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riaantiat
The,
Pimin fiat
:amide
SATURDAY,SEPTEMBER 71929.
VOL. 129.
NO. 3350.
rate which the Treasury had been obliged to offer
for eight years, or since 1921.
PUBLISHED WEEKLY
In March the Secretary had put out an offering
Terms of Subscription—Payable in Advance
12 Mos.
Mos. of $475,000,000 of certificates, likewise running for
Including Postage-Within Continental United States except Alaska
$10.00
$6.00
/
4% interest, which
In Dominion of Canada
11.50
6.75 nine months, bearing only 43
Other foreign countries, U. S. Possessions and territories
13.50
7.75
itself was a very unusual figure. The higher rate
The following publications are also issued. For the Bank and Quotation Record the subscription price is $6.00 per year; for all the others is
in June did not come as a surprise—rather, the
$5.00 per year each.
MONTHLY PUBLICATIONS—
00/APIONDIUMS—
condition of the money market seemed to have made
BANK AND QUOTATION RZOORD
PUBLIC Urnarr—(semi-annually)
RAILWAY & INDUSTRIAL—(fOW`a year) MONTHLY EARNINGS RZCORD
it necessary and inevitable. Washington advices
MUNICIPAL—(e0111i-alLI.)
EITATI AND
at the time stated that the Treasury had felt imTerms of Advertising
Transient display matter per agate line
45 cents pelled to raise the rate because of its experience
rates
Contract and Card
On request
Catc.too Orrzcs—In charge of Fred. H. Gray, Western Representative.
with the $475,000,000 offering of certificates in
208 South La Salle Street, Telephone State 0613.
LONDON Omen—Edwards & Smith. 1 Drapers' Gardens, London, R. C. March bearing 43
/
4% and which brought subWILLIAM B. DANA COMPANY, Publishers,
no more than $523,000,000, the overscriptions of
Front, Pine and Depeyster Streets, New York
subscription having been far below what had been
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager, Willlem D. Riggs; expected, and for the further reason that these
Treas., William Dana Seibert;See.,Herbert D.Seibert. Addresses of all, Office of Co
March certificates were selling on a price basis yielding in excess of 5%. The Secretary had no diffiThe Financial Situation.
culty in getting adequate subscriptions to the June
The terms of the September financing of the offering at 51 8%. In fact, though the offering was
/
United States Treasury were announced on Thurs- only $400,000,000, subscriptions aggregated no less
day evening and they contain some very interesting than $1,118,862,000, out of which the Secretary made
features. Secretary Mellon has decided not to allotments to a total of $404,212,000.
avail of the authority conferred upon him by the
/
7
Is the Treasury now,in reducing the rate to 4'8%,
Act of Congress approved June 17 to issue short- running any risk of having the subscriptions fall
term Treasury bills on a discount basis and bearing short of the amount desired? Not a bit of it. Of
no interest. And he is probably well advised in course in any event 4% is not to be regarded as a
adopting this course, since in this country we are low rate for a United States Government obligation.
not yet familiar with the issue of Treasury bills on Only a little over a year and a half ago—that is,
a discount basis, but which practice has been a March 1928—the rate of interest was only 3 % on
/
1
4
feature of Government financing in Great Britain a nine months' issue of certificates for $200,000,000
for many, many years. When the plan shall also• and 3%70 on an issue running for a year for $360,be inaugurated in this country it will be well to 000,000. On the other hand, however, money market
begin under more. favorable money market con- conditions to-day have not changed any for the better
ditions than those at present prevailing. A period as compared with last June. On the contrary, the
of great tension in the money market, such as the New York Federal Reserve rediscount rate is now
country is now suffering, attended by rampant stock 6%, whereas in June it was still being maintained
speculation that has carried share values to dazzling at 5%.
heights and attended also by widespread inflation,
What, then, does the lowering of the rate of inis not a propitious time for new ventures in the terest in the present offering of certificates by /
1
4
financial'world. It will be far better to wait until of 1% signify? To a person not cognizant of the
money market conditions get back to the normal.
real facts, it might seem that the lower Government
The Treasury Department has decided to do its rate implied great confidence in the immediate
financing in the old way, and is accordingly making future of the money market, and that the Treasury
a new offering of Treasury certificates of indebted- Department saw signs of relaxation, if not positive
ness. The offering is to be for $500,000,000 "or there- ease. What a boon this would be to the hard-pressed
abouts," the certificates are to run for a period of speculators in the stock market.
nine months, and to bear date September 16 and
Nothing could be further from the truth than all
the rate of interest is to be 478%. It is this rate of this. The fact of the matter is that this new offer/
interest which attracts most attention. In his June ing of certificates is made under entirely different
financing, the Secretary,when offering $400,000,000 circumstances and conditions from previous offercertificates of indebtedness, also running nine ing. It is made under the new law enacted in June,
months, fixed the rate of interest at 51 8%, which already referred to, which authorizes the issue of
/
is 1/4 of 1% higher than the rate in the present short-term Treasury bills on a discount basis. Con/
offering. We pointed out at the time that this 51 8% gress, in authorizing these Treasury bills on a diswas higher even than the Federal Reserve rediscount count basis, not only granted full tax exemption to
rate of 5% then in effect, and was in fact the highest these short-term Treasury bills, but also granted full
hrønitI
financial
1
•
1486
FINANCIAL CHRONICLE
tax exemption to future issues of certificates of
indebtedness. By full tax exemption we mean not
only exemption from the normal income taxes of
the Federal Government, but also exemption from
the surtaxes, which run to a maximum of 20%, a
degree of tax exemption at the present time enjoyed
by no outstanding obligation of the United States
except the First Liberty loan Whs. We opposed the
innovation, but Congress in its wisdom (or lack of
wisdom?) saw fit to make tax exemption all-embracing, nevertheless.
The Act of June 17 1929 is an amendment of Section 5 of the Second Liberty Loan Act, and, as
amended, the provision regarding tax exemption now
reads as follows, and it should not escape notice how
broad the provision concerning tax exemption now is:
"All certificates of indebtedness and Treasury bills,
issued hereunder (after the date upon which this
sub-division becomes law), shall be exempt, both as
to principal and interest, from all taxation (except
estate and inheritance taxes) now or hereafter imposed by the United States, any State, or any of
the possessions of the United States, or by any local
taxing authority; and the amount of discount at
which Treasury bills are originally sold by the
United States shall be considered to be interest
within the meaning of this subdivision."
The present offering of certificates is being made
under this new law. Previous offerings of certificates under the old law also enjoyed tax exemption,
but only, as already stated, from the normal income
taxes, never of the sur-taxes. There has always
been a considerable inducement for the banks to
subscribe to certificates of indebtedness on either
their own account or for account of their depositors
or patrons, and under the Act of June 1929 the inducement has been further increased. In the first
place, the proceeds of these subscriptions are always
left with the bank until the time when the Treasury
has need for them and draws them out. On such
Government deposits the banks are obliged to pay to
the Government only 2% interest per annum,
whereas in the present condition of the money market it is possible to loan such deposits out so as to
yield from four to eight times the 2% paid the Government. This is one advantage.
A second advantage is that being Government deposits the banks are not obliged to maintain any
cash reserves against the same. That certainly is
another important item. Now comes a third advantage in the exemption from the surtaxes. These
begin with 1% on the first $4,000 above $10,000 and
run to a maximum of 20% on the amount of income
exceeding $100,000. Just think of the value of exemption from a tax that may take 20% of the entire
income. The banks themselves of course are not
able to avail of such exemption, being corporations,
but the wealthy patrons of the banks are, and let it
not be forgotten that the proceeds of these subscriptions remain with the bank acting for these wealthy
individuals with large incomes. Ponder well what
full tax exemption means to such patrons of the
banks. In the present instance they will be getting
478% interest, which itself is a fine return for a
/
United States Government obligation, and in the
second place they will escape exemption from all
State and local taxation, and in the third place they
will be exempt from all income taxes of the Federal
Government, not only, as already stated, the normal
or ordinary taxes, but also of the vastly more im-
[VoL. 129.
portant and much larger surtaxes. When all these
facts become known, subscriptions by the hundreds
of millions ought to come pouring in. In these circumstances is it strange that the Treasury Department should have felt safe in lowering the rate of
interest by 1/4 of 1%? Exemption from the surtaxes
ought certainly to be worth this 1/4 of 1%, and a
great deal more.
There is one other new feature in this latest offering. In addition to accepting maturing issues of
certificates in payment for the new issue, the Treasury offers to take up to a total of $100,000,000 of
any of the three issues of outstanding Treasury notes
bearing 31 2% interest and maturing in 1932 at 98
/
and interest. These notes, it is pointed out, are
being purchased for sinking fund purposes, but the
step also means that the Treasury is already beginning to make provision for the retirement of
these notes.
Brokers' loans are now certainly mounting in a
way, week by week and month by month, that simply
staggers the imagination. There have been the
present week two separate statements of these brokers' loans; first, the very comprehensive monthly
statement compiled by the New York Stock Exchange itself, and secondly, the less comprehensive,
yet equally striking, weekly return of the Federal
Reserve Bank of New York. Both tell the same
story of ever-growing totals. The Stock Exchange
statement shows a further addition for the month of
August in amount of $407,825,132, and this makesthe third successive month in which the further increase has been in excess of $400,000,000, the actual
amount of increase in July having been $402,573,019
and in June $406,083,350. Thus the expansion
for the three months combined has been no less than
$1,216,481,501. The Stock Exchange total is now
fast approaching eight billions, the amount for
Aug. 31 standing at $7,881,619,426. On Aug. 31
1928 the amount was $5,051,437,405, and on Aug. 31
1927 it was no more than $3,673,891,333, showing
that in two years the expansion has been over
$4,000,000,000, and the amount having more than
doubled in this two-year period.
The Stock Exchange total comes to the end of the
month of August. This week's return of the Federal
Reserve Bank of New York brings results down a
few days later, being for the week ending Wednesday night, September 4. It affords testimony to the
fact that the expansion is still proceeding unchecked.
This appears from the fact that the Federal Reserve
statement shows a further increase for this latest
week in amount of $137,000,000. This week includes
only two trading days for the month of August, but
also includes no more than two trading days in September, the Exchange having been closed on Saturday, Aug. 31, and also on Monday, September 2.
Yet in this brief period there has been a further expansion in the grand total of these loans on securities to brokers and dealers by the reporting member
banks in New York City of $137,000,000. It is well
enough to add that this increase of $137,000,000 follows $132,000,000 increase the previous week and
$133,000,000 increase in the week before, making
$402,000,000 expansion for these three weeks corabined, or almost as much for these three weeks as
the Stock Exchange figures show for the whole month
of August. The mind stands appalled in the presence
of such figures, and there is, of course, nothing that
SEPT. 7 1929.]
FINANCIAL CHRONICLE
can be done except put them on record, where they
ought to carry the weight to which their magnitude
entitles them.
In this latest week the further increase is found
mainly in the category of loans made by the reporting member banks on their own account. Under
this heading the loans have increased from $992,000,000 to $1,103,000,000; loans for account of outof-town banks have also increased, but in a much
more moderate way, rising from $1,756,000,000 to
$1,784,000,000. The biggest item of all, comprising
the loans "for account of others,", shows very little
change, being reported at $3,467,000,000 the present
week and $3,468,000,000 last week.
As it happens, member bank borrowing at the Reserve banks has also increased during the week, the
discount holdings of the twelve Reserve institutions
having risen from $973,627,000 Aug. 28 to $1,046,016,000 Sept. 4. The Reserve banks have likewise
enlarged their holdings of acceptances purchased in
the open market, this being in continuation of the
changed policy inaugurated about the 10th of July.
The total of these acceptances the present week is
$182,916,000 against $156,514,000 last week. The
Reserve Banks have also somewhat enlarged their
holdings of United States Government securities
during the week, the amount this week being reported at $148,980,000 against $145,321,000 last
week. Altogether, $102,450,000 more of Reserve
credit is outstanding the present week than last
week, the total of the bill and security holdings
standing at $1,394,012,000 Sept. 4 against $1,291,562,000 Aug. 28. Federal Reserve note circulation
increased during the week from $1,829,372,000 to
$1,883,267,000, and gold reserves fell from $2,962,099,000 to $2,943,368,000. It should be added that
the twelve Reserve Banks, besides having added
$26,402,000 to their own acceptance holdings during
the week, also increased their holdings for foreign
correspondents from $447,977,000 to $453,020,000.
One feature of the business insolvency record for
the three Summer months this year, ending with
August, has been the very marked uniformity in
the number of defaults; also, the uniformity as to
the amount of indebtedness. The number of business failures in the United States during this period
has fluctuated within the very narrow limitations
of 15, while the liabilities show a relatively small
variation. There were in August this year 1,762
insolvencies among commercial concerns reported
by R. G. Dun & Co., involving $33,746,452 of indebtedness. In August of last year the number of defaults was 1,852 and the liabilities $58,201,830. The
decrease this year in number from a year ago was
4.8%, while for the indebtedness shown last month's
figures were lower than those of August 1928 by
42%. In August of last year, however, there was
a number of exceptionally large business defaults,
especially in the class embracing agents and brokers,
which in the main will account for the marked variation shown in the liabilities. For the eight months
of this year commercial insolvencies in the United
States have numbered 14,686, with liabilities of
$298,300,907, whereas in the corresponding period
of 1928 the number of defaults was 16,403, owing
a total of $339,236,869. The degrease this year in
the number has been 10.4%, while the reduction
in the amount involved this year is equivalent to
12.1%.
1487
A very satisfactory showing in the August report
this year appears for both the manufacturing and
trading defaults. Thus, 482 insolvencies last month
in manufacturing lines compares with 493 in August
a year ago, while the total involved this year of
$13,856,696 is considerably less than the amount reported for August 1928, which was $16,877,179.
Likewise as to trading failures, in August this year
the number, 1,163, compares with 1,241 a year ago,
while the indebtedness of $16,001,656 was also
smaller than the amount reported in the correspond.
ing month last year, which was $19,096,017. For
the class embracing agents and brokers, 117 defaults
last month compares with 112 a year ago, but the
liabilities this year of $3,888,100 are hardly to be
considered in comparison with the $22,228,634
shown last year. Only three of the fourteen leading
manufacturing classes report more insolvencies in
August this year than last, and these include the
large lumber division, the chemical class and that
of paints and oils, but the figures for the two last
mentioned hardly call for consideration. A marked
reduction appears this year for the clothing manufacturing class, milling and baking and several of
the less important divisions. As to liabilities quite
an amount is shown for the lumber manufacturing
section and there is a heavy increase over a year
ago owing to several large defaults. In the other
manufacturing classes, the amounts are generally
quite reduced.
In the large trading division, six of the fourteen
leading classifications report more numerous failures this year, although in no instance is the increase
large. These six classes include general stores, dealers in dry goods, in hardware, jewelry, stationery
and books and beverages and tobacco. Several of
the larger trading classes again show a decrease in
the number of defaults in August, among them
grocers, dealers in clothing, in shoes, in drugs, in
furniture, and hotels and restaurants. The reduction in trading liabilities last month is quite scattered. Two of the larger divisions show quite an
increase, groceries and dry goods, but otherwise the
variation is mainly in the downward direction.
The larger failures last month, those for which
the liabilities in each instance were $100,000 or
more, were not as numerous as they were a year
ago. Furthermore, the liabilities were very much
heavier for the larger defaults in August 1928 than
they were for August the present year. Thus, 57
large failures in August this year account for a total
of indebtedness of $14,553,856, whereas in August
1928 there were 64 of the larger defaults owing a
total of $38,747,626. More than one-half of the large
sum last mentioned was accounted for by a few very
large insolvencies in the class embracing agents and
brokers. There is also quite a reduction for August
this year in the indebtedness shown for large defaults in both the manufacturing and trading divisions.
The history of the stock market this week is that
it opened on Tuesday, after the holiday last Saturday and on Monday, in a most buoyant fashion in
continuation of the bullish movement of last week,
and the two weeks immediately preceding, and that
prices bounded up in the same unrestrained fashion
as before. Many new high records for the year were
established all through the list. There had been a
great accumulation of orders over the holidays, and
1488
FINANCIAL CEERONICLE
buying was conducted with great avidity. More or
less profit faking was in evidence, but it did not
appear to make much impression upon prices. The
money situation was not apparently being given much
concern. The call loan rate at the Stock Exchange remained unchanged from last week at 9%, and this
also remained the rate for all the rest of the current
week, except that on Friday there was a drop to
6%. The prevailing view regarding money found
graphic expression in one of the market reviews for
that day, which said "sentiment regarding the credit
outlook was reassured by the activities of the Federal Reserve authorities in placing funds at the disposal of business through bill purchases in the open
market."
On Wednesday there was a further display of
great buoyancy, and prices were carried still higher,
in the great majority of cases, but a reactionary
tendency developed in the afternoon on heavy sales
to realize profits. On Thursday the market again
showed great strength, but the Stock Exchange
statement of brokers'loans for the month of August,
showing a further increase of $407,825,132 during
the month, on top of $402,573,019 increase in July
and $406,083,350 in June, making a total expansion
of $1,216,481,501 for the last three months, appeared
to be making much more of an impression than previous similar returns; operators for a decline noticing this began a severe drive against prices, precipitating violent declines in the afternoon all
through the list. On Friday there was pronounced
recovery, with some further new high prices for the
year notwithstanding that the weekly return of
the Federal Reserve Bank of New York showed a
further increase in brokers'loans for the latest week
of $137,000,000. Stress was laid upon the fact that
the United States Treasury in its offering of certificates of indebtedness as part of its program of
September financing, made the rate of interest on
2
1
/
the certificates only 478%, against 5 % in the
/
offering last June. The fact that this followed from
the circumstance that the new issue of certificates
enjoyed a far higher degree of tax exemption was
entirely lost to sight. At the same time, the call
loan rate on the Stock Exchange dropped to 6%. As
a consequence, the market again took on a bullish
hue and most of the losses of the previous day were
recovered.
Trading has been on a greatly enlarged scale, the
sales on the New York Stock Exchange on Thursday
2
1
/
(the day of the break) running in excess of 5
million shares. The exchanges were closed last
Saturday, preceding the Labor Day holiday on Monday, and of course on Labor Day itself. On Tuesday
the sales on the New York Stock Exchange were
4,438,910 shares; on Wednesday they were 4,691,980
shares; on Thursday, 5,565,280 shares, and on Friday, 5,122,610 shares. On the New York Curb Exchange the sales on Tuesday were 2,120,300 shares;
on Wednesday, 1,896,400 shares; on Thursday,
1,904,300 shares, and on Friday 1,639,500 shares.
As compared with Friday of last week, owing to
the severe setback on Thursday, prices are irregularly changed, with many losses. United Aircraft &
Transport closed yesterday at 1291 2 against 13478
/
/
on Friday of last week; American Can at 176 against
178; United States Industrial Alcohol at 209 against
208%; Commercial Solvents at 4901 2 against 4951 2;
/
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Corn Products at 111% against 110%; Shattuck &
Co. at 60% after payment of a 200% stock dividend
[VOL. 129.
/
against 193; Columbia Graphophone at 661 2 against
64%; Brooklyn Union Gas at 240 against 246;
/
North American at 17518'against 179; American
/
Water Works at 185 against 17018;Electric Power &
Light at 77 against 74%;Pacific Gas & Elec. at 90%
2
1
/
against 90½; Standard Gas & Elec. at 188 against,
/
of New York at 1771 2
/
1631 2; Consolidated Gas
4
/
Columbia Gas & Elec. at 933 against
against 180%;
4;
913 Public Service of N. J. at 126 ex. div. against
122; International Harvester at 135 against 139;
/
Sears Roebuck & Co. at 16734 against 171; Montgomery Ward & Co. at 132% against 137; Woolworth
4; Safeway Stores at 177%
at 98
2
1
/ against 991
/
against 174; Western Union Telegraph at 2321 2
against
/
against 23378; Amer. Tel. & Tel. at 295%
/
298%, and Int. Tel. & Tel. at 14278 against 146.
/
Allied Chem.& Dye closed at 3381 2 against 350 on
Friday of last week; Davison Chemical at 48 against
47½;E. I. du Pont de Nemours at 225 against 213;
Radio Corporation at 1133 against 100; General
4
Elec. at 389 against 3951 2; National Cash Register
/
at 129 against 127%; Wright Aeronautical at 133%,
against 133 ; International Nickel at 53% against
2
1
/
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5414; A. M. Byers at 140 against 1461 2; Timken
Roller Bearing at 107% against 10878; Warner Bros.
/
4
Pictures at 60% against 6134; Mack Trucks at 1001
/
against 97; Yellow Truck & Coach at 3678 against
/
36; National Dairy Products at 79% against 851 ;
4
Johns-Manville at 203 against 202%; National Bellas Hess at 3734 against 40½; Associated Dry Goods
/
at 48% against 49%; Lambert Company at 139
/
against 14234; Texas Gulf Sulphur at 71 against
4
/
72%, and Kolster Radio at 283 against 2834 The
/
.
list of stocks which have made new high records for
the year is of course less extensive than in other
recent weeks, and yet is by no means a short one.
The following shows most of the new highs for the
week:
STOCKS MAKING NEW HIGH FOR YEAR.
Consolidated Gas(N.Y.)
Railroads—
Continental Insurance
Chesapeake & Ohio
Corn Products Refining
Chicago & North Western
Cuyamel Fruit
Chicago Rock Island & Pacific
E. I. du Pont de Nemours
Erie
Fairbanks Morse
Minn. St. Paul & S.S. Marie
Fidelity Phenix Fire Insurance,N.Y.
Norfolk & Western
First National Stores
Reading
Fleischmann Co.
Southern Pacific
General Amer. Tank Car
Southern Railway
Granite City Steel
-Industrial and Miscellaneous
Greene Cananea Copper
Air Reduction
Int. Tel. & Tel.
Alleghany Corp.
Kraft Cheese
American Bank Note
Loose-Wiles Biscuit
American Bosch Magneto
Macy Co.
American Chicle
North American
American European Securities
Otis Elevator
American & Foreign Power
Philadelphia Co.
American International
Public Service Corp.of New Jersey
American Power & Light
Remington-Rand
American Rolling Mill
Simmons Co.
American Smelting & Refining
Standard Gas & Electric
American Tel. dr Tel.
Timken Detroit Axle
American Type Founders
& Electric Union Carbide & Carbon
American Water Works
U. S. Industrial Alcohol
Anaconda Wire & Cable
U. S. Steel
Anchor Cap
Van Raalte
Atlas Powder
White Rock Mineral Springs
Best & Co.
Woolworth
Brown Shoe
Worthington Pump & Mach'y
Childs
Youngstown Sheet & Tube
Commercial Investment Trust
The steel shares were strong on Tuesday with the
rest of the market, but thereafter yielded readily
to bear pressure, owing to some recession in the
activity of the steel trade, though this is slight and
comes later than usual. U. S. Steel reached a new
4
/
high for the year on Tuesday at 2613 . The stock
/
2
1
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closed yesterday at 25014 against 256 on Friday
of last week; Bethlehem Steel at 136 against 138½;
Republic Iron & Steel at 126% against 129; Ludlum
/
Steel at 8878 against 891 2; Youngstown Sheet &
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Tube at 170 against 170. The motors began to show
Szyr. 7 1929.]
FINANCIAL CHRONICLE
1489
renewed strength. General Motors closed yesterday than formerly, and the Bank of England once a gai.1
at 78 against 72 on Friday of last week; Nash Motors decided Thursday that the discount rate must re/
at 85% against 85%; Chrysler at 73% against 7178; main unchanged at least for another week. At
Packard Motors at 150% against 149%; Hudson Berlin the international situation still appeared not
/
Motor Car at 8478 against 82%; Hupp Motors at entirely to the liking of traders, and stocks declined
40% against 40%. In the rubber group Goodyear persistently.
The London Stock Exchange began the week with
Tire & Rubber closed yesterday at 112 against 113%
/
on Friday of last week; B. F. Goodrich at 7178 a good deal of uneasiness over the monetary out/
against 73; United States Rubber at 471 8 against look, and gilt-edged securities were slightly reactionary in consequence. Dullness was caused in the
.
/
46%, and the preferred at 72% against bid 7014
have again been prime favorites, international section by the three-day holiday at
Railroad stocks
but suffered severely in the collapse on Thursday, New York, and transactions were confined largely
and are in most cases lower than a week ago. Penn- to British industrials, which moved irregularly.
sylvania closed yesterday at 106% against 109; At- The investment section of the market was again
chison at 286% against 295%; New York Central at unsteady Tuesday, many operators believing an in2471 8 against 256;Erie RR.at 91 against 88%;Dela- crease in the discount rate inevitable within a short
/
ware & Hudson at 219 against 223; Baltimore & Ohio period. Business in the international list increased
at 139 against 140%; New Haven at 123% ex. div. substantially late in the day, when business comagainst 124%; Union Pacific at 288% against 295; menced in Wall Street. Several merger announce/
Southern Pacific at 15214 against 153%; Missouri ments affecting British companies gave a fillip to
Pacific at 94% against 94; Kansas City Southern at the industrial section. Gilt-edged securities de10314 against 106%; St. Louis Southwestern at clined further Wednesday, with anxiety about the
/
94% bid against 100%; St. Louis-San Francisco at Bank rate increasing. A boom in American Celan13014 ex. dividend against 132%; Missouri-Kansas- ese gave tone to the industrial list. Business was
/
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Texas at 55 against 5418; Rock Island at 141% ex. small in Thursday's session at London, although
/
1
4
div. against 143; Great Northern at 124% against some increase in trading occurred after the Bank
124%, and Northern Pacific at 10978 against 11114 of England announced no change in the rate. The
/
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.
The copper group has shown renewed strength on gilt-edged section was maintained fairly steady, but
the advance in the price of the metal. Anaconda British industrials moved uncertainly. The Americlosed yesterday at 13214 against 129 on Friday of can issues, notably Radio Corporation, attracted the
/
last week; Greene-Cananea at 197 against 192; Calu- most interest. In yesterday's session at London,
met & Hecla at 47 against 4614; Andes Copper at gilt-edged securities were steady, but industrial
/
591 8 against 57/ Inspiration Copper at 48% stocks were weak.
/
8;
against 46%; Calumet & Arizona at 131 ex. div.
The Paris Bourse was unusually active, with
against 131; Granby Consolidated Copper at 85 prices on the increase, in Monday's session. Offeragainst 83%; American Smelting & Refining at ings were limited, while buying proceeded both for
128 against 124, and U. S.Smelting & Ref. at 54% home and foreign account, and a sharp rise in prices
/
1
4
against 55%.
took place. L'Air Liquide was the favorite issue,
The oil stocks have inclined to weakness on the the stock moving up quickly in heavy dealings. A
unsatisfactory condition of the oil trade. Standard degree of irregularity developed at Paris Tuesday,
Oil of N. J. closed yesterday at 70% against 71% on with profit-taking apparent. The offerings were
Friday of last week; Simms Petroleum at 3578 soon absorbed, however, and heavy buying orders
/
against 3614; Skelly Oil at 43y against 42%; At- again came into the market, reestablishing the firm
/
8
lantic Refining at 6478 against 67 ; Pan American trend. Wednesday's session at Paris was confined
/
/
1
4
B at 64% against 67%; Phillips Petroleum at 37y chiefly to consolidation of the gains of the two previ8
against 38; Texas Corporation at 67% ex. div. ous sessions. There was again a distinct profit-takagainst 7018; Richfield Oil at 42% against 4278; ing movement, but the offerings were well absorbed,
/
/
Standard Oil of N. Y. at 4278 against 44%,and Pure so that transactions remained high while prices also
/
Oil at 26 against 26 .
/
1
4
/
1
4
were well maintained. Trading remained active in
Thursday's session, but the market made little progWidely divergent courses were followed by the ress, as the gains and losses for the day were about
several important European securities markets this evenly balanced. At first an increase in the disweek, prices moving irregularly at London, while count rate at London was feared, and when reasParis was quite strong and Berlin rather weak. sured on this point the market improved. Later,
Opinion was divided all week at London between however, the list again declined slightly, and the
apprehensions of an increase in the discount rate close was generally slightly lower. A degree of
of the Bank of England, and a favorable view of irregularity developed in yesterday's session.
the accord finally reached at The Hague. In Paris,
The Berlin Boerse declined generally in the openon the other hand, there were few clouds on the ing session of the week, much to the surprise of specfinancial horizon, and stocks were bought in the ulators, who had expected improvement because of
expectation of favorable results from The Hague The Hague agreement. Bearish attacks on artificial
parley of governments. The viewpoints of traders silk issues unsettled the market, however, and the
in the British and French centers were influenced average level declined about 3 points. A slight
perhaps as much by the bank statements of last decrease in the private discount rate late in the day
week as by anything else. The Bank of England brought about a little improvement. Selling of the
reported the lowest gold reserve since a free gold artificial silks was resumed Tuesday morning at
market was re-established at London in April 1925, Berlin, but this movement was offset to a great exwhile the Bank of France reported the highest ratio tent by rapid gains in mining issues. Weakness
since stabilization of the franc. The gold flow from was again pronounced at Berlin Wednesday, with
London, however, was less pronounced this week shares of the Reichsbank declining rapidly. This
1490
FINANCIAL CHRONICLE
weakness was occasioned by rumors of a Socialist
move for curtailing shareholders' rights in connection with the change in the Reichsbank charter
necessitated by the Young Plan. After an uneasy
opening at Berlin Thursday, the list again started
on the downward path. Electrical stocks and mining shares showed great resistance. The selling
movement was resumed yesterday and stocks declined further.
World affairs of supreme importance were
promptly placed before the Assembly of the League
of Nations, when that body gathered at Geneva early
this week for its tenth ordinary session. A wide
and inclusive survey of matters affecting British
Empire was presented by Prime Minister Ramsay
MacDonald Tuesday, and this was followed Thursday by suggestions for an economic union of European states, which were put before the Assembly
by Premier Aristide Briand of France. The formal
speeches of these leading statesmen of Europe gave
every assurance that the present session of the
League Assembly will be by far the most interesting
so far held. The tenth session of the Assembly was
opened Monday with delegates present from all but
one of the fifty-four countries which are members of
the League, Argentina was the sole absentee. Prime
Ministers were present at the opening from Britain,
France, Norway, Greece, Lithuania, Luxemburg and
Albania, and in addition to these dignitaries, 24
Foreign Ministers appeared at the Salle de la
Reformation. The• meeting was preceded by the
fifty-sixth session of the League Council, which
was convened on Aug. 30. Few statesmen were
on hand for this meeting, however, most of them
having been detained at The Hague by the protracted sessions of the conference of governments
which considered the new Young Plan. The Council, nevertheless, adopted a proposal placing the
Root formula on the agenda of the conference of
World Court members, which met concurrently with
the Assembly, thus placing still another important
question before the League.
Intimations that he would place proposals of high
importance before the Assembly were given by Prime
Minister MacDonald, Monday, in a meeting with
press representatives from all parts of the world.
In this informal discussion the Prime Minister revealed sane of his thoughts on the present conversations between Britain and the United States on
naval disarmament. His comments on this subject
and the subsequent developments relating thereto
are treated more fully in a separate item in these
columns. Mr. MacDonald intimated again, in the
course of his remarks to the correspondents, that
his government would sign the optional clause for
compulsory jurisdiction of the World Court. He
commented at length on the difference between the
current Assembly session, and that of 1924, which
he also attended as Premier of Britain. Five years
ago the future of the League was "just a little bit
uncertain," he said, but it is now growing more and
more powerful in the sense that the nations are
showing greater trust in it. The personal contacts
made.possible by the League gatherings were responsible for much of the improvement in world
affairs, he added. One great step forward, the British leader said, is the Kellogg-Briand Treaty, the
signatory nations having "in the eyes of the whole
world lifted up their hands and taken a solemn oath
[VoL. 129.
that so far as they are concerned the thought of
war and preparation for war no longer enters into
their national purpose." The aim of Britain, he
continued, was to build a solid foundation for the
pact, so that it would be "not merely a paper declaration, but shall become a parcel of the international machinery of peace of the whole world." The
formal sessions of the Assembly Monday were devoted to details of organization, such as the election
of Dr. Gustavo Guerro of Salvador as permanent
president.
The eagerly anticipated formal speech of Prime
Minister MacDonald was made before the full Assembly Tuesday afternoon. In this address the
Prime Minister covered an astonishingly large range
of subjects. He discussed the Anglo-American conversations on naval armaments, announced that
Britain would accept compulsory jurisdiction of the
World Court in all legal disputes, pleaded for revision of the League Covenant to make it conform
with the Kellogg-Briand Treaty, referred at length
to thePalestine difficulties,and attempted to smooth
over the animosities raised at The Hague by the
attitude of the British Chancellor of the Exchequer,
Philip Snowden. Incidental light was thrown by
Mr. MacDonald on many other matters.
Gratification was expressed by the British Minister over the success of The Hague gathering, notwithstanding the "disagreements about the distribution of annuities which for moments blinded us as
to the real issues that were being settled at The
Hague." Britain's attitude was prompted by her
self-respect, he declared. "Great Britain, again and
again, since the finish of the military operations of
the war, has given ample evidence of its willingness
to share generously in the burdens left upon Europe
by the war," he continued. "We made no profits,
either from our being allies, or from our being
enemies. We had the conviction that all lasting
international agreements must be based on equity
and mutual consideration, and that no lasting agreement that is going to mark a new departure in good
will and co-operation can be written by force in any
form, not even the force of a temporary and transitory majority. Momentary and temporary disagreement and misunderstanding of the nature we found
at The Hague will not only not survive the settlement,
but, on the contrary, will strengthen good relations,
and it will be found here and in our subsequent
relations that those who were on opposite sides
during certain periods at The Hague are sitting side
by side and co-operating in the further pacification
of Europe."
Mr. MacDonald referred next to the question of
international security, stating that the KelloggBriand Treaty is the starting point for further work.
It was the specific'desire of his Government, he said,
that the treaty shall "not only be a declaration on
paper, but shall be translated into constitutions and
institutions that will work for the peace in Europe."
Remarking that the peoples of the whole world want
to close forever the old military chapters of Europe,
he urged the League to bend itself with undivided
mind to the problem of disarmament. Progress in
peace-making is measured "like a barometer" by
disarmament and agreements for the reduction of
existing standards of armament, he added. "One
of thp greatest risks of war is that some of us—all
of us—are still too heavily armed," Mr. MacDonald
continued. "Therefore, the British Government will
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1491
,do everything it possibly can to hasten preparation nationality from being the cause of economic obfor a disarmament conference. It would urge the struction and making it an instrument of economic
commissions—the preparatory commission and the co-operation will receive the support of Great
others—not to face their problems in a mentality Britain." Gathering all these threads together
of the possibility of war, because they will never again, Mr. MacDonald concluded with the statement
go very far if that is how they face their problems. that the British Government is going to take its
It would urge them to face them on the assumption "risks of peace." "I know it has its risks as well
that the risk of war now breaking out is far less as war," he said, "but the difference between a
than the hope of peace being permanently observed, nation that risks itself in peace and that which risks
What we have to do with our military advisers is to itself in war is this: That the nation that takes
ask them to remember that there is just as much the risks of pioneering in peace is likely to get peace;
security in political agreement as there is in a regi- the nation that takes the risk of leading in military
ment of soldiers or in a fleet of battleships." Ex- preparedness is absolutely certain to get war."
tended reference was thereupon made by the Prime
In the session of the League Assembly Wednesday,
Minister to the progress of the Anglo-American dis- consideration was begun of some of the points
armament conversations, and these remarks are fully brought up by the British Prime Minister. Senator
treated in separate paragraphs further below.
Raoul Dandurand of Canada announced that DoThe British Government desires to make further minion's acceptance of the complete jurisdiction of
contributions to the cause of Peace, Mr. MacDonald the World Court, and a similar declaration was
stated, and consideration was given to what could made in.behalf of the Peruvian Government by Senor
be done at the current Assembly toward building up Cornejo. Minister Stauning of Denmark expressed
"the foundation for a pact of peace." He asked the himself favorably on the idea of an economic EuroAssembly to consider the effect of a pact of peace Pean union. The Chinese Minister to Washington,
upon the assumptions of certain clauses of the Dr. Chao Chu Wu, again brought up the question
League Covenant which provide that nations will of revision of the unequal treaties. Overshadowing
not resort to war in disputes until a certain period these developments, according to dispatches from
of time has elapsed. As Britain's contribution Geneva, were private conversations between Premier
toward assurance that no disagreement can reach Briand of France, and Arthur Henderson, Foreign
war proportions, he then announced that his Gov- Secretary of Britain. This discussion, it was underernment has decided to sign the optional clause and stood, covered such important matters as the diswas even then considering the form of the declara- armament program and The Hague proceedings.
tion. "May I express the hope," he added,"that the
Premier Briand's general introductory address to
other nations will range themselves with us on that, the tenth Assembly was made Thursday, and again
so that this meeting, the tenth ordinary session of a series of important matters was brought before
the Assembly of the League, will be known as the that body for attention. M. Briand joined Prime
Optional Clause Assembly?" The new agreement Minister MacDonald in urging precautions against i
recently offered by his Government to Egypt was war, but he promptly carried the matter over into
referred to by the Prime Minister as a further im- the economic sphere. "After solving disarmament,"
portant contribution toward peace. Awakening he said, "the next great problem is economic disnationalism in the East might bring great danger armament. If peace is to be assured among nations,
of war, he declared, unless the Western peoples this work will be long and technical, but if the
recognize and make due provision for it. By pursu- governments add their political force to a solution,
ing an enlightened course, he indicated, "we shall it can be found. While the problem lies somewhat
make allies instead of enemies when these peoples outside of the League of Nations, nevertheless it is
get free." The same thought was applied by Mr. attached to the League/"It involves an economic
MacDonald to minorities in the large countries and federation of States, especially those geographically
to mandates. "When the idea of mandates was put close to each other,*such as the European nations,
into the Covenant of the League of Nations," he that will permit them to enter into close contact and
remarked, "it was clearly understood that a nation solidarity of interests. Such a federation would not
accepting a mandate accepted international responsi- infringe in the slightest on the sovereignty of the
.
bility." As bearing on this phase of the matter, he States concerned,/ I beg the delegates present to
brought up the troubles in Palestine, which he char- take up this matter with their respective governacterized as "outbursts of criminality and murder." ments, so that it may be considered at least by the
Direct reference also was made by Mr. MacDonald next Assembly."
to the "sketchy but illuminating pronouncement"
Paying a stirring tribute to the work done by the
made by Premier Briand of France on his project League in the past decade, M. Briand proceeded to
for an economic federation of European countries, scourge war-makers and all those who secretly foster
"I have no doubt but that M. Briand will take the the spirit of war in the coming generations. As a
opportunity of elaborating what is in his mind," the means of strengthening the Kellogg-Briand pact and
British Minister added. The problem of tariffs, how- the League Covenant, he proposed the signature of a
ever, must be faced by the present Assembly, he treaty to prevent war under which all the signadeclared. Under tariffs the nations have poverty, tories would agree to accept the recommendations
low wages, unemployment and class conflicts, just of the League Council concerning what should be
as much as under a sort of disorganized free trade, done when war became an actual menace or had
and out of the economic differences, political differ- actually developed. Reverting again and again to
ences soon begin to appear. For this reason, he con- his favorite theme of the League of Nations, M.
tinued, "the British Government will heartily co- Briand declared that body had waged a tremendous
operate in every attempt to translate political agree- campaign against war and had been able to do so
ments into economic agreements that make for eco- because it had prepared a propitious atmosphere.
nomic freedom. Every effort to guide a political He insisted that the pact signed in Paris last year
1492
FINANCIAL CHRONICLE
was really framed from the ideals of the League,
and announced that he had deposited a text of it with
the League for registration. Extending his comments to The Hague conference, the French Premier
remarked that he would have been untrue to peace
and concord if at that gathering he had allowed
"several millions of money" to prevent France from
helping to liquidate the problems of the war. If he
had not made the sacrifice, he said, he would have
received a cool reception on his return to France.
"The Hague has just given a new and brilliant demonstration of peace," M. Briand added. "I cannot
say it was always rosy, but we were all animated
by a desire for peace and thus we were able to arrive
at an agreement. Above all our personal interests
was always the grand idea of reconciliation to be
attained. Meantime,I have submitted to the French
Chamber of Deputies the League's general act of
arbitration and conciliation for the pacific settlement of all juridical dispute's. I pledge myself on
my return to Paris to do the utmost to obtain its
passage through Parliament."
An immense amount of official and semi-official
comment was indulged in this week regarding the
conversations on naval disarmament now in progress
between London and Washington, but it may be
doubted whether the conversations were aided by the
"disclosures" made. It was made apparent, however, that the preliminary negotiations are slowly
drawing to a close, and that some announcement on
the projected general conference between the naval
powers may shortly be made. Washington dispatches made clear late last week that the informal
diplomatic exchanges have now reached their most
important phase. This has to do it appears, with
i
adopting principles which will enable the two governments in the forthcoming formal international
conference to establish a parity in their cruiser
strength on the basis of what is called equivalent
tonnage. The equivalent tonnage* principle is to be
carried out, it is understood, through the use of the
so-called yardstick, or common formula for measuring the relative effectiveness of cruisers. President Hoover, reports from the capital said, "did not
conceal his gratification" at the progress made. It
was also reported that an inwortant fundamental
of the current conversations is the understanding
that the prospective treaty arrangement for curtailing sea power shall contain a reaffirmation of the
underlying principle of the Kellogg-Briand treaty.
In dispatches from London it was also made plain
that Prime Minister MacDonald has "not the slightest doubt that an agreement will be reached."
Extensive comments on the subject were made by
Prime Minister MacDonald at Geneva last Monday
in an informal talk with newspaper correspondents
from all parts of the world. The conviction was
again expressed by the British leader that the problem is being solved, with an agreement likely. The
matter of his proposed visit to America next month
was discussed by the Prime Minister more circumspectly than on former occasions, and the impression
was given that his trip is in doubt. Mr. MacDonald
emphasized the difficulties in Parliament which his
absence would involve, and, a dispatch to the New
York "Times" said, "he opened a door in advance
through which he can sidestep the Washington trip
should circumstances make it advisable." He also
made a strong effort to allay any fears that the two
[Vol.. 129.
countries were aiming to reach an exclusive accord
which they would present to the rest of the world
as a fait accompli. Lastly, great pains were exercised by the Prime Minister to calm any fears that
anything would be done that might be hurtful to the
League of Nations. "America," he said, "though
she is not a member of the League, is certainly only
too anxious to advance all she can the cause which
the League is trying to advance, and when America
talks about disarmament to Britain or anybody else,
the agreement will not be used by America to hamper
the authority of the League or diminish the authority
of the League, or stand in the way of the League's
fulfilling its mission in the world. So there is hope
by both of us that any agreement will come to be an
insPiration to the League and a help to the League
to secure similar agreements among the nations
who are members of the League."
These remarks were repeated formally and more
explicitly by Mr. MacDonald in the course of a general address to the League Assembly Tuesday.
Actual, definite results in the furtherance of peace
were declared to be the aim of the British Government. The special contribution of Britain must be
in the field of naval armaments, he added, and "the
best preliminary to a successful international issue
on that is an agreement between America and ourselves regarding our position." Deprecating jealousy or suspicion in the hearts of other nations, Mr.
MacDonald asked them to "take it from me that the
conversations in which America and ourselves have
been engaged are in no way directed against anybody, are in no sense a conspiracy against anybody."
He asserted that the problem of armaments is not a
problem between Britain and the United States
alone. "The British Government declines absolutely
to build up against the United States," he continued,
"and the United States can take that as a last word,
becauce it is not only the word of the Labor Government; it is also the word of its predecessors, the Conservative Government. But what we want is to get
an agreement which, having been made, can be a
preliminary to the calling of a five-power naval conference, the other powers being as free to put in their
proposals, and we being as free to negotiate with
them as though no conversations had taken place
between America and ourselves. And the only value
of these conversations when the five-power conference is called is that we ourselves will not be required to look to each other; this agreement has
been made by us as free agents to promote naval
disarmament of the whole world.
"Our conversations have not yet been ended, but
the agreement has gone very far. I do not quite
know what form it will take and can say nothing
at the moment that would in any way hamper President Hoover in his work, but I think we might produce a document that would have something like
twenty points of agreement in it, a very comprehensive document. We are not out for small things;
we are out for a document which will establish peace
as well as agree to naval ratios. It will be a very
great pleasure to you—to the League of Nations—to
know that if I say it runs to twenty points, there are
only about three of the twenty outstanding at the
present moment. I did hope at one time that it
might have been possible to have made definite announcement of the results here. I am not at all sure
—I make no promise, and please do not allow your
expectations to go unreasonably high—but I am not
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1493
at all sure but that even if an announcement cannot means conclusive, and
many additional steps must
be made before I must leave, an announcement of an be taken before formal
American adherence can be
agreement may be made before this Assembly will announced. The
conference voted on Wednesday to
come to an end."
inform the League Assembly that it saw no objecConcern was expressed in Washington over what tion to the Root formula.
It still remains for the
was considered the great optimism of the British Assembly as a whole
to accept limitation on its
Prime Minister. The discussions between the two recourse to adviso
ry opinions, which is necessary
governments present knotty problems which cannot for American adhere
nce. Acceptance of this probe expected to yield to settlement very readily, it vision by the Assembly,
however, is also considered
was declared in authoritative quarters. The only certain, according to
a Geneva report to the New
official comment on the speech was made by Secre- York "Times." Moreov
er, only forty-one of the fiftytary of State Stimson, who declared cryptically: two signatory States
were represented in Geneva,
"In the opinion of those of us who have been working and of
these only twenty-two were present at Wedon it on this side, we have been making hopeful prog- nesday
's conference. Individual adherence and
ress, but we feel that it will require still a consid- ratification
of the Root protocol by all fifty-two
erable period of hard work on details before an signers
of the Court statute are necessary for Ameragreement on parity can be arrived at." The prob- ican entran
ce. The general belief in Geneva was,
lem of parity was again discussed at a White House howeve
r, that all Court members will follow the
breakfast Wednesday, Washington reports said. lead
of the twenty-two in announcing readiness to
Officials who were invited to this discussion by
adhere, so that the action taken appeared fairly dePresident Hoover included the Secretaries of State cisive.
The American position was made clear
and the Navy, their chief civilian assistants, and
Thursday,in a formal statement issued in Washingmost of the members of the naval general board.
ton by Secretary of State Stimson. "I have careThe latest British proposal for distribution
of fully examined the draft protocol," Mr. Stimson
cruiser tonnage was under consideration, it
was said, "and I have satisfied myself that this draft
understood, and the discussion was said to
have protocol, if ratified by the other signatory powers,
resulted in an agreement that the genera
l board would meet the objections raised by the Senate and
should work out an arrangement design
ed to bring fully protect the United States against the dangers
about a more definite basis for determ
ining how anticipated by the Senate. Accordingly, last month
much the cruiser strength of each
government must I notified the Secretary General of the League of
be reduced in order to establish parity
between the Nations, who is presenting this to the other signatwo fleets. "Differences exist," a report
to the New tory 15owers, that the draft protocol met with my
York "Times" said,"but not of a charac
ter to justify approval, and that if it was accepted by the other
pessimism as to the outcome for which the
two gov- States I would recommend to the President of the
ernments are working."
United States that it be signed and submitted to the
Senate for its consent to ratification."
American adherence to the statutes of the Perma
nent Court of International Justice at The
Hague
Substantial agreement on the new Young Plan of
was advanced a long step early this week
when a German reparations payments having been reached
conference of member States at Geneva gave unaniby the six interested governments at The Hague last
mous approval to the formula drafted by Elihu
Root, week, the conference adjourned a week ago to-day
which was designed to overcome the reserv
ations of subject to the call of its President, Premier Jaspar
the United States Senate. The meeting of
member of Belgium. The meeting did not exactly terminate
States took place concurrently with the openin
g of in a "blaze of glory," but the final session, neverthethe tenth ordinary session of the League Assem
bly. less, afforded a striking contrast to the stormy delibProvision for bringing the matter before the
World erations of the preceding twenty-five days. The
Court gathering was made in a session of the
League harsh bickering that lasted from Aug. 6 to Aug. 30
Council last week. Delegates of twenty-two
of the resulted in the satisfaction of the major portion
of
forty-one States represented were present
when a the demands of the new British Chancellor of
the
vote was taken on the Root formula Wedne
sday. Exchequer, and in a hasty arrangement for the early
The action followed an announcement by Sir
Eric evacuation of the Rhineland. With these points
Drummond, Secretary General of the League,
at an adjusted, the final session of the confer
ence was
earlier secret session that he had been inform
ed of given over to an exchange of compliments
among the
merican approval of the new formula. He
had delegates, and to the rapid formation of sub-commi
tearned from an absolutely reliable source, Sir
Eric tees for working out the details of the schem
e which
aid, that Secretary of State Stimson "has
reached is to replace the Dawes Plan. It
was indicated at
he conclusion that the project of the protocol drawn
The Hague last Saturday that the conference will
ip by the committee of jurists meets the objections
be convoked again, probably shortly after the
termirising from the reservations formulated by
the nation of the present League Assem
bly meeting. Renited States and would present a satisfactory soluports which are to be prepared in the meantime by
ion, allowing the adherence of the United States to
the sub-committees will then be considered, and the
he Court." He remarked further, a Geneva disfinal task of putting the Young plan in operation
atch to the New York "Times" said, that after the
will begin.
ignatory States have accepted the project of the
The session of the conference last Saturday was
rotocol, the Secretary of State will ask the Presilargely a perfunctory affair, with the real work careent of the United States for the necessary powers fully
laid out. The financial and political Commissign the instrument and will recommend that sions
met in the morning to complete the reports
be submitted to the Senate for ratification.
on the results of their work, and at noon a plenar
y
Although the action taken by the conference of sessio
n was held at which the reports were read
Court members is significant, it is not by any and then
orld
signed by Premier Jasper as President,
1494
FINANCIAL CHRONICLE
Fob.129.
l. spondents were informed, however, that the two
and by Sir Maurice Hankey as Secretary Genera
and Premiers met not as officials but as old friends who
Complete cordiality marked the full session,
Strese- had come together for an intimate chat. "From well
many suave speeches were made. Dr. Gustav
chair informed sources it was learned," the "Times" dismann, Foreign Minister of Germany, took the
on patch said, "that their chat was largely taken up
in accordance with the rule providing for rotati
giv- with evacuation of the Rhineland and the steps
in the Presidency. He insisted, however, upon
had which are necessary to carry out The Hague deing up the chair to Premier Jaspar, who,he said,
h
with which cisions. It is further understood that the Britis
earned the honor by the tact and patience
whole-heartedly seconded the state. The Prime Minister
he had mediated in the trying negotiations
at The Hague yesterSnowden, thereupon pro- ment of his Foreign Minister
British Chancellor, Philip
ed the per- day regarding the British Labor Government's deposed that M. Jaspar be formally declar
e."
The remarks sire to obtain the closest co-operation with Franc
manent President of the Conference.
en returned to
Chancellor of the Exchequer Snowd
sting made at
of Mr. Snowden were the most intere
"happy mem- England last Sunday, and he received an enthusithe final session, as he referred to the
Hague. "I astic welcome from great crowds which assembled
ories" he would take away from The
cherish to to meet him. On reaching his official residence, the
have made friendships here which I will
Chancellor issued a statement saying: "The influthe end of my days," he added.
been
by the confer- ence of Britain in international affairs has
Four sub-committees were named
British relations with other counorganization, a Hague re-established and
ence to carry on the work of
at any time since
Press said. These are: tries are now more cordial than
dispatch to the Associated
l the war. Britain is now better understood. We
Internationa
(1) For organization of the Bank for
important points and our claim
final liquidation of the claims succeeded in all our
Settlements. (2) For
property for withdrawal of foreign troops from the Rhine is
enemy
arising from the sequestration of
achievement since Locarno."
For modification of legislation the greatest political
during the war. (3)
make it fit the In a radio talk broadcast to all parts of the British
in the Reich for the Dawes Plan to
to be made in Isles, Mr. Snowden reviewed the progress of the
new Young Plan, and (4) for changes
Reich to raise negotiations at The Hague, Monday, and revealed
the railroad debentures to permit the
g these com- some of the details of the bargaining. He related
money by issuing railroad bonds. Amon
one for setting how Premier Jaspar, in his self-assumed role of
mittees chief interest attaches to the
consists of repre- mediator, came to the British time and again on the
up the International Bank. It
of issue, and decisive night with gradually increasing offers, until
sentatives of governments and banks
be chosen prob- finally an acceptable proffer was made. Once more
will have an American member, to
of Aug. 31 defending his struggle at The Hague as the asser
ably by Owen D. Young. In a dispatch
spondent of lion of England's international rights and influence
from The Hague, Edwin L. James, corre
the Bank the Chancellor insisted that relations between th
the New York "Times," remarked that
difficult sessions, British delegates and the others were of the mos
Committee probably will have
conference re- cordial and friendly character throughout the con
with a contest promised when the
plans the British ference. "I am sure," he said in conclusion, "tha
sumes because of the changes in
regards the pro- the conference has done much to liquidate the lega
are expected to ask. "Mr. Snowden
large powers and cies of the war, to liberate the countries of Europ
posed institution as having too
independence in and to enable them to pursue more actively thei
apparently too great a degree of
rather than by economic reconstruction. Above all, I believe it wil
being controlled by banks of issue
ued. "A week be seen that it has brought a new spirit into jut
the governments," the report contin
should be in national policy which will help to bring about tha
ago he advanced the idea that the Bank
Whether he peace so abundantly desired by the people."
the hands of the national treasuries.
A meeting of the German Cabinet was held Tue
have elimihad the result in mind or not, this would
Owen D. day, at which the stamp of approval was put upo
which
nated the Americans from the Bank
the procedure of the German delegates to The Ha
Pierpont Morgan did so much to plan.
Young and J.
ns among conference. Extensive reports were submitted
It appears there was an exchange of opinio
with the result Dr. Stresemann, Dr. Hilferding, Minister of Financ
the experts, including Mr. Young,
Mr. Snowden's and other delegates. Chancellor Mueller, who w
that there was firm opposition to
concerned he has unable to attend because of illness, Gent a person
move, and so far as this session is
to believe he message to Dr. Stresemann in which he express
dropped it. But there is no reason
changes complete satisfaction with the settlement reache
has dropped his intention to ask numerous
especially with respect to the accord on the fin
in the scheme for the Bank. This will in all likelittee and in evacuation of the Rhineland.
hood be done both in the Bank Commi
the final session of the conference in October."
A report on reparations payments by Germa
ary inSeveral developments of more than ordin
of the during the five years of the Dawes Plan of 1924 w
terest followed immediately upon the close
Minister issued in Berlin last Sunday by S. Parker Gilbe
conference. Late last Saturday, Prime
on his the Agent General for Reparations Payments. T
MacDonald of Britain passed through Paris
ended Aug. 31, and under prese
way to the League Assembly meeting in Geneva, but fifth year was
Young scheme is to supersede t
he stopped long enough for a forty-five minute chat plans the new
of the first of the month. It is n
with Premier Briand at the Quai d'Orsay. As a Dawes Plan as
that the Young Plan will
result of this meeting, a dispatch to the New York expected, however,
application before Nov. 1. Mr.
l
Times" said, "there was a conviction in official ready for forma
indicated that
been accomplished bert's report on the Dawes Plan
places that a great deal had
its operation, reparations payme
toward roltoring that sympathetic understanding the five years of
the various creditor powers ag
which until recently has characterized the relations by Germany to
7,970,000,000 gold marks (about $1,8
between France and Great Britain." Press corre- gated
SEPT.7 1929.]
FINANCIAL CHRONICLE
680,000). The standard annuity of 2,500,000,000
marks set for the fifth year was paid punctually and
fully, it was announced, and the transfer of this
sum to the creditor powers proceeded without interfering with the stability of German exchange. At
the end of the fifth year a cash balance of about
237,000,000 marks (about $56,880,000) was in the
hands of the Agent General, of which 67,000,000
marks (about $16,800,000) was in reichsmarks, and
170,000,000 marks (about $40,800,000) in foreign
currencies. Of the total payments made,the amount
which was transferred in foreign currencies was
3,700,000,000 marks (about $888,000,000), while the
payments in reichsmarks totaled 3,900,000,000 marks
(about $936,000,000). The Agent General's summary shows almost 19,000,000 marks (about $4,560,000) received on account of interest and net
gains in exchange during the five years.
1495
Chancellor in his proclamation of last Sunday, and
a further statement was issued by the High Commissioner Wednesday designed to lessen the tension.
With the situation well in the control of British
troops, Arab and Jewish organizations alike began
to issue appeals to world opinion on the Palestine
problem, this week.
There have been no changes this week in the diecount rates of any of the central banks of Europe.
Rates continue at 7M% in Germany; at 7% in Italy;
at 532% in Great Britain, Holland, Norway and
Spain; 5% in Belgium and Denmark; 432% in Sweden; and 31 2% in France and Switzerland. London
open market discounts for short bills are 53
/%.
against 5 746% on Friday of last week, and 51 %
A
for long bills, the same as on the previous Friday.
Money on call in London yesterday was 33 %.
4
At Paris open market discounts remain at 33'%, and
Palestine was again afflicted by rioting and bloodin Switzerland at 33j%
shed this week, with the dissension between Jews
and Arabs showing little sign of abatement.
The
In its latest statement, issued for the week ended
troubles began early in August as the result of
inci- Sept.4 the Bank of England shows anoth
er, but reladents at the Wailing Wall in Jerusalem,
but the tively small loss in gold holdings,the decre
ase this time
first general clash occurred Aug. 23. Whet
her the being £84,937. Circulation expan
ded £2,186,000
outbreaks are due to religious difference
s or to a and this together with the loss
of bullion brought
rising spirit of nationalism among
both peoples re- about a decrease of £2,
271,000 in reserves. The rate
mains undetermined, although it appea
rs likely that of discount remains at
53/2%. Gold holdings now
both these causes were active.
With additional total £137,548,740 in compa
rison with £176,,576,650
British troops quickly spreading
to all corners of last year and £151,880,4
44 in 1927. Public deposits
the mandated territory, order
was restored with fell off £11,423,00
0 but other deposits increased
great dispatch in most sections.
Some additional £17,004,053. The latter
is subdivided into accounts
unfortunate incidents again occurred,
however. of bankers and accounts of other
s which increased
The worst of these was reported last
Saturday, when £15,977,76
4 and £1,026.289 respectively. The reit appeared that Arabs had attac
ked the Jewish serve ratio
is now 26.04%, last week its was 29.29%
community at Safed on the preceding Thur
sday and and last year it was 47.6
7%. Loans on government
Friday, murdering twenty-two of the
Jews and securities expanded £2,53
0,000 and those on other
wounding scores of others. Much restlessne
ss was securities £5,364,294. "Disc
ounts and advances"
occasioned among Bedouin tribesmen by the
develop- and "securities," the sub-sectio
ns of other securities,
ments, and attacks on Jewish colonies were
frequent both increased, the forme
in Northern Galilee, the tribesmen
r £556,917, the latter
pillaging and £4,80
7,377. Below we furnish a comparison of the
burning as they went. The Moslem
Grand Mufti
various items for five years:
issued a warning in Jerusalem Sunday, of
a possible
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
revolt of the Mohammedan races
generally. Sir
1929.
1928.
1927.
1926.
1925.
John Chancellor, the British High
Sept. 4.
SO*.6.
Sept. 7.
Sept. 8.
Sept. 9.
Commissioner,
returned to Palestine on the same day
a366,230.000 135,867,000 137,026,035 140,303
and promptly Circulation
,400 144,195,765
Public deposits
issued a proclamation condemning the
9,095,000 18,486,000 21,177,701 13.005,0
14 13,232,381
"ruthless and Other deposits
111,135,030 109,384,000 94,745,096 106,161,230
115,771,427
bloodthirsty evil-doers," and promising
stern pun- Bankers' accounts 73.967.915
Other accounts._ 37,167.115
ishment for those found guilty of viole
Covernm't securities 75,806,855 37,736,000
nce.
57.437,780 31,993,159 37,910,890
Other securities.... 31,382,725 47,456,000
Wild reports were frequent during the
42,141,700 70,605,107 72,431.077
week of Disct. & advances 4,309,556
general invasions of Palestine by the
Securities
27,073,169
Arabs, and Reserve notes & coin
31,316,000 60,959,000 34,604,
some encounters between Britsh troops
34, 39.826 36.93L999
and Arab Coin and bullion...137,548,740 176,576,650 151,880,409 155.393.226 161,377,764
444
tribes were actually reported on offici
Proportion of reserve
al authority. to liabilities
26.04%
47.67%
29.85%
29.23%
The Colonial Office in London was able
25,4%
5%
to report Bank rate
494%
4Si%
451%
4)4%
a On Nov. 29 1928 the fiduciary currency was amalgamated
last Saturday that British armed force
with Bank of Engs "hold all land note Issues adding at that time £234,199,000 to the amount of Bank of
Eng
the important centers in Palestine from
Safed in land notes outstanding.
the North to Beersheba in the South, and in
this area
The Bank of France statement for the week
the situation is reported quiet." Rumors
ended
of Arab August
31, shows another increase in gold holdings
marches on Palestine were mentioned in
this state- this time
of 126,615,120 francs. Gold holdings
ment, but it was indicated that such
now
developments total 38,930,355
,627 francs as compared with 38,80
would be met by aircraft operations and
3,armored 740,570 francs last week
and 30,351,342,290francs
car detachments. The Colonial Office again
the
re- corresponding week last
ported "definite improvement" in the situa
year. A large gain was
tion Mon- shown in note
circulation of 2,114,000,000
day, and acts of violence have since been
francs
infrequent. raising the total
of the time to 66,467,898
A further statement was issued by the Colon
,125 francs
ial Of- the highest figur
e ever recorded in the histo
fice in London, Wednesday, indicating that Sir
ry of the
Wal- Bank. French
commercial bills discounted expan
ter Sidney Shaw has been appointed head offici
ded
al of 1,209,000,000
francs and credit balances
a commission of inquiry which will investigat
abroad
e the 1,000,000 francs,
while advances against securities
Arab-Jewish outbreaks. Arabian circles in
Pales- contracted
33,000,000 francs. An increase of 2,000
tine criticized sharply the stand taken by
,Sir John 000- francs
was shown in bills bought abroa and
d
a
(VOL. 129.
FINANCIAL CHRONICLE
1496
decrease of 652,000,000 francs in creditor current
accounts. A comparison of the various items of the
Bank's return for the past two weeks and for the
corresponding week last year is shown below:
STATEMENT.
BANK OF FRANCE'S COMPARATIVE
Status as o
Changes
Aug. 31 1929. Aug. 24 1929. Sept. 1 1928.
for Week.
Francs.
Francs.
Francs.
Francs.
38,803.740,570 30,351,342,290
Gold holdings____Inc. 126,615.120 38,930.355,627
30 14,241,299,169
7,247,597,5
Credit bats. abr'd_Inc. 1.000,000 7,248,597,530
French commercial
8,210,754,586
bills discounted_Inc.1,209,000,000 9,419,754.586
507 18,541,096,507
Bills bought abr'd_Inc. 2,000,000 18,543,096,
2,367,657,402
.
Adv.agst.secure_ _Dec 33,000,000 2,334,657,402
64,353,898,125
Note circulation_Inc.2,114.000,000 138,487,898.125
002 20,272,458,002
Cred.curr. acc'ts_Dec.652,000,000 19,620,458,
2,828,585,436
17,707,826,030
2,043,570,205
61,386,056,585
15.981,597,607
The German bank statement for the fourth week
of August shows a gain in gold and bullion of 6,418,000 marks, raising the total of the item to 2,183,440,000 marks, compared with 2,248,130,000 marks
last year and 1,852,671,000 marks in 1927. A dey of
crease was shown in reserve in foreign currenc
abroad remained
4,154,000 marks while deposits
cirunchanged at 149,788,000 marks. Notes in
,000 marks raising the
culation increased 744,157
total of notes outstanding to 4,897,266,000 marks,
which compares with 4,673,034,000 marks the correGerman
sponding week last year. Notes on other
silver and
banks contracted 19,567,000 marks and
e
other coin 28,361,000 marks. Bills of exchang
marks, advances
and checks expanded 629,610,000
000
118,381,000 marks and other assets 19,368,
marks was shown
marks. A decrease of 10,920,000
in other daily maturing obligations and of 11,531,000
marks in other liabilities, while investments showed
a slight increase, namely 11,000 ma •ks. Below we
furnish a comparison of the various items of the
Bank's return for the past three years:
REICHBANK'S COMPARATIVE
STATEMENT.
Changesfor
31 1927.
Aug. 31 1929. Aug. 311928. Aug.
Week.
.
Retchstnarks. Retchsmarks. Retchsmarks
Reichnnarks.
Asset—
2,248,130,000 1.852,671,000
Gold and bullion
Inc. 8,418,000 2,183,440,000
66,543,000
85,626,000
149,788,000
Of which depos.abed_ Unchanged
194,908,000 157,309,000
Ree've inf torn currDec. 4,154,000 308,059,000
2,608,408,000 2,661,635,000
Bills of each. & check_Inc. 829,610,000 2,672,143,000
80,936,000
90,8413,000
Silver and other coin_Dec. 28,361,000 115,946,000
8,683,000
9.622,000
4,349,000
Notes on oth.Ger.bks_Dec. 19,567,000
67,057,000
128,882.000
Inc. 118.381,000 162,066,000
Advances
92,261,000
93,819,000
92,755.000
11,000
Inc.
Investments
490,341,000 479,518,000
Inc. 19.368,000 567,566,000
Other assets
00
Notes in ciruclation Inc. 744,157.000 4,897,266,000 4.673,034,0
564,628.000
0111.0ailY matur.oblig.Dec. 10,920,000 433,721,080 220,202,000
Other liabilities
Dec.I 11.531,000 332,741.000
3.934,724,000
723,820,000
375,345,000
brokers loans against stock and bond collateral
which were made public. The monthly tabulation
of the New York Stock Exchange showed an increase
for August of $407,825,132, while the weekly compilation of the New York Federal Reserve Bank,
based on figures supplied by reporting member
banks, was up $137,000,000 for the week ended
Wednesday night.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, Monday was Labor
Day and a holiday. On Tuesday, Wednesday and
Thursday all loans each day were at 9%, including
renewals. On Friday after renewals had again been
put through at 9%, there was a drop to 6% on new
loans. Time money has remained unchanged each
day at 8%@9% with most of the activity, particularly during the latter part of the week, at the higher
figure. Little has been done in commercial paper.
Rates for names of choice character maturing in
four to six months remain nominally at 6@64%,
while names less well known are 63@63/2%, with
4%.
New England mill paper quoted at 63
The market for prime bank and bankers' acceptances has shown gradual improvement during the
week, especially the 90 day class which has displayed the greatest activity. Rates have remained
unchanged. The posted rates of the American
Acceptance Council continued at 53,% bid and 53'%
asked for bills running 30 days, and also for 60 to
90 days; 598% bid and 53% asked for 120 days
and 5%% 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:
SPOT DELIVERY.
—150 Days—
Bid. Asked.
514
534
—60 Days—
Bid. Asked.
514
514
-180 Dells—
Prime eligible bills
Prime eligible bills
Bid. Asked.
534
544
—90 Days-Bid. Asked.
514
534
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
—120 Days—
Bid. Asked.
534
534
—30 Days—
Bld. Asked
514
511
534 bid
514 bid
There have been no changes this week in the rediscount rates of any of the Federal Reserve banks.
schedule of rates now in effect
Money rates in the New York market reflected The following is the
of paper at the different
continued heavy demand in most sessions of the for the various classes
rd Reserve banks:
week, although daily money took a sharp downwa
RESERVE BANKS ON
turn yesterday afternoon. Demand for funds was DISCOUNT RATES OF FEDERAL OF ELIGIBLE PAPER. ALL CLASSES
AND MATURITIES
very large in the early part of the week, and conRate In
Date
Precious
certed action by the large banks was necessary to
Effect on
Federal Resersa Bank.
Rote.
Established.
Sept. 8.
from climbing
prevent the rate for demand loans
July 19 1928
434
6
In the later Boston
Aug 9 1929
6
6
rapidly upward to alarming levels.
New York
July 26 1928
434
5
from out-of-town Philadelphia
414
Aug. 1 1928
5
Cleveland
sessions of the week funds came in
July 13 1928
434
6
Richmond
July 14 1928
414
5
Atlanta
banks in larger amounts, and holiday currency also Chicago
434
July 11 1928
5
434
July 19 1928
5
returned, causing an easier tendency. Owing to the St. Louis
434
May 14 1929
5
Minneapolis
414
May 6 1929
5
stock market, inquiry Kansas City
sharp break in Thursday's
434
Mar. 2 1929
5
Dallas
454
May 20 1929
5
in call loans followed. Ban Francisco
dropped off and relaxation
Daily money was 9% from the opening Tuesday until
Sterling exchange continues under pressure, accenJust after noontime yesterday. The figure slipped
rapidly in the final hours to 6%, but no unloanable tuated by the advent of September, which marks
funds were reported at the latter figure and it was not the real beginning of seasonal pressure, with a sharp
thought it would be long maintained. Withdrawal reduction in tourist expenditures as the vacation
by the banks were prominent only on Wednesday, season nears its close. The range for sterling this
when about $15,000,000 was called. Maturity week has been from 4.84 3-16 to 4.84 7-16 for bankmoney ruled unchanged at 8% to 9% for all dates. ers' sight bills, compared with 4.843/i to 4.84 7-16
been
The rate of absorption of funds in speculation was last week. The range for cable transfers has
d with
amply indicated this week by two compilations of from 4.84 11-16 to 4.84 13-16, compare
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1497
4.84 21-32 to 4.84 13-16 the previous week. In months maturities quoted at 53/2%, or at the
precise
view of the fact that the Bank of England continues level of the bank rate. Gilt-edge securities in London
to lose gold and that tourist expenditures show sharp this week have been extremely shaky in anticipation
decline, it is surprising that there is so little difference of a possible action by the Bank of England. It is
in the range of quotations this week from a week ago. asserted in many quarters that whether or not a 1%
This is largely accounted for by the extreme inactiv- rise in the Bank's rate will meet the situation effecity of the market, as there is still strong hesitancy on tively action must be taken eventually to place the
the part of bankers to take a technical trading posi- London market on a firmer basis and in line with
tion while there is so much uncertainty respecting New York before the Bank of England can reassume
the probable action of the Bank of England with its strong position and before foreign exchange tradregard to the official rate of discount. Despite dis- ing throughout the world can again return to normal
claimers made a few weeks ago, bankers are expect- trends.
ing momentarily an advance in the Bank of England's
On Saturday the Bank of England sold £1,728 in
rate. The gold position of the Bank, while showing gold bars. On Monday the Bank received £750,000
no important changes, continues to grow more un- in gold bars and sold £5,160 in sovereigns. On
favorable. This week gold holdings are down only Tuesday the Bank sold £15,472 in gold bars. On
£84,937, the total standing at £137,548,740, but when Wednesday the Bank sold 00,609 in gold bars. On
comparison is made with a year ago the position is Thursday the Bank sold £111,562 in gold bars and
seen to be most unfavorable. On Sept. 6 1928 gold bought £96 foreign gold coin. Of Thursday's sale,
holdings stood at £176,576,650. The position is approximately £100,000 was taken for shipment to
more unfavorable when it is recalled that the present Paris. On Friday the Bank of England sold £199,264
gold stock, £137,548,740, is £12,452,000 less than the in gold bars. Of this amount £150,000 was reported
Cunliffe minimum of £150,000,000. The ratio of taken for Paris. London bullion brokers reported that
gold cover for notes on Sept. 5 declined slightly to of £337,000 gold available in the London open market
37.5%, due to an increase in circulation of L2,186,- on Tuesday, £187,000 was taken for shipment to
000 to 066,230,000. The banking position was New York at 84s. 111 d. and enough more was taken
/
less favorable, as indicated in the decline in the pro- from
the Bank of England to make the total of the
portion of reserves to liabilities to 26.04% from New York shipment 020,000. The balance of
the
29.29%.
open market gold, amounting to £150,000, was taken
Sentiment in foreign exchange markets continues to for trade and India requirements. Next week
indicate that a rise in the Bank of England rate is 067,000 of South African gold will be available
in
inevitable in the near future unless an unexpected the open market, and £875,000 will be available the
ease should develop in New York money rates. Such following week.
a possibility is regarded as out of the question.. The
At the Port of New York the gold movement for
firmness of money here and the unprecedented activ- the week Aug. 29-Sept. 4, inclusive, as reported by
ity in American security markets continue, of course, the Federal Reserve Bank of New York,
consisted of
the most significant factor depressing the foreign imports of $3,143,000, of which $2,500,000 came
from
exchanges, especially sterling. The flow of funds Argentina, $519,000 from England and $124,000
from London in the New York security markets is chiefly from other Latin America. Gold exports
believed to be exceptionally great. It is believed totaled $114,000 to Mexico. The Reserve Bank repossible that English banking authorities may come ported an increase of $1,601,000 in gold earmarked for
to some agreement for drawing down a large part of foreign account. In tabular form the gold
movement
their balances here with a view to supporting sterling, at the Port of New York for the week ended
Sept. 4,
but even in this event bankers generally believe that as reported
by the Federal Reserve Bank of New
the English rate must be marked up if London is to York, was as follows:
offset the powerful pull of New York money rates on
GOLD MOVEMENT AT NEW YORK,AUG.29-SEPT.4,INCLUSIVE.
all commercial centers. No doubt is entertained in
Imports.
Exports.
London that the Bank of England is extremely $2,500,000from Argentina
$114,000 to Mexico
519,000 from England
anxious to avoid any advance in its rate. It is be124,000 chiefly from other Latin
America
lieved to consider existing conditions in the international financial situation as altogether abnormal $3,143,000 total
$114,000 total
Net Change in Gold Earmarked for Foreign Account.
and it is still possible to find responsible bankers
Increase, $1,601,000
who are moderately hopeful that a higher rate may
Canadian exchange continues at a discount, Monbe averted. The principal point of reassurance in treal funds ranging
this week from 33-64 of 1% to
support of the view that a rise in the Bank rate may 47-64 of
1% discount.
be avoided is that New York is likely to assist LonReferring to day-to-day rates sterling exchange on
don this year in financing the movement of American Saturday
last was dull in the usual half-session.
produce to Europe, thus easing the pressure on Bankers'
sight was 4.84 3-16(34.84 3-8; cable transexchange. The French and German rates are also fers 4.84 11
4. On Monday, Labor Day,
3
against sterling and threaten the gold holdings of the there was no16@4.84in New York.
market
On Tuesday the
London Bank, but it is hoped that France may cease market was fractionally higher.
The range was
taking gold from London now that September has 4.843.®4.84 716 for bankers' sight
and 4.84%®
brought the beginning of autumn pressure. The 4.84 13-16 for cable transfers.
On Wednesday the
feeling also exists that the agreement on reparations market was steady. Bankers' sight
was 4.84 3-16®
has removed one potent source of possible mischief 4.84 7-16; cable transfers 4.843 ®4.84
4
13-16. On
in the financial and political situation. Bill rates Thursday sterling was under pressure.
The range
in London have firmed up to a point which would was 4.84 3-16®4.84% for bankers'
sight and
certainly indicate that a marking up of the official 4.84 23-32@4.84 25-32 for
cable transfers.
On
rate of rediscount is imminent. Since Labor Day, Friday sterling was still under
pressure, the range
London bill rates have been very firm, with three was 4.84 3-16®4.84
/g for bankers' sight and
3
1498
FINANCIAL CHRONICLE
4.84 23-32@4.843 for cable transfers. Closing quo%
tations on Friday were 4.84 5-16 for demand and
4.843% for cable transfers. Commercial sight bills
-day
4
finished at 4.841 ; 60-day bills at 4.79 5-16; 90
bills at 4.77; documents for payment (60 days) at
-day grain bills at 4.833'. Cotton
4.79 5-16; and 7
and grain for payment closed at 4.841%.
[VOL. 129.
The London check rate on Paris closed at 123.88
on Friday of this week, against 123.89 on Friday of
last week. In New York sight bills on the French
%
4
centre finished at 3.911 ,against 3.911 on Friday a
%
at 3.91%, against 3.913 ,
week ago; cable transfers
and commercial sight bills at 3.903%, against
3.90 13-16. Antwerp belgas finished at 13.893/ for
checks and at 13.90% for cable transfers, against
13.893% and 13.901% on Friday of last week. Final
quotations for Berlin marks were 23.791% for checks
and 23.801% for cable transfers, in comparison with
23.791% and 23.801% a week earlier. Italian lire
4
closed at 5.223 for bankers' sight bills and at 5.23
4
for cable transfers, against 5.22% and 5.231 on
schillings closed at
Friday of last week. Austrian
143 on Friday of this week, against 14.10 on Friday
of last week. Exchange on Czechoslovakia finished
at 2.961 , against 2.96%; on Bucharest at 0.591%,
%
against 0.591%; on Poland at 11.23, against 11.23,
and on Finland at 2.52, against 2.52. Greek ex4
2
change closed at 1.293/ for checks and at 1.293 for
cable transfers, against 1.291% and 1.293%.
The Continental exchanges have been dull and give
an indication of the beginning of autumn pressure and
the falling off of tourist expenditures. This is aside
from the fact that all the exchanges give evidence of
the very apparent demand for dollars abroad due to
the continuance of high money rates in New York.
French • francs show on average little change from a
week ago. As noted above, some gold was taken this
week from London for Paris account, but it is generally believed in banking circles that the French
gold takings from London are likely to come to an
end now that September has arrived. The Bank of
France statement for the week ended Aug. 30 shows
an increase in gold holdings of 126,615,120 francs.
It is believed that French banks will still have to
The exchanges of the countries neutral during the
repatriate part of their remaining foreign balances
requirements. This will war, while dull, also give evidence of the beginning
so as to meet autumn home
falling
undoubtedly cause further gold imports, though of seasonal pressure. This is due largely to the
probably not to so important an extent as during off in tourist requirements. Guilders are little
the past several weeks. Foreign tourist expenditures changed from a week ago. Aside from the seasonal
have been considerably reduced and Freneh credits factors, the guilder is off with respect to the dollar,
on the entire foreign account are now much smaller mainly because of transfers from Holland to the
than in July. The money outlook continues very American security markets, and with respect to sterto the attractive money rates
favorable in Paris and no rise in discount rates seems ling and marks owing
Bank of in Berlin and London. Spanish pesetas have been
probable in the next few weeks unless the
though on the whole the
England takes action. The ease in the Paris money ruling fractionally easier,
repatriation by unit has been maintained close to the higher levels
market is ascribed largely to the
weeks through the operaFrench banks during the last half of August to pro- reached during the past few
Exchange Committee.
vide for month-end needs. In addition the resale to tion of the Madrid Foreign
Amsterdam finished on Friday
Bankers' sight on
the Bank of France of gold bought by private banks
week;
4
funds disposable on the at 40.043 , against 40.043 on Friday of last
in London has increased the
,against 40.063, and com4
market. Another reason for the money ease is the cable transfers at 40.063
Bank of France has been mercial sight bills at 40.011%, against 40.01. Swiss
great freedom with which the
francs closed at 19.241% for bankers' sight bills and
buying bills presented by private institutions.
transfers. in comparison with
German marks have been on the whole fractionally at 19.253/2 for cable
week earlier. Copenhagen
easier, although trading has been extremely light.' 19.233 and 19.243. a
at 26.603/2 and cable transfers at
The weakness in marks is of course relative. Cable checks finished
26.62. Checks on Sweden
transfers this week have averaged around 23.80, 26.62, against 26.601% and
at 26.771% and cable tiansfers at 26.79, against
which compares with dollar parity of 23.82. With closed
checks on Norway finished
respect to other currencies than dollars, marks are 26.771% and 26.79, while
2
at 26.613/ and cable transfers at 26.63, against
firm and in demand at nearly all European centers.
at 14.73
This is owing to the high rates for money in Germany 26.611% and 26.62. Spanish pesetas closed
which
and to the active credit demand. The high money for checks and at 14.74 for cable transfers,
a week earlier.
rates at New York have practically brought transfers compares with 14.74 and 14.75
of dollars to a standstill and the German credit reThe South American exchanges show little change
quirements are met chiefly by Paris, Amsterdam, and
The undertone of Argenother nearby markets. German municipalities are from the past few weeks.
weak despite the heavy
paying 10% for public loans. Month-end money in tine pesos continues
Berlin went at from 9% to 11%. German industries shipments of gold from Buenos Aires to London and
are finding great difficulty in raising long-term loans New York during the past several months. This
and have been compelled to resort to short-term bor- week the Federal Reserve Bank of New York reports
rowings, most of which accommodation is provided the further receipt of $2,500,000 gold from Argentina.
by France, Switzerland, and Holland. During the As during several months past, the weakness in Aryear to September 1, Germany's foreign loans totaled gentina is due chiefly to local business demoralizahigh
approximately only 300,000,000 marks, as compared tion following on labor disturbances. The
with 1,150,000,000 marks the year before. Italian money rates in New York have also proved detrilire are inclined to weakness from much the same mental to the South American countries, not alone in
causes as affect the other leading Continentals, but drawing surplus funds from Buenos Aires and Rio de
the lira is prevented from showing any sharp decline Janeiro, but in the retardation or postponement of
which might result from seasonal pressure or the many loans necessary to the development of indusreduction in tourist expenditures owing to the active try in Latin America. Argentine paper pesos closed
interference of the Italian foreign exchange institute. on Friday at 41.95 for checks, as compared with 41.98
SEPT. 71929.]
FINANCIAL CHRONICLE
1499
on Friday of last week, and at 42.00 for cable transfers, against 42.03. Brazilian milreis finished at
11.86 for checks and at 11.89 for cable transfers,
against 11.86 and 11.89. Chilean exchange closed
at 12.10 for checks and at 12.15 for cable transfers,
against 12 1-16 and 1.2, and Peru at 3.98 for checks
and at 3.99 for cable transfers, against 3.98 and 3.99.
worh only 70 cents, as compared with the Peking
paper or silver dollar." Closing quotations for yen
checks yesterday were 46.85@46.15-16, against
46.60@46% on Friday of last week. Hong Kong
closed at 48@48 5-16, against 48 3-16@48; Shanghai at 57/@57 3-16, against 57%@57 15-16; Manila
3
3
at 49%, against 49%; Singapore at 563/@561 ,
8
4
1,
,'@56V Bombay at 363' against 363..,
1;
against 561
The Far Eastern exchanges are unchanged in all and Calcutta at 361 1@3631.
/
important respects from the past few weeks. They
are all extremely dull. The Chinese quotations
Owing to a marked disinclination on the part of
fluctuate strictly with the price of silver, which has two or three leading institutions among the New
been ruling much lower than a few months ago. York Clearing House banks to keep up compiling
Japanese yen continue fairly steady around levels the figures for us, we find ourselves obliged to disrecently reached when the Finance Minister an- continue the publication of the table we have been
nounced the intention of the Government to lift the giving for so many years showing the shipments and
gold embargo as soon as possible. It is thought receipts of currency to and from the interior.
likely that the gold embargo may be lifted before the
As the Sub-Treasury was taken over by the Fedend of the year. An interesting item on Chinese eral Reserve Bank on Dec. 6 1920, it is also no longer
money recently appeared in a dispatch to the New possible to show the effect of Government operations
York "Times" from its Harbin correspondent: in the Clearing House institutions. The Federal
"Fluctuations in the value of the Harbin paper dol- Reserve Bank of New York was creditor at the Clearlar, generally recognized as the most unstable money ing House each day as follows:
in China, have cost the Chinese Eastern Railway DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
losses of more than $3,000,000 in the last year, acFriday,
cording to a report just made public here. In Har- Saturday, Monday, Tuesday, Wednestry, Thursday, Sept. 6. for Week.
Aggregate
Sept. 5.
Sept. 4.
Sept. 3.
Sept. 2.
bin the only silver money used is small Japanese Aug. 31.
coins, but the Chinese are not permitted to accept 184,000,000 Holiday 140,000,000 178,000,000 174,000,100 264,000,0C° Cr. 940,000,000
which come
mass of
Japanese money of any kind, and periodical raids Note.-The foregoing heavy credits reflect theofhuge country checks operation of
the
in the
to the New York Reserve Bank from an parts
the Federal Reserve System's par collection scheme. These large credit balances,
on shopkeepers restrict the use of Japanese silver and however, reflect only a part of the Reserve Bank's operations with the Clearing
New York City are represented
items
House institutions,
currency to foreigners. The silver dollars and sub- the daily balances. as only thevolumepayable in on institutions located outside of
of checks
The large
such checks do
New York are not accounted
sidiary silver coins found in other parts of China are not pass through the Clearingfor in arriving at these balances, asFederal Reserve
House but are deposited with the
account of the local Clearing House banks.
not seen in Harbin, for the simple reason that they Bank for collection for the
are much more valuable than the Harbin dollar,
The following table indicates the amount of bulor the Harbin dime. The result is that Harbin does
lion in the principal European banks:
most of its business with filthy paper money in deSept.6 1928.
nominations running from 5 cents upward. Much of
Sept. 5 1929.
Gold.
it has been so often mended with paste and paper Banks of
Saver.
Silver. I Total.
Gold.
that the face value is almost indiscernible, for
£
£ I137.548,740176,876,650
176,576,650
137,548,740
d
242,810,738
31,4285.0731
the Chinese banks of issue will not redeem torn nor England.311.442,845 d
France a__
109,172,000 c994,600110,166,600 108,125,200 c994.600 109,119,800
Germany b
wornout bills. To-day the Harbin paper dollar is Spain ____ 102,583,000 28.735.000 131.318,050104,341,090 28.255.000 132,596,000
54,093,000
55,793,000 54,093,000
55,793,000
Italy
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACTS OF 1922
AUG. 31 TO SEPT. 6 1929, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers to New York
Value to United Stales Money.
Aug. 31. Sept. 2.
EUROPE
3
Austria, schilling
140765
Belgium, belga
138994
Bulgaria, ley
007205
Czechoslovakia, krone .020604
Denmark, krone
.266151
England, pound ster4 846875
ling
Finland, markka
025148
France, franc
039116
Germany, reichsmark 237986
012918
Greece, drachma
Holland, guilder
400597
Hungary, pengo
174554
Italy, lira
052292
Norway, krone
266226
Poland, zloty
112050
Portugal, escudo
.045000
Rumania,len
.005941
Spain. peseta
.147238
Sweden, krona
267808
Switzerland, franc_ _ .192417
Yugoslavia, dinar. _
.017560
ASIAChina
Chef00 Mel
597500
Hankow tael
590468
Shanghai. tael
574910
Tientsin tael
606458
dollar__ .479821
Hong Kong
Mexican dollar_ .._ _ .411250
Tientsin or Pe'yang
dollar
415000
Yuan dollar
411666
India, rupee
360160
Japan, yen
466425
Singapore (8.S.) dollar .558166
NORTH AMER.Canada, dollar
.992709
Cuba, peso
.999531
Mexico. peso
485100
Newfoundland, dollar .990062
SOUTH AMER.Argentin peso (gold) .953647
.118625
Breen, milrels
120426
Chile, peso
983904
Uruguay, peso
963900
Colombia, peso
Sept. 3.
Sept. 4.
Sept. 5.
Sept. 6.
.140731
.138951
.007205
.029591
.266159
$
.140758
.130952
.007215
.029603
.266143
3
.140777
138939
.007220
.029603
.266141
1.40766
.138925
.007234
.029601
.255135
4.847528
.025156
.039128
• .237958
.012917
.400609
.174412
.052291
.266256
.112075
.044840
.005944
.147287
.267828
.192429
HOLI- .107558
DAY
4.847633
.025153
.039130
.237986
.012917
.400617
.174419
.052290
.266252
.112105
.044780
.005940
.147306
.267822
.192441
.017558
.847156
.025157
.039128
.237981
.012912
.400641
.174434
.052288
.266250
.112094
.044760
.004942
.147305
.268816
.192451
.016565
4.847151
.025148
.039128
.237087
.012912
.400688
.174389
.052285
.266240
.112094
.044800
.005945
.147303
.267806
.192460
.017563
.595833
.588125
.572857
.605625
.479321
.411666
.595833 .595833
.588750 .589062
.573482 .573482
.606041 .606041
.479553 .479196
.412083 .412500
.592916
.586250
.570357
.603541
.478571
.409583
.414583
.411250
.360146
.466343
.559000
.415000 .415416
.411666 .412083
.360132 .360103
.466268 .465993
.558233 .558166
.413333
.410000
.359914
.466671
.558333
•
.992884 .993941
999875 .999843
.484675 .484925
.990675 .991425
.953517
.118620
.120426
.983304
.963900
.994357
.999812
.484575
.991843
.994050
.999437
.485312
.991375
.953573 9953561 .953472
.118602 .118631 .118590
.120635 .120631 .120631
.980607 .980684 .979722
.963900 .963900 •.963900
Nethlands
Nat. Belg_
Switzland
Sweden
Denmark _
Norway
36,930,000
28,930,000
20,274,000
12,964,000
9,585,000
8,153,000
1,770,000, 38,700,000
1,270,000 30 200,000
1,369,000 21,643,000
12.964,000
420,000 10,005,000
8,153.000
36,244,000 1,872,000
22,993,
1,250,000
17,976.0002,145.000
12,761,000
10,100,000
606,000
8,166,000
38,116,000
24,243,000
20,121,000
12,761,000
10,706,000
8,166,000
Total week 833,375,585 34,558,600 867,934,185 794,186.588 35.122,600829,309.188
Prey. week.832.113,712 34,439,600 866,553.312 792.367,897 35,062,600827,430,497
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.
d Silver is now reported at only a trifling sum.
Mr. MacDonald's Speech and the Outlook
for Armament Limitation.
The speech which J. Ramsay MacDonald, British
Prime Miniister, delivered on Tuesday at the Tenth
Assembly of the League of Nations was, on the
whole, rather a remarkable performance. Without
addressing himself to any particular item on the
League's agenda, and without, accordingly, urging
the League to any specific course of action, Mr.
MacDonald devoted some three-quarters of an hour
to an explanation and defense of British policy and
a discussion of the present status of the AngloAmerican conversationG about.armament limitation.
He evidently felt the need of smoothing the ruffled
feelings of the Powers at whose expense Great Britain had won its financial victory at The Hague,
and paid a tribute to "those good people," particularly M. Jaspar, Prime Minister of Belgium, "who
did their best to keep us together and bring us together" and to "insure that the idea and spirit of
fair play should never be obscured while we were
1500
FINANCIAL CHRONICLE
haggling over pounds, shillings and pence." He
announced that the British Government had decided
to sign the optional clause of the Statute of the
League relating to the submission of controversies
to arbitration, explained the policy of Great Britain
toward Egypt, declared that the disturbance in
Palestine was not a conflict between Moslem and
Jew but "simply an uprising of lawlessness and
disorder" which the British had "pretty well" in
hand, championed the rights of minority populations, urged full recognition of the developing power
of the East as the only way of averting war, and
denounced tariffs as an economic obstruction in the
path of economic co-operation.
The greatest interest naturally attached to what
Mr. MacDonald had to say about the progress of
the armament discussion with the United States.
On this subject Mr. MacDonald's statements were
unexpectedly optimistic. "The British Government," he declared, "will do everything it possibly
can to hasten preparation for a disarmament conference." The "special contribution" of Great Britain to this "must be in the field of naval armaments," and everyone will recognize that "the best
preliminary" is an agreement with the United
States. In saying this, Mr. MacDonald hoped that
it "will arouse neither jealousy nor suspicion in
the hearts of other nations." "The problem of
armaments is not a problem between the United
States and ourselves. The British Government declines absolutely to build up against the United
States. . . . What we want is to get an agreement which, having been made, can be a preliminary
to the calling of a five-Power naval conference,
the other Powers being as free to negotiate with
them as though no conversations had taken place
between America and ourselves." The conversations, Mr. MacDonald continued, "have not yet been
ended, but the agreement has gone very far. I do
not quite know what form it will take, and can say
nothing at the moment that would in any way
• hamper President Hoover in his work, but I think
we might produce a document that would have
something like twenty points of agreement in it—
a very comprehensive document. . . . It will
be a very great pleasure to you—to the League of
Nations—to know that if I say it runs to twenty
points, there are only about three of the twenty
outstanding at the present moment." Some announcement of the agreement, he said, might be
made before the Assembly closed.
The immediate reaction at Washington to Mr.
MacDonald's remarks was hardly enthusiastic. No
statement has been forthcoming from Mr. Hoover,
but Secretary of State Stimson, after discussing
with Mr. Hoover the summaries of the speech received on Tuesday, issued a statement in which he
said that "in the opinion of those of us who have
been working on it on this side we have been making hopeful progress, but we feel that it will require
still a considerable period of hard work on details
before an agreement on parity is arrived at." This
reads like a courteous way of saying that Mr. MacDonald was somewhat too optimistic, and that an
agreement is not quite as near to completion as
his remarks at Geneva would lead his hearers to
suppose. Washington dispatches, while unable to
give details, suggest that though agreement on relatively minor issues may have been reached, the whole
matter is actually sticking exactly where it has
[VOL. 129.
stuck all along, namely, at the issue of parity in
naval strength. Mr. MacDonald's declaration that
Great Britain will not under any circumstances
undertake to build up to the United States does
not solve the problem of how the naval strength
of the two Powers is to be apportioned. It is evident that Mr. Hoover's interesting suggestion of
a "yardstick" for the measurement of relative naval
strength in battleships, cruisers, submarines, and
other types of vessels has not been easy to work
out in practice. In other words, with the most hopeful temper on the part of Mr. MacDonald and Mr.
Hoover, we do not yet know certainly that the solution of the fundamental problem of parity has really
been advanced at all.
The Washington correspondent of the New York
"World," writing on Wednesday, notes another demurrer to Mr. MacDonald's optimism. Speaking
of the problem of security and the Briand-Kellogg
pact, Mr. MacDonald said: "A very witty Englishman once said, remarking about castles in the air,
that the right place for castles was in the air, and
that what men on earth ought to do was to build
up foundations in order that the castles might be
supported. To a certain extent the pact of peace
is still a castle in the air, and the Assembly of the
League is going to build up the foundations to support this castle." Having in mind the important
part which armament reduction obviously plays in
the furtherance of peace, Washington circles, the
"World" correspondent reported, were inclined to
see in Mr. MacDonald's remark a disposition to
make armament reduction dependent too closely
upon the action of the League—a disposition with
which the United States can hardly find itself in
much accord.
The reaction to Mr. MacDonald's speech in Europe
has also been somewhat unfavorable. The French
press, still irritated at the outcome of The Hague
negotiations, does not take kindly to the idea of a
naval conference to which France and other Powers
are to be invited only after Great Britain and the
United States have reached an agreement, and no
intimation has yet 'been given that France or Italy
intended to abridge their own extensive programs
of naval construction. It was noticed at Geneva
that the Italian delegates were chary of applause
while Mr. MacDonald was speaking.
The London press, in turn, shows concern over
the decision of the MacDonald Government to accept the optional clause of the League Statute—a
decision under which the whole question of the
freedom of the seas might be taken out of the Government's hands and carried before the World Court
or some arbitration tribunal. It is an open secret
that Mr. MacDonald himself has not been able to
resist strong pressure from the Admiralty against
any material reduction of Great Britain's naval
strength, at the same time that any appraisal of
Mr. MacDonald's proposals must take account of
the fact that the Labor Government does not control a majority in the House of Commons, and that
the Conservatives, although on record as opposing
competition in naval building with the United
States, have never committed themselves to any
weakening of the British naval position. The report
from Geneva on Thursday that the United States
and Great Britain had agreed upon a 17 to 15 ratio
for 10,000-ton cruisers must, accordingly, be accepted with reserve.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1501
Unquestionably, a very large number of persons and the mill,so did the mowing machine, the "horse"
binder and the tractor enable
in this country 'and in Great Britain earnestly de- rake, the reaper and
reduced. They believe the farmer to handle increasing harvests from exsire to see naval armaments
cultivation.
that unless that is done, the continuance of naval panding acres under
Business appliances have done wonders in expefor replacement of worn-out vesbuilding, whether
work, the telephone, the typewriter, the
sels or for increased efficiency, tends to keep alive diting office
machine, loose-leaf ledgers and manifolding
the question of an ultimate recourse to war if in- adding
contributing their share in handling
ternational controversies arise. The difficulties in machines each
accurately and promptly the rapidly growing work
the present negotiations, as far as can be gathered
trade.
from the small amount of information that has been in every branch of
And now when great prosperity has enabled so
allowed to come out from secret conversations, apcorporations to become dividend payers upon
pear to be mainly two. The first is the extreme many
parity means and how numerous classes of stocks, and just at a time when
difficulty of deciding what
stockholders has been multiplied
it may be attained. The second is Mr. Hoover's the number of
the inventor is equal to an emergency,
apparent insistence that the present scale of arma- many times,
intensified by the process of splitting
ments shall actually be reduced; in other words, which will be
shares, involving wider distribution.
that there shall be actual reduction now as well as
The old-fashioned method of corporation officials
limitation later. Whether the two things, parity
signing shares of stock, bonds and dividend checks
and actual reduction, are incompatible we do not
propelled by a human hand was long
pretend to say, but it is evident that if the United by using a pen
ago abolished by large corporations. There was
States is to go ahead with a building program which
device which duplicated a signature
will actually increase the effectiveness of the Ameri- substituted a
many times, so that when an officer wrote his name
can navy, it may be difficult for Mr. MacDonald
correctly reproduced perhaps a
to persuade the British people that some appreciable his autograph was
British naval tonnage should at the same hundred times. That was thought to be a great
amount of
wonderful relief to weary officials.
time be scrapped in behalf of a something vaguely stride and a
last few years have witnessed an amazing
But the
described as parity.
It seems a fair guess that it is difficulties like increase in the number of shareholders and in divithese that have delayed Mr. MacDonald's long- dend-paying stocks of all kinds which demanded
preparation of dividend checks,
talked-of visit to this country. For more than three greater speed in the
especially as many dividends are now paid quarterly.
months Mr. MacDonald, if one may believe newsInventive genius has met this requirement of our
paper reports, has been on the point of coming to
modern business age with a new machine which prethis country, but each announcement of his assumed
including the name and address of
intention has been shortly followed by statements pares a check,
the stockholder and the amount of the dividend to
that the date had not yet been definitely fixed, or
respective shareholder. A complete
that it had been postponed, or that no invitation be paid to the
check, including the signature, is printed by the
from Washington had been received, or that Washthe work can be delegated to an
ington, while glad to see him if he came, was not machine, and all of
operator instead of worrying an official, who needs
advised regarding his plans. On Tuesday, the day
only once in order that facsimiles
on which Mr. MacDonald made his speech at Geneva, to sign his name
may be reproduced with rapidity and accuracy.
a dispatch from Washington to the New York
An example of this stride in office work is indi"Times" stated that White House officials "lacked
cated by the experience of the Pennsylvania Railroad
definite knowledge of the reported date" of the
September dividend checks. Un"hoped-for visit," and that "it was said that noth- in sending out its
der the old methods two weeks would have been
ing was known beyond what had appeared in the
checks for mailing to 150,000
newspapers." There is every reason to believe that required to prepare
located in every State and in nearly
Mr. MacDonald and Mr. Hoover, if they could talk stockholders,
for the current disthe matter over, might be able to advance consider- every country. Preparation
bursement was made in two days of continuous
ably the possibility of a naval agreement, and the
being accomplished by relays of
British Premier would assuredly be a welcome na- operation, the task
operators, instead of putting the entire work upon
tional guest. It would be better, however, if this
one official.
backing and filling about the visit were to cease,
A single machine prints 3,600 checks and stubs
lest public opinion in this country should regretper hour, or at the rate of one per second. Relief
fully conclude that the discussion of armament
limitation was destined, after all, to end only in thus afforded to executives and other officials by
talk. For some two and a half years the question time-saving and labor-saving devices makes it not
has been under consideration either at Geneva or at only possible to obtain the best men to discharge the
positions, but it affords such
the capitals of the principal naval Powers. It is duties of responsible
to study new problems which'
to be hoped that before long something practical officials greater time
will result. The situation is akin to that familiar are always presenting themselves for solution.
in English history, when the men of Kent petitioned
An Ancient Obsession That Will Not Down.
the Commons to "turn their loyal addresses into
Notwithstanding unmistakable objections to the
votes of supply."
"tariff tinkering" now going on in the Special SesInventors Aid Big Business.
sion of Congress, we doubt that the people, indiIt is astonishing how the inventive mind keeps vidually, are very much disturbed over the matter.
pace with business requirements. Just as the thresh- It is the same old song, sung in a slightly different
ing machine superseded the flail, making it possible key. Invoking the protective tariff in the interest
for the agriculturist better and more quickly to pre- of the farmer is a variation in the application, but
pare his increasing crops of grain for the market it is the same old standby that has been the peculiar
1502
FINANCIAL CHRONICLE
property of the dominant party for more than half a
century, and in its protective principle was lately
embraced in the Democratic Convention. Shut out
foreign goods and grains by heavy duties at the port
of entry and thus strengthen the home market, develop domectic industries, raise the wages of labor,
keep the factory fires burning, counteract the difference.in cost of production between our own and foreign countries, and insure the general prosperity.
But the farmer, in whose behalf the present legislation is ordained, is complaining, in the old way,
that, having a surplus, he sells in the free market of
the world and must buy in a protected and restricted
market at home. Some of his friends have figured
that for every dollar he gains by a tariff on his grains
he will pay ten dollars on the goods he buys—if, indeed, he gains anything at all by the tariff laid on
what he produces and sells abroad where trade is
free.
It was proposed, at the start of the present tariff
legislation (and the proposal is now to recur) that
the duties be restricted solely to farm products. For
some reason this has become impossible. No sooner
is a tariff bill proposed than a swarm of beneficiaries
gathers at Washington to see that the melon is
properly sliced. It would be a political scandal to
help the farmer and not the manufacturer. Committees and sub-committees open their ears to pleas
that spring up from every quarter. There is one exception at the present time—the automobile makers!
They have announced a willingness for a reduction.
Perhaps they have reached the "saturation point,"
or perhaps they have seen the "justice" of increasing
foreign purchases to pay for their rapidly growing
foreign sales. Whatever the cause they are willing
to strike off a part of the duties on their own products. And the jewellers are willing to see uncut dia-.
monds come in free since they cannot prevent
smuggling.
It is a merry dance. Looked at from afar, it is a
fantastic revel for the opportunity of charging more
for manufactured and agricultural products according to scales made and provided by Congress. And
so it has always been since a candidate for President
unwittingly announced (but quite accurately) that
the "tariff is a local issue," meaning that each section gets all it can without regard for other sections.
Even now it i8 charged that Florida fruit growers
are not getting a square deal, California receiving
the best of the bargain. And the beet sugar growers are not happy, while Cuba, a good customer, is
talking of ruin. It is a mess any way you look at it.
Yet the wheels of industry must turn slowly and
warily until the schedules are settled. What, pray,
is the basis for all this dickering? What has trade,
exchange, aye production and distribution, to do
with these long schedules, difficult and fractional
changes, in a bill for the levying of tariffs on imports? Doctors do not agree, but the patient must
still take the medicine.
Politics, at one time divided on what was called
low and high tariff; or, tariff for revenue with incidental protection, and a high protective tariff as a
principle, a principle that for varying reasons, from
time to time, brought prosperity. But we are now,
according to a chorus of voices, the moist prosperous
people on earth. Why, then, meddle with the tariff?
The reason is—politics! We have got to do something; we cannot let go of the tariff in entirety (and
as a matter of fact we cannot at this juncture in
[Vou 12%
world trade), and so we "tinker." We promised the
farmer relief, both parties promised, and the party
in power has created a Federal Farm Board with
half a billion in funds to loan to co-operative marketing associations (which relief has been characterized as helping the farmer to help himself), and
so we invoke the tariff ai3 an infallible means of
help—and in the doing of it the glorious scramble
for equalization of the unequal goes grandly on.
It may be that some sweet day we will turn away
from this iridescent tariff dream. But that day
seems far distant. And but one thing is assured,
that when the bill is signed, bread, meat, sugar,
citrus fruits, clothes of cotton and wool, hides and
hoes, lumber and building materials, will bear a
higher price. If wages rise it will be by the coercion
of other forces. If salaries rise it will be because
the general level of costs and prices draws them up.
If manufacture is benefited, or if agriculture is
afforded relief, it will be because the consumers are
forced to pay more for what they buy. And since
there is an evident scramble to be in on the tariff
benefits, products and industries will fare well or
ill according to the schedule of rates they may each
secure. Nothing could be more patent than that this
whole endeavor is at variance with normal levelling
of interchange of goods and contrary to the welfare
of the masses.
There is but one offset to this disturbing element
in the life of trade. The power of toil and industry
is so great as to overcome the interference. Its
effect is not equal to its promise. The energies of
the people overleap the obstacles. The differences
in the benefit to agriculture and manufacture, the
differences occasioned by the uneven schedules themselves, are worn down by the exchanges that follow
the natural laws of mutual benefit, of the greatest
good to the greatest number. Business adjusts itself
to the tariff. The force of need and the lure of
profit, the energies of men applied to the resources
of earth, the vast impetus of "making a living" goes
on despite the wheedling politics of this artificial
endeavor. In the course of time the tax becomes a
misnomer and the protection becomes a delusion.
We have reached a stage in the business world when
it will be wise to prepare for its ultimate abandonment.
Resort to a measure that is the football of politics
10 uneconomic. Sometime the tariff walls of the
world must come down. As a tax the tariff is
deceptive and dishonest. As a relief to business it
is a fallacy, taking from many to feed the one. It
is contrary to the freedom of trade, a freedom that
is innate, for if goods cannot be exchanged according to the wants and needs of man and according to
their intrinsic merits, production is impotent and
distribution a farce. The very fact that the new,
and old,States of Europe,after the war have resorted
to this means of wresting revenue from impoverishment is proof that the tariff is a tyrant and contrary
to the welfare of burdened peoples. The tyrant has
taken a new grasp on peoples and States and threatens to place politics in the role of arbiter and ruler
over the occupations, businesses, destinies, of individuals, otherwise free and equal under law.
The Flight Around the World.
The log of the Graf Zeppelin, dirigible airship, in
command of Dr. Hugo Eckener, discloses that the
circle around the earth was completed in 21 days,
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1503
Looking upon aerial flight as a more rapid means
17 hours, and 28 minutes from Lakehurst to Lakeof communication and transportation, we are bound
hurst, as follows: Thursday, August 8, 12:39 A. M.,.
the value of mere time-saving in
left Lakehurst, N. J., for Friedrichshafen; Satur- to try to measure
Friedrichs- the affairs of men. And it must be indubitably
day, August 10, 8:33 A. M., landed at
of time by new machinery lesshafen, completing trip of 4,200 miles, in55 hours,.24 true that the saving
14, 11:34 A. M., left ens the need for labor. If there are not then comminutes; Wednesday, August
advantages in comfort and happiness the
Friedrichshafen for Tokio; Monday, August 19, 5:27 pensating
marked as at first appears. For, it
A. M., landed at Kasumiguara Airport, completing gain is not as
again and again, labor is the law
trip of 6,800 miles in 101 hours, 53 minutes; Friday, may be repeated
have now slow means of travel and
August 23, 2:18 A. M., left Kasumiguara for Los of life. We
accomplish all the major benefits that
Angeles; Monday, August 26, 6:11 A. M., landed at transport that
obtained by flying machines. On the other
Los Angeles, completing flight of about 5,500 miles can bi
and joy can be crowded into
from Tokio in 78 hours, 58 minutes; Tuesday, Au- hand, if more comfort
a single lifetime, that lifetime, in a sense, is lengthgust 27, 4:14 A. M., left Los Angeles for Lakehurst,
combiner of toil and thought, is
N. J., passing points in the United States as follows: ened. But labor,
really live in proportion to our
8:13 P. M., El Paso, Texas; Wednesday, August 28, life; and we all
ents. So that the con11:39 A. M., Kansas City, Mo.; 6:25 P. M., Chicago; activities and accomplishm
of good" in the realm to
10:40 P. M., Detroit; Thursday, August 29, 12:13 stant, temperate "doing
measure of life. ProgA. XL, Cleveland; 12:57 A. M., Akron, Ohio; 1:56 which we are allotted is the
naturally is therefore more to
A. M., Newcastle, Pa.; 4:06 A. M., Bellefont, Pa.; ress that increases
advances. We may fly,
7:02 A. M., reached New. York; 8:13 A. M., landed be desired than spectacular
purpose save the common good?
at Lakehurst, N. J. The ship carried 16 passengers but to what
Taking another view, there are a million paths
and crew. It required 450 sailors and marines to
voyager. Millions
guide the huge dirigible safely into its hangar. Six in the air ready made for the
paths, and direct routes. Mountains and seas
hundred pounds of mail were carried. Great crowds of
greeted the voyagers as they passed over the prin- present no obstacles. And it may well be that one
cipal cities en route, that at Chicago being most of the ensuing great advantages to accrue from this
mode of travel is the quickening growth of countries
notable.
The flight of the Graf Zeppelin around the world remote and at present largely inaccessible. In this
is a triumph of engineering construction, aerial sense we behold the whole world drawing close
navigation, and human skill and daring. It demon- together. Physical contact is necessary to spiritual
strates the possibility of commercial aviation by the unity. But this benefit we assume to be distant
dirigible and throws some light on its feasibility. and conjectural. To us it is inconceivable that the
The famous voyage circled the earth in the Northern mountainous and coastal States of the Southern
hemisphere in the temperate and arctic zones, hemisphere will soon be linked by aerial routes carcrossed two great oceans, passed over the vast rying passengers and freight in anything like the
and railroads.
reaches of Siberia and across the South Central capacity now open to steamships
The flight There is a railroad across the high peaks of the
and Central parts of the United States.
is an epic story of sublime achievement, and yet it Andes in successful operation. There is practically
opened no new lands to settlement, discovered no an interior road from Cairo to the Cape. The Graf
new continents, and marked out no permanent route Zeppelin itself followed the route of the Transof travel for the sons of men. Any other passage Siberian Railway for a good part of its journey.
than that adopted would doubtless present a new And what are known as tramp steamers now touch
set of difficulties, require new stopping places, en- the main ports on every ocean. An epochal voyage
counter entirely new problems. But the feat is an has been made in a new and modern ship.
The President's comment on the achievement: "It
overwhelming fact, lures the imagination to new
speculations, and thrills the thought of mankind shows that the spirit of high adventure still lives,"
to wonder and to the worship of achievement. The calls up one of the most important features of the
benefits to come are yet to be determined and lie surpassing event. We need not consider its pracalmost entirely in the realm of speculation. This tical phases when we look upon the spirit of man
flight of a lighter-than-air machine is the first of to dare and to do. Carried into all the fields of
effort, this is the thing that sustains life, advances
its kind.
If we look upon this wholly modern achievement civilization, and enriches human culture. Those
from the standpoint of its advantages to commerce who are willing to enter untried ways—to investiwe must note that aside from the United States and gate, to analyze, to compete, and to courageously
a small part of Europe, it passes over unproductive advance, regardless of the sacrifice of themselves,
territory, and in the nature of things is as yet a carry the momentum of discovery and accomplishvalueless effort in pioneering the air. Not that it ment forward that others may follows. The record
does not "blaze the way" to more acute efforts in of lighter-than-air machines contains many sad and
transportation, but that in itself it is a remarkable heart-breaking pages. The designer himself, Zepfeat rather than a profitable demonstration. Nor pelin of war fame, is said to have died of a broken
can it be said that this one great success indicates heart over the many disasters that befel his inventhat other and similar ones are immediately to tion. But the intrepidity of the spirit rises above
follow. But mankind rejoices in the signal victory all danger and man still carries on. The more specand does honor to the commander and crew who so tacular the adventure, the more iron enters the soul
successfully piloted this unparalleled voyage. What for the simpler though no less valuable achievements
has been done may be done again in some sort of that minister to comfort, health, intelligence, and
fashion; one supreme accomplishment presages happiness. Looking on this side, the tens of thouanother; and it may be that another decade will see sands who cheered the ship on its way but spoke an
honest tribute to human heroism.
many shorter routes establiched.
1504
FINANCIAL CHRONICLE
[VOL. 129.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. their prices 20 points in order to stimulate trade, but prompt
Friday Night, Sept. 6 1929.
Cuban raws are 1/16c. higher than a week ago at 23c.
High temperatures have militated against trade during
As regards general trade, the dullness has been varied
the past week. It has been intensely hot all over the to some extent by a certain amount of stimulus from State
country. The heat wave has culminated and to-day there Fairs and Market Weeks in many parts of the country.
was even snow in Nebraska and South Dakota, while in In the agricultural districts trading has been restricted
other parts of the West, and also here in the East, the partly by the uncertain crop outlook as well as the very
temperatures have fallen fully 20 degrees, after reaching high temperatures. A good business is reported in the cloth90 to 94 for five days in succession. It is hoped that at ing industry. Operations are active also in rayon, knit wear
last the Summer is about to end. It has been one of the and similar lines. The new styles call for more material in
most trying for many years past. It has been accompanied clothing. In the aggregate they promise to make a marked
by drought over great areas of the country. Dry conditions difference for the better in trade in various fabrics. At
have not altogether disappeared. It is true, however, the most of the big centers shoe manufacturing is active, and
great drought in Texas has been mitigated by heavy rains there is a sharp demand for sole leather. Wool was conin parts of that State during the past few days, and Okla- sidered rather steadier, and it is believed that buying by
homa has also been benefited by copious rains all over the manufacturers is likely to be larger in the near future,
State. Here there was .60 of an inch over night. More is because of increased orders understood to be on their books.
predicted. It is badly needed. The rains will benefit the Preparing for the Winter trade, radio manufacturers are
Southwestern cotton crop, although they would have been operating on a larger scale. Radio cabinets seem to be in
very much more valuable if they had come three or four greater demand. Radio stock has risen sharply. In the
weeks ago. But as regards trade, we are approaching the furniture trade proper there is some improvement. Coinciseason when it usually revives. For the time being the dent with this is a larger demand for hardwood lumber at
heavy industries show less life. In the nature of things, rather firmer prices. In some parts of the country the coal
however, this lull cannot last; the wants of a population trade has improved in preparation for the Fall business
of 120,000,000 over a continental area of 3,000,000 square and because of drought. And mine operations increased
miles are too large. The steel mills are still producing on a somewhat. It is believed that industrial stocks of coal are
large scale. They have smaller backlogs but, on the other at a low stage. This will necessitate heavy buying in the
hand, production in some directions has recently decreased next few months. There has been less business among the
somewhat. Pig iron prices at the South, recently disturbing, iron and steel, automobile and agricultural implement inhave latterly been steadier. And the consumption of pig dustries. Other heavy lines have latterly slackened. But
iron is on a large scale. The output in August and for the exihbits of production for eight months of this year were
eight months exceeded that of any previous record.
in some cases large beyond precedent. Trade in machine
Prices for grain have stood up well. Those for wheat tool and electrical apparatus has increased somewhat.
show no marked change for the week. The drought in Building is quiet. Naturally, under the circumstances, the
Argentina is the outstanding feature of the world's wheat demand for brick and other building material is slow.
trade. At the same time, the Canadian crop seems to be
One drawback is the reduced stage of the rivers and
turning out rather better than was expected, and the export smaller streams in many parts of the country following
demand for wheat is backward. Corn has advanced some- prolonged droughts. This has compelled public utility
what, owing to dry weather at the West, but of late bene- plants which ordinarily use hydro-electric power to go back
ficial rains have fallen, so that the net advance for the to coal, etc., for power. River steamers in some parts of
week is very moderate. Other grain has advanced slightly the country have been forced by the low stage of rivers
In harmony with prices for wheat and corn. There is a to carry smaller cargoes. Print cloths have been in only
good cash demand for oats and rye. The trouble in the rye fair demand, and latterly it is understood there has been
trade is that there is no export demand. Provisions have some cutting of prices, though it does not appear to be gendeclined somewhat, with no great snap in trade, and the eral. Broad silks for the fall trade have been in excellent
corn market lending no particular aid. Rubber shows no demand. Raw silk has been firmer, with a larger business
marked change for the week. Malayan exports have been here. A moderate business has been done in woolen and
large, and London and Singapore have declined. But, on worsted goods, while clothing manufacturers have given
the other hand, there has been enough trade demand here out fair orders for Spring lines.
with the aid of covering of shorts to prevent any marked
The stock market on the 4th inst. in most cases declined
net decline. Copper has been very active, especially for 2 to 5 points, though Radio advanced amout
104 points.
domestic account. In lead there has also been a brisk trade. Call money was still at 9%, as it had been for 9 days. The
Hides have advanced to some extent.
weak feature was United States Steel. It fell 3 points net.
Cotton has declined only slightly in spite of the breaking General Motors was conspicuously strong. It rose 3 points.
of the drought in parts of Texas and pretty much all of United States Steel's decline threw a kind of shadow over
Oklahoma. For there is a fear that the rains have come the general list. Still, General Motors' strength coincided
too late to be of any very marked benefit, though they are with advances in Nash, Radio, Commercial Investment, du
likely to stop premature shedding, help develop growing Pont, Rolling Mill, Southern Railway, Reading, Soo Line,
bolls, and improve the staple of cotton. But the technical Otis Elevator and a number of the store stocks. After
position is better and the average of crop estimates is about nearly 3 weeks of an uninterrupted advance, a reaction was
600,000 bales smaller than the Government estimate a month of course not in the least surprising. That is was so modago of 15,543,000 bales. A Boston report on the condition erate was surprising. A general expectation
of another
of the crop to-day was only 55.8%, or about 14% under the increase in the already colossal brokers'
loans counted for
Government condition report of a month ago. The something, as well as the impending report by the Federal
average report on the condition, however, Is about 57, or Reserve Bank and the old but refurbished rumor of a
12% under last month. Either, of course, is bad enough. coming rise in
the Bank of England discount rate. The
There is a decline as compared with the 10-year average of truth more likely was that which stared
everybody in the
fully 10%. The Government report, which is to appear on face, namely a reaction was due after 19
days of continuous
the 9th inst., is eagerly awaited in the trade as likely to advances. As it was, the final
quotations on the 4th inst.
shed greater light on the actual situation. Coffee has de- was generally something above the low
for the day.
clined both here and in Brazil. The cost and freight offers
Stocks on the 5th inst. dropped 2 to 12 points in an overhave steadily sunk in price. Speculation, moreover, has due reaction. U.
S. Steel common fell about 8 points and
been sluggish. Commodity speculation suffers, of course, General Electric, after touching 397, fell
to 385%, or nearly
from the overwhelming popularity of the stock market. 12 points, the net loss being 4%. Railroad
stocks were not
Raw sugar has advanced as the outlook seems to promise exempt. New York Central fell 6 points, Atchison 3%,
more stable conditions in the trade, and there has been Pennsylvania 3%, and Radio 5%. Other features were
distinctly less pressure to sell. Refiners have lowered Simmons, Rolling Mills, Tank Car, Worthington Pump,
SEPT. 7 1929.]
FINANCIAL CHRONICLE
Anchor Cap and Otis Elevator. Copper shares were firm
for a time on record-breaking sales of the metal and talk
of higher prices. But later they felt the downward pull of
other stocks. Oils had for a damper a further increase in
production. The rise in August of over $400,000,000 in
brokers' loans was something more than had been expected.
Meanwhile, the oft predicted rise in the Bank of England
rate of discount proved to be groundless. The rate of 9%
money here, however, was something of a disappointment.
In bonds, United States Government issues were stronger,
though not active. Convertibles were inclined to weaken,
and railroad bonds were irregular. To-day stocks advanced
2 to 15 points, with Radio up 11 points and a leading feature.
Money fell to 6%. The technical position was much better
after the sharp decline in two days. An overbought condition had been at least partly corrected. . The sales
mounted to 5,122,000 shares. The more salient features were
Simmons Bed, in which many shorts were caught; American
Water Works, Standard Gas, U. S. Steel, International Telephone, National Biscuit, Allied Chemical, Cash Register,
Consolidated Gas, St. Paul, North Western, Columbia Graphophone, American Metals, Anaconda, Atlas Powder, General
Motors, Allegheny, Foreign Power and Otis Elevator. The
steels, foods and public utilities were generally higher.
Bonds lagged behind.
Fall River, Mass., wired that an important conference
will be held by a group of Fall River textile manufacturers
September 10th for the purpose of considering the question
of adopting a direct system of selling goods manufactured
by textile corporations through a distribution agency under
their own control. If the plan is adopted it will mean the
elimination of many brokers who have had something
to
say in the sale of cotton goods for many years. . Manufacturers of silk, rayon and cotton products are to be
represented at the conference. But several Fall River
mill
treasurers who were here on the 4th inst. said
they knew
nothing whatever about the dispatch published to
the effct
that a meeting is to be held there. They said
that they are
not at all in sympathy with any such project.
Lawrence,
Mass., wired that mills here are enjoying the best
postLabor Day season in a number of years. The recent
announcement relative to the new industrial developments has
created a more satisfactory feeling among the thousands
of workers who were back at their machines after
the
Summer holidays. Charlotte, N. C., wired on Sept. 2nd that
the unfortunate condition of things at the Clinchfield
and
Marion Mills at Marion, N. C., continued. Rioting
and
violence still prevailed following a dynamite explosion.
A
mob of 400 strikers drove the sheriff and 20 men from
the
Marion mill and the militia was patrolling that village
and
threatening to fire on the mob. August sales of
Montgomery, Ward & Co. showed an Increase of 46.73% over
the
same month last year. This, the company's statement
said,
was not only the largest August in the history of the
organization but represents the sixteenth consecutive
month
in which sales showed an increase over the same month
of
the preceding year. For the first eight months of
1929
Montgomery, Ward & Co.'s sales showed an increase
of
31.37% over the same period last year. Estimates of Sears
Roebuck & Co.'s August sales are for a total of approximately $35,000,000 compared with $28,985,684 in August
1928. If this estimate is correct receipts for the year
to
date would be approximately $261,000,000 compared with
$201,361,086 for the same period last year. F. W. Woolworth Co.'s sales in August gained 12% over August
1928.
They were $24,446,010 against $21,811,872 in August last
year. For eight months receipts were $182,777,182 against
$167,680,209 in the same period in 1928, a gain of 9%.
The weather this ,week has been extraordinarily hot for
this time of year. It was 90 degrees on August 31, 92 on
September 1st and 2nd. But on the 3rd is was 94 degrees,
the highest ever known on that date. For that matter, the
other temperatures were unprecedented for Septmber. As
some figure it, there have been 5 heat waves this Summer.
Usually there are two, or at the most three. On the 3rd inst.
temperatures in the vicinity of New York were declared
to have reached 97 degrees, though this is unofficial. But
New York was an oven, and the Pavements of the city lose
their heat slowly. Boston wired on the 3rd inst. that the
highest temperature in three years was recorded there on
that day when the mercury rose to 97 degrees at 2 P. M.
An hour later the heat had failed to abate. The heat was
the greatest recorded at the Boston Weather Bureau in the
1505
month of September since 1881. The previous high record
for all months was on July 22 1926, i.e., 103 degrees. In
parts of New Jersey is was said to have been 99. On the
2nd inst. Philadelphia had 70 to 94, Portland, Me., 72 to 92,
Chicago 72 to 90, Cincinnati 62 to 92, Cleveland 72 to 88,
Detroit 60 to 90, Milwaukee 72 to 92, Kansas City 74 to 92,
Minneapolis 76 to 94, St. Louis 70 to 92, Portland, Ore., 56
to 74, San Francisco 56 to 70, Seattle 52 to 68. Texas and
Oklahoma had 100 to 105. Drought in those States has
practically lasted 60 days. All over the South the days
were hot and the nights curiously cool. This phenomena
has lasted for weeks past. On the 4th inst. it was 94 here,
88 in Chicago, Milwaukee and St. Louis, 84 in Cincinnati,
84 in Cleveland and Kansas City, 90 in Detroit, and 64 in
St. Paul. On the 5th there was a drop of 22 degrees in the
heat to 71 at 11 A. M., with a change of wind to the East
and occasional light rain during the day, changing to
settled rain at night.
The fifth day of the hot wave saw a temperature again
94 degrees and some prostrations and deaths because of it.
Yet Great Falls, Montana, reported that 5 inches of snow
fell on the 3rd inst. at Glacier Park. The whole Northeast
portion of the United States continued to be in the grip
of the unprecedented hot wave. Boston was 64 to 96, Philadelphia 70 to 94, Portland, Me., 60 to 96; Chicago 70 to 90,
Cincinnati 68 to 92, Cleveland 72 to 88, Detroit 68 to 90;
Kansas City 74 to 90, St. Paul 64 to 92; St. Louis 70 to 92,
Denver 46 to 72, Helena 32 to 54; Los Angeles 64 to 74,
Portland, Ore., 58 to 80, San Francisco 56 to 66, and Seattle
52 to 70.
The hot wave culminated on the 5th inst., after being 78
at 1 A. M. To-day it was muggy here, with a temperature
of 73 and humidity of 75 degrees. But overnight Boston was
62 to 66, Portland, Me., 58 to 62, Chicago 62 to 72. The
forecast here is showers and cooler on Saturday, and cool
and fair on Sunday. To-day Nebraska and South Dakota
had snow.
The Business Outlook as Viewed by Roger W. Babson, in
Address Before National Business Conference at Babson
Park, Mass.—Warns of Factors Which Need Watching.
Discussing the Business Outlook at the 16th Annual National Business Conference at Babson Park, Mass., on September 4, Roger W. Babson made the assertion that "forced
accounting has probably been the greatest factor in prolonging the present period of prosperity." A warning to
business men to watch their steps at the present time was
contained in Mr. Babson's address, inasmuch, he indicated,
as "certain of the same factors which have developed the
boom, may cause us some day to have a smash." "It is all
important," he said, "for business men to have a yard stick
to measure business, but it is very possible to neglect this
yard stick." "It is important," he went on to say, "for business men to have courage,initiative, and vision, but it is very
possible to have optimism overrun and submerge discretion."
Four factors, according to Mr. Babson, need watching:—the
amount of money borrowed for building; installment buying; borrowing for speculation; retail buying on open accounts. Mr. Babson declared that the time is coming sooner
or later when there will be a general shut down on credit.
"Whether," he said, "this will start at the top with the
banks, or at the bottom with the small business man, we
do not know." Mr. Babson contends that "unless the sales
.
manager, promoter and speculator takes the advice of the
accountant, purchasing agent and statistician, buying must
some day be severely curtailed. As buying stops," he continued, "factories will shut down, as factories are closed,
men will be thrown out of work. * * * The vicious circle
will get in full swing and the result will be a serious business depression." In conclusion he stated, "there
have
been times when business has needed courage and
credit
rather than facts and figures, but today the great
need of
the hour is the latter." Mr. Babson's address
follows in
full:
Statistics show that thus far 1929 has been the best
country has ever had, measured by the volume of goods year that the
and sold. Statistics show that 1929 is the best year the manufactured
country has had
since the War, when measuring the volume of business
above normal.
This is in accordance with our forecasts at this
Conference a year ago
.
Moreover, so long as the stock market holds up I
see no reason for
.
changing this forecast When considering the
separate barometers of
business, we find as follows:
Comparing last month with the same month
a year ago and the
changes in the six months of 1929 with the
same period of 1928: Of
the total 46 subjects, 31 showed
improvement, 14 declined and I
showed no change. Comparison of 1929 with
1928 indicate that 33 sub-
1506
FINANCIAL CHRONICLE
[VoL. 129.
Factors to Watch
Because
certain of the same factors which have developed the boom,
may cause us to some day have a smash, business men must most carefully watch their step at the present time. It is all-important for business men to have a yard stick to measure business, but it is very pos.
sible to neglect this yard stick. It is important for business men to
Causes of our Prosperity
have courage, initiative and vision, but it is very possible to have
Forced accounting has probably been the greatest factor in prolonging optimism overrun and submerge discretion. It is a wonderful thing to
the present period of prosperity. Of course, there have been other have expanding credits, but credits may be expanded until they reach
factors, such as, the Federal Reserve, new inventions, prohibition, mass the bursting point. This means that we should carefully watch these four
production, chain stores, etc. The new spirit of service, which is factors:
actuating so many more business men today, coupled with the research
(1) The amount of money being borrowed for building, with special
work which is going on, are also factors in prolonging the present period reference to second mortgages, mortgages on fittings, furniture, etc.
(2) Installment buiying, especially in connection with articles of
of prosperity. When, however, all these factors are weighed one
against the other, I still feel that forced accounting has perhaps been luxury and articles of temporary value.
(3) Borrowing for speculation. A country cannot long continue
the greatest factor in bringing about the period of good business which
prosperous where the manufacturer and merchant make more money
we have enjoyed for the past few years.
speculating than producing and carrying on his regular business.
Before the days of the Income Tax, only a very small proportion of
(4) Retail buying on open accounts. Charge accounts have their
business men kept a real bookkeeping system. Every business man had usefulness, but charge accounts also have their abuses. Available
a charge ledger and a cash book, but probably not 10% kept a double statistics clearly indicate that we may be reaching a breaking point in
entry bookkeeping system, with monthly trial balances. As for making connection with credit buying.
Conclusion
proper charges for depreciation, etc., these things were done only by a
few large corporations. At first, business men rebelled against being
The time is coming sooner or later when there will be a general shut
compelled to keep exact accounts for Income Tax purposes. Finally, down on credit. Whether this will start at the top with the banks, or
however, they succumbed and now most business men have a real system at the bottom with the small business man, we do not know. Accountof accounting. Few people realize the great importance that this change ants can be of great service in improving this situation and postponing
has been to the business situation.
the evil day. Economists and promoters have the theories and ideas,
but the accountants have the facts. Thus far each group has looked
The Importance of Accounting
somewhat askance at the other. The future of American business,
Forced accounting (brought about by the necessity of making Income
however, demands that these two groups get together and balance one
Tax Returns) has brought about three things:
another.
(1) Inefficient concerns, which were a drag on the entire industry,
Unless the sales manager, promoter and speculator takes the advice
have been weeded out and efficient concerns have been speeded up. A
of the accountant, purchasing agent and statistician, buying someday
few weak concerns in an industry, which concerns do business at a loss,
must be severely curtailed. As buying stops, factories will shut down;
retard an entire industry. The lowest priced man often sets the price as
factories are closed, men will be thrown out of work. This will curfor all and determines the profits for the entire industry. Usually such tail
buying still more, with more factories shut down and more men
low prices are the result of a lack of knowledge as to real costs. Forced
thrown out of work. Hence, the vicious circle will get in full swing
accounting has caused all concerns to know their costs, has resulted in and the result will be
a serious business depression. There have been
either eliminating them or having them try to do business at a profit. times
when business has needed courage and credit rather than facts
This has been a great boon to all industry. Forced accounting has pro- and figures,
but today the great need of the hour is the latter.
vided business with a yard stick and compelled every business man to
use such a yard stick.
(2) Uncertainty and timidity which have instinctively heretofore Decline in Production According to Department of Comheld back the average business man have to a large extent been removed.
merce Monthly Indexes.
When one does not know exactly where he stands he is more or less
In its monthly indexes of production, stocks and unfilled
timid, doing only the things which he needs to do and avoiding unnecessary expansion. Forced accounting has provided business with courage. orders, covering July
(issued Sept. 3) the Department of
Courage is the greatest asset in business. Courage is to business what
steam is to a boiler or gasoline to a motor car. As men have learned Commerce says:
Production.
through proper accounting where they stand and what they can do, they
Industrial output during July, after adjustments for seasonal changes,
have expanded and gone forward during the past few years at a rate
showed a decline from the preceding month, but was considerably higher
never known before.
(3) A basis of credit has been formed for 90% of the business men than a year ago, according to the weighted index of the Federal Reserve
—a credit which heretofore has existed for only 30% of the business Board. Manufacturing production showed a decline from the previous
men. Forced accounting has made credit safe and profitable. Forced month and a gain over last year, while the output of minerals showed
accounting has made the Federal Reserve System workable. It thus will gains over both periods. The principal increases over July, 1923, in
be seen that accountancy has provided a measurement for business, a the output of manufactured goods occurred in iron and steel, noncourage for business, and a credit for business. You men who have ferrous metals, cement, brick and glass, automobiles and textiles.
been such important factors in bringing about the present period of
Commodity Stocks.
prosperity, now have a great responsibility in keeping it from collapsing.
Stocks of commodities held at the end of July were greater than at
Wonderful Conditions Today
the end of either the previous month or July a year ago. As compared
Because of this new era of facts, courage, and credit, great events with last year, stocks of manufactured goods held by manufacturers
have happened. The cost of living in the United States is now at the were lower but raw-material stocks were higher.
lowest point since June, 1924, according to the latest reports of the
Unfilled Orders.
United States Department of Labor. For the last month on record,
The index of unfilled orders showed a decline from the preceding
complete reports show that 157 wage increases averaging 7% were
granted to 17,000 workers. With wage levels holding up in practically month but was higher than a year ago. Forward business for all groups
all major lines of industry, and the cost of living lower, purchasing for which data are available was higher than a year ago, except lumber
should be good over the next few months. The cost of manufacturing a which showed no change.
large variety of goods, from paper to automobiles, has been greatly
INDEX NUMBERS (1923-1025=-100).
reduced. The cost of power—in the form of steam, gas or electricity—
is lower today than ever before. All of this has resulted in a better
June,
July,
July,
standard of living, a healthier and happier people.
1929.
1929.
1928.
Considering the different sections of the country, the following states
Production—
offer the best sales opportunities at the present time:
Raw materials:
116
Animal products
New Jersey
108
114
52
Crops
90
87
Connecticut
95
Forestry
87
89
Delaware
126
Industrial (compiled by Federal Reserve Board)._
124
110
Michigan
112
M inerals
113
100
Texas
128
Total manufactures (adjusted)
111
126
Arizona
Iron and steel
155
124
151
Nevada
121
119
100
Textiles
Oklahoma
96
95
89
Food products
127
117
Paper and printing
-__
In addition, it is very probable that sales efforts in the states of New
8594
Lumber
York, Pennsylvania, Illinois, Ohio, and Indiana will bring a very satis166
iii
119
Automobiles
factory volume of business during the coming months.
113
112
112
Leather and shoes
134
119
138
Cement, brick, and glass
Spotty conditions exist in the agricultural states. South Dakota,
126
113
Non-ferrous metals
15.7
Nebraska, and Iowa expect rather favorable returns for their crops.
170
156
_
Petroleum refining
Minnesota, western Wisconsin, and northern Michigan are hopeful as to
162149
Rubber tires
139
i5i
125
Tobacco manufactures
the income the farmers will receive this fall. Today the weather is
Commodity Stocks—
the determining factor. Until we know definitely the production of this
119
120
105
year's crops, it is not safe to forecast the purchasing power of these Total materials
119
96
121
Raw
118
agricultural states.
117
118
Manufactured goods
Unfilled Orders—
Among the leading cities of the country which are offering good sales
83
82
77
Total
opportunities, we find the following:
68
75
73
Textiles
85
84
75
Chicago, Illinois
Iron and steel
68
78
73
Transportation equipment
Minneapolis, Minnesota
91
95
91
Lumber
Kansas City, Missouri
Indianapolis, Indiana
Buffalo, New York
Hartford, Connecticut
New York Federal Reserve Bank Reports Business
Wilmington. Delaware
Profits In Second Quarter This Year 31% Larger
Denver, Colorado
Oklahoma City, Oklahoma
Than In Corresponding Period Last Year.
Considering the industries offering the greatest opportunities for
Accompanying the continuance of a very high rate of
future development, we suggest the
business activity during the seeond quarter of this year, net
Gas industry
Aviation
Machine tools and automatic machinery Electrical
profits of 236 commercial and industrial concerns for the
Oil industry
Radio
Building and construction
quarter were 31% larger than in the corresponding period of
Refrigeration
Cement
Utilities
1928, and showed even larger increases over the reported net
Packaging and containers
Chemical
Communication
Mechanical distribution
profits of the second quarter in the two preceding yars.
Bus transportation
Paper substitutes
In making this statement in its Monthly Business Review,
Accounting and economics
jects increased and 13 declined (increases in failures count as declines in
business conditions and vice versa). Automobile production, pig iron
and steel production, money rates, oats and wheat receipts, sugar meltings and stock prices indicated the greatest strength. Indications of
weakness are most evident in building and agricultural commodity prices.
1507
FINANCIAL CHRONICLE
SEPT. 7 1929.]
FACTORY EMPLOYMENT AND PAYROLLS.
(Unadjusted 1919=100.)
dated September 1, the Federal Reserve Bank of New York
also makes the following observations:
making quarWhile the reports from the limited number of companies
showing than
terly statements perhaps tend to present a more favorable
evident that the general
would returns from all corporations, it is still
unusually high.
level of net earnings during the period must have been
report net
Leading steel companies continued in the second quarter to
reflecting the maintenance
profits more than double those of a year ago,
Profits about 75%
Into the Summer season of a capacity output of steel.
coke, and miscellaneous
larger than a year ago were reported by coal and
but in the case of coal the increase was
mining and smelting companies,
between 40 and 60%
from a low level of earnings last year. Increases of
oil,
occurred in the net profits of railroad equipment, building supply,
copper, and miscellaneous manufacturing and industrial concerns. Electrical
companies showed
equipment, and machine and machine manufacturing
average for all industrial
Increases that were just about the same as the
by the chemical,
concerns, while somewhat smaller increases were reported
The motor group
tobacco, and motor parts and accessories companies.
showed net profits only 5% larger than a year ago, and the food and food
The only industry
products group also showed a relatively small increase.
to report a less favorable showing than in 1928 was the leather companies,
which as a group sustained a deficit.
Profits of these 236 companies for the completed half year were 33%
larger than in the first half of 1928, and 47% larger than in 1927. As
compared with 1928, results for the second quarter were largely the same
as for the half year. In the cases of the copper, and motor parts and
accessories companies, however, the percentage increases in the second
quarter were smaller than in half-year profits, while for the railroad equipment and building supply companies the increases in second quarter
profits were larger than the increases for the half year.
Earnings of telephone companies during the second quarter of the year
showed a relatively small increase over a year ago, but the total for the
half year was 7% larger. Other public utilities, on the other hand,
reported earnings, both for the second quarter and the half year, that
were close to 20% larger than a year ago, a much larger year-to-year
Increase than occurred in 1928. Net operating income of Class I railroads
for the second quarter and for the completed half year was over 20%
larger than in 1928, and was also materially larger than in the corresponding period of 1927 and 1926
Total
Iron and steel
Textiles, group
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods, &c
l
L.Rather,&c
ttte o
To ;cc akes ass
Chemicals, de
June
1929.
July
1928.
Ju:y
1929.
June
1929.
July
1928.
94.3
100.9
88.0
89.9
35.5
89.6
73.2
149.6
109.5
86.2
81.8
110.0
75.5
77.2
94.3
98.5
90.5
92.2
88.3
88.7
73.3
153.2
109.0
86.0
77.3
112.2
78.3
77.9
88.5
84.6
84.5
86.2
82.2
86.7
71.7
141.0
106.1
84.4
81.2
112.8
73.4
73.9
108.8
102.9
93.6
96.8
89.8
100.2
82.8
158.8
150.5
104.2
85.6
129.4
81.4
108.1
111.1
107.7
99.6
101.2
97.6
100.5
85.9
188.6
153.8
104.7
78.7
139.2
82.0
110.5
100.1
89.3
88.7
90.2
88.9
96.4
76.5
166.0
144.6
101.4
82.6
138.1
78.1
103.4
of Business
New York Federal Reserve Bank's Indexes
Activity.
In its September 1 Monthly Review the Federal Reserve
Bank of New York states that its indexes indicate that,
while financial activity increased in July, the distribution
of goods showed irregular changes. The Bank adds:
Both the volume of trading on the New York Stock Exchange and bank
July to new high records
debits in New York City increased sharply in
of New York City
for that month, and debits in 140 centers outside
also have been
showed an increase after seasonal allowance, which may
attributable largely to security and other financial transactions.
There was little change in freight car loadings after seasonal adjustthe usual seasonal
ment, but foreign trade increased instead of 'towing
decline. Distribution of goods to consumers, on the other hand, showed a
and consequently
decrease of somewhat more than seasonal proportions,
store, and life
this bank's indexes of department store, mail order, chain
insurance sales declined.
for seasonal variations.)
(Computed trend of past year100%: adjusted
(Net profits in millions of dollars.)
Second Quarter.
Corporation Groups.
July
1928.
No.
1929.
1927.
1928.
1929.
129
136
184
223
235
18
Tobacco
Electrical equipment
Miscellaneous
19
26
13
5
30
17
7
5
13
10
13
5
4
5
46
13
33
45
3
41
11
12
1
8
16
6
0
3
14
38
15
48
92
5
43
15
16
2
14
19
9
def.2
3
19
55
16
48
87
10
71
20
14
5
12
26
13
2
5
24
70
21
49
80
6
74
21
20
2
15
30
10
2
3
26
87
30
75
164
8
82
28
38
4
25
38
14
de1.3
5
24
115
Total 16 groups
236
373
489
607
670
892
99
95
---,-194
66
204
68
245
118
391
129
430
138
508
270
313
509
559
646
lip
245
304
473
402
002
Leather
Telephone (net oper.income)._
Other public utilities
Total public utilities
Class I railroads (net men Inc.)
May
1929.
June
1929.
July
1929.
103
91
108
104
83
97
105
104
94
124
79
108
103
98
102
117
85
101
103
99
114p
1220
88
104
102
102
100
116
98
94
103
94
103
126
101
98
104
95
105
137
102
98
99
94
100
136
99
96
104
142
114
154
186
87
108
97
101
126
120
176
226
172
107
178
123
201
329
87
112
101
106
119
112
179
236
171 •
109
138
126
182
252
81
108
102
109
110
111
179
227
171
112
181
131
208
429
88
First Six Months.
1928.
Motors
Motor parts and accessories(exclusive of tires)
Oil
Steel
Railroad equipment
Food and food products
Machine and machine manufg_
Copper
Coal and coke
Other mining and smelting..._ _
Chemicals
Building supplies
Payrolls.
Employment.
July
1029.
Primary Distribution
Car loadings, merchandise and miscellaneous
Car loadings, other
Exports
Imports
Panama Canal traffic
Wholesale trade
Distribution to Consumer
Department store sales, 2d District
sales
Chain grocery
Other chain store sales
Mall order sales
Life insurance paid for
Advertising
General Business Activity
Dank debts, outside of New York City
Bank debits, New York City
N.Y.C.
Velocity of bank deposits, outside of City
Velocity of bank deposits, New York
N. Y. Stock Exchange
Shares sold on
Postal receipts
Electric power
Employment in the United States
Business failures
Building contracts, 36 States
_
New corporations formed in N.Y.StateGeneral price level
Composite index of wages
104
102
130
93
181
226
172
by Retail Sales,
Individual Prosperity in U. S. Reflected
Says September Review of Chatham Phenix National
Monthly Indexes of Federal Reserve Board.
The monthly indexes of production, employment and
Bank & Trust Co.
trade, issued by the Federal Reserve Board, about the first
Residents of the United States now are able to spend in
of each month, in advance of publication of the indexes in
retail stores approximately $1.23 for each $1
the Federal Reserve Bulletin, were made available as fol- the nation's
over the counters in 1922, says the September issue of
lows, August 31. The terms "adjusted" and "unadjusted" paid
the Chatham Phenix "Outline of Business." This year's'
refer to adjustment for seasonal variations:
purchases alone are going forward at a rate of about 3%
(Monthly average 1923-25=100.)
greater than in 1928. These data are taken from records
compiled by the Federal Reserve Board, the bank reports;
July June July
July June Jutr,
1929 1929 1928
1929 1929 1928
in its review it also says:
Industrial Produolion, adjustedp124 126 110
Total
Manufactures
p126 128 111
Minerals
P114 112 100
Manufactures, adlusted151
Iron and steel
155 124
Textiles
118 121 100
96
99
96
Food products
127 117
Paper and printing_ _ _ _ _ _
Automobiles
146 166 119
Leather and shoes_ _ _ 113 113 112
Cement, brick, glass. 138 134 119
Nonferrous metals-_ 128 126 113
170 156
Petroleum refining__ ___
Rubber tires
162 149
Tobacco manutactur's 131
139 125
Minerals, adjusted93
101
100
Bituminous
67
76
72
Anthracite
Petroleum
0142 136 119
Iron ore. shipments-. 119 126 104
122 r124 113
Copper
125 122 117
Zino
97
120 112
Lead
76
r91
Silver
91
Freight Car Loadings. adjusted108 108 102
Total
132 113 109
Grain
80
79
80
Livestock
99
98
94
Coal
90
92
92
Forest products
1.0.1., &
Merchandise
112 112 109
miscellaneous
p Preliminary. r Revised.
Building Contracts
156
Adjusted
159
Unadjusted
122
133
139
142
100
96
p98
93
121 rI20
80
79
80
96
138
96
97
93
117 1112
107 105
04
91
111
80
79
123
91
107
95
1Wholesale Distribulion, unadjusted
96
Total
91
p99
96
Groceries
123 r122
Meats
73
70
Dry goods
69
49
Men's clothing
110
90
shoes
95
97
Hardware
111 r105
Drugs
87
93
Furniture
90
92
113
74
68
98
90
102
78
.Is
Wholesale Dine* lion, adjusted-
Total
Groceries
Meats
Dry Good,
Men's clothing
noes
Hardware
Drugs
Furniture
Department Stores
Sales
adjusted
Unadjusted
Department Store
106
80
112
106
107
78
99
92
98
95
100
93
Stocks
Adjusted
Unadiueted
Retail sales activity is taken as a measure of the financial condition
or prosperity of the individual. It reflects the buying power of the
average family and the nation's standard of living, other factors being
steady.
Buying power of the nation is shown to have increased about 23%
in seven years by the Federal Reserve Board records. At the same
time bank deposits have gained.
These facts point to the conclusion that the pocketbook of the average family is now well filled and that it has undergone a steady fattening process for nearly a decade.
Wages and salaries constitute a source from which more than onehalf of the individual income in the United States is received. Wages
and salaries increase when corporations and private business concerns
thrive.
Business, with some exceptions, is now closing its books on an
unusually active summer. In fact, the summerslump that is supposed
to accompany the hot season, may almost be said not to have dweloped.
The outlook for a brisk Fall Season is therefore said to be
Itastified.
Real Estate Activity Index Shows Substantial Gain-85.6 for
July Compared With 82.3 for June.
A gain of 3.3 in the figure indicating real estate activity
for July 1929 over the figure representing real estate activity for last June is noted by the National Association
of Real Estate Boards in its monthly compilation of deeds
recorded in 63 cities. The figure for July is 85.6, whereas
1508
FINANCIAL CHRONICLE
June activity was represented by the figure 82.3. The
National Association points out that the 1929 July figure
is a gain of 1.3 over the 1928 July figure. This is the
eleventh computation to be made by the Association in its
new series of monthly index figures indicating real estate
activity. The present series uses 1926 as a base year upon
which to compare activity from month to month and bases
its computations on a record of deeds alone.
Loading of Railroad Revenue Freight the Heaviest
Ever Reported.
Freight traffic is now the heaviest ever reported for this
season of the year, according to reports filed on Sept. 4 by
the railroads with the Car Service Division of the American
Railway Association. Loading of revenue freight for the
week ended on Aug. 24, totaled 1,129,533 cars, which was
not only the highest for any week so far this year, but the
highest for any corresponding week on record. Compared
with the same week last year, this total was an increase of
48,835 cars, while it also was an increase of 20,192 cars over
the same week in 1927. The total for the week of August 24,
this year, also was an increase of 29,266 cars over the preceding week this year, increases being reported in the loading
of all commodities. Further details are given as follows:
Grain and grain products loading for the week totaled 61,740 cars, an
increase of 5,560 cars over the corresponding week last year and 898 cars
over the same period in 1927. In the western districts alone, grain and
grain products loading amounted to 45,934 cars, an increase of 5.434 cars
over the same week in 1928.
Ore loading amounted to 75,736 cars, an increase of 9,725 cars over the
same week in 1928 and an increase of 11,905 cars compared with the Corresponding week two years ago.
Miscellaneous freight loading for the week totaled 444.889 cars, 20,155
cars above the same week last year and 28,091 cars over the corresponding
week two years ago.
Coal loading amounted to 177,456 cars, an increase of 4.340 cars over
the same week in 1928 but 17.512 cars below the same period in 1927.
Live stock loading totaled 26,172 airs 781 cars below the same week last
Year and 4,018 cars under the corresponding week in 1927. In the western
districts alone, live stock loading amounted to 19,662 cars, a decrease of
352 cars compared with the same week in 1928.
Loading of merchandise less thaii carload lot freight amounted to 262,038
cars, an increase of 4,749 cars above the same week in 1928 but 606 cars
below the same week two years ago.
Forest products loading totaled 69,661 cars. 2,587 cars above the same
week in 1928 but 329 cars below the corresponding week in 1927.
Coke loading amounted to 11,841 cars, an increase of 2,500 cars above the
corresponding week last year and 1,763 cars over the same week two years
ago.
All districts except the Centralwestern reported increases in the total
loading of all commodities compared with the same week in 1928. while
all except the Pocahontas and Southern Districts showed increases over
the same week in 1927.
Loading of revenue freight in 1929 compared with the two previous
years follows:
1927.
1928.
1929.
Four weeks in January
3,570,978 3.448,895 3,756.660
Four weeks in February
3,767,758 3,590.742 3.801,918
Five weeks in March
4.807,944 4,752,559 4.982,547
Four weeks in April
3,983,978 3,740,308 3.875,589
Four weeks in May
4,205,709 4.005,155 4,108,472
Five weeks in June
4,924,115 4,995,854
5,260,571
Four weeks in July
4,153.220 3,944,041 3,913,761
Week ended Aug. 3
1,024,038
1,104,193 1,048,821
Week ended Aug. 10
1,044,268
1,049.639
1,090,616
Week ended Aug. 17
1,066,828
1,057,909
1,100,267
Week ended Aug. 24
1.109.341
1,080,698
1.129,533
• Total
34.174.767 32,637.510 33.684,647
Production of Electric Power in the United States in
July 1929 Exceeded Same Month a Year Ago by
Approximately 12%.
According to the Division of Power Resources, Geological
Survey, the production of electric power by public utility
power plants in the United States for the month of July
totaled about 8,011,077,000 k.w.h., an increase of approximately 12% over the corresponding period last year, when
output amounted to around 7,142,000,000 k.w.h. Of the
total for July this year, 4,951,516,000 k.w.h. were produced
by fuels and 3,059,561,000 k.w.h. by water power. The
Survey further shows:
PRODUCTION OF ELECTRIC POWER BY PUBLIC-UTILITY POWER
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
Total by Fuel and Water Power.
Divisions
New England
Middle Atlantic_
East North Central_
West North CentmL
South Atlantic
East South Central_
Wort South Central_
Mountain
Punk
'Total for U.
May,
1929.
June,
1929.
July,
1929.
527.058,000 504,718,000 521,502,000
1,968,635,000 1,941,428,000 2,007.531,000
1,917,191,000 1,817,917,000 1,838,886,000
463,084,000 464,065,000 474,213,000
1 088,554,000 946,304,000 910,568,000
292,702,000 278,917,000 292,911,000
385,129,000 398,122,000 425,339,000
352,336,000 346,228,000 357,155,000
1,089,442,000 1,070,701,000 1,182,972,000
8,084,131,000 7,768,400,000 8,011,077,000
Change in Output
from Previous Yr.
June '29. July '29.
+14%
+13%
+12%
+14%
+7%
+7%
+23%
+2%
+7%
+16%
+16%
+11%
+12%
+2%
+22%
+21%
-2%
+15%
+11%
+12%
[VOL. 129.
The average production of electricity by public-utility power plants in
July was 258,400.000 k.w.h. a day, practically the same as in June. The
seasonal decline in consumption of electricity during the spring and summer months of this year was somewhat less than normal and there was not
the usual variation in the average daily output in May, Juno, and July.
These conditions relating to the consumption of electricity apparently
indicate that industrial activity was proceeding during the spring and the
summer months of June and July with less than the normal seasonal disturbance.
The daily output of electricity by the use of water power was abnormally
low during June and July, being less than the output for the same months
of 1928. This unusual condition is due to the abnormally low precipitation during June and July throughout the greater part of the United States.
Fuel-burning plants have taken care of the deficiency in output by waterpower plants.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1928 AND 1929.
1928.a
January_ _ _ 7.265.000,000
.
February_ 6,868,000,000
March
7,241,000,000
April
6,845,000,000
May
7,118,000,000
June
6,998,000,000
July
7,142,000,000
August
7,510,000,000
September- - 7.278,000.000
October __ __ 7.922,000,000
November_ _ 7,753,000,000
December-- 7.912.000,000
Total
57 Rcil non non
1929.
8,241.000.000
7,429,000.000
7,989,000.000
7.881.000,000
8,084,000,000
7,768,000,000
8,011.000,000
Increase Increase
1928
1920
Over
Over
1927.
1928.
13%
8%
10%
15%
14%
11%
12%
----
Produced by
Wafer Power.
1928.
1929.
6%
b11%
6%
6%
8%
8%
10%
12%
10%
14%
13%
10%
38%
38%
39%
43%
45%
44%
43%
40%
38%
36%
369'_
35%
33%
33%
39%
42%
43%
40%
38%
--____
____
---_
Inc.
40%
____
a Final revision. b Part of increase is due to February 1928, being one
day longer than February 1927.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 k.w.h. or more per month, engaged in generating
electricity for public use, including central stations and electric-railway
plants. Reports are received from plants representing over 95% of the
total capacity. The output of those plants which do not submit reports is
estimated. therefore the figures of output and fuel consumption as reported
in the accompanying tables are on a 100% basis.
iThe Coal Division, Bureau of Mines. Department of Commerce, cooperates in the preparation of these reports.]
Slight Decrease in Employment During July According to
Survey by Bureau of Labor Statistics-Payrolls Declined 3.8%.
Employment decreased 0.2% in July, 1929, as compared
with June, and payroll totals decreased 3.8%, according to
a report issued by the Bureau of Labor Statistics of the
United States Department of Labor. In its survey the
Bureau says:
This report is based upon returns from 32,892 establishments which
had in July 5,106,726 employees whose combined earnings in one week
were $134,599,602. The industrial ghoups included were manufacturing,
mining, quarrying, public utilities, trade, hotels, and canning and preserving.
July is customarily a month of inventory-taking in manufacturing
establishments, while mining and retail trade operations are much curtailed also at that season. On the other hand public utility companies
are largely engaged in outside operation in the summer, wholesale trade
is preparing for autumn business, the summer resort season increases
hotel employment, and the summer canning season has opened. The
net decrease in employment in July was only 10,000 employees out of a
total of more than 5,100,000.
Manufacturing Industries.
Employment inma,nufacturing industries decreased 0.6% in July as
compared with June while pay-roll totals decreased 4.5%. July in manufacturing industries is regularly the season for inventory-taking and
repairs, while pay-roll totals are further reduced by shut-downs on July 4.
These shut-downs were prolonged this year, in many instances, over the
following week end. The decrease in employment, however, was smaller
than in any July since the Bureau began the present series of reports
in 1922.
The Bureau of Labor Statistics' weighted index of employment in
manufacturing industries for July, 1929, is 98.2, as compared with 98.8
for June, 1929, and 92.2 for July, 1928; the weighted index of pay-roll
totals for July, 1929, is 98.2, as compared with 102.8 for June, 1929,
and 91.2 for July, 1928. Average, 1926 = 100.
The slaughtering, ice cream, and flour industries of the food group
reported increased employment in July as compared with June, while
each of the 10 industries of the textile group showed fewer employees.
The outstanding decrease in this group was in women's clothing and
was partly seasonal and partly the result of labor difficulties in eertain
sections. In the iron and steel group cast-iron pipe, structural ironwork,
and machine tools gained in employment in July, while the iron and
steel industry reported decreased employment of 0.7%. Increased employment was shown also in furniture, leather, boots and shoes, paper
:
boxes, book and job printing, fertilizers petroleum refining, cement,
brick, wagons, electric-railroad car repairing, electrical machinery, rubber boots, and shipbuilding. The automobile industry reported a drop
in employment of 2.4%.
The rayon and radio industries, which are not yet included in the
bureau's indexes, both added to their employees in July; the rayon
increase was 4.1% and the radio increase was 24.5%.
.
The report for July, 1929, is based upon returns for 12,683 establishments in 54 of the principal manufacturing industries of the United
States. These establishments in July had 3,526,174 employees and payroll totals of $93,576,416.
The level of employment in manufacturing industries in July, 1929.
was 6.5% higher than in July, 1928, and employees' earnings were 7.2%
greater.
Forty of the 54 manufacturing industries had more employees at the
end of this 12-month period than at the beginning. The notable increases,
as in June, were over 30% each in electrical machinery, shipbuilding,
and machine tools, while other outstanding increases were in petroleum
FINANCIAL CHRONICLE
SEPT. 7 1929.]
refining, foundry and machine-shop products, and agricultural implements. Cotton goods' employment was 4% greater in July, 1929, than
in July, 1928; hosiery, 8.5% greater, iron and steel, 7.8% greater; and
automobile employment, 6% greater.
Manufacturing industries in each of the 9 geographic divisions showed
pronounced increases both in employment and pay-roll totals in July,
1929, over July, 1928.
Per capita earnings in manufacturing industries were 3.8% lower in
July, 1929, than in June, 1929, and 1.1% higher than in July, 1928.
In July, 1929, 9,872 manufacturing establishments reported an average
of 92% of a full normal force of employees who were working 97%
of full time, each of these percentages being 1% lower than those
reported in June.
Mining, Quarry, Public Utilities, Trade, Hotels, Canning,
Employment changes in July, 1929, as compared with June were as
follows: Anthracite mining, decrease, 10.4%; Bituminous coal mining,
decrease, 0.7%; Metalliferous mining, decrease, 2.2%; Quarrying and
no's-metallic mining, decrease 1.8%; Public utilities, increase, 1.2%
; Retail trade, decrease, 3.8%; Hotels,
Wholesale trade, increase,
increase, 1.8%; Canning and preserving, increase, 65.5%.
Detroit, Los Angeles, Boston, Houston, Milwaukee, Cleveland, Baltimore, San Francisco, Seattle, Pittsburg, Cincinnati, St. Louis, Minneapolis, Buffalo, Indianapolis, Atlanta, New Orleans following in order
named.
Chicago, which showed some recession from its staggering totals of the
past few years, staged a comeback last month. Extensive World's Fair
-the-heels buildings are being
plans are under way. Obsolete down-at
replaced. There is every indication that the next four years will see an
unparralieled volume of construction in Chicago.
Dun's Price Index.
Monthly comparisons of Dun's index number of wholesale
prices, based on the per capita consumption of each of the
many commodities included in the compilation, follow:
General Index
July
1928.
92.2
97.3
Food and kindred products
99.4
Slaughtering and meat packing
80.3
Confectionery
112.9
Ice Cream
97.5
Flour
101.3
Baking
95.0
Sugar refining, cane
90.9
Textiles and their products
89.9
Cotton goods
88.9
Hosiery and knit goods
92.7
Silk goods
91.0
Woolen and worsted goods_
95.4
Carpets and rugs
•Dyeing and finishing textiles94.8
Clothing, men's
90.5
Shirts and collars
86.9
Clothing, women's
95.5
Millinery and lace goods
82.9
Iron and steel and their products 91.0
Iron and steel
89.0
Cast-Iron pipe
80.8
Structural iron work
95.7
Foundry & machine-shop prods. 92.7
Hardware
84.8
Machine tools
100.9
Steam fittings
80.7
Stoves
81.9
Lumber and Its products
87.3
Lumber, sawmills
87.2
Lumber, millwork
87.9
Furniture
87.3
Leather and its products
93.1
Leather
95.1
Boots and shoes
92.6
Paper and printing
98.0
Paper and pulp
93.5
Paper boxes
90.2
Printing, book and lob _ _ _ _
08.8
Printing, newspapers
104.0
Chemicals and allied products- 87.1
Chemicals
96.1
Fertilizers
06.1
Petroleum refining
84.9
Stone, clay and glass products... 90.6
Cement
92.6
Brick, tile and terra cotta
90.9
Pottery
87.2
Glass
91.0
Metal products, other than iron
and steel
91.7
Stamped and enameled ware
87.2
Brass,bronze & copper products 93.6
Tobacco products
90.2
Chewing and smoking tobacco
and snuff
86.7
Cigars and cigarettes
00.5
Vehicles for land transportation
97.0
Automobiles
113.7
Carriages and wagons
74.9
Car building and repairing,
electric railroad
94.1
Car building and repairing,
steam railroad
84.0
Miscellaneous industries
80.8
Agricultural implements
104.9
Electrical machinery, apparatus
and supplies
90.7
Pianos and organs
68.0
Rubber boots and shoes
97.8
Automobile tires
106.9
Shipbuilding
80.2
June
1929.
July
1929.
98.8
98.2
July
1928.
June
1929.
Sept. 1
1927.
Sept. 1
1926,
$35.153
24.144
21.646
18.885
34.533
21.291
36.554
535.007
24.268
21.614
19.774
35.771
20.891
36.600
533.745
21.167
20.287
19.158
34.333
22.218
37.390
328.060
20.918
21.999
20.065
33.685
22.962
38.03$
Sian 9AA
A101 02.S
SIRR 2AR
SIRS 717
July
1929.
91.2
102.8
98.9
100.1
83.0
106.3
97.0
103.8
97.5
97.3
96.8
97.7
97.9
96.1
106.1
101.6
93.7
91.1
104.2
91.9
101.7
97.2
78.6
102.3
108.6
02.8
132.3
76.6
92.2
89.8
89.6
87.4
92.0
88.5
90.0
88.1
100.2
95.7
93.2
100.9
107.7
94.4
101.3
63.6
96.4
90 7
.
85.5
87.6
93.8
96.4
99.5
100.9
81.2
110.4
103.0
103.7
96.4
94.3
935
96.5
97.8
93.9
102.5
99.4
93.6
89.0
93.7
84.0
101.1
96.6
80.4
104.3
108.4
91.6
133.2
' 72.8
85.7
90.3
89.5
87.2
94.3
93.6
93.0
93.8
100.6
95.4
94.2
102.8
108.9
95.8
100.4
67.4
90.4
88 1
.
80.0
. 88.6
87.1
88.9
99.9
101.4
79.9
116.2
100.6
102.2
98.8
87.4
84.8
85.1
93.4
88.5
85.7
91.6
89.2
79.7
89.9
77.6
89.1
86.5
76.0
97.2
91.8
81.9
103.5
80.4
74.7
87.4
88.6
87.7
83.4
91.2
92.5
90.6
99.0
91.1
94.0
100.8
105.2
91.6
98.9
74.7
88.4
87 8
.
95.4
88.0
76.5
89.2
102.7
103.2
86.8
107.3
101.0
105.9
103.6
97.3
95.2
104.6
102.9
97.0
99.8
100.8
92.9
86.7
97.5
91.9
106.8
104.0
78.3
104.7
113.5
95.9
144.1
76.4
890
90.7
90.6
87.9
929
86.8
92.2
85.2
105.2
97.7
90.7
104.8
112.6
99.9
105.8
73.6
98.9
• 90 8
.
87.8
86.2
00.5
99.5
98.9
91.1
102.6
93.5
97.4
90.4
100.8
92.5
90.3
82.8
92.7
89.7
104.6
93.4
109.1
93.6
87.1
94.3
103.1
123.4
79.4
83.0
93.7
101.7
120.5
81.0
87.0
90.0
96.0
112.1
82.4
91.4
93.9
109.8
127.4
83.1
85.8
93.8
98.4
107.2
85.1
90.6
92.8
94.7
93.8
03.6
85.9
115.3
126.9
85.7
116.3
122.2
83.0
89.2
108.0
93.0
118.5
131.3
89.7
115.7
121.9
123.1
64.6
93.2
113.9
107.4
126.2
61.6
96.5
111.8
107.5
923
63.8
93.9
107.4
80.0
127.7
61.8
97.8
113.1
113.2
The "Annalist" Weekly Index of Wholesale Commodity
100.1
88.9
104.6
92.9
127.0
56.3
99.8
106.2
109.8
98.2
Prices.
102.8
105.2
The "Annalist" weekly index of wholesale commodity
80.1
112.0
at 148.2, which is 0.2 lower than last week's
104.9 prices stands
105.3 index of 148.4, and compares with 152.6 last year at this
97.8
91.1 time. In announcing this, the "Annalist" adds:
90.9
Though the fluctuations of the commodity group indices are narrow,
97.0
have varied widely. As in previous Index changes, this
98.8 commodity prices
93.0 week's changes are most marked in the farm products group. Dry weather
93.0 ' is making for uncertainties In grain crop prospects and ha sent all grain
96.1
prices up from one to three cents a bushel. Livestock prices
90.3 and cotton
hundredweight. This week's increase in yarn
88.4 fell from seven to 28 cents a
price position previously
81.5
prices, together with last week's,fully restores the
76.1 lost. The sharp drop in gsaoline and rubber prices lowered the fuel and
101.9
points.
Indices each 0.7
97.6 miscellaneous
81.8
TEE ANNALIST'S INDEX OF WHOLESALE COMMODITY PRICES,
104.3
(1913=mo.)
109.7
89.6
Sept. 3 1929. Aug. 27 1929. Sept. 4 1928.
140.4
70.8
147.0
154.8
147.5
80.3 Farm products
154.0
154.6
155.9
90.3 Food products
146.2
14.5.9
152.3
91.7 Textile products
160.2
160.9
1;35.5
85.7 Fuels
1276
127.6
121.0
90.8 Metals
153.6
153.6
156.8
94.4 Building materials
134.0
134.0
134.6
93.6 Chemicals
126.4
127.1
121.1
94.6 Miscellaneous
_
148.2
148.4
152.6
103.1
95.7
100.0
102.6
109.8
Dun's Report of Failures in August.
100.4
103.4
76.7
A distinctivefeature of the insolvency returns for recent
101.6
been the small variation in number of commercial
534 months has
85.0
failures in the United States. Thus, from the beginning of
82.9
77.4 June through August the largest numerical fluctuation has
86.8
difference between the
High Rate of Prosperity for the Autumn Indicated by
the Indiana Limestone Co.
The fall season will witness a high rate of prosperity in
all lines of industry, declares the Indiana Limestone Co.
in a nation-wide survey of building construction on Sept. 6
A most encouraging sign is declared to be the renewal of
building activity in nearly every section of the country,
in the face of a continued high money market, says the
_survey.
New building for two-thirds of the year has reached the
approximate
total of $ 579,000,000, according to President A. E. Dickinson. This
4,
figure is based on reports from several hundred cities and towns.
*So far this year construction has been maintained at a lower level than
for the same period last year. While many parts of the country still show
.only a moderate volume of new building, activity in some districts is
reported in excess of a year ago.
Public works and utilities construction which is only slightly surpassed
by residential building, represents a very large percentage of the total in
•the past month. Commercial, industrial, educational, social, hospitals
and institutional types of buildings contributed largely to the $565,000,000
spent in August on construction.
In point of valuation of building Permits in 20 of the principal
cities
throughout the country, New York leads, with Chicago, Philadelphia.
Sept. I
1928.
e,on one.
-_-_,
Aug. 1
1929.
533.743
24.816
21.838
19.117
34.799
21.090
38.601
Breadstuffs
Meat
Dairy and garden
Other food
Clothing
Metals
Miscellaneous
Payrolls Totals.
Employment.
Groups of Industries.
Sept. 1
1929.
Groups.
1.1%
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(Monthly Average 1926-100.)
1509
total in
been 15, which marks the
June and that of July. That alteration represents a decrease,
and the August defaults numbered 1,762, but a year ago the
number rose to 1,852from 1,723 in July. Hence,the present
record is favorable, with a decrease of 4.9% from last year.
In considering that reduction, which is calculated from reports to R.G.Dun & Co.,some allowance should be made for
the larger total of firms and individuals now engaged in
business, so that the showing is better than appears on the
surface.
Despite the fact that more failures occurred last month
than in July, the liabilities show little change. At $33,746,452, the August indebtedness increased slightly more
than 4%,but even this increase was not much above the low
point of this year, reached in June. Moreover, a contraction of about 42% is shown in comparison with the $58,201,830 of August,1928. For eight elapsed months of the present calendar year the number of defaults has fallen about
4% from the total for the corresponding period of last year,
while the liabilities have been smaller by at least 12%.
Monthly and quarterly failures, showing number and liabilities, are contrasted below for the periods mentioned:
NUMBER.
•
LIABILITIES.
1929.
1929.
1928.
1927.
August
July
1,762
1,752
1,852
1,723
1,708
1,758
June
May
April
1,767
1,897
2,021
1,047
2,008
1,818
1,833
1,852
1,968
5,685
5.773
5.653 $107,860,328 $103,929,208 $125,405,665
1,987
1,965
2,535
2,236
2,176
2,643
2,143
2,035
2,465
lot quarter.... 6.487
7,055
6,643 $124,268,608 $147.519.198 $158.121.858
2d quarter
March
February
January
1928.
1927.
833,746.452 $58,201,830 $39,195,953
32,425,519 2
9.586,633 43,149,974
31,374,761
41,215,865
35,289,702
36,355,891
34,035,772
53,877.145
29,827,073
36,116.990
37,985,145
54,814,145
45,070,642
47.634,411
34,465.165
37,784,773
53,155,727
57,890,905
46,940.716
51,290.232
FINANCIAL CHRONICLE
1510
-AUGUST, 1929.
FAILURES BY BRANCHES OF BUSINESS
LIABILITIES.
NUMBER.
1929.
1928.
1927.
S
$
s
ManufacturersIron, foundries and nails
Machinery and tools
Woolens, carpets and knit g'ds
Cottons,lace and hosierY
Lumber,carpenters ,Jc coopers_
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving
Milling and bakers
Leather.shoes and harness_
Tobacco, Arc
Glass, earthenware & brick__ _
All other
Total manufacturing
TradersGeneral stores
Groceries, meat and fish
Hotels and restaurants
Tobacco, .Src
Clothing and furnishings
Dry goods and carpets
Shoes, rubbers and trunks
Furniture and crockery
Hardware, stoves and toolsChemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats,furs and gloves
All other
Total trading
Other commercial
Total United States
10
25
.. _
1
102
35
12
9
2
11
34
4
6
6
225
482
72
276
99
24
120
67
39
47
36
57
7
29
15
4
271
b.,
..ACb
N..
C4.
OvbJ.
.JC7C,C01—,2t 4.4,004.1—•cr,C)
I
1929. 1928. 1927.
[VOL. 129.
The value of mortgages recorded in Philadelphia in July reached the
highest volume in the past six months and was 89% higher than In the
preceding month, although about 25% smaller than in the same month
in 1928. At the same time the number of real estate deeds recorded was
the smallest in the past five months and was over 6% below last July's
figure,
241,639 333,400 297,716
8
794,800 1,570,400
15 466.127
7 Mos. of
300.000
1,900,000
1
Change 1929 Com35,315
4,400 651,159
2
from
pared with
July 1929.
Building Activity.
64 6,020,408 3,560,000 3,252,334
July 1928. 7 Mos. of
27 356,673 645,595 411,530
1928.
97,800
173.800
115,425
6
162,700 864,000
140,116
4
Contrail Awards4,500
-14.6
-17.8
33,928,000
206,600 1,461,363 Phila. Fed. Res. District-Total
199,680
10
-14.6
14,482,000
Residential
312,000
29 496,555 583,612
+11.6
-25.9
652,436,000
United States-Total
228,000 415,918
23,212
16
-12.6
-8.6
200,000,000
Residential
224,927
33,942
64,172
13
Permits Issued
78,700 699,002
10 377,861
+43.7
-3.7
26,945,000
224 5,345,928 7,521,871 4,978,762 Philadelphia Fed, Res. Dist.(17 cities)- -- 289,156,000
-13.0
United States (577 cities)
493 438 13,856,696 16.877,179 14,921,067
Source: F. W. Dodge Corp. & S. W. Straus & Co.
.
826,784 668,576
776,751
54 69
302 272 2,777,101 2,092.833 2,064.124 Business Conditions in Philadelphia Federal Reserve
103 79 1,324,184 2.147.335 1,989,836
114.350
108,571
District-Activity Shown in Larger Sales.
18 20 151,803
155 153 1,239,111 1,898,265 1,580,823
Industrial conditions in the Philadelphia Federal Re66 67 1,229,423 935,488 1,208,192
376,130
47 52 696.880 510,858
52 46 1,061.768 1,073,700 860,179 serve District show considerable strength for this season,
322.567
507,304
372,410
26 27
748,440 618.850 466,025 says the Buisness Review issued September 2 by the Fed61
61
28,921 eral
118,000
41,000
10
7
Reserve Bank of Philadelphia. The Bank states that
576,600 372,544
354,953
27 39
26,100 the market for manufactured products has been fairly active
101,116
165,892
11
4
12,000
61,609
8
1
74,291
307 277 4,987,649 7,518,704 4,611,680 as shown by larger sales than those of four weeks ago.
1,163 1,241 1,174 16,001,656 19,096,017 14,702,047
96 3,888,15022,228,634 9,572.839
117 112
1,762 1,852 1,708 33,746.452 58,201,830 39.195.953
Comparisons with a year ago also are favorable in the
majority of reporting lines, the Bank notes, its comments
continuing as follows:
Unfilled orders generally show increases during the month and in comparison with a year ago, the latter being especially true of orders for
fabricated metal products, most textiles, leather and shoes, and tobacco
products. Forward business in building materials, on the other hand, has
been smaller than that last month or a year ago; exceptions, however,
are noted in orders for plumbing materials and slate.
While many manufacturing plants still continue to reflect the usual
Summer quiet, there has been a noticeable upturn in plant operations in
most textile branches, leather and shoes, paper, and tobacco products.
Activity of plants fabricating iron and steel products shows a slight
recession, following an exceptionally busy period since the early part of
this year.
The demand for workers by employers eased off slightly between June
and July, but factory employment in this section increased a little further
Recessions of more than the usual seasonal amount in certain and was considerably larger than in July 1928. The volume of wage
lines of industry during July were offset by improvements in the rate disbursements, while declining seasonally, was substantially above that
of a
of activity in other lines, with the result that the composite measure year before, indicating a higher level of plant operations.
Consumption
hardly changed from the record high level which was reported in June. of electric power by industries also declined, as usual, but was appreciably
The average of the Index for the first seven months of this year was ahead of the amount used in July 1928.
considerably higher than for any corresponding period. Activity in the
Reports on the physical output of various commodities in this district
New England textile industry, as measured by the amount of raw cotton on the whole are rather favorable, particularly as compared with a year
and wool consumed, fine cotton goods production, and silk machinery earlier. The output of shoes was noticeably larger in July than in
June,
activity, was higher in June than in any month since June, 1927, and While production of hosiery declined. Mill takings of wool in this dictrict
in July there was only a slight recession in the level of activity, when Increased at a somewhat higher rate than that reported for the
country.
allowances were made for usual seasonal changes. Wool consumption Prodgction of iron and steel castings and cement also exceeded the volume
in New England mills in July was the principal sustaining influence in repoMd for June. This is likewise true of bituminous coal, while anthracite
maintaining the high level of activity in the textile industry. During the showed a slight decrease.
first seven months of 1929 cotton consumpton by New England mills
Construction activity is only fair at best and the volume does not
was about 15.3% larger than in the corresponding period of 1928. measure up to that of a year ago. The value of contract awards in July
Production of boots and shoes in New England during July was about declined further and NUS materially smaller than in the same month last
6% ahead of July, 1928, while production for the entire country was year. Building permits, on the other hand, showed a pronounced
gain over
about 11% larger. Employment conditions in New England remained the preceding month and a year earlier. The value of
mortgages recorded
relatively stable during July, and reports from identical manufacturing in Philadelphia rose materially in the month but showed a marked decline
establishments in Massachusetts indicated slight declines between June in comparison with July 1928. Foreclosures increased further in the
and July in the number of wage earners employed, in the aggregate month and in the year.
weekly earnings,. and in the average weekly earnings per person emDistribution of commodities compared rather favorably with the volume
ployed. The employment situation in the boot and shoe establishments of a year ago. Railroad shipments in this section in the
latest
in Massachusetts was considerably improved during July. There was a showed a slight upturn and continued materially in excess of four weeks
those in the
decrease of less than the usual seasonal amount in residential building same time last year and two years ago. Sales at
wholesale fell off slightly
(square :zet) in New England during July, and practically no change in the month but rose appreciably in comparison with the
volume in July
was reported in the total value of this class of building between June 1928. Reports on retail
trade showed declines in the month and in the year.
and July. Conditions in the metal trades in New England have reSales of new passenger cars in this district, after rising sharply to the
mained generally active, with a continuing demand for skilled workers. peak which was reached in April, turned downward,
as is to be expected
During July both the number and total liabilities of commercial failures at this time; compared,
however, with sales in the same month for several
in this district increased materially over the figures reported in July years past, the number
of new passenger cars gold in July this year was
last year, although for the first seven months of 1929 there was little considerably larger. Sales
of ordinary life insurance in this territory
change from the total for the corresponding period a year ago. Sales also declined in the
month but were much larger than in July 1928.
of New England department stores were about 1% larger during the
Member banks in this district report little change In loans and investfirst seven months of 1929 than in this period last year, while prelim- ments during the past
month, but a decline in net demand deposits. There
inary reports indicated that August sales would be considerably ahead was a loss in the
settlements, and borrowings from the Federal Reserve
of August, 1928. Commercial paper rates in Boston on August 23 Bank increased
materially. The loss in cash reserves, without corresponding
were 654-654%.
reductions in note circulation and deposits, caused the reserve ratio to fall
from 77.6 to 69.4%.
Industrial Activity in New England During July at Unusually
High Level According to Boston Federal Reserve Bank.
The Federal Reserve Bank of Boston reports that "New
England industrial activity during July, was maintained
at the unusually high level which prevailed in June, and
the Index of New England Business Activity for July
was the highest for that month on record." The September 1 Monthly Review of the Bank also has the following
to say:
Decline In Building Operations in Philadelphia Federal
Business In Cleveland Federal Reserve District at ComparaReserve District.
tively High Level
-Earnings of Industrial Concerns in
The following is from the September number of the BusiDistrict.
ness Review of the Federal Reserve Bank of Philadelphia:
In spite of some evidence of weakness, business in the
Building and Real Estate.
Building operations have declined somewhat during the past month. The Cleveland Federal Reserve District is entering the fall
value of building contracts awarded in this District decreased materially in period of the year at a comparatively high level, says the
July in contrast with the figure for the previous month and with that of
September 1 Monthly Business Review of the Federal
the same month last year. Southern New Jersey was responsible.for the
smaller value of contracts as compared with the preceding month, while Reserve Bank of Cleveland, from which we also quote as
Eastern Pennsylvania caused the decline from last year's figure. Among follows:
the cities in this district, Trenton, Camden, Wilmington and Philadelphia
showed losses, while Reading and Scranton showed gains In comparison
with July 1928. The decline in the value of residential contracts In this
District so far this year in comparison with the first seven months of 1928
is especially noticeable when compared with the much smaller decline in
the country. Construction costs advanced somewhat during July but were
not as high at the end of the month as on August 1 1928.
Building permits issued in 17 cities of this District during July indicated
that proposed expenditures were over 40% larger than in the same month
last year. Building activity is indicated in the preceding table.
The August "falling-off" in general activity, regarded by some as
almost inevitable has not seemed to develop, though there has been a
slight tapering in some industries, particularly iron and steel. Operations
in the week ended August 21 were at 85 to 88% of capacity, which
was a decline of about ten points during the past month. Production
schedules are well ahead of last year, however, and although there was
a contraction in unfilled steel orders in July, August inquiries were
encouraging.
Automobile production declined in July but output is above last
Year. August schedules were enlarged with many new models at lower
SEPT. 7 19291
FINANCIAL CHRONICLE
prices and parts and accessory manufacturers in this District were
accordingly benefited. The tire industry is somewhat overstocked and
production has been showing some decline. Orders for shoes are
being placed in good volume and manufacturers are operating at capacity.
July building operations in this District, which were 6%, ahead of
July, 1928, did not show the improvement that was reported for the
country as a whole. In early August, however, the situation was
reversed. Retail sales of department stores increased 3% and sales
of most wholesale lines showed gains. Coal production and shipments
were larger in July and early August. General employment good but
showed a slight decline from June.
Agricultural conditions are irregular and not so satisfactory. Lower
conditions of most crops were reported and there seemed to be much
drought damage. Fruit prospects are very poor.
Loadings of revenue freight showed a slight decline in the week
ended August 10 but continue above a million cars a week. The
falling-off was due to a decline in the loadings of grain which was a
result of the embargo on wheat receipts at Minneapolis and Port
Arthur, caused by overstocked elevators. This bank's index of car
loadings showed only fractional fluctuations during the month and is
still about five points above 1928 levels.
The following regarding earnings of industrials in the
District is also taken from the Review of the Cleveland
Federal Reserve Bank:
Fourth District Earnings
The accompanying chart shows the progress of quarterly earnings of
25 industrial concerns operating wholly or largely within the Fourth
District for which comparable figures for the years 1925 to 1929 are
available. Because of the diversity of the group it may be considered
as being fairly representative of general business in this District.
The tremendous increase in earnings shown for the first half of 1929
brings out the, fact that not only has the general level of industrial
activity been unprecedented but that industrial profits have also advanced at a record rate. It will be noted that the second quarter of
1929 was a record for the five years shown and earnings amounted to
$33,962,000, an increase over the same quarter of 1928 of 83.2 per cent
and of 44.4 per cent over the first quarter of 1929. For the first six
months of this year net earnings of these 25 concerns were $57,478,000
compared with $30,929,000 in the first half of 1928, an increase of
85.8%.
The figures shown on the chart are as follows:
1925.
1926.
1927.
1928.
1929.
First quarter
$13,142,000 $16,128,000 $13,698,000 812,392,000 $23516000
Second quarter
16.666.000 18,568,000 15,667.000 18,537,000 33962000
Third quarter
14,464,000 16,729,000 11,682,000 18.264.000
Fourth quarter
15,319,000 13,877,000 10,329,000 19,384,000
1511
was measurably better than during the corresponding time
last year." The Bank goes on to say:
Production and distribution of merchandise continued on a large scale,
and purchasing of a broad variety of commodities for future delivery
was in heavier volume than was the case during the past several
months. Stimulated by warmer weather, the movement of seasonal merchandise in late July and early August picked up substantially, with
improvement most marked in retail channels. Special sales of apparel,
dry goods, furniture and hardware conducted by retail establishments
met with good response, and resulted in substantial reduction in stocks.
Wholesalers in the chief distributing centers reported that the market
season during the first two weeks of August brought an unusually large
number of visiting merchants, and the character and volume of their
buying indicated a considerable degree of confidence in prospects for fall
and early winter trade.
Activity in the iron and steel industry was maintained at, or close
to the high levels obtaining since early in the spring. Curtailment of
output at some foundries and mills was ascribed chiefly to inefficiency
due to extreme high temperatures. Farm implement, electrical supply,
stove and boot and shoe manufacturers reported accretions to unfilled
orders, and in a number of notable instances these interests augmented
their working forces. Production and distribution of automobiles decreased in July, both as compared with the preceding month and a year
ago. There was a decline in building activity, reflected in rather sharp
decreases in permits granted and contracts let. Producers of building
materials reported a slowing down in demand for their goods. Activity
at textile mills declined slightly, but gains were reported by beverage,
food products, and packing establishments and by flour mills. Department store sales were larger than a year ago, and debits to checking
accounts in July, while slightly less than in June, were 9.6% greater
than in July, 1928.
Reports relative to collections reflected considerable irregularity with
reference to the various lines. In the case of goods for ordinary consumption, such as boots and shoes, dry goods and apparel, payments
were generally in good volume. Settlements with producers and distributors of building materials and other classifications of goods of the
more permanent sort were backward. As was the case thirty days earlier,
collections in the country were held down by preoccupation of agriculturists with 'harvests and intensive field work. The vacation period
adversely affected the volume of payment to retailers in the large cities.
Questionnaires addressed to representative interests in the several lines
scattered through the district showed the following results:
Fair
Excellent
Good
Poor
57.0%
25.0%
1.4%
16.6%
July, 1929
35.1%
2.9%
41.8%
20.2%
June, 1929
60.0%
26.1%
1.3%
10.8%
July, 1928
Commercial failures in the Eighth Federal Reserve District in July,
according to Dun's numbered 111, involving liabilities of $1,331,242,
against 98 defaults in June with liabilities of $1,894,983, and 98 failures
for a total of $2,228,466 in July, 1928.
Michigan Business Conditions as Viewed by First National
Bank of Detroit.
The September number of the "Michigan Graphic" published by the First National Bank and the First National Conditions in Atlanta Federal Reserve District-ImproveCompany of Detroit, Inc., summarizes business conditions
ment in Agricultural Prospects-Gains in Wholesale
in Michigan as follows:
Trade-Retail Trade Declined.
An analysis of Michigan Industry for the past month indicates
In its District summary, presented in its Aug. 31 Monthly
that business in this state has continued on a high plane during the
Review, the Federal Reserve Bank of Atlanta says:
present
summer months compared to the corresponding season in
1928. This level of activity reflects less than the usual seasonal
decline. The factors upon which the analysis of conditions in Michigan is made are generally recognized as being an excellent means of
presenting a cross section of industrial and commercial activity. The
behavior of these factors during the past month is discussed in the
following paragraphs.
New building contracts awarded in July, 1929, totaled $35,156,500.
The increase over the July, 1928, total of $24,794,000 was 41.8%.
The seven months' value of new building contracts was $212,198,600
this year and $186,792,200 in 1928, the increase so far this year
being 11.8%. Corresponding figures for the 37 eastern states were
$652,436,100 in July, 1929, and $583,432,400 for the same month
last year, the increase this year being 11.8%. The value of total
contracts awarded for the group so far this year has declined about
8.5%.
The industrial consumption of electrical power in Michigan in July,
1929, was 22.9% higher than in July, 1928. The total consumption
for the first seven months of this year has been at a rate of some
26% greater than during the corresponding period of 1928.
Electrical energy produced was in line with the above discussed
gain in industrial consumption. In June, 1929, 383,458,000 kilowatt
hours of electricity were produced in this state compared with 341,850,000 kilowatt hours the previous year, or a gain of 12.2% for
1929. Total production in Michigan for the half-year period ending
July 1, 1929, was 15.2% greater than for the same time in 1928.
Production of electrical energy for the country shows an increase of
11% for June, 1929, over 1928. The half year total for the country
as a whole stood at 47,409,853,000 kilowatt hours, or some 12%
higher than for the first half of 1928, when the total was 42,318,379,000 kilowatt hours.
During June, 1929, Michigan produced 1,466,000 barrels of finished
Portland cement, an increase of less than 1% over the June,
1928,
output. For the first half of this year production was almost
10%
greater than for the same period last year. Half-year
production
for the country declined over 254% and for the month of
dropped 4.2% when compared with the June, 1928, aggregate. June
Bank clearings for the state reached the sum of
$1,054,000,000
in the month of July, 1929, an increase in excess of 11% over
total of this index in July last year. Total clearings for the the
first
seven months of this year have been $7,404,000,000, or 18.7% higher
than a year ago, when the corresponding total was $6,234,000,000.
Statistics received for the Monthly Review indicate that during
July there was improvement in agricultural ProsPects in the Siam
District, and increases over the preceding month and the corresponding
month last year in wholesale trade, debits to individual accounts, and
in the production of cotton cloth and yarn, but retail trade continued
at a seasonably low level, and was somewhat smaller in volume than
a year ago.
The August crop reports of the United States Department of Agriculture indicate improved prospects for corn, hay, tobacco and potatoes
in the Sixth District over a month earlier, and most of these crops,
and cotton, are expected to be greater than for last season. The estimated sugar production in Louisiana is substantially larger than last
year's crop, but the estimate of the rice crop is somewhat smaller than
for last year. The Department's estimate of cotton production indicates
greater crops in each of the six States of the District than were
produced last year but weevil activity is reported in many sections.
Retail trade, based on confidential reports from department stores
located throughout the district, declined 18.0% in July compared with
June, and averaged 2.2% less than in July 1928. July sales by reporting
wholesale firms, however, averaged 4.6% greater than in June, and 5.4%
greater than in July last year. Savings deposits declined in July, and
were less than at the same time last year. Debits to individual accounts averaged 5.4% greater than for June, and 10% greater than
for July 1928. Loans of weekly reporting member banks were slightly
smaller in volume on August 14 than five weeks earlier, but somewhat
greater than a year ago, and discounts for member banks by the Federal
Reserve Bank of Atlanta increased nearly four millions between July
10 and August 14, and were 4.4 millions less than a year ago. Commercial failures in the district, in point of liabilities, were 14% greater
than in June, and one-third smaller than for July last year. Contract
awards in the district were 31% less than in June, but less than 1%
smaller than for July 1928. Output of bituminous coal in Alabama
and Tennessee averaged somewhat less than in July last year, but
Alabama production of pig iron was 19% greater.
Retail and wholesale trade in the Atlanta Federal Reserve District are survey as follows by the Bank
Retail Trade.
The distribution of merchandise at retail in the Sixth District,
gures
fleeted in sales figures reported confidentially to the Federal
re
Bank of Atlantaby representative department stores located throughoutReerve
the district, exhibited a further seasonal decline in July,
compared
hst
Moderate Improvement in Business Conditions Reported in with previous months, and averaged somewhat smaller than ain July
year. Stocks of merchandise were smaller than a
month or a year,
St. Louis Federal Reserve District.
earlier, and the rate of turnover was slightly less
July sales by 42 reporting department stores favorable.
The Federal Reserve Bank of St. Louis reports that "as
declined an average of
reflected in reports of leading interests in the most important 18.6%, compared with the preceding month, and were 2.2% smaller
than in July 1928. Cumulative sales
commercial and industrial lines, business in this District' averaged 2% smaller this year than from January 1 through July 31
during the same
during the past thirty days developed moderate improve- An increase for July, and for the first seven months period last year.
of the year, over
corresponding periods last year, was
ment over the similar period immediately preceding, and were reported
shown at Atlanta, but decreases
from other reporting cities.
Stocks averaged 3.9%
1512
FINANCIAL CHRONICLE
smaller at the end of July than a month earlier, and 3.0% smaller than
a year ago. Accounts receivable at the end of July averaged 7.9%
smaller than for June, but were 2.8% larger than for July 1928.
Collections during July decreased 1.6% compared with June, but were
3.2% greater than in July last year. The ratio of collections during
July to accounts receivable and due at the beginning of the month, for
32 firms, was 31.3%; for June this ratio was 30.8%, and for July
last year, 31.6%. For July the ratio of collections against regular
accounts for 32 firms, was 33.4%, and the ratio of collections against
installment accounts, for 9 firms, was 16.1%.
Wholesale Trade.
There was some improvement in the volume of wholesale trade in the
Sixth District in July, compared with both the preceding month and
the corresponding month last year, as reflected in sales and other figures
reported confidentially to the Federal Reserve Bank by 120 wholesale
firms in eight different lines of trade. Total sales in July by these
firms were 4.6% greater than in June, and 5.4% greater than in July
last year. Stocks on hand, accounts receivable and collections all show
increases compared with similar items for June, and the last two
items show increases also over July 1928, but stocks were somewhat
smaller than for that month. The figures in the table show comparisons of reported items for all reporting firms.
Decline in Building Operations in Atlanta Federal Reserve
District.
According to the Federal Reserve Bank of Atlanta "the
volume of prospective building as indicated by building
permits issued at twenty regularly reporting cities of the
Sixth District declined further in July, and was smaller
than at the same time a year ago, and contract awards in
the District also declined compared with the preceding
month, but were only fractionally smaller than for July
last year." In its Aug. 31 Monthly Review the Bank goes
on to say:
The total value of building permits issued during July at 20 reporting cities of the Sixth District, for the erection of buildings within
their corporate limits, amounted to $6,029,543, a decline of 10% compared with the total for June, and 33.3% less than for July, 1928.
Six of these cities reported increases over July last year, and the remaining 14 reported decreases. The index number for the district, based
upon the monthly average for the three year period 1923-25 inclusive,
was 53.6, compared with 59.5 for June, and with 80.4 for July, 1928.
According to statistics compiled by the F. W. Dodge Corporation,
the total value of contracts awarded for building and construction work
in the 37 states cast of the Rocky Mountains during July amounted to
$652,436,100, the second largest monthly total on record, and representing an increase of 20% over the total for June, and an increase of
12% over July, 1928. In July, $199,925,500, or 31% of the total, was
for residential building; $195,546,700, or 30%, was for public works
and utilities; $91,348,300, or 14%, was for commercial building. During
the first seven months of this year there was a total of $3,683,982,900
of new building and engineering work contracted for in the 37 eastern
states, compared with $4,028,299,900 for the same period of 1928, or a
decrease of 9%.
Contracts awarded during July in the Sixth District totaled $31,801,659, a decrease of 31% compared with June, but only 0.6% less than
for July last year.
July 1929'
Number
Alabama
Anniston
Birmingham
Mobile
Montgomery
Florida
Jacksonville
Miami
Orlando
Pensacola
Tampa
*Lakeland
*ls.liami Beach
Georgia
Atlanta
Augusta
Columbus
Macon
Savannah
Louisiana
New Orleans
Alexandria
Tennessee
Chattanooga
Johnson City
Knoxville
Nashville
Value
Ju y 1928
Number
Value
Percentage
Change tti
Value
30
235
89
224
$71,709
429,754
164,321
239.168
____
625
120
276
$72,600 - 1.2
2,175,631 - 80.2
208,676
-21.3
322,217 - 25.8
337
227
48
60
198
'3
82
401,660
344,124
26,170
71,650
94.814
37,100
1.007,590
345
177
75
94
287
5
26
657,247
-38.9
264.749 + 30.0
231,825 - 88.7
193,332 - 62.8
250,266 - 62.1
11,125 +233.5
207,875 +384.7
337
170
49
224
51
983,666
152.736
72,950
125,882
162,325
327
142
70
273
58
1,220,813
116,457
108,547
476,210
221,060
- 19.4
+ 31.2
- 32.8
- 73.6
- 26.6
200
53
1,53.5,517
44,176
260
3
1,021,977
37,873
+ 50.2
+ 16.6
300
23
90
263
369,996
111.050
243.134
384,741
241
14
181
379
145,854 +153.7
80,750 + 37.6
788,978 - 69.2
451,040 - 14.7
Total 20 cities
36,029,543
3,208
Index Numb.,
,R A
* Not included in totals or index numbers.
3,907
59,041.102 - 33.3
5a1 4
[VOL. 129.
district and prices in most cases that compare favorably with those of
1928. The industries of the Fifth District are operating on more
extensive schedules than a year ago, textile mills especially showing
improvement in spite of slow movement of textiles to jobbers and
retailers. Construction work in the District is in about the same
volume as a year ago, and labor is better employed than last summer.
Business failures were fewer in July than in any month save one back
to the middle of 1926, and liabilities, while higher than in July 1928,
were not unduly large. Debits in the banks of leading cities were
more than $100,000,000 larger during the five weeks ended August 14th
this year than in the corresponding period last year. Retail trade in
July, as reflected in department store sales, was 1.5% greater than in
July last year, and the business was done this year with slightly
smaller stocks. Wholesale trade in four of five lines for which data
are available was ahead of trade in July 1928, the best record made in
wholesale lines for many months. On the whole, it would appear from
present indications that the purchasing power of the District should be
larger in the coming fall and winter than it was a year ago, which
should have a favorable influence on fall trade in all lines.
Conditions in the retail and wholesale trade are indicated
by the Bank as follows:
Thirty-one leading department stores in the Fifth Federal Reserve
District sold an average of 1.5% more goods, measured in dollars, in
July 1929 than in July 1928, chiefly because of increases in Richmond
and Baltimore. Average sales in Washington and Other Cities stores
were lower in July this year. Cumulative sales since January 1st this
year exceeded sales in the first seven months of 1928 by 2.6%, and
July 1929 sales also exceeded average July sales for the three years
1923-1925, inclusive, by 6.5%.
Stocks on the shelves of the 31 reporting stores at the end of July
this year averaged 6.2% less than stocks on hand on June 30th this
Year and 1.9 per cent less than on July 31, 1928, the decrease during
the past month being seasonal. Stock turnover last month was slightly
more rapid than in July 1928, sales averaging 22.1% of stock on hand
during the month in comparison with 21.2% of stock sold in July a
year ago. Total sales since January 1st through July this year
amounted to 185.5% of average stock carried during each of the
seven elapsed months, indicating an annual turnover of 3.18 times in
comparison with a rate of 3.02 times for the corresponding period of
1928.
Collections in thirty of the 31 stores during July totaled 28.2%
of receivables outstanding on July 1st, an improvement over 27.3%
of outstanding receivables collected in July last year. Stores in
Baltimore and Richmond reported higher collection percentages in
July this year, but Washington stores and those in the Other Cities
averaged lower percentages.
Trade in leading wholesale lines in July was generally better in the
Fifth District than for several months. Part of the increase was
seasonal, but the gain in business over that of July 1928 represented
an actual increase in demand for merchandise. Sales in July 1929
exceeded sales in June this year and also in July 1928 in groceries,
shoes, hardware and drugs, but fell slightly below sales in the earlier
months in dry goods. Last month's increased business was not suflident to balance a reduced volume of trade earlier in the year, however, and therefore total sales from January 1st through July this
year were less than total sales in the first seven months of 1928 in
groceries, dry goods, shoes and hardware. Drug sales so far this year
slightly exceed drug sales during the corresponding period of last year.
The Bank has the following to say regarding building
operations:
Building operations provided for in permits issued in the Fifth
Reserve District in July were slightly below those provided for in
July last year. Building inspectors in 31 cities issued 1,546 permits
for new construction in July this year, compared with only 1,331
permits for similar work issued in July 1928, but last month's valuation totaled only $10,784,900, compared with $11,045,046 in the same
month last year. Permits for alteration and repairs numbered 1,949
last month, with estimated valuation of $1,402,971, compared with
2,312 permits and a total valuation of $1,803,321 in July 1928. Total
estimated valuation for all classes of permits issued last month was
$12,187,871, a decrease of $660,496, or 5.1%, under the total of
$12,848,367 for July 1928. Of the 31 reporting cities, only eleven
showed higher valuation figures in July this year, while twenty cities
reported lower figures. Charleston, S. C., showed the largest per,
centage increase in valuation, but this 1,,q-!.s due to exceptionally low
1928 figures rather than to large totals this year. Asheville, with an
increase of 282.8% really showed the best gain in valuation, but
that city declined in the number of projects. Washington, with total
valuation of $5,128,615, was far ahead of Baltimore, the second ranking
city last month.
Contracts awarded in July for construction work in the Fifth District, including both rural and urban projects, totaled $51,363,635,
compared with $32,884,428 awarded in July 1928, according to figures
collected by the F. W. Dodge Corporation. Of the awards in July
this year, $10,303,375 was for residential work, a smaller percentage
of the total awards than usual.
Business Conditions in Dallas Federal Reserve District
Activity Shown in Wholesale and Retail Trade as Compared With Last Year Noted.
A strong demand for merchandise in both wholesale and
retail channels was an important development in the Dallas
Federal Reserve District during the past month according
to the Monthly Review, dated Sept. 1, of the Federal Reserve Bank of Dallas. Further surveying conditions in its
District the Bank says:
Volume of Business in Richmond Federal Reserve District in
July Lower Than in June
-Greater Than July Last Year.
The Federal Reserve Bank of Richmond reports that following seasonal trends, business in its District in July
was in less volume than in June, but exceeded that of July
last year in nearly all lines. At the end of August condiAlthough department store sales reflected a seasonal decline of 23%
tions in the District appear to be better than at this time as compared to the previous month, they were 2% larger than in July
last year, fewer unfavorable signs being in evidence the a year ago. Distribution at wholesale not only showed a substantial
Bank states In its Monthly Review, August 31, in which seasonal gain as compared to the Previous month but was considerably
larger than in July, 1928, a month in which business was very active.
It also says:
This increased demand appeared to be general throughout the district.
The demand for credit at the commercial banks and at the Reserve
Bank is about the same at present as at this time last year. Prospects
for agriculture seem to be better this year than in 1928, with larger
yields of nearly all money crops forecast for the several states in the
Reports indicate that while retailers are continuing conservative buying
policies consumer demand is improving. Debits to individual accounts at
banks in larger cities were 7% larger than in June and 16% larger than
a year ago.
FINANCIAL CHRONICLE
SEPT. 71929.]
The past month witnessed a rapid expansion in Federal Reserve Bank
loans to members in response to the demand from agricultural regions
and from trade and industry. These loans rose from $15,742,529 on
June 30 to $42,659,959 on August 15 and on the latter date were
$13,022,350 greater than on that date in 1928. The daily average of net
demand and time deposits of member banks amounted to $870,865,000
during July as compared to $869,148,000 during June. On August 8,
1928, the actual amount of these deposits was $869,195,000.
The business mortality rate in the Eleventh (Dalls) District turned
sharply upward in July, there being a substantial increase in both the
number of defaults and the amount of indebtedness involved. While the
liabilities of the insolvent firms were larger than in any month in more
than a year, the number of failures was fewer than in any month of the
current year except June.
Construction activity reflected some improvement during the past
month. The valuation of building permits issued at principal cities
was 6% larger than in the previous month and exceeded that of the
corresponding month a year ago by 4%. The production, shipments,
and new orders for lumber and the production and shipments of cement
were in excess of those in both the previous month and the same month
of 1928.
Crop conditions throughout the District have been affected in varying
degrees by the continued drouth in some sections and persistent showers
in others. In the drier sections practically all crops have deteriorated
but in those areas where there has been ample moisture most crops except
cotton have improved. The cotton crop over a very large area of the
District has been adversely affected by weather conditions. In those
areas which have suffered from a deficiency of moisture, plant growth
has been stunted and there are many complaints of excessive shedding
and premature opening of bolls. On the other hand, persistent showers
in some areas have greatly increased insect activity and rendered poisoning operations ineffective. While range conditions have deteriorated in
some portions of the District due to the lack of moisture, recent rains
over a considerable portion of the strictly range territory have greatly
improved the situation. The condition of livestock has been well sustained
as pasturage generally has been ample.
The Bank has the following to say regarding trade conditions:
WHOLESALE TRADE
An active detntad for merchandise in wholesale channels of
distribution was in evidence during July. Due in part to seasonal
influences,
sales in all reporting lines reflected large gains as compared
to the
previous month, ranging from 6.9% in the case of
groceries to 21.5%
in dry goods. As compared to July, 1928, dry
goods was the only line
in which sales were smaller. The increase over a
year ago is significant
in view of the fact that business was very
active at that time. While
retailers are reported to be adhering to the
policy of keeping purchases
closely aligned t• prospective demand, consumer
buying has been improving in most sections. Collections in some lines
are slow but this
is not unusual at this season of the year.
The demand for farm implements reflected a
substantial increase during July. Sales of reporting firms were 18.3% greater
than in June
and were 16.2% shove those in the corresponding month last
year.
Buying has been generally active in those sections where crop conditions are good. Prices remained generally steady. Collections showed
some improvement.
The sales of dry goods at wholesale during July reflected a seasonal
increase of 21.5% as compared to the previous month but were 3.1%
less than in the corresponding month last year. The increase
over
June was general throughout the District. The opening of the
fall
buying season in some of the leading centers attracted many buyers
and late reports indicate that purchases for early fall business were in
large volume. Collections during July showed some improvement.
After showing a decline for two months, the sales of reporting grocery
firms reflected an increase of 6.9% as compared to the previous
month
and were 9.7% greater than in the corresponding month last
year.
While demand is slow in some of the drier sections it is generally
good
in most sections. Collections showed a decline as compared
to the
previous month. Prices were reported as steady to slightly higher.
The buying of drugs at wholesale showed a substantial
improvement
in July, the sales of reporting firms being 8.1% larger than
in the
previous month and 7.0% greater than those in the corresponding
month
in 1928. Reports indicate that the improvement was general
over the
District. Collections showed an improvement over the previous month.
The past month witnessed a strong demand for hardware at
wholesale
following the declines in May and June. The sales of reporting
firms
reflected a gain of 17.2% over the previous month and were
8.1%
greater than in the same month of 1928. While buying was slow
in
some sections where crops have been adversely affected, reports are
to
the effect that buying generally has been active. Collections showed
a
decline. Prices remained generally steady.
CONDITION OF WIIOLESALE TRADE DURING JULY, 1929
Percentage Increase or Decrease in
Net Sales, July 1920,
Compared with
Stocks, July 1929,
Compared wills
July 1928 June 1929 July 1928
Groceries
Dry goods
Farm implements
Hardware
Drugs
+ 9.7
- 3.1
+16.2
+ 8.1
+ 7.0
± 6.9
+21.5
+13.3
+17.2
▪ 5.1
- .6
- 8.8
+16.2
-1.6
+16.8
Ratio of Collections
Daring July to
Acc'ts k Notes
June 1929 Outst'g on June 30
-6.5
+10.2
+ 1.7
-1.7
+ 8.4
66.0
29.1
16.6
36.4
43.5
1513
July collections to accounts outstanding on July 1 was 35.4% as compared to 35.0% in June and 34.3% in July, 1928.
Automotive Parts-Accessory Industry Starts Third Quarter
at High Level.
Having closed the first half of the year with business
substantially ahead of any previous six months' period,
automotive parts-accessory makers maintained heavy
schedules throughout July and August and will apparently
operate throughout third quarter at a higher level than is
usual for this time of year, according to the Motor and
Equipment Association, which added:
Original equipment, service parts and service equipment shipments
were ahead of July last year, with service parts business also running
ahead of June this year. In line with the moderate decline in car
production, original equipment makers' business receded slightly from
June as did the business of manufacturers of garage equipment and
tools. Accessory makers' sales in July gained slightly over June, but
Wholesalers of
the volume of their business was below last year.
automotive equipment, members of the Association, had seasonally
good business in July, the aggregate sales for this group running
equal with June.
Aggregate shipments in July of several hundred manufacturers
supplying parts and accessories to the car and truck manufacturers
and parts, accessories and garage repair equipment to the wholesale
trade, were 188% of the Jan. 1925 base index of 100, as compared
with 208 in June and 187 in July last year.
Parts and accessory manufacturers selling their products to the car
and truck manufacturers for original equipment made shipments aggregating 205% of the Jan. 1925 figure as compared with 231 in June
and 203 in July last year.
Shipments to the wholesale trade in July of manufacturers of replacement parts were 152% of Jan. 1925, as compared with 150 in
June and 148 in July 1928.
Accessory shipments to the wholesale trade in June were 92%, as
compared with 90 in June and 112 in July a year ago.
Service equipment shipments, that is, repair shop equipment and
tools of member companies in July were 170% as compared with 186
in June and 120 in July last year.
A record year is, assured for manufacturers of original equipment,
service parts and service equipment.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 217 mills for the week ended Aug. 24 1929,
show that orders and shipments were 13.08% and 13.30%,
respectively, below output which totaled 196,306,964 feet.
The Association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS
217 mills report for week ended Aug. 24 1929
(All mills reporting production, orders and shipments)
Production
Orders
Shipments
196,306.964 feet (100%).
170,638,502 feet (13.08% under production)
170,201,326 feet (13.30% under production)
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (286 IDENTICAL MILLS).
(All mills reporting production for 1928 and 1929 to date)
221,780,047 feet
Actual production, week ended Aug. 24 1929
201,541,567 feet
Average weekly production 34 weeks ended Aug. 24 1929
202,726.581 feet
Average weekly production during 1928
207,569,533 feet
Average weekly production last three years
289,153,678 feet
*Weekly operating capacity
operating capacity Is based on average hourly production for the 12
* Weekly
last months preceding mIll check and the normal number of operating hours per week.
-1929.
WEEKLY COMPARISON (IN FEET) FOR 211 IDENTICAL MILLS
(All mills whose reports of production, orders and shipments are complete got
the last four weeks)
Aug. 10.
Aug. 24.
Avg. 17.
Aug. 3.
Week Ended
193,217,502 189,009,047 190,990,447 187,083,621
Production
169,057,972 176,209,712 156,874,093 190,878,056
Orders
67,736,419
69.765,174 65,811,417
67,527.309
Rail
48,039,124 61,488,143 48,366,844 60,401,786
Domestic cargo
40,421,407
32,774,730
30,422,024
44,698,735
Export
12,861,022
12,181,665
12,273,808
18,250,226
Local
169,518,359 185,608,918 159,861,865 186,603,408
Shipments
71,288,836
71.749,938
70,004,00.5
70,944,109
Rail
46,816,644 60,611,590
46,713,469 62,179,043
Domestic cargo
41,065,725
38,551,857
30,870,583
35,230,030
Export
12,861,022
12,181,665
12,273,808
18.250,226
Local
652,760.207 661,806,487 678,086,422 682,815,271
Unfilled orders
178,631,909 184,909,387 188,207,074 193,115,637
Rail
259,621,346 261,150,004 260.795,058 261,124,738
Domestic cargo
214,506,952 215,747,096 227,084,290 228,574,896
Export
112 IDENTICAL MILLS
(All mills whose reports of production, orders and shipments are complete for
1928 and 1929 to date.)
Average 34
Average 34
Week Ended
Weeks Ended
Weeks Ended
Aug. 24 1929. Aug. 24 1929. Aug. 25 1928.
Production (feet)
119,486,862
110,117,631
113,900.516
Orders (feet)
107,877.133
112,984,928
122,707.601
Shipments (feet)
104,379,404
113.637,376
122,143,342
DOMESTIC CARGO DISTRIBUTION WEEK ENDED AUG.'17'29 (121 Mills).
RETAIL TRADE
The demand for merchandise at retail in larger cities was generally
active during July. Sales of reporting firms while showing a seasonal
decline of 22.9% from the previous month, were 2.0% larger than in
the corresponding month a year ago even though business in July, 1928,
was fairly active. Furthermore, the decline from the previous month
was less than usual at this season. The persistence of unusually hot
weather together with the attractive offerings through summer "clearance
sales" greatly augmented the distribution of strictly summer merchandise
and reports indicate that merchants have been able to make substantial
reductions in stocks of summer goods.
Stocks of merchandise on hand at reporting department stores were
5.4% less than a month earlier and were 2.6% less than at the end
of July, 1928. The rate of stock turnover during the first seven months
of the year was 1.72 as compared to 1.65 in the same period a year ago.
Collections showed but little change during the month. The ratio of
Orders on
Ifand BeOrders
ettreg Week
Aug. 1729. Received.
Washington & Oregon
(103 Mfils)California
Atlantic Coast
Miscellaneous
CancelBatons.
Shipmeats.
Unfilled
Orders
Week Ended
Aug. l7'29.
Feet.
Feet.
Feel.
Feet.
Feet.
88,713,647 18,097,672
206.494 18,571,114 88,003,711
134,020,207 29,697,817 1,553,117 27,653,817 134,511,090
4,646,012
612,630
1,851.107 3.407.544
Total Wash. Ai Oregon 227,379,866 48.378,128 1,750,611 48,076,038 225.922,345
Brit. Col.(18 littlls)California
2,258,051 1,282,000
402,000
479,000 2,659,051
Atlantic Coast
12,448,663 6,559,297
376,000 6,154,955 12.477,005
Miscellaneous
3.326.804
91,000
76,000 3,341,804
Total Brit. Columbia. 18,033,518 7,932,297
778,000 6,709,955 18,477,860
Total domestic cargo_ 245,413,384 56,310,425 2,537,611 54,785,993 244,400,205
1514
FINANCIAL CHRONICLE
America Displaces Europe as Leader in Wood Pulp Output
According to Canadian Bank of Commerce—Expansion
of Paper Industry in Canada and the United States.
European paper-making countries no longer dominate
the Industry, although they constitute one of the most important units, according to General Manager S. H. Logan
in the September Commercial Letter of the Canadian Bank
of Commerce. "With the development of the wood pulp
process, Canada and the United States have also come to
the fore," he says, "both in the manufacture of paper and
as sources of its raw materials. The mills of the larger
European countries other than those of the north, are
almost wholly dependent on foreign pulp, whereas the large
supply of suitable wood and water in Sweden, Norway, Finland, the United States and Canada has caused phenomenal expansion in these countries." A chart accompanying
Mr. Logan's statement, based on figures collected by the
League of Nations, shows the development in world production of wood pulp from 1913 to 1927 inclusive. According to the latest figures the United States leads in
chemical pulp, although part of the wood required is furnished by Canada; in fact, the United States meets slightly
more than half its paper needs by importations of pulp
wood, pulp and paper. The countries next in rank in the
output of chemical pulp are, in the order named, Sweden,
Canada, Germany (mainly from imported wood), Finland
and Norway. Canada is the largest producer of mechanical
pulp, followed by the United States, Germany, Sweden,
Norway and Finland. Comparative production In metric
tons was as follows: United States, (1913) 4,780,000, to
(1027) 8,400,000; Canada (1913) 550,000 to (1927) 2,240,000; European and other countries (1913) 5,937,000 to
(1927) 7,725,000. World production increased from 11,420,000 tons in 1913 to 19,152,000 tons in 1927.
On general business conditions in Canada Mr. Logan
says:
[VoL. 129.
New York Cotton Exchange Designates Savannah as
Point of Delivery for Cotton.
The Board of Managers of the New York Cotton Exchange
on Sept. 5, designed Savannah, Georgia, as a point of delivery of cotton for contracts executed on the Exchange.
This delivery point will be effective only on contracts maturing in October 1930 and thereafter. The adoption of Savannah as a delivery point will give 6 southern points of delivery in addition to delivery at New York on New York
.
Cotton Exchange contracts. "This action was made possible
by the recent enactment of legislation in Georgia removing
restrictions against trading in future contracts," Gardiner H.
Miller, President of the Exchange, explained. He added:
"This is regarded in the trade as a constructive step which will react to
the advantage of the cotton growers of Georgia and adjacent territory, as
well as to the interests of the New York Cotton Exchange through enlarging
Its sphere of service to the South in marketing and distributing the cotton
crop."
The by-laws of the Exchange give the Board of Managers
the authority to designate additional points of delivery, upon
due notice, without the membership of the Exchange voting
approval of the action. The 5 Southern delivery points
previously designated by the Board are Norfolk, Charleston,
Galveston, Houston and New Orleans. An item regarding
the amendments to the by-laws of the Exchange to provide
for the handling of deliveries at Southern points appeared
in our issue of Aug. 31, page 1362.
Reopening of Manchester (N. H.) Mills.
Advices Aug. 31 to the New York "Times" stated:
After being idle for two weeks 10,000 operatives will return to their
work in the mills of the Amoskeag Manufacturing Company on Sept. 3.
The rayon yarn department was the only one which has not been
closed. This operates twenty-four hours a day.
Sisal Price to be Raised.
The "Wall Street Journal" of Sept. 4 reports the following from Monterey:
"Business has developed along more stable lines during the past month
An increase of the price of Yucatan sisal fiber will be made this year
and encouraging reports have been received from various parts of the
as result of the prospective shortage of the crop, according to Monroy
country. There has been no great repairment of the damage already
Duran, member of the Henequin Growers' Association. Production of
sustained by the prairie wheat crop, but it is now fairly certain that Yucatan is expected to be approximately 600,000 bales for the season,
predicted a month ago in some
the harvest will be greater than was
compared with 700,000 last year.
quarters and that, as we have pointed out previously, there are many
favorable factors in the Canadian situation as a whole which should go •
far towards offsetting any loss in the purchasing power of the West.
Cuban Co-Operative Crop Agency Takes Control of Sugar
"The industrial situation is, in the main, satisfactory; the majority of
—Exporting Body Will Handle Commodity to Make It
at this time last
factories and mills are operating at a higher level than
year, any reduction of program being due to seasonal influences, and to
Bring Better Price—Dumping Unnecessary President
the decline in Western trade which is already noticeable, but which is
Machado Says.
largely offset by improved markets in Eastern Canada and in foreign
According to a Havana cablegram to the New York
countries. The foreign market now absorbs large quantities of Canadian
industrial products, among others agricultural equipment. The greatest "Journal of Commerce" the executive committee having
activity is occurring in plants manufacturing pulp and paper, building charge of the sale of sugar met at Havana, September 2,
and railway materials, household furnishings, clothing and food products."
the
decrees of President
to fulfill the orders contained in
Machado on July 26 and August 19 and decided to make the
following declaration in view of the information the memHosiery Agreement Signed—Union and Mills at Philadelphia bers had regarding
sugar on hand to be sold by the CoName Dr. Abelman Arbitrator.
operative Export Agency as the surplus of the crop of
For the first time in the history of the full-fashioned 1928-29:
hosiery industry, said a Philadelphia dispatch to the New
"It is not considered at all necessary to dump the supply, that is,
York "Times", manufacturers and workers on September 1 to flood any market making large sales, but on the contrary, to make
with the needs of the different
entered into definite contractuals relations, on a national sales gradually and in accordance will meet daily at 11 o'clock to
buyers. The Executive Committee
standards of study the
basis, providing for certain newly revised
propositions that may be received and the conditions of
wages and working conditions, and at the same time for the different markets, making efforts to raise the ruinously low prices
being suffered today. It also knew of the offer to purchase .made
the settlement of all disputes or differences of opinion by them by
Galban, Lobo & Co., for 8,000 tons for shipment in September
arbitration.
and October at the price of I.70c per pound, f. o. b., and considering
The Philadelphia "Public Ledger" of August 31 in an- said price too low, if agreed to refuse such a bid."
The Havana advices to the paper quoted also had the
nouncing that Dr. Paul Abelson, of New York, for many
years Chairman of the Arbitration plan in the fur industry, following to say:
All the sugar existing in Cuba has passed on to the Co-operative
has been selected as arbitrator in the full-fashioned hosiery
Agency of Exportation
sale. This action
completed
Industry under the terms of the agreement effective Sep- Saturday. The amount of pending is not as yet knownwas the figures
as
the sugar
tember 1, added:
have not yet arrived. On Sept. 7 there will be a meeting to appoint
Dr. Abelson's selection was announced yesterday by representatives
of the full-fashioned manufacturers which is entering into contractual
relations with its unionized employes, and by officers of the Hosiery
Workers' Union. Joseph Haines, Jr., ofr the employers, and William
Smith, secretary-treasurer of the American Federation of Full-Fashioned
Hosiery Workers, in announcing the appointment, said:
"Under the terms of this contract, which embodies in formal terms
the agrement entered into between the full-fashioned manufacturers
and the American Federation of Full-Fashioned Hosiery Workers, all
differences of opinion regarding the contract or any other matter which
affects joint realtions between management and employers which cannot
be adjusted by the parties directly involved shall be submitted for
adjudication to an impartial person agreeable to the manufacturers and
the union.
"In Dr. Paul Abelson we believe we have discovered the right
person for this important and delicate task. We understand he has
served a longer continuous term as an arbitrator in a given field—the
New York fur market in this case—than any other person prominent
as an arbitrator in American industry. In his contacts as impartial
chairman mediator or arbitrator in the cloth cap, millinery, neckwear,
leather goods and other industries, he has won the respect and regard
of manufacturers and workers."
members forming the agency, and it is said that interests in Rionda
will not appear in the same by agreement of that firm.
The National Commission for the Defense of Sugar has published
the following:
"The National Commission for the Defense of Sugar considers it
convenient to make known the disparity existing actually betiveen
the world market and the American, considering that the main cause
of the disparity is due to the fact that. 88 6d, that is the actual price
in London, is equal to $1.84, which reducing from the same 20 points
for freight, leaves $1.64, while the American market is today at $2.06,
less 14 points for freight, or $1.92 f. o. b. This represents a difference
of from 28 to 30 points between the world market and the American
market which is caused by the proximate working of the co-operative
export agency as otherwise, it is evident that the American market
would march in accordance with the world market as happens generally.
"The cause of the fall in the European market is attributed to the
lack of demand of refined sugar and to the news related to the European crops of beet sugar. Undoubtedly the outlook is that all the
sugar remaining to be sold has passed over by this time to the
Co-operative Agency of Exportation and it will no do disorderly to
the market. The American situation has bettered and already are
felt the advantages of establishing the Co-operative Export Agency."
SEPT. 7 1929.]
1515
FINANCIAL CHRONICLE
brought about the demand for lower prices. With the new
state conservation law in effect on the Coast, it may be that
the resulting drop in production will relieve the industry to
an extent sufficient to do away with the need of any radical
price changes. The operating officials of the oil industry were
interested to learn this week of the possible extension of railOn Cuban Co-operative Sugar Selling Agency.
road facilities into New Mexico and Texas oil fields. Such a
Private advices reaching members of the New York development is offered as an alternative to trucking and is
• Coffee & Sugar Exchange from Havana on Sept. 5 indicate
thought to offer a faster and cheaper system.
that while the Cuban Co-operative Selling Agency appears
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown)
to have taken over the balance of the unsold Cuban sugar
83.45 Smackover, Ark., 24 and over
8.90
Bradford, Pa
crop and has declared against glutting any market with Corning. Ohio
1.75 Smackover. Ark., below 24
.75
1.35 El Dorado. Ark., 34
1.14
the surplus, nothing further has as yet been definitely Cabell, W. Va
1.45 Urania, La
.90
Illinois
1.23
1.53 Salt Creek, Wyo., 37
Western Kentucky
settled with the exception of holding daily meetings to Mkicontinent. Oklahoma, 37
1.23 Sunburst. Mont
1.65
1.08
.80 Artesia. New Mexico
receive bids.
Corsicana. Texas. heavy
Springs, Calif., 33
The establishment by President Machado of a single
selling agency to dispose of all Cuban sugar was referred
to in our issues August 10, page 878, and August 24, page
1204.
Col. Tarafa on Sugar .Prices.
The Sept. 6 issue of the "Wall Street Journal" contains the following from Havana:
Colonel Jose M. Tarafa, member of the Cuban export sales commission, declared that the exeentive committee considers the present prices
for sugar ruinous, and it will not sell sugar until prices reach remunerative basis. There will be no dumping so that any markets will be
flooded, he continued. For the present the committee will demand the
differential existing with the United States.
New York Coffee and Sugar Exchange to Continue to
Close on Saturday During October.
The Board of Managers of the New York Coffee and
Sugar Exchange on Sept. 5 stated that the exchange will
continue closing Saturdays during the month of October.
The exchange was closed on Saturdays during October of
last year, and as this practice met with the approval of a
majority of the members, it was decided to continue it this
year.
Review of Meat Packing Industry by Federal Reserve Board
of Chicago
-Increased Production and Employment in July.
The September 1 Monthly Business Conditions Report of
the Federal Reserve Bank of Chicago, contains the following on the meat packing industry:
July production at slaughtering establishments in the United States
exceeded that of the preceding month and was much heavier than a
year ago. Payrolls for the last week of the period increased 1.1% in
number of employes, 1.7% in hours worked, and 0.1% in total earnings
over corresponding figures for June. A moderately good inquiry was
experienced in domestio markets for dry salt pork, smoked picnics, and
sausage; trade was active for boiled ham and quiet for lard, bacon, veal,
beef cows, and beef chucks. Demand for lambs and for steer beef averaged fair during the first two weeks but tended to drag after mid-month.
The value of sales billed to domestic and foreign customers by 55
meat packing companies in the United States totaled 0.7% greater than in
June and 7.5% in excess of last July. Domestic demand showed some
recession at the beginning of August from a month previous but averaged fair. Inventories of packing-house products in the United States
totaled slightly less on August 1 than on July 1, although they were above
last year and the 1924-28 average for the date. Holdings of lard and
dry salt meats increased over the preceding period, those of lard and
frozen pork decreased in the comparison with last August, while stocks
of dry salt pork declined from the five-year average. Chicago prices for
the majority of packing-house products averaged a little higher than in
June, although mutton, fresh skinned hams, fresh picnics, and a few
grades of beef were lower. Quotations for pork, veal, lamb, and mutton
trended downward at the close of the month. Shipments for export
were somewhat less than in June; some companies experienced an increase. A majority of the reporting firms found the foreign demand for
lard and meats rather quiet, though somewhat better than in the preceding month; it was fairly good at times. Prices in European markets continued under Chicago parity but were nearer the domestic basis
than in June.
-Country's Production
and Its Products
Establishes New High Record Despite Reduction
in California-No Reduction in Mid-Continent
Petroleum
Crude.
With consumption beginning to show a seasonal drop, due
to the end of the vacation season and the last of the summer
holidays having come and gone, production of crude petroleum again reached new heights last week, the total averaging
2,873,450 barrels daily. This record was attained despite a
cut in California production. The new high represents a
daily increase of 7,100 barrels. There have been no price
changes announced this week on crude petroleum. That a
reduction will have to be made in Mid-continent crude is
considered to be a recognized fact, but just when this downward revision will be made is doubtful. Pennsylvania operators have already taken this step, and Mid-continent factors
were thought to be ready to take the same action immediately
following the Pennsylvania announcement,several weeks ago.
However, several factors enter into the Mid-continent
situation, most important being the conditions in California.
It has been the strong competition offered Mid-continent
products by the excess California production which has
Hutchinson, Texas, 35
Luling, Texas
SpIndletop. Texas. grade A
Spindletop, Texas, below 25
Winkler. Texas
.87
1.00
1.20
1.05
.65
Santa Fe
Midway-Sunset, Calif., 22
Huntington, Calif., 26
Ventura, Calif., 30
Petrolla. Canada
1.35
.80
1.09
1.18
1.90
-GASOLINE BEING SOLD UNDER MARREFINED PRODUCTS
-KEROSENE
KET PRICE DESPITE RECENT OFFICIAL CUTS
MOVEMENT LARGER AS FALL AND WINTER REQUIREMENTS ARE COVERED BY LARGE PURCHASERS.
Despite the recent cut in U. S. Motor gasoline to an
official basis of 9 cents per gallon, tank car, f.o.b. refinery, it
was freely stated this week that sales have been made by a
certain factory at a full half-cent under the market. However,
the quantity offered at this low price was not of sufficient
-cent level is
volume to establish a "market price" and the 9
still officially recognized. Sales have been heavy on the new
basis and operators have been buying freely for future delivery, believing that refiners will maintain this price for some
time to come and that any further changes might possibly
be in an upward direction.
Tank wagon business has been brisk in the Metropolitan
Area following the sensational reductions of last week. Consumption of gasoline, however, is beginning to show the
expected seasonal decline. With the vacation season over and
the last of the summer holidays passed, the bulk of the year's
business has been done and sales will settle down to a definite basis. It is stated that this year's business will establish
new high records both for sales volume and for profit for the
large and well-established companies in the Eastern territory.
There is a firmer tone noted in kerosene, with the price
basis nearing 8 cents which is the official quotation. It is
true that business is still being done on the 73% cents basis
which has obtained for some time, but stocks at this price
are &coming scarce and refiners generally are disposed to
hold firmly to their quoted figures.
Marine consumption of fuel oil continues to grow, and the
shipping trade is becoming one of the most important customers of this division of the petroleum industry. Fleets of
barges operated by the large companies for fueling the ships
are to be enlarged, it is reported. There has been no change
in the price situation for fuel oil, bunker "C" holding at the
established level. Talk of advances in the spot market has
not as yet materialized. Diesel oil is in good demand, with
prices steady. There has been a lull in export demand for
nearly all refined products. A good deal of the European
demand for gasoline and kerosene is being diverted to the
Black Sea, exporters here declare.
Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
Arkansas
3.085 Nor hLouisiana.3.07M
N.Y.(Bayonne).- -$.09
.065(
West Texas.64 California
.0854 North Texas
.07
Chicago
29LosAngeles. export.. .0754 Oklahoma
.093
New Orleans
.0754 Gulf Coast, export- .0854 Pennsylvania
Gasoline, Service Station, Tax Included.
$ 182
Mhaneapolis
Cincinnati
3.18
New York
8.18
195
New Orleans
.16
Denver
.21
Atlanta
21
188 Philadelphia
.22
Detroit
Baltimore
215
Ban Francisco
18
Houston
.20
Boston
205
24 Spokane
15 Jacksonville
Buffalo
169
.179 St. LOUIE
Kansas City
.15
Chicago
Refinery.
Kerosene. 41-43 Water White, Tankcar Lots F.O.B.
05% New Orleans
3.0754
Chicago
$
N.Y.(Bayonne)-3.07 N-.08
.0654
North Texas
0554 Los Angeles export_ .0554 Tulsa
Fuel Oil, 18-22 Degree, F.O.B. Refinery or Terminal.
York(Bay000e).$1.05 Los Angeles
1.85 Gulf Coast
8.75
New
.95 Chicago
2.00 New Orleans
.55
Mead
Degree, F.O.B. Refinery or Terminal.
Gas Oil. 32-36
8.031Tulsa
New York( Bayonne)$.053( I Chicago
8.0
Crude Oil Output in United States Reaches New High
Level.
The American Petroleum Institute estimates that the
daily average gross crude production in the United States
for the week ended Aug. 31 1929, was 2,973,450 barrels, as
compared with 2,966,350 barrels for the preceding week, an
increase of 7,100 barrels. Compared with the output for
the week ended Sept. 1 1928, of 2,503,250 barrels per day,
the current figure shows an increase of 470,200 barrels daily.
The daily average production east of California for the week
ended Aug. 31 1929, was 2,098,550 barrels, as compared
1516
FINANCIAL CHRONICLE
[VOL. 129.
with 2,078,450 barrels for the preceding week, an increase Oil Men Puzzled by California Law Effective Sept. 1
of 20,100 barrels. The following estimates of daily average
-Gas Conservation Act Believed to Permit State
gross production, by districts, are for the weeks shown below:
to Pro-Rate Production-Its Validity Questioned.
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
The following special correspondence from Los Angeles,
Wee.ts EndedAug. 3129. Aug.24'29. Aug.17'29. Sept. 1 '28. Aug.
23 appeared in the New York "Times" of Sept. 1:
703,800
724,000
Oklahoma
735,750
727,350
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
128,300
137,100
97,400
59,450
376,750
18,250
77,050
36,500
86,150
137,000
20,150
128,200
59,400
11,200
6,650
3,250
874,900
133,850
95,500
58,500
374,200
17,950
78,200
36,350
66,700
134,000
20,600
127,500
58,050
11,500
7,000
2,550
887,900
120,000
93,300
383,800
17,000
78,300
36,650
67.150
132,100
20,100
126,300
57,050
11,550
•7,S50
2,550
881.800
100,850
63,550
95,100
55,750
361.250
22,550
25,550
39,700
88,500
105,250
23,350
113,000
57,200
9,850
7,400
3,800
629,000
2,973,450 2,966,350 2,941,550 2,503,250
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North. West Central,
West, East Central and Southwest Texas, North Louisiana and Arkansas,
for the week ended Aug. 31, was 1,732,700 barrels, as compared with 1.717,250 barrels for the preceding week, an increase of 15,450 barrels. The
Mid-Continent production, excluding Smackover (Arkansas) heavy oll.
Was 1,686.850 barrels, as compared with 1,671,150 barrels, an Increase of
15.700 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, In barrels of 42 gallons,
follow:
.
-Week Ended-Week EndedOklahomaAug.31. Aug.24
Aug.31. Aug.24
North LouisianaAllen Dome
4,950 4,900
23,400 24,050 Haynesville
Miter
6,400 6,450
11,200 11,950 Urania
Bowlegs
32,800 33.000
Bristow-Slick
21,400 21,000
Arkansas
Burbank
6.350 6,600
'
18,700 18,750 Cbampagnolle
Carr City
6,050 ' 6.050
11,600 11,950 Smackover (light)
45,850 46,100
Cromwell8,100 8,100 Smackover (heavy)
Earisboro
89,500 9,850
East Seminole
7,700 6,200
Coastal Tams
Little River
22,300 19,300
79,600 77,050 Barbers Hill
Logan County
9,000 8,400
19,000 19,100 Hull
Maud
13,500 13,100
12,550 13,400 Pierce Junction
8,350 8,000
MIsaion
25,300 25,800 Raccoon Bend
24,200 24,450
Oklahoma City
47,850 38,600 Spindletop
St Louie
11,050 12,500
76,100 69,950 Sugarland
Searight
6,200
6,300
12,100 11,950 West Columbia
Seminole
33,200 32,650
Tonkawa
9,100 9,100
Coastal LOULtian111'
2,500 2,600
RamatEast Hackberry
2,400 2,300
Sedgwick County
3
5,200 36,450 Old Haekber17
3,250 3,050
Panhandle TexasSulphur Dome
Carson County
4,000 4,500
9,500 9,350 Vinton
Gray County
100,400 97,300
Hutchinson County-_-- 25,400 25.400
Vgmilin .
North Texas35,200 33,300
Salt Crest
Archer County
19,850 19,700
Wllbarger County
_ 32,860 32,500
Montana
Vest Central Texas-.
6,750 6,950
.Sunburst
Brown County
8,400 8,200
Shackelford County_
- 11,050I 10.950
Califirn4a
9,500 9,500
West TexasDominguas
20,500,21,000
Crane & Upton C08.___ 48,100 47.700 Elwood-Goleta
44,000 44,000
Howard County
Huntington Beach
37,550 38,100
24,000 24,000
Pecos County
133,600 130,200 Inglewood
4,500 4,000
Reagan County
17,600 17,400 Kettleman Hills
169,000 170,000
Winkler County
131.100 131,000 Long Beach
68,000 68,000
East Central Texas-- ..
Midway-Sunset
Corsleana-Powell
6,500 6,500
L'„ 7,700 7,500 ROSETIthe
284,000 293,000
Southwest TexasSanta Fe Springs
44,000 46,000
Laredo District10,150 10,250 Seal Beach
12,600 12,600
Lunn"
11,600 11,450 Torrance
Salt Flat
62,000 63,000
45,850 46,500 Ventura AvenueTotal
Weekly Refinery Statistics for the:United States.
According to the American Petroleum Institute, companies
aggregating 3,121,900 barrels, or 92.9% of the 3,359,200
barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
Aug. 31 1929, report that the crude runs to stills for the
week show that these companies operated to 86.2% of their
total capacity. Figures published last week show that companies aggregating 3,141,700 barrels or 93.5% of the 3,359,700 barrel estimated daily potential refining capacity of all
plants operating in the United States during that week, but
which operated to 86.2% of their total capacity, contributed
to that report. The report for the week ended Aug. 31
follows:
CRUDE RUNS TO STILLS, GASOLINE AND OAS AND FUEL OIL STOCKS
WEEK ENDING AUG. 17 (BARRELS OF 42 GALLONS).
P. C.
Polo:MU
Capac'y
Report °
.
Crude
Runs
to
Skins,
P. C.
()per.
of Tot.
Capac.
Report.
East Coast
Appalachian
Ind., Ill. and Hy
Okla., Kansas at Mo
Texas
Louisiana & Arkansas
Rocky Mountain
California
100.0
88.3
98.7
79.5
89.5
96.9
93.4
94.9
3,579,000
618,400
2,127,600
1,895,300
3,957.900
1,297,900
485,400
4,871,400
Total week Aug. 31
Daily average
Total week Aug. 24
Daily average
92.9
18,830,800
2.690,100
18,965,100
2,709,300
District.
93.5
Gasoline
Stocks.
Gas
and
Fuel Oil
Stocks
90.2
85.5
93.6
80.3
90.3
76.1
55.8
87.3
4,101,000
867,000
4,687,000
2,435,000
3.785,000
1,791,000
1,803,000
11,781,000
8,418,000
775,000
3,442.000
4,665,000
12,762,000
5.389.000
936,000
107,397,000
86.2
--86.2
__-
31,233,000
143,784,000
32,397,000
143,301,000
Texas (Gulf Coast)
9,665,000
100.0
3,036,000
3,052,900 93.1
Louisiana (Gulf Coast)._ 100.0
4.538.000
1.512.000
895.300 825
-All crude runs to stills and stocks figures follow exactly the p esent Bureau
Note.
et Mines definitions. In California, stocks of heavy crude and all grades of fuel
oil are Included under the beading "Gas and Fuel 011 Stocks." Crude oil runs to
stills include both foreign and domestic crude.
None of the 891 new laws passed at the recent session of the California
Legislature has aroused the curiosity and anxiety that the so-called Lyon
Gas Conservation law has done. This bill, vaguely and uncertainly drawn,
while ostensibly for the conservation of natural gas, on its face appears to
permit the State to pro-rate production.
In the opinion of some of the larger producers and those who have attempted a legal analysis of the bill, it is confiscatory and therefore unconstitutional and an early attack upon its validity may be expected.
Though thus far no authoritative interpretation has been made, R. D.
Bush, State Oil and Gas Supervisor, has announced that the State will
undertake to enforce the new law, which becomes effective Sept. 1, by
pro-rating the flow of oil and gas in the larger fields where gas wasteage
is the most serious.
The law specifically prohibits unnecessary waste of gas. The question
has risen as to what is "unnecessary waste."
The companies which have the contracts for selling gas and the facilities
for using it to repressure oil zones in old fields are said to have submitted
a proposal which Mr. Bush is asking all operators to approve. He indicates
that his office Is Inclined to accept such a plan providing every operator
receives equal opportunity.
Plans for Carrying Out Law.
Regarding procedure under the law, Mr. Bush says:
"It is my duty to ask the State Director of Natural Resources either to
order a hearing before me as Supervisor or bring an action in the Superior
Court for an injunction restraining unreasonable waste of natural gas
whenever I find that natural gas is being blown,released or allowed to escape
into the air and the person responsible makes no showing of necessity to take
his particular case out of the statutory presumption.
"The following is a proposed plan for disposition on natural gas in the
Los Angeles Basin and Ventura Fields:
"First that the amount of gas sold to the gas companies shall be taken
pro-rata from all the producers but that the companies having the contracts shall receive the payment for such gas in accordance with the terms
of their contracts as though their own gas had been delivered thereunder.
"Second, that all gas used in the field for fuel or other operative purposes
shall be taken pro rata from all the operators in that field.
"Third, that all gas used for repressuring in the field from which the
gas is produced shall be taken pro rata from all the operators in said field
who shall contribute pro rata to the cost of Injection of the gas.
Arranging to Store Gas.
"Fourth, arrangements are being attempted for removing gas from
fields and storing the same In distant reservoirs. If this can be worked
out, it is understood that type gas so stored will be taken pro rata from
the producers and without charge to the producers for injection or transportation. This gas, when recaptured, will belong to the operators contributing toward the cost of injection subject to such arrangements as can
be made with the owner of the reservoir.
"Fifth, whenever 'pro rata' is used in this plan it is to be understood
that it is the proportion which the producers' maximum oil and gas ratio
to be hereafter established bears to the total maximum production of the
field under the same limitations."
The problem of enforcing the law promises to be a heavy one, although
assistance will probably be given to the authorities by operators who feel
that the enforcement might be utilized as a Pretext for price-raising on
the ground of supply and demand.
Consideration is being given to a proposition voluntarily to shut in a
considerable percentage of production. In any event, the new law Is almost
sure to be attacked and the burden of interpretation and constitutionality
thrown into the courts.
The Sept. 1 issue of the "Times" further referring to the
new law had the following to say:
California will start to-day on the enforcement of a law primarily devised to conserve the natural gas resources of the State, but wihch is being
watched with considerable interest by the whole petroleum industry to
see how effective it will be in curbing production of crude oil, which the
whole industry recognizes has been excessive in the past 3 years. The
fact that natural gas in the California fields is always accompanied by it
greater or less supply of crude oil makes the ending of waste of gas a natural
control of oil production, but to what extent is a matter of widely varying
opinion.
• Despite the differing views of the executives as to the ultimate effect
of the new law, the companies themselves have prepared to co-operate
with the California State officials in carrying out the law to its fullest extent. Considerable time has been spent in the past 3 years by the executives of the oil companies to discover soine means by which a concerted
legal effort toward conservation of petroleum could be devised, but despite
2 major efforts during the present year the industry itself failed because of
legal barriers, and Is therefore bending every effort to make the enforcement of the first State legislation tending toward conservation successful.
New Law is Specific.
The California law Is specific in its provisions. First it prohibits the
waste of gas. To carry out this object, it provides that the consumption
of gas shall be pro-rated among the various fields where gas Is produced
instead of being confined to the companies which have contracts with the
gas distributing companies. Gas used for oil field operations, that is, in increasing pressure in wells nearing exhaustion of flow, is to be pro-rated
among the wells, and the storage of gas in depleted fields or in reservoirs
will also be pro-rated.
The new Jaw is generally regarded by the oil industry as a law welt
farmed to accomplish the conservation of gas, but the effect that it will
have upon the production of crude oil is a matter of speculation. The
various fields in California vary widely, it is pointed out, In the amount
of gas produced In proportion to the now of oil.' In some fields the amount
of gas produced from an oil well is practically negligible, while in others
the flow of oil is practically nothing compared to the amount of gas which is
produced. The strict enforcement of the prorating provisions of the legislation under such conditions, it Is pointed out, would practically stop production of crude oil In those fields which produce the least, and hardly hamper
the production Of oil in those fields where the flow of gas is a very small
percentage of the production from a well.
It is recognized, however, that a wise distribution of the pro-rata conditions of the law can have a considerable effect upon the crude oil produoBon in the State. Estimates by executives of the la ger companies who
believe the pro-rata provisions can be so enforced as to become effective
SEPT. 7 1929.1
FINANCIAL CHRONICLE
1517
In the fields with the largest oil-producing wells, run as high as 200.000
barrels of oil by which the present production will be reduced. Even the
most optimistic of the executives, however,feel that the law may be vulnerable to attack on the ground of unconstitutionality.
Crude Petroleum Output in the United States in July
for First Time Passes 90,000,000 Barrel Mark—Total
Stocks of All Oils Reach New High Level—Gasoline
In its comments on the law the "Times" (Sept. 1) said:
Production Also Climbs to New High Peak.
Obstacles to Applying Law.
According to reports received by the Bureau of Mines,
New York oil interests are watching with interest the operation of the Department of Commerce, the production of crude petroleum
California law by which oil production will be regulated through a proin the United States during July, 1929, amounted to 91,hibition of waste of natural gas. The feeling, however, is not too optimistic
in regard to the successful working of this plan tending toward the con- 327,000 barrels, a daily average of 2,946,000 barrels. This
servation of natural resources.
was the first time the monthly total has exceeded the 0,000,The disparity between the amount of gas produced in the various Cali000-barrel mark. Daily average output in Texas in July
fornia fields, as compared with tile accompanying oil, is expected to result
in practically stopping all oil production in some fields and permitting it to was over 50,000 barrels higher than in June and the State
be increased in those fields where the wells produce but a minor amount of regained first place among the producing States. Nearly
gas in comparison to the oil run.
in Texas recorded increased output in July,
Another difficulty that has yet to be surmounted before the law can every district
work equitably is a pro-rating of pipe line capacity. Pipe line facilities are that of West Texas being the most important. Both Calinecessary to the marketing of natural gas and the pipe linos arc in control fornia and Oklahoma registered material gains in output
of the larger companies.
It has been reported in New York that the companies controlling the in July, that of the former being due principally to developpipe lines have allotted some of their contracts to small producers in the ments at Santa Fe Springs, that of Oklahoma to new producinterest of cutting down California production of crude oil by aiding the
at Seminole, and in the increasingly important Oklahoma
law to become effective, but whether this action.can be carried to an ex- tion
tent where the smaller producers will be satisfied not to attack the law on City pool. Kansas produced 4,000,000 barrels for the first
the grounds that it has been prejudicial to a non-pipe line owner is a matter month since August, 1918. Daily average production in the
that has yet to be determined.
district registered a material increase and apAnother point which is expected to figure largely in the working of the Appalachian
law is that numerous exhausted wells have been leased by operating com- proached the 100,000-barrel mark.
panies with the intention of using the exhausted fields for the storage
The situation as regards crude stocks east of California
of excess gas produced by well-drilling operations.
in July, when additions to
It is possible to return the excess gas to these exhausted wells, but it experienced a complete reversal
is regarded as problematical as to whether any great percentage of the storage amounted to 4,254,000 barrels, as compared with a
gas thus stored could afterward be recovered in a manner economically
decrease the previous month. The major portion of
enough so that it could be made a competitor of the natural gas from small
this increase was recorded in Mid-Continent tank-farm
an original drilling.
Generally, tho industry as ropresent(xl in New York is hoping that stocks. Stocks of crude held by refiners increased about
the law can be made to work with a successful accomplishment of the
800,000 barrels during the month, despite withdrawals
purposes for which it was designed.
crude. Stocks of both light and heavy
An item regarding the new law appeared in our issue of from stocks of foreign
crudes continued to increase in California, the total accumuAug. 31, page 1365.
lation for July amounting to 3,749,000 barrels.
Total stocks of all oils on July 31 amounted to 666,962,000
Oklahoma Oil Operators Favor Thirty-Day Shutdown. barrels, a new high mark. This represents an increase over
The "Wall Street News" reports the following from Tulsa, June of 6,537,000 barrels as compared with a decrease in
Okla., Sept. 4:
July 1928 of 3,687,000 barrels, adds the Bureau, which furThe operators in the Oklahoma City pool at a conference yesterday signi- ther says:
fied their willingness to not oppose any fair order of the Corporation Commission relative to curtailing production in the Oklahoma City pool, even if
it required a complete shut-in of all wells for a period of 30 days. It now
appears likely that a partial shut-down at least will be made there.
Following the meeting the operators gave out the following statement:
"The facts in regard to the greatly inadequate outlet in Oklahoma City
pool will be immediately laid before the Corporation Commission, together
with production and potential figures. All operators signified willingness
to not oppose any fair order, even if it requires a complete shut-in of all oil
wells for a period of 30 days. This would also affect drilling wells when they
reach the final casing point."
The pool produced a total of 53.132 bbls. during the 24 hours ended
7 a. m. Tuesday, compared with the peak of 56,473 bbls. made in the
24 hours ended 7 a. us, Thursday. It is believed that if operations are.not
curtailed in the field, speak of at least 150,00 bbls. daily will be reached.
The Oklahoma City pool may be extended to the southeast when a test
of Hall & Briscoe's No. 1 Childs in section 14-11-3w is made. The well has
a showing of oil at a total depth of 6,349 feet.
Liberal Oil Laws Urged in Columbia—Critics of Bill
Before National Congress Say Foreign Capital
Should Be Attracted—Revision Believed Likely.
. A special cablegram from Cartagena (Columbia)), Sept. 4
to the Now York "Times" said:
All of the leading fields covered regularly in the following analysis recorded
Increases in output in July. Daily average production in West Texas
gained 31.000 barrels over June and rose above 400,000 for the first time.
The older districts of the Greater Seminole area continued to hold up well
and the new production was sufficient to increase the daily output to 421,000
barrels from 409.000 barrels in June. The Long Beach field showed a slight
gain in daily average production over June but this required more than
twice as many completions. Production at Santa Fe Springs continued to
climb to now peaks in July, when the daily average amounted to 262,000
barrels.
Stocks at Seminole were practically unchanged from June, amounting to
18,766,000 barrels on July 31 as compared with 18,740,000 the month
previous.
Of more than passing interest from the standpoint of wells was the large
number of dry holes-10—drilled in the Seminole area in July. This was
more than three times the June figure. However, the average size of the
successful completions in July at Seminole was much larger than in June.
No indications of a cessation in drilling is to be found in the figures of drilling
wells as of July 31, the four fields given below having 772 wells under way
as compared with 733 the month previous.
PRODUCTION (BARRELS OF 42 U. S. GALLONS).
July 1929.
Total.
Daily Ater.
June 1929.
Total.
Daily Aver.
July 1928.
Total.
DaflyAter.
409,000 8,121,000
1,134,000
378,000 11,284,000
169,000 6,078.000
237,000 1,137.000
262,000
The committee of Congress which is studying the now petroleum bill has
37,000
409.000 11.335,000
364,000
approved the first 32 articles with slight changes, most of which make it
196,000
174.000 5,071,000
still more difficult to understand, according to reports from Bogota.
37,000
262,000 7,124,000
Former President Carlos Restrepo, who is taking an active interest in
the discussion of the petroleum law,says there are three indispensable condix From American Petroleum Institute.
tions on which it should be based. They are:
"A closed-door policy for unscrupulous speculators; an open door for STOCKS AT SEMINOLE,ST. LOUIS, &c.(BARRELS OF 42 U.S. GALLONS).
honorable operators, whether they are Colombians or foreigners, on a basis
of absolute equality, and absolute respect for national sovereignty."
July 311929. June 30 1929. July 31 1928. y
There appears a possibility for revision of the proposed law on account
584,000
561,000
371,000
Producers' stocks
of tho position taken by Dr. Antonio Jose Bastrop°, Liberal leader in
18,156,000
18,205,000
Cong17,018,000
ress, who has directed attention to the close connection between petroleum Tank-farm stocks
i g 711R (Inn
15 740 non
17 nce ono
legislation and the financial standing of Colombia in the United States and
In Britain.
y Includes stocks at Seminole only.
Addressing Congress, he declared the only way to assure credit for
Colombia abroad consisted in the adoption of an ample and adequate
RECORD OF WELIS, JULY 1929.z
petroleum law. lie advocated a law that will attract rather than repel
capitalists interested in petroleum development.
Completions.
Total Initial Aver. Initial Drilling
Former President Carlos Restrepo questioned the exc 'listen of the region
Produdion Production
July
Oil.
Gas. Dry. (Barrels). (Barrels).
of Urban from the national reserves and declared that in 1913 it was reported
31.
that Lord Murray's contract, which was negotiated for the Lord Cowdry Seminole
40
1 78
12
99,900
1,300
281
Interests, was retired because of the influence brought to boar upon Col- St. Louis, am
36
__
25
44,700
ornbla by the United States. He recalled that as President at that time he West Texas
1,200
245
23
1
21,400
930
87
had denied that there was any evidence of intervention on the part of the Long Beach
23
Santa Fe SorIngs
__
88.200
2 goo
Ixo
White House. He declared this question had been cleared up by the publi
cation of "The Life and Letters of Walter Hines Page," in which a letter by
z From "011 & Gas Journal.'
Mr. Page to Colonel House said he had brought about the recall of Lord
An effort at curtailment by refiners was evidenced in July,
Murray by calling attention to the line of danger these concessions marked
in reference to Anglo-American relations.
when the daily average throughput of crude petroleum was
The newspaper "Mundo" demands that the present Congress adopt a
2,772,000 barrels as compared with 2,813,000 barrels in
workable petroleum law, as tho proposed legislation prevents tho exploitation of the nation's oil fields. A law that will permit exploitation and offer June. Gasoline production again rose to a now peak in July,
incentives for the investment of capital is advocated.
when the daily average was 1,221,000
compared
Seminole
13,134,000
St. Louis, &c.}
West Texas... 12.676,000
5,337,000
Long Beach x
Santa FeSpgs.: 8,135.000
421,000 12,262,000
barrels as
A previous reference to the Colombian Oil bill appeared with 1,187,000 barrels in June, says the Bureau's statement,
continuing:
in our issue of Aug. 10, page 883.
1518
The July figure represents an increase over the previous year of 15%•
The consumption of gasoline also reached a new peak, the daily average
indicated domestic demand for July of 1,189,000 barrels being an increase
over July 1928 of 13%. Exports of gasoline passed 6,000.000 barrels for
the first time. Stocks of gasoline showed the influence of the heavy total
demand and declined from 41,991,000 barrels on the first of the month to
37,880,000 barrels on July 31. At the current rate of total demand, this
figure represents 27 days' supply, as compared with 32 days' supply on
hand a month ago and 25 days' supply on hand a year ago.
The daily average production of kerosene decreased but exports also
were lower and stockwincreased. Stocks of gas oil and fuel oil east of California continued to increase rapidly as demand remained at a relatively low
level. The indicated domestic demand for lubricants was lower but exPorts incriased and the downward trend in stocks was continued. The
production of wax declined materially and the increase in stocks was less
than for some time.
The refinery data of this report were compiled from schedules of 346 refineries which had an aggregate daily recorded crude oil capacity of 3,430.000 barrels.These refineries operated during July at 81% of their recorded
capacity, given above, as compared with 343 refineries operating at 83%
of their capacity in June.
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt in thousands of barrels of 42 U. S. gallons.)
July.
1929.
July,
1928.
75,390
8,013
83,403
4,250
257
87,910
2,930
67,746
7,838
75,584
3,436
229
79.249
2,556
522,344
57,098
579,442
29,317
1,790
610,549
2,880
455,918
55,898
511,816
23.971
1,608
537,395
2,523
6,122
3,176
Total new supply all oils
Daily average
June,
1929.a
82,878
8,449
91,327
4.417
264
96,008
3,097
New Supply
Domestic production:
Crude petroleum:
Light
Heavy
Total crude
Natural gasoline
Benzol
Total production
Daily average
imports:
Crude petroleum
Refined products
6,591
2,426
7,878
782
49,974
14,249
46,069
7,690
591.154
2,775
Jan.-July Jan.-July
1929.
1928.b
105,306
3,397
Demand
Total demand
Daily average
Exports: d
Crude petroleum
Refined products
Domestic demand
Daily average
excess of daily average domestic production over domestic
demand)
98,927
3,231
87,909
2,836
674,772
3,183
6,537
Increase in stocks, all oils
5.504
c3,887
53,758
22,071
98,789
91,423
3,186 . 3,047
91,596
2,955
621,014
2,929
569,083
2,672
3,117
12,358
83,294
2,687
2.815
12,383
76,425
2,548
1,669
12,731
77,196
2,490
14,612
78,047
528,355
2,492
10,342
82.376
476,365
2,236
410
382
66
388
287
STOCKS OF CRUDE PETROLEUM HELD IN THE UNITED STATES(Shia)
379,089
136,327
369,474
113,878
383,343
140,076
Total east of California
48,111,000
Elsetcher Wan as Refineries
Domestic
-Reported by field of origin:
Appalachian-N. Y.. Pa., W. Va.. Gross 4,834,000
Eastern and Central Ohio
4,551,000
Net
Kentucky
976,000
Gross
834,000
,Net
Lima-Indiana
915,000
Gross
732,000
Net
llllnols-S. W.Indiana
Gross 11,273,000
10,615,000
Net
Mid-Continent-Okla,Kan.Panh'dle, Gross 263,194,000
Central, North and Weet Texas._._ Net 250,403,000
NorthernLouisiana and Arkansas
Gross 26,851,000
23,074,000
Net
Gulf coast
Gross 21,047.000
20,473,000
Net
Rocky Mountain
Gross 24,378,000
Net
24,328,000
Total crude
Natural gasoline at plants„
Refined products
515,416
1,356
143,653
483,352
476
128,440
523,419
1,156
142,387
483,352
476
128,440
660.425
217
612,288
207
24,544
4,116
523,419
1,156
142,387
Grand total stocks all oils_
666,962
Days' supply (f)
209
Bunker oil (included above in
demand
4.593
Total pipe-line and tank-farmfGross 353,468,000 349,961,000 343,509,000
stocks east of California
1Net 335,010,000 331,572,000 326,317,000
Foreign Crude petroleum on Atlantic coast Foreign crude petroleum on Gull Coast
80,000
154,000
85.000
137,000
40,000
42,000
82,000
214,000
222,000
Total refinery, pipe-line and tank-farm
stocks of domestic and foreign crude
petroleum east of California
383,343,000 379,089,000 389,474,000
Clauffication by Gravity (Approximate)
East of California:
Light crude (24 deg. and above)
339,438,000 333,102,000 318,087,000
Heavy crude (below 24 deg.)
43,905.000 45,987.000 51,387,000
California-Light (20 degrees and above)
34,430,000 32,687,000 18,215,000
Heavy (Including fuel)
105,646,000 103,660,000 95,683,000
Producer's Stocks (not included OM aPPros)
East of California
8,550,000 66,700,000 6,948,000
California
194.000
573,000
a Final figures. b Revised. c Not available.
Daily Ay
67,700 2,044,000
864.400 24,625,000
8,900
215,000
18.000
515,000
2,500
78,000
2,300
71,000
200
7.000
139,600 3,791,000
22,900
546,000
53,400 1,590,000
18,300
557,000
35,100 1.033,000
20,100
478,000
8,500
262,000
3,500
86,000
9,700
282,000
20,900
573.000
15,800
428,000
5,100
145,000
731,700 20,688,000
41,400 1,192,000
690,300 19,496,000
33,400
954.000
100
1.000
872,900 24,619,000
127.000 3,769,000
745.900 20,850,000
15,600
453,000
54.200 1,603.000
30,200
913,000
24,000
690,000
Daily Av.
Total.
JanuaryJuly
1929.
JanuaryJuly
1928.a
Total imports__ 6,122,000
197,500 6,591,000
219,700 49,974,000 46,069,000
Exports
Domestic crude:
To Canada
2,872,000
To other countr's 245,000
Shipments
Foreign crude oil__
92,600 2,248,000
7,900 362,000
6,000
74.900 12,238,000 8,175,000
12,100 2,367,000 2,166,000
200
7,000
1,000
100 5011 2 1310.000
87.200 14.612.000 10 342 000
-July
Jan.
1929.
-July
Jan.
1928.a
68,100 15.415.000 19,670,000
820,900 168,782.000 132,649,000
7,200 1,442,000 1,651,000
17,200 3,641.000 3.803,000
2,600
575,000
585,000
2,300
531,000
536.000
39,000
300
54,000
126,400 24,143,000 23,594,000
18,200 4,130,000 4,238,000
53,000 11,458,000 12,870,000
18,600 4,117,000 3,839.000
34,400 7,341,000 9,031.000
279.000
15,900 1,924,000
8,700 1,921,000 2,358,000
601,000
2,900
512.000
9,400 1,911,000 1,389.000
19,100 3,920.000 4.208,000
14,200 3,048,000 3,246.000
872,000
4,800
962,000
689,600 149,786,000 137,036,000
39.700 9,006,000 12,380,000
649,900 140,780,000 124,678,000
31,800 6,520,000 5,730.000
27,000
13,000
820,600 169,128,000 146,038.000
125,600 26,304,000 22,820,000
695,000 142,824,000 123,218,000
16,100 3,226,000 3,334,000
53,400 10,906,000 12,434,000
30,400 6,500,000 8,405,004)
23,000 4,406,000 4,029,000
Classification by Gravity (Approxi male)
82,878,000 2.673.000 75,390,000 2,513,000 522,344,000 455,918,000
Light crude
8,449.000 272,500 8,013,000 267,100 57,098,000 55,898.000
Heavy crude
d'Final figures. b Includes Alaska and Utah.
June 1929.
Daily Av.
29,628
30.406
June 1929.
Total.
July 1929.
Total.
54,100 7,151,000 26,757,000
139.600 33,835,000 10.147,000
21,200 7,154,000 7,635,000
4.800 1,834,000 1,530,000
91,327,000 2,946,000 83,403.000 2,780,100 579,442,000 511,816,000
4,930.000 6,202,000
4,652,000 5,910,000
922,000 1,267,000
778,000 1,139,000
953,000 1.513,000
770,000 1,333,000
11,525,000 12,551,000
10,868,000 12,049,000
59,206,000 247,487,000
46,402,000 235,087,000
26,879,000 29,816,000
23,148,000 26,621,000
21,197,000 17.689,000
20.843,000 17,235,000
24,349,000 26,984,000
24,311.000 26,943,000
39,800 1,824,000
128.2004,186,000
25,500 637,000
4,000 144,000
Field•
ApPaLachlan
97,500 2,664,000
88,800 18,848,000 17,974,000
3,021,000
Lima-Indiana. 165,000
911,000 1,016,000
5,300
5,100
152,000
Michigan
15,900 1,924,000
623,000
20,100
279,000
478,000
111.-S. W. Ind_
19,500 4,177,000 4,334,000
20,300
630,000
586,000
Mid-Continent 53,319,000 1,720.000 48,406,000 1,613,500 339,509,000 311,946,000
Gulf Coast
4.505,000 145,300 4,326,000 144.200 30,421,000 26,659,000
Rocky Mtn
72,200 14,870,000 1,18,959,000
2,267,000
73,100 2,166,000
California
28,797,000 864,400 24,625,000 820,900 168,782,000 132,649,000
Dale
Arkansas
2,098,000
California
26,797,000
Colorado
215,000
Illinois
559,000
Indiana:
77,000
Southwestern
71,000
Northeastern
6,000
Kansas
4,329,000
Kentucky
710,000
Louisiana
1,656,000
Gulf Coast
567,000
Rest of State 1,089,000
Michigan
623.1)00
Montana
264,000
New Mexico
107,000
New York__
301,000
Ohio:
647,000
Cent. & East
488,000
Northwest'n,
159,000
Oklahoma:
22,682,000
OsageCounty 1.283,000
Rest of State 21,399,000
Pennsylvania.- 1,037,000
Tennessee
2,000
Texas:
27,059.000
Gulf Coast_ 3,938,000
Rest of State 23,121,000
West Virginia_
483,000
Wyoming:
1,681,000
938,000
Salt Creek
743,000
Rest of State
47,303,000 43,075,000
666,962 • 612,268
229
228
PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY (BARRELS OF 42 U. S. GALS.).
Daily Ay
8,698,000
5,349,000
2,188,000
3,053,000
5,688,000
1,883,000
8,152,000
150,000
840,000
4,462,000
1,194,000
1,440,000
imports
From Mexico
1,234,000
From Venezuela__ 3,973,000
From Colombia_ _ _ 792,000
.
From other countr's 123,000
a Revised. b Final figures. c Decrease.. d Includes shipments to Alaska.
Hewett and Porto Rico. e Includes fuel oil in California. f Grand total stocks all
Oils divided by daily average total demand.
July 1929.
July 31
1928.a
8,202,000
5,382,000
2,591,000
2,945,000
6,216,000
2,578,000
9,802,000
533,000
1,402,000
3,975,000
1,649,000
2,028,000
At Refineries(and in coastwise transU thereto)
Reported by location of storage:
East coast-Domestic
9,292,000
Foreign
4,910.000
Appalachian
2,723,000
Indiana, Illinois, Kentucky, &e
3,119,000
Oklahoma. Kansas, Missouri, deo
6,271,000
Texas
-Inland
1,753,000
Gulf coast-Domestic
10,512,000
Foreign
307,000
Arkansas and Inland Louisiana
1,511,000
"soulsiana Gulf coast-Domestic
4,160,000
Foreign
1,530,000
Rocky Mountain
1,933,000
369,474
113,878
Total.
June 30
1$29.
July 31
1929.
IMPORTS AND EXPORTS CSIF CRUDE PETROLEUM (BARRELS).
(From Bureau of Foreign and Domestic Commerce)
Stocks (End of Altmth)Crude petroleum:
Pipe-line, tank-farm and refinery:
East of California
383,343
California e
140,076
U. S. total
[VoL.129.
FINANCIAL CHRONICLE
Total exoorts
a Final figures.
3 117 000
INDICATED DELIVERIES OF CRUDE PETROLEUM, EXCLUSIVE OF
CALIFORNIA GRADES,TO DOMESTIC CONSUMERS(BARRELS).
Domestic Petrol
by Fields of
Origin.
June 1929.
July 1929.
Total.
Daily Av.
Total.
Daily Av.
Jan.
-July
1929,
Jan.
-July
1928.a
93,700 18,978.000 18,274,000
Appalachian __ 3,066,000
98,900 2,811,000
236.000
Lime-Indiana. 203,000
7 90
. 0 1,341,000
820,000
6,500
15.900 1,924,000
478,000
280,000
Michigan
20,100
623,000
28,200 4,929,000 4,459,000
846,000
883,000
III. & S. W.Ind
28,500
Mid-Continent 49,392,000 1,593,300 47,155,000 1,571,800 331,780,000 297,504,00
0
Gulf Coast-. 4,675,000 150,800 4,084,000 135.500 28,220,000 27,399,000
.
77,200 16,043,000 17,341,000
72,600 2,317,000
2,250,000
Rocky M1n
Deliveries and
61,092,000 1,970,700 57,907,000 1,930,200 403,215,000 366,077,000
exports
58,703,000 1,893,700 56,088,000 1,869,600 393,297,000 359,100,000
Deliveries
0 222,000 50,011,000 46,070,000
For'n petrol no 6,114,000 197,200 6,660,00
Deliveries of domestic & for,
0
ammumm
84 517 000 2.090 1100 82.748.00 2,091,600 443.308.000 405,260,000
a Final figures.
NUMBER OF PRODUCING OIL WELLS C1092M0pLETJEanD...
Jan -July
Jan-July 1928.Y
Jul/ 1928.
.0 3
June 1929.
9
July 1929.
6,645
1,316
1,420
x For States east of California from "011 ds Gas Journal": for California from the
Final figures.
American Petroleum Institute. y
SHIPMENTS OF CALIFORNIA OIL THROUGH 'PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES (BARRELS)
July
1929.
Crude oll
Refined products:
Gasoline
Tops
Kerosene
Gas oil
Fuel oil
Lubricants
Asphalt
Total refined products
a Final figures.
June
1929.
July
1928.
440,000
170,000
241,000 1,101,000 1,891,000
Jan.
-July Jan.
-July
1928.a
1929.
2 346,000 1,598,000 1,745,000 12,860,000 9,034,000
95,000
171,000
72,000
1,000
72,000
79,000 362,000 1,524,000 1,445,000
78,000
4,000
3,000
711,000
2.000
70,000
71,000
227,000
1,000
79,000
1,000
2 000
.
2.000
1,000
14,000
18,000
2.501 000 1,753.000 2,206.000 14.423,000 11.603,000
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1,290,000 8.667,000
315,000 1,078,000
867,000 3,292,000
682,000 6,155,000
1,648,000 13,138,000
850,000 6,410,000
260,000 1,335,000
2.885,000
37,880,000
Total
War
(Us.)
Total June 30 1929
Texas Gulf coast
Louisiana Gulf Coast
Coke Asphalt
(Tons) (Tons)
92,043,000 17,000
21,994,000 3,700
14,298,000 59,700
9.788,000 08,000
9,282,000 212,400
21,107,000 55,300
22,786,000 96.700
21,100
Oth.Finished Unfinished
Products
Oils
(MIL)
(Bbls.)
99,200
400
40,400
4,200
9,900
28.500
7,500
53,200
110,000
65.000
185,000
47,000
14,000
84,000
43,000
185,000
8,009,000
1,453,000
3,654,000
2,133,000
12,606,000
2,172,000
1.929,000
d10,484,000
191,298,000 563,900 243,300
733.000
188.764,000 498,400 247,100
9,074,000 194,800 9,800
21,107,000 55,200 22,000
750,000
5,000
81,000
c42,722,000
11,276,000
1,594,000
Metal sold, not yet delivered, at the end of August, 25,763 tons; total
retort capacity at Aug. 31 1929, was 119,617 tons; number of Idle retorts
available within 60 days, 57,661; average number of retorts operating during August, 73,602; number of retorts operating at the end of the month,
58,800. A comparative table shows:
42.440,000
East coast
Appalachian
Ind., Ill., Kentucky, Sze
Oklahoma, Kansas, Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
7,524,000
8,348,000 237.332,000 c7,869,000
1,484,000 9,482,000 1,864.000
831,000 5,047,000
85.000
b41,991,000
3,906,000
1.739,000
Total June 30 1929
Texas Gulf coast
Louisiana Gulf coast
2,283,000
1,156,000
618,000
426,000
1,905,000
92,000
160,000
884,000
8,797.000 240,075,000
4,861,000
East coast
1,300,000
Appalachian
Indiana, Illinois, Kentucky. AC-- 5,665,000
4,336,000
Oklahoma, Kansas, Missouri
4,995,000
Texas
2,022,000
Louisiana and Arkansas
2,318,000
Rocky Mountain
12,383,000
California
a East of California. b Revised-Louisiana Gulf coast. c Revised-California.
d Includes 2,488,000 barrels LOPS in storage.
First Suit to Test California Gas Law-All Operators
in Santa Fe Springs Defendants in State Action
Starting Next Week.
The "Wall S reet Journal" of Sept. 5 reports the following
from its Los Angeles bureau:
James S. Bennett, Los Angeles attorney recently appointed legal adviser
on oil matters in Los Angeles Basin fields by Fred G. Stevenot, director
of the Department of Natural Resources, has been directed to start action
against Santa Fe Springs operators for violation of the new state gas law
which went into effect Sept. 1.
Papers for the suit are being drawn up and action will be started early
next week, Mr. Bennett said. This will be the first text case of the new gas
law. All operators in Santa Fe Springs will be made defendants in the
action, Mr. Bennett said.
Although the new law became effective Monday, operators at Santa Fe
Springs and other fields where gas is blowing into the air are marking time
pending outcome of the operators co-operative agreement plan. Substance
of the plan was submitted to operators a week ago by R. D. Bush, State
Oil and Gas Supervisor, but at the final conference held the latter part of
the week it was determined that efforts of the co-operative association
would be confined to gas repressuring in the 4 fields chiefly involved, namely
Santa Fe Springs, Signal Hill, Seal Beach and Ventura Avenue.
Final agreement, now in the hands of operators, indicates the plan will
be based on the average between oil production and gas production in
these fields. Certain alterations in details have yet to be worked out, but
this is the most important change effected, aside from the decision to
institute legal proceedings in order to get action started toward actual
conservation.
It appears that difficulties of disposing of surplus gas have not yet been
solved by operators, despite numerous discussions held during the past
few months. Another meeting is to be held Sept 6, at the Chamber of
Commerce to discuss the problem.
The co-operative plan is expected to iron out some of the wrinkles, but
late reports do not indicate any entirely amicable agreement on all its
provisions.
PRODUCTION, SHIPMENTS AND STOCKS AT END OF PERIOD,
(Figures in Short Tons.)
Month of1929.
August
July
June
May
April
March.-.... ..
February
January
Total 8 mos., 1928
1928.
December
November
OctoberSeptember
August
July
June
May
April
March
February
January
Total in 1928
1927.
December
November
October .. --.
September
-August
July
June
May
April
March
February
January
*Troal In 1097
Production.
55,290
54,441
52,953
56,958
54,663
55,471
48,154
49,709
Donelatie
Shipments.
50,610
46,570
47,973
58,614
56.558
56,267
51,057
47,677
Ezports.
Total
Stocks at
Shipments. End of Ms.
969
681
1,874
1,106
1,469
1.862
1.895
2,055
51,579
47,251
49.847
57.720
58.027
58.129
52,952
49,732
47,833
44.122
36.932
33,826
34.698
37,962
40,420
45.418
427,629
413,326
11,911
425,237
50,591
50,260
50,259
49,361
52.157
50,890
50.825
53,422
53,493
55.881
90,042
52,414
49,625
48,698
50,126
44,103
47.050
49,510
49,780
49.818
46,517
51,856
46,754
45,771
2,067
1,088
1.980
1,759
2,901
3,638
1,802
3,138
8,748
3,786
4.134
5,231
51,692
49,786
52,106
45.862
49,951
53,148
51.582
52,956
50,263
55.642
50,888
51.002
45,441
46,562
48,068
47.915
44.418
42,210
44.468
45.225
44.759
41,529
41,290
42.163
619,595
579.608
35,270
614,878
----
52,347
49,217
50,185
47,735
49.012
47,627
49.718
51.296
51,626
56,546
51,341
56,898
46.483
44,374
46,602
44.038
49,739
43,359
43,122
45,560
44,821
48,107
43,555
45,884
WW.W
40101
Gas Oil
Lubricants.
Kerosene. & Fuel Oil.
(BbIs.)
Gasoline.
(In Barrels)
Production of Slab Zinc Exceeds Shipments
-Stocks
Increase.
According to statistics compiled by the American Zinc
Institute, Inc., there were produced 55,290 short tons of
slab zinc in the month of August, as compared with 52,157
tons in the same month last year and 54,441 tons in July
1929. Shipments in August 1929 totaled 51,579 tons, of
which 969 tons were exported, and compares with 47,251
tons shipped in July last and 49,951 tons in August 1928.
Stocks at Aug. 31 1929 amounted to 47,833 tons, as against
44,416 tons at Aug. 31 1928, and 44,122 tons at July 31
1929. The Institute also released the following statistics:
0101a.qaa0
000100
STOCKS HELD BY REFINING COMPANIES IN THE UNITED STATES
JULY 31 1929.
1519
50,916
46.120
48,239
48,045
53.748
56,162
47,907
50.458
46,697
53.205
48.315
48,873
40,751
39.320
36,223
34,277
34.587
39,329
43,858
42,046
41,208
36.27f
32,938
29.912
1113.545
549.644
45.040
594,684
--
New Lead Association-London Conference Brings About
Sales Agreement Between Foreign Producers.
In stating that the conference recently held in London
regarding formation of a lead producers' association has
been successful the "Wall Street Journal" of Aug. 27
added:
Australian and
Burma output of
It will include Mexican, Canadian,
Natural Gasoline Output in July Increased Approxilead. Companies producing lead in other foreign countries probably
mately 41,200,000 Gallons Over the Corresponding will join later. Object of the association is to simplify the selling and
distribution of lead in Europe.
Month in 1928-Stocks Decrease.
The principal companies producing lead in Mexico that sell
According to the United States Bureau of Mines, Depart- output as metallic lead are American Smelting & Refining Co, their
and
ment of Commerce, the production of natural gasoline in American Metal Co. The principal producer of lead in Canada is
Co. of Canada.
July totaled about 185,500,000 gallons, an increase of about Consolidated Mining & Smelting Corporation, Ltd. Principal producer
The
the Burma
Burma
41,200,000 gallons over the same month last year and an of leadininAustraliaisis Broken Hill. Presumably these principal proare the five
ducer
increase of around 7,000,000 gallons as compared with the companies at present in the association. The association is concerned
foreign producion of the American companies that are
month of June 1929. The average daily output for July only with the
1929 amounted to 5,980,000 gallons as against 5,950,000 included in it.
gallons in the preceding month and 4,650,000 gallons in
July 192$. Stooks on hand decreased from 56,963,000 gals,
Tin Consumption Higher-Supplies Lower.
on June 30 1929, to 48,543,000 gallons on July 31 1929.
With tin deliveries more than 500 tons above arrivals,
The Bureau released the following statistics:
during August, America continues toward an all time conOUTPUT OF NATURAL GASOLINE (THOUSANDS OF
sumption record during 1929, announced E. A. Brennan,
GALLONS).
Secretary of the National Metal Exchange. The announceProduction.
Stocks End
ment further stated:
of Month.
p
8888888s.e
a
July
1928.
Jan.
July
1929.
5,500
900
49,500
2,800
26,100
4,500
2,800
3,600
48,600
60,000 3,202 3,981
8,000
225
474
390,200 20,228 25,342
19.900 1,199 1,641
228,100 20,606 22,403
34,400
820
784
18,500
254
300
26.600
548
568
445,600 1,461 1,470
.724, June
1929. 1929.
185.500 178,500 144,300 1,231,300 48,543 56.963
5,810 ____ ___ _
5 980 5.950 4,850
Total (gallons)
Daily average
Total (barrels)
Daily average
w
•
a
Appalachian
Illinois, Kentucky, drc
Oklahoma
Kansas
Texas
LOUlalana
Arkansas
Rocky Mountain
California
•
5,900
900
57,600
_
2,500
33,200
4900
- _ _ 2.700
- _ 4,000
_
73.800
June
1929.
010a
July
1929.
-
4,417
1 a2
4.250
142
3,436
111
29,317 1,156
1q12
1,35e
7,185
10,435
93,360
of
Reported deliveries for the month of August were
tons, within
tons of the highest month last year. Total deliveries for
the
are
tons, or
eight months of
above the figures for
the same period of last year. This is at the rate of
tons for the
year, which is above 14,000 tons in excess
any previous year's
consumption.
Lessening of supplies made probable another slight
decrease in
world's visible supply, figures for which are not yet available.
Actual
consumption, it is believed, has run considerably
above the reported
deliveries, perhaps reaching
tons. It is known that considerable
stacks have been withdrawn from non-reporting
warehouses.
Among the factors entering into this huge
consumption are the high
rates of production in tin plate, automobiles, radio
sets and other
electrical goods. Production of airplanes and
electrification of railroads are also calling for considerable quantities
of tin.
15
1929
62,240
7,700
1520
[VoL.129.
FINANCIAL CHRONICLE
World Tin Stocks Increased During August.
An increase of 2,611 tons in the world's visible supply of
tin during August, brought that figure to the highest point
.since last March, E. A. Brennan, Secretary of the National
Metal Exchange, announced. The present visible supply
of 26,400 tons is 230 tons less than the March total, and is
ascribed to abnormally high shipments from several producing fields. During the month of August, world's deliveries
were 10,561 tons, or 440 tons less than in July, following
the usual seasonal decline in tin plate manufacture. August
shipments from the Straits Settlement were 8,978 tons,
nearly 1,000 tons above estimates made at the beginning of
the month. Estimated September shipments are also 8,000
tons, the announcement added.
Record Buying in Market for Copper-Week's Business
-Lead Firm.
Highest Since December 1928
All records were broken for copper buying in the past
week when domestic buyers entered the market for 102,000
tons. This figure is almost double the previous record of
56,000 tons sold in the week of Dec. 26 1928, Engineering
and Mining Journal reports, adding:
About 35,000 tons of the total were sold in one day, Tuesday. Since
then,inquiry has tempered slightly, though some sellers have done a heavy
business. Though most of the buying has been for September-October, a
good business has been done for the last 2 months of the year. Foreign
business has also been active, about 18,000 long tons having been booked
at the Copper Exporters' price of 18.30 cents.
While most sellers admit that continued active buying is likely to force
Up prices, they would rather see a stable I8
-cent price maintained. One
leading seller established his quotation at 1831 cents, Connecticut basis,
but business at that level has been insignificant. Several other sellers,
swamped with orders, also withdrew from the market, but did not mark
up their prices.
Notwithstanding a lesser activity in lead in the past week, a heavy tonnage was sold, largely for September or October shipment. The price
trend is upward, some lead in the East having been sold at the equivalent
0(6.80 cents, New York. Quotation by the leading mid-Western producer
is 6.60 cents, St. Louis.
Zinc and tin have been dull. The price of the former continues firm at
6.80 cents, but tin dropped slightly when the increase of 2,600 long tons
in visible supplies at the end of August became known.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
-GROSS TONS.
STATES BY MONTHS SINCE JAN. 1 1924
1924.
January
97,384
February
106.026
March
111,809
April
107.781
May
84.358
June
67,541
First six months
95,794
July
57,577
August
60.875
September
68,442
October
79.907
November
83.656
December
95,539
12 months'average_.. 85,075
1925.
108,720
114,791
114,975
108,632
94,542
89,115
105,039
85.936
87.241
90,873
97,528
100.767
104,853
99.735
1926.
1927.
1928.
1929.
106,974
104,408
111,032
115.004
112,304
107,844
109,660
103.978
103,241
104,543
107,553
107,890
99,712
107.043
100,123
105,024
112,366
114,074
109,385
102,988
107,351
95,199
95,073
92,498
89,810
88,279
86.960
99.266
92,573
100,004
103,215
106.183
105,931
102,733
101,763
99,091
101,180
102,077
108,832
110,084
102,705
103,382
111.044
114,507
119.822
122.087
125.745
123.908
119,564
122,100
121,151
-GROSS TONS.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
Merchant.*
Total.
Steel Works.
92,573
23.053
1928-January
69,520
100.004
21,660
78.444
February
103.215
19,726
March
83,489
106,183
21,000
April
85,183
105,931
20,355
May
85,576
102,733
21.103
June
81,630
99.091
19,578
July
79,513
101,180
18,538
August
82.642
102,077
19.487
September
82,590
108,832
20,781
October
88.051
110,084
21,610
November
88,474 ,
108,705
23,290
December
85,415
111,044
1929-January
25,514
85.530
114,507
25,261
February
89,246
119,822
24,361
March
95.461
122,087
26.407
April
95,680
125,745
25.5/1
May
100,174
123,908
23.915
June
99,993
122,100
.11.037
24,056
98,044
121,151
22,251
August
98.900
•Includes pig Iron made for the market by steel companies.
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
-GROSS TONS.
BEGINNING JAN. 1 927
1929.
1927.
1921.
1928.
1929.
1927.
Jan.._ 3,103,820 2,869,761 3,442,370 July...2,951,160 3 71,824 3,785.120
Feb___ 2,940,879 2.900,126 3,206,185 Aug_ 2,947,276 3, 16,570 3.755,680
Mar_. 3,483.362 3,199.674 3,714.473 Sept-2.774,949 3.062,314
Apr__ 3,422,226 3.185.504 3,662,625 Oct. .2.784,112 3,373,806
May__ 3,390,040 3.283,856 3,898,082 Nov..2.648,376 3,302,523
June_ 3,089.651 8,082,000 3.717,225 Dec___2,695.755 3.369,846
H 7
5-19.430.678 18,520,921 21,640.960 Year•36,232,396 37,837,804
*These totals do not Include charcoa pig Iron. The 1928 production of this
Iron was 142,960 gross tons.
PRODUCTION OF STEEL COMPANIES FOR OWN USE
-GROSS TONS
Total Pio Iron
&foci and Ferromangarlese•
FerromanYanese.3
1927.
New August Record in Pig Iron Output.
August pig iron production established two new records
the largest for that month in history and a new high total
for the first eight months of any year. From returns collected by wire on Sept. 3 by the "Iron Age," the August output was 3,755,680 gross tons, or 121,151 tons per day for
the 31 days. This compares with 3,785,120 tons for the 31
days in July, when the daily rate was 122,100 tons. This is
a loss in daily rate of 949 tons or about 0.75%. The next
largest August was 111,274 tons per day in 1923. The
"Age" also adds:
New Record for Eight Months.
For the eight months ended with August the total production was 29,181,760 tons. The nearest approach to this was the 27,969,000 tons to Sept. 1
1923
-an increase of about 1,213,000 tons or 4.3%. Compared with the
first eight months' output in 1928 of 24,729,315 tons, the increase this year
was 4,453,445 tons, or 18%.
Rate of Operation on Sept. 1.
There were 210 furnaces operating on Sept. 1 with an estimated operating rate 0(119.130 tons per day. On Aug. 1 there were 216 furnaces active,
having an estimated operating rate of 121,965 tons daily. There were nine
-a net loss of six
furnaces shut down during August and three blown in
furnaces. This compares with a net loss of two furnaces during July.
Independent steel companies did not blow in any furnaces during August
but they blew out one. The Steel Corporation blew in two furnaces and
shut down four. Four merchant furnaces were blown out in August and
only one was blown in. There was therefore a net loss of three steel-making
and three merchant furnaces.
Loss in Merchant Iron
The loss in merchant iron during August was 1,805 tons per day, the
daily rate being 22,251 tons against 24,056 tons in July. In steel-making
iron there was a gain of 856 tons per day, or 98.900 tons per day in August
and 98,044 tons per day in July.
Ferromanganese in August.
There was 28,461 tons of ferromanganese made in August as against
31,040 tons In July, The August output was the third largest this year.
Two companies were making spiegeleisen on Sept. 1.
Furnaces Blown in and Out.
Only three furnaces were blown in during August: No. 3 Isabella furnace
of the Carnegie Steel Co. in the Pittsburgh district; the Colonial furnace
in western Pennsylvania, and the Cherry Valley furnace In the MahOning
Valley.
There were nine furnaces blown out or banked during August: One
furnace of the Witherbee-Sherman Co at Port Henry, N. Y "B" furnace
at the Bethlehem plant of the Bethlehem Steel Corp. In eastern Pennsylvania; one Duquesne and one Edgar Thomson furnace of the Carnegie
Steel Co. in the Pittsburgh district; one River furnace in northern Ohio;
one furnace of the Minnesota Steel Co. In Minnesota; and one Pioneer furnace of the Republic Iron & Steel Co., one Ensley furnace of the Tennessee
Coal,Iron & Railroad Co.and the Tuscaloosa furnace in Alabama.
1928.
1929.
1927.
1928.
1929.
January
February
March
2.343.881
2,256,651
2475,417
2.155,133
2,274,880
2,588,158
2,651,416
2,498,901
2,959,295
31,844
24,560
27,834
22,298
19.320
27,912
28,208
25.971
24.975
$ Months
April
May
June
7.275.949
2.637,919
2,619,078
2,343,409
7.018,171
2.555.500
2,652,872
2.448.905
8.109.612
2,826.028
3,105,404
2,999,798
84 222
.
24,736
28,734
29,232
62 530
.
18.405
29.940
32,088
72 164
.
22,413
25,896
33.363
Half year
July
August
September
October
November
December
Year
14,876,355 14.675,448 17, .
040 242 166 938 149 963 160 836
.
'
'
2,163,101 2.464,896 3,039.370 26.394 32.909 31.040
2,213,815 2,561,904 3,065,874 21,279 24.583 28,461
20,676 22,278
2,090,200 2,477,695
17,710 23,939
2,076,722 2,729,589
17,151 29,773
1,938,043 2454,211
20,992 28.618
1,987452 2.647,863
27,345,888 30,211.606
IOoludee output of merchant furnaces.
29rme
312,061
Trend of Steel Output Appears to be Downward-Operating Conditions Show no Appreciable Change-Prices
Unchanged.
Pig iron production in August was a record for that
month and was the fourth largest output for any month,
reports the "Iron Age" of Sept. 5 in its summary of iron
and steel conditions. Ot'3,755,680 tons, the August total
is exceeded only by the figures for July aid May, 1929
,
and May, 1923. The decline from the previous month was
only % of 1%. The production thus far this year, at
29,181,760 tons, has established a new eight months' record,
forging ahead of the previous high mark, for the corresponding period in 1923, by 4.3%. A further tapering of
output in September is indicated by a net loss of six active
furnaces and a daily operating rate of 119,130 tolls on
Sept. 1, compared with 121,965 tons for the 216 stacks in
blast Aug. 1.
The trend of steel ingot production in September also
appears to be downward. Although no marked recession
is looked for, mill backlogs are still being reduced and
the full effects of fall demands will probably not be felt
until October. Steel producers plan to take advantage of
the breathing spell to make long'delayed and much needed
repairs. The "Iron Age" also says:
Whether expectations will be fully realized is, of course, open to
question, since the vitality of steel demand has been a surprise to
producers and consumers alike throughout the year. Thus far in
September, aside from the temporary effects of the holiday interruption, there has been no appreciable change in operating conditions.
The larger producers, owing to the diversification of their output,
continue to run at 90 to 95% of ingot capacity, and will probably not
drop below a 90% rate for several weeks. The current average for
Steel Corporation subsidiaries is estimated at 94%. On the other hand.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1521
output for some of the smaller producers has dropped to 85% or less. and at Pittsburgh 90 to 95. Steel coi-poration units are operating at
In rails autumn demand has already set in, with an inquiry for 94% this week four points lower than a week ago.
The "Iron Trade Review's" composite of 14 leading iron and steel
8000 tons from a Southwestern road and with fully 30,000 tons exproducts is unchanged for the third consecutive week at $36.52.
pected to come into the market in the next fortnight.
In structural steel, likewise, there are signs of expanding demand.
For a leading Eastern producer of plain material, increased business
toward the end of August brought the month's bookings 10% above Output of Bituminous Coal and Beehive Coke Again
July. The unusually large amount of prospective tonnage in fabriShows Increase Over Last Year-Anthracite Procated steel work has been augmented by fresh inquiries for 30,000
duction for Calendar Year to Aug. 24 1929 Still
tons. Structural steel work likely to be awarded in New England in
Below That for the Same Period in 1928.
the last quarter is double the tonnage placed in the corresponding period
in 1928.
According to the report of the United States Bureau of
The automobile industry and railroad equipment buying remain the
chief uncertainties affecting the immediate outlook in the steel industry. Mines, Department of Commerce, the production of bituThe "Iron Age" composite prices remain unchanged, pig iron at minous coal and beehive coke continues to increase over that
$18.25 a gross ton and finished steel at 2.398 c. a lb., as the following
of last year, while Pennsylvania anthracite output still shows
table shows:
Sid iron.
a decrease. For the calendar year to Aug. 24 1929, the proFinished Steel.
Sept. 3, 1929, 2.398e. a Lb.
2.3980.
One week ago
2.412c.
One month ago
2.3480.
One year ago
1.689c.
10-year pre-war average
Based on steel bars, beams,tank plates,
wire, rails, black pipe and black sheets.
These products make 87% of the United
States output of finished steel.
Low.
121.58.
1929_2.412e, Apr. 2 2.391e. Jan. 8
1928._2.3910. Dec. 11 2.3140. Jan. 3
1927._2.453o. Jan. 4 2.293c. Oct. 25
1926_2.4530. Jan. 5 2.403c. May 18
1925-2.5600. Jan. 6 2.3960. Aug. 18
Sept. 3, 1929, 518.25 a Gross Ton.
$18.25
One week ago
18.42
One month ago
17.34
One year ago
15.72
10-year pre-war average
Based on average of basic iron at Valley
furnace and foundry Irons at Chicago,
Philadelphia, Buffalo, Valley and Birmingham.
High.
Low.
1929___$18.71 May 14 $18.25 Ang. 27
1928___ 18.59 Nov. 27
17.04 July 24
1927___ 19.71 Jan. 4
17.64 Nov. 1
1926_ 21.54 Jan. 5
19.46 July 13
1925_-- 22.50 Jan. 13
18.96 July 7
Pig iron production set a new record for the month of
August, with a total of 3,738,438 tons, and a daily average
of 190,594 tons, states the "Iron Trade Review" in its
Issue of Sept. 5. The reduction from the July total of
3,782,511 tons was more moderate than anticipated. The
daily average in July was 122,016 tons, and the August
rate declined only 1.16%, adds the "Review," which goes
on to say:
duction of bituminous coal amounted to 327,043,000 net
tons, as compared with 301,529,000 net tons in the same
period last year, while output of Pennsylvania anthracite
totaled 46,142,000 not tons as against 46,633,000 net tons
in the corresponding period in 1928. Total production for
the week ended Aug. 24 1929 was as follows: Bituminous
coal, 9,974,000 net tons; Pennsylvania anthracite, 1,544,000
tons, and beehive coke, 120,500 tons. This compares with
9,276,000 tons of bituminous coal, 1,731,000 tons of Pennsylvania anthracite and 67,800 tons of beehive coke produced
in the week ended Aug. 25 1928, and 9,539,000 tons of
bituminous coal, 1,113,000 tons of Pennsylvania anthracite
.and 123,300 tons of beehive coke in the week ended Aug. 17
1929. The Bureau's statement follows:
The previous record for August was made in 1923, with a daily
average of 111,254 tons, and August this year topped that by 8.37%.
Daily average production in August of this year is 19.2% higher than
that of August 1928.
Output for the first 8 months this year, 29,158,486 tons, a new
record for the comparable period, and an increase of 4.43'8,317 tons
over the first eight months of 1928. A net loss of seven active stacks
occurred during August, with 210 operating on the last day of the
month.
Market activity in pig iron is in harmony with this strong situation
in production. August shipments in many districts paralleled those of
July and may have set an August record. Spot buying is steady and
though a buying movement has not developed, increasingly melters are
covering for the fourth quarter. Cleveland district producers have sold
22,000 tons in the past week, New York 12,000, Boston 10,000 and
St. Louis 6000. Inquiry at Buffalo is extensive. Some southern
furnaces, after selling basic iron in the North at $12, Birmingham, and
No. 2 foundry at $12.50, have stiffened. Two eastern pipe shops have
purchased a total of 40,000 tons of southern iron in the past week.
In steel the outlook is equally auspicious. What normally are the
two poorest months of the year are now behind the industry. In a
week or ten days books will be opened for the last quarter. It is
recognized that automotive production may be approaching the lightest
quarter of the year and railroad equipment buying may fall short of
the rate of the first half; nevertheless, the promise of general manufacturing demand, purchasing of building materials and fall runs of
implement makers is bright.
Expectations of an upturn in demand in the middle of September
approach the test. Meanwhile, in the face of specifications inferior to
production for almost 60 days, steel prices generally have held. Some
users have looked for soft spots as the sequel to slack buying. Iron
and steel scrap prices are less bullish, due more to expanding supplies
than melters' resistance. Coke purchases and prices are steady. Open.
market activity in semifinished steel is of no consequence, but a heavy
volume is moving in direct transactions.
Despite the holiday, specifications for steel bars have improved
both at Pittsburgh and Chicago. Demand continues below the level
of early July, but the downtrend may have been arrested. Alloy and
mild steel bars share this improvement. Plate mills at Pittsburgh
have been working off their backlogs, but at Chicago 14,000 tons of
fresh domestic and 2500 tons of foreign inquiry buoy the market.
Structural activity has been light, with added emphasis upon requirements of road and machinery builders for light sections. Heavy
finished steel is 1.95c, Pittsburgh.
Some makers of blue annealed sheets have been losing business on
account of delivery requirements, but mill backlogs of other grades
have been largely dissipated by August operations in excess of bookings. Some pressure upon autobody sheet prices is reported. Strip
steel requirements, especially of the automotive industry, are sharply
down from the level of 60 days ago. Makers of wire nails claim a
more steady price structure, but mill stocks, particularly in tlie West,
continue large. Manufacturers' wire is moving better than other lines.
Chicago district rail mills look for a good volume of secondary
buying this month, and for earlier placing of 1930 needs, enabling
them to maintain better production rates next quarter. Reading has
bought 30,000 tons of rails. New York Central railroad has ordered
35 oil-electric locomotives. Freight car awards are topped by 200
gondolas for the Central of New Jersey. New inquiry includes about
100 cars.
All August records for water shipments of Lake Superior iron ore
fell below the 10,806,967 gross tons moved last month. To Sept. 1
the 1929 movement of Lake Superior ore was 43,717,787 tons, also a
record. It is possible that the 1917 achievement of 66,658,466 tons in a
season will be surpassed this year.
Unusually good business is reported in the Pacific Northwest. In
July and August 31,000 tons of steel bars, plates, shapes and pipe was
placed, a volume half as great as the entire first half.
Most steel mills resumed Tuesday, following the holiday, but the
trend in some finishing departments continues slightly downward. In
the Mahoning Valley 46 out of 51 independent open-hearth furnaces
are active, the same as last week. Seven fewer sheet mills, or 106 out
of 120, are operating there. Ingot rate at Chicago is averaging 95%,
BITUMINOUS COAL.
The total production of soft coal during the week ended Aug. 21 1929.
Including lignite and coal coked at the mines, is estimated at 9.974.000
net tons. Compared with the revised estimate for the preceding week,
this shows an increase of 435,000 tons, or 4.6%. Production during the
week in 1928, corresponding with that of Aug. 21, amounted to 9,276.000
net tons.
Estimated United States Production of Bituminous Coal (Net Tons),
1929-1928
Cal. Year
Cal. Year
Week.
Week.
to Date.
to Date.a
EndedWeek
9 570,000 307,530,000
9,002,000 283,294,000
Aug. 10
1 595,000
1,632,000
1,500,000
1,504,000
Daily average
9,539,000 317,069,000
8,959,000 292,253,000
Aug. 17_b
1,590,000
1,631,000
1,493,000
1.504,000
Daily average
9,974,000 327,043,000
9,276,000 301,529,000
Aug. 24_c
1,662,000
1,549,000
1,632,000
1,505,000
Daily average
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. 24 (approximately 200 working days) amounts to 327.043,000 net
tons. Figures for corresponding periods in other recent years are given
below:
1928
1927
301.529,000 net tons 1026
340,208,000 net tons!1925
344,278,000 net tons
308,821,000 net tons
As already indicated by the revised figures above, the total production
the week ended Aug. 17
of soft coal for the country as a whole during
amounted to 9.539,000 net tons. This is a decrease of 31,000 tons, or
0.3%,from 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).
Vee, Ended
Aug. 18
Aug. 20
Aug. 10
Aug. 17
1927,
1928.
1929.
1929.
State
284.000
397,000
350,000
309,000
Alabama
35,000
34,000
26,000
25,000
Arkansas
151,000
183,000
116,000
125,000
Colorado
859,000
160,000
900,000
952,000
Illinois
303,000
273,000
287,000
268,000
Indiana
13,000
60,000
60,000
64,000
Iowa
43,000
(d)
37,000
(d)
Kansas
900,000
966,000 1,080,000
952,000
Kentucky-Eastern
452,000
256,000
197.000
229,000
Western
57,000
52,000
49,000
49,000
Maryland
14,000
11,000
15.000
14,000
Michigan
35,000
57,000
45,000
52,000
Missouri
57,000
54,000
54,000
57,000
Montana
53,000
57,000
40,000
49,000
New Mexico
14,000
17,000
11,000
12.000
North Dakota
316,000
154.000
456.000
467,000
Ohio
51,000
77,000
44,000
49,000
Oklahoma
Pennsylvania (bitumin.)- 2,526,000 2,640.000 2,226,000 2,330,000
102,000
101,000
100.000
102,000
Tennessee
17,000
28,000
18,000
20,000
Texas
73,000
65,000
87,000
70,000
Utah
224,000
233,000
243,000
238,000
Virginia
34,000
41,000
45,000
35.000
Washington
W. Virginia-Southern is. 2,032,000 2,133,000 1,931,000 2,162,000
639,000
700,000
866,000
683.000
NOrtherti_C
103,000
110,000
108,000
107,000
Wyoming
45,000
3,000
52,000
5,000
Other States
August
1923
Averagea
397,000
26,000
173,000
1.363,000
440,000
100,000
84,000
765,000
217,000
44,000
21,000
61,000
50,000
49,000
20,000
871,000
55,000
3,734,000
118.000
24,000
83,000
248.000
47,000
1,552,000
838,000
154,000
4,000
Total bituminous coal__ 9,539,000 9,570,000 8,959,000 9,104,000 11,538,000
Pennsylvania anthracite__ 1,113,000 1,104,000 1,416,000 1,574,000 1,926,000
10,652,000 10,674,000 10.375,000 10,678,000 13,464,000
Total all coal
a Average weekly rate for the entire month. b Includes operations on the N.&
W., C. & 0., Virginian. K. & M., and Charleston division of the B.& 0. c Rest
of state, including Panhandle. d Kansas included In "Other States."
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
Aug. 24 is estimated at 1,544,000 net tons. Compared with the output in
the preceding week, this shows an increase of 431,000 tons, or 38.7%•
Production during the week in 1928 corresponding with that of Aug. 24
amounted to 1,731,000 tons.
1522
[VOL. 129.
FINANCIAL CHRONICLE
Estimated Production of Pennsylvania Anthracite '(Net Tons).
-1929
1928
Cal. Year
Cat. Year
Week Endedto Date.a
Week.
to Date.
Week.
Aug. 10
1,389,000 43,486,000
1,104,000 43,485,000
Aug. 17_b
1,416,000 44,902,000
1 113,000 44,598,000
Aug. 24
1 544,000 46,142,000
1,731,000 46,633,000
a Minus one day's production first week in January to equalize number of days
in the two years. b Subject to revision.
BEEHIVE COKE.
The total production of beehive coke during the week ended Aug. 24
1929, is estimated at 120,500 net tons, as against 123,300 tons in the
preceding week:
Estimated Production of Beehive Coke (Net Tons).
1928
1929
Week Ended
to
to
Aug.24 Aug. 17 Aug.25
Dates
Date.
Region1928.
1929.1, 1929.c
Pennsylvania and Ohio
99,600 101,000 43,000 3,404,939 1,954,300
351,923
395,700
West Virginia
13,600
11,900
11,800
112,800
50,062
Georgia, Ky., and Tenn
2,500
1,500
160,300
180,529
4,900
Virginia
6,000
6,000
139,100
171.657
3,800
Colorado, Utah and Wash
3,000
3,000
United States total
120,500 123,300 67,800 4,159,110 2,762,200
13,674
20,590
Daily average
11,300
20,083 20,550
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision. c Revised.
Production of Coal in July Shows Increase.
The total production of bituminous coal for the country
as a whole during the month of July is estimated at 40,635,000 net tons, in comparison with 38,073,000 tons in June,
according to the U. S. Bureau of Mines. The average daily
rate was 1,563,000 tons in July and 1,523,000 tons in June.
The production of Pennsylvania anthracite decreased from
5,069,000 net tons in the month of June to 4,993,000 tons in
July. The average daily rate decreased from 203,000 tons
in June to 192,000 tons in July.
Below are given estimates of production of bituminous coal
by States for the month of July. The distribution of the
tonnage is based in part(exceptfor certain States which themselves furnish authentic data) on figures of loadings by
railroad divisions, furnished the Bureau of Mines by the
American Railway Association and by officials of certain
roads, and in part on reports made by the U. S. Engineer
office.
ESTIMATED PRODUCTION OF COAL BY STATES IN JULY(NET TONS).a
Month ofJuly 1929. June 1929. July 1928. July 1927. July 1923.
Alabama
1,274,000 91,194,000 1,301,000 1,325,000 1,621,000
104.000
95.000
140,000
Arkansas
70,000
100,000
536,000
691,000
634,000
Colorado
436,000
496,000
358,000 5,284,000
Illinois
3,860,000 3,420,000 3,215,000
892,000 1.878.000
Indiana
1,840,000 1,170,000 1,000,000
44,000
365,000
228,000
Iowa
225,000
246,000
151,000
318,000
110,000
Kansas
148,000
177,000
Kentucky-Eastern
3,926,000 93,685.000 3,887,000 3,928,000 3,059,000
843,000
980,000 1,971,000
Western
763,000
848,000
211,000
176,000
200,000
Maryland
196,000
196,000
70,000
62,000
45,000
Michigan
50,000
56,000
242,000
151,000
237,000
Missouri
230,000
218,000
131,000
171,000
192,000
Montana
200,000
178,000
174,000
218,000
New Mexico
205,000
210.000
185,000
31,000
60,000
34,000
North Dakota
50,000
48,000
624,000 3,559,000
Ohio
2,040,000 1,830,000 1,239,000
247,000
202,000
205,000
190.000
Oklahoma200,000
Pennsylvania (bitum.) 11,350,000b10,916,000 9,365,000 8.853,000 15,332,000
470,000
426,000
425,000
Tennessee
454,000 9430,000
103,000
99,000
75,000
64,000
Texas5o,00o
363,000
318,000
Utah
277,000
253,000
240,000
985,000 1,022,000
998,000
Virginia
1,005,000
980,000
152,000
164,000
170,000
Washington
166,000
146,000
West Virginia-South'n(c) 8,624,000 8,140,000 7,769,000 8,202,000 6,480,000
Northern (d)
2,984,000 2,814,000 2,956,000 3,119,000 3,458,000
352,000
477,000
Wyoming
386,000
350,000
387,000
17,000
15,000
Other States (e)
16,000
5,000
5,000
Total bituminous coal__40,635,000 38,078,000 36,276,000 33,505,000 46,707,000
Pennsylvania anthracite__ 4,993,000 5,069,000 4,475,000 4,993,000 8,136,000
Total all coal
45,628,000 43,142,000 40,751,000 38,498,000 54,843,000
a Figures for 1923 and 1927 are final. b Revised. c Includes operations on the
N. & W.; C. & 0.; Virginian; K. & M., and Charleston division of the B. & 0.
d Rest of State, including Panhandle. e This group is not strictly comparable In
the several years.
Current Events and Discussions
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of.reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
Reserve Board proceeds as follows:
New York statement, of course, also includes the brokers'
All of the Federal Reserve Banks except Boston and Chicago reported
Increased holdings of discounted bills, the principal increases being 862,- loans of reporting member banks. The grand aggregate of
400,000 at New York 810,800,000 at San Francisco and 88,100,000 at these brokers' loans the present week has increased $137,Kansas City. The Federal Reserve Bank of Chicago reported a decrease
of 824,300,000 and Boston a decrease of 86,500.000. The System's hold- 000,000 more, for the third week in succession establishing
ings of bills bought in open market increased 826,400,000and of Treasury a new high record in all time. The present week's increase
certificates of 13,300,000.
of $137,000,000 follows an increase last week of $132,000,000
All Federal Reserve Banks except Cleveland show an increase in Federal
and an increase of $133,000,000 two weeks ago. The present
reserve note circulation, the increase for the System being $53,900,000.
weeks' total of these brokers loans at $6,354,000,000 comThe statement in full, in comparison with the preceding
pares with $4,289,000,000 on Sept. 5 1928.
year, will be
week and with the corresponding date last
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
found on subsequent pages-namely, pages 1557 and 1558.
New York.
A summary of the principal assets and liabilities of the ReSept. 4 1929. Aug. 28 1929. Sept. 5 1928
$
7 546,000,000 y,383,000,000 7,038,000,000
serve banks, together with changes during the week and the Loans and investments-total
year ended Sept. 4, is as follows:
5,853,000,000 5,688,000,000 5,266,000.000
Loans-total
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Sept. 4, made public by the Federal Reserve Board, and which deals with the results for the twelve
Reserve banks combined, shows increases for the week of
$72,400,000 in holdings of discounted bills, of $26,400,000 in
bills bought in open market and of $3,700,000 in holdings of
U. S. securities. Federal Reserve note circulation increased
$53,900,000 and member bank reserve deposits $14,600,000,
while cash reserves declined $32,800,000. Total bills and
securities were $102,500,000 above the amount reported for
the previous week. After noting these facts, the Federal
Increase (-I) Or Decrease (-)
On securities
During
All other
Year.
Week.
Sept. 4 1929.
Investments-total
$
$
Total reserves
U. S. Government securities
3,116,197,000 -32,841,000 +388,900,000
Other securities
Gold reserves
18,731,000 +334,219,000
2,943,368,000
-80,276,000 Reserve with Federal Reserve Dank
Total bills and securities
1,394,012,000 +102,450,000
Cash in vault
-34,101,000
Bills discounted. total
1,046,016,000 +72,389,000
Net demand deposits
Secured by U.S.Govt.obliga'ns_ 541,074.000 +71,678,000 -110,958,000
Time deposits
Other bills discounted
+76,857,000 Government deposits
+711,000
504,942,000
Bills bOUght in open market
182,916,000
+26,402,000
-3,880,000
U. S. Government securities, total. 148,980,000
Bonds42,722,000
Treasury notes
91,412,000
Certificates of Indebtedness
14,846,000
+3,659,000
+44,000
+339,000
+3,276,000
-57,405,000
-11,161,000
+4,386,000
-50,830,000
Federal Reserve notes In circulation...1,883,267,000
+53,895,000
+182,232,000
Total deposits
Members' reserve deposits
Government deposits
+26,498,000
+14,578,000
+11,303,0W
+68,429,000
+46,833,000
+19,757,000
2,374,006,000
2,320,176,000
28,703,000
2 944,000,000 2,819,000,000 2,576,000,000
2 908,000,000 2,867,000,000 2,090,000,000
1,603,000.000 1,697.000,000 1,772,000,000
943,000,000
750,000,000
946,000,000 1,025,000,000
751,000,000 747.000.000
717,000,000
52,000.000
702,000,000
51,000,000
686,000,000
53,000,000
0,000 5,106,000,000 5,110,000,000
5,230.00
1 206,000,000 1,189,000,000 1,172,000,000
3,000,000
9,000,000
16,000,000
Due from banks
0
85,00 .000
84,000,000
86,000,000
Due to banks
885,000,000 820,000,000 035,000,000
Borrowings from Federal Reserve Bank _
217.000. 0 153,000,000 260,000.000
00
Loans on securities to brokers and dealers
1103,000,000 992,000,000 907,000,000
For own account
For account of out-of-town banks_ _.1:784 000 0 0 1,756,000,000 1,522,000,000
0
: :
3,467,000,000 3,468,000,000 1,861.000,000
For account of others
Total
On demand
On time
6.354,000,000 6,217,000,000 4,289,000,000
6,005,000,000 5,872,000,000 3,482,000,000
349,000,000 345,000,000 807,000,000
SEPT. 7 1929.]
FINANCIAL CHRONICLE
Chicago.
Sept. 4 1929. Aug. 28 1929. Sept. 5 1928.
Loans and investments—total
2,037,000,000 2,046,000,000 2,032,000,000
Loans—total
1,643,000,000 1,650,000,000 1,567,000,000
910,000,000
733,000,000
Reserve with Federal Reserve Bank_
Cash In vault
396,000,000
464,000,000
162,000,000
234,000,000
171,000,000
16,000,000
U. S. Government securities
Other securities
845,000,000
722,000,000
162,000,000
232,000,000
Investments—total
925,000,000
725,000,000
394,000,000
On securities
All other
175,000.000
15,000,000
1,258,000,000 1,251,000,000
675,000,000 670,000,000
3,000,000
1,000,000
Net demand deposits
Time deposits
Government deposits
162,000,000
316,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
• Revised.
144,000,000
298,000,000
1,000,000
23,000,000
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. 7 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
There has been considerable discussion during the week regarding the
181,000,000 drought which is being felt in some sections, but the general opinion is
17,000,000 that the season is as yet not advanced far enough for the drought to
serious effect upon the coming spring crop. The Government
1,245,000,000 have any
678,000,000 estimates that the area sown to 1929-30 crops is as follows: Wheat,
8,000,000 7,700,000 hectares; flaxseed, 2,900,000 hectares; oats, 1,500,000; barley,
590,000 hectares; rye, 518,000 hectares; birdseed, 23,000 hectares; a total
160,000,000
341,000,000 of 15,200,000, or 6.5% less than during the previous year.
AUSTRALIA.
42,000,000
210,000,000
255,000,000
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 8135,000,000 on Jan. 2,
which recently merged with a non-member bank.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Aug.28:
London balances of Australian banks have been replenished by the
transfer of one million in gold to London. Considerable opposition to the
recently proposed amusement tax has developed and the new customs
regulations are proving particularly burdensome, especially with respect
to the new duty on American heavy motor trucks. The Australian
National Airways announces that a daily service between Brisbane and
Melbourne will be inaugurated in November.
BRAZIL.
General business is improving slightly with considerable optimism
prevalent and it is believed that the run of important failures is nearly
over. Money is slightly tighter, probably because the Bank of Brazil
is stopping credit on Minas coffee. On the whole the exchange market
has been quiet and so has the coffee market, except there has been a
slight rise in January and February options for the latter commodity.
Report for the first half of 1929 amounted to 46,017,000 pounds sterling
and imports to 44,914,000 pounds sterling. The favorable balance of
trade being 1,103,000 pounds sterling, as compared with 5,452,000 pounds
sterling for the corresponding period of 1928.
CANADA.
Trade conditions in eastern Canada range from fair to good while
reports from the Prairie Provinces are encouraging. Canadian imports
during July, valued at $114,201,000, were 10% higher than in July,
1923. Exports, however, valued at $102,219,000, declined 16% in the
same period.
Automobile tires and tubes were shipped to 90 different countries; the
total tire shipments increasing 37% in quantity and 17% in value over
July of last year and inner tubes increasing 19% in quantity but
decreasing 11% in value.
July production of pig iron, at approximately 100,000 long tons,
reached the highest monthly figure of this year, being 11% over June
and 5% over July, 1928. The output of steel ingots and castings,
amounting to nearly 130,000 tons, was 9% above that for June and 57%
above July of last year. The pig iron market is steady, with indications
that the summer lull is terminating.
Employment on August 1 established a new high level at an index
number of 127.8, as against 124.7 for the preceding month and 119.3
for a year previous. The largest employment increases were shown in
construction and manufacturing lines, while the tendency in mining
and in communication services is favorable; employment in logging has
in trade and water transportation.
been seasonally quiet with a decline
The most noteworthy improvement took place in the Maritime and
Prairie Provinces.
CHINA.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 101 leading cities on Aug. 28 shows a decline for the week
of $18,000,000 in loans and investments and of $80,000,000 in net demand
deposits, an increase of $46,000,000 in time deposits, and a small decrease
in borrowings from Federal Reserve banks.
pi Loans on securities increased $12,000.000 at all reporting banks, $42,000,000 in the New York district and 86,000,000 in the San Francisco
district, and declined $33,000,000 in the Chicago district and $10,000,000
in the Cleveland district. "All other" loans show a small increase for the
week, a reduction of 88,000.000 in the Boston district being offset by increases Inmost of the other districts.
Holdings of United States Government securities declined 811,000,000
in the New York district and $16,000.000 at all reporting banks. Holdings
of other securities declined $11,000,000 in the New York district and $14,000,000 at all reporting banks.
Net demand deposits, which stall reporting banks were $80.000,000 below
the Aug. 21 total, declined $38,000.000 in the Chicago district, $16.000.000
in the Boston district, $12,000,000 each in the New York and Cleveland
districts and $6,000,000 in the San Francisco district, and increased S9.000,-000 in the St. Louis district. Time deposits increased $39,000.000 in the
New York district and 846,000,000 at all reporting banks. Government
deposits declined $7,000,000.
lp, The principal changes in borrowings from Federal Reserve banks for the
week comprise increases of 88,000,000 at the Federal Reserve Bank of
Now York and of 85,000,000 each at St. Louis and Minneapolis, and decreases of $8,000,000 at Chicago. 86,000,000 at San Francisco and $5,000,000 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
Aug. 28 1929 follows:
Increase (+) or Decrease (—)
Since
Aug. 28 1920. Aug. 21 1929.. Aug. 29 1923.
$
$
S
—18,000,000 +689,000,000
Loans and investments—total.......22,405,000,000
16,950,000,000
+12,000,000 +1,159,000,000
Loans—total
7,521,000,000
9,429,000,000
+11,000,000
+1,000,000
+781.000,000
+378,000,000
5,456,000,000
—29,000,000
—469,000,000
U. S. Government securities... 2,707.000,000
2,748,000,000
Other securities
Reserve with Federal Res've banks 1,663,000,000
238,000,000
Cash in vault
—16,000.000
—14,000,000
—196,000,000
—274,000,000
+13,000,000
+2,000,000
+9,000,000
—8,000,000
12,984,000,000
6,766.000,000
37,000,000
—80.000.000
+46,000,000
—7,000,000
+155,000,000
—73,000,000
—81,000,000
1,032,000,000
2,540,000,000
—7,000,000
—16,000,000
+30,000,000
—187,000,000
685,000,000
—2,000,000
—102,000,000
On securities
Au other
Investments—total
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks.
• Aug. 21 figures revised.
1523
Conditions in the Shanghai area present no material change from
last week. A national law has been promulgated definitely placing the
administration of highways under the Minister of Railways, with
provincial highways administered by boards of construction in each
province. Each provincial board of construction will henceforth be required to maintain a supply of motor car parts for facilitating the
servicing of motor bus transportation companies. Heavy rains in South
Manchuria on August 6 have practically destroyed crops in the Lisa
River area. Crops in other sections of South Manchuria were only
slightly affected. North Manchurian crops are better than normal
except in the Hailar district, which are reported poor.
DENMARK.
The recent improvement in Danish business conditions was in general
well maintained during August and although a certain seasonal recession
occurred during the month, the undertone remains favorable. The outlook is particularly encouraging for the Danish farmers as a result of
harvesting of bumper crops and continued high exports, high production,
and favorable prices for agricultural products. Bacon exports are notably
heavy and apparently may be expected to increase as the latest census
shows a 10% increase in number of hogs as compares with 1928. The
industrial situation reveals no outstanding changes but production is
appreciably higher than a year ago. Unemployment, while still a major
problem, shows further reduction and at the close of August was
estimated to number only 27,000 which is the lowest for the month in
the past several years. Shipping is well occupied and there is no idle
tonnage. The disturbed conditions in the principal financial centers of
the world apparently have not affected the Danish money market except
through repatriation of Danish bonds. Money is relatively easy and
financial conditions show stability and strength.
JAPAN.
In efforts to encourage trade with Asia, the Yokohama Specie Bank, at
the suggestion of the Minister of Finance, reduced its interest rates on
/
export bills for Asiatic countries to 51 .,% from 6%, effective August 27.
The Japanese Cabinet announces that the budget for the next fiscal year
yen below this, the last Seiyukai budget.
will be reduced by 100,000,000
MEXICO.
Conditions in the textile industry are reported much improved, production and sales having increased from 15 to 20% during July.
Increased buying of textiles and shoes generally occurs prior to the
celebration of Mexican Independence Day on September 16, and it is
expected that sales of these goods will continue strong into September.
Credit conditions have been improving slowly since the revolution during
1524
FINANCIAL CHRONICLE
March and April when interest rates ran as high as 18%. A few loans
have been reported during recent weeks at rates as low as 8%, but the
policy of the banks with respect to loans is still very conservative and
the majority of loans are made at higher rates.
NORWAY.
Summer dullness characterized Norwegian business activity during July
without noticeably affecting industry, which operated at practically the
same capacity as in July. Seasonal occupations decreased unemployment
which, at the close of July, was estimated at 12,400 in comparison with
14,500 on June 15. There was no change in the freight market. Small
cargo steamers are in demand especially for timber cargoes. Fairly good
rates are also being obtained for time characters for steamers of 2000 to
4000 tons registry. Large steamers are having difficulty in securing
sufficient cargo. Tank tonnage continues in good demand. Several wage
agreements have been concluded recently, indicating a tendency toward
settled labor conditions. The stock market is quiet and the banking
situation shows no marked change.
PANAMA.
With the exception of collections which are reported to be slow and
which are expected to remain so until October, no change has been noted
in business conditions. Government revenues during the period from
August 1 to 24 were approximately $60,000 greater than during the
first 24 days of July. Widespread interest has been created by press
dispatches to the effect that a tourist syndicate is fostering the establishment of a pleaure resort and is planning the construction of a large
tourist hotel, casino and race track. Air mail and passenger service
between Cristobal and Buenaventura, Colombia, were inaugurated by
Scadta Company on August 30. The Government has sign,c1 a contract
to purchase 120 hectares of land near the city of David for the construction of a new airport.
UNITED KINGDOM.
British commercial conditions on the whole are on a level perhaps
slightly better than they were a year ago. In some cases, notably in
the coal and the iron and steel trades, conditions are considerably better
than they were at this time last year. Unemployment figures indicate a
steadiness of industry, but they show no signs of any considerable revival
in the near future. The number of workpeople registered as seeking
employment stood at 1,162,000 in Great Britain and 33,500 in Northern
Ireland on August 19 as compared with 1,308,000 and 47,000, respectively, a year ago. Work was resumed in the Lancashire cotton industry
on August 19 and subsequently the wage arbitration board awarded a
reduction in wages equal to one-half of the decrease demanded by the
employers. There is, however, a general belief that a drastic reorganization of the cotton industry is necessary in order to improve cotton
trade conditions.
Railway receipts and shipping freights were both higher in July than
in June or July of last year. Overseas trade returns for July were
satisfactory but imports of raw materials reflected the seasonal recession
in industrial activity. Fall and winter industrial developments arc considered to be largely contingent upon the ability of banks to provide
adequate credit. Gold exports have continued but the bank rate remains
at 5%70 although an increase is expected unless the gold situation
radically changes. Retail trade has been unusually good for the summer
season.
Iron and steel market conditions are practically unchanged, with midsummer slackness less pronounced than usual at this time of the year.
Allowing for seasonal influences, the coal trade is fairly satisfactory
with the position considerably improved in the Scotland, Northeast coast,
and South \Vales districts. Domestic demand is improving and export
inquiries are more active. Engineering trades are steady. The electrical
equipment industry is working full-time and returns indicate an improvement in both domestic and export business. Considering seasonal conditions, automotive sales are well maintained. Business in chemicals is
about normal for this time of the year and prices are generally steady.
Seasonal slackness affects the shoe and leather trades.
The Department's summary also includes the following
with regard to the Island possessions of the United States.
PHILIPPINE ISLANDS.
The favorable undertone in the Philippine textile market, reported
last week, continues, although ordering is slow. The credit situation has
improved with regard to the textile trade, which is a healthy sign, but
normal ordering of textiles is not anticipated for a month or six weeks.
In general business lines, the commencement of Christmas ordering is
creating some activity, but on the whole business continues seasonally
slack. The local abaca market is listless, on account of lack of foreign
demand, exempt for a few speculative transactions on the London market.
Receipts last week were fairly high, totaling 26,131 bales and equal
arrivals for this week are anticipated. Receipts last week, however,
were offset by exports of 39,443 bales, of which 17,132 bales went to the
United States. Stocks of abaca at export ports on August 26 amounted
to 231,568 bales. Prices of all grades are nominal, as sellers are not
interested at the following levels offered: Grade E, 27 peso; per picul of
139 pounds; F, 25; I, 24.30; JUS, 21.75; Juk, 17; and L, 14.75. (1 peso
equals $0.50.) The copra market of the past week was active and all
oil mills are operating. Today's prices for warehouse grade resecado,
f.o.b, steamer, are Manila, 10.625 pesos per picul; Cebu, 10.375; Legaspi,
10.25; and Hondagua, 10.125. Arrivals of copra at Manila to August 27
totaled 415,101 sacks, and arrivals at Cebu to August 23, amounted to
245,890 sacks.
Gold and Silver Imported into and Exported from the
United States by Countries in July.
The Bureau of Foreign and Domestic Commerce of
the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during the month
of July 1929. The gold exports were only $806,828. The
imports were $35,525,490, of which $20,679,701 came from
Argentina, $9,739,528 came from United Kingdom, and
$2,669,712 came from Canada. Of the exports of the metal,
$353,859 went to Mexico, $220,000 to Java and Madura
and $200,000 to Venezuela.
[VOL. 129.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
GOLD.
Total.
Countries.
Exports
Dollars
Imports
Dollars
SILVER.
Refined Bullion.
Exports
Ounces
Imports
Ounces
Total (Incl. Coin).
Exports
Dollars
Imports
Dollars
Denmark
150
France
1,480
1,658
Germany
•
131,508
250,278
Italy
1,364
2,178
Norway
8,040
133,988
Spain
1,804
2,807
United Kingdom
9.739,528
Canada
12,969 2,669,712
50,753 187,581 661,460
112,521
Costa Rica
34
18
18,380
Honduras
219,842
114,964
21,425
Nicaragua
3,296
3,694
22,286
Guatemala
16,575
Mexico
4,045,654 141,350 3,219,166
353,859 1,381,497
Trinidad & Tobago
3,360
20,000
38,548
Other Brit. W. I__
200
330
Cuba
342
6,385
Haiti, Republic of
3,980
269
Argentina
1,790
20,679,701
3,215
Chile
142,335
28,407
Colombia
8,273
293
494
156,323
15,214
Ecuador
4,302
108,482
Peru
441,906
127,829
Venezuela
200,000
16,693
British India
553,490
1,056,281
China
32
61 4,041,613
74,536 7,717,345
Java and Madura_ 220.000
32,948
58,543
97,369
Philippine Islands_
4,898
278,632
Bong Kong
1,725,905
3,271,422
New Zealand
22
42
23,490
Belgian Congo_
12,575
1,896
Union of So. Africa
6,793
4,339
Total
806,828 35,525,490 12,426,276 4,378,719 6,795,100 4,723.359
Prime Minister Ramsay MacDonald of Great Britain
Before Assembly of League of Nations at Geneva
Says League Must Solve Problem of Disarmament
-Situation in Palestine.
Prime Minister Ramsay MacDonald, addressing at
Geneva, on September 3, the Assembly of the League of
Nations, declared that "with undivided mind, this League
must bend itself to solve this problem of disarmament."
He indicated that the Anglo-American conversations which
have taken place between himself and Charles G. Dawes,
United States Ambassador to Great Britain, have developed
to the extent that but three out of twenty points still
remain to be settled, and he stated that an announcement
of an agreement might be made before the Assembly would
come to an end. "What we want," he said, "Is to get an
agreement which, having been made, can be a preliminary
to the calling of a five-power Naval conference." Among
other things, the Prime Minister stated that he was in a
position to announce that "my Government has decided to
sign the optional clause." This clause of the World Court
(notes the copyright cablegram from Geneva to the New
York "Herald Tribune") obligates the signatory State to
refer all disputes otherwise unsettled to The Hague Tribunal
for arbitration. Each of the Dominion Governments also,
he believed (continues the cablegram), was ready to sign
at the present session, but they would make their own statements on the subject. Mr. MacDonald urged that other
nations would take the same step so that this meeting, the
tenth ordinary session of the Assembly, might come to be
known as the "optional clause Assembly."
The Prime Minister's speech, as contained in a special
cablegram to the New York "Times," follows:
Mr. President: I stand in front of this most distinguished Assembly
after an interval of five years. During that time, Sir, many changes
have taken place, nearly all of which have been for the advancement of
peace and the strength and authority of this League.
Them is nothing that strikes me with more pleasure, standing as I do
in front of you now, than the fact the benches which were empty in 1924
have been filled in 1929 and Germany is present to take part in our
deliberations.
Sir, there is one sad thought that comes to my mind, and that is that
one of the most distinguished servants of this League and this Assembly, a
man upon whom those of us who are confined in our expressions to a
solitary language, have aften had to lean most heavily and thank moss
gratefully. I refer to Mr. Camerlynck, cur translator, who is no longer
able to render the distinguished service he was rendering when I last
spoke.
But what we have to do now, after all the changes that have occurred
in five years, is only concerned with the work of developing the authority
of the League of Nations and laying broader and more securely than ever
the foundations of international peace.
In 1924 the subject which Great Britain brought before this League
was known as the protocol. The idea then was this: That if we could
establish security
-a sense of security among the peoples of the world
then those peoples would willingly and without any resistance walk upon
peace. Upon that point we shall return again and again.
The Problem of Smithy.
The problem of the League of Nations is the problem of security, and
security as we saw it in 1924 was very largely a problem in psychology.
As long as nations doubt, as long as nations suspect, then it is absolutely
impossible for us to do what we may to get them to accept the settled
conditions of peace which alone enable them to proceed in a satisfactory
way to solve problems like that of disarmament.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1525
the conversations in which America and ourselves have been engaged are
in no way directed against anybody, are in no sense a conspiracy against
anybody.
With the widest stretch of the most malign imagination those conversabeen
tions cannot be represented at all except as conversations that have
taking place between two powers who, by coming to an agreement between
wish to throw that agreement into the world as a
themselves, first of all,
healing and helpful lead to the rest of the world.
iVil/ Not Arm Against Us.
the United States
The problem of armaments is not a problem between
to build up
and ourselves. The British Government declines absolutely
against the United States, and the United States can take that—I think
the word of the
I might call it—as a last word, because it is not only
the ConservaLabor Government; it is also the word of its predecessors,
tive Government.
an agreement which, having been made,
But what we want is to get
naval conference, the
can be a preliminary to the calling of a five power
and we being as free
Never Doubted Success.
other powers being as free to put in their proposals,
taken place between
would fail or could fail.
to negotiate with them as though no conversations had
Personally, I never believed the conference
self-respect.
America and ourselves. And the only value of these conversations when
Our attitude was prompted by .our
called is that we ourselves will not be
finish of the military opera- the five-power conference is
Great Britain, again and again since the
of its willingness to share required to look to each other; this agreement has been made by us as
tions of the war, has given ample evidence
Europe by the war. We made no free agents to promote naval disarmament of the whole world.
generously in the burdens left upon
agreement has gone
our being enemies.
Our conversations have not yet been ended, but the
profits, either from our being allies or from
it will take and can say
that all lasting international agreements roust be very far. I do not quite know what form
We had the conviction
and that no lasting agreement
at the moment that would in any way hamper President Hoover
based on equity and mutual consideration, good will and co-operation can nothing
document that would have
in his work, but I think we might produce a
is going to mark a new departure in
that
the force of a temporary and something like twenty points of agreement in it—a very comprehensive
be written by force in any form, not even
out for a document
document. We are not out for small things; we are
transitory majority.
agree to naval ratios.
temporary disagieeinent and misunderstanding of the which will establish peace as well as
Momentary and
League of Nations—to
not only not survive the settlement,
It will be a very great pleasure to you—to the
nature we found at The'Hague will
relations, and it will be found know that if I say it runs to twenty points, there are only about three
on the contrary, will strengthen good
but,
those who were on opposite sides of the twenty outstanding at the present moment.
here and in our subsequent relations that
ace sitting side by side and co-operatHopes for Early Announcement.
during certain periods at The Hague
Europe.
ing in the further pacification of
possible to have made
I did hope at one time that it might have been
Tribute to Hague Peacemakers.
announcement of the results here. I am not all sure—I make
of definite
without paying a special tribute
to go unreasonably
I cannot pass from The Hague
no promise and please do not allow your expectations
who were the peacemakers
gratitude and obligation to those good people
high—but I am not at all sure that even if an announcement cannot be
us together and bring us together; who made before I must leave, an announcement of an agreement may be made
and who did their best to keep
spirit of fair play should never
did their best to secure that the idea and
before this Assembly will come to an end.
shillings and pence.
and since
be obscured while we were haggling over pounds,
We want to make further contributions than that, however,
of them all, I am
Government came into office we have been considering what we could
And the leader, the chief, the symbol and representative
Prime Minister of our
I call
sure there will be universal agreement, was M. Jaspar,
do at this Assembly in order to advance, in order to build up what
Belgium, who presided over the proceedings.
the foundations for a pact of peace.
consider the effect of a pact of peace upon the
that will arise from The Hague will be
The agreements and treaties
I would like you to
proud
signed, I hope, in a few weeks. But in any event, it surely must be a
assumptions of certain clauses of the covenant of the League of Nations
it was
from
moment for all of us to know that next week, five years before
because it would be all too good if we pruned out the dead wood
[from
thought to be possible, the first of the battalions will march out
the covenant.
ideas in the
There were certain clauses, certain assumptions, certain
the Rhineland] facing homeward, never to return again.
In 1924 there was the London agreement, leading to Locarno, thence background of our minds when the Covenant was drafted which already
in the front bench here [Germans]. represented a dead age. In order to make this pact effective I would
leading to the presence of my friends
In 1929 there was The Hague conference, leading to further conquests of draw your attention especially to Clauses 12 and 15 of the Covenant to
relation to
peace.
see whether we could not bring that very old document in
It is a happy, it is a hopeful, it is an encouraging prospect that the certain things that have happened since, right up to date. However, that
the League, will come before you in another day.
meeting of this Assembly faces. We meet here as members of
in the spirit of the League, and with unruffled friendship and unreserved
Human Nature a Factor.
co-operation we are facing political and economic problems that are
Difficulties will
But the foundation of peace, we say, is arbitration.
to give trouble to Europe.
likely
that my friend Premier Briand,
arise between us. I am perfectly certain
;Vents More Than Paper Pact.
the more hectic moments at The
and others who were present at some of
We began, as I have said, with the pact of peace. The British Govern- Hague, must have been very sensible of the fact that, in accordance with
I am speaking for the
difficulties will still arise among
ment, I am sure, as well as everyone else—but
the laws of creation and human nature,
British Government—Is desirous OW that pact shall not only be a declara- the most peaceable and most friendly people, and the problem is, and the
on paper but shall be translated into constitutions and institutions problem will remain exactly what it was before; how to secure, with the
tion
reach proportiorF
that will work for peace in Europe.
limitations of human nature, that no disagreement can
And let us remember—those of us who carry very heavy burdens of
it on to the war stage, defying all judicial settlement.
us who do not dare to put our that will, carry
responsibility upon our shoulders, those of
That is our problem.
signatures to agreements unless they have been examined carefully and
Therefore, we have been bending our attention during the brief weeks
found to be right—let us who have those responsibilities on our shoulders
and conciliation.
we have been in office to the question of arbitration
remember this, that the peoples of the whole world ask us to go ahead;
that my Government has
And I am in a position to announce to you now
now
the peoples of every nation desire us to be quick in action, because the
to sign the optional clause. The form of our declaration is
peoples of the whole world want to close forever the old military chapters decided
It will be completed and put in during the present
which will be brighter and more hopeful being prepared.
of Europe and begin new ones
Assembly.
in their prospects.
Further, the Government has consulted His Majesty's Governments of
Disarmament League's Problem.
the other parts of the British Commonwealth of Nations, who are also
believe each of them will instruct its
So, with undivided mind, this League must bend itself to solve this members of this League, and I
representatives in this Assembly to sign the clause during this Assembly.
problem of disarmament.
and their position here, they will
Disarmament, progress toward disarmament, the agreements between But in accordance with their rights
nations that mean reduction of existing standards of armaments, undoubt- make their own statements on the subject
May I express the hope, Mr. President, that the other nations will
edly measure the progress we have already made in peace-making like a
meeting, the tenth ordinary
barometer. Yes, but they do more than that. Whilst measuring progress, range themselves with us on that, so that this
session of the Assembly of the League, may be known as the Optional
they also make further progress possible.
Disarmament does not follow only on successful peace negotiations; Clause Assembly.
There Is a third set of practical activities, all inspired by the spirit of
disarmament makes successful peace negotiations more possible than under
the League, that we are pursuing. You will have seen in the press that
military systems.
will put
Our people will never feel comfortable; our people will never be able to we have offered an agreement to Egypt, the effect of which
trust common sense—ordinary sound, human common sense—until you Egypt in a position to apply for membership in this League.
The contribution we are making by this action, I think, is a very
and I and all of us together, by co-operative enterprise, have substantially
not only peace
reduced the risks of war. And one of the greatest risks of war is that important one. If you want peace, you must remember it is
between the European nations, you must get peace between France, Gersome of us—all of us—are still too heavily armed.
to carry
Therefore, the British Government will do everything it possibly can to many, Great Britain, Belgium, and so on. That is only going
the way.
hasten preparation for a disarmament conference. It would urge the us a small way, but the important, the essential part of
Yes, any friends, there are much more intricate problems bound up in
commissions—the priparatory commission and the others—not to face
that. There is an Old World, old in
their problems in a mentality of the possibility of war because they will the maintenance of peace than
old in religion„ old in culture,
never go very far if that is how they face their problems. It would civilization, old in philosophy,
in those material powers that
urge them to face them on the assumption that the risk of war now which hitherto has been weak
But that Old World,
the Western peoples.
breaking out is far less than the hope of peace being permanently observed. have characterized
now become awake and is now
What we have to do with our military advisers is to ask them to remem- wrapped in slumber as we thought, has
national self-respect which is taught and
ber that there is just as much security in political agreement as there is beginning to understand that
tutored very largely by us. It is bringing our own ideas home to us,
in a regiment of soldiers or in a fleet of battleships.
is asking us to honor the effects of our own action
borne by its hands, and
Working for Definite Results.
and grant it, not by charity but because our own hearts are enlightened
The British Government desires, and is now working at the production of by the freedom we have been nourishing and nurturing for ourselves for
actual, definite results. Our special contribution to this and our first so many genrations.
The great danger of war, then, is this—that we may be too long in
contribution to this must be in the field of naval armaments and must be
recognized by every one—every one who has entered into the very difficult performing this act of recognition; that we, by our delays, by our halfthe best preliminary to a heartedness, by our lack of courage, may accumulate forces in the political
and very intricate problem that it presents—that
successful international issue on that is an agreement between America life of those nations that will present to us, not a request, but an ultimatum, that will make ita requests in such a way that if obstacles can be
and ourselves regarding our own position.
I hope, when I say this, that it will arouse neither jealousy nor suspicion placed in the way of granting them they will be placed in the way of
In the hearts of other nations. May I ask them to take it from me that granting them.
The pact of peace has
Since 1924 we have started upon another road.
starting point for further
been signed at Paris, and that pact is now the
work.
about castles in the air,
A very witty Englishman once said, remarking
that what men on earth
that the right place for castles was in the air and
that the castles might
to do was to build up foundations in order
ought
be supported.
still a castle in the air, and
To a certain extent the pact of peace is
build up the foundations to
the Assembly of the League is going to
support this castle.
that has been made to
Now, one of the most substantial contributions
has just been held at The
our task is the work of the conference that
everybody who contributed
Hague, and I wish to congratulate most heartily
some day-to-day events
to the success of that conference. There were
there were disagreements
which obscured the issues of that conference;
moments blinded us as to the
about the distribution of annuities which for
Hague.
real issues that were being settled at The
1526
FINANCIAL CHRONICLE
We say, "make peace while there is still time to do it with honor and
self-respect." In that way peace will come not as a result of war, not as a
result of a challenge, but peace will come with all the glowing beneficence
of a new day supplanting the old night.
Wants Confidence of East.
And so what we want to do in making our contribution in the nature
of an agreement with Egypt is this: We want to give those nations full
confidence in negotiation and in reason. Never ought we put the Great
East into a position where it says:
"Our only chance of becoming free from undertakings that are too old
to be observed now is to tear them up in the faces of those with whom we
made them."
That is the danger of war between one side of the world and the other,
and by meeting that problem in time we will extend the realm of peaceful
negotiation, resulting ia the liberties of the peoples of the earth. We will
snake allies instead of enemies when these peoples get free.
The same idea applies to minoritties in the large countries. I hope
everybody recognizes that the problem of minorities is a problem of
mental comfort of peoples living under a composite state. You can
cut and you can carve Europe as finely and with as great intricacy
as you like, you never can produce nations that are unitary as far as
race and tradition are concerned. In the end, when you have done your
best, you have got to have composite states and the great privilege of the
majorities should be to show their wisdom by making minorities within
their political borders comfortable in themselves and proud of their
political allegiance.
A similar argument and line of thought are found in regard to mandates. When the idea of mandates was put into the Covenant of the
League of Nations it was clearly understood that a nation accepting a
mandate accepted international responsibility. I am sure the members
who are good enough to listen to me will expect me, in referring to mandates, to give some assurance about the situation in Palestine.
I believe I am speaking the mind of every national representative in
the Assembly when I say we offer to the victims of the recent events
in Palestine and to their relatives and their families our sympathy, and
assure them of our support.
There is no racial conflict in what happened in Palestine the other
day; it was a situation In which the leaders of both races ought to jo;n
together, and with common voice and with passicn shared equally in
both their hearts condemn what is nothing less than an ordinary piece
of political crime.
This is no conflict between Moslem and Jew ; this Is simply an uprising
of lawlessness and disorder, whatever its motive may be. So far as we
are concerned, it is not a question of Moslem or Jew, of Christian or
non-Christian. I do not care what their race is, or their religion, or
their culture; there is no differentiation of that sort in my mind when
this thought that I am about to express is there. It is not a question
like that at all. No nation, no civilized nation, no nation with any
political responsibility, no nation co-operating with ether nations to do
their best for all the peoples of the wcrrid, will ever yield to outbursts
of criminality and murder. No, never! For that would be a triumph
of the very forces we have founded the League to control.
I see in the newspapers references to Jews and Moslems, and so on.
I appeal to the leaders of those peoples not to allow that falsehood to
be spread abroad. Let them both unite and condemn what has been
done and unite with us to see what the situation demands.
Our first duty is to get the situation in hand. That has been done
pretty well. Our second duty is to inquire into all the conditions in
order that a remedy may be found and to prevent recurrences of such
things in the future.
Those. Mr. President, are sonic of the active things that the government of Britain at present is working at and has effected. There is
one other great department to which, however, I will only refer, as I
am already making an unusual draft on the time of the Assembly. It is
this:
The League of Nations must do something more than it has clone to
solve economic problems between nation and nation. I have read with
a good deal of interest the sketchy but illuminating pronouncement made
by M. Briand. I have no doubt but that M. &land will take the opportunity of elaboration of what is in his mind. But this Assembly must
face the problem of tariffs.
Tariff barriers between producer and consumer are certainly not justified by the expense of the world up to now.
What are we trying to solve, irrespective of nations. We are trying
to solve the problem of the poverty of our people.
[VOL. 129.
If nations are to live and commonwealths are to live, they must
live by enlightenment, and the greatest test of enlightenment in these
days is to show our willingness to reduce armaments and banish from
our minds all ideas of security and throw ourselves with courage unflinchingly into this position; that we trust men, women and nations
who come and make bargains with us. We will carry out our part.
They will carry out their part, and in order that this may be done without a break we set up courts to take the place of amiss; we set up conciliation to take the place of threats ; we agree that reason is the greatest
creative power in the universe. And, taking that stand, the government
which I represent here today is willing to take those tremendous steps
into a new era of international relations because it does not want its
substance, its nation of nations, to be smashed; it does not want its
people to be impoverished and its does not want civilization itself to be
destroyed by further resorts to arms.
Says Europe Will Ask U. S. to Cancel Debts—London
Evening Standard Article Urges America to Act Before
Request is Made.
•
Advices from London, September 3, are reported as follows by the New York "Times":
A prediction that sooner or later Europe will ask for cancellation
of the war debts appears in Lord Beaverbrook's Evening Standard
tonight under a headline reading, "Why ever did Britain agree to
pay twice over?"
The author of the article, Arthur A. Baumann, told your correspondent that "unusual latitude" had been given to him but it is
noticeable that his prediction follows closely upon the leading editorial,
which was couched in almost identical terms and appeared in The Sunday
Chronicle, influential journal belonging to another group. Murmurings
in other quarters on the same strain have since become more pronounced.
The Evening Standard article tonight is a somewhat forcible expression of the view that were it not for America's refusal to accept
Lord Balfour's proposal to cancel war debts all round "there would
be no 'plans' for dividing Germany's debts and consequently no
feverish and exasperating examination of one another's assets by
European powers."
"But so long as the United States persists in its policy of collecting European war debts," the article states, "Foreign Secretary
Henderson's hope that the World War will become nothing more
than an evil memory and that its hatreds and clashing interests
will become appeased must remain unfulfilled and a mere pious wish."
America, asks The Evening Standard article, is keeping her finger
in the open wound for what ultimate purpose? Sooner or later
America will be faced by a European combination, headed
perhaps
by England and possibly including Japan, demanding cancellation
of
war debts, before which she will be obliged to give way, the article
says, and asks why America does not cancel the debts now as an
act of grace.
Food Price Curb Planned in Britain—Government Investigates Costs for Regulation in Fulfillment of Labor's
Pledge—To Check Profiteering.
From the New York "Evening Post" of August 31 we
take the following copyright account from London that
date:
One of the reforms which the Labor Government is likely to introduce before long is the Government control of food prices throughout the country. Legislation may be introduced enlarging the
powers
of the present Food Council, so as to give compulsory force to
its
recommendation.
One of the planks of the Labor Party's platform was "the prevention of profiteering in food." Since the election the Food Council,
which now acts in an advisory capacity has made a number of
recommendations, and some of these recommendations have been
deliberately ignored.
The most recent case is that of milk. The wholesale
dairymen
have decreed, in defiance of the Council, that the winter
price of
milk is to be paid during August, which means an increase
of 2 cents
per quart. Bread prices also have been raised by 2 cents
a loaf
and millers have published "illusory" flour prices.
Butchers, meantime, have been found to make from 25 to 50% profit
on their
capital.
These matters are being reported to the Government by
the Food
Council, which is continuing to gather evidence, and legislative
action
probably will be based on this information.
Says AU Must Share Wealth.
We are discovering that no nation can flourish unless the riches upon
which it flourishes are shared by the individual citizen and fructify on
the back and in the body of the individual. citizen. Under tariffs we
have poverty, under tariffs we have low wages, under tariffs we have
unemployment, under tariffs we have class conflicts just as much as
we have under a sort of disorganized free trade. And in addition to
that, out of economic differences, political differences soon begin to
Warburg Interests Establish Firm in Amsterdam to Repreappear.
The British Government will heartily co-operate in every attempt to
sent International Manhattan Co. in. Security Dealings.
translate political agreements in economic agreements that make for
According to cable advices this week the firm of Warburg
economic freedom. Every effort to guide a political nationality from
being the cause of economic obstruction and making it an Instrument & Company has been established in Amsterdam,
Holland,
in economic co-operation will receive the support of Great Britain.
to do a general securities 'business and to represent the
And so, Sir, we are going to take our risks of peace. I know it has
Its risks as well as war, but the difference between a nation that risks interests of M. M. Warburg & Co. of Hamburg and those
itself in peace and that which risks itself in war is this: That the of the International Manhattan Company,
Incorporated,
nation that takes the risk of pioneering in peace is likely to get peace;
the securities organization of the International Acceptance
the nation that takes the risk of leading in military preparations is
Bank, Inc., and the Bank of the Manhattan Company. The
absolutely certain to get war.
There is a very good verse in the Scriptures, which we ought to put formation of this new firm recognizes
the importance of
up in great letters of gold wherever the League of Nations assembles;
the verse says: "He who draws the sword shall perish by the sword." European connections in the distribution of American
Wants Home and Nation flared.
I do not want my country to perish, I do not want that little corner
of my country from whith I came in Scotland to cease to exist as a
self-respecting, co.operathig community of people. I do not want the
islands that lie off the coast of Europe--Great Britain and Ireland—to
perish. I do not want that further-flung commonwealth, men and women
in communities beating out for themselves the precious inheritance of
nationhood, while at the same -time they preserve in their hearts a sense
and recognition of the mysterious and mystic common tie whereby, with
their nationhood, they nevertheless feel kinship with ourselves—I do not
want that to perish. I do not want It to be a menace. I do not want it to
be a selfish power, using material authority for imposing its will.
securities and the origination of new issues abroad.
Warburg & Company is a special partnership for which
the firm of M. M. Warburg .& Co. as general partner is
fully liable. The management of the 'firm will be in the
hands of various members of M. M. Warburg & Co., Hamburg; Leonard Keesing, formerly associated with Kuhn,
Loeb & Co., and L. S. Chanler, Jr., London Vice-President,
International Acceptance Bank, Inc. The firm will have
an Advisory Committee composed of Max M. Warburg,
Fritz M. Warburg and A. S. Warburg, senior partners of
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1527
Other Differences Cited.
M. M. Warburg & Co., Hamburg; Paul M. Warburg, ChairAside from the large proportion of securities in the note reserves, an
man, International Acceptance Bank, Inc. and Associate
important difference between the central banks of other countries and
Chairman, Bank of the Manhattan Company; James P. that of Japan is that in the former the "securities" reserves consist
Warburg, President, International Manhattan Company, principally of easily salable, self-liquidating commercial paper and
Inc., and Lucien Nachmann, Vice-President, International bills, while in Japan most of these reserves in normal times are Government bonds. Their disposal in quantities no doubt would result in
Acceptance Bank, Inc.
serious depreciation and during a money panic it probably would be
difficult to sell them in large blocks.
As a consequence of this large proportion of security reserves, an
German Municipalities Paying 10% for Public Loans.
effective gold standard has been maintained with difficulty. During
A wireless message, August 3, from Berlin to the New recent .years it has been suspended through the maintenance of a gold
York "Times" states:
embargo.
One result of the scarcity of capital in Germany is that German
Government bonds held as reserves against the note issue showed a
towns, which profess to need money urgently have had extreme diffi- marked decrease during 1928. Easy money conditions made possible
culty in getting it. They are now endeavoring to avoid long-term the absorption of many of these bonds by the general public.
loans and are issuing treasury bills for about three years. Cologne's
As the bank does not control the flow of credit and is called upon
8% treasury bills having been oversubscribed, Frankfort and Breslau to loan large sums to the government and to other banks—chiefly in
followed its example.
times of serious difficulty—its note issue at such times is proporFrankfort issued 30,000,000 at 8% for three years, the loan being tionately buoyant. The total Bank of Japan notes issued on a "securitaken by banks at 93 and offered by them at 96, though only half of ties" reserve are shown in the following table, which gives the figures
the amount has yet been put on sale. Breslau's borrowing amounts (in yen) applying to the last day of each year:
to 34,000,000 marks issued at 95 for three years at 3%. Berlin also
431,800,000 1924
603.300,000
1918
is issuing treasury bills for 40,000,000 marks running four years and 1919
603,100,000 1925
574,800,000
192,500,000 1926
511,000,000
placed at 95. As these bills are repayable at par, the result is that 1920
301,000,000 1927
619,600,000
the greatest German cities are now paying more than 10% per annum 1921
494,500,000 1928
677,500,000
1922
to raise funds for their municipal requirements, including schools and 1923
646,100,000
hospitals as well as productive enterprises.
The effects of the 1920 depression, the earthquake, and the 1927
crisis are apparent in these figures.
Sino-Russian Break Hurts Trade in China—Shanghai, HanNote Issues Below Limit.
kow and Foochow Hit by Closing of Dalbank and Loss
The inference should not be drawn that at no time during this period
was the note issued below the tax free limit. The latter condition
of Soviet Tea Contracts.
existed for several periods during 1918, 1920, 1921, and 1922. Neither
Special advices from Washington August 25 to the New
can it be assumed that the year-end figure is in each case the year's
York "Times" stated:
maximum. In 1927 the maximum occurred during the spring panic.
Disturbing conjectures with reference to future developments in the Of the figures given, only 120,000,000 yen were "tax free" during the
Sino-Russian rupture, while apparently not affecting immediate business Period covered by the table. Note the great dip in 1920, and the
in the Shanghai and lower Yangtze areas, are serving as an unsettling buoyancy in 1923, 1927, and 1928.
factor toward Manchurian business booked through Shanghai, accordThe privilege of issuing notes on specified securities beyond the
ing to radio reports received by the Department of Commerce from "tax free" limit of 12,000,000 yen is the chief element of elasticity in
Commercial attaches and consuls in China.
the Japanese currency system. A second important factor, itself
The closing of the Dalbank and the canceling of tea contracts
expansion of credits through the discount
by reflected in the first, is the
Centrosoyuz, the Soviet purchasing agency, is creating a depressing activity of the bank, and a third, the leeway given the bank in making
effect on tea markets in Shanghai, Hankow and Foochow, the depart- emergency loans on other than the usual collateral. While designed
ment said. It is estimated that the Dalbank financed Sino-Russian as an emergency function, the excess issue has been almost habitually
business to the extent of 30,000,000 silver dollars ($14,000,000) during resorted to since 1897. There was only one year, 1903, in which none
1928, and that its annual contracts for tea purchases are
was required. The frequency of excess duties is due almost as often
about
000,000 Shanghai tads (about $10,440,000). The Centorsoyuz has 18,- to the occasional but heavy demands made by the Government as to
also
suspended operations in Shanghai.
those from the money market.
"Though little definite reaction is evident in the business circles
of
Fixed Issue Tax Imposed.
North China, increasing possibility is apparent that business
in certain
lines might be affected unless an early settlement is
It was in 1899, when the legal limit on the fiduciary note issue was
reached in the
increased to 120,000,000 yen, that a small fixed issue tax of 1.25%
Manchurian situation," the department said in its survey.
"Export items, such as Hailar wool and hides, skins and furs, which was imposed on the fiduciary issue not paying the excess tax. Thus,
pass through the disturbed areas, and other items handled locally by on notes not secured by gold or silver, 1.25% per annum is assessed
Russian firms, might show curtailed shipments. Local purchases of until the amount of such notes exceeds 12,000,000 yen. On any
FiduAmerican goods for shipment to Russia are also expected to show excess beyond 120,000,000 yen, 5% instead of 1.25% is levied. interest
ciary issues made on account of loans bearing less than 1%
considerable decreases.
"Heavy rains during the greater part of July have improved crop or no interest at all, however, are tax free.
conditions in many of the sections previously reported suffering from
drought in North China, but floods in several of the poorly drained
Haiti Passes Law Aimed to Standardize Exports.
districts have inflicted great damage and boats are unable to
pass
From the New York "Journal of Commerce" of August
under bridges, owing to high waters in many of the canals.
"Floods on the Peking-Suiyuan Railway carried away several
30, we take the following:
of track above Kalgan and the damaged section may not miles
be in
Merchandise exported from Haiti will be standardized under the
operation for several weeks.
terms of a law passed by the Council of State and signed by President
"Chinese shops in Hailar and Manchouli on the Chinese
Eastern Louis Bomb, according to an announcement made here yesterday by
Railway are reported to have reopened for business."
Jules Louis-Elson, consul of Haiti for Philadelphia. Important provisions of the new law announced by Louis-Elson follow:
"Merchandise for export, including coffee, cotton, cocoa, sisal and
Securities Increased in Note Reserves by Bank of Japan—
in Article 2 (of the law) will be exportable only
Fluctuations in Amount Said to be Ready Barometer all others described
when identified by an approved label or stamp indicating the 'typeof Conditions in Money Market.
standard' and the weight.
"A central commission of standardization will establish the various
The following is from the United States Daily of
Sep- 'type-standards' and prepare samples. After approval by the President
tember 3:
of the Republic of Haiti, these 'type-standards' will be obligatory.
Securities in the Bank of Japan's note reserves have increased steadily
"The samples as prepared and certified by the commission will be
within the past few years, the percentage of coverage rising from kept in the offices of the Secretary of State for Commerce, the General
21.86 in 1917 to 38 within the past year, the Department of Commerce Director of Technical Service for Agriculture, the General Receiver of
has just stated.
Taxes, the customs offices and such other bureaus as may be estabWorkings of the bank are explained in a review prepared by H. M. lished and designed by the central commission.
Brauer, of the Finance and Investment Division of the Department.
"Any individual, association or company which, after the date on
The review follows in full text:
which the law takes effect exports non-standardized merchandise or
As the use of checks in Japan is as yet not well developed, the issue merchandise not covered by the proper Government labels or stamps
of notes, rather than the granting of credits through deposits, has been shall be liable to a fine of 5% ad valorem during the first half-year
thereafter."
the general practice of the Bank of Japan. The fluctuations in
the from said date, 10% six months after said date and 20%
amount of notes outstanding, according, constitute a more ready barAll previous laws, decrees and ordinances which might be construed
ometer of money market conditions than the bank's discount rate. contrary to this law, with particular reference to the standardization
In Japan changes in either the volume of note issue or the Bank of law of July, 1927, are declared void.
Japan discount rates are likely to be of post facto significance, in
contrast with the Federal Reserve or Bank of England rates,
which
Argentine Bankruptcies Larger.
tend to control credit.
Reserves Support Rates.
From the New York "Times" of September 4 we take the
Present regulations permit the bank to issue notes in unlimited
following Buenos Aires advices September 3:
amount against a 100% reserve of gold and silver coins and bullion.
An unsatisfactory business situation in Argentina is emphasized by
.
Although by law 25% of the special reserve may be silver, in practice
it consists of gold alone. The bank further is allowed to issue notes on statistics for August, which show bankruptcies involving 13,500,000
security of government bonds and treasury bills and other bonds and Pesos, compared with 5,500,000 in the previous August. Simultaneously,
commercial bills of a reliable nature, to a maximum of 120,000,000 bank clearings last month were 12,000,000 pesos less than in August,
yen. In case of necessity it may be permitted to issue notes beyond 1928.
the maximum—subject, however, to a tax of at least 5% per annum.
On the fiduciary note issue not subject to the excess tax of 5% or
Dos Estrellas Silver Mine (Mexico) Suspends.
over there is levied an issue tax amounting to 1.25%.
A special cablegram from Mexico City, Sept. 6 to the
Upon the adoption of the gold standard the proportion of securities
in the note reserves to the total note-issue reserves increased—especially New York "Times" states:
with the Russo-Japanese war, when it reached 70.84%. With the
Complete suspension of operations at the world famous silver mine,
gradual recovery from the effects of that conflict, security coverage Dos Estrellas, is reported telegraphically from the village of TIalpnjahtta.
declined to 38.25% of the total coverage in 1909 but rose again to in the State of Michoasan.
.
47.38 in 1913. The inflow of gold with the World War brought the
According to advices received here this morning, this stoppage will
figure down to 21.86 in 1917. Since then the proportion has risen leave 3,000 men without work and give the local trade almost a death
to over 38%.
blow.
1528
FINANCIAL CHRONICLE
It is reported that during the last couple of years one of the company's plants proved so )stly to operate that a loss of $500,000 was
experienced.
Thereat', ., according to telegrams received here, the
company decided upon ,
action now reported.
Bonds of Department of Cauca Valley (Republic of
Columbia) Drawn for Redemption.
J. & W. Seligman & Co., as fiscal agents, have issued a
notice to holders of Department of Cauca Valley, Republic
of Columbia, 20
-year 7M% secured sinking fund gold bonds
that $55,000 principal amount of the bonds have been drawn
by lot for redemption on Oct. 1 1929, at 103 and accrued
interest out of sinking fund moneys. Payment will be made
on that date upon presentation and surrender of the drawn
bonds at the offices of J. & W. Seligman & Co. Interest on
the drawn bonds will cease to accrue on Oct. 1.
[VoL. 129.
Federal Intermediate Credit Banks, however, the loan machinery of those
banks has been made available for use by the Federal Farm Board, so that
the loans for both Government agencies will be handled by the Federal
Intermediate Credit Banks.
Reference to the loans to Wheat Co-Operatives was made
in our issue of Aug. 31, page 1375.
Objectives of Federal Farm Board Outlined by J. C. Stone
Vice-Chairman of Board.
James C. Stone, Vicelthairman of the Federal Farm
Board, at Farmers' Picnic at Wapakoneta, Ohio, Sept. 2.
Under the auspices of the Ohio Farm Bureau Federation
outlined briefly the farm policy as enunciated by Congress
in the Agricultural Marketitg Act which is to promote
effective merchandising of agricultural products through
farmer-owned and farmer-controlled associations. To carry
out this mandate the Federal Farm Board had been clothed
with broad authority and powers which Mr. Stone said
were being exercised with care and caution as it was believed to be of the utmost importance that the Board move
in the right direction when it decides a question of policy.
Portion of Bonds of Republic of Colombia Redeemed.
Hallgarten & Co., and Kissel, Kinnicutt & Co., fiscal
agents for the $35,000,000 Republic of Colombia 6% external
sinking fund gold bonds of 1928, dated April 1 1928, have
redeemed $219,500 principal amount of bonds leaving out- As to the members of the Farm Board, the speaker gave
standing $34,390,000 par value of bonds.
assurance that all are in fullest sympathy with efforts to
better the farmer's economic position through cooperation.
Some of the objectives of the Farm Board as described
Republic of Salvador Customs Collections and Debt
by Mr. Stone were:
Service.
I. The strengthening
As reported by the fiscal representative, Republic of assistance in developing and expansion of existing co-operative through
sound managerial and financing policies. In
as follows:
Salvador collections for August are
this way unorganized farmers, it was hoped, would be afforded a pracAugust Collections—
August collections
Service on "A" and "B" bonds
Available for series "C" bonds
Int. and sinking fund requirements on "C" bonds
Jan.
-Aug. collections
Jan.
-Aug.service on "A" and "B" bonds
Available for series "C" bonds
Int. & sink. fund require, on series "C" bonds—
1929.
$517,373
82,957
434,416
70,000
5,849.158
663,656
5,185,502
560,000
1928.
$511,409
84,204
427,205
70,000
5,374,460
673,632
4,700,828
560,000
In making public the above F. J. Lisman & Co. state:
Collections for the first 8 months of 1929, after deducting service requirements for the period on the "A" and "B" bonds, were equal to over 9.26
times interest and sinking fund requirements on the series "C" bonds.
The bankers' representative collects 100% of the Import and export
duties,all of which is available for bond service, if needed,and 70% of which
is specifically pledged for that purpose.
FederalFarm Board Arranges Additional Loans to
Cotton Co-Operative Marketing Associations—
Loans to Wheat Co-Operatives.
The Federal Farm Board announced Sept. 5 that it has
arranged for additional loans to cotton co-operative market,
ing associations of the South. Last month the Board agreed
(as noted in our issue of Aug. 24, page 1219), to advance
25% of the value of cotton on which the associations had
fixed a definite price, this advance to be supplemental to a
65% loan already made by Federal Intermediate Credit
Banks. In its announcement of Sept. 5, the Farm Board
says:
This supplemental loan, making the total* advances by Government
agencies equal to 90% of the fixed value of cotton, was specially designed
to meet the needs of cotton farmers, members of co-operatives, who wish to
realize the full price of their cotton when they need money, without regard
to whether or not the cotton actually has been sold by the association.
The additional loan agreement, now entered into between the Board and
the cotton co-operatives, provides for a supplemental 10% advance on
cotton on which prices have not been fixed. This cotton having previously
been Pledged to the Federal Intermediate Credit Banks for 65% of its face
value, the additional 10% to be loaned by the Federal Farm Board will
Permit the co-operative to advance to its members 75% of the value of the
cotton at time of delivery by the member to the association.
The two types of loans are expected to meet every merchandising need
of the southern cotton co-operatives in their transactions with their membership, and should result in a very considerable increase in deliveries and in
membership of the association themselves.
The amount of money involved will be limited only by the demands of
the co-operatives. So far as figures are available the sums to be advanced
between now and Dec. 15, under the 2 typos of loans mentioned will probably run close to twenty million dollars.
Plans are also under way by the cotton co-operatives, with the approval of
the Farm Board,for the formation of a national financing and selling organization, which it is hoped will include in its membership all of the cotton
co-operatives of the South,and which will serve as a central organization for
co-operative cotton in much the same way that the Farmers National Grain
Corporation,now in process of formation,is expected to serve the grain cooperatives of the United States. The same general policy of centralization
of effort in the marketing of agricultural commodities will apply to other
farm products. It is the hope of the Board that eventually these organizations,owned,controlled,and operated by farmers, may become large enough
to do for farmers on a permanent basis many of the things which the Federal
Farm Board is expected to do on a temporary basis.
Pending the organization of the Farmers National Grain Corporation.
the Board recently agreed to make supplemental loans to wheat co-operatives on practically the same basis adopted for cotton. These loans to
wheat co-operatives will be on the basis of 10 cents per bushels on unsold
wheat,and on a basis of90% of the value of wheat on which a price has been
fixed. Only those wheat and cotton associations which have qualified for
loans from the Federal Intermediate Credit Banks can at this time be
served by the supplemental loans of the Federal Farm Board.
The Farm Board itself has as yet no machinery with which to handle its
funds. Through the courtesy of the Federal Farm Loan Board and the
tical demonstration of what can be done through united effort.
2. Bringing about the co-ordination of efforts on the part of cooperatives. In other words, to bring about the co-operation of co-operatives in various commodity groups, thus effecting merchandising economies, the net result of which would be to give the farmer a better
return for his commodity without consequent injury to the consumer.
3. The assistance of growers in unorganized areas to develop sound
plans and procedure for co-operative organizations.
4. The assistance of co-operatives in developing better business relationships with manufacturers, mills, processors and other users of
farm commodities.
5. The assistance of the Department of Agriculture,
State Agricultural Colleges the extension service and other State and
Federal
agencies in developing an effective educational program in
co-operative
marketing, thus informing not only the farmer-producer
but the cityconsumer of benefits both are expected to enjoy from more efficient
merchandising of the products of the farm.
Mr. Stone emphasized to his farmer audience that the
program of the Board can be effectively carried out only
through producer-owned and producer-controlled marketing
associations. Under the law the Board must deal with
such associations, not with the individual farmers. The
Board can and is anxious he said to assist in the formulation of sound programs and policies for co-operatives but
the responsibility of organization and management rests
with the producer himself. He added that the Board can
move only as fast as the farmers themselves are willing
to go.
Hardman of Georgia Signs Bill Passed by State
Legislature Legalizing Transactions in Cotton Futures.
The bill, which we noted in our August 24 issue, page
1205, had been passed by the Georgia Legislature legalizing
Gov.
transactions in cotton future contracts, was signed by Gov.
Hardman on August 27. In stating that the action of the
Governor removed the last legal obstacle to the establishment of a cotton delivery point in Georgia, the Atlanta
"Constitution" of August 28 also said in part:
The "cotton futures" or "anti-bucket shop" measure prohibits the
operation of such establishments and defines a bucket shop as a business dealing in sales of commodities for future delivery
where actual
delivery is not contemplated. Cotton futures could be traded in under
its terms because actual delivery at future date is
contemplated.
It was pointed out that the bill is actually stronger in
effect than
present bucket-shop laws, because it punishes violation as a felony instead
of as a misdemeanor. The penalty involved is a fine
of $1,000 or
imprisonment of one year, or both.
The measure was fostered in the Senate by Senators Bird and Redwine, and in the House was sponsored by Representative Davis, of
Floyd county. Its passage and approval by the Governor is expected
to have a material benefit on the cotton industry of Georgia and the
near-by region.
A point for cotton delivery has long been a serious need of the
Georgia section. Under terms of the bill, it is more than likely that
such a delivery place will be established at Savannah or Augusta.
The "Constitution" gives the text of the bill as follows:
Test of Redwine Bill.
Following is a complete text of the cotton futures bill as it
passed by the Assembly and approved by the Governor Tuesday:
was
AN ACT.
To Define and Prohibit Bucket Shops and Dealings Therein: To
provide for the organization of cotton exchanges, grain exchanges, boards
of trade, or similar institutions; to regulate contracts of purchase or
sale, for future delivery of cotton, grain, stocks, or other commodities;
to declare under what 'conditions such contracts shall be valid and enforceable; to prescribe penalties for the violation of this act, and to
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1529
NI
code of Georgia, and highest prior to the newly established peak. The demand
repeal sections 4257 to 4264 inclusive of the civil
code, and all laws and parts of laws regulat- loans in the Aug. 31 statement of the Stock Exchange are
section 403 of the panel
purposes.
997,972, comparing with 86,870,142,664 on
ing dealing in future contracts, and for other
of the State of shown as $7,161,
Section 1. Be it enacted by the General Assembly
31 are reported as $719,the term "contract for sale" July 31, while the time loans Aug.
Georgia: That, for the purpose of this act,
s of sale, agreements
1,630 on July 31. Time loans on
shall be held to include sales, purchases, agreement "person" wherever 641,454 against $603,65
word
from New York banks or trust companies have risen
to sell, and agreements to purchase, that the
the plural or singular as collateral
used in this act shall be construed to import
ps from $448,723,820 July 31 to $529,626,124 Aug. 31, while
s, associations, partnershi
the case demands, and shall include individual
time loans on collateral from private bankers, brokers, forand corporations.
future delivery of cotton, grain,
bank agencies of others in the City of New York adSec. 2. That all contracts of sale for
accordance with the rules of eign
stocks or other commodities, (I) made in institution, and (2) actually vanced from $154,927,810 on July 31 to $190,015,330.
any board of trade, exchange, or similar
trade, exchange, or similar Demand loans on collateral from New York banks or trust
executed on the floor of such board of
the rules tareof,
397,performed or discharged according to
institution, and
companies rose from $5,704,990,914 July 31 to $5,962,
are placed with or through a
loans on collateral from private
and (3) when such contracts of sale
exchange, grain exchange, 631 Aug. 31, the demand
cotton
regular member in good standing of a
organized under the laws of the banks, &c., increasing from 81,165,151,750 July 31 to
board of trade or similar institution,
state, shall be and they hereby are declared $1,199,530,341 Aug. 31. The following is the statement
State of George, or any other
courts of this state, according to their
Stock Exchange:
to be valid and enforceable in the
for future delivery of cotton issued Sept. 4 by the
on collateral,
terms; provided, that contracts of sale
loans by New York Stock Exchange members
provided herein, must not only
e as
Total net
in order to he valid and enforceabl
of the close of business Aug. 31
clauses one and two of this section, contracted for and carried in New York as
conform to the requirements of
provision of the United States cotton 1929 aggregated 87,881,619,426.
bust must be made subject to the
1916, and any amendments thereto:
The detailed tabulation follows:
Demand Loans. Time Loans.
futures act, approved August 11,
That if this clause should for any reason be held
New
Provided, further,
of cotton shall be valid (1) Net borrowings on collateral from
e, then contracts for future delivery nts of
$5.962.397 M31 $529.626,124
inoperativ
clauses one and
York bank or trust companies
the requireme
and enforceable if they conform to
collateral from private
further, That all contracts is defined in (2) Net borrowings on
or
two of this section: Provided,
bankers, brokers, foreign bank agencies
stipulated by the parties thereto that
1.199,580.341 190.015,330
section one hereof where it is not
others in the City of New York
actual delivery of the commodities sold or bought
there shall be an
$7.161,977,972 $719.641,454
unlawful.
shall be
Total
sale for future delivery of cotton,
loans, $7,881,619,426.
Sec. 3. That any contract of
Combined total of time and demand
where it is not the bona fide intenon is exactly the same as In the loan
grain, stocks, or other commodities,
The scope of the above compilati
mentioned herein are to be delivered but
tion of parties that the things
the Exchange a month ago.
to or upon the basis of the public report issued by
which is to be settled according
compilations of the Stock Exchange since the issuance
s or prices made on any board of trade, exchange,
The
market quotation
any actual bona fide execution and
or other similar institution, without
figures by it, beginning in January 1926,
upon the floor of such exchange, of the monthly
the carrying out of such contract
institution, in accordance with the rules follow:
Total Loans.
board of trade, or similar
Time Loans.
Demand Loans.
able in any court of this
DM—
$3,513,174,164
5966,213.555
thereof shall be null and void and unenforce
$2,516.960,599
3,536,590.321
1,040,744,057
no action shall be maintainable thereon at the suit of any Jan. 30
2,494,846,264
state, and
3.000,096,167
Feb. 27
968,612,407
2,033,483.760
party.
!Aar. 31
2,835,718,509
865,848.657
1,969,869,852
2.767,400.614
Sec. 4. That a bucket shop is hereby defined to be and mean any Aprll 30
780.084.111
1,987,316,403
2,926.298.345
May
700,844,512
2,225,453,833
place of business wherein are made contracts of the sort or character June 28
30
2.996,759.527
714,782,807
section three of this act, and the mainte2,282.976.720
denounced by the preceding
July 31
6
3,142.148.068
778.286.68
2,363,861,382
nance or operation of a bucket shop at any point in this state is Aug. 31
3,218,937,010
799,730,286
2,419.206.724
3.111,176,925
Sept.30
821.746.475
.
450
prohibited
2,289,430,
31
3,129.161,875
799,625,125
2,329,536,550
Sec. 5. That every person shall furnish upon demand to any principal Oct. 30
3.292,860,255
Nov.
751,178,370
2,541.682,885
for whom such person has executed any contract .or future delivery of Dec. 31
any cotton, grain, stocks or other commodities, a written instrument
1927—
3,138,786,338
810,446,000
2,328.340,338
setting forth the name and location of the exchange, boards of trade, or Jan. 31
3.256,459,379
780,961,250
2.475,498,129
3,289,781,174
has been executed, the Feb. 28
0
785,093,50
2.504,887.674
similar institution, upon which such contract
31
3,341,209,847
799,903,950
2,541,305,897
of the contract, and the name and address of the Mar.30
date of the execution
April
3,457.869.029
783,875,950
079
0,673,993,
person with whom such contract was executed, and if such person shall May 31
3.568.986,843
811,998,250
2.756,968,593
3,641,695.290
877,184,250
refuse or neglect to furnish statement upon reasonable demand, such June 30
2,764,511,040
such contract July 30
5
3,673,891,333
928.520.54
2.745.570,788
refusal or neglect shall be prima facie evidence that
Aug. 31
3,914.627.570
896,953,245
3,107,674,325
of section three of this Sept.30
was an illegal contract within the provisions
3,948,137,374
922.898,500
874
3.023,238,
main- Oct. 31
4,091.836.303
957.809,300
act, and that the person who executed it was engaged in the
3,134,027,003
Nov.
4.432.907,321
952,127,500
3,480,779,821
a bucket shop, within the provisions of section Dec. 30
tenance and operation of
31
six of this act.
1928—
4,420.352,541
enters
1,027,479,260
3,392,873,281
Sec. 6. That any person either as agent or principal who
4,322,578,914
1.028,200,260
the sort or character Jan. 31
3,294,378,654
into or assists in making any contracts of sale of
Feb. 29
4,640.174,172
1,059.749.060
3,580.425.172
for the future Mar. 31
4,907,782,599
1,168,845,000
denounced in the preceding section three of this act,
3,738,937,599
or who main- A pill 30
5,274,846,281
1,203,687.250
4,070,359,031
delivery of cotton, grain, stocks, or other commodities,
4,898,351,487
1,156,718.982
four of this act, May 31
3.741,632,505
tains a bucket shop, as that term is defined in section
June 30
4.837.347,579
1.069,653,084
3,767,694,495
be imprisoned in July 31
5,051,437,405
957,548,112
shall be guilty of a felony and, upon conviction, shall
4.093,889,293
Aug. 31
5.513.639,685
824,087,711
4,689,551,974
the penitentiary not exceeding two years.
5,879,721,062
763.993.528
ty Sept.30
.115,727,534
Sec. 7. That there may be organized in any city, town or municipali
Oct. 31
6.391,644,264
777.255.904
5,614,388.360
associations to be known as cotton Nov.30
in the State of Georgia, voluntary
717.481,787
6.439,740,511
5,722,258,724
exchanges, boards of trade, or similar institutions, to receive and post Dec. 31
1929—
752,491,831
quotations on cotton, grain, stocks, or other commodities for the benefit
6,735,164,242
5.982.672,411
the production of cotton, Jan. 31
730,398,507
6.678,545.917
5,948,149,410
of the members or other persons engaged in
6,804,457.408
594.458,888
association shall be composed of Feb. 28
6,209,998.520
grain, or other commodities. Such
Mar. 30
571,218.280
6.774,930.395
6,203,712,115
set of rules and regulations not Apr. 30
members and shall adopt a uniform
565,217,450
6,665,137,925
6,099,920,475
626.762,195
7,071,221,275
incompatible with the laws of Georgia and of the United States. They May 31
6.444,459.079
29
603.651,630
7,473.794,294
6.870,142,664
their books to inspection of all proper courts and officers June 31
shall open
July
719,641,454
7,881,619.426
7,161,977,972
Aug. 31
when required to do so.
of Georgia, toSec. 8. That the following sections of the civil code
4258
wit: Section 4257 prohibiting dealing in cotton futures; Section
a penalty; Value of Transactions Settled through New York Stock
providing what contracts are illegal; Section 4259 providing
,384,230.
and excusing witnesses
Section 4260 relating to discovery by witnesses
Clearing Corporation in Aug. $11,121
what facts shall constitute
from testifying; and Section 4261 providing
when proof of guilt; Section
ions settled
guilt; Section 4262 relating to margins,
The value of the stock and bond transact
proof of guilt, and
4263 relating to establishment of an office when
during the month of
trade is not prohibited, and Sec- through the Stock Clearing Corp.
Section 4264 providing that bona fide
0.42, which comin futures, each and all
tion 403 of the penal code relating to dealing
Aug. 1929, amounted to $11,121,384,23
and $7,112,329,are hereby repealed.
pares with $10,523,790,828.19 last month,
,
Sec. 9. That if any clause, sentence, paragraph or part of this act
year ago.
on 278.07 a
shall for any reason be adjudged by any court of competent jurisdicti
or invalidate the
to be invalid, such judgment shall not affect, impair,
confined in its operation to the clause,
remainder thereof, but shall be
e Ticker Service To Be Extended to
sentence, or paragraph or part thereof directly involved in the con- Chicago Stock Exchang
shall have been rendered; and any
Dozen Additional Cities.
tracts in which such judgment
clauses, sentences,
contract valid under and satisfying the remaining
the
The Chicago Stock Exchange quotation ticker service
paragraphs, or parts of this act shall be valid and enforceable in
will be extended to a dozen more cities on three new circourts of this state.
nt with this act are
Sec. 10. All acts or parts of acts inconsiste
cuits this fall, according to plans approved on August 20
hereby repealed.
by the Board of Governors of the Chicago Exchange. One
This act shall take effect immediately.
Sec. 11.
Brokers' Loans on New York Stock Exchange Reach
Record Figure of $7,881,619,426, Aug. 31—Increase
of $407,825,132 in Month.
Outstanding loans on the New York Stock Exchange have
Aug. 31 reaching
soared to a now high figure, the total on
619,426. This record exceeds by 8407,825,132 the
$7,881,
had been the
figures of July 31, which at $7,473,794,294
circuit will extend from New York to Philadelphia, Baltimore, and Washington; a second will extend from New
York to Hartford, Providence, and Boston; and the third
will extend from Kansas City into the Southwest to Topeka, Wichita, Tulsa, Oklahoma City, Fort Worth, and
Dallas. The announcement August 29 issued by the Exchange also says:
Approximately 400 Chicago Exchange tickers are in service in 26
cities as compared with 136 a year ago. By the first of 1930 it is expected
IIP
P
1530
FINANCIAL CHRONICLE
that not less than 500 Chicago Exchange tickers
will be in service, in 40
different cities.
Exchange officials pointed out today that on June 1, 1928,
Chicago
Exchange tickers operated only in Chicago and New York.
Since that
time, a little more than one year, the ticker service
has been extended
to 24 additional cities.
Roger W. Babson on the Investment Outlook—Not All
Stocks Listed on New York Stock Exchange Selling
Above Figures of Year Ago—Warns of Impending Crash.
"The Investment Outlook" was thus discussed by Roger
W. Babson, at the 16th Annual National Business Conference, at Babson Park, Mass., on September 5.
[VOL. 129.
and the sale of natural gas increased 50%
for the first
year over the first six months of 1928. Natural half of the present
gas which formerly
has largely been lost at the wells is now
to be mixed with artificial gas
in many localities, while new uses will
also be found for
development of the industry. The use of gas for heating the further
in winter,
many industrial uses, and possibly the refriger
ation of homes, hotels,
offices, etc., in summer, will be among the important
developments. Gas
is now being used in refrigeration for the preserva
tion of food.
Gradually gas companies will be linked up into extensiv
e systems the
same as electric light and power companies. Gas
can be
500 miles with far less loss than in the case of electrici transmitted
ty. IVith big
developments its view for the gas industry under time sponsors
hip of the
Mellons and other of the largest financial interests in the
country, investors should carefully study the field for gas compani
es stocks. I
believe the retail gas distributing companies are in the best
position and
am directing my studies along this line. I also believe
that the Columbia Gas & Electric Company will become the hub of the
greatest consolidation of all, connecting the natural gas fields of the southwe
st with the
great cities of the east.
Another year has come around and the stock market "leader
s" are
still climbing upward. These forty leaders,
which stood at an average
of 190 a year ago, are now at an average
of 270, a gain of 80 points, or
of 42%. The point I desire to make is
that what has happened to the
leaders has not happened to the market as a whole. There
are today
Rendering Service All Important.
about 1200 stocks listed on the New York Stock Exchang
e. If we
What of the future? Sooner or later the stock market boom
subtract from this list the 40 leaders, we find that about one-half
will colof the lapse
remaining stocks have declined during the last year. This
like the Florida boom. It is constantly becoming harder
means that
and
a great many people have lost money
as well as made money. In fact, harder to pick stocks which will give a profit. Some day the time is
614 stocks listed on the New York Exchange are today selling
coming when the market will begin to slide off, sellers
will exceed
less than
on January first. A further detailed study
buyers, and paper profits will begin to disappear. Then there
of the market shows further
will im.
that the group of advancing stocks is continua
lly becoming narrower mediately be a stampede to save what paper profits then exist. Investand smaller. In other words, while the leaders
continuing to go up, ment trusts will first begin to sell. They have so broadly advertised
are
their paper profits that they will be very anxious to cash
there are fewer and fewer stocks followin
in on them.
g them. This means that the
As soon as the heads of these investment trusts really believe
group of stocks declining is constantly increasing in number
that we
and imare in a bear market they will rush to sell. It seems to
portance.
me that such
selling will be as great a factor in accelerating a decline
I still repeat what I have said at this time last year
and the year
in prices
as the buying by these trusts has been a factor in increasi
before; namely, that sooner or later a crash is coming which
ng prices.
will take
the leading stocks and cause a decline
from 60 to 80 points in the As soon as word gets abroad that the large American investment trusts
of
are selling, the European houses will begin to sell out
Dow-Jones Barometer. Fair weather cannot always continue
their custome
. The
who are now buying in the American market. The general public rs
economic cycle is in progress today as in the past. The Federal
will
Reserve
then follow with a desire to cash in, then margin
System has put the banks in a strong position; but it has not
accounts will be
changed
human nature. More people are borrowing and speculat
closed out, and then there may be a stampede for selling which
ing today than
exever in our history. Sooner or later there is crash coming
ceeds anything that the Stock Exchange has ever witnesse
a
and it may
d. One thing
be a terrific one. Wise are those investor
more to remember; Thus far there has been few deaths amongst
s who now get out of debt
those
and reef their sails. This doesn't mean
selling all that you have, but with very large stock holdings. Before long these men will begin
it does mean paying up your loans and avoiding margin
to die and their holdings will be put
speculation.
on the market. This especially
applies to public utility stocks.
What Is Keeping the Market UPI
However, it is not the purpose of the Babson
organization to foreThe three greatest factors in the market today are:
(1) foreign cast market movements,—or even to advise the sale of good
buying (2) investment trusts, and
invest(3) the reluctance of people to pay ment securities. Our job is to aid business men
in the purchase of
Uncle Sam profit taxes. By foreign buying
I have in mind the money commodities, to aid investors in the selection of stocks,
which investors in Great Britain and Europe
and to aid
are sending over here to business men in the discovery of new sales territori
es. We advise
America. This money is being sent over
for two purposes. First, investors to keep always a certain amount of money in stocks
and a cerbecause of the tremendous profits which
have been made in American tain amount of money in bonds and a certain amount of money
liquid,
securities; and secondly, because of the
fear of confiscation in Great to take advantage of special opportunities as they arise. Hence,
today,
Britain and Europe. The average English
man and European believes instead of attempting to guess what the market will do, I advise
that his money is safer in
you
the United States than in his own country. to keep in a position so that you will be safe whatever
happens, and be
Nevertheless, the greatest factor attracti
ng this money to America is the in a position to take advantage of bargains when, as and if they appear.
profits which have been
made in the New York market by their foreign
Real Bargains Lie in Bonds
friends. As is usual under
such conditions, the heaviest buying is
toward the end of the
Of course, the real bargains today are in the bond field.
boom, because the average investor, whether
High grade
American or foreign, does
not get into the market until stocks are bonds can be bought today to yield 6% and many bonds which are per.
already high.
fectly safe can be bought to yield 7% or even 8%. Secretary
Mellon
The investment trust has become
a great factor in boosting prices by may have been a little early when advising people to buy bonds last
the buying of securities
to hold. The average market operator during March, but he is still giving the same advice and it is better today than
the past twenty years has
bought today and has sold within a week. ever. I especially wish to call to clients' attention the bargains existing
This means that the Jelling
has always about equalled the buying. Under in non-taxable bonds, having in mind both the high grade non-taxable
such conditions a market
could be very active without any considerable municipal bonds of northern cities and the low grade Farm Loan Joint
increase in stock prices.
The investment trust, however, has bought Stock Land Bank bonds. These Joint Stock Land Bank bonds can be
the leading stocks and
held them. This means that there has been bought'today to yield between, 6% and 7%, free of taxes. Of course,
considerably more buying than selling,
by the same people. As a result, some of these Land Banks are in a weak position and there may be one
the floating supply of
these stocks has been pretty well cleaned up or two more receiverships, but the farm industry is improving and with
and it has been very easy
to mark up the prices thereof. As a result, such an improvement these banks must improve and before long many
the yields of 240 represen
of these Farm Loan 5% non-taxable bonds, selling now around 70,
tative industrial stocks listed on the New
York
Stock Exchange, now show an
average rate of only 4, %, while the will again be selling at par.
4
rate on a representative list
Fortunes are made not by following the crowd, but by doing what
of
road group is selling today at public utilities is only 23/%. The rail- the other fellow is
not doing. When we advised public utilities twenty
12 times its earnings, the industrial group
at 17 times its earnings
years ago, many were in receiverships and very few investors were
, and the public utility group at 26
ti- s its interest
earnings. Before the buying of the
ed in them; but those few who took our advice have made forinvestment trusts, the general rule
was that a stock was worth
about 10 times its earnings. Added to the tunes. Today everyone is crazy to buy these same power stocks. Although
above factors, is the reluctan
ce by individuals (both American and I still believe in the public utility industry, the greatest opportunity today
foreign) and by Investment Trusts,
is in the bond market.
Wise are those investors who are cashing in
to pay income taxes.
their profits on uncertain stocks and reinvesting the same in good bonds.
What To Buy Today
Ultimate safety and profits comes from service. We render the
You have witnessed a
tremendous growth in the electrical power greatest service by helping that group of securitie
s which are temporarily
branch of the public utility business
during the past ten years. Inde- depressed—not by buying the most popular ones. The
pendent concerns have experie
group which merits
nced substantial growth and recently we our support today is the bond group. Sometimes
have seen many of these
companies merged in big combinations under popular and then we can be of greatest service by common stocks are unthe leadership of Morgan
buying common stocks;
interests. Further consolidations will un- but this is not the situation today. The need
of American business
doubtedly come as time goes on. You
have had an opportunity to partici- today is more bond buyers and those who rally to the
pate in the tremendous apprecia
call will be well
tion of the stocks of these companies rewarded.
through our recommendations. Such
stocks as Buffalo, Niagara & Eastern
advised at 36 now sells at 130;
Mohawk-Hudson advised at 23 now
sells at 110; Southeastern
Power & Light advised at 345/a now sells Stock
at 123; Northeastern
Prices on Firm Basis, Irving Fisher Asserts—Values
Power advised at 30 now sells at 70; Consolidated Gas of New York advised
Not Inflated and Serious Drop Remote, Yale Professor
at an euqivalent to 12% now sells at 178;
Public Service of New Jersey
advised at 44 now sells at 122; North
Holds—Makes Reply to Roger W. Babson.
American Company advised
at 49 now sells at 180; and others at prices
showing correspondingly
Under the above head, the New York "Herald-Tribune
high prices. We believe such stocks should be
"
held by permanent
of Sept. 6 published the following advices from Hartfo
investor
rd,
the gas stocks offer more s but for new purchases at this time I believe
attractive possibilities.
Conn., Sept. 5:
I think the gas compani
es
Stock prices are not too high and Wall Street
light and power compani are today in the same position that the electric
will not experience
es were some ten years ago. You have just anything
in the
witnessed the first big
crash, is the .opinion of Professor Irving
development in the gas business; namely, the Fisher, of Yale nature of a
University, one of the nation's leading economists and
formation of Eastern Gas
& Fuel Associates under Mellon sponsorship. students of the
statement was made today by Professor
We recommended this
new stock to clients three weeks ago at 34. We Fisher followin market. This
g an announcement by Roger Babson, of Boston, that
believe this marks the beginnin
g of a big development in the gas industry the market sooner
which may rival that which
would experience a "crash comparable to
we predicted in the electric power field some the collapse of the or later
Florida land boom."
years ago. The future, in my
opinion, will witness a clear cut division
Prefacing his remarks by the statement that none
between the electrical and
of us is infallible,
gas branches of the public utility business. Professor Fisher
admitted that "there may be a recession of stock
I am still very bullish on
Eastern Gas & Fuel common for the long pull. prices, but not anythin
g in the nature of a crash," and proceeded to
explain reasons for his views in the following
Babson Bullish on Gas Stocks
manner:
"The present high levels of stock prices and
The average investor probably
corresponding low
does not realize the tremendous growth levels
of dividend returns are due largely to two factors:
which is taking place in the gas
business. According to the figures of
"One, the anticipation of larger dividend returns
the American Gas Association, sales of
in the immediate
all gas is increasing very rapidly future; and,
two, reduction of risk to investor largely brought about
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1431
reserve credit in this way is held to provide greater assurance that
the funds so released will not be subjected to misuse.
Whether, as a matter of fact, it will work out this way or not
n
remains to be seen. There is a good deal of doubt about the propositio
is
that the Reserve authorities can control the use to which credit
it is likly to go
put, and once Federal reserve credit has been released
is nothing
where there is the greatest demand for it. After all, there
banks and
to prevent a bank from selling acceptances to the Reserve
to do so. While
using the proceeds in the stock market, if it chooses
exert an influence
the advance of the rediscount rate will doubtless
credit into the security
towards preventing a flow of Federal Reserve
to be the manner in
markets, a far more important influence is likely
operations. If the
which the Reserve banks conduct their acceptance kept in
step with
way is
volume of Reserve credit put out in this
al demands, the obthe expanding seasonal commercial and agricultur
If, on the other hand, the
jects of the Reserve banks may be attained.
permitting an overflow
rate of acceptance buying proceeds too rapidly, the
purposes of the
uses,
of Reserve credit for other than business
year, it will be recalled
Reserve banks are likely to be defeated. Last
banks in excess of
Reserve
that heavy acceptance purchases by die
in reducing member bank
purely seasonal requirements were a factor
money for stock market purposes, and it is •
indebtedness and easing
produce similar results
probable that similar action this year would
despite the higher discount rate.
Effect of Rate Changes.
results of the recent
Thus far it must be admitted that the tangible
impression. Stock prices,
Federal reserve rate action have not been
are higher than ever before.
after a momentary break, have rallied and
0 in the week following the
Brokers' loans, after a decline of $68,000,00
00 in the week of August 21 to
discount rate increase, rose $133,000,0
still rising.
a new high record of $6,085,000,000, and are
for their own account
While brokers' loans made by New York banks
between August 7 and
showed an obedient reduction of $163,000,000
credit was far
Tangible Results From In- August 21, the effect of this curtailment of bankingloans placed for
in
National City Bank Sees No
more than offset by an increase of $229,000,000 other large private
Federal Reserve
and
creased Discount Rate of New York
account of "others," principally corporations
Reserve has no control.
lenders over whose operations the Federal
Bank.
cooperating with the Federal Reserve, have simply
discount rate of the New Thus banks, inportion of their lucrative call money business to their
In a discussion of the increased
handed over a
the lowered buying rate own depositors who are now lending direct and the expansion in
York Federal Reserve Rank and
has continued unchecked.
acceptance bills, the National City Bank of New York total stock market credit
for
figures shows the
The following table based on Federal Reserve
Bulletin, issued September 3, states that trend of brokers' loans by groups during August, and compares the
in its September
results of totals thus year with those of a year ago:
far it must be admitted that the tangible
the investor by
through investment diversification made possible for
the investment trusts.
"An Age of Increasing Prosperity."
and consequent
"We are living in an age of increasing prosperity
individuals," Professor
increasing earning power of corporations and
measure to mass production
Fisher continued. "This is due in large
has witnessed. The
of inventions such as the world never before brought out is the
are
rapidity with which worthwhile inventions
s of our great industrial
result of the tremendous research laboratorie industry means greater
to
concerns. Application of these inventions
and tremendously powerful
enhanced earning power. This is a new
which never before existed.
factor in the industrial world. and one
higher. This is not due to
"Dividend returns on stock are moving hastened by any anticipated
be
receding prices for stocks and will not
to see. Dividend returns are
crash, the possibility of which I fail
to rapidly increasing earnings.
increasing due
Index Figures Cited.
recently. My index of dividend
"This has been clearly demonstrated
/
year ago was around 212%.
on leading industrial stocks a
returns
values, the index now stands at
Despite the great increase in stock
more than 3%.
much afraid of common stock as
"A few years ago people were as
In the popular mind there was a
they were of a red-hot poker.
Why? Mainly because the average
tremendous risk in common stocks.
only one common stock. Today he
investor could afford to invest in diversification of stock holdings by
obtains wide and well managed
investment trusts. Unquestionably the risk
purchasing shares in good
margin of safety between high-grade
individual is lessened. The
to the
being equalized both in actuality
bonds and common stocks is rapidly
and in the popular mind."
"thus
impressive."
the recent Federal Reserve rate have not been
In its comments the National City Bank also says:
For own account
rate will doubtless exert an
Aug. 21 1929. Aug. 14 1929. Aug.7 1929. Aug. 22 1928.
926,000,000 905,000,000 1,087.000,000 809,000,000
00
1,789,000.000
For out-ot-town banks 1,787,000,000 1,810,000,000 3,143.000,000 1,513,000,0 00
1,880,000,0
of "otUers"_ _3,372,000,000 3,178,000,000
For account
While the advance of the rediscount
credit into the
influence toward preventing a flow of Federal Reserve
likely to be the
00
security markets, a far more important influence is
Total brokers' loans__ _6,085,000,000 5,953,000,000 6,019,000,000 4,202,000,0
acceptance operamanner in which the Reserve banks conduct their
evidence of any important change in the position of
Nor is there
this way is kept
tions. If the volume of Reserve credit put out in
At the New York
agricultural de- the Reserve banks as a result of their rate action.
the volume
in step with the expanding seasonal commercial and
If, on the Reserve Bank, where the rediscount rate was advanced,
attained.
mands, the objects of the Reserve Banks may be
by $150,000,000 between August
too rapidly, per- of member bank borrowing decreased
to have been due
other hand, the rate of acceptance buying proceeds
business uses, 7 and August 21, but much of this decrease appears
mitting an overflow of Reserve credit for other than
to other districts, since the total
to a shifting of credit demands
Banks are likely to be defeated.
banks was down
the purposes of the Reserve
of thus volume of member bank borrowings at all Reserve
Without at this time attempting to pass upon the justice
from the Reserve by only $78,000,000.
0 in rediscounts, Repermitting non-member acceptance dealers to borrow
on most of their
Moreover, against this decrease of $78,000,00
Banks at rates lower than member banks can demand
0 in holdings of "bills
of contradictory serve banks show an increase of $53,000,00
eligible paper, one may question the effectiveness
most of which is understood to represent
particularly in the light of what has happened bought in the open market," on bills taken under 15-day repurchase
measures of this sort,
advances to acceptance dealers
since their adoption.
purchases by the Reserve banks for
agreement rather than outright
The National City Bank's comments in full are given herewith.
are similar in character to reown account. Such transactions
their
they represent loans to non-member
Money and B..nking.
discount operations, except that
at the Reserve bank's buying rate instead of
The principal developments of the month in the money market were dealers and are made
Since the discount rate is now considerably
the advance in the rediscount rate of the Federal Reserve Bank of at the discount rate.
is only natural that credit demands should
New York from 5 to 6%, and a concurrent reduction in the Reserve above the buying rate it
method.
)
seek to satisfy themselves by the cheaper demand for Reserve credit
Bank buying rate for acceptances from 5% to 514{%.
the
In other words the situation as to
The advance of the rediscount rate came as a distinct surprise to
except that the demands are appearthe financial community, as it had been generally assumed that the remains much the same as before,
efforts of the Federal reserve authorities to check the expansion of ing in a different guise.
this bank strongly urged an
It is true that earlier in the year
stock market credit would be suspended until the completion of the
6% as a measure for bringing the
crop moving period. There had even been a good deal of talk about a increase in the rediscount rate to
with prevailing open market rates.
"reversal of Federal Reserve policy," and some commentators had hank rate more nearly in line
year, a rate advance could
professed to see the imminence of easier money, despite the continu• Coming, however, at this season of the
market operations, which
not be supported by Reserve bank open
once of commercial and speculative credit demands at peak levels.
demands for credit soon
This feeling of confidence in the maintenance of the status quo of must of necessity take account of the heavy When the
discount rate
sources.
official discount rates was notwithstanding a very marked expansion to come from trade and agricultural
continued absorption of credit
in stock market credit during recent weeks. Ever since the low point was advanced as a move against the
necessary at the same time to
of the May break in stock prices which had carried brokers' loans at by the stock market, some action was
purposes. Hence the
the end of May and early in June down around $5,280,000,000 (Federal insure a continued supply of credit for business
time attempting to pass
Reserve figures), or the lowest of the year, these loans had been reduction in the buying rate. Without at this
er acceptance dealers
advancing almost continuously. By August 7 the advance for a period upon the justice of thus permitting non-memb
than member banks
of eight weeks had amounted to over $700,000,000, or at the rate of to borrow from the Reserve banks at rates lower
the total to above the $6,000,. can demand on most of their eligible paper, one may question the
nearly $100,000,000 a week, bringing
000,000 level for the first time on record and to a point over $200,. effectiveness of contradictory measures of this sort, particularly in the
000,000 in excess of the Spring peak reached March 20.
light of what has happened since their adoption.
So pronounced an expansion of credit at any other time would undoubtedly have prepared the public mind for some action by the
authorities, but in the present instance action was not generally sus- Text of Decision of U. S. Circuit Court of Appeals Upholding
pected for the reasons already given. Consequently, the advance of
Lower Court in Denying Injunction Sought by F. G.
rate, when it did come, was unexpected and caused an immediate
and violent break in the stock market. This, however, was followed
Raichle to Restrain New York Federal Reserve Bank
quickly by a rally when it became apparent that funds sufficient to
From Advancing Discount Rate—First Judicial Interprebeing supplied by New York banks
maintain an orderly market were
tation Dealing With Discretion of Federal Reserve Board
and when the significance of the Reserve bank's lowered purchase rate
on acceptances was more generally understood.
Relative to Open Market Operations, Credit Policies, Etc.
Significance of Reserve Bank Discount and Buying Rate Changes.
The latest issue (August) of the Federal Reserve BulleThese opposing movements in the rates at which the Reserve banks
stand ready to take paper under rediscount from member banks and tin issued by the Federal Reserve Board contains the full
those at which they arc willing to buy bills in the open market are in- text of the decision of the United States Court of Appeals
terpreted as an effort on the part of the central banking authorities
which was handed down in July, and which
to confine the expected Autumn increase in Federal Reserve credit in New York,
as closely as possible to strictly agricultural and commercial needs, and sustained the action of Judge Winslow in dismissing the
to prevent its diversion to the stock market. The theory is that the suit brought by Frank G. Raichle, a Buffalo lawyer, to
higher discount rate will put an additional deterrent in the way of
Federal Reserve Board of New York from
member bank borrowing at Reserve banks, some of the proceeds of restrain the
which might find its way into the stock market. At the same time the enforcing increased discount rates. A brief reference to
lowered purchase rate will make Federal reserve credit more readily the findings of the Court of Appeals appeared in our issue
in
available to the bill market. Since acceptances are drawn largely
July 20, page 415. Among other things the colirt said:
the financing of commerce and agriculture, the extension of Federal of
1532
FINANCIAL CHRONICLE
[vol.. 129.
We can see no basis for the contention that it is a tort for a Federal
UNITED STATES CIRCUIT COURT OF APPEALS FOR THE
Reserve Bank to sell its securities in the open market to fix discount
SECOND DISTRICT
rates which are unreasonably high, or to refuse to discount eligible
paper, even though its policy may be mistaken and its judgment bad. Frank G. Raichle, appellant, against Federal Reserve Bank of New
York, appellee
The remedy sought would make the courts, rather than the Federal
Before L. Hand, Swan and Augustus N. Hand, circuit judges.
Reserve Board, the supervisors of the Federal Reserve system and
Appeal from the United States District Court for the Southern
would involve a cure worse than the malady.
District of New York.
Bill in equity by Frank G. Raichle to restrain the Federal Reserve
The following is the full text of the decision as given in
Bank of New York from doing various acts in derogation of plaintiff's
the Reserve Bulletin:
alleged rights. Upon motion by the defendant, in the nature of.a
demurrer, the bill was dismissed by the District Court, and plaintiff
Decision of Circuit Court of Appeals re discretion of Federal Reserve
appeals.
system in matters relating to credit policies.
This is an appeal from a decree dismissing a bill in equity upon the
There is published below the text of an opinion rendered July 15, 1929, merits. The defendant moved to dismiss the bill on the ground :
.
by the United States Circuit Court of Appeals for the Second Circuit,
1. That it appears on the face of the complaint by plaintiff's own
in the case of Frank G. Raichle v. Federal Reserve Bank of New York, showing that he is not entitled to the relief prayed for by this comwhich is of unusual importance because it contains the first judicial plaint against the defendant, nor to any relief arising from the facts
interpretation of those provisions of the Federal reserve act which alleged in said complaint.
2. That it appears on the face of said bill of complaint
deal with the discretion of the Federal Reserve banks and the Federal court has no jurisdiction to hear and determine this suit. . that this
Reserve Board in fixing the rediscount rate, engaging in open-market
3. That it appears on the face of said bill of complaint that said
complaint is wholly without equity.
Operations, and in other matters relating to credit policies.
The bill alleges the incorporation of the defendant, which we shall
This suit was brought in the United States District Court for the
hereinafter call the bank, under the act of Congress called the Federal
Southern District of New York by one Frank G. Raichle in his capacity Reserve Act.
.
'furnish an elastic
It alleges that this act was passed to'
as a private citizen. The only party defendant named in the suit was currency, to afford
means of discounting commercial paper and to
the Federal Reserve Bank of New York. The bill of complaint alleged, establish a more effective supervision of banking in the United States";
however, that the Federal Reserve Bank of New York and the Federal that the bank "is a unit in the Federal Reserve system, and as such has
reserve system generally, had spread propaganda concerning an alleged certain powers conferred upon it by the Federal reserve act and permoney shortage and increase in the volume of collateral loans, set about forms certain functions under the control of its board of directors and
the
Board is by
to restrict the supply of credit available for investmentpurposea .by law Federal Reserve Board"; that the "Federal Reserve .
vested with limited control
Federal Reserve rediscount facilengaging in open-market transactions through the sale of its securities, ities and the defendant Federal over
Reserve Bank of New York is vested
raised the rediscount rate for its member banks in order to reduce the with limited control over its own rediscount facilities."
After setting forth that the United States have for six years experivolume of security loans, and coerced member banks to call collateral
loans by declining to rediscount eligible commercial paper for such enced great prosperity, that business conditions are good and getting
better, that employment and wages are satisfactory, that the signs.usu.
member banks. It was further alleged that all of these actions had ally
that
injured complainant by causing the market price of stocks and bonds large consulted indicate a continued improvement and bonds accordingly
numbers of people have invested in stocks and
of various
owned by him to decline, and also that all such courses of action were industrial and railroad corporations, the bill goes on to say that the
beyond the corporate and legal powers of the Federal Reserve Bank plaintiff owns various securities outright and has borrowed money to
and resulted in depriving the complainant of his property without due purchase others.
.
It further alleges that there is an abundance of credit readily availprocess of law. The court was asked to grant an injunction restraining
able
the defendant from spreading propaganda concerning an alleged money that for the needs of industry and agriculture, as well as investment, but
the bank reports
shortage and an alleged credit structure in the United States, from commercial loans have that brokers' loans have increased in volume and
decreased. Such a
said to be due to
doing any act or thing calculated to curtail the credit resources of the the tendency of banks to charge high rates condition isand to make loans
of interest
United States, from engaging in unwarranted and excessive open-market callable on demand and, by reason of these circumstances, it is said to
operations and removing a large amount of cash and its incidental have heel: found desirable to borrow money from the public through
credit from the use of the investing public, from controlling or inte!
-- security offerings in order to eliminate banks as middlemen.
The bill
say that the credit available in the United
tering with the member banks in the free and unrestricted use of their States is inthen goes on to billion
excess of fifty
own independent resources in all legitimate banking activities, including loans approximates only 64% of dollars and that the total of brokers'
this amount, so that
the making of collateral loans, and from further arbitrarily and unrea- too much of available credit is involved in collateral or the claim that
brokers' loans
sonably raising the rediscount rate. The court was also asked to grant is not justified.
The bill then sets up the wrongful acts on which the plaintiff founds
a mandatory injunction directing the Federal reserve bank .to fix a
his cause of
reasonable rediscount rate and a prohibitory injunction restraining the engaged in aaction. It says that the bank during the year 1928 illegally
.
course of conduct, which
is still
defendant from taking any action for the purpose of forcing the liqui- for its object an arbitrary reduction ofitbrokers' continuing, that had
loans and a
dation of brokers' loans.
reduction of security prices. The course of conduct consisted general
of the
On motion of defendant and after argument of counsel, the United following acts:
States District Court dismissed the bill of complaint on the ground that
(I) "This defendant and the Federal Reserve system generally,
" " " wrongfully " • • spread propaganda concerning an
it stated no cause of action against the Federal reserve bank.
alleged money shortage and expressed alarm over the increasing
The complainant appealed the case to the United States Circuit Court
volume of collateral loans, whereas no shortage exists other than
of Appeals for the Second Circuit which, after discussing the merits
one of their own making which is technical in its nature and artificial
of the case at some length, ruled that the Federal Reserve Board was a
in its essence."
necessary party to the suit, modified the decree so as to dismiss the bill
Many persons induced by this propaganda have sold securities thereby
because of failure to join the members of the Federal Reserve Board contributing to a decline in market prices and to plaintiff's
damage.
as indispensable parties, and affirmed the decree as so modified.
(2) "The defendant, * • • and the Federal Reserve system
The three principal questions considered by the Circuit Court of
generally, have " • • wrongfully • .*
set about to reAppeals were the following:
strict the supply of credit available for investment purposes and
.
cause a general liquidation of security loans with a resultant reduc(1) Are the alleged acts, irrespective of the alleged purpose to
reduce the volume of brokers' loans, within the power of the Federal
tion in quoted security prices. In this connection the defendant
reserve bank?
• • • and Federal Reserve system generally, have engaged in
an open market operation, as the term is generally used by those
(2) If the acts are generally speaking lawful, are they rendered
concerned in this practice, but not for the purpose contemplated by
unlawful because the purpose was to reduce the volume of brokers'
loans?
the use of the term in the Federal Reserve Act. The defendant and
(3) Is the Federal Reserve Board a necessary party to the action?
other Federal Reserve Banks have sold quantities of securities aggreThe court held, in substance, that—
gating many millions of dollars •. • * for the sole purpose of
taking money and its attendant credit out of the market and remov•
(1) Irrespective of a purpose to reduce the volume of brokers' loans,
ing the same from use, thus curtailing credit and causing an artificial
(a) it was lawful to engage in open-market transactions by the sale of
money shortage to the plaintiff's damage and injury. This conduct
securities, since purchases and sales in the open market are specifically
• is not justified by airy economic circumstances, and if
authorized by the Federal Reserve Act; (6) it was for the Federal
continued and unabated will lead to serious consequences, and to
Reserve Bank, subject to the supervision of the Federal Reserve Board,
the damage of this plaintiff."
to determine what would be a reasonable rediscount rate; (c) it was
(3) The defendant has on three different occasions "arbitrarily and
lawful for the Federal Reserve Bank to decline to rediscount eligible unreasonably raised" the rediscount rate which it charges to its member
paper, since the power to rediscount eligible paper is, under the terms banks,
"for the purpose and with the effect of raising interest rates gen•
of the Federal Reserve Act, wholly permissive, and (d) the charge of
erally and call money rates on the New York Stock Exchange in
spreading propaganda is without legal significance; but, in view of the
particular."
provisions of the Federal Reserve Act for detailed reports on the con- Through
this action
dition of the Federal Reserve Banks and for communications between has been damaged byinterest rates have become unreasonable and plaintiff
being obliged to pay such rates for borrowed
the Federal Reserve Board and the Federal Advisory 'Council regarding and by having the value of his securities depreciated through money
the sale
the general affairs of the Federal Reserve system, "it is most unlikely of securities by persons unwilling or unable to pay these rates.
that statements as to the condition of affairs can not be made public by
(4) "the defendant has wrongfully controlled and seeks to
further control the action of member banks in dealing with their
the Board, the council, and the Banks. The provisions for reports,
own resources by coercing them to call collateral loans made to
representations, and recommendations seem to imply public information
their customers by said banks on account of their own resources
and, when the situation warrants it, public warning."
and not rediscounted with defendant or any other Federal Reserve
(2) The Federal Reserve Bank, under the supervision of the Federal
Bank. On various occasions the..
said Federal Reserve Bank,
Reserve Board, must determine whether there is danger of financial
• • • has denied rediscount facilities to certain member banks
stringency and whether the credit available for "commerce and busipending a liquidation of certain other collateral loans and thus
ness" is sufficient or insufficient; and, if it proceeds in good faith
occasioned liquidation of securities and reduotion of prices due to
inability on the part of borrowers to renegotiate their loans."
through open-market operations and control of discount rates to bring
The bill finally alleges that by the defendant's acts plaintiff's
about a reduction of brokers' loans, it commits no legal wrong.
securities
have depreciated and he has been damaged in more than
the sum of
(3) The Federal Reserve Board is an indispensable party to the $3,000; that
the defendant seeks further to control its
suit, because it is given power to exercise general supervision over
in .
the matter of collateral loans and threatens furthermember banks
the
to raise the
Federal Reserve Banks and is specifically empowered to regulate open. rediscount rate.
market transactions, to review and determine rates of discount, and
Frank G. Raichle. solicitor for appellant in person; Frank G.
cou chel, Robert L. Owen, Carlos C. Alden and Ethan W. Judd,
Rains le.
to make reports as to conditions in the Federal reserve system. "In
such circumstances, the bank is, as to the matters complained of here,
Ne pponlee . Baker and Walter S. Logan, solicitors and counsel for
awt el D
a Governmental agency under the direction of the Federal Reserve
Board."
AUGUSTUS N. HAND, circuit judge:
The opinion of the Circuit Court of Appeals, the full text of which
The wrongs charged
is published below, is of unusual importance, because it contains the concerning an alleged against the bank are (a) spreading propaganda
money shortage and increasing
first recorded judicial interpretation of those provisions of the Federal eral loans, (b) setting about to restrict the supply of volume of collat.
credit available for
Reserve Act dealing with the discretion of the Federal Reserve Banks investment purposes by engaging in open-market transactions through
and the Federal Reserve Board with respect to the fixing of the redis- the sale of its securities, (c) raising the rediscount rate for its member
count rate, the rediscounting of paper for member banks, the power to banks in order to reduce the volume of security loans, (d) coercing
member banks to call
engage in open-market operations, and other powers -with respect to commercial paper for collateral loans by declining to rediscount eligible
such member banks.
general credit policies. It also contains an interesting review of the
Three principal questions must be considered:
fundamental purposes of the Federal Reserve Act and the reasons for
(1) Are the foregoing acts, irrespective of the alleged purpose to
reduce the volume of brokers' loans, within the power
the creation of the Federal Reserve System.
of the Federal
Reserve Bank?
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1533
to adjust the general credit situation by purare they rendered rediscounts
(2) If the acts are generally speaking lawful, volume of brokers' chasing and selling in the open market the class of securities that they
time.
establish from time
unlawful because the purpose was to reduce the
are permitted to deal in. The power "to the Federal Reserve toBoard,
determination by
loans?
party to the action? subject to review and charged by the Federal Reserve Bank" appears
the Federal Reserve Board a necessary
to be
(3) Is
long struggle and was rates of discount open-market powers. The two powers are correlative
The Federal Reserve Act marked the end of a
difficulties. When the indepen- in the act with the
thought to afford the solution of many the effect was completely to and enable the Federal Reserve Banks to make their rediscount rates
securities does not lessen the total amount of credit
dent treasury bill was passed in 1846,
with the money market by effective. The sale of
divorce the Government from all connection Government funds in the available but, by necessitating payment to the Federal Reserve Banks,
keeping
credit in their hands "with a view of accommodating
making it its own banker and by
The public then had to increases available
business as provided by the act. (U. S. C. A., Title 12,
vaults of independent treasury office banks.
credit, with a result that in commerce and
depend on State banks for currency and
ch. 3, sec. 357.)
of the Federal Reserve Board,
times of financial stress is well known. War, National banks were estabSuch being an outline of the powersFederal Reserve Bank, it is necTo meet the necessities of the Civil
the Federal Advisory Council and the
official depositaries of the Government and essary to consider whether any of the acts which the bill says were perlished. They became the
their ability to issue cirfurnished an enlarged currency because of
the Federal Reserve Bank of New York were in themselves,
bonds deposited with the Treasurer formed by
culating notes against Government required to maintain reserves in cer- irrespective of a purpose to reduce the volume of brokers' loans, unlawful.
arket transactions by the
of the United States. They were of their deposits. As the Government
Certainly it was lawful to engage in open-m to decline to rediscount
fix the rediscount rate and
tain cities based upon a percentage
means for issuing currency sale of securities, to
are
of the Civil War became liquidated, the the country were expand- eligible paper. Purchases and sales in the open market secs.specifically
debts
3,
353-356.)
lessened, though the business requirements of inevitably promoted mone- authorized by the act. (U. S. C. A., Title 12, ch.
•
a situation business prosperitywere deposited in relatively Likewise the act in terms empowers "every Federal reserve bank * n* of
ing. In such
reserves
to review and determinatio
tary stringency. Moreover, as the
establish from time to time subject
metropolitan centers, when financial stringencies arose, to Federal Reserve Board rates of discount to be charged by the Federal
few banks in the
deposits would be withdrawn, the
each class of paper, which shall be fixed with a view
pressure always came on the banks, their
and a liquidation of collateral Reserve Bank for commerce and business." While it is alleged in the
the rates for call loans would advance
of accommodating
and unreasonably
and depreciation of values would ensue.was a great improvement over bill that the rediscount rate "has been arbitrarily supervision of the
the
While the National banking system
it was for the defendant, subject to
central regulating force and fur- raised," Reserve Board, to determine what would be a reasonable redisno
what went before, it provided controlling interest rates or preventing Federal
fixing rates
not contended that the provision for reasonable toof disnished no adequate means for
argue
and panics. The usual method of fur- count. It is
or lessening financial stringencies was for the Treasury to deposit moneys count is unconstitutional, nor would it seem even
for business
decisions as First National Bank v. Union Trust
nishink funds needed
274 U. S. 256, as
to withdraw these deposits if that it is after such
from its vaults in the national banks and This was a rather ineffectual Co., 244 U. S. 416. and Westfall v. United States.
Tender case, 110 U. S. 421; Farmers' & Mechanics
they were used too much in speculation.
v. Maryland,
It was depen- well as the Legal
way of dealing with complicated andn difficult situations. and lacked the National Bank v. Deering, 91 U. S. 29, and McCulloch
determinatio of a single official
dent too much upon the
system 4 Wheat., 316. constitutional, we are asked to hold that the Bank may
information and guidance that a scientific Federal banking
The act being
securities and fix the rates at which it will discount or
would afford.
specific terms of
Federal Reserve not sell its own
To remedy the difficulties we have mentioned, theNational Charters rediscount paper when it is given the power by theIt is
important to
Federal Reserve Banks have
do all of these things.
Act was passed. The
the Federal Reserve Act to
stockholders are member banks. Each Federal Reserve Bank note that it is not under any compulsion to rediscount eligible paper for
and their
g are wholly permissive.
from the member banks, three selected
in respect to rediscountin
has nine directors, three chosen
the Federal the words of the act
that:
as representatives from industry and three designated by of the
Trea- The act provides
Reserve Board—a central body consisting of the Secretary
subject to regulations and
and six other members
"Any Federal Reserve Bank may,
Reserve Board, discount
sury, the Controller of the Currency the Senate. This Board appointed
is given,
limitations to be prescribed by the Federal (U. S. C. A., Title 12,
by the President with the consent of
exchanges • * *"
Federal reserve
notes, drafts, and bills of
by law, the Rower to exercise general supervision over of
348.)
each Federal
ch. 3, sec.
banks. It is in terms empowered to examine the affairs
Bank and the Federal Reserve system genReserve Bank and to publish weekly a statement showing the condition
But it is alleged that the
concerning an
of each bank as well as a consolidated statement of all the banks in the erally have wrongfully "spread propaganda increasing volume alleged
of colalso specifically empowered to permit or, in certain cases, money shortage and expressed alarm over the
system. It is
one of their own
to require Federal Reserve Banks to rediscount the discounted paper lateral loans, whereas no shortage exists other than in its essence."
Banks and to suspend, for a limited time, reserve re- making which is technical in its nature and artificial
of other Reserve
the act requires the Federal Reserve Board
quirements, and it is empowered to review and determine rates of disAs we have already said,
to
count to be charged by, Federal Reserve Banks "which shall be fixed with to examine the books and affairs of each Federal Reserve Bank,
deem necessary and to publish each
a view of accommodating commerce and business."
such statements as it may
the act with require statement showing the condition of each bank and a consolidated
Furthermore, a Federal Advisory Council is created by
week a
the
a delegate member from each Federal Reserve Bank. This council is statement for all the Banks. These statements shall show in detail the
authorized to confer with the Federal Reserve Board on general business assets and liabilities and shall furnish full information regarding and
to make oral or written representations concerning matters character of the money held as reserve and the amount, nature Adconditions,
within the jurisdiction of the board and to call for information and to maturities of the paper and other investments held. The Federal
make recommendations in regard to discount rates, rediscount business. visory Council shall also have power to confer with the Federal Reserve
representanote issues, reserve conditions in the various districts, the purchase and Board on general business conditions, make oral or written and call for
of the board
sale of gold and securities by Reserve Banks, open-market operations by tions concerning matters within the jurisdiction discount rates, rediscount
recommendations as to
these banks and the general affairs of the Reserve banking system.
information and make
securities
The foregoing outline shows the broad purposes of the act and the business, reserve conditions, the purchase and sale of gold or affairs of
wide powers of supervision and control given to the Federal Reserve by Reserve Banks, open market operations and the general
l report of the reserve banking system.
Board over the whole reserve system. The congressiona
for detailed reports on the condition of the
Senator Glass stated the objects of the act as follows:
In view of such provisionscation between the board and the council
intercommuni
"1. Establishment of a more nearly uniform rate of discount banks and for
think it
thereby the furnishing of a regarding the general affairs of the reserve banking system, we not be
throughout the United States, and
as to the condition of affairs can
certain kind of preventive against overexpansion of credit which most unlikely that statements
the council and the banks. The provisions
made public by the Board, and recommendations seem to imply public
should be similar in all parts of the country.
"2. General economy of reserves in order that such reserves for reports, representations situation warrants it, public warning. What
of any section information and when the
might be held ready for use in protecting the banks
warrant is necessarily left to those clothed
of the country and for enabling them to go on meeting their obliga- particular conditions may
acting. Warning before taking action would
tions instead of suspending payments, as so often in the past.
with responsibility for
than sudden and perhaps drastic action with3. Furnishing of an elastic currency by the abolition of the seem to be a safer practiceassertion that the banks have spread false
existink bond-secured note issue in whole or in part, and the sub- out warning. Plaintiff's
shortage is inaccurate. It apparently is
stitution of a freely issued and adequately protected system of bank propaganda regarding a money bill that "no shortage exists other than
the
notes which should be available to all institutions which had the based on the allegation ofwhich is technical in its nature and artificial
proper class of paper for presentation.
one of their own making
argumentative and obscure allegation of no
"4. Management and commercial use of the funds of the Gov- in its essence." This is anit means that the Federal Reserve Banks
isolated in the Treasury and subtreasuries value in a pleading. If
ernment which are now
in the open market and refused to rediscount
in large amounts.
exercised their right to sell
but if such were the fact the
"5. General supervision of the banking business and furnishing eligible paper, it should have said so; rights and the plaintiff would
within their
of stringent and careful oversight.
banks would still have been allegation. We, therefore, deem the charge
"6. Creation of market for commercial paper."
have gained nothing by the
propaganda without legal significance.
To carry out the purposes of the act, Federal Reserve Banks, subject of spreading
on his charge that the defendant has
But the plaintiff chiefly relies • • which has had for its object and
to the supervision of the Federal Reserve Board, are authorized to act
•
course of conduct
collateral or brokers'
as Government depositaries and fiscal agents; to receive and maintain engaged in "a
arbitrary reduction in the volume ofacted in bad faith or
the legal reserves of member banks; upon indorsement of member banks purpose an
said that the bank has
to discount notes, drafts and bills of exchange arising out of actual loans." It is nowhere defendant. But it seems to be thought that it
the
commercial transactions but not "notes, drafts or bills covering merely has aimed to injure acts of the bank were likely to cause damage to
investments or issued for the purposes of carrying or trading in stocks, may be said that thecaused such damage, and therefore gave rise to a
fact
bonds or other investment securities, except bonds and notes of the the plaintiff, in unless some legal justification can be shown.
Government of the United States"; to make advances to member banks cause of action theory of liability was suggested by Justice Holmes in
This general
on their Promissory notes for not more than 15 days at rates to be
"Privilege Malice and Intent," published in Volume
established by the Federal Reserve Banks subject to the review and an article entitled
Law Review, as long ago as 1894. At the time,
determination of the Federal Reserve Board provided such promissory VIII of the Harvard somewhat startling generalization by a profession
bonds, or notes of the United it was regarded as a
notes are secured by eligible paper, or by
liabilities in tort under the categories of forms of
States, to receive Federal reserve notes upon deposit of eligible paper, which had viewed all
courts have differed as to when justification exists,
or gold, or gold certificates, provided a gold reserve of not less than 40% action. But while
n of Justice Holmes reiterated in XVIII Harvard
of such notes is maintained. (U. S. C. A., Title 12, ch. 3, secs. the above generalizatio
more and more used as a conLaw Review by Professor Ames has been torts. (Aiken v. Wisconsin,
341-361.)
approaching problems in
Federal Reserve Banks may also, under rules and regulations pre- venient means of 204.) In many cases such as libel and slander and
at p.
scribed by the Federal Reserve Board, engage in "open-market opera- 195 U. S.,
a malevolent motive destroys the privilege, while
tions," that is to say, purchase and sell in the open market at home or malicious prosecution, use of land, the privilege has frequently been held
the
abroad cable transfers and bankers' acceptances and bills of exchange in cases affecting
and fast rule can be laid down as to when the
of the kinds and maturities eligible for rediscount. They may deal in absolute. No hard
Indeed it was said in Aiken v. Wisconsin, supra, that
gold coin and bullion at home and abroad; buy and sell, at home and privilege exists.considered a justification depends upon "principles of
abroad, bands and notes of the United States and bills, notes, revenue what will be
Green v. Victor Talking Mach. Co., 24 Fed. (2d)
bonds and warrants with a maturity from date of purchase of not ex- policy." See also has seized upon the opinion of Justice Holmes in
ceeding six months, issued by any State, county, district, political sub- 378. The plaintiffTrust Co. v. Federal Bank, 256 U. S. 350, to support
&
division or municipality in the United States, such purchases to be made American Bank that a purpose to reduce the volume of brokers' loans
in accordance with regulations prescribed by the Federal Reserve Board. his contention
ordinary right to sell its own securities, fix the
may purchase from member banks and sell bills of exchange arising destroys the defendant's
They
extending credit and warn the public against inflation. But
out of commercial transactions and may "establish from time to time. rates forFederal Reserve Bank was charged with accumulating checks
subject to review and determination by the Federal Reserve Board, rates there a
and presenting them in large quantities in
to
of discount to be charged by the Federal Reserve Bank for each class of country banks to become members of the reserve bank, or,order
at least,
banks
of paper, which shall be fixed with a view of accommodating commerce compel these
;
other Federal Reserve to open a nonmember clearing, account with it. In such
and business." They may establish accounts with
said that the 'United States did not intend b • **
circumstanee
Banks with the consent and upon the order and direction of the Federal Justice Holmes
he
to sanction this sort of warfare." In the case at y
Reserve Board and, under regulations to be prescribed by said Board, statute
of policy" point the other way. It would be an unthinkable
bart
may open accounts and establish agencies in foreign countries for the "principles any banking system if its open-market sales and discount
upon
purpose of purchasing selling, and collecting bills of exchange. They burden
open market either from or to domestic rates were to be subject to judicial review. Indeed, the correction of
may purchase and self in the
que when we rememof Federal Inter- discount rates by judicial decree seems
banks, firms, corporations or individuals, acceptancescredit
almostgrote
corporations ber that conditions in the money market often changefrom hour to hour
mediate Credit Banks and of national agricultural
the disease would ordinarily be over long before a judicial diagnosis
whenever the Federal Reserve Board shall declare that the public and bee tha
could s m ede
3, secs.
interest so re9uires. (U. S. C. A., Title 12, ch. Reserve 353-357.)
plaintiff aided by his charge that thedefel deoitaherolwlrooanogsea? an l t as
The foregoing provisions enable the Federal banks Banks without fully controlled member banks by coercing
for loans or
them to
member
waiting for applications from their
1531
FINANCIAL CHRONICLE
[VOL. 129.
made to their customers, for the only method
of
It is further announced by Secretary Mellon that on
the refusal to rediscount eligible commercial paper. coercion suggested is
not a wrong because no provision of the act requires Such a refusal was subscriptions
for which Treasury notes are tendered, in
the Bank to discount
unless so ordered by the Board.
partial payment, the face amount of the Treasury notes
We can see no basis for the contention that
it is a tort for a Federal
Reserve Bank to sell its securities in the open
market, to fix
rates which are unreasonably high, or to refuse to discount discount tendered must equal the face amount of the new certifieligible cates
paper, even though its policy may be mistaken
subscribed for, and such subscriptions must be in
and
The remedy sought would make the courts, rather its judgment bad.
than the Federal multiples of $500. The new issue of certificates will
Reserve Board, the supervisors of the Federal Reserve
be
system and
would involve a cure worse than the malady.
in bearer form in denominations of $500. $1,000,
The bank, under
$5,000,
supervision of the, board, must determine whether there is danger the
of $10,000 and $100,000. The certific
financial stringency and whether the credit available
ates will have two infor "commerce
and business" is sufficient or insufficient.
proceeds in good faith terest coupons attached, payable Dec. 16, 1929 and June
through open-market operations and controlIf it discount rates to bring
of
16, 1930. At the time of its June financing (referred to
about a reduction of brokers' loans, it commits
no legal wrong. A
reduction of brokers' loans may best accommodate "commerce and busi- in these
columns June 8, page 3768) interest on the cerness." (U. S. C. A. Title 12, ch. 3, sec. 357.)
Defendant's counsel have made a persuasive argument that upon the tificates ($400,000,00b) put out at that time was fixed at
facts alleged the questions raised are political and not justiciabl
e. We 5Y
8%, that issue likewise running for nine months. The
have not discussed it because without
it the defendant's position seems
to be unassailable.
certificates in the March offering, with a maturity of nine
It is contended that the bill must
of the failure to join the members in any event be dismissed because months, bore interest at 4%%. The New York "Times"
of the Federal
Board as
parties. The "defendant and the Federal Reserve Reserve generally
system
" in its comments yesterday (Sept. 6) on the interest rate
are charged with spreading propaganda.
The Federal Reserve system of the new
must include the Board. The Board by the
issue said:
act is given power to exercise general supervision over Federal
Reserve Banks. (U. S. C. A.,
Title 12, ch. 3, sec. 243
The New Treasury Financing.
(j)•)
It is specifically empowered to regulate
The rate of 47
4% fixed for the new Treasury issue and announced
transactions, to
review and determine rates of discount and open-market
to make reports as to condi- in this morning's newspapers is one-fourth of one per cent below the
tions in the Federal Reserve system.
In such circumstances, the Bank rate of 5%7; which the last issue carried. In view of the fact that
is, as to the matters complained
of here, a governmental agency under there has been only a minor
the direction of the Federal
slackning of money rates in the interval,
Reserve Board. If the plaintiff prevailed while the discount
in his contention the Bank would be
rate has gone from 5% to 6, Wall Street found the
which the Board had presumptively enjoined from fixing a discount rate reduction in rate unusually interesting. Another factor which makes
directed. Such a situation under
familiar principles renders the Federal
the lowering of the rate something of a surprise is the time of year.
party to the suit. Alcohol Warehous Reserve Board an indispensable Last June,
e Corp. v. Canfield, 11 Fed. (2d)
when the Treasury issued notes at PA c/a, the season of
214.
the year when credit demands are slack was at hand. At present we
But the plaintiff contends that
U. S. 388, and Webster v. Fall, such cases as Gnerich v. Rutter, 265 are entering the Fall season, when credit is in greater demand and
266 U.
because the Federal Reserve Banks are S. 507. differ from the present rates normally advance. A feature which is calculated to offset the
independent units and in that
respect differ from agents like the
Prohibition Director who is created lower rate, however, is the fact that the present issue will be totally
under a regulation of the Department
of Internal Revenue and is subject tax-exempt instead of being only partly tax-exempt, as has been the
to the orders of the Commissi
case with previous issues.
oner.
tion to the fact that in American Moreover, the plaintiff calls attenThe Washington dispatch Sept. 5 to the "Times" obReserve Bank, 256 U. S. 350, the Bank & Trust Company v. Federal
Supreme Court maintained jurisdiction without suggesting that the
Federal Reserve Board was a necessary serves that there had been much speculation as to the
party although the bill there
were done in pursuance of a alleged that the wrongs done by the bank Possibility of the Depart
policy "accepted by the Federal Reserve
ment trying out the new nonBoard." But in American Bank
Bank, supra, the point that the & Trust Company v. Federal Reserye interest bearing Treasury bills which Congress authorized
Federal Reserve Board was an indispensable party was not raised,
(under the act of June 17, 1929) it to sell at
a discount,
and Webster v. Fall, supra, so that we must regard Gnerich v. Rutter
ment was made that in otheras controlling. In the last case the argu- but apparently the Government experts did not feel that
suits brought against subordinate officials
without joining the superior, the
court had proceeded to determine the the present tight money market presented a favorable
merits but Justice Sutherland
said that:
"Questions which merely lurk in the record, neither brought to opportunity to test the efficiency of this form of financing.
the attention of the court nor
The dispatch went on to say:
as having been so decided as ruled upon, are not to be considered
Purchasers would be invited to offer bids for these
We have discussed the merits to constitute precedents."
bills, thus fixing
in case our decision should be reviewed the level at which
and our opinion that the
they would sell and with competition for
Federal Reserve Board is a necessary party
should be thought erroneous.
securities at a minimum, the Department apparently was Government
better satisThe decree is modified so as
to dismiss the bill because of failure to fied to select its own terms.
join. the members of the
Federal Reserve Board who are indispensable
parties and, as so modified,
We give herewith in full Secretary Mellon's announceis affirmed.
ment of the new offering:
Treasury Department's September Financi
ng-Offering of
$500,000,000 47;i% Tax Exempt Treasury Certificates of
Indebtedness.
The September financing,
of the Treasury Department,
announced by Secretary Mellon on Sept. 5, takes the form
of tax-exempt Treasur
y Certificates of Indebtedness, offered to the amount of $500,00
0,000 or thereabouts, maturing in nine months, and
bearing interest at 4W7. Atten0
tion Is called by Secreta
ry Mellon to the new tax-exempt
Provision, authorized under the Act of Congress, approve
d
June 17, 1929, the text
of which was given in our issue
of July 6, page 60. In
his announcement relative to the
new certificates Secretary
Mellon states that they "will
be exempt, both as to
principal and interest, from all
taxation except estate and inherit
ance taxes." He adds:
The interest on certificates
heretofore issued under the Second Liberty Bond Act, as amended,
has been exempt from the normal income
tax but from surtaxes
only to a limited extent. These certificates,
however, will be fully exempt
as to interest from surtaxes, as well as
normal income taxes, and
accordingly should be more attractive to the
individual investor.
Secretary Mellon announces that the new certificates
are issued to meet a
maturity of about $510,000,000 of
Treasury certificates; in addition
to the $510,000,000 of
certificates due Sept. 15, 1029, over $65,000,000 in Interest
payments on the public debt will, he states, become
due
in Sept. 1929 and over
$149,000,000 in October, 1929. The
new certificates, designated
series TJ-1930, will be dated
and bear interest from
Sept. 16, 1929 and will mature
June 16, 1930. In paymen
t therefor the Treasury will
accept, at par, Treasury
certificates of indebtedness of
Series TS-1929 and TS2-192
9, both maturing Sept. 15, 1929.
Secretary Mellon's announcement
says:
To meet a maturity of about $510,000,000 of Treasury
certificates,
the Treasury is today offering for subscription, at par and
accrued
interest, through the Federal Reserve Banks, an issue of
nine month
47. % Treasury certificates of indebtedness of Series TJ-1930,
dated
and bearing interest from September 16, 1929, and maturing
June 16,
1930. The amount of the offering is $500,000,000 or thereabou
ts.
Applications for the new certificates will be received at
the Federal
Reserve Banks. The Treasury will accept in payment for
those certificates, at par, Treasury certificates of indebtedness
of Series TS1929 and TS2-I929, both maturing Sept. 15, 1929.
Subscriptions for
which payment is to be tendered in certificates of indebtedn
ess maturing
Sept. 15, 1929, will be allotted in full up to the amount
of the offering.
In addition, 31 2% Treasury notes of Series A 1930-32,
/
B 1930-32 and
C 1930.32 will be accepted at a price of $98 for each $100
face amount,
with an adjustment of interest accrued to September
16, 1929, in part
payment for any certificates of the series now offered, up
to $100,000,•
000 face amount of notes: the difference between the
price of $98 for
the notes and the $100 face amount of the new
certificates to be paid
in cash on or before Sept. 16, 1929. Payment by
Treasury notes will
be treated as cash subscriptions and will be given
preferred allotment
in the order received. These notes are being
purchased for sinking
fund purposes.
On subscriptions for which Treasury notes are
tendered, in partial
payment, the face amount of the Treasury notes
tendered must equal
the face amount of the new certificates subscribed
for, and such subscriptions must be in multiples of $500.
Bearer certificates will be issued in denominations
of $500, $1,000,
$5,000, $10,000 and $100,000. The certificates will
have two interest
coupons attached, payable Dec. 16, 1929 and June
16, 1930.
Particular attention is invited to the new tax
exemption provision.
In accordance with the act of Congress, approved
June 17, 1929, the
new certificates will be exempt, both as to principal
and interest, from
all taxation except estate and inheritance taxes. The
tificates heretofore issued under the Second Liberty interest on ceramended, has been exempt from the normal income tax Bond Act, as
but from surtaxes only to a limited extent. These certificates,
fully exempt as to interest from surtaxes, as well however, will be
as normal income
taxes, and accordingly should
be more attractive to the individual
investor.
In addition to $510,000,000 of Treasury certificat
es of indebtedness
due and payable on Sept. 15, 1929, over $65,000,0
00 in
ments on the public debt will become due and payable interest payin Sept., 1929
and over $149,000,000 in Oct.,
1929.
Subscriptions for which
payment is to be tendered in certificates of
Subscription books were opened Sept. 6. The Treasur
indebtedness maturing
y
Sept.
the amount of the offering. 15, 1929, will be allotted in full up to Department's circular detailing the offering
follows:
In addition, 3VoIA Treasury notes of
Series A 1930-32, B 1930-32 and
C 1930-32 will be accepted at a price
UNITED STATES OF AMERICA
of $98 for each $100 face
amount, with an adjustment of interest Four
and Seven-Eighths Per Cent Treasury Certificates of
accrued to September 16, 1929,
in part payment for any certificates of
Indebtedness
the series now offered, up to
$100,000,000 face amount of notes: Ow
SERIES TJ-1930
difference between the price of
$98 for the notes and the $100 face Dated and
Bearing Interest from Sept. 16, 1929
amount of the new certificates to be
Due June 16, 1930
paid
The Secretary of the Treasury, under the authority
1929. Payment by Treasury notes will in cash on or before Sept. 16,
of the Act
be treated as cash subscriptions approved Sept. 24,
1917, as amended, offers for subscription, at par
and will be given preferred allotment
in the order received. These and accrued interest,
notes are being purchased for sinking
through the Federal Reserve Banks, Treasury
fund purposes.
certificates of indebtedness of Series TJ-1930. dated and
bearing interest
SEPT. 7 1929.1
FINANCIAL CHRONICLE
1535
was introduced,
from Sept. 16, 1929, payable June 16, 1930, with interest at the rate vealed five minutes after the tariff bill
of four and seven-eighths per cent per annum, payable on a semi- said the "Times" dispatch of September 4, from which we
annual basis.
also take the following:
Applications will be received at the Federal Reserve Banks.
Independent moves in this direction came from Senator Simmons,
Bearer certificates will be issued in denominations of $500, $1,000,
•:rtificates will have two interest ranking Democrat of the Finance Committee, and from Senator Blaine
$5,000, $10,000, and $100,000. The ,
of Wisconsin, one of the most "liberal" of the Western group of Recoupons attached, payable Dec. 16. 1929 and June 16, 1930.
Mr. Blaine introduced a joint resolution deThe certificates of said series shall be exempt, both as to principal publican recalcitrants.
corporation income tax returns,"
and interest, from all taxation (except estate and inheritance taxes) signed to "suspend the secrecy of
plan in view to empower the
now or hereafter imposed by the United States, any State, or any of while Mr. Simmons stated that he had a
the
the possessions of the United States, or by any local taxing authority. Finance Committee to obtain corporation tax data directly from
Tariff Commission.
The certificates of this series will be accepted at par during such Treasury Department or the
time and under such rules and regulations as shall be prescribed or
Blaine's Motion on Tax Data.
approved by the Secretary of the Treasury, in payment of income and
The joint resolution offered by Senator Blaine follows:
profits taxes payable at the maturity of the certificates. The certificates
"Providing for the suspension of the secrecy of income tax returns:
of this series will bp acceptable to secure deposits of public moneys,
"That during the pendency of the tariff bill before Congress, all rebut will not bear the circulation privilege.
income taxes of corporations, and all papers, schedules and
The right is reserved to reject any subscription and to allot less turns offiled therewith or relating thereto, shall be available to each
reports
than the amount of certificates applied for and to close the subscriptions member of Congress and the committees thereof, for their inspection,
at any time without notice. The Secretary of the Treasury also re- examination and use in the consideration of the said tariff bill, and it
serves the right to make allotment in full upon applications for smaller is further provided that any member of Congress or a committee thereof
amounts, to make reduced allotments upon, or to reject, applications may designate in writing any person or persons to inspect and examine
and reports
for larger amounts, and to make classified allotments and allotments any of said income tax returns and said paper. schedules therefrom:
member or committee information obtained
upon a graduated scale; and his action in these respects will be final. and furnish such resolved, That any law contrary to the foregoing profurther
"Be it
Allotment notices will be sent out promptly upon allotment, and the visions is hereby suspended until final disposition of the tariff bill by
basis of the allotment will be publicly announced.
the Congress."
Payment at par and accrued interest for certificates allotted must be
Six of the nine insurgent Republicans who yesterday decided to make
made on or before Sept. 16, 1929, or on later allotment. After allot- a drive to limit tariff action to the rates on farm products met again toissue interim day under the leadership of Senator Borah, and discussed the general
ment and upon payment, Federal Reserve Banks may
Any qualified situation. Mr. Borah said later that the Progressive-Democratic coalition
receipts pending delivery of the definite certificates.
depositary will be permitted to make payment by credit for certificates behind this move had not yet been able to count noses, but he indicated
allotted to it for itself and its customers up to any amount for which very strongly that some definite step would be made in the Senate early
it shall be qualified in excess of existing deposits, when so notified next week, if it seemed possible to put the program through.
by the Federal Reserve Bank of its District. Treasury certificates of
Will Back BlaMe Resolution.
indebtedness of Series TS-1929 and TS2-I929, both maturing Sept. 15,
the Blaine
The Progressives, it was learned, will stand firmly behind
1929, will be accepted at par, in payment for any certificates of the
income tax details. Sevseries now offered which shall be subscribed for and allotted, with an or Simmons scheme to open up the corporation
Nebraska, have long
adjustment of the interest accrued, if any, on the certificates of the eral of the insurgents, including Senator Norris of
of income tax details.
series so paid for. In addition, three and one-half per cent Treasury fought against what they term the "useless secrecy"
asked that it be
When Mr. Blaine presented his joint resolution and
notes of Series A 1930-32, B 1930-32 and C 1930-32 will be accepted
at.a price of ninety-eight dollars for each $100 face amount, with an read and laid on the table, Senator Simmons commented that the
which would not meet until
adjustment of interest accrued to Sept. 16, 1929, in part payment for Blaine plan required action by the House,
any certificates of the series now offered, up to $100,000,000 face Sept. 23.
which would obtain subamount of notes the difference between the price of ninety-eight dollars
"I hold in my hand," he added, "a resolution
for the notes and the $100 face amount of the new certificates to be stantially the same information without necessitating House concurpaid in cash on or before Sept. 16, 1929. The exchange of notes for rence. It would instruct the Finance Committee to secure the informa:
certificates will be treated as cash subscriptions and will be given tion through the Tariff Commission, the Treasury, or both."
resolution, which was actually
preferred allotment in the order received. All coupons maturing after
Later it was learned that the Simmons
Sept. 15, 1929, must be attached to the notes when surrendered and presented during the day, would direct the Finance Committee to obprior et:Tpons should be detached. These notes are being purchased tain "forthwith" from the Secretary of the Treasury full income tax induties against imfor sinking fund purposes.
formation about corporations which asked for heavier
As fiscal agents of the United States, Federal Reserve Banks are ported products. Under existing law, the Finance Committee and Ways
authorized and requested to receive subscriptions and to make allot- and Means Committees are entitled to specific information on Income
ments on the basis and up to the amounts indicated by the Secretary taxes if they demand it from the Secretary of the Treasury.
Senate would be willing to apof the Treasury to the Federal Reserve Banks of the respective districts.
The question remains whether the
program. Both authors seem
A. \V. MELLO'S,
prove either the Blaine or Simmons
a combiSecretary of the Treasury. convinced that they could force their resolutions through, with
Republicans behind them.
nation of Democrats and Insurgent
means of a joint
to proceed by
Mr. Blaine said in favor of his plan
Tariff Bill Reported to Senate—Move to Drop Secrecy
sessions before the actual rates in
resolution that the House would be in
in the Senate.
Tax Returns.
From Income
the tariff bill would be considered
The tariff bill, as revised by the Republican members of
Would Throw Open Tax Data
during informal discussion of the
the Senate Finance Committee, was formally reported to
Sonic fine legal points came up
was
the Senate on September 4 by Senator Smoot, Chairman Blaine and Simmons plans by Senators this afternoon. Itpassed pointed
by the
would not only have to be
of the Committee, after the Committee had ordered the out that the Blaine resolution but that it would require a Presidential
House, as well as the Senate,
report by a partisan vote of 11 to 8. It was noted in the signature, which the President might perhaps be unwilling to affix to so
New York "Times" dispatch from Washington, September radical a proposal.
the resolution was approved
On the other hand, it was said that if
4, that there was no discussion on the measure, the
Senate by Congress and signed by Mr. Hoover, it would amount to law, and
adjourning until Thursday, September 5, after a twenty- would accordingly make the corporation income tax details available for
five-minute session, during which routine business
whereas there might be a technicality to prevent such use of
was floor debate, obtained through the Simmons scheme.
information
transacted. It was expected that there would be an adSimmons would have
Members of the Finance Committee, whom Mr.
journment from September 5 until Monday, September 9, obtain the material, have generally considered the income tax facts conwhen debate is expected to begin in earliest.
fidential and intended for their guidance only.
ranking Democrat on
In the House, Representative Garner of Texas,
Associated Press accounts from Washington September
Although he
the Ways and Means Committee, took the same attitude.
4, said:
corporation, he
was in possession of details concerning a large tobacco
The revised tariff bill was reported by the Finance
debate merely as "a tobacco corporaCommittee by a felt obligated to allude to it in
vote along strict party lines, the Republicans voting for the
identity, which became known, however,
favorable tion," without revealing its
report being Senators Smoot, Watson, Reed, Shortridge, Edge,
Couzans, through allusions and deductions.
would natuGreene, Deneen, Keyes, Bingham and Sackett.
As a member of the Finance Committee, Senator Simmons
corporation income
The Democrats voting against were Senators Simmons,
rally have access to the facts obtained regarding
King, George, Walsh of Massachusetts, Barkley, Thomas of Harrison, taxes; whether be would feel free to reveal these is not known.
Oklahoma
violation of law
and Connally. Four Republicans and one Democrat voted
But he probably could, if he saw fit, refer without
by proxy.
of" some particular city, and
The minority members remained after the vote was
taken and held to a "large steel plant on the outskirts
the committee memby
a meeting of their own.
some seemed to feel that, if facts were obtained
in some such form.
Of seven amendments introduced on the floor by
Senator Trammell, bers, they might come out on the floor
designed to increase various agricultural rates above those
Sixty-five Senators Present.
proposed by
the committee majority, one would make the duty on
the chamber session
celery, lettuce
Sixty-five senators answered the roll-call when
and cabbage 2 cents a pound instead of 50% ad valorem.
demanded a quorum call immedibegan. Senator Heflin of Alabama
Others would eliminate the proposed seasonal tariff on
cucumbers ately. Mr. Smoot then introduced the tariff bill, asking at the same time
and egg-plant and leave the proposed new duty of 3 cents
a pound for authority to print 5,000 copies of it.
in force throughout the year. The bill would make this
announced, "has decided not to
rate , cent
/
2
"The minority," Senator Simmons
a pound during the winter months.
mean that we are
submit a minority report on the bill. This does not
Mr. Trammel also would raise the bill rate of 2/, cents a
,
pound on not thoroughly opposed to the bill and will not submit what amendments
tomatoes to 3 cents; increase to 3, cents a pound the bill duty
4
of we see fit."
cent on beans, green or unripe, not specially provided for;
inSenator Trammell, Democrat, of Florida, offered amendments aimed
crease from 35 to 50 cents a crate the rate on pineapples; raise the
rate at increasing protection for Florida fruits.
on grapefruit from 1 to 1 1-3 cents a pound, and the duty on
limes
There was a brief interchange when Vice President Curtis called
from 1 to 2 cents a pound.
the Senate's attention to the fact that the "pending business" coming
A protest against the increase proposed in the bill in the
exemption
19 was the Jones bill to transfer the Prohibition Unit
on importations of foreign goods by tourists was made in a telegram to over from June
of Justice. Senator King objected to "interrupting"
Senator Frazier, Republican, of North Dakota, by the National As- to the Department considering the
Jones bill and other such proposals.
by
sociation of Merchant Tailors of America. The bill would raise the the tariff bill
Mr. Jones let his bill go over until tomorrow.
exemption from $100 to $200.
Borah Studies Farm Plan Action.
The intention of Democrats and Progressive Republicans
"The general sentiment of the group I am associated with, and the
to make a determined drive to disclose the business secrets Democrats, is to confine the bill to the agriculture schedules," Senator
of corporations seeking increased tariff protection was re- Borah said after the meeting of Progressives. "We have not yet defi-
1536
FINANCIAL CHRONICLE
Wou 129,
nitely decided whether a resolution will be offered. It depends on per pound up to 100 degrees, making the 96-degree rate 2.75 cents per
the votes. About twenty-five Senators are still away from Washington, pound and the 100-degree, or refined, sugar rate 2.98 cents per pound,
including among others, Senator Shipstead, Schall, Ndi
-beck and Cutting. a reduction of 0.25 cent per pound from the House rate on 96-degree
When asked whether his group would support the Thomas resolution sugar and 0.52 cent reduction in the House rate on 100-degree refined.
or another proposal, Senator Borah said the uqestion revolved around These duties are 20% less upon imports from Cuba.
"The elimination
step-up at 94 degrees was for the
the parliamentary situation. He thought there was some doubt of the purpose of removing of the double that
the premium
this double increase would place
advisability of backing the Thomas resolution because of its parlia- upon 94-degree sugar and for the purpose of producing
a smaller difmentary form. But while he said he believed his own farm tariff resolu- ferential between 96-degree sugar and refined sugar."
tion of last Spring could properly be introduced in some modified form,
Rates of the Cuban Product.
he was disposed to give way to the Thomas plan.
Rates of duty upon imports of sugar from Cuba, the source ofs pracSenator Thomas, it is understood, also feels that the princifile is what
tically all dutiable imports, under the present law and the House and
is most desired, and therefore does not insist on his particular methods.
Some of the Democrats are not enthusiastic over this principle of con- Senate bills are given as follows:
House
Senate
Present
ning revision to farm schedules; but when Mr. Borah was asked -6 Sugar
Degrees.
Law.
Bill.
Bill.
he had received assurances of support from the Democratic ranks, he said: 75
1.234
0.9920
1.25
"I think there is very general sympathy there."
96
2.40
2.200
1 7648
100
1 9120
Senator Norris has talked of offering the defeated export debenture
2.80
2.384
Revenues in 1928 imports of sugar at the above rates, are said to be:
plan as an amendment to the tariff bill, but Mr. Borah said that this
matter was "far in the future."
Present law
3117,153,997
159,089,197
"I would want to see how the bill would look later on," he stated. "For House bill
146,042,782
myself alone, I would not wish to see a bill defeated if it carried benefits Senate bill
Computed ad valorem rates:
for the farmer."
Present law
72.64%
In a Washington dispatch to the "Times" September 1, House bill
98.65%
Senate bill
90.56%
It was stated that a group of insurgent Republicans, headed
Wool Changes Explained.
by Senator Borah, were hoping to prevent the comprehen"The most important changes made in the wool schedule," the report
sive revision planned by the Finance Committee bill by continued, "are
the reduction in the duty upon the clean content of
backing an amendment to confine revision to the farm clothing and combing wool, from 34 to 31 cents per pound, a proportionate reduction in the compensatory duties on wool products, and
schedules and related subjects to be offered by Senator
the elimination of the two lowest duty brackets for many of the wool
Thomas (Democrat) of Oklahoma.
That dispatch also products."
stated:
Regarding the first point, Mr. Smoot said:
"The duty is placed at 31 cents per pound of clean content, i. e., at
Senator Borah is expected to lead the struggle on the Republican side
for the adoption of the resolution, which is similar to one Mr. Borah the rate in the present law. This is done in view of the increase of
about 33% in the domestic clip during the past six years. No higher
sponsored some months ago.
The Borah resolution was defeated by one vote. Republican leaders say duty would seem to be necessary for the adequate protection of the
that the Finance Committee bill has won many supporters who originally American wool grower against foreign competition."
While the chairman did not specifically mention the Committee's
voted with Borah. They predict its defeat by a considerable margin.
Senator James F. Watson, Old Guard leader, said tonight that the action in increasing the rate on wool rags from 8 to 24 cents per pound,
Thomas amendment would be easily defeated and that the Republicans he stated:
"The Committee believes that a duty is levied on wool for the pus
would keep tariff continuously before the Senate, holding night sespose
sions if Decessary to get a final vote by Nov. I. He believes that the for of protecting the American wool grower and that if a substitute
wool is
come in at
Democrats will not attempt a filibuster, but will offer amendments the intent ofallowed to is defeated. a lower rate than the duty on wool
Congress
The duties on wool by-products are
and after a reasonable debate permit a vote.
therefore levied in accordance with their replacement values and not
according to their relative values."
On September 2, Chairman Smoot made public the report
"The Committee," the report went on, "has agreed substantially to the
on the bill detailing and defending the changes made by considerable increases in rates on agricultural products provided by the
the majority of his committee from the House bill. The House bill, which entailed an estimated increase in revenue from duties
in this schedule of more than $25,000,000, or more than 40%, and an
account in the "Times" dispatch September 2 regarding the increase in the average of ad valorem equivalent
from 23 to 34%.
Changes in this schedule, as compared with the House bill, consist
report said in part:
While the alterations in duties on many articles have created wide- principally of adjustments based on the additional evidence submitted
spread interest, attention has also been strongly focused on the read- to the Committee.
justments Finance Committee Republicans have made in the adminisWould Aid in Tanning Industry.
trative provisions of the law, including the rejection of the House
Defending the intention in the House duty of 10% on hides, 20% on
plan for a non-partisan tariff commission, the proposal to have the com- boots and shoes, and to increase the rates on leather, Mr. Smoot
said:
mission convert ad valorem rates into specific domestic values, and the
"The tanning industry of the United States has been in a depressed
radical change in the basis for proclaiming new tariff duties under the condition since the World War. Many plants have been dismantled
and many are operating part time only.
flexible provisions.
"In 1928, there were 51,940 laborers employed in domestic tanneries, as
Does Not Explain All Points.
compared with 59,703 in 1923, a decrease of 13%. Salaried employes
Mr. Smoot discusses these in detail, but it is not so definite on all have decreased 800 in number during this period. Imports have inthe rate changes. Some of the changes are passed by with the simple creased rapidly, while exports have declined. Leather is one of the key
industries vital to national defense and has not shown profitable condistatement that they have been made.
For instance, while the chairman defends the agreement with the tions in recent years.
"In order to
industry against the
House to raise rates on leather boots and shoes and hides, he dis- petition and to protect the for a duty on raw increasing foreign comcompensate
materials, duties have
misses with a few words the reference of manganese to the free list.
been placed on the various classes of leather, which will tend to equalize
He says nothing about the committee's reason for increasing from $100 the differences in material and labor costs in the United States and
to $200 the exemption for Americans returning from abroad; he merely foreign countries.
"An entirely new sub-paragraph hasbeen inserted. This new substates that the pig iron rate was slightly increased.
paragraph covers in more detail the various classes
The placing of shingles on the free list may lead to a Senate con- therein, and places the same duty on leather, cut of leather contained
or wholly or partly
troversy, but Mr. Smoot has little to say on this.
manufactured into uppers, vamps, or any forms or shapes suitable for
Although explanations are given of other alterations of the admin- conversion into boots, shoes or footwear as the leather from which
istrative features, the Smoot report does not divulge why the House they are manufactured.
The total domestic production of boots and shoes during the period
scheme of a non-partisan tariff commission was refused. It states
January-June,
merely: "The committee has modified the House bill so far as to retain similar period 1929, showed an increase of 2.3%, as compared with a
in 1928. Imports of leather footwear increased from
the existing law providing for six bi-partisan commissioners."
871,074 pairs, valued at $1,091,916 in 1922, to 3,249,939 pairs, valued
The Smoot report, consisting of eighty printed pages, declares at the at $9,273,400, in 1928.
outset that the Finance Committee recommend passage of the bill as
Women's Shoes From Europe.
arranged. In this statement Mr. Smoot naturally assumes that the
"During the first six months of 1929 there were imported 4,201,441
committee has already sanctioned the bill, a statement not technically pairs of leather footwear, valued at $10.024,344, as compared with
true, but tantamount to the real situation.
1,437,183 and 2,195,125 pairs during the corresponding respective
periods of 1927 and 1928.
No Minority Report.
"Women's shoes continue to dominate the imports coming principally
While the nine committee Democrats will not meet with the Repub- from Czechoslovakia. The competition of these imports is most keenly
felt by manufacturers of MacKay type of women's shoes, who are lolicans on the bill until Wednesday, the minority will be numerically
cated principally in Massachusetts. 'The importation of the women's
unable to resist a favorable report from the eleven majority members.
turn shoes, produced in Switzerland, is felt
The Democrats do not expect to submit a minority report, it is turers
°x. the domestic manufaclocated principally in Brooklyn,
e averag wage in the
average
t
declared.
shoe industry of Czechoslovakia, the N.
principalY.
competing country,
Democratic attacks on the changed rates have centered thus far on the about one-third that prevailing in the shoe industry in this country.
sugar, wool and agricultural schedules and on the decision to retain the
"A duty has been placed on boots and shoes, which is compensatory
House duties of 10% on hides and 2()% on boots and shoes and to for a duty on hides and leather, and also protective in order to bring
increase the leather duties to some extent. These new rates, Mr. Smoot about nearer equalizations of foreign and domestic labor costs."
The reports says that the chemical, oil and paint schedules had been
discusses in his report.
greatly decreased under the House bill, but were slightly increased over
Of the sugar schedule he says:
The most important change in Schedule 5 is the reduction in the the present law. Fifty-six decreases were made and eighteen increases,
proposed duty upon 96 degrees sugar from Cuba from 2.4 cents per pound with nineteen rates under the schedule placed on the free list.
In the Senate bill twenty increases were made in the rates under the
to 2.2 cents per pound. Other items than sugar in the schedule have
not been greatly changed. No items in this schedule as it appears earthenware and glassware schedule and many items were transferred to
under the present law have been removed
list, nor have any the free list. Additional protection, he said, was given to brick, cement,
items now on the free list been placed in to the free
this schedule by the Finance tile and pottery, the sales of which are largely affected by the competiCommittee.
"The rates on all items in this schedule have received careful con- tion in the domestic markets from foreign sources.
sideration and the changes made have been made with the interests of
Tells of Downward Revisions.
the consumers, producers, importers and manufacturers in mind.
While forty rates were increased and sixty decreased in the metal
Reduction in Sugar Rates.
schedule also, a number of items were put on the free list. These in"The language used in the paragraph on
refined sugar is cludedmanganese ore, muzzle-loading firearms, hoes, metal parts of
practically the same as the language used raw and present law but typewriters,
zinc cross, zinc skimmings and nickel oxide.
differs materially from the language used in in the
the House bill. In the
Chairman Smoot explained that the rates on watch movements have
Senate bill, as in the present law, the rates progress by uniform steps
from 75 to 100 sugar degrees, while the House bill doubles the incre- been revised downward and the duty on parts have also been greatly
reduced.
ment of increases at 94 degrees.
"The rate on 75 degrees full duty sugar in the Senate bill is 1.5425
The most important change made in the wood schedule
the House
cents per pound, and this rate increases by regular steps of 0.575 cent bill was the placing of shingles and lumber on the free over
list.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
Smoot
Discussing some of the changes on the cotton schedule Senator
said:
fabrics in
"Additional cumulative duties are provided for certain
abroad,
which the domestic industry is meeting keen competition from on war
surface prints, and
namely, on permanent-finished organdies, on of 5 cents a pound is induty
prints. A provision for a minimum
on which the
serted to provide for very low-priced coarse-yarn cloths,
progressive rates might not be adequate.
Explains Handkerchief Duty.
mention, the duty has
"On shirts of cotton, which are given specific because of the contenbeen increased from 37% to 50% ad valorem are increasing and that
tions of domestic manufacturers that importsad valorem rates imposed
the 3754% ad valorem rate is less than the of high-grade shirts.
on fine cotton cloths used in the manufacture because the higher rate
"The duty on artists' canvas was reduced art students.
would tend to increase the price of canvas to hemp or ramie, containing
"The duty on towels and napkins of flax, 160 threads to the square
more than 120 threads and not more than domestic industry has exinch, was increased for the reason that the those containing over 150
tended the production of these articles to
threads to the square inch.
or handmade hems was
"The duty on handkerchiefs with hand-rolled
increased to encourage Porto Rican production."
Rate on Broad Silks Raised.
jacquard woven, was increased
The duty on broad silks, other than
"which has been
from 55 to 60% to afford the domestic silk industry,
additional protection on a number
in a depressed state in recent years,
of types of fabric."
require slower processes of
"Fabrics with multi-colored filling which
fabrics were pointed out by silk
production than ordinary plain-woven
additional protection," the
manufacturers as being in particular need of
has been shown, also require adreport said. "Rayon-mixed fabrics, it
for the rayon yarns used
ditional duty to compensate manufacturers
1537
"The present paragraph permits entry of repair parts at the rates
now in effect, removes the possibility of assessing extremely high equivalent ad valorem rates, and permits of the importation of incomplete
mechanisms at somewhat lower duties than would be assessed on complete movements. The agreement of about 75% of the watch importers
to the rates incorporated on watches in this bill is a substantial guarantee that such rates are not excessive.
"The rates on complete clocks and clockwork mechanisms remain
unchanged, but there have been drastic reductions in the rates -on parts
and incomplete mechanisms for the same reasons that changes were
made in the rates on watch parts and incomplete watches.
"The rates in these two paragraphs constitute substantial increases
over the present tariff act, but it is believed that they will not result in
any increases in prices to the consumer, as ana increase in domestic
reasonable profit at
,
production will result in costs which will leave
present prices.
Tobacco Increase Removed.
The House bill provided an increase in the tobacco schedule from $2.10
to $2.50 per pound on unstemmed wrapper tobacco and from $2.75 to
$3.15 on stemmed. Since imports are almost wholly in the unstemmed
form, to avoid breakage and loss in handling, the former rates are the
effective ones.
The increase proposed of 40 cents per pound, equalling from 70 to 80
cents per thousand cigars, was considered too heavy an additional burden to put upon the five-cent cigar industry, says the report.
"Consideration was also given the fact that thousands of farmers in the
Connecticut Valley, in Pennsylvania, Ohio, Wisconsin and New York are
producing binder and filler tobacco used in five-cent cigars, an essential
part of which is the imported wrapper.
"Witnesses represented that should the rate on wrapper tobacco be increased 40 cents per pound, production of five-cent cigars would be restricted and the market for domestic binder and filler tobacco be narrowed. In 1928 the duty on cigar wrappers approximately equaled 100%
ad valorem.
"The phraseology of the paragraphs has been changed so as to provide a single rate of duty on all mixed bales containing over 5 and less
than 35% wrapper, thus making the provision more definite and facilitating its administration."
No change was made in the spirits schedule.
therein.
raw-material advantage over
"European producers have a competitive and other synthetic yarns
rayon
the American broad-silk weavers on
States by the amount of the
which are higher in price in the United
present rayon duty.
of 'gloria' cloth coupled with
"The decline in domestic production
such as Italy, are the facRayon in New Schedule.
increasing imports from low-wage countries,
fabric industry to seek tariff
tors which impelled the domestic umbrella
Rayon came into the tariff for the first time this year as an indeAlthough these are the primary classes of goods considered by pendent schedule.
relief.
will also be effective on
the Committee in raising the duty, the increase
"The upward adjustment of the compensatory duty on spun rayon
pongees in
other plain silk fabrics, the bulk of which are habutais and
yarns from 10 cents to 20 cents per pound is made in the first place
from the Far East.
the gray and degummed state imported
because of the increase in the duty on staple fiber, one of the raw ma"As such goods are low-priced, requests have been made to the Com- terials employed in its manufacture," the report stated. "Cognizance is
specific rather than ad valorem basis of assessment on these
mittee for a
also taken of the need of additional protection by the spun rayon yarn
imports. Recognizing the need of an equivalent specific rate higher than industry, which has had its activity slackened by the competition of inComthe one operative on imports from China and Japan in 1928, the
the in- creasing imports of finer-count yarns.
mittee is of the opinion that in lieu of a specific scale of duty
"The bulk of the domestic business is done on these fine yarns, in the
effective in affording the
crease in the present ad valorem rate will be
production of which labor costs constitute a large element of the
on these types of Oriental
silk industry needed and desired protection
manufacturing expense. As European manufacturers have been able
silks."
to undersell the domestic fine-sized yarns in the American market, addiRevenue from Sundries.
tional protection is granted to cover the difference between foreign and
Commenting on the sundries schedule, the report says:
domestic manufacturing costs due to the additional labor involved on
items now in the sundries schedule are hides, fine counts."
"Some of the important
leather, boots, shoes, manufactures of leather, laces and embroideries,
Regarding papers and books, the principal changes are in the nature
toys, jewelry, manufactures of rubber, furs and fur goods, cork products,
clauses, amendments aimed toward clearer classifications
fur, felt and straw hats, sporting and athletic goods, and musical of clarifying
thickto lessen litigation and a harmonizing of terms, weights and
instruments.
number
"This schedule is an important one from a revenue-producing stand- nesses. Seven increases in rates are shown and about the same
entered for consumption under the of decreases.
point. In 1927, the merchandise
sundries schedule was valued at $226,117,000, upon which the duties
Explains Duty on Toys.
amounted to $88,624,000, being exceeded in value only by the agricultural schedule and in duties only by the sugar schedule.
Explaining the proposal to tax toys 70%, except where provided for
"The transfer in the House bill of hides, leather, boots and shoes from
heavier rate, Senator Smoot stated:
the free list will tend to increase the importance of this schedule as a at a
engaged in the man"Domestic production in establishments primarily increased from $35.revenue producer, notwithstanding that diamonds and other precious
playground equipment,
stones, rough and uncut, have been transferred to the free list and that ufacture of toys, including
$66,844,886 in 1927. The total number of employes
the rate of duty on such stones, cut but not set, and on pearls has been 491,345 in 1923 to paid also increased in this period. The total value
and the total wages
reduced from 20 to 10%."
paragraph decreased from $8,082,322 in
In this schedule, seventy-one changes, forty-nine decreases and of toys imported under this
in 1927.
twenty-two increases had been made, Mr. Smoot added. He described 1923 to $4,611,393
"Evidence submitted showed that keen competition exists due to the
the need for further protection on straw hats, due to Italian competi- large quantity of toys imported, particularly from Germany, described
that brooms, brushes and cork products and classified otherwise than as toys, under other paragraphs, wherein
tion, and stressed an argument
also required higher rates.
these articles are dutiable at lower rates than the 70% here provided."
As to Rough Diamonds on Free List.
Duty on Brick Affects New York.
Explaining why diamonds in the rough were placed on the free list
Explaining the duty on brick as to its effect on New York City as cornthe report said:
pared with the rest of the country, the report says:
"Imports of diamonds in 1913 were $37,458,995, and in 1927, $52,208,"Comparatively little foreign common building brick is used in this
377. There is no record of the number of carats imported in 1913, but country except the brick, for the most part from Belgium, imported
1927 was two and one-third times through the port of New York and used at that point. The imported
as the cost of diamonds per carat in
that of 1913 and the number of carats imported in 1927 was 682,666, it brick competes almost wholly with the similar product made in the Hudfollows that approximately 1,140,000 carats were imported in 1913. This son River district of New York, the only important source of supply
is a decline of 450,000 carats.
of the domestic brick for New York City.enables importers to sell the
"It is known that the world production of diamonds in 1927 was
"The importation of brick free of duty
and that the United States today is buying a foreign product in that market at a price considerably below the price
much greater than in 1913,
much larger proportion a the world production than in 1913. It is at which the domestic producers would have to sell in order to manuclaimed, therefore, that the amount of diamonds coming into the United facture at a profit.
costs, imported brick
States is almost as great as the amount of diamonds passing through
"Because of comparatively high transportation the proposed duty of
customs.
does not move to inland points, and accordinglyfor that commodity at
"The Committee transferred diamonds and other precious stones, $1.25 per thousand would not affect the prices
the
rough or uncut, to paragraph 1668 of the free list, and reduced the rate points distant from the seaboard. It would, however, benefit total
on diamonds and other precious stones, cut but not set, and on pearls producers in the Hudson River district who sell practically their
reduce the incentive to smuggle.
or parts of pearls, in an effort to
output in New York City."
justness of changing the
In the report, Senator Smoot argued the
of
Reasons for Changes on Jewelry.
flexible tariff provisions to use "conditions of competition," instead
rates.
Explaining the changes in the jewelry schedule, the report says:
"costs of production," as the basis for changing the
"Foreign competition on novelty jewelry made of metal other than
ascertainment of costs of production," be said, "has often re"The
gold or platinum has increased greatly in recent years, especially from
prolonged investigations that necessary readjustments have
Czechoslovakia, France and Germany. Imports have doubled in value quired such
the commission
in quantity since 1923.
been denied fo rtwo or three years. In many instances,
and increased almost tenfold
"Domestic production of jewelry in 1927 was $164,000,000, a decrease has found it impossible to ascertain foreign costs of production, with the
is estimated that $45,000,000 of the result that readjustments, the necessity for which was apparent and adof $10,000,000 since 1923. It
$164,000,000 in 1927 was novelty jewelry, with decreased production in mitted, have been denied altogether.
1928.
"Again, it was found that costs of production alone did not accurately
"After adding duty and other charges to foreign invoice value of
conditions and that equalizing costs of production
imports of novelty jewelry, it is estimated that at least $10,000,000, or reflect competitive
about 25% of domestic production of novelty jewelry on a value basis, would not be sufficient to avoid damaging competition to the country's
percentage on a quaitity basis, has been replaced by industries. Foreign. and domestic competition in the markets of the
and even a greater
imports.
United States must be equalized."
"The Committee amendment inserting the words 'or of which the
Equalization Plan Approved.
value of gold or plantinum' is for the purmetal is wholly or in chief
pose of making a piece of jewelry, &c., when of gold or platinum, but
"Accordingly the House bill substitutes, as the principle to which the
stone, dutiable at 80% instead of at the
in chief value of a precious
President must conform in carrying out the purpose of Congress, the
higher rate provided in the House bill."
equalization of 'conditions of competition in the principal market or
Reduction on Watch Parts
markets of the United States between domestic articles and like or
Regarding changes in the paragraphs of the House bill providing for similar competitive imported articles.' Your committee approves this
watches and clocks, the report says:
change, and it is believed that this standard will permit more speedy ad"The rates on watch movements have been readjusted downward, justments, that the conditions will always be ascertainable, and that the
been greatly reduced.
while the rates on parts have
1538
FINANCIAL CHRONICLE
resulting changes in rates will conform more nearly to the acknowledged policy of Congress."
Certain factors are to be taken into consideration by the President in
ascertaining whether the foreign and domestic articles are upon a competitive level in the domestic market.
"Inasmuch as all the factors specified may not be readily ascertainable
or .considered applicable in the case of a particular article, the subdivision is intended only as a general guide," said Senator Smoot.
. "For example, the cost of producing the domestic article and all the
intervening costs involved in placing it upon the principal domestic wholesale market may be readily obtainable, while in the case of the foreign
article it may be advisable to use its landed or import cost as a starting
point, adding thereto such costs as are necessary to place it in a position comparable to that of the competing domestic article.
"On the other hand, it may seem more appropriate to use wholesale
selling prices of both domestic and foreign articles, with such adjustments (either additions or subtractions), as may be necessary to place
them upon the same competitive level. It is believed that the proposed
provision will prove much more effective and workable than the rigid
provisions of existing law."
To Define Transportation Costs.
One of these factors is transportation cost, and the Republicans have
inserted a definition of this phrase.
"In the tariff act of 1922 costs of transportation were not defined,"
the report says. "Differences in view as to what particular costs of
transportation should be considered in administering the flexible tariff
provisions of that act have given rise to several divided decisions by
the Tariff Commission.
"Definition of the term 'cost of transportation' is necessary not only
to prevent differences in the interpretation of the flexible tariff provisions
and expedite their administration, but also in order to provide an accurate basis for consideration of a factor that may frequently be decisive in adjusting tariff rates on the basis of competitive conditions.
The principal issue is whether transportation costs to the principal port
of import or to principal domestic market should be used.
"In order that competitive conditions may be equalized in the principal market or markets of the United States for the competing imported and domestic articles the committee is of the opinion the imported
article should be allowed costs of transportation from areas of substantial production in the principal competing foreign country to the
principal port of importation in the United States and that the domestic
article should be allowed the costs of transportation from areas of substantial production that can reasonably be expected to ship the article
to such principal port of importation.
"Any other solution would deny to domestic articles the ability to compete in the markets along the coastal areas of our most populous States."
Disposal of Valuation Basis.
Mr. Smoot explains the proposal to have the Tariff Commission convert ad valorem tariff rates into specific domestic values and report
the result to Congress. He does not, however, comment upon the fact
that the Republicans rejected Senator Reed's original program to have
the commission report to the President instead of to Congress.
"It has been urged upon the Congress repeatedly for many years
that the basis upon which the value of imported merchandise is appraised should be changed," Mr. Smoot says. "However, each tariff
act has retained the foreign value basis, primarily, it is believed, because of the fact that adequate information had never been available
for proper conversion to a domestic value.
"It is also believed that many of the proposals were misunderstood
and thought to be concealed efforts to obtain increased rates of duty.
An additional administrative objection has been present in prior attempts to shift the basis, for every method has always contemplated an
immediate change in all schedules, without adequate preparation on the
part of customs officials.
Providing for Rate Conversion.
"Your committee believe that the value of merchandise in the United
States will be a more effective basis. All possible international difficulties
will be removed.
"All necessary investigations may be made in the United States. All
pertinent information will be available in the United States. Furthermore, present inequalities between high-cost and low-cost foreign countries should be almost entirely eliminated.
"In order to gain the many advantages of a domestic-value basis, in
order that sound and proper rates may be ascertained which will
neither increase nor decrease the rates based upon foreign values, and
in order that proper administrative preparation may be made, your committee recommends the adoption of a new section, directing the Tariff
Commission to convert the rates imposed by the present bill to rates
based upon 'domestic value' as defined by the section.
"The commission is directed to report back to Congress on or before
Jan. 1, 1932, the result of its work, and Congress will then be in a position to make the desirable shift to the domestic value basis.
Fixing of Valuation Bases.
"The work of the commission will be based upon weighted averages in
respect of merchandise imported during the fiscal years 1928 and 1929
(or during a representative portion of this period). In many of the
cases the commission will use final appraised values of the imported
merchandise as reported to it. However, if the commission determines
that there has been undervaluation, it may determine foreign values for
itself.
"The House bill provided for an investigation by the President, through
such agencies as he might designate or appoint, of bases for valuation of
imported merchandise, with a view to determining the advisability of
using domestic values, and for a report back to Congress. Inasmuch as
your committee believes that a domestic value basis is proper, it believes such an investigation by the President to be unnecessary.
will"Itbe noted that the definition of domestic value in the section is
substantially the same as the definition of 'United States value' in Section 402 (D) of the bill as reported to the Senate, except that no deductions are made for transportation costs, commissions, profits, duty and
other expenses and costs. It is believed that the elimination of these
deductions will greatly simplify administration. Obviously, if the conversion is properly made, the elimination of the deductions will not
result in any change in the amount of duty to be collected.
"In Section 402 the Senate bill concurs in the House provisions carrying
over from existing law the language prescribing that, in valuing imported
merchandise, an appraiser shall use either foreign or export value, whichever is higher, and that if he determines that neither can be satisfactorily ascertained, then he may resort to United States value. If the
[VoL. 129.
appraiser decides that he cannot satisfactorily ascertain values by
any of
the methods indicated, he is empowered to use either cost of production
or American selling price as the basis of fixing ad valorem rates.
Defines "Comparable" Goods.
"The revised definition of 'United States xalue' contained in the
House bill is retained, with two changes," the report explained.
"In order to make certain that due consideration will be given by the
appraisers to all the differences between the particular imported merchandise and the comparable merchandise being used as a basis, the
provision of the House bill is extended to include differences in size,
material, construction and texture, as well as any other differences.
"Inasmuch as comparable imported merchandise will, in the absence of
'such or similar' imported merchandise, ordinarily be used as a basis
rather than comparable domestic merchandise, because of the fact
that fewer adjustments will in all probability have to be made, the
order of the phrase 'whether domestic or imported' has been transposed to read 'whether imported or domestic.'
"It should be pointed out, however, that an appraisal should not be
reversed merely because a more comparable article could have been found
and used. The questions on a reappraisement proceeding should be
confined to the propriety of the adjustments made. If proper adjustments are made, the true value of the particular imported merchandise
under appraisement will be ascertained.
"The House bill did not provide for an allowance for duty in the event
that a comparable domestic article was used as the basis for determining
the value of the imported merchandise under appraisement. Under the
present law, domestic merchandise cannot be used as a basis for determining value. The allowances under the present law are determined by
the facts applicable to the merchandise used as a basis.
Recommends Allowances.
"For example, if the merchandise used as a basis was purchased, then
a deduction is made for profits and general expenses, even though the
particular imported merchandise under appraisement was consigned and
a commission paid, and the deduction
for transportation is determined
by the transportation costs of
the imported merchandise used as a
basis.
"This practice under existing law seems to your committee to be sound
and no change is recommended. However, in case comparable domestice merchandise is used as a basis,
the rilowable deductions, which should
include duty, must be determined by the facts applicable to the particular
imported merchandise under appraisement.
"Accordingly, your committee recommends an amendment under which
(in addition to such adjustments
as may be necessary owing to differences) allowance will be made on the
price of the domestic merchandise for the cost of transportation
and insurance of the imported merchandise, the other necessary expenses
from the place of shipment of
the imported merchandise to the
place of its delivery, a commission
not exceeding 6% if a commission
has been paid or contracted to
be paid on the imported
merchandise (or profits not to exceed 8%
and general expenses not
to exceed 8% if the imported merchandise
has been purchased)
and the amount of duty to be paid on the imported
merchandise."
Plans Reciprocity on Mails.
Under existing law, mail importations
of less than $1 in value are
duty free, and as a result
circulars, cards and other advertising matter
of this value have been sent
to
The Finance Committee says separate addresses in the United States.
it "believes that, as a general rule, both
foreign and domestic
commerce is promoted by the free passage of
advertising matter between countries
of the world, without the obstructive effect of the collection
of duty thereon."
"However, it has been brought
to the attention of your committee,"
the report adds, "that it is
the practice of certain foreign countries to
gather together all
advertising matter sent by an American advertiser
to separate addresses in
any such country and to require the paYment
of duty by the person
dispatching the same, before delivery is made.
Thus, while the United
States allows the free circularization of persons
within its borders by foreign
advisers, an obstruction amounting almost
to complete exclusion is
in some cases placed
American
advertiser when be attempts to reach persons upon the
without the United
States."
Tells of Reciprocal Agreement.
Therefore the committee has inserted in the
bill a provision authorizing the Secretary of
the Treasury and the Postmaster General to
enter into a reciprocal
agreement with any foreign country to provide
for the entry, free
of duty in the respective countries, of such advertising matter addressed to
individual addressees.
The report alludes to the necessity for
marking imported articles
specifically with the country of origin in a
nearly indelibly as possible. Explaining its conspicuous place, and as
change in the "seditious
literature" prohibition of the House, the report
says the committee
substituted "any person in
United States" for "the President,"
the
because such a threat is
equally obnoxious.
Because the Secretary of Agriculture has put
embargoes on more
plant and plant products
than Congress intended, the committee has
inserted a section that these
barred articles must be infected with disease or insects "new or
not widely prevalent" in this country.
•
•
•
Explains Dropping House Clause.
"At present foreign
wheat may be imported into the United States
without the payment of duty, milled in bonded
warehouses and the
flour exported," the report explained.
"American millers are thereby
enabled to mill Canadian wheat for the Cuban
trade and to obtain the
treaty preferential rate of
duty into Cuba, with the natural result that
the greater part of the
flour sold in Cuba is of this class.
"Acting apparently upon the plea of the
so-called Southwestern
millers, who are unable to carry on this trade to
advantage largely because of transportation costs
on the imported wheat, and certain of
the wheat growers of the United States, the
House inserted in this
section a provision designed to prevent American
millers of Canadian
wheat from obtaining the benefit of the Cuban
preferential rate on
flour.
"In the opinion of your committee, this provisions
bill
in
would not materially benefit the Southwestern millers. the House
They would be
unable to compete successfully with the Canadian
millers of Canadian
wheat, which is less expensive than American wheat
and produces a
flour particularly adapted to the Cuban demand. On
the other hand,
it would seem that the effect of the House provisions
would be to take
the business from the American mills at Buffalo and
other points on
or near the Great Lakes and throw it to Canadian mills.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1539
bank books, deposit slips and stationery bore these words in prominewt
display. The deposits in hundreds of their separate accounts averaged
less than the minimum fixed by Section 150 of the Banking Law. Hence,
as a matter of fact and of law Clarke Brothers was. and for years had
been, subject to the jurisdiction of the Banking Department; and in
1923 the Attorney General, replying to the Banking Department's
inquiry based on the case of Clarke Brothers, rendered a formal opinion
that any private banker who (as did Clarke Brothers) accepted deposits
annually averaging in the separate accounts less than the minimum fixed
the Banking Department.
by Section 150 was under supervision by
Citing Ruin to Depositors
Why, then, was the examination of Clarke Brothers, which was comU. S. Attorney Charles H. Tuttle
Department in 1923, not carried through? The
,
Through Clarke Bros. Failure Would Have All Private menced by the Banking
according to the record made at that time, was that Clarke
State Supervision—Notes Defects in answer, chose to deny that the average of annual deposits in any
Bankers Under
Brothers
and the Banking
Bankruptcy Act.
given account was below the statutory minimum;
it had the power without the consent
hoharie County Bankers' Asso- Department did not consider that the truth as to their denial---and this
Addressing the Otsego-Sc
ascertain
2, Charles E. of Clarke Brothers, to
ciation at Cooperstown, N. Y., on September
notwithstanding that section 39 of the Banking Law expressly gave the
District of Department the power of compulsory investigation to ascertain whether
Tuttle, United States Attorney for the Southern
Departfailure any person or corporation was violating the Banking Law. Theits
jurisNew York, dwelt upon the disclosures evident to the
bankers under
ment construed Section 39 as applying only to
"rea circle. The power
of the banking firm of Clarke Brothers, and stated that
diction—a form of reasoning which went round in
to clar- to investigate was construed as depending upon the right to supervise;
cent events will probably cause our next Legislature
right to supervise was construed as depending upon a fact which
n much of our State banking law. The por- and the ascertained only by the power to investigate.
ify and strengthe
be
bankers has been proven to lend could necessity, the State must, and no doubt will, promptly cleanse
tion dealing with private
Of
and has itself of such artificialities, ambiguities and enervating constructions.
itself to the deluding of inexperienced depositors
of
said Mr. Either all persons who make a business of receiving deposits the money
or else
public
become indefensible." "Experience has shown,"
be under some form of visitation by the State,
be under State in- should be fully apprised in some unmistakeable way as to who are not.
Tuttle, "either that all bankers should
should
is not protecting the public,
required to In cases where the Banking Department
spection, or else that those exempt should be
itself. If the
the State the public should be given the power to protect to depend upon jurisdica point
advertise the absence of such inspection, and
Department is in any case
." tion of the Banking
inspection
held definitely responsible for
should have full power to determine liability to
of fact, then the Department should be
the Bank- the ascertainment of that fact and should be given clear power accordMr. Tuttle also alluded to "the scandals under
that all bankers should be
the year in ingly. In short, experience has shown either
exempt should be required to
ruptcy Act which came to the surface earlier in
under state inspection, or else that those
he stated,
the state should have full
the Southern District of New York" and which
advertise the absence of such inspection, and
%were traceable not only to defects in practice and in hu- power to determine liability to inspection.
to all habitual receivers of
The power to inspect even if extended
Mr. Tutsame category as
man nature, but also to defects in the law itself."
deposits, does not mean that all should be in the
fundamental principles regards regulation. Deposits, for example, received by department
tle made the statement that "three
, they all stores and steamship agencies are obviously not in the same category as
underlie the bankruptcy act, and, in my judgment
accounts conducted by such private hankers as Clarke
experience." "The first," permanent savings
have failed to stand the test of
The state, while assuring the right to inspect, may well difadminis- Brothers. in the exercise- of the power to regulate. Restriction of the
he said, "Is the impositon upon the courts of the
ferentiate
would be an illustration in point.
tration of bankrupt estates. The task is in its essence right of investment of the relation of law to credit we turn from the
If in this matter
departnon-judicial and belongs rather to the executive
statute where recent experience
state to the national field, we find another
ment. The principal questions involved are business ques- demonstrates the need of reform.
Act which came to the surface
The scandals under the Bankruptcy
tions for the decision of which the judges have not the
York were traceable
in the year in the Southern District of New
training or experience. In addition, this earlier to defects in practice and in human nature but also to defects
qualifications of
not only
additional responsibilty in the law itself.
burden brings upon the courts the
the Bankruptcy Act, and, in
Three fundamental principles underlie
of distributing patronage, with the consequent entanglehave failed to stand the test of experience. The
friendships and possibly self- my judgment, they all upon the courts of the administration of bankrupt
ments with politics, personal
imposition
he added, first is the
belongs rather to
interests." 'Ile proper function of the courts,"
estates. The task is in its essence non-judicial, and
questions involved are busicontroversies; and whenever the courts the executive department. Theofprincipalthe judges have not the quali"Is the decision of
which
prestige, ness questions for the decision
step or are forced out of that function, they lose in
training or experience. In addition, this burden brings upon
address fications of the additional responsibility of distributing patronage, with
effectiveness and public confidence." Mr. Tuttle's
the courts
politics, personal friendships, and
the consequent entanglements with
follows In part:
proper function of the courts is the decision
arch of our economic institu- possible self-interests. The
that
Sound banking is the keynote in the
credit, gives of controversies; and whenever the courts step or are forced out of
tions. It encourages thrift, promotes confidence, energizes
effectiveness and public confidence. If
door of opportunity to enterprise. The function, they lose in prestige,
life to industry, and opens a
through
and upon the the State of New York can efficiently liquidate insolvent banks
prosperity of our great state rests upon its banking system
no
which its Banking Department as a branch of the executive, there can be
faith which the people have in its stability and honesty. Anything
work of salvaging the
economic good reason for thrusting upon the courts the
weakens that faith tends toward the disintegration of our whole
wreckage of a corner grocery store.
structure.
Act is its reliance
a
A second fundamental principle in the Bankruptcy
That faith has its principal root in the popular assumption that
n by creditors in the liquidations of the affairs of
under impartial and effective supervision by on active participatio
bank, because it is such, is
is proven unjusticommon law, banking was the bankrupt estate. Such reliance on democratic rule
Government. In ancient times, under the
as fied by experience in the average bankruptcy. The individual creditor
regarded as solely a private business, but it is now recognized
lie accepts the first
unwilling to send good money after bad.
affected in a high degree with a public interest, and as being analogous is usually
which is offered to him; and control drifts into the hands of
to a public franchise. It not only discharges a public function and pro- composition
expert in bankruptcy, who gathers up claims and directs
a public utility of the highest economic service, but it carries in some attorney
vides
and happiness of the people. the trustee. What the law intends to be a democratic administration
stewardship a large part of the wealth
to guard by becomes a dictatorship by one or two individuals whose personal interests
Government, therefore, has not only the right but the duty
this are adverse to the creditors and in the fees and pickings. Property
adequate supervision the proper discharge of these functions and
when divorced from the protection of active ownership speedily becomes
stewardship.
and a prey of the parasites which the law allows to fasten upon it. The
probably cause our next legislature to clarify
Recent events will
ion in New
portion dealing with recent revelations of conditions in bankruptcy administrat
strengthen much of our state banking law. The
are sufficient proof of the complete
to the deluding of inex- York prior to the first of this year
private bankers has been proven to lend itself
democratic supervision by the creditors.
breakdown of the theory of
.
perienced depositors, and has heroine indefensible
A third fundamental principle of the Bankruptcy Act is separate
governmental supervision
Section 150 andertakes to exclude from
not administration for each estate. Today, except in several judicial dishang out an exterior sign as such, do
the overhead expense of a comprivate hankers who do not
minimum, and do not tricts, each bankrupt estate must carry
allow interest on balances under the stated
management—its separate complement
account average less than the pletely separate and independent
accept deposits which in any separate
custodians and attorneys. As a result,
This classification is wholly of receivers, trustees, appraisers,
stated minimum over a period of a year.
are hired and paid to do the work
the security of the deposits the wastage is enormous. Ten people
arbitrary and artificial. It has no relation to
Any sensible view of the interests of the creditors and of the
underlie governmental supervision. Evasion of one.
or to the reasons which
n is not only business community would recognize that bankruptcy is an inevitable
does not even tax ingenuity. Moreover, such a classificatio
points of fact winch charge upon industry as a whole; that vast economies can be effected by
over the head of the general public, but it rests on
should be borne either by the
it becomes a sort of pooling management; and that the cost
the public has no means of ascertaining. Hence
among the estates as a whole.
who naturally takes for granted the state or by its distribution
trap for the average depositor
The breakdown in practice of these three fundamental principles of
existence of governmental supervision.
the Bankruptcy Act have forced trade associations and credit organizathat governmental supervision should follow
It shocks common sense
work of supervising the administra"bankers," and yet not from tions to take over increasingly the
from an exterior sign containing the word
or on checks, tion of bankrupt estates. This new and growing movement recognizes
the use of the same word on all other forms of advertising,
interest of the business community as a
advertising as a bank that in every bankruptcy the
bank books, slips and general stationery. If
of the exis- whole is superior to that of the particular creditors. The business comentails governmental supervision because of its implication
munity as a whole, or the particular trade as a whole, has a vital interest
the implication follows more forcefully from
tence of such supervision,
bank rather than from in maintaining policies which will prevent bankruptcies, suppress fraud,
such advertisement on all the stationery of the
about the enforce economy and honesty in the work of salvage, and seek recona mere sign over the door. The public can know nothing
struction rather than dissolution; whereas individual creditors are apt
average annual deposits in the Separate accounts, or about the allowance to think only of the immediate pecuniary return. In other words, in
and the very fact of a classification turnof interest on given accounts;
members
public to assume their ascertain- this country the trade associations by agreement among their
ing upon such hidden facts entitles the
and without sanction of the law itself are gradually coming to do what
by a vigilant and potent banking Department.
ment
law,
depositors by in England the British Board of Trade does by sanction of the
The wide ruin wrought among a multitude of small
to-wit, supervise the administration of bankrupt estates. This extra
Clarke Brothers is a ease in point. Everywhere, except over their front
estate as
Their checks, legal development is sound because it recognizes the bankrupt
door, they advertised themselves as "private bankers."
to the existing
"Your committee feels that the House amendment
farmers or
Jaw would result in little or no benefit to any American
In the bill as
millers and in very considerable harm to many millers.
reported, it has, therefore, been eliminated."
representatives
The Finance Committee Republicans decided that
in court cases on
of American labor should have the right to appear
Smoot justifies this
the tariff along with the manufacturer. Senator
position in his report.
1540
FINANCIAL CHRONICLE
•an economic and not a judicial problem, as the concern primarily of the
trade as a whole and not of the individual creditors, and as part of collective rather than separate management.
The breakdown of these three fundamental principles of the Bankruptcy Act has also forced the judges in the second Judicial District to
concentrate all receiverships in the hands of a single banking institution. This is a frank attempt to treat bankruptcy salvage as an administrative and not a judicial function; to put it and its entanglement
with patronage and favoritism out of the courts as far as possible under
the present law; and to obtain the economies and the increase in skill
and integrity which comes from concentrating management and responsibility in a single competent and trustworthy authority. This device,
while not contrary to the statute, bears no resemblance to the methods
which the statute contemplates and which are still in use elsewhere. That
the device is steadily winning its way into public confidence and approval shows how fallacious were the methods which formerly prevailed
and the principles of the Bankruptcy Act which those methods were
supposed to reflect.
These two statutes to which I have referred, the State Banking Law
and the Federal Bankruptcy Act, are of vital concern to our own great
state, because credit and confidence underlie its commercial supremacy.
Nowhere else are industry, thrift and prosperity so intimately dependent
upon adequate and scientific legislation, and upon its sound and honest
administration.
Between credit and the law there is a similarity of nature and function. In the last analysis both credit and the legal order are not external
institutions, but internal things, things of the spirit. They are part
of that larger task of human engineering and industrial statesmanship
which will seek to develop principles of growth that will give sanity
and justice to the economic and legal order and make possible that
ultimate and complete cooperation of all civilization when men will
dwell together as citizens of a single city—a goal which can alone give
meaning to the long, stony and bloody road by which man has ascended,
for a journey can be explained only by the journey's end.
Henry Ford Finds Wealth Unsettling to Men—Few
Willing to Continue Useful Work Which Made
Them Rich, He Says—In Forbes Magazine Opposes
Idea of Retiring.
The unsettling effects of wealth on successful men is
noted by Henry Ford in an interview with B. C. Forbes
which will appear in the September 1 issue of Forbes' Magazine, advance notes of which were released on August 27.
An account of the article in the New York "Times" of
August 28 said:
"It is a curious phase of human nature," Mr. Ford is quoted as
saying, "that when men make a great deal of money in some line of
work they want to get into something they don't know anything about.
It may be another line of business, it may be banking, it may be
sport, or, as more often happens, it may be society.
"The accumulation of money seems to unsettle them, making them
dissatisfied to keep on doing the useful things they were doing and
which brought them their financial reward."
As for retiring, Mr. Ford said that "older men should never quit,"
adding that "if all the men over 50 got out of the world, there would not
be enough experience left to run it."
As an antidote for persons who seem to be too busy, Mr. Ford recommended that they think more. lie said that this activity made sleep
less necessary and set six hours a night as Nis own period of rest.
Relative to his observation on
Iffects of wealth, Mr. Ford defined
his own "supreme mission" as follows:
"My particular job, this time on earth, is to give the world the
very best car I can make at the lowest possible price. If I knew any
better thing I could do, I would do it.
"No matter where I am, no matter what plans may enter my mind,
no matter what I may be told I should be doing somewhere else, I
know that my supreme mission is to do this one thing and to do it
right. To accomplish this successfully, it is necessary ever to be on
the alert to sense what the public wants from us and to give it to
them."
Opportunity, said Mr. Ford, is only beginning, and he compared the
fields open to accomplishment today with those of fifty years ago.
While again decrying charity, he said the operations of the Ford Motor
Company in England, Ireland, Russia and other countries were inspired
solely by a desire to do something for the populations involved.
Advantages of Uniform Mortgage Laws To Be Discussed at
Annual Convention of Mortgage Bankers Association of
America, To Be Held in New Orleans, Oct. 29-31.
Diverse mortgage laws that delay the marketing of
mortgages in interstate transactions, cost large investors
millions of dollars a year, according to General F. M. Bass
of Nashville, Tenn., Counsel of the Mortgage Bankers Association of America, who will talk on the advantages of a
uniform law before the coming convention of the Association to be held in New Orleans, October 29 to 31. This
statement was made by General Bass at Chicago August 31.
With mortgage laws different in every state in the Union,
from the actual wording of the documents to the methods
of foreclosure, organizations such as large insurance companies that buy mortgages to the tune of a million dollars
a. day, must maintain legal staffs to examine the papers
in each transaction and see that they check with the laws
in the State from which they emanate General Bass points
out. With probably 250 insurance companies buying mortgages in block lots in 48 states every day in the year, not
counting other large investors that purchase mortgage
paper daily, the work of complying with the provisions of
48 state laws has assumed tremendous proportions, says the
[Vol.. 129.
Association attorney. Insurance companies alone now hold
over six billions of dollars in mortgages. In other words,
a mortgage in Arizona is made and handled under entirely
different circumstances than a mortgage in New York. Gen.
Bass says:
"The work done by large mortgage buyers in preparing, copying,
examining, and transferring alone is figured at an estimated $5,000,000.00 a year which could be saved to purchasers if a uniform law
existed, and if shorter and less cumbersome forms were adopted in the
various States.
"In the matter of foreclosure clauses alone, the State laws provide
for redemptions in case of default at from a few days to several years.
"These items may seem small in the case of one mortgage, but multiplied hundreds of thousands of times, are running into the salaries of
attorneys, accountants, and clerks, that might be saved to a large
extent through greater uniformity.
"The present situation stems the easy flow of money between States
which is necessary if mortgages are to compete with other readily
negotiable securities. We know the present variations in the mortgage
laws are costing large investors millions of dollars a year; but we have
no record of what this situation is costing the mortgage banker in
business he does not get.
"Due to their great safety and comparatively high yield, mortgages
always have occupied a place of great importance in the investment field
as borne out by the fact that the insurance companies alone have 42%
of their total investments in this form of security. However, investors,
large and small, would hold the mortgage in even greater esteem if
they could buy it in a more standard form, and thus be able to eliminate
the costly process of checking in seventy-seven different directions."
General Bass points out that the proposed uniform mortgage law is not the first uniform law brought about by
business men. The Negotiable Instruments Law and the
Uniform Sales Law have cut away red tape and duplication for bankers and business men and have saved them
millions of dollars a year. As a result of the two uniform
laws referred to above, business men can do business with
each other with ease, from State to State; and it is possible, for instance, for a manufacturer of automobiles to sell
his cars in Omaha, Neb., on the same basis as he sells them
In Peoria, Ill. The bankers convention will discuss
a uniform mortgage law which has already been drafted by
the
American Bar Association and will consider whether this
or any other uniform draft is feasible for adoption by
the
various states.
Albert M. Greenfield Elected to New York Real Estate
Board and Real Estate Securities Exchange.
Announcement is made that Albert M. Greenfield, Chairman of the board of Albert M. Greenfield & Co. of Philadelphia, has been elected to active membership in the New
York Real Estate Board as well as to membership in the
New York Real Estate Securities Exchange. Election of
Mr. Greenfield entitled him to a seat in the recently organized exchange that was formed to handle the sale of
real estate securities exclusively. An item regarding the
Exchange—the membership of which is limited to 500,
appeared in our issue of August 3, page 734. Mr. Greenfield will hold the membership in behalf of the real estate
concern of which he is Chairman of the Board and which
was recently formed by the merger of Mastbaum Brothers
& Fleisher with Albert M. Greenfield & Co. The other executive officers of the company are Joseph Bernhard, ViceChairman of the Board, and J Solis-Cohen, Jr., Persident.
The New York offices of Albert M. Greenfield & Co. will be
formally opened shortly in the Lefcourt National Building,
43rd Street and Fifth Avenue.
Mr. Greenfield is identified with a number of financial institutions both in New York and Philadelphia. He is a
director in the National Surety Company, Chairman of the
Board of the Bankers Bond and Mortgage Guaranty Company of America, Chairman at the Board of the Bankers
Securities Corporation, located in Philadelphia, and Chairman of the Board of the Union Building Company of Newark, as well as director in a number of banks and trust and
insurance companies.
Comptroller of Currency, J. W. Pole, and W. A. Heath,
Governor of Federal Reserve Bank of Chicago, Among
Those Expected to Attend Annual Convention of
American Bankers Association at San Francisco, September 30-October 3.
Final preparations are in progress at San Francisco for
the annual convention of the American Bankers Association, which will open on September 30 and continue in
session to October 3. Leading figures of the American
banking world will be among the thousands of delegates at
the gathering. William R. Dawes of Chicago, brother of
former Vice-President Charles G. Dawes, now Ambassador
to Great Britain, is scheduled to be present at the national
SEPT. 7 1929.1
• FINANCIAL CHRONICLE
gathering. Another outstanding delegate will be J. W.
Pole of Washington, D. C., Comptroller of the Currency.
The San Francisco committee of bankers in charge of
preparations for the event has been advised of the intention of many other leading personalities of the banking
world to attend the convention. The list of prominent
delegates includes: Sir John Aird, President of the Canadian Bank of Commerce, Toronto, Canada; W. A. Heath,
Governor of the Federal Reserve Bank of Chicago; Rollin
P. Grant of the Irving Trust Co. of New York; Sherrill
Smith, Vice-President of the Chase National Bank of New
York; Craig B. Hazlewood, Vice-President of the First
National Bank of Chicago and President of the Association; and George V. Drew, Vice-President of the Equitable
Trust Co. of New York. A total attendance of close to
ten thousand is expected as a result of advance indications
and the roster of delegates will include hundreds of outstanding figures in addition to those named.
Particular attention is being given to the program of
entertainment. Among the social features of the convention will be the grand ball to be held in San Francisco's
Civic Auditorium, one of the permanent structures remaining from the Panama-Pacific International Exposition of
1915. For the convention ball the main hall is to be transformed into a veritable forest glade. There will be a boat
tour of the bay on Monday, September 30, timed to reach
the Golden Gate for the full glory of the sunset, and in
the evening the delegates will see San Francisco's famous
Chinatown. The Chinese Chamber of Commerce and the
Chinese Six Companies have volunteered to play host to the
visitors.
The Association of Bank Women will hold its annual
convention in connection with that of the American Bankers
Association. An outline of the program arranged for the
convention appeared in our issue of August 24, page 1232.
Financial Library Exhibit Planned In Connection With the
Annual Meeting of the A. B. A. In San Francisco.
K. Dorothy Ferguson, librarian of the Bank of Italy, is
Chairman of the Committee which is planning the Financial Library exhibit to be held in connection with the annual
meeting of the American Bankers Association in September
in San Francisco. The exhibit will be located on the
mezzanine floor of the St. Francis Hotel, and will comprise
the latest financial literature. Margaret Reynolds is Chairman of the Publicity Committee, Financial Group of the
National Special Libraries Association.
1541
In explaining the group's decision to form such a bank, one of the
directors said that representatives of the depositors' committee after
the Clarke Brothers' crash approached Mr. Cahill on the subject of
raising funds for a reorganization. He thought the matter over and
concluded that the best way to get their money out was to participate
in a bank of their own. This was threshed out and a decision to
organize the Park Row Trust was reached. Permission to advertise
their intentions already has been received.
Items regarding the failure of Clarke Brothers appeared in these columns Aug. 10, page 909, and Aug. 17,
page 1067.
Death of Hudson Clarke, Sr.
Hudson Clarke, Sr., aged paralytic father of the three
Clarke brothers whose private bank failed recently died
on Sept. 3 in a private sanitarium in Hollis, Queens.
In noting Mr. Clarke's death the "Times" of Sept. 4 said:
With the two elder sons serving terms in Atlanta Penitentiary for
use of the mails to defraud, only his youngest son, Hudson Clarke, Jr.,
who owes his liberty to his father, was with him when he died.
Death was due to a heart attack after a long illness.
The name of the aged father, although mentioned here and there in
the investigation of the bank's failure and in the subsequent proceedings, remained clear of the charges to which his sons entered their
pleas of guilt. It was said that he had long been dependent upon his
sons for his daily needs and for the medical treatment necessary.
Resources of Banking Institutions in Northwest Bancorporation Group Reported in Excess of $265,000,000.
According to an analysis made public by the Northwest
Bancorporation, the banking institutions affiliated therewith
have combined resources in excess of $265,000,000. An item
regarding the institutions affiliated with this group appeared in our issue of Aug. 31, page 1390. The following
is the announcement by the Bancorporation, dated Aug. 29,
received since the issuance of our paper of a week ago:
An interesting recent analysis of the banks and trust companies forming the Northwest Bancorporation discloses the fact that this organization has united into one group, many of the largest banks in the Northwest. One bank in Minneapolis has resources in excess of $90,000,000
and one in excess of $22,000,000; one in Duluth with resources of approximately $40,000,000; one in Omaha with resources in excess of
$23,000,000 and one in excess of $11,000,000 and one in Mason City
with resources in excess of $10,000,000.
These six of the larger banks have resources averaging well over
$33,000,000 each. Resources of the remaining banks and trust companies average over $2,600,000 each with the smallest bank in the Bancorporation having resources in excess of $1,000,000.
Following is a list of banks and trust companies affiliated in the
Northwest Bancorporation group, showing combined deposits in excess of
$229,000,000 and combined resources in excess of $265,000,000.
Deposits.
Resources.
Name of Bank—
$3,143,596
$3.448,602
First National Bank, Aberdeen, S. Dak
1,784,494
2,140.165
First National Bank, Deadwood, S. Dak
31,986,749
39,159,592
First & American National Bank, Duluth, Minn
7,298,147
7,919.988
First National Bank & Trust Co., Fargo, N. Dak
Minn_ _ 2,288,942
2,603,177
Security National Bank & Trust Co., Faribault,
2,013,011
2,329,259
Fergus Falls National Bank, Fergus Fella, Minn
Florida Banking—State Bank Examiner Estimates Pay- National Bank of Huron, S. Dak
3,451.422
3,819,267
1,628,701
1,814,955
James River National Bank,Jamestown, N.Dak
ments to Depositors by Five Closed Banks.
5,521,400
7,037,163
National Bank of La Crosse. Wis
2,950,806
National
3,259,468
The following Tampa, Fla. advices are from the "Wall First National Bank, Lead, S. DakIowa
9,053.682
Bank, Mason City,
10,081,501
First
4,002,016
4,331,832
Street Journal" of Sept. 5:
First National Bank, ?Minot, N. Dak
866,873
1,016,871
First National Bank, Moorhead. Minn
E. P. Jackson, State Bank Examiner, estimates that five
20,281.597
22,772,034
closed banks U. S. National Bank, Omaha, Neb
in Tampa will pay their depositors as follows; Citizens
1,119,072
U. S. Trust Co., Omaha, Neb
Bank & Trust Stock Yards National Bank, South Omaha, Neb
8,544.782
11,169,482
Co., 82%; Lafayette Bank, 71%; Franklin Bank,
87%;
1,022,177
1,094,310
braska Ave. Bank, 88%; American State Bank, 100%. Citizens Na- South Omaha Savings Bank, South Omaha, NO
2.012,550
2,244,144
Security State Bank. Owatonna, Minn
Approximately $75,000 will be distributed among seven hundred
2,078.691
2,325,114
First National Bank, Rapid City S. Dak
de- Security National Bank, Sioux Falls, S. Dak
5,813.930
6,465,212
positors of the First Bank of Lake Worth. This will be
the fourth Commercial National Bank, Sturgis, S. Dak
847,674
1.001,470
dividend paid by the bank since opening under the "freezing
1,311,190
1,934,044
agreement" Citizens National Bank, Wahpeton, N. Dak
just two years ago, and makes a total of 25% since the bank's
1,637,948
1,901,802
Citizens National Bank, Watertown, S. Dak
reopening
August 27, 1927.
2,451,281
2,767,299
First National Bank, Watertown, S. Dak
The reopening of some of the closed Florida banks
$121,631,679 $143,355,821
was
Minneapolis Banks—
noted in these columns Aug. 31, page 1386.
$82,469,130 $92.497,609
Northwestern National Bank
19,416.407
22,741,944
Minnesota Loan & Trust Co
1.221,419
1,318.328
Second Northwestern State Bank
1,073,340
1,305,851
Third Northwestern National Bank
Depositors of Clarke Brothers to Form Own Bank.
3,294,688
3,559,835
Fourth Northwestern National Bank
Advices as follows appeared in the New York
502,242
617,022
"Sun" Fifth Northwestern National Bank
of last night (Sept. 6):
$107,977,226 $122,040,589
The depositors of the defunct private banking firm of
Grand Total
$229,908,905 1265,396.410
whose sensational $5,000,000 failure recently stirred Clarke Brothers,
banking circles,
now plan to reenter the banking business with a bank
A study of the list of the directors of the Northwest Bancorporation
of their own,
The Sun learned today. This will be done'through an
institution to discloses representative men from every important line of business enbe known as the Park Row Trust Company, which
already has filed deavor. Among them, such leading milling and grain men as: James F.
notice with the State Banking Department of its intention
to organize. Bell and John Crosby of General Mills, Inc.; Frank T. Heffelfinger,
In making application, the incorporators state that
they
of $500,000, a surplus of $250,000 and $50,000 available have capital President, F. H. Peavey and Company; John Pillsbury, Vice-President,
for organiza- Pillsbury Flour Mills Company—all of Minneapolis; Ward Ames, Jr.,
tion expenses.
Vice-President, Barnes-Ames Company; Julius H. Barnes, grain exporter,
The new bank purposes to occupy the former
premises of Clarke Henry F. Salyards, President, Ely, Salyards and Company; George H.
Brothers at 154 Nassau Street, which still is occupied by
the fixtures Spencer, Vice-President, Consolidate Elevator Company; A. G. Thomson,
and vaults of Clarke Brothers.
Vice-President, A. D. Thomson and Company—all of Duluth.
Notice of the intention to organize was filed with Joseph
From the railroad industry: Ralph Budd, President, Great Northern
State Superintendent of Banks, by a group of directors of Broderick,
the Plaza Railway, and H. A. Scandrett, President, Chicago, Milwaukee, St. Paul
Trust Company and the Plaza Investing Corporation of
and Pacific Railway.
Fifty-second
Street and Fifth Avenue. These directors will hold 51% of
From the mining industry: W. P. Chinn, General Manager, Mining
the
in the new institution and the remaining 49% will be alloted stock
to the Division, Pickands, Mather and Company, T. E. Cole, Edward C..
Clark Brothers depositors.
Congdon, George P. Tweed—all of Duluth.
M. H. Cahill, President of the Plaza Trust Company, who
From the lumber and paper industries: E. W. Backus, President,
retired
President of the State Bankers Association in June, will head the as Minnesota
and Ontario Paper Company, Backus-Brooks Company, and
new
company. The directors will be: Mr. Cahill, Thomas R. Cowell, National
Pole and Treating Company; Arthur R. Rogers, President,
Aaron Frost, Herbert Turrell, Francis L. Wurzburg, Frank Stolz,
Rogers Lumber Company; H. B. Waite, President, H. B. Waite Lumber
Edward Plant. Neither the Plaza Trust Company nor the Plaza and Company.
Investing Corporation is involved in the deal, the directors acting
From the packing and live stock industry: H. G. Black, Assistant
as
individuals.
Treasurer, Armour and Company; John E. Wagner, Treasurer, Cudahy
1542
FINANCIAL CHRONICLE
Packing Company; Ford E. Hovey, President, Stock Yards National
Bank, Omaha.
Other directors on the board, beside bankers, include: Marshall W.
Alward', Capitalist; W. E. Magner, President, Cutler-Magner Company,
building material; Seth Marshall, President, Marshall-Wells Company,
wholesale hardware; Oscar Mitchell, Washburn, Bailey and Mitchell,
Attorneys; N. F. Russell, President, Bridgernan-Russell Company; A.
McC. Washburn, Washburn, Bailey and Mitchell, Attorneys; A. C.
Weiss, investments; George W. Wells, President, Kelly-Tow-Thomson
Company, wholesale hardware—all of Duluth; Joseph Chapman, President,
Donaldson Realty Company; Shreve M. Archer, President, Archer.
Daniels Midland Company, linseed oil; Albert C. Cobb, Lawyer, Cobb,
Hoke, Benson, Krause and Faegre; George D. Dayton, President, The
Dayton Company:- Frederick E. Kenaston, Capitalist—all of Minneapolis;
F. E. Keeler, President, Mason City Brick and Tile Company, Mason
City; W. B. T. Belt, President, Northwestern Bell Telephone Company;
Edgar M. Morsman, jr., Attorney—Omaha; Norman B. Black, Publisher,
Fargo Forum; C. 0. Follett, President, Smith, Follett and Crowl—
Fargo; C. F. Michel, President, La Crosse Refining Company, La
Crosse; Chambers Kellar, Attorney, Lead.
Altogether there are sixty-nine directors who manage the affairs of
the Northwest Bancorporation. Twenty-seven are bankers and fortytwo represent important diversified business interests of the Northwest.
rvoL. 129.
Announcement was made Sept. 4 of the official change
in name of the Lefcourt Normandie National Bank of
New York to the Lefcourt National Bank & Trust Company. Officials of the bank stated that they have received
permission from the Comptroller of the Currency at Washington, D. C. to absorb the Claremont National Bank of
this city. The offices of the Claremont Bank will be
maintained as branches of the Lefcourt institution. The
proposal to take over the Claremont National Bank was
referred to in our issue of July 27, page 578. According
to announcement made Sept. 5 by Oscar F. Grad, Executive Vice-President of the Lefcourt National Bank and
Trust Company, the directors of that institution have approved a split-up of stock on a 5 for 1 basis and the
plan is being submitted to stockholders for ratification.
The Bank of America Nat-ional Association, New York,
announces the opening of its 34th branch office, located
Another Minneapolis holding company, organized under at Avenue U and 5th Street, Brooklyn. Aldo Faralla is
the name of the First Bank Stock Corporation was like- Manager.
wise referred to in our issue of Aug. 31, page 1390.
Directors of the Chelsea Bank of New York at a speITEMS ABOUT BANKS, TRUST COMPANIES, ETC. cial meeting have approved plans which call for an increase in the capital stock of the bank from 80,000 shares
The New York Stock Exchange membership of Harry S.
to 100,000 shares of $25.00 a share par value. This interest
Freeman was reported posted for transfer this week to
In capital of 20,000 shares, if approved by stockholders
John T. Meighan the consideration being stated as $478,000.
at a special meeting called for Sept. 25th, will be offered
Frederick Osborn has been elected a director of The to present stockholders on a pro rata basis at $80.00 a
Fifth Avenue Bank of New York. Mr. Osborn is a spe- share or one share of new stock for each four shares now
cial partner in the firm of G. M. P. Murphy and Company held. Issuance of this stock will increase the capital and
and a director in many prominent utility and manufac- surplus account of the Chelsea Exchange Bank from $3,turing companies. He was a director of the Farmers 000,000, of which $2,000,000 is capital and $1,000,000 is
Loan and Trust Company before the consolidation of that surplus, to $4,600,000 of which $2,500,000 will be capital
and $2,100,000 surplus. These amounts together with apcompany with the National City Bank.
.._4_
proximately $650,000 of undivided profits will give Chelsea
National Bank of
The Boards of Directors of 8he Chase
Exchange total capital, surplus and undivided profits of
the City of New York and Chase Securities Corporation $5,250,000. The total deposits of the bank
amounted to
this week declared quarterly dividends on the $20 par $20,436,996 on June 29, 1929. Total resources of
the bank
value stock of the bank and the no par value stock of as of June 29 were approximately
$28,000,000. E. S.
the securities corporation, aggregating $1 per share on the Rothchild, President of the Chelsea Exchange
Bank, in a
5,250,000 shares of the corporations. These dividends letter to stockholders explaining the purpose of the capital
are payable Oct. 1, 1920 to stockholders of record at the increase, in part says:
close of business Sept. 11, 1929. The transfer books will
"The proposed increase of stock is recommended by your Board of
not close.
Directori because of its expansion program and especially on account
_—_
—4
of the opening of a new branch at No. 20 East 45th Street, on the
Chase Securities Corporation which is affiliated with site now occupied by the Seaboard National Bank, which bank is
its merger into
Trust
The Chase National Bank of the City of New York an- vacating the premises because of to make this thethe Equitable of our ,
main office
Company. Later it is proposed
Los Angeles office. bank. We believe that the securing of this branch is the most progresnounced on Sept. 3 the opening of a
The office is located temporarily in the Security Title sive step taken by this bank since its organization and the results
stockholders."
Insurance Building, and is under the direction of George necessarily will be of large benefit to
This new branch will be occupied about November 1.
L. Humphreys.
Chelsea Exchange at the Present time is paying diviPercy H. Johnston, Chairman of the Board of the Chemi- dends of only $2.50 per share or 10% annually, on its
H.
cal National Company, Inc., announces that the stock- outstanding $25.00 per value stock and with the expected
holders of the Chemical Bank & Trust Company of New increase in business and the contemplated unification of
York have availed themselves of the right to subscribe to operations with the Chelsea Exchange Corporation, its
the issue of the Chemical National Associates, Inc., and securities affiliate, it is expected that the improved earntherefore there can be no allotment to the other applicants. ings may in the near future result in the declaration of
The latter was referred to in our issue of Aug. 31, page a high dividend on the capital stock.
1387.
At Its meeting held on Sept. 5, the Board of Directors
its
An Albany (N. Y.) dispatch, Sept. 6 to the New York of the Banca Commerciale Italians Trust Company, of
"Sun" says:
New York declared a 'dividend of $2.50 per share, payable
The Park Row Trust Company of 154 Nassau Street, New York
City, has filed notice of its intention to organize with the State Bank- on Oct. 1, 1929, to stockholders of record as of Sept. 14,
ing Department. The incorporators are Thomas R. Cowell, Aaron V. 1929, for the third quarter of the current year.
Cahill, Frank J.
Frost, Herbert TurrelI, Francis L. Wurzburg, M. H.
Stoltz and Edward Plant. Capital is to be $500,000.
Percy R. Pyne II was el- ected a director of The NaH.
tional City Bank of New York at the regular meeting of
the Board on Sept. 3 to succeed his uncle, Percy R. Pyne,
who died on Aug. 22 after a long association with the
bank. Percy R. Pyne II is a son of Moses Taylor Pyne,
a grandson of the Percy R. Pyne who, from 1882 to
1891 was President of the bank, and a great grandson
of Moses Taylor, who was President of the bank from
1856 to 1882. For many years he has been a director
of The Farmers' Loan and Trust Company, now the City
Bank Farmers Trust Company. Mr. Pyne is a director
of the Cayuga & Susquehanna Railroad Company, the
Princeton Bank and Trust Company and the United New
Jersey Railroad & Canal Company; President and director
of the Prospect Company of New Jersey and a trustee of
Princeton University.
• The general public has i-nvested $3,666,232 in Morris
Plan 5% investment certificates during the last six months
bringing the total volume invested in these certificates now
outstanding to $95,766,420, it was announced in the midyear operating statement of the Industrial Finance Corporation, parent company of the Morris Plan Corporation
of America. Since the inception of the first Morris Plan
Bank 19 years ago it is stated the public has invested
more than $250,000,000 in these certificates which can be
acquired on the deferred payment plan.
The plans for the mgrging of the interests of the First
National Bank of Boston and the Old Colony Trust Company of that city were made known this week, the Boston
"Transcript" of Sept. 3 announcing that negotiations have
been carried to a point where a definite proposal has been
submitted for approval to the directors of the two institutions. The account in the "Transcript" says:
At a regular meeting of the executive committee of
The final result will be The First National Bank of Boston, owned
The National City Bank of New York, on Sept 3, Harold by the present stockholders of both banks: the Old Colony Trust
Company, operating a trust business under its present charter, owned
R. Hayes was appointed an Assistant Cashier.
through trustees by the stockholders of the First National Bank; and
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1543
the First-Old Colony Corporation, operating under a separate charter
and owned in like manner through trustees by the stockholders of the
First National Bank.
In addition to the head office at 1 Federal Street, First National
Bank has five city branches. The suburban branches complise Allston,
Dorchester (three), Hyde Park, Roslindale, and Brighton. In addition
to the head office at 17 Court Street, Old Colony Trust Co. has five
The "Transcript" also stated:
working out of detail plans and subject to approval branches in the city.
Subject to the
Through the Old Colony Associates, controlled by the Old Colony •
of counsel of both banks, the proposal is as follows:
The Old Colony Trust Company will increase its capital from 150,000 Corp. the new First National Bank of Boston, through its affiliation
First-Old Colony Corp., will extend its sphere of influence in the
to 200,000 shares by the issue to its stockholders of 50,000 shares at with'
$300 a share, thus adding $15,000,000 to its combined capital and field of out-of-town banking. The Old Colony Trust Associates own
a substantial interest amounting to a virtual managerial control in
surplus.
Stockholders of the Old Colony Trust Company will receive four fifteen banks with resources of over $100,000,000, viz:
Boulevard Trust Co., Brookline; Cohasset National Bank, Cohasset;
shares of First National Bank stock for each of their 200,000 shares
of Old Colony stock. This involves an increase in the capital of the Dedham National Bank, Dedham; First National Bank of West Newton; First National Bank of Mansfield; Harvard Trust Co. of CamFirst National Bank of 800,000 shares.
Upon the completion of the exchange the stock of the Old Colony bridge; Lechmere National Bank, Cambridge; Menotorny Trust Co.,
Trust Company will be placed in the hands of trustees and held for Arlington; Needham Trust Co., Needham; Newton Trust Co., Newthe pro rata benefit of all stockholders of the First National Bank, ton; Second National Bank of Malden; Springfield-Chapin National
evidence of this ownership to be endorsed upon First National Bank Bank 8t Trust Co., Springfield (new consolidation); Stoughton Trust
Co., Stoughton; Union Market National Bank, Watertown, Winstock certificates.
The Old Colony Trust Company, with adequate capital and surplus, chester Trust Co., Winchester.
will retain and continue its present trust business and will merge into
the First National Bank its commercial business, including its branches.
It was made known in the Springfield "Republican" of
It will take over such trust business of the First National Bank as
Aug. 30 that the consolidation of the Pittsfield National
desire to have transferred.
the bank's customers may
The Old Colony Corporation, now owned by the Old Colony Trust Bank & Trust Company of Pittsfield, Mass, and the Third
Company, will be merged with The First National Corporation and National Bank of that city would be effective at the close
will carry on the securities business heretofore done by the two. The
stock of the combined securities corporation will also be held by of business, at noon, on Saturday, Aug. 31. The paper
trustees for the pro rata benefit of all First National stockholders.
quoted further said:
It is proposed to merge the two boards of directors, having identical
All the business of the Third will be moved across the hall in the
boards both for the bank and the trust company. The combined board Berkshire Life Building to the Pittsfield National rooms. The Third
will represent almost every important interest in New England.
National securities will be moved over the week end from its vault to
Daniel G. Wing will continue as Chairman of the Board, B. W. that of the Pittsfield. Those who rent safety deposit boxes at the
Trafford will become Vice Chairman and Phillip Stockton President Third bank may keep them there for the present. Most of the grill
of the First National Bank. The officers of the Old Colony Trust boxes and cage work in the Third banking rooms will be removed and
Company will continue as at present: Gordon Abbott, chairman of the space will be taken over by the Pittsfield Securities Corporation,
the Board; F. R. Hart, Vice Chairman, and Phillip Stockton, President. of which Z. Marshall Crane is President ond Monture A. Andrew,
The trust officers of the First National Bank will take like positions Treasurer. This corporation is allied with the Pittsfield National Bank
in the Old Colony Trust Company. The loaning and other officials
and Trust Company.
having in charge the commercial business of the Old Colony Trust
Rlaph B. Bardwell, now President of the Third, is to be Chairman
Company will become officers of the First National Bank.
of the board of the consolidated bank and he will have desk roam
The branches of the Old Colony Trust Company, including the
directly opposite to the President, Charles IV. Power.
Court Street office, will become branches of the First National
Bank
but will be operated by their present officers and personnel.
Mention of the plans to consolidate the instiutions was
Great Combination of Brains.
The merger will bring together into one group men
representing
directly and indirectly nearly every ramification
.
of New England
interests. It will combine in one organization, each
supplementing the
other, the two organizations which ate today leaders
in their special
lines of banking business. It will give to New
England a banking
institution which with its affiliates will have capital assets of
more
than $100,000,000; total resources of over $700,000,000; and ability
to take care of the commercial, trust or investment requirements of
the New England public, regardless of size. There will be no necessity
for New England business interests, so it is said, to go elsewhere
either for their commercial need or the financing of their capital
requirements.
The Old Colony Trust Company is already pre-eminent in the corporate fiduciary field. With its organization supplemented by that of
the trust department of the First National supervised by the combined
trust committees of the two institutions and guided by the wisdom
and experience of the combined directorates it will conduct a strictly
trust and fiduciary business with no interest or connection with any
business outside of this particular field. Manned by this highly trained
organization and sponsored by the business leaders of New England, it
will offer an independent, conservative specialized trust service
that
should appeal strongly to the public.
After the plan has been adopted by the stockholders it will still
take a number of weeks to work out all legal and physical
make it effective but when the two institutions finally do details to
join forces
it is believed that they will merge with no inconvenience to
customers
or general public.
An item bearing on the proposal to link the two institutions appeared in our issue of Aug. 31, page 1389. The
Old Colony Trust has a capital of $15,000,000 and surplus and profits in the neighborhood of $19,000,000.
The
capital of the First National Bank is $25,000,000 and its
surplus and profits are close to $26,000,000. The following relative to the standing of the institutions following
the completion of the present plans appeared in the Boston "News Bureau" of Sept 4:
The proposed merger of First National Bank of Boston and the
Old Colony Trust Co. will furnish New England with a banking
institution ranking in point of deposits among the first ten of
the
country. According to the statements of condition as of June 29,
1929,
First National Bank had deposits of $328,995,520, while the
Old Colony
Trust Co. had $177,054,066 giving a combined deposit
account of
$506,049,586.
Close behind the Bankers Trust Co. of New York will
be the
enlarged First National Bank of Boston. Exceeding it in size
will
be such well-known New York institutions as the National
City Bank,
Guaranty Trust Co., Chase National Bank, Irving Trust Co.,
and the
Bank of Manhattan; as well as the Continental Illinois Trust Co.,
of
Chicago; Bank of Italy, San Francisco; and the Security First
National Bank of Los Angeles.
Adoption of the title "First National Bank of Boston" for the
merged institutions is obviously designed not to impair the prestige
which the larger bank has enjoyed in its outside banking relations,
especially in the foreign field. Retention of the Old Colony Trust Co.
name for the trust businesses recognizes the pre-eminence of the state
banking institution in the fiduciary field.
With a banking capital of over $100,000,000 (represented by 2,175,000 shares) New England's biggest bank will be in position to handle
any financing in this section of the country. The amalgamation of
the two corporations into the First-Old Colony Corp. will supplement
the increase in facilities of the commercial institution, and facilitate
the handling of large deals that might otherwise flow to New York,
Chicago, or elsewhere.
made in these columns July 13, page 226.
Action on the question of increasing the capital of the
Bank of Commerce & Trust Company of Boston from $1,000,000 to $1,500,000 will be taken at a special meeting of
the stockholders to be held on Sept. 10. The question of
changing the par value of the stock will also be considered.
Regarding the payment of a dividend of 100% by the
City National Bank & Trust Company of Hackensack, N. J.
the "Bergen Evening Record" of that city had the following to say in its Aug. 22 issue:
• Directors of the City National Bank and Trust Company, of Hackensack, at a recent meeting, confirmed a 100% cash dividend to stockholders of record which was paid July 29.
The City National Bank opened in November, 1921, with capital
surplus and undivided profits of $125,000.
Its most recent report shows this item to be $354,000 after the
payment of the $200,000 cash dividend.
Within the past few months a trust department was added and
the name of the organization changed from the City National Bank
to the City National Bank and Trust Company.
Herbert V. Widman, of Hackensack, a former Federal bank examiner, is Cashier of the institution. Dr. George P. Pitkin is President and the members of the board are, for the most part, well-known
business men of Hackensack and neighboring communities.
is
Announcement is made by the directors of the new
Bergen County National Bank of Hackensack, N. J., that
the property of the Bedell Motor Car Company, at Main
and Passaic Streets, Hackensack, has been purchased as
a site for the location of the new bank. The interests
in the latter expect to take possession shortly, and as
soon as the quarters are remodelled, to open the doors
of the bank. The "Bergen Evening Record" of Aug. 22,
from which this is learned, says:
It was on August 15 that the men interested announced that they
had obtained a charter to operate a national bank in Hackensack.
The charter stated the site of the building as Court Street, located
near the court house.
An application was made to the Comptroller for permission to change
the business location to uptown and this was obtained a few days ago.
Negotiations were started with Eugene C. Bedell, head of the
company which bears his name and owns the property at the
northwest
corner of Main and Passaic Streets.
The contract for the sale of the property has been signed.
Hugh Otis is President, Thomas H. Eckerson, Vice
-President, and
A. A. Altschuler, Chairman of the Board of Directors
of the new
bank.
The directors are Hugh Otis, A. A. Altschuler, Thomas
H. Eckerson
Clem Plager, Henry Holman, James McGrath, Dr.
Michael Sarla,
Frank 0 mittag Jr., Spencer D.
.
Baldwin, Howard O. Bullard11
of
Hackensack, and Samuel Wilcox, of Ridgewood.
The building committee is composed of T.
Spencer
Eckerson,a D.
Baldwin, James McGrath and Mr. Otis, as ex-offie member
The property has a frontage of 141 feet
on Main Street and 138
'
feet on Passaic Street, with a spur to
. which a Ian 1
e.There is a
house which lies between the building
_proper and etheeadlasn'
At a special meeting on Sept. 4
of the stockholders of
the Hobart Trust Company of
Passaic, N. J. a resolution
1544
FINANCIAL.CHRONICLE
[VoL.129.
Treasurer and H. E. McMillan, City Sales Manager. The
new corporation is owned by the shareholders of The
Union Trust Company, the stock interest of each shareholder being proportionate to his stock interest in the
bank. As organized, the new corporation is empowered
to meet changing requirements of modern business and to
The action was taken upon the advice of Frank H. Smith, State offer a broad and flexible securities service both to corSuperintendent of Banking and Insurance, prior to the reopening porations and investors. The headquarters of the corporawhich is planned to take place within a week or ten days.
floor of the Union Trust
Cornelius Hellegers, President of Donner & Hellegers, Inc., was tion are located on the second
Company in the quarters formerly occupied by the bank's
elected to the board of directors.
bond department.
The merger of the American Bank and Trust Company
From the Chicago "Journal of Commerce" of Aug. 24
of Philadelphia with the Central National Bank of that
city became effective on Saturday Aug. 31. Details of the we take the following:
Present directors of the Chicago City Bank and Trust Company, the
merger proceedings were given in our issue of Aug. 24,
and the United State Bank will
Guarantee Trust and
page 1237. The enlarged Central National Bank offers comprise the board ofSavings Bankthe consolidated institutions, to be
directors of
centrally located offices—the main known as the Chicago City Bank and Trust Company. Frank C.
the facilities of four
of
office at 5th and Chestnut Streets; the American Bank Rathje, President of the Chicago City Bank, will be President will the
be
merged banks. Other officers and the Chairman of the Board
Street and Passayunk Avenue; and two named on
office at Broad
Sept. 16. The banks involved in the consolidation, three
and the other of the largest in the Englewood district of Chicago, will be physically
other officers at Broad and Cambrai Streets
united on Jan. 1, 1930, at West 63rd and Green Streets. Total deat 15th and Sansom Streets.
to decrease the capital stock from $1,000,000 and 40,000
shares to $500,000 and 20,000 shares, with the par value
of shares remaining at $25 was approved. Advices to this
effect were contained in a Passaic dispatch to the New
York "Times" which added our last reference to the
Hobart Trust appears on page 1236 of our issue of Aug. 24:
According to the Philadelphia "Ledger" the Philadelphia
National Company, organized as an affiliate of the Philadelphia National Bank, opened for business on Sept. 3
at 1416 Chestnut Street. The organization of the company was noted in our issue of April 27 last, page 2750.
The item in the "Ledger" this week said:
The company will conduct a general investment security business and
will participate in underwriting syndicates. It will be prepared to
give extensive service of an investment advisory nature. Irwin A.
Steubner will be in charge of a department organized especially to
provide this service.
Joseph Wayne, Jr., is President of the company and O. J. Matthews
is Vice President and Manager. The company has a combined capital
and surplus of $2,000,000.
posits of the three banks are around $15,000,000. Capitalization of the
consolidated institutions will be $1,600,000, setting a new record for
an outlying Chicago bank.
According to the Chicago "Journal of Commerce" the
Addison National Bank of Chicago has been merged with
the Citizens State Bank of Chicago, all business after
Sept. 1, being conducted at 3228 Lincoln Avenue under the
name of the Citizens State Bank of Chicago. The merger
plans, it is stated, were approved by the directors of the
two institutions on July 11, and ratified by the stockholders on Aug. 27. The combined capital it is stated will
be $600,000; surplus, $600,000; undivided profits over
$500,000; resources over $11,000,000. J. G. Squires, President of the Citizens State, will continue in that office with
the consolidated bank and E. Tessmer of the Citizens will
be Executive Vice-President.
A banking merger proposal in Lansdale, Pa., will unite
the First National Bank and the Citizens National Bank.
From telegraphic advices from Lansdale, Sept. 5 to the
Philadelphia "Ledger" we learn that the directors of the
An oversubscription is announced of 200,000 shares of
two banks approved the plans Sept. 5. The dispatch capital stock of the First Bank Stock Corporation, offered
further reports as follows:
at $47.50 per share (par $25) by the First Saint Paul
The plan will be submitted to stockholders at meetings to be held Company (St. Paul) and the First Minneapolis Company
Oct. 10. The approval of the stockholders is regarded as virtually
of an authorized issue
certain. Through the merger Lansdale will have the largest as well (Minneapolis). The stock is part
as the oldest national bank in Montgomery County. The resources of 10,000,000 shares. An item regarding the organization
of the two institutions are approximately $6,000,000 and their com- of the First Bank Stock Corporation organized by the
bined surpluses and undivided profits total $1,500,000.
and the First National
The business of the merged institution will be conducted under the First National Bank of St. Paul
charter of the First National Bank in its new banking house. The Bank in Minneapolis, appeared in our issue of Aug. 31,
Citizens Bank Building will be sold. The plan for merger calls for
1390.
an increase of
stock. Irwin G. Lukens, President page
$400,000 in capital
of First National, will head the merged institution, it is said, with
H. L. Ruth, President of Citizens National, as Vice President.
The Union Cleveland Corporation, recently formed by
the Union Trust Company of Cleveland for the purpose
of underwriting, wholesaling and retailing investment securities has begun operations, it is announced by J. R.
Nutt, President of the bank. Mr. Nutt will also be President of the new corporation, which will conduct and develop the business formerly done by the bank's bond department. Organization of the new unit, which was
projected some months ago, was completed late last week.
Its list of fifteen directors contains names prominent in
financial and industrial affairs in Cleveland. Direct management of the corporation will be in the hands of A. C.
Coney, Vice-President and General Manager, and C. B.
Lincoln, Vice-President. The list. of directors as announced by Mr. Nutt follows: W. M. Baldwin, Vice-President, and Executive Manager, Union Trust Company; E.
F. Carter, President, Ohio Bell Telephone Company; A. C.
Coney; George A. Coulton, Vice-President and Executive
Manager, Union Trust Company; H: G. Dalton, Member,
Pickands, Mather & Company; G. W. Grandin, Secretary,
Missouri Lumber & Mining Company; Warren S. Hayden,
Hayden, Miller & Company; John A. Kling, Chairman,
Kelly Island Lime & Transport Company; J. R. Kraus,
Vice-President and Executive Manager, Union Trust Company; E. J. Kulas, President, The Otis Steel and Midland
Steel Products Cos., C. B. Lincoln; W. G. Mather, President,
Cleveland Cliffs Iron Company; J. R. Nutt and E. N.
Wagley.
The officers of the Union Cleveland Corporation will be
-President;
J. R. Nutt, President; W. M. Baldwin, Vice
A. S. Coney, Vice-President and Manager; C. B. Lincoln,
-President; C. E.
-President; Peter Ball, Assistant Vice
Vice
-President; E. N. Wagley, SecreRegester, Assistant Vice
tary; Henry Ranft, Treasurer; L. J. Roeder, Assistant
was
It was announced in the "Minneapolis Journal" of Aug.
28 that the American National Bank of Helena, Mont.,
with resources in excess of $5,000,000, became affiliated
that day with the First Bank Stock Corporation, holding
company recently formed by the First National banks of
Minneapolis and St. Paul. The "Journal" added:
Paul J. Leeman, Vice President and General Manager of the corporation, in announcing the affiliation said the American National had
a capital, surplus and undivided profits of $450,000 and deposits in
excess of $4,200,000.
The bank is the thirty-eighth to join the corporation and brings the
total resources of the holding company to more than $356,000,000.
Three banks in Helena now have affilitted with the bank group.
A Newton (Kansas) dispatch Aug. 29 appeared as follows in the Topeka "Daily Capital" of Aug. 30:
The Harvey County State Bank of this city is closed and bank
examiners today were checking accounts at the bank.
It was stated by officials of the bank that the action was taken following a steady withdrawal of cash by depositors during the last
week, said to have resulted from false rumors set afloat on the street.
0. A. Furman, President of the bank, stated today that depositors
need not fear for any financial set-back, as all depositors will be paid
in full, and the closing this week was only a means of protection for
all depositors until collections can be completed.
On Aug. 30 controlling interest in the Seaboard Bank
and Trust Company of Port Arthur, Tex, passed into the
hands of Arthur Mauldin, Dallas banker, and a group of
Chicago bankers and capitalists, it was announced in Port
Arthur advices to the Houston "Post" Aug. 31. These
advices also stated:
Mr. Mauldin, who took charge of the bank in the capacity of active
Vice President, announced that the capital stock of the bank which
is $100,000 at the present time, would be increased to $200,000 or
$250,000 by Jan. 1. New owners represent a combined capital of
about $5,000,000 it was stated.
The bank building at Austin and Procter will be remodeled and
new fixtures installed throughout at a cost of several thousand dollars.
No important changes are contemplated in the personnel of the
bank, it was announced. A stockholders' meeting has been called to
elect directors.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
Officials of the bank have been E. E. Hartford, President; H. E.
Brinkman, Vice President; W. L. Shepard, Vice President; B. D.
Logan, Cashier, and T. E. Halsell, Assistant Cashier.
1545
public utilities group American Water Works and Public
Service of New Jersey were the high spots and both reached
new record tops. North American, Consolidated Gas and
Plans to unite the Commercial National Bank of Sher- Columbia Gas also were in active demand at higher prices.
Stocks reacted downward on Wednesday and much of the
man, Tex. with the Merchant's & Planters National Bank
of that city under the name of the latter institution were gain scored by high-priced industrial issues and public utility
announced in the following joint statement issued (accord- shares on the preceding day were lost during the early trading to a Sherman dispatch Aug. 31 appearing in the Dallas ing, though the market rallied to some extent in the final
"News" of Sept. 1,) by C. B. Dorchester, President of the hour. There were some exceptions in the railroad list, notably
Merchants and Planters Bank, and of W. B. Brents, Presi- Reading RR. which continued its upward swing and regis-point advance to its highest top since 1914. Erie
tered a 6
dent of the Commercial National, follows:
"The Merchants and Planters National Bank and the Commercial improved and so did Southern Ry. which closed with a net
National Bank join forces Tuesday, Oct. 1, 1929.
gain of 5 points. Motor shares had another spurt, General
"The Merchants and Planters National Bank was founded fifty- Motors moving up about 7 points to 75,
followed by sharp
'seven years ago and, being the older of the two institutions, perpetuates
its name and the consolidation will be under the name and charter improvement in such issues as Chrysler, Packard and Marof the Merchants and Planters National Bank of Sherman.
mon. Auburn, on the other hand, dropped over 19 points.
"The Commercial National Bank was organized twenty-eight years
Radio Corp. was one of the important stocks of the day and
ago and during all of this time has been under the same management.
"Both banks have long enjoyed the highest confidence and respect. rushed upward more than 11 points and crossed 109. Amer.
"The larger resources, broader banking facilities and combined ex- Tel. & Tel. was off about 4 points and the loss ranged from
perience and judgment of the executive officers of both institutions,
1 to 4 points in such active issues as Montgomery Ward,
all under the guidance of an enlarged and representative board of
directors, will make it possible to serve the public more adequately Johns-Manville, Westinghouse Electric, American Can,
and efficiently.
Internat. Tel & Tel. and Consolidated Gas.
"On and after Oct. 1, 1929, the business of the combined banks
The market opened strong on Thursday and many subthe present quarters of the Merchants and
will be transacted in
stantial gains were recorded in the early trading. As the
Planters National Bank."
Capital and surplus of the Merchants and Planters Bank is $1,200,- day advanced prices began to crumble and the large amount
000, while the capital, surplus and undivided profits of the Commercial
of liquidation that came into the market carried prices
Bank amount to $500,000.
downward with a crash. Large losses were recorded in
It is announced that negotiations have been completed practically every active issue, though public utilities were
whereby United National Corporation (Seattle, Wash.), somewhat stronger for a brief period. In the first hour
holding company for the United group of corporations in Standard Gas & Electric rushed up more than 4 points to a
the Pacific Northwest, will acquire a substantial interest new top at 171, American Water Works sold up to 1793.
4
In Ferris & Hardgrove, an investment banking house with and closed at 1733 with a net gain of 432 points and
headquarters in Spokane and offices in Seattle and Port- American Power & Light surged forward close to 169 and
land. United National Corporation and subsidiaries have closed at 161% with a gain of four points. Railroad shares
total consolidated paid-in capital and reserves of over $19,- were irregular and moved downward. Motor shares,
500,000 and total assets of more than $27,500,000. United copper issues and some of the industrial stocks were in
Founders Corporation and the American Founders group active demand on the forenoon but slipped back when
have a substantial interest in United National Corporation. prices receded. Some of the more important declines
4
The management of Ferris & Hardgrove, which was were Air Reduction 133', Allied Chemical & Dye 183
organized in 1913, will remain in the hands of Joel E. points, Westinghouse Electric Mfg. Co. 7 points, United
Ferris, George P. Hardgrove, E. B. Sherwin, C. A. Smith, States Steel, common 8 points, Columbia Carbon 10 points,
E. M. Adams and Harper Joy. The following three large Du Pont 8 points, New York Central 63 points, Radio
%
4
investment banking houses in the Pacific Northwest will Corporation 53 points, Sears-Roebuck 51 points, General
thus be affiliated through United National Corporation— Electric 43/2 points and Greene-Cananea Copper 5 points.
Following the drop in call money on Friday from a renewal
Drumheller, Ehrlichman & White, Murphey, Favre & Company and Ferris & Hardgrove. They have a combined rate of 9% to 6% the market rebounded from its sharp setvolume of security distributing business of $75,000,000 back of the preceding day and public utilities, copper shares
annually. Joel E. Ferris will go on the board of United and railroad stocks moved sharply upward. General Motors
National Corporation and one of Its directors will be assumed the leadership and closed at 78 with a net gain of
elected to the board of Ferris & Hardgrove.
5 points. Chrysler sold up to 733/2, Packard moved ahead
to 1533 , Auburn advanced 16 points to 496, and Nash,
%
and Mack Truck all displayed substantial gains.
THE WEEK ON THE NEW YORK STOCK EXCHANGE. Marmon
Radio Corp. was also prominent as it shot ahead 11 points
The stock market after opening strong and buoyant be4
to 1133 . Public utilities were again up with the leaders,
came reactionary the present week, particularly on Thurs- Consolidated Gas closing at 1773 with a gain of 6
points
day when early strength was followed by a severe setback followed by Columbia Gas with a gain of nearly 3
points and
that carried the greater part of the active list to lower levels. Pacific Light & Power with a gain of 3 points.
Standard Gas
On Friday, however, rices again turned upward and most
was at one time about 14 points above its preceding close;
of the losses were recovered. One of the noteworthy features
American & Foreign Power and American Power & Light
of the week has been the offering by the U. S. Treasury of
were both up about 9 points and American Water Works
$500,000,000 Treasury certificates of indebtedness of 9
improved about 7 points. Railroad shares were represented
months maturity paying 4 8% interest. The weekly
/
upside by New York Central, Atchison, Pennsylvania
statement of the Federal Reserve Bank made public after on the
and Southern Ry., all of which improved from 2 to 4 points
the close of business on Thursday showed a further increase
preceding close. Copper stocks were stronger and
of $137,000,000 in brokers' loans in this district. Call over the
specialties like Air Reduction, Allied Chemical & Dye, Otis
money renewed at 9% on Tuesday and was unchanged
Elevator and other high priced issues all recovered their
until Friday when it dropped successively from 9 to 6%.
previous day.
The accumulation of orders over the 3 day holiday brought losses of the
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE;
an avalanche of buying into the market on Tuesday and more
DAILY, WEEKLY AND YEARLY.
than 800,000 shares changed hands during the first half
hour of trading. The uprush of prices included practically
Stocks,
Railroad,
State.
Untied
week Ended 85p1. 6.
Number of
lc.,
every active issue in the list which closed from 2 to 5 points
Municipal(4.
States
Shares.
Bonds.
ForetimBonds
Bonds.
higher. Railroad shares, copper stocks and public utilities
HOLI DAY
Saturday
were the leaders, though industrial issues and specialties Monday
110L1 DAY
.
4,438,910
88,562,000
attracted considerable speculative attention. The out- Tuesday
82.501,000
8655,000
4,691,980
6,776,000
Wednesday
2,456,000
580,000
standing feature of the railroad shares were the strength of Thursday
5,565,280
7,675,000
2,795,000
1,273,000
5,122,610
6,491,000
1,525,000
Norfolk & Western and Southern Pacific, both of which Friday
488,000
19.818.780 829,504.000
Total
89,277.000 12 one fkAn
sailed over the top to the highest levels on record, the former
reaching 290 and the latter 157. Reading touched a new
Week Ended Sept. 6.
Sales at
Jan. 1 to Sept. 6.
New York Stock
peak at 1397/i with a gain of 7 or more points and Chesapeake
1929.
Exchange.
1928.
1929.
1928.
& Ohio moved into new high ground at 2793 . Other strong
4
19,818,780 19,376,950
Stocks—No, of shares_
8746,770,110
518,567,148
stocks in the railroad group were Erie, Western Maryland,
Bonds.
Government bonds_ _ _
St. Paul, Atlantic Coast Line and New York Central & St. State and foreign bonds 82,996,000 83.473,000 $88,422,700 8140,217,750
9,277,000
9,770,570
424,624,150
550,876.135
Louis. Anaconda was prominent in the copper group and Railroad & misc. bonds 29,504,000 24,873,004 1,390,606,900 1.649,256,176
moved up to 1303/2 on a block of 10,000 shares. In the
Total bonds
841,777,000 $38,116,570 81.903.653.750 82,340,350,061
1546
•
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Weak Ended
Sept. 6 1929.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
(vor. 120.
FINANCIAL CHRONICLE
Baltimore.
Philadelphia.
Shares. BondSales. Shares, BondSala. Shares. Bond Sales.
HOLI DAY
HOLI DAY
*81,600
$14,000
38,000
*81,660
*87,528
38,500
*65,780
18,000
316,568
$108,500
HOLI DAY
HOLT DAY
a86.375
$8,800
29,100
a85,142
9,200
091,625
017,700
HOLI DAY
HOLI AY
$24,000
57,175
34.000
52,461
22,000
52,921
47,000
58,629
280,842
21,186
547,100
5127,000
$73,700
Prey. week revised 268.905 5236 000 447.500 5152.600
23.412
*In addition sales of rights were: Tuesday, 210; Wednesday, 60; Thursday, 200.
a In addition, sales of rights were:Tuesday,33,600; Wednesday, 13,100; Thursday.
18.200; Friday, 5,000.
02 In addition, sales of warrants were: Tuesday, 2.900; Wednesday, 2,200; Thursday, 2,800; Friday, 1,600.
b In addition, sales of scrip were: Wednesday, 8-5; Thursday, 13-5; FrIdaY. 11 5-
THE CURB EXCHANGE.
Following the triple holiday the Curb Exchange began
the week with a general upward movement but thereafter
a heavy liquidating movement set in and prices dropped
sharply. To-day after some irregularity there was a rallying
movement and the market was strong throughout. In
utilities Amer. & Foreign Power warrants were strong,
selling down at first from 141 to 133 then up to 145. Electric Bond & Shares corn. was conspicuous, losing over 13
points to 1733. it recovered to 1843 and closed to-day at
,
1843/g. Electric Investors sold down from 285 to 278 and
up to 2
853/i with the final transaction to-day at 285.
Northern State Power, corn. advanced from 223% to 246%.
United Gas Impt. dropped from 282% to 2773 and recovered finally to 280%. Standard Power & Light jumped
from 122% to 155, closing to-day at 154. Investment
trusts present some strong features. Elec.Power Associates,
eom, rose from 73 to 82 and finished to-day at 81%. The
class A stock sold up from 653' to 823. National Investors, coin. from 234 reached 2753j and sold finally at
267. Minneapolis-Honeywell Reg., corn. improved from
1023/ to 1123/3, the final figure to-day being 112. Polynest
Mfg. improved from 83 to 92% and sold finally at 91%.
Oils'were weak though changes were not important.
A complete record of Curb Exchange transactions for the
week will be found on page 1578.
DAILY TRANSACTIONS AT TtiE NEW YORK CURB EXCHANGE.
SILVER.
The silver market has been rather lacking in interest and the smal
variation in the prices has again been a feature during the past week
-American operators showing little inclina
Sellers have proved reluctant
Lion to work in this market
-and the steady tone has therefore been maintained. The Indian Bazaars have sent buying orders, without, however
being disposed to press for supplies. China has shown no particular tendency. having worked both ways with but little activity.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 12th inst. to mid-day on the 19th inst.:
ImportsExports
£259,788
Mexico
£152,450 British India
91,050
British India
42,671 China
7.433
Irish Free State
29.200 France
6.380
United States
16.289 Germany
3.501
countries
Netherlands
10,250 Other
Germany
10.911
Other countries
6,505
E368,152
£268,276
INDIAN CURRENCY RETURNS.
(In lacs of Rupees)Aug.15. Aug. 7. July 31.
18572
Notes in circulation
1 692595
10868
10845
Silver coin and bullion in India
10966
Silver coin and bullion out of India
3221
3221
Gold coin and bullion in I
32,inda
Gold coin and bullion out of Idnia
45i4
Securities (Indian Government)
4318
187
187
Securities (British Government)
187
The stocks in Shanghai on the 17th inst. consisted of about 82,700,000
bars, as compared
ounces in sycee, 127,000,000 dollars and 7,500 silver
with 82,400,000 ounces in sycee, 125,000,000 dollars and 9.180 silver bars
on the 10th inst.
Quotations during the week:
Bar Gold
-Bar Silver, per Oz. Std.per Oz. Fine.
2 Mos.
Cash
Aug. 15
845. 1139d.
94d.
24fd.
Aug. 16
84s. 1139d.
247-168.
24 5-16d.
Aug. 17
84s. 1139(1.
24 7-16d.
2430.
Aug. 19
84s. 1139(1.
247-168.
24 5-16(1.
Aug. 20
849. 11%41.
247-163.
245-16d.
Aug. 21
84s. 113/2d.
24 7-16d.
24 5-16d.
Average
.
84s. 11.468
24.927d.
24.291c1.
The silver quotations today for cash and two months' delivery are each
1-16d. above those fixed a week ago.
Course of Bank Clearings
Bank clearings will show a more moderate increase the
present week. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended to-day (Saturday, Sept. 7),
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 15.9%
larger than for the corresponding week last year. The total
stands at $11,475,508,724, against $9,906,419,221 for the
same week in 1928. At this center there is a gain for the
five days ended Friday of 31.1%. Our comparative summary
for the week follows:
Bonds (Par Value).
Week Ended
Sept. 6.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(No. Slusres).
Eights.
leffeign
Government
Donutstie.
2,120,300
1,896400
1,904,300
1.639.500
HOLI DAY
HOLI DAY
21,826,000
198,900
1,681,000
214,400
1.582,000
214,500
1,546,000
203.100
$201,000
343,000
208,000
305.000
7,560 500
830,900
$6,635,000
$1,057.000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 21 1929:
GOLD.
The Bank of England gold reserve against notes amounted to £139,444,263 on the 14th inst. (as compared with E140,180,545 on the previous
Wednesday) and represents a decrease of £14,462.052 since April 29 1925.
When an effective gold standard was resumed.
The South African gold available in the open market yesterday to the
value of about £880,000 was disposed of at the price of 84s. 1139d. Demand from Germany was met to the extent of about £600,000, the Bank
of England secured £200,000 and £25.000 was taken on French account.
The balance was absorbed by the usual Indian and trade requirements.
The French and German exchanges having been again favorable to the
export of gold, substantial withdrawals have been made from the Bank of
England for the purpose, the following movements being announced,showing a net efflux of £2,695,237 during the week under review.
Aug. 19 Aug.20 Aug. 21
Aug. 15 Aug. 16 Aug. 17
Received
.£646,197 £110,000
£25 £2,578
Withdrawn_ - _ - 1,702
5,149 £311.830 £1,711,536 402,278 1,021,542
The receipts yesterday and today were bar gold, £200.000 of which is
understood to have been acquired from the South African Consignment
whilst the origin of the balance has not been disclosed. Of the withdrawals
of bar gold about £2,400,000 was for France and £1,000,000 for Germany.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 12th inst. to mid-day on the 19th inst.
Imports
Exports
British South Africa
£1,027,526
£867,355 United States
France
27.257
5,236 Germany
Other countries
30,530
2,567 Switzerland
France
11.45
9.9
33
6
British India
14,730
Straits Settlements
10,364
Other countries
£1,131,202
£875,158
The composition of the Indian Gold Standard Reserve as on July 31
1929 is detailed below:
In India
Nil
In England
Cash at the Bank of England
£1,633
Gold
2,152,334
British treasury bills-value as on July 31 1929
6.043.975
Other British and Dominion Government securities
-value
as on July 31 1929
31.802,058
£40,000,000
Clearings-Returns by Telegraph.
Week Ended September 6.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1929..
' 1928.
Per
Cent.
$0,387,000,000
504,345.294
377,000,000
343,000,000
103.552,091
90,400,000
153,017,000
132,991,000
131,290,739
139,707.003
102,383.189
69,329,335
44,868,481
$4,872,000.000
569,172,719
339,000,000
330,000,000
108,378,089
94,000,000
158,923,000
148,978,000
114,921,897
137,302,389
84,203.029
75,805,016
45,438,103
+31.1
-11.4
+11.2
+3.9
-4.4
-3.8
-4.3
-10.8
+14.2
+1.8
+21.6
-8.5
-1.3
Thirteen cities, five days
Other cities, five days
$8,578,884,132
984,039.805
27.078,122,242
927,608,320
+21.2
+6.1
Total all cities, five days
All cities, one day
59,562,923,937
1,912,584,787
58,005.730,562
1,900,688,659
+19.4
+0.6
Total all cities for week
211.475,508f/124
29,906.419.221
4-15.9
•
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above, the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statements, however, which we
present further below, we are able to give final and complete
results for the week previous
-the week ended Aug. 31. For
that week there is an increase of 20.0%, the 1929 aggregate
of clearings for the whole country being $12,716,358,272,
against $10,410,696,287 in the same week of 1928. Outside
of this city the increase is only 8.3%, the bank exchanges
at this center having recorded a gain of 30.1%. 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) the improvement reaches 30.5%; in the Boston Reserve District
26.1%; and in the Philadelphia Reserve District only
0.2%. The Cleveland Reserve District shows a gain of 8.5%;
and the Atlanta Reserve District of 11.3%; but the Richmond
Reserve District falls behind 6.1%; the Chicago Reserve
District 0.2%; and the St. Louis Reserve District 3.8%.
The Minneapolis Reserve District registers an increase of
11.3%. In the Kansas City Reserve District the totals show
a diminution of 3.1%; and in the Dallas Reserve District of
FINANCT
AT4
11.0%. The San Franciscollteserve District enjoys a gain
of 12.5%.
In the following we:furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
IVeek End. Aug. 31 1929.
Federal Reserve Discs.
151 Boston_ _ _ _12 cities
2t3d New York_11 "
3rd Philadel la..10 "
4th Cleveland__ 8 "
5th Richmond. 6 "
6th Atlanta,
,_,33 "
7th Chicago ___20 "
6th St. Loui‘...... 8 "
,
9th Minneapolis 7 "
10th KansasCity 12 "
11th Dallas
12th'San Fran 17 "
1929.
1928.
Ine.or
Dec.
1927.
1926.
%
+26.1
+30.5
+0.2
+8.5
-6.1
+11.3
-0.2
-3.8
+11.3
-3.1
-11.0
+12.5
$
488,998,512
6,133,424,163
43,599,495
366,271.260
185,422,42
154,551,628
922,561,199
195,973,834
130,260,484
216,04,9
74,544,902
502,991,791
$
453,618,335
5,214,472,003
561,418.078
368,651,686
212,110,437
180,813,959
907.668266
200,982.348
124825,511
229239,879
74,544342
536,45,439
Total
129 cities 12,716,358,272 10,410,696,267 +22.1
4,115,883,372 3,000,261,621 +8.3
Outside N. Y. City
9,937,737,615
3,921,533,152
9,069,47,787
3,978,123,827
1,10, ORO
110 n.1152
n • -s...-
$
558,562,311
8,772.834,447
530,893,554
421,878.547
156,652,981
159,209,964
933,848,264
178,665,334
135,547,890
232,183,166
69,84,951
569,240,560
A• nne nna
•
S
443267,089
6.723,490,287
491,655,205
388,887,612
166,780,390
143209,483
932,453,439
185,695,871
121,797,594
339,564,568
78,445.592
505,839,157
:GI in, ISO .4.114
CHRONICLE
1547
BANK CLEARINGS AT LEADING CITIES.
August
Jan. 1 to Aug. 31
(000,0003
1929. 1928. 1927. 1926.
1929.
1928.
1927.
1926.
6%3054.)
$
I
$
$
S
New York
39,199 26,979 25,379 21,673 307,899 251,340 207.259 195,694
Chicago
3,198 2.931 2,971 2,801 24,32424,985 23,965 23,739
2,259 1,808 1.872 1,871 17.287 17.117 16.99416,477
Boston
Philadelphia
2,443 2.083 2.270 2,180 20,517 19,099 18,672 19,545
St. Louis
580
613
601
591
4,330
4,965
4,892
4,998
734
Pittsburgh
867
737
732
6,731
6.155
6.287
6.040
953
871
San Francisco
819
782
7,137
7,587
6,422
6.525
Cincinnati
314
294
311
297
2.633
2,618
2,555
2,586
482
416
Baltimore
47.5
495
3,519
3,562
3.754
4,038
Kansas City
698
617
690
652
4,926
4,722
4.565
4.724
Cleveland
668
500
523
558
5,266
4,4.59
4.266
4,058
New Orleans
205
234
210
1,754
221
1,910
1.905
1,982
Minneapolis
2,949
464
322
338
2,68.9
349
2,376
2,628
Louisville
152
145
142
1,310
140
1.284
1,226
1,205
970
867
Detroit
735
7,783
759
6,5.55
5,793
5,874
161
179
Milwaukee
187
175
1.441
1,216
1,495
1.460
821
Los Angeles
718
896
692
9,503
7,009
6,269
5.878
Providence
532
57
571
69
47
53
464
452
206
218
183
Omaha
167
1,528
1,559
1.375
1,401
235
2,210
Buffalo
315
210
222
1,829
1,792
1.615
112
122
1.21
131
St. Paul
963
1,034
982
L059
101
98
Indianapolis
111
97
862
800
806
791
153
172
146
147
1,294
Denver
1,168
1.086
1.078
181
1,461
Richmond
191
196
214
1,467
1,616
1,710
75
77
76
70
Memphis
710
666
694
749
203
233
198
197
1,674
1,781
Seattle
1.532
1,560
69
57
Hartford
SG
54
623
GSS
529
551
71
70
75
652
87
604
Salt Lake City....
572
550
s
s
s
We also furnish to-day a summary by Federal Reserve
districts of the clearings for tho month of August. For that
56,178 42,016 40,376 36,279 442.367 379,622 330.443 319.197
Total
3,907 3,632 3.576 3,626 29,390 29,633 29.656 31,215
month there is an increase for the entire body of clearing Other cities
60,085
Total all
houses of 31.7%, the 1929 aggregate of the clearings being Out ide N.Y.City_20,856 45.648 43,9.12 39.905 471,757 409,255 360.099 350.415
18,669 18,573 18,230 163.858 157.715 152.840 154,720
,
860,085,005,608, and the 1928 aggregate $45,612,687,866.
Our usual monthly detailed statement of transactions on
Outside of this city the increase is 12.1%. In the New York the New York Stock Exchange is appended. The results fon
Reserve District the expansion reaches 45.0%; in the Boston August and the eight months of 1929 and 1928 are giver
Reserve District 25.1%; and in the Philadelphia Reserve below:
Month of August.
Eight 3Ionths.
District 16.2%. In the Cleveland Reserve District the totals
Description.
are larger by 15.2%; in the Richmond Reserve District by
1929.
1929.
1928.
1928.
10.8%; and in the Atlanta Reserve District by 4.5%. The Stock, number of shares_ 95,704.890 67,191,023 1,698.799,740 522.054.264
Chicago Reserve District has a gain of 8.5%;and the Minne- Railroad and misc. bonds $196,456,400 5124,892.000 51,357,057,400 51.374,853.650
49,716.000
bonds
apolis Reserve District of 19.0%; but the St. Louis Reserve State, foreign,
44,111,000
415,288,650
540,541,425
8,917.900
9,925.000
85,839.100
136,744,750
District records a loss of 1.5%. In the Kansas City Reserve U. S. Govt. bonds
8251.090.300 8178,856.000 $1,858,185,150 $2,052,139.325
Total bonds
District the increase is 2.9%; in the Dallas Reserve District
The volume of transactions in share properties on the
4.9%; and in the San Francisco Reserve District 9.0%.
New York Stock Exchange each month since Jan. 1 for
the years 1926 to 1929 is indicated in the following:
August
August
Ine.or
August
AuguSt
1929.
1928.
Dec.
1927.
1926.
Federal Reserve Distil.
$
$
$
$
%
lot Boston _ _ __14 cities 2,551,267,247 2,039,218,422 +25.1 2,118,093, 88 2,092,151,559
7
2nd New I ork _ _14 "
40,095,620,312 27,662,771,135 +45.0 26,026,324,529 22,270,873,277
3rd Philadelpla 14 "
2,620,559,514 2,255,469,141 +16.2 2,444,42,42 2,348,917,314
4th Cleveland __15 "
2,055,319,333 1,784.960,655 +15.2 1,769,924010 1,718.905 524
.
.5th Richmond _10 "
840.511,757
758,519,168 +10.8
861,014,291
864,04248
6th Atlanta_ ___18 "
778,494,587
744,828,684 +4.5
841,078,022
864,129.463
7th Chicago __.29 "
4,851,680.970 4,471,814272 +8.5 4,357,661,67
4,199,544,675
8th St. Louis__ _10 "
908,243,028
922,502,362 --1.5
910,778,337
916,681,7E6
ilth MInneapolis13 "
671,34.076
564.234,069 +19.0
543,367,439
525.177,240
10th KansmCity 16 "
1,406,662,451 1,367,019,228 +2.9 1,238.702,922 1,274.678,752
11th Dallas
1" "
512,203,43 +4.9
537,322,994
468895,434
531249,723
12111 San Fran__28 "
2,539,142,867 +9.0 2,352,110,011 2,298,74,509
2,767,984.33
1929.
90 nit Lao
n (11, On, rill
1 P.Willag_411
.4
-AR
1
St, 1141 litrl
1 An, Cew •uta
We append another table showing the clearings by Federal
Reserve districts for the seven months back to 1926:
Eight 3f
°Whs.
1927.
1926.
No. Shares,
No. Shares.
No. Shares.
110,805.940
77,968.730
105,661,570
56,919.395
47,009.070
84,973.869
34,275,410
44,162,496
49,211.663
35,987.885
35,1'25,959
52,271,691
294,436.240
188,902,334
127,649,569
126,985,565
82,600.470
91,283,550
69,546.040
80,478,835
82,398,724
*63.846,110
49,781,211
46,597,830
47,778,544
30,326,714
23,341,144
38,254,575
2d quarter
243,430,060
226.763,669
144,157,585
91,922,433
6 months
537,866,300
415,666,003
271,507,154
218,907,998
93,378,690
95,704.399
39,1597,238
67,191,023
38.575,576
51,205,312
36,691.187
44,491,314
Month of January
February
March
1st quarter
Month of April
May
June
Total
193 cities 60,45,32,608 45,612,667.666 +31.7 43,952.370,655 38,905,694,060
Outside N. Y. City
20,885,780,999 18,633,637,959 +12.1 18,572,783,775 18,47,714,351
Camola
1928.
No. Shares.
Month of July
August
• Largest single day's transaction In the history of the Exchange took place on
Tuesday, June 12 when 5,052.790 shares were traded in.
The following compilation covers the clearings by months
since Jan. 1 in 1929 and 1928:
MONTHLY CLEARINGS.
1929.
1928.
Inc.or
Dec.
1927.
Federal Reserve Dists,
5
let Boston ____14 cities 19,624,350,912 19325.448,359 +1.5 19.020,145,5713
18,501,015,196
2nd New York _14
_14
314,492340,673 257,181,697,367 +22.2 212,650,312059 200,973,171,885
2nd Phliadelpla 14 "
21.936,783082 20.565.276,925 -1-6.5 23,124,970,43 28,988.864,333
4th Cleveland __I5 "
16,329377,310 14,855,409,861 +9.9 14.692,105,070 14,223,092,915
5th Richmond _10
6,454,596,004 6,464,306,265 -0.2 6,832,157,360 7,230,461,813
6th A Vents ___ _1
6,630,135,459 6,588,774,986 +0.6 7,128,903,603 8,549,255,431
7th Chicago ___29
37,458,672349 96,920.067374 +1.5 35,057,094,667 34,890,437,318
8th St. Louis,,10
7,697,240,608 7,695,781,961 +0.1 7,625,796,677 7,74,94,293
91.11 M1nneapoll913
4,634,283,750 4,34.41,512 +5.4 3,986342,657 4,318,028,158
10th KansasCity 16
10,384,356,374 9,913,015,065 +4.8 9,748,811,130 9.660,642269
llth Dallas
12
4,387,532,757 4,009,594,971 +9.5 4,14,979,753 4,198,012,657
12th San Fran 28
21,697,765,437 21,338,904,719 +1.7 19,173,997,864 19,037,406,675
Total
193 cities 471,757,453,45 409,254,539,225 +15.3 330,099.416,621
350,415,315,94
Outside N. Y. City
14,858,077,695 57,715,001,394 +3.9 152,840,384,995 54,74,598,936
Canada
29 cities 16,268634,275 15,626377,672
,NLLI • IS/J. / VIl•-•
1926.
+4.1 12,321353,125
11,157,262,093
,-,....
Month.
To
1928.
1929.
1928.
1929.
%
$
$
$
8
Jan.__ 66.131,376,486 51,499,545,411 +28.4 22,227,710,616 20,456,065,482
Feb.__ 54,668,507,864 44,568,430,792 +22.7 18,733,749,534 17,744,304,726
March 63,226,050,132 55,817,421,912 +13.3 20,907,211,454 20,363,586,823
+8.7
+5.6
+2.7
1st citi_ 184025934482 151835398115 +21.2 61.873,671,604 58.563,957,031
,
+5.7
April., 55,171,872,704 51,718,442,536 +6.7 20,174,319,300 19,678,582,063 +2.5
May _ 56,913,490,597 57,893,281,349 -1.7 20,131,551,005 21,188,294,482 -5.0
June_ _ 53,918,142,206 55,235,318,947 -2.4 19,357,496,008 20,496,576,935 -5.6
2d qu_ 166003505507 164847042832
+0.7 59,663,366,373 61,363,453,480 -2.8
6 mos_ 350029439989 316732440947 +10.5 121 537037977 119927410511
+1.3
July _ _ 61.643,007,678 46,909,410,422 +31.4 21,435,258,719 19,153,952,924 +11.9
Aug.__ 60.085.005.603 45.612.667.568 -4-31.7 20.885.780.9.09 18.633.637.959 +12.1
The course of bank clearings at leading cities of the country
We now add our detailed statement showing the figures
for the month of August and since Jan. 1 in each of the
for each city separately for August and since Jan. 1 for
last four years is shown in the subjoined statement:
two years and for the week ending Aug. 31 for four years:
CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING AUG. 31.
Month of August.
Clearings at
1929.
1928.
$
$
First Federal Rese rye District- Boston
Me.-Bangor
2.756,319
2,934,343
Portland
15,151,393
22,757,338
Ma95.-B05ton
0
,258,967,633 1,807,893,095
Fall River
5,817.642
5,403,002
Ilolyoke
2,303,703
2,420,975
Lowell
4,959,867
5,100,419
New Bedford
4,335,585
4,951,344
Springfield
21.061,149
24,654,260
Worcester
13,663.388
15,311,746
Conn. 11 artford - - - 57,413,267
86,234,227
New Steven
34,532,53
0
40,529,153
Waterbury
9,926.200
10,6.57,400
R. L Provideore56,996,100
68,578,200
N. H.-Nlanchester_ _
2,407,984
2,767,107
Total (14 cities) - - - 2 31,367,247
.5
422
2,039,218,
Wed
Eight Months.
Inc. or
Dec.
%
1927.
1926.
Inc. or
Dec.
5
5
%
1929.
1928.
5
Ended August 31.
s
Inc. or
Dec.
1027.
%
s
$
686,831
3,734,955
437,000.0043
1,586.960
748.378
3,763,919
405,000,000
1,520,490
1,067,783
1,059,782
4.830.819
3,007,822
15,945,970
7,577.797
931,210
1,023,524
4,978,295
3,247,609
14,179.256
7,298,949
11,634,500
815,293
10,139.900
786.805
+26.1 488,998,512
453,618,335
+6.5
+50.2
+24.8
-7.1
+5.1
+2.8
+14.2
+17.1
+12.1
+50.2
+17.1
+15.1
+2.4
+14.9
22.574,577
143,477,748
17,287.233,349
46,189,714
21,609,521
43,550,075
42,553,714
199,914,599
130,642,471
687.793,974
310,252.318
91,406,700
571,392,900
25,749,252
24.182,705
--6.6
130,613,768
-9.6
17,117,088,289
+1.0
59,771,695 -22.7
23,700,625
-8.9
41,222,022
+5.6
37,793,888 +12.6
195,017,367
+2.6
123.375,462
+5.9
623.067.625 +10.4
304,959,694
+1.8
88,641,700
+3.0
531,868,400
+7.4
24,145,119
+6.1
•700,000
3,939,782
502,558.196
1,060,917
623,516
3,333,394
396,000,000
981.530
987,768
974,950
4,615,164
3.059.029
18,201,835
8,470,594
1,019,866
952,582
4,251,337
2,679,793
13.525,170
7,554,786
+12.3
+19.7
+26.9
+8.1
-- -3.1
+2.3
+h.5
+14.2
+34.6
+7.9
13,279,100
684,979
11,232,800
612.255
+18.2
+11.9
+25.1
19,624,350.912
19,325,448,359
558,582,314
443,067,089
+1.5
1926.
[Vor,, 129.
FINANCIAL CHRONICLE
1548
CLEARINGS-(Continued.)
Clearings at
1929.
1928.
Went Ended August 31.
Eight Months.
Month of August.
Inc. or
Dec.
1927.
1926.
Inc. or
Dec.
1929.
Inc. or
Dec.
1928.
1927.
1926.
$
New York
Second Federal Re serve District25,055,647
26,392,622
-Albany
N. Y.
6,442,604
7,100,999
Binghamton
234.834,858
314,822,549
Buffalo
5,062,055
5,130.131
Elmira
5,467,536
5,782,864
Jamestown
39,199,224,609 26.979,049,907
New York
6,830,154
.6.500,000
Niagara Falls
54.983,216
70,747,174
Rochester
26,612,633
37,029,907
Syracuse
19,377.776
18,000,408
Conn.
-Stamford...2,803,439
N. J.
3,453,070
-Montclair _ 117.834,674
151,501,346
Newark
161,844.730
242,368,199
North. New Jersey
6,571,906
7,566,434
Oranges
5,174,946
218,307,111
220,193,457 -1.0
5,188,479
+5.3
47,505,954 +11.2
1,010,144
52,846,639
1,328.352
+10.2
50,563,621
1.828.574,958 +20.9
71,201.206
+34.1 2,210.020,901
859.161
42.392,436
38,388,238 +10.4
1,132,736
+1.3
45,756.275 +3.1
1,198,577
47,168,654
1,086,161
+5.8
307,899,375,580 51,539,547,841 +22.4 8,600.475.0006,610.334,663
+45.3
54,147.314
54,003,003 +0.3
-4.8
567,109.155
507,104,970 +11.8
11,286.272
14,767,867
+28.7
232,250,742 +12.4
5,134,088
261.090,891
5,758.044
+39.1
3,629,299
158,034,927
141,020,278 +12.1
3,897,559
7.1
30,979,291 +10.3
34,170,342
613,252
653,815
+23.2
999,146,943 +18.5
+28.6 1,184,103,243
1,439,169,124 +18.1
33,146,374
67,345,228
+49.7 1,700,226.121
58.066,343 +9.1
63,347,359
+15.1
7,123.724
6,424,276
+0.3
1,202,400
1,162,286
+31.5
54,259,321
51,688,597
+40.8
910,233
1,090,729
+31.8
1,249,426
1,072,625
-9.4
+30.1 6.016.204,813 5,091,093,960
+30.8
+12.2
+7.4
+6.6
12,955,656
6,641,555
3,094,674
788,646
13,263,705
7,057,187
2.955.904
1,668,530
+103.2
32,480.802
33,513,117
Total (14 cities).- - 40,095,620,312 27,652.771,135 +45.0 314,492,340,673 257,181,697.367 +22.2 8,772,834,447 6.723,490,287 +30.5 6,133,424,163 5,214,478.003
Third Federal Res erve District- -Philadelphia
7.141,525
6,705.893
Pa.
-Altoona
22,328.188
26,128,105
Bethlehem
5,192,769
5,748,980
Chester
20,367,604
20,130,332
Harrisburg
8,120,576
8.385,487
Lancaster
2.393,824
2.960,113
Lebanon
3,978.730
3,779,872
Norristown
2,443,000,000 2,083.000,000
Philadelphia
15,723,122
17.620,701
Reading
24,113,073
27,755,395
Scranton
17.038,205
17.441,942
Wilkes-Barre
8,570,924
9,663,030
York
10,629,820
11,346,047
N.J.
-Camden
26,870,781
19.893,617
Trenton
53,116,424
53,417,746 -0.6
- 6.1
161,480,821 +18.1
190,998,046
+17.0
43,777.072
44,775,307 2.2
+10.7
165,771,927
159,085,821
+4.2
1.2
72,907.360
77,836,994 6.3
+3.3
23,077,898
21,611,318
+6.8
+23.7
31,005,016
35,212,158 -11.9
-5.0
+17.3 20.517,000,000 19,099.000,000 +7.4
147,443,985 +3.5
152,586.015
+12.1
223,218,503 222,733,025
0.2
+15.1
137,931,005
136,902,589 +0.8
+2.4
77,415,204
70.823.053 +9.3
+12.7
88,072,920 +0.8
88,770,754
+6.7
189,691,336
246,395,710 -23.0
-26.0
1,459,247
5.334,023
1,073,250
1,368,850 +6.6
3.942.570 +35.3
1,185,988
1,734,706
3,984,694
1,370,847
1,652,578
4,684,202
1,494,987
1,585,930
1,344,784 +17.9
2,085,252
1,982,509
503,000,000
3,563,589
5,855.852
3,150,863
1,790,822
454,000,000 +10.8
3,536,817 +0.8
4,652,282 +25.8
3,451.697 -8.7
1,641,882 +9.1
533,000,000
3,500,833
5,816,920
4,237,818
1,798,566
528,000,000
3,859,805
6,589,849
4,690,875
1,924,824
4,079,978
6,530.335 ---37.5
6,069,859
6,538.449
+6.8
530,893,554
481,655,205
+0.2
563,599.495
561,418,078
239,428.000
147,616,613
2,617,531,273
4,459,422,427
599,596.100
40,108,587
14.498,116
66,878,392
202,251,438
24,997,751
9,755,098
51,362,878
6,154,781,036
71,629,983
155,552,169
+6.4
+13.4
+0.7
+18.1
0.2
+6.0
+3.9
+8.4
+11.7
19.6
23.7
+8.5
+9.4
+7.5
+3.5
5,073,000
3,614,979
66,007,865
138,604,997
14,284.500
6,405,000 -20.8
+2.8
3,516,911
61,242,878 +7.8
126,357,333 +9.7
13,289,100 +7.5
5,298,000
3,550,274
66,952,601
112,767,624
16,428,600
5,232,000
3,649,073
66,385,754
109,137,405
16,130,200
14,855,409,861
Total (15 cities)__. 2,055,319,333 1,784.960.655 +15.2 16,329,377,310
Total (14 cities)- - - 2,620,559.514 2,255,469,141 +16.2 21,966,781,082 20,565,276,925
Cleveland
Fourth Federal Re serve District34,416,000
29,913.000
Ohio-Akron
18,147,620
21,001,727
Canton
294,236,530
313,586.639
Cincinnati
558,163,149
668,379.033
Cleveland
19.420.400
75,096,000
Columbus
5,962,480
5,359,426
Hamilton
1,799,208
2,000,844
Lorain
8,371,090
9,072,601
Mansfield
25,233,131
26,212,787
Youngstown
3,423.564
2,325,210
Pa.
-Beaver Co
956,298
946.804
Franklin
5,799.609
8,039,176
Greensburg
734,395,041
867,411,754
Pittsburgh
6,106,254
6,217,318
Ky.-Lexington
18,530.281
19,757,014
W. Va.-Wheeling
-13.1
+15.7
+6.5
+19.7
+8.2
11.8
+11.2
+23.1
+3.9
-32.1
-1.0
+38.8
+18.1
+1.8
+6.6
1,694,719
5,961,341
1,691,199
5,433,960
+0.2
+9.7
1,613,296
4,940,082
1,803.643
5,101,744
156,638,046
170,931,231
+9.2
154,720,803
161,211,867
+9.9
421,878,547
388.867,612
+8.5
366,271,280
368,651,686
43,072.063
180,040,613
1,466,715,964
84,457,050
78,004,079
73,365,826
3,561,584,523
16,046,556
28,759,752
932,259,839
5.3
-8.7
-0.4
2.3
-5.9
+7.4
-1.2
-1.4
-6.8
+6.4
886,056
3,332,000
42,313,206
17.9
1,079,853 3.695.560 -9.8
0.9
42,707,000 -
1,227,845
4,460,709
48,964,018
1,748,701
7,778,881
46,599,000
22.875,432
21,816,592
+4.9
25,850,877
24,822,892
6,454,566,004
6.464,306,265
-0.2
156,652,981
166.780,390
-6.1
188,422,832
212,110,437
1.1
+7.2
+18.4
+17.4
+5.1
-30.1
-4.0
+22.8
-44.3
-0.9
+35.0
-0.5
-1.6
+7.2
+12.6
24.4
-2.0
110,662,581
824,958.527
1,899,207,338
69,701.774
40,849,032
57,735,098
550,519,584
102,640,000
105,805,628
819,573,359
65,021,832
55,143,205
58,171,000
74.253,932
29.308.343
12,382,155
1.754,201.021
117,112,719
765,974,103
1.694,519,795
62,941,641
37.028,905
73,541,790
578,592,369
106,627,000
128,861,850
828,036.268
58,342,552
55,948,494
58.720,000
68,733,878
29,857,242
13,982,486
1,909,683,894
-5.5
+7.7
+12.1
+10.7
+10.3
21.5
4.8
-3.7
--17.9
-1.1
+11.4
-1.4
-0.9
+8.0
-1.8
-1.4
8.1
2,142,154
20,806.355
50,700,535
2,171,446
2,850,417 -4.9
18.506,570 +12.4
41,409,648 +22.5
1,510.027 +43.8
3,154,000
20,901,037
46,824,852
2.747,440
2,983,592
19,259,705
98,947,299
1,937,864
1,342,157
10,352,278
1,481,000
1,786,122
11,863,750 -12.7
1,377,000 +7.6
2,359,383
14,744,842
3,687,000
1,818,202
19,356,898
6,107,805
20,361,819
2,295,591
20,190,526
0 +66.3
1,380,08
23,519,462
1,952,971
24,197,299
1.966,860
+17;i
1,577,734
1,368,325
219,596
45,501,743
253.318
5
40.605,02 +12.1
386,865
32,606,042
340.419
52,529,601
+4.5
6.630.135,459
6,588,774,986
+0.6
159,209,964
143.039,483 +11.3
154,551,628
180,813,969
10,092,407
+19.5
9,307,548
36.387,830
33,122,241
+8.4
+ 11.9 7,783,007,460 6,555,449,866
150,335,996
132,227,301
+4.8
272,453.850
21.4
291,833,803
72.426,130
-3.1
72,080,011
136,006,204
+26.4
104,769,242
137,080.388
+44.2
113,540,263
198,162,641
-4.6
198,969,635
862,256,000
+13.3
799,878,798
112,453,783
-7.5
106,967,857
188.108,674
+17.9
186,805.986
111,633,564
2.8
127,406.827
10.1
1,215,928,258 1,440,560,128
33,564,151
8.4
35,339,614
115,215,805
+18.2
102,577,582
+ 1.3
435,806,789
407,716,814
343.240,124
+1.6
347,961,541
16,908,373
+3.1
17,139,251
247.185,693
+0.2
239,008.952
56,455,235
+ 10.6
47,425,599
45,469,358
5.7
47,057,682
70,331,825
+13.3
64,014,408
+9.1 24,323,844,275 24,985,049,261
44,664,400
45,504,183
+5.2
187,108,085
208,807,165
+27.6
137,915.132
125,187,401
+17.8
98.930.399
96.057,345
+4.1
+8.4
+9.9
+18.7
+13.0
-6.4
+0.5
+29.8
+20.7
0.4
+7.8
+5.1
+0.7
-12.4
-15.6
5.0
+12.3
+6.9
1.4
-1.4
+3.4
+19.0
3.4
+9.9
--2.6
1.8
+11.6
+10.1
+3.0
266.292
689,320
204,151,118
194,363 +37.0
806,097 -14.5
6 +15.4
176,866,65
254,163
930,740
157,586,162
202,762
698,513
158,781,605
6,011,814
7,301,704 -17.7
8.150.400
8.277.481
1,551,306
3,516,866
49.2
3,053,334 2.995,118 + 17.4
3,129,531
2,619,817
2,599,047
3,071,449
21,107,000
2,475.867
4,347,556
17.9
00 9
19.570,0
00 -10.8
2,775,6
3,999,838 +8.7
20,423,000
2,732,400
4,870,082
22,610.000
3.106,000
5,077,741
31,125,326
35,353,916
38,919,260
39,141,085
2.683,106
-8
6
6, - 4,772
8,181.853
6,920,067,224
+8.5 37,458,672,909 3
+1.5
Fifth Federal Rese tee District Richmond
5,203,132 -5.6
W. Va.-Huntington.
4,911,316
+1.3
19,468,374
Va.-Norfolk
19,219,358
181,081,000 +5.6
Richmond
191,231,747
9.450,429 -11.6
-Raleigh
N. C.
8,351.208
+4.6
7,406,824
S. C.
-Charleston- - 7,749,479
+3.8
7,753,425
Columbia
8.049,228
415,747.428 +15.9
Md.-Baltimore
481,866,116
+7.6
2.001,966
Frederick
2,154,015
+2.1
3.356.745
Hagerstown
3,425,770
107,049,845 +6.1
-Washington
D. C.
113,553,520
Total (10 cities)
-
840,511,757
758,519,168 +10.8
Sixth Federal Rose rve District -Atlanta13,610,949
_
13,456,165
92,267,530
98,933,905
Nashville
201,794,956
238,868,559
Ga.-Atlanta
6,806,197
Augusta
7,990.783
4.500,669
Columbus
4,731.015
9.837,798
Macon
6,874,951
57,088,257
Fla.
54,776,245
-Jacksonville
7,833,000
Mlmia
9,619,000
12.088,253
6,732.325
Tampa
96,987,572
Ala -Birmingham.-96.056,396
6,371,195
Mobile
9.087,343
6,289,992
6,258,927
Montgomery
7,059.000
6.943,000
Miss.
-Hattiesburg
7.570,111
8.114,000
Jackson
3.038,775
3,420,826
Meridian
1,573,850
1,190,340
Vicksburg
209,750,580
205,440,807
La.
-New Orleans-.Total (17 cities) - - -
778,494,587
744,828,684
Seventh Federal It eserve Distric t-Chicago
1,020.447
1,219.617
Michigan-Adrian__ _
4,303,964
4.652,799
Ann Arbor
866,941.706
970,260,954
Detroit
18,906.783
19.816,797
Flint
42,870,257
33.717.604
Grand Rapids
8,689,431
8,419,079
Jackson
14,658,272
18,530,430
Lansing
13.077,334
18.857.657
Indiana-Ft. Wayne_
26.747,163
25.529.936
Gary
97.909,410
110.912.000
Indianapolis
13,761.700
12,724,681
South Bend
20,894,687
22,545,950
Terre Haute
13.386,422
13,015.789
Wisconsin-Madison _
178,917,139
160,831,132
Milwaukee
4,372,906
4,003,181
Oshkosh
12,203,335
14,424,830
Iowa-Cedar Rapids_
53.772.908
54,462,025
Davenport
42,749,703
43,447,888
Des Moines
1,901,329
1,959,888
Iowa City
30.991,294
31,042.498
Sioux City
6,019,441
6,660,085
Waterloo
5.873.640
5,541,330
Illinois-Aurora
7,705,056
8,728.103
Bloomington
3,198,232,008 2,931,188,421
Chicago
5.733,064
6,033,678
Decatur
21.253,072
27,125,083
Peoria
14,224.559
16,762,309
Rockford
11,739,829
12,223,639
Springfield
Total(28 cities). _
4,851,680,970 4,471,813,272
254.846,000
166.961,420
2,634,561,141
5,265.760,237
598.287,100
42,511,875
15,605,585
72,491,570
225,858,413
20,095.714
7,445.534
55,557,474
6,731,437,109
77,012.405
160,955,733
40,798,227
164.497,590
1,460,586,333
82,545,391
73,407,340
78,802,389
3,519,193,781
15,829,186
26,806,629
992,099,138
Eighth Federal Re serve District -Sc. Louis
-Evansville
24,868,288 -8.8
22,677,986
Ind.
558,745 +42.9
798,647
New Albany
612,670,936 -5.4
579.582,496
Mo.-St. Louis
+8.8
Ky.-Louisville
151.566,744
141.954,377
8.1
Owensboro
1,731,027 1,590.932
Paducah
10,881,522 +5.4
11.463,995
75.456.761
-Memphis_ _
70,001,722 +7.8
Tenn.
55.846,636
51,255,320 +8.2
-Little Rock__ _
Ark.
2,149,689
2.266,223 -5.1
111.-Jacksonville _ _ _
7,109,142
6.314,202 + 12.6
Quincy
189,681.457
6,393,391
4,830,255,869
1.310,123,402
14,235,280
89,595,494
709,811,592
479,966,446
14,253,653
52,924,024
164,494.054 +15.3
5,921,437
+8.0
4,964,590,063 -2.7
1,284,294.467 +2.0
13.745,211
+3.6
81,224,725 +10.2
666.463,281
+6.5
+6.9
448,933,089
12,869,261 +10.8
53,246,373 -0.6
1.5
-
7,697.240,608
7.695,781.961
Total (10 cities).-
908,243,028
922,502,362
+0.1
1,482,896
85,763,391
1,835,290
-3.9
2,061,901
1,974,390
95,938,533 -10.7
105,857,482
129,456,573
1,542.852
1,307,000
-0.1
2,930,001
2.753,014
6 000
6, 27,
9,174,608
10,634,310
6,461,595
1.221,050
6,817,268 -5.2
1,101,244 +10.9
5,851,405
1,231,459
6.036.636
1,270,976
1,760,029
622,974,870
1,175,105
5,294,247
3,392,821
2,461,114
647.489,747 -3.8
1,152,863 +1.9
90
4,558, 8 +16.1
0 +12.6
3,014,36
2,327,772 +10.5
1,590,678
650,238,084
1,609,735
4,965,008
3,152,313
2,521,452
1,685,579
629,623,430
1.273,608
4,862,335
3,087,056
2.875,639
930.848,264
439
932,453,
--0.2
922,881,109
907,668,266
1:762,783 .LO.2
3,919,361
5,102,213 -23.3
5,202,523
5,361,246
115.300,000
30,800,534
283,165
000 5.7
122,300,
645 +1.0
30,486,
384,092 -26.3
129,500,000
30,834.027
367,978
133,400,000
29.661.267
331,583
15,644,281
10,927,630
314,662
1.475,701
16,219,019 +2.8
0
10,722,0 6 +1.9
329,730 -4.6
1.152,166 +28.1
17,624,000
10,452,157
434.461
1,557.786
18,379.515
11,778,244
441,633
1.628,860
3.8
195,973,834
200,982.348
178,665,334
185,605,871
FINANCIAL CHRONICLE
SEPT. 7 1929.]
1549
-(Concluded.)
CLEARINGS.
Week Ended August 31.
Eight Months.
Month of August.
Clearings at
1929.
1928.
Inc. or
Dec.
1927.
1926.
Inc. or
Dec.
1929.
1928.
Inc.or
Dec.
Ninth Federal Res erve District -Minneapolis
29,024,616
32,845,370
Minn.
-Duluth
348.748,150
463,628,806
Minneapolis
2,785,098
2,855,580
Rochester
30,582,383
41,565,564
St. Paul
8,294,504
9,113,786
N. Dak.-Fargo
5,979,000
7,542,000
Grand Forks
1,975,295
2,270,312
Minot
6,114,485
3,834,727
S. Dak-Aberdeen_ 6,756,718
8,453,712
Sioux Falls
2,885,484
3,079,207
Mont.
-Billings
5,169,645
6,867,560
Great Falls
15,144,461
16,432,217
Helena
774,230
743,234
Lewistown
1927.
$
$
+13.2
+32.9
+2.5
-14.5
+9.9
+26.1
+14.9
+4.6
+25.2
+6.7
+32.9
+8.5
-4.0
265,129,764
2,949,004,897
21,409,919
962,946,597
70,001,270
49,973,000
15,784,537
41,060,501
66,831,432
23,392,922
45,139,439
118,944,434
4,665,038
244,884,044
2,688,520.251
21,568,423
1,033,949,968
67,440,486
45,251,000
13,018,098
45,234,606
57,838,050
21,978,805
38,924,709
112,103,804
5,549,188
+8.3
+9.7
-1.3
-7.0
+3.8
+10.4
+21.2
-9.2
+15.5
+6.4
+16.0
+6.1
-15.9
7,632,319
97,821,280
7,204,267
+5.9
78,619,823 +24.5
23,142,882
1.083,555
20:7
29,180,538
1,557,636 +15.9
564,234,069 +19.0
4,634,283,750
4,396,261,512
+5.4
13,856,374
20,983,738
146,843,284
1,589,331,621
75,509,746
127,286,281
304,239,369
47,250,926
4,926,216,622
249,792,773
1,041,973,017
435,810,195
51,617,782
1,294,457,047
59,187,599
14,513,216
18,893,963
170,037,419
1.528,170,438
71,371.748
128,868,881
324.522,551
46,657,954
4,721,644,154
243,190,429
983,047,290
398,435,181
46,777,690
1,168,318,789
48,565,382
+2.9 10,384,356,374
1926. '
1
8
6,424,080
81.221,637
28.882.112
1,887,436
27,718,820
1,767,467
1,570,488
-2
6,618,541
87,674,051
1,394,780
1,328,107
1,387,662
617,558
569,668
+8.4
604,856
563,266
3.128,189
3,278,000
-4.6
3.023,000
2,735,460
135,547,890
121,797,594 +11.3
130,260.484
121,825,510
-4.5
+11.1
-13.6
+4.0
+5.8
-1.2
-6.2
+1.2
+4.3
+2.7
+6.0
+9.4
+10.3
+10.8
+21.9
321,115
462,884
3,303,602
*50,000.000
344,682 -6.8
562,599 -17.7
4,164,576 -20.7
45,399,348 +10.1
294,312
606,446
5,184.877
90,834,363
332,426
550,019
3,603,166
36,466,372
2,689,060
7.438,375
2,949,473 -8.8
8,969,147 -17.0
2,545,069
7,554.781
2,712,247
8,353,774
-6.0
-4.3
-0.6
128,300,716
6,108,074
22,779,930
142,602,476
6,264,675
25,516,898
922,334 +47.9
a
1,308,086 +14.6
727.931
a
1,121.897
1,050,116
a
1,611,891
9,913,015,085
+4.8
232,183,166
-3.1
216,058.396
229,839,879
65,193,787
75,921,692
1,806,343,914
212,187,842
480,681,346
172,800,000
1,281.871,761
27,265.390
19,856,899
89.268,246
176,191,884
57,524.774
68,155,000
1,673,046,254
186,585,643
445,249,a78
167,693,000
1.095,402,664
19,079.453
19,710,164
89,205,013
187,943,628
+13.3
+11.4
+8.0
+13.7
+8.0
+3.1
+15.2
+42.9
+0.7
+0.1
-6.4
1,247,201
48,063.112
2,044,623 -39.0
53,781,645 -10.6
2,407,911
50,191,992
2,407,911
50,191.992
10,710,918
5,414,000
11,279,139 --5.0
7,368,000 -25.0
10,213,761
6,038,000
10,213.761
6.038,000
4.385,720
3,974,185 +10.4
5,693.238
5,693,238
+4.9
4,387,582,757
4,009,594,971
+9.5
69,820,951
78,445,592 -11.0
74,544,902
74,544,502
Twelfth Federal R eserve Distric t
-San Franc 1SCOWash.
-Bellingham _
*4,000,000
3,772,000
+6.0
Seattle
233,263,510
208,080,509 +12.1
Spokane
57,499,000
59,223,000 -3.7
Yakima
6,304,390
6,394,276 -1.4
Idaho-Boise
6,546,440
5,669,365 +15.5
Ore.
-Eugene
2,285,894
2,209,600 +3.5
Portland
168,348,591
181,457,759
+7.8
Utah-Ogden
9,122,034 +5.8
9.652,384
Salt Lake City
86,653,865
74,943,305 +15.6
Ariz.
-Phoenix
14,069,000 +24.6
17,533,000
Calif.-Bakersfield _
5,761,710
5,100.550 +13.0
Berkeley
22,229,357 -2.8
21,616,233
Fresno
15,874,320 +9.4
17,371,763
Long Beach
35,629,476
+6.0
37.759,15I
Los Angeles
821,276.000
896.110,000
+9.4
Modesto
4,179,173 +12.7
4,710,197
Oakland
79,288.186
+8.0
85,588,973
Pasadena
24,865,475
24,770.614
Riverside
3.933.441 +12.3
4,415,684
Sacramento
32,959,543
+8.2
35,661,450
San Dego
25,976,449
26.101,713
+0.5
San Francisco
870,738,900 +9.2
053,059,000
San Jose
15,118.156 +12.4
16,977,247
Santa Barbara
7,273,574 +17.1
8,513,719
Santa Monica.....
9,655,823 +2.4
9,889.487
Santa Rosa
2,457,964 -5.2
2,329,147
Stockton
10,754,800 +13.1
12,162,000
30,382,000
1,780,558,104
434,621,000
50,667,389
44.150,797
17,613.207
1,338,601,032
56,674,828
651,864,818
161,663,000
47,490,100
169,425,483
123.223,712
311,821,763
7, 02,597,000
5
33,107,639
673,370,111
255,211,979
43,663,928
256,127,411
210,872,227
7,137,156,927
113,248,489
69 88,977
.1
78,050,390
17.493,776
89,519,400
28,934,000
1,674,470,038
451,098,000
47,736,419
40,791.682
16,147,856
1.272,192,249
54,371,195
604,437,483
123,930,000
43,546.608
176,489,694
123,800,903
279,096,743
7,009,249,000
31,506,320
692,006,761
241,373.219
37,319,159
252,009,854
196,360,895
7,586,736,961
110,290,110
59,250,008
77,877,363
17,440,999
90.441,200
+5.0
+6.3
-3.6
+4.9
+8.2
+9.1
+5.2
+4.2
+7.8
+30.5
+9.1
-4.0
49,072,946
12,122,000
1,490,457
44,435,187 +10.4
12,128,000 -0.1
1,500,591 -0.7
44.976,975
13,239,000
1,455.043
45,050,166
12,133,000
1,526,054
37,458,105
34,959,284
+7.2
38,736,372
41,026,930
18,280,686
15,908,997 +14.9
15,807,070
17,061,624
3,347,393
7,275,176
184,901,000
3,684,829
7,282,025 -0.1
165,588,000 +11.6
4,223,561
5,544.806
161,355,0
4,615,579
6,315,854
178,415,000
18,629,927
4,807,384
16,915,089 +10:1
4,752,061
+1.2
16,776,987
6,879,136
20,061,051
5.438,684
+40.6
+10.8
+17.0
+17.2
+20.4
+0.5
6,183,667
4,625,990
175,125,000
3,222,677
1,278,554
1,897,753
8,319,752
5,286,686
182,096,000
3,099,823
1,338,290
3,096,636
1,910,200 +30.3
2,464,200
1,949,300
Total(13 cities)
671,329,076
Tenth Federal Res errs District -Kansas City
1,675,271
1,732,050
Neb-Fremont
2,490,459
2,565,466
Hastings
19,863,348
16.975,243
Lincoln
205,501,902
217.541.860
Omaha
8,821,783
9,658,610
Kan.
-Kan. City_ _ - 15,963,801
15,984,522
Topeka
42,024,934
43,600,856
Wichita
6,017,489
5.389.863
Mo.-Joplin
690,082,521
697,826,152
Kansas City
32,042,038
33,376,000
St. Joseph
129,172,127
122,846,051
Okla.
-Okla. City_ - 47,241,417
52,792,510
Tulsa
6,820,520
6.124,306
Colo.
-Colo. Springs_
171,891.531
153,424,366
Denver
6,325,146
7.909,537
Pueblo
Total(15 cities)- _ - _
+3.4
-2.6
-14.5
+5.9
+9.2
+0.2
-3.6
+11.6
+1.1
+4.2
+5.1
-10.8
+11.4
+12.0
+25.0
1,406,662,451 1,367,019,228
Eleventh Federal Reserve Distr Ict-Dallas6.810,873
Texas-Austin
2,879,572 -13.6
8.720.000
Beaumont
8,345,000 +4.3
220,008,509
Dallas
209,277,120 +5.1
El Paso
25,491,195
21,970,439 +16.0
Fort Worth
58,765,000
56,837,544 +3.4
Galveston
21,782,000
24,119,000 -9.7
Houston
158,912,530
147,428,034 +7.8
Port Arthur
3,683,100
2,210,123 +66.7
Texarkana
2,287,999
2,113.186
+8.2
Wichita Falls
10,468,000
10,382,000 +0.8
La.
-Shreveport
20,393,788
21,646,845 -5.8
Total(11 cities)...
537,322,994
512,208,863
+11.7
+7.0
+5.1
-2 7
+5.7
+17.0
+1.6
+7.4
-5.4
+2.7
+16.8
+0.2
+0.3
-1.0
133,918,137
6,364,507
24,821,705
1,363,781
a
*1.500.000
7,520,763
4.842,616
211,724,000
3,438,382
1,665,684
1,840,025
2,489,700
142,500,447
6,652,452
24,966,000
239,564,568
5,348,743
4,370,032
180,909,400
2,932,783
1.383,790
1,830,146
Total (27 cities) - - 2.767.994.339 2,539,142.867
+9.0 21,697,765.437 21,338,904,719 +1.7 569,240,560 505,839,157 +12.5 502.991,791 536,825,439
Grand total (188
cities)
60,085,005,608 45,612,687,866 +31.7 471,757,453,275 409,254,539,235 +15.3 12716,358,272 10410,696,289 +22.1 9,937.737.615 9,069,217,787
Outside New York
20,885,780,999 18,633,637,959 +12.1 163,858,077,695 157,715,001,394 +3.9 4,115,883,372 3,800,361,624
+8.3 3,921,533.152 3.978,123,827
CANADIAN CLEARINGS FOR AUGUST, SINCE JANUARY 1, AND FOR WEEK ENDING AUG. 29.
Month of August.
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
3arnia
1929.
$
668,783,816
582,556,145
300,692,161
102,688,987
33.416,220
31,846.536
14,417,689
27,862,054
59,938,695
12,378,406
12,494,632
14,458,055
27,494,654
29,310,609
3,116,242
3,196,837
12,637,082
6,078,564
6,137,383
4,417,720
4,618,451
2,035,842
4,017,979
4,797,622
5,425,179
22,003,013
2,226,316
4,204,391
3.888,063
3,168,259
*3,500,000
Total(31 cities)._
1928.
$
614,305,313
564,142 481
.
275.150,008
89,840 177
,
31,940,049
28,289,793
15,905,617
27,941,885
53,547,065
11,968,542
11,357,732
13,501.382
28.981,979
27,286,237
3,528,543
3,664,922
13,024,984
6,138,253
5,524,169
4,714,644
3,769,333
2,000,230
3,716,737
4,115,706
4,903,083
23,010,392
2,227,567
4,021,864
3,847,279
3,240,019
3,486,574
Week Ended August 29.
Eight Months.
Clearings at
Inc. or
Dec.
%
+8.9
+3.3
+9.2
+14.3
+4.6
+12.6
-9.4
-0.3
+11.9
-1,3.5
+10.0
+7.1
--5.1
+7.4
-11.7
-12.8
-3.0
-1.0
+11.1
-6.3
+22.5
+1.8
+8.1
+18.6
+10.7
-4.4
-0.1
+4.5
+1.1
-2.2
+0.4
1927.
$
5,325,841,362
5 78,208,691
,1
2,033,247,516
841,264,076
291,056,025
239,469,185
133,307,074
229,049,512
453,574,517
104,927,199
100,483,425
120,227,316
233,056.779
202,938,936
22,231,287
22,902,337
89,029.086
46,328,538
51,099,496
32,794,775
33,909,272
16,271,074
33,983,402
36,001,274
46.243,571
214,411.028
16,715,583
33,675,575
30,269,254
27,735,852
28,381,258
1926.
$
5,222,281,792
4.946,318.808
2,065,544,291
725,248,119
271,357,341
227.461,236
121,590.651
222,067,963
416,746,301
98,970,798
88,352,086
118,154,537
222,258,840
177,256.251
21,565,893
24.820,310
83,370,518
43,560,526
48,060.928
36.284,153
28,478,930
15,389,531
31,104,976
32,901,637
42,861,353
167,156,559
15.275,131
31.421,199
29.823,309
27,471,621
23,722,084
Inc. or
Dec.
%
+2.0
+4.9
-1.6
+6.0
+7.3
+5.3
+9.6
+3.1
+8.8
+6.0
+13.7
+1.8
+4.9
+14.5
+3.1
-7.7
+6.8
+6.4
+6.3
-9.6
+19.0
+5.7
+9.3
+9.5
+7.9
+28.3
+9.4
+7.2
+1.5
+1.0
+19.6
+6.6 16,268,634.275 15.626,877,672
2,013.807,602 1.889,092,559
+4.1
a Manager of cleating house refuses to report clearings for week ended Saturday. • Estimated.
1929.
1928.
Inc.or
Dec.
1927.
sall
1926.
147,664,405
121,453,980
50,923,387
22,411,391
6,637,116
6,294,518
2,865,708
5,821,941
9,690,859
2,452,525
2,604,885
2.329,148
5,163,853
4,860,178
604,497
599,129
2,469,033
1,108,906
1,167,883
875,377
1,109,975
474,028
772,553
1,021,433
1.226,212
4,721,134
485,997
904,391
921,918
641,992
927,824
112,826,408
111,816,843
50,160,500
18,701,457
5,878,305
5,578,643
3,101,360
5,745,055
9,275,610
2,215,228
2,313,725
2,527,554
5,998,429
5,895,822
655,626
738,686
2,509.987
1,363,908
1,081,385
919,640
828,711
406,614
746,549
831,342
1.015,894
5.582,796
482,545
800,195
743,067
587,575
572,700
+30.9
+8.6
+1.5
+19.8
+12.9
+12.8
-7.6
+1.3
+4.5
+10.7
+12.6
-7.9
--13.9
-17.6
-7.8
-18.9
-1.6
-18.7
+8.0
-4.6
+33.9
+16.8
+3.5
+22.9
+20.7
-15.4
+0.7
+13.0
+24.1
+9.3
+62.6
123,860,330
112,028,118
47,370,804
16,567,688
6,061,974
5,934,418
2,451,331
4,958,672
7,389.159
2,109,142
2,265,679
2.873,285
4,649,580
4,678,358
575.836
632,878
2,051.224
1,181.323
1,161.896
945,649
749,732
273,873
722,997
801,385
1.008,765
4,437,125
374,049
736,071
858.709
698,407
513.520
121,976,978
99,343,332
42,605,696
15.358,713
6.013,552
7,310,314
2,642,542
5,549,506
5,326,361
2,515,487
2,203,844
2,433,822
4.632,392
3,759.146
540,815
606.172
1,873.526
1,187,053
1.107,902
1.029,655
727,523
293,385
953.034
893,461
868,242
4,356.457
366,937
764.164
517,644
657,947
674.206
411,206,076
361,902.159 +13.6
360.921 0R2
3.39 090 204
FINANCIAL CHRONICLE
1550
Public Debt of the United States-Completed Returns
Showing Net Debt as of June 30.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued June 30 1929,
delayed in publication, has now been received, and as
interest attaches to the details of available cash and the
gross and net debt on that date, we append a summary
thereof, making comparisons with the same date in 1928:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
June 30 1929. June 30 1925.
$
265,527,981
326,713,003
Balance end of month by daily statement. dre
Add or Deduct-Excess or deficiency of receipts over
--5,336.650
-2,206,152
or under disbursements on belated items
324,506,851
Total
32,772,252
95,536,278
5,697,400
2,037,913
VOLUNTARY LIQUIDATIONS.
$50,000
-The First National Bank of Ryan,Okla
Aug. 26
Effective July 19 1929. LUI. Agent,Thos. F.Hughes,
Ryan, Okla. Succeeded by the First State Bank
of Ryan, Okla.
100,000
-The Northfield National Bank, Northfield, Minn_ _ _
Aug. 26
Effective Aug. 15 1929. Lig. Agent, Northfield Natl.
Bank & Trust Co., Northfield, Minn. Succeeded
by Northfield Natl. Bank & Trust Co., Northfield,
Minn., No. 13350.
1,000,000
-The City National Bank of San Antonio, Texas
Aug. 30
Effective Aug. 29 1929. Liq. Agent, the Central
Trust Co., San Antonio, Texas. Succeeded by City
Central Bank & Trust Co., San Antonio. Texas.
25,000
Aug. 30
-The Oklahoma National Bank of Skiatook. Okla
Effective Aug. 5 1929. Ltg. Agent, A. W. Lucas,
Skiatook, Okla. Succeeded by the Oklahoma First
National Bank of Skiatook, Okla., No. 13361.
260.190,331
37,310,066
78,019,008
6,471,855
1,704,3-17
136,063,843
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates_ _
Settlement warrant checks
123,505,275
+188,443,005 +136,685,076
nalance. deficit(-)or surplus(+)
INTEREST-BEARING DEBT OUTSTANDING.
Interest June 30 1929.
5
l'ayable.
Title of Loan--J. 599,724,050
Q.
28 Consols of 1930
48,954.180
-F.
Q.
28 of 1916-1930
25,947.400
Q -F.
28 of 1918-1938
49,800,000
-M.
Q.
Is of 1961
28,894,500
-J.
Q.
3s conversion bonds of 1946-1947
J -J. 1.610,199,500
Certificates of indebtedness
-J. 1,397,685,200
J.
3368 First Liberty Loan, 1932-1947
5,155,450
-D.
J.
48 First Liberty Loan. converted, 193247
-D. 532.816,100
J.
43-513 First Liberty Loan, converted. 1932-47_
3,492,150
-D.
4155 First Liberty Loan, 2d converted, 1932-47.J.
.-S.
4
Third Liberty Loan of 1928
-O. 6,278,359,550
A.
435s Fourth Liberty Loan of 1933-1938
758,984.300
43Ss Treasury bonds of 1947-1952
1,036,831,500
ds Treasury bonds of 1944-1954
489,087,100
35(s Treasury bonds of 1946-1956
493,037.750
33-58 Treasury bonds of 1943-1947
359,042,950
31-15 Treasury bonds of 1940-1943
13,028,011,
4s War Savings and Thrift Stamps
16,887,180
-J.
J.
215s Postal Savings bonds
J -1). 2,861,011,500
515s to 55is Treasury notes
16,638,9-11,379
Aggregate of interest-bearing debt
241,504,969
Bearing no interest
50.761,399
Matured, Interest ceased
al6,931,197,747
Total debt
+188,443,008
Deduct Treasury surplus or add Treasury deficit
June 30 1928.
599,724,050
48.954,180
25,947.400
49,800,000
28,894,500
1,252,408,000
1,397,686,200
5,155,650
532,820,150
3,492.150
1,2281848,600
6,294,013,000
762,320,300
1,012,401.500
491,212,100
491,701,750
144.469,036
14,812.380
2,900,000,550
17,317.695.096
241.263.800
45,331,661
17,604,290,503
+136,685,076
816,742,754,739 17,467,605,487
Net debt
a The total gross debt June 30 1929 on the basis of daily Treasury statement
rewas S16.931.088,484,10, and the act amount of public debt redemption and
ceipts in transit. &c., was 5109,263.50.
or other
S No reduction is made on account of obligations of foreign governments
Ii Vestments.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mon.,
Sat.,
Aug. 31. Sept. 2.
Silver, p. cur _
Gold, p.fine or.
Consols, 23-5%
British 5%---British 435%_.
French Rentes
(in Paris) Jr
French War L'n
(In Paris). _fr
Tues.,
Sept, 3.
24 1-16d.
84.11
5315
10015
9331
Frt.,
Thurs.,
Wed.,
Sept. 6
Sept. 5.
Sept. 4.
24d.
24 3-I6d. 241-Id.
84.113.Id. 84.1131d. 81.113-A.
533-5
5334
533-5
10014
10014
10015
933-5
933-5
933-5
75.80
76.30
76.45
76.35
104.20
104.90
104.95
104.85
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (cts.);
Holiday
Holiday
Foreign
5254
5214
5234
Sinn nurcial antiMiscelaneottsRem
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
[vor,. 129.
CONSOLIDATIONS.
-The First National Bank of Stillwater, Okla
Aug. 29
75 0 0
50:00
00
The American National Bank of Stillwater', Okla
Consolidated to-day under the Act of Nov. 7 1918. as
1927, under the charter of the
amended Feb. 25
First National Bank of Stillwater, No. 5206. and
under the corporate title of "The American-First
National Bank of Stillwater," with capital stock of
$125,000.
12 00
0 0
50
Aug. 31-The Pittsfield Natl. Bank & Trust Co.,Pittsfield, Mass. 30 :00
The Third National Bank of Pittsfield, Mass
Consolidated to-day under the Act of Nov.7 1918. and
under the charter of the Pittsfield National Bank &
'Trust Co., No. 1260, and under the corporate title of
The Pittsfield-Third National Bank & Trust Co.."
with capital stock of $450,000.
Aug. 31-The Old Natl. Bank & Trust Co.of Battle Creek, Mich. $500,000
Merchants Trust & Savings Bank, Battle Creek, Mich- 250,000
Consolidated to-day under the Act of Nov. 7 1918, as
Old
amended Feb. 25 1927, under the charter of the No.
National Bank & Trust Co. of Battle Creek,
7589, and under the corporate title "Old-Merchants
National Bank & Trust Co. of Battle Creek," with
capital stock of $1,000,000. The consolidated bank
has one branck located at No.5 Porter St.in the City
of Battle Creek, being a branch of the Merchants
Trust & Savings Bank which was in operation on
Feb. 25 1927.
Aug. 31-The Lefcourt Normandie Natl. Bank of NewYork,N.Y.2,000,000
500.000
The Claremont National Bank of Now York, N.Y - - - Consolidated to-day under the Act of Nov. 7 1918, as
amended Feb. 25 1927. under the charter of the Let
court Normandie National Bank of New York. No.
13260, and under tha corporate title of "The Lefcourt National Bank dr "Itist Co. of New York,"
with capital stock of $2,857,200. A branch of the
Lercourt Normandie National and a branch of the
Claremont National. both located in New York City,
and both authorized by this office since Feb.23192
were re-authorized for the consolidated bank.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927
Aug. 31-The National Bank of Commerce of Detroit, Mich. Location
of branches-In the new Union Produce Terminal Building
at the corner of Fort St. and Green Ave., Detroit, 20845
Fenkell Ave., Detroit.
Aug. 31-The Lercourt National Bank dr Trust Co. of New York, N. Y.
Location of brancli.--Boston Road and 174th St., the Bronx.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Per Sh,
$ per .85. Shares. Stocks.
Shares. Stocks.
2,000 Century Oil Co.of Md.,cons.,
214 Vendor Slate Co.(Pa.). pref.;
par $10;5,000 Choc-Lo Co., Inc.;
5110101
127 common
60 Edgewater Farms Co.; 120
80 Amalgamated Slate Quarries Co.
Federal Screen Corp., par 5.50:
$50 lot
(Pa.), pref.; 20 common
25 Geo, NV. Lederer Film Corp.,
2,000 Madeim Hill Co.. class A_ _.- 5
par 55; 250 Sprague Safety Con50 Amer. Medicine Publishing Co..
trol Signal Corp., Prof.; 250
Foundersstock, par 51; 10 Intern,
Sprague Safety Control Signal
Waterproofing Corp., Con., no
Corp.. COM.; 50 Temple Terrace
Par; 20 Internat. Waterproofing
Inc.: 1.000 Yale Investment:
Corp., Prof., par $10; 20 People's
1,050 Southern Oil & Transport,
Cooperative Ice Co.. prof., Dar 55 SI lot
common, par 310
$90 lot
500 George Backer Film Corp., par
55; 220 Ball Rolled Tube Corp.,
no par; 100 Buckeye Nurseries,
8% pref.; 50 Buckeye Nurseries.
corn
By R. L. Day & Co., Boston:
5 per sh.
$ per sh. Shares. Stocks.
Shares, Stocks.
7 Nashua :mg. Co., pref_815I ex-div.
575
4 Merchants Nat. Bank
$10 lot 10 Old Colony Trust Associates_ ___ 85
50 Citizens Nat. Bank
110
25 Nat, Shawmut Bank, par $25_31835 39 Samson Cordage Co
3 Mass. Ltg.Cos.6% Pref.(undep.)101
25 Atlantic Nat. Bank. par 325.......133
25
2 units First Peoples Trust
25 Nat. Rockland Bank, par 320_147
cis24 New England Power Asso93 8-ti0n
215
6 Boston Nat. Bank
8855-891i
preEfeagrrelad
Nat, Shawmut Bank, par $25,
505
40 Nor. Bost. Ltg. Prop. pref.
1184-119
58
v. t. c., par 350
19 Amer. Trust Co
69355-700
25
15 U. S. Trust Co., par $25
18815 2 units First Peoples Trust
57
2 units Mutual Finance Corp
945
10 Old Colony Trust Co
15 No.Bost. Ltg. Prop. corn. v,t. C. 95
6 Milford(Mass.) Nat. Bank 168-170
30 Naurakeag Steam Cotton Co.._ 961i 15 Beacon Participations, inc., pl. A 18
.
93
'17 PlYmouth Cordage Co
20 Nashawena Mills
Bonds
I'er Cent.
20 Grinnell Mfg. Co
3711
$5.000 Shawmut Bank Invest.
115 Arlington Mills
30
Trust 415s, klarch 1942
27ti
8355
62 Nashawena Mills
52,000 Old Colony Invest, Trust
75 Amer. Woolen Co., pref
38
82
415s, Dec. 111952
10 Lancaster Mills, prof
1111
2755 32.000 Old Colony Invest. Trust
100 Nushawena Mills
415s, Feb. 1947
82
28Si
56 Wamsutta Mills
By Wise, Hobbs & Arnold, Boston:
$ per Sit.
$ Spec Sh. Shares. Stocks.
Shares. Stocks.
29,1
25 Nat.Shawmut Bank, par $25_ _ _1183z 25 Alemco Asso., Inc
155
9 Col lateral Loan Co
First Nat. Bk., par $20_202,i-204
275
TITLES
100 Nat. Sh wrnut Bank, par 525-11834 210 Netv England Pub.Ser. Co.corn 3915
APPLICATIONS TO ORGANIZE RECEIVED WITH
-Lt. Co. v.t.c. par
45 Brockton G.
10 Second Nat. Bank, par 525.___141
REQUESTED
$25
4315-43
Capital. 74 Old Colony Trust Co.,
943
10 New Bedford Gas & Edison Lt.
81
25 Beacon Trust Co., par $20
Co. of Chamberlain,
-The First National Bank & Trust
Aug. 28
Co. v. i.e. par. $25
10655
$25,000 36 Arlington Mills
28
S flak
50 Hollister White & Co., Inc., cl.
3
15 Cornell Mills
Correspondent, F. B. Stiles, Watertown, S. Dak.
B, underwriting, pfd
$1 lot
74
116 Amoskeag Co., pref. (old)
200 Beacon Participations, Inc.,
28
50 Arlington Mills
CHARTER ISSUED.
17
class A, Prof
28-2834
36 Arlington Mills
7 Quincy Market Cold Storage &
$100,000 19 Pepperell Mfg. Co
104
-Mechanics & Merchants Natl. Bank of Vallejo, Calif
Aug. 28
8556
Ware'se Co. phi
28-2834
25 Arlington Mills
President, N. E. Hanson, Cashier, Chas. N. Bessac.
25-2534
6 units First Peoples Trust
1 State Theatre Co.,(corn.)
85% 152 Beacon Participations, Inc.,*
5-100 State Theatre Co.. prof
CHANGE OF TITLE.
1
class A. Profpref
767
10 W.L. Douglas Shoe Co. pref_. .
25
8 units First Peoples Trust
Aug. 31-The First National Bank of Baldwinsville, N. Y., to "The First 10 North Bost. Lt. Prop.(corn. no.
National Bank & Trust Co. of Baldwinsville."
8415 27 Old Colony Trust Associates_ _ 18
dep)
Per. Cent.
Bonds.
20 Moline Plow Co.. 1st pfd Bkrs.
,
CHANGE OF TITLE1AND LOCATION.
$5101 $5,000 West Palm Beach Impt. 68,
Tr. Co., etf dep.))
Aug. 20 1931, (Aug. 1929 and
4454
Valley at Vetting° 10 United Elastic Corp
Aug. 31-The First National Bank of La Crescenta
5 flat.
subsequent coupon on)
-Lt. Co. v.t.c.. par
City, Los Angeles County, Calif., to -Crescenta-Canada National 25 Brockton G.
43
$25
Bank at .Montrose," Los Angeles County, Calif.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
S per Sh
5 Market St. Nat. Bank
620
110 Second Nat. Bank of Phila.,
par $10
80
33 Penn National Bank, par $10_ _ _ 84
25 Penn National Bank, par S10
84
10 Phila. National Bank, par S20_185%
5 Phila. National Bank, par $20__ _185
4 Phila. National Bank, par $20_ _18434
5 City Nat. Bank & Trust Co
232
15 Ninth Bank & Trust Co., par $10 603.
116 Ninth Bank & Tr. Co., par $10_ 6034
10 Adelphia Bk.& Tr. Co., par $10_ 22%
15 Adelphia Bk.& Tr.Co., par $10- 21%
15 Corn Exchange National Bank &
Trust Co., par $20
18354
5 Commercial National Bank &
Trust Co., par $10
39
5 North City Trust Co.. Par $50 127
4 North City Trust Co.. par $50_ _125
14 North. Cent. Tr. Co., par S50 17314
151 North, Cent. Tr. Co., par $10_ 34%
50 Security Title & Tr. Co., par $10 1234
Shares. Stocks.
$ per Sh.
300 Bankers Trust Co., par 550_ _ _146
200 Bankers Trust Co., par $50_ _145
175 Bankers Trust Co., par S50_ _14434
5 Colonial Trust Co., par 550
343
38 Broad St. Trust Co., par $50_
6834
4 Penna. Co.for Insur. on LIres._15634
50 Franklin Trust Co., Par 510_
71
First National Bank & Trust Co.,
13
Woodbury, N. J
190
100 Bankers Bond & Mtge. Guar.
Co. of America. no par
23
402nd & 3rd Sts.Pass. Ry pas $50 151
202nd & 3d St. Pass. RS., par 550_14534
25 Malion'o Coal RR.Co., par 550.900
5 United N. J. RR.& Canal Co_ _205%
5 Bell Telco. Co. of Pa., pref
115
10 Phila. Life Insurance Co
2631
5 Phila. Life Insur. Co., par $10- - 2634
6 Phila. Life 'astir. Co., par $10.- 2614
15 Susquehanna Title & Tr. Co_ _ _ _ 50
70 Roseboro Mills Co., corn
Si lot
Name of Company.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Akron Canton & Youngstown (guar.). _ _ *4
Oct.
Beech Creek (guar.)
•50c. Oct.
Lehigh Valley, corn. (guar.)
.8734c Oct.
Preferred (guar.)
'81.25 Oct.
N. Y. Lackawanna & West (quar.)
131 Oct.
Northern Pacific (quar.)
1/1 Nov
Old Colony (guar.)
•114 Oct.
Books Closed
Days Inclusive.
1 *Holders of rec. Sept. 14
1 *Holders of rec. Sept. 16
1 *Holders of rec. Sept. 14
1 *Holders of rec. Sept. 14
1 Holders of rec. Sept. 14a
1 Holders of rec. Sept. 30
1 Holders of rec. Sept. 14
Public Utilities.
Amer.& Foreign Power $7 pref. (quar.)_ $1.75 Oct. 1 Holders of rec. Sept.'14
$6 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 14
Second pref. series A (quar.)
81.75 Oct. 1 Holders of rec. Sept. 16
Amer. Power & Light $6 pref.(quar.)_ 51.50 Oct. 1 Holders of rec. Sept. 14
$5 preferred (guar.)
75e. Oct. 1 Holders of rec. Sept. 14
Amer. Public Utilities, Pr. pf. (guar.)._ $1.75 Oct.
Holders of rec. Sept. 14
Participating Prof. (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 14
Associated Telep. & Teleg., Pref.(qu.)
*131 Oct.
*Holders of rec. Sept. 16
Six per cent preferred (guar.)
*Holders of rec. Sept. 16
Oct.
Central Illinois Pub. Ser. pref. (quar.)_. •$1.50 Oct. 1 •Holners of rec. Sept. 30
Central States Pow. &
$7 pref. (qu.) $1.75 Oct.
Holders of rec. Sept. 10
sref. (guar.) $1.75 Oct.
Central States Utilities, $7 I
Holders of rec. Sept. 10
Chic. North Shore & Milw., pr. lien (qu.) •134 Oct.
*Holders of rec. Sept. 16
Preferred (guar.)
*114 Oct.
*Holders of rec. Sept. 16
Chic. Rapid Tran., pr. pref. A (mthly.) *65c. Oct. 1 *Holders of rec. Sept. 17
Prior pref., series A (monthly)
*65c. Nov. 1 *Holders of rec. Oct. 15
Prior pref., series A (monthly)
*65c. Dec. 1 *Holders of rec. Nov. 19
Prior pref., series B (monthly)
.60c. Oct. 1 *Holders of rec. Sept. 17
Prior pref., series B (monthly)
*60c. Nov. 1 *Holders of rec. Oct. 15
Prior pref., series B (monthly)
*60c. Dee. 1 *Holders of rec. Nov.
Columbus Elec. & Power, corn. (guar.). .50e. Oct. 1 'Holders of rec. Sept. 19
10
7% preferred, series 11 (guar.)
•134 •ct. 1 *Holders of rec. Sept. 10
6./5% preferred series C (guar.)
•134 Oct. 1 *Holders of rec. Sept. 10
Cuban Telephone, corn. (quar.)
2
Sept.30 Holders of rec. Sept. I5a
Preferred (guar.)
2
Sept. 30 Holders of rec. Sept. 15a
Duke Power, corn. (guar.)
114 Oct. 1 Holders of rec. Sept. 14
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 14
Duluth Superior Tract., corn. and prof. -no a ction ta ken.
Eastern Mass. St. Ry., corn. (quar.)-- •3715c Oct. 15 *Holders of rec.
Oct. I
Adjustment stock (guar.)
*51.25 Oct. 1 *Holders of
Federal Public Service, pref. (guar.). -. .1% Oct. 1 *Holders of rec. Sept. 16
rec.
Federal Water Service, Si pref. (quar.)_ $1.75 Oct. 1 Holders of rec. Sept. 16
Sept. I6a
$634 preferred (guar.)
1.6234 Oct. 1 Holders of rec. Sept. 16a
$6 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 16a
Florida Power & Light, pref. (quar.).-1% Oct. 1 Holders of rec. Sept. 12
Interstate Power, $7 pref. (quar.)
51.75 Oct. 1 Holders of rec. Sept. 10
$6 preferred (quar.)
$1.50 Oct. I Holders of rec. Sept. 10
Jersey Central Power & Light, prof.
(qu') 114 Oct. 1 Holders of rec. Sept. 16
6% preferred (quar.)
1% Oct. 1 Holders of rec. Sept. 16
Lone Star Gas, new corn.
(qu.)(N0- 1)-- *20e. Sept. 30 *Holders of rec. Sept. 19
Long Island Lighting, pref. A (guar.)--- 194 Oct. 1 Holders of
rec. Sept. 16
Preferred series 13 (quar.)
1% Oct. 1 Holders of rec. Sept. 16
Mackay Companies, corn, (quar.)
1% Oct. I Holders of rec. Sept. 13
Preferred (guar.)
1
Oct. 1 Holders of rec. Sept. 13
Michigan Electric Power,7% pf.(qu.).
134 Oct. 1 Holders of rec. Sept. 15
Six per cent preferred (guar.)
1% Oct. 1 Holders of rec. Sept. IS
Mountain States Power, pref. (guar.)- I% Oct. 31 Holders of rec. Sept. 30
Nat. Gas & Elec. Co., 56
(au.)-*: 1.6234 Oct. 1 *Holders
New England Pub. Serv., COM. (quar.). •25c. Sept. 30 *Holders of rec. Sept. 20
of rec. Sept. 15
Now York Telephone,
1,4 Oct. I Holders of rec. Sept. 20
pref. (quar.)---Northern States Power, corn. A (quar.)- *52
Nov.
*Holders f rec. Sept. 30
Seven per cent preferred (guar.)
•134 Oct. 2 *Holders of rec. Sept. 30
Six per cent preferred (quar.) - - - • 114 Oct.
*Holders of rec. Sept. 30
Northport Water Works,
114 Oct.
Holders of rec. Sept. 16
pref. (quar.)- North West Utilities, prior lien pf.
Holders of rec. Sept. 14
MO - $1.75 Oct.
Ohio Electric Power, 7% pref. (quar.)-. 114 Oct.
Holders of rec. Sept. 16
Six per cent preferred
134 Oct.
Holders of rec. Sept. 16
(guar.)
Penn Central Light & Pow.,
$1.25 Oct.
Holders of rec. Sept. 16
55 PL
$2.80 preferred (guar.)
70c. Oct.
Holders of rec. Sept. 16
Portland Elec. Power,
1, Oct.
4
Holders of rec. Sept. 14
1st
(guar.) Prior preference (guar.) pf.
1% Oct.
Holders of rec. Sept. 14
Porto Rico Telephone, pref
4
Oct.
Holders of rec. Sept. 150
Postal Telers. & Cable,
Holders of rec. Sept. 13
pref.
- 134 Oct.
Puget Sound Power & Light (guar.).
*114 Oct.
*Holders of rec. Sept. 20
(quar.)
Southwestern Power & Light, pref.
*Holders of rec. Sept. 16
(an.) •51.50 Oct.
Springfield (Mo.) Cask Elec.. pf.A (qu.) 51.75 Oct.
Holders of rec. Sept. 14
Twin City Rap.Tr.,
Oct.
Holders of rec. Sept. 13
Minneap.,com•(qu.) 1
Preferred (tear.)
111 03.
Holders of rec. Sept. 13
United Gas & Elec. Corp., pref. (guar.)114 Oct.
Holders of rec. Sept. 16
United Lt. at Pr., new corn. A & B (qu.). •15c. Nov.
*Holders of rec. Oct. 15
Old common A & B
.75c. Oct.
*Holders of rec. Sept. IS
$6 preferred (tsar.) (quar.)
*51.50 Oct.
*Holders of rec. Sept. 16
United Public Utilities. $6 pref. (quar.). $1.75 Oct.
Holders of rec. Sept. 14
Utah Power & Light, $7 pref. (guar.)
51.75 Oct.
Holders of rec. Sept. 5
56 preferred (guar.)
51.50 Oct.
Holders of rec. Sept. 5
Utilities Power & L ght, corn.
Holders of rec. Sept. 10
(quar.) - 125c. Oct.
Class A (guar.)
150c. Oct.
Holders of rec. Sept. 10
Class 11 (quar.)
125e. Oct.
Holders of rec. Sept. 10
Preferred (guar,)
51.75 Oct.
Holders of rec. Sept. 10
Virginia Public Serv., 7% pref. (quar.)131 Oct.
Holders of rec. Sept. 16
Six per cent pref. (guar.)
154 Oct.
Holders of rec. Sept. 18
Western Power, Light & Fdy., pf. A (qu) •$1.75 Oct.
*Holders of rec. Sept. 15
Oct.
Books Closed
Days /aviaries.
1 Holders of rec. Sept. 160
Oct. 1 Holders of rec. Sept. ha
Oct. 1 *Holders of rec. Sept. 13
Oct. 1. *Holders of rec. Sept. 30
Oct. 1 Holders of rec. Sept. -7
Sept. 14 Holders of rec. Sept. 9
Sept. 14 Holders of rec. Sept. 9
Trust Companies.
Banes, Commerciale Italians Tr. (qu.)._ $2.50 Oct.
Bankers(quar.)
7)4 Oct.
Guaranty (guar)
Sept.
Manufacturers (quar.)
$1.50 Oct.
U.S. Trust (guar.)
*15 Oct.
1 Holders of rec. Sept. 14
1 Holders of rec. Sept. 9
3 Holders of rec. Sept. 31
1 *Holders of rec. Sept. 16
1 "Holders of rec. Sept. 20
Fire Insurance.
By A. J. Wright & Co., Buffalo:
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Per
When
Cent. Payable.
Banks.
Bank of America N. A., and Bancamerlea-Blair Corp.(quar.)
1.123-4
Chase National Bank and Chase
Securities (guar.)
81
Chatham Phenix Nat. Bk & Tr.(quar.)_ *55
Fifth Avenue (quar.)
*6
Nat. City Bank and Nat. City Co.(qua - $1
Seaboard National (guar.)
4
Extra
5
Rossia (guar.)
per Sh. Shares. Stocks.
Shares. Stocks.
3 per Sh.
1500 Barry Hollin,ger Mines, par Si_ 15c.
200 Tonapah Midway Consol. Min, 100 Assets Realization Co
lag Co., asst. No.6 paid, par $1,
$1.14 lot
25c. lot'1000 Col. Kirkland Mines, par 51__ lc.
1551
*55c. Oct.
1 *Holders of rec. Sept. 14
Miscellaneous.
Acme Steel (guar.)
Oct. 1 Holders of rec. Sept. 20
*5.1
Alberta Pacific Grain, pref. (guar.)194 Oct. 1 Holders of rec. Sept. 14
Aloe (A. S.) Co., torn. (quar.)
63c. Oct. 1 Holders of rec. Sept. 19
Preferred (qar.)
194 Oct. 1 Holders of rec. Sept. 19
Amer. Car & Fdy., corn. (guar.)
$1.50 Oct. I Holders of rec. Sept. 16
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 16
American Arch, corn. (guar.)
*75c. Oct. I *Holders of rec. Sept. 16
American Bakeries, Class A (quar.)
_ •75c. Oct. I *Holders of rec. Sept. 16
Preferred (guar.)
*131 Oct. 1 *Holders of rec. Sept. 16
American Chicle (stock dividend)
sel5
'Holders of rec. Sept. 25
American Cigar, pref. (guar.)
13.4 Oct. 1 Holders of rec. Sept. 14
Amer. Cyanamid, corn. A & B (quar.)...
40c. Oct. 1 Holders of rec. Sept. 15
Preferred (quan)
$1.50 Oct. 1 Holders of rec. Sept. 15
Arnerleall Fork & Hoe, pref
*331 Oct. 15'Holders of rec. Oct. 5
Amer. Furniture Mart Bldg., prof. (qu.) 0131 Oct. 1 *Holders of rec. Sept. 20
American Snuff, corn. (guar.)
Oct. 1 Holders of rec. Sept. 12
3
Preferred (guar.)
1/5 Oct. 1 Holders of rec. Sept. 12
American Steel Foundries, corn. (qu.)
*75c. Oct. 15'Holders of rec. Oct. 1
Preferred (guar.)
*14 Sept. 31 *Holders of rec. Sept. 14
Art Metal Works, Inc. (guar.)
*75c. Nov. 1 *Holders of rec. Oct. 15
Baldwin (E. G.) Co., Prof. A (quar.)
'1)4 Sept. 14 *Holders of rec. Aug. 30
Bickford's, Inc., corn. (au.) (No. l)...
25e. Oct. 1 Holders of rec. Sept. 10
Prof.(au.) (period June 20 to Sept.30) 0593 Oct. 1 Holders of rec. Sept. 10
/ta
Biltmore Hats, Ltd.. pref. (guar.)
' Sept. 16 *Holders of rec. Aug. 31
1/
1
Bonner (The) Co., class A
37% c. Sept. 30 Holders of rec. Sept. 15
Borne Scrymser Co
Si
Oct. 15 Sept. 28 to Oct. 14
Brockway Motor Truck, corn. (guar.). _ "75e. Nov. I *Holders of rec. Oct. 15
Preferred (guar.)
*51.75 Oct. 1 *Holders of rec. Sept. 10
Briggs & Stratton Co. (guar.)
50c. Sept. 30 Holders of rec. Sept. 20
Byllesby (11. M.)& Co.,corn. A & B (qu)
50c. Sept. 30 Holders of rec. Sept. 20
Preferred (guar.)
50c. Sept. 30 Holders of rec. Sept.20
Canada Steamship Lines, 111. (guar.)... •134 Oct. 1 *Holders of rec. Sept. 16
Cent. Aguirre Associates, corn. (guar.)._ 3734 c Oct. 1 Holders of rec. Sept. 21
City Stores Co., corn.(guar.)
34 Oct. I Holders of rec. Sept. 14
Cleveland-Cliffs Iron, corn. (quar.)
*51
Sept. 15 *Holders of rec. Sept. 5
Preferred (guar.)
3
11.25 Sept. 15'Holders of rec. Sept. 5
Cliffs Corporation, corn. (qu.) (No. 1) 'Si
Sept. 20 *Holders of rec. Sept. 10
Clpett Peabody & Co., Inc.. pref. (an.) 131 Oct. 1 Holders of rec. Sept. 20
'37 3.4e Oct. 15 *Holders of rec. Sept. 30
Coen Cos., class A (quar.)
Celotex Co., corn. (guar.)
75c. Oct. 1 Holders of rec. Sept. 14
13.1 Oct. 1 Holders of rec. Sept. 14
Preferred (guar.)
•S3
Coca Cola International (guar.)
Oct. 1 "Holders of rec. Sept. 12
Coleman Lamp & Stove, corn. (guar.).... 051
Oct. 1 *Holders of rec. Sept. 18
50c. Sept. 30 Holders of rec. Sept. 10
Commercial Credit, corn. (quar.)
1;1 Sept. 30 Holders of rec. Sept, 10
63.4% First pref. (guar.)
4334c Sept. 30 Holders of rec. Sept. 10
7% first pref. (guar.)
50c. Sept. 30 Holders of rec. Sept. 10
8% preferred B (guar.)
75c. Sept. 30 Holders of rec. Sept. 10
$3 class A cony. stock (guar.)
50c. Oct. 1 Holders of rec. Sept. 19
Conde Nast Publications, corn.(quar.)..
*$1.75 Oct. 1 *Holders of rec. Sept. 16
Consolidated Cigar, corn. (quar.)
Continental Baking Corp., pref.(guar.)- *S2
Oct. 1 'Holders of rec. Sept. 16
0735c. Oct. 1 'Holders of rec. Sept. 20
Continental Investment, rem. (guar.)
'623 Oct. 1 "Holders of rec. Sept. 20
,
:c
Prior pref., series A (guar.)
•30c. Oct. 15 'Holders of rec. Sept. 14
Copper Range Co. (guar.)
• 51.75 Oct. I Holders of rec. Sept. 14
Dahlberg Co., Inc. (guar.)
Doehler Die-Casting, 7% Pref. (quar.) .873ic Oct. 1 *Holders of rec. Sept. 20
'51.75 Oct. 1 *Holders of rec. Sept. 20
$7 preference (guar.)
Dominion Glass, cons. & pref.(guar.)
*$1.75 Oct. 1 *Holders of rec. Sept. 16
Dominion Stores (guar )
*30c. Oct. 1 *Holders of rec. Sept. 16
Douglas (W. L.) Shoe, pref. (quar.)
154 Oct. 1 Holders of rec. Sept. 16
Dunham (J. H.) & Co., corn. (guar.)... *134 Oct. I *Holders of rec. Sept. 20
First preferred (guar.)
"134 Oct. I "Holders of rec. Sept. 20
Second preferred (guar.)
"131 Oct. 1 *Holders of rec. Sept. 20
Eastern Steamship, pref. (guar.)
*8735c Oct. 1 *Holders of rec. Sept. 21
First preferred (guar.)
*51.75 Oct. 1 Holders of rec. Sept. 21
Ecuadorian Corp., ord. sirs. (guar.)
6c. Oct. 1 Holders of rec. Sept. 10
Endicott Johnson Co., corn. (qu.)
$1.25 Oct. 1 Holders of rec. Sept. 18
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 18
Fanny Farmer Candy Shops, corn. (qu.) '25c. Oct. 1 'Holders of rec. Sept. 15
Preferred (guar.)
•60c. Oct. 1 *Holders of rec. Sept. 15
Fear (Fred) & Co. (guar.)
Sept. 16
Food Machinery Corp., corn. (in stock) *12
*Holders of rec. Sept. 10
Foster & Wheeler, coin. (quar.)
*25c. Oct. I *Holders of rec. Sept. 12
Preferred (guar.)
•$1.75 Oct. 1 *Fielders of rec. Sept. 12
Frank (A. FL) Co., pref. (quar.)
.1.14 Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
*134 Jan V30 *Holders of rec. Dec. 15
Preferred (guar.)
0134 Aprl'30 *Holders of rec. Mar. 15
Preferred (guar.)
'194 Jul 1'30 *Holders of rec. June 15
Preferred (guar.)
*1% Oct 130 *Holders of rec. Sept. 15
Fulton Petroleum (monthly) (No. l)....
"1c. Sept. 15 *Holders of rec. Sept. 1
Stockdividend
*3i Sept. 15 *Holders of rec. Sept. 1
General Electric, corn, (guar.)
'51
Oct. 25 *Holders of rec. Sept. 20
Special (guar-)
•15c. Oct. 25 *Holders of rec. Sept. 20
General Railway Signal, corn. (quar.)
$1.25 Oct. 1 Holders of rec. Sept. 10
$1.50 Oct. 1 Holders of rec. Sept. 10
Preferred (quar.)
Gerlach Barklow Co., corn. (guar.)
*30c. Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
*50c. Oct. 1 *Ilolders of rec. Sept. 20
Goldman Sachs Trading (guar.)
'134 Oct. 1 *Holders of rec. Sept. 13
Graham-Paige Co., 1st pref.(quar.)_ _ *51.75 Oct. 1 *Holders of rec. Sept.
Grant(W. T.1 Co. (guar.)
*25c. Oct. 1 *Holders of rec. Sept. 15
12
Great Lakes Towing, corn. (guar.)
*13.1 Oct. I *Holders of rec. Sept. 14
Preferred (guar.)
*134 Sept. 30 *Holders of rec. Sept. 14
Grief Bros. Cooperage, corn. A (qu.)
•80c. Oct. 1 *Holders of
Great Wt.tern Sugar, corn. (quar.)... *70c. Oct. 2 *Holders of rec. Sept. 15
rec. Sept. 14
Preferred (guar.)
*131 Oct. 2 *Holders of rec. Sept. 14
Curd (Chas.) & Co., corn. (quar.)
50c. Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
1/1 Oct. 1 Holders of rec. Sept.
15
Hanna Furnace, pref. (guar.)
*2
Sept. 15 *Holders of rec. Sept.
Harbauer Co. (guar.)
35e. Oct. 1 Holders of rec. Sept. 5
23
Extra
50c. Oct. 1 Holders of rec. Sept.
23
Hartford Times, Inc., corn. (guar.)
'Si
Sept. 1 *Holders of rec.
Participating preferred (quan)
"131 Nov. 15 'Holders of rec. Aug. 15
Nov. 1
Hawaiian Pineapple (in stock)
•e20
Jan 130
Heywood Wakefield, 1st & 2d pref. (qu.) .$3.50 Sept. 'Holders of rec. Nov. 15
3 *Holders of rec. Aug. 27
Holmes(D. II.) Co., Ltd. (guar.)
$2.50 Oct. 1 Holders of rec. Sept. 23
Humble Oil & Refining (guar.)
*30c. Oct. 1 *Holders of rec. Sept. 11
Extra
•20e, Oct. 1 *Holders of rec. Sept. 11
Hygrade Lamp. corn. (guar.)
"25c. Oct. I 'Holders of rec. Sept. 10
Preferred (guar.)
1.623§ Oct. I *Holders of rec. Sept. 10
Insull Utility Investments, pr. pf. (qu.)_ "$1.37
Oct. 1 *Holders of rec. Sept. 15
International Petroleum (bearer shs.)_
25c. Sept. 16 Holders of coup. No.22
Registered shares
25c. Sept. 14 Sept. 8 to Sept. 16
Internat. Buttonhole Sew. Mach.(qu.).
"20c. Oct. 1 *Holders of rec. Sept. 16
International Shoe, corn. (guar.)
6234 C. Oct. 1 Holders of rec. Sept. 15
1552
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Humphreys Mfg., corn. (guar.)
550c. Sept. 30 *Holders of rec. Sept. 14
Preferred (guar.)
550c. Sept. 30 *Holders of rec. Sept. 14
Internat. Products, pref (guar.)
$1.50 Sept. 30 Holders of rec. Sept. 14
Investment Fund of N J
*15c. Sept. 15 *Holders of rec. Sept. 10
Jackson Motor Shaft (quar.)
530c. Oct. 15 *Holders of rec. Sept. 14
Jantzen Knitting Mills, corn. (extra)*50c. Sept. 25 Holders of rec. Sept. 15
Kaufman (Chas. A.) Co. (guar.)
23% Oct. I Holders of rec. Sept. 23
Kendall Company, partic. pref. (quar.)_ $1.50 Sept. 2 Holders of rec. Aug. 236
King Philip Mills (guar.)
*51.50 Oct. 1 *Holders of rec. Sept. 20
King Royalty Co., pref. (guar.)
Sept. 30 Holders of rec. Sept. 15
2
Koppers Gas & Coke, pref. (guar.)
1 *Holders of rec. Sept. 11
*13% Oct
Korach (S.) Co. (guar.)
50c. Sept. 16 Sept. 11 to Sept. 16
Lambert Co., corn. (guar.)
Oct. 1 Holders of rec. Sept. 18
$2
Lamson-Sessions (quar.)
623%c. Sept. 15 Holders of rec. Sept. 5
Extra
1234c. Sept. 15 Holders of rec. Sept. 5
Lindsay Light, pref. (guar.)
•1%, Oct. 5 *Holders of rec. Sept. 30
Loew's, Inc., corn. (guar.)
50c. Sept. 30 Holders of rec. Sept. 13
Loose-Wiles Biscuit, corn, (guar.)
*65c Nov. 1 *Holders of rec. Oct. 18
First preferred (guar.)
1% Oct. 1 *Holders of rec. Sept. 18
Lord & Taylor, corn. (guar.)
*23% Oct. 1 *Holders of rec. Sept. 17
Lorillard (P.) Co., pref. (guar.)
13% Oct. 1 Holders of rec. Sept. 16
Ludlum Steel, corn. (quar.)
50c. Oct. 1 Holders of rec. Sept. 20
1 M Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
Mack Trucks, corn. (quar.)
13% Sept. 30 Holders of rec. Sept. 16
3
Manhattan Shirt, pref. (quar.)
*1% Oct. 1 *Holders of rec. Sept. 16
Margay Oil Corp. (guar.)
50c. Oct. 10 Holders of rec. Sept. 20
*373/c Oct. 1 *Holders of rec. Sept. 15
3
Maytag Co., corn. (guar.)
McKeesport Tin Plate, corn. Mar./
Oct. 1 Holders of rec. Sept. 20
- 51
Mercantile Disct. Corp.(Chic.) Pf. (qu.) 550c. Oct. 1 *Holders of rec. Sept. 15
Mercantile Discount Corp., pref A (qu.) *50c. Oct. 1 *Holders of rec. Sept. 15
Merchants & Mfrs. Co.. cl. A (guar.)... °373%c Oct. 1 *Holders of rec. Sept. 16
*13% Oct. 1 *Holders of rec. Sept. 16
Prior preferred (guar.)
Merchants & Miners Transport (quar.). *623%c Sept.30 *Holders of rec. Sept. 14
Mexican Petroleum, corn. (guar.)
Oct. 20 *Holders of rec. Sept. 30
*53
Oct. 20 *Holders of rec. Sept. 30
Preferred (guar.)
*52
Midland Steel Products, corn. (guar.)
Oct. I *Holders of rec. Sept. 16
*51
Common (extra)
*72c. Oct. 1 *IIolders of rec. Sept. 16
Preferred (guar.)
*$2 Oct. 1 *Holders of rec. Sept. 16
Preferred (extra)
*51.50 Oct. 1 *Holders of rec. Sept. 16
Mohawk Carpet Mills (guar.)
*623%c Sept.30 *Holders of rec. Sept. 10
Oct. 1 *Holders of rec. Sept. 15
Mohawk Rubber, pref. (quar.)
*1
Monarch Royalty, $1 par pref.
13% Sept. 10 Holders of rec. Aug. 31
Clam A preferred
12%0. Sept. 10 Holders of rec. Aug. 31
*31%c Oct. 1 *Holders of rec. Sept. 14
Monsanto Chemical Wks. (qu.)
Stock dividend (guar.)
13% Oct. 1 *Holders of rec. Sept. 14
Moody's Investor Service, corn
*61.13 Sept. 14 *Holders of rec. Sept. 10
*40c. Oct. 1 *Holders of rec. Sept. 14
Mountain Producers Mori
Nachman-Springfield Co., corn. (guar.). *75c. Oct. 1 *Holders of rec. Sept. 15
Oct. 1 *Holders of rec. Sept. 16
National Breweries, corn. (guar.)
*51
*15 Oct. 1 *Holders of rec. Sept. 16
Preferred (guar.)
%
3
National Candy, corn. (quar.)
*43%c Oct. 1 *Holders of rec. Sept. 12
*13% Oct. 1 *Holders of rec. Sept. 12
First and second pref. (guar.)
Sept. 300
National Cash Register, class A (guar.).
Vt. Oct. 15 Holders of rec.
National Standard Co. (guar.)
*75c. Oct. 1
Extra
*25c. Oct. 1
37%0. Oct. 1 Holders of rec. Sept. 13
National Tea, new corn. (guar.)
Nelson (Herman) Corp. (quar.)
550c. Oct. 1 *Holders of rec. Sept. 19
Oct. 1 *Holders of rec. Aug. 16
Noxema Chemical, corn. A (in stock)... 110
14
Ohio Seamless Tube, pref. (guar.)
13% Oct. 1 Holders of rec. Sept.
Ogilvie Flour Mills, corn.(guar.)
Oct. 1 *Holders of rec. Sept. 19
*$2
Common (extra)
*$17 Oct. 1 *Holders of rec. Sept. 19
Oneida Community, corn. dc pref. (qu.)_ •433%c Sept. 14 *Holders of rec. Aug. 13
1 *Holders of rec. Sept. 15
Owens Illinois Glass, corn. (guar.)
of
*51
Preferred (guar.)
*51.50 Oct. I *Holders of rec. Sept. 15
Page Hershey Tubes, Ltd., corn. (qu.)
Sept. 20
$1
Preferred (guar.)
1),t' Sept. 20
Parmelee Transportation, com.(mthly.)_ *1234c Oct. 10 *Holders of rec. Sept. 27
*25c. Oct. 1 *Holders of rec. Sept. 16
Pender (D.) Grocery Co., Cl. B (qu.) _
Class B (extra)
525c. Oct. 1 *Holders of rec. Sept. 16
Oct. 1 Holders of rec. Sept. 25
Petroleum Royalties. pref. (monthly)
1
Preferred (extra)
34 Oct. 1 Holders of rec. Sept. 25
Philadelphia Dairy Prod., Pr. pt. (gu.)*S 1.6235 Oct. 1 *Holders of rec. Sept. 20
40c. Oct. 1 Holders of rec. Sept. 19a
Philippe (Louis) Inc.. class A (cputr.)
*50c. Oct. 1 *Holders of rec. Sept. 10
Pittsburgh Plate Glass (guar.)
25c. Oct. 1 Holders of rec. Sept. 18
Polymet Mfg., new stock (guar.)
Jan 130 *Holders of rec. Dec. 20
*el
New stock (payable in stock)
Porto Rican Amer. Tob., cl. A (quar.)_ _ *13% Oct. 10 *Holders of rec. Sept. 20
Price Bros., corn. (guar.)
Si Oct. 1 Holders of rec. Sept. 14
Oct. 1 Holders of rec. Sept. 14
Preferred (guar.)
50c. Oct. 1 Holders of rec. Sept. 246
Prudential Co., corn. (guar.)
Preferred (guar.)
13% Oct. 1 Holders of rec. Sept. 24a
183%c. Oct. 1 Holders of rec. Sept. 24a
Preferred (extra)
Reece Buttonhole Mach. (quar.)
*35c. Oct. 1 *Holders of rec. Sept. 16
Reece Folding Mach. (guar.)
*5c. Oct. 1 *Holders of rec. Sept. 16
(quar.)_ _ _ _
Reliance Mfg.(Ohio), COM.
75c. Oct. 1 Holders of rec. Sept. 16
Reliance MM.of Ill., corn. (guar.)
*373%c Oct. 1 *Holders of rec. Sept. 20
*13% Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
520c. Oct. 1 *Holders of rec. Sept. 10
Reo Motor Car (guar.)
Republic Investing, pref. ((tsar.)
*35c. Oct. 1 *Holders of rec. Sept. 14
60c. Oct. 1 Holders of rec. Sept. 18
Reynolds(R.J.) Tob., com.&com. B(qu)
433%c Nov. 1 Holders of rec. Oct. 5
Richfield Oil of Calif., pref. (guar.) _ _
Sept. 15 Holders of rec. Sept. 10
Royalty Corp. of Am., partic. pf.(mthly) 1
Si Sept. 15 Holders of rec. Sept. 10
Participating Pref. (extra)
1
Oct. 15 Holders of rec. Oct. 1
Participating Prof. (monthly)
•1
Ruberoid Co. (guar.)
Sept. 14 *Holders of rec. Aug. 31
Si Sept. 30 Holders of rec. Sept. 16a
St. L. Rocky Mt. & Pac. Co., com.(qu.)
13% Sept. 30 Holders of rec. Sept. 16a
Preferred (guar.)
*75c. Oct. 1 *Holders of rec. Sept. 10
St. Regis Paper (guar.)
*40c. Oct. 1 *Holders of rec. Sept. 14
Sally Frocks, Inc. (guar.)
510c. Oct. 1 *Holders of rec. Sept. 14
Salt Creek Consol. Oil (guar.)
*2
Oct. 1 *Holders of rec. Sept. 12
Schulte Retail Stores, pref. (guar.)
75c. Oct. 1 Holders of rec. Sept. 16
Schulz Baking, cony. pref. (guar.)
13% Oct. I Holders of rec. Sept. 16
Preferred (guar.)
Seaboard Utility Shares, corn. (quar.)_ _ 123%c Oct. 1 *Holders of rec. Sept. 16
Second Pub. UM. Investm't (Montreal)
$1
Sept. 5 Holders of rec. Aug. 26
Common (interim)
*1% Oct. 25 Holders of rec. Sept. 30
Shaffer Oil & Refg., pref. (guar.)
Sloss-Sheffield Steel & Iron, pref. (guar.) *1 h Oct. 1 *IIolders of rec. Sept. 20
*81.50 Oct. 1 *Holders of rec. Sept. 14
Spang Chalfant Co., pref. (quar.)
623%c. Sept. 15 Holders of rec. Sept. 5
Sniailwood Stone, class A (guar.)
Sparks-Withington Co.
525c. Sept. 30 *Holders of rec. Sept. 14
New common (guar.) (No. 1)
*13% Sept.16 *Holders of rec. Sept. 9
Preferred (guar.)
Standard Commercial Tub., corn. (au.). 525c. Oct. 1 *Holders of rec. Sept. 17
Sterling Motor Truck, pref. (au.)
*40c. Oct. 1 *IIolders of rec. Sept. 20
Stone (H.0)& Co.. corn. (guar.)
433%c. Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
13%
Sullivan Machinery (guar.)
$1
Oct. 15 Oct. 1 to Oct. 4
Swift & Co. (guar.)
52
Oct. 1 *IIolders of rec. Sept. 10
Thomson Electric Welding (guar.)
*50c. Sept. 1 *Holders of rec. Aug. 27
Extra
Sept. 1 *Holders of rec. Aug. 27
"$1
Tide Water Oil, corn. (guar.)
*20c. Sept. 30 *Holders of rec. Sept. 16
Tide Water Associated Oil, pref. (qu.)
*$1.50 Oct. 1 'Holders of rec. Sept. 16
Traymore, Limited, pref. (guar.)
15.1 Oct. 1 Holders of rec. Sept. 15
*13% Oct. 1 *Holders of rec. Sept. 13
Tr -Continental Corp., pref. (quar.)
Trico Products Corp., corn. (guar.).
'623%c Oct. 1 *Holders of rec. Sept. 16
United Reproducers, class A (quar.)
*50c Oct. 1 *Holders of rec. Sept. 15
United Producers, class A (guar.)
*56c Oct. 1 *Holders of rec. Sept. 15
U. S. Asbestos, corn. (auar.)
*373%c Sept. 14 'Holders of rec. Sept. 1
U. S. Tobacco, corn. (quar.)
El
Oct. 1 Holders of rec. Sept. 16
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 16
Universal Products, corn. (quar.)
*30c Oct. 1 *Holders of rec. Sept. 14
Van Camp Milk, pref. (quar.)
*1 3% Sept. 1 *Holders of rec. Aug. 20
Van Camp Packing, pref. (guar.)
543'%c Oct. 1 *Holders of rec. Sept. 21
.3 1.623% Oct. 1 'Holders of rec. Sept. 21
Prior preferred (quar.)
Va'-Carolina Chemical, pref
*Pa
Oct. 1 *Holders of rec. Sept. 16
50c Oct. 1 Holders of rec. Sept. 14
Vogt Manufacturing, corn. (guar.)
5$
Walgreen Co., pref. (guar.)
1.623% Oct. 1 *Holders of rec. Sept. 20
Warren Bros., corn. (guar.)
*$1
Oct. 1 *Holders of rec. Sept. 16
.75c Oct. 1 *Holders of rec. Sept. 16
First preferred (guar.)
*873% Oct. 1 *Holders of rec. Sept. 16
Second preferred (guar.)
[VOL. 129.
FINANCIAL CHRONICLE
Name of Company.
Miscellaneous (Concluded).
Waukesha Motor, corn. (guar.)
Common (extra)
Western Royalty (monthly)
West Michigan Steel, corn
Common (payable in corn, stock).Cony. preference (No. 1)
Wheeling Steel, pref. A (guar.)
Preferred B (guar.)
White Star Refg. (guar.)
WIdlar Food Products (guar.)
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
*75c. Oct. 1 *Holders of rec. Sept. 15
*51
Oct. 1 *Holders of rec. Sept. 15
134 Sept. 6
25c. Sept. 1
f2
Oct. 1 Holders of rec. Sept. 15
31c. Sept. 1
*2
Oct. 1 *Holders of rec. Sept. 12
*214 Oct. 1 *Itolders of rec. Sept. 12
*623%f Oct. 1 *Holders of rec. Sept. 15
373t c. Sept. 15 Holders of rec. Sept. 5
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per When
Cent. Payable.
Rallioads (Steam).
Alabama & Vicksburg
Atlantic Coast Line Co. (guar.)
Bangoerrv d( a
g fr & AroziTr.corn. (altar.)
e de
Books Closed
Days Inclusive.
Oct. I Holders of rec. Sept. 6a
3
112.50 Sept. 10 *Holders of rec. Aug. 31
880. Oct. 1 Holders of ree. Aug. 316
1% Oct. 1 Holders of reo. Aug. 31a
Sept. 30 Holders of reo. Aug. 31
2
& Albany (guar.)
2A Oct. 1 Holders of rec. Aug. 30a
Canadian Pacific common (guar.)
Oct. 1 Holders of rec. Aug. 30
2
Preference
75e. Oct. 1 Holders of rec. Sept. 86
Chesapeake Corporation (guar.)
2A Oct. 1 Holders of rec. Sept. 60
Chesapeake & Ohio, corn. (guar.)
33% Jan 1'30 Holders of rec. Dec. 613
Preferred
Chic. R. I. & Pacific, corn. (guar.)
1% Sept. 30 Holders of rec. Sept. 6a
Consolidated RE's of Cuba. pref. MO_
13% Oct. 1 Hoidn4 of rec. Sept. 10a
Cuba RR., corn. (guar.)
$1.20 Sept. 27 Holders of rec. Sept. 276
rn.
Febl'30 Holders of tee. Jan. 150
8
Delaware & Hudson Co.(quar.)
2M Sept.20 Holders of reo. Aug. 28a
Erie & Pittsburgh (quar.)
87 Ac Sept. 10 Holders of rec. Aug. 310
Erle RR.,first &second pref
2 Dec. 31 Holders of reo. Dec. 18a
Gulf Mobile de Nor., pref. (guar.)
13% Oct. 1 Holders of rec. Sept. 166
Hocking Valley, co (guar.)
2M Sept. 30 Holders of rec. Sept. 60
corn,
Oct. 1 Holders of rec. Sept. 18
Maine Central, corn. (guar.)
1
1 ti Sept. 30 Holders of ree. Sept. 146
Mo.-Kansas-Texas. Pref. (guar.)
1g Oct. I Holders of rec. Sept. 80
Missouri Pacific, pref. (guar.)
N.Y.Chic.& St. Louis. corn,& pref.(qu) 13% Oct. 1 Holders of rec. Aug. 15a
N.Y., New Haven & Hart., com.(qu.)13% Oct. 1 Holders of rec. Sept. 6a
Preferred (guar.)
13% Oct. 1 Holders of rec. Sept. 6a
Norfolk & Western, corn. (guar.)
Sept. 19 Holders of reo. Aug. 3113
2
Pennsylvania RR.(guar.)
Aug. 31 Holders of reo. Aug. 101
$1
Pere Marquette, corn. ((luar.)
1 A Sept. 30 Holders of rec. Sept. 8a
Pref. and prior preference (guar.)._
13% Nov. I Holders of rec. Oct. 46
Pittsburgh & West Va. corn. (quar.)
13% Oct. 31 Holders of rec. Oct. 15a
500. Sept. 12 Holders of reo. Aug. 22a
Reading Co., first pref. (quar.)
50o. Oct. 10 Holders of tee. Sept. 19a
Second preferred (quar.)
M Sept. 16 Sept. 11 to Sept. 15
St. Joseph So. Bend & Sou. common....
Sept. 11 to Sept. 15
Preferred
P Oct. 16 Holders of reo. Sept. 36
2
Sept.e
-San Fran.. corn. (guar.)
1
St Louis
Preferred (guar.)
13% Nov. 1 Holders of reo. Oct. 15
3
,
1
St. Louis Southwestern, pref. (guar.).- 14 Oct.Sep1. 30 Holders of rec. Sept. 140
Holders of rec. Aug. 265
Southern Pacific Co.(guar.)
Texas & Pacific, corn, and pref. (guar.). 13% Sept. 30 Holders of rec. Sept. 144
234 Oct. 1 Holders of rec. Sept. 30
Union Pacific, corn. (guar.)
Oct. 1 Holders of rec. Sept. 36
2
Preferred
Vicksburg, Shreveport & Pacific
23% Oct. 1 Holders of reo. Sept. 86
Common and preferred
Public Utilities.
American Commonwealths Power
Oct. 15 Holders of tee. Oct. 1
Corn. cl. A &B(1-40 share cl. A stock)
Amer. Electric Power,$7 pref. (guar.)._ $1.75 Sept. 15 Holders of reo. Aug. 31
23% Oct. 15 Holders of rec. Sept. 20a
Amer. Telp. & Teleg. (guar.)
Amer. Water Works & Elee.$1.50 Oct. 1 Holders of ree. Sept. 12a
$8 first preferred (guar.)
Arizona Edison, $8.50 pref.(quar.)-.• $1.62 A Oct. 1 *Holders of reo. Sept. 27
pref. (guar.)._ .15c. Oct. 1 *Holders of rec. Sept. 20
Arkansas Natural Gas,
Gasfddar ) orig. pfd.(qu.) _ _ *87 Mc Oct. 1 *Holders of roe. Aug. 31
& Elee
.
Oct. 1 'Holders of reo. Aug. 31
Associated7preferred
*$1 ..26 Sept. 14 Holders of reo. Aug. 15
6 7
5
$5 preferred (guar.)
Associated Telep. Utilities, corn. (guar.) •25c. Oct. 15 *Holders of rec. Sept.30
'123% Oct. 15 *Holders of roe. Sept.30
Common (payable in corn. stock).
Bangor Hydro-Elec. 7% pref. (quar.)-.. *15i, Oct. I *Holders of rec. Sept. 10
•134 Oct. 1 *Holders of rec. Sept. 10
preferred (guar.)
6%
Oct. 15 Holders of rec. Sept. 23
2
Bell Telephone of Canada (guar.)
13% Oct. 15 Holders of rec. Sept. 20a
Bell Telep. of Pa. pref. (guar.)
Sept. 16 *Holders of rec. Sept. 2
Birmingham Water Wks.,6% pref.(qu.) •1 A
13% Oct. 1 Holders of rec. Sept. 10
Boston Elevated Ry., corn. (guar.).33% Oct. 1 Holders of rec. Sept. 10
Second preferred
Brazilian Tr., L. de Pow. pref. (guar.)._ '13% Oct. 1 *Holders of rec. Sept. 16
50c. Oct. 15 Holders of rec. Sept. 20
British Columbia Power class A (guar.)_
Brooklyn-Manhattan Transit Corp.
$1.50 Oct. 15 Holders of tee. Oct. 15
Preferred, series A (guar.)
$1.60 Jan15'30 Holders of rect. Dec. 31a
Preferred, series A (quay.)
.
$1.50 APrI5 30 Hold. of reo. Apr. 1 '360
Preferred, series A (guar.)
$1.25 Oct. I Holders of rec. Sept. 36
Brooklyn Union Gas (guar.)
*11‘ Sept. 16 *Holders of rec. Sept. 2
Butler Water Works, 1st pref. (guar.)
Oct. 15 Holders of rec. Sept.3
0
California-Oregon Power,7% Pf• (quar.)
13% Oct. 15 Holders of rec. Sept. 30
6% preferred (guar.)
150. Oct. 25 Holders of rec. Sept. 30
Canada Northern Power (guar.) (No. I)
Central Public Service, class A (guar.)- - (e) Sept. 15 *Holders of rec. Aug. 26
100. Oct. I Holders of rec. Sept. 5
Cent. States Elec. Corp., corn.(guar.).123% Oct. 1 Holders of rec. Sept. 5
Corn.(payable in corn.stock)
1% Oct. 1 Holders of reo. Sept. 5
7% prof. issue of 1912(gum.)
13% Oct. 1 Holders of roe. Sept, 5
6% Preferred mar.)
- (m) Oct. 1 Holders of reo. Sept. 5
Cony. pref. opt.series of 1928(qu.)
Cony. pref. opt,series of 1929(qu.)--- (m) Oct. 1 Holders of reo. Sept.
•$1.50 Oct. 1 *Ilolders of reo. Sept. 10
Cleveland Railway, corn. (guar.)
Coast Counties G. de E. 1st pref.(qu.)_. 13% Sept. 16 Holders of reo. Aug. 26
13% Sept. 16 Holders of reo. Aug. 26
Second preferred (guar.)
25c. Oct. 1 Holders of reo. Sept. 30
Commonwealth Utilities, corn, B
1 *Holders of rec. Sept. 15
Connecticut f lleclervice, corn. (guar.)* 623%f. Oct.
E uar
Oct. 1 *Holders of rec. Sept. 15
'
$1
Preferred
•750. Oct. 1 *Holders of roe. Sept. 14
Cons'd Gan ELL.dePow.Balt.com(quer.)
' Oct. 1 *Holders of tee. Sept. 14
13.4
5% Preferred series A (guar.)
•
1% Oct. 1 *Holders of rec. Sept. 14
5M% Preferred, series E (quar.)
'13% Oct. 1 *Holders of rec. Sept. 14
6% Preferred, series D (guar.)
750. Sept.16 Holders of reo. AUK. 90
Consolidated Gas of N. Y.,corn.(quar.)_
$1.25 Oct. 1 Holders of reo. Sept.14
Consumers Power. $5 pref. (guar.)
114 Oct. 1 Holders of tee, Sept. 14
6% prof.(guar.)
81.65 Oct. 1 Holders of rec. Sept. 14
6.6% Preferred Rinse.)
Oct. 1 Holders of rec. Sept.14
7% Pref. (guar.)
50o. Oct. 1 Holders of reo. Sept.14
6% pref.(monthly)
me. Oct. 1 Holders of tee. Sept.14
8.6% preferred (monthly)
Oct. 1 Holders of rec. Sept. 124
Continental Gas & Elec., corn. (guar.)-- 81.10
1% Oct. 1 Holders of rec. Sept. 120
Prior preference (guar.)
Oct. 15 Holders of rec. Sept.20
2
Detroit Edison Co. (guar.)
75e. Oct. 1 Holders of rec. Sept. 15a
Denver Tramway, pref. (quar.)
13% Oct. 15 Holders of rec. Sept. 140
Duquesne Light 5% let Prof.(quar.)
- 13% Sept. 16 Holders of reo. Aug. 21
East Kootenay Pow., Ltd., pf. (qui
$1.75 Oct. 1 Holders of rec. Sept. 14
Electric Power & Lt. pref. (guar.)
Sept. 14
1
Empire Gas & Fuel,6% pref.(mthly.). *500. Oct. 1 *Holders of rec.
Oct.
*Holders of ree. Sept. 14
6 A % preferred (monthly)
Oct. 1 *Holders of reo. Sept. 14
7% Preferred (monthly)
Oct. 1 *Holders of rec. Sept. 14
8% preferred (monthly)
: 2 3 Oct. 1 Holders of roe. Aug. 296
. 1-6-5e
Engineers Public Service, corn.(quar.)_ 5548 1!
Oct. 1 Holders of rec. Aug. 296
Common (1-50th share corn, stock) 81.25 Oct. 1 Holders of reo. Aug. 296
$5 preferred (guar.)
'
Oct. 1 Holders of reo. Aug. 290
$5.50 preferred (quar.)
::
327 Oct. 1 Holders of rec. Sept. 136
3
Federal Light & Tract. corn.(guar.)......! 616 7
Oct. 1 Holders of rec. Aug. 156
Common (payable in corn. stock).1
Sept. 18 Holders of rec. Sept. 30
3
Galveston-Houston Electric, met
dSept. 14
Oct. 1
Gas Securitics thim.(Payable in scrip)..
preferred fm co y.
,
)
'''04 Oct. 1 *Holders of roe. Sept. 14
*Holders of roe.
(I)
(1)
1
SEPT. 7 1929.]
FINANCIAL CHRONICLE
When
Pet
Cent. Payable.
Name of COMMIS.
Books Closed
Days Inctastes.
Public Utilities (Concluded).
- 37140 Oct. 1 Holders of rec. Sept. 12a
General Gas dr Elec., class A (guar.).
Class B (guar.)
3734c Oct. 1 Holders of rec. Sept. 126
Oct. 1 Holders of rec. Sept. 12a
$2
$8 Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 126
$7 Preferred Mar.)
$1.50 Sept.16 Holders of rec. Aug. 15
6% preferred (guar.)
250 Sept. 15 *Holders of rec. Aug. 15
Hydro-Electric Smut
Sept.30 *Holders of rec. Sept. 28
*2
Illinois Bell Telephone (guar.)
114 Oct. 1 Holders of rec. Sept. 126
Indianapolis Water, pref. A (guar.)
Iowa Pub. Service $7 first pref.(qua-. $1.75 Oct. 1 Holders of rec. Sept.14
1.6234 Oct. 1 Holders of rec. Sept. 14
$814 first preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 14
56 first preferred (guar-)
Kansas City Power & Lt., pref.(quar.) 31.50 Oct. 1 Holders of rec. Sept. 146
*$1.75 Oct. 1 *Holders of rec. Sept. 18
Kings County Ltg., pref. (guar.)
234 Sept.'16 Holders of rec. Sept. 26
Laclede Gas Light. corn. (guar.)
Louisville Gas & Elec.. coin. A5:
13
- 4314c Sept.25 Holders of rec. Aug. 316
Memphis Power & Light,$7 prof.(guar.) $1.75 Oct. 1 Holders of rec. Sept. 14
$1.50 Oct. 1 Holders of rec. Sept. 14
26 preferred (guar.)
- $2 Sept. 16 Holders of rec. Aug. 31
Middle West Utilities, prior lien (qu.)
$1.50 Sept. 16 Holders of rec. Aug. 31
26 prior lien (no Par) (quar.)
Monongahela West Penn. Pub. Service,
43140. Oct. 1 Holders of rec. Sept. 14
7% Preferred (guar.)
114 Oct. 1 Holders of rec. Sept. 16
Nassau & Suffolk Ltg., pref.(guar.)._
Nat. Gas dr Elec., $6.50 pref.(guar.).•$ 1.6234 Oct. 1 *Holders of rec.Sept. 20
$1.75 Oct. I Holders of rec. Sept. 12
Nat. Power & Light, $7 prof. (quar.)
400 Sept. 15 Holders of roe. Aug. 27
National Public Serv. common A (gu.)New England Public Serv.,$7 pref.(gu.) *21.75 Sept. 15 *Holders of rec. Aug. 30
Sept. 30 Holders of rec. Sept. 10
New England Telep. dz Teleg. (guar.)._ 2
(gu.) *8714c Sept. 14 *Holders of rec. Sept. 6
N.Y.& Queens Elec. Light & Pow.,
Oct. 1 Holders of rec. Sept. 160
New York Steam. $7 Pref. Man)
°1 ..75 Oct. 1 Holders of rec. Sept. 160
$ 50
26 preferred (guar.)
New York Water Service, prof. (quar.)- $1.50 Sept.15 Holders of rec. Sept. 5
North American Co (payable in corn. Mk) /214 Oct. 1 Holders of rec. Sept. 56
750 Oct. 1 Holders of rec. Sept. 5a
Preferred (guar.)
North Amer. Utility Becur. corn.(guar.) *$1.50 Sept.16 *Holders of rec. Aug. 31
21.50 Sept.16 Holders of rec. Aug. 31
let preferred (guar.)
$1.50 Sept.16 Holders of rec. Aug. 31
lit pref. allot. MN.(guar.)
1.1214 Sept. 16 Holders of rec. Aug. 31
First pref. allot. certifs. 75% Paid
Nor. Ohio Pow.& Lt., 6% pref. (attar.) I% Oct. 1 Holders of rec. Sept. 19
'134 Oct. 1 *Holders of rec. Sept. 20
Ohio Bell Telep. Pref.(guar.)
Oklahoma Gas dr Elec., pref. (quar.)
Sept.16 Holders of rec. Aug. 31
-•154 Sept.30 *Holders of rec. Sept. 20
Pacific Tel.& Tel. common (guar.)
*114 Oct. 15 *Holders of rec. Sept. 30
Preferred (guar.)
Pennsylvania Gas & El.7% Pref.(qu.).- 134 Oct. 1 Holders of roe. Sept. 20
$1.75 Oct. 1 Holders of rec. Sept. 20
$7 preferred (guar.)
Pa.
-Ohio Power & Light 26 pf.(guar.)._ 21.50 Nov. 1 Holders of roe. Oct. 21
7% preferred (guar.)
15( Nov. 1 Holders of rec. Oct. 21
7.2% preferred (monthly)
600. Oct. 1 Holders of rec. Sept.20
7.2% preferred (monthly)
60c. Nov. 1 Holders of rec. Oct. 21
6.6% preferred (monthly)
55c. Oct. 1 Holders of rec. Sept.20
6.6% preferred (monthly)
550. Nov. 1 Holders of rec. Oct. 21
Pennsylvania Water & Power (guar.)
6214c Oct. 1 Holders of roe. Sept.13
Peoples Gas Light & Coke (guar.)
2
Oct. 17 Holders
Peoples Light & Power, corn. A (guar.). v60c. Oct. 1 Holders of rec. Oct. 30
of rec. Sept. 7
Philadelphia Electric (guar.)
50c. Sept. 14 Holders of rec. Aug. 31
Philadelphia Elec.Power,pref.(guar.).500. Oct. 1 Holders of rec. Sept. 10a
Power Corp. of Can.,corn.(In corn.stk.) (p) Sept.25 Holders of rec. Aug. 31
1st preferred (guar.)
134 Oct. 15 Holders of rec. Sept.30
Participating 2nd pref. On corn. stk.)Sept.25 Holders of
Public Serv. Corp. of N. J., corn.(au.) (p) Sept.30 Holders of rec. Aug. 31
65c.
rec. Sept. 60
8% preferred (guar.)
2
Sept.30 Holders of rec. Sept. 60
7% Preferred (guar.)
134 Sept.30 Holders of rec. Sept. fia
$5 preferred (guar.)
$1.25 Sept.30 Holders of rec. Sept. 6a
0% preferred (monthly)
600. Sept.30 Holders of rec. Sept. 60
Pub.Serv. Elec.& Gas,6% pref.(On.) - 134 Sept.3( Holders of rec. Sept. 60
3
7% Preferred (guar.)
144 Sept.30 Holders of rec. Sept. 66
Public Service of Oklahoma corn. (oil.)... 2
Oct. 1 Sept. 21 to Oct. 1
7% prior Hen stock (quar.)
134 Oct. 1 Sept. 21 to Oct. 1
6% prior lien stock (guar.)
13.4 Oct. 121 to
. 1
Radio Corp. of Amer., pref. A (guar.).- 87140. Oct. I Holders of rec. Sept. 26
Preferred
$1.25 Oct. I Holders of rec. Sept. 2a
(guar.)
Savannah Elec. & Pow.. 6% pref
Oct. 1 Holders of rec. Sept. 10a
8% debenture (guar.)
2
Oct. 1 Holders of roe. Sept. 10a
Shawinigan Water & Power (guar.)---800. Oct. 1C Holders of rec. Sept.17
Southern Calif. Edison, orig. pf, (guar.) 50c. Oct. It Holders of rec. Sept.20
514 preferred series C (guar.)
3434c Oct. It Holders of roe. Sept.20
Southern Canada Power, pref. (guar.)._
119 Oct. It Holders of rec. Sept.
Southern Calif. Edison, prof. A (guar.).- 4334 c Sept. 10 Holders of rec. Aug. 20
20
Preferred B (guar.)
37140. Sept. It Holders of rec. Aug. 20
Southern Colorado Power. pref. (guar.). 151 Sept. It Holders of rec. Aug. 31
Southwestern Gas & El. 8% pf.(qu.)._ *2
Oct. 1 *Holders of rec. Sept. 15
• 5.i
1
7% preferred (guar.)
Oct. 1 'Holders of rec.
Standard Gas dr Elec.,$4 pref. (quar.)__ $1 Sept. 16 Holders of rec. Sept. 15
Tennessee Elec. Pow.,5% first pref.(qu) 1% Oct. 1 Holders of roe. Aug. 31a
Sept. 14
6% first preferred (guar.)
134 Oct. 1 Holders of ree. Sept. 14
7% first preferred (guar.)
154 Oct. 1 Holders of rm. Sept. 14
7.2% first preferred (guar.)
$1.80 Oct. 1 Holders of rec. Sept. 14
6% first preferred (monthly)
500. Oct. 1 Holders of roe. Sept. 14
7.2% first preferred (monthly)
600. Oct. 1 Holders of rec. Sept.14
Texas Louisiana Power Prof.
(guar')
-- •114 Oct. 1 *Holders of rec. Sept. 15
United Corp.. $3 pref. (guar.)
750. Oct. 1 Holders of rec. Sept. 56
United Gas Impt.,corn.(quar.)
1.12% Sept.80 Holders
Virginia Elec. & Power, pref. (quar.) . 134 Sept.20 Holders of roe. Aug. 310
of rec. Aug. 30a
6% Preferred (guar.)
114 Sept.20 Holders
Western Power Corp., pref. (guar.)--- 1% Oct. It Holders of reo. Aug. 30a
West Penn Elec. Co.,class A ((rear.).... 154 Sept.30 Holders of rec. Sept. 30
of roe.
West Penn Rys Co.. pref.(guar.)
114 Sept.16 Holders of roe. Sept.17a
Aug. 24
Winnipeg Electric Co., pref.(alum)
--- 114 Oct. 1 Holders of
Wisconsin Public Service, 7% pref.(on.) 134 Sept.20 Holders of roe. Sept. 6
rec. Aug. 31
034% Preferred (guar.)
1% Sept.20 Holders of rec. Aug. 31
0% preferred (quar.)
134 Sept.20 Holders of rec. Aug. 31
Banks.
American (Bank of) (guar.)
Sept.30 *Holders of rec. Sept. 15
Chelsea Exchange (guar.)
Oct. 1 Holders of
Continental (new $10 par stock)(guar.). *6$2.25c Sept.16 Holders of ree. Sept. 13
30
10 .
rec. Sept. 70
WO
Trust Companies.
Equitable (guar.)______________
Irving (quar.).......................
Fire Insurance.
North River (stock dividend)
4
Sept. 30 Holders of rec. Sept. Ha
Oct. 1 Holders of rec..Sept. 3
"MOO Oct. I *Holders of tee. Sept.
16
Miscellaneous.
Aetna Wire. Prof. (guar.)
*2
Nov. 1 *Holders of roe. Oct. 18
Adams Express, corn.
111 Sept.30 Holders of rec.
Sept.
Preferred (guar.) (guar.)
114 Sept.30 Holders of rec. Sept. 14a
Agnew-Surpass Shoe Stores
Oct. 1 Holders of rec. Sept. 14a
Pref.,(
"
16
Ainsworth Mfg. stock div.(guar./ 4 - *el
Dec. 2 *Holders of roe. Nov.20
Stock dividend (guar.)
*el
Marl 30 *Holders of rec. Feb. 20
Stork dividend (guar.)
*el
Jun 230 *Holders of rec. May 20
Allegheny Steel, common (monthly).
-150 Sept.18 Holders of rec.
Aug.
Preferred(guar.)
13.4 Dec. 1 Holders of roe. Nov. 310
1130
Allied Chemical dr Dye, pref.
1% Oct. 1 Holders
(guar.) Ailed Laboratories cony. pref. (quar.).- *8714c Oct. 1 *Holders of rec. Sept. 11
Allied Motor Industries, corn.(quar.)-.- 025c Oct. 10 *Holders of rec. Sept. 15
of rec. Aug. 20
(Common (payable in common stock). on
Oct. 1 *Holders of rec. Aug. 20
Preferred (guar.)
*21
Oct. 1 *Holders of rec. Sept.14
Allied Products, class A
*8714c Oct. 1 *Holders of rec. Sept. 15
(guar.)
Alpha Portland Cement, pref. (guar.)--- •154 Sept. 14 *Holders
of rec. Aug. 31
Aluminum Industries
*3714c Sept. 16 *Holders of rec. Aug. 31
(guar.)
Aluminum Mfrs.. corn. (guar.)
•50o Sept.30 *Holders of roe. Sept.15
COMMon (gnat.)
•50c Dee. 31 *Holders of roe. Dee. 15
Preferred (quar.)
June BO *Holders of roe. June 18
Preferred (guar.)
'13.4 Sept.30 *Holders of roe. Sept. 15
Preferred (guar.)
*1% Dec. 3 *Holders of roe. Dec. 15
American Art Works corn.& pt.(gu.)--- $1.50 Oct. 15 Holders of rec.
Sept. 30
Amer. Bank Note, corn,(guar.)
50c Oct. 1 Holders of rec. Sept. 100
Preferred (guar.)
The. Oct. I Holders of rec. Sept. 106
Amer. Drown /3overl Elec., pref. (guar.) $1.7 Oct. I Holders of rec. Sept. 206
American Can, pro.(quar.)
11( Oct. I Holders of rec. Sept. 16a
Name of CorePanl.
1553
Per
When
Cent. Payable.
Boots Closed
Days Inclusive.
Miscellaneous (Continued).
American Chain. pref. (guar.)
11td Sept. 1 Holders of roe. Sept.21a
•
American Chatillon Co., pf.(au.)
114 Nov. 1 *Holders of reo. Oct. 20
American Chicle, corn.(Qum.)
50c. Oct. 1 Holders of roe. Sept.120
Amer. Colortype, corn. (guar.)
60e. Sept.30 Holders of rec. Sept. 12
50c. Sept. 27 Holders of rec. Sept.106
Amer. Encaustic Tiling, corn.(guar.)._
SeptdI4 Holders of rec. Sept. 5
2
Amer. Fork dr Hoe, corn. (guar.)
Oct. 1 *Holders of rec. Sept.14
Amer. Hardware Corp.(guar.)
Jan2'30 *Holders of roe. Dee, 17
Quarterly
300. Oct. 1 Holders of rec. Sept. 140
Amer. Home Products (monthly)
Oct. 1 Holders of rec. Sept. 120
$1
Amer. Internat. Corp., common
Oct. 1 Holders of rec. Sept. I20
/2
Corn. (payable In corn, stock)
American Locomotive, corn. (quar.)____ $2
Sept.30 Holders of roe. Sept.13a
Sept. 30 Holders of rec. Sept. 13a
Preferred (guar.)
American Manufacturing
75e. Oct. I Holders of roe. Sepias
Common (guar.)
750. Dec. 31 Holders of rec. Dee. 15
Common (guar.)
134 Mar. 31 Holders of roe. Mar.16
Preferred (guar.)
1% Oct. 1 Holders of roe. Sept.15
Preferred (quar.)
114 Dec. 81 Holders of reo. Dee. ts
Preferred (quar.)
American Radiator. common (guar.)._ $1.50 Sept.30 Holders of rec. Sept. ha
Amer. Radiator & Standard
37140 Sept.30 Holders of rec. Sept.lba
Sanitary Corp.. corn.(guar.)
50c. Oct. 15 Holders of rec. Sept.306
American Rolling MI11. corn. (quar.).
Oct. 1 Holders of rec.Sept.d10a
$1
Amer. Safety Razor (guar.)
25e. Oct. 1 Holders of roe Sept.d10a
Extra
Nov. 1 Holders of rec. Oct. 150
2
Amer. Shipbuilding, corn. (guar.)
131 Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
50e Oct. 1 Holders of rec. Sept.14a
American Stores (guar.)
1% Oct. 2 Holders of rec. Sept. 5a
Amer.Sugar Refg.,corn.(guar.)
1% Oct. 2 Holders of rec. Sept. 54
Preferred (guar.)
$1.50 Sept.30 Holders of rec. Sept. 14a
American Surety (guar.)
134 Oct. 1 Holders of rec. Sept. 10a
American Tobacco. pref. (guar.)
750 Oct. 1 Holders of rec. Sept. 18a
American Writing Paper. pref.(qual.)..
*50c Oct. 1 *Holders of rec. Sept. 16
American Yvette Co., pref.(guar.)
•85c Oct. 1 *Holders of rec. Sept. 14
Anchor Post Fence (gum.)
Oct. I *Holders of rec. Sept. 14
*e2
Stock dividend
$1.7 Oct. 1 Holders of rec. Sept. 20
Apex Electrical Mfg., pref. (guar.)
Oct. 1 Holders of rec. Sept. 20
$1
Pref. (acct. accrued dividends)
154 Oct. I Holders of rec. Sept. 10a
Armour & Co. of Del., pref. (guar.)
1% Oct. 1 Holders of rec. Sept. 100
Co. (III.) pref.(guar.)
Armour &
*37140 Oct. 1 *Holders of rec. Sept.16
Armstrong Cork, com.(guar.)
*12140 Oct. 1 *Holders of rec. Sept.16
Common (extra)
Oct. 1 Holders of rec. Sept.20a
Associated Apparel Industries (gU.).... $1
50c. Sept.30 Holders of rec. Sept. 14
Associated Breweries, corn
1% Oct. 1 Holders of rec. Sept.14
Preferred (guar.)
(o) Oct. 1 *Holders of reo. Sept. 1
Associated Laundries, new corn
50e. Sept.30 Holders of rec. Sept. 1611
Associated Oil (quar.)
8714c Sept.30 *Holders of rec. Sept. 22
Associates Investment, com.(guar.)._ *
*$1.75 Sept. 30 *Holders of rec. Sept. 22
Preferred (guar.)
Atlantic Gulf & Weet Indies 8.8. Lines.
Sept.30 Holders of roe. Sept.10a
$1
Preferred (guar.)
Dec. 31 Holders of rec. Dec. lie
$1
Preferred (guar.)
250. Sept.16 Holders of rec. Aug. 210
Atlantic Refining, corn. (guar.)
250. Sept. 16 Holders of rec. Aug. 21a
Common (extra)
$1.50 Sept. 30 *Holders of rec. Sept.20
Atlantic Steel (guar.)
Atlantic Terra Cotta, prior pref. (guar.) 114 Sept. 16 Holders of rec. Sept. 5
1
Sept.25 Holders of rec. Sept. 5
Preferred (guar.)
Sept. 10 Holders of rec. Aug. 30a
21
Atlas Powder, corn. (guar.)
Sept. 15 *Holders of rec. Sept. 5
*2
Autocar Co., pref. (guar.)
75e Oct. 1 Holders of roe. Sept.100
Safety Razor,cleat A (qua
Auto Strop
134 Oct. 1 Holders of roe. Aug. 1
Bakers Share Corp., 001n.(on.)
1)4 Jan 1'30 Holders of reo. Nov. 1
Common (gum.)
•75c Sept. 27 *Holders of rec. Sept.16
Balaban & Katz, corn, (guar.)
•114 Sept.27 *Holders of roe. Sept.16
Preferred (guar.)
*3735 Sept. 30 *Holders of rec. Sept.20
Baldwin Rubber, pref. A(MAO
- 1% Dee. 2 Holders of rec. Nov. Ile
Bamberger (L.)& Co..634% Pl. W13
Bancroft (Joseph) & Sons Co. corn.(gu.) 62%c Sept. 30 Holders of rec. Sept. 16
Oct. 15 *Holders of rec. Sept.30
Bankers Capital Corp.. prof.(quar.).... *S2
es2
Jan1510 *Holders of rec. Dec. 31
Preferred ((rear.)
50c. Oct. 1 Holders of rec. Sept. 144
corn. (guar.)
Barker Bros.,
119 Oct. 1 Holders of rec. Sept. 140
Preferred (guar.)
Oct. 1 *Holders of rec. Sept. 15
- 131
Beatrice Creamery common (guar.).
•
1,i Oct.
I *Holders of rec. Sept. 15
Preferred (guar.)
700. Oct. 10 Holders of rec. Sept.254
Beech-Nut Packing. corn. (qual.)
Sept.14 Holders of rec. Aug. 31
Belding-Corticelli. Ltd., pref.(guar.).134 Oct. 1 Holders of rec. Sept. 3
Belgo-Canadian Paper, pref. (quar.)
500. Oct. 1 Holders of roe. Sept. 100
Bendix Aviation Corp.(guar.)
Sept. 15 *Holders of rec. Sept. 1
2
Berkey & Gay Furniture. 8% pf.(qual.) *
750 'Sept. 16 Holders of rec. Aug. 23a
Best & Co. common (guar.)
(s) Sept.30 Holders of rec. Sept. 18a
(payable in com.stook)
Common
$1.50 Nov. 15 Holders of rec. Oct. 180
Bethlehem Steel common (guar.)
154 Oct. 1 Holders of rec. Sept. 64
Preferred (guar.)
*114 Oct. 1 *Holders of rec. Sept.20
Bibb Manufacturing (guar.)
I3Igelow Hartford Carpet. pref.(qual.).. *114 Nov. 1 *Holders of rec. Oct. 18
Oct. 1 Holders of rec. Sept. 1641
Blumenthal(Sidney) & Co.. prof(quar)_
ha% Oct. 1 Holders of roe. Sept. 1613
Preferred (accr. accum. diva.)
Bohn Aluminum dz Brass com.(quar.). *75c. Oct. 1 *Holders of rec. Sept. 14
50e. Oct. 1 Holders at rec. Sept. 14
Extra
Oct. 30 Holders of rec. Oct. 150
$1
Bon Aml Co., corn. class A (quat.)
50c. Oct. 1 Holders of rec. Sept.24
Common class B (guar.)
*20. Sept. 15 *Holders of rec. Aug. 31
Hoist Chico 011, class A (gu.)
*50c. Oct. 1 *Holders of rec. Sept. 14
Common (extra)
Oct. 1 Holders of rec. Sept. 16
*21
Borg-Warner Co., corn. ((Mar.)
21.75 Oct. 1 *Holders of rec. Sept. 16
•
Preferred ((Mar.)
Hose & Rub.,com.(on.)_ $1.50 Sept. 16 Holders of rec. Sept. 3
Boston Woven
50e. Oct. 1 Holders of rec. Sept. 150
Brill° Mfg. Co.. class A (guar.)
British-Amer. Tob. ordinary (interim)._ (n) Sept. 30 Holders of coup. No. 131
234 Sept.30 Holders of coup. No. 52
British-Amer. Tobacco preference
•150. Oct. 1 *Holders of roe. Sept. 3
British Type Investors (bi-monthly)._
*50c. Nov. 15 *Holders of rec. Nov. 1
Brown Durrell Co.. corn. (guar.)
•114 Oct. I *Holders of rec. Sept. 15
614% preferred (guar.)
•134 1/1130 *Holders of rec. Dec. 15
6/4% preferred (guar.)
Sept. 14 Holders of rec. Aug. 23
$1
Buckeye Pipe Line (guar.)
Bucyrus-Erie Co., common (guar.).... 250. Oct. 1 Holders of ree. Aug. 280
Oct. 1 Holders of rec. Aug. 28a
Preferred (guar.)
6214c Oct. 1 Holders of rec. Aug. 280
Convertible preference (guar.)
1.14 Sept. 30 Holders of rec. Sept. 106
Budd Wheel,7% pref.(guar.)
Oct. 1 Holders of rec. Sept. 150
Burns Bros.. pref.(guar.)
Burroughs Adding Machine
200 Sept.10 Holder, of ree. Ants 270
New no par stock (au.)(No.I)
*50c Nov. 1 *Holders of rec. Sept.27
Bush Terminal common (guar.)
Common (payable in common stock) *1114 Nov. 1 *Holders of rec. Sept.27
•114 Oct. 1 *Holders of rec. Sept. 13
Bush Terminal Irldgs. pref. (guar.)
Nov. 1 Holders of rec. Oct. 150
Byers(A.M.)Co.prof.(guar.)
By-Products Coke Corp. (guar.)
25c. Sept. 25 Holders of rec. Sept. 10a
California Ink class A & B new corn(qui *50c. Oct. 1 *Holders of rec. Sept. 20
Sept.15 Holders of roe. Aug. 310
California Packing (guar.)
21
Calumet & Arizona Mining (guar.)
$2.50 Sept.23 Holders of rec. Sept. 60
Sept. 30 Holders of rec. Aug. 31a
Calumet & Heels Consol.COPP.(Einar.) _ 21
Canada Cemen I 1 d.,pref. (quar.)... 114 Sept. 30 Holders of rec. Aug. 31
3734c Septd16 Holders of rec. Aug. 31
Canada Mal
(Quar.)
Canada WI
Sept. 15 Holders of rec. Aug. 31
$1
(
,COM.A ((Mar.)
Canadian •
Fdy.. pref. (guar.).
- 151 Oct. 10 Holders of rec. Sept. 25
Oct. 4 Holders of rec. Sept. 21
Canadian ,
2
.Ltd.. corn,(guar.).
154 Oct. 4 Holders of rec. Sept. 21
Prefere
(guar.)
Canadian General Electric, pref.(guar.)_ 13794c Oct. 1 Holders of rec. Sept. 14
Canadian 011 Cos.. pref. (guar.)
.2
Oct. 1 *Holders of rec. Sept.20
Canfield 011, oom.& pref.(guar.)
$1.75 Sept.30 Holders of reo. Aug. 10
Common & preferred (quar.)
$1.75 Dee. 31 Holders of res. Nov.20
Carnation Milk Products
*1 Jan 2'30 *Holders of roe. Deo. 21
Common (payable in common stock)
Carter (William) Co., pref.(guar.)
13.4 Sept. 16 Holders of rec. Sept. 9
Case (J. I.) Co.. corn.(guar.)
134 Oct. 1 Holders of rec. Sept. net
Preferred (guar.)
114 Oct. 1 Holders of rec. Sept. 120
Central Alloy Steel common (quar.)._
50c Oct. 10 Holders of rec. Sept. 256
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 130
Chelsea Exchange Corp.class A as B (on) 25e Nov. 15 Holders of ree. Nov. 1
Class A & B (guar.)
25e Fb15'30 Hold. of roe. Jan.31'30
Class A & B (guar.)
25c My1510 Hold. of MO. May 1 '30
Chesebrough Mfg. Cons.(guar.)
$1 Sept.30 Holders of rec. Sept. 10
Extra
500 Sept. 30 Holders of roe. Sept. 10
134
154
154
151
114
194
1554
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Chicago Yellow Cab (monthly)
251. Oct. 1 Holders of rec. Sept. 200
Monthly
250. Nov. 1 Holders of rec. Oct. 18a
Monthly
25e. Dec. 2 Holders of rec. Nov. 206
Chickasha Cotton Oil (guar.)
75c. Oct. 1 Holders of rec. Sept. 100
Childs Co., corn.(guar.)
600. Sept. 10 Holders of rec. Aug. 230
Preferred (guar.)
134 Sept. 10 Holders of rec. Aug. 236
Chile Copper Co.(quar.)
8736c Sept. 30 Holders of rec. Sept. 4
Chrysler Corp.(guar.)
750. Sept. 30 Holders of rec. Sept. 3a
Cities Service Co. common (monthly)
236e. Oct. I Holders of rec. Sept. 15
Common (payable in common stock)_ _ f34 Oct. I Holders of rec. Sept. 15
Preferred and preference BI3 (mthly.)
50e. Oct. 1 Holders of rec. Sept. 15
Preference B (monthly)
Sc. Oct. 1 Holders of ree. Sept. 15
City Ice dc Fuel, cont. (guar.)
6
90c. Aug. 31 Holders of rec. Aug. 15
Preferred (guar.)
1% Sept. 1 Holders of rec. Aug 150
City Stores class A (guar.)
8736c. Nov. 1 Holders of rec. Oct. 150
Clark Equipment. corn. (guar.)
.750. Sept. 16 "Holders of rec. Aug. 31
Coats (J. P.). Ltd.
Amer dep. rcts. for ordinary shares_ _ _ wed. Oct. 5 *Holders of rec. Sept. 7
Coca-Cola Co.. corn. (quar)
Oct. I Holders of rec. Sept. 120
31
Cockshutt Plow, Ltd. (guar.)
3736c Nov. 1 'folders of rec. Oct. 15
Colgate-Palmolive-Peet Co., pref. (qu.)_
136 Oct. 1 Holders of rec. Sept. 7
Preferred 'guar.)
134 Janl'30 Holders of rec. Dec. 7
Colt's Patent Fire Arms Mfg. (qu.) _ _ 50c. Sept. 30 *Holders of rec. Sept. 12
Oct. 1 Holders of rec. Sept. 50
Commercial Invest. Trust corn. (guar.). SI
0
Common (payable in common stock)_ ft
Oct. 1 Holders of rec. Sept. 5
7% first Preferred (guar.)
pm Oct. 1 Holders of rec. Sept. 50
63(% first preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 56
Holders of rec. Oct. 2a
Commercial Invest. Trust. corn.(In stk.) (z)
Commercial Solvents (guar.)
Oct. 1 Holders of rec. Sept. 130
32
Community State Corp.. A & B (guar.). 136 Dee. 31 Holders of roe. Deo. 20
Congress Cigar (guar.)
$1.25 Sept.30 Holders of rec. Sept. 140
Extra
250. Sept. 30 Holders of rec. Sept. 140
*$1.50 Oct. 1 *Holders of ree Sept. 15
Consumers Co., prior pref. (guar.)
Container Corp. pref. (guar.)
'13.( Oct. 1 'Holders of rec. Sept. 11
Continental Can. pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 146
1
Sept. 16 Holders of rec. Aug. 31
Cooksville Co. pref. (guar.)
COON(W.B.) Co., corn
.600. Nov. 1 *Holders of MC. Oct. 10
Preferred
•134 Nov. 1 'Holders of rec. Oct. 10
Coty, Inc. (guar.)
50c. Sept. 30 Holders of rec. Sept. 120
Stock dividend
114 Nov. 27 Holders of rec. Nov. 12
Courts Building Corp. pref.(qu.)(No. 1)•S1.75 Oct. 1 *Holders of rec. Sept. 15
Crane Co., corn. (guar.)
4334c. Sept. 16 Holders of rec. Aug. 31
1% Sept. 16 Holders of rec. Aug. 31
Preferred (guar.)
Crosley Radio (stock dividend)
84 Dec. 31 Holders of rec. Dec. 200
Crowley. Milner Co. (guar.)
*50c. Sept. 30 *Holders of rem Sept. 10
Crown Williamette Paper, 1st pt.(qu.) _ - 81.75 Oct. I Holders of rec. Sept. 130
Second preferred (guar.)
$1.50 Oct. 1 ITolders of rec. Sept. 13
Crown Zellerbach Corp. corn. (quar.)..
25c. Oct. 15 Holders of roe. Sept. 300
Crucible Steel pref. (guar.)
134 Sept. 30 Holders of rec. Sept. 160
Sept. 16 Holders of rec. Aug. 31
SI
Cumberland Pipe Line (guar.)
Como Press, pref.(guar.)
•134 Sept.15 *Holders of rec. Sept, 1
e0234c Oct. 1 *Holders of roc. Sept. 14
Curtis Mfg. (guar.)
Curtis Publishing common (monthly)
.500. Oct. 2 *Holders of rec. Sept.20a
51.75 Oct. 2 Holders of ree. Sept. 20
Preferred (guar.)
20
Curtiss Aeropl. & Motor, corn
80as Sept. 16 Holders of rec. Sept.
57e
Cutler Hammer, Inc. (guar)
Sept. 14 Holders of rec. Sept. 9a
David & Frere, Ltd., class A (quar.)....
Sept. 18 Holders of rec. Aug. 31
He.
5
Decker (Alfred) & Cohn, corn. (0u.)
.500. Sept.6 'Holders of rec. Sept. 14
1.5
Deere & Co.. corn.(guar.)
30 Oct. 1 Holders of rec. Sept. 31
*Holders of r ec. Aug.
Del. Lack. & West. Coal (guar.)
'
32.56
..1u Sept. 16
Detroit-Mich. Stove pref. (guar.)
Sept. 10 "Holders of rec. Sept. 1
3
Diamond Match (guar.)
Sept. 16 Holders of rec. Aug. . la
2
Draper Corporation (guar.)
Oct. 1 Holders of rec. Aug. 31
SI
Dow Chemical. corn. (In common stock) 1400 Subject to stockholders approval
20
Duncan Mills preferred (guar.)
*134 Oct. 1 *Holders of roe. Sept. la
Dunhill Internat. common (guar.)
Oct. 15 Holders of rec. Oct.
$1
Common payable in common etock)_ _ fl
Oct. 15 Holders of rec. Oct. la
Common (auar.)
Jn 15'30 Holders of rec. Dec. 310
$1
Common (payable in corn.stock)
Jn 15'30 Holders of rec. Dec. 3I0
ft
Ap15'30 Holders of rec. Apr, la
Common (guar.)
81
Ap15'30 Holders of rec. Apr. la
Common (payable In corn. stock)
fl
Du ,
' -3.1.)de Nem.& Co.,corn.(qu.) $1
Sept. 14 Holders of rec. Aug. 28a
ma(l
Debenture stock (quar.)
134 Oct. 25 Holders of rec. Oct. 100
Eastern Bankers Corp., pref. (quar.)
$1.75 Nov. 1 Holders of rec. Sept.30
$1.76 FebV30 Holders of rec. Deo. 81
Preferred (quar.)
Eastern Utilities Invest., pr. Pref.(qu.)- 51.25 Oct. 1 Holders of rec. Aug. 31
Eastman Kodak, corn. (guar.)
$1.25 Oct. 1 Holders of rec. Aug. 3I6
Common (extra)
750. Oct. 1 Holders of rec. Aug. 3I6
Preferred (guar.)
.13$.761rip... 165 Holders of rec. Aug. 316
: cttt 1
1
12 s, p
Holders of rec. Sept. 1
Edison Bros. Stores, Inc., pref. (guar.)
Holders of roc. Sept. 30
Eltingon Schild Co., Inc. 1st pt.(Qui --$
Eldorado 011 Works (guar.)
Sept. 14 *Holders of rec. Aug. 31
Elec. Controller & Mfg., corn (guar.) _ $1.25 Oct. 1 Holders of rec. Sept. 20
Elect. Storage Bat.. corn.& pf.(qu.) -- 41.25 Oct. 1 Holders of rec. Sept. 90
50c. Sept.24 Holders of rec. Aug. 31a
Emporium-Capwell Corp., corn.(quar.).
Equitable Financial Corp., el. A (qu.)..
30e. Sept. 15 Holders of rec. Sept. 3
Equitable Office Bldg., corn. (qu.)
6234e Oct. 1 Holders of rec. Sept. 16
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. le
Erskine-Danforth Corp., pref. (guar.) _ _
Oct. 1 Holders of rec. Sept. 26
2
Evans Auto Loading, stock dividend. *02
Oct. 1 'Holders of roc. Sept. 20
Fairbanks, Morse & Co., corn. (guar.)._
75e. Sept. 30 Holders of rec. Sept. 120
Fair (The), corn. (guar.)
60e. Nov. 1 Holders of rec. Oct. 21a
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 21a
Sept. 17
Faultless Rubber, corn. (guar.)
50c. Oct. 1
Sept. 17
Preferred (guar.)
134 Oct. 1
Federal Knitting Mills, pref.(guar.).-- - .
134 Oct. 1 'Holders of rec. Sept. 20
Federal Mining & Smelting, pfd.(gu.)- 134 Sept. 16 Holders of rec. Aug. 236
Federal Motor Truck (guar.)
20e. Oct. 1 Holders of rec. Sept. 200
Feltrnan & Curme Shoe Stores pf. (qu.)_
134 Oct. 1 Holders of rec. Sept. 1
Ferry Cap & Screw (guar.)
50c. Oct. 1 Holders of rec. Sept. 15
Fifth Ave. Bus Secur. (guar.)
tile. Sept. 30 Holders of rec. Sept. 140
Firstbrook Boxes. Ltd., pref. (quar.)
1.56 Sept. 15 Holders of rec. Aug. 31
First National Stores, COM.(qusx.)
3736e Oct. 1 Holders of rec. Sept. 166
Fitz Simons & Connell Dredge dr Dock_ _
Common (stock My., 1-40th share).-- (f) Dee. 1
Florsheim Shoe, Prof. (guar.)
136 Oct. 1 Holders of rec. Sept. 166
Follansbee Brothers. Corn. (guar.)
500. Sept. 16 Holders of rec. Aug. 310
Common (special)
251. Sept. 15 Holders of rec. Aug. 316
Preferred (guar.)
136 Sept. 15 Holders of rec. Aug. 31
Foote Bros. Gear & Mach., corn. (guar.) .
30c. Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
*$1.75 Oct. 1 *Holders of roe. Sept. 20
Foote-Burt Co. (guar.)
65c. Sept. 16 Holders of rec. Sept 5
Forhan Co.. class A (guar.)
*40c. Oct. 1 'Holders of rec. Sept. 13
Formica Insulation (gear.)
.35c. Oct. 1 'Holders of roe. Sept. 14
Quarterly
•350. Jan1'30 *Holders of rem Dec. 14
Fuller (George A.) Co., prior pref. (qu.) 81.50 Oct. 1 Holders of rec. Sept. 10a
Second preferred (quar.)
31.50 Oct. 1 Holders of rec. Sept. 10
Gamewell Co., corn. (guar.)
$1.25 Sept. 16 Holders of rec. Sept. Oa
Garlock Packing, corn. (No. 1)
30e. Oct. 1 Holders of rec. Aug. 31
General Amer. Tank Car, corn. (quar.). 31
Oct. 1 Holders of roe. Sept. 130
Common (payable In common stock). 1
Oct. I Holders of rem Sept. 130
.11 Jan 1'30 *Holders of rec. Dee. 13
Gen. Amer. Tank Car, corn. (In stk.)General Motors Corp., corn.(quar.)....
75c. Sept. 12 Holders of rec. Aug. 1761
6% preferred (quar.)
1% Nov. 1 Holders of rec. Oct. 70
7% preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 76
6% debenture stock (quar.)
146 Nov. 1 Holders of rec. Oct. 70
General Paint, class A (guar.)
*50c. Oct. 1 "Holders of rec. Sept. 17
Class B (guar.)
"3736c Oct. 1 *Holders of rec. Sept. 17
Gerrard (S. A.) Co., com.(guar.)
"3736c Dec. 1 *Holders of rec. Nov. 15
GladdIng,McBears& Co.corn(in corn stk) '2
Oct. 1 "Holders of rec. Sept. 20
Gleaner Combine Harvester, corn. (au.)_ SI
Oct. 1 Holders of rec. Sept. 16
Glidden Co.,corn.(guar.)
50e. Oct. 1 Holders of rec. Sept. 180
Corn.(payable in common stock)
fl Oct. 1 Holders of roe. Sept. 18a
Prior preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 186
Globe Grain & Milling, let pt. (qu.) _ .43,44c Oct. 1 *Holders of rec. Sept. 20
Second preferred (guar.)
•
500. Oct. 1 *Holders of rec. Sept. 20
Goldberg (S. M.)Stores. 87 pref.(guar.) $1.76 Sept. 16 Holders of roe. Sept. d3
$1.50 Sept. 30 Holders of rec. Sept. 176
Gold Dust Corp., prof. (guar.)
54e. Sept. 10 *Holders of rec. Aug. 31
Golden Cycle Mining & Red. (qua?.)...
Dec. 1 'Holders of roe. Nov. 15
Golden State Milk Products (stk. div.)_ "61
134 Oct. 1 Holders of roe. Sept. 106
Goodrich (B. F.) Co., prof. (guar.)
[Vol,. 129.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (amanued).
Goodyear Tire & Rubber, corn. (quar.). *31.25 Nov. 1 "Holders of rec. Oct. 1
First preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 1
Goodyear Tire & Rub.. Can., corn. (qu.) 51.25 Oct. I Holders of rec. Sept. 14
Oct. 1 Holders of rec. Sept. 14
Common (extra)
*5
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept. 14
Gorham Mfg., com. (guar.)
50c. /ce. 1 Holders of rec. Nov. I
Gotham Silk Hosiery, corn. (quar.)..._ 62350 Oct. 1 Holders of rec. Sept. 12s
Grand Rapids Furniture, pf.(qu.)(No.1) .
50c. Oct. 1 Holders of rec. Sept. 20
Grand Rapids Varnish (guar.)
.25e. Sept.30 Holders of rec. Sept.20
(ltlartecrliyty
*25c. Dec. 31 Holders of rec. Dee. 20
Granite
Sept. 30 Holders of rec. Sept. 14a
Steel (guar.)
SI
Greene Cananea Copper Co. (guar.)__-- S2
Oct. 7 Holders of rec. Sept. 120
Greenfield Tap & Die,6% pref,(quar.)_
1% Oct. 1 Holders of rec. Sept. 14
Eight per cent pref. (guar.)
Oct. 1 Holders of rec. Sept. 14
2
Greenway Corp., 5% pref. (guar.)
"750. Nov. 15 •Ffolders of roe. Nov. 1
Grigsby Grunow, new stk. (qu.)(No. 1) *501. Oct. 1 "Holders of rec. Sept. 20
Gruen Watch, common (guar.)
.
50o. Dec. 1 "Holders of rec. Nov. 20
500. Wrl'30 "Hold. of rec. Feb. 1S'30
Common (guar.)
•
Preferred (guar.)
•1% Nov. 1 'Holders of roe. Oct. 21
•1q
Preferred (guar.)
Febl'30 *Hold. of ree. Jan. 21'30
Gulf States Steel, corn. (guar.)
Oct. 1 Holders of rec. Sept. 166
SI
Preferred (guar.)
I% Oct. 1 Holders of rec. Sept. lea
1% Jan 2'30 Holders of rec. Dec. 161
Preferred (guar.)
Habirshaw Cable & Wire (guar.)
25c. Oct. 1 Holders of rec. Sept. 30
Hall (C. M.) Lamp (guar.)
.3734c Sept. 16 "Holders of rec. Sept. 2
Extra
•1236c Sept. IC *Holders of rec. Sept. 2
Hancock Oil, corn. A. stock)
(In
'150 Subject to stockholders approval.
Hanes(P. H.) Knitting, Prof.(guar.) _ _
1% Oct. 1 Holders of rec. Sept. 20
Hanna(M. A.) Co., let pref. (quar.)_ _ _
134 Sept. 20 Holders of rec. Sept. 5a
Harbison-Walker Herr., pref. (guar.)... 136 Oct. 19 Holders of rec. Oct. 90
Harrods. Ltd.Arner. deposit rcts. for ord. shares.--- *to10 Sept. 23 Holders of rec. Aug. 15
Hawaiian Come & Sue.(mthly)
"250. Oct. 5 Holders of rec. Sept. 25
Monthly
.
250. Nov. 5 'Holders of rec. Oct. 25
Monthly
.25e. Dec. 5 *Holders of rec. Nov. 25
Hawaiian Pineapple (stock dividend)... *020 Jan 130 *Holders of rec. Nov. 15
Hayes Body Corp. (guar.) (pay. In stk.) 2
Oct. I Sept. 26 to Sept. 30
Quarterly (payable In stock)
Jan 2'30 Des, 26 to Jan. 1
2
Hayes Jackson Co., el. A (guar.)(No. 1) .240. Oct. I 'Holders of rec. Sept. 10
•134 Oct. 1 'Holders of rec. Sept. 10
Preferred (guar.)
Hecht Mining (quar.)
.25c. Sept. 15 *Holders of rec. Aug. 15
Helms (George W.) Co., corn. (guar.)._ $1.25 Oct. 1 Holders of rec. Sept. 100
Preferred (guar.)
1)4 Oct. I Holders of rec. Sept. 100
Hercules Powder, corn. (guar.)
750. Sept.25 Holders of rec. Sept. 140
3,50. Sept.27 Holders of rec. Sept.20
Ffibbard.Spencer.Bartlett&Co.(mthly.) _
Hires (Charles E.) Co., corn. A.(guar.)50c. Dec. 1 Holders of rec. Nov. 16
Class B & management stock
51
Sept. 1 Holders of rec. Aug. 15
Holland Furnace (guar.)
(a) Oct. 1 Holders of rec. Sept. 14
Hollinger Consol. Gold Mines (monthly)
5c. Sent. 9 Holders of rec. Aug. 230
Holophane Co., common
.35c. Oct. 1 "Holders of rec. Sept. 15
Preference
"51.05 Oct. 1 'Holders of rec. Sept. 15
Honolulu Conga 011 (guar.)
*50c. Sept. 14 *Holders of rec. Sept. 5
Hoskins Mfg.(quar.)
•60c. Sept. 30 *Holders of rec. Sept. 15
Houdaille-Hershey Corp., Cl, A (gu.) .6736c Oct. 1 *Holders of rec. Sept. 20
Class B (qua?.)
3736e Oct. 1 Holders of rec. Sept. 208
Hudson Motor Car (guar.)
51.25 Oct. 11 Holders of rec. Sept. Ila
Hupp Motor Car Corp.(stk dly.)(guar.) 0234 Nov. 1 Holders of rec. Oct. 156
"2
Huron & Erie Mortgage (guar.)
Oct. 1
*60e Oct. 15 *Holders of rec. Oct. 3
Illinois Brick (guar.)
Imperial Tobacco of Can., corn,(guar.). 7%c. Sept. 27 Holders of rec. Sept. 6
3
Sept. 30 Holders of rec. Sept. 6
Preferred
.400. Oct. 1 "Holders of rec. Sept. 15
InlandPaperBoard,com.(qu.)
(No.1)_ _
Oct. 7 Holders of rec. Sept. 190
Inspiration Consol. Copper Co.(guar.). 31
$1.25 Oct. 10 Holders of roe. Sept.210
Internat. Business Mach. (guar.)
Sept 27 Holders of rec. Sept. 110
International Cement, corn. (quer.) _ - _ $1
134 Oct. 1 Holders of rec. Sept. lea
Internat. Combustion Eng.. prof. (gU.)62350 Oct. 15 Holders of roe. Sept. 250
Internat. ITarvester, corn. (guar.)
25e. Sept.30 Holders of rec. Aug. 316
Internat. Nickel of Canada, COM. 01113Tnternational Proprietaries, Ltd.
65c. Sept. 15 Holders of rec. Aug. 25
Glass A (guar.)
51.50 Oct. 1 'folders of rec. Sept. 160
International Salt (guar.)
50e. Oct. 1 Holders of roe. Sept. 15
International Shoe. pref. (monthly)__
"50e. Nov. I 'Holders of rec. Oct. 15
Preferred (monthly)
'500. Dec. 1 *Holders of rob. Nov. 15
(monthly)monthly)
.600. Jan 1'30 *Holders of roe. Dee. 15
Preferred(
r rre
1% Oct. 1 Holders of rec. Sept. 120
International Silver, pref. (guar.)
$2 Oct. 1 Holders of rec. Sept. 16
Intertype Corp., lot pref. (guar.)
50c. Oct. 1 Holders of rec. Sept. 160
Investors Equity, Inc. (guar.)
50c. Sept. 30 Holders of rec. Aug. 31
Isle Royale Copper Co
.75e. Oct. 1 "Holders of rec. Sept.17
Jefferson Electric (guar.)
710. Oct. 15 Holders of rec. Oct. 30
Jewel Tea, common (quar.)
750. Oct. 15 Holders of rec. Sept. 240
Johns-Manville Corp., corn. (quar.)_ _ _ _
Preferred (guar.)
136 Oct. 1 Holders of rec. Sept. 100
Joint Security Corp
Nov. 1 Holders of rem Oct. 20
Corn.(Payable In corn. stock)
fl
Jones & Laughlin Steel, pref.(au.)
134 Oct. 1 Holders of rec. Sept. 130
Kalamazoo Vegetable Parchment(qu.)-. "150. Sept. 30 'Holders of rec. Sept. 20
"15e. Dec. 31 "Holders of rec. Dee. 21
Quarterly
Kaufmann Dept. Stores, pref.(guar.) __
1% Oct. 1 Holders of rec. Sept. 10
.62%e Oct. 15 *Holders of ree. Sept. 30
Kawneer Company (guar.)
Quarterly
'8234o Jan15'30 *Holders of rec. Des. 31
500. Oct. 1 Holders of rec. Sept. 206
Kelsey-Ifayes Wheel Corp., corn.(quar.)
$1.25 Oct. 1 Holders of rec. Aug. 30a
Kennecott Copper Corp. (guar.)
Sept. 16 'Holders of rec. Aug. 31
Kilburn Mill (guar.)
*S1
62550 Oct. 1 Holders of rec. Sept. 120
Kimberly-Clark Corp., corn.(guar.).
250. Oct. 1 Holders of rec. Sept. 166
Kinney (Cl. R.) & Co., corn. (Oust.)....
Sept. 10 'Holders of ree. Aug. 31
•1
Kirby Lumber (guar.)
•1% Dee. 10 'Holders of rec. Nov.30
Quarterly
84,140. Oct. 1 Holders of rec. Sept. 16
Knapp Monarch Co., pref. (guar.)
Knox Hat, non-voting corn.;gu.)(No. 1) '$1.50 Sept. 15 "Holders of rec. Aug. 15
.51.50 Sept. 15 'Holders of rec. Aug. 15
Common class A (guar.)
Prior preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. lOo
750 Dec. 2 Holders of rec. Nov. 16a
Participating Pref.(guar.)
Kraft-Phenix Cheese, corn. (guar.)
37%c Oct. 1 Holders of rec. Sept. 106
Preferred (guar.)
1.62% Oct. 1 Holders of rec. Sept. 100
40c. Sept. 30 Holders of rec. Sept. 100
Kresge (S. S.) Co., corn. (guar.)
131 Sept. 30 Holders of rec. Sept. 100
Preferred (guar.)
Lake Shore Mines (guar.)
20e. Sept. 17 Holders of rec. Sept. 3
200. Sept. 17 Holders of roe. Sept. 3
Extra
Lakey Foundry & Mach., stk. dividend_ "e23-4 Oct. 30 'Holders of rec. Oct. 15
Landers, Frary & Clark (guar.)
.
76e. Sept- 30 *Holders of rec. Sept.20
750. 1/00. 31 *Holders of roe. Deo. 21
.
Langendo lt United Bakeries-.
Qlanerr y
Class A and 13 (qua?.)
.500. Oct. 15 *Holders of roe. Sept. 30
"600. Ja 15'30 'Holders of roe. Doe. 30
Class A and 13 (guar.)
Leath & Co.. pref.(guar.)
8734c Oct. I *Holders of roe. Sept. 15
Lehigh Portland Cement, pref.(quar.)
134 Oct. 1 Holders of rec. Sept. 140
Lehigh Valley Coal Corp.. pref. (quar.)_
75c. Oct. I Holders of rec. Sept. 126
90e. Sept. 30 Sept. 13 to Sept. 30
Lehigh Valley Coal Sales (guar.)
250. sept. 30 Holders of roe. Sept. 11
Lessings. Inc., common (guar.)
.56e. Sept. 15 *Holders of rec. Aug. 31
Leslie California Salt (guar.)
Liggett & Myers Tobacco pref. (guar.).134 Oct. 1 Holders of ree. Sept. 100
London Packing (guar.)
*75c. Oct. 1 *Holders of rec. Sept. 16
Lunkenheimer Co.. corn. (guar.)
•3736c Sept. 14 *Holders of me. Sept. 5
Preferred (guar.)
'134 Sept. 30 *Holders of rec. Sept.20
•Iy.4 Deo, 31 *Holders Of fee. Dec. 51
Preferred (guar.)
Nov. 1 *Holders of rec. Oct. 15
Luther Mfg.(guar.)
.2
Matheson (FL R) pref. (guar.)
131 Oct. 1 Holders of rec. Sept. 20a
Sept. 1 Holders of rec. Aug. 20
Mange( Stores Corp.. pref. (guar.)
134
•144 Nov. 15 'Holders of roe. Nov. 6
Mangin (I.) Co., pref. (qu.)
50e. Oct. 1 'folders of rec. Sept. 16
Mapes Consol. Mtg. (guar.)
400. J'n15'30 *Holders of roe. Dec. 31
Merchant Calculating Mach. (guar.).- •
Mathleson Alkali Works, corn.(guar)- - £500. Oct. 1 Holders o f rec. Sept. 76
1% Oct. 1 Holders of rec. Sept. 70
Preferred (quar.)
•301. Sept. 25 *Holders of rec. Aug. 31
McFadden Corp
McKesson dr Robbins, Inc., pref. (qu.). 87Sie Sept. 16 Holders of rec. Aug. 316
75c. Oct. 1 Holders of roe. Sept. 15
Mead, Johnson dr Co. (guar.)
250. Oct. 1 Holders of roe. Sept. 15
Extra
50c. Sept. 15 Holders of rec. Sept. 1
Melchers Distilleries, class A
31.25 Sept. 30 Holders of rec. Sept. 40
Mergenthaler Linotype (guar.)
500. Sept. 30 Holders of rec. Sept. 40
Extra
SEPT. 7 1929.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Itself:sire.
Miscellaneous (Coni45tter )•
1
Dec. I •Holders of rec. Nov.20
Meteor Motor Car (guar )
Metro-Goldwyn Pictures. pref. (cparir.)__ 473(c Sept. 15 Holders of rec. Aug. 304
Oct. 1 Holders of rec. Sept. 15
I
Metropolitan Paving Brick, pref.(qu.)
50c. Sept. 15 Holders of rec. Sept. 39
Midland Royalty, cony. pref. (quar.)..
750. Oct. 1 Holders of rec. Sept. 17
Midvale Company (guar.)
Miller & Hart, Inc.,cony. pref. (guar.) *8734c Oct. 1 *Holders of rec. Sept. 15
500. Oct. 1 Holders of rec. Sept. 15
Miller (I.) & Sons, Inc., corn. (guar.)- Minneapolis-Honeervell.r cg. prof. (gu.) •13( Nov. 15 *Holders of rec. Nov. 1
250. Oct. 15 Holders of reo. Sept. 30
Mitchell (Robert) Co. Ltd.(quar.)
4e100 Subjec to stockholders approval
Mohawk Investment Corp. (in stock).
•45e. Oct. 1 *Holders of rec. Sept 20
Moniglaan Mfg., corn. A ((mar.)
.31340 Oct. 1 *Holders of rec. Sept. 14
Monsanto Chem. Works, new stock _
Oct. 1 *Holders of rec. Sept. 14
Stock dividend
Montgomery Ward & Co.. Cl. A ((Ins?.)- *51.75 Oct. 1 *Holders or rec. Sept.20
13.4 Sept. 1 Holders of rec. Aug. 31
Montreal Cottons, Ltd., corn. (guar.)
134 Sept. 1 Holders or rec. Aug. 31
Preferred (guar.)
Moody's Investors Service7bc. Nov.1 Holders of rec. Nov. 1
Partlelprither prof. Reuel
90c. Sept. 14 Holders of rec. Aug. 310
Morrell (John) & Co. (guar.)
*Holders of rec. Sept.20
*50c. Oct.
Motor Products. corn. (guar.)
$1
Sept.2 Holders of rec. Sept. ba
Motor Wheel Corp., corn
Oct. 1 Holders of rec. Sept. ba
Common (payable In common stock) 120
Muncie Gear Co., pref., class A (guar.) 450c. Oct. 1 *Holders of rec. Sept. 15
*50o. Jan 1'30 'Holders of roe. Dee. 15
Preferred, class A ((luar.)
1
•$,
Oct. 2 *liolders of rec. Sept. 20
Murphy (G. C.) Co., pref. (rInar.)
500. Sept.30 Fielders of rec. Sept. 140
Myers(F. E.) & Bros. Co.. cam.(gu.)
$1.50 Sept. 30 Holders of rec. Sept. 14a
Preferred (guar.)
- 25c. Oct. 15 fielders of rec. Oct. la
Nat. Belles-Hess. new corn.(guar.).
250. Jan15'30 Holders of reo. Jan.2'300
New common (guar.)
Oct. 15 Holders of me. Oct. la
el
Stock dividend Mara
Ja.15'30 Holders of reo. Jan.2'30a
el
Stock dividend (guar.)
$1.50 Oct. 15 Holders of rec. Sept. 27a
National Biscuit. Corn. (QIlar.)
134 Sept. 16 Holders of rec. Aug. 31
National Brick, pref. (guar)
3735c Oct. 1 Holders of rec. Sept. 3a
National Dairy Products, corn.(quar.)
Oct. 1 Holders of rec. Sept. 3a
Common (payable in common stork) ft
Oct. 1 Holders of rec. Sept. 34
Common (payable In corn. stk.)(extra) el
*Holders of rec. Sept. 10
Nat'l Dairy Products corn.(in corn.stock.) *e150
1123.4t. Oct. 15 Holders of rec. Oct. 1
Nat. Fireproofing, pref. (guar.)
National Food Products
2
Oct. 15 Holders of rec. Oct.
Class B (payeble In class a gm.)
Oct. 1 *Holders of rec. Sept. la
*2
Nat. Grocers, Ltd., pref. ((Iliac.)
- •600. Oct. 2 *Holders of rec. Aug. 31
National Holding Corp., corn.(Qua...
134 Sept.30 Holders of rec. Sept. 134
National Lead .corn. (guar.)
1•4 Sept. 14 Holders of rec. Aug. 309
Preferred A (guar.)
134 Nov. 1 Holders of rec. Oct. 180
Preferred B (quar.)
50c. Oct. 1 Holders of rec. Sept. IS
National Steel Car (guar.)
50e.10ct. 1 Holders of rec. Sept. 3
Nat. Sugar Refg. Mar.)
$1.75 Sept.30 Holders of rec. Sept. 200
National Supply, pref. (guar.)
51.25 Oct. 1 Holders of roe. Sept. I7a
National Surety (guar.)
25c.'Sept. 13 Holders of rec. Aug. 31
National Transit
Neptune Meter, class A & B Mar.) _ _ .50e. Sept. 15 *Holders of rec. Sept. 1
.27340 Oct. 1 'holders of rec. Sept. 16
Newberry (J. J.) Co., corn.(guar.)
*3734c Sept. 10 "Holders of rec. Aug. 31
New York Auction (quar)
40e. Oct. 15 Holders 01 rec. Sept.20
New York Transit
*50c. Sept. 2S *fielders of rec. Sept. 13
New York Transportation (guar.)
43 c. Oct. 1 Holders of rec. Sept. 20
Nichols Copper Co., class A (guar.)
'750. Nov. 1
Class 1)
600. Oct. 2 Holders of rec. Aug. fila
Nickel Holding Corp., corn.(glum)._
Noblitt Sparks Industries (guar.)
•75e. Oct. 1 Holders of rec. Sept. 20
North American Provision, pt. (guar.)._ •134 Oct. 1 *fielders of rec. Sept. 10
North Central Texas 011 pref (guar.) 2 1.6234 Oct. 1 Holders of roe. Sept. 10
Northern Manufacturing, Pref. (guar.) 19c. Dec. 1
Ohl° 011, coin. (guar.)
•50c. Sept. 14 *Holders of rec. Aug. 12
Common (extra)
.234 Sept. 14 *Holders All rec. Aug. 12
3734c. Sept.20 Holders of rec. Sept. 100
Oil Shares, Inc.. corn. ((Iuar.)
51.50 Oct. 1 Holders of rec. Sept. 10a
Oliver Farm Equip, prior pref. ((Mar.)
750. Oct. 1 Holders of rec. Sept. 10a
Cony. panic. pref. (quar)
52
Omnibus Corp. (guar.)
Oct. 1 Holders of rec. Sept. 13a
134 Oct. 15 Holders of roe. Sept.30a
Otis Elevator, pref. (guar.)
13.4 J'n15'30 Holders of ree. Dec. 31a
Preferred (gear.)
"6234c Oct. I "Holders of rec. Sept. 19
Otis Steel, corn. (guar.) (No. 1)
Preferred (guar.)
*134 Oct. 1 *Holders of rec. Sept. 19
•75c. Oct. 1 *Holders of rec. Sept.20
Pacific Finance Corp., corn. (guar.)
11
Oct. 1 *Holders of rec. Sept.20
Corn.(payable In common stock)
•134 Nov. 15 *Holders of rec. Nov. 6
Paepcke Corp., corn. (guar.)
Preferred ((uar.)
•134 Oct. 1 "Holders of rec. Sept. 24
ParaffIne Cos., corn. (guar.)
Sept.27 Holders of rec. Sept. 17
$1
75c. Oct. 1 Sept. 21 to Oct. 1
Paragon Refining, pref. A (guar.)
Glic. Oct. 2 Holders of rec. Sept. 21
Paramount Cab Mfg.(guar.)
750 Sept.25 Bottlers of roc. Sept. 60
Paramount Earn. Lasky Corp..com.(C111.)
•250. Sept. 30 *Holders of rec. Sept.20
Parke. Davis & Co ((ivar.)
*10c Sept. 30 *Holders of rec. Sept. 20
Extra
Park & Tilford, Inc. (guar.)
750. Oct. 14 Holders of rec. Sept. 30o
Stock dividend
1
Oct. 14 Holders of rec. Sept. 30a
Quarterly
75e. Jan14'30 'Holders of ree. Dec. 30a
Stook dividend
1
Jan14'30 Holders of rem flea. 30a
Quarterly
750. Apric30 Holders of rec. Mar. 211a
Apr14'30 Holders of tea. Mar. 29a
Stock dividend
I
Parmelee Transeortation, corn. (rothlY.) •1234c Sept. 10 "Holders of rec. Aug. 30
Patine Mines & Enterprises Consul
American shares
97c. Sept. 25 Holden; of rec. Aug. 31
Penn-Dixie Commit. pref. blunt.)
$1.75 Sept. 15 Holders of rec. Aug. 31a
Peoples Drug stores, MM.
.250. Oct. 1 *Holders of rec. Sept. 8
(0050.)
Preferred (guar.)
11 624 Sept. 15 +Holders of rec. Sept. 1
5 c. Oct. 1 Holdens of rec. Sept. 20
.
.
Perfection Stove (monthly)
•3734c Sept.80 *Holders of rec. Sept. 18
Monter)
,
•1734c Oct. 31 *Holders of rec. Oct. 17
Monthly
•37340 Nov. 30 *Holders of rec. Nov. 18
Monthly
+3734e ')er. 31 *tioldeni of rec. Dee. 18
Pet Milk (So., cont. (guar.)
3734c. Oct. / Holders of rec. Sept. 10a
Preferred (guar.)
1)4 Oct. 1 Holders of rec. Sept. 10
Petroleum Exploration (glum.)
+
.50e. Sept. lb *Holders of rec. Sept. 5
Pettibone, Mulliken Co., Prof. (euar.)- '1)4 Oct. 1
Phelps Dodge Co. ((Mar.)
750. Oct. 1 folders of rec. Sept. 4a
Phillips Petroleum (guar.)
3734c. Oct. 2 Holders of rec. Sept. 16a
Pie Bakeries of Amer., cl. A (quar.)-..50c. Oct. 1 Holders of rec. Sept. 13
Preferred ((oar.)
1+4 Oct. 1 liolders of rte. Sept. 13
Pincnin Johnson & Co., Am.shs.(NO. 1) *10
Sept. 7 *Holders of rec. Aug. 21
Pittsburgh Steel, cont.(guar.)----Oct. 1 +Molders of rec. Sept.24
1
Platt Music Co.. corn. (guar.)
*43/(c Sept. 15 *IIelders of rec. Aug. 31
Port Alfred Pulp & Paper, pref. ((oar.). 194 Serrt.15 Holders of rec. Sept. 1
Powdrell & Alexander,Inc.. Prof.(guar.) '134 Oct. 1 *Holders of rec. Sept. 19
Prairie Oil & Gas
50c. Sept. 30 Molders Of -rec. Aug. Ma
Extra............................ • 250. Sept. 30 Holders of roc. Aug. 31a
Prairie Pipe Line (quar.)
75e. Sept. 30 Holders of rec. Aug. 31a
Extra
50c. Sept. 30 Holders of rec. Aug. Illa
Pressed Metals of Amer., pref. ((has'.) .
13( Oct. 1 *Holders of roe. Sept. 12
Preferred (quar.)
0134 Jan1'30 *Holders of rem Dec. 12
Pressed Steel Car, pref. (guar.)
la( Sent. 30 Holders of rec. Sept. 39
Procter & Gamble, pref. (guar.)
134 Sept. 14 Holders o tree. Aug. 24a
Pro-Phy-lac-tIc Brush, Prof. (guar.)
11i sent. 16 Holders of rec. Aug. 31
Public Investing Co.(guar.)
25e. Sept. 16 Holders of rec. July 15
Pure 011, 534% pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 10a
6% Preferred ((mar.)
134 Oct. 1 Holders of rec. Sept. 100
8% Preferred ((uar.)
2
Oct. 1 Holders of rec. Sept. 10a
.$1
Quaker Oats, corn. ((liar,)
Oct. 15 +Holders or rec. Oct. 1
Preferred ((uar.)
•134 Nov. 30 *Holders of rec. Nov. 1
Railway & Express Co. bluer.)
50c. Sept.30 holder, of rec. Sept. 14a
Old stock ((uar.)
13.4 Sept. 30 Holders of rec. Sept. 140
Raybestos Co., common
•66 2-3c Sept. 14 *Holders of rec. Sept. 1
Real Silk Hosiery Mills, corn. (guar.).
- $1.25 Oct. 1 Holders of rec. Sept. 13a
Preferred (guar.)
114 Oct. 1 Holders of rev. Sept. 13a
Reeves (Daniel) Inn.. Prof. tquar.)
•14 Sept. 15 +Holders of rec. Aug. 31
Remington-Rand Co., let pref. (guar.)- 144 Oct. 1 Holders of rec. Sept. 79
Second preferred (Oiler.)
Oct. 1 Holders of rec. Sept. 79
52
Remington Typewriter common (gu.) •51.25 Oct. 1 •Holders of rec. Sept. 7
First preferred (guar.)
•134 Oct. 1 *Holders of rec. Sept. 7
Second preferred ((Mar.)
Oct. 1 'Holders of rec. Sept. 7
*2
Republic Brass, class A (guar.)
Oct. 1 Holders of reo. Sept. 10a
$1
Preferred (guar.)
114 Nov. 1 Holders of rec. Oct. 100
Republic Iron & Steel. Prof. (guar.)..
13( Oct. 1 Holders of rec. Sept. 12a
Name of Company.
1555
Per
When
Cent. Payable.
Books Closed
Days Inclustre.
Miscellaneout (Continued).
40e. Oct. 1 Holders of tee. Sept. 20
Republic Stamping & Enamel
Rich's, Inc.. 034% pref. (guar.)
'I 1 6234 Oct. 1 "Holders of rec. Sept. 14
Rio Grande 011
$1
Held, of rec. Jan. 5 110
(Y)
,Stock dividend
*1 34 Oct. 25 Holders of rec. Oct. 5
75e. Oct. 1 Holders of rec. Sept. 20a
Safeway Stores common (guar.)
13-3 Oct. 1 Holders of rec. Sept. 20a
6% preferred (guar.)
Oct. 1 Holders of rec. Sept. 20a
7% preferred (guar.)
50e. Sept.20 Sept. 10 to Sept.20
St. Joseph Lead Co.(guar.)
250. Sept.20 Sept.10 to Sept.20
Extra _
141 Oct. 1 Holders of rec. Sept. 16
St. Maurice Valley Corp., Pref. (guar.)Sangamo Electric Co., corn. (guar.)____ *50e. Oct. 1 *Holders of rec. Sept. 10
Preferred (loat%)
•13.( Oct. 1 *Holders of rec. Sept. 10
*134 Nov. 15 *Holders of rec. Nov. 1
Savage Arms, 20 pref. (guar.)
25c. Sept. 15 Holders of rec. Aug. 31
Schiff Co.. common (guar.)
Preferred (guar.)
194 Sept.15 Holders of rec. Aug. 31
Schlesinger (13. F.) Co., corn. (guar.)... *3734c Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
•
134 Oct. 1 *Holders of rec. Sept. 15
Schulte United Sc to El Stores, pref.(qu.) .$1.75 Oct. 1 *Holders of rec. Sept.'20
35c. Sept.30 Holders of rec. Sept. 169
Scott Paper, corn. (guar.)
Dee. 31
Corn.(In stk.sub). etkhrs.'approv.) /2
11
Scovill Mfg. (guar.)
Oct. 1 *Holders of rec. Sept. 17
.
Sears, Roebuck & Co.
el Nov. 1 Holden of reo. Oct. 15a
Quarterly (payable In stoek)
031.25 Oct.' 1 "Holders of rec. Sept. 10
Second National Investing, pref. (ciu.)
Second National Investors Corp
*5125 Oct. 1 *Holders of rec. Sept. 10
Segal Lock & Hardware, corn. ((Mar.) _ 12 34c Sept. 16 Holders of rec. Aug. 31
Separate Units, Inc. (guar.)
Oct. 1 Holders of rec. Sept. 10
51
25e. Oct. 1 Holders or rec. Sept. 10
Extra
Seventeen Park Ave., Inc., preferred_
3
Sept. 16 Sept. 1 to Sept. 16
Sheaffer(W. A.) Pen Co., corn.(extra)
•50c. Sept. 15 *Holders of rec. Aug. 2G
Sheaffer (W. A.) Pen Co. ((luar.)
Sept.19 *Holders of rse. Aug. 27
"51
•50c. Oct. I *Holders of rec. Sept.20
Sheffield Steel, corn. (guar.)
Common (payable in corn. stock)
•fl
Oct. 1 'Holders of rec. Sept.20
*134 Oct. 1 *Holders of rec. Sept.20
Preferred (quar.)
35c. Sept.30 Holders of rec. Sept. 4a
Shell Union 011, corn. ((Mar.)
Convertible preferred (No. 1)
51.3734 Oct. 1 Holders of rec. Sept. 5
Shubert Theatres Corp. corn. (guar.)._ $1.25 Sept. It Iielders of rec. Aug. 310
Signal Oil& Gas class A Jr 13 (guar.)._.
4334c Sept. 10 *Holders of rec. Aug. 31
40e. Sept.14 Holders of rec. Aug. 30a
Simms Petroleum (guar.)
Sinclair Cense] 011. coin. (guar.)
50c. Oct. 15 Holders of rec. Sept.14a
Common (extra)
250. Oct. 15 Holders of rec. Sept.140
Skelly Oil (guar.)
60c. Sept. 16 Holders of rec. Aug. 154
South Peen Oil (guar.)
*50e. Sept. 30 *Holders of roe. Sept. 14
South Porto Rico Sugar, corn.((Mar.)
50e, Oct. 1 Holders of rec. Sept. 10a
2
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 103
South West Pa. Pipe Lines
Oct. 1 Holders of rec. Sept. 1G
$1
Spalding (A. G)& Bros., corn
50e. Oct. 15 Holders of rec. Sept. 25a
114 Oct. 1 Holders of roe. Sept.14a
SPang. Chalfant & Co., pref.((luar.)
Spencer Kellogg & Sons, Inc. (guar.)
40e. Sept.10 Holders of rec. Sept.14a
Sonar D Co., class A (guar.)
,
*550. Sept. 30 *Holders of rec. Sept.20
Standard Investine corn. (in stock)
.1134 Oct. 10 *holders of rec. Sept.20
Standard 011 of Calif. (guar.)
(12340, Sept. 16 Holders of rec. Aug. 154
Standard Oil (Indiana) ((uar.)
*6214 e Sept. 16 *Holders of rec. Aug. 16
Standard 011 (Kentucky) (guar.)
.50c. Sept.30 *Sept. 17 to Sept. 29
Standard 011 (Nebraska) ((lust)..,..
4
6234c Sept.20 *Holders of rec. Aug. 24
Extra
*25c. Sept.20*Holders of rec. Aug. 24
Standard 011 (N. J.) $25 par ((uar.)- 250. Sept. 10 Holders of tee. Aug. 159
$25 par value)(extra)
25e. Sept. 16 Holders of rec. Aug. 150
$100 par value (guar.)
1
Sept. 16 Holders of rec. Aug. 15a
$100 par value (extra)
1
Sept.10 Holders of rec. Aug. 159
Standard 011 of N. Y. (guar.)
40e. Sept. 16 Holders of rec. Aug. 16a
Standard 011 (Ohio) corn. (quer
*6234e Oct. 1 *Holders of rec. Sept. 6
Standard Steel Propeller pref.(guar.)
*51.75 Sept. 7 *Holders of rec. Sept. 4
.
23-4 Oct. 1
Stelnite Radio (guar.)
Sterchl Bros. Stores, Inc., coin.(guar.)._ •305. Nov. 15 'Holders of rec. Oct. 30
Stewart
-Warner Corp.
e2
Nov. 15 Holders of rec. Nov. 5
New $10 par stock (in stock)
e2
2
/15/30 Holders of roe. Fob.3213•
New $10 par stock (In stock)
•
37340 Dec. 1 "Holders of rec. Nov. lb
BLit Baer & Fuller, corn.(guar.)
•
75c. Oct. 1 vflolders of rec. Sept.16
Stroock (S.) Co. (quar.)
•750. Dee. 21 +Holders of rec. Dee. 10
Quarterly
Studebaker Corporation
Common (payable in cam. stock)
n
I • •. 1 Holders at tee. Noir. Ia
25c, Sept. 16 Holders of rec. Aug. 260
Sun 011, corn.((Mar.)
Superior Portland Cement of Amer (gu.) +2734c Sept.21 'Holders of rec. Aug. 21
*2
Oct. 1 *Holders of rec. Sept. 10
Swift & Co. (oust.)
25e. Sept.16 Holders of rec. Aug. 310
Tennessee Copper & Chemical ((Dar.).734. Oct. 1 Holders of rec. Sept. 60
Texas Corporation (quar.)
$1
Sept. 16 Holders of rec. Sept. 29
Texas Gulf Sulphur (guar.)
e214 Sept. 30 Holders of rec. Sept. 5a
Texas & Pacifth Coal& Oil (guar.)
Thompson-Starrett Co., Inc., pref. (gu.) 5734c. Oct. I Holders of rec. Sept. 11
35e. Oct. 15 Holders of rec. Sept. 25a
Tobacco Products Corp. common (gu.)'$1
Sept.20 "Holders of rec. Sept. 5
Todd Shipyards Corp. (quar.)
*e150 Oct. 2 *Holders of roe. Sept. 10
Transamerica Corporation, stk. div._
30c. Oct. 15 Holders of rec. Sept.26e
Truscon Steel, corn. (guar.)
Underwood Elliott Fisher Co.
It
Common ((Mar.)
Sept. 30 Holders of rec. Sept. 120
$1.75 Sept.30 Holders of rec. Sept.120
Prot. and pref. aeries B (guar.)
Union Carbide & Carbon (gruu.)
65c. Oct.
Holders of rec. Sept. 6a
Union Steel Casting, pref. (guar.)
+1% Oct. 1 *Holders of rec. Aug. 31
•
15. Sept.30 *Holders of reo. Sept.. 20
Union Twist Drill, corn. (Uuer.)
Preferred ((uar.)
•131 Sept. 30 *Holders of -rec. Sept. 20
United Aircraft & Transp.. prof. ((lu.)
75c. Oct. 1 Hoidens of rec. Sept. 109
United Artists Theatre Circuit
Preferred (guar.)
•134 Sept. 15 *Holders of roe. Sept. 1
United Cigar Stares common (quar.)
25e, Oct. 1 Holders of rec. Sept. Ga
United Dept. Stores, corn. (go.) (No. 1) .22 4e Nov. 1 'Holdera of rec. Oct. 20
,
Preferred (guar.) (No. I)
•
8734c Nov. 1 *Holders of rec, Oct. 20
United Dyewooel Corp.. pref. (aunt.)... 13( Oct. 1 Holders of rec. Sept. 13e
United Fruit (guar.)
$1 Oct. 1 Holders of Me. Sept. 30
United NIIlk Crate, class A ((Mar.)
*50e. Dee. 1 *Holders of roe. Nov. lb
Cleat A (extra)
*8e. Dec. 1 *Holders of rec. Nov. 15
United Piece Dye Wks..pref.(quiet.).... *154 Oct. 1 *Holders of roe, 8%31.20
Preferred(guar.)
•144 Jan2*30 *Holders of rec. Disc. 20
(7.8. Cast Iron Pipe & Fily.. corn. (au.)
500. Oct. 21 Holders of rec. Sept. 30e
Common (guar.)
50o. Jan20'30 Holders of roe. Dee. 319
First dr second pref. (Quar.)
30e. Oct. 21 Holders of reo. Sept. 30a
First & second pref. (guar.)
300. Jan20'30 Holders of reo. Dec. lila
U. S. Freight ((Mar.)
75e. Sept. bid Holders of rec. Aug. 20a
U. S. Gypeurn, common (guar.)
•
400. Sept. 30 *Holders of rec. Sept. 14
Preferred (guar.)
•114 Sept. 30 *Holders of rec. Sept. 14
United States leather
Class A partio. & Cony. Mock (au.)... $1
Oct. 1 Holders of rec. Sept. lea
Prior preference (guru.)
194 Oct. 1 Holders of rec. Sept. 10a
U.S. PlayIng Card. corn.(guar.)
.11
Oct. 1 *Holders of rec. Sept.20
U. S. Printing & Lithographhig•$1.50 Oct. 1 *Holders of rec. Sept.20
Corn, and second pref. (guar.)
13( Sept. 11 Holders of rec. Aug. 160
U. S. Realty & Rapt.(guar.)
131 Sept.28 Holders of roe. Aug. 290
U. S. Steel Corp., com. (emir.)_____
Universal Leaf Tobacco
-Common (payable in corn. stock).
- /
35 Sept. 10 Holders of rec. Aug. 9a
Upreaslt Metal Cap Corp.. pref.(guar.)_ $1
Oct. 1 Holders of rec. Sept. 15
Vacuum 011 (guar.)
$1
Sept. 20 Holders of rec. Aug. 31
Valvoline Oil, common (guar.).'34 Sept. 17 Holders of rec. Sept. 14
•
52 Oct. 1 *Holders of rec. Sept. 17
Preferred (guar.)
Vanadium Alloys Steel (guar.)
.75c. Sept. 30 Holders of rec. Sept.
*50c. Oct. 1 *Holders of rec. Sept. 20
Van Slcklen Corp.. class A ((uar.)
14
Vapor Car Heating, pref.(guar.)
•15i Sept. 10 'Holders of rec.
Preferred ((luar.)
' Dec. 10 "Holders of rec. Sept. 2
134
Dec.
Virk Chemical (guar.)
*62 34c Nov. 1 *Holders of rec. Oct. 2
Viking Pump pref. (guar.)
(M0c Sept. 15 *Holders of rec. Sept. 17
Volcanic 011 ec Gas bluer.)
*35e. Sep!. 10 "Holders of Teo. Aug. I
31
Extra
450. Sept. 10 "Holders of reo. Aug. 81
Quarterly
O350. Deo, 10 *Holders of rec. Nov.80
Extra
'Sc. Dec. 10 *Holders of ree.
Nov. 30
Vulcan Detinniug, pref. (guar.)
134 Oct. 11) Holders of rec. Oct. 95
Preferred (accrued accum. dry.)
114
Oct. 19 Holders of rec. Oct. 93
Preferred A (guar.)
13( Oct. 19 Holders of rec. Oct. ga
Preferred A (accrued swum. div.)
Oct. 19 Holders of rec. Oct. 93
Wagner Elec. Corp.. pref. (guar.)
1.34
Wattt & Bond, Inc.. class B (quar.).__ '350 Oct. 1 Holders of rec. Sept.20
Oct. 1 *Holders of rec. Sept. 16
VOL. 129.
FINANCIAL CHRONICLE
1556
When
Per
Cent. Payable.
Name of Company.
Books Closet:
Dan Inclusive.
•
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 Aug. 30:
Miscellaneous (Concluded).
3734c Oct. 1 Holders of rec. Sept. 206
Waldorf System, corn. (guar.)
.Oct. 1 Holders of rec. Sept. 20
20e
Preferred (quar.)
Walker (Hiram)-Gooderham & Worts.
250. Sept. 14 Holders of rec. Aug. 31
Ltd.(quer.)
250. Sept. 14 Holders of coup. No. 8
Bearer shares (quar.)
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
*151 Oct. 1 *Holders of rec. Sept.21
Waltham Watch. pref.(qua?.)
30c. Sept. 16 Holders of rec. Aug. 31a
Wa!worth Co.. common (qua?.)
FOR THE WEEK ENDED FRIDAY, AUGUST 30 1929.
of rec. Aug. 20
•75c. Sept.30 *Holders
Preferred (quer.)
1)1 Oct. 1 Holders of rec. Sept. 170
Ward Baking Corp. pref.(quer.)
NATIONAL AND STATE BANKS-Average Figures.
50e. Oct. 1 Holders of rec. Sept. 120
Warner-Quinlan Co. (qua?.)
•50. Sept. 15 *Holders of rec. Aug. 30
Wellington 011 (quer.)
50e. Oct. 1 Holders of rec. Sept. 140
Snowdrift common (qu.).Wesson Oil&
OtherCash Res., Dep., Des. Other
Western Reserve Investing,6% pf. (qu.) 154 Oct. 1 Holders of rec. Sept. 140
Including N. F. and Banks and
Gross
151 Oct. 1 Holders of rec. Sept. 140
Participating preferred (quer.)
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposit,.
Loans.
*1% Nov. 15 *Holders of rec. Nov. 5
West Va.Pulp & Paper pref.(quar.).....
*50c. Oct. 1 *Holders of rec. AAR. 15
Wextark Radio Stores (quer.)
$
$
$
$
$
$
ManhattanOct. 1 *Holders of rec. Aug. 15
•e5
Stock dividend
Bank of U.5-- 246,089,100 65,000 4,978,500 31,475,100 2,228,000 226,400,000
500. Sept.14 Holders of rec. Sept. 5
Wheeler Metal Products, corn. (quer)._
207,100
214,700
Bryant Park Bk. 2,022,400
2,115,600
500. Sept. 14 Holders of rec. Sept. 5
Common (extra)
785,000
_ 1,591,000
19,246,000
250. Sept.30 Holders of rec. Sept. 120 Chelsea Exch.Bk. 22,137,000
White Motor (quer.)
Grace National__ 18,019,200 2.000
54.900 1,521,600 2,132,400 16,241,600
12
White Motor Securities, Pref. (guar.)... 151 Sept.30 Holders of rec. Sept.200 Port Morris
138,800
91,700
3,219,400
3.678,800 26,000
corn.(qua?.) 750. Oct. 1 Holders of rec. Sept.
White Rock Mineral Sp819..
Public National. 142,728,000 25,000 1,923,000 8,829,000 29,663,000 154.857,000
1,1 Oct. 1 Holders of rec. Sept. 20
First pref.(guar.)
Brooklyn
351 Oct. 1 Holders of rec. Sept. 20
Second preferred
348,510 4,633,040
409,570
55,480
Brooklyn Nat
7,581,800 23,000
Oct. 1 Holders of rec. Sept. 16
61.0011 7.700 nun
Will & Baumer Candle Co.. pref. (qu.)- 2
M6.000
91.000
_ _ 7.700.000 5.000
151 Oct. 1 Holders of rec. Sept. 160 Peoples Nat..
Willys-Overland Co.. pref. (Qua?.)
5151 Oct. 1 Holders of rec. Sept. 12a
& Co., Inc., pref. (quer.)
Wilson
of rec. Sept. 100
Worthington pumpdcMacb.. pf.cl.A(qu.) 151 Oct. 1 Holders
-Average Figures.
Al% Oct. 1 Holders of rec. Sept. 100
TRUST COMPANIES
Preferred class A (acct. accum. div.)
134 Oct. 1 Holders of rec. Sept. 100
Preferred class B (Qua?.)
Sept. 100
Preferred class B (acct.accum.div.).. 5151 Oct. 1 Holders of rec. Sept.20a
250. Oct. 1 Holders of rec.
WEgley (Wm.) Jr.. Co.(monthly)
Res've Dep., Depos.Other
250. Nov. 1 Holders of rec. Oct. 19a
Monthly
N. Y. and Banks and
Gross
Cash.
Loans.
500. Dec.2 Holders of rec. Nov. 200
Monthly
Elsewhere. Trust Cos. Deposits.
$1
Oct. 1 Holders of rec. Sept. 100
Yale de Towne Mfg.(quer.)
rec. Sept. 1
•75c. Sept. 15 Holders of
8
Yellow Taxi Corp. (qua?.)
9
II
$
$
Manhattan136
30,800 46,585,500
Young (L. A.) Spring dr Wire (guar.)... 75e. Oct. 1 Holders of rec. Sept. 140 American
47,368.600 9,934,800 1,015,300
929,241
94,172 16,140,133
Youngstown Sheet dz Tube, com.(guar.) $1.25 Oct. 1 Holders of rec. Sept. 260 Bank of Europe & Tr 16,857,705
Common (payable in common stock). /20 Sept. 9 Holders of rec. Aug. 14a Bronx County
710,802 1,480,669
25,387,341
27,728,675
15.1 Oct. 1 Holders of rec. Sept.
Preferred (quer.)
Empire
77,282,400 *5,223,600 3,368,000 2,454,000 73,505,200
166,357 17,573,071
133,459 1,253,214
17,770,896
Federation
stock Fulton
263,800
13,350,100
16,584,200 *1,809,500
•From unofficial sources. t The New York Stock Exchange has ruled that
409,972,000 2,981,000 49,220.000 1,991,000 359,211,000
will not be quoted ex-dividend on this date and not until further notice I The Manufacturers
es' United States
3,716,667 7,680,139 57,306,047
71,780,066
York Curb Market Association has ruled that stock will not be quoted
New
Brooklyn
dividend on this date and not until further notice.
in stock. Kings County
109,112,000
115,126,300 2,415,000 17,646,100
a Transfer books not closed for this dividend. rt Correction. s Payable
accumulated
Bayonne, N. J.26,038,940 1,661,829 1,932,208
23,053,848
IPayable In common stock. 0 Payable In scrip. h On account of
Mechanics
dividends. J Payable In preferred stock.
option of
291 nan AO,. 160
775.057
222.510
.116
R 005
Mathieson Alkali common dividend is payable either In cash or. at
120 shares held.
bolder, in stock on boats of one share of common for each
1 Subject to stockholders' meeting Oct. 11.
•Includes amount with Federal Reserve Bank as follows: Empire. $3,218.600;
stockholders elect to
k Payable in common A stock at rate of $25 per share unless
Fulton. $1,800,500.
take cash and give notice to that effect prior to Sept. 23.
of
payable at option
m Dividend on Central States Elec. Corp. cony. pref. stocks
of a share of
bolder as follows: Series of 1928. 81.50 In cash or three-thirty-seconds
-sixty-fourths of a share
common for each share of pref., and on Series of 1929. three
preferred.
of common for each share of
transfers received in
n British-Amer. Tobacco dividend is 10d. per share. All
dividend to transferrees.
London on or before Sept. 3 will be in time for payment of
Boston Clearing House Weekly Returns.
stock and 2510. cash or 1251c. cash,
-In the
o Associated Laundries dividend Is 231% in
before Sept. 10.
stockholders deciding to take cash must notify company on or
following we furnish a summary of all the items in the
shares receive cash only.
Holders of less than four
common five shares of common for
P Power Corp.of Canada stock dividends are;on
corn, for each one- Boston Clearing House weekly statementfor a series of weeks:
each one hundred shares; on partic. preferred two shares
hundred shares.
BOSTON CLEARING HOUSE MEMBERS.
g Holland Finance dividend 6251c. cash or 2% in stock.
The company has
r Rlo Grande Oil stock to be placed on a $2 per annum basis.
_
$1 payable on or before
declared 51 payable July 25 and intends to declare another
the first
each 100 shares,
Changesfrom
Aug. 28
Aug. 21
Sept. 4
Jan. 25 1930. The stock dividends are 151 shares on
with the Intention to declares second
1929.
Preolaut Week
1929.
1929.
151% baying been declared payable April 25
134% payable on or before Oct. 25.
held subject to stockholders
$
$
$
$
s Best & Co.stock dividend is one share for each share
+125,000
95,700,000
95.825,000
95,700,000
meeting Sept. 9.
stock unless stockholders notify Capital
113,178,000 113,178,000
113,178,000 Unchanged
0. 1 Utilities Power dz Light dividends will be paid in to take cash, as follows: Corn.. Surplus and profits
their desire
+12.979,000
company by close of business Sept. 20 of
stock; class B,one-fortieth Loans,(thole & Investls- 1,151,689,000 +3.838,000 1,138,710,000 1,142,309,000
670,955,000 682,706,000
one-fortieth share cora.: class A,one-fortieth share class A
674,793,000
Individual deposits
133,638,000 +7.212.000 126,426,000 129,506,000
share class B stock.
4351e. cash or one-fortieth share Due to banks
U Central Public Service Class A dividend Is
269,115,000 +6.963.000 262,152,000 362,346,000
Time deposits
-539,000
2,003,000
2,364,000
2,992,000
Class A stock.
class A common stock at rate of United States deposits
33,244,000
34,617,000 +1,373,000
o Peoples Light & Power dividend will be paid in
33,636,000
Exchanges for Clg. House
cash on before Sept. 18.
83.852,000
82,30I,000 -1,551,000
Due from other banks_
86,156,000
one-fiftieth share for each share held unless holders request
of depositary.
+978,000
79.996,000
ID Less deduction for expenses
80,974,000
81,993,000
additional common shares for Res've In legal deposit's__
--553.000
z Commercial Investment Trust dividend Is 151
8,540,000
8.580,000
8,007,000
Cash in bank
gln Ann
336 nnn
-54,000
each share held, subject to stockholders' meeting Sept. 10.
282.000
Res've excess in F.R.Bk.
House.
Weekly Return of New York City Clearing Clearing
31 1928, the New York City
Beginning with Mar.
statements
House Association discontinued giving out all
and now makes only the barest kind of a
previously issued
the deposits,
report. The new returns show nothing but
below in full:
along with the capital and surplus. We give it
g§g§g§§g§§§=§§§§§§g
gg
§g
-..
-.0...N ,
NM...
A
%...1
M
"§Eaggggggggg8ggggggggg
oie.i.ic6.3eac;Ic;4 w4N.-4
.-o
to
NEW YORK CLEARING HOUSE
STATEMENT OF THE MEMBERS OF THE
SATURDAY, AUG. 31 1929.
ASSOCIATION FOR THE WEEK ENDED
Time
• Surplus & Net Demand
Deposits
Deposits
Undivided
•Capital.
Average.
Clearing House
Average.
Profits.
Members.
$
$
$
11,237,000
58,624,000
13.828,900
. .
Bank of N Y & Tr. Co-43,170,000
42,862.600 177,674,000
Bk.of the Manhattan Co55,888,000
138,675,900 164,421,000
Bank of America N. A.-.
125,260,400 a993,894,000 189,809,000
National City Bank
16,591.000
188,608,000
21,003,400
Chemical Bank & Tr. Co.
h196,418,100 b731,194.000 109.285,000
Guaranty Trust Co
38,403,000
16,212,700 152,371,000
Chat.Ph.Nat.11k.&Tr.Co
44,604,000
79,153,300 323,091,000
Cent. Han.Bk.& Tr. Co.
32,248,000
22.425.500 169,462,000
Corn Exchange Bk,Tr,Co
12,019,000
241,608,000
97,773,200
First National Bank
47,690,000
81,396,700 346,536.000
Irving Trust Co
696,000
10,931,000
1,000.000
g1
Continental Bank
58,047,000
1136,937,500 0717,848,000
Chase National Bank
916,000
23,554.000
3,736,600
Fifth Avenue Bank
8.338.000
17,121,700 114,091.000
Seaboard Bank
55,210,000
79,638,500 d366,632,000
Bankers Trust Co
1,954,000
32,346.000
24,063.600
Title Guarantee & Tr. Co.
5.156,000
41,334,000
3,933,100
Fidelity Trust Co
2,304,000
23,580.000
4,327,900
Lawyers Trust Co
18,666,000
33,094,500 143,973,000
New York Trust Co
40,277.000
28,801,900 e357,111,000
Equitable Trust Co
4,057,000
36,545,000
7,886,400
Comml Nat.Bk.dc Tr,Co.
5,720,000
31,247,000
2,845,300
Hardman N.Bk.& Tr.Co
...1
Clearing Non-Members
City Bk. Farmers Tr. Co_
Mechanics Tr.Co.,Bay'ne
1.368,000
5,585,000
all roe nnn 1 nnn n'n Ann x AK, R•Annn
ono 125.000
_
7,805,000
3,056,000
10,000,000
832,800
(c) 513,Includes deposits in foreign branches:(a) 316,471,000;(b) $128,778,000;
166,000; (d) 862.406,000; (e) $135,203,000.
comper official reports: National. June 29 1929; State, June 29 1929; Trust
* As
panies, June 29 1929.
1929. (I) As of
As of July 1 1929. (g) As of July 15 1929. (h) As of July 22
(1)
Aug. 24 1929.
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Aug.31, 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 in 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 Aug. 311929.
Two Ciphers (00)
omitted.
Trust
Members of
P.R.System Compantes.
9
Aug.24
1929,
Aug. 17.
1929.
$
8
$
8
7,500,0
68,502,0
68,302.0
68.302,0
16,519.0 224,912,0 224,912,0 224,912,0
72,802,0 1,159,442,0 1,158,240,0 1,149,980,0
283,0
37,191,0
35,682,0
34,672,0
13,0
88,836,0
94,569,0
89,149,0
820,0 126,256,0 125,634,0 128,808,0
31,0 645,712,0 648,843,0 652,178,0
20,777,0 228,794.0 226,984,0 227,744.0
52,609,0 1,000,762,0 1,001,461,0 1,008,528,0
69.773,0
89,834,0
68.624,0
4,954,0
4,954,0
5,180,0
5.055.0
1.348,0
11,835,0
11,934,0
11.761.0
814562,0
6,502,0
86,150.0
85,718,0
l'
T
?
$
Capital
61,002,0
Surplus and profits 208,393,0
Loans, discts. & invest. 1,086,640,0
Exch. for Clear. House
36,908,0
Due from banks
88,823,0
Bank deposits
125,436,0
Individual deposits... 614,700,0
Time deposits
208,017,0
Total deposits
948.153,0
Iles. with legal depos69,773.0
Res. with F. R. Bank.
Cash In vault.
10,487,0
Total res. dc cash held81,260,0
Reserve required
?
Excess reserve and cash
in v•Irlt
Total.
9
9
'
• Cash in vault not counted as reserve for Federal Reserve members.
•
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1557
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Sep t.5,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1522, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT. 4 1929.
Sept. 4 1929. Aug. 281929. Aug. 21 1929. Aug. 14 1928. Aug. 7 1929. Juts 31 1929. July 24 1029 July 17, 1929. Sept. 5 1928.
s
RESOURCES.
$
s
s
$
a
s
s
1,540,669.000 1,565.163,000 1,561,563,000 1,553,821,000 1,485,822,000 1,479,499,000 1,504,083,000 1,494,374,000 1,082,429,000
Gold with Federal Reserve agents
67,109,000
67,213,000
73,580,000
Gold redemption fund with Ti. S. Trees_
88,842,000
71,173.000
67,745,000
79,607,000
75,494.000
66,351,000
Gold held exclusively agst. F. R.. notes 1,607,778.000 1,632,376,000 ,629,308,000 1,629,315,000 1,556,995,000 1,553,079.000 1,593,825,000 1,573,981,000 1,148,780,000
711,637,000 719,608,000 716,863,000 686,248,000 675,762,000 666,970,000 608,264.000 610,822,000 751,338,000
Gold settlement fund with F.11. Board
Gold and gold certificates held by banks_ 623,053,000 610,115,000 608,017,000 622.876,000 707,275,000 740,014,000 741,643,000 744,773.000 709,031,000
Total gold reserves
Reserves other than gold
2 943,368,000 2,962,099,000 2,054,188,000 2,933,439,000 2,940,032,000 2,924,063,0002,943.732,000 2.929.576,000 2,609,149,000
172,329.000 186,939,000 188,626,000 190,379,000 183,314,000 135.356.000 182,011,000 168,100,000 138,148,000
Total reserves
Non-reserve cash
BIBB discounted:
Secured by D,S. Govt. oldigations
Other bills discounted
3,116.107,000 3,149,038.000 3,142,814,000 3,123,818,000 3,123,346,000 3,109,419,000 3.125,743.000 3,097,676.000 2,747,297.000
57,793,000
63,248,000
66.661.000
79,275,000
58,782.000
75,804,000
61,766,000
52,296,000
63,139,000
541,074,000
504,992,000
469,396,000
504,231.000
448,120,000
638,258,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
1,046,016,000
182,916,000
973,627,000
156,514,000
986,378.000 1,027,088,000 1,064,070,000 1,075,714,000 1,003.056,0001.083.700.000 1,080.117,000
67,638,000 186,796,000
68.842,000
74,567,000
79.158.000
132,137,000 117,885,000
42,722,000
91,412,000
000
14,846,
42,673,000
91,073,001
11,570,000
42,693,000
90,943,000
14,971,000
42.673,000
89,053,000
22,577,000
41,886,000
94,955,000
20,759,000
42,626,000
80,779,000
23,873,000
42.663,000
81.155,000
21,882,000
42,669,000
97,181,000
13,265,000
53.883,003
87,026,000
65,476,000
148,080.000
16,100.000
145,321,000
16.100,000
148,607,000
15,950,000
154,303,000
10,650.000
157,600,000
10,600,000
147,283,000
10,450,000
145,700,000
10,250,000
153,115.000
10,255,000
206,385,000
990,000
Total U. S. Government securities
Other securities (see sets)
Foreign loans on gold
511,455,000
516,533,000
582,250,000
431.820,000
592,783.000
482,931.000
534,736.000
479,220,000
611,162,000
472.538,000
652,032,000
428.085.000
Total bills and securities (see note)
Gold held abroad (see note)
Due from foreign banks
Uncollected items
Bank premises
All other resources
1. .
304 012,
000 1,291,562,000 1,283,072,000 1 310 826,000 1,311,428.000 1,308,014,000 1,238.748,000 1,314,708.000 1,474.288,000
. .
Total resources
LIABILITIES.
F. It, notes in actual circulation
Deposits:
Member banks
-reserve account
Government
Foreign banks (see note)
Other deposits
5355.111,000 5,222.496,000 5,267,203,000 5,357,092,000 5,231,203,000 5,232,672.000 5.278,382.000 5.380,074.000 5,025,275,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
2,374,006,000 2,347,508.000 2,337,173,000 2,376,112,000 2,377,306,00 2,397,563,000 2.402,127.000 2,393,984,000 2,305,577,000
0
642,529,000 591,537,000 654,833,000 714,079,000 593,734,000 611,362,000 651,948,000 742,129.000 615,257,000
166 754.000 166,740,000 166.217.000 166,135,000 165,045,000 161.565,000 161,406.000 161,547.000 144,924,000
.
254,398,000 254,398,000 154.308,000 254,398,000 254,398,000 254,398.000 254,308.000 254,398,000 233,319,000
28,396,000
25,163,000
28,100.000
27,691,000
34,157,000
29,682,000
32,941,000
30,990,000
31,724,000
725.000
716,880,000
58,861,000
10,643,000
724,000
648,495,000
58,860,000
10,569.000
724,000
712 5 9 0
. 0 , 00
58,818.000
10,484,000
723,000
784.158.000
58,818,000
10,610,000
722,000
664,641.000
53,818,000
10,482,000
726,000
0
678,772,00
58,795,000
10.285,000
728,000
718,180,000
58,725,000
10,454,000
729,000
822,126,000
58,614,000
7,846.000
571,000
681,587,000
60,255,000
8.981,000
1,883,267,000 1,829,372,000 1,822,853,000 1,815,378.000 1,811.038,00 1,779,388,000 1,780,403.000 1,801,225.000 1,701,035,000
0
2,320,176,000 2,305,598,000
0
2,292,032.000 2,330.365.000 2,322,858,0002,355,284,00 2,356,917,000 2,352,081,000 2,273,343,000
28,703,000
14,468,000
17,400,000
8,946,000
17,257.000
12,567.000
24,734,000
18,468,000
18,161,000
4,952,000
6,347,000
7,376,000
5,796,000
5,130.000
8,138,000
6,248,000
7,142,000
4,924,000
20,175,000
22,015,000
16,941,000
20,577,000
19,380,000
21,198.000
23,466,000
19,531,000
22,662,000
Total liabilities
5,355,111,000 5.222,496,000 5,207,203.000 5,357,092,000 5,231,203,000 5,232,672,000 5,278,382,000 5,380,974,000 5,025,275,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
69.1%
70.3%
70.0%
65.1%
69.8%
70.2%
71.0%
70.9%
70.7%
Ratio of total reserves to deposits and
F. R.. note liabilities combined
73.2%
74.7%
74.4%
68.6%
73.8%
75.4%
74.6%
75.5%
74.6%
Contingent liability on bills purchased
for foreign correspondents
453,020,000 447.997,000 442,668,000 441,924.000 462,606,000 458,477,000 448,980,000 442,526,000 279,049,000
Distribution by Maturities-$
1-15 days bills bought in
" market .. 110,010,000
on
1-15 days hills discounted
799,802,000
1-15 days U. S. certif. of indebtedness14 444 0 0
. .0
1-15 days municipal warrants
16-30 days bills bought in open market _
22,490,000
16-30 days bills discounted
62 999 000
. .
16-30 days U. S. certif. of Indebtedness24.000
16-30 days municipal warrants
31-60 days hills bought in open market_
.
28,484,000
31-60 days bills discounted
110,573.000
31-60 days U. S. certif. of Indebtedness
31-60 days municipal warrants
300,000
61-00 clays bills boht in open market
bought
. 19,448,000
66.910,000
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over DO days bills bought in open market
2,484,000
Over 90 days bills discounted
5.642,000
Over 00 days certif. of indebtedness.-378,000
Over 00 days municipal warrants
$
90,597,000
719,548,000
2,855,000
$
90,337,000
726,899,000
5,600.000
S
86,311,000
768,320,000
13.600,000
S
50,788,000
842,036,000
11,000,000
i
47,363,000
844,787.000
12,965,000
S
40,059,000
846,120,000
12,325,000
S
39,538,000
871.167,000
4.410,000
$
90.527,000
899,167,000
2,115,000
20,258,000
54.371,000
8,521,000
13,003.000
53.432,000
8.815,060
9,514,000
53,595,000
10,718,000
43,050,000
10.457,000
47.421,000
10,690,000
47.285.000
11,045,000
49.796.000
29,577,000
57,716,000
25,422,000
114.842,000
14,694.000
117,011.000
11,176,000
93,502,000
8,908,000
9,432,000
87,375.000
9,242.000
10,445,000
81.913,000
7,457.000
10,581,000
78,382.000
1011,000
37,230,000
78,090,000
300,000
17,173,000
77.111,000
300,000
11,770.000
80.070,000
12,294,000
107,510,000
8,723.000
300.000
7,692000
84,138,000
6,672.000
75,010,000
2,238,000
8.065,000
555,000
2,074,000
14.425,000
254,000
7.296.000
66,435,000
1.090,000
300,000
352,000
22,203,000
1,000,000
5,832,000
60,135,000
8,027,000
300.000
642.000
24,220,000
728,000
22,660,000
36,717,000
3,064.000
7,755.000
194,000
5,814,000
70.217,000
90,000
300,000
662,000
15,265.000
761,000
300,000
638,000
21,121,000
1.671,000
6,802,000
8,427,000
63.361.000
F. R. notes received from Comptroller__ 3,783,678,000 3,758,556,000
3.749,414,000 3,756,266,000 3,752,323,000 3,763,306,000 3,814,484,000 3,845.385,000 2,811.418,000
F. R. notes held by F. R. Agent
1,427.089.000 1,436,728,000 1,423.0315400 1,413,935,000 1,414,044,000 1,423,985,000 1,448,347,000 1.450.273,000 766,585,000
Issued to Federal Reserve Banks
2,356,589,000 2,321.828,000 2,326,383,000
2,342,280,000 2.338,779,000 2,339,911,000 2,365,637,000 2,305,112,000 2,044,833,000
How Secured-By gold and gold certificates
406,885,000 431,463,000 435,853,000 432,121,000 371,153,000 371,153,000 371,153.000 374.153,000 341,321,000
Gold redemption fund
92,994,000
100.136.000 102,797.000 101,609,000
Gold fund-Federal Reserve Board ._
1,133,784,000 1,133,700,000 1,125,700,000
1.121,700,000 1,114,669,000 1,008,210,000 1,031,033,000 1,018,612,000 648,114,000
By eligible paper
1.144.105.000 1.058,868010 1,062,853,000 1.068.611,000 1,096,477,002 1,102,295,000 1,079,006,000 1,104,651.000 1,226,166,000
Total
2 684.774.000 2.624.031.000 2 a2d slit non., en., ...,,,, ,,,,,, ...e., one ono 9 Mel 704 0(102.5 53.989.000 2.599.025.000 2.208.595.000
'Revised figures.
NOTE.
-Beginning with the statement of Oct. 7 1925, two new terns
to foreign correspondents. In addition, the caption. "All other earning were added In order to show separately the amount of balances held abroad and amounts due
assets." previously made up of Foreign Intermediate Credit Bank debentures, was changed to
"Other securities," and the caption. "Total earning assets" to "rota bins and
securities." The latter Item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acouired under the provision of
Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
OF TIIE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT.4 1929
Two ciphers (00) omitted.
Roston. New York. Phtla. Clereland.
Total.
Federal Resew Bank ofRichmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Pron.
RESOURCES.
S
S
$
$
$
$
$
$
$
8
$
$
$
Dahl with Federal Reserve Agents 1,540,669.0 149,917,0 261.296,0 121,600,0
149.400.0
Dold red'o fund with U.S. Treas,
18,162,0 4.412,0 3,753,0 46 656 0 104 500 0 329,564,0 20,800,0 54,167,0 71,248,0 21.758,0 206,783,0
67,109,0 8,696,0
3:125:0
4:278: • 7,269,0 7,411,0 2,623,0 2,176,0 3.034,0 2,170,0
0
Gold held excl. Infst• 17 R• notes 1,607,778,0 158,613,0 279.458,0 129,012,0
.
Clold settle't fund With F.R.11011rd 711,637, 50.874.0 164,433,0 35,482,0 153,153,0 49 781 0 108 773 0 336 833 0 28,211,0 56,700.0 73,424,0 24.792,0 208,933,0
0
.
.101,0 30,9 0,0 18,156,0 47,299,0 24,720,0 44,632,0
4
' .
bold and gold still hold bY banks_ 623,953,0 27,074.0 388,314,0 29.784,0 106,982,0 29 299'0 18 719 0 140
34,441,0 7,156:0 3:065 0 7 :87 ,0 7,674,0 5,674,0 4,728,0 9,066,0 29,098,0
,
7
9
Total gold reserves
2,943,363,0 235,561,0 832,205.0 194.278,0 294,576,0 86,236.0
130,562,0 554.313.0 06,825,0 80,620,0 125,451,0
282,663,0
Reserve other than gold
172,829,0 15,596.0
66,285,0 8,569,0 9,180,0 6,509,0 8,858,0 23,796,0 9,010.0 1,932,0 4,294,0 58.578,0 13,832,0
4,918,0
reserves
Total
3,116,197,0 252.157,0 898,490,0 202,847,0 303,756.0 92,745.0
578,609,0 75,335.0 82.552.0 129,745,0 63,496,0 296,545,0
139,420,0
Non-reserve cash
57,793,0 8,025.0
16,015.0 1,314,0 2,928,0 4,0410 6,578,0 6,309.0 3,497,0 1.025,0 1,598,0 2,288,0 3,275,0
Bills discounted:
Sec. by U. S. Govt. obligations 541,074,0 37,946,0 213.605,0 58,332,0 42,312.0
10 803 0 14,032.0 43,778,0 23,383,0 14,669.0 18,953,0 16,082.0 32,184,0
Other bills discounted
504,992,0 40.877.0
89,601,0 38,140,0 33,103,0 41:374,0 61,445,0 42,409,0 51,831,0 15,441.0 24,909.0 32.813,0 32,999.0
Total bills discounted
1 046 016,0 78.823,0 303.266,0 96,472,0 75,415,0 61 182 0 76,377,0 91,187,0 75,214,0 30,140,0 43,862,0 48,895.0 65,183,0
Bills bought In open market
182;916,0 20,973,0
92,922,0 9,596,0 6.7090 2:956;0 8,179,0 13,665,0
'
104,0
1,736,0 2,966,0 5,341,0 17,819,0
U. B. Government securities:
Bonds
4.009,0
42,722,0 1,710,0
1,692,0 2,036,0 1,152,0
5,111,0
839,0 2,813,0 1,364,0
342,0 21,645,0
Treasury notes
24,091,0 9,448,0 27,640,0
91,412,0 2,092,0
4,150,0
465,0 3,223,0 12,055,0
657,0 3,036,0 4,555,0
Certificates of Indebtedness
14,846.0 1,055,0
6,290,0 7,038,0
340,0
97.0
24.0
1.0
1,0
rota' U. S. Gov't securities
198,980,0
4.866.0
31,390,0 18,178,0 29.677,0
1,809.0
3,379,0 26,540.0
9,358,0
1,304,0
6,060,0 13,419,0
For,129.
FINANCIAL CHRONICLE
1558
RESOURCES (Concluded)
Two ciphers (00) omitted.
Total.
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premiseis
All other
$
$
300,0
$
12,050,0
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dallas, San Fran.
$
$
$
$
$
$
3,750,0
s
$
$
1,394,012,0 104,662,0 442,628,0 124,496,0 111,801,0 65,947,0 87,935,0 131,392,0 75,318,0 44,984,0 48,132,0 60,296,0 96,421,0
24,0
18,0
24,0
52,0
99,0
29,0
74,0
70,0
28,0
33,0
220,0
725,0
54,0
716,880,0 68,785,0 205,901,0 55,221,0 65,498,0 52,911,0 22,059,0 89,445,0 34,461,0 14,631,0 44,817,0 27,342,0 35,809,0
16,087,0 1,762,0 6,535,0 3,395,0 2,744,0 8,529,0 3,989,0 2,110,0 4,140,0 1,922,0 3,946,0
58,861,0 3,702,0
441,0
177,0
448,0
663,0
293,0
362,0 1,286,0
788,0
571,0 4.470,0
969,0
10,643,0
175,0
5,355,111,0 438,460,0 1,580,310,0 386,072,0 491,878,0 219,643,0 263,234,0 815,171,0 193,422,0 145,983,0 228,633,0 155,809,0 436,946,0
Total resources
LIABILITIES.
F. R. notes In actual circulation- 1,883.267, 194,082,0
0
Deposits:
Member bank-reserve acol 2,320,176,0 142,638,0
28,703,0 1,280,0
Government
381,0
4,952,0
Foreign bank
74,0
20,175,0
Other dePoldfa
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Phila.
New York.
Boston.
$
16,100,0
2,374,006,0
642.529,0
166,754,0
254,398,0
34,157,0
325,463,0 153,936,0 192,402,0 80,602,0 159,322,0 331,529,0 64,761,0 68,260,0 79,572,0 49,498,0 183,840,0
930,056,0 133,376,0 186,450,0 66,668,0 60,537,0 337,159,0 76,314,0 52,097,0 94,512,0 63,514,0 176,855,0
604,0 1,647,0 2,453,0
864,0 3,875.0 2,272,0 1,265,0 1,186,0
5,910,0 4,493,0 2,854,0
170,0
170,0
129,0
371,0
526,0
495,0
206,0
237,0
706,0
201,0
1,360,0
552,0
26,0 8,005,0
279,0
47,0 1,311,0
215,0
124,0 1,183,0
76,0
8,283,0
915,609,0
163,342,0
64.154,0
71,282,0
10,460,0
144,373.0
67,283,0
10,716,0
19,619,0
2,387,0
138,411,0
50,931,0
16,452,0
24,101,0
2,241,0
191,141,0 67,845,0 64,737,0 341,320,0 78,000,0 53,691,0 95,838,0 65,357,0 187,684,0
63,457,0 50.916,0 20,633,0 80,623,0 32,893,0 12,699,0 38,824,0 26,787,0 34,141,0
15,489,0 6,176,0 5,454,0 19,897,0 5,223,0 3,065.0 4,264,0 4,496,0 11,368,0
26,315,0 12,399,0 10,551.0 36,442,0 10,820,0 7,082,0 9,086,0 8,690,0 17,978,0
981,0 1.485,0
3,044,0 1,705,0 2,534,0 5,360,0 1,725,0 1,186,0 1,049,0
5,355,111,0 438,460,0 1,580,310,0 386,072,0 491,878.0 219,643,0 263,234,0 815.171,0 193,422.0 145,983,0 228,633,0 155,809,0 436,496,0
Total liabilities
Memoranda.
55.3
74.0
79.8
69.4
67.7
79.2
53.1
62.5
62.2
86.0
70.7
74.5
73.2
Reserve ratio(percent)
Contingent liability on bills purchased for foreign correspond'ts 453,020,0 33,523,0 137,268,0 43,490,0 46,208,0 20,839,0 17,668,0 62,063,0 18,121,0 11,325,0 14,949,0 14,949,0 32,617.0
F. R. notes on hand (notes rec'd
from F. R. Agent less notes in
473,322,0 52,671,0 180,066,0 38,032,0 19,355,0 15,683,0 26,552,0 34,642,0 13,710,0 6,143,0 10,567,0 9,792,0 66,109.0
eirculation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS SEPT.4 1929.
New York.
Boston.
Total.
Federal Reserve Agent at-
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
s
$
$
$
$
$
$
$
3
$
$
945,929,0 273,317,0 291,727,0 177,209,0 302,944,0 503,651,0 119,341,0 146,932,0 136,549,0 74,312,0 385,049,0
440.400,0 81,349,0 79,970,0 80,924.0 117,070,0 227,480,0 40,870,0 72,529,0 46,410.0 15,022,0 135,100,0
$
Two ciphers (00) omitted.
$
F.11. notes rec'd from Comptroller 3,783,678,0 336,718,0
F. R.notes held by F. B. Agent__ 1,427,089,0 89,965,0
505,529,0 191,968,0 211,757,0 96,285,0 185,874,0 366,171,0 78,471,0 74.403,0 90,139,0 59,290,0 249,949,0
F. R.notes issued to F. R. Bank_ 2,356,589,0 246,753,0
Collateral held as security for
F. R. notes Issued to F. It. Bk.
Gold and gold certificates__ 406,885,0 35,300,0
Gold redemption fund
1,133,784,0 114,617,0
Gold fund-F. R. Board
1,144,105,0 98,883,0
Eligible paper
53,626,0 05,000,0 115,000,0 30,466.0 95,000,0 329,564,0 13,000,0 40,000,0 71,248,0 4,500,0 171,763,0
353,801,0 76,230,0 80,759,0 58,421,0 84,034,0 103.074,0 75.175,0 31,518,0 46,359,0 53,803,0 82,048,0
2,684,774,0 248,800,0
615,097,0 200,830,0 230,159,0 105,077,0 188,534,0 432,638,0 95,975,0 85,685,0 117,607,0 75,561,0 288,811,0
Total collateral
207,670,0 29,600,0 34,400,0 16.190,0
17.258,0 35,000,0
7,800,0 14,167,0
9,500,0
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 1523, 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 more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting
banks is now omitted; in its place the number of cities included has been substituted. The figures have also been revised to exclude a bank in the San
Francisco district with loans and investments of 3135,000,000 on Jan. 2. which recently merged with a non-member bank. The figures are now given in
round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUGUST 28 1929. (In millions of dollars).
Federal Reserve District-
Total,
Boston. New York
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
3,342
519
515
202
317
150
365
160
74
86
133
30
696
261
4
125
874
191
$
1,495
$
8,624
1Loans
-total
16,950
1,154
7,521
9,429
480
674
5,456
2,707
2,748
Net demand deposits
Time deposits
Government deposits
Due:from banks
Due_to banks
Borrowings from F. R. Bank
928
1,543
3,252
3,381
480
448
720
823
342
1,991
305
632
172
169
1,048
943
93
212
304
329
94
18
763
65
77
14
877
456
2
5,692
1,726
10
47
100
685
Reserve with F. R. Bank
Cash in vault
6,633
1,032
2,540
U. 8. Government securities____
Other securities
$
2,175
12,984
6,766
37
Investments
-total
$
1,233
1,663
238
On securities
All other
•Subject to correction.
Phila.
641
Loans and Investments-total
$
22,405
58
$
$
$
$
3
$
$
1,943
693
397
701
478
2,670
529
275
471
354 . 1,359
1,250
1,421
241
287
89
186
135
336
101
253
421
937
126
672
164
122
233
124
584
58
68
306
366
54
110
68
54
109
124
82
42
339
245
39
12
37
10
255
38
44
6
26
6
58
12
31
8
105
19
1,052
944
4
346
243
2
311
235
3
1,870
1,261
4
363
224
1
229
132
508
184
1
274
142
2
764
959
6
54
151
90
199
44
85
63
86
206
420
52
95
50
76
106
202
51
72
143
180
55
48
30
47
86
47
23
25
30
45
679
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. 4 1929,
In comparison with the previous week and the corresponding date last year:
Sept. 4 1929. Aug. 28 1929. Sept. 5 1928
Resources
-.Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury_
261,296,000
18,162,000
285,474.000
19,021,000
175,091,000
18,025,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
279,458,000
164.433,000
388,314,000
304,495,000
209,235,000
367.934,000
193,116,000
157,728,000
484,487,000
Total gold reserves
Reeerves other than gold
832,205,000
66,285,000
881,664,000
71,332,000
835,331,000
24,822,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U.8. Govt. obligations
Other bills discounted
898,490,000
16,015,000
952,996,000
17,796,000
860,153,000
15,877,000
213,665,000
89,601,000
145,394,000
95,453,000
253,190,000
97,012,000
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
303,266,000
92.922,000
240,847,000
72.208,000
350,202,000
47,113,000
4,009,000
24,091,000
6.290,000
4,009,000
24,402.000
3,335,000
4,292,000
13,071,000
16,473,000
34,390,000
12,050,000
31,746,000
12,050,000
33,836,000
500,000
Sept. 4 1929. Aug. 28 1929. Sept. 5 1928.
Resources (Concluded)
Gold held abroad
.....
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resourees
217,000
190,187,000
16,087,000
1.070,000
215,000
178,656,000
16,675,000
1,588,000
1,580,310,000 1,535,204,000 1,504,815,000
Fed'I Reserve notes In actual circulation
Deposits
-Member bank, reserve acct
Government
Foreign bank (See Note)
Other deposits
325,463,000
930,056,000
5,910,000
1,360,000
8,283,000
310,333,000
910,193,000
2,482,000
1.090,000
7,938,000
359,216,000
866,874,000
77,000
1,823,000
6,994,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
045,609,000
163,342,000
64,154,000
71.282,000
10.460,000
921,703,000
158,201,000
64,150,000
71,282,000
9,535,000
875.768,000
150,207.000
48,908,000
63,007,000
7,709,000
Total liabilities
Total U.S. Government securities._
Other securities (see note)
Foreign loans on gold
220,000
205,901,000
16,087,000
969,000
1,580,310.1100 1,535,204,000 1,504,815,000
Ratio of total reserves to deposit and
69.6%
70.7%
77.4%
Fed'i Reeve note liabilities combined
Contingent liability on bills purchased
137 268,000 139,732,000
79,207,000
Total bills and securities (See Note)
for foreign correspondence
442,628,000 356,851.000 431,651,000
NOTE.-BeginnIng With the statement of Oct. 7 1925, two now items were added in order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit bank debentures, was changed to
"Other securities." and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of tile
discounts,acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which,It waS Stated, are the only items included therein.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Vaulters' Oazettto
-Wall Street, Friday Night, Sept. 6 1929.
Railroad and Miscellaneous Stocks.-Sce page 1545.
Stock Exchange sales this week of shares not in detailed list:
STOCKS.
Week Ended Sept. 6.
Sales
for
Week.
Range for Week.
Lowest.
Par. Shares. I Per
Railroads100 1234
Bklyn & Queens Tr_*
•
100 65
Preferred
60 100
Buff Roch & P pf__ _100
30 56%
Canada Southern_ _100
Central RR of N J_100 1,100 47
30 73
Cleve & 1'ittsburgh_100
30 5834
Erie & Pittsburgh___50
130 7134
III Cent leased line_ _100
20 64
Manhat Elev Guar 100
130 14034
New Or Tex & Mex_100
1010034
N Y Lack & West__100
10 934
NY State Rys
100
100
60 2734
Nor Cent 2d pref
30 4934
Phila Rap Transit pf_50
Pitts Ft W & Ch p1.100
1014634
1014334
Pitts Y & Ashta pf _ _100
40 128
Rensselaer & Sara_ _100
20 88
Vicks Shreve & Pac_100
Highest.
Share. 5 Per
Sept 3 1234
Sept 3 65
Sept 3 100
Sept 5 5634
Sept 5355
Sept 3 73
Sept 5 5834
Sept 5 7334
Sept 5 65
Sept 414034
Sept 310034
Sept 6 934
Sept 5 2734
Sept 5 4934
Sept 414634
Sept 314334
Sept 5129
Sept 6 88
Range Since Jan. 1.
Lowest.
Highest.
per share.I per share.
share.
Sept 3 1234 Sept 1234 Sept
Sept 3 65
Sept 65
Sept
Jan 103
Sept 3 98
Feb
Sept 5 55
May 6134 Feb
Sept 5305
Apr 360
Feb
Sept 3 7234 Aug 79 34 Jan
Sept 5 5834 Sept 6134 Jan
Sept 4 7134 Sept 80
Feb
Sept 3 6034 Apr 87
Jan
Sept 4 130
Apr 156
May
Sept 3 10034 Sept 108 34 Mar
Sept 6 934 Sept 1434 Mat
Sept 5 2134 Jan 40
Fet
Sept 5 49 34 Apr 51
July
Sept 4 14434 July 153 34 Fet
Sept 3 14334 Sept 14334 Sept
Sept 6 128
Sept 140
Jar
Sept 6 88
Sept 10034 Jar
Indus. & Miscell.
Allegheny ptex-warr___ 6,500 8034 Sept 4 8234 Sept 3 8034 Sept 8634 Auq
Sept 4 8234 Sept 3 80
860 80
Sept 8534 Aut
Pref rets ex-warr____
Sept 5 45
100 45
Sept 5 45
Jar
Sept 73
Amalg Leather pref _100
Sept 3 112
Sept 3 105
100 112
Aug 11634 Jai
Am M & Fdry pf x-w100
Sept 5 2634 June 3034 Fet
900 2834 Sept 5 29
Art Metal Construct_10
100 9134 Sept 5 9114 Sept 5 88% July 107
Assoc Dr Gds 1st p1.100
Jar
34 Sept 4 134 Sept 6
Autosales Corp rights__ 3,400
34 Sept 134 Sep
* 29,700 1634 Sept 5 1734 Sept 3 1634 Sept 20
Aviation Corp
Aut
Sept 4 45
50 45
Sept 4 45
Barnet Leather pref_100
Sept 45
Sela
Sept 4 115
Sept 3 9344 Aug 115
Beatrice Creamery_50 1,500 113
Sep
Sept 3105
300 105
100
Sept 3 105
July 106 34 Aut
Preferred
Briggs & Stratton____* 3,100 3534 Sept 5 3734 Sept 3 3534 Sept 43
Jul]
Sept 6138% Sept 3 15% July 13834 Sep
• 3,500133
Bristol-Myers
Brown Shoe pref __ _100
20116% Sept 3116% Sept 3 11134 Aug 11934 Fel
Campbell W & C Fdry.• 2,400 4434 Sept 5 4734 Sept 3 43
Aug 49 34 Au
800 89
Sept 3 9034 Sept 6 86
Colum G & E pf 13..100
June 9034 Jul,
Col Graph rec full paid_ 1,100 6234 Sept 4 6434 Sept 5 61
July 6734 AU
2,00 50
Com'l Credit cl A_ ___50
Sept 3 50
Sept 3 50
Aug 5134 Au
30 87
1st pref ex-warr_100
Sept 5 87% Sept 5 7
Sept 95 Jun
Cons Cigar pref (7).100
120 85
Sept 3 8634 Sept 6 8134 Aug 100
ma
* 4,200 2234 Sept 6 2334 Sept 3 22
Consol Film Indus
Aug 2534 Au
Cont'l Bank N Y__ _10 30,700 5634 Sept 3 6245 Sept 4 56
Aug 6234 Sep
Cont'l Can pref_ _ _100
20 12434 Sept 3124% Sept 312434 Jan 126
Fe
Continental 011
* 30,900 32
Sept 5 343-4 Sept 3 2834 Aug 37% Au
Cushman's Sons pre-*
2011034 Sept 6110% Sept 6 10834 Feb 11544 Fe
Coty Inc rights
26,900
34 Sept 3
34 Sept 3
34 Aug I
Au
Curtiss-Wright Corp_ _* 93,100 2534 Sept 6 29
Sept 3 2534 Sept 3034 Au
Class A
• 19.500 36% Sept 6 3734 Sept 3 3634 Sept 3734 Au
De Beers Cons Mines_
20 21
Sept 3 2334 Sept 5 21
Aug 25
Ma
Duplan Silk
• 2,300 20
Sept 5 2134 Sept 4 20
Sept 2834 Jo
Durham Boa 101 pf _100
70 4334 Sept 4 45
Jan 48
Sept 6 36
Au
Eastman Kodak rights_ 81,050 534 Sept 5 7
Sept 3 534 Sent 7
Set
Elk Horn Coal pf _ _ _50
60 734 Sept 3 8
Sept 6 73-4 Sept 13
Ja
Emporium Capwell
*
60 2634 Sept 4 2634 Sept 5 24
Aug 38
Fe
Eng Pub Ser pf(5%)_ _* 1,100 100
Sept 103% Sept 3 9234 June 10834 Au
Fairbanks Co
•
100 4
Sept 4 4
Sept 4 4
Sept 10
At
Preferred
25
30 28
Sept 3 2934 Sept 3 11
Apr 35
Ja
Flsk Rubber lst pf_100 1,200 43
Sept 3 4534 Sept 5 3554 Aug 7234 Ja
Cony pref
100
570 4134 Sept 3 45
Sept 6 33
Aug 8234 Ja
Fleischmann Co Ws__ 15,200 9834 Sept 6102
Sept 3 8734 Aug 102
Set
Foster-Wheeler
Sept 6 7034 Sept 3 64
• 4,800 64
Sept 73
At
Preferred
Sept 4170
Sept 4 170
•
200 170
Sept 175
Al.
Franklin Simon pf _ _100
20 100
Sept 4100
Sept 4 100
Aug 110
Jr
Gamewell Co
•
200 7634 Sept 4 7834 Sept 5 75
Aug 8334 Jul
General Foods
* 33,600 7034 Sept 6 7344 Sept 3 6834 Aug 7734 Jul
Gen Pub Service
* 7,800 7834 Sept 5 8534 Sept 3 57 June 98
At
Gen lty Signal pref _100
Sept 3106
Sept 3 99
10 106
Jan 106
Set
Glidden Co rights
Sept 3 134 Sept 4
96,100 1
% Aug I% At
Gold Dust pref
*
200 106
Sept 5 108
Sept 3 106 Aug 120 MI
Grigsby-Grunow
* 48,200 5534 Sept 5 62
Sept 3 5534 Aug 6334 At
Hartman Corp el A__ _* 1,700 2734 Sept 5 30
Sept 3 2334 July 30
Sei
Barb Walk Refr p1_100
Sept 5 11134 July 114
130 112
Sept 5 112
Jut
Hercules Powder pf_ 100
Sept 6 120
Sept 6 120
200 120
July 120
Ju
H'hold Finance pt p1.50
600 45% Sept 4 473-4 Sept 6 45
Aug 5
034 Ju
Int Hyd El Sys Cl A_ _* 22,600 48
Sept 5 5034 Sept 3 473-4 July 543.4 Ju
Int Dept St pf r-war 100
Sept 5 8534 Aug 97
60 8534 Sept 4 86
mt
Investors Equity
* 5,200 64
Sept 3 69
Sept 4 64
Aug 7234 At
Kuppenhelmer & Co_ _5
Sept 3 36
Sept 3 34
10 36
Apr 4034 'AL
Laclede Gas
100
10261% Sept 3 26134 Sept 3231% May 325
At
Preferred
100
Sept 4 105
Sept 4 100
10 105
Mar 105
Se'
Libby-Owens Glass-. 2.800 3834 Sept 6 41
Sept 3 3841 Sept 43
At
Loew's Inc pref
*
100 96% Sept 5 9634 Sept 5 9234 June 110% Jr
Lorillard Co rights
4,300 134 Sept 6 I% Sept 6 1% Sept 1% Se
McLellan Stores
Sept 4 54
Sept 3 52
*
500 52
Sept 5934 At
Macy Co rights
34,900 6% Sept 4 734 Sept 3 4% Aug 734 Se
Mathieson Alkali rights
700 134 Sept 6 1% Sept 6 1% Sept 114 Se
MIlw El Ry & Lt pf _ 100
Sept 5 106
Sept 5 101
10 106
Jan 109 34 A
Minn Moline Pr Impl_• 4,500 34
Sept 5 3634 Sept 3 31
Aug 4334
Preferred
*
loci 95 Sept 5 95 Sept 5 93 Aug 102 Ju
Ju
Murray Corp rights__ 22,500 1334 Sept 6 15
Sept 3 1334 Sept 163.4 Al
Myer(F E) & Bros__ 20,200 43 Sept 3 5034 Sept 5 40
Aug 50 34 Se
Nat Dairy Products rts_ 173,700 234 Sept 5 274 Sept 3 234 Sept 2% Se
Outlet Co
100
Sept 4 78
Sept 5 79
70 78
Aug 99% .11
Packard Mor Car new.* 151,000 2934 Sept 5 3034 Sept 4 2634 Aug 3134 AI
Pitts Screw & Bolt _ _ _ _. 2,400 2634 Sept 6 2634 Sept 3 2634 Sept 2734 Al
Pittsburgh Steel pf _100
320 100
Sept 3100% Sept 3 92% Feb 100 34 Al
Procter & Gamble_ __ _* 27,000 90
Sept 3 90
Sept 4 95
Sept 98
Al
Radio Corp pref c113__. 9,300 76
Sept 6 74
Sept 3 78
Mar 8234 A
Railway & Express_ _.* 13,300 5334 Sept 4 58
Sept 3 49
Aug 583.4 Ai
Rand Mines
110 32
Sept 3 3534 Sept 5 32
Sept 3
634 E
Royal Bak Powd ctfs
Sept 4 3434 July 41
7,100 393.4 Sept 3 41
Se
Scott Paper
Sept 3 62
Sept 3 65
•
500 64
July 65
Al
Servel Inc
* 54,000 1734 Sept 3 1934 Sept 4 17
Aug 2134 Al
Sharpe & Holum pref.* 2,900 64
Sept 3 6434 Sept 3 64
Aug 6574 Ai
Solvay Am Inv pref
with warrants_ _ _ .100 13.100107% Sept 5 111
Sept 3 105
Aug 111
Se
So Porto Ric Sug pf_100
Sept 6 118
Sept 3 120
40 118
Sept 135
F
Standard Brands
Sept 5 3834 Sept 41
210,400 3834 Sept 5 41
Se
Stand Investment(6%) 5,300 44
Sept 6 4514 Sept 6 44
Sept 4534 Se
Stanley Co of Amer__ _*
Sept 3 26
Sept 3 35
30 35
Apr 45
M.
Sterling Secs class A..* 36,500 3134 scat 5 3434 Sept 3 2534 June 345-4 A'
Preferred
20 10,900 1434 Sept 3 1534 Sept 4 1334 June 1534 Ju
Tobacco Products Ms_ 5,600 1234 Sept 4 1434 Sept 3 1234 Aug 16
Ju
Class A ctfs
2,200 1534 Sept 6 1734 Sept 3 1534 Sept 19
A
United Business Pub•
Sept 6 30
100 33 Sept 6 33
Aug 36 Ju
United Carbon
• 2,800 85
5 89% Sept 3 78
Sept
Aug 9374 A
United Cigar :its ctfs * 2,500 1334 Sept 6 1414 Sept 3 1234 Aug 16% Jr
United Dyewood pf _100
Sept 5 5334 Apr 75
Sept 5 65
10 65
M
United Gas Impt
* 92,400 5334 Sept 6 553-4 Sept 3 4634 June 5934 Jr
Preferred
Sept 5 9234 July 963-4 A
•
900 9434 Sept 4 95
United Piece Dye Wks• 3,900 3834 Sept 6 4351 Sept 3 3834 Sept 4834 A
Preferred
100
100 9734 Sept 4 9734 Sept 4 9734 Sept 9734 Se
•110,000 118% Sept 513434 Sept 3 101% Aug 13434 Se
IJ 8 Freight
US & Foreign Pow- * 7,600 6334 Sept 5 6834 Sept 3 58
July 72
A
Preferred
Sept 5 89
*
100 89
Sept 5 89
Sept 9234 A
Sept 4 20
Va 1r Coal & Coke _ _100
Sept 4 20
60j 20
Aug 25% M
Zenith Radio Corp__ _* 9.9001 4144 Rent 6 473-4 Sept 4 40
AUg 52i1 II
•No par value.
1559
.
aturity,
Int.
Rats.
Bid.
Asked.
Sept.15 1929
431% 99,,34 100
Pee.15 1929_ _
434% 99,0 n 992,33
Mar.15 1930 _ _ 534% 100031 10042
,
hfaturity.
lat.
Rate.
Bid.
Sept.151930-32
Mar.15 1930-32
Dec.15 1930-32
Sept. 15 1929
Dec. 15 1929
334%
33-4%
332%
492%
434%
97. 84 981,2
,
972,32 98342
972,14 98.44
99,134 100
99,134 100,
n
Asked,
New York City Realty and Surety Companies.
(Au prices dollars per share.)
Bid
Alliance RIO 115
Am Surety- 130
Bond & M CL
88
- Ins t 75
e
Rome
Lawyers Mtge 56
Lawyers Title
& Guarantee 363
Bid ' Ask
I
N. Y Inv'Frs'
.
Lawyers West
& T 273 333
let pret____;
chest
2d pref ____
92 Mtge Bond_. 195 205 Westchester'
Title & Tr
79 N Y Title &
58
Mortgage.- 53 2 5
,
412
Ask
Bid
135
98
97
373 US Casualty-
95
180
Ask
185
100
New York City Banks and Trust Companies.
(All prices gaari per abase.)
Banks-N.Y. Bid
225
America
Amer Union*. 215
Bryant Park* 75
32
Rights
Central
Chase
Chath Phenix
Nat Bk& Tr
Chelsea Ex_ _
Chemical
Commercial_ _
Continental* Corn Erch_....
197
230
795
105
125
895
59
236
Fifth Avenue- 3950
8100
First
900
Grace
1750
Harriman_
169
Letcourt
212
Liberty
Manhattans - 925
National City 442
Penn Exch.- 130
121
Port Morris
Ask
Banks-N.Y Bid Ask Tr.Cos.-N.Y. Bid
265 269 Equitable Tr_ 683 690
Public
1030 1045 Fidelity Trust 66
Seaboard
69
150 160 Fulton
600
Seward
300 312
Trade*
US lot $2541 _ 175 178 Guaranty... 1025 1035
230
.
202 Yorkville
229 241 IntlGermanle 90 97
232 Yorktown
Interstate new 67
59
4 7512
Irving Trust_ 745
805
Brooklyn.
108
415 435 Lawyers True
128 Globe Exch."
1200
Manufacturers 279 3
.
81915 People's
175 185 Murray Hill- - 330 350
60 Prospect
Mutual(West241
375 425
Trust Co..
cheater)
New York.
4100
N Y Trust_ _ _ 386 392
8300 Banes Comqe
___ TImes Square_ 134 141
Italians Tr_ 425
Title Gu & To 164 . 8
16..
.
1875 Bank of N Y
& Trust Co. 925 945 United States 4100
00
71
196 Westehesr r Tr 1000
232 Bankers Trust 194
108
935 Bronx Co Tr _ 100
Brooklyn.
446 Cent Hanover 435 440
445 460 Brooklyn
1155 1165
County
595 605 Kings Co_ _ 3450 3550
.
.
140 Empire
122 127 Midwoo.d__ - -1 325 350
New
140
Ask
229
222
80
*State banks. I New stock. s Ex-dividend. g Ex-stock die. y Ex-right,.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Aug.31 Sept. 2 Sept. 3 Sept. 4 Sept. 5 Sept. 6
97,834 97,032 98
High
972433
First Liberty Loom
97,042 970.32 972032 97"34
334% bonds of 1923-47_ _ Low971832 971.32 98
Close
97,032
(First 334)
132
17
1
44
Total sales in $1.000 units_ _ _
Converted 4% bonds origh
Low1932-47 (First 4s)
Close
Total sales in $1,000 units_ __
982033 982.32 98 ..4 98;13,
,
Converted 434% bondsi High
982,34 982,32 982.31 982012
of 1932-47 (First 431s) LOW,
981132 98 tii 98.°32 98.42
[Close
24
15
33
45
Total sales in 81,000 units__
Second converted 434%1 High
---------____
bonds of 1932-47 (First LowClose
Second 4110
Total sales in $1,000 units__
,
;
o5i, 9948a
High IIOLI HOLI- 913i,, 98003
Fourth Liberty Loan
980832 982032 982832
99232
434% bonds of 1933-38_ Low- DAY DAY
980032 98..32 99432
1Close
99234
(Fourth 414s)
1118
342
610
226
Total sales in $1,000 units___
106"32 106"32 1061832 10620at
{High
Treasury
1061,32 106,032 1062232 1061.32
Low_
434s, 1947-52
1061,34 106,433 1062.33 1061.32
Close
211
50
50
22
Total sales in $1,000 units..__
10200n 1021hi 102 .. 103
IIIIgli
,
102.32 1022.33 102..3 1022034
Low_
4s, 1944-1954
1022434 1022.32 102303 103
Close
158
51
15
40
Total sales in $1,1300 units _ _ _
1000234 1000,34
Iliigli
-_10000
,,
100' 3s 100",,
,
Low_
---- 1002.32
334s, 1946-1956
1001,
33
1001232
Close
--1002.31
75
25
Total sales in 51,000 units ___
1
9714. __
97.l 34 9734,,
--7{nigh
97,,
34
___
972
.34 9724n
Low_
334s, 1943-1917
971132
___. 97.32 9700
Close
.
26
Total sales in $1,000 units.__
51
971.32
____
970034 97278
{High
,
970,34
Low_
972 34 9724,,
.
1940-1943
3545,
971,32
__
Close
978033 972034
____
16
28
Total sales in 51,000 units_ __
55
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
2 lst4t.is
10 4th 4%s
9811ii to 98,021
982.32 to 99.21
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.84 3-160
4.84% for checks and 4.84 23-3204.8431 for cables. Commercial on banks,
sight, 4.83 15-1604.84% sixty days, 4.7934 04.79 5-16 ninety days.
4.77'
and documents for payment, 4.79 5-1604.83%. Cotton for payment',
4.78%, and grain for payment, 4.83% •
To-day's (Friday's) actual rates for Paris bankers' francs were 3.91
1-16
03.91% for short. Amsterdam bankers guilders were 40.03040.05 for
short.
Exchange at Paris on London, 123.88 francs; week's range
123.91 francs
high and 123.86 francs low.
The range for foreign exchange for the week follows:
ActualSterling,
Checks.
Cables.
High for the week
4.84 7-16
4.84 13-16
Low for the week
4.84 3-16
4.84 11-16
Paris Bankers' Francs
High for the week
3.91%
3.91 7-16
Low for the week
3.90 15-16
3.9134
Amsterdam Bankers' Guilders
High for the week
40.05
40.07
Low for the week
40.0234
40.0634
• Germany Bankers' Marks
High for the week
23.80
23.8034
Low for the week
23.77%
23.79%
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,
NMI AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 31.
Monday,
Sept. 2.
Tuesday,
Sept. 3.
Wednesday, Thursday,
Sept. 4.
Sept. 5.
Friday,
Sept. 6.
Sales
for
the
IVeek.
STOCKS
NEW YORK STOOK
EXCHANGE
PBS SHARB
Range Slum Jas. 1.
-share tole
Oa pasta of 100
Htobeet
Lowest
per share $ per share $ per share $ per share $ per share Shares
Railroad,
Par $ Per skate 3 per ehure
m431,18226
29112 295
19,000 Atch Topeka & Santa Fe__100
28412 2893 2831s 29112 283 287
2
2„53.1u
4
.19
s
1,200 Preferred
10134 1013 102 10212 102 10212 10213 103
ualy:i3860?
4
100
200 20012 199 20012 197 200
199 199
5.900 Atlantic Coast Line 1tR--..100
13913 14112 138% 14034 136% 140
13712 139% 73,000 Baltimore & Ohio
100 11512May 37 141%
500 Preferred
.7612 78
*75% 77
4
*76% 773
4 753 76
C6)
aae 13 !
l 11 (0)
0
100 17 ! 1841
3,200 Bangor dr Aroostook
4
8312 8412 83
823 83
8412 823 84
4
50 0412May 8 8814July 25
40 Preferred
106% 1063 108 108 •1065 10913 108 108
8
3
100 103 Apr 4 11053May 20
134 140
1.900 Boston Re Maine
13612 136% 137 140
137 138
25
100 85 AugApr
3 7,800 Bklyn-Manh Tran v t o_No par 5713
59 4 5914 5934 59% 6113 6053 603
2
59
11 1
25
81
*80
.80
81
8412 1580
81
Preferred v t c
•80
No par 79 July 29 9253 Feb 1
1,300 Brunswick Term & fly Sec 100
1812 1812 18
1712 18
1814 1712 18
100 Buffalo & Susquehanna__.100 e1;1 4
80
*66
70
80 .70
7012 7012 *70
Mar 1g
j
aa
4512
72
*66
72
*75
*66
78
*6512 78
Preferred
100 5113July 1 8113 Aug 2
233 234
232 234% 23153 23614 231% 234% 35,200 Canadian Pactfle
100 218 May 27 269% Feb 2
97
*95
30 Caro Clinch & Ohio °Us st'd100 93 Aug 16 10112 Mar 14
97
95
95
95
95 .95
27712 279 4 273 278
270 277 x270 27312 5,900 Chesapeake & Ohio
3
45ept 3
100 195 May 20 2793
5
624 1,700 Chicago &
612 612
612 6%
6% 612
Alton
41:July 11
193 Feb 4
4
100
914
958 1,800 Preferred
94 94
3
914 914
3
9% 93
4
612July 9 25 4 Fob 4
3
100
1125
30
Chto & East Illinois RR___100 2
*25
*25
30
30
*25
30
12 Aa y 26 43 Feb 4
.534m ug
*98
60
60
*56
•55
60
60
•55
Preferred
1001 49 June 26 657 Feb 4
3
8,300 Chicago Great Western
1652 17%
1614 1714
16% 1712 137 17
7
28 33 4 Feb 1
1001
4512 4714 5,000 Preferred
47
483
2 4634 4712 4514 47%
1001 38 June 11 6333 Jan 31
43
44 3 43
5
4453 4114 44% 4112 4313 55,500 Chicago Milvr St Paul & Pao...1 273
47day 28 417 Aug 39
, 103,700 Preferred new
66% 6713 6513 6714 6413 57% (35
4613May 28 0853 Aug 29
101 10452 102% 107 110.600 Chleago & North Weetern_100 8014May 28 107 Sept 6
10014 10214 9938 10112
200 Preferred
140 140 *140 150
140 140 •140 145
100 134 Apr 24 145 Feb 5
7,700 Chicago Rock lel & Paelflo_100 115 May 37 14312Sept 3
142 14312 140 14152 138% 144 x141 142
600 7% preferred
10612 10612 106% 106%
10514 106% •10612 107
100 10514 Mar 27 10814 Jan 25
9912 9912
600 6% Preferred
99
9812 9912 99
983 9914 .
4
100 9812June 20 1027 Feb 5
3
400 Colorado & Southern
*127 130
120 120% 121 121 *12012 130
100 101 May 28 135 July 20
72
*70
72
Find preferred
*70
*6814 70
*70
100 63 July 3 80 Jan 25
72
90 Second oreforre4
*7012 72
70
70
*74
*6814 72
100 64 Apr 22 7212Mar 5
78
*5312 54
100 Coneol RR of Cuba pref
55
55
•56
5.3
*55
100 50 Aug 14 7052 Jan 2
57
222 2243 21912 22352 21612 222% 219 22114 9,300 Delaware & nucleon
100 182 Mar 26 226 July 20
4
37.200 Delaware Lack & Western_100 12014June 11 11143 Aug 29
15912 163
154 163
160 16312 160% 16312
4
,is Rio Or West pref.-100 5514 Jan 2 772 Feb 21
900 Deny
70
3
634 7112 70
9
*7112 72
*70/2 72
100 Duluth So Shore & AIL
*23
4 312
47 Feb 6
100
232June 11
*2% 312 *2% 3%
*4
6
Preferred
100
*4
6
4 June 11
•333 312 *3% 3
12
712 Feb 4
100 64 Mar 20 0214Sept, 4
8812 90 4 89% 9214 8712 9112 89% 91 119,100 Erie
3
62
5,700
k'irst preferred
100 57 Mar 26 6014July 2
4
6212 613 6213 61
6114 62
62
60
800 Second preferred
*59
100 56 Mar 27 637
5
16 168
014 10
aJuly 2
*5912 59% 597 59% 16
122 125% 123% 124% 8.400 Great Northern preferred...100 101 May 28 12814July 22
12413 1253 12414 125
2
116% 11713 3,500 Pref certificates
100 100 May 15 12214July 22
11612 1173 116 11612
3
47
46
100 Gulf Mobile & Nortbern
9512 .
48
8
48
3May 27 59 Feb 4
100 323
48
•47
*47
49
400 Preferred
96
*94
100 9012June 6 103 Jan 3
96
9512
*93
9512 95
612 82
4
Havana Electric Ry_ __No par
4
4613 83
7 Feb 18
Ills Apr 20
4 *612 8% *612 83 .
69
69
150 Preferred
Stock
4
69 •683 69
Stock
100 55 Feb 16 73 Apr 16
*683 6912 69
4
20 Hocking Valley
10 875 Mar 26 583 Aug 27
575 575 *560 575 *550 575 *550 575
5472 10,700 Hudson & Manhattan_....100 3414may 28 583 Jan 5
5112 5512 53
Exchange Exchange
3
5452 563
4 53% 55
100 Preferred
*7412 77
*7412 78
*74% 79
100 70 June 25 84 Jan 18
77
77
146% 146% 2,600 Illinois Central
148 148
ClosedClosed
- 1467 14914 •14518 148
100 13212May 27 15312July 20
3
Preferred
: af 3). 111 0,
12
4 ,
100 1:41 Nlu, i1 11 0 2 J;,1, 20
*140 152 *140 152 •140 152 •140 152
75
*74
75
RR See Stock certiftcates__Holiday Labor Day *733 7412 *73
•74
75
21
4
22
22
3,500 Interboro Rapid Tran v t 6.100 1952July 30 585± Feb 25
2114 2212 21% 2212 2138 22
100 hat Rye of Cent America__100 43 Apr 1 59 Jan 26
46 3 467
7
8
47
•43
47
46
*46
4714 *
48
*43
48
Certificates
*43
48
No par
*43
25
.43
48
7414
160 Preferred
'
i
ll
74% 73% 74
iae
'2,Itn 13
100 ggl1ju a !L:aI n
7414 7414 74
73'2
4
3July 20
100 78 Mar 26 1087
106 10612 10412 106% 10312 1053 10318 105% 20,600 Kansas City Southern
68
86
68 •
Preferred
3
9
*66
Jan 12
68
.
100 6712Na 2 10702142 J
73 3 1.
5
.
1566
67
*66
5,500 Lehigh Valley
96% 4.93% 95
Feb
50
93
957
2 9.512 9653 95
149 15154 14914 14953 6,300 Louisville & Nashville
14912 150
100
15014 150%
38% 3914 1,500 Manhat Elev modified guar100 lit a r 2/ 1 13 Tau lt
irlpY 8 0
3
b
3812 3812 3814 38% 3814 39
24
400 Market St Hy prior pref 100 20 May 28 3912 Jan 4
24
25
2413 2412 24% 2414 *24
2% 212 1,200 Minneapolis & tit Louls
212 212
100
2% 212
2% 212
53% 7,900 Minn St Paul & El S Marle_100 3125
53
5213 54
5014 513
4 52% 54
100 Preferred
80
•76
80
72
SO .
78
100 agionue 3 87 Jan 23
78
*78
30 Leased lines
57%
57
58
3,july 8 60 Jan 25
*57
58
*57
100 562
57
57
4July 20
2
4 54% 5512 42.400 Mo-Kan-Texas RR___ _No par 4212 Mar 26 653
4 533 563
5418 553
4 5412 553
1043 10412 104% 10452 104% 104% 10412 10453 1,500 Preferred
100 102 Apr 9 10712 Apr 25
3
93% 94% 16,800 Missouri Paollio
4 107 22ul y 2125
2 14 111 J u ly
977
2
94
3
100
95 4 95 3 9634 94
3
3
4
141 1417 x1387 13914 3,300 Preferred
4
14113 141% 1403 142
100
80
*77
Morrim & Elutes
80
*77
80
*77
82
627 jjftann
*77
50 170213J uly 18 863* Jan 17
10 Nash Chatt & St Loute_100 181l247,13.12 N 2411 1111529
.
234 240 *234 237 *234 236% 234 234
3% 44 2
1 4.2
13
200i Nat Rye of Mexico 2d pref.100
4
1%
134
13
4
*134 2
•13
4 2
5
24413 24813 73,0001New York Central
251
100 178121%1st 26 25612 Aug 30
253 256% 249 252% 24214
181 184
6,600 NY Chic & St Louis Co100 12812111ar 26 1923 Aug 30
3
3
18714 1923 183 187% 180 187
10512 106
800 Preferred
105 105
106
May 28 10914 Jan 4
106 107 10105
100 100
80 N Y & Harlem
296% 206% *29512 300
300 300 *29612 300
50 27712June 13 379 Jan 18
2
124 125 4 123% 12512 123 12514 21223 12352 43,700 NY N It &Hartford
4
100 807 Jan 4 12612 Aug 26
5
1,300 Preferred
•12012 128
3
128% 128% 12813 128% 1283 12812
11433 Jan 3 13112 Aug 14
25% 6,800 N Y Ontario & Western100 231 tJune 28 32 Feb 4
2412 253
2 25
243 25
2414 25
4
4,000 N Y Railways Dref..--NO Da?
5% 6
214 0
97 Feb 31
*214 212
214 212
214 Aug 30
34
200 Norfolk Southern
*33
34
34
34% *33
*34
35
100 33 may 28 4812 Feb 4
5,200 Norfolk & Western
28112 286
eg 4
4f:12;11
279 282
2
287 290
28012 286
100 1:1 p 1tt 17
87
60 Preferred
87
87
*80
86
86
87
*86
100
2
110% 111% 109 11112 10812 11112 107% 1097 12.900 Northern Pacille
100 9512may 27 11872July 22
10513 10 8 4,100 Certificate,
67
4
1083 1083 106% 1083 10614 108
4
100 96 May 27 11452July 22
4
:st un r
:
10313 10812 10452 107 129,100 Pennsylvania
ku 2
ul 16
9
10812 109 4 107 109
3
50 pi rne 2
34
•24
Peoria & Eastern
4 35
34
1124
34
*24
34 .24
100
1,400 Pere Marquette
4
235 2383 *225 234
a g 1? A li;
245 245 *235 244
100 148 j n 211tt 29
350 Prior preferred
9612 96% 951y 9612 9612 9612 90% 97%
100
*94% 95% , 300 Preferred
95
jan 22
9412 94% 9413 9412 95
100
1,900 Pittsburgh & Wert Va__100 192530R:28 1948734 Jan 10
138 138%
•I35 137
136% 138
8
138 139
2 M 18
5
7
130% 139% 14014 14612 142% 147% 14313 145 3 70,800 Reading
4Sept 6
50 10112Ma7 27 1173
*47
1,200 First preferred
49
49
48
5146
51)
48
48
50
4ty N
i .r
4,700 Second preferred
53
52
5214 52
48
.3cl t g
Se,
p
4914 497 52
2
50
67
60
Rutland RR pref
67 .
*60
*60
67
*60
70
100 6315 Mar 21 71 June 19
z13158 1323 13014 13172 128% 1317 129 13114 8.700 St Louts-San Franclaco
3
4
100 115212May 20 13334 Aug 30
2,500
9312 94
let prof paid
94
9412 93 4 9414 *9313 94
3
100 92% Mar 26 2612 Feb 2
1
*99 101
9913 9912 98% 100% *9413 9812 1,100 St Louis 5outhweetern
100 82 May 27 110 4 Feb 4
91
•90
91
Preferred
•90
91
*90
*90
91
100 87 June 14 24 Apr 26
17
17% 9,800 Seaboard Air Line
1753 1778
4
1612 18
1712 18
100 12 June 15 212 Mar 5
1.600 Preferred
26
26
45096 4
26
26
26
26
2634 26
100 164June 14 263
27.000 Southern Pacific Co
150 153
154 15713 155 15712 150 150
100 124 Mar 25 1571 2Sept 3
49.700 Southern Railway
15613 16212 15612 162
158 159
15318 156
138 May 27 16218Sept 4
100
700 Preferred
9514 9514 96
9613 96%
96
98
96 .
100
.
111 119 •112 117 •111 117 •111 117
Mobile & Ohio meats...AO°
1897 Jan 13
40 4
4
100 Texas & Patine
165 165 •157 167 •157 165 •157 165
1 5 Apr9 une 4
3
100 1" May 2148 181 May 2
11
1,200 Third Avenue
11
11
1112 12
11
113
3 11
100 10 Aug 29 89 Feb 25
40
600 Twin City Rapid Transit 100 39 July 1 58% Jan 25
4013 4012
40
40
40
40
40
*86
90
•____ 88 •__ __ 90
Preferred
100 874 Aug 30 100 Jan 5
32921 2967 29014 294% 288 292
287 29012 12,000 Union Pacific
s
100 209 Mar 26 29753 Aug 29
284
84
84% 1,200 Preferred_
85
8512 84% 84% 84
100 8012 Aug 12 8512Sept 4
per share
11,Feb
July7
Slay
2
• Bid and asked prices; no sales on this day, s Ex-dlyldend. y Ex-rights.
:114Sjeapi
MIR BIZARR
games for Praetors
Year 1925
1
Lowest
11Weil
pet share I
1825, Mar 2gr rov
' e
10312 Ave
1571s Oct 191'3 May
1033 June 126% Dee
4
77 Nov 85 Apr
01 June 8414 Jan
104 Dee 1113 May
4
58 Feb 91 Dee
533 Jae
4
772 May
4
Jan 97 % eps
ay
82
45
J uln
j y 64% Nov
a
38 Sent 63 Nov
19513June 253 Nov
98 Sept 10712 Mar
17512 June 2183 Dee
g
184 May
55± Jay
77 Feb 263 May
2
37 Feb 4814 May
58 Aug 76% M137
912 Feb 25 Dee
,
2013 Feb 501 Des
225, Mar 6012 Apr
87 Mar
78 June
135 Deo
106 Feb
105 Dee
993 Dee
105 Aug
67 July
6912 Nov
6312 Dee
16314 Feb
12514 Dee
150% Feb
3 Aug
433 June
481,June
50 June
4914 June
93% Feb
9114 Feb
43 Aug
99 Aug
7 Aug
51 Dec
340 July
5012 Dec
81
Oct
131% Jan
13013 Jan
75 July
22
Jan
36% Mar
5933 Nov
94% May
150 May
1393* Nov
11112 Me,
1115 May
126 May
85 API
85 May
8733 June
228
Ape
150 Apr
658 Avg
.
64 Jan
912 May
7212 Dee
637 Jan
62 Jan
1143 Nov
4
11133 Nov
617 May
2
109 may
1733 Juno
781s Sept
673 Nov
7311 Ave
93% Apr
14833 May
147 MAY
82% June
02 May
5212 Nov
43 June 95
144124 Aug 17
66 3 F0bv
u
14
7
Nov
Io
p
Nun
381 Doe
I% May
40 June
7014 Dee
60 Dee
3012 June
10611,
17
2Je
Feb
105 Feb
8213 Aug
1711s Aug
2 Feb
156 Feb
12114 Oct
10412 Aug
168
Jan
5433 June
112 Sept
24 Feb
514 Jan
32 June
175 June
1113 Na ;
4
" n
404 M512
1
6% Ma,
5233 Jan
873 May
4
7112 Jan
58 Dee
109 Feb
754 et
Seth
12672 Dec
89 Juni
30433 May
512 Apt
196._ Nov
140 May
110
JAD
505 Apr
823 Dec
4
117 May
39 May
18 May
58 Nov
17814 No,
9 72
6
e
June
9271 Feb 18188
84
% Oa4
901,2 Feb 115 Nov
25 MarE7 May
124% Feb 154 Nov
a Nov 100 *
l
5
CIa
tit
12114 Feb I :314 M:
I 1
112% May
49411124 B
Nov
44
Jan 49s May
5 7
6
50 Feb 77 Dee
102 Feb 122 Mar
94 Des 101 ngaY
67% Feb 12414 Nov
HIJI
fllY 96 Jar
115± Mar 8012 Jan
17 Aug131892'4 JanJan
10
117% Feb 13114 MAY
13912 Feb 105 MAY
008"
Jan 19454 Gel
1991s Septa
2812 Jan 401s May
3214 Sept 50 May
946p Oct 107 Feb
g
18012 Feb 3247 Noir
82% Oct 8714 Jan
New York Stock
1561
Record-continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Aug. 31,
$ Per share
Monday,
Sept. 2.
$ per share
Tuesday,
Sept. 3.
Iltednesday, Thursday,
Sept. 5.
Sept. 4.
per share
per share
7112
7114 71
71
91
90
*8812 92
8612
8612 *83
•83
2
2
4458 4618 437 457
46
*42
49
*44
8 3712 3712
365 377
8
*6214 6312
*624 65
Friday,
Sept. G.
Sales
for
the
Week.
PER 8HARE
Range Shwa Jas. 1.
-dare lots
Os basis of 100
STOCKS
NEW YORK STOCK
EXCIIA NOE
Railroads (Con.)
$ per share $ per share Shares
7012 3,300 Wabash
7112 7
70
500 Preferred A
*9012 91
91312
90
200 Preferred B
8314 84
86
•83
4 437 4512 19,400 Western Maryland
2
4314 453
Second preferred
47
*42
47
*42
3712 3712 2,700 Western Patina
3714 38
600 Preferred
6214 6214
62
62
Lowest
Par
100
100
100
100
100
100
100
litglust
PER EH.4112
gauge for Presteas
Year 1938
Lowell
Stalest
$ per
Vet sears
share $ per ewe $ VW /MU
60 May 27 813 Jan 5
8
51 Feb 9814 May
2
8812 Feb 102 May
8814 Aug 16 1047 Jan 7
79 May 24 91 Jan E
87 Feb 991 May
81% Feb 5444 May
3212Mar 26 54 Feb 4
g
3312 Feb
547 May
3812May 28 5.313 Fob ct
3811 Des
2814 Feb
2
32 May 27 417 Mar 6
4July 22
521s Aug 8212 Jan
58 May 27 673
Industrial & !iiscellaneous
364 Nov 85
Apr
No par 331sMay 27 57% Aug 15
6,400 Abitibi Pow & Pap
78 Nov 1024 July
8
100 79 Apr 10 815 Jan 7
800 Preferred
90 June 142 Dee
500 Abraham & Straus-___No par 101 May 28 15912 Jan 3
Oot 11412 June
100 108 June 4 112 Jan 2 109
Preferred
Jan 425 Des
100 389 Jan 16 750 Apr 23 196
600 Adams Express
Jan 9912 Mar
93
100 844June 26 96 Jan 3
300 Preferred
3011 Dec 3312 Dec
8
274May 1 357 Jan 15
No par
300 Adams MiWs
11
Jan 65 Sept
8May 1
100 27 May 31 1047
3.200 Advance RumelY
8414 Jar 894 Sept
100 40 Aug 29 119 May 1
1,500 Preferred
2114 Jan
54 Mar
Vs Feb 20
112July 24
1
4,400 Ahumada Lead
8
59 June 993 Dm
18.200 Air Reduction, Ine___-NO Par 9518 Apr 10 217 Sept 3
8
212 215 20018 2117 2062a 214
217
2127
8
500 Air-Way Elee ApplianceNo par 36 Aug 9 48%MaY 13
3812 3812 383a 388
39
39
39
39
1453
11Jul e --- Jan
4 Aug 15 1114 Jan 2 -1
par
No
412 434 4,100 Max Rubber,Inc
412 434
4
45
8 43
434 4%
1
Jan
10
412,1une 4 1014
814 812
83
812- 814 814 19 4 *18 19 12,000 Alaska Juneau Gold Min__16 12 May 31 25 Jan 8 2234 Dee 3114 Nov
4
812 83
Jan
Jan 3
400'Albany Pert Wrap Pap_No par
19
19
19
19
19
No par 274 Mar 26 5612Sept 3
8
563
533 54o.578.400 Allegheny Corp
4
5312 561_ 542 5612 52
100 9918 Apr 15 118%July 15
4 3,2001 Preferred
11838 11612 11812 11714 1173
118
115 118
10038May 14 1183
4Sept 5
4
11512 1183 116 11714 9.0001 Receipts
118 118
115 118
.
4
13,100 Allied Chemical & Dye-No Pa• 141 Jan 7 3543 Aug 30 146 -Fel3 25324 i;
328 34514 334 342
348 3541 34612 350
2
100 1204 Apr 8 125 Apr 27 12912 June 1271 May
12218 12212 1,100! Preferred
124
122 1221 122 12218 *12218
188 Mar 26 330 Aug 20 11518 Feb 200 Dec
100
1,100'Aille-Chalmers Mfg
306 309
31212 31212 310 310
31612 317
918 Oct 16% Apr
5 May 31 111* Jan 14
1Amalgamated Leather_No par
818 *6
614
614 *6
*8
*6
61
2718 Feb 4378 Nov
No Par 2212May 25 424 Jan 3
27
28
6,0001 Amerada Corp
27% 2918 2718 28
27
27
153 Feb 26 Nes
3
1158 1218 2,900 Amer Agricultural Chem_100 1012May 22 2353 Jan 15
1112 12
117 1238
1112 11%
8
5538 Feb 797 Nov
4
100 4052May29 733 Jan 11
467
8 4618 4612 3,0001 Preferred
4612 46
46
4644 463
4
743 Jan 169 May
110 Mar 2d 155 Sept 3
10
14,400,Amer Bank Nob o
14834 15212 141 14814 14612 148
149 155
Oct 65% Jot
60
4June 14
50 57 July 23 6.53
58
*58
60
30; Preferred
58
GO
*58
60
*58
143 July 2112 Aug
4
*13
14
'American Beet Sugar_No yor 13 Aug 27 2012 Jan 16
14
*13
14
*13
14
•13
30 Feb 614 Sept
100 46 Apr 24 604 Feb 5
200, Preferred
50 4 504 .5012 51
3
51
*503 5218 51
4
/
1
153 Fob 444 Nes
2
8 6614 75
46,000; Amer Bosch Magneto-NO par 4012 Feb 14 75 Sept 6
8 6514 705
6612 673
67
66
397 July 494 Jan
8
8
5712 5914 3,400 Am Brake Shoe & F----No Par 45 Jan 16 62 Feb 4
8 583 5912 5753 58
5914 597
100 117 July 10 12612Mar 21 120 De 128 Jane
1 Preferred
8
4
•1171z 1193 •11712 122 *11714 1197 *11714 11918
104 Apr 2614 May
1512 Jan 7 341
4Juni 1
4 2318 25141 15.700.Amer Brown Bever! El_NO Var
4
26
2614 223 253
263 27
8
2
4014 Apr 057 May
100 4934 Jan 7 104 June 12
82
8214
2301 Preferred
82
827 8312 82
8
S3
83
704 Jan 11711 Noy
4
25 1073 Feb 18 18412 Aug 24
4
8
17712 1817 17618 1803 17012 1771 17214 177 122,100 American Can
Am
4
100 13612July 8 142 Mar 28 1383 Jan 147
Preferred
*13914 140 *13914 140 *13914 140 *13914 140
8814 July 11112 Jan
4,900 American Car dc Fdy-No par 92 May 27 10612 Jan 3
4 978 99
9812 10053 9712 993
99 101
8
1
100 1137 Aug 5 120 Jan 29 1103 Aug 13712 Mal
200 Preferred
11434 1143 115 115 *115 11612
4
*11412 115
71 Des 105 June
100 7014May 31 86 July 221
300 American Chain prof
*827 85
8
*82
83
84
82
84
•82
4
No par 483 Mar 28 8158Sept 5 44 Dec 5014 1302
8 7718 8078 31,900 American Chicle
811
73
743
8 7012 7312 73
---4912 4614 4812 19,600 Am Comml Alcohol_ No par 4212 Aug 24 55 May 201
4914 46
48
50% 4734 .
---4
800 Amer Encaustic TIling_No par 2334May 31 473 Feb 25 --4
303 307
4
8 2912 308 293 3014 2978 30
---933 21,100 Amer European Sec's No par 823g July 12 9812Sept 31
4
91
96
9512 9731 92
93
9312
Dee
221 Feb
2
17112 234,300 Amer & For'n Power _No par 7514 Jan 4 17112SePt 61
4
160 1643 15814 1627 15612 1663 161
4
4
- No par 104 July 1 10812 Feb 14 1043 Jule 110 May
800 Preferred
10712 10712 107 107
*106 106 *10712 108
Feb 100 Sept
81
No par 88 Apr 9 103 Feb 21
3,500 26 preferred
98
07
9634 97
9612 97
9618 961
10 2418 Mar 28 42 Apr 19
304 4,300 Am Hawaiian S S Co
30
27% 30
28% 32
32
33
6 July 30 10 Jan 2
830 Oct 1530 Feb
400 American Hide A Leather_100
818 819
812 81
812 812
*8
914
.
31 Nov 61% Feb
100 304 Feb 6 5214 Aug 29
Preferred
400,
49
*46
48
*45
50
50
50
521
8
59 Feb 88 Nov
7012 3,800 Amer Home Products_No par 64 June 3 855 Jan 24
70
71
7114 7214 71
715 713
3
Jan 494 Aug
28
38 Mar 26 5312 Aug 23
No pa
10,300 American Ice
51
503
4 50
50% 5212 5014 5114 50
Jan 9911 Mee
90
4May 23 98 Mar 6
100 893
Preferred
93
93
*91
*91
*91
93
93
*01
5212May 31 897s Sept 3
pa
87
89% 8538 8814 8318 86% 8312 854 80,500 Amer Intermit Corp-No
s
412June 10
87 Jan 10
54 Jan "Hi Oct
Foamite.1
434
412 43
700 Amer La France &
4 *412
4 *412 43
412 43
56
Jan sips Oct
100 45 Aug 6 75 Feb 21
Preferred
59%,
59% *55
598 *55
597 *59
8
*59
Jae
87 June 115
125
122 1233
41 5,300 American Locomotive_No pa 10230 Feb 18 136 July 16
122
122 12414 12414 125
10 113 Jan 3 1194 Aug 2 10314 Oct 134 Mar
200 Preferred
115 115 *114 115
115 115
•115 117
Stock
Stock
4
232 Aug 19 12912 June 1833 Dee
210 216
1,000 Amer Machine & Fdy_ _No Da 14714June 3
209% 210
210 210
*210 214
4
89 Mar 534 Nov
60 May 27 813 Feb 6
737 79
8
69,400 Amer Motel Co Ltd___No pa
724 7514 73
7534 724 75
Exchange Exchange
3May 21 135 Feb 6 109 Aug 1174 May
129 132100 1133
400 Preferred (6%)
125 125, •125 120
*125 130
4
963 Dee 993 Nov
4
85 July 19 9814 Jan 7
81
8018 8018
140 Amer Nat Gas pref _ __No pa
81
85
85
8512 8512
ClOseC11
1* Closed
123 July 25 Feb
4
334 Aug 14 1772 Jan 31
No pa
4
4
*4
414
100 American Plano
4
*37
.3 8 4
3
es
,
Jan
38 Dec 90
28 55 Jan 31
_100 1812June
22
*21
22
22
140 Preferred •
*2012 22
21
, Holiday Labor Day 21
6214 Jan 95 May
8Sept 6
8118 Jan 8 1713
No pa
8
1557 16414 157 16214 1575 168% 162 1713 84,200 Am Power dz Light
8June 14 105 Feb 28 10012 Dec 10714 MU
983
No pa
1.700 Preferred
10012 10012 10012 10012 100 10012 10012 101
7018 Nov 7712 Nov
70 May 31 80 Feb 13
No Da
743 75
4
900 Preferred A
*73
737
8 737a 7412 7434 743
8112 Dee 884 Nov
No par 78 July 25 844 Fob 15
8018 797 804 8018 81
2,800 Pref A stamped
80
80
80
4
4 513 5414 375,300 Am Rad & Stand San'ry Ns par 4018May 28 5412July 17
4
4
4 483 5112 483 523
473 483
4
100 135 Sept 3 135 Sept 31
135 135
40 Preferred
135 135
ii)1
6444 Jan
-5ii4 ii" 3518 378 2,400 American Republies___No Dar 31 Aug 29 139%Sept 21 5114 Feb 85 "
383 3812
5
25 10612Nlay
13118 1393 13414 1374 92,700 Amer Rolling hilll
37
4
0
12872 13178 13 12 136
36
Jan 74a 9.p1
66
4
74 4 Jan 311
6738 68
68
68
69
900 American Safety Rasor_Ne par 81 June 1
.6812 6914 *68
2718 Nov 45 May
41 8 Mar 16
7
Nepal' 31 Sept
3114 31
31
4 31
2.100 Amor Seating v to
3184 32% 3114 313
64 May
312 Aug
7 Feb 5
3 Aug 12
*318 32
318 3%
318
318
3% 318
300 Amer Ship & Comm
NO Dar
80 Sept 119
Jan
8112June 1 1124 Aug 8
10512 10512 103 1033
4
520 American Shipbuilding_ ___100
105 107
10514 107
Feb 293 Dee
12634 i29'8 127 12814 125 13014 126 12812 130,700 Am Smelting & Relining-100 934 Jan 1 13014Sept 5 169
Apr
1345 *135 136 *135 136100 130 May 8 138 Jan 4 131 Mar 142
8
200 Preferred
*13412 1351 13453
25 4314 Aug 21 49 July 26
4 3,100 American Snuff new
4512 4614 4618 4612 4612 463
4478 47
100 10112July 29 112 Jan 24 166- Oct 116- JulIe
40 Preferred
108 110 *107 11012 .107 11012 *107 110'2
8
504 June 703 Jan
6312 64
58 May 28 794 Feb 4
14,600 Amer Steel Foundries-No Da
6338 6414 6312 64
64% 65
109 June 120 Feb
11112 11134 *11112 112
170 Preferred
100 110 June 17 114 Mar 18
*111 1111 111 111
66
68% 66
6818 6618 6618
65 June 21 85 Apr 25
800 American Stores
No pa
67
67
55 Feb 9312 Nov
847 x8018 8312 8018 82
8
12,600 Amer Sugar Refining
100 714 Apr 5 9444 Jan 25
79
813
4 82
4
200 Preferred
100 10438June 7 111 Feb 1 100 Feb 11012 Ma)
*108 10814 10814 10812 *10614 1073 *10614 1081
48
Feb 734 6001
*3612 4012 3914 3912 3912 3912 40
3514June 1 60 Jan 2
4014 1.500 Am Sum Tab
No pa
Jan
174 Dec 32
*24
25
*24
25
7
17 Jan 2 32 2 Mar 25
Amer Telegraph & Cable-10
*2412 25
*2412 25
8
8
100 19314 Jan 8 301 Sept 3 172 July 211 May
298 304
29718 3023 28812 2997 291 2963 91,400 Amer Telep & Teleg
195 199
195 1961
168 200
2,700 American Tobacco eote„--50 160 Mar 26 205 Aug 30 152 June 1844 Dee
198 20014
2
1951 1993 19514 197
8
4.400 Common class B
50 16014Mar 26 205 Aug 30 162 June 1847 Nov
201 2033 197 199
4
Apr
4
4
8.000 Preferred
100 115 June 20 12114 Jan 115 11544 Sept125
116 116 •1153 117 *1153 117
116 116
168 170
4,200 American Type Founders100 13812 Jan 6 175 Sept 3 1094 Aug 1424 Noy
168 17412 166 172
1683 175
4
109 109 *10912 110
200 Preferred
100 10714May 15 112 Apr 6 107 Nev 115 Mar
109 110
109 109
169 17912 176 18734 61,000 Am Wet Wks & El
52 June 7011 Nov
No par 6714 Jan 8 18734Sept 6
173 17712 167 172
Apv
Oct106
101 101
98
97 Jan 3 104 Jan 28
400 lit preferred
10018 100% *96% 101 •100 101
14 :My 324 Nov
4 2,500 American Woolen
100 15 Aug 18 27% Jan 3
1612 1612 1614 1614 1552 161s 1530 153
39 Aug 6554 Nov
373
8 365 363
3814 37
4 1,700 Preferred
100 3618 Aug 14 584 Jan 2
373 3812 38
4
1912 Feb
10, June
1
*1412 15
1430 1430 2,100 Am Writing Paper etfs_No par
9 May 28 1818July 18
1412 15
1412 14%
84 June L31 Oct
4
42
4 42
*42
4412
300 Preferred eertificate
100 39 Aug 7 48 Mar 2
4
413 413
4
4 413 413
aaa Jet
, 57
Oct
4 25
s 247g 263
253
8 5.300 Amer Zinc. Lead & Smelt_ _25 221sJuly 15, 4914 Mar 18
27
27% 2614 267
40
Jr1174 Oct
10412 10512 105 10512 3,100 Preferred
25 9012July 261 11114 Mar 19
1067 107% 105% 106
s
4
129% 13112 129% 13214 1273 133% 12912 13214 1280300 AnacendA Copper Min. new50 99 May 20, 140 Mar 22
4June 131 8912Sept 6
82% 85% 8312 8912 9,000 Anaconda Wire 4: Cable No par 623
8212 85
84
85
48 Doe 5444 Dee
8Sept 6
8
56% 563 604 6014 6572 39,400 Anchor Cap
No par 43 June 28 657
55
54% 56
121 135
11412 1134 122
No par 10212,June 17 135 Sept 6 10614 Dec 111 Deo
3,300 Preferred
11412
*11034 115
264 Nov 56 Nov
60
5814 5918 46,800 Andes Copper Minfnp....No par 4438May 28 684 Mar 1
93
58
593
8 5S1s 5 8 57
5514 Feb 1127 Nov
8
35% 333 3414 7,200 Archer. Danis. Mid'id_No par 29 May 24 4912 Mar 4
4
3530 36% 34
383 37
8
861 Jan
8
9712 June
8
8912 2,400 Armour & Co(Del) prof_ _100 847 Aug 15 95 Jan 80
9014 89
8812 6114 9012 9012 89
1114 Jan
2311 Sept
113 1212 12
4
123
8 11% 1214 18,300 Armour ot Illinois class A ___25 1014 Aug 9 1818 Jan 2
12
13
612 63
4
64 Jan
1312 May
619 63
512 Aug 9 104 Jan 2
.
25
6% 6% 15,300 Class B
4
63
2 6%
718 Jan 9112 June
100 7014 Aug 16 85 Jal:24
773
4 7614 77
1,900 Preferred
783 75% 77
;
7414 79
8514 July 514 Apr
2
8 26
277
8 2618 27
283
8,000 Arnold Constable Corn- H Par 19 July 17 407 Jan 2
273 28% 28
4
2814 Dec 441 Mal
/
2
195
8Sept 6 80 Feb h
hi par
21
19% 1052
200 Artloom Corp
•1912 20% 20% 20% •18
4June 18
2
52
50
5112 497 5012 2,100 Associated Apparel Ind No Par 4812 Aug 10 583
50% 5112 51
Dee
401;
4
49
No par 43 May 22 703 Jan 10 -- itiee
493
4 4812 4932 11,600 Assoc Dry Goods
49
49% 4912 5113
3
25 4012May 31 4714 Apr 5
274 Feb 53 8 Sept
100 Associated 011
45% 4518 *4518 4618 4513 4514 *4518 46
374 Feb 594 may
8
635 677
4
8
2 4,700 Atl G & W 1 8 El Line__Na par 3218 Feb 16 687 Aug 20
62% 6514 833 65
6312 64
38
Feb 6514 oce
3
100 45 4 Feb 11 6112June 26
•54
58
58
100 Preferred
5418 54% •54
.54
58
50 Nov 0613 Dec
25 5312 Jan 29 77s July8
8
4 633 644 6314 66 2 56,200 Atlantic Rath:Ling
,
s
65% 66% 645 653
83
Jar 114 Dec
No par 90 Apr 15 13212Sept 6
120 13212 18,200 Atlas Powder
108% 11212 10712 120
1094 1183
4
100 9812July 30 10612 Jan 14 102 July 11012 May
10 Preferred
10112 10113 *10012 102 •10112 102 .10112 102
4
171 June
1018 Feb 25 174July 16
84 Jan
No par
15
143 .14
100 Atlas Tack
1414 *14
4
1414 1414 *14
480 480
480 496
2,800 Auburn Automobile...No par 221 May 16 500 Aug 30
478 496
496 498
4
5312 5112 513 5512 5214 54
56
55
84
8414 *83
84% 8412 84
84
84
1267 130
8
123 123
125 125
*125 131
4
*10712 11012 *10712 11014 *1073 11014 *10712 11013
4
5193 5193 *530 585
4
500 • 500
.590 504
89
8912 89
S012 8912 8912 *89
*89
*305 32
8
4
4 313 32
4
3
*305 313 *3053 313
2912 3012 2012 2912 2812 20
3153
29
40
40
40
4014 4014 40
4118 43
8 134
15
112
153
1%
13
4
15
8 1%
L
• Sid
at asked prices: no saels on 11313 day. x Ex-dividend.
D Ex-rights.
1562
New York Stock Record -Continued--Page 3
For sales during the week of stocks not recorded here,
see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 31.
Monday,
Sept. 2.
Tuesday,
Sept. 3.
Wednesday, Thursday,
Sept. 4.
Sept. 5.
Friday,
Sept. 6.
Sales
for
the
1Veek.
STOCK
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On baeis of 100
-share lots
PPHI! SHARI;
Ranoeear 192e1o•e
y for Pre9814, Njay
Loll!!_ _lltokeet
$ per share $ per share $ per share $ per share $ per share $ per share Shares
3 48
1 :
Indus. & Waco!. (Con.) Par : ,, 3 11gaesgre
4 3
3
2,8 grs aa
10% 11%
$ per *Aare $ 3er 411:e
1018 103
812 93
4
8% 93
4
8 9,900 Austin, Nichols & CO_NO par $
9
,
n
54 Aug 5 113 Aug
4
*37
41
*40
4% Jan
41
*38
40
*37
41
Preferred non-voting---100 32 Mar 14 4218 Jan 27
5412 5412 *54
14
25 July
5512 *5412 5512 *5412 5512
100 Austrian Credit Anstalt
5112July 15 65 Jan 8
303 31
8
58
3014 31
30
Oct 75 May
31
30
31
4,600 Autosales Corp
No par 2218 Feb 15 3512 Aug 16
41
44
*4112 44
612 Jan
*41Iz 44
*42
44
343 Nov
4
600 Preferred
7
50 3614 Mar 4
4112 *40
*40
25 Aug
4112 '40
4012 40
41 Nov
40
100 Autoetr Sal Razor "A."_No par 3912 Aug 27 45 Aug 19
50 Jan 11
62% 634 62
43
6212 22,100 Baldwin Loco Wks
6318 61
Oct 524 May
614
63
new No par 61 Sept 5 665 Aug 12
8
11814 1193 11914 1193 1185 1183 11812 11812
4
8
4
8
180 Preferred
100 1141
7
10714 10714 10712 10712 108 10812 108 10812
3 1 ja,
7
280 Bomberger (L) & Co pref._1110 104 2June 13 125 Apr 3 ffir Oct 11f4; -iin
i
June
11012 Feb 1 1074 Nov
30
30 '30
3012 30
30
*3012 31
250 Barker Brothers
No par 25 July 2 335 Jan 23
*94
267 Aug 10
2
96
*94
9512 0418 9418 9412 9412
50 Preferred
35114
100 853
4July 2 97 Jan 28
917 Dec
*73
4 9% *73 12
4
8
8
'714
9%
100 Barnett Leather
June
7
2312 Aug 6212 Feb
3718 3312 37
3714 3618 36% 353 39% 21,200 Ramadan Corp class A No par 3318June 13 2914 Jan 15
4
Aug 8 4918May 10
25
20 June 53 Nov
"90
95
98
96
*92
*90
96
96
100 Bayuk Cigars, Ins
No par 87 June 1 113% Jan 25
98 June 14012 Mar
9914 9914 99
9914 *99 100
130 First preferred
*99 100
100 9812July 3 106% Jan 29 10312 C N, 11
28
2812 27% 28
2712 27% 2712 2912 4,800 Beacon 011
033 Mar
No par 20 Feb 7 327 July17
1214 Mar 2412 Dee
*8312 8512 83% 83 4 *834 85
83
83
400 Beech Nut Packing
3
20 73 May 28 101 Jan 12
703 July 1014 Dec
1112 1112 1112 11
2
1112
11
10% 11
1,400 Belding Hem'way Co__No par
9 Aug 5 173 Apr 18
4
12 Dec 22
84
84
83% 84's' 8314 8314 8312 8312
700 Belgian Nat Rya Dart pre!
Jan
81 Jan 29 8574 Jan 3
823 Sept 9212 Ma7
4
91
95 8 9218 947
3
3 9012 9112 74,300 Bendix Aviation
893* 927
No par 78 May 31 1043
8July 24
99% 1063 10634 1097 1058 1084 105 1077 18,100 Best & Co
4
8
Aro par 75 4 Mar 26 1097
3
8Sept 4
1i----Ei
84 Jan 102
1363 1403 13412 1373 129 135% 13112 136 245,200 Bethlehem Steel
4
8
ci
4
Corp_100 8218 Jan 31 1405 Aug 24
4
51% June 8814
121 12314 12218 123
123 1233 212212 12212 2,500 Beth Steel Corp Pf (7%)_100 1163
4
8May 31 12334 Aug 2 11614 June 125 Deo
46% 4718 4658 493 '47
4812 4812 1,800 Bloomingdale Bros
4
50
Apr
No Par 4214 Jan 21 617 Apr 6
3354 July 50 Seta1
*105 110 *105 108 *105 108 *105 108
Preferred
100
Aug
99
99
*9514 100
240 Blumenthal & Co pref._ 100 102 Aug 9 111 Jan 16 10912 Jan 11114 July
*99 100
100 100
9212
6
87 June 122 Dee
119% 12512 125 128
7,000 Bohn Aluminum & Br No par 110I4May 28 118 Jan 2
12018 12018 121 123
1364May 4
82
82
*8012 82
900 Bon And class A
"80
8112
8018 82
No par 784 Mar 25 8912 Jan 12
86 -; .iitri - - 1 - -1
85 2 6e3
652 6% *612 7
200 Booth Fisheries
"612 64 5612 6%
No par
6 Mar 26
113 Jan 2
4
514 Jan _12_4 Nov
*41
"41
45
48
*41
45
*41
44
let preferred
100 44 Aug 23 634 Jan 18
414 Mar 7218 Nov
9414 05
94
95
9212 9414 9113 9312 18,200 Borden Co
25 8318May 28 10012July 10
8412 8512 833* 853* 78
80
8312 14,300 Borg-Warner Corp
83
10 5 7712 Aug 16 14338afay 1
*3
300 Botany Cons Mills ofase A-50
*6
812
812
812 84
8
8
8 Aug 30 1512 Feb 11
--; Aug f{3
ii- -J4 34
35% 37% 3512 365
an
347 43,200 Briggs Manufacturing_No par 30 May
8 3312 353
31 6318 Jan 3
214 Feb 635* Oat
*312 4
200 British Empire Steel
34 312
31z *314 4
312
318july 11
100
672 Jan 28
118 Jan
914 May
*714 10
100 2d preferred
94 91
*714 914
*9 912
100
5 4 Jan 14 1312 Jan 28
3
214 Jan
12 Feb
43
4414 4118 4358 4118 423
8 405* 4114 5,500 Brockway Mot Tr____No par 3912 Aug 9 7372 Jan 2
4512 June 754
*89 100
*89 100 '89 100
*89 100
Preferred 77
100 106 Apr 30 145 Jan 2 110 June 150 Nov
2245 247
243 243
2413 2413 232 24312 5,800 Bklyn Union Gas
4
No par 170 Apr 9 24812 Aug 25 139 June 2038 Nov
4 Nov
4818 49
3,800 Brown Shoe Inc
5012 51
484 4112 5012 511
No par 3818 Apr 4 51IzSept 4
44 Dec 6512 Apr
3618 37
4,400 Bruns-Balke-Collander_No par 3512July 26 5514
3612 371 1 364 367
3612 38
Jan 18
2712 Feb 6254 Sept
30
4
3112 3112 3814 3518 3814 3312 353 30,800 Bucyrus-Erie Co
10 2518May 28 423 Jan 5
4
2412 Feb
ON May
4014 413
16,500 Preferred
4 4112 4412 4133 4414 4118 42
10 3818 Aug 7 50 Feb 5
333 Feb 545 May
4
4
*11112 11214 *11112 1124 *11112 1124 11214 11214
20 Preferred (7)
100 11112July 3 117 Apr 25 11014 Mar
4514 4514 45Iz 4612 46
4 5,100 Bullard Co
453 453
4
46
No par 44 Aug 9 5433July 19
99
*97
100 Burns Bros new olAoomNo par 94 Aug 6 127 Jan II
•95
*95
99
99
95
95
- -2 931- Feb iii- -6o1
29
40 New class B com
29
29
29 '29
2912 29
29
No par 2252Juae 4 3914 Jan 14
7
9 :MarJune
175. Ma
7
p e
100 Preferred
*
99 104
599 104
99
99
*99 104
100 p82, J une 2 829 01
9 14 A‘ 9 105 Janpr
5 4 pr 7
.
Feb 141784JAD2
10
3%
3 7412 7212 7554 7312 75% 50,400 Burroughs Add Macb_No par
7014 73% 73
21 139
Jan 249 Dee
80 4 603
3
4 1,000 Bush Terminal
603 61
4
4
4 6112 82
613 613
No par 5412 Aug 13 8918 Feb 2
50 June 188 AIa e
1
8Dey
80 Debenture
8
106 106
10518 10518 1054 10612 106% 1067
100 10214June 29 11012Mar 2
2
60 Bush Term Bldgs prof_ .._100 110 Mar 22 11812 Feb 19 1047 Aug
11412 11412 113 113 "113 11412 •113 11412
111 Aug 11912 June
812 87
812 812 1,200 Butte & Superior Mining. 10
8
84
812 8'2
8
6I4May 28 123 Jan 4
8
84 Aug
12
16
414 412
414 43
8 5,700 Butte Copper & Zino
378 Aug 19
414 4318
3
414 4 8
912 Jan 3
418 Jan 8714: MayMayo•
:N
2.100 Butterick Co
39
3912 *37
100 28 June 6 41 Jan 2
381
3612 3612 3312 37
37% Dec
8
14418 1484 139 14514 136 144% 13734 1417 12,900 Byers & Co (A M)____No par 12014 Aug 9 19274 Jan 2
904
18 Dec
1
•110 118 *11012 118 *11014 118 •110 118
Preferred
100 105 Apr 3 12114 Jan 8 10854 Jan 206% D
Apr
4
32% 32% 3218 323
8 3314 343 13,700 By-Products Coke now_No par
4 324 343
81
8112 7912 80% 8,500 California Packing__ --NO Par 31 :M 4 26 84 8j ttg 29
8238 79
7311 A1r 12 37%7 A 17 17
827
8 81
u
68i June 825* Sept
34
•31
California Petroleum
34
'3114 33
*3014 36 '31
25 25 June 17 3412 Aug 28
2514 Mar
15
2,600 Callahan Zino-Lead
13
4 2
154
1%
13
17
8
131
10
112July 26
4 Jan 22
. . .
1 )
1,
55* Apr
19,800 Calumet & Arizona Mining_20 123 July 16 136% Aug 7 __. 11_4 .!ar
13118 1343 131 1337 132 135 x12918 131
8
4
46
47
28,800 Calumet & Heels
4614 47% 463 474 453 473
8
4
25 363
8blay 28 617 Mar 1
8
2018 Jan
4
8914 8718 88% 863 8912 15,200 Canada Dry °Inger Ale No par 78 Jan 4 935g July13
89
88
9012
647 Jan -8TI8 Mi
2
2 i...i ;
iy
39,000 Cannon Mills
4512 47
4312 477
45
48
No par 35 Aug 5 4812 Jan 3
46% 46
43 Dec 60 Sept
Stock
Stock
2,100 Case Thresh Machine ctfig100 303 June 20 38812July 17
342 360
349 350
345 348
344 354
200 Preferred ctfs
122 122
122 122 *120 123 '120 123
100 120 July 3 12212 Aug 6
Exchange Exchange
17
500 Cavanagh-Dobbs Inc-No Par
17%
18
1812 18
1812 1812 •18
17 Sept 6 4218 Feb 28
____
---- ---Preferred
*88
8818 *8612 8818 •8612 8818
9018 "88
100 88 Aug 2 10512 Mar 8
Closed---- ---Closed
62
5,600 Celotex Corp
6414
8
6412 615 65
59
Vo par 52 May 29 79% Feb 4
6114 61
---- ---*873 89
Preferred
*873 89
8
8
•87% 89
*8512 89
100 85141ppe 2
3, .u n 1
Holiday Labor Day 32
•32
800 Central Aguirre Asso_.No par
33
33
33
32
32
33
Des
20,600 Central Alloy Steel__ ..No par 10512 Mar 2
504 528 514 53
8
5318 54
525 533
40 % Ap
111 111
20 Preferred
*10912 111 *10912 111 '110 111
100
1491283 AugjFan 2207 107 :4 Mar13en
55142 Ja ueb 3
8
- 38-: 2a- 1-2431P
23e
•7
7i2
*712 818
*712 734
300 Century Ribbon Mills.No par
712 712
712Sept 5 2012 Jan 2
11 Aug
N-D e76
o 1
l
•6312 66
Preferred
• _ _ 70
*633 66
"623 66
4
4
100 6613 Aug 8 82 Jan 17
77 Aug
May
42,500 Cerro de Pasco Copper_No par 88541slaY 28 120 Mar 1
9754 09
9714 10214 9912 10412 10114 104
581 2 Jan 19 No,
8
275 2754 3,000 Certain-Teed Producie.No par 1612 Apr 1
28
2818 28% 2818 2812 28
32 July 30
Jan11
78
234 De
6454 Apr
100 7% preferred
90
•73
90
*73
75
*73
75
75
100 4712 Apr 12 8112
Nov 100 May
5714 59
573 5912 4,700 City Ice & Fuel
4
56
57
534 59
No par 8914June 2
6 14 a n
2
48 m r 8 923, J„ti 3311)
,
76 :jA
_,,,,. ouu:clIri 83 . . . ;3.
_
, .......
_
09
50 Preferred
96
* __ 96 s_ _ _ _ 8512 *____ 96
100 96 Sept
10514 Jan 24
Certo Corp
No par
20,600 Chesapeake Corp
89
89% 88
90
8614 8812 287'4 88
No par 784 Mar 26 112 July 2
8112 Jan
434 433 10,100 Chicago Pneunzat Tool No par 2814 Mar 26 47 Aug 5 111
4
44
4314 44
45% 4314 44
17312 Dee
5412 547
8 1,200 Preferred
54% 5512 5518 5.54 54% 55
7
685 J p 5
18 36 8 July 2
No par 2488.1: JulyMar 2
30 Chicago Yellow Cab
29
*2914 30
*294 30
2914 *2914 30
No par
2972 Aug
43 Jan
600 Chickasha Cotton 011
3512 3512 365 362
4
3612 363 *367 37
8
4
10 36 July 23 50 Jan 2
45 Dec 564 Oct
714 14,200 Childs Co
70
71
72
4 69
75% 7114 723
Vs par 447 Mar 2
757 Sept 3
87 Apr 64 Dec
Chile Copper
"90 110
704m ay8 127 Map 31
•90 110 •102 110 '100 110
13
812 ja r 2
25 68 jan
84, JanMar
873
.
8
747 Nov
2
27114 73
7118 73% 715 7418 7114 7312 129,100 Chrysler Corp
No par
14012 Oct
4612
*____ 48 •
City Stoma claim A__No par 4512 Aug 24 52 Jan 2
_ 4612 ▪ __ 4612 *__
5114 Jan
5414 June
7,100 New
8
195 20
2018 203
4 193 2014 195 2014
4
17 Feb 4
No par
4412
700 Cluett Peabody d: Co.
44
45
45
*4412 46
46
*45
.No par
-8113 - e;
- . 158
4
4
10 A u ,
100 Preferred
:
102 104 *102 104 *102 105 '102 105
19
100 1028:21uullY 2 172% Jan 3 11112 Dec loii4 -Ai)
12454 Maz
149 149
3.400 Coca Cola Co
146 147
15214 153% 151 152
Aug
No par 1205
8June
8
4 4612 463
8 1,300 Class A
463 46% *4612 46% '465 463
4
1560112
No Pa
30
4
3,200 Collins & Aikman
44
4412 43
4312 4314 4312 4212 43
4
43 Aug
Vs par 41 2juY72 Mar 14
411.
;
93
600 Preferred non-voting___100 90 Aug 23 10312 Feb 6 - 2 -nee 11 14 -jet
93
93
93
95
934 934 *93
90 Nov 109
Jan
0,000 Colorado Fuel & Iron
637
643 56% 647 65% 6312 643* 61
4
8
100 56 Ma1 27 7812Mar 8
5212 June 8412 Jan
4,800 Columbian Carbon, t oNo pa
20514 215
222 22612 215 219% 205 214
92
94 120,000 Colum Gas & Eleo____No pa
95
93% 95 4 9318 95% 91
3
109 ju n e 140 De0
894 Ma r
78
347%
D°
1,400 Preferred
107 107
107 107
107 107
107 107
222 209 J uig 33°
19
2587182 AA utl y 18
k M
100 103117' 1y ntr
1
523 8 M r
June 11018 Jan
4
6412 6612 73% 65 4 634 6712 6418 667 231,400 Columbla Graphophone
3
8814 Jan 9
5514June 2
61 Dec 84% Nov
4814 4718 4812 19,800 Commercial Credit__ .No par 43 Mar 2
484 48% 47% 48% 47
621* Jan 2
21 Feb
71 Nov
80 Preferred
*243 2614 2412 2412 2412 244 .2412 26
4
8June 18
25 24 May 27 2,11
23 Feb 27 Maw
200 Preferred B
2712
2612 27
*26
*26
26
2614 26
26 25 Jan 21 29 June 14
23 Feb 98 Dee
150 1st preferred (6H%)___100 9218Sept 6 105% Jan 24
8
*93
8 9212 9314 9214 05
96
923 923
85 June 107 Nov
21212Se t .1
199
207 20912 20412 21212 x2023 205% 202 206% 142,000 Comm luvest Truat__No Par
8
5
Jan
553 Ma 14072
4
20 7% preferred
4
104 104 •104 1044 1044 1044 •1043 105
100 ,:rar 27 99 Feb920unn 109 Nov
13110111 e pt 3
ja,28
99
. Ja e
May
400 Preferred (6 S4)
943 x9134 914 9214 9214
91
91
*92
100
9512 Aug
55,600
Warrants
4
6912Sept 4
62
6418 6912 6012 66% 613 66
65
100
Jan
814 Aug 307 Dee
4
9,000 Commercial Solvents .50 par 2822951114,4j
49012 492
494 501% 489 495
485 488
A ug01 21 1827 JJa
7 5
7
37: un: 25014 Nov
.
300 Commonwealth Power_No par 10714 Jan 27 246,Janja u 211895
217 222
uFenba13 98. June
220 220 •217 225 *215 225
83 33
11012 Dec
Conde Nast Publica_ _No par
*6212 65
*6212 65
•1324 65 '6212 65
22 JJ pti 884112 AppOo
48
pa
8
4
2238 2314 223 2338 2212 2312 223 223 22,300 Congoleura-Nairn Ino_No par
4
1912May
500 Congress Cigar
97 597 •70
7112
7112 71% 693 694 6
No par 67 June 17 92% Feb 6
4
67 Feb 874 Dec
*12
%
12
*12
100 Conley Tin Foil stpd_No Par 878,12JAuun 221487
4
8
12
•12
%
12, Julye
14 Jan
3% May
9111 FJ
64 Janaebn i
1,000 Consolidated Cigar
58
68 68
6812 69
•6814 6812 67
No par
9%11 o
7
Je: 10
2.4 Da
00
r
8318 8318
400 Prior pref
8218 8312 82
82
81
8212
100
2,300 Consul Film Ind prof_ _No par 243 Aug 8 30 4 Apr 23
24% 25
25
2512 24% 2512 25
25
3
4
23
8
17814 18314 1753 1794 169 179% 17212 1773 211.400 Consolidated Gas(NY) No par 9514 Mar 26 18314Sept 3 1,74 July 394 Sept
8
Aug 17014 May
084 9914 4.200 Preferred
99
9918 99
8Mar 25
.
994 983 99
No par 0612June 28 1003
4
974 Aug105 Mar
212
233 9,200 Consolidated Textile_ _No par
2% 2 8
7
212
23* 27
6% Jan 15
210une 3
214 Aug64 Dee
1612 1534 1612 25* 1718 1812 3.000 Container Corp
17
17%
1712
A vot__No par 12 May 24 234 Jan 9
20 Nov
36
Apt
712 8
5,900 Class B voting
714 7%
7
7
No par 4718 Apr 2
7
814
1
0 9112jj
8 1094
99
2
6
1914 ADZ
8212 821
4
8112 82
Jan.ilJuly
797 8113 793 854 4,800 Continental Baking Cl ANo par
8
Jan
26
9 Apr 534 Jan
%
10% 12
1114 1178 113 11% 1154 1212 19,200 Class 11
8
No par
9612 961
4 1,200 Preferred
964 973
96
9612 96
96
100 8A ia n 18 100 June 30
88 j p 9
0 Ja 2
6
73h I.r
83 Ap
3
p
88% 917
8512 8818 85
877
8 844 858 51.
700 Continental Can Ine_No par
1084 1101 106 1097 10014 1073 102 104% 71,200 Continental Ins
8
10 79 Mar 26 11014Sept 3
8
75 Feb 194 6eai
2969 8Dj n.
:771i l
144 143
8
143* 153* 1414 5538 144 14% 20,500 Continental Motoni___No par 13 Aug 9 283 Jan 21
4
10 Mar 2012 Nov
• Bid and asked prim': no sales on this day. 0 Ex div. 50% In stook. g Et-dividend and ex-rights.
x Ft-dividend.
1563
New York Stock Record -Continued-Page 4
preceding.
For sales during the week of stocks not recorded here, see fourth page
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
' the
Friday,
Week.
Sept. 6.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Aug. 31.
Monday,
Sept. 2.
Tuesday,
Sept. 3.
Wednesday, Thursday,
Sept. 5.
Sept. 4.
PER SHARE
Range Since Jan. 1.
/are Iota
On Oasis of 100-47
leghesi
Lowest
PER PR IRE
Range for Preeions
Year 1928
[hereof
Eleyles1
per share $ per share
per saare $ per share
Shares Indus. & Memel. (Con.) Par
8
645 Jan 94 Nov
67,700 Corn Products Refining-25 82 Mar 26 1144 Sept 3
4
4
100 1394July 6 1443 Jan 19 13812 Jan 1460 Apr
40 Preferred
1
8
625 Dec 897 NO.
4Sept 6 8214 Jan 98
No par 503
18,000 Coty Inc
124 Sept 27 Nov
100 224 Jan 10 574 Apr 17
Carpet
400 Crex
19,600 Crosby Radio Corp____No par 83 July 15 125 Feb 25
1,300 Crown Cork & Seal_ _-_No Par 4214June 26 79 Aug 5
Oct
-jOi
Crown Will Pap 18t pf_No Dar 9118 Aug 16 10114 Jan 18
4
2314 Dec 263 Nov
4
No par 1812July 9 253 Jan 9
300 Crown Zellerbacls
6914 July 93 Feb
Steel of Auserica_100 85 Mar 26 1214 Aug 26
5,100 Crucible
100 109 Jan 8 11534 Feb 28 111 Dec 121 May
400 Preferred
Oct 284 May
20
No par 1112May 31 2112 Jan 3
1,300 Cuba Co
712 May
Vs July
512 Jan 3
4
3 Aug 13
1,600 Cuba Cane Sugar
No Par
1334 Oct 3253 Jan
8
24 Aug 13 187 Jan 3
100
5,100 Preferred
8
153 Dec 2414 May
Cuban-American Sugar-__10 11 Apr 24 17 Jan 3
700
4
933 Dec 108 Feb
100 6018June 14 95 Jan 3
70 Preferred
12
Jan
5 Nov
2 June 21
4
63 Jan 2
Cuban Donfcan Sug_No mu
Jan 7814 Aug
54
50 49 Aug 10 674 Jan 15
Packing
2,000 Cudahy
534 Feb 192114 May
26 17318 Feb 5
200 Curtiss Aer & Mot Co_No par 13518 Mar
800 Curtis Publishing Co_--No Par 117 Mar 28 129 Mar 16
4May 25
No par 11313 Mar 23 1213
300 Prererred
6No par 20714 Ain 17 323 July 25 LW, Jan 216- - 0i
------ Cushman's Sand
Jan 141 Sept
100 120 June 19 134 Mar 22 114
Preferred (7)
121 *135- cif- *HO- fif1
*- i5" lif *Ho- 9378 935 9558 95 95 1,700 Cutler-Hammer Mfg
52 June 6518 Nov
10 584 Mar 26 10113 July 19
9414 9414 8-9358 102 104 101 103 105
Oct
49 July 63
No par 63 Jan 3 105 Sept 6
800 Cuyamel Fruit
102
4
102 102
8
343 Feb 683 Nov
8May 31 6918 Jan 31
No par 427
5,400 Davison Chemical
8
4
8 473 4814 473 48
8
4712 4812 475 483
Oct 4914 Apr
36
8
5s 3318July 9 467 Jan 24
3514
GOO Debenham Securities
3514 354 35
37
*35
35
35
100 116 Feb 26 128 Jan 4 1154 Feb 12684 May
20 Deere & Co pref
118 118 *118 119
118 118
*117 118
100 224 Jan 2 385 Aug 2 16812 Jan 22414 Dec
1,860 Detroit Edison
348 348 *340 347
.
Jan 61
Apr
34412 35014 340 350
40
8 1,000 Devoe & Raynolds A__No par 4312Juue 13 614 Feb 5
8
4 4512 4512 445 4512 444 445
4
143 443
Jan 120 May
100 112 Jan 7 11518 Jan 15 108
let preferred
*115
-----____ •115
*115
*115
8
100 12814 Aug 30 16412 Jan 11 1343 Jan 172 Nov
350 Diamond Match
12914 130
12814 12814 129 130
130 133
1310 Jan
8 June
4
83 Mar 26 1114 Aug 1
No pa
8 1,300 Dome Mines, Ltd
8 95
95
4
*94 93
4
93 10
10
10
No par 40 June 24 5414July 1
414 3,600 Dominion Stores
8
403 4118 40
42
41
8
417 42
-- 8
9-6 - Mar 12011- 24;1,105 May 27 12618 Feb 4
No par
4
8
8
4
119 1204 1163 1195 115 1183 114 1167 36,400 Drug Inc
8
554 Jan 995 Nov
4July 8 92 Jan 2
400 Duni:all International No par 473
3 4812 4812 *4812 50
8
497 497
50
50
8
993 Oct 11618 Mar
9912 1,000 Ducusesne Light 1st pret..100 4912 Jan 24 1004 Mar 5
9912 .98
99
99
99
99
814 MAY
99
3 Aug
4 July 19 1112 Mar 4
•412 5
200 Durham Hosiery Mills B__ 50
412 412 *412 5
412 412
4
NoPar 168 May 27 2274 Aug 28 163 Feb 1941 July
21,000 Ea8tmanKodakCO
8
4
213 21512 210 2113 202 2104 2027 208
Apr
4Sept 3 128 Mar 9 12318 Aug 131
100 1233
40 Preferred
4
4
4
4
4
1233 1233 1233 1233 *1233 124 *12314 124
Jan 6818 Nov
26
4
763 Feb 1
8
5812 6018 573 604 8,000 Eaton Axle & Spring___No par 56 May 31 22614
4
8 5912 603
594 605
Sept 5
4
,
'0 1553 Jan 22
iNem
215 21712 216 2214 214 22614 21712 225 105,900 El du Pont de
4
100 112 Aug 9 1193 Aug 26 114 July 1211* May
118 11812 2,100 6% non-vot deb
8
4
4
1173 1173 117 1173 117 117
3314 Aug
43 774%.
,
8
4
No par 253 Aug 19 393 Jan 10
4001 Eitingon SchIld
27
*26
27
8 27
273
271: 27
*2612
8
100 8712Sept 5 113 Jul 19 Ha% Aug 1217 Nov
1001 Preferred 633%
89
901
8712 874 *87
8912 *87
•87
60 June 13618 Deo
Mar 26 174 July 12
4
No par 1263
150 1511 146 15114 149 1504 12,500 Electric Autolite
4
1493 154
100 108 July 3 115 Apr 2 10812 Sept1124 Dee
1 Preferred
3
3
4
*109 1103 *10812 1103 •10812 110 4 *10812 110 4
1753 June
4
83 Aug
8
183 Mar 19
918Sept
No par
914 2,200 Electric Boat
914
8
91: 95
912
958 1018
94
494 Dee
4
283 .'an
4 744 773 64,800'Electric Pow & Lt_No par 434 Jan 8 8414July 23
8
7354 783
777
744 7712 76
No par 103 June 2 10914 Feb 13 105 Dec 11018 Mar
Preferred
9001
8
10712 10712 107 1077 10712 10712 10712 10712
8
12212 Jan 4 14012June 28 1204 Nov 1297 Ape
Certificates 50% paid
*14018
•14018
•14018
*14018
89 Feb 914 Dec
8
4 5,300 Elec Storage Battery _ _ _No par 77 Mar 26 927 Feb 4
853
85
8
845 8612 8512 864 8518 86
Jan
9
uric
8
612 Jan 9
318June 16
Coal Corp_No par
Elk Horn
*314 4
*314 4
*314 4
*314 4
WI Dee
514 Feb
5 May 31 2212 Feb 7
43
83 jan 4
400,Emerson-Brant class A_No par
4 711
4 714 *63
712 *63
712 712 *7
4
743 Dec 85 Apr
8
1,500'Enclicott-Johnson Corp-__50 573 Aug
6618 6618 6612 67
6518 657
8 6512 66
8
100 1097 Feb 17 12414 Feb 28 12114 Jan 1274 Dee
1 Preferred
*110 115 *110 115 *110 115 *110 115
51 Nov
33 Feb
8
20,700,Englneers Public Serv__No par 47 Mar 25 795 Aug 5
7318 7014 725s 704 72
7414 72
72
9011 Dec 10218 Oct
No par 90 Jan 12 12314 Aug 5
3001 Preferred
11118 1134 •111 112
112 112
*11112 112
8
295 Oct334 July
2,6001 Equitable Office Bldg No par 314 Jan 4 41 May 1
8
397 40
393 393
4
4 393 394 3934 3934
4
Jan
43 Dec 79
Clean_No par 4411 Fell 1 54 Feb 2S
8 5012 5012 5018 5018 2,2001Eureka Vacuum
507
50
51
50
4
4Sept 5 733 Mar 15
5 453
500 Evans Auto Loading
4
4
4612 4534 453 *4512 453
46
45
4
193 July '445 Oct
4
.
150 Exchange Buffet Corp _No par 221 Jan 15 2718July 20
2614 2614
26
*2614 2611 2614 2614 26
54 Apr
3218 Jan
8Sept 3
8May 28 527
No par 403
11,800 Fairbanks Morse
4
5112 493 51
8 5012 524 50
4912 527
4
Jan 11411 May
3
100 106 Aug 13 1107 Jan 9 104
201 Preferred
4
4
4
83
*106 1083 *106 10 4 1083 1033 *10813 109
Assoc_ __ No par 58 Aug 29 724 Mar 21
4
6018 6018 *593 6112 1,200,Fashlon Park
8 6014 62
6212 637
100 8934Sept 3 10118131er 21
•
100' Preferred
93
*90
93
4
4
893 893 *90
42 Jan 71 Dec
109 June 19
15 6818 Jan
1.0001Federal Light & Trim
8914
4 894 8912 89
8934 893
*8934 94
Stock
Stock
Jan 109 Apr
98
No par 971:June 1 104 Feb 6
10' Preferred
4
993
.99
*100 10112 *100 10128 100 100
4 120 Apr 230 Dee
Federal Mining & SmeWg_100 21.5 May 2 310 Feb
Exchange Exchange *211 300 *241 300 *241 300 *241 300
9114 Jan 10218 Sept
100 9814 Mar 27 102 July 5
Preferred
993
4
993 •99
4
4
993 *99
*99
4
993 *99
164 Aug 254 May
8
223 Feb 6
2,000 Federal Motor Truck__No par 134 Aug 1
8 134 1312 1314 14
1312 137
- ClosedClosed
8 134 133
7514 Jun 1074 Dec
Mar 26 123 Sept 3
11612 12018 112 11714 114 1151 13,200 Fidel Phen Fire Ins N Y_10 904
11912 123
1514 May
1114 Jan
613 July 2
1334M& 2
No pa
8 91: •
'Fifth Ave Bus
74 912 •74 91
8 9t2 *77
*77
Holiday Labor Day
No par 65 July 31 9818 Feb 25
74
600 Filene's Sons
74
78
7512 *75
75
75
75
107 Jan 23
100 97 Aug 1
8
15011 Preferred
9953 975 97%
8
973 994 994
98
98
4
/
Apr 761 Dec
28
86 Sept 6
62 Apr 1
83
8
813 86
13,500,Firet National Stores__No pa
8 81
4
83
8312 813 835
:
87 Aug
4
173 Jan
2018 Jan 23
614 Aug 2
No pa
812 83 29,600'Fisk Rubber
4
4 9
83
4
8 83
83
8
83
8
8
65 June 893 Oct
6518 Apr 30 102 Sept 4
No pa
9814 981 12,900 Fleischman's Co
99 102
991: 1013 101 102
4
494 Nov 561 Nov
46 June 23 54 Jan 8
No pa
52
1,400 Florshelm Shoe Cl A
8 5012 5012 •51
50
,
50 4 50 507
9818 Oct 100 Des
10218 Jan 18
100 9714 Mar 1
Preferred 6%
98 • _ _ 98 •---- 974 •____ 98
*,
567 Dec 6912 Dee
No pa
5714May 28 8234 Aug 26
745 7712 7314 7514 9,200 Follansbee Bros
8
80
i6T2 80 4 78
3
8
363 Oct 5712 Doc
4014 Aug 17 6958 Apr 30
No pa
400,Foundation Co
437 43 8 *4212 4312 4338 434 4012 4012
7
8
8
72 June 1195 Sept
4May 28 101 Jan 19
803
No pa
8
9418 9712 9418 965 30,200 Fox Film class A
4
,
974 994 96 4 973
43 Oct 10914 Jan
Jan 25
4
4June 1 547
373
No Pa
4
483 19,200 Freeport Texas Co
5018 4818 4934 48
50
513
4 48
8
99 Mar 26 10712May 7 102 Mar 1097 Apr
No pa
400 Fuller Co prior pref
10512 10312 10312 •103 10612
105
*104 105
15 Mar 281: Jan
337g Feb 5
1818Sept
No pa
19
1818 20
19
4,100 Gabriel Snubber A
19
194 184 19
4
173 Dec
714 June
104 Mar 25 25 Jan 31
1112 3,400 Gardner Motor
2 11
8 1118 11,
123
1214 123
8 12
604 Feb 101 Dec
4
81 May 28 1143 Sept 3
4
38.600 Gen Amer Tank Car___No pa
112 1143 1084 11278 1074 11012 1083 111
4
2
68 June 947 At/
4
943 Aug 17
100 61 Mar 28
86
12,000 General Asphalt
4 84
873
8 84
873 884 8712 883
4
100 10418 Mar 26 138 Aug 15 11018 June 14112 Apr
Preferred
*128 135 *130 134 •125 135 *125 135
4June 8
5512Nfay 23 693
No pa
4 5712 571: 1,000 General Bronze
4
*573 583
5314 59
*5912 60
- Feb WI; Nov
:
371 Jan 9 61 Feb 28
No pa
8
5618 535 575 19,300 General Cable
8
4 53
3
584 55 4 573
56
4
56 Feb 883 Nov
81 Jar 8 12018 Feb 28
No pa
107 11112 1071g 114
16,800
Class A
11014 114
11334 1153
4
Oct 107
Oct
100 104 Apr 13 10712 Jan 21 102
106 •l05 106
100 Preferred
105 105 *105
*105 106
594 Nov
754 Feb
8 74 Feb 25
63 Jan
No pa
6712 68
1,600 General Cigar Inc
68
6912 68
68
70
69
No Pa 219 Mar 26 403 Aug 20 124 Feb 22118 Dee
385 391
391
38212 397
73,800 General Electric
390 39614 38612
11 Sept
12 June
4
11 Jan 3 113 Feb 4
1
1118 113
8 4,500 Special
8 1114 1112 1118 1114
1114 113
3514 Jan 74 Nov
70 Jan 7 109 Aug 28
:
4
89,300 General Gas eo Elm ANo Pa
106 10712 10514 106% 1023 10612 1031 106
Jan 80 Nov
37
76 Jan 3 112 Apr 25
No pa
105 105
200 Clam B
115 •101 105
*101 105 *101
Oct 144
Apr
No pa 11112July 18 135 Feb 14 121
12112 12112
119 120
150 Pre A (8)
120 120
120 120
:
No pa 102 July 20 1161 Jan 21 10812 Jan 11818 Dec
106 108 •107 111
60 Preferred A (7%)
108 108 •106 108
99 June 20 115 Feb 15 103 Oct 114% May
No pa
Fret B (7)
79 Dec 8418 Nov
5
67 8Juns 1 8918 Java 18
NO Pa
7173 -ii- 71
71
_ 2;956 General Mills
7th 72
72
73
9818 Dec 10014 Dec
100 91 July 12 100 Jan 4
93 '92
93
*92
Preferred
95
92
95
*
*92
4
733 Dec 9014 Nov
4
6614 July 23 913 Mar 21
1
8
4
8
4 727 764 733 7814 1184200,General Motor! Corp
7138 723
4 713 753
100 12212May 28 12611 Jam 2 1234 Jan 12718 Ape
12314 12312
7001 7% preferred
12314 12314 124 124
124 124
49 Aug 584 Jan
431: Aug 9 52 Jan 2
A___No pa
*46
*1518 4712
47
600;Gen Outdoor Adv
*4518 48
4712 48
,
291 AUf
623s Jan
2712July 12 41 Mar 12
30
31
30
304 1,7001 Trust certiticates____No pa
3058 311: 3018 31
8418 June 12358 Jan
9315 Mar 26 12612 Aug 26
No pa
4
4
119 1243 1193 122
19,700,Gen Ely Signal
12218 125
12312 126
65 June 82 Jan
12
par 88 Apr 10 884 Aug 12
No
4
4 5,600 General Refractories
8212 8314 813 823
4
8313 834 823 834 1313 13614 132 1357
9718 June 1234 Oct
8
4
8 27,600 Gillette Safety Rasor No par 101 June 11 1427 Aug 22
135 13728
137 138
8
34, Mar 597 June
8
4July 30 4818 Jan 28
No par 291
4
4 3512 3512 4,300 Gimbel Bros
36
364 3513 364 343 353
87 TMar 101 June
7612 Aug 8 90 Jan 3
100
82
82 82
*81
400 Preferred
801: 8112 *8012 83
204 Jan
37 Dec
8
No par 367 Jan 2 6418July 19
607 27,500 Glidden Co
3 58
613
8
604 59
58
573 58
4
95
Jar 105 Sept
100 101 18June 7 10618 Apr 22
105 105 *10512 107
110 Prior preferred
105 105 •104744 105
4218 Dec 6218 Nov
No par 2818 Aug 21 66 Feb 5
3
30 4 32
3018 3218 16,700 Gobel (Adolf)
33
3214 334 32
71
Jan 1434 Dee
No par 534May 27 82 Jan 19
8
4
4 6112 623 33,800 Gold Dust Corp v t a
8 6212 6412 603 633
6214 837
684 June 10914 Dee
4
4 7118 72
No Par 7118Sept 6 1053 Jan 2
733
13,200 Goodrich Co (B F)
725 734 724 7312 72
8
e
100 111 June 14 11518 Feb 25 10218 Feb 1163 May
Preferred
4
4
*110 1143 *110 1113 *111 1113 111 11134
4
451s June 140 Dec
11018 112
20,900 Goodyear T & Rub____No par 103 Aug 15 15411 Max 18
11212 1163 10912 11212 10918 112
4
:
921 Mar 105 De*
8Sept 3 1044 Feb 28
No par 995
101 101
:
1,400
101
lot protarred_
9953 99% 101 1011 101
8
70 Dec 93 Apr
354 3514 2,100 Gotham Silk Hos nsw No Par 337 Aug 14 60 Apr 11
36
36
3612 3534 3614 36
100 85 Aug 12 10114 Jan 5 100 Dec130 Apr
Preferred new
90 •80
90
90 •80
*80
*80
95
95 Dec 112 May
Preferred ex-warrants___100 92 June 8 100 Jan 12
80 •____ 85
•____ 85
•_ _ _
84
14 May 6
7 Feb 18
Vs Dee
Na par
4
93
8
3
125 Feb
9 4 *9
Gould Coupler A
934 *9
*812 93
4 •9
164 Feb 6114 Sept
8
13,900 Graham-Palge Motore_No par 2218 Aug 14 64 Jan 2
8 224 2434 225 24
4
23
235s 223 247
18 Aug 9 494 Jan 11
No par
22
264 June 66 Sept
300 Certificate,
2112 *21
*2112 2212 21
*20
2212
8
394 Feb 93 Dec
20,800 Granby Cons M Sm & Pr_100 6218May 28 1027 Mar 20
8418 8512 8312 8518 8312 8614 8212 85
4
100 771 Jao 30 ikelz Mar 18
400 Grand Stores
8514 June 947 Oct
82
•8212 83
82
8
83
82
*8113 83
No par 2018 Mar 28 327 Jan 2
8 1,700 Grand Union Co
8
2414 253
263 July 417g Oct
4 2114 247
4
25
25
25
25
No par 41 Mar 26 5453 Jan 4
900 Preferred
4614 4614 4612 4714
1161g Aug 623 Oct
8
*4614 47
464 47
No pat 433
4June 17 633
8Sept 3
5814 5914 14,300'Granite City Steel
:
581 60
01
8 591: 62
633
per share
6 Per share S per share S per share $ per share $ per share S
8
8
8
111 11431 110 11438 1083 1127 1087 11112
8
8
8
11012 1407 *1407 143 *1404 143 *1407 143
3
5153 52,
8 50 4 5212
8
531: 517 5234
52
30
8 30
317
*30
32
8
317 *30
*30
8
985 10312
9614 96 102
3
4
943 95 4 95
4 7212 7312 *7112 7313
733
8
733 733
8 73
*9118 95
*9418 9512 *944 95 •944 95
4
8
8
4 213 213 *2114 213
*2114 213
4
213 22
4
s
11712 1207 117 11812 1133 11712 1131: 11612
112 112
111 11118 112 112
*11012 111
8 1412 1412 1412 1478
,
1412 14 2 1412 145
11:
11:
114
112
114
114
8
13
114
4 84
53
4
63
6
4
514 53
5
5
1213 1212
.1
1212 123 *1212 13
*1212 13
7012 7012 7012 7012 *7012 71
*7012 72
8 4
*35
*312 4
: 4
*34 412 *31
5012 524 5114 5114
5
52 8 5313 5212 53
165 165
165 *165 168 *165 167
165
119 12012
120 12012 *12012 123
0:2 123
115 115 •-___ 116
116 *____ 115
T152
1
• Bid and weed Pr re,: no sales On this day. e Ex-dividend.
b Ex-dividend ex-rights.
1564
New York Stock Record-Continued--Page 5
For soles during the week of stocks not recorded here. see fifth page preceding.
_
PRI( SMARM
PRR SMARR
STOCKS
Runge for PT604011.1
NEW YORK STOCKO Range Since Jan. 1.
Saturday,
n Owls of 106 share Iota
Monday,
Tuesday, 3Wednesday, Thursday,
Friday.
Year 1028
EXCHANGE
Aug. 31.
Sept. 2.
Sept. 4.
Sept. 5.
Sept. 6.
Sept. 3.
Lowest
IfWert
Lowest
Hip:eel
-3 per share 3 per share $ per share 3 Per share $ per share $ per share Shares Indus, & mune'. (Con.)
Par $ Der share $ per Mare $ per share I per
!MT;
13214 13512 12,200 Grant (W Ti
12712 1297 12972 1333 131% 134
2
4
No par 1144 Apr 12 14454 Feb 6 11134 Dec 12512
Sept
303 313
3
3 3012 313
3013 2938 3038 14,800 Ot Nor Iron Ore Prop._No par 2514May 28 3914 Feb 1
30
194 June 333 Oat
2
364 3714 363 3718 363 37
363 37
5,100 Great Western Bugar
4
4
4
No par 323 Mar 28 44 Jan 25
4
31
Jan 3812 Dec
•115 11512 115 115
115 115
115 115
170 Preferred
100 11212Ju0e 18 11912 Feb 1 11212 Feb
120 Jan
19338 19612 195 198
193 2001 195 197
4.900 Greene Calumets Copper 100 1364May 23 200388031 5
893 June 1774 Dec
8
*213 3
*212 3
*212 3
Guantanamo Sugar-- __No par
*213 3
212May 28
512 Jan 3
4$4 Dec
938 Jae
*48
6012 *46
76
*46
6012 *48
6012
Preferred
100 40 July 1 90 Jan 2
90 July 107 Jam
6858 69 4 6813 6812 67
1387
3
8 6712 683
4 1,500 Gulf States Steel
100 5514June 12 79 Mar 5
51
Jan 738 Bepi
10 Preferred
*102 108 .102 105
10214 10214 *10212 105
100 100 Aug 5 109 Feb 14 103% Nov 110 Aro
28
27% 27%
2812 2834 *275 2812 28
70 Hackensack Water
25 25 Jan 7 35 Aug 27
23 Jan 30
Jot
*273 28
4
30 Preferred
*28
23
28
2812
28
28
25 27 Feb 18 31 Mar 8
23 Jan 30 Dee
*2714 233 *271i 283 *2714 284 *2714 283
4
4
4
Preferred A
25 28 Jan 31 30 Aug 8
2512 Jan 29 Juni
3112 7,100 Hahn Dept Stores
31
3214 31% 328 3113 32
318
No par Si Sept 0 543 Jan 10
4
90
900 Preferred_
9018 9018 *90
. 9014 9014 90
901
100 90 Aug 29 115 Jan 31
*10038 105 *10053 104 *10038 104 *10053 104
Hamilton Watch prof
100 100 Aug 28 10513 Jan 8
99 Aug 104 Apl
*102 10312 1034 10313 z10212 10212 10212 103
100 Hanna 1st pref class A
100 91 Jan 14 106 July 18
59 May
07 Noi
*63_..1 63
*63% 64
50 Harbison-Walk Refrac_No par 54 Jan 3 6114July 20
*6212 61
63
54 Dec 5712 O.
00
3618 3712 25.0 Hartman Corp class li_No par 207
38
33
4014 3818 1914 33
sMay 3
418 Aug 23
1638 Aug 374 Del
*6813 711 *70
7112
.
*70
71
7112 *70
Hawaiian Pineapple
20 60 Feb 19 7213 Aug 30
61 Dec 68 Nos
293
2913 30
29
8 4,300 Hayes Body Corp
29 297
297
29
8
No par 28 July 20 0838May 17
10234 1013 *103 106 '
900 Heitne(0 W)
3100 10812 108 106
25 973 Aug 28 11812 Jan 20 105 -De 12 - -Cis'
4
6
11818 12014 14,300 Hershey Chocolate____No par 64 Feb 16 1283 Aug 24
1234 126
12213 126
118 122
4
303 Jan 724 De,
4
11814 1213
125 126 - 12312 12618 11812 122
4 9,000 Preferred
4
No par SO Feb 16 1283 Aug 24
7014 Feb 89 Nol
100 Prior preferred
3
•10513 105 *10512 106
10538 *1053 106
10.513
100 104 Jan 4 1064 Apr 17 10014 Aug 105 At,
700 Hoe (R) iir Co
4
27% 273
28
28
23
28
23
28
No par
15 June 4 33 Aug 13
1514 Sept 337 Jai
2
1
8
900 Holland Furnace
4112 4112 4114 4114 40% 4118 403 403
8May 23 51 Mar 9
No par 347
404 Dec 4934 Oc
*1912 20
1,500 Hollander &Bon (A)
2018 2018 20
20
2018 20
1312May 27 2438 Aug 3
No par
18 Dec 3874 AD
300 Homestake Mining
80
80
80
SO
*79
88
*80
85
100 72 July 19 93 Aug 22
67
Jan 80 Na'
4212 4313 12,200 Houdaille-Hershey CI B No par 3712June 10 523
44
4318 44
43
4313 44
4Ma3'20
6714 6714 1,000 Howell Prod Inc
69
89% 6812 6812 6812 69
No par 62 June 1 794 Jan 7 6418 Feb 14 00
2,700 Houston 011 of Tex tern Ws 100 6812 Aug 10 109 Apr 2
78
74
761 7712 7512 76
74
757
79 Dee 147 At,
69% 30,800 Howe Bound
6714 704 6814 703
3 6712 70% 6812
Vo par 5818May 28 8212Mar 21
4038 Feb 734 No'
8 8212 848 18,500 Hudson Motor Car__ _No Da
814 833
8 824 845
8
3 823 853
7518May 31 9312 Mar 15
75 Jan 997 Ma
4014 40% 26,500 Hunt) Motor Car Corp____1
40
4112 408 428 4012 42
3812July 22 82 Jan 28
29
Jan 84 No'
3214 25,400 Independent Oil dc Gas_No par 2918 Aug 10 393
325 3
8 978 3212 33
3112 31
30
8May 7
21% Feb 383 No
3
3,400 Indian Motocycle.....No par 13 Sept 4 3211 Jan 2
1413 1534 13
1338 133
15
4 13% 141
20
Oct 70 Ap
4514
477
32,200 Indian Refining
4514 49
4818 4934 473 483
4 4513
3
10 29 Jan 8 53 Aug 17
9 Feb 3913 Jul
4
4513 4478 45
8
4638 433 4518 433 4612 10,800 Certificates
10 23 Jan 7 5114 Aug 17
84 Jan 374 Jul
95
.85
Industrial Rayon
*85
95
*35
*85
95
95
No par 74 May 31 135 Jan 18 118 Dec 146
Oe
900 Ingersoll Rand
192 194
198 1997 *190 196
8
8
1963 197
No par 120 Jan 3 205 Aug 29
90 Feb 127 Na
2,600 Inland Steel
101 105
107 107
105 105
105 107
No par 7813 Jan 2 113 Aug 26
48 Mar 80 Da
493
8 474 4878 26,700 Inspiration Cons Copper_20 3818May 28 6612Mar 1
47
4713 4838 477
8 464
18 Feb 457 No
8
85
8 1.000 Intercont'l Rubber__ _No par
85
858 83
83
4
4
4 8331
812 83
818May 31 1414 Jan 11
818 July 213 Ja
2,700 Internal Agricul
7
714
74
718 712
7
No par
6,2 Allg 7 177 Jan 23
74 714
13 Feb 20% Ma
58
300 Prior preferred
*54
58
100 53 Aug 30 8812 Jan 26
5314 5314 5312 5312 *54
4813 Mar 85 De
4 1,600 Jot BusIness Machlnes_No par 1493 Jan 24 24812J1lly 16 114
240 24134 235 235
23314 23812 23514 2363
3
Jan 1663 No
8
6028 69
69 2 4,500 International Cement--No par 675 Aug 27 1023 Feb 4
6812 70
09
4
6838 70
56
Jan 04% De
4
653 51,700 Inter Comb Eng Corp-No par 5412May 31 10311 Feb 16
64
6814
6514 08 6514 67% 64
3
454 Feb 80 De
1,500 Preferred
108 103
100 99 Juno 3 121 Feb 16 103 Mar 110 Beg
106 10612 106 10614 *106 107
8
133 1367 32,600 International Harvester No par 02 May 31 142 Aug 30
13912 142
13514 13914 132 136
80 Deo 977
700 Preferred
100 137 Aug 5 145 Jan 18 13614 Ms 147 4 De
13814 13814 13814 13814 13812 13812 13814 13812
Ma
12,100 International Match pref__35 6514Mar 2 10212 Jan 4
86
4 82
82
8212 811,3 863
8212 82
85 Dec 12171 Ma
323 14,200 Int Mercantile Marine etfs_100 2613 Aug 9 3231Sept 0
304 30
30
2914 294 3038
29
____
Preferred
100 3612 Feb
514 Apr 23
344 June 4438 Ja
543, ..8, &is, iis, L'2i2 - % 52% 543 84,300 Int Nickel of Canada_No par 40'* Mar 28 723 Jan 23
3
ur
3
4
735 Feb 26912 De
85
International Paper___No par 5712 Jan 11 83 Apr 0
85 .65
*65
*68
85
*65
65
50
Oct 863 Ma
8912 1,200 Preferred (7%)
100 8514May 92 944 Jan 8
86
87
.
8912 8914 8914 *88
389
89 Dec 108
la
3513 3,600 Inter Pap 4k-Pow el A_No par 25 May 20 3712 Aug 13
8 35
3
35 4 3514 357
3558 35
35
22 Doe 3418 No
8 1.700 Clam B
224 227
8
No par 1434May 22 25% Aug 8
227 23
2314 2334 224 23
147 Dee 19 No
8
2612 17
1612 1638 161z 1638 8,500 Class 0
No par 10% Jan 10 1712 Aug 8
1612 17
103 Nov
4
133 D4
4
3,400 Preferred
4
8912 894 893 *8912 90
100 80 Apr 15 03 Jan 23
*873 573
4 87
83 Dec 91 De
900 Int Printing Ink Corp_-No par 437
3 552 5513
564 567
8May 21 63 Jan 23
57
5312 57
57
47% Oct 60 De
98121
98
130 Preferred
*9712 98
*9712 93
98
100 95 Juno 5 105 Mar 4 100 Dec 100 Do
98
100 5512 „Ian
80
130,Interruttional Salt
797 798 80
904 Feb 4
7614 7614 *774 80
4912 Mar 6834 in
Untern9tional Silver
*14313 148 *14312 150 •14312 150 *14312 150
100 118 June 14 159% Aug 5 126 Juno 190
Ja
Stock
3118 120
Stock
Preferred
*118 120 *118 120 *118 120 '
100 108 MaytO 119 Jan 17 11214 Dee 131
Ja
3
8
14612 1494 1435 14713 13814 1453 14012 144 255,700 Internet Telep it Teleg
100 78 May 27 14914Se3t 3
Exchange Exchange
59
5914 1.700 Interstate Dept Btores_No par 5514 Aug 17 9312 Jan 2
60
go
6012 6012 588 60
6112 Nov 90 De
35
1,100 Intertype Corp
4 35
343
*3414 342 34
*3418 36
No par 29 Jan 2 387,11y 20
2334 Sept 3311 Ja
Closed8 5014 5014 1,100 Island Creek Coal
Closed5012 50% 5014 505
5033 51
1 4934May 16 69 Mar 5
47
Oct 61 Ma
697
1,500 Jewel Tea, Inc
4 69
No par 09 Aug 29 10214 Feb 5
7018 7014 704 694 693
69
771 Mar 179 No
4
Holiday Labor Day 200 207
19614 203
73,700 Johns-Manville
8
202 2063 19512 20514
No par 15212Ma2'31 242% Feb 2
9614 June 202 De
10 Preferred
121 121 *121 122 *121 122
•121 122
100 119 Jan 21 123 May 15 11313 Oot 122 Al
50100021 dc Laugh Steel pref_100 117 June 14 12214 Mar 11 119 Dec
12018 12013 •12018 12012 12112 12112
120 120
12414 Ma
578 6
.
6
6
6
618
6
6
1,100 Jordan Motor Car
No par
5 2 Aug 10 1512 Jan 2
5
84 Aug
1018 Oi
100 Kan City PAL let ptli_No par 108 Feb 16 1123 Jan 22 103 Aug
109 109 *10812 110
*10813 109 *10812 109
4
114 Al
300 Kaufman Dent Btorea_312.50 243
27
2712 27
*28
3
4May 22 3718 Feb 6
2813 2712 28 8 *27
2912 Dec 34
Oi
3,400 Kayser (J) Co v t o
50
No par 48 Aug 23 5812July 2
5018 49
50
5013 4912 5114 50
100 Keith-Albee-Orpbeum_No par 25 Apr 11 416 Jan 4
3512 35%
411 *354 37
*35
.
381 *35
1813 May 511s No
Preferred 7%
*112 11934 *114 1193 *11212 114 *11212 118
100 9413 Apr 11 138 Jan 6
7613 May 160 No
1012 13,800 Kelly-Springfleld Tire_No par
1014 107
8 10
97 Aug IC 23% Jan 2
1012 11
107 11
11114 Dec 2512 No
180 3% preferred
*5614 57
56
56
*57
56
5818 56
8
100 55 Aug 27 947 Jan 9
5514 Feb 115 No
4,800 Kelsey HayeeWbeelnewNo par 4013M*y 27 504May 13
4214 4314 415 42
4312 441
4212 43
1518 1512 1518 157
8 1514 154 1514 1512 10,100 KelvInator Corp
1914 Feb 4
No poe 12 Mar 26
73 July 22% Al
4
20 Kendall Co Prof
8718 *88
88
87
*87
*87
88
90
No par 87 Aug 29 96 Feb 15
4
.
7
9118 924 913 0314 893 9413 91% 94 371,600 Kennecott Copper
2
3May 27 104 Mar 18
NO par 773
1,100 Kimberley-Clark
55
55
5614
5518 56
56
55
58
No par 4514May 25 5012 Aug 30,
3 1,300 Kinney Co
4214 4212 4214 423
3 4214 4214 424 423
-- - --- ""'
No par 2712May 20 44's July 171
*9913 100
40 Preferred
09
*99 100
99
100 100
4Mar 6
100 9311 Jan 2 1093
8712 Mar 100 Al
2914 2713 297 19,600 Roister Radio Corp____No par 2513May 27 7813 Jan 3
27
283 2912 2834 29'2
4
6114 Aug 954 Nc
32,600 Kraft Cheese
4 5712 60
5613 583
55
58% 5714 59
No par 324 Mar 26 60 Selit 6
32 Dee 42 Nc
100 Preferred
4
*973 100
98
*977 100
93
*99 100
100 95 Apr 20 100 July 20
9914 Dee 10114 Di
52
51
5212
5,200 Kresge (98) Co
51
53
5212 53
52
12Mar 4 .55 Feb
10 4418May 28 57
914 Nei
30 Preferred
114 116 *11238 116 *11238 116
115 115
100 109 Jan 5 118 June 7 11014Juse 118
Ai
17% 19
1.400 Kresge Dept Stores__ __No par
1812 17
1712 1712 164 174
1234May 29 23 Jan 2
1312 Jan
2714 Fe
*7118 74
501 Preferred
7118 7118 7118 7118 *714 74
100 6812July 2 7312 Apr 26
5138 Feb 75
At
89% 90
1,800'Krese Co
90
92 .88
88
89% 90
9 114 Jan 6
No par 80 Aug
87 Feb 1244 NC
4
4
3712 3913 373 383 78,300 Kreuger A Toll
39
38% 3913 38
33t2May 27 48%Mar 6
3238 Doe 4038 01
873 893
8
89% 8612 8812 8614 8713 14,700 Kroger Grocery it 131m-No Par 7512May 27 12212 Jan 3
88
7314 Mar 1324 Nc
3214
1.300 Lego Oil dc Tran-Mort-No par .20 May 31 383
4 32
313
31
31
32
31
32
3June 17
274 Feb
3918 Ai
13712 13912 12,400 Lambert Co
4
1413 1433 13912 1413 13712 141
8
4
No par 1271e Jan 22 15714111Lr 19
7912 Jan 13638 NC
1218 1213 1,700 Lee Rubber & The-- No par 10 May 28 23 Jan 14
13
12
8 1218 13
1214 123
1714 Jan
2614 0,
44
44
1,900 Lehigh Portland Cement__ 50 43 Aug 23 65 Feb 6
4
433 45
46
4612 46
46
423 JUUP 584 Nc
.
40 Preferred 71
•109 110
10812 10812 *10812 110 *10812 110
4May SI 1111114 Dec 11038 Ms
100 1063 Jan 3 1103
4
3,400 Lehigh Valley Coal____No par
8 2338 23% 234 2418 23% 24
2338 233
19 Feb 19 2838 Apr 0
40
400 Preferred
397 397 *39
40
3818 3818 *38
4July 17
50 3412 Mar 27 443
45
44
1,900 Lebo & Fink
4
443 45
47
47
4738 45
Atig 1
No par 40 mar 226
9414 9414 2,000iLlzgett &Myers Tobacco-25 814
94
964 95
96
9514 93
180851 Feb 28
Jan 4
- 31s Jose 12 7 -.12
8 i jee -62-8 6
3
.11
937
93
7,500 Series 11
947
97
94
9412 9512 92
100 8118 Mr 2206 1034 Jan 29
25
8014 Julio 12312 II
*12912 131 *12912 13112 *12912 13012 *12912 13012
Preferred
13711M87 1 134 Aug 147
125
Al
4838 4912 1,000 Lima Locom Works._No par 424May 28 573
4913 4912 43
3
53 49 3 *4912 50
4July 18
38 July 65% Ma
300 Link Belt Co
5112 51%
*51
5118 50% 5033 *5013 52
No par 4834 Aug 5 61 Feb 14
----- --.
9134 24,000 Liquid Carbonic
90
93
913 9338 9012 9414 89
4
3
No par 713 Mar 20 113% Jan 3 1312 Feb 12412 Isli
9,900 Loew's Incorporated_No Dar 4812May 27 8412 Fob 27
618 823
8 6112 6212 6018 617
8 6012 01
491/ June 77 M2
75
9,700 Loft Incorporated
8
73
738 8
7% 8
4 8
19 1113 Apr 1
No par
5% Fob
74 Jan
1938 At
Long Bell Lumber A...No par 24 July 29 324 Jan 5
24 *_ _ 24 *____ 2312 *_ 24
*...
26
Jan 35 4 IN
3
75f 754 70
8
734 70% 7738 78
847 113,400 Lome-Wile. Blacult
8
25 58 May 29 817o SoPt 6
4414 June 88% Se
40 let preferred
•117 119
117 117 *117 119 *117 119
4June 20 12112 Apr 2 11711 Aug 125 Mt
100 1153
4
25
233 2412 28.500 Lorillard
2512 25
253
8 23% 25
7 m6
1
8 3: 1 7
25 20 Mar 25 81.1 51 17
8312.1n: 110 8 8
2 14 un4 7
6
A
I
o
*9211 94
*9214 94
Preferred
*9214 94
4
9214 94
1178 12
8 9.000 Loulelana Oil
4 1113 117
1112 113
114 12
No lW 84 8 "
10 2M
par
; Aug 10 18 Jan 9
194 A
U38 Feb
*9038 92
*303* 92
*903 02
Preferred
8
*903* 92
100 89 Feb 8 10014 Feb 21
78 July 96
A
54% 5612 52% 53% 52
4
553
4 523 5012 33,800 Louisville0& El A --__No par 357
8May 31 59 July 23
28 Feb 41 Ml
887 88% 3,100 Ludlum Steel
8
8July 8
9138 8814 9014 *8812 89
89
No par 0612Mar 28 1087
*110 112 *110 112
100 Preferred
31.10 114
112 112 .
No par 9833 Mar 20 118 June 1
3338 44)
4019 6,100 MacAndrows & Forbes_No par 34 Aug 19 46 Jan 4 14
39
4078 4018 4014 40
Aug - -110 a
157
•105 8 10714 *106 10714 *106 10714 *106 10714
5
Preferred
4
100 104 Jan 8 1073 Apr 10 106
Oct 110 Ni
97
981.1 97
25,700 Mack Trucks, Ins
973 100
4
9914 97 101
4
No par 91 Mar 20 1143 Feb 5
83 Apr 110 Ni
250 25513 248 2537 240 247
14,300 !AMY Co
2333 247
4
No par 148 Mar 26 255128031 3 y134 Aug 312 At
173 173
8
173 1712 1714 1713 1712 1712
900 Madison Sq Garden__ _No par
3
10 Aug 28 24 Feb 28
184 Dec 34 MI
748 753
1
733 76% 743 77
.4
4
753 18,900 Magma Copper
75
8
No par 60 May 28 8212 Mar 21
1133 Feb 75 N,
4
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sales
for
the
Week.
• 1116 and asked prices; no sales on this day. S 1:x-dividend 75% in stock. z Kt-dividend. a Shillings.
y Ex-rigilts•
New York Stock Record-Continued-Page 6
1565
For sales during the week of stocks not recorded here, see sixth page preceding.
OA
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday,
Aug. 31.
Monday,
Sept. 2.
Tuesday.
Sept. 3.
Wednesday, Thursday,
Sept. 5.
Sept. 4.
Friday.
Sept. 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I.
-share lots
On basis of 100
Lowest
I
11404081
PER SHARE
Haws for Previous
Year 1928
Louses:
Ellghas1
per share $ per share $ per short
(Con.) Par $ per share
S:per share $ per share $ per share S per share $ per share S per share Shares Indus. & Micah Co__No par 15 Aug 12 3938 Jan 15
Jan
16
3818 Nov
2,100 Mattison (H R)&
15
1512 15
15
17
4 16
1612 163
8718 Jan 110
Oct
100 87 Aug 28 13518 Jan 18
Preferred
91 *__ 91 •__ _ _ 91 •____ 91
21 Nov 41
Jan
100 1212June 22 26 Jan 14
8
237
8
237 •15
Manatl Sugar
•15
*15
23%
24
*15
40 Nov
Jan
88
100 31 June 24 5018 Jan 10
Preferred
*3214 4212 *3214 4212 *3214 4212 *3214 4212
32 June 404 Jan
No par 22 July 25 38% Mar 9
*2312 25
100 Mandel Bros
2312 2312 *2312 25
*2312 25
8
2813 Sept 663 June
29
298 1,900 Manh Elea Supply_ _ No Dar 2414 Aug 2 3734 Jan 14
29
29% 29% 2914 29% 29
3134 Feb 43 May
8
5
25 25 8May 29 355 Jan 4
100 Manhattan Shirt
2712
2712 .27
*27
2712 27
27
*27
1212 Feb 2512 Apr
12 Feb 18 1811 Apr 18
1,300 Maracaibo Oil Expl__ __No par
143
104 1412 14
8
4
1
/ •1412 145
4
143 14
4
/
33 Feb 491 No,
No par 3318May 31 4718 Jan 3
Marland 011
454 Mar 83 Nov
6918 Mar 26 8978May 20
- i- ii" --4;i5O Marlin-Rockwell
804 83
83
1;i
82 - 12 83
77 Dec 86 Dee
4
Car_._No par 663 Feb 18 104 May 10
4
8018 8412 8018 823 17.400 Marmon Motor
8212 853
84
82
1218 Mar 255 June
8
4June 10 18 Jan 2
73
No par
400 Martin-Parry Corp
8
8
818
818 818 •8
818 818
4
1
/
8 5718 60
11,900 Matbleson Alkali WorksNo par 42147Say 28 218 Feb 27 117 June 190 Dec
61
5718 607
8 60
6018 617
Apr
Jan 130
100 120 Jan 28 125 Jan 2 115
Preferred
*12214 125 *12114 125 •12214 125 *12214 125
75 July 11318 NOY
25 7312May 31 1084 Jan 10
8
823 65,400 May Dept Store,
4
813 8314 81% 827
808 83% 80
1712 Aug 304 Nov
No par 19 May 31 2018 Aug 2
2412 25
6,000 Maytag Co
4 2412 26
24% 2518 2412 243
4018 Aug 52 May
1
/
No par 384June 27 4914July 31
4118 4212 39'l 3912 1,100 Preferred
41
4212 *40
*42
No par 80 Apr 26 904 Jan 100 8918 Dec 101 May
Prior preferred
8318 *8212 8318 *8212 8318
8314 8314 83
Feb 80 Dee
4June 711 56
No par 714 Feb 16 104.3
9714 , 96 100
1,700 McCall Corp
9712 •96
973 972 *96
77 Feb 109% Nov
4
9512 Aug 16 1133 Feb 5
30 McCrory Stores class A No Pa
9612 961 *9612 101
*9612 101
99 100
4
/
8018 Mar 1191 Nov
1 0
No 7 9718June 18 11512 Feb 6
4
100 Class 13
10114 10114 *10112 10414 *10112 104 *10314 1033
100 Aug 19 120 Feb 7 109 Feb 11812 Nov
200 Preferred
108 108 *105 108 *104 108 *104 108
21 48 Feb 14
4012 Aug,
42
42
42
42
400 McGraw-11111 Publica's No Pa
42
4112 4112 42
1412Sept 5 2318 Jan 5
4
1
/ 1434 1518 1412 1412 1412 1412 1,400 McIntyre Porcupine Mines__
4
1
/ 14
14
8
6212 June 783 Nov
6212 Max 26 82 Jan 31
734 7412 35,600 McKeesport Tin Plate_No pa
8 7153 75
68% 7138 713 725
1
/
504 Dee
4518 Nov
46 Aug 28 59 Mar 4
46
46
8 46
463
464 3,400 McKesson & RObbIns__No pa
464 4614 .46
8
54 Nov 033 Nov
65 Mar 20 63 July 19
6
*5618 5612
5712 574
300 Preferred
564 5712 *5712 58
507 Nov 70 Sept
5612 Mar 20 72 Jan 3
No pa
61
61
8
*603 63
61
300 Melville Shoe
0114 6114 61
254 July 41 Sept
2
20 Mar 26 347 Jan 4
No pa
26
3,400 Mengel Co (The)
2618 27% 2511 2018 2412 2612 25
2418 Dec 2718 May
24 Jan 10 27 Feb 25
pf_2
25
2512 1,100 Metro-Goldwyn Pictureg
*25
2814 25
2514 25
25
8
43, Jan 73 Dec
3312 Aug 9 693 Jan 3
34
3612 25,100 Mexican Seaboard 011 No pa
3712 3514 36
318 36
36
4
173 Jan 33 Dee
3018 Jan 8 5418 Mar 20
7 47
4512 463 31,900 Miami Copper
4418 478
4
1
/
4512 464 45
June 3 12278Ju1y 22
No par 85
100 Michigan Steel
•111 11212 110 110 *10812 110 *108 100
251, Feb 4413 Nov
par 3018 Feb 16 397k Jan 3
4
323 3418 10,900 Mid-Coot Petrol
33
4 33
3414 3318 333
4
333
1
73 May
8
23 Jan
518 Jan 3
218Sept 5
ar
218
218 212
8
8
23 15,600 Middle States Oil Corp No 10
212 25
8
212 25
57 May
14 Jan
338July 31
8Sept 8
15
10
2
158 2
2
2
2
214
2
3,600 Certificates
June
309 309
310
Prod prat__ _100 225 Feb 15 321 Aug 27 193 Aug 295 Nov
305 305
Steel
Il
600 m iula R Stbee
1.100 adernduu l
*300 312 *300
27
Jan
1818
2
par
p r 115 Aug 7 287 Mar 20
4
1314 123 123 •
13
4 13% 133
1312 133
k
757 Deo
394 Aug
6012May 27 8014 Mar 1
N
66
66
661
4 6412 65% 65
6412 653
3,500 Mohawk Carpet Mills_No°
8
99 May 31 1567 Jan 2 11514 Dec 16612 Dee
4
8
13418 137% 13218 13514 12518 13412 1285 1323 257,000 Mont Ward&Co111CorpNo Par
1
!
3
5 8 Feb _1...1_ May
8 Jan 8
212Sept 3
No par
4 3
*23
3
3
3
3
212 34
1,300 Moon Motors
4July 9
1
/
70 Aug 9 80
*7312 7412 7312 7312 72% 7312 72
72'l
800 Morrell (J) & Co
2% Aug
418 May
6125Iar 4
234Sept 5
2
:7 vF aaa
:
N0 p
27
234
4 3
23
3
27
s
8 27
27
6,800 Mother Lode Coalition-N/ pa
147g Del
5 Mar
8June 21
124 Jan 8 603
4212 45
45
.14
45
42
451
43
2,600 Motion Picture
26 July 30 3134 Aug 1
3018 303
4
293 31
2938 303, 2914 293 21,200 Moto Meter Gauge&En No pa
4
.
-114
14 July 2 - 4 Oct
9612Juna 4 206 Mar 1
11912 124
•115 119
122 122
123 125
2,400 Motor Products Corp_No pa
5114 Oct
2512 Jan
39 Mar 26 5518 Aug 1
4
513 523, 514 5238 24112 415
8 404 413, 19,500 Motor Wheel
694 June 9514 Oct
•
36 Aug 9 81% Jan 4
3612 40 4 37
No Pa
3
3712 37
364 365
38
130 Mullins Mfg Co
8
98 Dec 1047 Nov
8Sept 5 10214 Jan 11
717
No Pa
•_ ___ 75
75
75
74% 75
*7412 75
60 Preferred
4
/
461 Mar 6218 May
5018 Apr 6 613
4May 4
54
54
533 533
54
4
4 54
4 5312 533
800 Munsingwear Inc
2112 Feb 11414 Oct
8June 17
62 Mar 26 1007
No pa
68
67
6612 678 66
6812 6512 6714 15,500 Murray Body
804 Feb 112 Nov
8118June 11 1187 Jan 25
No Pa
843, 854 8512 878 8114 86
8
8412 857 20,000 Nash Motors Co
74 Jan 324 Dec
8July 18
2818 Jan 7 417
8
335 347
8 34
35
33
337
33
8
347 10,200 National Acme stamped__ _1
July 2 481451ay 24
35
No pa
36
3618 3514 3512 3'
3514 35
3518 1,700 Nat Air Transport
3714Nopar 31 Sept 4 71 Mar 1
Hess
40
40
4114 34
374 383, 7,600 Nat )3ellas
38
9014 Jan 11818 Dec
100 98 Aug 27 118 Jan 3
*98 103
98
100 Preferred
*91) 100 .90
98
1
/
16612May 28 2164July 11 1594 July 19514 Nov
212 215
203 2113 206 10035140 Aug 15 144 Jan 26 1374 Feb 150
15,700 National Biscuit
211
208 211
4
Apr
100
143 143
200 Preferred
143 143 *143 144 .143 144
1
/
4714 Jan 1044 Deo
1
/
Jan 8 1484 Mar 20
12512 12712 12514 13112 126 13412 129 132 124,100 Nat Casb Regbiter A w I No par 96
No par 6218May 22 8612 Aug 27
Prod
k 7614 7938 77
68012 837
8
793 52,300 Nat Dairy
4
1
/ 807
8 78
8
217 Jan 3214 Oct
4Mar
Jan 4 373
317 31%
31
900 Nat Department Stores No Par 2818 Aug 7 96 June 8
31
32
3238 3238 *31
Jan 102 May
91
100 91
1st preferred
*9314 9412 *9314 9412 •0314 9412 *9314 0412
2914 June 5812 Jan
ctfs___No par 33 Mar 26 58 June 17
4914 5312 4712 51% 4818 503, 20,800 Nat Distill Prod
5114 543
4
/
511 June 71% Jan
Feb 7 1103, Aug 23
Preferred temp etto__No par 6712
234 Mar 57% Nov
Et.;
- - ----624 Jan 9
1i 541;
-400 Nat Enam & Stamping-ADO 43 May 29
E
5518 5518 -51 -;;- -.,_ 2 - . *5434
Jan
100 132 Jan 2 17812 Aug 29 115 July 136
Stock
163 165
162 167
3,100 National Lead
16514 167
Stock
165 167
Jan 14714 May
4June 12 14112 Feb 1 139
100 1381
130 Preferred A
139 139 *13812 140
139 130
139 130
4
10 116 Aug 5 1233 Apr 24 11212 Mar 122 July
Exchange Exchange *116 11612 •116 11612 *116 11612 116 116
20 Preferred B
8
217 Jan 4658 Dee
4
/
4214 Mar 20 711 Aug 20
NO pa
70
8
657 68% 653 075 100,000 National Pr & Lt
4
8
6714 70% 66
14 July 40% Jan
17 Jan 10
518 Aug 1
No pa
Closed512 512 *512 53
100 National Radiator
Closed
3
4
3
*512 5 4 *512 5 4
36 Dec 9813 Jan
1238July 31 41 Jan 29
No pa
16
•13
*13
16
•13
16
Preferred
1512
*13
8414 June 146 Dec
4
50 1113 Mar 211 144 Jan 2
123 12412
Holiday Labor Day 122 12412 122 122% 122 122
600 National Supply
4
6 101 June 14 155 Feb 1 1380 Dec 150 Nov
8
3,700 National Surety
1253 126% 12114 12612 1207 12312 120 120
8
Jan 390 Der
4
/
6258Sept 5 9111 Mar 1 0160
No pa
4 6258 66
6412 65
7,700 National Tea Co
63
6712 6518 673
8
4
/
171 Jan 423 Deo
4
1
/
39 Jan 16 82% Mar 21
4 5014 523 197,000 Nevada ConsolCoPper_NO VG
8 4838 513
4
484 493
8 4834 493
50 43 Mar 28 963* Aug 16
9114 2.900 Newport Co class A
01
93
91
93
92
914 93
par 93 1\lay 29 113 July 15
No
8
102 103
3,100 Newton Steel
104 1043 10212 103
10312 105
E61;
393* Oct 4
No par 4118 Mar 25 493 Mar 4
4512 4618 4518 46
3,300 NY Air Brake
3
40
463
4 45 4 461
47 Aug 6414 Jan
100 40 May 28 583 Feb 2
8
505 505
8 5114 51% 508 50% 5012 5012 1,700 New York Dock
85 Sept 95
Jan
90 Apr 10
4July 29
100 823
8318 8318
88
*83
88
100 Preferred
*83
88
*83
9818 Oct 10518 May
Jan 10
*9914 101
9818 1003
4
80 NY Steam pref (6)_ -__No par 96 June 17 103 Aug 30 102
100% 1007
8 9914 100
Jan 116 Apr
par 1104June 17 115
No
8
40 1st preferred (7)
11314 11314 11238 1125 114 114
115 115
58% Jan 97 Nov
1
/
8
NO Par 905 Jan 7 1864Sept 3
8
% 170 1787 17012 17614 61,500 North American Co
180% 1863 178 185
4
51 Sept 55% May
50 5114June 18 5414 Jan 9
8 5238 53
1,300 Preferred
4
1
/ x523, 525
5214 5212 5212 52
8
4
993 Oct 1057 Feb
4
Mar 27 1033 Jan 15
8
600 No Amer Edison prat _No par 997
10114 10114 10034 10024 10018 10018 100 101)
4
633 June 6912 Nov
4818May 28 644 Jan 12
4
/
511 52
1,900 North German Lloyd
5238 537
4
033 533
4 5312 534
Oct 55 May
4312June 14 50 Mar 10, 48
1145
46
*45
46
46
•45
Northwestern Telegrapb--.50
*45
46
212 Mar
718 Sept
614 Feb 41
4
13 Aug 14
24 218
218
214
700 Norwalk The & Rubber---10
214 24 *218 214
4
C3 Dec 13 may
8 Feb 8
5 July 29
*1
5
•1
5
5
•1
Nunnally Co (The)___N0 par
4
•1
4
1
/
20 June 41
Jan
25 168 Aug 9 32 Jan 3
4
/
191 .19
8 1,700 011 Well Supply
197
19% 2012 19
21
21
97 June 11018 Jan
100 92 May 31 10618 Jan 16
101 101 *10012 101
230 Preferred
100 100
100 100
_
8 4212 437 14,200 Oliver Farm EquIp____No par 34185fay 31 6412 Apr 25
4278 44% 3912 443
43% 4612
8 Apr 25
---8
547 10,400 Cony participatIngNo par 4918May 31 693
4
1
/ 5414 5514 523 54% 53
5414 56
---No par 90 Juno 15 9912May 2 -- 9012 91
1,700 Preferred A
0114 9212 9058 027,, 9012 91
71- Dec 154 May
2
712 1,000 Omnibus Corp
8
73
712 74
712 718
614 Aug 13 107g Feb 28
No par
712 712
8318 Dec 99% June
100 80 Mar 26 90 Feb 28
Preferred A
81 *____ 81 •____ 81. *__._ 81
*- 673 Aug 8812 Jan
4
72
72 .71
200 Oppenhelm Collinear CoNo par 69 Aug 13 84% Apr 13
74 .71
*72
73
74
75
2
4
60 Orpheum Circuit, Inc pref 100 60 Apr 12 953 Jan 6 1474 May 104 Nov
754 7518 753 7538 *7518 76
71
71
4Sept
Feb 2854 Dec
50 276 Jan 7 4323
420 431
42012 4323 18,000 Otis Elevator
4
412 424
40112 410
4
/
4
100 120 Aug 13 125 Jan 24 1191 Jan 1283 July
420 Preferred
•12014 12112 •12014 12112 120 12014 *12014 12012
1012 Jan 4012 Nov
No par 37 May 29 5214 Aug 28
8 4818 5014 485 49
8
4
1
/ 29,200 Otis Steel
4812 50% 4914 503
8212 Jan 103 Nov
100 91314 July 12 108 Feb 20
8
100 Prior preferred
994 9914 *987 100
4
/
991
*9912 99% *98
6 75 July 23 84 May 18
7714 77% 774 774
78
700 Owens Illinois Glass Co
773 773
4
4 78
4312 Feb 564 Nov
8
25 535 Jan 2 97 Aug 26
9212 45,900 Pacific Use & Eloc
90
934 8912 93
9114 93 4 91
3
69 Dec 853 June
4
8
No par 70 Jan 7 1343 Aug 26
4
1
/ 12118 127
120 4 1253 12,500 Pacific Ltg Corp
3
8
4
12834 131% 1265 129
25
Oct 354 Nov
100 2712June 3 37 Apr 17
31
*30
3014 3014
40 Pacific Milis
31
*30
30
30
1 Sept
14 Jan 10
214 Apr
1 Mar 6
No par
1
1
14
118 9,200 Pacific 011
1
1
118
118
100 159 Jan 3 220 July 25 145 June 169 Dec
204 204
204 204
110 Pacific Tele') & Teleg
*203 205
20213 207
Oct 12518 May
1
/
_100 1164 Jan 3 136 Sept 5 114
136 136 *13612 137
20 Preferred
134 134
*130 134
5614 Feb 163 Dc
10 11612Mar 26 16612 Aug 211
4
1513 14618 15014 147 150 4 17,400 Packard Motor Car
3
14712 1401 14812
3814 Feb 6511 NO,
64
64
6434 64
6612 5,700 Pan-Amer Pete & Trana--50 4014 Feb 18 69 Aug 281
6612 6619 64
373 Feb 58% Nov
4
6914 Aug 28
6438 6318 667 86,000 Class B
8
50 404 Feb 1
3
65 4 63
64
6512 671
1518 July 28% Al.)2
1718 Jan 3
340 Pan-Am West Petrol B_No per 13% Aug
1412 141.. 1414 1414 13% 14%
1412 141
718 Aug 10 1614 Jan 3
710112
918 *912 93
10021%4
500 Panhandle Prod & rel__No par
4
914 *9
9
,
9 4 91
Feb
60
•50
60
100 4718 Feb 26 76 Jan 16
May
*50
60
*56
Preferred
CO
*57
4714 Oct5638 Dec
72% X70
70
71% 133,900 Paramount Fain Lasky_No par 554 Jan ' 74 Aug 19
714 725s 7114 73
34 Mar 98 Nov
8
877 Jan 14
8
No par 47 June
50
300 Park & Tilford
4812 4812 *Ws 48% 4818 483 •48
4
4
53 Aug ' 137 Feb 28
618
618 6,800 Park Utah C M
6
6
6 18
6
Jan
618
14% Jan 9
2 Feb
9 '911413 Nov
718 Mar 2
par
t
918 1018
27,100 Pathe Exchange
1012
5
,
9 4 10
10
1038 11
par 134 Mar 26 30 Jan 9
81 Feb
2372 Fen
4 183 20
193
4
ja
4,600 Class A
4
3
42 Aug
A ur
4
203 2112 193 2012 19
4
473 Mar 4
4
A°
4014 4112 4038 4034 8,900 Patina Mi. Enterpr..1 __2O 3418 Jan
41
Mines &
4012
4078 41
2218 Jan 11
1112 1118 1112 1112 1,500 Peerless Motor Car
1418 Sept 257 Mat
50 11 18June 2
1218 12 8 11% 12
,
6024 July8
No par 38 Jan
2238 Jan 414 Oct
8 5618 57% 9,200 Penick & Ford
583
5714 583
s 6612 5712 66
100 100 Apr
110 Jan 9 103
90 Preferred
108 109 •100 110
Oct 116 Mar
*108 1083 108 108
4
512May 27 12 Jan 20
50
11
11
11
700 Penn Coal & Coke
8 Aug
144 Jan
1114 1114
s
113 11% 11
814 Aug 21 27 Jan 5
10
2,200 Penn-Dixie Cement---No par
1012 10
1434 July
912 10
*10
31 May
103 *10
4
5014 Aug 30 94 Jan 22
100
200 Pieferred
75 Sept965 Apr
8
5014 5012 *4814 5014 *4814 49% *4814 49
100 208 Jan 11 404 Aug 5 1511 Jan 217 Nov
3,400 People's CI L &0(Chlo)
370 377
4
4
/
4
3743 3743 371 3733 371 371
4
1,400 Pet Milk
311
30
No Par 28 Aug 30 454 Jan 3
*29
30
32
4118 Dec 4614 Dee
*30
30
30
25 5612May 28 797
28,100 Pbelps-Dodge Corp
66
6114 64% 63
851ay 10
6112 63
60
61
50 15712 Apr 17 250 Sept 5 145 Mar 174's May
300 Philadelphia Co (Pittab)
.230 250 *239 250 248 250 •230 250
50 473 Aug 9 51 May 20
5% preferred
4812 49
4
4812 ____ 481
454 Mar 49 Aug
*4812 49 .
50 605
600 0% preferred
8 527 527
8
527 527
8June 24 54 Mar 18
4
1
/ 53
1
/
1152
514 Oct 57 Mal
53
53
a
4
-0-9-1- Sept 2813 Ki- ;
*Bid and asked prices: 110 sales on this day. b Ex-dividend and ex-rights.
1566
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, see seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 31.
Monday,
Sept. 2.
Tuesday.
Sept. 3.
Wednesday, Thursday,
Sept. 4.
Sept. 5.
Friday,
Sept. 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares Indus. & Miscell. (Con.) Par
13,900 PhIla & Read C& I____No par
3,100 Philip Morris & Co., Ltd_. 10
600 Phillips Jones Corp... _ _No par
30 Phillips Jones prof
100
15,500 Phillips Petroleum----No Par
Phoenix Hosiery
0
Preferred
100
1,500 Pierce-Arrow Class A_No-Par
800 Preferred
100
2,100 Pierce 011 Corporation
25
400 Preferred
100
1,200 Pierce Petrorm
No Par
12,500 Pillsbury Flour Mills-No par
4,000 Pirelli Co of Italy
600 Pittsburgh Coal of Pa
100
100 Preferred
100
10 Pitts Terminal Coal
100
Preferred
100
3,700 Poor & Co class B
No par
300 Porto Rican-Am Tob Cl A_I00
*7514 7712
800 Class B
4
283 30
No par
700 Postal Tel & Cable pref___100
10312 10312
Postum Co. Inc
No par
5412 553
4 4,500 Prairie 011.k Gas
25
7irx 58
5611 5714 -5512 56
7,000
25
6158 6334 6038 6214 61 6112 6018 61 3,600 Prairie Pipe & Line
Pressed Steel Car
8
No Par
173 173
8
4 1718 174 163 1718 1638 17
200 Preferred
77
*72
100
73
73
74
*743 7712 74
4
800 Producers& Refiners Corp _50
1418 1418
1418 1412 1414 1412 1514 1514
40 Preferred
383
4
60
4
383 *37
37
37
37
3812 *37
150 Pro-phy-lac-tie Brush_No par
4
473 48
48
48
48
48
50
*48
8
12312 12912 1243 1283 11814 126 x12112 1263 307,400 Pub Ser Corp of N J__No par
8
8
100
1063 1067 107 10714 107 10714 x107 10718 2,000 6% preferred
8
8
300 7% preferred
100
*120 122 *120 121 •119 121 2121 121
300 8% preferred
100
150 15014 151 151 *150 151 *150 151
4
4
107 107
10714 1073 1073 1073 21064 1064 1,000 Pub Fiery Elea & Gas prat 100
4
NO Pa
8
41 843 8618 22,400 Pullman, Inc
86
8812 86
867
s 8518 863
200 Punta Alegre Sugar
50
*1512 16
•1512 16
154 154 *1512 16
8
2
8 2512 263 11,400 Pure Oil (The)
8
253 263
2618
2618 2612 26
200 8% Preferred
100
11112 11314 *11112 11312 11314 11314 *11312 114
11,700 Purity Bakeries
4
142 14438 14214 1427 14114 1433 140 143
8
81
98 101
994 10912 10212 1093 10414 1134 1322400 Radio Corp of Amer___No par
300 Preferred
50
*5312 5412 5312 5313
5312 5312 54
54
8
8 353 3712 105,400 Radio Keith-OW el A__No Dar
3618 37
35 8 383
3
8 3514 377
2,700 Real Silk Hosiery
77
10
76
76
75
78
79
763 7814
8
100
Preferred
*99 100
•99 100
*9912 100
*98 100
'Jo Dar
1034 1114 11
1112 1114 114 1012 114 1,900 Reis (Robt) & Co
100 First preferred
100
75
75
80
*75
80
80
•75
*70
38,400 Remington-Rand
No par
8 4818 49
5114 4914 8038 4718 497
50
300 First preferred
100
953 9534 295
4
95
95
9512
95
*95
100 Second preferred
10()
8
997 997 *100 103 *100 105 *100 105
8
10
8
3
20
207
8 204 205
8 2014 224 20 8 213 29,500 Reo Motor Car
No par
4
8 5,700 Republic Brass
3
494 50 4 483 497
8
51
523
4 497 50
100
Preferred
105 106
*10412 108 *10512 106 •10512 106
No par
000 Class A
105 105
10512 10512 10512 10512 105 105
8
8
1213 1267 12418 1267 53,500 Republic Iron & Steel_ _ _ _100
8
12712 1293 1254 128
4
100
400 Preferred
112 112
11112 11112 *11112 112
*11112 112
No par
1018 29,100 Reynolds Spring
1018 1114
1018 1112 1018 104 10
25,400 Reynolds (RJ) Top class 13_10
58
4 56
583
58
57
.59
587
8 55
200 Rhine Westphalia Eleo Pow_ _
*5714 58
,
8
5712 5712 *5712 577 *57 2 58
8 7,600 Richfield 011 of Callfornla__25
8
404 4112 403 423
4214 4114 42
42
No par
7,300.1110 Grande Oil
273 28
4
274 2814
281
2814 2838 28
No par
100 Ritter Dental Mfg
65
*133
6312 65
*6312 6512 *6312 65
16,000 Rossla Insurance Co new._.l0
794 7512 78
7818 80
5
8
7
787 82
39
39, 10,400 Royal Baking Powder_No par
4
8
8 407 41
4012 423
393 404
8
Preferred
100
•112 1121
8
8
*112 1123 *112 1123 •112
5518 5518 5512 584 31,000 Royal Dutch Co(N Y shares)
Stock
Stock
8 5553 86
56
567
27,000 St. Joseph Lead
10
4
4
8
723 693 7112 6812 7134 683 71
71
37,400 Safeway Stores
No pa
Exchange Exchange 1743 18218 1785 18418 17418214 177 179
8
8
95
95
89512 96
40 Preferred (6)
100
3
3
9614 06'4 95 4 95 4
40 Preferred (7)
103 103
100
103 103
ClosedClosed
- *10212 103 *1023 103
4
3912 5,100 Savage Arms Corp_ - - No Da
3912 4138 3918 3978 39
41
40
1918 19
1918 5,000 Schulte Retail Storee__No pa
Holiday Labor Day
1918 1912 1918 1912 19
50 Preferred
90
100
90
90
9012 9012 90
90
90
No pa
1314 1314 1,100 Seagrave Corp
8
1318 1312 1318 1314 •1314 137
59,700 Sears. Roebuck & Co No pa
8
1717 164 17014 165 168
1687
8
8
1703 175
No pa
512 6,200 Seneca Copper
514
518
54
514
512
512
514
22,000 Shattuck (F 0)
01
59
No pa
4
6518 613 6314 5814 62
63
8
5114 4914 503 17,700 Sharon Steel Hoop
No Pa
4
5112 527
8 49
8 503 513
4
No pa
4
8 263 273 22,400 Shell Colon 011
8
2312 2914 273 2814 2714 277
3,000 Shubert Theatre Corp_No pa
44
4814 4712 4712 4518 4518 *4012 45
16114 220,400 Simmons Co
No pa
8
8
1464 1487 14212 1473 147 1547 151
4
1
8
8 3514 373 18,300 Simms Petrolem
343 357
8
364 363
4 35 4 32
3
8 351 3714 75,000 Sinclair Cons 011 Corp_No Pa
3618 3714 3512 3612 3518 357
100 Preferred
10
*10818 1093 109 109 *10818 10918 *10818 10918
8
42,100 Skelly 011 Co _
4
4112 42
2
8
403 4112 393 4012 393 45
8
700 Blom-Sheffield Steel & Iron :.00
*5014 04
05018 55
49 '
48
51
49
600 Preferred
80
100
6812 7018 704 *70
68
69
68
9
9
v912 10
1,700 Snider Packing
No pa
84 10
912 91 2
1,400 Preferred
r
N oe par
3
4434 4312 43 4 4312 4312 *4312 46
43
4,100 So Porto Rico Sufi
35
par
353
8 35
8 35
354 36
3.558 357
4
8
4 823 853 22,800 Southern Calif Edison
8214 843
26
86
4 85
8518 863
Southern Dairies el A__No Par
45
•22
46
*20
46
*19
22
103 1514 1,400 Class B
0
914
8
914
812 :8184 14834
8
No par
8
000 Spalding liros
4
8 513 52
*513 523
8
4 5134 5134 5138 513
10 Spalding Bros 1st prof
3
4
*11034 112 *1103 112 •110 4 112
8
444 4414 447 24,900 ElPang Chalfant&Co IneNo lp°13
r
No par
4112 423
4238 43
8 42
10 Preferred
93
*91
93
100
*91
927 924 •9I
8
93
6712 6912 14,200 Sparks Withington____No par
7014 7212 694 7114 6718 70
*74 8
Spear & Co
PreferredNo par10o
*74 8
*712 8.
*712 8
100
72
72
74
*72
74
*72
7 112 2,700 Spencer Kellogg & Sons No par
72
414 *404 44
40
40
42
42
417
8
8
4 543 5612 16,200 Spicer Mfg Co
563
No par
504 61
573 6118 54
4
1,500 Preferred A
50
49
50
par
50
5014 51
50
48
12,800 Spiegel-May-Stern Co_NO Par
8212 84
86
14 83
No
8312 86
85
79
1534 153
4 1,800 Stand Comm Tobacco.No par
8
8
1712 1712 174 17,2 163 173
172 18812 179,200 Standard Gas & El Co_No par
8
160 1697 16218 1693 16534 181
4
8 1,900 Preferred
4
6418 647
8 643 547
6412 65
30
643 65
8
16
Standard Milling
1105
*10212 112 *105 112 •10312 112 :0334 102
100
Preferred
•1033 106
4
*1033 106 *1033 106
100
4
4
8
8
4 745 777 47,500 Standard 011 of Ca'
----No Par
8
8 7512 767
763 777
8 743 753
8
8 683 7053 674 694 6714 713ti 265,500 Standard 01101 New Jersey _25
7018 717
4
4012 4218 I 404 4414 127,800 Standard 011of New York _25
8 413 424
422 443
8
8
4
37
8
37I
4
2,800 Stand Plate Glees Co...No par
33
8 4
338
33
4
230 Preferred
11
10 I 10
100
*1214 134 *12
1314 10
Staud San Mfg Co_ __No Pa
*40
____
*40
*40 ____ *40 ___
-Warn Sp Corp
573 19,600 Stewart
4
6618 667
10
667
8 66
8 6618 6912 67
19,100 Stone A Webster
4
185 19412' 1883 193
No par
195 19934 191 195
15,400 Studeb'r Corp (The___No pa
76141 744 75
7312 75 8 74
3
764 75
80 Preferred
•125
*123 12412 123 123 *125
10
112
112
14
13
4 1,500 Submarine Boat
134
138
134
134
No pa
72
7334 2,200 Sun 011
747 747
73
8
7412 73
No pa
8 73
20 Preferred
*10134 10312 *102 104
102 102 *10212 104
100
1812 19
9,900 Superior 011 new
1812 19'4
19
1938 PJ
193
No pa
8
3914 40
4 384 3838 3,200 Superior Steel
393
100
393 4018 38
4
300 Sweets Coot America
1312 1312
•1314 1312 *1314 133
50
4 1312 1353
100 Symington
6
*5
*43
4 54
5
4 53
No par
5
*43
14
15
.800 Class A
14
15
•133 143
4
15
No par
16
20
000 Telautograph Corp_ __No par
8
21)
20
2014 '20'4 194 197
20
25,600 Tenn Copp & Chem_No par
177 184 18
8
1812 19
183
4 1818191
,
6612 697 70,000 Texan Corporation
6812 7012 663 6814 66 2 co
8
8
25
71% 724 7112 72
7018 7112 28,200 Texas Gulf Sulphur__ __No par
8
703 72
163 17 4
4
8 8,300 Texas Pacific Coal & Oil
,
164 164 10
8 1618 167
167
10
143 15
4
144 143
4 141a 1412 1418 144 13,500 Texas Pao Land Trust
1
per share
$ per share $ per share
23
2412
11
1012 103
1118
8
39
383 40
39
8
8912
*84
8912 *84
8
8 367 38
367 377
8
24
*23
24
•23
*9212 93
*9212 93
33
4
323 33
33
*82
8
84
8312 837
2
2
2
2
3612 37
*3612 38 .
412 412
412 412
5114
4934 5138 49
63
63
63 2 62
,
*703 75
7012 73
4
*954 99
*9518 99
25
25
*23
*23
56
*55
*55
56
3712
3612 373 '37
4
*7512 77
7518 7518 •7514 7712
30
30
2912 291
30
30
*10312 10412 104 104
10312 104
per share $ Per share
233 2412
4
107 11
8
*3812 39
8912
374 387
8
24
*23
*9212 93
*3212 33
85
*82
214
2
38
38
412 438
4934 5114
637
8
63
71
7512
97
97
23
23
56
•
55
3712 387
8
Per share
233
8
23
104 104
39
39
85
84
383
8
37
24
*23
*9212 93
323 33
8
*82
8212
2
2
3718
37
412 44
503
4
49
6118 624
747 744
8
*9518 99
25
*23
56
*55
3618 37
• Bid and asked prices: no sales on this day. z Ex-dividend.
PER SMARR
Range Since Jan. 1.
On basis of 100-share lois
Lowest
Highest
PER SHARI,
Range for Precious
Year 1928
Lateen
Highest
e
pls hbnr 58
2
p731,/ auyg,
,
8
$19737 ,Ai5ar398 32334er aa; 3 per share $ per Mars
273 June 393 Jan
8
4
15 Mar 2511 May
38 July 31 73 May 17
38 Apr 54 Aug
834 Aug 15 96 May 1
85 Apr 99 May
35 Aug 0 47 Jan 3
3514 Feb 537 NO,
2
21 July 18 3738 Jan 22
21
Oct 38 May
9112 Aug 21 100 Jan 6
94 Disc 1034 Feb
2712 Mar 25 374 Jan 9
1812 Oct 304 Dee
7212 Jan 2 8712June 7
5812 Oct 744 Dec
112 Aug 9
332 Mar 18
12 Mar
54 Apr
30 Jan 8 5112Mar 18
1614 Feb 50
Oct
4 July 15
57 Jan 15
8
34 Feb
638 Apr
3918May 27 637 Jan 15
8
323 Feb 584 Den
4
5012 Mar 26 68 Aug 1
5413June 4 834 Jan 9 098 Juno 7878 Dee
181 May 1004 Dee
8312June 5 100 Jan 5
20 Feb 38 Dee
20 June 10 344 Jan 9
5212June 10 7814 Jan 9
6312 Oct 82 Mar
26 June 24 437 Aug 1
8
7518 Sept 4
28 July 16
10118May 27
623 Mar 26
4
504 Aug 7
533 Jan 14
8
15 May 27
73 May 29
1112 Aug 10
34 Aug 9
4734 Sept
76 Mar 26
10312June 8
8June 25
1173
145 Apr 17
105 July 26
78 May 27
143 May 29
2314 Feb 16
111 June 12
109 sMay 28
3
6814 Feb 18
52 July
19 Mar 26
57 Jan 7
95 May 27
6 May 28
60 May 29
28 Mar 26
9014 Jan 4
93 Mar 20
20 Aug 30
41 Aug 27
105 May 3
9338May 29
7914 Feb 8
10878 Jan 7
6 June 8
53 Mar 28
53 Feb 28
3878 Aug 10
2514June 11
59 May 2.
63 May 23
27 May 31
95 June 12
8
497 Feb 19
5912July 25
15414Ma3'28
93 Apr 4
102 Feb 16
38 Aug 9
1134JUIY 3
90 July 26
1318J1ily 16
1393 Mar 26
4
4 May 28
d5814 See t 5
41 June 4
25 Aug 9
4July 8
363
75 Mar 26
1818 Mar 26
3112 AUg
107S4Ma1 1
324 Mar 7
48 Sept 4
68 Sept 3
814 SCPt 3
33 Jan 3
34 Mar 26
533 Jan 4
8
3512 Feb 16
5 Aug 20
5014 Apr 30
1104 Aug 17
34 May 28
89 Mar 19
5518 Aug 9
8 May 20
70 Aug 2
3512 Apr 22
45 Jan 7
45 July 24
70 Aug 5
16 Aug 28
804 Mar 28
623
sMaY 31
10212 Aug 16
98 June 17
64 Feb 18
48 Feb 16
3753 Aug 10
35
88ept 3
10 Sept 5
41 Jan 26
4
643 Aug 9
15514 Aug 9
73 Aug 10
123 May 13
112 Aug 2
57 Mar 26
100 Jail 3
1812Sept 5
34 may 31
13 Aug 13
44 Mar 12
124 Mar 11
18 June 17
16 Apr 9
574 Feb 21
8June 29
693
1512 July 22
1314 Mar 26
y Ex-rights. 4 Ex-div. 200% in common stock.
4Mar 15
953
503 Jan 2
4
105 Jan 31
4May 3
813
8
653 Jan 2
05 Aug 23
8
253 Mar 22
81 Mar 27
257 Jan 3
8
483 Mar 21
4
823 Jan 14
4
1294Scpt 3
10818 Feb 5
1244 Jan 3
161 Sept 4
1093 Jan 28
8
917 Jan 3
8
2112July 24
4May 9
303
116 Feb 25
8
1483 Aug 20
114 May 3
57 Jan 3
Ws Jan 4
843 Mar 4
2
1024 Feb 8
1614 Feb 1
10812 Feb 6
514Sept 3
96 Feb 4
101 Apr 15
arie Jan 3
547
8May 3
107 June 5
111 May 6
13012 Aug 30
11512 Feb 27
1214 Jan 16
66 Jan 11
64 Jan 2
4953 Jan 3
424 Mar 28
70 June 29
90 May 9
4314 Jan 2
11314July 16
594 Aug 27
94 Jan 21
19514 Jan 4
97 Jan 16
108 Jan 18
517 Jan 24
2
4112 Jan 8
11811 Jan 2
224 Apr 12
181 Jan 2
1012 Mar 20
194 Aug 30
533
4July 1
313 Apr 2
4
7412 Jan 24
1011 t Sept 6
404 Aug 17
45 Jan 2
111 Jan 29
4612May 6
120 Jan 19
112 Jan 18
11314 Feb 6
6412July 9
45 May 13
883 Aug 26
4
5018June 14
1553 Jan 12
6312May 6
117 Feb 6
524 Jan 3
97 Jan 17
73 Aug 22
148 Feb 4
4
8012 Jan 2
45 Aug 20
663 Mar 1
4
557 Mar 1
8
1177 Feb 6
8
434 Jan 11
1881 2Sept 6
67 Feb 4
10314 Jan 18
133 Jan 12
814May 6
734 Aug 23
47 Aug 23
03 Jan 21
8
31 Jan 18
56 May 3
77 May 10
20112 Aug 30
98 Jan 26
126 June 21
412Mar 14
704July 8
10512 Jan 8
21 Aug 21)
733 Apr 9
4
2214 Apr 11
0 May 2
1952May 2
2512Mar 28
207 Apr 29
8
7134 Aug 20
854 Apr 18
234 Mar 21
2412 Jan 17
534 July 853 Dec
4
234 Aug 514 Des
1003 Aug 108 Sept
8
8
615 July 1361k May
5912 Dec 602 Dec
18 June
70 Aug
16 Feb
41 Feb
52 Nov
414 Jan
1033 Jan
2
117
Oct
134
Jan
10814 Dec
777 Oct
2
174 Dec
19 Feb
108 Mar
75 June
3312 Oat
934 Oct
2972 Nov
495 June
91 Feb
8312 Dec
115 May
1291; May
150 May
11013 Apt
94 May
3472 Jan
3114 Nov
119 June
1394 Oct
544 Jan 60 May
344 Dec 5118 Nov
244 Jan 603 Dee
8
8012 July 9712 Dee
512 Feb
15 Dee
6114 Feb 8912 Dec
2318 Jan
364 May
874 Dee 98 June
884 Oct 100
Jan
2212 Jan 354 Oct
4918 Juno 944 Noy
102 June 112 Feb
814 Feb
147 June
8
50
Oct
234 Feb
01
56
be;
Nov
40
10412
4453
37
171
95
10612
3014
3534
115
10
8218
2
804
_Dec
Dec
495 Dec
1641, Dee
Jan
Mar
Dec
Dec
Dee
Dec
Dec
Deo
Feb
Jan
Jan
Feb
84
Ott
714 Dee
2014 Dee
97 Dec
1064 Dec
61 Dec
6712 Apr
129
Apr
1712 June
1974 Noy
712 Oot
14014 Oct
lit; Feb
543 June
4
553 June
4
1818 Feb
174 Feb
10212 Jan
26 Feb
102 June
10412 Oct
11 Dee
31 Nov
3212 Feb
4314 Jan
2411 Jan
9
Jan
I98 240;
38514 Nov
1014 Nov
2714 Nov
463 Nov
4
110
Ool
4252 Nov
134 Feb
123 Mar
20 Apr
80
Jan
493 May
8
5612 Nov
603 May
2
30 Apr
109- - .n fici"
.1a
26 July 5752
97
Oct 100
-- - 104 Nov
763 Nov
4
925,
- 2 Jan
991-
Apt
Dec
Aug
Feb20
Feb
515* Dec
651; Sept 91 No,
24
Oct 404 Nov
577 Jan 8452 Dec
8
6438 Dec 714 May
100
Jan 14212 Dee
97 Nov 115 Den
53 Feb 80 Nov
373 Feb 593 Nov
4
4
283 Feb 454 Dee
4
214 Jan
74 Feb
10
Jan 40
Feb
34 June 534 Deo
57
12112
3
314
100
Jan 874 Oct
Feb 127 June
Feb
64 Mar
Jan 77 Nov
Jan 110 Apr
18
Jan
1152 Feb
4 Aug
10 Aug
1514 Jan
104 Jan
Feb
60
624 June
1218 Mar
20 June
16 Nov
2312 BeD11
7 May
193 Apt
2
223 May
8
194 Del
4
743 Nov
8218 Nov
263 Nov
8
303 API
4
1567
New York Stock Record-Conciuded-Page 8
page preceding.
For sales during the week of stocks not recorded here, see eighth
-PER SHARE, NOT PER CENT.
HIGH AND LO1V SALE PRICES
Friday,
Wednesday, Thursday,
Tuesday,
Saturday,
Monday,
Sept. 6.
Sept. 5.
Sept. 4.
Sept. 3.
Sept. 2.
Aug. 31.
$ per share
Stock
Exchange
r Closedkresik
Holiday
Sates
for
tne
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. I.
On Oasts of 100-ebare tots
Higbee(
Doweel
PER SHARE
Ranee for Previous
Year 1928
Lowest
Higleil
per share 5 per share I Der Sherd
share Shares Indus. & Mtscel. (Con.) Par
Jan
22
39 May
S per share $ per share S Per share $ per share $ per
4
/
; ar
171
No par $16e ar 4 341 July 15
31
30
9,600 Thatcher Mfg
31% 33
34
3118 32% 31
Oct 535 June
,
45
49%Sept 4
oar 35 Mar
No
50
200 Preferred
50 .48
8
8 48
4912 49 2 497 497 .
,
Jan 5212 Dec
34
No par 3414 Mar 26 51% Jan 15
3712 3712 363 3712 2,800 The Fair
36% 38
4
363 38
100 10412 Feb 26 110 Jan 2 10413 Jan 11414 Oat
Preferred 7%
8
4
.108 1093 •108 10938 .108 1093 .108 10938
4
5614 June 713 June
25 44 May 1 62 Jan 12
Thompson (J R) Co
, 443
,
*44 8 45 8 . 4 46
*4434 46
*45% 46
143 Feb 25 Sept
4
1712 Feb 8 2312June 7
20
19
33,800 Tidewater Assoc 011__No Dar
1912 2018 1912 29
8
193 20
8138 Mar 918 Deg
100 84 June 18 00% Aug 2
1,400 Preferred
88
8914 8912 8912 8818 89
89
*88
1938 Mar 4112 Dee
100 2713 Feb 1 40 June 7
400 Tide Water 011
,
3412 34% *3412 3538 3414 34 4 •3414 3512
8614 July 1004 Dec
100 90 July 26 9712 Jan 17
911 913
4 1,800 Preferred
9114 92
92
8 91
8
907 907
22%June 13 33 Sept 6
10
81,300 Timken Detroit Axle
8
297 33
30% 29% 31
2712 2914 29
-114a; 164 No,
16 150 Jan 3
10838 16,900 Timken Roller Bearing_No Dar 734 Feb 13 2218 Mar 18 11254
10414 108% 105
10612 11014 10718 109
4
20 123 Aug
1312 14
6,800 Tobacco Products Corp
1312 14
8
1414 137 14
14
20 1512 Aug 14 2255Mar 18
16
4 1512 1612 6,500 Class A
163
1614 17
17
1614
19 Aug
263* Jan
814 Aug 2 18 Feb 13
Dividend certificates A __*11
16
16
•11
10
11
16 .
*11
24 June
19
Aug
814 Aug 2 20 Mar 28
*11
15
100 Dividend certificates B
15
11% 1138 *11
8
.113 15
19 Dec 23 An
814 Aug 2 1912 Jan 15
1512 .10
Dividend certificates 0
1312
10
*10
.1018 1512 *10
1412 Nov
4
63 June
1514 Aug 28
8 13
133
1438 198,300 TranseT1 Oil tern etf__No par
8
133 1412 13
1414 15
1
/
444 Dec 59% Feb
8
9 F eb28 533 Apr 18
4714 4714
200 Transue & Williams St'l No par 41 Feb 26 83
2
4712 47, *4512 4612 •4514 48
5
323 June 44% Sept
July 3
Trico Products Corp___No par 38% Feb 18
3.800
8
8 527 5412 5214 54
567
,
56% 57 4 55
8June 4 317g Jan 23
No par 193
4
300 Truax Truer Coal
*1934 20 •193 20
*1934 20
20
20
2
5514 Nov 637 Deo
3
10 44% Mar 26 613 Jan 3
547
54
8 5312 5412 1,400 Truscon Steel
5212 5212 5212 53
8
88 June 93% Dec
,
15212 1537
8 6 600 Under Elliott Fisher Co No par 91 Jan 7 16514July
155 15778 152 15518
8
1587 160
119 mar 126 Apr
100 125 Jan 5 125 Jan
125 125
10 Preferred
*125 -- .125 120 •125
30 Dec 49% Feb
1 43 Jan 14
3214 *3212 3312 3212 • 3312
400 Union Bag & Paper Corp100 24 June 22 1377
3212 3212 32
8Sept 3
45 2 A uy
No par 7 11411lag 9
93,800 UnionCarbi&Carb
8
8
135 1377 133 135% 130 1337 x12918 132
58 WO;
423* Feb
5413 Apr 18
25
4
8 5118 5212 5118 523 19,700 Union Oil California
5318 5438 52% 537
Oct 12818 May
4
100 1217a Jan 15 1373 Aug 12 110
4 1,100 Union Tank Car
153 15412 152 1543
149 149
•145 153
3
Tran No par 783 April 162 May I
71,200 United Aircraft dr
13212 13612 13112 134% 12712 13233 128 130
-10912May 1
50 6818 Apr 1
Preferred
8714 8512 8512
8912 87
3
,
89 4 90 4 89
001
3412 Apr 57
No par 41 May 31 5312 Jan 14
Biscuit
8 6,000 United
5018 523
4 5012 517
8
5018 .5114 513 52
001
11412June 11 130 Aug 3 1124 Mar 135
100
•
Preferred
130
.
-_
.130
.125
22% Aug 34% Feb
10 1312 Aug 9 274 Jan 11
1
II- - -------- United Cigar Stores
1518 1518 1412 15% x14
16
15
3
100 80 July 26 104 Jan 2 1037 Dec 11418 Apr
87
400 Preferred
8512 8512
*84
87
87 .84
.84
754May 11
4May 2
No par 583
68% 6512 67% 6418 6614 6454 6612 154,100 United Corp
07
497 July 29
45 May 1
48% 13,000 Preferred
4812 487 x4814 48% 48
8
49
48
19 2
5814 Oct - .1- Dec
814 Feb 6
N
No par 30 June
3312 327 33
8
1,500 United Electric Coal
3418 33
,
34% 35 4 33
15812 Jan 31 13112 June 148 Nov
pao
No 1c r
5
8
17,300 United Fruit
119 120% 11812 1203 117 1213 118 121
164 Dec 27% Ape
2638 Jan 22
115 ju pe
199 81 2Sen t 1
400 United Paperboard
1112 11% 1112 1112 *1118 1114 *114 1114
60% June 87% Nov
2May 10
857
7012June 1
7412 7412 75
75
400 Universal Leaf Tobacco No pa
*7412 77
Feb
9114 Nov 100
93 Jan 2
72
190 Universal Pictures 1st pfd_100
69
70
4
693 70
70
70
70
15% June 35% 021
2214 Jan 2
u
83 Se i t
99 8j py 2
pa
83
84 2.100 Universal Pipe & Rad_ _No
8% 8%
8% 9
8% 8%
3
87% Sept 105 4 D e
10012 Jan 9
100 75 Sept
*7512 78
75
*7512 78
75
30 Preferred_
78
.7512
38 Dec 53 Nov
2Mar 18
Aug 9 557
2812 31
3014 31
20,800 US Caat Iron Pipe & Fcly__20 Ms Aug 28 19 Jan 11
27
2712 26% 29
194 Nov
18 Nov
1634
No pa
1718
17
17
1718 17
17
.17
17
8,500 let preferred
1914 Dec
1812 Nov
20 June.18
1854 Apr 18
193 193
4
4
4 4,600 Second pr derred__ No pa
4 19% 19% 193 103
4
4
193 193
4
1
/ Jan
134 June 20
1812 Apr 19
8
123 Mar 26
No pa
Corp
.1312 14
1314 13 2 1312 14
1312 133
4
800 U S Distill)
,
Oct 90% Jan
76
4
/
711 Mar 12 84 Apr 20
100
8012 *76
82
80
400 Preferred
82 .78
8214
82
6
Jan
2% Nov
2 Jan 22 10 Apr 8
_
. _NN:
U S Express
7
7
*63
4 7
200
*6
4 7 4 .6
63
,
k
11 Dec 5815 Jan
par 2978 Aug 28 497 Jan 2
32% 33
3212 33% 327 331
3212 343
4 3,900 U S Hoff Mach Corr,
8
Oel
Jan 16 1312Sept 3 1024 June 138
100 128
20014 2117 32,600 0 S Industrial Alcohol
20712 21312 205 209
20018 209
51 May
Jan
22
1714July 24 354 Jan 14
2418 2314 233
2214 2212 3,900 U S I °ether
244 2418 24
Jan
Apr
72
52
2
2912July 24 617 Jan 14
pa
No 10
3612 37
1,300 Class A
36
36
36
36
3512 36
4
90 July 30 107 Feb 1 1003 Dec 10912 May
9414 9414 *94
200 Prior preferred
95
*94
95 .04
95
6114 Feb 93% May
81 Jan 8 11912 Feb 6
No pa
89
89
86% 887
89% 87
8624 9112 16,200 U S Realty & 1mpt
27 June 6114 Jan
Jan 8 65 Mar 18
100 42
21,500 United States Rubber
46
4638 48
45% 487
4712 4512 47
55 July 109% Jan
100 0912 Aug 14 924 Jan 16
7212 4,700 let preferred
7014 7014 7014 721
7014 733
4 72
894 Feb 7113 Nov
e
Ref & Min___50 48 May 27 727 Mar 20
3
Jan
58 Dec
5412 55 4 531.2 5514 5412 5512 5318 5412 6,500 US Smelting.
51
50 50%July 16 68 Jan 3
Preferred
*5114 523
400
52
,
5214 52 4 •5214 5212 52
4Seut 3
163 May 27 2613
8
2473 25112 523,400 United States Steel Corp__100 1391 Aug 6 1441 Mar I 1383 Jan 147, Apr
8
4
25718 2613 25312 2583 2455 255
4
4
8
4
/
4
/
100
4,000 Preferred
143 143
14312 144
143% 14414 14334 144
Oct
86 June 120
par
No 10o 8114 Aug 9 109% Jan 30
1,600 U S Tobacco
83
84% 85
85% 83
85
85
80
130 Aug 22 143 May 3 12712 Jan 139 June
Preferred
.130 13212 .128 130 •128 130 *128 130
Jan 273 Dee
10 264 Jan 2 353 Mar 19 139
20 Utah Copper
330
325 325 .310
.310 325 *290 320
2
2811 Feb 6544 May
35 Mar 26 58, Aug 5
8
4
8 543 553 92,900 Utilities Pow dr Li A__No par
567
53
s 5412 57
5412 563
614May 28 134 Jan 21
No Par
2,500 Vr.dsco Sales
814
8
814 8%
812
8
8
8
82 Jan 15
100 6714 Aug 12
70
100 Preferred
68
70 .68
•68
68
.68
70
Stock
Jan 1114 Nov
60
68 May 31 1164 Feb 8
No pa
82
82% 80% 82
87% 20,400 Vanadium Corp
,
6
7% Jan 40% 001
8212 84 2 81
No par 27 Mar 12 42 Sept 24
42
43% .42
43% 42
100 Van Raalte
42
4378 .
Exchange *42
78 Nov
2
.137 Jan
100 60 Jan 2 83 Apr
1st preferred
83 .8212 83
10
8212 8212 *8212 83 •8212
Jan 85 Dec
58
4512 Aug 9 109 May 16
No pa
51% 48
4812 43,400 Vick Chemical
8 48
503
Closcd
4
483 5118 50
8July 5 10112 Jan 11213 Deo
1167
•
Vic Talk Mach 7% pr pref _100 110 Mar 1 243 Jan 26
_
4
12 June 203 Nov
93456ay 29
No par
12
2,700 Virg-Caro Chem
12'2 1134 12
11% 12
Labor Day
8
115 -12-14
44% Jan 6414 Nov
100 3614May 29 6512 Jan 26
8 3,800 6% preferred
427
3
3812 3812 3814 3934 40 4 4312 42
8812 Jan 994 Nov
100 8612May 29 9712 Feb 4
•85
*85
00
7% preferred
00
90
84
.
90 .85
4June 8 10912 Apr 27 10612 Dec 11412 Apr
0
50 Virg Elec & Pow Df (7)--10 1053 July 22 48 Jan 29
10814 10814 •108 110 *108 110
*108 110
Oct 62% Jan
47
•42
44
44
10 Virg Iron Coal & Coke pf 100 40
42 .42
4214 40
.40
2212 June 74 Nov
8
100 50 Jan 16 1497 Aug 12
Detinuing
430 Vulcan
13612 14112 138 138 *13812 140
139 139
74 June 99 Sent
91 Jan 4 110 Apr 25
100
Preferred
4
*983 100 •101 107 .101 107
*983 105
4
1913 June 48% Nov
100 10 Jan 2 140 Aug 13
135 136
30 Class A
*135 140 •135 140 *135 140
1912 Jan 2814 Dec
No par 2218 Mar 26 3412July 10
4
3314 323 33
12,400 Waldorf System
s 32
323
32
32
33
Jan 11 106 Jan 24 105 Dec 10612 Sept
100 10034
Walgreen Co pref
.101 10218 *101 10218 •101 10218 *101 10218
1412 Aug 264 Sept
No par 2318 Jan 8 4614June 26
Co
3
4
*403 4112 4014 4118 4012 40 4 3914 4012 3,800 Walworth
70 Dec 123 Feb
13 Apr 13 84% Jan 17
00
50
50
54
50
120 Ward Baking Class 1.__No par
50
50
50
1514 Dec 29% Jan
814 Mar 26 2114 Jan 16
No pa
4 1114 1114 1012 1114 3,100 Claaa B
10% 103
10% 1138
77 Dec 9712 Jan
No par 71 Mar 25 8712 Jan 15
7614 75
4 76
7512 1,000 Preferred (100)
7512 763
*7512 77
4
/
541 Aug 9 6412 Aug 20
5718 6218 5914 6054 107,200 Warner Bros Pictured new___
604 617
8 6012 62
4
4
/
511 Dec 571 Dec
5914 Jan 22
No par 44 Apr li
Preferred
54
54
54
*53
600
,
53 4 5314
,
53 4 54
26
Feb 44% pet
No oar 2812May 27 42% Jan 2
32
11,600 Warner Quinlan
8 30
297 30% 2012 29% 2912 297
8
Apr 16 200 Aug 27 140 June 19211 Ap,
No par 139
4
4
1873 19112 4,400 Warren Bros
19514 19712 192 19212 1873 191
4914 Nov
Apr
61
50 39 Aug 15 53 Mar 27
51
*50
50 •50
51
First preferred
*49
50
.49
13 June 8672 Gel
4
/
1518 Mar 28 341 Jan 3
1712 183
5
8 1712 17% 173 17% 1,400 Warren Fdry dr Pipe_ No par
18
18%
3
25 7212 Apr 22 1133 Feb 5
85
85
100 Webster Elsenlohr
•84
•84
86
84
•
85
85
87 Nov 110- - e;
1534
34
3412 3312 34
1,400 Wesson Oil& Snowdrift No par 3012 Aug 9 48 Mar 7 1053 Dec
3412 34% 34
3
1083 Nov
4
No par 58 Aug 16 721/Mar 9
59
6018 59% 59% 59
1.600 Preferred
8 60
8
597 597
1394 July 201
Oct
4
22514 2301 22612 2323 15,300 Western UtlIon Telegram _ _100 17914 Jan 2 23812 Aug 26
230 234
233 23512
4218 June
4May 31 673* Aug 16
1
/
573* Jan
8 593 63
633
4
8 58
44,000 Watnghse Air Brake.. No Par 43
4
1
3
6 / 64% 62% 643
8818 Jan 144 Nov
26614 28278 26912 275% 86,100 Westinghouse Elec & affit....50 13712 Jan 15 29253 Aug 23
284 2897 278 283
8
9584 Jan 139 Nov
50 132 Jan 2 284 Aug 23
26214 26214.
26214 265
160 let preferred
260 261
265 267
1'212 Jan
2812 June
46
8
471
477 10,700 Weston Mee Instruin't_No par 22 Jan 28 4814May
45% 45
4312 46% 45
303 Jan 4012 May
4
No par 3212 Aug 8 354 Apr 23
.4334 34
*3312 35
Class A
•3312 35
*34
35
Apr
A_ No par 102 Aug 6 110 Feb 1 103 June 112
8
10 West Penn Elea el
*105 1053 *10312 105 •104 1043 103% 1033
4
1
/
100 103 Mar 28 11114 Jan 17 10712 Oct 1154 Apr
150 Preferred
105 10512 106 1061 10612 10612
104% 105
9812 July 10413 Apr
100 9312July 31 102 Jan 17
961
0514 95 4
98 •95
150 Preferred (6)
,
94%
05
96
100 113 Jan 8 117 Mar 18 11312 Oct 118 June
115 11512
70 West Penn Power pref
11512 11512 11512 1151 2 117 117
Jan
100 10514July 5 11013 Jan 16 103 June 113
1077 1083 •10618 108
10614 10614
80 6% preferred
4
8
10614 108
6213 Dec 78
Apr
el A__No par 4818July 10 59% Feb 5
5712 57% 1,900 West Dairy Prod
581
57
55% 57 5712 5812
5
203 Jan
40
Apt
No par 2212June 11 40 Sept 4
33% 381
3414 373 38,700 Class B
40
3s
8
35
39
67
•6612 6818
900 Westvaco Chlorine ProdNo par 4034June 1 9418May 11
3 66
66% 663
04
64
38 NO;
4
/
3118 34
341
13,800 White Eagle 01 & Refg-No Par 301 Jan 30 38 Feb 26 IOC', Feb
8
343 3412 31
3412 35
3014 Feb
par 38 May 29 5312Mar 2
13 June
14
5 4534 4612 13,700 White Motor
443 46% 45% 46% 4412 463
8
3414 Jan
497 Nov
43 Jan 2 6412Sept 3
2
5
5314 513 51% 15,600 White Rock Min Sp et( No
4
503 5412 52% 5412 51
334 June
1
/
12 May 27 48 Jan 2
5244 Des
1714 18
1712 18
1712 18% 2,500 White Sewing Machtne_No Dar
1778 18
51% Aug
58
No par 4114June 3 5772 Jan 16
1
42
44 .
44
.42
100 Preferred
Dee
424 4218 *4212 44
1714 Dec 224 Noy
17 Sept 6 2914 Feb 6
No par
17
1712 4,800 Wilcox Oil dr Gas
4
1718 1712 173 1814 1712 171
_
37 Mar 26 6114May 3
4412 453 *4212 44
1,200 Wilcox-Rich class A _ __ _No par
47
4514 4612 47
No par 34 Mar 26 62 May 3
4218 4312 16,100 Class it
43
4412 444 4514 4212 443
a 20 June 12 35 Jan 3 1734 Jan 33 -15-q;
e22
2318 48,000 WIllys-Overland (The)
2214 234 2214 22% 2214 227
92% Jan 10412 Dec
100 92 June 25 103 Jan 3
8 9514 9514
300 Preferred
95% 953
4 4.9514 96
*9514 953
1312 Jan 23
11
8July 31
63
No par
Oct 16
7
7
800 Wilson dr Co Inc
71
,
74
Feb
7
7% *7
7
27 Jan 21
Jan
1.518 Aug 20
22
No par
4
4 1,200 Class A
35 May
17% 1612 1612 163 163
17
17
17
100 5412 Aug 19 79 Jan 23
6314 Oct 773 Feb
*6112 6214
700 Preferred
62 62
4
3
63
633
2 6212 6
10 85 May 27 112 Sept 6
9718 98% 42,800 Woolworth (F W) Co
3 9718 99
8 98% 993
9812 1003
Jan
100 43 Mar 25 10412Sept 0
28
18,500 Worthington P ,k NI
55 Nov
9914 9612 9914 9812 10412 101 112
9712
100 77% Apr 12 9913Seot 5
1,300 Preferred A
97
9914 9912 •96
4
46, Jan 93 Nov
981
,
17 2 9812 07
100 66 Apr 6 88% Aug 20
400 Preferred B
8712
41
8712 *85
Jan
SO Nov
,
87,2 88 4 8712 87, •85
133% 13412
800 Wright Aeronautical___No pa 109 May 31 29J Feb 6
69
Feb 289 Nov
4
133 136 *133 1353 135 135
70 Mar 26 807 Jan 30
No pa
4
76
300 Wrigley(Wm Jr)
75
76
*75
76
68 illy 84 Aug
76
76
76
25 6134 Feb 11 88 Aug 30
,
6112 140, 841s Apr
5712 8712 8714 87 4 8614 8612 1,200 Yale dr Towne
8712 88
4May 28 6114 Apr 24
8
2735 Feb
4 3514 3714 35% 367 63,500 Yellow Truck & Coach cl 13_10 343
4
573 Nov
36
36% 3514 37,
100 80 Mar 8 9612May 10
Preferred
*84
90
84
90 •
00
83 Nov
Apr
*84
96
.
84
90
53 Aug 9 59% Aug 19
55% 2,100 Young Spring & Wire_ _No pa
5512 55
55
4
553 56
56
56
8,600 Youngstown Sheet & T_No pa 105 Feb 19 175 Sept 3
173
16818 170% 16814
8311 June 116 D•3
171 175
166 175
4
1
/
•Bid and asked Prices: no sales on this day. a Ex-div. distributed 1 additional share for each share held. x Ex -dividend.
y Ex-righta.
1568
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
181. 1 1909 Ile Lizaange method of guiding bonds was (Maimed and prices are now -and interest"-ercept for Income and defaulted beads,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 6.
Price
Friday
Sept. 6.
Week's
Range or
Last Bale,
338n
U. S. Government.
Ask Low
Bid
HOD No.
First Liberty Loan
34% of 1932-1947
in 978033 Sale 9711.1 98
194
Cony 4% of 1932-47
JD
99 June'29
Cony 44% of 1932-47
JD 083g., Sale 981133 981133 117
26 cony 4 yi% of 1932-47
I)
991433 Mar29
Fourth Liberty LOall44% of 1933-1938
AO 99131 Sale 9818.1 99 33 2296
,
Treasury 44e
1947-1952 AO 1061833 Sale 1061033 1062833 333
Treasury 4s
1944-1954 JO 103
256
Sale 1021831103
Treasury 334s
1946-1956 M
1001133 Sale 100,133100183f 101
Treasury 14e
1943-1947 J D 9717.2 Sale 97,833 971833 80
Treasury 348 June 15 1940-1943 in 971132 Sale 971133 971833 99
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 6.
Price
Friday
Sept. 6.
Wet',
Range Of
Last Bale.
•CS:e
Ran.
Since
Jan. 1.
High
Bid
Ask Lots
Hig) No. Low
High
Czechoslovakia(Rep of) 8s__1951 A 0 10914 Sale 10914
10934
109 111
98
991133
Sinking fund 88 ser B
1952 A 0 10914 Sale 109
1097
8 10 108 111
9918.3 Danish Cons Municip 8e A 1946 F A 109 1097s 109
96
2 1077 111
10912
8
981.3 1001.1
Series B s f 8s
1946 F A 109 10912 10814 Aug'29
_ 1074 1104
9914.3 9914.. Denmark 20
1942
-year extl 0e
J 1023 Sale 10212 1037
30 102 10472
4
Extl g 53.4.
1955 1 A 993 Sale 993
8
32
4 100
01
08%4 100%
9
0
98833100,2n
Ceti g 44e
Apr.15 1982 A 0 851 1 Sale 8518
38
86
105 Illun Deutsche Ilk Am part al 6sA932 M S 97 Sale 967
8
26
97
101813106"33 Dominican Rep Cust Ad 54s'42 M 8 923 9912 02
91 14 9
5
96
9
4
9
923
4
981833103173,
1st ser 53.4, of 1926
1940 A 0 91 Sale 91
1
91
904 9812
957, 981%,
2d series sink fund 543E...1940 A 0 93 Sale 93
11
90
974
93
958.1 98111. Dresden (City) external 7s 1945 M N 993 Sale 99
12
8
100
Dutch East Indies extl 6, ,1947 J J 10214 Sal 10214
.
1
99%4 10412
1 10 %
10212
State and City Securities.
40
-year external 6s
1962 M S 10214 Sale 10214
10212 31
30
-year external 544e
1953 M S 10212 104 10212 1027
10084 103 2
8
7
NYC 34% Corp st Nov 1954 MN
7
87
87
87
8813
30
-year externalS3.4s
1 101 10312
8
8
1983 MN 1013 10214 10133 1015
34% Corporate st-MaY 1954 MN
8814 8812 El Salvador (Repub) 8e
8814 Aug'29
1948 J J 10812 110 1083 1 1083
4 41 106 111
4
45 registered
N
1938
993 Mar'28
4
Estonia (Rep of) 75
1967 J J 81
8112 14
79
8112
85
8652
4e registered
1956 MN
9912 June'28
Finland (Republic) extl 8s...1945 M S 8818 90
5
8812 9712
Ms
8812
-ei- 17W4% corporate stock
1957 MN
91- 9512 June'29
External sink fund 7s__1950 he S 0812 Sale 9818
9712 101
12
99
102 104
44% corporate stock _
1957 MN
Aug'29
102
External a f 834o
1950 M S 92 Sale 915
11
927
434% corporate stock _
102 104
1957 MN
102 Aug'29
Extl tank fund 534s
1958 F A 8518 Sale 85
8512 14
915g85
09l92
4% corporate stock
1958 31 N
9712 9712 Finnish Mun Loan 64e A 1954 A 0 9118 9
9712 Jan'29
93 Aug'29
4% corporate stock
953 98
4
1959 MN
953 June'29
4
External 634,8erle. B_1954 A 0 9133 Sale 915
9
2
915s
93152 991,98
434s corporate stock
98 10018 French Republic ext 734e.._1941 J D 112 Sale 11112 1123
1960 M
98 June'29
8 77 10922 115
445 corporate stock
1964 MS
09
99
99 Mar'29
External 75 of 1924
1949.3 D 1087 Salo 108% 10914 97 10512 111
8
101 10114 German Republic ext'l 7s
434B corporate stock
1966 AO
101 Mar'29
1949 A 0 10512 Sale 1053
4
10578 123 1045 108
8
98% 10113 Gras (Municipality) 8e
43.(e corporate stock
3
1972 AO
10012 10012
1954 131 N 9708 Sale 9718
971s 10212
983
8 12
44e corporate stock
1971 JO
105 10812 June'28
Gt Brit dc Ire!(UK of) 548_1937 F A 10212 Sale 1013
4 10253 110 10112 10452
446s corporate stock
10154 104
1963 MS
e4% fund loan Lop 1980 1990 M N C SO
1033 June'29
4
2
80 4 c8118
3
813
4 20 c8012 877
44s corporate stock
1965 in
10333 103%
e5% War Loan Loot 1929.1917 J D
8
1163 1038 Apr'29
-- 2e953 100
4
e9812 Aug'29
102 10418 Greater Prague (City) 745_1952 MN C 9612 97 108
44e corporate stock_ July 1087
J
102
102
1 104 1074
106
4
10512 1053
New York State Canal 4a_ 1960
9912 101, Greek Governments f sec 71E1964 MN 94 Sale 93
4
10114 May'29
35
913 99
8
05
de Canal
Mar 1958 MS
9912 10114
10114 July'29
Sinking fund sec (Is
1988 F A
7812 87%
823
4 24
823 Sale 82
4
Haiti (Republic) a f ile
1952 A 0 99 Sale 99
27
100
Foreign Cost. 3, Municipals.
Hamburg (State) 65
1946 A 0 9212 93
9 197%
91
2
93
93
Heidelberg (Germany)ext 734 503
2 100% 104%
101
1003 101 101
,
8
Aerie Mtge Bank a f Os
75
1947 F A ____ 7712 75
9012 Hungarian Munic Loan 745 1945.3 J
75
8812 100
8912 Sale 8912
911e 13
6
Sinking fund 6t3 A _ Apr 15 1948 A 0 74 Sale 74
74
90
74
External g f Is.......Sept 1 19483 J ____ 85l 85
94
85
1
86
85
4
Akershus (Dept) cell 53._
84
1963 M N 851s 86
8912 Hungarian Land M Inat 73.4,'61 M N 9112 Sale 8912
86
853
4
8
89% 9814
9212
eatioeula(Dept)col 7s A
8512 96%
1945 1 J 87 Sale 86
87
El 1 74s ser B
1081 MN 9214 93
91's
1
92 4
,
0214
External, f 7, ser B
8614 94% Hungary (Kingd of),f 741E1944 F A
1945 J .1 85
87
8804 87
7
92 4 1019
9
997
8 15
86
External a f 75 series C
1945 J J
957 Irish Free State extle 11584._1960 M N 99 Sale 9933
s
86
86
23
95
8
06
85% 9512 Italy (Kingdom of) ern 78 1951 J D 953 Sale 9512
External g 1 70 ger D
8531
1945 1 1 3512 Sale 8514
9418 97 4
9
78'4
95 Sale 947
8
953 136
4
85
External a 1 7e lat ser
05
1057 A 0 8512 Sale 8512
8712 18
Italian Cred Consortium 7s A1937 M S 94
9512
93% 964
7
95
95
21
Eel! sec I 1 7s 26 ser
85
98
1957 A 0 85 Sale 85
86
Ext1 sec f 78 ser B
1947M
9112 9513
4
933 9412 9212
9314
21
Exti aec a 1 7s 3d ger
93
9212 85
85
1957 A 0 91
86
Italian Public Utility ext 76_1952
.1 9033 Sale 905
9018 9512
7
907
8
Aatwerp(City)ext1581
24
93
86
1958 J 1) 9112 Sale 9018
92
Japanese Govt f loan 4s
1931 .1 .1 9212 Sale 9212
94
4
0 1,3
9234 27
Argentine Govt Pub Wks 88_1960 A 0 99 Sale 983
9814 100%
993
4 2`
30
-year s f 634
4
1954 F A 10033 Sale 100
,
987
k
79
103
Argentine Nation (Govt of)
Leipzig (Germany) 8 f 731_ _1947 F A 98
95 10012
12
98
Sink fund Os of June 1925-1959 J D 9914 Sale 985
98 101% Lower Austria (Prov) 7 As 1950 J D 9012 Sale 9712
993
4
8
Sale 9112
s
93% 997
9612 11
21.
Exti If 6,01 Oct 1925
081s 100% Lyons (City of) 15
1959 A 0 9814 Sale 9814
100
-year 68._1934 M N 100 Sale 100
9814 101
10014 57
47
Sink fund 6e series A
9812 101
1957 M $ 9812 Sale 9812 100
98% 100% Mantellea (City of) 15-31 6e-1934 Si N 097
&eternal 8e series B __Dee 1958.3 D 99 Sale 99
100
8
8 Sale
9812 101
8 10018 20
58
Extl a 1 6. of May 1926 _1060 M N 993 Sale 9914
9814 1003 Medellin (Colombia) 848_1954 JO 77 Sale 997
4
100
77
75
77
893
14
4
98 100% Mexican Irrigat Agetng 4349_ 1945 _ _
External a f 8s (State Sty)
.1960 M S 9914 Sale 9812
93
99% 86
1612 Sale 1812
25
17
18
7
98 101
Ext183 Sanitary Works_ 1961 F A
23
Mexico(US) extl 5e of 1899 '45 Q.)
993
8
9812 Sale 9812
-493 Jan'28
4
&it as pub wks(May'27)_1981 MN 9812 Sale 9812
98 100%
Assenting 5e of 1899
9912 30
_-_- 233 25
4
23
24
30 -Hr2 35
92
Public Works extl 5lig
0714
Assenting 65 large
1982 F A 92 Sale 92
023
4 26
28 July'29
34
26
Argentine Treasury 5. E
2
81)
9212
Assenting 41 01 11)04
1945 M S 91 Sale 90
91
1612
1612 19
22%
16
Australia 30-yr 5s July 15 1955 J J 94 Sale 94
69
9118 97
Assenting 443 of 1910 large _ _ _ ____
95
18 Aug'29
17
2314
Bxternal 5s of 1927__Sept 1957 M S 9413 Sale 9414
69
91% 0613
Assenting 48 of 1910 small
95
15%
1614
15% 2218
Esti g 44s of 1928
99
8412 8814
Trees ele of'13 assent(large)'333 3 27'8 30
1958 MN 86 Sale 853
86
8
2718 July'29
25
374
30 10114 105
Austrian (Govt).1 71
Small
1943 J D 10218 Sale 10213 103
25 June'29
35%
25
Milan (C1ty. Italy) ext'l 630'52 A 0 843 Sale 84
84% 124
84
91%
Bavaria (Free State) 6146_1945 F A 9212 Sale 02
5
9014 9612 Minas Geraes (State) Brasil9212
Belgium 25-yr ext e 1 74a 8_1945 J D 115 Sale 1143
64 11212 115%
115
Extl a 64a
1958 M
4
89 Sale 86
8912 34
85
9513
20-yr g f Rs
19 10512 110
1941 F A 1083 Sale 1073
109
Montevideo (City of) 7e
1952 J D 9738 Sale 97%
4
4
9812 20
9718 103%
25
-year external 614s_ __ _1949 M S 1042 sale 10414
4
63 10218 107
105
Netherlands 68 (fiat prices) 1972 M S 10314 104 1033
4
1033
4
1 103 108
External s 1 Os
79
973 10118
4
30-year external (is
1954 A 0
4 10012
1955 1 1 100 Sale 993
993 Aug'29
8
9953 100%
External 30-yeer a 173E...1955 1 D 107% Sale 1073
35 1063 109
4
New So Wales (State) ext 581957 F A 92 Sale 92
4 108
9212 38
9013 95
Stabilization loan 7s
88 1041s 10612
External a1 58
1956 MN 1053 Sale 10512 106
4
Apr 1958 A 0 92 Sale 92
921
. 18
9014 94 4
4
Bergen (Norway)818. _1945 MN 110 111 110 Aug'29
109 11212 Norway 20
-year ext) 83____1943 F A 102 Sale 1013
4 10212 18 100 10314
11
-year sinking fund 6s
9612 101
20
1949 A 0 96% 99
9612 Aug'29
-year external es
1944 F A 10212 Sale 1013
4
10212 27 100 10314
Berlin (Germany) a f 6 As
9212 17
9112 99
1950 A 0 9214 9502 92
30-year external es
1952 A 0 10114 Sale 1011 1
10218 17 100 103%
External sink fund 6s._ _ ..1958 1 D 82
20
8118 02
83
40
-year 5 f 545
1965.3 1) 9912 Sale 9914
8312 81%
987 101%
1
993
4 66
Bogota (City) ext'l 618e
52
98 104
99
External a 1 58., .Mar 15 1963
11/45 A 0 0814 Sale 98
94 Sale 933
4
943
4 21
9312 97%
Bolivia (Republic of) Cell 88.1947 MN 993 Sale 9914
93 104
Municipal Bank extl 8159_1967 J D 9014 Sale 9014
4
10014 80
9114 69
88% 95
External sec 731
1958 J 1 8418 sale 84
83% 95
8412 17
Nuremberg (City) anti 8s
1952 F A 81 Sale 83
81
82
9012
20
Externals 1733
92
1969 M 8 8112 Sale 8112
Oslo (City) 30
80
-years f 8e
8 22
1955 Pd N 101 Sale 101
827
90% 102%
101
7
Bordeaux (City o() 15-yr 61E1934 MN 99% Sale 997
24
98% 101
Sinking fund 54s
100
8
1946 F A 97% Sale 97%
9814
95 102
11
Brasil(U S of) external 86.. _ _1941 J D 105 Sale 05
46 105 109
Panama (Rep) extl 54s
106
D 101 1017 101
1953
8
9813 10212
1017
8 11
External a f 614s of 1925 1957 A 0 8838 Sale 8712
8712 0002
Exti a f 58 ser A__Nlay 15 1983 MN 91 Sale 91
887 116
s
887 9414
8
91
Ell's f 6 lis of 1927
1957 A 0 883,3 sale 87%
873 9658 Pernambuco (State of) ext 731 147 Pd S 8612 Sale 86
3
48
89
8612 10
SO
95
78 (Central Railway)
1952 J D 95 Sale 9413
1/4 102
Peru (Republic of)
9514 29
734e (coffee eecur) £(flat)-1952 A 0 10412 Sale 0412
3 101% 1075s
10.112
Eat! f sec 7e
1959 M 5 9912 Sale 9918
9912 15
99 103
Bremen (State of) extl 7u....1935 Al 9 100 Sale 99%
9912 10212
31
_
100
Nat Loan esti sfes
D
1960
8312 9014i
8312
8414 72
Brisbane (City) e f 5e
1957 IN s 90 Sale 90 •
8515 9312
3
S f g 68
9018
1961 A 0 84% Sale 84
84% 20
8312 9013
Sinking fundgold 53
93
37
86
90
Poland (Rep of) gold (is_ _1940 A 0 7812 Sale 7814
90
9014 90
74
8312
6
78 2
,
Budapest (City) extl a 1 03 -1958 J D 757 sale 734
F A
002
2
7314 8312
Stabillzatfon loan 1 7s_ _1947 A 0 85 Sale 85
7534 94
8512 198
888
4
81
Buenos Aires(CRY)810.-1955 3 1 100 101 101
2
99 102,
101
Exti sink fund g 85
1950 J .1 943 Sale 9412
4
9514
99
93
31
8
Eel' s f Os ser C-2
1960 A 0 95$ sale 9514
6
94 100
953
Porto Alegre (City of) 8s...._1961 J D 10112 1023 10214
8
.1
4 10114 10013
102%
Exti s f Os eer C-3
20
94% 10018
Sale 9504
86
Extl guar sink fd
-.1966 1 3 96 Sale 96
963
06 102%
8 11
Buenos Aires(Prey) esti 623.147 A 1
3 1.135;4
1
90% 94
58
92
90%
Queensland (State) extl s f 78 1941 A 0 109 Sale 108%
10912 24 10614 113
Bulgaria (Kingdom)81 7s
1967 J J
75 ; 90
7612 36
7514 Sale 75
1947 F A 10314 Sale 102%
25
-year external es
9 100 104%
10312
StabTnl'n .1 743_Nov. 1565 ---- 815 87
8512
8
8412 0714
8512 42
mnde do Sul esti f Se_1946 A 0 10514 10512 10514
105 10614
10512
Exti s 6a
1988 J D 80% Bale 80%
8112 19
807 92
8
Caldas Dept of(Colomb1a)748'46 1 J 90 Sale 90
8912 101
2
91
N 9112 Sale 9112
1968
Eat] f 7s of 1926
9112 9918
9212 16
Canada (Dominion of) 55_1931 A 0 10018 Sale 0018
10014 30
9812 101%
92
Exti sf7e munic loan
8812 93
91,
4
9112
5
5e
9984 1053 Rio de Janeiro 25-yr s 18s
10214 Sale 01%
4
1023 112
4
1047 A
1966 3
.
105 Sale 105
17 105 10613
10514
454e
N.
8
96
6
98,
Extl 13 64e
2
1953 F A 891 1 Sale 89%
99%
97 4 0712 973
,
8912 35
8918 9584
Carlsbad (City) s t 8s
1954 1 J 103 104
10318 10712 Rome (City) mai 61431
0412 Aug'29
1952 A 0 8632 Sale 86
86 ; 9134
8714
71
Cauca Vol (Dept) Coiom 7548.'53 A 0 9718 Sale 9718
6
9713
97 102
Rotterdam (City) anti 6e._ _1964 M N 103 10414 103
103
3 101% 10412
Central Agri() Bank (Germany)
85
1953 J J 83
Saarbruecken (City)(is
83%
837
8212 9113
8
Farm Loan s f 7. Sept 15 1950 M 9 10512 10531 9312
1
9212 99
9312
Sao Paulo(City)01814._Mar 1952 MN 108% 10984 109 Aug'29
107% 115
Farm Loans t Os_July 15 1960 J 1 8012 Sale 7818
8012 34
77
1957 M N 90 Sale 90
88%
Exti s 165.48 of 1927
9812
90
9014
11
Farm Loan s 1 8s_Oct 15 1960 A 0 7914 Sale 783
77
80
7712 88
s
San Paulo (State) eel' e f 85_1936 J J 10314 Sale 10212 10314 17 102, 108
2
Farm Loan 65 ser A_Apr 15'38 A 0 857 Sale 8512
31
1950
87
8412 9233
External see e 1 Rs
4
1023 Sale 10214
103
10 101 10712
Chile (Republic 00Sale 98
L'n_1956 M
9912
087 102
Externals f 7s Water
98
8
8
20-year external s 1 7e1942 MN 100 Sale
100
10012 41 100 103
Extl f es 4 lot rete
84% Sale 83 2
,
8434
82% 9314
8
External sinking fund 63..._1960 A 0 9014 Sale
8812 94
893
4
62 m j
.3
9012 56
97
nta Fom e
Sas t g o (Prov Are IMP) 19 s j S 96 Sale 9.5
941s 98
18
External, 1 Os
1961 F A 9112 sale 8958
1945 J D 92 Sale 92
91
21
895 9414 Saxon State kits Inat 7s
8
92
92 1001s
2
Ry ref extl 38 1 8s
1961 1 J 91 sale 8914
___ 87
8631
8631
8914 04
Deo 1946 J D
90% 20
863 95
4
1
Extl sinking fund 63
1961 M S 903 Sale 9014
4
94
9112 77
90
Seine. Dept of(France) extl 7s '42 J J . 06 Sale 10(1
1
10714 25 10211 10812
Eat]sinking fund Bs
9114 21
8912 94
Serbs. Croats & Slovene. Ss '62 MN 85 Sale 85
8.112 90
8534 51
Chile Mtge 13k 634s June 301957 IVI DS 91 Sale 8912
1962 J
Sale 94
95,
2 14
7314 Sale 73
39%
01
Ertl see 7.eer B
74
7214 81%
172
81 GUS Of 1920_71113e 30 1961 J D 94 a s
Qya ale 9712
08
20
95% 1007 Silesia (Pros of) ext 7s
74
s
1962
5
9
78
D 75
N
75
73% 80
Guars1138
Apr 30 1981 A 0 91 Sale 91
9113 48
73 Aug'29
94
Silesian Landowner. Awn 631_1947 F A
89
347
g
73
_
Chinese(Hukuang Ry)5e___1951 i D 3912 37
3512
:3
3618
4438 Soisanna (City of) exti 631_1936 MN 99% Sale 9814
31
100
973 100
4
47
Cbtlettania (Oslo) 30-yr a f 8s '54 M 9
9
1011 3
0814 10112 Styria (Pray) ()ell 7s
8
94
193 FA 867 Sale 85%
946
9
857
83
8
Cologne(City)Germany 6451950 M 8 10111 Sale 101
90
92 89
3
89
877 97% Swen 2(5-year 6s
'P 1015ff Sale 101% 10214 48 1013 10414
ed
3
8
Colombia(Republic)(3s
1961 J J 80 Sale 77
64
80
7614 01
External loan 55.4s
8 10314 37 100% 10514
1954 MN 102% Sale 1023
External s f Os of 1928
1961 A ()
7912 61
Swiss COefecre 20-yr. f 86__1940
7614 91
J 10812 Sale
•_
4
1101
9 Ion 1101
Colombia kite Bank of 640_1947 A 0 7912 Sale 77
7512 8812 Switzerland Govt ext 54,3_19411 AO 102% 103 102% 10314 16 100% 105%
78% Sale 7712
5
79
Sinking fund 713 of 1926_1946 M N
802 23
83
9314 Tokyo City 56 loan of 1912_1952 MS 733 75
4
733
723 78%
4
4
74
31
Sinking fund 733 of 1927..1947 F _ 8812 Sale SO
A 8 7 Sale 8312
9512 ,37
3
9514
17
82
90
8318 9013
Exti 51 64s guar
1961 A0 83% Sale 83%
14
Copenhagen (City)5s
8414
1952.3 3-,
,
4
2 9514
95% 30
8312 02
_ 8914 89
Tolima (Dept of) extl 7s
9312 97
89
1917 MN
25-yr g 44a
1
__1953 M N
8513 17
8412 891s Trondblem (City) 141 54s 1957 MN 9133 Sale 91%
90% 9814
Cordoba (City) eat! a f 7a__1957 F A 8514 Sale 85
913
5
_
9313
9431 9313
0312 98
Upper Austria (Prov) 7._ __ _1945 JD 93 Sale 00
0812
90
External s 1 is Nov 15 1937 MN 94
93
931: 93
93
93
9712
8312 893
8478 Sale 84%
4
85
Cordoba (Prey) Argentina 7s1042.3 J 93
13
4
95% 101
2
98
100%
Uruguay (Republic) extl 33_1946 F A 10612 107 10512 107
9 10412 109%
Costa Rica (Repub)ext1 76_1951 MN 973 99
9112 17
91
0112 91
01
06
9512 100
External a 1 85
96% Sale 96
1960 M N
9714 161
Cuba (ReDub) 54 of 1904._ _1944
5 101 Sale 100%
7
101
99 10212 Venetian Prov M tg Bank 76_1952 A 0 8612 87
8612
80
94
87
External 5aof 1914 ser A__11149 F A
Aug'29
___ _ 101
97% 102% Vienna (City of) ext1 f 68_1952 1.4 N
853 Sale 853
8
84% 901s
8
52
External loan 44e ser C_ _1949 F A 102
973 9812 9812 Aug'29
4
9313 9912 Warsaw (City) external 7s 1958 F A
75
8514
77 Sale 77
Sinking fund 54s__Jan 15 1053 J J
7753 21
10112 Sale 1007
973 107
4
8
1013
Yokohama (City) ext.' 65_1961 J D 9012 Sale 9012
4 30
89% 944
15
91
Cundlnamarca(Dept) Columbia_
Exti elf 63.4
1959 MN 77 Sale 7612
,
747 894
2
7814 28
On the bags of 89 to lb. 4 sterling.
Low
92651
17
0
8
1569
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 6.
7. •
:•!‘z
Price
Friday
Sept. 6.
•
;
Week's
Range or
Last Sale,
Range
Since
Jan. 1.
BONDS
N, Y. STOCK EXCHANGE
Week Ended Sept. O.
t
•,*
Price
Friday
Sept. 6.
Week's
Range or
Last Sale,
Range
Since
Jan. 1,
Ask Low
High Na. Low
Bid
MO
High NO.1 Low
Iftgh Chic Milw & St P (Concluded)
Ask Loto
BM
3
91
4
90
951
Gen 414e series C_May 1989 .1 J 8912 893 90
Railroad
100 May'28
994 10312
Registered
9918 Aug'29
D 9918 103
Ala Gt Sou let cona A 6s____1943
2
8714 94
4
893
94
93
10
93
Gen 430 series E____May 19892 J 8912 Bale 8912
93 Sale 93
1943 J
lit cons 4/3 ser B
4
/
---- 811 Feb'28
.1925 J 13
8612
81
Deb 41 (June '25 coup on)
- 82 Aug'29
Mb & Sing let guar 3Hs. 1946 AO 8312
8613 94
8914 125
8
9212 Chic Milw St P & Pee 5e____1975 F A 887 Sale 8838
90
85 9212 May'29
1998 AO
Alleg & West lat g gu 48
4
8914 SO
4
1
/ 229
79
Jan 1 2000 A 0 783 Sale 78
95
91
Cony ad) bs
92
9214 92
_
1942 MS
Alleg Val gen guar g 41
1
741z
6918
72
7212
7212
78
71
N'iscot gang 334i...1987 M N 7412 Sale 7412
Chic &
• J 7212 Sale
Ann Arbor let g 46--July 1995
- 7712 Oct'28
Q F - 39
94
90
Registered
91
8
Atch Top & S Fe
-Gen g 48_1995 AO 905 Sale 90
10 -85- 115*
83
1987 M N 85 Sale 83
92
85
General 4s
87 July'29
AO
Registered
84 Apr'29.___
$4
54
Q F
4
4
/
841 02
Registered
874
4
/
Adjustment gold 41_July 1996 Nov 864 gale 861
8618 July'291-___
86
904
146
3
8
833 90
Stpd 4s non-p Fed In tax '87 MN 83
8614
8614
July 1995 MN 8614 88
Stamped
99 Aug'29
4
9712 99
4
803 85
Gen 43i e stpd Fed Inc tax. 1987 MN 973 09
85 May'29
MN
Registered
4
19314 199 4
1
86
90
Gen Si stpd Fed Inc tax __1987 M N 1043 107 10412 Aug'29
_- 88 Aug'29
8
1955 J D 823
Cony gold 4s of 1909
101 101
61 N ---- -- 101 Apr'29
91
85
Registered
1955 J D 8612 18 88 Aug'29
Cony Le of 1905
99 10914
3
1879-1929 A 0 9912 ---- 994 Aug'29 -8
815 90
Sinking fund 6e
8614
_- 8614
1980 215 86
Cony g 4e Issue of 1910
_ A 0 ---- -- 10014 Oct'28
310 10812 165
Reentered
16012 Sale 15914 165
Cony deb 434.1948
.2
-094 11;011879-1929 A 0 9914 ---- 9914 Aug'29
89
92
Sinking fund Si
Rocky Mtn Div let 41_1965 22 84 t 887 89 July'29
99 Mar'29
99
99
A 0
1
8
853 93
Registered
87
87
Trans
-Con Short L lit 4.8_1958 2 J 8612 88
2
10018
99
9512 10134
1933 M N
9512 100
Slaking fund deb be
96 Aug'29
4
953 96
B
Cal-Arts let & ref 434e t_1962
100 June'29 -- 100 100 4
M N
3
103 10314
Registered
...1946 J o 9958 1033 103 Apr'29
MI Knoxv & Nor let g 18.
1930 .1 13 l00 Sale 10012 1011z 17 10012 10
93
10-year secured a 7/1
984
95 June'29
All & Chad AL lit 434e A 1944 J J 94
8 10414 1111
10812
4
/
101 104
15
1
/
-year secured g 6 Aff---1936 M 9 108 Sale 108
• j 10058 101 1004 Aug'29
1944
let 30
-year Um-1u B
100is 1015*
May 2037 J D 10114 102 102 Aug'29
84
8712
84 July'29
let ref g 5s
87
Atlantic City lit cone 441_1951 2J
1
924
4
May 2037 J 13 9012 9312 923
804 97%
884 93
1st & ref 43441
AU Coast Line let cons 48 July *62 MS 914 927 91 Aug'29
8212 Aug'29
8212 se
9014 Jan'29
9014 9014 Chic R I & P Railway gen is 1938 J J 8212 85
MS
Registered
8
815 Aug'29 -sus 41
J J
93
94 Aug'29
Registered
9912
1964 J D 9414 98
41341
General unified
gZe- 024 93 58 92% 96
1934 A 0
91
84
Refunding gold te
8
857 8712 8614 Aug'20
LAN coil gold 4e____000 1952 MN
9234 Jan'29 -12% 9334
A0
5
6312 75
6312
Registered
1948 Ji 6312 Sale 6312
Atl & Day let g de
88
49
85% 9411
1952 M 9 88 Sale 874
53
56
60
Secured 4941 series A
6712
56
56
1948
2d ls
94
83
8012 8312 CI] St L & N 0 Mem Div 41_1951 „I Ill 7818 874 84 Aug'29
4
793 8012 8012 Aug'29
1940 AU
All & Yad let guards
10334 1034 15 102 195
June 16 1961 J D
9514 10314
Gold bs
Austin & N W let gu a 5.._194l JJ 9812 ---- 9812 Aug'29
A pr'28
107
J D
Registered
81 July'29 ---- -41 in;
4 44
June la 1951 J D
913
9314
89
Gold 334s
Bait & Ohio 1st g 48- _July 1948 AO 9118 Sale 9012 July'29
78 Apr 29,____
IC
1 13
72
92
87
8714
Registered
July 1948 Q J
Registered
2
99121
131
9912 161
07
9612 99
Ch St L & P let cons g 6...___1932 A 0 9912 Sale 9912
MS 964 Sale 9614
1933
20
-year cony 4.34e
8
1015 June'28
A 0
98 June'28
Registered
MS
Registered
7
100
97 111
4 10012 42 -56Chic St P 61 & 0cone Ils____1930 J 13 99 Sale 99
Refund & gen be aeries A__1995 J D 16154 Sale 993 June'29
954 May'29
9914 994
4
943 97
9914
Cone 88 reduced to 3He_1930 J D 1)6
J D
Registered
3
11714
1
/
8
977
90 101
47 10012 10412
1930 M 13 074 90
Debenture Si
July 1948 AO 1017s g;ie 10118 102
let gold Le
M 8 97s-.-- 9712 Aug'29 -9712 9918
21 1071 110
108
4
/
Stamped
4
/
1995 J O 1071 Sale 10714
Ref & gen fis series C
8912 10012
15
90
8914 94
Chic T II & So East 1st be_ __1960 J D 9014 9112 90 Aug'29
PLE&W Ya Sys ref 4s 1941 MN 8912 Sale 8914
8
837 8314 Aug'29
00.18 10312
8314 9212
Dec 1 1960 M S
4 22
4 1003
Inc gu be
1950 J J 10014 Sale 993
let 58
Bouthw Div
11
93
13
9012 10014
81
4
7812 8514 Chic Un Sts'n 1st gu 414e A_1983 J J 92 Sale 92
Tol & Cin Div lit ref 48 A_1959 Si 81 Sale 803
4 1024 15 101 10412
1963 5 J 103 Sale 1023
99 103
let be series 13
9912 Sale 9914 10018 25
"000 M
Ref & gen 55 series D
8 100 103
103
2
19445 D 101 Sale 101
102
99 105
Guaranteed a Si
let 58_1943 J J 10114 105 102
Bangor & Aroostook
3 112 11632
114
1963 1 J 114 115 114
8614
83 80 Aug'29....
78
let guar 5Its series C
1051 J J 81
Con ref 4s
1 100% 10114
6812 Feb'28
Chic & West Ind can 6s Dec 1932 (01.3 10014 Sale 10014 10014
Battle Crk & Stu let gu 3s 1989 J o
7
8
8
845 Sale 8458
845
1 -65 I&
1952 J
94
9312 8914
94
97
Consol 50-year 4s
S i 94
1936
Beech Creek lit gu g 411
100 Sale 993
4 100 1 11
M
1982
9912 105
95 Aug'28
let ref 5141 series A
2J
Registered
99
9912 Jan'29
1952 M N
9912 101%
Choc Okla & Gulf cons 5e
97 June'28
J 0312
1930
26 guar a bs
92
974 93 Mar'29 -94%
19372
93
80 Mar'29
-go- 80 Cin I( & D 2c1 gold 430
1951 AO 7714
Beech Crk Ext let g 3He
061. July'29 _--9612
94
C 1St L & c let g 411-Aug 2 1936 Q F
Belvidere Del cons go 3943_1943 ii
8 15
925
4
1
/
92
Aug 2 1938 Q F
924
92% 92%
Registered
85
-igTs
1944 21) 85
Big Bandy lit 4s guar
95%
81
CM Lob & Nor let con gu 48 1942 MN -ga- 93 86 Aug'29
1927 J 2
Bolivia Ry let 68
91590 4 91
,
911i 99
Boston & Maine let Si A C _ _1907 88 S -6512 - 8 94
-8112 Clearfield M Mali let gu 58_1943 J J 9812 -- 100 July'28
78
7612 7612 Aug'29
Boston & N Y Mr Line let 4s 1955 FA 76
86
86 Aug'29
8412 91
92 10012 Cleve Cin Ch & St L gen 4e__1993 J D 8512 10012 Aug'29
Bruns & West 1st go g 44_1938 J J
4
/
9918
97
1931 J J 981 -- 9818 Aug'29
20
-year deb 4 Hn
4
99 1013
Buff Rooh & Pitts gang 58._1937 88 S iooTe Rif" 100 Aug'29
_ 104 Aug'29
10312 112
1993 J 13 10318
General Si series 13
85
4
1
/
92
8712 13
Como!434e
1957 MN 8712 sale 8512
51
1 4
/8
4
1003 1053
1941J J 1034 1 12 10312 1031
Ref & impt 68 ger C
97
9512 102
9512
Burl C R & Nor let & coil be 1934 AO
2
98 10312
1963J J 1004 1014 10034 1003
Ref & impt 5e ser D
93
9118 July'29
91
9312
5 101 1063
4
Cairo Div let gold 45 __ _1939 J J
8
8 1013
4
/
Canada Sou cons gu 58 A
_1962 AO 1011 Sale 1013
804 8012 Aug'29
92
80
CInW&MI)lvlstg4e..199hJ J go
964
92
8
Canadian Nat 4 He_Sept lb 1954 MS 913 93 93 Aug'29
83 Aug'29
8812
83
4
9754 993
St L Div 1st coil tr g g 411_1990 It N 814 84
8
993
-year gold 43te_Feb 15 1930 FA 99/8 Sale 994
6
933 924 Mar'29
92% 92%
1940 MS 90
98
elm & Col Div 1st g 48
9314 351 92
30-year gold 4348
1957 I J 93 Sale 924
Oct'28
90
1940)
8 221 91
925
W W Val Div lit g 4s
95
Gold 434e
1968 JO 9212 Sale 9134
ale 924
927s 27
91
7 1084 113
91
1977 J J
8 112
Ref di impt 434e ear E
4
Canadian North deb s f 70_1940 • 0 1103 112 1105
102 Aug'29
99'3
0
52i,48 _
; 7.78 6__
19142
9' 11212 11812 COC&Igenconeg8s
10058 101%
114
26-year If deb 8.4e
J 114 Sale 11314
1946
97 Aug'29
97 10112
112 113
112 Apr'29
Clev Lor & W con let g 5e.....1933 A 0
Registered
Oct'28
- 100
4
1938 J
4 14
963
954 99
Cleve & Mahon Val a 5e
10-yr gold 4/34e____Feb 161936 F A 0058 Sale 96
8-- 95 July'29
8212 411 80
4
/
"ii"
Cl & Mar let gu a 494e....1935 MN 945
4
1
/ 86
J J 82 Salo 811
Canadian Pao Ity 4% deb stock
68 2
23
97
95
8
965 Sale 9014
99
Cleve & P gen gu 434a ger B_1942 A 0 954 - , 10034 Mar'28
Col tr 4.34s
1946 M
97 May'29
68
if
-1n- - 99 101
1912 A 0
4
/
Series 13 334.
1001 Sale 99% 101
bs equip tr temp ctfs
1944 J
98 May'29
2
1.133
97
9812 Mar'28
1942 J
Series A 434e
Carbondale & Shaw let g 48_1932 M S
851g May'29
_
8512 854
70 Aug'29
-id1948 M N
7
Series C 330._
Caro Cent let cons g 4e
1949 J J 72
_ 9914
,
89 4 Jan'29
1
894 894
9914
98 102
1950 F A
Series 13 334i
Caro Clinch &0 let 30-yr 541_1938 J D 0012
10
95
93
93
1 108 109
9914
92
4
Cleve Sher Line let gu 4348_1981 A 0 93
lst & con g 6eser A _Deo l5'52 J D 1064 11 i 10634 1063
7 10512 199
0
.5 8 - -; 12
011:4 106 10612 1064
4
873 May'29
871 873 Cleve Union Term let 534i.l972 A
4
Cart & Ad 1st gu g 4e
4
1981 J D
Oct'28
107
A0
4
793 85
4
4
Cent Branch 11 P let g 48_1948 J D -- 793 793 Aug'29
4 l00' 2053,
102
4
1973 A 0 1003 101 101
te
i s f 5s er
Ist le" eredB
98
98 Aug'29
1977 A 0 96
96 101
10112 10312
- 10312 10312
Central of Oa lit gs_Nov 1946 F A 103
lets!guar 43ZseerC
9912 Aug'29
98 103
Consol gold be
1946 M N 9912 1703
- 8412 Aug'29
_ 100 June'29
1948 J
1
/
8412 904
100 100
Registered
Coal River RI let iu4.
MN
9434 9712 „pi
9412 20
Ref & gen 5%i series D___1959 A 0 ioors gal; Iowa
1004
834 973
993 10512 Cob & South ref tic ext 434E1_1935 MN 8434--4
4
4
84 Aug'29
9612 46
1948 A 0 8612 88
Ref & gen Si serial C
1
/
834 91
4
913 1014 Col & H V 1st ext g 4m
1969 A 0 0618 Sale 953
92 Aug'29
87 Mar'29
1955 F A
Chatt illy pur money g 43_1951 J D ____ 83
9112 92
87
87
Col & Tol 1st ext 48
3
88 Apr'29
3
90 A A
101 101
Mae & Nor Dly let g Si....1940 J J ____ 107 101 June'29
90
88
Conn & Passum Riv lit 48_194 i, O
931
4
1
/
9412 June'29
99 Aug'29
09
95
Mid Ga & Atl dIv ten re be 1947 J J 95
9978 Consol Ry deb is
94is 9412
4- __ 100 101 Aug'29
4
• 1964 .1 .1 6614 743 65 Aug'29
4
1
/
99 101
Mobile Div let a 68
85
Non-cony 45
76
1946 .1 .1
7934 12
4
793
7112 67 Aug'29
71;
Cent New Eng let gu 4e
72
84
Non-cony deb its___J&J 1955 J J 65
67
1961 J J 7618 80
76 Nov'28
97 100
Central Ohio reorg lot 4 He 1930 M S 100 ---- 100 Aug'29
Non-cony deb 4e_A&O 1955 A 0
22
05
7
954
69 July'29
95
1942
Cent RA dc like of Ga coil be 1937 M N 954 Salo
D 65
9914
956J 65--1
6- 71
Non-cony debenture 4e
1 105 11118 Cuba Nor Ity let 5Hs
78 Sale 78
7814 13
9314
Central of N J gen gold be
78
1987 J J 10718 11312 10718 10718
2 1035 1095 Cuba RR 1st 60-year Is g
1043
4
4 1043
6
85
8
Registered
8
8312
1952 J J 8312 84
96
83
1987 Q J
89 Felo'29
8
General 4/1
991
9812
89 89
19382 D 99 100
let ref 73.4i series A
1987 2 J
9312 106
2
8918 22
884 93
4
Cent Pee let ref gu g di
923 923
4
923
4
4
1949 F A 883 Sale 884
let lien & ref 6s ger B -1938 J D 92
9012 93
15
8714
8714
Registered
8714 8714
F A
90 Aug'29
88
Through Short L 1st gu 48_1954 A ti
914 Day & Mich let cone 430_1931• J
97 June'29
9512
97
61
99 103
13
4
Guaranteed g Si
90
Del& Hudson let & ref 4s___1943 MN 893 Sale 8912
88% 9412
1960 F A 9918 Sale 994 100
5
4
1
/ 101
30
1935 AO 100 10112 100
-year cony be
97 10412
-- 11114 Mar'29
10714
111% 11312
27 100 104
Charleston & Sayn'h let 7e 1936 J
1021
1937 MN 1024 Sale 102
15
-year 534e
25 1011 1044
4
/
1 1001 103%
10-year secured 78
Ches & Ohio let con 8E01_1939 MN 102 Salo 10212 103
102
1930 in 101 102 102
.
10214 Dee'28
_ 9614 A110'
D RR & IlIdge let gu g 48
1936 P A
Registered
1939 M N
9,
9412 42
0
94 3661- Den & R G 1st cons g 4e
- 4
1936 J J 8812 Sale 88
General gold 1134s
4
1
/
1992 M 8 -514 --Ei 94
1
/
884 60
92*4
88
98 Mar'29
9214 98
Reentered
1936
9018 92
Co/asol gold 4 He
9134 Aug'29
M 8
8912 9412
994 51
-year cony 430
20
9812 997 Den & RU West gen 5e_Aug 1965 MN 89 Sale 89
96
90
8
1930 F A 094 Sale 9918
89
98
94
2
Ref & impt 4 Hs
944 Sale 94
904 955e
1978 et N 84
843 84
Ref & impt be ser B Mir
8 15
847
s
9334
84
11)03 A 0
924 Mar'29
9218 924 Des NI& Ft D let gu 4e
Registered
2512 3212 3014 Apr'29
1936 .1
F A
40
25
89 10314 June'29
Craig Valley let be__May 1 '40 J J 80
994 10314
1
/
254 32
27 Aug'29
Temporary etre of deposit.....
36
25
8312 May'29
8818 Dee Plaines Yal let gen 434i.1947 MS ---- 9812 923 Feb'29
8812
85
Potte Creek Brunch 181 41.1946 J 1
8
92% 92%
85 Aug'29
83
1095 ID 69
7412 65 Aug'29
& A Div let con g 4e____1989 J J -iiT 95
4
4
803 Det & Mac let lien g 48
65
7614
82 July'29
100
'B 65
81
2d consol gold 4s
1995
69
88
75 May'29
Gold 48
19492 J
76
75
100 Mar'29
100 100
8
Warm Springs V lit g 6e1041 M 8
98 Aug'29
Detroit River Tunnel 4 34e 1981 MN 927 95
95 10014
9912 207
96 10012 Dul Missabe & Nor gen 5s 1941
1
/
S
' 1004
°hemp Corp cony Si May 15 1947 M N 5512 Sale 9812
1004 Aug'29
10018 1034
654 671 65
2
6.518
2
99
1937 AO
09
Chic & Alton RR ref g 3iL....1949 A 0
4
1
/ Dul & Iron 'tango lit 5s
70
01
9718 10152
65 Aug'29
64
1
/
744
1
/
744
1
Ctf dap stpd Apr 1929 int _____ ---59
Dul Sou Shore At All g 68-.1937 J J
70
8112
3
71
9414 87 Aug'29
71
86
gailway first lien 3He
East Ry Minn Nor Div 181 48'48 AO 82
1950 J J 71 Sale 70
87
94
69 69 Aug'29
857 71
Certificates of deposit.......... 65
s
3
9812 101
East T Ya & G a Diva 5e__ _1930 J J 9812 100
90 101
3
82
82 82
82
1958 MN 101 103 102 Aug'29
88
Cone let gold be
Chic Burl & Q-III Div 3348_1949 J J 81
101 105 4
3
84 Apr'29
994 Aug'29
84
Registered
84
Elgin Joliet dc East let g be 1941 MN 9714 101
J J
9712 105
s
"i5i "(gile 8812 Aug'29
89
1965 AO 964 984 95 Aug'29
Illinois Division 41
94
4
1
/
El Paso & 8 W 1st fie
1949 J
951 1054
4
/
804 Sale 89
5
4
1
/
89
8812 9312
General 4a
1954 M
4
913 Sept'28
101
Registered
Erie lst consol gold 71 ext_1930 MS 10012 101 10014
17 100 194
M 8
13
90
1996)2 823 Sale 82
4
4 25
823
let cons g ls prior
let& ref Ott/Bern
9311 0912
1077 F A 56 galet)5s
8012 857
8
8938 10234 103
7 10112 106
1996 is
795 Mar'29
ref be series A
8
Registered
lit &
1971 F A 80
4
1
/ 814
79
7512 28
1996 J
984 101 Aug'29
71 Sale 75
4
1
/
99 105
let cowed gen lien g 4s
Chicago A East III let 6s
1934 A 0
7412 S011
76
1996 J J
66
7412 8515
Registered
771s Aug'29
(3 & E ill Ily (new co) COD 58_1951 MN -7458 Sale 744
714 734
1951 FA iolf2 6;i0- 10112 10112
1
/
994 106
Peon roll trust gold le
Chic& Erie lit gold ba ______ 1982 MN 101 104 101 Aug'29
1 1004 102
1
/
65
158
4
1
/
59
62
1953 AO 80 Salo 79%
50-year cony 48 series A
80
Chicago Great West let 4s...1959 61 S 65 Sale 63
3
784 8412
1
/
2 10018 1133
Salo 1084 1084
1953 AO 8012 Sale 8012
1
/
t3erfee 13
Ind & Lonny-Ref 88._1917
4
/
4
1081
81
Chic
8 7912 844
1953 AO
100 103
Gen cony 44 series D
Refunding gold 69
82
3 7934 8212
1947 J J 93 10412 10018 June'29
8212
91 Aug'29
1967 MN 92 Sale 9112
4
1
/ 92
82
Ref & Inlet 53
Refunding 4s Serial! C__1947 J J
93
225
9114 97
DB Aug'29
_ 97
„I .1 1073 10912 10734
95 10314
4
Erie & Jersey Intel
1966 MN
1st & gen be ser A
4
1073
3 106 11112
104
1 103 110
Geneeeee River let if 68_1957 S i 105 107 105 Aug'2
let & gen Si ger B___ May 1966 J J ji55 104 104
105 119
8612 45 8512 9438 Erie & Pitts ffU a 8J.4s ear 13_1940 S i 8578 __ 8878 July'29
& Sou 60
Sale 8512
-year 4s
Chic Ind
1950• J 864
4
/
881 88
4
1
/
93
15
93
914 91
1940 S i 85
Series C 330
4
1
/ _
Chic L S & East lit 4 He
1969 J
884 Jan'29
,
881
81
2
1964 MN 10212 Sale 10212 103
4
853 Est RR extl s I 71
80
Ch MA 81 P gen g 4s A_Slay 1989 ii 8012 Sale 8012
42 10112 105
7618 Aug'29
761s 80
Registered
O 2
70
75
.Ma, 1988 S i -ig" WI; 70 Aug'29
Oeu g 314e see 13_ _ .
_-
New York Bond Record-Continued-Page 3
1570
te
BONDS
y wit:3CH EXCHANGE
Week Ended Sept. 6.
El
z
Pries
Priam
Sept. 6.
West's
Range or
Last Sats
g
Rase
Sines
las
.1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 6.
Pries
Friday
Sept. 6.
Week's
Range or
Last Rate.
Li
Haute
Sines
Ans,1,
Ask Low
Bid
Hick No, Low
Mak
Rid
Ask Lose
High No, Low
Erica
90 977 98 Apr'29
98 98
2
LottlinIlle & Nastiv (Concluder)
85
9538 9511 June'29
93 99
12
14
1st refund 51 series A _ _2003 AO 10312 Sale 10312 113334 11 10012
/
4s
10714
2
8934 90 8912
8912 94
90
1st & ref 56 serlea B
2003 AO 10172 10212 10178 10178
2 101 10574
67 Sale 6612
6712
9 84
80
1st & ref 41 serial C _ _ _2003 AG 9138 923 9234 Aug'29
/
4s
4
92
99
48
33
35
3312 33
2612 60
N 0& M 1st gold 8a
1930 23 ---- 9972 9912
9978
4
9912 101
9334 98 94 Nov'29
94 94
2d gold Si
1930 J J --__ 100 9934 July'29
9938 1004
1044 10714
10414 Aug'29
105
Paducah & Mem Div 48_1946 P A 8512 90 85 July'29
85
9114
100 102 10014 Aug'29
100 10372
St Louie Div 2d gold 3e 1980 M
6012 6238 6012 Aug'29
6012 6715
9712 Sale 99 July'29
961s 100
Mob & Montg let g 4/
1
4
07
11-194 MS 9438 97 97
5
5
93 97
/
1
4
96
99 964 Aug'29
9814 100
South Ry joint Motion 42_1952 J
85
89 85
85
1
84 89
/
1
4
96
96 Sale 95
92 100
All Knox,& Cin Div 4e 1955 MN 8612 Sale 861y
8811
3 88
92
95 8512
2
86
8512
83 89
Louis,Cin & Lex Div g 412'31 MN
/
4
98 July'29
97
9912
Mahon Coal RR 1st 51.
1934 3, 97_ 100 Aug'29 --99 100
/
1
4
9418 100
9812 Aug'29
Manila RR (South Line/)42_1939 MN 74 .
. 75
7
6
75
2
73
/ 75
1
4
7312 7811
Wis 74 May'29
let ext 4a
1959 MN 65
65
7312 65
1
65
77
9834 Feb'28
Manitoba 8 W Colonise° 5111934 3D
100 Aug'29
984 10012
/
1
938 97
5
9 14
9312 -.. 9412 Aug'29
10938 1101 109
Man OBANW 1st 310_1941 J J 8532 90 8538 July'29 ____
/
1
4
11012 40 108 113
85
/ Nis
1
4
104 Sale 10312 10412 31 10214 106
Mich Cent Del& Bay City 52281 ▪ S 9934
9934 Aug'29
9914 100
97 97
97 Apr'29
9212 QM _ _ 100 10034 Apr'28
Registered
Mich Alr Line 42
'
3
9211 Apr'29
1940
'
lir, II'
Great Nor gen 72 series A ___1938
10915 Sale 109
1093
4 71 108 11238
J
Registered
921s July'28
10712 109
10712 Aug'29
Jack Inns & Sag 3 2-1951 MS -7 6 16" 76 Mar'26
Regatered
/
1
4
7
98
92
lit & ref 414s series A____1961
905t 95 96 Aug'29
1st gold 3Me
1952 MN 8014 8212 8212 Aug'29
80 as.
3
1057 Sale 105% 10612 22 10412 109 4 Mid of N J 1st szt Be
8
General 534.series B____1952
1940 A0 9212 93 9012 Aug'29
8714 454,
4
10134 Sale 101
1013
4 16 10018 1043 MS& Nor let ext 41
General 55 series C
1973
/
4
01880)1934 3D 9112 92 91 July'29
8814 98
9118 9714
2
9312
9212 Sale 9212
Cons eat 4442(1884)_1934 3D
General 434s series D
1976
9315 94 May'29
94 95
22
92
97311 Mil Spar & N W 1st gu 4t._1947 MS 8714 8814 8818 June'29
95
94
General 41 series E
/
4
9412 95
s
1977
8898
Oct'28
Milw & State Line let 310_1941• J
83 86
Green Bay & West deb eta A_ _ Feb 81
90 Apr'28
9
22 icifs Minn & St Louis let cons 56_1934 MN "
Feb 27 Sale 284
27
/
1
Debentures ctfs B
438 45 43 Aug'29
43 WI;
814 9134
913 Aug'29
4
Temp etre of deposit_ 1934 MN 40
Oreenbrier Ry let gu 4s____1940 MN 913 -4
44
40 Aug'29
40
5814
97 106
let & refunding gold 4s
Gulf Mob & Nor let 634t._.1950 AO 10012 101 10012 Aug'29
1949 MS 20 Sale 20
21
20
19% 85
96 99
Ref & ext 50-yr 5e set A_ _1962 Q F 20
let M 5s series C
21
18 Aug'29
1950 AO
97 98 July'29
1554 22
101 108
Gulf & S I let ref & ter g 58_81952 J J lags ____ 104 Aug'29
Certificates of deposit-----1912 1712 Aug'29
17
16
1914
91
/ 99
1
4
M StP & SISM con g 45101 gu'38 JJ 84
9238
Hocking Val lit cons g 4442_1999 J
87
9212 Sale 9212
87
87
2
63 80
4
.1
let cons Si
10212 Mar'28
1938 33 9012 9412 94
Registered
1999
9572
6
90 99
92
981s
let cons Is gu as to int
9312 Aug'29
J 9412 98
1938
991 92 Aug'29
Housatonic Ry cone g 52--1937 MN 96
924 Bois
10
102 10214
H & T C 1st g as int guar
-year coll trust 6349.---1931 MS 997 Sale 99
9D7
8
1937 J J 10118 103 102 June'29
19
971 101
/
4
lit & ref Si series A
10014 102
10014 Mar'29
1948 3, 91 Sale 91
Waco & NW dly let 138
94
1030 MN
2 91 102
98 100
25
-year 634u
Houston Belt & Term let 52_1937 3, - _ Ii1"2 9812 Aug'29
1949 MS 83 8712 88s
87
7 86 981
/
4
954 991s
9812 Aug'29
let Chicago Terms f 4e_1941 MN 8414 - -- - 9312 Jan'29
MN 97
Houston HA W Tex 1st 52_1933
93 9312
/
1
4
964 10212 Mississippi Central 1st 6m..1949 J
lit guar Sired
96
162 9712 Aug'29
- 98 July'29
1933 M N 97 .
95 99
/
1
4
Mo Kan & Tex let geld 4e 1990 3D 802 11 82
80 87
98
Bud & Manhat let 159 sir A.1957 1 A 90 Sale 883
90
4
14
82
'
8112 86
72 841 Mo-K-T RR pr lien Si Fier A_1982• J 9838 Sale 984
/
1
4
/
4
50
76
9914' 42
Adjustmentincome Si Feb 1957 A 0 74 Sale 74
9812 102
40
-year 4s series 13
1902 3J 8018 Sale 80
8018 11
80 85
/
1
4
89
/ 954
1
4
Prior lien 4%e sir D
1978 3J 864 89 89 Aug'29
Illinois Central lit gold 62_1961
9014 July'29
92
87 9412
/
1
4
Cum adjust Si ser A _Jan 1987 AO 104 Sale 10212 104
95 May'28
19 1011 107
Registered
/ /
4
1
4
8534 Mo Pac let & ref Si sir A_._1965 P A 954 97
8214 8312 80 Aug'29
lit gold 3 5
953a
97
/
1
4
2
9612 101
/
1
4
General 4.
7112 Sale 7012
1975 M
84 Nov'28
7112 117
Registered
70
77
831*
let & ref 55 series F
1977 MS 9534 Sale 9534
8318 Apr'29
Extended let gold 8142-1951 A 0
9034 89 944 994
/
1
lst&refgb*aerO
ills 744
1978 MN 95 Sale 95
lit gold 33 sterling
9712 18 944 100
73 71 18 June'29
1951 51
4
Ceile gold 5345
8814 93 4
1949 MN 116 Sale 11512 11734 91 1004 12512
3
8714
Collateral trust gold 45_1952 A 0 S618 8814 8714
/
1
Mo Pao 3d 72 ext at4% July 1938 MN
903 July'29
Oct'28
MN
8
81
Registered
891 9172
/
4
927 Mob & Sir prior lien a Sa
88
1945 .1
10034 100 Apr'29
lit refunding 4s
874
31955 m N. 8712 115 4 8712
99 100
.
J J
Small
763 83 4
1
a
994 99 Feb'29
3
Purchased lines 3I4s
s
7638 Sale 763
763
s
09 100
1952
lit M gold 42
1946 J J --- 8712 88 Aug'29
J
87 Nov'28
Registered
85 98
91
Small
1945 3,
- 85 85 May'29
854 10 84
Collateral trust gold 45_1953 M N 8518 89 854
85 89
8312 8312 Mobile & Ohio gen gold 42._1938 MS 611 94 91 June'29
MN
8312 July'29
Registered
91
93311
Montgomery Div 111 II 62_1947 P A 9612 99 100 May'29
10014 10534
1017 Aug'29
8
Refunding 58
1955 M N 1018.4
99 100
M
1977
Ref & impt 4412
/
4
10814 1111
_ 924 Aug'29
I5-year secured 814s g
10812 Aug'29
1083
I938
4
90 97
/
1
4
9412 1001 Mob & Mar 1st SU gold 41 1991 MS 9048212 86 8212 Aug'29
/
4
9814 29
40
A 96 Sale 9512
-year 441s
Aug 1 1966
824 87
/
1
1937 I J 10278 106 104 Aug'29
Mont C let gu Si
90
86
Cairo Bridge gold 4e
8834 90 Mar'29
87
1950
102 1064
/
1
1937 J J 9512 100 9518
let guar gold Si
711 7514
/
4
4
Litchfield Div let gold 38_1951
743 June'29
P518
1
724 74
9512 101
D 7514 80 7512
844 Morrie & Easel let gu 344t 2000
/
1
79
Louts, Div & Term g 334s 1953
7512
80 SO Aug'29
79
2
7112 8012
7214 7412
Omaha Div let gold 3a_1951
A 723 747 7214 Aug'29
2
a
744 741 Nash Chatt A St L 42 sir A.1978 FA 8512 8712 8514 Aug'29
/
1
/
4
St Louis Div & Term g 32_1951
7412 July'29
8514 9074
-ai1937 FA 967 ---- 99 Aug'29
78 8812 N Fla & El 1st gu g 511
2
Gold 31
81 Aug'29
/
4
2
981 102
1951
/
4
78
Nat By of Me: pr lien 410.1957
18 July'28
78
76 July'29
Registered
.1 .1
July 1914 coupon on
7834 July'28
Springfield Div 1511 3348.1951
88 Dec'28
82
_
9
Assent cash war rct No 4 on
tiife
88 Wit
Western Lines let g 4a
A 8814 91
9
88 July'29
_1951
a"
Guar 70
-year a f ii
1977 iA0
874 Aug'28
92 Apr'28
A
Registered
Sale
Assent cash war rct No 5 On
8
111 Cent and Chic St L & NO
8
Yie;
9944 10514 Nat RR Alex pr Ben 43is Oct'26
20
3512 July'27
101
Joint let ref Se series A_ __1983
10012 101 100
Assent cash war rct No 4 on
1711 1634 18
9212 9712
lit & ref 434i series C____1963
94 Aug'29
1934
4
94
161, 114
lit consol 4s
1951
22 Apr'28
Assent cash war rct No 4 on
838 Sale
83
Ind Bloom & West lit eat 42 1940 AO
91 Nov'28
8
71 1ll
Ms 24
874 924 Naugatuck RR lst g 4e _ _ _ _1964 MN 7612 80 82 June'29
Ind III & Iowa 1st g 4a
88 89 June'29
86
82 82
1950 J
95 943 Aug'29
80 8814 New England RR Cons 52-.1945 J J 91
4
Ind & Louisville let gu 48
87 82 Aug'29
93
997g
1958 J J
4s
9612 103
Consol guar 46
82 82 Aug'29
1945 33 80
lad Union Ry gen Is ear A-1986 ▪ J 983 102
98 Aug'29
s
80 8644
88 Mar'29
1988 P A
10 100 103 N J June RR guar let 4s
100
Gen & ref hs eerie. B
8
1965 33 983 100 100
88 88
3
/
42A'52
-- 90 Aug'29
Tot & Gil Nor 1st 6s sec A
10038 13 99 10612 N 0& N E 1st ref & imp 41 '
90
1952 ▪ J 10012 Sale 100
971s
New Orleans Term let 4t...1953 J J 90- ; 87 Aug'29
85 98
8912 15
82
841
Adjustment 82 secA July 1952
8712 Sale •8718
853 91
8
N 0Texas & Me:n-e Inc 54_1936 A0 92 Sale 02
7712 Feb'28
Stamped
93
6
90 100
let 52 series B
"90
"
4
1954 A0 933 Sale 9334
lit fis aeries
JJ 88 193; 90 Aug'29
94
1956
11
9015 1004
/
1
let 5s series C
sal:
9778 98
91
98
1956 FA _
let g 58 series C
94 94 Aug'29 _ 1958 J J 90
1
98 101
lit 414s series D
82
ra
2
1968 FA 8414 90 88 Aug'29
Ins Rye Cent Amer let 54_1972 MN 7612 7778
7612
851a 96
lit 61 series A
90 961
/
42
99 101 101
9
12
1954
MN 931y 9412 94
let coil tr 8% notee
9414
10134
1941
7
9872 10512
6_1945 J J
2
/
4
1st lien &ref840
95 June'29
93
5 98 981 N & C Bdge gen guar 41
94 93
1947 P A 93
944 95
/
1
4
36
51
166' 95 Aug'29
NYBAMBistcong52 1935 A 0
Iowa Central lit gold 5s
361
1938• D 3612 Sale 3612
9312 97
86
5112 N Y Cent RH.cony deb 6s 193561 N 105 108 105
38 30 Aug'29 _
Certificated of deposit
36
10518 13 10214 1081
/
4
1012 20
MN
Registered
1312 11
6
106 Jan'29
11
Refunding gold as
1951 MS 11
106 106
Consol 45 aeries A
8314 92
8712 8734
1998 F A 84
8814
James Frank &Clear let 42.1959 3D 863 8612 8514 Aug'29
4
8414 90
Ref & impt 444286'1es A 2013,A 0 944 Bale 943
/
1
991 1004
4
Kan A & R let gu Re--1928 33 95
10014 Apr'29
4
9514 17
94 1001*
8112 84
12
2
Ref & Mtn 58 series C_ _2013 A 0 1037 Sale 10314 133372 27 10134 10714
afl&Mletgug4s
82 June'29
1990 AO 8112
A0
Registered
106 Mar'28
9118 23 89 9314
C Ft 13 & M Ry ref g 411-1938 A
.
91 Sale 9012
98
9911 N Y Cent & Bud Riv M 33411997 3' 77 Sale 7
99 June'29
%CAM R&B 1st ITU 56_1929 A 0 9814
64
77
28
8214
76
78 774 Aug'29
70
76
'Registered
13
72
Kan City Sou let gold 32
1997 J J 74
4
72 Sale 713
1950 A
744 7814
_
945.100
Debenture gold 45
1934 MN 954 964 9432
Ref & Inapt 5a
Apr 1950
963 100 9638 100
s
9438 12
9324 97%
MN
Registered
9012
04 July'29 ___
8614 29 84
Kansas City Term lit 49_ _1980
86
863 85%
4
94
95
85
9074
30
-year debenture 42
1942 ii 9212 Bale 9212
85 Aug'29
Kentucky Central gold 42..1987
8112
9212
2
90
Ms
Lake Shore coll gold 8342_1998 P A 764 Sale 75
95 96
Kentucky & Ind Term 4130_1961
_ 164 95 Jan'29
75
7414 8114
3
85 90
Registered
1998 P A 713 7712 74 Aug'29
15
85
8
Stamped
1961
85 Sale 85
Ms 75
81
Mich Cent coil gold 3 yie._1998 P A 74
90 96
/
1
4
91 May'29
Plain
8012 Aug'29
1961
91
74
7914
npy 10 97 101
Registered
1908 P A 7114 75 74
Lake Erie & Weet let g 58-.1937
97 Sale 97
73 78
_
N Y Chic & St L let g 42. _ _1937 AO 94 Sale 9352
9811 100
4
Id gold Si
4
1941
/
4
95 1031 963 July'29
94
16
911g 96
1
Registered
75 4 8112
1937 A0
- -- 9214
Lake fib & Mich Bog 3 0-1007
78
/ 7912 Aug'29 _1
4
76
9214 16
/
1
4
001 9214
/
4
7412 7812
25
-year debenture 4s
7
1931 MN osiy Sale 9612
7412
1997
Registered
7312 78 7412
9712 11
9532 9884
2dOsierIesAJtC
2
961 9912
1931 MN 101 Sale 101
9712 • 9
1931 ▪ N 973 Sale 9714
35
-year gold
s
10112 39 100 102
/
1
4
Refunding 634s series A._1974 A0 10212 Sale 10212 104
N
Apr'28
993
4
Registered
20 10112 107
14
10115 foil;
Refunding 534e series B _1975 3, 10112 102 10112 10112
Leh Val Harbor Term gu 52_1954 P A HIOF8 102 102 Aug'29
2 10312 107
Ref 432a series 0
9514 99 4
3
99 9232
1978 MS 94
Leh Val N Y 1st gu g 41 _1940
.• 1 9612 97 96 Aug'29
/
4s_
9238
2
91
951s
4
83 8814 NY Connect let gu 43,41 A 1963 P A 9211 9,53
N 84 Sale 84
8412 28
Leh'gh Val(Pa) cone g 4s___2003
Aug'29
89 97
12
lit guar 52 aeries B
88
88
MN
1953 P A 10078 10212 100 July'29
86 June'29
Registered
_
994 102
/ /
1
1
4
N Y & Erie lit ext gold 45_1947 MN 851
3 9212 100
Geneml cons 440
9414
2- 08
2003 MN 92 1 T4T4 94
.
98
2
89 98.
3d ext gold 430
16 - 9812 Mar'28
-°
MN
99 Nov'28
1933 MS _
Registered
4th ext gold Si
4
1
1930 AO 6 4 993 99 Aug'29
"ii" RTC
Lehi Valley RR gen Si series 2003 MN 102 Sale 102
7 10012 1074 N Y & Greenw L gu g Sa_ _ _1946 MN
105
95 July'29 ___
91
98
99 1034 NY & Harlem gold 530-.2000 MN
/
1
4
Leh V Term Ry lit gu g 5&.194l AO 1003 102 100 Aug'29
70 Aug'29
4
70 88
AO
Registered
MN
Registered
8
1053 Feb'28
8518 Apr'28
Lab & NY let guar gold 4s_ _1945 M
NY Lack & W 1st & ref gu 5s'73 MN
iiss 88
10018 Feb'29
90 88 Aug'29
_ HZ; fail;
Lax & East lit 50-yr Is gu .1965 AO 10184 10512 10012 Aug'29
lat & ref gu 41 con
9812 1087a
/
4s
8
1973 MN 973
- 96 Apr'29
96 100
/
1
4
Little Miami gen 48 eerie@ A1982 MN
NY LEA W let 72 ext
1930 M
10018 ,--- 104 Feb'28
__ 8612 Dec'28
1021, 16412 N Y & Jersey let 511
Long Dock come!g Si
10212 Mar'29
1932 P A 9312 Sale 9
1935 AO 101 107
8
9812 20 92 10012
Long Ield let con gold 58 July1931 Q J
9314 10114 N Y & Long Branch 45
00 Dec'28
1941 MS
100 9314 Aug'29
let consol gold 48.___July 1931 Q J
NY&NE Bost Term 44.__1939 A0
963 100
4
9634
9133
4
97
9512 July'29
95l 951a
Jeneral gold 4e
8912 94 NYNH& n-44 deb 4s_ _1947 M
1938 3D 87
787 97 7912
s
9212 90 Aug'29
794
2
7412 81
Gold 4e
Non-conv debenture 8345_1947 M
• D
7118 8154 75 July'29
1932
___ 9912 Dec'28
73
77
/
1
4
Unified gold 45
Nod-cony debenture 330_1954 AO 704 73 70
85 IdG
1949 MS 80 .
8738 85 July'29
_
8812 75
Debenture gold Si
7515 79 80
Non-cony debenture 4e_ _1953
95 100
1934 3D
9634 July'29
98
74
844
/
1
30-year p m deb Si
93 99 2
Non-eonv debenture 40_1956 MN 7712 Sale 7712
1
1937 MN 93
94 93 Aug'29
7014 13
7412 84
/
1
4
Guar ref gold 4s
80 I 17
3 68
8434 9132
Con,debenture 34
1949 M
/
1
2
1956 ii 71 Sale 71
85
88 88 Aug'29
7112
/ 76
1
4
Nor Sh B let con gu 5e_Oet'32 Q
Cony debenture 6s
95 100
Sale 13331 13612' 152 116 137
' 13514
3
1948
9714 9912 95 Aug'29
Lou & Jeff Bdge Co gd g 42_1945 MB 8812 Sale 8812
8412 90
_
Registered
.II
12812 Aug'29
8812
- 115 129
ulsvllie & Nashville 5e._1937 N 10138 _
9912 10214
Collateral trust 6e
1940 A 0 1045. Sale 10412 10514 21 102 10611
1013 Aug'29
8
Unified gold 45
9114 9544
1940• 3 9178 Debenture 42
9134
1957 M N 78 Sale 76
4
9214 913
7712
2
7012 79
Registered
lat & ref I1 ser of 1927_1907 J • 857 Sale 854
9314 9314
/
4
2
s
9314 May'29
/
1
88
844 6214
29
Collateral trust gold 52___1931 MN
9812 1001
Harlem It di Pt Choi 151 1954 M N 85
4
99 . - 100
/ 80 873 Aug'29
1
4
100
166
4
8512 001/4.
10-year eec 7s_ __May IS 193051 N lows 10034 10023 101
11 100 193
Fla Cant A Pen lit ext g 52-1930 J
lit coma!gold 58
1943 J J
Florida East Coast lit 410-1959 J D
let & ref Si series A
1974 M
Fonds Johns&(Boy lit 44461952 MN
0_1941 J J
Port St 1-1 D Co let g 41
/
4
.
Pt W Den C lit g 534s-1961 J D
Prim Elk & Mo Val let 8s 1933 AO
HASAM &P let 521931 MN
1931 J J
2d extens Si guar
Clalv Roue & Hand let 56_ 1933 AO
Oa & Ala Ry let cons Si Oct 1945 J J
Oa Caro dr Nor let gu g 5s
1929 J
Extended at6% to July 1.1934 J 1
194a AO
Georgia Midland let 35
Gouv & Oswego let 55
1942 ID
Or R. & I ext lit gu g 41
/
4
/1-1941 J 4
Grand Trunk of Can deb 82_1940 AO
I5-year i f Si
1938 MS
Grays Point Term let 5e
1947 J o
Due Feb. 1.
1571
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 6.
7, •
ro-ri
Pries
Friday
Sept. 6.
Week's
Range or
Last Sale.
Range
Since
Jan, 1,
BONDS
N. Y STOCK EXCHANGE
Week Ended Sept. 6.
Prise
Sept. 6.
Week's
Range or
Last Sale
sa.a
Range
Since
Jan. 1.
Ask Low
High No Low
Bid
High
9812 10312
St L Poor & N W 1st go 58..1948 22 9812 10012 9812 Aug'29
_
9512 9712
- 9618 July'29
St Louis Sou ls gu g 46___ _1931 51 S 934
1
89
81
83
St L S W 1st g 4s bond Ws_ _1989 MN 8112 iias 83
82
72
,
26 g 4s Inc bond etre Nov 1989 J 3 72 8 73% 76 Aug'29
44
9312 9612
95
8
1932 ID 945 Sale 9414
Consol gold 48
2
9114 10192
3
' 915
_ 9114
8
9114
1st terminal & unifying 56_1952
894 954
91 8914
4
893
St Paul & K C Sh L 1st 430.1941 FA 8914 98
9912
FA 9818 991,, 9912 July'29
St Paul & Duluth 1st 58_ _ _1931
8818 Slar'29
8014 8818
1968 J D
1st consol gold 4s
9718 Jan'28
1st 4348_1947 J J
St Paul E Or Trunk
-9412 - - -18
9 2
----_ 9412 957 July'29
St Paul Minn & Man con 45 1933 J
10112 10418
ia 103 10118 July'29
1933 J
let consol g Is
103 103
Jan'29
J J
103
Registered
9134 9914
97 Aug'29
13s reduced to gold 434e___1933 J J 97. 100
95 Dec '28
• J
Registered
-iSf2 95
8
63
1937 3D -S918 - -12 885 Aug'29
101
100 10314
Mont ext 1st gold 1s
Norfolk & West sten gold 68_1931 MN 10118 10212 101
894
86
8912 July'29
8712 89
'2
741
104% 105
6
Pacific ext guar 45 (sterling)'40 J
Improvement & ext 65._ _1934 FA 10414 1_ i _ 104% Aug: _
8 100 10514
102
10118 Sale 10118
10112June'29
St Paul Un Dep 1st & ref 56_1972 J
99'/I 104
New River let gold 65. _ _ _1932 AO 10112
8
867 91
8912 12
1943 J 2 89 Sale 89
8812 924 S A & Ar Pass 1st gu g 48
AO 88% 90
4
883
90
6
N & W Ry 1st cone 8 43
-1996
4
1003 102
_
4
1003 July'29
87 June'29
87
87
8911 Santa Fe Pres & Phen 1st 53_1942 M S
1996 AO 86
Registered
10212 106
104 July'29
1934 A0
1
82
9012
94
0012
9012 Say Fla & West 1st g 68
Div'l 1st lien & gen g 4s 1944 J
9814 1004
084 Apr'29
1934 AO
270 Aug'29
13212 270
1st gold ba
1929 MS
10-yr cony 68
88
9012
00
8818 Aug'29
19
92
92
914 95% Scioto VA NE 1st gug 4.0_1989• N 88
8
Pocah C & C joint 45.. _1941 J O 917
74
64
654 Aug'29
_ 107% 1077 Seaboard Air Line let g 1
_ 107% Jan'29
0
195 AO 65% 74
8
6
North Cent gen & ref 5s A _ _1974 MS
7514
63
7012 65 Aug'29
1950 AO 65
6
0
- - - 97 Apr'29
95% 99
stamped
MS
Gold 4s
Gen & ref 4346 ser A stpd.1975
51
56
35% 56
FA 55 Sale 55
Oct 1949
96
96 Feb'29 _ _
92
9614
Adjustment ba
North Ohio 1st guar g be .1945 AO _
323
4111 56
56
554 Sale 5412
8618 32
8412 90
864 85%
Certificates of deposit
• J 86
North Pacific prior lien 4a _1997
51
6012
5318 57
1059 A0 53 Sale 5212
8334 89
Refunding 48
1997 J J 8312- 8414 July'29
Registered
124
6484 80
73
1945 MS 7212 Sale 72
64
6018 674
34
6312 gale 6312
let & cons 68 series A
Gen hen ry A Id g 3s_Jan 2047
75
75
75 Mar'29
MS
62 Mar'29 _
62
•F
8312
Registered
Jan 2047
Registered
10
81
84
89
4
8212 843 833
s
i
8914 98%
AU& Birm 30-yr 1st g 413.61933 M
Ref & Rept 4346 aeries A_.2047 J J -96i8 Sr - 8914 Aug'29
5912 714
6712 53
5
4 11012 40 109 11312 Seaboard All Fla 1st gu Os A-193 FA 65 Sale 65
11014 Sale 1093
Ref & Inapt Os series B____2047 J
3
701s
671 66
57
66
1935 FA 61
1 10012 105
Series B
Ref & inapt 6s series C _ _2017 J J 10218 Sale 10218 10218
9712 Aug'29
9712 9712
97
101 104% Seaboard & Roan 1st be extd 1931 J J 90
Ref &'rapt be series D._ __2047 J J 10112 103 10112 Aug'29
99 10018
99
1936 FA 99 Sale 99
4
4
109% 1093 SAN Ala conogug5s
J J 1093 ____ 1093 Feb'29
4
Nor Pac Term Co let g 6s- -1933
10214 107
1021
__
____ 100 Aug'29
99 100
Gen eons guar 50-Yr 58-1963 10 10214 10312 10214
Nor Ry of Calif guar g Is...1938 AO 97
3
,
85 8 917s
861
8
8
__
Pac col) 849 J O 863 873 8612
.1 9919 ____ 100 Sept'28
North Wisconsin 1st 65.... _1930 J
So Pac coil 45 (Cent
7
8514 87 s
87% June'29
• D
_ "
75 Aug'29
78
75
iii8
Og & L Charn lat gu g 48- - - 1948
Registered
9212 994
93 Aug'29
8
- 9- 55 Nov'28
let 434e (Oregon Lines) A_1977 MS 9012 9
Ohio Connecting Ity let 48_ _1943 SI S 4
074 102
101
100
1934 3D
166 9912 Aug'29
98 - - -199 2
Ohio River RR let g 58 ___ _1936 .1 D 99
20-year cony 5s
65
8814 9712
93
4
023 Sale 92
1961 M
9912 July'29
1937 A 0 964 106
994 100
General gold 55
Gold 1348
4
892 100
601
100
May 11989 MN 994 Sale 99
4
85
9212
Oregon lilt & Nay con g 48_1946 J D 0014 913 90 Aug'20
Gold 4348w I
g
8137 91
AO 874 87% 88 Aug'29,_-_
10018 1063
Ore Short Line 1st eons g 56_1946 J J 10014 10112 10018 Aug'29
8
San Fran Term let 4s____1950
83
83 May'29 ----! 83
AO
4
4 10184
1946 J J 1013 10218 1013
6 10018 106
Guar stpel cons 58
Registered
58_1937 SIN ioois 102 101 July'29-.-- 100 103
1929 J D 9914 Sale 094
9912 50
97% 99% So Pac of Cal let con gu g
Guar refunding 48
WA 9512
9514 9514 Apr'29
8 30
857
Oregon-Wash Int & ref 4s..1961 J J 84 Sale 84
8312 8918 So Pac Coast 1st gu If 4s----1937 J J
85
9212
8712 77
1955"3 87 Sale 864
8
4
- 693 697 Aug'29
Pacific Coast Co 1st g 56_ _ _1946 J D
69% 30
So Pac RR 1st ref 413
8612 Aug'29 ---- 1 8512 90%
J
894 Aug'29
Pao RR of Mo 1st ext g 413_1938 F A 8914..
8914 9118
Registered
4 10414 110
10541
1166 4 10518
-2d extended gold bs
1938 J .1 9818 1003 965 July'29
4
8
91312 99
Southern Ry lot cons g 53-- _1994 • 1
10312 July'
291----1 10312 102
J J
Paducah & Ills 1st 81 410_ _1955 J J 9112
9112June'29
9112 98
Registered
8541 41
8318 89
Sale 85
Paris-Lyons-Med RR exti 65 1958 F A 994 Sale 994
3
99 4 114
9712 101
Devel .4 gen 48 series A___1956 AO 85
8714 Sept'28'----!
AC
Striking fund external 78..1958 M S 99
092 102
8
10318 34 101 12 105
Registered
112121 18 109', 115
AO 112 6819 112
1956
Paris-Orleans RR s f 7s._ 1954 St S 9918 9912 1033 Jan'28
8
Develop & gen as
1956 AG 1174 Sale 11712 11812 39 117 123
9618 12
Ext sinking fund 53is_ __ _1968 M S 9512 0618 0512
93 - - -196 2
Develop & gen 834s
10212 10614
1996 J J 100 10212 10212 Aug'29
Paulista Ry let & ref 51 7s _ _1942 M
2
094 Sale 9918
094 101
994
Mem Div 1st g be
2
827 89
4
1951 J J 853 -- 8412 Aug'29,
St Louis Div 1st g 443
4
- 983 July'291-- --I 964 loo
Pennsylvania RR cons g 46_1943 M N 9214
-- 91 May'20
reorg lien g 55..1938 NI S 9834
934 95
East Tenn
8514 9312
90
90
58 S 87
1938
Consol gold 46
1948 M N 0134 9212 0212
Mob & Ohio coil tr 4s
8
895 94
9212
4s oterl stud dollar_May 1 1918 M N 9012 9212 9212
9212
3
93 4
90
65
Consol sink fund 4348
g 56___1955 „i
1960 F A 09% Sale 993
8 97% 10112 Spokane Intermit 1st434s...1943• D 65 6934 86 JulY'29!---1 65 8112
4
99%
Nov'28:----'
General 494s series A _ _ _1965 J D 95 Sale 95
9312 10012 Staten Island Ry 1st
9618 50
95 Apr'28'....I
General 56 series B
1968 J D 105 Sale 1043
10812 Sunbury & Lewiston 1st 4s__1936 J
4 10514 24 10214
99
- 99 Mar'29
99
NI S -98"
10
-year secured 733
1930 A 0 101 Sale 10012 101
57 1003 1037 Superior Short Line let 5e__e1930
8
8
98
95
965* July'291--1695
15-year secured 6346
75 10612 111
109
1936 F A 10814 Sale 108
Term Assn of St L lstg 430_1939 10
4
984 103
1944 FA '9918 1023 9912 Aug'29 -Registered
112 . Apr'28
F A
let cons gold 56
8614 17
90
,
85
8
3 853 8712 85 8
'
1953
40
-year secured gold 56...1964 M N 10212 Sale 10212 103% 24 un- 165
-Gen refund s f g 1s
2 100 19412
m9210012 10042
Pa Co gu 3
_ 81 Aug'29
colt tr A reg__1937 M S
90
81
Texarkana & Ft S let 5 As A 1950 P A loo
98
_ 98 Mar'29
98
J J
1043
Guar 3348 coil trust sec 11_1941 F A 9214
844 8712 Tex & N 0 corn gold 58
- 8412 Aug'29
1017
18 10112 109%
s
98- 8
2000 J D 1013 11:13 10112
Guar 334s trust ate C____1942 J D 8'3% --- 835 May'29
835 89
5
Texas & Pac it gold 531
95
95 May'29
95
on)Dec 2000 Mar
Guar 33413 trust Ms D_ _1944 2 D 813 82
8
8
813 Aug'29
8114 85
2d Inc5s(Mar'28cp
4 10
983
4
96 10214
1977 AO 983 Sale 983
Guar 15-25
97%
9612 9918
5
-year gold 4s_ _1931 A 0 97% Sale 97%
Gen & ref 58 series 11
9512 89
4
9434 9955
1979 AO 9518 Sale 943
Guar 48 ser E trust etre ___1952 M N 8614 89
8614 Aug'29
8.55 02
8
& ref bs series C
Gen
31' 9714 101%
997
8
4
993 095
1931 • 3 99
9412 9918
Secured gold 431s_____1963 SIN 91314 Sale 05%
96% 30
La Div 11 L 1st g 5s
2 1004 1064
105 10234 103
Pa Ohio & Del let & ref 13413A/7 A 0 933 94
9312
1
9312
92
4
9714 Tex Pac-Mo Pac Ter 6348-19134 M S 1024
964 10112
-- 97 Aug'29
993
J
Peoria & Eastern let cons 45_1940 A 0 81 Sale 81
81
1
8012 87
Tol A Ohio Cent lat gu 58-1935
994 103
8-9638 09 103 Apr'29
1935 AO
4112 41 July'29
Income 46
36
April 1990 Apr. 31
Western Div 1st g 58
45
97 Aug'29
95 10018
97
1935'ID 96
Peoria & Pekln Un 1st 549.1974 F A 100 101 100 Aug'29
093 103
4
General gold be
_ _ 15 Nov'28
J J
Sale 101
Pere Marquette 1st ser A 58.19562
10118
11 100 104% Toledo Peoria & West 1st 46_1917
101
-861, if"
8
12- - 8612 Aug'29
1950 A0 865 87
let 4e3 series 11
8612
1
86
8612 Sale 8612
1956 J
91% Tol St LA W 50-yr 48
98
95
9618 __-- 98 Apr'29
Tol W V & 0 gu 430 A_1931 .1
9512 95%
954 ____ 955* Apr'29
Phila Bait & Wash 1st g 48._1943 SI N 9018 94
1933 ,r
90% Aug'29
95
90
let guar 434s series B
8
973 9912
975* Mar'29
1942 M S 90'sGeneral be series 11
107 108
1974 FA 101 104 10714 May'29
1st guar 40 aeries C
8412 Aug'29 -844 8812
Phillippine lty let 30-yr 5 1 4s '37 .1 .1 30
313 31
31
2912 39
Toronto Ham & Buff 1st 24s 1946• D 8418 86
Pine Creek registered 1st 65_1932 J o
103 101 July'29
101 103
85
60
70 Aug'29 ---Pitts & W Va let 41“;
03
92 July'29
92
1st cons g 68_1928 3D 6614 72
1958 J O 92
96
Ulster & Del
85
55
____ 80 I 72 Aug'29
PC C& St L gu 43.46 A _1940 AO 9712 ---- 97% Aug'29
95% 993
4
Certificates of deposit
6212
48 I 43 Aug'29 -83
Series 11 434s guar
1952 10 43
9712 * 4
95% 10012
1942 AO 95% Sale 95%
let refundlog g 45
914 95
9414 23
Series C 4348 guar
9712 994 Union Pao let lilt Aid gr't 481917 J J 9314 Sale I 9314
1942• N 9712 -- 97% Aug'29
92
90
J 2 035s 9414 90 Aug'29 ___
Series D 4s guar
944 954
1945 Si N 9614 -- 9614 July'29
Registered
8312 90%
Series E 3%e guar gold_ _ 1949 FA 0314 -- 93 June'29
864
5
8712
June 2008 M 8 854 88
93
93
1st lien & ref 48
27
9912
92
97
Series F 40 guar gold
96 Sale 9512
1967J
94% 9614
1953 J O 9614 -- 9614 May'29
Gold 434s
Series G 48 guar
1054 10612 105 Aug'29 _- 105 10914
June 2008
95
9612
1957 Ni N 9614 -- 9614 July'29
1st lien dc ref be
834 8914
Series It con guar 46
8484 12
4
1968 J D 834 8412 833
95
FA 9614 -- 9612 May'29
1960
0612
-year gold 48
40
96
9
93
91
Series 1 cons guar 434e_ _1963 FA 083 99
99 Aug'29
9658 100
4
U NJ RR & Can gen 4...J944 M S 9314 ____ 03
Series J cons guar 434s. __1964 MN
_ 96 Nov'28
97 June'29
1933 .1 J
96% 99% Utah & Nor 1st ext 45
91l
91
General Si 5s series A _ _1970 J D 10212 103 10212 103
91 Aug'29 _
0 10212 10818 Vendetta cons R 46 series A 1955 F A
914
92
Registered
9212 May'29
102 June'29
102 102
1957 M N
•D
Cons s f 4s series B
1712
_
12
Gen nage guar Is sec 13.-.1075 AO 105 Sale 1044
15 July'29
12
105
10
10212 10812 Vera Cruz & P assent 4346_1934
9722 10012
Registered
975 July'29
11312 Jan'28
_
98
AO
Virginia Slid 55 series F._ 1931
1
964 100%
98
- -9978 98
1936 M N 99
General bs
15
93 100
93
10114 Apr'29
Pitts McK & Y 1st gu Os_ _1932 J J
10114 10114 Va & Soutlev'n 1st gu 5e
2003 J J 93 Sale 93
13
83
83
9514
2d guar 68
8
8
1035 July'28
1958 A 0 _ _ 827 83
1934 J J
1st eons 50-year Ss
99% 10434
8 38
1005
9914
Pitts Sh & L E lstg 56
9914
3
1940 J 0
Virginian Ry let 58 series A_1962 M N i0014 Sale 100
2 10018 10314
1st consol gold 581943J
10014 Aug'28
1939 M N ____ 95 100% 100%
Wabash RR let gold ba
6
05% 10112
99
Pitts Va & Char let 46
094 Sept.28
1939 F A 99 Sale 98%
1943• N
2d gold ba
7 100 10414
101
9112 Apr'29
s
Pitts Y & Ash let 4s ser A _ .1948 .1 D
_
1975 M S 10012 1017 101
Ref & gen a f .534i3 ser A
-1st gen 56 series B
8818 May'27
-12
10318 10312
1962 FA jooi, 162 10312 May'29
Debenture 1565 regIstered_1939 J
__
8
765 71352
let gen 55 series C
2 383
1954 .1 J -771- . -12 77% Aug'29
1974 • D 9912
1st lien 50-yr g term 4s
4 100 10112
100
Providence Secur deb 4e _ _ ._1957 MN 65-- - i4- 8
__ 1003 100
74
1941 3
Del & Chic ext lat g 5a
Jan'29
88
Providence Term let 45_ _ _ _1956 MS 7912 9:3 84 May'29
88
88
00
84
84
Dee Moines Div let g 48_ _1939 J J S2
82
82
4
853
82
78
Reading Co Jersey Ceu coil 48. AO 92 Sale 02
02
90
51
Omaha Div 1st g 33411
9312
1941 A 0 78
9012 9012
Registered
86% 9012 Mar'29
81
4
943 July'28
1941 M
_
AO
Tol & Chic Div g 4a
5
95
4
943
9312 16912
Gen & ref 4346 series A__1907 23 93 Sale 93
95
95
8 -152- 19 8 Wabash Ry ref & gen 56 11 1976 A 0 _
-78
847
Rensselaer & Saratoga 6s__ _1941 M N 101
8312 937
1978 F A 8414 sale 8418
1 4
-- 10018 Mar'21
Ref & gen 434a series C
7818 May'28
Rich & Meek 1st g 46
79
.. - _
1948 MN
102
102
80% 83 Nov'28 __ _ _
11.1clun Term Ry 1st go 58_ _1952 1
2000 F A
-9912 16i- Warren 1st ref gu g 3346
102
8414 Mar.29
93
03
841 '
Rio Grande June 1st gli 58_1930 J o
sit;
98
917 93
8
1948 Q M
Wash Cent let gold 4s
84 Aug'29
85
Rio Grande Sou 1st gold 43_1040 J J
6 May'28
8212 86
1915 F A 83
Wash Term let gu 3348
85 Aug'29
712 Apr'28
Guar 4s (Jan 1922 coupon)'40
79% 91
1945 F A 88% 1st 40-year guar 48
J
88
Rio Grande West let gold 48_1939 3, 88 Sale 85%
37
62
- -1; W Min W & N W 1st gu 56._1930 F A 97 99 97 Feb'29 ___ _ 97 97
22
75
80
1st con & coil trust 48 A..1949 AO 794 81
7812
24
7412 82
78
West Maryland lst g 4s._..1952 A 0 75 Sale 744
87
93
94
22
10
R I Ark & Louie 1st 4%8...1934 M
92 100
017 967
2
1977 J J 92 Sale 92
8
let dr ref 530 aeries A.
9314 Sale 93
4
10012 1003 1903 Aug'29 __ _ _
Rut-Canada let au g 48_ _ _ _1949 J
4
81
8
787 81 July'29
19372
81
98% 10118
West N Y & Pa 1st g 5.9
70
85%
Rutland 1st con g 4345.....1941 J 2 8118 88
3
86 Aug'29
8018 9012
Gen gold 48
1943 A 0 85 Sale 85
8414 914
96
13
1946 M
96 Sale 9512
Western Par let ser A ba
95 100
87
80% 8814 West Shore 1st 4a guar_ _2361 J
86 Sale 86
19
St Jos & Grand lel 1st 48_1947 J J 80
884
82
82 81 Aug'29
8712 854 Aug'29
LIM'& AdIr let g 5e____1996 J .1 96
9412 July'29
9412 104%
2361 J
8518
Registered
tit
81% 88%
100 102
2d gold 68
- -12
103 102 Aug'29
Wheeling dr Lake Erie1996 A 0
06 Aug'29
9512 9718
Ext'a A Impt gold ba
1930 F A ____ 9912 100 Sept'28
98
9
St L & Cairo guar g 4s
1931 J J 9
100
4
97 101
853 ____ 85 Aug'29
29
Refunding 4318 series A 1966 M
St L Ir Mt & S gen cou g 58_1931 A 0 99 Sale 99
85
92
Stamped guar be
97 102 Feb'29
Refunding Si aeries 1.1
1966 M S 92
4
1013 Dee'28
102 102
1931 A 0
93
92
23
RR let consol 4s
1049 M S 8312 85
8412
4
943
8412
Riv & 0 Div lat g 4
6
1933 MN 92% Sale 92%
83
89%
1942 J D 6218 647 6118
Wilk & East let gu g 58
9712 Aug'29
954 100
62
St L M Bridge Ter gu If 58..11130 A 0 98 100
6
74
61
58
85
10383 D
8384 Sale 833
4
8312 8812 Will 98'let gold 5s
99
Apr'29
St L-San Fran or lien 4s A-1950 M
99 100%
1960 J J 86
83% 8912 Winston-Salem S B 1st 41
8514 84
9112 86 July'29
Con Si 434eseriem A
1970 M : 85 Sale 8412
85
86
1950j j 99 Sale 98%
1949 J
9712 'Oils Wis Cent 60-yr 1st gen 4a
7732 Sale 775*
Prior lien be series
9914 15
8
773
7812 8414
99 102
:3
1004
Sup dr Dul div & term lat 48'36 M N 853 Sale 853
8
4
St Louis & San Fr Ry gen 68_1931 J J 10012 100% 1007
4
86
10
8412 9112
7
99 1 1
1943 .1 J .6
4
1
/
95 10011 Wet & Con East let 4 Me
General gold Is
90
8
913 Dee'28.__ _
1931 .1 J 99 Sale 99
S Due May • Dus June 8 Due August
High We. Low
High
Ask Low
SO
7434
6412 10' 64
N YO&W ref let g 48_June 1992 MS 64 Sale 64
70 Apr'28
Reg 115,000 only. _June 1992 M S
4 -537
s
53
8
1955 J D 527 Sale 5272
General 48
09
91
0012 June'29
N Y Providence& Boston 48 1942 AO 8414
4
893 Jan'28 ____
AO
Registered
_ -8414 89 2
-1N Y & Putnam let con gu 48 1933 AO 794 9212 8512 June'29
1
82
74% 8812
N Y SUER & West 1st ref 513_1937 J J 8118 8212 82
_
4
843 Nov'28
26 gold 45.4e
1937 FA
17
71
82
70
1940 FA 70 Sale 70
General gold 58
91 1014
91 Aug'29
95
1943 MN 91
Terminal 1st gold Se
8212 48
79% 85
82 Sale 82
N Y W-chee & B 1st ser I 448'46 J
4 10212 22 100 105
4
1960 AO 1013 10212 1013
Nord Ry ext'l 8 f 634s
72
12
9034
Norfolk South let dr ref A 56_1061 FA 7112 Sale 73
974 102
4
4
993 093 Aug'29
56_1941 MN
Norfolk & South let gold
.--
1572
New York Bond Record-Continued-Page 5
:I •
BONDSPrice
N. Y. STOCK EXCHANGE
Friday
t
Week Ended Sept. 6.
.... e.,
Sept. 6.
' . .'
Week's
Range or
Last Said
111
ca,%3
INDUSTRIALS
Ask Low
Bid
High No.
Abitibi Pow & Pap let 5s___1953 J D 8414 Sale 835
44
85
8
Abraham & Straus deb 5)41_1943
A 0 109 Sale 109
With warrants
11118 38
Adrian(' Elec Co ext1 7s_1952 A 0 7412 SO
9412 Aug'29
Adams Express coil tr g 4s__ _1948 M El 85 Sale 8418
2
85
79
Max Rubber let 15-yr pt 86_1936 .1 O 79 Sale 75
4
Alaska Gold M deb 68 A __ __1925 M 8
318 6
312 June'29
Cony deb Ss aeries B
1928 M El
318 10
3 Apr'29 Albany Peter Wrap Pat) 66_1948 A 0
9112 9112 Aug'29
Alleghany Corp cell tr 5s_ _ _1944 F A 11014 Sale 10938
893
.
112
Coll & cony bs
no .1 D 11034 Sale 10912 11112 1448
Alibi-Chalmers Mfg deb 55_1937 M N
9912 31
9914 Sale 99
Alpine-Montan Steel lst 7e_ _1955 M S 9412 96
96
3
95
Am Agri(' Chem lot ref 81730'41 F A • 105 Sale 103
6
105
Amer Beet Sug cony deb 69_1935 F A 84
1
84
89
84
American Chain deb Of 66
1933 A 0 98 Sale 98
99
3
Am Cot Oil debenture 581__--1931 MN 9818 99 9318 Aug'29
Am Cynamld deb be
1942 A 0 943 Sale 945
4
8
943
4
3
Amer Ice s f deb be
1053 J D 90
9
91
91
91
Amer I0 Chem cony 5Hs_ _1949 M N 117 Sale 116
210
119
Amer Internet Corp cony 530'49 .1 .1 1123 Sale 11112 1163 234
4
4
Am Mach & Fdy pt 68
1939 A 0 1033 105 10414 Aug'29 ____
4
American Natural Gas Corn.
Deb 630(with purch ware)'42 A 0 8312 Sale 8214
20
8
4
Am Sm & It 1st 30-yr be ser A '47 A 0 10014 Sale 9934 10012 23
Amer Sugar Ref 15-yr 6s
1937 J J 10312 Sale 103
1033
4 31
Am Telep & Teleg cony 4s
1936 F A
94 Aug'29
0338 96
1933M b--------100
2
90-year cony 4345
100
30
-year colt tr be
4
e 102
10312 51
1946 J D
.7 D
Feb'29
Registered
101
35-yr if deb bs
1960 J J 1013 Sale 1013
4
1023 104
8
4
20
-year of 5338
1943 MN 10514 Sale 105
105, 126
2
Cony deb 49s
1939.1 .1 21012 Sale 21312 22412 3960
Ain Type Found deb 130
1940 A 0 103, 104311 10311 Aug'29
8
Am Wat Wks & El col tr5s 1934 A 0 99 Sale 983
4 10014 20
Deb g lls per A
1975 MN 10412 Sale 10318
10.112 13
Am Writ Pap let g 68
1947 J .1 80
803 80
80 12 11
4
Angle-Cbilean s I deb 7s__1945 M Is 97 Sale 963
4
9712 56
AntIlla(Comp Attic)730_ _1939 J J 46 Sale 46
1
46
Ark & Mem Bridge & Ter 5/8_1964 M S 03 102
8812 Aug'29
Armour & Co 1st 430
48
1939 J D 8912 sale 89
90
Armour & Co of Del 530_ 1943._
8012 38
J 8612 Sale 85
Associated 0116% gold notes 1935 M S 10212 Sale 10112 10212 44
Atlanta Gas L let 55
3
1947 .1 D 1013
1013
4
4__1013
4
Anantic Fruit 7e ctfs den__ _1934J D
3 1212 125 May'28
8
Stamped ctfe of depoelt
./ D
10
8
____ 125 May'29 ::::
Atl Gulf & WI SS L col tr 513_1959 J .1 7112 Sale 71 14
13
72
Atlantic Refg deb 58
1937.1 J 100 Sale 100
100 4 21
,
Balclw Loco Worke let Es_ _1940 MN 10658 10712 1063
2
8 1063
3
Baragua (Comp As) 730_1937 J ..1 S638 Sale 863
863
8 11
8
Isatavian Pete gen deb 4916_1042 J J 91 Sale 0012
39
91
Beldsng-Hemingway Os
1936 J ./ 9018 91
901s Aug'29
Ben Telep of Pa 58 cries B_1948 .1 J 10318 Sale 103
• 10312 20
lot & ref 56 series C
1960 A 0 10318 Sale 10318
1033
s 10
Berlin City Elec Co deb 6;01951 .7 D 8912 Sale 88
8912 14
Deb sink fund 64;s
7
89
12
1959 F A
8912
8912 90
Berlin Elec El & Undg 6345_1056 A 0 90 Sale 89%
8
90
Beth Steel 1st & ref be guar A '42 M N 101 Sale 101
101 12 24
30-yr pm ,k Imps 75e__1930 J J 100 10012 100
1003
4 28
Cons 30
-year 68 series A 1948 F A 1043 Sale 10412 1053 141
4
4
Cons 30
-year 530 set* B
1953 F A 10412 Sale 1031s 10414 50
Bing & Bing deb 6 so
1950 m 8 92
92 Aug'29
94
Botany Cone Mills6 Sis
1934 A 0 58 Sale 58
593
4 13
Bowman-811t Hotels 79
5
1934 M B 99 100
9912
99,
2
B'way & 7th Av let cone 5p. 1943.1 D __ __ 617 637 Aug'29
8
8
Brooklyn City RR let 5s......1941 .1 J 83
2
9114 84
84
Bklyn &Ramble gen 56 A _949 ./ .1 1023 Sale 10212 1023
7
4
4
General 66 series B
9
1930 .1 .1 100 1003 100
8
10012
Bklyn-Man It T see 60
10(1
90
1968.1 J 00 Sale 8912
Bklyn Qu Co & Sub con gtd 56'41 MN ____ 7112 70
1
7112
lot be stamped
1941 .1 J 7178 Sale 7112 Aug'29 _
Brooklyn It Tr 1st cony g 0_2002 J J 85
9212 June'29 _ __ _
3-yr 7% secured notes___ _1921 J . .1 105_ 10614 Nov'n _ __ _
Bklyn Un El 1st g4-58
4
85
gi 84
1950 F A 84 Stamped Suer 4-56
84
13
1951) F A 83 Sale 83
Bklyn Un Gas 1st cons g 58_1945 M N102
1023
8
3
8
2
Jot Pen & ref Os series A _ 1947 MN i024 161 11214 Aug'29
8
Cony deb 530
1936 J .1 430 ____ 489 Aug'29:Buff & Sum Iron lets!53
1032 J D
9212 June'29 ____
Bush Terminal 1st 4s
_
1952 A 0 853
86 Aug'29 -4
Consol 58
1
1955 ./ .1 9218 147 947
947
8
Buell Term Bldgs Ess gu tax-ex '60 A 0 __ - - ---- 893
2
8
893
8
By-Prok Coke 1st 530.8_194l M N 983 101
1
8
993
4
993
4
Cal G & E Corp null & ref5s_1937 M N 98 100
98 Aug'29
Cal Petroleum cony debs t fas 1939 F A 96 Sale 96
965
8 26
Cony deb 8 f 53
0
1938 M N 9912 Sale 983
4
998 33
Camaguey Bug 1st ef g 78_1942 A 0 .73 Sale 73
1
73
Canada SS L 1st & gen 6e
1941 A 0 974 973 9714
1
9714
3
Cent Dist Tel 1st 30-yr 58_1943 J D 10114 102 10114 Aug'29
Cent Foundry let a f68May 1931 F A 55
973 977 Apr*29 ___ _
8
8
Cent Ilud G & E 5s
Jan 1957 MS 100 102 102 July'29
Central Steel leggy!85
1941 MN 1213 Sale 12112 122
4
Certain-teed Prod ...Hs A__ _1948 M El 73 Sale 7012
7473 32
Cespedes Sugar Co lot if 730'39 M El 8714 Sale 8718
1
8718
Chic City & Conn Rya 56Jan 1927 A 0 ____ 88
83 July'29
_
Ch 0 L & Coke 1st gu g 5.e._1937 J J 100 Sale 100
1003
8 17
Chicago Rya 1st 5-9 stamped
Aug 1 1929 int 10% paid 1027 F A
79 Sale 7814
7918 33
Chile Copper Co dab 58
1947.3 J
9314 Sale 93
9512 86
Cin G & E lit M 43 A
1968 A 0 84 Sale 84
8514
7
Ciearneld Bit Coal 1st
1940 J J ____ 7178 90 Dec'28
Colon 011 cony deb fis
1938 F A 9514 9558 9518
953
8 30
Colo F & 1 Co gen et Is
1043.3 J
913 92
4
97 July'29
Col Indus let & coll 58 gu__ _1934 F A 93 Sale 9012
93
2
Columbia0& E deb Es May_1952 MN 9638 Salo 965
973
4 30
Debenture 55
kpr 15 1952 A 0 9(13 0738 963
4
8
9714 15
Columbus Gas let gold Els_ _ _1932 .1 J
98
95 June'29
Columbus Sty P& L Ist 430 11)57.1 J
91
91
Aug'29
Commercial Cable 1st g 413_2397 Q .1
___ 8712 1'0'29
Commercial Credits f 85____1934 M N 87149812 9918 987
087
8
8
1
Col tr 6 f 531% notes
1035J J 9134 Sale 913
02
4
G
Comm'tInvert Tr deb 68_
1948 M S 91 Sale 903T
92
3
0
Cony deb 530
1949 F A 10512 Sale 105
10814 633
Computing-Tab-Rea s I 6s.,19411 J 103 Sale 1037
8 105
12
Conn Ily & L Ist &ref g 430 1951 J J 8314 95 95 July'29
Stamped gnar 4318
1951 J .1 8514 9318 9012
9012
4
Consul Agrical Loan 630._1958 J D 81 Sale 803
4
8114 83
Consolidated Hydro-Elm Works
of Upper Wuertemberg 7s_1956 J J 9114 9112 9214
9214
4
Cons Dal ofAId lot & ref 54_1950 J D 05 Sale 65
8514 20
Consol Gast(NY)deb 534o.._1945 I A 105 Sale 10412 105
,
50
Consumers Gm of Chia gu 58 19361 D 10018 1007 100
100
8
Consumers Power let 5e__1952 MM 100 10012 10012 Aug'29
Container Corp Int 65
1946 J D 9234 Sale 92
0231 14
15-yr deb Si with warr
1949 J L) 75
75
4
75
Copenhagen Daley 09.1eb 15 1045 F A 89 Sale 89 Aug'29
Corn Prod Itetg lit 25-yr s 7 Si':4 MN 10018 90 8
5
3
10038
Crown Cork A Baal II 63_ ,,,,104711 D 9918 100 8 10038
997 9913
997
8 22
Crown-Willametto Pap 66_1951 ./ .1 10014 Sale 100
101
13
Cuba Cane Sugar cony 7s_ IBM,J J 57
5812 10
6012 57
Cony deben stamped 8%_1930..1 .1
5814 Sale 57
5812 11
Ctfs of deposit
_
57
57
5812 57
3
Cuban Am Sugar lit coll 86_1931 fii-e 9953 Sale 9912
093
3 16
Cuban Dom Bug lit 730___1944 MN 0112 Sale
65
33
61
Certlflcates of deposit
63
___ 63
1
63
Comb T & T lot & gen 5y_,,19373 3 100 Sale 100
8
100
Cuyamel Fruit lit.I 6s A _1940 0 9314 9312 9814 Aug'29
,A
Range
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 6.
z, •
Price
Friday
Sept. 6.
Wooly,
Range er
Last Sale.
,744
Rang.
Since
Jan, 1.
Low
11108
Ask Low
Bid
Ilieb NO. Low
11108
8312 85
Denver Cons Tramw let 58_ _1933 A 0
c 22
'
0
7
6 De0817
8
DenClaa& EL lst &ref sf g 56'51 MN -6§Te Sale
3
961 101
4
10212 120
MN 983 Sale 98
Stamped Ise to Pa tax
1951
9834
96 101
4
4
88 4
834 9934 Dery Corp(D 121) 1st of 76_1942 M S ____ 55
94
55
73
55
5512
3
Second stamped
51
70
5512 Sale 51 Aug'29
__
75 10714 Detroit Edison lot con tr 503_1933
987 102
2
10012 Sale 10012 10012 19
318 4
let & ref be series A_July 1940 M
99 10434
102
10114 10314 10118
16
3
8
Gen & ref 58 series A
997 100 Aug'29
100 10414
9112 983
1st & ref Bs series B_ _July !To /t1
4
1(1638 Sale 1063
2 10712
7 10512 10853
2
9734 11112
8
Gen & ref bs ser B
1955J
10312 Sale 10114
1035
8 30 10014 1048s
Series C
100 10518
1003 103 100 Aug'29
8
98 101
Del United let cons g 430_1 9 2 F A 9612 Sale 9612
1932 J J
6
9612 98
2
9612
90 4 97
3
1940 M N 9914 Sale 99
Dodge Bros deb Bs
97 1057
s
100
156
10312 10612 D0Idiniaec)b 0 ack wef3,3
D m (J,3, sletl 6._ 1932 M N 75
o
, I) k
4,
P
787 88
8
79
79 Aug'29 _
80
90
1,1 S 90
90
98
99 9018 Aug'29
9312 99
Donner Steel let ref 75
983 10214
4
10214 Sale 10112 10214
Duke-Price Pow let 65 ser A '42 j N 1043 Sale
196 M j
6
4
1!) 1013 10512
4
104
185
Duquesne Light 1st 430 A 1967 A 0 97 Sale 9611
96 100%
97% 31
East Cuba Bug 15-yr
78
97
'
1173
2 24
• 873801 19995
9 ) 32611 Ed El Ill Bkn let con f g 7313 37 M S 8714 Sale 8714
993 8 9
4
1939.
g 4s
9312 97
1
1
9312 933 9312
4
9312
101 11631 Ed Elec III let cons g Es
1995.1 1 107
10512 1107
2
____ 106 Aug'29
103 4 10411 Edith Rockefeller McCormick
1
Trust coil tr 6% notes_ _.1934k
9104 10212
42
10112 Salo 10112 102
751s 963 Elec Pow Corp(German/963 50 M
s
8712 96
0'
9114
9112 13
9814 102
Elk Horn Coal lst & ref 630.1931 J D 9112 92
90
9518
91 18 9512 9118
9112 52
s
10112 1047
Deb 7% notes(with wareta)'311
7212 811s
713 7212 73 Jaly'29
4
9134 9712 Eqult Gas Light let con 58._1932 M
98 10014
____ 99% 991 Aug'29
96 101
Federal Light & Tr 1st 58_1942 M
9214 9634
9412 Sale 9412
95
101 10473
lot lien efse stamped_ __ _1942
9214 9714
9412 Sale 9412
941z 10 101 104
let lien 63 stamped
1942 M
10214 103 103 Aug'29
114 15 3
131
11 3
31
30
-year deb 65 ear B
9514 101
1954. 0 9833 100
1
985 Aug'29
8
4
10412 1073 Federated Metals s f 7a
987 105
4
1939 J D 10014 Sale 100
10013
6 117 171
12014 22412 Flat deb 7s (with ware)
121 124 121
14
125
102 10514
Without stock purch warrants..
90 103
46
j 90 Sale 90
13
90
98 10012 Fisk Rubber 1st o I 8s
84 1147s
206
07 Sale 96
106
101 1053 Framerle Ind & Deb 20-yr 73E0'41 J
4
101/s 10812
19
42
1023
4 30
77
8512 Francisco Sugar lst 61730-1942 MN 10214 Sale 10214
95 109
2
95 Sale 95
95
French Nat Mall SS Linea 70 1949
D
1003 103
4
102 10212 10212 10212 10
4312 199 8 Gannett Co deb 63
94
797
84
95
1043 F
92 Sale 9112
33 100
#2
93 10312 Gas & El of Berg Co cons g
106
1,3 98
____ 100 July'29
Gen Asphalt cony Os
234
1939 A 0
103 110
833 92 2 Gen Cable Ist 6 f 530 A_ _ _1947 J J 10153 Sale 10412 10434 10
5 1 9 172
2
8
947 101
,17 Sale 9
9154 8
3
62
94%78 Aug'2991
100 10318 Gen Electric deb g 33fs
941 90
8
1942 F A
1013 1013 Gen Flee(Germany) 7s Jan 15'45
4
4
J
9912 10414
10112 Sale 10112 103
30 11118 130
St deb 630 with Warr_ _ _1940 J
06 s2le 0414 105
20 129
125
1
-124 - 2;
1- -5
2
6
Without waren; attaelfd '401
913 991
4
4
15
67
20-year 5 f deb Bs
77
8711 941s
9112 Sale 905
100 10312 Gen Mot Accept deb Bs
8
9112 25 100 10314
10112 Sale 101
Geld Petrol let s I 58
10138 79
9933 10212
10018 Sale 10018
7 108 122
106 10712 Genl I'ub ((cry deb 530
1313
100,
4
8312 99
77
Gen'l Steel Cast 5348 with war '49 J J 112 Sale 112
115
9812 104
4
8912 931 Good Hope Steel & f sec 7s_ _1945 A 0 1013 Sale 10112 10214 185
:
s
9314 1007
4 1001 10814
Goodrich(B F) Co let 630_1947 1 J 94 Sale 9314
94
4
94 4
26
0 2
8
13 4 1051: Goodyear Tire & Rub lot 5E4_1957 M N 1063 Sale 1063
03
8
2
4 107
95
90
903 Sale 90
8
Gotham Silk Hosiery deb 63_1930 J
117
903
4
907 Sale 903
Gould Coupler let s f 63
87
95
4
3 68% 100
99 ,
9078s
81
7014 73
at Cons El Power (Japan)78_13.13
871,
7112
2
7112
1
1
0514 9012
96 Sale 96
gen I 630
18
10501 J
8714 92
94
97
863 0512
4
e
Great Falls Power 151 5 f 58,.. 1940 7.1 N 877
9772 104
22 1043 107
4
Sale 108712 Apr24
Gulf States Steel deb 5343_ 1942 J D
6
887(
9
99
96
-963 98
4
1074 102 4 Hackensack Water lot 48_1952 J
92 2 9 3
5
8213 8711
100 4 10414 Harper, Mining 63 with stk much
3
91 Sale 97
91'8
94 19
94
7
war for coni stock or Am sirs '49 J J
92 100
8913 94
9612 _-__ 9612 Aug'29
58
74 4 Hartford St Ry 1st0
,
0612 9612
Havana Dec coconsulg 5s
3
100
5
19 2 F S
9 9M A
6:35412
87
(3311 9758 37 80 7012
87
a3I
Deb 5340 series of 1920_,,195i M
I 59 87
63
8 : 92 3
9 371 77 2
6
:
15
Hoe (It) & Co 18t 630 ser A_1934 Al N 91 Sale 89
A O
33
941s
98 100
99 Aug'29
10012 10513 Holland-Amer Line 6e (flat)_1947
99 10323
7212 Sale 7212
7312 33
Hudson Coal lsts!SsserA,,1962 1
85
71
2
131 N Inn's 10212 ton
Hudson Co Gas 1st g 5s
10034
89344 1933
9 4 9 4
8
1940
8
99 105
10038 62 100 1021s
63
78 2 Humble Olt& Refining 530_1932 J J 10058 Sale 10014
,
al
04
Deb gold 551037 A 0
6812 83
93 10112
4
19133 SS e 1913
0 4
0 1 10 L 32 10114 1047
9
92 i
9
9212 921 Mine:3 Bell Telephone 561 32 J
_ 1956
2
6
IllIncds Steel deb 430
1940 A 0 _9 1 lm
93 4 100
7
2 2 Sai
%
May914
92
'9
m er Sts
92l Ilsedw„ oeel Corp s 17e
83°3
1940 F O
A A
103 10312
83 Sale 8212
83
44
93
33
9214
81
793
8
2
10112 10614 Indiana Limestone 1st f 68_1945 j3i N 7713 Sale 7712
4
19 1 M N
7712 92
8
Ind Nat Gas & 011 be
112 118
1936 mA No 101, ---- 10114 Aug'29
9712 102
le
73 10112 105
105
Indiana Steel 1st 58
1972
354 489
58
79
9213 9618 Inland Steel 1st 430
8984 03
10 112 SaleSSaa
12
9
1041122
941
9
191 12 51 10084 10213
0
Insplration Con Copper 630 1931 M
88
912 20
1912 May'29
85
91
1956 A 0
993 Interboro Metrop 434s
4
1913 1913
13312 Sale 6312
40
84
893s 10433 Interboro Rap Tran let 56_1966
J
6018 7912
7212
J J 6312 Sale 65 mat:40 38
Stamped
993 102
4
60
7912
93 103
stered
76
7612
"WO 54 -54-12 54
9
10
5412
-year 615
9212 102
4913 84
22
10
-year cony 7% notes_1932 M S
1932
9612 10314
89
991
4
912 91e 9
8
9
g2
72
9712 lot Agri(' Corp 1st 20-yr 5e_1932 1W N 92 8 3 9212 A 1199192
9013 95
79
79 Aug'29
Stamped extended to 1942_ _ M N 73
97 10112
7612 8113
1W N 102 Sale 9913 10134 (17
1948
10118 10414 Int Cement cony deb 5e
9812 11812
943
4 511
1947 M ' 9412 Sale 9334
14
96
0813 Internal Match deb 55
933 99
8
j
10018
Inter Mercan Marines t 611._194 1 1 0 10013 Sale 10018
100 102
9913 102
86 Sale 85
29
12114 12412 Internat Paper 5s ser A & B _1947
8t
965
8
S91
8
Ref 6(is tier A
83
68
873 97
4
9
0
9613'3 117
880 4
5
Int Telep Teleg deb g 430 195 F j 89 S
2
2
13 91
J 9112 99 8812
95
8716 100
8814 9512
Sale 21112 224 1373 10912 224
ony deb 430
83
65
C 213 10
10_11_2 ,14 19113 m5r 15
812 0
2
8
I028, 27_ 1003 10514
.
Kansas City Pow & I.t
4
100 103
let gold 430 series B
1957
98 10012
i0 58 Sale 10353 104
3
9 102 106
Kansas Gas & Electric (1e...._1952 M
pA
86
77
____ 833 8412 Aug'29
s
11)46
8112 97
9212 9612 Keith (11 F) Corp lee 0s
903 963
4
M j
4
84
8914 Kendall Co 530 with warr 1948 1 8 91_
9 7 91 Joly•29
84 8 0
2
91
95
Keystone Tel,Co let 56_1935
85
i5658
101
Aug'29
County , Pif 58_1037 A 0
t4 t E1 & Os
10013 10412
El y
"or
8
12018 12i7 12512 12512
3 12512 13u
1sPurchase
ng
97
9912
A
ly 1st g 46_1094992 F A 73 Sale 78
85
78
90
987
4
7912
79
82
79
9012 10012
101 102 172 July'29
09
%
7789
9612 99
Kings County Lighting 50._ _11995449 J
42 102 10514
113 11512
J J
Aug'29
First & ref 6
95
113 11614
998
4
103 Salo 103
13
3019 6
(13 4
5
9012 93 4 RInneY (011)& Co 734% notes'34 J
10112 10712
3
104
10 100 10414
8712 8712 Kresge Found'n coil tr 68_1938 J D 104 Sale 10231
909
94
96 10312
9912 Kreuger & Toll Si with war 1459 M li 102 Sale 10012 102
100 101
Lackwanna Steel 1st Is A....1950 M
87
97
96 10212
9753 1017
903 9812 Lacel Gas 01St L ref&ext 56_1934 A 0 9312 100
s
s
10
9
,
Col 54 ref 530 series C_1953 F A 102 2 Sale 1°281422
101 02512 2
9
8
9014 11014
10012 10512
Lautaro Nitrate Co cony 63_1054
1037 106
8
9914 Sale
With warrants
99
95
99 104
235
94
99 Aug'29
93
Lehigh C & Nays I 430 A_1954
9 '
901e 09
93
4
J 93
993
4
.
7918 8712 Lehigh Valley Coal let g 58__1033 J J 981 Sale
9 OM 101
9
9814 Oc28
7
1st 40-yr gu int red to 4%_I933
r
J 9414 96
101 10112 101
1st & ref s 1 MF
8914 973
Aug'29
4
101 101
_ 9134 88, May'29
1934 F A
94 I
9 ,
5
4
1st & refs f 53
73 4
3
63
80
933
4
r4
7
743 88
4 74
104 1063
ist & ref a f 59
934
4
74
71
1044 FA
F97
A
9813 10153
1st & ref a I Ers
May'29
88
88
787 88 Mar'29
8
let E4 ref it 58
100 104
88
904
89 10012 Lex Aye & PP 1st(pi g Be
1(193‘
11
66
9112 Liggett & Myers Tobacco 70_1944 A 0
4 -iiii4
i ()
2
i
F A
0012
O3331i l4*:;1°- 10
3
89
1607341344 M1Y01'602718:
98 103
9
gists 103
6
0 2 E 071 10612 107
Loew's Inc deb 69 with warr_1941 A 0 10212 133432 ,
3
8
be9
1 5
103 123,
95 100
Without stock pur warrants_ A 0
on loots
22
9814 10314 Lombard Elee lot is with war '527 D 99 Salo 987
2
9312
9
9514 102
10712 S13 10712 19212
57
92 1 ale 92
7918 L.251,11ibtahrd5o(41(t:w)arra
J
Cobusts
07
90
On
67
80
4 10612 11313
1944
(Icy) 58_ 1952 A 0
8012 sale 9912
5712 5718
764 917
6112
4
7
1951 F A
9912 1033
85 Sale 85
4
84
8972
1937
28
119 Sale 99
55
WIN
977 Louisville Gm & El
3
99 104
100
83
12
63
70
91
Louisville By 1st cons be___ _1930
917 02 June'29
8
95
90
99 103
Lower Austrian Ilydro El Pow
8112 8012 Aug'29
lets'6316
9712 102
8012 8712
1944 F A
211
1:4
in&
1gig,'2
1
New York Bond Record—Concluded—Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 8.
Price
Friday
Sept. 6.
Wears
Rouge dr
Last Bale.
Slob No.
Ask Low
Bid
3
McCrory Stores Corp deb 5}8'41 3 D 96
96%
9612 96
Manati Sugar let I 73M-1942 A 0 8014 Sale 80
5
8112
/
1
Manhat Ry(NY)cons g 49_1990 A 0 524 Sale 5218
5312 28
2d 48
60 MaY'29
Manila Eleo Ry & Lt f 59-11363 1: 9512 100 95
95
11
Marlon Steam Shove if 6s-1947 A 0 87 888 88
2
89
e
Mfrs Tr Co otfe of partio In
3
A I Namm & Son let 88_1943 J D 9514 98 95
95
27
Market St Ry 78 ser A April 1940 Q J 88 Bale 88
89
27
Meridional El let7s1057 A 0 9553 9814 9414
95'
1
Metr Ed lat & ref 5s ser C
10
1957 J J 99% 10011 9912 1001
53
Mete WestSide El(Chic)46_1938 F A 7212 76 73 Aug'29 -Miag Mill Mach 7e with war 1056 J D 92 97 93 July'29 _ _
J D 86 Bale 86
1
Without warrants
86
99 Bale 9912 100 226
Midvale Steel &0cony f 58_1936 61
/
1
4
Milw El Ry & Lt ref di ext 430'31 J
1
981
9811 99 9812
D 9712 103 10114 Aug'29
Gene-ti & ref 58 series A-1951
Mt es ref 58 series B
13
98 Bale 9734
98
Montana Power let 56 A--_1943 .7 D 10014 Bale 10014 10012
9
6
9 13
Deb 58 series A
9712
9412 9512 97
7
Montecatini Min de Agrla-1962 D
110
Deb 7e with warrants
39
1937 3 3 110 Sale 104
J J 9414 Bale 944
/
1
9414 13
Without warrants
/ 98 95 3
1
4
Montreal Tram let & ref 58_1941 J 3 95
3
96 2 19
,
Gen & ref f be series A__1955 A 0
96 95 June'29
1955 A 0 9312 -- 9514 lVfay'29
Series B
Morris es Co let s I 410-1939 J
82
/
1
817 Sale 81
4
8
5
Mortgage-Bond Co 48 tier 2 1966 A 0 73 90 75 Aug'29
10 -year 58 series 3
95
1932 J J 95 Sale 95
-25
2
166_ 99 9853 981 1
Murray Body let8He
/
4
10012 10012
Mutual Fuel Gas let gu 58.1 117 fv1 2
1
1
Mut Un Tel gtd fie est at 5% 1941 MN
98 Feb'29
Namm (A I)& Son—See Mfrs Tr
Nassau Eleo guar gold 4s
5112 51
1951 3 J 51
5112
2
Nat Acme lat s f
- 10114 Aug'29
1013
4
Nat Dairy Prod deb 5318_ _1148 3 D 96 Eiiie 954
/
1
42 F A
9612 77
Nat Radiator deb 63es
43
1947 F A 4112 43 411
13
Nat Starch 20
98 100 99 Aug'29 _
-year deb 58.__1930 3
National Tube let 51 5s
4
/
4
/
1
1952 MN 10418 1043 1041 1044 15
Newark Consol Gas cons 58-1948 3 D 100 Sale 100
100
1
New England Tel& Tel Ifs A 1952 J D 1023 Sale 10214 10234 30
4
1961 M N 9714 Sale 97
letg434eeerleeB
9714 16
New On Pub Serv let 15s A-1952 A 0 80
e 88
89
14
5
85
First & ref 5a series B1955 J D 85 Sale 85
N Y Dock 50
-year let g 4s 1951 F A 80 Sale 80
80
11
1938 A 0 7858 Bale 7812
Seria15% notes
79
3
N Y Edleon 1st & ref6 MS A-1941 A 0 11012 Sale 11012 11134 14
let lien dc ref 5s series 13_ I944 A 0 10112 Sale 10112 1021
3
NYGasElLtH&Prg 56_1948 J D 104
- 104
104
1
Purchase money gold 4s_ _1949 F A 90 - - 90
903
4
90
6
NYLE&WDock&Imp5s1943 J .1 971 99 97% July'29
/
4
N Y & Q El L & P 1st g 58_ _1930 F A 984 100 9818 Aug'29
/
1
N Y Rys lat R E & ref 48_1942 J J 40 54 56 Jan'29
Certificatee of deposit
40 _
564 Mar'29
/
1
30
-year ad1 Inc 5e_ _Jan 1942 A 0
Aug'29
Certificates of deposit
-N Y Rye Corp Inc 6s___Jan 1965 Apr
......5E8 Sale
9
/ 64
1
4
Prior lien 68series A
1965 J J 74 Sale 74
74
3
N Y ds Richm Gas lst fie A _1951
N
--1
NY State Rye let cons 430_1962 MN 10312 Mile 10312 1031
2612
2612
271
25
let cone 6 He fatties B
1962 M N 314 3312 3114
/
1
3112 • 6
NY Steam let 25-yr ths ser A 1947 61 N 107 10712
108
6
N Y Telep let & gene 1430_1939 M N 9738 Sale 106
97
9712 49
80
-year deben e f 63__Feb 1949 F A 11012 Bale 11014
111
13
20
-year refunding gold 68_1941 A 0 107 Bale 105
/ 10714 53
1
4
N Y Trap Rock let Se
1946 J D 9614 Ehde 9614
963
4
9
Niagara Falls Power let 58..1932 J
100 Sale 100
100
22
Ref & gen 68
1932 A 0 1011g Bale 101
Jan
10118 57
Meg Lock &0Pr 1st 56 A_ _1955 A 0 99
993 9914
4
993
4
2
Norddeutsche Lloyd (Bremen)
20
-year sf6s
1947 M N 91 Sale 91
92
54
Nor Amer Cem deb 630 A.._1940 M S 69 Sale 69
70
13
No Am Edison deb 5s see A 1957 61
99 Sale 985
8 100
17
Deb 53es serB____Aug 15 1983 F A 100 Sale 9934 100 8 47
5
Nor Ohio Tree & Light68_1947 M S 9934 Sale 993
4
/
1
Nor States Pow 25-yr 53 A 1941 A 0 981 Sale 9814 1004 12
/
4
9812 21
let & ref 5-yr 69 series 13.._1941 A 0 10412 Sale 104
105
North W T lst fd g 4148 gtd_1934 J 3 944 98 98 Aug'29 11
/
1
Norweg Hydro-El Nit 530_1957 MN 893 Bale 8814
4
89
/
1
4
Ohio Public Service 714e A _1948 A 0 10914 110 1094 10912 35
/
1
5
let & ref 76 series 13
10914 10912 10912 10912
6
Ohio River Edison let 641
1021 10212 Aug'29
/
4
19:78
Old Ben Coal let 66
1944 F A 83 Sale 83
83
1
Ontario Power N F let 58_1943 F A 102 Sate 102
1021 12
/
4
Ontario Transmission let 58_1945 M N _
993 100 Aug'29
4
Oriental Dove]guar Os
1953 al 8 ous sale 90
9038 51
Extl deb 5338 int etre.....1958 MN 8412 Sale 83
84
24
Oslo Gas & El Wks exti 5a._1963 M
88 Sale 86
8718 18
Otis Steel lst MI% Her A _
1941 M 8 102 Sale 10134 102
4
Pacific Gas & El gen & ref be 1942 J J 1011s Bale 10012 102
12
Pac Pow & Lt let& ref 20-yr 58'30 F A 984 Bale 984
/
1
/
1
99
15
Pacific Tel & Tel let be
1937 J J 10118 --- 10118 1014 19
/
1
Ref mtge 1513 series A
1952 MN 10114 Sale 10114 10014
Pan-Amer P & T cony if 68_1934 MN 10978 Sale 10912 11014
54
let lien cony 10-yr 72
1930 F A 10414 -- 10434 10434 15
Pan-Am Pet Co(of Cal)cony 6s'40 J D 94 Sale- 933
8
9512
8
Paramount-B'way let 5348_ _1951 J J 100 Sale 100
10018 11
Paramount-Fein's-Lasky 63_1947 J D 98 Sale 9714
9818 19
Park-Lax let leasehold 6)4e 1953 J
844 85 8213
/
1
823
4
5
Pat & Passaic0& El cons 58 1949 M S 9812 104 9912 June'29
Pathe Exch deb 7e with warr 1937 M N 70 Sale 70
7112 25
Penn-Dixie Cement 63 A_
194i M S 79 Sale 79
83
Peop Gas & C ist cons g 613_1943 A 0 110 111 11014 Aug'29 13
Refunding gold 5e
1947 M 6 10114 102 2 101
,
10114 24
Philadelphia Co see 56(ler A.1967 J D 98 Sale 96
9634 45
Phila Ewe Co let 4He
1967 MN 971 99 971
/
4
/
4
9712
1
Phil& & Reading C & I ref 5a-1973 1 J 86 Sale 86
8612 21
Cony deb 65
10412 10814 280
Phil ps Petrol deb ISHe
1939 DI D 1884 Site 8811
.
49 J EI 057 p °
90
44
Pierce-Arrow Mot Car deb 881943 M
- 10934 Aug'29
Pierce 011 deb e f 8a—Deo 15 1931 J D i0512 107 10512 Aug'29
PillsburyFl Mills 20-yr 83_1943 A 0 102 Bale 10138 1021
/
4
Pirelli Co(Italy)cony 75.-1952 N 138 145 143 Aug'29 16
Pocah Con Collieries let 81681967 J J 94
/
1
4
/ -- 94 Aug'29
1
4
Port Arthur Can & Dk 65 A 1953 F A 102 1031 102
4
- /
103
2
merles B
let M
1953 F A 97 103 10212 Aug'29
Portland Eleo Pow let 6813_1947 MN 9712 sale 9712
99
3
Portland Gen Eleo lat Bi--1935 J J
98 4 9814
,
9814
1
Portland Ry let & ref M____1930 M N 961s Sale 9618
9618
1
Portland Ry L & P let ref 5a_1942 F A 9712 Sam 971
/
4
98
3
lat ilen & ref 66 series'13___1947 MN 9712 100 99 Aug'29
let lien & ref 7Hsseam A.1946 MN 10612 10712 10712 Aug'29
Porto Rican Am Tob cony 6s 19423 J 96 Sale 95
96
35
p04/31 yeleg & Cable coil 56_1953 J
9012 Sale 90
9112 37
Pressed Steel Car cony g 58__1933 J J
873 8712
8
88
8
Prod & Ref s f 8e(with war)_1931 J D
111 Mar'29
Without warrants attached__ J D
10912 May'29
Sac!Corp N J deb 4He.1948 F A 274 ---- 2721 280
Pub
/
4
27
Pub Eery El& Gas lat & ref 58'65 J D 103
103
- 103
1
let & ref 430
.......—1967 D 97 fiide 9614
97
58
Punta Alegre Sugar deb 78_1937 J J 771 80 80 Aug'29
/
4
Pure 011.1114% notes
/
4
1937 F A 971 Sale 9712
9814 23
Purity 13akeries Idol) 5S
1948 J
92
9111 9
7
3 91
Remington Arms 13.
1937 PA N 95 Sale 95
9534
6
Rem Rand deb 530 with war '47 MN 9711 Sale 9714
9812 127
Repubho Brass 65
July 1948 M
10238
101 1013 102
4
7
Flat:tub & S 10-30-yr bee i_..1940 A 0 10014 Sale 10014 10012
6
Roe & gen Ole steed A- —1953 J J 10212
10212 18
Bale 102
Ram.
Since
BONDS
N. Y. STOCK EXCHANoie
Week Ended Sept. 6.
E•
Low
92
80
52 8
,
588
4
9312
87
1573
Price
Friday
Sept. 6.
Wears;
Mum or
Lass Bale.
High
Bid
Ask Low
HWY No.
9938 Reinelbe Union 78 with war_1946 J J 1054 1061 106
/
1
10612
8
/
4
100
/
1
4
J 96 Sale 95
/
1
4
Without stk purch war_ _1946
28
96
/ 100
1
4
88
Rhine
-Main-Danube 78 A_ __1950 M S 9912 994 99
56
/
1
60 Rhine-Westphalia Elm Pow 74'50 M N 100 Sale 100
5s
8
10014
10412
1925 MN 87 Sale 87
/
1
4
Direct mtge 6e
8812 17
93
9912
12
Cons m 68 of '28 with war-1953 F A 9034 Sale 9034
_ 8512 8738 85
5
8512
Without warrants
94 105 Richfield Oil of Calif 69_ _ _ _1944 lifi N 102 Sale 10112 102
/
1
4
34
66
1033 F A 0134
80
97 Rims Steel lits 75
/
1
4
2
9314
93 4
3
93 9834 Rochester Gas& El 7s ear B_1948 IN /3 10618 1074 106
/
1
106
1
9813 103
1948 M S 1003 1037 10434 Aug'29
4
2
Gen mtge 5Hs Berke0
72 8014
/
1
4
Gen mtge 430 series D
1977 MS 93 98 99 Apr'29
9212 984 Ruch & Pitts C&IPm Ss..l946M N 90 100 90
/
1
90
1
84
944
/
1
8
941z Elt Joe Ry Lt & Pr let 5s
3
1937 M N 935 941 941e
97 10018 St Joseph Stk Yds let 433s-1930 J J
-- 99 Feb'29
9713 9958 St L Rock Mt& P 58 etmpd_1955 J
64
64
2
98 103 St Paul City Cable cons 5s 1937 J J r--- 91 92 June'29 ....„
9714 1014 San Antonio Pub Sem let 6e_1952 J J 10212 1031 103
/
1
1033
4
9
98 104 Saxon Pub Wks(Germany) 7s'45 F A 94 Sale 9358
95
22
1951 MN 87 Sale 87
97 101
88
9
Gen ref guar 630
Schulco Co guar OM
10463 .1 8012 85 80 Aug'29
104 127
1946 A 0 80 Sale 80
80%
Guar a f6 Hs series B
9712
93 9914 Sharon Steel Hoop s 530-1948M N 9714 971 9912
1
94
9988 Shell Pipe Lines f deb 513_1952 MN 9212 Sale 92
/
1
4
93
/ 34
1
4
/
1
93
/ 96 4 Shell Union Oil s f deb 5s-1947 M N 9512 Sale 954
1
4
9618 47
3
95% 98% Shinyetsu El Pow 1st 6He_ _1952 J D 863 Bale 8614
4
8612 35
81
/ 8812 Shubert Theatre 6s_June 15 1942 J D 73
1
4
75 73 Aug'29
100 101 103
75 8112 Siemens & Halske f 7a
103
3
1935 J
95
67
9712
1951 M S 10218 Sale 10218 105
Debut8Hs
9814 102 /Herm & San Fran Power 58_1949 F A 95 97 9518
951a
1
99 104 Silesia Elm Corp s f6Hs— 1948 F A 8038 85 82 Aug'29 _
/
1
4
96
98 98 Silesian-Am Exp coil tr 78-1941 F A 96 Sale 9534
17
_
1929 m N 100 101 100 Aug'29
Simms Petrol6% notes
10112 Sale 10118 102
50
64 Sinclair Cons 01115-year 7e_ _1937 m
70
101 10214
9814 22
8
90M S
103 j D 9818 Sale 98
let lien coil Os series D
9914 Sale 9834
9312 977
9912 61
a
1st lien 630series D
40 8214 Sincalir Crude Oil 535s eer A_193 i s 95 Sale 9434
9512 56
193 as J
8
9
98
93
37
9912 Sinclair Pipe Line 31 58
1942 A 0 93 Sale 9212
89
99 10458 Skelly 011 deb &Hs
90 8912
3
8912
99 10312 Smith(A 0)Corp let 6348_1933 M N 102 Sale 10178 10212 10
105
101 107 80 1th Porto Rico sugar 78 1941 j 0 105 10578 105
/
1
4
J 3
1
,
1003 101 10038 100
8
96 10014 South Bell Tel&
/ 17
1
4
1st815a 1941
88
1013
4 14
9834 Southern Colo Power (is A 1947 J J 10112 Bale 101
85
9612 S'west Bell Tel let & ref 55_ _1954 F A 1011e Sale 10138 10112 33
80
87 Spring Val Water 1st g 5s
/
1
4
1945 hi N 9614 98 98 Aug'29
3m
/
1
99
7714 90 Standard
1
1930 M N 984 100 99
let 5s
dard
a re
$ 10018 10214 9834 Aug'29
11012 11534
101 105 Stand Oil of N J deb Es Deo 15'46 F A 101 Sale 10034 10114 110
9312 52
10312 10712 Stand 01101 NY deb 4348_1951 3 D 93 Salo 9212
/
1
4
9458 10
90
94 Stevens Hotel let6e series A.1945 J J 93 94 93
97% 98% Sugar Estates (Oriente) 76-1942 M S 72 Sale 72
72
5
102
98 10018 Syracuse Lighting 1st g 55-1951 3 D 102 105 102
1
-- 102 Aug'29
56
56 Tenn Coal Iron & RR gen 56_1951
s
1941 A s
56
58 Tenn Cop & Chem deb 8eA_1044 m O 1047 10514 10312 10514 23
Sale 10312 105
105
24
1
258
Cony deb (is ser B
j
104
/ 24
1
4
4
1
119067 jAj oj
Tennessee Elea Pow 1st 68_19370 l D 104 10412 104
53
54 53
53
/ 12
1
4
7% 2412 Third Ave 1st ref 48
353 Sale 3534
4
36
5
7212 87 Thim AT 5eR taiat 0 N Jan 1960
Adjl e y x-ex tAY
9112 Sale 91
92
/
1
4
4
10114 106
/
1
96
20
1955 31 S 954 Sale 9512
2513 54 TohoElec Pow 1st 78
963 July'29
8
993
2
tes___July 15 1032 3 J
30
70
go
6% 3 ld notAs
-95i2 &Ye 9514
96
36
103 108
6
96 101
Tokyo Elm Light Co, Ltd 1033 D
8612 Sale 8614
87
109 1114
/ /
1
4
107
1
let 135 dollar seriee
9914 993 9914
2
9914 11
104 10812 Toledo Tr L & P 534% notes 1930
/
1
4
102% Bale 1014 104
/
1
98 101
79
Transcont 011 6He with war 1938 J
9214 -- 91 Aug'29
100 103
Without warrants
985 102 1001z Aug'29
8
10014 103 Trenton & El let g 5s____1949
/
1
4
9514
99 10418 Truax-Tmer Coal cony 6331_1943 MN 95% Sale 95%
3
Trumbull Steel lets f 6s__- _1940 M N 10212 Sale 10212 10212 15
_ 47
/ 57 June'29
1
4
90 94 Twenty-third St Ry ref 55-1962 J
68 so Tyrol Hydro-Elec Pow 73481955M N -911s 98 97 Aug'29
9112
98 102
/
1
4
8
6
1052 &I A 87 Sale 87
94 F s
Guar see s f Ts
/
4
8
963
8
963 Sale 961
99 1014 Ujigawa El Pow s f 7e
/
1
9
/
1
4
9918 20
99 10314 Unlon A euL & Pr(Mo)53_ 1932 M S 99 99 99
t
Ref Eleo ;
984 10
/
1
9812 Sale 9812
9712 10134
4 22
104 1061 Un E L&P(RI)lstg53Meer A' I, ; 10018 Sale 10018 1003
/
4
1931 l
_ 5!
77 81 June'29
/
1
4
1945 A 0
947 105% Union Elev Ry (Chic)53
8
9934 Aug'29
8712 9213 Union Oil let lien s 1 be
1931 J J
109 4 11313
,
30-yr 119 series A__May 1942 F A iaLre 106 10538 10512 29
963
4 10
10914 11512
3
95 A 8
1st lien s f 58 series C_Feb 1953 N 0 9614 Sale 9618
97 97
97
102 10712 United Biscuit of Am deb 65_1942 M N 98
2
92
92 Sale 91
82% 91
91
United Drug 25-yr 5
,
8
791 7814 Aug'29
78
99 102
/ Dniz
1 UA ted s tL1stg 4___ -1037 .A
4
1934 1 !
13_3765 ,3
951e 991 9513
97 103
9513
SS Co
84
96 97
/ Un Stee Works Corp 6348 A_ 1051 J D 84 Sale 83
1
4
93 i D
18
seriesID
83
83 Sale 811
/
4
83
90
32
85
9314 United f3teLle uof Burbach
f
rAeh_D tkse el3
100 10312
A 0 10114 Bale 10114 10234 14
86
55
99 10212
Rubber 1st & ref 53 ser A 1947 1 .1 86 Sale 85
/
1
4
9712 10012
4 59
10-yr 73-4% secured notes_1930 F A 99 Sale 9912 1003
/
1
9912 1034 U S Steel Corp(Coupon Apr 1963 If N 1094 Sale 10912 1094 177
/
1
/
1
101 105 8
108 Aug'29
5
3110-130-yr 561 Regis__Apr 1963 MN
102 11014 Universal Pipe ai Red deb 68 19303 D 7884 82 7812 Aug'29
/
1
4
10258 105
85
13
84 851 83
Unterelbe Pr & Lt E5
/
1
4
92
9812 Utah Lt& Tree lst & ref 5e 1944A 0 90 Sale 90
/
1
4
90
/
1
4
1
953 A
9714 103 Utah Power & Lt let 59
901
4 22
1944 F A 97 Sale 90
9658 10034 Utica Elea L & P 1st s f g 58_1950
103 --- 96
9714
7
82 95
102 Sale 102
10212 14
/ Utica Gas& Elec ref & ext 58 1957 J
1
4
99 105
/
1
4
9012 12
Utilities Power & Light 530_1947 3 D 90 Sale 90
58
84
78 74
77
5
Vertientes Sugar let ref 7a..1942 J D 75
79
/ 3013
1
4
251e 34
97
3012
/ Victor Fuel let f 5s
1
4
1
110 113
70 73 69 Aug'29 _
Va Iron Coal & Coke lst g 58 1949 3
953 91
100 10524 Va Ry & Pow Ist & ref 5e-1934 J
/
1
4
1007 Sale 100
8
1007
s 15
96 100
/
4
9812
7
Walworth deb 6348(with war)'35 A o 97% Sale 971
/
1
951a 10012
844 844
/
1
84 • 4
/
1
4
Without warrants
81
04
88
let sink fund 6e series A1945 A 0 87 Sale 87
13
9114 118
18
Warner Sugar Ratio let 73_1941 J D 100 Sale 957e 101
88
94
5958 Sale 59
Warner Sugar Corp 1st 76-1939
/
1
4
63
6
106 104134 Warner-Quinlan deb 68
963 Sale 9612
4
1939 M
9712 59
10514 107
9912 1003 100
5
100
Wash Water Power s f 58._ __I939 J
8
10138 106
Westches Ltg g Se stmpd gut 19503 D 100 10312 102 Aug'29
119 15412 West Pennriei Eer sat A 58_1946 111 8 10134 Sale 101
ist ai.e rr
1013
4 12
9412 95
9
1983 M
10014 1007 10014 101
8
100 105
14
6
let 533s series F
1953 A 0 10318 107 10118 104
10112 10558
let sec 58 series
1956 J D 100 10112 100
10014 23
97 2 10314 West Va C &C let 63
,
1318 18
18
18
1
98 102
Western Electric deb Ess. _ _19 3 0 101 Bale 10078 1017
49 A 3
1
8 13
95 8 99
5
Western Union coil It cur 58_1938 J J 10014 Sale 100
100 4
,
5
9512 100
Fund & ret 434s_ __ _1950 M N 971 Sale 9714
/
4
9812
2
9612 1021
/
4
1938 F A 10712 Sale 10614 108
77
105 10712
25
-year Ho1115541
75
101 Sale 101
102
9412 107
Westphalia Lfn El Pow 84_ 1953 3 D 7934 Sale 7914
19 J J
51
80
31
89
95
Wheeling Steel Corp let 530 1948 J J 9912 Sale 9812
9983 24
87
12 99
let & ref 433s series Et_ _ _1953 A 0 8512 Bale 8518
85
64
111 111
White Eagle 011& Ref deb 530'37
109 1121
/
4
With stock perch warrants___ 131 8 101 Sale 1001s 101
27
172 280
White Sew Mach Os(with war)'813 J J
100 Aug'29
_
101 10512
Without warrants
"io" 18 86
.89
21
96
99
/
1
4
Partici a 1 deb 64
86 Sale 86
86
1
75 88
Wickwire Been 51 1 1st 7s— 1949M N 4212 Sale 41
,
935 JJ
4212 22
96 4 10014
8
Ctf dep Chase Nat Bank..... -- 41 Sale 41
43
20
89 4 98
3
Wickwire Sp St'l Co 7e_Jan 1935 MN 44 Sale 4158
44
13
95 101
CU step Chase Nat Bank......... 44 Sale 42
43
32
9114 9812
Ctfs dep Chase Nat 13k stpd
4512 Aug'29 _
102 10358 Willys-Overland i 11330.- 1933 51-11 101
10112 12
10018 10314 Wilson & Co let 25-yr s f 68-1941 A 0 9812 dife 101
Sale 984
/
1
997
8
9912 104
Winchester Repeat Arms 733s'41 A 0 .10612 Sale 10612 10612 27
5
Youngstown Sheet & Tube Ii 1978 J J 100 Sale 9034 10014
63
5r.
,1
4
Baste
Bina
Jan.la
Low 99 10612
92 98
9712 103
100 102
87
9318
90 931.
85 8914
9914 1021a
91
96
10414 110
10312 107
85 10014
14
90 90
93
/ 98
1
4
/
1
4
99 99
64 72
92 94
1014 1074
9212 10011
87 9414
80 101
80 101
9412 9712
911 97
/
4
94
9878
8312 94
62
/ 902
1
4
9912 105
1001 108
/
4
95 101
82 89
9558 99
99 100
100 103
/
1
4
/
1
4
98 100
97 1014
/
1
4
/
1
9312 97 4
3
92 95
8912 051.
9914 10214
101 107
9978 104
/
1
4
100 10412
101 105
/
1
4
9612 101
/
1
4
98 102
9514 106
100 10314
9212 98
93 100
65 98
102 107
10158 10512
102 115
100 107
10211 107
50 66
35 6414
90
9714
95 99 4
12
1
98 10012
.
1
9514 954
1
86
91
/
1
4
98 100
/
1
4
/
1
4
96 1044
91
91
98 100
/
1
4
90 103
/
1
4
101 10844
57 62
95% 9912
8718 9312
95 100
987 101
8
9784 1011
/
4
100 104
/
1
4
81
87
/
1
4
98 10158
104 4 10913
3
94 1011.1
95 a 1001
7
2
9714
90
7814 84
12
90 100
8212 9013
8112 9014
1004 108
/
1
92%
84
9912 102
/
1
4
107 1095,
10634 109
7812 90
83 91
89
9612
90 101
96 10434
102 107
8912 98
68
9738
28
60
69 82
9713 101
8712 103
847 87
8
12
8634 93
957 10712
3
595 8544
8
94
991
4
9912 102
/
1
4
101 105 4
1
10034104
100 105
101 105
/
1
4
100 1044
/
1
15
3314
10014 10314
100 1041
4
95 991
4
10614 111
9914 103
/
1
4
79
90
98 102
84 8714
/
1
4
98 1057s
98 130
80 9912
/
1
4
85 100
401 61
4
3971 47
40 6014
4014 48
414 46
100 102
/
1
4
98 10312
1061 103
4
9914 101
FINANCIAL CHRONICLE
1574
[Vol,. 129.
Outside Stock Exchanges
of transactions at
the Boston Stock Exchange, Aug. 31 to Sept. 30, both inclusive, compiled from official sales lists:
Boston Stock Exchange. Record
Stocks-
Sales
Artdar
Last Week's Range for
1Veek.
of Prices.
Sale
Par. Price. Low. High. Shares.
RailroadOoston & Albany .. _ 100
Seaton Elevated_ . 100
100
Preferred
100
1st preferred
100
preferred
20
25nton & Maine
Preferred unstamped_100
Series A 1st 1)1 unstp_100
Series B 1st pf unstp 100
Ser D 1st pref unstpd.100
Common stamped A00
Prior preferred stpd_100
_SOO
Ser A Ist rad 2tpd
_100
SerB 1st pf stet'.
pfd stpd--100
Ser C 1st
Ser 13 1st pref stpd_100
Boston & Providence_ _100
,91_100
Chic Jet Ry 4:U81
East Mass St Ry com_100
E Mass St Ry Co pfd B_100
100
let preferred
100
Adjustment
100
Maine Central
NY Nil & nartford-100
North New Hampshire_100
Norwich Worcester pref100
100
01t1 Colony
yennsylyania RE------60
173
90
104
95
120
11235
8734
100
60
61
4734
12354
108
10634
172
6934
90
104
9235
175
71
90
105
9834
93
93
8754
87
120 120
170 170
134 134
11234 11255
8755 88
12955 132
125 126
170 175
170 170
100 10235
18
18
61
60
6254
61
4751 48
79
77
12234 12531
108 108
125 125
12834 130
1041-4 10934
Range Since Jan. 1.
Low.
307 170
510 6955
38 87
29 10235
210 92
5
110
85
10
13
547
108
35
142
99
5
155
150
200
172
430
108
937
60
22
• 88
1.171
Aug
Aug
Aug
June
Aug
Jan
86
87 Sept
Apr
105
Mar
137
July
108
10415 May
Apr
71
112 May
Apr
100
140 May
168 June
99 June
z1634 July
May
58
6754 May
May
42
Jan
62
8234 Mar
Apr
105
Apr
120
Apr
120
7234 Mar
High.
Jan
182
8834 Jan
Jan
101
May
116
Jan
108
93
94
120
195
13955
12034
88
132
126
175
199
1073.4
27
72
, 72
5834
85
12634
115
134
13955
110
Sept
Feb
Aug
Feb
July
July
3ept
Sept
Sept
Sept
Jan
Feb
Feb
Jan
Jan
Jan
Aug
Aug
Feb
Feb
Feb
Aug
Sales
',May
Last Week's Range for
Week.
of Prices
Sale
Stocks (Concluded) Par. Price. Low. High Shares.
51
Waltham Watch el B- •
81
Preferred
100
Warren Bros
ao 190 188
3734
Westfield Mfg Co own_
1151 10%
Whittelsey Mfg Co A
Minute.readlao Cons Min Co .25
6
trisona Commercial
:alums & Hestia
25
3OPPer Range Co ___ 2?
Tan Butte Copper Min.10
Franklin Mining Co_ _ _25
Hancock Consolidated, 2&
25
Helvetia
Island Creek Coal.......
ole Royal Copper
25
Keweenaw Copper
25
Lake Copper Corp
25
La Salle Copper Co
25
Mason Valley
5
MBAs Consolidated
25
Mayflower & Old Colony 25
Mohawk
26
New Dominion Copper_ _
Niptssing Mines
North Butte
, 16
Oilbway Mining
25
Old Dominion Co
25
P C Pocahontas Co
•
Quincy
26
St Mary's Mineral Land_25
Superior, Boston Copper 10
Utah Apex Mining
()tab Metal & Tunnel__ _ _1
Victoria Copper Min Co_25
235
4634
2,1
51
24
554
13.1
6255
9%
12%
48
4031
200
331
155
350
231
4555
25%
235
155
355
60c
50%
23%
5
151
1%
131
60c
55c
5454
20c
2
5%
2%
9%
12,4
47
40
200
3%
1
234
51
81
19755
37%
11%
45c
2%
4752
26
234
154
3%
F,Oc
51
24%
554
151
135
1%
65c
55e
6454
200
2%
6%
2%
10
12%
49
42
20c
3%
131
234
Range State Jan, I.
Low.
5 4655
5 7815
110 139
25 27
765 10%
4,050
795
420
839
500
100
54)
25
210
1,075
110
134
50
300
200
23
3,445
600
113
5,019
39
380
140
3,225
730
1,275
240
615
600
3352c
22:
20
1
Hies.
July 70
June 102
Apr 200
Mar 38)4
Sept 1434
g
ly
May
May
July
Jan
bi
Pc. hlay
i
2
5
May
334 June
May
1
0
255 T sAaa
j i
'jlup
Jan
1
42 sep
15e July
834Jan
Ma
2 Juney
34
3111
b
32 May
May
20e. Sep
Pis June
900 May
1% Jan
Jan
July
Aug
June
July
2
Feb
634 Jan
6014 Mar
32% Mar
5
Mar
Apr
4
Aug
4
114 Mar
Mar
66
35
Mar
754 Mar
214 Mar
334 Mar
255 Jan
80e
Jan
Mar
1
8415 Sept
65e Mar
3% Jan
834 Mat
554 Jan
1914 Jan
may
22
Feb
50
40
barn
520. Mar
6% Mat
234 Mar
2% Sept
BondsMiscellaneous
100 1814 Aug 2334 May Amoskeag Mfg (W.._ J 948
90
Au
Jan
8235 8255 $3,000 78
17
17
Air Investors Inc
Aug 334 Aug Ernesto Breda Co 7s_ _1954 80
July 96% Feb
3,000 80
80
3134 2,010 31
80
Amer Equities Co corn._. 3155 31
Sept
Jan 11734
71
20,000 94 Jun 10014 Jan
99
99
Chic Jet Ry 11 BY 5e.1940 99
com stk 1174 11815 11711 2,985 69 Sept 75
Am Founders Corp
Jan
70
Fox Metro Playhouses Inc
6951
amer. & Gen See Corp -_,z 6934 69
234 Jan 1534 July
Aug
1,835
9931 9934 2,000 95 Jun 101
1932
6548
Amer Pneumatic Service 25 1034 1034 12
July 294 July Fox New Eng! Theatres
345 16
2555 2754
25 2555
Preferred
Mar
Mar 50
45
Ma 10615 Jan
7,000 79
100 100
200
4834 4834
1943
635s
100
let preferred
304 Sept Hood
Jan
93
Aug
1,000 82% Jun
93
99
4,298 193
1936
Rubber 7s
2905-4 304
100 296
tmer Tel & Tel
Jan
July 24
103 10355 10,000 100
Aug
220 15
AP 105
• 1515 1515 1534
tznoskeag Mrs Co
Sept Int Hydro-Elec Syst 661944 84
Sept 87
8315 8555 25,000 80
July
Jar
20 87
87
87
Assoc Telep Utilities
Apr Karstadt(Red) Inc fls 1943 9754 97% 9755 4,000 95% Aug 98
462 04 Sept 1064
99% Jan
95
Mass Gas Co 444s__ _ _1931
94
4
• 9
May
14,000 9834 July 100% Jan
99 100
105 10055 Jan 107
58 1932
New
10134 102
atgelow-Hartit"Pes--i00
Preferred
0
Sept 2.1 1 Aug RuhrEngl Tel &Tel 65 '48 75
1,000 75 Sept 85
75
75
955 2131
Mar
Chemical Corp
2134 2334
Blue Ridge Corp
Aug
Aug 54
100 100% 3,000 100
Mar 102
Jan
1944
511-4 513-4 2,377 51% Aug 94
Jan Swift & Co 455
Preferred
9954 99% 1,000 98 June 1004 Feb
35 85
8534 8555 87
Jan Western Tel &Tel 50 1932
Brown & Co
8814
6755 1,234 5534 June 120
6434
Golumbis GraDh'n
Mar
• No par value z Ez dividend.
80 8914 Aug
93
92
Continental Securities Corn
July 7714 July
1.878 68
7115 7035 72
-Record of transactions at
C,ont Shares the com
Jan
Chicago Stock Exchange.
3,695 3314 Aug 4734 Aug
36
3555 343.4
Credit Alliance Corp cl A
Afir 201-3
1934 9,195 18
Crown Cork & Intl Corp-, 1934 19
May Chicago Stock Exchange, Aug.31 to Sept. 6, both inclusive,
8
Feb
4
1.020
555 63-4
555
East Boston Land
10
8234 Aug 5434 Sept compiled from official sales lists:
East Gas & Fuel Assn nom_ 5331 4714 543 20.976 80
Sept 83 Sept
44
83
80
100
455% prior pref
Aug 9434 Sept
Sales
Friday
9455 3.185 92
100 9355 92
6% cum pfd
Jan 1271-s July
Range Since Jan, 1.
Last Week's Range for
2,258 99
115 124
Eastern SS LInes Inc_ _ _20 118
Week.
Apr 4814 July
of Prices.
Sale
200 45
.
.._ _ • 4755 4734 4834
Preferred__
Jan 28% July
Low.
Mon.
225 12
Price. Low. High. Shares.
Par.
28
Stocks25
Eastern Utility Inv Corp_. 28
455 2234 Jan 53 Sept
53
48
Coonorny Grocery Stores_* 53
Aug
Jan 440
Mar 63 May
100 89
42
915 280
4234
395
coin -•
381
100 386
Erikson Elea Illum
Mar 16055 Aug Abbott Laboratories
700 835-4 Feb 146
Aug
132 136
125 100
134 134
26
kerne Steel Co
Elec Shareholding Corp pf_ 134
June 4934 Jan
800 2554 Aug 4334 Feb
36
35
.• 35
3834 3834 3931 2,399 85 Sept 8155 Jan Adams (J 13) Mfg corn.
KmDI Grout) A8100
300 1534 June 25
Jan
1555 1555
40 28
30
28
Co com__• 151-3
Galveston Hems Elee pf 100
July 1934 May Adams RoyaltyCorp com10
500 8434 Mar 5814 Aug
9
4815 50
200
1034
10
Ainsworth Mfg
General Alloys Co
100 12% Mar 89
Jan
15
15
3,876 7834 Aug 8155 Aug
80
Ail-Amer Mohawk "A" _&
78% 7834
General Capital Corp
4755 3,400 2914 Mar 6734 Feb
340 1055 June 1755 Feb allied Motor Ind Inc com_• 47
46
12
11
Georgian Inc(The) pf A-20
May
1.150 494 'Jan 81
62% 65
Allied Products "A"._' 63
German Credit & Inv Corp
Jan
50 86 June U
43
Jan
40 1734 Aug 20
43
•
1755 1755 1734
25% 1st preferred
Apr 8314 Jan Aitorfer Bros Co convpfci
150
141 20
2615
24
Amer Commw Pow "A"..• 2931 2934 2931 14.000 21 May 3234 Aug
• 26
Gilchrist Co
31
Aug 334 Aug
32
515 10034 June 14234 Aug Amer Equities Co corn.. • 3134 31
1385-4
13134
Gillette Safety Razor 00_0 135
Jan 251-4 Sept
400 99% Jan 103% Aug
12
.mu 10254 10251 10334
Greenfield Tap & Die_ _25 2355 2055 2534 1,334 39
Jan 47 Sept ..10er Pub Serv oral
50 9134 June 96
Jan
93
1.320
93
47
pref_100 93
Greif Bros CooP'ge class A_ 4631 45
AIM 8634 Feb Am Pub Util part St Como 11
1,850
9 June 8714 Mai
12
11
570 29
2954 32
Hathaway Bakeries class 13 32
Feb Amer Radio & Tel
Jan 126
2,650
Feb
934 Sept 16
210 110
94 11
121 123
121
American Service Co.cow • 11
Preferred
May 8814 Aur Am States Pub Ser A coin.* 2734 2534 28
1,850 2534 Aug 29
Jan
3534 2,105 18
35
• 35
Hood Rubber
Apr 5255 Jan
550 20
Apr 2755 Sept
2755
26
125 37
:573.4
37
Hygrade Lamp Co
Feb Amer Yvette Co corn__ • 2655 3534 39
Apr 108
5,900 31
June 57% Feb
20 97
9754
97
Com..• 3734
art Metal Wks Inc
Preferred
4155 513-4 2,950 4134 Sept 5834 June
.20 20 June 241-4 July
-- -- __ 22% 2334
tssoc Aims Ind Inc corn.' 50
Insuranshares Corp cl A
Aug
50 4854 Aug 6134 July
5,285 2455 Sept 27
5854 5831
Assoc Investment Co__ •
Internet Carriers Ltd corn_ 2454 2454 26
Aug
110 4455 June 10234 Feb
6634
39% 3955 41% 4.750 26 June 52
65
Assoc Tel 13111 Co corn-.
international Com
July
May 53
750 30 June 7414 Feb
42
20 43
41
50
60
Intl Hydro Elea System A
%Sas Stores Corp corn_ _• 41
Aug
Aug 31
Aug
100 31
465 499
950 18154 Jan 500
31
31
• 475
Auburn Auto Co coca __.
Internet Securities Corp B_
Aug
934 July 12
29
50 2734 June 40 May
1,080
Autism Wash cony pref._ _•. .. 29
Jenkins Television com-__ 11% 1151 12
38
Sept 5234 Jan
550 38
60 9034 Apr 9314 Feb Backstay Welt Co corn_ _ ..•. 38
38
92
92
A p1100 92
Kidder Peab aceep
Aug
Jan
500 69 May 88
480 1034 Apr 18
7931
78
Libby McNeill & Libby_10 1631 1515 18
Jan Balab & Katz Corp v t c_25 .. .. 56
July 13
Aug
3,100 85
Mar 63
58
150 10
25 104 101-4 1034
cum.• 56
Loew's Theatres
Jan
Apr 26
750 15
1,383 126 June 200 Sept alunisn-Blessing Co A,.' 2055 20
2054
180 200
195
Massachueetts Gas C0-100
Aug Salter Laundries toe
Mar 85
850 78
Sept
Mar 117
381 76
113 117
79
78
113
100 79
Preferred
July
goi 9534 27,300 7534 May 104
June 18 June Beatrice Creamery com.50 91
17
1634 1735 10,753 11
Mass Utilitles Ass. corn_
Aviation
950 27 May 8734 Jan
110 10034 Feb 1121-4 Mar Bendlx
9
2 34
28
104 105
Mergenthaler LInotyPe.100
614 Jan Uinta Mfg Co al A cony ist• 8134 7934 86
Jar
214 June
18,820 7855 Aug 152
30
315 4
con5,1p
10
National Leather
July
814 July B.-re-Warner Corp
Mar 45
4 May
4255 1.900 29
'755 2.060
7
7
• 4154 41
Nat)Service Co
Corp pref
200 2134 May 2914 Jar
2435
125 84% Feb 4415 Apr Borin Vivitone J) Chm--•
241-4
New Eng Equity Corp_ ioo ______ 40% 4034
Apr Brach & Sons(E
Jar
Sept 26
Jan 100
6
300
5 92
634
6
95
95
Preferred
May
July 9834 Jan Bright Star Elea "A"----•
214 Aug 18
600
330 89
314 3%
92
3%
•
90
New Eng!Pub Service- --•
class B
Jan
July 1043.4
24.54 1.550 19
Sept 8634 Jar
55 98
19
984
98
New Engl Pub Sery pr pfd•
' 24
Brown Fence & Wire CIA
Sept
Jar
1,400 1833 Sept 37
APT 175
1854 20
405 140
• 10
169 175
New Eng Tel & Tel_ ___100 170
Claes"B"
Aug 8634 Aug
850 40
79%
78
25 13% Sept 1914 May
North Amer Aviation Ina_ 1334 1334 145-4
E L common •
300 28 June 8254 Jab
31
740 28 June 374 Apr Bruce Co
31
314
100 3014 30
Pacific Mills
oom.--•
July Bulova Watch Co
Jar
4.900 2534 June 4115
32
Aug 108
200 102
30
105 105
Ry & Light See Co corn- 105
20 30
655 Sept Huller Brothers
300 33 May 49
Aut
Sept
4653
6
160
45
635
46
Rghts6
Apr 1834 Star Camp Wyant & Can Fdry.•
400 1754 Sept 3134 Jar
80 17
1755 19
1754
17
Reese Bunn Hole Mach_10
Canal Colmar
Aug ceco Mfg coCo oonv IC° 51
2
750 4354 mar 5614 Yet
5134
134 Apr
25
50
14 14
Reece Folding Machine-10
Inc corn _.•
Jar
Mar 56AUg
200 94
Mar 98
100 28
9631 973-4
56
56
Reliance Manag Corp
Aug 49 . Sept CentralinPubSery pre! --• ...... 6553
1,150 24
Jan 70 Selo
500 45
4754 49
Sec Incorp Etity corn stk
3m
(Del)*
Aug Cent Pub Sep/
814 Sep)
Aug 21
334 16.560
234 Aug
100 21
21
Second Internet Sec Corp__ ...... 21
Rights
Mar
5434 10,550 85
Jan 5634 Asi
• 5434 54
Shawmut Astra Con SUL__ ...... 2351 25% 17,330 2051 June 26
Claes"A"
350 94
Atli
1.430 301-4 Sept 3874 Aug
Jan 108
9934 100
3034 34
Shenandoah Corp con,____
•
Ott! Pref
61% Aug Central 8 W pref102% 103
160 ioo
Jan 109 Au!
325 5234 Ss
5251 544
Preferred 6%
50
Prior lien.
Aul
1.207 108 Jun. '00 Sept
140 14834 1.900 7034 Mar 186
18815 18834200
Stone & Webster Inc
: 140
Common
July 1453-4 Sept
5 Bev
3 Sept
1,550
5
230 124
139 14534
3
Swift & Co
100 139
47-4
Rights
950 4534 June 59% Jai
325 7034 Apr 85 Sept Chain Belt Co corn
5131
85
82
50
• 82
PorrIngton Co
•
Sept174 Feb
7
600 183.4 July 20% Jab
1,495
8
1931 1931
•
7
8
rower Mfg
Aug 243.4 Feb Chain Stores PM
Aug 5814 Jai
350 46
47%
1815 1.250 15
1834 16
'Traveler Shoe Stores Corp_
Aug Cherry Burrell Corp corn.• 4734 47
Ma
Jan 31
200 18
410 10115 Sept10,5
'Fri Coot Allied Co Inc___ _ 10115 10115 1011-4
1934 1944
Mr
2914 May 6614 Aug Chic City & Con Ry pt pf..• 521-4 51% 5554 31.200 18
Feb 73
240
4655 4434 465-4
Ill-Continental Corp
•
Aug3334 Sept Chicago Corp corn
AU)
July 69
5,750 44
50 31
333
Ulen & Co com
5831 62
333
Convertible Preferred _ -• 587-4
Mar 6514 July
110 25
100 1734 Sept 1754 Seto
1151 1731 1751
5
Onion Twist Drill
583-4 5954
Aug2151 Aug Chicago Flex Shaft
325 21
MOO 4534 Sept 5134 AU)
21
21
United Carr Fastener Corp 21
Chic Investors Corp cont.' 45% 4555 4934 8,470 6334 Sept 58
AU)
7034 12,355 6535 Aug 7031 Sept
United Founders Corp- --- 7051 67
• 5354 531-4 5634 1,050 24 may sasi Jul
Preferred
Jai)
Aug 87
3355 35
6515 6934 3,465 60
Milted Shoe Mach Corp..25 89
corn,.._
31 3014 June 8114 Jan City Radio Storescorn ___• 53
31
31
26
Preferred
5134 5334 8.550 3834 Aug 5351 Sell
Aug 3444 Fe
Jan 414 Apr Cities Service Co
6
1,400
39
555 7
39
9
CI &IBM Inv S3 pfd allot at
0 8
5
7
Club Alum Uten Co .--•
Fe,
50 4834 SeptSO
25 4034 June 5215 July ColemanLampstStovecom • 4854 4854 4834
II S & Int Ser Corp Pre-- ...... 4155 4115
Jan 44934 Au
Utility Equities Corp
385 38135 2,725 209
Commonwealth Edison_100 365
• 40
302 23 May 3851 Aug
3455 40
1,050 2834 June 8514 re
Common
2431 27
Aug Community Tel Cocupart• 27
Jan 155
All
865 100
Mar 28
138
137 143
300 35
35
Preferred
35
Fe
934 Jan Cons Serv Co(The) cal den
Apr
2
270
4
3
1.250 2314 Aug 28
24% 27
Venezuela Holding Corp-- ..--Fe
_Inlw 55
an
9900
AR IA
Feb 8234 Aug Construction Material_ _.• 243-6
.
_
66
Venezuelan Mx Oil Corp 10 783-6 7815 8115 11.580
•
re
900 2234 Mar 3434 July
• 3234 3254 3334
Waldorf System Inc
SEPT. 7 1929.]
1575
FINANCIAL CHRONICLE
Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Stocks (Continued) Par Price. L.ow. High. Shares.
Range Since Jan. 1.
Lena.
High.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
;g7.qgggg,744q1EIVRAgN44g4ggggggg2ttgg4v.
4.a...4s.w000licoco
o t.oawwoto.--c.cwwo4,,,c,
150 22% Mar
4331 Aug
•
38
38
Mar 134 Jan 'Poor & Co class B corn
7
1051 36,750
10
Consumers Co eonntnou _5 10
Mar 444 Nlay
300 27
35
3634
•
t'otter Co(The) corn
634 Jan
23.1 May
100
314
334
32u
V t c purchase warr
June 33
Jan
900 14
2031 25
•
Sept Proeess Corp corn
Aug 36
32% 38 120,112 27
Cord Corp
Sept 9831 Mar Pub Se; v of Nor III
300 44
4434
44
25
Crane Co common
Jan 435
260 205
Aug
•
365 365
Common
Apr 119
Jan
100 112
11334 11331
100
Preferred
Jan 400
Aug
110 205
360 370
100
Common
Aug
2731 Sept
100 20
2734
27
Curtis Lighting Inc com •
10 12514 Jan 150
Sept
150 150
100
7% preferred
Jan
100 2734 Sept 37
2734 2734
June 309
Curtla Mfg Co corn
Feb
107 291
315 315
•
754 Mar
17(4 Jan Quaker Oats Co corn
200
834
Davis Inlet Inc A. •
Jan
250 10034 July 120
106 107
100
Preferred
Mar
44
150 3431 Aug
3931 40
May
Dayton Rubb Mfg A corn •
50% Sept
• 4834 4534 50% 13,200 32
Jan Q-It-S De Vry corn
27
July
750 15
1534
15
DeekerC&Co"A"com _100 153.
June 44
8,750 32
Sept
32% 44
June 3734 Feb Rath Packing Co com...10 27
100 26
29
29
De Mots Inc pref w w___ -• 29
1,100 51% July 8134 Apr
• 59
5831 60
taythoon Mfg Go
June 2531 July
400 16
2031
20
•
Dexter Co (The) com350 5534 Aug 584 Aug
574
56
_•
Rollinsflos Mills cony pf.
Jan
Sept 28
100 22
22
22
57
Aug
Eddy Paper Corp (The)• •
Feb
450 43
44
43
Jan 7834 July
toss Gear & Tool corn s•
,
2,400 30
7434 76
441.4 Mar
Aug
150 36
El Househeic GUI Corp_10 75
36
36
Ruud Mfg
Mar 224 Jan
7
931 22,300
7
834
_•
July
50
glee Research lab
July
550 37
46%
45
Ryerson & Son Inc costs-.• 45
32
Empire G & F Cc
400 27 June
July
2734 2831
9814 Mar Sally Frocks, Inc. corn...' 2714
50 9134 Aug
100
9234 9234
4634 Jan
7% preferred
600 354 Jan
44
43
•
150 8714 Sept 97
Jan Sangamo Electric Co _
100 8734 8731 8734
Jul) 73
Jan
6% preferred
150 48
49
49
May 37
2.150 24
July Saunders Sts Inc A com_ •
3131
3134.
313.4
Emp Pub Service A
Sept 1834 Sept
1331 66.650 15
15
30
Aug Seaboard Util Shares Corp* 17%
Jan 31
25
July 32'. Jan
Federated PublIca's 52 PE: 72n .30
35
50 25
254 25%
1.450 7134 Sept
7334 Aug Signode Steel Strap pf _30
7131 7231
131 Jun
Federal Screw Wks
434 Jan
150
131
134
Purchase warrants
Fitz Simons & Con
3231 3434 2,750 2734 Mar 44 t Feb
8331 Feb S matron Tune Co corn__ • 32%
AP
650 57
76%
• 754 75
Dock & D corn
Apr
50 87t5 Jan 95
93
93
May
1,800 21
3231 July So'we t LI & Pow prof_ •
,
24%
23
24
5
boote BLUR 0& M Co.
Mar 41
Feb
850 28
37
36
May 8034 July Standard Dredge cony pJ. 36
350 64
79
78
Gardner Denver Co com_• 78
394 Mar
Ma
2,550 26
35% 36
• 35.31
June
6
Common
200
May
10
774 734
_5
CIA
Jun
3334 Feb
Gen Candy Corp
250 20
2134
20
•
550 14.
Aug Stand Pub Serv "A"
17
Aug
16
15
Gen Part Corp comy pfd _* 1534
Jan
2334 2731 2,850 164 June 49
• 2531
Ang 38
5,250 31
3431 38
Sept itelnite Radio Co
• 38
GenTheatEuCorp corn...
36
Feb
Aug
100 28
28
28
30
1,400 25% Sept 30
July Sterling klot Tr pfd
2531 2634
26
Gen Water Wks& El A
1,150 3634 Sept 3734 Aug
36% 37
(HO)corn - •
Apr 100
1.100 90
95
Jan Stone & Co
94
• 95
Si preferred
200 974 Aug 083.4 Aug
9731 98
1,050 15% Aug
26
Feb
18
18
7% curia cony pfd
•
Gerlach Park low eon
Mar 74
Jar.
50 50
60
60%
•
Super Matti Coro corn
Gleaner Corn fiery Corp
May
21
Jan
200 14
14
14
10
Mar 199
3,300 90
Aug Sutherland Pap Co corn
• 13434 12931 1413.4
Common
Aug
3.250 124% June 145
139 144
140
1,900 15% June 35
Feb Swift & Co
304
28
"13". _ _•
Godchaux Sug Inc
Aug
363', 4,550 304 May 46
33
35
50 28
Mar 36
Jan
3231 323
Swift International
Goldblatt Bros [no corn_ _• --5K
Jan
50 4434 May 62
4434 4431
3.350 1514 Mar
32
21
20
Thompson (J R) corn _ _ _25
Jan
Great lakes Aircraft A.._• 2034 23351 240
Mar 50
Aug
850 28
3331 33%
Apr 290
6 190
July Time-0-85 Controls "A".•
_ _100
Great Lakes I)&
Aug 60
Sept
600 45
5534 60
_ _• 60
850 394 Felt 47
47
44
Svt TO-Utilities Corp corn
Greif Bros Co-op"A"com • 47
Aug
26
Jan
100 20
20
20
_ _ _•
Twelfth St Stores A
Glgeby-Grunow Co
314 Feb
si MAY
50
3.1
,
35
.40,650 5534 Aug 6234 Aug
• 5934 5611 62
Stock purch warrants_ _
Common new
July 60% Mar
50 35
36
36
1,150 3534 Feb
3934 42
43
July
United Chemicals Inc pf_•
GroundGrIppShoescom _• 41
Ma
374 Jan
3,400 23
26
27%
50 160
July 190
175 175
Feb
Ho% Corp of Ann pre! . • 27
Hart Seine( & Marx convi00
J-Ine 23
Jan
50 15
15
15
300 23
2734 273-4
Mar
354 Jan
United Dry Dks Inc corn..
Hall Printing Co core_ _10
Jun. 394 Jan
750 22
36
34
• 34
1,500 234 Aug 344 Jar, United Oss Co corn
2331 24
-Carter Co cony of • 2334
Hart
May 424 Jan
500 20
-• 214 2034 23
150 50
5034
Aug 58
50
Jan
Ur) Repro Corp part Pf
Hibb Spencer & Bart com25
5,800 45% Apr 7934 Aug
20 75% 74% 784
850 3334 Jan 5734 Feb
52% 54
•
Hormel G & A
3713 Gy Daum
Mar 724 Aug
1,100 42
72
69
69
43
650 34
44%
Mar 5934 Feb
tioudaille-Ifershey Corp A• 43
25% raid
19
Aug
1,750 17% Apr
1734 1731
• 17%
4314 44
650 30% Mar 59
Feb
Class B
U S Lines Inc pref
Feb
3,850 224 June 141
30%
2834
27
300 2531 July 303( July
Hu,sernann Ligonier corn. •
U IS Radio & TeleV corn. _• 2834 28
56
Jan
2,950 104 JUIY
1731 20
Products corn. 17%
250 25% Aug
2731 28
25
Jan
41
lutnols Brick Co
Utah Radio
Aug
• 4934 4714 50% 57.200 2054 Feb 65
•
Jan 63
100 54
63
63
Sept 0t & Ind Corp. corn
Indep Pneu Tool v t c_
Feb 55
Aug
• 4911 474 504 16,700 25
• 2534
3,500 24% Aug
Inland Uhf Inc el A
254 Sept
Conv. pref
2434 2534
July
10,450 274 July 40
11034 1083-4 116
73,350 30
Jan 14934 Aug
Insult Utill Invest
UtIlitIes Pow&LtCorpelA • 334 3334 38
Sept
3614 Jan
500 26
2734
26
Without warrants _ _ _
100 8434 June 90
87
87
July
Van Sicklen Corp part A •
May
194 Aug
1,650 15
1954
18
• 18
Co com
pref
100
100 102
2nd
Aug
6,250 100
Sept 108
Viking Pump
May
1,050 2234 June 32
3034 31%
• 3074
iton Fireman Mfg Co Ct n• 36
3.150 2431 Jae
Aug
38
36
Preferred
38
Aug 31
Aug
304 8,050 28
• 2934 29
Vortex Mfg
Sept 42
Aug
35
3.75
3634
35
35
•
Ealamaroo Stove corn _•
500 95
Mar 131
95
98
Jan
Class A
Aug
27
17
Jan
55
17%
17
• 17
Katz Drug Co corn
• 63
1,700 2874 June 64 Sept
64
61
Wahl (=XI cora
May 36
Jan
28
32
55
31% 31
Kellogg Switehbd corn _ _10
1,050
1331 14
194 Jan Warchel Corp pref
1035 Mar
July 134
Apr
50 129
129% 1294
Ken-Rad Tube&l.p A emus 2234
850 19
Feo
June 42
Ward(NlonUey)&CocIA _ •
2131 224
Mar
Aug 210
100 160
189 170
Keystone St & WI corn__ •
Jan Waukesna Motor Co corn •
550 3931 Aug 58
42
41
Jan
July 46
35
50 30
35
Kirsch Co cony pref
•
Jan Wayne Pump Co cony pref•
Sept 32
100 21
21
21
June 67
Jan
•
100 39
44
44
La Salle Ext Unity corn_ _10
23.1 July
450
331
531 Jan Wieboldt Stores Inc
311
June 7131 Aug
6154 63% 4,400 37
Inc,corn' 63
14
350 12
13
May 294 Jan
Lane Drug corn v S o
Weatark Rail Sts
•
284 July
Aug
950 22
224 244
•
July
500 18
Jan
;
231,
Cum preferred
32
• 234 22
West Con Utll Inc A
354 Jan
3134
July
350 30
31
300 96
July 10234 Jan
Lawbeck Corp ctfs
99
99
99%
West Pow Lt&Tel let pfA•
Mar
7234 July
100 43
68
68
Wit Re Star Refs Co corn...• 68
LeathA Co
350 1734 Sept 29% Jan
17Si 18
100 1511 Sept 2534 Mar
1534 16
-Matte corn'
011-0
Comm on
•
May
July 76
500 67
70
68
Apr 46
300 40
Co corn_ •
41
40
Jan Winton Engine
Cumulative preferred_ •
Jan
Mar 94
•
300 57
733.4
73
May
2
30
34 34
11% Mar
Warrants
Cony preferred
Feb
Aug
8
5
100
5
5
18% Aug
1534 17% 24,500 1034 May
Wolverine Portl Cement _10
Libby kleNelll .k Libby _10 16
11.100 2144 Mar 324 Apr
2635 31
2434
950 20
June 28
July
Lincoln Printing corn_ _• 24% 23
-Amer Mach part pi• 2731
Yates
Jan
600 2834 June 35
30
Jan 48
350 42
July
7% preferred
50 4434 43% 44%
Yellow Cab Co Into (Chic)• 29% 2934 48
17,750 284 May 6234 Feb
350
334 Jan
Apr Zenith Radio Corp corn..' 4471 44
531 534
Lindsay Ugh tCo cern
_10
1,600 23
33
Mar 3831 May
31
• 31
Lion 0111tef Co corn
50 404 Apr 60
55
55
Feb
Loudon Packing Co
•
Bonds
8011 8031 61,000 8034 Sept 8514 July
35 20
Mar 30
Jan Chic City Ry 55 ctfs_ _1927
Lynch Glass Mach Co.__' 2214 2234 25
Feb 88% Mar
1,000 78
81
81
41
50 38
Mar 4434 Jan Chic R's 1st NI 5s_ _1927
McCord NIfg Co class A *
41
July
1,000 7711 Mar 85
7934 7934
McQuay Norris Mfg
Certificates
10031 Aug 1044 Jan
3,00
10134
101
150 5214 June 76
71
Common
70
May Corn Edlson 1st 50_ _ _ _1943
• 70
14,00 10831 Aug 110% Jan
109 110
17.400 5334 Sept 54% Aug
Manhattan-Dearborn corn* 5354 5331 54
1943 110
lot NI Gs
95
June
July 97
3,00
96
96
300 28
30
July 4231 Jan Federal Pub Serv Co 691947
Material Service com _ _ _10 30
29
71% 73% 4,000 7131 Sept 78% Feb
6
7% 42,800
July 29% Feb Met West Side El 42_1938 72
6
Meadow Mfg Co °rim_ _ ..•
6
Feb
1,000 80% June 96
82
10
82
2534 253-4
2534 Sept 28% Feb Northwest Elev 5s_ _ _ _1941 82
Mercantile Dint Corp A.*
Sept 100
Sept
3.000 100
100 100
Mer & Mfrs Sec CIA corn.' 334 32
3631 12,650 20 June 364 Aug
Rep Realty Mtge 654s '39
2334
20
23
Mid Cont Lawnd Inc A__• 23
23
Sept 354 Feb Sou Nat Gas Corp 6s _.1944 9734 974 9731 6,000 9734 Aug 97% Aug
Aug 10234 Feb
1.000 100
200 90 June 122
100 100
Midland Steel Prod com__•
120 122
1944
Sept Swift & Co lit 55
9334 9334 3,000 933.4 Sent 10134 Jan
Midland Utilities
Texas-La Power 68 A_1946
176 95
May 105
10114 105
7% prior lien
100
Sept
7
Ma 101
90
7% class A pref___ .100
• No par value.
100 101
Sept
12
97
89
8551 Ma
6% prior lien
100
Sept
97
-Record of transactions
Philadelphia Stock Exchange.
48
8034 Aug 95 Sept
9234 95
6% class A phi
100
2,25 157% May 499
436 450
Middle West U tilltiee._ _ _• 436
July at Philadelphia Stock Exchange, Aug. 31 to Sept. 6, both
Jun
900 116
166 1674
Preferred
177
100
Aug
1,500 98
Jan 16934 Aug inclusive, compiled from official sales lists:
155 15731
28 corn preferred
• 155
200 90
Jan 165
15514 167
56 cum pr lien pfd ___ •
Aug
sates
Friday
750 119 June 182
Prior lien pref
100 16734 167% 17034
Aug
Range Since Jan. I.
Last Week's Range for
160 55% Jan 112
103 112
Minneap Honeywell Reg •
Sept
Week.
of Prices.
Sale
400 33
35
Sept 45
33
Minneap-Moline Pr Imp..•
May
High.
I
Low.
Par Price, Low. High. Shares.
Stocks2,600 224 Jan 4234 May
2731 30%
MO-Han Pipe Line corn _• 28
650 48
70
Mar 75
Mottles Mfg corn . _ .__ • 6914 69
July
831 Jan
574 614 2,580
6
•
50 33
33
Sept 66
33
Mohawk Rubber corn..... 33
Jan Abner Stores
Jan
97
1,400
500 25 June 35
26
25
Monighan NIfg Corp"A" •
• 664 6631 6671
Jan Americana Stores
6334 Jan
3,900
51
50
50 1534 July 2634 Jan Bankers Securities pref _ _50 51
20
20
Monroe Chem Co corn
•
May
118
777
Bell Tel Co of Pa pref _100 11471 11451 116
73
700 72
Sept 7834 July
72
Monsanto Cb ern W flew..' 73
6734 Mar
2434 2634 27,100
• 2534
550 20 June 564 Jan Budd (E G) Mfg Co
Morgan Lithograph core • 2031 2014 22
June
94
365
Preferred
7635 7551 7774
2271 3,750 17
Sept 31
17
Muncie Gear class
• 17
Jan
10874 Mar
1,800
82
78
78
Budd Wheel Co
84 1335 14,050
Common
84 Sent 30
Jan
831
•
110
4134 Jan
39
38
50
Cambria Iron
Muskegon Mot Specialties
4234 Jan
3534 4,500
1,600 23
May 4634 Jan Camden Fire Insurance... 3434 34
Convertible class A
• 2634 264 274
Nlay
13
707
934 1034
2,850 5114 July 7634 Feb Central Airport
59
56
Naunman Hort ng filled come 58
2,000
331-4 July
27
25
4,350 27
52
Mar 6611 July Commonwealth Can Co _10 27
45
Nat Klee Power A part _.• 48
493
9234 June
8474 8634
750 2834 Aug 3434 July Electric Storage Battery100
3231 334
Family Stores Inc corn
Nat
3231
5231 Slag
5031 6,000
47
10 47
234 Aug
5% Jan Fire Association
314 3% 4,950
National Leather coin __ _10
331
1,700
Aug
81
7934
75
75
Sept 71
2,150 82
65
Nati Republic Invest trust ------ 82
Aug Fishman & Sons A
80
233
Feb
215 215
•
Ilorn &Hard (Plana) corn.
350 63
Sept 724 Aug
634
Nat Rep Inv Trust ctfs . 6334 63
500
6234 Jar
534 55
7,850 25
50
Feb 52
Aug Horn & Hard(N Y)com •
Nat Seem* Invest Co corn_• 494 43
3.000
87
91
84
Jar
Sept 113
Aug Insurance Co of N A_ _ _ AO 85
110 1113/ 2,250 110
Certificates
1114
2,600
Jac
42
2134 223-6
39
Mar Se
44% 4634 4,45
Nat Standard Qom _____ _ • 46
Feb Lake Superior Corp__ _100
700
16734 16931
Aug
174
300 1434 May
1731 17%
20
Aug Lehigh Coal & Nevis ...50
Nat Term Corp Part phi _• 1734
900
5231
49
49
Jar
71
NIanufact Can Ins
800 324 Ma
5634 July
Nobblitt-Sparke Ind corn.' 5374 5335 5531
400
34
34
331 Jar
1,35
Mark (Louis) Shoes Inc _ _. ____-40
Mar
70
6031 53
Jan
North American Car com_•
25
56
56
50
Aug
56
10
1814 Jun
20
20
20
Feb NI Idland Valley
Amer G & El el A...
North
25
3534 3534
50
Preferred
4,400 6834 Au
3
574 Aug
90
July
No Am Lt & Pr(o corn.._* 6934 6831 72
60
76
764
Fet
1,10
81
2334 Ann, 254 Sept Penn Cent L & P cum pf_ •
2534
24
North Am WatWks&EFA• • 24
2631 2834 26,200
Pennroad Corp
Jul)
30
Aug 44
3614 5.400 35
Aug
36
N & S Am Corp A com___• 36
6,100
14631 159
15434
29
Mat
40
175
June 48
32
Feb Pennsylvania Insurance_
30
Northwest Eng Co corn__• 30
10334 10931 20,300
-0
5
Aug
100 98
110
Apr 103
Jan Pennsylvania RR
10034 1004
Nosthwest Utll pr In pf _100 100
1.300
600 2034 July
10134 Sept
3534 42
Aug Pennsylvania Salt Mfg._50 1014 9734 1014
43
Ontario Mfg Co eom
•
90
90
175
7 June 154 Mar Mile Dairy Prod pref
200
933-4 Jan
731 734
Oshkoeh Overall corn_
•
3231 3234 2,300
300 18
June 27
2034
Mar Phila Rice Pow wet__ _25
343-4 Mai
Convertible Preferred... 2034 20
47
47
200
450 214 Feb 29
52
Am
Aug Phila Inquirer
2851 27%
PaePub Her Co el"A"com•
5134 51
5131
800
Preferred w 1
300 145.4 Aug 2334 Mar
5331 Anti
20%
18
Paeinc West 011 Corp _ _.• 20%
890
Jan Phila Rapid Transit _ _ _ _50 5134 5034 5131
Apr 57
5334 Aug
4931 2,200 44
46
Parker Pen (The)Co corn 10
50 4954 491.4 4931 2,450
7% preferred
5734 Jai
Peabody Coal Co834 June 30
100
200
Aug Plana & Western Ry_ _50
931 Jan
334
20
335
19
•
Common B
6554 65
1.350 20 June 3134 July It E Land Title new
23
8451 Jan
6634
1.200
22
Penn Gas & Eleo "A"com• 22
10
Jan
1934 21
150 4634 May 58
Feb Reliance Insurance
1,700
26
5234 5271
Peoples Light & Power A.
20
Apr 67
250 45
Aug Shreve El Dorado Pipe L 25
3331 Jan
2031
5934 60
805
Perfect Circle (The) CO_ •
Ain
June 90% Aug Shaffer Stores Co
5,600 58
23
2234 23
84
300
80
Pines,Winterfront corn__ _5 81
An.
RA T, f CT,
gent t Pcinarrn.
3,450 50 June 9131 Sept
on. '177 JUly
xr,
xya
Polymet Mfg Corp corn... 8834 81% 9131
1576
FINANCIAL CHRONICLE
Stocks (Concluded)-
......,
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
Sentry Safety Control
18
19
800 1134
Tacony-Palmyra Bridge. •
54
57
38 36
Telephone Secur Corp pf_ _
14
14
50 14
Tonopah Mining
1
234 234
400
236
Union Traction
50 33% 33% 34
720 3114
United Corp temp Ws_
6434 6831 3,000 39%
Temp ctfs preference__
48
4834
1,500 42
United Gas Impt
50
28434 285
1,800 157
Common new
5434 5334 5536 13,300 37
Preferred new
94
95
1,100 87
United Lt & Pr A com_
•
5234 52%
200 3134
U S Dairy Prod class A_ •
5434 5534
600 48
kr• Common class B
*
800 1234
2134 23
Victory Insurance Co_ _10
19
2034 2,400 1834
West Jersey & Seash RR 50 5334 5334 54
2,200 42
Rights
United Gas Improvt
336
Bonds
Inter-State Rys coil tr 4.5'43
Lake Sup Corp 5$ strandPhila Elec (Pa) 1st 53_1966
lot lien & ref 534s_1947
lot lien & ref 534s- -1953
Phila Elec Pow Co 514s '72
Ftrnsohririnv. A. rInth 5..40
334
40
90
103
10534
104%
10434
ORU
334 27,400
High.
Feb 39
Jan 8131
May
15
Sept
4
May 3534
Mar 7534
Mar 491
%
Mar 299
May 5914
May 95
June 5634
Jan 5534
Apr 23
July 2534
June 54
13,4 May
40
$6,000 40
July
90
19,500 45 June
10434 11.600 101
June
10534
1,000 10434 July
104%
1,000 10134 ,Mar
104% 3,000 10234 Mar
07
8.000 96
Aug
May
July
Apr
Jan
Apr
May
July
July
July
May
July
Sept
Sept
Jan
Sept
3"is July
50
90
10534
107
108%
106
10034
Jan
Sept
Jan
Apr
Jan
Jan
Feb
•No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists:
Stocks-
Freiall
Sales.
Last Week's Range for
Sale
of Prtces.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. .1
Low.
High.
Appalachian Corp. w.I.
- 12%
12
Sept 13
Sept
13
4,750 12
Arundel Corporation
• 44% 44
1,403 38% Apr 4634 Sept
46%
Atl Coast Line (Conn)_-50
200 200
Jan 201% July
10 179
Baltimore Trust Co -50 197% 196 198
May
Jan 200
210 165
Baltimore Tube pref_ _100
64% 65
Feb
40 60
Aug 75
Berl-Joyce Airc'tt C com-- 23
23
24
170 22% Aug 26 June
Black & Decker corn
• 67
65% 7431 4,130 31% Jan 7431 Sept
Preferred
25 28
28
July 28% Sept
82 27
28%
Central Fire Insurance- -10 40
40
42%
112 32
May 42% Sept
Century Trust
50 208
208 208
24 178 June 210 June
Chez & Po Tel of Balt pf100 116
115% 116
41 113% Jan 117% Feb
Commercial Credit
Jan
4734 48
3 40% Feb 62
Preferred
25
May 2614 June
24% 24%
3 24
Preferred B
25 26
May 2734 June
26
30 25
26
614% 1st pref
100
July 10414 Jan
9214 93
68 91
Com Credit of N 0 pf _ _ .25
24% 24%
43 23% June 25% Jan
Cense'Gas E L & Pow-Mar 150 June
134 134
14 88
6% preferred ser D _ _100
Mar 111% Feb
10934 10934
10 100
5% preferred
100 101
100% 101
Jan
162 100 June 103
Consolidation Coal_ _ -100 1211
June 2214 Jan
12
133 12
12%
Preferred
100
July 5534 Apr
40
30 40
40
Eastern Rolling Mill
• 38% 38% 40
4.186 27% Mar 40
Sept
Fidelity & Guar F Corp _10 60
Jan
256 56% Apr 87
59
60
Fidelity dt Deposit
50 238
Sept 314
238 240
51 238
Apr
Scrip
248
62/5 236
248 250
Aug 255
Aug
Finance Coot America A •
200 11
Aug
1414 Aug
13% 13%
Finance Service corn A _ _10 17
May 20
178 17
17
17%
Mar
Preferred
10
93,4
85
934 May 10% Feb
9.14 934
First Nat Bank w
58
259 52 Juno 60% Jan
5714 59
Houston Oil pf v t ctts_ _100
81
May 92% Jan
25 80
81
Mfrs Finance corn v t _ _25
20
7 17% Aug 36
20
Feb
2d preferred
25
10 15
1614 16%
May 1914 June
Maryland Casualty Co_ .25
127% 130
353 127
May 18334 Jan
Merch & Miners Transp__• 44
44
159 42 June 4714 Jan
44
Monon W Penn PS pf-.25 25
25
105 2414 Aug 27
25
Feb
Morris Plan Bank
10 1214 1234 1214
34 10% Sept 14
June
Mort Bond & Title w I. _
34
374 32
34
34
Aug 36% July
Mt Ver'n-Woodb M vt.100 13% 13% 13%
98 13
Jan 16% Apr
Preferred
100 80
80
165 73% June 82
80
Jan
Nat Bank of Balt
100 270
105 266
268 270
June 295
Feb
Nat Marine Bank
30
71
43 67 June 80
71
Jan
New Amsterdam Coo Co.10 51% 50
1,100 50
52
Aug 93
Jan
Park Bank
10 29
29
210 2834 May 3231 Feb
29%
Penna Water & Power. _ -• 106
105% 107
95 8115 May 116
Aug
Second Southern Bankers
corn 50% paid
60
59
60
130 55
Aug 60
Sept
Southern Bank Sec Corp-- 5636 56% 5635
50 40
June 57
Apr
Un Porto Rican Sugar pref* 44
44
44
10 34
July 53
May
Union Trust Co new
78
78
78
110 76
July 7911 July
United Rys & Electric _50
7
7%
133
7
Sept 13% Jan
U S Fidelity & Guar new.. 66
66
67
1.100 63
Aug 9431 Jan
Wash Bait dr Annapolls.50
9
911
34
Jan 21
8
July
Preferred
10
50
10
30 10
Sept 20
July
West Md Dairy Inc pref_*
89
89
40 86
June 96
Jan
Prior preferred
50
52% 5234
22 51% Aug 54
Feb
Western National Bank_50 28
38
38
25 36
Feb 42
Feb
Range Since Jan. 1.
Low.
Colonial Trust Co
100
30734 30734
4 302
June
Crandall McKenzie & H_ _. 2734 2614 2714
695 243.4 July
Devonian 011
10 1414
13
15
3,380
6
Mar
Dixie Gas & Util com_
•
30
30
20
734 Jan
Preferred
100
74
74
100 70
Jan
Exchange National Bank 50 8734 8714 8714
20 87
July
Follansbee Bros pref _ _ _100
95
80 9411 June
9534
Harb-Walker Ref com_ •
63
63
200 52
Jan
Horne (Joseph) corn
*
38
35 33
38
Aug
Independent Brew com...50
114
100
134
Feb
1
Jones & Laugh Steel pf _100
120 120
52 119
Aug
Koppers Gas& Coke pf _100 993,4 9911 9914
551 9834 Aug
Liberty Dairy Prod com__* 3334 3334 3314
100 25
Aug
Lone Star Gas
25 5036 4834 51
20,438 37
July
McKinney Mfg corn
• 1334
1,650 11
13
14
June
National Erie class A. .25
26% 27
150 2631 June
Nat Fireproofing corn_ 50
50 1034 Jan
2034 2011
Preferred
50 38
1,000 2834 Jan
36
38
Peoples Say & Trust_ _ _100
190 205
447 160 June
Pittsburgh Brewing com.50
2%
10
114 Aug
234 23-4
Preferred
50
6
150
6
6
Jan
Pittsburgh Plate Glass_100 6914 6934 70
245 64
Jan
Pittsb Screw & Bolt Corp_* 26% 2614 2714 2,156 26
July
Pittsb Steel Fdy corn.
5534 59
•
Jan
575 33
Pittsburgh Trust Co__ _100 475
385 275
465 475
Jan
Plymouth 011 Co
5 25
24
1,585 2234 May
2536
Reymers Inc
•
1914 2014
570 1934 Sept
San Toy Mining
1
40 June
4c
2,000
4c
Stand Steel Propeller _ _ _ _• 51
May
51
51
100 24
Stand Steel Springs com_ •
135 72
7914 80
Apr
Suburban Elec Develop...8
40 2134 Aug
2134 2111
United Eng & Fdy corn- -* 50
585 38
Jan
50
5034
Vandium Alloy Steel
* 75
50 60
75
Feb
77
Westinghouse Air 13rake • 6134 61
64%
363 4434 May
Wiser 011 Co
25
200 13
May
1511 16
Witherow Steel corn
" 47
47
630 3114 Jan
4914
Unlisted
Penns Industries units__ -. ______
West Pith spry v t r
9835 9834
37
RR
50
0.205
High.
325
Jan
29
Jan
17
Aug
31
Aug
8034 May
92
Feb
9934 Jan
6334 July
40
Jan
2
Aug
12114 (Mar
10334 Feb
43
Mar
51
Sept
1634 Mar
273,4 Jan
21 June
38
Aug
205
Sept
4
Apr
8
Feb
75
Jan
2834 July
65
Aug
475
Aug
3036 Jan
2734 Feb
250
Jan
53
Aug
95
July
29
Jan
54
Aug
82 June
67
Aug
16
Aug
80
Mar
July 111
96
Feb
2434 Apr 3934 July
* No par value.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Aug. 31 to Sept. 6, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Allen Industries corn
836 835
Amer Multlgraph com
*
3734 3734
Apex Electric
3311 33
37
Preferred
100
100 101
Bessemer Lime&Cem corn •
34
34
Bond Stores A
20
6
514 634
1%
114
Bulkley Building pref._100 8334 6314 6314
Byers Machine A
•
11
11
Central Alloy Steel pref 100 112
111 112
Cent Nat Bank Ind.-100
450 450
City Ice & Fuel
• 5831 58
58%
Clark (Fred G) corn. _10
12
1234
Cleve Build Sup Sr Br corn •
26% 2714
Cleve Elec 1116% pref_ _100 10914 109 109%
Cleve Railway ctfs of dep.- 95
92% 95
Cleve Securities P L pfd.10
2%
2%
3
Cleve Stone corn
•
65
65
Cleve Trust
100
480 530
Cleve Worst Mills COM-100
20
23
Cliffs Corp
128 134
Commercial Book
24% 24% 24%
Chemical corn
Dow
399 399
Dow- Chemical pref._ .100
105 106
Edwards(Wm) pref _ _100
75
75
Enamel Products
25
25
25
Faultless Rubber corn.
*
34
33
Federal Knitt Mills com_ •
38
37
Ferry Cap & Screw
27
27
27
Firestone T & R 6% pfd 100
10934 109%
100
107% 108%
7% Preferred
General Tire & Rub com.25
265 265
Geometric Stamp
34
33% 33
Gt Lakes Towing corn_ _100
85
85
Greif Bros Cooperage corn • 46% 46
46%
Guardian Trust
100
400 430
Italie Bros prof
100 102
102 102
Harbauer corn
28% 2934
India Tire dr Rubber com.* 40
40
40
Interlake Steamship corn •
16934 175
Jaeger Machine corn
•
Jordan Motor pref
100
Kay nee corn
10
Preferred
100
Lake Erie Bolt dr Nut corn •
$5,300 9334 June 0934 Jan Lamson Sessions
9634 97
25 65
4,200 93% June 9911 Feb Midland Bank Ind.. _ _100 411
9634 97
96% 9631
1.000 93 June 9934 June McKee(AG) At Co com - •
255 25536 4,000 120
Mar 25536 Sept Mohawk Rubber corn....* 34
92
92
7,000 91
July 94
Jan Myers Pump common._•
97
97
2,000 7634 June 9914 Jan National Carbon pref. 100 48%
8334 8334 3,000 80 June 8434 Apr National Refining com_ _25 13314
,
1,000 90
9131 9111
Jan 9334 Apr National Tile common....* 42%
32%
100 100
1.000 99
Aug 100
July Nestle-LeMur common....• 19%
95
95
8,000 95
June 9934 Apr Nineteen Ilun Wash corn.*
9734 98
4,000 9734 Feb 9934 Apr Nor Ohio P & L 6% p1.100
8734 88
3,000 86
July 96
Mar Ohio Bell Telep pref.
..l00
94
9434 13,000 94
Feb 95
Jan Ohio Brass B
• 87
101 101
3,000 100
Jan 10434 Feb CMIO Seamless Tube corn... 6215
5736 5836 28,000 55
July 65
Feb Otis Steel common
3631 3611 12,000 32
May 43
Jan Packard Elec common___• 31%
51
5134
1,500 4834 Aug 63
Jan Packer Corp common_
•
97
97
11,000 90
Jan 97
June Paragon Refining corn_..• 18
68
6835 4,000 68
Aug 8354 Jan
Preferred
• 51%
7314 7334 8,000 70
June 8336 Jan Patterson Sargent
•
10334 10334
1,000 10314 Sept 106
Apr Reliance Mfg common_ __• 57
Republic Stamp
Richman Brothers corn _ _• 136
Pittsburgh Stock Exchange.
-Record of transactions Robbins & Myers v t c ser 1
V t c series 2
711
at Pittsburgh Stock Exchange, Aug. 31 to Sept. 6, both
V t c pref
• 13
inclusive, compiled from official sales lists:
Selberling Rubber corn_ •
Preferred
100 98
Friday
• 29
Selby Shoe common
Sales
Last Week's Range for
Range Since Jan. 1.
Sherwin-Williams corn..
.25 9511
Sale
of Prices.
Week.
Preferred
100 10,5
StocksPar Price. Low. High. Shares.
Stand Text Prod corn. 100
Low.
High.
Stearns hlotor corn
•
Allegheny Steel corn
• 72% 72
74
Mar Stetter class A
Feb 90
95 60
• 31
Aluminum Goods Mfg
• 3014 30% 3014
Mar 40
345 29
Feb Sun Glow
• 24
Amer Vitrified Prod corn 50
1554 15%
Jan Thompson Aero
20 1534 Aug
18
•
Arkansas Gas Corp com__• 23
22% 24% 5.992
3% Jan 2434 Aug Thompson Prod com_
•
Preferred
10
834
8% 814 2,914
711 Jan
8% Aug Union Metal Mfg com__ • 4434
Armstrong Cork Co
• 74
73% 75
885 61
Jan 7536 July Union Trust new
25 12431
50
Bank of Pittsburgh
175 175
4 175
Jan United Bank
July 188
100 375
Blaw-Knox Company-25 5734 57
59
July 62% Aug Van Dorn Iron Wks corn.•
5,355 38
10 18% 18
Carnegie Metals Co
19% 1,500 16
VIchek Tool
June 21
July
•
*
15
Clark (D L) Co corn
1534
315 14% Aug 20
Feb
Wheeler Metal Prod Corp• 29
Bonds
Baltimore City Bonds
45 Sewer Loan
1931 96%
43 Water Loan
1958
4s Annex Impt
1954 9634
Black & Decker 614s_.1937
Commercial Credit 534s '3.5
Consolidated Gas 634s 1954 97
Consul Coal ref 4148_ _1934
Elkhorn Coal Corp 5348 '31
Finance Co of Am 63431934 100
Houston 011534% notes'38 95
Nixon Nitration 6343.1937
North Ave Market 6s..1940 88
Olustee Timber 6s_ __ _1035
Prudential Rentz 630.1943
United By & E 1st 43.1949 58
Income 45
1949 3611
Funding 5s
1036
6% notes
1930 97
let 65
1949
Wash Balt & Annap 581941 7336
West Nld Dairy 6s _ _ _ _ 1946 10336
•No Dar value.
[VOL. 129.
y-rsaay
sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par .Price .Low. High .Shares
31% 31%
35
35
35
35
100 100
40% 40%
59
65
411 415
39
39
36
34
4231 50
13334 13314
37% 42%
33
32
19% 20
27
26
95% 9531
11414 115
88
87
64
62
4914 49%
31%
31
23% 24
1734 20
5134
42
3231 33
58
57
2514 2531
135 136
7
7
734 73-1
1214 13
28
27
gg
9914
28
29
9514 96
105 10535
734 811
2
2
30)4 31
24
23
28
25
54
5431
44
45
124 124%
350 375
11% 12
25
25
29
30
20
100
760
25
115
2,305
185
23
70
50
20
325
200
295
71
90
514
50
39
310
61
150
20
40
200
1,140
265
390
30
30
65
220
10
160
32
43
1,150
50
253
15
40
45
7
50
770
52
175
115
3.580
50
449
790
178
65
24
30
400
332
50
22
800
1,265
2,768
785
320
110
330
15
280
164
55
20
220
55
140
14
140
130
135
120
200
107
863
32
151
230
22
Range Since Jan. 1.
Low.
High.
Apr
8
35
Mar
20
Aug
July
88
34
Aug
3
Jan
1
Jan
6334 Aug
9% Feb
108% Mar
415
Mar
49 June
Jan
5
25% July
109
Aug
July
90
234 July
Feb
61
398
Jan
12% July
125
Aug
20
Aug
200
Jan
10434 June
69% Apr
25 Juno
30
July
35% June
27
Aug
108% Apr
117% May
250
Feb
29
Feb
Sept
85
40
Jan
376
Jan
101% Aug
15 June
39
Jan
145
Feb
14% Jan
Jan
40
May
40
Aa
137m .Mpr
0
7
3134 Sept
30
Mar
29
Jan
9514 Apr
29
Jan
43
Feb
350
Mar
38% July
34
Sept
32% star
127
Feb
33
Apr
32
Sent
18
July
22
Feb
95 June
11114 Mar
8034 Apr
62
Sept
4734 Aug
30
Aug
2351 July
17% Sept
42
Sept
32
Aug
47% Mar
25% Aug
121% June
611 June
634 June
10
Mar
27
Sept
98
Sept
25 June
82
Apr
104
Aug
6
July
1% Aug
29
July
20
Aug
25
Aug
46% Jan
42
Aug
104% Aug
6% Mar
25
Aug
24
Jan
711
2%
66
20
113
450
64
1434
35
100%
12
July
Apr
Mar
Feb
Mar
Sept
Mar
July
Feb
FebSeptpt
3% Jan
79
Mar
Sept
630
122% M ay
428
5
jAulug
y
July
407 May
105m
72
34
3914
48
34%
111
111
300
4000
July
Feb
Jan
Mar
Apr
Jan
Jan
mar
July
46% Sept
500
Jan
13
0
Aan
Jug
0
5
190
3
Jan
May
n
40
60
4
5
'1n
a
1ay
100
4333
148
65
430
Sept
Jul n
AJ uag
y
Sept
May
Jan
Sept
65%
50
34
42%
41
2914
001
3
0
Sept
Mar
Jan
Apr
115%
92
75
753-4
49%
42
33%
30
5114
3814
Jan
Jan
n
Jan
Sept
Mar
Jan
Mar
Sept
Mar
May
Mar
160
188275
2:18
AugMAAa
jjaa
Ju
Jan
105
jg
J y
A at n
5u4 Mau
3234 Apr
30
30 May
68
60
130
Jan
Jan
Aug
15
Apr
27% June
50
May
SEPT.
FINANCIAL CHRONICLE
7 1929.]
Friday
Sales
Last Week's Range for
Sale
Week.
of Prints
Stocks (Concluded) Par. Price. Low. High. Shares.
White Motor Secur pref 100
104
Wood Chemical Prod COM *
25
Widiar
* 2934 25
W R Invest Corp pref__100 10334 10334
101
Youngstown S & T_ __ _100 101
1149
Bonds
98
Cleveland Ry Is
1931
0
104
25
2934
10334
101
98
Range Since Jan. 1.
Low.
155 102
25 25
360 22
30 102
104 101
$1,000
97
High.
Jan 105
Aug 29
May 2914
June 104
Jan 104
Mar
Jan
Feb
Mar
May
June 10034 Feb
•No par value.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, Aug. 31 to Sept. 6, both
Inclusive, compiled from official sales lists:
Stocks-
Friday
Sales sir atte4
if, Range Since Jan. 1.
Last Week's Range for
Week.
Sale
of Prices.
Low.
Par. Price. Low. High. Sahres
High
.
Ahrens
-Fox A
Aluminum Industries Inc..* 40%
AmiLaundry Mach com_20 8814
Amer Products pref
•
Amer Rolling Mill com__25 136
Amer Thermos Bottle A_,.* 18
Amrad Corp
' 96
*
Rights
5%
Baldwin corn
20 15
New preferred
100
38
Blltmore Mfg
Burger Bros
•
Preferred
50
Carey (Philip) corn_ __100
Central Trust
100 285
Champ Coat Pap 1st p1100
Champ Fibre pref
100 108
* 26
Churngold Corp
CM Adv Products
* 5034
CM Ball Crank pref
* 3034
Cincinnati Car B
*
20
Preferred
Cin Gas& Elec pref
_100 97
C N & C Lt & Tree pref 100
Cin Rubber corn
•
Cincinnati Street Ry_50 4634
CM & Sub Tel
50
City Ice & Fuel
* 57
Coca Cola A
*
Cohen (Dan) Co
* 28
Crosby Radio A
• 99%
Crystal Tissue
• 22%
Dixie Ice Cream
50
Dow Drug corn
* 20%
Eagle-Picher Lead com_20 17%
Formica Insulation
* 82%
Fyr Fyter "A"
•
e 3014
Gerrard S A
Gibson Art corn
* 48%
* 26
Goldsmith Sons Co
Gruen Watch pref
100
Hobart Mfg
*. 61%
Int Print Ink
Preferred
100
Julian & Kokenge
• 27
Kemper-Thomas pref. _100
Kodel Elec & fg "A" ___-• 17
Kroger corn
*
Lunkenheimer
* 34%
• 53
ManLschewitz corn
* 18%
McLaren Cons "A"
* 75
Mead Pulp
Special preferred
-100
Meteor Motor
• 17%
Moores Coney "A"
* 28
"B"
•
4
Nati Recording Pump
36%
Newman Mfg Co
* 38
Ohio Bell Tel pref
100 116
Paragon Refining "B"___•
"A" preferred
*
Procter & Gamble comnew* 92
8% preferred
100
5% Preferred
100
Pure Oil 6% pref
100 100
P & 0 old
Rapid Electrotype
•
United Milk Crate "A"_ _• 27
United Producers "B"__ .*
6%
U S Playing Card
10 11814
US Print & Lith com._100
Preferred
100 102
U S Shoe com
•
Preferred
100 45
Waco Aircraft
• 17%
Whitaker Paper corn
•
• No par value.
20
442
807
38
346
75
660
1,398
50
13
125
14
3
30
28
10
5
190
692
225
70
404
161
12
130
112
70
182
68
110
240
30
6
54
1,006
356
233
497
46
72
1
8
15
15
25
1577
Friaay
awes
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low, High. Shares.
100
Huttig S & D pref
3
Hydraul Press /3r com_.100
100
Preferred
International Shoe com__* 7334
100
Preferred
Knapp Monarch corn- ---• 36
• 37
Preferred
Laclede Gas Light pref_100
20
Laclede Steel Co
Landis Machine corn -_25 7034
Moloney Electric "A"__ __* 6114
.
Mo Portland Cement -.25 41
Nat Bearing Metals corn.* 125
• 31%
Nat Candy corn
100 9714
2nd preferred
5 1814
Nicholas Beazley
* 2654
Pedigo-Weber Shoe
Rice-Stix Dry Gds corn * 1814
100 100
1st preferred
Scruggs-1T B D G corn _ _25
100
2nd preferred
* 30
Scullin Steel pref
*
Securities Inv corn
__
Sedalia Water pref. -100
•
Sieloff Packing corn
Southvrtn Bell Tel pfd_ _100 117%
32
Stix Baer &Fuller com ___*
100 99
St Louis Car pfd
*
L Pub Serv com
St
*
Preferred A
50 5434
Sunset Stores pfd
Wagner Electric com _ __ _15 41
100
Preferred
75
75
3
3
62
62
733,4 7434
106 106%
36
36
37
38
103 103
61
60
7034 72
58' 6234
4034 43
120 125
3136 3234
9734 98
1814 19
26
2634
18
1834
100 101
1534 1534
74% 74%
31
30
3534 3534
95
95
18
18
11734 11731
33
32
99
99
1514 1536
70
75
5415 5434
4036 42
106 106
5
90
5
843
43
25
36
20
27
514
838
250
240
2,150
15
160
140
565
47
10
40
66
25
5
10
282
300
30
50
3336
630
1,175
4
Range Since Jan. 1,
Low.
75
2%
60
63
10434
23
37
9936
47
4734
52%
40
77
1814
96
1734
26
1714
100
1514
74%
30
30
95
16
116%
30
99
13
70
5411.
37
105
Sept
July
July
Apr
June
Mar
Sept
Apr
July
Jan
Feb
July
Apr
Jan
July
Aug
Sept
Aug
Sept
Sept
Sept
Sept
Apr
Sept
June
Aug
Aug
Sept
Aug
Sept
Aug
May
July
High.
92
434
7334
7434
110
37
40
103
62
8234
63
5534
125
3414
99
2234
3334
2434
110
1934
76
4234
3834
100
1834
121
4434
103
24
81
553.4
50
110
Mar
Feb
Apr
July
Feb
Aug
July
Sept
Aug
July
Apr
Jan
Sept
June
Mar
Mar
Jan
Jan
Feb
Feb
July
Jan
July
Feb
Mar
Mar
Jan
Mar
Jan
Jan
Aug
Feb
Jan
1714 Sept 20
Feb
32
Apr 48
July
80
July 96
Jan
20
Aug 30
Jan
90
May 139
Sept
15
May 21
July
93 100
3714 Apr 10114 Aug
414 Sept
4% 5%
534 Sent
15
17
13
July 29
Jan
80
79
80
Aug 1033,4 Jan
38
40
Aug
39
July 44
3 May
12
12
1334 Aug
47
50
50
Jan 50
Sept
360 360
230
Feb 401
Aug
Street Ry Bonds
280
Jan 290
Jan
95% 95% 34,000 9534 Aug 96 Apr
110% 111
108
Apr 112% July East St L & Sub Co 5s _1932
10531 June 108% Mar
Miscellaneous Bonds
23
26
1934 Aug 37
Jan
9534 9534 1,000 9534 Sept 9934 Jan
1938
51
45
29
Jan 5034 Sept Houston Oil 5158
500 10334 Jan 105
104 104
May
30% 31
30
July 40
Jan Nati Bearing hletals 6s1947
Sept 101% Feb
2,000 99
99
99
1935
2
2
1
St Louis Car 6s
July
4
Apr
9734 9736 1,000 9734 Sept 100
Mar
Serial
-V
7% 734
6
Jan
15
Apr Scruggs B 7s
9614 97
9554 Apr 99
Jan
• No par value.
85
85
78
Jan 90
May
-Record of transactions
2834 28%
2
834 Sept21314 Sept
Los Angeles Stock Exchange.
46% 46%
44
May 5514 Jan
at the Los Angeles Stock Exchange, Aug. 31 to Sept. 6,
126 126%
118
May 130
Jan
from official sales lists:
56
58
43% Jan 63
Jan both inclusive, compiled
31
31
Feb
30
Apr 34
AuteS
Ftlatly
26
Apr 34 June
Range Since Jan, 1.
Last Week's Range for
95 102
83
July 127
Feb
Week.
of Prices:
Sale
2234 Aug 23% Jan
Low.
High.
Par. Price. Low. High. Shares.
Stocks59
59
58
Apr 60
May
20% 21
2014 Aug 4134 Jan
Aug 10
9
900
Aug
93.4 9%
•
Calif
Corp of
16% 1714
1634 June 21
Jan Aero
100 2234 Sept 2234 Sept
. 22% 2236
Corp of Calif ____ _ ____
82
8434
26% Jan 8434 Sept Aviation
Sept 174 June
300 130
Bank of America of Calif.25 13154 130 131%
19% 20
19
Aug 283,4 May
11,800
4.30 Jan
1.90 2
1.70 Apr
1 1.9734
noise Chica 011 A
30% 31
26
July 35
Aug Byron Jackson Co
500 33
Apr 86% Jan
* 3434 3334 3
434
48
49
Feb California Bank
4474 Aug 58
Jan 142
135 145
449 125
May
25
24 June 3614 Jan Central Investment Co_100 98
98
60 98
1%1ar
98
Sept 103
114 11411
11214 Aug 116
Apr Citizens National (new).20 132
1,100 115
125 132
July 136
Aug
5.5
6134 63%
June 70
Feb Douglas AirCraft Inc
2,600 24% Mar 45
3134 34
May
* 32%
58
58
45 June 6334 June Emsco Derr & Equip Co_ •
31
600 2836 July 4474 Feb
31
99
99
9634 June 108
Feb Goodyear T & R pref.-100 99
99
132 9734 June 101% Mar
98
27
27
24
July 40
Jan Hydraulic 13rake Co com.25 62
1,100 40
5514 63
Jan 63
Sept
110 110
110
Sept 110
Sept Internet Re-Ins Corp_ __10 60
60%
1,700 48% June 65
60
Apr
17
22
15 June 29
18
Jan Los Aug GDS di El pref_100 102
186 101% July 108
102 10214
Jan
87
4
87
84
July 116
Jan Los Angeles Inv Co
21
400 20
Sept2214 Aug
20
1
34%
7
34
28 June 3436 Sept
100 10
Aug 12
July
10% 10%
*
del)rcts
33
54
51
33
Jan 5534 Aug Maddax Air Petroleum__25
35
500 33
Feb 4354 June
34
MacMillan
24
18% 19
1634 Jan 2334 Mar Monolith Portl Cem coin.*
1414
400 12
Aug 14% Aug
14
19
72% 75
65
May 74 June
2
Feb 4.10 June
2.50 2.511 1,000
Moreland Motors corn_.l0
1
103% 104
90
Jan lossi Jan
73 190
Feb 205
192 193
Feb
Co100
46 2125
13% 18%
AMayug 27% July Mortgage Guarantee
501
133.4 Sept14
Sept
Mortgage Guar Co rights__ ...... 133i 1334
29
128
27
32
145 38
Apr Nat'l Bank of Comm___25
40
Sept49
38
Apr
29
4
Aug 10
Mar Occidental Petro com__ _ _1
3.20 2,840 2.10 Jan
3
3.20
534 Jan
805 1834 May 38
36% 36%
Aug Pacific Amer Fire Ins_ _ _10 75
800 6334 July 7554 Aug
75
75
30
387 35 Jun
38
3
2,400 6754 Jan 147% Aug
034 Aug Pacille Finance Coro com25 142% 14114 145
114% 116
50 11134 Apr 116
49 5434 Jan 92
Sept Pacific Gas & Elec com_25
9114 9114
Aug
22
63 19
20
Aug30 May Pacific National Co
1.475 21
Aug4034 Mar
25 2134 2114 22
4234
30 40
42%
Aug 44
900 2.40 Sept254 Sept
Mar Pacific Finance Co rights_
234
2.40 2.40
94% 1 876 81
90
July 100
July Pacific Western OR Corp.* 2034
Aug23
1634 2034 8,100 15
Jan
1 180
180 180
Aug185% July Pickwick Corp corn
1,200
9
636 9%
9
Sept1254 June
10
8 102% Feb 111
107% 107%
Jan Republic Petroleum Co_10
500
3.80 3.80
99% 100
90 99
Apr 10334 Jan
48% Jan
Aug
4034 4214 1,900 39
Richfield 011 Co com _ __25 42
51 279
450 452%
Jan 485
4492331 May 2554 Apr
Aug
25 2434 2434 2436
, Preferred
61
7 57
59
Aug 71
May
28
25 29
2934 8,100 - 2634 July 4234 Jan
011com
340 26
Jan 3134 July Rio Grande
Mar 10134 Apr
25 100
101 10114
san Joao L&p 6% pr pf100 101
160
6% 6%
9
May
June 11634 Mar
49 111
11114 11114
7% prior preferred_ _100
307 9711 Juue 125
118 118%
6
A ng
July Seaboard Dairy Cred Corp
309 85% Jan 115
108 110
May
50 9614 Aug wog June
9634 9634
100
A Preferred
20 8534 Jan 115
101 102
Mar 14234 Apr
May Secur 1st Nat Bk of L A_25 135
135 13634 2,500 125
5
20
5
4
Jan 69
8
Jan Signal 011 & Gas Co A_25 35
700 3434 Aug 4834 Mar
345.1 35
50
55 35
45
Aug
8,200 5454 Jan 8714 Aug
corn_ __ _25 8434 8214 86
Calif Edison
18
15
782 15
Sept 28 June SoOriginal preferred_ _25
May 77
100 56
82
Aug
82
71
2 09
71
Aug 87
Jan
1,051 2854 Aug 29% Jan
25 2854 28% 2814
7% Preferred
3.003 2434 Aug 26% Jan
25 253.4 2536 2554
6% preferred
23% Aug 25
Feb
25 23% 23% 23% 2,52
St. Louis Stock Exchange.
11 96
-Record of transactions So516% preferred pref 25
Aug 10154 Mar
9614 9634
Counties Gas6%
Feb
at St. Louis Stock Exchange, Aug. 31 to Sept. 6, both in- Standard Oil of Calif_.__* 7634 74 7754 6,500 6434 July 81% May
iOO 36
36
36
36
July
•
Taylor
clusive, compiled from official sales lists:
1.35 1.25 1.35 12,166 1.20 Aug
1.50 Aug.
Trans-America Corp rights
600 1.35 Apr1.50 Sept
1.50 1.4736 1.50
Script
bates
- Union Oil Associates _ _ _25 52
Friday
Feb 5334 Apr
5034 5314 8,300 45
.
Range Since Jan. 1.
Last Week's Range for
Aug5454 Aug
25 5176 5034 5354 5,600 45
Union Oil of Calif
Week,
of Prices.
Sale
1,300 3014 Aug31% Aug
10 30% 30% 30%
Western Pipe Steel
StocksPar. Price. Low. High. Shares
Low.
High.
• No par value.
Bank Stocks
--Record of transacBoatmen's Nat'l Bank _100 214
215
San Francisco Stock Exchange.
42 190
214
Feb 230
May
First National Bank_ .. _100 440
73 34234 Jan 443 June tions at San Francisco Stock Exchange, Aug. 31 to Sept. 6,
438 440
Merch-Commerce
137 285 June 350
310 330
100 347
Sept both inclusive, compiled from official sales lists:
Trust Company Stocks
Friday
Sales
Franklin-Amer Trust_ -100
260
5 215
260
Jan 260
Sept
Range Since Jan. 1.
Last Week's Range for
Miss Valley-Nlerch St- _100
63 300
311 311
July 312
July
Week.
See
of Prices.
St Louis Union Trust_ -100 528
25 500
527 528
Jan 543
June
Low.
-Par.Price. Low. High. Shares.
Stocks
High,
Miscellaneous Stocks,
May 200
115 168
Aug
Alaska Packers Assn
175 175
AS Aloe Co corn
10 3434 Apr 37
36
36
20
Apr Anglo & London P Nat Bk 250
255 250 June 26914 Feb
250 250
Preferred
45 102
July 105
100 10334 103 10334
Mar Associated Insurance
8% June 12
10% 111.4 9,597
11
Mar
Alligator corn
23
100 21
*
23
Aug 27
mar Atlas Im Diesel Eng A
May 6534 Jan
130 44
57
57
Amer Inv B
1,275
*
3 June 10
834 10
83.1
SePt Avia of Calif
1,125 23
23
Aug 31
23
23
May
Bentley Chain Stores corn •
18
85 17
18
Aug 40
May Bank Calif N A
60 290
Jan 390
370 370
370
Aug
Boyd-Welsh Shoe
42
150 373.4 Aug 42
40
'' 42
740 1714 July 2054 June
Sept Bond & Share
18% 18%
Brown Shoe corn
4814 5134 1,205 39
100 51
Apr 5134 Sept Byron Jackson Pump
3334 34%
2,607 31
Mar 43% May
34
1 117
Preferred
118 118
Aug 121
100
Aug Calamba Sugar pref
210 16% Apr 19
1714 1714
Jan
125 95
Bruce (E L) pref
100 101
100 101
Apr 101
Sept Calaveras corn
611 19
19% 19% 19%
Aug 19% Aug
21
Chicago Ry Equip com-25
634 July
s
8
9
July Calaveras Cement pref--- ------ 8834 89
175 88% Sept 90
July
22
Preferred
58 17
Jan 22
20
25
Sept California Corporation_ _ _
6
800
5
4% Aug 10% Feb
Coca-Cola Bottling sec _1 7134 7134 71%
782 37
Jan 75
Aug California Ink Co A
43
43
43
100 40% Aug 58
Jan
555 10
Como'Lead & Zinc A _ _ _ _* 10%
Aug
1034 1134
1734 May Calif Ore Power 7% pref _ 109
108 109
30 104
June 115% Jan
190 40
60
July 60
Como Mills Co
100 5834 57
Sept California Packing
80% 78% 81% 3,334 73
Mar 84% Aug
30
50 30
Elder Mfg corn
Sept 36
•
3()
Jan Caterpillar
81% 80
8334 11,629 71
Mar 8754 May
5 99
99
Emerson Electric pref- _100
Sept 106
99
Jan Clorox Chemical
4414 40
44% 4,905 36% May 5014 Jan
330 2734 June 35
34
32
Ely & Walker D Gds corn25 32
Aug Coast Co 0 & E 1st prof.. 98
98
98
122 98
Jan 9914 Aug
15 102
Aug 109
10336 10334
let preferred
100
Jan Crocker First Nati Bank
460
450 460
15 380
Feb 460
Sept
•
100 1934 June 25
Fred Medart Mfg com
2034 2036
Apr Crown Zel A
89
89
760 89
July 96
Jan
59 1234 Aug 24
Hamilton-Brown Shoe- -25
Feb
1234 1336
Preferred B
89
89
269 89
July 95
Mar
.
na
92 V
970
99
A nr
act? lo.,..
Voting trust certificates_
21% 21% 21% 6.931 18
May 9534 Jan
1714 1734
40
4234
8914
88
2334 24
128 139
FINANCIAL CHRONICLE
4034 4234
3034 3194
2634 .2794
4% 594
734 734
11336 114
140 140
1034 1034
51
51
5794 60
10034 101
10436 10694
1894 1831
7034
70
41
41
3894 3894
2834 3094
5134 5191
27
29
40
39
3734 3934
25
2541
102 102
17
17
431
434
34
3443
96
96
3014 31
1
134
12934 135
100 100
91
91
2894 28
2436 28
30
3094
1491,4 141144
470
1,020
705
3,310
100
125
25
704
330
1,152
100
175
175
1,011
125
1,225
1,722
406
926
4,053
1,326
229
5
ISO
4,753
375
30
1.048
7,757
550
90
25
585
579
730
110
High.
Low.
,7,7,”,VPL:VgcgF044711:Afo'.n',c,'.1E-'F,E,'.1VoVec°,0ai.eq11,
Consolidated Chemical__
Eldorado 011
3034
Emporium
Fageol Motors corn
594
Preferred
Flremans Fund Ins
11335
First Sec Ogden
Foster &Kleiser com
1031
Galland Mere Laundry Golden States Milk
5734
Gt West Pow ser A 6% Pi- 10034
Preferred
10636
Haiku Pineapple Co corn
1894
Hawilan Pineapple
Home Fire and Marine Ins
Honolulu Cons 011
3814
Ills Pacific Glass A
2994
Jantzen Knit Mills
5134
Kolster
29
Langendorf United Bak A 3994
B
3891
Leslie Salt Co
La G & E pref
102
Lyons Magnus A
Magnavou
494
Magnin I corn
Mercantile Amn Realty.-- -----Merchant Cale corn
3094
Rights
1
Common
135
Nor Am Inv pref
534 preferred
North American 011
2794
Natomas Co
Oliver Filter B
Pnelnr. VIrkonr.e.
Range Since Jan. 1.
6
JaLeY
1. rtaay
Last Week's Range for
Sale
Week.
of Prices
Stocks (Continued) Par. Price. Low, High. Shares.
NNN
,000014....401.1,00
0WN0.-.0W.00......" 0K.00CCC4*00000014 0t
.
1578
50
3134
3734
7
8
151
145
1334
55
6494
10234
10736
2436
72
4694
4434
47
5231
7934
40
3914
4754
10894
2336
1336
39
10051
31
191
135
10191
95
38
33
45
144
Aug
Sept
Feb
Jan
Feb
Feb
Feb
May
Jan
Aug
Mar
Apr
Jar
AUE
Jar
May
Fe).
Aug
Jr
Seta
Sept
Jar
Jar
Ma3
Jar
Jar
Jar
Sep
Sep
Sep
Jun
Ma
Jar
Ap
Fel
Mb
Stocks (Concluded)-
[VoL: 129.
Prtaay
Last tVeek's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
'antic Gas & Elec com__- 9134
lot preferred
2694
'acific Lighting corn
6% preferred
100
,
acute Tel & Tel corn__ - 205
Preferred
135
?arafinne Cos Inc corn__ _ _
9151
?acific Pub Service
2611
lainier Pulp & Paper
3334
lichfield Oil
4231
Preferred ex-warrants__ - -----Roos Bros common
Preferred
S J Lt & Power prior pref.
6% prior pref
101
3chlesinger (B F) corn......
1534
3hell Union 011 corn
2794
iherman & Clay pr pref.__
70
3pring Valley Water
Standard 011 Calif
76
Standard Oil New York..
43
3ou rag G G Ferries A...- 1931
B
1834
Tidewater Assoc 011 corn
Preferred
8735
Transcont'l Air Transp Inc
Thomas Alice
1794
Union 011 Associates
5135
Union Oil Calif
52%
Union Sugar common
Wells Fargo Bk & Un Tr_ - 31135
West Coast Bank
2434
Western Pipe & Steel
3134
Francarcerice
15494
New
6345
Rights
1%
26,091
9,457
242
380
55
75
2,099
2,562
716
3,482
566
605
100
80
30
1.508
1,00
275
245
8,742
700
2,075
964
100
90
145
545
9,560
5,249
270
25
585
5,516
14.533
14,205
53.325
8915 94
2594 3634
13094 13094
100 10194
20234 20594
133 135
8994 9194
26
2731
3331 34
4031 4234
24% 2494
3334 34
9714 9734
112 112
10034 101
1434 1594
2794 29
63
70
8534 8635
7414 7734
4334
41
1934 2011
1834 1994
20
20
8734 88
2311
23
1794 18
5011 5335
5314
51
1834 10
31134 313
2494
24
3094 3151
15231 15494
6241 6344
iei
1%
Range Since Jan. 1
Low.
54
2594
70
9911
160
121
7041
2094
2934
39
2334
31
9634
11094
9894
1494
2535
6294
82
6434
39
1934
1834
18
85
23
17
4434
45
16
30
2234
3094
125
6234
131
High.
Jan
94
Sept
May
28 June
Jan 13214 Aug
June 104
Feb
Jan 218 .July
Jan 135
Sent
June 92
Aug
Jan 2894 July
May 36
July
Aug 4894 Jan
May 2536 Apr
June 34
Jan
July 100% Jan
June 118
Feb
Mar 10294 Jan
Sept 2136 Jan
Aug 3135 Apr
Aug 103
Mar
June 92
June
Feb8136 May
Aug 46
Aug
Sept 2194 Aug
SePt. 2016 Aug
Feb 23 June
June 8994 Jan
July
Sept34
July 2034 May
Aug 5394 Aug
Aug 5494 Aug
July 2894 Mar
Mar 340 July
Jar
July 30
Aug 3134 Aug
Feb 15594 Aug
Sept 6314 Aup
134 Aug
Aug
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last(Aug.31) and ending the present Friday (Sept.6). It is compiled entirely from the daily
reports of the Curb Exchange itself and is intended to include every security, whether stock or bonds, in whic'i any dealings
occurred during the week covered.
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Week Ended Sea. 6.
Stocks-
Indus. & Miscellaneous.
A cetol Products cum A...• 1934
17
1994
Acoustic Products cum_ _ _•
494
434 43-4
Aeronautical Industries __• 3834 27
31
Warrants
7
774
Aero Supply Mfg Cl B..... 183-4
1634 5994
Aero Underwriters
3331
33
Ainsworth Mfg Co
• 48% 4834 5073
Air Investors Inc corn v t c•
1534 16
Cony preference
* 30
36
36
Airstocks lice v t c
5655
53
53
Ala Gt South ord
50 ----1504 154%
Preference
. 150 150
50 - v
Alexander Industries
954 10
%
•
Allied Aviation Industries
With etk pur war.
• 13
1234 13
Allied Slot Ind corn
•
1 4534 463-4
Allied Pack
•
%
34
Senior preferred
100
34
ii
Allis-Chalmers Mfg new w I 7894
7731 81
Allison Drug Stores el A. •
234
236
Class B
114
134
•
Alpha Porti Cement corn.•
3641
36
tluminurn Co common___• 460
455 472
Preferred
KO 10794 10731 107%
A.uminum Ltd
•
264 265
%Itiruinurn Goode Mfg ...• 30% 3094 3035
Aluminum Industries_
4134 4234
•
American Arch Co
3634 3634
100 3614
Amer Beverage Corp..-.•
934 1014
Amer Brit & Coot Corp....
, 1531
1494 1594
Am Brown Boyer)Elea Corp
Founders shares
1936 20
• 1915
Amer Chain corn
3434
- •
33
American Cigar Co com.100 150
14931 15031
Amer Cyanamid corn A. • -75
75
75
Common class 13
20 63% 6234 6434
1243.4 12434
100
Preferred
Amer Dept Stores Corp_ •
944 934
9%
let preferred
so
ick co
so
3236
31
American Equities corn.. _• 313-4
Amer Hardware
70
70
25 70
Amer Investors cl B corn..' 2335
2314 2534
17
14
1435
Warrants
Range Since Jan. 1.
Low.
High.
-
6
500
294
14,900
1654
6,800
341
1,600
2,400 13
1.930 33
1,000 39
200
1534
900 3294
700 53
300 144
220 144
9
600
Jan
23
May
Juu
19
June
3134 Aug
July
834 Aug
July
2234 Aug
May
Sept 4844 Feb
Apr e5731 July
2094 July
Aug
Aug
4034 July
Sept 6494 Auc
Feb
May 161
Feb
Slay 167
Mar
23
July
10
1,700
300 3936
sa
300
41
900
8,600 7314
100
134
1
600
300 3235
900 148
1,000 10314
306 10651
600 28
500 3534
500 35
400
936
2,700 1431
1454 June
Aug
Aug
Apr 52
Jan
2
June
3 June
Aug
Aug
Aug 85
734 Jan
May.
II
May
May
5494 Feb
Aug
Jac 53934 Aug
Jan 10831 June
Aug
APT 280
Feb
I(
June
July
June 49
June 4734 Jan
15% Jan
Sept
Aug
2234 Feb
2.990
834 Jan 23 June
600 1694 Mar 3934 July
1,025 11914 June 15334 Aug
Aug
July 80
100 62
26,900 3954 May SO
Jan
Aug
Jar, 131
100 98
934 Aug 2
1,900
Mar
9
loo 80 Aug 114 Mar
Aug
3214 Sept
15,800 31
70 Sept
80 6914 Apr
20,800 20
40 , Aug
Aug
July
17
10
5.700
July
Mar 9694
225 77
Amer Laund Mach corn. • 88% 88% 89
75 3736 Jan 5911
Amer Mfg corn
100
5836 5931
25 11436 Apr n124
Amer Meter
11534 11594
600 :5994 June 70
Amer Phenix COW
50 603.4 6994 693'
234 Mar
1,900
1634
11
Amer Pneumat Ser com.25
119-4
800 SI% July 89
Amer Salamandra CorP.50 8
635
06
89
31)
Amer & Scottish Invest..• 2731 26% 2734
25
1,400
Aug
Amer Solvents & Chem800 2534 July 4031
3431
Common vot tr ctfs_ _ ..• 3334 32
June 5514
200 42
47
Cony partic pref
47
•
200 41% Aug 4234
Cony partle pref new___ ---- -- 41% 4234
3%
Feb
3
2,700
American Thread pref._ _6
3% 334
334
35%
200 2334 Aug
Amer Transformer com___• 2434 2411 2434
275
600 2531 Aug
Amer Yvette Co Inc
2736
27
• 2735
Amsterdam Trailing Co
July
3331
100 20
American shares
3134 319i
78
Anctor Poet Fence com_.• 6314
59% 7194 2,500 2934 Mar
New common
2135 2434 3,900 2114 Sept 354
5 2134
Jar 4531
2.60(1 33
Anglo-Chile Nitrate Corp.• 34
3494
34
Sept
435
4
1,000
Anglo-Norwegian Holding*
4
4
31)
Aug
Area Elei (deal Mfg
7,800 20
• 3434
3234 3711
4,-tutus Radio Tube. •
5594
1,900 2234 Mar
421,
5
40
Jan 77
Armstrong Cork com____• 7434 74
200 61
74%
June 561g
Art Metal Works corn_
100 32
3734 3734
•
2794
Associated Dye & print_ • 10
831 Aug
900
89-1 10
A.m.. flee IndustrlesA ,er dep rasa
u
15 34
994 July
1033
1056 1134 11.900
Associated Rayon corn_ ...•
3534
Sept
300 13
13
13
1434
Sept 87 34
6% nreferred.
400 55
55
100 55
5874
Atlantic Fruit & Sugar__ •
2
)1,
94
'is Sept
2,000
it
Atlas Plywood
tel. 8034
900 53
6734
64
• 65
5414
Atlas Portland Cement.. •
4334 4333
100 4394 Sept
Automatic Voting Mach..• 143-3
1534
734 Aug
1254 144 17,000
Cony prior earth)
3934
2135 2334 5,000
• 23
1894 Aug
Aviation Coro of the Amer' 56
Jar, 8914
56
1,500 3234
5654
Aviation Credit
•
Sept 23%
15
15
900
153.1
Aviation Securities Corp •
Aug 4094
34
300 33
34
Axton-Fisher Tob corn A 10
Apr 4334
35
34
600 32
Babc0ck&WileozCo..„100 1301.6 124 13014
175 11714 Apr 127
Bahia Corp corn
5
454
•
414 Aug 2291
200
43-4
15
Preferred
536
536
534
596 Star
25
300
70
Balaban & Katz corn v 6 c25 80
80
400 699-4 May 884
Jan
Sept
Jan
Aug
July
Sept
Aug
July
Jan
Sept
Jan
July
Sept
May
Aug
Aug
Jan
May
June
May
Aug
Fa
Fet
May
Jar
Jan
Jac
Jar
Jar
Jar
Jar
Mal
1-et
Juni
Pet
Jar
Jar
Jar
Jar
Friday
Sales
Last Week's Range for
Sale
Weelt.
of Prices
Stocks (Concluded) Par. Price. Low. High. Shares.
Baumann (Ludwig) & CoCoucv.7%lot pref.__ le0
delianca Aircraft v I o_ •
tilekford's Inc corn
• 22
$2.50 cum conv pref.. •
Mariners common
•
Blew-Knox Co
•
Bike (E WI Co common.. 40%
• 22
Blue Ridge Corp
corn__.50 51%
Opt 6% cony pref
' 9731
Blumenthal(S)&Co corn
1 : elze Ni
10
1:y S r Inc corn
1
;
• 78
Bohack (II C) corn
Bull Corp class A
•
Brill° Mfg corn
• 18%
Class A
•
Brit Amer Tob ord bear C1
ruttish Celanese
Amer deposit receipts_
733
13row n Fence A Wire el A.•
Budd (Edward) Mfg.- • 25
• 31
I3ulova Watch corn
• 41
$3.50 cone pref
431
Burma Corp Amer dep tete
26 2934
Butler Bros
14%
Cable Radio Tube v t
Camden lire his
Canadian Indust Alcohol _•
Capital Adminis class A._• 6534
50 40
Preferred A
Carnation 1111k Prod _ _ .25 50
•
Tractor
Caterpillar
Celanese Corn of Am corn • 42%
100 9654
First preferred
834
Centrifugal Pipe CorD-- -•
Chain Store Stocks Inc._• 3S
•
Charts Corp
Checker Cab Mfg OM- • 71%
ioo 105
Childs Co pref
Cities Service common..... 5334
94%
Preferred
10
9
Preferred B
100
Preferred 1313
City Machine & Tool corn.' 3534
•
City Radio Stores com
• 6034
Clark Equipment w I
Clark Lighter A
• 2731
Cleveland 'tractor com
•
Club Alum Utensil
• 55
Cohn Hall Stars co
Cohn & Rosenberger corn..
Colgate Palmolive Peet • 69%
preferred
100
6
Colombian Syndicate.
Colt's Pat Fire Arms Slfg25
Columbia Pict corn
Columbus Auto Parts pfd_. 25
Commercial Invest Tr w 1.• 82%
Consolidated Aircraft.. __.• 33%
Consol Automatic
Merchandising v I c„.•
134
$3.50 pref
• 1236
Consul Dairy Products..
• 3334
Consol Gas UM cl A ___.• 33%
Consul Instrument com. • 2053
• 15%
Congo) Laundrtes_ .....
• 26%
Cons Ret Stores Inc corn.
8% cum pref with war100 100
Consolidated Steel corn. _ ......
- Preferred
Como'Theatre corn v t c_•
ContlnentalDiarnondFibre
• 3634
Continental Secure com •
• 32%
Coon (W 1.1) Co common.
Cooper-Bessern'r Corp com• 48
23 cum pref with wart •
Copeland Products Inc-Class A with warrants. _• 11
Cord Corp
5 35
Corroon & Reynolds corn.' 34%
• 10211
Preferred A
Courtalds Ltd Am den
Ras for ord stk reg. ..£1
Crock Wheel El Mfg corn 100 508%
Crosse & BlackwellPreferred with warrants. 44%
Crowley Milner & coin,..'
92
19%
22
32
48
58
3994
2134
5134
9711
23-1
77%
4
23
18
2634
3034
Range Since Jan. I.
Low.
High.
92
100
2034
1,800
22%
1,100
3234
600
49
400
5931
700
4234 3,000
2334 33,700
5134 43,400
600
100
200
231
200
78
1,700
4%
400
23
1833 1.000
100
26%
2,800
313'1
00
14%
22
32
46
38
39
2134
51%
80
1
773.4
134
1831
18
25
29
Aug 100
24
July
Aug 27
Aug 3434
June 6094
Apr 6234
Apr 5633
Sept 2034
Aug 5531
Feb 10234
Aug
3
Sept 10214
Jan
544
May 2636
May
2794
May
2834
July
327-4
300
300
6,400
1,900
100
6,300
2,000
4,600
500
600
3.500
300
7.400
400
4.300
1,800
1,500
10.600
100
10,800
20
170.000
1.40
700
100
2,800
400
1,500
200
1,400
300
3.300
600
1.900
10
30
500
100
20
19,20
1,20
433
21
16
251,4
40
334
2594
12
30
23
3714
3531
3334
89
2531
8034
7
30
28
4634
0731
Jan
11191 June
Aug 28
May
June 2736 Aug
3231 July
July
Jan
Aug
50
Feb
531 Jan
June 4494 MAY
July
1994 May
Aug 3734 Aug
July 4316 Mar
June 743-3 Aug
May 42
Aug
May
52
Sept
Mar 88
May
July
5774 Feb
Apr
July 122
June
13
Jan
June 41074 Jan
June 42
Jan
Jan 94
Star
Mar 109
Jan
May
5311 SePt
July
9914 May
Jan
9'4 Jan
Jan
Aug 03
Sept
Apr 38
Apr 347-4 Sept
Sept 67
Aug
June 2491 Jan
July 32
June
Sept 333-4 Feb
Feb 55
Sept
Aug 4014 June
3031 Jan
May
July 100
May
June
2
Jan
457-4 Jan
July
May
3811 MaY
Mar
May 35
Sept
Aug 84
Mar
4454 Mal
May
May
July
July
Feb
Aug
Jan
Aug
Aug
July
Jan
July
May
Apr
Mar
Mar
Feb
7(6
2316
2431
3031
41
4%
2974
14
343
23
6534
40
47
80
35%
873-1
894
3531
33
66
105
51 11
9431
9
91
34
33
GO
6
2731
551
5034
39
6934
98
%
3134
31
25
8136
3284
794
2374
26%
313.4
41
434
3191
1536
3434
2354
6934
40%
52
83
44
9934
9
3.13%
33
72
105
5334
9474
9
91
33
3434
6134
6
2634
6
55
40
70
98
%
32
31
25
84
34
17-4
1234
3634
32
2034
15
21334
100
2194
28
1834
3616
95
3214
44
4744
2
18,300
40(
14
3331
400
3336 13,90
2134 2,00
1.10
16
27
1,500
100
100
2134
200
28%
200
1834
100
600
3711
95
100
3234
500
4341
800
4831
300
2S1010
May1jiSepty
2131 Sept
Sept
28
1834
25% Apr
9134 Aug
21% July
373-4 June
46
June
17%
45
50%
34
'35
21
3041
111
2134
283.1
23%
44
9731
4334
55
5214
11
11%
200
3234 3634 7
0,500
3254 3434 7.200
100 10233 4.200
11
Sept
27% Aug
30 -June
Apr
07
1214 Feb
36% Sent
34% Aug
Aug
103
1634 17
50836 509
443.4 4494
44
2791
0336
834
90
2494
2494
so
396
25
594
3653
38
03
96
34
2994
28
25
809-4
2536
51% Jul
A
iu
191 j ne
011 J:i
15
Allg
Jan
Jan
Feb
Aug
Mar
Mar
Fib
Apr
SW
Sept
May
July
Aug
Jan
July
Apr
700 1531 July
2514 Jae
Sept
75 127% Jan 509
100
100
4433 Sept
4233 Aug
56
62%
Feb
Jan
SEPT. 7 1929.]
FINANCIAL' CHRONICLE
Saks
Friday
Last Week's Range for
Week.
Sale
of Prices
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
100 37 June 4833 Aug
4333 4334
Cuneo Press corn
10
200 8934 Mar 94% Apr
90
9031
6% pref with warr__ _100
100 2633 Jan 5233 Feb
.3533 3533
Curtiss Aeropl Exp corn_.'
9% Aug 134 May
Curtiss Airports v t e----• 1031 104 n1.131 1.200
600 193( Mar 29% Apr
21;3 23
Curtiss Flying Say too..'
Curtiss Reid AircraftMar
Sept 35
100 26
26
26
Pref. wit stk pur warr30
July
933 Aug 13
6,400
Curtiss-Wright Corp warr_ 1134 1131 12
36% 38% 1,500 284 Apr 284 July
• 38
Davega Inc
Sept
22,900 14 July 44
Dayton Airplane Engine.* 4334 4233 44
Decca Record Ltd
134 Aug
4% Feb
200
133 14
Amer shs for ord reg--51
May 642
Feb
1,750 611
585 614
Deere & Co common-100 610
De Forest Radio v I a17% 1733 1831 15,000 113( May 26% Jan
De HavIlland Aircraft Co
634 Sept 10% May
200
633 6%
6%
Amer dep rcts new reg-Z
15% 16% 8,000 15 June 174 Aug
Detroit Aircraft Corp w 1-• 16
Deutsche Bank (Berlin)
Jan
900 3931 May 41
40% 41
Amer dep rcts bearer shs_
Sept 20
Sept
100 20
20
20
Dexter Co
Jan
Mar 42
3,100 27
38
• 3731 3731
Doehler Die-Casting
Jan 44% Aug
800 21
42
41
Donner Steel coin
1,000 24% Mar 454 May
31% 34
Douglas Aircraft Inc
• 31%
July
Jan 415
10 200
400 400
Dow Chemical cum (old).'
Jan 78 June
50 65
67
67
100
Draper Corp
4 June 20
Aug
18,500
19
13
Dubilier Condenser Corp
' 1734
8% Sept 1931 Jae
833 933 5,000
•
831
Durant Motors Inc
Durham Duplex Razor
July 5373 Mar
100 39
39% 39%
Prior pref with warm
933 Aug
834 Sept
833 8% 6,400
833
Earl Radio Corp
Aug 5473 Sept
54% 32,600 36
49
Eastern Gas& Fuel Assoc..' 5333
100 9233 Sept 9233 Sept
9234 924 9234
6% preferred
Aug
July 31
2931 3.900 24
East'n Util Invest A--• 283-4 27
2333 1,200 19% Aug 23 May
Ecilaon Bros Store corn..-• 2331 21
• 2634 25% 2733 61300 2134 June 314 July
Eisler Electric corn
47,600 5634 Aug 82 Sept
82
Elee Power Associates com• 8131 69
Aug 82% Sept
• 8231 653.1 82% 31,400 52
Class A
July
4633 July 66
.
Elee Shareholdings corn _4 53% 5233 5833 8,50
July 16333 July
132 14334 3.20 115
Cony pref with wart ; 135
800 2634 Aug 32% July
26% 2833
Empire Steel corn
100 31% Sept 454 Feb
31% 31%
Erase° Derrick & Equip_ •
300 35- Sept 3533 Sept
3534
35
35
Excello Air & Tool
200 10 June 26s• Jar,
114 1133
Fabrics Finishing corn. •
63i Jar
3
Aug
5
534 2.300
533
10
Fatten! Motors oom
Fairchild Aviation class A • 1031 1031 124 1,800 1031 Sept 3434 Feb
Falrey Aviation Co Ltd
6
Sept
6% 2,300
61‘ Sept
6
631
Amer der receipts
,
Apr 124 1 f Jan
,
140 79
8431 88
100
Fajardo Sugar
Mar
10
100
1% 2
2
131 Aug
•
Fandango Corn 00m
3,600 1033 Mar 2131 Jan
Falisteel Products Inc- • 1831 1733 19
Jan
100 28 June 50
31
31
Fedders Mfg Inc class A. •
7,800 6433 Apr 76 May
Federal Screw Works _ __• 71% 7133 74
Mar
June 39
4,000 27
3633 34% 37
Federated Metals Cr
300 86 June 73% Apr
65
62
Ferro Enameling Co el A_•
Flat, Amer dep receipts__ 25% 25% 26% 11,100 24% Aug 29% May
5% May
131 Jan
400
2
2
Film Inspection Mach_ •
July
1,700 2631 Aug BO
26% 27
Financial Invest g of NY 10 27
.
Sept
10
300 4534 July 51
49
51
Fire Assn of Phila
Feb
Mar 155
300 101
s105 113
Firemen's Fund Ins- -100
AM
425 22034 Feb 309
239 241
Firestone Tire & It oom-10 239
Fokker Air Corp of Amer.' 48
47 -503-1 7.800 1834 Jan 67% May
Foltis-FischerInc com--..• 2531 2431 2533 1,100 2434 Aug 384 Jan
Ford Motor Co Ltd
144 July 2034 Aug
Amer del) rete ord reg El 18
1731 1831 15,00
9,500 39% Sept 694'Apr
• 4131 3931 42
Ford Motor of Can cl A
•
Apr
2
664 Apr 172
6633 6633
Class B
1334 Sent
Ford of France
1336 12% 1333 14,500 12% Sep
July 154 APT
300 10
14%
Foremost Dairy Prod corn.' 1431 14
Apr
100 1933 July 23
20
20
Cony preference
• 20
500 19% Aug 304 May
22%
22
Foremost Fabrics Corp..'
100 23 June 33% Feb
Forhan Co class A
• 2533 2534 25%
Fourth Nat Investors Corp
5531 18,000 55
5733 Aug
Sets
Corn (with purch. warr)• 5533 55
28% 11,600 2134 May 354 Jac
Foz Theatrea class A coin.• 2633 26
300 3031 Mar 46% June
Franklin (II H) Mfg corn.* 4031 40% 42%
100 854 Feb 917 Feb
4
9151
91
Preferred
100 91
100
4% Jan
1% Feb
Freed-Elsemann Radio_ •
233 23.4
-Am she for
French Line
500 4233 Jan 59
Jan
Corn B stock- _600 francs
4531 46%
36
Aug
AP
Oarlock Packing corn..
..• 34
33% 35% 3,300 23
200
10
•
,
General Alloys Co
831 July 2131 Jan
10
25% 3,700 24% June 29% July
Gen Amer Investors
• 25
25
General Baking corn
633 6% 31,900 64 May 10% Jan
631
500 66
Aug 7934 Jan
• 68% 68% 68%
Preferred
2,100 17% Jan 47
45
Gen'l Cable warrants
Mar
39
39
General Elec (Germany)
Amer deposit rcts
45% 454 4633 1,600 404 Mar 50% Aug
Oen Elee Co of Olt Britain
American deposit rcts__
1434 1534 39,900 11)4 Jan 204 Feb
15
1,300 3233 July 34% Aug
General Empire Corp__ _
3234 34
34
100 3034 Jan 4431 July
Gen'l Fireproofing coin _.• 40% 40% 4034
900 30% Sept 34% May
Gen Indust Alcohol v e.• 30% 3033 32
500 20
(len Laund Mach coin •
20
20%
July 2714 Jan
•
500 45% June 57
Gen Printing Ink corn
Aug
51
53
Gen'l Realty & UN!corn_• 38% 3731 39% 20,000 1734 Apr 3933 Aug
May 114% July
Pt with corn Purch war 100 1124 10933 11431 6.100 88
38,700 31
Gen Theatres Equip corn.' 38
July 38
Sept
34% 38
600 26% July 35
Gerrard (S A) Co
3034
• 29
Aug
29
Jan 2534 Jan
700 18
Gilbert(A C) Co row....' 2113 21
2233
500 95
Feb 1484 Aug
Gleaner Combine Ham._ _• 13731 131% 142
700 11834 June 139
•
Olen Alden Coal
Jan
125 125%
Aug
Globe Underwrit Each...' 2531 2531 2631 4,300 24% June 28
Goldman-Sachs Trading
Feb 51213i Max
109% 1074 110% 35,700 93
Gold Seal Eleo Co
• 1733 17
May 274 May
194 12,600 17
Gorham Inc $3 with warr • 50
May 61 June
800 50
50
50
Gorham Mfg corn
Aug 82
300 z57
Apr
5733 62
Gotham Knitbae Macb..
1,300
•
54 Aug 1933 Feb
631 7
631
Grand Rapids Varnish__ •
100 16% July 2331 Aug
18
18
Graymur Corp
4,000
60
Aug543
574 60
July
• 60
Ot Atl & Pee Tea 1st p1100 11431 11431 116%
140 5814
Aug 117% Feb
Non vet corn stock_ _ _ • 36533 365% 380
100 332 May 494
May
Greenfield Tap & Die own • 23
12
Jan 2534 Sept
.20% 2633 2,90
Greif(L)& Bros pref. z100
50 9333 Feb 97
94
Jan
94
Grocery Stores Prod v t c.• 17
16% Aug 17% Aug
1631 1731 4,80
Ground Gripper Shoe corn' 4134 41
10,50
27
Jan 4373 Mar
43
$3 preferred
Jan 4233 Atog
500 32
39;3 4033
•
Guardian Fire Assurance iii .92% 90
AD
964 5,100 67
993i Aug
Guardian Investors Corp•
100
8
July
1233 Aug
124 1233
Hail(C M) Lamp Co___ • 25
800 204 Ma
25
26% Jan
22
Hall(W Fl PrInting____10
Apr 35
Jan
274 27% 1,700 26
Handley-Page Ltd
Am dvp rcts pante pref._ ......
4% Aug
100
5% June
4% 4%
Happiness Candy St el A •
2 June
5% Jan
24 2% 1.000
233
Hartman Tobacco coin - _10
200 20
Jan 2633 Aug
2434
24
Jan 824 Mar
• 66
HaygartCorp..........
66
0931 5,300 46
• ...... 43
Hazeltine Corp.. .
Apr 7033 May
900 41
44
Helena Rub'stein Inc Witn • 15
263( Jan
-14% 1531 1.600 14% Sep
Hercules Motors Corp._.• 3331 334 34% 4,600 294 Aug 35
Aug
Hires (Charles) corn A___• 2634 25
800 23% Jan 264 Aug
2634
Holt (Henry) & Co el A..* 24% 2431 24%
100 2233 Aug 24% Jan
• 35
Hood Rubber Co
200 18 Jun
35
3733 Aug
35
Horn(AC)Co com
•
100 20
Jan
Sept 47
20
20
Horn & Hardart corn_
800 51
Aug 61% Feb
5651 5334 56%
com___ . 19% 1933 20
Htlyler's of Del
Jan
SOO 194 Sept 32
77 preferred
0
100
Aug 100% Mar
200 89
89
89
Elygrade Food Prod cent • 3013 30% 3336 3,100 29
Aug 49% Jan
Imperial Chain Ind Amer
dep rcts ord shs___reg £1
300
July 11% Feb
8
831 833
Indira Finance corn v t 0-10 38
39% 3,600 27 June 584 Jan
37
Insull Utility Investm'te.• 110
Aug
JUIY 160
108 1154 7,200 90
Insur Co of North Amer.10 8431 8334 86% 4.800 73
Aug 904 Jan
Friday
Saks
Las Week's Range for
Sale
of Prices
Wed.
Stocks (Continued) Par. Price Low. High. Shares.
1579
Range Sines Jan, 1.
Low.
High.
Insurance Securities -.10 3033 3031 3134 5,100 25 June 33% Jan
2333 8,300 20 May 2634 July
Insuranah's of Del corn A.• 233-4 23
Intercoast Trading com--• 2931 2931 3033 5,200 2933 Aug 30% Sept,
Aug 24% Jan
800 10
Internet Perfume corn_ _ _• 1131 11
1333
74 Aug 144 Jan
1,400
Internal Products com •
July 834 Feb
100 78
100
n81711 n8814
1
$6 preferred
,
200 1934 Apr 36% Aug
• 3433 3433 3433
Inter Projector com
i
1731 ?p
/
Feb 46
100 25
Jan
Internet Safety Razor B..• 7334 .
Feb 74% July
2,000 60
rn
Shoe co_
Interaiol
6,200 1933 Aug 2533 Aug
22
Interstate Equities com • 2034 20
Sept 72% Aug
65
65
6533 6.700 65
Allotment ctfs
Aug 3231 Mar
300 14
1633 1634 17
Interstate Hosiery
May 4133 May
Irving Air Chute corn --• 2934 2934 323-4 2,000 21
Osotta-Fraschini100
11
11
931 May 1133 Aug
Amer dep rcts__ _200 lire
900 45 June 60
48
Mar
4733 4833
Johnson Motor
Max
(134 July 20
1.300
Jonas & Naumberg com- •
40% 4 31
Mar
100 38% June 59
91'6 10 ,
9
$3 cum cony pref
Karstadt(Rudolph) Am she 163-4 1634 174 1,200 1633 Sept 24% Mar
Ken Radio Tube & Lamp
200 1934 June 304 Mar
• 20% 2033 2033
Class A
150 18 June 24% Feb
194 1933
Klein(H)& Co part pfd_20
Kleinert (J B) Rub coin...* 3973 39% 3931 1,200 39% Aug 414 May
Aug 37
100 29
•
30
30
Feb
,
Knott Corp corn
Koister-Brandes. Ltd.4
436
4 May 1233 Max
433 2,800
CI
Amer shared
74
100 74 Sept 7733 Apr
74
Lackawanna Ry(NJ)_100
3833 39
900 36% Aug 4674 Jan
LackaWanna Securities. _• 39
2034 217-4
600 13 May 41% Jan
Lake Superior Corp__ _100 21
Lakey Foundry & Mach-• 2031 2034 2133 1,300 1874 July 35% Jan
573 633
200
Jan
534 May 13
Land Co of Florida
200 72% Sept 7234 Sept.
7234 7233
Landis Machine
8931 8,700 88 June 8951 Sept
lane Bryant Inc corn-- -• 874 86
Mar
700 3134 Aug 49
Lazarus(F & RI & Co corn' 3233 3233 3331
314 3133
100 3133 Sept 3134 Sept
Ctrs of deposit
•
2034 23
Jan
1,200 20% Sept 39
Lefcourt Realty corn
33
•
Jan
3333
200 33 Sept 39
Preferred
Apr 173% July
800 149
60 1687-4 168 16933
Lehigh Coal* Nav
Feb 72% July
69
69%
800 44
terrier Stores Corp core. •
61
Sept.
1,300 5534 June 61
Ley (Fred T)& Co Inc_ ..• 6034 57
16
18% Aug
1733 3.200 1133 May
Libby. McNeil & Libby.10 16
• 2234 213-4 2234 4,200 184 Apr 27% July
Lily-Tulip Cup Corp
L'Air LIquide-- .
103 1197-4 2,600 81
Aug 11973 Sent
Amer dep rcts bear
hlar
44 July 14
673 7
200
Luew's Inc stock purch war
833 931 10,700
8 JUIY IA% Feb
.,,,istaletI and & Exulor •
834
40
Apr 4314 May
4133 3,000 35
`Jachiart Stores oom- *
Aug 3834 MAY
• 3131 315.4 3233
600 32
\lunge' Stores corn
97
9731
200 92% June 100% Feb'
64% pref with warr_ •
.25
Aug 175
128 130
Jan
50 126
Maryland Casualty Co.
333 334 12,400
11
13( Aug
33.4
Mar
Mavis Bottling (70 Of Am..
92.
1
4 3,600 60 June 924 Sepc
Mayflower Associates foe' 9234 91
2733 274
Apr 314 Jan
200 22
McCord Rail & Mfg el B.*
65
July 67
67
Sept,
SOO 49
Mead Johnson & Co corn •
36
2,200 20% June 3633 Aug
hlerch & Mfrs Sec ci A....* 3434 33
2834 30
1,000 244 Apr 35
July
Merritt Chapman & Scott•
•
2% 213
3
25-4
14 June
400
Mesabi Iron
Jan
2,400 19 June 22% June
Metal & Mining She Inc_.' 1931 19% 20
42% 43
July 434 Aug
400 42
Metal Textile Corp pref..*
834 784 8534 7,700 TO
Mar 89
Metr000l Chain Stores__
Feb
70
7133
Apr
500 62 May 83
Met 5 & 50e tits pref.-100 71
120 121
1.000 90 May 1234 Aug
midland Steel Products..' 120
1,400 12
1433
1431 12
Aug 2034 Feb
m
( 5 .1,0ao: ra __
1I
3,341
13 BBr
504 52
500 39
Jan 57
iller
July
Minnespolle-floney well
1023-411234 2,90
3531 Jan 11233 Sept.
Regulator common____' 112
20
72% 7333
Monsanto Chem Wks new.
723.4 Sept774 Aug
Montecatini SI & Agr100 12
13% 13%
Aug 1534 Mar
Amer dep nets bear sirs..
231 2% 1,900
231
24 Aug
634 Feb
Warrants
4733
200 43
July 6234 Jan
Moody,Invest panic pf_.• 474 47
400 59
Max 75
6551 66
Jan
Moore Drop Forge el A. •
Mtge Bank of Colombia
100 35
38
Aug 4833 Mar
38
American shares
200 50
57
Aug 7634 Feb
57
Nachinann-Spgfield Corp.' 57
Aug 233,1 Aug
Nat American Co Inc---• 1831 1773 2033 3,900 17
1,800 56% Sept 88 May
• 5634 5631 59
Aviation Corp
Nat
600
5
ki..r
7% 731
YJ4JuI,
Nat Baking Co common...'
300 55
Aug 7533 Jan
55
55
Nat Bankservice Corp. *
600 125
Feb 195
Sept
* 1933-4 185 195
common
Nat Casket
3233 3234 1,300 244 June 3334 Aug
Nat Container Corp corn.'
3334 3,500 274 May 3334 Aug
• 3333 33
cony Prof
$2
Apr 10634 Jan
900 102
105 105
Nat Dairy Prod pf A. _100
3333 4,500 30
July 4834 Feb
Nat Molly Sterns core---• 324 30
Nat Food Products
100 2733 Aug 37 -Jan
Class A with warrants.: 2834 2833 284
100
9
9
-Class B
1 14
4,300 1731 JJulyuly2
234 276
27
k6
• 267
Sept
Nat Investors corn
1,800 6634 Aug 90
73% 90
100 88
Sept
100 6533 July 255 Sept
255 255
Warrants
600
333 331
Nat Leather stamped_..10
3133
200
31
Nat Rubber MactlainerY •
49 i sepe 56
3
°
6
Se t
un
100 224 jMay 41:34 S an
46;3 463.4
5
i
jPt
ali
Nat Standard Co
4173 3,700
• 4074 39
Nat Sugar Refs
7
Mar 263( Aug
corn
'2454 2434 28% 1,200
Nat Theatre Supply
July 34
300
217-42114 Sept
Jan
Nat Toll Bridge corn A _ _ 213-4 21% 21%
Sept4
200 10 jalP
1033 11
Nat Trade Journal Inc_ •
4274 3,000 40
40
Sept4234 Aug
Nat Union Radio coin_ _ ..• 41
40
18 June 2634 Feb19%
:
Nebel(Oscar) Co Inc corn 1 19 3 18
25
20
Aug 29
2533 25%
July
Neat Inc cony A
204 Mar 7931 F
2
• 2533 2433 2533 2.60 7b
6
Jan
Nehl Corp common
Jan
20
74
74
•
First preferred
100 9
94
°
Aug 984 July
94
Nelsner Bros corn new w1._ 94
10 187
Jan 210
195 195
195
FebPreferred
100 1733 July 21
Feb
Neptune Meter Ors A...* 184 1833 1833
200 18
July 2733 May
1933 1934
Nestle I..e Slur class A. •
200 75
85
90
•
July 90
Newberry (J.1) Co
Sept.
100 10131 Aug 10731 Mar
10234 10233
100
Preferred
Newport Co new corn-- --• 464 4633 484 5,500 3933 Aug 484 Sept
200 4733 Sept4733 Sept
4733 474
New Amsterd Casualty new
22
200 22
22
Sept 2534 May
New Haven Clock corn_ •
300
5% 573
New Mexico & Ariz Land_l
3 i%l ne
N Y Auctlon common A _• 2134 2133 2333 4,700 16 J uaY 2431 Meb
9
Far
41
41
lay
100
N Y Hamburg Corp_ _50
Mar
3833 38
2,700 383-436
39
1\Apr 32
N Y Investors
43
Feb
153
7
100 3 1 June 474 july
3633 3634
N Y Merchandise
•
74 x i
4754 Mar
N Y Rio & Buenos Aire A L 17% 1733 1833 1,400
1833 Sept
• 6633 66% 6833 2,200 25
Niagara Share Corp
Jan
4733 55
9,700
Nites-Beml-Pond com___ 52
Mar 78
Apr
16
Noma Electric Corp com • 2433 2331 25% 2,400 3
7
Mar1
2731 May
North American Aviation * 134 1313 1433 12,794) 1374 Sept 24
Jan
7
7
North American Cement_
200
Jan
Northam Warren Corp Pi.• 3934 3933 3933
100
May
29% 31%
Northwest Engineering •
3
2
5 Ma
700 81 June " ..•11
7
8 S6p1331 \ aea
Julyy 99
48
F
24
241i
Novadel-Agene common •
2
200 8
0
10234 AA eb
Fugug
95
100
95
Brau rred
Prefeeiass
100
Mar
Oh7lo%
•
8654 90
325
92
3
"FebF
Jan
011 Stocks Ltd
Class A without wary..• 1433 2 1 25
Co_34 1,400
143 15
4
Orange Crush
•
200
Outbd Motors Corp com B• 1134 11
1,600 2
123.4
10
84 MaY
Ju1
• 17% 1534 18
Cony pref CIA
1.200
Julyyt
Pacific Coast Biscuit pref
'
4833 4834
500 4234 8 an 413134 l gpr
15
9
23:899
9 Ma
c
Paramount Cab Mfg com • 2331 223.4 2433 11,800 15
Parke Davis & Co
• 49
4874 49
100
May
Parker Pen common__ _ _10 47
47
800
4936
56
Jan
Parmelee Transport corn.* 2033 184 21% 3,000
Fender(D)Grocery el A. •
100 "4419953;
:T
15
68
5 51;4 Fet
A r
:
Class 11
•
45
99
4514
39
50 45
Aug
Penney (J C) Co com
110
109 1103.4 1,400
May
MayJuly
Claw A preferred_ _ -100 9694 953.6 9634
260 193
94
Aug 1122424g Feb
u
6
0
31
1
1580
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Pennroad Corp corn v t 0-* 26% 2611 28% 118,800 16
July
May 30
Pennsylvania Salt Mfg__50
Jan
Apr 100
100 100
75 90
Peoples Drug Store IncJan
,
200 74)4 Feb 94
84% 85
July 113% Feb
Pepperell Mfg
100 108
106 108
170 95
Apr 64 June
Perfect Circle Co corn... *
6031
600 45
59
Perryman Eleo Co
• 2014 19% 21% 4,800 16 June 29% May
Jan
Sept 114
Pet Milk preferred
100
100 100
10 100
Phillppe(Loult0Ino Acorn' 25
Aug 32 May
200 22
26
25
• 25
Common class B
25%
500 23% Apr 31% May
25
434 June
Phil Morris Con Inc oom-•
Sept
1
1
1
1% 7,200
Class A
Sept 10% July
25
300
6
6
6%
Pick (Albert). Barth & Co
Sept 19
Jan
Pref class A (panic 90605 10
1531
10
4 10
Piedmont & Nor Ry__ _100 75
250 53% Jan 83% May
75
73
Pierce Governor Co
400 25% June 38% Jan
• 26% 26% 26%
Pilot Radio & Tube cl A..* 28% 28
28% 8,300 17% May 28% Sept
Pitney Bowes Postage
• 26% 2531 27% 6,700 13% Mar 3131 July
Meter Co
Pitts & L Erie RR com--50
1,500 13531 Mar 156% Feb
146% 148
Polymet Mfg corn
92% 2,400 65% July 92% Sept
• 9154 83
July 100% Sept
Powdrell & Alexander....' 97
92 10056 2,200 67
Feb
Pratt & Lambert Co
* 73% 6951 73% 1,700 6334 Jan 85
Jan
Sept 43
Propper Silk Hosiery Inc_'
500 25
25%
25
Prudence Co 7% pref _ _100 98
97% 98
25 97% Sept 104% Apr
Prudential Investors corn.' 37% 3354 37% 38,700 2331 June 37% Sept
Aim 10% July
10
Pyrene Mfg
7
200
851
851 8%
Sept
Q R S De Vry Corp corn- 0
700 38 June 50
50
43
Jan
Rainbow LuminousProd A* 32% 3234 36% 6,900 23% May 65
• 16% 15% 17% 11,200 13
Aug 1734 July
Common class B
Raybestos Co corn ctfs dep
400 83% June 12431 Aug
120 121
Aug
Raybestos-Manhattan _- 55
6,500 48% July 59
56
54
Aug 70 Sept
Raymond Concrete Pile corn
1,500 58
70
62
Aug
Aug 71
Preferred
600 54
69
67
62
Reeves (Daniel) Inc corn.:
500 35% July 4531 Jan
38%
38
Aug
Reliable Stores
27% 27% 28% 8,400 25% Aug 29
Reliance Brom; az
corn'
200 22% Apr 2434 May
2234 2256
Reliance Management- _• 6031 55% 63% 21,400 30 June 03% Sept
ADr
5
Repetti Inc
400 650 Jan
5
1% 156
Reynolds Bros Inc
17
15
1714 24,300 15 Sept 17% Sent
Reynolds Metals oommon• 4036 40
4131 1,800 3114 Jan 5234 Feb
• 7331 73
Mar
Jan 79
Preferred
900 63
74
Aug 24% Jan
Rice Stix Dry Goods corn.'
100 17
18% 18%
7 Sept 19% Feb
Richmond Radiator corn.*
400
711
7
•
Sept 38% Mar
7% cum cony pref
100 20
20
20
Rolls-Royce of Amer pf 100
400 43% July 7351 Mar
4811 48%
Rolla-Royce Ltd
931 Mar 15% Feb
Amer dep rcts reg stk..
1231 12
300
12%
; 9
9
Mar
Aug 18
Roosevelt Field Inc
500
9
936
Aug Mt Ma,
Hunks Fifth Ave Inc_ •
300 28
29
28
•
Ruud Mfg common
100 35% Aug 4554 May
38
38
July
Ryerson(J
& Sons Inc_5 __45% 46% 46%
400 373.4 July 50
Jan
Safeway Sts old fifth warr.
500 84 June 102
95
0
Jan
June 620
Second series warr
40 421
500 520
Apr 198% June
St Regis Paper Co
14,500 119
191% 186 192
Jan
Schiff Co corn
500 61% 'July 79
56
50
Aug 2554 May
Schletter & Zandercomvtc*
300 16
20
20%
May
Aug 46
Preferred
100 37
43
43
Schulte Real Estate Co-* 15% 1551 16
300 1551 Sept 3931 Jan
Aug 28
4
Jan
Schulte-United Sc to $1 St•
18,800
5
5
6
Jan
Sept 89
7% pref part pd rcts_100
1,200 48
51
48
Second Gen'l Amer Inv Co.
Common• 25
25% 1,300 23% Apr 3531 Jan
25
Jan
300 10474 Apr 125
105% 10556
6% Pref with warrants__
Second Nat Invest unit ctf -17431 172% 177
400 143
Aug 177 Sent
Mar 904 Sent
Securities Corp corn
10 410
*
904 904
Seeman Bros
Aug 80
300 62
Jan
•
64%
64
Segal Lock &common_.
Hardware..* 11% 10% 11% 1,500
834 July 14 May
Selected Industries com-.• 2534 24% 26% 58,600 18% Jan 3131 Feb
Allot ctfs let paid
Jan
100 100% 15,800 90 June 108
100
Prior preferred
65% 2,700 62 June 69% Aug
6551 64
Sentry Safety Control___ _• 1915 17
Mar 28% Sept
12,200
9
20
Servel Inc pref v t c.. _ _100
Mar 83 May
600 61
75
75
Sharp az Dohme Inc
Aug 28% Aug
• 2814 28
28% 3,000 28
Sheaffer(W A)Pen
• 6616 60% 68
Apr 68
8,600 48
Sept
Shenandoah Corp corn....' 31% 29% 3416 33,900 29% July 39% Aug
6% cony pref
50 51% 5034 5534 27,400 5031 Sept 63
Aug
Sikorsky Aviation corn....' 48;4 47
800 20% Jan 8331 Mar
51
Silica Gel Corn corn v t 0.._• 29% 2854 29%
500 20% Aug 4831 Mar
Simmons Boardman Pub.
•
$3 preferred
Mar 5234 Jan
400 48
48
48
Singer Mfg
100
Jan
300 530
July 631
6% 6%
Singer Mfg Ltd_ _ __ _El 608
9% Jan
534 Aug
130
600 608
Sisto Financial Corp
• 54% 53
8,300 33 Sept 56% Aug
55
Skinner Organ corn
100 39% July 4954 June
40
40
Smith (A 0) Corp com_.• 24961 23511 256
July
Feb 280
760 163
Preferred
108% 10831
10 10814 June 108% June
Bonatron Tube common--• 31% 31% 3411 2,200 2314 July 43% Feb
•
Southern Asbestos
500 30% Apr 49% Feb
3214 34
Southern Corp corn w 1,...• 17
15% 17% 14,300 14% July 20% Aug
Southern Groc Sts corn __Sept 35
22
200 20
Mar
20
Southern Stores el A
-•
6
3% Aug 12
10
6
6
Jan
Soutwest Dairy Prod....' 19% 17% 20
4,800 12 May 21
Jan
Span & Gen Corp Ltd___El
2%
2% Aug
400
Jan
2% 3
7
pref_100 82
Spiegel May Stern
82
30
80
Aug 98% Feb
78
Standard Brands Inc (formerly Flelscbm-Royal)_•
40% 41% 307.400 32% June 4131 Sept
com_ •
3434 35%
500 3431 Sept 3734 Aug
Standard Dredging
Standard Investing corn..'
43% 4451 7,500 31% July 46% July
Standard Motor Constr100
3
3
316 1,700
231 Ma
631 May
Standard Screw
100
190 190
50 15914 Jun 190 Sept
Stand Steel Propeller nom*
49% 52% 1,200 24 May 54% Aug
Certificates
51
50
900 50
Sep
51
Sept
• 4134 4034 4116
Starrett Corp corn
900 28
AP
Aug
43
Starrett(L 5)Co 00121-•--• 42% 40
42% 15,300 33
Aug 44
Aug
• 20% 18
Stein Cosmetics corn
20% 4.600 1531 Mar 2234 may
• 32
Stein(A) dr Co corn
32
32
600 26 June 38% Feb
Sterchl Bros Stores com • 32% 31% 32%
600 26
July 33
Aug
10
Stern Bros corn Byte _
10
10
100 10
Sept 15
Jan
Stinnes(Hugo) Corn
1256 12% 14
100
9% Jan 16% Feb
-Roth Stores corn * 24
Strauss
22% 24
800 1814 July 3454 Aug
Stroock (S) & Co
•
38
38
100 36% Aug 61% Feb
• 1331 13% 14
Sluts Motor Car
1,200 12 June 3531 May
Sun Investment
30% 30% 3114 1.100 3051 Sept 3154 Sept
Preferred
49% 49% 50
900 49% Sept 50
Sept
Superheater Co
190 191
50 158 June 195
July
Swift & Co
100 142% 139 149% 1,650 123% July 149% Sept
Swift International
15 3556 34% 36% 1,400 2964 Mar 37% Jan
Byre° Wash Mach B corn.' 1916 1931 19%
300 16% Mae x28 June
Taggart Com common...' 45
400 43% Apr 5934 Feb
45
46
Taylor Milling corn
35
300 35
35
Aug 36
July
Tennessee Products corn.'
22% 23
July 27
200 20
Feb
Thermoid Co corn
• 34
3254 34
Feb 38
13,200 25
July
7% cum cony pref _ _ _100 10154 9756 10194 1,400 90
Feb 112% Sept
Third Nat Investors cona_• 73
6331 7356 13,200 50 May 7331 July
Thompson Prod Inc CIA..' 53
53
Jan 6931 Jan
5434 2,000 46
Thompson Starrett Co-- 18% 18% 20
900 18% Sept 20
Sept
Frei with warr
57
6034
800 50 May 64
Aug
Pref without warr
40% 39% 41
700 39% Sept 41
Sept
Timken Detroit Axle pf100
106% 106%
130 10514 May 110 June
Tishman Realty & Const *
400 49% Jan 70 May
64% 66%
Tobacco & Allied Stocks *
44
44
Aug 5551 Jan
200 41
Tobacco Products Exports*
1% Aug
2
3% Jan
2% 2,400
Todd Shipyards Corp....'
57% 5731
100 58 June 7634 Jan
.
Toddy Corp cl B v t c__ 5
12% 12%
Aug 1454 Jan
9
300
Tranaamerica Corp
154% 152% 154% 6,100 125
Feb 157
Aug
6334 62% 63% 3,600 6211 Sept 64% Aug
New
Transcont Air TransP---.* 20% 2051 23% 4,400 20% Sept 32% July
Voting trust ctfs
2054 2054 23% 2,400 20% Sept 31% July
Trans
-LUX Pict Screen •
14
9% 14
11,700
5% Jan 24
Mar
Clue A common
10131 10134 10251 17,300 10131 Sep 104% Aug
Tri-Cont Allied Co
(Vor.. 1.29.
Friday
Sales.
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. 1.410. High. Shares.
Tel-Continental Corp corn• 4631 44% 48
6% cum prof with war100 11131 110;4 112%
Triplex Safety Glass
15
Am rots for ord sb
14
Tr -Utilities Corp
55% 60
•
Trims Pork Stores
3511 36%
Tubise Artificial Silk Cl B-• 390
380 397%
Olen dr Co new corn w
33% 32% 33%
Union Amer Investment
80%
'80
78
Union Tobacco corn
•
436 5
434
Ctrs of deposit
6% 736
735
United'Carbon pref._ _100
104% 105
United Carr Fastner corn.* 21% 21
2134
United Chemicals $3 pref* 34% 34% 38
United Corp warrants
38% 3731 41%
United Dry Dock,tom
16
16% 14
United Milk Prod com_ •
12% 12%
United Molasses Co Lta
Am dep rcts for ord reg£1
3854 38%
United Profit Sharing corn*
5
5
United Shoe Mac com_25 68
68
65
United Stores Corp corn-. 24
2234 25
Non-cum cony class A--• 41
40% 43%
•
56 cum cony pref
7431
74
United Wall Paper
2831 27% 29%
U S Asbestos corn
60
00
60
Corn ctf dep
61
61
61
US Dairy Prod class A---• 55
5431 55
• 2234 20% 23
Class B
U S Finishing new cora_ •
50% 5434
S Foil class B
6331
• 62
62
U El Gypsum common-_20 76% 7534 77%
U B & Intern Sec allot etre- 9351 91
93%
• 17% 1714 17%
U S Lines com
U S Radiator corn
•
50
50
Universal Insurance _ _ _25 86% 85
89
Universal Pictures
19% 20
Utility Equities Corp....* 35% 3431 36%
Utility & Ind Corp corn__ 5016 46% 5151
Preferred
50% 4554 5134
Van Camp Milk
7% pref with warr ...100
90
90
Van Camp Pack corn
• 2016 20
20%
7% preferred
2031 2016
Veeder-Root Inc
• 50
5054
50
Vick Financial Corp.
...l0 1314 13
1354
Vogt Mfg Corp
• 34
34
3455
Waco Aircraft Co
•
19% 19%
Walgreen Co common----• 102
97 107%
Warrants
71
74
8334
Walker(Hiram)Gooderham
& Worth new
17
17
18%
Watson (John Warren)Co•
3
3
3%
Wayne Pump common...'
19% 20
Western Air Exprees---10
6254 65
Western Auto Supply comA
69
71%
West Tablet & StaVnerY-•
34
34
Whitenights Inc corn
•
116 1%
Widlar Food Prod corn...* 28
24% 29
Williams (It C) Co Inc.._ •
25% 26
Wil-Low Cafeterias, corn • 14% 11
14%
Preferred
36
41%
•
Winter (Ban)) Inc cone---* 11% 11% 12%
Winton Engine common._' 72
72
69
Zonite Products Corp corn• 33
32% 3334
Rights
Acoustic Products
Amer Investors Inc
American Tobacco
Amrad Corp
Associated 0& E deb rts
Bell Telep (Canada)
Capital Administration...
Central Pub Service
Cent & So'west Utilities...
Consul Gas
Dixie Gas& Utilities
Duke Power
Fiat
First National Stores
General Asphalt
Internal Superpower
Loow's Inc deb rights
Lorillard (P) Co
Mathieson Alkali
Middle West Utilities
Newport Co when issued..
Ry & Light Securities
Sunray Oil
United Gas Impt
Public Utilities
•
Allied Pow & Lt corn
$5 let preferred
•
33 preference
Amer Cities Pow & Lt Corn
Class A
66
Class B
•
Am Com'w'Ith P corn A..*
•
Common B
Warrants
Amer & Foreign Pow ware_
Amer Gas & Eleo oom____•
Amer Lt & Trao com___100
Preferred
100
Amer Nat Gas oom vie..'
Amer States Pub Eery cl A
Amer Superpower Corp
Corn. B new
First preferred
Convertible preferred
Arizona Power Com ___100
Arkansas Pow & LI pref 100
Assoc Gas & Elea clan A.'
118
7%
1256
23%
8%
6%
3%
4%
18
7
131
9
4
51
34
III
3%
90%
78%
71%
49%
2934
45
9
145
21656
329
107%
15
27%
64%
9731
92
72
Brazilian Tr Lt&Pow ord• 69
Buff Niag & East Pr pf_ _25
Cables az Wireless
Am Dep Rcts A ord sh £1
474
Am dep rcts B ord shs_£1
414
Am Dep Rcts Prof shs El
Cent All States Sera v t c.• 14%
Cent Pow & Lt 7% prof... 90
Cent Pub Ser of Del corn.' 70
Class A
• 5434
Cent & SW Utll new
29%
Cent States Else new corn_ 79%
6% pref with warr .l00
6% pref without warr___ 84%
Convertible preferred... ......
Cony pref new w
204
Warrants
Cities Seth, P & L 7%pf100
Cleve Elec Ilium com____• 10111
Com'w'Ith Edison Co__100 361
Com'velth Pow Corp pf.100 100%
Commwealth & Sou Corp_ 23%
Warrants
951
Com'w'Ith Util corn cl B__•
Cons0E L & T Balt corn • 135
II
lis
754 9%
14
12
5
5
17% 23%
864 9%
636 9%
3%
4% 534
1031
9
4% 414
21
18
7
7
1% 151
0
10%
3% 431
2231 24
134
1
231
4831 52n_
31
631 6%
In
31
331 3%
63%
97%
91m
35
10331
6431
3% 4%
331 431
4% 4%
1231 1531
90
90
70
64
63% 54%
29
31
77% 83
177 177
84%
84
418 418
204 209
103 103
10231 1023.1
9831 104
361 37531
10034 100%
2231 2435
931
9
46%
46
132% 138%
High.
Jan 57
Aug
Apr 11931 Aug
600 14
2,300 45
200 35
70 305
6,100 30%
2,000 513(
4%
2,500
6%
4,100
1,300 92
900 21
900 30
7,100 37
1,900 14
200
8%
Sept 33%
Aug 60
Aug 6031
June 595
Aug 36%
May 86%
Sept 20
July
8%
Jan 105
Aug 21%
Aug 61%
Aug 4731
Sept 20%
July 21
Feb
Sept
Jan
Jan
July
Aug
Jan
Aug
Aug
Aug
Feb
July
Apr
Jan
500
300
600
9,200
2,000
200
8.300
100
100
300
800
3,000
1,700
1,700
1,900
17,400
100
350
200
9,500
46,300
9,400
July 4131
35
4% Aug 11
64 June 8531
20% July 28%
4031 Aug 54%
72
Aug 91%
26
Aug 30
Apr 6234
45
Aug 6331
00
48% Jan 63
Feb 23
14
50% Sept 56%
5451 May 7434
56
Mar 79%
Sept 102
91
17;4 Apr 19
4331 Jan 02%
7054 Jan 93%
15% July 29
24 May 44
23% June 55%
27 June 5431
Aug
Mar
Feb
June
June
June
Aug
Aug
Aug
Aug
Sept
Aug
Feb
Aug
July
Aug
Jan
Aug
Apr
Aug
Aug
Aug
300
1,500
200
300
4,400
500
100
13,900
3,100
90
20
2031
43
10%
28
1931
71%
51
Sept 101
Aug 38%
Sept 38
Jan 6031
June 18
Jan 36%
Sept 23
Mar 107%
Mar 8331
Jan
Fob
Feb
Aug
June
Aug
Aug
Sept
Sept
3,100
700
000
200
1,900
300
200
1,10
300
1,300
1,500
1,700
400
4,200
16%
231
1734
56%
5031
30
1%
21%
24
11
36
11%
69
3134
May
July
Apr
Apr
Apr
June
Aug
May
Aug
Aug
Aug
Aug
Aug
Jan
23
16%
33
783(
81
37%
18
29%
41%
30
58
16%
75%
4434
May
Jan
Jan
May
July
Aug
Jan
July
Feb
Mar
Mar
Jan
June
Jan
ill
Aug
July
Sep
Sep
Jun
Aug
Aug
Aug
Sept
July
Aug
Aug
July
Aug
Sept
Sept
May
Sept
Aug
Aug
Aug
Aug
Sept
May
15,400
19,200
57,700
100
100,200
3,000
9,800
56,300
600
175,900
9,100
7,000
2,700
350
6,100
25,000
300
45,800
56,900
12,400
24,800
300
13,500
23,500
5%
12
5
5%
8%
531
2%
431
631
3
17
6
1%
9
3%
19
1
151
34
6
131
9,000
900
12,600
24,100
33,700
18,300
150
300
22,10
1,800
24,800
100
300
100
1,200
100
10
2,50
180
500
187,400
84,900
300
4,200
11M Atra
" ug
1434 Aug
5
2394
10%
931
3%
634
10%
Sept
Aug
Sept
Sept
A ug
Au
24Z Aug
6
1
A
A
1731 Jan
II% Aug
4293 A ub
41 Fugeg
A
63 Sept54
234
July
34 Aug
Aug
8
% Aug
311a July
July
44% Apr 110
74 May 79% July
July
4154 June 52
3.300 38% Mar
14,500 2334 Mar
21,200 22
Jan
300 22 May
9,200
534 June
31,100 5231 Jan
13,500 128
Jan
1,135 205
Mar
310 105
Aug
3.000
8% June
2,200 25
July
7031 292,100
600
98%
1)2
2,600
100
38
10335
300
70% 118,700
68% 72
2431 25
Low.
27,300 30
3,200 104
89% 94% 20,900
78
78% 2,100
100
44% 4434
68
7431
49
5331
28% 2
9%
4631
45
am 9%
133 145
210 22131
320 333
10734 10731
14% 16%
25% 28
Range Since Jan. .1
26
90
89%
2331
98
49%
July
July
Aug
Aug
Aug
Sept
Juhr
Aug
Mar
Jan
Sept
May 71% July
July 100% Feb
Jan
Apr 94
Jan 68 June
Apr
July 107
Jan 70% Sept
4834 May
24% June
3%
3%
4%
9%
90
3531
35
28
38%
103%
80
97
119
1934
102%
60
215
9731
22%
8%
45
8834
84%
60%
31%
50
1151
145
224%
390
11535
1831
28
Aug
Sept
Aug
June
Sept
Apr
Jan
Aug
June
Jan
Aug
Jan
June
Jan
Sept
May
Jan
July
Jun
Jun
Aug
Apt
Aug
74
26% Jan
5%
a%
534
19%
103
70
56%
3214
8364
179
90%
440
211%
103
10734
104
44951
104%
2034
1231
53
180
Aug
July
Aug
Apr
May
Sept
Aug
Aug
July
Aug
July
Aug
Aug
Sept
Jan
Sept
Aug
June
July
July
July
June
Sales
Friday
Last Week's Range for
Week.
of Prices.
Public Utilities(ama.) Sale
Par. Price. Low. High. Shares.
Cont'l Gas & El 7% pf_100
27
Dixie Gas & Cal corn
Eaet States Pow B com--_• 674
Elec Bond dr Sh Co com__• 1844
• 105%
Preferred
• 285
Elea Inveetors
9836
Preferred
Elea Pow & Lt 2nd pf A__• 100%
5136
Option warrants
Empire Gas & F8% pf_100
Empire Pow Corp part stk• 5134
Engineers Pub Serv warr
Federal Water Serv ol A__* 5435
Gen Water Wks & El A_ _ _ 2631
Hartford Rice Lt CO. _100
Internet Superpower
• 8934
Internet DUI class A
•
• 17%
Class B
Internat Util warrants---------i53i
/
Italian Super Power
1631
Warrants
Jer Cent P L
pt__100
Long Island Light com---• 82
100
7% preferred
Marconi Internrt Marine
COMM= Am dep rate- 1431
835
Marconi Wirel T of Can__1
Marconi Wireless Tel Lond.
15
Class B
15
Registered shares
• 18
MemPhIs Nat Gore
Middle West CU oom___• 44456
40%
Common new
Prior lien stock
100
86 preferred
•
7% preferred
100
Mohawk & Hud Pr let Pf•
Mont Lt lit & Pow com_-•
4 2154
Municipal Service
Range Since Jan. 1.
100% July
2154 Aug
424 Feb
Mar
73
101% June
7734 Jan
964 June
984 July
283$ Jan
1034 Sept
89
Mar
23
Mar
464 June
Aug
26
138
Sept
80% July
414 May
1454 Mar
454 Jan
1114 Jan
5% Jan
10051 Sept
1184 Apr
107 June
12% 1454 2,300
836 8% 26,000
2634 2634
264 274
94
95%
10334 10334
9336 9554
1074 10734
10754 10754
10551 10834
5254 5236
6151 65
100 100
97 1054
42
47
3354 3454
Shawinigan Wt & l'ow • 108
Sierra Pacific Elea Corn _100 65%
Southeast Pow & Lt corn.. 123
Common v t c
•
$7 preferred
Partin Preferred
•
Warr to purchase corn stk
Bon Calif Edison pre A.25
Preferred B
634% Preferred C... 25 25%
25
Sou Colo Power el A_
25
Sou'west Bell tel pref_ 100
Sou:west Gas UM
20%
Std Gas & El 7%
100
Standard Pow & Lt
Pre_. 25 154
Swiss Amer Elec prof..... 9931
Jan
Aug
Aug
Sept
Jan
Aug
Feb
Mar
July
Jan
May
Aug
Feb
Aug
Jan
Aug
July
Feb
Jan
Sept
Sept
Apr
July
Mar
3754 Aug
124 July
Aug 224 Jan
400 15
164
15
Sept 19
100 15
15
June
15
May
1,600 124 Mar 20
1751 1854
900 15834 May 506
43714 453
July
404 41% 50,300 344 Aug 50
July
100 11934 June 174
173 173
Aug
Apr 165% Aug
200 97
15434 15434
100 11654 Apr 17514 Aug
169 169
Aug 1104 Jan
25 102
103 103
25 10534 Mar 1574 Sept
15734 1573-1
1,200 204 Aug
2134 2234
834 Mar
Pacific Gas & El let pref-25
Pacific Pub Serv el A
2654
Penn-Ohio Ed corn
• 94
7% prior pref
100 103%
•
$6 Preferred
Penn Pow & Lt $7 pref_ *
6% Preferred
10754
Penn Water & Power....' 10554
Peoples Light &Pow el A
5234
Portland Elea Power. 100 65
Puget Sd P&L 6% prof-100
Railway & Light &cur-. 105
Rochester Cent Pow
• 42
Rockland Light & Power-- ______
Other 011 Stocks
Amer Contr 011 Fiala'-1
Amer Maracaibo Co
6
Argo MCorp
10
Arkans Nat Gas Corp onm•
Preferred
10
Chase A
Atlantic Lobos 011 corn_ •
Preferred
•
British Amer 011 coupon
Carib Syndicate new cam
•
Colon 011
Consol Royallty 011
1
•
Coeden 011 Co
Preferred
•
Creole Syndicate
Crown Cent Petrol Corp *
1044
30)4
77%
18631
0914
302%
101
103
59
110
62
51
63%
2734
149
93%
51
224
11
2734
17%
105
91
113
1254 Aug
734 Feb
48
48
100
50
10751 10711
3054 3236 2,000
89
10
89
165 172
150
112% 11371
500
24% 26% 158,600
834 834 25,300
17
19
5,200
69
71
300
1836 1811
800
70
70
200
223% 246% 10,500
10634 106%
50
100
11734 In%
Former Standard 011
Subsidiaries. Par
Anglo-Amer 011 Vol shs__
ctfs of deP
Li
Non-vot she Ws of dep__
Buokeyn Pipe Line
60
Chesbrougb Mfg
25
COntinenta1011v to(ME)10
Bumble Oil& Refining-25
lillnofs Pipe Line
100
IIIIPerta1011(Canada)____•
Indiana Pipe Line new
National Transit-_-_12.50
Ohio 011
25
Sleuth Penn 011
25
Standard 011(Indiana). 25
Standard Oil (Kansas). 26
Standard 011(Ky)
10
Standard 011(0) coo
28
Preferred
100
Vacuum 011
25
High.
Low.
200
1024 103
13,700
25% 29
67% 70% 2,600
1734 186% 275,800
10511 105% 1,100
278 287% 15,300
98% 99% 1,000
200
1004 100%
50%; 5354 1,300
100
103% 103%
51% 53% 2,900
700
46
46
50% 5434 17,000
50
26
2634
50
138 138
19,000
8634 91
10
44
44
16% 17% 6,400
200
5% 6
21
275' 92,400
11% 17% 22,300
50
10031 10031
500
7851 82
100
10934 109%
Nat Elea Pow class A.---•
Nat Pow & Light pref__'
Nat Pub Bert oom class A• 3031
,
New Eng Pow Amn 6% p100
New Endl Tel & Tel_ _100
NY Talon 634% pref-100 113
Nlag Hudson Pr com w 1_10 2534
Claes A opt warr w I_
834
B warr (1 warr for 1 sh)_
18
Nor Amer Ltg .4 Power_ _ _
Nor Amer Util Sea corn..'
Northeast Power corn_
•
Nor States P Corp 0055_100 246%
Preferred
100
Ohio Bell Telep 7% pf_100 11714
Tampa Electric Co
•
Tenn El Pow 7% pfd_ _100
United Elec Service
American shares w 1_ _ _ _
Union Nat Gas of Can...'
Warrants_ _
United Gas corn
•
United Gas Improvem1-50
United Lt & Pow corn A _.•
6% CUM let pref
UM Pow & Lt corn
•
Class Byte new
Western Power pref _ _ _100
1581
FINANCIAL CHR DNICLE
SEPT. 7 1929.]
30
10531
22%
85
144
111
22
7
17
68
1334
40
13614
10654
110
May
July
Mar
Aug
June
June
June
June
Sept
Aug
Jan
Mar
Jan
Sept
Apr
63
July
110
June
44
July
100
Feb
179% Aug
114
Jan
304 July
974 Aug
20% Aug
Aug
77
May
26
84% July
246% Sept
109% Feb
11734 Sept
100 2514
700 2
636
800 53
290 102
30 89
200 10551
100 10754
300 81
2,100 45
900 35
10 98
2,950 904
1,500 31
1,600 2634
June
Sep
Mar
Feb
Feb
Apr
Sep
May
AP
Feb
Jan
July
Apr
June
284
28
1064
109
97
1104
10734
11734
58%
70
10114
1134
49
4034
Jan
Aug
June
July
Mar
Feb
Sept
Aug
Feb
Aug
Apr
July
Jan
1,600 774
108 111
800 47%
6614
65
100 7134
123 12.3
100 72
124 124
100 104
108 108
400 83%
90
89
1,200 27%
7114 75
200 234
2834 28%
900 244
25
25%
70
234
23% 23%
200 22%
25% 26
117% 11734
50 114
7,200 12
1734 20%
100 10554
107 107
11,900 49%
122% 155
200 9534
9934 9951
June
Apr
Jan
Apr
July
June
Jan
Mar
Aug
Aug
May
May
Aug
Aug
Jan
May
111%
69%
138
125
110
98
87%
30
26%
2611
2834
1234
2234
111%
139
10054
Aug
Aug
June
June
July
Feb
June
Jan
Jan
Jan
July
Mar
Aug
Feb
Sent
July
751i 79%
10414 10414 10434
800 60 May 9434 July
50 10154 July 10934 Feb
500 1651
18
18
1,000 84
404 42
100
1%
1% 1%
324 36% 47,500 214
35
2804 27634 286% 4,300 155
53% 5034 5354 66,400 804
114% 114 115% 1,900 9931
3354 37 123,000 21%
34
84% 3,700 27
79
82
100 1024
102% 103
103
18
414
15
68
1954
120
394
21%
76
48
554
2311
36%
118
115
12334
24
24
131
2%
831
554
95
9
13-4
July
June 2351 Mar
Mar 45
July
June
454 Feb
June 39
Jan
Mar 29994 July
Mar 6114 July
June 12454 July
May 40
July
June 90
July
Aug 10834 Feb
16
13%
67%
200
15
900 14
July
1831
100 124 Aug
1351
16
68
1,200 6551 July
7414
100 14074 Jan 210
200
194 2034 1,300 16% Aug 29
119% 12434
7,500 89% Feb 128
150 285
303% 307
Jan 3404
41
14,000 26% May 41
38
300 264 July
2834 28)1
30%
1,500 21% mar 25%
21% 22
9,100 64% Jan 76
7434 76
1,200 40% Feb 6054
4734 49%
544 5
84 76,300 5134 Aug 63
Jan 26
2331 25% 2,600 18
3634 37% 6,200 354 May 4534
100 1104 Fe
129
118 11814
150 11334 Aug 12434
114% 115
120% 12651 6,100 10534 Jam 1334
3,600
ml
3Is
334 3/1 1,800
200
251 214
22% 24% 45,400
500
854 8%
2234 2454 77,900
200
131
154
700
154
134
400
66
69
294 2% 2.500
1,300
84 934
200
5% 5%
2,800
924 98
300
78
76
8NC 954 16,100
154 1% 2.200
34
34
134
854
7%
654
1%
154
45
254
6
474
45
71
74
154
Au
73e
May
8%
Feb
454
2454
Jan
Mar
9
May 24%
June
254
Sept
44
Mar 69
434
Feb
May 15
114
July
June 101
June 82
July
114
Feb
2%
Feb
Mar
Jan
Aug
Mar
Aug
May
Sept
Aug
Jan
Aug
Apr
Mar
Aug
Jan
May
Mar
Mar
Jan
Jan
Apr
Aug
Mar
Aug
Jan
Apr
Sept
May
Jan
Feb
Aug
Aug
Jan
Apr
Saks
Friday
Last Week's Range for
Week.
of Prices.
Sale
Other Oil Stocks
Par. Price. Low. High. Shares.
(Concluded)
Range Since Jan. 1.
Low.
High.
Aug 26
600 12
1231 13
Darby Petroleum Corp...' 13
1,700
11
6% 7%
2
Jan
7
Derby Oil& Ref com____•
400
7
Apr 1634
10 14% 1234 143-4
Devonian 011
14,100 14254 Jan 209
19554 205
Gulf 011Con)of Penna-25 200
154 June
100
4
4
4
754
Homaokle Oil
2,600 1434 June 22
• 19% 1954 20
Houston Gulf Gas
2%
14 July
134 151 2,900
151
IntercontinentalPetrol..10
Internet Petroleum New.' 27% 2634 2931 24,800 224 June 294
114 may
3%
600
2
2
2
•
Kirby Petroleum
274 June
3,200
331 4
634
3%
Leonard 011 Developm3_25
1,500 234 Mar 3874
• 31% 3154 3234
Lion 011 Refining
Lone Star Gas Corn New.. 51% 4834 51% 3,800 3211 June 5131
1,100
54
34
54 May
134
34
Magdalenasyndicate
1
100 20
20
Sept 3854
20
•
klargay 011
28
2734 3034 3,000 15% Jan 42
Mo Kansas Pipe Line
154
500
% 1
54 June
1
34
Mountain & Gulf 011
1,600 114 Aug 22%
Mountain Prod Corp-10 12% 1234 13
• 3754 3654 39
800 243$ A or 63%
Nat Fuel Gas new
5
3
Aug
400
6 314 3% 354
New Bradford Oil
451
4% Aug
100
4% 4%
NE Fuel 011w!
Feb 2454
600 16
18% 1834 1854
N Y Petrol Royalty
1851
84 Jan
1,400
127-4 1434
Nor Cent Texas 011 Co...' 12%
•
Pacific Western 011
•
Panden 011Cor0
Panentec 011 of Venezuela•
Petroleum (Amer)
Plymouth Oil
•
Red Bank 011
Reiter Foster 011 Corp...'
Root Refining Co pref.
•
Ryan Consol Petrol
10
Salt Creek Cons 011
Bait Creek Producers,..10
Southland Royalty Co-___
•
Sunray 011 common
Teron Oil& Land DOW W
011 Associates_ _-25
Union
•
Venezuelan Mex Oil
...5
Venezuela Petroleum.
Woodley Petroleum
25
Y 011 dr Gas Co
Mining Stocks
Arizona Globe CoPPer---1
Bunker Hill & Sullivan 10
10
Carnegie Metals
Comstock Tun & Dege.10e
Consol. Copper 5.1ines....5
Consol Lead .4 Zinc
25
Copper Range Co
Cresson Consol G M & M_1
God Min Ltd-5
Engineer
Evans Wallower Lead corns
1
Falcon Load Mines
-5
First National Copper
Gold Coin Mines
Golden Centrz Mines----5
Goicifield Consol Mines-1
25e
Reels Mining
HollingerConsGold Mines!
and Ray Min & Smelt...•
10
Iron Cap Conner
5
Kerr Lake
5
Mason Valley Mines
5
Mining Corp of Can
Mohawk Mining
1536
20
1%
5%
2635
2454
1
554
26
24
10
4%
24
5
234
1454
1434
94
1374
52
79
354
451
151
451
24
554
1434
1414
93-4
13%
9
34
1754
34
54
3.4
8%
17%
17%
3.4
134
4
62%
2136 6,700
300
154
3,100
6
2734 13,400
3,500
25
700
10
900
5
300
2551
900
5%
400
2%
70
15
1,40
15
2.800
10
134 1,000
100
52
7934
800
3% 2,000
700
43,4
200
I%
34
311
143 143
20
17
1
1
8% 10
1034 11%
25
24
31.
234
1634 17%
31
he
34
34
414
%
84 10
131
17% 17%
5% 6
17% 18%
36 4
/
%
1% 1%
4
43-4
64
56
95
118
92
Mar
Mar
Jan
Feb
Jan
Mar
Feb
Am
Jan
Jan
Jan
Mar
Aug
Jan
Aug
Aug
Jan
Mar
Jan
900 75% Mar 8794 Jan
27,900 18754 Feb 233% Mu
24 July
100
334 June
2
2,700
Sep
34 Jan
12,900 45% Mar 684 Jan
154 May
14.600
454 Jan
114 June
1.300
2
711 Jan
Jan 32c Mar
1,000 11c
2,900 384 Jan 52 June
Feb
1,700 1434 Aug 28
Aug
354 Feb
2
300
5
Sep
9,700
1054 Mar
11 June
300
1gni Feb
Mal
1,800 1514 July 26
294 Apr
3-4 June
1,400
374 Aug
634 Mar
100
Jan
23,4 Aug
300 95c
214 Jan
7
Aug
800
1
Aug
12.800
251 Jan
3.6 May
n151 Jan
1,700
2,000
9854 100
9154 9254 24,000
9936 99% 2,000
50%
100
95
118
91%
24
334
10%
244
80
18
84
29
11
574
25%
24
12
23
53
8154
6.74
914
534
4,000
Jan
34 June 470
Mar
100 125% Aug 165
4,400 1554 Aug 21% June
254 Jan
100 50o Mar
854 Sept 18
Mar
12,000
June
800 10% Aug 15
300 20% June 3234 Mar
34 Aug
1% Jan
2,100
154 May
434 Jan
500
2,200 144 Mar 2614 Feb
Jan
Me
Jan
12,600 100
Aug
54 June
200
Jan
234 Apr
4,200 21c
12
Aug
Jan
4
11,300
1
Jan
1,500 16c
Aug
Jan 23% Mal
SOO 16
55( July
914 Jan
400
Feb
13,100 1654 July 23
9% Mao
34 Jan
1,300
1% Jan
he Sept
500
1% Jan
4,100
254 Jen
354 June
2,500
64 Mar
Apr 64
Sept
7,200 50
8451 85
New Jersey Z1110
Nowmont Mining Corp_10 226% 222 23334
214 254
New QUIDDY Mining
234
2
254
Nipissing Mines
• 6315 6254 65%
Noranda Mince. Ltd
13-4
13-6
131
1
Ohio Copper
1% 1%
I
Premier Gold MInIng
%
14
1
Mining
Red Warrior
Roan Antelope C Min Ltd. 48% 474 4954
1634
16
. 16
Shattuck Dann Mining2
2
South Amer Gold & Plat.1
614
5
1
6
Trick Hugnte
Ill
7lI
N11111118_1
United Eastern
United Verde Extension 50e 17% 1751 17%
1%
1%
13-4
1
Unity Gold Mines
354 374
3%
5
Utah Apex
,
1.1.
1 1g
Utah Metal AC Tunnel-_1
1
5% 5%
534
Mining
Walker
1%
1
1
Wenden Copper Mining1.1.
%
5
Yukon Gold Co
Bonds
Abbots Dairies 6s_ _ _ A942
Alabama Power 44a-1987
1958
let & ref 5s
Allied Pk let eel tr 88_1939
Certificates of deposit_
Aluminum Co e f deb be'52
Aluminum Ltd 58-1948
Amer Com'Ith Pr 6s '49--Amer & El deb 5e-2028
American Power & Light
2016
63. without warr
Amer Radiator deb 430'47
Amer Roll Mil deb 58_1948
1936
Amer Seating 643
Amer Solv & Chem 65.1936
With warrants
Appalachian El Pr 56-1956
Arkansas Pr & Lt.5a-1958
Associated0& E 534s 1977
Con deb 44s wi war 1948
Without warrants
Assoo'd Sim Hard 630 '33
Assoc TeleP Util 530_1944
Atlas Plywood 546 1943
Bates Valve Bag 6s-1943
With stock purch Warr
Bel Tel of Canada 58_1955
1957
1st te series B
Boston Cons Gas deb 53'47
1434 Aug
1
Aug
554 Aug
25)4 Aug
July
22
Aug
10
454 June
Mar
23
5
Aug
2
Aug
13
Aug
144 Aug
931 Sept
12% July
Aug
44
Feb
66
Aug
3
44 June
July
1
Jan
June
Aug
Aug
Jan
Jan
May
Aug
Jan
Mu
May
Sept
Jan
Jan
May
Jan
Feb
Aug
Jan
Aug
Mar
Aug
50%
100%
95%
120
92
3,000
17,000
25.000
66,000
33,000
10434 103% 104% 55.000
mow
9411 94% 96
9534 38,000
9436 94
82
81
82
9834 Jan 1003,4 May
90
May 9554 Jan
4
8 June 03
9
57
Jan
Jan
Feb
45 June 5874 Aug
100
Feb 1023.4 Jan
Aug 9854 Apr
95
May 12354 Aug
97
9134 Aug 974 Jan
103
June
94
July
94
Mar
9Aug
mg Jon
9934 Jan
9734 May
Jan
June 125
9
19700 17
4 9 04
7
0
Aug
22,000 8734 Feb9994 Jan
45,000 9134 Aug 498
Jan
948,000 9854 Jan 143
Sept
Jan
3
8
177000 04 44 jan 194
77 000 99
:
SeptSept
14,000 854 May 88
Feb
June 163
112,000 97
Aug
July 103% Jan
3,000 84
117
95
94
140
194
138
8634
133
884
115
95
93%
124
171%
127
86%
13214
8751
119
97
94
143
194
138
86%
13614
88%
109
100
100
10654
99%
100
9934
Apr
53,000 102
109
Mar
17,000 98
100
10031 44,000 985-4 June
Aug
3,000 99
9954
10654
116
9834
84%
88%
96%
82
June 110
8,000 108
107
15 000 1 Ju ne 102% Aug
4:000 0
118
j
un
20
4
9911
87%
90%
Jan
948 0: 925X MSeuy 104011 JanJan
14 0
68700
886% SJeupig
89
97
2
8
Aa y
pt
Aug go
84
7,000 81
Jan
84%
93
83
86%
92%
92%
105
101
93
86
93%
84
11,000 824
87% 30,000 8634
9354
9,000 91
924 14,000 90
106%
4,000 104
101
1,000 101
93% 4.000 9231
Canadian Nat Rye 76_1985
Capital Admln 5s A.1953 116
Carolina Pr & Lt 5s 1956 98%
Cent States Eleo 5a-1948 86%
Cent States P & Lt 514s'53 89%
Chic Pneum Tool 551s1942
1948 84
Childs Co deb fs
Cigar Stores Realty
1949 84%
5 7411 series A
Cincinnati St Ry 5540 1952
1966 83
Cities Service 5e
Cities Service Gas570 1942 87
Cities Serv Gm Pipe L 69'43
Cities fiery PALS54e.1952 92%
Cleve Elec Ill deb 70_1941
1954
5s series A
Cleve Term Bldg 6s_1941
Columbia River Long Bdge
1953
let 6148
15 yr deb 7s Oct 13 1943 81
Commander Larabee es '41
89
81
76
89
81%
76
2,000
8.000
8.000
88
81
74
1104 Jan
1024 Jan
10274 Feb
Jan
103
1035i Feb
99
July 9034 Jan
June 9254 Jan
July 9834 Jan
July 9714
Feb 108
.Tan
Feb
Aug 10431 Feb
Aug 983<4 Jan
Aug 100
Jan
Sept9934 Feb
Jan
July 90
1582
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price Low, High. Week.
Bonds (Continued)
Commerz und Private
Bank 555e
1937
Consol GEL&P Bait
4)48
1969
Consol Textile 85
1941
Cont'l G & El be
1958
Continental On 53(e_1937
Cuban Telephone 75551941
Cudahy Pack deb 534.1937
be
1946
Deny & Salt L fly 65_.1960
Det City Ga.5 (35 ser A1047
68 series B
1950
Detroit Int Bdge 6%6_1952
25year s deb 7e
1952
Dixie Gulf Gas 030-1937
With warrants
Electric Pow (('.er) 6358 '53
El Paso Nat Gas 6%3 A '43
Empire 01,& Refg 555a '42
Ercole Nivel Elec Mfg
8)45 with warrants_1953
Europa/tg&Inv7saerC 1967
Fairbanks Morse Co581942
Federal Water Serv 534s'64
Finland Residential Mtge
Bank Os
1961
Firestone Cot Mit:855.1948
Firestone T&R Cal 3.5_1942
First Bohemian GI Wks30-yr 75 with warr 1957
Fisk Rubber 515s
1931
Florida Power & Lt 68_1964
Garlock Packing deb 6s '39
Gatineau Power 58.__ 1968
6a
1941
Gelsenkirchea Min 68_1934
Gen Amer Invest 53_1952
Without warrants
Gen Indus Alcohol 610'44
Can Laund Mac1,6%8
1037
General Rayon Os A__19-18
Gen Theatres Eq 65_1944
General Vending Con/
8s with warr Aug 15 1937
Georgia & Fla RR 6s_ 1946
Georgia Power ref be__1967
Grand Trunk Ry 650-1936
Ground Gripper Shoe 65 44
Guantanamo & W lty 5358
Gulf 011 of Pa 63
1937
Sinking fund deb 58_1947
Gulf States CB 6a
1958
Hamburg Dec 78
1935
Hamburg El & Ind 550 38
'
HanoverCredInst65 ..1931
650
1949
Hood Rubb cony 5%s 1938
73
1938
Houston Gulf Gas 850 '43
fle
1943
Hygrade Food 68
_1940
Indep Oil&(las deb 8131939
Incl'po:18P & L 55 ser A '57
Int Pow Recur 7e ear E 1957
Internet Securities 53_1947
Interistate Nat Gas 66_1936
Without warrants
Interstate Power Se...._1957
Invest Coot Am Fe A.1947
Without warrants
Investors Eq Is A....1947
Without warrants
Iowa
-Nob L & P 5s1957
Marco Hydro-Elec 7a.1952
Isotta Fraschlni 7s without
out warrants
1942
Italian Superpower of Del
Deb Os with warr-1963
Withcrit warrants
83
83
99
80
83
9231
105
96
87
74
75
83/5
Narragansett Elec be A '67
Nat Distillers Prod 6155'35
Nat Food Prod as
1944
Nat Power & Lt Os A2020
Nat Public Service 68_1978
Neisner Realty deb 135 1948
New Eng(l&ElAsan5a 1948
55
1947
NY & Foreign Invest
1515s A with warr....1948
NY P& I. Corp 1st 410'87
NIPPon Mee Pow 6',0 1953
North Ind Pub Sere 581966
Nor Statea Pow 11%% _1933
North Texas Utilities 7e '35
Ohio Power 5e3 ear B..1952
430 eeriee D
1956
Ohio River Edison 55_1951
Osgood Co Os wit warr '38
Oswego Fails Gs
1941
7151 June 8851 Jet
Aug 97
Feb
84
Apr 115
Aug
98
86 June 9111 Apr
82
7,000
80% 3,000
94% 7,000
101% 70,000
82
79
93
99
Aug 98% Jan
Ja5
Sent 92
July 9035 Jan
June 103% July
79% Aug
Aug
88
90% July
91%
94
(11%
2,000
83
8355
7051 94
13,000
83% 8534 31,000
89
July
7011 Sept
78
Aug
Feb
88
Jan
90
92% Feb
118%
9331
9915
90
81
100
81
8,000 SO
100% 31,000 100
82
4,000 80
8,000 75
78
124,000 99
106
80
100
80
78
78
104% 10216
,
50
50
50
51
51
51
9516
9534 93
10534 105% 105%
99
98% 99
50
50
98
97% 98
99% 99% 99%
94
93
83%
9815 99
82
82
95% 95%
84
84
95
96
86
87
78
7814
7455 75
9935 100
107% 109%
95% 96%
93
95
84
83
27,000
13,000
18,000
11,000
au.
Jar
Aug
9755 Apr 11835 Aug
July 97% Feb
92
06% June 10011 Jan
8715 June 91% Jan
Sept 86% Feb
May
June 106
Sent 10215 Jan
Jan
Aug 95
Sept
July 106
Aug
May
May
May
Sent
Aug
Aug
Aug
Aug
87%
70%
9834
108
101
85%
10115
102
99%
5,000 98
Aug
8.000 7914 Aug
May
2,000 93
Sept
2,000 84
4,000 68
May
11,000 7815 Aug
July
9.000 76
14,000 74% Sept
20,000 9955 lAug
57,000 10215 Feb
22,000 95
Aug
9,000 91% Mar
10,000 82% Aug
103
88
96%
95%
99
97
9215
92%
10915
120
100
9634
92
15,000 4115
5,000 50
27,000 95
12,000 103
20,000 9814
19,000 30
10,000 9751
38,000 98%
15,000 93
Feb
Jan
Jan
Jan
Aug
Mar
Jan
Jan
Jan
Jan
Jr.
Aug
Mar
Aug
Jan
Jan
Jan
Aug
May
May
July
Jan
7,000 101
July 104% Jan
101% 10155
85% 84% 86% 19,000 84% Sept 9815 Jan
128% 12335 130% 91,000 95
Apr 13051 Sept
45,000 72
78
Jan
78
Sept 83
72
89
77
89
88
77
90
88
86
86
86
1,000
93
7451
91
74
94
75
88,000
152,000
10,000
10.000
2,000
99
93%
94%
97
93
9455
88%
11431 114
99
100
100
99%
91%
93
103
90
96%
103%
9915
10355
75%
101%
87
87
96%
103%
9955
105
77
102
8755
8914
88
88
90% 89%
8815 88%
96
96
101
101
100% 10015
9915
90% 89%
96%
9635
8231
89
91
8814
9711
101%
10015
100
9014
97
96%
8234
105
77
102
87
87
Aug
AUg
Aug
56
July
91
May
90% Aug
Sept
74
94
82
Sept
Jan
Mar
July
Aug
Sept
8011 Feb
94% Jan
9115 Jan
Aug
105
190% Apr
Mar
101
Jan
106
3,000 99
Jan
May 102
3,000 90% June 94
Jan
5,000 93
Sept 99;5 Jan
2,000 102% June 106
Feb
4.000 88% Sept 9615 Jan
9714 Aug 101
Jan
99% Aug 10414 Apr
92
Sept 09% Jan
99
43,000 92% July
9355 13.000 9135 Aug
4,000 943.5 Sept
9435
2,000 88
87
Aug
115
40,000 113% Aug
1.000 9015 Apr
99
6,000 99
100
Aug
118% 11655 120
9615
75
89
88
105
11,000 10311
9531 34,000 93
1,000 97
9815
10315 25.000 102
97% 93% 5,000
100% 100 101
10.000
92
92
5,000
Pao Gee & El let 450.196', 91
Pacific Invest 55
1948
Pacific Western ull6%e'43 94
Penn-Ohio Edison 64 1960
Without warrants
100
1959
6558 when Issued
Penn Dock & W 6s w w '49 93
Penn Pow L 55 ear B._1952
58 series D
1953
Peoples Lt & Pr 55_ _ _1979 9215
Ma Electric 5155...1947
Phila Elee Pow 5345_ _1972 105
73% 19,000
88
26,000
1,000
107
45,000
88
117
117
9334 93%
9911 98%
8915 8934
86
78
74%
9935
108
9534
Jan
88
79% 82
6,000
88% 9051 23.000
9135 92
4,000
82
89
Jeddo Highland Coal Os '41
105
105
Hoppers(14 C deb 68_1947 9434 94%
Laclede Gas 5555
1935
Lehigh Pow Secur 68_2026 10234 9834
102
Leonard Tletz Inc 7358
Without warrants_ _1946
9914
Libby.
.MeN & Libby 5e '42
91
Lone Star Gas Corp 5s 1942 93
93
Long Island Lfg 8s__ _1945
103
Louisiana Pow & Lt 56 1957 90
88%
Manitoba Power 5358_1261
Maas Gas Coe 5358..,.,194
0
McCord Bad & Mfg Os 1943
Memphis Nat Gas 68_1943
With warrants
Metrop Edison 434s...1968
Milwaukee Gas Lt 9345 '67
Minn Pow & Lt 434a._I978
Miss River Fuel es
Montreal 1.11 & P col 58'51
Morris & Co 734e____1930
Munson S S Lines 6%s '37
With warrants
Sept
83
Bonds (Concluded)
-
98% 99%
8,000 5354 Sept 10051 Aug
80
80
4,000 79
Jan
July 96
83
84% 71,000 83
Aug 9155 Jar
92% 92% 10,000 92% Sept 9811 Jan
10751 109
2,000 105% JI113 111
Jan
,
05
98
7,000 95
Sept 99% Jan
9855 98%
1,000 96% June 101% Jilly
70
70
4,000 67
Aug 9155 Jan
105 105
6.000 10355 June 10655 Jan
96
9731 4,000 96
Aug 10015 Jan
85
87
8.000 84
Apr 98
Jar
71
74
22,000 70
Mar 8954 Feb
82
82
70
9434 9435
10174 100%
98%
82
9514
High.
Low.
83;5 28,000
72
88
107
87
73
107
87
Range Since Jan.!1.
9,000
97
22,000 96%
2.000 9351
6.000 9915
16,001) 102
27,000 74
3.000 9855
7.000 87
14.000 87
117
Feb
99
Jan
100% Feb
9211 Jan
119% Aug
101% Jan
101
Jan
May
123
Sept
Apr
May
Mar
Aug
June
Aug
Aug
10015
104
10056
105%
83%
108S)
9711
9734
Aug
Jan
lilly
May
Feb
Jan
Jan
Jan
Feb
Feb
16,000 87
Aug
94
July
137,000 89
93% Jan
Jan
11,000 87
Apr 92
12,000 96
Sent 10115 Jan
Feb
8,000 10055 May 104
Feb
Julie 103
3,000 98
Jan
6,000 9734 June 101
80,000 89% July 93% Jan
June 10034 Feb
10,000 96
1,000 0655 July 102% Feb
3,000 79% Aug 98;1 Jan
91
91
5,000
91
91%
1,000
91% 94
46,000
100 101
9,000
89% 90
2,000
98
98% 54,000
99% 99%
1.000
9255 9311 24,000
10434105)4 35,000
104% 105
14,000
89% Aug
91
AK
Aug
91
9855
89
98
9934
99
8511
10451
10255
Aug
Aug
Aug
Juno
May
June
Aug
Mar
98%
90%
9874
Jan
Feb
102
9734
9911
10315
102%
(00
107
105%
Jan
Mar
Aug
Apr
Jan
Feb
Feb
Jan
Jan
[Vol,. 129.
Friday
Lost Week's Hange Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1
Low.
High.
Phila Ranl 1 Trans t 631962 96
96
9755 8,000 98
Sept 10335 Feb
Pittsburgh Coal(is_
1941)
0951 99% 6,000 99
May 100% May
Pittsburgh Steel 6s.._ 1948 102 . 101
102
8,000 100% Apr 103
Jan
Poor & Co Os
1939 11235 11254 11715 25,000 98
June 130
Aug
Potomac Edison 63 __1958
06
97
2,000 92% Aug 101
Mar
Potrero Sugar 7s Nov 15'47
70
70
1,000
76
Jan
Power Corp of NY 510'47 90
90
4,000 89
90
68
Aug 9816 Feb
Reliance Bronze & Steel
Corp I5-yr deb 6s_ _1944
95
95
17,000 95
Aug 10034 May
Reliance Manage't 55.1954
With warrants
109% 10715 109% 52,000 92 June 10955 Sept
Remington Arms 550_1930
98
May 09
98
11,000 97
Jan
Rochester Cent Pow 15a '53 88% 86
Mar 89% Jan
94,000 83
87
Rube Gas 855e
1953 8055
7911 8055 11,000 7855 Aug 114
Jan
Ryerson (Jos T) & Sons Inc
15-yr 51 deb 55
1947
91% 9151
3,000 9054 Aug 96
Jan
By Louts Coke & Gas is '47
8215 82% 16,000 81)4 Aug 92
Jan
San Ant Public Sere tic 1968
3,000 91% July 97
92
92
Feb
Sauda Falls 5s
936
Mar 10254 Jan
100% 10111 13,000 98
Schulte Real Estate Oe 1935
Without warrants
July
96% Mar
80
8035 11,000 80
Scripps (E WI 5155._.1943
92% 92%' 1,000 92% Jan 9554 Apr
Shawinigan W & P 4153'87 01% 9055 92
46,000 89% Aug 91% Apr
Shawsheen Mills 7s _ __1931 04% 9451 9414 2,000 94
May 98% Jan
Sherldan-Wyo Coal6s_1947
Sept 03
4,000 79
Jan
79
82
Mader Pack
notes_1932
Sept 107% aim
86
8815 43,000 86
Solvay-Am Invest 5.5_1942 9155 9134 9355 22,000 90
Aug 98% Feb
Southeast P & L Ils__.2025
Without warrants
Mar 10555 Jan
10234 10255 10215 90,000 100
Sou Calif Edison 5e___1951 9851 9751
Aug 102% Feb
9851 15,000 07
Refunding 5a
11)52 98
Apr
21.000 0734 Aug 102
9754 93
Sou Calif Gas be
1937 91% 9134 9134 10,000 9155 July 95
Mar
Southern Dairies Os. _1930
Mar 9055 July
3,000 96
99
99
Soavat Dairies 8555
With warrants
1938
July 101
Jan
3,000 89
04
98
S'west G de E. 59 A _ _1957
1,000 9135 Apr 9755 Jan
9215 9254
Sweet Pow & Lt 05. _ _2022 103
103 10311 9,000 9911 May 107% Jan
Staley (A E) Mfg 66_1942 9811 9811 9811 7,000 9714 Jan 99
Feb
Standard Invest 5%5.1939 10054 100 10055 98,000 100
Aug
Aug 103
Stand Pow & Lt Cs...1957 9655 9511 97
24,000 94% May 9951 Jan
Stinnee (Hugo) Corp
7s Oct 1 '36 without ware 9115 90
June 94% Feb
11,000 81
92
78 1948 without warents 8555 8515 8554
91
Feb
July
7,000 83
Strauss (Nathan) 65_ _1933
1,000 9534 Sept 14014 Jan
9555 9551
Bun Maid Raisin 850_1942 9115
Aug
May 93
91% 9251 275,000 48
Sun 011 5%e
1939 100
Jan
Aug 102
8,000 99
100 100
Swift & Co 5 0.5 16 1932 9955 9915
9954 18,000 9855 Mar 10011 Mar
Texas Cities Gas 3s_ _1948
Mar
July 80
13.000 73
80
81
Texas Power & Is he. _1958
July
9954 Jar
8,000 92
9451 95
Thermold Co tle w w 1934 97
June 105% Mar
97
98
6,000 95
Vies Co 65
1941 99
9915 78,000 9815 Aug 10055 Aug
Union Amer Invest 5a_1948 11655 99
11515 117
June 1 2031 Aug
10,000 98
United El Mery (Unsa)7tibe
With warrants
108 108
Feb
1,000 10754 Aug 130
Without warrants
9055 9035
Apt 9215 Jan
1,000 88
United Industrial 634s 1941
8715 87%
Apr 91% Jan
1,000 84
United Lt & Rye 5358_1952 8355 83
8355 33,000 83
Sept 9435 Jan
613 series A
98% fia
99 ' 26,000 98
June 101% Jan
United Oil Prod 88_ .._1932
19 1
5
01
92
6,000 o70
Aug
Apr 95
United Rya (hay) 730 '35
103 108
Jan
May 110
1,000 108
United Steel Wks 615e 1947
With warrants
8355 83% 85
22,000 82% May 0315 July
S Rubber
Serial 655% notes,..1931) 9854
93
99
13,000 9755 Aug 10054 Jan
Serial 615% notes _1931
97% 07%
1,000 97% July 10015 Jan
Serial 635% notes .1932
97
97
5,000 0515 July 10014 Jan
Serial 655% notes_ _1933
97
07
Aug 10051 Jan
1.000 96
Serial 615% notes_ _1934
97
Jan
97
4,000 96% July 100
Serial 615% notee _1935
96
96% 3,000 05
Aug 10015 Jan
Serial 634% notes_ _1939 96% 96
Jai Ion% Jan
9615 4,000 96
Serial 615% notes__1940
98% 9855
Feb
Jan 102
1,000 07
Utilities Pr & It
195
, 9654 96
Aug
9714 034,000 89 June 101
Van Camp Packing 65_1948 84
84
May 8714 Feb
1.000 81
84
Virginia Elee Pow 58..1955
97. 97
4,000 9515 Aug 100% Jan
Western Newspaper Union
Cony deb 65
1944 9934 99
July 0954 Ju.y
99/5 16,000 99
Western Power 534s..,.1957 185
AUK
37,000 10954 Jan 197
185 105
Westvaco Chlorine 555s '37 10051 100%
Jan
10031 3.000 98% Aug 104
Wisconsin Cent Rya 581930 9811 9834 9834 11,000
Aug
9851 Jan taa
Foreign Government
and Munfelpalitiee-Mtg Bk Rep ofCe
20-yr 7s____Jan 15 1947
Baden (Germany) 70__ 1951
Bank of Pruasia Landowner,
Asten 8% note!. _1930
Buenos Atree(Prov) 750'47
75
1952
Cauca Valley (Dept) Co
lonibla esti e f 7s... 1948
Cent Ilk of German State&
Pros Banks 68 B___1951
Chilean Cons 75
1960
Denali Cons Mut:11065065
Ss new
1953
German Cons Munte 7e '47
58
1947
Indus Mtge Ilk of Finland
let nage col s t 7s_.1944
Montevideo (City) 65_1959
algelik otHogota 7s new '47
7s
Mtge Bank of Chile t3a 1931
Os
1962
altge Ilk of Denmark 58'72
aftge Bit of Jugoe an 75 57
'
Parana (State) Brazil 7558
Prussia(Free State)8 34,4'81
Ext:6e (of '27) Oct 15'62
Rio de Janeiro 63.4e...1059
Rumanian Mono lost 7s'59
Russian (lovernmente6155
1911)
0
610 etre_
63.4s
1 919
1 21
Santa Fe (City) Argentine
Republic est 7,1_1945
Santiago (Chile) 7e.. 1949
9251 9211
103
97
9755
102 103
9994 0915
2,000
89
92
June
Aug
09
98
Jan
Jan
6,000 9454 May 98
Mar
11,000 100
Apr 104% June
2.000 2014 Mat 102
June
3,000
88
97
92%
81%
95%
87
96
9114
83
88
12
88
88
May
76
9434
96%
9251
94%
8054
8,000
77
2,000
05
97% 10,000
1,000
9251
2,000
9555
25.000
82
78
94%
90%
9015
0215
80%
Aug 8755 Feb
Aug
Aug 95
June 101% Jan
July 90% Jan
,
Aug 981 June
Sept 89
Jan
0935
95%
85
88
98
9154
9315
69
83
9154
8134
8715
82%
0934
96
87
88
9615
92
93%
69
8316
92
84
89
84
4,000
13,000
12,000
2,000
14,000
258.000
2,000
2.000
2,000
4.000
30.000
15,000
23,000
97%
9315
85
87
96
8155
9315
60
8111
80
8151
8715
81
May 102
May n0016
Sept 07%
Apr 94
June ggyi
Aug 93
Sept 97
Sept 8251
Aug 93%
May 97
Aug 9015
Sept 9151
Aug 89%
1155 1251 33.000
1255 1254 57,00
12
1255 98,00(
1155 Sept
12
Aug
12
Sept
18614
Jan
Jan
MIS)'
Aug
Feb
Feb
Aug
Jan
Jan
Jan
F,.1,
Jan
July
Fab
1934 Ann
19
!of
Apr
19
90
6,00
90
91
90
Sept 96
Jan
95% 9515
1.00
9535 Sept 100
Jan
• No par value. !Correction. rn Listed on the Stock Exchange
this week, where
additional transactions will be found. n Sold under the
rule. o Sold for rush
s Option sales. t Ex-rights and bonus. ta When issued. s
Ex-dividend. V Elrights.
"Under the rule" sales were made as follows:
a American Meter Co., Jan. 15 at 128: b 52.000 Procter &
Gamble 450 of 1047.
Aug. 20 at 100; e Danish Consolidated Municipal 53-s, 1955.
January 15, at 105,
e Hinsworth Manufacturing, July 8 at 58%; Parmelee Transporta.
, July 22 at 28
p Educational Pictures preferred Feb. 6 at 100; r United Milk
Products', alareb
21, pref.. at 81; o Allied Park. 6 , 1939, April 2 at 50: y
Mayflower Associatea,
May 29. 200 at 05:, Investors' Equity 55, 1947. $7.000 at 98.
"Cash" sales were made as follows:
d Arkansas Power & Light 1st & ref. 55. Jan. 22 at 119.
"Option" sales were made 219 follows: u Schutter-Johnson Candy,
class A. March 5.
100 at 6.
Goldman Serbs Trading Co paid 100% stock dividend In
Apr. Range of old
locks before payment of clock dividend was 1173.4 low, 220
high.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1583
Quotations of Sundry Securities
All bond prices are
and interest" except where marked -i**.
Investment Trust Stocks
Chain Store Stocks Par Bid Ask
Ask
Railroad Equip.(Cond.) Bid
and Bonds .Concl.) Par Bid Ask
56
1 *50
5.30 5.00 Kobacker Stores corn
1558 167
8
Deposited Bk Shares ser Dl
All MInois Central 434s & 5s..
100 96 100
Par Bid
Cum pref 7%
5.70 5.30
4
323 3312
Equipment63
Diversified Trustee Shares_
216.2
American Gas & Electric-1 *210 11212
5.50 5.25 Lane Bryant Inc 7% P W w. 130 110
2714 2812
Equipment 7s & 6148
Shares B
*10712
Stores 854% Pf w w. 103
6% Preferred
5.50 5.2) Lerner
Kanawha & Michigan 6s
Eastern Bankers Corp corn. 27
100 400
Amer Light & Tree com-100 326 329
145
Southern 5148_ 5.70 5.30 Lord & Taylor
Units
100 107 11212 Kansas City Nashville Os
Preferred
First preferred 0%--100 100
5.75 5.00
4
4
343 373
Equit Investing Corp unite
60 Louisville &
50
8%-100 108
Util com..._1110
Amer Public
Second preferred
5.50 5.30
2912
Equipment 648
Class A
117
95
112
92
7% Prior preferred----100
16
fis & es_ 5.75 6.10 MacMarr Stores 7% pf w w 93
Michigan Central
Class B
94
96
90
100
6% pref 100
Partic preferred
SIP &SS M 434s& 04 5.75 5.25 McLellan Stores Federated Capital Corp.... 7312 77
Appalachian El Pr pref-100 105 10912 Minn
5.75 5.25 Melville Shoe Corp
6215
59
1
Equipment 6541
Newunits
Associated Gas & Elec1st pref 6% with warr_100 97 103
634s_ 5.60 .5.20
1212 1412
Missouri Pacific (le &
First Holding & Trad
1 19114
$5 Preferred
5.30 5.10 Mercantile Stores pref-100 103
45
35
Mobile & Ohio 58
First Investment. A pref
Chain Stores
Col El & Pow 7% pf -.100 108
2
273 2818
York Central 434s & 5s 5.30 5.10 Metropolitan
Fixed Trust Shame class A
100 121 125
Com'w'th Pr Corp pref-100 100 161- New
New preferred
2
5.75 5.10
243 2538
Equipment Os
Class B
52
t *51
1 *391 4012
Eastern Util ASSOC oom
5.50 5.25 Miller (I) & Sons cam
Equipment 7n
Founders Holding corn cl A
98
100 94
*1514 16
Convertible stock
Preferred 634%
4
155 17*4
Norfolk & Western 434..... 5.40 5.00
Common new w I
91
96 100
Gen Public Util $7 Prof.--j *88
150
5.60 5.25 Mock Judson & Voeringer pf *102 105
6% preferred
102 Northern Pacific 75
Mississippi Riv Pow pref 100 100
10 -cc
Fruit Express 7*.... 5.75 5.30 Murphy (0 C) Co
Sec corn
Pacific
981
Foundation
.J&J
100 102 106
First mtge 55
8% cum Prof
2314 2514
General Equities A
15
96 Pennsylvania RR equip 58.- 5.15 5.00
5
NIAN
93
Stores Inc warr
Deb 55 1047 1951_25
Plttsb & Lake Erie 6Sas_ _ 5.60 5.30 Nat Family
General Trustee common... 23
16
•13
National Pow & It $7 pref.t *1061 108 Reading Co 4345 & be
75
70
5.30 4.95 Nat Shirt Shops corn
New units
78
*971 9812
100 73
$6 preferred
Preferred 8%
95
90
Francisco 5s
5.20 5.00
8% bonds
18
*15
240 245 St Louis & San
North States Pow coin._100
18
16
Seaboard Air Line 5345 & 13s 6.00 .5.50 Nedick's Inc corn corn
Cred & Inv 25% pd
German
94
100 106
1 *90
7% Preferred
28
27
5.30 5.00 Neisner Bros Inc
Pacific Co 454e
Greenway Corp corn
100 195 199
pref 100 104 10612 Southern
Ohio Pub Serv 7%
Preferred 7%
61
5.66 5.30
Equipment 7s
Preferred with warrants__
82
100
*76
97
3212
6% Preferred
5.20 5.00 Newberry (J) Co corn
Guardian Investment
2614 Southern By 434e & be
100 1021 105
Pacific Gas & El let prof _25 *26
3212
Preferred 7%
5.50 5.20
Equipment 63
Preferred
40
Puget Sound Pr & Lt $6 pf-1 *99 102 Toledo & Ohio Central Os... 5.50 5.20 N Y Merchandise com---) *36
1254
412
Investors
Guardian
105
*831 86
$5 preferred
•• 5.30 5.10
98
First preferred 7%--100 101 111
UnionPacific 7s
$6 units
99 101
1940__JAD
100 108
let & ref 514e
53
51
Penney (.7 C) Co
23 unite
92
89
Say El & pow 6% pf....100
101 104
Peoples Drug Stores corn..) 115 119
Aeronautical Securities
$7 preferred
94
92
100
Sierra Pc El Co 6% p1_100
634% cum pref
.
711 7512
65
48
Incorporated Equities
*40
South Cal Edison 8% pf_.25 *55 108 Aeromarine-Klemm
5
5
8412 87
Piggly-Wiggly Corp
5
ted Investors
Incorpora
100 103
Stand 0 & El 7% Pr pf--100 105 106 AeronauticalInd without war 2814 283
2612 28
Preferred 8%
4
95
insuranshares series A
preferred.. 88 Eiec Pow is; Prof 7%- 1041
Tenn
2312
Reeves (Daniel)
612 7
1928 22
Warrants
99
Series B
135 145
97
100
6% preferred
2812
27
1512 163 RogersPeet Co oom_ _100 *55
4
Air Investors common
91
Series C
60
89
Toledo Edison 5% pref--4
301 32
3612 Schiff Co corn
35
Preferred
Series F
100 103
-100 102 106
6% preferred
2612
25
Curn cony pref 7%.
Warrants
110
Series H
100 108
3
22 4 2314
7% preferred
-- Shaffer Store corn
190 196
$54
Airstocks Inc
Inter Germanic Tr
4
*631 70
Western Power Corp pf. 100 1025 105 Alexander Indira corn
912 10
1
5912 6112
Silver (Isaac) & Bros com.t 105 108
Int Sec Corp of Am corn A
34
31
7% cum cony prof_ __-100
8% participating pref....•--__ 85
70
CommonB
Short Term Securities
8
1 *5
Southern Stores 6 units
American Airports CorP
5
AUotment certificate,.... 144
95
312 412 US Stores coin class A.---1
90
614% preferred
1937
4
4 9912 Amer Eagle Aircraft
983
*2
Allis Cbal Mfg be May
851, 891:
Common clam B
2212 24
4
3 Aviation Corp of Calif
70
6% Preferred
65
Alum Co of Amer 5s May '52 100 100
88
First preferred 7%_ _ _100 100 102
Aviation Sec Co of N E.- 1612 1812
9412 913
Invest Co of Amer corn.... 85
deb 414s May '47
Amer Rad
93 100
Young(Edwin H)Drug units
9512 Bellance Aircraft Corp new. 1914 0
7% Preferred
94
Am Roll Mill deb 5s_Jan '48
7% 8
25
90 91 Berliner-Joyce Aircraft A
Invest Fund of N J
Stocks
Batavian Pete 414e._..1942
Standard Oil
4
9
3
100 4 Brunner Winkle Aircraft...
nt Trust of N Y.. 143 1512
151g
£1
Bell Tel of Can 56 A.1)1ar '65 100
8 11 Anglo-Amer Oil vet stock £1 *15 1378 Investme
Central Airport
Invest Trust Associates.... 5412 5612
*13
Bethlehem Steel
412 5
21
Non-voting stock
18
99 100 Cessna Aircraft new corn
Rights
5% notes_June 16 '30
4
*643 65
Sec
65
69
Atlantic Ref corn new_ _25 *24
4
323 34
9814 (1012 Consolidated Aircraft
Joint Investors class A
30
Sec 6% notes_June 15 '31
25
128 138
Borne Scryrnser Co
Convertible Preferred__
9814 9914 Consolidated Instrument-.1 •2178 22
*67 6812
Sec 5% notes.June 1532
.
24
22
Buckeye Pipe Line Co-50'195 210
Curtiss Flying Service
Keystone Inv Corp class A.. 191 2212
'Invest Trust
Col:ismer
6
5
1212 Chesebrough Mfg Cons-25
10
May 1930
98 Curtiss Caproni
97
ClassB
5% notes
10 *1912 20
8
8
Continental Oil v t o
21
17
97 Curtiss Reid corn
66
96
Massachusetts Investors... 615 647
Cud Pkg deb 5548_Oct 1937
4
1743 17814
Cumberland Pipe Line_100 62
4
993 Curtiss-Robertson units____ 128 138
Invest Corp
Line 4Sa s Deo'29
99
59
Mohawk
Cunard SS
55
1 *4318 4338 Eureka Pipe Line Co- _100
- 1514 1612
Dayton AUDI Engine
7
Mutual Investment Trust
Edison El 111 Boston5
com_100
4
85
983 Detroit- Aircraft
1534 16 Galena Signal 011
N Y & London Mutt units
98
4ee% notes.- _Nov 1930
100 77
20
18
Preferred old
11
Fairchild Aviation class A.. 10
88
North Amer! Util Sec
Empire Gas & Fuel
100 80
97
95
Preferred new
1612 18
June 1930
4 85
973 9 4 FederalAviation
4
Preferred
58
*11912 i213
4
111 1214
Humble 011 & Refining_25
55
75
-45--Jan 1931
Fokker Aircraft
Amer Tr Shares
North
Flak Rubber
100 303 308
412
16" 23 Illinois Pipe Line
Preferred
North & South Am B corn _ _
General Motors Accept
3
1 •385 39
02
Imperial 011
s
4 3
995 Kinner Airpl & Motor
99
23
011 Shares units
5% ser notes-Mar 1930
*2812 30
25
23
Indiana Pipe Line Co
8
8
985 Lincoln Aircraft
-Mar 1931
5
98
coin_
28
Old Colony Invest Tr
5% tier notes
International Petroleum-) *277s 22
82
10
6
9612 9712 Lockheed-Vega
4Se% bonds
6% ser notes-Mar 1932
*2114
87
National Transit Co-12.50
12
4
9434 953 efaridux Air Linea corn.... 10
1948 84
53
ser notes-Mar 1933
Overseas
6%
1514 19
37
_
New York Transit Co.-100
9414 96
Mahoney-Ryan Aircraft
Pacific Investing Corp com_
58
5% ser notes-Mar 1934
9512 Mohawk Aircraft
79
Northern Pipe Line Co--100 53
94
Preferred
5% ser notes-Mar 1935
4 7612
25 *753
.
26
Ohio OIl
30
---Mar 1936
9312 95 Moth Aircraft etf dep
8
323 Power & Light Secs Trust.. 97 100
5% ser notes
25 *28
3312
31
Penn Met Fuel Co
National Air Transport
4
553 PubHold'g Corp of Am corn
Gulf 011 Corp of Pa
25 *5514
712 9
Prairie 011 & Gas
9712 9812 NationalAviation
61i
; 4 57
Debenture fra-Dec 1937
6012 Royalties Management -.._
25 *60
Plpe Line
1947
100 New Standard Aircraft
2714 2914
14
Prairie
17
9914
Debenture 6.. Feb
Second Financial Invest....
25 *3612 38
1812 Solar Refining
NY Rio & Buenos Aires Line 17
Koppers Gas & Coke
2012 2ndFound Sh Corp units.. 136
•19
35
4
14
8
943 North Amer Aviation
143 Southern Pipe Line Co---50
94
Newclass A
Debenture 5s-June 1917
49
25 *48
.512 7
54
011
South Penn
94 100 Pollak Mfg
Second Internet See Corp.. 50
66
Meg Pet 4Sas_Feb 15'30-35
25
21
98 Sky Specialties
37
34
Southwest Pa Pipe Lines-60 *60
97
CommonB
0115% notes J'n3 15'30
Mar
4 76
44
41
t5'31
9
Southern Air Transport_
Standard 011 (Californla).-1 *753 56
12
9514
94
8% preferred
Serial 5% notes lire
*5512
15812 160
34
30
Standard Oil (Indiana).....25
9212 95 Stearman Aircraft corn
Nat Investors
Serial 6% notes Joe 15'32
25 •2314 2312 Second
4
233 2414
17
15
Standard Oil (Kansas
n corn_
5 Sis.Jan 1916 100 10034 Stinson Aircraft corn
Sliawmut Associatio
Mass Gas Cos
8 37
52
50
9714 9814 Swallow Airplane
5
10
Standard 011 (Kentucky)-10 *365 4912 Shawmut Bank Inv Trust
Pacific Mills 5 348__Eeb 1931
O48
Travel Air Mfg new
Standard 011 (Nebraska) 25
1942 8312 87
4)0
Peoples Gag L dr Coke
s
3
25 *70 8 705
90
87
1930
US Air Transport
Standard 011of NJ
1929 &
1952
0912
97
4
25 *433 43
98 United Aircraft
Standard 011 of N Y
95
1952 240
Os
Proct & Carob 45e 11631 '47
25 *z119 121
Preferred
Standard Oil (Ohio)
Share
Swift & Co
100 115 11712 Southern Bond de
36
4
16" 18
Preferred
99 993 Universal Aviation
Corn & allotment etfs_- 34
5% notes_ __ _Oct 15 1932
16
25 •13
50
1918 21
99 Warner Aircraft Engine
Swan & Finch
96
-- 47
Wisconsin Central 56 Jan '30
$3 prof allotment Ws
25 *154 155
8
1818 195
Western Air Express
Tank Car Co
48
51
Union
Standard Collateral Trust_
25 •12312 125
45
Pa.
12
10
Whittelsey Mfg
Vacuum Oil
Tobacco Stocks
Standard Investing Corp-- 43 102
100
_
534% met with warr_
Water Bonds
Investment Trust Stocks
100 102
American Cigar corn....100 119 150
5% bonds with warr
and Bonds
1110 108
Preferred
3312 3512 State Bankers Financial
5
If Ark Wat lat 53 A '56--A&O 92 94 Alliance Invest
-1- K 14
British-Amer Tobac ord-E1 •29
Trustee Stand 011 Shs
Birm WW 1st 54410054 A&O 100 101
31
Allied Internet Investors-1 113
Li *29
Bearer
15 United Founders Corp corn 70 2 71
13
1st M 68 1954 ser B-J&D 92
147
94
26
Amer Brit & Cent corn
of G B & Irei'd *23
Imperial Tob
U S Shares class A
5
80 8
5SisA'54 J&D 97 100
8 111133 - 8
% Preferred
0
lot Cigar Machinery.---100 125 130 City W(Chat)
10
6
Class A 1
J&D 92
1st M 55 1954
37%
95
Amer Common Stocks Corp
50
Johnson Tin Foil & Met-100
Class C 1
90
87
412 City of New Castle Water
AmFor 511 Corp unite
4
381
312
Union Cigar
Class C 2
98
44
07 46
Common
4
3012
rei Dec 2 1941__J&D 1 94
*2
Union Tobacco Co corn
Class C 3
1938
90
514% cony debs
50 Clinton WW 1st 53'39_F&A
1812
Clam A
Class 13
Wat let 515sA '47 97 116" Amer Founders Corp corn_ *11714 11914
Com'w'th
3
23 s
Young (J ES Co cem----100 104
Class F
6
14 4 7 4
14 : 11914
Cony preferred
104 Conlisv %V be 0(1.239 A&01 93
5
13 s 1518
100
Preferred
Clam H
9112
E St L & hut Wet 58 '42 J&J
18
0% Preferred
801, 83
4 2c 7 71c2 US & Brit Internal class B
79 52
J&J
99
7% preferred
1st M 68 1942
3212 3511
Indus. & Mises!
A
Class
Huntington 1s1 6s '54.M&8 98
1-40ths
4012 4312
Preferred
1954 92
5512
58
Amer & General Sec units_
53
78
25 *75
American Hardware
U S Elec Light dr Power
29
99
Clam; A
100 124 128 Mid States WW es '36 MAN
& I% lima
Babcock
a
,
18 ' 93
Class 13
Mown ConW laths'56 J&D 90
41
*39
Bliss (E WI Co
Sugar Stocks
Stk Corp. 2
97
93
Amer Insurance
50
50 •58 60 Mown Val %V Vie '50.J&J
Preferred
1
952
! 0,8 Caracas Sugar
85
91
Amer Internal Bond A Sh- 1_67, 229
100 83
100 105 108 Muncie W W5sOct2'39 A AO
Childs Corp pref
Fajardo Sugar
1911_ _A&O 92
25
94
Amer fly Tr Shares
t 20
*120 125 St Jos Wat SsW
Hercules Powder
2712 Godchaux Sugars Inc
. 27
58
.513.A&O 89
83
91
Amer & Scottish Invest...
Shenango Val
100 80
100 120
Preferred
Preferred
•
10
AstorFinancial class A
Pitts Wat let 58 1060 .18r.1 94
Haytian Corp Amer
Singer Manufacturing _100 600 605 Solet M 58 1955
FAA
93
41
Clan B
.5
gl
Holly Sugar Corp com----t *39
42
38
Sinker Mfg Ltd
86
Atlantic & Pacific corn
Torre 11 WW 13s '49 A_J&D 99
100 82
Preferred
51
47
Preferred
1st M 58 Me ser B.F&D 92
100 4012 42
Railroad Equipments
National Sugar Ref
82
79
Ati & Pac Int Corp units
Wichita Wat 1st es '49.74&S 99
20
Nioliero Sugar.-..100 15
New
34
92
BankersFinancial Trust
tat hi 5a 1956 ser 11.F&A
t *109 106
5.60 5.30
31
Atlantic Coast Line Os
4 - - Savannah Sugar nern
Bankers investment Am corn 313
100 100 106
5.50 5.30
Preferred
Equipment 634e
Bankers See Tr of Am corn:.
Chain Store Stocks
22
5.70 5.35
Sugar Estates Oriente p1.100 18
Baltimore & Ohio es
22
19
new.... •100 106
BankInstocks Holding Corp
50
5.30 5.00 Berland Stores units
Vertientes Sugar pref ___100 40
612 9
Equipment 4 las &
83
Bankshares Corp of U S ci A
& Pittti equip 6e.
5.5 5.20 Tieback (II C) Inc corn....) *78
15
8
Buff Roch
00 98 103
Class B
7% 1st preferred
8
Rubber Stocks (Cirreland)
5.5 5.15
Canadian Pacific 448 a 6
15 ____
9
Bankstocks Corp of Md eta
18
5.70 5.30 Butler (James) common ino
614 714 Aetna Rubber common-t * 11
Central RR of N J 6s
45
Class B
Preferred
4
5.20
Falls Rubber common--- -t
5.50
41
Chesapeake & Ohio 6s
35
44
Preferred
Shoe common.... 40
_ 15
25 •
Preferred
5.6 5.30 Diamond
3
Equipment 6 kis
113 1218
98 107
Basic industry Shares
Preferred with warr
35
5.00
54
1 *30
Rubber
Faultless
5.30
Equipment
•
24
corn_
22
British Type Investors
5.70 5.30 Edison Bros Stone
Firestone Tire & Rub corn 10
2014 22
Chicago & North West 65
99
New
95
Preferred
2
100 1-1W 10914
6% preferred
5.60 5.30
67
63
Equipment 6).4s
1114 Cent Nat Corp A
8
5.00 Effron Stores Corp w I pf _t 10
100 1073 108%
preferred
5.20
Chic R 1 & Pee 4 lie & 5s
32
*27
Class II
Candy Sb
5.50 5.20 Fan Farmer
1.
33 4
353 GeneralrelliereAd Rub corn.25 *265 295
35
Equipment Os
sst
Shares_ _ _
8
Colonial Investor
corn
97
100 94
.
5.80 5.30 Fed Bak Shops
Preferred
Colorado & Southern es_
Continental Securities Corp_
90
Pref 7% with ware.--100
80
76
5.70 5.30
97Goody'r T & R of Can pt 100 r108 110
Delaware & Hudson Os
Preferred
41
5.40 Feltman & Currne Shoe 100 50
8
t •38
8
117 125 India Tire & Rubber
5.7.
60
Corporate Trust Shares_
Erie 448 & 55
Stores A 7% pref
4712
100 46
32
36
Miller Rubber pref
6.00 5.50
Equipment Os
33
29
Credit Alliance A
M)Stores corn
35
100 32
115 1212 Mohawk Rubber
4
5.60 5.35 Irishman (H
Northern fls
115
Great
Corporate Trust SharesPreferred
77
_
5.15
100
5.40
Preferred
Equipment 58
Crum * Forster InsuranPac Tea prat -.100 114 117
1
267
105 108
5.30 5.10 Ot Atl & Snyder Co A
Selberling Tire & Rubber--t
Hocking Vallee 53
shares corn
13
10
102
5.20 t Howorth100 5.50
10112 10212
Preferred
Equipment tle
Preferred
135
1Knox Hat
pail
. ssia
*Nominal. s s-dIvIdend. vExc14btI. rOsoadlan onelsti00
4Purchaser also Days warned dividend k Last isle.
•Mahar.. t No Dar value. bRasts.
Public Utilities
I
1584
fmtestutent anti isaftroati 1;ixtelaigente.
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the
fourth week
of August. The table covers six roads
and shows 4.94%
decrease over the same week last year.
-Grossfrom Railway- -Net from Railway- -Net after
Taxes
1929.
1928.
1929.
1928.
1929.
1928.
$
$
$
Denver & Salt Lake
July
278.068
286,582
95,036
64,574
85,034
54,571
From Jan I_ 1,955,627 2,101,711
624,764
631,365
554,743
573,332
Det & Tol Shore Line
Fourth Week of August.
July
351.486
1929.
331,310
1928.
Increase. Decrease.
107,307
140,679
76,776
108,912
From Jan 1_ 3,104,095 2,777,522 1,488,201
1,424,876 1,235,185 1,208,513
Canadian National
$7,667,078 $8,323,967
$656,889 Duluth & Iron Range
Canadian Pacific
5,686,000 6,263.000
577.000
July
Mobile & Ohio
1,177,203 1.032.362
733,950
594.580
637,207
530,220
545,330
483.549
61,781
From Jan 1_ 3,997,018 3,214,001 1,411,261
Minneapolis & St Louis
733,912 1,112,060
483.275
403,788
343.438
60,350
St Louis Southwestern
Dub Adissabe dr Northern
705,330
680,631
24.699
Southern Railway System
July
5,401,806 5,376,748
3,438,223 2,826,929 2,636,564 2,076,334
25,058
From Jan 1_10,902,833 8,002,853 6,657.720 4,098,754 2,356,870 1.847,523
5,336,560 3,083,701
Total (6 roads)
$20,409,332 $21,471.333 $171,888 $1,233,889 Dul So Shore & Atlantic
Net decrease (4.94%)
July
1.062.001
443,552
501,260
87,894
120,114
56,894
84,114
From Jan 1_ 2,935,507 2,994,247
473,991
551.638
330,636
251,901
In the following table we show the weekly earnings for Duluth Winnipeg dr Pacific
July
227,841
a number of weeks past:
212,690
32,220
3,982
21,142
-6,671
From Jan L 1,501,427 1,501,608
260,423
254,559
184,444
178,039
Elgin Joliet dc Elgin
July
2.427,098 1,920,527 1,007,192
Current
Previous
576,500
Increases?
870,540
Per
451,661
Week.
From Jan L15,876,087 14,688.051 5,934,150 4,804,720 5,025.948
Year.
Year.
Decrease.
Cent.
3,971,238
Evansv Ind & Terre Haute
July
8
$
$
511,120
118,203
45,215
12.996
in week Mar.(11 roads)
39,686
8,161
From Jan L 1,160,390 1,044,152
13,838,516 13.385,303
+453,213
3.38
403,774
249,192
24 week Mar.(11 reads)
366,942
216,665
14,087,158 13.715.106
+372,052
2.70 Galveston Wharf
3d week Mar.(11 roads)
14,485,650 13,818.627
+667.023
4.82
July
210.427
dith week Mar. 9 roads)
161,897
92,471
(
66,487
62,471
41,487
19.580,198 20,378.281
-798,083
3.93
From Jan 1_ 1,206,480 1,124,229
let week Apr.( 9 roads)
451,853
469.377
319,853
309,377
14.258,006 13,394,590
+863.416
6.45 Georgia RR
24 week Apr.( 8 roads)
13,704,380 12,849,259
+855.121
0.65
July
Id week Apr.( 7 roads)
435,740
480,449
67,336
101,989
13,934,100 12,745.841
58.256
+1.178,259
91,330
9.33
4th week Apr.( 8 roads)
From Jan L 3,067,062 3.014,404
20,100,633 16,956,008
516,193
445,326
439,376
+3.144,625 18.51
379,819
let week May( 8 roads)
Grand Trunk Western
14,083,977 13,198,800
+885,177
6.71
ild week May( 8 roads)
July
14.025,691 13.800,007
2,011.435 1,884,468
+225,684
1.64
502,962
493,053
407.885
401,655
Bd week May( 8 roads)
From Jan L13,487,795 12,641,478 3,593,165 3,274,766
13,987,172 14,015,235
-28.063
0.20
2,941,794 2,666,208
4th week May ( 8 roads)
19,926,465 20.132,939
-206.474
1.03 Illinois Terminal Co
lit week June( 8 roads)
16,362,466 16,187,145
July
+175,321
1.07
592,383
24 week June ( 8 roads)
538,251
142,837
174,884
153,657
122,100
14,179.746 13.805,018
From Jan L 4,185.716 3,834,954 1,247,310
+374.728
2.70
Id week June ( 8 roads)
973,937 1,098,348
776,760
15,414,954 13,974,488
+440.466 10.30 International
4th week,june( 7 roads)
Great Northern
20,931,896 18.619,998 +2.311,898 12.41
July
let week July ( 8 roads)
1,569,047 1,446,892
482,771
274,592
441,350
232.124
13,783.513 13,461,219
+322.293
2.39
From Jan 1_10,578,464 10.217.444
3d week July ( 8 roads)
2,191,816 1,784.001 1,895,835 1,489,817
14,098,543 13,922.990
+175,544
1.26 Kansas
Bd week July ( 8 roads)
City Southern
14,329,624 14,169,119
+160.505
1.13
4th week July ( 8 roads)
Texarkana dr Ft Smith
21,329,515 20,439,976
+889.539
4 35
.
let week Aug.( 8 roads)
July
288,332
14,210.254 14,632.315
240,679
--422,061
167,705
2.97
120,815
150,736
108,676
From Jan L 1,843.738 1,561,813
34 week Aug.( 8 roads)
13,914,646 14,848.790
-934,144
8.29
935,892
693.337
809,324
608,299
3d week Aug.( 8
roads)
14,138,646 14.144,881 -1,006.235
6.64 Kansas Okla dr Gulf
ith week Aug.( 6 rondo
20400222 21 471 223 -1.062.001
July
4.94
331,162
253,714
179,434
73,867
159,418
63,298
From Jan 1_ 2,098,889 1,688.635
1,011,835
502,043
872,113
426,662
We also give the following comparisons of the monthly Lake Superior & Ishpeming
July
380,225
329,759
242.611
183,091
203,370
150,805
totals of railroad earnings, both gross and net (the net before
From Jan L. 1,738.828 1,206,131
865,872
370,516
688,441
242,075
River
the deduction of taxes), both being very comprehensive. Lehigh & Hudson237,589
July
199,817
90,316
45,681
73,109
33,471
From Jan L 1.490,095 1,603,712
They include all the Class 1 roads in the country.
442,935
521,752
344,786
419,963
Louisiana & Arkansas
July
643.009
552,288
183,134
146,375
129,375
95,947
From Jan 1_ 4,362,111 4.077,279 1,293,761
Gross Earnings.
Length of Road.
1,088.917
937,883
Month.
713.980
La Ry dr Nay Coot Texas
Inc.(+) or
July
85,377
91,522
11,503
24,550
1929.
7,522
20,559
1929.
1928.
From Jan 1. 577,760
Dec.(-)•
1928.
585,983
-5,775 -22,762 -58,551 -51.433
Midland Valley
Miles.
Miles.
July
January
307,256
351,514
129,477
486,201,495 457,347.810
185,308
115,370
+28.853.685 240.833 240.417
172,170
February
From Jan L 1.983,844 2,052,093
791,680
474,780416 456.487,931
827,994
682,714
+18.292,585 242.884 242.668
717,304
March
Mississippi Central
516,134,927 505,249.550 +10,884,477 241.185 240,427
April
July
513,078,026 474,784,902 +38.291,124 240.956 240.816
131,771
34,510
141,480
45,351
24,467
May
35.855
From Jan 1_
538.723.030 510,543.213
929,216
253,670
942,311
+26,120.817 241,280 240,798
267,219
186,390
209,360
June
531,033,198 502,455,883 +28,577.315 241.608 241,243
Nevada Northern
July
109,318
91,902
71,255
51,469
53,810
38,862
From Jan L 829,764
580,433
530,841
278,863
423,365
210,294
Net Earnings•
Inc.(+) or Dec.(-).
Newburgh & South Shore
Month.
July
55,441
187,382
180,847
43,939
37,826
1929.
30,265
1928.
Amount.
Per Cent.
From Jan L 1,148,386 1,204,187
315,956
289.641
202,821
195,830
New Orb Texas & Mexico
January
July
117,730.186
69,785
240,868
47.684
218,293
94,151,973
+23.578,213
49,332
27,649
+25 04
February
From Jan L 1,615,119 1,710,233
126.368.848
297,414
401,723
108.987.455
152,797
+17,381,393
+15.95
252,666
March
139.639.086
132.122.686
Beaumont So Lake & Western
+7.516.400
+5.68
April
136.821,660
110,884,575
July
+25.937,085
86,452
301,251
259,448
+23.39
62,089
May
82,508
56,567
146.798,792
129,017,701
From Jan L 2,122.461 1,864,615
+17.754.001
561,438
+12.09
392,405
June
533,180
353,019
150,174,332
127.514,775
+22,659,557
+17.77
St L Brownsville & Mexico
July
202,982
587.922
597,681
170,344
172,523
Net Earnings Monthly to Latest Dates.
151,787
From Jan L 5.355,515 5,121,782 1.824,336 1,716.404 1,624,294
-The table
1,474.734
following shows the gross, net earnings and not after taxes New York Central
Indiana lIarbor Belt
for STEAM railroads reported this
July
1,064.367 1,058,559
402,533
439,158
332,323
week to the Inter-State
368,798
From Jan 1_ 7.393,388 7,135,964 2,583,378 2.429.471
2,124.855 2,012.062
Commerce Commission:
Cincinnati Northern
-crossfrom Railway- -Net from Railway- -Net after
July
316,584
300,614
101,687
74,428
Tares
76.410
53,701
1929.
From Jan L 2,145,786 2,331,000
1928.
586,195
654,933
1929.
1928.
1929.
1928.
427,691
499,348
$
$
Northwestern Pacific
$
$
$
$
Atchison Topeka dr Santa Fe
July
813.599
168.380
227,701
714,411
Gulf Colo & Santa Fe
131.797
189.488
From Jan L 3,329,091 3.461,525
259,263
254,014
July
-6,996 -28,128
2,964,763 2,401,830 1,123,773
831,671 1,035,116
739,390 Peoria dr Pekin Union
From Jan 1_15,685,646 14,793,257 3,184,582
2,663.983 2,550,486 2,014,681
July
141,161
36,360
37,502
142,540
Panhandle & Santa Fe
24,083
20,390
From Jan L 1,026,710 1.139,537
270,273
370,408
July
159,169
250,960
1,896,724 1,417,443
938,682
620,439
829,446
579,413 St Louis-San Francisco
From Jan 1_ 7,957,164 7,154.523
2,573.150 1,354,078 2,224,814 1,096,831
July
7,403,083 6,915,518 2,270,65
0 2.054,219
Atlanta & West Point
From Jan L47,507,202 45,613,016 13,251,716 12,818,672 1,792,758 1,645,069
July
10,325,106 10,196,114
241,963
250.725
35,471
51.785
22,710
39.248
St 1,
-San Fran of Texas
From Jan 1_ 1,889,149 1,761,283
294,626
399,777
197,219
294,670
July
175,839
50,504
158,739
25,855
Baltimore & Ohio
47,939
22,690
From Jan L 1,089,919
965,307
230,428
159,903
B & 0 Chic Terminal
209,186
139,980
Ft Worth & Rio Grande
July
400,327
360.776
107,244
91,047
39,012
26,793
July
From Jan 1_ 2,593,057 2,491,586
96,691
-7.192 --27,472 -11,495
97,338
514,105
528,135
-31,561
78,442
111,266
From Jan L 717,199
26,122 --16,446
Bingham & Garfield
704,678
-4,428 -45,308
San Ant Uvalde & Gulf
July
47,202
39.671
15,885
11,459
7,004
3,535
July
From Jan 1_
133,000
12,367
55,893
188,105
334,587
274,051
8.132
129.623
41,354
31,962 -10,015
51,813
From Jan L 1,288.891 1,362,601
Canadian National Rya
337,638
454.435
308,070
427.553
Southern Pacific System
Chic Det .4 Can 0 T JctJuly
Southern Pacific Co.
292,693
323,923
155,058
196,745
143,826
186,395
July
From Jan 1_ 2,407,721
20,401,927 19,237,870 7,455,442 6.278,453
2,259,571 1,409,913 1.337.918 1.331,756 1,265,457
Fr'm Jan 1129,229,955 121451.443 40,406,371 35,214,304 5,810,148 4,716,261
Det0H & Milwaukee-29,781,101 25.440,588
July
Texas & New Orleans
804,869
845,394
340,531
361,736
325,546
352,854
From Jan 1_ 5,586,845
July
6,210,696 5,561,657 1,569,816 1,029,351
5,341,164 2,395.841 2,043,894 2.302,837 1.981,804
668,075
From Jan L42,447.942 38,311,006 10,010,410 6,439,237 1,215,464
Canadian Par Lines In Maine
7,616,828 4,215,247
July
Southern Ry System
155,717
115,047
-5,062
-8,531 -19,562 -22.531
From Jan 1_ 1,905,845
Alabama Great Southern
1,566,568
198.875
175,814
97,375
77.814
July
Canadian Par Lines in Vermont
825,262
206,196
797,789
152,617
135,802
83,374
From Jan 1_ 6,014,024 5,696,082
July
1,716,135 1.389,616 1,238,904
207,383
170,654
963,223
26,461 -466,216
22,441 -471,066
Cin N 0& T P
From Jan L 1,235,941
1,163,577
50,108 -742,917
21,968 -776,867
July
1,901,494 1,706,907
Chicago River dr Indiana-502,495
518,031
387.961
401,247
From Jan L13,447,317 12,386.262 2,720,579 3,598.526
July
577.220
532.972
2,099,2138 2,844,749
244,692
205,260
197,268
159,976
Georgia Sou & Florida
From Jan 1. 4,046,851 3,919,452
1,745,521 1,470,347 1,456,376 1,188,268
July
Chic R I & Pacific
330,894
51.747
338,076
7.885
28,532 -11,622
From Jan L 2,652,677 2,624,311
July
469,866
13,132,326 12,271,459
221,639
305,450
67,491
From Jan 1.79,025,923 74,770,128 3436,154 3,523,118 3,158,415 2,851,748 Spokane International
18,253.138 18,273,675 13,419,481 13.748,589
July
108,950
Chic RI dr Gulf
37,553
104,018
38,043
32,116
32,507
From Jan 1_
702.629
July
192,912
865,495
644,885
179,620
740.578
154,715
140.969
386.022
337,751
362,646
315,665 Spokane Portland St Seattle
From Jan L 4,485,890 3,813,172 1,801,305
1,258,398 1,624,856 L075,841
July
816,979
Colorado & Southern
299,850
303,306
796,809
213.291
212,522
From Jan 1_ 5,204,082
Trinity & Brazos Valley
4,927.693 1,828,578 1.683,151 1,230,043 1.089,844
Texas Mexican
July
.567,021
210,791
308.908
39,748
301,151
32.123
July
From Jan L 1,503.288 1,2.56,626
128,702
96,472
18,177
37,897
229.344
13,177
32,897
86.115
174,721
32,852
From Jan 1. 823,846
753,450
174,112
208,869
173,682
138,841
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1585
Taxes
Florida Power & Light Co.
-Grossfrom Railway- -Net from Railway- -Net after 1928.
1929.
1928.
1929.
1928.
1929.
(American Power & Light Co. Subsidiary)
5
$
5
$
$
-Month of July- 12 Mos. End. July 31.
Union Pacific Co
1929.
1928.
1928.
1929.
Ore-Wash Ry & Nay Co
184,196
428,102
372,183
629,378
2,608,514 2,359,193
July
778,253 11,187,874 11,J8,721
685,176 Gross earnings from oper____ 752,389
1_16,005,626 15,736,162 2,499,648 2,020,401 1,103,247
From Jan
474,463 5,960,218 6.364.105
Oper. expenses, incl. taxes__ 448,623
Western Pacific
120,184
182,795
214,918
286,717
1,544,551 1,610,934
July
303,790 5,227,656 5,294,616
504,972 -216,447
Net earnings from oper___ 303,766
450,353
115,242 1,226,783 2,329,078
From Jan 1_ 9,375,145 8,603,617 1,219,327
100,090
Other income
Wichita Falls & Southern
36,766
30,649
41.740
36,124
101,699
419,032 6,454,439 7.623,694
103,290
403,856
July
income
Total
124,613
155,393
160,307
194,227
578,863
216,667 2,600,000 2,391,667
216,667
From Jan 1_ 601,601
Int. on mortgage bonds
debentures (all owned
110,000 1,320.000 1.320,000
110,000
Electric Railway and Other Public Utility Earnings. Int. on Pr. & Lt. Co.)_ _
by Am.
102,747
12,836
307,464
6,856
-Below we give the returns of ELECTRIC railway and Other int. and deductions_ _ _
monthly returns which
79,529 2,431,692 3,604,563
other public utility companies making
70,333
Balance
1,130.974 1,057,560
Dividends on preferred stock
have reported this week:
1.300,718 2,547.003
Birmingham Electric Co.
Balance
(National Power & Light Co. Subsidiary)
12 Mos. End. July 31.
-Month of JulyFort Worth Power & Light Co.
1928. •
1929.
1928.
1929.
$
$
$
(Southwestern Power & Light Co. Subsidiary)
$
840.658 10,244,998 10,508,626
-Month of July- 12 Mos. End. July 31.
Gross earnings from oper-_-_ 680,181
528.605 6,531,316 6,656.211
1928.
1929.
1928.
1929.
Operating expenses & taxes_- 455.704
$
$
$
$
312,053 3,713.682 3,852,415
252.789 3,421,035 3.110.508
oper__ -Net earnings from oper_-- 224.477
176,945
25.288 Gross earnings from& taxes__ 289,282
2,419
39,556
126,816 1,778,655 1,676,125
157,891
Other income
Operating expenses
314,472 3,890,627 3,877,703
264,033
125.973 1,642,380 1,434,383
Total income
Net earnings from oper__- 131,391
838,552
66,184
898,890
77,246
34,191
24,383
1,174
2,768
Interest on bonds
106,883
150,026 Other income
17.132
4,755
deductions
Other int. &
127,147 1,676,571 1.458.766
134.159
Total Income
231,156 2,884,854 2,889,125
182,032
174.500
174.500
14,542
14,542
Balance
406,956
383,842 Interest on bonds
31,214
31.507
2,528
2,604
Dividends on preferred stock
Other interest & deductions_
2.477.898 2,505,283
110.077 1,470.857 1.252.759
117.013
Balance
Balance
160.832
160,832
Dividends on preferred stock
Carolina Power & Light Co.
1,310.025 1,091.927
(National Power & Light Co. Subsidiary.)
Balance
-Month of July- 12 Mos. End. July 31.
1929.
1928.
1928.
1919
Houston Lighting & Power Co.
$
$
$
693,801 9.282,870 8.970.783
(National Power & Light Co. Subsidiary)
earnings from oper____ 716,795
Gross
345,042 4,220,169 4,638,236
352,756
-Month of July- 12 Mos. End. July 31.
Operating expenses & taxes__
1928.
1929.
1928.
1929.
348,759 5,062,701 4,332,547
earnings from oper___ 364,039
Net
58,205
114,412
614 A85 7,616.657 6782488
829,192
690,695
Other income
earnings from oper____ 674,531
Gross
356,950 4,117,271 3,907 A71
expenses & taxes__ 361,617
406,964 5,753,396 5,161.739 Operating
478,451
Total income
150.417 2,009,977 1,792.019
194,142
257.535 3,499,386 2,875,017
Interest on bonds
earnings from oper___ 312,914
Net
31.723
41,070
2,561
170,142
17,359
259.910
23,565
2,376
Other interest & deductions_
Other income
260,096 3,531,109 2,916,087
239,188 3.483,509 3,199,578
315,290
260,744
Balance
Total income
834,010
62.512
750.150
78,346
1,201,051 1.076,127 Interest on bonds
Dividends on preferred stock
155.111
92.372
10,635
10,240
interest and deductions
Balance
2,282.458 2.123.451 Other
186,949 2,541,988 2,073,565
226.704
Balance
240,000
Central Illinois Light C0.
210,000
Dividends on preferred stock
(Subsidiary of Commonwealth Power Corporation)
------------------------------------ 2.301.988 1.863,565
-12 Mos. End. .July 31
-Month of July
Balance
1928.
1929.
1928.
1929.
$
Idaho Power Co.
4,950,158 4.608,911
353.220
368,881
Gross earnings
-Month ofJuly- 12 Afos. End. July 31
Oper. expenses, incl. taxes
1928.
1929.
1928.
1929.
223,567 2,897,505 2,764,715
231,863
and maintenance
$
$
$
5
312,418 3,659.699 3,426.616
129.653 2.052,653 1,844,196 Gross earns, from operation_ 339,830
137,017
Gross income
127,627 1.740,620 1,639,487
362,441 Oper. expenses and taxes__-_ 147,976
361,105
Fixed charges
184,791 1,919,079 1.787.129
1.691,547 1,481,754
Net income
Net earns,from operation_ 191,854
5,103
77,282
74,740
4,409
406,087
410,174 Other income
Dividends on preferred stock
284,800
315.300
Provision for retirement reserve
189,894 1,996,361 1,861,869
196,263
Total Income
54,167
650.000
650.000
54,167
970,159
786,780 Interest on bonds
Balance
72,523
5,576
8,101
70,396
Other int, and deductions
Commonwealth Power Corp.
130,151 1,273,838 1,141,473
133,995
(Subsidiary of Commonwealth Power Corporation)
Balance
337.574
298.979
(And Subsidiary Companies)
Dividends on preferred stock
-Month of July- 12 Mos. End. July 31
936.264
842.494
1929.
1928.
1928.
1929.
Balance
$
$
$
$
4,951,099 4,518,406 62,000.030 56,060,477
Gross earnings
Illinois Power Co.
Oper. expenses, incl. taxes
(Subsidiary of Commonwealth Power Corporation)
2,657,442 2,408,452 31.873,311 29,354.393
and maintenance
-Afonth of July- 12 Mos. End. July 31.
1929
1928.
2,293,657 2.109,953 30,126.718 26,706,083
1928.
1929.
Gross income
3
12,012,462 12.195,697
S
$
Fixed charges (see note)
$
176,876 2,844,399 2,672.361
194,174
Gross earnings
18,114,256 14.510.386
Net Income
expenses, incl. taxes
2,999,806 2,940,614 Oper. maintenance
133,754 1.809.917 1.796.613
141,379
Dividends on preferred stock
and
4,357.280 3,815,385
Provision for retirement reserve
43,121 1,034,481
875,748
52,795
Gross income
381,754
,
Balance ------------------------------------10.757.170 7.754,386 Fixed charges
394780
-Includes interest, amortization of debt discount and expense,
652,726
Note.
480,967
Net income
231.089
and earnings accruing on stock of subsidiary companies not owned by Dividends on preferred stock
226,012
Commonwealth Power Corp.
150.000
150.000
Provision for retirement reserve
Public Service Co.
Engineers
271.636
104,954
Balance
(And Subsidiary Companies)
-Month of July- 12 Mos. End. July 31.
Electric Co.
Kansas Gas and
1929.
1928.
1928.
1929.
$
5
3
(American Power & Light Co. Subsidiary)
4,162,228 2,620,237 43,971.573 30,444.285
Gross earnings
-Month of July- 12 Mos. End. July 31.
1.803,624 1.138,017 18.900,402 13,300.305
Operation
1929.
1928.
1928
1929.
199,073 3,236,336 2,400.688
324,055
Maintenance
$
$
5
$
116.752
15,948
Depreciation of equipment
415,394 5,593,976 5,263,121
205.735 3.162,960 2.585.733 Gross earnings from oper____ 452,148
323.757
Taxes
242,274 2,967,847 2,980,136
Oper. expenses and taxes____ 244,454
Net operating revenue_ __ _ 1,694.841 1,077,410 18,555.121 12,157.558
173,120 2,626.129 2.282.985
207.694
Net earnings from oper_
20,820
558.702
83,084
64.379
Income from other sources
32,759
349,239
20,450
363.690
Other income
1,759,220 1,098,231 19,113.823 12,240,642
Balance
205,879 2.975.368 2.646,675
228,144
Total income
327,159 5.815,356 3.796.731
Interest and amortization__ - 572,485
85,000 1,02Q,000 1,020.000
85,000
Interest on bonds
5,563
5,421
66,795
179,496
771.071 13,298,467 8,443.910 Other interest & deductions_
1,186.735
Balance
3,431.345 1,813.814
Divs. on pref. stock of sub. cos. (accrued)
115,316 1,888,573 1 A47,179
137,723
Balance
464,160
464,270
Balance ________________________________ 9,867.122 6,630.096 Dividends on preferred stock
82,442
50,279
subs. in hands of public
Amt. applic. to com.stk. Of1 A24 Al3
Balance
982.909
Balance applicable to reserves and to Engineers
9.784.679 6,579,817
Public Service Co
Memphis Power & Light Co.
_month of July- 12 Mos. End, July 31.
Co.
Federal Light & Traction 12 Mos. End.
1929.
1928.
1929.
July 31.
-Month of July
1928.
$
$
$
1928.
1929.
1928.
1929.
5
456,055 5.954,059 5,913,797
Gross earnings from oper____ 416.761
276.123 3.548,416 3.395.302
61,7.629 8,294,486 7,512.590 Operating expenses & taxes__ 294.632
644,475
Gross earnings
387.598 4,893,038 4,575,693
Oper., admin. exp. & taxes_ 402.432
Net earnings from oper-__ 182,129
179,932 2,405,643 2,518.495
12.340
12.910
230.031 3,401,448 2.936,897 Other income
242,043
333,082
234.898
Total income
91,365 1.164,688 1.029,583
104.264
Interest and discount
Total income
194.469
192,842 2,738,725 2,753,393
Interest on bonds
52.952
138.666
47,006
137,779
576.110
657,276
Net income
Other interest & deductions
9,497
14.105
139.028
74,825
Preferred stock dividends:
104.768
104.830
Central Arkansas Public Service Corp
Balance
531
132.020
131,731 2.006,624 2,038,255
New Mexico Power Co
67,105 Dividends on preferred stock
69.547
248.088
259.320
Springfield Gas de Electric Co
Balance
2,061.852 1.735.441
1.747,304 1.790.167
after charges
Balance
1586
FINANCIAL CHRONICLE
Minnesota Power & Light Co.
[VoL. 129.
Portland Gas & Coke Co.
(American Power & Light Co. Subsidiary)
-Month of July- 12 Mos. End. July 31.
1929.
1928.
1928.
1929.
S
S
$
$
Gross earnings from oper_ _ _ _ 494,060
493,946 6,201.770 5.928,429
Operating expenses & taxes__
170,105
172,415 2,183,541 2,149,533
Net earnings from oper_ _ _ 323,955
321.531 4,018,229 3,778,896
Other income
9.061
168,080
18,659
220,890
Total income
333.016
340.190 4,186,309 3.999.786
Interest on bands
129,362 1,546,604 1,631.601
Other interest & deductions_ 128,242
4.837
5,562
59,900
57,115
Balance
199.937
205,266 2,579,805 2,311,070
Dividends on preferred stock
900.769
733,810
Balance
1,679,036 1.577.260
(American Power & Light Co. Subsidiary)
-Month of July-- 12 Mos. End. July 31.
1929.
1928
1929.
1928.
$
$
Gross earnings from oper_ _ 334,798
373,296 4.545.895 4,435,399
Operating expenses & taxes.... 216.693
217,489 2,965.439 2,949,696
Net earnings from oper_ __ 118,105
155,807 1,580.456 1,485.703
Other income
5,641
4,414
64,368
37,381
Total income
123,746
160,221 1,644,824 1,523.084
Interest on bonds
40,604
40,604
487.250
452,750
Other interest & deductions_
7.178
3,938
54,665
180,395
Balance
75,964
115,679 1,102,909
889,939
Dividends on preferred stock
381,685
381,338
Balance
721,224
508,601
Mississippi Power 8c Light Co.
Public Service Corp. of New Jersey.
-Month of July
Month ofJuly- -12 Mos. End. July 31-12 Mos. End. July 31
1929.
1929.
1928.
1928.
1929.
1928.
1929.
1928.
$
S
$
$
$
Gross
Gross earnings from oper_ _ _ _ 316,649
10,366,508 9.683,487 131.735,884 121.269,872
266.291 3,616,840 2,876,689 Oper. earnings
Oper. expenses and taxes_ _-- 203,842
expenses, mainte173,084 2,388,727 1,857,454
nance, taxes & deprec_ 7.803,162 7,262.555 91,905,682
86,795,473
Net earnings from opor_
112,807
93,207 1.228,113 1,019.235
Other Income
Net Inc. from oper_-_ 2.563.346 2.420.932 39.830.2
12,017
10,431
155,753
02 34,474,398
Other net income
92,384
38.459 2.780,476
1,543,372
Total income
124,824
103,638 1,383,866
Total
Interest on bonds
2,655.730 2,459,392 42,610.679 36,017,770
450,000
37,500
37.500
Income deductions
Other interest and deductions
1,270.334
34,036
235,437
1.385.840 15,621,096 18,155,355
9,707
Bal.for divs. & surp-- 1.385,395
Balance
53.288
698,429
56.431
1.073.551 26,989,582 17,862.415
Dividends on preferred stock
150,000
(The) Pullman Co.
Balance
548,429
-Month of July
-Jan. 1 to July 311929.
1928.
1929.
1928.
Nebraska Power Co.
Sleeping Car Operations$
$
Berth revenue
(American Power & Light Co. Subsidiary)
7,034.086 6,998,323 45.327.244 44,483,902
Seat revenue
821,084
856.222 5,625,392 5,714,370
-Month of July- 12 Mos. End. July 31. Charter of cars
197,592
205,665 1,554,452 1,241,232
1929.
1928.
1929.
1928.
Miscellaneous revenue
13.086
13,266
107,045
95.202
S
$
Car mileage revenue
$
$
Gross earnings from oper____ 466,201
118,639
86.470
623,613
598,143
406.251 5,713,459 5,117,955 Contract revenue
-Dr
Operating expenses and taxes 259.790
954.584
881.159 5,292,224 5.106,475
229,775 2.915.664 2.705,259
Total revenues
Net earnings from oper--- 206.411
7.229,904 7.278,789 47.945,523 47,026,376
176,476 2,797.795 2,412.696 Maintenance of cars
Other income
2,376,290 1.910.758 17,775,074 16,981,547
199,575
182.132 All other maintenance
9,531
9,037
46,063
14.262
299,222
296,291
Conducting car operations
Total income
3.179.839 3,092.938 20,753,647 20,448,542
215,942
185,513 2,997,370 2.594.828 General expenses
Interest on bonds
239.443
226.848 1,734,851 1,700,127
807.000
67.250
67,250
87 :
0 822
7
Other interest & deductions_
210.025
171,761
19,005
15.950
Total expenses
5.841,637 5,244,808 40,562,795 39.426,509
Net revenue
Balance
1.388,266 2.033,981 7.382,728 7,599,866
129,687
102,313 1.980,345 1,616,067
Auxiliary Operations
Dividends on preferred stock
364,000
364,000 Total revenues
139.857
125,793
890,399
Total expenses
846,975
118.451
Balance
104.596
1,616,345 1.252,067
755,881
693,328
Net revenue
21,405
(The) Ohio Edison Co.
21,197
134,517
153,647
Total net revenue
(Subsidiary of Commonwealth Power Corporation)
1,409.672 2.055,179 7,517,245
4
377,179
-Month of July- 12 Mos. End. July 31 Taxes accrued
442.561 2.297,316 7.753.518
2,266.47
1928.
0928.
1929.
1929.
Operating income
1,032,493 1.612,617 5,219.929
$
$
$
$
5,487.036
Gross earnings
152,761 2.245,481 2,021,296
Oper. expenses, incl. taxes 165,950
Railway Express Agency.
and maintenance
86.020
82,846 1,065,661 1,069,706
Month of June--6 Mos.End. June
301929.
1928.
1929.
Gross income
1928.
Revenues'79,930
951,590
69,915
S
$
Fixed charges___________________________ 1,179,819
$
$
187,954
195.806 Express-Domestic ____ 23,146.805 23,995.483 140,237,105 135.492,
Express-Foreign
539
Net income_________________________________
991,865
755.783 Miscellaneous
908
883
5.348
Dividends on preferred stock
5,260
163.895
156,750
Provision for retirement reserve
Charges for transp'n_ 23,147.713 23.996.366 140,242,
157,000
138.750
453
Express privileges
-Dr- 11,573,804 12.355.889 71,320,975 135,497.799
Balance ____________________________________
66,248,068
670.969
460,282
Revenue from transp_ 11,573,909 11,640.477
68,921,478 69.249,731
Oper. other than transp_
Pacific Power & Light Co.
298,056
304,675
1.760,070 1.740.610
(American Power & Light Co. Subsidiary)
Total oper. revenues_ 11,871,966 11,945,152
70,681,549 70,990,341
-Month of July- 12 Mos. End. July 31.
Expenses
1929.
1928.
1929.
1928.
Maintenance
712,391
731,660 4,318,336 4,204.155
Traffic
S
$
S
Gross earnings from oper__ 370,706
31,603
30.217
140,864
380,917 4,7/4.855 4,155,624 Transportation
136,613
10.294,980 10,340.058 61,135,973 61,399,7
Operating expenses & taxes_
202,829
215.421 2,495,507 2.331.186 General
85
627,421
604.038 3.735,577 3.733,783
Net earnings from oper--- 167.877
165,496 2,279.348 1,824.438
Operating expenses _ _ _ 11,666,397 11,705.974
Other income
69.330,752
52.489
2.215
2.409
18,082 Net oper. revenue
205.568
239,178 1,350,797 69,474,339
1,516,002
Uncollec. rev. fr. trans
Total income
810
956
9.690
170,092
167.905 2,331,837 1,842.520 Express taxes
9.117
Interest on bonds
141,863
165.103
885,478
37.996
37.996
455.950
455,950
996,920
Other interest & deductions_
67.193
797.341
512.508
60.859
Operating income_ __ _
62.894
73.118
455.627
509,964
Balance
64.903
69,050 1,078.546
874,062
San Diego Consolidated Gas & Electric Co.
Dividends on preferred stock
406,302
406,394
-Month Of July- 12 Mos. End.
July 31.
Balance
1929.
1928.
672,244
467,668
1929.
1928.
S
$
Gross earnings
Pacific Telephone 8c Telegraph System.
535.917
494,284 7,213,397 6,615,236
Net earnings
237.968
230,059 3,479.362 3.135,70
Month of July- 7 Mos. End. July 31. Other income
6
4,640
315
7.700
1929.
1928.
1929.
3.659
1928.
S
S
Net earns. Incl. oth. inc-- 242.609
Gross revenue
230,375 3.487,063 3,139,365
8,569.435 7.597,765 58,42,505 52,49.729 Balance after interest
Net after interest
2,790,225 2,411,968
1,213.095 1,266.352 8,966.009 8.274.565
Balance after accr. divs_ _
260.595
313.852 2,298.509 1,607,065
Southern Indiana Gas & Electric Co.
(Subsidiary of Commonwealth Power Corpora
Penn-Ohio Edison Co.
tion)
-Month of Julti
12 Mos. End. July 31
(And Subsidiary Companies)
.
1928.
1929.
1929.
1928.
Month of July- 12 Mos. End. July 31
3
$
$
Gross earnings
1929.
255,816
1928.
244,044 3,319.714 3,019,83
1929.
1928.
Sleeping Car Operations6
Oper. expenses, incl. taxes
$
$
$
$
Gross earnings
and maintenance
157.876
152.368 1.928.091 1,751.67
Oper. expenses, incl. taxes 2.401,358 2.136,787 29.066,622 26,806,381
9
and maintenance
Gross income
97,939
1,488,147 1.383.288 17,309,305 16,549.674
91,675 1,391,623 1,338,15
6
Fixed charges
Gross income
296,739
323,502
913.211
753.499 11,757.317 10.256.706
Fixed charges ee note)
Net income
6,569.888 6,038,954
1.094,883 1,014,653
Dividends on preferred stock
Net income
400.319
376,834
5,187,428 4,217,752 Provision for retirement reserve
Dividends on preferred
251,666
231,441
866.430
863,367
Provision for retirementstock
Balance
reserve
1,653,010 1,466,514
442,896
406.377
Balance
Southwestern Power & Light
2,667,988 1,887,870
Note.
(And Subsidiary Companies) Co.
-Includes interest, amortization of debt through discount and expense, and earnings accruing on
-Month of July- 12
stock of subsidiary companies not owned by
Penn-Ohio Edison Co.
Mos. End. July 31.
1929.
1928
1929.
1928.
(The) Philippine Railway Co.
Gross earns, all subsidiaries- 1,719,411 1.563.63
2 21,215,162 17,312.223
-Month of June- 12 Mos. End. June 30. Balance of sub's'
earns, after
1929.
1928.
1929.
1928.
all expenses, applicable to
Gross operating revenue__ _ _
S. P. 15,c L. Co
529.416
519.604 7,050,389 5,788.634
49,063
46,098
740,187
667,106 Expenses of S. P.& L. Co
Operating expenses & taxes__
17,137
13.153
39.510
42,674
524,159
521,383
187,379
142,938
Net revenue
Balance512,279
9.553
506,451 6,863,010 5,645.696
3.423
216,027
145,723 Interest on secured bonds-.
Interest on funded debt
,
_
57,488
28,496
57.488
28.496
341,960
341,960 Int. on 6% deb. bonds
689,850
680,314
25,000
25,000
300,000
300,000
All other interest
Net income (deficit)
2,914
Cr3,886 Cr17,403 Cr252,924
18,943
25,073
125,932
196,236
Income approp. for invest, in
Balance
physical property
6.711
427.849 5.890,563 4,918.306
45,930
35.466
110,321 Dividends on preferred stock 426.877
587,090
587.090
Balance, deficit
25,654
71.003
161.398
306,553
Balance
5.303,473 4,331.216
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1587
Industrials— (Continued).
1454, 975
1449 Lane Bryant, Inc
975
802 Lambeck Corp
808
1449 Lehn & Fink Product; Co
1295, 808
802 Leasing's, Inc
following is an index to all
Annual, &c., Reports.—The
1135
802 Liberty Baking Corp
Produge Itefining Co
public utilities, age nctsC
1295
1129 Link Belt Co
annual and other reports of steam railroads,
Coty.Inc
1295
967 Lion 011 Refining Co
es published since and Crosley Radio Corp
industrial and miscellaneous compani
976
Long Bell Lumber Corp
Crown Cork & Seal Co., Inc-1129, 967 Los Angeles Investment Co
1454
1449
including Aug. 3 1929.
Willanmette Paper
976
, does not include re-. Crown Zellerback Corp Co
1449 Louisiana 01 Refining Corp
Crown
This index, which is given monthly
1296
967 Ludlum Steel Co
Crow's Nest Pass Coal Co
976
McCall Corp
Inc.
ports in to-day's "Chronicle."
Curtiss Aeroplane Motor Co.,
d at length.
976
1449, 1129 McCrory Stores Corp
Boldface figures indicate reports publishe
1129 McGraw-Hill Publishing Co., Inc_ 976
1442 Cushman'sSons Inc
Wisconsin Valley Electric Co
976
Railroads—
1130 McLellan Stores Co
1442 Derby Oil & Refining Corp
1279 Worcester Consul. Street By
976
Central Vermnopt By
• 1130 MacAndrews & Forbes Co
Industrials
1116
Devonshire Investing Corp
976
Cincinnati Northern RR
969 Mack Trucks, Inc
797 Diamond Match Co
Corp
-Millis
Adams
1136
Cleveland Cincinnati Chicago & St.1117 Ahutnada Lead Co
803 Maddux Air Lines Co
Die Casting Co
976
Louis By
°
1121 Doehler & Foreign Investors Corp-1289 (H. R.) Mallinson & Co., Inc
65
_ _1117 Air Investors, Inc
976
Duluth South Shore & Atlantic Ily. 1117 Airstocks, Inc
1289 Mandel Brothers Inc
1125 Domestic Stores, Ltd
5
242 Dominion
Est RR.of France
148
1289 Manhattan Electric Supply Co.. Inc.1296
1117 Alaska Juneau Gold Mining Co
Steel Co
Donner
1435
Galveston (Tex.) Wharf Co
1289 Marine Bancorporation
Bros. Milling Co
Mfgs.Co
1117 Albers
1296
Indiana Harbor Belt RR
1442 (S. R.) Dresser
969 Marlon Steam Shovel Co
1280 Alles & Fisher, Inc
isCo
1455
Mahoning Coal RR
962 Driver-Harr
1449, 1289 Marland 011 Co
1117 Alliance Investment Co
d
976
797 Drug Incorporate Corp
Michigan Central RR
1290 Marlin Rockwell Corp
1117 Alliance Realty Co
Dubliner Condenser
977
New York Central RR
803 Mass. Bonding & Insur. Co
1117 Allied Internat. Investing Corp.
International,Inc
977, 808
- -19 3 Dunhill
6
442
Pittsburgh & Lake Erie RR
803 Meanie Shoel Corp
Products Corp
1118 Allied
Eagle-Picher Lead Co
977
RR
Mengel & Co
Rutland
1443
969. 803
799 Aluminum Industries, Inc
Eastern Rolling Mill Co
1296
Southern By
1290 Mexican Seaboard Oil Co
—1118 Amalgamated Leather Cos., Inc.__ _1125 Economy Grocery Stores CorP
1296
Toronto Hamilton & Buffalo By..
803 Michigan Steel Corp
797
956 Amerada Corp
Electric Corp
Virginia Central Ry
797 Eisler Auto-Lite Co
1290 Mid-Continent Petroleum Corp..... 808
America Bank Note Co
Electric
1296
Public Utilities—
803 Miller Rubber Co
1118 American Bosch Magneto Corp.__ _ 797 Electric Controller & Mfg.Co
1465
Alabama Water Service Co
1443
969 MUILs Alloys, Inc
1280 American Capital Corp
1465
Elk Horn Coal Corp..Inc
Amer.Cities Power & Lt.Corp Corp.
969 Minnesota Fire Insur. Co
American Commercial Alcohol Corp _1125 Empire Steel Corp
1297
-Kamm Pipe Line Co
Amer. Commonwealths Power 1280, 792 American Electric Securities Corp_ _1443
1449 Missouri
Employers Reinsurance Corn
Voehringer Co., Inc- 810
1290 Mock,Judson,
957 American Encaustic Tiling Co., Ltd 962 Empaco Derrick & Equip. Co
810
Amer.Community Power Co
'
969 Modine Mfg. Co
1118 American European Securities Co_.1443 Endicott-Johnson Corp
1455
Amer.Light & Traction Co
1290 Monolith Portland Cement Co
1437 American-Hawaiian Steamship Co_1443 Engels Copper Mining CO
810
Amer. Natural Gas Corp
798
803 Monroe Chemical Co
957 American Hide & Leather Co
Co
-Loading
977
Amer.Public Service Co
1125 Evans Auto
970 Monsanto Chemical Works
957 American Ice Co
97$
Evans Wallower Lead Co
Guarantee Co
States Public Service Co
Amer.
1450 Mortgage
798
792 American Locomotive Co
Exchange Buffet Corn
Amer.Utilities Co.(Del.)
1290 Mothes Lode Coalition Mines Co-1455
1281 American Machine & Foundry Co _ _1285 Fageol Motors Co
978, 810
Bell Telephone Co. of Penn
Motor Wheel Corp
970
1443
-Products Co
1437 American Maize
978
Fairbanks Morse & Co
Brooklyn City RR
970 Muhin's Mfg. Corp
Corp_ _1437 American Metal Co., Ltd
1297
Famous Players Canadian Corp..-. 803 Murray Corp. of America
Brooklyn & Queens Transit Power
American MultigraPh Co
976
Federal Bake Shops,Inc
Piston Ring Co
Buffalo Niagara & Eastern
4 3
17428
969
804 Muskegon
1281 American Phenix Corp
Corp
811
Corp
1443 Federal MogulTruck Co
970, 804 (F. E.) Myers & Bro. Co
1438 American Piano Co
811
Federal Motor
California Oregon Power Co
National Air Transport. Inc
1290
1118 American Pneumatic Service Co_ _ 799
975
Federal Screw Works
California Water Service Co
1450 National Biscuit Co
957 American Rediscount Corp
Co
1455
Canadian Marconi Co
970 National Dairy Products Corp
6
7 9
1443, 992 Ferro Enameling
Mill Co
1119 American Rolling
Finance Co. of Amer. at Bait.
Department Stores, Inc_ —1455
Central & Southwest Utilities Co-- 1281 American Safety Razor Corp
804 National
1443
Co
Central States Electric Corp
1450 National Dustillers Products CorP-1456
1285 Finance Service Sons
1119 American Steel Car Lines, Inc
&
Cheater Water Service Co
804 National Enameling & Stamping Co-1455
962 (I.) Fischman
1119 American Steel Foundries Co
1135
Citizens Water Service Co
Rubber Co
1450 National Radiator Corp
799 Flak
1456
Cleveland El. Illuminating Co.1119. 953 American Stores Co
804 National Sash Weight Corn
799 Fleischmann CoCorp. of Amer
Bottle Co
1119 American Thermos
Columbia Gas& El. Corp
975
Fokker Aircraft
Screen Service Corp
1450 National
799
1119 American Thread Co
Commonwealth Edison Co
1297
Dairy Products.Inc
970 National Service Cos
American Utilities & General Corp _1444 Foremost
1136
Consul. Gas. El. Lt.& Power Co_ .__1119
Formica Insulation Co
1450 National Steel Car Corp., Ltd
1444, 1126
793 American Woolen Co
1297
Denver Tramway Corp
Foster Wheeler Corp
1450 National Supply Co. of Del
1282 American Writing Paper Co., Inc__ 963 Foundation Co
978
Detroit Edison Co
1451 National Terminals Corp
799
958 Anchor Cap Corp
811
Duluth-Superior Traction Co
(George H.) Fuller Co
National Trade Journals, Inc
1461
958 Anglo-Amer. Corp. of So. Africa, Ltd 963 Gamewell Co
979
East St. Louis & Suburban Co
1131 Nehl Corp
n Co
.1439 Art Metal Constructio
1298
Eastern Massachusetts Street By..
Gannett Co.,Inc
971 Nevada Consul. Copper Co
963
Co
1456
Eastern Minnesota Power Corp_ _ _1120 Art Metal Works, Inc
799 Gardner-Denver Co
1451. 1131 New England Equity Corp
Arundel Corp. of Baltimore
1120
1137
Eastern States Power Corp
1131 New Jersey Zinc Co
963 Garlock Packing
793 Associated 011 Co
1298
Electric Investors. Inc
Gemmer Manufacturing Co
N. Y. Air Brake Co
1120 Associates Investment Co.__ _1444, 963 General Amer.Investors Co.,Inc— -1131 N. Y. Steam Corn
1435
Engineers Public Service Co
1451
963
Co
1439 Atlantic Mortgage
1298
Federal Light & Traction Co
General Amer.Tank Car Corp 971. 805 Newport Co
1115,, 799
1120 Atlantic Refining Co
Co
.1137
Federal Water Service Corp
971 North American Investment Corp.
1286 Geoera I Asphalt Inc
Atlantic Securities Corp
Co.,
Fifth Avenue Bus Securities Corp__ 958
1132 Northland Greyhound Lines, Inc _ _ _1137
800 General Cigar Corp
1120 Atlas Imperial Diesel Engine Co--1137, 979
Green Mountain Power Corp
Novadei-Agene Corp
1444 General Foods
1439 Atlas Plywood Corp
& Machine Co-1451 Nunnally Co
1457
Hackensack Water Co
799 General Foundary
972
958 Atlas Powder Co
979General Mills. Inc
Havana Electric By
Occidental Petroleum Corp
800
1120 Atlas Tack Corn
Acceptance Corp-1291 Ohio Brass Co
811
Illinois Bell Telephone Co
1444 General Motors
1305, 1278
1120 Autocar Corp
979
Illinois Water Service Co
1451 Ohio Seamless Tube Co
1444 General Motors CorpCorp
958 Automatic Windier Co
1457
General Printing Ink
International Ry
1292 011 Well Supply Co
958 Autosales Corp
International Utilities Corn
1451 Ontario Steel Products Co., 1.14 --.1298
42
1144 General Vending Corp
6
1121 Aviation Corp
1457
Interstate Rya
Geometric Stamping Co
Oppenheim Collins & Co
1451, 805
959 (J. T.) Baker Chemical Co
979
Keystone Telephone Co
°6
4
1845 Glidden Co
1451 Orpheum Circuit, Inc
Co
Co., Ltd
1138
Lake Superior District Power Co__ _ 959 Baldwin Rubber
964 (E. W.)Gillett
805 Outboard Motors Corp
Corp
795 Barker Bros.
1298
Lone Star Gas Corp
Owens-Illinois Glass Co
(Adolf) Gobel, Inc
800
1116, 805
1440 Barnet Leather Co., Inc
811
Los Angeles Gas ar Elec. Corp
Godchaux Sugars. Inc
1133 Pacific Clay Products Co
1440 Barnsdall Corp
979
Louisville Gas & Elec. Co
44
1127 (B.F.) Goodrich Co Co..Inc- 973. 805 Pacific Coast Biscuit Co
6
Hayes Manufacturing Co
812
Silk Hosiery
Lower Austrian Hydro-Elec. Power
1445 Gotham
973 Pacific Mills
1440 Beatrice Creamery Co
979
Co
Co. ("Newag'')
973 Pacific Oil Co
800 Gould Coupler Motors Corp
Beech Nut Packing Co
1440, 1282
9781
Market Street By
Pacific Western 011 Corp
1445, 1127 Graham Paige
1121 Belding Hemingway Co
Mining Smelt &
979
Middle West Utilities Co
973 Packard Electric Co
1127 Granly Consul.
1440 Bellanca Aircraft Corp
1298
Middlesex & Boston Street Ry
Power Co., I.td
Packard Motor Car Co
Inc1452
1445
By.& Light Co.1121, 959 Best & Co., Inc d
1138
7.)
Prod. ar Refin. Co
1 Grand 5-10-25c. Stores,
Milwaukee EL
964 (F.,43
1133 Panhandle
1121 Bigelow-Hartfor Carpet Co
Varnish Corn
980
Mississippi River Power Co
973 Ponies Pressing Machine, Inc
1445 Grand Rapids
1440 (H. C.) Bohack Co
Mountain States Power Co
1138
800 Grand Union Co Corp
1452 Paraffine Cos., Inc
& Brass Corp
New England Gas & El. Association_ 959 Bohn Aluminum
Trading
980
1452 Paramount Cab Mfg. Corp
1287 Granger
1122Booth Fisheries Co
Co
New England Power Association...
1457
City StelGrani
1292 Park Lexington Corn
1287. 801
959 Borg Warner Corp
980
New York State Rya
Harbor Pulp & Paper Co
Conso . Mines Co
.1292 Park Utah
—1445 Grays
1440 Bowman Bilttnore Hotels Corp
Corp.
North American Co
Gt. Britain & Canada Invest
1292 Patino Mines & Enterprises Consul..1458
959 Bridgeport Machine Co
Co
North American Edison Co
Inc
18 7 Grigsby-GrunonShoe Co.,Inc
°0
12
806
No. Amer. Water Works & El. Corp.1122 Briggs Manufacturing Co
1299
Gripper
Car Corp
96, Ground
s Co —1452 Peerless Motor Grocery Co
Co.- 796 Brills Manufacturing Co
Refractorie
Northern Ohio Power & Light
1138
(David) Pender
Paper MIll Co., Inc_ _ _1127, 801 Harbison-Walker
1452
1440 Brown
Northern States Power Co
812
Corp
Ltd.. Inc
%cur.Co1446 Hartman Bakeries. Inc
1453 Penick & Ford,
1122 Brunswick Terminal & R.
Northwest Louisiana Gas Co
1138
801 Hathaway
974 (J. C.) Penney Co
1122 Bucyrus-Erie Co
1292.
Northwest Utilities Co
1299
Hayes Body Corp
Pet Milk Co
965
974
Northwestern Public Service Co.... 960 Bullard Co
1458
801 Hazel-Atlas 016.98 Co
1293 Petroleum Conversion Corn
1122 Bush Terminal Co
Ohio Water Service Co
1458
Heels. Mining Co
Mining Co
&
806 Petroleum Corp. of America
Oklahoma Gas & Electric Co _______ 1441 Butte Superior
1458
Powder Co
°
8 1
1446 Hercules
974 Phelps Dodge Corn
1441 ButterIck Co
Oklahoma Natural Gas Corp
812
Hershey CocolateCorP
806 Philadelphia Inquirer Co
Co.1122 (A. M.) Byers Co
,
Oregon-Washington Water Seri.
Heywood Wakefield Co
Philadelphia Insulated Wire Co_ _ _ _ 980
17487
1
46
1133
960 Calaveras Cement Co
Pacific Lighting Corp
1458
Inc
(R.) Hoe & Co.„ Inc
1441 Callahan Zinc-Lead Co
974
Pacific Public Service Co
1299
-Jones Corp
Calumet & Arizona Mining Co
1127 Holland Furnace Co
1133 Phillips
Pennsylvania Electric Co.......... 960 Calumet & Recta Consul.
812
Copper Co 801 Holly Oil Co
974 Phillips Petroleum Co
Peoples Gas & Fuel Co., Inc.......1122
Co
980
1122 Campbell, Wyant& Cannon Fdry Co1446 Hoskins Mfg.
806 Pierce Governor Co
Peoples Light & Power Corp.......
1458
Houdaille-Hershey corn
Flour Mills Co
Dry Ginger Ale, Inc
1441 Canada
1453 Pillsbury
Inc
Peoria Water Works Co
1299
4 1
1846 Houitehold Products,
°
974 Pittsburgh Screw & Bolt Corp
..................1441 Carman Co.. Inc
Philadelphia Co
Coal Corp - _ — 980
802 Hupp Motor Car Corp
Caterpiller Tractor Co
1294, 974 Pittsburgh Terminal
Pittsburgh Suburban Water Service
1458
Hydraulic Brake Co
d
1453 Poor & Co
Co........................1122 Certain-tee Products Corp-..i127, 965 Independent Oil & Gas Co
802
Porto Rican Amer. Tobacco CO.- —1458
......... 060 Chain & General Equities. Inc
1133
Public Service Co. of olt- a
l
812
Industrial Acceptance Corp
yon stores, Inc
Pipe Line Co
965
1283 Chanslor-L
806 Prairie
Corp
Radio Corp. of America
812
Charts Corp
966 Industrial Brownholst
1453 Proctor & Gamble Co
Rochester & Lake Ontario Water
981
802 Industrial Finance Corp
1122 Chicago Yellow Cab Co.. Inc
Producers & Refiners Corp
975
Service Corp...................
981
Co
Cotton 011 Co
1446 Industrial Rayon Corp
806 Professional Building
San Diego Consul Gas & Elec. Co- _1441 Chickasha
812
Childs Co
966 Inland Steel Co
Pro-phyllac-tic Brush Co
Serv.
1293
Scranton-Spring Brook Water
812
Intercontinental Rubber Co
City Ice & Fuel Co
1446.802
807 Prosperity Co., Inc
Co...........................1122
1300
1446 Internat. Business Machines Corp 1294 Public Utilities Consol. Corp
1441 City Machine & Tool Co
Shasta Water Co
Co
981
.1123 Claude Neon El. Products Inc. of Arts 966 Internat. Cigar Machinery
Pullman, Inc
Southeastern Power & Light Co...
& Co., Inc
802 Internat. Nickel Co. of Canada. Ltd.1134 Quincy Market Cold Storage &
1294
Southern Colorado Power Co......1441 Cluett Peabody
1458
1447 Internat. Paper & Power Co
1123 Coca-Cola Co
Co
Warehouse
1453
Southwest & Gas Co
981
Internat. Printing Corp
Collins & Alkman Corp
1134 Radio Keith Orpheum Corp
Southwest Gas Utilities Corp......1123 Columbia Pictures Corp
1459
18 9 Internat. Safety Razor Corp
°
122
1294 Raybestos-hianhattan, Inc
Southwestern Bell Telephone Co— 796 Columbia Carbon Co
1447 Internat. Superpower Corp
1300, 98/
961
51111s
1294 Real Silk Hosiery
Southwestern Goa & El. Co.......
981
1115 Investment Co. of America
Commercial Credit Co
1453 Reiter Foster 011 Corp
Southwestern Public Service CV_ —.1442 Commercial Invest. Trust Corp.
813
790 Irving Air Chute Co.. Inc
1442
807 Reliance Mfg. Co. (III.)
Spring Valley Water Co
813
802 Jackson Motor Shaft Co
Conde Nast Publications, Inc
1442
1295 Reliance Mfg. Co.(Ohio)
Springfield Street By
813
802 Jewel Tea Co.. Inc
Congolcum-Nairn Co., Inc
975 Remington Rand,Inc
Standard Gas dr Electric Co..1442, 1123
Corp
981
1123 Consol. Automatic Merch'd'a-g Corp 1288 Johns-Manville & Co
Brass Corp
1463 Republic
Twin City Rapid Transit Co.......
1459
Conant Chemical Industries, Inc...802 (Mead) Johnson Co
1294 Republic Supply
Union El. Lt. & Power Co. of III__ _1123 Consol. Cigar con
Jordan Motor Car
802
813
,
1123
956 Richman Bros. Co
Union Water Service Co
813
967 (Julius) Kayser & Co
Consol. Lead & Zinc Co
1453 Rio Grande Oil Co
United (Ins Co...................1442
Keith-Albee-Orpheum Corp
981
Mining & Smelting Co. of
1135 Ritter Dental Mfg. Co., Inc
-Hayes Wheel Corn
United (11%9 Itnprovement Co......1123 Consul.
Kelsey
813
Canada, 1 td
Riverside Forge & Mach. Co
975
United Light & Power Co......... 961 Colldated Naval Stores Co
112° Kelvinator Corp
9
12
1459
1135 Royal Baking Powder Co
United Rye. dr Electric Co........1124 Cortalnel Corp. of America__ __1129, 967 Kermath Manufacturing Co
144
982
1442
80 Royal Typewriter Co
lark Corp
Utilities Power & Light Corp
907 Kimberly-C
981
961 Corttnental-Plamond Fibre Co
Knickerbocker Insur. Co. of N. Y..1454 (Helena) Rubinstein. Inc
West Texas Utilities Co
1139
Continental Mills
1295 Ruud Manufacturing Co
Knott Corp
West Virginia Water Service Co__ _ _1121 Continental Mtge. Co. of N. C
982
1121
St. Louis Rocky Mtn.& Pee. Co.... 982
1295
Wisconsin Electric Power Co
9 7
1467 Kraft-Phenix Cheese Corp
4
Continental Oil Co. of Del
807 Safeway Stores, Inc
Wisconsin Gas & Electric Co..._ ..1124 Continental 011 Co of Maine
1448 Lambert Co
Wisconsin Public Service Corp— 1442
FINANCIAL REPORTS
Industrials—(Continued).
Continental Shares, Inc
Coos Bay Lumber Co
Copeland Products, Inc
•
1588
FINANCIAL CHRONICLE
[VOL. 120.
Industrials- (Continued).
Industrials- (Conclu
Sally Frocks, Inc
Rapid Transi
1459 United Linen Supply Coded).
-The city has made gradual but substantial
1143 towards complet Lines.its
Savage Arms Corp
982 United National Corp
tion of
obligations under the contract of 1913. progress
1143 was made in the last annua
Schulco Co., Inc
Reference
813 United PaperboaM Co., Inc
1279 certain platforms and to l report to the completion of the lengthening of
Scott Paper Co
982 United Piece Dye Works
the
Seneca Copper Mining Co
1303 storage track yard to permit completion of the Coney Island shops and
982 U. S. Distributing Corp
equipment and use thereof by
Servel, Inc
984
813 U. S. & Foreign Securities Corp__ 1143 Rapid Transit Corp. Construction by the city and equip New York
Sharp & Dame,Inc
ment by the
company of the eastern
982 U. S. Gypsum
1303 was placed in operation half of the 14th St. Line (the western half of which
(Frank G.) Shattuck Co
1301, 982 U. S. Roffman Co
Machy
1143 of operation thereof on on June 30 1924) made possible the commencement
Shawmut Association
813 U. S. Industrial Alcoho. Co
July 14. 1928. With the entire line thus in operat
l Co
984 added
Shel Union Oil Corp
,
ion,
& Internat. Securities Corp- 817 and convenience and capacity have been afforded to northern
Shreveport-E.Dorado Pipe Line Co_ 1301 U. S.Pipe
Brooklyn
southern Queens as the result
814 U.S.
& Foundry Co
817
Signal 011 & Gas Co
982 U. S. Realty & Improvement Co__ _1303 connections with, the other lines atof through service over, and transfer
East New York. While the transfer
Signode Steel Strapping Co
conges
982 United States Rubber Co
1303, 955 Union tion at Canal St. was considerably reduced, the transferring at
Silent Automatic Corp
Square was so increased that the city found it
1460 United States Steel Corp
Simms Petroleum Co
817 additional passageway
necessary to construct
982. 814 United States Stores Corp
at Union Square.
Sinclair Congo'. Oil Corp
1461
The city, by a contrafacilities Sept.
1140 Universal Ins. Co. of Newark, N. J.1143
ct let in
1928,
Skelly Oil Co
814 Universal Leaf Tobacco Co., Inc_ 1481 from 6th Ave. to 8th Ave., in Manhattan. is extending the 14th St. Line
Such construction is expected
South Penn 011 Co
to be comple
1460 Universal Pipe & Radiator Co
1143 possible by ted in two years and operation of this extension is therefore
Southern Ice Co
1140 Utah Copper Co
Southland Royalty Co
1303 city for the the end of 1930. Under the construction contracts let by the
814 Vadsco Sales Corp
Nassau Line completion of construction is expect
Spans Chalfant & Co., Inc
ed not later
814 Vanadulm Corp. of America. Inc_11304 than Nov. 1930. Station finish and track work by the city
Spear & Co
303
and equipment
by the company will follow, with operat
814
ion thereof possible early in
985
Spicer Mfg. Corp
983 Virginia Iron Coal & Coke Co
818
Square D Co
To provid
1460 Vortex Manufacturing Co
1304 sinking fund e funds, In part, for the purchase at 94 of 317,000,000 6%
Stahl-Meyer, Inc
814 Vulcan Detinning
gold
1144, 985 for capital impro bonds,series B,issued by New York Rapid Transit Corp.
Standard Investing Corp
814 Waco Aircraft Co Co
vements under
1304 deae, your m 19a
Standard 011 Co. of Kansas
yatrd Aug.corpor 8o n issued Contract 4,referred to in the report for last
983 Waldorf System, Inc
2tl
$10.000,000 of its 1-year secured gold notes
818
Standard Textile Products Co
1141 Walgreen Co
818
(L.S.) Starrett Co
Results of Operation under Contra
1302 Walworth Co
ct with City.
-Under the provisions of
1144 Contract No. 4
State Title & Montgage Co
983 Warner Co
1304 under the contra as to the disposition of revenue arising from operations
Stewart
-Warner Corp
1480 Warner-Quinlan Co
ct,
1304 ing and preferentialNew York Rapid Transit Corp is entitled to its operatStudebaker Corp
790 Wayne Pump Co
deductions, including cumulative deficiencies thereof,
1144 ahead of any
Sun Investing Co., Inc
1141, 984 Weber Showcase & Fixture Co.,Inc_13
04 the fiscal yearpayments to the city The condensed summary below, for
Superior Steel Corp
816
1304 commencementended June 30 1929, and for the 16-year period from the
Symington Co
984 West Michigan Steel Fdry. Co
of operation under the contract, namely, Aug. 4
1144 June 30
Taylor Milling Corp
1913, to
816 Western Air Express Co
1144 tev enues 1929, shows the order in which such deductions are made from
ri ve defidency e
Telautograph Corp
and th application of revenues theret
984 Westinghouse Air Brake Co
.
985
Texas Gulf Sulphur Co
o, together with the cumula816 Weston Elect. Instrumen. Co
1304
Texas Pacific Coal & 011 Co
It will be observed that
816 Westvaco Chlorine Products Ccrp_1144 year's
the earnings for 1929 show an excess, over the
Thatcher Mfg. Co
deductions,
984 Wextark Radio Stores
1304 tinuation of favora applicable to the cumulative deficiency. With a con(John R.) Thompson Co
1302 Wheeling Steel Corp
ble
985 th at ehe cir be gr operating conditions and with the additional facilities
Tide Water Assoc. 011 Co
deneitncy mis obliga
816 Whitaker Paper Co
adted to provide, . is expected that this cumulative
ually made goodit
818
Tide Water Oil Co
816 White Motor Co
Timken Detroit Axle Co
985
984 White Sewing Machine Corp
1334 Such Condensed
Transamerica Corp
984 Widiar Food Produc
Summary of Operations under Contract No.4 to June
'Fri-Continental Corn
1144
30 1929.
1141 (R. F.) Wilcox Oil &ts Co
[Exclusive of 95th St. Extension.)
Gas Co
Truax-Traer Coal Co
1304
984 Wilcox-Rich Corp
Trunz Pork Stores. Inc
1304
Period
816 Willys Overland Co
E 79
Truscon Steel Co
Year Ended Aug. 4 '13 to
816 (Benjamin) Winter, Inc
Tung-Sol Lamp Works,Inc
13)4 Revenue
June
'29. June 30 '29.
1461 Winters & Crampton Mfg. Co
Union Carbide & Carbon
1304 Operating deductions
352 191:7 9
0:
33 6 529 415
0
817 Winton Engine Co
& corp.'s 1st prefer
Union Investment Co Corp
1145
3°
1302 Worthington Pump & Machy. Co_. 818 Balance available for return on new moneyentialUnion Tank Car Co
invest.
under contract
1461 Wright Aeronautical Corp
985 Corp.'s 2d pref.
Unit Corp. of America
45,537,714
984 Yale & Towne Mfg. Co
int. & sink, fund on
1462. 986
United Aircraft & Transport
corp.'s contrib.represtg. & equip,
7'943'259
to constr.
under contr. 6,303,385 *57,542,478
United Carbon of America Corp .1461 (L. A.) Young Spring & Wire Corp- 986 Balance above corp.'s
2d preferential
1145 Deficiency,representing
United Diversified Securities Corp_ 984 Zonite Products Corp
1,639,874
amt.
817
to equal int. and sink, fundby which rev,failed
to constr. & equip, under on corp.'s contrib.
contract
Power Corporation of Canada, Ltd.
* Subject to adjust
00
f
also includes 34,003,618 on accoun12, 04,76
tions filed by Transitments; ssion
*t
objecCommi
(Fourth Annual Report
1929. Final determination upon May 7 and Aug. 23 1928, and Feb. 20
-Year Ended June 30 1929.)
tion's counter-claims is pending. these objections and upon the corporaINCOME ACCOUNT YEAR ENDED JUNE 30.
1929.
1928.
1927.
Revenue
RESULTS FOR YEARS ENDED
JUNE 30.
Profits on securities
(B.
-M. T. System and Affiliated Companies.)
Gross earnings
Rev.from Transport.1929.
1928.
$3,312,104 $2,128,641
$796,635 Passenger
Expenses
1927.
1926.
546.469.817 345,425,466 344.633,439
308.929
175,475
68,299 Freight
Taxes
342.803.048
447,360
489.054
156,757
150,609
588,057
18,872 Chartered car revenue._
Interest
672.689
255
400,589
419
178.371
48,012 Macon. transport. rev
560
532
232
263
357
Surplusfor year
Chartered bus revenue_
521
$2,445,829 $1,624,186
3661,452
Surplusforward
1,623
70,495
1.681,932
545,246
100,932
Premium on securities
Total
$46,917,664 $45,915,202 $45,224,036 $43,54
500,000
7,285
Other St. Ry. Oper. Rev.
Totalsurplus
$4.127,761 $2,669,432
$762,384 Advertising
Dividend on cumul.preferred
$584,689
300,000
300,000
$570.645
Dividend on non-cumul. prefer
217.139 Other car & station priv_ $561,880
$656,000
red--806,511
694.785
380,000
187,500
Dividend on common
677,597
387,925
Rent of bldgs. & prop'ty
180,406
203.569
394.842
162,428
Generalreserve
171,598
Rent of equipment
35,017
37.007
150,000
Discount on securities
7,608
802
Rent of tracks & term'al
22,504
22,504
550.000
350,000
21,804
21,035
Sale of power
10,126
10,070
Totalsurplus
11,266
Miscellaneous receipts_ _
29,331
21.883
$2,502,919 $1,681,932
Earnings per share on commo
3545.245
35,208
56,322
n
$4.46
$5.67
$2.77
A comparative balance sheet
Total
31.668.883 $1,551,401 31,486,557' 31.293
as of June 30 Is given in the advertising
pages of this issue.
,682
-V. 129, p. sso.
Total revenues
348,586,548 347.466,603 $46,710,593 344,84
0,968
Brooklyn-Manhattan Transit Corporat
Operative Expensesion.
(6th Annual Report
Maint.of way & structs_ 34,881.873 $4,606,630
-Year Ended June 30 1929.)
Mainten. of equipment_ 6,861,042 6,972,181 84,582,743 34,721,412
Chairman Gerhard M. Dahl, repor
Operation of power plant 3,445,960 3,364,184 7,053,084 6,071,133
ts in substance:
3,384,736 3,263,
Trainmen's wages
Corporation has
7.565,744 7,418,500 7.156,692 6,952. 338
159
possible, limited as continued the policy of rendering as good service as Other expense
4,847,029 4,751,226 4,508,312 4.310,4
to rapid transit lines by the facilities
79
city, and of placing and keepin
provided by the Damages
1,374,417 1,269,619 1,471,289
1,616,237
tion, as indicated by expend g the properties In excellent operating condi- Legal exp. in connection
itures for maintenance
and of equipment, includ
with damag
250,646
256,113
ing reserves for depreciationof way and structure General law es
241,102
of 24% of total operating
218,626
, continuing in excess
expenses.._
92,442
87,231
revenues.
79,064
106,048
Other general expenses
There were
1.572,324 1,543.851
1,546,152 1,492,075
four quarterlypaid, for the fiscal year, on the outstanding preferred stock Freight expenses
303,376
364,800
dividends aggregating 31,496,808, and on the
364,101
469,333
outstanding
common stock,four quarterly
dividends of $1 each, aggregating $3,079,644.
Total open, expenses -$31,256,533 $30,572,659
$30,388,174 $29,220,840
Passengers Carried.
Not rev,from operation16,893,9
Fiscal YearTaxes accr. on open. prop 17.330,015 3,367,443 16,322,419 15,620.128
Surface. Rapid Transit.
3,304,037
Total.
3,223.608 x3,260,385
255.569.584 265,400,020 520.96
1919
Operating income- --314.025,978 $13,526,501 31
251.893,227 313,933.642 565.829,604
1920
3.098,811 312,359,743
6.869
278.832,742 380,190,890 659.023,632
1921
Non-Operating Rev.
223,006,425 406.695,310 629,701,735
1922
250,412,364 446,384,508 696,796,872 Rents accr. from lease of
1923
road
262,992,795 482,584,090 745,576,885
$66,547
$63,397
1924
$63,570
$62,703
266.421,409 539,069,076 805,490,485 Miscellaneous rent rev
115,997
122,015
1925
114,425
156,535
271,800,914 593,368,990 865,169.904 Interest revenues
841,690
1926
800,113
748,343
783.732
269,233,866 623,099,695 892,333,561 Dividend revenues
6,443
1927
60,748
7,886
269,928.710 658,271.663 928.200,373 Miscellaneous
42.774
1928
50,401
140,032
179,841
272,782,698 671,202,522 943,985,220
1929
Total
270,969.036 692,412,341 963.381,377
Consolidation of Street
Non-oper. rev, deduct., $1,096,675 $1,073,451 $1,074,257 $1,182,811
-Under an agreement, dated
May 2 1929, and with Surface Railroads.
rent exp
the
4,347
3,657
solidation has been effect necessary legal consents and approvals, a con- Misc, non-oper, rev.
2,473
2,318
2,992
panies owned by yourco ed of the Brooklyn City RR. and of four com- Non-operating taxes exp
rporation (Nassau Electric RR., Brooklyn Queen
30.044
42,381
County & Suburban RR.,
27,288
s
See x
The Coney Island & Brooklyn RR., and Coney
Island & Gravesend Ry.)
Net
under the name of Brooklyn and Queens Transit Gross non-oper.income_ $1,047,645 $1,039,060 31.044.495
Corp., with a
income
15,073,622 14,565,561 14,143.306 $1,180,493
interests and directorate representative of Brooklyn City RR., of B.M.T.
of the public. The consol
13,540,236
settlement of the constr
idation agreement includ the
Deductions
uction account suit of the Brooklyn HeightesRR.
against the Brooklyn City
s
company and also the basis of exchange for the Interest deductions
stock of the new company
Rent for lease of other $8,116,885 $7,736,600 $7.521,033 $7,462,323
as well as of the surrender of obligations
,
by the B.M.T.
held
road & equip
t Its
25,000
25,000
(See full details agains129. subsidiary companies Included in the agreement. Other deduct
in V.
25,000
25,000
ions
p. 1437 under Brooklyn & Queens Transit Corp.)
204.749
413,364
Such consolidation provided
242,993
290,554
for
the operation a the surfac the new company, on July 1 1929,taking
over
Total deductions e lines thus consolidated, comprising 229
$8.555,250 $7.966,350 $7.789,026 37,777
single track miles of the Brook
.877
lyn City company and 291 single track
of the B.M.T. companies, a total
miles
Balance
of 520 single track miles.
36.518,373 $6,599,211 $6,354,280 $5,762
mileage, 83 to B.M.T. compan
,359
ies, Includes the South Brooklyn The above Los c(. to minor. int.
3,756
1,577
was not included in the consolidatio
Ry. which
5,835
14,171
ferred to the new company. For the n although all of its stock was transNet income
City RR. and the B.M.T. surfaceyear ended June 30 1929. the Brooklyn Preferred dividends paid $6.516,795 36,595.455 $6,348,445 $5,748,188
1,496,808
mately 500,000,000 passengers. It is companies together carried approxi- Common dividends paid 1.496,808
1,496,808
1,496,808
expected that
3,079.644 3,079,644 3
in operating expenses and improvements in routinconsiderable economies
.079,644 3,079,644
g and service may be
effected.
Balance
31.940,343 $2,019,003 31.771,993 31,171
epkOn behalf of the Brooklyn Bus Corp., to
Earns. per sh. on 769.911
,736
she. of no par coin.stk.
an application was made on May 31 1929,be owned by the new company.,
Apportionment for the grant of bus franch to the Board of Estimate and
outstanding
ises for 16 routes in Brooklyn.
16.62
$6.52
36.30
x Includes non-operating taxes.
$5.52
ra
sl:REM
IT402
SEPT. 7 1929.]
FINANCIAL CHRONICLE
COMPARATIVE CONSOLIDATED BALANCE SHEET JUNE 30.
-M. T. System.)
(B.
1926.
1927.
1928.
1929.
Assets
Cost of road and equip.:
Prop'tles owned,excl.,
of rapid transit exp.
made under Contr't
No.4 & related ctfs_141,153,880 140,804,725 140,459.048 141,578,773
Rapid transit exp. under Contract No. 4
107,420,593 102,997,484 96,155,374 90.240,015
5,454,272 4.845,540
.042.958
rash on hand & in banks 4,712,515
2,750,479 2,584,344 2,216,922
Materials & supplies,..... 3,312,492
Inv. incl. stk. purch. for
1,963,193
3,505.706
3.758.855
employ. account
5,497.660
1.243,352
1,070,688
1,248,383
937,599
Accounts receivable_ _ -87.456
122.882
132.965
Interest payable
160,406
Spec. dep. of sec. & cash:
1,306,847
Insur. res. investm'ts_
1.253,506
City of N. Y., Contr.
281,399
281,399
281,399
No. 4, &c
281.399
State Industrial Corn.
-City of N.Y.corp.
830,682
946.581
902,090
stk.& Libty. bds_ -695,936
Deprec. Fund Board.
Contract No.4 & related certificates- -- 5,690.038 3,041,530 3,039,774
2.335,609
1,172,139
838,224
985,137
Other special deposits
808.182
6.451.000 4,685,000
3,095,000
Sinkingfund bonds
1,967,000
Accts. in litig. & items in
1,282.614
1,845.723
872.669
suspense
515,344
264.895
269,786
211,868
Prepaid accounts
241,709
Claims in construction of
Brooklyn City Lines,
arising out of lease of
Feb. 14 1893:
(a) Gen. claims acct.
Bklyn. City RR - 7.789,988 7,789.988 7,789,988
7,789,988
(b) Claims in respect
3,173,634 3,173.634 3,173,635 3.173,635
of 469 cars,&c
288,554,464 278,354,766 271,228,195 264,850,006
Total
Liabilities
-M. T.
-B.
Funded debt
92,698,000 92.698,000 92,698,000 92,698,000
Corp_
N. Y. Rap. Tr. Corp.
underlying bonds_ _130,598,500 126,298,500 114,131,500 114.508.500
Williaknsburgh Pwr. Pit.
17,885,600 17,885.600 17.885.600 17,885,600
Corp
250,000
Brooklyn Hghts. RR250,000
250,000
250,000
14,750.000 14,750,000 14,750,000 14,750,000
Nassau Electric RR
Bklyn. Queens Co. &
5,886,000
Suburban RR.
5.886,000
5.970.000 6.324.000
Con. Is. & Bklyn RR.. 6.232,000 6.232,000 6,232.000 6,232,000
Total funded debt -268,300,100 264,000,100 251.917,100
Less bds.owned in tress..128,976,542 125,862,757 113,891,758 252,648,100
113,899.758
Balance
139,323,557 138,137,342 138,025,343 138,748,343
Prof.stk.(249,468 shs.)- 24,946,800 24,946.800 24,946.800
24,946.800
Cora. stk. (769,911 abs.) 31,331,832 31,331,833 31,331,833 31,331,833
Constit. cos.: Sits. not
own. by B.
-M. T. Sys.
152.025
161,025
184,625
294,025
Real estate mortgages150,000
150.000
383.950
386,100
6% 1-yr. gold notes...-. 10,000,000
Bills payable
3.400.000 7.500.000 3.800.000
Accounts payable
2.222,079 2,492,942
2,690,333
2,204,653
Tax accruals
3,390,643 3,115,047 2
.465,631
1,961.693
Int. accr. on fund. debt_ 4,090.822 4,049.377 4.019.046 4,043,241
Other interests
68.057
284,671
58.932
21,246
Total claims, incl. judg_
45,080
68,150
4.3.941
63,679
Dividends payable- - _
1,144.113
1,144,113
1,144,113
1.144,113
Prof.stock held for empl.
583,125
729.570
502,275
175,760
Employers' liab. reserve
357,735
379,182
371.172
383,039
Res, for undertermined
assets, claims in litigation, unliquid. claims
& general reserves- -- 31,057,116 32,610.679 33,107,420 33.598,602
Accr.amort.of cap., &c.,
8.278.385 6.320.635
reserves
11,791,991
5.012.539
Res, for taxes in litiga2,776,749
tion & conting.tax liab 2,819,201
2,719.665
2,710,677
Unadjusted credits
18,997
53,668
284,968
8,711
Surplus June 30
x21,237,253 20,587.481 18.799,298 17,814,954
Total
288,554,464 278,354,766 271,228,195 264.850,006
x Includes 91,122,606 dividends declared on preferred stock payable
Oct. 15 1929, Jan. 15 and April 15 1930.-V. 129. p. 793.
Virginia-Carolina Chemical Corporation & Subs.
(Annual Report
-Year Ended June 30 1929.)
C. G. Wilson, President, Richmond, Va., Aug. 31, wrote:
Dividends at the rate of 7% were paid during the year upon the outstanding 7% prior preference stock in the aggregate sum of $863.450. and
there was purchased by the company during the year 2,300 shares of that
stock at an average cost of $95.55 per share. On Sept. 1 1928 there was
paid 93 per share, aggregating the sum of 9639,168, upon the company's
6% preferred stock against dividends that had accumulated upon that
issue subsequent to July 1 1927.
The 1929 fertilizer spring selling season had its operating difficulties:
There was an impairment of cash purchasing power and contraction of
credit in the vegetable and potato growing belts and in the cotton growing
sections affected by storm damage in the Autumn of 1928; the planting
season in the South Atlantic and Gulf states was delayed, the situation
being further aggravated by Spring floods of damaging proportions in
certain areas. The ordinary sequence of such influences was sluggish
buying, a retarded movement of fertilizer shipments, a stimulation of
competition, a narrowing of price margins and a reduction in the use of
fertilizer in some of the normally important consuming territories: specifically, the states of Virginia, North Carolina, South Carolina, Georgia and
Florida, taken together for the year ending June 30 1929 appear to have
consumed, roundly, 200,000 tons of fertilizer (approximately 5%) less
than was used the year preceding. Other sections. however, increased
their purchases to an amount that off
-set the decreases elsewhere, with a
final use of fertilizers in the major fertilizer consuming states for the year
just closed equalling that of the previous year.. The gross tonnage sold by
company for the last fiscal year was within a fraction of a per cent of the
sales of the year before. The business moving during the year upon a
cash basis was 70.5% compared with 73.12% for the year preceding.
The average grade of mixed fertilizer going to the farms shows a gradual
but slow increase in the units of plant food content, with a noticeable
advance in the use of higher grade suPerphosphates. For reasons of
er
economic advantage to the user, as well as the manufacturer, it
t°be
hop
hoped and believed that progress in those linos will be more pronounced
s
in the future.
Although not general, there has been a moderate recession in the average
cost of fertilizer materials and ingredients compared with the price level
of those commodities prevailing this time a year ago.
The company's by-product and specialty departments are, upon the whole
progressing satisfactorily and show results fairly in keeping with reasonable
expectations. Technical research is being continuously pursued.
The promise of agriculture, viewed as a whole, seems reassuring: The
wheat yield was disappointing in localities, but the price is above that
ruling this time last year; compared with 1928, the outlook is for a substantially larger production of cotton; corn indicates a yield not far from an
average supply; tobaccoyields for the country are up to the average and
at the moment commanding more remunerative prices than a year ago;
the vegetable grower, by and large, had a more profitable year in 1929
than in 1928; prices for live stock are quite well sustained: To the end that
If the 1929 outlook for the farming industry is realized, it augurs well for
business in general.
1589
INCOME ACCOUNT YEAR ENDED JUNE 30.
1929.
1928.
1927.
Gross earns, after deduct. mfg. costa
& exp., includ, ordinary repairs &
maint. of prop., depl. of mines, but
before providing for depreciation_ _ $3,925,540 $4,848,143 $2.005,157
Int. on bank bal. & call loans & diva.
on investment,&c
629,688
552.150
539.169
Totalincome
$4,555,529 $5,400,293 $2.544,326
Sell., admin. & gen. exp., incl. prey.
for doubtful accts. & bills reedy. &
2,130,431
cash discounts
2,127,941
2.128.273
Net earns, before prov.for deprec_ _ $2,425,097 $3.273.252
Depreciation
809.596
762,549
Providing for Federalincome taxes_
100,000
$416.053
635,907
Net earnings
91,515,501 $2,510.702 loss$219.854
Dividends paid on prior preference stk
896,199
863.450
934,826
Divs. paid on particip, pref.stock_
639,168
Balance, surplus
Earnings per share on 486,700 shares
common stock (no par)
$12,884 $1,614,503df$1,154.680
Nil
$0.68
Nil
CONSOLIDATED BALANCE SHEET JUNE 30.
1929.
1929.
1928.
1928.
$
AssetsLiabilitiesLand.bicigs.,mach.
7% prior pref.stk _12,270,000 12.500,000
& equip. less dep16,041,534 16,048,720 6% part. pref.stk _21,339,215 21,339,215
Inv. in allied co.'s- 683,002
683,010 Corn.stk. surplus_ y4,128,285 4,115,401
Mfg. prod., mate.
Minority interest
in cap. & sure.
& supp.at cost or
14,769
mkt. price 1110w. 4,115,672 4,250,434
subsid. company
13,897
505,806
Accts.& bills rec_ _x8,287,521 7,862,535 Accounts payable_ 403,641
6,300,000 6.600,000 Reserve for insur.
Call loans
170,135
& contingencies_ 201,928
Cash in banks and
2,443,527 2,595,434 Reserve for Federal
on hand
Income taxes.... 100,000
516,218
Miscell. investin'ts 467,087
Insur.& other Pay.
88,104
Total(each side)38,457,838 38,644,454
119,496
In advance
x After deducting $886,609 reserve for doubtful accounts and bills and
Authorized 750.000 shares, no par value. issued 486,700
cash discounts. y
shares.
-V. 127. p. 1385.
American Cyanamid Company.
-Year Ended June 30 1929.)
(17th Annual Report
W.B. Bell, President, says in brief:
Important changes were made during the year in the capital structure
of the company.
(1) The class A and class B common stock was changed by action of the
stockholders from stock of $20 par to stock of no par.
(2) The number of shares of class B common stock authorized was
increased from 400,000 to 1,600.000.
(3) With the approval of the stockholders, the holders of shares of the
6% cumulative preferred stock were given the opportunity to exchange
their preferred stock for class B common stock on the basis of 2 shares of
such class B common stock for 1 share of preferred stock. This opportunity
for exchange is open till the close of business Oct. 1 1929.
Of the additional 1,200,000 shares of class B common stock authorized,
995,747 were Issued as follows:
(1) 96.930 shares were issued in exchange for 48,465 shares of the $100
par imeferred stock, thus reducing the amount of preferred stock outstanding
to 7,494 shares. Further exchanges have been made since the end of the
fiscal year, and any preferred stock not so exchanged will, In accordance
with action by the directors, be called in at the call price of $120 per share.
(2) 737,979 shares were sold on rights issued to holders of class A and
class B common stock to subscribe for additional shares of class B common
stock at $20 per share.
(3) 160,838 shares of class B common stock were issued for the purchase
of property, particularly the assets and business of the Calco Chemical
Co., the Crown Chemical Corp., and the May Chemical Works. Inc., and
a portion of the assets of the Heachville White Lime Co., consisting of an
operating lime-stone quarry at Beachville, Out.
The acquisitions above referred to have given the company,among other
advantages, an important position in the field of dye and color chemicals.
Since the fiscal year under review, the company has acquired The Belden
Co. and the Kalbfletsch Corp. The former, with an operating plant at
Pittsburgh, Pa., and a plant under construction near Bridgeville, Pa.. has
made important developments in analytic chemistry, particularly in relation
to the manufacture a contact sulphuric acid, phthaltc anhydride and
anthraquinone, as well as a variety of other chemicals upon which the
development work is considerably advanced but commercial production
not yet commenced. The latter with plants at Elizabeth, N.J., Waterbury,
Conn., Erie, Pa., Chattanooga, Tenn., De Quincy, La., and Kalamazoo,
and operating bauxite mines at Oglethorpe, Ga., and Surnam,
Dutch Guiana, is a producer of sulphate of alumina, rosin sizing and other
Mich..
heavy chemicals. It is an outstanding supplier of chemicals to the paper
industry.
During the fiscal year under review $13,524,941 was expended for plant
improvements and extensions. This does not include the value of properties
acquired in exchange for stock.
Introductory sales were made during the fiscal year under review of a
number of new products, among which may be mentioned preservative
lacquer resins and plasticisers known as "Rezyls," which are controlled
by the Rezyl Corp., in which the company has acquired a majority interest;
"Konate," a moth-proofing compound; and "Beetle" molding powders for
making light colored molded articles. "Beetle" powders have heretofore
been imported in small quantity from England but are to be produced in a
plant now under construction by the Synthetic Plastics Co., Inc., in which
your company has acquired a controlling interest.
The directors have in contemplation further steps for expanding and
diversifying the company's business in accordance with the same policy
which has governed the acquisitions and expansion above mentioned.In
this connection the following facts will be of interest to the stockholders.
For a number of years past the management has been engaged in diversifying your company's business. Its business in fertilizer chemicals, for
example, has been diversified by the development of export markets to
absorb the tonnage of its fertilizer plants at times when, due to conditions
in American agriculture, purchases of fertilizer by American farmers may
be substantially reduced. Furthermore, non-fertilizer products are being
produced from the same basic materials from which the company's fertilizer
products are made. These products from fertilizer materials are now sold
to industries as widely separate as the mining of gold, silver, copper, lead
and zinc, the manufacture of textiles, colors, lacquers, paints, automobile
tires, case-hardened metal part for machinery, medicinals, the building
industry, and others. By reason of such diversification the directors have
felt that the position of your company has been safe-guarded against the
full effects of periods of depression in a single industry; and, furthermore,
since the company has attained the position of leader in some important
lines of manufacture, the opportunities for increased profits in future years
are, by this policy of diversification, improved.
In order, however, that the company may get the greatest benefit for its
stockholders from the technical developments and manufacturing economies
achieved, the aforementioned steps have been taken, during and since the
fiscal year under review, to combine with the company's assets and organization, the assets,organizations, marketing facilities,research and technical
and manufacturing developments of other companies in supplementary
fields. Exchange of technical information among the companies so combined should open up opportunities for manufacturing profits which, in
the absence of Mich exchange of technical information and discoveries,could
not be realized. The raw material requirements of all the companies so
combined can be provided for on a more satisfactory basis as a result of such
combination; in fact, in many instances some of these companies are now
ia
o
raw inen i ln t thv others.
abovera matert osed adeantages
o
supplyingthe
are added the increased security of
shareholders through the diversification of the business in which they have
their investments. These advantages accrue not only to those who were
shareholders of your company prior to these acquisitions, but also to those
who became such shareholders through these acquisitions and who have
thus exchanged their equities in companies of narrower scope for participa-
1590
FINANCIAL CHRONICLE
Mon in your company with its enlarged prospects. As a result of this diversiiication your company and its subsidiaries are now producing more than
150 chemical products in plants at 20 separate locations, besides supplying
to many different trades and industries a large number of chemicals other
than those which your company and its subsidiaries manufacture.
The full benefit of the acquisitions, diversification and extensions above
described will not be felt even in the fiscal year ending June 30 1930, but
Ahould be accelerated as the co-operation between the different units of the
enlarged group has time to produce profitable results. The advantages
already gained will have their influence upon the earnings for the coming
year.
For the benefit of the shareholders, it should be pointed out that the
Income for the fiscal year under review should be related to the daily
average of 661,025 shares of common stock outstanding during the year
rather than to the 1,325,462 shares outstanding at the end of the year. The
,reason is that the larger number of shares outstanding at the end of the
year was to a great extent the result of the acquisitions of businesses in the
latter part of the year and the securing of funds for plant extensions. The
profits from these acquisitions and extensions are reflected in the year's
income to a limited extent only-the acquisitions from the respective dates
of acquisition and the plant extensions, insofar as completed, from the
dates of their completion.
CONSOLIDATED INCOME ACCOUNT
-YEAR ENDED JUNE 30.
1927.
1928.
1929.
Net profit on sales after providing for
depletion and depreciation
$3,034,542 $2,429,402 $1,882,626
57,813
186,842
Interest and discount earned
21,071
95,609
232.961
-Other Income
203,699
Total income
$3,259,312 $2,711,853 $2,173,400
329,746
Research & process develop. expense_} 713,4071
393,129
270,301
240,108
Market development expense
1
117,557
294,905
Interest and discount paid
17,551
6,504
Miscellaneous charges
45,441
152,921
229,617
Provision for income tax
171,535
[VOL. 129.
extending from the village of Kansas, Edgar County, in a southerly direction to a point 4,000 feet south of its intersection with a line of the Pennsylvania RR. at Casey, Clark County, a distance of about 20 miles, all In
Edgar, Coles and Clark Counties, Ill.
Midi RR. Co.(Compagnie des Chemin de Fer du Midi),
France.
-Proposed Bond Conversion.
The company intends to convert its outstanding 6% franc loans in America
and Switzerland into issues bearing not more than 5% interest.
-V. 129,
P. 471;V. 128, p. 2624.
Nevada California-Oregon Ry.-Lease.--
See Southern Pacific Co. below.
-V. 123, p. 2893.
Paulista Ry. (Companhia Paulista de Estra dos de
Ferro, Brazil.
-To Redeem Bonds.Landenburg, Thalmann & Co., as fiscal agents under the loan, have
drawn by lot and called for redemption on Sept. 15, $79,500 of Paulista
Ry. 1st ref. mtge. 7% sinking fund fold bonds, series A, making a total
of $873,000, bonds redeemed by the sinking fund. Payment is to be made
at 102 at the office of Ladenburg, Thalmann & Co., N. Y. City.
-V.
128. p. 2455.
-Denies Ownership of Canton RR.
Pennsylvania RR.
See Canton Co. of Baltimore under "Industrials" below.
V. 129, p. 627, 471.
St. Louis-San Francisco Ry.-Creates Two Districts.
As a result of increased traffic on this road, 2 operating districts come
into existence on Sept. 1. The first district will comprise the Northern,
Southern and River divisions and the Kansas City, Memphis and Birmingham terminals. The second district will include the Eastern, Central and
Southwestern and Western divisions and the St. L9u1s, Springfield and
Tulsa terminals.
Sisson. assistThe first division will be under the jurisdiction of M. M.
ant general manager, and the second will be assigned to 0. H. Stefenson,
who has been promoted from the assistant to the general manager. Claude
P. King, assistant chief clerk to the general manager, will succeed Mr.
-V. IN, p. 1118
Stevenson as assistant to the general manager.
Net income
$2,328,928 $1.547,589 $1,285,323
-Shares combined class A and B stocks
y329,510
y329,510
x1,325,462
outstanding (no par)
$2.91
$3.67
$1.56
:Earnings per share
Combined class A and
x After depreciation and depletion of $954,718. y
B shares, par $20. x The average number of shares outstanding during the
-Acquisition of Control.
Southern Pacific Co.
'fiscal year was 661,025 with earnings per share of $3.12.
The I.
-S. C. Commission Aug. 20 approved the acquisition by the cornpany of control, by lease, of the railroad and property of the Nevada'CONSOLIDATED SURPLUS ACCOUNT YEARS ENDED JUNE 30. California-Oregon Railway.
1928.
1929.
The report of the Commission, says in part:
$2,326,874 $1,836,483
..Previous surplus
Under the terms of a proposed lease between the applicatn and the lessor,
76,492 the former will take over all of the railroad and property of the latter except
Netsurp. at July 1 1927 ofsubs, not prey. consol2,328,928
1,547,589 (a) assets classed as "Investments," and (b) matured or accrued interest
Net income for the year ended June 30
or dividends on securities held as investments: also that the liabilities to
Paid-in surp. represent excess value of assets of
be assumed by the applicant do not include (c) unmatured funded debt;
various businesses and prop. purch. for cap.stk_ 4,847,200
(d) matured funded debt: (e) matured or accrued interest on unmatured
$9,503,002 $3,460,565 funded debt: (0 matured or accrued interest on matured funded debt:
Total staples
263,056
335,754 (g) any amount, either principal or Interest, due or accruing to the appli.Dividends on 6% preferred stock
1,140,680
527,544 cant; (h) accrued depreciation, and (I) any insurance or other reserve that
Dividends on common stock
282,775
270,392 does not represent the amount, or the estimated amount, of a loss sustained
Miscell. adjustments and amounts written off
2,305.719
Write down in value of patents, processes, &c
or of a liability incurred prior to the effective date of the proposed lease.
772,839
The applicant will operate and maintain the leased properties, and may
Unamortiz. bond disc. & fInanc. exp
253,100
construct or acquire for the account of the lessor any equipment and any
iExperimental plants & projects written off
additions and betterments which may be deemed essential to the successful
$4.484.831 $2,326.874 and profitable operation of the property.
Surplus as at June 30
The applicant agrees to pay as rental annually during each year of the
BALANCE SHEET JUNE 30.
continuance of the lease a sum sufficient to provide for (a) the payment of
all interest for such year on outstanding funded debt: (b) the payment of
1928.
1929.
1929.
1928.
lb
all income taxes payable on outstanding tax-exempt bonds; (c) the amount
AsseuS
LiabilitiesLand, bidgs.. &c_35.727,190 18,593,354 Class A stock _ -1:30,141,270{ 1,318,040 chargeable for the year of all unextinguished discount on bonds;(d) payment
5,272,160 of all sinking fund contributions, and (e) the faent of all expenses
Notes & accts. rec_ 3,015.404 2,001,991 Class B stock _
'Cash
auired
2,396,691 1,784,454 Common stock
theomcoorffoateligoorltonoir
e theorluesnsgeri..
ol
:Demand loans
Fhe applicant will
1,200,000
trackage
950,000 Preferred stock_ _ 749,400 5,595,900 re9
of
5,638,000 5,837.000 other operating contracts assigned under the lease. The lease will become
;Inventories
5,762,924 2,812,058 Funded debt
1,008
.
License, pats.. &c.. 5,068,558 3.930,509 Min.int.in sub.cos
1.5121,512 effective on the effective date of our order herein, and will continue in effect
Inv. in other cos-. 814,485
122,838 for one year and thereafter until terminated by 30 days' notice In writing
242,317 Pur. mon. obliges 325,673
U. S. Govt. secs_ 1.830,142 2,320,555 Accts. pay., accr.
served by either party upon the other.
wages & taxes 3,565,919 2,016,993
,Prepaid insurance- 301,142
242,595
Abandonment of Branch Line.
215,825
,Delerred charges.- 1,293,325 1,211,765 Dividends payable 407,091
The I.
-S. C. Commission Aug. 24 issued a certificate authorizing the
516,004
Res. for conting- 659,304
Southern Pacific RR. and the Southern Pacific Co., lessee, to abandon a
Res. for deprec. of
or ur- lue o .railtioa0
l
f
plant,equip.. &c 9.134,089 8,519,624 bpanch y n9 ip. 2 d.1n Ventura County, Calif., known as the Beetox
8
Res. for deprec, of
patents. & proc_ 2,108,515 2,108,515
Washington Western Ry.-Abandonment of Line.
234.215
Prov. for Fed. Tax 194,761
The I.
4,484,831 2,326,874
-S. C. Commission Aug. 20 issued a certificate authorizing the
-Total (ea. side)_57.409,862 34,089.601 Surplus
stock and 1.259,519 company to abandon, as to inter-State and foreign commerce, its line of
x Represented by 65.943 no-par shares of class A
railroad extending froma connection with the Northern Pacific Railway at
...shares no par class B stock.
-V. 129 p. 1285.
Machias in a general southerly direction to connections with the Great
Northern Railway and the Chicago, Milwaukee, St. Paul & Pacific RR. at
mrooMmf .S1t2a3ti,onp.,
Wash -v
f
distance of 11.2 miles, all in Snohomish County.
a3035.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
-Merchants and
Fight I.
-S. C. Commission Formula on Express Rates.
other groups in New York City file memorandum calling it a "dead letter"
-N.Y. "Times".
so far as the present short haul express rate is concerned.
Sept. 6, p. 31.
-Construction of New
Eleven Trunk Lines Back Huge Freight Depot.
York's first universal inland freight terminal within 15 months was announced Sept. 5 by the Port of New York Authority which said that the
terminal would occupy an entire bloc on the lower West Side of Manhattan.
The estimated cost of the terminal was set at $9,000.000 s year ago, no
-N.Y."Times." Sept. 6,p. 1.
definite cost was given in the announcement.
-Class I railroads on Aug. 23 had 173,554 surplus
Surplus Freight Cars.
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This was
A decrease of 7,602 cars compared with Aug. 15, at which time there were
181,156 cars. Surplus coal cars on Aug. 23 totaled 47,121, a decrease of
5,106 cars within approximately a week while surplus box cars totaled
87,492, a decrease of 2,159 for the same period. Reports also showed 22.275
-surplus stock cars, a reduction of 590 cars under the number reported on
Aug. 15, while surplus refrigerator cars totaled 11,708, an increase of two
cars for the same period.
-Class I railroads of this country on
Locomotives in Need of Repairs.
Aug. 15 had 8,193 locomotives In need of repair or 14.3% of the number on
line, according to reports filed by the carriers with the car service division
.of the American Railway Association. This was an increase of 512 compared
with the number in need of repair on Aug. 1, at which time there were 7,681
or 13.49'. Locomotives in need of classified repairs on Aug. 15 totaled
4.456 or 7.8%,an increase of 251 compared with Aug. 1, while 3,737 or 6.5%
were in need of running repairs, an Increase of 261 above the number in need
of repair on Aug. 1. Class I railroads on Aug. 15 had 5,114 serviceable
ocomotives in storage compared with 5.30600 Aug. 1.
Matters Covered in "Chronicle" of Aug. 3j,_-(a) Loading of railroad
revenue freight continues to increase.
-S. C. Commission
1355. ( ) I.
postpones Western freight rate rise. Is• 1385.
Flint River & Northeastern RR.
-Bonds.
-
The I.
-S. C. Commission Aug. 24, authorized the issuance of $125,000 of
lit mtge. gold bonds: to be delivered at par to holders of matured firstmortgage bonds in payment of a like amount of the matured bonds.
-V.
123, p. 978.
Great Northern Ry.-Interest Payment.
-
Transfer books for full registered bonds of the Eastern Railway Company
of Minnesota Northern Division 1st mtge. 4s of 1948, will be closed at the
close of business Sept. 19, and will be reopened at 10 o'clock A. M. Oct. 2,
for the payment of interest due on Oct. 1.-V. 129, p. 1279.
Kansas & Sidell RR.
--Acquisition of Control.
PUBLIC UTILITIES.
Sign Strike Peace for New Orleans.
-Terms of a proposed agreement for
an early end of the New Orleans street railway strike, which began on July 2,
were committed to writing Sept. 5 at the culmination of 3 days of almost
continues conferences in New York between President William Green of
the American Federation of Labor with representatives of both sides and
Rev. John O'Grady, Professor of Sociology at the Catholic University.
Washington, 13. C.
-N. Y. "Times, Sept, 6, p. 11.
Strike Ties Up Eleven Staten Island Bus Lines.
-Service on the eleven
lines of the Tompkins Bus Corp. on Staten Island was discontinued last
night after the management refused to allow its 200 chauffeurs to join
-N. Y.
the International Brotherhood of Teamsters and Chauffeurs.
"Times," Sept. 6, p. 1.
-Opt. War.
American Commonwealths Power Corp.
The right represented by the warrants to subscribe to class A common
stock at $20 a share expires at the close of business Sept. 30 1929 (see also
V. 128, p. 3999.)-V. 129, p. 1436.
-Dividends.
American & Foreign Power Co., Inc.
A dividend of $1.75 per share on the 2nd pref. stock, series A has been
declared for the period from Oct. 1 1928 to Dec. 31 1928, for payment Sept
30 1929 to holders of record Sept. 16 1929. A like amount was paid on
this issue on May 1 last (see V. 128, p,2086).
The regular quarterly dividends of 11.75 per share on the $7 pref. stock
and 81.50 per share on the $6 pref. stock have been declared for payment
on Oct. 1 1929 to holders of record Sept. 14 1929.-V. 129, p. 957.
-Price of Stock
American Telephone 8c Telegraph Co.
For Employees Advanced.
-
Effective Sept. 11929, the price of one share of capital stock to employees
was advanced to $150. against $130 previously. The increased price has
been put into effect not because of the higher market value of the shares but
because the book value of the stock has increased, the price being advanced
from time to time to agree with the book value, according to officials of tho
ccin anYheretefore a telephone employes has been able to buy American
ialle
Telephone stock at $3 per share monthly on the basis of one share for each
$300 of yearly salary, he may now acquire one share at $4 a month for each
$400 of annual saltily, but the $3 and $300 terms will also remain in force
for the time being,the employee having the choice of either option.
Tenders.
-
The Old Colony Trust Co., trustee, 17 Court St., Boston, Mass., will
until Sept. 12 receive bids for the sale to it of 30
-year 5% coll, trust gold
bonds, due Dec. 1 1946 to an amount sufficient to exhaust $800.794.v. 12, p. 1437.
American Water Works & Electric Co.,Inc.-Acquis.-
The L-S. C. Commission approved the acquisition by the company of
The company on Aug. 31,Purchased water works at Regis and Mariana°,
control of the line of railroad of the Casey & Kansas RR.. under lease. Cuba, it Is learned. This was said to be the first foreign investment of the
A certificate was also issued authorizing the Casey & Kansas RR. to corporation and to constitute a first step toward acquiring properties in
acquire and operate a line of railroad formerly owned by he Westfield RR., Latin-American countries.
-V. 129, P. 1437.
SEPT. 7 1929.]
FINANCIAL • CHRONICLE
-New Unit.
Anchorage (Alaska) Light & Power Co.
Test operations are now being made at the Eklutna plant of this company and regular commercial operations are scheduled to start shortly,
according to advices received by Russell-Colvina & Co. of San Francisco.
approximately
The first unit to be placed in operation will represent
one-quarter of the hydro capaciy and tentative plans to date call for the
unit early in 1930. Installation of further units
installation of the second
Will be dependent upon the definite location of several industrial enter-V. 127, p. 2954.
prises which are now inspecting sites.
-Deposits.
Central Hudson Gas & Electric Corp.
The Irving Trust Co. as depositary, is accepting common stock, voting
trust certificates for common stock full paid trust subscription receipts for
voting trust certificates for common stock and full paid subscription receipts for common stock of this corporation and is issuing in lieu separate
certificates of deposit for each class of stock deposited under the terms of a
plan and agreement dated Aug. 20 1929. All deposits must be made on or
before Oct. 1 1929.-V. 129, p. 630.
-Progress, &c.
Commonwealth & Southern Corp.
B. C. Cobb, Chairman in a letter to the stockholders dated
Sept. 3, says:
This corporation was organized in Delaware, May 23 1929, and has
acquired more than 95% of the common stock of the Commonwealth
Co.Penn-Ohio Edison Co.,
Power Corp., Southeastern Power & Light
and Columbus Electric & Power Co., and more than 60% of the outstanding option warrants to purchase additional common stock of the
Southeastern Power & Light Co. and Penn-Ohio Edison Co.
In lieu of declaring dividends in cash on the common stock of the corporation, the directors deemed it to be to the interest of the stockholders to
reinvest the equivalent in the business of the corporation, and therefore
inauguarated the policy of distributing dividends in additional common
stock. An initial quarterly dividend of 1-80th of a share with respect to
each share of common stock of record at the close of business Aug. 1 1929.
was declared distributable Sept. 3, being at the rate of 5% per annum.
The shares distributed on such dividend have been set up in capital account
at the stated value of $5 per share and a correspomding charge made to
earned surplus.
Combined Earnings Statement 12 Months Ending July 31 1929.
$144,337,403
Gross earnings
70,783,092
Operating expenses including taxes and maintenance
Gross income
$73.554,311
Fixed charges,incl. int.. amortiz. of debt discount & exp.,pref.
stk. diva. & earns, accruing on stk. of subsid. companies not
owned by Commonwealth & Southern Corp
43,341.874
1591
allowance for depreciation. Federal income taxes and all prior charges),
were equivalent to over 3 times the annual preferred dividends amounting
to $245,000 on the 35,000 shares of 7% cumulative first preferred stock to
be presently outstanding. Depreciation provision of$1,121,571 was approximately 17% of gross earnings for the year ended Dec. 31 1928.
-The properties a the corporation and its subsidiary companies
Assets:
were carried on the books as of Dec. 31 1928 at a consolidated gross value
of $26,939,271. In addition the company has other investments with a book
value of over $3,000,000 from which the income for the calendar year 1928
was $227.247, and which largely represent substantial holdings in important
companies in the telephone and allied fields. Consolidated net assets
available to the 7% cumulative first preferred stock as of Dec. 31 1928,
were more than $9,206,900, which is approximately $263 per share on the
35,000 shares of 7% cumulative first preferred stock to be presently outstanding.
-V. 128, p. 3184.
-Capital Structure
Eastern Gas & Fuel Associates.
Explained.
Kidder, Peabody & Co., who have been identified as bankers with
Massachusetts Gas Cos. since the inception of the enterprise in 1902, in
a statement point out that if all Massachusetts Gas preferred and common
shares are exchanged for shares of Eastern Gas & Fuel, the latter will
have outstanding 250,000 shares 4 % cumulative prior preference: 414.167
6% cumulative preferred; 1,658,344 common.
The combined earnings, partly estimated, of the properties controlled
by Eastern Gas & Fuel Associates, after all charges including reserves for
depreciation, are at the annual rate of approximately $5,479,000. This
amount, after deducting prior preference dividend requirements. is equal
to over 1% times the annual dividend requirement on the 6% preferred
stock to be outstanding. In computing these earnings no allowance has
been made for economies which will result from the consolidation.
The 1,658.344 shares of common to be outstanding have an aggregate
present market value of $53.50 a share or about $88,000,000. This is
in excess of 200% of the par value of6% preferred stock to be outstanding,
which is now quoted around 92.
Commenting on the outlook for Eastern Gas & Fuel Associates, the
bankers say: "The controlled companies, as well as the communities
served, will benefit in many ways through association with the Koppers
company and there is every reason to expect a steady growth in operations
-V. 129. p. 1120.
and earnings as a result of the consolidation."
-Obituary.
-Electric Bond & Share Co.
Albert E. Smith, Comptroller and Assistant Secretary, died on Sept. 1,
-V. 129. P. 958.
in New York City.
Sheet.Federal Water Service Corp.(& Subs.).-Bal.Dec. 31 '28.
June 30 '29.
June 30'29. Dec. 31 '28.
Liabilities$
$
AssetsPlant, prop., &c145,202.572 140,966,734 Subs.pi.stk.out_ 19,809,976 19,786,082
2,556,990 2.096,371 Cum. pref. stk_a14,929,432 10,234,603
Misc.investm'ts
4,896,442 Com.stk.& surpb24,520,515 27.236,731
Balance
$21,392,142 Cash & recelv__ 7,336,747
Fund.dt. of subs
Note.
-The foregoing does not reflect the full annual earning power as Mans & suppl_ 1,279,570 1,023,142 Fund. dbt. of co 80,956.000 80,202.200
6,500.000
141,057
76,885
benefit has been received for only small part of a year on more than $60.- misc,spec. deP..
Sec. in proc. of
000,000 in cash received in the latter part of the period by the corporation Dep.with trus.to
904.716 5,770,755
904,716 5,770,755 retire.(contra)
ret.sec.(contr)
rom sale of stock and options and by subsidiaries from exercise of options.
Notes pay., spec
5,000,000
Def. charges &
Balance Sheet July 311929.
1.945:4971 2 14 29
738 3
0 1;9607:64 75
accts. 5.489,676 10,409,509 ACcurrecrunedt
prepaid
Ands
liabils
Liabilities
135,505
Reacquired sec_
Securities owned
Del. Habib. &
:$693,795.276 Capital stock
a$149,914.660
Cash and demand loans__ 21,149,800 Capital surplus
unacli. credits 1,420,218 1,336.598
587,844,104
U. S. Gov't secur. & prime
Res.forretir.,&c 11,257,402 11.214,957
Accounts payable
46,178
bank acceptances
19,032,263 Aceured accts., incl. reserve
Total
Advances to subsidiaries_ _ _
162.982,661 165,304,011
4,000,000 for taxes
162,982,661 165,304,011
62,700
Total
Divs. & int. remit. accrued. 2,039,005 Earned surplus
,
$6
2,148,702
a Represented by 64,957 no par shares of par pref. stock, 74,065 no par
shares of $7 pref. stock.
shares of $6.50 pref. stock and 16,478 no A
Total
$740,016,343
Total
stock and-426,015 no par
$740,016.343
Represented by 530,054 no par shares class
a Represented by 29,982,932 shares common stock no par, but not in- b
-V. 129. p. 1120.
hares of class B stock.
cluding stock dividend distributable Sept. 3 1929. There are also outstanding option warrants entitling the holders thereof to purchase 16,Gary Rys.-Fare Petition.
116,466 shares of common stock at $30 per share, at any time without
The company has filed a petition with the Indiana P. S. Commission
limit after Sept. 1 1929.
x As follows: 3,597 shs. Columbus Electric & Power Co., series B 7% asking authority to readjust its fare structure in the City of Gary. The
pref. stock; 200 shs. Columbus Electric & Power Co., 7% 2nd pref. stock; company asks authority to establish a cash fare of 10 cents, a rate of 12
to be
tokens for $1 and a weekly
282,792 shs. Columbus Electric & Powet Co., com. stock; 1,562,028 shs. for 40 cents and entitling the"nickel" pass for regular patrons duringsold
holder to ride as often as desired
the
Commonwealth Power Corp., cam, steck; 950,102 shs. Penn-Ohio Edison
Co., corn. stock; 34,953 Penn-Ohio Edison Co. series A options; 24,275 week for a 5 cents cash fare. In addition, the company would issue free
Penn-Ohio Edison Co., series B options; 2,297,778 -95-100 sits. South- transfers to connecting street car and motor coach routes to all patrons.
eastern Power & Light Co. corn, stock; 172,505 Southeastern Power & School children's tickets would remain at 6 for 25 cents.
The proposed schedule of fares calls for the elimination of the 3 fare
Light Co. options.
-V. 129. P. 630
.
zones in Gary. Hammond and East Chicago, thus doing away with the
present double fares in these cities. Such a step would reduce the fare
Diversified Investments Inc.-Pref. Stock Offered.
Hammond,for instance, from
between
Guardian Detroit Co., recently offered 8,500 shares 7% fares, to Gary and or two 10-cent cash fares, and 24 cents, or three 8-cent
would permit Gary pas20 cents,
cumul. 1st pref. stock at.103 and div., yielding 6.80%
sengers to ride anywhere within the city limits for a single fare.
Under the rate structure now in effect, street car riders in Gary pay a
Preferred as to assets and diva. Red. on any div. date upon 30 days'
14
notice at $115 a share, plus diva. Cumulative diva, of 7% per annum cash fare of 8 cents. Tokens are sold atandfor $1 and a charge of 2 cents
coaches.
street cars
payable Q.
-J. Entitled, in voluntary liquidation, to $115 per share and is made for transfers betweenor commutationmotor on the
rates
Hobart, Crown
No change in present cash
dive,and in involuntary liquidation, to $100 per share and divs. Dividends
-V.128.P.3825.
exempt from the present normal Federal income tax. Transfer agent: Point and Valparaiso divisions is proposed by the company.
Harris Trust & Savings Bank, Chicago, Ill.; Registrar: First Union Trust
-Expansion.
Gatineau Power Co.
& Savings Bank, Chicago, Ill.
-V.128,
See International Paper & Power Co.under "Industrials" below.
Data from Letter of E. C. Blomeyer, Chairman of the Board.
Business.
-Company was organized in Sept. 1925, in Delaware, and p. 4002.
controls through stock ownership a number of the most prominent inde-New Plant.
General Gas & Electric Corp.
pendent telephone companies in Um Midclle West,serving without competition, through 288 exchanges, an estimated aggregate population of 1,000,The corporation on Aug. 30 announced that it had just completed the
000.
third unit of its Parr Shoals (S. C.) steam generating station and had
The territory served includes cities and towns in Ohio. Indiana, Illinois, begun operations. This increases the capacity of the plant by 30.000
Wisconsin, Iowa, Nebraska, Kansas, Oklahoma, Texas, Missouri, Ken- kilowatts to about 72,500 kilowatts.
-V. 129, IL 953. 793.
tucky, Tennessee, Georgia and South Carolina. Among the more important
communities served are Portsmouth, Cambridge, Circleville and WilmingCo. -Earnings.
-7
Gulf Power
ton. Ohio' Fort Wayne and Terre Haute. Ind.; Bloomington, Jacksonville.
1928.
1927.
Calendar YearsStreator, Paris and Pontiac, Ill.; Grinnell and Dyersville, Iowa; Kearney, Gross operating revenue
$1.064,259
$794,817
Neb.; Hominy, Okla.; Sherman, Tex.' and Columbia, Mo. Corporation Oper, exp.,incl. maint. & taxes, except Fed. taxes
663,093
482,673
also has investments in companies affiliated with the telephone business.
As of Dec.31 1928 there were 200,346 stations in service of which 187.926
$401.166
Net earnings
$312,144
were owned stations and 12,420 were switched stations. Toll service within
30.540
22.119
the systems of the controlled companies is supplied in most instances over Other income
owned toll lines and long distance service is supplied through connections
Total income
$431,706
$334,263
the lines of the Bell Telephone System.
with
150,583
53.487
Captialization.-The consolidated capitalization (including subsidiaries) Interest on funded debt
69,740
169,970
to be outstanding upon the completion of the present financing and after Other deductions
Provisions for renewals & replacements
33,533
26,954
giving effect to the recent debenture financing, is as follows:
First prof. stock 7% cumul.. $100 par (incl. this issue)
Net income
¶3.500,000
$177,850
$83,852
Class A stock $4 cumul. particip , no par value
40,000 shs. Dividends on preferred stock
102.986
30.765
Class C stock $4 non-cumul., no.
7.000 sits.
par value
Class 13 stock, no par value
Balance (before Federal taxes)
325,000 MIS.
$74 864
$53,087
30
-year 5% debentures _ .
_ _
Earns. per share on 400,000 shs. corn,stock (no par)
$6,950,000
$6.19
$0.13
Subsidiary companies-Funaea deg
4,061,100 -V. 127, P. 1675.
Preferred stocks--- _ _
4.672,950
Minority common stocg. _
___-----------------Hartford Electric Light Co.
-Extra Dividend.
1,545.248
The 7% cumulative first preferred stock will be followed by junior stocks
This company has announced that it will share its profits with customers,
which at their aggregate issue prices amount to $5,867,500.
employees and stockholders. Customers will be rebated 60% of their
Earnings.
-Consolidated earnings of the corporation and subsidiary October bills, employees will receive as extra compensation 60% of their
companies for the year ended Dec. 31 1928 were as follows'
October wages, and stockholders as of Oct. 20 will get, as an extra diviGross operating revenue ___________________________________$6,530,712 dend,60% of their October dividend accrual. A year ago, similar bonuses
Operating expenses and taxes
3,900,757 were declared.
Depreciation
The total extra payments this year will be about $536,000, as compared
1,121.571
with $495.000, on the same basis, last year. This year's largest item
Net earnings from operations
$1,508,384 will be $350,000 to customers who are advised in a letter from the comNon-operating income
227,247 pany that "the results of this year can be duplicated and improved only
by continued efforts on the part of the company to make electricity abunat low prices and
Total net earnings after depreciation
$1.735,631 dantly available to all their use of our on the part of the public by their
willingness to increase
product in every way that is advanAnnual bond interest of corporation and subsidiaries, annual pretageously possible. -V.128, P. 1053.
ferred stock dividend charges of subsidiaries, and minority
common stock Interest (amounting to $103,001)
993,167
-Gain in Water Customers.
Inland Utilities, Inc.
Net income available for preferred dividends
$742,464
Total water customers Wale 6.740 on Sept. 1. of this year, as compared
Preferred dividends (incl, this issue)
245.000 with 5,691 at the end of 1925,a
-f 18%. according to President Reber
Hall Craig. Figures prepared by Mi. -Mg also showed that the popultaBalance available for amort. & diva, on junior stocks
$497,464 tion served in Pennsylvania rose from 4o,
in 1925 to 52,500 by Sept. 1.
The consolidated net income of $742,464 available for dividends on the The 5
-year figures for increase in miles of ma.ns, consumers and population
7% cumulative first preferred stock for the year ended Dec. 31 1928 (after follow:
Net income
Provision for retirement reserve
$30,212,436
8.820,294
1592
FINANCIAL CHRONICLE
[Vox.. 129.
To Sept. 11925. for the early fall of 1931. The main body of the structure will be
1926.
1928.
1927..
1929.
Miles mains
66.8 stories, surmounted by a central tower of 5 additional stories, the of 18
69.3
68.4
72.5
71.0
5,691 from the street level being upwards of 300 ft. The 23 floors will height
Consumers
6,377
6.740
6,588
6,613
45.950 325,000 sq. ft. of space. They will house the executive and staff provide
Population
47,600
46.100
50,300
52.500
officersThe reservoirs of the Inland Utilities water system have a capacity of of the Long Island „Area, together with approximately 3,500 employees.
Victor E. Cooley, of Albany, N. Y. has been elected a Vice278,000,000 gallons while the bulk of the water is fed by gravity, the most
President
economical form of water distribution. The communities served include effective Oct. 1. In this capacity he will generally direct and coordinate
Mahanoy City, Spangler, Eldred, Galeton, Tunkhannock, Delano. Buck the public relations activities and the publicity of the company. Mr.Cooley,
Mountain, New Boston, Morea, St. Nicholas, Shavertown and Dallas. at present the company's general commercial manager for up-state Ne'w
York, succeeds Keith S. McHugh of Brooklyn, N. Y., who
-V. 129, p. 1440.
will assume on
the same date the position of commercial
the American Tele-Settles Dispute with phone & Telegraph Co., succeeding Lloyd engineer of the new president of
Interborough Rapid Transit Co.
B. Wilson,
the Chesapeake & Potomac Telephone Co.
-V.129. P.795. 129.
City.
The Transit Commission Aug. 30 settled the dispute over the objections
Niagara Share Corp.
-Acquires Substantial Stock Interest
made by the Commission against the company about charging to revenue
under Contract No. 3 between the City of New York and the Interborough in Title Guaranty Company.
various items for the period beginning „Tan. 1 1919. and ending June 301929.
See Lincoln Mortgage & Title Guaranty Co. under "Industrials" below,
The city received in settlement, of the balance of objections (amounting -V. 129, p. 1122, 631.
to $14,107,373) up to June 30 1929, $6,291,118.24. which is 76.3% of the
total and the full amount of claimed depreciation, $2,958,881.76. Which
Northern Indiana Public Service Co.
-New Financing.
makes the total of $9,250,000. Furthermore, the materials and supplies
An issue of $15,500,000 1st and refunding mtge.
and $653,000 in securities deposited by the Interborough Co. with the to Halsey, Stuart & Co., Inc. Proceeds from the 5% bonds has been sold
sale of the issue will be
-insurers
State Industrial Commission to enable the venture to act as self
used to reimburse the company for expenditures made for
under the Workmen's Compensation Act, become assets of the enterprise of its general gas and electric service. The new bond Issue the expansion
will be offered
under Contract No. 3. The I. R. T.has yet to pay the city 82,958,881 on shortly.
-V. 129, p. 281.
or before Sept. 15 1929. Before July 26. last, the I. R. T. had paid the
city $404,775 and on Aug. 30 paid 85,886,342.
Pacific Gas & Electric Co.
-Rights.
An agreement was also effected with the company with respect to disputed
The directors have authorized the issuance to common
items charged to results of operation under the elevated extensions certifi- 2 separate rights to purchase additional common stock. stockholders of
The
cate. The commission's objections, with interest to June 30 1929, amounted will be to purchase 1 additional share at $25 for each 10 shares first right
85,299,397.70, of which $2,039,393.50 involved the matter of the proper the second right will permit the purchase of 1 additional shareheld, while
to
at $55 for
required to
accounting by the company for stores of material and supplies
each
apply to holders of record at a date stilt
be carried for the benefit of the enterprise under the elevated extensions to be10 shares held. Both rights
determined, presumably about Sept. 30 next.
certificate.
The first right is designated "par offering No. 5" and is in continuation.
As in the case of the agreement with respect to contract No. 3. the com- of the offerings made by the company in the past at
pany will transfer to the enterprise ownership of all unused materials and intervals since 1925. The second right is a special approximately annual
offering. Immediate
supplies.
application will be made to the California RR. Commission for the issuance.
This leaves a balance in dispute of $3,260,004, which was settled for the of the stock covered by these rights.
sum of $2,781,760, or 85.3% of the total amount in dispute, thereby
By exercising both rights a common stockholder owning 10 shares
reducing the accrued deficits due the company, under the Elevated exten- purchase 2 additional shares at an average price of $40 a share. In may
other
sions certificate by that amount.
-V. 129, p. 1440.
words, for $80, the stockholder will receive 2 new shares having a present
value exceeding $180.
Lone Star Gas Corp.
-New Common Stock Placed on 80c. marketfunds derived from the sale of stock under these offerings will be
The
used in the prosecution of the company's construction program, a major
Annual Dividend Basis.
completion
The directors have declared a quarterly dividend of 20 cents a share on item of which, is the distributionof the remainder of the company's natural
systems,in conformity with the certificate
-cent annual basis. gas transmission and
the new no par common stock, placing the issue on an 80
common stock, which of public convenience and necessity which has just been granted by the
This is equivalent to $2 a share on the old $25 par
expenditure of
was split up on a 2%-for-1 basis. The dividend is payable Sept. 30 to RR. Commission. This calls for an the San Joaquinabout $12,000,000 to
gas fields to the San
$13.000,000 and, with the unit from
holders of record Sept. 19.
quarterly dividend Francisco Bay Area, already completed and in operation, will enable the
The last distribution on the old capital stock was a
company to supply substantially all of the communities in its territory with
-V. 129, P. 795.
of 50 cents a share, paid on June 29 last.
natural gas. The present pipeline to the San Francisco Bay Area,estimated
- to have cost $13.000.000, has already been financed. The company also
MackayCompanies.-Stock Off List of Three Exchanges.
way a large hydro-electric development on the Mokelumne
The Committees on Stock List of the Boston, Montreal and Toronto has under it is equipping its San Francisco steam
River and
station with the most
Stock Exchanges have approved the withdrawal of the common and pre- modern steam turbines, with an ultimate capacity of
300,000 h.p. Many
ferred shares of The Macka y Companies from the lists of those Exchanges. other extensions throughout the company's territory will
also be required
-V. 128, p. 1396.
during the ensuing year to meet the anticipated growth of business.
-V.
129, p. 1441, 960.
Midland United Co.
-New Name.
See Midland Utilities Investment Co. below.
Peoples Gas Co. Glassboro, N. J.
-
- Acquire Paulsboro (d. J.) Gas Works.
-Changes Name.
Midland Utilities Investment Co.
The name of this company has been changed to Midland United Co.,
effective Aug. 29. Similarity of the former name with other public utility
holding companies was given as the reason for the change.
The Midland United Co. is a holding or investment company, controlling a number of public utility companies operating chiefly in Indiana and
Ohio. The principal operating companies in the Midland group are
Northern Indiana Public Service Co., Interstate Public Service Co.,
eperating subsidiaries of the Central Indian Power Co. Indiana Service
'
Corn., Chicago South Shore & South Bend RR., West Ohio Gas Co., and
Gary Railways Co.
-V. 129, P. 1283.
Mountain States Telephone & Telegraph Co.Acquisition.
-
The I.
-S. C. Commission, Aug. 26, approved the acquisition by the
company of the properties of the Miles City-13roadus Telephone Co. the
On May 18 1929, the Mountain company contracted to purchase all
properties of the Miles City company,free from all liens and encumbrances,
-V. 129. To• 631.
for $5,500, payable in cash.
-25C. Common Div.
New England Public Service Co.
The directors have declared a quarterly dividend of 25 cents per share on
the common stock, payable Sept. 30 to holders of record Sept. 15. Prior to
the 100% stock dividend paid on July 18 the company paid quarterly
dividends of 45 cents per share.
The directors also declared the regular quarterly dividends of $1.75 per
share on the $7 preferred and adjustment preferred stocks and $1.50 per
share on the $6 preferred stock, all payable Oct. 15 to holders of record
Sept. 30.-V. 129, p. 1283.
Operators Seek to.
The Paulsboro (N. J.) Borough Council on Aug 27 voted to sell the
municipal gas works to the 0. H. Geist Co. of Philadelphia, operators of
the Peoples Gas Co. of Glassboro, subject to approval of the voters at
special election to be held this month. The Geist company bid $210,000
for the plant and another Philadelphia concern, William Levering,$202,568.
A year ago the same two concerns submitted bids for $181,250 and $166,150.
respectively, but these were rejected by the Council.
-V. 126. p. 2964.
-Tenders.
Puget Sound Power & Light Co.
The Old Colony Trust Co.. trustee, 17 Court Si., Boston, Mass. will
until Sept. 27 receive bids for the sale to it of 1st & ref. mtge. gold lionds
to an amount sufficient to exhaust $247.946 at a price not exceeding par
and int.-V. 128, p. 2805.
-Radio Service to Syria.
R.C.A. Communications, Inc.
-
The opening of the first direct radio service between New York and
Beyrout. Syria,has been announced by Vice-President W.A. Winterbottom,
previously messages from the United States destined for Syria were relayed
through Paris or London. Beyrout is the capital of Syria, which was
separated from Turkey after the World War and placed under French
Mandate by the League of Nations. For administrative purposes it is
divided into four territories known as the States of the Levant. The other
end of the new circuit is operated by Radio-Orient, the French company.
Effective immediately, Radiograms to Beyrout will be accepted at the rate
of 46c. a word, and deferred messages at 23c. a word.
The corporation has also opened the first direct radio service to Costa
-V. 128. P. 2092.
Rica, Mr. Winterbottom said.
Societe International d'Energie
- ("Sidro").-Recapitalization.
New York & Queens County Ry.-Fare Controversy.
rejected by the Transit
Hydro-Eiectrique
-cent fare tariffs were
This company. whose 7
Commission on July 3 1929, obtained a writ of certiorari on Sept. 3. from
Supreme Court Justice Frankenthaler and will make a contest for the
higher fare before the Appellate Division.
its papers, inThe writ requires the Transit Commission to submit all
The petitioners,
cluding the testimony, record and decision, for review. line, alleged that
receivers for the
Slaughter W. Huff and Robert C. Lee,
no evidence of valuation, other than the company's, was introduced at the
hearings before the Commission.
-cent fare
aside
In asking that the Commission's decision be set would and a 7 revenue
increase
a rate
permitted, the petitioners assert that such operating expenses and taxes,
to meet
20% and provide enough income
but not enough to provide for reserves and a fair return.
-cent fare tariffs were rejected by the Transit ComThe company's 7
brought
mission on the ground that the procedure to gain a fare rise was
law and that
under the wrong section of the public service commission to change by
nature and not subject
the present fare was contractural in
-V. 129, p. 474.
the Commission.
The stockholders have authorized the recapitalization of the company.
The capital will be increased to 250,000,000 francs by the issuance of 13,000
preference shares of 250
-franc par value and 23.400 ordinary shares of 1,250
francs par value, which are being subscribed for by the Sofina Co.,the former
at par and the latter at a price to be fixed later.
The founders' shares are to be exchange into ordinary shares on the
basis of 11 1-5 ordinary shares for 2 founders' shares. The new ordinary
shares for this purpose are to be paid out of reserves.
The additional ordinary shares authorized will be ceded later by Sofina
to its stockholders in the proportion of one-fifth new share against 8 preference shares or eight-fifths of an old ordinary share. The issue price for
these shares will be 1,750 francs for each one-fifth share of a nominal value
of 250 francs, the Sidro company to receive 227.500,000 francs from this
offering.
The Sofina Co.. in return for technical co-operation, is entitled to subscribe at par to 10% of every capital increase of the Sidro company.
President Despret of the BaD111.16 de Bruxelles said at the meeting that the
orthcomlng balance sheet of Sidrci would show the disappearance of a
debt of 48.000,000 francs originating In the purchase of bonds and stock
-Purchase of Properties.
New York Telephone Co. authorized the acquisition by the of the Barcelona Traction, Mexican Light and Mexico Tram companies,
The I.
-S. C. Commission. Aug. 23,
and that among the assets would figure 50,000,000 francs from guaranteed
company of the properties of Our Own Telephone Co. to purchase all the debtors.
-New York "Times."
On May 211929. the New York company contracted liens and encum-Earnings.
physical properties of Our Own company, free from all of net additions,
South Years-Cae line Power Co.
time of such sale
brances,for $43,000, plus the value at the
928.
1927.
Calendar
If any, in fixed capital assets made by Our Own company, with the consent
.. - _ ----------------- $2,372.172 $1.805,509
company,subsequent to April 4 1929. The purchase price Gross operating revenue
of the New York
taxes, except Federal
-i.
will be paid in cash. Our Own company has bonds outstanding to the
1,084,063
1,277,993
inc exPs
_&
amount of $6,500. These will be taken care of out of the purchase price. °Per Ome ta,"xesine_ --------------$721,446
Net earnings------------------------------- $1,094.179
• Additional Expenditures.
51,110
67,380
Important additions to the trunking equipment of various telephone Other income-------------------------------central offices, construction of the local link of a new New York-Albany
$772,556
Totalincome- _ _ - ------------------------ $1,161,559
underground cable and more equipment for the long distance central office
285,198
427,684
at 24 Walker St. are among the appropriations for Manhattan approved Interest on funded debt-----------------------19,419
104,813
Other deductions---- _ -- -- --------------by the board of directors at the monthly meeting held Aug. 28.
90,000
104,507
President J. S. McCulloh announced that of the 86.516,062 authorized Provisions for renewals and replacements
for new construction in various parts of the teritory served by the com$377,939
$524,554
Net income----------- ---,
pany. $1,129,625 was set aside for Manhattan. The total amount approved
74,892
135,583
since Jan. 1 is now $76,172,667 of which $67.168,885 has been allotted Dividends on 6 preferred stock
%
150,000
120,000
enlargement in the Metropolitan area.
stock
Dividends on 6% 2nd pref.
for plant
Another giant business structure. 23 sterols in height, and in the extent
$153,047
$268,971
Balance (before Federal taxes)
of its floor space one of the largest in Long Island, is to mark the skyline
$0.51
corn. stk. (Par $10)_
$0.89
of downtown Brooklyn (N. Y.) as the result of plans announced on Sept. 4 Earns, per sh. on 300,000 shs.
company. The new building, to stand on the northeast corner of -V. 126. p. 3450.
by the
Willoughby and Bridge Ste., will be the company's headquarters for the
-Acquisition.
Southern Colorado Power Co.
Long Island Area. In making known the purchase ofthe site and the general
Announcement has been made by W. N. Clark, Vice-President and
plans for its improvement, J. J. Robinses Vice-President and General General Manager,of the rrchase of the Custer County Electric Co.serving
I.:ong Island and Staten Island,
Manager for this area, which includes
acent territory. Several years ago a small steam
pointed to this project as practie -vidence of the rapid and substantial Westcliffe, Colo., and ad Westcliffe and a line was constructed to the Tern_
lant supplied the town o
.,hroughout these sections of the metrogrowth, present and prospecti•
Hs,
le Mine at use extending through the San Isabel Forest reserve. From
politan and suburban territory. Completion of the building is scheduled
s
the line was extended to Querida to supply power for the Bassick Mine. This
arrangement permitted the extension of a transmission line to Westcliffe and
service was obtained from•the Southern Colorado Power Co. and retailed
In the town of Westcliffe by the Custer County Electric Co.
The WaiteSite property will be operated as a branch of the Canon City
district of the Southern Colorado Power Co., according to Mr. Clark.
V. 129. p. 1441.
Swiss
-American
Bogota Company.-
1593
FINANCIAL CHRONICLE
SEPT,7 1929.]
-Acquires Interest in
Electric Co.
A Swiss group including the above company. "Motor Columbus" and
the South American Electric Co. has recently acquired an interest in the
Enterprises Electriques Reunies de Bogota, adding another company to
those in which this group is interested. The Enterprises Electriques Reunies
de Bogota furnishes electric power to the City of Bogota, capital of Colombia, serving a population of about 240.000.
The Swiss holding companies, through this acquisition have extended
their activities into a section of South America in which they have not been
previously represented. The steady expansion of the company, in which
the City of Bogota also owns an interest, will require large amounts of new
capital and it is expected that this will be supplied for the most part by
the Swiss interests.
-V. 129. p. 281.
-Minority Group Would
Union Traction Co. of Ind.
Prevent Purchase by Insult.company's bonds at
Suit attempting to block the Insull purchase of the
20 cents on the $1, as being a price "wholly inadequate and sacrificial,"
were filed in Marion County (Ind.) Circuit Court Aug. 30, by Gavin L.
Payne, Indianapolis securities dealer, who some time ago was made Chairman of a minority bondholders' organization.
On application of Payne's attorney, Judge Harry 0. Chamberlin, of the
Circuit Court granted a temporary restraining order pending a hearing on
a permanent injunction against members of bondholders' protective committees of the Union Traction Co. of Indiana and the Indianapolis &
Northern Traction Co. and against the Indiana Trust Co., sub-depository
for protective committee bonds.
Payne, acting for protesting bondholders whose investments are reported to exceed $1.000,000, brought the action in his own name as the
owner of $19,000 of Union Traction of Indiana bonds and $5,000 of Indianapolis & Northern bonds.
Authority of the protective bondholders' committees to enter into
agreements with the Instill controlled Midland Utilities Investment Co.
or any other individuals for the sale of bonds was attacked in the Payne
suits. The complaints, reciting circumstances under which protective
bondholders' committees of the Union Traction Co. were organized soon
after the company went into the hands of a receiver. Dec. 31 1924, contends they were formed for the purpose of "protecting" bondholders interests through reorganization of the company or conservation of assets and
not for the purpose of negotiating sales. As evidence of this understanding, the suits point to the preambles of the depository agreements of Jan.
15 1924.-V. 129, p. 1442.
United Light & Power Co.(& Subs.).
-Earnings.-
maximum of 200,000 shares of no par common stock and 50,000 shares of
preferred stock of $50 par value.
The new company at once acquired the business and assets of the Aero
Corp. of California, a corporation which had been operating an airport and
general air transport business since 1926. This company had at the time
of its acquisition total tangible assets valued at $97.006, and total liabilities
of $52,964. It was acquired subject to the liabilities for 150,000 shares of the
common stock of Aero Corp. of California, Inc.
All of the capital stock of Standard Airlines, Inc. an air transport company operating between Los Angeles. Phoenix, and other Arizona points.
was next acquired by the issuance to the Standard Airlines stockholders of
475 shares of the preferred stock, series A, and 950 shares of the common
stock of Aero Corp. of California, Inc.
In order to provide cash for the expansion program contemplated, 5,000
shares of series A preferred stock and 10,000 shares of common stock in
units of one share of preferred and two of common stock were sold to the
bankers at $40 per unit.
Subsequently smaller amounts of preferred and common stock were issued
for various purposes, up to May 1929. In May 1929 the stockgolders of
the corporation approved a resolution changing the number of authorized
shares of common capital stock from 200,000 to 500,000, thus paving the
way for further expansion. The directors in July 1929 authroized the sale
of 163,994 shares of common stock to the stockholders of the company at
$2 per share, each share of stock then outstanding receiving the right to
purchase one additional share. This sale has been completed.
The original Aero Corp. of California has been dissolved, and at present
the Aero Corp. of California. Inc., has but one subsidiary, Standard Airlines, Inc.
Consolidated Income Account (Incl. Standard Airlines, Inc.)
Mos. End.
Mo. of
July 1929. July 31,'29.
$37,152
$153.067
Income from operations
149.352
24,705
Operating, raainten. & administr. expenses
Profit before providing for depreciation
Depreciation
Operating profit
Est. liabilities for fire loss & amt. res. for conting _
$12.448
3,238
$3,715
20,283
$9,209 def$16,567
8.636
1,456
$7,753 def$25.203
Net profit
The board of directors includes: Jack Frye (Pres.), Paul E. Richter, Jr.
(Vice-Pres. & Treas.), Walter A. Hamilton (2nd Vice-Pres.), Guy Witter,
Nathan Newby. Harris M. Hanshue, L. G. McNeil. Robert L. Chambers,
-V. 129. p. 130.
and Frank H. Hitchcock. E. R. Chisholm is Secretary.
-Listing.
Airparts & Tool Corp.
The Detroit Stock Exchange hasaccepted for listing 50,000 shares of class
A convertible stock (no par value), and 56,900 shares of class B common
stock (no par value). The Exchange has admitted to trading 50.000 units
consisting of one share class A convertible stock (no par and one-half share
stock.
class B stock (no par, and 56,900 shares class BMichigan, to acquire all of
The corporation was incorp. Aug. 9 1929 in
the assets, including good-will, of the Wayne Tool Co. and H. R. Krueger
& Co., both of which are located in Detroit, Mich. (see V. 129. P. 1284•)
Pro Forma Balance Sheet at June 30 1929.
LiabilUfesAssets
$53,681
$66,219 Accounts payable-trade
Cash in banks & on hand
18,520
174,218 Accrued, charges
Accounts receivable
13,719
79,958 Federal income tax
Inventories
917 Capital stock 50,000 shares class
Life insurance
A pref. stock
475,000
100,000
Cash available for building
56,900 shares class B corn. stk. 56,900
320,951
Capital assets
130,294
1,318 Surplus
Real estate not used
1
Patents and good-will
4,533
Deferred charges
Total
5748,115
Total$748,115 To
12 Mos. Ended July 311929.
1928.
Gross earns, of subs. & controlled companies (after
eliminating inter-co. transfers)
$92,763,132 $88,154,871
Operating expenses
39,118,039 39.540,824
Maintenance,'chargeable to operation
6,254,841
5,139,365
Taxes,general and income
8,731,321
7,954,593
Depreciation
7,170.617 6,009,262
Net earnings of subs. & controlled cos
$31,488,314 $29,510,828
Non-operating earnings
574,257
281,908
Net earnings, all sources
$32,062,572 $29,792,737
Int. on bonds, notes, &c., of subs. & controlled
companies due public
11.967,290 11,215,574
Amort. of bond & stock disc, of subs. & controlled
companies
878.520 -V.129, p. 1284.
895,264
Divs. on pref. stocks of subs. & controlled cos. due
-Stocks Offered.
Public & proportion of net earns, attributable to
-Borer &
Allen Stockholding Corp.
common stock not owned by company
8,716,326 8,851,311
recently offered 2,500 shares $6 cumul.
Gross income,avail, to company
Interest on funded debt
Other interest
Amon.of holding co. bond disc. & expense
$10,483,692 $8,847,332
2,931,256 3,174,715
4,818
42,580
121,287
183,378
Net income ________________________________ $7,426,331 $5,446,659
xClass A preferred dividends
989,131
1,043,254
xClass B preferred dividends
289,210
307,080
$6 cumulative 1st pref. dividends
415.504
Balance available for common stock dive
$5,732,486 $4,096.324
Earnings per share
$1.76
$1.26
x Called for redemption July 24 1929.
Capitalization Outstanding (No Par).
$6 cumulative convertible first preferred
500,000 shs.
Class A common stock
2,189,741 shs.
Class B common stock
1,060,000 shs.
-V. 129, p. 961.
Utilities Power & Light Corp.
-Common Div. No. 2.
-
The directors have declared a quarterly dividend (No. 2) of 25c. per
share on the common stock, payable Oct. 1 to holders of record Sept. 10.
The holders of common stock have the right and option to accept, in lieu
of their cash dividend, common stock of the corporation at the rate of
1-40 of a share for each share of common stock standing of record Sept. 10.
A quarterly dividend of 25c. per share on the class B stock was also
declared, payable Oct. 1 to holders of record Sept. 10. The holders of
class B stock have the right and option to accept, in lieu of their cash
dividend,common stock at the rate of 1-40 of a share for each share of class
B stock standing of record Sept. 10. Stock distribution at same rate paid
on July 1 last.
A quarterly dividend of 50c. per share on the class A stock was also
declared, payable Oct. 1 to holders of record Sept. 10. The holders of
class A stock have the right and option to accept, in lieu of their cash
dividend, additional class A stock at the rate of 1-40 a of share for each
share of class A stock standing of record Sept. 10. Same paid July 1 last.
A quarterly dividend of $1.75 per share on the 7% cum. pref. stock
was also declared, payable Oct. 1 1929 to holders of record Sept. 10.-V.
129, p. 1442.
INDUSTRIAL AND MISCELLANEOUS.
Co. Philadelphia,
preferred stock (par $100), 20,000 shares class A stock (no
par value)in units of 1 share of pref. and 8 shares of common
at $200 per unit.
Dividends on the $6 cumulative preferred stock, payable Q-J. Redeem- •
able as a whole or in part at $105 and diva. are entitled to receive the same
Class A stock is non-voting but holders
stock holders receive. In case of
distribution in dividends as the commonstock holders and common
stock
distribution or liquidation the class A
share without any preference or distincholders shall receive ratably per
the common stock.
tion. The entire voting power is vested in Upon completion of this financCampany.-Incorp.in Delaware in 1929.
ing company will own not less than 55%, of the outstanding class A voting
common stock and not less than 20% of the outstanding class B common
stock of S. L. Allen & Co., Inc. The latter company is a manufacturer of
agricultural implements (planet Jr.) and children's sleds (flexible flyer and
outgrowth of a partnership established about
fire fly), the business being the
50 years ago by S. L. Allen and W. H. Roberts for the manufacture of
agricultural implements. The plant is located at Fifth and Glenwood
Ayes., Philadelphia. The average annual reported earnings of S. L. Allen
& Co., Inc., after Federal taxes,for the five fiscal years ended June 301928.
were $186,677 equivalent, after provision for dividends at the rate of 7%
and $246,500 par
Per annum on $347,000 par amount of preferred stock,of 4.500 shares of
amount of class B common stock, to $32.25 per share
outstanding.
class A common stock now
Outstanding.
Authorized.
Capitalization2,500 shs.
6,000 shs.
$6 cumulative preferred stock (par $100)
60,000 shs. 20.000 shs.
Class A stock no par)
16.000 shs. 16,000 shs.
Common stock (no par)
None of the common stock will be issued as a bonus for promotion or
services, but each share of the common will be issued for cash at $12.50
per share. The directors, officers and bankers are receiving no bonus or
management shares. A three year option on 10.000 class A shares at $12.50
per share has been given in connection with the issuance of the original
shares of common stock.
-Preferred Stock Listed.
Allied Kid Company.
There have been placed on the Boston Stock Exchange 25.000 shares
(no par value) convertible preferred stock. See also V. 129, p. 1124.
-Production of 500 Cars a
American Austin Car Co.
Day Planned for Early Next Year.
A Butler, Pa., dispatch Sept. 5 had the following:
The local plant of the company will go on large-scale production early
next year with a goal of 500 cars a day soon afterward, according to Elias
Rifts, director. He added that between 2,000 and 2,500 men would be
required and that many refinements of the English model were planned for
the American motoring public. The cars are to cost from $400 to $500.
according to the model.
The deed for the 15-acre site and factory, formerly the property of the
Standard Steel Car Co. has passed to the American Austin Co. According
to this, the Austin company paid $1,000.000 and other valuable considerations for the site.
The following is from the London Stock Exchange weekly official "Intelligence":
The company was incorporated on Feb. 28 1929, to acquire from the
Austin Motor Co., Ltd., Birmingham, an exclusive licence to manufacture
and sell 7h.p. Austin motor cars in the United States, Mexico, Cuba
North America, and all of the possessions of any country of North America,
'
and the right to manufacture and sell in Canada (subject only to a right
reserved to the Austin Motor Co.. Ltd., to sell the English manufactured
product in Canada). The said licence, which is dated May 18 1929. if for
-Listing, &c.
10 years (subject to termination as therein provided) with the right for the
Aero Corp. of California, Inc.
The Los Angeles Stock Exchange has authorized the listing of 328,038 American company,subject to the terms of the license, to require prolongs,
authorized Issue of 500,000 tion for 10 years and reserves to the English company a royalty on all cars
shares ofcommon stock of no par value out of an
produced varying from 2% to 1% on the net selling price as therein defined
shares. The listing circular says in part:
To conduct an and is terminable by the English company if the American company fails
Corporation.
-Chartered in Nevada on Nov. 15
1928'
the minimum number of cars therein provided or to pay the
atr transport business, a flying school, operate airports, deal in airplanes. to producepayable on
such minimum number. The sum of £2,000 is paymotors, and accessories, and to hold the stock of companies engaged in the license fee
aviation industry. The original charter authorized the company to issue a able on the license taking effect, which sum includes the royalty on the
Refined Sugar Reduced.
-The following companies Sept. 5 each reduced
the price of refined sugar 20 points to 5.30c. a lb.: American National and
Spreckels. Arbuckle Bros. has also reduced the price of sugar to 5.35c.
sib.
Copper Prices Advanced.
-Anaconda Copper Co. stated Sept. 4 that the
price of copper wire has been advanced h cent to 20%.-N. Y. "Post,
Sept. 4, p. 21.
Matters Covered in "Chronicle" of Aug. 31.-(a) Tire output and shipments continue ahead of last year-tire inventories reach new high level,
p. 1360. (b) Canadian pulp and paper exports in July valued at $15,384,331-increase of $262,169, over total for July last year, p. 1361.
Shoe workers strike at Lynn. Salem and Beverly. Mass.. p. 1363.
d) Raise in pay averts strike of painters, employers grant 10% increase
from $12 a day to $13.20, p. 1363. (e) Crude oil output in United States
at new high level, p. 1364. (f) Coal wages advanced-Western Kentucky
miners back on winter scale as demand improves. p. 1366. (g) Internal
revenue collections for fiscal year ended June 30 1929 nearly three billion
dollars, Federal Income tax collections, $2,331,274,429. p. 1382.
1594
FINANCIAL CHRONICLE
first 1,500 cars. The company has entered into a contract with the Standard
Steel Car Co. (Pa.) dated June 4 1929, for the purchase of a factory, the
price payable being $250.000 in cash, of which $100.000 is payable on the
execution of the deed and the balance is payable at the expiration of 5 years
and is to be secured in the meanime by a bond and first mortgage and the
allotment to the sellers of 25,000 non-assessable and fully-paid shares of
the company.
There are issued or agreed to be issued 300,000 (part of 1,000,000) shares
of no par value. The company offered to sell to Bulkley, Valiance & Co.
up to 475,000 shares on or before Sept. 15 1929, at $9 per share and granted
to the purchasers (if they accepted the whole 475,000 shares) an option
exerciseable on or before Sept. 15 1931, of purchasing a further 175,000
shares at $10.50 per share for the first 125,000, $11.50 for the next 25.000,
and $12.50 for the remaining 25,000, the number of shares under option to
be proportionately reduced if the purchasers did not accept the whole 475,000 shares by Sept. 15 1929: in addition the company agreed to pay the
purchasers $25,000. According to the statement published on Aug. 15,
Bulkley. Valiance & Co. have agreed to buy 250,000 shares. A further
75,000 shares are under option (50.000 at $9 per share until Sept. 15 1932.
to the English company and Sir Herbert Austin jointly and 25,000. at $10.50
per share until Sept. 15 1931, to H. H.Stockfeld.-V. 129. p. 1443.
[Vou 129.
issuance the board of directors may determine to be for the best interests
of the corporation.
Armstrong Cork Co.
-New President,&c.
-
John J. Evans, former Vice-President and General Manager, has been
elected Presient, succeeding C. D. Armstrong. who resigned to become
Chairman of board of directors.
-V. 129. p. 634.
Art Metal Works, Inc.
-Increases Dividend.
-
The directors have declared a regular quarterly dividend of 75 cents a
share, payable Nov. 1 to holders of record Oct. 15. This places the stock
on a regular 33 annual dividend basis. The dividend heretofore has been
on the basis of $2.40 a year or 60 cents quarterly.
President L. V. Aronson, stated that the working capital position of the
company is now so strong that the directors felt a more liberal dividend
policy to be justified. He also stated that the outlook for business for the
rest of the fiscal year was unusually good, and the monthly earnings of the
company continue to show substantial increases -V. 129, p. 963.
Austin Nichols & Co., Inc.
-Rumors Denied.-
In connection with published reports that a substantial minority interest
in this company has been acquired by one of the most prominent food
American Safety Razor Co.
-Decision.
The U. S. Circuit Court of Appeals at Philadelphia. Pa., this week up- corporations. Presient T. F. McCarthy stated that the officers know
nothing of
held the right of this company to the exclusive use of the names Gem, planning athis acquisition. He further declared, that the company is not
system of house-to-house deliveries by truck, does no retail
Eveready and Star on safety razor and blades, reversing the District Court Intsiness and contemplates
-V. 128, p. 4325.
none.
of New Jersey, which had dismissed a suit by the company against the
International Safety Razor Corp. and the International Safety Razor Sales
Automatic Washer Co.
-Rights.
-Corp. for alleged infringement.
Convertible
The Circuit directs the District Court to reinstate the American company's one share of preference stockholders will be entitled to receive on Oct. 1
common stock for each two shares of convertible preference
case and decide it in its favor.
-V. 129. p. 1443.
held as ofrecord Sept. 1. (See offering in V.127.9. 1679.)-V. 129. p. 1444
American Service Co.
-Halsey, Stuart
-Notes Offered.
& Co., Inc., and A. B. Leach & Co., Inc., are offering at
-year
9934 and interest, yielding about 7.20%, $1,000,000 3
convertible 7% gold notes.
Beneficial Industrial Loan Corp.
-Loans Increase.
-
This corporation, the largest "small loan" company in the United States,
will lend more than.$56.000.000 in amounts of $300 or less during the
current year, according to an estimate by Clarence Hodson & Co., Inc.,
based on results of subsidiary companies for the first 5 months of the year.
Dated Sept. 1 1929; due Sept. 11933. Interest payable M.& S., with- This compares with a total of $46,735,185 for the calendar year of 1928,
out deduction for the normal Federal income tax not exceeding 2% per during which 331,841 transactions were made and loans averaged slightly
more than $140 each.
annum. Denom. $1,000 and $500 c*
The corporation controls a system of more than 250 industrial loan
Data from Letter of J. A. Gibson, ifice.-Pres., Kansas City, Aug. 30.
Company.
-A Maryland corporation. Owns and operates, under cen- subsidiaries which serve more than 230 cities in 21 states. It was formed as
tralized management 87 ice utility properties located in 13 adioining a result of the consolidation of the American Loan Co., Induatrial Bankers
southern and south-centtal states. 'Me aggregate population of these of America, Inc. and the former Beneficial Industrial Loan Corp. Loans
communities is about 2,387,000, while the entire territory served by the are made"on character" without the necessity for endorsers. It is estimated
plants has a population of approximately 4,800.000. The properties include that more than 80% of the people of the country have need of access to
ice manufacturing plants having a total daily capacity of 4,975 tons of credit facilities of this kind.
-V.129, p. 800.
ice, in addition to car icing, cold storage and other service facilities. These
properties include land owned in fee, substantial buildings, complete iceBickford's, Inc.
-Initial Dividends.
making machinery of standard types, delivery equipment, and cold storage
The directors have declared an initial quarterly dividend of 25 cents per
buildings and equipment. Company is without competition in supplying share on the new common
par value, and an initial dividend of
ice in 24 communities, and in the other cities served, the company's plants 69 1-3 cents per share on stock, nopreference stock, no par value, both
the new
rank as important units in the ice business.
payable Oct. 1 to holders of record Sept. 10. The preference dividend
Outstanding. covers the period from June 20 to Sept. 30. (See offering In V. 128,
CapitalizationAuthorized.
1st mtge. 15
-year 6% gold bonds, series A_ __ - $7,000,000
$7.000.000 P. 3829.)-V. 129, p. 284.
SerlesB5,000,000
*1,000,000
Blue Ridge Corp.
-Increases Investments.
3
-year cony.7% gold notes (this issue)
000.000
1,000.00
.
The corporation has obtained for its Investment portfolio more than
5
-year 6 % cony. deb
2,966,500
3.000,000
debentures
816.000,000 worth of the common stocks of the 21 leading industrial, public
Capital stock
1% pref. stock (par$100)a7500.000
3,526,800 utility and railroad stocks listed on the New York Stock Exchange, for
.
which It offered to exchange its optional 6% convertible preference stock
Common stock (no par value)
225,670 she. and common
000 shs.
b800,
stock two weeks ago.
* Pledged with the trustee as collateral securing 3
-year cony. 7% gold
The extent of the exchange became
notes. a 23,732 shares of authorized pref. stock reserved for conversion corporation had applied to the New known when it was disclosed that the
of debentInes. b 303,330 shares of authorized common stock reserved of an additional 228,591 shares of its York Curb Exchange for the listing
preference stock and an equal number
for exercise of warrants, for conversion of notes and debentures.
of shares of its common stock. All this additional stock is being issued by
Conversion Privilege.
-Each $1.000 of notes is convertible at any time the corporation in exchange for shares ofcommon stocks of the
21 companies
prior to July 1 1932 into $1,000 of company's let mtge. 15
-year 6% series listed in the original offer. The value of this stock,
based upon the public
B bonds, plus 4 shares of the common stock. Each $500 note is convati- prices of $51.50 for the preference
shares and $20 for the common, figures
ble into a $500 series B bond, plus 2 shares of common stock. At the time out as
$16,344,257.
of conversion, a cash adjustment for accrued interest will be made. If
The acquisition of this block of stocks by Blue Ridge Corp. Increases the
called for redemption prior to maturity, these notes are convertible only
for a period of 2() days following the first published notice of redemption. total assets of the corporation, consisting exclusively of cash and listed
Earnings.
-The combined earnings from the properties now owned, upon common stocks, to more than $143,500,000. The company, which was
completion of present financing, for the 12 months ended July 31 1929, formed under the joint sponsorship of the Goldman, Sachs and Harrison
Williams interests, received at least $127,500,000 net from the proceeds
are as follows:
of the sale to the public by Goldman, Sachs & Co. of 1,000,000 shares each
Gross revenues
$4,995.240 of common and preference stock and to Shenandoah Corp. of 6,250.000
Oper. costs and expenses, incl. maintenance and local taxes3,579,564 shares of its common stock.
The corporation, within two days of the offering, closed its books for the
Net earnings, before interest, deprec. and income taxes
$1,415.676 receipt of tenders under the exchange offer for the 21 stocks, which was
Annual int. requirements of combined ser. A and ser. B bonds,
made simultaneously with the public offering by the bankers. C. F. Stone,
giving effect to the conversion of this Issue of gold notes into
its President, stated at that time that the closing of the books applied only
series B bonds
480,000 to that specific offer and that the corporation was continuing its policy
Security.
-Secured by pledge with the trustee of $1,000,000 series B of exchanging its shares for stocks of corporations in which it desired to
1st mtge. bonds. The series A and B bonds to be outstanding, will be make an investment. Such exchange offers are expected to be made from
secured by let mtge. on all fixed properties of the company now owned, time to time, either publicly or privately.
-V. 129, p. 1286.
and on all such property hereafter acquired, against which any bonds
may be issued under the mortgage. The depreciated reproduction cost of
Brass Corp.
Bohn Aluminum &
-Extra Dividend.
the principal properties of the company, upon completion of present financThe directors have declared an extra dividend
per share in
ing. Is estimated to be in excess of $16,600,000, based on appraisals by addition to the regular quarterly dividend of 75of 50 centsshare on the
independent engineers, plus the cost of subsequent additions, and certain capital stock, no par value, both payable Oct. 1 tocents per record
holders of
Sept.
purchased properties. The total 1st mtge. bonds to be outstanding upon 14.
,
the exercise of the conversion privilege, represent approximately 48% of last. Like amounts were paid on this stock on Jan. 2, April 1, and July 1
A quarterly dividend of 75 cents per share was paid on Oct. 1 1928,
such appraisals, subsequent,additions and purchased properties.
while from July 1 1927 to July 1 1928
l. quarterly distributions of
Purpose.
-Proceeds will be employed to acquire $635,000 of let mtge.
-V. 129. P.800.
inc.
bonds and $400,000 of pref. stock of Community Ice Co. and for other 37M cents per share were made.
corporate purposes. Upon acquisition thereof the properties of the ComBorden Co.
-Listing.
munity Ice Co. will be merged with the American Service Co. The properThe San Francisco Stock Exchange has authorized p 9ating of 3,738,244
value-V.l
tlie
ties of the Community Ice Co. include 11 ice manufacturing properties in shares of
capital stock, of $25 Par
•
North Carolina heretofore operated under American Service management.
-V.128, p. 1057.
-Omits Extra Dividend.
Borne-Scrymser Coe
The regular semi-annual dividend of $1 per share has been declared on the
American Wringer Co.
-Initial Common Dividend.
The directors have declared an initial 75
-cent cash dividend on the capital stock (par $25) payable Oct. 14 to holders of record Sept. 27. In
common stock, no par value, payable Oct. 1 to holders of record Sept. 14. addition to the usual semi-annual disbursement of $1 per share, an extra
of 50 cents per share was paid on April 16 and Oct. 15 1928. In both April
-V.128, p.4158.
and Oct. 1927 the company paid an extra dividend of 75 cents per share.
-V. 128. p. 1402.
Appalachian Corp. (Del.)
-Stock Sold.
-Gillet & Co.,
Baltimore, announce the sale at $11 per share of 200,00
shares no par common stock.
Transfer agent, Baltimore Trust Co., Baltimore, Md. Registrar, The
Continental Trust Co., Baltimore, Md.
To be Presently
CapitalizationAuthorized.
Issued.
Common stock (no par value)
1,000,000 she.
200.600 shs.
Stockholders will have no pre-emptive rights to subscribe for additional
stock or securities.
Listing.
-Application will be made to list this issue of stock on the Baltimore Stock Exchange.
Company.
-Has been organized in Maryland to buy, sell, trade in, or
hold, stocks and securities of every kind to participate in syndicates and
underwritings, and to exercise such other of its charter powers as the board
of directors may from time to time determine.
Management
.-The investment policy of the corporation will rest in the
hands of the board of directors. Corporation will enter into a management
contract with Gillet & Co. whereby the latter will agree, under the supervision of the company's board of directors, to supervise its investments for a
quarterly fee of A of 1% of the average assets of the company, provided,
however, that the managers will receive no compensation unless the net
profits of the corporation are in excess of 8% per annum on the average
total assets. Gillet & Co. will be granted options for the purchase in the
aggregate of an amount of common stock equal to 35% of all issued stock
(including stock which would be issued pursuant to the exercise of the entire
options) at the public offering prices of such stock.
Common Stock.
-All common stock now authorized and to be issued is of
the same class and all shares have indentical rights as to voting, dividends
and otherwise. The corporation will receive $10 on the issue of each share
of common stock now offered, with the exception that Gillet & Co. have
purchased a substantial interest in the corporation at $11 per share. The
amount received will be net to the corporation, as Gillet & Co. will pay all
expenses in connection with the organization, as well as the issuance and
distribution of this stock. The corporation may offer time from to time,
subject to favorable market conditions, such debentures, preferred stock.
or other securities carrying such terms and provisions as at the time of their
British-American Tobacco Co., Ltd.
-Stock Increased
To Offer New Preference Stock.
At a meeting of the shareholders, resolutions were passed approving
an increase in the company's capital stock to £36,000,000, by
creation
of 6,000,000 shares of 6% cumul. preference stock of gl par. the
Sir H. CunliffnOwen, Chairman. said: "It is the present intention of the
directors to issue these 6,000,000 shares to the public at par early next
month. While the shareholders will not be given any rights, it is the intention of the directors to give the common and preference shareholders who
apply for the new issue preferential allotment as far as possible on a pro
rata basis with their present holdings.
"In the past 3 years, the company has invested over •
£3,000,000 in subsidiaries. In addition, money had to be provided for the erection of new
factories to cope with increased sales, and for the enlargement of the head
office. No part of the new issue will be required to meet the company's
present commitments, but additional money will be required shortly
the directors prefer having the cash in hand to borrowing from a bank.
The chairman also stated that he had no knowledge of any arrangement
contemplated or pending with Carreras. Ltd.
-V. 129, p. 1287.
(Edward G.) Budd Mfg. Co.
-Registrar.
-
The Central Hanover Bank & Trust Co. has been appointed registrar
for 1,100,000 shares of no par common stock.
-V.129, p. 1446.
Canadian Car 8x Foundry Co., Ltd.
-Stock Split-up.
The shareholders will vote Sept. 26 on approving a resolution ratifying
and confirming, with or without modification, By-law B, subdividing the
75,000 shares of cumul, preference stock $100 into 300,000 shares of cumul.
preference stock (par $25). and subdividing the 100,000 ordinary shares
(Par $100) into 400,000 ordinary shares (Par $25).
Upon approval of the foregoing changes in the capital structure of the
company and the issue of the necessary supplementary letters patent to
confirm same, each preference shareholder will be entitled to a certificate
for 4 new cumul, preference shares of the par value of $25 each for each of
the present cumul. preference shares, of the par value of $100 and each
ordinary shareholder will be entitled to a certificate for 4 new no par value
SEPT. 7 1929.]
FINANCIAL CHRONICLE
shares for each of the present ordinary shares, of the par value of $100 the
whole upon surrender of the outstanding certificates.
President W.W.Butler says: This action has been taken by the directors
after due consideration and follows the practice adopted by many other
large industrial corporations, which tends to a wider distribution of the
shares of a company and enables the small investor to acquire an interest
therein."
At present there are outstanding 75,000 shares of pref. stock and 91.450
shares of ordinary stock, par $100.-V. 128, p. 2997.
-Earnings, &c.
Canadian Dredge & Dock Co.
1595
Savoy-Plaza Hotel to be opened in November. The restaurant will cover
12,000 square feet, will be of early Spanish Renaissance style, and will.
feature a garden and a fountain with skylight illumination. The sale of
the Savoy-Plaza property a year ago brought a million dollar profit to the
company. The sale terms called for restaurant space to be leased back to
-V.129, p. 966, 286.
Childs Co.. and this lease has been put into effect.
-A. G.
-Stock Offered.
Chicago Pneumatic Tool Co.
Becker & Co. and J. A. Sisto & Co. are offering at $43 a
share 50,000 shares no par value common stock. These
shares do not represent any new financing on the part of
the company.
The directors met on Aug. 30 and considered the statement of operations for the first 6 months of its fiscal year, ending July 31. During that
Period the company has carried on its operations in Prince Edward Island,
Transfer agent: The Equitable Trust Co. of New York. Registrar: The
Quebec, New Brunswick and at Prescott, Sarnia, Port Arthur. and the
New York Trust Co.
Welland Canal in Ontario.
Outstanding.
Authorized.
Capitalizationconsiderable amount of unfinished work on hand
The company has a
(Closed) $2,800.000
5%% sinking fund gold debentures
and has extensive operations in view for the future, it is announced.
188,000 shs.
188,000 shs.
The statement presented to the directors showed the company's revenue Convertible preference stock
199,469 shs.
*500,000 shs.
for this 6 months'period, after all charges,including depreciation and ample Common stock
• 188,000 shares reserved for conversion of convertible preference stock.
reserves for contingencies, but not including Federal income tax, to be
The convertible preference stock is entitled to cumulative dividends of
excess of the total dividend requirements for the
$319,916, being a sum in
share
fullfiscal year. Not current assets are shown at $1,137,251 consisting very $3.50 per share per annum. It is convertible into common stockdate. for
share at any time up to the fifteenth day prior to the redemption
-V 128, p. 3689.
largely of cash and government bonds.
Jackson,President of the Company.
Data from Letter of H.A.
Canton Co. of Baltimore.-Pennsylvania RR. Denies
-Organized in New Jersey in 1901. Was the pioneer in the
Company.
portable pneumatic tool business. It has always occupied a leading position
Ownership of Canton RR.
In this field and is now the largest manufacturer of pneumatic tools in the
The following Is taken from the Baltimore "Sun" of Sept. 3:
-S. C. Commission that it world. Company also manufactures air compressors, gas and oil engines
The Pennsylvania RR. has denied to the I.
-Diesel types, rock drills, electric tools and other
of the Diesel and semi
has directly or indirectly purchased the Canton R.R properties.
made in answer to a petition of the Western appliances which are sold to a large number of customers in many different
The Pennsylvania's denial,
world, are
Maryland RR, asking for reopening of hearings in the Canton RR.'s case industries. Its products, which are standard throughout the in the railused extensively in.structural steel work, in road building and
to obtain higher switching charges, caused general surprise.
denying ownership or financial interest road, oil and mining industries.
With the Pennsylvania officially
Company's principal plants are located at Detroit. Mich., Cleveland.0.,
In the Canton
railroad men asked who purchased the railroad last
the
The
June and why. RR' answer may reveal the undercover movements on the and Franklin,Pa.;additional plants are operated at Montreal. Can., by the
-V. 128. p. 4326.
Canadian Pneumatic Tool Co., Ltd.: at Fraserburg. Scotland, by
railroad consolidation chess board, it was contended.
Consolidated Pneumatic Tool Co.. Ltd., and at Berlin, Germany, by the
-W. E. Hutton Internationale Pressluft & Elektricitats Gesellschaft, wholly owned sub-Stock Sold.
Cardon-Phonocraft Corp.
Pneumatic Tool Co. Branch offices or selling
of
& Co. have sold at $24 a share 100,439 shares of no par sidiaries are the Chicagoin the principal cities of the United States and in
maintained
agencies
The stock offered has been acquired foreign countries.
value capital stock.
Franklin plant completed
An extension of the facilities of the
from individuals and the sale is not for the account of the some months ago provides a material Company'sair compressor and Diesel
increase in
company.
engine production and effects a substantial reduction in manufacturing cost.
-The consolidated net earnings of the company and subsidiEarnings.
Transfer Agents Guardian Trust Co. of Detroit. and Peoples National
Bank, Jackson, Mich. Registrars, Union Trust Co., Detroit, and Peoples aries for the three years ended Dec. 31 1928. after depreciation, interest
and Federal income taxes, available for dividends, as independently certiNational Co., Jackson, Mich.
on the comCapitalizaticm-Authoriaed. Outstanding. fied, and the balance of such earnings available for dividends dividend rean amount equal to the annual
*2,000o0o shs. 803,512% shs. mon.stock after deduction ofpreference stock are shown below:
Capital stock (no par)
quirement of the convertible
None
50,000 shs.
Industrial stock (no par)
1926.
1927.
1928.
Calendar YearNote. 550.000 shares reserved for conversion of Industrial stock.
1,210.106 1,226,837
$1,272,104
Available for dividends
568.837
552,106
614,104
Data from Letter of Captain William Sparks,Pres. of the Company. Balance for common stock
82.85.
$2.77
$3.07
Compang.-Organized to succeed the Carden Corp. and the Phonocraft Per share common share
-Asindicated above the company's business
Current Operation and Outlook.
Corp. and is the result of a consolidation or merger of these two companies.
radio has expanded very materially during 1929 and at the present time all of
The new company manufactures radio vacuum tubes and automatic
phonograph combinations. The phonograph instrument has been on the its plants are operating at capacity. The increased demand for all of its
market for some time and is one that automatically changes records that products has been due in part to the favorable condition of general business
have been put into the machine. This machine is so constructed that throughout the country and in part to improvement in the company's
from 15 to 20 records may be placed in the machine at one time, and these standard line and the introduction of new products. During the year a
may be of various sizes. After a record has been played the machine number of additions have been made to the company's line of electric tools
automatically lifts it from its position, carries it out into a drawer con- which have met with general favor and there has also been a very considerable increase In the Diesel engine business of the company.
structed for that purpose, and begins playing the next record.
The outlook is very promising. A new and improved oil well drill bit will
The radio tubes are sold under the trade name of "Carden" and the
phonograph and radio combination is known as the "Sparks Ensemble." be announced in the near future. The very satisfactory tests of this drill
Both are being sold through radio distributors and dealers throughout the bit which have been carried on by several of the largest oil companies in
United States and Canada.
the country indicate that its introduction should result in a material inThe corporation OVIIIS its own land and buildings, having a 3 story, crease in the company's business. Another new development with interestbrick sprinkled building at Jackson. Mich.. containing approximately ing possibilities is pneumatic equipment for lifting oil in oil wells past the
225,000 sq. ft. of floor space. Machinery for the manufacture of radio flush stage.
tubes is of the lastest design, much of which is the result of development in
Foregin sales of the company show large gains. Markets abroad for Amerthe company's plants. The company at the present time is more than ican portable pneumatic tools have been expanding steadily during the past
its capacity of a year ago and the orders actually in hand show a few years and this company is in excellent position to benefit from the
doubling
large increase over the previous year.
increased foreign demand.
Earnings.
-The combined net earnings after Federal taxes of the Cardon
The experimental work regularly carried on by the company is an ImCorp. and the Phonocraft Corp. (which two companies were acquired by portant factor in the development of the.business through the improvement
the Cardon-Phonocraft Corp. as of July 1 1929), for the year ended June of the company's products and the extension of its line.
30 1929, as shown by the certified report of Ernst & Ernst, were $1,168.393.
Listed.
-The common stock is listed on the New York Stock Exchange.
Industrial Stock.
-The 50.000 shares of industrial stock authorized but
Consolidated Balance Sheet June 30 1929.
not issued have been authorized for the purpose of providing a stock issue
Liabilities
Assets
which may be sold to employees at some time in the future under restrictions
$10,208,540 Convertible preference stock_x59,400,000
to be fixed by the directors of the company. This stock, at such time and Capital assets
y1,994.690
125.035 Common stock
In such manner as may be determined by the directors and in accordance Inv. in affiliated company
2,800,000
4,042 534% debentures
with the by-laws of the company, may be converted from industrial stock Funds in hands of trustee
1.000,000
6,448,585 Notes payable
Into the no par value shares of the company.
Inventories
2,492,279 Accts. payable, incl, payrolls,
Listing.
-Application will be made to list the stock on the Detroit Stock Accounts receivable
270,379 accr. liab. at prov. for Fed.
Exchange.
Notes receivable
614,136
taxes
781,238
Cash in banks St on hand_ __.
37,125
Central Securities Co. of Asheville, Inc.
426,605 Bond interest accrued
-Bonds Of- Deferred charges
250.000
Reserves for contingencies._
-An issue of $1,500,000 6% coll, trust gold bonds
fered.
4,660,752
Surplus
series B was recently offered at 100 and int. by Mortgage
Guarantee Co. of America, Atlanta, Ga.
$20,756,708
Total
$20,756,703
Total
x Represented by 188,000 no par shares. y Represented by 199.469
Dated Feb. 11929; maturities: 3, 5, 10. 15 and 20 years. Principal and
-V. 129, p. 480.
no par shares.
int. payable at the Central Hanover Bank & Trust Co., New York, and
at principal office of the Central Bank & Trust Co., Asheville, N. C.,
-Earnings.
City Stores Co.
trustee. Denoms. 31,000 and $500 O. Int. payable (A. & F.). Company
1929-6 Mos.-1928.
has agreed to refund all State, county or municipal security taxes up to
Period End. July 31- 1929-3 Mos.-1928.
5 mills or State income taxes not exceeding 6% of the interest thereon in Net profit after res. for
any State upon proper application made within 90 days after due date and
deprec. & cooling. &
payment. Subject to call at the option of the company as a whole or in
deduct. of minor. stk.
$46,312
$302,939
361.475
$25,553
part on any int. date at 101 and int. to date of redemption.
int.but before Fed.tax
Securite.-Bonds are the direct obligation of the company. In addition -V. 129, p. 966.
to the company's resources they are specifically secured by the deposit of
collateral trust certificates, gold bonds or other similar evidences of indebted-New Suit Filed.
Claude Neon Lights, Inc.
ness, which are direct obligations of mortgage companies of the highest
The corporation has just filed suit against the Rainbow Light, Inc., and
standing, and/or U. S. Govt. obligations, and/or cash representing at all the Rainbow Luminous Products Corp.In the U.S. District Court,Southern
times an amount equal to not less than 100% of the face amount of the district of New York, charging the continued infringement of the Claude
bonds. The obligations of mortgage companies deposited as security for Patent 1,125,476, validated by the Circuit Court of Appeals one year ago.
these collateral trust gold bonds are secured by closed first mortgages on The Claude Neon bill of complaint attacks their so-called high-pressure
improved city and suburban real estate and/or U. S. Govt. obligations tubes.
-V. 129. p. 802.
and/or cash in an amount equal to not less than 100% of such outstanding
obligations.
-31 Initial Dividend.
Cliffs Corp.
Excess collateral of
. consisting of first mortgages approved by the
The directors have declared an initial quarterly dividend of $1 a share
trustee, and/or U. S. Govt. obligations, and/or cash is required to be
the common stock payable Sept. 20 to holders of record Sept. 10.
deposited by the Central Securities Co. of Asheville. Inc., to further insure on
See also Cleveland-Cliffs Iron Co. in V. 128, p. 3832.
the payment of principal and interest, thus the total aggregate face amount
of collateral deposited is equal to 101% of the outstanding bonds.
-New Director, &c.
Baltimore.
Commercial Credit
Mortgages.-Pho mortgages deposited as underlying collateral to secure
Co.,
this issue of bonds never exceed 60% of the appraised value of the property
Waddill Catching's, member of the firm of Goldman Sachs & Co.and
securing same, the average being well under this per cent, and the majfority President of the Goldman Sachs Trading Corp., has been elected a director.
of the loans are subject to amortization Payments, resulting in a constant
The company has entered into a contract with the Carborundum Co. of
Increase in underlying equitim The valuations determining the amount Niagara Falls, N. Y. for the retail time-sale financing of their oil burner
of the mortgages are the result of appraisals made concurrently.with the products. The Carborundum company has a capitalization of $10,000.000
closing of eac- loan, by independent appraisers. The majority of the and
1128assets, as of the end of 1928, in excess of 321,000,000.-V. 129. P.
mortgages so deposited are secured by owner-occupied residences located
, 1115.
In substantial Southern cities.
Guarantees.-Paymont of principal and interest on part f othe mortgages
Commercial Investment Trust Corp.
-To Increase
el*.
deposited with theP--arY trustees to secure the collateral underlying these
bonds is irrevocably guaranteed by the Maryland Casualty Co., with Capitalization.
The stockholders will vote Sept. 10 on increasing the authorized
$46,797.003 resources, and on the remainder by the United States Fidelity
common stock (no par value) from 2,000,000 shares to 7,500.000
& Guaranty Co., with $69,845,139 resources.
shares, and on approving the issuance of 234 new shares in exchange for
each common share owned.
-V. 129, p. 1447.
Childs Company.
-August Sales.
With sales totalling $2.478,206, for the month the company established
-New Name, &c.
Consolidated Factors Corp.
an August record for its chain of restaurants in the United States and
See Pelz-Greenstein Co., Inc. below.
-V. 129. D. 286.
Canada. it was announced by Treasurer L. E. Buswell. The increase over
August 1928 was $260,982. Although July had established a record, the
Consolidated Textile Corp.--Earnings.--August increase was $12,000 greater than the July increase.
Period End. June 30- 1929-3 Mos.-1928.
Prospects for September sales, according to Mr. Buswell, are bright.
1929-6 Mos.-1928.
loss $3,477
and it is believed a new record may be established. The August record Operating profit
$284,925
$251.371
was accomplished with 3 stores fewer than were operated in August 1928. Net loss after int.,depr..
304,908
reserves & adjust ........
318,252
Although several stores have been discontinued, now and elaborate stores
49,320
$212,880
are being opened. The most magnificent of these will be the one in the -V. 129, p. 1447.
1596
FINANCIAL CHRONICLE
Cord Corp.
-Organized, &c.Lyndol L. Young & Co., Los Angeles have issued a circular describing the company from which we take the following:
Company.-Incorp. June 14 1929. Company concentrates control as
well as management of various units at present included in the Auburn
line-up under one organization. It will act as a financing subsidiary for
Cord enterprises, acquiring additional properties and developing additional
products closely allied with, although not intergral parts of the Auburn
production program. Among these the Carman Aircraft Co. is included on
which considerable development and experimental work has already been
undertaken by the controlling interests in Auburn. It is expected trimotored and single motored airplanes will shortly be produced which will
be equipped with Lycoming Radial Aircraft motors, maufactured by the
Lycoming Manufacturing Co.
We are informed that the Columbia Axle Co., recently purchased by
this corporation, is one ofthe largest producers in the world of automobile
axles.
Priced at around $3,500, it is apparent that "Cord" is departing from
conventional automobile design and aiming for a place in the industry never
before occupied by another car. The Cord,for the time being, is a specialty
car different from others and without any purpose of displacing rear-drive
cars, although its exclusive features in safety, easy handling and outstanding performance suggest a revolutionary development. This is further
amPhasized by the unusual interets the new design has created in the trade
and with the buying public, which has placed upward of 2,000 orders before
complete specifications or prices have been announced. We are advised
that 6,000 of these cars will be produced before Jan. 1 1930.
Earnings.
-Outside the exceptional earnings now being shown by the
Auburn Automobile Co. and Lycoming Manufacturing Co.. the initial
sales of "Cord" front drive cars indicate very large profits for this corporation which cannot help but be reflected in the market price for this stock.
Price of Stock.
-Since the formation of the corporation on June 1929.
over the counter sales in New York and Chicago ranged between $20.50
and $28 per share. This stock has recently been listed on the Chicago
Stock Exchange and the Los Angeles Curb Exchange. Trades are now
being made on the unlisted department of the New York Curb Exchange.
Since listing, the stock has sold as high as $31 per share.
Directors.
-Directors of the corporation include the following: E. L.
Cord (President, Auburn Automobile Co.); L. B. Manning (Pres., Manning
& Co., Investment Bankers); J. H. McCormick (Pres., Lycoming Manufacturing Co.); Fred S. Duesenberg (Vice-Pres.. Duesenberg, Inc.); R. H.
Faulkner (Vice-Pros., Auburn Automobile Co.); Ellis W. Ryan (Vice-Pros.,
Auburn Automobile Co.); B. D. Deweese (Pres., Saf-T-Cab Co.); R. S.
Pruitt (See. & Gen. Counsel Auburn Automobile Co.); J. D. Bobb (Pres..
Limousine Body Co.);and P. P.Willis (Pres.,P.P. Wills,Inc., Advertising)
Authorized. Outstanding.
Capitalization
000,000 shs. 2,246,486 abs.
10,
Common stock
Pro Forma Balance Sheet as of Aug. 1 1929.
Liabilities
Assets
$20,500
Cash
35,391,682 Provision for Federal inc. tax
Common stock (2,246,486
Securities owned-at cost
11,232.430
shares)
Auburn Auto. Co., corn.
17,148,642
stock
16,800,800 Paid in surplus
150,062
Earned surplus
Auburn Auto. Co., stock
purchase warrants
1,063,735
Lycoming Mfg. Co., corn.
stock
3,348,225
Columbia Axle Co., corn.
stock
949,987
Other stocks
953,205
Organization expense
35,000
$28,551,635
Total
$28,551,635 Total
Corticelli Silk Co.
-Balance Sheet June 30.1928.
1929.
Aasets-1928.Liabilities
1929.
.
.
Real estate, maPreferred stock _ $1,500,000 $1,500,000
and
chlnerr. &c-a$2,588,414 $2,668,397 Common stock
c4,698,093 5,002,880
Inventory
4,005,806 4,501,410 surplus
Cash
580,581 Acc'ts & notes pay. 2,750,727 2,731,189
703,916
6
102,532
125 550
0 :211
55,546 Accrued wages_ _ _
Investments
54,226
Notes & accts. rec. 1,543,429 1,409,729 Div.on pref. stock
128,617
reserves__ 150,999
Fern..fixt., &c___ 659,378
67.370 Miseell.
Unexpired ins.,&c. 152,504
124,360
Sinking fund
87,051
94,676
Total(each side)$9,202,352 $9,494,447
Good-will
1
1
a After reserve of $1,291,169. b After reserve of $122,030. c Repre-V. 127, p. 1812.
sented by 50,000 shares of no par value.
Crown Williamette Paper Co.
Balance Sheet July 31 1929.
Liabilities
Assets
$1,741,666
Cash
31.241,213 Accounts payable
222,064
U.S. Government bonds_ _
200,412 Bond interest
436,170
personal property tax
Callloans
600.000 Real &
440,419
Demand loans
2,850,000 U.S.di Canadian inc. taxes- 11,810
Accounts & notes receivable_ 3,539,760 Dividends declared
6,351,322 Crown Willamette 1st mtge.
Inventories
18,715,500
55,800 6% gold bonds
Investments
Sinking fund
63,647 Pacific Mills 1st mtge. 6% 2,447,000
gold bonds
Land,timberlands
29,520,227
26,609,228 Guaranteed 1st mtge 6% gold 1,809,950
Buildings, machinery
bonds
Bond discount
131,195
.1,020,000
127,043 Notes payable 1930-34
Unexpired insurance
525 595
207,511 Miscellaneous reserves
Prepaid expenses
37,714 Minority int. in Pacific Mills_ 1,573,404
Miscellaneous
x42,591,485
Cap:tal & surplus
371.535.072
Total
$71,535,072
Total
x Represented by 200,000 shares no par value $7 cumulative first preferred, 41,000 shares no par value $6 cumulative second preferred and
1.000,000 no par value common.
Our usual comparative income account for the 3 and 6 months ended
July 31, was published in V. 129, p. 1449.
[Vol.. 129.
It was pointed out that even a slight improvement in the
would materially increase the company's earnings and raw sugar market
consequently the
value of the purchase warrants to be attached to deposited bonds.
emphasized that the plan involved no expense to any bondholder andIt was
it the company would not lose control of its Barahona propertiesunder
their transfer to the new subsidiary, Barahona Sugar Corp., as the after
40,000
shares of common stock of that subsidiary, having sole voting power,
be owned by the company and pledged as security for the bonds. would
While a sufficient number of bonds have already been deposited with the
committee to permit, under the terms of the trust indenture, the sale of
the Barahona securities as provided in the plan, it was pointed out that the
underwriting of the $4,000,000 provided by this transaction was
upon 75% of the bondholders depositing their bonds under theconditioned
plan. The
meeting voted to adjourn until Sept. 19,in order that the
of bonds requisite to secure this underwriting might beadditional amount
obtained, and in
order that all bondholders might have an opportunity to participate in
the benefits of the plan.
-V. 129, p. 1289.
Curtiss-Wright Corp.
-Registrar.
-
The Central Hanover & Trust Co. has been appointed registrar for 1,200,000 shares of the class A stock.
-V. 129, p. 1449.
Durham Hosiery Mills.
-Earnings.
Earnings for 6 Months Ended June 30 1929.
Gross profit
Provision for depreciation
Interest paid
Special repairs & change
Net profit
Balance,Jan. 1 1929
Fixed property adjustment
$248,569
49,916
28,706
19,314
$150,632
(def) 4,562,823
Dr.59,252
Balance,June 301929
(deE$4,471,442
Balance Sheet June 30 1929.
Assets
Liabilities
Cash
$226,981 Notes payable
$699,320
Notes receivable
10,457 Acceptances payable
97,339
Accounts receivab e
205,158 Accounts payable
65,500
Inventories
1,343,892 Accrued accounts
23,745
Other notes & accounts receiv _
56,044 Mortgage bonds
12,500
Real estate, build., mach.& eq 2,960.574 Street assessments
6,829
Deferred charges
27.577 Accounts payable-machinery
11,891
Deficit
4,471.442 6% 1st mtge. serial gold bonds. 375,000
Surplus reserves
100,000
Preferred 7% cumulative stk
2,910,000
Common class A stock
1,250,000
$9,302,123 Common class B stock
Total(each side)
3.750.000
Note.
-Accumulative unpaid preferred dividends amounted to $965,575
on June 30 1929.-V. 128, P. 3520.
Earle Drug Stores, Inc.
-Stock Offered.
-Warren A.
Tyson & Co., Inc., Philadelphia are offering at $12.50 per
share 90,400 shares common stock (no par value).
Free of present Pennsylvania personal peoperty tax. Pennsylvania Co.
for insurances on Lives & Granting Annuities, Philadelphia, transfer agent.
The First National Bank of Philadelphia, registrar.
CapitalizationAuthorized.
Outstanding.
Common stock (no par value)
200,000 shs.
105,000 sits
Data from Letter of George G. Barber, Chairman of the Board. •
-A Pennsylvania corporation. Has arranged to
History and Business.
acquire, after completion of this financing, 12 strategically located and
successfully operated drug stores in the City of Philadelphia, and one In
Camden, N. J., which have been selected out of a group of 78 stores which
have been examined and audited. Company will use approved and successfully tested chain store merchandising methods, thereby obtaining
various advantages in volume, central warehousing, reduction of distributing costs, and other methods adaptable to economical chain store
operation.
-Proceeds of the sale of this stock will be used to purchase the
Purpose.
stores to be acquired presently,and others on which options will be exercised,
and also to provide ample working capital for the successful operation of
the stores and other corporate expenses. The right is reserved to reject any
stores and to substitute any other stores which meet the approval of the
board of directors.
-Based on an examination of the individual store
Sales and Earnings.
records by Barrow, Wade & Guthrie, certified public accountants after
providing for depreciation, state and Federal taxes at 12%. the sales and
net earnings accruing to the former owners of the stores proposed to be
Included in this operating group are as follows:
1929.
1928.
1927.
Sales
$1,363,122 $1,182,807 $1,097,027
Net earnings
171,039
128,700
11697
$1.628
Net per share
$1.225
$1.114
Note.
-1929 volume and earnings for year estimated on actual first
6 months' preformance.
Dividends.
-It is the intention of the management to declare an Initial
dividend at the rate of $1 per annum; first quarterly payment of 25 cents
per share forfhe period from Oct. 1 1929 to Dec. 311929.
Pro Forma Balance Sheet August 1 1929. (After this financing).
AssetsLiabilUtes
$100,000Capital stock Issued Sr outstandCash
g
in 105,000 shares
Inventories
3904,000
Furniture ,k fixtures
368,260
Goodwill, leasehold
50,000
Orgnalzation expenses
??3,
,ns
Total
$904,000
Total
$904,000
The initial stores to be acquired by Earle Drug Stores, Inc. have valuable
long term leases; the average for this group will be in excess of 9% years.
agreed to make application to list this stock on
Listing.
-Company has
the Philadelphia Stock Exchange.
El Royale (Apartments), Los Angeles, Calif.
-Bonds
Offered.
-S. W. Straus & Co., Inc., are offering at
Extended.
- int. $760,000 1st mtge. fee 63/2% sinking fund goldpar and
-Timefor Deposits
Cuba Cane Sugar Corp.
bonds.
debentures, preferred stock and common
The
holders of the convertible
stock of the corporation are notified by the reorganization committee that
the time within which the foregoing securities may be deposited with the
respective depositaries under the plan and reorganization agreement has
been extended to and incl. Sept. 11 1929, and the time within which all
holders of the subscription warrants may exercise such warrants has been
extended to and incl. Sept. 18 1929.
The Committee states that more than two-thirds of the convertible
debentures and more than two-thirds of each class of the capital stock
of the company have been deposited but additional deposits must be made
before the plan can be declared operative.
The New York Stock Exchange has authorized the listing of $7,448,900
certificates of deposit for 10
-year 7% convertible debenture bonds, due
-year 7% convertible
Jan. 1 1930; $17,551,100 certificates of deposit 10
debenture bonds, stamped 8%, due Jan. 1 1930: 500,000 certificates of
deposit for shares of7% cumulative convertible preferred stock and 500.000
certificates of deposit for shares ofcommon stock on official notice of issuance
In exchange for outstanding debentures and stock certificates.
-V. 129. IL
1449.
Dated July 15 1929; due July 15 1944. Bonds are exempt from personal
property tax in California.
Security.
-This bond issue is secured by a closed first mortgage on the
land in fee, the completed building thereon and certain furniture and
furnishings situated in the building.
The land is situated at the southeast corner of Ressmore and Rosewood
A-c-es., having a frontage of aPprordmately 218.68 feet on Rossmore and
175 feet on Rosewood, comprising an area of approximately 38,269 square
feet.
El Royale, completed in June, 1929 and occuping the northerly half
of the land, is a 12 story apartment building, also containing mezzanine
floor, basement and sub-basement. It is of reinforced concrete, fireproof
construction with exterior of cement-plaster and cast-stone trim,containing
270 unfurnished, rentable apartment rooms divided into suites as follows:
12 of 3 rooms; 1 of 4 rooms; 14 of 5 rooms; 16 of 6 rooms; 2 of 7 rooms; 4
of 8 rooms and 2 of 9 rooms. The basement and sub-basement contain
6 maid's rooms, commissary,supply and storage rooms and a well equipped
garage of 80 cars capacity. All apartment rooms will enjoy uninterrupted
light, ventilation and view because of the 2 street frontages, and the fact
that the southerly half of the property Is beautifully landscaped and
- equipped with tennis court, putting green and gardens.
-Meeting Postponed.
Cuban Dominican Sugar Corp.
Valuation.-The value of the mortgaged Property has been
A meeting of the bondholders of the Cuban Dominican Sugar Co., called
independently
to consider the plan proposed by the company to raise $4.000,000 to meet appraised as follows:
current maturities and expenses, was held at the office of The National Land value: Herman Spitzel, appraiser
$275.101
City Bank of New York, trustee, Sept. 5, as scheduled. More than a Building value: W.Douglas Lee, Architect and E
960,000
00 7
0
51:870
majority of the outstanding bonds have been deposited with the committee Furniture and furnishings of public space, Herman Spitzel
and were represented by the committee at the meeting.
Total--- The officers of the company pointed out that the outlook at this time
______ - _
- ---------------- - --- ---$1,286,778
----- issue repreaents---- than 60% of the
Based on these appraisals, ----- -had improved since the plan was originally proposed and that, at the present
price of sugar, the $4,000,000 to be made available by the plan, if approved appraised value of the mortgaged property.
Estimated Earnings.
-Based on rentals obtained in this vicinity it is
by 75% of the bondholders, would not merely provide temporary relief but,
so far as could now be foreseen, would enable the company to continue to estimated this property will yield a net annual income of not less than
meet its interest payments on its bonds and all other obligations, until the $107,270 available for payments required under this bond Issue, after
making ample deductions for taxes, insurance; operation and _vacancies.
eventual improvement of conditions in the industry.
•
SEPT. 71929.1
FINANCIAL CHRONICLE
This is more than twice the amount of the greatest annual interest charge
and is $40,870 in excess of the greatest combined annual interest and
sinking fund payments.
Etablissements Kuhlmann (Chemicals), France.
Stock Increased.
The shareholders have authorized the immediate increase in capital
of the company to 312,500,000 francs from 300000,000 francs, by the
Issue of 50,000 ordinary shares of 250 francs nominal value at 725 francs
each. They also approved the eventual increase in capital to 400,000.000
francs. The immediate increase is for the purpose of absorbing a small
French company.
-V. 128, p. 736.
-Earnings.
Ferro Enameling Company.
Earningsfor 7 Months Ended July 31 1929.
Net sales
Operating exP.,incl. cost ofsales, deprec.& all taxes
$1.269,177
1,008,289
Net profit
Earned per class A share (25,000 shares)
Earned per class B share(25.000 shares)
Earnings available for class A stock pref. dividend per share
-V. 129, p. 1450.
$260,888
$6.00
$4.43
$10.43
1597
-The company owns 552 acres of land adjoining the Goodyear
Security.
plant at Gadsden,on which 475 houses. containing 1,836 rooms, have been
erected. It also owns 42 lots in the principal residence sections of Gadsden, on which 30 houses have been erected for department heads and
others in similar positions. The entire development represents a cost of
$1,337,000. The bonds will be secured, in the opinion of counsel, by a
first lien on these properties.
Ouaranty.-A group of substantial stockholders of the company, said to
represent a net worth of not less than $3,000,000. jointly and severally
guarantee, in the event of foreclosure, to purchase the property at a figure
sufficient to pay all outstanding bonds, accrued interest, premium and
expenses.
-In the event the company is required by the GoodAdditional Bonds.
year company to build additional houses. $100,000 additional bonds may
be issued against an equal amount spent in the construction of new houses
on the property.
-The net annual income from the present properties is estimate
Income.
at $88,000, which is more than three times the amount required to pay
the interest on $400.000 bonds and more than 50% in excess of the amount
required to pay the maximum annual charge for interest and serial payments on 2400,000 bonds. Should additional bonds be issued, it is estimated that the additional annual revenue to be received from the additional houses will be sufficient to pay interest on the necessary bonds and
provide for their retirement in 15 years.
-Obituary.
(Marshall) Field & Co., Chicago.
--Merger Approved.
General Amer. Investors Co., Inc.
Kersey Coates Reed, Secretary and director, died at Beacon, N. Y.,
A $40,000000 merger of investment trusts was ratified on Sept. 5 at
on Aug. 29.-V. 129, p. 135.
special meetings of the stockholders of this company and of the Second
General American Investors Co., Inc., which will be merged under the
-Sale Approved.
Fleischmann Co.
name General American Investors Co.. Inc.
The stockholders on Aug. 31 approved the offer of the Standard Brands,
The new company will continue under the same management and sponsorInc., to purchase all of the property and assets of the Fleischmann Co., ship as the predecessor companies, which were organized and have been
including good-will. The consideration consists of the assumption by the directed under the banking auspices of Lazard Freres and Lehman Brothers.
Standard Brands company of all the liabilities of the Fleischmann company
The capitalization of the new company will consist of the combined
and the payment to the latter of an amount in cash equal to the par value capitalization of the constituent companies there will be outstanding:
of the preferred shares plus accrued dividends and 11250.000 shares of 27,500,000 of 5% debentures due 1952, $10.000,000 6% cumulative pref.
common stock of the Standard Brands. Inc.. to be distributed to common stock of $100 par, accompanied by warrants entitling the holders to substockholders of the Fleischmann company at the rate of 234 shares of such scribe to two shares of common stock at 210 per share during 1930. at
stock for each share of common stock of the Fleischmann company, owned. $12.50 per share during 1931. at $15 per share during 1932, 1933 and 1934.
Holders of certificates of deposit for preferred stock who elect to receive There will be outstanding: 1,300.000 shares of common stock of a totaled
4 shares of common stock of Standard Brands, Inc.. for each share of authorized issue of 3,500,000 shares.
New temporary certificates for shares of stock will shortly be available
Fleischmann preferred stock in lieu of the 1 share of $7 cumul. pref. stock,
series A, of Standard Brands, Inc., which they will otherwise receive, must at the office of the Commercial National Bank & Trust Co. of New York,
certificates of deposit, with notice of election to take com- for exchange for certificates of stock of the constituent companies. See
surrender such
mon stock, not later than the close of business on Sept. 14 1929.-V. also V. 129. p. 1131.
129. p. 1450.
-Cass, How-Stock Offered.
General Instrument Corp.
ard & Co., Inc., Los Angeles, recently offered 15,000 shares
class A stock and 15,000 shares class B stock in units of 1
share of each at $22.50 per unit, substantially all of the
Ford Motor Co. of France (Ford, Societe Anonyme remainder of the 100,000 shares having been subscribed
Francaise).-Listed.directly through Vincent Bendix and associates at $22.50
Ford of France American depositary receipts of the City Bank Farmers
unit.
Trust Co. have been admitted to unlisted trading privileges on the New per
-2% Stock Dividend.
Food Machinery Corp.
The directors have declared a 2% stock dividend, payable to stockholders of record Sept. 10.-V. 129, p. 640.
York Curb Exchange. The stock. 60% of which is held by the Ford interests has been traded in on the Paris Curb Market for some time past and
on Sept. 3 was admitted to full trading on the Paris Bourse. The capital
stock of the company amounts to 130,000,000 francs, authorized and outstanding, par value 100 francs and of the 1,300,000 shares, 520.000 were
offered in France at public subscriptions.
The following is taken from a circular issued by Calvin & Co., New York:
History & Business.
-Company was formed as a consolidation of "Automobiles Ford" and "Credit Ford." "Automobiles Ford" was established
In 1916 as the selling organization for Ford Motor Co. in France, and
"Credit Ford" was established in 1925 to finance transactions in connection
with the sale of automobiles, tractors, &c., but especially with regard to
Ford motor cars, Fordson tractors and Lincoln motor cars.
Ford motor Co. of France is engaged in the purchase, sale, manufacture,
assembling and repairing of automobiles,tractors and aeroplanes,in general,
and particularly of the Ford motor cars, Fordson taractors and Lincoln
motor cars, as well as the spare parts and accessories of these three makes.
It also finances on credit all transactions with regard to the equipment,
&c., connected directly or indirectly with the company.
-In accordance with the authorization of the board of
Capitalization.
directors at their meeting on April 20 1929,the capital of Ford Motor Co.of
Franco was increased from Frs. 78,000,000 to Frs. 130,000,000 fully paid
In, by the issue of 520,000 additional shares of Frs. 100 par value.
-The board of directors of the company is an follows:
Management.
Ethel Bryant Ford, Sir Percival Lea Dewhurst Perry, K.B.E., L. Carle,
J. G. Charpentier, M.Dollfus, Hon. Roland Dudley Kitson, D.S.0. MC.,
.
A. Peytel,Marquis de Solages, Charles Emil Sorensen,
Plant Facilities.
-Company owns at Asnieres, on the Seine, near Paris,
estate covering 75,000 square meters, on which are situated important
real
industrial buildings, together with railroad terminal, wharfago and warehouse facilities. An additional plant Is located at Bordeaux.
-It is understood that during the first six months of the curEarnings.
rent year, earnings after all prior charges averaged over Frs. 3,000.000 per
month, exclusive of the Fordson tractor, Lincoln motor car and spare parts
divisions. These earnings were, it is reported, made on the production of
55 to 65 cars per day, which, it is understood, can be stepped up to 95 cars
per day without increasing overhead.
Balance Sheet.
-A consolidated balance sheet as at Dec. 31 1928, of the
two constituent companies, "Automobiles Ford" and "Credit Ford" is
given below. This balance sheet does not give effect to the increase in
capital from Frs. 78,000,000 to Frs. 130,000,000, through the issue, at par
for cash, of 520,000 shares of Frs. 100 par value, referred to above.
LtrattUiesFrs.
AssetsFrs.
Capital
Areas, buildings, equipment,
78,000,000
26,225,128 Legal reserve
various installations
11.811
Cash on hand and in banks_ _ _ 9,140,712 Accounts payable
11,012,668
3,234,583 Fund for taxes on commercial
Bills receivable
profits
65,394
582,249
Bilis unpaid & collectible
Clients & various accts.reedy. 6,527,452 Dividend "credit Ford" 1928- - 300,000
44,784,008 Profit & loss (balance carried
Stock & merchandise
forward)
70,550
89,977,280 Total
Total
89,977,280
-Earnings.(H. H.) Franklin Mfg. Co.
1929.
7 Months Ended July 311928.
2519,031
Net income after charges but before Fed. taxes-.... $1,417,937
$3.77
Earns, per sh on com, after pref. dive. & taxes$0.72
Despite the usual late summer slump in the automotive industry generally, the Franklin Automobile Co. a Syracuse, N. Y., during August
broke all previous shipping and sales records for this month. The company shipped 1,150 cars during the month which compares with shipments
of 755 cars during August of last year. The largest previous August was
133 mg- This year, there were
in 1917 when the company shipped 1.
approximately 1,000 Franklin cars sold at retail as compared with 810
cars sold during the largest previous August. The company's total shipments for the first 8 months of the year reached 11.201 cars as compared
-V. 129, p. 1451.
with 10,566 cars in the largest previous year.
-Bonds OfGadsden (Ala.) Land & Building Corp.
-Ward, Sterne & Co. and Marx & Co., Birmingham,
fered.
.Ala. are offering $400,000 1st mtge. serial 7% gold bonds
at 100 and int.
Dated Aug. 1 1929; due serially 1931-1943. Principal and int. (F. &
A.) payable at First National Bank of Gadsden, trustee; American-Trade's
National Bank of Birmingham, or Chemical Bank & Trust Co. of New
York, at option of holder. Denom. $1,000 and $500. Callable, in whole
order of maturity at 105 on or
or in part, on 30 days notice, in inverse
before Aug. 11932, and thereafter at 103.
Data from Letter of R. S. Richardson, Gen. Mgr., Dated Aug. 22,
for the purpose
1111 Company.-Incorp. in December 1928Goodyear Tire & of carrying out
the provisions of certain contracts with of the Goodyear Rubber Co., to
plants at Gadsavailable housing for the employees
make
to be in excess of $5.000,000 and
den, recently completed at a cost reported company has a capital
stock of
expected to employ some 1,800 men. The in. The balance is
represented
$1,000.000. of which $973,000 has been paid
by solvent subscriptions,
-$20 par, callable at $30. preferred as to $1.50 dividend
Class"A" Stock.
per annum; participates with class "B"stock and convertible into class"B"
stock.
-Entitled to 50c. per share dividend per annum after
Class "B" Stock.
class "A" stock receives $1.50 dividend, after which both share alike in
any additional dividends.
Authorized. Outstanding.
Capitalization200,000 shs. 152,000 shs.
Class "A"stock
1,200,000 shs. 711,000 shs.
Class"B"stock
-Corporation has been organized by Vincent
Company and Business.
Bendix and associates to acquire James P. Marsh & Co.. Chicago; The
American Paulin System,Inc.. Los Angeles,and Tiffany Mfg. Co., Newark,
manufacture well-known lines of instruN..1. The constituent companiesrailroad
locomotives, steamships, buildments for aircrafts, automobiles, manufacturing
plants. &c.
refrigeration, scientific uses,
ings.
co-ordinating the present sales and manufacturing facilities
In addition to
of the constituent companies,.Bendix Aviation Corp. will contract to distribute a major portion of the output of aircraft instruments and devices.
As a result of negotiations now pending for the acquisition of other comGeneral Instrument Corp. will be
panies and products, it is planned that of instruments and allied products
able to offer for sale as complete a line had anywhere in the world.
for the uses described above as may bewill amount to in excess of
$4.500.Assets of the consolidated companies
000, of which approximately $2,250.000 will be in cash. Thompson, Pres.;
-Vincent Bendix, Chairman; Orvill W.
Management.
C. W. Curtis, Vice-Pres, in charge of production; W. J. Buettner, Sec.Treas.' Herbert E. Linden, Vice-Pres.; Horace L. Blackman, Vice-Pros.
in charge of sales; F. N. Bard.
-Application will be made to list this stock in Chicago and on
Listing.
-V. 129. p. 1132.
the New York Curb Exchange.
-1
Goldman Sachs Trading Corp.
Stock Dividend.
-
The directors have declared a quarterly stock dividend of 134%, payable
on Oct. 1 1929,to holders of record Sept. 13 1929, in shares of capital stock
of the corporation to the extent that full shares are issuable and in cash
of the
In lieu of fractions of shares, calculated at the closing bid price July 1stock
last.
on Sept. 13 1929. A like amount was paid on April 1 and
-V. 129, p. 1292.
-Listing.
F.) Goodrich Co.
(B.
The New York Stock Exchange has authorized the listing of 100,000
notice of
additional shares of common stock (no par value) upon officialthe
assets
issuance and payment in full, pursuant to agreement to purchase
of Hood Rubber Co. and 42,500 additional shares of common stock, upon
-year 534% convertible
10
official notice of issuance in conversion of dmCo. making a total
amount
gold notes, due Oct. 15 1936, of Hood Rubber
applied for 1,196,138 shares.
Co., Inc. has been incorporated in Delaware to acquire
Hood Rubber
all of the property and assets as a going concern, including the good-will, of
Co.. Inc. is acquiring such
Hood Rube: Co. (Mass.) Hood Rubberissue of 100.000 shares of
the
property and assets in consideration of the
common stock of The B. F. Goodrich Co.. and assumption of liabilities of
Rubber Co.. including liabilities for retirement of preferred and
Hood
Hood Rubber Co., Inc.
special stocks and liabilities under 2 note issues. The B. F.
Goodrich Co.
is acquiring the 100.000 shares of common stock ofInc. to The B.
F. Goodby Hood Rubber Co..
In consideration of the issue
rich ()o. of 10,000 shares of the capital stock of Hood Rubber Co.. Inc.
Rubber Co.. Inc. is a wholly owned subsidiary company of The B.
Hood
F. Goodrich Co.
Hood Rubber Co. has outstanding $5,000,000 10-year 534% convertible
gold notes due Oct. 15 1936, which noted are convertible into common
provides
stock of Hood Rubber Co. The indenture Co., the that, in case of sale of
purchasing corporation
all the assets and business of Hood Rubber
must agree with the trustee that the conversion privileges than continue
effective as to all then outstnading notes so that the noteholder at the time
of election to convert will receive, in respect of shares of Hood Rubber Co.
Into which he would otherwise be entitled to convert the note, the same
consideration in money,securities or property which that number of shares
would have received at the time of the sale. Since under the contract of sale
the common stockholders of Hood Rubber Co. are to receive in liquidation
shares of common stock of The B. F. Goodrich Co. at the rate of one share
of common stock of The B. F. Goodrich Co. for each 2 shares of common
stock of the Hood Rubber Co., it is necessary for Hood Rubber Co.. Inc.
and The B. F. Goodrich Co. to enter into an agreement with Bankers
Trust Co. as trustee, to carry out the terms of the trust Indenture of Hood
Rubber Co. The notes are convertible as follows: Each $1,000 principal
amount of notes is convertible into 17 shares of Hood Rubber Co. common
stock if the conversion is made during 1929, into 16 shares if made durin
1930 and into 15 shares if made during 1931. After Dec. 31 1931 there is
'
no right of conversion. Accordingly, the conversion rate into common
stock of The B. F. Goodrich Co. during said periods, respectively, would
be as follows: During 1929, 8)4 shares; during 1930, 8 shares and during
1931, 7% shares for each 21,000 of Hood Rubber notes. Conversion of
such notes may require the issuance by The B. F. Goodrich Co. of a maximum of 42,500 additional shares of the common stock of the B. F. Goodrich Co.
-year 7% sinking
Hood Rubber Co. also has outstanding $5,200,000 15
fund gold notes due Dec. 1 1936.
1598
FINANCIAL CHRONICLE
[Vox- 129.
Tentative Pro Forma Balance Sheet June 30 1929.
CapitalizationAuthorized. Outstanding.
[After giving effect to the proposed acquisition of the net assets and the Partic. cumul.$3 div. pref.
200,000 shs.
100,000 shs.
retirement of the preferred stocks of the Hood Rubber Co. and its sub- Common stock (no par) stock
200,000 shs. 200,000 shs.
sidiaries.
Hambleton & Co. and its associates have purchased 100.000 shares of
Assets.
the common stock for $1,000,000. On completion of this financing, the
Cash in banks and on hand
59,226,603 corporation will receive in excess of $7.000,000 in cash, as the initial step
Trade accounts & notes receiv.,after deducting reserve to cover
in its operations. The corporation will not have outstanding any bonus
doubtful accounts,discounts and allowances
35.311,177 stocks, options or "rights" of any kind.
Other accounts and notes receivable and sundry accounts
1,594.630
Company.
-A Delaware corporation. Has been formed for the purpose of
Raw materials, supplies, partly manufactured & finishedstock. 55,175.692
acquiring control or substantial interests in banks, public utilities, indus25-yr.6 % 1st mtge.gold bond sink,fund in hands of trustee_
540,375 trial companies, investment companies, and other concerns in order to
Due from employees on account of purchase of common stock
bring about consolidations or to engage in development work looking to
and treasury common stock
383,979 the creation ofseasoned securities for sale to affiliated banking organizations
8,546 shares of 7% ctunul. preferred stock in treasury, at par_ _
854,600 and others.
Securities ofsubsidiaries purchased and held for redemption _ _ _
108,249
The corporation is in a position to establish certain financial
Investments and advances to other companies
3,457,675 with various companies which should prove of material financialrelations
benefit,
Real estate, buildings, machinery and sundry equipment, less
making initial investments and providing the machinery for consolidations.
reserve of$19,277,099.20 for depreciation and obsolescence_ _ 59,268,297 expansions,
&c., preliminary to the development of larger situations and
Prepaid insurance, interest, taxes, &c., including portion of
larger profits when, later, securities are offered or when the
preliminary of subsidiary companies
2.496,732 Interests in them are sold without securities being offered. properties or
It may buy, sell or trade
participate in underwritings and
Total
$168,418,008 syndicates and in such other in securities,
investment activities as the board of directors
Liabilities.
may determine.
Bills payable (parent company)
$11,767,500
Management -Certain executives of ITambleton & Co. will be the
Bills payable (issued by subsidiary companies)
8,912,222 executives of the corporation, with T. Edward Hambleton. President of
Accounts payable
10,998,376 both organizations. Supplementing the executive organization, staffs of
Sundry accrued liabilities
1,398,248 experts will be drawn from the various branches of business with which the
Provision for Federalincome tax
854,779 corporation will deal. An engineering staff will support the executive and
25-yr.61i% 1st mtge. gold bonds due July 1 1947*
22,072,000 management branches of the corporation. By reason of the community of
Bonded indebtedness and debentures of subisdiary companies_ 12,341.589 interest between the corporation and its banking affiliations, the corporaReserves: For contingencies in connection with affiliated comtion will be provided with important outlets and markets in the principal
pany acquirod
1,493,007 cities of the United States, and in London. England, supported by a disFor general contingencies
1.000,000 tributing staff qualified to market investment securities.
For pensions
One of the corporation's banking affiliations, Hambleton & Co., has been
600,000
Miscellaneous
331,319 continuously in business since 1865.
Minority stockholders'interest in subsidiary companies
Allotment Certificates.
2,482,253
-These units are offered for delivery on or about
7% cumulative preferred stock
32,720.000 Sept. 15 1929, in the form of allotment certificates, which will be exchangeCommon stock
x34,423,187 able for preference stock certificates and common stock certificates on
Surplus
26,735,216 Jan. 1 1931. or earlier at the option of the corporation.
Employees'net credits on subscriptions to 84.700 shares ofcomListing.
-Application will be made to list this stock on the New York
mon capital stock
288,312 Curb.
-V. 129, p. 1452.
Total
$168.418,008
Hayes Body Corporation.
-Offering Price Changed.
x Authorized 1,500.000 shares of no par value. Outstanding 1,053,638
The stockholders on Sept 4 approved a proposal to amend the articles of
shares, $92,221,188. Less exclusion of intangible capital assets; namely association
of the corporation relating to capital stock so as to change from
patents, trade-marks and goodwill, per contra $57,798,001.
860 per share to $20
Intangible Capital Assets.
-This
sheet does not take into ac- scribe and pay for per share, the price at which the stockholders may subcount the capital assets of goodwill on the books, amounting to 557,798.000, of the corporation,their prorate shares of the authorized and unissued stock
and at not leas than which the balance of said authorized
or the patents or trade-marks carried on the books at $1, but shows the and
unissued stock not subscribed by the stockholders may be sold by the
.Condition of the company on the basis of tangible capital assets.
-V. 129, directors.
1.)• 1291, 1133.
The stockholders also formally approved the
illlasamcso3115111
additional
shares of capital stock. Stock not subscribed issuance of 52,020
Gorham Inc.
for by the stockholders will
-Status Explained.
be underwritten by an Eastern
syndicate, a Detroit dispatch says. See
See Gorham Mfg. Co. below.
-V. 129. P. 641.
also V. 129, p. 1292.
GorhamManufacturing Co.
Hercules Motor Corp.
-On
-Status Explained.
-Co-registrar.
The National City Bank of New York has
account of some confusion in the public mind between the
been
of 312.500 shares of common stock of no par value.appointed co-registrar
identity of Gorham Manufacturing Co. and Gorham, Inc.
-V. 129, p. 974, 486.
and their respective securities, Alfred K. Potter, Vice-Pros.
Home Mortgage Co., Durham, N. C.
-Bonds Offered.
& Treas. of Gorham Mfg. Co., submitted the following in- Smith, Hull & Co.,
Inc., Minneapolis aro offering at 100 and
formation to the stockholders:
int. $500,000 guaranteed 1st mtge. coll. 6% gold bonds,
Gorham Manufacturing Co. (Incorporated in Rhode Island).
series "L".
Business.
-Manufactures sterling silverware, plated silverware, architectural and statuary bronze, tablets, ecclesiastical wares and silver polish.
Sells its product through two wholly owned subsidiary companies through
the Gorham Co., that portion of its product bearing the Gorham trade
mark, this distribution being primarily through retail jeweriry
through the Alvin Corp. that portion of its product bearing Alvinstores;
trade
mark, this distribution being through jewelers. department stores and
jobbers.
Securities.
-Has outstanding July 1 1929 186,380 shares no par value
Common stock, principally in the form of voting trust certificates, Admitted
'to unlisted trading privileges on New York Curb Exchange.
Investments.
-Owns entire capital stock the Gorham Co. Owns entire
capital stock the Alvin Corp. Owns 25,000 shares (entire issue) common
stock class B (which subject to certain restrictions may elect a majority of
the board of directors), also 32,383 shares out of a total of 125,000 shares
common stock class A of Gorham, Inc.
Dundends.-Current annual rate $2 in cash, payable 50 cents Q. M.
Also paid 5% stock dividend June 3 1929.
Gorham, Inc. (Incorporated in Delaware).
Business.
-A holding company owning the entire capital stock of Black,
Starr & Frost
-Gorham. Inc., New York City, and of Spaulding-Gorham,
Inc., Chicago, Ill. These subsidiary companies operate retail
stores, the former in New York City,Southampton,N. Y.,and Palmjewelry
Beach,
Fla., and the latter in Chicago and Evanston, Ill., and
These stores deal at retail in fine jewelry, gems, silverware,Paris, France.
leather goods,
stationary, &c.
Securittes.-Has outstanding as of July 1 1929
value $3 cumulative preferred stock with warrants 110.000 shares no par
attached
purchase
of common class A at varying prices up to 1934: 125,000 shares for par value
no
common class A; 25,000 shares no par value common class B similar in all
respects to common stock class A, except that it has the right (subject to
Certain restrictions) to elect a majority of the Board of Directors.
The entire issue of common stock class 13 is owned by Gorham Manufacturing Co. Both $3 cumulative preferred and common class A are listed
on New York Curb Exchange.
Dividends.
-On the 53 cumulative preferred $3 per annum payable
(Q.
-F.) no dividends yet declared on class A common.
-V. 129. p. 641.
Gosnold Mills Corp.
-Subscription Rights Extended.
-
The directors have extended the time in which to subscribe to $330,000
7% notes to Sept. 16. It is stated that between one-half and two-thirds
-of the issue had been taken up prior to Sept. 1.-V. 129, p. 973.
Greif Bros. Cooperage Corp.
-Earnings.
-
Period Ended April 30- 1929-3 Mos.-1928. 1929-6 Mos.-192S.
Net earnings
$101.965
$119,989
$157.293
$232,839
-V. 128, p. 4013.
Grocery Store Products, Inc.
-Listed.
-
The stock has been admitted to listing by the Board of Governors of the
New York Ouch Exchange.
-V. 129, P. 1452.
Hambleton Corp.
-Stock Offered.-Hambleton & Co.,
Inc. are offering 100,000 shares participating cumulative $3
4:lividend preferred stock and 100,000 shares no par value
-common stock in units consisting of 1 share of participating
preferred and 1 share of common at $65 for each unit, plus
an amount equal to accrued on the pref. stock at rate of $3
per share per annum.
Transfer agents: Baltimore Trust Co., Baltimore: Chase National Bank.
New York City; Registrars: Mercantile Trust Co., Baltimore, Chemical
Bank & Trust Co.. New York, and State Bank of Chicago.
Preferred stock Is preferred as to $3 cumulative dividends and as to assets
In event of liquidation up to $55 per share and diva. Non-redeemable.
Non-voting. Participates equally with the common stock in any additional
dividends paid in any year up to $5 per share after the common as a class
shall have received an amount In dividends equal to the preferred stock
dividends paid in that year. Dividends payable March 1 and Sept. 1.
After $3 cumulative dividend has been paid on the participating preferred
stock in any year the common shall receive such dividends during that year
as the board of directors may declare until an amount has been paid which
shall equal the aggregate amount of dividends paid on the preferred stock
during such year. Any additional dividends paid will be divided equally
between the preferred and common stocks, both as to classes, until preferred
stock shall have received $5. Shall have full voting rights.
Both principal and interest are guaranteed by endorsement
tan Casualty Insurance Co. of New York. Maturities 1931 of Metropolito 1941. incl.
Denom. $500 and $1,000. Principal and int. payable at the First
National
Bank, Durham, N. C. trustee, or at the principal office of
Trust Co. of Now York. Callable as a whole or in part on or the Fidelity
'
before three
years from date at 102 and interest and on any int, date thereafter and
later than 10 years from the date hereof at 101 and thereafter at 100 not
and
int. In event of default all or part of the issue may be called by the Surety
Co. at par plus int. Interest payable without deduction for normal Federal
Income tax up to 2%.
The company with a net worth of over $1,750,000 is engaged in the real
estate mortgage loan business and in the purchasing of first mortgages on
improved city real estate in the State of North Carolina. Company operates
in the larger cities and towns of North Carolina.
These bands are the direct obligation of the company and are specifically
secured by deposit with the trustee, of real estate first mortgages, trust
deeds, &c., obligations of the United States and (or) cash equal in the
aggregate to not less than 100% of the principal amount of the bonds outstanding. The first mortgages deposited as security are all on fee
Improved or income producing real estate and are approved as simple
collateral for the bonds of this series by the Metropolitan Casualty proper
Insur-V. 128, P. 4166.
ance Co. of New York, the guarantor.
-Merger Approved.
Hood Rubber Co.
The stockholders On Aug. 30 authorized the directors to sell the property.
assets and business of this company to the 13. F. Goodrich Co. Under the
plan, Hood blubber common stockholders will receive one share of Goodrich common stock for each two common shares held. The 73 % preference,
,
6
7% preferred and employes' special stock of the Hood company, will be
called for payment in addition to the 7% preferred stock of the
Hood
Rubber Products Co.
See also B. F. Goodrich Co. above.
-V. 129, p. 1293.
Hudson Motor Car Co.
-Shipments Increase.
-
Shipments of Hudson and Essex cars up to Sept. 1. of this year
nounced as 267.341 as against 230.019 in the same period of 1928, a are angain of
16.2%. This is the best 8 months record the company over has known,
leaving less than 15,000 Hudson and Essex cars to equal the shipping
record of 282,204 for the entire year 1928. the announcement says:
To assure a steady seasonal reduction of car stocks in
distributing organization, the company is shipping at thethe hands of its
85% of present retail sales, as reported weekly to the factory rate of around
by
and dealers. On this basis August shipments were 17,309.-V. distributors
129,9. 806.
Humble Oil & Refining Co.
-20c. Extra Ditidend-
The directors have declared an extra dividend of 20c.
tion to the usual quarterly dividend of 30c. per share, per share, in addito holders of record Sept. 11. Like amounts have both payable Oct. 1
since and including July 1 1926.-V. 128, D. 3838. been paid quarterly
Hunt's Limited.
-Earnings Increase.
Not profits after all charges except income taxes,
June 30 1929. were 557,934. This compares with for the half year ended
875.482 for the entire
year 1928. The increase in earnings was
accomplished despite the fact
that only one of the four new stores opened since
during the period. As the final half of the year, Jan. 1 was operating
largo Christmas trade, is always productive of which benefits from the
first half, it is expected that profits for the full greater profits than the
year 1929 will very largely
exceed those for 1928.
Three new stores, one in St. Catharines and two in
Toronto, on College
St., at Dovercourt and at 3210 Yonge St., will
in time to share in the Christmas business. he opened early in October,
These will bring the total
number of stores operated by the company up to
30 as against 23 at the
end of 1928.
As at June 30, company had $125,000 out in can
cash in bank of $16,880, whilst ratio of current assets loans in addition to
to current liabilities
was 3.2 to 1 as compared with 2.9 to 1 on Dec.
stood at $209,229 as against $171.233 on the 31 last. Earned surplus
carried at the nominal sum of $1. The companyearlier date. Goodwill la
has
nor preferred stock outstanding, the 7% 1st and 2nd neither bonds, mtges.
Prof. stock issues having 1neon retired East March.
The capitalization now consists of 33.656 shares of
common stock, paying dividends at the rate of $1 per share per annum.
These shares are
sub-divided into 18,656 class A and 15,000 class 13 shares,
which are identical in all respects except that only the class B shares
have voting rights.
Net earnings for the first half of this year. before income taxes,
were thus
equivalent to 51.72 on each share of stock outstanding.
-V. 128. p. 4331.
SEPT. 7 1929.]
1599
FINANCIAL CHRONICLE
-William R. Staats
-Bonds Offered.
Hutchinson Co.
Co., San Francisco, are offering at 100 and int. $250,000
1st mtge. 634% sinking fund gold bonds.
Dated June 1 1929; due June 1 1944. Denom. $1,000 and 3500c*.
Prin. and int. (J. & D.) payable at Central National Bank of
deduction for Federal income
Oakland, Calif., trustee, without
tax up to 2%. Red. in whole or in part, at the option of the company,
on any interest date on 40 days' notice at 102 and int. Exempt from
California personal property tax.
Authorized. Outstand'g.
Capitalization$250,000
$250,000
1st mtge. 6%% sinking fund gold bonds
1.000.000
1.000.000
Capital stock ($10 par)
President of Company.
Data from Letter of Dwight Hutchinson,
-Company was incorp. March 10 1903 in Calif..
Business and Property.
and since that time has been engaged in the contracting business, mainly
railroad construction and all types of street and road pavements. Company for many years has done substantially all the paving in the East
Bay territory for the Pacific Gas & Electric Co.. the water company in
Oakland, Pacific Telephone & Telegraph Co., the Southern Pacific, W.3stern Pacific and Santa Fe RR. companies. It has also done much of the
track laying and ballast work for the above named railroads, including
furnishing materials.
Company operates four quarries, two of which are located on San Francisco Bay, affording delivery by water to all local points about the Bay,
at lower rates than quarries depending on railroad transportation. These
quarries supply materials for the company's own construction work and
there is ready sale to contractors, railroad companies and other corporations, for such materials as are not necessary in its business.
Assets.-Tho pro forma balance sheet as of April 30 1929. after giving
effect to this financing, shows current assets of $583.792; current liabilities
of $203,354 and net current assets of $380,438; the ratio of current assets
to current liabilities being aobut 2.8 to 1. Total net tangible assets, after
deducting all indebtedness except this bond issue, as shown by the balance
issue.
sheet are $1,941,936, equal to $7,767 per $1,000 bond of this mtge. on the
Security.-Theso bonds are to be secured by a direct 1st
company's Stege quarry in El Cerrito, Contra Costa County, Calif., and
property
• by the buildings, machinery and equipment located on the quarryThis real
and used directly in connection with the quarry operation. buildings,
the
estate consists of approximately 83 acres and together with G. Burrowes,
machinery and equipment has been appraised by Harry
engineer of San Francisco. as of July 22 1929, at $760,600 or more than
three times the amount of bonds to be presently outstanding. the direct
In addition to the mortgage security these bench; are to be
obligations of company which owns other valuable properties and has a
Profitable contracting business in addition to its quarry operations.
-Earnings for the calendar years have been as follows:
Earnings.
1925.
1926.
1928.
1927.
Profit before deprec.,de$259,529
$270.125
$279,674
plet'n, int. & Fed. tax $191.902
59,244
95,587
86,137
94,263
Deprec.of plants,depl.,&c
specialized management type, since the management is limited to the
-V. 129, p. 1134.
purchase of bank and insurance stocks.
-Commences DeInternational Paper & Power Co.
livery of Additional 50,000 h.p. of Electric Energy to HydroElectric Power Commission of Ontario.
The International Hydro-Electric System through its subsidiary. the
Gatineau Power Co., commenced delivery on Sept. 3 of an additional
50.000 h.p. of electric energy to the Hydro-Electric Power Commission of
Ontario. This quantity of power, originally scheduled for delivery on
,
Oct. 1, increases to 130,000 h.p. the total(mem now being delivered by
Gatineau Power Co. to the Commission. The energy is being sent over a
-volt transmission line 230 miles long-one of the largest on the Con220,000
-and is being distributed by the Commission in the Toronto area to
tinent
supplement the power from Niagara Falls.
About Oct. 15 the Gatineau Power Co. will deliver a further 20,000 h.p.
to the Commission,raising the total deliveries to 150,000 h.p. This 20.000
h.p. is part of the additional quantity scheduled under contract for delivery Oct. 11930, the delivery date being thus anticipated by nearly a year.
The revenue of the Gatineau Power Co. will be correspondingly increased.
The contract under which these additional quantities of electric energy
are now being delivered is one of two contracts which the Gatineau Power
Co. has with the Hydro-Electric Power Commission of Ontario. and is one
of the largest power contracts ever signed. It runs for 30 years from Oct.1
1928, when the Gatineau Power Co. commenced delivery of 80,000 h.p..
and calls for annually increasing quantities of power until Oct. 1 1931, when
the fixed maximum demand will be 260,000 h.p., and the total yearly
kilowatt hours to be delivered approximately 1,190,000,000. which rate
continues throughout the life of the contract.
Under the second contract wich the Gatineau Power Co. has with the
Hydro-Electric Power Commission of Ontario, an additional 100,000 h.p.
is reserved for the Commission, which agrees to take at least 60,000 h.p.
This power is to be taken in minimum annual increments of 6.000 h.p.
for ten years beginning Oct. 1 1928. The Commission will take the balance
of the 100.000 h.p. during the 10 years as far as needed.
The electric energy called for by the first contract is being delivered by
-electric plant of the Gatineau Power Co. on the Gatineau
the Paugan hydro
River 35 miles north of the City of Ottawa. Designed for 272,000 h.p.
of which 204,000 h.p. is installed and in operation. the Paugan plant is
is one 3 which the company has on the Gatineau River of an aggregate
installed capacity of 436.000 h.p. With the operation of the 3 developments combined into a single system, the Gatineau Power Co. is utilizing
to the best advantage the total fall in the Gatineau River for a distance of
62 miles from its mouth and is developing about two-thirds of the available
head on the whole river. All the reamining head which can be developed
economically Is controlled by the company.
Above the 3 plants the company has built a storage dam-creating one
of the largest artificial storage reservoirs in the world- and has another
under construction nearing completion. These reservoirs store the flood
waters of the Gatineau River for use in periods of low water, and will have
-V. 129. p. 1453.
a combined capacity of over 145 billion cubic feet.
Profit before interest &
$200.285
$174,538
$193,537
$97,639
Federal tax
-A sinking fund is to be provided in the trust indenture
Sinking Fund.
requiring the company to deposit annually with the trustee, beginning in
1931,sums of money sufficient to redeem all bonds of this issue by maturity.
Additional payments to the sinking fund are required at the rate of 10c.
per ton for each ton of rock or other material produced from the Stage
quarry in excess of 150,000 tons during any 12 months period ended May 31.
Purpose.
-Proceeds will be used to pay certain of company's unsecured
obligations.
-Dwight Hutchinson, President,and Harry C. Hutchinson, Sec.
Officers.
-Larger Dividend.
International Petroleum Co., Ltd.
A dividend of 25c. per share has been declared, payable on or after
Sept. 16 in respect to the shares specified in any bearer share warrants of
the 1929 issue upon presentation and delivery of coupons No. 22 at the
following banks: the Royal Bank of Canada. Toronto 2, Canada; City
Bank Farmers' Trust Co., 43 Exchange Pl., N.Y. City; the National City
Bank of New York, 36, Bishopsgate, London, E. C. 2, England. Or the
office of the company, 56 Church St., Toronto 2, Canada. The payment
to shareholders of record Sept. 7 1929, and whose shares are represented
by registered certificates of the 1929 issue will be made by check, mailed
from the offices of the company on Sept. 14 1929. The transfer books will
be closed from Sept. 9 to Sept. 16, inclusive, and no bearer share warrants
Hygrade Food Products Corp.
-In Foreign Fields.
will be "split" during that period.
before sailing for Europe said that he was
Chairman Frank It. Warton
A dividend of 1235 cents per share was paid on the new stock on June 25
-V. 129. p. 1134.
maldng the trip to follow up the many inquiries the company has had from last.
Europe for its products. Germany particularly was in the market for certain of the company's food products, he said, adding that he anticipated
-Back Dividend.
International Products Corp.
Considerable export 'business during the balance of the year. V.129, p.1293
The directors have declared a dividend of $1.50 per share on the preferred stock, payable Sept. 30 1929 to holders of record Sept. 14 1929. to
-Bonds Offered.
-Lane apply against the accumulated back dividend for the year 1926.
Illinois Greyhound Lines, Inc.
1927.
1928.
1929.
Piper & Jaffray, Inc. Minnesota Co., First Minneapolis
6 Months Ended June 30$481,745
$762,167
$613,105
Co. and Northern National Co. recently offered at 100 and Profit from operations
102.097
100.563
96,573
Depreciation & depletion
int. $200,000 1st mtge. 634% gold bonds (closed issue).
Dated July 1 1929: due July 1 1934. Prin. and int. (J. & J. payable
in United States gold coin at the office of the trustee. Interest payable
without deduction for normal Federal income tax not in excess of 2%.
Denom. $1.000 e*. Red. on any int. date upon 30 days notice at 103 and
o
int. on or before July 1 1930, the redemption price declining 35 g of the
principal amount each year thereafter. Central Trust Co. of Illinois,
40hicago. trustee.
Issuance.
-Subject to authorization by the Illinois Commerce Commission.
,President of the Company.
Data from Letter of 0.S. C
Propertg.-Company, a wholly owned subsidiary of Motor Transit Corp.,
owns in fee the land at the northeast corner of East 34th Place and Cottage
Grove Ave.. Chicago, with a frontage of 574 feet on East 34th Place and
100 ft. on Cottage Grove Ave., on which have been erected two adjoining
motor bus garage buildings covering the entire tract. The buildings, completed in 1921 and 1929, are one and two stories high. respectively, and provide a total of 73,200 square foot of garage space and 9,400 square feet of
office space. Construction is of reinforced concfete and brick, protected
by sprinklers throughout. The buildings are completely equipped for the
maintenance, repair, rebuilding and storage of motor buses. They comprise the principal service and storage plant for the automotive equipment
of Motor Transit Corp., which owns and operates one of the leading motor
bus transportation systems in the United States. The properties are
situated in a growing industrial district three blocks from Lake Michigan
and are easily accessible to theichicago bus terminals.
Illinois Greyhound Lines, Inc.. also owns and operates the Greyhound
and Yelloway motor bus lines on two routes between Chicago and St. Louis.
-Company has leased the above described
Lease to Motor Transit Corp.
real properties to Motor Transit Corp. for a period of 20 years from July 1
1929 at an annual rental of $32,000. This rental is sufficient to pay 63. %
interest upon and amortize a principal amount of $200,000 during a period
of less than nine years.
The lessee is required to pay all taxes and assessments against the property, maintain the property and protect the lessor against any claim for
damages arising from operation of the property. The lease cannot be canceled and the lessee can make no assignment qf the lease which will relieve
it from its obligations thereunder.
Security.
-These bonds are the direct obligation of the company and are
secured by a first closed mortgage on the above described land and buildings. The lease of the properties to Motor Transit Corp. has also beet
assigned to the trustee as security for these bonds. The lessee covenants
to insure the mortgaged property against fire in an amount in excess of the
principal amount of this issue of bonds with loss payable to the trustee.
Valuation.
-The net cost of the land and buildings, securing these bonds
was $348.342.
-Proposes to Merge
Insuranshares Management Co.
Five Series of Certificates.
A plan for the formation of a new $20,000,000 investment trust, under
the sponsorship of the Insuranshares Management Co., through the merging
of the 5 existing series of Insuranshares trust certificates in one new corporation, will, it is announced, be submitted soon to holders of the certificates.
Announcement of the plan was contained in a semi-annual report of the
earnings of the trust certificates issued by the Insuranshares Management
Co., which directs the investment policies of the trust funds established for
the certificate holders.
The announcement, which was signed by Edward B. Twombly, chairman of the board of the Insuranshares Management Co., was as follows:
"The board of directors has been considering for some time the advisability of incorporating the various series of trust certificates into one substantial corporation. This move seems highly desirable from the standpoint both of the investor and of the management. The plan will soon be
ready for submission to you."
Insuranshares Trust Certificates were issued in 5 series during 1927
and 1928. The certificates represent shares of interest in a fund that is
Invested in leading insurance and bank stocks. The fund Is thus of the
Net profit
Interest earned
$516.532
38,130
$661,603
27.607
$379.648
22.568
Total income
Reserve for Federal income tax
$554,662
66,958
$689.210
83,298
$402.216
54,299
Net income
Preferred dividends
$487,704
219,651
$605,912
8347.917
$347,917
$605,912
$268,053
Consolidated Balance Sheet June 30.
1929.
1928.
1928.
1929.
$
Matt:tiles$
Assets
4,831,700 7,228,600
7,311,066 6% prof.stock_ _
7,624,070
Fixed assets
579,318 Common stock--.a7,297,051 3,807.895
1,376,838
Cash
168.190
759,092 Accounts payable- 113.802
659,447
Accts. receivable
3.106,553 3,074,709 Div. on pfd. stk.
Inventories
216,858
144,951
declared
•
Subscrip. to capital
141,257
Federal inc. tax_ 142,752
stock & Interest
75,268
a605,518 Res.for conting &c 220,032
thereon
Rea. for depict, of
Investmls in Col.
112,649
76.357
forests
Products Co ___ 1,654,418 1,609.542
25.409 Capital surplus_ _ _11,618,729f 1,260,804
60,338
Pet. charges, &c__
1 b989,424
Earned surplus.- -1
Balance
Total
14,481,664 13,964,655
Total
-V.128. P. 3839.
a 532,116 shares (no par value).
14,481,664 13.964,655
-15c. Dividend.
(The) Investment Fund of New Jersey.
At a meeting of the board of trustees held this week,a dividend of 15 cent
a share payable on Sept. 15 to certificate holders of record Sept. 10, was
declared. This dividend is the second to be paid by the Fund and is at
the rate of 735% on the $8 shares. In June last, an initial dividend of
10 cents a share for the first two months of operation was declared.
V. 128. p. 4166.
-To Absorb Motion Picture
Investors Equity Co., Inc.
Capital Corp.
The directors of Investors Equity Co., Inc., and Motion Picture Capital
Corp., have approved and will recommend to their respective stockholders
a merger of the two investment trusts on the basis of an exchange of 5
shares of Motion Picture Capital Corp. common stock for 3 shares of
Investors Equity Co., according to an announcement made by Chas. D.
Barney & Co. Sept. 5. The consolidated company will have assets of
approximately $35,000,000. The common stocks of both companies are
listed on the New York Stock Exchange.
The new company will be known as Investors Equity Co. Inc., and
will continue under the same management as the two predecessor companies, which have been directed under the banking auspices of Chas. D.
Barney d: Co. and their associates. The capitalization of the new company will consist of $9,650,000 5% debentures, 677 shares of $6 dividend
cum. pref. stock, and 734,023 shares of common stock.
Investors Equity Co.Inc., has been organized as an investment trust
for over two years. The original capitalization of the company consisted
of 5% debentures, $6 dividend preferred stock and common stock. During
the past year preferred stockholders were offered an opportunity to change
their preferred stock for common stock with the result that practically the
entire issue of preferred stock has been retired.
Motion Picture Capital Corp. was originally organized for the financing
of motion picture productions. Within the last year, however, the company turned its activities to those of an investment trust. The terms of
the merger require the conversion of the outstanding cony. pref. stock and
the exercise of outstanding stock purchase warrants.
The directors of the company will include: John W. Hanes. Edwin A.
Fish and Charles B. Harding. members of the firm of Chas. D. Barney
Co.; Theodore Watson of Watson & White; William V. C. Buxton of
1600
FINANCIAL CHRONICLE
Spencer Trask & Co.; Harry B. Lake of Ladenburg, Thalmann &
Co.:
R. S. and C. K. Reynolds, Pres. and
Inc.; Lucius H. Beers of the law firm Vice-Pres. of Selected Industries.
of Lord, Day & Lord; Harry A.
tichafuss, Sec. of Investors Equity Co., Inc., and Seymour H. Knox,
Pres. of Marine Union Investors.
The combined portfolio of the two companies will consist primarily of
high-grade common stocks with substantial holdings of preferred stocks,
domestic and foreign bonds, and foreign common stocks.
--V. 129, P. 975.
[VoL. 129.
outstanding shares of $100 par value into shares without par value will
permit of the equity behind the outstanding shares of your
company being
more accurately reflected in the balance sheet.
Digest of Agreement Dated Aug. 1 1929.
The agreement is between the Lake Superior Corp. and Sir
Alexander
Forbes Proctor Roger, Capt. James Cornelius Dalton, Croxton Buckley
Bingham Smith-Bingham and Andrew Williamson, the
senting the holders of the bonds of the Algoma Central & committee repreHudson Bay Ry.
Jantzen Knitting Mills (Ore.).
and Algoma Central Terminals, Ltd. appointed under the
-Extra Dividend.
scheme of arThe directors have declared an extra dividend of 50c. per share, payable arrangement which was confirmed by resolution passed at
meetings of
Sept. 25 to holders of record Sept. 15.-V. 129. p. 1135.
the bondholers in 1916. Whereas:
(1) The corporation has guaranteed the due payment of the principal
(G. R.) Kinney Co., Inc.
and interest of the lit mtge. 5% 50
-Earnings.
-year hold bonds of the Algoma Central
6 Mos. End. June 30- 1929.
& Hudson Bay Ry.and the 1st mtge. 5% 50
1928.
1926.
1927.
-year gold bonds of Algoma
Sales
$9,621,266 $8,718.140 $8,249,730 $8,683,068 Central Terminals,'Ltd
Cost of sales & expenses.. 8,973,254 8,276,031
(2) On June 1 1929 arrears of interest on the railway bonds amounted to
8.285.287
7,795,098
Interest
227,361
122,475
141,251 $7,257,600 and on Aug. 1 1929 arrears of interest on the terminal bonds
119,111
Federal tax
43.000
22.000
30,000 amounted to $1,734,986 in respect of which arrears the committee contend
44,506
(though it Is not admitted by the corporation) that the corporation are now
Net income
$377.649
$297,633
$226,530 presently liable to the holders of the said bonds.
$291.015
Preferred dividends.. _ _ (3) The interests of the Algoma Central & Hudson Bay Ry. and Algoma.
212.780
217,082
212,598
216,836
Common dividends
114,963
120,000 Central Terminals, LW,are very closely bound up with the future success
and expansion of the Algoma Steel Corp., Ltd.
Surplus
(4) The corporation is now the holders of $15,000,000 of common shares
$49,906
$74,179 def$110,552
$85,035
Shares comm6n stock
(being the whole) and $10,000,000 7% cumul. pref. stock (being the whole)
outstanding (no par)_
160,000
59.980
59.980 In the capital of the steel company.
59,980
Earns. per share
(5) The corporation Is now the holders of $1,000,000 of common stock
$1.03
$0.15
$1.24
$1.41
(being one-half of such stock now Issued) and 51.000.000 of preference
Balance Sheet June 30.
stock (being the whole) of the Algoma Eastern Ry.,Ltd.
1929.
1928.
1928.
1929.
(6) The corporation has outstanding approximately 51,900.000 ofincomeAssets8
Liabilities-8
$
$
bonds of the corporation which become due and payable on Oct. 1 1929.
Cash
1,037,139
742,926 Notes payable__ 890,000 1,600,000
(7) The committee contends (though it is not admitted by the corAcc'ts receivable. 156,528
125,226 Acc'ts payable_ _ _ _ 801,222
905,259 poration) that the claims
of the railway and terminal bondholders under
Merchandise, raw
Accrued & miscell.
the guarantees by the corporation rank pad passu wtih any claim by the
materials, Scc
6,701.214 6,696,000 liabilities
87,664 holders of the income bonds
110,142
of the corporation and that the corporation
Employes notes roe
71,147
Prey. for Federal
no right to apply their available assets or any part thereof in paying has
15-year 734% gold
the
79,224 income bonds of the
income tax
74,073
corporation
notes
2,500
Gold notes outst's 1.691,700 1,697,000 and terminal bondholders under in preference to the claims of the railway
the guarantees.
Investments
122,486
118,659 Res've for conting_
31,063
8.
6 171
(8) It Is believed by the parties hereto that unless the claims of the inPrepaid expenses_ 156,350
162,330 Preferred stock
5,316,900 5,326,400 come bondholders
Fixed assets
2,604,574 2.632,224 Common stock....:3,760,596 2.766,961 will endeavor to of the corporation be met on Oct 1 1929such bondholders
put the corporation into liquidation or receivership .n
Deferred charges
341,171
810,878 America.
1,172,414
332,140 Surplus
Trade marks
84,950
70,000
(9) The parties hereto are unanimous in thinking that such liquidation
Good-will
2,480,050 2,480,050
Total (ea.side)_13,758,112 13,359,557 or receivership should be avoided
and that owing to rapidly changing conx 160.000 no par shares.
-V.129. P. 975.
ditions in Canada and to changes in the nature of the demands for steel'
products. it is absoluely essential that at the earliest possible moment the
(S. S.) Kresge Co.
-August Sales.
plant of the steel company should be improved, modernized and extended,
1929
-August-1928.
Increase. failing which there is grave
Increased 1929-8 Mos.-1928.
$13001,412 511,272,019 $1,729,3931$92,315,889 $84,645,341 $7,670,548 be perjudicially affected. risk that the business of the steel company will
V
-'. 129. 11. 975, 487.
(10) The corporation has represented to the committee that if the claims.
of the railway and terminal bondholders can be disposed of, the corporation
(S. H.) Kress & Co.
-August Sales.will be able to meet all claims of the income bondholders which claims will
Increase.
1929-Avoust-1928.
not exceed $1.925,000 and that there are no other claims against the corIncreased 1929-8 Mos.-1928.
$5..316,960 $4.850,125
$466,8351539.184,315 $36,736,043 $2,448,272 poration which it will not be able to meet as they mature.
-V. 129, p. 975, 293.
Now it is hereby agreed as follows:
(1) The corporation shall
Kreuger & Toll Co.
-Debentures Admitted to Paris of the existing preference andtake all steps necessary to convert the whole
common shares of the stee' company held by
the corporation into not less than 500,000 common shares of no no par value
Bourse.
and on such
The 5% secured sinking fund gold debentures have been officially ad- the common a basis that immediately after the conversion of such shares
shares of no par value will then represent the whole of the share
mitted to the Paris Bourse. The securities of this company,the 5'7 deben0
tures and the participating debentures,are now listed in Stockholm,London, capital of the steel company outstanding and the entire equity In the steel
Paris, Amsterdam, Berlin, Hamburg, Frankfort, Basel, Berne, Geneva, company's assets and earnings after satisfying the existing bonded indebtedness and other liabilities of the steel company.
Lausuane, Zurich, New York and Boston.
-V. 129, p. 1454.
(2) Subject to the terms of this agreement the corporation shall without
payment transfer 40% of the no par value common shares of the steel
Kroger Grocery & Baking Co.
-Sales Higher.
company to the railway and terminal bondholders or the committee or
Period End. Aug.31- 1929-4 Weeks
-1928. their nominees on behalf of the railway and terminal bondholders and the
1929-35 Weeks
-1928.
corporation shall in like manner transfer to the railway and trminal bondSales
129,061,821 holders or the committee or their nominees on behalf of the railway and
2
-V. 129, p. 1454, 975. 1,905.167 15.197.287 190.084,891
terminal bondholders 40% of the 51,000,000 of common stock of the Algoma
Eastern now held by
corporation.
Lake Superior Corp.
- (3) Subject to thisthe
-To Vote on Agreement Oct. 2.
agreement being unconditional, the railway and terAt the annual general meeting to be held Oct. 2 the stockholders will minal bondholders shall accept the carrying out by the corporation of the
vote on approving the agreement outlined below. Pres. Frank B. Common provisions of the last preceding clause in full satisfaction of all claims by
in a letter accompanying the agreement says:
them against the corporation in respect of the guarantees of the railway and
Your board is pleased to report that, subject to your approval and the terminal bonds whether as originally given or as modified by the scheme of
approval of the holders of the bonds of the Algoma Central & Hudson Bay arrangement adopted in 1916 and of all interest now due or hereafter toRailway and of the Algoma Central Terminals Ltd..a settlement completely become due and shall effectually cancel the guarantees so as to release the
releasing your company from all liability for the principal and interest, corporation from all liability both present and future thereunder.
accrued and to become due undef its guarantee of the bonds of the two
(4) In view of the common interest of the parties in the steel company
above mentioned companies, has been arranged.
it Is agreed that for a period of five years from the date of this agreement.
For some time past your board has had under consideration a programme or such shorter period as may be mutually agreed by the parties hereto
calling for extensions to the plant of the Algoma Steel Corps, realizing that each party hereto shall have the right to have elected to the board of
such extensions are essential to sound progress and for the protection of your steel company a proportion of directors equivalent to the proportion of the
thepresent interests. However, the obligations of your compnay under its total voting stock of the steel company outstanding held by such party
guarantee of the principal and interest of the above-mentioned bonds and and that during the period neither party hereto will nominate or cause to
the disadvantages and risks of probable litigation resulting therefrom be elected as a director any person to whom the other party shall take
rendered satisfactory financing impossible.
any reasonable objection and that the committee shall have the right to be
The committee representing the
represented on the executive of the company by one of the directors nomiyour
that unless a boosts of settlement ofbondholders notified arrivedcompany nated by the committee.
the guarantee were
at prior
to October 1929, on which date the outstanding income bonds of your com(5) The parties hereto agree that it being a matter of primary importance
pany are clue, legal action would be taken against your company for ap- in their common interest that the works and plant of the steel company
proximately $9,000,000 arrears of interest on the guaranteed bonds, and should be improved, modernized and extended, they will co-operate to
that action would at the same time be instituted to restrain your company rnable the necessary additional capital to be found by the steel company
from paying such income bonds at maturity.
good h
whether
on the best terms reasonably possible twmhos er by the iss ofs
w
rd fundedone debt.
You are aware that your company guaranteed the principal of approxi- further sharesof the steel company or otherwise, and the parties hereto
mately $15,000,000 of railway and terminal bonds, maturing 1960 and 1962 mutually agree that they l1 use the u
faith towards
r
another
respectively, as well as the interest on those bonds to maturity, that interest in connection with the formulating and carrying out of any scheme relating
rr
has presently accrued to the extent of approximately $9.000,000 that the to the financing of the steel company so as to preserve as far as may
be the
bondholders claim that such interest is presently payable by your com- respective interests of the parties in the equity of the steel company and that
pany, and that while an additional $750,000 of interest accrues yearly the neither party will attempt to secure in connection therewith any advanpresent earnings of the properties, applicable to such interest, is only aobut tages or benefits in which the other party does not have an equal oppor$218,000. The amount of arrears of interest is thus inreasing at the rate tunity of sharing in the proportions of their respective shareholdings for the
of approximately $532,000 per year.
time being in the steel company.
The validity of the guarantee is unquestioned but doubt has arisen as to
(6) Subject to the provisions of Clauses 1. 2,4 and 5 hereof, the beneficial
the time when payment of the accrued interest is enforceable. Opinions ownership in the no par value common shares of the steel company
shall
of outstanding counsel have been sought on the subject by your directors. be vested as to 60% in the corporation and as to 40% In the
railway
,
These opinions are lacking In unanimity, some of them being to the effect terminal bondholders or the committee or its nominees on their behalf and
and
that the arrears of interest are not yet due while others are to the effect each of the parties shall be entitled to deal with the beneficial
interest subthat the arrears of Interest are now enforceable against the Lake Superior ject to the provisions in such manner as they think fit.
Corp. Those counsel who are of opinion that the arrears of interest are not
(7) So long as any of the railway and terminal bonds are outstanding,
yet payable under the guarantee have advised that the point IS not free the corporation agrees that it will at all times use such influence
and votes
from doubt and that a settlement is manifestlt advisable.
in the steel company as It may control to secure that steel
Influenced by the uncertainty as to what would be the outcome of a legal so far as it may legitimately and properly do so in routing company will
action, the impossibility of arranging satisfactory financing until this and conducting its business have regard to the interests Its traffic and
of the railway
Obligation has been finally disposed of, the prejudicial effect of any litigation company.
on financing plans of any kind, and the grave effects of a possible unfavor(8) The corporation agrees that it will not make
able decision, your directors were unamimously of the opinion that, rather railway and terminal companies or the railway and any claim against the
than further delay necessary extensions; and risk all on a decision of the court to be subrogated to the rights of the bondholders in terminal bondholders
respect
on a doubtful point, a final release of this obligation should, if possible, the consideration provided by the corporation hereunder of any part of
be obtained if a settlement on satisfactory terms could be arranged.
expressly release the railway and terminal companies fromand that it will
It possible is that in the near future the Canadian railroads will follow to the intent that the ralway and terminal bondholders any such claim
shall be entitled
the recently adopted practice of the principal United States railroads and to retain their full rights against the railway and
terminal companies in
require heavier rails than the Algoma Steel Corp. Is presently equipped to respect of all arrears of interest now or hereafter owing
without accounting
produce,the present equipment of that company' being limited to producing or giving credit either to the railway and terminal
a rail of a maximum weight of 105 pounds. If only for this reason, it Is tion for any benefit that may be received by thecompanies or the corporabondholders pursuant to
essential that financing be arranged at an early date to provide for exten- the provisions of this agreement.
sions capable of producing heavier rails and other necessary extensions.
(9) Pending the carrying out of the terms of this
A release from the obligation under the guarantee is therefore of vital im- poration undertakes not to do anything which might agreement, the corprejudice or reduce
portance in order that arrangements for such financing may be proceeded the value of the common shares of the steel
company and the Algoma
with immediately.
Eastern to be received by the railway and terminal
bondholders pursuant
Having regard to the legal advice received by your company and to all hereto.
the circumstances referred to. your board are of the unanimous opinion
(10) The preceding provisions of this argeement other
than the last
that the settlement which has been arranged Is of distinct advantage to your preceding clause are conditional upon the same
being ratified and eoncompany. The settlement has accordingly received the unanimous ap- firmed on or before Oct. 31 1929 or such other date
as may be agreed upon
proval of your board of directors and it is submitted to you with their full by the parties hereto by resolution of the
shareholders
recommendation for its ratification and confirmation.
in general meeting. If such resolution shall not have of the corporation
Your board further recommends that the 400,000 Issued shares of your said date, time being of the essence of the contract, been passed by the
company having a par value of $100 each be converted Into 400.000 shares become void and shall be deemed never to have been this agreement shall
entered Into and the
without par value, and that the amended certificate of Incorporation of your right claimed by the railway and terminal bondholders
company be further amended by the creation of an additional 400,000 shares admitted by the corporation) to require payment of and (though it is not
without par value to be available for further financing. The law of the by the corporation of the arrears of interest already to enforce payment
accrued
State of New Jersey requires that any of such 400,000 additional shares to accrue on the railway and terminal bonds and otherwise or hereafter
to
the
to be issued shall first be offered to shareholders of your company. As said guarantees shall not be in any way affected or prejudiced enforcefact
by the
forecasted in the last annual report of your directors, the conversion of the that this agreement has been entered into.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
(11) The preceding provisions of this agreement except the two last preceding clauses hereof, are also conditional upon the same being approved
on or before Dec. 31 1929 or such other date as may be agreed upon by the
Parties hereto by the necessary majorities of the holders of the railway and
terminal bonds and to a scheme having been adopted on or before the said
date in such manner as to be binding on all holders of the railway and
terminal bonds and in such form as effectually to put an end to the liability
of the corporation as contemplated by Clause 3 hereof. If the provisions
of this clause have not been complied with on or before the said date time
being of the essence of the contract, this agreement shall become void and
shall be deemed never to have been entered into and the right claimed by
the railway and terminal bondholders (though it is not admitted by the
corporation) to require payment of and to enforce payment by the corporation of the arrears of interest already accrued or hereafter to accrue on
the railway and terminal bonds and otherwise to ceforce tiho said guarantees shall not in any way be affected or prejudiced by the fact that this
agreement has been entered into.
(12) The committee shall not object to the payment at maturity, id est,
Oct. 1 1929, of such income bonds of the corporation as have not previously
been purchased or acquired and for that purpose to apply the available
assets of the corporation (other than such part of the share capital of the
steel company and the common stock of the Algoma Eastern as is to be
transferred to the bondholders or the committee hereunder) provided that
arrangements have been made to pay off all claims by the holders of the
Income bonds and thereby avoid litigation or receivership proceedings against
the corporation by the income bondholders.
(13) Nothing herein contained shall impose any personal liability on
any member of the bondholders committee.
(14) The corporation will give the committee every assistance in their
power to enable the committee to place this agreement before the railway
and terminal bondholders for acceptance and for firmualting a scheme for
terminating the liability of the corporation in respect of the guarantees
and in particular will furnish the committee with accurate information
and reports of aufitors and other official documents as to the assets and
liabilities and present position of the corporation and steel company and
the Algoma Eastern and as to the past and present earnings of those companies and estimates of future results.
(15) Any act matter or thing done by the corporation with the written
consent of a majority of the committee pending the ratification of this
agreement shall not be deemed to constitute a breach of any condition
herein contained.
(16) The common stock of the steel company and of the Algoma Eastern
to be transferredto the bondholders or the committee pursuant to the
terms of this agreement shall be transferred and delivered in Montreal
free of expense to the bondholders and committee as soon as possible after
the guarantees have been effectively terminated as provided by Clause 11
hereof.
(17) The common stock of the steel company and of the Algoma Eastern
to be received by the bondholders or the committee or their nominee pursuant to tho provisions of this agreement shall be retained in the hands of
the committee for a period of at least three years from the date hereof with
full power for the committee to agree to any schemes for amalgamation
or merger or reconstruction of either of such companies and to accept in
substitution for the stocks thereof such other stocks, shares, securities.
cash or rights as the committee may think advisable or to sell such stocks
or any part thereof at such price and on such terms and conditions as the
-V. 129, p. 1135, 138.
committee think advisable.
1601
Pro Forma Balance Sheet. June 30 1929.
AssetsLiabilities
Cash on hand & In banks
$628,920 Accounts payable
$102,864
Customers'accounts
172,028 Dividends payable
95,000
Inventories
275,062 Federal income taxes
50,893
Merchandise in transit
26,035 Notes pay.,due July 26 1931__ 200,000
Sundry accounts receivable_ _ _
15,881 Capital stock
82,742,021
Prepaid ins., taxes, .1,c
Paid-In surplus
33.
266,439
Operating supplies at cost_ _ _ _
18,018 Earned surplus
283,007
Leasehold deposits
1,990
Securities
18,140
Plant & equip. at reprod. val. 2,459,739
Deferred advertising
90,932
Good-will
1
Total
$3,740,226
Total
$3,740,226
a 90,000 shares class A and 120,000 shares class B.
-V.129. p• 1135.
Lefcourt Realty Corp.
-Earnings.
6 Months Endend May 311929.
Net profit after charges, deprec. & taxes
$1,015,432
Earns, per share on 210,000 shs. corn,stock (no par)
$4.12
-V. 128, p. 4168.
1928.
$347,304
$0.94
Libbey-Owens Glass Co.
-Registrar.
-The City Bank Farmers' Trust Co. has been appointed registrar of
1.772.050 shares of common stock, no par value.
-V. 129, p. 1135
Lincoln
Board.
-
Mortgage & Title
Guaranty
Co.
-New
The following announcement was made this week by George C. Stanley:
newly elected President:
"In connection with recent announcements that the Niagara Share Corp.
has purchased a substantial stock interest in the Lincoln Mortgage & Title
Guaranty Co., a special meeting of the board of directors of the latter
company has been held and the following directors were elected: Edward
E. Blakeslee, Jr., Henry Boyd, Harry J. Daly, Herbert H. Klein, Percy
Mayes, Henry C. Nicholas, George Ramsey, George C. Stanley. Francis
W. Towey, Jr., and William B. Weston.
A majority of the above board are already affiliated with the Niagara
Share Corp. interests. Mr. Ramsey will continue on the board as the
representative of Harris, Forbes & Co., who are the distributors of the
bonds of the Lincoln company.
Officers elected are as follows: George C. Stanley, Pres.; Edward E.
Balkeslee, Jr., and Harry J. Daly, Vice-Presidents; Percy Mayes,Secretary
& Treasurer.
"Harry L. Tepper, who served as President since the organization of the
company, was requested by the Niagara interests to continue as President.
but due to other business interests has asked to be relieved of continuing
in this respect."
-V. 127, p. 2968.
McCord Radiator & Mfg. Co.(& Subs.).-Earnin 28
19gs..-5 Months Ended May 31Net profit after deprec., int.. Fed. taxes,&c
-V. 128, p. 3006.
$515,42
1929.8
$323,536
McCrory Stores Corp.
-August Sales.-
Langendorf United Bakeries, Inc.
-Stocks Offered.
Spencer Trask & Co. are offering 31,535 shares class A stock
and 26,500 shares class B stock (prices on application).
1929-August-1928.
$3.849,202
$3,114,928
-V. 129, P. 294, 976.
The class A stock is entitled to preferential cumulative dividends at the
rate of $2 per.share per annum, after.which class B stock is entitled to noncumulative dividends at the rate of $2 per share per annum both classes
participating equally per share in any futher dividend distributions.
The B stock hss exclusive voting rights until July 15 1930, after which
holders of A and B stocks have equal voting rights, each share being entitled to one vote. In event, however, that the corporation is in default in
payment on the A stock of cumulative dividends to the extent of $2 per
share, the holders of A stock have the right to elect a majority of directors
until all accrued dividends shall have been paid. In the event of voluntary
or involuntary liquidation, dissolution or winding up of the corporation,
the A stock has preference as to assets to the extent of $50 per share and all
unpaid dividends, after which B stock Is entitled to $50 per 'share
and diva. for current year at rate of $2 per share per annum, both classes
participating equally per share in any futher distribution of assets. All
distinctions between the two classes of stock may be eliminated by majority
vote of the Board of Directors after twelve consecutive quarterly dividends
of 50 cents each have been paid on both classes.
Transfer agents: Bank of America National Association, New York and
Wells-Fargo Bank & Union Trust Co., San Francisco. Registrars: Guaranty
Trust Company o New York and Bank of America of California, San
Francisco
CapitalizationAuthorized. Outstanding.
Class A stock (no par
200.000 shs. 90.000 shs.
Class B stock (no par)
300,000 shs. 120,000 shs.
The corporation hs no funded in debtedness of any description, except
$200,000 of notes payable due July 26 1931.
Net Sales for Month and EightMonths Ended Aug. 31.
1929
-Aug.
-1928.
Increased 1929-8 Mos.-1928.
Increase.
$2,195,115
$1,667,435
$527,680 I $12,923,282 $9,859,842 $3.063,440
Note -Includes sales of the recently acquired Green Stores, Inc.
Data from Letter of S. S. Langerdorf, Pres. of the Company.
Company.
-Organized June 25 1928 to acquire the assets and business
of the Old Homestead Bakery, Inc., founded in 1898. and the Langendorf
Baking Co. which, through its predecessors, had been in existence since
1895. The Langendorf Baking Co. prior to its consolidation with the Old
Homestead Bakery,Inc., had acquired the Grocers' Baking Co. of Berkeley,
the Faultless Baking Co. of San Jose , and the McGavin Brothers Co of
Los Angeles. Immediately after the consolidation the California Baking
Co. of San Francisco was acquired.
The corporation is now the foremost baking organization operating exclusively on the Pacific Coast. In San Francisco and adjacent territory it
1, controls approximately 70% of the wholesale bread business. Six plants
are operated-three in San Francisco and one each in Berkeley, San Jose
and Los Angles
The business is done almost entirely on a cash basis, the products being
manufactured one day and cash from their sale turned in the following
afternoon.
Sales -The sales of the company and its predecessor companies have
shown an almost uninterrupted increase during the 6 years and 6 months
ended June 30 1929:
Year ended Dec. 31 1923_32,936,608 Year ended Dec 31 1927-$3,549,116
Year ended Dec. 31 1924- 3,072,892 Year ended Dec. 31 1928_ 4,592,499
Year ended Dec. 31 1925_ 3,478,376 Year nded Dec. 31 1929* 5,271,111
Year ended Dec. 31 1926- 3,467.
305
* First complete operating year fol owing consolidation.
Earnings -The net profit of the company for the fiscal year ended June
30 1929 (the first year of operation subsequent to consolidation), after depreciation and Federal taxes,as certified to by Lybrand. Ross Bros. & Montgomery, amounted to $501,875, equal to over 21 times the annual cumul.
dividend requirement of the 90,000 shares of class A stock presently to be
outstanding; or at the rate of $2.39 per share on all A and B stock presently
to be outstanding. The California Baking Co. was not acquired until July
1928, the corporation's new San Francisco cake plant was not placed
operation until Nov. 1928, and the late months of 1928 were devoted in
effecting the economies made possible by the combination. Therefore to
it
is believed that the earnings this year will materially increase. The earnings for the last quarter of the year ended June 20 1929, after depredation
and Federal taxes, were at the annual rate of $2.81 per A and B share to be
presently outstanding. The foregoing figures of earnings do not take into
account the income to be derived from properties proposed to be acquired
with part of the proceeds of this financing.
Ditidends.-thvidends are being paid on the class A stock at the.cumulative rate of $2 per annum. Payments are made Q.
-J. class B stock was
placed on a $2 dividend basis July 15 1929, by the payment of a quarterly
dividend of 50 cents per share.
Purpose.
-10,000 of the A shares and 10.000 of the B shares offered have
been sold by the corporation tf provide additional working capital and to
place it in possession of funds to permit the acquisition of additional properties The balance of the stock offered has been secured from individuals.
Listed.
-The class A and class B stocks are listed on the San F ancisco
and Los Angles Stock Exchanges. Corporation will make application to
list the stocks on the New York Curb Exchange
Increased 1929-8 Mos.-1928.
Increase.
$734,2741$26,174,474 $23.614,743 $2,559,731
McLellan Stores Co.
-August Sales Increase.
-
New Stock Certificates Ready-Now Has One Class of Corn.
Stock-Acquisition.
With the unanimous approval of the hoard of directors at its meeting held
Dec. 26 1928, a contract had been entered into between this company and
Green Stores, Inc., for the purchase of all the business, property and assets
of every description of the latter concern, the consideration including the
issue by the McLellan company of 184,500 shares of its authorized new
no par value common stock and 7.333 shares of 6% cumul. non-cony. pref.
stock (new issue). The Green company operated, or had taken leases to
operate, 59 stores located in 10 States, viz: 3 stores in Connecticut; 7 in
Maine; 28 in Massachusetts; 2 in Michigan; 2 in New Hampshire;6 in New
York; 5 in Ohio; 2 in Pennsylvania; 1 in Rhode Island; and 3 in Vermont.
The company, in a letter to the stockholders, dated July 12 1929. said
in substance:
'The company recently amended its certificate of incorporation so as to
amalgamate the class A common stock, which previously had no voting
Power, and the class B common stock into one class henceforth to be designated simply 'common stock.' New stock certificates have been prepared
and are now ready for issue in exchange for the old class A and B common
stock certificates at the Brooklyn Trust Co., 26 Broad St. N. Y. City.
'
"In view of the amendment creating the new common stock as stated
above, in view of the recent issue of $733,000 of 6% cum. non-cony. pr.
stock, series B, out of an authorized issue of $750,000 of such stock, and in
view of the requirements of the laws of Delaware that stock certificates shall
set forth a summai y of the rights of all classes of stock, new stock certificates
for the pref. stock, series A, have also been prepared and are now ready for
issue in exchange for the certificates fo, pref. stock formerly held."
The stockholders on Jan. 211929. approved the above-mentioned amendment to the certificate of Incorporation and the acquisition of the Green
Stores, Inc. All classes of old common stock have been amalgamated into
-V. 129.
o
p
6 of present common stock bxchangeable share for share.
ans
1296
-Extra DiviMidland Steel Products Co., Cleveland.
dend Declared on Common and Preferred Stocks.
The directors have declared extra dividends of 72 cents per share on the
common and $1.50 per share on the pref. stock, in addition to the regular
quarterly dividends of $1 per share on the common and $2 per share on the
preferred, all payable Oct. 1 to holders of record Sept. 16. Like amounts
were paid on these issues on July 1 last. In addition to the regular quarterly
distributions, the company on Jan. 1 and April 1 last paid an extra of 48
cents per share on the common and $1 per share on the pref. stock. On
July 1 and Oct. 1 1928, an extra of 49 cents per share on the common and
of $1 per share on the pref. stock were paid. In each of the previous 5
quarters an extra of 48 cents per share on the common and 1 cent per share
-V. 129, p. 1296.
on the preferred were distributed.
-Sales.--Montgomery Ward & Co., Chicago.
1929.
1928.
1926.
Month of August
$24,955.313 $17.007,642 $13,825,103 $12,667,432
First 8 months
167,571,196 127.552,116 118,068,02' 19,867.695
-V. 129, p. 810 488.
Moody's Investors Service, N. Y. City.
-$1.13 Com.Div.
The directors have declared a semi-annual dividend of $1.13 per share on
the common stock for the second half of the fiscal year ended Sept. 30.
This dividend is payable Sept. 14 to holders of record Sept. 10. An initial
semi-annual distribution of $1.12 per share was paid on this Issue on June
15 last.
-V. 128, p. 4016.
Moon Motor Car Co.
-Meeting Postponed.
The stockholders' meeting scheduled for Aug. 30 for the purpose of
approving certain changes in capitalization has been postponed until a
later date.
-V. 128. p. 4170.
Motion Picture Capital Corp.
-To Merge With Investors
-See latter company above.
Equity Co., Inc.
Debentures Called.
The corporation has called for redemption Oct. 1 all of the outstanding
6% convertible series A debentures at 105 and int.-V. 129, p. 645.
-Change in Dividend Dates.
Motor Wheel Corp.
-
The directors have voted to change the record date for payment of cash
dividends to the 20th of February, May, August and November, payable
on the lath of March, June, September and December. Previously diva.
1602
[vol.. 129.
FINANCIAL CHRONICLE
were payable on the 20th of March, June, September and December to
holders of record the 5th of the respective months. The above change in
dates will take effect Nov. 20 and Dec. 10. respectively.
-V. 129. p. 1136.
Mullins Mfg. Corp.
-Resigns as Treasurer.
-
W. P. Carpenter has resigned as Treasurer, but still retains his position
as Vice-President and director.
-V. 129.P• 078.
National Freight Co.
-Organized.
-
slightly in excess of $1,100,000 before payment of Federal and state taxes.
reserves and co-operative fund to employees and slightly in excess of $800,000 with these deduc tions. Earnings for the first quarter of the present
year have exceeded earnings in excess of the earnings of a year ago.
The business is entirely a brokerage business in managing,selling, renting,
mortgaging and financing real estate. Entirely owned subsidiaries of the
corporation include the company known as "Noyes National" handling
the out of town activities of the corporation and "Noyes of Illinois" operating a branch office in Chicago. These offices are complete real estate
brokerage units. It is expected the corporation will shortly open a branch
at Los Angeles. See also V. 128. p. 3845.
This company has been organized to inaugurate, in the near future,
a general freight forwarding service, to be operated in conjunction with the
Pennsylvania RR. and other railroad lines. Every large city and center
of business and industry in the United States, it is announced, will be
Ogilvie Flour Mills Co., Ltd.
-Extra Dividend of $17.
served by the new company. Not only the standard box car but also
The directors have declared an extra dividend of $17 a share and the
the recently developed container car will be utilized in its operations.
the common stock, no par
Vice-Pres.; regular quarterly dividend of $2 a share on Sept. 19. An extra dividend
Officers of the company are E. C. Strohm, Pres.; A. D. Davis,
value,
payable Oct. 1
Joseph W. Nichol, Sec. & Treas., and I. Foster Murphy, Auditor. Office, of $15 bothshare was paid to holders of record of $10 per share on Oct. 1
per
on Oct. 1 1928, one
33 Rector St., N. Y. City.
1927. one of 85 per share on Oct. 1 1926. and one of $3 per share on Oct.
Mr. Strohm was formerly Chairman of United States Freight Co., 1 1925. In
was increased on this stock
while Mr. Davis served as Vice-President of the Universal Carloading & from a $5 to Dec. 1928, the regular dividend 3412.
an $8 annual basis.
-V. 127. p.
Distributing Co.
Arrangements are being rapidly completed by the company for lease of
-Exchange Offer
Pan American Western Petroleum Co.
modern and commodious station and warehouse facilities in larger cities
Expires on Sept. 17.
throughout the country, it is said.
• It is reported that the company is controlled through ownership of stock
The offer of the fiscal agents, dated July 11 1928 (V. 127. p. 272) to
by Pennroad Corp.
accept class B shares of this company in exchange for common stock of
Richfield Oil Co. of California, under the terms and conditions set forth in
-Earnings.
National Grocers, Ltd.
said offer, will be terminated as of the close of business on Sept. 17 1929.
1927.
1928.
On or prior to said date the holders of class B shares may deposit same for
Years Ended June 301929.
$504,384 exchange at either Bancamerica-Blair Corp., 24 Broad St., N. Y. City.
$585.518
Profit from operation
$695.016
111,979 or Bond & Goodwin & Tucker, Inc., 458 South Spring St., Los Angeles,
116,930
118.366
Depreciation
124.455 Calif. The two latter firms and Hemphill, Noyes & Co. are foscal agents.
117.212
Interest on 6%% gold notes
111.521
26,000
Income taxes
34,500
-V. 128, p. 3333.
79.148
74,254
Divs, on 1st pref. stock
60,034
Divs. on 2nd pref. stock
103.362
Paraffine Companies, Inc.-Acquis. Investments.
For the past four years the floor coverings of the company have been
$188,803
$251,122
Balance, surplus
$267,232
-a-lap
agency of the Cott
10,236 marketed in the eastern United States through the
100,592
Previous surplus
265,116
Co., with offices in New York City and a manufacturing plant at Somerville, N. J. The agreement with this company terminated on Jan. 1 1929.
$199,039
$351,714
Total
$532,348
outstanding
98.447 The Paraffine Companies, Inc., has purchased all of the July I 1929,
86.597
Adjustments, incl. disct. on notes- - 79,631
37,205 shares of common stock of the Cott
-a-lap Co., and since
$100.592 the manufacturing and selling organizations of that company have been
$265,116
Profit and loss surplus
$452,716
operating under it direction.
s
Comparative Balance Sheet June 30.
According to the annual report for the fiscal year ended June 30 1929,
1928.
1929.
LiabUtiles
its investments in the stocks of other companies are as follows:
Assets1929.
1928.
Land. buildings &
8% 1st pref. slur_ $702,400 $842,700
101,817 shares 7% cumul pref. stock WOO par value); 33,266 shares
equipment
$2,646,326 $2,672,234 7% 2nd pref.shs- 2.953,200 2,953,200 "A" common stock (without par value): and 5,000 shares "B" common
295,852 stock (without par value) of the Fibreboard Products, Inc. 200,000 shares
Inventories
2,523,090 2,535.887 Common stock_ _ _ x295,852
Adv. on merchan6%% gold notes_ _ 1,660,500 1,761.000 stock ($1 par value) of Plant Rubber & Asbestos Works; 1,500 shares stock
171,500 ($50 par value) of Residential Finance Co.; 5,000 shares "A" common stock
97,459
82,940 Mortgages Payable 110,000
dise purchased_
Investmls at cost_ 101,700
113,800 Bank loans and
(without par value), and 6.186 shares "B" common stock (without par
886,308 value) of California Ink Co.; 15,000 shares common stock (without par
686,480
overdrafts
Acc'ts receivable,
671,948 value) of Schumacher Wall Board Corp.; 2,190 shares common stock
656,386
leas reserve
2,204,341 2,330,196 Accts. & bills pay
16,854 (without par value) of Vitrefarx
65,751
502
18 Div. on pref. she_ _
Sinking fund cash_
the latter three companies.
49,534 less than a 50% interest is owned. Corp. Of 1138.
65,093
393,680
Deferred charges
437.530 Accr. int.,taxes,ire
-V.129, p.
Res. for deprec. of
288,849
210,207
bides. dr equip
-Stock for Employees.
Paramount Famous Lasky Corp.
29,870
48,387
Res. for conting. _
Employees are to have an opportunity to subscribe to 250.000 shares of
452,716
265,116
Total(each side).$7,967.099 $8,172,606 Surplus
the company's stock, according to a plan announced by Adolph Zukor
-V. 127. p. 1687.
x Represented by 295,852 shares of no par value.
following a special meeting on Sept. 4 of the board of directors.
At the annual meeting of the stockholders in March resolutions were
Neisner Brothers, Inc.
-August Gross Sales.
passed setting aside 250,000 shares of the company's stock for the employees
Increase. at a price
1929
-Aug.
-1928.
Increase., 1929-8 Mos.-1928.
to be set by the board of directors but not to be less than $50 Per
$5,267,342 $2,966,035 share.
$1,342,557
$785.166
$557,391 I $8,233,377
Under the plan approved by the board each department head of
-V. 129. 13• 970
.
the company will select employees who by their length of service, their
record and likelihood of future worth to the company might be entitled to
North American Car Corp.
-New Tank Cars.
by the
President Henry H. Brigham on Aug. 29 stated that the majority of the subscribe to stock. After such employees have been approved those
1,000 new tank cars, which were ordered some months ago, have been board of directors the 250,000 shares of stock will be allotted to
.... tee rate of $52 a share, and they will be allowed to pay for the
delivered to the company and are now in operation. "Notwithstanding sshtoacrke p
oer waep._v.of 9ne . e13 be1; 99i 1457 t Oct. 15 at the rate of $1 a
ver e keriod 12o. p y1 ar8 2 n.ng nex
, 1n
.
the receipt of most of the new cars from the builders, we are still operating
nearly 1,000 tank cars of other ownership," Mr. Brigham said. "The
receipt of the new cars has lessened only to a slight degree our requirement
Pathe Exchange, Inc.-Earnings.for the foreign cars we are now operating."
The corporation operates tank and refrigerator cars for handling liquid Trilleeks Ended..
July 13 '29 July 14 '28.
and perishable products of every variety, and, through wholly owned sub- Gross sales and rentals
:
113,055 J. 8,374,541
sidiaries, ventilated and refrigerated ships for the shipment of tropical fruit Cost of sales, rents and selling and adm. exP
10,397,345 10.282,624
Less amounts transferred from special reserve and810
and cars for the transportation of live poultry. See also V. 129, p. 1456.
from surplus, to absorb excess costs of sales over
Earnings for Six Months Ended June 30 1929.
1,679,207
normal costs
834,916
$418,680
Net profit after charges
50,242
Federal taxes (estimated)
Net coat of sales and rentals and expenses
$9,562,428 $8,603,416
228,874
550,626
$368,438 Operating income
Net profit after taxes
190.112
253,136
$2.71 Other income
Earns, per share on 113,874 shares common stock (no Par)
-V. 129, p. 1456.
$38,762
Total income
$803,763
Interest on funded debt and amort. of discount_ _ _
2172g
1
-Earnings.
North Central Texas Oil Co., Inc.
Depreciation on equipment
1929-6 Mos.-1928.
Period End, June 30- 1929-3 Mos.-1928.
$456,519
$215,742
$116,343
$240,227
Income from all sources_
Profit
$524,336 loss$350,050
57,896 -V.
30.766
52.891
Oper. & gen'l expense27,259
128, p:_ WU-.
188,812
49,250
94,479
27.503
Depletion
--------------------------43,085
13,995
7,453
22,774
Federal tax
-Changes Name.
Pelz-Greenstein Co., Inc.
On Sept. 3, the company changed its name to Consolidated Factors Corp.
$171,728
$94,600
$95,713
$50,621
Net inc. avail.for dim
The following will comprise the board of directors: Morris II Adler
40,- 70
,
113.452
80,952
56,726
Dividends paid
(Sec., Bonwit Teller & Co.); Benjamin Berk (Vice President); Alfred
$58,274
$13,646 Bleyer, Oscar Greenstein (President), I. Grossman, Edmund I. Kaufmann,
510,144
$38,986
Bal. ofincome to surp.
Irving
n (Pr.,
308,159 D. Emil Kleins D. Emil Klein Co.. Inc.): Iing Kohn, Edward
311,662
342,030
361.318
Previous surplus
Stern
.- n, 2 acpb6 6
Leo 1 J. o 4 anne, Hon. Algeron I. Nova, Albert
v
9 . M
Newfield, Simon Newman, Leon S. Pelz (Trea surer), William Prager and
$400,304
$321,805
$321,806
$400,304
Balance, surplus
' Henilhem
William W irYll
i.
Ohs. com. stk. outstand270,000
270,000
270,000
270,000
standing (no par)
(D.) Pender Grocery Co.
-Extra Class B Dividend.$0.51
$0.35
$0.18
$0.29
Earns, per share
'rh
The
in addieion clar
hav t de to t regularaneltra dividend of 25c. a share on the
Comparative Balance Sheet June 30.
class directorsatoestock
quarterly dividend of 25c. a share.
ed
ho
1929.
1928.
1929.
1928.
Assetsboth payable Oct. 1 to holders of record Sept 16. Like amounts were
Fixed assets
02.108,470 $2,157,037 Preferred stock___$1,000,000
y2,031.440 2,031,440 paid on this issue since and incl. April 1 1928.--V. 129, p. 1138.
Capitalstock
Cash and time de460
155,811 Accounts payable_
1,237,906
Posits
-Earnings.
Perfect Circle Co.
15,232
26,544
Fed'I income tax
227,425
Securities owned
1928.
6 Months Ended June 30
1929.
43,085
6,159 Res. for Fed. tax_
3,195
Accts.receivable
$330,887
Net income after charges dorm.and taXeS
$495,704
16,250
203.248
z79.018 Dividends payable
Deferred assets
Earns, per share on 162,500 shs corn, stock outRes. for conting_ 150,000
$2.04
$3.05
standing (no par)
Def'd credit to Inc_ 123,932
17,776
400,304
321,806 -V. 129, D. 646.
Surplus
21g17,8
$3,780,245 $2,398,027
Total(each side)83,780,245 $2,398,027
Total
x Includes mineral rights and leases (less reserve for depletion), $2,088282. lease equipment and furniture, fixtures and autos (less reserve for
depreciation). $20,187. y Authorized, 400,000 shares of no par value;
issued and outstanding. 270,000.-V. 128, p. 3698.
(The) Noxzema Chemical Co.(Balt.).-10% Stk. Div.
The directors have declared a 10% stock dividend on the class A stock,
Payable Oct. 1 to holders of record Aug. 16.-V. 122, p. 894.
(Charles F.) Noyes Co., Inc.
-Initial Corn. Div.,
Col. M. S. Keene, Treasurer, announces that the initial quarterly diviM.
dend on the common stock has been declared at the annual rate of $1.80
a share. There are 120,000 shares of common stock outstanding. The
dividend will be paid on Sept. 11 and it is expected that the next dividend
will be paid Nov. 1 and thereafter quarterly so as to synchronize with the
preferred stock dividend payments.
Preferred stock dividends at the rate of 6% have been paid regularly
every quarter since the corporation was organized on May 1 1926, to
take over the business of Charles F. Noyes established in 1898. Originally.
the preferred stock issue amounted to 32,400,000. but $1,200,000 has been
redeemed through profits and $200,000 additional from the capital funds of
the corporation, leaving only $1,000.000 outstanding.
The profits of the corporation come largely from the operations of the
last 6 months of the fiscal year of the corporation, which ends April 30 and
the policy of the corporation will be to pay extra dividends on its common
stock if earnings warrant during the last one or two quarters of its fiscal
year. Profits of the corporation for the year ending April 30 1929, were
6 mths Enm junetio_
Petnole u dedRec 3
or
fying
-Earnings.--Corp. (& Subs.).
v j 0m e.3
t o8
Net tn2 . p after846chgs , deprec. & Federal taxes-.
Earns. per sh. on 120 000 she. stk. (no par)
.
1926.
$186,126
$
1928.
5
$148
2 :227
21
S1.
-Split-U71-New Stock
1 55
-Stock Inc.
Polymet Mfg. Corp.
4% in s edkon An Annual Dividend Basis of $1 in Cash and
to bePlac cot
Upon recommendation of the directors, the stockholders at their first
annual meeting held on Sept. 3 voted to increase the authorized capitalization from 60.000 shares to 300,000 shares of no par value stock and to split
iss abiestocka oldentgresent oofuti:secotanrddinsgep3t.s1h8arles92f0or 1. The shares will be
uputhe to
stock
The directors voted to place the new stock on a $1 annual basis, payable
25 cents quarterly, the first dividend to be distributed Oct. 1 1929, to
holders of record Sept. 18. This rate is equivalent to $3 a share on the old
stock on which a quarterly dividend of 62Sic. a share was paid on July 1.
At the same time, the directors in addition, voted to initiate stock dividends on a 4% annual basis, payable 1% quarterly, the first payment
to be made Jan. 1 1930 to holders of record Dec. 20 1929.
The board of directors of the company. re-elected by the stockholders.
is itn e stituEF.osted as follows: gar: L. Schmidt, Edmund J. Sampter, Otto
N on rni,
naech amn e
terfoll sta
G
.
Judge Hadley Howd, Otto Paschkes and
Greene.
Vice-President Nat. Greene reports that sales for August amounted to.
$549,000 against 589.000 for August 1928.-V. 128, p. 4018.
FINANCIAL CHRONICLE
SEPT. 7 1929.]
-Crude Oil Shipments.
Prairie Pipe Line Co.
In Barrels1929.
January
5.914,554
February
5,203,883
5,880,545
March
April
5.952,637
6,098.692
May
6,482,036
June
7,048,297
July
August
6,929,411
-V 129. p. 980. 1139.
1928.
5,394,759
5.006,573
5,253.096
4,901,433
5,480,557
5,294,564
5,701,370
6,021,445
1927.
4.850,792
4.736,228
5,494.688
5,484,826
5,641,514
5,505,551
5.788,134
5,786,822
1926.
4,187,390
4,071.405
4,588,038
4.332,971
4,342,259
4.215,416
4,234.294
4,005.484
1925.
4,441,289
4,322,446
4.923,228
4,415,855
4,719,835
4,716.114
4,882,612
4.318,496
Pirelli Company of Italy (Societa Italians Pirelli).
Bonds Called.
J. P. Morgan & Co. as fiscal agent, is notifying holders of sinking fund
'
7% cony, gold bonds, due May 1 1952, that $87,000 of these bonds have
been drawn by lot for redemption on Nov. 1 1929 at 104. Bonds so drawn
will be paid upon surrender at the office of J. P. Morgan & Co., 23 Wall St.,
N. Y. ,
City, on Nov. 1 next, after which date all interest on drawn bond
will cease.
The City Bank Farmers Trust Co. has been appointed depositary and
transfer agent for the American shares of the Pirelli Co. of Italy. The
National City Bank of New York formerly acted as depositary.
-V. 129.
D. 1138.
-Stock Sold.
Prince 8c Whitely Trading Corp.
Prince & Whitely, have sold in units, consisting of 1 share
of preferred and 2 shares of common, priced at $75 per unit,
328,000 shares of $3 convertible preferred series A and
656,000 shares no par common stock.
The preferred stock, series A. will be entitled to cumulative preferred
dividends at the rate of $3 per share per annum, accruing from Sept. 1 1929
-M.: will be entitled in liquidation to the extent of $50 per
and payable Q.
share and divs. In preference to the common stock; and, at the option of the
corporation, will be redeemable as whole at any time or in part from time
to time at $55 per share and diva. on 30 days' notice. The preferred stock,
series A, will be convertible, at the option of the holder, at any time up to
and including the 5th day prior to the redemption date, into common stock
at the rate of 2% shares of common stock for each share of such preferred
stock. Provision will be made for the protection of the conversion privilege
against dilution in certain cases.
Transfer agents: pref. stock. Guaranty Trust Co. of New York; common
stock, The Equitable Trust Co. of New York: pref. and corn. stock, Old
Colony Trust Co., Boston. Registrars: pref. stock. Chemical Bank &
Trust Co.. New York: com. stock, The New York Trust Co., New York:
pref. and corn. stock, The First National Bank of Boston.
To be Presently
CapitalizationAuthorized.
Outstanding.
Preferred stock (no par value)
700.000 shs.1
$3 convertible preferred stock, series A
a428,000 shs.f 328.000 shs.
Common stock (no par value
b3.500,000 shs. 856,000 shs.
a Includes 100,000 shares reserved against the exercise of warrants to
be
presently outstanding.
b Includes 1,070,000 shares reserved for the conversion of the
preferred
stock, series A, to be presently outstanding and issuable upon the
of warrants; and 400,000 shares reserved against the exercise of exercise
warrants
to be presently outstanding.
Bustness.-Corporation has been formed in Delaware with broad charter
powers authorizing it, among other things, to buy, sell,
trade in, or hold
stocks and securities of any kind and to participate in
syndicates and
underwritings.
The corporation will commence business with
amount will be received by it from the sale of $25,000,000 in cash. This
the stock comprising this
offering and from the sale to Prince & Whitely of 200.000 additional shares
of common stock for $2.500,000 in cash. Prince & Whitely, in
connection
with the purchase of stock, will receive warrants entitling them to
subscribe
at any time on or before Sept. 1 1939, for 100.000 shares of preferred stock,
series A, at $50 per share and diva.. and for 400,000 shares of common
stock at $12.50 per share. All expenses incident to the organization of the
corporation will be paid by Prince & Whitely. The firm of Prince & Whitely
will deal freely with the corporation as bankers or otherwise and will
assume
full responsibility for the fairness of any transaction between them.
Directors.
-The board of directors will be composed of partners In the
firm of Prince & Whitely and their immediate associates. The
corporation
has entered into a management agreement with Prince & Whitely under
terms of which that firm will receive as compensation at the end of the
calendar year warrants exercisable within 10 years therefrom for the each
purchase of a number of shares of common stock equal to such percentage of
the
additional shares thereof issued in that year (other than stock
dividends,
split-ups and certain other stock issues excluded by the agreement)
as the
total number of shares of common stock initially called for by the
to be presently acquired by Prince & Whitely bears to the total warrants
number of
shares of common stock presently to be outstanding. The price
at which such warrants shall be exercisable shall be the average per share
issue price
of all such additional shares issued in that year, but in no event
the net asset value per share of the outstanding common stock less than
at the end
of such year or $20 per share, whichever is higher. The issue price
additional shares issued for a consideration other than cash will of such
mined by public accountants in the manner provided in the be deteragreement.
Provision will be made in certain cases for the adjustment of
purchase price and for the protection of all of the above-mentionedthe stock
warrants
against dilution.
Charter Provisions.
-The certificate of incorporation will contain provisions to the following effect, among others:
If any director shall be elected to the board of directors
without the
approval of Prince & Whitely the management contract may be
terminated
by Prince & Whitely. Upon the election of any director to the
board of
directors of the corporation without the approval of Prince &
Whitely
upon the termination of the management contract of if the investment or
of
Prince & Whitely in securities of the corporation shall be
$1,250,000. the corporation agrees at the request of Princereduced below
& Whitely
change its name so as to eliminate all reference to Prince & Whitely. to
The authorized preferred stock may be issued as part of this series
one or more other series with such variations as to the terms thereof or in
as the
board of directors may from time to time determine.
The consent of at lalst two-thirds of the total number of shares
outstanding preferred stock of this series will be necessary for any of the
amendment to the certificate of incorporation adversely affecting the
preferences
or provisions of this series; and the consent of at least two-thirds
total number of shares of the outstanding preferred stock of thisof the
series
and of any other series thereof of having a right to vote thereon
necessary for the creation of any now class of stock preferred as shall be
to assets
or dividends over the preferred stock.
Each share of preferred stock of this series and of common stock
will
have one vote.
Neither the preferred stock nor the common stock shall have pre-emptive
rights.
Listing.
-The preferred and common stocks have been listed on the
Boston Stock Exchange and have been admitted to listing on the New York
Curb Exchange on a when, as and if issued basis.
Public Utility Holding Corp. of America.
-Details of
Huge New Corporation Announced.
-
1603
(or) hold common stocks and (or) other securities. It will ho the present
policy of the directorate to limit the investments of the corporation to minority and (or) controlling interests in securities of public utility companies, both foreign and domestic. The charter of the corporation will be
sufficiently broad to enable the expansion of the corporation's business to
other fields in the discretion of the board of directors.
-The corporation will acquire from the organizers certain minorAssets.
ity interests in a diversified group of domestic public utility companies.
Upon completion of this financing, the assets of the corporation wW consist of cash and securities having a current market value materially in
excess of $40,000,000. The initial assets will be augmented through the
purchase of securities for cash. Provision will be made for the issuance of common stock in excess of the amount initially to be outstanding In
exchange for such additional public utility securities as the board of directors may designate.
Authorized.
CapitalizationOutstanding.
5,000.000 shs.
Class A stock (no par)
500.000 shs.
25,000,000 shs. 2,500.000 shs.
Common stock (no par)
The corporation will have no funded debt. The charter will'authorize
the issuance of 5.000,000 shares of pref. stock in the discretion of the
board of directors. There will also be outstanding 1.000.000 warrants
entitling the holders to purchase, in perpetuity, an equal number of shares
of either class A stock or common stock at 530 per share, and 2,550,000
warrants entitling the holders to purchase, in perpetuity, an equal number
of shares of common stock at $30 per share.
The class A and common stocks will participate equally on a share for
share basis in all dividend disbursements, there being no preference or
priority as to dividends vested in either class of stock. Assets upon dissolution are to be distributed in the same manner. Subject to any voting
rights which may be given to the preferred stock, the holders of the class
A stock will in the aggregate have 40% of the voting power and the holders of the common stock will in the aggregate have 60%•
-H. M. Addinsells, C. W. Beall, F. S. Burrouhs•. E. C.
Directors.
Granbery*, W. E. MacGregor, M. H. MacLean, and D. C. 'teaton, all
of Harris Forbes & Co.: Lawrence P. Carron, George E. Devendorf*, E.
Stanley Glines and Louis N. Seagraves, all of American Founders Corp.
•Also members of Executive Committee.
The corporation will enter into an agreement with the organizers whereby
the latter will be entitled to receive from time to time in the future one
warrant entitling the holder to purchase one share of either class A stock
or common stock in perpetuity at $30 per share upon the issuance for
value of each two shares of common stock in excess of the 2.500.000 shares
of common stock initially to be outstanding. This agreement, is to be
effective only so long as the organizers own a minimum of 500,000 shares
of class A stock and 1,000,000 shares of common stock and is not to be
effective with respect to common stock issued on account of the exercise
of warrants issued at the time of organization.
-Stock Offered.
-Neely & Co.
Radio Products Corp.
and R.W.Morley & Co.are offering 50,000 shares commons
stock at $36.50 per share. This stock has been purchased
from individuals and does not represent new financing by
the company.
Transfer agent: International Germanic Trust Co; Registrar: Manufacturers rust Co
Authorized
Outstanding.
Capitalization200,000 shs.
100.000 shs.
Common stock (no par value)
Products will own 50% of the capital stock to be presently
Vacuum Tube
outstanding.
Data from Letter of Frank Schultz, President, and D. R. Donovan,
Vice President of the Company.
Business.
-The name Radio Products Corp.lwill be assumed by Schultz
Machine Co., Inc. (the present name of the company) a corporation
organized in New Jersey in 1927. Company will acquir:e the business,
assets and processes of Vacuum Tube Products. a co-partnership now
engaged in business in Hoboken, N. J. Company will also acquire and
-story brick building,located at 548-552 South 11th St , Newark,
occupy a 3
N.J. equipped with various machines, having a daily capacity in excess
of 2,doo,000 radio tube parts, such as shields, collars, getter cups and
plates. Company also manufacturers, among other things, filament,
electrode leads, French burners and high-testing vacuum gauges. A com-making equipment has been
plete line of automatic, high-speed tube
designed and ageing, seasoning and testing racks are now in course of
production. Leading radio tube manufacturers purchase essential parts from the company.
Earnings.- he combined net earnings of the company and Vacuum
Tube Products applicable to the 100,000 shares to be presently outstanding,
after all charges, including agreed compensation of executive officers.
operating expenses of new building, and Federal income taxes, as certified
to by Lybrand, Ross Bros. & Montgomery. accountants and auditors.
together with the annual rate of such earnings and rate per share .follow:
As Certified. Ann. Rate. Per Sh.
Periods Ended July 31 1929$431,894
$431.894
$4.31
Year
591,241
344,890
5.91
7 months
809,672
67,472
8.09
Month-July
Diridends.-It is anticipated the management will recommend that this.
stock be presently placed on a quarterly dividend basis.
-Application will be made to list these shares on the New York
Listing.
Curb Exchange.
Pro Forma Balance Sheet as at July 31 1929.
Liabilities
Assets$208,367 Accts. pay. & accr. exits
$37,548
Cash
Cap.stk.(100,000 shs. no par) 250,000
Accts. rec., less allow. for doubt131,689 Earned surplus
310,443
ful sects
59,951
Inventories
190,665
Fixed assets
7,319
Deferred expenses
Total
$597,991
Total
$597,991
-Omits Extra Div.
Reo Motor Car Co.
The directors have declared the regular quarterly dividend of 20 cents
per share on the outstanding 2,000,000 shares of capital stock. par $10.
Payable Oct. 1 to holders of record Sept. 10.
The company had previously been paying an extra of 20 cents per share
quarterly. in addition to regular quarterly dividend of 20 cents per share.
Balance Sheet June 30.
1929.
1928.
1929.
1928.
MN/Wes$
Assetss
$
Capital stock ____20,000,000 20,000,000 •
Land, bides., machin'y dc equip_x10,888.459 10,034,348 Accounts payable- 1,617,280 4.038.643
194,579
Cash
5,935,926 7,250,175 Accrued payroll
302.433
Drafts outstandaz- 639.739
653,097 Federal taxes --__ 864.000 1,356,318
Receivables
3,479,378 6,494,247 City,State,county
Gov't bonds
246,457
601,399
100,000 & excise taxes_
Inventories
400,000.
14,311,175 12,889,823 Divs. declared - - 800.000
Land contracts_
141,106
142,8 9 Miscellaneous_ ___ 741,375
329,093
Deferred charges - 217.901
17,018
246.278 Deferred credits..
68,439
Inv. In other cos
11.851,433 11,407,818
117,059
91,067 Surplus
Total
36,332,143 37,902.744
36.332,143 37,902,744
Total
Our usual comparative income account for the 3 and 6 months ended
June 30 was published in V. 129, P. 647.
Details of what promises to be one of the largest public utility holding
Reynolds Brothers Inc.
-Stock Placed Privately.
and investment Corporations ever launched became available this week at
the offices of The Harris Forbes Corp.. who,jointly with American Found- Charles D. Barney & Co. have placed privately 250,000
ers Corp. and the United Founders Corp. is sponsoring this new company. shares of capital stock.
At the same time it was stated that no public offering of securities of the
Transfer agent: Bankers' Trust Co., New York: Registrar: The Equitable
company will be made, but instead dealers throughout the country will he Trust
Co. of New York.
given tho opportunity of acquiring a stock interest. Dealers may, if they
CapitalizationAuthorized.
Outstanding.
so choose, dispose of their interests publicly.
3.000,000 shs. 2.583,334 alas.
Transfer agent: The Chase National Bank of the City of New York. Capital stock (par 57.50)
The company will receive from the sale of the above 250,000 shares of
Registrar: Guaranty Trust Co. of New York.
stock to be presently issued $2,375,000 in cash.
Warrants.
-Each share of common stock will carry a svarant entitling
the holder to purchase in perpetuity an additional share of the common
Data from Letter of Richard S. Reynold, Pres, of the Company.
stock of the corporation, as from time to time constituted, at a price of
History.
-Company was organized in Delaware
$30 per share. Excepting for purpose of exercise. warrants will not be sell, trade in or hold stocks and securities of any in Feb. 1929 to buy.
kind, to participate in
detachable until Sept. 30 1930.
syndicates or underwritings. and to exerciase such other of its charter
-Is being organized by The Harris Forbes Corp., American powers as the board of directors may
Company.
Founders Corp.. and United Founders Corp. in Delaware to buy, sell and pany acquired as of April 22 1929, in from time to time determine. Comexchange for stock, various security.
1604
FINANCIAL CHRONICLE
holdings and interests of Reynolds Company,a corporation formed in 1926.
Management.—The board of directors includes R. S. Reynolds, Pres.,
Selected Industries, Inc.; C. K. Reynolds, Vice-Pres., United States Foil
Co., Inc.; and John W. Hanes, Chas. D. arney & Co.
anes,
There are no options on any unissued stock or management contracts
calling for compensation other than that to be paid to officers and employees
In the regular course of business.
Assets.—As of Aug. 22 1929, the net assets of the company (investments
at market value) together with the proceeds of the above sale of stock,
amount to approximately $29,400,000, equivalent to over $11.35 per share
of stock to be presently outstanding. The holdings of the company include
substantial amounts of securities of the following companies, with the
management of which the directors are associated: The Reybarn Co., Inc.,
Reynolds Investing Co., Inc., Selected Industries, Inc., United States
Foil Co., Inc.
In addition,the company holds a diversified list ofinvestments,including
stocks of the
companies: Allegheny Corp., American Bank Note
Co., Aviation Corp., Borg-Warner Corp., By
-Products Coke Corp., Erie
RR., General Realty & Utilities Corp. Gold Dust Corp., Kansas City
Southern Ry., Midland Bank. Missouri Pacific RR., National Bank of
Kentucky & The Louieville Trust Co., Paramount Famous Lasky Corp.,
Pennroad Corp., Standard Brands, Inc., Stone & Webster. Inc.
St. Regis Paper Co.—Reclassification Plan.—
Holders of common stock of St. Regis Paper Company will receive rights
valued at nearly $14,000,000 under a plan for reclassifying and increasing
the company's common stock,approved by the board of directors on Sept.4.
The proposals which will be submitted for vote by the stockholders at a
special meeting to be held Sept. 16 1929. include changing the authorized
1,000.000 shares of no par value common stock into 4,000.000 shares of
common stock of $10 par value each and increasing the authorized number
of shares to 7,500,000 of $10 par value. At the same time the preferred
stock of the company, which now has one vote per share, will be given a
voting power of four votes per share.
Of the increased common stock, the directors propose to offer to holders
of common stock of record Sept. 20 1929, the right to subscribe to an
aggregate of 800,000 shares of the new common stock at $25 a share. This
Is at the rate of one new share ofstock for each share of old stock then held.
Subscription warrants will expire at the close of business Oct. 21 1929. All
the 800,000 shares which may not be subscribed for by holders of subscription warrants have been subscribed for by F.L.Carlisle & Co.,Inc. at $25
a share. The St. Regis company will apply the proceeds to the retirement
of indebtedness incurred in connection with the acquisition of the business
of the Bates Valve Bag Corp. and to increase working capital.
President F. L. Carlisle in a letter to the stockholders notifying them of
the proposals, presents a consolidated balance sheet of the company as of
-for-1 split-up of
June 30 1929, adjusted to give effect to the proposed 4
common shares and the issuance of 800,000 additional shares at $25 a share.
This shows current assets of $19,017,786, including $11.381,067 cash,
against current liabilities of $2,101.701 a ratio of better than 9 to 1.
The directors have declared the regular quarterly dividend of 75 cents a
share on the no par value common stock, payable Oct. 1 to holders of record
Sept. 10.
The adjusted balance sheet follows:
Consolidated Balance Sheet June 30.
Liabilities—
Assets—
810,252,302
Fixed assets
$47,035,690 Funded debt
$955,511
Investments
z26,816,200 Notes & accts. payable
59,934
Cash
11,381,067 Advance rentals
24,805
Notes & accts. receivable-- 2,583,143 Stumpage guaranty
682,948
Dividends receivable
388,062 Dividends payable
378,504
4,627,333 Accrued accounts
Inventories
8.1g121
31,209 Reserves for depreciation
Advances
Depletion
Accr. int., dividends, &c---_
6,972
2,018,726
Life insur.prem.,sink.fds.,&c.
197,725 Contingencies
49,741
Deferred debit items
2,060,490 Miscellaneous
1,381,800
Prof. stk. of subs. company
Minority int. in corn, capital
79 900
:
4,730 853
stock and surplus
Preferred stock
stock (par $10).-__ 40,000,000
Common
25,504,408
Total (each side)
$95,127,891 Surplus
x Includes 4,102,266 shares common stock and 1,025,566 classA option
warrants of Niagara Hudson Power Corp. carried at $24,853,317 which
had a market value as of Sept. 3 1929, of $115,889,010.—V. 128, p. 3507.
Seaboard Utilities Shares Corp.—Stock Sold.—C. D.
Parker & Co. Inc. Boston; R. E. Wilsey & Co., Inc.,
Chicago; Biddle & henry, Philadelphia; Joel Stockard &
Co., Inc., Detroit; Lorenzo E. Anderson & Co. St. Louis;
Yeager, Young & Pierson, Inc., New York; Schultz Brothers
& Co., Cleveland; Kalman & Co., St. Paul; Almstedt Bros.,
Louisville; Link, Petter & Co., Grand Rapids; Reid, King
& Co., Hartford; Beyer & Small, Portland, and Richard S.
Moore & Co., Providence, announce the sale of 1,000,000
shares common stock of no par value (price at market).
Electric Co.; Pacific Lighting Corp.* Public Service Corp. of N. J.• Southeastern Power & Light Co.; Southern California Edison Co.; Standard Gas
& Electric Co.; Standard Power & Light Corp.; The Edison Electric Illuminating Co. of Boston; The North American Co.*, United Gas Improvement
Co.: United Corp.; United Light & Power Co.; Utilities & Light Corp.
Listed on Chicago Stock Exchange.
Directors.—The officers and directors now include:
Chauncey D. Parker, Pres.; Bowen Tufts, Vice-Pres.; Nicholas P. Zech,
Vice-Pres.; Merton E. Grush, Treas.; Charles R. Adams; Edward E.
Allen, Jr.; Edward L. Bennett; A. Cleveland Bent; Henry G. Beyer; Henry
D. Boenning• Howard H. Davenport; George R. S. Denton; Charles if
Donnelly; if'. L. Farrington; W. C. Fordyce; Leonard B. Gage; Charles F.
Gallagaher; Harold S. Goldberg; Bernard L. Gorfinkle; Edward M.Graham
Charles H. Hervey* J. Lewis Henry; Val B. Holman; Lorne B. Hulsman
Leonard G. Hunt; Louis G. Keyes; Clinton T. King; Harold B. Lamont
Arthur B. Lisle; Edward C. Mason; J. R. Mantos.h; Richard S. Moore
Manning W. Morrill; Harry L. Norris; Elmer G. Parsly; H. M. Parsons
Thomas
-W.Pelham; George W.Perry; Walter S. Perry; Philip B. Somerby
Harold G. Storke; V. C. Bruce Wetmore; R. E. Wilsey; Floyd W. Woodcock: H. C. Yeager.—V. 128. p. 3849.
Sears, Roebuck & Co., Chicago.—Sales.-
1927.
1926.
1928.
1929.
Month of August
$35,132,543 $28,985,684 $23,969,681 $19.604,621
First8 months
261.361,020 201,361,086 174,656,950 166,237,920
—V. 129. D. 1300, 1140.
Second General American Investors, Inc.—Merger.--
See General American Investors Co., Inc. above.—V. 129, p. 1140.
Selected Investment Trust, Inc.—New Trust Formed.—
A new investment trust has been formed by a group of prominent Philadelphians with the Real Estate-Land Title &
Trust Co., Philadelphia, trustee. A unit composed of 25
of outstanding corporations totalling 156 shares of stocks
is deposited with the trustee against which is certified
1,000 selected trust shares.
This trust differs principally in that management features play an
Important part. A purely fixed or rigid trust does not permit the trust
management to substitute securities to avert loss or to sell securities,to
take reasonable profit. In Selected Trust Shares the best features of the
fixed trust are retained while ample provisions are made for management
to meet unforeseen conditions as they may arise, viz.: Sales to avert or
minimize loss or sales for profit. A reserve list is set forth showing the
stocks which may be substituted for those sold out of the Primary Portfolio.
Bearer certificates in coupon form in denominations of 5, 10, 26, 50, 100,
500 and 1,000 shares. Semi-annual dividends payable March 1 and Sept. 1
at the office of the trustee in Philadelphia or at any other designated paying
agency in the United States. Provision for registration as to principal only.
Stated termination of the Trust Sept. 1 1949, with provisions for prior
termination or for extension for period not exceeding 5 years. In the opinion
of counsel the certificates are free of normal Federal income tax; free of the
state inheritance tax except in State of residence.
Primary List.—Trust Fund Portfolio applicable to one unit.
No.of
10 20. International Sec. Corp.—A.
Shares.
20 Sterling Sec. Corp., Pref.
6 American Founders Corp.
10 Sterling Sec. Corp., common.
3 American Tel. & Tel. Co.
5 Union Carbide & Carbon Corp.
7 Chesapeake Corp.
6 United Aircraft & Trans. Corp.,Pfd.
5 Electric Bond & Share Co.
5 Anaconda Copper Mining Co.
7 General Foods Corp.
2 Atchison, Topeka & Santa Fe RY.
8 General Public Service Corp.
3 Du Pont (E. I.) de Nemours & Co.
5 Fidelity-Phoenix Fire Ins. Co.
5 International Tel. & Tel. Co.
10 Kreuger & Toll Co.
2 General Electric Co.
4 International Harvester Co.
8 National Dairy Products Corp.
8 Standard Oil Co. (Ind.)
3 Newmont Mining Corp.
2 Union Pacific RR.
4 North American Co.
3 United States Steel Corp.
5 Public Service Corp. of N,.7.
Also cash and government securit es in dividend reserve applicable to
one unit. Cash and securities in surplus account applicable to one unit.
Note.—All stocks are common stocks except where otherwise designated.
Each Selected Trust Share, irrespective of date of issue, ranks equally
with all other shares and each share represents a 1-1000 interest in certain
securities and cash as included in the primary list set forth above but as the
same may be from time to time.followed with due publicity. Each standard
investment unit comprising the securities and cash as above set forth and
as the same may be from time to time, is deposited with the trustee, and
title to these securities and cash is vested in its name. For each unit of
securities and cash thus deposited the trustee issues 1,000 Selected Trust
Shares. The holder of these trust shares thus knows in what securities of
the primary list his money has been invested. He further has a definite
proportionate share in the securities and cash funds contained in the dividend
reserve and surplus account.
Directors.—George M. Bridgman, Pres. (Dir., Fidelity Mutual Life Ins.
Co., Vice-Pres., Hajoca Corp., Dir., Commerical National Bank & Trust
Co.); Joseph Bernhard, Vice-Pres. (Dir., Sylvania Ins. Co., Dir., Commercial National Bank & Trust Co., Vice-Pres., Investment Bond do
Securities Corp.): Jeffrey A. Stone, Sec. & Treas.(Treas.,Investment Bond
& Securities Corp.); John Fisler (Pres., Yewdall & Jones Co., Dir., Belmont
Trust Co.); Theodore J. Grayson (Prof. of Finance, Wharton School,
Univ. of Penn., Treas., New Jersey Utilities Assn., Vice-Pres. and Dir.,
Penn Colony Trust Co.), Morris Wolf (Wolf, Block, Schorr & Solis-Cohen,
Dir., Colonial Trust Co., Dir., Warner Bros. Pictures, Inc.).
Reserve List.—Under the conditions set forth in the trust agreement, substitutions of securities may be made only from the reserve list. This reserve
list has been prepared upon the same principles and in exactly the same
way as the primary list. This reserve list may be changed from time to
time and subtractions or additions made therein as the trust management,
in its discretion, may decide.
Dividend Reserve.—A dividend reserve will be accumulated from any excess
of dividends received over dividends paid out as provided in the trust agreement. Appropriations may be made by the trust management from time to
time from surplus account to dividend reserve. The purpose of the dividend
reserve is to equalize variations In yield and to provide investors with a
steady income. Funds in the dividend reserve held by the trustee for the
holders of Selected Trust Shares, may only be kept in cash or invested in
U. S. Government securities.
Surplus Account.—A surplus account will be accumulated out of the
proceeds of the sale of any rights, stock dividends. &c., and also from
any profits derived from the sale of securities in the investment unit, and
will be held by the trustee for the benefit of the holders of Selected Trust
Shares. Sleeted Investment Trust, Inc., has created an original surplus
equivalent to $1 per share of the first investment unit. The purpose of the
surplus account is to furnish additional reserve for the shareholders of the
trust, and also to afford a method of obtaining additional profit. The
surplus account may be invested by the trustee in the discretion and at the
direction of the trust management without restrictions to securities contained in the primary or reserve lists, as provided in the trust agreement.
of the seuiice of Seleched
Compensation of Management.—Includedintheprng prloe, w tiohTrus
hares is a sales charge of less than 83i%
compensation is received by Selected Investment Trust, Inc. Selected Investment Trust, Inc., pays all advertising and administration costs, sales
expense, statistical and clerical work, legal fees and other items of overhead
and operating expense. To assure holders of Selected Trust Shares of continued careful management and as compensation for the management of the
trust, Selected Investment Trust, Inc., also receives a semi-annual management fee of 1-6th of 1% of the total assets of the trust. This fee is deductible
from the income received by the trustee as set forth in the trust agreement.
The trustee is compensated for its services by a semi-annual fee of 1X cents
per share, which is paid to it for general administration of the trust securities
and includes the receiving and handling of all incoming funds and the payment of all dividends together with the necessary bookkeeping. In addition
the trustee is entitled to charge $1 for all certificates registered, except the
original registration thereof. Conversion and redemption fees and fees
payable on surrender of Talons and dissolution of the trust are also provided
for in the trust agreement.
Transfer agent: Old Colony Trust Co. of Boston, and Continental Illinois
Bank & Trust Co., Chicago; Custodian: The First National Bank of Boston;
Registrar: The National Shawmut Bank of Boston, and Chicago Trust
Co.. Chicago.
Capitalization.—Authorized 2.500.000 shares; outstanding 1.000.000
shares. The shareholders have full voting rights.
The directors, officers and bankers are receiving no bonus or management
shares from the company. An option maturing April 1 1932 on 500,000
common shares at $15 per share has been given to the bankers in consideration of their payment of organization, taxes and other expenses having to do
with the formation of the company and the issuance of the original shares.
Purpose.—Corporation now owns and will acquire additional securities of
electric, power and gas companies and of holding companies owning shares
of utility companies serving the territory principally east of the Mississippi
River, and all proceeds received from the sale of these common shares by
type.
of securities of
the corporation will be devoted to the purchase cost, securities thismany of
of
Assets.—Corporation's portfolio includes, at
the company's leading utility companies. The corporation is restricted by
vote to invest not over 10% of its assets in the securities of any one company, to make no investments in companies whose only property is under
construction and not to purchase the control of any operating property.
Shareholders are assured of the corporation's funds being at all times
invested in a well-diversified list of approved utility securities of established
standing.
Corporation's Income.—Corporation's income is not subject to any
management fee. The income is derived from interest, cash dividends,stock
dividends, rights and realized profits. which will accrue to this corporation
for the benefit of the common shareholders and which will be distributed
In accordance with the dividend policy of the corporation.
Dividend Policy.—The dividend policy of this corporation is to distribute
in cash dividends, cash received from cash dividends, interest, and a
reasonable proportion of the net trading profits. The balance, together
with stock dividends and rights received and realized on, will be used to
further build up the surplus of the corporation against which stock dividends
may be issued from time to time. An initial dividend of 1234 cents per
share was paid July 1 1929 to shareholders of record June 15 1929. In addition over 20 cents per share was carried to surplus after a reserve for taxes
and expenses.
Portfolio.—Corporation owns shares in more than 75 utility corporations
and associations (operating and holding) including the following:
Allied Power & -Light Corp.' American Commonwealth Power Corp.
American Gas & Electric Co.;'American Light & Tract. Co.; American
Power & Light Co.; American Super Power Corp.; American Tel.& Tel. Co.:
American Water Works & Electric Co., Inc.; Associated Gas & Electric Co.;
Central States Electric Corp.; Cities Service Co.; Cleveland Electric Illuminating Co.; Columbia Gas & Electric Co.; Commonwealth & Southern Corp.;
Consolidated Gas Co. of N. Y.; Consolidated Gas, Electric Light & Power
Co. of Baltimore; Detroit-Edison Co.; Electric Bond & Share Co.; Electric
Investors. Inc.; Electric Power & Light; Engineers' Public Service Co.
Instill Utility Investments, Inc.; International Hydro Electric Co.: Inter.
g29 A .. 1ver &
sLtet
t 192 .
S
8
national Utilities Corp.; Massachusetts Utilities .Associates; Middle West
Utilities Co.; National Power & Light Co.; New England Power AssociaPublic Service Co.; Niagara Hudson Power Corp. $7v ,3 2 p. 9 5
8 4 9.
—1. 1 5
$4.
829,622
tion; New England
Northeastern Power Corp.; Northern States Power Co.: Pacific Gas &
[VOL. 129.
Bros. Co.—August Gross Sales.—
Increase.' 1929-8 Mos.-1928.
$258,7231$4.534,735 $33,541,668
Increase.
$1,993,067
SEPT. 7 1929.]
FINANCIAL CHRONICLE
-Comparative Balance Sheet.Sharp & Dohme, Inc.
AssetsJune 30'29. Dec.31 '28. LiabilUies- June 30'29. Dec.31 '28.
Cash
$598,438 $377,693 Accounts payable_ $94,179 $104,715
70,303
133,598
Accts. receivable - 1,063,663 1,296,134 Federal taxes
75,472
18,244 Res. Federal tax
Notes receivable__
14,910
970,000
1,358,155 1,346,391 Preferred stock_
Inventories
5,581 Common stock _- 4,000,000 3,000,000
Investment
5,706
. 884,677
981,418
Land, bidgs., &c
1,521,309 1,398,634 Paid-In surplus_ _
642,929
80.573 Earned surplus_ _ _ 850,932
95,645
Prepayments
98,287
100,787
Deferred charges
Total (ea. side)_$5,975,564 $5.832,660
Tr.
-mks., pats.,&c 1,216,950 1,211,122
Our usual income account for the 6 months ended June 30 1929 was
published in V. 129, P. 982-V. 129, P. 1301.
-Earnings.
Simmons Co.
1929.
1928.
6 Months Ended June 30Net profit after deprec. & other charges but before
$3,511,675 $2,501,438
Federal taxes
Consolidated Balane,e Slice June 30.
1929.
1928.
1928.
1929.
Liabilities$
$
$
Assets$
Property 6. plant_27,297,314 26,290,679 Common stock- _x25,082,065 25,082,065
Pats., goodwill, &c 1,265,557 1,331,411 Accts. & notes Pay 6,382,961 3,221,714
473,659 Res. for depr., &c_11,468,341 10,474,010
6,255,090
Investments
7,951,056 6,345,464
979,561 Surplus
887,012
Cash
Accts.& notes rec. 6,769,418 6,927,723
7,398,302 8,081,417
Inventories
195,360
Prepaid ins., &e_ _ 279,001
843,443
732,730
Deferred charges
•
1605
divided into two parts. One part is payable to the manufacturer's shares
held by Squibb, and the other part is payable to the druggist members as a
participating profit. The druggist share is to be based on the amount of
his purchases and not upon the amount of his stock holdings in the plan.
All distributors' shares are preferred as to dividends and as to assets
up to $50 per share and accrued dividends and are entitled to one-half of
all surplus assets in the event of dissolution. Druggists,after receiving their
6% dividend, will participate in the profits in direct proportion to their
purchases of merchandise.
To insure the closest co-operation between manufacturer and distributor,
the Squibb company proposes to elect 4 directors from the retail drugttradu
to the board of the Squibb Plan.
Through the income on the Squibb common stock, the druggists w:11
participate in the prosperity and development of the Squibb company.
Through the shareholders' contract, druggists will participate in profits in
direct proportion to their purchases, the amount to be received by the
druggists approximating one-half the average profit obtained by the Squibb
company on its sales during the year 1928.
At the present time, the Squibb company sells to over 700 physicians'
supply houses and wholesalers, to over 700 boards of health and nearly
1,300 medical clinics, and to about 5,000 hospitals, in addition to more
than 27,000 retail druggists. Its annual sales are now more than 4 times
greater than they were 8 years ago and its net profits in the last fiscal
year were some 7 times greater, although in the intervening years the
company spent in the neighborhood of $14,000,000 for scientific research
-V. 127, P. 2551.
and for educational activities.
-Listing.
Standard Investing Corp.
The New York Stock Exchange has authorized the listing of 147,894
shares, now issued and outstanding; 39,292 shares on official notice of
Issuance on exercise of warrants attached to shares of preferred stock,
Total
50,884,424 45,123.253 $5.50 dividend series, and 100,000 shares on official notice of issuance on
50,884,424 45,123,253
Total
-year 5 % convertible gold debentures, making
conversion by holders of 10
-V 129, p 983.
x Represented by 1,100,000 no par shares.
the total applied for 287,186 shares of common stock.
Exchange
Sloss Sheffield Steel & Iron Co.-Bal. Sheet Jane 30'29. in The statement made to the of July 31contains a list of securities held
1929, having an approximate
the company's portfolio as
[After giving effect to the sale of $6,500,000 1-year 6% notes and the market value of 511,612,630.-V. 129, p. 1301.
-year
application of the proceeds thereof to the payment of $3,277,000 10
-year 6% purchase money
6% sinking fund gold notes and $2,103,000 5
-Comparative Balance Sheet.
Standard Oil Co.of Kansas.
lien notes,due Aug. 1 1929, and of $1,000,000 bank loans and to the increase
June 3029. Dec.31'28
LiabilitiesJune 3029. Dec. 31'28.
Assetsof working capital.]
Capital stock
$8,000,000 $8,000,000
Property, plant &
LiabilitiesAssets
-_x$3,749,451 $3,480,184 Accounts payable
591,415
728,624
equipment$771,159 Accounts payable
$346,257
Cash
561,347
101,407
66,697 Accrued interest
134,500 U.S. Govt. bonds_ 2,078.185 2,304,835 Surplus
Bills receivable
Other investments 232,200
723,248 Int. on bonds on prop. purch_
27,911
Accounts receivable
Taxes
Crude oil & refined
Inventories
1,692,797 1,713,425
s Inc.tax balance 1928_
al
N1,174
products
08:069
2 914
9
Other assets
282,717
504,162 Est. Federal taxes 6 mos_ _
Securities owned
47,238 Materials & supp_ 277,903
179,484
210,710
28,824,254 1-year6% notes
Permanent assets
6,500,000 Cash
400,000
137,357 Deferred income
Demand loans_ __ _ 100,000
25,944
Deferred charges
811,516
469,386 Total(each side)_$9,152,762 $8,830,031
Reserves
694,048 Accounts recelv__
Preferred stock
6,700,000
x After depreciation of $2,888,242
Common stock
10,000,000
Our usual income account for the 6 months ended June 30 1929 was
$33,799,987 Surplus
Total (each side)
9,196,108 published in V. 129, p. 983.
-V. 129, p. 649
Southern Pacific Golden Gate Co.
-Listing, &c.
-
The San Francisco Stock Exchange has authorized the listing of 156.750
shares class A stock, of no par value, and 262,260 shares class B stock, of no
par valise.
The company has no funded debt, except indirectly in that it owns all
of the issued and outstanding stock of the Southern Pacific Golden Gate
Ferries, Ltd., which has outstanding $10,000,000 1st mtge. 53i% sinking
fund gold bonds, duo 1949. The Southern Pacific Co. owns $5,000,000 of
these bonds.
The holders of class A stock are entitled to cumulative dividends at the
rate of. and limited to, $1.50 a share per annum after all dividends have
been paid to holders of preferred stock, and before any dividends on the
class B stock are set apart. All or any part of the class A stock may be redeemed at the option of the board of directors on any dividend payment
date upon notice of at least 60 days at $27.50 per share and diva.
The company was incorporated on April 22 1929,in Delaware as a
company to own all of the issued and outstanding capital stockholding
of the
Southern l'acific Golden Gate Ferries, Ltd. This latter company was
organized on Feb. 18 1929 in California under a charter with a duration of
50 years. Tho Southern Pacific Golden Gate Ferries, Ltd., has acquired
the properties of the Southern Pacific Co., Central Pacific Ry., South
Pacific Coast Ry. and Northwestern Pacific RR. which were used by them
exclusively in the vehicular ferry business on San Francisco Bay; and all
of the properties of the Golden Gate Ferry Co., Monticello Steamship
Co. and Golden Gate San Rafael Ferry Co. The company, therefore,
represents a consolidation of all vehicular ferry services now operated between San Francisco and Oakland, Alameda, Berkeley, Richmond, Sausalito
Tiburon and Vallejo, Calif.
The Southein l'acific Golden Gate Co. is a subsidiary of the Southern
Pacific Co., which owns 210,000 shares of its class B stock, which constitutes a majority of the outstanding voting stock. The Southern Pacific
Co.also owns 23,150, or a majority of the outstanding shares of the Southern Pacific Golden Gate Co. preferred stock.
The company owns no real estate. Its entire capital assets consist of all
the issued and outstanding shares of the capital stock of Southern Pacific
Golden Gate Ferries, Ltd.
The latter owns terminal property in fee at Vallejo, Sausalito, Berkeley
and Oakland. Calif., and has land under lease at Oakland, Alameda,
Berkeley, and Richmond, Calif.
The annual dividend rate on the class A and class B stock is $1.50 per
share, which is payable quarterly on the 15th day of February, May,
August and November. These stocks arc ex-dividend on Jan. 31, April 30',
July 31 and Oct. 31.
The board of directors consists of S. P. Eastman (President), E. H
Maggard (Vice-Prosident), B. H. Dibblee, J. H. Dyer, Milton H. Esberg,
E J. Foulds, P. S. McGinnis, Paul Shoup and A. 0. Stewart, all of San
.
Francisco, Calif.G. L. Ring is Secretary and C. M. Scott, Treasurer.
-V. 128, p. 3701.
-Increased Common Stock Placed
Sparks Withington Co.
on a $1 Annual Dividend Basis.
The directors have declared a quarterly dividend of 25c. a share on the
increased common stock, placing the issue on a $1 annual basis. This is
equivalent to $1 quarterly or $4 annually on the old common stock and
compared with the old rate of 75c. a share quarterly, or $3 annually, paid
pay
before the recent 300% stock dividend.
able Sept. 30 to holders of record
The dividend just declared is
Sept. 14.-V. 128, p. 3849. 3701.
-Financing.
Starrett Corp.
New financing to be undertaken shortly will include an issue of $15.000,000 % cumulative preferred stock (par $50) with common stock purchase
Privilege, which will be offered for public subscription by G. L. Ohrstrom
& Co., Inc., Brown Brothers & Co.. Edward B. Smith & Co., Janney &
Co. and Graham. Parsons & Co. After April 30 1930, the holder of each
share of this preferred stock will be entitled to purchase one share ofcommon
at the following prices: To and including April 30 1931, at $29 a share:
thereafter to and including April 30 1933. at $35 a share, and thereafter, to
and including April 30 1935, at $50 a share. The stock purchase privilege
will be void after the last mentioned date. The common stock is listed on
the New York Curb Exchange and the Boston Stock Exchange and is
currently selling around 41.-V. 129, p. 983.
-Earnings.
Sterling Securities Corp.
The company has reached a new high earning capacity according to a
statement made by Ilugh R. Johnston. Vice-President and Treasurer.
Mr. Johnston points out that as of Aug. 24 1929, the earned surplus, including a contingent reserve of $300,000. amounted to $2,163,440. In
addition, the company has in its portfolio unralized profits amounting to
$5,572,417 so that the total additions to capital, realized and unrealized,
amounted to $7.735,857.
The new realized earnings of the company for the period from Jan. 1
1929 to Aug. 24 1929 after deducting all expenses and taxes and dividends
on the preference stock amounted to $1.762,919, equivalent after participation of the class B stock to $2.34 per share on the class A common stock.
Figuring on an annual basis, the company's cash earnings are at the rate
of $3.62 per share per year on the class A common stock.
During the same period the value of the company's portfolio has appreciated in value $3,693,150. This increase in the unrealized profit is
equivalent, after participation of the class B shares and allowing for taxes
as though the profit had been actually taken,to $4.04 per share on the class
A common stock.
The toal realized and unrealized earnings on the class A common .stock
during the period mentioned amounts to $6.38 per share, or, at the annual
-V. 129. p.1141.
rate of $9.90 per share.
-Shipments Inc.
Stutz Motor Car Co. of America,Inc.
Domestic shipments during August, were 50% greater than during July
and 78% more than in August last year. Notwithstanding the fact that
Stutz has always exported an extraordinarily large percentage of its out
Put, overseas shipments for August of this year were the largest the company has ever known, a gain of 235% over the preceding month being
chalked up in deliveries to foreign markets. Export shipments were also
68% greater than in August 1928.
Unfilled orders on hand to-day are greater than they were the first of
August.
-V. 129. p. 1141.
-Earnings.
-Super-Maid Corp.(& Subs.).
6 Months Ended June 30Sales
Cost ofsales
1929.
1928.
$2,398,255 $2,442.183
812,325
936,390
Cross profit
Selling & administrative expense
$1,585,930 $1,505.793
881,518
732,302
Net profit on sales
Other income
$704.412
11,671
$773,490
10,724
-Profit Sharing Plan.
(E. R.) Squibb & Sons.
$716,083
Totalincome
$784,214
55,303
A plan under which more than 20,000 retail druggists throughout the Bad debts
58,152
country will be eligible to share in the profits ofthis company,internationally Bank exchange
3,887
2,936
known manufacturing chemists, has been developed and is being announced Discount on sales
13,217
14,958
The purpose of the plan, according to Interest on notes payable
4,356
by President Carleton It, Palmer.
2,463
Mr. Palmer, is to bring about a closer alliance through mutual interest Loss on sale ofassets
201
619
between manufacturer and distributors. The company believes that the Provision for Federaltaxes
75,000
90,000
trend of modern business is definitely in the direction of tuutualization of
interest and that the future of the distributor and of the independent manu(adjust. per agreement with John
Net profit
facturer must lie in this closer affiliation, if both are to profit.
Burnham & Co.)
$564.118
$615,086
Stock ownership in this company, which was founded in 1858, has been Non-recurring items (officers salaries, bond int..
and members of the organization. In
confined practically to the officials
&discount
34,969
1920 the company for the first time sold $1,000,000 of partic. 1st pref.stock
to its friends in the drug trade. This stock was re-classified in 1928 at a
Net profit per books
$564,118
$580.117
their original investment.
profit to the druggists of over 100% on
Earns, per sh.on 150,000 shs.com.stk.(no par val)
$3.76
$3.87
For the operation of its plan, the company has formed a Delaware subConsolidated Balance Sheet.
in
sidiary to be known as The Squibb Plan, Inc., having an equal number
June 30'29 Dec.31'28
LiabilitiesAssetsholding Squibb
June 30'29 Dec.31'28
of manufacturer's and distributors' shares.
750,418 Net worthPayable.$2,506,083 $2,070,054
franchises will be invited to subscribe to units of 10 distributors' shares Plant & equipment x$760,117
170.191
277,787 Accounts
Cash
for each retail store owned or operated by them.
1,282,812 1,040,173 Notes Payable_ _ _ _
For each share of distributors stock issued, E. R. Squibb & Sons agrees Accts.receivable
150,000
128,845
148
3,064 Accrued payroll &
to sell to The Squibb Plan ono share of its common stock up to 50,000 Notes receivable... 659,193
506,352
comm.,&c
shares. In addition, the Squibb company agrees to pay into the treasury Inventories
31,400
26,255
3,425
3,425 Res.for Maur
Squibb Plan, Inc., 10% on the actual purchases of all members of Cash val.life insur.
6,984
of the
7
13 es. for taxes__ _ - 153,837
on the increase in purchases over
accrued.expe
R .._
148,974
The Squibb Plan, and 10% additionalamounts,
30,249
together with the income Prepaid
nsexpense..
18,438 Divs.pay.Feb.1'29
150,000
the preceding year's purchases. These
902
from Squibb company common stock, are pooled in the treasury of The Deferred charges
Squibb Plan, Inc.
$2,906,144 $2,600,575
Total
Total
$2,906,144 $2,600.575
Before any profits can be distributed, the member druggist must receive
6% as a preferred dividend on his preferred shares. The remainder is then -V.129. P. 143.
FINANCIAL CHRONICLE
1606
-Balance Sheet June 30.
Stewart-Warner Corp.
1928.
5
1929.
5
AssetsLand, bidgs., mach.
& equipment__x16,800,353 14,199,845
1
Pats.,g'd-will, &c.
7,071,017 5,194,069
Inventories
Accts.& notes rec_ 4,947,189 3,985,421
U.S. Govt.securs.f2,703,0881 951,856
1,933,880
Inv. in mktble sec.1
1,937,295 2,476,055
Cash
762,841
497.107
Deferred charges
Emit. install.accts.
1
978,252
recelv
1928.
1929.
LtaidlUtesCapital stock......:12,240,000y19,155,459
749,190
Stock dive. pay_ __
1
Accts. & vouchers
2,155,854 1,235,895
Payable
Taxes, roayaltles,
920,478
706,840
&c.. accrued_ _ _
Provision for Fed483,342
564,972
eral taxes
18,517,446 7,709,699
Surplus
[VOL. 129.
-Correction.
Willy-Overland Co.
In the company's semi-annual statement for the six months ended June
30 1929 (not 19281 published in our issue of Aug. 24, p. 1279. the liability
side of the balance sheet for 1929 should have included the 54.000,000 1st
mtge. 6f4s outstanding. With this figure the 1929 column will foot up
-V.129, p. 1279,1304.
$87,218,483, the amount given.
-August Sales Increase.-Woolworth Co.
1028.
Increase
1929.
524,446,010 $21,811,872 $2,634,s38
August
182,777,182 167,680,209 15,096,983
Eight months
President Hubert T. Parson said:
"Business is well diversified all over the country. Our gain in August
was unusually good and came from pretty near all districts. We were
affected somewhat in New Orleans, where we have three large stores, by
the labor troubles there. But the general trend of business is good.
34,934,302 29,504,873
Total
34,934,302 29,504,873
Total
"I look for a big fall business starting this month and running to the end
sales gains but not as
xAft,er deducting reserve for depreciation. y 599,990 shares of no par of the year. Last year the final 4 months showed
large as in the first 8 months. This year. however, business has a real
value. z Par $10.
show substantial gains
Our usual comparative income account for the 3 and 6 months ended momentum and our sales to the close of 1929 should gain in sales shown in
over that period last year. Just continuing the 9%
June 30 was published in V. 129, p. 1460.
the first 8 months this year will put us to our anticipated year's business of
-'Bonds Called.Avenue,
345 Madison Avenue Inc.
5310.000,000.
"Our stores are well stocked with goods this fall for a large shopping
mtge. gold bonds dated April 1 1924.
All of the outstaning 6SS%
than the first of the year.
numbered 124 to 935. incl.. have been called for redemption on Oct. 11920 season. We have 1,802 stores operating, 77 more
N.Y. City.
The old stores in August contributed $1,603,217 of the month's gain,
at 101SS and int, at the Irving Trust Co., 60 Broadway,
increase in old store sales of 7.40%; for the 8 months they were responsible
-New Chairman, &c.
for $6,783,657 of the gain, an increase in their sales of 4.11%."-V. 129,
Transcontinental Oil Co.
Amos L. Beatty has been elected Chairman of the board of directors, P. 985.
succeeding C. H. Huston, resigned.
The following new directors were elected: M. G. B. Whelpley (ViceCURRENT NOTICES.
Pres. of Chase Securities Corp.); Theodore Schulze (Pres. of Theodore
Schulze Co., Inc.); and Edward Robinette of Philadelphia (Pres. of Stroud
Moulding Business Executires.
& Co.). They succeeded M. L. Benedurn, A. B. Daily. Jr., and J. L.
large
-V.129, p. 816.
Kirkland, whose resignations were accepted.
-Representative programs which are being undertaken by several
of developing
- commercial and industrial establishments for the purpose been incorTriplex Safety Glass Co. of North America, Inc.
have
future department heads, supervisors, and senior officers,
which
Omits Final Dividend.
porated into a report entitled "'Training Plans for Junior Executives,"
The directors have announced that no final dividend on the common has Just been published by the Policyholders' Service Bureau of the Metroshares would be declared. An interim dividend of 5% was declared on this
courses
politan Life Insurance Co. The report relates some of the training
stock in March, while a year ago a final dividend of 15% was declared.
value to
It was stated that accounts for the year ended June 30 showed that a which are finding successful application, and therefore may be of
had been sustained ha the development stage of the now those who are dealing with the problem of building up material for executive
considerable loss
factories during their first year of production. The balance of profits
programs selected are described at some length,
after deducting this loss is too small to Justify the dividend. The difficulty responsibility. Many of the
Bethlehem Steel Co.,
is expected to be merely temporary, as sales at present are expanding.
-V. and include those which are being employed by the
Jordan Marsh
128, p. 2107.
Standard 011 Co. of New Jersey. Henry L. Doherty & Co.,
The foreword to the
- Co., R. H. Macy & Co., and General Motors Corp. prospective duties is,
Power Shares, Inc.
United States Electric Light &
report states that "Training Junior executives for
Larger Dividend.
publication
properly, one of the interests of progressive management." The
announces that the quarterly dividend (No. 11) due
The corporation
be of especial interest to personnel officers and other industrial
Sept. 1 on trust certificates, series A, is payable at the rate of 83 cents per should
comprehensive plans
share. with 556.31 per unit accruing to tho reserve fund. The June 1 executives who are concerned with the working out of
-V. 129, p. 1461.
for the education of their future key personnel. Copies of "Training Plans
dividend was payable at the rate of 64 cents per share.
for Junior Executives" may be secured by interested business men on
-Bonds Called.
United States Steel Corp.
to the Policyholders' Service Bureau.
-60
All of the outstanding 10 -year 5% sinking fund gold bonds have application
been called for redemption Nov. 1 next at 110 and interest, at the office
-Strabo V. Claggett & Co.. Inc.. of Boston, have completed a program
23 Wall Street. New York of expansion including the opening of enlarged offices at 120 Broadway,
of J. P. Morgan & Co., sinking fund trustees,
-V. 129. p. 1461.
City.
according to an announcement by C. S. Schindler, Executive Vice-President
-Larger Dividend.
and General Saiesmanager, who makes his headquarters in New York.
United States Tobacco Co.
The directors have declared a quarterly dividend of $1 per share on the A new office has been established in the Fidelity Philadelphia Trust Buildcommon stock, no par value, payable Oct. 1 to holders of record Sept. 16. ing in Philadelphia under the management of Barton B. Quirk. Other offices
This compares with quarterly dividends of 75 cents per share paid on this
N. Y.. in
Issue from July 1 1922 to July 1 1929. incl. A 20% stock distribution was have been opened in the Liberty Bank Building in Buffalo,
charge of Frank C. Diem,formerly Assistant Vico-Prealdent of the Liberty
made on April 16 1923.-V. 128, p. 1547.
National Bank and in the Washington Building, Washington, D. C., under
-Earnings.
Universal Pictures Co., Inc.
May 4 1929. May 5 1928. the direction of E. Joseph Aronoff, formerly director of the International
6 Months Ended5651.133 Exchange Bank.
$46.171
Net profits after charges & Federal taxes
-sr. 128. P. 3206.
-Announcement has been made of the election of Robert S. Binkerd
--Earnings.
to the presidency of the United States Shares Financial Corp.. an investing
Utah Radio Products Co.
months ended Juno 30 1929, net income company of the general management type recently organized by United
The company reports for the 11
of $617,083 after charges, equal to $2.46 a share on the 249,000 shares of States Shares Corp. The latter companris an investment management
-V. 128, p. 419.
capital stock outstanding.
organization which is handling the portfolios of nine investment trusts.
-Definitive Bonds Ready.
Mr. Binkerd was formerly a partner in the New York Stock Exchange
Warner Co.
that definitive bonds (with warrants) firm of James H. Oliphant & Co., and previous to that, was vice-chairman
Dillon, Read & Co. announce
representing 57,000.000 Warner Co. 1st mtge. 6% sinking fund bonds, due of the Committee on Public Relations of the Eastern Railroads.
April 1 1944, will be exchanged for interim receipts at the Tradesmen's
-In order to serve more efficiently its clientele in New Jersey, Spencer
National Bank & Trust Co., Philadelphia, Pa. (See offering in V. 128,
P• 2290.)-V. 129, p. 1304.
Trask & Co. have established a branch office in the Federal Trust Building.
Newark, N. J., under the management of John F. Dolan.
-Earnings.
Warren Bros., Co.
1928.
1929.
Direct wire connection with the main office at 25 Ilroad St., New York,
6 Albs. Ended June 30-$527,000 will make available to this branch office the firm's private wire system to
$1.368,000
Net profits after all charges except taxes (est.).-V. 129, p. 299.
important financial centers.
-Earnings.
-Among the current changes of personnel in the securities field, one that
Warren Foundry & Pipe Corp.
1926.
1927.
1928.
1929.
Is indicative of the widespread interest in New York City bank stocks is
6 Mos. End. June 30Sales & ry.oper. revenue $2,075,053 $2,120,414 52.390,752 $2,627,591 the announcement of the resignation of Mark W. Becks as manager of
Cost of sales & ry. oper.
1.795,144 x1,993,801 x2.110,673 syndicate activities of Pynchon /t Co., to head the syndicate and whole1.616,259
expense
sale department of Ralph B. Leonard & Co.. specialists in bank and InsurSelling admin..gen.exp.,
209,472
218.939
ry. tax accruals, &c
ance securities.
F. H.
5516,918
5396.951
$115,796
$239,855
-Announcement is made of the formation of the co-partnership of
Net oper. profit
144.727 Douglas &
53.688
60,706
96.090
Co. as of Sept. 3 1929. The personnel Is Frederick it. Douglas,
Miscel. income
E. McKenzie. Charles Picoll.
$661,645 Henry Picoll, Raymond V. Caulfield. Joseph
$450,639
$176,502
$335,945
Total income
198.867 all members of the New York Stock Exchange, and Frederick W. Rom76,175
60,314
51,725
Miscellaneous charges
129,929
103,147 ringer. The offices of the new firm are at 01 Broadway, Telephone White161,852
160,829
Deprec. & depict
44,680
26,745
Federal taxes
hall 3750.
$314.951
$217.790
-Mr.H. W. Garner, President of Garner Investment Co.of Des Moines.
loss$45,664
$123,391
Net profit
railway tax accrual Iowa., and
x Includes selling, administrative, general expenses,
J. N. Casady of Chicago, have opened up offices at Suite 911,
and inactive expenses.
10 South La Salle St., Chicago. under the Grin name of H. W. Garner & Co.,
Balance Sheet June 30.
and will deal in the highest typo of investment bonds, and specialize in
1929.
1928.
1928.
1929.
3
1111DOIS improvement bonds.
Liabilities
Assetsx8,850,000 8,850,000
Yrrop., plants, &c. 8,247,107 8,538,813 Capital stock
-William Schall & Co.. members of New York Stock Exchange,announce
1,338,200 1,682.800
469,325 Funded debt
594,531
Cash
212,127 that Robert D. MacSfurdy has been admitted as a general partner and
1,400,000 /,100,000 Accts.& wages pay 332,676
Callioans
20,551
28,009 Donald A. Mullen,formerly with Prince & Whitely, has become associated
Accts,dt notes rec_ 1,246,285 1,050,609 Unrnat. int. acer
23,248 with them
33,380
13,899 Reserve for taxes_
Cash with trustees
22,178
in their Securities Department.
383,692
667,320
851,462 Other reserve
599,220
ments
-The firm of Ambrose B. Furlong & Co.. Inc., has been formed to trade
2,839,181 2,695,141
Surplus
300,907
260,201
ed charges
In bank, Insurance, public utility and industrial stocks, with offices at
1,428,155 1,833,660
InVentories
Ambrose B. Furlong and Louis Edwin
97,680 14,15,3,645 165 Broadway. The partners are
7
Total
Tota14,158.645
13,797,680 l13,
Kerner.
of no par value. y After depreciation
x Represented by 231,900 shares
-V.128. P. 2654.
Announcement is made as of Sept. 3 /929 of the formation of William
depletion & development reserve.
H. Noyes & Co., Inc., with office.s at 149 Broadway, New York, Telephone
-Over 70% Stockholders Cortlandt 8734, to deal in Investment Securities.
Manufacturing Co.
Westfield
Accept Conversion Offer.
-Richard K. Buechler, formerly with the Bank of United States, has
H. Hems Sc CO., in the securities department at
President Wilbur C. Walker early this week announced that more than become associated with ExchangeBuilding70% of the prof. stockholders, representing 7,700 shares, have deposited the head office, Cotton
W.
their shares in accordance with the company s plan announced July 30 1929,
Announcement was made to-day of the retirement of Herman
under which preferred stockholders were given the privilege of exchanging 1.1, ills from Walker ss Willis and a change in the name of the firm to Walker
one share of preferred for 3 shares of common stock plus $10 per share In & Co.
cash and accrued dividend to Aug. 15 1929. As a result the directors deMr, Harold A. Riley, formerly with Redmond k Co., has become
clared the plan operative.
The directors, however, announced that the time for surrender of the associated with Taylor, Bates & Co. at their main office, 48 Wall St.
to and including
remaining outstanding preferred stock has been extended
Prince k Whitely, members of the New York Stock Exchange,announce
Sept. 10 1929.-V. 129. p. 1144.
the admission to general partnership of Morrison B. Orr.
Dates.
Inc.
-Dividend
Wextark Radio Stores,
J. G. White k Co., Inc., announce that Edward W. Rucker. Jr., has
The usual quarterly cash dividend of 50 cents per share and tho 5% been appointed Manager of their Buffalo office.
value capital stock, are
no par
prepared an analysis of The Contistock dividend, recently declared on the
-Bauer, Pogue, Pond & Vivian have prep
as previously
payable on Oct. 1 to holders of record Sept. 16 (not Aug. 15
nental Insurance Co. capital stock.
stated). V. 129, P. 1304.
1
Nirt
•
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1607
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
There were no notices on either Rio or Santos. The New
York Coffee & Sugar Exchange will be closed on all Saturdays
during October. Some say invisible supplies of coffee in
the United States have been reduced to a minimum as a result of the trade's protracted abstention from buying on anything like a liberal scale; that visible supplies are also small
New York,'Friday, Sept. 6 1929.
is expected a better demand will soon set in.
was quiet with Santos 4s, 223j to and that it inst. Rio futures declined 13 points on Sept.
COFFEE on the spot
On the 4th
Victoria 7-8s, 15%c. Fair to good
223c.; Rio 7s, 163o.;
with other months unchanged to 4 points higher and sales of
Cucuta 21% to 22c.; Ocana 20 to 203/2e.; Buicaramanga, 38,500 bags. Santos futures closed 17 points lower on Sept.
to 24e.; Honda, Tolima
natural 203/2 to 210.; washed 233's
and 4 to 13 points net higher on other months, with sales of
and Giradot 233j to 24c.; Medellin 24% to 25%c.; Manizales 14,500 bags. In other words, Sept. coffee, whether Rio or
to 250.; Surinam 213 to
24 to 24304 Mexican washed 243's
Santos, was not much wanted. Notices were issued for 18
223c.; An.kola 283's to 34e.; Mandheling 34 to 37c.; Genuine Victoria and 3 Surinam coffee. A good deal of switching
Robusta, washed 19 to 193/sd.; Mocha
Java 32 to 33%c;.
was done. Shorts were covering in the later position. The
263's to 273'sc.; Harrar 25 to 26c.• Abyssinian 21% to 220.; near months were under selling pressure. On the 5th inst.
240.; dood 223 to 223c.; Bour%
GUatemala, prime 23% to
Rio declined 1 to 12 points with sales of 17,500 bags; Santos
bon 213/s to 22o. Later Santos 4s were 223 to 223/sc.; Rio ended unchanged to 5 points lower with sales of 11,250 bags.
to 143'sc.
%
7s 16c.; Victoria 7-8s down to 141
small market and Rio and Victoria actual coffee
On the 3rd inst. cost and freight offers from Santos were It was a
was weaker. The tendency towards lower prices on cost
noticeably firm. Rio and Victoria offers, however, were
and-freight offers tended to depress futures. To-day Rio
more plentiful and lower. For prompt shipment Santos
1 to 9 points lower with sales of 11,000 bags
Bourbon 2-3s, were quoted at 22.60c.; 3s, at 22.10c.; %s, futures ended
and Santos futures 5 to 17 lower with sales of 6,000 bags.
-5s, at 20.30 to
at 21.70o.; 3-5s, at 20.90c. to 21.45c.• 4
decline for the 'week on Rio of 28 to 40
'
21c.; 5s, at 19.90 to 21%c.; 5-6s, at 19.35c.; 6s, at 18.900.; Final prices show a of 9 to 25 points.
points and on Santos
6-7s,at 18.90c.; 7-88,at14%c.to 15.90c.; part Bourbon 3-5s,
at 20%c.• 6s, at 18/c.; Peaberry 4s, at 213c.; 4-5s, at
Rio coffee prices closed as follows:
12.753 ---May
13.660
Dec
20% to 2:0.65c.; rain-damaged 3-5s, at 17%c.• 6
-7s, at 15.65' Spot (unofficial) -16 I March -.13.07 --- fJuly
12.53
13.850 e
to 17.650.; 7s, at 16% to 17%e.; 3/s, at 14 to 143c.; Rio Sept
'
%
follows:
as
Santos coffee prices closed -19.270 nom I July
7s, at 14.45 to 14%0,- 7-8s, at 14.15 to 14%c.; Victoria 7s, Sept
18.250 nom
I March 20.850
18.620 nom!
I May
at 13.7004 %s, at 13.40 to 13.60c. On the 4th inst. firm Dec
'
20.180
offers of well described Santos for prompt shipment cost
COCOA to-day closed with Sept. 10.640., Dec.9.98c. and
and freight were about unchanged but Rios were in some
sales, 74 lots. Final prices are 3 to 17
March
instances 50 points lower. The prompt Victorias were un10.05c.•' a week ago.
changed while Oct. 7s, were here at 13.85c. Santos Bourbon points lower than
2s, for prompt shipment were quoted at 23.15c.; 2-3s, at
-Prompt was quiet at 2 1-16 to 23/sc. bid and
SUGAR.
c.; asked. The balance of sugar under the control of the Single
2
%
223 to 22.60c.;3s, at 22.10 to 223c.;3-4s,at 213's to 223'
3-5s, at 20.40 to 21.45c.; 4-5s, at 20.10 to 21.65e.• 5s, at Selling Agency is estimated at 400,000 tons. Havana cabled:
19% to 21%c.; 5-6s, at 19.35 to 21c.• 6s, at 18.80C.; 6-7s, "Meeting ended at 12.40 p.m. Decided to postpone the
at 18%c. 7s, at 17.80 to 18%e.; 7-8s, at 14 to 17.90c.; general meeting dated Sept. 7 to 16th. It was recom9
8s, at 17c.; Part Bourbon 3-4s, at 193Ic.; 3-5s, at 203 c.; mended not to appoint in that meeting candidates for the
%
4-53, at 213o.; 6s, at 18%c.;7-8s,at 150.;Peaberry 3-4s, at executive committee. Refused bid from Cuban-American
2
21%c.• 4s, at 21.15 to 213c.;4-5s, at 20%c.; rain-damaged Sugar to buy 10,000 bags of raws at $1.85 f.o.b. cars, Car3-4s, ' 16.90e.• 3
at
-5s, at 17% to 19.35e.;5s at 18.80c.;6s, at denas, for refining and export outside United States. They
17% to 17.80046-7s, at 15% to 1734c,;7s,at 1534 to 1734e.; have not announced selling prices either cost-and-freight or
'
7-8s, at 143's to 143c.; Rio 7s, at 14.20 to 143(c.; 7-8s, at f.o.b." On the 3d inst. prices ended unchanged to 6 points
%
tons,
13.95 to 14.00c.; Victoria 7-8s, at 13.40c.
net higher with sales estimated at 35,850 tons nearly onewhich
On the 5th inst. cost and freight offers from Santos were third switches. Cuban interests covered in
practically unchanged. Rios were easier and there were no ended 3 points higher. There were 160 Sept. notices.
prompt shipment offers of Victories. For prompt shipment, Lack of official information concerning the single selling plans
Santos Bourbon 2-3s were quoted at 2234 to 22.85c; 3s at in Cuban tended to slow up the trading. No definite de223's to 2734o.; 3-4s, at 21% to 22.45c.; 3-5s,at 20%c.;4-5s, velopments are expected in this connection until after the
at 20.65c.; 6s, at 19 to 213c.; 5-6s, at 19.65 to 203c.; meeting of the Board of Directors of the Cuban Export Corp.,
%
%
%
6s, at 18.80e.• 6
-7s, at 18.ic.;7s, at 17.80 to 183ic.; 7-8s, at which was to have been held on Saturday next but is post14.40 to 17.900.; part Bourbon 4-5s, at 20.100.; Peaberry poned. An additional 358 Sept. notices, it turned out,
'
4s, at 21.15 to 2134o„. 4-5s, at 2034c,• 5-6s, at 183'sc.; rain- were issued on the 4th inst., making the total to date 1,934,
damaged 3-53, at 1934c.; 5-6s, at 18.90c.; 6-7s, at 17.15e.; or about 96,700 tons, which, according to some estimates,
7s, at 1534 to 1734c.; 7-8s,at 143's04 Rio 7s, at 14.100.; 7-8s, represents less than half of the total quantity to be liquiat 13.85e. E. Laneuville's monthly statistics were as follows: dated.
World's visible supply on Sept. 1, 5,320,000 bags against
Refined on the 4th inst. was reduced to 5.30c. effective
5,465,000 on Aug. 1 and 5,576,900 on Sept 1, last year. at the opening on the 5th inst. Resale has been 5.400.
Arrivals of coffee in Europe during Aug. of Brazilian were It was reported on the 5th inst. that the Java Sugar Trust
577,000 bags against 458,000 in same month last year and had sold 100,000 tons of whites at 13 florins, unchanged
577,0002 years ago; of wilds 265,000 against 305,000 in same from the last price, with further buyers at 13 florins. There
month last year and 252,000 2 years ago; Arrivals of milds, were 53 September notices issued early on the 5th inst.
2 months. United States 540,000 bags against 426,000 last Private cables from Havana on the 5th inst. were to the
year and 415,000 2 years ago. Europe 641,000 against effect that the Cuban Co-operative Selling Agency appears
886,000 last year and 551,000 2 years ago. Deliveries during to have taken over the balance of the unsold Cuban sugar
Aug. of all kinds to United States 913,000 against 889,000 crop and has declared against glutting any market with the
last year and 826,000 2 years ago. Europe 881,000 against surplus, but that nothing further has as yet been definitely
:
838 000 last year and 827,000 2 years ago; total 1,794,000 settled with the exception of holding daily meetings to
against 1,707,000 last year and 1,753,0002 years ago. Total receive bids. The committee of the Export Corporation,
world's deliveries 2 months, United States 1,741,000 against it is stated, has declined a bid from an operator of 1.97c.
1,746,000 last year and 1,710,000 2years ago; Europe 1,- f. o. b. equal to about 23/e. c. & f. New York on a block of
8
713,000 against 1,676,000 last year and 1,539,000 2 years ago; 7,000 tons of Cuban raw sugars. The committee is said
Southern ports 196,0(N) against 148,000 last year and 201,000 to have intimated that it would not consider bids of less than
2 years ago; total 3,648,000 against 3,570,000 last year and 2.100. f. o. b. which is equal to about 234c. C. & f. New
3,450,000 2 years ago.
York.
G. Duuring & Zoon cabled: Arrivals of all kinds during
Receipts at Cuban ports for the week were 49,850 tons
August, 833,000 bags, of which 505,000 bags wore Brazilian; against 61,165 in the same week last year; exports 94,028
deliveries of all kinds during August, 867,000 bags, of which tons against 96,706 in the same week last year; stock (con426,000 were Brazilian; stock in Europe on Sept. 1, 2,165,000 sumption deducted)39,068 tons against 828,391 in same week
bags; world's visible supply on Sept. 1, 5,316,000 bags, show- last year. The exports were divided as follows: Atlantic
ing a decrease of 131,000 bags, and comparing with 5,522,000 ports 18,307 tons; New Orleans 9,530 tons; Interior United
last year. Futures on the 3d inst. declined 10 to 20 points States 8,336 tons; Galveston 7,690 tons; Savannah 1,324
on Rio with sales of 16,750 bags. On Santos the ending was tons; Panama 42; Europe 48,799 tons. Receipts at United
3 to 8 points lower on most months but Sept. closed 2 points States Atlantic ports for the week were 60,094 tons against
higher. Lower cost-and-freight offers in Rio and Victoria 47,075 in the previous week and 53,510 last year; meltings
coffee depressed Rio futures. Santos was also affected in 58,253 tons against 60,384 in previous week and 59,000 same
very light trading, amounting to only about 5,750 bags. week last year; exporters' stocks 410,700 against 406,754 in
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper, immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
1608
FINANCIAL CHRONICLE
previous week and 279,318 last year; refiners' stocks 197,434
against 199,539 in previous week and 100,983 last year; total
stocks 608,134 against 606,293 in previous week and 380,301
last year. On the 4th inst.futures ended 2to 5 points higher
with sales of 41,300 tons. September notices to the amount
of 358 were issued but were promptly stopped. There was
considerable covering of shorts. Commission houses and
trade interests were buying. Houses with Cuban connections
were buying Sept. and Dec. Prompt raws were firmer at
234e. Some 4,470 tons of Porto Rico due early Oct. were
reported sold at 3.89c.
On the 5th inst. futures closed 1 point lower to 1 point
higher with sales of 38,200 tons about one-third exchanges.
The disposition to await new developments kept speculation
within comparatively narrow bounds. It appears that on
the 4th inst. that 2,500 tons of Philippine raw sugar due
Sept. 7 sold at 3.890. The Cuban Export Corp.received a
bid, of 2e. f. o. b. and declined it. Refined 5.300. with no
new developments. The Cuba Export Corp. issued the
following statement: Stock 1926-27, 7,953 tons; total crop
1928-29, 5,156,410 tons; total 5,164,363 tons. Exports,
crop 1928-29 to United States 2,832,947 tons; to other
countries 893,153 tons; total 3,726,100 tons; consumption
Jan. 1 to Aug 24, 85,026 tons; stock in Cuba, Aug. 24,
,1 353,237 tons. Total sales to countries outside of the
United States to Aug. 24 1929 were 1,083,036 tons, against
1,084,676 tons for the same time last year. To-day futures
ended 2 points off to 1 point up with sales of 43,000 tons.
Sept. 2.20; Dec. 2.24; March 2.27. Prompt raws were 234c.
Final prices on futures show an advance for the week of 4
to 14 points. Prices were as follows:
1 July
2.24
23 IJan
Spot unofficial
March---- 2.271 ---Sept
2.20®
May
2.24(10
2.32
Dec
2.39 ® -
LARD on the spot was firm; prime Western, 12.45 to
/
12.55c.; Refined Continent, 13c.; South America, 133sc.;
Brazil, 14%e. On the 3rd inst. prime Western was 12.60
to 12.70c. Later Prime Western was 12.55 to 12.65c.;
Refined Continent, 133%c.; South America, 13%c.; Brazil,
145 c. Futures on Aug. 31st closed unchanged to seven
%
points lower on September, October and December but two
points higher on January.
Futures on the 3rd inst. advanced 3 to 10 points on the
firmness of corn and hogs. Chicago hogs were 10 to 150.
higher with receipts of 40,000. Total Western receipts of
hogs were 103,700 against 93,400 last year. Deliveries on
contracts included 2,150,000 lbs. of lard, 50,000 lbs. of ribs
and 200,000 of bellies. Futures on the 5th inst. declined
5 to 7 points with corn lower and hogs weaker. Liquidation
was scattered. Hogs closed 10 to 20c lower. Ribs were
unchanged. Liverpool was unchanged to 3d. lower. Hog
receipts at Western points were 78,200 against 67,922 last
year. To-day futures ended 73% to 10 points lower. They
are 10 to 13 points lower than a week ago.
DAILY CLOSING PRICES OF LARD FUTURES
Wed.
Mon. Tues.
Sat.
11.95
11.95
September
11.85-87
12.07
Roil- 12.07
12.00
October
12.22
day 12.22
12.17
December
IN CHICAGO.
Fri.
Thurs.
11.82
11.90
11.92
12.00
12.05
12.15
PORK steady; mess $30.50; family $37.50; fat back $24
to $26.50; Ribs 12.75c. Beef quiet; mess $25; packet $26
to $27;family $28 to $29; extra India mess,$42 to $44; No. 1
canned corned beef, $3.10; No.2 six pounds, South America
$16,75; pickled tongues $75 to $80. Cut meats quiet and
steady; pickled hams 10 to 20 lbs., 203% to 22%c.• pickled
bellies6to 12lbs. 183 to 22c.; bellies clear, dry salted, boxed
4
18 to 20 lbs., 15%0.• 14 to 16 lbs., 163%c. Butter, lower
'
'
grades to high scoring 38 to 460.; Cheese,flats 233% to 293%c.;
daisies 23 to 28c. Eggs, medium to extra 323/3 to 420.; closely
selected heavy 43 to 45c.
-Linseed was in fair demand and higher at 13.4c.
OILS.
for raw oil in carlots, cooperage basis. For single barrels
14.2c. was quoted, while for 5 to 10-barrel lots 13.80. was
asked. Cocoanut, Manila coast tanks, 63% to 6340.; spot
N. Y. tanks 63% to 63/sc.; Corn, crude, bbls., tanks f.o.b.
mills, 8c. Olive, Den. $1.15 to $1.30. Chinawood, N. Y.
drums, carlots, spot, 140.• Pacific Coast tanks, futures,112%
tanks, coast, 9340. Edible olive,
to 123 e. Soya bean, '
4
2.25 to 2.40c. Lard, prime, 153%c.; extra strained winter,
N. Y., 123%c. Cod, Newfoundland, 62c. Turpentine,
523% to 573 e. Rosin, $9 to $9.60. Cottonseed oil sales
4
to-day, 9,800 bbls. Prices ended 2 points lower to 1 point
higher. Crude S. E. 73% to 73%c. Commission houses were
buyers and shorts covered. Offerings were smaller. Prices
closed as follows:
Spot
Sept
Oct
9.301 Bid Nov
9.30 9.60 Dec
9.45 --__ Jan
9.40§ 9.50 Feb
9.53 March
9.51
9.59 April
9.57
9.60§ 9.72
9.73
9.74
9.76
9.85
PETROLEUM.
-All refiners were down to the 9c. level
for U. S. Motor late last week. The Warner-Quinlan Co.
cut the price 2c. a gallon making its new retail price including
a State tax, 16e. as compared with the Standard Oil Co.'s
price of 18c. Late in the week bulk gasoline was a little
easier with rumors persistent that one factor was willing
to do business at 8720. in tank cars on a firm bid. This
could not be confirmed, however. There was a noticeable
improvement in the inquiry for bulk gasoline but owing to
the recent price slashing large independent distributors
are not inclined to stock up. The movement of gasoline
against old contracts was on a large scale, but new business
is confined mostly to immediate wants. Export demand
was not large. Bunker oil was in good demand and steady
LVoL. 129.
at $1.05 for spot grade C at refineries and $1.10 f. a. s. New
York Harbor. Diesel oil was in fair demand at $2 refineries. Furnace and gas oil was a little more active. Kerosene was firm at 8c. for 41-43 water white in tank
refineries and 9c. in tank cars delivered to nearbycars at
Export demand was better. Cased kerosene showedtrade.
little
change. Pennsylvana lubricating oils were rather quiet.
Medicinal oils were in better demand.
Tables of prices usually appearing here will be found on an earlier
page in
our department of "Business Indications," in an article entitled
"Petroleum
and Its Products."
RUBBER at the end of last week Sept. here was 19.90e.,
Oct. 20.20 to 20.300.; Dec. 20.900.; Jan. 21.10 to 21.20c.;
Mar. 21.50c.; May 21.80 to 21.900. Ribbed smoked sheets,
spot and Sept. 203% to 20%c.• Oct.
-Dec. 203% to 2131,c.;
Jan.
-Mar. 213% to 21%c.• Apr.
-June 213 to 220. Spot first
4
latex 213% to 2134e.; ,thin pale latex 213% to 213c.; clean
4
thin brown crepe 17% to 173%c.; specky crepe 17 to 173(e.;
rolled brown crepe 13 to 13%c.• No. 2 amber 173% to 18e.;
No.3, 173% to 173c.; No.4, 17 to 1734c.; Paras,
4
'
nominally,
Up-river fine spot, 213% to 2130.; coarse, 11330.; Acre, fine
4
/
spot, 21% to 22e.; Caucho-Ball-upper 11%c. ondon on
Aug. 31st spot and Sept. 1030.. Oct.
-Dee. 10%d.• Singapore Sept. 93%d.; Oct.
-Dec. 1034d.; Jan.
-Mar. 10%d. On
the 3rd inst. prices declined 10 to 30 points with Malayan
exports in Aug. 50,441 tons an increase over July of 4,000
tons. The London stock increased to 35,605 tons last week
or a gain of 954 tons in a week. The sales on the 3rd inst.
were 167 contracts or 417 tons. Sept. here ended on that day
at 19.60 to 19.80c.; Dec. 20.80e.; Jan. 21c.• Feb. 21.20e.;
Mar.21.30 to 21.40e. Outside prices: Ribbed smoked sheets
'
spot and Sept. 203% to 2034c.• Oct. 203 to 203%e.; Oct.
4
-Dec.
-Mar. 214 to 213e.; Apr.
4
203% to 21c.; Jan.
-June 213% to
22c.• spot, First Latex 203% to 203 0.; thin pale latex 21 to
4
218 c.; clean thin brown crepe 173% to 173%c.; specky crepe
%
17 to 173%c.; rolled brown crepe 123% to 123c.; No.2 amber
%
173% to 173/sc. London declined on the 3rd inst.; spot and
Sept. 10 3-16d.; Oct. 1030.; Oct.
-Dec. 103%d.; Jan.
-Mar.
10 11-16d.; Apr.
-June 10 15-16d. Singapore, Sept. 9%d •
-Dec. 10 1-16d.; Jan.
-Mar. 103 d.
Oct.
4
Maylayan statistics for Aug. were as follows: Gross exports 50,441 tons against 35,593 in Aug. last year; imports
15,496 tons against 15,114 last year; to United States 24,584
tons against 24,842 last year; net rubber declared 11,759
tons against 5,963 last year. On the 5th inst. prices ended
unchanged to 10 points lower with sales of 198 lots against
249 on the 4th. The cables were lower. Some support was
given by large trade interests. Standard thick latex was
firmer but clean thin brown crepe was lower. Here Sept.
ended at 19.70 to 19.800.; Nov. 20.40c.; Dec. 20.80c.• Jan.
20.90 to 21c.; May 21.70 to 21.80c.; July 22.10 to 22.3043.•
'
Outside prices: Ribbed smoked sheets spot and Sept. 2034
to 203%c.; Oct. 203% to 2034c.; Oct.-Dec.203% to 203%e.;
Jan.
-March 213% to 2134c.• April-June 213% to 22c.; spot,
first latex 21 to 213%c.; thin pale latex 213% to 2134c.; clean
thin brown crepe 163% to 1731 spooky crepe 163% to 163%e.;
10.;
rolled brown crepe 123% to 1234c.; No. 2 amber 173% to
1734c.; No. 3 amber 17 to 173%c.; No. 4, 163 to 170.;
4
Paras, upriver fine spot 21 to 213%c.; coarse 1134c.; Acre,
fine spot 213% to 213%c.; Caucho, Ball-upper 1340. London
on the 5th inst. Spot and Sept. 1034d.; Oct. 10 5-1644
Oct.
-Dec. 103 d.;Jan.
-March 109/sd.; April-June 10 15-164.
4
-Dee. 103/4.; Jan.
Singapore, Sept 9 11-16d.; Oct.
8
-March
1034d.
To-day prices ended 10 points off to 20 points up with September 19.70 to 19.800. December, 20.80c. and March,
21.40c. Sales were 352 lots. London ended with spot
and September, 10 1-16d.; October, 10 3-16d.; Oct.
-Dec.,
10 5-16d.; Jan.
-June, 103%d. Singa-Mar., 103%d.; Apr.
pore, Sept. 9 11-16d.; Oct.
-Dec., 1031,d.; Jan.
-Mar., 1034d.;
No.3 Ambers spot, 73%d. Final prices here show a decline
for the week of 10 to 20 points.
HIDES.
-On the 3rd inst. early prices declined 36 to 120
points closing unchanged to 40 points net lower after sales of
560,000 lbs. Dec. 18.35 to 18.50e.; Jan. 18.45 to 18.60c.;
May 19 to 19.050. Sales included 17,500 light native cows
at 1734c.,a decline of 34e.from the recent top price and 1,000
extreme light native steers, July takeoff at 180. City packer
Plate ferio
hides remained quiet. River fri
so ter9 3uiee.
ie q 16t
- .
A sale was reported of 4,000
steers at
Country hides were in rather better demand. Common dry
quiet. Cucutas 21c.; Orinocos 20e.; Central American 19c.;
Savanillas 1834e. Santa Marta 19c. Packer, native steers,
103% to 200.; butt brands 19c.• Colorados 18c. New York
City calfskins, 5-7s 1.75 to 1.g5: 7-9s, 2.30 to 2.35; 9-12s,
3.10 to 3.15. To-day prices ended 10 points lower to 25
points higher with sales of 13 lots. Oct. ended at 17.50c.;
Dec. at 18.65c.; March 18.900. and May 19.10 to 19.30e.
Final prices for the week are 2 points lower on Dec. but 15
to 25 points higher on other months.
-Rates declined for clean oil leadOCEAN FREIGHTS.
ing to more business. Later petroleum trade was good.
CHARTERS included grain. 35,000 Ws, Montreal, Sept. 25
-Oct. 10.
Antwerp or Rotterdam, 11c.; Hamburg or Bremen, 12c.; option full barley.
lc. more. Lumber, Goodleigh, Gulf, first half Oct., Montevideo, Rosario,
Buenos Aires. one, 152s. 6d.; plus Santa Fe. 153s. 9d. Tankers-Vanja,
clean, four years, 8s.; Markiand, clean, San Pedro, Nov., U. K.
-Continent,
378. 6d.; Gustav Schindler, Wilhelmshaven, whale oil, to Norway, 108.1
Muptun, clean, Oct.
-Nov. 24s. 431(d.; Black Sea to Deltic; Cordelia,
London; Republic, clean, San Pedro prompt
Oct., 12 months' time at 78..
,
two consecutive trips to north of Hatteras, not east of New York, at 90c.,
with option of two more; Massis, 7,320 tons, clean, 239., Gulf to U.
Continent, Sept.
-Oct.; Madrono, 8,607 tons. creosote, us. 6d.. U. K.
-Sept.; Valetta, clean, 19s.. Gulf to U. K.Continent to U. S. Gulf, Aug.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1609
London £215 5s.; sales 225 tons. To-day Sept. ended at
45.100. and Dec. at 45.90c. or unchanged to 20 points higher
for the day. March ended at 46.50e.
LEAD was marked up $3 a ton by the American Smelting
Co. to 6.90c. New York the first change in several months.
Demand was brisk. In the Middle West prices advanced to
6.65 to 6.70c. East St. Louis. In London on the 5th inst.
prices were unchanged at £23 12s. 6d. for both spot and futures; sales 250 tons spot and 400 futures.
ZINC did not share in the activity of copper and lead.
-Prices on Wisconsin and Connecticut ad- There was little pressure to sell and no particular anxiety to
TOBACCO.
5c. owing to bad crop reports from those States buy. The price of prompt was unchanged at 6.80c. East
vanced
with a good business. Sumatra tobacco suitable for 5-cent St. Louis. In London on the 5th inst. spot advanced 7s.6d.
cigars was reported to be in only moderate supply and to £24 16s. 3d.; futures up 5s. to £25 7s. 6d.; sales 100 tons
steady. Wisconsin binders 30 to 350.; Northern, 53 to spot and 300 futures.
55c.; Southern 40 to 43e.; New York State seconds, 35 to
STEEL has been in fair demand with production still
40c.; Ohio, Gebhardt binders, 25 to 30c.; Little Dutch,
before long
Zimmer Spanish, 3043.; Havana first Remedios, high and the feeling hopeful thatawaited with autumn will
21 to 22c.;
interest the
Remedios, 70 to 75c.; Broadleaf filler, see a revival of business. Some
90 to 950.; second
broadleaf, 27 to 30c.; Porto Rico, 60 to statistics of steel ingot output, the sales of structural steel
10c.; Pennsylvania
of unfilled orders.
800.; Connecticut top leaf, 36e.; No. 1 second 1925 crop, in the New York district and the totalwould make a good
30c.; medium wrappers, 70c.; dark wrap- It was believed that unfilled steel orders statistical position.
The.; seed fillers,
pers, 1925 crop, 50e. Tampa, Fla. to the U. S. Tobacco showing and also the other features of the
an indicator or kind of
Journal: "Tampa clear Havana manufacturers are mobiliz- If the trade in steel scrap is really is argued, ought to be
the last minute amendment to the tariff compass, September's business, it
ing forces to combat
be still
bill which proposes a duty of 87M cents per pound on un- reasonably satisfactory. Later the story willmiles of more
Consquare
stemmed and filler mixed which contain from 5 to 35% of so. In a country covering 3,000,000 120,000,000 the conwrapper. This duty, if approved, would mean an increase tinent with a population .of fully is bound to be large.
of approximately 100% to the clear Havana cigar manu- sumption of steel it goes without saying always the strong
facturers." The same journal says: "Faith in the im- Lulls in trade mean little. There is it would be asburb
mediate future of cigar business will be figures just released under current of buying power which
It is stated
cause
for the month of July, indicating an advance of more than to disregard. It is a case ofin the and effect. August were
month of
31,000,000 over withdrawals for the corresponding month that the sales of steel bars decrease in purchases by the
of last year. After an increase of about 95,000,000 cigars larger than the average. The
the nature
registered during the first six months of this year over the automobile companies has been a damper but in at least is
first half of 1928, it was hardly to be thought that the drop of things they must increase before long. Such estimated,
in June indicated a setback which would continue during the general assumption. Texas companies it is
succeeding months. The fact that all manufactures of will take 250,000 tons of steel pipe for a gas line. Shiptobacco products, except large cigarettes, which, of course, ments of steel on old orders are good. New business, of
represent a negligible portion of the business, showed satis- course, is another matter. Galvanized sheets prices have
factory gains in July, was taken as a happy omen for the admittedly declined recently. But otherwise steel prices
industry as a whole." Richmond, Va. advie,es said: "Fur- are called steady. The output of steel is 90 to 95% of
ther reports of last week's hailstorm in the Piedmont section ingots among the big producers and 85% or less among the
of Virginia reveal that it was far more wide-spread than smaller. There is some new demand for rails and structural
at first indicated and that a goodly portion of Halifax steel and there are hopes of a better business with New
County, boasting one of the best tobacco crops in years, England in the last quarter. The aloofness of the autohas been ravaged, the fringe of the storm cutting through a mobile industry continues to be a damper.
part of Caswell County, N. C." Oxford, N. C. crop is
PIG IRON has been quiet, but the hope of "springs
promising. Wisconsin intended acreage this year amounts eternal" is still there. The fall is to bring a better business.
to 34,104 acres against 34,253 in 1928 and 29,468 in 1927, Naturally it is too soon to tell whether these hopes are to be
trade will improve as the
according to a summary by the Wisconsin Department of verified by the event. No doubt.
Agriculture. Of this total acreage in the southern counties summer with its heat and its semi-torpor of business is left
totals 20,845 against 20,748 in 1928 and 17,987 in 1927; behind. But Sept. opened with day after day of 90 to 94
Northern Wisconsin acreage is estimated at 13,259 against degrees of heat, which was not precisely provocative of
13,505 in 1928 and 11,481 the year before. The New activity. And it is an interesting question how long the cutZealand crop is about 500,000 lbs. Hartford, Conn. re- ting of prices by southern furnaces and the southern invasion
orts picking of shade grown was about completed on of northern markets is to continue. Only the future can
pt. 2. Havana advices said that exports of unmanu- clear up that question. Birmingham reported the other day
factured tobacco in July were 35,043 lbs. of wrappers, that shipments of pig iron eastward and to Central West
1,174,263 of fillers in bales, 1,664,500 lbs. of stripped fillers, will be heavy for the rest of the year as many orders have
213,791 lbs. of scraps a total of 3,087,597 lbs. valued at been taken at the recent low prices favored by reduced
$2,318,256. The average price of the various grades per freight rates. Several orders of large tonnages, as high
100 lbs. was: Wrappers, $218.33; fillers in bales, $62; fillers indeed as 10,000 tons, are included in the business and one
(stripped), $87.19, and scraps, $29.20.
company has intimated that it has about reached the limit
COAL.
-Here at the East there was only a fair business of booking at present prices: Another reports its quotations
but at the West trade is active in spite of the recent heat. firm, $14 to $14.50 on No. 2 foundry. But no doubt such
The hot wave here of late has naturally had a tendency to prices apply to the immediate territory. A question of far
keep business within narrower bounds. Navy standard mines greater interest is whether price cutting is over in Northern
at piers $5.10 to $5.25; high volatile steam $4.30 to $4.40; territory. Aug. sales and shipments of merchant iron prohigh grade medium volatile $4.50 to $4.65; Anthracite whole- ducers in the Chicago territory were larger than in July,
sale at mines, egg $8.50; stove $9; chestnut $8.50 pea $4.70 according to early estimates, coincident with quite a deto $4.80. The carloadings for half a week indicate bituminous cided gain in sales in Aug. on fourth quarter buying. Aug.
production in the week ending Aug. 31st of 10,350,000 tons output was a new high record of 3,738,438 tons and a daily
in contrast with 9,974,000 in the previous week. Smokeless average of 120,594 tons. Aug. shipments are said to have
lump and egg are quoted at $3.50 flat in the Chicago whole- been at least equal to those of July. Whether they set up a
sale trade.
new high record or not does not yet appear.
COPPER.
-Boston wired a Government report as follows:
WOOL.
-Reports were rife that sales of copper for the
week were upward of 40,000,000 lbs. contrasting with sales "A little broader inquiry for wool was manifested as worsted
for the entire first half year of some 65,000,000 lbs. Total mills that had not been very active came into the market.
copper sales were estimated to have approximated 200,- The greater inquiry was reflected in a strengthening tendency
000,000 pounds in the period, the heaviest without excep- on 56s. to 46s. grades of both fleece and territory lines. Some
tion for any week in the history of the industry. This was houses had a larger volume of sales on the Western grown
the talk in Wall Street. Domestic sales for thel7days ending 64s. and finer wools, mostly in original bag lots. Demand
Wednesday were 100,000 tons, a new high record for so continued very good on fleece 64s. and finer strictly combing
short a period of time. The sales on Tuesday of 30,000 to wools at steady prices. Demand was good on 58-60s. strictly
35,000 tons in the domestic market were also a record for a combing wools at firm prices." Government statistics state
single day's business. Sales were still being made at 180. that at the beginning of the present year the number of sheep
although a large producer was said to have raised his price in Australia reached 106,115,000 the highest recorded total
to 18Xc. In London on the 5th inst. standard dropped £1 since 1891, when the figures were 106,421,000 according to
to £77 17s, 6d.• futures off 188, 9d. to £29; sales 1,150 tons information released by the Commonwealth government.
futures. Spot electrolytic declined 2s, 6d. to £84 10s,futures Statistician and Actuary and made public by the Departunchanged at £85 5s.
ment of Commerce. After 1891 the flocks were reduced
TIN of late was quiet and slightly easier. Nearby Straits through drought and other causes to 53,675,000 in 1902.
tin sold at 45 8c. later 45Yic. A car of Dec. was reported Following a succession of good seasons the numbers fluctuated
,0. Sales of Straits tin and other named brands between 80,000,000 and 90,000,000 from 1905 to 1924 and
sold at 468
were 100 tons. On the exchange on the 5th inst. prices increased by 10,000,000 in 1925. During the last 5 years
declined 25 to 50 points with sales of 35 tons of Oct. London more than 100,000,000 sheep have been recorded. The
on the 5th inst. advanced 15s. to £206 15s. for spot standard 1928-29 wool clip is estimated at 950,000,000-26,000,000
and £210 15s. for futures; sales 30 tons spot and 400 tons pounds in excess of the 1926-27 yield and an increase of almost
futures; Spot Straits ended at £210 15s.; Eastern c.i.f. 50% over the production in 1891. The average export price
-Oct.; Gustav Schindler, 4,500 tons, crude and (or) fuel
Continent, Sept.
oil, 25s.. Gulf to Copenhagen, Oct.; Spidoleine, 8,960 tons, crude oil, 45c.,
-Prompt New York. re-delivery
Tampico to Philadelphia, Sept. Time
U. K.
-Continent, $1.50; 1,128 tons steamer, round trip West Indies trade,
Europe$1.90, delivery Baltimore prompt loading: 3,500 tons, 12 months,MediterMediterranean-West Africa trade, £1,150 per month, delivery
ranean, Oct. loading; 3,535 tons, nine months European-MediterraneanWest Africa trade, £1,150 per month, delivery Mediterranean, Sept. loadtrade,
ing; 3,000 tons, 3,6 or 9 months, European-Mediterranean-Morocco Nova
£850 per month, delivery Continent prompt; 933 tons, 3 months,
$2.20 delivery Bathhurst last half Sept. Coal
Scotia plaster trade,
Philadelphia and Hampton Roads to St. Johns, N.F.,$2, Sept. Case oil
cases Port Arthur first half Sept. to Far Bast, 30c. one, Mc. for
170.000
each additional up to five ports.
1610
FINANCIAL CHRONICLE
of Australian wool in the 1928-29 season is estimated at
$0.358 compared with about $0.157 in 1891.
SILK ended to-day at an advance of 4 to 6 points on old
contracts with sales of 156 lots or 780 bales and 4 to 7 points
higher on new contracts with sales of 251 lots or 2,510 bales.
Closing prices were as follows: Sept. new $5.01 to $5.04;
Dec. $5.00; March $4.98 to $5.00; Sept. old $5.01 to $5.04;
Dec. $4.97 to $5.00. The volume of trading was the largest
on record. The total of 3,290 bales was 375 bales greater than
the previous record of Aug. 17th last.
COTTON
Friday Night, Sept. 6 1929.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
254,338 bales, against 183,758 bales last week and 108,086
bales the previous week, making the total receipts since
Aug. 1 1929, 664,508 bales, against 463,194 bales for the
-same period of 1928, showing an increase since Aug. 1 1929
of 201,314 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Total.
Fri.
[VoL. 129.
From
Aug. 1 1929 t
Sept. 6 1929.; Great
GerExportsfrom- Britain. Prance. tnartli•
Galveston_ -- Houston
Corpus Christi
New Orleans..
Mobile
Pensacola_..
Sava n nah
_
Cherie-donNorfolk
New York.....
Baltimore_ --Los Angeles....
San Francisco
Total
3,463 5,554
9,394 13,143
11,621 19,498
2,619 1,086
250
7,407
1,625
2,533
1,319
'HE
"ion
1,150
102
40,333 41,446
Exported to
Russia
Japan&
China Other.
Total.
8,428 4.753 3.123 5,176 11,654 42,151
28,362 8.346 5,991 7,917 11,075 125,228
10,225 16,802 41,521 5.950 10,847 116,464
8,484
3,681 5,464
783 22,117
8.840
350
.9,440
200
200
39,344
850 47,601
2,415
1,136
5,291
3,226
5.759
2:658 1,534 19,076
12,310
977
1,150
"Eia
200
865
1,675
1,675
117,031 36,542 50,635 31,801 38,229 356,017
Total 1928_
Total 1927_ _ _
44,577 34,343 95,292 34,433 80.447 68,329 47,077 404,498
67,16 52,855 181,305 27,000 82,026 52,853 50,582 513,785
NOTE.
-Exports to Canada.
-It has never been our practice to include in the
above table reports of cotton shipments to Canada, the reason being that virtually all
the cotton destined to the Dominion comes overland and It is Impossible to get returns concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however.
of the numerous Inquiries we are receiving regarding the matter, we will say that for
the month of July the expels to the Dominion the present season have been 12.295
bales. In the corresponding month of the preceding season the exports were 15,891
bales. For the twelve months ended July 31 1929 there were 270.724 bales exported,
as against 235,793 bales for the corresponding twelve months of 1927-1928.
In addition to above exports, our telegrams to-night also
Galveston
5,752 6,233 10.159 5,351 4.794 4,138 36.427
Texas City
764
764 give us the following amounts of cotton on shipboard, not
___
Houston
9.247 10.823 14,274 9:366 7;525 22,405 73.583
Corpus Christi_ _ 6,526 9,183 8,918 10,110 5,618 6.005 46,360 cleared, at the ports named:
New Orleans_ _ _ _ 8,692 2,187 1,512 6.936 8,839 5,604 33.770
Mobile
2,587 1,449
202 2.095 2,685 1.690 10,708
On Shipboard Not Cleared for
Jacksonville
12
12
Savannah
7,916
---- 12,255 12,085 6:558 9.140 47.699
Great
Leaving
Other CoastGerCharleston_
453 3,292
____
442
435
Sept. 6 at
686 1,276
-- Britain. France. many. Foreign wise. Total. Stock.
Wilmington77
642
795
76
Norfolk
525 Galveston....--- 2.500 2,200 7.400 12.000 3.000 27.100
133
250
43
99
71,936
Boston
50 New Orleans.._
60,749
99 6,939
849
755 2,061 3.175
Baltimore
210
353 Savannah
--------------143
7,000
53,483
300 8,300
1,000
Charleston_ _ _ _
13.862
50
50
Totals this week_ 41,239 30,018 48,049 47,229 36.607 51,196 254,338 Mobile
14.972
1,800
1:556
Norfolk
17,508
The following table shows the week's total receipts, the Other ports *
1,865 1.000 5-3556 15;665
500 23:566 412,987
total since Aug. 1 1928 and stocks to-night, compared with
last year
Receipts to
Sept. 6.
1929.
1928.
Stock.
Total 1929.... 11,849
Total 1928... 7,344
Total 1927- - 4.495
* Estimated.
3,955 15,461 31,975
4,583 7,080 24,979
4.730 19,985 27.094
3,949 67.189 645,497
2,626 46,511 479,126
5.944 62,248 1,126.158
Speculation in cotton for future delivery has been brisk
at times, but latterly quieter. The really striking thing Is
Galveston
99,036 130,319 that regardless of heavy rains in parts of Texas and through36.427
78,073 60,787 123,594
Texas City
3,137 out Oklahoma
1,797
764
1 093 1,239
2,992
the decline is slight. Big liquidation is said
Houston
73,583 155,817 70,067 187,168 190,077 229.104
Corpus Christi_ -- 46,360 234,233 71.250
to have been offset by big trade buying. On August 31st
97,137 128,789
Port Arthur, dm
550
New Orleans
80,802 prices advanced 14 to 18 points on most months, as Texas
34,250 67,688
33,770
74.558 10,892
Gulfport
drought was still unbroken and shorts covered. ConcenMobile
10,708
16,772
1.809 trated
487
1,034
19.301
buying of 25,000 bales of December and March conPensacola
200
- _
Jacksonville
686
12
613 tributed to the rise. Calling of cotton by the mills was
12
Savannah
47.699
91,101 6,014
17.115
8.865 61.783
Brunswick
reported on a larger scale. Fairchild estimated the crop
Charleston
3,9
15,280 at 15,350,000 bales, a reduction of 92,000 bales as
4,369
900
3,345
13,912
compared
Lake Charles
60
522
Wilmington
2
795
168
3.651
3,419 with an estimate from the same source a month ago. This
856
Norfolk
3.004
470
2,148
525
17.508
18,023 decrease was unexpectedly small, but the condition of
the
N'Port News,&c_
____
New York
240 104,506
100
17,785 crop was stated in the same report as only 57.8% against
Boston
44
439
50
50
887
3,294 69.5 a month previously. Prices showed a rise for
Baltimore
last
21
353
1,941
1,264
879
886
Philadelphia
• 4.455
4,429 week of some 70 points. They were the highest of the
Totals
254.33R Rad 5118 222.173 463.194 712.686 525.637 month. That was due to the fact that the condition of the
On order that comparison may be made with other years, crop In various end-month private reports was stated as'
much lower than the 10
-year average and also lower than a
we give below the totals at leading ports for six seasons:
year ago. Also not only the quantity seems to be reduced,
Receipts at1929.
but of course the quality, due largely to premature opening.
1928.1927.
1926.
1925.
1924.
Moreover, spot cotton continued to sell more freely at rising
Galveston --36,427
60.787
53.855
47,328
56.516
92.349 prices.
Houston*-___
73,583
70,067 100,650
The sales at the South even on a Saturday approxi79,276
9,094
36,481
New Orleans _
33,770
10,892
33.721
19,470 62,747
29,380 mated 43,000 bales. In other words, they continue to
Mobile
10,708
greatly
487
8,622
3,108
10,430
5,460
Savannah....
47,699
6.014
43.200
37,832
52,477
43,013 exceed those on corresponding days last year. There was
Brunss Ick_
said to be considerable hedge selling. Liverpool cables,
Charleston_
3.292
900
7,817
17.279
11.311
4,712
Wilmington-795
2
522
811
2,676
544 too, were lower than due. Both Liverpool and New York at
Norfolk
470
525
1.353
1,873
2,277
1,140 times acted tired, but vigorous supporting
N'port N., &c
purchases and the
.
All others___
47,539
72,554
11,733
1.824
4.091
9.042 fact that the belt was too dry and the night temperatures
Total this wk_ 254,338 222,173 261,473 208,801 211,619 222.121 too low finally brought about a net rise for the day of 6 to
10 points. The technical position did not seem so strong
Since Aug.1-- 664.508 463194 878.402 671,6241 788.499 601.694
as it had been.
*BeginnIng with the season of 1926. Houston figures include movement of
On the 3rd inst. prices advanced 35 to 42 points as the
cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned
Texas drought had not been broken over the holidays.
The exports for the week ending this evening reach a total Also crop reports continued to be
of 168,749 bales, of which 20,730 were to Great Britain, crop estimate was 14,833,000 bales bad. The Giles-Pierce
against 15,543,000 the
26,598 to France, 67,820 to Germany, 20,302 to Italy, Government estimate on August 1st and
12,420 to Russia, 5,975 to Japan and Chins and 14,904 to The ,Southern Cotton Co. estimated 14,478,000 last year.
It at 14,853,000, the
other destinations. In the corresponding week last year Possick Bureau
at 14,788,000. The average of seven recent
total exports were 143,747 bales. For the season to date reports
was 14,956,000 bales against 15,560,000 a month ago.
aggregate exports have been 356,017 bales, against 404,498 The
condition on the 3rd inst. was stated in three reports
bales in the same period of the previous season. Below are
as 57.9% to 58.6 against 69.6 on August 1st and
the exports for the week.
10
-year average. Texas was put at 45 to 49; a 67.4 as the
it was 64. If the decline in condition in Texas in month ago
Exported to
August was
Week Ended
to 45 it was a drop of 19%. It is usually about
Sept. 6 1929.
10 to 12%.
Great
GerJapan&
The official reports stated that Texas and
Exportsfrom
- Britain. France. many.
Russia. China. other. Total.
Oklahoma had
little rain over the holidays, and that the temperatures
Galveston
2,486 4,784 5.383 2,339
6,102 21,094
Houston
5.998 10,781 20,061 6.472
7,402 50,714 continued hot. Some of the early advance was lost later
Corpus Christi_ _ 6.963 10,633 1,746 7,393 12.420
700 39,855 on realizing and hedge selling. Spot
sales at the South
New Orleans
406 3,898
4:55o
200 9,304
Mobile
4.015
4,015 reached 49,750 bales against 45,555 on the same day last
Pensacola
"200
200 year at an advance in prices of 15 to
20 points. Liverpool,
Savannah
4.378
35,669
"600 40,547 Alexandria,
Norfolk
Bremen and Havre were all higher.
905
905
New York
400 "Eio
940
On the 4th inst. prices advanced slightly at first with
San Francisco
1.175
1,175
the Texas drought still unbroken, some rather unwelcome
20,730 26,598 67,820 20,302 12,420 5,975 14,904 168,749 rains in
Total
the Atlantic States, and fears of a bad weekly
7,032 12,087 52,543 7.925 25,484 21,275 17,401 143,747 report. When the report came,
6511928
however, though bullish,
13.592 4,218 66,307 3,341 13,100 11,247 9,616 121,421
"a11927
it developed that not a few of the longs had determined to
This Since Aug This Since Aug
Week. 1 1929. Week. 1 1928.
1929.
1928.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1611
bolls. Killing frost on the high plains is due about Oct. 26th,
sell on it if it should be unfavorable. That sent prices
date Is about Nov. 2nd. Final
from the early top. The closing while in North Texas the
down some 30 to 35 points
Spot middling
market had become a prices were 6 to 16 points lower for the week.
was at a moderate net decline. The
and local interests fell 5 points to 19.20c.
little overbought. Wall Street, the South
sold. There was more or less hedge selling. Texas and Staple Premiums
Differences between grades established
of average of
Oklahoma had temperatures of 100 to 106 degrees, but that 60%
six markets Quoting
for delivery on contract Sept. 12 1929.
weekly report, fell flat. A reaction for deliveries on
fact, as well as the
Figured from the Sept. 5 average quoSept. 12 1929.
was due after a recent continuous advance. Liverpool
tations of the ten markets designated by
-Inch &
more two-sided affair. Many
15-16
cables called the market a
the Secretary of Agriculture.
longer.
Inch.
considering the reaction merely
were still bullish, however,
.72 on Mid.
White
Middling Fair
fundamental facts
.75
.24
natural and in no way contravening the
55
Strict Good Middling- do
.75
.24
.40
do
do
Good Middling
.75
favoring, as they contended, an ultimate further advance.
.24
do
do
25
Middling
Strict
.75
.24
Basis
Not a few, however, looked for a further setback on the eve
do
Middling
.72
.24
7405 Mid.
Government report. It was contended that
Strict Low Middling.... do
.68
.24
of next Monday's
do
1 59
do
Low Middling
.65
.24
do
2.50
the market was "long," and that many would prefer not to
*Strict Good Ordinary._ do
do
340
do
report committed to that side of
*Good Ordinary
go through the Washington
40 on do
Extra White
Good Middling
there were predictions of
do
.25
do
do
the market. In the meantime
Strict Middling
do
Even
do
do
Middling
showers in Texas.
74 off do
do
Strict Low kliddling....do
do
1 59
do
do
The weekly summary said: "The weather in general
Low Middling
.18 on do
Spotted
Good Middling
.67
.22
continued unfavorable for the cotton crop, principally be08 on do
do
Strict Middling
.70
.21
73 off do
do
Middling
cause of unrelieved droughty conditions over the Western
.65
.21
do
1.57
*StrickLow Middling__ do
portion of the belt, where high temperatures intensified
do
240
do
*Low Middling
06 off do
...Yellow Tinged
In Texas progress of cotton was good
Strict Good Middling
the lack of moisture.
.58
.20
48
do
do
do
Good Middling
.58
and the extreme West, while the
.20
in parts of the Panhandle
.94
do
do
do
Strict Middling
.58
.20
do
1.58
do
do
*Middling
crop is made in the South. Elsewhere rather general deterido
2.21
do
*Strict Low Middling- _do
do
3.01
oration continued, with plants shedding and opening premado
do
Middling
*Low
Light Yellow stalned_1.08 off do
Good Middling
.58
turely. General deterioration continued also in Oklahoma,
.20
do
1.63
do do do
*Strict Middling
2.29
do
with further complaints of shedding,blooming nearly stopped,
do do do
*Middling
1 42 off do
Yellow Stained
Good Middling
.58
and opening prematurely. The general condition
bolls small
.20
do
2 14
do
do
Middling
*Strict
do
2.79
do
do
of the crop is uneven, ranging from poor to good. Rainfall is
*Middling
69 off do
Gray
sections, especially in Northwestern
Good Middling
.58
.19
needed in some interior
1.08
do
do
Strict Middling
.56
.19
1 45
do
do
South Carolina, Northern Georgia and some interior sections
*Middling
1.61 off do
Blue Stained
Middling
a few ,
*Good
Southwestern
of Alabama and Mississippi, while in
do
2.25
do
do
*Strict Middling
297
do
do
do
districts there were further rains which were not needed.
*Middling
In Arkansas progress continued fairly good to very good
•Not deliverable on future contracts.
In most of the Eastern half, but unfavorable drought conThe official quotation for middling upland cotton in the
tinued in the West, where there is but little blooming. In
market each day for the past week has been:
Louisiana there was little change in conditions with drought New York Sept. 6.
Sat. Mon. Tues. Wed. Thurs. Fri.
Aug. 31 to
19.35 Irclay 19.55 19.25 19.10 19.20
in the North. East of the Mississippi River con- Middling upland
continuing
ditions continued largely as last week. In general, progress
NEW YORK QUOTATIONS FOR 32 YEARS.
In the Carolinas and Virginia continued fair to very good,
The quotations for middling upland at New York on
with plants beginning to open and picking begun as far
for each of the past 32 years have been as follows:
North as North Carolina. Picking and ginning made excel- Sept.6 19.20c.
.
1101..710c5c.
12.75c. 1905
20.10c. 1913
1
1929
11.75c. 1904
31.75c. 1012
lent progress, quite generally under highly favorable 1928
19.35c. 1920
12.50c.
11.60c. 1903
28.85c. 1911
22.75c. 1919
weather, except in a few Southeastern districts, while con- 1927
8.88c.
14.25c. 1902
35.85c. 1910
18.700. 1918
1926
s4
89
12.85c. F 9
1901
8.62c.
22.208. 1909
22.65c. 1917
ditions mainly favored the checking of weevil activity, 1925
10.12c.
15.800. 1908
1924 ---..25.80c. 1916
especially in the warm, dry Western portion of the belt."
06
8.31c.
19
9.85c. 1907
27.35c. 1915
1923
10.00c. 1898
5.75c.
20.85c. 1914
On the 5th inst. prices declined 15 to 20 points on rains 1922
in parts of Texas of 1 to 2% inches, and in Oklahoma of 1
-The highest, lowest and closing prices at
FUTURES.
to 2 Inches over much of the State. Further showers were New York for the past week have been as follows:
predicted. Concentrated sales estimated at 50,000 bales by
Friday,
Tuesday, Wednesday, Thursday,
Saturday, Monday,
big interests were, however, partly offset by buying of
Sept. 4.
SOL 6.
SO& 5.
Sept. 3.
Sept. 2.
Aug. 31.
50,000 March attributed to the trade. And some are inclined
to think the rains had come too late to do much good. Some Aut.(old)
Range-good, however, they are bound to do. But offerings were,
Closing.- on the whole, well taken. The technical position was better. Sept.(old)
Range18.92 -18.8418.9919.27To-day prices advanced 15 to 20 points on the idea that
Closing- 19.09the Texas and Oklahoma rains had done no particular good,
19.20-19.45 18.97-19.35 18.91-18.94 19.01-19.05
Range- 19.06-19.10
18.97-18.99 18.9119.03-19.05
19.35copious as they were, especially in Oklahoma. The theory
Clos1ng. 19.10Is that they came too late to be of any material benefit. Oct. (netc) 19.00-19.20
19.22-19.50 19.02-19.40 18.87-19.06 18.92-19.02
Range18196-19.00
19.31-19.33 19.03-19.04 18.88They would help growing bolls to mature in a normal manClosing. 19.14-19.15
ner. They would stop premature opening. They would help Nov.(old)
Range-19.13 --.
19.0519.2119.49the staple. But as to adding very markedly to the quantity
Closing- 19.32of cotton produced in Texas and Oklahoma which last year Nov. (new) 19.3219.23-19.57 19.18-19.18
HOLIDAY
Range_
19.0519.13 -19.2119.49raised 7,300,000 bales, it is doubted whether any such result
Closing. 19.32Is likely to follow the rains of late of roughly 1 to 3 inches.
19.55-19.85 19.35-19.74 19.22-19.42 19.26-19.37
Range.. 19.38-19.56
19.68-19.69 19.39-19.41 19.23-19.24 19.30-19.31
To-day there were big rains in parts of Texas and the belief
Closing_ 19.48-19.49
Is that they will do some good. Also Oklahoma throughout Jan(1930) 19.44-19.61
19.60-19.87 19.41-19.75 19.25-19.44 19.27-19.31
Range._
19.41-19.42 19.25-19.27 19.30-19.31
19.71Closing. 19.53its area had a good deal of rain. The suggestive fact,
'
however, is that neither New York nor Liverpool paid much Feb. -Range..
19.3419.5219.4019.82Closing_ 19.61attention to these precipitations. The technical position was
19.80-20.12 19.63-20.00 19.43-19.65 19.47-19.5t
better. Offerings were light. "A good deal of liquidation Moo. -. 19.62-19.80
Range
19.93 ..- 19.63-19.67 19.43-19.45 19.50Closing. 19.70-19.72
has been done in the last few days. Many had cleared up
their accounts on the eve of the Government report, which Apr.
Range..
19.4819.53 -19.6519.96Closing. 19.74will appear on the 9th inst. To-day spot markets were more
Ma-19.85-20.18 19.68-20.03 19.51-19.74 19.56-19.61
active at some advance. In Liverpool futures ended slightly
Range- 19.69-19.84
19.5319.99-20.00 19.6819.56-19.51
Closing. 19.78-19.80
higher. Alexandria was higher coincident with some un- Jayafavorable reports about the Egyptian crop. Manchester reRange-.
19.4719.6619.52 19.92Closing- 19 75.
ported a better business. Worth Street had a fair trade, July
19.79-20.00 19.64-19.87 19.47-19.52 19.47-19.61
but in some cases it is said that prices were eased a little,
Range _ 19.65-19.70
19.86-19.64-19.65 19.41 19.49 Closing. 19.72although in other quarters there was no giving way. Ex- Avg.
ports increased to-day. They make a better showing for
-Ranger.,......... ___.
the week. Spinners' taking made a fair exhibit.
Range of future prices at New York for week ending
The Dallas "News" of to-day said that belated rains in
North and Northwest Texas are probably too late to aid the Sept.6 1929 and since trading began on each option:
cotton crop materially, but broke a four months' drought,
Range Since Beginning of Option.
Range for Week.
accompanied by excessive temperatures, which reduced crop OptiOu for18.00 July 15 1929 20.53 Mar. 6 1929
Aug. 1929._
expectations, much below last season's. By far the heaviest Sept. 1929
17.75 Aug. 12 1929 20.63 Mar. 8 1929
precipitation was in North Texas, with Northwestern coun- Oct. 1929 18.87 Sept. 4 19.50 Sept. 3 17.88 Aug. 15 1929 20.72 Mar. 15 1929
Nov. 1929.. 19.18 Sept. 5 19.57 Sept. 4 18.10 Aug. 13 1929 20.38 Mar. 13 1929
ties reporting widely scattered rains of mostly small volume. Dec. 1929_ 19.22 Sept. 5 19.85 Sept. 3 18.21 Aug. 15 1929 20.70 Mar. 15 1929
Where the moisture is sufficient it will aid growing bolls Jan. 1930._ 19.25 Sept. 5 19.87 Sept. 3 18.20 Aug. 10 1929 20.66 Mar. 15 1929
10 1929 18.82
1929
to mature more normally, but at this late date little is to Feb. 1930.. 19.43 Sept. 5 20.12 Sept. 3 18.82 July 15 1929 20.25 July 10 1929
18.44 July
Mar. 1930._
Apr. 1
18.71 July 9 1929 18.82 July 8 1929
be expected of blooms. Studies of the Spur Agricultural Apr. 1930
19.51 Sept. 5 20.18 Sept. 3 18.51 July 8 1929 20.18 Sept. 3 1929
May
Experimental Station in Northwest Texas show that blooms 7une 1930
1930_
after September 5th cannot be counted on to make open July 1930- 19.47 Sept. 5 20.00 Sept. 3 18.60 Aug. 16 1929 20.00 Sept. 3 1929
1612
FINANCIAL CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Sept. 6Stock at Liverpool
Stock at London
Stock at Manchester
1929.
bales. 714,000
12,000
69,000
99,000
687,000 1,154,000
272,000
155,000
9,000
69,000
23,000
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
874,000
174,000
106.000
5,000
50,000
36,000
receipts at all the:towns have been 63,830 bales more than
the same week last year.
70,000
795,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1928.
1927.
633,000 1,055,000
[VoL. 129.
54,000
1926.
804.000
Spot Market
Closed.
..
312,000
177,000
9.000
87,000
15.000
59,000
93,000
1.000
37,000
6,000
Futures
Market
Closed.
SALES.
Spot. Confect Total.
Saturday..,.. Quiet,10 pts.adv _ Steady
Monday ___
HOLIDAY.
Tuesday_
ulet,20 pts. adv - Steady
Wednesday_ ulet,30 pts.decl __ Barely steady
Thursday..,, Wet,15 pia. decl -- Steady
Friday
Ulet. 10 pts. adv -_ Steady
400
400
500
200
100
500
'200
100
Total Continental stocks
371,000 528,000 600,000 196.000
Total_
300 1,200
900
5,323 1,000 6.323
Total European stocks
1,166,000 1,215,000 1,754,000 1,070.000 Since Aug. 1
India cotton afloat for Europe
61,000
101.000
69,000
50,000
American cotton afloat for Europe 225,000 251,000 322,000
OVERLAND MOVEMENT FOR THE WEEK AND
Egypt,Brazil,&c..afloatforEurope 125,000 104,000 130,000 299,000
128,000 SINCE AUG. 1.
-We give below a statement showing the
Stock in Alexandria. Egypt
157,000 150,000 261,000 151,000
Stock in Bombay. India
843,000 970,000 442,000 356,000 overland movement for the week and since Aug. 1, as made
Stock in U. S. ports
0712,686 0525,63701,188,406 0690,288 up from telegraphic reports Friday night. The results for
Stock in U. S. interior towns_
0239.407 0251,324 0371,411 0490,340
the week and since Aug. 1 in the last two years are as follows:
U.S. exports to-day
1,800
1,541
-1928---1929Total visible supply
3.570,893 3,527,961 4,539,388 3,234.628
Since
Since
Sept.()Of the above, totals of American and other descriptions are as follows: Shipped
Week. Aug. 1.
Week. Aug. 1.
American
Via St. Louis
11,576
1,826
10,211
1,323
bales_ 293,000 356,000 733,000 399,000
Via Mounds, &a
1,595
75
270
545
ManTester stock
40,000
33,000,48,000
Via Rock Island
Continental stock
279,000 465,000 554,000 139,000
Via Louisville
1,281
149
326
1,584
American afloat for Europe
225,000 251,000 322.000 299.000
4,353
Via Virginia points
4,070
16.154
20,499
U. S. port stocks
0712.6860525,637 01,188,406 0690,288
Via other routes, ezc
23,747
5,300
7,775
29,975
U. S. interior stocks
0239,407 0251,324 0371,441 0490.340
U.S. exports to-day
1,800
1.541
Total gross overland
14,047
64,179
11,420
52,988
Deduct Shipments
Total American
1,790,893 1.881,961 3,255,388 2,065.628
Overland to N. Y., Boston, &c -- 403
65
1,943 '
2,091
East Indian. Brazil, &c.
Between interior towns
1,714
304
1,986
297
Liverpool stock
421,000 277.060 322.000 405.000
Inland, &c., from South
10.972
51,309
10,038
37,673
London stock
12,000
Manchester stock
22,000
29.000
14,000
21,000
Total to be deducted
55,238
10,400
41,478
11,679
Continental stock
57,000
46,000
92,000
63,000
Indian afloat for Europe
50,000
61,000
101,000
69,000
Leaving total net overland *
2.368
8,941
1,020
11,510
Egypt Brazil, &c., afloat
125.000 104,000 130,000 128,000
Stock in Alexandria, Egypt
157,000 150,000 261,000 151,000
*Including movement by rail to Canada.
Stock in Bombay,India
356,000
843,000 970,000 442,000
The foregoing shows the week's net overland movement
Total East India, dm
1,780,000 1.646,000 1,284,000 1,169,000 this year has been 2,368 bales, against 1,020 bales
for
Total American
1,790.893 1,881,961 3,255.388 2,065,628
the week last year, and that for the season to date the
Total visible supply
3.570,893 3,527.961 4.539,388 3,234,628
Middling uplands, Liverpool10.488. 10.62d. 12.67d. 10.188. aggregate net overland exhibits an increase over a year ago
Middling uplands, New York
19.20c. 19.40c. 23.60c. 18.50c. of 2,569 bales.
Egypt,good Sakel, Liverpool
18.500. 20.104. 22.400. 19.188.
929-1928
Peruvian. rough good, Liverpool- 14.50d. 12.75d. 13.75d. 14.500.
In Sight and Spinners'
Since
Since
Broach, fine, Liverpool
8.800.
9.20d. 11.45d.
8.700.
Week.
Aug. 1.
Takings.
Week.
Aug. 1.
Tinnevelly, good, Liverpool
9.35d. Receipts at ports to Sept. 6
9.888. 10.15d. 11.85d.
254,338
664,508 222,173
463,194
11,510
2,368
1,020
8,941
a Houston stocks are now included in the port stocks; in previous years Net overland to Sept. 6
Southern consumption to Sept. 6_124,000
652,000 100,000
540,000
they formed part of the interior stocks.
Continental imports for past week have been 75,000 bales.
Total marketed
380,706 1,328,018 323,193 1,012,135
30.488
45,145
5,753
*63,176
The above figures for 1929 show an increase over last week Interior stocks in excess
of 112,417 bales, a gain of 42,932 over 1928, a decrease of
968,495 balesfrom 1927 and a gain of 336,265 bales over 1926.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
detail below:
Movement to Sept. 6 1929.
____
274
235
486
20
____
22
823
1
107
-__
17
71
1,305
3,920
7,099
26
22
250
1.826
5
467
60
615
---875
20
485
15,803
--4:192
5
4,822
9,12,
505
5,771
3,412
1,281
1,027
1.938
627
110
196
119 ____
914 2,136
2,732
6,702 1,606 9,472
963 10,344
10,008
317 2,160
197
203 1,234
221
33 1,496
311
464 2,255
2,529
658
70
6
86 3,225
542
198
62
735 1:151 2,674
158
...„
625 2,280
2,871
50 1.172
35
935 5,097
1,835
35,715 5,562 38,258
458 1,200 4,380
8,724 3,395 2,221
6 ____ 2,011
5,985 1,598 10,448
11,619 1,241 13,358
589,
34
552
471 10.883
6,688
4,702 1,445 2,959
2,995
905 3,145,
100 1,510
1,332
177 2.822,
2.639
7.074 1.323 5,992
707 1,012 6,308
1,239
2,000
6,469
165
2,464
480 4,204
12,665 2,000 13,275 1,077
27,408 6,545 37,186 3,970
467,
1,922
084 6:681
529
867
322 2,280 2,000
6,344 4,117 1,864
265
2,632 1,225 1,209 1,020
19,211 4,690 10,598 1.029
11,978 2,186 4,228 3,656
789---1 1,474
200
23,785 6;434 11,999 7,175
1,169
500
4,278
2,122
6,391
2,645
667
10,825
No.spinn's's takings to Sept. 6- 34,485
123,590
143
3
105
2,892
86
1,024
1
2,086
972
s
1,127
144
316
--898
1,731
----
35
604
202
451
916
200
392 4,544
395
1,450
694 3,600
20
105 2,462
24
93 2,036
30
19 2,762
904
320 1,536
1
____
409
237
715 4,110
10
3
413
522
452 4,589
1
18
310
143
82 1,638
15
50
779
901
287 10,140
9,062 1,461 12,633
832
412
409
1,181
726 1,736
2.1 7,115
381
2,198
168 10,633
1,273
802 12,268
11
27
285
917 21,327
. 27
177
58
480
1 11,175
559
63 ---- 1,216
1,078
171 5,004
11,416 1,826 2,013
161
425 3,001
543
769
13,956 2,665
24,572 7,382
110___
7,101 4.053
5,017 1,000
2,602
591
1,143
703
12,508 1,651
14,902 2,565
356
100
11,586 3.193
6,567
8,402
57,108
216
3,234
11,926
12,588
1,037
4,489
4,693
797
10,124
Total. 56 towns 103.969 228,1651 54,408 239,407 40,139 129,854 35,548251,324
•Includes the combined totals of 15 towns in Oklahoma.
948,969
22,260
92,012
• Decrease.
Movement into sight in previous years:
Week1927
-Sept.6
1926
-Sept.7
1925
-Sept.9
Bales. Since Aug. 1413,071 1927
282,332 926
494,333 1925
Bales. •
1,571,906
1,021.803
1,190,257
Movement to Sept. 7 1928.
Ship- Stocks
Ship- Stocks
Receipts.
meats. Sept.
meats. Sept.
7.
Week. Season. Week.
Week. Season. Week. 6.
Receipts.
Ala.,Birming'm
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro- - Little Rock
Newport
Fine Bluff
Walnut Ridge
Ga., Albany...,,
Athens
Atlanta
Augusta
Columbus-Macon
Rome
La. Shreveport
Miss.,Clark'dale
Columbus_
Greenwood
Meridian_ __ _
Natchez
Vicksburg_
Yazoo City
Mo., St. Louis_
N.C.,Greensb'o
Oklahoma
15 towns*
S.C.,Greenville
Tenn.,Memphts
Texas, Abilene
Austin
Brenham
Dallas
Paris
Robstown_
San Antonio_
Texarkana.. _
Waco
Came into sight during week -425,851
328,946
Total in sight Sept. 6
_ - _ - 1,358,506
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
Sept. 6.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _
Dallas
Fort Worth__ _
C osing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd y. Friday.
19.05
19.15
18.50
18.55
19.31
18.38
18.25
19.05
18.15
18.40
19.25
19.33
18.65
18.71
19.50
HOLI- 19.46
DAY. 18.50
18.45
19.20
18.25
18.55
18.55
18.95
19.02
18.35
18.54
19.19
19.55
18.19
18.15
18.90
18.00
18.25
18.25
18.75
18.83
18.20
18.38
19.00
19.30
18.00
17.75
18.75
17.85
18.10
18.10
18.85
18.93
18.25
18.48
19.06
19.30
18.25
17.80
18.85
17.90
18.20
18.20
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Tuesday, Wednesday, Thursday, Friday,
Sept. 4
Sept. 3.
'
Sept. 5
.
Sept. 5
.
19.32-19.33 19.02-19.03 18.83-18.84 18.93October - 19.16-19.17
November-19.61-19.63 19.32-19.34 19.12-19.13 19.21-19.22
December 19.43-19.45
Jan (1930) 19.50-19.51
19.68-19.69 19.40-19.16-19.23-19.24
February _- -19 87 --- 19.58 -- 19.33-19.34 19.44-19.45
.
March__ 19.64-19.65
April
HOLIDAY
- --10. May
19.62 Bid 19.36-19.37 19.47 Bid
19.7090
June
- ---- July
19.63 Did
19.83 Bid 19.54 Ind 19.28 Ind 19.39 Bid
August--September- -ToneBpot
Steady
Steady
Steady
steady
Steady
()Mint.
Atoarly
Want's?
Barely st'v fitsuid v
Steady
Saturday,
Aug. 31.
Monday,
Sept. 2.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
The above total shows that the interior stocks have us by telegraph this evening denote that although the earlier
increased during the week 45,145 bales and are to-night part of the week was dry in most sections of the cotton belt,
11,917 bales less than at the same time last year. The the drought in the southwestern part of the belt and in Okla_
SEPT. 7 1929.]
FINANCIAL CHRONICLE
h?me, has been broken by rains the latter part of the week.
picking and ginning have made good progress. The condition of the crop ranges from poor to very good depending on
locality.
Texas.
-The crop is made in the southern part of this
State. Rains the latter part of the week broke the dry
spell in many localities. Progress of cotton in the extreme
west and in the Panhandle has been good.
-Scattered showers in the interior interfered
Mobile, Ala.
but little with farm work. Cotton is opening rapidly. Gins
are keeping up and cotton is being freely marketed. Usual
amount of shedding.
Galveston, Texas
Abilene, Texas
Brenham, Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Henrietta. Texas
Kerrville, Texas
Lampasas, Texas
Longview, Texas
Luling, Texas
Nacogdoches, Texas
Palestine, Texas
Paris, Texas
San Antonio. Texas
Taylor, Texas
Weatherford, Texas'
Ardmore, Okla
Altus, Okla
Muskogee, Okla
Oklahoma City, Okla
Brinkley, Ark
Eldorado, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria. La
Amite, La
New Orleans, La
Shreveport, La
Columbus. Miss
Greenwood. Miss
Vicksburg. Miss
Mobile, Ala
Decatur, Miss
Montgomery, Ala
Selma, Ala
Gainesville. Fla
Madison, Fla
Savannah, Oa
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston, S. C
Greenwood, S.0
Columbia, S.0
Conway, S. C
Charlotte, N.0
Newborn. N.0
Weldon. N.0
Rain. Rainfall.
1 day 0.03 in.
1.12 in.
1 day
1 day 0.12 in.
2 days 0.46 in.
dry
2 days 1.32 in.
2 days 2.20 in.
dry
dry
1 day 0.04 in.
dry
dry
dry
2 days 3041n.
dry
dry
2 days 0.26 In.
2 days 0.32 in.
1 day 0.40 in.
2 days 1.18 in.
2 days 0.52 in.
1 day 0.22 in.
dry
dry
2 days 0.15 in.
1 day 0.67 in.
3 days 0.88 in.
4 days 2.88 in.
dry
3 days 0.75 in.
dry
dry
4 days 1.20 in.
dry
1 day 0.07 in.
dry
6 days 3.20 In.
3 days 1.30 in.
4 days 4.10 in.
2 days 0.31 in.
2 days 1.36 in.
1 day 0.64 in.
2 days 0.50 in.
2 days 1.64 in.
2 days 0.70 in.
2 days 0.18 in.
2 days 0.60 in.
2 days 1.35 in.
2 days 0.50 in.
Thermometer
high 89 low 77 mean 83
high 98 low 64 mean 81
high 100 low 62 mean 81
high 90 low 72 mean 82
high 90 low 76 mean 83
high 94 low 68 mean 81
high 102 low 62 mean 82
high 100 low 58 mean 79
high 102 low 60 mean 81
high 98 low 62 mean 80
high 100 low 68 mean 84
high 94 low 62 mean 78
high 94 low 64 mean 79
high 94 low 66 mean 80
high 98 low 70 mean 84
high 96 .ow 68 mean 82
high 100 low 66 mean 83
high 95 low 63 mean 79
high 102 low 58 mean 80
high 98 low 63 mean 81
high 98 low 56 mean 77
high 93 low 53 mean 73
high 99 low 56 mean 78
high 93 low 64 eman 79
high 97 low 60 mean 79
high 95 low 65 mean 80
high 92 low 64., mean 78
nlgn
low __ mean 81
high 95 low 67 mean 76
high 98 low 62 mean 80
high 97 low 65 mean 81
high 92 low 65 mean 79
high 90 low 71 mean 78
high 93 low 61 mean 77
high 92 low 69 mean 76
high 93 low 68 mean 81
high 90 low 68 mean 79
high 92 low 70 mean 81
high 88 low 65 mean 76
high 92 low 59 mean 76
high 92 low 59 mean 76
high 93 low 65 mean 79
high 84 low 68 mean 76
high 90 low 56 mean 73
high 90 low 60 mean 75
high 88 low 58 mean 73
high 87 low 59 mean 73
high 89 low 58 mean 74
high 89 low 51 mean 70
1613
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also thelakings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1929.
Week.
1928.
Season.
Week.
Season.
Visible supply Aug. 30
3,458,476
3.480.388
Visible supply Aug. 1
3,735.957
4,175.480
American in sight to Sept. 6
425,851 1,358,506 328.946
948,959
Bombay receipts to Sept. 5_ _
18,000
83,000
1.000
28,000
Other India ship't to Sept. 5_
7,000
76,000
35,000
Alexandria receipts to Sept. 4_ _
1,000
1,200
5,200
7.200
Other supply to Sept. 4*0
18,000
87.000
15,000
81.000
Total supply
Deduct
Visible supply
3,928,327 5,341,663 3,830,534 5.275.639
3,570,893 3,570.893 3,527,961 3.527.961
Total takings to Sept. 6 a
357,434 1.770:770 302,573 1,747,678
264,434 1,331.570 237,373 1,308.478
Of which American
Of which other
93,000
439.200
65.200
439.200
* Embraces receipts in Europe from Brazil. Smyrna, West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 652,000 bales in 1929 and 540,000 bales in 1928-takings
not being available-and the aggregate amounts taken by Northern and
foreign spinners, 1,118.770 bales in 1929 and 1.207,678 bales in 1928, of
which 679,570 bales and 768.478 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
-The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled,for three years, have been as follows:
1929.
Sept. 6.
Receipts at
Week.Aug.Week.
Bombay
18,000
1928.
Since
1.
1927.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
83,000
Exports
from--
Total all
1929
89,000
Since August 1.
Great Conti- Japan&
Great
Britain. nest. China. Total. Britain.
Bombay
1929
1928
1927
Other Ind
1929
1928
1927
28,000 14.000
1,000
For the Week.
Conti- Japan (19
Total.
China.
nerd.
1.000 8,000 15,000 24,000
32,000 32,000
3,000 32,000 37,000
3,000
4,000
6,000
67,000 95,000 155,000
40,000 107.000 151,000
27,000 110,000 143,000
7,000
7,000
1,000
1,000
8,000
4,000
7,500
68,000
31,000
51,000
76,000
35,000
58,000
11,000 135,000
8.000
95,000 241,000
2,000
1,000 15,000 15,000 31,000
32,000 32,000
71,000 107.000 186,000
1928
The following statement we have also received by tele2,000 4,000 32,000 38,000 13,500 78,000 110,000 201,500
1927
graph, showing the height of rivers at the points named at
foregoing, Bombay appears to show an
According to the
8 a. m. of the dates given:
Sept. 6 1929.
Sept. 7 1928. increase compared with last year in the week's receipts of
Feel.
17,000 bales. Exports from all India ports record a decrease
New Orleans
2.6
4.3
Above zero of gauge_
of 1,000 bales during the week, and since Aug. 1 show an
6.2
14.3
Above zero of gauge_
Memphis
6.7
12.6
Nashville
Above zero of gaugeincrease of 55,000 bales.
Shreveport4.6
5.6
Above zero of gauge10.8
Vicksburg
20.8
-We
Above zero of gaugeALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
COTTON GRADE AND STAPLE CARRYOVER.
-The Alexandria, Egypt. The following are the receipts and
annual report of the grade and staple of cotton carried over
in the United States on Aug. 1 1929 was issued on Sept. 6 shipments for the past week and for the corresponding week
by the Bureau of Agricultural Economics, of the Tr. S. De- of the previous two years:
partment of Agriculture at Washington, as follows:
1928.
1929.
1927.
Alexandria, Egypt,
The total carryover of cotton as of July 31 1929 was 2,313,000 bales. Of
this amount 2,123.700 bales were American upland cotton and 189,300
bales were foreign cotton.
Of the total carryover 1,748,400 bales or 82.3% was classed as tenderable
of which 1,251,600 bales or 58.9% was from % to 11-32 inch staple and
496,800 bales or 23.49 was over 11-32 inch staple. The remaining 375,300
bales or 17.7% was classed as untenderable.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a state-.
ment of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Ended
Receipts at Ports.
1929.
1928.
Stocks at Interior Towns.
May
31.. 30,429 54,183 68,264
June
24,368 37,808 56.037
14._ 17,318 38.902 51.460
21_ 18,466 26,447 45.396
28_ 13,090 30,851 36.843
July
10,769 36,994 38,801
12._ 30,368 27,419 34.623
19-- 13,203 19,932 30,270
26-- 15,609 18,771 35,502
Aug.
38.730 28,393 45,276
9.- 49.834 21,074 84.022
16_ 65,804 26,280 108,930
23- 108,086 58,671 143,950
30-- 183,758 129,694 248,049
Sept.
6-- 254,338 222,173261,473
Pt*from Plantations
1928. I 1927.
1927.
418.503 558.8861 613,917
523.208 523,06 575,095
352,656 493,693 534,914
324,575 463,240 503,000
303.805 437.961 471,669
276,723
252.555
234.392
224,790
407.726
386,332
856,44
328.470
449,131
412,498
392,277
374,492
1928. I 1927.
2.31
25.309 25,730
Nil
Nil
Nil
Nil
2,083 17.215
9.535 11.279
Nil
13.482
5.572 5,519
N11
5.'200
N11
6,007
302,33
286,255
266,345
258.393
245,571
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1929 are 704,306 bales;
in 1928 were 406,886 bales,and in 1927 were 876,891 bales.
(2) That, although the receipts at the outports the past
week were 254,338 bales, the actual movement from plantations was 299,483 bales, stocks at interior towns having
increased 45,145 bales during the week. Last year receipts
from the plantations for the week were 227,926 bales and
for 1927 they were ,296,300 bales.
26,000
36.454
5.000
6,662
65.000
132.143
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (bales)-
2,000 5,000
3,000 6,018
7,000 36,724
2,000 9,950
To Liverpool
To Manchester, Stc
To Continent and India
To America
2.250 6.846 4.500 7,637
4,000 12,043 4.000 9,646
6,000 28,496 5,750 30.779
4,000 10,461 1,500 11,063
Total exports
14.000 57.692 16,250 57.846 15,750 59,125
Note.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending Sept. 4 were
5,000 canters and the foreign shipments 14,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yarns is firm and in cloths steady. Demand for both yarn
and cloth is improving. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison:
6,759 16,263
6,025 N11
NI!
1(1.043
1'7,823
376,345 11,492 2,253 47,129
359,809 48,489 4,999 67,486
349,011 53.842 6,370 98,132
336,511107,643 50.719131,450
336,614194, 18116,872248,152
2
441 299,483227.926296.300
239,4071 251.3241 371,
197,552
196,207
184,245
183,802
194,262
Sept. 4.
Receipts (cantars)This week
Since Aug. 1
1929.
32s Cop
Twist.
May-
1928.
854 Lbs. Shirt- Cotton
ing:. Common Middro
UN*ds.
to Finest.
e. d.
d.
it. e.d
14340154 12 7 013 1
1431131551 12 7 1313 1
June-
July-
014 5
(014 4
014 5
1015 0
11.45
11.39
11.65
12.49
10.28
10.21
10.54
10.58
015 0
015 0
014 4
014 3
12.53
12.14
11.81
11.73
10.65
10.16
10.10
10.32
10.58
16 (017:5
16 ©17Si
1535 017
15:5017
1594017
13 8
13 6
13 6
13 2
13 0
@140
014 0
014 0
013 4
4013 2
10.80
10.32
10.71
10.44
10.47
10.45 1534 01655 12 7
613 1
10.52
10.27
10.33
10.25
10.33
1313 0
(413 0
@.13 1
013 1
14%015% 12 7
14%0154 12 7
/
1
14%015% 12 7
1431131554 12 7
1454131594 12 7
@131
013 1
(913 1
013 1
(013 1
141 5% 13 0 1313 2
/
4
01
d.
11.46
11.47
16 01754 14 3
16 01734 14 2
1634 01794 14 3
10401832 14 6
17 01854 14 6
17 01834 14 6
1654018M 14 2
16550018 14 1
1
1
1
1
August-
Sept.
-
d.
U. 5. U.
d.
Sit.
10.11 16 01731 14 3 014 5
10.20 16 01734 14 3 014 5
143(131531 12 7
14340151 12 7
/
4
1431015% 12 7
14340151 12 7
/
4
1416104 12 6
/
4
14140151 12 6
/
4
14%0151 12 7
/
4
14% 015% 12 7
013
013
013
013
32s Cop
Twist.
syi as. Shirt- Cotton
fogs, Common Middrg
to Finest.
Uprds.
FINANCIAL CIRRONICLE
1614
[VOL. 129.
factor that restrains selling, but on the other hand Canadian crop news is better and export business is slow. On
August 31st prices advanced 1% to 2c., with drought in
Argentina a leading factor. Australia was also said to need
Bales.
rain. And export sales were reported as 1,000,000 bushels.
GALVESTON-To Genoa-Sept. 2
-Ida Zo, 1.158Aug. 30
2,339 It is said that the crop in Eastern Australia will be only
West Ekonk, 1,181
2,168
To Liverpool
-Aug.30-Abercos, 2; West Kyska, 2,166
318 half the normal size. The yield in Canada will be, it is
To Manchester-Aug.30-Abercos,50; West Kyska,268
-HaarTo Bremen
-Aug. 30-Brockenheim, 3.904- ept. 1
assumed, anywhere from 200,000,000 to 300,000,000 bushels
5,383
lem, 1,479
5.005 against 506,000,000 in 1928. Liverpool was weak early but
To Barcelona-Aug.30
-Cods.5.005
To Havre-Aug. 30
-Jacques Cartier, 2,784; Cockaponset,
rallied under large American buying and closed 1% to Trhd.
4.784
487_ _ _Sept. 3-Middleham Castle, 1,513
50 higher. Speculation in this country was active. European
To Rotterdam-Aug. 30-Cockaponsett. 50
100 crop news was not quite so favorable. Cash wheat in the
To Antwerp-Aug. 30-Cockaponset, 100
-MiddleTo Ghent
-Aug. 30-Cockaponset, 100-Sept. 3
947 Northwest was stronger. The basis at Minneapolis was
ham Castle, 847
SAVANNAH-To Liverpool
-Aug.31-Nitonlan,2,381;100 addl_ 2,481 up 1 to 2c. At the Gulf No. 2 hard was %c. higher, and at
500
To Rotterdam-Sept. 5-Magmeric, 500
1,897 Eastein Lake ports 13 to 3c. higher. Primary receipts
To Manchester
-Aug.31-Nitonian, 1.881; 16 additional
50 were 2,071,000 bushels against 2,453,000 a week previously
To Hamburg-Sept. 5-Magmeric, 50
To Bremen
-Aug, 31-Elmshorn, 13.800; Queenswood,
and 2,200,000 last year. Shipments were 1,824,000 bushels
10,600; Elmshorn. 567 additional; Queenswood. 200 addi35,619 against 2,437,000 a week previously and 1,803,000 in 1928.
tional_Sept. 5-Magmeric, 10,452
4,015
MOBILE
-To Bremen
-Aug. 30-Drachenfels, 4,015
On the 3rd inst., after prices had advanced 1% to 2c.,
175
SAN FRANCISCO
-Siberia Mario, 175
-To Japan-Aug.27
1,000 with Argentina still dry, came a reaction. Later rumors
To China-Aug. 27
-Siberia Meru, 1,000
1,746 of rain in Argentina caused selling, and a net final decline
CORPUS CHRISTI
-Haarlem,1,746
-To Bremen-Aug.29
5.865 on that
To Liverpool
-Sept. 1-West Cressey, 5,865
day of 1 to 1c. Some export demand was reported,
4
1,098
To Manchester
-Sept. 1-West Cressey, 1,098
10,633 but the sales proved to be less than 500,000 bushels in all
To Havre-Aug. 30-Ganymedes, 10.633
700
To Rotterdam-Aug. 30--Ganymedes, 700
12,420 positions. That was a bit chilling. The United States
To Murmansk-Sept. 4
-Brookwood, 12,420
7,393 visible supply increased 5,693,000 bushels against 3,776,000
To Genoa-Sept, 4
-Ida Zo, 7,393
406 last year. The high record total now is up to the formidable
NEW ORLEANS
-To Bremen-Aug.31-Davenport,406
50
To Santander-Sept. 4-Jomar, 50
150 aggregate of 182,400,000 bushels against 87,914,000 a year
To Rotterdam-Aug.31-Davenport, 150
To Japan
-Aug.31-Steel Age,3,000--Sept.6--Fernglen.900 3.900 ago. Private crop reports showed an average of 212,000,000
900
To China-Sept.6-Fernglen,900
3,898 bushels of Spring wheat, or 5,000,000 more than a month
To Genoa-Aug. 31-Quistconck, 3.898
905 ago, while reports
-Manchester Hero. 905-NORFOLK
-To Manchester-Sept.5
on the Canadian crop averaged 257,000,000
HOUSTON-To Havre-Aug. 30
-Jacques Cartier, 4,812_Aug.
9,731 bushels, or the same as a month ago. With the enormous
31-Middleham Castle, 2,006; Cockaponset, 2,913
To Dunkirk
-Au. 30-Jacues Cartier, 100-Aug. 311,050 terminal stocks and lack of important export demand some
Topeka, 950
-West
preferred to sell.
To Bremen-Aug. 30-Bockenheim. 4,298-__Aug. 31
-Rio Bravo,
Chatala, 3,897; Haarlem, 7,365 .Sept 5
Washington wired, Sept. 3rd: "Twenty thousand farmers
20.061
4,501
801 are planning a total acreage
To Gothenburg-Aug.31-Bockenheim,801
increase of Winter wheat and
31-West
To Genoa-Aug. 29-Montello, 2,198-- Aug._
6,472 rye, amounting respectively to 1.2 and 4.9% above last year's
Ekonk, 4,274
3,450
To Barcelona
-Aug. 30
-Mar Caribe, 3,450
4,214 sowings, according to their reports as of Aug. 15, to the
To Liverpool
-Aug. 31-Abercos, 4,214
1,784 Crop Reporting Board of the Department of Agriculture,
To Manchester-Aug. 31-Abercos. 1,784
50 made public to-day. Should these
To Antwerp-Aug. 31-Cockaponaet 50
intentions be carried out
Middleham Castle,
To Ghent
-Aug. 31-Cockaponset, 450;
1,501 by all Winter wheat growers, the Department estimates the
1,051
To Rotterdam-Aug. 31-Cockaponset, 100; West Chatala,
1,600 total intended area of Winter wheat at 43,271,000 acres, as
1,500
400 compared with 42,744,000 acres sown last fall. The DepartNEW YORK
-To Havre-Sept. 4-Collamer, 400
540 ment says its report is not a forecast of
To Bremen-Sept.4
-President Harding,540
the acreage that will
200
-Chester Valley, 200
PENSACOLA-To Genoa-Sept. 4
be planted, but is merely a statement of farmers' intentions,
_______________ 168.749 and is published so that growers may
Total
modify their plans
LIVERPOOL.
-By cable from Liverpool we have the fol- if they find a change to be desirable." Buenos Aires cabled
lowing statement of the week's sales, stocks, &c.,at that port: the New York "Times," Sept. 2nd "Unless the prolonged
Aug. 16. Aug. 23. Aug. 30. Sept. 6. drought in the Argentine is broken by heavy rains within the
36,000 next two weeks, this year's crop will be small and of poor
Bales of the week
37.000
34,000
17,000
15,000
Of which American
21,000
16,000
8,000
1,000 quality. Disastrously low prices a few months ago caused
1,000
Sales for export
2,000
1,000
41.000 the farmers to plant 10% less wheat than last
58.000
42.000
Forwarded
24,000
year. The
Total stocks
781,000 770.000 733,000 714,000
Of which American
365,000 345,000 313,000 293,000 reduced acreage alone would reduce this year's crop by
18,000 about
22.000
Total imports
32,000
26,000
7,000,000 bushels, but reports from the cereal belt
4,000
4,000
Of which American
11,000
3,000
Amountafloat
108.000 104,000 101,000 126,000 show damage already reached from 30 to 30% over wide
31.000 areas.
11.000
Of which American
11.000
17,000
The stand is dried beyond saving in many localities.
The tone of the Liverpool market for spots and futures Immediate rain could save the crop in many parts of the
each day of the past week and the daily closing prices of country, although the head is unlikely to be of the usual
spot cotton have been as follows:
high quality."
Wheat traders who were extremely bearish owing to the
Friday,
Spot.
Saturday, Monday, Tuesday, Wednesday, Thursday.
large visible supply and the disappointing export demand
Market, I A fair
A fair
A fair
modified their views later. With farmers getting loans
Quiet.
More
12:15
Good
business
business
business
from the government it is not expected that there will be
P. M.
Inquiry. demand.
doing.
doing.
doing,
a big rush of Spring wheat in the Northwest, or even in
10.47d. 10.46d.
10.66d.
Mld.Uprds
10.64d.
10.54d
10.50d.
Canada, where there is a short crop. Winter wheat farmers
6.000
Sales
7,000
7,000
7,000
5,000
6,000
in the Northwest and Southwest are understood to be holdSteady Quiet but ing it back and asking for assistance so that they can keep
Steady
Futures.{ Quiet
Steady
Quiet
Market
2 pts. dee!. 5 to 7 pts. 3 to 5 pts. Ito 3 pts. 15 to 10 pts MT, 2 to 4 their grain. On
the 4th inst. prices declined on lower
decline. pts. decline
advance.
opened to lpt.adv. advance, advance,
cables and talk of possible rains in Argentina. On the 5th
Market,
Q't but sty Q't uneted Q't but st'y Quiet but inst., after some irregularity, prices ended %c. lower to
Quiet
Quiet
4
3 to 5 pta. 4 to 6 pia. 16 to 18 pts to 4 pts. 1710 21 Pte liVY, 1 to 4
decline, advance, advance. advance, decline. points adv.
P. M.
higher. Winnipeg made a small net advance of lh to
Prices of futures at Liverpool for each day are given below: %c. Opinion was a good deal divided. No rains fell in
Argentina, or at any rate they were only partial, and did
Agir ..11ta... I
not relieve the drought. Liverpool cables, too, were much
Fri.
Thurs.
Wed.
Tues.
Sat.. I Mon.
Aug. 31
:
better than due. Buenos Aires at one time was 114 to 1%c.
to
12 1512
.
.30112.38 4.00 12.15 4.00 12.15' 4.0012.15 4.1112.15 4.00 higher. Hedge selling was not large. The cash demand at
• . F. m•9- m•P m.P. m.V. m P. m.P. m.P. m.P. m.P. m.P. m.P. m.
SePt 6
the Southwest was better. Shorts were covering in Sep,d. d. , a. d. et.
d. d. d. d. d. d. cf.
1....
September--------10.08._ __ 0.13 10.24 0.25 10.26 10.2610.07 iO.09 10,0010.12 tember. Bad reports were received about the Chinese rice
---m-r- -- - - - -- 0.0E6._
October
-- -- 10.10.... _ _ 0.34 10.25 10.26 10.26 10.26 10.07 10.09 10.08 10.12 crop and th German crop of potatoes owing to heat and
Nov
0.08;__, _ _ 0.12 10.22 10.24 10.24 10.25 10.05 10.06 10.03 10.09
December ,_ __ _ 0.10._ _ __ 0.15 10.28 10.28 10.29 10.32 . 10.12 10.1010.18 drought. Later on, however, there was a disposition to
January (1930) __ __ 0.12,_ __ 0.17 10.28 10. I 10.31 10.33 10.1210.1 10 10 .
liquidate. It was very noticeable in the Northwestern
-- -_ 0.141_ _
0.19 10. 10.32 10.33 10.35 10.14 10.15 10.12 10 18
'' bruarY
March
-- -- 0.19,__ __ 0.2 10. 10 37 10.38 10.40 10.20 10.20 10.17 10.22 markets. Eastern interests were selling there. Canadian
April
10.40 . 10.19 10.18 10.21 marketings were
0.19'__ _ _ 0.24 10.34 10.36 10.37
large.
May
. 10.23 10.20 10.24
- -- 0.23:__ __ 10.28 10.37 10.40 10.41 1 .
June
-. 0.22; . 10.27 10.38 10.39 10.40 10.43 10.22 10.22 10.19 10.23
.
To-day prices ended at an advance of 1% to 1%c. MinJuly
10.23
10231:: __ 10.2 10.38 10.40 10.41 10.43j10.22 10.22 10.19
August
4
-- 10.171., __ 10.22 10. 10.34 0.3510.37 10.16 10.16 10.13 10.17 neapolis and Winnipeg were 11 to 1%c. higher. CommisSeptember
_ i9_, __ 10.15 10.23 10.26 0.2919.3 10.10 10.10 10.07 10 11 sion houses were good buyers and shorts covered. The
strengthening factors were the stronger cables, dry weather
in Argentine, and unfavorable crop advices from Australia.
BREADSTUFFS
A lack of foreign demand and not a little pressure early in
the day caused a fractional decline. Some advices from
Friday Night, Sept. 6 1929.
Flour met, if possible, with a smaller demand than ever, Argentine state that even with rains only two-thirds of last
but prices were steady. It was said that there were bids year's crop is expected. Southern hemisphere shipments
slightly under the market for not inconsiderable quantities, this week were again large. Bradstreet's domestic exports
were rather small at 4,000,000 bushels, indicating world's
but of actual business, the real test, there was little.
Wheat was irregular and ended with no marked change, shipments this week a 11,754,000 bushels. The Northwest
but with September higher. Argentina's drought is a had some snow, and it was colder there. Cash markets were
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 168,749 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
--
--
SEPT. 7 1929.]
FINANCIAL CHRONICLE
small, but the demand was rather light. Country offerings
were small. Rumors were afloat that there was a good
export business in American wheat, but they could not be
confirmed. A statement by a leading Canadian authority
that early threshing returns are largely representative of
the best yields have resulted in opinions that the crop is
turning out better than expected. The Italian crop was
estimated at 257,000,000 bushels against 229,000,000 last
year. Final prices show an advance of lc. on September,
but are % to Tfic. lower on December and March.
1615
markets were stronger and there was a fair demand for
the cash article. Final prices show an advance for the
week of % to 25fic.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat Mon. Tues. Wed. Thurs, Frt.
No. 2 white
5834 Hol. 5834 58
5834 5934
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
48,
49% 49% 50
50g
53
December
Roll- 53% 535' 53% 54
March
56% day 57% 57% 56% 57
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat.
Mon. Tues.
Wed. Thurs. Frt.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
October
66%
6734 6
67% 69
Sat. Mon. Tues. Wed. Thurs. Fri. December
68A Roll- 68% 6831 6834 69%
No.2 hard
14034 Ho!. 13934 13734 13734 137% May
day
7131 7131 7154 72fi
71
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Rye advanced slightly with a good demand from domestic
Sat. Mon. Tues. Wed. Thurs. Fri.
September
134 131% .3234 133% mills, though export business remained quiet. On August
134
December
143% Holi- 142% 140H 140% 141%
ic. higher. At one time
March
149% day 148% 148% 146% 147% 31st prices ended %c. lower to V
May
15234 15034 150 151% on that day they were % to 1%c. higher, but later on pre15334
DAILY ()LOSING PRICES OF WHEAT FUTURES IN WINNIPEG. holiday selling caused a setback. It is said a little export
Sal. Mon. Tues. Wed. Thurs. Fri.
October
154 151% 152% 153H business was done. On the 3rd inst. prices advanced % to
154H
15434 Roll- 155 153 153% 154
December
4c.; at one time on that day they were 1% to 2%c. higher,
1.3
May
160% day 160 158% 158% 160
with rather good buying for a time and crop prospects being
Indian corn advanced on dry weather and a tendency to
reduce crop estimates, and then reacted on rains only to
rally on snow in Nebraska and South Dakota, and frosts at
the Northwest On August 31st prices advances lc. early
with the weather too dry and crop reports threatening.
Some fear that the yield may be the smallest with one exception in 10 years; possibly not over 2,500,000 bushels or
two or three hundred thousand bushels less than in recent
years. But later in the day liquidation on the eve of a
double holiday and selling against offers caused a reaction
which left prices unchanged to c. lower. On the 3rd inst
prices ended % to 114e. higher, even with wheat about that
/
much lower. That looked like inherent strength of corn.
It looked like cutting loose from wheat. The
explanation
Is bad crop reports and a probably reduced yield.
estimates averaged 2,509,000,000 bushels against Private
2,754,000,000 a month ago and 2,836,000,000 last year.
The loss
for the month is far greater than the normal.
The crop is
the smallest since 1913, with one
exception. That was in
1924, when it was 2,309,414,000 bushels.
The belt needs good
copious soaking rains. Hot weather is
the bane of the
season. The forecast on the 3rd
inst. was
cooler weather, or the advance would have for rain and
As it was, the forecast caused a reaction been greater.
after an
advance of 1% to 2%c. The United States visible early
supply
decreased last week 381,000 bushels against an
increase
last year of 912,000 bushels. This brought the
total down
to 5,417,000 bushels against 9,516,000 a year
ago.
City reported a better cash demand, and the price Kansas
was adjusting itself to the September quotation.
On the 4th inst. prices dropped on reports of
beneficial
rains in many parts of the belt and the decline in
wheat
On the 5th inst. prices declined % to 1%c. net
was the best sustained month, as deliveries were September
still
Renewed selling weakened the later months owing small.
to rains
In Kansas, Oklahoma, Nebraska and the Central
belt. Corn
Is largely a weather market. Country
offerings of cash
corn, however, were small. To-day prices ended
% to 1%c.
higher, owing to fears that the crop may be
damaged as a
result of snow in Nebraska and South Dakota,
and
parts of the Northwest The forecast pointed to frost in
further
frosts overnight and lower temperatures were
the next few days. Country offerings were predicted for
small. There
was good buying by industries. Final prices
show an advance for the week of % to 15c.
DAILY CLOSING PRICES OF CORN IN NEW
YORK.
Sat. Mon. Tues. Wed.
Fri.
No.2 yellow
11934 Ho!. 119% 119% Thurs. 119%
11834
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs Fri
September
10311 104% 103g 104%
103
December
Hon- 101
100
101% 99 101%
March
day 105 105 103 105H
104
May
108 108 106 108H
107
Oats advanced on the sharp demand at times
from September shorts, light country
offerings, and colder
at the Northwest. On August 31st prices ended Y weather
4c. lower
to %c. higher on pre-holiday liquidation. But
the inherent
merits of this grain are considered suggestive of
higher
prices later in the year. Early in the day they
le. higher. On the 3rd inst. Prices ended % to were % to
1%c.
on poor crop advices, with the cash market rather higher
firmer.
Crop estimates averaged 1,207,000,000 bushels against
1,449,000,000 harvested last year. Speculation was
active. The
trading basis was steady to / better. The United
c.
1
2
visible supply increased 4,428,0()0 bushels against States
an increase last year of 2,412,000. The total is now 2
3,488,000
bushels against 13,376,000 a year ago. At one time on
the
3rd inst. prices were 14 to 2c. higher. On the 5th inst.
prices ended %c. lower to iho. higher, as a reflection
of
other markets. At the same time it will be seen that
no
marked change occurred. There was a good cash demand.
The country movement was very moderate. Not a few are
disposed to buy oats on any decline.
To-day prices ended at an advance of % to The., owing
to the colder weather in the Northwest, light country offerings. Commission houses bought and shorts covered. Cash
dubious. The trouble is there is no export demand or very
little. The United States visible supply increased last week
288,000 bushels against 937,000 last year. The total is
8,392,000 bushels against 3,475,000 last year. In barley
there was an increase for the week in the United States
visible supply of 2,152,000 bushels. That made the total
9,766,000 bushels against 2,130,000 last year. On the 5th
1c.
2
inst. prices ended / lower to 56c. higher in sympathy with
other grain markets, especially wheat. The trading, however, was light. No export demand appeared. The demand
from domestic mills, however, was quite good, and, like other
grain markets, rye showed•no marked change. To-day prices
followed those of wheat, winding up % to 1%c. higher.
Final prices show an advance for the week of Yy, to %c.
DAILY CLOSING PRICES OP' RYE FUTURES IN CHICAGO.
Sat.
Mon. Tues. Wed. Thurs. Fri.
103 10231 10231 10254
10134
Roll- 11134 110 11034 112
111
116)4 day 11634 115 11534 116%
September
December
March
Closing quotations were as follows:
GRAIN.
Oats, New York
Wheat, New York1.41%
No.2 white
No.2red, f.o.b
No.3 white
No.2hard winter,f.o.b----1.37%
Rye, New York
Corn. New York
No.2 f.o.b
1.19%
1.1294
No.2 Yellow
1.18% Barley. New York
No.3 yellow
Malting
81%
FLOUR.
Springpat.highProtein-$7.25 $7.75 Rye flour, patemta
$6.35 €136.75
6.75 7.25 Semolina No.2. pound.. 414
Spring patents
2.701 2.75
6.10 6.50 Oats goods
Clears.first spring
2.75 2.80
Soft winter straights- 5.75 6.25 Corn flour
Hard winter straights 6.25 6.60 Barley goods
Coarse
7.15
3.80
Hard winter patents
6.65
Fancy pearl Nos. 1.2.
Hard winter clears
5.50 6.00
6.560 7.10
3and 4
Fancy Minn. patents.... 8.85 9.35
City mills
8.80 9.50
MI
All the statements below regarding the movement of grain
-are prepared by
-receipts, exports, visible supply, &o.
us from figures collected by the New York Produce Exchange. First we give the receipts at Western Lake and
river ports for the week ending last Saturday and since
Aug. 1 for each of the last three years:
Receipts at-
Flour. I
Wheat.
Corn.
Oats.
Barley.
Rye.
,b1s.1951bs. bush.60 lbs.bush. 56 lbs.bush. 3215:.bus. 48 lbs.bus.56 lbs.
876,1300 1,765,000 1,726.000 249.000
205,000
270.000
Chicago
2,832,000
160.000
151.000
Minneapolis060
897.000 902,
354.000 1,677.000 760,000
4.625.000
Duluth
216,000 1.974.000 578,000
203,000
Milwaukee._
47,000
49,000
215.000
12.000
1.000
193,000
8,000
Toledo
15.000
4.000
25,000
6.000
Detroit
308,000
924,000
191,000
Indianapolis-657,000
54,000
346,000
24,000
St. Louis_ __. 154,000 1.072,000
44,000
174,000
555,000
20,000
Peoria
40,
1,841,000
477,000
9.000
302.000
Kansas C1ty-210,000
354.000
986,000
Omaha
168,000
22,'''
Bt. Joseph_..207,000
11,000
764,000
6.'''
Wichita
120,000
114.000
22.000
Sioux CityTotal wk.'29_
Same wk.'28_
Same wk.'27.
513,000 13,857,000
15,520,000
509.
489,000 15,590,000
5,417,000
4,419,1$ I
5,458,000
6,669,000 3,514,000 1,201,000
5,444,1$ i 6,024,000 813,000
7,036,000 3,931,000 1.732,000
Since Aug.12.156,000 119,414.000 21,307,000 37,302.000 18,127,000 4,981,000
1929
2,422,000 95,106,000 24,894.111 29,520,111 1,793,000 2,095,000
1928
1097
2234000 89.421.000 19.431.000 26,859.00011,607,000 4,178,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Aug. 31 follow:
Receipts at-
flow. I
Wheat.
Corn.
Oats.
Barley. I
roe.
bbls.19510s.'Itush. 60 lbs.bush.56 Os. 5.32 lbs. us.48 tbs:Ints.5616$.
New York _ _
230,000; 1,366.000
5,000
182.000 212.000
Philadelphia__
39,0001
72.000
2,000
18,000
Baltimore-- 33,000
571.000
13,000
38."
2.000
1.000
Newport News
1,000 2,105,000
Norfolk
3.000
New Orleans•
67,000
477.000
III24,'''
Galveston
490.000
Boston
35,000
13.01$
1,000
Total wk.'IL 408.0001 5,081.000
70.000
275,000 214,000
2,000
Since Jan.1`28 17.271,000,129.931,000 15,732,1 $ $ 12,671,
1,549,000 3,271,000
Week 1928.._
528,000, 9,186,000
83,000 1,604,000
710.000
Since Jan.1'28 15.795.000 151.133.000 9.855.000 23275000 1.187,000 12 571 e00
nas nen
•Receipts do not include grain passing through New Orleans
for foreign ports
on through bills of lading.
The exports from the several eastboard ports for the week
ending Saturday, Aug. 31 1929, are shown in the annexed
statement:
Exports from
Wheal.
Bushels.
New York
Boston
PhIladelphb,
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston
[Vole. 129.
FINANCIAL CHRONICLE
1616
Corn.
Oats.
Flour.
Bushels.
Bushels. Barrels.
738,000
4.000
88,000
104,000
1,426,000
985,000
558,000
Total week 1929_ _ 3,903,000
7,019,058
Same week 1928--
14,000
51,239
10,000
6,000
7.000
3,000
1,000
41.000
15.000
56,000
1,000
9,000
20,000
14,000 191,239 29,000
235.527 420,241
28,000
terfering seriously with the preparation of the ground and the seeding/ of
the crop.
.and the acreage finally sown will be more than usually dependent
on adequate rainfall during the remainder of the planting season.
Bushels. Bushels.
The States of Ohio, Indiana, Minnesota, Iowa, South Dakota, Texas,
52,000 Montana, Colorado, Washington, Oregon and California show increases,
but Missouri. Illinois, Nebraska, Virginia, Tennessee and Oklahoma show
decreases. Kansas shows the same acreage as planted last year.
Rye.
The intended acreage of winter rye for grain is reported by farmers at
are reported as
4.9% greater than that sown last fall. Moderate increases River.
intended in all important rye States west of the Mississippibe
planted, but
the acreage that will
of
This report is not
116,000 407,000 merely a statement ofa forecast
farmers' intentions as of Aug. 15. It is published in
order that growers may modify their plans if they find a change to be de116,000 459,000 sirable. by States for wheat are shown in the following:
Details
825.646 1.221,751
FALL SOWINGS OF WINTER WHEAT.
Rye.
Bartell.
The destination of these exports for the week and since
July 1 1929 is as below:
Flour.
Exports for Week
Since
Week
and Since
Aug.31 July 1
July 1 to--
1929.
1929.
Wheat.
I Week
I Aug. 31
1929.
Since
July 1
1929.
Five-Year Averages,
State.
19091913.
Corn.
Week
Aug. 31
1929.
Since
July 1
1929.
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
574,6791 2,329,000 15,152,000
United Kingdom_ 82,348
633.0731 1.555,000 19,871,000
79,811
Continent
23,000
1,000
72,000
87,0001
So.& Cent. Amer_ 10,000
108,000
13,000
2,000
85,000
8,000
West Indies
87,000
19,000
83.996
11,080
Other countries_
131,000
14,000
191,239 1,443,748 3,903,000 35,184.000
Total 1929
28,000 1,077.576
235,527 1.771,437 7,019,058 59,096,930
Total 1928
Intended 1929.
1927.
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
Delaware
357
85
428
89
1928.
Per Cent Thousand
9/ 1928. Acres.
19191923.
(Thou sand A ems)
New York
New Jersey
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and Maryland
Virginia
seaboard ports Saturday, Aug. 31, were as follows:
United States
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Hutchinson
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
19141918.
414
326
63
1,210
284
105
62
100
62
102
108
1,160
1,885
108
96
100
100
1,831
2,368
936
43
1,329
1,448
75
1,319
2.167
2,235
2,484
2,400
1,137
1,745
2,385
2.555
954
92
2,486
2,774
917
99
2,112 2,260
3,088 3,318
961 ' 980
62
90
1,695
2,467
936
43
112
300
52
382
2,412
90
3.171
7,236
117
298
158
105
166
428
527
563
575
3,078 2,880 2,190 2,015
127
175
117
138
3.296 3,679 3,880 3,567
9,409 11,201 12,296 12,084
101
103
113
133
105
85
130
449
1,713
165
81
98
3,496
100
103
12,084
619
695
591
546
546
99
778
245
627
792
737
1,165
319
881
922
800
831
228
581
586
450
716
144
477
348
584
723
142
455
258
440
104
. 541
93
105
90
105
672
149
West Virginia
GRAIN STOCKS.
410
Barley, North Carolina
Rye.
Oats.
Corn.
271
1Vheat.
Kentucky
bush.
bush.
bush.
bush.
bush.
409
93
52.000 Tennessee
47.000
113,000
41,000
4,328
414,000
96
Oklahoma
1.918 3.660 3,877 4,745 4,508
2.000
5,000
2,653
103
2,629 2,576
848 1,879 1,769
6,000 Texas
11,000
131,000
4,000
1,076,000
236
108.8
217
225
406
369
881
15,000 Other Southern
5,000
82,000
30,000
5,157,000
760
140
543
988
Montana
713
391
826
564,000
552
103
536
480
458
342
383
416,000 Idaho
7,000
216,000
73,000
2,577.000
84
125
67
69
31
71
34
269,000 Wyoming
58.000
2,607,000
1,568
120
Uolorado
213
653 1,459 1,538 1,307
196,000
5,000
285,000
73,000
6,735,000
329
100
Vew Mexico
329
35
110
153
273
219,000
119,000
3,606,000
9,614,000 2,143,000
47
110
43
47
41
43
28
400,000 trizona
241,000
619,000
165
107
183
154
165
Utah
199
153
10,000
2,000
198,000
19.000
3,921,000
4
105
4
17
4
11
gevada
3
16,000
12,000
42,000
8,000
211,000
1,443
114
1,040
956 1,483 1,515 1,286
Washington
993,000
27,524,000 1,323.000 5,964,000 3,080,000
109
1007
924
858
863
658
608
)regon
2,061,000
635
103
806
883
857
471
857
790.000 ")allfornia
59,000
434,000 2,454,000
1.595,000
587,000 2,885,000 1,232,000
50,000
27,339,000
101.2 43.271
33,594 42,920 44,685 47,303 42,744
United States
3,918,000
77,000 4,939,000 1,778,000
31,165,000
60,000
12,000
693,000
61,000
928,000
8,000
107,000
342,000
128,000
5,078,000
WEATHER BULLETIN FOR THE WEEK ENDED
205.000
21.000
15,000
163,000
24,559,000
-The general summary of the weather bulletin,
SEPT. 3.
2.000
8,202,000
58,000 issued by the Department of Agriculture, indicating the in6,000
168,000
6,124,000
321,000
4,000 1,041,000
63,000
fluence of the weather for the week ended Sept. 3, follows:
3,000
409,000 1,224,000
2,323,000
232,000
95,000
149,000 813,000
10,920,000
High pressure prevailed during most of the week over central and
117,000 eastern portions of the country, attended by a continuation of generally
685.000
327,000
134,000 fair weather and moderate to rather low temperatures. Early in the
44,000
697,000
period showers occurred in the far Southwest, and local rains were
reported in other limited areas, but, in general, rainfall was of a very
local character, with much the gerater part of the country continuing dry. High temperatures prevailed in the East toward the close
of the week.
Chart I shows that the week was abnormally warm in most sections
west of the Mississippi River. Temperatures were especially high in
the far Northwest and nearly everywhere between the Mississippi River
area
and the Rocky Mountains, with the weekly means in most of the Ohio
ranging from 4° to as much as 12° above normal. South of the
and Potomac Rivers comparatively cool weather prevailed, with the
against 5,577,000 bushels in 1928.
normal in most sections.
Canadian
temperature averaging from 2° to e below the
457,000 1,155,000
far southwest nearly
250,000
7,065,000
Montreal
middle Atlantic area and much of
7,721,000 2,005,000 4,688.000 In the warmth prevailed.
Arthur_43,244,000
Ft. William & Pt.
530,000 normal
599,000
4,557,000
11,335,000
Other Canadian
II shows that rainfall was again scanty over most of the
Chart
the country. Some rather heavy rains
12,528,000 3,061,000 6,373,000 principal agricultural sections of areas, and scattered, generous showers
Total Aug. 31 1929_ _ _61,644.000
12,145,000 3,696,000 6,055,000 occurred in the more southeastern sections, and also in southern Rocky
Total Aug. 24 1929__62.157.000
365,000 were reported from South Atlantic
292,000
1,285,000
Total Sept. I 1928.... _20.395.000
Mountain districts. There were also some helpful rains in the north.
Summary
throughout the area from the
5,417,000 23,488,000 8,392,000 9,766,000 central Plains States, but generally
182,400,000
American
rainfall was very scanty, with
12,528,000 3,061,000 6,373,000 Appalachians to the Rocky Mountains,
61.644,000
Canadian
amount.
most sections having no appreciable beneficial
in widely separated areas,
were
11,453,000 16,139.000
While a few local showers
Total Aug. 31 1929-__244,044,000 5,417,000 36,016,000
Total Aug. 24 1929._ _238,864,000 5.798,000 31,205,000 10,800,000 13,669,000 the widespread droughty conditions that have developed over most
9,516.000 14,661,000 1,675,000 6,559.000 agricultural sections east of the Rocky Mountains have been unrelieved.
Total Sept. 1 1928-108,309,000
In the middle Atlantic area showers were helpful in a few places, but
The world's shipments of wheat and corn, as furnished by there is still a wide and urgent need of rain rather generally north of
districts rainfall continued
Produce Exchange,for the week central Virginia. In the more southeastern a few sections, but inland
Broomhall to the New York
was again too much moisture in
ending Friday, Aug. 30, and since July 1 1929 and 1928, and therethe Southeast are still unfavorably dry.
areas of
are shown in the following:
In parts of the Lake region the drought is unusually severe, being
the worst in some places in 35 years, but in the upper Ohio Valley and
middle Appalachian Mountain sections soil conditions, because of recent
Corn.
Wheat.
showers, are more fay/Fable than in other parts of the East.
1927-28.
1928-29.
In the trans-Mississippi States droughty conditions were intensified
1927-28.
1928-29.
Exports.
by high temperatures and much ounshine; they are widespread over
Since
Since
Week
Since
Since
Week
practically the entire area between the Mississippi River and the Rocky
July 1.
July 1.
Aug. 30.
July 1.
July 1.
Aug. 30.
Mountains, with some east-central sections reporting the most severe
drought in 10 years.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Showers were quite general over the Northwest at the close of the
983,000 2,137,000
90,000
North Amer_ 7,593,000 66,080,000 91,472,000
insufficient to
324,000 1,437,000 week, but were generally light andRocky. Mountain relieve the drought
17,000
192.000
Black Sea_ _ _
960,000
184,000
sections conditions
most
Argentina_ _ _ 5,106,000 41,066,000 17,080,000 5,439,000 45,949,000 74,180,000 up to Tuesday morning. In especially in central and southern parts
continued generally favorable,
_
Australia
800,000 10,984,000 10,512,000
where summer rains have been more frequent than in many other sections
India
280,000 1,040,000
192.000
0th. countr's 408,000 5,348,000 8,352.000 663,000 6,583,000 7,803,000 of the country.
SMALL GRAINS.
-The weather was generally favorable for late
Total__ _ 4.283.000 124.718.000 128,648.000 6,209,000 53.839,000 85,557.000 harvesting and
threshing in the spring wheat areas and the Northwest,
with cutting nearly done in most parts and threshing well along and
FARMERS' INTENTIONS TO SOW WINTER nearly finished in places. Showers were of benefit for late oats in parts
-Reports re- of Wyoming, but it was too dry for the late oat and wheat crops in
WHEAT AND RYE AS OF AUG. 15 1929.
ceived by the U.'S. Department of Agriculture from about the northern part of the State.
Plowing is
dry,, hard soil in most sections of the
mooq farmers' reporting for their own farms as of Aug. 15, winter wheat still retarded by considerable was accomplished in the
area, although
show Intentions to sow an acreage of winter wheat this fall eastern and lower Ohio Valley; sowing has begun in the western third
1.2% larger than that sown last fall. If these reports are of Kansas and is expected to begin in a week or 10 days in central and
representative,they indicate that farmers intend to sow about northeastern parts of that State. rice in the west Gulf area, but it was
The weather favored harvesting
43,271,000 acres of winter wheat this fall. As weather con- too dry for grain sorghums in the southern Great Plains, although the
ditions and other causes have usually prevented some farm- crop is expected to be safe from frost by September 15-25 in Kansas.
CORN.
-Droughty
ers from carrying out their plans, the acreage sown during Corn Belt, with most conditions continued quite generally over the
parts having no rain during the week. In the
the last six years has averaged about 43% below reported western belt temperatures were high, but in the east they were moderate.
intentions.
In the eastern Ohio Valley, especially in Ohio and northeastern Kenof the
The unusual dryness existing over a large part of the winter wheat belt tucky, corn made fair progress, though in the northern part Indiana
In
of insufficient
at the time farmers were reporting intentions this year has continued former State it was poor because deterioration to moisture. considerable
fair, with
has become more serious. These drouth conditions are at present in- and Illinois progress ranged from
and
Total Aug. 31 1929-182,400,000 5,417,000 23,488,000 8,392,000 9.766,000
Total Aug. 24 1929_176,707,000 5,798,000 19,060,000 8,104,000 7,814,000
Total Sept. 1 1928_ 87,914.000 9,516,000 13,376,000 1,383,000 6,194,000
Nofe.-Bonded grain not Included above: Oats, New York, 96,000 bushels:
Baltimore. 4,000: Buffalo, 221,000; Duluth. 17,000; total, 338,000 bushels, against
123,000 bushels in 1928. Barley, New York, 758.000 bushels; Baltimore. 944,000;
Buffalo afloat, 9,000; on Lakes, 203,000; total, 1,914,000 bushels, against 222,000
bushels in 1928. Wheat, New York. 3,861.000 bushels: Boston, 1,235,000; Philadelphia, 3,249,000; Baltimore, 3,376,000; Buffalo, 8,250,000: Buffalo afloat, 69,000:
Duluth, 66.000; on Lakes, 200,000; Canal, 711,000: total, 21,017,000 buhsels.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
complaints of firing, especially the late-planted; some early has matured
in the lower Ohio Valley, but much of the crop is very uneven.
In Iowa considerable deterioration was reported on thin soil and the
bulk of the crop is maturing too rapidly, but would still be helped by
rain; some is now fit for seed. Elsewhere west of the Mississippi River
corn has suffered severely from the droughty conditions, though much
Nebraska is still fair and some is yet doing well in eastern
in
South Dakota. In this area the crop is maturing very rapidly, with
eastern
reports from Kansas indicating that from 50 to 75% has passed the
would be beneficial; in Oklahoma late corn is badly
stage where
rain
fired and is nearly a failure on uplands.
COTTON.—The weather, in general, continued unfavorable for the
cotton crop, principally because of unrelieved droughty conditions over
the western portion of the belt where high temperatures intensified the
lack of moisture. In Texas progress of cotton was good in parts of the
Panhandle and the extreme west, while the crop is made in the south;
elsewhere rather general deterioration continued, with plants shedding
and opening prematurely. General deterioration continued also in Oklahoma, with further complaints of shedding, blooming nearly stopped, bolls
small, and opening prematurely; the general condition of the crop is
uneven, ranging from poor to good. In Arkansas progress continued
.
fairly good to very good in most of the eastern half but unfavorable
drought continued in the west where there is but little blooming. In
Louisiana there was little change in conditions, with drought continuing in the north.
East of the Mississippi River conditions continued largely as last
week. Rainfall is needed in some interior sections, especially in northwestern South Carolina, northern Georgia, and some interior sections
of Alabama and Mississippi, while in a few southeastern districts there
were further rains, which were not needed. In general, progress in
the Carolinas and Virginia continued fair to very good, with plants
beginning to open and picking begun as far north as North Carolina.
Picking and ginning made excellent progress quite generally under
highly favorable weather, except in a few southeastern districts, while
conditions mainly favored the checking of weevil activity, especially in
the warm, dry western portion of the belt.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Temperatures below normal until latter part of
week; local showers, except in extreme west and north-central where
droughty conditions continue and crops short. Corn good other parts
and cutting begun. Cotton good. Late potatoes need rain. Apples
maturing rapidly; picking early fall varieties begun. Considerable plowing in south.
North Carotina.—Raleigh: Somewhat cool; light to heavy rains first
part. Generally favorable for corn, tobacco, sweet potatoes, peanuts,
truck, and forage crops, except that more rain is needed in west. Progress of cotton fair to good; weather first of week favored weevil activity
in east and central; beginning to open and first bales reported; top crop
mostly light.
South Carolina.—Columbia: Drought continues in northwest where
corn, sweet potatoes, truck, and late crops need rain badly. Considerable shedding of cotton in dry northwest, but elsewhere crop situation
better, with general progress of cotton fair to excellent and picking and
ginning general. Corn fodder pulling and peanut harvests practically
completed.
Georgia.—Atlanta: Draught persists in north; further rains in south.
Much shedding of cotton- rains in south favored weevil activity; general
condition still shows decline; picking and ginning progressing well. Late
crops need rain in north where corn firing. Sweet potatoes, sugar cane,
and minor crops still promising.
Florida.—Jacksonville: Good progress in picking cotton in west. Rains
over much of peninsula on last days of week unfavorable for harvesting
corn, hay, and peanuts, and too wet on some lowlands for strawberries.
Cane and sweet potatoes doing well, but need cultivation in some districts. Setting tomatoes begun in middle east coast.
Alabama.—Montgomery: Temperatures averaged nearly normal; scattered showers on last three days, but crops need rain quite generally.
Progress and condition of corn, truck, pastures, and minor crops poor to
good. Progress of cotton varied from badly deteriorated to fair; condition average fair; picking and ginning goodprogress in south and
picking becoming general in central and beginning in north; crop continues to shed badly in many sections, mostly on account of dry weather;
some complaints of opening prematurely and small bolls drying up.
Mississippi.—Vicksburg: Fairly good to good progress in picking
ginning early-planted cotton, with the crop opening earlier than and
the
seasonal average. Progress of late cotton and corn mostly poor and
rain needed in interior. Early corn generally mature.
Louisiana.—New Orleans: Excellent weather in most of south, but
unfavorable drought continued in north. Cotton opening rapidly and
progress in picking and ginnning excellent; no new growth or top bloom
reported; dry, warm weather holding weevil in check. Rice harvest
made fine progress. Excellent for cane, which needs dry weather for
maturing.
Texas.—Houston: Warm days, but cool nights; scattered showers
along coast and in extreme west and northwest, but dry elsewhere.
Progress of pastures and minor crops good where effective rains, but
deteriorated elsewhere, with condition poor to fair; stock water scarce in
some localities. Weather favorable for harvesting rice and citrus development. Progress of cotton good in portions of Panhandle and extreme
west and crop made in south; mostly deteriorated over remainder of
State, with shedding, premature opening, and many small and imperfect
bolls; picking and ginning made rapid progress, with labor ample.
Oklahonsa.—Oklahoma City: Week hot and dry. Drought very severe
and rapid deterioration of all crops continued. Early corn matured fair
crop; late deteriorated and burned and mostly failure on uplands; condition very poor to only poor. Cotton deteriorated generally account
drought; crop shedding, and blooming mostly stopped, with premature
opening of small bolls; picking and ginning begun in all sections; condition ranges from poor to good.
Arkansas.—Little Rock: Progress of cotton fairly good to very good in
most of eastern half; fair to deteriorated in most western portions where
six to eight weeks' drought; weevil effectively checked by dry, warm
weather; little shedding and few blooms in west; still blooming in east;
picking and ginning becoming general in south and some central portions.
Progress of corn fair in some northeastern Portions; Poor or deteriorating elsewhere, due to dryness, and most other crops suffering or destroyed, except in northeast.
Tennessee.—Nashville: Mostly dry, except light showers on one day,
proving serious and late corn deteriorated rapid!) and some being cut for
,
fodder; early mostly excellent. Cotton maturing hastened and picking
begun; cool nights and dryness unfavorable; considerable shedding.
Weather ideal for cutting and curing tobacco and hay crops.
Kentucky.—Louisville: No rain of consequence; temperatures moderate. Late crops show further improvement in extreme north and west,
but needing rain badly. Early corn drying and large proportion in central and east without ears; condition poor to fair and very irregular.
Tobacco cutting advanced rapidly; crop good in dark district, but plants
dwarfed and cutting forced by drought in most burley districts. Some
plowing in west; otherwise too dry.
THE DRY GOODS TRADE
New York, Friday Night, Sept. 6 1929.
Although actual sales in most divisions of the textile
markets failed to reach expectations now that the vacation
period has ended, sentiment continues confident concerning
1617
the future. Business during the earlier part of the week
was disappointing, owing to the excessive heat which served
to retard distribution, especially in consuming channels
where the new Fall styles had been prepared. However,
later in the week, when the weather was more seasonable,
buyers were disposed to consider offerings and, as a result,
sales were on a larger scale. Active buying of youths'
apparel coincident with the reopening of schools was one
of the features. In the cotton goods division, prices for
the raw material registered further advances to the highest
level in approximately five months on continued drought in
the Southwestern cotton growing States, and reduced estimates of the probable yield. It is expected that the Government crop estimate due next Monday will be several hundred thousand bales below the.previous forecast. This
served to encourage a better sentiment in Worth Street, and
prices have been on a firmer basis. As to floor coverings,
early sales of household furnishings have served to accentuate retail distribution. Unusual Summer activity in this
division of the textile industry throughout the country has
substantially reduced stocks and buyers are now re-entering
the market to replenish their needs and are requesting immediate deliveries. Prospects for the coming season are held
to be exceedingly favorable, and it Is predicted that new
sales records will be established. Rayons are also enjoying
a good volume of business and according to statistics
published by the Government, the industry now occupies
a position of major importance as a textile producer.
DOMESTIC COTTON GOODS.—Strengthening prices for
raw cotton coincident with expanding sales of the finished
prodwt featured the markets for domestic cotton goods.
In fact, business for the week, especially during the latter
part, has been so satisfactory that it is held probable that
when sales totals are compiled they will prove to be larger
than the week previous. A large majority of the current
business has been for early delivery, especially print cloths,
sheetings and drills. Besides this, sales of bleached muslins,
colored goods and some special cloths have been on a broader
scale. Prices generally have appeared to be much more
stable, and while they are still far from satisfactory, according to sellers' Ideas, they have shown no signs of weakness.
As a result, factors believe that the coming season will be
more profitable than has been the case for some time past.
In addition to the current stability of prices, style forecasts indicate thaa a larger percentage of goods will be
necessary in the production of clothing. It is believed that
the latter, coupled with reduced estimates of the cotton
crop, should help to put the industry in a stronger position.
The recent programs of curtailed production schedules so
patiently practiced by the trade are apparently beginning
to bear fruit. It is now noticed that concessions are increasingly hard to uncover, and that in instances where new
prices are being established old quotations are being continued, such as in the case of fourth quarter denims which,
It was announced, will be the same as those which ruled
during the previous three months. Thus,It is reasoned, that
with prospects of a much smaller crop yield than last year,
and with stocks of finished goods relatively light in nearly
all sections of the trade, price advances more in keeping
with costs are only a matter of time. Print cloths 28-inch
/
1c.,
64x60's construction are quoted at 52 and 27-inch 64x60's
-inch 68x72's construction are quoted
/
at 514c. Gray goods 39
at 8%c., and 39-inch 80x80's at 10%c.
WOOLEN GOODS.—In the woolen markets, mills which
failed to open their men's wear fancy Spring lines before
the Labor Day holiday showed their new goods to the trade
this week. Prices averaged about 3c. a yard below those
of the same season a year ago, and at these levels appeared
to be quite stable, with producers stating that their price
policy will remain unchanged. Buying activities on the new
lines, however, were not as brisk as had been expected.
Buyers returning from their holidays and vacations were
not inclined to rush business during the early part of the
week, but sales increased later on when a number of mills
were said to have booked encouraging orders on the standard
lines..
FOREIGN DRY GOODS.—While the volume of sales in
the local linen market remains about unchanged, sentiment
continues optimistic concerning future prospects. Factors
view sales possibilities for the coming season with particular
favor, and now that the vacation season is over, buyers are
expected to enter the market in increasing numbers and
place orders in anticipation of their needs. Women's dress
goods, and especially handkerchiefs, are held to be the
most promising, although other lines are expected to participate to a larger extent than has been the case during
recent years. Burlaps continue quiet, with prices substantially unchanged. Varying reports received during the
week concerning labor conditions at the jute mills in Calcutta only served to discourage buying operations locally.
Light weights are quoted at 6.75-6.80e., and heavies at
8.80-8.85e.
1618
FINANCIAL CHRONICLE
tate ana Citg Pieparturent
MUNICIPAL BOND SALES IN AUGUST.
State and municipal long-term bond disposals during
August totaled $77,045,631. This figure compares with
$82,759,747 for the previous month and with $68,918,129
for August 1928.
The largest award during the month, consisting of $9,500,000 4% improvement bonds, was made by the Chicago
South Park District, Ill. The issue was awarded at a price
of 92.91, an interest cost basis of about 4.92%, to a syndicate
headed by the Harris Trust & Savings Bank of Chicago.
The bonds mature $425,000 on Sept. 3 from 1930 to 1949
incl.-V. 129, p. 1320.
A $10,650,000 issue of 43/2% bonds of the Chicago Sanitary
District, Ill., was offered without success on Aug. 29. The
proposals received, submitted by syndicates headed by the
National City Co. of New York and the Continental Illinois
Co. of Chicago, respectively, were rejected. An unconditional tender of 92.50 was offered by both groups. The
City company group also bid 93.468 for the bonds, con
ditioned upon the abstention of the district from any further
financing for 60 days, and an offer of 93.787 was made with
a 30
-day option on the rest of the authorized issue of $27,000,000 bonds
-at the same price. The
-V. 129, p. 1157
Continental Illinois group also made an offer of 93.214 for
-day
$5,600,000 of the bonds, with the provision that a 60
option on the remaining $5,050,000 at the same price be
granted. The entire issue of $10,650,000 bonds is being
reoffered for sale, sealed bids for which will be received until
Sept. 12-V. 129, p.1620. The only bid received on Aug. 10
for the $3,100,000 State of New Mexico highway bonds
was rejected. The offer was for $500,000 of the bonds
with an option of 90 days on the remainder. The rate of
interest was to be named in bid-V. 129, p. 1163. The
usual table of the issues offered unsuccessfuly during the
month is given below.
A compilation of other municipal bond sales of $1,000,000
or over during August is given herewith:
$4,270,000 bonds of Cleveland, Ohio, consisting of $2,350,000 43s due
from 1931 to 1957 incl., and $1,920,000 4s due from 1930 to
1954 incl. The bonds were sold at a price of 100.04, an Interest
cost basis of about 4.64%, to a syndicate headed by the Bancamerica-Blair Corp. of New York.
4,116,400 coupon bonds of Cuyahoga County, Ohio, maturing serially
from 1930 to 1939 incl., sold as 53 to a syndicate managed
-is
by Halsey, Stuart & Co. of Chicago. Price paid was 100.056.
a basis of about 5.24%.
4,000,000 State of Tennessee 6% highway notes sold as 6s to a group
headed by the Bankers Co. of New York at 100.24, a basis of
about 5.83%. The notes are due on April 11 1930 and April 29
1932.
3.600,000 Mahoning Valley Sanitary Sewer District No. 1, Ohio, 434%
bonds, due on Oct. 1 from 1933 to 1952 incl., reported sold
privately at a price of 90 to Blanchett, Bowman & Wood of
Toledo.
2.000.000 bonds, bearing 5% int., of the Los Angeles County Flood
Control District. Calif., sold at a price of 101.80, a basis of
about 4.86%. to a syndicate headed by R. H. Moulton & Co.
of Los Angeles. The bonds mature annually on July 2 from
1930 to 1964 incl.
1.250.000 Brevard County, Fla.. bonds, reported sold to Wright, Warlow
& Co. of Orlando, as follows: $1,000,000 bridge bonds at a
price of 95, and $250,000 highway bonds at 96.
1.200.000 general fund warrants of the City of Dallas. Tex., bearing 5%
int., sold to the Republic National Co. of Dallas at a price
of 95, a basis of about 5.15%. Warrants mature from 1930 to
1949 incl.
1.000,000 bonds of King County School District No. 1, Wash., sold a
43.0, at par to the State of Washington. The bonds mature
In from two to 25 years. A number of banking syndicates
submitted proposals for the Issue to bear 5% int.
1,000.000 Springfield, Mass.. 43(% bonds, due from 1930 to 1959 incl.,
sold to a syndicate managed by Stone & Webster and Blodget,
Inc., of Boston. at a price of 101.17, a basis of about 4.155%.
[Vol,. 129.
ISSUES WHICH FAILED OF SALE.
Page.
Amount.
Int. Rate.
• Name.
Report.
1475_-Bassett S. D., Calif
$5,000 No bids
1158.. _Boone Co., Iowa
Not c. 5%
250,000 No bids
5%
1475_ _Bremerton, Wash
Not exc. 6%
90,000 No bids
1319„Buchanan County, Iowa
Not exc. 5%
125,000 No bids
1475_-Burlington, Iowa
x
21,500 No bids
1319--Butler County, Iowa
70.000 Bid rejected
5%
1476_ _Chicago San. Dist., Ill.*
10.650,000 Bids rejected
435%
1159_ _Clayton County, Iowa-- 235,000 Bid rejected
5%
385,000.Bids rejected
1476--Columbus, Ga_a
43V0
1320_ _Dodge County, Wis
172,000 No bids
4%
1160_ _Dothan, Ala.(2 iss.)_b----Not exc. 6%
80,000 No bids
1001_ _Fall River, Mass
70,000 No bids
4X%
1321_ _Fall River, Mass.,tem.l'n_
300,000 No bids
1001-Florida Inland Navigation
1.887,000 No bids
District, Fla_ c
4%
1322__Grosse Pointe Twp. Rural
360.000 Bidi unopened
Agric. S.D.No.1.Mich4j%
105,000 No bids
1001- _Guadalupe Gr.S.I)., Calif5%
229,781 Bids rejected
1161__Hamtramck, Mich.(2iss.)_Not exc. 6%
x
250,000 Bids rejected
1001--Hattiesburg Miss
500,000 No bids
1322_ _Hillsdale Twp., N. J
x
600,000 Bids rejected
1479-Hoquiam, Wash
Not exc. 6%
25.000 Bids rejected
1001--Hood River, Ore
434%
150.000 No bids
1479. _Iowa County. Iowa
Not exc. 5%
1161--Kittitas Co. S. D. No, 24,
44.000 No bids
Wash
Not xc 6%
4ex%.
225,000 No bids
1162__Lansing, Mich. (2 iss.)
200,000 Bonds not sold
1324...Marion County, Iowa
Not exc. 5%
200.000 No bids
Not exc. 5%
1323.._Mahaska County, Iowa_
274.000 No bids
1324__Middietovrn, Conn
4%
900,000 Bids rejected
1480--Middletown S. D., Ohlo_d_
5%
600.000 Bonds not sold
1162_ _Mobile County, Ala.....5%
1162.._Mobile county. Ala
100,000 Bid rejected
5%
4(
60,000 Bids rejected
1163--Morrow County, Ore
%
1163--New Mexico (State of)
x
3,100,000 Bid rejected
_
1325_Oconto County, Wis
102,000 No bids
4M %
1163 -Peekskill Union Free Sch.
bi
District, N.Y
50.000 No bids
Not exc. 5%
1482.. Scott County, Tenn
250,000 Bid rejected
5M %
1482_ _Shelby County, Iowa
Not exc. 6%
250,000 Bids rejected
1326_ _South Euclid, Ohio
6%
242,300 No bids
1165--Warren County. Iowa
x
120,000 Bonds not sold
1007-Winneshiek County, Iowa_Not exc. 5%
325,000 Bid rejected
1165--Wayne County. Iowa
Not exc. 5%
225,000 No bids
z Rate of int. was to be named in bid. a Bonds re-offered to be sold on
Sept. 5:int, rate is to be named in bid-V.129, p. 1476. bIssues re-offered
to be sold on Sept. 16: rate of int. Is not to exceed 6% and must be named
in bid-V. 129, p. 1476. c Bonds re-offered-to be sold on Oct. 15: int.
rate 4%-V. 129, p. 1478. d Bonds re-offered to be sold on Sept. 18:
Mt. rate 5%-V. 129. p. 1480. e These bonds are the unsold portion
or a $1,500,000 issue offered on Aug. 12-V. 129, p. 1162. •Bonds
are being re-offered to be sold on Sept. 12.
Temporary loans negotiated during the month aggregated
$91,245,000, of which $70,850,000 was borrowed by the
City of New York.
Canadian bond disposals during August reached $578,347,
none of the securities were placed in the United States.
No financing during August was undertaken by any of the
United States Possessions.
A comparison is given in the table below of all the various
19 l
forms of securities placed in August in the last five years:
1927.
1929.
1928.
rsS25.:
Perm't loans (U.S.). 77,045,631 08,918.129 92,086,994 71,168,428 83,727,297
*Temp. loans (U.S.) 91,245,000 61.183,000 57.565,000 38.560,000 46,741,645
Canadian loans(perm't):
Placed in Canada402,210
743.373
578,347
1.310,214
1,560,624
None
Placed in U. FL__
None
None
None 70,000.0011
None
Bonds U.S. Possess_
76,500
None
None
125,000
Gen.fd.bds.(N.Y.C.)
None 3.350.000 2,000,000
None
None
$168 868 978 133,929,839 152,395,307
, .
Total
111,038,642 202,154,566
* Including temporary securities issued by New York City: $70.830,000 In August
1929, $34,050,000 In August 1928. $40,650.000 in August 1927, 525,940,000 in
August 1926, and 537,000.000 in August 1925.
The number of places in the United States selling permanent bonds and the number of separate issues made during
August 1929 were 348 and 516, respectively. This contrasts
with 394 and 533 for July 1929 and with 383 and 547 for
Auglist 1928.
For comparative purposes we added the following table
showing the aggregates for August and the eight months for
a series of years. In these figures temporary loans, New
York City's "general fund" bonds and also issues by Canadian municipalities are excluded.
1929
1928
1,000.000 Oakland, Calif.. harbor improvement bonds sold as 4.48 to 1927
York. and Bond & Goodwin & Tucker, 1926
Eldredge & Co., New
of Los Angeles. jointly, for a premium of $1,950, equal to a 1925
price of 100.195. a basis of about 4.73%. The bonds mature 1924
1923
annually on July 1 from 1930 to 1966. inclusive.
1922
1,000,000 Ocean County, N. J., road bonds reported sold to the First 1921
1920
National Bank, and the Toms River Trust Co., both of TOMB 1919
River, jointly.
1918
1917
As was the ease in preceding months, a considerable 1916
1915
number of municipalities were unsuccessful in disposing of 1914
1013
their offerings in August. In the following table we give a 1912
list of the municipalities which failed to market their offerings 1911
Month of
For the
August.
Eight Mouths.
577,045,631 $825.048.636 1910
68,918,129
928,136,644 1909
92,086,994 1,060.936,272 1008
71,168,428
909,425,840 1907
83,727,297
980,196,064 1906
108.220,267 1,014,088,919 1905
709,565,710 1904
56,987,954
69.375,996
819,07 .237 1903
94,638,755
665,366.366 1902
59,684,048
439,355,455 1901
59,188,857
448,030.120 1900
38,538,221
213,447,113 1899
32,496,308
346,903.907 1898
25,137,902
346,213,922 1897
22,970,844
389.789,324 1896
10,332,193
394,666,343 1895
94
19,801,191
262,178,745 1893
15,674,855
292,443,278
22,522,612
283,016,280 1892
Month of
For the
Atiguet.
$14.878,122
22,141,716 ES2 3 567 080
79 3876
7 ,11.
,
18,518.046
208,709,303
20
.075,541
151.775.887
16.391,587
144,171,927
8,596,171
131,196,527
16,124,577
187,220,986
7,737.240
102,988,914
0,009,266
108,499,201
15.430,390
84,915,945
7,112.834
93,160,542
5,865,510
87,824,844
25,029.784
76,970,894
6,449.536
97,114,772
4,045,500
52,535.959
80,830,704
8,464,431
82,205,489
7,525,260
37,089,429
2,734,714
57,430,882
4,408,491
Owing to the crowded condition of our columns, we are
during the month, also showing the amount of the offering,
It tom be
Ia o r.ng the
shtewi
the interest rate specified and the reason, if any, assigned obliged to omit this week the cuswillary
month's bond sales in detail.
,or the failure to award the obligations:
givbeln
ta e
SEPT. 7 1929.]
FINANCIAL CHRONICLE
1619
Co. of Denver, prior to an election to:beheld on:Sept.:23.t,Due:.$1.000from
1944 to 1958 and4$2,300 in 1959.vavavaiwimarigaiaiguiso
ASSUMPTION PARISH (P. 0. Napoleonville), La.
,
-CERTIFICATE
Connecticut.
-State Concludes Fiscal Year With $1,700,- SALE.
-A $50,500 issue of 6% parishwide school board certificates has
been
Co., of New Orleans.
000 Deficit.
-The Hartford "Courant" of Aug. 24 reported $500.purchased by the Canal Bank & Trust 1 1930 to-1951, incl. Denom.
Dated May 11929. Due from
Prin. and
that for the twelve month period ending with June, the int.(M.& N.Upayable at the office of May
the Parish Treasurer or at the Canal
showed a deficit of $1,700,000 for the Bank & Trust Co. in New Orleans. Legal opinion furnishediby Chapman
books of the State
Chicago. 11
fiscal year. The detailed statement of the financial condition & Cutler, of
AUDUBON COUNTY (P.
-BOND OFFERING.
of the State, as given
the above newspaper, reads as fol- Bids will be received by the 0.'Audubon),Iowa. 2 p.tm.'on
County Treasurer until
Sept. 19
lows:
for the purchase of a $250.000 issue of annual primary road bonds. Int.
Expenditures of more than $15.500,000 for permanent improvements rate is not to exceed 5%. Dated Oct. 1 1929. Due $25,000 from May 1
during the 12 months ended with June 1928, caused the State of Connecticut 1935 to 1944 incl. Optional after May 1 1935.. Blank bonds to befurnished
to close its books for the fiscal year "in the red" to the extent of about by the purchaser. The county will furnish the legal approval of Chapman
$1,700,000. it is disclosed by figures made public to-day by the United & Cutler of Chicago.
States Census Bureau summarizing the financial situation of the State
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.
-BONDS NOT
Government.
-Clarence A. Brooks, County Treasurer, reports that thel$8.700
Had it not been for $15.753,695 spent on road projects, of which $12,- SOLD.
-was not sold.
475.527 was for construction and $3,278,168 for maintenance, the bureau 4%7. road bond issue offered on Aug. 31-V. 129, P. 999
shows, the State's revenues would have exceeded expenditures by some The bonds mature semi-annually in from 1 to 10 years.
$13,000,000 for the year.
BAUDETTE, Lake of the Woods County, Minn.-BOND1'SALE.Revenues for the year, according to statistics furnished the bureau by J.
of coupon refunding bonds offered for sale on Aug. 31
G. Bryson of the State Comptroller's office, totaled $33,796.159, or $20.45 The $25,000 issue-was awarded
to the State of Minnesota, as
129, p. 1319
Per capita, while total expenditures were U5,514,072. Operation of the -V. Due on Sept. 1,as follows: $2,000, 1932 to 1942 and $3,000 41.4s, at
in 1943.
the State Government cost $19,319,797, or Par.
various general departments of
$11.69 per capita, this including $1,769,774 apported for education to the
-The four issues of 43.l%
BELOIT, Rock County, Wis.-BOND.SALE.
minor civil divisions of the State.
semi-ann. bonds aggregating 554,000, offered for sale en Sept. 3-V. 129,
Maintenance Cost Reduced.
-were awarded to A. C. Allyn & Co., of Chicago. The issues are
P. 1475
The cost of maintaining the general departments was reduced materially divided as follows:
during the year, on a per capita basis, the comparative figure for 1927 $25,000 park improvement bonds,city's share. Duefrom 1930 to 1939.incl.
having been $12.40. Interest on debts in 1928 amounted to $656,865.
15,000 storm sewer improvement bonds, city's share. Due $1,000 from
Property and special taxes represented 27.5% of the total revenues
1930 to 1944 incl.
of the State last year, against 25.2% in 1927, amounting to $5.63 per
10,000 street improvement bonds, city's share. Due 51,000, 1930 to:1939,
capita, against $5.07. Earnings of the general departments, or comincl.
pensation for services rendered by State officials, represented 7.8% of the
4,000 sanitary sewer improvement bonds. Due $1,000 from 1930-to
total revenue, against 9.8% the year before, while business and non1933, incl.
business licenses constituted 5.3%, against 54% in 1927. Receipts from
-ADDITIONAL DETAILS.
BENSON, Swift County, Minn.
-The
business licenses consist chiefly of taxes exacted from insurance and other
incorporated companies and the sales tax on gasoline, while those from $27,000 issue of refunding bonds that was awarded to the Swift County
non-business licenses comprise chiefly taxes on motor vehicles and amounts Bank, of Benson, as 5s. at a price of 100.427-V. 129. p. 1475
-is more
paid for hunting and fishing privileges. The gasoline tax brought in fully described as follows: Denom. $1,000. Dated Aug. 1 1929. Due from
revenue in 1928 of $3,098,686, against $2,840,361 in 1927, an increase 1932 to 1944, incl. Basis of about 4.96%. Int. payable on Feb. & Aug. 1.
of 9.1%.
-BOND OFFERBLACKHAWK COUNTY (P. 0. Waterloo), Iowa.
The totalfunded or fixed debt outstanding June 30 1928,was $16.291.100.
-Bids will be received until 10 a. m. on Sept. 28. by the County
The net indebtedness (funded or fixed debt less sinking fund assets) was ING.
$2.522,603, or $1.53 per capita. This was a material reduction from Treasurer, for the purchase of an Issue of $100,000 annual coupon primary
1927, when it was $1.90 per capita and was only about
of the per capita road bonds. Int. rate is not to exceed 5%. Dated Oct. 1 1929. Due $10,000 from Stay 1 1935 to 1944 incl. Optional after May 1 1935....Prin.
of $6.56 reported for 1917.
'the assessed valuation of property in Connecticut subject to ad valorem only of bonds may be registered.
taxation was $2,656,322,911; the amount of State taxes levied was $1,859.495, or $1.12 per capita.
BLOOMFIELD, Knox County, Neb.-ADDITIONAL DETAILS.
The $13,000 issue of 531% street graveling bonds that was reported sold
V. 129, p. 1475
-was purchased at par by the Omaha National Co., of
Oklahoma City, Okla.
-Suit Brought to Prevent Bond Omaha. Coupon bonds in denotes. of 51,000.
Dated Aug. 1 1929. Int.
-We are informed by our Western correspondent payable annually on Aug. 1.
Sale.
that a suit has been instituted by a local taxpayer to restrain
We are also informed that the above named company has purchased at
of bonds aggregating
par two
the city authorities from turning over the $425,000 of coupon $23.000 issues sewer bonds. Due in$30,000. divided as follows:
20 years and optional after:10 years.
%
7,000 5% intersection bonds. Due in 10 years.
park bonds to the Prescott, Wright, Snider
NEWS ITEMS
by
Co. of Kansas
City, who purchased the bonds on Aug.20-V.129, p.1481
on the ground that the bonds were issued and sold under an
ordinance which is technically illegal.
Quebec, Province of
.-Financial Report Shows Surplus
Funda.-The annual financial report of the Province for the
year ended June 20, shows a surplus of $4,011,775 for the
fiscal year, according to a Montreal dispatch to the New
York "Times" of Sept. 5. The newspaper goes on to state:
-BOND OFFERING.-Bids
BOONE COUNTY (P. 0. Boone), Iowa.
will be received by M. Abrahamson. County Treasurer. until 2 p. m. on
Sept. 21 for the purchase of an issue of $125,000 annual primary road bonds.
Int. rate is not to exceed 58'. Dated Oct. 1 1929. Due on May 1, as
follows: 513,000, 1931 to 1939 and $8,000 in 1940. Optional after May 1
1935.
BOONVILLE, Oneida County, N. Y.
-BOND SALE.
-The $4,500
-were awarded as 5;ls.
paving bonds offered on Sept. 2-V. 129, p. 1475
at par, to the First National Bank, of Boonville. The bonds are dated
July 1 1929. Due $500 on July 1. from 1930 to 1946. incl.
BREMER COUNTY (P. 0. Waverly), Iowa.-BOVD OFFERING.
Ordinary receipts are shown at $39,976,283, with ordinary expenditures at $35,964,487. As has been the case for the past three years,$1.000.- Bids will be received by the County Treasurer, until 2 p. m. on Sept. 24
000 is included in the expenditure for reduction of the funded public debt, for the purchase of a $45,000 issue of coupon annual primary road bonds.
while by virtue of legislation enacted last session a further $1,000.000 is in- Int. rate is not to exceed 5%. The bonds are registerable as to principal.
cluded In expenditures, having been transferred from the trade account Dated Oct. 1 1929. Due as follows: $4.000 from 1935 to 1939 am:1_85.000.
of the Quebec Liquor Commission to the Public Charities Fund, which is 1940 to 1944 all incl. Optional after May 1 1935.
one of the trust funds and does not form part of the ordinary revenue of
BRIDGEPORT SCHOOL DISTRICT, Belmont County, Ohio.
the Province. The actual expenditure was therefore only $33.964.487.
BOND SALE.
-The 3200,000 coupon school bonds offered on Aug. 26
-17. 129, p. 1319
-were sold as 5345 to the Central-Illinois Co.,of Chicago,
for a premium of$110.00. equal to a price of 100.05, a basis of about 5.24%.
The bonds are dated Sept. 1 1929.and mature $5,000 on March and Sept. 1,
from 1930 to 1949 inclusive.
BOND PROPOSALS AND NEGOTIATIONS.
Akron, Summit County, Ohio.
-BOND SALE.
-The 573,000 coupon
or registered street improvement bonds offered on Sept.3-V. 129. p.834were awarded as 5
to Otis & Co., of Cleveland, or a premium of $745,
equal to a price of 101.02, a basis of about 5.31%. The bonds are dated
Sept. 1 1929 and mature on Oct. 1. aS follows: $7.000. 1931 to 1937 incl.;
and $8,000, 1938 to 1940 Incl, E. 0. Galleher. Director of Finance, sends
us the following list of the bids received:
BidderPremium Rate Bid.
Otis & Co _ _ __ _ ________________________________$745.00
101.02
W. L. Slayton &___________________________ 616.00
100.84
The Herrick Co _
________________ 468.00
100.64
Strahanan, Herrin __ Oatis,
467.20
100.63
Ryan, Sutherland & Co
227.00
100.38
Seasongood & Mayer _
__
77.00
100.10
Asset, Goetz & Moerlein, Inc
60.00
100.08
AKRON CITY SCHOOL DISTRICT, Summit County, Ohio,
PARTIAL AWARD.
-Only two of the three issues of 5% bonds aggregating
$881,500 offered on Sept.3-V.129. p. 1475
-were awarded. The $3r 0
w hi h,(100
e
Issue was not sold as a question arose regarding the contract for
bonds were to be awarded. The successful bidders for the other two issues
aggregating $501,500. which are listed below, were Otis & Co.,of Cleveland,
and Arthur Sinclair. Wallace & Co_ of New York, jointly, at a price of
100.15. a basis of about 4.98%. The purchasers bid 100.15 for each issue
separately.
300,000 bonds. Dated Oct. 1 1929. Donom. $1.000. Due $15,000 on
Oct. 1. from 1930 to 1949. ind• Said bonds were authorized by
the electors at a general election held Nov. 6 1928 and are issued
under authority of the Laws of Ohio. particularly the Uniform
Bond Act of the General Code of Ohio, and in accordance with
resolutions of the Board of Education of said school district
passed May 13 1929, and Aug. 5 1929, for the purpose of erecting
and furnishing a school-house.
201.500 bonds. Dated Oct. 1 1929. Denom. $1,000. one bond for $500.
Due on Oct. 1, as follows: $10,500, 1930; $10,000, 1931 to 1948,
incl. and $11,000, 1949. Said bonds were authorized by the electors at a general election held Nov. 4 1924 and are issued under
authority of the laws of Ohio. particularly the Uniform Bond
Act of the General Code of Ohio, and in accordance with
tions of the Board of Education of said school district resolupassed
Jan. 7 1929 and Aug. 5 1929. for the purpose of purchasing
school sites, purchasing and erecting portable schoolhouses and
purchasing equipment for schoolhouses.
Interest is payable on the first day of April and October.
ANDERSON COUNTY (p. 0. Palestine), Tex.
-BONDS REGISTERED.
-An $83,000 issue of 5% road and bridge funding, series A bonds
was registered by the State Comptroller on Aug. 28. Due serially.
ANTONITO, Conejos County, Colo.
-BONDS CALLED.
-The entire
Issue of 6% water extension bonds, dated Sept. 1 1919, optional on Sept.
1 1929 and due on Sept. 11934; has been called for payment as of Sept. 1,
payable at the office of Rountze Bros. in New York City.
ARAPAHOE COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Denver,
R. F. D.), Colo.
-PRE
-A $17,300 Issue of 53.5
-ELECTION SALE.
school-building bonds has been purchased by Gray, Emery, Vasconcells &
BRIDGMAN, Berrien County, Mich.
-BOND OFFERING.
-Sealed
bids will be received by G. W. Baldwin, Village Treasurer, until 7.30 p. in
on Oct. 1, for the purchase of $45,000 coupon water works system bonds.
Rate of interest is not to exceed 6% and Is to be stated in bid. The bonds are
dated Sept. 1 1929. Denom. $500. Due on Sept. 1. as follows: $2,000.
1932 to 1937 incl.: and 51,500. 1938 to 1959 Inc[. Prin. and semi-annual
int. payable in Bridgman. Legality has been approved by K. D. Williams,
of St. Joseph.
BROOKLINE, Norfolk County, Mass.
-NOTE SALE.=The .
31755170,
Issue of revenue notes offered on Sept. 3-V. 129,10. 1475
-was awarded
at a 5.32% discount to the First National Bank of Boston. The notes are
dated Sept. 3 1929 and mature on Dec. 5 1929. The following other bids
were received:
Bidder
Discount Basis.
F. S. Moseley & Co
5.45
Shawmut Corp
5.58
Salomon Bros. & Hutzler (Plus 57.00)
5.77
BROWN COUNTY WATER IMPROVEMENT DISTRICT NO. 1
(P. 0. Brownwood), Tex.
-BONDS REGISTERED.
-The State Comptroller registered on Aug. 29, a $2,500,000 issue of 535% water bonds. Due
,
serially.
BROWNFIELD, Terry County, Tex.
-BOND SALE.
-The $60.000
issue of paving bonds offered for sale on Aug. 27-V. 129, p. 1158
-was
awarded at par to the Panhandle Construction Co., of Lubbock.
BROWNFIELD INDEPENDENT SCHOOL DISTRICT(P.O.Brownfield), Terry County, Tex.
-BONDS NOT SOLD.-The $75,000 issue of
5% school bonds offered on Aug. 27-V. 129. p. 1319-was not sold as no
par bid was received. Dated Aug. 1 1929. Due 11,000 from 1930 to 1934:
and $2,000, 1935 to 1969, all incl.
low BROWNSVILLE Heywood County, Tenn.
-BOND SALE.
-The
511.500 issue of }4% coupon public school refunding bonds offered for
sale on Aug. 30-V. 129. p. 1319-was awarded to Saunders & Thomas.tof
Memphis, at par and expenses. Due on Sept. 1, as follows: $1,000, 1934:to
1944 and $500 in 1945. No other bids were received.
BUCHANAN COUNTY(P.O.Independence),lows.
-BOND OFFERING.
-Bids will be received until 2 P. in. on Sept. 27
urer, for the purchase of an Issue of $125,000 couponby the County Treasannual
bonds. Int. rate is not to exceed 58'. Dated Oct. 11929. primary road
from 1935 to 1943 and 517.000 In 1944 Optional after May 1 Due $12,000
1935. Prin.
only of bonds may be registered.
_
so
BURTON TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 9,
Genesee County, Mich.
-BOND SALE.
-The $60,000 school bonds
offered on July 17-V. 129. p. 315
-were awarded as
Co., of Detroit, for a premium of $75, equal to a price 53s to Bumpus &
of 100.12.
BUTLER COUNTY (P. 0. Swenson), Iowa.
-BOND OFFERING.
Bids will be received by the County Treasurer, until
for the purchase of a $70,000 issue of coupon annual 2 p. m. on Sept. 20.
primary road bonds.
Int. rate Is not to exceed 58'. The bonds are reglsterable only as to prin.
Dated Oct. 1 1929. Due $7.000 from 1935 to 1944 incl. Optional after
May 1 1935.
1620
FINANCIAL CHRONICLE
CALCASIEU PARISH GRAVITY DRAINAGE DISTRICT NO. 2
-BOND SALE.
-The $40,000 issue of drainage
(P. 0. Vinton), La.
bonds offered for sale on July 1-V. 128. p. 4190
-was awarded at par to
the Calcasieu National Bank, of Lake Charles.
-The
-BOND SALE.
CALIFORNIA, State of (P. 0. Sacramento).
$800,000 issue of 4% harbor improvement bonds offered for sale on Aug. 29
-V.129, p. 1158
-was awarded to a syndicate composed of R. H. Moulton
& Co., and the American National Co., both of Los Angeles, the California
National Bank, of Sacramento, and the Security First National Co., of
Los Angeles, at public auction, at a price of 90.96, a basis of about 4.42%.
Dated July 2 1915. Due on July 2 1989 and optional after 1954.
-The above bonds are now
BONDS OFFERED FOR INVESTMENT.
being offered for public subscription by the successful bidders priced at
92.50 (accrued interest to be added). The offering circular states that these
bonds are as follows:
Interest entirely exempt from Federal income taxes legal investment for
savings banks and trust funds in New York, California Massachusetts
'
and other States exempt from personal property taxes in California eligible
as security for deposit of public moneys in California.
-The following
-BIDS.
CAMBRIDGE, Middlesex County, Mass.
% bonds sold at 100.879,
bids were received on Aug.30 for the $609,000
-V.129, p. 1476.
a basis of about 4.32%, to R. L. Day & Co., of Boston.
Rate Bid.
Bidder100.65
Stone & Webster and Blodget.Inc
100.529
Estabrook & Co.
100.31
Harris, Forbes & Co
-An issue
-BOND SALE.
CARBON COUNTY (P. 0. Price), Utah.
of $150,000 tax anticipation bonds has recently been purchased by the
Edwin S. Felt Co., of Salt Lake City. as 4s, at a price of 97.91.
-BOND OFFERING.CARROLL COUNTY.(P. 0. Carroll), Iowa.
Bids will be received until 2 p. in. on Sept. 25. by the County Treasurer,
for the purchase of an issue of $140,000 annual primary road bonds. Int.
rate is not to exceed 5%. Dated Oct. 1 1929. Due $14,000 from May 1
1935 to 1944 incl. Optional after May 1 1935.
-BOND OFFERING.
CARTER COUNTY (P.O. Elizabethton),Tenn.
-Bids will be received until Oct. 7 by J. B. Deal, County Clerk, for the
Purchase of two issues of semi-annual bonds aggregating $523.500, as
follows: $25.000 jail and $498,500 road bonds. Int. rate is not to exceed
6%. Due in not to exceed 30 years.
-The
-BOND SALE.
CASS COUNTY (P. 0. Logansport), Ind.
$59,000 4g% road construction bonds offered on Aug. 19-V. 129, p.999
to the Fletcher-American Co., of Indianapolis. The
were awarded at par
bonds are dated May 1 1929 and mature as follows: $3,000 on May 1
and $2,900 on Nov. 1, from 1930 to 1939 incl.
-ADDITIONAL INFORCEDAR RAPIDS, Linn County, Iowa.
-The following details are furnished in connection with the
MATION.
-of the $500,000 issue of
Oct. 1-V. 129, p. 1476
offering schedule for
, coupon waterworks bonds:
45
1%
Financial Statement.
$120,487,619
Estimated actual value of all taxable property
Assessed value of all property for taxation as equalized for
64,492,758
year 1928
2,132,700
Total bonded indebtedness not including this issue
None
Floating debt
4,734.512
Value of property owned by City
Bonds are exempt from State, County, or Municipal taxation. City tax
levy for year 1928, 54 mills on one-fourth assessed valutaion. Rate of tax
Per $100.00, $1.35. Present population, official 1925 State Census, 51,520;
plus about 3,000 in recent annexations. Predominate nativity. American.
Municipality was incorporated in 1856. Commission government since 1908.
Outstanding Bonds September 1 1929.
Maturing.
Kind.
Rate. Amount.
Date of Issue.
$12,000 6 July 1 in each of years
July 1 1911 Refunding sewer43s
1930 and 1931.*
20,000 10 July 1 in each of years
July 1 1916 Refunding sewer_ _48
1930 and 1931.*
80,000 10 Nov.1 1929 to 1932inc.,
43s
1'ov.1 1919 Sewer
and 20 Nov. 1 1933 and
1934.*
65,000 5 Nov. 1 1929; Sin 1931:15
4s
Jun.1 1925 Sewer
In 1932; 5 in 1933; 25 in
1934, and 10 in 1935.*
2,600 $2,600 Jan. 1 1930.*
Jan. 1 1910 16th Ave. bridge- _5s
18,000 9 Mar. 1 1930 and 1931.*
Third Ave.bridge_43s
Mch.1 1911
105,000 5 Feb. 1 1930; 25 Feb. 1
Feb.1 1914 B Ave.bridge_ _ _ _4gs
1931 to 1934, inc.*
420.000 2 each Nov. 1 1929, 1930
Nov.1 1919 First Ave. bridge_4gs
and 1932; 4 in 1933; 6 in
1934: 35 in each 1935 and
1936; 40 in 1937; 44 in
1938, and 250 in 1939.*
4,500 $2,000 Apr.4 1930 and1931
53
Apr.4 1919 Fire
incl.; $500 in 1932.
12,000 2 Nov.1 1929 to 1934,inc.*
Jun. 1 1925 Fire equipment__ _43.is
9,600 $1,200 Nov.1 1929 to 1936,
Aug.1 1926 Fire equipment _ --4gs
incl.
260,000 20 June 15 1930 to 1942
43O
Jun.15 1922 Water
inc.*a
434s
160,000 10 Apr.1 1930 to 1933,inc.;
Apr. 1 1929 Water
15 Apr. 1 1934 and 1935;
20 Apr. 1 1936 to 1938,
inc.; 30 Apr. 1 1939.•
800.000 20 Nov.1 1931 to 1933,inc.
Dec.1 1925 Liberty Memoria1.4gs
25 in 1934 and 1935; 30
1936 to 1940, Inc.; 35 in
1941 to 1943, inc.; 40 in
1944 and 1945;45 in 1946
to 1948, inc.; 50 in 1949
to 1952, Inc., and 20 in
1953.*
150,000 10 Nov. 1 1929; 18 Nov. 1
4s
Mch.1 1928 River Front
1930; 18 Nov. 1 1931; 19
Nov. 1 1932; 20 Nov. 1
1933; Nov. 1 1934; 22
Nov. 1 1935; 22 Nov. 1
1936.*
14,000 $1,000 Aug. 1 1930 to Aug.
68
Aug.1 1923 Kenwood ref
Aug. 1 1943, incl.
$2,132,700
6. Total
from receipts of plant.
*Denominations of $1,000. a Paid
CEREDO ROAD DISTRICT (P. 0. Ceredo), Wayne County, W.
Va.-BOND SALE.
-The $400,000 issue of 6% road improvement bonds
-has since been sold to the
that was voted on June 8.-V. 128. p. 3558
State Sinking Fund Commission.
-BOND OFFERING.CHESTERHILL, Morgan County, Ohio.
W.T.Smith, Village Clerk, will receive sealed bids until 12 m.on Sept. 20,
for the purchase of $750.00 6% street impt. bonds. Dated March 1 1929.
Denom. $250. Due $250 on Sept. 1 from 1931 to 1935 incl. Int, payable
on the first day of March and September. A certified check for 5% of
the amount of bonds bid for, payable to the order of the Village Treasurer,
must accompany each proposal.
CHICAGO SANITAR DISTRICT (P. 0. Chicago), Cook County,
-Sealed bids will be received by Harry E. Hoff,
-BOND OFFERING.
111.
Clerk of the Sanitary District, at Room 600,9108. Michigan Ave., Chicago,
11 a. in. (standard time) on Sept. 12, for the purchase of $10,650,000
until
4g% sanitary district bonds which were offered without success on Aug.29
(V. 129,P. 1476)• Coupon bonds with option of registration as to principal
only. Denoms. $1,000 and $500. Dated Aug. 11929. Due $532,500 on
Aug. 1. from 1930 to 1949 incl. Prin. and semi-annual int. (F. & A..)
payable at the office of the District Treasurer. Proposals will be received
for the entire issue or any portion thereof. Approving opinion of Chapman
ec Cutler, of Chicago, will be furnished by the district. A certified check
for 3% of the bid, payable to the above-mentioned clerk, must accompany
z otice states that no further financing will
each proposal. The offering for a period of
90 days following the date 0,
be undertaken by the district
[Vol.. 129.
the sale o ithis issue. A detailed statement of the financial condition of the
district appeared in V. 129, p. 1158.
The Chicago "Journal of Commerce" of Aug. 30 summarized the bids
submitted for these bonds on Aug. 29 which were rejected, as follows:
"The identical banking groups which submitted bids for the Chicago
South Park Commissioners issue last week, headed by the Continental
Illinois Co. and the National City Co., respectively, were the only two
bidders for the sanitary district 4s. Each syndicate made an offer of 92.50
for the issue on an "all-or-none basis. The Continental Illinois group
also made an offer of 93.214 for $5,600,000 principal amount of bonds.
with the provision that a 60
-day option on the remaining $5,050,00 at
the same price should be given the syndicate.
In addition to its bid of 92.50 for all or none of the bonds, the National
City group offered 93.468 for the entire issue, with the provision that
the district would sell no more bonds within 60 days, and offered 93.787
for the Issue, provided that tt 30-day option on the remaining $16,350,000
at the same price be given.'
Interest Cos 5.48%.
"Based on the unqualified price of 92.50 submitted by both syndicates,
the interest cost to the district would be approximately 5.48% as compared
with an interest basis of 4.86% on the South Park bonds sold last weelc."
-The $8,800
-BOND SALE.
CLAY COUNTYAP. 0. Brazil), Ind.
4g% coupon Pearl Wallace et al. Posey Township road construction bonds
-were awarded at par to the Brazil
offered on Sept. 2-V. 129, p. 1320
Trust Co., the only bidder. The bonds are dated Aug.6 1929 and mature
semi-annually as follows: $440 on July 5 1930,$440, Jan. and July 15 1931
to 1939 incl., and $440 on Jan. 15 1940.
-The $2.800
-BOND SALE.
CLAY COUNTY (P. 0. Brazil), Ind.
-were
4g% coupon road bonds offered on Aug. 30-V. 129, p. 1159
sold at par to the Brazil Trust Co. The bonds are dated Aug. 6 1929.
and mature $140 on July 15 1930,$140, Jan. and July 15 1931 to 1939 incl.,
and $140, Jan. 15, 1940. The Fletcher-American Co., of Indianapolis,
Offered to take the issue at a discount of $75.00.
-BOND OFFERING.
CLAYTON COUNTY (P. 0. Elkader), Iowa.
Bids will be received untll 2 p. in. on Sept. 26, by the County Treasurer,
for the purchase of a $235.000 issue of coupon annual primary road bonds.
Int,rate is not to exceed 5%. Dated Oct. 1 1929. Due as follows: $23,000.
1935 to 1943 and $28,000 in 1944. Optional after May 1 1935. Prin. of
bonds may be registered.
-An issue
-BOND SALE.
CLEVELAND, Bradley County, Tenn.
of $150,000 street improvement bonds has recently been purchased at par
by Caldwell & Co., of Nashville.
CLIFFSIDE PARK SCHOOL DISTRICT (P. 0. Cliffside), Bergen
County, N. J.
.
-BOND OFFERING -The District Clerk, John P'. Kelly,
will receive sealed bids until 8 p. in. (daylight saving time) on Sept. 13,
for the purchase of 8320,000 5, 514,
, 534 or 6% coupon or registered
school bonds. Dated July 1 1929. Denom. $1,000. Due on July 1, as
follows: 510,000, 1930 to 1932 incl.; $5,000, 1933 to 1936 incl.. and $10,000.
1937 to 1963 incl. Prin. and semi-annual interest (Jan. and July 1) payable
In gold at the Cliffside Park Title Guarantee & Trust Co., Cliffskle Park.
No more bonds are to be awarded than will produce a premium of $1,000
,
over the amountstated above. The Chemical Bank & Trust Co. New York,
will supervise the preparation of the bonds and will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. A
certified check for 2% of the amount of bonds bid for, payable to the order
of the Board of Education,is required. Legal opinion of Hawkins, Delafleld
& Longfellow, of New York, will be furnished the purchaser.
-The two
-BONDS NOT SOLD.
CLINTON, Custer County, Okla.
issues of bonds aggregating $615,000, offered on Sept. 3-V. 129. P• 1159
Were not sold as all the bids were rejected. The issues are divided as follows:
$600,000 water works extension bonds. Due $26,000 from 1932 to 1953 and
$28,000 in 1954.
15,000 fire fighting equipment bonds. Due $1,000 from 1932 to 1946 incl.
COLUMBIA SCHOOL DISTRICT (P. 0. Columbia), Richland
-Sealed bids will be received until
County, S. C.
-BOND OFFERING.
6 P. In. on Sept. 19, by Sarah F. Fickling, Secretary of the Board of School
Commissioners,for the purchase of a 8200,000 issue of coupon school bonds.
Int. rate is not to exceed 6%. Denom. $1,000. Int. rate is to be stated in a
multiple of g of 1% and must be the same for all of the bonds. Dated
Sept. 1 1929; Due on Sept. 1, as follows: 85,000, 1934 to 1938; $7,000,
1939 to 1943; 310,000, 1944 to 1948; 312,000, 1949 to 1953; and $15,000
in 1954 and 1955. Storey. Thorndike, Palmer & Dodge, of Boston, will
furnish the legal approval.. A certified check for 2% of the bid, payable
to the Board of School Commissioners, is required. The above Secretary
will furnish the require bidding blanks.
-The $275,000
COLUMBUS, Muscogee County, Ga.-BOND SALE.
-were awarded to a
o
434' bonds offered for sale on Sept.5-V. 129, p. 1476
sYndicate composed of the Trust Co. of Georgia, of Atlanta; Andrew
Prather, of Columbus; and Robinson-Humphrey Co., of Atlanta, at a price
of 100.31,a basis of about4.47
The issues are divided as follows: $150,000
sewer; $65,000 incinerator; and $60,000 street improvement bonds. Due
from Sept. 1 1930 to 1959 incl.
-BOND SALE.
-A $35,000
CONCORD, Merrimack County, N. H.
Issue of school bonds was awarded on Sept. 5 to Harris, Forbes & Co., of
Boston, at a price of 98.18. The bonds bear 434% int., payable semiannually, and mature serially.
-NOTE SALE.
-The 81,550.COOK COUNTY (P. 0. Chicago), III.
-were
000 6% highway fund tax notes offered on Sept. 5-V. 129. p. 1476
& Co.,of chicago, at a price of 99.35, a basis of
awarded to Halsey,Stuart
6.49% to maturity date. The notes are due on March 15 1931: optional
on and after May 1 1930. The next highest bid was 98.56, submitted by a
Chicago bank.
-BOND SALE.
-The $40,000 issue
Pr COQUILLE, Coos County, Ore.
-was
of coupon water bonds offereafor sale on Aug. 26-V. 129, P. 1320
awarded to the Dank of Powers, of Powers, as 534s, at a price of 94.25, a
basis of about 5.99%. Denom. $500. Dated Oct. 11929. Due on Jan .1.
as follows: $1,500, 1948,• 85.500, 1949; 86,000. 1950 and 1951; $7.000.
1952 to 1954. Int. payable on April and Oct. 1.
-BOND OFFERING.
CRAWFORD COUNTY (P. 0. Denison), Iowa.
-Bids will be received until 2 p. in. on Sept. 24, by the County Treasurer.
for the purchase of a $475,000 issue of annual primary road bonds. Int.
rate is not to exceed 5%. Dated Oct. 1 1929. Due on May 1, as follows:
347,000, 1935 to 1943 and $52,000 in 1944. Optional after May 1 1935.
-BOND SALE.
DAVIDSON COUNTY (P. O. Lexington), N. C.
The $82,000 issue of coupon or registered school bonds offered for sale on
Sept. 3-V. 129, p. 1159
-was awarded to Caldwell & Co. of Nashville as
534s, for a premium of $602.70, equal to 100.735, a basis of about 5.18%•
Dated Aug. 1 1929. Dur from Aug. 1 1932 to 1959 incl.
-At
DAYTON, Montgomery County, Ohlo.-BOND ELECTION.
the election to be held in November, the voters will pass on a proposal to
issue 8540.000 storm water sewer bonds to cover the cost of a program of
sewer construction to extend over a period of several years.
DEARBORN TOWNSHIP (P. 0. Inkster), Wayne County, Mich.
BOND SALE NOT CONSUMMATED. The sale of the following bonds
aggregating $37.000 at a price of 100.40 to the First National Co., of
Detroit
-V. 129. p. 1477
-was not consummated. According to the report
the bonds are to be reoffered.
$28,000 special assessment Water Main District No. 9 bonds. Due on
Jan. 1, as follows: $2,000, 1931 and 1932, and $3,000, 1933 to
1940 incl.
9,000 special assessment Water Main District No. 8 bonds. Due on
Jan. 1, as follows: $1,000, 1931 to 1938 incl., and $500. 1939 and
1940.
Both issues are dated Sept. 1 1929.
BOND OFFERING.
-William G. Querfeld, Township Clerk, will receive
sealed bids until 8 p. m. on Sept. 10, for the purchase of the following
Issues of bonds aggregating $37,000;
Due on
$28,000 special assessment AVater Main District No. 9 bonds. incl.
Jan. 1, as follows: $4,000, 1931 and $6,000, 1932 to 1935 Due on
Main District No. 8 bonds.
9.000 special assessment Water
Tan. 1, as follows: $1,000, 1931. and 82,000, 1932 to 1935 incl.
SEPT. 7 1929.]
FINANCIAL CHRONICLE
Both issues are dated Sept. 1 1929. Bids to specify rate of interest, not
to exceed 6%. and where payable. Coupon bonds in $1.000 denoms. A
certified check for 5% of the bonds bid for must accompany each proposal.
-NO BIDS.
-The County
DeKALB COUNTY (P. 0. Auburn), Ind.
Treasurer reports that no bids were received on Aug. 24 for the $14,920.87
-V. 129. p. 1000. The bonds
construction bonds offered for sale
6% drain
are dated Aug. 15 1929 and mature in equal annual amounts on Nov. 15,
from 1930 to 1934 incl.
DIAMOND SCHOOL DISTRICT(P.O.Santa Ana), Orange County,
-The $4,000 issue of 5% coupon school bonds
Calif.
-BOND SALE.
-was awarded at par to the
offered for sale on Aug. 27-V. 129, p. 1159
-Dated Sept. 11929. Due $500 from
First National Bank, of Santa Ana.
1930 to 1937 incl. No other bids. were received.
DIANA UNION FREE SCHOOL DISTRICT NO. 6 (P. 0. Harris
-Henry T. O'llare.
-BOND OFFERING.
villa), Lewis County, N. Y.
District Clerk, will receive sealed bids unt 1 2 p. in. on Sept. 16, for the
purchase of $15.000 5% coupon school bonds. Dated Oct. 11929. Denom.
$1,000. Due on Oct. 1 as follows: $1,000, 1930, and $2,000, 1931 to 1937
ncl. Prin. and semi-annual int, payable at the First National Bank,
Harrisville, or at the Chase National Bank of New York.
-CERTIFICATES
DOBBS FERRY, Westchester County, N. Y.
-The Dobbs Ferry Bank is reported to have purchased an issue
SOLD.
of indebtedness on Aug. 22, at a price of par. The
of $20,000 certificates
certificates are dated Aug. 22 1929. bear 6% interest, and are payable in 6
months.
EAGLE BUTTE INDEPENDENT SCHOOL DISTRICT (P. 0. Eagle
-The $31,500 issue of
Butte), Dewey County, S. Dak.-BOND SALE.
-was awarded
school bonds offered for sale on Aug. 30-V. 129. p. 1160
to the Drake-Jones Co., of Minneapolis, as 6s, for a premium of $105,
equal to 100.33, a basis of about 5.97%. Due from Sept. 1 1932 to 1916,
inclusive.
•
-BOND OFFERING.
EAST CLEVELAND, Cuyahoga County, Ohio.
-F. D. Green, Director of Finance, will receive sealed bids until 12 m.
on Sept. 19 for the purchase of $20,000 5% bonds. Dated Sept. 1 1929.
Due $2.000 on Sept. 1, from 1931 to 1940 incl. If desired, bids may be
submitted for bonds bearing an interest rate other than stated, provided
that where a fractional rate is bid,such fraction shall be in multiples of X of
1%. Prin, and semi-annual int. payable at the office of the City Treasurer.
A certified check for 2% of the bonds bid for, payable to the order of the
above-mentioned official, must accompany each proposal.
-NO BIDS.
-No bids were
EASTON, Northampton County, Pa.
received on Sept. 3 for an issue of $70,000 4% coupon or registered sewer
bonds offered for sale. The bonds are dated July 11929. Denom. $1.000.
Due on July 1 as follows: $2,000. 1930 to 1949 incl. and $3,000, 1950 to
1959 incl.
EMMETSBURG INDEPENDENT SCHOOL DISTRICT (P. 0. Em-BOND SALE.
-The $130,000
metsburg), Palo Pinto County, Iowa.
issue of school bonds offered for sale on Sept. 3-V. 129, p. 1477
-was
awarded to Geo. M. Bechtel & Co. of Davenport, as 58, for a premium
of $2,600, equal to 02, a basis of about 4.79%. Dated Sept. 1 1929. Due
'
from 1933 to 1948. incl.
EVERETT, Middlesex County, Mass.
-BOND SALE.
-R. L. Day &
Co., of Boston, bidding 100.09, were the successful bidders on Sept. 5
for the $27,500 4 X% coupon or registered Stadium bonds offered for sale.
Interest cost basis about 4.49%. The bonds are dated Sept. 1 1929, and
mature on Sept. 1, as follows: $3,000, 1930 to 1937 incl., $2,000 in 1938 and
$1,500 in 1939. Prin. and semi-annual interest payable at the Old Colony
Trust Co., Boston. Legality is to be approved by Ropes, Gray, Boyden &
Perkins, of Boston.
1621
GALLIPOLIS CITY SCHOOL DISTRICT, Gallia County, Ohio.
-The $4,000 6% school building construction bonds offered
BOND SALE.
on Aug. 30-V. 129, p. 1321-were awarded at par to the Commercial
and Savings Bank, of Gallipolls. The bonds are dated Sept. 1 1929, and
mature $1,000 on Sept. 1, from 1930 to 1933 incl.
-NO BIDS.
-No bids were
GARDEN CITY, Wayne County, Mich.
received for the 5274,176,65 general obligation water mains construction
bonds offered for sale on Aug. 29-V. 129, p. 1321. Rate of interest was
not to exceed 6%. The bonds are dated Aug. 1 1929 and mature on Aug. 1
as follows: $5,000, 1931 to 1940 incl.: $10.00. 1941 to 1945 incl.: $10.176.65, 1946; $11,000, 1947 to 1950 incl.; and $15,000. 1951 to 1958 incl.
-BONDS NOT SOLD.
-The
GASTONIA, Gaston County, N. C.
$75.000 issue of coupon memorial auditorium bonds offered on Aug. 31
-V. 129, p. 1321-was not sold as all the bids were rejected. Int. rate
not to exceed 6%. Dated Aug. 1 1929. Due from Feb. 1 1932 to 1960 incl.
-The $25.000 coupon
-BOND SALE.
GATES, Monroe County, N. Y.
or registered street improvement bonds offered on Sopt.4-V. 129.9. 1321
were awarded as 6s to George B. Gibbons & Co.. of New York, at a price
of about 5.84%. The bonds are dated April 1 1929,
of 100.695, a basis
and mature on April 1. as follows: $2,000. 1930 to 1941 incl., and $1,000 in
1942. Edmund Seymour & Co..of New York.the only other bidders,offered
100.4889 for the bonds as 6s.
-WARRANT SALE.
-The $25,000
GOSHEN, Elkhart County, Ind.
-was
Issue of 6% time warrants offered on Aug. 22-V. 129, p. 1160
awarded to the City National Bank of Goshen. The warrants are dated
August 22, 1929.
-The $78.000
-BONDS NOT SOLD.
GRAHAM, Young County, Tex.
on Aug. 29issue of 5% street improvement and paving bonds offered from
March 1
-was not sold. Dated March 1 1929. Due
p. 1160
V. 129,
1930 to 1949 inclusive.
-PROPOSED BOND ISSUE
GRAND RAPIDS, Kent County, Mich.
Preliminary steps for the forthcoming offering of 5302,000 street and sewer
Improvement bonds are now being made by the City Attorney, says the
Grand Rapids 'Press" of Aug. 28.
-BONDS AUTHORIZED.
GREENSBORO,Guilford County, N. C.
We are informed that the City Council has authorized the issuance of
51,370,000 in various improvement bonds,divided as follows:
Water department.$125.000; underpass,$500,000;street paving.$50.000;
street widening, $175,000; storm sewers, $30,000; public improvements.
$90.000, and sewerage disposal plant. $400.000. P. C. Painter is the city
manager.
GREYBULL, Big Horn County, Wyo.-ADDITIONAL INFORMATION-The $20,000 issue of water works system bonds that was pur-bears interest
-V. 129. p. 1478
chased by Peck, Brown & Co. of Denver
Dated
at 5X %. Coupon bonds in denoms. of $1.000.paid was Aug. 11929. Due
par. Int. payable
optional after 15 years. Price
In 30 years and
on Feb. & Aug. 1.
-BOND OFGUTHRIE COUNTY (P. 0. Guthrie Center), Iowa.
-Bids will be received until 2 p. m. on Sept. 20, by A. M.Crabb.
FERING.
County Treasurer, for the purchase of an issue of $150,000 annual primal"'
Oct.
road bonds. Int. rate is not to exceed 5%. Dated May 1 1929. Due
1 1935.
315.000 from May 1 1935 to 1944 incl. Optional after
-BOND OFFERHAMILTON COUNTY (P. 0. Webster City), Iowa.
by the
INC.-Bids will be received until 2 p. m. on Sept. 19, coupon County
primary
Treasurer, for the purchase of a $200,000 issue of annual
-BOND SALE -The $105,000 road bonds. Int. rate is not to exceed 5%. Dated Oct. 1 1929. Due 520.FAIRFIELD, Jefferson County, Ala.
Issue of 6% sanitary sewer, series A bonds offered for sale on Sept. 3-V. 000 from 1935 to 1944 incl. Optional ater May 1 1935. Prin. only of the
129, p. 1001-was sold to the Well. Roth & Irving Co. of Cincinnati, for a bonds may be registered.
premium of $36, equal to 100.03, a basis of about 5.99%. Dated Sept. 1
1929. Due from Sept. 1 1930 to 1939 incl.
HAMLIN INDEPENDENT SCHOOL DISTRICT (P. 0. Hamlin),
The other bidders and their bids ware as follows:
-The 8125,000 issue of 5% school
-BOND SALE.
County, Tex.
Price Bid. Jones that was offered without success on June 27-V. 129, p. 1001-has
Bidderbonds
98.25 since been disposed of at par. Due serially in 40 years.
Caldwell & Co. of Nashville
97.93
General Securities Corp. of Birmingham
97.50
Steiner Bros. and Ward. Sterile & Co
HERMOSA INDEPENDENT SCHOOL DISTRICT NO. 10 (P. 0.
-The
Hermosa), Custer County, S. Dak.-ADDITIONAL DETAILS.
FEATHER RIVER ASSESSMENT DISTRICT NO. 7 (P. 0. Sacra- 310.000 issue of school bonds that was awarded at par to the Hermosa
-BOND SALE.
-A $497.183 issue Savings Bank of Hermosa-V. 128, p. 3720
mento), Sacramento County, Calif.
-bears interest at 5%. Due
of 6% improvement bonds was purchased on Aug. 28 by the California as follows: $3,000 in two and four years and $4,000 in six years.
National Bank of Sqcranaento, for a premium of $130,347.40, equal to
126.31, a basis of about 4.07%. Due in 20 years.
-Sealed bids
-BOND OFFERING.
HOLLIS, Hermon County, Okla.
- will be received until 2 p. m. on Sept. 9, by Clifford Thompson, City Clerk,
-BOND SALE.
FENTRESS COUNTY (P. G. Jamestown), Tenn.
for the purchase of a $48,000 issue of water works bonds. Int. rate is not
'The $75.000 issue of 5% coupon funding bonds that was offered without
-has since been purchased at par by to exceed 6%. Dated Sept. 1 1929. Due $2,500, 1934 to 1951 and $3,000
success on Juno 1-V. 128. p. 3877
the Bank of Jamestown, of Jamestown. Dated Apr. 1 1929. Duo in 20 In 1952. Prin. and int. is payable in New York.
years.
-BONDS NOT SOL:D.-The S55,000
HOOKER, Texas County, Okla.
-ADDITIONAL INFORMATION. issue of 6% semi-annual sanitary sewer bonds offered on Aug. 21-V. 129,
FINLAY, Hancock County, Ohio.
-The First-Citizens Corp., of Columbus, paid a premium of $390.00 on P• 1001-was not sold as no bids were received. Due in 25 years.
aggregating $227,216. reported sold in
Aug. 23 for the following
V. 129, p. 1478.
INDEPENDENCE VILLAGE SCHOOL DISTRICT, Cuyahoga
-The following election notice ap-BOND ELECTION.
4134,000.00 sewer improvement bonds sold as 5s. Dated Sept. 1 1929. County, Ohio.
Denom. $1,000, except bonds Nos. 1 and 2, which will be of peared in the Cleveland "Plain Dealer" of Aug.31:
the denom. of $1.625.77 and $1,374.23, respectively. The
Notice is hereby given that pursuant to a resolution of the Board of
issue matures as follows: $14,000, 1930; $13,000, 1931 to 1936, Education of Independence Village School District. Cuyahoga County,
incl., and $14,000, 1937 to 1939, incl.
Ohio, passed on the 26th day of June, 1929, there will be submitted to the
56,440.56 street improvement bonds sold as 6s. Dated Sept. 1 1929. qualified electors of said School District at the regular election to be held
$1,440.56. Due Oct. 1 as follows: In said school district at the usual places of holding elections therein,
Denom.$1,000, one bond for
$5,440.56, 1930; $5,000, 1931 to 1933, incl., and $6,000, 1934 and between the hours fixed by law, on the 5th day of Nov., 1929, the
to 1939, incl.
question of issuing bonds of said school district in the sum of $150.000.00.
'28,581.00 bonds sold as 0s. Dated Sept. 1 1929. Denom. $1,000, one for the purpose of erecting a fireproof school building and furnishing the
bond for $581. Due Oct. 1 as follows: $1,581, 1930; and $3,000. same.
1931 to 1939 inclusive.
Said bonds shall run over a maximum period of 23 years, and the es7,991.44 sanitary sewer construction bonds sold as 5s. Dated Sept. 1 timated average additional tax rate outside of the fifteen mill limitation.
1929. Denom. 31,000, one bond for $994.44. Due Oct. 1 as as estimated and certified by the County Auditor is 2.4083 mills, which
follows: $994.44, 1930; $1,000, 1931. and 32.000, 1932 to shall be used for the purpose of paying interest on and retiring said bonds as
1934, incl.
they shall mature.
The price paid per $100 bond was 100.17, a basis of about 5.33%. Bids
By order of the Board of Education of Independence Village School
ARTHUR J. GOUDY, Clerk.
were also submitted by the American-1 irst National Bank, of Findlay, District, Cuyahoga County, Ohio.
for the $7.999.04 issue as 5% bonds, par plus a premium of $5.00; the
Detroit & Security Trust Co., Detroit; the First-Citizens Corp., Columbus;
INDIAN LAKE CENTRAL SCHOOL DISTRICT NO. 1, Hamilton
Cleveland; Ryan, Sutherland County, N. Y.
-Ralph Bonesteel. Clerk of the
C. W. McNear & Co., Chicago; Otis &
-BOND OFFERING.
of Toledo.
& Co., and W. L. Slayton & Co., bothCo.'
Board of Education, will receive sealed bids until 7 p. m.(Eastern standard
time) on Sept. 18, for the purchase of $165,000 coupon or registered school
FLOYD COUNTY (P. 0. New Albany), Ind.
-BOND SALE.
- bonds. Rate of interest is to be named in bid, stated in multiples of X of
The $49,000 5% coupon road bonds offered on Aug. 31-V. 129, p. 1160
6%. The bonds are dated June 1 1929. Denom.
to
were awarded to the Inland Investment Co., of Indianapolis,the only bidder 1.7 and is noton exceed as follows: $1.000, 1930 to 1934 incl.; 32.000, 1935
June 1
,
$1°000. Due
as follows:
1944 incl.; $4,000, 1945 to 1949 incl.; $5,000.
road improvement bonds sold for a premium of $145,000, equal to 1939 incl.; $3.000, 1940 to
$29.000
1969 incl. Prin. and semi-annual
to a price of 100.50. Due $725 on May 15 1930, and bond each 1950 to 1954 incl.; and $6,000, 1955 to
int. (J. & D. 1) payable at the Hamilton County National Bank. Wells.
six months thereafter.
premium of $100, equal to a priae of No bids for less than par and accrued interest will be considered. A cer20,000 gravel road bonds sold for a
value of the bonds bid for, payable to H. A.
100.50. Due $500 on May 15 1930, and a $500 bond each six tified check for 2% of the par
Palmatier. District Treasurer, must accompany each proposal. Legal
months thereafter.
opinion of Caldwell & Raymond of New York, will be furnished the pur:Both issues are dated Aug. 311929.
chaser without charge. These bonds were offered without success on June
FOND DU LAC, Fond du Lac County, Wis.-BOND OFFERING.
- 27. A list of the bids rejected appeared in-V. 129, p. 161.
These bonds are issued to provide funds for the erection of a central
;Sealed bids will be received by 0..J. Fay, City Clerk, until 10 a. m.on Sept.
,
11, for the purchase of two issues of bonds aggregating $80,000, as follows school house in said school district and are authorized by vote of a majority
of the legal voters of said school district at a special district meeting held
March 1 1930 to 1949 incl.
$50,000 street bonds. Due from
on Nov. 5 1928 and by resolutions of the Board of Education of said school
30,000 bridge bonds. Due from March 1 1930 to 1949 incl.
Denom. $1,000. A certified check for 5% of the bid is required. The district adopted Nov. 5 1928 and May 28 1929.
bonds.
purchaser is to furnish the legal opinion and printed
Financial Statement and Statistics.
-BOND OFFERING.
Central District now includes former Common School Districts 1, 2, 3.
FREMONT COUNTY (P. 0. Sidney), Iowa.
Sept. 27, by the County Treasurer, 4, 5,6,7 and 8.
Bids will be received until 2 p. in. on
81,535,869
for the purchase of an issue of $190,000 annual primary road bonds. Int. Assessed valuation
None
of Central District
rate is not to exceed 5 7 . Dated Oct. 1 1929. Due $19,000 from May 1 Bonded debtindebtedness of common school
districts composing
Outstanding
1935 to 1944 incl. Optional after May 1 1935.
the Central District:
-A $55,576 issue of
12.000
Former District No. 1
FULTON, Fulton County, Ky.-BOND SALE.
6.000
Former District No. 2
6% coupon improvement bons has recently been disposed of at par to th
2,400
Former District No. 4
.contractor. Interest payable on February and August. 1
1622
FINANCIAL CHRONICLE
[Vol.. 129.
Estimated value ofthe school properties of the several districts other than
LOS ANGELES, Los Angeles County, Calif.
-BOND SALE.
-Three
the building to be erected from proceeds of this issue, $60,000. Area of issues of bonds aggregating $280,000, were awarded on Aug. 30 as follows:
district in acres, 163,165. Acres of State land on assessment roll, $9,881. $140,000 6% street improvement bonds to the Angelus Securities Corp.,
State funds received by the school, approximately $12.000.
Miles of of Los Angeles, for a premium of $421, equal to 100.3007; $100,000 534%
paved road in district, 35. Principal industries, lumbering and summer Reseda Park bonds to Wheelock & Co., of Des Moines, for a premium of
resort. Permanent population, 1,200. Summer population, 2,000. Un- $105 and $40,000 6% city hall bonds to the Elliott
-Home Co. of Los
der Section 185 of the Education Law, the State of New York contributes Angeles, for a premium of $1, equal to 100..0025.
each year one-quarter of the principal and interest of the bonds paid by the
district.
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
DISTRICT NO. 11$ (P. 0. Los Angeles), Calif.
-BOND SALE.
-!A
IOWA COUNTY (P. 0. Marengo), Iowa.
- $367,586.78 issue of 5% paving bonds has recently been purchased by the
-BOND OFFERING.
Bids will be received by the County Treasurer, until 2 p. m. on Sept. 26, District Bond Co. of Los Angeles. Denoms. $500 and $1,000. Dated
for the purchase of an issue of 5160.000 annual primary road bonds. Int. Aug.51929. Due $24.500from 1934 to 1948,incl. Prin.and int.(J.& 3.2)
rate is not to exceed 5%. Dated Oct. 1 1929. Due $15,000 from May 1 payable in gold coin at the office of the County Treasurer. Legal approval
1935 to 1944 incl. Optional after May 1 1935.
of Arthur M. Ellis, of Los Angeles.
JACKSON COUNTY (P. 0. Maquoketa), Iowa.
LOS ANGELES COUNTY SCHOOL DISTRICTS(P.O. Los Angeles),
-BOND OFFERING.
-Bids will be received until 2 p. m.on Sept. 27, by Glen F. Bailey, County Calif.
-BOND SALE.
-The two issues of 5% school bonds aggregating
Treasurer, for the purchase of a $230,000 issue of annual primary road $660,000, offered for sale on Sept. 3-V. 129, p. 1479
-were awarded as
bonds. Int. rate is not to exceed 5%. Dated Oct. 1 1929. Due $23,000 follows:
from May 1 1935 to 1944, incl. Optional after May 1 1935.
$335.000 Huntington Park Union High School District bonds to R. H
Moulton & Co. of Los Angeles, for a premium of 32,890, equal to
-The
JASPER COUNTY (P. 0. Rensselaer), Ind.
100.85, a basis of about 4.92%. Dated May 1 1927. Due from
-BOND SALE.
May 1 1933 to 1962 incl. •
$15,760 5% coupon bonds offered on Aug. 31-V. 129, p. 1161-were
325,000 Glendale City School District bonds to a syndicate composed of
awarded to the Fletcher Savings & Trust Co.. of Indianapolis, for a premium of $53.00, equal to a price of 100.33, a basis of about 4.93%. The
the National City Co.of New York, Bond & Goodwin & Tucker of
Los Angeles, and E. R. Gundelfinger & Co. of San Francisco, for
bonds are dated Sept. 1 1929. Due $788 on July 15 1930: 5788 on Jan. 15
a premium of $747.50, equal to 100.23, a basis of about 4.97%.
1931, and one bond each six months thereafter. The Inland Investment
Dated Mar. 1 1929. Due from Mar. 1 1930 to 1949.
Co., of Indianapolis, offered a premium of $23.50 for the issue.
BOND SALE.
-An issue of $9,760 road construction bonds was sold on
-BOND OFFERING.
LUCAS COUNTY (P. 0. Chariton), Iowa.
the same date to the Fletcher Savings & Trust Co., of Indianapolis, for a
premium of $33.00, equal to a price of 100.35. The bonds bear 5% int. Bids will be received by J. R. Barnett, County Treasurer, until 2 p. m.
on Sept. 20, for the purchase of an issue of $177,000 annual primary road
payable semi-annually.
bonds. Interest rate is not to exceed 5%. Dated Oct. 1 1929. Due on
May 1 as
-WARRANT after Mayfollows: $17.000. 1935 to 1943, and $24,000 in 1944. Optional
JEFFERSON COUNTY (P. 0. Birmingham), Ala.
1 1935.
SALE.
-Two issues of 6% semi-annual warrants have recently been purchased by Rogers Caldwell & Co. of New York. The issues are described
-BOND SALE.
-An
McNAIRY COUNTY (P. 0. Selmer), Tenn.
as follows:
issue of $120,000 54% school bonds has recently been purchased at par by
$115,000 refunding warrants. Dated May 1 1929. Due on May 1 1934.
the Commerce Securities Co. of Memphis.
211,000 refunding warrants. Dated Aug. 151929. Due on Aug. 151934.
Denom. $1,000. Prin. and Int. is payable at the office of the County
-BOND OFFERING.
MAHASKA COUNTY (P. 0. Oskaloosa), Iowa.
Treasurer or at the Central Hanover Bank & Trust Co. in New York.
-Bids will be received until 2 p. m.on Sept. 17. by the County Treasurer,
for the purchase of a $200,000 issue of annual primary road bonds. Int.
- rate is not to exceed 5%. Dated Oct. 1 1929. Due $20,000 from May 1
JERSEY CITY, Hudson County, N. J.
-BOND OFFERING.
William B. Quinn, Director of the Department of Revenue and Finance, 1935 to 1944, inclusive, and optional after May 1 1935.
time) on Sept. 19 for
will receive sealed bids until 11 a. m.(daylight saving
MARION COUNTY (P. 0. Knoxville), Iowa.
the purchase of 56.503,000 coupon or registered bonds, divided as follows:
-BOND OFFERING:
$3,553,000 general improvement bonds. Due on Oct. 1,as follows:$94,000, Sealed and open bids will be received by F. T. Metcalf, County Treasurer.
until 2 p. m. on Sept. 18 for the purchase of a $200,000 issue of annual
1930 to 1948 incl., and $93,000, 1949 to 1967 incl.
2.950,000 school bonds. Due on Oct. 1, as follows: $90,000, 1930 to 1942 Primary road bonds. Int. rate is not to exceed 5%. Dated Oct. 1 1929.
Due $20,000 from May 1 1935 to 1944, inclusive. Optional after May 1
incl., and 589,000. 1943 to 1962 incl.
All of the above bonds will be of the denom. of $1,000 each. Dated 1935.
Oct. 1 1929. Coupon bonds, registerable as to prin. only or as to both
prin. and int. The bonds will bear hit, at one of the following rates: 434 %.
MARYSVILLE, Union County, Ohio.
-A pro-BOND ELECTION.
44% or 5%. Rate of interest must be named in bicland is to be the same posal to issue $150.000 bonds to finance the election of a new high school
for both issues. No more bonds are to be awarded than will produce a building will be placed on the ballot at the election to be held in November.
premium of $1,000 over the amount of each issue. Principal and semiannual int.(A. & 0. 1) payable in gold at the office of the City Treas. The
MEDFORD, Middlesex County, Mass.
-LOAN OFFERING.
-Sealed
bonds will not be sold for less than par and accrued int. All proposals must bids for the purchase at a discount of a $400,000 temporary loan, will be
be accompanied by a certified check for 2% of the amount of bonds bid for. received by John J. Ward, City Treasurer, until 9 a. m. (daylight saving
The successful bidder will be furnished with the opinion of Reed, Hoyt time) on Sept. 10. The loan is dated Sept. 10 1929. Denoms. $25,000,
& Washburn, of New York, that the bonds are valid and legal obligations $10,000 and $5,000. Due $200,000 on Nov. 11 and on Dec. 10, both
of the city. The bonds will be prepared under the supervision of the Trust maturities in 1929. Legality has been approved by Ropes, Gray, Boyden
Co. of New Jersey, which will certify as to the genuineness of the signatures & Perkins, of Boston.
of the officials and the seal impressed thereon.
MELVINDALE, Wayne County, Mich.
-BOND OFFERING.
-SylvesJOHNSTOWN,Cambria County, Pa.
-BOND SALE POSTPONED.- ter A. Mable, Village Clerk, will receive sealed bids until 8 p. m. on Sept.
We are now informed that the sale of the 5250.000 436% coupon boulevard 18. for the purchase of $55,000 general obligation paving bonds. Rate of
,
improvement bonds scheduled to be held on Sept. 16-V. 129, P. 1479
- interest is not to exceed 53.6%. The bonds mature in 15 years. All bids
has been indefinitely postponed. The City Council voted to change the must be accompanied by a certified check for $1,000.
issue from 20
-year bonds to serial obligations, which necessitated the repeal
of the ordinance authorizing the former.
-OFFERING DETAILS.
MEMPHIS, Shelby County, Tenn.
-In
connection with the offering on Sept. 24 of the $865,000 improvement
-V. 129, p. 1480,we are now informed that the bidder will name the
JOHNSTOWN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. bonds
- Interest rate using either 43-4, 44, 5, 534 or. Coupon bonds, regisFarrndale, R. F. D.), Trumbull County, Ohio.
-BIDS REJECTED.
The District officials rejected all of the bids received on Aug. 26 for the terable as to principal only. Denom. $1,000. Dated Sept. 11929. Prin.
$110,000 5 7 school bonds offered for sale
,
0
-V. 129, p. 1322. The bonds and int. (M. & 9.1) payable at the City Hall or at the fiscal agent of the
are dated March 1 1929,and mature $2,000 on April 1 and $3,000 on Oct. 1, city in New York. No bid below par can be accepted. The legal approval
of Thomson, Wood & Hoffman of New York City, will be furnished. All
from 1930 to 1951 inclusive.
bonds prepared by the city. A certified check for 58,650, payable to the
accompany each bid.
KNOX COUNTY (P. 0. Knoxville), Tenn.
-BOND OFFERING.
- City, must
Sealed bids will be received until 10 a. m. Sept. 16 by S. 0. Houston,
-BOND OFFERING.-John J. Mooney, Village
MENANDS, N. Y.
County Judge, for the purchase of three issues of 4%% bridge bonds
Clerk, will receive sealed bids until8 p.in.(daylight saving time)on Sept.17
aggregating $950,000, as follows:
for the purchase of $108,000 coupon or registered water supply bonds.
$500,000 Henley Street bonds. A $5,000 certified check is required.
Dated April 1 1929. Denomination $1,000. Due $3,000 on April 1, from
250.000 McBee Ferry bonds. A 52,500 certified check is required.
1933 to 1968 incl. Rate of interest is to be named in bid, not to exceed 6%,
200,000 Solway Ferry bonds. A $2,500 certified check is required.
Denom. 51.000. Dated Sept. 1 1929. Due on Sept. 1 1949. Prin. and to be stated in a multiple of 1-10th or 4 of 1%. Prin. and semi-annual
and jut (M. & S.) payable at the Chemical Bank & Trust Co. in New Interest (April and Oct. 1) payable in gold at the National Commercial
York City. Successful bidder to pay for the legal opinion and also to prepare Bank & Trust Co., Albany. Each proposal must be accompanied by a
bond blanks without cost to the County. The approving opinion of Chap- 52,000 certified check payable to the order of the Village. The approving
man & Cutler, of Chicago, will be obtained.
opinion of Clay, Dillon & Vandewater, of New York, will be furnished to
the purchaser viithout charge. No bids were received for these bonds
LAFAYETTE, Lafayette Parish, La.
-BOND SALE.
-The $25,000 when they were previously offered on July 16.-V. 129, p. 518.
issue of semi-annual civic improvement bonds offered for sale on Sept. 3V. 129, p. 1002
-BOND OFFERING.
-was awarded to the First National Bank of Lafayette, for
-I. B.
MIDDLETOWN, Orange County, N. Y.
a premium of $25, equal to 100.10. Due from Oct. 1 1930 to 1959, incl.
Taylor, City Clerk, will receive settled bids until 2 p. m. (daylight saving
time) on Oct.8,for the purchase of 563,0005% garbage and refuse incineraLAKE COUNTY (P. 0. Crown Point), Ind.
-BOND SALE.
-The tor bonds. Dated Sept. 1 1929. Coupon in $1,000 denoms. Due $3,000
$20,000 5% coupon road construction bonds offered on Sept. 3-V. 129, p. on Sept. 1 from 1930 to 1950, inclusive. No split interest rates will be
1479
-were awarded to the Commercial Bank, of Crown Point, for a $10 considered. A certified check for 5% of the bonds bid for, payable to the
premium, equal to a price of 100.05. The bonds mature semi-annually order of the City Tredsurer, must accompany each proposal. Legality is
In from 1 to 10 years.
to be approved by Thomson, Wood & Hoffman, of New York.
-BOND SALE.
-The 370,000
LAKEWOOD, Cuyahoga County, Ohio.
-BOND SALE.
MILFORD, Worcester County, Mass.
-The $25.000 issue of street improvement bonds offered on Aug.31-V. 129, p. 1162 44% street construction bonds offered on Sept. 3-V. 129_, p. 1480-was awarded as 531s to the Provident Savings Bank & Trust Co. of Cin; were awarded to R. L. Day & Co., of Boston, at a price of 100.29, a basis
cinnati, for a premium of $115, equal to a price of 100.46. a basis of about of about 4.65%. The bonds are dated Sept. 11929, and mature annually
5.20%. The bonds are dated Oct. 1 1929, and mature $1,000 on Oct. 1 from 1930 to 1934 incl. Estabrook & Co.,of Boston, the only other bidders,
from 1930 to 1954, incl. An official list of the bids received follows:
offered 100.04 for the issue.
BidderInt. Rate.
Prem.
Assel, Goetz & Moerlein
Cincinnati 5)4% $267.83
MILWAUKEE, Milwaukee County, Wis.-BONDS PARTIALLY
Guardian Trust Co
Cleveland 534%
87.00 AWARDED.
-Of the nine issues of bonds aggregating $8,381,000 offered
Otis & Co
Cleveland 531%
-seven of the issues aggregating $5,626,70.00 for sale on Sept.4-V.129, p. 1324
Provident Savings Bank & Trust Co
Cincinnati 531
115.00 000, were awarded to a syndicate composed of White, Weld & Co., Banc
Ryan, Sutherland & Co
Toledo
5
53.00 America-Blair Corp..Kissel, Kinnicutt & Co., Stone & Webster & 131odget,
Seasongood & Mayer
Cincinnati 531
67.00 Inc., Geo. B. Gibbons & Co. Inc., Eldredge & Co., Kean, Taylor & Co.,
W.L.Slayton & Co
Toledo
146.00 Arthur Sinclair, Wallace & Co.,and Dewey. Bacon & Co., all of New York,
531%
'
Well. Roth & Irving Co
Cincinnati 531%
4.00 for a premium of 57,313.80, equal to 100.13, a basis of about 4.78% on the
bonds as follows:
LE SUEUR COUNTY (P. 0. Le Sueur), Minn.
-BOND SALE.
-The
5950.0004% school bonds. Dated July 1 1928. Due $Eep,000from July
570,000 issue of 431% refunding bonds offered for sale on Aug.
129.
1 1930 to 1948, incl.
p. 1323
-was awarded at par to local investors. Dated Sept. 1 1929.
456.0004% street widening bonds. Dated July 11928. Due $24,000
from July 1 1930 to 1948.
LIBERTY SCHOOL DISTRICT (P. 0. Fairfield), Solano County.
2,000,000 5% sewer bonds. Dated July 1 1929.
-ADDITIONAL DETAILS.
Calif.
1
-The $15,000 issue of 5% school „ 5% permanent harbor improvement bonds. Dated July 1 1929.
600.000 5 park bonds. Dated July 1 1929.
bonds that was purchased by the Bank of Rio Vista, at a price of 100.06
500,000 5% grade crossing abolition bonds. Dated July 1 1929.
-is dated July 1 1929. Due $1,000 from 1930 to 1944
-V. 129. p. 1323
120.000 5 electric light bonds. Dated July 1 1929.
incl. Basis of about 4.99%. Int. is payable Jan. & July 1.
The following two Issues aggregating $2,775,000 were not sold:
LINCOLN COUNTY SCHOOL DISTRICT NO. 1 (P. 0. North $2,090,000 4% sewer bonds. Dated July 1 1929. Due $110,000 from
July 1 1930 to 1948, incl.
Platte), Neb.-MATURITY.-We are now informed that the $460.000
665,000 4% park bonds. Dated July 1 1928. Due $35,000 from July 1
Issue of 434% school building bonds that was purchased at par by C. W.
1930 to 1948, incl.
mcNear ,it Co.,of Chicago
-V.129,P. 1003
-matures in from 5 to 30 years'
BONDS OFFERED FOR INVESTMENT.
-The above bonds are now
-BOND SALE.
-The being offered for publlc subscription by the purchasers priced as follows:
LINCOLN PARK, Wayne County, Mich.
following bonds aggregating $87,800 are reported to have been sold at the 4% bonds are to yield from 5.00 to 4.50% according to maturity while
the 5% bonds will yield from 5.50 to 4.50% • The official offering circular
par on Aug. 26, as stated herewith:
$81,432 special assessment bonds sold to the Detroit & Security Trust Co., reports that: These bonds, issued for school, harbor improvement, sewer,
electric lighting, street widening and grade crossing purpose,s, are direct
Detroit.
of
6.368 special assessment bonds sold to the Sinking Fund Commission obligations of the city and are legal investment for savings banks and trust
funds in New York, Massachusetts and Connecticut. Milwaukee had a
bonds mature annually in from 1 to 5 years.
The
SEPT. 7 1929.]
FINANCTAT4 CHRONICLE
population of 457,147 at the time of the 1920 U. S. census. Assessed valuation, as of 1928, was $944.157,658 and total debt including this issue, is
$43.681.000.
The following is an official tabulation of the bidders and their bids:
Alternate Bid.
All or None.
White, Weld & Co.,* Banc-)
Corp.; KisselId
america-Blair
KInnicutt & Co.; Hallgarten
For $4,220,000 5% bonds
& Co.; Stone & Webster and
Blodgett, Inc.; George B. Gib- $8,200,138.02i and $1,406.0004% bonds
a premium of $7,313.80.
bons & Co.*, Kean Taylor &
Co.; Arthur Sinclair Wallace &
Co.; Dewey, Bacon & Co.;
.
Eldredge & Co
Halsey, Stuart & Co.; Central
Illinois Co.; A.B.Leach & Co.; $8,221,761.00
For 64,220,000 5% bonds
Barr Bros. & Co.; First Natl.
and $1,406,0004% bonds
As 4%%
Corp. of Boston; R. W. PressDetroit $8,382,592.39 a premium of $1,012.28.
Mich & Co.; Guardian
Co.; Emanuel & Co.; R. H.
Moulton & Co
Bankers Co. of New York;
• Guaranty Co.; Estabrook &
For $4,220,000 5% bonds
Co.; Kountze Bros.; Ames
Emerich & Co.; R. L. Day &I.38,199,886.59 and $1,121,0004% bonds
a premium of $8,358.17.
Detroit;
Co.; First Natl. Co.of
Northern Trust Co.; Graham
Parsons & Co.; Helmet's Bailin & Lee; Wells Dickey Co.;
Milwaukee Co.; Curtis &
Sanger; Marshall & Ilsley Bank
National City Co., New York:
Harris Trust & Savings Bank,
Chicago; Continental Illinois
Co., Chicago; First Union
iFor $4,220,000 5% bonds
Trust & Savings Bank ,• Old
and $950,000 4% bonds
Colony Corp., New York;
a premium of $5,681.83.
Sons, New York;
Roosevelt &
Detroit Co., New York; Amer.
Natl. Co., New York; Wm. R.
Compton Co., Chicago; &ranahan, Harris &'Oatis, Newi
York; First Wisconsin Co.,
Milwaukee
* Successful bid.
-BOND OFFERING.
MINNEAPOLIS, Hennepin County, Minn.
Sealed bids will be received until 1.30 p. m. on Sept. 13, by Geo. M. Link,
Secretary of the Board of Estimate and Taxation, for the purchase of the
following bonds and certificates aggregating $1,743,000:
$1,500,000 5% certificates of indebtedness. Dated Sept. 16 1929. Due
in 90 days.
243,000 coupon municipal airport bonds. Int. rate is not to exceed 5%,
stated in a multiple of 4 of 1%. Dated Oct. 1 1929. Due on
Oct. 1, as follows: $15,000 in 1930 and $12,000, 1931 to 1949
incl. No bids for less than par can be accepted.
Obligations issued pursuant to Sections 9 and 10 of Chap. XV of the City
Charter. Registerable as to both principal and interest. Prin. and int. of
said obligations piayable at the fiscal agency of the City in New York
or at the office of the City Treasurer. The certificates will be sold subject
to the approving opinion of the purchaser. The bonds will be accompanied by the opinion of Thomson, Wood, & Hoffman, of New York.
A certified check for 2% of the bid, payable to C. A. Bloomquist, City
Treasurer, Is required. (The official advertisement of this offering appears
at the end of this section.)
Financial Statement as of August 28 1929.
Assessed Valuation 1928.
Real property
$272.990,916.00
49,649.490.00
Personal property
114,105,015.00
Money and credits
1623
$5,000. Due on Dec. 21 1929. Bids to be made on forms furnished by
the City Comptroller. Principal and interest payable at the Merchants
National Bank, and the Delaware County National Bank, both of Muncie.
A certified check for 2%% of the bid, payable to the City Treasurer, is
required.
-BOND SALE.
-The Detroit &
MUSKEGON HEIGHTS, Mich.
Security Trust Co.. of Detroit. is reported to have purchased an issue of
$185,000 bonds to finance the construction of an addition to the sewage
disposal plant and lay storm sewers in three sections of the city. The
bonds bear 5%% interest and are said to have been sold for a premium of
$500.00, equal to a price of 100.27. This issue was authorized at an election
held on July 24.-V. 128, p. 4361.
-BOND SALE.
-The two issues of
NANIPA, Canyon County, Ida.
coupon bonds aggregating $50,000, offered for sale on Sept. 4-V. 129,
-were awarded to the First Security Corp., of Nampa, as 5;is, for
IL 1324
a premium of 3550, equal to 101.10. The issues are divided as follows:
$30,500 airport and $19,500 park bonds.
NASSAU COUNTY SPECIAL TAX SCHOOL DISTRICTS (P. 0.
-The two issues of 6% school bonds
-BOND SALE.
Fernandina), Fla.
offered for sale on Aug. 31-V. 129, p. 1324-were awarded as follows:
$20,000 Special Tax School District No. 1 bonds to Mr. W. S. Whitney, of
Fernandina. Due $1,000 from 1932 to 1951 incl.
15,000 Special Tax School District No. 3 bonds to the First National
Bank of Fernandina. Due from 1932 to 1957 incl.
-BOND SALE.
-The $65,000
NEWARK, New Castle County, Del.
% bonds offered on July 25-V. 128, p. 4361-were awarded to Laird,
of Wilmington,at a price of 96.875, a basis of about 4.84%.
Bissel & Meads,
Dated Aug. 1 1929. Coupon bonds in $1,000 denominations, registerable
as to principal. The bonds are callable at the Town Council, at par and
accrued interest, on any interest period after five years from the date of
issue.
NEW BEDFORD,Bristol County,Mass.--LOANOFFERING.--Sealled
bids for the purchase of a $500,000 temporary loan will be received by the
City Treasurer until 11 a. m. on Sept. 10. The loan is payable on March 6
1930 and is to be sold at a discount.
-BOND
NEW BOSTON (P. 0. Portsmouth), Scioto County, Ohio.
-The $15,000 bonds offered on Sept. 3-V. 129. p. 1163-were
SALE
awarded as 5s, at par, to the First National Bank of Portsmouth. I The
bonds sold are as follows: $10,000 sewer. Due 61,000 on Sept. 1, in 1931,
1933, 1935, 1937. 1939, 1941, 1943. 1945, 1947 and 1949.
5,000 water mains. Due $500 on Sept. 1, every two years commencing
with 1931, the last maturity being in 1949.
Both issues are dated Sept. 1 1929. The following other bids were submitted:
Int. Rate. Premium.
Bidder53%
$40.59
N. S. Hill & Co., Cincinnati
5%%
207.00
Savings Bank & Trust Co., Cincinnati - Provident
5%%
15.00
The Davies-Bertram Co., Cincinnati
75.00
6%
First-Citizens' Corp., Columbus
-BOND OFFERING.
NEW HAMPSHIRE,State of(P.O. Concord).
Henry E. Chamberlain, State Treasurer, will receive sealed bids until
(Eastern standard time) on Sept. 13,for the purchase of the follow11 a. m.
ing 41i% coupon or registered bonds aggregating $1,770,000:
$1.600,000 permanent highway bonds. Due $150,000 on Dec. 1,from 1934
to 1943 inclusive.
270,000 Highway Trunk Line completion bonds. Due 630,000 on Dec.
1, from 1934 to 1942 incl.
Both issues are dated Dec. 2 1929. Separate bids may be submitted for
each issue or for both issues combined. All proposals to be for all or none
or each issue. Prin. and semi-annual interest payable at the National Shawmust Bank, Boston. The opinion of the State Attorney-General as to the
legalicy of the bonds will be furnished.
-AUGUST SHORT-TERM FINANCING.
-The
NEW YORK, N. Y.
following short-term issues, aggregating $70,850,000 were sold by the City
during August:
$436,745,421.00
Total
Int.
Various Municipal Purposes,
Date
Amount. Maturity.
Dale
int.
Race. Issued.
Full and True Valuation 1928.
Amount. Maturity.
Rate. Issued. 5,000,000 Dec. 13 1929 55i% Aug. 19
$682,612,580.00
Real property
8325,000 Nov. 12 1929 5j% Aug. 12 5,000,000 Nov.29 1929 534% Aug. 29
165,677,881.00
Personal property
Water Supply.
3,500,000 Dec. 10 1929 SM% Aug. 30
114,105,015.00
Money and credits
200,000 Nov. 12 1929 514% Aug. 12 3,000,000 Dec. 13 1929 534% Aug. 26
Rapid Transit Railroads.
2,500,000 Nov.29 1929 544% Aug. 30
$962 395 015 00
Total- --- _5,000,000 Dec. 5 1929 534% Aug. 5 2,000,000 Dec. 2 1929 534% Aug. 5
Population, National census, 1910, 301,408; population, National census
3.575,000 Nov. 12 1929
% Aug. 12 2,000,000 Dec. 13 1929 541% Aug. 14
1920. 380,582. The city of Minneapolis was incorporated Feb. 6 1867.
2,000,000 Dec. 2 1929 5%
Aug. 5 2,000,000 Nov. 26 1929 534% Aug. 26
Outstanding Bonds.
1,400,000 Aug. 15 1930 5J.(% Aug. 15 1,500,000 Nov. 15 1929
% Aug. 5
$46,478.058.00
Sinking fund liability-----------------------------$46,478,058.00
Tax Notes of 1929.
School Construction.
15,967,470.31
Street improvement, 0:i al.,
_____
450,000 June 12 1930 651% Aug. 8
900,000 Nov. 12 1929 554% Aug. 12
1,743,000.00
To be sold by Board of Estimate & Taxation, Sept. 13 1929
Special Revenue Bonds of 1929.
Revenue Bills of 1929.
5
5
10,000,000
$64,088,528.31 10,000,000 Dec. 14 1929 534% Aug. 5 2,500,000 June 14 1930 534% Aug. 5
Total
Nov. 1929
% Aug.
3,219,000.00
Water wOricifi,azis
8,000,000 Nov. 19 1929 534% Aug. 12
General Sinking Fund.
65,062,081.03
City of Minneapolis, other bonds and cash
NITRO INDEPENDENT SCHOOL DISTRICT (P. 0. Nitro),
The bonds held in the Sinking Fund are 33., 43i. 434, 5, 534 and 6% Kanawha County, W. Va.-BOND SALE.
-A $25,000 issue of school
and are carried at their face value.
bonds has been purchased at par by the State Sinking Fund Commission.
Court House and City Hall Certificate Sinking Fund.
City of Minneapolis bonds and cash
$144,740.19
-NOTE OFFERING.
NORFOLK COUNTY (P. 0. Dedham), Mass.
The County Treasurer will receive sealed bids until 11 a. m. on Sept. 10,
-BOND OFFERING
.- for the purchase of $40,000 Tuberculosis Hospital notes. Dated Sept. 10
MISSOURI, State of (P. 0. Jefferson City).
Henry S. Caulfield, for the 1929 and payable on April 16 1930.
Sealed bids will be received until Sept. 18, by
purchase of a $7,500,000 issue of 43% highway bonds. Due on Oct. 1
as follows: $1,000,000 in 1948; $2,000,000, 1949 to 1951 and $500,000 in
NORTH YORK SCHOOL DISTRICT (P. 0. York), York County,
1952.
-A.H.Lehr, Secretary of the Board of Directors.
Pa.
-BOND OFFERING.
will receive sealed bids until Oct. 1, for the purchase of $5,000 5% school
-Sealed bids will bonds. Dated Oct. 1 1929. Due on Oct. 1, as follows: $1,000 in 1930
Aht.--BOND OFFERING.
MOBILE, Mobile County.
be received by S. H. Hendrbc, City Clerk, until noon on Sept. 10, for the and $2,000 in 1932 and 1933. Prin. and int. payable at the North York
purchase of a $17.000 issue of 5% public works. series XL bonds. Denom. State Bank.
$1000. Due $1,000 from 1930 to 1932 and $2,000, 1933 to 1939 all incl.
Prin. and semi-annual int, payable at the Irving Trust Co. in New York
-BOND SALE.
-The 61,000.000
OAKLAND, Alameda County, Calif.
City. Thomson, Wood & Hoffman of Now York City will furnish the legal issue of harbor improvement bonds offered for sale on Aug. 29-V. 129. p.
approval. No bid is to contain any provision as to the bank or place nhere 1325
-was awarded jointly to Eldredge & Co., of New York. and Bond &
the proceeds of said bonds shall or may be deposited. A $250 certified Goodwin & Tucker, of LOB Angeles, as 4 N,s,for a premium of $1,950, equal
check, payable to the City, must accompany the bid.
to 100.195, a basis of about 4.73%. Dated July 1 1926. Due on July 1,
as follows: $56,000, 1930; $27,000. 1931 to 1938 and $26,000, 1939 to 1966
-BOND SALE.
MONROE COUNTY (P. 0 Monroe), Mich.
-The all inclusive.
following bond issues aggregating $256,000 offered on Aug. 30-V. 129 p.
.
The San Francisco "Chronicle" gave the list of other bidders as follows
-were awarded to Braun, Bosworth & Co., of Toledo, and the First
1324
All other bids received were for 5% bonds, and were as follows: AngloNational Bank, of Monroe, jointly, as 6s, for a premium of $663.50, equal
London Paris Co., Dean Witter & Co.. American National Co.. Securities
to a price of 100.259:
Division National Bankitaly Co., Heller, Bruce & Co., Weeden & Co.,
No. 59 bonds.
$137,300 Cousin° Kelley Road District
William Cavalier & Co. and Detroit Co., $18,900; R. H. Moulton & Co.,
100,000 Lambertville Road District No. 56 bonds.
$15,200; Bancamerica-Blair Corp., Old Colony Corp., $14,390; National
12,700 Rauch East Road District No.66 bonds.
City Co.. $10,399. and Anglo California Trust Co.,67.600.
-BOND SALE._
MONROE COUNTY (P. 0. Woodsville), Ohio.
OCEAN COUNTY (P. 0. Toms River), N. J.
-BOND SALE.
The following 6% coupon bonds aggregating $8,400 offered on Aug. 31-A
V. 129, p. 1324-were awarded to the First National Bank, of Clarington, $1,000,000 issue of road bonds is reported to have been sold on Aug. 20
at a discount of $260.80, equal to a price of 96.89, a basis of about 6.90%. to the First National Bank and the Toms River Trust Co., both of TOMS
$6,500 road improvement bonds. Due on Oct. 1, as follows: $1,000, 1931 River, jointly. The bonds are said to be in $5,000 denominations.
to 1936 incl., and $500 in 1937.
1,900 road improvement bonds. Due on Oct. 1, as follows: $400, 1930 to
ORANGE COUNTY (P. 0. Paoli), Ind.
-NO BIDS.
-Jesse L. Wells,
1933 incl., and $300 in 1934.
County Treasurer, reports that no bids were received on Sept. 2 for the
Both issues are dated July 1 1929. Only one bid was received.
% road construction bonds offered for sale
$11,000
-V. 129, p. 1325.
Mr. Wells says that an effort is to be made to dispose of the bonds to local
-BONDS NOT SOLD.
MONROE COUNTY (P. 0. Key West), Fla.
- investors.
The $75,000 issue of 6% semi-annual school refunding bonds offered
Dated July I 1929. Due $5,000
PAGE COUNTY (P. 0. Clarinda), Iowa.
on July 23-V. 129, p. 330
-was not sold.
-BOND OFFERING,
Bids will be received until 2 p. m. on Sept. 26, by the County Treasurer,
from July 1 1940 to 1954 incl. Optional after 1939.
for the purchase of a $50,000 issue of annual primary road bonds. Int.
-BOND SALE -Charles rate is not to exceed 5%. Denom.$1,000. Dated Oct. 1 1929. Due $5,000
MONTICELLO, Sullivan County, N. Y.
G. Royce, Village Clerk, reports that an issue of $21,000 paving bonds from May 1 1935 to 1944. incl. Optional after May 1 1935. Purchaser
was sold on July 15 to the National Union Bank ,of Monticello, for a to furnish the blank bonds.
premium of $15.00, equal to a price of 100.07.
PEPPER PIKE (P.0. Cleveland), Cuyahoga County, Ohio.
-BOND
-WARRANT OFFERING.
-The 655,540 coupon special assessment street improvement bonds
MUNCIE, Delaware County, Ind.
-John SALE.
-were awarded as 534s to the Herrick
B. Lupton, City Comptroller, will receive sealed bids until 10 a. m. on offered on July 10-V. 128, p. 4362
Sept. 10, for the purchase of $60,000 6% Time Warrants. Denomination Co., of Cleveland, for a premium of $39.00, equal to a price of 100.07. a
--__ _ __ _ ___ __ ____ ____________________ „ .
____________ _____
1624
FINANCIAL CHRONICLE
(VOL. 129.
basis of about 5.74%. The bonds are dated June 1 1929 and mature on registered consolidated bonds. Dated
Oct. 11929. Denom. $1,000. Due
Oct. 1, as follows: $5,540. 1930; $5,000, 1931: 26,000, 1932: 25,000, 1933; on Oct. 1 as follows:
$2,300,
$6,000, 1934: $5,000, 1935: $6.000, 1936: $5,000, 1937, and $6,000, in incl. No more bonds are to 1930 to 1946, incl., and 13.000, 1947 ,to 1954,
be awarded than will produce a premium of
1938 and 1939. Only one bid was received.
31.000 over the amount stated above. A certified check for 2% of the bonds
PICKAWAY COUNTY(P.O. Circleville), Ohlo.-BOND OFFERING. bid for, payable to the order of the City Treasurer, must accompany each
croral. I..egality is to be approved by Caldw 11 & Raymond, of New
o
-Bryce Briggs, County Auditor, will receive sealed bids until 12 m.
(eastern standard time) on Sept. 30. for the purchase of $72,996.60 557
road improvement bonds. Dated Sept. 1 1929. Due as follows: 22,996.60
SEATTLE, King County, Wash.
-BOND OFFERING.
on March 1 and $4,000 on Sept. 1 1930: $3,000, March 1 and $4,000 on
-Sealed bids
Sept. 1 1931; 13.000. March 1 and 24,000 on Sept. 1 1932 to 1936 incl.: and will be received until noon on Sept. 6, by H. W. Carroll, City Comptroller,
24,000. March and Sept. 1, 1937 to 1939 incl. Prin. and semi-annual int. for the purchase of four issues of coupon or registered bonds aggregating
$5,720.000, as follows:
(ad. & S. 1) payable at the office of the County Treasurer. A certified check
for I% of the amount of bonds bid for, payable to the order of the County 21.000,000 light and power, 1927, series L U bonds. Due in from 6 to 30
years.
Treasurer, must accompany each proposal.
1,100,000 bridge, series E. 1928 bonds. Due in from 2 to 30 Years after
date.
PLYMOUTH COUNTY (P.O. Le Mars),Iowa.
-BOND OFFERING.
500,000 bridge, series IP, 1928 bonds. Due in from 2 to 30 years after
Bids will be received until 2 p. m. on Sept. 17, by the County Treasurer,
date.
for the purchase of an issue of $100,000 coupon semi-annual primary road
120,000 municipal improvement bonds. Due In from 2 to 20 years after
bonds. Int. rate is not to exceed 5%. Dated Oct. 1 1929. Due $10,000
date.
from 1935 to 1944 incl. The bonds may be registered as to principal.
Int. rate is not to exceed 6%. Denom. $1,000. Dated Oct. 1
Prin. and semi-annual, int. payable at the fiscal agency of the city in 1929.
New
PONTIAC SCHOOL DISTRICT, Oakland County, Mich.
-BOND York, or at the office of the City Treasurer. Thomson,Wood & Hoffman;
OFFERING.
-C. K. Patterson, Secretary of Board of Education, will of New York, will furnish the approving opinion.
receive sealed bids until 2 p. m. (Eastern standard time) on Sept. 10. for
(This report supplements that given in V. 129, P. 1164.)
the purchase of 2465,000 school bonds. Rate of interest is to be named in
bid and is not to exceed 5%. The bonds are dated Sept. 1 1929. are in
SENECA FALLS, Seneca County, N. Y.
-BOND SALE.
-The
11.000 denoms.. and mature on Sept. 1, as follows: $9,000, 1930 to 1932
incl.: 110.000, 1933 and 1934: $12.000. 1935 to 1939 incl.; 114.000, 1940; $435,000 coupon Water Plant bonds offered en Pent. 3-V. 19, p. 1326-were awarded as 5 Vs to Stone & Webster and Blodget.Inc, a ew York.
of
215,000, 1941 to 1950 Incl.; $17.000. 1951; 218.000, 1952; $23,000. 1953; at a price of
,
bonus
101.57
125,000, 1954; $26,000, 1955: $28.000, 1956; $30,000, 1957, and 127.000, 1929. and mature 4 a basis of about 5.12%. The Incl., are dated Oct. 1
as follows: $11,000, 1931 to 1963
and $12,000. 1964
1958. Prin. and semi-annual int, payable at the office of the Treasurer to 1969
inclusive.
of the School District. A certified check for 5% of the amount of bonds bid
for, payable to the order of the Treasurer of the Board of Education, must
SHELBY COUNTY (P. 0. Harlan), Iowa.
-BOND OFFERING.
accompany each proposal. The approving opinion of Chapman & Cutler. Bids
of Chicago, as to the validity of the bonds, will be furnished the successful for will be received until 2 p. m. on Sept. 18, by the County Treasurer,
the purchase of a $250,000 issue of annual primary road bonds. Int.
bidder.
rate is not to exceed 5%. Dated Oct. 1 1929. Due $25,000 from May 1
1935 to 1944, incl., and optional after May 1 1935.
POPLAR BLUFF, Butler County,Mo.-BOND SALE.
-The $100.000
issue of water works bonds offered for sale on Sept. 3-V. 129. p. 1325
SHEPHERD INDEPENDENT SCHOOL DISTRICT(P.O.Shepherd)
was awarded to the Boatmens National Co., of St. Louis, as 5_3(s. at a San Jacinto County, Tex.
-A $45,000 issue
-BONDS REGISTERED.
price of 100.93, a basis of about 5.15%. Dated Aug. 1 1929. Due from of5% serialschool bonds was registered on Aug. 26by the State Comptrolitr.
Aug. 1 1931 to 1949.
•
SOUTH BURLINGTON SCHOOL DISTRICT (P. 0. Burlington),
POTTAWATTAMIE COUNTY(P.O. Council Bluffs), Iowa.
-Sealed bids will be
-BOND Chittenden County, Vt.-BOND OFFERING.
OFFERING.-Bids will be received by the County Treasurer, until 2 p. m. received by the Chairman of the Board of School Directors, until 10 a. m.
on Sept. 17, for the purchase of an issue of 2150,000 annual primary road on Sept. 7, for the purchase of $12.000 5% school bonds. Denom. $600
bonds. Int. rate is not to exceed 5%. Dated Oct. 1 1929. Due 215.000 Due $600 from 1930 to 1949 incl. Int. payable semi-annually.
from May 1 1935 to 1944 incl. Optional after May 1 1935.
SOUTH WHITEHALL TOWNSHIP SCHOOL DISTRICT, Lehigh
-NO BIDS.
-There were no bids received on Aug. 30 for
RAPIDES PARISH (P. 0. Alexandria), La.
-BOND OFFERING.
- County, Pa.
-V. 129,
Sealed bids will be received until 11 a. m.on Sept. 17. by Clyde D. Durham, the following 431% bonds aggregating $95,000 offered for sale.
Secretary of the Police Jury, for the purchase of three issues of coupon p. 1326:
bonds aggregating $129,000, divided as follows: $50,000 sub-road B of $50.000 series 1929" AA" bonds. Denom. $1,000. Due on Sept. 1, as follows: $4,000. 1934: $6,000, 1939; $7,000, 1944; 29,000. 1949;
road district No. 21; $75,000 road district No. 36 and $4,000 road district
210,000. 1954; 214.000, 1959.
No. 37 bonds. Int. rate is not to exceed 6%.• Denom. $500. Prin. and
45,000 series 1929 "A" bonds. Denom. $1,000. Due on Sept. 1, as folint. (A. & 0. 1) payable at the office of the Parish Treasurer or at the
lows: $4,000, 1934: $5,000 1939: $6,000 1944; $8,000. 1943;
Guaranty Trust Co.in New York City. Dated Oct. 1 1929. Due variously
310.000. 1954: $12,000. 1959.
from 1930 to 1959 incl. Certified checks, payable to the Parish Treasurer,
Both issues are dated Sept. 1 1929.
are required.
SPRINGFIELD, Hampden County, Mass.
-BONDS OFFERED FOR
INVESTMENT.
-The 21,000,000 434% coupon
sold on Aug. 23 to a syndicate headed by Stone or registered water bonds
& Webster and Blodget.
Inc., of Boston, at a price of 101.17. a basis of about 4.155%-V.
129,
-were re-offered for public investment by the successful bidders I)•
at
RICHLAND, Lexington and Saluda Counties (P. 0. Columbia) 1326
prices to
(Joint Obligations), S. C.
-BOND SALE.
-The $500,000 Issue of coupon other bidsyield from 5.00 to 4.10%, according to maturity. A list of the
submitted for the bonds appeared in V. 129, p. 1482.
highway bonds offered for sale on Sept. 3-V. 129, p. 1325
-was awarded
Financial Statement.
to Eldredge & Co., of New York City, as 5 Sit), for a premium of $4,155,
$315,663,180
equal to 100.831, a basis of about 5.16%. Dated July 20 1929. Due from Assessed valuation, 1928
Total bonded debt (incl, this issue)
Jan. 20 1931 to 1945.
15.760,500
Less water bonds
5,038,000
RIPLEY COUNTY (P. 0. Versailles), Ind.
-BOND SALE.
172.658
-The Less sinking funds
$22,000 43S % coupon John Selke et al., Adams Township highway improve- Net bonded debt
10,549,842
ment bonds offered on Sept. 2-V. 129. p. 1325
-were awarded at par to
the Ripley County Bank. The bonds are dated Aug. 15 1929. and mature
STOCKTON, San Joaquin County, Calif.
-A $250,-BOND SALE.
as follows: 2550 on July 15 1930: $550. Jan. and July 15 1931 to 1949 incl.. 000 issue of dam construction bonds has recently been jointly purchased
and $550 on Jan. 15 1950. The Farmers' National Bank, the only other by Dean Witter & Co.. and Bond & Goodwin & Tucker. both of San Francisco,for a premium of 213,031, equal to 105.212. Denom.$1,000. Dated
bidder, offered to take the bonds at a discount of $300.
Aug. 11924. Due as follows: $38,000, Aug. 1 1959 and $53,000. 1960 to
ROACHE SCHOOL DISTRICT (P. 0. Santa Cruz) Santa Cruz 1963 inclusive. Prin. and int. (P. dc A. 1) payable at the office of the City
County, Calif.
-BOND OFFERING.
-Sealed bids will be received by Treasurer. Other bidders were as follows:
BidderPremium.
H. E. Miller, County Clerk. until 10 a. m. on Sept. 7, for the purchase
of a $15,750 issue of 6% school bonds. Denom. $1,000, one for $1,750. Wells Fargo Bank & Union Trust Co., Heller, Bruce & Co
$12.661
Dated Sept. 1 1929. Due $1,000 from 1930 to 1943 and $1,750 in 1944. American National Co
10,858
Prin. and int. (M. & S.) payable at the office of the County Treasurer. National City Co. and Weeder & Co
10,797
Stockton Savings & Loan Co
Legality approved by Orrick, Palmer & Dahlquist, of San Francisco.
9,009
RED LODGE, Carbon County, Mont.
-BOND SALE.
-The 234,000
issue of funding bonds offered for sale on Aug. 31-V. 129, p. 840
-was
awarded to the State Board of Land Commissioners, as 530,at par.
ROCHESTER, Monroe County, N. Y.
-NOTE OFFERING.
-C. E.
Higgins, City Comptroller, will receive sealed bids until 2:30 p. m.(eastern
standard time) on Sept. 9, for the purchase of the following notes, aggregating $700,000:
$400,000 Overdue tax notes. Due on Dec. 12 1929.
300,000 School construction notes. Due on March 12 1930.
Both issues are dated Sept. 12 1929. Notes will be drawn with interest
and payable at the Central Union Trust Co., New York. Bidders to state
rate of interest, denoms., desired, and to whom, not bearer, notes shall be
payable. No bids will be accepted at less than par.
SYLVAN LAKE (P. 0. Pontiac, R. F. D. No. 3), Oakland County,
Mich.
-BOND OFFERING.
-L.F. Owen, Village Clerk, will receive sealed
bids until 8 p. m. on Sept. 9, for the purchase of 2100,000 Village bonds.
The bonds mature $10,000 in from 19301 to 19:39 incl. The cost of printing
the bonds and securing legal opinion is to be borne by purchaser.
TEMPLE SCHOOL DISTRICT (P. 0. Los Angeles) Los Angeles
-Sealed bids will be received by
County, Calif.-BoNp OFFERING.
L. E. Lampton, County Clerk, until 2 P. m• on Sept. 10, for the purchase
of a $5,000 issue of6% school bonds. Denom.$1,000. Dated Sept. 11929.
Duo $1,000 from Sept. 1 1930 to 1934. Incl. Prin. and semi-annual ins.
ST. LOUIS, Mo.-BOND OFFERING.
-Sealed bids will be received payable at the County Treasury. A certified check for 3% of the bonds,
until Sept. 26, by Louis Nolte, City Comptroller, for the purchase of a $6.- payable to the Chairman of the Board of Supervisors, is required.
(These bonds were mentioned in V. 129, p. 1482.) The following
000,000 issue of 43;% public improvement bonds.
statement accompanies the offering notice:
Temple School District has been acting as a school district under the
ST. PETERSBURG, Pinellas County, Fla.
-BONDS NOT SOLD.
The $25,000 issue of 534% semi-annual municipal improvement bonds laws of the State of California, under the name of La l'uente School District,
offered on Sept. 2-V. 129. p. 1326
-was not sold as there were no bids re- continuously since Aug. 15 1863. The name of said school district was
changed to Temple School District March 14 1921.
ceived. Dated April 1 1926. Due on April 11956.
The assessed valuation of the taxable property in said school district
for the year 1928 Is $4,044,390, and said district has no outstanding inSALINA, Saline County, Kan.
-BOND SALE.
-The
.a % school bonds offered for sale on Aug. 6-V. 120.$200,000 issue debtedness.
p. 1326
-was
Temple School District includes an area of approximately 4.70 square
awarded to Stern Bros. & Co. of Kansas City, at par and interest. Dated
miles. and the estimated population of said school district Is 2,070.
July 1 1929. Due in from 1 to 20 years. No other bids were received.
TETON COUNTY SCHOOL DISTRICT NO.5(P.O. Alta), Mont.SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San BONDS
NOT SOLD.
-The $5.000 issue of 5% semi-annual school bonds
Antonio) Bexar County, Tex.
-BONDS REGISTERED.
-On Aug. 26
-has not as yet been sold. Dated Aug.
the State Comptroller registered the 21.700.000 issue of 5% coupon school offered on Aug.24-V. 129,1). 1006
1 1929. Due $1,000 from Aug. 1 1940 to 1944 Incl.
bonds that was sold on July 23-V.129, p.677. Due from 1930 to 1969,inc
TEXAS, State of (P. 0. Austin).
-BONDS REGISTERED.
-The
SAN DIEGO, San Diego County, Calif.
-BOND SALE.
-The two following minor Issues of bonds were registered by the State Comptroller
Issues of coupon bonds aggregating, $2,350,000 offered for sale on Sept.3- during the week ending Aug. 31:
V. 129, p. 1326
-were awarded to a syndicate composed of the American *1,2005% Ilenderson County Cons. Sch. Dist.
No. 27 bonds. Due in
National Co. of San Francisco, tha Continental Illinois Co. of Chicago, the
10 to 20 years.
Foreman National Corp. of Chicago, and Dean Witter & Co., Bond &
3,000 53;% Parmer County Cons. Sch. Dist. No. 13. Duo serially.
Goodwin & Tucker, and Heller, Bruce & Co. all of San Francisco, for a
1,200 53i% Gelled County Cons. Sch. Dist. No. 10. Due serially.
premium of $10,402, equal to 100.44, a basis of about 4.85%, on the bonds
5,000 5% Brown County Road Dist., series A bonds. Due in 20 years.
divided as follows:
2,0005% Comanche County Cons. Sch. Dist. No.38 bonds. Due serially.
$2,100,000 pipe line and reservoir bonds. Due $52,500 from Sept. 1 1930
2,500 6 0 Overton Indep. Sch. Dist. bonds. Due serially.
to 1969.
250,000 acquisition and investigation water bonds. Due 26,250 from
TIOGA SCHOOL DISTRICT (P. 0. Tioga), Tioga County, Pa.
Sept. 1 1930 to 1969, incl.
BOND SALE.
-The 13,5005% school bonds offered on Aug. 31-V. 129.
The bonds maturing from 1930 to 1959 were awarded as 5e: and those that p. 1006
-were awarded to G.
Abrams, of Tioga. The bonds are dated
mature from 1960 to 1969 were sold as 431s.
Sept. I 1929, and mature $500 on Aug. 31.from 1932 to 1938 incl.
SCHLESWIG, Crawford County, Iowa.
-BOND SALE.
-The $3,800
UNION COUNTY (P. 0. Creston), Iowa.
--BOND OFFERING.
issue of 557 coupon town hall site purchase bonds offered for sale on Aug. Bids will be received until 2 p. m. on Sept. 25, by the
-was awarded to Mr. E. A. Boock, of Schleswig, for the purchase of an issue of $165,000 annual primaryCounty Treasurer.
27-V. IN, p. 1326
road bonds. Int.
for a premium of $108, equal to 102.84, a basis of about 4.50%. Denoms. rate is not to exceed 5%. Dated Oct. 1 1929. Due on May 1, as follows'
& 2300. Dated Sept. 1 1929. Due on Sept. 1 1940 and optional after 316.000. 1935 to 1943 and $21,000 in 1944.
Optional after May 11935.
Sept. 11934. Int. payable on March & Sept. 1.
UPPER ARLINGTON VILLAGE SCHOOL DISTRICT, Franklin
ISLAND CITY, Cape May.County, N. J.
SEA
-BOND OFFERING. County, Ohio.
-On the 5th day of November the
-BOND ELECTION.
-William F. Jocker, City Clerk, will receive sealed bids until 1 p. m. voters will be asked to pass on a proposal to issue $75,000 bonds for the
(standard time) on Sept. 17, for the purchase of $66,500 6% coupon or purpose of constructing a fire-proof addition to the present High School
SEPT. 7 1929.]
FINANCIAL CHRONICLE
building. The maximum number of years during which the bonds are to
run is 24 years. The estimated average additional tax rate outside of the
15 mill limitation as certified by the County Auditor is .528 mills.
1625
WARREN COUNTY (P.O. Indianola), lowa.-BOND OFFERING._
Both sealed and open bids will be received by the County Treasurer until
2 p. m.on Sept. 19,for the purchase of an issue of $120,000 annual primary
road bonds. Int. rate is not to exceed 5%. Dated Oct. 1 1929.
UPPER SANDUSKY, Wyandot County, Ohio.
-BOND OFFERING. $12,000 from May 1 1935 to 1944, incl. Optional after May 1 1935.Due
-James R. Snyder, Village Clerk, will receive sealed bids until 12 m. on
Sept. 16. for the purchase of $1,440 6% street improvement bonds. Dated
WASHINGTON COUNTY (P. 0. Salem), Ind.
-BOND SALE.
-The
Sept. 1 1929. The bonds are payable in from 1 to 3 years from date of issue. following 434% bonds aggregating $15,460 offered on Aug. 31-V. 129.D.
Interest is payable semi-annually. Anyone, desiring to, may present a 1165
-were awarded at par to the Inland Investment Co., of Indianapolis
bid or bids for such bonds based upon their bearing a different rate of inter- the only bidder.
est than specified, provided, however, that where a fractional rate is $8,990 Washington Township bonds.
Due $440 on July 15 1930: $440.
bid such fraction shall be M of 1% or multiple thereof. Said bonds will
Jan. and July 15 1931 to 1939 incl., and $440, Jan. 15 1940.
be for 'delivery and must be taken up on or before the first day of Oct.
6.610 Jefferson Township bonds. Due $333, July 15 1930; $333, Jan.
1929.
and July 15 1931 to 1939 inclusive, and $333 on Jan. 15 1940.
Both issues are dated Aug. 5 1929.
VALHALLA FIRE DISTRICT (P. 0. Valhalla), Westchester County
N. Y.
-BOND OFFERING.
-Richard Dirksen, Clerk of the Board of
WATERTOWN, Middlesex County, Mass.
-TEMPORARY LOAN.
Fire Commissioners, will receive sealed bids until 8 p. m. (daylight saving
time) on Sept. 16, for the purchase of $15,000 coupon or registered fire The $200,000 temporary loan offered on Sept. 4-V. 129,1o. 1483 -was
awarded at a 5.27% discount to Faxon. (Jade & Co. of Boston. Due
apparatus bonds. Rate of interest is to be named in bid,stated in a multiple
of 34 of 1%. The bonds are dated Oct. 11929. Due 31.500 on Oct. 1.from $100,000 on Jan. 21 and $100,000 on March 15 1930. *The following bids
1930 to 1939 incl. Prin. and semi-annual interest (April and Oct. 1) Pay- were also submitted:
able in gold at the Mount Pleasant Bank & Trust Co., Pleasantville. A
Discount Basis.
Bidder
certified check for 2% of the bonds bid for, payable to the order of the F. S. Moseley & Co
5.28
Board of Fire Commissioners, must accompany each proposal. The Merchants National Bank
5.29
successful bidder will be furnished with the opinion of Reed, Hoyt & Wash- Union Market National Bank
5.32
burn, of New York, that the bonds are valid and legal obligations of the Salomon Bros. & Hutzler (Plus $5.00)
5.34
Fire District. These bonds were originally scheduled to have been sold on First National Bank of Boston
5.35
Aug. 23.-V. 129. p. 1006.
Bank of Commerce & Trust Co
5.36
Shawmut Corporation
5.57
VAN BUREN SCHOOL TOWNSHIP, Grant County, Ind.
-BOND.
WAUSHARA COUNTY (P. 0. Wautoma), Wis.-BOND OFFERING.
OFFERING.
--Clinton R. Witmer, Township Trustee, will receive sealed
bids until 2 p. m.on Sept. 20.for the purchase of $50,000 5% school bonds. -Sealed bids will be received until 2 p. m. on Sept. 13, by J. J. Johnson,
Dated June 26 1929. Denom. $500. Due as follows: $500 on June 26 and County Clerk, for the purchase of an issue of $178,000
% highway
$2,000 on Dec. 26 1930: $1.500 on June and Dec. 26 1931 to 1935 incl: bonds. Denom.$1.000. Dated Mar. 11929. Due on March 1,as follows:
$1,500 on June 26 and $2,000 on Dec. 26 1936; $2,000, June and Dec. 26 $38,000. 1935; $90,000, 1936 and $50,000 in 1937. Prin, and int.(M.& S.)
1937 to 1941 incl.; and $2,500 on June and Dec. 26, in 1942 and 1943. payable at the office of the County Treasurer. Chapman and Cutler, of
Interest payable on the 26th day of June and December. Prin. and semi- Chicago will furnish the legal approval. A certified check for 1% of the
annual interest payable at the Farmers' Trust Co.. of Van Buren.
bonds bid for, payable to the County Treasurer, is required. (These bonds
were unsuccessfully offered on July 13-V. 129, p. 1483.)
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 38
-BOND OFFERING.
(P. 0. De Land), Fla.
WAYNE COUNTY (P. 0. Corydon), Iowa.
-BOND SALE POSTPONED.
-We are now informed that the sale of the $27,000 issue of 6% semi-annual school bonds Bids will be received until 2p. m. on Sept. 24, by the County Treasurer,
purchase of a $225,000 issue of annual primary road bonds. Int.
that was also scheduled for July 11-V. 128, p. 4049
-has been indefinitely for the
postponed. Dated April 1 1929. Due from April 1 1932 to 1958.
rate is not to exceed 5%. Dated Oct. 1 1929. Due on May 1, as follows:
$22.000. 1935 to 1943 and $27,000 in 1944. Optional after May 1 1935.
WACO, McLennan County, Tex.
-BONDS NOT SOLD.
-The four
issues of 4% or 45 % bonds aggregating $600.000, offered on Sept. 3-BOND OFFERING.WAYNE COUNTY (P. 0. Detroit), Mich.
V. 129, p. 1006
-were not sold as no bids were received. The issues
Drain Commissioner,
are Harry I. Dingeman, Countystandard time) on Sept. will receive sealed
described as follows:
17,for the purchase
11.30a. m.(Eastern
bids until
$75,000 sewage disposal and sanitary sewer bonds. Due $2,000 from
1930 of the following issues of bonds aggregating $148,000:
to 1944 and $3,000. 1945 to 1959 all incl.
9 Tile Drain construction bonds. Due on May 1,
$132,000 Grosse Ile No.
200.000 school improvement bonds. Due as follows: $2,000,
1930 to 1939;
as follows: $10,000, 1931 to 1934 incl.;$12,000, 1935. and $20,000,
$4,000. 1940 to 1949; $6,000, 1950 to 1959 and
$8.000. 1960 to
1969, all inclusive.
usiveDrain construction bonds. Due on May,
Tile
16,000
225,000 city hall bonds. Due as follows: $3,000. 1930 to 1934:
i
ille9 9 .
34,000. 1t35
°19m1836 t: :$o 0
as follows 3Nl n18 . 1931 to 1935 incl.: $2,000, 1936, and $3..
to 1939; $5.000, 1940 to 1949 and $- nee.
1937 to 1939 inclusive.
100.000 street improvement bonds. Due $2.000 1950 to 1969, all incl.
from 1930. to 1949 and
$3,000 from 1950 to 1969 incl.
Both issues are dated Sept. 1 1929. Denomination $1,000. Rate of
Denom.$1.000. Dated Oct. 11929.
interest is not to exceed 6% and must be named in bid. The bonds will
the Chemical Bank & Trust Co. in NewPrin. and int.(A.& O.) payable at be issued in coupon form and may be registered at the office of the County
York City.
Treasurer of Wayne County as to the principal only. The principal and
interest payable in lawful money of the United States of America at the
WAKEFIELD, Middlesex County, Mass.
-BOND OFFERING.
County Treasurer s office. These bonds are said to be issued in full comArthur H. Boardman, Town Treasurer,
316 of the
will
p. m.(daylight saving time) on Sept. 10, for receive sealed bids until 7.30 pliance with the provisions of Act amendatory Public Acts of 1923 of the
thereof and supplemental
the-purchase of the following State of Michigan and the Acts
issues of 4M % bonds aggregating
$123,000:
Proposals to be conditioned upon the successful bidder,furnishing
thereto.
$64,000 sewer bonds. Due on Sept. 1,as follows:
$5,000, 1930 to 1933 incl. the lithographed bonds ready for execution and the necessary approving
and $4,000, 1934 to 1944 incl.
opinion as to the legality of said issue, without charge.
59,000 Montrose Schoolhouse bonds. Due Sept. 1, as
Tenders must be accompanied by a deposit in money, or a certified check
follows: $6,000.
1930 to 1938 incl.and $5,000.
on any National Bank of the United States for 2% of the amount of the
.
Both issues are dated Sept. 1 1929. 1939
Denom. $1,000. Prin. and semi- bonds bid for.
annual interest (March
of Boston. The offering and. Sept. 1) payable at the First National Bank
-BOND SALE.
notice
-The
WAYNE COUNTY (P. 0. Detroit), Mich.
These bonds are exempt from says:
taxation in Massachusetts and
district bonds offered on Sept. 3-V. 129.
under the supervision of and certified as to genuineness by are engraved $216,000 tile drainage to Prudden & Co., of Toledo. The bonds p. 1327
are dated
the First Na- were awarded as 534s
tional Bank of Boston; their legality will be approved by
Messrs. Storey, Aug. 1 1929, and mature on May 1, as follows: $10,000, 1931 to 1933 incl.;
Thorndike. Palmer & Dodge, whose opinion will be furnished the
purchaser. $15,000. 1934 to 1940 incl.; $20,000, 1941 to 1943 hid., and $21.000. 1944.
All legal papers incident to these Issues will be filed with
said bank where
they may be inspected at any time.
-BOND OFFERING.
WEBSTER COUNTY (P.O. Fort Dodge), Iowa.
-Bids will be received until On. m. on Sept. 18. by the County Treasurer,
Finandal Statement September 1 1929.
for the purchase of an issue of $125,000 coupon annual primary road bonds.
Net valuation for year 1928
$22,497,152.00 Int.rate's nottoexceed 5%. Dated Oct.11929. Dueon May 1,asfollovrs:
Average net valuation for years 1926-1927-1928
21,632,500.00 $12.000, 1935 to 1943 and $17.000 in 1944. Optional after May 1 1935.
Debt limit 3% of average valuation
648,975.02 Principal only of bonds may be registered.
Total gross debt, including these issues
1.401,500.00
Exempted debt
-water bonds
$261,000.00
-A $250000
WEBSTER COUNTY (P.O. Dixon), Ky.-BOND SALE.
Municipal Light bonds153.000.00
issue of5% road and bridge bonds has been purchased by an unknown firm.
Sewer and School bonds
486.000.00
900,000.00 Denom.$1,000. Dated Aug. 11929. Due from Aug. 1 1934 to 1959. Prin.
and int. (F. & A. 1) payable at the Chemical Bank & Trust Co. in New
Net debt- -----------------------------------Borrowing capacity - - _ ---------------------------- $501,500.00 York.
147,475.02
Population, about 16.000i.
-BOND
WEST RIDGEWAY, Hardin and Logan Counties Ohio.
OFFERING.
-Harry A. Smith, Village Clerk, will receive sealed bids
WALLINGTON SCHOOL DISTRICT, Bergen County, N. S.
BOND SALE.
-The $35.000 5% coupon or registered school bonds offered until 12 m. on Sept. 20, for the purchase of $10,227.40 6% bonds, divided
as follows: $5,877.40 special assessment bonds and $4,350 Village's portion
on Sept. 4-V. 129. p. 1327
-were awarded to the Linden
of Passaic, for a premium of $700.00, equal to a price of National Bank, bonds. The village's portion issue matures $435 on Oct. 1, from 1930 to
102, a
about 4.74%. The bonds are dated Aug. 15 1929, and mature on basis of 1939 incl.; the special asst. bonds are due on Oct. 1, as follows: $590 from
Aug. 15, 1930 to 1939 incl., and $567.40 in 1940.
as follows: $2.000, 1930 to
Principal and semi-annual interest of both issues payable at the Ridgeway
following other bids were 1944 incl., and $1,000. 1945 to 1949 incl. The
received:
Banking Co. Bidders will be required to satisfy themselves as to the validity
Bidder
Premium. of the bonds.
H. B. Hand & Co., Newark
$10.00
Passaic National Bank
-BOND SALE.
WHITLEY COUNTY (P. 0. Columbia City), Ind.
35.00
Prudden & Co., New York
-were awarded
37.00 The $19,520 434% bonds offered on July 22-V. 129, p. 324
as follows:
WARREN,Trumbull County, Ohio.
-BOND SALE.
-The $204.082.9
$11,040 road bonds sold to the Provident Savings Bank & Trust Co. of
Special assessment coupon bonds offered on Aug. 30-V.
129. p. 1165
Cincinnati. Due $552 on July 15 1930; $552, Jan. and July* 15
were awarded as follows:
1931 to 1939 incl., and $552, Jan. 15 1940.
To the Detroit & Security Trust Co., of Detroit:
8,480 road bonds sold to Walter L. Schaper, of Columbia. Due $424 on
$169.850.00 street improvement bonds sold as 5 Ms for a premium of
July 15 1930; $424, Jan. and July 15 1931 to 1939 incl., and $424.
$273.00
equal to 100.16. a basis of about 5.215%. Due $8.600 on
Jan. 15 1940.
April 1 and $9.000 on Oct. 1 1930: $8.000 April 1 and
$9.000,
Both issues are dated June 15 1929.
Oct. 1 1931 to 1938 incl.,and $8,000. April and Oct. 11939.
To the Second National Bank, of Warren, at a price of par:
WHITNEY COUNTY (P. 0. Columbia City), Ind.
-BOND SALE.
$16.161.47 5M% street improvement bonds. Denom. $1.000. one
for The $13,760 434%
-were sold
$161.47. Dated Sept. 1 1928. Due $2,161.47 March and at par as follows: bonds offered on Aug. 28-V. 129, p. 1328
$2.000 Sept. 1 1930 and $2,000 March and Sept. 1 1931 to 1933.
169.850.00 5(%street improvement bonds. Denom. $1,000, one for $7,680 A. W. Hart et al., Smith Twp. road construction bonds awarded to
the Provident Trust Co.,of Columbia City. Due $384,July 15 1930:
$850. Due $8.500 April and $9,000 Oct. 11930; 88.000, April
8384, Jan. and July 15 1931 to 1939 incl.. and $384. Jan. 15 1940.
and 89,000, Oct. 1 1931 to 1938, and $8,000. April and Oct.
6.080 Etna Twp. road construction bonds awarded to the Columbia
1
1939.
State Bank, of Columbia City. Due $304 on July 15 1930: $304.
3.966.496% street improvement bonds. Denom. $1,000, one for
Jan. and July 15 1931 to 1939 incl., and $304 on Jan. 15 1940.
$966.49. Dated Sept. 1 1928. Due $1,966.49. March and
Both issues are dated Aug. 15 1929.
$2,000, Sept. 11930.
7,480.006% street improvement bonds. Denom. $1,000, one for
WINNESHIEK COUNTY (P.0.Decorah),lowa.-BOND OFFERING.
$480. Due $1,480, April and $2,000 Oct. 11930, and $2.000 Bids will be received by the County Treasurer, until 2p. m. on Sept. 25,
for the purchase of a $325.000 issue of annual coupon primary road
April and Oct. 11931.
bonds.
6.605.00 0 street improvement bonds. Denom. $500, one for $105 Int. rate is not to exceed 57. Bonds are registerable as to principal only.
Dated Oct. 1 1929. Due $32,000. 1935 to 1943 and $37,000 in 1944. OpDue from April 1 1930 to Oct. 11934.
tional after May 1 1935.
Prin. and semi-annual int, payable at the office of the Sinking Fund
Trustees. An official tabulation of the bids received follows:
WINDSOR SCHOOL DISTRICT, Windsor County,
Amt. of Bonds
SALE.
-The $59.500 6% refunding notes offered on Aug. Vt.-NOTE
BidderBid On.
Premium. Int.Rate p. 1328
-were awarded at par and accrued interest to the 30-V. 129,
Detroit & Security Trust Co., Detroit--$169,850.00 $273.00
National Life
5I%
Insurance Co., of Montpelier. The notes are dated Sept.
The Herrick Co., Cleveland
3 1929 and
204,062.96 461.00
5%% mature on Sept. 1 as follows: $6,000, 1930 to 1938 incl.,
Otis & Co., Clevelandand $5,500 in 1939.
169,850.00
713.27
5%%
W. L. Slayton & Co., Toledo, ij
169,850.00
777.00
WOODSVILLE FIRE DISTRICT, Grafton County,
5%%
N. H.
Davis
-Bertram Co., Cincinnati
D
204,062.96
SALE.
245.00
-An issue of 8150,000 water bonds was sold on
5%
C. W. Mei\ear & Co., Chicago
B. H.
169,850.00
170.00
Rollins & Sons, of Boston, at a price 6f 95.10, a basis of Aug. 30 to BON
Second National Bank, Warren
about 5.15% The
169,850.00
Par
bonds bear 4M % interest and mature serially in 20 years.
eo
The only other
Second National Bank, Warren
584% bidder was Harris, Forbes & Co., also
16.161.47
Par
of Boston, offering to take the issue
Second National Bank, Warren
3,966.49
Par
at a price of 94.92.
6%
Second National Bank, Warren
7,480.66
Par
6%
Harris, Forbes & Co., of Boston, the only other
Second National Bank, Warren
bidders, offered 94 92
6,650.00
Par
for the bonds.
6%
•
5se
FINANCIAL CHRONICLE
1626
[VOL. 129.
DALHOUSIE, N. B.—BONDS OFFERED FOR INVESTMENT.—
WOODWORTH, Stutsman County, N. Dak.—BOND OFFERING.—
issue of $160,000
St. John, is
Sealed bids will be received until 10 a. m. on Sept. 9 by N. A. Nelson, The Eastern Security Co., Ltd., ofinvestment, offering anof 97.01, to yield
at a price
semi-annual electric 5%% sewer debentures for public
Village Clerk, for the purchase of a $3,000 issue of
light system bonds. Int, rate is not to exceed 6%. Denom. $200. Dated 5.68%. The securities mature in 40 years and were awarded to the abovementioned concern on July 31.—V. 129, p. 1007.
Feb. 1 1929. A certified check for 2% must accompany the bid.
DRUMMONDVILLE,Que.—BOND OFFERING.—J. Marier, SecretaryWYANDOTTE COUNTY (P.O. Kansas City), Kan.—BOND OFFER. Treasurer, will receive sealed bids until8 p. m.on Sept. 10,for the purchase
ING.—Sealed bids were received until 2 p. m.on Sept. 5, by William Beggs, of $15,000 improvement bonds. Interest rate 5%. The bonds are to be
County Clerk, for the purchase of six issues of 4 % coupon road bonds dated Aug. 1 1929 and will mature serially in 30 years. Payable in Montreal
aggregating $679,792.92. Dated July 1 1929. Due from July 1 1930 to and Drummondville.
1944.
KELVINGTON,Sask.—BOND SALE.—A $1,000 issue of 7% sidewalk
Agencies, of Regina, at a price of par.
WYOMING COUNTY (P. 0. Warsaw), N. Y.—BOND OFFERING.— bonds was sold on June 1 to the Kern
payable annually on June 1.
Charles B. Smallwood, County Treasurer, will receive sealed bids until The bonds mature in 5 years. Interest
purchase of $130,000
11 a. m.(Eastern Standard time) on Sept. 14, for the
SASKATCHEWAN SCHOOL DISTRICTS, Sask.—DEBENTURES
coupon or registered highway bonds. Rate of interest is not to exceed SOLD AND AUTHORIZED.—The following is a tabulation of the de5% and Is to be stated in a multiple of % of 1%. The bonds are dated bentures reported sold and authorized by the Local Government Board
Sept. 1 1929. Denom.$1,000. Due $10,000 on Sept. 1,from 1935 to 1947 during the week ended Aug. 17, as it appeared in the Aug. 30 issue of the
incl. Prin. and semi-annual interest (March and Sept. 1) payable in "Monetary Times" of Toronto:
gold at the Wyoming County National Bank of Warsaw. A certified check
DEBENTURES SOLD.—School Dustricts: Iris, $3,500, 6%%, 153-yrs.
for $3,000, payable to the order of the above-mentioned official must to Sovereign Life Insurance Co.; Govan, $3,500,6%,20-yrs. to Kern Agenaccompany proposal. The approving opinion of Clay, Dillon & Venda- cies Ltd.; Anglia, $6,000, 6%,30-yrs. to K. Dingwall, Rosetown: Edelaue,
charge.
water, of New York, will be furnished to the purchaser without
$4,800. 6%, 15-yrs. to H. M. Turner & Co.: Brampton, 22,000, 6%, 10yrs
Melton Sinking Fund; RillIngton, $3.600, 53%, 15-yrs. to II.
YONKERS, Westchester County, N. Y.—NOTE SALE.—Salomon LeCain, Grentell.
Bros. & Hutzler, of New York, have purchased an issue of $800,000 loco
Village of Amulet,$2,000,7%,10-yrs. to Kern Agencies, Ltd.
improvement notes maturing on March 4, 19304„Alasa
DEBENTURES AUTHORIZED.—School districts: Bounty, $7,000, not
15 years; McPhail, $4,700, not exceeding 71, 15 years;
YORKVILLE SCHOOL DISTRICT, Jefferson County, Ohio.— exceeding 7%,
-years: Acadia, $1, 00, not exDodsland, $8,000. not exceeding 7%, 20
BOND SALE.—Assel, Goetz & Moerlein, Inc., of Cincinnati, were the suc- ceeding 7%, 10
-installments. Town of Unity. $25,000 63%,15 years.
cessful bidders on Sept. 3 for an issue of $135,000 school building bonds
as 5%s. paying
DISTRICT, Sask.—BOND OFFERING.—
SASKATOON SCHOOL
offered for sale. The purchasers agreed to take the bonds
a premium of $555.50, equal to a price of 100.41. The Well. Roth & Irving Sealed bids will be received by William P. Bate, District Treasurer, until
Co., also of Cincinnati, offered 100.03 for the bonds as 534s. mistaialigilfilui 12 m.on Sept. 16.for the purchase of $90,000 school bonds. Dated Sept. 1
1929. Int, rate either 5 or 5%. Due in 30 years. Bids are requested
The following other bids were submitted:
Prem. for bonds payable both in Canada and the United States and Canada only.
Int. Rate.
Bidder—
$40.80
WELLAND, Ont.—BOND SALE.—Dyment, Anderson Jc Co., of
Well,Roth & Irving Co.,Cincinnati
845.50 Toronto, are reported to have purchased a $194,215 issue of 5% paving
C. W.McNear & Co.,Chicago
50.00 debentures at a price of 96.55, a basis of about 5.41%. The debentures
-Bertram Co.,Cincinnati
Davies
1,000.00 are payable in 20 instalments. The following is a list of the other bids reDavies-Bertram Co.. Cincinnati
779.50 celved:
5
Stranahan, Harris & Oatis,Inc.,Toledo
Rate Bid.
Bidder—
96.41
Bell, Gouinlock & Co
96.18
Wood, Gundy & Co.
93.00
Bank of Montreal
92.97
C. H. Burgess & Co
Chisholm, Town
ANTIGONISH, N. S.—BONDS OFFERED.—H. R.
WALKERVILLE, Ont.—BOND OFFERING.—A. E. Cock, ClerkClerk, received sealed bids until 5 p.zn. on Sept. 3,for the purchase of $40,- Treasurer, will receive sealed bids until 4 p. m.on Sept. 9. for the purchase
000 5% paving debentures. Dated July 2 1929. Int. rate 5%. Denom. of two bond issues. The following information describing the bonds has
been taken from the official offering notice:
$1.000. Payable in 30 years.
-year, 5% installment bonds for local improvements.
$232,970.17 10
59,860.36 15
-year, 5% installment bonds for local improvements.
BURNABY DISTRICT, B. C.—BOND ELECTION.—On Sept. 7
The foregoing issues carry tho legal opinion of Messrs. Long & Daly,
be asked to vote on two by-laws aggregating $45,500
the rate-payers will
Toronto, as to their validity.
for streeVaving and water works plimzes.
Debentures are coupon, bearer, issuable in 91,000 and odd amounts.
of
CAP DE LA MADELINE, Que.—BOND SALE.—An issuethe $19,100 and carry interest from the 14th day of December, 1928. Prin. and int.
to
Banque
Improvement bonds is reported to have been sold on Aug. 26 basis of about payable in Canadian Currency at the Canadian Bank of Commerce, Walkerville, on the 14th day of December in each year.
Canadienne Nationale, of Montreal, at a price of 94.84, a
1,from
Debentures will be delivered and must be settled for at the office of the
6.18%. The bonds bear 5% interest and mature annually on May
Canadian Bank of Commerce, Walkerville. Ontario.
inclusive.
1930 to 1939
R
5
CANADA, its Provinces and Municipalities.
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PHILADELPHIA
Consistent Advertising—
CITY OF MINNEAPOLIS
$1,500,000
Certificates ofIndebtedness
$243,000
Municipal Airport Bonds
PENOBSCOT BLDG., DETROIT
Biddle & Henry
1522 Locust Street
Philadelphia
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On Friday, the 13th day of September, A. D.
1929, at 1:30 o'clock P. M., the Board of Estimate and Taxation of the City of Minneapolis,
Minnesota, will offer for sale $1,500,000.00
Certificates of Indebtedness and $243,000.00
Municipal Airport Bonds.
Said Certificates of Indebtedness will be issued
to finance the operating activities of the City of
Minneapolis pending and in anticipation of the
collection of taxes duly levied, and payable on
or before October 31, 1929; will be dated September 16, 1929, and will be payable ninety days
thereafter.
Said Municipal Airport Bonds will be issued to
finance improvements at the Municipal Flying
Field of the City of Minneapolis, pursuant to
the provisions of Chapter 379, Session Laws of
Minnesota for 1929; will be dated October 1,
1929; and will be due serially as follows: $15.000.00 thereof on the first day of October. 1930;
$12,000.00 thereof on the first day of October,
1931, and $12.000.00 thereof on the first day of
October of each and every year thereafter to and
including the year 1949.
Said Certificates of Indebtedness will bear In-.
terest at the rate of five per cent (5%) per annum.
Said Municipal Airport Bonds will be issued as
coupon bonds, will boar interest payable semiannually at a rate or rates not to exceed five per
cent (5%) Per annum, which rate (or rates)
shall he a multiple of one-fourth of one per cent,
and will be sold to the bidder offering a bid complying with the terms of this sale and deemed
most favorable, subject to the provision that the
Board of Estimate and Taxation reserves the right
areo allir ids
o Biddersreject any regu bed
t
* o specify separately the
amount offered for the Certificates of Indebtedness and the amount offered for the Municipal
Airport Bonds, in order that there may be separate awards. Bids offering an amount less than
Each proposal is to be accompanied by a certified check payable to C. A. Bloomquist, City
Treasurer, for an amount equal to two per cent
(2%) of the certificates. or of the bench', bid for,
to be forfeited to the city hi case the purchaser
refuses to Pay for the certificates, or the bonds,
when ready for delivery.
The Certificates of Indebtedness will be sold
subject to the approving opinion of the purchaser.
The Municipal Airport Bonds will be accompanied by the opinion of Messrs. Thomson, Wood
& Hoffman, attorneys and counselors at law,
of New York City, that the bonds are valid and
binding obligations of the City of Minneapolis.to
Further information and forms on which
submit bids will be furnished on request. TaxaBy order of the Board of Estimate and
tion at a meeting thereof held August 28, 1929.
GEO. M. LINK, Secretary,
343 City Hall,
Minneapolis, Minn.
@FedFRASER