000
to take cash.
80,974,000
+1.448,000
82,422,000
Ree've In legal deposit's
79,996,000
z Commercial Investment Trust stock dividend of 154 additional
+926,000
8,933,000
8,007,000
8,580,000
for each share held, reported ass dividend, was a "split-up," not a common shares Cash in bank
In P It Ilk
300.000
+24.000
282.000
338 000
§ Kent Garage Investing dividend is at rate of 7% per annum fromdividend.
date of Issue to
Sept. 30.
¶Knott Corp. div. opt., payable either in cash or stk. at rato of I ,the
share corn.
I$
1
Weekly Return of New York City Clearing House.Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
-report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT
OF THE MEMBERS OF THE NEW YORK CLEARING
ASSOCIATION FOR THE WEEK ENDED SATURDAY, SEPT. 7HOUSE
1929.
Clearing House
Members.
• Capital.
• Surplus &
UndloMed
Profits.
Na Demand
Deposits
A ceraoe.
$
$
$
Bank of N. Y.& Tr.Co_
6,000,000
13,828,boo
63,184,000
Bk.of the Manhattan Co_
22,250,000
42,862.600 178,773.000
Bank of America N. A.__ f35.775,300 f38,875,900 166,660,000
National City Bank
110,000,000 125,280,400 a1021627,000
Chemical Bank &'Pr. Co_
21,003.400 189,148,000
15,000,000
Guaranty Trust Co
690,000,000 1,196,418,100 6739,820,000
Chat.Ph.Nat.Bk.&Tr.Co
13,500,000
16,212,700 153,153,000
Cent. Han.Bk.& Tr. Co_
21,000,000
79,153,300 323,876,000
Corn Exchange Bk.Tr. Co
12,100,000
22,425,500 175.599.000
First National Bank
97,773.200 246,343,000
10,000,000
Irving Trust Co
81,396,700 350,253,000
50,000,000
Continental Bank
*6,000,000 011,000,000
10,423,000
Chase National Bank__ 1105,000,000 1136,937,500 c706,704,000
Fifth Avenue Bank
3.736,600
500,000
24,557,000
Seaboard Bank
11,000,000
17,121,700 119,763,000
Bankers Trust Co
79,638,500 d379,942,000
25,000,000
Title Guarantee & Tr.Co_
10,000,000
24,063,500
32,607,000
Fidelity Trust Co
4,000,000
3,933,100
42,584,000
Lawyers Trust Co
3,000,000
4,327.090
20,900.000
New York Trust Co
33,094,500 148,841,000
12,500,000
Equitable Trust Co
28,801,900 0365,221,000
30,000,000
Comml Nat.Isk.& Tr. Co.
7.886,400
7,000,000
37,556,000
Harriman N. Bk.& Tr. Co
1,500,000
2,845,300
31,096,000
Clearing Non-Members
City Bk. Farmers Tr. Co.
Mechanics Tr.Co.,Bay'ne
10,000,000
500,000
10,000,000
832,800
8,286,000
3,113,000
A •• zone nr,,, , Ann 0,111 AIM K. K.Aft 11011 Ann
Time
Deposits
Averass.
$
12,150,000
43,208,000
,04,638 ow
187,656:000
18,483.000
113,870,000
38,481,000
41,226,000
32,318,000
12,978,000
50,426,000
695,000
70,116,000
934,000
8,350,000
55,359,000
1.935.000
5,120,000
2.336,000
17,526.000
40,229,000
4,042,000
5,832,000
1,372,000
5,576,000
(14,-. ...... • .........
044,504,
• As per official reports: National, June 29 1929; State, June 29 1929;
companies, June 29 1929. f As of July 1 1929. g As of July 15 1929. trust
h As
of July 22 1929. 1 As of Aug. 24 1929.
Includes deposits in foreign branches as follows: a 8315.056.000: b 8127.817,000.
11139,808,000.
566,241,000;
e
c $14,307,000; d
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Sept. 7, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash hi vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Sept. 7 1929,
Two Ciphers (00)
omitted.
Trust
Members of
P.R.System Companies.
Total.
Aug.31
1929.
Aug. 24.
1929.
i
$
$
$
5
61,002,0
Capital
7,500,0
68,502,0
68,502,0
68,302,0
Surplus and prams _ _ 208,393,0
16,519,0 224.912,0 224,912,0
Loans, discts. & Invest. 1,090,522,0
72,681,0 1,163,203,0 1,159,442,0 274,912,0
1,156.240.0
Exch. for Clear. House
38,877,0
305,0
38,982,0
37,191,0
34,672,0
Due from banks
96,008,0
13,0
96,021,0
88,836,0
89.149,0
Bank deposits
132,706,0
865,0 133,571,0 126,256,0
125,634.0
Individual deposits
614,619,0
31,469,0 646.088,0 645.712,0 648,843,0
Time deposits
210,054.0
20.569,0 230,623,0 228.794,0 226,984,0
Total deposits
957,379,0
52,903,0 1,010,282,0 1,000,762,0 1,001,461,0
Res. with legal depoe.68,931,0
68.931,0
68,624,0
69,773,0
Res. with F. R. Bank_
5,330,0
5,330.0
5,160,0
4,954,0
Cash in vault.
10,556,0
1,354.0
11,910,0
11,934,0
11,835,0
Total res.& cash held79.487.0
8,684,0
86,171.0
86,562,0
85.718,0
Reserve required
?
?
T
1
7'
Excess reserve and cash
In annit
V
/
. .
•Cash In vault not counted as reserve for Federal Reserve members.
[VOL. 129.
FINANCIAL CHRONICLE
1700
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Sept.12,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'
and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller
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 1671, being thefirst item in our department of "Current Events and Discussions."
BUSINESS SEPT. 11 1929.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
31 1929 July 24 1929. Sept. 12 1928
July
1929.
Aug.
14
21
1929.
Aug.
7
Aug.
1929.
1928.
28
Aug.
1929.
4
Sept.
SeM. 11 1929.
$
$
$
8
$
8
2
$
RESOURCES.
1,504,983,000 1,143,470,000
1,560,899,000 1,540,689.000 1,565,163,000 1,561,563,000 1,553,821,000 1.485.822,000 1.479,499.000
Gold with Federal Reserve agents
68,645,000
88,842.000
73.580,000
67,213,000
67,745.000
71,173.000
75,494,000
67,109.000
71,232.000
Gold redemption fund with U. S. Treas.
1,593,825,000 1,212,115,000
Gold held exclusively agst. F. R. notes 1,632,131,000 1,607,778,000 1,632,376,000 1,629.308.000 1,629,315,000 1,556,995,000 1,553.079.000
608,264,000 678,301,000
721,202,000 711.637.000 719,608.000 716,863,000 686,248,000 675,762,000 666.970,000 741.643,000 738,530,000
Geld settlement fund with F. R. Board
740,014,000
707,275.000
608,017,000
610,115,000
622,876,000
Gold and gold certificates held by banks_ 618,402,000 623,953.000
2,943.732,000 2,628,946,000
2,971.735,000 2,943,368.000 2,962,099,000 2,954.188,000 2,938,439,000 2.940,032,000 2.924,063,000 182,011.000 141.999,000
Total gold reserves
174,491,000 172,829.000 186,939.000 188,628,000 190,379,000 183.314,000 185.356,000
Reserves other than gold
3,125,743,000 2,770,945,000
3,146,226,000 3,116,197.000 3,149.038.000 3,142,814,000 3,128,818.000 3,123,346,000 3.109,419.000
Total reserves
59,878,000
75,804.000
66,661,000
63,248,000
58.782.000
81,786.000
63.139.000
57,793,000
66,989,000
Non-reserve cash
Bills discounted:
656,035,000
584,736,000
592,783.000
582,250.000
469,396,000
448,120.000
511.455,000
491,986,000 541,074.000
Secured by U. S. Govt. obligations
479,220,000 413,211,000
480,941.000 504,942.000 504,231,000 638,258,000 516,533.000 481,820,000 482,931,000
Other bills discounted
1,069,246,000
1,063.956,000
1,075.714.000
972,927,000 1,046,016,000 973,627,000 986,378.000 1,027,988,000 1,064.070,000
Total bills discounted
68,842,000 211,160,000
74,567,000
79,158,000
222,229,000 182,916.000 156,514.000 132.137,000 117,885.000
Bills bought in open market
U. S. Government securities:
53,362,000
42.663,000
42,626,000
42,693,000
42,678.000
41.886,000
42,873,000
42,722,000
44.877.000
Bond,_
87,886,000
81,155.000
80.779,000
90,943,000
91,073,000
89,053,000
94,955.000
91,412,000
98,485,000
'Treasury notes
80,096.000
21,882,000
23,878.000
11.570,000
14,971,000
20,759.000
22.577.000
14,846,000
15.655,000
Certificates of Indebtedness
145.700.000 221,344,000
Total U. S. Government securities.- 159,017,000 148,980.000 145,321,000 148,607,000 154,303,000 157,600,000 147,283,000
2,020,000
10,250,000
10,450.000
15.950,000
18,100,000
10,600,000
10,650.000
16,100,000
16,100,000
Other securities (see note)
Foreign loans on gold
1,503,770,000
Total bills and securities (see note)-... 1,370,273,000 1.394,012.000 1,291,562,000 1,283,072,000 1,310,826.000 1,311.428.000 1.308.014,000 1,288,748,000
Gold held abroad (see note)
572,000
728,000
724,000
724.000
726,000
722,000
723.000
725,000
728,000
Due from foreign banks
771,589,000
741.285.000 716,880,000 848,495,000 712.509,000 784,158,000 664.641,000 678.772.000 718,180,000
Uncollected items
60,305,000
58.818,000
58,860,000
58,725,000
58,795,000
58,818,000
58,818,000
58,861,000
58,868,000
Bank premises
9,190,000
10,889,000
10,484.000
10,482,000
10.454.000
10.810.000
10.285,000
10,643,000
10,665,000
All other resources
5,176,249,000
5,395,032.000 6,366,111.000 5,222.496.000 5.287.203,000 5,357,092.000 5,231,203.000 5,232,672,000 5,278,382.000
Total resources
LIABILITIES.
F. R. notes In actual circulation
1,864,148,000 1.883,267,000 1,829,372,000 1,822,853,000 1,815,378.000 1,811.038,000 1,779.388.000 1.780,403.000 1,688,267,000
Deposits:
2.308,698,000 2,292,032,000 2.330,365,000 2,322,858,000 2.355.284,000 2,356.917,000 2 348 676,000
Member banks-reserve account
2 360 265,000 .320,176,000
18.468.000
' 000
24.734.000
17,400.000
18.181.000
14,468.000
17,257,000 ' 9617
28,703,000
'17'454.000
Government
7,142,000
5,952:000
6.248,000
7,376.000
4.924,000
5,798,000
5,130.000
4.952.000
8'822,000
Foreign banks (see note)
23,466.000
22.662.000
19,531.000
23,875,000
22,015,000
e
19,380,000
i
20,577,000
20,175,000
19:638,000
• Other d pos ts
2,337,173,000 2,376,112,000 2.377,306,000 2,397,563,000 2,402,127,000 2 388 120,000
2,347.508,000
2,374,006,000
000
2 403 979
Total deposits
,000 654,838.000 714,079.000 693.734.000 611,362,000 651.948.000'694:925,000
'670'624'000 642.629.000591,537
Deferred availability Items
a
166,754.000 1 6,740.000 166,217,000 166.135.000 165.045,000 161,565,000 1131,408,000 144,986.940
8
166'733:000
Capital p id in
154,398.000 254,398,000 254.398,000 254,398.000 254,398.000 233,319,000
254,398,000
254,398.000
254'398 000
Surplus
26,632,000
28,398,000
28,100,000
29,682,000
31,724,000
30.990,000
32,941,000
34,157,000
35:150:000
All other liabilities
5,231.203,000 5.232.672.000 5,278,382,000 5,176,249,000
Total liabilities5,395,032,000 5,355,111,000 5.222,496,000 5,267,203,000 5,357.092.000
Ratio of gold reserves to deposits and "
64.5%
70.3%
70.0%
71.0%
70.2%
70.9%
70.7%
69.1%
69.6%
F. R. note liabilities combined
Ratio of total reserves to deposits and
68.0%
74.7%
74.4%
75.5%
74.6%
75.4%
74.6%
73.2%
731%
F. R. note liabilities combined
Contingent liability on bills purchased
277,265,000
448,980,000
458.477,000
462.606,000
442,668,000
447,997,000
441,924.000
448,973.000 453.020.000
for foreign correspondents
S
$
$
8
$
3
2
3
2
Distritnition by Maturities97,147,000
90,597,000
40.059,000
47,388.000
90,337,000
50,788,000
86,311,000
1-15 days bills bought in open market _ 115,879,000 110,010,000 719,048,000 726,899.000
899,027,000
846,120,000
844,787.000
842,036,000
768,320,000
000
723,599,000 799.892,
1-15 days bills discounted
16,375,000
12,325.000
12,965,000
5.600.000
2,855,000
11.000,000
13.600,000
14,444,000
14,151,000
1-15 days D.8. certif. of Indebtedness.
1-15 days municipal warrants
36,551,000
20,258,000
10,690.000
10,457.000
13,008.000
10.718,000
9.514.000
22,490,000
25,521,000
16-30 days bills bought In open market 54,108,000
53,432,000
64,371,000
47,285,000
47,421,000
43.050,000
53,595,000
62,999,000
68.520,000
16-30 days bills discounted
8.816.000
8,521.000
24,000
10,000
16-30 days U. S. certif. of Indebtedness_
300.000
16-30 days municipal warrants
40,304,000
10,445.000
9,432,000
25,422.000
11.176,000
14,894.000
12,294,000
28,484,000
41,635,000
31-60 days bills bought in open market _
69,054,000
81,913.000
87.375.000
93,502.000
110,853.000 110,573,000 114,842,000 117.011.000 107,510.000
31-60 days bills discounted
7,467,000
9.242,000
8,908.000
8,723,000
31-60 days U. S. certif. of Indebtedness_
300,000
300.000
300,000
300,000
31-60 days municipal warrants
31,622,000
7,296.000
6.872,000
17,173,000
11,770.000
5,814,000
7.692,000
19,448,000
36.738,000
61-90 days bills bought In open market 38,781,000
86,435,000
76,010,000
80,070.000
70,217,000
77,111.000
84,138.000
86,910.000
64,665,000
81-90 days bills discounted
745,000
1.090.000
90.000
61-90 days U. 8, certif. of Indebtedness_
300.000
300.000
300,000
61-90 days municipal warrants
638,000
5,536,000
352,000
2,288,000
662,000
3,064,000
2.074.000
2,484,000
2,456,000
Over 90 days bills bought in open market
8,276,000
22.203,000
21,121,000
15,265,000
7,755.000
8,966.000
14,425,000
5,642,000
5,400,000
Over 90 days bills discounted
62,976.000
1,000,000
1,671.000
555.000
761,000
194,000
254,000
378,000
1,494.000
Over 90 days certif, of indebtedness-30,000
Over 90 days municipal warrants
3,783,896,000
2,850,462,000
3.814,484,000
3.752,823,000
3,749,414,000
3,758,556,000
3.783,678,000
3,756,268,000
F. R. notes received from Comptroller 3,805,088,000
1.448,118,000 1,427,089,000 1,436,728,000 1,423.031.000 1,413,986.000 1,414,044,000 1.423.985,000 1,448.847.000 776,996.000
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
2,356,970,000 2.356,589.000 2,321,828.000 2,326.383.000 2.342,280,000 2,338,779,000 2,339.911.000 2,365,837,000
2,073.466,000
How Secured371.153,000 341,321,000
427,863,000 406.885.000 431,463,000 435.883,000 432,121,000 371,153.000 371.153.000
By gold and gold certificates
91,016,000
100,136.000 102,797,000
Gold redemption fund
1,031,033,000 711,133.000
1.008.210.000
1,114.669,000
1,133,700,000
1,125.700.000
1,121,700.000
1,133,784.000
Gold fund-Federal Reserve Board.... 1,133,036,000
1,236,448,000
1.079,008,000
1.102,295,000
1,113.838,000 1.144,105,000 1,058,868.000 1,062.853.000 1,068,811.000 1.096.477,000
By eligible paper
2,581,794.000 2,583,989.000 2,379,918,000
2,674,537,000 2,684.774.000 2.624,031.000 2,624,418,000 2,622,432.000 2,582,299.000
Total
*Revised figures.
in order to show separately the amount of balances held abroad and amounts due
NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added
previously made up of Foreign Intermediate Credit Bank debentures, was changed to
to foreign correspondents. In addition, the caption. "All other earning assets,"
The latter item was adopted as a more accurate description of the total of
securities."
and
bills
"Total
to
assets"
earning
"Total
"Other securities," and the caption,
14 of the 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
therein.
AT CLOSE OF BUSINESS SEPT. II 1929
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS
Two ciphers (00) omitted.
Federal Reserve Bank of-
Total.
Boston.
New York.
Phila.
Ckveland. Richmond Atlanta. Chicago. St. Louis. Alinneap Kan.City
Dallas, San Fran.
2
$
RESOURCES.
Gold with Federal Reserve Agents 1.560,899.0 159,917,0
Gold red'n fund with U. S. Tress
71,232,0 8.427.0
$
$
$
$
8
s
$
2
S
$
$
285.474,0 124,600,0 148,200,0 46,656,0 100,000,0 329,564,0 20,800,0 49.167.0 70,000,0 21,758.0206,783,0
2,207,0
3,508,0
3,011,0
3,704,0
6.673,0
3,971,0
3,581,0
8,256,0
4,958,0
5,662.1
17,294,0
Gold held excl. agst. F. R. notes 1,832,131,0 188,344.0
Gold settle't fund with FR Board 721,202.0 46,681,0
Gold and gold ctfs held by banks_ 618,402,0 29,598,0
302,788,0 132,856,0 150,171,0 50,217,0 104,958.0 335.228,0 27,473,0 51,374,0 73,508,0 25,462,0200,774.0
216,824,0 30,668,0 97,849,0 23,086,0 14,038,0133,739,0 40,069,0 20,174,0 44,949,0 25,442,0 28,683,0
374,573,0 30,877,0 35,292,0 7,483,0 3,370,0 79,981,0 7,609,0 5,614,0 5131,0 9,085,0 29,389,0
Total gold reserves
Reserve other than gold
Total reserves
3.146,226,0 260,733,0
Non-reserve cash
66,989,0 9,756,0
13111s discounted:
Sec. by U. S. Govt. obligations 491,988,0 35,557.0
Other bills discounted
480,941,0 38,240,0
893,185,0 194,201,0 283,312,0 80,786,0 122,366.0 548,946,0 75,151,0 77.162,0 124.188,0
69,340,0 8,928,0 8,489,0 7,152,0 9,218,0 21,731.0 9,304,0 1,948,0 4.382,0
962,505.0 203,129,0 291,801,0 87,938,0 131,584,0 570,677,0 84,455,0 79,108,0 128,570,0
18,703,0 1,082,0 3.010,0 4,603,0 8,323,0 6,592,0 4,475,0 1,873,0 2,401,0
161,530,0 51,784,0 48,923,0 21.830,0 13,444,0 52,691,0 20,926.0 13,969,0 14,065,0
78,415,0 37,904,0 29,334,0 38,958,0 60,541,0 41,160,0 49,388,0 18,130,0 25,395,0
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
972,927,0 71,797,0
222,229,0 21,251,0
44,877.0
98,485,0
15,855,0
1,719,0
2,092,0
1,055,0
76,296,0
239,945,0 89,888,0 78,257,0 60,788,0 73,985,0 93,851,0 70,314,0 32,099,0 39,460,0 46,447,0
63.0 3,788,0 6,425,0 7,392.0 22,320,0
96,802,0 11.327,0 12,012,0 5,619,0 12,884,0 22,366,0
839,0 2,813,0 1,364,0
5,067,0
329,0 23,857,0
4,009,0 1,692,0 2,036,0 1,152,0
4,101,0
465.0 3,223,0 12,055,0
657.0 3,034,0 2,528,0
33,242,0 9,448,0 27,640,0
9,0
12,0
490,0
1.0
15.0
7.035,0 7,038,0
Total U. S. Gov't securitles
159,017,0
4,886.0
2,971,735,0 244,823,0
174,491,0 18,110,0
44,286,0 18,178,0 29,877.0
1.809.0
3,378,0 26.875,0
9,180,0
1.304,0
59.989,0 267,846.0
4,848,0 13,043,0
84,837,0 280,889,0
2,647,0 3,724.0
13,420,0 43,847,0
33,027,0 32,449,0
6,045.0 13,419.0
SEPT. 14 1929.]
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted
Total.
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other
Now nth.
Boston.
2
16,100,0
$
12,050,0
2
Phila.
$
300,0
1701
Cleveland. Richmond Atlanta. Chicago. Bt. Louis. Minneap. Xan.Citg. Dallas. SastPrels.
8
S
8
$
2
$
$
8
$
3,750,0
_
393,083,0 119,493,0 119,946,0 68,216,0 90,247,0 143,092.0 70,377.0 48,797,0 47,189,0 59,884,0
112,035,0
221,0
33,0
28,0
70.0
74,0
99,0
29.0
18.0
24,0
24,0
52,0
203,486,0 60,755,0 68,514,0 52,191,0 25.288,0 94,759,0 35,081,0 15,557,0 42,675,0 27,653,0 41,342,0
16,087.0 1,762,0 6,535,0 3,395,0 2,744,0 8,529,0 3,987,0 2,110.0 4,140,0 1,922,0 3,955,0
1,170,0
503,0 4,398,0
810,0
361,0 1,300,0
290,0
659,0
167,0
435,0
454,0
5,395.032,0 446,261,0 1,595,255.0 386,652,0 491,180,0 216,879,0 262,612,0 824,558,0 198,694,0 147,922,0 225,166,0 157.402,0
442,451,0
1,370,273,0 97,914,0
54,0
726,0
741,285,0 73,984,0
58,868,0 3,702,0
118,0
10,665,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 1.864,148,0 191,095,0
Deposits:
Member bank-reserve awn-- 2,360,265,0 148,663.0
17,454,0 1,982,0
Government
381,0
6,622,0
Foreign bank
112,0
19,638,0
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Memoranda.
Reserve ratio (percent)
Contingent liability on bills purchased for foreign correspond'ts
F. R. notes on band (notes rec'd
from F. R. Agent less notes In
circulation)
319.342,0 151,086,0 191,829.0 81,908,0 157,983,0 322,486,0 66,189,0 67,455,0 80,229,0 60,143,0 184,403,0
946,324,0 136,301,0 188,922,0 64,543,0 61,308,0 351,219,0 78,903,0 53,401,0 90,515.0 64,063,0 176,103,0
1,518,0 1,477,0 1,538,0
579,0 1,508,0 2,716,0
972,0 1,311,0 1,844,0
955,0 1,054,0
3.030,0
495,0
526,0
237,0
201,0
706,0
206,0
129,0
170,0
170,0
371.0
6,789,0
98,0
23,0 1,274,0
102,0
707.0
227,0
282,0
553,0
35,0 9,436,0
2,403,979,0 151,138,0 957,661,0 138,296,0 192,260,0 65,457,0 63,119.0 355,348,0 80,308,0 55,123,0 93.082,0 65.223,0
670.624,0 71,199,0 172,374,0 54.390,0 62,157,0 49,215,0 22,813,0 84,799,0 34,400,0 13,917,0 37,410,0 27,792,0 186.964,0
64,106,0 16,452,0 15,425,0 6,176,0 5.453,0 19,997,0 5.223,0 3,064,0 4.261.0 4,497,0 40,158,0
166.733,0 10,716,0
71,282,0 24,101,0 26,345,0 12,389,0 10,554,0 36,442,0 10,820,0 7,082.0 9,086,0 8,690,0 11.363,0
254.398,0 19,619,0
35,150,0 2,494,0
10,490,0 2,327,0 3,164,0 1,724,0 2,690,0 5.486,0 1,754,0 1,281,0 1,098,0 1,057,0 17,978,0
1,585,0
5.395,032,0444,261.0 1,595,255,0 386,652,0 491,180,0 216,879,0 262,612,0 824,558,0 198,694,0 147,922,0 225,166,0 157,402,0
442,451,0
73.7
76.2
75.4
70.2
76.0
59.5
84.2
59.7
57.6
64.5 _ 74.2
56.2
75.6
131,222,0 43,490,0 46,208,0 20,837,0 17,668,0 62,063,0 18,121,0 11,326,0 14.949,0 14,949,0
32,617,0
446.973,0 33,523,0
191,139,0 39,036,0 19,838,0 13,703,0 27,913,0 37,301,0 13.770,0
492,822,0 51,957,0
6,742,0 11,185.0
9,668,0 70,5700
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS SEPT 11 1929.
2'otal.
Federal Reserve Agent rif-
Boston.
New York.
Phila. Cleveland. Richmond Atlanta. Chicago. St. Zelda, Mimosa:I, Han.City. Darks.
Sanhan.
8
2
$
2
$
$
8
II
11
11
$
964,281,0 266,871,0 288,167,0 176,234,0 303,746,0 596,067,0 119,269,0 146,176,0 134,924,0 79.588,0
443,800,0 76,749,0 76,500,0 80,623,0 117,850,0 236,280,0 39,310,0 71,979,0 43,510,0 19,777,0 385,873,0
130,900,0
510,481,0 190,122,0 211,667,0 95,611,0 185,896.0 359,787,0 79,959,0 74,197,0 91,414,0
59.811,0254.973,0
2
$
Two ciphers (00) omitted.
F.R.notes rec'd from Comptroller 3,805,088,0 353,892,0
F. R.notes held by F. R. Agent.. 1,448,118,0 110,840,0
F. It. notes issued to F. R. Bank- 2,356,970.0 243,052,0
Collateral held as security for
F. R. notes issued to F. R. Bk.
Gold and gold certificates.... 427,863,0 35,300,0
Gold redemption fund
1,133,036,0 124,617,0
Gold fund-F.It. Board
1,113,638,0 91,754,0
Eligible paper
Total collateral
231,848,0 29,600,0 31,200,0 16,190,0
9,500,0
7,800,0 14,167,0
17.258,0 35,000,0
53,626,0 95,000,0 115,000,0 30,466,0 90,500,0 329,564,0 13,000,0 35,000,0 70,000,0 4,500,0
300,592,0 73,906,0 86,828,0 59,290,0 86,149,0113,738,0 70,238,0 35,387,0 45,246,0 53,181,0 171.7630
97,329:0
586.066,0 198.506,0233.028.0 105,946.0 186,149,0 443,302,0 91,038.0 84,554,0 115,246.0 74,939.0
304.092,0
2,674,537,0 251,671,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the member banks in 101 cities from which weekly returns are obtained. These figures are always
a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 3475. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1672, immediately preceding which we also give the figures of New York and Chicago reporting member banksfor a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold
with endorsement," and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills
sold with
endorsement were included with loans, and some of the banks included mortgages in Investments. Loans secured by U. S. Government
obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowings at the Federal Reserve are not any
divided to show the amount secured by U.8. obligations and those secured by commercial paper, only a lump total being given. The number ormore subbanks is now omitted; in its place the number of cities included has been substituted. The figures have also been revised to exclude a bank reporting
Francisco district with loans and investments of $135.000,000 on Jan. 2. winch recently merged with a non-member bank. The figures are in the San
now given in
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE
OF
BUSINESS SEPTEMBER 4 1929. (In millions of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneop. Kan. Ctrs Dallas. Ban Fran.
694
S 400
2,669
531
150
367
1,239
1,430
157
126
302
327
73
84
75
14
128
30
6,822
1,741
3
704
265
1
52
115
128
942
52
255
Loans and Investments-total
3
22,591
8
1,512
$
8,788
2
1,237
$
2,185
Loans-total
17,150
1,174
6,799
931
7,632
9,518
489
685
3,374
3,426
5.441
338
2,699
2,741
On securities
All other
Investments-total
U. S. Government securities-- - Other securities
Reserve with P.11. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowlosts from F. R. Bank
672
643
$
3,341
1,556
514
517
481
460
727
829
198
316
1,989
306
629
171
167
1,045
944
94
212
1,675
240
95
18
781
67
13,184
6,808
11
902
464
1
1,115
2,722
761
$
2
$
$
$
704
478
$
1,937
278
468
357
1,355
238
293
89
189
133
335
95
262
418
936
671
163
122
236
121
582
59
67
307
365
53
110
68
54
111
124
79
42
337
245
40
12
38
10
245
39
43
7
2i
6
61
11
34
8
108
19
1,056
945
1
345
244
---
317
234
1
1,886
1,270
1
363
225
___
232
132
___
504
184
---
279
143
1
772
963
2
60
158
90
207
49
93
74
96
231
443
50
102
55
83
117
211
58
83
152
188
54
54
30
52
61
53
25
34
R4
cc
•Subject to correction.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of
business Sept. 111929,
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp.fund with U.S.Treasury_
Sept. 111929. Sept. 4 1929, Sept. 12 1928
$
285,474,000 261.296,000 175,091,000
17,294,000
18,162,000
16,860,000
Gold held exclusively agst. F.R. notes
Gold settlement fund with F. R. BoardGold and gold certificates held by bank.
302,768,000
215,824.000
374,573,000
279,458,000
164.433,000
388,314,000
191,951,000
125,050,000
509,233,000
Total gold reserves
Reserves other than gold
893,165,000
69,340,000
832,205,000
66,285,000
826,234,000
26,409,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations.-Other bills discounted
962,505,000
18,703,000
898,490,000
16,015.000
852443,000
19,174,000
161,530,000
78,415 000
213,665.000
89,601,000
259,510,000
96,906,000
Total bills discounted
Bills bought in open market
U. El. Government securitiesBonds
Treasury notes
Certificates of indebtedness
239,945,000
96,802,000
303,266,000
92,922,000
356,416,000
61391,000
4,009,000
33,242000
7,035,000
4.009,000
24,091,001)
6,290,000
4,292,000
14,431,000
30,733,000
44,286,000
12,050,000
34,390,000
12,050,000
49,456,000
500,000
Total U.S. Government securities.Other securities (see note)
Foreign loans on gold
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
Sept. 111929. Sept. 4 1929. Sept. 12
1928
221,000
203,486,000
16,087,000
1,170,000
319,342,000
946,324,000
1,518,000
3,030,000
6.789,000
Total deposits
in
iability items
dital
D
Capital paid In
Surplus
All other liabilities
957,661,000
172,374,000
64,106.000
71,282,000
10,490,000
Total liabilities
216,000
199,852,000
16,675,000
1,930,000
1,595,255,000 1,580,310,000 1
,558,253,000
Llalitlittes-Ped'I Reserve notes in actual circulation
Deposits-Member bank, reserve acct...
Government
Foreign bank (See Note)
Other deposits
Ratio of total reserves to deposit and
Fed'l Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
220,000
205.901.000
16,087.000
969010
325,463,000 344,107,000
930,056,000 917,249,000
5,910,000
426,000
1,360,000
1,429.000
8,283,000
10,759,000
945,609.000 929,863,000
163,342,000 163.980,000
6
74
1:2
15400 0
82:000
48.908.080
63,007,000
10,460,000
8, 8 , 0
1.595,255,000 1,580,310,000 1.558,253,0130
75.4%
70.7%
66.9%
Total bills and securities (See Note).... 393.083,000 442,628,000 467,763,000
131,222,000 137,268,000
77,422.000
NOTE,-Beginning with the statement of Oct. 7 1925,
two new items were added In order to show separately the
amount
foreign correspondents. In addition, the caption "All other earning assets."
previously made up of Federal Intermediate Of balances held abroad and amounts due to
"Other securities." and the caption "Total earning assets" to "Total bills and securities."
Credit bank debentures. was
UP
acceptances
securities
acquired
and
discounts,
under the provisions of Sections 13 and 14 of theTne latter term was adopted as a inore accurate description of the changed
total of the
Federal Reserve Act. which, It was stated,
are the only Items Included therein.
1702
[Vora. 129.
FINANCIAL CHRONICLE
Remo for Week.
STOCKS.
Week Ended Sept. 13.
ROMS Rises Jan. 1.
Highest.
Wail Street, Friday Night, Sept. 13 1929.
Railroad and Miscellaneous Stocks.-Ses page 1687.
Stook Exchange sales this week of shares not In detailed list:
STOCKS.
Week Ended Sept. 13.
Sales
for
Week.
Range for Weak.
Lowest.
Range Since Jan. 1.
Highest.
Highest.
Par. Shares. $ per share. $ per *hare. $ per share.$ Per share.
RailroadsBait & Ohio full pd ctfs_
Bklyn & Qu Tr com__•
Preferred
Canada Southern_ _ _100
Caro Clinch & Ohio_100
Cent RR of N J____100
Chic Ind St Lou pf__100
Cuba RR pre!
100
Bet & Mack pref_ _ _100
Green Bay & West_100
Ill Cent leased line... 100
N 0 Tex Ar Mex
100
N Y Lack & West _ _100
N Y State Rys PL.100
Northern Central__50
Pacific Coast 26 pf_100
Rensselaer dc Sara...100
900 139 Sept 9141% Sept 1112334
100 934 Sept 13 934 Sept 13 934
200 60 Sept 12 60 Sept 12 60
10 57 Sept 13 57 Sept 13 55
140 80 Sept 9 8034 Sept 7 80
200 345 Sept 9353 Sept 11 5
60 7134 Sept 9 7134 Sept 9 7134
30 60 Sept 7 64 Sept 9 60
10 60 Sept 12 60 Sept 12 60
100 80 Sept 11 80 Sept 11 80
80 7234 Sept 9 7334 Sept 12 7134
10014034 Sept 1214034 Sept 12 130
70 99 Sept 12 103 Sept 9 99
310 934 Sept 7 9% Sept 11 934
10 8234 Sept 10 8234 Sept 10 81
30 25 Sept 11 2734 Sept 9 2114
50 128 Sept 11 128 Sept 11 128
June 141%
Sept 1234
Sept 85
May 6134
Sept 9234
Apr 360
Sept 7454
May 8
60
M
Aug 8234
Sept 80
Apr 156
Sept 10834
Aug 41
Aug 8634
Jan 40
Sept 140
Sept
Sept
Sept
Feb
Feb
Feb
Mar
Jan
Mar
Apr
Feb
May
Mar
Jan
Feb
Feb
Jan
Ind.& Misc.(Conc.)Par Shares. $ Per share. $ per share. I Per Oars.I Per share.
Aug 36 June
United Business Pub.'
300 3234 Sept 7 3234 Sept 9 30
Aug 93% Aug
United Carbon
* 4,200 82 Sept 13 87 Sept 7 78
United Cigar Stores ett* 1,000 13 Sept 11 14 Sept 9 1231 Aug 16% July
Sept
Sept 75
Pre/erred certificates_
100 75 Sept 9 75 Sept 9 75
May
United Dyewood _ 100
200 11 Sept 13 11 Sept 13 6% Apr 21
United Gas & Impt__ _. 149,600 53 Sept 10 55 Sept 13 4633 June 59% J11/33
Preferred
• 2.100 9434 Sept 9 9634 Sept 9 92'% July 9614 Aug
United Piece Dye Wks_* 1,300 3634 Sept 13 4134 Sept 9 3634 Sept 48% Aug
17 S Freight
* 62,900 109% Sept 13 123% Sept 910134 Aug 13434 Sept
July 72
Aug
US & Foreign Secur * 14,700 52% Sept 10 6734 Sept 12 58
Sept 92% Aug
Preferred
• 2,200 89 Sept10 9134 Sept 13 89
Aug 25% May
Ira Iron Coal & Coke100
100 20 Sept 9 20 Sept 9 20
33 Sept
34 Sept 9
31 Sept
Warnerl3ros Pictures rts 168,200
33 Sept 9
Aug 52% July
Zenith Radio
• 9,100 44 Sept 9 4634 Sept 11 40
*No par value.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Bate.
Mg.
Asked.
ifAVM/.
151.
Rats.
BM.
Asked.
9720ss 9725.,
000.151929.- 534% 972112 99110 Sep ...a 1930-82 53.4%
9723,,
'
31
% 972
Mar. 15 1930.- 531% 1001n 1003n Mar.161980-32
97231..
Dee.15'• 10-82 EH% 97*0
1002st
0ec.15 192P-- 494% 100
New York City Banks and Trust Companies.
AU prices dollars per share.)
Tr.Coe.-N.Y. Bid
Ask
Indus. & Miscell.
Equitable Tr. 671 075
Sept
Aug 123
Abraham & Straus ctfs_
100 123 Sept 9 123 Sept 9 106
70
Fidelity Trust 87
Aug
5633
Sept
8034
Allegheny Corp pf x-war 2,900 81 Sept 7 83 Sept 13
600
Fulton
Sept 85% Aug
Fretreceipts ex-war- - 1,100 8133 Sept 10 82 Sept 11 80
Jan
73
Sept
43
Amalg Leather pf_11111
Sept
12
13
44
200 43 Sept
Guaranty.- _ 1010 1015
Am Coml Alcohol rights 2,600 134 Sept 13 134 Sept 13 134 Sept 134 Sept Central
195
American Tobacco rts-- 17,300 1034 Sept 13 12% Sept 10 1034 Sept 1234 Sept Chase
232
Int'lGermanle
80
93
Jan
115
July
Arch Dan Midi pf__ lee
10 105 Sept 13 105 Sept 13 10334
Chad; Ph
60
Interstate new 58
Art Metal Construct_10 1,200 28 Sept 11 29 Sept 7 2634 June 3034 Feb
Nat Bk&
775 790
Brooklyn.
Irving Truss. 7734 7812
Sept
Sept
134
33
Sept
7
Autosales rights
1
11,600,
34 Sept 10
Chelsea Ex__ 106 110 Globe Etch* _ 415 435
Aug
Aviation Corp
* 45,400 1433 Sept 13 1613 Sept 7 1434 Sept 20
1350
---Lawyer!,Trust -------Sept Chemical ____ 120 123 Peoples
Beatrice Creamery-_50 1,500 109 Sept 12 11234 Sept 9 9334 Aug 115
Rights
75
-- Manufacturers 276 280
July 10634 Aug Commercial- 890 910
Preferred
100
200 105 Sept 7 105 Sept 7 105
Continental*.
5912
6012
180
2
-00 Murray 1111.1„ 320 315
Prating&
July
Briggs Az Stratton____* 3,000 38 Sept 10 37 Sept 7 3534 Sept 43
Corn Exch._ 262 266
Mutual(West'
Sept
July
13834
115%
7
Bristol Myers
Sept
• 1,700132 Sept 12 135
Trust Cos.
chester) __. 375 425
Sept 3634 Mar Filth
Br Emp Steel let 0_1
100 33 Sept 12 33 Sept 12 33
Avenue_ 950 4200
New York.
Brown Shoe pref___100
340 116 Sept 911834 Sept 10 11134 Aug 11934 Feb First
8250 8250 Hansa Coml,
NY
Trust-- 376 379
Aug
493.4
Aug
43
Campbell W & C Fdry.• 3.80014 4
Sept 9 47 Sept 10
Grace
900
_-Italians Tr_ 425 ..__
as square_ 140 115
Checker Cab
17,700 7444 Sept 13 8034 Sept 12 7434 Sept 8034 Sept Harriman.-- 1750 1875 Bank of N Y
168
Title Cu & Tr 161
June
9034
July
86
10
Sept
Columbia G&E pf B 100
Sept
10
90%
500 9034
Lefeourt
65
70
& Trust Co_ 990 1005 United States4250 4350
Sep 105% Sept
Receipts part paid
4,700 88 Sept 9105% Sept 13 88
203 210 Bankers Trust 193 195 Weeteheser Tr1000
---July 7034 Sept Merl,
ColGraphorct.efullpd. 6,300 64 Sept 13 7034 Sept 9 61
950
Manhattan* _ 946
Bronx Co Tr. 90 100
Aug 51 34 Aug National Cl
Com'Credit cl A__ 1 8,000 50 Sept 7 5034 Sept 10 50
451 455 Cent Hanover 436 440 , Brooklyn.
Se • 95 June
Sept 9 87
pref eg-warr--100
9
88
Sept
88
10
County
460
480
Brooklyn ____ 1185 1195
15t
Mar
Consol Cigar pref(7)100
Penn Etch__ 130 140 Empire
10 90 Sept 13 90 'Sept 13 8134 Aug 100
590 600 Hinge Co...._ 3450 3550
Aug 2534 Sept Port Morris-- -__
Consol Film Industry-• 23,200 2233 Sept 9 2534 Sept 10 22
_-_
New
121
125 Dildwood_.- 325 350
Consol Gas N Y
24.400 8% Sept 13 9% Sept 13 534 Sept 934 Sept
*State banks. I New stock. s Ex-divblend. g Ks-stock My. g En-rights.
Aug 6234 Sept
Continental Bk N Y..10 15,500 5834 Sept 13 61 Sept 9 56
• 37,100 32 Sept 9 3434 Sept 12 2834 Aug 37% Aug
Continental 011
%
Aug
1
Aug
10
Coty Co rights
£3ept
%
7
34 Sept
51,500
-p. 1688.
eushman's Sons pref *
60110 Sevt 7 110% Sept 7 108% Feb 115% Feb New York City Realty and Surety Companies.
u
3ti
% A:
pt 30
Sept
Curtiss-Wright Corp_ 139,600 24% Sept 13 26% Sept 7 24% se
34%
7
Sept
Class A
• 29,200 34% Sept 9 37
Sept 2834 Jan
Duplan Silk
United States Liberty Loan Bonds and Treasury
300 2034 Sept 11 2134 Sept 11 20
Aug
Jan 48
Dur Hos Mills pre1100
120 43 Sept 7 45 Sept 11 36
7' Sept Certificates on the New York Stock Exchange.
Sept
Eastman Kodak rights_ 132.900 5 Sept 12 834 Sept 7 5
Electric Pow Is LightJan
14934
Aug
Daily
Record
Prices.
Sept.
7.
Sept.
9.
Sept.10
Sept.
11
Sept.
125
of
U.
S.
Bond
12
Sept
12
Sept.
13
Poet etfs full paid__
140%
50140% Sept 12
Jan
Elk Horn Coal pref_ _50
60 8 Sept 10 8 Sept 10 74 Sept 13
_ _ _ 972132 971522 971112 9721st 9734ss
Eng Pub Serv pf(534)•
800 10034 Sept 7 103 Sept 12 9234 June 108% Aug First Liberty LoanHigh
Jan
35
9725n 9713n 971122 97,112 971522
3)4% bonds of 1923-47.-{LowFairbanks Co pref_ _25
10 25 Sept
Sept
55
-_-_
971122 9711s2 971122 9714ss 971122
Close
(First 3%)
Federal Water S A_ _ _ _ 3,600 54% Sept 13
20
Jan
3
15
Aug
72
34
102
13
9
3534
Total
units.-Sept
sales
---in
$1,000
Flak Rubber let pref100
700 42 Sept 12 4534
Jan
Aug
8234
Converted 4% bonds off High
1st preferred eonv100
430 43 Sept 9 46 Sept 12 33
Aug
70
Aug
70
1932-47
11
Sept
Mist
4s)
Filene's Sons Ws
109
70
t
17
1
se
Sep
p
7
9
0
9
ICiose
34 Sept 11 8733 Aug 109% Sept
Fleischmann Co ctfs___ 14,25001
Aug
Foster Wheeler
.24,000 6134 Sept 10 7134 Sept 11 6134 Sep 73
Aug
Sept 175
Converted 434% bonds{III g b 982422 99122
99122
98",2 98"n 9814n
Sept 12 165
171
Preferred
Septklept 11
Jan
Aug 110
of 1932-47 (First 434s) Low- 981122 982122 981122 982422 981432 982122
Franklin Simon pre/100
11 100 Sept 11 100
9°°
130 10
60
5
8334 July
A
Close 982122 92314n 981122 981422 981422 9814,2
Gamewell Co
* 1,900 77 Sept 11 8034 Sept 13 75
Feb
Mar 140
Total sales in 61,000 units-__
19
107
53
5
49
5
General Baking pref_.
10130% Sept 9130% Sept 9 130
Jan
Second converted 434 %1111gh
____
--------------General Cigar pref_100
201115% Sept 11115% Sept 1111234 Jan 122
July
7714
Aug
bonds of 1932-47 (First Low--- Sept
11
6834
---71%
---General Foods
---------* SS,SOOI 6834 Sept 13
Feb
Second 434,)
Gen Motors pref 03) 100
10010734 Sept 1010734 Sept 10 10734 Se 10934 Mar
Total sales in 31.000 units ___
---- --- -- Debenture (6)_ -_100
---------390110734 Sept 10 109 Sept 13 10734 June 11034 Aug
Fourth Liberty Loan
99,22
99122
981°22 981•22 981422
{High 99422
Gen Pub Service
* 9,9001 75 Sept 13 8334 Sept 7 57 June 98
99122
981422 982122 981122 981122
% Aug 1)5 Sept
934% bonds of 1933-38._ Low- 99122
Glidden Cr) rights
82,500 1 Sept 9 1% Sept 10
Mar
120
981122
981422
Sept
981122
98112,
(Fourth
Close
99122
99422
105
43(s)
Gold Dust pref
Sept
9
13106
105 Sept
Sept1,20
14
135
130
45
131
136
Total sales in $1,000 ten118--• 84,300 57%
10 8734 Sept 13 5534 Aug 8731 Sept
Grigsby-Grunow
107
1061122 101311,2 1061422
Treasury
[High 1061122 107
Harbinson Walker Ref
1062*,,
June
114
July
106"ss
1061422
1081422
11134
10623,2
10614,2
11
434s.
1947-52
Low_
Sept
Preferred
100
10(11234 Sept 1111234
Sept
1061122 10614, 1061422 1061422
July 30
Close 1061422 107
Hartman Corp el A_ _ _*
8001 27 Sept 13 2733 Sept 11 2334 Jan 136
274
236
28
16
25
85
May
Total sales in 11.000 units_Helme (CI W) pref. _100
30128% Sept 712834 Sept 7 12334
July
103
--__ 103.41 103
10220,2 102",,
Aug 130
(High
•
Hercules Powder
100 23 Sept 12 123 Sept 12 120
Low_
July
____ 103422 103
1021422 1021122 10211n
July 120
45. 1944-1954
Preferred
200 20 Sept 12 120 Sept 12 120
100
10214., 10229n 102wss
--_- 1034n 103
5034 July
A
Close
Houseb Fin part pref 50 1,400 4834 Sept 10 4934 Sept 11 45
170
60
2
Sept
25
10
Apr 116
Total sales in $1.000 units.----Ingersoll Rand pref _100
10 116 Sept 9 116 Sept 9 111
(High
____ 10014n 100,1u
.-.---- 100,1ss
Int Hydro-Elec System
--------10022,,
5434 Sept
_-__ 100's,,100",,100
814e, 1946-1956
Low_
Class A
*169,900 4834 SePtt13 4734 July
------- 100,122
Sept 7634 Sept
-_-- 1001422 1001122
Close
rp
'
t 12 76
International Shoe__ __ 1,900 76 Sept
Jan
57
Sept 150
Total sales in $1,000 units__ _
---135
Inter Dept St pref__100
70 92 Sept 9 95 Sept 101 92
____
971132
May
-___
---- 971422 972022
Sept 97
(High
Preferred x-war
140 84 Sept 12 8534 Sept 9 84
97"32
-___
---9714,2
---_
971422
Aug
Aug
7234
834s.
Low
64
1943-1947
Sept
10
67
Investors Equity
• 8,400 6434 Sept 11
____ 971.ss 972132
---- 972%
-_-Close
API' 4934 Mar
Kuppenheimer & Co_ _5
10 36 Sept 12 36 Sept 12 34
____
20
---_
50
Aug
25
--Total sales in 31,000 unUs._ _
Laclede Gas
30237 Sept 1325734 Sept 9 23134 May 325
100
____
9723,,
971122
9711,2
Aug
--._ 9711,2
Sept
43
(High
37
13
Sept
Libby-Owens Glass_.4. 7,200 37 Sept 9 4234
Low_
____
9711., 971132 971132
Mar
334s, 1940-1943
---- 971122
Loew's Inc pref ex warr_
200 8934 Sept 10 90 Sept 13 8834 Aug 95
Close
____
972122 9722n 9711,2
____
9721n
Preferred
200 95 Sept 12 95 Sept 12 9234 June 110% Jan
*
50
5
;3 Sept
% Sept1
30
Total sales in $1,000 untie_ _ ---Lorillard Co rights
14 Sept 13 1% Sept 7
67,000
Sept 5933 Aug
McLellan Stores
* 17,200 50 Sept 9 5434 Sept 11 50
includes
only
sales
Sept
of
Sept1
76
table
coupon
Note.
-The
above
76
13
Sept
Preferred
ioo 76 Sept 13 76
Mathieson-Alkall rte_ _ _ 38,500 1% Sept 7 234 Sept 12 1% Septt 234 Sept bonds. Transactions in registered bonds were:
Aug 43% July
Alinn-Mol Pow Impl__• 3,400 3234 Sept 11 35 Sept 7 31
981422 to 9811s2
981122 to 98",,I 30 4th 4345 _ _ _
5 1st 4345
July
Preferred
' 300 9234 Sept 11 94 Sept 11 9234 Sept 102
Murray Corp rights_
26,800 1133 Sept 13 14 Sept 7 1134 septI 1634 Aug
Sept
Aug
5034
Myer F E & Bros
40
12
15,100 46 Sept 10 5034 Sept
Foreign Exchange.
Nat Dairy Corp rights_ 162,100 2 Sept 12 234 Sept 7 2
Sept 2% Sept
To-day's (Friday's) actual rates for sterling exchange were 4.84 1-160
Sept 9634 Jan
Outlet Co
*
110 76 Sept 13 78 Sept 7 75
21-3204.84 25-32 for cables. Commercial on
Apr
for
checks
and
4.84
4.8444
110
Jan
Preferred
30108 Sept 12 108 Sept 12 106
Packard Corp new _ _1_99_• 38,800 30 Sept 9 3214 Sept 9 2634 Aug 3233 Sept banks, sight, 4.83 13-16854.84 1-16; sixty days, 4.79 3-1.6@4.7914; ninety
Pitts Screw &Bolt____* 3,400 26 Sept 7 2634 Sept 9 26
Sept 27% Aug days. 4.76 15-1604.77, and documents for payments, 4.78 11-1604.7944.
Pitts Steel pref
1
540190 Sept 9 10033 Sept 9 9231 Feb 100% Aug Cotton for payment, 4.8334. and grain for payment. 4.8344.
Proctor & Gamble____" 82.200 8734 Sept 12 93 Sept 10 8714 Sepij 98
Aug
To-day's (Friday's) actual rates for Paris bankers francs were 3.90%0
Pub Ser of NJ id 15)__*
Jan 3.9134 for short. Amsterdam bankers guilders were 40.04040.06 for abort.
96
9
7 95 J
Exchange at Paris on London, 123.91 francs; week's range 123.91 francs
Radio Corp pref el B_ _* 7,12
3
95
9 95
74
Marl 8234 Apr
75 Sept
Sept 10
78 Se
Septpt
Railway & Express. _.* 7,500 5334 Sept 10 56 Sept 12 49
Aug 58% Aug high and 123.88 francs low.
Reynolds Tob class A 10
Mar
The range for foreign exchange for the week follows:
Apr1 80
40 75 Sept 11 75 Sept 11 70
Royal Bak Powd Ws_ 4,400 40 Sept 9 44 Sept 11 3434 July 44
Sept
Checks.
Cables.
Sterling, ActualAug
Scott Paper
65
July
4.84%
4.84 25-32
High for the week
:23.300 6434 Sept 7 64% Sept 7 62
Servel Inc
200 17% Sept 13 19 Sept 7 17
4.84 1-16
Aug
4.84 21-32
Low for the week
Sharp & Dohme prof • 4,600 64 Sept 7 64% Sept 7 64
/ru:
Aug ill14 f
Paris Bankers' FrancsShell Tritium & Trad £2
200 47 Sept 12 48 Sept 13 43
Jan 5534 Jan High for the week
3.9134
3.9144
Solv Am Inv pf w w 100 10,000 0834 Sept 1211034 Sept 7 105
Sept Low for the week
Aug 111
3.90 13-16
3.91 3-16
Standard Brands
*246,000 40 Sept 7 4434 Sept 9 3834 Sept 4434 Sept
Amsterdam Bankers' Guilders-Stand Invest Corp...* 9,600 4534 Sept 13 48 Sept 10 44
Sept Hitch for the week
Sept 48
40.06
40.08
Sterling Secur class A.* 46,800 30 Sept 13 3434 Sept 7 2534 June 3434 Aug Low for the week
40.03
40.07
20 12,700 14 Sept 11 14% Sept 7 13% June 1534 July
Preferred
Germany Bankers Mark19,500 1234 Aug 11 14 Aug 9 1233 Aug 16
July
Tobacco Prod etfs
23.8144
23.8034
High for the week
Aug
Class A certificates_ 3,400 1534 Sept 13 1734 Aug 9 1534 Sept 19
23.80
23.78
Low for the week
Banks-N.Y. Bid
AM011411
224
Amer Union* 205
Bryant Park
78
Rliddli -.... 33
t2 See,113 51`,1% Sept
13 Il!
Banks-N.Y. Bid Ask
270
266
Publlo
Seaboard
1005 1015
160
150
Seward
300 312
Trade*
183
II S let $25•_. 180
198 Yorkville -------230
234 Yorktown*... 229 241
Ask
227
215
85
_--
__
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see perceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 7.
Monday,
Sept. 9.
Tuesday,
Sept. 10.
Wednesday, Thursday,
Sept. 11.
Sept. 12;
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
.
PHR WARR
Range State Jan. 1.
Os baste of 100-e84re lots
Friday,
Sept. 13.
Lowest
Llietiest
5 Per share S per share $ per share $ per share $ per share S per share Shares
Railroads
Par 3 Pet share 3 per share
284 287
273 28612 277 28418 27514 282
276 28038 27514 27878 20,800 Atcb Topeka & Santa Fe_100 1954 Mar 28 29858 Aug 30
10212 10212 1024 10212 10212 10212 10214 10212 1011
/
4 102
10158 10212 2,800 Preferred
100 99 May 16 10378 Jan it
*197 19712 197 199
193 194
193 19412 *194 195
193 19314 2,200 Atlantic Coast Line 1tR
100 169 Jan 2 20912July 16
1384 140
13778 14038 138/
1
4 142
138 14278 13878 14312 13834 143 162,700 Baltimore & Oblo
100 11518May 27' 14312Sept 12
7634 764 7634 77
7734 7778 78
774 78
78
79
7958 2,800 Preferred
100 75 June 13 8012Mar 20
8334 8314 *82
83
82
8212 8112 83
8012 82
81
841
/
4 5,900 Bangor & Aroostook
50 6412May 8 8814July 25
*108 10912 *108 10912 10778 103 *10778 108 .10778 108 *10778 108
100 105 Apr 4 11058May 20
70 Preferred
•13312 140 *133 138
133 133
133 134
13212 13314 13234 13314
85 Apr 4 145 July 25
Maine
900
100
&
Bolton
6012 6012 61
6314 6212 63
611
/
4 6334 64
6578 64
66
20,000 Bklyn-Manh Tran vi o_No par 5712 Aug 13 814 Feb 25
81
81
81
*80
81
81
81
81
8278 8278 *8112 83
400 Preferred v t o
par 79 July 29 9258 Feb 1
No
•1812 1834
1712 18
17
1714 *1412 15
1412 1712 1614 1612 2,100 Brunswick Term & RI Seo_100 14125ept 12 444 Jan 18
*70
80
•70
80 .70
80
*65
75
*65
84
7218 7218
200 Buffalo & Susquehanna_ __100 5434 Jan 26 85 Mar 2
*70
78
7134 7134 *68
72
72
72
72
72
72
72
100 5113Ju11 1 8112 Aug 21
300 Preferred
232 23438 23034 23234 229 23134 2284 231
22818 231
226 22812 13,100 Canadian Pacific
100 218 May 27 2594 Feb 2
*95
97 .95
97
*95
97
*95
97
95
95 .95
97
10 Caro Clinch & Ohio ale st'd100 93 Aug 15 1014 Mar 14i
27214 274
268 2744 268 271
266 269
263- 26912 26514 26812 6,800 Chesapeake & Otdo
100 195 May 20 27934Sept 3;
678
Vs
1312 634
614 678 *6
612 *6
612 .6
612 1,000 Chicago & Alton
412July 11
100
19/
1
4 Feb 4
*914 912
914 914
014 9,4
9
018 *9
914
9
914
1,000
Preferred
612Ju1y 9 2534 Feb 4
1001
*25
30
*25
30 .25
36
*25
30
*25
30
*25
30
Illinois
Aug 26 43 Feb 4
East
25
RR
Chic
lOOi
&
56
58
*55
60
*56
60
*55
60
*55
60
*55
100 49 June 20 664 Feb 4
400 Preferred
1614 1614
1578 1618
1534 16
1634 1824 1678 1684 1618 60
1712 9,200 Chicago Great WesHan
100 1234May 28 2378 Feb 1
4612 4678 4512 4612 4.512 4638 4558 4538 4658 4858
4778 5118 22,800 Preferred
100 38 June 11 63/
1
4 Jan 31
4218 43
414 424 40
4218 3958 4114 3912 4118 39
4034 44,300 Chicago Milw St Paul & Pao__ 27/14May 23 4478 Aug 39
6512 674 65
6658 6358 6538 6358 65
6234 6514 6214 6378 55,900 Preferred new
4618May
28
6838
Aug 29
105 10812 10278 10638 103 105
10218 10378 101 10234 99
*140 145 *140 143
140 140 *1414 14212 .14118 14212 141 10178 96,300 Chicago & North Western_100 8014May 28 1081 2Sept 7
141
100 134 Apr 24 145 Feb 5
300 Preferred
14114 14112 14018 14112 13934 140
13814 140
13712 13938 137 1374 5,300 Chicago Rock Iel & Paciflo_100 115 May 27 14312Sept 3
*106 107 *106 107
107 107
10612 10612 10614 10614 *106 107
300 7% preferred
100 10514 Mar 27 10814 Jan 25
*99 100
*99 100
100 100
100 100
•9912 10014 9938 9938
100 9812June 20 1024 Feb 5
400 6% preferred
*120 129
122 122 *12534 127
12534 12534 *121 125 *120 12534
100 101 May 28 135 July 20
200 Colorado & Southern
*70
74
.70
72
70
70
6814 6814 *69
72
.69
72
100 68 July 3 80 Jan 25
110 First preferred
*6814 70
*6814 70
.6814 70
70
70
*6814 70
*6814
70
64 Apr 22 7212 Mar 5
100
preferred
Second
10
*53
55
5314 5314 753
53
53
53
54
54
5534 1,700 Consul RR of Cuba pref
100 50 Aug 14 7052 Jan 2
21853 221
217 21934 216 2194 217 21912 21612 55
21912 217/
1
4 219
100 182 Mar 26 228 July 20
6,300 Delaware & Hudson
16214 16534 16412 16812 16414 16934
163 16534 1604 164/
1
4 15812 161
40,900 Delaware Lack & Western_100 12014June 11 16934Sept 10
70
70
69
6912 66
6814 6553 6612 6578 69
*6612 68
2,200 Deny & Rio Or West pre!_100 5514 Jan 2 773,4 Feb 21
*234
34 *234 318 *234 318 *23
4 418 .234 318 *234 318
238June 11
100
47e Feb 4
Duluth So Shore & AtI
*4
6
*4
6
*4
6
*4
6
*4
6
*4
4 June 11
100
Preferred
6
74 Feb 4
9218 93
9012 9312 8958 9214 8912 9118
9112 8718 8912 123,100 Erie
88
100 84 Mar 26 9312Sept 9
62
6218 6214 6278 624 63
6218 6212 6114 6238 6118 6173 5,900 First preferred
100 57 Mar 26 6614July 2
*5812 60
*5914 6014 *59
601s *59
6018 *5812 60 .5812 60
100 56 Mar 27 634 July 2
Second Preferred
12412 12434 12212 124
122 12378 12112 12312 12134 12238 120 12312 12,600 Great Northern
preferred-100 101 May 28 12814Ju1y 22
11612 11612 116 11714 11612 11612
11512 116
115 116
115 11612 5,000 Prof certificates
100 100 May 15 12214July 22
.46
47
46
474 45
45
4514 4514 4512 4512 45
45
1,500 Gulf Mobile & Northern-100 32'.May27 59 Feb 4
*94
96
*94
05
*93
95
*93
95 .93
95 .93
95
100 0012June 6 103 Jan 3
Preferred
*712 834 *712 9
*712 9
*712 9
*712 9
*712 9
7 Feb 18
Havana Electric RY- _ _No par
1111 Apr 20
.*6812 69
*6834 69
6834 60
*6812 69
6812 6812 *6812 69
160 Preferred
100 55 Feb 16 73 Apr 15
560 575
574 574 *525 573 *525 573 *525 573 *525
573
afar
Hocking
Valley
875
100
10
26
Aug 27
583
5418 5538 5214 54/
1
4 524 5334 511
/
4 54
5218 5312 5118 5338 16,000 Hudson & NIanhattan
100 341284ay 28 5838 Jan 5
*75
77
*7412 80
•74
79 .74
78 .74
77
74
74
June 25 84 Jan 18
200
Preferred
70
100
14678 14678 145 14612 14114 143
142 14278 143 144 *1424 144
2,400 Illinois Central
100 13212May 27 115312July 20
•146 152 *140 152 *140 152 *140 152 *142 152
.140 152
Preferred
100 13312May 31 15112July 20
*73
74
734 7318 7234 73
*7258 74 .7258 73
*7212
73
140
certificates__
Stock
7213 Aug 9 801e Feb 21
RR
Sec
*2214 23
2234 24
234 24
234 24
23/
1
4 26/
1
4 2518 26
11,500 Interboro Rapid Tran v t o_100 1058July 30 5838 Feb 25
*43
47
*4578 47
*4578 47
*4578 47
454 4578 .43
47
100
lot
of
America
Cent
Rye
Apr 1
43
100
*43
59 Jan 26
48
*43
49
*43
49
*43
48
•43
47
*43
48
1
4 73/
Certificates
1
4 73/
No par 404June 1 5911 Jan 25
1
4 *7358 75
*735, 74/
73/
1
4 7358 *7318 75
7312 7338
210 Preferred
103 10538 10378 10478 10312 10458 103 104
100
13
Jan 2
8014
6912June
10034 10378 101 102
8,500 Kansas City Sonthern
*66
68
100 78 Mar 26 1084Ju1y 20
6612 6612 *66
68
67
67
6714 674 .68
68
700 Preferred
9478 9478 9212 9478 92
100 8318July 3 7011 Jan 15
923
9178 94
9212 9212 *90
92
2,500 Lehigh Valley
14914 150
14912 150
1
4May 29 10214 Feb 2
60 77/
1474 150 *14734 150 *1474 150
1474 149
100 13812May 28 1534 Feb 5
2,000 Louisville & Nashville
3912 41
4212 4418 43
44'2 4212 45
45
4634 45
46
21,600 Manhat Elev modified guar100 3112 Apr 8 5712 Jan 11
•24
25
24
24
.24
25
*24
25
*24
.24
25
100 Market St Ry prior pref_101) 20 May 28 394 Jan 4
*218 212 *218 214 .218 212 .24 212 .218 25
212
218 214
200 Minneapolis & St LOUIS...,_100
54
2 May 22
5512 5434 55
Pi Jan 19
54
5478 54
54
5312 5412AR
78 534 7,100 Minn St Paul & 55 Marle_100 35 May
-*76
31 551 2Sept 7
80
*75
78 .76
80
.76
80
•75
80
*75
80
Preferred
.5512 58
100 68/
1
4June 3 87 Jan 23
.56
0571. 58
5712 .574 58
57
5712
*5712
58
110 Leased lines
5458 55
100 56 Sept 9 66 Jan 85
5358 5518 33
5412 53
53/
1
4 514 5438 52
53
24,000 Mo-Kan-Texas 1111--__No par 4211 Mar 26 654July 20
10432 10438 10334 10458 *10378 104
10314 10412 10434 10434 *10318 103314
4 2,200 Preferred
100 102 Apr 9 1074 Apr 25
94
95
9218 93/
1
4 92
93
9158 9258 9014 9258 90
9134
141 141
/
4July 15
100 6212 Jan 4 1011
13812 14112 13934 141
13978 14058 13938 14012 13912 13912 4,100 Missouri Pacific,
*77
79
3,600 Preferred
.77
78
100 120 Jan 2 147 July 22
*77
774 *774 79 .77
79
.7714
7813
Morrie; & Essex
50 77 July 18 8638 Jan 17
*23212 23634 *23212 23634 230 230 *227 230 *227 23312 *227
233
10 Muth Chatt & St Loule
•134 2
100 186 Jan 29 240 Aug 29
*134 2
*134 2
134
134
134
134
114
134 1.000 Nat Rye of Mexico 241 pref_100
3/
1
4 Jan 25
114May 28
24612 24838 24112 24678 240 24412 24018 244
23614 244
23514 239
62,000 New York Central
184 185
100 17812Mar 26 25812 Aug 30
182 18378 180 184
17614 18014 176 181
175
176
5,100 NY Chic & St Louis Co-A00 1284 Mar 26 1921
/
4 Aug 30
10512 10512 10534 106
106 106
10558 10618 10658 10658 106 106
1,000 Preferred
/
4 Jan 4
100 100 May 28 1091
*290 300
294 294 *295 298
300 300
300 300
300
200 N Y & Harlem
50 27712June 13 379 Jan 18
123 1244 12134 12378 11958 12214 12014 12212 11034 12212 293
119 120
35,000 NY Nil &Hartford
100 804 Jan 4 12613 Aug 26
12712 12712 128 128
12734 12734 127 127
127 127
127 127
1,300 Preferred
1
4 Jan 3 13112 Aug 14
114/
25
2638 2512 2614 25
2414 24
24
25
24
234 244 8,900 N Y Ontario & Western_ _100 2312June 28 32 Feb 4
478 5
414 44 *3
4
*3
4
*3
4
3
4
4
1,300
Railways
N
Aug 30
Y
Kg Feb 21
214
par
prof
34
...,....NO
34
*33
35
*3312 34
324 34 .32
3234 32
32
up 32 Sept 13 481,Feb 4
1,000 Norfolk Southern
*283 287
282 284
272 279
270 275
270 276
268 271
Norfolk
4,800
Jan
&
290
191
Western
9
Sept 3
100
-- .87
_
87
87 .87
87
87
__
87
87
290 Preferred
100 83 Feb 15 8714May 14
*87109 11b
10958 11210914 11178 10958 11138 10758 11078 10716 10938
Northern Pacific
100 9512May 27 1184July 22
10514 10614 10714 1083
, 10658 10658 107 107
10512 10734 10518 10512 23,800
2,900 Certificates
100 96 May 27 11458July 22
10658 10734 104 10614 103 10512 10218 10512 10212 105
/
1
4 101 103/
1
4 106,201) Pennsylvania
50 7212Mar 26 110 Aug 20
.24
34
*24
34
*24
34
*24
34
*25
35
*24
34
Peoria
&
Eastern
100 2512June 4 35 July 16
*221 240 .228 235 *221 235
225 225 .221 235 *221 235
100 Pere Marquette
100 148 Jan 3 260 Aug 29
9658 0653 *9612 9734 9612 9612 9612 97/
1
4 97
97
97
97
200 Prior preferred
100 96 Jan 5 101 Mar 22
*9412 9578 *9412 9578 *9412 96
957s 9578 •9412 97 .
9412 97
100 Preferred
100 93 Mar 15 97 Jan 8
13834 139
13858 1301
. 138 139
13758 13778 137 13712 13618 1364
2,300
100 12538May 28 14834 Jan 10
Pittsburgh
Va
Wegt
&
14412 14612 14078 1453; 13718 141
13812 14234 13712 140
13514 13812 19,200 Reading
50 10112May 27 14734Sept 5
49
50
4012 50
*47
4912 *46
4912 *4612 49
45,4 4512 3,400 First preferred
60 4112 Apr 22 50 Sept 7
54/
1
4 6034 5612 6034 5634 5634 55
56
544 5434 5314 554 8,300
50 43581May 21 6034Sept 7
Second preferred
*60
67
*60
67
*60
67
67
71
70
7014 .67
73
100 6318 Mar 21 71 June 19
800 Rutland RR prof
12812 12958 127 12933 12718
130 13078 129 1304 12833 130
12778 6,700 fit Laub-Ban Francisco-100 le912May 20 13334 Aug 30
9318 9358 9312 94
1
4 94
9318 9312 93/
94
94
93
9312
100 9214 Mar 26 9611 Feb 1
9412 9412 9538 95/
1
4 0518 96
9518 9518 9758 9734 9518 9518 3,500 let pref paid
1,100 at Louie Eloutbweetern
100 82 May 27 115/
1
4 Feb 4
*90
91
91
91
91
92
92
*00
*90
92
*90
92
400 Preferred
101) 87 June 14 94 Apr 26
1658 1712 1638 1778
1712 1778
1718 1734 1714 1758 17
171
/
4
100 12 June 13 2134 Mar 5
8,100 Seaboard Air Line
26
26
2518 2612 2638 27
2634 27
2718 2734 2712 2978 9,400
100 1614June 14 297 Sept13
Preferred
1524 15312 15214 154
141112 15134 14914 15018 147 15134 146 14978
100 124 Mar 25 15712Sept 3
19,500 Southern Pacific Co
15012 15938 15812 15912 15712 15978 159 16078 158 160
15612 158
13,100 Southern Railway
100 138 May 27 16218Sept 4
06
96
96
96
9512 9618 9512 9512 *9512 98 .954 98
100 93 June 14 99 Jan 3
1,700 Preferred
*111 115 *111 115
111 111 *110 113
108 110 .105 112
400 Mobile & Ohio certife
100 104 Apr 4 1404 Jan 14
*157 165 *157 165 *157 165
159 159 •159 165 .154 165
100
100
Texas
155 May 28 181 May 2
&
Pacific
12
.10
1118 1118 *11
14
1134 1134 *1134 13
*1134 13
200 *Third Avenue
100 10 Aug 29 89 Feb 25
404 4018 401„ *404 41
40,8 4018 40
4018 4014 239
39
Transit_100 39 July 1 58/
1,200
Rapid
Twin
City
*_ 88 •-• --- 88
1
4 Jan 25
87 *__ - - 87
85
85 *-- -- 87
30 Preferred
100 85 SePt 12 100 Jan 6
28712 2884 28012 28812 *---28012 284
279 2844 2805,283
278 28012 11,200 Union Pacific
100 209 Mar 26 297/
1
4 Aug 29
834 84
*8412 85
8378 8434 831s 84
8414 8414 84
84
1,200 Preferred
100 8018 Aug 12 8512Sept 4
• RId and asked prices: no sales on this day. 3 Ex-dividend. y Ex-rights.
PER 8114111
Ilanoe for Prrviose
Year 1928
Lowest
Highess
1 per share II per east(
182/
1
4 Mar 204 NoN,
1024 Jan 10812 Api
15718 Oct 1411.2 bray
103/
1
4 June 12532 Dec
77 Nov
85 Api
61 June 8414 32,11
104 Dec 115/
1
4 May
58 Feb 91 Dec
5331 Jar
7714 May
82
Jan
9532 May
1412 Jan
474 Seal
3214 July 644 Not
88 Sept 63 Nov
19512June 253 Nov
98 Sept 1074 Mai
17512June 218/
1
4 Dec
558 Jar
18/
1
4 May
74 Feb 26/
1
4 MaY
37 Feb 63/
1
4 May
58 Aug
7533 May
94 Feb
25 Dec
2012 Feb 50/
1
4 Dec
22/
1
4 Mar 4011 Ain
87 Mar 59/
1
4 No*
78 Jane 9414 May
135 Dec 150 Mal
106 Feb 13932 Nol
105 Dec 1114 May
993 Dee 105 Ma3
105 Aug 126 May
67 July 85 Api
6912 Nov 85 Ma3
6412 Dec 8758 Jam
16314 Feb 226 Ap
12514 Dec 150 Ap:
5013 Feb 6534 Ap:
3 Aug
684 Jai
438 June
912 Ma3,
4834 June 724 De,
50 June 6372 Jal
4914,301*62
Jul
9312 Feb 114/
1
4 No,
911e Feb 111/
1
4 No,
63 Aug 614 ala;
99 Aug 109 Ma]
7 Aug17/
1
4 Jun,
51 Dec7812 Sep
340 July 473 No,
504 Dec 7312 AP
Oct9312 Ap
81
13184 Jan 14834 Ma;
13012 Jan 147 Ma:
75 July 82/
1
4 Jun
Jan 02 Ma:
29
384 Mar 524 No
694 JaIl 82 Ma:
43 Jun
95 No
6611 Aug
77 Ap
844 Feb 116 AP
139/
1
4 Nov 1594 Ma
40
Jan 84 Ma,
384 Dec 4434 Ma
173 May
64 Ma
40 June 52/
1
4 Ja
701
/
4 Dee 87/
1
4 Ma
60 Dee 714 Ja
304 June 68 De
10112Inne 109 Fe
6178 Feb 7614 Set
105 Feb 12678 De
8211 Aug 80 Jun
17118 Aug 2041
/
4 Ma.
2 Feb
512 Ap
166 Feb 191._ No
12114 Oct 146 Ma;
1044 Aug 110
Ja
168
Jan 605 Ap
54/
1
4June 82/
1
4 De
112 Sept 117 Ma
24 Feb
39 Ma
514 Jan
13 Ma
32 June 58 No
175 June 19812 No
844 Oct 90 Jun
92/
1
4 Feb 118 No
130/
1
4 Feb 116 No'
6172 June 784 De
25 Mar r..7 Ma:
1244 Feb 154 No
96
Oct 101/
1
4 Mz
92 Nov 100/
1
4 Ms
1211
/
4 Feb 163 0(
9414 Feb 11038 Ma
4112 Nor
46 At
46
Jan
594 Ma
50 Feb 77 Dt
109 Feb 123 MI
94 Dec101 Ma
6712 Feb 1344 No
89
My 95
Ja
11/
1
4 Mar 3012 Ja
17 Aug 38 Ja
117/
1
4 Fob 1311
/
4 Ma
13912 Feb 165 Ma
9638 Sept102/
1
4 Ja
100
Jan 15912 ,j8
994 Jan 19432 0.
284 Jan
Ws Ma
33/
1
4 Sept56 Ma
94/
1
4 Oct107 Fe
18612 Feb22472 No
824 Oct 8714 Ja
New York Stock Record-Continued-Page 2
1704
second page preceding.
For sales during the week of stocks not recorded here, see
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 7.
Monday,
Sept. 9.
Tuesday,
Sept. 10.
Wednesday, Thursday,
Sept. 12.
Sept. 11.
Friday.
Sept. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rasps Macs Jon. I.
Os basis of 100-s8ars lats
littelast
Lotosst
Mt SHARI
Roars to Furious
Year 1938
Hto/lest
Lariat
,share 8 per Ws'
88
Par $ pa Oars $ pa share
Railroads (Co..)
$ per share Shares Wabash
51 Feb 9614 May
100 60 May 17 8138 Jan 5
3,200
682 89
8812 Feb 102 May
Aug 18 104% Jan 7
8814
100
A
Preferred
300
92
•89
87 Feb 9913 May
100 79 May 34 91 Jan 8
500 Preferred B
*80 84
3134 Feb 8474May
100 3212Mar 26 54 Feb
4114 427 13,900 Western Maryland
58% Feb 4
3312 Feb 547k May
28
3812May
100
preferred
Second
100
*4214 47
4 Feb 8814 Dec
/
281
5
4178
Mar
27
May
32
100
1,700 Western Pacific
36
36
22
5211 Aug 634 Jan
100 56 May 27 6734July
800 Preferred
61
61
Industrial & Miscellaneous.
8014 Nov 85 Apr
No Par 3818May 27 5778 Aug 15
5,200 Abitibi Pow & Pap
MI
76 Nov 10214 July
5151 6212 5112 5238 4912 51
*5312 54
100 79 Apr 10 81138 Jan 7
Preferred
4 5334 53
/
531
1,100
84
*82
84
June 142 Dec
•8314
90
3
Jan
15912
8314 8334
8414 8434 832 84
*844 85
90 Abraham & Straus----N• Par 101 May 28
124 129
4 *12214 12878 122 122
/
100 106 June 4 112 Jan 2 109 Oct 114148111W
12214 12214 12512 12512 *12214 1281
300 Preferred
Jan 425 Dec
23
195
Apr
18
Jan
750
10712 1071 108% 10878 *10712 109 •10712 109
389
*10712 11014 *10712 109
100
700 Adams Express
550
93 Jan 991a Mar
8540 585 *535 585 535 535 *520 545 545 556 550/
100 8434June 28 96 Jan 3
200 Preferred
4 89
3312 Dec
Dec
80%
15
Jan
3578
1
*8714 89 *8714 88 *871
2738May
*8714 89
par
89% 8934 *8714 90
No
600 Adams Millis
4
1
11
Jan 05 Sent
30% 30% 307g 30/
*3034 32
100 27 May 31 10478May 1
3058 3058 *3012 32
2,200 Advance Rumely
4. 28
/
271
28
3414 Jar 61334 Sept
28
4Sept 9 119 May 1
/
391
100
2812 2858 2812 2912
28 28
Preferred
1,700
40 40
41
254 Jan
684 Mar
474 Feb 20
11782 4
2 41
2380
82314
232
112July 24
401 42 :4
1
*3914 42
3918 40
1% 1% 4,900 Ahumada Lead
158 14
1% 134
13, 13,
158 134
I% 1%
Ine__No par 95% Apr 10 217 Sept 31 59 June 9914 Dec
Reduction,
Air
18,100
7
202
194
13
20774 21278 20658 21134 20018 20512 20018 20478 200% 204% 387 39
2,200 All-Way Elec ApplianceNo par 36 Aug 9 4872May
7% Jute 1.41; -.Kt;
4 Aug 15 114 Jan 2
3872 3878 38% 38% 3102 3858 38% 3834 38% 39
No par
418 7,000 Ajax Rubber,Ina
4
Jan 10 Nov
418
1
4
4%
4
412June 4 104 Jan 8
4% 434
414 412
Min-1C
Gold
Os 444
Juneau
Alaska
11,800
77
8
2214 Dec 11114 Jan
734 8
8
Jan
25
12
778 818
May
31
734 7%
834
Pat
Pert
Wrap
Pay-No
838 83s
8
Albany
19
*17
19
3
•17
*17
19
5612Sept
26
Mar
*1738
19
2758
19
*1738 19
*18
No par
497 517k 343,200 Allegbany Corp
4 5418 51% 5314 50% 53
1
5518 52/
100 99% Apr 15 118',July 15
5478 .5534 54
115 115% 6,300 Preferred
---- -10038May 14 118348ept 5
11774 11734 11734 11734 11618 11718 115 116 115 116
3,100 Receipts
11518
115
Feb 31524 Nov
8
1157
115
116
11512
11714 11738 117 117
118 118
Allied
&
, 241 Jan 7 35434 Aug 30 146Pa
Dye-No
Chemical
18,400
337
325
32512 339
125 Apr 27 12012 June 127% May
8
Apr
12014
343 349 340 347 333 33912 332 341
100
100
Preferred
124
Dec
4 124 *12034 124 *12034 124 *12034 298
/
123 123 *1221
*12212 123
100 166 Mar 26 330 Aug 20 11518 Feb 200
2,700 Allis-Chalm.28 Mfg
94 Oct 11174 Apr
296 300 300 300 290
5 May 31 114 Jan 14
310 310 301 307 300 301
600 Amalgamated Leather-No par
6
6
Feb LS% Nov
274
6 - 6
8
Jan
4258
6
6
512 514 .
25
3312May
par
514 54
No
614
2912 24,200 Amerada Corn
1558 Feb 20 Nov
2734 2714 30% 2912 3012 2812
2712 2712 2714 2712 27
2,800 Amer Agricultural Chem__100 1018May 22 2338 Jan 15
11
11% 11
5538 Feb 797a Nov
1158 1158 11
1218 1158 12
*1218 1214 12
100 4038May 29 734 Jan 11
3,400 Preferred
44
44
Jan 159 May
4
453
704
4414
3
4512
Sept
155
45
25
Mar
45
110
4514
46
10
9,300 Amer Bank NOt•
46 464 46
60 Oct 65% Jan
14512 14812 14212 14514 144 146
152
148 14912 149 152 •
50 57 July 23 6514June 14
370 Preferred
14% July 3414 Aug
5712 5712 5934 5958
16
Jan
58
2012
58
27
3.5812 go
Aug
13
60 60 25712 58
Par
Beet
American
Sugar-No
1,100
•1325 14
14
86 Feb 617i Sept
4 1414 14
/
14% 141
14
13% 1418 14
14
100 46 Apr 24 6014 Feb 5
200 Preferred
*504 5238
1532 Feb 44% Nov
7612Sept 7
*5034 51% 51% 5118 514 5114 *5034 54 *5034 54
7078 68,300 Amer Bosch Magneto-No Par 4012 Feb 14
67
4
723
3978 July 494 Jan
6612
4
Feb
62
70%
6911
16
Jan
73
6912
45
75%
7014
7518 7612
4,000 Am Brake Shoe & F----No Par
68
572
Dec 128 June
58%
120
58
58% 58% 58% 5858
100 117 July 10 12613Maz 91
58% 59
110 Preferred
117 11753
5818 59
1052 Ala 2614 May
117 11714 117 117 •117 11714 2114 2234 28,200 Amer Brown Beverl Ei-NO par 1514 Jan 7 3414Juns 1
*11714 1197 *11714 119
2412
20%
21%
2018
23 23% 204 23%
2234 24
404 Apr (157s May
100 49114 Jan 7 104 June 12
8158 83781 1,170 Preferred
8158 85
704 Jan 1171g Nov
8212 81
82% 7914 82
82
25 10774 Feb 18 18412 Aug 24
195,300 American Can
Jan 147 Apr
13634
111 165% 17234 16414 16918
2
70
4
28
1112 18
8
30
8
16
Mar
142
8
July
17112 17534 16914 173 .1
136'2
17434 178
100
600
Preferred
140 140 I
140
140
8814 July 11112 Jan
8
Jan
140
10612
27
•13914
May
•13912 140 *13914 140
17,300 American Car & ady...No far 92
9934 98 102
1611
98
8 100
16
4 Aug 5 12) Jan 29 110% Aug 11714 Mar
1
100 113/
9934 10184 9958 10178 97% 101 319
500
Preferred
11638
11514
•115% 11612
71 Dec 105 June
100 7014May 31 88 July 22
115 11612 11514 11514 115% 115%
'
200 American Chain pref
84
*82
82
5014 Dec
81
44 De
85
85 •82
*82
85
No par 4024 Mar 26 81488ept 5
*82
85 *82
American Chicle
7735 7412 75% 12,900 Am
275
May 20
55
24
4212
Aug
7912
pa
78
No
_
80
Alcohol
Comm'l
7878 7918 74
18,700
4638
46
4812
47
25
*
Feb
',
4734
8
7
5
7
4
3
81
8
7
4
31
2334May
47%
par
4612
4938
Tiling_Ne
4818 49% 48
2938 2938 1.800 Amer Encaustic
31
8238July 12 9812Sept 3
3038 3012 3114'
30% 3078 284 2814 31
29
6,300 Amer European Sec's No pa
89
86
91
225 Feb ifti
.-Le;
87
901
7514 Jan 4 17912Sept 13
9112 90
9218 9378 90
9234 94
17912 423.800 Amer & For'n Power___No par 104
168
175
16714
July 1 10815 Feb 14 10484 June 110 May
17214
No par
16734 17314 16534 16934 11334 169% 164%
1,000 Preferred
108
2108
107
81 Feb 100 Sent
107
Apr 9 103 Feb 21
88
106 108
pa
No
preferred
2d
*105 10712 *105 10712 106 106
3,100
99
9914 98
10 2414 Mar 26 42 Apr 19
98% 98
97
98
88 Co
97
4 98
1
97/
9712 98
3018 3012 2,300 Am IIawallan
31
814 Oct 1538 Feb
31
6 July 30 10 Jan 2
301
30
3212 3034 32
,American Hide & Leather_100 8014
3212 32
31
812
81 Nov 07% Feb
812 •8
Feb 6 5214 Aug 29
100
8% 8% *8
9
812
393
8
Preferred
3.8
8
800
45
*44
59 Feb 86 Nov
4412 4412 44% 45
par 64 June 3 85% Jan 24
46
•46
48
4614 4614 45
4 6834 2,400 Amer Home Products_No
28 Jan 4074 Aug
38 Mar 26 5312 Aug 23
No pa
6934 6934 6914 70 z8834
4 7012 6934 70
1
71
70/
70
483 4912 11,200 American Ice
90 Jan 991s May
6
5012
Mar
23
4912
96
8984Alay
50%
5018
100
49%
504
5012
Preferred
50
4912 5012
92
*91
3
92
Sept
89s
31
*91
5212May
92
*91
*91
92
92
*91
93 *91
8134 113,300 Amer Internat Corp_ _No pa
514 Jan 1138 Oct
8 79
872 Jan 10
It,Sept 13
8112 84% 8018 8412 801s 827
84% 86% 8134 85
414 412 3,100 Amer La France & Foamite_10
56 Jan 8512 Oct
412 412
412 412
100 45 Aug 6 75 Feb 21
412 4132
458 4%
4 412
1
4/
220 Preferred
541
*50
June 115 Jan
87
16
54%
July
136
18
,Feb
1025
55 *50
*55
5512 55
59% 5512 5512 55
1221, 10,000 American Locomotive-No Par
12212 12312 122 124 12114 123 2120
12234 124
122/
4 125
1
113 Jan 3 1197* Aug 2 10314 Oct 134 Mar
100
Preferred
100
117
3 27912Sept 12 129% June 18384 Dee
'115 115 *114 117 •11478 117 *114 117 •114 117 1'5114
12,700 Amer Machine & Fdy__No pa 1474June
4 Nov
1
89 Mar 63/
27 814 Feb 6
4 27912 255 270 157,100
1
21014 225 215 22012 225 239 240 258 257/
Amer Metal Co Ltd___No par 50 May 21
7418 7614
135 Feb 6 109 Aug 11711 May
100 11338May
78% 75% 77% 7535 788 12712 12712
(6%)
7718 7934 77% 7914 75
Preferred
600
9954 Nov
Dec
9534
7
Jan
130
984
19
130
July
130
65
pa
*128
129 130
3218 134 *130 132
390 Amer Nat Gas pref____No
80
80
12% July 25 Feb
334 Aug 14 1778 Jan 81
8214 80 82
No par
18012 8312 82 8434 80% 8234 80
800 American Piano
44 44
38 Dec 90 Jan
41
412
100 1812June 28 55 Jan 81
4
414 414 *414 412 *44 453
4
100 Preferred
2434
2434
6214
Jan 95 Slay
7
4Sept
24
1753
24
8
Jan
4
8
23
8118
4 124
7534 2114 2114 2114 2114 2334
160 1668 29,900 Am Power & Light____No pa
100% Dec 10714 May
140 par 9838June 14 105 Feb 28
4 17212 16314 16712 162 16712 182 170
1
167/
900 Preferred
9912 100
Nov
7714 Nov
1
7018
18
101
Feb
31
101
80
May
101
4
70
1008
pa
No
0034 10034 10178 10178 *10078 104
900 Preferred A
72
8112 Dec 8014 Nov
*7314 75 *7314 7312 7112 811
No par 78 July 25 8418 Feb 15
*7314 75
175
4 77
1
75 *73/
4 1,000 Fret A stamped
/
7
*80
Sept
8118
55's
28
*80
4018May
8112
8018
*
pa
8112
81
No
8112
8112
80
Sanly
Stand
&
8112
5018 53 311,200 Am Rad
100 135 Sept 3 139 Sept 13
4 514 5334 /5118 5312 6058 5334
1
4 54/
/
5414 55% 521
10 Preferred
WI; Feb 86 Apr
__ 139 139
4 Jay 2
1
•139
31 Aug 9 64/
*139
*139 _
*136 ---- *135
3612 3768 2,300 American Republics-NO Par
4Sept 9
1
4038
38
3814
3914
25 10612May 28 144/
38
3614 37%
38 *37
38
Amer Rolling 13111I
75,400
1384
56
13412
Jan 747g
ill
Jan
4
Ws Sept
14112
743
12
13834 14078 13934 144/
4 138 14338 1374 14158 13534 66
1
200 American Safety Rasor_No Par 61 June 12 41% Mar 15
66
27% Nov 45 May
*65
67 •65
8912 6912 6938 8958 *66
88
*85
No Par 3034Sept
2,900 Amer Seating•to
3118
Aug
8%
4
3
618 May
6
30
Feb
7
31
12
4
Aug
3
30
31
3
31
31
*31
31
3112 31
31
400 Amer Ship & Comm--No Par
Jan
80 Sept 119
312 3'2 ..3i8 312
13 112% Aug 8
3
312
3
*3
3
3
4 318
1
3/
590 American Shipbuilding_ ___100 8113June
98/
4 1001/4
1
169 Feb 293 Deo
5
13014Sept
16
1001s
Jan
9914
101
10112
9712
931s
100
10438 10412 *103 105
100
Am Smelting & Refining70,700
s
1217
142
Apr
131
Mar
4
119
Jan
8
138
81
1255
100 130 May
4 126 12934 12312 12612 123 12518 12114
/
12812 1291
1,500 Preferred
13518 13512 135 135
4 Aug 21 49 July 26
1
135 135
25 43/
135 135
135 135
135 135
Snuff new
rned
nooar
peric
4734 4734 3,900 Am
48
100 10112July 29 112 Jan 24 100 "Eioi fir ja;
4 4658 46
1
46/
413% 4738 4712 47% 4812 z4634 11012 .10512 III
107 11012 *107 11012 107 11012 *107 11012 •10512
.
50% June 7084 Jan
56 May 28 7978 Feb
Amer Steel Foundriee_No pa
18 109 June 120 Feb
6214 8034 6312 19,100
81
100 110 June 17 114 Mar 25
63 6412 6234 6334 80% 6278 614 62
140 Preferred
11134
4
/
1111
85
Apr
21
112
June
112
112
65
1113
112
4
11212
No pa
112 11238 1111
4 11212
/
Stores
55 Feb Ws Nov
70 z8812 8912 4,300 American
6814 69
6712 67
100 71% Apr 5 944 Jan 25
67
6612 6612 *6712 68
5,800 Amer Sugar Refining
May
14 8278 8118 82
072
100 104311June 7 111 Feb 1 100 Feb 11012
8112 82/
4 *8134 82% *1813
1
83
8134 82
82
200 Preferred
108'2
46
*10712
Feb Ma Sept
2
Jan
60
10812
1
354June
No par
*10614 108
4 10712 10812 •10712 10814
/
10612 1081
2,800 Am Sum Tob
39
39
1714 Dec 82 Jan
2 3278 Mar 25
Jan
17
4 38% 3912 3812 397
1
39/
-100
3912 3913 3914 3912 39
Cable
&
Amer
Telegraph
300
3 172 July 211 May
*2314 2412 •23% 233 *2312 234 74,200 Amer Telep & Teleg
100 19314 Jan 8 304 Sept 30
*24
4 2414 2334 24
/
25
241
152 June 18418 Dec
Aug
4 29234 280 28814
/
oom----50 160 Mar 26 205 Aug
29434 29712 289 29512 287 293 288 29312 2871
30 152 June 18474 Nov
4 190 19212 3,000 American Tobacco
1
26 205
4 192/
1
Mar
16014
50
19434 19434 193 193 192/
B
19712 19712 197 200
class
7,200 Common
16
11534 Sept 128 Apr
19214
12114
190
Jan
195
20
19212
June
115
19514
19512
100
196 19914 19734 20034 195 19914
200 Preferred
11578 1157
Jan 5 181 Sept 11 10974 Aug 1424 Nov
116 116 *116 119
*116 118 3.11(3 118 *115 118
6,500 American Type Founders_100 13612
1743
Noy 116 Mar
5
4
1
/
112
172
107
Apr
180
15
175
10714May
181
178
100
180
17134
169 172
168 170
110 Preferred
111 11112
Sept 9
52 June 7614 Nov
Nova? 674 Jan 8 194
10914 10914 10914 10914 11112 11112 174 182
*109 110 *109 110
47,100 Am Wet Wks & El
Oct 106 Apr
98
3 104 Jan 28
Jan
97
18014 18934 18012 18612 178 18612 *101 1021
18714 192
187 194
preferred
let
14 .ruly 327a Nov
4 Jan 3
/
100 15 Aug 16 271
4 10112 *10012 10112 *10018 10112 •101 102
/
*10018 10112 *1001
Woolen
American
1,800
16
Aug
2
16
39
Jan
6514 Nov
58%
14
3818
Aug
100
17
1614 1614 1618 1618 1612 1634 3612 367
1618 17
17
1,500 Preferred
10% June 19% Feb
9 May 28 1618July 18
3612 3011 *3012 37
38
4 32% 3714 3814 *37
1
36/
Writing Paper otfs_No par
Am
5,300
15
15
5314 Oct
June
4
1
/
2
84
Mar
7
15
,113
Aug
100 89
14% 1538 1434 15% •15
*1438 15
1458 16
800 • Preferred certUleate
44
Oct
*41
44
44
2213 July 15 4914 Mar 18
814 Jar 67
44
4412 *41
42
42
4434 4512 *41
5,600 Amer Zino, Lead & Smelt-__25
231
Oct
2318
11778
19
24
1114
40
Mar
,12,n
28
2July
901
2412
2512
23%
25
25
25
23% 25
24
Preferred
1,800
99
98
Mar
22
140
10118
---3
1:
3
25
40412 105
10358 103% 10112 10314 102% 102% 10
Anaconda Copper Mln. new50 99 May 20
7
8914Sept
4 122 12534 709,400 Anaconda
1
129/
---13
6234June
par
13218 13334 13012 13318 12734 13134 128 12978
No
Cable
Wire &
5,800
85
85
85% 87
4 8934 87
1
88/
8834 8614 87
48 Dec 54114 Deo
8812 87
No par 43 June 28 711.1Sept 11
28,500I Anchor Cap
68
10614 Des 111 Dec
68% 66
7112 65
61
60
6234 6878 60 6538 61
No par 10212June 17 136 Sept 7
Preferred
1,700
132 134
6838Mar 1
864 Nov 80 Nov
28
8May
443
135 136
134 13412 1347 135
par
124 124 *110 132
o
Mining-N
Copper
545 5812 27,300 Andes
5514 Feb 11274 Nov
5618 58
par 29 May 28 4912 Mar 4
58
5914 60/
4 5834 59/
1
4 5718 58% 57
1
3712 3812 12,100 Archer, Dan'Is. Mid'id_No
887s Jan 9712 June
15 95 Jan 30
35
3818 3534 377
35
34% 3812 35
3414 35
1,400 Armour & Co(Del) pre/_100 8478 Aug
88
2
8812 88
Jan
9
18%
Aug
1114 Jan 2812 Sept
1014
8912 z88
8812 8912 88
*8812 8912 89
A-25
88
Armour of Illinois oboe
13,400
1212
Mk May
1112
6118 Jan
2
1014
Jan
9
1214
512 Aug
12
25
1212 12
1212 1174 1212 12% 1238 12
65, 17,600 Class B
16 88 Jan 24
74 Jan el% June
Aug
704
64 658
614 6.52
Ps 612
.100
618 612
84 858
1,100 Preferred
An!
74
5184
*73
3
July
2
854
Jan
734
40%
17
July
19
• 8764 77
73
74
7614 7678 27414 7412 273
Arnold Constable Corn.J/ par
284 Dec 443874W
2634 2715 2635 2858 6,400
27% 2778 27
Pi par 1958SePt 6 80 Feb 5
27
2612 21334 2612 27
400 Artloom Core
20
18
584June
20 .19
10
Aug
4812
•20
2078 20
par
20
20
No
20
*19
Ind
20
20
Associated Apparel
401g June 751,
4912 4934 4914 4934 4,400 Assoc Dry Goode
50
50
50
50
4934 50
4934 50
N.par 43 May 22 7034 Jan 10
4 5278 30,200
/
481
3712 Feb 5314 Sept
4818 49
4812 494 4812 49% 4858 49
4 49
1
48/
25 4012May 31 4714 Apr 5
90,Associated Oil
454
8878
374 Feb go% May
20
Aug
16
4 45% 4518 •4518 464 4513 4518 4518 4518 45
/
Feb
3218
*4518 461
par
WI88 Llne-No
&
0
10,800'Atl
68
6618
88 Feb 0514 Oct
6812 6334 6738 8314 6534 84% 6712 6612 13838
67
100 4514 Feb 11 6112June 28
7 5773
900 Preferred
777 July 8
50 Nov gm, Dea
29
Jan
57
5678 57
58
58
531s
5758 5734 5712 5712 57
25
*55
6478 60,600 Atlantic, Refining
63 Jar 114 Dee
6434 6538 64% 65% 6358 66
No par 90 Apr 16 140 Sept 10
6418 6612 6414 6634 835$ 132% 31,000 Atlas Powder
12712
Jan 14 102 July 11012 May
106%
30
12712 136
13134 13412 1274 13478 13458 140
9813July
134 140
100
Preferred
100
814 Jan 1784 June
10112 10112 102 102
10112 10112 102 102% 104 104 •104 105
NO par 1018 Feb 25 1772July 113
Atlas Tack
1412 *14
*14
1412 *14
1412 *14% 1412 •14% 1412 .141g 1412 3,000 Auburn Automobile__ _No par 221 May 16 500 Aug 30
475 480
49712 499 480 494 480 485 475 490 475 485
per share
$ Per share a per share
70
70
7012 6912 70
70
90
90
'90 91
90 90
84
84
88
84- 84 •84
4418 4538 4338 4478 42 437
*42 47
*43 47
*43 47
*3712 38
37 3712 37 3712
8114 6114
62 63
'
6112 62
S per share $ Per share
684 6912 6812 89
92
91 .89
*89
85
83 84 *82
4314 417 4312
42
4214 4214
47
*42
37
37
37 37
61
6112 61
*81
*274
-n-e;
• Bid and asked prices; no sales on thls day. z Ex-dividend.
VEX right&
New York Stock Record-Continued--Page 3
1705
For sales during the week of stocks not recorded here, gee third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 7.
Monday,
Sept. 9.
Tuesday,
Sept. 10.
Wednesday, Thursday,
Sept. 12.
Sept. 11.
Friday,
Sept. 13.
Sales
for
the
Week.
STOCK
NEW YORK STOOK
EXCHANGE
PER SHARE
Banos Sines Jan. 1.
On basis of 100-share lots
LOtObla
I
Righted
PER SHARE
Banosfor Proriono
Year 1928
Lowers
Highest
per share I per altars
Per share $ Per share
$ per share $ per share $ per share $ per share $ per share S per share Shares Indus.& Miami. (Con.) Par
54 Aug 5 1134 Aug 27
9714 103e
10
94 May
10
1014
1014 10
934 934 5,200 Austin, Nichols & Co_No par
Os Jan
912 10
1014
25 July
*3714 40
*3714 40
Preferred non-voting-__100 32 Mar 14 4218 Jan 14
39
*37
41
Jan
*37
41
*37
4012 *374 40
5112July 15 65 Jan 8
58
Oct 75 May
*5412 5512 *5412 5512 *5434 5514 *5412 5512 *5412 5512 *5412 5512
Austrian Credit Anstalt
2913 6,700 Autosalee Corp
84 Jan
No par 2213 Feb 15 3512 Aug 16
34% Nov
2912 308 2912 30
2914 3018 2834 2958 29
2912 30
*40
45
*40
so 8614 Mar 4 4578 Aug 19 25 Aug 41 Nov
*42
45
42
42
44
*42
44
*42
43
100 Preferred
43
Oct 5212 May
3918 3918 3934 3934
•4012 41
*3834 4112 *3612 41
200 Autostr Sal Razor"A"-No par 301 Sept 12 50 Jan 11
*4012 41
6014 5938 6012 29,100 Baldwin L000 Wks new No par 5958Sept 13 6658 Aug 12
62
6014 6114 60
6112 628 6114 6214 60
11714 118
118 118
118 118
108 11412June 7 125 Apr 3 fir Oct 12438 Ape
119 119
140 Preferred
12038 12038 *118 119
107 107 *10712 10812
*108 10812 10814 109
10812 10812 10712 108
210 Bamberger(L) too Dref-100 104 June 13 11012 Feb 1 1074 Nov 111% Jan
2678 Aug 35% Dee
29
29
No par 25 July 2 3334 Jan 23
2834 2914
28
29
*29
30
29
410 Barker Brothers
*29
30
29
9178 Dec 101% June
94
94
*9412 95
94
100 853s July 2 97 Jan 28
*94
9612 94
*94
90 Preferred
94
9612 94
234 Aug 5212 Feb
7 June 13 2914 Jan 15
No par
Barnett Leather
*714 98 *714 674 *7% 97
*714 978 *714 8
*714 9
20 June 53 Nov
25 3318 Aug 8 4918May 10
37
3812 3614 3838 36
3714 27,800 Barnsdall Corp class A
37
38
3658 38
3678 377
98 June 14012 Mar
96
90
No par 87 June 1 1134 Jan 25
91
95
9514 *90
90
*90
96
*90
96
91
700 Bayuk Cigara, Ins
9978 *99 100
99
100 9812July 3 10634 Jan 29 10313 DC 110% Mar
99
9978 9978 *9914 100
100 First preferred
9918 99% 09
1214 Mar 2413 Dee
NO par 20 Feb 7 3278July 17
30% 2834 304 25,100 Beacon Oil
29
29
2814 2912 2812 3012 30
2912 29
9238 89
20 73 May 28 101 Jan 12
7038 July 101% Dec
88
9034 9,400 Beech Nut Packing
*83
8312 83
84
8458 84% 8412 87
g Aug 5 1714 Apr 18
12 Dec 22
Jan
1018 1018 1018 1018 *10
104 1014 1034 1012 1012 1012 1138 3,700 Belding Hem'way Co__No par
82', Sept 9258 Mu
84 I *8418 8412 18012 8012 1,200 Belgian Nat Rye Part Pref.- 8012Sept 13 8478 Jan 3
84
8338 8312 8334 84
8334 84
31
10414July
24
78
May
914
par
87
5
3
863
No
4 89
9058 9158 90
9278 z8918 9238 9018 9134
73,100 Bendix Aviation
10212 10978 9.700 Best & Co
5334 Jan 1E" Oct
No par 7534 Mar 26 1097 Sept 4
108 109
107 10712 106 107
104% 10634 10518 107
ars June 88% Dee
13234 13578 12824 13412 125 1298 12638 1297 12412 130
1251 12834 371,800 Bethlehem Steel Corp.-100 82% Jan 31 14034 Aug 24
12214 12212 12212 123
12212 12312 12318 12338 12312 12514 125 125
5,200 Beth Steel Corp pt (7%)_100 11658May 31 12514Sept 12 116% June 125 Apr
3358 July 50 Sent
51
51
51
51
49
49
49
50
54
49
4978 49
3,400 Bloomingdale BrosNo par 4214 Jan 21 61% Apr 5
*105 108 *105 108 *105 108 *105 108 *105 108 *105 108
100 102 Aug 9 111 Jan 16 10912 Jan 111% July
Preferred
sr June 122 Dee
*99 101
101 101 *100 102 *100 102
100 100
99
100 9212 Aug 6 118 Jan 2
99
220 Blumenthal & Co Pref
12234 124
12014 120%1118 120
12312 12434 119 12234 120 121
4,500 Ban Aluminum & Br_ _No par 11014May 28 13634May 4
-jet;
*80
81
80
No par 7812 Mar 25 894 Jan 12
1:181
8012 *80
82
ee
*80
*80
82 .80
82
100 Bon Ami class A
6 Mar 26 1134 Jan 2
618 658 *6
No par
514 Jan
634
64 614 56
612 612
614 2,700 Booth Fisheries
1212 Nov
618 612
4114 Mar 7212 Noy
45
*41
*41
45
*41
*41
45
45
*41
100 44 Aug 23 6334 Jan 18
*41
45
45
1st preferred
25 8318May 23 1004July 10
9134 9312 9134 924 91
92
9012 9112 9078 92
9012 91
13,900 Borden Co
8018 8158 80
80
7912 8134 7812 8112 7614 7878 8,000 Borg-Warner Corp
10 7614 Sept 13 14338May 1
82% 80
*712 812 *712 812 *718 8
714Sept 13 1512 Feb 11
834 Aug 28
Jan
*712 8
*712 734
714 7%
100 Botany Cone M1113(dam A-50
2118 Feb 133/
3314 34
1
4 Oct
3312 3334 3333 34
3212 3358 33,000 Briggs Manufacturing-No Par 30 May 31 6318 Jan 3
348 3434 3334 347
34July
11
118 Jan
6
7
8
Jan
28
312 312
314 314 *314 312 *314 312 *314 311
100
94 May
312 312
Steel
400 British Empire
914
1
2% Jan
12 Feb
534 Jan 14 1312 Jan 28
100
*714 914 *814 9 4 *714 914 •714
*714 918 *714 91
2d preferred
4512 June Me Nov
40
41
3934 4012 3812 393
4314 4012 42
6,800 Brockway Mot Tr.....-No Par 3812Sept 13 7378 Jan 2
*88 100
*88 100
*89 100
*89 100
*88 100
100 106 Apr 30 145 Jan 2 110 June 150 Nov
*88 100
Preferred 7%
242 242
235 23934 235 235
23978 2398 *235 242 *225 240
No par 170 Apr 9 24812 Aug 26 139 June 20384 Nov
2.200 Bklyn Union Gas
44 Dec 5512 Apr
5034 5012 5012 4912 5012 50
5072 50% 50
508 50
No par 3813 Apr 4 5112Sept 4
50
2,600 Brown Shoe Inc
2712 Feb 6284 Sept
37
4314 25,800 Brune-Balke-Collander_No Par 3512July 26 5514 Jan 18
3734 3718 3772 3634 3712 37,2 3938 39
4312 41
2412 Feb 4834 Map
3318 3434 31
32% 3112 3358 3118 3314 3114 3114 6,400 Bucyrus-Erie Co
10 251gMay 28 4234 Jan 5
3312 31
4114 4178 4018 4112 4034 41
4012 4134 4012 4214 4038 4012 5,600 Preferred
3338 Feb 54% May
10 3818 Aug 7 50 Feb 5
•11134 11214 11134 11134 *11134 11214 *11134 11232 11134 11258 11134 11134
25
3
117
Apr
11112July
11014 Mar 117 Ape
100
150 Preferred (7)
45
44
4414 4414 *44
4412 43
42 Sept 12 5458July 19
44
42
441
Pa
44 4434No
2,800 Bullard Co
*95
99
*95
99
95
95
1 Feb 127
*96
par 94 Aug 6 127 Jan 11 98;
99
Oct
*96
or
99
*96
9
2913
4
100
00 Burns BerosaBoo
ias newcmlAf
291
*29
2912 *29
2812 29
154 Mar 431e June
2258June 4 39 Jan 14
*2812 291
293 293 *2812
_.,No
New
*9952 105
*99 104
99
27
10514
Jan
7
99
9514June
97%
Feb
*99 104
11014
June
*97 104
100
*97 104
Preferred
100
7512 76
72
7538 73
Jan 249 Dee
743
7213 738 72
7334 7034 7234 35,600 Burroughs Add Mach-No Pa 56214 Aug 9 32934May 21 139
608 6078 61
62
50 June 88 Dee
61
617
6112 6111 6014 6178 60
NO Par 5412 Aug 13 8918 Feb 2
60
2,900 Bush Terminal
105% 10518 10658 10658 10638 10658 105 1057 105 1057
1047
8
11012
Mar
2
10214June
29
115 May
Aug
100
•10512 107
200 Debenture
11412 11412 113 113
113 1151 *111 1153 111 111.
100 108 Sept 13 11912 Feb 19 111 Aug 119% June
108 110
300 Bush Term Bidge Pref
*814 9
*814 81
8
Jan
4
8/
1
4
Aug
123
614May
28
1634 MA7
8
81
*812 9
Superior
Mining-1
812 812
814 814
400 Butte &
438 438
412 43
413 Jan
94 Jan 3
378 Aug 19
1214 Nov
412 484
412 432
432 434
412 4% 9,900 Butte Copper & Mao
3612 3612 38
874 Dec 674 May
387
3734 381 *3634 38
100 28 June 8 41 Jan 2
3512 3634 3512 3618 1,200 Buttertck Co
9013 Jan 206% Dee
140 14134 139 14113 13812 13813 13778 13978 135 13914 134% 13713 5,700 Byers & Co (A M)____No par 12014 Aug 9 19278 Jan 2
•11014 118 *11012 118 *11012 118 *11012 118 *11012 118 *111 118
100 105 Apr 8 12114 Jan 8 10853 Apr 118 Dec
Preferred
34
3458 34
3434 23318 3458 34
3414 34
3458 3312 34
11,300 By-Products Coke new-No per 3118 Aug 12 374July 17
80
82
8218 84
,Sept
82
8314 82
824 8114 8258 8012 81
11,900 California Packing_ --NO Dar 7218 Mar 26 8478 Aug 29 11% June 825
2514 Mar 36 Sept
*31
36
*3012 35
25 25 June 17 3413 Aug 28
*3012 35
*30% 35 *311 36
*3112 35
California Petroleum
17
4
Jan
178
18
4
Mar
22
112July
26
158
178
1
0
5%
134 2
Apr
2
24
24
218
Zino-Lead
214
258 9,400 Callahan
130 1315 12912 130
12818 1294 12918 12834 127 12912 12558 127
12,300 Calumet & Arizona Mining_20 123 July 16 13634 Aug 7
4614 4738 4638 47
471 Nov
20% Jan
45
25 3658May 28 6178 Mar 1
46
45
4578 4413 4513 43% 44'2 21,500 Calumet & Hecla
89
89
54% Jan 861, May
87
8914 87
88
87
8878 8712 8812 87
88
9,800 Canada Dry Ginger Ale No par 78 Jan 4 984July 13
4712 4834 46
43 Dee 50 Sept
46
45hz 19,200 Cannon Mills
4534 457
4773 45
No Par 35 Aug 5 4834Sept 7
44
4612 45
365 392
---400 415
418 440
434 45112 1430 451
430 440
18,200 Case Thresh Machine otts100 308 June 20 45112Sept 11
*120 125 *120 125 •120 125 *120 123 *120 123 *120 123
100 120 July 3 12212 Aug 6 ---.
17
17
*17
1712 *1612 18
*1612 17
16 Sept 12 424 Feb 28
16
1612 *1514 1513
°(113%8 Inc_No Pa
e
a
:n
r
200 Cavanagh-Dobbs
8613 8612 *841 8818 *8413 8812 *8412 8518 *8412 8518 84 84100
84 Sept 13 10512Mar 8
200 Preferred
6412 6478 63
6412 62
63
6012 61
62
6434 16038 62
No Par 52 May 29 7938 Feb 4
2,800 Celotex Corp
*8758 89
*86
89
*8734 89
*86
89
89
89
*8414 89
100 8514June 24 9312 Feb 7
Preferred
600
*32
35
*32
3213 3314 3318 *32
34
3838 Dec 39l Wee
32
32
AAuguolysteeAssoi..._.-_NNoop aparr 30 June 10 4814 Jan 30
Dee
3314 35
l Aguirre
5214 53
5214 53
5312 5512 35
2818 Mar 4838 Dec
4012 Mar 26 69 Sept 12
57
5614 59
5612 577 122,
12
000
00 Central
*111
____ *112.
*112
____ *112
____ *112
Jan 11134 May
____ *112
100 10534 Apr 2 112% Jan 28 107
Preferred
8
8
*712 8
712 712 *712 8
11 Aug 24
7i2Sept 5 2013 Jan 2
712 712 *714 8
par
Oct
w
300 Century Ribbon Mille-No fsar
6234 6234 6234 6234 *6234 66
*6334 66
*6234 66
77 Aug 92 May
6234Sept 7 82 Jan 17
*62% 66
20 Preferred
10258 10414 10134 10358 100 10158 9958 101
120
Mar
1
9814 10038 95
5812
Jan 119 Not
88
5
8MaY
23
9814 18,500 Cerro de Pasco 0011110T-No Par
2758 2758 2758 2834 2814 2952 29
2938 2758 2912 2712 2858 10,200 Certain-Teed Prodwots-No 1
23% Dec 64% Apr.
Par 1612 Apr 10 32 July 30
*73
90
*73
8018 *73
75
*74
75
*747 90
75 Nov 100 May
47% Apr 12 814 Jan 11
*7412 90
preferred
5858 5858 58
5834 5718 5818 57
5778 5834 59
49 June 24 6234 Jan 30
5838 5838 2100
No Pa
Ice & Fuel
City
'
,
*9712 99 *---- 99 *___
99
*9712 98 '
1%.--- 98
100 96 Sept 6 10514 Jan 24
98
98
60 Preferred
8 _8.. 1_2 .08
s _ 2 _
56% Mar 28 9214 Jan 31
Oct 881. Dec
4 _ ..8
No pa
Certo Corn
8718 8773 868 88
7
7812 Mar 26 112 July 2
8638_858 871
841 8 7 13,400 Chesapeake Corp
6284 July 8118 Jan
No Da
4318 4312 43
4314 43
4314 43
43% 43
431
2814 Mar 26 47 Aug 5 111 Aug 17312 Dec
4212 43
8,100 Chicago Pneuruat Tool No pa
5412 55
5412 55
5418 55
55
5514 *55
484 Mar 27 5658July 25
5514 547 55
No pa
2,100 Preferred
29
2912 2934 2934 2934 2934 2912 2912 2934 2934 *2913 30
2978 Aug 43 Jan
284 July 16 30 Jan 7
No pa
Chicago Yellow Cab
3634 3834 3612 37
35 Sept 13 50 Jan 2
x3638 3638 *3512 3612 3512 36
45 Dec 554 Oct
1
35
011
Cotton
35,2 1,300
,300 Chickasha
7013 7012 7012 7138 69
70
69
70
89
71
87 Apr 04 Deo
4478 Mar 26 7578Sept 3
6818 69
No pa
3.400 ChUda Co
100 100 *100 110
*99 110
*99 110
*95 110
874 Mar 7478 Nov
*95 110
7114 Jan 8 12712 Mar 21
2
100 Chile Copper
7314 7438 7212 7378 71
721
71
7178 7058 72
5434 Jan 14013 Oct
6958 7058 107,300 Chrysler Corp
No par 66 May 31 135 Jan 2
•__ 46 *____ 48 •____ 48
*451 4712•_48
_ _ 48
4612 Aug 24 52 Jan 2
514 Jan 544 June
No pa
City Stores class A
1958 2012 191 198
1912 1912 1958 2038 1934 2012 1938 2114 11,900 New
No par 181* July 8 27 Feb 4
44
44
44
4518 4414 4412 44
4412 44
44' 44
44
1,900 Cluett Peabody & Co_No par 4218July 29 7214 Jan 3 -t-lOis Dec 10938 Apr
*104 107 *104 105 •104 105
102 104
___- 104 •104 105
100 100 Aug 29 119 Jan 3 1114 Dec 1204 May
40 Preferred
146 150
1488 14934 149 149
147% 14834 x148 1494 *146 14812 4,200 Coca Cola Co
No par 120%June 1 15412 Aug 30
*4612 4634 4612 4634 4634 4634 4634 47
4638 464 464 4734 3.000 Class A
No par 46l July 3 50 Feb 4
43
431
4212 421
41
43
39
41
36
39
37
8 Dec ifis; Jan
39
No par 36 Sept 12 724 Mar 14 -44111,300 Collins & Alkman
*9112 92
*88
92
9112 9112 90
9112 88
9018 gni/ 901, 1,000 Preferred non-voting _100 88 Sept 12 10312 Feb 6
90 Nov 109
Jan
6234 637
6152 6214 6172 621t 6112 62
6034 62
524 June 8412 Jan
100 56 May 27 7812 Mar 8
10,900 Colorado Fuel & Iron
209 214
205 210
200 208
202 208
203 212
203 209
79 June 18434 Dec
Columbian Carbon v t oNo par 12114 Mar 26 22812 Aug 30
9358 95
9418 96
95% 9933 9714 10038 100 10414 10312 11613 625,400 Colum Gas & Eleo----No Par 5312Mar 26 11612Sept 13
8912 Mar 14078 Dec
*107 10738 107 107
107 107
10678 10678 107 107
107 107
100 10378 Mar 21 109 July 18 106 June 11018 Jan
1,500 Preferred
6918 7134 6912 723
6738 7138 68
70
6534 6978 64
61 Dec 84% Nov
5514June 24 8834 Jan 9
6712 598,000 Columbia Graphophone
48
49
47% 5158 15014 52
14
5114 50
50
491 5058 105,400 Commercial Credit__.No Par 43 Mar 26 6258 Jan 2
52
21
Feb 71 Nov
*2434 261 *2412 26
24
24
24
24
*24
26
24
23 Feb 27 Ma,
24
25 24 May 27 263sJune 18
Preferred
110
*26
28
*26
28
*27
28
26
27
26
26
*2612 27
23 Feb 28 Deo
25 25 Jan 21 28 June 14
150 Preferred B
9412 94'2 9212 921 19212 944 9258 9434 94
944 9438 944
85 Jun 107 Nov
360 let preferred (64%)___100 9213Sept 6 10534 Jan 24
20314 2061 20218 2071 20034 20578 202 203'± 20114 206
19934 20334 62,000 Comm Invest Trwrt---Ns Par 13112 Jan 2 21212Sept 4
55% Ma 14074 Not
*103 104 *10214 104 *10214 104
10214 102'4 104 104 *10212 104
100 lOiIgMar2T 109 Feb 5
30 7% preferred
99
Jan 109 May
9484
91
91
*91
9412 92
*92
9212 9212 93
92
93
100 91 Sept 3 99 Jan 28
9238 Jun
400 Preferred (654)
9812 Aug
6134 64
6412 65
62
6458 62% 654 6358 6434 62
64
100 2712 Jan 7 6912Sept 4
64 Aug 30% Dee
15,400 Warrant,
•
485 49434 484 489
*485 496
485 500
48934 49912 495 502 1
11,700 Commercial Solvents-NO Par 22514 Feb 18 504 Aug 21 187% Jun 25014 Noy
210 210 *212 225 *212 225 *210 220 *202 220
*210 225
100 Commonwealth Power_No par 10714 Jan 7 246 June 15
624 Jan 110% Deo
64
65
63
6313 63
64
64
*6212 65
63
63
63
1,700 Conde Nast Publies__No par 5918June 3 03 Jan 19
48
Jan 84
Oct
2284 2314 2314 2412 2358 2458 24
2234 227
2638 2514 2612 147,700 Congoleum-Nairn Ine_No par 191/May 28 3544 Jan 28
22 Jun
8112 Apr
70
71
70
*70
7114 6934 7012 70
7012 7012 16938 70
No par 87 June 17 92% Feb 6
2,900 ongrese Cigar
67 Feb 8714 Dec
•12
1
*12
24
*12
24
12
12
*12
52
2
12June 27
113 Feb 7
524
200 Conley Tin Foil stpd_No par
38 Jan
Pe Mae
68
68
*67
68
6714 66
6714 6714 87
6614 6618 6714 1,200 onsolMated C1garNo par 6012July 26 9614 Jan 2
7912 Jan 100 Dee
8334 83% 8478 8214 83
83
*8212 84
8312 8312 83
84
100 7512 Aug 14 90 Jan 7
340 Prior pre:
9438 Oct 102% Apr
2434 25
25
2518 2638 2512 2534 2514 2534 25
25
2514 6,700 Congo'Film Ind prefNo par 2434 Aug 8 3034 Apr 23
23 Jul
294 Sept
176 17884 16914 1757 16914 174
16712 17438 17034 176 y16014 16434 300,600 Consolidated Gas(NY)No Par 9513 Mar 26 18314Sept 3
174
Aug 1704 May
9938 9834 99
99
98% 99% 9878 99% 9834 984 9812 99
No par 9612June 28 10018 Mar 25
4,500 Preferred
974
Au
212
105
Mar
212
212 252
212 212
212 212
212 252
212 212 9,300 Consolidated Textile-No par
212June 3
64 Jan 15
314 Au
6% Des
1958 2014 1812 1834
1812 20
19
1812 1934
1938 1834 1834 10.200 Container Corp A vot-No Par 12 May 24 2313 Jan g
20
No
812 fps
86
812 812 *814 9
Ape
818 918
758 884
814 858 9,300 Mese B voting
6 Apr 20 114
No par
984 Oct 194 Apr
8212 83
8232 85% 82
8212 8112 8211 7934 8012 10,000 Continental Baking ol ANo par 4718 Jan 8 90 Jan 2
828 83
July 9
2612 AD
53
12
Jan
1258 1418 1234 1352 1234 1332 12% 1278 78,700 Chum 13
1233 1212 1218 1278
par
84
No
Jan 8 1514July 9
9% Dee
34 Apr
97
97
97
97
9634 9678 *9634 97
9678 9714 *9634 9714
100 8812 Jan 2 100 June 6
900 Preferred
73 Apr 964 Jan
8512 8714 8438 86
8418 85
8418 8514 8234 85% 82
84
50,800 Continental Can Ino--No par 60 Jan 19 9178 Aug 30
63 Dee 12878 Sept
104% 106's 10338 10614 10118 10472 10118 10412 101 10334 96 10178 28,900 Continental Ins
10 79 Mar 26 11014Sept 3
75 Fe
94% May
1412 1434 144 1434 14
1458 1514
1412 143 1434 1518
1438 23,500 Continental Motors-No par 13 Aug 9 2838 Jan 21
10 Ma
2012 Nov
4244 42
415,
161;
• Bid and asked prices; no sales on thls day. 8 ES-dlY. 50% in stook. p Ex-dividend and ex-rights. x Ex-dividend.
1706
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept, 7.
Monday,
Sept. 9.
Tuesday,
Sept. 10.
Wednesday, Thursday,
Sept. 11.
Sept. 12.
Friday,
Sept. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PSI* SWABS
Ranoe Since Jan. 1.
Cha Oasts of 100-share lots
Lowest
Hignest
S per share $ per share $ per share $ per share 3 per share . $ per share Shares Indus. & Miscel. (Con.) Par $ per rears I $ per sears
1124 11458 11238 11538 11112 11478 112 11678 11458 11834 114 11778 101,100 Corn Products Reflaing___25 82 Mar 28 11834Sept 12
*14078 143
80 Preferred
14073 1404 1404 14212 *14078 143
1404 1404 *14012 141
100 13958July 6 1444 Jan 19
5118 5178 5058 5112 514 5212 5212 5512 25358 56
36,a8 Sc
oots;Inc
a
t_
5314 55
No par 5058Sept 9 8214 Jau 28
*30
3178 *30
2258 Jan 10 5758 Apr 17
•28
30
31
30
30
30
30
30
30
103 104
101 10312 9314 1004 98
Oar
°° 83 July 15 125 Feb 25
9912 964 9934 9578 9814 11,600 Crosley Radio Corp--_No 1
734 7312 73
7014 7112 1,700 Crown Cork & Seal ____No par 4214June 26 79 Aug 5
734 7012 73
*7012 7212 *7012 73
*9418 95
50
30
0 Crown
*9418 95
*9512 96 I
9418 9418 9.814 9418 95
95
Pc 'et of_No par 9418 Aug 16 10114 Jan 18
2134 2134 *2114 2134 214 2158 2034 211 t *2012 2034 *2014 2012
par 181yJuly 9 2534 Jan 9
117 118
85 Mar 26 12134 Aug 20
114 11714 11214 115
113 11412 11218 115
109 11212 11,900 Crucible Steel of Amerieao_
N
1,100 Preferred
112
112. 113
11211 11214 11212 11258 *11212 115 *11212 115
100 109 Jan 8 11634 Feb 28
1112may 31 2413 Jan 3
14
Cubac,u
Caneane sugar
frva
1414 14
1412 1373 14
1512 1634
No par
1334 14
1412 16
a Aug 13
114
512 Jan 3
138
114
par
112
114
112
114
112 112 5,200
112
114
112
3,700
614 612
5
278 Aug 13 1878 Jan 3
*434
Preferred
5
512 612
5
54 638
534 618
*1212 1312 1218 1212 12
1212 0,200 Cuban-c
17 Jan 3
12
r
ederican Sugar
12
1_ ??) 11 Apr 24
1212 1214 1214 12
72
*7012 72
*7012 72
*71
100 6018June 14 95 Jan 3
*7012 72
*7012 72
*71
72
4 I
700 Cuban Dom'can Bug__No p.tr
2 June 21
834 Jan 2
4
4
*318 4
*314 4
*34 378 *34 34
50 49 Aug 10 6778 Jan 15
5114 5112 5112 514 5114 514 51
5112 5038 5114 5038 5058 2,800 Cudahy Packing
165 165 *165 170 *165 170
600 Curtis8 Aer dr Mot Co_No par 13518 Mar 26 1734 Feb 5
165 165 *160 165 *158 165 1
*11712 119
600 Curtis Publishing Co___No par 117 Mar 28: 129 Mar 16
119- 121 *11712 123
11912 123 411934 124 *11978 123
*
500 Preferred
116
No par 11312Mar23 12134May 25
115 115
11434 115
115 *112 115 *112 115
Cushman's Bone
No par 20714 Apr 17 325 July 25
*120 121 *125- fir
i5 Preferred (7)
120
100 120 June 19 130 Mar 22
120 *120 121
3,700 Cutler-Hammer Mfg
10214 104
9418 9414 944 9434 95
10 5318 Mar 28 104 Sept 13
95
95
96
96 109
106 10612 1,300 GUYAM01 Fruit
10534 106
No par 63 Jan 3 108 Sept 9
105 108
10612 103 *106 108 *105 103
5438 106,300 Davi8on Cherolcal
?Vo par 4278May 31 6918 Jan 31
4738 4878 494 53
5214 534 5052 5214 5158 5258 53
500 Debenham Securitles
ba 3318July 9 4678 Jan 24
*3514 36
3514* 3514 3538 3538 354 354 3512 3512 *3512 3578
370 Deere Lk CO pre:
100 116 Feb 26 128 Jan 4
118 11818 11978 11978 117 118
11618 11612 116 116 *116 1164
3,200 Detroit Edleou
338 339
100 224 Jau 2 385 Aug 2
*340 348
340 340
340 345
336 340
339 339
200 Devoe &Reynolds A_ _No par 1312June 13 644 Feb 6
4612
*4458 45
*45
45
48
45
*444 4512 *4458 45
*45
40 lst preferred
100 112 Jan 7 11512 Jan 15
*115
*115
115 115 *113 115
113 113 *113 115
660 Diamond Match
100 12814 Aug 30 16412 Jan 11
129 12912 12912 130
129 129
12834 12978 12858 1294 129 12918
8114 Mar 26 1114 Aug 1
No par
1018 1014
958 94 6,900 Dome Mines. Ltd
938 10
94 10
912 1014
934 934
4213 8,200 Dominion Stores
No par 38 Sept 13 544 JUiY 1
3978 40
3958 40
3312 394 3812 3934 3934 4058 38
No par 105 May 27 1264 Feb 4
116 117:4 11418 11614 11418 11638 11334 11478 11212 115141 11212 11412 15,800 Drug Inc
400 Dunhill International.. No par 474July 8 92 Jan 2
48
48
49
*48
50
48
*49
50
49
49
*43
40
600 Duquesne Light let Pref_100 4918 Jan 24 10078 Mar 5
9912
*9812 99
9812 9812 99
99
*99
9912 *99 10012 .99
600 Durham Hosiery 1411118 B.._ 60
1112 Mar 4
4 July 19
5 I *44 5
458 458
5
5
5
0
*434 514 *434
No par 188 May 27 22738 Aug 23
20812 209
207 20312 202 20514 20112 205
20018 2034 19978 20278 8,300 Eastman Kodak Co
100 Preferred
100 12334Sept 3 128 Mar 9
•12334 124
12334 12334 *12334 123 *12334 126 *12334 126 ,•12334 126
3,500 Eaton Axle &Spring___No par 50 May 31 7634 Feb 1
5312 59
59 I 5734 58
5914 60
58
58
5978 5734 59
93,900 El du Pont de IRem
2( 15514 Jan 22 231 Sept 7
22612 231
22134 228
215 221
214 218
20934 21734 206 212
200 A% non-vot deb
100 112 Aug 9 11914 Aug 26
*116 11918 •116 11918 116 116 *116 117 •116 1164 *116 11678
1
0
0
Elp
tlinegtoerr6
2612
n oF3oh
No par 2534 Aug 19 304 Jan 10
6114
d%
26341 .26
*26
27
2678 2678 *26
2634 *2614 2634 •26
90
8712Sept 5 113 J An 10
101
00 .83
8712 8712 *8712 8912 *8712 90
*88
*88
90
10
No par 12614 Mar 26 174 July 12
14812 14918 147 149
149 15234 14714 14812 14,500.
14514 14658 14512 150
Preferred
100 108 July 3 115 Apr 2
*10812 10912 *109 11034 *109 11034 10812 10312 *10812 1103.010812 11034
018 Sept 5 1838 Mar 19
No par
918 914
914
914
918 978
1058 1138 1012 1078 9,000 Electric Boat
912 11
.,..No par 434 Jan 8 8414.1111y 23
804 754 7834 115,000 Electric Pow it Lt_....
8138 7658 8038 77
7818 7978 7934 8238 78
3,200' Preferred 50% 6616No par 103 June 25 10914 Feb 13
107 107
*107 108
107 107
107 107
107 10778 107 108
Certificates
l2212 Jan 4 14012June 28
*14058
*14018 _ _ *14038 ____ *14038 ____ *14058
*14058
844 3,700 Elec Storage Ltattery___No par 77 Mar 26 9278 Feb 4
8558 86
28412 85
84
8478 *84
8412 84 -8512 83
100
Elk
Horn
Coal
Corp___No
par
318June 15
4
813 Jan A
4
I
4
*314
314
4
*34
4
*314 4
*314 4
700 Emerson-Brant
Emerson-Bra close
5 May 31 2212 Feb 7
ss A_No Par
712
712 712
712
*634 7
714 714
634 634
*714 712
800 Endicott-Johnson Corp_ __ _50 5738 Aug 5 834 Jan 4
66
6618 65
*6558 67
66
*6514 67
66
66
67
67
100 10978 Feb 17 12414 Feb 28
100 Preferred
•110 115 *110 11212 *110 112 *110 11212 110 110 *110 11212
6818 6978 22,800,Engineere Public Secy._No par 47 Mar 25 7974 Aug 5
6914 71
7278 7018
714 7212 7118 7314 70
No par 90 Jan 12 12314 Aug 5
109 10912 1,000' Preferred
109 11214 *110 112
110 110 *109 110 *10912 110
1,400 Equitable Office Bldg-No Par 3114 Jan 4 41 May 1
*3934 40
40
40
3978 3978 3934 3934 3978 394 3978 40
4918 4918 4918 4918 1,500 Eureka Vacuum Clean_No Par 4412 Fet I 54 Feb 28
*50
52
*494 50
504 5012 49
50
Evans Auto Loading
3,000
5 42 Sept 13 7314 Mar 15
46
42
44
4512 4534 4512 4512 4512 4512 4434 4434 43
150 Exchange Buffet Carp.. No par 2214 Jan 15 2712Juiy 201
26
2614 26
*2614 2612 2614 2614 26
*26
26
2614 26
4018May 28 5473Sept 9
Fairbanke
oo
8,000
No
1
par
Morse
50
494
2
5014
51
250
5234 534 5478 50
511
534 5112
106 Aug 13 11078 Jan 9
190 Preferred
10612 10612 108 108
10778 10778 108 108 *106 10734 *106 10734
0718 578 1,200 Fashion Park Assoc____No Par 571s Sept 13, 7258Mar 21
59
584 5834 58
*5934 60
*5934 60
5914 60
200 Preferred
100 8934Sept 31 101.18 Mar 21
*90
91
.8934 91
•8934 01 1 894 8934 *8834 90
*8934 91
00
0 Fed
82
8934
neerfeelcrI.fght
ed & Trac
15 8818 Jan 3 109 June 19
*89
8834 89
*89
90
91
*89
89
89
89
89
974June II 104 Feb 6
*100 10112 *100 10112 *100 10112 100 100 .101 10112 41101 10112
1 Federal Mining & SmeltlYgo_lp0
a0
r 215 May 22 310 Feb 4
*241 300 *241 300 *241 300 *241 280 *241 280 *241 280
Preferred
100 9814 Mar 27 102 July 5
9934
993 *99
90
9934 *99
9934 *99
9934 *99
9934 *99
1,300,Federal Motor 'Truck-No Par 1318 Aug 16 2238 Feb 6
1338 1312 *1312 1334
*1334 14
1378 14
14
14
134 14
Filfdtehl I'
500 F
6,56
AhveenB
Fire
oo In. N Y._ _ _10 9014 Mar 26 123 Sept 3
11014 112
115 11614 114 116
113 11614 11012 11378 11112 113
612July 23 1334 Mar 2
*772 912
No par
74 74
812 014
7
778
718 734
814 814
Ftlene'e
300
Sons
78
No par 85 July 31 984 Feb 26
78
78
*71
72
75
72
*72
7114 7114 *72
74
320; Preferred
100 97 Aug 17 107 Jan 23
*9812 100
984 9858 9858 9858 994 994 9834 9834 9858 99
8578 8712 8514 8734 8418 8638 8412 8612 8458 8612 8434 8838 22,400 Filet National Stores-No Par 62 Apr 18 8838 Sept 13'
723 8
712 77,
712
758 15,400 Flak Rubbnen
roc:
614 Aug 27 201s Jan 23
No par
858 878
812 878
8
812
1354 Apr 30 10958Sept 11
105 10612 6,600
99
103 10958 10612 108
994 101 105
105 108
2,100'Florshelrn
Shoe
A___N
N
o
p
ar
46
June 28 54 Jan 8
51
cl
5012
*5012
*51
5012
52
5114 5114 5034 5114 5012 51
97l
FI:
e
4chaia
Preferred
101) 9714 Mar 18 10218 Jan 18
97
9778 *___
9778 *____ 974 .____ 9778 *96
4,200 Follansbee Bros
No par 5714May 28 8234 Aug 26
75
7434 7312 7514 -77138 74
7534 75
74
76
7312 74
No par 3534Sept 13 6953 Apr 30
*42
3738 3534 3714 4,800•FoundatIon Co
4212 4058 4134 39
3718 3812 37
40
No par 8034May 28 101 Jan 19
9612 9234 9412 27,100 Fox Film clam A
954 9734 95
974 944 9534 9418 964 94
10,300
Freeport
4712
Texas
Co
No
par 8714J ne 1 6474 Jan 25
4614
48
4834 501
481
1
4718
474
4812 49
48
49
No par 99 Mar 26 10712May 7
1044 10434 2,000 Fuller Co prior pref
*10314 10612 10314 10314 2103 10312 10412 1041* 100 103
2,000 Gabriel Snubber A
16
No par 16 Sept 13 334 Feb 5
16
1718
*19
20
1734 1818 17
19
19
1818 184
5 10 Sept 12 25 Jan 31
1018 1012 5.400Dardner Motor
1118 1112 1118 1112 11
1112 1078 1138
41,800:0e13 Amer Tank Car___No par 81 May 28 11434Sept 3
11134 11314 111 11438 11014 11313 112 11318 11018 113 210858 111
10,900
General
61 Mar 26 944 Aug 17
Asphalt
4
100
853
85
8812
853
8
8514 8614 844 85,4 84
8812
8514 8512
200 Preferred
100 10412 Mar 20 138 Aug 15
*126 135 •125 136 *125 132
130 130 •12434 132 *12434 134341
23 6934June 8
5512May
General
par
Bronze
No
5618 5614 1,500
5634 57
*5634 57
5714 5714 5712 58
57
57
3712 Jan V 61 Feb 28
5614 21,7000eneral Cable
5712 54
5334 57
58
59
5578 5712 5578 5634 55
8 12012 Feb 28
Jar
15,300:
Clam
81
A
par
11012
N
No
o
10814
11014 115
114 117
11412 117
11212 11434 11034 114
400; Preferred
100 104 Apr 13 10713 Jan 21
•105 .106
106 106 *105
__ -- 1057 10578 106 106 *105 10612
8 74 Feb 25
Jan
10,900,General
83
Cigar
No
par
lee
704
68
68
68
6812 6812 6612 6712 6678 694 6818 69
No par 219 Mar 20 403 Aug 20
364 37312 88,80010eneral Electric
385 389
368 380
37812 38634 37014 38014 371 379
10 11 Jan 3 1114 Feb 4
1114 1138 4,8001Special
1118 1118 114 1114
114 1112 1114 1114
1114 1114
10414 10512 10334 10534 104 10514 104 1054 210334 10512 103 10414 44,200 General Gio & 111,0 A.._No par 70 Jan 7 109 Aug 28
r 76 Jan 3 112 Apr 25
I Clam B
oo
*10514 115 *105 115 *105 115 *105 115 *105 110 .105 110
40; Frei A (8)
No par 11112July 18 135 Feb 14
*117 120
12214 12214 *116 12212 118 1214 *116 122 *116 122
1
102 July 20 11612 Jan 21
par
120
Preferred
%)No
A (7
10734 1074
1074 10712 *10712 108 *10712 108
10758 108 2106 106
Fret B (7)
No par 99 June 20 115 Feb 15
6758June 1 8913 Jan 18
3,9CO,Deneral
Mills
par
NO
1912
4 55
701 71
"io- 7'63
; 70T8 7614 55is -7034001 Preferred
100 91 July 12 100 Jan 4
93
*9112 93
*9118 03
293
*9014 98
91
91
91
91
6614 July 23 9134 Mar 21
General
Motors
10
809,700
Corp
744
72
764
78
7938 7534 7878 74
7658 7438 7578 734
100 12212May 28 12613 Jan 2
124 125
*12338 12312 1234 12312 12314 12338 123 12312 12318 124
2,900I 7% Preferred
100,Gen Outdoor Adv A-NO Dar 4313 Aug 9 52 Jan 2
*4612 47 .4518 47
4612 464 *4514 47
*4514 47
*4514 47
*30
3014 3014 4,000; Trust certificates____No par 2712July 12 41 Mar 12
304 30
3018 30
304 3018 3012 3018 31
No par 9318 Mar 26 12612 Aug 26
122 123
11858 1214 118 12012 13,400 Gen Ity Signal
121 12414 2120 12212 11938 121
32,400 General Refractorles_No par 68 Apr 10 8812 Aug 12
85
8214 8214 8238 8512 84
8318
8712
84
87
8712 83
par 101 June 11 14278 Aug 22
Gillette
Safety
Rasor_No
31,200
132 13414 13118 13412 13014 13312 13012 136
13034 13634 13038 13212
No par 291* July 30 4818 Jan 28
354 36
3512 36
3518 *3412 35 .1 3412 4134 21,200 Gimbel Bros
3518 3512 35
100 7613 Aug 8 90 Jan 3
200 Preferred
83
83
•82 - 85
*82
85
84
*82
*82
84
84
*82
No par 3673 Jan 2 1344 July 19
594 604 5938 6158 604 6212 6014 6212 5812 63
584 6012 65,300 Glidden Co
1064 Apr 22
100 10118June
190 Prior preferred
*10478 105
105 105
105 105 *1044 105
105 105 *10512 106
No par 2818 Aug 24 66 Feb 5
3138 6,900 Gobel (Adolf)
3214 3138 3218 3178 .3178 3118 32
31
314 3178 31
par 534 May 27 82 Jan 19
6112 8412 614 6438 6218 65
6138 62
6318 664 6218 634 162,400 Gold Dust Corn v t(L....No par 7038Sept 13 1054 Jan 2
Vs
7112 724 7218 7334 71
7258 7114 7258 7078 7214 7033 7134 28,600 Goodrich Co (54 F)
100 111 June 14 11518 Feb 25
Preferred
*100 III *100 1114 *9814 11012 *9814 11012 *9812 11012 *934 11012
11234 11512 11458 11838 111 11534 11114 1134 10912 11338 1074 11134 43,600 Goodyear T dcRub____No par 103 Aug 15 15412Mar 13
par 9958Sept 3 1044 Feb 28
No
preferred
lst
.100 10058 100 100
700
102
100 101
10038 101 .10218 102 *10018
3534 3534 36
354 2,500 Gotham Bilk Hos new NO Par 3378 Aug 14 60 Apr 11
36
36
x3434 3434 34
364 3618 35
100 85 Aug 12 10114 Jan 5
Preferred new
*80
90
*80 100
83
.80
*80
83
83
*80
83
*80
Preferred ex-warrantg_100 92 June 8 100 Jan 12
____ 85
85 *---- 85
85
7 Feb 18 14 May 6
No par
*814 912 *814 94
600 Gould Coupler A
84 814
8
8
8
8
2312 2378 224 24
2214 13,800 Graham-Palge Motore_No par 22 Sept 13 54 Jan 2
2234 2334 2213 2234 2212 0258 22
No par 18 Aug 9 494 Jan 11
*2012 2214 20
3,600 Certificatee
22
21
*20
21
2114 *2012 21
21
*20
28 10'J78 Mar
8412 8578 8312 8514
831z 81
82
8134 8212 8114 8218 13,600 Granby Cons M Sin & Fr_100 6213May 30 9018 Mar 20
18
114
100 7734 Jay
*8212 8234 8212 84
12 8634 82
84
8614 8412 8412 8412 8514 4,400 Grand Storm
No par 2018 Mar 26 324 Jan 2
.24
25
2438 2438 24
2414 3378 2414 234 2512 254 2514 2,800 Grand Union CO
543
1
26
Jan
4
Mar
41
47
47
Preferred
No
par
*4614 47
1,400
464 4678 454 4578 45
47
1146
4634
5818 5914 574 5812 58
No par 4334June 17 6338Sept 3
60
6034 5814 60
5712 4,700 Granite City Steel
57
58
IN= t:
65
o
7n
-7612 -i67;
I
•Bid and 118ked Pr ces, no sales on this (lay
a FA-dividend. 15 Ex-dlytdend ex-rights.
PBR 511 ta
Ranee for Prssioss
Year 1928
Lotoest
Highest
Per sears $ per sitars
6438 Jan 94 Nov
13313 Jan 146/4 Apr
6258 Dec 8978 Nov
1213 Sept 27 Nov
4 Oct
Jan 1111Dec 264 Nov
July 93 Feb
Dee 121 MST
Oct 284 May
July
Vs May
Oct 32% Jan
MT 244 May
Dec 108 Feb
12
Nov
Jan
Jan 784 Aug
54
534 Feb 1924 May
951
2314
6914
111
20
414
1334
154
9334
14404 Jan
Jan
114
52 June
49 July
3438 Feb
Oct
33
!1513 Feb
16613 Jan
Jan
40
Jau
108
13438 JIM
8 June
216 Oct
141 Rept
664 Nov
63 oat
6834 Nov
494 Apr
12634 May
22414 Dee
61
Apr
120 May
172 Not
1313 Jan
80
554
994
3
163
12312
26
Mar
Jan
Oct
Aug
Feb
Aug
Jan
fith-a Not
994 Nov
11612 Mar
812 May
1944 July
134
Apr
6818 Nov
114
July 121l May
43 Nov
12174 Nov
13612 Dee
11212 Doc
1734 June
4938 Dee
11018 Mar
12978 Apt
Q114 Dee
11
Jan
1553 Dec
85
Am'
12758 Doe
51 Nov
10218 Oct
3:18, July
Jan
79
334 Aug
10138 Aug
60 June
10812 Sept
. Aug
83
2814 'an
105 Dec
12014 Nov
69 Feb
6
une
514 Feb
744 Dee
12114 Jan
33 Feb
9012 Dec
2958 Oct
43 Dec
;zit; "Oiti
191
4 July
324 Jan
104
Jan
54
Apr
11414 MAY
42 Jan
98
Jan
120 Apr
9114 Jan
1658 Aug
754 June
114 Jan
71 Dug
109
Apr
230 Dee
10213 Sept
2578 May
10712 Dec
151
/
4 MAY
7638 Dec
1734 Jan
894 Oct
661 Nov
100 Dee
6912 Dec
5712 Deo
11058 Fent
10914 Jan
I0978 Apr
2813 Jan
174 Dec
101 Dec
9478 API
11018 June 1414 Apr
28
Apr
873 Aug
85 June
494 Nov
9818 Oct
567g Dee
361
/
4 Oct
72 June
43 Oct
102 Mar
15 Mar
74 June
(107s Feb
68 June
21 Feb
56 Feb
Oet
102
594 Nov
124 Feb
11 Sept
3514 Jan
37
Jan
121
Oct
10812 Jau
105
Oct
71) 1)eo
9812 Doe
734 Dee
12312 Jan
49 Aug
294 Aur
8414 June
4512 Juno
9713 June
344 Mar
87 Mar
2038 Jan
95 Jar
424 Dec
Jan
71
684 June
10913 Feb
&A/June
17212 Met
70 Doc
100 Dee
95 Dec
073 Doe
164 Feb
2612 June
394 Feb
8514 Juno
2614 July
4612 Aug
11-4, Nov
8834 Nov
Oct
107
754 Feb
2214 Dec
12 June
74 Nov
80 Nov
144 Apr
11813 Dee
1144 May
8613 Nov
10(114 Dee
14014 Nov
12714 Ayr
587t Jan
5233 Jan
1234 Jan
82 Jan
1234 Oct
5978 June
101 Jun
37 Dee
105 Bent
634 Not
1434 Dee
10914 Dee
1154 May
140 Dee
105 Ws
93 Aln
130 Apr
112 MAY
1258 Feb
(3114 Sent
56 Sept
93 Dee
9473 Oct
6134 Oct
6234 Oat
New York Stock Record-Continued-Page 5
1707
For sales during the week of stocks not recorded here, see fifth page preceding.
HH
IG AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 7.
Monday,
Sept. 9.
Tuesday,
Sept. 10.
Wednesday, Thursday,
Sept. 12.
Sept. 11.
1• Sales
for
toe
Friday,
Sept. 13.
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SH ARE
Range Since Jan. 1.
Ots boats of 100-ahare lots
Lowest
Highest
PER SHARE
Range for ?rectos:
Year 1928
Lowest
Moats,
$ per share S per share $ Per share $ per share $ per share $ per share Shares Lndua. & MUM]. (Con.) Par $ per snare $ per share S per Aare $ per short
No par 11412 Apr 12 144% Feb 5 11154 Dec 12512 Sept
13214 133 213318 13318, 132 13318 3,100 Grant (W Ti
133 134
134 135
13412 135
1914 June 33% Oct
30
3034 3018 3058 2934 3038 2958 3138 3018 31141 3018 3034 23,600 CU Nor Iron Ore Prop No par 2514May 28 39% Feb 1
31
Jan 3812 Dec
No par 3234 Mar 26 44 Jan 25
3718 3734 23614 3718 6,100 Great Western Sugar
37
37
3678 37
3634 3634 368 37
100 11212June 18 11912 Feb 1 11212 Feb 120
115 11612 11458 114% *11412 115
Jan
150 Preferred
115 115
11518 11518 11438 115
89% June 1774 Dee
19518 19512 194 194 x19312 19312. 18878 189
1,400 Greene Cananea Copper 100 13618May 28 20012Sept 7
199 20012 198 198
212May 28
4% Dec
512 Jan 3
9% Jan
212 212 *212 2
*212 3
500 Guantanamo Sugar ___No par
*212 212 *212 3
*212 3
100 46 July 11 90 Jan 2
90 July 107
6012 *46
6012 *46
*46
46
Jan
6012
6012 46
*46
6012 *46
40 Preferred
51
Jan 737g BOPS
100 5514June 12 79 Mar 5
6618 66581 1,400 Gulf States Steel
67
6714 6814 6612 6658 67
67
*67
68,4 67
100 100 Aug 51 100 Fen 14 10338 Nov 110 .4.ni
Preferred
*10212 108 *102 108 *10412 108 *10412 108 *10412 108 *10412 108 1
23 Jan 30
26 25 Jan 7 35 Aug 27
Jar
*2712 2812 *2712 2812 2712 2712 *2712 2812 *2712 2812 *2712 2812
20 Hackensack Water
23 Jae 30 DU
25 27 Feb 18 31 Mar 8
*2712 29 1
*2712 29
*2712 29
*2712 29
*2712 28
.2712 29
Preferred
2512 Jan 29 Jona
25 26 Jan 311 30 Aug 8
'8 *2714 2812'
*2714 2834 *2714 2834 *2714 2834 *2714 2834 *2714 283
Preferred A
No par 30 Sept 11 5634 Jan 10
3158 3014 31
3178 3018 31% 30
30% 37141 46,800 Hahn Dept Stores
3114 3112 31
100 90 Aug 291 115 Jan 31
9018 9018 *9014 9118 90
94
9418' 2,100 Preferred
*90
90
90
9014 90
99 Aug 104
100 100 Aug 26 10558 Jan 8
102 102Hamilton Watch pref
10058 102 *102 103 *102 103
102 102
*101 104
Apr
10212 10212 *101 103
59 May 97 Nov
10212 103
10118 102
*10212 103
100 91 Jan 14 106 July 18
10178 10518,
900 Hanna 1st pref class A
54 Dec 5712 Oet
6514 6514 66
_
6412 6412 *65
*6412
*64
67 1
240 Harbison-Walk Refrao_No par 54 Jan 3 67 Sept 13
8 3618 38'2 3338 3838 37,300 Hartman Corp class B_No par 2078May 311 417 Aug 28
3714 -377
1658 Aug 3754 Dec
; 3612 3878 3658 -377; 3612 377
CI Dec 68 Nov
20 60 Feb 19 7218 Aug 30
6618 67
6734 70
*6912 70
*6912 70
*6718 69 I
*6912 '70
500 FlawalLan Pineapple
2834 30
2914 30
No par 28 July 20 6838May 17
2812 2858 5,600 Hayes Body Corp
30
3078 2912 3014 2814 29
. Dcc 126 (Je
.10014 10014 101 101
25 9734 Aug 28 11811 Jan 29 1-65
*103 105 *100 108 *10014 105
105 106
700 Helme (G W)
3034 Jan 7212 Dee
129 13314 12814 13134 25,400 Elershey Chocolate____No par 64 Feb 16 13314Sept 12
125 12712 12334 126
12434 12812 126 132
7014 Feb 89 Not
12512 132
125 123
No par 80 Feb 16 13314 Sept 12
129 13314 130 13134 20.500 Preform}
123 126
12418 127
100 104 Jan 4 10614Sept 9 10014 Aug 105 Apr
106 106 *106 10618 106 106
10558 10558 106 10614 106 106
1,200 Prior preferred
1514 Sept 3072 Jan
15 June 4 33 Aug 13
28
28
28
*2712 2734 2634 2712 28
No par
28
28
*27
29
1,200 Hoe (10 & Co
4018 Dec 4934 Oat
4014 39
4012 41
No par 3478May 23 51 Mar 9
3912 *38
4014 4012 4014 4014 40
40
1,300 Holland Furnace
18 Dee 367 Apr
1312May 27 2458 Aug 3
1912 1912 1912 20
No par
1912 1912 2058 2038 *1912 2014
*1912 2012
400 Hollander & Son (A)
Jan 80 Nov
87
*83
90
89
*79
897 *79
100 72 July 19 93 Aug 22
*79
80
80
80
*80
85
200 Homestake Mining
523
2C
10
431z 4214 45% 4512 48
4May
3712June
No
par
42
el
13
4212 43
HoudaIlle-Hershey
503
4
507
5234 91,100
4712
o
Feb 84
Oct
No par 82 June 1 791t Jan 7
•67
6634 *64
6612 67
68
6518 6612 6634 6634 64
66
1,200 House) Prod Inc
79 Dec 167 Apt
78
7414 7612 74
8012 77% 7912 8,400 Houston 01101 Tex tern Mrs 100 6812 Aug 10 109 Apr 2
7514 7614 7512 797
75
405* Feb 732 Nov
8212 Mar 21
67
6734 6614 67
66
No par 5618May 2
66
69
6912 7014 68
64
6614 5,800 Howe Sound
75 Jan 9972 Mar
9312 Mar 12
8338 8434 x8234 8312 82
833 8558 8338 85
No par 7518May 31
8318 8114 82
17,700 Hudson Motor Car
29 Jan 84 Nor
41
40'z 3934 40
42
4012 415s 4018 4018 4018 4012 40
19,800 (lupe Motor Car Corp____10 3812 July22 82 Jan 2E
21% Feb
383* Nov
3114 3118 3214 3118 3213 3112 3112 12,200 Independent 011 & Gae_No par 2918 Aug 10 3933May 7
3134 31
31
3158 31
20
Oct 70
Apr
1314 1312 13
1318 14
141
14
14
14
No par 1212Sept 13 3212 Jan 2
1314 1212 1212 2,500 Indian Motocycle
9 Feb 3958 July
10 29 Jan 8 53 Aug 17
4712 4514 4818 4518 4678 51,200 Indian Refining
4758 48
4718 48'2 4512 4734 46
812 Jan
3758 July
4514 4612 45
10 28 Jan 7 5114 Aug 17
4514 44% 4614 4414 4614 43
464 44
4412 15,700 Certificates
118 Dec 146
Oct
*86
90 .86
*86
95
No par 74 May 31 135 Jan 11
95
91
91
86
86
*86
90
200 Industrial Rayon
90 Feb 127 Not
193 19414 196 196 *193 19512
195 19634 *190 196 *190 196
No par 120 Jan 3 205 Aug 2(
700 Ingersoll Rand
46 Mar 80 Dee
101 101
104 105s 104 105
105 106
No par 7812 Jan 21 113 Aug 2(
10118 10334 101 102
4,300 Inland Steel
18 Feb 48% Nov
4712 4878 4718 4812 4638 4734 4418 4612 23,100 inspiration Cons Copper-20 38185tay 281 6612 Mar 1
4838 4914 4834 493
818 July 218 Jan
818May 31 1414 Jan 1
No par
80 858
*838 878 2,200 Intercont'l Itubber
858 85.8 *858 87
853 814
834 834
13 Feb 207s May
612 Aug 7 177g Jan 21
7
7
7
718 718
7
7
7
No par
67
7
*678 7
1,000 Internet Agricul
485
8 Mar 85 Del
Jan
21
8812
Aug
30
*5412 58
*5412 58
*54
58
53
*55
100
53
55
55
*5458 55
100 Prior preferred
Jan 1663* 1131,
233 24112 *235 238
*23712 238
2373 23734 233 233
23014 233
1,700 Int Dulness Machines_No par 14938 Jan 24 24610111Y 113 114
36
Jan 9472 Dec
4
1023
4
Feb
,
12
6712Sept
6914 6912 63% 69
par
6812 69
Cement__A'o
26734 6812 6712 68
6712 6778 5,100 international
4514 Feb80 Dee
6458 6534 6434 67
6512 6812 6658 69
6658 7012 6614 6938 155,000 Inter Comb Eng Corp__NO par 5412May 31 10312 Feb 1,5
*106 107
1067 107 *10758 109 *10738 109 *108 109
100 09 June 3 121 Feb h5 103 Ma 110 Sept
108 108
500 Preferred
80 Dog 977,. Dec
13414 13614 13114 13614 131 13578 13218 13378 13012 1343 128% 1317 24.100 International Harvester No par 92 May 31 142 Aug 31
13814 Mr 147 May
13814 13834 13814 13834 13814 13814 *13812 13834 *13812 13834 13812 1381
100 137 Aug 5 145 Jan F
1,100 Preferred
Dect2173 May
4
85
1021s
Jan
.
65%
Mar
26
8314 85
8334 85% 84
pref__36
85
Match
84
8578 8212 84
International
8112 821
8,000
347 3612 34
3612 30
3312 32
Int Mercantile Marine ctts_100 2612 Aug 9 3612 Sept '7
323
,
3214 33
3112 321
3412 June 44% Jan
100 3612 Feb 1 504 Apr 2:3
Preferred
73% Feb 26911 Dee
5338 54
5234 54
9158 53
5118 .5478 5312 -5538 194,900 Int Nickel of Canada_No par 4012Mar 26 7234 Jan 2.3
4 -52- -557Oct 862* May
50
*65
85
*65
82
*60
80
*60
International Paper___No par 5712 Jan 11 83 Apr .
*60
80
80
*60
80
Jan
Jan
89
Dec 108
94%
8
lay
'22
85141,
100
*8834 89
8878 8878 *88
89
*88
*87
90
90
*87
90
100 Preferred (7%)
22 Dec 3412 Nov
25 May 20 3712 Aug 1:3
3518 3534 35
3512 333 35
3338 3358 3312 3414 3312 35
3,800 Inter Pap & Pow el A__No pa
1472 Dee 19 Nov
1434May 22 2538 Aug
No pa
2212 2338 *2212 23
2212 2258 2212 2212 2212 23
2118 2312 3.500 Class B
1334 Dec
1034 Nov
105e Jan 10 1712 Aug :
No pa
1612 1658 1612 1634
1612 1712 26,200 Clam C
1612 1612 1612 1658 1612 17
88 Dec 91 Dee
100 SO Apr 15 93 Jan 23
8878 8878 8878 8878 88
*8712 89
*8712 89
89
8814 88
1,000 Preferred
60
47%
Oct
Jan
2
Dec
3
63
3May
21
437
Corp__No
pa
Ink
*55
5612 555 5658 5512 5658 56
Printing
5712
58
59%
58
5958
5,600 lot
95 June 5 106 Mar 4 100 Dec 100 Dee
10
9812 9812 9812 9812 *99 100
99
99
99% 9912 9914 100 ' 260 Preferred
49% Mar 6834 Jan
7714 774 *771s 79
5512 Jan 4 9034 Fell 4
10
*77% 79
7714 7714 *7718 79
79
79
40 International Salt
Jan
*14312 147 *14312 14a14 *14312 150 *14312 150 *14312 14978 *14312 149%
100 118 June 14 15912 Aug 5 120 June 196
International Silver
Jan
100 108 May 16 119 Jan 17 11214 Dec 131
118 118 *11214 118 *112 118 *112 118 *11014 118
11014 11014
30 Preferred
100 78 May 27 149'4 Sept 3
133 13778 281,900 Internet Telep dr Teleg
143 14614 1393 1441 13712 14112 137 1401 135 141
Dee
Nov
2
90
6112
Jan
9312
17
Aug
58%
587
.575
8
59
573
4
59
5514
58
57
58
5814
6412 7,300 Interstate Dept Stores_No par 5514
23% Sept 3812 Jan
351
3512 3512 35
*3412 3518 *33
35
35
*3414 35
N'o par 29 Jan 2 3878July 20
35
500 Intertype Core
47
Oct 61 May
51
5118 5012 51
5038 5012 5012 51
1 4934May 16 69 Mar 5
5012 5012 5012 503
2,200 Island Creek Coal
77% Mar 179 Nov
5
Feb
16214
13
Sept
6838 6912 6814 691
701
68
6814 67'8 6718 2,400 Jewel Tea, Inc
6934 6934 70
No par 67l5
9814 June 202 Dec
20514 21414 207 2191 209 219
200 20134 20258 215
No par 15212May 31 24234 Feb 2
20614 213 182,500 Johns-ManvIlle
Apr
122 122 *121 122 *120 122 *121 122
•121 122
100 119 Jan 21 123 May 15 11812 Oct 122
121 121
30 Preferred
Dec 1244 May
12012 12212 0122 _ __ *122
*12012 12112 121 121 *121 122
_ _
80 Jones dr Laugh Steel pref 100 117 June 14 12212Sept 1 1 119
818 Aug
57
1912 Oct
6
6
534 6
6
532 Aug 10 1612 Jan 2
-6
578
No par
57s 573
534 -6 1,400 Jordan Motor Car
10838 109 *10812 109
10812 10812 109 109 *10858 109 *10852 109
450 Kan City P&L let pf B_N0 par 106 Feb 16 11234 Jan 22 108 Aug 114 Apr
2912 Dec 34
Oat
2634 2634 27
*2678 27
2714 2778 2878
*2712 2778 2534 27
1,700 Kaufmazn Dept Storett_512.50 24346lay 22 3718 Feb 6
5112 4912 508 4912 5134 12,300 Kayser (J) Co v t e
49
4914 4814 49
49
4914 49
No par 48 Aug 23 5812 July 2
151z May 5112 Noy
*3514 39
*35% 38
39
*36
4112 3512 3512 *36
*3514 38
0 Keith-Albee-Orpheum_No par 25 Apr 11 46 Jan 4
7612 May 160 Not
113 113
113 113 *113 11934 114 114
•11212 118
100 9412 Apr 11 138 Jan 5
115 115
400 Preferred 7%
1914 Dec 2512 Nov
1014
2372 Jan 2
972 Aug 1
1012 1058 1014 1078 101s 1038 10
97g 10
Ws 1014
15.700 KellY-SprIngfield Tire__No par
5514 Feb 95 Nov
9478 Jan
5312 5312 *5312 56
5012 53
*5214 56
56
100 5012Sept 1
*53
53
53
100 8% preferred
463s 4313 4434 4234 43% 4278 4312 18,700 Kelsey HayeeWheelnewNo par 4014May 2
5934MaY 1 3
42% 4212 4212 45% 44
714 July 2272 Apr
15
1514 15
1518 1458 1518 13,700 Kelvtnator Corp
154
1514 1512 1514 1538 15
No par 12 Mar 26 1914 Feb 6
87
87
87
87
88
89
87 .
*88
87
87
No par 87 Aug 29 96 Feb1 5
8712 89
110 Kendall Co prof
9238 8718 89 238,500 Kennecott Copper
9334 90% 9214 89
9258 95,4 91
9412 95
No par 7758May 2 10474 Mar I
5612 Aug:
4514May 2
55
5512 *.54
5434 54
5412 55
5414 5518 5412 55
No pa
54
1,800 Klmberley-Clark
2712May 20 4418July : 71
4258 4238 4218 423* 42% 4258 4218 4214 4218 4258 4218 4214 2,500 Kinney Co
No pa
9834 9834 98
99
87% Mar 100 Apr
98
99 100
1093
4 Mar
Jan
2
9812 99
09
99
93%
100
987
250 Preferred
2758 2834 2758 2858 2758 32
5114 Aug 95% Non
2518May 27 7858 Jan 3
2914 3058 2818 3014 2814 30
51,700 Kolster Radio Corp____No pa
32 Dec 42 Nov
60
6334 6314 6838 6534 68
60
5712 6018 58
3234 Mar 26 6878 Sept I 3
No pa
6518 6878 71,600 Kraft Cheese
*9634 100
•97 1^..,„
9914 Dec 10114 Dec
9712 9712 *9612 100
0712 971
*97 100
100 95 Apr 20 100 July 1 0
200 Preferred
493 5078 5,400 Kresge (SS) Co
5112 50
91% Nov
51
x5118 5212 51
5112 5234 5112 52
10 44Ighlay 28 6712/star 4 1365 Feb
Apr
*11258 116 *11258 116 *111 116 *111 116 *111 116 *111 116
100 109 Jan 5 116 June 7 11014 June 118
Preferred
18
1812 1812 *1734 19
18
18
2714 Feb
1312 Jan
1734 19% 2.900 Kresge Dept Stores____No pa
184 1834 18
1234May 29 23 Jan 2
*7018 73 .
74
*72
7012 73
7118 711,2 *7118 74
51% Feb 75 Aug
*71% 74
100 6812July 2 7312 API': 6
20 Preferred
8712 8712 *8712 8812 *8712 8812 14,700 Kress Co
8718 8814 *8712 90
8814 90
87 Feb 12414 Nov
86 Aug 9 114 Jan 5
No pa
40% Oct
38
38% 3712 3812 3714 37% 3714 38% 371s 38'8 3634 3734 75,300 Kreuger & Toll
3258 De
3312May 27 46% Mar 6
8738 91
9112 8812 913
8714 87% 8718 9078 90
8714 88
7314 Ma 13214 Nov
60,300 Kroger Grocery & Flkg_No par 7512May 27 12212 Jan 3
34
3312 3212 3212 *31
3212 *31
3214 3214 *31
31
31
27% Feb 3918 Apr
Lego 011 & Tranaport__No par 26 May 31 3838Juue 7
13518 13678 22,400 Lambert Co
137 139% 13718 13912 13612 139
1377 139,2 137 138
701a Jan 13638 Nov
No par 1271g Jan 22 15714, Mu 19
1212 1212 1112 12
1214 .1212 13
1238 124 12
12
13
1714 Jan 2614 001
10 May 28 25 Jan 14
No par
3,200 Lee Rubber & Tire
4312 4334 43
44
44
44
4414 44,4 4418 4418 44
4254 Jun
5312 Nov
43
1,000 Lehigh Portland Cement__ 50 43 Aug 23 65 Feb
109 109
109 109
10714 10714
*10812 10912 10812 10812 *10812 109
100 106% Jan 3 110114May 9 10614 Dec 110% May
60 Preferred 7%
262 27
2658 2778 43,300 Lehigh Valley Coal____No par
24
2578 2534 2638 2618 2778 2712 29
19 Feb 19 29 Sept 11
4012 4110 x3914 393 *39
40
3858 3838 40
*38
40
41
50 3412 Mar 27 4434Ju1y 17
2,000 Preferred
441s 4312 44
44
4414 44
44
44
44
4412 44
38 "ail; 64e 001
No par 40 Aug 21 6812 Feb 4
44
24
Lehn & Fink
*9212 93
932 *9212 93
9212 *93
*90
9378 94
94
94
8312 June 12212 Jan
Liggett & Myers Tobacco___25 8112 Mar 26 10512 Jan' 8
3
93
94
9312 9112 93
91
93
02
9312 0334 0212 937
8014 June 12312 hi,
25 8118 Mar 28 10312 Jan 9
4.800 Series B
*128
131
130
*128
*128 131
134 Aug 147
•129% 13012 13012 13012 *12738 131
100 125 July 29 1371, Mar
Apr
100 Preferred
4712 4618 4712 4658 49% 1,800 Llma Locom Worke___No par 42%May 28 6734July 18
4812 .47
33 July 6572 May
4858 4435s 4812 4812 47
502 5112 *4912 5012 5012 5012 49% 51
495* 4918 *50
No par 48% Aug 5 61 Feb 14
.51
500 Link Belt Co
8712 38
90% 8834 8978 87% 893
11038 9134 8912 9112 89
No par 7138Mar 26 113% Jan 3 -133.1-s -Feb 1241, No
8,500 Llquid Carbonic
8412 Feb 27
60,4 59
5934 59
49% June 77 May
5958 5814 5912 5,900 Loew's Incorporated
6058 6078 5914 6012 59
No par 4612May 2
8
738 81
712 734
834
758 77g . 752 734
8
712 Jan 19 1112 Apr 1
19% Aug
5% Feb
838 35,900 Loft Incorporated
No par
22% *2018 23
•_
32% Jan
2312 .____ 2312 2312 2312 *20
26
20
Jan 3534 Feb
20
600 Long Bell Lumber A....No par 20 Sept 1
8538 8118 8434 7814 8414 84,900 Loose-Wiles Biscuit
8012 8658 8214 8678 82
'8:41i4 877
444 June 88% Sept
25 56 May 29 3778Sept 7
11834 11834 *11812 119
118 118
100 11534June 2 12112 Apr 2 11712 Aug 125 May
*117 119 *117 119 *11718 119
20 1st preferred
2112 2214 2112 2138 21,600 Lorillard
y2158 23
25 20 Mar 25 3112May 17
23% June 4672 Apr
2458 2214 2418 2238 23
24
3
9718May 17
93
94
94
*9214
8612 Dee 11; Mar
*94
04
.92%
100 8412May
9518
*923
8
94
94
300
*0238
Preferred
1114 1134 1112 1178 1138 1178 9,400 Louisiana Oil
103g Aug 10 18 Jan 9
No par
938 Feb
19114 Apr
1112 1134 1112 1134
1118 11N
10014 Feb 21
9012 901 *9038 9412 *9058 9412
100 89 Feb
*91
78 July 96
9012 93
92
Ara
320 Preferred
*9058 92
675 7258 66
703
65
72%Sept 12
28 Feb 41 May
70 315,900 Louleviile G & El A____No par 3572May 3
5612 5334 584 63% 6312 67
8538 8538 8618 87
8612 92
91
No par 8612 Mar 2 10872J ulY 8
94
13,700 Ludlum Steel
8714 87'4 8612 897
11014 11014 *111 112
No par 9838 Mar 2 118 June 1
110 110
200 Preferred
*111 114 *111 114 *110 113
3912 3912 3912 3912 3,500 MacAndrews & Forbes_No par 34 Aug 19 46 Jan 4
3912 40
44 Aug 17-4 Apr
39% 40
40
40'4 40
*40
10734 Apr 19 106
100 104 Jan
Oct 110 Nov
40 Preferred
*106 10714 *106 10714 *106 10714 *106 1071 106 106 .106 107
99 102
9812 103
No Par 91 Mar 26 114% Feb 5
101 10412 0918 10234 9914 101
83 Apr 110 Nov
44,100 Mack Trucks,Inc
10034 104
237 239
No par 143 Mar 26 25512Sept 3 g134 Aug 832 Aug
235 246
238 241
238 246
24212 245
13,400 Macy Co
24512 247
16 Aug 28 24 Feb 28
1734 1734 173 173
No par
1814 Dec 84 May
2,700 Madison Sq Garden
1734 18
1712 18
17% 18
1712 18
71% 7312 70% 72
60 May 28 824 Mar 21
No pa
43% Feb 75 Nov
7,600 Magma Copper
7578 7158 741
7434 7758 74
748 75
• Bld and asked priests; no 80104 on this day. b Ex-dividend 75% In stock. z Ex-dividend. s Shillings.
p Es-rights.
1708
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,
Sept. 7.
Monday,
Sept. 9.
Tuesday,
Sept. 10.
Wednesday, Thursday, 1 Friday,
Sept. 11.
Sept. 12.
Sept. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER 811ASH
Range Sines Jas. 1.
On basis of 100-share iota
Highest
Lowest
PER SHARD
Baste for Preeialli
Year 1928
Lowell
Higbee.
eet
o,
.
p8
1:
3N
aarne $ 8
er shj
$ per share $ per share $ per share 3 per share Shares Indus. & Miscel.(Con.) Par $ Per share 1$ per share I 1y6
*1512 1612 16
16
16
1614 1,000 MaBison (H R)& 00-.NO Par 15 Aug 12 3918 Jan 15
1614 16
10 Preferred
874 Jan 110 Ocl,
85
100 85 Sept 10, 1354 Jan 19
85
*____ 91 *.._ _ 90
21 Nov 41
Manati Sugar
Jan
*15
20
*15
20 *15
20 *15
20
100 1212June 22 26 Jan 14
40 Nov 88 Jan
*3214 4212 *3212 4018 *3214 3718 *3212 4058
Preferred
100 31 June 24 504 Jan 10
200 Mandel Bros
82 June 4012 Jan
1
4 Mar 9
25
24
25
No par 22 July 25 38/
*2312 25
24
24 *24
5.300 Man11 Eleo Supply---No Par 2414 Aug 2 3754 Jan 14
284 Sept 664 June
29
2814 29 j 28/
1
4 29
29
298 29
3134 Feb 43 May
2718 1,900 Manhattan Shirt
25 2558May 29 3558 Jan 4
2713 27
2714 2714 2712 2712 *27
1213 Feb 254 Apr
14% 1412 1412 1514 1434 15
1438 1438 1,400 Maracaibo Oil Ex91----NO Par 12 Feb 19 184 Apr 18
81
___
33 Feb 4914 Nov
!garland 011
No par 3318May 31 474 Jan 3
1
4May 20
4514 Mar 83 Nov
-8614 -8-61-4 -ilia -ii- -iii8 1614- -ii- 14-7; 81 843 8112 8112 6,200 Marlin-Rockwell
No Par 6918 Mar 26 89/
77 Dec 86 Dec
No par 6654 Feb 13 104 May 10
. 80 8278 80% 8134 78% 8012 78,8 7938 7415 7878 7014 7518 20,700 Marmon Motor Car
1218 Mar 2558 June
718Sept 12 18 Jan 2
No par
8
8
*714 S
718 718
714 714
7,4 714
718 718 1,100 Martin-Parry Cory
5614 5812 58
5914 5814 5912 5712 5978 5912 6134 5812 6018 18,200 Mathleson Alkali Work8No par 4214May 28 218 Feb 27 11714 June 190 Dec
*122 125
10 Preferred
100 120 Jan 28 125 Jan 2 115 Jan 180 Apr
122 122 *122 125 *12212 125 *12212 125 *12212 125
75 July 11312 Nov
25 7312May 31 1084 Jan 10
8112 8318 8018 8312 79
8138 7812 80 I 7712 8014 78 105 249,900 May DeptStoree
174 Aug 1304 Nov
No par 19 May 31 294 Aug 2
24
10,300 Maytag Co
2438 24
2434 24
24,8 24
26 I 2318 2478 5235* 25
404 Aug 52 May
No par 3814June 27 49i4 July 31
*40
4014 *4014 41
*40
41
41
41
40
4112 4014 404 1,700 Preferred
8913 Dec 101 May
No par 80 Apr 28 9018 Jan 10
100 Prior preferred
*8212 8318 *82 83 *82
83 *8212 83,8 8212 8212 *8212 8318
56 Feb 30 Dee
No par 7114 Feb 16 10414June 7
10138 10178 10114 10412 99 100
100 100 101 101
101 10114 1,400 McCall Corn
77 Feb 1097
60 McCrory Stores class A No Par 9513 Aug 16 11314 Feb 5
.
10012 10012 *98
99
98
98
*9712 98 *9712 98
*9712 98
804 Mar 11914 No,
10112 10414 102 104
2,300 Class B
No Par 9718June 18 11512 Feb 6
10314 10314 103 1038 10314 10338 103 104
*104 108 *104 108 *104 108 *105 108 *105 108 *105 108
Preferred
100 100 Aug 19 120 Feb 7 109 Feb 11312 Nov
400 McGraw-Hill Publica's No par 40 Sept 20 48 Feb 14
42 42
4114 4114 *40
4112
42
4112 4112 40 40 *40
194 Sept 281i Map
1412 1412 1414 1478 1418 1418 *14
1,500 McIntyre Porcupine Mines--5 14 Sept 13 2312 Jan 5
14
1414 *14
14,2 14
6213 June 78/
1
4 No,
741
/
4 74/
1
4 73 751
17,700
McKeesport Tin Plate_No par 621s Mar 26 82 Jan 81
/
4 7158 7458 7158 7314 73
4
8
733
707
74
45/
1
4 Nov 50/
1
4 Dec
46
46
46
4612 4512 4618 4512 4612 4612 46% 46
48% 5,200 McKesson & Robbins-No par 4512Sept 10 59 Mar 4
54 Nov 6358 Nov
1,000 Preferred
so 55 Mar 26 63 July 19
*56
56
56% 5618 57
5614 5612 56
56
56
5612 57
MN. Nov 70 Sept
*6058 62
6212 63
61
6212 6338 4,000 Melville Shoe
6412 6212 63
No Par &Ps Mar 26 72 Jan 3
605* 63
264 July 41 Semi
3,400 Mengel Co(The)
2514 2514 25
No par 20 Mar 26 347s Jan 4
2412 2312 2414 2334 2418 2334 24
25
24
241k Dec 271. May
1,000 Metro-Goldwyn Pictures 92-27 24 Jan 10 27 Feb 25
*25 2512 25
2514 *25 2514 25 2512 *2434 2534 *243* 25
45s Jan 73 Dec
36,900 Mexican Seaboard 011 No par 32 Sept 13 691s Jan 3
3512 36
34
34
3514 33,8 347
3334 35
32
3312 35
47 4712 4612 4734 4538 47
4412 17,600 Miami Copper
6 304 Jan 8 5413 Mar 20 1784 Jan 33 Dec
455* 4612 4414 4512 43
108 108
109 10912 109 110 *108 109 10712 10712 106 10712 2,700 Michigan Steel
No par 85 June 3 12278July 22
3312 34
No par 3012 Feb 16 3978 Jan 3 WI; Feb -Ws
3314 337
33
34
3312 3412 3378 3434 3334 3414 16,000 MIrl-Cont Petrol
2/
1
4 Jan
Yst May
518 Jan 3
178 Sept 13
218 214
10
2
214
2
218
2
178 2 32,900 Middle States 011 Corp
218
2
214
112 Jan
5/
1
4 May
358 July 31
158 158
158Sept 6
158 134
15* 178
10
134 178
134 2187,800 CertIficates
178 2
*305 310 300 308 *300 305 *300 305 *290 305
400 Midland Steel Prod pref_100 225 Feb 15 321 Aug 27 193 June 295 Noy
290 300
1818 Aug 27 Jan
1
4 Mar 20
1258 1258 1214 1238 12
1218 12
1218 1112 1178 115* 1178 2,400 Miller Rubber
No par 1112Sept 12 28/
1
4 Dec
3918 Aug 75/
66
3,300 Mohawk Carpet Mills_Na par 6012May 27 8014 Mar 1
68
6758 6838 z64
64
65
65 68
65
65
63
13014 13358 12918 13338 12614 13114 126% 13012 12518 130
12112 127 321,900 Mont Ward&CoMOorDNO Par 99 Mal 31 15678 Jan 2 11514 Dec 1564 Dee
54 Feb 1113 May
*214 3
8 Jan 8
212Sept 3
212 234 *212 234
378 418 27,300 Moon Motors
No par
234 5
334 438
*7112 7318 71
7112 *68
71
71
71 *70
73
300 Morrell (J) & Co
No Dar 70 Aug 9 803* July 9
7212 *70
2/
1
4 Aug
4/
1
4 May
64Mar 4
2/
1
4 2/
1
4
212 234 7,900 Mother Lode Coalition-No Dar
234 278
2'2Sept 13
214 278
234 278
234 278
5 Mar 1478 Dec
42
4212 42
4112 42
42
4134 43
41
7,000 Motion Picture
41
4114 40
No par 1212 Jan 8 6018Juna 21
2878 2912 27
2812 2634 2734 26
2458 2618 17,500 Moto Meter Gauge&Ea No Dar 21 Sept 12 3154 Aug 1
27
21
27
12118 122
121 122
121 12114 120 120 117 117
116 116
1,300 Motor Products Corp-No Par 964June 4 206 Mar 1 14- "Jill; ifis; Oct
2513 Jan 5114 Oat
3838Sept 10 554 Aug 1
40% 4034 3918 4018 3838 39
3978 41
4012 4218 9,900 Motor Wheel
4034 41
3678 3712 365* 3814 3612 3714 36
6914 June 9514 Oat
36 Aug 9 3178 Jan 4
36
36
3,200
Mullins Mfg Co
36
36
3634
*
98 Dec 10478 Nov
74
74 Sept 9 1024 Jan 11
74
74 *-- -- 74
380 Preferred
*70
74
79
80
74
76
5016 Apr 6 6114May 4
4684 Mar 6212 May
5214 5312 5312 1,900 Munsingwear Inc
5312 5434 *53
*53
54
54
;Eii4 54
53
214 Feb 1144 001
N
NNNN000: pa'':r
60 Sept 13 10078June 17
68
6612 6434 66
rI
62 65
62
63
6038 6134 60 6014 13,600 Murray Body
/
4 Jan 25
8014 Feb In Nov
85
No par 814June 11 1181
8678 85
865* 8334 8512 84
8478 8312 8414 8318 8418 22,000 Nash Motors Co
714 Jan 3211 Dec
3414 3478 3338 345* 33% 35% 3418 35
3514 17,200 National Acme stamped____10 284 Jan 7 417e July 18
3418 365* 34
No par 34148ept 13 4812May 24
35
35
35
35
3414 35
10,100 Nat Air Transport
35
35
35
35
35
35
No lw
par 34 Sept 4 71 Mar 1
3814 4014 40
7,600 Nat Belles Hess
39
3978 39
3978 3912 42
41,2 38'12 40
9014 Jan 1184 Dee
98 Aug 27 118 Jan 3
Preferred
100
191 100
*91 100 *91 100 *91 100
*91 100
35 16612May 28 21614Ju1y 11 1594 July 1954 Nov
520878 20912 203 20714 202 20434 201 205 200 20614 19814 20014 5,800 National Biscuit
100 140 Aug 15 144 Jan 26 1374 Feb 150 Apr
200 Preferred
*143 144
143 143
143 143 1143 144 *143 144 *143 144
13458 13914 133 139
13214 13958 13714 14214 135 140
1314 136 209,200 Nat Cash Register A w I Na par 96 Jan 8 1494 Mar 20 (1714 Jan 10414 Dec
par 6218May 22 8612 Aug 27
38,100 Nat Dairy Prod
7858 7914 7712 7912 7658 7814 765* 77% 76
76
75
77
2178 Jan 324 Oct
284 Jan 4 3714 Mar 5
No
3078 3412 2,300 Nat Department Storm No
2878 3178 3112 3112 *3034 3078 3014 3014 3014 3014 30s
91 Jan 102 May
120 let preferred
100 92 Aug 7 96 June 8
9413
*9314 9412 *9314 9412 *9314 9412 9314 94
9314 9314
2914 June 5812 Jan
50 5178 4934 5014 4918 5014 45
4814 4612 4712 451g 4712 9,300 Nat Distill Prod otta-_No par 33 Mar 26 58 June 17
5114 June 7118 Jan
Preferred temp at1e-No par 6713 Feb 7 11058 Aug 23
1
4 No,
- ;8i- 54 51 -EC ;ii- -ii- _ 1,666 Nat Enam & Stamping_-_100 43 May 29 6214 Jan 9 234 Mar 57/
55 -08 -E41-2 1436 -64- 1414
10,000 National Lead
100 132 Jan 2 185 Sept 11 115 July 136 Jan
175 183 x1.72 180
170 17414 17014 185
169 17014 16712 171
260 Preferred A
100 13814June 12 1414 Feb 1 139 Jan 1474 May
139 139 *139 140 *139 140 139 139
139 139
139 139
116 116
50 Preferred B
100 116 Aug 5 12314 Apr 24 11218 Mar 122 July
*116 11612 *116 116,2 *116 11612 1116 11612 116 116
2178 Jan 4658 Dec
6618 83,200 National Pr & Lt
No par 4214 Mar 26 7114 Aug 20
6678 6814 6614 6814 6534 6734 6518 6718 6558 6714 644
*5
14 July 404 Jan
400 National Radiator
512 512
*518 512
518 518
55*
No par
5
5
518 518
5 Sept 12 17 Jan 10
600 Preferred
36 Dec 984 Jan
*1158 16
123* 1212 *1138 15
No par 1218July 31 41 Jan 29
13
13
*13
15 113
16
1,700 National supply
844 June 146 Dee
/
4 Mar 26 144 Jan 2
123 129
50 1111
*121 12412 *121 12412 12412 12412 121 121 *122 124
1
4 3,700 National Swell,
1
4 Dec 150 Nov
50 101 June 14 155 Feb 1 138/
11912 11912 11912 11912 118 1231s 11814 119/
119 120 *118 121
4,400 National Tea Co
No par 6258Sept 5 9118 Mar 1 o160 Jan 390 De.
6512 65
6578 26312 64
6534 6578 63 6534 63 63,4 64
1754 Jan Ws Dec
5312 5434 5178 5478 5012 5178 5034 5134 4914 525* 4814 4978 140,000 Nevada ConsolCopper-No Par 3954 Jan 16 6278 Mar 21
3,900 Newport Co class A
50 43 Mar 28 9638 Aug 16
91
90
90 9234 90
93 93
9212 9312 8812 8812 89
4,100 Newton Steel
No par 93 May 29 113 July 15
*95 100
99
99
10012 102
100 100
*101 102
102 105
1
4 Mar 4 1974418 2,400 N Y Air Brake
s Oct 111No par 411:Mar 25 49/
4414 4418 4418 44
*4212 4278 4418 4512 4414 4478 44
,Nov
100 40 May 28 584 Feb 2
47 Aug 644 Jan
5112 2,300 New York Dock
50
5018 50
5112 50
5112 •50
50
*50
53 *50
700 Preferred
100 8214July 29 90 Apr 10
85 Sept 95 Jan
85
85
8318 8318 *83 87 *83
87
87
8318 8318 *83
3
984 Oct 10512 May
120 NY Steam pret (6)----No Par 98 June 17 103 Jan 10
10012 10012
*9914 101
99 10078 101 101 *101 102 101 102
No par 11014June 17 115 Aug 30 102 Jan 115 Apr
270 1st preferred (7)
*113 115
114 11418 11418 11418 114 114 *113 114 •113 114
1
4Sept 3 58/
1
4 Jan 97 Nov
/
4 17014 16214 163 34,400 North American Co---No Par 9058 Jan 7 186/
174 17514 17114 17284 16614 17214 167 1724 1661
51 Sept 5558 May
50 5114June 18 5414 Jan 9
600 Preferred
53
*51
5212 5234 5214 5254 *511
53
5114 5114 *51
/
4 53
1
4 Jan 15
1,500 No Amer Edison prof __No par 9912Sept 7 103/
99% Oct 105/
1
4 Feb
9912 10018 •99 100
9912 9912 993* 995 *9912 10012 100 100
4818May 28 6414 Jan 12
6334 June 694 Nov
514 1,700 North German Lloyd
5114 5114 5118 5112 51
52
52
52
5218 524 52
48 Oct 55 May
20 Northwestern Telegraph---50 4312June 14 50 Mar 16
*4518 48
4518 45,8 *45141 ,46
46
46
*4518 46 "4518 46
11
/
4 Aug 14
24 Mar
64 Feb 4
800 Norwalk Tire & Rubber--_-10
74 Sept
218
2% '2
25* *2
2
2,8 *2
2
2
2
2
8 Feb 8
5 July 29
Nunnally Co (The)--No Par
6
*4
*4
6
*4
6
*4
6
684 Deo 13 May
*1
5
*1
4
1
4 Aug 9 32 Jan 3 204 June 41 Jan
25 16/
1978 1,900 Oil WellSuPP1Y
1938 1934 1934 1934 1914 1912 1912 1912 1912 1934 19
100 92 May 31 10612 Jan 16
97 June 11013 Jan
30 Preferred
100 100
*100 101 *100 10112 100 100 *100 101 *100 101
23,000 Oliver Farm Equip____No par 3418May 31 6412 Apr 2
45
4214 44,2 4318 44
4634 44
43 44
4334 4538 44
56
55
544 5514 14,800 Cony participating_No par 4918May 31 6918 Apr 25
5734 5518 56
5414 55
55 58 555
No par 90 June 15 9912May 2
91
9018 9138 91
90/
1
4 9178 1,500 Preferred A
92
9238 92
92,8 59018 91
.
- Dec 1S1 May
614 Aug 13 1072 Feb 28 -11
par
No 100
718 1,300 Omnibus Corp
7
75* 714
714 714
738 738
*712 734 '714 712
834 Dec 991s June
80 Mar 26 90 Feb 28
8112
200
x8112
Preferred
A
81
*__
81
81
*____ 81 *__
81
67/
1
4 Aug 8812 Jan
73
1
4 7618 4,700 OPPenheim Collins&CoNo Dar 69 Aug 13 8458 Apr 13
7114 7314 72/
*7012 73 *70
*7212 7314 *7038 73
75 May 104 NOV
76
30 OrPheum Circuit. Inn Pre!-100 60 Apr 12 9514 Jan 2
72
75
76
75
*74
7914 1,71
*7212 80
*7212 80
1
4 Feb 2854 Dec
4,300 Otla Elevator
so 278 Jan 7 432145ept 6 147/
420 42014 416 4245* 415 42212 415 418 412 418 417 426
10 Preferred
100 120 Aug 13 125 Jan 24 11914 Jan 12654 July
*120 12112 *120 12112 120 120 *120 12112 *120 12112 *120 12112
5214
Aug
28
1
101g
37
Otis
Steel
4914
23.700
Jan 401. NOV
May
29
48
No
Par
4818
4778
481
4
49
2
4712
49,4
49
4978 485* 4934
824 Jan 108 Nov
300 Prior preferred
100 9654 July 12 108 Feb 20
*9912 100 •9912 100
100 100
*99
9934 9912 9934 *9934 100
7834 78,4 78,4 57712 7712 2,000 Owens-Illinois Glass Co ......25 75 July 23 84 May 18
7712 76
77
77
*77
7712 *77
4311 Feb 561s Nov
28,900 Pacific Gas & Elea
25 53/
1
4 Jan 2 97 Aug 26
8912 8614 89
8912 9112 8978 9134 88% 9114 87 8914 88
69 Dec 8518 June
No par 70 Jan 7 134/4 Aug 26
12312 12712 12312 1268 120 12218 16,000 Paelfic Ltg Corp
12734 12912 126 129
124 127
37
Ayr
17
2711Jwse
3
25
32
290
Pacific
Oct 354 Nov
MUla
100
31
*3112
3014 3012 31
not2 31
*3014 31
*3014 31
112 Jan 10
1 Mar 6
214 Apr
118 2,800 Pacific 011
1 Sept
No par
1
118
1
118 *1
1
118
113 lls
118 118
19512 201
510 Pacific Telep & Tele('
20214 206
20312 20312 202 203 *202 206 202 202
100 159 Jan 3 220 July 25 145 June 169 Dee
Preferred
100 11614 Jan 3 136 Sept 6 114 Oct 12512 May
-- *132
*132 ____ *132
.132- *132
*132
mita Feb 163 Doe
39,500 Packard Motor Car
10 11612 Mar 26 16112Sept 9
150 153
15012 15214 150 16112 153 161
153 15658 15212 fin
3812 Feb 561s Nov
5,000 Pan-Amer Petr & Trana
65
65
50 4014 Feb 18 69 Aug 28
67
*65 66
65
64
6478 66
6312 65
65
Aug
2
6914
10
4012
Feb
Class
B
3714
Feb mos Nov
651
4
79,700
ao
6718 6412
6414 6514 63 65
63/
1
4 6514 644 6614 65
1512 July 285. Apr
850 Pan-Am West Petrol B_No par 1358 Aug 6 174 Jan
1438 1378 1378 141s 1418
1438 143e *1378 1412 •1378 1412 14
74
Aug
10
*0
04 *0
334 *912 10
1514
Jan
1112
Panhandle
Feb 2184 May
600
Prod
&
ref-NO
918
10
*014
912
Par
934 978
70 Feb 10614 May
60
Preferred
100 471, Feb 25 76 Jan 1
•50
60 *50
60
*50
60 *50 60 *50
*50
60
4174 Oct 561s Dec
7014 7118 6858 703* 6818 69
6818 71
6912 71
6814 7014 133,300 Paramount Fam Leaky_No par 554 Jan 2 74 Aug 1
34 Mar 98 Nov
600 Park & Tilford
*48
50
*48
50
No par 47 June 3 8778 Jan 1
4712 4778
1.48
48
54778 48
50
48
4 Sept 10 1378 Feb 2
9 Aug 141. Jan
458 478 28,400 Park Utah CM
578 6
578
1
1
4
5
414 4/
4
478
438 478
988 10
/
1
4
Jan
14
26
2 Feb 15 Nov
71:Mar
912 10
15,200
Pathe
par
r
9
95*
Exchange
Noo
N
91
/
4
978
918
912
9,2 978
84 Feb 34 Ana
1912 2012 20
18l4 1834 2,300 Class A
par 134 Mar 26 30 Jan
20
1812 19
1834 19
19
19
1
4 Mar
APo
2378 Jan 49
/
4 Jan 7 .17/
4014 41
4038 41
3958 6,900 Patin° Mines & Enterpr- _20 341
40% 40% 3934 4038 3912 40/
1
4 39
2212 Jan 1
1112 1112 11
10
111
111
1114 2,500 Peerless Motor Car
144 Sept 967s Mat
ao 958Sept 11 6084
958 10
978 10% *10
July
22/
1
4 Jan sos oot
5618 5734 5812 573
5678 18,400 Penick & Ford
55
571
No par 38 Jan 2
5478 567
5514 56% 55
103 Oct 115 Mar
100 Apr 2 110 Jan
•108 10814 *10818 109 *108 109 *108 109 *108 109 *108 109
Preferred
54May 27 14 Sept 1
111
8 Aug 1411 Jan
1112 *11
11
11
1112 3,200 Penn Coal & Coke
14
*1118 1212 *1014 1212 •10
50
14/
1
4 July 81 May
814 Aug 24 27 Jan
978 10
10
10
*958 97
94 914 1,400 Penn-Dixie Cement____No par
914 97
914 912
94
Jan
2
13
75
4018Seyt
1
4 4978 497
4018
1,100
4934 4914 45
4814 49
*4814 49/
4018
Preferred
100
Sent gale ADO
4712
1,400 People's G L &0(Chic)-100 208 Jan 11 404 Aug
378 37812 370 370 *36212 365 36312 370 363 357 *363 370
15114 Jan 217 Nov
304 3014 3018 301 /30
4112 Dec 4614 Dee
30
2934 2934 *2934 305* "2934 3032
500 Pet Milk
No par 28 Aug 30 4511 Jan
66% 691
6878 681s 68,
66
66
25 5612May 28 7978May 1
673
6412 667s 624 6412 29,100 Phelps-Dodge Corp
fir War
. 174¼ May
265 265 *250 300 273 276
274 274
6sdeoirpohliaa
1,000 Phila
e?
c (Pittab)-50 UV, Apr 17 276 Sept 1
254 260 *285 299
454 Mar 69 Aug
*___ 4812 *___ 481 *--_- 48, *---- 455**___ 48 *___ 48
preferred
60 474 Aug 9 51 May 2
5184 Oct 67 Mat
5218 52,
52
52
52
*5114 52
700 6% preferred
ao 5058June 24 54 Mail
52
52
52
52
52
$ per share $ per share
1514 1612 *1512 16
*
_ 91 *____ 90
;Th
17 *15
20
*3214 4212 *3214 421
*2212 25 *2312 25
29
2912 29
298
*27 271
/
4 27
28
*14
1412 1418 1418
*Bid and asked prices: no sales on this day. 6 Ex-dividend and ex-rights.
New York Stock Record-Continued-Page 7
1709
For sales during the week of stocks not recorded here, see seventh page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 7.
Per share
23,4 23,2
*1018 1012
*3812 40
84
84
37,4 37,2
24
823
892
9312
3312 3434
8212 84
2
2
*3534 38
412 434
51
51%
6218 6312
73
73
*9518 99
823
25
*55
56
37
38%
Monday,
Sept. 9.
Tuesday,
Sept. 10.
$ per share $ per share
2258 2314 2212 2314
9% 1014
9% 10%
3312 3812
*3812 39
__ 89 8____ 39
3612 37% 36% 3718
23
.23
2318 23
*9212 93
*9212 93
3212 3412 3234 33
8378 87%
83% 84
82
218
2
2%
3312 34,4
35
35
4% 434
4% 4%
5012 511? 4912 5012
6212 6312 6212 6312
73
73
7218 73
*95% 98
*95% 98
23
821
25
23
56
56
*55
855
37
3712 3618 3612
Wednesday, Thursday,
Sept. 12.
Sept. 11.
$ per share
23
23'4
1018 1038
*3818 39
89
38
37
23
23
*9212 93
3212 32%
84
*82
134 2
37
35
412 4%
4918 50
62
63
*7112 8212
*9514 96
23% 23%
55
55
36% 33
Friday,
Sept. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Ian. 1.
On Oasis of 100-share iota
Lowest
Lowest
Moberg
$ Per share S per share Shares Indus. & Miscell. (Con.) Par 5 Per share
per Share $ per share
per share
2318 2458 2412 2518 24,200 Plana & Read C & I____No par 1734May 28 34 Jan 8
2738 June 39% Jan
97 Aug 29 2314 Feb 26
10
1014 10
1018 6,100 Philip Morris & Co., Ltd_ 10
15 Mar 2511 May
3812
3818 3812 *38
38
July
31
73 May 17
300 Phillips Jones Corp_ _ No ,..ar
38
Apr 54 Aug
_ _ 89
100 8314 Aug 15 96 May 1
50 Phillips Jones Pref
85 Apr 99 May
37
3878 3712 377
3,5001PhIllips Petroleum____No par 35 Aug 9 47 Jan 3
3514 Feb 5318 No
23
23
*23
5 21 July 18 37% Jan 22
700 Phoenix Hoalery
21
Oct 38 May
2312
*9212 93
*9212 93
100 9112 Aug 21 100 Jan 6
Preferred
94 Dec 10314 Feb
3212 3234 3212 3212 2,600 Pierce-Arrow Class A_NO-par 2712 Mar 25 3778 Jan 9
1812 Oct 30% Dec
881
82
81
82
100 7212 Jan 2 8712June 7
1,300 Preferred
5612 Oct 7478 Dee
17
178 I%
134
318 Mar 13
25
112 Aug 9
12 Mar
3,200 Pierce Oil Corporation
514 ADS
3514 3514 35
35
100 30 Jan 8 5112 Mar 18
1614 Feb
1,900 Preferred
50
Oct
412 45*
4,3 412 2,300 Pierce Petram__ _____ No par
4 July 15
5% Jan 15
312 Feb
658 Apr
49
5012 4834 49
32% Feb
6,300 Pillsbury Flour Mills-.No par 3918May 27 6378 Jan 15
587g Dec
6218 63
5012 Mar 26 68 Aug 1
6112 6234 9,700;Pirelli Co of Italy
31jl June 78
72
7378 *72
74
100 5434June 4 83% Jan 9
700 Pittsburgh Coal of Pa
Dec
95
95
*9412 99
100 8312June 5 100 Jan 5
81 May 10072 Dec
100 Preferred
*20
23
821
23
100 20 June 10 34% Jan 9
26 Feb
38 Dec
200 Pitts Terminal Coal
*55
56 .55
56
100 5212June 10 7814 Jan 9
63% Oct 82 Mar
10
Preferred
37
38
3612 37
No par 26 June 24 43% Aug 1
8,300 Poor & Co class B
875
77
75
75
7512 7512 87512 76
*7514 7512 7514 76
28
*2734 28
28
30
30
28
28
30
2814 28
30
10312 10312 10312 10312 10312 101 *103 10412 10312 10312 *10114 10234
800 Porto Rican-Am Tob Cl A.1.00 75 Sept 13
No par 28 July 10
1,300
Class B
700 Postal Tel & Cable pref.. __IGO 10118May 27
par 6234 Mar 20
Inc
NaPostuni
.11 2 173-4 568 58
5678 5,800 Prairie 011:4 Gas
25 50% Aug 7
548 5413 5433 51 1i1-2 -5
ea, 5358 Jan 14
60% 60
60
6012 6012 6238 61
6014 6018 60% 60
61
6,800 Prairie Pipe & Line
1038 1612 16
17
1614 16
17
1618 16% 104 1634
15 May 27
1634 5,500 Pressed Steel Car
No par
71
73
7412 72
71
•72
74
71
71
75
77
*72
100 71 Sept 10
800 Preferred
15
1512 15
15
1412 1.5
15
15
*14
15
15% 814
800 Producers & Refiners CorD__50 1112 Aug 10
37
3734 4278 *40
*37
42
3834 *37
40
38% 37
50 34 Aug 9
4014
270 Preferred
*47
45
*45
4614 4614 45
46
46
4712 46
*45
46
80 Pro-phy-lac-tio Brush _No Par 46 Sept 9
12014 125% 122 12578 12012 12434 11912 12314 180,100 Pub Ser Corp of N J--No Pal 75 Mar 28
12614 12812 12214 127
10534 107
10738 10738 10634 107
107 107
10634 107
107 107
100 10312June 8
1,400 8% preferred
123 123
12212 12212 122 12212 12212 12212 12212 12212 *12212 123
100 11738June 25
900 7% preferred
*148 150 8143 150 *148 14912 8148 14912 14934 150
150 150
10 145 Apr 17
600 8% preferred
•10614 13714 10612 10012 10658 106% 10058 1065* •107 1073 *107 10734
709 Pub Serv Eleo .4 Gas pre1.100 105 July 26
85
85
83% 8434 841k 8614 8712 95 173,000 Pullman, Ins
8678 84% 85% 84
No Par 78 May 27
*1512 16
1514 1678 148 16
1618 17
1512 16
*15
50 1438May 29
16
2,600 Punta Alegre Sugar
26
2612 20
26% 25% 2614 2614 273* 2614 2712 2618 2612 30,500 Pure Oil (The)
25 2314 Feb 16
111 111
4112 11312 *112 11312 *111 113
111 11218 11012 111
100 11012Sept 13
210 8% preferred
140 14014 138 140
14114 142
140 141% 14114 114
13618 13934 12.703 Purity Bakeriee
109318May 28
10438 11112 10412 1107 10712 11434 107 111 1459100 Radio Corp of Amer___No par 6814 Feb 18
10914 11314 106% Ill
5112 54
54,2 •54
*54
5412 854
54
5414 5414 854,4 5434
50 52 July 5
200 Preferred
3614 375* 26
3612 33
3712 36
37
3512 3738 3512 39 119,800 Radio Keith-Orp el A--No Da
19 Mar 26
7512 76
75
7618 *7518 76
75
75
75
75
275
75
10 57 Jan 7
804 Real Silk Hosiery
*99 100
*99 100
97 100
*99 100
*97
99
*97 .99
100 95 May 27
20
Preferred
11
11
1012 1078 10% 1038 *1014 11
11
11
6 May 28
1018 1014
No pa
1,500 Reis (Rubt) & Co
7134 7134 68
7118 64
65
6212 6234 60
64
74
7612 1,800. First preferred
100 60 May 29
4818 492* 4814 4938 4718 49
473* 4858 4714 487
28 Mar 26
4612 48
pa
No
31,600
Remington-Rand
•9312 95
*9312 95
*9314 96
94
94
*9214 9518 9214 9212
9014 Jan 4
10(
500 First preferred
*99 105
*99 105
*99 105
*59 105
*90 105
100 03 Mar 20
*99 105
Second preferred
2114 218 2112 2134 2118 2134 21
2138 2034 21
10 20 Aug 30
2034 2118 15.700 Reo MotorCar
4034 50
4934 5038 4914 4912 *4912 50
41 Aug 27
No pa
49,2 497
484 4834 2,100 Republic Brass
•103 106
10512 10512 ____ 105
10512 10512 *10512 106
100 105 May 3
10512 10534
500' Preferred
•10512 108
*98 108 *103 105
105
93%May 29
100 100 *100 105
No Pa
200'
Class
A
125% 12734 12234 12778 1273* 13414 13134 13714 13312 138
136 1417 220,700 Republic Iron & Steel_ _ _.100 79% Feb 8
•11112 112
112 112
11112 11112 *11112 112 *111 112
100 10878 Jan 7
11112 11112
400' Preferred
912 1014
1018 1014
9% 10
98 1018
0 June 8
912 98
No pa
9,2 934 7,800'Reynoldo Spring
561 5778 56
57
56
5734 555* 56% 55% 5618 5518 557 14,900,Reynoldo (RJ) Toy class 8-1
53 Mar 26
*5512 5714 *5512 5718 *5612 573 *5534 56,2 *5534 5612 *5534
53
Feb 26
PowElec
Westphalia
1RIllne
5612
41 7 418 4034 4219 41
4134 4114 4212 4118 4232 41
38% Aug 10
4112 10,400,Richfield 011 of Callfornia__2
02812 284 2812 2812 2734 2878 23
2914 2812 29
2514June 11
No Pa
2818 2812 7,000:Rio Grande 011
6212 6212 6212 6234 6212 6312 02
6312 62
51) May 28
62
6218 6218 1,500 Ritter Dental Mfg
No Pa
7634 7834 7618 7812 7412 7612 76
7738 75
76% 7412 75
3,900'Rossla Insurance Co new.._10 53 May 23
*3934 4014 40
4312 43
43
42
431 1 84114 46
27 May 31
4212 4212 2.500 Royal Baking Powder_No pa
•112
_.__ *112
____ 8112 11012 8112 11914 8112 11914 8112
95 June 12
10
Preferred
11914
5612 575* 56% 5718 5512 565* 5514 6112 5712 61
4972 Feb 19
5838 60 159,500 Royal Dutch Co(N Y shares)
7058 7112 x13912 7212 68
69'z 68% 7138 6834 71% 6734 6834 • ,
.10 59t2July 25
Joseph Lead
St.
177 178
17434 18212 18112 18678 179 1843 177% 18234 175 1827 39.700 Safeway Stores
No Da 15414May 28
96
9512 9512 9514 058 96
*9512
96
96
93 Apr 4
96
95 9710
530 Preferred (6)
•1027 10312 10312 10312 103 103
103 103
10314 10312 10314 10312
100 102 Feb 16
160 Preferred (7)
3912 3934 39
4012 30
3912 39
38 Aug 9
39
38
3812 38
Corp_ _ _ _No pa
Arms
38
Savage
4,100
19
1918
19
1918 19
1914
1918 19% 1918 1918
I638July 3
19
1914 10,100 Schulte Retail Stores__No Pa
90% 9018 90
90
9058 905* 9018 9018 29018 9018 90
100 90 July 26
90
110 Preferred
813% 1372 *1314 1312 13
1318
13 Sept 10
15
No pa
1312 15
17
15%
Seagrave
Core
15%
3,400
166% 1687 16518 1683* 163 1663* 16314 166% 16034 1661
1 15918 16578 70,900 Sears, Roebuck & Co No pa 1393 Mar 26
53
512
558 5%
514 558
4 May 28
534 512
Pa
5% 4,800 Seneca Copper
5%
3,2 514No
60
6178 5914 60
58% 6038 58
56345ept 13
5712
5912
59%
5634 58% 19,500 Shattuck (F 0)
4912 50
4834 tiO
48
41 June 4
N
A par
a
4934 4734 48
48
Sharon Steel Hoop
4834 4714 4714
4,000
27
28
2714 2772 27
2758 2712 2834 2712 2812 2718 277g 45,300 Shell Union 011
No par 25 Aug 9
46
46
*45
46
*3914 45
4312 4312 4312 4312 4312 4534 1,500 Shubert Theatre Corp_No par 3634July 8
159 175
162 17534 16314 170
No Par 75 Mar 26
16814 17712 16614 173 275,500 Simmons Co
1635* 173
8
36
36
3514 36
35
36
1812 Mar 26
10
3134 3678 345* 36
35
3514 11,500 8102111111 Pe,rotem
3614 361
3512 3634 3538 3612 353 3814 37
3812 236
37 170,300 Sinclair Cons Oil Corp_No par 3112 Aug 9
*10812 109 810818 109 *10818 109
109 109
109 109 *10838 10914
100 10734May 1
Preferred
100
42
4412 40
4334 40
423* 4118 42% 4238 4312 4178 4318 65.100 Skelly Oil Co
25 3278 Mar 7
*51
63
63
64
60
60
*55
57
858
65
853 603
fleld Steel & Iron "..00 48 Sept 4
reSh
fererfe0
74,4
500 Slopss071
80
7434 75
•7212 75
*72
78
*73
100 68 Sept 3
75
7414
912 912 10
1014
10
10
1018 1018 1014 1012 1018 1012 1,200 Snider Packing
8,4Sept 3
No par
43% 4358 46
46
844
46
443 4434 .4312 45
No par 33 Jan 3
4352 43%
600 Preferred
345* 35
34% 3514 23418 3412 3414 3412 345 3412 34% 343* 5,100 So Porto Rico Sul
34 Mar 26
No par
8338 8538 833* 8538 82
8378 8218 83
8058 8278 7818 8214 25,100 Southern Calif Edison
25 5358 Jan 4
838
46
838
46
*38% 46
*385* 46
*385* 46
*3858 46
0Dairies el A._ No par 3512 Feb 16
utlah8e8rn
c
So
8
834 84
834
8
8
8
8
.8
r
812
5 Aug 26
Vo 90?
8
8
1,000
*52
5234 5214 *5134 54
5312 52
52
518 52
515* 52
50,4 Apr 30
No par
900 Spalding Bros
11034 11034 *11034 112 *110% 112 *11034 112
116 120 .116 120
p0, 11034 Aug 17
p0
reL0N0 100
fa
s
pl
a
st
c
a
I
n
d
g
in
c
ghllro
S
8
9
p
443* 45
44
4518 43
44
42
42
427 433
4012 4112 7,600
34 May 28
*91
93
891
93
93
93
*93
9412 9412 9412 .9412 95100
89 Mar 19
20 Preferred
6834 70
6812 6978 6612 64
6538 6612 65
66
6514 6812 11,200 Sparks Witheigton____No par 55% Aug 9
•712 8
*712 8
*734 8
734
734 8
734 *734 8
No 1p0o
ar
6 May 20
170 Spear & Co
872
74
74
74
*74
75
*74
75 .74
76
75
75
70 Aug 23
Preferred
120
40
4012 4012 4118 40
4034 39
39
39
41
240
407
ugg gfonecrermIgel163gg & Sons oo parpar 3512 Apr 22
56
577
5712 5912 5618 57
5658
5514 5734
59
5614 5712
45 Jan 7
No
4934 4934 *49
50
4818 4818 49
49
4934 4934 •48
par 45 July 24
50
iege
readyA
spP
refierm
.82
84
8112 8212 80
801
80
80
*7912 80
80
Stern Oo_NNoo par 70 Aug 5
845* 5,104000
•1518 17
1678 17
.153 17
15
15
*1512 1634
1518 1514
15 Aug 28
189 195
19112 20112 19212 20012 193% 20012 195 19934 19312 19712 1.000 Stand Comm Tobacoo.No Par 80% Mar 26
230,900 Standard Gas & El Co_No Par
65
6434 647
*64
6412 6478 6312 64
6412 6478 *107
643
.111112 2,900
Preferred
50 6258MaY 31
.
•10212 112 *105 108
108 108 *108 112
107 112
100 Standard Milling
100 10212 Aug 16
•10312 105 *10312 105 *10312 105 *10312 105
10312 106 *10312 106
Preferred
100 98 June 17
7514 7612 75% 7612 75% 7672 7518 7778 76
7918 76
7712 64.100 Standard Oil of Ca'----No par 64 Feb IS
71
7214 704 72% 7112 753* 74,2 8012 77
8014 76
7814 1052800 Standard 011 of New Jersey _25 48 Feb 16
423 4334 4212 44
425* 4434 4318 4638 45
4818 4518 4612 503,400 Standard 011of New York _ _25 3752 Aug 10
37
37
35* 334 8353 378 •352 33
33
*33*
35*
3%Sept 3
35*
700 Stand Plate Glass Co__No par
12
13
12
12
1312 1412
1314 1312 1214 12% *1214 13100
400 Preferred
10 Sept 5
*40
____ *40 -_-- *40
__
.40
- .40
*40
41 Jan 26
Co____No
Par
70
6734 6912 68
67
6812 6718 6712 66
67% 65% -671; 24900
,
Stewart-Warn
10 6434 Aug 9
Stand
San MfgSP Corp
18534 18912 183 187
1884 192
183 18578 184 190
180 185
24,900 Stone & Webster
No Par 15514 Aug 9
75% 7534 745* 75% 7312 747
735* 745s 73
7414
7212 7334 13,300 Studer!. Corp (The
7212Sept 13
No
par
123 123 8123 125 •123
____ 123 123
123,2 123
18
, 123
134 123
134
100 123 May 13
100 Preferred
112
112
112
15
I%
112
112
112
1
112 Aug 2
1,000 Submarine Boat
N
mo
o T,„.rra
7332 7378 7218 7218 *72
•
72% 74
75
7812 77
787
57 Mar 20
8,200 Sun 011
1021. 10212 10112 102
102 102 *102 104
10212 10212 10414 104%
100 100 Jan 3
140 Preferred
17
1814 1812 1714 18
1712 1658 175* 178 1818
18,4 198 24,400 Superior 011 new
No Par 1058Sept 11
3822 3812 38
3812 38
3812 3714 3704 3714 3834 3714 3914 4,500 Superior
100 34 May 31
Steel
1334 *1234 13
13
1314 13,4
*1234 13
12
123
12
12
50 12 Sept 12
1.100 Sweets Cool America
*434 5
*434 5
e484 St *434 084 *434 5
.434
5
par
412 Mar 12
No
Symington
148 *1312 1472 1234 1312 81278 147 81312 1478 *1412 15
•14
Class A
No par 1214 Mar II
20
20
20
20
20
20
20
2014 2014 .2014 2012
20
par
600 Telautograph corb
No
18
June 17
19
1938 2034
1911 2034
1918
1912 20
1918 20
10
1914 98,800 Tenn Copp & C0em_No par
16 Apr 9
68
6834 68
6934 673* 687
, 6734 7114 6818 7178 68
6912 159.900 Texas Corporation
25 5714 Feb 21
7034
70
713*
7034 694 715
6912 71
7012 715*
6912 70
41,900 Texas Glulf Sulphur____No earl 691 2Sept 12
165* 1652 1634 16,2 1614 1612 163 17
165* 1758 1614 1612 8,500 Texas PacIfie Coal & 011
10 15,5 July 22
1418 1478
1438 1532 145* 1512 1414 1412 17,900 Texas Pao Land Trust
1414 1412 1418 143*
li 13% Mar 26
-56,2
•Bid and asked prices; no sales on this day. z Ex-dividend.
Highest
PER S114RII
Range for Previous
Year 1928
V Ex-rights
d Ex-dlv. 200% In common stock.
95%Mar 15
50% Jan 2
105 Jan 31
8134May 3
6552 Jan 2
65 Aug 23
2538 Mar 22
81 Mar 27
2578 Jan 3
46% Mar 21
82% Jan 14
12912Sept 3
10818 Feb 5
12478 Jan 3
151 Sept 4
1095* Jan 2‘
95 Sept 13
2112July 24
3034MaY 9
116 Feb 25
14858 Aug 20
11434Sept 12
57 Jan 3
46% Jou 4
8438 Mar 4
10212 Feb 8
1814 Feb 1
108% Feb 6
5114Sept 3
96 Feb 4
101 Apr 15
3172 Jan 3
5478May 3
107 June 5
111 May 6
14t7 Sept 13
/1512 Feb 27
1214 Jan 16
66 Jan 11
64 Jan 2
4958 Jan 3
4212Mar 28
70 June 29
96 May 9
4312Sept 9
11314 July 16
6112Sept 11
94 Jan 21
19514 Jan 4
97 Jan 16
108 Jan 18
5172 Jan 24
4112 Jan 8
11812 Jan 2
2214 Apr 12
181 Jan 2
1012 Mar 20
191 Aug 30
5334July 1
3134 Apr 2
74% Jan 24
17712Sept 12
4018 Aug 17
45 Jan 2
111 Jan 29
4612May 6
125 Jan 19
112 Jan 18
16,4 Feb 5
6412July 9
45 May 13
8834 Aug 26
5018Juee 14
1538 Jan 12
6312May 6
117 Feb 6
5214 Jan 3
97 Jan 17
73 Aug 22
14% Feb 4
80% Jan '2
45 Aug 20
6634 Mar 1
55% Mar I
11778 Feb 6
4358 Jan 11
20112Sept 9
67 Feb 4
16314 Jan 18
133 Jan 12
8178May 6
8012Sept 11'
4818 Sept 12
9% Jan 21
31 Jan 18
56 May 3
77 May 10
20112 Aug 30
98 Jan 26
126 June 25
412 Mar 14
7878Sept 13
10512 Jan 4
21 Aug 20
73% Apr 9
2214 Apr 11
9 May 2
1953hlay 2
2512 Mar 28
2072 Apr 29
717,, Sept12
8514 Ayr 18
23% Mar 21
2412 Jan 17
5334 July
23% Aug
100% Aug
6138 July
5912 Dee
85% Dee
51% Dec
106 SW
13413 May
6458 Dec
13 June
70 Aug
16 Feb
41 Feb
52 Nov
4112 Jan
10338 Jan
117
Oct
134
Jan
10512 Dec
7778 Oct
1758 Dec
19 Feb
108 Mar
75 June
33% Oct
9312 Oot
2978 Nov
4958 June
91
Feb
8312 Dee
115 May
129% May
150 May
11018 Apr
94 May
3478 Jan
3114 Nov
119 June
13938 Oct
5411
3414
24%
8012
5%
6114
2312
8714
8818
2212
Jan 60 May
Dec 51% Nov
Jan 6058 Dee
July 9711 Dec
Feb
15 Dec
Feb 8912 Dec
3642 May
Jan
Dec 98 June
Oct 100
Jan
Jan
3514 Oct
_
-49% June 941j Nov
102 June 112 Feb
814 Feb
1478 June
50
Oct
2312 Feb
40
10412
4453
37
171
95
10612
3614
3534
115
10
82%
2
8012
Dec
Dee
Jan
Mar
Dee
Dec
Dec
Dec
Dec
Dec
Feb
Jan
Jan
Feb
Zi1-4 -ie.
5434 June
55% June
1812 Feb
17% Feb
102% Jan
25
Feb
102 June
10412 Oct
11 Dee
81
32%
4312
2411
9
Nov
Feb
Jan
Jan
Jan
109
26
97
-.:145.n
July
Oct
_
10% Nov
7634 Nov
131; Jan
61
58
Dec
Nov
495 Dec
104% Dee
84
Out
7113 Dee
20114 Des
97 Dee
10614 Dee
51
Dee
67% Apr
129
Apr
1713 June
1971s Nov
714 Oct
14014 Oct
395
8514
101%
2714
4034
110
425s
134
123
20
Nov
Nov
Nov
Nov
Nov
Oct
Nov
Feb
Mar
Apr
60
49%
56%
60%
30
Jan
May
Nov
May
Apr
121 - -AP;
5758 Dec
100 Aug
16
Feb
92% Feb
11-5;
Dec
65', Sept 91 No,
24
Oct 4014 Nov
5778 Jan
8458 Dee
64% Dec 7111 May
100
Jan 142% Den
97 Nor 118 Da.
53 Feb 80 Nc•
37% Feb
5934 Ncv
2834 Feb
4513 Dee
3,4 Jan
772 Feb
10
Jan
40
Feb
34 June
5338 Dee
57
12111
3
31,1
100
Jan
Feb
Feb
Jan
Jan
18
Jan
1158 Feb
4
Aug
10
Aug
1514 Jan
1012 Jan
50
Feb
6218 June
12% Mar
20 June
8712 Oct
127 June
614 Mar
77 Nov
110
Apr
2312
7
191s
2252
197a
7434
821s
2052
30%
Sept
NISI
Apr
May
De*
NcT
Nt v
Nt v
AD.
1710
New York Stock Record-Conciudea-Page 8
For sales during the week of stocks not recorded here, see eighth pnee preceding.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 7.
Monday,
Sept. 9.
Tuesday,
Sept. 10.
Wednesday, Thursday,
Sept. 11.
Sept. 12.
Friday,
Sept. 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share S per share 5 per share 5 per share 5 per share 8 per share Shares Indus. & Niece!. (Con.) Par
*3012 3112 298 3012 3014 31
307 3112 3112 31% 313* 33
4,800 Thatcher Mfg
No Par
4914 4931 *48
4934 *48
4934 4938 493* 49
49
4818 4814
300 Preferred
No par
3734 38
374 3712 3714 378 37
37
408 10,800 The Fair
373* 3912 38
No par
•108 10938 10938 110
110 110 *110 112 *110 112
110 110
70 Preferred ,
100
7
45
4512 *4434 4512 4414 448 4434 4434 4438 443
*4434 46
1,500 Thompson (J R) Co
25
1938 20
19
1918 20
1978 19
2018 1012 2014 1914 198 37,700 Tidewater Assoc 011-No Par
*88
89
88
88
88
88
88
8812 88
8814 1,000 Preferred
8818 88
100
1
800 Tide Water 011
*3414 3514 34
35
34% 34%
34 4 3334 3334 3412 3412 35
100
92
92
9214 9214 9218 93
92
9334 94
9412 9518 957
2,000 Preferred
100
3212 3378 3038 33
3012 32
3012 31
3038 314 30
304 39,000 Timken Detroit Axle
10
10812 11012 11012 1143* 10814 112
10812 1113* 10612 10978 37,500 Timken Roller Bearing_No par
1083* Ill
14
14
13
14
1318 14
1314 14
1334 7,100 Tobacco Producta Corp
1318 1334 13
20
16
16
16
1712 16
16,4
16
17
1614 1614 1534 163* 14,200 Clams A
20
*11
1578 *11
*11
16
11
100 Dividend certificates A
*11
16
*11
1534 11
16
*1138 1478 *11.
*113* 15
15
*11
15
*11
15
*113e 15
Dividend certlfleatee B
*1018 1312 *10
16
*10
16
*10
13
*1018 1318 *13
1312
Dividend certificates 0 -1312 14
1312 137
1318 137
1314 133: 13
133* 1234 133* 100,100 Trantic't'l 011 tern etf_No par
*4514 47
4612 4612 4612 4612 *4514 46
4514 4734
700 Transue & Willlame RI No par
*4514 46
4,100 Tile() Products Corp__ _No par
53
5534 5212 55
5218 53
5214 53
63
53
53 *52
1914
4
800 TTnruaxoT0
m
*1934 20
*1934 20
1912 19121 *1914 19121 19
1934 1934
iCoal
No par
52
54
54
6378 53% *52
53
52
52121 *51
Steel
5314 *52
10
12,800
10 Under Elliott Fisher Co No par
154 15514 155 155% 15518 158
155 15612 x155 15612i 155 159
•125
____ *125 126 *125
*125
____ *125
____ 125 125
100
2814 3118 2,300 Union Bag & Paper Corp_ 100
3212 3212 3212 32% 3112 3214 31
3212 32
33
13214 13514 13134 13534 12918 13312 214,100 UnlonCarbi&Carb
No par
13014 1333* 13318 13978 133 140
25
52
5214 .51
523* 513* 525* 5038 53% 518 533g 5118 5178 21,300 Union 011 California
7,300 Union Tank Car
160 16334 159 16234 161 161
155 15934 155 160
100
158 163
12812 13012 125 128
11834 12534 121 .12534 12118 1257 120 12314 97,400 United Aircraft & Tran No Par
2,800 Preferred
85
85
50
8512 8512 8718 8814 28512 8614 85
8314 8514 84
11,000 United Biscuit
54
5412 53
No par
52
52
5314 545* 5334 543* 54
515* 53
__ ____ unPirted
ferc
*130 __ *130 ____ *130 ____
reid
g
•130
100
*130 ____ *130
1412 - 7-,9119
ar Stores
15
1512 14
144 14
1414 14
10
15
1378 143* 14
8012 *7714 81 1 3,400 Preferred
100
83
75
84
84
*84
85
*80
8312 80
6718 6878 668 6934 381,700 United Corp
6518 6618 6512 6714 6514 67% 6614 69
4734 5,900 Preferred
47
par
48
478 48
483* 4734 4812 475g 477g 4714 48
3714 3538 3612 11,500 United Electric Coal
3612 spy 36
No partr
N
33
33
32
3412 3.5
377
12012 121
No par
11714 11934 11712 11834 116 11778 11634 11712 11534 117 I 9,200 United Fruit
400 United Paperboard
1114 114 1118
100
*1118 1114 *1118 1114 *114 1114 1118 1114 *11
400 Unlvereal Leaf Tobacco No par
61
523* 525* *4958 5512;
*7314 75
75
75
• 72
7314 *55
180 Universal Pictures 1s1 pfd_100
6912 69781
6918 69
69
69
*70
74
*6912 70
698 70
814 8381 6,100 UnlyeraaiPlpe & Rad__No par
8% 812
812 812
834 83
812 878
812 9
Preferred.
7.1
100
78
75
75
*75
75
*75
78
*75
78
75
30
31
30% 3178 3012 313* 304 3118' 16,100 0 B Cant Iron Pipe & Fdy_20
29% 3014 2934 32
400
1st
16%
*163
4
preferred
No par
1612 1612 16% 16%
167 16% 1634 1634 *1612 1634
500 Second pi. derred_ No par
*1012 1978 *1912 1934 *1912 1934 1938 1958 195* 195* .1912 1938
18,600 U Li Distal, CorpNo par
18
1778 17
1418 15
16
1778 17
88
1,900
84
Preferred
100
81
8212 82
82
82
82
82
834 8234 834 *82
700 U S Express
7
100
*5
7
*5
7
7
7.
7
*5
*7
714
7
800 U s rrott Mach Corp_ __No par
33
32
*32
3218 32
328 327
3218 3218 32
36,800 U S industrial Alcohol
100
21'8
2 20353
13
99
209 212
207 21214 200 21238 200 2074 202 2108 *
4,500 U S 1 °Mbar
No par
95
1
11
8 2
*2
90
23
22
22
223* 2234 221.1 23
2218 2212 22
22
Class A
No par
1,000
34
35
35
3534 35,34 z3434 3434 335 3434 3312 3312 34
100
Prior oreterred
*9214 95
*9214 95
*94
95
*94
95
*9214 95
9612 9318 947k 9038 9412 8918 918 48,000 U S Realty & Impt____No par
93
9714 9538 9812 92
100
4912 5114 5014 5314 121,200 United Staten Rubber
4818 5134 5014 5234 5014 5134 50
52
100
6,600 1st preferred
75
72
7534 7312 7313 74
7618 74
76
75
758 75
5,700 US Smelting. Ref & Min___50
513* 52
5338 54
53
5312 5214 53
5112 53
53% 54
ao
200 Preferred
53
5214 5214 *5212 5412 *53
54
*53
54
5414 720,900 United States Steel Coro_100
23
5012 236
5303
247 25212 24114 247% 237% 24514 23812 24318 23358 243
100
2,800 Preferred
143 143
143 143% 14318 14312 14314 14314 143 143,8 143 143
No par
85
85
8.134 8434 8434 8434 85
848 8478 8412 8518 2,400 U 8 Tobacco
85
100
300
Preferreder
128 128 *128 130 *128 130 *128 130 *128 130 *128 130
Utah Copper
10
*290 325 *290 325 *290 325 *200 325 *290 320 *290 320
Utilities
107,800
Pow
&
LI
A__No
Par
1
567
5734 56
55
5678 5512 5712 z56
5712 5612 57 4 56
No par
8*734 78
734 8
74 734 3,600 V. deco Sales
77
*8
814
8
813
200
Preferred
100
72
*70
70
70
70
*68
70
70
*68
No Pa
957 100 134,400 Vanadium Corp
957
94% 8734 9378 883* 923* 92
100 Van Raalte
No par
431 *42
43%
*42
437 *42
42
43% 42
40
let preferred
100
*8212 83
82% 8212 8212 8212 8212 *8212 83
No par
464 473* 5,600 Vick Chemical
473
47
4612 4812 4718 48
49
Vie
Talk
Mach
pref..100
7%
or
------No par
1118 1118 -:5;400 Virg-Caro Chem
115* 115-8 -Ili* 12-1-4
1112 1134 - 1112 12-- -His
100
2,300 6% preferred
42
43
*40
414 4134 4134 4114 42% 4218 4218 4014 42
100
10
7%
Preferred
87
*85
87
87
87
*85
*85
90
87
*86
90
*85
20 Virg Elec & Pow Of (7)
100
1088 10818
*10814 110
108% 10833 *10812 110 *10812 110 *10814 110
Virg Iron Coal & Coke pf_100
*42
44
44
*42
44
*42
*42
44
41
*42
*42
44
100
260 Vulcan DetInning
139 140
13912 140 *135 140 *135 13912 135 135
137 139
Preferred
100
*101 107 *101 106 *101 106 *101 106 *101 106 *101 106
230
Claes
A
100
140
*13512
13514 13514
*135 140
139 142 •135 140 *135 140
No par
3234 33
32
313 3134 3134 3134 21,500 Waldorf Byetern
324 3134 32
32
33
100
100 Walgreen Co prof
*101 10218 *101 1025s •101 10238 101 101 *101 1025* 101 10238
No par
4014 6,000 Walworth Co
4038 39
40
4038 39% 4138 397 4012 395* 4038 40
310 Ward Baking Class A No par
51
*5012 53
57
51
57
*50
50
50
*50
34
35
No par
13
Class
1
5,500
1012
1012 1058 1012 1012 1012 11%
1012 1012 1012 105
10 2
No par
1,600 Preferred (100)
75
*754 7514
75
75
75
75
75
75
754 75
75
60% 6178 95914 6178 58% 6012 5814 593* 5734 5934 5634 58% 93,1110 Warner Bros PIcturee new_ - _ No
Pa
51
51
51
50
51
521 50
51
*53
54
*5212 54
No Pa
8001Warner Quinlan
'
6;
304 2912 31
3112 31% 31
31% 3018 3114 304 3114 x30
No pa
4,100 Warren Bros
188 19012 185 187
188 189
189 193
191 19134 100 194
5
First preferred
*50
54
*50
54
50
*50
52
*48
*48
50
*48
50
'
,dry at Plpe___No Pa
17
1718 171s 1714 1718 1714 174 1718 1,300 Warren
1712 1712 17
17
2
Eisenlohr
Webster
300
*8412
84
86
•8412
863
86%
86
*84
*84
84
86
84
331
34
34
x3238 3334 1,600 Weseon011& Snowdrift No pa
3438 33
33
34
34
34
34
No pa
1,100 Preferred
60
59
597 *59
*59
504 5934 5918 597
60
5912 59
22334 228,4 14,700 Western Union Telegrarn_100
220 224
231 233
22214 226% 220 226
225 231
6014 6178 5912 6178 5912 6214 5914 60,2 33,900 Wetnghse Air Brake__ No pa
6234 63% 6118 63
90,800 Westinghouse Elea & Mfg_ A0
8
2525
8
2687
8
25014 260
2667
26018
272
26018
273 279% 265% 273
5(
470 let preferred
24012 24012 230 23513
240 24912 240 246
25512 25512 250 250
5112 5434 5238 5434 24,900 Weeton Elec Instrum't _ No Da
5.534 52,8 553
4934 52% 51
5714 53
No
pa
Class
A
100
34
*3312
34
*3312
*32% 3434 3514 3514 *3412 3512 *3312 34
No Pa
340 West Penn Elee of A
10412 10412 10412 10531
10314 10314 *1e31,10434 *103 106 *10312 105
100
250 Preferred
105 10612 10612 10612 10634 10634
104% 10458 105 105
*10412 106
101
Preferred
(6)
560
96
96
96
96
95% 95% 9578 95% 9412 9434 957e 96
100
140 West Peon Power pref
11512 11512 11512 11512 11558 11558 11534 11534 11512 11512 11512 11513
100
preferred
6%
20
109
1087
s
1087
8
*107
*10618 109 *106 10712 107 107 *107 109
100 West Dairy Prod el A __No pa
*534 5712 *5318 57,2
*5612 5712 54% 5414 *5318 5712 *531 57
No pa
3578 3514 3678 3414 357s 5,600 Claes B
3578 35
37
3738 3512 37% 35
Westvaco Chlorine ProdNo pa
8,500
85
80
89
81
79
7018 7314 73
684 69
70
70
3518 6,300 WhiteEttale01 & Refg _No pa
33
3434 35
35
33
3314 33,4 3314 33% 33
33
NO Pa
4412 5,700 Mite Motor
x4412 4512 44
45
4612 4658 4518 4612 45
4534 45
50
50
5112 16,600 White Rock Min Bp elf
524 5234 5234 5534 53
5512 5212 5312 5134 53
White
Sewing
Machlne_No
pa
2,800
173* 18
18
1818 18
18
18
18
1814 1814 18
18
500 Preferred
No pa
40
40
*4012 43
*43
04012 43
44
41
42
*42
44
Na pa
1814 1818 1814 3,100 Wilcox 011 & Gas
1834 18
1734 18
18
18
18
174 IS
700 Wilcox-Rich class A._ -No Pa
*44
455* 453* 4412 45% 4418 4412
47
*4512 47
46
46
No pa
42% 4358 16,000 Class 13
44
4438 43
4312 43% 44
4434 43
45% 43
36,500 Willys-Overland (The)
21
2112 20
21
2234 2314 22% 2314 22
2214 2118 22
3 95
500
Preferred
100
*94
9514
95
9518 9514 *9514 96
95%
9514
*95,4 96
1,000 Wilson & Co Eno
No pa
7
7
712
*7
7
7
6% 7,2 *7
712
*Vs 7,3
900 Class A
No pa
1712
17
*16
81612 17
1712 1712 1612 1612 1614 1614 *16
1,000 Preferred
10
60
*58
6112 611, *60
59
5812 5914 *5712 60
6112 59
1
99% 974 98% 9534 98% 9618 9712 9014 9758 9514 97,2 48,800 Woolworth (F W) Co
98
26,600 Worthington P & M
100
11712 11912 116 12112 117 121
117 1184 116 11834 116 135
700
Preferred A
100
*9513 101
*954 101
*9512 99
9912 10012 *994 100
2,100
Preferred B
100
89
89
9012 z89
-874 9018 89
89
89
8912 8812 89
800 Wright Aeronautical_No par
13434 135
130 13312'129 132 *125 131 *125 13312
132 132
1
No par
75
75
75
76
*7412 7512 *7414 75 2 1,500 Wrigley (Wrn Jr)
75% 7414 75
75
2,800 Yale & Towne
25
85
28512 86
84
8512 8412 8512 85
8612 8612 854 87
3458 34,900 Yellow Truck & Coach el B_10
3534 3434 35 . 34
3618 37,4 3614 36% 3514 3638 35
Preferred
100
90
*84
90
90
*84
84
90
*84
90
*84
*84
90
47,400 Young Spring & Wire_No par
58% 5534 57
551
5634 5912 5814 5934 56
55,4 55,4 55
1,900 Youngetown Sheet &T _No par
141 1421, 140 142 *133 138
17118 17118 170 170 0140 143
68
8612
*42
*9212
4812
68
*68
88
8812
4378 *42
83
8258
49
4812
• 1191 and asked prices. no sales on this day. a Es-div. 20% in stock. z Ex•dividend.
o Ex.r1ghts.
PRR 811ARB
Range Since fan. 1.
Oa bails of 100-share iota
1
PER MARS
Ranee for Precious
Year 1928
Ilipteel
Lowest
Mabee:
I.,rc881
- ---$ per share 9 per share $ per share 11 per akarc
22
Jan 3912 May
1612 Mar 14 34I July 15
48
Oct 535 June
35 Mar 9 494Sept 4
34
Jan 524 13,
0
3414 Mar 26 5172 Jan 15
10412 Feb 20 110 Jan 2 10412 Jan 11414 Oa
5614 Jure 7134 June
44 May 1 62 Jan 12
1434 Fe
25 Sept
1713 Feb 8 231klune 7
% Mar 9134 Dee
84 June 18 9073 Aug 2
.,158 Mar 4112 Dee
2718 Feb 1 40 June 7
86% July 100% Dee
90 July 26 974 Jan 17
2238June 13 334Sept 7
7312 Feb 16 150 Jan 3
-1571-a-r 154 No,
--_1234 Aug 13 2218 Mar 18
____
1512 Aug 14 2238 Mar 18
19 Aug 2534 Jan
814 Aug 2 18 Feb 13
24 June
19
Aug
814 Aug 2 20 Mar 28
19 Dec 23 Alit
814 Aug 2 194 Jan 15
1413 Nor
PO June
9 Feb 26 1514 Aug 28
4414 Dec 504 Feb
41 Feb 28 5338 Apr 18
32% June 447e Sept
38% Feb 18 63 July 3
19 sent 13 314 Jan 23
6514 Nov 634 Dee
4434 Mar 26 614 Jan 3
63 June 934 Deo
91 Jan 7 16514July 8
Apr
119 Mar 126
125 Jan 5 125 Jan
30 Dec 4934 Feb
24 June 1 43 Jan 14
75145807 22 140 Sept 10
4234 Feb 59 Nov
4512 Aug 9 5412 Apr 18
Oct 12818 May
1217, Jan 15 6314Sept 11 110
7838 April 162 May 1
6818 Apr 11 10912May 1
&Of
344 Apr 67
5478Sept 10
41 May 31
Oat
I1412June 11 130 Aug 3 11214 Mar 135
2278 Aug 3453 Feb
1312 Aug 9 2712 Jan 11
Dec
,
AD?
103%
1141
2
Jan
104
Sept
12
73
_
5834May 27 7512May 11
45 May 13 4973July 29
6814 Oct
30 June 3 8118 Feb 6
1095,June 12 1584 Jan 31 13113 Juno 148 Nov
1613 Doe 274 Allv
11 18 Sept 11 26% Jan 22
60% June 874 Nov
5138Sept 13 8578May 10
Feb
9114 Nov 100
118 July 24 93 Jan 2
1558 June 354 Oot
814Sept 13 2214 Jan 2
87% Sept 1053, 13
75 Sept 6 1004 Jan 9
Dec 53 NOv
38
2612 Aug 9 554 Mar 18
1913 140,
18 Nov
19 Jan 11
161 2Sept 11
191, 11e2
1813 Nov
1838 Apr 18 20 June 18
134 June 2014 Jan
12% Mar 26 1813 Apr 19
Oct gots Jan
7114 Mar 12 84 Apr 20
76
6
Jan
278 Nov
2 Jan 22 10 Apr 8
2978 Aug '28 494 Jan 2
41 Dec 583e Jan
Oct
128 Jan 16 1312Sept 3 1021s June 138
1714July 24 3512 Jan 14
22
Jan 51 May
2912July 24 6172 Jan 14
Apr
Jau
72
52
90 July 30 107 Feb 1 10034 Dec 10813 May
6114 Feb 9338 May
81 Jun 8 11912 Feb 6
42 Jan 8 85 Mar IS
27 June 6314 Jan
6912 Aug 14 9212 Jan 16
55 July 1094 Jan
48 May 27 737 Mar 211
3912 Feb 714 Nov
Jar
58 Dee
51
5038July 16 58 Jan 3
163 May 27 26134Sept 3
1394 Aug 5 !4414 Mar 1 '138's Jan 1474 Apr
Oct
86 June 120
81 12 Aug 9 10934 Jan 30
128 Sept 7 143 May 3 1274 Jan 139 June
Jan 273 Dee
264 Jan 2 353 Mar 19 139
AM May
284 Feb
35 Mar 26 5812 Aug 5
614May 28 1311 Jan 21
Dec
82 Jan 16
1164 Feb 8
42 Sept 6
83 Apr 21
109 May 15
11578July 5
2434 Jan 26
6512 Jan 26
9712 Feb 4
1004 Apr 27
48 Jan 29
14978 Aug 12
110 Apr 25
142 SePt 9
3412July 10
106 Jan 24
4614June 26
8434 Jan 17
2114 Jan 16
874 Jan 15
6412 Aug 20
5914 Jaa 22
4278 Jan 2
6714 Aug 12
68 May 31
27 Mar 12
60 Jan 2
4512 Aug 9
110 Mar 1
934May 29
3614May 29
8612May 29
10534June 8
40 July 22
60 Jan 16
91 Jan 4
40 Jan 2
224 Mar 26
10034 Jan 11
2318 Jan 8
43 Apr 13
814 Mar 26
71 Mar 25
6414 A la1
44 Apr 111
2812May 27
139 APr 16
39 Aug 15
1518 Mar 26
724 Apr 22
3012, Aug 0
58 Aug 16
17934 Jan 2
43148107 31
13712 Jan 15
132 Jan 2
22 Jan 28
3212 Aug 8
102 Aug 6
103 Mar 28
93's July 31
113 Jan 8
10534July 6
4S3* July 10
2212June 11
4934June 1
3014 Jau 30
38 May '29
43 Jan 2
200 Aug 27
53 Mar 27
3414 Jan 3
11338 Feb 5
48 Mar 7
7212 Mar 9
23812 Aug 26
6734 Aug 16
29258 Aug 23
284 /,'g23
5714SeDt 9
3613 ADf 23
110 Feb 1
11114 Jan 17
102 Jan 17
117 Mar 18
1104 Jan 10
69% Feb 5
40 Sept 4
9418May II
38 Feb 25
584 Mar 2
5514Sept 9
12 May 27
40 Sept 13
17 Sept 6
37 Mar 26
34 Mar 26
20 June 12
92 June 25
638July 31
1,5% Aug 20
5412 AIR 10
85 May 27
43 Mar 25
77% Apr 12
66 Ayr 6
109 May 31
70 Mar 26
131114 Feb 11
34 Sept 13
80 Mar 8
53 Aug 9
105 Feb 19
49 Jan 2
574 Jan 16
29% Feb 6
611451117 3
62 Slay 3
35 Jan 3
103 Jan 3
1312 Jau 23
27 Jan 21
79 Jan 23
112 Sept It
135 Sept 13
10012Sept 9
9012,Sept 9
299 Feb 5
8078 Jan 30
88 Aug 30
514 Apr 24
9612May 10
5934 Aug 19
175 Sept 3
Jan
80
74 Jan
4371 Jan
Jan
58
1014 Jan
12 June
44te Jun
8812 Jan
10812 Dec
Oct
47
2213 Juno
74 ,une
1913 June
1912 Jan
105 Dec
1412 Aug
Dec
70
1514 Der,
Dec
77
11113 Nov
404 Ont
78 Nov
85 Dee
11213 Dee
2014 Noy
6414 Nov
994 Nov
1144 Apr
62,
8 Jon
74 Noe
99 Sept
4884 Nov
28I, Don
10612 Sept
2673 Sept
123 14111
'29'13 Jan
974 Jan
am Dec
26
Feb
5714 0e0
4478 Oct
140 June 19211 Apr
61
Apr
4914 Nov
13 June 36% On
87 Nov
105% Dee
13913 July
4218 June
8.108 11111
9534 Jan
1213 Jan
4 Jan
30,
103 June
10713 Oct
9812 July
11312 Oct
103 June
524 Dec
203a Jan
iiii- -Dec
10884 Nov
201
Oct
5733 Jan
144 Nov
139 Nov
2813 JI1118
404 may
112
Apr
11614 API
1044 Apr
118 June
113
4/111
78
ADf
49
Apr
ithe Feb
8014 Feb
344 Jan
Si- Nov
4314 JUDO
494 Nov
3314 June
6134 Aug
1714 Deo
_
5234 Dee
58 Dt
224 Nov
1734
9234
11
23
6314
28
464
41
69
68
6113
2753
83
Jan 33 Dec
Jan 1044 Dee
Feb
Oct 16
Jan 35 May
Oct 7734 Feb
55
Jan
Jan 93
Jan 80
Feb 281)
I Tly 84
1)o• 8413
Feb
5714
Nov 90
Nov
Nov
Nov
Nov
Atte
AO
Nov
Apr
834 Juno 1154 Dee
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jim 1 1909 the Hzchangs method of goofing bonds was slangs:1 and prices are now -and (nte,A.:"—exCeD1 for Income
0130
1n1
&fanned esn444
•
BONDS
Ili Y. STOCK EXCHANGE
Week Ended Sept. 13.
Price
Friday
Sept. 13.
Week's
Range or
Last Sole.
U. S. G00000mint.
Old
HISS
Ask Low
Mt Liberty Loan
▪ 1) 97111,4 Sale 971344 97.44
34% of 1932-1047
Cone 4% of 1933-47
D
---- 99 June'29
Conv 434% Of 1932-47
'Jo 983144 Bale 982144 99,42
2d cony 434% of 1932-47— __ J D
992,44Mar'29
Fourth Liberty LoanAO 982148 Sale 981111 99'42
44% of 1933-1938
Treasury 4).4s
1947-1952 AO 1062148 Sale 06,432107
Treasury 48
1023344 Sale 021,34103334
1944-1954 J
Treasury 3348
1945-1958 MS 10013n Sale 1001,32100133
Treasury 34e
1943-1947 J D 9711n Sale 971333 971543
Treasury 3168 June 15 1940-1943 J o 972042 Sale 97,,32 97334
el
g 7r2
No. Low
162
____
233
591
631
267
212
95
105
State end City Securities.
NY C' 34% Corp at_ _Nov 1954
N
34% Corporate atMaY 1954 M N
40 registered
1936 MN
4e registered
1956 MN
4% corporate stock
1957 MN
434% corporate 8tock _ _ 1957 MN
4 ki% corporate elect
1957 SIN
4% corporate stock
1958 M N
4% corporate stock
1956 MN
44e corporate stock
1960 M
44e corporate stock
1964 MS
43.4s corporate stock
1966 AO
434o corporate stock
1972 A0
434s corporate stock
1971 30
44s corporate stock
1963 MS
44e corporate stock
1965 J O
44e corporate stock_July 1987 J 3
New York State Canal 4s
1960
4s Canal
Mar 1958 MS
87- Sept'29
8814 Aug'29
9934 Mar'28
9912 June'28
9512 June'29
102 Aug'29
102 Aug'29
9712 Jan'29
9534 June'29
97
97
99 Mar'29
101 Mar'29
10012 Sept'29
105 10812 June'28
10334 June'29
11033 1034 Apr'29
102 Sept'29
10114 May'20
10114 July'29
Foreign Oust. A Municipals.
A
Agri° Mtge Bank f 68
1947
75 Sept'29
0 ___ 74
Sinking fund 6s A__Apr 15 1948
737874
17
Akershue (Dept) esti 5s.- -- 1963 53
-8534 Sale 8518
86
8
Antiouula (Dept) col is A _ _1945
85 Sale 8412
86
18
External o f 7s ser B
8412 91
1045
85
86
7
External s f 78 serlee C
1946
86
85
85
86
4
External a I 78 8er I)
1945
8412 Sale 8412
85
18
External a f 7s 1st ser. __.1957 A
85
8514 85
85
2
A
Exti sec e I 78 26 ser
1957
85
86
85
85
8
Extl see s f 78 3d sec
1957 A
85
86
86
24
85
Antwerp(City)est!50
1058
92 Sale 91,
4
93
21
Argentine ovt Pub Wks68_1960 A
984 Sale 9814
99
20
Argentine Nation (Govt of)—
Sink fund fle of June 1925-1959 J D 98 Sale 98
131
9912
nni 5 f ii, of Oct 1925
1951 AO 99 Sale 9814
9914
51
Sink fund tis series A
1057 MS 9978 Sale 98
100
67
External Os series B._Dec 1958 J
9812 Sale 9818
9914 32
Exti s / 6a of May 1926 1960 MN 9912 Sale 99
9952 53
External a 1 Os (State Ity).1960 MS 99 Sale 98,
4 010014 56
Exti (is Sanitary Works_ _1961 FA 98 Sale
9478 84
98
Ext 6e pub eke(May'
27)- 1961 MN 9818 Sale 98
'9912 39
Public Works esti 54s
1962 FA 93 Sale 9134
03
45
Argentine Treasury Se E.__ _1945 MS 8912 92
9012
91
23
Australia 30-yr 5s. _July 15 1055 J J 9212 Sale 91,4
9414 77
External Se of 1927..8091 1957 NI
9134 Sale 9238
9412 :30
Esti er 4 tis of 1928
1956 MN 8612 Sale 86
8612 91
Austrian ((Joel) e I 7s
1943 J I) 10112 Sale 10112 10258 16
Bavaria (Free State) 034e...1945 FA 9112 Sale 9058
9212 19
Belgium 25-yr extol 74e 9_1945 38) 11434 Sale 114,4 115
60
20-yr Sf8,
1941 FA 109 Sale 108
10914 24
25-year external 8 Ms__ _1940 MS 10414 Sale 10414
105
16
External s f as
1955 J J 9978 Sale 9912 10014 84
External 30-year 178
1955 3D 10738 Sale 10752 108
48
MN
Stabilization loan 78
1956
10578 Sale 10512 10614 58
Bergen (Norway) S f 88
1945 NI N 110 111 110
110
6
15-year sinking fund 88. 1941) A
9638 98
9612 Aug'29
_
Berlin (Germany)8 f 034s
1950 A0 9112 Sale 80
9234 23
External sink fund 68_ _ _ _1958 J
84 Sale 8218
8434 71
Bogota (City) ext'l
AO
8e___ _1945
9878 Bale 9812
9878
5
Bolivia (Republic of) ext188.1047 MN 9934 Sale 9914
100
69
External gee 78
1958 J J 8212 Sale 821.
8412 17
Externals f 78
1060 3,1
8158 Sale 81 83
46
•tordesux (City of) 15-yr 68.1934 MN 9912 Sale 9912 100,
4 48
Brazil(U (i of) external
1941 • D 105 Sale 105
10512 69
External s 16 48 of 1926_ _1957 AO 88 Sale 87
8812 161
Exti af 634e of 1927
.1057 AG 8718 Sale 87
8814 76
78 (Central Railway) ....11152 .1 1) 96 Sale 9478
96
16
74s(coffee secur) (11861_1952 A 0 10412 Bale 104
103
7
dremeu (State of) cell 78_1935 NI 5 100 Sale 100
10012
33
Brisbane (City) a 1 58
1957 M
91 Sale 90
9118 26
Sinking fund gold 50
1958• A 90 Sale 90
9112 73
Budapest (City) esti s f fle _1962 ID 7578 Sale 74,
4
737g 48
Buenos Aires(City)6148____1955 .1 J 100 101 100
10012 11
Fall 8 I Os set' 0-2
1960 AO 100 Sale 95,4 Sept'29
Exti e I tis ser 0-3
1960 AO
9514
9712
0
Buenos Aires (Prov) extl Os.1961
9012 Sale 90
9078 70
Bulgaria (Kingdom) of 78__ _1907 J J
75 Sept'29
73
76
StabToPti of 74s_Nov. 1688
84 Sale 8312
85,2 31
Cakbui Dept of(Colombla)7)18'46 J J 90 Sale 8912
0914 30
Canada (Dominion of) W..1931 A 0 100 1004 10012
10032 11
as
1052 MN 10212 Sale 102
010312 36
.114s
1936 FA 9712 Sale 9712
9734 36
Carlsbad (City) $ I 88
1954 .1
105 103
104
13
Cauca Val (Dept) Colom 74e'53 A
96
-96
98
98
Central Agrie Bank (Germany)
Farm Loan I 78 Sept 15 1960 al
9114 Sale 9312
9414
Farm Loan a f Os_July 15 1960 J J
7934 Bale 7914
8012 18
Farm loan a f 68.0et 15 1960 AO 7914 Sale 7914
80
64
Farm loan 68 err A_Apr 15'38 AU
8612 3:1
8012 sale 8512
Chile (Republic of)20-year external s 1 7e_ _ _ _1942 MN 10018 Sale 100
10014 35
External sinking fund 6e_ _1960 A 0 gni Sale 904
0138 220
External e f 68
1961 FA 90 Sale 8938
9114 75
Ry ref esti s f ils
J
J
1961
9112 Sale 90
9134
46
Esti einktne fund 68
1961 M 5 90 Sale 90
9138 36
Fall sinking fund 68
(062 M
90 Sale 90
91
8
Chile Mtge Ill 834e June 30 1957• ID 9438 Sale 94
95
28
1 Otis of 14/26__Iune 30 1961 ii) 97 Sale 97
98
94
Guars fiis
AG
Apr 30 11)61
9018 Sale 9012
9112 49
(Ilukuang Ry)55... 1051 J
3634 Sale 36
37
12
. Orlatiania (Oslo) 30-yr a 1 tle '54 NI
10138
10114
10133 24
Alogne(City)lermany 8he1950 MS 90 - 1-3-4 90
90
62
1. Womble(Republic) Os
1981 J
7818 Sale 7812
80
17
External 81 Os of 1028___ _ 1961 AO 7812 Sale 7812
7914 32
Colombht Nits Bank of 848_1947 AO 78 Sale 78
7914
7
Sinking fund 78 of 11126_ 1046• N 85 Sale 85
87,
4 41
BinkIng fund 78 of 1927..1947 FA 78
79
8514
86
,
8 15
Copenhagen (City)5s
1952 J
9434 Sale 9412
96
43
25-yr s 448
.1953 MN
8514 Bale 8514
8512 23
Cordoba (City) esti Of 75._ _1957 F A 93
9312 93
94
6
External e I 78 Nov 15 1937 53 N 93
9314 93 Sept'29
Cordoba (Prey) Argentina 781942 J J 9734 Sale 9734
9734
7
Costa Rica (Repub)ext1 78_1951 MN 91 Sale 91
92
13
Cubs (Revue)) 58 of 1904._ _ 1944
10112 Sale 102
102
4
External 5e of 1914 ser A_ _1949 F A 103 Sale 1103
103
6
External loan 434e ser C_ _1949 • A 96 Sale 96
9734 70
Sinking fund 545- -Jan 16 1953 3
102 Sale 10112 102
27
Cuncllnamarea (Dept) Columbia_
Bill led 63.4e
1959 MN 76 Sale 76
77
31
c 0n the basis 01 85 to the £ sterling. o Sales for cash.
Range
ague
Jan.1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 13.
Price
Friday
Sept. 13.
Week's
Range or
Last Sate,
High
514
Ask IMO
High
Czechoslovakia(Rep of) 88 1951 A 0 109 Sale 109
10912
96
9984t
1952 A 0 109 10912 109
Sinking fund 8s ser B
10912
96
991'ss Danish Cons NIunielp 8s A 1946 F A 10834 Sale 10812 109
98444 100'as
1946 F A 109 Sale 109
Series B s 8s
109
9921n 99l4
1942 J J 103 Sale 10218
Denmark 20-year esti 6s
10312
Esti g 54s
1955 F A 10014 Sale 9934
10014
Esti g 4 tia
98°42 000"44
Apr. 15 1962 A 0 8578 Sale 8514
8558
105 111,342 Deutsche 13k Am part elf 6s_1932 M
97
9712 97
9712
101,411061143 Dominican Rep Cust Ad 54e '42 M
8912 92
92
9234
9814341031'42
let sec 54s 01 1926
90
91
91
91
40 A 0 92 Sale 9112
95.42 98,'22
2d series sink fund 4s_ 194°
9334
95442 98"44 Dresden (City) external 713_1945 M N 99
9912 9938
9978
Dutch East Indies ext)65_1947 .1 J 10214 Sale 10214
10212
1962 M S 10214 Sale 10214
40-year external 6e3
10212
30-year external 5%rt.._ -1953 M S 10134 Sale 10131
10258
87
8812
1953 M N 1014 102 1015s
30-year external 548
102
8.014 884 E1
onia (Re0( pu
F4tSalvador
78b) 85.. _ 1948 J J 1084 Sale 108,
4 110
81
85
of)
81
81
53
Finland (Republic) extl 156_ 1196
51 S
j 8738 Sale 87,
947
2
89
95
915
External oink fund 7e___ _1950 M
9914 Sale 9834
9914
102 104
Externals 10348
9238 Sale 9112
1956 M
9212
102 104
F.1xt1 sink fund 53.45
8478 Sale 8478
86
971. 9712 Finnish Stun Loan 648 A 195
58
4A
F O
A 9114 Sale 9114
94
9534 98
External 634e series B
1054 A 0 9158 9212 9152
9158
97 10018 French Republic ext 734s_..1941 3 D 112 Sale 11134
11212
1/9
99
1949 J D 10914 Sale 1087a
External 7s 01 1924
1091,
101 10114 German Republic ext'l 70_1949 A 0 10514 Sale 105
105
,
4
9814 10112 Gras (Municleality) 88
1954 M N 9512 Sale 95
96
Gt Brit & Ire](UK of) 548_1937 F A 10214 Sale 102
102%
10138 16ie4% fund loan £ op 1980.1990 M N 60
8034 03112
8112
1034 10314
c5% War Loan E opt 1929.19473 D c9612 97 c9612 Aug'29
102 10418 Greater Prague (City) 7 48_1952 M N 10514 Sale 10514
10534
9912 10114 Greek Governments I see 78.1964 M N
93 Sale 93
9434
9912 10114
Sinking fund sec 65
1968 F A 8118 Sale 8118
8212
1952 A 0 99 Sale 99
Haiti (Republic) e f 68
99
1946 A 0 9212 9334 9212
Hamburg (State) Os
93
Heidelberg (Germany)ext 734s 5011 .1 10038 101 101 Sept'29
75
89 Sale 89
891
9012 Hungarian Munic Loan 734. 194513
7378 90
External s I 7s____Sept 1 1946J J
8533 854
8534
84
8912 Hungarian Land M Inet 734s '611M N 9112 Sale 902
93
844 9654
S f 748 ser B
1961 M N 9112 9212 9211
9214
85
9478 Hungary (Kingd of) s I 748_1944 F A 9934 Sale 9934 100
85
957g Sale 9584
957s Irish Free State eel's s I 58_ _1960 81 N
9612
8412 9512 Italy (Kingdom of) ext'l 7e....1951 J D 9512 Sale 95
9534
9412
Italian Cred Consortium 7s A1937 M S 9312 9618 9412
85
:)5
1947M S 93 Sale 93
Esti sec e f 7s ser B
85
96
9314
9314
Italian Public Utlitty eat 70_1952 .1 J 93 Sale 93
93
85
93
1931 J J 924 Sale 924
Japanese Govt £ loan 4e
86
9234
1054 F A 10078 Sale 100
30-year s f 64e
9814 1004
10078
Leipzig (Germany) 8 1 78_1947 F A 9712 Sale 9712
98
98 10118 Lower Austria (Prey) 746 1950 J D 97
99
9634
97
9818 1004 Lyons (City of) 15-year 6s 1934 MN 9938 Sale 9938' 10014
98 101
9818 10034 Marsellee (City of) 15-yr 63_1934 53 N 9914 Sale 9914
1001 1
7414
984 1004 Medellin (Colombia) 6 tie_ _1954 J D 7414 76
7612
15
_
1612
08 10034 Mexican Irrigat Asstng 448_1943
1612
19
Mexico(U 9) esti 56 of 1809 £
19
'
45
4934 Jan'28
98 101
-2214
Aesenthig 55 01 1899
94 10034
23 Sept'29
Assenting 58 large
9134 9714
28 July'29
Assenting 48 of 1904
89
1512 Sale 1512
0212
1612
Assenting 4s of 1910 large_ _ _
9118 97
20
20
Assenting 4s 01 1910 small
1534
9I78 9612
1534
Trees Gs of'13 assent(large)'33
-Zis 16- 2718 July'29
8412 8814
Small
25 June'29
10114 105
Milan (City, Italy) ext'l 8 48'52 A 0 8512 Sale 85
88
9014 9612 Mtnaa Geraes (State) Brazil—
11212 11538
90
1958M S 88 Sale 8738
Extl s 1 64e
10512 110
Montevideo (City of) 7s___ _1952 .1 D 9812 9978 98
997s
10214 10312 10214
10218 107
10314
Netherlands Os (flat prices)._1972 M
99E4 Aug'29
1954 A 0
30-year external Os
9734 1011.
10634 109
9112 Sale 9112
9214
New So Wales (State) ext 581957 F A
10118 10612
9212
External s f 6,
Apr 1958 A 0 92 Sale 92
109 11212 Norway 20-year esti 6s____1943 F A 10214 Sale 102
1024
0612 101
10134 Sale 10134
1944
20-year external Os
10238
89
30
10112
99
1952 A 0 10012 102 10014
99
,
4
40-years
814 92
11)653 D 9912 Sale 9918
s
exi1e
/A
nael 69
9412
98 104
External of 5s____Mar 15 1963 'VI 9 9412 Sale 9314
98 104
9112
Municipal Bank esti of Ss 1967 J 0 9138 9212 90
,
4
8312
8212 95
Nuremberg (City) esti Os_..1952
1946 F A 8312 Sale 82
101
Oslo (City) 39-year, 8s_._1955 M N 9918 101 10058
SO
92
9414 Sale 9414
Sinking fund 54s
984 101
9612
105 109
102
Panama (Rep) esti 53.4s..- _1953 .1 D 100 102 101
88
06t2
93
Esti e 1 fte 8er A _ _May 151563 MN 87
91
88
88
8812
964 Pernambuco (State of) ext 78 '47 M S 87 Sale 87
94 102
Peru (Republic of)
1959 NI S 9934 Sale 994 100
Exti e I sec 78
10134 1074
84
8234 Sale 82
19(103
Nat Loan esti et fie
9912 1021.
84
1961 A 0 8212 Sale 82
SIgele
851s 9312
86
7814
1940 A 0 78 Sale 78
Poland (Rep of) gold 68
93
8514
7314 834
A 0
Stabilization loans I 7e
.1 8434 Sale 8412
190
95
47 j
99 IO2,8
92 Sale 92
944
Exti sink fund g 88
10114 10212 10114
94. 100
102
Porto Alegre (City of) 8e__ _1961 J
Exti guar sink Id 74s
1066
J 9538 9534 953s
944 10018
964
Queensland (State) esti f78 19
90
94
947
1 A
F O
A 10912 Sale 109
1094
75
10312 Sale 10312 10334
90
25-year external 08
8312 974 Rio Grande do Sul esti s I 8e_1946 A 0 10514 Sale 10434
10512
8112
Esti sf 66
1968 J D 8018 Sale 8018
8912 101
93
Esti el 1 7s of 1920
1966
N 9212 Sale 90
9812 1014
9012
Esti s f 78 munic loan
89 Sale 89
1967 J
9934 10514 Rio Or Janeiro 25-yr 818e
19441 A 0 10414 Sale 10312 105
96
Exti e I 64s
8912
994
1953 F A 87 Sale 86
103 10712 Rome (City) eel' 63-4s
87
1952 A 0 8012 Sale 8618
96 102
10318 10412 103 Sept'29
953
84 j
Rotterdam (City) esti 68_19
M
Saarbrueeken (City) 138
85
8378 Sept'29
84
9218 99
Sao Paulo(City) 6183__ ar 1952,M N 10838 Sale 1084 110
77
Exti 51 634s of 1927
90
1957.M N 8912 Sale 8814
8838
7712 88
San Paulo (State) ext1 1 8e_1936,.1 J 10212 Sale 10238 1034
10212
8412 9238
10212 Sale 10214
1950
External sec s f be
9612 07
93
External 0178 Water L'n_1956 M
100 103
Esti s f
86
19083 J 8512 Sale 85
Int refs
8812 94
Santa Fe (Prov Arg Rep) 7s 1942 M
9534 Sale 9434
9678
8958 9414 Saxon State NItg last 7s
9234
1945 J D 9234 Sale 9112
8914 94
Dec 19461J
8614 Sale 8614
Sig 614e
8614
90
Seine, Dept of(France)ext17e '42.J J 105 10612 10534 10612
94
8912 94
Serbs, Croata & Slovenee 88 '621S1 N 847g Bale 8112
85
94
904
Extl sec 7s eer B
1962M N 7312 Sale 73
74
9514 1004 Silesia (Prov of) ext 70
1958 1 .11 D 7312 Sale 7312
7512
89
Silesian Landowners Assn 88_19471F A 7034 Sale 704
04
7034
34
4438 Solseous (City of) esti
N 994 Sale 99
100
9814 10138 Styria (Prov) esti 76
10461F A 85 Sale 85
86
877g 97,
19391.1 D 102 Sale 10134 102
8 Sweden 20-year 63
7614 91
103 Sale 10212 10318
External loan 53411
7614 91
Swims Confed'n 20-Yr a 1 811-1994054!J
108 Sale 10734 109
M
7512 8812 Switzerland Govt ext 5 Ka_ _1944 A 0 10234 Sale 10134
103
83
E C
9314 Tokyo
ef
it5
44
y5sogtis
loanrof 1912..1952 M S 74 Sale 7334
75
82
0514
1901 A 0 84 Sale 84
8438
934 07
Tolima (Dept of) esti 78
1947 SIN 70
84
89 Sept'29
8412 8918 TrondhJem (City) 1st 48 1967 M N
912
9138
914 92
93
Upper Austria (Prov) 7e
98
1945 J
9312 95
90 Sept'29
93
Externals f 334,. _June 16 19573 D 8512 8614 8512
9712
8614
9534 101
Uruguay (Republic) exti 88_1946 F A 108 Sale 10612 108
91
External s 1 8a
96
1960 M N 9734 Sale 9638
974
99 10212 Venetian Pro, Mtg Bank 78_1962 A 0 8714 Bale 8612
871
97,
4 103
Vienna (('ity of) esti s I 60..1052 M N 84 Sale 84
853
9312 9912 Warsaw (City) external 78_1958 F A
764 Sale 764
771
9734 107
Yokohama (Cite) extltis.....1961 I D 9012 Sale 9014
90.8
747k 8914
453
Range
Since
Jan. 1.
No, Low
High .
51 109 111
2 108 Ill
18 1077s 111
6 10712 11012
33 102 1047g
50
98,
4 10134
73
8518 90
33
98
99
2
914 99
gm, 9812
5
8
90
9734
11
98 10138
7 10134 10412
34 1013t 104
10 10034 1034
9 101 10312
15 106 111
5
79
86:10
32
8738 973s
10
9712 101
9112 9912
34
8478 92
6
9114 99,2
4
914 0814
173 10938 115
164 10512 111
64 10434 108
34
95 10212
80 10112 10452
3 gS018 8778
05
,
4 100
11 1134 107,2
15
914 99
21
7812 874
22
964 101
6
9212 974
10038 10412
6
8812 100
2
85
94
3
8918 98,4
4
92
9412
4
9912 10112
18
95
9714
135
9418 97,
4
1
9314 96,2
18
91 12 9512
18
9018 95,2
47
90
94
127
9874 103
2
95 10012
7
924 9972
12
98,
4 101
19
12
3
56
1
7
_
37
54
17
_
64
57
20
39
33
55
29
14
22
12
10
29
9
6
12
96
47
11
123
29
8
28
25
28
25
56
24
10
19
80
107
_
13
32
37
7
5
16
45
21
2
20
30
58
70
1
22
7
12
71
33
42
16
22
2
13
45
29
88
3
17
0812 101
741 1 3934
15
25
-2212
28
151 2
17
15,1
25
25
84
35
34
223s
23,4
22,s
37,2
355s
9132
85
9712
1024
994
90,2
901 4
100
100
100
9878
9314
881 1
82
991s
9414
9812
8878
86
9512
1034
108
1004
95
9434
10314
10314
10378
10134
9738
95
90,2
10252
102
10212
9414
95
99 103
9014
82
82
0012
74
8312
81
8834
92
99
10114 10612
9538 1024
1084 113
100 1047g
10424 10614
8018 92
90
9918
8812 93
1034 10612
86
0534
86
9134
10134 10412
8212 9112
10734 115
8814 9812
10238 108
101 10712
0678 102
8238 0314
944 98
9112 1004
8614 95
10218 10812
8412 96
724 8112
7312 go
7034 3478
9758 100
83
94
10138 10414
10034 10514
10712 11034
10018 10514
7234 7834
8318 9012
8312 92
9038 9614
90
9812
8312 8934
10411 10938
9512 100
88
94
84
9012
8514
75
8934 904
New York Bond Record-Continued-Page 2
1712
BONDS
1 STOCK EXCHANGE.
Ms '
Week Ended Sept. 13.
I
PM.
Friday
Sept. 13.
I.
Bid
Railroad
AaG$SoUletconeA5i.._,._19433 D
1943J
let cons 4s ser B
Mb & Sumo let guar 3tis__ _1946 A 0
1998 A 0
Alleg & West let g go 4a
1942M
Ann Arbor let g 45____July 1995 Q J
Atch Top & 8 Fe-Gen g 46_1995 A 0
A 0
Registered
Adjustment gold 40__July 1996 Nov
Stamped
-July 1996 M N
MN
Registered
1955 J D
Cony gold 4s of 1909
1955 J D
Cony 4s of 1905
Cony g 4s issue of 1910...1960 .1 D
D
1948
Cony deb MO
Rocky Mtn Div let 48_1966 J
Trans-Con Short L lit 41.19583 J
Cal-Ads let & ref Oka A.1962 M S
At! Knox)
,& Nor lst g 641_1946 J D
At! & Char! A L let MO A._1944 J J
lin 30-year be series B
1944 J J
Atlantic City let cons 48_.19513 J
At! Coast Line lst cone 4s July'52 M
M8
Registered
1904 J D
General unified 4e
& N coil gold 4s____Oct 1962 MN
All A Day lat sr to
19483 J
4/1
1948 J J
Atl & Yad let guar Is
1049 A 0
Austin & N W let gll 68
1941 J
•
Week's
Range or
Last Sale
Ask Low
4 '4
9918 Aug'29
1
93
93
82 Aug'29 _9212 May'29
5
92
9214 92
90
3
7212
7214
78
72
9114 43
9014 Sale 90
2
8738
8738
5
881
88 Sale 8712
864 94
8578 8618 85
85 May'29
823 ---- 88 Aug'29
2
8612
288
Sept.29
8114
86
16278 667
155 Sale 153
1
84
8212 8878 84
8618 23
8618
8618 88
7
9512 sale 9512
9534
9938 10334 103 Apr'29
95 June'29
2
10058 Sale 10058 1004
8912 84 July'29
84
13
91
8912 Sale 8912
96900414
90I4
94i4
Aug
8612 11
8618 Sale 8618
634 65 6312 Sept.29 _
55
593* 56 Sept'29 _
814 8012 Aug'29 _ -78
9812 ____ 9812 Aug'29 --
Balt & Ohio 1st g 48____July 1948 A 0
Registered
July 1948 Q
1933M S
20-year cony 5345
M S
Registered
Refund & gen 60sake A-1995 J 11
J D
Registered
let gold 68
July 1948 A 0
19963 D
Rel&genOeeerleec
PLEA W Va Sys ref 4a_1941 MN
1950 3 .11
Southw Env let Si
Tol& Cin Dly lst ref 411 A_1969 J J
2000 M S
Fief & gen 5s series D
Bangor & Aroostook let 5a_1943 J J
19513 J
Con ref 4s
Battle Crk & Stu/ let gu 35._1989 J D
Beech Creek let gu g 4e. _ _1930 J
J J
Registered
19363 J
2d guar g Fie
Beech Crk Ezt let g Hs_ __ _1951 A 0
Belvidere Del cons gu 3348.19433
19443 D
Big Sandy 1st 4s guar
1927 J J
Bolivia AY let 58
S
Beaton & Maine let 5s A 0_1967
Boston & N Y Alr Line 1st 48 1965 F A
Bruns & West let au e 4e-1938 3
Buff R&M & Pitts gen if 65-1937 M S
1957 M N
Consol 434s
Burl C a & or let & coil 58 1934 A 0
74
92
9078
874 July'29
146
97
9658
98 June'28 _
100 Sale 9912 10014 61
9914 June'29
102 Coifs 10158 1021s 42
10812 Sale 10712 10812 33
31
91
9034 Sale 90
112 84
10012 Sale9
134 100
89
13
12
83
El
100,4 78
9912 Sale 9914
5
01
18
05
102 105 181
83
81
6812 Feb'28-_
9414 22
-94- dile- 94 Aug'28
-- 95
9312 __-- 97 June'28
80 Mar'29
Canada Sou cone gu Si A _ _ _1962 AO
Canadian Nat 4tis_Sept 15 1954 MS
5-year gold 4348__Feb 15 1930 FA
30-year gold 4348
1957 J
D
Gold 4348
1968
Canadian North deb e I 76_1940 ' D
1946 J J
35-year 5 f deb 8348
Registered
10-yr gold 4tis_ --Feb 161936 FA
Canadian Pao Ity 4% deb stook.. ▪ 1
1948 MS
Col tr 4He
1944 J J
Si equip tr temp ctfs
Carbondale & Shaw let g 43_1932 MS
1949 Ii
Caro Cent let cone g 48
Caro Clinch &0 let 30-yr 53_1938 3D
let & con g 68 ger A_Deo 16'52 J o
1981 J D
Cut & Ad letgug4e
Cent Branch U P let it 48_1948 3D
10158 105 1014 Sept.29
9112
9138 9278 914
994 Sale 9914
9938 56
9314 23
9258 Sale 9212
9212 22
9212 Sale 9212
37
112
111 Sale 110
24
11314 11414 11338 114
Apr'29
112
5
9714
9714 Sale 964
166
8
82
,
8%
8118
Sale
61alie 0
.
1132 8
884
9
12
1017s 81
10018 Sale 100
0818 Mar'28
1
7334
7331 7412 7334
9912 101
9914 Sept'29
3
1004 1053, 1002 107
____ 90 8734 May'29
7812 7934 7934 Aug'29
Central of Ga let gs_Noy 1945 F A
1946 M N
Condo] gold 58
MN
Registered
Ref & gen 634e series B___1959 A 0
1959 A 0
Ref & gen Is series C
Chatt Div our money g 48- 1951 3 D
Mack Nor Div 1st 3 5.8_1940 1 J
Mid Oa & Atl div our m 55 1947 J J
1946 J J
Mobile Div let g be
1001 1 J
Cent New Eng 1st gu 45
Central Ohio reorg lst 44s 1930 15.1 S
Cent RR & Bkg of Ga coil 6e 1937 M N
Central of NJ gen gold 541-1987 J 3
1987 Q J
Registered
19813 J
General 48
1949 F A
Cent Pac let ref gu g 4s
F A
Registered
Through Short L 1st gu 48_1954 A 0
F A
1980
Guaranteed it be
____
102
10018 102
96 Sale
Charleston & Savnli let 78_1936 J .1
1939 M N
Cheek Onlo let con g bs
1939 M N
Registered
1992 PA S
434e
General gold
M 8
Registered
1930 F A
20-year cony 43.4e
1993 A 0
Ref & impt 4348
F A
Registered
Craig Valley Ist 59....May 1 '40 J J
Potts Creek Branch let 42_104 .1 .1
R & A Div 1st eon g 48-.1989 3 I
1989 J 1
2d coneol gold 48
Warm Springs V Ist g be_ _1041 PA 8
Chesap Corp cony Si May 15 1947 M N
1949 A 0
Chic & Alton RR ref g 3s
Ctf del., stud Apr 1929 int_ -Railway first lien 334e_..1950 ii
Certificates of deposit----------Chic Dori & Q-IllDIv 349_1949
.1 J
Registered
Illinois Division 4.
1949 J 1
General 48
1958 M 8
M S
Registered
let& ref 44eser 13
1977 F A
1st & ref be series A
1971 F A
1934 A 0
Chicago & East III lst 63
C & Eli! Ry (new co) con 68_1951 MN
Chia & Erie let gold 58
1982 MN
Chicago Great West let ae 1959 M S
Chic Ind & Loulsv-Ref8s 1947 .1 J
Refunding gold Is
1947 J J
Refunding 4s Series C
1947 J J
1966M N
1st & gen 58 ser A
lst & gen Be ser B __May 19663 J
Chic Ind & Sou 50-year 4s_ _1956 .1 I
1969 J D
1.121c L 8 & East 1st 4 48
Ca MA St P gen g 48 A_May 19893 J
Registered
.Q 3
Gem g 3%3 ser B___ _May 18863 J
1.0214 ____ 11114 Mar'29 _
10
103
103 Sale 10218
10214 Dec'28
9512 24
94% Sale 9414
Mar'29
Sale 9918
98
1293/93 77
9414 29
94
Sale
94
921s Mar'29
89 10314 June'29
80
8212 8412 8812 May'29
8114 95 85 Aug'29
82 July'29
100
-- - - - 100 Mar'29
9912 125
9878 Sale 9812
1
66
66
6514 66
114 10
75
6
2
6514
6514
6612
681
58 51
3
71
6612 ___- 70
8218 23
8333 81
82
_
Apr'29
84
4
984
88C4 Sale 0813
8912 18
89
8834 89
28
6
34 Sept.
6134
9
12
-653.8
10314 30
103 Sale 103
16
101
10018 1044 98
7434 72
74 Sale 74
10012 104 1005s 10034 12
60
6414 Sale 634
65
10858 ____ 10858 Sept.29
98 10412 10018 June'29
Aug'29
96
9961
97
96
11
104 105 10312 104
8514 89 8512 Sept.29
93 Sept.29
5
8012 81%801,
801
7615 Aug'29
70
70
70
9138 Sale
9634 Sale
94 iiie76 Sale
9012 Sale
10012 Sale
8712 Sale
954 Sale
551276
9012
10012
87
9312
--ie _
Aug
9412 --LO
76
9012
10034
8712
9512
3
3
1
12
1
10312 Sept'29
6
99
99
100 June'29
2
10012
100
37
97
9534
87 Mar'29
____ 107 101 June'29
99 994 Aug'29
95
8
100
100 Sale 100
7618 Sale 764
784 10
9
100 Aug'29
97 Bale 97
5
10718 Sale 10718 1074
10434 Sept'29
89 Feb'29
-6
893*
8938 Sale 8834
- 8714 Sept'29 8638 8813 90 Aug'29
68
100
9934 Sale 99
103
99
N
BONDS
Y. STOCK EXCHANGE
Week Ended Sept. 13.
as
z
Price
Friday
Sept. 13.
Weeks
Bangs or
Last Sale.
High No,
Ask Low
Bid
High Chic Mllw & St P (Concluded)
1
9134
Gen 4348 series C___May 1989 J al 9134 Sale gioy
100 May'28
991s 1051
:
Registered
26
9012
8912
904
904
94
33
93
Gen 4He eeries E__-_May 1989
8178 Feb'28
8612
Deb 413(June'25 coup on)_1925 3D
81
8912 168
90
921s Chic Milw SIP & Pao 59____1976 FA 89 Sale 8814
794 559
95
91
Jan 1 2000 AO 78 Sale 77
Cony ac11 5e
78
Chic & N'weat gen it 3340...1087 MN 7334 7412 744 Sept'29
71
Oct'28
7712
94
Q F
90
Registered
837s 12
92
1987 MN 8312 Sale 834
85
General 48
84 Apr'29
8433 92
Q F
Registered
July'29
8618
83
8338 90
StPd 4$ non-p Fed in tax '87 MN
99 Aug'29
Gen 434e clod Fed Inc tax_1987 MN 9734 99
8034 85
90
88
Gen tis etpd Fed Ins tax...1987 MN 10412 Sale 10412 10434 13
101 Apr'29
MN
91
85
Registered
9912 Aug'29
1879-1929 A0 9934
8113 90
Sinking fund Si
10014 Oct'28
A0
10812 165
Registered
9914 Aug'29
92
1879-1929 AO 994
84
Sinking fund 58
99 Mar'29
AO
8533 93
Registered
_
1004 Sept'29
1166Ts
1933 MN .
9512 100
Sinking fund deb Si
_
100 June'29
N
103 10314
Registered
10
101
8
1003
101
ii5(34
3D
1930
10-year secured it 78
961s
93
4
alee 108 108
Sai
14 s
10
10058 104
15-year secured If Hs_ .._ _1936
8
10118
101
let ref it 58
8712
84
May 2037 3D
9312 33
May 2037 3D 92 Sale 92
let & ref 4He
8814 93
2
8253
8258 Sale 8134
9014 9014 Chic R I & P Railway gen 4s 1988 J
8158 Aug'29 _
33
991s
93
Registered
9234 162
91
1934 AG 9234 Sale 921s
84
Refunding gold 4s
9234 Jan'29 -AO
631z 75
Registered
47
89
67%
53
1952 MS 88 Sale 88
Secured 410series A
84 Aug'29
8013 8312 Cb St L & NO Mem Div 48_1951 3D 80
1
101
101
3D
1951
16
10314
9514
Gold 5e
June
107 Apr'28,
•D
Registered
81 July'29
9314
89
Gold 334e
June 15 1951 3D
78 Apr'29.__
92
it)
Registered
87
9912' 991:1 1
Cil St L & P let cons g 58-_-_1932 A0
9612 99
8June'28
1016
A0
Registered
12
100.
99 lOP: Chic St P M &0cons 6e...1930 3D 9914 Sale 99
__
9914 9914
9534 May'29
Cons 66 reduced to 3tie___1930 3D 97
974
984
9914
1004 1044
43
Sale
1930 MS
Debenture 5s
971. Aug'29 _MS 984
10714 110
Stamped
9214 17
Chic T Hele So East 1st 6s.__1960 J o 92 Sale 9112
8914 94
3
9314
9933 10312
Ina gu 5s
Dee 1 1960 MS 82 Sale 82
7
9378
784 8514 Chic Un Sta'n 1st gu 4348 A 196333 9378 Sale 92
4
103
101
103
J
103
▪
10214
jet
99
55 series B
1963
10112 22
99 105
1944 3D 10112 Sale 101
Guaranteed g 58
5
116 I
8614
78
let guar 6 He series C
1963• .1 11258 11534 115
__
10014 Sept'29
_
Chic de West Ind gen (is Dee 1932 0 Ni 10012
8512 40
96
93
1952 33 85 Sale 8458
Consol 50-year 40
1962 MS 10112 Sale 10014 10218 21
let ref 6345 series A
9912 Jan'29
99
N
Choc Okla & Gulf cone 55_1962
__
93 Mar'29
1937 33 92
-80 80 Cin El & D 2d gold 4tis
9612 July'29 ____
St L & C let it 4e_Aug 2 1936 Q F 93
9258 Sept'29
Aug 2 1936 Q F
-ai- WI; Registered
93 86 Aug'29
CM Leb & Nor let con gu 48 1942 MN 86
High No. Low
9918 103
85
Range
Since
Jan. 1.
Range
Sims
Jan.1.
Lots
90
-154
High
9534
96
861: 94
69% 80
801z
72
83
913*
84
84
86
9014
9712 99
10334 10934
101 101
99 10014
6;
-oils 1099
99
9512 10134
100 10014
10013 103
10614 11114
10018 10558
9013 9734
8134 89
8113 81
9213 95
9234 9234
8514 9515
88
83
101 106
81 I1-1;
80
78
99% 101
"lir
101
95114 97
96 101
92% 9913
8912 10012
9We
83
90% 10014
101 10412
100 103
112 118%
1001s 10114
8313 8914
9912 105
gm: 10112
93 94%
9612
94
9253 9258
9538
81
_ 100 July'28
8112 Clearfield M Mah let gu 13e._1943 33 9812
76
744 lir
9012 10015 Cleve Cin Cb & St L gen 40_1993 3D 8512 86 88 Aug'29 _
9918 10
99
1931 33 9878 99
11118
97
20-year deb 4%s
99 10134
___ 104 Aug'29
1993• D 1031
103% 112
General .58 series B
0225
86
8 1041 10312 Sept'29
10034 10533
9512 102
1941 33 10338Ref & inlet Is ser C
98 10312
.196333 10012 Sale 10012 10034 - 34
Ref & Irina 5s ser D
9118 July'29
91
93
9312
Cairo Div let gold 414 _ _1939 J
101 10634
92
807 8012 Aug'29
80
Cin W de M Div lat g 48-1991 33 80
9112 9634
8812
83
St L Div lst coll tr g g 441-1990 MN 8114 84 83 Aug'29
9734 9934
933g
Mar'29
9218
92%
90
9213
MS
g
let
Div
Col
&
Spr
90
92
6 28 _ _ __
Oct'28
90
_
1940
J
W W Val DM let g 4a
95
91
4 92
91
98
40813 113
Ref.& Impt 434e ger E._ 1977 33 9114 -9234
7219
'
,
Aug
14
2
7
0
19
2
7
0
19
10418
1934• J
11212 116% CCC&1 gen omegas
97 10112
Cloy Lor & W con Ist g 541-1933 AO
112 113
Oct'28 _
Cleve & Mahon Val it 6a... 1938 33 944 ____ 100
9514 99
95 164
__- 95 July'29 _
N 945
1935
CI & Mar let gu it 434s
8058 80
_
8-081 10034 Mar'28
Cleve & P gen gu 410 ser 11.1942 A0 9528
99
95
_ "iii" If
_ 97 May'29
1942 A0
Series B 314e
99 10178
__
97
953s
1942 33 954 --- 98 May'29
Series A 434e
8518 854
8518 May'29
1948 MN
Serles C 3tie _
70 -ills
8934 898s
-89 8934 Jan'29 _ _ _
1950 P A
Series D 3%5
98 102
8
94
92
9934
4
95
106 109
Cleve Shot' Line let gu 4348-1981 AO 93
9 105% 109
8734 8734 Cleve Union Term let 5%5..1972 AO lows 10614 1064 1061s
Oct'28 _
- 107
AO
Registered
7934 Sh
17 ioof• 1057*
1973 AO loOis 1-__78 10034 101
Wet Meer B
98 Aug'29 _
98
98 101
10112 1031s
1977 A0 96
lilts I guar4 He ser0
98 103
8413 9058
_I 8412 Aug'29
Coal River Ry let gu 411
1946 3D 8434
100 100
14
97
8318 9724
904 105% Colo & South ref & eat 4 H11-1935 MN 96 Sale I 9534
8373 91
9434 101% Col & H V 1st eat g 46
1948 A0 8612 88 84 Aug'29
_
9112 92
92 Aug'29
1965 P A
Col & Tol let eat is
87
87
90
88
88 Apr'29
Conn & Passum Riv 18141_1943 A0 - 101 101
_
_
June'29
9412
9412
94%
_1930 FA
99% Congo! Ry deb 48
95
76
65
- . 65 Aug'29
9314-74
9958 101
1964 3 J 6712
Non-cony 4e
72
87
84
Non-cony deb 411.....J&J 19553 J 8712 7112 67 Aug'29
70
- 76 Nov'28
Non-cony deb 4s_ _A&C)1955 A 0
97 100
89
72- 69 July'29 -75
6712-Non-cony debenture 48_ 195.9 J J 65
9914
95
78% 32
9314
78
1942 J D 78 Sale 78
10.5 1114 Cuba Nor Ry lst 5 Ste
83% 18
82 80
98
80
10358 1095s Cuba lilt let 60-year 5e g_ .1052J 3 80
991s 13
99 Sale 98
98 108
let ref 7 tis series A .......1938
89
89
9234 9234 Sept'29
9012 98
8834 93
1936 1 D 92
let lien & ref Is ser B
8714 8714
_
9812
97
__ 9712 97 June'29
914 Day & Mich 1st cons 4348_1931 J
88
7
8814 902
90
Del & Hudson let & ref 49_1943 M N 90 Sale 8934
99 103
1
100
97 10412
1935 A 0 97 101 100
30-year cony 58
5 100 105
1037 MN 10012 Sale 10012 10112
15-year 510
1114 1134
7 10018 10314
1930 J D 10012 Bale 10012 101
10-year secured 7s
10133 10412
_6
8 _6
234
88
2 Auff'
99
8
84
1936 le A
D ERA 1.11dge 1st gu g 4a
Sale
92'4
88
94 2-o-o-14 Den & R G Ist cons g 43_ __ _1036 .1 11 88',
5913 9412
913 Aug'29
19303 .1 9018 92
Consol gold 44e
9214 98
9978
8934 139
98
89
9842
Den AltO West gen 58_ Aug 1955 M N 8912 Sale 89
8412 25
9334
84
Ref & ltnpt 50 sec 13 Apr 1978 %1 N 8412 Sale 84
904 955s
40
3014
1
3014
3014
2512
26
J
19353
Dee
924
D
Ft
&
1st gu 4e
9218
27 Aug'29
36
2512 32
26
91913 10314
Temporary ctfe of deposit_____
- 9258 Feb'29
9258 9258
8813 88,2 Dee Plaines Val let gen 4 48_1947 6713 _
7614
65
1995 3 D 69 -7-02 65 Aug'29 _ _ _
8634 Det & Mao let lien g 4e
83
75 May'29 _ _ _ _
76
69
75
1995 J D 65
Cold 4s
86
81
Aug'29
96
100,
95
93
95
MN
48_1961
4
Detroit
100
Tunnel
100
River
19018 1031,
9(1 10012 Dul Missabe de Nor gen Is._ 1941 J J 10053 - - 10034 Aug'29
99
3
99
971s 1015e
64
707s Dui & Iron Range let &L....1937 A 0
7478 Sept'29
99-75
8112
70
Dui Sou Shore & At! it 5s__ _ _1937 1 J ____
69
64
04
67
9414 87 Aug'29
East liy Minn Nor Div let 48'48 A 0 82
71
66
90 101
9812 100 101 Sept'29
657s 71
East T Va & a Dly g 59_1930 J
10112
161 10534
1950 M N 10113 104 101
Cons 1st gold be
86
81
974 105
Elgin Joliet & East 1st g be_ _1941 M N 9812 10514 9933 Aug'29
84
84
957s 1051 1
1005 A 0 964 9834 9578 Aug'29
El Paso & 8 W let be
8818 94
8813 9312
33 100 104
Erie let coneol gold 7. ext_1930 M S 10012 101 10024 101
8213 16
81 Sale 81
8012 8578
1906 J J
-1554 09l2 let cons it 4s prior
__
7918 Mar'29
_
795s 814
1090 3 J
Registered
1014 106
7412 8012
7512 28
75
Sale
7512
J
3
let consul gen lien it 4s__ _1996
98 106
7358
_
7718 Aug'29
1906 J I
74
Registered
85,s
10038 102
1051 F A 1011z foil, 10112 Sept'29 _
Penn coil trust gold 4e.
9933 IOU
784 8412
8014
4
62
60-year cony 48 aeries A _ 1953 A 0 7914 8134 80
894
81
6
1953 A 0 81 Sale 8012
79'2 8412
&ales B
100,3 11334
7934 82'.,
1
8218
1953 A 0 82% -- -- 82%
Gen cony 411 series D
100 108
9114 92
9218 112
1Y67 MN 9212 Sale 9112
Ref&lmpti8
8238 92
106 11112
10734 1091 10734 Sept'29_
Erie & Jersey lets f 6s_ _1955 J
95 10314
105121- 3 105 112
Genessee River let ef5i_ -1957 3 3 10512 Sale 105
103 110
8878 8878
854 --- 884 July'291- 8512 9418 Erie & Pitts gait 334e sir B_ 1940 I
8818 884
19403 J 8578 ---- 8818 Jan'29 _ _
Series C 3348
91 12 94
1954 MN 10234 Bale 10253 103 I 43 10112 105
80
864 Est RR est! if 7e
7613 80
75
70
1713
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 13.
Ei
Mee
"mar
Sept. 13.
Week's
Range or
Last Sate
Rang
Sines
Jan.1.
Pries
Friday
Sept. 13.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 13.
Week's
Range cr
Last Sate.
Range
macs
Jou.1,
Ask Low
High
Bid
SW No. Low
High No Low
11401
Ark Low
Bid
98
977 98 Apr'29
98
Louisville & Naahv (Coscluded)- *0 10312 105 10312 Sept'29
36
10010
107
Fla Cent & Pen lit ext g 51-1930 II 90
1st refund 5155 Series A-2003
93% 9914
9538 9512 June'29
88
1943 J
101 1857s
let control gold 55
2003 *0 102 10212 017 Sept'29
lat dr ref 58 aeries B
89
94
89
8954 10
90
8
26
913
914
9118
99
91%
*0
92
Florida East Coast let 4)48_1959 ID 89
2003
C
series
1st tr ref 410
69
33
64
80
1
1974 MS 8818 Sale 6612
991
994 101
lit & ref 56 series A
- 994
9912
1930 1
N 0& M lst gold 81
8
3312
25% 50
3312 3258
991
1
9912 10014
618 9912
19Fonda Johns & Olov lit 434s 1952 MN 33
1930 13
2d gold 85
1
9334
9334 94
9334
85
July'29
FA
85
914
68
90
Fort St LT D Co 1st g 4 Ha__ _1941 11 9334 98 10414
4E4_1948
Paducah & Mem Div
10414 10714
Aug'29
____
M
81% 8238 604 Aug'29
Irs W & Den C let g 543-1961 ID 105
6012 6712
35..1980
gold
2d
Div
_
_
Louis
_
100
*
7
St
Aug'29
103
10014
AO
102
100
97
Sept'29
MS
97
934
97
94%
Frem Elk & Mo Val let 88_ _1933
434s.1945
g
1st
Montg
Mob &
961a 100
99 July'29 ___
89
85 Sept'29
85
011&BAM&Plet5s.......1931 MN 9718 99
8912
84
South Ry joint Monon 48_1982 JJ
9614 100
9614 Aug'29
99
1931 I, 98
88
92
MN
88
88
88
2d extens 58 guar
All Knox,& Cln Div Cs_ _1955 MN 87
98
92 100
2
98
97
0018
07
1933 AO 95
98
July
29
97
Gal, Bone & Rend let 65
4948'31
g
Div
Loulay Cin& Lex
89
85
8512 Sept'29 ____
87
88
3
9714 100
9714
9812 9714
Oa & Ala Sty let cons 55 Oct 1945 II
1934 31 971s .
Mahon Coal RR 1st 5a
75 Sept'29
7a 75
MN 74
76
78
Oa Caro & Nor let CU g be_ _ _1929 J
45_1939
Lines)
(South
RR
Manila
9812 Aug'29
944 100
77
65
737s 85 Sept'29
Extended at6% to July 1 1934 I
1959 MN 65
Ist ext 4a
734 7813
74 May'29
1945 * 0
987a 10012
ID 9514 9834 100 Aug'29
Georgia Midland let 38
Manitoba W Colonise%)51 1934
9834 Feb'28
1942 ID
Gouv & Oswego lit 58
_ 9412 Aug'29
93 a 97
883$ 85)12
8538 July'29
J 8533 90
Gr BA I ext let gu g 4)48.. _1941 Ii 9818
110
Man GBANW let 8945._1941 M 5 9934 100
AO 1095 'Ail-2 10914
19 10814 113
9934 Aug'29
99% 100
Grand Trunk of Can deb 8E1940
Mich Cent Del& Bay City 54.'31
1936 MS 103 Sale 10212 10414 46 1024 108
10034
Apr'28
_
_
_
_
15-year 5 I Si
QM
Registered
93
93
93
97
2
9214 Apr'29
91
9214 93
Greys Point Term lit 55_ _1947 ID 9212 _ _
1940 J J 91
Mich Air Line 45
9212 July'28
Ii
Registered
10934
108 112%
109
76
Mar'28
7412
78
S
M
Great Nor gen 75 aeries A...1936 II 10918 Sale 10712 Aug'29 119 107% 109
Jack Lass & Sag 330-1951 MN 8014 82
J J
_
8212 Aug'29
80 11771
Registered
1952
Ist gold 354s
9234 10
92
98
9214
Bra 9674
Lit & ref 4)(e series A......1961 Ii -i-)034 15-- 9234
1940 A 0 9214 Sale 9214
106
10418 10934 Mid of N 1st ext 58
10512
J
1053
12
4
Sale
_1952
B__
92
odes
e
884 96
%
General 5
410(1880) 1934 ID 92 Sale 92
est
1st
Nor
&
102
10018
101
Mil
J
4
1043
101
29
Sale
1973
94
92
94 May'29
95
89
ID
General 59 series C
1934
(1884)
Nig
074
414s
Cons ext
9414 40
1976 J J 9414 Sale 93
ss
92
M 8 8714 8814 8818 June'29
General 414s series D
9418 61
92
94 Sale 94
97% MI1 Spar & N W 1st gu 44_1947 J J
1977
_ _ _ _ 90 Apr'28
General 414s series E
330_1941
lit
Line
State
&
Feb
_
86
Oct'28
Milw
81
83
45
M
-15
431s
isii
N
45
Sale
Green Buy & West deb ctle A--54_1934
cons
Feb 26
27
22 1678 Minn & Bt Louis 1st
2712 27
44
40
44 Sale 44
10
4
53,
Debentures etre B
Temp etfif of deposit...1934 MN
MN 9134_ 9134 Aug'29
9114 9154
2078 14
1914 sa
▪ B 20 Sale 20
Oreenbrier fly let gu 45_ _..1940
10012
let de refunding gold 451_1949 Q F 18
97 108
AO 10012 Sae 100
Aug'29
Gulf Mob dr Nor lit 5345...
21
18
22
15%
Ref & ext 50-yr Si sir A-1962
100
98 100
5
97 100
1950 A0
151 M Is series C
le
17
1912
1912 1712 Aug'29
Certificates of deposit
10434 10434
J i
5 101 108
86
84
Gulf & Ml let ref & ter it 55_51052
11
8914
8678 8414
9212 Sept'29
91% 99
M SIP& 88 81 con g ols int gu'88 J J 9,533 96
9012
3
Hocking Val let cons g 4345_1999• J 9212 94
9012
99
1938
J
fra
1st
10212
coons
Mar'28
1999
96
4
9218 9911
Registered
1938 J 1 96 Sale 9434
lit cons 55 an as to int
9912 92 Aug'29 ---92
9818
B °nonionic RY cons it 53_ _ 1937 MN 96
9978 25
974 101
1931 M S 9912 Sale 99
10-year colt trust6)45
ri & T C lit g 58 1st guar...1987I,
_ 10118 103 102 June'29 ____ 102 10214
92
94
91 102
1946
A
series
88
ref
&
let
10014
Mar'29
102
100%
7
83
85
83
Waco & N W div 1st 88_1930 m_
M 8 8314 85
9812
1949
25-year 5345
-6Eni 9812 Aug'29
98 100
_
I ouston Belt & Term let 5s.1987
Jan'29
9318 9192
9312
8414
MN
1941
_ 9612 Aug'29
lit Chicago Terme f 4a
9513 9918
`1 55
4_
Solution E& W Tex 1st g 81.1988
98 July'29 _ _
95
9972
J 1. 96
1949
M
let
Central
Mbsissippl
1938M
98 1-6i 9712 Aug'29
964 1024
_
82
8118
let guar 5e red
23
J D. 82 Sale 8118
Mo Kan & Tex let gold 45_1990 J J, 9814 Sale 9814
9214 22
87
98
11 _A 92 Sale 8912
'
Bud & Manhat lit Si ser A.1957.
9854 41
98% 102
A_I962
5seer
lien
or
RR
75
-K-T
72
72
MO
4
Sale
29
843
7914 88%
59
AdjustmentIncome ros Feb 1957,A u
81
20
1982 J J, 80 Sale 7914
40-year 45 series B
8814
8814 15
89
8778 9412
1978 J 3 88
1078 Sale 9038
903s
Prior lien 4348 sir D
894 9514
Ill nolo Central let gold M___1951I. oc
1
103,2 76 10112 10712
A 0, 10313 sale 103
1967
_Jan
A
ser
5e
adjust
J
Cum
8214 8312 95 May'28
Registered
9634 36
4 101/
1
95/
4
1
F Al 9558 Sale 9558
____ 8312 80 Aug'29
79 -814 Mo Pao 1st & eel 53 ser A- __1985 M 8 71 Sale 71
lit gold 334s
72
77
68
70
1975
General 4a
84 Nov'28
Registered
9614 119
9434 9918
M S 95 Sale 9414
1977
F
lit & ref()cleanse
8318 Apr'29
83; Ili
ztended lit gold 334e._.1951 A 0
9518 44
9413 100
1978 M N 9434 Sale 9418
1st & ref g 58 ser0
7118 June. 9
t gold Is sterling
7118 7414
9.1
1951.
11612 246 1004 12512
1949 MN 115 Sale 115
Cony gold 5545
86.8
8618 87
8818 9334
.7g 8618
Collateral trust gold 45_ 1952 ^
July'29
8
905
8912
9178
MN
-_-894
1938
Mo Pao 3d 75ext at4% July
81
Oct'28
Registered
10034 loo Apr'29
99 100
.1 J Mob & Bir prior lien g 54-1945 J J
let refunding 4s
871z 88; 88
88
Ism m,
Fe13'29
9912 99
99 100
Small
7672 833s
Furchmecl lines 334s
1952• • 76% 90% 7638 Sept'29
98
85
1945 J 1 ---_ 8712 88 Aug'29
J
bit M gold de
87 Nov'28
Registered
844 85 May'29
86
89
1945 J 1
Small
8518
Collateral trust gold 48_1953 MN 8514 -81:4 8518
June'29
91
S
94
91
93%
8113
M
4e-1988
MN
8312 July'29
834 8312 Mobile & Ohio gen gold 56-1947 F A 9833 987 100 May'29
Registered
99 100
Montgomery Div let g
10014 10584
10178 Aug'29
Refunding 5e
9212 Aug'29
1955 MN
M 5 9018 92
12
90
97
1977
4145
Ref & impt
15-year secured 6345 2----1936
5 10614 11133
103 10838 10812 10854
821a 87
48-1991 M S 8258 8512 8212 Aug'29
A 9512 Sale 9434
9358 37
9413 10013 MOb & Mar 1st gu gold
50-year 454s
J 102 106 104 Aug'29
Aug 1 1966
102 10612
1937
gulls
lit
C
Mont
90
86
87
Cairo Bridge gold 4s
8834 90 Mar'29
9518 Sept'29
1950
9515 101
1937 J J 9512 100
let guar gold ear
71% 7514
7434 June'29
7018 73
Litchfield 1)1v let gold 35.1951
J D 7518 7612 7512 Sept'29
7112 8012
79
79
84% Morris dr Essex let gu 394e-2000
79 Sale 79
Louts,Dl,& Term g 314s 1983
A 7212 741; 7212
7212
7214 7412
Omaha Div 1st gold 311_1951
Aug'29
8518
8514
A
14 90%
871
85
F
A.1978
7412 July'29
7412 744 Nash Chatt & St L 48 ser
St Louis Div & Term g 35 1951
9812 102
1937F A
78
81 Aug'29 --__81
82
884
Gold 334s
1951
1012 ____ 9
8 July'28
19
J
4348_1957
lien
pr
Nat By of Max
76 Jul,. 9 ___
78
78
9 4 July'28
783
Registered
33
July 1914 coupon on
88 Dec'28
10
Springfield Div lit 3 3345- 1951
84 97
6
Assent cash war rct No 4 on --6
A 8612 91
88 July'29
88
9018
Western Lines let g M____1951
Aug'28
8712
A
1977
A
Guar 70-year e f 45
92 Apr'28
9
9 Sale
9
Registered
1
on
5
No
rct
war
cash
Assent
III Cent and Chic St LA NO1712 1954 3512 July'27
10012
9934 10514 Nat RR Mex pr lien 454s Oct'28
10014 Bale 100
8
Joint lit ref 55 series A __'..1983
18 Sept'29
No 4 on
rct
war
cash
Assent
9412 70
9414 Sale 94
lit & ref &Hs melee C___.1983
9213 971s
22 Apr'28
1951
lit consol 4s
912
838 912 912
8
- 71 -1-1-1Assent cash war rct No 4 on W WI 76 Sale 76
_
91 Nov'28
Ind Bloom & West lit ext de 1940 AO
76
76
82
_.1954
_
_
4s
g
1st
J
RR
1
Naugatuck
86
86
86
Sale
88
Ind III& Iowa ist g 43
1950
9434 Aug'29
• 1 90
95
93
99%
_1945
5a_
Cons
RR
J
__
82 Aug'29
81
87
8814 New England
Ind & LoulevIlie let KU 4s__.1958
80
82 Aug'29
8634
80
1945 31
Cons& guar 45
99
99
Ind Union fly gen 55 or A..1965 II 9934 102
1
96% 103
88 Mar'29
99
88
88
3 9858 100 100 Sept'29
'
_ _ 100 103
NJ June RR guar 1st 4s_ _ _ _1988
Gen & ref fra series B
1965
90
90
974
90
IMA'52
4
10038 38
lnt&0tNor lat(3s or A-19523' 10018 Sale 100
99 10613 NO&NE lat ref & imp
3•
'
87 Aug'29
8318 86
6575 91
89
New Orleans Term lit 48...A953 *0 9114 9812 92 Sept'29
87 Sale 87
85
Adjustment Os ser A July 1952
28
98
100
90
1935
58
Inc
n-c
Men
&
7712 Feb'28
N 0Texas
Stamped
93
90 10012
1954 *0 9018 9212 90
8912 ---i -8912 965*
lit 58 series B
8912
90
lit Si series B
1956 II 88
9812 98 Sept'29
98 101
1956 FA 85
lit 55 series C
94 Aug'29
90
94
let g Si series 0
1958
91
9512
Aug'29
A
86
F
90
88
1958
85Ia 96
lit 494s series D
7618 12
Ins Rye Cent Amer let 58_ _ 1972 MN 7438 Sale 72
n
82
99
98 16512
1954 A 0 99 Sale 98
9412
9412 9412
1st 5145 series A
let coil tr 6% notes_
194I MN 92
6
90
9634
June'29
9418 9554
95
1
.
1945
141
4
guar
FA
gen
11
Bdge
93
lit lien & ref6l4s
90
9278 93
93
9858 N & C
1947
Aug'29
0
110
95
A
9312 97
3
NYB&MBlatcong 5s 1936
36
36
Iowa Central let gold 50_
36
1938 ID 3614 38
51
108
MN 106 Sale 105
1024 10874
6s._1935
deb
cony
RR
Cent
Aug'29
36
NY
36
38
of
Certificate/3
36
5112
deposit
Jan'29
N
M
108
106
106
Registered
1312 11 Sept'29 11
Refunding gold Cs
1951 M 8 11
104 20
8712
844 90
1998 F A 8712 Sale 8634
Congo) 48 series A
James Frank & Clear let 4s.1959 I D 8438 8614 8514 Aug'29 _
8334 92
0 9512 Sale
A
31
94
10012
2013
_
A
48
series
95
J
4
J
Snot
Ref&
10014
Kan A & R let gu 5a__ _1938
9914 1004
73 101114 10712
2018 A 0 10358 Sale 10312 104
Ref & impt tra series C
1990 AO 8112 __-- 82 June'29
Kan&Mlstgug4s
9113 8418
106 Mar'28
A0
Registered
9114 .12
KC Ft & M RY
903s 9034 9012
89
9313
II 48_1988 A
77
8214
1
II 7618 7714 77
76
_ 99 June'29
98
KC&MR&B let gu 58_1929 A
9913 NY Cent & Bud Riv M 334s 1997 3, 7378 78
7718 Aug'29
744 7814
_
1997
73
Registered
7218 727
17
Kan City Sou let gold 30_1950 A
9814- - s 7214
70
76
9618
MN
9514
Bale
96
29
9784
9324
1934
100
Debenture gold 45
9812 9934 98
28
94% 100
Ref & Erupt 56
Ape 1958
MN 9515 9818 94 July'29
95
94
Registered
86
8638 Sale 8578
28
Kansas City Term let 45_1980
9013
94
J
9212
9212
90
11
9212
98%
90
1942
45
85 Aug'29
8112
30-year debenture
Kentucky Central gold 45_ _1987
9078
85
744
2
7414 8134
Jan'29
Lake Shore coil gold 34g-1398 FA 7318 7512 7412
_ _ -8334 95
Kentucky & Ind Term 6345_1961
95
95
74 Aug'29
7338 75
1998 FA
3 85
85 Sept'29
Registered
89
85
Stamped
1961
90
-i8- Sale 75
75
7934
74
Mich Cent coil gold 3)48._1998 Ft
Plain
-88% 91 May'29
1961
90% 95
75
75
2
78
73
1998 FA
99
98
Registered
5'7E2 99
Lake Erie & Wait lit g 88_1937
97 101
AO
96
95
08
-5iie
96
9113
10
4a...1937
lit
963
g
4 July'29
3d gold 5s
N Y Chic & St L
95 10312
1941
9833100
9214 Sept'29
904 9214
1937 * 0
7812
7778 7812
Lake Bh & Mich So a 834...1997 ID 76
Registered
7534 8112
9734 -55
1931 MN 97's 9812 9712
D 7312 78
9Ma 9834
7412 Sept'29
25-year debenture 48
Registered
74% 7812
1997
MN
101
10012
Bale
10012
15 100 10213
1931
25-year gold 4a
98
2d 88 series A BC
1931 MN 9734 Sale 9738
96% 9912
0 10213 Sale 10238
103
11 101% 10714
MN
9934 Apr'28
Registered
Refunding 5%s series A..1974 *
J 103 Bale 101
102
3 101 107
Leh Val Harbor Term gu 55.1964 FA 10012 102 102 Aug'29
Refunding 554e series B,.1975 J S
iaiTs
93
93
9212 93
14
91
1978
9518
9512
Ref 4148 series C
Leh Val NY lit gu g 4348_1940 J J 954
-- 9512
9518 9934
L A 9214 95% 89 Aug'29
A_1963
89
gu
9713
85
let
Leh'gh Val(Pa) cans g 4e.._2003 MN 8414 sale 8414
NY
434e
Connect
83
884
102
19
MN
1953 L A 102 10214 102
994 10212
86 June'29
lit guar 58 series B
Registered
88
88
89
98
9412 9414
General cons 4)45
N Y & Erie 1st ext gold 4a 1947 MN 854 88 98 Sept'29
9414
92% 100
2003 MN 92
9812 Mar'28 - - - 1933 MS
MN
99 Nov'28
Registered
3d ext gold 4148
- 9954 99 Aug'29 - 1930 A0
4th ext gold 55
____ 95 July'29
55
Lehi Valley RR gen 58 series 2003 MN 10214 105 10112 102
24 100% 10714 N Y & Oreenw L gu g 5a. _ _1948 MN
MN
70 Aug'29
102
4
Leh V Term fly lit gu g 88 1941 AO 10034 102 102
9971 10312 N Y & Harlem gold 8)45.-2000 MN
8518 Apr'28
AO
10538 Feb'28
Registered
Registered
MN
10013
10012
Feb'29
'73
5s
gu
ref
ute.& NY 1st guar gold 4s_ _ 1945 MS ____ 90
&
88 Aug'29
lat
W
&
N Y Lack
88
1973 MN 9738 ____ 96 Apr'29
lst&refgu434loon
984 10878
Les & East 1st 50-yr Si go_ _1966 A0 102 10434 10012 Aug'29
_ _ 104 Feb'28
1930 MS 1001
8612 Dec'28
NYLE&W lit 78 ext
Little Miami gen O series A.1962 MN
1932 FA 98 8-9812 9812
9812
Long Dock eonsol g de
2
N Y & Jersey let 55
1935 * 0 jai" 1-67" 10212 Mar'29
92 10012
1941 MS
90 Dee'26
100
9314 Aug'29
Long Isld lot con gold 5e July1931 Q
9314 10114 NY & Long Branch 45
0
*
9512
40_1989
J
97
•
97
Term
July'29
Bost
95l 9511
1
lot consol gold M....July 1931
NY&NE
9834 100
MS
_
_
1947
794 Sept'29
NYNE&Rn-edeb 45
1938 ID 9114 98
2
9114
9114
Oyler's] gold ols
894 94
7418 81
•B 80-4 75 July'29
7311 813
9912 Dee'28 _
Non-oony debenture 8)45_1947
1932 ID
Gold 45
73
7734
__ 7018
-i7-3; 85 July'29
71
1949 M
4
Non-cony debenture 8545_1954 AO 7014
Unified gold 411
85 -664
8813 75
9634 July'29
78
Debenture gold Si
1934 ID 98 111
7712
Non-cony debenture 45--1955II 7612 -78
3
95 100
8418
74
MN
MN
1958
77
79
46
Bale
9212
debenture
93
77
58
94
deb
m
p
1937
77
22
Non-eonv
80-year
1
9212 9933
7414 844
1958 13 6912 71
16
86
Cony debenture UM
1949 M 8 8535 Sale 853s
84% 91%
Guar ref gold 45
4
7114
7114
6834 75
1948 13 13214 Sale 13214
9814 11
Cony debenture 64
13514 157 116 137
95 100
Nor 811 B lit con gu 55.00'82 Q J 9814 Bale 9714
8
13
M
8812
Sept'29 _
_
8812
12812 Aug'29
Registered
844 90
115 129
Lou & Jeff Bilge Co 101 ii 44.1945
1940 * 0 10412 &Lie 10413
Collateral trust Ifie
'.ouinville & Nashville 511-1937131 N 10158 ____ 10158 Aug'29
10434 18 102 10512
994 1024
1957 MN 77 Sale 7512
9212 22
Debenture ole
1940 3 3 9.218 Sale 9218
9118 0634
Unified gold 45
7712 22
7018 79
J 1
9314 May'29
86 Sale 855g
Registered
lat & ref 454i ear of 1927.19671
9314 9314
46
87
844 9311'
9912 -71 981
88
Harlem R & Pt Cbee let4.1954 M N 87
87
Collateral mist gold 5a_1031M N 9912 Sale 9912
,100%
87
6511 0012
N
10038
10012
10012 Sale
4 100 103
I0-year see Is...May 15 1930 M
51-3i4
53
30
as
.
"ii" If"
;Co
1214
0
the
53.4 'Ili
to Due Feb. 1.
1714
New York Bond Record-Continued---Page 4
BONDS
Price
N. Y. STOCK EXCHANGE. •re
. Friday
Week Ended Sept. 13.
Sept. 13.
Week's
Range or
Lae: Sale.
Range
Since
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 13.
Ask Low
Bid
High 7
1 •1.
8674;4
La7:710h
N Y 0& W ref'Mg 4s_June 1992 M S 6418 65
65
64
Reg 55.000 only_June 1992 M S
70 Apr'28
General 48
1955J 0 50
51% 53 Sept'29
53s 1114
N Y Providence & Boston 45 1042 A 0 84% __-- 9012 June'29
91
90
Regietared
A 0
_
8934 Jan'28
N Y & Putnam let con gu 45 1933 A 0 81
87
84% -89-1-2
8512 June'29 _ _
NY Stem & West let ref 58_1937 1 J 81% 82 82 Sept'29 ____
747 8612
211 gold 434e
1937 F A
84% Nov'28
General gold ea
1940 F A 7018 7112 70 Sept'29
Terminal 1st gold 5i1
92
1943 61 N 91
91 Aug'29
NY W-chea & B 1st eer I 4tis '46 J .1 82
8214 82
8214 22 -997:911:
:51:3
Nord Hy ext'l a f 634e
1950 A 0 102 Sale 101% 102
24 100 105
Norfolk South let & ref A 58_1081 F A 7314 75
14
72
00%
7514
75
Nerfolk & South let gold 6a_1941 MN
9934 9934 Aug'29
Norfolk & West gen gold 69_1931 M N
Improvement & ext 58. __1934 F A
New River let gold Os..,..1932 A 0
N & W Ity 1st cons g 4a__1096 A 0
Registered
1996 A 0
Dly'l let lien & gen g 48_1944 J J
10-yr cony 69
1929 M S
Focal] C & C joint 4a_ _ _ _1941 J D
North Cent gen & ref 58 A 1974 M S
Gen & ref 4345 tier A etpd_1975 M S
North Ohio let guar g Se._ _ 1945 A 0
North Pacific prier lien M_ _1997 Q J
Registered
1997 Q J
Gen lien ry & Id g 3s_Jan 2047 Q F
Registered
Jan 2097 Q F
Ref & irnpt 414s series A__2047 J J
Ref & ImPt 6a series B____2047 J J
Ref & impt .5e series C____2047 J 3
Ref & kept Is series D____2047 J J
Nor Pee Term Co 1st g Os. _1933 J
Nor By of Calif guar g 6a___1938 A 0
10158 Sale
104% 10112 102
89
8934
86
87
9034 Sale
10112 10155
10438 Aug'29
102
102
8914
89
87 June'29
9034
9034
270 Aug'29
918
92 Sept'29
--- - 10778 Jan'29
Apr'29
---- 9614 97
9112 Sale 91.
9112
8458 813
8618
86
8,312 _
8414 July'29
63%
63 Sale 63
63
6312 62 Mar'29
8914 Aug'29
918 94
111 Sale 11018
11118
11012 112 103
103
102 103 10112 101%
10934 --- 10934 10934
97 100 100 Aug'29
6
100 10314
10438 105
9974 104
16
8812 9214
87
8912
fi4
89
13212 270
9114 95%
10778 10778
9572 99
91
4
0614
8412 90
22
83% 89
22
6018 6712
62
6312
8914 9878
89 109 11312
0 10012 105
8 101 10433
4 109% 10934
99 100
North Wisconsin let es_ _ _ _1930 2 J
OR & L('ham 1st gu g 45___1948 J J
Ohio Connecting fly let 4a_1913 NI S
Ohio River RR let g 5e. _ _ _1936 3 D
General gold Eel
1937 A 0
Oregon RR & Nay con g 48_1916 J D
Ore Short Line 1st cons g 50_1946 J J
Guar stpd cons 511 _
15462 J
Guar refunding 4s
1929 J D
Oregon-Wash let & ref 45..1961 J J
Pacific Coast Co 1st g 58_ _1946 J 13
Pao RR of Mo let ext g 4e 1938 F A
20 extended gold 5a
1938 J J
Paducah & Ills let s f 4948_1955 J J
Paris-Lyons-Med P-R eat!6e 1958 s' A
Sinking fund external 7s 1958 M S
Paris-Orleans RR s f 7s
1954 M S
Ext sinking fund 534e
1968 FA S
Paulista fly let & ref aI 7s 1942 PA El
99%
_ 100 Sept'28
75 Aug'29
75 -7-8
__- 9558 Nov'28
99 100
9912 Aug'29
9634 106
9912 July'29
2
8738 90
9012
4
10018 10112 10018 10014
4
102 Sale 102
10218
993 Sale 99,4
99% 75
8438 Sale 84
8412
8
___- 69% 6978 Aug'29 --8914 - - -- 8914 Aug'29
98 Sale 98
9818
8
_
9134 92
9112 June'29
9934 69
9934 Sale 9914
22
10234 Sale 102% 103
---- 103% Jan'28
96
52
9478 Sale 9413
1001 Sale 9913 100% 15
Pennsylvania RR eons g 48_1943 M N
Como! gold 45
1948 1111 N
45 eteri stpd dollar_May 1 1948 PA N
Consol sink fund 414s
1960 F A
General 414s series A _ _ _ _1965 J D
General Is series 11
1968 J D
10-year secured 75
1930 A 0
15-year secured 694e
1936 F A
Registered
F A
40-year secured gold 501964
_
M N
Pa Co gu 34es coil tr A reg_ _1937 NI S
Guar 3),4s coil trust ser B_1941 F A
Guar 39313 trust etfe C____1942 J D
Guar 334. trust ctfe D__1944 J D
Guar 15-25-year gold 4s _ _1931 A 0
Guar 48 ser E trust ctfe___1952 P4 N
Secured gold 49ie
1963 SIN
Pa Ohio & Det 1st & ref OM A'77 A 0
Peoria & Eastern let cons 4e_1940 A 0
Income 49
April 1990 Apr.
Peoria & Pekin Tin let 5943_1974 F A
Pere Marquette let set A 68.19562 J
111 48 aeries B
1956 J J
9214 95
9214 10
9214
9134
8958 94
2
91%
90
9334
9212 Sept'29
9934
97% 10112
99%
2
9512 48
9312 100,2
95
28 10214 10812
105
10414
75 100% 10378
10012 101
76 10612 111
109
108
Apr'28
_
112
10212 62 101 105
1.02 Sale 101
84
90
-- -- 84 Aug'29
8412 8712
83
8412 Aug'29
83%
1
83% 89
83% - - 8358
82
8114 85
94
2
82
82
9812 99I
9714 Sale 9714
973 107
8614 Aug'29 - - 85
86
92
89
97
9413 9918
183
9534 Sale 9512
92
9334 13
97,4
9313 Sale 9312
5
82
8012 87
82 Sale 82
36
4112 41 July'29
30
45
12
101
9934 103
10018 Sale 10018
101 Sale 1008
6 100 104%
10114
917
.
86
10078 10114 8612
9
86%
92
9134
9058
9934
95
105
10012
108%
74?
83
3
98 /9-199% 100
9212
85
10018 10638
100% 106
97% 99%
8312 89%
69% 87
8914 9412
9614 99
9112 98
9712 101
101% 105
951.
93
9918 104
Sale
9214
100
Sale
Sale
Sale
Sale
Ma Bait & Wash let g 48-1943 MN 9018 94
95
90
9058 Aug'29
General 55 series B
1974 F A 101 104 10714 May'29
107 108
PhillIppine By let 30-yr 5 t 4s '37 J J 30 Sale 30
30
2912 39
4
Pine Creek registered 1st 65_1932 J D
103 101 July'29 ____ 101 103
Pitts & W Va 1st 45-4s
1058 J D 92
96
92
93
92 July'29
PC C & St L gU 41M A
1940 A 0 9758 Sale 97%
955s 9954
97%
5
Series 11 4 34s guar
1942 A 0 9712
Sept'29
9538
10012
958
Series C 43-4s guar
_ 9758 Aug'29
9712 9934
1942 MN 971.2
Series D 4e guar
1945 M N 9614
9614 July'29
9413 0612
Series E 314e guar gold
1949 F A 9314 -- 93 June'29
93
93
Series F 4s guar gold
1953 .1 13 9614
96% May'29
945e 96,4
Series G 4s guar
1957 M N 9614
95
9612
0614 July'29 _
Befit% H con guar 4e
1980 F A 9614
9612 May'29 _
9612
95
Series 1 com guar 4 tie_ 1963 F A 9818 -- 9913
9912 10
96% 100
Series J cons guar 4 See _ 1964 MN 97
_
5
98
98
9678 9954
General M ea series A
1970 J D 10212 1-04 10212 10212 16 10212 10818
Registered
1 13
102 June'29 _
102 102
Gnu mtge guar User B___1976 A 0 10318 1044 10318
104
5 10212 10812
Registered
A 0
11312 Jan'28
Pitts NICK & Y 1st gu 6s____1932 J J
2d guar 68
1934J J
Pitts Sh ALE 1st g ee
1940w 0
151 consol gold 5e
1943 J J
Pitts Va & Char 1st 45
1943 M N
PItte Y & Ash let 45 set A._1948 J 13
let gen 58 melee II
1962 F A
let gen 513 series C
1974 J 413
Providence Secur deb 4e___ _1957 M N
Providence Term let fa_ _ _ _1956 M S
Reading Co Jersey Cell coil 42'51 A 0
Registered
A 0
Gen & ref 43.4. series A__1997 J J
Rensselaer & Saratoga (03._1941 H N
Rich & Meek let g 45
1948 M N
Riches Term By 1st gu 5e _ _1952
J
Rio Grande June let gu 65..1939 J D
Rio Grande Sou let gold 45_1940 J J
Guar 4s (Jan 1922 coupon)'40 .1 J
Rlo Grande West let geld 45_1939 J J
let con & coil trust 4.8 A 1949 A 0
R I Ark & Louts let 4345_1934 M 8
Rut-Canada let gu C 45.. _ _ .19492 J
Rutland 1st con g 43.4a
1941 J 3
St Joe & Grand lel 1st 4a.....1947 I
St Lawr & Adir 1st g 5a _
1996 J
2d gold fle
1996 A
St L & Cairo guar g 4s
1931
St L It Mt & S gen con g 56_1031 A
Stamped guar 614
1931 A
Rly & 0 Div let g 48 _ _1933 M
St L M Bridge Ter gu g 5a 1930 A
St L-San Fran pr lien 45 A 1950 PA
1978 PA
Con M 4145 series e
Prior lien 5e series B._ _1950
St Louis & San Fr By gen i_e_1931 2
1931 J
General gold As
Due May. • Due June
10138 _
10114 Apr'29
103% July'28
102
984 100,8 9914 Sept'29
10014 Aug'28
99i8 Sept.'28
9112 Apr'29
1004 1-6212
- 10312 May'29
99
74 Sept'29
7912 - - 84 May'29
92
90 -92-12 92
_
9434 July'28
9412
9412 Sale 93
101
- 10018 Mar'21
7818 May'28
79
loi
-- 102 Sept'29
93 Sept'29
6 May'28
- - -- 712 Apr'28
88
88 Sale 8712
80%
7934 Sale 7934
9312
9314 Sale 93
70
81 July'29
79
Aug'29
81
86
87
J 80
8112 81
1 96
_ 9412
0 ____ 1-63-12 102
J 9614 08
97
0 9912 Sale 99
0 99
997 10134
N 9278 Sale 9212
0 98 100
9712
e. 833 Sale 83
S 8434 Sale 844
398 Sale 97
J 10012 lows 10012
J 98% 99
99
k Due Auguel
Aug'29
July'29
Aug'29
97
100
Dec'28
93
Aug'29
84%
8514
991
10012
9914
101% 10114
9914 10012
9114 9312
10318 10312
9
84
90
84
9312
21
92
-1:79%
-994 1(12
91% 93
22
22
44
__
__
_
5
9
8l'i
78
9172
81
8018
92's
87
9672
81
9012
80% 8814
9412 10478
100 102
9512 57,s
97 101
_
62
71
122
44
1
3
92
9434
96% 100
83
8812
83% 8912
97 1008
99 102
9513 10012
:11.
Price
Friday
.g
.4
%ea,' Sept. 13.
Week's
Range or
Loaf Sale
!
Bid
Ask Low
1110
St L Peer At N W let gu 58_1948 J J 9812 10012 9812 Aug'29
St Louis Sou le:liru g 4____1931 M S 931
961 July'29
St L SW let g 45 bond We__ 1989 MN 8118
8112
8012
2d g 4s Inc bond Ws Nov 19892 J 7218 737 76 Aug'29
Consol gold 4e
1932 J D 9414 Sale 94%
94%
let terminal & unifying 58_1952 J J 91
93
92
9112
St Paul & K C 813 L 1st 4349_1941 F A 8912 91
8912
8912
St Paul & Duluth 1st 59_ __ _1931 F A 9818 9912 9912 July'29
let consol gold 45
1968 J D
8818 Mar'29
St Paul E Gr Trunk 1st 4;0.1947 1 J
971s Jan'28
St Paul Minn dc Man con 45.1933 J J 9212 92%
9213
let consol g fie
1933 .1 .1 102 Sale 102
10314
Registered
J J 102 10314 103
Jan 29
Ile reduced to gold 43-0_1933 J J 9714 100
97 Aug'29
Registered
1 J
95 Dee'28
Mont ext let gold 4e
1937 1 D 8918 9313 8858 Aug'29
Pacific ext guar 4e (sterling)'40 J I 8712 89 8012 July'29
St Paul Un Dep let & ref 5s.1972 J .1 101 102 102
10212
S A & Ar Pass let gu g 4s_ 1943 J J 89 Sale 89
904
Santa Fe Prot & Phen 1st 58.1942 NI S
10034 July'29
Say Fla & West let g 6s
1934 A 0
104 July'29
1st gold fe
1934 A 0
9814 Apr'29
Scioto V & N E let gu g 4s
1989 SIN 88
8818 Aug'29
90
Seaboard Air Line late 4s
1950 A 0 6558 74
6514 Aug'29
Gold 4. stamped
6512
1950 A 0 65
7012 65
Adjustment Se
Oct 1949 F A 56 Sale 55
5612
Certificates of deposit
56 Sale 5.5
5612
Refunding 4e
1059 A si 52 Sale 52
54
1st & cons (is series A
1945 M S 7218 Sale ! 72
7212
Regletered
M S
I 75 Mar'29
Atl & Birm 30-yr 1st g 40_61933 M S 8212 8412 75 Sept'29
Seaboard All Fla let gulls A.1935 F A 66 Sale ! 63
67
Series B
1035 F A 66
66
6712' 6578
Seaboard & Roan let 58 extd 193) .1 J 97 Sale 1 97
97
Sat NI Ala eons gu g 55
1936 F A 99
09
99
Gen cone guar 50-yr 5a
1963 A 0 10214 10312 10214 Sept'29
No. Lou
1110h
9812 103%
9512 97%
6
8012 89
72
83
100 0312 9612
9
9114
l015,4
891
/
4 951,
1
98
9912
8014 8818
1
6
-g§i1 -91"
4
12
3
112
242
20
78
37
25
3
7
88
89%
100 10514
86% 91
100% 102
10212 106
98% 10012
88
9012
64
74
63
75,4
35% 56,2
4112 56,2
6012
51
64% 80
75
75
81
89
5912 71 14
7012
57
97
97,2
99 10018
10214 107
So Pao roll 4s (Cent Pac col) k'49 J 0 86% Sale 877
85% 91%
4
42 16
806111444
Regletered
8514 877s
1st 4545(Oregon Lines) A_1077 M S 98 Sale 9
9212 99,4
A
uu
ng
e:2
53
29 ::::
778. j
20-year cony 5e
1939 J 13 97% Sale
7
97% 102
Gold 434e
1965
8
8814 97,2
9234
18080673:8
931
Gold 43.4e WI
May 11960 IVI
M N
8934 1(10
8 98h
443
92 Sale 98
100
San Fran Term let 4e_ _1950
8072 91
9
8714 88
Registered
A 0 ___ 86
83
83 May'29 ---83
So Pan of Cal 1st con gu g 58.1937 MN 10018
102
July'29 ---- 106 103
So Pan Coast Ist gu g 413___ _1937 J J _ ___ _9_51_4 101
9512
9
86
512
4 A
Ai
p
m
r:2
2
6
9
9514
So Pan RIt 1st ref te
1055 1
8:i Sale 87
J J .
85
9212
Registered
8612 90%
Southern By let cons gee...1994 J .1 10518 Sale 0518
3-2
8- 10414 110
7142 -3
10
85
Registered
0ez,
2 July'29 -- - - 10312 108
1_ :I:: Salel
Dove!& gen 4e series A___1956 A 0 i
l8;5
62
86
8812 89
8
94
3314
Registered
A 0
ja_l_e_ 8
1'28
17
3 -115
11141 Sep
1t
Develop & gen 65
A Oi
1956 I
1091, fir
Develop & gen OM
195f, A 0 11712 Sale 11712 117% 52 117 123
Mem Div Ist g 5e
1996 J J 100 10212 10212 Aug'211 - --- 10212 100,1
St Louis Div let g 413
1951 1 J 8518 8734 8412 Aug'29 ---82% 89
East Tenn reorg lien g eze_ _1938 M S 9834
..! 9834 July'29 ---9614 109
Mob & Ohio coil It 4a
1938 M S' 88% -9-0-12 8714
88% 22
8514 9312
Spokane Internet let if 5s_ _.1956.0 J
Staten Island By 1st 41M___1943 11 13
Sunbury & Lewiston let 4e__1036 J 1
Superior Short Line 1st 58_ _e1930 M S
Term Assn of St L 1st g 4343.1939 A 0
let cons gold Ea
1944 F A
Gen refund 5 f g 4e
1953 1 .1
Texarkana & Ft El let 5148 A 1950 F A
Tex de N 0 corn gold 58
1943J J
Texas& Pan let gold 68
20001 D
2d ine6e(Mar'28cp on)Dec 2000 Mar
Gen & ref 58 series B
1077 A 0
Gen & ref Ee series C
1979 A 0
La Div It I, 1st g Is
1931 J J
Tex Pao-Mo Pan Ter 5946..1964 M S
Tol & Ohio Cent let gu 5e
1935 J 1
Western Div 1st g 551
1935 A 0
General gold 58
19353 I)
Toledo Peoria & West let 48.19172 J
Tol St L & W 50-yr g 4e
1950 A 0
Tol W V & 0 gu 413a A _
1931 .1 J
let guar 43.4. series B
1933 J J
1st guar 45 series C
1942 251 fl
Toronto Ham & Buff let g 48 19463 13
7
67
65
8112
Nov'29
Apr'29
Mar'29 ---98
99
99
95
July'29 ---05
98
10018
1
10014
9814 103
8013 90
8558
8578 13
____
2 100 19412
100
Mar'29 ---98
98
98
11 10112 10938
103
10218
May'29 ---95
95
7
-15i3-4 /8-18 9
985
96 10214
95 Sale 946
945 9058
9534 108
7
9812 10018 9958
97% 10138
995
1 10018 10614
10234 104 10234 10234
9612 10112
99
____ 97 A08'29
96i2 ..__103 Aug'29
99% 103
1
97
96
95 1001s
9
12
15 Nov'28
21
8612 Sale 8614
anti if"
97
9618 - _ 98 Apr'29
98
95
9518 ____ 95% Apr'29
9512 95%
9018_
97% Mar'29
97% 9912
84% -86- 8412 Aug'29
8414 8812
Ulster & Del let cone g be
1928 J D
Certificates of deposit
1st refunding g 48
1052 A 0
Union Pac let RR & Id gr't 451947 .1 .1
Registered
let lien & ref 48
June 2008 M S
Gold 434e
11)672 J
let lien & ref ee
June 2008 M S
40-year gold 49
1968J 13
II N J RR & Can gen 4e___ _1944 M El
1933 .1 J
Vandalla cons g 45 series A 1955 F A
1967 M N
Cone 5 f 48 series It
Vera Crua & P aesent 440_1934
Virginla NI id 58 cedes F___ _1931 Iii-S
103e PA N
General ea
Va Jr Southw'n let all &I....2003 J J
let cons 60-year lis
1958 A 0
Virginian Icy let es serif* A _1962 PA N
Wabash ItR let gold Se
1939 M N
2d gold 6e
1039 F A
Ref & gen s f 5tie ser A_ _1975 M S
Debenture It 6a registered.1939 J J
1st lien 50-yr g term 95_ _1954 J J
Del & Chic ext let g 53
1941 J J
Des Moines Dly let g 48.._1939 J J
Omaha Div let g 334e
1041 A 0
Tol & Chle Div g 4a
1941 NI El
Wabash fly ref dc gen Is B 1976 A 0
Ref & gen 4344 aeries C.._ _1978 F A
72 Sale
80
48
43
03 Sale
9314
92
8514 Sale
96 Sale
10518 106%
8512 Sale
93
89
65
Sale
65
86
95
166- 99
97
9635
1024 10014
Sale 8012
98% 100
_ -._I 98
104 10178
72
72
72 Aug'29
43 Aug'29
93
9312
90 Aug'29
8514
8634
9534
9634
105 Aug'29
84
86
94
94
96 Nov'28
91 Aug'29
_
9213 May'29
13
10
13
12
98
99% 9735 July'29
9918
99 100
9918
93% 03 Sept'29
82 Sale 82
82
100% Sale 100
100%
10112 102 101
10158
9518 98% 98%
99
100 100
10112
8818 May'27
7712 8313 77% Aug'29
98 100% 9912
9912
82% 90 88
Jan'29
82
78
82
82
8134 85
8112
8434
____ 95% 95
95%
8418 Sale 84%
8512
7
25
23
33
1
10
4
1
42
49
2
29
5
1
6
15
26
85
60
85
55
82,2
33
91,1 95
90
92
8312 90%
92
9912
105 1091 i
8314 89%
06
91
943k
91
ill
9434
12
171 2
97% 100,8
0614 1002s
93 100
82
9514
0978 10431
1001z 10314
9533 10112
100 10414
-7653
9912
88
78
8112
9312
8312
-;/115.8
10112
88
8534
9012
10912
907s
Warren 1st ref gli is 3)4e
2000 F A
8034 83 Nov'28 _
Wash Cent let gold 4s
1943. Q NI
8414 Mar'29
W. WI:
Wash Term 1st gu 33.4s
1945 F A 83
84
94 Aug'29
8212 88
let 40-rear guar 4s
1945 F A 88%- 85 Aug'29
79% 91
W Min W & N W 1st gu 5e._1930 F A 97
99
97 Feb'29
97
97
West Maryland let g 4s.
1952 A 0 74 Sale 74
74% 28
82
74
let & ref 5145 series A.
1077 J 1 0214 9378 92
93
13
02 100
Weed N Y& Pa let g 56
19373 J 10014 10034 10014
10012
2
9814 101 18
Gen gold 45
1943 A 0 8512 8812 85 Sept'29
8414 9112
Western Pac let sec A Se....1046 M 19 9514 96% 96%
97
12
95 100
West Shore let 45 guar
2361 J J 87
88
8634
87,8 16
88,2
82
Registered
2361 J J 8214 8712 8614
8614
5
81% 88%
Wheeling & Lake ErieRite & Impt gold 55
001. 100 Sept'28
_
1930 F A
Refunding 490 melee A _1966 M S 83'i..-, 85 Aug'29 __ -ii- W Refunding es weriee 03
1911658 5 in
97 102 Feb.29 ____ 102 102
RR let consol 41
1949 NI S 8312 85
8412
113
1
894
8412
Wilk & East let gu g be
19423 D 62 Sale 62
74
61
621. 11
Will& 8 F let gold he
1938 1 D
91) Apr'29 ___
.
911 100,
Winston-Salem 8 B let 4a
1960 J 1
86 July'29 ____
85
86
Ma Cent 50-yr 1st gen 4e.. 1949 .1 1
7012 811 i
773 771g
773
3
Sup & Dul dly & term let 48'36 M N 86 Sale 854
8412 9112
86 . 21
Wor & Con East let 4 Hs_
1943 J J 76
91 1913s Dec'28i ___ .1 ---- ----
New York Bond Record—Continued—Page 5
r. •
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 13.
4et.
:
Price
Friday
Sept. 13.
Week's
Range or
Lail Sale
Em
Range
Since
Jan,1.
F
-'11
BONDS
N. Y. STOCK EXCHANGE 'rC
Week Ended Sept. 13.
1715
Price
Friday
Sept. 13.
Weeks.
Range or
Last Sale.
93
Range
Since
Jan,1
Bid
Ask Low
Wish No. Lots
High
High No. Low
Higb
AO Low
Bid
INDUSTRIALS
76 Dec'27
8414 34
8312 85
Denver Cons Tramw let 5s_ _1933 AO
8312 Sale 8312
Abitibi Pow & Pap lot 5s___1953
2 -9638 101
4 97
9818
Den Gee & EL 181k ref a fg 58'51 MN "oi" 161
Abraham & Straus deb 5442_1943
9812
7
90 101
1961 MN 98 Sale 98
111
22 10212 120
Stamped as to Pa tax
AO 10914 Sale 109
With warrants..
55
55 Sept'29
73
9412
1
94
9934 Dery Corp (D 0) let of 70_ _1942 M s ____ 68
9412
Adriatic Elec Co eat! 7s___1952 AG
4
53
Sale
53
51
56
70
8414
1
84
84
11
Second
stamped
8344
MS
86
88
4
Aflame Express coil trg 48_ __1948
98/
1
4 102
10034 18
79
2
75 10714 Detroit Edlson let con tr 50_1933.21 10014 10058 100
8812 77
Ajax Rubber let 15-yr a 1 88_1936 ID 77
99 10434
10218 Sale 102
10314 35
9
94595
318 6
312 June'29
lat & ref 5s series A_July 1940
31e
4
Alaaka Gold M deb 68 A___ J925 MS
A 0 10012 102
9972 10414
9978
10012 15
3
8
Gen & ref bs serlea A
3 Apr'29 _
318 10
1926 M
Cony deb 614 series B
10652 Sale 106
10718 23 10512 10858
9112 9824
let dr ref (lo series B__July 1940 M
9112 9112 Aug'29 ____
Albany Pefor Wrap Pau 60_1948 AO
ID 10138-- -- 10114 Sept'29
10014
10458
108
111
583
98
112
&
ref
ba
aer
13
Gen
FA
Sale
.
1
0814
1944
_
Allegheny Corp call tr 5s_
100 10518
1962 FA 10014 1013s 100 Aug'29
11112 127
9734 11112
Series C
1949 JD 10812 Sale 108
Coll & cony bs
9612 98
9712 9612 Sept'29
9912 41
98 101
Det United 1st cons e 4348-1932 J J
AIlia-Chalmers Mfg deb 5s_ _1937 MN 9914 Sale 99
9914 148
97 10578
1940 MN 9812 Sale 98
Dodge Bros deb 68
95
18
9034 97
Alpine-Montan Steel let 7....1955• B 9412 Sale 94
7872 88
78
79 Aug'29
1942 MN 75
14 10312 10612 Doh'(Jacob) Pack 1st fle
105
Am Agric Chem let ref 817 Hs'41 FA 105 Sale 105
90
99
99
9018 Aug'29
19
94
39
2 1(1 S 90
Dominion Iron & Steel ba
84 Sept'29 ____
80
89
90
Amer Beet Sue cony deb 68_1935 FA 85
J
J
8
98% 10214
10212
____
10112
10214
let
ref
7s
98
7
9312
Donner
Steel
99
American Chain deb at Se_...,1933 AO 98 Sale 9712
MN 10212 Sale 10212 10434 100 101% 10512
9818 Aug'29 ____
98
9914 Duke-Price Pow let Ia ser A '66
Am Cot Oil debenture 5s__ --1931 MN 9818 99
96 1007s
9714 96
9334 9612 Duquesne Light 1st 440 A_ _1967 AG 9714 Sale 9612
9518 28
1942 AO 95 Sale 9414
Am Cynandd deb 58
78
97
86
86
8712 14
10
90
8714 9212 East Cuba Sag 15-yr e I g 7348'37 MS
9034 90
1953 ID 90
Amer Ice t deb ba
9312 97
9334 11
1939 J J 9312 9512 9358
Ed El III Bkn lot con g 45
9518 135
Amer I 0 Chem cony 540- -1939 MN 11614 Sale 11058 11712 254
J
J
10512
Aug'29
1107
s
1057
8
____
106
1995
303
Ed
Elec
Ill
lot
cons
g
5s
1093
4
113
101
J
J
11018
Sale
116,
4
Amer Internet Corp cony 532s'49
1 10334 10412 Edith Rockefeller McCormick
1939 AO 10334 10434 10334 10334
Am Mach & Fdy o f 6a
10212
29
102
10112
Sale
10112
093
4
notes_
__
_1934
con
tr
Trust
American Natural Gaa Corp—
0
8713 96
92
8418 14
7512 9688 Elec Pow Corp(Germany)640'50 MS 91 Sale 91
Deb 63-4o (with punch warr)'42 A0 83 Sale 82
90
9518
9512 9118 Sept'29
10012 33
9814 102
Elk Horn Coal let & ref 6446.1931 3D 91
Am Sm & It let 30-yr be ser A '47 AO 10012 Sale 99
D 7134 72
7212 8118
Juiy'29
'311
73
(witb
warrits)
24
Deb
7%
notes
10212
103
10112
.1
.1
10212
Sale
10472
Amer Sugar Ref 15-yr 68-.,J937
98 10018
_
991g 9912 Aug'29
9134 97'2 Equ1t Gas Light let con 58_1932 M S
9358
3
93 Sale 93
Am Telco & Teleg cony 4s_ _ 1936 FA
9 9214 9684
-i8 Sale 9378
96
98
9913 100
Federal Light 6, Tr let ba_ _1942 M S -93
100
2
96 101
1933 M
20-year cone 434e
14
92/
1
4 9784
95
1942 M S 9434 Sale 9434
011 10
let lien s 158 etamped
04
172
1946 J O 10234 Bale 10134 10234 81 10
80-year coil tr 5a
/01 104
10312
1942 M S 103 Sale 103
_ 101
Feb.29 _
1st lien On stamped
J O
Registered
9514
101
99
985
8
Aug'29
1954
10112
130
10114
30-year
deb
65
aer
B
1013
4
Sale
10212
J
J
105
1960
,
8
85-yr a t deb be
9872 105
1939 ID 101 10212 100 Sept'29
10514 Sale 10518 10512 130 10412 10734 Federated Metals a f 7s
1943
20-year a 1 534a
10 117 171
121
1946 Ii 116 121 121
21712 5767 12014 22412 Flat deb 7s (with wan)
1939 J J 20314 Sale 202
Cony deb 444s
90 103
9014 9012 9012
9124 22
10318
2 102 10514
Without stock porch warrants_
1940 AO 10318 Sale 10318
Am Type Found deb Se
MS 10114 Sale 9758 10214 83
84 11478
9912 27
96 10012 Flak Rubber let s I 8o
Ace Wad Wks & El col trba_ _1934 A0 99 Sale 9878
56 10132 1061,,
104
10312 Sale 10214
42
1 _-11
23 101 10534 Framerie Ind & Deb 20-yr 73474
105
1975 MN 105 Sale 104
Dehg6oacrA
95 109
96
95 Sept'29
80
8034 80
80
12
77
Am Writ I'ap late 68
1947
8512 Francisco Sugar 1st 1 744s_ _ 1942 1,1 Is_ 95
10212 20 10034 103
_ " 102 Sale 102
97
21
French Nat Mail SS Lines 7s 1949 1
9312 100
1945 Mk 96 Sale 96
Anglo-Chilean at deb 713_
4
84
95
92
92
9212
92
3
A
1943
4512
6
44
7972
4418
45
4418
Gannett
Co
deb
6s
J
1
Antilla(Comp Aaue)730- — 1939
100 106
___ 100 July.29
D 98
9418
3
95 ____ 9418
93 10312 Gas & El of Berg Co cons g bs 1949
Ark & Sfem Bridge & Ter 68_1964 M
1939 A 0 10458 1705 10458 10434 12 103 110
89 Sale 89
8978 61
1039 J
Armour & Co let 434a
873s 9272 Gen Asphalt cony (3a
9478 100
9578 Sale 947g
9578 57
1947 /
8678 62
8334 9212 Gen Cable 1st 51 544a A
Armour & Co of Del 614e..1943 J .1 8514 Sale 8514
941s 96
1942 t A 9438 9478 9432 Aug'29
9 100 1031n Gen Electric deb g 3358
Asnoclated 0110% gold note! 1935 M S 10134 10212 10112 10214
19
9912 10414
102 Sale 10112 102
1947 .1 D
_ 10134 Sept'29 ____ 10134 10134 Gen Elec(Germany) 76 Jan 15'45 I
Atlanta Gas L let ba
1111g 130
1940 " 12614 129 125 Sept'29
1934 .1 D 10134-3
1212
Atlantic Fruit 78 Ms dep
1258 Mey'28
Elf deb 034s with Warr
9712
7
07
98
96
9138 9914
937
40
J D
10 _
1258 May'29
-12E8 1-2-5;
Without warrits attachic11'
Stamped Otte of deposit
9214 201 8712 9412
1948 M N 9112 Sale 9118
7178 Sale 7112
Atl Gulf & WI SS L col tr 58_1959 J J
20-year s f deb 6e
72
18
67
77
FA 10178 Sale 10112 102
151 100 10314
100 10112 9934 10014 56
Atlantic Berg deb be
1937 J
9934 10312 Gen Slot Accept deb Os
99 10212
10014 25
1940 P A 99 Sale 99
Gerd Petrol 1st s f 53
J J 11012 Sale 110
11318 124 108 122
Baldw Loco Works let 5a
1940 M N 10612 10712 10612 10612
1 106 10712 Genl Pub Serv deb 541
9812 104
10112 Sale 101
10218 199
'
49
29 J
Baragua (Comp As) 7401_1937 J J 8638 87
Gen'l Steel Coot 53-4s with war
8638 Sept'29
8312 99
2
9314 10078
9438
liatavian Pete gen deb 430_1942
.1 9034 91
91
43
8912 9312 Good Hope Steel & I sec 7s_ _1945 A 0 9414 9512 94
9012
10634 Sale 10612 1071g 24 10631 10814
Beldling-HemIngway So
1931 .1 J
9018 Sale 9018
9018
1
8834 9414 Goodrich(B F) Co let 634s_ -1947 /
MN 9012 Sale 90
104
911
,
BO
95
1957
bs.
1st
Bell Telep of Pa 5a erica B_.1945 IJ 10318 Sale 10214
Rub
Tire
&
Goodyear
10318 20 102 10812
J O
13
9034 100
92
lot & ref ba merles C
1960 A 0 10358 Sale 10212 10378 31 10212 10s,4 Gotham Silk Hosiery deb 68_1936 FA 9034 Sale 9034
6872 81
70 Sale 6978
7012 16
Berlin City Elee Co deb 644e 1951 J
Gould Coupler let it 6s
88
8912 26
87
9058 8812
95
9514 991,
15
97
944°4 F A 97 Sale 96
19
Deb oink fund 63411
Gt Cone El Power(Japan)744_1
1959 F A
9012 9112 9012
30
8714 92
92
49
8634 9512
8914 Sale 8778
91
1950 J
Berlin Elec El & Undg 6340_1956 A 0 --_ 8858 8914
let & gen s f 6Ho
16
8714 94
91
MN
10434
10612
Apr'29
107
1940
at
ba
let
Great
Falls
Power
Beth Steel 1st & ref Se guar A '42 M N 10038 Sale 10038 10112 26
9778 104
9
96
a7
1-72 9634
97
99
14
2 g„
Gulf States Steel deb b Hs_ 1942 11)
30-yr pm & imp a 16a__193e J
100 Sale 100
10012 20
9712 102
J J 9.6i84
Sept'29
8212 8718
9712
_1952
4s_
hot
Hackensack
Water
Cons 30-year 6e series A 194S 1.• A 10412 Sale 10414 105
81 10212 105,
4
pinch
stk
Mining
68
with
Mown
Cons 30-year 5Ho ear B
I953 F A 10458 Sale 10418 105
130 10034 105
91
15
8912 94
9014
war for corn stock or Am shs'49 J J 8912 92
Bing & Bing deb 6441
1960 M
92
95
93
93
8
92 100
9612 9612
9612 Aug'29
1930 MS
Botany Cons Mills6 Hs
1934 A 0 58 Sale 58
59
15
58
7414 Hartford St Ry let 40
F
8
5
____
8358
835
8312
80 87
_1952
Se_
Bowman-BM Hotels 71
1934 M S 10212 Sale 9912 10212 18
9612 1021 2 Havana Elec consol g
68
9
6758
59 7012
1951 . S 6758 68
Deb 644a series of 1926
Biway & MAY Sot eons be_ _1943 J D
6378 7718
6178 6378 Aug'29 -AO 9112 Sale 90
9112
4
83
9418
Brooklyn City RR let be___ _194l J J
7
83
83
91 18 83
921 2 Hoe(R)& Co lat 644seer A _1934 MN
99 Aug'29
_
99 10338
Bklyn Edison Inc eon Ss A
1949 1 J 11523.4 Sale
e 10212 1031g 46 10012 10512 Holland-Amer Line 6s WA.1947 ID 98 100
68
73
71
85
7134 7212 7158
Hudson Coal lots 5s ser A_1962
General 68 aeries B
10014
6
9934 103
1930 1 .1 100 Sale 100
8
99 105
1940 MN 10014 10212 10012 - 10014
138
8832 9824 Hudson Co Gas let g be
liklyu-Man R T Bee 6a
91
1965 J J 91 Sale 89
J
10012 Sale 10038 10058 102 100 10218
Bklyn Qu Co & Bub con gtd Eis '41 MN 7018 72 67
73
31
63
78,2 Humble Oil dr Relining 5448_1932 A0 9958 Sale 9958
9912 10112
997
8
83
1937
14eb
gold
bs
let ba stamped
1941 J
7058 Sale 7014
84
3
6812 84
1956 ID 10218 Sale 10138 10214 26 1011.4 10478
Brooklyn It Tr let cony g 40_2002
J
9212 June'29
9212 9212 Illinois Bell Telephone 5s
16
100
9372 100
1940 AO 08 Sale 98
Illinois Steel deb 441s
105 __
3-yr 7% secured notes.....1921 J
10614 Nov'28
10312 103 May'29
103 103,2
1946 AO
Bklyn Un El 181 g 4-5o
1960 F A 85 Sale 84
85
7 -1-3338 9212 Ilseder Steel Corp s 70
17
8314
81
9214
1948 FA 8214 Sale 8214
Stamped guar 4-5a.
1950 F A
Mtge Os
83
87
8734 87
1
83
93
7718
8
76
92
Bklyn Un Gas let cone g be 1045 M N 10212 104 10232 10232
5 10112 1061, Indiana Limestone hotel 68_1941 MN 76 Sale 76
2
9712 102
1936 MN 10118 Sale 10118 1011a
let lien & ref 69 series A
1947 M N 112 Sale 112
Ind Nat Gas & 01150
112
3 112 118
1952 MN 10412 Sale 10412 10434 22 10118 105
Cony deb 63.48
_ 489 Aug'29
1630 J J 430
Indiana Steel 1st 50
364 489
37
91
8934 93
Buff & Suet' Iron 1st s f 5a
1978 A0 9012 Sale 9012
1932 J D
9212 June'29 --__
9212 9618 Inland Steel 1st 4340
Buell Terminal let 49
1952 A 0
Inspiration Con Copper 644s 1931 MS 10058 Sale 10058 10058 12 10058 10212
86 Aug'29
85
88
A0
912 20
1912 1912
1912 Slay'2
1956
Consol 5a
1955 J J
Interboro
Sietrop
92
4445
8534947
--8
- 9412
0478
3
91
9934
.1
0412 13
6012 7912
6438 Sale 6312
Bush Term Ilkige be go tax-ex '60 A 0 100 Sale 9978 101
20
8932 10458 Interboro Rap Tran 1st bs_ _1960
.1
65
92
7912
CO
6314 Sale 63
By-Prok Coke let 544s A
1945 M N 100 Sale 9934 100
Stamped
28
9934 102
76
7612
Cal 0 & E Corp unit A, ref5s_ 1937 M N 98 100
Registered
98
98
7.
98 103
24
5.2
4912 84
55 Mar8
- -e- 76
1932 AO 58 gel
Cal Petroleum cony debs I ba 1939 F A
10-year 65
9612 Sale 9514
9612 2-4, 9212 102
9012 34
89
89
9934
Cony deb s f 540
100
1938 MN 9912 Sale 99
10-year cony 7% notes. 1932 NI S
54
9612 103,4
MN
9012 95
a3
le 9212 Aug'29,...._
Camaguey Bug islet g 78_1942 A 0 72 Sale 72
9 2 89
72
3
72
9712 Int Agr1c Corp let 20-yr ba_ _1932 MN 92112
7612 81,2
79
79 Aug'29 _
Canada EIS L lot & eon 6s
73
1941 A 0 9714 9812 9738
Stamped extended to 1942_ __ _
2
07 10112
9712
9812 11812
Cent Dint Tel let 30-yr be_ .1943 J D 10114 Sale 10114
10114
41 10112 104,4 lot Cement cony deb 5e.__ 1948 MN 9934 Sale 9912 10112 103
GO
95
933a 99
Cent Foundry 1st ef 62 May 1931 F A 95
1947 MN 9334 Sale 9334
9738 9778 Apr'29
9812 Internet Match deb 56
96
10018 21
9912 102
Cent Hod 0& E Ss
100
Jan 1937 M S 100 102 100
2 100 102
Inter Mercan Marine st 6s 1941 AO 9934 Sale 9934
17
87
84
9652
Central Steel Ist g 2 f 8e
1941 MN 12112 12312 12112 123
195
45
7 J J 87 Sale 86
4 12114 12413 Internet Paper ba nor A & B J9
MS 8978 Sale 8918
83
29
68
90
75
8734 97
76
Certain-teed Prod ...Hs A_ _1948 M 8 7512 Sale 7118
Ref s (is ser A
•
J
24
9112
8814
8
Sale
903
9512
Cespedes Sugar Co 1st f 7449'39 M
903
4
Int
Telep
&
Teleg
deb
g
434s
1952
8514 87
85
85
2
85 100
218 2282 10912 224
83
65
Chic City & Conn Rye be Jan 1927 A 0 78
83 July'29 ____
Cony deb 434s
1939 J J 20512 Sale 201
88
100
Ch G L & Coke lst gu g 58-1937 I J 100 Sale 100
Kansas City Pow & Lt 68.,1952 ad S 10158 10212 10112 10158 10 10034 10534
7 100 103
'
I
Mar'29
99 10012
98
1st
Chicago Rya
5s sMmped
9312 9812
1st gold 43.4s series B
1957
10358 17 102 1013
Aug 11020 lot 10% paid_1927 F A 79 Sale 78
7918 24
77
86
Kansas Gaa & Electric 6s_ _1952 MS 10214 Sale 10214
19
743g 97
8178
94
Chile Copper Co deb &a
1947 J 1 94 Sale 93
1946 MS 81 Sale 7458
79
9212 9612 Keith (Ii F) Corp let 68_
91
7
91
91
Cln 0 dr E lit M 48 A
8414 22
9054 9658
1968 A 0 8418 8414 8414
84
8912 Kendall Co 540 with warr 1948 MS 90
85
Clearfield Bit Coal let 4a
___ 7978 90 July'29 _
1940 J J _ _ 7178 90 Dec'28
95
_
Keystone Telep Co let 5a
1935 J J
_ _ 10012 10412
10058 10112 101 Aug'29
Colon Oil cony deb (is
9614 50 -91 11-9
1938 F A 05 Sale 9514
,
; Kings County El & P g Se_ 1037 AO
12518
2 12518 lau
Colo F & I Co gen e f 5a
1943 J
9218 9712 917g
9218
Purchase money 65
7
1997 AO 12518 12514 12518
9178 9912
78 Sept'29
Col Indus lot & coil be CI-- _1939 F A 92
82
93
78
_
2
85
93 93
90
987a Kings County Elev 1st g 4s 1949 P A
1
Columbia G & E deb ba May_ I962 MN 9672 sale 9658
7912
9812 101
79
7912 7912
9612 10012
82
Stamped guar 4s
59
4 FA 79
94
19
54_ _1
1
Debenture ba
02
5 10238 July'29
9814 21
102 10511
112
10112 11
Apr 15 1952 A 0 9634 Sale 9634
Kings County Lighting
9612 09
113
3 113 11614
Columbus Gas lot gold 5s___1932 J J 9678 98 95 June'29 ____
113
First & ref 6448
1954 J J
9938
95
Columbus RY P & I. lot 444s 1957 J 1
10414
7 10112 10712
8978 91 Aug'29 ---_
9012 9334 Kinney(OR)& Co 744% notes'36 ID 103 10514 103
Commercial Cable let g 413_2397 Q
8744
4 100 10412
__ 8712 Feb'29
10412
874 8712 Kresge Found'n coil tr 643. 1936 ID 10112 ____ 104
Commercial Credit of 6s____1934 M N 97 18
10214 1075
9878 Sept'29 ____
96 10312
94
9912 Kreuger dr Toll 53 with war_1959 MS 10118 Sale 101
Col tr 8 f 6%% noted
10118 18
91
91
10351 J 9012 92
14
Lackwanna Steel lot 5e A.. _1950 MS 100 Sale 100
96 10212
87
97
Corim'l Inveat Tr deb (38___ _1948 M S 9078 Sale 9014
2
91
9812
33
9014 9812 Lace' Gas 01St L ref&ext 56_1934 A0 9812 Sale 9812
9732 10178
Cony deb 534s
107
1949 F A 10412 Sale 104
443
9 10012 10512
Col & ref 544s series C
1953 FA 10212 Sale 10212 10212
9014 110,4
Computing-Tab-flee a I 6s_ _1941 J .1 10412 105 105 Sept'29
Lautaro Nitrate Co cone 643_1954
10378 106
Conn Ry & L 1st & ref g 4Hs 1951 J
95 July'29 _8514 95
9812 Sale 9612
9914 277
With warrants
9612 104
95
99
Stamped guar 434s
1951 J
9012 Sept'29
95
3
8514 90
Lehigh C & Nay of 440 A_1054 J J 9418 Sale 9418
93
9018 09
9984
J 9914 Sale 9814
Consol Agrioul Loan 634s _1958 I D 7912 Sale 7912
81
9914 58
37
7918 6712 Lehigh Valley Coal let g be_ _1033
97% 101
Consolidated Hydro-Elec Works
97
Oct'28
_
let 40-yr gu bit red to 4% _1933 J J 9414 96
Af Upper Wuerteniberg 72_1950 J
92
92 Bale 9114
5
77
3%
_ 101 101
1934 FA 101 10112 101 Aug'29
1st AL ref s I 63
6
89
,
14 9
Sale 64
6514
COU8 C- al ofkid 1st & ref 58_1950 1 D
6618 30
9178 88 14Iay'29
1944 Fit
_
1st & ref s f 5s
80
9334
Consol Gas(N Y)deb 530_1945 F A 10434 Sale 10438 105
1954 FA 7134 7378 74
86 104 10684
1st & ref f be
74
9312
FA
Commoners Gas of Chic gut 50 1930 1 D 10018 ___ 10018
10018
3
80
88 May
7'29
4
1st & ref e I be
88
88
FA _6512 7_8_7
Coninimers Power let ba_ _ _1952 M N 101 Sale 100
101 18 13 Z11 110 1%,1
!8
38
714 N
14115
a'
yr 28
9
1st & ref a f ba
88
9018
Container Corp lot 62
9234
1946 J
9234 Sale 92
996
199
73 MS
9
89 100,2 Lox Ave & P 1st gu g ba_ _1
76
lb-yr deb Si with warr _ _ _1943 J
7534 Sale 75
22
914 lAggett* Myers Tobacco 78.1944 A 0 11718 11818 11612 Sept'29
66
1141g
12112
Copenhagen Telep bs:Feb 15 1945 F A 89
90 90
90
4
1951 FA 10012 Sale 10012 10078 26
55
89
9012
98 108
MN 10038__ 100
Corn Prod Refg 1st 25-yr f ba
10038 11
Loew's Inc deb as with warr_1941 A0 10634 Sale 10638
9012 103
107
11 103 1231s
Crown Cork & Seal 2 f (la_ _ 1947 J D 9834 §ale 9834
9912 20
Without etock our warrants_ AO 95 Sale 92
95 loo
92 100,2
Crown-Willamette Pap
J
10018 10114 100
101
16
08,
4 10314 Lombard Dec let 70 with war '52 ID 9812 Sale 9812
9
98
678 40
1°
9514 102
D 92
1930 J J
5758 19
57 Sale 57
Cuba Cane Sugar cony 72
Without warrants
57
95
7912
92
9734
90
5814 34
111999435741 AO 1075s 113 107
Cony deben stamped 8%A930 J J 57 Sale 5112
Lorillard (P) Co 7s
561 2 80
1907258
10612 11312
FA
5612 Sale 5612
Ctfe of deposit
56'2
1
5s
7012 Sale 7912
5612 5718
8018 16
7612
917s
3
.1 .1 85 Sale 8.5
9978 24
9912 9934 9912
Cuban Am Sugar lot m1184_1931
Deb 544s
9912 10334
897s
8512 40
84
62
56
Cuban Dom Sue lot 7144_1944 MN 62 Sale 60
65
9778 Loulaville Gas & El (Ky) 58_1952 MN 102 Sale 99
102
99 104
48
1
63 Sept'29 ____
62
65
Certificates of deposit
Louisville Ry let cons Ea
1930
63
70
8912 8978 92 June'29
90
95
9934 100
8
Cumb T & T lot.4 gen ba___1937 3 J 9934 100
Lokw4erA
4.t
Austrian Hydro El Pow—.
99 103
9812
1944 F A - Cuyamel Fruit lot s as A _1940 A 0 9814 9812 9812
1
971
/
4 102
81
801a 87s
8014
8012 3
-- --
1716
New York Bond Record-Concluded-Page 6
BONDS
R. Y. STOCK EXCHANGE
Week Ended Sept. 13.
Price
Friday
Sept. 13.
week's
Range Of
Last Bate.
•1
.01,2
Mob No.
AO Low
BM
McCrory Stores Corp deb 5196•41 .7 D 9612 9834 98
9634 32
Manatl Sugar 1st s1 719e-1942 A 0 81 Sale 8078
19
81
21
Manila/ EY(N Y)cons g 48_1990 A o 56 Sale 5258
56
2€1 4a
2013J D 45
52 60 May'29
Manila Elec Ry & Lt e I 5e 1953 M
9518 100 95 Sept'29
Marion Steam Shove 61 fts 1947 A 0 8812 89 8812
6
8834
Mfrs Tr Co ctfs of partic in
3
A I Namm & Son 1st 86_1943 J D
98
95
Market St Ry 76 ser A April 1940 Q J 88 Sale 8758
8734 24
1967 A 0 9612 sale 96
Meridional El 181 75
9812
28
Metr Ed 1st & ref 56 ser C
101 Bale 9912 101
1963 J
1
Metr West Side El(Chic)48_1938 F A 73
72
78 72
Mlag Mill Mach 7s with war..1956 J D 92
97 93 JulY'29
13
.1 D 8478 8534 8512
86
Without warrants
91
Midvale Steel&0cony I58_1938 M
100 Sale 9934 101
Mllw El Ry & Lt reI & ext 4195'31 J
9814 Sale 9814
9938
Gene-91 & ref 5e series A1951 J D 9734 103 10114 Aug'29
let & ref 56 series B
9812 19
9734 Sale 9734
Montana Power 1st 5e A_ _ _ 196
993
1.3
3J
D 10012 Sale 10014 10012 13
Deb 68 miles A
97 Sale 9634
9712 48
Montecatini MIn & Agile-1962 D
2
10834 Sale 10834 10834
Deb 75 with warrants
I937
4
J J 9418 9512 .9418
9512
Without warrants
Montreal Tram 1st & ref 55_ _1941 3 J 953 98 9538 Sept'29
Gen & jets I be series A 1965 A 0 9112 9312 95 June'29
SerIes B
1955 A 0 9312 ---- 9514 May'29 _
17
Morris & Co 1st f 434s
817
19393 J 7978 Bale 7934
Mortgage-Bond Co 45 see 2 1986 A 0 73
90 75 Aug'29
9812 9712 9514
10-25-year be series 3
2
9514
1932 .1
Murray Body 151 8 Hs
9814 9814
9914 12
__
1
100
Mutual Fuel Gas 1st gu g 56_
84 4
1 100 10012 100
Mut Un Tel gtd 86ext at 5% 1941 M
---- 93 98 Feb'29
Namm (A I) & Son-Bee Mtn; Tr
4
5112
5112
Nassau Elec guar gold 49_1951 J J 5118 57
5
Nat Acme ist 5 f
10134 Sale 10134 10134
222
9712
Nat Dairy Prod deb 51:11
Sale
9558
913
1M
1
4112 26
Nat Radiator deb 819s
F A 40 Sale 40
Nat Starch 20-year deb 58_ _1930
1947 J J 9838 99 99 Aug'29
6
National Tube 1st s I 53_ _1952 M N 109% Bale 10418 104%
Newark Canso! Gas cons 68_1948 J D 99% ____ 100 Sept'29
New England Tel & Tel be A 19523 D 10214 Sale 102% 10214 11
9784 18
let g 4195series B
wet M N 9613 Bale 9612
2
New Orl Pub Serv 1st bs A-1952 A 0 8434 Sale I 8438
8934
BIM & ref to series B
Sale
1
85
883
4 28
85
1955 13
1
NY Dock 50-year let g 45-1951 F A ____ 8078 8014
8014
7812 11
Serial5% notes
1938 A 0 77 Sale 77
NY Edison let & re113396 A_1941;A 0 111 Sale 11012 11134 13
53
102
1st lien & ref as series B
1944 A 0 102 Sale 1015
4
NYGasElLtHdcprg 56_1948 J 0 105 ____ 10418 10418
4
90
Purchase money gold 45_1949 F A 90
903t 90
1
NYLE&WDock&Imp5e1943J J 9712 Sale 9712
9712
N Y & Q El L & P 1st g 58_1930 F A 0838 100 9818 Aug'29
N Y Rye 1st R E & ref 46
58 Jan'29
1992,
Certificates of deposit
5614 Mar'29
30-year adj Inc 58_ _ _Jan 1942 A- 0
978 1 Aug'29
3
1 July'29
Certificates of depoeit
__ r-- __ _913
3
N Y Rye Corp ins Os_ __Jan 1965 -Apr
912 Sale
812
7412 12
Prior lien fte series A
74 Sale 74
19653
3
N Y & Richm Gas 1st 86 A_ _1951 M N 104 Sale 10312 104
N Y State Rys let cons 4198_19821M N 2814 29 2558
Ms 39
3212 11
1st cone 819e series B
3012 3218 3138
4
N Y Steam let 25-yr Os ser A 19
107
M N 105 Sale 105
2M
94
67
N Y Telep 1st & gen s f 4 Hs_ 1939,M N 93 Sale 93
9778 70
24
111
30-year deben s I 86_ _Feb 19491F A 110 Sale 110
10712 38
20-year refunding gold 68_1941 A 0 107 sale 106
N Y Trap Rock let 68
6
98
19463 D 98 Sale 96
1
100
Niagara Falls Power 1st 58..1932 J J 9978 10014 100
2
Ref & gen Os
Jan 1932 A o 10112 10314 10134 10218
24
&lag Lock &0Pr 1st be A_ _1955 A 0 9934 Sale 9934 101
Norddeutsche Lloyd (Bremen)
91% 15
20-year 5 fle
1947 M N 90 Bale 90
6878 38
Nor Amer Cem deb 6196 A-1990 M $ 6438 Sale 6418
No Am Edison deb 56 ser A _ _1957 M S 9912 Sale 9834
9934 28
Deb 5196ser B__ _ _Aug 15 1983 F A 9978 Sale 9934 10034 108
9934 11
Nor Ohio Trac & Light 86...._1947 M
9912 99
99
10018 32
Nor Stake Pow 25-yr bs -9_1941 A 0 100 Sale 99
let & ref 5-yr Os series B....1991 A 0 10412 Sale 104
10412 16
_
North W T let fd g 419e gtd_1934 J J 9478 98 98 Aug'29
90
25
Norweg Hydro-El Nit 530-1957 MN 8978 Sale 89
9
Ohio Public Service 719e A _ _1948 A 0 110 Sale 10912 11112
1947 F A 10914 112 10912 Sept'29 -let & ref 7s series B
Ohio River Edison let 136._ 1948 J J 10214 Sale 102
7
10214
3
83
Old Ben Coal 151 65
83 Sale 83
Ontario Power N F 1st 5618:1
9
100 10078 10114 102
Ontario Transmission let 56_1945 M N 99I2 9958 100 Aug'29 - _ _
9078 30
Oriental Develguares
907s Sale 90
MN
8412 21
Exti deb 514s Int Mfg
19
95
58
3 WI
8 8414 Sale 8312
Oslo Gm & El Wks ext1 65-1963 M
20
88
87
9034 91
Otis Steel let M 88 ser A_ _ 1941 M S 101 Sale 101
10178 22
64
Pacific Gas & El gen & ref 58 1942 J J 10112 Sale 101% 102
9
Pac Pow & Lt 1st & ref 20-yr 59'30
9834 Sale 98% 100
10138
9
Pacific Tel & Tel 1st 58
1937 .1 I 101 102 101
Ref mtge &series A
10112 Bale 10114 10134 12
34
110
Pan-Amer P & T cons s 136_1195
34
2 MN
M N 109 Sale 109
1930 F A 1045 105 10934 10434
1st lien cony 10-yr 713
2
9412 13
Pan-Am Pet Co(of Cal)cons 136'90 3 D 991 9412 9312
9934 17
J 993 100 9834
Paramount-Kway let 5195..1951
9912 34
Paramount-Fam's-Lasky 85..1947 J D 9912 Sale 97%
5
85
Park-Lea let leasehold 8198_1953 J J 8538 90 85
Pat & Passaic G & El e01113 be 1949 M S 9812 104 9912 June'29 -17
71
Paths Each deb 711 with wart 1937 M N 7018 Bale 70
7812 42
Penn-Dixie Cement Os A _ _ _1991 M S
-- 75
83110
111
- 110
1
Prop Gas & C let cons g Os_ _1943 A 0 10912
5
10138
Refunding gold as.
1947 M S 101 Sale 101
9834 148
Philadelphia Co sec 55 ser A.1987 J D 9812 Sale 9534
Phila Else Co let 434s
1987 MN 9612 9634 9712 Sept'29
851 23
Phlla&ReadlngC&jrefs8.1973J J 85 Sale 842
Cons deb es
1949 M
10712 Sale 10434 10912 439
891: sale 8812
8912 57
Phill De Petrol deb 51:e
Pierce-Arrow Mot Car deb 881193
43
93
D 10018 10214 10934 Aug'29
61S
3
Pierce 011 deb I 8s__Dec 15 19313 D 10512 Sale 10518 10512
10212 25
Pillsbury Fl Mills 20-yr 85_ _1943 A 0 101 Sale 101
Pirelli Co(Italy)cony Ie.__ _1952 MN 13434 145 143 Aug'29
Pocah Con Collieries 1st 81561957 J
9912 Aug'29 9412
Port Arthur Can & Dk Oa A _1953 F A 102 10312
2
102
_- 102
let M gs series B
1953 F A 97 103 10212 Aug'29
Portland Else Pow 1st Os B..1947 M N 9712 Sale 97
13
98
Portland Gen Elea 1st 5s
9814 98% Sept'29
_
1935 J J _
Portland Ry 1st & ref be- -.1930 M
2
Ts Sale 9618
96%
Portland Ry L & P let ref 56_1942 F A 98 Sale 9612
98
let lien & ref lie series B
3
9712
1947 M N 9712 98 97%
1st lien & ref 7195 series A _1948 M N 108 10834 108
3
10612
Porto Rican Am 'Fob 0005 65 19423 J 95 Sale 9412
23
97
Postal Teleg & Cable coil 58_1953 J J 9012 Sale 90%
17
92
Pressed Steel Car cony g 69_ _1933 J J ..8:7_14 Sale 8714
8712 17
Prod & Ref e f 83(with war)_1931 J D
8712 111 Mar'29
Without warrants attached__ J D 11014 _- 10912 May'29
Pub Berv Corp 19 J deb 410_1998 F A 106 10934 273
25
278
PUb Serv El & Gas let & ref 56'05 J D 280 __ _ 102,4 10312 29
let & ref 439e
_.1967J D 102% 1031/ 0814
9814 11
Punta Alegre Sugar deb 75_ _1937 J J 9814 97 78
78
2
Pure 011e f 54% notee
1937 F A 97% Sale 9711
49
977
Purity Bakeries s f deb Es_ _1948 J
9112 Sale 9112
927s 20
Reinington Arms Os
1937 M N 9934 Sale 94
9511 10
Rem Rand deb 5148 with war '47 M N 97 Sale 9638
9838 152
Republez Brass (is
July 1948 M 8 10114 10314 101
14
102
Repub 1 & 10-30-yr 5861_1940 A 0 9E34 10212 100
16
101
Fts:& gen 5He series A
J J 10218 Sale 10218
10218 14
MI
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 13.
Price
Friday
Sept. 13.
Wears
Range or
Las; Bale,
Rio) Ye.
High
Ad Low
Low
Bid
991s Rehielbe Union 75 with war,1948 J
92
10514 Sale 10514 10,378 10
9814 14
80 10018
Without etk purch war
1946• J 95% 9814 9512
5218 138
9934
Rhine-Main-Danube 78 A ___1950 MS 99
188134 38
07
8
58114 8018 Rhine-Westphalia Eleo Pow 75'50 M N 100 10014 18
9312 104%
Direct mtge (is
1925 M N
21
5
43 4
8
90
8
:
812 Sale 9014
87
9912
Cons m 6s of '28 with war 1953 F A 80
3
8512
- 8512 Sale 8512
Without warrants
1
9412 105 Richfield Oil of Calif Os_ _ _ _1944 1-1,1 N 101 Sale 10034 10134 88
92
9212 92
9718 Rima Steel Isle 175
80
1955 FA 92
4
93 983 Rochester Gas & El 79 see B_19413 M S 108 Sale 0712 108
9812 103
M S 10418 10534 0358 10334
5
Gen mtge 5395 serial C
72 8014
Gen mtge 439e series D
1977 M 5 93 98 997 APr'29 --9212 983s Roch & Pitte C&Ipm 56_ _1946 M N 90 100 90 Sept'29 -- _
7
1
6
94
312
%
588
937
112 N
j 935* Sale 6
84
9412 St 308 Ry Lt & Pr let 5s
1937 3
97 1001s St Joseph Stk Yds 1st 919e 1930
99 Feb'29 -9712 99% Bt L Rock Mt & P 55 stmpd_1955 .1 J -63i8 filire
98 103 St Paul City Cable cons 5e....1937 .1 J ____ 91 92 June'29 --971 10168 San Antonio Pub Serv 1st 68_1952 J J 102 10314 02
2
10212
28
98 104 Saxon Pub Wks(Germany)78'45 F A 93% Sale 9318
95
3,1
MN
pi 9812
e 8
984 101
96
214
2
8
i911
914 n
1.4
11
Gen ref guar 639e
3
80
Schulco Co guar 819s
194
56
1 J J 80 Sale 80
17
1
8018 4
104 127
A N
O 80 Sale 80
Guar e 8Hs series B
1948 ID
93 9914 Sharon Steel Hoop s I 54e_1948
9714
981
: 9712 9612
Sale
94
99% Shell Pipe Line e I deb 56_-1952
937 964 Shell Union 011 s I deb 55-1947 M N 9212 Sale 92
13
9514 9814 Shinyeteu El Pow let 1319e_ _1952 J D 8812 Sale 8818
87
7934 8812 Shubert Theatre lis_June 15 1942 J D
21
a
75 8112 Siemens & Halske e f 78
1935 J J 101112 10112 l'
04
21
1
95 9712
18
05
444
Deb f Hs
1951 M S 10214 Sale 18
7
9814 102 Sierra & San Fran Power 59_1949 F A 9912 Sale
2
8034
852 80%
9912 104 Silesia Elea Corp 518 Hs_ _ 19
4 851
85
032
64
26
8F A 8
23
98 98 Silesian-Am Rap con tr 7s
1941 F A
4
MN 100 101 10
90
534 100
66
Simms Petrol6% notes
65
102
60 64 Sinclair Cons01115-year 7e_ _ 1937 M 13 10118 Sale 101
101 102,4
9814 32
let lien coil 85 series D__ 1930 M S 9818 Sale 98
9312 977:
9934 100
1st lien 030series D
1938 J D 9912 Bale gpis
90
8214 Bincaltr Crude 0115196 ser A..1938 .A
1
.1 0
.1 95 Sale 95
9512 7
15
98
9912 Sinclair Pipe Lines 1 be
9258
Sale 9212
1942
24
90
99 10438 Skelly 011 deb 5He
1112
IS
S
e 18
09
1939
10112
8
99 10312 Smith (A 0) Corp 1st 830_1933 M N 10
8982
13%
4 Sale
5
10:72 107 South Porto Rico Sugar 7s_ _1941 J D 105 105% 10934 105
98 10014 South Bell Tel dr Tie let sibs 1941 J J 102 Sale 10078 102 . 20
8418 9634 Southern Colo Power Os A__1947 J J 10012 Sale 100
10112 10
85
9612 S'weet Bell Tel let & ref be..-1959 F A 10112 Sale 10118 102 I 27
6
7
80
873t Spring Val Water 1st g be
98
934
734
09
212 98
97:
53 19
N 9
19
99
46
3r
aN
77
90 Standard Milling let be
1930
11012 11534
M S 10018 102
let & ref 519e
9834 Aug'29 -.-101 105 Stand 011 of NJ deb 56 Dee 15'48 3
F D
A 10012 Sale 10012 1014 125
103% 10712 Stand 01101 NY deb 419s-1951
9314 Sale
94 Stevens Hotel let Os series A-1945 J 1 90 Bale 9
90
70
2
3
9718 9818 Sugar Estates (Oriente) 7e 1942 MS 72 Bale
12
1_923_
98 1001s Syracuse Lighting 1st a Se___ 1951 J D 102 _ _ _ _ 102 Sep790
r24429 613 Tenn Coal Iron & RR gen 50_1951 .1 J
58
102 Aug'29 --- 66
58 Tenn Cop & Chem deb 86 A_ 19
7
94
61
0 A 0 10478 ____ 10512 10518
9%
Cony deb fle ser B
1
138
1944
1194
34
7 IS S 106 Sale 10418 110
3 Tennessee Elm Pow let 66-1947 1 D 103% Sale 10338 104
1
39
J J 53% Sale 5212
2412 Third Ave 1st ref 45
5314 23
3512 21
AID Inc 158 tax-ex NY Jan 19
537 35
7212 87
966
60 A 0 53
.1 J 91% 93 9112 Sept'29 ---Third Ave Ry let g Lie
10114 LOG
M 8 9618 Sale 9534
9614 18
2512 54 Toho Elm Pow let 76
6% gold notee____July 161929 J J ____ ____ 98% July'29 -- -.
70
30
8% gold notes
103 108
1932 J J 9534 Sale 9512
957
50
Tokyo Eiee Light Co, Ltd93 101
40984 1:138
let 6e dollar aeries
8712 73
1953 .1 D 8714 Sale 88%
9918 37
10418 108% Toledo Tr L & P 619% noted 1930 J J --------9914
93
Triv
an5
i2c
50
5nut2O
1r
8 103
1
w2
11 rOra
tItswiill war 1938 J .1 10214 Sale 10134 103
2
9212
92 Sale 92
10014 103% Trenton 0& El let g 5s._._1949 1-911-ii 98% 102 10012 Aug'29 -- _ _
95(4 27
99 109% Truax-Traer Coal cons 8148-1943 M N 9414 97% 9414
10234 20
Trumbull Steel let 51 Os__ _1940 M N 102 Sale 102
90 94 '1'We/4Y-third St Ry ref be.._19132 J J __ 4978 57 June'29
94
28
9112
6918 80 Tyrol Hydro-Elec Pow 7195_1955 MN 93 95
8814
4
9812 102
Guar see a 17e
8734 87
1952 F A 87
9838
99 101% UJIgawa El Pow s I Is
1945 M S 9614 98 96%
99
11
99 10314 Union Elm Lt& Pr(Mo) be-1
18
93
33
2 M s 99 9958 99
12
9712 10154
IS N 100 Sale 9812 100
Ref&est be
104 10614 UnEL&P(III) bag5Hseer A-'54 3 J 10018 10012 10018 10034 18
947 1054 Union Eiev Ry(Chic) 5s
77% 81 June'29 --- 1945 A 0 __
1931 3 J 997
8712 9212 Union 011 1st lien s f be
2
9
8114
4 115
9 --_ _
314
30-yr Os series A_ _ _ _May 1942 F A 10512
2 19
095314
2 Sept'29
2 1-0-8-1let lien 6 I 5s series C_Feb 1935 A0 97
18
97
9812 97
97
6
102 10712 United Biscuit of Am deb 86_1942 M N 97 Sale 9512
United Drug 25-yr 55
8218 31
1953 M B 9112 Sale 91
99 Ka% United Rye St L 1st g 4E-118
2
9
78
24 62
7912 78
93
37
4 J J 78
M N 9512 9734 95
United SS Co 15-yr 85
957s
4
97 103
8478 84
90
9778 Un Steel Works Corp 839e A.1951 J D 8312 Bale 8312
83
90
13
84
Series C
1951 ID 83 84s84
96
93% United Steel Wks of Burbach
100 1031:
Eech-Dudelange e I 7e_ _ _1951 A o 102% Sale 10214 10212 11
9
9991122
97 10
00
2
3:
1i
80
S Rubber let & ref 56 ser A 1947 J J 851: Sale 85
86
A 100 Sale 9918 10038 37
10-yr 714% secured noto3.1930
U S Steel Cmp(Coupon Apr 1983 _M N 109% Sale 10914 109% 188
101 105%
6110-60-yr5a1Regis. _ A pr 1963'
21 N --------108 A1111.29
3
19
7142 10
10
314 Universal Pipe
7814
i.4 es deb Os 1938 J D 7834 82 7714
e &Rad
83 83
84
Un ter lbe P
P
1953 A 0
102% 105
92
98% Utah 8.
9012 12
L5t
ra
&eLltet
1215
r2
e159_.1944 A 0 -66T8 Sale 90
98
40
Utah Power
950
94 F A 9678 Sale 9834
58.18
J •J 103
- -- 98 Sept'29 96: 100
0534 Utica ElseL & P 1st s f g
4
102
82
9512 Utica Gas& Else ref & ext 56 1957 J J 102 los 102
99 105
9014 41
Utilities Power & Light 5398_1947 J D 8911 Sale 89%
5
78
84
58
Vertientes Sugar 1st ref 76._1942 J D 78 Sale 75
5
34% 30,2
3012
ictor Fuel let s f be
V
1953 J J 2818
73 89 Aug'29
_
2 Va Iron Coal & Coke 1st g 581949 M 8 70
113
001
95
73
14
5
63 I
1
196
7
0
10
Va Ry & Pow let & ref 58_1934 3 J 9918 Bale 98% 10018 36
99
Walworth deb 8395(with war).35 A 0 99 Sale 9518
17
8478
8638
7
Without warrants
. S8
a6le78 87 Sept'29
1st sink fund Os series A_ _ 1945 Ili 8838
:Sale 10012 102 17
9914 194
Warner Sugar Refin 1st 75_1991 J D Riot
18
62
Warner Sugar Corp let 7s__ j939' 3 8018 Sale 8018
5
1939 M S 9634 Sale 9638
88 10
99
434 Warner-Quinlan deb 85
9834 18
106
Wash Water Powers f 55_._1939 J .11 9812 9914 9914 100
3
105,8 107
Westches Ltg a as strand gtd 1950 J 0 9812 102 102 Aug'29
101 106
3
119 15413 West Penn Power ger A 58_1948 M S 1001: Sale 10012 10112
Sale
1st 56 series F
1983 M S 10012
10012 10012
1
9412 95
1920
3 A 0 10318 107 104 Sept'29
1st 519e serial F
100 10534
.1 D 101 Sale 10014
let sec be series0
101
1011: 105%
9
616716 18 Sept'29
Went Va C &C 1st 85
0
_
5:2 11
906
998;
Western Electric deb 5e_ __ _1944 S 0 101 Sale 10034 10112 34
100
10:0
Western Union coil tr cur 58_1938
6
3111
4
09
Sale 95% 19%142
Fund & re^ A g 434s
9512 100
18
95
3 jM
j N
33
9
1950
F A 10834 Sale 10734 10834 53
15-year e He
25-year gold be
10014 Sale 100
101
105 10712
29
Westphalia tin El Pow 86_1
19
953
1 33 13
413
9412 107
98
112 8a
Bale 8
Wheeling Steel Corp let 519e 10483 J 8
91
18 42
95
8
99
11122 19
89
1st & ref 454s series B _ _._1953 A 0 8512 854 8512
86
17
8714 99
White Eagle Oil & Ref deb 510'37
111 111
With s
stock purch warrants__ _ _ M B 10112 Sale 10038 10114 37
109 11218
White Sew Mach Os (with war)'38 1 J 100'2
1
172 280
- - 10012 10012
88 -9-0 88
Without warrants
3
101 10512
Parties I deb (Se
99%
5
98
43
Wickwire Been St'l let 7e_ _ _1193
1
75
45
°3
51-31 - - 83 8
4
892
42114 11
88
4
;i2
i 134
Ctf Sep Chase Nat Bank
21e 41
42%
9
43 9214
Wickwire Sp St'l Co 7e_Jan 1935 14-1:1 42
44
18
_ 4212 44 442512
CH dep Chase Nat Bank
89614934 119995
0 114
24
Ctfs Sep Chase Nat Ilk stpd.. _
9114 9812
Aug'29
14
101 103% Willys-Overland 5 f 63.4e. _ _ _1933 ii-i ii5i7.4 gide 101
1011
313
100 10314 Wilson & Co let 25-yr a f 86._1941 A 0 9853 Sale 9858 100
16
Winchester Repeat Arms 739e'91 A 0 10612 Sale 10812 107
9912 104
Youngstown Sheet& Tube 561978 1 3 9934 Sale 9912 100
117
1701
Range
Binge
Jon.L
Low
High
99 10678
92
98
9712 103
100 102
87 93822
90 9338
85 8914
99% 10212
91
96
104% 110
103% 107
95% 100%
90 90
93% 98%
99 99
8378 77
92 94
10118 10712
921: 10018
8612 9934
80 101
80 101
99% 9712
91% 97
92% 98%
8312 94
8248 9112
9912 106
WO% 108
9412 101
8034 89
9538 99
99 100
10034 10312
98 100
9772 10134
9312 9734
92 96
8912 9518
99% 102%
101 107
99% 10414
100 10912
101 10514
9812 10113
9734 102
9534 105
100 103%
9212 98
90 100
65
98
102 107
101% 10512
102 111
100 110
102% 107
60 86
6934
35
97,4
90
9512 9934
NI: 10012
9514 9834
88
9112
9811 10012
98 10434
91
9214
98 10012
90 10312
101 10318
57 82
9112 9912
87
9212
95 100
9872 101
97% 101%
1001s 104
81
8712
98 101%
104% 109%
94 101%
9512 10012
90 9714
78
8412
90 100
8212 9012
8112 9014
10018 108
84
92%
9912 1023s
107 10938
10684 109
7714 90
83 91
9612
89
90 101
96 10434
102 107
8914 98
66
9738
40
28
82
69
9712 101
8712 103
847s 8712
8634 93
95% 10712
59% 85%
9914
94
9914 102%
101 10536
10014 104
100 106
101 10512
100 10418
3314
15
100% 10334
100 104%
9914
95
10614 111
99% 103%
79
90
98 102
8412 8714
98 1057s
98 130
9912
80
83 10012
4014 61
39% 47
40
6034
40% 48
4114 46
100 10258
98 10312
10614 108
9914 101
SEPT. 14 1929.1
1717
FINANCIAL CHRONICLE
Outside Stock Exchanges
of trsanactions at
the Boston Stock Exchange, Sept. 7 to Sept. 13, both inclusive corn iled from official sales lists:
Boston
Stock Exchange.-Record
Sates
Friday
Lag Week's Range for
Week.
of Prime
Sale
Stocks (Concluded) Par. Pries. Low. High. Shares.
Range Since Jas. I.
LOW.
High.
65 89
Jan 414( Apr
3935
39
8 Brit Inv $3 pfd allot ctf
415 40
Sept 5244 July
42
Sales
[18 & Int Sax Corp pref._ 40% 40
Friday
1.
Jan.
Sept
Since
38%
38 Sept
Range
1.280
38
for
_
34
36
com_
Range
3654
Last Week's
U S & Overseas Corp
Week.
of Prices.
Sale
Utility Equities Corp
May
23
38)1 Sept
1,265
High.
Low.
3854
36
Shares.
3734
•
High.
Low.
Common
Price.
Par.
StocksAug
Jan 155
138 14935 2,964 100
144
Preferred
Apr
944 Jan
2
20
4
4
Corp.-.
Holding
Venezuela
RailroadAug.
8241
Feb
Jan
66
182
3,845
Aug
81
170
7635
116
80
174
10
Corp
173
venezuelan Mx Oil
100 173
Boston & Albany
80 2241 Mar 3435 July
630 69 Sept 8831 Jan Waldorf System Inc
71
* 3135 3135 3135
100 7055 69
rlogron Elevated
go 87
Aug 101
Jan Walvrorth Co
24 2341 Jan 44% Apr
39
39
39
25
90
90
100
Preferred
Aug
135 139
Apr 200
85 10234 June 118 May Warren Bros
184 193
50 184
100 10335 103 104
let preferred
Aug 52
Jan
Jan
40 41
Sept 108
51
48
210 90
9535
50
90
lot preferred
100 90
2c1 preferred
38%
Mar
June
27
50
3755
37%
corn-Co
Westfield Mfg
Boston & Maine
Sept
Feb
14%
94
July
Sept
10
87
4,477
1.100
12
10
8735 8755
Co A
Series A 1st pf unstp.100
Aug I Whittelsey Mfg
Aur 120
85 105
120 120
Series 13 let pf unstP 100
Aug
July 96
100 83
9334 9355
fdlnintPreferred stamped__ _100
2
Feb
1,550 250 Aug
80c 90c
305 10434 May 12034 July
Sroadlan Cons MID Co-28 82
Prior preferred stpd-100 :11235 1123.4 11334
2)1 July
544 Jan
195
Apr 89 Sept intone
23.1 2%
376 71
234
6
Commerelal
89
Her A lot pfd stpd ---10(? x 8734 87 34 132
um
May
Mar
37
569
May
Sept
132
112
44%
46%
160
26 4441
123
Calumet & Heel*
ElerB let pf stpd....-100 z130
969 20 May 3241 Mar
Apr 126
Sept Copper Range Co
95 100
25 2345 2335 25%
123 126
Sax 0 tat pfd stpd.....100 z123
5
Mar
234 July
580
246 140 May 175 Sept East Butte Copper Min 10
235 231
235
168 170
Ser D let pref stpd -100 z168
135 May
431 Sept
Jan
June
199
43,1 2,170
3
75 168
172 172
335
Hancock Consolidated_25
Boston & Providence _.100
2% Mat
100 50c May
09 June 10755 Feb Hardy Coal Co
75c
20
75c
10234
1
10035
Chic Jct Ry & U B Y Pt-100
144 Mar
50c. May
Aug Helvetia
100
Apr 104
89 101
50c 50c
25
102 10234
100
Conn & Pass pref
Mar
274 50 May 66
Feb Island Creek Coal
Sept 27
18 16
5055 5135
16
16
East Mass St Ry com 100
35
May
Mar
20
250
285
Jan
May
72
23%
5734
23
23
60
25
58
100
isle Royal cooper
let preferred
8)4 June
74( Mar
50
150 42 May 5635 Jan Keweenaw Copper
5
5
25
4734 4735
100
Adjustment
2)4 Mar
May
1
100
361 62
Jan 85
131 131
Aug Lake Copper Corp
80
25
78
100
Maine Central
3% Max
July
1
500
131
634 8235 Max 12634 Aug La Salle Copper Co
1
25
N Y N H & Hartford-100 11835 11874 12431
241 Jan
1% Jar.
27
Apr 115
Feb Mason Valley
96 105
131 135
:108 10855
5
North New Hampshire_100
Jan
800
May
25e
570
134
440
Apr
Feb
700
120
31
125
125
25
Mass Consolidated
Norwich Worcester pref100
1
Mu
Apr
600
600
317
Apr
Feb
60c
120
50c
13934
100 :12734 z127 130
Mayflower & Old Colony 25 600
Old Colony
Jan 8435 Sept
41
53
Aug
110
Mar
2.171
7234
5935
6234
5934
10734
25
10134
10234
50
_
RR.
Mohawk
Pennsylvania
300 15e July 65e Mar
July 185
Feb New DOM1111011 Copper....
170 17c
76 171
172 172
Providence & Worcester100
Apr
Jan 67
50 58
6235 6235
New River Co pref. -100
335 Jan
2 Sep
400
235
235
235
5
Mine8
MiscellaneousNIpissing
Max
JIM
1511
8)4
7,987
1541
165
6
1634
Sept2344 May North Butte
554
1534
535
16
Air Investors Ino
535 Jac
2 May
100
Aug 3334 Aug 06bway Mining
3141 2,756 31
2% 2%
31
25
Amer Equities Co com-- 31
744 June 191( Jan
325
Jan 12235 Sept
7,945 71
934 9%
941
25
Dominion Co
Old
Am Founders Corp com stk z115% 11535 122%
Mar
Feb 22
20 11
•
200
5 Sept6
13
13
Sept P C Pocahontas Co
6
5
5
Rights
Feb
46
199 69 Sept75
Jan
4735 2,910 32 May 60
25 46
Amer.& Geo Sec Corp-. ______ 69g 6934
Quint'',
46
May
31
Mar
600
934
Jan
1,843
July
211
41
1534
39
1034
Amer Pneumatic Service 25 10
St Mary's Mineral Lana_25
500 200 May 55e Mar
405 16 July 2914 July Shannon
2551 2634
25c 250
10 20c
25
Preferred
620. Mar
2013. Sep
700
Mar Superior, Boston Copper 10
55 45
200 200
Mar 50
4834 49
100
let preferred
641 Mar
3sts June
Jan 804 Sept Utah Apex Mining
28144 29741 6,746 193
335 331 1,085
345
100 284
5
Amer Tel & Tel
234 Mu
820 90e May
Jan Utah Metal & Tunnel-.1
July 24
135
1
15
2,460 15
17
• 17
174
Amoskeag Mfg Co
Jan
144
244 Sept
1,510
Apr
234
9341
235
465
9341 9474
Sept10434
• 94
Blgelow-Hartf Cerpet
Victoria Copper Min 00_25
69 10034 Jan 107 May
100
10134 1013.4
Preferred
Aug
29%
876
Sept
1931
1934
2234
Corp
Blue Ridge
BondsAug 90
Jan
81 $28,000 78
80
Aug Amoskeag Mfg 6.....1948
4735 5155 2,176 4735 Sept 54
Preferred
July 9631 Feb
13,000 80
80
80
3935 4155 7,050 3955 Sept 4135 Sept Ernesto Breda Co 78-.1954
Boston Personal Prop Trust 41
10034
Jan
June
94
15,000
99
9835
Jan
94
Sept
84
85 84
84
84
ISIMWD A CO
Chic Jet By US Y 6s.1940
Jar
2,000 83 June 89
85
85
1940
6634 7234 3,224 5534 June 8854 Jan
Columbia Greph'n
48
Mar
120
Aug
95
260
92
Invest
8934
For
Continental Securities Coll)
Domestic &
Sept
136
145
May
5,000
140
140
July 7734 July
1947
75
71
3,628 68
z75
Coot Shares Inc com
Corp 5 Hs
Credit Alliance Corp el A.- 3434 3435 3634 5,469 3334 Aug 4744 Jan East Mass Street RR
Jan
13,000 52 Sept 64
53
52
Apr 2034 Aug
1948
Crown Cork & Intl Corp.- 1834 1834 1934 3,480 18
4358series A
Feb
Mar 80
8,000 58
62
62
8 May
Feb
4
25
1948
5
10
5
East Boston Land
58 series B
Sept
5531
Aug
3235
5531
9,887
4934
50
com_
Invest
East Gas & Fuel Arun
European Mtge &
8051 8031 1,000 8031 Sept 8074 Sept
Sept 83 Sept
186 78
1967
78
78
100 78
435% prior pref
Series C 7s
Aug 9434 Sept Fox Metro Playhouses Ins
625 92
9334
93
100 93
8% cum old
Aug
99% 7,000 95 June 101
99
12711
Jan
99
1932
July
115 1183.4 1,395
Eastern SS Lines Inc__ _20
6348
AM' 4834 July Fox New Engl Theatrea200 45
473.4 4854
•
Preferred
79
10644 Jan
Mar
6,000
9935
99
Jan
99
2844
July
12
48
1943
2734
26
Eastern Utility Inv Corp-6358
Aug
5,000 8234 June 99
95
94
575 2234 Jan 53 Sept Hood Rubber 75
5244
1938
48
doonomy Grocery Stores-•
Apr 105
Aug
Jan 440
545 280
Aug Int Hydro-Elee Sys:881944 10434 103 10435 45,000 100
380 38335
100 380
Edison Eleo Ilium
80
98
Jan
July
9,000
8535
83
Jan
493.4
June
35
4,113
3935
3835
3934
smpl Group Assoc
Karstadt(Rud) Inc as 1943
1,000 9541 Aug 9931 Jan
97
July 27
97
Jan Mass Gas Co 435s-1931
50 15
15
15
Galveston Houston Elec100
Jan
9741 Apr 102
3.000
10034
9931
Jan
Sept
28
6144
90
28
28
58.'51
Co
HOW
100
pf
Elec
Galveston
Miss River Power
99 100% 8.000 9841 July 10044 Jan
2.233 7844 Aug 8134 Aug New Engl Tel & Tel Iis 1932
7834 7834 80
General Capital Corp
Aug 125
Mar
1,000 102
102 102
570 1031 June 1734 Feb PC Poca Co 78 deb_ _1935
1044 11
Georgian Inc(The) pi A.20
Mar 102
Jan
2,000 100
100 100
1944
German Credit & Inv Corp
Swift,& Co 58
150 17 Sept 20
17
983.1 9931 11.000 98 June 10044 Feb
17
Jan
17
25% let preferred
Tel& Tel 56..1932 99
380 20
Apr 3334 Jan Western
26
24
• 25
Gilchrist Co
724 10034 June 14235 Aug
13034 13431
•No par value s Ei-dsvidend.
Gillette Safety Rasor 0o-• 131
165 12
Jan 2534 Sept
2235 2374
Greenfield Tap & Die___25
-Record of transactions at
Greif gem ceepige :lase A_ 4734 4634 50
Chicago Stock Exchange.
1.371 39
Jan 50 Sept
310 4235 June 47
Jan Chicago Stock Exchange, Sept. 7 to Sept. 13, both inclusive,
4334 4335
Hathaway Bakeries el A...
Aug 1304 Feb
1,871 29
34
32
Hathaway Bakeries class B 34
sales lists:
185 110
Jan 126
125 126
Feb compiled from official
Preferred
• 353.4 3434 3531 3,140 18
May 3834 Aug
Hood Rubber
bates
Friday
100
3831
Sept
5235
Jan
37
3631
3531
Co
Lamp
Range Since Jan. 1.
Hygrade
Last Week's Range for
66 9554 Sept 108
953.4 9634
Feb
Preferred
Week.
Prices.
of
Sale
200 25
July 3334 Jan
30
30
10
Insurance Sec Inc
Low.
High.
Shares.
Par. Price. Low. High.
Stocks205 20 JUne 2435 July
22% 2231
Irusuransharea Corp el A _ _ _
2534 2434 2855 26,825 2435 Sept 2855 Sept
Internat Carriers Ltd coin
May
39
52
Mar
400
4231
41
275 4434 June 10235 Feb Abbott Laboratories oom-• 4131
6434 7034
international Coca
Aug
300 8344 Feb 145
130 134
25
288 43 May 53x Sept mine Steel Co
5351
49
Intl Hydro EMI. system A
Aug 4334 Feb
2534
300
3574
3431
35 31
31
Aug 31
31
Aug Adams(SD) Mfg eon •
lnternat Securities Corp 13..
Jan
25
June
11541
100
16
16
935 July 12
Aug Adams Royalty Co oom__• 16
1034 1031 1134 2.410
Jenkins Television com____
goo 3434 Mar 5834 Aug
4834 50
82 9041 Apr 9334 Feb Ainsworth Mlg Corp oom10
92
92
Kidder Peab accep A p1100
39
Mar
Jar
1254
650
16
15
1,414 1044 Apr 22
1634 22
Sept All-Amer Mohawk -4"__5 16
Libby McNeill & Libby_10 20
4834 10,100 2934 Mar 5734 Feb
440 10
July 13
Jan Allied Motor Ind Inc nom _• 4634 45
1034 1041
28
Loew's Theatres
May
May
55
46
400
52
5034
5155
"
2,099 125 June 201
Preferred
Sept
195 201
Massachusetts Gas Co-100
May
6851 5,600 4934 Jan 81
• 6535 62
670 76
7855
mar 85
Aug Allied Products "A".._.
78
100 78
Preferred
Jan
June 53
850 SG
43
41
17,296 11
June 18 June Altorfer Bros Co cony pfd • 42
1634 17
Mass Utilities Am. corn..
Aug
May
21
3274
900
2935
2831
40 10044 Feb 11234 Mar Amer Commw Pow "4"_• 2831
10434 10431
Mergenthaler LinotyPe.100
Aug 3354 Aug
3134 12,650 31
31
•
3134
coin
Co
Equities
16
244
Amer
June
535
Jan
331
334
10
National Leather
200 9934 Jan 10334 Aug
10235 103
13,426
4 May
9 Sept Amer Pub Serv pret_ _MO
734 9
841
Natl Service Co
Jam
100 9141 June 96
95
95
349 2235 Apr 3635 Aug Am Pub Utll part pref_100
2434 26
Herman Wilson Corp_ .6
100 9134 Mar 9554 Jan
93
93
100
15
preferred
Prior
3434
Feb 4434 Apr
40)g 4051
New Eng Equity Corp__
Mu
9
3744
June
2,800
1114
20 92
95
Jan 100
95
Apr Amer Radio & Tel St Corps 1044 1034 11
100
Preferred
934 Sept 16
Feb
2,100
10
31 89
July 9831 Jan American Service Co,ooze• 10
9034
90
New Engl Pub Service •
Jan
800 2544 Aug 29
50 98
July 10434 Jan Am States Pub Ser A corn.• 273
@FedFRASER