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finattriat
The
Onnugttitl
R., U. S.
lirtintrie
SATURDAY, APRIL 181931.
VOL. 132.
financial Chronicle
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The Financial Situation.
Business recovery proceeds only slowly, if it may
be said to be recovering at all. At the moment,
dividend reductions and suspensions are proving an
additional disturbing influence. They reflect the
intensity of the business depression under which
the country labored during the calendar year 1930,
due to the industrial and commercial crisis which
followed in the wake of the stock market collapse in
the autumn of 1929, with the resulting diminution
or extinction of income and profits in all lines of
human activity. These dividend reductions mean,
of course, curtailment to that extent of the purchasing power of the owners of the shares involved. The
part played by this factor in accentuating the depression receives very little consideration in the
discussions of the day. Yet it is an important
part.
We are constantly enjoined by the authorities
at Washington, under the leadership of President
Hoover, that wage scales must not be reduced inasmuch as the effect must inevitably be (so we are
told) to impair the purchasing power of wage earners, while the hardly less important part played by
the shrinkage in the dividend distributions of corporate undertakings is wholly ignored. The theory
that reduction in wage scales must by all odds be
averted embodies an economic fallacy, and we are
glad to see that leaders in the industrial world, as
also economic students, are beginning to challenge
the doctrine. There are two points, two angles,from
which the matter must be studied, namely, whether
when a wage scale is lowered it necessarily involves
a lowering of the standard of living on the part of
those concerned to which, of course, everyone is
opposed, and secondly whether reduction in rate
of wages actually involves a reduction in the purchasing power of the wage earners. On the present
NO. 3434.
occasion the answer is very simple. In neither case
does the thing feared result, if the purchasing power
of the wages received has been or is being increased
through a decline in the prices of the things—food
and clothing—which the wages are used in acquiring. In this instance it is a notorious fact that
'commodity prices have been declining, and, accordingly, the position of the wage earner is not altered
for the worst, provided the scale is cut only to the
extent of the decline in prices and no more. No
one, as far as our knowledge goes, suggests or has
suggested that the pay of the laboring classes be
reduced beyond that point.
•
The case was different when the country was on
a rising tide of prosperity. Then it is quite possible
reduction in the wage rate, and consequently in
the amount going into the pay envelope, might have
worked as an influence serving to check the era of
prosperity and very likely to bring it to a close.
But no such state of things confronts the country
to-day. We are not enjoying business prosperity,
but exactly the opposite. The country is now passing through one of the profoundest depressions in
trade of which there is any record in history. A
reduction now, in many lines, becomes an absolute
necessity, and really is nothing more than conforming to the change in economic conditions. It is
merely an adjustment to the new order of things.
And where the lowering of the rate of wages is
confined within the range of the decline in commodity prices, it connot be said to involve any detriment to the wage earner.
On the other hand,failure to make the adjustment,
forced by the change in economic conditions, can
work positive harm in delaying the restoration of
the proper equilibrium between wages and the other
items entering into production costs. In some
instances, and more particularly in the case of the
railroads, the delay in the taking of this needful
step seems to invite most serious consequences, if
not the possibility of absolute disaster. Owing to
the losses of traffic which the roads have sustained
because of the depression in trade, their earnings
have been reduced to such an extent that they are
obliged not only to cut down or suspend dividend payments, but it is to be feared that in many instances,
unless the decline is checked, they may not be
able to earn the interest charges on their indebtedness, which latter would lead to insolvency and ultimate bankruptcy, in which contingency they would
not long be able to continue in existence and would
consequently cease to function. What then would
happen? The answer is that operating costs would
in some way have to be reduced or else transportation charges would have to be raised, and this last
is out of the question, both because of the depression in trade and also because the West and the
Z2824
FINANCIAL CHRONICLE
South are in no condition to stand higher freight
rates on the agricultural products which they are
obliged to send long distances to market. Labor
costs would then, in any event, have to be reduced
through wage reductions as the only alternative,
and it is better to take the step now and thereby
escape the threatened disaster.
At all events, the question of maintaining wage
scales is one of the livest topics of the day, and
there can be no doubt that the attitude of those
high in authority at Washington in insisting so
strenuously on retaining the old scales, which are
now completely out of line with the changed economic conditions, is acting to retard business recovery. For that reason it is most encouraging to
find business leaders taking an outspoken and pronounced stand against the fallacies embraced in such
a course. The present week we have had two utterances of that kind. One of these came from Magnus
W. Alexander, President of the National Industrial
Conference Board, in an address delivered by him
on April 15, before the thirty-third annual meeting
of the National Metal Trades Association at Cincinnati. "It is fallacious to assume," Mr. Alexander declared, "that, by building a Chinese Wall
around wage rates it will be possible to ward off
the necessity of ieneral economic readjustment in
time of depression. It is even more fallacious to
argue that wage rates must be maintained despite
reductions in the cost of living, in order to protect
the standard of living of American wage earners.
It is, after all, not the money wage but rather the
real wage, represented by the purchasing power
of money earning, that determines whether living
standards can be maintained. When, therefore, the
cost of living falls, a proportionate reduction in
wages need not affect adversely the economic status
of the worker. This fact is generally ignored in
the current discussion of the wage problem." "The
question naturally arises," continued Mr. Alexander, "whether moderate wage reductions, not larger
than the decline in the cost of living, might not permit longer weekly working schedules with larger
payments in the weekly pay envelopes. And the
reasoning implied in the question is that reduced
production costs, on account of the lower wage factor, would result in lower sales prices and thereby
stimulate increased buying, greater industrial
activity, and consequent larger employment. Besides, lower prices would give this country a better
chance in world trade."
Mr. Alexander also indulged in some admirable
comment on the possibility of attaining a completly
stabilized economical order in which the machinery
of business would always operate smoothly on a
basis of sustained prosperity through all branches
of economic life. This we quote as follows:
"Human weaknesses, the complexity of economic
relationships, and the need for constant readjustments to changing conditions operate against the
attainment of a perfected economic order; moreover, the economic life of this country is too greatly
influenced by international economic forces, which
are beyond our control. As practical men, we
realize that such a millennium is still far distant.
It should be possible, however, by intelligence and
foresight to reduce the frequency and severity of
recurring business disturbances and to minimize
their retarding influence. In any event, we should
strive to avoid the pitfalls that endanger social and
economic progress."
[voL. 132.
Rome C. Stephenson, President of the American
Bankers' Association, at the opening of its Executive Council meeting at Augusta, Ga., on April 14,
also had something to say on the same subject, which
is particularly appropriate at the present time. His
remarks were made for the purpose of refuting
statements emanating from Washington and which
accused bankers as a class with being especially
desirous of bringing about general wage cuts. Mr.
Stephenson well said that changes in wage levels,
whether up or down, are entirely attributable to
impersonal economic forces. He noted, with telling
force, that •both bank money and invested capital
had already taken some "very serious cuts" in the
form of lowered interest rates and reduced or
omitted dividends, but that nobody was being accused of "plotting to reduce these wages of money".
Of course Mr. Stephenson denied the allegation that
bankers were guilty of a desire to see general wage
reductions, and clinched his argument with the
statement that "of course bankers, as such, have no
such desire. If they did, they could do nothing
either in preventing wage reductions or in bringing
them about". On the general subject of the influences underlying changes in wage levels, Mr. Stephenson had the following to say:
"Anyone knows who gives the matter the slightest
serious thought, that wage levels are controlled by
impersonal economic principles. They are not subject to the real or supposed personal wishes of any
individuals or groups of individuals. Wages are
paid out of the earned incomes of industry. If general economic conditions so affect such incomes that
internal economies are necessary, certainly no one
is personally to blame for that. I am not saying
that wage reductions should be made, but if any
industry discovers that conditions call for an adjustment in costs of operation, including wages, it would
be a very questionable act of stewardship in respect
to the responsibilities resting upon its management
if it attempted to keep wages or other costs at any
arbitrary level at the expense of the capital funds
of the business.
"It may be pointed out that the wages of money
have already been markedly reduced, as can be seen
by a comparison of interest rates on bank loans and
investments received to-day as compared with a year
and a half ago. Also, the wages of capital invested
in industry are taking right now this year some
very serious wage cuts. We do not believe that
any persons or class of persons are to be blamed for
these cuts. We know that economic conditions
brought them about. We know that last year industrial corporate profits in general declined by 45%
as compared with the previous year, and fell below
the level of any year since 1921. These declines
were very clearly brought about by great reductions
in sales, which are always followed by disproportionately greater reductions in profits. These are
the impersonal economic conditions back of the
wage cuts that capital has taken."
The United States Treasury, owing to the magnitude of its operations at present, because of the
large sums the Government is required to raise in
order to make the loans authorized by Congress on
the adjusted service certificates of the war veterans,
continues to play a considerable part in influencing
the course of call loan rates on the Stock Exchange,
and on Thursday this call loan rate again advanced
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to 2% from 11 2%, which latter has been the prevailing rate since the 1st of January except when
temporarily affected by the Treasury operations.
APRIL 18 1931.]
FINANCIAL CHRONICLE
2825
equaling
Owing, however, to the extreme plethora of loan- Hopes for a recovery in activity to a level although
s have never ex- or exceeding that of March are waning,
able funds these minor fluctuation
there is by no means general acceptance of the view
tended outside the call loan division of the market,
that the industry is merely following the usual seaand even in this division of loaning the effect sonal downtrend from its first half peak.
never lasts more than a day or two. These Treasury
"Seasonal influences that control the course of
consist entirely of additions to or with- steel demand in ordinary times are now overoperations
drawals from the amounts of Government deposits shadowed by cyclical forces. Such important outkept with the depositary banks. The present week lets for steel as railroad car building and farm
off.
the Secretary of the Treasury has been making both equipment manufacture have been largely shut
s from such Rail bookings are far below normal. The volume
large additions to and large withdrawal
of automobile production, although still offering
deposits.
promise, defies prediction."
It will be recalled that as a result of the sale of
In other directions, also, accounts regarding trade
two series of certificates of indebtedness in March,
the allotments reached $924,067,500, Gov- are not altogether assuring. The price of copper
for which
ernment deposits aggregating no less than $712,- continues to wobble, and copper delivered in Con510,000 were created through the Treasury policy of necticut the present week has again been quoted
allowing the greater part of the proceeds of the sales at 9%c. Some of the other non-ferrous metals have
of certificates to remain on deposit with the de- also been marked down. Coffee has dropped to a
positary banks until needed by the Government; of new low level, and so has rubber. Besides this,
this amount $271,887,500 was with the banks in dividend reductions or suspensions by one corporathe New York Federal Reserve district. This tion or another have again been numerous the
occurred on Monday; Mar. 16. Since then these present week. To mention only a few out of a
deposits have been rapidly drawn down. Several great many, the United States Realty & Improveof the calls upon the depositary banks have fallen ment Co. declared a quarterly dividend of only 50c.
due the present week—$10,158,900 in the New York a share, as against 75c. paid in each of the two
district on Monday, April 14, and $26,620,300 in the previous quarters and $1.25 a share paid prior to
entire country, including New York; the same that. The Owens-Illinois Glass Co. also reduced
amounts on Tuesday; another call for $18,722,500 its quarterly dividend from 75c. a share to 50c. The
in the New York district and $49,057,400 in the General Tire & Rubber Co. reduced its quarterly
whole country, including New York, on Wednesday; dividend from $1 per share to 75c. The Nome
$17,683,600 in the New York district and $46,331,900 Electric Co. cut its quarterly dividend on the
in the entire country on Thursday, together with common from 20c. a share to 10c. a share; Onlike amounts on Friday—after which, however, tario Steel Products Co. made its quarterly dividend
$70,734,400 still remained on deposit in the New only 20c. a share against the previous 40c.; while
York district and $185,328,100 in the entire coun- the directors of G. R. Kinney Co., Inc., omitted
try, including New York, against which further the quarterly dividend of 25c. a share on the common
calls for repayment the coming week have already stock and the quarterly of $2 on the preferred stock.
been made. Such Government deposits, as is known, The Vanadium Steel Co. also suspended dividend
require no cash reserves.
payments, and Julius Keyser & Co. made its quarWith the deposits being rapidly drawn down from terly dividend only 25c. a share against the previ2c.
day to day, the spurt in the call loan rate on Thurs- ous 62y
One bit of favorable news should not be omitted.
day of this week to 2% affords no occasion for surprise. Already, however, a new line of deposits with There has been a sharp advance in the price of
the depositary banks has been created as a result wheat during the week—we mean in the options
of the offering of still another issue of Treasury for the next crop in which the Federal Farm Board
certificates, the sale of which occurred last week, has not been carrying on operations. Thus, July
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but payment for which did not have to be made wheat at Chicago sold up to 6518c. April 15, and
the present week—that is, on Wednesday, after some reaction touched 65c. again yesterday
until
2c.
April 15. As a consequence of this new sale of cer- against 60Y on Friday of last week. This was a
tificates for $275,000,000 the depositary banks in reflection of the rise at Winnipeg, where the May
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the New York district gained a further accession of option reached 63c. yesterday against 5778c. on FriGovernment deposits in amount of $76,213,800, and day of last week. The July wheat option at Winni/
the banks for the entire country an amount of two peg touched 6438c. yesterday against 59%c. on
or three times that sum, though the precise figures April 10.
are not yet available.
Brokers' loans by the member banks in New York
As noted at the outset of this article, few, if any, City making weekly returns to the New York Fedsigns of improvement in trade are as yet visible. In eral Reserve Bank again show a relatively small
the steel trade the usual seasonal reaction is in change. This week there is an increase of $27,progress, though perhaps in a little less pronounced 000,000, the total having risen from $1,822,000,000
degree than was the case last year. According to April 8 to $1,849,000,000 April 15. Last week, it
the "Iron Age", steel ingot production for the coun- will be recalled, there was $53,000,000 decrease, the
try at large, which at the end of March was 57%, week before $33,000,000 decrease, and the week beand by last week had receded to 53%,has the present fore that $5,000,000 decrease, making altogether a
week receded to 51%. The "Age", in discussing the contraction of $91,000,000 in these previous three
present condition and outlook, comments as follows: weeks. In the loaning under the different cateown account by the reporting mem"A further decline in steel ingot production, ad- gories, loans for
ber banks increased during the week from $1,277,ditional price recessions in light flat-rolled products
and widespread reductions in scrap quotations have 000,000 to $1,324,000,000, but loans for account of
given the iron and steel market a negative tone. out-of-town banks fell from $300,000,000 to $286,-
(72826
FINANCIAL CHRONICLE
000,000, and loans "for account of others" from
$245,000,000 to $239,000,000.
The Federal Reserve Banks in their own condition
statement show a reduction in the amount of Reserve credit outstanding, the total of the bill and
security holdings having dropped from $912,969,000
to $862,118,000. The contraction reflected diminished borrowing on the part of the member banks
of $10,000,000, the discount holdings of the 12 Reserve institutions having declined from $142,585,000
April 8 to $132,004,000 April 15, while at the same
time the holdings of acceptances were reduced in
amount of $40,000,000, the total this week being
down to $131,479,000 from $171,729,000 last week.
The holdings of United States Government securities remained virtually unchanged as far as the total
holdings are concerned, the amount this week being
$598,635,000 and last week having been $598,655,000,
though larger or smaller changes occurred in the
separate items going to make up the total. The
holdings of certificates of indebtedness and Treasury bills, for one thing, increased from $472,711,000
to $480,684,000. The volume of Federal Reserve
notes in circulation, which has been a rising item
the last two weeks, further increased from $1,505,143,000 to $1,515,716,000. Gold reserves rose further from $3,131,021,000 to $3,141,858,000.
FOL. 132.
$741,036,000. The ratio of the export trade balance
for the past nine months, compared with the total
value of all merchandise exports for that period
was 23.6%, whereas for the month of March this
year the ratio is only 11.0%. This comparison further testifies to the present adverse condition of
our export trade.
Cotton exports in March contributed to the decline in total merchandise exports for that month
as compared with a year ago. This condition has
characterized the report for each month since
August of last year. The value of cotton exports
for the month just closed of $35,960,700 was
$7,064,000 less than the value of cotton exports in
March 1930. Compared with February, however,
the situation as to the cotton movement is reversed,
exports of cotton being $10,560,000 larger in March
this year than in February. This increase constituted the bulk of the increase of $12,600,000 shown
by total merchandise exports for the last month.
The cotton movement abroad for March this year
of 615,917 bales was not only larger than for that
month a year ago, but showed an increase over the
preceding month for the first time since October.
The specie movement in March continued in favor
of the United States, but not so heavily as a year
ago. Imports of gold last month were $25,661,000,
and exports only $26,000. A year ago imports of
The foreign trade statement of the United States gold were $55,768,000 and exports $290,000. For
for the month of March makes a showing only a the past nine months imports of gold have amounted
trifle better than that for February. The loss in to $241,087,000 and exports to $106,399,000, the exboth exports and imports continues extremely heavy cess of imports being $134,688,000. For the correcompared with the figures of a year ago, and that sponding period of the preceding year gold imports
is the most striking feature. Merchandise exports were valued at $239,011,000 and exports at $118,for the month just closed, which the preliminary 977,000, the excess of imports being $121,034,000.
statement gives as $237,000,000, are practically the The silver movement continues greatly reduced, exsame as for the two preceding months, February ports last month having been only $2,323,000 and
being a short month. It compares with exports of the imports $1,821,000.
$369,549,000 for March a year ago, the reduction
The stock market again broke badly the present
this year being $132,549,000, or 35.9%. Imports week. It has been almost continuously weak day
are larger than for any month since October last, after day. Selling pressure has not been particubut the increase is not especially striking. The larly heavy, but there has been no buying on any
amount for March is $211,000,000, and compares extensive scale, and thus there has been no support
with $300,460,000 for March of last year, the decline to prices except such as came from the covering of
being $89,460,000, or 29.8%.
outstanding short commitments. There has been
It is many years since the value of either exports a steady accumulation of bad news, with no offor imports of merchandise in the month of March setting favorable developments outside the fact
has been as low as it is for that month this year, that wheat prices in the case of the options not
and there is no record of such a reduced figure for under control of the Federal Farm Board scored an
March either for exports or imports back to 1920. advance of several cents a bushel. Dividend reducFor the nine months of the current fiscal year, in- tions or omissions have been numerous, some of
•cluding March, the value of merchandise exports which are mentioned in a paragraph further above
from the United States is $2,478,855,000 against in this article. Besides this, unfavorable returns
$3,747,157,000 a year ago, a reduction this year of of earnings and income and profits by industrial
$1,268,302,000, or 33.8%. The March figures this concerns of one kind or another, and by the railyear added something to this loss. Imports also roads have kept constantly coming to hand. The
have been greatly reduced for the current fiscal steel stocks have been the weak feature, because of
year, the amount for the nine months this year being the further falling off in steel production as shown
$1,894,245,000 compared with $3,006,121,000 a year by the weekly reports of the trade papers, and U. S.
ago. This shows a reduction of $1,111,876,000, Steel made a new low record not only for 1931, but
lower even than in the break last December. The
or 37.0%.
The balance of trade for March continued on the passing of dividends by the Vanadium Corp. was a
export side, but amounted to only $26,000,000. This further depressing influence in the steel list.
The copper shares were no weaker than the rest
is considerably smaller than is usually the case.
For March of last year the balance of trade on the of the list, but the renewed drop in the price of
export side was $69,089,000, and even the latter sum the metal was certainly not calculated to strengthen
was less than is frequently shown. For the nine either these shares or the general market. Certain
months of the current fiscal year the balance of special stocks like Allied Chemical & Dye and Westtrade on the export side is $584,610,000, while for inghouse Elec. & Mfg., Texas Gulf Sulphur, and
the preceding year the export trade balance was Transamerica displayed special weakness and
APRIL 18 1931.]
FINANCIAL CHRONICLE
2827
speeded the whole market downward. Reports that Yellow Truck & Coach at 10 against 12%; Johns/
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the General Electric Co., reflecting the severe busi- Manville at 56 against 62; Gillette Safety Razor at
ness depression of the first quarter of 1931, had 31 against 33%; National Dairy Products at 44%
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failed to cover its 40c. dividend requirement by a against 475s; National Bellas Hess at 6 against
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few cents, making the first time in many years in 7%; Associated Dry Goods at 2178 against 2478;
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which such a situation has occurred, served fur- Texas Gulf Sulphur at 44% against 46; American &
ther to accelerate the downward pace of the market. Foreign Power at 36 against 393 General Amer4;
Some of the amusement shares also at times were ican Tank Car at 62 against 67; Air Reduction at
special objects of attack. The tobacco stocks dis- 85 against 93; United Gas Improvement at 31%
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played strength early in the week on reports of an against 32%, and Columbian Carbon at 7678 ex-div.
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advance in the price of cigarettes, but later declined against 79.
with the rest of the list. The general bond market
The steel shares are again lower. United States
also moved lower, the New York"Times"average for Steel closed yesterday at 130 against 13714 on
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40 selected domestic issues on Wednesday and again Friday of last week; Bethlehem Steel at 4818 ex-div.
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yesterday, reaching a new low for 1931. Among the •against 51%; Vanadium at 44% against 5578; Re/
foreign bond list, the Argentine Government issues public Iron & Steel at 15 against 16%, and Crucible
suffered another bad break on a new outcropping Steel at 45% against 491 8 In the motor stocks,
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of political disturbances, and the announcement that Auburn Auto again cut some sensational capers.
the Bank of Buenos Aires had withdrawn its sup- It sold as high at 295 on April 14 and as low as
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port of Argentine exchange. As indicating the gen- 236 on April 17, with the close yesterday also at 236
eral course of the market, 222 stocks reached new against 274 on Friday of last week. General Motors
low levels for the year during the week, while 41 closed yesterday at 42 against 43% on Friday of
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stocks attained new high levels, the latter including last week; Chrysler at 193 against 22; Nash Motors
4
some of the tobacco shares. The call loan rate on at 34
/ against 36; Packard Motor Car at 8%
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the Stock Exchange remained at 11 2% until Thurs- against 9; Hudson Motor Car at 18 against 19%,
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day, when, after renewals had again been put and Hupp Motors at 8% against 10. The rubber
through at 11 2%, the rate on new loans advanced stocks have also been weak. Goodyear Tire & Rub/
to 2%, only to fall back yesterday to 11 2%.
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ber closed yesterday at 4078 against 44% on Friday
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Trading has continued relatively moderate, of last week; U. S. Rubber at 1518 against 1778 and
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though increasing a little from day to day. At the the preferred at 25% against 29%.
half-day session on Saturday the sales on the New
The railroad stocks have again been under severe
York Stock Exchange were 615,740 shares; on Mon- pressure, with one or two exceptions. Pennsylvania
day they were 1,629,795 shares; on Tuesday, RR. closed yesterday at 55% against 55% on Friday
1,938,110 shares; on Wednesday, 2,046,260 shares; of last week;Erie RR.at 27 against 26 ; New York
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on Thursday, 2,331,485 shares, and on Friday, Central at 104 against 107; Baltimore & Ohio at
2,544,872 shares. On the New York Curb Exchange 66% ex-div. against 69; New Haven at 7278 against
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the sales last Saturday were 179,200 shares; on 76%; Union Pacific at 166 against 17018; South/
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Monday, 494,000 shares; on Tuesday, 478,300 ern Pacific at 90 against 92%; Missouri-Kansasshares; on Wednesday, 373,600 shares; on Thurs- Texas at 17 against 18; Southern Railway at 38
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day, 432,600 shares, and on Friday, 508,400 shares. against 41%; St. Louis-San Francisco at 23%
As compared with Friday of last week, prices against 30%; Chesapeake & Ohio at 39 against
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record losses all around. General Electric closed 40/ Northern Pacific at 46 against 46%, and
78;
yesterday at 43% against 46 on Friday of last week; Great Northern at 58 against 60.
Warner Bros. Pictures at 10% against 1178; Elec.
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The oil shares have also moved lower. Standard
Power & Light at 48 against 5078; United Corp. at Oil of N. J. closed yesterday at 41% against 4378
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22% against 24%; Brooklyn Union Gas at 110% on Friday of last week; Standard Oil of Calif. at
against 112 bid; American Water Works at 57% 42% against 44y Simms Petroleum at 6
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8;
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against 60%; North American at 72 against 773
4; against 7 ; Skelly Oil at 7 against 814; Atlantic
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Pacific Gas & Elec. at 483 against 50; Standard Refining at 16% against 18%; Texas Corp. at 263
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Gas & Elec. at 69% against 74 ; Consolidated Gas against 28%; Richfield Oil at 2 against 278;
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1
4
/
1
4
/
of N. Y. at 951 4 against 99%; Columbia Gas & Elec. Phillips Petroleum at 9% against 10; Standard Oil
/
at 35 against 38%; International Harvester at 49% of N. Y. at 2078 against 22, and Pure Oil at 778
/
/
against 51%; J. I. Case Threshing Machine at 88
/ against 8%.
1
4
against 96; Sears, Roebuck & Co. at 5014 against 54;
/
The tobacco stocks also closed lower for the week,
Montgomery Ward at 20 against 2214; Woolworth notwithstanding their early strength. Universal
/
at 59% against 6118; Safeway Stores at 49% Leaf Tobacco closed yesterday at 37 against 39%
/
against 613
%; Western Union Telegraph at 125 on Friday of last week; American Tobacco at 121
against 1.30 4; American Tel. & Tel. at 186% against against 123; Liggett & Myers at 83% against 851 ;
%
1881 Int. Tel. & Tel. at 28% against 331 Amer- American Sumatra Tobacco at 9 against 778;
%;
%;
/
1
4
/
ican Can at 1171 against 121%; United States In- Reynolds Tobacco class B at 50 against 51%; Loril%
dustrial Alcohol at 365/s against 41; Commercial lard at 17 against 19%, and Tobacco Products
/
1
4
Solvents at 14 against 16%; Shattuck & Co. at class A at 13% against 13%.
/
1
4
25 against 2578; Corn Products at 73 against 79,
/
1
2
/
The copper shares have followed the general marand Columbia Graphophone at 10 against 12.
/
1
4
ket. Anaconda Copper closed yesterday at 32
Allied Chemical & Dye closed yesterday at 131
/ against 33 on Friday of last week; Kennecott Cop1
4
against 134 on Friday of last week; E. I. du Pont per at 231 against 24; Calumet & Hecla at 8%
4
de Nemours at 87 against 93%; National Cash Regis- against 8%; Calumet & Arizona at 38 bid against
/
1
4
ter at 271 against 29
%
/ International Nickel at 39; Granby Consol. Min. at 16 against 17; Amer1
4;
/
1
4
16% against 17½; Timken Roller Bearing at 46% ican Smelting & Refining at 43 ex-div. against 46 ,
/
1
4
against 505 ; Mack Trucks at 35% against 35 ; and U. S. Smelting & Refining at 20% against 21.
/
/
1
4
2828
FINANCIAL CHRONICLE
[Von. 132.
Dull markets and irregular price movements pre- stocks. Suez Canal shares also gained, but Rio
vailed on all the stock exchanges in the important Tinto again receded. Business was of small proporEuropean centers this week, with the general trend tions. The downward trend was resumed in a
toward lower prices. Declines were gentle but further dull session on the Bourse Wednesday.
fairly persistent, and the few rallies offset the re- Events in Spain weighed heavily on the market and
cessions only in part. Political developments were all international stocks declined. Slight recessions
responsible for the weak tones in London, Paris and also appeared in French industrial issues, mining
Berlin, to a degree, while industrial news also was shares and other groups. Prices sagged Thursday
mostly unfavorable. The Spanish overturn unset- also, the entire list moving downward on small dealtled all the European markets for a time. The Lon- ings. The Spanish political upheaval occasioned
don Stock Exchange was affected, as well, by the more selling of Rio Tinto and other stocks of this
threat of a Cabinet overturn in London and by description, while favorable factors were lacking in
gloomy forecasts of the budget presentation later the French list. Heaviness on the Bourse caused
this month. Of immediate concern were numerous additional declines yesterday.
The Berlin Boerse was quiet at the opening Mondividend reductions by large companies, dispatches
any exceptions appearing to this rule. day, with most issues showing a modest declining
said, scarcely
issues were
Commodity price levels now appear to be almost tendency. Steel stocks and electrical
were a few bullish demstabilized, while unemployment shows no tend- the heaviest groups. There
ency toward further increase. These items, onstrations toward the close, especially in the artihowever, are only negatively favorable, while the ficial silk section. The list was dull and lower
ty
trend toward contraction was again instanced this Tuesday, largely owing to the uncertain over the
Warsaw that all Polish European political outlook, reflections on this subweek by announcement in
A
Government employees will suffer a reduction of ject being sharpened by the Spanish situation.
in brewery shares,
15% in salaries on May 1. In Paris figures were temporary advance was staged
made public Monday showing a sharp decline in but these *sues lost their gains toward the close.
while
traffic through the Suez Canal. Directors of the Potash stocks were weaker than most others,
also declined sharply. Mild
operating company discussed the question of a re- artificial silk stocks
but
duction in toll rates to stimulate traffic, some board liquidation followed in Wednesday's dealings,
the declines were not serious. The drop took place
members contending that vessels using other routes
could thus be induced to use the Suez Canal. Fore- in the early trading, with steadier conditions prevacasts of the business trend, issued in London and lent thereafter. Brewery stocks were well main,
Berlin this week, manifested a modestly hopeful tained. The trend Thursday remained downward
occasion.
with heavier recessions recorded on this
tone.
The London Stock Exchange was steady Monday, There was much uneasiness regarding developments
although business proceeded on a small scale in all in Spain and their possible effects on Portugal. Potsections of the market. British funds were slightly ash issues showed the largest declines. The trend
taksofter, while foreign bonds were uncertain. Indus- at Berlin was reversed yesterday, improvement
and international ing place in most stocks.
trial stocks, both in the British
groups, were better. Quiet conditions again preA rising tide of republican sentiment in Spain
vailed Tuesday, with public interest lacking. Ease
XIII from the throne early
in British Government issues was induced by a swept King Alfonso
way for the establishmovement of foreign exchanges against London. this week and prepared the
under Niceto Alcala Zamora, as
Most British industrial stocks were steady, but the ment of a republic
The end of the monarchy
international list declined in late dealings. No im- Provisional President.
unexpected, as ominous rumblings of disprovement appeared in Wednesday's session at was not
in Spain bpi years, with
London. Selling appeared on a minor scale, but in content have been heard
at revolution reflecting an
the absence of public interest it caused mild declines recent abortive attempts
The actual overturn was
in several groups. British funds were easier in spite even more acute situation.
dramatic, since it meant the
of a better movement in the exchanges, while inter- nevertheless highly
monarchial rule that prevailed for
national stocks dropped on unfavorable overnight termination of a
with only a brief intermission some
reports from New York. Argentine rail issues were fifteen centuries
Alfonso yielded his throne
depressed in the session by fears of further political sixty years ago. King
two confused and trying days that
difficulties in that country. Little business was Tuesday after
municipal elections of last Sunday, in
done Thursday, and prices again moved against the followed the
sweeping victories were won by the republican
holders. All British funds were fractionally lower, which
fled the country as a deposed monand foreign bonds also declined. British industrial candidates. He
accede apparently to the demand
stocks and international issues moved downward as arch, refusing to
ns for his format abdication. The
well. Considerable selling pressure appeared in the of the republica
the last of the Bourbon rulers, left
oil shares in this session. Further recessions on a King, who is
a Spanish cruiser at Cartagena,
modest scale were recorded in further quiet deal- Spain aboard
proceeded to Marseilles. Other members
whence he
ings at London yesterday.
went direct to Paris over the
issues listed on the Paris Bourse were of the royal family
Prices of
frontier. London reports indicate they
sharply lower Monday, in reflection of uncertainty northern
their home in Great Britain, where sevcaused by the Spanish elections last Sunday. Shares will make
Rio Tinto, eral other former European rulers now reside.
of companies operating in Spain, such as
Like all other historical events of great moment,
Penarroya and Tharsis, were especially affected.
transformation of Spain from a monarchy to a
French bank stocks were weak, and a similar trend this
appears rather to be the culmination of a
prevailed in such issues as Suez, which dropped 220 republic
movement than an isolated incident. The
points in the session. Tuesday's dealings at Paris prolonged
ed trend toward a republican form of govwitnessed some improvement in French industrial pronounc
APRIL 18 1931.]
FINANCIAL CHRONICLE
2829
ernment in other European countries undoubtedly enough for any one." Republican elements, under
influenced the Spanish people, while the personal the leadership of Alcala Zamora and Miguel Maura,
record of King Alfonso played perhaps an equal gathered in Madrid and formally demanded that
part. Although immensely popular with his sub- King Alfonso recognize the Spanish Republic and
jects in many ways, Alfonso is believed to have lost abdicate. In a manifesto issued by this group the
much favor in the eight years of military dictator- statement was made that "if the King does not
ship which began in 1923. The very establishment accept the dictates of the public we are ready to
of the dictatorship is considered due to the terrible enforce them and to establish a republic ourselves."
debacle in the war with Riffian tribesmen in Mo- It was indicated that a "union of workers and Rerocco, where half of a force of 20,000 Spanish troops publicans" had been organized, to the end that a
under General Silvestre was killed. Disregarding general strike would follow throughout Spain if
the advice of his military commanders, King Alfonso the demand for republican government proved unissued the orders that led to the disaster, and the successful. Premier Aznar denied that a dictatorpopular reaction produced a crisis which was weath- ship was impending and he also declared that the
ered only by the resort to dictatorial government King would not abdicate. Rumors were circulated,
under Premier Primo de Rivera. The latter re- however, of the King's abdication, and immense
mained in office six years, to be succeeded by Gen- crowds surged through the streets of the capital,
eral de Berenguer, and finally, in recent months by frequently clashing with the police. King Alfonso,
Admiral Aznar. Parliamentary sessions were dis- in the meantime, watched a motion picture show
continued in the meantime, and a strict censorship in the royal palace, with members of his family.
The powerful thrust toward republicanism beestablished. Some of the former political leaders
were forced into exile, while others quit the country came irresistible Tuesday, and the monarchy was
voluntarily. The need for popular expression at toppled over soon after noontime, the incident apelections was irrepressible, however, and arrange- pearing as the culmination of a few hours of breathments were made several times in recent years for less excitment. "Town after town of old Spain had
plebiscites. The elections promised by Primo de declared themselves Republican," a dispatch to the
Rivera were postponed on the orders of the King New York "Times" said. "Swelling, delirious
and his monarchist advisers, and the postponement crowds, shouting the ‘Marseillaise', swept through
led to the downfall of the Rivera Government. Gen- the streets of Madrid and all the towns and villages
eral Berenguer, in turn, promised elections which of Spain until their voices raised a mighty chorus
were put off following a revolt by army leaders in which Alfonso, vainly trying to find some way of
the north and by air forces in Madrid.. The Beren- saving the impossible situation, could not ignore."
guer Cabinet also fell, and Admiral Aznar, who Little fighting accompanied the movement in the
followed, arranged a series of elections by the capital, but rioting took place at Barcelona, where
municipalities and the provinces.
three persons were killed. Catalonian Separatist
Municipal elections—the first of any kind to be leaders in Barcelona hastily proclaimed a "Catalan
held in Spain for eight years—took place last Sun- Republic", with Col. Francisco Macia at its head.
day, and they speedily revealed an overwhelmingly A republic also was set up in San Sebastian, but
republican trend in all the major cities and towns the subsequent trend of affairs indicates that atof Spain, while even in the conservative rural dis- tempts will be made to incorporate them as
tricts important gains were recorded by the repub- Federal units in the new Spanish Republic.
licans. Conditions under which the elections were Work was practically suspended throughout
held did not favor the republicans, as civil guards the country, with all the people following the
presided at the polls. So strongly anti-Royalist developments. Premier Aznar visited the palace
were the returns, however, that a Government crisis in the morning and placed the formal resignations
appeared inevitable. It was taken for granted that of the Cabinet in the hands of the monarch. The
the Aznar Cabinet would resign, and it seemed for King was advised to call a Constitutional Convena time that King Alfonso would call upon Santiago tion at once, but none of the Liberal leaders would
Alba or Melquiades Alvarez, of the Constitutionalist accept the task of forming a new Government. Alparty, to form a new Government. This group has fonso was advised, it is said, that abdication was
persistently agitated for the calling of a Constituent inevitable. Republican leaders gathered, meanCortes, or Constitutional Assembly, to draft a new while, at the home of Alcala Zamora and decided
fundamental law for Spain, with the King taking to call a revolution at dusk if the King refused to
a "vacation from the throne" while the assembly abdicate.
deliberated. The alternative of a rigorous dictatorBy mid-afternoon it became known that Alfonso
ship also was considered, but the actual course of had acceded to the demand that he relinquish the
events swept swiftly beyond all such expedients throne, and a frantic demonstration followed when
and placed the republicans in outright power.
the new red, yellow and purple flag of Republican
The election results and the sense of impending Spain was run up over the postoffice building in
change produced intense excitement in the days the capital. Fleets of automobiles roared through
that followed, not only in Madrid, but also in Barce- the streets, bearing the flags of the new Republic
lona, Seville and other large centers. It was dis- and the red flag of revolution. Troops kept the
closed Monday that the Aznar Cabinet would resign, throngs away from the palace, however, until 9
and that formation of a new government would be o'clock, when it was made known that Alfonso had
entrusted to Juan de la Cierva, Minister of Public departed by automobile for Cartagena, accompanied
Works in the Aznar Cabinet, and a staunch mon- by the Duke of Miranda, his Majordomo. The King
archist. Premier Aznar was asked, when proceed- left the palace by the garden gate, it is indicated,
ing to the final Cabinet meeting, whether there and got out of Madrid before the people were aware
was a crisis, and he replied.: "When a monarchist of his departure. The Republicans, under Alcala
country turns republican in 24 hours the crisis is Zamora, worked desperately to maintain order and
2830
FINANCIAL CHRONICLE
organize a new provisional regime. Late in the day
the Provisional President of republican Spain
stepped to a microphone in the Ministry of the
Interior and announced to the nation that the republic was triumphant. "The Republic cannot
promise you felicity," he said, "but it will strive
to bring back to Spain respect for law and justice,
and it will inquire into responsibilities and carry
out administrative reforms." He declared that the
new Government would grant complete political
amnesty as its first action, and ended by begging
the people to observe order so that there might be
no pretext for reaction against their liberty. The
white-haired republican leader, who was sentenced
to prison three weeks ago for his activities by the
monarchist regime, appeared on a balcony of a
Government building late at night and repeated his
promises and admonitions to the huge gathering
beneath. Ministers of the new regime were formally invested with power in the evening, and they
went immediately to their respective offices. The
transfer of authority was arranged at a protracted
conference between Premier Aznar and Senor
Alcala Zamora.
Wild demonstrations occurred throughout the
land Wednesday, with millions of people participating (if reports are to be believed), as the new
Government ordered the day observed as a national
holiday. Madrid was a riotous mass of color, dispatches said, owing to the thousands of red and
republican flags draped on buildings and carried
by the people. "It is almost impossible to visualize
a nation gone mad with joy," a report to the New
York "Times" said. "Madrid, like every other town,
is a billowing mass of tossing banners, flaunting
their colors. Little girls wear huge red paper hair
ribbons. Tiny boys run about in excited groups
with great red bow-ties. Bands of cheering people
wearing red stocking caps, not seen in Europe since
the French Revolution, are shouting 'Viva la Republica'r and 'Viva Libertad'! The women are the
maddest of this mad lot, mingling with the men and
breaking traditions." One of the greatest demonstrations was staged for Ramon Franco, who came
back to Madrid from his exile in Portugal, where
he went after failure of the aerial revolt of last
December.
Contributing to the public excitement was a
manifesto which the new regime published early
Wednesday, pledging elections, religious freedom,
equal justice for all, respect for property rights,
and a new economic dispensation through making
the great landed estates profitable. This first
decree of the Government declared that in view of
the democratic origin of its powers and the responsibilities which the State functions entail, the Government will submit the individual and collective
acts of its Ministers to the sanction of a Constitutional Convention, as the supreme direct organ of
the national will. It promised an open inquiry into
the question of the revision of official decisions,
whether civil or military, and proclaimed further
that individual religious liberty will be fully preserved, without the State ever requiring its citizens
to reveal their convictions. Respect for individual
liberties and guarantees for the protection of individual rights formed a further principle enunciated
in the document. Private property was accorde
the due guarantee of law. "Nevertheless," the decree said, "the Government, conscious of the abso-
[VoL. 132.
lute poverty in which the immense mass of peasants
lives, the neglect of agrarian economy and the incongruance of rural rights and present legislation,
adopts as a normal policy recognition that agrarian
legislation should be adequate to the social function of the land." It was indicated, finally, that
monarchist holders of office throughout Spain
would he replaced by Republicans. After its first
formal meeting, Wednesday, the new Cabinet announced that those responsible for the deaths of
Captains Galen and Fernandez, who were executed
after the December revolution, would be court-martialed. The Cabinet also decreed a complete reorganizations of the Spanish legal system and an
investigation of the Moroccan disaster of 1921,
wherein 10,000 Spanish soldiers perished.
Conferences in Madrid soon showed that the Provisional regime had the full support of the army
and navy. General Sanjurjo, head of the Civil
Guards, or national police, declared that recognized
authority must be supported by his forces. Vessels
of the Spanish fleet at Barcelona and other ports
struck the royal flag and unfurled the republican
tricolor. Announcement was made that all titles
of nobility would be abolished. Important also was
the pronouncement by Indalecio Prieto, the Minister
of Finance in the new Cabinet,that he did not expect
to use the international credit of $60,000,000
granted the Bank of Spain for currency stabilization purposes by 'banking groups in the United
States and France, late in March. Senor Prieto
expressed the belief that the funds will not be
needed to support the peseta. In a formal statement to foreign press correspondents in Madrid,
Provisional President Alcala Zamora promised that
order would be maintained and a democratic republic established which would merit the confidence
of the rest of the world. With the Republic apparently definitely established 'and the Provisional
Government in substantial control, almost all the
Spanish people went quietly back to work Thursday. There were still some Communist disturbances at Seville, where martial law was proclaimed,
and at Barcelona and Bilbao, but these did not
appear menacing. The Communists, especially
strong in the industrial districts, are said to have
little sympathy with the republicans.
Although the Spanish people were convinced,
most of the week, that the deposed King had abdicated formally, such appears not to have been the
case. Members of the royal family who reached
the Franco-Spanish border at Hendaye, Wednesday,
made public there a message from the King to the
Spanish people. In this he indicated that he did
not renounce any of his rights and intended to wait
for a recall to the country which he ruled all his
life. "The elections which took place Sunday have
clearly shown me that I have lost the affection of
my people," the message read. "In my conscience
I am certain this disaffection will not be definitive,
as I have always done my utmost to serve Spain.
I am King of all the Spaniards and I am myself a
Spaniard. I could have employed divers means to
maintain the royal prerogatives and effectively to
combat my enemies, but I wish resolutely to step
aside from anything that might throw some of
my countrymen against others in a fratricidal civil
war. I do not renounce any of my rights because
they are more than mine; they are the accumulated
store of history and I shall one day have to make a
APRIL 181931.]
FINANCIAL CHRONICLE
rigorous account of their preservation. I am waiting to learn the real expression of the collective
opinion of my people, and while I am waiting until
the nation shall speak, I am deliberately suspending
the exercise of the royal power and I am leaving
Spain, recognizing in this way that she is the sole
mistress of her destinies." Rumors that the Bing
had not actually abdicated began to circulate in
Spain Thursday, causing a little uneasiness regarding the possibility of dissension in the republican
ranks which, it was thought, might open the way
to efforts for restoration of the monarchy.
Spanish Ambassadors to Washington, London,
Paris, Berlin and other important capitals sent
their resignations to the new Madrid Government
one after another in the course of the week. Senor
Don Alejandro Padilla y Bell, accredited to Washington, resigned his post Wednesday, without wa.
ing for official notification of the change in Government. Minor members of the Embassy staffs
are likely to remain at their posts, it is believed,
since they are appointees of the Spanish Foreign
Office rather than of the King. Foreign consuls
of Spain in the trade centers of the world will continue in their offices for the time being, it is indicated. The question of recognition of the Spanish
Republic was stiudied in Washington, but it was
stated at the State Department that no immediate
decision is likely. It was announced in Madrid,
Thursday, that Mexico and Uruguay had recognized
the Republic, and that Argentine recognition is
expected soon. France was the first major power
to
recognize the Republic, this action being announc
ed
in Paris yesterday. Chilean recognition also
was
extended. The Republican Cabinet formed
in
Madrid to take over the Government follows:
President—NicetolAlcala Zamora.
Minister of the Interior—Miguel Maura.
Minister of Finance—Indalecio Prieto.
Minister of Public Works—Alvaro Albomoz.
Minister of Foreign Affairs—Alejandro Lerroux.
Minister of War—Manuel Azana.
Minister of Public Instruction—Marcelino Domingo.
Minister of Labor—Francisco Largo Caballero.
Minister of Justice—Fernando De Los Rios.
Minister of Economy—Martinez Barrios.
Minister of Marine—Casares Quiroga.
Among a flood of rumors surrounding the visit
to the United States of Montagu Norman, Governor
of the Bank of England, the most persistent relates
to the so-called "blood transfusion plan" for ending
the current trade depression. Most of the rumors
were groundless, and their origins in some cases
ludicrous. The plan disclosed by the Manchester
"Guardian", Tuesday, appears, on the other hand,
to carry the weight of authority. It is said to
provide for an international combination of financiers arranging long-term credits for the purpose
of "getting the world back to work". This is apparently in line with the requent statements of Gates
W. McGarrah, of the B. I. S., and others, calling
for the extension of such credits by the American,
French, and British capital markets. "The scheme
was first proposed a month ago, and it will be
discussed at the annual meeting of the B. I. S.
in May," a London report to the New York "Evening
Post" remarks. "This plan is the outgrowth nOt
only of the urgent needs of the present economic
crisis, but it is also a pledge made to the Germans
in inducing them to accept the Young plan. The
intention, apparently, is to stimulate international
investment by guiding investors into domains where
their earnings will be lucrative, but where their
2831
timidity now prevents their going. Sporadic investment starts from Great Britain and France at high
yields, and then something happens politically
which frightens investors and they withdraw their
funds. Obviously, if the investment policy could
be fixed by the great financial powers, it would
help the movement of money which is essential to
a general world revival." No. comment oh the plan
was available in Berlin, a dispatch to the New York
"Times" said, as the plan had not been brought
to the formal notice of bankers there. French
interest was largely academic, with little expectation that the project can be placed in operation,
reports from Paris indicated. Mr. Norman sailed
from New York Wednesday, without commenting
on the rumors.
A comprehensive discussion of the Austro-German customs union in the forthcoming meeting
of the League of Nations Council was assured,
Monday, when the League Secretariat received a
brief formal note from the British Government requesting that the matter be placed on the agenda of
the Council session, May 18. The note alludes to
the Austro-German customs union project in general terms, as having caused much recent discussion.
The only specific question raised was whether the
agreement is compatible with Austria's previous
international obligations, and especially with the
League loan protocol of 1922. Only the judicial
aspect of the proposed accord is thus brought forward in the British note, but it is assumed in Geneva
that unrestricted discuscsion may result from the
general introduction. A further disclosure in
Geneva, Wednesday, indicated that the project will
come up for discussion in an international forum
even before the League Council meets. A telegram
was received from Dr. Julius Curtius, Foreign Minister of Germany, asking that the whole question
of the development of customs relations in Europe
be placed on the agenda of the Pan-European Commission meeting, scheduled for May 15. Examination of the situation created in Europe by the failure
of the so-called tariff truce proposal is necessary,
Dr. Curtius declared. The German delegation to
the Pan-European Commission meeting intends, he
added, to make a declaration with regard to the
aims embodied in the customs union project with
Austria. He also asked that the possibilities of
improving European trade through preferential
tariffs be discussed again at the Commission
session.
Debate in the British House of Commons on the
unemployment question was successfully weathered
by the Labor Government of Prime Minister Ramsay
MacDonald, Thursday, although fears were general
throughout Britain before the debate that it might
result in an overturn and general elections. The
heavy increase in unemployment since the Labor
Cabinet was formed in June 1929 has been the greatest difficulty of the MacDonald Government, owing
to the promises made by the Labor leaders in the last
general election for remedying the evil. A motion
of censure on this matter, presented by Stanley
Baldwin as the leader of the Conservative opposition, was reached early Thursday and debated for
seven hours in a not unpleasant atmosphere. There
were no fiery denuncations, and the division late
in the day resulted in support of the Labor regime
2832
FINANCIAL CHRONICLE
by 305 to 251 votes, or the unexpectedly large margin of 54 votes. The attitude of the Liberals, who
hold the balance of power, was the point of chief
interest. Following the cue given them by David
Lloyd George, the Libertl chieftain, 35 Liberals
voted with the Government and only 10 against it.
Mr. Baldwin confined himself to the general charge
that the Labor Government had failed to carry out
the election pledges and therefore had lost the confidence of the country. Thomas Johnston, newly
appointed Lord Privy Seal and unofficial "Minister
of Unemployment", replied for the Government,
arguing that the campaign promises had been honored by finding employment thus far for 226,500
men under Government schemes of which the total
cost was placed at £173,000,000. With the balloting
on the issue in favor of the Labor Government, no
obstacle is now seen to continuance of that regime
in office. Although the budget presentation bl
Chancellor Snowden on April 27 will produce much
debate, overturn on this question is not expected.
announced on Feb. 13, 154 marines have already
left Nicaragua, and others will be withdrawn as
they are replaced in outlying posts by Nicaraguan
guardsmen. Although some uneasiness was occasioned in towns along the east coast by the renewed
banditry, the situation was fairly calm, with American forces landed from the vessels in several places.
A notification by the State Department in Washington was issued to American citizens in Nicaragua
yesterday to the effect that general protection of
Americans in the interior could not be undertaken
by United States forces. The notification, sent
through the Legation in Managua and the Consulate
in Bluefields, recommended that "all Americans
who did not feel secure under the protection
afforded them by the Nicaraguan Government
through the Nicaraguan National Guard withdraw
from the country, or at least to the coast towns,
whence they can be protected or evacuated in case
of necessity". It was stated that those who remain
do so at their own risk and must not expect American forces to be sent inland to their aid. Secretary
Stimson announced these instructions, and added
that with American warships at three ports on the
eastern coast of Nicaragua, full protection would
be given American lives and property within these
port cities. To undertake general protection, he
said, would lead to difficulties and commitments
which the United States Government does not propose to undertake. In summarizing the situation
in eastern Nicaragua, he stated that no trustworthy
estimate of the number of rebels in that area is yet
available. Marine aviators, however, encountered
only small bands, operating chiefly in outlying
settlements, logging camps or mines.
Insurgent activities in Nicaragua were suddenly
resumed a week ago by heavily armed forces operating in the hilly northeastern part of the country,
which has been relatively quiet heretofore. The
rebel bands, led by Augustin° Sandino and his
associates, Generals Pedron and B]andon, moved
through the jungle toward Puerto Cabezas, killing
foreigners and natives alike, and looting the haciendas and small timber towns in the interior. They
descended first upon the tiny settlement at Log.
town, 70 miles from Puerto Cabezas, early last Saturday, and then proceeded to Cape Gracias a Dios,
a small port just south of the Honduran border,
which they captured Wednesday. Only a few small
detachments of Nicaraguan National Guards, officered by United States marines, were in the vicinity, and these were ambushed in some instances by
the rebels when they went to the defense of the
small communities. Captain Harlan Pefley, of
Philadelphia, was killed early last Saturday when
he led a detachment to Logtown to investigate the
disturbance. Subsequent reports show that eight
other Americans are dead as a result of the bandit
activities, while one British subject and a Guatemalan also were killed. W. H. Selser, of Florida,
died while fighting the bandits, while the other
Americans were captured and executed by the
rebels. Many insurgents were killed by Marine airplanes and the Nicaraguan guardsmen.
American naval vessels were quickly dispatched
to the scene of the trouble, owing to the difficulty
.of overland transportation from 'Managua, on the
western slope of the country. The gunboat Asheville, of the Special Service Squadron, left Panama
Monday on orders from Washington and arrived at
•Puerto Cabezas Tuesday. The cruiser Memphis was
sent from Guantanamo to Puerto Cabezas Thursday
to relieve the Asheville, which will proceed to Cape
Gracias a Dios, while an additional gunboat, the
Sacramento, will go to Bluefields, principal port of
Eastern Nicaragua. American warships will thus
command the entire eastern coast of the country,
Washington reports state. It was officially indicated by the State Department in Washington that
the outbreak will not prevent or delay the withdrawal of American forces from Nicaragua, in accordance with the plan outlined earlier this year by
Secretary Stimson. In accordance with the plan
[Vox.. 132.
Unsettlement in the political affairs of Argentina
has resulted from elections in Buenos Aires province,last Sunday, which reflected a trend of popular
sentiment away from the national Conservative
regime of Provisional President Uriburu and back
toward the Radical party, which was displaced in
the military revolution last autumn. Final returns
of the provincial elections were made known
Wednesday. They showed 81,419 votes for the Radical candidates; 75,754 for the Conservatives, and
19,008 for the Socialists. This means, it is reported,
that the national capital is opposed to the Uriburu
regime, which has the apparent support of the rest
of Argentina. The situation was considered in a
Cabinet meeting Wednesday, and all members of
the Cabinet thereafter submitted their resignations
to Senor Uriburu, in order to give the latter freedom of 'action. Partial settlement of the crisis was
effected Thursday, with the announced retention in
the Cabinet of Ernesto Bosch as Minister of Foreign
Affairs, and General Medina as Minister of War.
Changes were made in three Ministries, while the
portfolios of the Interior, Agriculture and Public
Works remain to be filled. Enrique Uriburu, President of the Bank of the Nation, was appointed the
new Minister of Finance; Guillermo Rothe was
named Minister of Justice and Public Instruction,
and Rear Admiral Carlos Daireaux was made Minister of Marine.
A decision to withdraw its support of the Argentine exchange market and the peso quotation was
reached by the Bank of the Nation Thursday, occasioning a drop in the paper peso. An outflow of
$42,049,000 in gold has followed the authorization
APRIL 18 1931.1
FINANCIAL CHRONICLE
of Jan. 13 for exportation of the metal in order to
improve the exchange position. In an official statement, issued Thursday, it is remarked that the
"Bank of the Nation, in the face of an excessive
decline in the exchange value of Argentine currency
which threatened incalculable losses to importers,
obtained from the government authorization to use
the gold reserves of the Caja de Conversion to satisfy
the demand for drafts. The bank thus brought
about pronounced improvement in the value of our
currency which has been maintained to date, permitting importers and others who had to make remittances abroad to make them at a favorable rate
of exchange. As the reasons which induced the bank
to assume this course have disappeared, and as this
artificial valorization is prejudicing the sale of the
exportable surplus of our products and is likely to
foment excessive speculation, the bank has resolved
to let the exchange market assume its natural level,
subject to renewal of control measures whenever
circumstances warrant."
Changes in the Japanese Government which have
been impending for some time were effected this
week when Premier Yuko Hamaguchi presented the
resignations of his entire Cabinet to Emperor Hirohito. This action was forced by the illness of the
Premier, who had been subjected to several operations since last November, when serious abdominal
wounds were inflicted on him by an assassin in the
Tokio railway station. The protracted illness of
Mr. Hamaguchi prevented his active participation
in politics at a time when his leadership of the
Minseito, or Liberal party, was under severe attack
from the Conservative opposition. No surprise was
occasioned, therefore, by the resignation of the
Hamaguchi Cabinet, which took place Monday.
Preparations for the step were taken last week
by the Minseito party, which elected Baron Reijiro
Wakatsuki to leadership of the faction in anticipation of his selection as Premier to succeed Mr.
Hamaguchi. Mr. Wakatsuki was summoned to the
palace by the Emperor early Tuesday and instructed
to form a new Government. This was quickly done,
and a new Cabinet installed late in the day with
only three changes from the previous Ministry, while
nine former Ministers retained their posts. General Jiro Miyami was appointed Minister of War
.to succeed General Ugaki, Sachio Sakurauchi was
named Minister of Commerce, and Shujiro Hara
took the portfolio of Overseas Affairs. The new
Government met with general approval, a Tokio
dispatch to the New York "Times" said. Business
circles especially were said to feel relief at the continuity of policy and the speedy dissipation of uncertainty caused by the change.
No changes occurred during the week in the discount rates of any of the European central banks.
Rates are 6% in Spain;5 % in Hungary and Italy;
/
1
2
5% in Germany and Austria; 4% in Norway and
Ireland; 3 % in Denmark; 3% in England and
/
1
2
Sweden; 2 % in Holland and Belgium, and 2% in
/
1
2
France and Switzerland. In. the London open
market discounts for short bills on Friday were
2 @29/16% against 2 9/16% on Friday of last
/
1
2
week, and 29/16% for three months bills against
2%% the previous Friday. Money on call in London on Friday was 1%7. At Paris the open market
0
rate remains at 13
4%,and in Switzerland at 1 %.
/
1
2
2833
The Bank of England statement for the week
ended Apr. 15 shows a loss of £820,974 in gold
holdings but as this was attended by a contraction of
£4,521,000 in circulation, reserves increased £3,700,000. The Bank's gold holdings now aggregate
£146,202,394 in comparison with £160,788,326 a year
ago. Public deposits fell off £1,491,000 and other
deposits rose £2,854,105. The latter consists of
bankers' accounts and other accounts which increased
£1,723,694 and £1,130,411 respectively. The proportion of reserve to liability rose from 46.56% a
week ago to 49.49% now. A year ago the ratio was
50.86%. Loans on Government securities rose
£935,000 and those on other securities fell off £3,271,413. Other securities consist of "discounts and
advances" and "securities." The former decreased
£2,514,032 and the latter £757,381. The discount
rate remains 3%. Below we show a comparison of
the different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1931
1928
1929
1930
1927
April 17.
April 16.
Aprt115.
April 20.
April 18.
CirculatIon_a
354.364,000 361,321.558
Public deposits
8,372,000 14,798,522
Other deposits
96.361,015 102,118,709
Bankers accounts_ 61,230,462 65,815,639
Other accounts.-- 35,130,553 36,303.070
Covernin't securities 34,334,684 58,282,629
Other securities_. 36.227,575 16,828.819
Disct. dr advances 8,375,954 6,386.083
Securities
27,851,621 10,442,736
Reserve notes .5r coin 51,839,000 59,466.768
Coin and bu1lion-146,202,394 160,788,326
Proportion of reserve
to liabilities
49.49%
50.86%
Bank rate
3%
%
358,940,958
17.876,233
96,975,717
60.779.118
36,016.599
48,346,855
26,650,421
11.028,809
15,621,612
57,330.825
156,271,783
49.99%
535%
134,660.000 137.038.465
17.503,000 15,244,272
100,435,000 110,337,976
31,720,000 37,955,666
60,190.000 69,779,112
43.709,000 36,559,908
158,619.000 153,848,373
37.05%
4Si%
2934%
5%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
In its statement for the week ended April 11, the
Bank of France shows a gain in gold holdings of
10,775,297 francs. The total of the item now stands
at 56,107,297,136 francs, which compares with
42,324,969,992 francs the corresponding week last
year and 34,323,084,117 francs two years ago.
Credit balances abroad declined 29,000,000 francs
while bills bokight abroad rose 26,000,000 francs.
Notes in circulation show a contraction of 758,000,000
francs, reducing the total of the item to 78,166,567,895 francs. Total circulation last year was 71,245,075,970 francs and the year before 63,317,357,820
francs. French commercial bills discounted and
advances against securities show decreases of 437,000,000 francs and 14,000,000 francs, while the item
of creditor current accounts increased 312,000,000
francs. Below we furnish a comparison of the various
items for the past three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
------Status as of
Changes
for IVeek.
April 11 1931. April 12 1930. April 13 1929.
Francs.
Francs.
Francs.
Francs.
Gold holdings- - - _Inc. 10,775,297 56.107,297,136 42,324.969,992 34,323,084.117
Credit bats. abed_Dec. 29,000,000 6,916.034,074 6,897,549.513 10.318,867.453
French commercial
bills discounted-Dee. 437.000,000 7,580.771.526 4,646,899.959 5.660,690.407
Bills bought abed_Inc. 26,000.000 19,370,303.556 18.719,656.654 18,450.786,210
Adv.agst.securs--Dec. 14,000,000 2,927,324.770 2.651.990,287 2.375.328.874
Note circulation —Dec.758,000,000 78.166.567.895 71.245,075.970 63,317.357,820
Cred. cur?. sects—Inc. 312.000,000 22,228,305,785 13,261.721,374 17,997,673,325
The Bank of Germany in its statement for the
second week of April records a gain in gold and
bullion of 1,189,000 marks. The total of the item
now stands at 2,344,833,000 marks, as compared
with 2,550,125,000 marks last year and 2,429,866,000
marks the year before. Increases also appear in
silver and other coin of 44,276,000 marks and in
notes on other German banks of 10,290,000 marks,
while deposits abroad remain unchanged. Decreases
appear in reserve in foreign currency of 51,413,000
marks, in advances of 6,767,000 marks, in investments of 54,000 marks and in other assets of
46,790,000 marks. Notes in circulation show a
reduction of 505,207,000 marks, reducing the total
of the item to 3,872,641,000 marks. Circulation last
year aggregated 4,308,719,000 marks and the year
previous 4,145,211,000 marks. Other daily maturing
obligation show a loss of 19,944,000 marks and other
liabilities, an increase of 2,879,000 marks. A comparison of the various items for the past three years
is furnished below:
Assets—
[Von. 132.
FINANCIAL CHRONICLE
2834
REICHSBANH'S COMPARATIVE STATEMENT.
Changes for
Apr. 151931. Apr. 15 1930. Apr. 151929.
Week.
Reichstnarks.
Reichsmarks. Reichsmarks.
Reichsmark,.
1,189.000 2,344,833,000 2,550,125,000 2,429,866,000
Gold and bullion
Inc.
207,638.000 149,788,000 154,344.000
Of which depos. abr'd_ Unchanged
23.674.000
Reeve in forn curr_ Dec. 51.413,000 114,092,000 357,433,000
Bills of each.& checks.Dec. 473,003,000 1,707.605,000 1,765,727,000 2,197,804,000
44.276.000 187,504.000 142,647,000 133,812,000
Sliver and other coin_ _Inc.
18,261,000
22,579,000
25,409,000
Note.' on oth.Ger.bko.Ine. 10,290,000
67,381,000 121,078,000
33eo. 6,767,000 149,452,000
Advances
92,981,000
93,090,000
54,000 102,636,000
Dec.
Investments
Dee, 46,700,000 453,142,000 606,612.000 488,448,000
Other assets
Notes in circulation_ _D-o. 505,207,000 3,872,641,000 4,308,719,000 4,145,211,000
0th. daily mat. obi's-Dec. lo,944,000 322,904,000 638,330,000 670,294,000
Inc. 2,879.000 261,551.000 160,300,000 252,341,000
Other liabilities
Money rates showed little movement in the New
York money market this week, with conditions virtually unchanged from earlier sessions. The Treasury again announced heavy withdrawals of funds
from depositary institutions for the purpose of making loans to veterans on insurance certificates.
These heavy monetary needs caused a slight tightening of the market Thursday, but otherwise they
produced no material effect. Call money in this
2
1
/
market was 1 % for all transactions on the Stock
Exchange Monday, Tuesday, and Wednesday. Although the banks withdrew $25,000,000 in call loans
Monday, the supply of funds was sufficient to occasion offerings in the unofficial "Street" market at
4
1
/
1 % Monday and Tuesday. Further withdrawals
by the banks of about $50,000,000 Wednesday prevented any overflow into the "Street" market.
2
1
/
After renewing at 1 % Thursday, the rate advanced to 2% on the Exchange late in that session,
with further bank withdrawals of $40,000,000 noted.
%
1
/
The rate slipped back to 12 yesterday and remained at that figure all day, withdrawals being
nominal. Brokers' loans against stock and bond
collateral advanced $27,000,000 -in the week to
Wednesday night, according to the tabulation of the
New York Federal Reserve Bank. Gold movements
reported for the same weekly period consisted of
imports of $7,965,000. There were no exports and
no net change in the stock of gold held earmarked
for foreign account.
Dealing in detail with call loan rates on the Stock
%
1
/
Exchange from day to clay, all loans were at 12
on Monday, Tuesday, and Wednesday, including renewals, but on Thursday, after renewals had again
2
1
/
been effected at 1 %,there was an advance to 2%
for new loans. On Friday all loans
in the rate
2
1
/
were again at 1 %, including renewals. Time
has remained in the doldrums, as more satismoney
factory accommodation is offered in other branches
@
1
/
of the market. Rates continue unchanged at 12
4
1
/
@2% for 60 days, 2@2 %
1
/
4%
/ for 30 days, 12
13
4
1
/
for 90-day accommodations, 2@2 % for four
and six months.
4 2
1 1
/ /
months, and 2 @2 % for five
The market for prime commercial paper has continued fairly brisk, but sales were again restricted
on account of the difficulty in getting satisfactory
paper. Rates for choice names of four to six months'
4
1 1
/ /
maturity are 2 @2 2%, while names less well
/
3
known are 2 4@3%.
Prime bank acceptances displayed a trifle more
activity this week. There was a moderately larger
supply of bills available, but the supply was still
insufficient to meet the demand. The Reserve
Banks reduced their holdings of acceptances from
$171,729,000 to $131,479,000. Their holdings of
acceptances for foreign correspondents further declined from $429,536,000 to $424,148,000. The
posted rates of the American Acceptance Council
2
1
/
0
remain at 1%7 bid and 1 % asked for bills run4% bid
ning 30 days,'and also for 60 and 90 days; 13
/
and 1%% asked for 120 days, and 178% bid and
4
13 % asked for 150 days and 180 days. The Acceptance Council no longer gives the rates for call loans
secured by acceptances. Open market rates for
acceptances have also remained unchanged, as
follows:
SPOT DELIVERY.
—180 Days— —HO Days— —120 Days—
SW. Asked.
Bid. Asked.
ind. Asked.
134
134
134
114
19(
114
Prime eligible bills
—90Days— —80Days— —30Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
134
134
134
%
134
134
Prime eligible bins
FOR DELIVERY WITHIN THIRTY DAYS.
114 bid
Eligible member banks
134 bid
Eligible non-member banks
There have been no changes this week in the rediscount rates of the Federal Reserve Banks. The
following is the schedule of rates now in effect for
the various classes of paper at the Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francine
Rate is
Effect on
Apr. 17.
234
2
334
3
sg
3
3
3
334
334
334
3
Date
Established.
Pr OW
Rata.
Jan. 2 1931
Dee. 24 1930
July 3 1930
Dee. 29 1930
July 18 1930
Jan. 10 1931
Jan. 10 1931
Jan. 8 1931
Sept.12 1930
Aug. 15 1930
Sept. 9 1930
Jan. 9i931
3
234
4
334
4
394
334
334
4
A
4
334
Sterling exchange is dull, and irregularly inclined
toward ease, although showing upon balance very
little change from the basic rates of last week. At
present sterling and all other leading exchanges are
under the shadow of the untoward situation in Spain.
Political events there have resulted in the development of a feeling of hesitancy in all foreign exchange
transactions. The range for sterling this week has
been from 4.85 9-16 to 4.85 13-16 for bankers' sight
bills, compared with 4.85% to 4.85 25-32 last week.
The range for cable transfers has been from 4.85 13-16
/
to 4.85 15-16, compared with 4.857i to 4.85 15-16 a
week ago. Despite the ease of sterling with respect
to the dollar, the London rate continues especially
firm with respect to French francs, German marks,
and most of the European units, but the dollarsterling rate is giving considerable uneasiness to the
London banking authorities. On several occasions
this week, as last week, the rate went precariously
close to the gold shipping point from London. According to London dispatches both this week and last
week, the rate went sufficiently low to induce American bidders to enter the London gold market, but
they were outbid by the Bank of England.
The Bank will probably continue to outbid American buyers in order to secure new gold arriving in the
open market, but the nearness of dollar exchange to
APRIL 18 1931.]
FINANCIAL CRRONICLE
2835
the gold export pointTis a distinctly unsatisfactory sight was 4.85 11-16@4.85%, cable transfers
4.85%
feature of the situation. This week the Bank of @4.85 15-16. On Monday sterling was irregular and
England again secured the major portion of gold on easier. The range was 4.85%@4.8534 for bankers'
/
offer in the open market, although the Bank's state- sight and 4.85 13-16@4.85%
for cable transfers. On
ment shows a loss in total gold holdings. At present, Tuesday sterling was quiet but steady. Bankers'
however, this loss is more nominal than real as it sight was 4.85 9-16@4.85 13-16; cable transfers
represents gold set aside or "earmarked" probably 4.85 13-16. On Wednesday exchange was a trifle
for the account of Argentina. It is usual at this time firmer. The range was 4.85%@4. 13-16
85
for bankof the year for gold to be placed to the credit of the ers' sight and 4.85%@4.85 29-32 for cable transfers.
Argentine Legation in London so as to permit the On Thursday the market was steady.
The range
issue of currency in Buenos Aires for crop movements. was 4.85%@4.85% for bankers' sight and
4.85 13-16
The operation results in a reduction of the Bank's @4.85 29-32 for cable transfers. On Friday sterling
gold stock through a bookkeeping process and not was slightly easier, the range was
4.85 9-16@
through shipments. When the crop proceeds are 4.85 11-16 for bankers' sight
and 4.85 13-16 for cable
received the gold will be released and go to the credit transfers. Closing quotation on Friday
were 4.85%
s
of the Bank of England. London dispatches state for demand
and 4.85 13-16 for cable transfers. Comthat the money market there has been plainly given mercial
sight bills finished at 4.853; sixty-day bills
to understand that no relaxation in discount rates at 4.83
3-16; ninety-day bills at 4.823/; documents
8
can be permitted. This means that supplies of for payment
(60 days) at 4.83 3-16, and seven-day
credit will continue to be regulated by the Bank of grain
bills at 4.85 3-16. Cotton and grain for payEngland with a view to keeping discount rates at or ment closed
at 4.853/2.
above their present level. It is pointed out that a
year ago the Bank's gold reserves exceeded £160,Exchange on the Continental countries continues
000,000 and that it is in every way desirable for the dullTand irregular,
but on the whole very little
Bank to build up its reserves to the same amount, changed fromlast
week. Political disturbances in
especially in view of the uncertainties prevailing in Spain have largely
dominated these exchanges and
business throughout the world.
suffused the market withYa hesitating influence.
This week the Bank of England shows a loss in French francs
continue to display an undertone of
gold holdings of £820,974, the total standing at ease both
with respect to the dollar, to the pound,
£146,202,394, against £160,788,326 on April 16 1930. to
the mark, and to several of the other Continental
On Saturday the Bank of England set aside £175,000
currencies. This is largely the consequence of very
in sovereigns and bought £6,461 in gold bars. On low
money rates in Paris, which have induced the
Monday the Bank set aside £100,000 in sovereigns,
French banks to send funds to London, Berlin, and
received £250,000 in sovereigns from abroad, and
elsewhere for employment. French financial circles
bought £805 in gold bars. On Tuesday the Bank
expect that sterling will remain firm with respect to
bought £953,600 in gold bars out of a total of £984,000
the franc so long as London money rates remain
South African gold available in the open market, at
comparatively high. Dollar exchange in Paris now
a price of 84s. 103/d. On Wednesday the Bank
8
stands around 25.75 francs and the reichsmark at
bought £79,800 in gold bars, bought £142 in foreign
6.091, the respective gold export points being 25.59
gold coin, received £260 in sovereigns from abroad,
and 6.095. This week the Bank of France shows an
and sold £1,720 in gold bars. On Thursday the Bank
increase in its gold stock of 10,775,000 francs, the
set aside £300,000 in sovereigns and released £250,000 total
standing at 56,107,000,000 francs, which comsovereigns and on Friday it bought £44,733 gold pares
with 42,324,000,000 francs a year ago and
bars, received £11,114 sovereigns from abroad, ex- with
29,935,000,000 francs reported in the first
ported £10,000 sovereigns and set aside £220,833 statement
of the Bank of France following stabilizasovereigns.
tion of the franc in June 1928. The present increase
At the Port of New York the gold movement for in gold
holdings, like the increase of about 13,000,000
the week ended April 15, as reported by the Federal
francs three weeks ago, is due solely to the turning
Reserve Bank of New York, consisted of imports of in
by the public of gold previously hoarded, a move$7,965,000, of which $7,782,000 came from Argen- ment
which began more than a year ago and still
tina and $183,000 chiefly from other Latin American
continues. The outside discount rate in Paris has
countries. There were no gold exports and no change
declined to 19/s% and call money to 13%, but the
in gold earmarked for foreign account. In tabular
volume of transactions is said to be exceedingly small.
form the gold movement at the Port of New York
German marks are steady and the mark exchange
for the week ended April 15, as reported by the
situation is considered extremely satisfactory. The
Federal Reserve Bank of New York, was as follows:
Reichsbank's gold holdings are being steadily augCOLD MOVEMENT AT NEW YORK, APRIL 9
-APRIL 15, INCL.
mented by gold shipments from Russia. Last week
Imports.
Exports.
$1,782,000 from Argentina
20,000,000 marks were so received, bringing the total
183,000 chiefly from other Latin
None.
Russian gold consignments to Berlin to approxiAmerican countries
mately 132,000,000 marks for the year to date.
$1,965,000 total
Net Change in Gold Earmarked for Forman Account.
Further gold imports from Russia are probable, but
None.
no immediate report as to gold from other countries
On Thursday $306,000 of gold was received at San is
expected. It is thought in Berlin that the rise
Francisco from China.
in the mark above the German gold import point
Canadian exchange continues at a discount. On
from other western markets will probably be checked
Saturday, Monday and Tuesday Montreal funds were by
the demand for exchange bills to effect reparation
at 3-64 of 1% discount; and at 1-16 of 1% discount transfers.
A slight easing of German rates took
the rest of the week.
place in nearly all markets early this week, owing to
Referring to day-to-day rates, sterling exchange on reparatio transfers
which were due April 15. The
ns
Saturday last was dull and inclined to ease. Bankers' chief influence
on the German market is the con-
2836
FINANCIAL CHRONICLE
For.. 132.
tributing to the partial recovery in pesetas on Wednesday, bankers said, were the drying up of the first
rush of scare selling which followed the overthrow
of the monarchy, short covering by traders who had
speculated for the decline, and the realization that
the establishment of a republican form of government
in Spain did'not necessarily imply any serious economic disruption. The status of the recent international credit of $60,000,000 for de facto stabilization is somewhat in doubt, for while it was a banking
transaction with the Bank of Spain, nevertheless,
the terms of the credit provided that it should be
guaranteed by "the Kingdom of Spain." A legal
question arises as to whether the expiration of the
Kingdom of Spain affects the credit. A Madrid dispatch on Wednesday stated that banks expect to
have a free money exchange for the first time in
months. Heretofore the exchange has been regulated by the Government. Under the Republic the
banks expect to be able to buy and sell exchange
without Government interference. London reports
that the change in government has not seriously
affected the financial centre in London inasmuch as
British investors are concerned with few Spanish
undertakings. The banks and financial houses
which
mostly are interested in trade connections,
d to be greatly affected by the political
are not expecte
upheaval.
On Thursday the market was startled by the statement of Senor Indalecio Prieto, the new Spanish
Finance Minister, to the effect that stabilization is
not considered urgent, and that the peseta should be
is properly
Exchange on the countries neutral during the war able to go to par of 19.30 if the country
statement came in the
is overshadowed by the Spanish crisis and the con- managed. Senor Prieto's
frontier. The
sequent sharp slump in the peseta, with wide fluctua- form of an interview at the French
at new Finance Minister stated: "We shall observe all
tions. Pesetas closed on Friday of last week
loans often re11.073/2 for cable transfers. On Saturday last the Government obligations, but foreign
Monday following the sult in subjecting the countries to a sort of tutelage.
unit still sold at 11.07. On
situation is such that
success of the Republicans and the flight of King Spain wants no tutlelage. Our
ought to produce
Alfonso and the royal family, the rate for pesetas the country, if well administered,
exchange to return to parity
made an immediate response with a drop of 79 sufficiently to enable the
ge on Madrid opened
points to 10.28. With further information the rate and remain there." Exchan
advanced to 10.27, and redropped on Tuesday to 9.90 for cable transfers. on Thursday at 10.17,
343/2 points from WednesThere was a recovery on Wednesday to 10.50. The acted to 10.063/2, a loss of
rate went off again on Thursday. Par is 19.30. day's close.
s.
Holland guilders are giving evidence of firmnes
The peseta has not been at par since 1919, when the
ng the recent deciregardi
yearly average rate was 19.82. The rate fell in 1920 Details have been received
of 15.94, since which time sion of the Bank of the Netherlands to discontinue
to an average for the year
domestic purposes. The
the quotation has steadily declined and has been sub- delivery of gold coin for
res with the free working
interfe
ject to the widest fluctuation. Opinion is divided in decision in no way
is available at any
York market regarding the exchange and of the gold standard; as bar gold
the New
abroad when justified by the posisome important buying is reported as well as equally time for shipment
guilder went to 40.15 in
important selling. Careful inquiry failed to reveal tion of the exchanges. The
trading, the highest since Feb. 11. The
that any use had been made of the recent interna- Monday's
are stiffening steadily and
tional $60,000,000 stabilization credit, which is said Amsterdam money rates
is now quoted 1%%,against
to be still intact. The point is stressed that the the private discount rate
way affects the credit, a recent low of 1%,while prime acceptances are VA%
change in government in no
reason for the relative ease in
4
which was a banking transaction with the Bank of against 11 %. One
navian exchanges is reflected
Spain. Some days probably will elapse, however, Swedish and other Scandi
these countries to increase their
before the political situation becomes sufficiently in the tendency of
abroad. According to the ansettled to permit the Bank of Spain to make use of security purchases
the Swedish bond market by the
the credit for purposes of support. Unless political nual review of
rgs Bank, Swedish purchases of
conditions become stable and the country unified the Aktiebolaget Gotebo
made a new record in 1930, amountpeseta can not be stabilized. Until Monday bankers foreign securities
,000, compared with kr. 111,629,000
everywhere were confident that the Spanish unit ing to kr. 287,949
in 1929, kr. 133,804,000 in 1928 and kr. 177,329,would shortly be stabilized at around 12 cents, with
Germany holds first place with
the help of international credits and the co-operation 000 in 1927.
regard to these Swedish purchases, United
ents.
of the Bank for International Settlem
third and England
At the present juncture it is impossible to form States second, Switzerland
the factors con- fourth.
any considered opinion. Among
tinned inflow of foreign funds. Continental banks
are offering dollar credits at 3% to 4%. It is said,
however, that American money plays a small role
in the market, but funds are on abundant offer from
Paris, Amsterdam, and Stockholm. According to
Berlin dispatches, a cut in the Reichsbank rediscount
rate now seems more uncertain. However, there is
a considerable body of opinion which still looks for
a decrease in the Reichsbank rate during the present month.
The London check rate on Paris closed at 124.26
on Friday of this week compared with 124.27 on
Friday of last week. In New York sight bills on
the French centre finished at 3.90 15-16, against
3.90 15-16 on Friday of last week; cable transfers at
3.91, against 3.91 1-16, and commercial sight bills
%
at 3.903 , against 3.90%. Antwerp belgas finished
at 13.89% for checks and 13.903/2 for cable transfers,
against 13.90 and 13.90%. Final quotations for
Berlin marks were 23.81 for bankers' sight bills and
ison with
23.813/ for cable transfers, in compar
closed at 5.233/2
3
23.803. and 23.80%. Italian lire
for bankers' sight bills and at 5.23 11-16 for cable
transfers, against 5.23% and 5.23 9-16. Austrian
schillings closed at 14.053, against 14.06; exchange
on Czechoslovakia at 2.96, against 2.963; on Bucharest at 0.593, against 0.593; on Poland at 11.20,
against 11.20, and on Finland at 2.51%, against
3
.
2.51 8 Greek exchange closed at 1.29/i for bankers' sight bills and at 1.29 9-16 for cable transfers,
against 1.29 5-16 and 1.29 9-16.
APRIL 18 1931.]
FINANCIAL CHRONICLE
Bankers' sight on Amsterdam finished on Friday
at 40.133/2, against 40.103/ on Friday of last week;
cable transfers at 40.15, against 40.12, and commercial sight bills at 40.10, against 40.073/. Swiss
2
francs closed at 19.25 for bankers' sight bills and at
19.253/ for cable transfers, against 19.26 and 19.263'.
and cable
Copenhagen checks finished at 26.73
2
transfers at 26.743/, against 26.74 and 26.75. Checks
on Sweden closed at 26.77 and cable transfers, at
26.78, against 26.763/ and 26.773/2, while checks on
Norway finished at 26.73 and cable transfers at
26.743/, against 26.75 and 26.76. Spanish pesetas
2
closed at 10.11 for bankers' sight bills and at 10.12
for cable transfers, against 11.063/ and 11.073/i on
Friday of last week.
2837
exchange closed at 12 1-16 for bankers' sight bills
and at 12 for cable transfers, against 12 1-16 and
12/. Peru at 27.65, against 28.40.
Exchange on the Far Eastern countries is unchanged in all important respects. The Chinese
units are fractionally higher owing to an improvement in silver prices. Japanese yen are steady.
The resignation of the Japanese Cabinet on Monday
seems to have had no effect on yen exchange. The
action had been expected since Premier Yuko Hamaguchi suffered a relapse several weeks ago and had
.
to return to the Imperial Hospital for another operation, the third since the attempt on his life when he
was seriously wounded on Nov. 14. The Minseito
(Liberal Party) took office on July 2 1929 with Mr.
Hamaguchi at its head. His government took active
measures to stabilize yen on the gold basis and was
practically successful in restoring the yen to gold
parity. Approximately 316,000,000 yen of gold
were exported in 1930 to support exchange. These
exports were partly offset by imports of 70,000,000
yen gold from Manchuria. Reijiro Wakatsuki,
former Premier and chief delegate to the London
naval conference, is expected to head the government and to retain all the leading members of the
Cabinet which resigned on Monday. Steady improvement in social and political conditions in the
Far East is having a favorable effect on these exchanges. Closing quotations for yen checks yesterday were 49.34@4932, against 49.34©493 on Friday
of last week. Hong Kong closed at 24%@)24 13-16,
_
3,
against 243/©24 13-16; Shanghai at 31/ against
2
313/@31%; Manila at 49%, against 49%; Singapore
8
4@56 7-16; Bombay at 361 I,
at 563/©567 3 against 561
/
/
s
against 3631, and Calcutta at 3631, against 363t.
Exchange on the South American countries,with the
exception of exchange on Argentina, presents no
new features. Argentine paper pesos broke sharply
on Thursday from the pegged rate of 34.6875 for
cable transfers to 32.85. The slump in the exchange
rate and in the quotations for Argentine bonds was
the result of two causes. News was flashed that the
more radical elements had gained control in the
recent elections, bringing on a cabinet crisis and that
the Bank of the Nation had withdrawn support of
exchange. There is talk of forming a coalition
cabinet embracing all elements which gave support
to the September revolution. Already three new
members have been selected in place of others resigning. The Provisional President, Jose Francisco
Uriburu, has appointed Enrique Uriburu, President
of the Bank of the Nation and son of the former
famous Minister of Finance, to be Minister of
Finance. Buenos Aires dispatches state that gold
will continue to be shipped for the service of the
government debt, but not for other purposes.
Approximately $7,782,000 of gold was received at
New York this week, and $7,000,000 is due to be FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY, CINDER TARIFF ACT OF 1922,
shipped from Buenos Aires around April 20. InAPRIL 11 1931 TO APRIL 17 1931. INCLUSIVE.
cluding these two amounts the total gold shipped
for Cable Transfers in
by the Bank of the Nation from the holdings of the Country and Monetary Noon Buying Ratein United States Money.New York.
Value
Unit.
Conversion Office since the revolution is approxiAyr. 11. Apr. 13. Apr. 14. Apr. 15. Apr. 16. Apr. 17.
$
gold in the Caja de Con- EUROPE$
$
mately $42,000,000. The
$
$
$
Autdria,schilling____ .140543 .140527 .140512 .140558 .140575 .140523
version now totals $383,725,000, compared to Eiutimuz be
.139007 .139030 .139017 .139023 .138988
.139019
Belgiu
rm
007205 .007169 .007169 .007169 .007169 .007169
lea
.029617
.029614
$425,774,000 at the end of December. The Bank Czechoslovakia, krone .029619 .029617 .029617 .267429 .029614 .267403
.267412
Eea rnildrig kn, e_-. .267476 .267444 .267398
D stFark.00u,,
.g
tici
regards this sacrifice as no longer justified. The
4.858630 .858065 4.857984 4.858781 4.858541 4.858140
.025155 .025171 .025165 .025174 .025170 .025170
Bank issued the following statement: "The Bank of Finland. markluz
039102 .039107 .039112 .039101 .039102 .039097
France. franc
.238087
.238044 .238100
238056
the Nation, in the face of an excessive decline in the Germany. relchsmark 012945 .238056 .012934 .012937 .238113 .012940'
.012944
.012940
Greece, drachma
.401139 .401398 .401405 .401314 .401344 .401403
ti i, ary. Deng
,;
face value of Argentine currency which threatened Holland. g ulId eor
.174330 .174325 .174322 .174413 .174306 .174354
.052350 .052350 .052346 .052352 .052363 .052363
incalculable losses to importers, obtained from the Italy. liraCrone
.267516 .267472 .267426 .267431 .267414 .267390
Norway.
.111954 .111875 .111895 .112000 .111890 .111890
Poland, zloty
gold reserves Ptuiriignaia,. esuudo
Government authorization to use the
.044820 .044737 .044710 .044810 .044737 .014754
R .rtta l tec
.005934 .005940 .005940 .004945 .005936 .005939
of the Caja de Conversion to satisfy the demand for FPalti. insets
.110652 .103850 .099377 .103563 .101325 .099770
.267668 .267640 .267609 .267654 .267670 .267717
drafts. The Bank thus brought about pronounced Sweden, krona
Switzerland. franc- .192577 .192586 .192611 .192590 .192621 .192600
itsiA
improvement in the value of our currency which has YuA osla_via. dinar-. .017579 .017578 .017579 .017583 .017590 .017583
Minabeen maintained to date, permitting importers and Ci.e-oo tael__
.321041 .319791 .320208 .321458 .323541 .324375
.318593 .317656 .317656 .319218 .321406 .321718
Ilankow
others who had to make remittences abroad to make Shanghaitael
312410 .310535 .311071 .312142 .314607 .314732
tael
328958 .327291 .327708 .328958 .331041 .331875
Tientsin tnel
them at a favorable rate of exchange. As the reasons Hong Kong dollar__ .243750 .242142 .242857 .243214 .243785 .244910
Mexican dollar _ _ _ _ .225000 .224062 .225500 .225625 .228437 .228437
which induced the Bank to assume this course have Tientsin or Pelyang
.228333 .227500 .228166 .228333 .231666 .231666
dollar
.225000 .224166 .224833 .225000 .228333 .228333
disappeared, and as this artificial valorization is Yuan dollar
.360891 .360941 .360875 .361075 .361125 .361058
India. rupee
493578 .493559 .493646 .493596 .493553 .493540
prejudicing the sale of the exportable surplus of our Ja pan. yen
SIM/anon.(6.8.) dollar .560441 .560408 .560375 .560408 .560375 .580441
products and is likely to foment excessive specula- NORTH AMER.- .999577 .999522 .999516 .999503 .999418 .999425
Canada. dollar
.999375 .999125 .999143 .9911985 .999085 .999085
tion the Bank has resolved to let the exchange market Cuba. peso
.476500 .475166 .474333 .474566 .473833 .474166
Mezleo. peso
3 1660
9
dollar
assume its natural level, subject to renewal of control Newfoundland. Ell.- .997058 .997025 .997045 .997009 .996900 .956875
SOUTH A M
Braen rniirm. (gold) .790081 .788169 .788369 .787316 .754480
A rgztit
.Ma peso
measures whenever circumstances warrant." Argen072583 .072250 .072361 .072125 .071305 .070765
120640 .120631 .120663 .120637 .120635 .120631
tine paper pesos closed at 33 3-16 for checks, against Chile. peso
679000 .680697 .664222 .648165 .654990 .659817
Uruguay. peso
.985700 .965700 .965700 .965700 .965700 .965700
Colombia. peso
34 11-16 on Friday of last week and at 333 for cable
transfers against 34%. Brazilian milreis are nominally quoted 7.20 for bankers' sight bills and 7.25 for
The following table indicates the amount of bulcable transfers, against 7.35 and 7.40. Chilean lion in the principal European banks:
2838
FINANCIAL CHRONICLE
April 16 1931.
April 17 1930.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
E
England_ _ 146,202,3
146.202,394160.788,326
160.788,326
France a_ _ 448,858.377
d
448.858,377338.597.142
338,597,142
Germ any b 106,859,75
c994
107,854.350120,016.850
16.8
994.600 121.011.450
Spain
96.811.
28,666,000125.477,000 98,742,000 28.478,000 127.218.000
Italy
57.385,
57.385.000, 56.135.000
58,135.000
Netberl'cis. 37.165.000 2,855,000 40.020,000 35.996.000
35.996.000
Nat. Belg_ 41,137.10I
41,127,000 33.781.000 1,288,000 35.069.000
Switzerl'd_ 25,712,00
25,712,000 22.440.000
22,440.000
Sweden_ _ _ 13.330,000
13.330.0001 13.535.000
13.535.000
Denmark _ 9,547,000
9,647.00t 9,572.000
414,000 9.986,000
Norway 8,134,
8,134.000 8,145.000
8,145,000
Tot. wk.991.131,521 32,515,6001023647 12V897.730,318 31,172,600,928,902.918
Prey. week 991,773,842 32,318,600 1024091 442897,668,570 31,314,600928.983.170
a These are the gold holdings of the Bank of France as reported In the new form
Of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £10,381,900. c As of Oct.7 1924.
d Sliver is now reported at only a trifling sum.
The Political Overturn in Spain.
The Spanish monarchy of Alfonso XIII has fallen,
and Spain rests for the moment under a form of
government which is denominated republican. The
fall of the monarchy was foreseen as imminent as
soon as the results of the municipal elections which
were held last Sunday became known. The elections
were for municipal officers only, and legally were
quite independent of the elections which were to be
held later for members of the Senate and Congress
of the Cortes. They had no direct connection, moreover, with the question of calling a constituent assembly which should revise the Constitution—an
issue which has bulked large in recent political discussions in Spain. The overwhelming success of the
Republican candidates, however, who appear to have
been elected in sufficient numbers to control at least
four-fifths of the municipalities in the fifty provinces, made it clear that the demand for a republic
would at once be pressed. In fact, the demand
showed itself immediately throughout Spain in
popular demonstrations whose significance could
not be ignored. On Tuesday Alfonso relinquished
his royal powers, and the next day he and the other
members of the royal family were on their way to
involuntary exile in France. With the departure of
the King, the Berenguer Government also fell, and a
provisional Republican Government was set up
under the Presidency of Don Niceto Alcala Zamora,
the recognized leader for the time-being of the Republican movement.
Whether, in relinquishing power and leaving the
country, Alfonso has also legally abdicated his
throne is not yet clear. The document which he
signed on Tuesday, and which was reported to have
contained the abdication, was retained by Zamora
and his associates after it was signed, and has not
yet been made public. In a manifesto whose text
was given out on Wednesday at Hendaye, on the
Spanish-French frontier, by members of the royal
household arriving there from Madrid, Alfonso,
while admitting that he had "lost the affection" of
his people and stating that he wished "resolutely to
step aside from anything that might throw some of
my countrymen against others in a fratricidal civil
war," declared that "I do not renounce any of my
rights, because they are more than mine," and "I
am waiting to learn the real expression of the collective opinion of my people, and while I am waiting
until the nation shall speak I am deliberately suspending the exercise of the royal power and I am
leaving Spain, recognizing in this way that she is
the sole mistress of her destinies." A similar declaration was authorized by the King on Friday at
Paris. If these assertions are not a mere playing
with legal technicalities, such as might be urged in
view of the fact that the retirement of the King was
prou 132.
not voluntary, the constitutional situation will
have been left in a state which will have to be cleared
up before the stability of the new political order can
be assured.
The new Government, as is usual in such cases,
promises all due reform and holds threats to a minimum. The first decree of the provisional Government, issued on Wednesday, after stating that the
Republican-Socialist regime "is not a mere product
of lack of liberty denied to Spain under the old,
throttling structure of the monarchy," but springs
from a popular demand for "a conjunction of standards of justice," and that the task of revising the
Constitution belongs to a national assembly, declares that it will submit its own acts and those of
individual Ministers to the judgment of such an
assembly, together with "those governmental acts
under examination when Parliament was dissolved
in 1923." It promises "an open inquiry into revision
of official civil, military and administrative decisions so as to prevent continuation of the prevarications and arbitrariness habitual in the late regime,"
respect for religious opinions and for "individual
liberties and rights," including those of syndicates
(labor organizations) and corporations, and the
protection of private property against expropriation
save for public purposes and with due compensation.
In view, however, of "the absolute poverty in which
the great mass of peasants live, the neglect of agrarian economy and the incongruence of rural rights
and present legislation," a policy of agrarian legislation is forecast which Shall be "adequate to the
social function of the land"—an intimation, apparently, that large landed estates held out of cultivation may be broken up. A noteworthy omission in
the decree is any specific guarantee of freedom of
speech, of the press, or of public meetings.
The immediate causes of the revolution which has
transformed Spain from a monarchy into a republic
go back to the calamitous reverses which Spain suffered in 1923 in its war with the Riff tribesmen in
Morocco. While the disaster was due primarily to
the inefficiency of the Spanish Government and its
military organization, the interference of Alfonso
with the plans of campaign led the Cortes to plan
an investigation to determine the responsibility.
With the air thick with charges and counter-charges
of scandal and corruption, a coup d'etat led by General Primo de Rivera put the country under a dictatorship which continued until 1930, to be replaced
then by a milder but equally firm dictatorship under
General Berenguer. The Cortes was suspended, a
rigorous censorship of the press established, and
considerable numbers of opponents of the dictatorial
regime retired to France or other countries, where
they carried on a systematic agitation for a republic.
The exact measure of responsibility of King Alfonso for the dictatorship or its administration
cannot now be determined. Personally the King
was popular with all save the radical revolutionary
working class, and his personal courage in the face
of repeated attempts upon his life was undoubted.
The monarchist element which supported him was
strong and wealthy, and the army and navy were
loyal. His constitutional position, on the other
hand, was neither that of an absolute ruler, nor that
of a fully developed constitutional sovereign, nor
that of a figure-head, and his royal authority was
greater in form than in fact. His acceptance of the
resignation of Primo de Rivera was to some extent
Aram 18 1931.1
FINANCIAL CHRONICLE
2839
an act of self-assertion which did him credit, and Paris has
confidence in the new regime, and no
he is thought to have been in part responsible for hostile critici
sm of the revolution has appeared elsethe milder rule of General Berenguer. The repeated where. There
can be no doubt, however, that the
promises of a general election, however, followed by Zamora Government
has a hard task before it. The
as repeated postponements, together with the vacil- prompt imposit
ion of martial law throughout the
lating course which was pursued after the outbreaks country suggest
s that civil authority is not as yet
of last December and the eventual formation of the generally
respected. Without minimizing either
Aznar Ministry, did much to confirm the impression the difficulties
or the dangers in the way, it may be
that the King was only a tool of a monarchist clique, hoped that
Spain, if really bent upon substituting a
and the sudden announcement in March that the republic for a monarc
hy, may be able to accomplish
censorship had been lifted and that the electoral the change
without bloodshed and without merely
campaign would be allowed to go on without govern- replacing one
form of dictatorship with another.
ment interference did nothing, apparently, to re- Self-determina
tion implies that the Spanish people
store his popularity or strengthen his influence.
are entitled to have such form of government as in
Any attempt to forecast the future of the new their judgme
nt best meets their needs, and if the
regime must take account of certain political and needs are best
met by a republic, the rest of the
social conditions peculiar to Spain, and of the com- world should
wish the republic well. The outlook
position of the following which in general calls itself for success
will be heightened if King Alfonso,forced
Republican. For a number of years Barcelona, capi- to abandon
his throne by circumstances for which
tal of the extreme northeastern province of Cata- he is
certainly not alone responsible, shall accept
lonia, has been a centre of radical revolutionary the verdict
of the nation and quietly allow events to
agitation ranging from anarchism to socialism and take their
course.
communism, and Catalonia itself has seethed with
revolution and demands for independence. ImmePlans and Prophecies.
diately upon the news of the revolution at Madrid
The Dean and George Fisher Baker, Professor of
the Barcelona Republicans proclaimed a revolu- Busine
ss Economics in the Graduate School of
tionary Government,against which the United Labor Busine Admini
stration at Harvard, Wallace Brett
ss
Syndicate, a powerful organization which is neither
Donham, writing in the New York "Times" of Mar.
anarchist nor communist, declared a general strike. 15,
on an "American Plan" to stabilize world busiNegotiations looking to a settlement of the Cataness concludes his article in the following words:
lonia controversy were reported on Friday as ac"What we need is effective, rationally foresighted
tively in progress. The Socialists, on the other
leadership culminating in philosophically sound
hand, who do not favor Catalonian independence
plans. On our ability to obtain such leadership in
and who are represented in the provisional GovAmerican business, the fate of capitalistic civilizaernment at Madrid, appear now to be working
in tion may well depend." The writer is somewhat
general with the Republicans. A constitutional
concerned over the possible success of the five-year
party, which is not Socialist, has had constiand fifteen-year plans in Soviet Russia. Yet he feels
tutional revision as its main aim. Republicanism
that it is possible to maintain the freedom of initiain Spain, in other words, represents a tempotive in the United States and at the same time a
rary fusion of several groups which, while united
reasonable degree of co-operation which will provide
in opposition to the dictatorship and the King, are
security and stabilization in our business affairs.
far from agreement regarding the kind of constituHe would confine our efforts more closely to our
tional government Spain should have. In this diverdomestic concerns. He seems to feel that we can
sity of view lies one of the dangers of the new regime. carry
our foreign trade too far, intimating that the
The strength of the Republican movement, on the defeati
sm of Germany and England in their world
other hand, seems to be considerable. The poverty trade
might turn them to Communism with a danof the peasants, the gross inequities of the land
gerous effect upon the United States. "If we exsystem, the backward industrial development of the pand
our exports," he says, "taking imported comcountry, the economic demoralization due to the
modities in correspondingly increased volume, these
present world depression, and the fall in value of import
s will bring about an intensely competitive
the peseta have combined to generate in all classes,
situation at home. This will result in instability in
except the nobility and other extreme monarchists,
industries that are politically unable to secure proa demand for thoroughgoing governmental change.
tection. Such a policy will disorganize purchasing
As has more than once happened, the demand for
power, reduce living standards, and seriously
change has been voiced and led principally by intelthreaten the wage structure in our mass-production
lectuals, many of them exiles, whose views have
industries. The principal market for our indusfound a response in the university student bodies,
tries, great and small, is the home market. Before
but the intellectuals are too few to carry reform to
giving up our primary reliance on home markets
success without the aid of the industrial, commercial
we should consider seriously the probable conseand financial classes. It is the belief that business
quences." . . . "In my judgment, as a matter
leaders are in the main sympathetic with the
new of policy for the coming generation, our efforts to
order, together with an announcement that the
new expand our exports should be confined to the export
Government intends to respect all of Spain's
finan- of technology, management, and a limited amount
cial obligations, that probably explains the'
confi- of capital. Such a policy would, in itself, lessen
dence expressed elsewhere that the revolution
will the strain on international movements of gold and
be carried through without disorder or a tempor
ary credit. It would also avoid upsetting our whole
relapse into political and social chaos.
economy. Exports of capital should be limited to
To what extent such confidence is well founde
d well-protected loans which would be used to improv
e
only time can show. The fact that France
has production abroad. Our aim should be to help,
not
recognized the Zamora Government shows
that to compete."
2840
FINANCIAL CHRONICLE
We greatly fear that it will be difficult to secure
competent business leadership in the United States
to carry out this altruistic plan. Henry Ford, who
frequently discusses economics and industry in the
public press, does not seem to be thinking along
these lines when he plants his factories on foreign
shores. But it is not for the purpose of criticism
that we quote from this article. Rather, it is to
call attention to the numerous plans that are being
offered for our consumption. Not only are there
plans in abundance, but there are accompanying
prophecies, the one as hard to digest as the other.
Some dismiss all these discussions by saying that
there is no way to enforce .a plan when it is agreed
upon.
What seems •to be a chief obstacle to any
plan advanced is that there are so many complications as to make it impossible to weave procedure
into a consistent whole. For instance, Prof. Donham would keep wages high, and at the same time
would cancel all war debts. He does not inveigh
heavily against "protection" as a policy, though he
sees the interferences it brings to international
co-operation. He would balance "wants" and
"needs", and yet offers no infallible method by
• which it may be done.
All through these magic plans by which prosperity
is to be made to return, unemployment alleviated,
and Government ownership embraced or avoided,
there runs this idea of "stabilization". What, pray,
can stabilize a "changing world"? Who can predict for the "time period" of a single generation
the needs, much less the "wants", of mankind?
How can agriculture and manufacture ever be
equalized, either as to volume of products or as to
numbers of workers employed? Our Congress created a Federal Farm Board to relieve the farmer.
Its highest product was "limitation of acreage".
We wonder if former Chairman Legge would consent
to a limitation of farm machinery at just the point
where its use brings about a "surplus"? What is
the difference between confinement exclusively to a
home market and a universal embargo?
It may sound depressing to ask these questions.
Many minds are at work to solve the problem of
adversity. One writer calls attention to a certain
rhythm in nature by which alternate periods of
good and bad times come about. Energy cannot
continue forever without rest for recuperation. The
fallow field bears better grain. Yet it is suggested
at the same time that manufacture in the modern
world becomes primal to agriculture. Scattering
grain by hand would no longer feed the population
that continues to increase and congest. The sower,
sickle and scythe are now inefficient. There must
be the combined mower and thresher. Prof. Donham would sell technology, management and a "limited" amount of capital to European countries.
Given an equal chance, may they not soon have
technology and management to sell?
Is there anywhere a limit to mass-production by
machinery? Is there any way to turn the tide of
migration from the cities to the farms? Who can
halt the genius of invention or direct its course?
And how can "wants" and "needs" ever be equalized
or stabilized save there come out of the mind and
heart of man an overmastering desire for the simple
life? Instead of artificial "limitation" is there not
more hope in universal natural delimitation? Is
there not "food for thought" in the suggestion that
[VOL. 132.
in competition there is true co-operation—all for
one, and one for all?
Countless plans are offered to prevent unemployment. Government is to provide employment
bureaus, and to outline "public works" in advance.
Well, there is no limit 'to public works, save rank
Socialism wherein all shall enjoy the schools,
libraries, hospitals, baths, gymnasiums, railroads,
and roads at no expense whatever. The ant and the
bee are no longer to be object lessons. "Standardization", making puppets and automatons out of
men, will cure all evils of technology—the "science
of the industrial arts". Yet thousands advocate
flying as the highest and best means of transportation—though, according to reliable statistics, the
automobile killed more persons in the United States
in the past 18 months than the number of Americans
killed in 18 months during the World War.
Progress cannot be stabilized against the driving
force in man himself. speculation brought the
"smash" of 1929, with all its dire consequences.
What "plan" can stop this passion from inducing
the hope to "get rich quick"? The greatest "plan"
of all will be one which consecrates man to the use
of what he already knows is the safest, sanest way of
living. Who is ready to give up an unnecessary
luxury that bread lines shall cease? We read that
the "bonus" is having a good effect on the automobile trade!
The idea that the man of "big business" must be
taught to realize his "social responsibility" while
all the people are eager to buy, cheap, chain-sold
machine-made goods, is something of a paradox.
While a few live on luxuries and the many strive
to possess them, some will go hungry. What the
individual and business need is freedom—freedom
from governmental interference, freedom from academic "plans", freedom from the censure that is
contained in the phrase "putting the dollar above
the man", freedom from war taxes in the guise of
"preparedness", freedom to engage in "competition"
which vitalizes trade, levels prices, and brings the
greatest good to the greatest number, freedom to
measure plan against plan, construct and prosecute
great enterprises without being tied to the apronstrings of Government and Congress. Communism
is itself but .a disguised State corporation. Monopoly dies by its own hand. Autocracy in Rome
is not different from autocracy in Washington.
"The best laid plans o' men and mice gang aft agley."
Not in the future, but in the present, lies the virtue
of any "plan". To 60 live and work as to produce
some good for self has its ultimate in good for
others. There is no way to bring conflicting, competing industries into a single "plan".
It is not that in the next 25 years we will not have
as many new inventions as in the last 25, but that
we will not have the money to buy them. No "plan"
can reconcile our many contradictions and confusions. No "plan" can succeed without a change
of heart among the people—a return to frugal living. No "prophecy" is worth its utterance in a
world of materialism untouched by spiritual ideals.
We have, as a people, come up from the mudsills to
the skyscrapers by reason of our resistless energy.
Our momentum is so great we cannot stop if we
would. The balance wheel is common sense. Leadership in business cannot be exemplified save in our
industries, institutions, corporations, capitalism.
Commissions to control are contrary to our constitu-
APRIL 18 1931.]
FINANCIAL CHRONICLE
tional freedom to work and accumulate. We are
not proceeding without a guide. That guide is individualism under the protection of a government that
governs, but does not engage in production or distribution. It is well to discuss all phases of our
economics. But economics is the life of the people,
striving to advance in material welfare, according
to the laws of our inner nature and our outer
environment.
Manganese and Mother Love.
A distinguished scientist of Johns Hopkins University, at Baltimore, has discovered that when
manganese is absent from the food mother love dies!
We quote from the published account of his paper,
read before an association of doctors, as follows:
"To check on whether the fault lies solely with the
young, we gave the manganese-free mothers some
normal young to feed," he said. "They paid no
attention to them. Evidently the lack of manganese
not only makes the young pariahs to normally fed
mothers; it seems to destroy the instinct of maternal affection." . . . "The studies are still in
too early a stage," he explained, "to determine just
what element is contained in the manganese to produce that particular effect, but the discovery is
likely to lead to some far-reaching results. For the
present it gives a bare clue that some of our most
highly valued social instincts may depend on such
trifles as the presence of infinitesimal amounts of
certain substances in our food." It should be explained at the outset that these experiments were
conducted with rats. Guinea-pigs might have been
used, but plain rats were preferred. We should like
to have the experiments repeated with guinea-pigs,
a favorite rodent in many laboratories; but perhaps
this is not necessary.
When the Spartan mother told. her son to return
with his shield or on it, we presume it was due to
an infinitesimal amount of some metallic substance
in her food unknown even to herself. And when
the Queen said to her son: "Do not forever with
thy veiled lids seek thy noble father in the dust,"
it must have been because of eating too freely of
the "funeral baked meats" that served the "marriage
feast" without a proper examination of their mineral contents. We know not; and it is too late to
learn. Tragedy and comedy, tears and laughter,
are so close together that even chemistry must sometimes be foiled in its scientific diagnosis. But who
can doubt, after centuries of mother love, or the
absence of it, that we are now on the right road?
Alchemy gave us many infallible charms and amulets, but it has been reserved for modern chemistry
to vitalize the quality of mother love. That rats
furnish the proper media of proof we need not question. As commonly said of new and startling discoveries, "It is too soon to be sure", but there are
strong indications that "social instincts" may be
ordered and directed by following the common
variety of barnyard rats.
We have long hoped that the science of our universities would furnish us with keys to all our economic and political requirements. Beginning with
the primal instinct of mother love, we may now
understand why mothers so freely sacrifice their
sons upon the altar of war. There is not enough
manganese in their food! Like the absence of iodine
in goiter a proper diet will save mankind from
another World War. Indifferenee, due to a lack
2841
of manganese, sends the flower of youth into the
jaws of death. That wondrous maternal feeling
which sees in a well-loved son a hero who offers his
life for his country is no longer to be considered.
It is mere cold indifference due to a lack of an
infinitesimal something in the food and blood.
Presto, we can change all that when our experiments are a little further along, albeit for the present we base our calculations on laboratory rats.
Incidentally it may be well that our experiments
remain just where they are. To feed good mothers
manganese, or mayhap copper or iron, to accentuate
love would be carrying chemical science too far.
To base the future of a human society upon the
natural instincts of mother rats, aided and abetted
by manganese, is quite beyond the intellectual acumen of the non-professional mind. We enter no
protest upon the experiments, but we demand that
they be continued for as long a time as our human
mothers have lived, and loved their offspring, without the advantages or disadvantages of manganese,
"a grey-colored, hard and brittle metal resembling
iron, but not magnetic". We know that something
is radically wrong with society and the State, but
we did not suspect that the man-child suffers because of indifferent mothers rendered unfit by a
lack of the "grey-colored, hard and brittle metal"
in their food. We are thankful for the discovery.
But somehow we wish that the laboratory had
selected some other animal than the rat. These
rodents inhabit old houses along with ghosts whom
they cannot gnaw; they are particularly prolific
in the underground chambers of market-houses; and
they are said to dwell in the dark holds of ships
which they desert when there is any danger of a
sinking; and since they carry the bubonic plague
they are no longer allowed ashore over the anchoring cables.
However, science has its peculiarities which 'laymen must accept. Perhaps the choice of rodents
for chemical experimentation is wise beyond our
penetration. Proof of a law of nature, through the
medium of rats, when the proof has been completed,
should not antagonize us to the eternal truth.
Truth crushed to earth, truth derived from nonmanganese rats, will rise again when all the skeptics
are buried in oblivion. And though we are forced
to concur in the conclusions, we cannot resist wondering why manganese, of all metals, should have
these wonderful properties. We do not wonder that
the rats in their mysterious animal instincts in a
state of nature should provide themselves with
plenty of the "grey-colored metal". Evidently they
are born dietitians. And if the learned professor
had not taken away from them this potent staff of
life and love, society might have continued in the
old way to the end of time. As it is, we have a new
respect for manganese. May it ever be included in
the normal bill of fare. Mother love, even when
analogous to that of rats, is too precious an article
to dispense with through any lack of the metal.
Once upon a time, many years ago, an official of
San Francisco attained a high renown because he
decreed a war of extermination on rats and actually
freed the city from these devouring rodents. In
the Midwest at one time lived a legislator who put
through a law providing for a bounty on rat scalps,
and thereafter was ever known as "Rat Bill Davis".
These men were unconscious of the value of the
rat as an indicator of the possible future trend of
2842
FINANCIAL CHRONICLE
the maternal instinct. They knew not, and little
suspected, the intimate association between rats
and manganese; never dreamed of the future laboratory experiments showing how an infinitesimal
quantity of the metal may affect the future of a
human society dependent upon it. They were
simply bestial murderers of rats—rodents that can
teach us much when properly cared for in a modern chemical laboratory. But we need not despair;
these wars were not Wholly successful; there seem to
beenough ratsleftand plenty of traps to catch them
Everyday men and women know more about rats
than they do about manganese. We suggest a
quantitative analysis of the earth to determine
whether there is enough of the precious metal to
last us for the few thousands of years humanity
expects to exist before the predicted destruction of
For.. 132.
the race by "insect life". We are now living in a
material age. A few misguided philosophers seem
to see a spiritual essence in human life which renders the instinct of mother-love akin to the divine.
But, alas, they reckon not of manganese. Perhaps
before the fatal hour of extermination we can invent
a machine to produce it, in any event; and the coming offspring of rats and men may be relieved from
that "indifference" which when likened to a "stepmother's breath" is as a tropic air to an iceberg.
Science somehow is not spiritual. Associating
manganese to mother love, it points the way to a
social life devoid of all coldness, hate, envy, and
malice, though in doing so it may deride the Creator
himself for leaving mankind in a famine to feed on
locusts and wild honey in which we feel assured
there is none of the metal.
Gross and Net Earnings of United States Railroads for the
Month of February
There is little to be said regarding the showing
made by the earnings of United States railroads for
the month of February beyond noting that it is of
the same unfortunate and depressing character as
the showing for all the months immediately preceding. The comparisons with a year ago and with
two years ago are unfavorable in the extreme, with
little or no indication of improvement in that respect over previous months. Though February was
a short month, containing only 28 days, as against
31 days in January, the falling off from a year ago
in gross and net alike is much heavier than in
January in both the amount of the shrinkage and
in ratio. It is to be remembered that, as has been
the case in all recent months, comparison is with
heavily diminished totals in February 1931, and it
is this fact that invests with additional significance the further huge losses that have accrued during the month the present year.
In commenting upon the results for February last
year, we spoke of the poor statement then made as
being extremely disappointing, and said that it was
discouraging to find that the results were getting
worse, in the extent of the shrinkage in revenues
disclosed, gross and net, rather than better. Our
tabulations then showed $48,034,122 decrease in
gross, or 10.11%, and $28,128,967 decrease in net,
or 22.40%. The unfavorable showing then made
certainly warranted these observations. But on top
of these heavy losses in February 1930 as compared
with 1929, we now have further losses for the current year even larger in amount and ratio than
those of a year ago, thus making the current year's
exhibit even more unfavorable and disappointing.
This is especially true in the case of the net earnings. Stated in brief, the further falling off the
present year aggregates no less than $91,327,690
in gross, or 21.37%, and $32,904,121 in the net
earnings (before the deduction of the taxes), or
33.76%. As a result of these further losses, the
amount of the net for February 1931 is down to
$64,618,641, as against $97,522,762 in February 1930
and $125,577,866 in February 1929. In other words,
the net for the month the present year is barely
more than one-half the amount of the net two
years ago.
or Dec. (—),
/me.(
1930.
1931.
Month of February—
—66 —2.44%
242,726
242,660
Mlles or road (170 roads).—
—591,327,690 21.87%
5336.137.679 1427.465,369
Gross earnings
271.519.038 329,942,607 —58,423,569 17.71%
Operating expenses
—3.61%
77.17%
Ratio of expenses to earnings80.78%
597,522,762 —532.904,121 83.76%
564,618,641
Netearnings
It is almost superfluous to say that business depression of an unusually intense type and such as
has rarely, if ever, been experienced in the past,
accounts for the progressive character of the contraction in revenues here recorded. As in previous
months, evidence of the prostration and paralysis
of business is to be found on every side and in every
direction. And the automobile industry has beyond
question suffered more than any other from the
prevailing bad times. On that point it is only necessary to say that the number of motor vehicles turned
out in February 1931 was only 219,897 against
330,414 in February 1930 and 466,418 in February
1929. The production this year, it will be seen, was
less than half that of two years ago. For January
and February combined the showing is the same,
only 391,748 motor vehicles having been produced
in the two months this year as against 603,635 in
the first two months of 1930 and 867,455 in the same
two months of 1929.
The statistics of steel production and of iron production tell the same story. The output of steel
ingots in the United States for February 1931 is
calculated by the American Iron and Steel Institute
as only 2,527,318 tons against 4,078,327 tons in
February 1930 and 4,326,000 tons in February 1929.
The make of iron in the United States, according to
the figures collected by the "Iron Age", was no more
than 1,706,621 tons in February 1931 against
2,838,920 tons in February 1930 and 3,206,185 tons
in February 1929. To this must be added the great
falling off in the quantity of coal mined because of
the lessened activity in the iron and steel trades
and the contraction in all other lines of trade and
business. Only 31,408,000 tons of bituminous coal
were mined in the United States during February
1931 as against 39,555,000 tons in February 1930 and
48,137,000 tons in February 1929. The shrinkage
as compared with two years ago, it will be noted,
is over 16 million tons. As this means a corre2
1
/
sponding reduction in the amount of coal shipped
over the railroads, and as coal constitutes one of
APRIL 18 1931.]
FINANCIAL CHRONICLE.
the main items of freight with most of the roads,
the curtailment in the output of coal, it may be
assumed, was one of the most important factors
in reducing the traffic and revenues of the railroads. At the same time the production of anthracite coal also suffered a considerable reduction, the
amount of anthracite produced in February 1931
having been only 5,391,000 •tons compared with
6,157,000 tons in February 1930 and 6,425,000 tons
in February 1929.
Much other evidence indicative of the wholesale
prostration of trade might be adduced. Much has
been said recently of the presence of signs going to
show some revival of activity in the building industry. The statistics collected by the F. W.Dodge
Corp., however, show that the total construction
contracts awarded during February 1931 in the 37
States east of the Rocky Mountains called for outlays of only $235,405,100 in comparison with $317,053,000 in February 1930 and $361,273,900 in February 1929. And it happens, too, that Western
roads suffered some reduction also in their grain
traffic; this appears from the fact that the receipts
of wheat, corn, oats, barley, and rye at the Western
primary markets for the four weeks of February
1931 aggregated only 62,332,000 bushels against 73,818,000 bushels in the corresponding four weeks of
1930 and 72,969,000 bushels in the same four weeks
of 1929 and 80,285,000 bushels in the corresponding
four weeks of 1928.
The final result of the depression in trade is seen
in the falling off in the car loadings. For the four
weeks of February the present year the loading of
revenue freight on all the roads in the United States
reached an aggregate of only 2,835,680 cars, while
3,506,899 ears were loaded in the four weeks of 1930
and 3,797,183 cars in the four weeks of 1929. It will
be noticed that almost a million less cars were
loaded with revenue freight in February 1931 than
in February 1929, which furnishes perhaps the most
conclusive evidence of all as to the shrinkage in
traffic and earnings of the roads as a result of the
unprecedented depression in trade.
With the roads as a whole suffering such heavy
losses it follows as a matter of course that the separate roads and systems likewise had their revenues
heavily diminished, and as trade depression has
been common to the whole country, that all classes
of roads and all sections of the country have been
distinguished in the same way. The list of losses
is a long one, and in nearly all cases these losses
are of unusual proportions in the gross earnings
and net earnings alike, though there are a few instances where the losses in gross have been nearly
overbalanced' by curtailment of the expense accounts. Instances of roads which form an exception to the general shrinkage and have achieved
gains of consequence are entirely lacking, at lea st
in the gross. It is our practice to bring together
in a separate table each month all the roads showing increases or decreases, in either gross or net,
in excess of $100,000 in amount, and this practice
is continued in the table presented further below,
but examination will show that there is not a single
instance of an increase in gross earnings for that
amount and only five instances of gains of any kind,
even very small in amount, and but two instances
of increases in net earnings for over $100,000, namely,the Great Northern Railway, with $160,251 gain in
net at one end of the country and the International
2843
& Gt. Northern down in Texas with $132,737 gain
in net at the other, both a result of heavy reductions
in expenses, though the Texas road also has a very
small gain in gross. On the other hand, the list
of losses in both gross and net is, as already said, a
long one. The losses come from all parts of the
country and. from all classes of roads, and in the
great majority of cases are of unusual size. As the
losses are so numerous and so general, it is out of
the question to name even all those of a particularly
striking character, and we shall content ourselves
'by mentioning just a few as typical of the whole.
The great East and West trunk lines stand, as heretofore, at the top of the list, as would be expected,
since they serve the great manufacturing and coal
mining sections of the country, where the influence
of trade depression has been especially pronounced.
The big Southwestern systems have suffered in only
slightly lesser degree than the Eastern trunk lines,
and so have the .Southern roads, as well as the
Northwestern and transcontinental lines. The
Pennsylvania reports a reduction of $9,568,849 in
gross and of $3,373,101 in net, and the New York
Central $8,263,708 in gross and $1,995,852 in net.
In the former case, this follows $4,594,828 decrease
in gross and $2,919,330 decrease in net, and in the
case of the New York Central it follows $6,048,541
decrease in gross and $3,548,965 decrease in net in
February of last year. The Atchison shows
$3,996,648 decrease in gross and $1,139,688 decrease
in net, in addition -to $1,820,266 decrease in gross
and $1,810,536 decrease in net in February 1930.
The Southern Pacific in like manner has fallen
behind $4,663,331 in gross and $2,400,310 in net,
following $2,448,451 loss in gross and $1,142,871
loss in net in February last year. In the following
we give in our usual tabular form all changes for
the separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross
and net.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF FEBRUARY 1931.
Decreases.
Decreases.
$9,568,849 St Louis Southwestern__
465,633
Pennsylvania
New York Central
28,263,708 Central of Georgia
452,441
429,011
Southern Pacific(2roads) 4,663,331 Denver & Rio Gr West..Atch Top & S Fe (3 rds) 3,996,648 Gin New Orl & Tex Pac_
414.255
3,595,755 Wheeling & Lake Erie__ _
Baltimore & Ohio
413,800
2,874,137 N 0 Texas & Mex (3 rds)
402.908
Louisville & Nashville
2,695,528 Detroit Toledo & Ironton
Illinois Central
373,423
Norfolk & Western
2,607.051 Los Angeles & Salt Lake
371,419
Chic Milw St Paul & Pan 2,483,458 Florida & East Coast__ _
359,899
2,315,558 Chic Indianap & Louisv
Chesapeake & Ohio
358,558
Rock Island Lines (2 rds) 2,263,983 Virginian
346,383
2,250.799 Nashv Chatt & St Louis
Missouri Pacific
337,368
Chic Burlington & Quincy 2,100,842 Mobile & Ohio
323,011
321,732
Chicago & North Western 2,003,985 Maine Central
Southern Railway
1,928,578 Western Maryland
275,226
Erie (3 roads)
1.773,645 Kansas City Southern_ __
275,197
Union Pacific (4 roads).- 1.604,432 Buffalo Roch & Pittsb249,456
Reading
1.449,382 Chicago Great Western__
240,304
N Y N II & Hartford... 1,415,998 Union RR (Penn)
236,556
1.322,370 Minneapolis & St Louis..
Wabash
210,533
St Louis-San Fr (3 roads) 1,290,704 Long Island
205.765
Northern Pacific
1,165,919 Bessemer & Lake Erie_ _ 195,266
Great Northern
1,083,034 Louisiana & Arkansas...
188,545
Pere Marquette
1,030,534 Alabama Great Southern
187,391
NY Chicago & St Louis- 1,008.503 Denver & Salt Lake-173.718
Cent RR of New Jersey915,251 Term RR Assn of Si L__
169,248
Missouri-Kansas
-Texas_
897,599 Detroit & Toledo Shore L
162,720
Boston & Maine
866,656 Belt By of Chicago
159,058
Yazoo & Mississippi Val792,509 Indiana Harbor Belt....
156,137
Lehigh Valley
149,019
791,930 Richmond Fred & Potom
Texas & Pacific
783,755 Gulf Mobile & Northern
147,266
Delaware Lack &Western
143,990
731,436 Western Pacific
Pittsburgh & Lake Erie136,896
687,397 Spok Port & Seattle....
Elgin Joliet & Eastern__
123,421
660,330 Bangor & Aroostook
Delaware & Hudson-118,755
658,637 Monongahela
Seaboard Air Line
117.205
647,309 Gulf& Ship Island
Minn St Paul & S S M-..
113,601
600,088 New Orleans & Nor East
Grand Trunk Western__
107,141
590,180 Duluth So Shore & Atl
Chic St Paul M & 0,._,._
103,152
558,160 Northwestern Pacific
488,892 Georgia So & Florida...
Colorado & South (2 rds)
100,626
Chicago & East Illinois_
476,566
Total (96 roads)
Chicago & Alton
471,442
$88,660,039
Atlantic Coast Line
469,138
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a
decrease of $9,107,242.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF FEBRUARY 1931.
Increases.
Decreases.
$160,251 Pennsylvania
Great Northern
$3,873,101
Internet Great Northern
132,737 Southern Pacific(2 roads) 2,400,310
New York Central
a1,995,852
$292,988 Norfolk & Western
Total (2 roads)
1,531.477
1844
Baltimore & Ohio
Illinois Central
Atch Top & S Fe (3 rds)
Chic Burlington Se Quincy
Chesapeake & Ohio
Louisville & Nashville
Chic MIlw St Paul & Pac
Union Pacific (4 roads)-Southern Railway
Reading Co
Missouri Pacific
NYNH& Hartford--Pere Marquette
Chicago &'North Western
Yazoo & Mississippi ValWabash
Northern Pacific
N Y Chicago & St Louis
St Louis-San Fr (3 roads)
Elgin Joliet & Eastern__
Seaboard Air Line
Erie (3 roads)
Delaware & Hudson_ __ _
Missouri-Kansas-Texas
Chic St Paul M & 0_ _ _ _
Del Lack & Western_ _ _ _
Texas Pacific
Lehigh Valley
Decrease.
Decreases.
250,721
1,221,138 Grand Trunk Western....
248.227
1.205,076 Rock Island Lines (2 rds)
240,011
1.139.688Boston & Maine
236.205
1,136,700 N 0 Texas & Mex (3 rds)
233,406
930,259 Cent RR of New Jersey..
231,965
927,979 Virginian
228,627
813,413 Detroit Toledo & Ironton
222,128
795,103 Cin N 0 & Texas Pao
208,748
743,026 Los Angeles & Salt Lake
202,621
668,118 Florida & East Coast__..
177,988
608,211 Union RR (Penn)
168,932
569.253 Chicago & East Illinois_ _
167,476
558,201 Pittsburgh & Lake Erie_
160.324
543,167 Wheeling & Lake Erie___
152,704
508,348 Chic Indianap & Louisv138.131
468,591 St Louis Southwestern
137,493
466,859 Nashv Chatt & Si Louis
135,756
430,829 Central of Georgia
132,204
408,963 Detroit & Toledo Shore L
128,633
387,379 Maine Central
116,357
-382,589 Denver & Salt Lake
112,948
379,074 Bessemer & Lake Erie_
107.195
356,014 Buffalo Roch & Pittsb__
103,420
341,156 Alabama Great Southern
102,986
311,142 Colorado & South (2 rds)
297.700
277,225
$31,284,809
Total (71 roads)
263,662
a These figures cofer the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Include
53 1
eo
ing PittsbirM& 1:2 Erie and the Indiana Harbor Belt, the result is a
As to weather conditions, which often play an
important part in affecting traffic and revenues in
the early months of the year, the winter of 1931 was
exceptionally mild virtually everywhere, and interfered in no essential particulars with the running
of trains or the movement of traffic during either
January or February. The winter of 1930, likewise, presented nothing out of the ordinary in either
January or February. In both months of that
year, while there were numerous periods of extreme
cold, there were also some unusual spells of warm
weather, resulting in the melting of snow and ice,
which latter led to the overflow of some of the
streams in different parts of the country. In 1929
weather conditions were not much of a drawback
in the northern part of the eastern half of the
country. In the western half, however, the winter
was quite severe, extreme cold accompanied in many
instances by repeated heavy snowfalls, having seriously interfered with railroad operations. The remark applies particularly to Wisconsin, Iowa, Colorado, Utah, Wyoming, Montana, Idaho, and in much
the same way the territory all the way west to the
State of Washington. Colorado seems to have suffered most from accumulated snow. Thus Associated
Press dispatches from Denver, Feb. 7 1929, said
that railroad transportation in the mountainous
regions of southwestern Colorado was at a standstill, while section crews began a two weeks' task
of clearing tracks of the heaviest snow slides in
many years. The towns of Silverton, a mining
community, and Craig on the Denver & Rio Grande
Western RR. were completely isolated, it was stated.
Nine snow slides had crashed down on the tracks
since Feb. 2, and one of these was said to be from
forty to seventy-five feet deep and 800 feet wide.
The Rio Grande Southern, operating on the Lizard's
Head Pass, it was also stated, was blocked by snowdrifts, though there were no snowslides. It was also
reported that highways in Wyoming, Utah and
Idaho were blocked by snowdrifts and that zero
temperatures were general. Montana appears to
have suffered in a similar way. On Feb. 9 1929
Associated Press advices from Kansas City stated
that railroad transportation in southwestern Colorado had been further hindered by additional snow
and that zero temperatures prevailed in that region
and in Kansas, Oklahoma and the Texas Panhandle.
Two more snowslides had crashed on the tracks of
the Denver & Rio Grande Western between Durango
and Silverton, Col., making a total of eleven in
thirteen miles. On Feb. 17 press dispatches from
Durango stated that relief from a food shortage,
[Vol,. 132.
FINANCIAL CHRONICLE
which had become serious, was in sight •for the
isolated town of Silverton, Col., as large forces of
workers continued to cut through mountains of
snow, which had blockaded the once famous mining
camp since Feb. 3. Avalanches of snow, which had
buried the Denver & Rio Grande Western tracks
into the town to a depth ranging from six to eighty
feet were then expected to be cleared away within
three days to enable a train to pull into the town
with food and commodities. All this, as stated, was
in February 1929.
As already indicated, the grain traffic over Western roads during February the present year was on
a greatly diminished scale as compared with February 1930. The receipts of wheat were much larger
than in February of last year, and the receipts of
rye were also a trifle larger, but the movement of
all the other cereals was on a diminished scale, the
falling off being particularly pronounced in the
case of corn. The receipts of wheat at the Western
primary markets for the four weeks ending Feb. 28
1931 were 30,618,000 bushels, as compared with
28,785,000 bushels in the same four weeks of 1930;
the receipts of corn 21,669,000 bushels as against
36,835,000 bushels; of oats 7,156,000 bushels against
8,887,000 bushels, and of barley 2,191,000 bushels
against 3,760,000 bushels. Adding rye, the receipts
of which were 698,000 bushels as compared with
551,000 bushels, the receipts at the Western primary
markets for the five cereals, wheat, corn, oats, barley, and rye combined for the four weeks of February 1931 aggregated only 62,332,000 bushels as
against 73,818,000 bushels in the corresponding four
weeks of last year. The details of the Western
grain movement,in our usual form, are shown in the
table we now present:
WESTERN FLOUR
4 Wks.End. Flour.
Wheat.
(bush.)
Feb.28-(Obis.)
Chicayo1931
739,000 2,878,000
642,000
1930
1,081,000
Minneapolis
7,836,000
1931
7,305,000
1930
Duluth
4.817,000
1931
3,626.000
1930
Milwaukee
482,000
53,000
1931
90,000
112,000
1930
Toledo-.
461,000
1931
744,000
1930
Detroit
98,000
1931
127,000
1930
Indianapolis and Omaha
2,965,000
1931
2,269,000
1930
St. Louis
536,000 2,440,000
1931
669.000 2,112.000
1930
Peoria
386,000
281,000
1931
126,000
220,000
1930
'Camas City
6,100.000
1931
4,703,000
1930
Bt. Joseph
566,000
1931
476,000
1930
Wichita
1,506,000
1931
979,000
1930
Sour City
83,000
1981
86,000
1930
AND GRAIN RECEIPTS.
Barley.
Oats.
Corn.
(bush.)
Bush.)
(bush.)
Rye.
(bush.)
112,000
540,000
17,000
25,000
894,000
1,023,000 1,103,000
1,583,000 1,157,000 1,608,000
200,000
432,000
69,000
117,000
84,000
61,000
126,000
594,000
1,010,000
215,000 .
14,000
5,000
888,000
5.588,000
9,944,000 1,918,000
19,000
46,000
927,000
2,056,000
83.000
151,000
659,000
322,000
2,000
4,000
1,000
2,000
27,000
61,000
74,000
54,000
4,000
2,000
13.000
17,000
4,709,000 1,086,000
7,619.000 1,848,000
2,000
2,022,000 1,820,000
3,922,000 1,960,000
230,000
81,000
2,000
1,511,000
2,514,000
287,000
459,000
261,000
387,000
369,000
7,000
3,405.000
4,815,000
314,000
637,000
1,469,000
2.106.000
296,000
82.000
299.000
1.019,000
96,000
74,000
17,000
587.000
999,000
250,000
220,000
8,000
27,000
Total AU
1931
1930
1,609,000 30,618,000 21,669,000
2,082,000 23,785,000 36,835,000
Corn.
Wheal.
2Mos.End. Flour.
(bush.)
(bbls.)
(bush.)
Feb.28Chicago
1,649.000 6,778.000 9,795,000
1931
2,108,000 1,131.000 20,219.000
1930
Minneapolis
15,059,000 2,446.000
1931
12,420,000 3,720,000
1930
Duluth
629,000
10.312.000
1981
430.000
5,712,000
1930
Milwaukee
1931
1930
113,000
212,000
157,000
211,000
666.000 1,704,000
171.000 3,510,000
7.156,000 2,191,000
8,887,000 3,760,000
Oats.
(bush.)
Barley.
(bush.)
698,000
551,000
Rye.
(bWL)
1,728,000
365,000
3,533,000 1,024,000
62.000
894,000
2,298,000 2,091,000
2,248,000 2,594,000
447,000
873,000
572,000
649,000
143.000
335,000
156,000
482,000
302,000 1,246,000
401,000 1,739,000
22,000
40,000
APRIL 18 1931.]
FINANCIAL CHRONICLE
2 Mos.End
Wheat
Flour
Feb. 28(86/s.)
(bush.)
Toledo-.
1931
905,000
1930
1,700,000
Detroit
1931
227,000
1930
260,000
inglanapotts and Omaha
1931
5,879,000
1930
3,533,000
St. Louis-.
1931
1,183,000 4,610,000
1930
1,333,000 4,706,000
Peoria
1931
481,000
617,000
1930
356,000
428,000
Kansas City
1931
13,652,000
1930
9,618,000
St. Joseph
1931
758,000
1930
1,387,000
Wichita
1931
2,930,000
1930
2,033,000
Stour city
1931
121.000
1930
125,000
Total All
1931
1930
Corn
(bush.)
Oats
(bush.)
Barley
(bush.)
170,000 1,429,000 ?EL 8,000
315,000
724,000 Ago_ 6,000
56,000
109,000
Rye
(bush.)
SUMMARY BY GROUPS.
District and Region.
Gross Earnings
Month of February1931.
1930. Inc.
or Dec.
$
1,000 . Eastern District$
$
%
6 00
. 0 New England region(10 roads)____ 16,496,647 19,495,983 -2,999,336 15.41
Great Lakes region (31 roads)
67,641,073 85,511,774 -17,870,701 20.91
Central Eastern region(23 roads)._ 69,068,685 88,320,147 -19,251,462 21.85
17,000
44,000
Total (64 roads)
153,206,405 193,327,904 -40,121,499 20.78
(+)
122,000
122,000
96,000
7,000
9,774,000 1,760,000
15,198,000 2,932,000
2,000
4,112,000 3,366,000
6,819,000 3,441,000
417,000
150,000
5,000
3,000
2,337,000
5,745,000
485,000
746,000
924,000
13,000
545,000
937,000
Southern District
Southern region(30 roads)
Pocahontas region(4roads)
568,000
6,700,000
8.877,000 1,081,000
3,320,000
3,819,000
444,000
128,000
5,000
797,000
1,525,000
122,000
94,000
23,000
770.000
2,109,000
436,000
348,000
14,000
42,000
2,000
2,000
3,562,000 62,878,000 42,610,000 13,692,000 4,893,000 1,636,000
4,081,000 43.132,000 72,467,000 16,688.000 6,645,000 2,357,000
The Western livestock movement, too, appears
to have been much smaller than in February a year
ago. At Chicago the receipts comprised only 15,890
carloads in February 1931 against 16,506 carloads
in February 1930 and at Kansas City and Omaha
6,002 carloads and 5,800 carloads, respectively, as
compared with 7,616 and 7,631 cars in February
1930.
Coming now to the Southern cotton movement,
this was on a somewhat larger scale both as regards
gross shipments overland and the receipts at the
Southern outports. Gross shipments overland in
February 1931 aggregated 89,520 bales as against
56,530 bales in February 1930, but comparing with
122,064 bales in February 1929; 76,033 bales in 1928,
136,416 bales in 1927, and 130,882 bales in 1926.
The receipts of the staple at the Southern outports
reached 440,451 bales in February 1931 against
250,109 bales in 1930; 386,096 bales in 1929; 359,111
bales in 1928; 858,036 bales in 1927, and 564,125
bales in 1926.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN FEBRUARY AND
SINCE JAN. 1 TO FEB. 28 1931, 1930, 1929,
February
Ports.
Galveston
Texas City, Am,
Corpus Christi_
Beaumont ---New Orleans__
Mobile
Pensacola
Savannah
Brunswick Charleston Lake Charles
_
NorfolkJacksonvilleTotal
1931.
1930.
Since Jan. 1.
1929.
1931.
1930.
1929.
163,271
262,589
10,195
3.008
214,028
108,062
2,724
78,368
166,992
217,072
7,557
455
207,577
55.194
935
28,056
359,305
373,854
3,520
11,553
1,582
8,488
21.484
12,880
75,570
100,842
5,384
925
116,322
65,524
1,303
45,503
55,582
79,672
2,306
455
80,264
12,619
806
7,550
108.190
125,416
9,426
6,732
5,891
7,029
3,169
25
2,432
5,229
3,417
3,776
8.445
23,119
10,104
9,651
13,696
44
440,451
250,109
386,096
898,849
113,368
13,083
471
9,930
275,922
36,478
479
30,888
9,059
18,912
726,945 1,121.305
It follows, of course, from what has been said
above that when the roads are arranged in groups
or geographical divisions according to their location, heavy losses appear in each of the great districts, namely, the Eastern, the Southern, and the
Western, as also in all the different regions in those
districts, in gross and net alike, without any exceptions. Added significance is given to this feature
by the fact that the same remark applied a year ago
as to February 1930 compared with February 1929.
Our summary by groups is appended below. As
previously explained, we group the roads to conform
with the classification of the Inter-State Commerce
Commission; the boundaries of the different groups
and regions are indicated in the footnote to the
table:
2845
44,661,901
16,940,207
Total(34 roads)
Western DistrictNortbWestern region (17 roads).Central Western region(25 roads)_ _
Southwestern region(30 roads).Total(72 roads)
(-).
57,275,207 -12,613,306 22.03
22,358.218 -5,418,011 24.19
61,602,108
79,633,425 -18,031,317 21.25
35,144,725
56,197,971
29,986,470
44,465.122 -9,320,397 20.95
70.410,878 -14,212,907 20.20
39,628,040 -9,641,570 24.31
121,329,166 154,504,040 -33,174,874 21.49
Total all dLstricts(170 roads) -336,137,679 427,465,369 -91,327,690 21.37
District and Region.
Net Earnings
Month of Feb.- -Mileage--1930. Inc.(+) or Dec.(-).
1931.
Eastern District1931. 1930.
s
New England region_ 7,335 7,355 4,704,625 5,875,247 -1,170,622 19.94
Great Lakes region__ 27,896 27,950 12,409,019 17.923,720 -5,514.701 30.82
Central East% region_ 24,221 24,233 10,483,088 18,069,345 -7,586,257 41.98
- Total
59,452 59,538 27,596,732 41,868.312-14,271,580 34.09
Southern District
Southern region
40,041 40,122 7.663,316 12,839,614 -5,176,298 40.30
Pocahontas region
6,032 6,015 5,362,222 8.076,175 -2.713.953 33.61
-Total
46,073 46,137 13,025,538 20,915,789 -7,890,251 37.59
Western District
Northwestern region.. 48,947 49,054 4,637,163 7,131,371 -2,494,208 34.98
Central Weet'n region 52.803 52.804 12,634.682 18,057,436 -5,422,774 30.02
Southwestern region
35,385 35,193 6,724,546 9,549,854 -2,825,308 29.59
--Total
137,135 137,051 23,996,371 34,738,661-10,742,290 30.94
Total all districts-242.660 242.726 84,618,641 97,522,762-32,904.121 33.76
NOTE.
-We have changed our grouping of the roads to conform to the claselfleation of the Inter-State Commerce Commission. and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-Thls region comprises the New England States.
Great Lakes Region.-Thls region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago. and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.
-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River. and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Southern Region.-This region comprises the section east'of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
Pocahontas Region.-This region comprises the section north of the southern
boundary of Virginia. east of Kentucky and the Ohio River north to Parkersburg,
W.Va..and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
Northwestern Region.
-This region comprises the section adjoining Canada lying
Wont of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Reoion.-Thls region comprises the section south of the Northwestern Region, west of a line from Chicago to Peoria and thence to St. Louts. and
north of a line from fit Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-Tbbi region comprises the section lying between the MIssissippi River south of St.Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
RESULTS FOR EARLIER YEARS
It has already been Indicated that this year's extraordinarily heavy losses, namely $91,327,690 in gross, or 21.37%,
and $32,904,121 in net, or 33.76%, derives additional significance from the fact that they come after $48,034,122 decrease in gross, or 10.11%, and $28,128,967 decrease in net,
or 22.40%, in February 1930 as compared with 1929. On
the other hand, these strikingly poor results came after
improved results in 1929 as compared with 1928. Our
tabulations for February 1929 showed $18,292,585 gain in
gross, or 4.02%, and $17,381,393 gain in net, or 15.95%.
The results, however, were really more favorable than appears from the face of the figures, since these gains occurred in face of the fact that the month contained one less
day than the previous year, which was a leap year, when
February had 29 days instead of 28. Contrari-wise, in
1929 comparison was with poor or indifferent results in the
years immediately preceding. Our compilation for February 1928 showed $12,850,859 loss in gross, notwithstanding the month contained one more working day, with a very
small gain in net ($541,678). In 1927 and 1926 there was
only moderate improvement, while in 1925 there were heavy
losses in both gross and net. In February 1927 our tabulation showed $8,733,567 increase in gross and $7,748,287 increase in net, and in February 1926 it showed $5,029,255
increase in gross (only 1.11%) and $38,008 decrease in net.
In February 1925 there were, as stated, material decreases
in both gross and net-$24,441,938 in the former and $4,981,506 in the latter. On the other hand, however, it should be
pointed out that comparison then was with strikingly favor-
2846
able results in 1924, partly due to the extra day contained in
the month then, it having been a Leap Year, like 1928.
Weather conditions were extremely propitious in February
1924, with virtually no obstructions to railroad operation
In any part of the country from snow or ice or extreme cold.
On the other band, in 1923, the winter was of unusual
severity in many parts of the northern half of the United
States and the situation then was worse in February than it
had been in January, in part because of the cumulative effect of the unfavorable meteorological conditions. In January 1923 the roads in New England and in northern New
York suffered from repeated snowstorms and from the
depths of the accumulated snowfalls. In February 1923
these sections continued to be afflicted in the same way and
the trouble also extended to many other sections of the
country-in fact, as we pointed out at the time, to practically all parts of the country outside of the South. And
the result was to embarass transportation and to add greatly
to the cost of operation, expenses then having increased
In all directions. In February 1924, with no such interference by the weather, at least only occasional interferences
in isolated cases, it was possible to bring expenses down
again to somewhere near the normal, and this circumstance,
along with the extra day which the month contained, gave
us an extremely satisfactory statement of earnings, both
gross and net, in the month of that year, our statement for
February 1924 having shown $31,939,712 increase in gross
and $33,387,370 in net. These gains, however, in February
1924 in turn came after a poor or indifferent return in
February 1923, due to the severe winter weather conditions
to which allusion has just been made. It must not be supposed that there was any loss in the gross earnings in February 1023. On the contrary, the falling off was entirely
in the net earnings and, as just stated, was due to the
severity of the weather. In the gross there was then an
increase in amount of $44,745,531, but it was attended by
an augmentation in expenses of no less than $50,988,243,
leaving, hence, a loss in the net of $6,242,712.
There were, though, losses in the gross both in 1922 and
in 1921, but large gains in the net by reason of sharp cuts
in the expenses in these earlier years, cuts which were
then an imperative requirement, following the tremendous
augmentation in expenses during the period of Government operations of the roads. In February 1922 our compilations showed $4,772,834 decrease in the gross, but $54,882,820 increase in the net, the result of a reduction in
expenses of $59,655,654. And this followed $19,171,075 decrease in the gross and $11,536,799 increase in the net in
February 1921. The loss in the gross in 1921 would have
been very much larger, as the country at the time was
suffering intense prostration of business, except that the
roads were still enjoying the benefits accruing from the
great advance in rates authorized by the Commerce Com-an advance which
mission at the end of the previous July
It was computed would add on the same volume of business
$125,000,000 a month ($1,500,000,000 per year) to the
revenues of the carriers. The reduction in expenses at
that time was also smaller than it would have been because
of the wage award made by the Railroad Labor Board the
previous July, and which on the volume of traffic then being
done it was computed would add an average of $50,000,000
a month to the payrolls of the roads. Nevertheless, the
decrease in expenses then reached, as we have already seen,
$30,707,874.
In 1920 and previous years expenses had been running
up at a frightful rate. In February 1920 our compilations showed $16,428,891 loss in net on $72,431,089 gain in
gross. In that year (1920) the February expenses were
swollen in unusual degree by the adverse conditions under
which railroad operations had to be carried on at that
time. The winter weather encountered in February 1920
was indeed of exceptional severity and it was all the more
noteworthy because in sharp contrast with the extremely
mild weather of the year preceding and comparable only
with the weather of 1918, when the country was still in
the throes of war. Temperatures in 1920 were perhaps
not quite so low as in February 1918, but the fall of snow
was immensely heavier and the interference with railroad
operations correspondingly greater. In February 1919, notwithstanding the winter was extremely mild, as already
stated, and comparison was with weather of 1918 of excep-
[VOL. 132
FINANCIAL CHRONICLE
tional severity, accompanied by snow blockades, railroad
embargoes and freight congestion of great intensity, expenses increased so heavily that a gain of $61,656,597 in
gross was converted into a loss of $1,191,014 in net. In
February of the years preceding, results were just as bad.
In other words, February 1918 showed $25,148,451 gain in
gross, but $28,944,820 loss in net, while the year before
(February 1917) our tables registered an increase of $2,655,684 in gross but a contraction of $21,367,362 in the net. It
was this long continued rise in expenses, with resulting
losses in net, that furnished the basis for the subsequent
reductions in the expenses. In the following we give the
February totals back to 1006. We use for 1911, for 1910 and
1909 the Inter-State Commerce totals, but for the preceding years we give the results as registered by our own
tables each year--a portion of the railroad mileage of the
country being always unrepresented in these earlier years,
owing to the refusal of some of the roads in those days
to give out monthly figures for publication:
Na Earnings.
Gross Earnings.
Year.
l Increase or
Year
1
Year
ing.
1
Given.Preceding. 1 Decrease.
Year
Given.
1
1 Increase or
Year
Preceding. I Decrease.
$
$
$
$
$
February
$
I
I
1906.-- 120,728,671 95,625,938 +25,102,733 33,488,486, 19,937,363 +13,549,271
1907 _123,920,810115,123,660 +8,797,150 30,669,082 32,319,683 -1.650,601
8
09 .__ 173 3838 8
140 .-_442 : 81 141,102,297-17,713,009 26,154,6131 34,919,215 -8,764,602
3
2 : 92
1161,085,493 +13,338,338 49 194,780 37.311,587+11,883,713
202,825,380,174,574,962 +28,250,418 56,976,2
19104 , 3 202
9
-786 -7032: 9
2
1911 _ 199,035,257202,492,120 -3.456,863 49,888,584 56,9 0:
1912 --- 218,031,094 197,278,939 +20,752,155 57,411,107 49,135,958 +8,275.149
1913 _ 232,728,241 218,336,929 +14,389,312 59,461.341 57.458,572 +2,002,789
1914 ___ 209,233,005 233,056,143-23,823,138 39,657,965 59,553.012-19,895,047
1915 -.210,860,681212,163,967 -1,303.286 51,257,053 39.274.776+11,982,277
1918 ---267,579,814,209,573,963 +58,005,851 79,929,463 51,043,120 +28,886,343
1917 --- 271,928,066 269,272,382 +2,655,884 58,904,299 80,331.661 -21,367,362
1918 -_ 285,776,203 260,627,752 +25.148,451 27,305,808 56,250,628-28,944,820
1919 _.._ 351,048,747 289,392,150 +61.656,597 27,623,406 28,814,420 -1,194,014
j
1920421,180,876348,749,787 +72.431.089 10,688.571 27,117,462-16.428,891
1921 --- 405,001,273 424,172,348-19,171,075 20,771,731 9,234,932 +11,636,709
1922400,430,580405,200.414 -.4,772,834 78,706,84 21,824,020 +54,882,820
1923 -_ 444,891,872 400.146,3411+44,745,531 70,387,822 76,630,334 -6,242,712
1924 _._ 477.809,944445.870.232 +31.939.712104,117,278!70,729,908 +33.387.370
1925 --- 454,009,669478,45i,607-24.441,938 99,460,389104,441,895 --4,981,506
-38,008
1926459.227,310454,198,055 +5,029.255 99.480,650 99,518,858
1927 --.467,808,478459,084,9111 +8,723,567107,148.249 99,399,962 +7,748,287
+541,678
1928 ....455,681,258 468,532,117,-12,850,859 108,120,729107.579,051
1929 --- 474,780,516 456,487,9311+18,292,585 126,368,848 108,987,445 +17,381,393
1930 ---427,231,361 475,265,483-48.o34,122 97,448,899 125,577,888-28,128,967
1931 ___ „ 427,465,369-91,327.690 64.618,641 97,522,762-32,904,121
Note.- Includes for February 101 roads in 1906; 94 In 1907; In 1908 the returns
were based on 151,580 miles of road: in 1909, 232.007; in 1910, 239,726; in 1911,
242,640; In 1912. 237,082; In 1913, 240,986; in 1914, 244,925; In 1915, 246,186; in
1916,245,541; in 1917,249,795; In 1918, 238,891; in 1919, 232,957; in 1920.231,304;
In 1921, 235.653; In 1922, 235,625; in 1923. 235,399; In 1924, 235,506; In 1925,
236,642; In 1926, 236,839; In 1927, 237.970; in 1928, 239,584; in 1929, 242,884; In
1930, 242,348; in 1931, 242,660.
Latin-American Dollar Credit in the United
States, 1920-1930.*
CONCLUDING ARTICLE.
By ADAM K. GEIGER.
DEFAULTS.
The period has been singularly free from serious delays
and defaults on the part of the several borrowing countries
and political subdivisions. It is noteworthy that notwithstanding the severe effects of the world depression on the
economy of these countries and the confusion incident to
the forced changes in several of the Government's debt
service, excepting only in the case of one State and one
city loan, was maintained by the Latin-American borrowers
during 1930.t
Mexico, in default when the period covered by this review
opened, came to an agreement with the International Committee in 1922 for the settlement of the principal items of
her debt. Scarcely had this agreement become effective
when further difficulties were encountered and this adjustment was superseded by the amended agreement of 1925.
The 1925 agreement likewise came to grief, and during 1930
another adjustment was negotiated with the International
Committee, although the agreement had not at the end of
1930 been finally ratified by the Mexican Congress and
$ The Government of Haiti, likewise in
made operative.
default at the opening of the period on an issue of railroad
The first of the series of four articles was published in our issue of
8,
March 21, page 2073; the second in the issue of March 2 Page 2274,
and the third in the issue of April 11 1931, page 2857.
t Five instances of default on the part of three borrowers have occurred
since the close of the period considered in this review. One of these was
promptly cured. The Republic of Bolivia found it necessary to pass the
coupons due Jan. 1, Mar. 1, and April 1 on three of its loans, and the
Republic of Peru found it impossible to meet a coupon due April 1 on one
of its loans.
During January 1931 it was announced that Mexico had executed a
supplemental agreement under which gold payments as provided in the
1930 plan would be postponed for a maximum period of two years, the
payment for these years being made in silver.
Aran,18 1931.]
bonds guaranteed by it, offered its own direct obligations
during 1924 in exchange for the outstanding issue.
During 1921, due to the failure of a New York banking
firm in the interim between the purchase and actual paying
over of the proceeds of an issue of 6% bonds, the State of
Santa Catherine, Brazil, failed to provide funds for the
payment of loan service. About $1,000,000 par value of the
bonds of this issue had been sold to the public. The holders
of these bonds received 65% of their holdings of a new 8%
issue placed on the market during 1922. There have been
some delays in the payment of interest and sinking fund
of this second issue, and in May 1928 announcement was
made that the State had entered into an agreement which
would result in the restoration of the original terms of the
loan from August 1933, payment in the meantime being made
on a modified basis. However,the payment due Aug. 1 1930
was not made by the State, and this loan is now in default.
Interest and sinking fund of still another Brazilian State
Dollar loan has been irregularly paid, but it is now understood that all arrears are to be liquidated and the original
loan terms restored by 1932. A city of one of the Caribbean
countries has also, at times, been irregular and tardy in
meeting its payments, and, due to a bank failure during
1930, failed to provide funds for the payment of a coupon
due Oct. 1 on one of its issues. The Jan. 1 coupon on this
Issue, however, was met.
Excluding the Mexican obligations, the issues in default
on Dec.31 1930 amounted to $6,747,800, or less than lh of 1%
of the total outstanding bonds as of that date. Including
the present year to April 1, issues in default (including the
one coupon mentioned above) at the present time amount
to $66,573,800, or approximately 3.92% of the total bonds
outstanding on Dec. 31 1930.
YEARLY OFFERINGS OF NEW ISSUES.
The years 1926, 1927, 1928, and, strangely, 1930 were
years of heavy offerings of Latin-American Dollar issues.
The heaviest offerings of the period were during the year
1928, and this notwithstanding bond market conditions were
not entirely satisfactory during the latter half of that year.
Prior to 1926 the largest total of offerings in a single year
was in 1921, when $188,106,000 par value of new issues were
placed on the market. Excepting only the year 1920, the
offerings during the year 1929 were the smallest of the
11-year period.
Table VIII presents for each year of the period the combined total of publicly offered long- and short-term loans of
the character considered in this survey, the net value at
offering prices and the weighted average coupon rate of
these new issues. The figures for the year 1920 are purely
nominal, and represent the estimated portion acquired by
the public of an issue of $5,000,000 par value bonds which
had later to be adjusted (see discussion on defaults) due
tO the failure of the issuing bankers.
TABLE VIII.
Total yearly Offerings Of Latin-American Government, State, Municipal and Guaranteed Mortgage Bank Dollar loans (excluding amounts sold abroad) the
value at offering prices and weighted average coupon.
Year1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
Par
Value
Offered.
281,000,000
188,106,000
165,700,000
117,500,000
6157,470,000
163,681,000
338,414,000
342,477,000
357,218,000
68,650,000
250.556.000
Na Value
at Offering
Prices.
Weighted
Average
Coupon,
185,528,860
162.196,500
116,727,500
153,935,380
159,028,080
325,109,110
328,859,341
341,538,322
64,346,500
243.779.705
6.00%
7.59%
7.05%
5.90%
5.96%
6.07%
6.46%
6.27%
6.11%
6.26%
A RR%
a Purely nominal,see text. b Excluding 82,634,688 of bonds offered n exchange
for an outstanding defaulted issue.
In order to distinguish between the short-term and the
long-term issues there is given in Table IX a tabulation of
the yearly offerings of short-term loans, the weighted average offering price, yield, and coupon rate. In Table X the
same facts are given for the yearly offerings of long-term
bonds. Portions of several of the long-term issues were
withdrawn for sale abroad and to the extent known, the
par value of the portions sold abroad is also shown. The
average weighted price, yield, and coupon rate, however,
are based on the amounts actually offered for sale in the
United States, as shown in the first column of the table.
2847
FINANCIAL CHRONICLE
TABLE NO. IX.
Total Yearly offerings of short-term Latin-American Government, State, Municipal
and Guaranteed Mortgage Bank Dollar loans, the value and the weighted
average offering price, yield and coupon.
Year-
Par
Value
Offered.
Net Value
at Offering
Prices.
Weighted Weighted Weighted
Average Average Average
Price.
Yield. Coupon.
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
862,000,000
861.717,500 399.54
F.i6%
Elf%
32,000,000
31,630,000
98.84
7.21
8.92
55,000,000
54,725,000
99.50
7.00
6.00
59.500,000
59,844,800 100.24
4.71
5.18
30,600,000
30,600,000 100.00
4.43
4.43
41,020,000
40,849,700
99.58
5.55
5.41
20,781,000
20,773,300 99.96
5.16
5.06
25,270,000
25,174.200
99.62
5.45
5.33
11,500,000
11,500,000 100.00
5.57
5.57
135,600,000
135,752,700 100.11
5.01
5.11
TABLE NO. X.
Municipal
Total yearly offerings of long-term Latin-American Government, State,
and Guaranteed Mortgage Bank Dollar Loans, the value, weighted average,
offering price, yield and coupon,and amount sold abroad.
Year.
Par
Value
Offered.
Net Value
at Offering
Prices.
Wghtd.
Average
Price,
Wghtd. Wghtd.
Average Average
Yield. Coupon.
s
$
$
%
1920
x1,000,000
8.18
1921
126,106,000 123,811,360 98.18
7.40
1922
133,700,000 130,566,600 97.66
5.89
1923
62,500,000 62,002,500 99.20
6.72
1924
297,970,000 94,290,580 96.24
6.75
1925
133,081,000 128,428,080 96.50
6.97
1926
297,394,000 284,259,410 95.58
1927
6.71
321,696,000 308,086,041 95.77
1928
6.56
331,948,000 316,364,122 95.31
1929
7.03
57,150,000 52,846,500 92.47
8.66
1930
114.956.000 108.027.005 93.97
See note a. Table No.VIII. z See note b,Table No. VIII.
Amount
Sold
Abroad.
%
$
6.00
7.80
7.08
5.82
6.44
6.45
6.61
6.34
6.17
6.40
6.24
5,000,000
26,170,000
44,375,000
55,002,000
3,600,000
17,250,000
TOTAL AMOUNT LOANED DURING THE PERIOD.
A 'strictly accurate statement of the amount we have
loaned to Latin-America should be based upon the gross
loans less, first, the discount at which the various issues
were offered for sale and, second, the commissions paid
to the issuing bankers. While the first of these deductions
is public knowledge, information regarding the second is
very difficult to obtain, and, when obtained, is subject to
many qualifications. A superficial statement is that we
have loaned the amount outstanding on Dec. 31 1930, or,
for that matter, any other chosen date, and this statement
perhaps approximates the facts closely enough for all practical purposes. However, this statement makes no allowance for the fact that practically all of the issues were
originally offered for sale at a discount or that some
sinking funds operate at prices above par and that certain
of the loans have been called for payment with a premium,
these last two factors causing the return to us of a sum
greater than that originally loaned. Furthermore, it must
be remembered that the total outstanding on any given date
is the product of a larger gross total of loans less the
repayments on loans previously granted.
In the following tables the subject is considered from
the point of view of the "actual amount of 'new' cash" the
American public has invested during the period in LatinAmerican Dollar securities of the character considered in
this survey. The figures given are an estimate only. It
may, however, be claimed that this is a careful estimate,
since it is based on exact facts, insofar as exact facts are
generally known, of the amounts collected back by the
American public for bonds retired by sinking fund or
refunding operations. The facts are not in many cases
available, and in such cases it has been necessary to approximate the prices at which bonds were retired.
It should be especially emphasized that this estimate does
not measure our investment in all Latin-American securities, but, on the contrary, covers only those securities considered in this survey. The exceptions previously mentioned are applicable in their entirety. Moreover, some of
the bonds redeemed by sinking fund or redemption operations were undoubtedly held abroad, and to the extent that
this may be true the estimate is an understatement of the
amount invested by the American public. It is not possible
to trace the repayments or to determine what portion, if
any, of the bonds originally placed abroad may have been
repurchased in this country.
In Table XI are shown the yearly figures of what, for
want of a better term, may be designated "A Balance Sheet
of Latin-American Loan Account", this statement being
based on the par value of bonds retired through sinking
fund or refunding operations and the par value of new
issues offered for sale. In Table XII this balance sheet is
expressed in terms of the "Actual IlAtsh Values" involved;
that is, the actual cash received for bonds surrendered by
reason of sinking fund or refunding operations, and the
actual cash paid (at offering prices) for the new issues.
TABLE NO. XI.
Balance sheet of yearly loan account based on the par value of bonds retired and
Par value of new offerings
Year--•
Repaymeats.
New Loans
Sold.
Change
for Year.
Sold
Abroad.
Outstanding.
$
$
$
$
$
139,731,200
Dec.31 1919108,895,450
31,835,750 1,000,000 —30,835,750
1920
289,905,650
1921
7,095,800 188,106,000 +181,010,200
429,895,800
1922
25,709,850 165,700,000 +139,990,150
479,203,650
68,192,150 117,500,000 +49.307,850
1923
533,337,513
1924
105,970.825 160,104,688 +54,133,863
81,044,249 163,681,000 +82,636,751 5,000.000 2620,979,264
1925
950,210,290
35,352,974338,414,000 +303,061,026 26,170,000
1926
91,734,890 342,477,000 +250,742,110 44.375,000 131,245,327,900
1927
1928
150,256,800 357,218,000 +206.961,200 55,002.000 b1,507,290,800
49,019,073 68,650,000 +19,630,927 3,600,000 1.530,521,527
1929
98.704.075 250.556 000 +151.851.925 17.240.000 1.699.623.452
1930
a Error of $5,000 due to confusion in showing sinking fund retirement. b Offsetting error of $500 due to error in showing sinking fund retirement. (
+) Plus.
(—)minus.
TABLE NO. XII.
bonds retired
Balance sheet of yearly loan account based on the actual cash value
and actual cash value (at offering prices) of new offer s.
Year—
[VOL. 132.
FINANCIAL CHRONICLE
2848
Repayments.
New Loans
Sold.
a$1,000,000
$30,801,206
1920
185,528,860
6,257,189
1921
162,196,500
24,910,072
1922
67,621,563
116,727,500
1923
104,181,595
153,935,380
1924
80,923,406
159,028,080
1925
35,520,959
325.109,110
1926
91,738,588
328,859,341
1927
341,538,322
155,486,983
1928
48,708,285
64,346,500
1929
243.779.705
94.584.387
1930
a Purely nominal; see note a, Table X,
Change for
Year.
—$29,801,2 i
+179,271, .1
+137,286. 28
+49,105,937
+49,753,785
+78,104,674
+289,588,151
+237.120,753
+186,051,359
+15,638,215
+149.195.317
Out
standing.
$149,470,465
288,756.893
335,862,830
385,616,615
463,721,289
753,309,440
990,430,193
1,178,481,552
1,192.119,767
1.341.315.084
The total of the loans during the period amounts to par
value $2,153,406,688, and we collected back $744,916,436 *
per value for bonds repaid. The cash values of these two
items are $2,082,949,299 for loans and $740,734,214 for repayments. The most important fact revealed by these two
tables is that as compared with a composite offering price i*
on the new issues during the period of $96.80 the composite
redemption price for the bonds repaid during the period was
$99.44. It would seem from these figures that In addition
to a fairly high coupon rate the American investing public
had an average capital gain of $2.64, or $26.40 on each
$1,000 of bonds repaid during the period.
Based on the figures given In the two foregoing tables it
would appear that the loan account as of Dec. 31 1930 stood
as follows:
Par value loans outstanding
Deduct—Par valueloans held Dee.31 1919
Par value loans placed abroad
$1,699,623,452
$139,731.200
151,397,000
291,128,200
Net par value loans acquired during the period
Actual coat of loans acquired
$1,408,495,252
1,341,315,084
* Subject to the slight errors indicated in Table XI.
t After eliminating the nominal figures for 1920 and an issue offered
in exchange for another issue during 1924.
Indications of Business Activityl
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Apr. 17 1931.
Wholesale and jobbing trade has fallen off. So has industry. On the other hand retail trade has been distinctly
better favored by warm spring weather. Moreover, collections are somewhat more prompt. Big sales of dry goods
and similar lines are reported at Chicago. Clothing meets
with a fair demand at retail. The latest returns from chain
stores show that the reduction of sales in March compared
with those of last year were much smaller than was at one
time reported. It is believed that the output of automobiles for April will be slightly larger than that of March.
New low prices have been made for zinc. The grain and
cotton markets have acted well, especially wheat, and
bearish factors have been powerless to put down cotton
prices and keep them down. The moving picture industry
plainly shows new life and snap. The winter wheat crop
reports are generally favorable. But the drouth in the
Northwestern section of the spring wheat country is
a regretable feature. Special sales have pushed the sale
of apparel. In Philadelphia the business in hosiery,
tapestry and of dress making plants have been injuriously
affected by labor troubles, and the buying of piece goods
there for the first quarter is smaller than had been expected,
though there has been some slight improvement during the
past week. Another rather grim factor was the dropping
of the price of petroleum in the eastern Texas field with
reports that as low as 15c.a barrel had been current. Coincident with the widespread dry weather are the numerous
brush and forest fires reported in northern Michigan,
northern New York, Wisconsin and New Jersey. The
weather is too dry also in California. Moreover, the lumber
trade on the Northern Pacific Coast is operating at only
about 50% of normal. Detroit reports production in March
of 286,000 cars and trucks in the United States and Canada,
which slightly exceeds previous estimates. The output of
steel is down to 50% at most centers, which of course is in
very sharp contrast with that of a year ago. Steel scrap is
generally lower. The shoe manufacturing industry has
fallen off. The value of building permits keeps on about the
same level as 93 % decrease reported for March as compared
with March last year.
Wheat in some cases has advanced two to three cents,
with much larger export sales, though they are confined,
as heretofore, for the most part to Manitoba wheat and
along with sales on a single day of 2,000,000 bushels have gone
sales of barley for export of anywhere from 300,000 to 500,000 bushels a day. Wheat, moreover,acts oversold. Everybody has been bearish on the big stocks of wheat and the
lack of an export trade. Now with a sudden revival of
export business the shorts have been caught napping. Corn
shows little change for the week. It is so high in price that
some are selling corn and buying wheat. Moreover the
cash demand for corn has not been satisfactory. Rye has
advanced 1% to 2 cents as wheat has risen. Rye has been
quiet but the big export sales of barley suggest that sooner
or later rye may have a chance in the export business. Besides the weather is too dry in the Northwest. Oats have
hardly changed. Provisions have been rather weaker,
lard ending however, only two to seven points lower. Cotton
shows a small net advance for the week in spite of big stocks
and dullness of spot cotton goods and speculation. Cotton
acts oversold and it seems not improbable that that is
really the case in a number of other commodities, not excepting grain. Coffee futures declined 5 to 14 points during
the week, partly owing to financial and political unsettlement in Brazil. Liquidation by tired out bulls also has
counted for something. On the other hand it may be well
enough to remember that there is a considerable short interest in coffee, for nine men out of ten are bearish. Some
shrewd observers are beginning to advise caution in trading
on the short side of coffee. Sugar futures declined half a
dozen points, partly because the adoption by Europe of the
Chadbourne plan had less effect in the sugar trade here
than might have been expected. Rubber declined 20 to
25 points with exceptionally large Malayan shipments in
March, and very general liquidation which carried prices
down to new low levels. There is a high record American
visible supply of rubber and stocks in England and the Far
East are steadily mounting. Moreover no very great progress seems to have been made by English and Dutch interests in plans looking to the restriction of output. Hides
advanced 55 to 75 points on covering of shorts and trade
buying. Cocoa fell 11 to 13 points and silk five points.
The stock market has drifted downward and in more than
one case new lows have been reached. One outstanding
event of the week, of course, was the establishment of a
Republic in Spain, together with a very sharp decline in
peseta exchange. The revolution in Spain was peaceful and
the event, big as it was, had comparatively little effect on the
stock market. What counted for more was the continued
dullness of trade and the fact that the professional element
which for the time being dominates the market was still inclined to take the selling side. To-day the trading increased
somewhat, but even so the total was only 2,500,000 shares.
Bonds were inclined to be rather weak or irregular. Some
sharp declines in stocks occurred to-day. International
Telephone fell two points or more, owing to the downfall of
the monarchy in Spain. Even U. S. Steel drifted down to a
new low level, touching 1303-i and showing very little rally
at the close. The iron and steel trade is in anything but
satisfactory shape, and there is no glossing over the fact.
Electric Auto Light dropped six points or more on heavy
selling. Auburn fell 35 points. Utilities and railroad
APRIL 18 1931.]
FINANCIAL CHRONICLE
2849
shares declined a point or so on the average, but some rail- seems to be improving and it is expected that the report
road issues went to new lows. Oil stocks declined some- of unemployment for the second half of March will show a
what; so did the Motors and Motor accessories. Chemicals decrease of 200,000. The textile industry is reported as
were weak, with du-Pont down 4%. The Bureau of Labor much improved, particularly in Saxony, where many weaving
states in substance that there was little change in the unem- mills are again running at full time and some even with
ployment situation in March. It had been hoped that there double shifts.
Washington wired on April 15 that the wholesale price index
might be considerable falling off, or in other words larger
employment. And there was some actual increase in factory declined seven fractional points during the week ended April
hands. But in not a few lines recently wages have been 11. In the preceding week there was a loss of six fractional
reduced. Call money, which at one time was up to 2%, was points. The index number on April 11 was at a new low,
firm to-day at 13/2%. Brokers'loans increased $27,000,000, 73.6 against 75.8 a month ago and 92.4 a year ago. The
in spite of falling prices, something which did not escape Bureau of Labor Statistics says of employment and payrolls
in 15 industrial groups for March 1931 that there was pracbearish comment.
Fall River reported the local cloth market quiet and mills tically no change in employment as compared with Febreport inability to renew contracts that are about to run out. ruary, the actual change having been a loss of 129 emSpot goods, however, were still scarce. Prices have con- ployees, while payroll totals increased $801,946 or 0.7%.
tinued to hold decidedly firm. Production is at the peak for Employment in manufacturing industries in March inthe past six months and gives promise of holding well up for creased 0.9% as compared with February and pay roll totals
the next two months.
increased 2.2%. Per capita earnings in manufacturing inAt Greenville, S. C., it was announced that the Pacific dustries in March were 1.3% greater than in February 1931.
Mills at Columbia, S. C., which manufacture print cloths Washington reported an increase of $3,899,703 in the gross
and which had been gradually discontinuing night work for volume of radio business for the fourth quarter of 1930
several months, is now concentrating on the day shift ex- above that of the third quarter, when the business aggreclusively, with pronounced benefit to the morale and effici- gated $21,574,122 according to reports of 219 identical
ency of the workers. The new policy of the Pacific Mills, wholesale radio dealers. The average volume of business
as well as that of the American Printing Co., which has made per dealer likewise showed an increase, the totals being
a similar announcement as to its Tennessee plant, tends to $116,319 against $98,512 an increase of $17,807.
Automobile production, it is said, has advanced to 70.3
hasten the dropping of the night shift. Greenville also
wired that the permanence of improved conditions can only from 69.5 while a year ago it was 94.9. There was an inbe realized through a continuance of conservative production crease in the actual number of cars and trucks turned out
schedules in the opinion of mill executives who attended the but the gain was limited to two makes of automobiles in
print cloth group meeting of the Cotton Textile Institute the higher priced category. The report adds that trade
there. A statement issued by the Institute officials says: authorities still hold to the belief that April will bring a
"In view of the approaching season of normal decline in total output in the United States and Canada of around
demand, the mill executives are inclined to be very con- 320,000 units or an increase of 14% over the production
servative in considering any increase in operations, feeling in March. The production of electricity by electric light
that such a policy will best promote the return of stable and power companies for the week ended Saturday, April
economic and employment conditions. It was clearly 11 was 1,638,691,000 kilowatt hours as compared with
evident from the discussions that the print cloth mill execu- 1,691,814,000 for the same week last year, a decrease of
tives will continue their constructive efforts of the past on 3.1% according to one of the news tickers.
avoiding overproduction." At Columbus, Ga., the Swift
Chicago reported that expectations of future business were
Manufacturing Co., manufacturing cottonades, coverts, brighter in the Middle West but materialization of orders
tickings, stripes, mitchelin bedspreads and specialties, has last week was mixed. Ability of installment buyers to meet
increased its operating schedule to five and one-half days a their payments in the next six months is said to be one of the
week throughout most of its departments and a portion of most important problems confronting all lines of trade, but
the machinery is also operating at night with a better the impression is that they will eventually work out satisbusiness.
factorily. Detroit wired that the Eastern business in retail
An adjusted index of cotton cloth production shows a trade circles, while of good volume, lacked that of former
further rise, the figure for the week ended April 4th being years due in a considerable measure to present economic
83.3, as against 87.6 for the preceding week and 101.3 for conditions and reduced public buying power. Wholesalers
the corresponding week of 1930. The general situation in and jobbers report their customers continue to buy cautiously
the industry, it adds, remains substantially unchanged, with and collections are slow. The entire trade trend, while
buying activity in primary markets continuing at the quieter hopeful, leaves much to be desired. Detroit also wired that
level which followed on the heels of the recent buying wave. during the first 10 days of April the step-up in demand for
There seems likely to be a wage dispute among the cotton automobiles showed the best increase of any similar period
mills of Northern France but apparently no probability of a since the first of the year. This was said to have been
strike. Paris cabled as regards the new dispute which has especially true in the low price field, with two of the largest
arisen in the northern French textile regions that the Rou- producers instituting upper division of schedules. At the
baix-Tourcoing textile consortium outlined its proposals for same time, three or four builders in the middle field were
wage reductions which include an all around cut of 10% forced to increase output because of the urgent demand for
effective April 20. These proposals are unacceptable, the immediate deliveries. In St. Louis, while an improvement
labor delegates hold. Paris cabled later that the recent unrest is seen in various lines, it is difficult to determine whether
among French textile workers has spread to Troyes, where it is seasonal or an indication of a general upturn. Rail
several workers' delegations are meeting employers to protest tonnage has increased, but that is usual at this time of the
against wage reductions. A general strike has been ordered year. One of the large steel and iron plants has made adbut it is not believed that it will be generally obeyed.
ditions to its force and intends to increase the number of
The Department of Commerce said that France, which was employees.
late in experiencing the general depression, continues to
Boston reported that business last week was somewhat
suffer further business declines. Conditions in Germany quieter in Boston and New England, although underlying
are generally static at a low level, but textiles are showing conditions did not change and the outlook continued bright.
a greater than seasonal improvement and general confidence Recent improvements in the textile and shoe industry have
has increased. The outlook in Denmark is not encouraging, placed New England in a relatively strong position. San
owing to increasing foreign competition and threatened labor Francisco reported that the Easter trade has provided a
difficulties. Spanish business is generally sluggish, awaiting stimulant to general business which is maintaining a more
the outcome of political developments. A continued increase lively pace than was noted during March. Pacific Coast
in stability is the dominant note in Canadian trade. Gains retail sales increased last month and stores in the cities of
in the Japanese textile markets have caused a slight relaxa- Central California led the entire district.
tion of production restrictions. North China trade remains
Ahmedabad, India, cabled that apprehension was caused
dull, although substantial rains have brightened the crop in government circles by the statement of friends of Mahatma
outlook. The continued optimistic tone in the Philippines, Gandhi that he was contemplating marshalling his nonbased on better export prices, has so far failed to be reflected violent crusaders again for a new assault on British rule in
n more active business. In India, political tension seems India. The Nationalist leaders were said to be dissatisfied
to have increased and hostility of the natives to the British with the delay of officials in fulfilling all the terms of the new
is as plain as ever. Berlin cabled the industrial position Delhi agreement with Viceroy Lord Irwin. New Delhi,
[Vol.. 132.
FINANCIAL CHRONICLE
2850
India, cabled that during the year ended Dec. 31 1930, India
lost nearly one-fourth of her foreign trade, a lesson which is
regarded as a misfortune of the first magnitude, necessitating
a drastic increase in taxes and duties.
It has been very niild and springlike here with temperatures
up at one time to 68 degrees. It was 67 to-day with a minimum of 45. It has been too dry in the spring wheat section
of this country and also in Canada. Within the last 24
hours, Boston has had 46 to 64; New York, 44 to 64; Philadelphia, 46 to 68; Portland, Me.,38 to 60; Chicago, 54 to 72;
Cincinnati, 58 to 80; Cleveland, 48 to 62; Detroit, 52 to 70;
Milwaukee, 54 to 68; New Orleans, 64 to 82; Kansas City,
50 to 68; St. Paul,48 to 76;St. Louis,60 to 78;San Francisco,
60 to 74; Seattle, 42 to 58.
These changes are based upon returns from 13,461 identical establishments in 54 of the chief manufacturing industries in the "United States,
having in March 2,802,485 employees whose combined earnings in one week
were $68,103,488.
Increased employment in manufacturing industries has been shown in
March as compared with February in 7 of the 9 years covered by the bureau's
-has the percentage increase
indexes, but only twice
-in 1923 and 1929
been as large as in March 1931; increased pay-roll totals have been shown
-has the percentage increase
in 8 of tne 9 years, but only once
-in 1923
been as large as in March 1931.
Six of the 12 groups of manufacturing industries showed employment
gains in March and 9 groups showed pay-roll gains. The stone-clay-glass
group gained 3.9% in employment, the leather group gained 3.7%, the
textile group gained 3.1%, the vehicle group gained 1.3% and the iron and
steel and nonferrous metals groups gained 0.8% each.
Increased employment in March was shown in 30 of the 54 separate
manufacturing industries, and increased pay-roll totals in 37 industries.
The outstanding increase in employment, 26.3%, appeared in fertilizers,
but this was nevertheless far below this industry's normal seasonal increase
in March. Stoves, brick, millinery, each gained over 7% in employment
in March; carpets gained over 6%; automobiles, women's clothing, and ceAnnalist Index of Business Activity.
ment gained over 5% each;cotton goods, boots and shoes,and carriages and
The "Annalist" Index of Business Activity shows further wagons each gained over 4%. The iron and steel industry gained 1.5%
and foundries and machine shops less than 1-10th of 1%.
recovery, the preliminary figure for March beginning 77.4,
The greatest decreases in employment in March in the separate industries
as against 76.1 for February and 74.5 for January, when were in the rubber boots and shoes, agricultural implements,and petroleum
the low point to date for the present depression was reached. refining industries.
Five of the 10 manufacturing industries surveyed but not included in the
From the "Annalist" we quote further as follows:
bureau's indexes reported more employees in March than in February; these
The index for February is itself considerably higher than indicated by the were rayon, aircraft, paint and varnish, miscellaneous rubber goods,
preliminary figure available a month ago. In February both cotton con- and beverages; radio, jewelry, beet sugar, cash registers and typewriters
sumption and electric power production turned out to be greater than esti- reported fewer employees in March than in February.
mated on the basis of preliminary data, and in addition two components
Employment increased in March in 5 of the 9 geographic divisions.
of the combined index for which data were not then available but which The South Atlantic division gained 2.4%; the New England, East North
tend to move early in the business cycle, wool consumption and boot and Central, and Pacific divisions each gained 1.2%;and the East South Central
shoe production, ran true to form by showing sharp increases; these factors division gained 0.9%. Of the losses in the remaining 4 divisions that in the
combined to make the revised February index 76.1, instead of the prelim- Middle Atlantic division was less than 1-10th of 1%.
inary figure of 74.5.
Per capita earnings in manufacturing industries in March 1931. were
The further increase in the combined index for March was the result of 1.3% greater titan in February 1931.
added gains in the adjusted indexes of cotton consumption, steel ingot and
In March 1931, 11,730 operating establishments in 62 manufacturing
pig iron production and electric power output,together with a sharp recovery industries reported an average of 91% of full-time operation, this being
in the adjusted index of bituminous coal production. There was, moreover, 1% greater than toe average reported in February 1931.
a conspicuous absence of sharp decline in any of the ten elements on which
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
the business basis is based. The worst decrease, so far as its effect on the
MANUFACTURING INDUSTRIES.
(monthly Average 1926=100.)
combined index is concerned, was in freight car loadings, the adjusted index
of which declined from 77.7 to 77.0. a new low for the present depression.
Payroll Totals.
Employment.
Automobile production, on the basis of preliminary figures, failed by a narrow margin to keep pace with the usual seasonal increase, and the adjusted
March Feb. March March Feb. March
Manufacturing Industries.
index declined slightly. There was also a small decline to a new low record
1930. 1931. 1931. 1930. 1931. 1931.
for the current depression in the adjusted index of zinc production.
68.5
74.8
90.8
67.0
89.8
74.1
Table I gives the combined index and its components, each of which is General Index
adjusted for seasonal variation and long-time trend. Table II gives the
combined index back to the beginning of 1926.
TABLE 1.
-THE ANNALIST INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS.
Mar. 1931.
Jan. 1931.
59.3
57.6
58.0
77.7
83.4
70.8
67.6
75.3
81.9
86.8
60.1
55.0
54.9
79.1
83.8
74.3
62.6
71.7
66.0
74.0
60.5
*774
Combined index
Feb. 1931,
59.0
61.1
77.0
*84.2
79.6
*67.1
80.3
Pig iron production
Steel Ingot production
Freight car loadings
Electric power production
Bituminous coal production
Automobile production
Cotton consumption
Wool consumption
Boot and shoe production
Zinc production
76.1
743
TABLE 2.
-THE COMBINED INDEX SINCE JANUARY 1928.
1931.
January
February
March
April
May
June
July
August
September
October
November
December
1930.
1929.
1925.
1927.
1928.
74.5
76.1
*77.4
95.0
94.2
91.3
95.1
90.1
89.1
86.4
83.2
82.4
79.5
76.0
78.2
105.5
106.1
104.3
108.8
110.1
108.9
109.9
108.1
107.3
105.7
96.9
92.1
98.0
99.7
99.4
99.9
101.3
98.7
100.5
102.1
102.4
105.0
103.7
102.0
102.2
104.7
106.9
104.4
104.8
103.4
101.5
101.8
100.9
98.2
95.5
93.7
102.3
103.2
104.7
103.7
101.6
103.2
102.8
105.0
107.1
105.7
105.7
105.0
•Subject to revision.
_
Trend of Employment in United States During March
Department of Labor Reports No Change in Employment in 15 Groups-Slight Increase in Wages.
In its monthly report issued April 16 of changes in employment and pay-roll totals in March 1931, as compared with
February 1931, based on returns from 43,796 establishments,
in 15 major industrial groups, having in March 4,649,112
employees whose combined earnings in one week were $116,282,266, the Bureau of Labor Statistics of the United States
Department of Labor says:
The combined totals of the 15 industrial groups show practically no
Change in employment in March as compared with February, the actual
change having been a loss of 129 employees over the month's interval or
three-thousandths of 1%. Payroll totals increased $801,946, or 0.7%.
Increased employment in March wasshown in6 of the 15industrial groups:
manufacturing, 0.9%; quarrying and nonmetallic mining, 5.1%; retail
trade, 0.8%; hotels, less than 0.1%; canning and preserving, 9.7%; dyeing
and cleaning, 0.7%.
Decreased employment was shown in March in each of the remaining 9
groups: anthracite mining, 10.8%; bituminous coal mining. 3
.0%; metalliferous mining. 2.7%; crude petroleum producing, 1.4%; telephone and
electric railroads, 0.2%;
telegraph, 0.7%; power, light, water, 1.1%;
wholesale trade, 0.9%; laundries, 0.6%•
Manufacturing Industries.
Employment in manufacturing industries in March 1931, increased
0.9% as compared with February and pay-roll totals increased 2.2%.
Food and kindred products
Slaughtering and meat packing
Confectionery
Ice cream
Flour
Raking
Sugar refining. cane
Textiles and their products
Cotton goods
Hosiery and knit goods
Bilk goods
Woolen and worsted goods....
Carpets and rugs
Dyeing and finishing textiles
Clothing,men's
Shirts and collars
Clothing, women's
Millinery and lace goods
Iron and steel and their products.
Iron and steel
Cast-iron pipe
Structural Ironwork
Foundry dt machine-shop prods
Hardware
Machine tools
Steam fittings
Stoves
Lumber and its products
Lumber.sawmills
Lumber, millwork
Furniture
Leather and Its products
Leather
Boots and shoes
Paper and printing
Patter and pulp
Paper boxes
Printing, book and job
Printing, newspapers
Chemicals and allied productsChemicals
Fertilizers
Petroleum refining
Stone, clay, and glass products
Cement
Brick, tile, and terra conePottery
Glass
Metal products, other than Iron
and steel
Stamped and enameled ware._
Brass, bronze, and copper prods
Tobacco products
Chewing and smoking tobacco
and snuff
Cigars and cigarettes
Vehicles for land transportationAutomobiles
Carriages and wagons
Car building and remaking,
electric railroad
Car building and repairing,
steam railroad
Miscellaneous industries
Agricultural Implements
Electrical machinery,apparatus
and supplies
Pianos and organs
Rubber boots and shoes
Automobile tires de inner tubes.
Shipbuilding
94.8
97.8
86.2
80.5
100.0
97.0
93.8
90.8
87.7
91.2
97.1
78.8
96.6
99.8
86.8
89.3
106.3
99.9
92.1
90.3
70.3
93.7
97.0
85.2
114.3
70.1
80.0
74.8
73.7
68.2
81.7
90.5
89.1
90.9
100.8
95.6
90.6
102.6
109.2
102.2
95.6
139.0
98.2
75.9
71.5
61.5
91.0
91.9
89.2
94.0
83.9
74.7
89.0
90.6
79.9
78.6
73.3
79.3
84.3
74.8
71.7
95.5
75.6
71.5
93.6
82.4
72.0
75.1
56.8
75.8
72.3
89.2
73.0
60.0
60.0
54.3
50.6
54.8
63.7
79.4
77.6
79.9
92.5
82.4
81.7
94.8
105.8
83.9
90.5
74.2
79.7
58.8
56.9
44.5
79.5
70.1
87.9
90.2
82.3
76.2
87.7
90.6
82.2
81.0
76.8
80.1
83.2
76.4
76.1
95.4
77.5
74.2
98.6
88.3
72.6
76.2
58.5
75.4
72.3
69.3
72.9
60.1
64.7
54.1
50.3
55.0
63.4
82.3
78.4
83.3
92.4
82.0
81.9
93.0
107.9
82.2
88.8
93.7
71.6
61.1
60.0
47.7
79.1
72.2
97.2
99.0
88.0
78.8
104.9
99.2
100.4
88.8
82.7
94.2
98.1
72.9
81.8
100.6
79.0
81.3
109.9
101.9
92.8
93.1
71.2
92.5
97.5
79.1
113.9
66.0
73.4
73.4
74.7
66.7
75.3
82.2
87.3
80.8
106.5
98.5
98.3
107.2
114.3
102.1
99.0
122.5
101.5
72.2
69.9
55.5
85.4
90.7
89.3
96.3
79.1
76.2
87.9
89.5
82.3
72.3
65.8
72.0
78.6
71.9
62.8
96.2
62.9
69.1
85.3
73.0
60.4
64.9
50.6
64.6
59.1
54.1
57.6
49.9
47.1
44.7
40.3
47.1
52.2
66.5
72.0
64.9
93.3
77.9
80.6
94.0
107.2
83.7
87.5
66.5
83.1
50.7
50.3
34.0
65.4
67.3
86.9
90.2
77.2
76.9
85.2
88.9
84.5
75.4
69.8
73.4
76.2
73.0
64.6
94.5
66.2
62.4
93.8
86.1
62.0
67.8
54.6
63.9
59.9
55.2
58.3
47.4
50.3
45.4
41.2
47.6
52.4
70.9
73.8
70.1
94,8
77.1
83.0
94.4
110.4
80.6
87.2
78,3
74.8
53.1
53.2
36.8
67.4
69.1
85.1
85.2
85.1
91.8
70.7
72.7
69.8
85.6
71.3
72.7
70.7
85.0
84.5
83.7
81.8
85.8
62.4
67.0
60.6
69.3
64.0
67.3
62.7
72.4
93.7
91.5
86.0
93.1
65.3
93.8
84.6
66.9
71.5
38.4
92.2
84.1
67.8
75.2
37.9
93.7
84.8
89.9
94.6
73.8
88.1
67.0
61.0
59.4
38.4
84.3
71.0
63.5
65.9
40.9
59.2
79.7
79.4
92.4
78.3
79.5
79.5
102.9
122.0
62.1
81.3
75.8
60.6
79.4
66.4
85.1
105.5
128.6
61.5
73.6
66.6
59.9
72.4
53.7
111.3
50.0
895
80.3
119.6
87.7
42.1
68.1
68.1
100.3
87.0
42.4
55.8
68.3
97.6
115.2
45.1
87.8
80.7
124.8
80.5
30.6
47.4
60.9
96.2
80.5
32.5
34.9
63.3
92.3
Further Recession in Wholesale Prices During March.
The index number of wholesale prices computed by the
Bureau of Labor Statistics of the U.S. Department of Labor
shows a further recession in March. This index number,
APRIL 18 1931.]
FINANCIAL CHRONICLE
2851
Activity was greater, and industrial production was larger, at the end
of January than at the close of December. The advance continued during
February, and through March, and the improvement was sufficiently
definite to be unmistakable, even after due allowance had been made for
normal seasonal increases. Nevertheless the significant fact about business
conditions at the beginning of the second quarter is that improvement,
while real, has been only meager, and that symptoms of a vigorous upturn
are lacking.
The evidence that continues to accumulate indicates that the bottom
yet there are no trustworthy
Farm products as a group reacted from recent price declines, increasing of the depression has been reached, but as
bottom is likely to extend. The three
31 of 1% above the February level. Prices of wheat, hogs, poultry, eggs, signs to show how far ahead that
construction, and automobiles,
apples, oranges, onions, potatoes,and foreign wools averaged higher than basic industries of iron and steel, building
upturn has been
In the month before. Corn, oats, rye and hay, on the other hand. were have all shown increased production, but in each case the
slow and restricted. Movements of freight on the railroads are still at
cheaper than in February.
wholesale
,
Foods were 35 of 1% lower than in the preceding month, with declines low depression levels. There have been signs of stabilization in
in most fresh and cured meats, fish, flour, canned fruits and vegetables, prices, but they are not wholly convincing.
months of the year,
Security prices made good advances in the first two
cheese, coffee and sugar. Among foods increasing in price were butter,
and then lost most of them in March. Suspensions and reductions of divifresh pork, dressed poultry, lard and corn meal.
price increase, with leather and dends have been exceptionally numerous. It is clear that most of the
Hides and skins showed an appreciable
boots and shoes declining slightly and other leather products showing no first quarter earnings reports will be poor. Credit is more than ample
in amount, but decidedly timid, with the result that interest rates are
change.
In the group of textile products there were small decreases among cotton low, but gilt edged bonds, blue chip common stocks, and high grade
woolen and worsted goods, preferreds are distinctly high priced. Many bargains are probably available
goods and larger decreases among silk and rayon,
and other textiles.
in stocks and in real estate, but investors are afraid of them.
Anthracite and bituminous coal and beehive coke showed small price
Danger of a continuation of last year's drouth is rapidly fading, for
declines, while by-product coke was stationary. Petroleum products showed there has been in recent weeks a considerable amount of snow and rain
a pronounced drop in price, due to radical decreases in crude petroleum, well distributed. Agriculture is getting away to a hopeful start, with
fuel and gasoline.
reports of considerable reductions in the acreages planted to those crops
Among metals and metal products there was a slight decline in iron and that were produced in excessive amounts last year. In commerce and in
steel, while nonferrous metals advanced. Other metal products were industry, as in agriculture, the essential readjustments needed to meet new
unchanged in price.
conditions are much further along than they were at this time last year,
In the group of building materials,lumber and paint materials advanced, and in that sense at least the outlook is more hopeful.
while brick was stationary and cement declined. The group as a whole
showed a negligible increase.
Regarding stock prices, Col. Ayres says:
Chemicals and drugs, including fertilizer materials and mixed fertilizers,
Prices of high grade common stocks are now relatively high when
were somewhat cheaper than in February.
the earnings of the companies, but fairly low
No change in the price level was shown for furniture and furnishings in the considered in relation to
on the basis of the dividends being paid. If we measure stock prices as
group of housefurnishing goods.
fact comes to light that the prices
In the group of miscellaneous commodities, cattle feed moved sharply multiples of earnings, the interesting
most of 1930, and at its close, than they
upward, while paper and pulp and crude rubber weakened. No change were a good deal higher during
were at the peak of the bull market in 1929. The price-earnings ratios
in the price level was reported for automobile tires.
year and a half ago, and this
Raw materials as a whole averaged lower than in February, as did also are a good deal higher now than they were a
Is because earnings have fallen even further and more rapidly than have
-manufactured articles were only slightly lower.
finished products. Semi
In the large group of nonagricultural commodities, including all articles stock prices.
-Ed.] the
In the diagram at the foot Of this page [This we omit.
other than farm products, and among all commodities other than farm
common
products and foods, March prices averaged lower than those of the month highest of the three lines represents the monthly prices of the
the dividends
stocks of 25 leading corporations expressed as multiples of
before.
results from the fact that some
being paid. The wavy contour of the line
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUB- of the companies have followed the plan of paying larger dividends, or
GROUPS OF COMMODITIES (1920=100J
extras, in the second and fourth quarters of each year. The line fluctuates
about the 16 level during the first three months of the period, showing
Purchasing
that prices averaged about 16 times dividends, and that the rate of return
February
March
March
Power of
was not far from 6%.
1931.
the Dollar
1931.
1930.
Groups and Sub-Groups.
Mar. 1931.
In 1927, 1928, and 1929 prices rose far more rapidly than dividends, and
the line climbs until in August of 1929 it shows that stocks were selling
74.5
75.5
90.8
All commodities
for almest 32 times the dividends, and were yielding only a little more
70.6
70.1
94.7
Farm products
59.3
60.4
83.5
Grains
than 3%. The middle line represents prices as multiples of earnings
70.7
69.6
99.6
Livestock and poultry
available for the common shares. This line represents the familiar price74.2
73.7
95.2
Other farm products
earnings ratio. It follows a course roughly parallel to that of the price76.7
93.9
77.1
Foods
83.3
83.7
98.5
dividends ratio above it, but during the latter part of 1930 it continued
Butter, cheese, and milk
82.0
83.6
104.2
Meats
to advance, while the price-dividends line declined.
70.8
70.8
86.2
Otiter foods
At the end of 1930 these stocks were selling for about 20 times their
87.4
86.6
103.2
and leather products
Hider
62.1
57.7
earnings, while at the peak of the bull market their prices were only 19
95.8
Hides and skins
88.4
89.0
107.4
Leather
times earnings. This illustrates the faith that the investing public has
94.9
95.0
103.8
Boots and shoes
in the future earning capacities of high-grade stocks. If the lines could
102.0
102.0
105.8
Other leather products
69.2
be continued at this time to include the records of the first quarter of
70.4
86.5
Textile products
76.5
76.9
91.9
Cotton goods
1931, the price-dividends line would be considerably lower, and the price47.0
48.8
73.7
Silk and rayon
earnings line a little lower, than at the close of 1930. The lowest line in
79.7
81.7
Woolen and worsted goods91-0
57.4
the diagram has its scale at the right-hand side, and shows the percentage
59.0
70.6
Other textile products
64.6
69.6
77.4
Fuel and lighting materials
of the earnings available for the common stocks that were actually paid
88.2
88.9
91.2
Anthracite coal.
out as regular and special dividends.
85.8
87.8
89.9
Bituminous coal
In general it has been the practice of these corporations to pay out as
83.7
83.8
84.2
Coke
•
95.8
94.1
Gas
dividends about three-fifths of the earnings available for such purposes.
41.8
50.2
63.7
Petroleum products
The average over the six year period prior to 1930 was 61%. At present
89.0
88.9
100.6
Metals and metal Products
earnings have declined sharply, but up to the close of 1930 regular divi88.1
88.4
94.9
Iron and steel
67.1
66.1
98.6
Non-ferrous metals
dends in most cases remained unchanged, with the result that by the end
94.7
94.7
95.0
Agricultural implements
of the year the payments rose in ratio so as to amount to 114% of the
98.0
98.0
106.8
Automobiles
earnings. This could not be long continued, and recently there has been
95.0
95.0
98.4
Other metal products
81.9
81.8
95.4
Building materials
a series of dividend reductions.
74.2
73.2
91.6
Lumber
81.5
81.5
88.3
Brick
84.1
92.7
87.9
Cement
84.3
91.9
84.3
Roger W. Babson Optimistic as to Business Conditions
Structural steel
73.0
92.1
70.9
Paint materials
-Advises President Hoover We Have Turned
95.4
106.4
95.6
materials
Other building
81.9
91.2
82 2
Chemicals and drugs
Corner.
84.8
96.8
85.0
Chemicals
64.6
65.0
68.3
Drugs and pharmaceuticals
In a talk with President Hoover on April 16 Roger W.
80.8
88.2
81.1
Fertilizer materials
88.3
94.8
89 1
Mixed fertilizers
Babson,of Babson's Statistical Organization of Babson Park,
90 8
96.5
90.8
House-furnishing goods
95.5
95.5
96.6
Mass.,said that "for the first time since I took such a bearish
Furniture
86.7
86.7
96.3
Furnishings
attitude early in 1929 I have become optimistic as to the
78.2
64.7
63.9
Miscellaneous
71.6
82.1
103.8
Cattle feed
future in business. For the first time I am able to see the
83.1
87 0
82.3
Paper and pulp
16.0
16.1
31.6
clouds breaking, from a statistical point of view. We have
Rubber
55.2
45.7
45.7
Automobile tires
turned the corner."
85.1
86.3
108.5
Other miscellaneous
70.6
69.4
89.3
Raw materials
Mr. Babson's views as expressed to the President, were
72.3
72.2
90.6
Semi-manufactured articles....
78.4
79.3
02.0
Finished products
indicated as follows in the Washington advices April 16 to
77.1
75.7
89.8
Non-agricultural commodities__
the New York "Herald Tribune":
All commodities less tarmprod
75.6
77.1
88.7
nets and foods
"Business has passed the corner," he said. "For instance, car loadings
•Data not yet available.
are showing an increase for the first time, a good sign absent until now.
Employment rolls have increased for the first time since 1928. The chain
stores are showing better earnings. In almost every line of industry these
are some one or two concerns which have turned the corner and have shown
Col. Ayres of Cleveland Trust Co. Finds Improved an increase in earnings in March over February and,what is more important.
Conditions, but Symptoms of Vigorous an increase this March over March of last year.
Business
"Certain of the railroads have also weathered the worst.
-Analysis of Stock Prices.
Upturn Lacking
Figures for the first time definitely disclose they are on the upgrade. Then,
during all of the first of course, very little results have yet been shown from the big construction
Stating that "business improved
Governments.
quarter," Col. Leonard P. Ayres, Vice-President of the programs of the Federal and Statenot until fall. They will not be in full
swing until summer, and possibly
Cleveland Trust Co., in the institution's "Business Bulletin"
"I should not be surprised to see a shortage of labor in some lines before
this year is over. That, however, does not mean that there may not be a
dated April 15, adds:
19
a
-4www&wwwwwwbom.ww19wwwoo.wwwwoo*...w.-.o.
Q19119X19,- oww-aw.-wowyw^w.ww^owwwvuow.-.o.i.woo.p.ww.www
which includes 550 commodities or price quotations weighted
according to the importance of each article and based on
prices in 1926 as 100.0, declined from 75.5 in February to
4%. This
74.5 in March, a decrease of a little over 1Y
compares with a decrease of 2% between January and February. The purchasing power of the 1926 dollar in March
was $1.342, says the Bureau, which likewise says:
2852
FINANCIAL CHRONICLE
relapse again next year. But if no one rocks the boat, I am sure that business is on an upward trend."
Stocks To Be Quiet.
The stock rise early this year, he said, discounted the adjournment of
Congress without any regard to fundamental business conditions. Now,
lately, the reports of first-quarter earnings have come in and the drop now
in progress is the result, he said. Really, there was no reason
for the stock
market dropping or rising so far as business was concerned,
Mr. Babson
declared. New leadership was now making itself felt in business, the
statistician said, adding that the previous period of prosperity had bred
"softness."
"I think we are going to see continued decline in commodity prices in the
average," he said. "but there are a good many things, like sugar, lead,
wheat and copper that are below the cost of production and I think they are
striking bottom."
His organization, Mr. Babson said, did not feel that oil prices had hit
bottom. Proration of production was not a permanent cure, he added,
declaring that he expected to see an open market and lower prices.
"I feel that the next era of speculation will be in commodities instead of
stocks," he said. "I think that the stock market will be more or less quiet
for some time. I think the people are 'fed up' on stocks. I do not believe
there will be much activity on the stock market for a couple of years."
Mr. Babson said that weather conditions through their effect on crops
and the buying power of the West would have an important reaction on
business this year. "If we have rain enough, that is all we need," he said.
"Our troubles will be over."
Dr. Cutten of Colgate University Urges Work-Day Cut
to Give Work to All—Predicts Reduction of Labor
Time to Four or Six Hours Through Machinery—
Sees Danger in Leisure—Philosophy Must Be Part
of Full Living.
[VOL. 132.
early next month. An expert on economy and author of several books,
he expressed the opinion that "those who know the most are the most
anxious", as a gauge to the real seriousness of the situation.
Mutt Apply Remedy.
"Knowledge of conditions is steadily increasing," Sir George said, "but
the world has not reached the point where they will apply a remedy.
Until remedies are applied the condition of world business will get worse.
"The thing to be borne in mind is that there are remedies; if there
were not, then that would be pretty serious indeed.
"First, the world must face the situation. It does not admit to itself
that this is an extraordinary and abnormal depression. It is. I hope there
will never be another like it. But the people of the world are sitting
back expecting this business to work itself out, magically and without aid.
There is where the mistake lies.
"During the war the world had to disregard all economic considerations;
all it had to do was win the war. Since then the world has been seeking
to right itself by establishing an enormous amount of credit, and until 1929
managed to avoid the natural consequences. Now we are facing the consequences of the war and the high inflation policy since the war. It cannot
be remedied unless all nations are agreed on the remedies and are ready
to apply them. That at present the world is most unwilling to do.
Says Statsmen Must Act.
"The statesmen of all the great countries must take counsel generally
as to what can be done to get the world out of its difficulties. It is
too late for an expert commission. It will need statesmen, financial
ministers and national leaders to carry out a concerted program."
Sir George said that several European countries had started such a
move "in a sort of way", but that it was a waste of time to consider the
question as a European problem; that it must be envisaged as a problem
concerning the vital welfare of the entire world. Unless something of
such a nature was done immediately, he declared, the consequences would
be serious.
The economist is to speak on Monday at the Canadian Club in Montreal
on world finance, and on April 18 will address the American Academy of
Social Science at Philadelphia. Between these dates he said it was likely
he would remain in New York.
A work on the world-wide depression by Sir George Is to be brought out
In the next few weeks. He said it probably would be called "World
Depression: The Way to Recovery". In this work and in his addresses in
this country and Canada he said he would urge that the world's leading
statesmen be brought together to work out immediate remedies.
With a more efficient use of machinery and a more equal
distribution of profits, "it seems likely that our present
state of development would warrant a six- if not a four-hour
day", Dr. George Barton Cutten, President of Colgate University, declared on April 10 in an address at the opening
session of the second annual conference on the "Interpretations of Physical Education" at the New York University
School of Education. Further quoting Claim, the New York John Maynard Keynes Predicts Prosperity Will Return
"Times" said:
Slowly—British Economist Asserts Depression Will
At present, bemuse of machinery, there is the constant spectre of unemployment, Dr. Cutten said, although in the past it has been asserted that
new industries spring up to absorb men thrown out of work by the machine.
"If we are to have employment for all," he said, "either we must
curtail the use of the machine or the hours of labor, and there is no chance
of curtailing the machine."
Warns of Spare Time Problem.
With a warning that the improper use of leisure time has been blamed
for the decay of former civilizations, Dr. Outten declared that the United
States, which has the greatest amount of money and the most leisure time,
must solve the problem that is certain to arise with the increased spare
time that will result from the added use of time-saving machinery.
"Other countries," he said, "will learn either by our success or by our
failure. Leisure is either to make us a greater nation or to be our downfall ; our economic success, as it always does, has presented us with a
crisis, perhaps our greatest crisis. We are apt to think of success only as a
blessing rather than as a responsibility, and the decay which results from
a misuse of this success is so insidious because it is pleasant to experience.
Intoxicated with success is a correct figure of speech both for an individual
and a nation—but there is always the morning after!"
Dr. Cutten proposed four means by which the solution of the problem of
full living might be undertaken.
Would Link Leisure and Work.
"First," he suggested, "in our present time, when analysis is the
method and fractions are the results, the products of leisure, whatever
they may be, will be supplemental to the main stem of our life—our vocations. Even when the hours of leisure will greatly exceed those of necessary
labor, so long as there is a division between the two, the labor hours will
probably excel in popular importance.
"Secondly, a suggestion in further elaboration of the method of securing
the unity of full life may be mentioned. In our emphasis upon science and
our admiration of its splendid achievements, we have forgotten that the
problems of life are not solved by science but by philosophy. If we are to
get to our answer of the problem of a united life and full living, we shall
have to go further than science can take us and entrust philosophy to lead
us into ultimate truth.
"In connection with this we may go a step further and say that the
solution of the problem of a full life must be a positive rather than a
negative one. Moralists are the only ones who have tried to solve the
problem of leisure and they have always treated it negatively."
Dr. Outten cited the ban placed by some religious orders on card-playing,
dancing and the theatre as an example of this point of view.
As a fourth method, Dr. Cutten suggested the liberal arts course in
colleges as the best training for full living and united life.
Sir George Paish Upon Arrival in United States Warns
of World Crisis—Urges Conference of Statesmen to
Remedy Depression—Lays Situation to War.
Sir George Paish, British economist, said on his arrival
in New York, on April 10, that the seriousness of the depression had not been realized by the world on account of lack
of knowledge. He predicted that the situation might grow
worse than ever anticipated and urged that leading statesmen of the world convene immediately to work a way out.
The New York "Times" of April 11 thus reports him, and
Says:
Sir George arrived on the Cunard liner Aquitania to speak here and to
attend the International Chamber of Commerce meetings in Washington
•
Continue Two to Five Years Longer—Holds Rate
of Interest for Loans Too High.
American economists underestimate the serious nature of
the current depression, one of the most violent in the, economic history of the world, John Maynard Keynes, British
economist, said in a radio address on April 12, broadcast
from London over Station WABC and a nation-wide hookup
of the Columbia Broadcasting System. He predicted that
it would be from two to five years, depending on the ministrations of nature and lucky accidents, before prosperity
would return. This is noted in the New York "Herald
Tribune" of April 13, from which the following is also
taken:
Mr. Keynes blamed high interest rates for loans and too much saving
as a principal cause for the continuance of the depression. A radical change
In the banking and financial system must be accomplished, he said, if
anything other than chance is to enter into the restoration of business to
its heights.
Mr. Keynes was the principal representative of the British Treasury at
the Paris Peace Conference, and is the author of notable economic works.
More building, Mr. Keynes suggested in his address, would be one means
of injecting life into business.
"So long as rents, for example, are as high as they are," he said, "se
long as the annual cost of occupying a house is more than, let us say, 2%
of the cost of constructing it, so long as the rent of a $5,000 house or flat
is more than $100 a year, which of course it is, far more, it is impossible
to say that we have all the house room we could use. No I The trouble
is (and this is my secret, my remedy, my cure), that the rate of interest
for most kinds of loans is much too high and that this is, one way or
another, the fault of the banking and financial system.
"For example, we have all the houses which we can afford at the present
levels of rent, but the rents are largely fixed by the rate of interest. If
the rate of interest were to come down, rents would fall, and we should have
then more house room.
"In other words, too high a price is being asked for savings, and the
consequence is that savings are being wasted.
"The spokesmen of the business world, though they are not so gay and
foolish as they were a year ago, still, it seems to me, are far too optimistic
and have no sound basis for their optimistic talk. They predict a business
recovery six months hence and a year hence for no better season, so far as I
can discover, than that so many months are surely long enough for some.
thing to happen."
Mr. Keynes exonerated the engineer and technician from blame in the
cause of the depression and fixed responsibility squarely on the banking
system.
Secretary of Labor Doak Reports 152,000 More Persons
Were Employed in March This Year Than in
January.
An announcement on April 15 by Secretary of Labor Doak
stated that"according to an estimate prepared by the Bureau
of Labor Statistics, based on monthly reports from more
than 13,000 manufacturing establishments and on census
reports, there were 152,000 more persons employed in the
manufacturing industries of the United States in March
this year than in January, and the aggregate weekly payrol
2853
FINANCIAL CHRONICLE
APRIL 18 1931.]
of the workers was increased $13,500,000." The announcement also said:
The increase in the aggregate weekly payroll was proportionately greater
than the increase In the number of employees, meaning a greater percentage
Of full time worked. The persons working earned $1.55 more per week
than the smaller number of persons working in January.
In the two months interval employment in the manufacturing industries
increased 2.3%; the aggregate payroll increased 10%, and the per capita
earnings increased 7.5%.
Loading of Railroad Revenue Freight Still Small.
Loading of revenue freight for the week ended on April 4
totaled 728,511 cars, the car service division of the American
Railway Association announced on April 14. Due to the
observance of Good Friday, this was a reduction of 11,568
ears below the preceding week this year and a reduction of
179,548 cars below the same week last year. It also was a
reduction of 229,714 cars below the corresponding week in
1929. The details are given as follows:
Miscellaneous freight loading for the week of April 4 totaled 284,032 cars,
94.270 cars under the same week in 1930 and 123,176 cars under the corresponding week in 1929.
Loading of merchandise less than carload lot freight amounted to 225.463
cars, a decrease of 29,453 cars below the corresponding week last year and
41,679 cars below the same week two years ago.
Coal loading amounted to 118,421 cars, a decrease of 15,607 cars below
the same week in 1930 and 13,896 cars under the same week in 1929.
Forest products loading amounted to 31,092 cars, 25,869 cars under the
corresponding week in 1930 and 38,012 cars under the same week two years
ago.
Ore loading amounted to 5,569 cars, a reduction of 4.936 cars below the
same week in 1930 and 5.555 cars below the same week in 1929.
Coke loading amounted to 7,678 cars, a decrease of 2,817 cars below the
corresponding week last year and 4,317 cars under the same week in 1929.
Grain and grain products loading for the week totaled 36,674 cars, 3,696
cars below the corresponding week on 1930 but 943 cars above the same
week in 1929. In the Western districts alone, grain and grain products
loading amounted to 23.501 cars, a decrease of 3,099 cars below the same
week in 1930.
Live stock loading totaled 19,582 cars, 2,900 cars below the same week in
1930 and 4,022 cars under the corresponding week in 1929. In Western
districts alone, live stock loading amounted to 15.568 cars, a decrease of
1,956 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared not only with the same week in 1930 but also with the same week
In 1929.
Loading of revenue freight in 1931 compared with the two previous years
follow:
1930.
1931.
1929.
4,246,552
4,518,609
3.490.542
Five weeks in January
3,797.183
3,506,899
2,835,680
Four weeks in February
3,515,733
2,939,817
3,837.736
Four weeks in March
953.225
908,059
728,511
Week ended April 4
Employment conditions for Buffalo were reported as without an "appreciable gain or loss in the last seven days," although 300 additional men
were employed by the Ford Motor Co.
Indianapolis reported that factory employment had decreased during
March, as compared with February, but that the decrease was offset by
increased outside work, the Big Four Railroad shop having taken on 2,000
men.
Considerable Hiring in Detroit.
Detroit reported 1,000 temporary and permanent placements between
Mar. 21 and Apr. 8, and rehiring of 4.000 workers by smaller factories
between Mar. 11 and Apr. 2.
Conditions in Atlanta were reported "practically the same," although
gradual improvement was expected in view of increased building contracts
and better conditions in textiles mills.
Some improvement was reported from San Francisco, due to the sailing
of the salmon fleet. It was estimated that 2,500 men would be required
in salmon canneries.
The City Central Employment Clearing House of Jacksonville, reported a decrease of about 10% in unemployment last month.
In Minneapolis and St. Paul conditions were reported slightly improved.
The 21,000,000 street program of St. Paul will start in ten days.
The United States Employment Bureau of Dallas reported registrations of unemployed at 4,500, "with few changes in the past week."
Kansas City employment in March was estimated by its Chamber of
Commerce at 13% below the same period last year.
In St. Louis there was a slight improvement in the number of employed
in construction lines.
Slight Gain for Illinois.
"Employment figures for the first week of April of the Chicago offices
of the Illinois Free Employment Department show slight improvement,"
it was stated. "Total registration of men and women for the week were
2,296 with 1,112 orders for help.
"Fourth week of March showed registration of 3,417. with 1.092 orders
for help. Figures for the first week of April a year ago show total registration of2,915, with 1.190 orders for help. The Burlington Railroad has hired
1,500 men for maintenance department of the road."
A canvass of Memphis showed 30 establishments working full time
with full capacity, 28 working 50 to 85% full time, 38 working 50 to 90%
-downs with only a few employes affected; six seasonal
part time, two shut
-downs (principally oil crushing mills), 18 establishments with increased
shut
payrolls and ten establishments with decreased payrolls.
Los Angeles reported employment conditions "somewhat better, with
the possible exception of girls and women, for whose assistance special
funds have been raised."
Trend of Business in Hotels During March.
In their survey of the trend of business in hotels Horwath
& Horwath state that "no important change in the trend of
hotel sales took place during March." They add:
The total business was 18% less, room sales 16% less, and as usual
the restaurant sales fell off more than the room sales, decreasing 20%.
Compared with the same month in 1928, the index number was 79.4
slightly higher than in February and about the same as in January.
The occupancy was 61%, a seasonal decline of 3 points from February,
but 6 points less than in March 1930. Average room rates continued
decrease was 7%,a point more than the largest previous
12,177,243
9,994,550
13,111.753 downward and the
Total
drop. If rates would have been maintained, sales would have compared
contributors
much more favorably with last year. About 10% of all
-New slightly more than in recent months-had greater sales than last year;
Annalist Index of Wholesale Commodity Prices
almost all of these were in the Middle Western states.
Low Price Recorded.
Compared with 1928, four groups, Chicago, Philadelphia, California
Fresh declines in livestock, meats, butter, yarn, silk, and other cities, showed up better than in February:
gasoline, building materials, and chemicals have sent the
Annalist weekly index of wholesale commodity prices to a
new low for the period of the depression at 106.5, a decline
of 1.1 point below last week (107.6 revised), 7.8% below
the first of the year, and 20% below this date last year.
Continuing, the "Annalist" says:
Farm products, at 97, are now 3% below the 1913 base and 23.1%
lower than on the corresponding date last year. The declines this week
are brought about by fresh sharp drops in heavy steers to $9.69, a new
low for the depression, and in hogs to $7.46. Food products, which had
remained stable for three weeks, have dipped sharply in sympathy with
the steady decline in farm products, and are this week 1.8% lower than
last week because of declines in meats, butter, and cheese. Yarns have
made further declines, and silk, in spite of record consumption, continues
to drop to lower levels. The textile index at 100.3 is virtually back to the
1913 level.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
April 14 1931. April 7 1931. ettl lb 1930.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
MIscella.neous
All enrtimndltlaA
•Revised.
97.0
112.5
100.3
125.8
105.2
122.6
' 99.0
85.8
106.5
*98.3
114.4
•100.7
126.5
104.6
123.0
*99.0
85.8
*11)76
126.3
137.2
129.8
153.8
118.7
149.9
109.7
116.1
152 2
Decreases from Same Months in 1928.
January.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Other cities
March.
February.
-24.8%
-19.1
-24.6
-22.8
-27.1
-23.6
-15.2
-14.7
-25.2%
-22.0
-30.0
-17.5
-17.1
-14.7
-19.6
-15.9
-28.0%
-19.7
-27.9
-31.0
-20.7
-26.4
--18.9
-16.3
-20.6%
-22.0%
-20.5%
The fact that declines are apparently "pegged' at the averages of the
last few months, that a smaller number of contributors are reporting
decreases, and that the above tabulation (comparison with 1928) shows
improvement in four groups instead of three last month, are all encouraging signs.
Total
They also furnish the following analysis:
TREND OF BUSINESS IN HOTELS IN MARCH 1931, COMPARED WITH
MARCH 1930.
Saks.
Room Rate
Occupancy.
by Cities in
Analysis
Percent of
Which Ifortcath tt Percent ofInc.(+)or Dec.(-)
(+)
This Same Mo. Inc.
Horwath Offices
Total. Rooms. Restaurt. Month. Last Year or Dec.Are Located.
New York City
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All other cities report
-21
-18
20
-22
-23
-20
-18
-13
-16
-17
-16
-19
-18
-18
-18
-17
-12
-15
-23
-21
-21
-25
-29
-23
-20
-13
-16
as
59
73
46
59
71
55
65
70
69
65
80
65
75
76
75
52
as
-6
-7
-7
-9
-7
-3
-4
-.5
-8
Col. Woods of President Hoover's Emergency Committee for Employment Reports Slight Improve67
61
- 20
-16
-18
Total
ment in Employment Conditions.
A further gradual upward trend in employment conditions
was announced on Apr. 13 by Colonel Arthur Woods, Wage Cuts Found to Be Widespread-Movement Is
Chairman of the President's Emergency Committee for
Rapidly Gaining, Business Paper Reports, Warning
Employment, on the basis of reports from Commerce DeAgainst Drastic Reductions.
partment representatives in widely scattered parts of the
In seeking an answer to the question of whether wage
country. Noting this, a dispatch from Washington to the rates are being maintained and how much longer they will
New York "Times" said:
be maintained in the face of prolonged depression and declinThe reports showed a total of $57,296,787 in contracts for 247 public and
ing commodity prices. The Business Week, says the New
seml-public construction projects negotiated last week, increasing the
York "Times" of April 11, has gathered information from
amount in such contracts since December W S1.084.020,104.
2854
FINANCIAL CHRONICLE
many authoritative sources and in the current issue publishes the following conclusions:
Wage cutting has been considerably more widespread than is generally
realized; many employers feel that they cannot maintain wage rates much
longer; a marked increase in wage cuts, accelerating still further the trend
that has quickened since the turn of the year, appears almost inevitable
unless a sharp upturn in business or a halt in commodity price declines intervenes soon.
The "Times" added:
The report asserted that, in general, employers have been surprisingly
successful in maintaining wages under adverse conditions. While most of
them still regard wage maintenance as a sound National policy, many were
said to be wondering if they are justified in supporting much longer a National policy which they feel is hurting their business.
It was pointed out that in 1921 wage cutting was followed by a. sharp
upturn of business, but conditions were said to be different in 1921, when
labor was considered a part of productive costs, while now labor is looked
Upon more as a consumer of mass production.
Although wages increased from 1922 to 1929, the article said, the cost
of living increased rapidly so that "by 1929 the average worker was receiving little more real income than in 1922."
"During the past eighteen months this condition has been greatly aggravated," the publication adds. "Living costs have declined about 13%
since October, 1929; average earnings oflabor have dropped 20%,according
torthe National Industrial Conference Board. Any development which
increases the spread between these factors, such as wage cutting, increasing
unemployment, or more part time, must inevitably postpone business
recovery."
Residential
Non-residential
Publio works and utilities
Total
[VOL. 132.
-March 1930Valuation.
Projects.
8,215 $193,797,500
4,864 315,078.400
2.575 223,860,000
-3 Months 1930
-Projects.
Valuation.
19,492
6483,424,900
13,515 1,209,610.800
6,505
1,275,828,200
15,654 $732,735,900 39.512 $2,968,863,900
Union Painters in Newark Ordered to Quit
-Cut in
Wages Opposed.
A Newark dispatch April 2 to the New York "Times"
stated:
Union painters employed by members of the Newark Master Painters
Association have been ordered to quit work. The men affected, said to-day
to number more than 500, are members of Newark Distriet Council 10.
Brotherhood of Painters, Decorators and Paperhangers of America. It
was reported that the Master Painters had demanded a cut in wages from
$12 to $10 a day, which the union refused.
Curtiss-Wright Plant at Garden City, L. I., to Continue in
Operation Three Weeks Longer.
The Curtiss-Wright plant, which was expected to close
permanently at Garden City, L. I., on April 1, will be in
operation about three weeks longer, it was stated by officials at the plant, a dispatch to the New York "Times"
said. It added:
The plant is conditioning a twenty-one-place Curtiss condor passenger
F. W. Dodge Corporation Reports Better Comparisons
ship. When this is finished the plant will wind up its affairs and the
for Construction Contracts.
manufacturing activities of the Curtiss-Wright interests win be carried
A healthy sign in the construction industry is seen by on in Paterson, N. J., and Buffalo, N. Y.
F. W. Dodge Corporation in the expected seasonal but well
distributed advance in all the thirteen Dodge territories Curtiss Aeroplane & Motor Company of Buffalo Recalls 120
during March over the preceding month, February. A
Workers.
total of $369,981,300 in contracts awarded in the 37 States
Buffalo Associated Press advices April 1, said:
east of the Rockies is reported for March in comparison
Employment of
number of workers in the history of the
with $235,405,100 for February. This was divided into local plant of the the largest
Curtiss Aeroplane and Motor Company was reported
$100,912,600 for residential building, $117,346,900 for non- today.
One hundred and twenty employees have been called back to work on
residential and $151,721,800 for public works and utilities.
orders recently received and additions to the payroll will be made daily
Although comparisons with March of last year are less for another month, officials said.
The transfer of the company's experimental division here from Garoptimistic, they do indicate a forward movement in six of
the thirteen territories. These were New England with a den City, L. I., recently completed, brought an additional 100 workers to
Buffalo and
$38,899,300 monthly total. Upstate New York with a workers on athe local plant now is employing between 1,000 and 1,100
full-time basis.
$17,065,300 total, Central Northwest with $9,765,500,
Southern Michigan with $13,317,200, St. Louis with $16,- New York Shipbuilding Corp. at
Camden, N. J., Cuts
960,300 and New Orleans with $14,496,600. Texas came
Wages and Adopts Shorter Week.
within $200,000 of matching March of last year.
A forty-hour week and a 10% wage cut was ordered for
Results for the first quarter showed gains over the same
employes of the New York Shipbuilding Corp. beginning
period of 1930 in the New England, Central Northwest and
Apr.6,said a dispatch from Camden,N.J., to the New York
New Orleans districts. The New England gain was due to
"Times" which added:
public works and utilities. Residential and public works
The plant employs 4,037 persons.
In making the announcement, E. I. Cornbroolcs, Vice-President and Genand utilities accounted for the go-ahead in the Central
ts ,1 Manager, declared a reduction in operating expenses is necessary
Northwest region. For the New Orleans territory the in- because of "highly
competitive conditions in the shipbuilding industry,
crease was due to gains in non-residential building and public and the extraordinary increase in local taxes, amounting to more than
50% In the past five years."
works and utilities, while residential building declined.
A 44-hour
been in effect
the new
Metropolitan New York and Central Northwest regis- the schedule week hasworking days, at the yard andclosed onorder brings
with the plant
Saturdays,
to five
tered quarterly gains over 1930 in residential building. Of Starting on Apr. 11.
the three major construction groups, this type building
made the best relative showing for the quarter which ended Standard Oil Company of California on Five-Day Week.
The following is from the New York "Times":
with March, for it recorded only a 4% loss from the first
The Standard Oil Company of California has placed its production dequarter of last year. The month of January accounted for
partment on a 5-day week, according to advices from San Francisco.
this entire loss, with February showing a gain, while March The change includes field and pipe line operations. The manufacturing
practically reached the total for March 1930, its $100,- department has been on s 5-day week for some time.
912,600 nearly matching the $101,491,600 of March last
Union Oil Company of California on Five-Day Week.
year.
Los Angeles advices to the "Wall Street Journal" of Apr.6
With the lower construction costs now obtainable, floor
space is said to reflect new construction volume with perhaps stated: Oil Co. of California, will go on a 5-day week operating basis
Union
more accuracy than valuation figures. On a floor space effective as soon as necessary facilities can be arranged. The new basis
basis, residential contracts exceeded the corresponding quar- will affect all departments where it is possible to operate the schedule.
ter of 1930 by more than 2%.
-Rise of 6.17% in" March Over
We give below tables showing the details of projects Youngstown Wages
contemplated in March and for the three months of this year
February Reflects Improved Operations.
as compared with the corresponding periods a year ago.
The "Wall Street Journal" of April 10 had the following to
The table also shows the details of the contracts awarded for say in a Youngstown dispatch:
the same periods. These figures, it is stated, cover 91%
Wages paid per working day in Youngstown during March were 6.17%
of the United States construction.
higher than in February, reflecting improvement of steel plant
CONSTRUCTION CONTRACTS AWARDED-37 EASTERN STATES.
March 1931
3 Months 1931
Valuation.
Square
Square
Valuation,
Prided&
Feet.
Projects.
Peet.
6.486 22,089,500 100,912,600 15,062 50,883,900 233,205.900
Residential
2,621 15,343,300 117.346,900 6,528 38.882,900 274,561,200
Non-residential
521,700 151,721,800 3,739 1,161,200 325,575,700
Pub. wks. dc util_ 1,681
10,788 37,954,500 369,981,300 25.329 90,928,000 833,342,800
3 Months 1930
March 1930SquareValuation.
,Square
Valuation
Projects. Feet.
$
*
Projects.
Feet*
7,208 20,712,600 101,491,600 16,250 49,745,800 242,886,700
Residential
Non-residential- 3,730 32,501,200 249,277,600 9,106 70,847.000 468,609,500
291,500 105,349,800 3,212, 4,073,000 385,651,000
Pub. wits. Os utiL 1,483
Total
operations
and other lines of business.
While the total wage disbursement of $5,121,622 for March was slightly
under the February figure of $5,226,016, last month's total exceeded the
January and December disbursements. Wages paid in March 1930 totaled
$6,224,700.
Bank clearings through members of the Youngstown Clearing House
Association advanced 11.17% in March to $51,052,744, compared with
$45,923,571 in February.
Change Recommended in Date of Labor Day-Proponents Would Have Holiday Two Weeks Later
to Prolong Summer Business.
From the New York "Times" we take the following from
Rochester, N. Y., April 2:
12,421 53,505,300 456,119,000 28,568 124,665,800 1,097,147,200
CONTEMPLATED WORK REPORTED.
-March 1931- -3 Months 1931
Valuation. Projects.
Valuation.
Projects.
A plan to change the date of Labor Day from the first to the third
*318,099,200
Residential
7.247 *125,607,800 17,512
644.396,800 Monday in September as a move to "step up business by
3.990 345,359,800 9,836
Non-residential
placing half a
164,620,100 6,383
543,145,400
Public works and utilities
2,431
billion dollars more in circulation" has been recommended to William
Total
13,668 8635,587,700 33,731 81,505,641,400 Green, President of the American Federation of Labor, by the Finger Lakes
Total
APRIL 18 1931.]
2855
FINANCIAL CHRONICLE
Association, comprising more than 40 Chambers of Commerce and civic
organizations in Central and Western New York.
Pointing out that the present date was chosen "solely because a labor
parade happened to be held in New York the first Monday in September
In 1884", the Association has asked Mr. Green to seek legislation to
change the date. The shift, the Association declared, "will extend the
employment of hundreds of thousands and add millions of dollars to the
amount put into circulation by tourists and campers."
At least two weeks of warm summer weather prevail after Labor Day,
the Association said, and closing summer business activity on the present
date creates an unnecessary lull and curbs employment and the wider
circulation of money.
World Wage Decline in 1930 Put at 9 Billion by Geneva
Report.
A decline of 20%, or approximately $9,000,000,000 in
wages paid during 1930, as compared with 1929, was estimated on April 3 by the Geneva Research Committee of
the League of Nations' Association in a report entitled,
"Unemployment as an International Problem". Washington advices to the New York "Journal of Commerce", from
which we quote, added:
This report, the Committee's special study for March, was prepared by
T. G. Spates, European representative of industrial relations counselors,
New York, attached to the international labor office in collaboration with
the Geneva Research Committee.
According to the report: "The employment index of the United States
Bureau of Labor Statistics for manufacturing industries declined 24%
from September 1929 to December 1930, and payrolls for the same period
declined 84.3%." Attention was called to the fact that "the unemployment figure for the United States has been estimated by the Chairman of
the President's Emergency Committee for employment at between 4,000,000
and 5,000,000, and by the President of the American Federation of Labor
at 5,700,000."
The report includes a thorough survey of the extent and severity of the
present crisis, the approach of another crisis, the proposed international
action of various associations such as the International Chamber of Commerce, the International Labor Organization, &c., and ends with the report
of the unemployment committee of the International Labor Office.
Business and Agricultural Conditions in Minneapolis
Federal Reserve District.
In its preliminary summary of agricultural and business
conditions made available April 17, the Federal Reserve
Bank of Minneapolis states that "the volume of business
in the district during March was smaller than in March a
year ago, and the more important adjusted index numbers
indicated a decline from February 1931 after eliminating
seasonal variations." The Bank continues:
Bank debits were 22% smaller in March than in the same month last
year. with the smallest declines occurring in those rural portions of the district where dairying is a major enterprise. The country check clearings
index for March was 19% below the index for March last year. Freight
car loadings in the first four weeks of March were 20% smaller than in the
corresponding weeks last year. Partly on account of an earlier Easter,
city department store sales were larger in March than in March last year.
Other increases in March as compared with March a year ago occurred in
building permits and contracts, grain marketings, linseed product shipments and receipts of sheep. Decreases occurred in postal receipts, flour
shipments and receipts of cattle, calves and hogs. Electric power consumption in the eastern half of the district during February was equal to
the consumption in February last year.
Farmers' cash income in March was at the low level of February. and
18% smaller than in March last year, according to estimates for seven
Important items. Increases in income from wheat and flax were more
than offset by decreases in income from hogs, dairy products, potatoes
and rye. Prices of all important Northwestern farm products were lower
in March than a year ago. The price of butter was one cent higher In
March than in February.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
March 1931.
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Dairy products
Hogs
Total of seven Items
March 1930.
P. C. Mar.1931
of Mar. 1930.
85,594.000
3,273,000
50.000
720,000
1,948,000
11,499.000
8.127.000
85.572.000
2,663,000
262,000
409,000
4,315,000
13,970.000
11,086,000
100
123
19
176
45
82
73
831.211.000
838.277.000
82
Unemployment Relief in Canada.
Through February 1931 the Dominion Government's un- Review of Industrial Situation in Illinois During
employment relief records indicate that 3,975,000 man-days
March—Slight Increase in Manufacturing Employwork had been provided for 231,350 individuals, Trade
ment and Wages Offset by Decreases in NonManufacturing Industries.
Commissioner Harvey A. Sweetser, at Ottawa, advises the
Commerce Department at Washington. The Department,
Howard B. Myers, Chief of the Bureau of Statistics &
on April 9, said:
Research of the Illinois Department of Labor,reports, under
These returns will be increased when complete figures are available for date of April 15, that Illinois industries decreased employQuebec Province, some municipalities of which have not yet reported.
payrolls 1.4% during the period Feb. 15 to
The two trans-Continental railways as well as the Province have co-oper- ment 0.1% and
ated in the official unemployment relief scheme. In addition to the March 15, according to the experience of 1,422 reporting
totals given above, the Canadian National, the Government-owned system, establishments. His survey of the industrial situation in
has provided 75,500 man-days' work for 3,180 individuals, and the
the State, continues:
Canadian Pacific has provided 138,100 man-days' work for 4,600
Manufacturing industries, represented by 1,043 reporting establishments, increased both employment and payrolls 0.1%, while 379 reporting
non-manufacturing establishments registered losses of 0.6% in employMontreal Has New Industrial Commission.
ment and 3.5% in payrolls.
Nominal man-hours of work computed from the volume of employment
To enhance Montreal's importance as an industrial
and operating schedules of 935 reporting firms showed a net gain of 0.1%
center, the City of Montreal Industrial Commission was for all reporting industries. An increase of 0.4% in nominal man-hours
organized on Jan. 1 of this year and the sum of $50,000 was experienced by reporting manufacturing establishments, and a decrease
non-manufacturing establishments.
appropriated by the municipality for expenditure in attract- of 0.3% by reporting recorded in manufacturing employment and payrolls
The slight increase
ing new industries in the present calendar year, according during March was more than offset by the decreases experienced by the
to advices from Consul Joseph F. Burt, Montreal, made non-manufacturing industries. This latter group, however, has offered
considerably greater resistance to the downward trend of the past year
public by the Departnient of Commerce at Washington, on and a half, than have the manufacturing industries. Reports covering
more than 40% of the total number of manufacturing wage earners in the
April 9. These also said:
Further contributions are hoped for from trade organizations to enable State indicate that the employment of factory workers has fallen off 27.6%
the Commission to realize a budget of $150,000 for a proposed three-year and their wage payments 40.2% since September 1929. whereas in the
non-manufacturing group of industries employment has declined 13.9%
promotion drive.
during this same period. The losses for all reporting
One of the major points on this program is an industrial survey of the and payrolls 15.2%
during this period have been 23.1% and 31.4%.
city which will require six months and which, when completed, will form industries combined
employment and payrolls.
the basis for the campaign for new industries. In the meantime a shorter respectively, in
Three of the large manufacturing groups reduced both employment and
survey being distributed by the Commission indicates that more than onepayrolls during the period Feb. 15 to March 15. These were chemicals,
third of the working population of Montreal is employed in manufacturing
oils and paints: printing and paper goods: and food, beverages and tobacco.
and that 15 groups of products constitute more than half the total industrial
The curtailments in the first of these groups were slight and only partially
output. As listed by the Commission, each of the following have an offset the substantial increases reported for the preceding month. The
annual production value in excess of $10,000,000: cigars and cigarettes, printing and paper goods industries, whicn have shown a recession since
railway rolling stock, electric light and power, flour, meat packing, men's the beginning of the year, this month laid off 5.4% more workers and
clothing, electrical apparatus, women's clothing, brewing, boots and shoes, reduced payrolls 5.2%. In the food products group, the decreases of
cotton textiles, printing and publishing, chewing and smoking tobacco, 1.8% in number of workers and 3.8% in total payrolls were substantially
bakeries, paints and pigments, and varnishes.
the same as those reported for February.
One of the reporting manufacturing groups, clothing and millinery.
Printers Give Day a Week to Aid Idle—News- reduced payrolls 0.7% while maintaining a practically stable volume Of
Union
While the seasonal activity, in the manufacture of men's
paper Composing Rooms to Share 3,500 Jobs for 12 employment.furnishings was ending, operations in the making of women's
clothing and
Weeks—Book Printers Assessed.
clothing and in millinery shops were increasing.
The six remaining manufacturing groups registered gains in both emThe following is from the New York "Times" of April 14:
ployment and payrolls. In five of these groups payrolls increased more
Extension of its plan to alleviate unemployment among its members
than employment, due to increases in operating.schedules, while in the
was announced yesterday by Typographical Union No. 8. Beginning May 1, Other
group, it appears that additional workers were employed at the exfor 12 weeks, employees in the newspaper composing rooms
and continuing
pense of time schedules, as employment increased considerably more than
will work voluntarily five days a week to allow a substitute to work payrolls totals. Wage rates have been reduced in a few cases and this
the sixth day. Printers in the book and job branch will pay an extra has exerted some influence in reducing the payroll figures.
assessment of 4% as their contribution to unemployment benefits.
The metals, machinery and conveyances group, represented by 361
The decision of the printers was made by voting on a referendum. firms employing 113,238 workers on March 14, continued the upward
the proposal and 3,840 against it. trend of the preceding month with a slight increase of 0.1% in number of
There were 4,361 votes in favor of
Under the terms of the vote the newspaper printers are relieved of paying workers and 1.2% in payrolls. Iron and steel, sheet metal work and
the 4% assessment. The book and job printers may elect to take a day off hardware, non-ferrous metals, and autos and accessories, were the induseach week for three months, and it they do so they will not be required tries in this group which contributed mainly to the total gains. Industries
In this group for which both employment and payrolls showed marked
to pay the assessment.
There are about 3,500 situations in the newspaper composing rooms, and curtailment were agricultural implements and car and locomotive shops,
officials that the five-day week plan would
All the industries included in the wood products group increased emit was estimated by union
enable substitutes who now work one or two days a week to work five days. ployment and, with the exception of saw and planing mills, also increased
individuals.
2856
payroll totals. The group as a whole registered gains of 3.4 and 6.0%'
respectively, in employment and payrolls. The furs and leather goods
group likewise reflected a greater demand for its products, employment
Increasing 7.0% and payrolls 8.8%. In this group, boot and shoe manufactures added 8.7% more workers and increased payroll totals 10.3%.
All textile industries enlarged operations, the gains for the group averaging
5.5% in number of workers and 10.6% in total wage payments. In the
miscellaneous manufacturing group, six reporting concerns employed 2.0%
more workers and paid out 5.9% more in wages. A seasonal resumption
of activity in the stone, clay and glass products group resulted in a 6.1%
increase in employment and 3.0% larger payrolls.
Most of the non-manufacturing industries curtailed operations during
the month. Only one of the five large reporting groups showed an expansion, and this group, coal mining, although increasing payrolls 8.8% duo
to longer time schedules, laid off 1.4% of its employees. Public utilities,
the largest of the non-manufacturing groups in volume of employment,
reduced payroll tot ils 5.1%, but showed practically no change in employment. In the service group, hotels declined in both employment and
payrolls, while laundries, although reducing payroll totals, employed a
slightly larger number of workers. In the building and contracting group,
road construction and miscellaneous contracting registered increased activity, but building construction showed a downward trend. The group
as a whole reduced employment 5.4% and payroll totals 4.9%.
Of the 58 separate industries listed as manufacturing. 34 showed a
larger volume of employment in March than in February, and 31 increased
their payrolls. In the non-manufacturing group, seven of the 16 separate
Industries registered a gain in employment and four increased payroll totals.
Weekly wages in March averaged $28.90 for men and $17.68 for women,
as compared with $29.15 and $18.10, respectively, the preceding month.
The average for both sexes was $28.21 in March as against $26.54 a month
earlier. A year ago, in March 1930, average weekly wages were $31.11
for men, $19.00 for women, and $28.59 for both sexes combined.
Mr. Myers' analysis by cities follows:
While factory operations continued to expand in most of the reporting
cities of the state during the period Feb. 15 to March 15, several Indus-.
trial centers, notably Chicago, registered substantial declines. Six of the
fifteen cities for which separate figures are compiled showed reduced employment, the losses ranging from 1.2% in Chicago to 8.5% in the SterlingRock Falls territory. The state as a whole showed an increase of 0.1%
in both manufacturing employment and payroll totals.
Aside from the slight expansion in factory operations, an increasing
volume of outdoor construction work aided in relieving the existing unemployment situation. The demand for farm labor continued inactive, but
some calls for this class of labor were reported. Reports from the free
employment offices of the state reflect a general decline in the ratio of
applicants for work to positions available. There were 227.8 registrations in March as compared with 250.2 in February, for every 100 jobs
offered at these offices.
-Twenty factories located in this city reported an increase of
Aurora.
2.4% in employment, and 17.3% in payrolls. The large increase in payrolls reflects increases in operating schedules. The so-called unemployment ratio, or the number of registrants to every 100 jobs available at the
free employment office, fell from 214.4 in February to 207.7 in March.
Bloomington.
-An increase of 6.8% in employment and 10.5% n payrolls for the ten reporting manufacturing plants was due mainly to greater
activity on the part of several metal industry establishments. The outlook for construction and building this year is considered unusually good.
At the free employment office there were 131.1 registrants for every 100
places open as against 155.6 in February.
-Factories in this city continued to curtail operations, 522
Chicago.
reporting establishments laying off 1.2% of their workers and reducing
payrolls 1.6%. The curtailments, however, were due almost entirely
to two reporting industrial groups, paper and printing, and food products.
These laid off, respectively, 7.0% and 2.8% of their employees. The metal
industries showed no appreciable change in employment, while the manufacture of clothing registered a slight decline, ending the seasonal expansion that has been in evidence for several months past. At the free employment offices of the city, 284.3 registrations were received for every
100 jobs available, as against 333.4 the preceding month.
Cicero.
-Reporting factories experienced losses of 5.5% in the number
of workers employed and 15.0% in wage payments,following the February
gains of 3.0% and 20.8%. The unemployment ratio decreased from 277.8
In February to 225.4 in March.
Danville.
-One of the local brick yards, which has been closed since the
beginning of this year, resumed operations, putting 216 men back to work.
As a result, the eleven reporting plants showed a total gain of 71.9% in
employment and 90.4% in payrolls. Outdoor work, however, is reported
to be at a standstill, and the ratio of applicants to available jobs at the
free employment office rose from 217.3 in February to 231.3 in March.
.-An increase of 1.1% in employment reported by nineteen
Decatur
factories of this city was accompanied by a slight decline, 0.1%, in payrolls. The payroll decline was occasioned by a curtailment in the manufacture of women's garments and of corn products. Reports state that
the local railroad car shops are planning to increase operating schedules
but have reduced the size of their operating force. The unemployment
ratio increased from 187.0 in February to 195.2 in March.
-Increases of 7.1% in employment and 7.8% in payrolls
East St. Louis.
more than offset the decreases reported during the preceding month.
The expansion of operations by a glass manufacturing concern contributed
largely to this improvement. The unemployment ratio dropped to 115.4
in March, from the February figure of 118.6.
-Metal industry plants reporting for this city increased time
Joliet.
schedules. and consequently payrolls, while laying offsome of their workers.
This was reflected in the figures for all reporting factories, which showed
a lass of 1.8% in employment accompanied by a gain of 0.6% in payrolls.
The free employment office reported 314.2 applications for every 100 Jobs
available in March as against 308.4 the preceding month.
-Local factories which, since the beginning of the year, have
Moline.
been maintaining employment at the expense of time schedules, showed a
further gain of 0.1% in number of employees. Payrolls were reduced
3.3%, indicating a further reduction of operating schedules. A large
paving project and city road work is furnishing employment to a considerable number of men. The ratio of applicants to jobs at the free
employment office dropped to 173.8, from 203.9 a month ago.
Peoria.
-Thirty-three factories reporting for this city showed a loss of
3.5% in employment and 4.5% in wage payments. This curtailment to
a large extent offset the gains of 6.0 and 5.9%. respectively, reported durMg February. The unemployment ratio changed only slightly, increasing from 139.5 in February to 140.2 in March.
Quincy.
-Factory employment declined 1.5% and payrolls 11.7%,
continuing the downward trend of the preceding month. The unemployment ratio increased slightly, from 175.2 in February to 176.2 in March.
Rockford.
-Factories of this city registered a slight increase in both
employment and payrolls, 1.5% in the former and 0.9% in the latter.
[vol.. 132.
FINANCIAL CHRONICLE
Ten furniture factories reported a total gain of 5.0% in the number of
workers employed and 12.0% in payroll totals. Metal industry plants
added more workers but showed practically no gain in payrolls. The ratio
of applicants for work at the free employment office showed an increase,
registering 157.3 for March against 130.9 in February.
Rock Island.
-Ten reporting factories of this city registered a substantial improvement over the preceding month, increasing employment 8.8%
and payrolls 8.6%. Practically all of the reporting industrial groups
shared in this expansion. The unemployment ratio, however, showed an
increase during the month, registering 319.0 as against 280.2 in February.
Springfield.
-Employment increased 0.6% while payrolls advanced 8.2%
for the twelve reporting factories. A shoe factory contributed largely to
the total expansion. The unemployment ratio was lower than the preceding month. 125.6 as against 150.0.
Sterling-Rock Falls.
-A decline of 8.5% in employment and 10.7% in
payrolls was reported by twelve factories of this city, of which ten are
classified in the metal industry group. The two plants not included under
this classification registered a slight improvement during the month.
All Other Cities.
-There were 259 factories reporting for the group of
cities classified as "All other:' These showed an aggregate increase of
3.1% in employment and 4.8% in payrolls. Every reporting industry
group except drugs and chemicals and paper and printing shared in the
employment increase. These two groups, together with the stone, clay
and glass and food products groups, also failed to share in the advance in
payrolls. The metal industry group, represented by 83 establishments,
showed increases of 1.7% in employment and 8.6% in payrolls. The
largest percentage increases were registered by five reporting textile concerns which increased their volume of employment 15.0%. and their
payroll totals 21.1%.
The statistics supplied by Mr. Myers follows:
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
MARCH 1931.
By Howard B. Myers.
Employmmu.
Industries.
Earnings (Payroll).
Total
Average
Index of
Weekly
Earnings
Per Cent Employment
Per Cent Earnings
(Average
Change
from a 1925-27=100). of Chge. Mar. 1931.
from
Month
Fe
Ago. Mar. Feb. Mar. Feb.
1931. 1931. 1930. 1931. Males. males.
All Industries
-0.1 79.4 79.5 95.0 -1.4
All manufacturing industries
+0.1 76.6 76.5 96.9 +0.1
Stone, clay, glass
+6.1 64.3 60.6 80.3 +3.0
Mlacellaneousstone-mineral
+6.4 65.1 81.2 75.0 +7.6
Lime, cement, plaster
-0.2 63.0 63.1 69.5 -9.0
Brick, tile, pottery
+16.1 46.0 39.6 52.2 +14.0
Glass
+1.6 90.8 89.4 123.9 -1.5
Metals, machinery, conveyances +0.1 77.1 77.0 107.9 +1.2
Iron and steel
+3.3 79.3 76.8 114.7 +2.5
Sheet metal work, hardware
+0.5 76.4 76.0 89.4 +4.4
Tools, cutlery
-0.9 64.8 65.4 79.8 -4.4
Cooking Sr heating apparatus_ +0.4 81.6 81.3 91.9 -1.6
Brass, copper, zinc and other_ +2.9 76.7 74.5 102.8 +4.6
Cars,locomotives
-7.9 16.7 18.1 77.4 -9.3
Autos, accessories
+12.4 71.9 64.0126.5 +9.5
Machinery
-0.6 72.9 73.3 113.7 +0.6
Electrical apparatus
-2.7 75.3 77.4 117.4 +2.7
Agricultural implements
-8.0 82.8 88.1 131.4 -10.4
Instruments and appliances
+1.7 63.9 62.8 81.3 -2.0
Watches, jewelry
-5.6 74.3 78.7 93.2 -1.4
All other
-2.4 -------------0.3
Wood products
+3.4 54.0 52.2 65.5 +6.0
Saw, planing mills
+1.6 48.9 48.1 60.4 -4.6
Furniture, cabinet work
+3.3 59.3 57.4 73.6 +8.4
Pianos, musical instruments
+9.9 40.1 36.5 45.1 +22.6
Miscellaneous wood products_ +2.2 54.7 53.5 67.9 +0.8
Furs and leather goods
+7.9 87.6 81.2 93.5 +8.8
Leather
+3.5 78.0 75.4 88.4 +4.5
+22.2 79.3 64.9 76.3 +19.9
Furs,fur goods
+8.7 91.9 84.5 97.8 +10.3
Boots and shoes
-7.4 38.0 41.0 50.6 -12.9
Miscellaneous leather goods
-0.3 85.8 86.1 99.6 -0.4
Chemicals, oils, paints
-0.4 67.5 67.8 77.6 +0.7
Drugs, chemicals
+2.4 92.4 90.2 96.6 +0.9
Paints, dyes, colors
-3.5 77.3 80.1 93.8 -3.3
Mineral and vegetable oil
+2.0 98.5 96.6 113.9 +2.7
Miscellaneous chemicals
-5.4 90.5 95.7 99.0 -5.2
Printing and paper goods
--0.1 79.8 79.9 87.3 +2.6
Paper boxes, bags, tubes
Miscellaneous paper goods___ +1.5 89.8 88.5 93.6 +0.5
-13.8 78.1 88.3 84.8 -11.4
Job printing
+2.4 94.1 91.9 93.9 +2.9
Newspapers, periodicals
Edition book binding
-8.1
Lithographing and engraving_ -3.7 ------------- 10.6
+5.5 89.4 84.7 90.1
Textiles
+0.6 105.8 105.2 96.6 +1.7
Cotton, woolen goods
+7.8 97.8 90.7 84.3 +13.1
Knit goods
+6.4 77.8 73.1 97.4 +13.7
Thread and twine
+4.7 88.1 84.1 99.9 +11.0
Miscellaneous textiles
+0.1 76.4 78.3 86.9 -0.7
Clothing and millinery
-1.0 66.6 67.3 71.5 -0.7
Men's clothing
Men's shirts, furnishings- _ -2.8 59.1 60.8 58.3 -6.5
-1.4 21.0 21.3 63.8 -0.2
Overalls, work clothes
-3.1 79.9 82.5 90.6 -17.5
Men's hats, caps
+2.9 93.8 91.2 136.6 +1.8
Women's clothing
+4.7 156.8 149.8 164.6 +2.8
Women's underwear
+1.8 42.2 41.5 48.0 -3.5
Women's hats
-1.8 75.4 76.8 85.4 -3.8
Food, beverages, tobaoco
+0.6
-1.5 73.2 74.3 90.
Flour, feed, cereals
7.4 7.5 10.3 -3.0
-1.5
Fruit, vegetable canning
+4.0 84.1 80.9 86.7 -6.7
Miscellaneous grocerks
-4.2 84.8 88.5 92.1 -5.0
Slaughtering, meat packing
+1.2 93.9 92.8 102.0 +6.4
Dairy products
Bread,other bakery products_ +1.5 73.3 72.2 82.5 +1.0
-2.4 81.9 83.9 83.7 -4.5
Confectionery
+5.0 68.8 63.6 69.6 -0.7
Beverages
-3.6 77.5 80.4 97.9 -5.7
Cigars, other tobaccos
+7.3 51.7 48.2 52.2 +6.9
Manufactured Ice
+0.2 --------------5.8
Ice cream
Miscellaneous manufacturing_ +2.0 --------------+5.9
-0.6 ------------- -3.5
Non-manufacturing industries
-1.1 64.3 85.0 73.3 -1.5
Trade-Wholesale, retail
+0.4 94.9 94.5 98.9 -1.8
Department stores
-2.8 81.3 83.5 97.4 -2.4
Wholesale dry goods
-0.8 76.6 77.2 80.2 -2.2
Wholesale groceries
-3.2 54.2 56.0 68.2 -1.5
Mail order houses
+1.4
+1.3 ------------- Milk distributing
Metal jobbing
-1.8 ------------ -5.7
Services- -2.2 ---- ---- ---- -8.3
Hotels and restaurants
+0.7 96.3 95.6 106.1 -0.6
Laundries
____ 95.3 95.3 102.5 -5.1
Public utilities
+0.5 108.0 107.5 119.5 -1.3
Water, gas, light and power
-0.5 103.7 104.2 110.1 -6.0
Telephone
+0.6 94.1 93.5 96.0 -7.7
Street railways
-0.7 67.0 67.5 80.9 -1.3
Railway car repair
-1.4 87.5 88.7 76.2 +8.8
Coal mining
-5.4 26.4 27.9 60.7 -4.9
Building, contracting
13.3
-13.5 21.6 25.0 44.5
Building construction
8.4 6.4 67.2 +24.5
+30.9
Road construction+14.8 42.2 36.8 53.5 +15.2
Miscellaneous enntrsartina
$28.90 $17.68
27.78 16.40
24.75 13.09
25.07 11.53
23.25
22.51 9.59
26.75 13.60
26.47 16.56
26.94 14.01
24.93 15.08
28.04 12.01
24.65 13.56
24.12 12.22
24.09 15.13
27.29 14.12
25.04 10.36
29.83 20.00
22.14 13.22
29.04 16.88
21.43 10.65
22.95 11.52
23.01 13.88
22.95 7.26
24.06 15.61
24.18 9.45
20.53 12.09
27.53 15.90
29.38 15.75
38.46 27.88
25.81 15.82
22.77 13.36
29.63 15.52
25.07 16.07
28.69 17.27
33.38 17.56
27.15 13.75
36.01 16.94
27.23 14.80
32.72 16.39
35.09 18.91
45.46 22.69
41.92
23.50
20.54
23.56
25.94
24.86
32.99
33.49
21.14
33.56
31.17
30.63
30.46
34.38
29.22
27.45
20.73
27.89
27.58
39.38
32.91
34.85
28.33
25.48
41.97
44.06
24.84
31.60
36.23
32.92
27.66
32.26
25.96
49.29
18.01
11.47
9.62
10.81
18.40
12.97
17.10
21.84
11.77
11.34
19.37
13.14
12.41
16.30
17.20
18.18
10.55
12.77
20.20
11.20
14.78
15.88
14.65
20.90
26.33
14.10
10.63
19.10
18.71
18.02
14.02
15.09
19.49
38.80
22.06
20.95
31.74
32.83
80.20
41.11
33.60
25.00
25.95
40.13
38.92
29.89
45.27
14.38
14.43
14.30
20.11
21.29
20.10
18.75
21.37
____
APRIL
18 1931.]
FINANCIAL CHRONICLE
Business Conditions in Pacific Southwest as Viewed
by Security-First National Bank of Los Angeles—
Larger Volume of Business in March Than Preceding Month.
According to the April 1 "Monthly Summary" of the
Security-First National Bank of Los Angeles, "a larger
volume of business was transacted in Southern California
during March than in February, due almost entirely to
seasonal influences that were operative in many of the basic
industries of this region. The bank also says:
There is, however, still insufficient evidence of any definite change in
the trend of general business, although fundamental conditions are believed
to be improving. Probably a better balance obtains in the general economic
situation now than prevailed at the beginning of the year. It is believed
that the reduction of operations which has taken place during the past
year has not been accompanied by an equally severe decline in consumption.
Consequently, stocks of goods, both in the finished and unfinished state,
are thought to have been reduced. Business sentiment has probably improved as compared with the first of the year. This improvement in sentiment, of course, may not as yet be taken as conclusive evidence that
business is definitely on the up-grade or that the increase this spring will
be of more than seasonal proportions. Explanation of the improvement in
sentiment is probably to be found in the growing belief, as stated in recent
issues of this publication, that (1) business has probably reached the
bottom of the depression, (2) the groundwork upon which to base recovery
is being laid, and (3) activity must necessarily be increased before long
In order to meet consumption requirements. The opinion is still held,
however, that recovery, although it may get under way soon, will come
slowly.
Unemployment was relieved somewhat during March, and it is expected
that it will be further alleviated during the approaching months as a
result of the (1) seasonal increase in the demand for labor in industry,
(2) Federal and State appropriations for highways and buildings, and
(3) measures taken by municipalities to provide for the unemployed.
In this last connection the voters of Los Angeles approved a $5,000,000
bond issue on Mar. 5 designed for expenditure in public improvements.
Trade at both retail and wholesale in Southern California has been well
maintained during the year to date. As an illustration, department store
sales in Los Angeles during the first two months of 1931 were reported
to be 11.5% less in value than in the corresponding period of 1930, while
preliminary reports indicate a somewhat smaller percentage of decline in
March 1931 compared with March 1930. In this connection it should be
stated that the declines shown above are considerably less than the declines
in prices over the past year, the inference being that the physical volume
of trade has held up well.
The agricultural situation in this region was devoid of any outstanding
changes during March. Early spring work proceeded normally in all
districts. Citrus fruits moved in larger volume during March 1931 than
in either March 1930 or February 1931. Preparations are now under way
for the 1931 cotton crop, and unofficial reports indicate that the acreage
to be planted will be considerably less than last year. Despite the substantial rainfall occurring during January and February, additional rains
are needed to insure satisfactory yields from unirrigated lands.
Daily average department store sales for San Francisco during January
increased more than seasonally from December, while those of Los Angeles
stores showed a decrease. Stocks at the end of January in the Los Angeles
stores were 11.3% below a year ago. The San Francisco stores Ehowed a
decrease of 11.8%. January sales for all reporting department stores in
California were 9.1% less than in January 1930, which was partly due to a
declining price level.
Dutch Rubber Producers Organize to Promote
Restriction Plan.
At a meeting of Dutch rubber producers held in Amsterdam on April 16 it was decided to form an association for
the purpose of promoting a rubber restriction scheme,
according to a cablegram from that city to the Rubber
Exchange of New York, Inc. The association is to officiate
for the next five years, it was learned.
The following from Amsterdam, April 17, is from the
New York "Evening Post" of last night:
At yesterday's meeting for discussing rubber restriction plans, Dutch
East Indies producers represented 64.000 tons, of which those representing 34,000 tons agreed to form a restricting association. Including British
growers, with whom a provisional agreement has been reached, there was
represented 80,000 tons. The views of interests representing 40.000 tons
are still unknown.
Goodyear Tire 8c Rubber Co. to Cut Wages Through
Reclassification of Wage Scales.
From Akron, Ohio, on April 3, Associated Press advices
stated:
Goodyear Tire & Rubber Co. officials to-day announced that a reclassification of wage scales now under way will result in pay cuts of from
5 to 20% for 13,000 workmen. The largest cuts will be made on unskilled
labor, where the base rate is now 65c. an hour; the smallest on skilled
jobs, where the pay to-day is 90 to 92c. an hour.
The readjustment is expected to be completed in a month or six weeks.
Goodyear officials declare the reclassification was worked out after a
study of hourly earnings in other important industries as compared with
rubber. Other Akron rubber companies, reported to be putting the same
sort of pay readjustment in effect had no statements to make to-day.
Business Conditions in California as Viewed by California State Chamber of Commerce—Some Evidence
of Improvement as Compared With Year Ago.
Records of business activity in California since the first
of the year have shown some evidence of stability and improvement as contrasted with the general decline during
the latter half of 1930, according to the Research Department of the California State Chamber of Commerce. After
allowing for seasonal changes, the indices for bank debits,
carloadings, sales of new automobiles, and stock prices
moved to higher levels. Value of building permits and industrial employment remained about the same. The Chamber also says, in part:
Farming conditions are showing some improvement. During the greater
part of February rainfall occurred in practically all farming sections of
the State. In the Southern counties rainfall is about normal and above last
season, while the amount of precipitation in the Northern part of the
State continues below normal, but near that of a year ago. Prospects for
spring feed for livestock are good in most areas. The recent warm weather
has been beneficial to the growing spring crops. January rail shipments
of grain and grain products increased 20.3% over January 1930. Live
stock and perishables showed gains of 1.9% and 17.2%, respectively.
Prices of many commodities continue at a low level.
Debits to individual accounts for 14 California cities, corrected for
seasonal changes, were 15.5% below January and 13.8% below a year ago.
When compared with last year, Sacramento Valley showed the smallest
decline, while substantial decreases occurred in the other regions.
Prospective building activity, as reflected by the value of building permits for 51 California cities, was 11% less in February than in January,
as compared with a normal seasonal gain of 2.3%. Adjusted for the
January-February seasonal change, the index showed a decrease of 1.3%.
February this year was about 11% below a year ago. Central Coast and
Sacramento Valley regions exhibited gains over February 1930, while the
Central Valley, North Coast, San Joaquin Valley, and Southern California
regions showed decreases.
Employment in California manufacturing during January was 3.8%
below December. Normally a decrease of about 3.2% may be expected
from December to January. The decrease from January a year ago amounts
to approximately 20.3%. The demand for help during February was
slightly better than during January. A general surplus of labor, however,
was apparent throughout the State. The supply of unskilled laborers,
building and metal trades workers and manufacturing help continued to be
in excess of demand. Little farm work, except fruit tree and vine pruning,
was in progress. However, sane improvement in employment conditions
may be expected during March due to increased seasonal activity in some
of the manufacturing industries and in agricultural operations.
2857
The "Wall Street Journal" of April 17 stated that the
Goodyear Tire & Rubber Co. reduces wages of workers at
Its Devon mill at New Bedford from 5% to 10%.
B. F. Goodrich Co. Reduces Wages.
It was stated in Associated Press advices from Akron,
Ohio, on April 6, that the B. F. Goodrich Co. has reduced
wages in its plant department, in line with the cut made
by Goodyear Tire & Rubber. Commenting on the readjustment of wages, T. G. Graham, Vice-President, said:
"It te a fundamental labor policy of the Goodrich Co. to pay wages in
line with the current scale in communities in which its plants are located
and with proper consideration to competitive manufacturing costs.
Lowered costs of purchasable material used in the manufacture of rubber
products have made labor changes of increasing importance and the decline
In prices of finished products forces changes and wage adjustments."
Consumption of Crude Rubber in the United States
Higher in March—Imports Below Those of Last
Year.
Consumption of crude rubber for manufacturers in the
United States for the month of March is.estimated to be
32,788 long tons, an increase of 13.9% over the February
consumption of 28,797 long tons, according to statistics
compiled by the Rubber Manufacturers' Association. Imports of crude rubber for March amounted to 40,338 long
tons as compared with 36,645 long tons for February and
45,430 long tons for March 1930.
Total domestic stocks of crude rubber on hand and in
transit overland on Mar. 31 are estimated at 217,804 long
tons, an increase of 2.3% over February, and 53.6% over
March 1930. Crude rubber afloat for United States ports
on Mar. 31. Is estimated at 63,133 long tons as against 63,680
long tons on Feb. 28 and 63,646 long tons on Mar. 31 a
year ago.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 222 mills show that for the week ended April 4
1931, there were produced a total of 106,141,733 feet of
lumber, 125,335,188 feet ordered and 106,538,809 feet
shipped, as against 109,514,556 feet produced, 127,216,111
feet ordered and 125,495,561 feet shipped during the preceding week. The Association's statement follows:
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (342 IDENTICAL MILLS).
(All mills reporting production for 1930 and 1931 to date.)
121,696,280 feet
Actual production week ended April 4 1931
118,528,289 feet
Average weekly production 13 weeks ended April 4 1931
159,276,926 feet
Average weekly production during 1930
196,297,135 feet
Average weekly production last three years
299,274,826 feet
x Weekly operating capacity
Weekly operating capacity is based on average hourly production for the 12
last months preceding mill check and the normal number of operating hours per week.
2858
FINANCIAL CHRONICLE
[VOL. 132.
WEEKLY COMPARISON (IN FEET) FOR 222 IDENTICAL MILLS
-1931.
Production for the week was 114,950,000 feet.
(AU mills whose reports of production, orders and shipments are complete
For the year to April 4, 165 identical mills reported orders 10.5% above
for the last four weeks.)
production, and shipments were 5.6% above production. The
Week EndedApril 4.
March 28.
same
March 21.
March 14.
Production
106,141,733 109,514,556 107,385.775 108,564,348 number of mills showed a decrease in inventories of 3.6% on April 4, as
Orders (100%)
125.335,188 127,216,111 129,245,719 110.814,137 compared with Jan. 1.
Rail (317)
38.393.19544,738,930 39,128,578 41,444,184
Southern Pine Reports.
Domestic cargo (33%)
41,802,445 47,683,937 53,642,693 39,027,891
Export(28%)
The Southern Pine Association reported from New Orleans that for
34,954,121 28,229.702 24,911,593 22,028,385
Local(8%)
10,185,427
8,565,542 11,562,855
8,315,877 134 mills reporting, shipments were 6% above production, and orders 12%
Shipments(100%)
106,538.809 125,495,581 108,859,135 106,463,158 above production
and 17% below shipments. New business taken during
Rail (38%)
40,628,645 43,842,877 41,603,933 41,916,324
Domestic cargo (31%)
33,016,589 46,184.793 39,000,569 42,066,252 the week amounted to 33.810,000 feet (previous week 39.165.000 at 133
Export(21%)
22,708,168 26.902,549 14,691,778
14,164,903 mills); shipments 40,719,000 feet (previous week, 42,126,000), and proLocal(10%)
10,185,427
8,565,542 11,562.855
8,315,677 duction 38,271,000 feet (previous week, 35,210,000). Orders on hand at
Unfilled orders (100%)
465,972,249 448,548,767 449,524,497 428,283,071 the
end of the week at 118 mills were 102,312,000 feet. The 121 identical
Rail (25%)
114,994,046 117,653,437 117,752,364 120,533,471
Domestic cargo (41%)-191,321,312 182.830.022 182,123,424 188.049.812 mills reported a decrease in production of 33%, and in new business a
Export(34%)
159,658,891 148,085,308 149,848,709 139,699,788 decrease of 31%, as compared with the same week a year ago.
The Western Pine Manufacturers Association, of Portland, Ore., re198 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1930 ported production from 82 mills as 32,860,000 feet, shipments 24,493.000
and new business 22,725,000. Tbe 61 identical mills reported a 33%
and 1931 to date.)
Average 13
Average 13 decrease in production and a 37% decrease, in orders, compared with the
Week Ended
Weeks Ended
Weeks Ended same week last year.
April 4 1931. April 4 1931. April 5 1930.
The California White & Sugar Pine Manufacturers Association, of San
Production (feet)
102,784,935
97,101,453 • 153,854,054
Orders (feet)
107,321,394
121,247,713
142,416,595 Francisco, made no report.
/Shipments (feet)
101,689.980
102,299,028
142,775,703
The Northern Pine Manufacturers of Minneapolis. Minn., reported
'DOMESTIC CARGO DISTRIBUTION WEEK ENDED MAR.28'31 (109 mills) production from 7 mills as 4,313,000 feet, shipments 2,463,000 and new
business 2,557.000. The same number of mills reported production 10%
less and new business 41% less than for the same week of 1930.
Orders on
Unfilled
Hand BeOrders
The Northern Hemlock and Hardwood Manufacturers Association, Of
CancelOrders
Shipoln'o Week Received. lotions.
meals. Week Ended Oshkosh, Wis., reported production from 20 mills as 1,905,000
feet, snipMar.28 '31.
Var.28 '31. ments
1,092,000 and orders 1,483,000. The 19 identical mills reported a
19% decrease in production and a 21% decrease in orders, as compared
Washington and Oregon
(91 Mills)Feet.
Feet.
Feet.
Feet.
Feet.
with the same week last year.
•lifornia
71,993.951 14,856,137
50,080 17.454,768 69,345,240
The North Carolina Pine Association, of Norfolk, Va., reported proAt
!antic Coast
84,859,317 27,185,843
294,468 20,646,059 90,904,635
duction from 86 mills as 5,917,000 feet, shipments, 6,469,000 and new
Mltscellaneous
1,773,920
98,420
665,711 1,204,629
None
business 5.026.000. The 40 identical mills reported production 27% less
Total Wash & Oregon 158,427,188 42,138,400
344,546 38,766,538 181,454,504 and orders 3% more, compared with the corresponding week last year.
Ft porting domesticcargo
only (5 mills)
3,099,108
280,000
None
489.735 2.909,373
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
Totals
181,526,296 42,418,400
344.546 39,236,273 164,363,877
production from 198 mills as 17,294,000 feet, shipments 19,516,000 and
Brit. Col. (11 Mills)new business 18,828,000. The 180 identical mills reported a decrease of
lltornia
1,828,142
533,700
None
650,000 1,511,842 45% in
production and a decrease of 28% in orders, compared with the
[antic Coast
9,500,710 2,628,909 +414,000 3,637,185 8,908,434
same week in 1930.
leeellaneous
8,332,850 2.102,928
None 2,837,909 7,597,869
The Northern Hemlock and Hardwood Manufacturers Association, of
Total Brit. Columbia. 19,481,702 5,285,537 +414,000 7,125,094 18,016,145
Oshkosh, Wis., reported production from 20 mills as 3,036,000 feet, shipporting domesticcargo
mly (2 mills)
1.135,426
None
605,000
80,428
450,000 ments 2,227,000 and orders 1,722,000. The 19 Identical mills reported
production 47% less and orders 23% less, compared with the same week
Totals
20,597,128 5,265,537
191.000 7,205,520 18.466,145 last year.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRO1/12 192 42447 R132 027
FAS 040 SA 1141 702 109 1220 092
Toto1 'Inn...milt. onren
DUCTION FOR THE WEEK ENDED APRIL 11 1931 AND FOR 14
WEEKS TO DATE.
Lumber Order Ratio Over Production Continues
Favorable.
New business received at lumber mills during the week
ended April 11 continues in favorable relation to production,
orders being approximately 1% above the cut, it is indicated
in reports from 748 leading hardwood and softwood mills to
the National Lumber Manufacturers Association. Shipments by these mills were reported as 2% below their total
production, which amounted to 218,546,000 feet. A week
earlier 760 mills reported orders 8% above a combined production of 203,840,000 feet. Comparison of the situation
for the latest week with the equivalent period a year ago,
by identical mill figures, shows
-for softwoods, 443 mills,
production, 35% less; shipments, 28% less, and orders 28%
less than for the week in 1930; for hardwoods, 1199 mills;
production, 45% less; shipments, 30% less, and orders 27%
under the volume for the week a year ago.
Lumber orders reported for the week ended April 11 1931,
by 550 softwood mills totalled 199,462,000 feet, or 1%
above the production of the same mills. Shipments as reported for the same week were 193,491,000 feet, or 2%
below production. Production was 198,216,000 feet.
Reports from 218 hardwood mills give new business as
20,550,000 feet, or 1% above production. Shipments as
reported for the same week were 21,743,000 feet, or 7%
above production. Production was 20,330,000 feet. The
Association, in its statement, further reports:
Association.
Produclion
M Ft.
S7dymerits.
M Pt.
P. C.
of
Prod.
outhern Pine:
Week-134 mill reports
38,271
40,719 106
14 Weeks-1930 mill reports
527,896
573,153 109
West Coast Lumbermen's
Week-221 mill reports
114,950
118,255 103
14 Weeks
1,419,192 1,487.642 105
-3,125 mill reports
Western Pine Manufacturers:
Week-82 mill reports
32,880
24,493 75
14 Weeks
208,550
-1,213 mill reports
382,796 128
California White & Sugar Pine
Week-mill reports
No report.
10 Weeks
57,065
152.218 287
-252 mill reports
Northern Pine Manufacturers:
4,313
Week-7 mill reports
2,483 57
14 Weeks-98 mill reports
22,849
38.873 161
No.Hemlock&Hardwood(softwoods):
1,905
1,092 57
Week-20 mill reports
14 Weeks
28,742
18,199 63
-386 mill reports
North Carolina Pine:
5.917
6,469 109
Week-88 mill reports
79,874
14 Weeks
101,790 127
-1,256 mill reports
Softwood total:
Week-55)mill reports
14 Weeks-8,260 mlii reports
Hardwood Mfrs. Institute:
Week-198 mill reports
14 weeks-2,938 mill reports
Northern Hemlock & Hardwood:
Week-20 mill reports
14 Weeks-386 mill reports
Hardwoods total:
Week-218 mill reports
14 weeks
-3,324 mill reports
)rand total:
Week-748 mlll reports
14 weeks
-11,198 mill reports
Orders
M Ft.
P. C.
of
Prod.
33,810
580,808
88
110
133,861
1,818.241
116
114
22,725
357,728
69
120
149,268
262
2,557
37,430
59
164
1,483
19,112
78
68
5,026
77,193
85
97
199,462
2,839,580
101
117
18.828
304,292
109
123
73
60
1,722
41,231
57
al
21,743 107
330,571 105
20.550
345.523
101
110
218,546
215,234 98
2,749,552 3,083,242 112
220,012
3,185,103
101
116
198.216
193.491 98
2,434,168 2,752,671 113
17.294
248,074
3,036
67,310
20,330
315.384
19,518 113
290,201 117
2,227
40,370
Paper and Pulp Industry in February-Paper ProducUnfilled Orders.
Reports from 471 softwood mills give unfilled orders of 691,561.000
tion Increased 7% Over January.
feet, on April 11 1931, or the equivalent of 16 days' production. This Is
According to identical mill reports to the statistical deupon production of latest calendar year-300
based
-day year-and may
be compared with unfilled orders of 479 softwood mills on April 4 1931, partment of the American Paper and Pulp Association from
of 689,743,000 feet, the equivalent of 16 days' production.
members and co-operating organizations, the daily average
The 405 identical softwood mills report unfilled orders as 657,052,000
of total paper production in February increased 7% over
feet on April 111931. as compared with 854.579.000 feet for the same week
a year ago. Last week's production of 443 identical mills (softwood) was January but was 16% under February 1930. The daily
189,710,000 feet, and a year ago it was 293,146,000 feet; shipments were average wood pulp production in February was 7% above
respectively 185.425.000 feet and 257,076,000; and orders received 190.689.000 feet and 265,978,000. In the case of hardwoods, 199 identical January 1931 and 21% under February 1930. The survey
mills reported production last week and a year ago 19,214,000 feet and issued by the Association April 16 also said:
34,953,000; shipments 20,432,000 feet and 29,214,000; and orders 19,Compared with February a year ago, the daily average production
258,000 feet and 26.443,000 feet.
registered a decrease in the following grades; Newsprint, uncoated book,
paperboard, bag, writing, hanging and building papers. The February
West Coast Movement.
1931 daily average production of newsprint and hanging papers was
lower
The West Coast Lumbermen's Association wired from Seattle the followthan in January 1931. Total shipments of all major grades
ing new business, shipments and unfilled orders for 221 mills reporting for
decreased
18% during the first two months of 1931 as compared with the
first two
the week ended April 11:
months of 1930.
SHIPMENTS.
NEW BUSINESS.
UNSHIPPED ORDERS.
Identical pulp mill reports for two months of 1931 indicated that the
Feel.
Feel.
Feet.
total pulp consumed by reporting mills was 19% less than for two
Coastwise and
Domestic cargo
Domestic cargo
months
Intercoastal_ 47,938.000 of 1930, while total shipments to the open market during the
delivery.. _
56.119,000
delivery_ - _198.418,000
first two
Export
20,880,000 months were also sharply below the total for the same
166,120,000 Export
28,855,000 Foreign
period of 1930.
Rail
40.820,000
40,468,000 Rail
113,818,000 Rail
All grades of pulp, excepting bleached, easy bleaching,
Local
8,619,000
Local
8,619.000
mitscherlich,
sulphite and kraft pulps, registered increases in inventory at the
end of
Total
118,255,000 February 1931 as against the end of January 1931. As
133,881,000
Total
Total
476.354,000
compared with
APRIL 18 1931.]
FINANCIAL CHRONICLE
February 1930, news grade sulphite, easy bleaching sulphite and soda pulp
registered decreases in Inventory.
REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF FEBRUARY 1931.
Production,
Tons.
Newsprint
Book (uncoated)
Paperboard
Wrapping
Bag
Writing, .kc
Tissue •
Hanging
Building
Other grades
Shipments,
Tons.
.Stocks on Hand
End of Month,
Tons.
88,788
76,877
160,097
42,342
10,116
20,013
6,140
3,053
4,617
14,081
Grade.
90,901
77,200
158,150
41,580
9,829
25,964
6,110
3,099
4,457
14,457
33,627
63,311
67,690
47,748
7,212
49,024
2,739
4,447
3,040
15,617
2859
Cotton Spinning Industry in Europe Moderately
Improved in Some Sections.
The cotton spinning industry of Europe is improving
moderately in some sections but is becoming worse in other
sections, according to the New York Cotton Exchange Service. As indicated by forwardings of American cotton to the
mills, the European spinning industry is running at a much
lower level than a year ago. The Exchange service says
under date of Apr. 14:
English mills are not finding any improvement in their very difficult
situation. Running at only about 50% of normal, they have not sold
their current output in the past few weeks. India. China,and minor foreign
outlets have bought on a very limited scale. Margins show no improveTotal all grades
432,124
429,727
294,455
ment. A drastic reduction of Lancashire's surplus manufacturing capacity
* Reduction in number of mills.
has been proposed by a joint committee of cotton trade organizations, but
REPORT OF WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR THE It is recognized that rationalization
on a voluntary basis is likely to be
ppm
MONTH OF FEBRUARY 1931.
protracted and difficult.
Germany, which has been reporting a growing demand for yarn and cloth
Shipped Dur- Stocks on Hand
Produdion, Used During ing Morals, End of Month, In the past fortnight, cables that mill bookings have increased in all sections
Grade,
Tons.
Month, Tons.
Tons.
Tons.
of the industry, although not uniformly, this past week. Spinning margins
have improved somewhat in recent weeks, but they are still narrower than
Groundwood
63,236
61,614
1,539
47,779
Sulphite news grade-.
28,261
26.868
1,483
6,386
a year ago. Poland likewise reports an improved yarn demand, with
Sulphite bleached
21,913
2,422
20,697
3,418
stocks diminishing and spinning margins widening. But Prance cables that
Sulphite easy bleaching
2,487
2,632
200
1,029
yarn and cloth sales continue so limited that a further decrease in spinning
Sulphite mitscherlich
7,102
6,175
1,097
1,532
Kraft pulp
and weaving operations is probable, and Italy says that yarn and cloth
27,279
22,384
5,279
7,581
Soda pulp
19,080
13,980
4,936
2,933
sales in March were the smallest in several months and, with the abolition
Pulp,other grades *
549
383
125
353
of price agreements, mill margins are narrowing.
Total, all grades
Belgium reports that the mills of that country are about selling their cur189,887
154,833
17,081
70,991
rent output. but with mill operations at the lowest level of the season, and
•Increase in number of mills.
Czecho-Slovakia says that spinning and weaving activity in that country
is declining, with sales below production, and prospects very unfavorable.
Census Report on Cotton Consumed in March.
Spanish mills continue to operate at a high rate, with the industry well sold
ahead, and prospects good.
Under the date of April 14 1931 the Census Bureau
issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles, and imports and
exports of cotton for the month of March 1931 and 1930.
Cotton consumed amounted to 490,586 bales of lint and
62,771 bales of linters, compared with 433,510 bales of lint
and 53,087 bales of linters in February 1931 and 507,646
bales of lint and 64,400 bales of linters in March 1930.
It will be seen that there is a decrease under March 1930
in the total lint and linters combined of 18,289 bales, or
3.27%. The following is the official statement:
MARCH REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
[Cotton In running bales, counting round as half bales, except foreign. which is
In
600
-pound bales.)
Cotton Consumed
During-
Cotton on Hand
March 31.
Cotton
&gears,
Seven
In Con- In Public Altdtoe
Year
Months turning Storage
Dunn,
March Ended Establish- ct at Coca. March.
(bales) Mar. 31. moils. renal. (Number)
(bales) (bales) (bales)
United States
I 1931 490,586 3,390,528 1,477,758 6,642.648 26,489,832
1 1930 507,646i4,316.387 1,758,171 4,198,07728,862,490
G. H. Montague Named As General Counsel for the
Wool Institute-Mr. Montague Reviews Activities
of Trade Associations Sanctioned By Supreme
Court Decisions.
Gilbert H. Montague has been engaged as General Counsel
for the Wool Institute, beginning April 1. Among Mr.
Montague's clients are Lehigh Valley Coal Corp., Otis
Elevator Co., General Foods Corp., American Radiator Co.,
Standard Sanitary Mfg. Co., Cudahy Packing Co., Cheney
Bros., Vick Chemical Co., Norwich Pharma,cal Co., Oneida
Community, A. G. Spalding & Bros., Chain Institute,
Cordage Institute, Jute Twine Institute and Export Petroleum Assn.
Mr. Montague has also been counsel in numerous Federal
and State anti-trust and Federal Trade Commission investigations and proceedings relating to oil, steel, lumber, rubber,
machinery, paper, cordage, publishing, explosives, advertising, chain stores, cutlery, clothing, coal, meat packing,
chemicals, textiles, metals, watches, food products, pharmaceuticals, toilet articles, musical instruments, motion pictures, cement, dyestuffs, and other industries.
In an address recently delivered, Mr. Montague said in
part:
Cotton-growing States-_(1931 383,55212.691.111 1.089.981 6.238,059 17,143,512
1930 393.906 3,344,020 1,306,818 3,962,281 17,825,594
New England States
1931 90,385 583,694 322,148 160,805 8,415,504
1930 96.641 816.236 384,401 116,317 9,787,972
All other States
1931 16.649 115,723 65,629 243,984
930,818
1930 17.099 156,131
68,152 119,479 1,248,834
Included Above
"There are two activities of trade associations and institutes now sancEgyptian cotton
1931 8,766
58,413
69.555
23,129
1930 15,826 148,623 66.098
tioned by Supreme Court decisions as construed and accepted by the
34,316
Other foreign cotton
1931 7,715
51,059
26.362
15,827
Department of Justice and the Federal Trade Commission, both of which
1930 8,693
64.809 37,553
20,659
activities can be of Inestimable service in hastening a wholly sound and
Amer.
-Egyptian cotton- 1931 1,612
9,104
13,188
6,773
lawful economic stabilization in any industry.
849
1930
5,195
9,137
6,594
Not included Above
"First is the collection by trade associations and institutes of trade data
Linters
I 1931 62,771 449,954 292.955
81,861
regarding past transactions, and the dissemination of such data in summary
1 1930 64,400 552.017 233,940 109,444
form to their members so that they may at all times have up-to-date
statistics regarding volume of production, volume of orders, volume ofsales,
Imports of Foreign Cotton (500-lb. Bales).
volume of current stocks in the hands of the members and their trade,
Country of Production.
March.
8 Mos. End. Mar. 31. and prices in past transactions.
"Second is the adoption by trade associations and institutes
-or by
1931.
1930.
1931.
1930.
industry action in trade conferences held by Federal Trade Commission-of
Egypt
16,110
2,178
7,719
125.878 codes of ethics that are in harmony with Supreme Court decisions as conPeru
195
468
1,089
13,146 strued by the Department of Justice and the Federal Trade Commission.
China
2,847
5,766
20,425
33,115 with which should be set up investigating bureaus to whom is pledged full
Mexico
1,827
1,070
3,329
33.335 and
British India
Complete access to the members' books and records, so that every
3,397
18.070
4,727
36.730
All other
22
1,010
138
1,466 complaint of alleged violation of these codes can be promptly and vigorously
investigated with the single purpose of denouncing to these trade associaTotal
10,266
28,279
51,642
243,870 tions and institutes
-or in aggravated cases to the Department of Justice
Exports of Domestic Cotton Excluding Linters and the Federal Trade Commission-every case that is found to be in
violation of Supreme Court decisions as construed by the Department of
(Running Bales
-Su Note for Linters).
Justice and the Federal Trade Commission.
Country to Which Exported.
March.
8 Mos. End. Mar. 31,
"Between them, these two institute and trade association activities can
keep every individual member informed as to whether it is actual competition
1931.
1930.
1931.
1930.
or phantom competition (purchasing agents' falsehoods or salesmen's misUnited Kingdom
64,993
172.388
926,753 1,136,833 information) that it is competing against, and can supply two effective
France
57.688
82,309 837,025
744,056 antidotes against the panic impulse that besets every industry In time of
Italy
43.488
65.440
387,801
570,043
Germany
153,727
129.547 1,386.147 1,479,585 falling prices.
Other Europe
55.632
57,291
555,233 665,283
"The first activity keeps at all times before each individual member the
Japan
178,254
51,244
910,673
841,795 essential statistical data that it requires in order to form its own individual
All other
51,719
39.461
508,092
333.169 judgment as to general trends in the entire industry.
Total
805,461
"The second activity keeps at all times at the disposal of each member
477,678 5,509,724 5,770,764
a fearlessly conducted investigating bureau, operated by competent inNote.
-Linters exported, not included above, were 10,456 bales
March in vestigators
1931 and 8,004 bales in 1930; 82,551 bales for the 8 mos. ending during31
unconnected with any member of the industry, which by
Mar.
in 1931
and 83,710 bales in 1930. The distribution for Mar. 1931 follows:
841; Netherlands, 541; Spain, 50; Belgium, 50; France, 1,809; United Kingdom, applying simply the Supreme Court rule against price discriminations can
Germany, 5.030; promptly, impartially and effectively clean up many of the most diseased
Italy, 300; Canada, 1,355; Japan, 430.
competitive situations that now exist in practically every industry.
WORLD STATISTICS.
"These two steps every trade association and institute can to-day take
The estimated world's production of commercial cotton, exclusive of
linters, toward sound, lawful, economic price stabilization.
grown in 1929, as compiled from Various sources is 26,673.000 bales. counting
American in running bales and foreign In bales of 478 pounds lint, while the
"By taking these steps, instead of sidestepping their opportunities and
sumption of cotton (exclusive of linters in the United States) for the year con- duties, trade associations and institutes can retrieve whatever
mis-steps
July 31 1930 was approximately 24,946,000 bales. The total number of ending others
have made in the direction of artificial stabilization, and can fulfill
spinning
cotton spindles, both active and idle is about 164,000,000.
their high mission in American industrial life.
2860
FINANCIAL CHRONICLE
"More and stronger trade associations and institutes, with reporting
systems, codes of ethics, and investigating bureaus organized under proper
conditions and with adequate safeguards, are foreshadowed by recent
decisions and rulings of the Supreme Court, the Department of Justice and
the Federal Trade Commission.
"Over-production, business depression, unemployment, and all the other
consequences of demoralized business conditions, are comparable only to
war and pestilence in their devastating and far-reaching injuries to the
morale and well-being of mankind.
"Whatever will facilitate a closer adaptation of production to consumption and a wholly sound and lawful economic stabilization will serve to
bring under human control one of the most baleful causes of human unhappiness.
"Trade associations and institutes, with proper reporting systems, codes
of ethics and investigating bureaus, are better fitted for this work than
any other human agency.
"Equipped with these activities trade associations and institutes will have
the facilities—and the law now gives them the right so long as they avoid
all unlawful agreements and trade coercion—to achieve sound, lawful,
economic stabilization by applying self-government to unfair methods of
competition, and by disseminating the trade data necessary to enable each
individual unit to regulate its own business.
"Trade associations and institutes, if they will only perform this work
through the coming years in the manner now approved by the Supreme
can
Court, the Department of Justice and the Federal Trade Commission,
confer upon this nation and upon the world an unparalleled and lasting
benefaction, comparable only to the untold blessing that has resulted from
the control of disease by modern hygiene."
Coffee Prices Rise on Brazilian Tax Reports.
From the New York "Sun" of last night (April 17) we
take the following:
Coffee prices moved higher in the late trading to-day as a result of private
advices from South America, telling of a conference to be held at Rio de
Janeiro on April 20 by representatives of all the leading coffee producing
States of Brazil looking toward stabilization of the industry. Measures
which are expected to be proposed are a tax of 21 shillings per bag on coffee
for export and the destruction of at least part of the accumulated surplus
coffee stocks. Circulation of these reports was followed by a gain of5 to 10
points in coffee futures.
[VoL. 132.
2,500,000 tons to be segregated under the Chadbourne plan.
The analysis makes allowances for a normal increase of
about 3% in consumption, and concludes that the reduction
in available stocks by Aug. 31 1932 will be more than enough
to completely reverse the statistical picture and justify a
substantial advance in price, and that the percentage of
stocks to consumption may show a Sharp drop by that date.
T. L. Chadbourne Advises President Machado That
Sugar Pact Should Insure Orderly Marketing of
Commodity.
Thomas L. Chadbourne, in a cable to President Machado
of Cuba, commenting on the closing of an agreement to
stabilize the world sugar industry, stated in part, according
to a cablegram to the "Wall Street Journal" of April 13:
"The plan is unique among all similar undertakings in that it has received, or will receive the support of the governments of all the countries
concerned. The governments have undertaken to protect, by a system
of export licenses, the integrity of the export restrictions agreed upon
under the plan. There is no geographical restriction of markets and fixing
of prices.
"If the statistical position of world sugar production and consumption
admits, the price can easily go beyond the two cents at which export quotas
will be increased, and approximate 214 cents, which will enable the Cuban
industry at least to regain its cost of production, including interest on the
investment. Without such an agreement, protected as this one will be
by the action of the governments involved, enormous over-supplies of
sugar in the world would have been found over the market and depressed
the price for at least several years to come.
"As it is now, under the operation of this agreement, through the curtailment of unnecessary production and the restriction of exports, there is
every reason why the sugar markets should become orderly once more,
thus reflecting the restoration of equilibrium between world production
and consumption. The restriction planned protects producers the world
over and the arrangement for the increase of export quotas is at once a
proprotection to consumers against abnormal prices and a protection to
dueers against the encouragement of unnecessary producing capacity in
countries not parties to the agreement. The consummation of this agreement has, of course, involved great sacrifices on Cuba's part.
"I wish to call attention, however, to the fact that all the countries
participating in the plan have also agreed to very important concessions.
The difficulty of securing agreements on all sides to the necessary sacrifice
accounts for the delay in reaching a final agreement. This plan, as now
arranged, is in the interest of every one and the possible gains from it are
immeasurable in proportion to the sacrifices made. That is the point of
greatest importance to Cuba. The agreement registers the first occasion
upon which all important exporting countries have united in a common
effort to promote the general interests of the world sugar industry."
Coffee Consumption in March at Record Figures According to New York Coffee & Sugar Exchange.
The per capita consumption of coffee for the United
States was about 1% pounds during the month of March
1931, which was the greatest coffee consuming month in
the history of the industry, according to figures compiled by
the New York Coffee and Sugar Exchange. Not only the
United States, but the entire coffee drinking world, says
the Exchange, consumed more coffee in March 1931 than in
Cuban Senate Approves Sugar Institute—Backs in
any previous month in history. It likewise says:
Principle Bill for Creation.
Consumption of coffee for March in the United States, as estimated by
A cablegram as follows from Havana April 15 is taken
deliveries, amounted to 1,271,281 bags, or about 168,000,000 pounds,
compared with 1,071,037 bags in January. Total world consumption for from the New York "Times":
2,151,171 bags in February.
March 1931 was 2,506,558 bags, compared with
Despite the economic depression of the past year, the consumption of
coffee has been increasing steadily.
New York Coffee & Sugar Exchange Grants License to
Douglas Public Service Corporation of New Orleans
to Store Blackstrap Molasses.
The New York Coffee & Sugar Exchange announced on
April 6 that a license has been granted to the Douglas Public
Service Corporation of New Orleans to store cane backstrap
molasses for delivery against Exchange futures contracts.
The tanks that have been licensed are at Morrero, Louisiana
and have a capacity of approximately 3,000,000 gallons.
At 11 o'clock to-night the Cuban Senate approved in principle a bill to
the
create an "Instituto Azucarero" or sugar institute. Discussion of
various articles will begin to-morrow. The measure was recommended
of the Chadbourne-Guitierrez
by Senator Viriato Gutierrez, co-author
L. Chadbourne.
world sugar agreement, and also was endorsed by Thomas
the permanent sugar
The Senate will appoint the Cuban members of
President Machado
by
institution at The Hague after the sanction of the bill
Decline in Sugar Consumption in Italy.
Consumption of sugar in Italy has declined from 175,551.6
metric tons in 1928-29 to 163,829.3 metric tons for the
sugar campaign of 1930-31, or a drop of 6.7%, according
to a report from Vice-Consul Frank C. Niccoli, Milan, in
a report made public by the Department of Commerce. The
latter on April 14 also said:
Jan. 31 1931 were 163.829.3 metric tons.
The figures for Aug. 1 1930 to
to Move Upward According to
tons. For the same period in
With a monthly average of 27,304.9 metric
consumption of 167,551.6 metric tons,
Bostwick & Hine.
1929-30 there was an approximate
1928-29.
compared with 175,551.6 for the period in
Sugar prices are about to enter the long overdue upward asThis restriction of consumption, which has also occurred in other counthat commodity, according to an tries, the report states, is noted during the last months in spite of the
swing of the cycle for
decline in prices of sugar. The cause is attributed
analysis of the world sugar situation completed by Bost- progressive and general depression which has compelled people to diminish
to the world-wide
of the New York Coffee and Sugar solelyarticles of consumption, even the most necessary.
wick & Hine, members
their
Exchange. The firm points out in its analysis that the price
of sugar is always finally determined by the percentage of Increase in Wholesale Cigarette Price Looked For—
Increase in Retail Price.
stocks to consumption, and that recent developments have
been more than enough to reverse the statistical picture.
The following is from the New York "Evening Post" of
The analysis notes that during the past 10 years the per- April 14:
companies that manufacturers
centage of stocks to consumption has been increasing
Despite denials by officials of tobacco
from 40 to 60 cents a thousand in wholesale
and as a result the price of sugar has been falling were planning an increase ofpersisted to-day in the financial district that
steadily,
prices of cigarettes, reports
as to say an increase was expected
steadily. It adds:
action was imminent. Some went so far
Sugar Prices Expected
to 4,462,000 tons, or 23.0%
Stocks of sugar on Aug. 81 1923 amounted
year of 1922-28. The average
of the world's consumption for the crop
pound, c.i.f. New York. The
price of sugar for that year was 4.674c. a
through the following years
percentage of stocks to consumption increased
than consumption. On Aug. 31
because production increased at a faster rate
tons, or 40.1% of the con1930 world stocks amounted to 10,566,000
price for the year
sumption for the 1929-80 crop years. The average
was 1.744c. a pound.
over the week-end. Tne present price is $6.40 a thousand.
likely to inauguarate any change
Officials of the tobacco companies most
movement is afoot for higher
are unanimous, however, in disclaiming any
convinced that if any change
prices. Within the trade authorities are firmly
until the last quarter. If an inis made it is unlikely it would be effected
September or early October, it would benefit
crease were placed in effect in
of any increase in 1932,
earnings in the last quarter and eliminate necessity
it was said.
From the New York "Times" of April 4 we take the
The analysis states that the decline in production which
following:
will bring about a lower percentage of stocks to consumpcigars and pipe and chewing
An average advance of 5% in the price of
tion by Aug. 31 1932 is indicated by Licht's estimate of a tobaccos by the Schulte Retail Stores Corp. and the United Cigar Stores
correcting a "demoralized" industry
15% reduction in acreage for European sugar beets and the Co., described as the first step in
APRIL
18 1931.]
FINANCIAL CHRONICLE
caused by cut rates, became effective yesterday in the Schulte stores and
this morning in the United chain. An early increase in the popular brands
of cigarettes is contemplated by the retailers.
David A. Schulte, President of the chain bearing his name, described
the increase as a modification of cut rates, some of which have been in
effect for two years, and have forced many independent dealers out of
business because of the small margin of profit. The Schulte organization,
he said, would follow any constructive move on the part of independent
dealers to stabilize prices. He said he thought the public was willing to
give dealers a legitimate profit.
The same paper April 8 said:
The cigarette price war which began two years ago will be concluded on
on Friday April 10 when the United Cigar Stores and the Schulte retail
stores chains will advance the price of popular brands of cigarettes to
15 cents a package, or two packages for 27 cents. The current price is
13 cents a package, or two packages for 25 cents.
Officials of both companies said yesterday they believed the end of
unprofitable retailing in the tobacco industry had been reached and asserted the new price would yield tobacconists a profit of 25% on individual
packages and from 7 to 8% on the sale of two packages.
Cuban Tobacco Restriction.
The following Havana advices are from the "Wall Street
Journal" of April 9:
A meeting of tobacco growers was held Wednesday with the Secretary
of Agriculture presiding. The Governor of the Province of Pinar Del Rio
also attended. The growers decided to ask the Government to adopt
the following plans: not to allow irrigation except for those farms which grow
tobacco under shade for outside cover of cigars; to forbid tobacco planting
after Dec. 15 of each year: to regulate the use of fertilizers; to do away
permanently with the custom of picking foot leaves and seeds and any
tobacco that may not be the product of the main crop:to make any measures
that may be adopted general in scope and mandatory.
The same paper in further advices from Havana said
that tobacco planters in Guanes zone have decided to plant
only 33% of their acreage for the next crop.
Tobacco Quotations To Be Given Daily by Federal
Service—Department of Agriculture To Set Up
System Covering Prevailing Prices at Key Cities.
A news service will be made available to members of the
tobacco industry by the Bureau of Agricultural Economics
when the 1931 marketing season opens, the Department of
Agriculture announced Apr. 6. The account in the "United
States Daily" of April 7 said:
Daily reports on the tobacco market will be issued from
information obtained at various "key markets," or field offices to be established
in connection with the service, according to the announcement, which
follows in full
text:
Plans for a market news service on tobacco are being developed
tobacco section, Bureau of Agricultural Economics. Department by the
of Agriculture, an appropriation for that purpose having been made by
the last
Congress. Plans and arrangements for the new service will be
completed
by the time the 1931 marketing season opens in Georgia and
Florida about
Aug. 1.
Plans for Field Offices.
Tentative plans include the setting up of temporary field offices in
selected
markets, to be known as "key markets," one in each of the
important
tobacco districts where tobacco is sold at auction. In order to have
available the most comprehensive information on tobacco prices, the
selection of"key markets" will probably be from among those where the
Federal
State tobacco grading service is in effect, but methods will be adopted
for
including in reports such information as can be obtained from other
markets
in the respective districts.
Daily reports will show the average prices paid for a few
representative
grades on the "key markets" only. They will include such market
.comments as may be found suitable. Daily reports from "key
markets" will
be issued to the press, supplied to interested warehousemen
throughout the
respective districts for the use of their patrons and buyers, and
utilized in
local radio broadcasts.
Weekly Reviews.
A second series of reports Issued by each of the "key markets" will
review
the prices for the week as shown by the daily reports, and will
include a
summary of prices on all grades, compiled from all the markets in
the respective district having tobacco grading service, and also such price
information as may be obtained from markets which do not have the
grading
service. Weekly reports will be given the same distribution as the
daily
reports.
It is planned to include in the weekly reports pertinent information
with
respect to the progress of marketing, domestic and foreign market
conditions, and exports. Information pertaining to the domestic and
foreign
demand for flue-cured tobacco will be included in the weekly reports
issued
at "key markets" in the flue-cured territory, and information of
a similar
character pertaining to fire-cured tobacco will be included in reports
issued
in districts producing fire-cured types.
A third series of reports is being considered, to consist of
weekly or
monthly reviews issued in Washington, summarizing developments
in all
districts.
No satisfactory method of embracing the cigar tobacco
districts in a
market news program has as yet been evolved, owing to lack
of central or
other organized markets. Consideration is being given,
however, to the
possible use of special reporters, located at suitable points, to
furnish weekly
comments for inclusion in the Washington reports.
2861
Petroleum and Its Products—Salt Water Appears in
East Texas Wells—Injunction Obtained Against
Proration Schedule in Fields Held No Bar to Enforcement—California Producers to Curtail Output.
Developments in the East Texas oil fields continued to
occupy the center of interest in the petroleum industry during
the past week.
The first of the week was featured by the news that two
of the larger wells in the Kilgore field had shown signs of
salt water to such a degree that it was necessary to pinch
them down. Following the reopening of the wells, a few
days later, the percentage of salt water in both was found to
have increased and it was necessary to pinch them down
again immediately.
At the end of the week came the discovery that another
well, adjoining the original Bateman No. 1 well was showing
signs of salt water in alarming quantity. The seriousness of
this can be readily realized in view of the distance between
this well and the original two that started "throwing" salt
water. Whether or not the further development of the field
is seriously endangered by this situation is too early to state.
However, the fact that two wells on the outskirts of the
Kilgore field are failures definitely limits that field and outs
off between 35,000 and 50,000 acres of land previously
thought available for further drilling.
Oil men in the Mid-Continent fields,fighting to hold their
markets in spite of the price handicap they suffer, were
hoping that this situation would curtail production in the
new fields. While it has not done so, as yet, if further indications of salt water necessitate shutting additional wells
are found, it is a foregone conclusion that the output from
these fields will decline.
Production continues to mount in the new field, however,
and for the week ended April 15 totaled approximately
206,000 barrels daily, against 195,000 barrels daily in the
previous seven-day period.
From present indications, the injunction obtained last week
against enforcement of the Texas Railroad Commission's
proration schedule for the East Texas fields is practically
worthless. A decision by Fred Upchurch, Assistant Attorney-General, stating that the injunction covered only the
property of Carl Estes, leader of the anti-proration fight,
left the way open for the Commission to enforce its ruling
which would cut the output to 92,000 barrels a day, with
moderate increases at 15
-day intervals until the maximum
output of 130,000 barrels was reached.
The Commission took immediate advantage of this
authority and began gauging wells in the area previous to
taking legal action to "shut in" wells producing more than
their allowable output. The only step that well owners
could take, and it is thought that it would entail too much
time and expenses to be practical, is to obtain individual
injunctions against the Commission.
The effects of the competition afforded by the cheap oil
from these fields has been felt in California, as evidenced by
the fact that producers have agreed to scale down their
production in view of the increasing competition of the East
Texas crude. Directors of the newly organized Oil Producers Sales Agency, in hearing the report of the committee
on production figures for the remainder of 1931, were told
that output must be curtailed. The new figures call for an
average daily production between 460,000 barrels and 500,000
barrels, although at present California is currently producing
approximately 30,000 barrels daily, an overflow of 30,000
barrels from its allowable figure.
There were no price changes posted this week
Prices of Typical Crudee Per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradfort. Pa
$2.15 Smackover. Ark.. 24 and over
Corning, Ohio
.80 Eldorado, Ark., 40
Caben. W.vs_
1.05 Rusk, Texas. 40 and over
.80 Urania, La_
Western Kentucky
.75 Salt Creek, Wyo., 37
Midcontinent. Okla.. 37
.87 Sunburst, Mont
Hutchinson, Texas,40 and over...... .50 Banta Fe Springs, Calif..40 and over
Spindistop. Texas. grade A
.80 Huntington. Calif., 26
Spindletop, Texas, below 25
.69 Petrone. Canada
Winkler. Texas
.to
8.45
.67
.67
.75
.61
1.65
.35
.72
1.50
Tobacco Co-operatives Release Growers.
From Richmond advices to the "Wall Street
Journal"
of April 1 said:
REFINED PRODUCTS—UNSETTLED CONDITIONS IN GROUP 3
AREA AFFECT LOCAL MARKET—BULK GASOLINE DEMAND
SHOWS SEASONAL GAIN—MINOR PRODUCTS EASY.
The 1931 tobacco crop of Virginia will not be marketed by cooperative
assiciations as heretofore because insufficient poundage has
been pledged to
organization committees of bright tobacco growers in South
Boston district
and by dark tobacco growers in Farmville district. Contracts
already
signed are binding, it is held, until July, 1932, although signers
are
for 1931 crop. Committees will continue effort to procure enough released
poundage
to warrant pooling and handling by co-operatives in 1932.
As in other market centers throughout the country, the
local refined products market is feeling the effects of the
current uncertainty concerning the East Texas fields. Bulk
gasoline is fairly firm here but buyers are not doing any future
business and this has seriously affected sentiment. The
market seems to be at a standstill until some definite indica..
[vol. 132.
FINANCIAL CHRONICLE
tion as to what part the new fields in Texas will play in the
situation.
The Mid-Continent bulk gasoline market is easy, due to
the flood of cheap gasoline offered in Texas, and this is
reflected by the local market. While demand is holding up
fairly well, the buying is purely of a spot nature. Distributors do not want to take a chance of committing themselves in view of the present disturbed conditions of the
industry. Retail demand is showing its customary seasonal
improvement and favorable weather has aided this market.
The majority of the large marketeers in New York and its
vicinity are holding firm at their posted range of from 6/c.
to 8c. a gallon, for U. S. Motor Gasoline, in tank cars, at the
refinery. Smaller independents continue to sell under the
former figure, it was reported, and this further disturbed
the stability of the market. The export demand shows
practically no change.
Bunker fuel oil is moving in a routine way at $1.05 a barrel,
refinery, while Diesel oil continues unchanged at $1.75 a
barrel, same basis. With the winter season of heavy consumption ended, demand at present has slumped. Some
covering of next winter's requirements by some of the larger
factors is reported but demand of this type is not up to its
usual strength.
4
Kerosene was easy all week and was freely offered at 53 c.
to 6c. a gallon, for 41-43 water white, in tank car lots, New
York harbor. It is reported that a firm bid will bring out
offerings below the former figure. Consumption has shown
a sharp slump and dealers are eager to dispose of their stocks
as soon as possible.
There were no price changes posted this week.
Gasoline. U. S. Motor, Tank Car Lots, F.O.B. Refinery.
$.04-.04
Arkansas
N.Y.(Bayonne)
N. Y..05-.07
Colonial-Beacon__S.0634 California
Stand. Oil. N.5-3.06
Sinclair Ref
.06)4 LosAngeles.ex_ ,04)4-.07
IStand. Oil, N. Y-- .0634
.06A Gulf Coast, ex_ .043i-.05
Tide WaterOil Co. .06)4 Crew Levick
.06A North Louisiana_ .04-.04
Texas
Richfield 011(Cal.) .07 IS
06)4 North Texas.. .03X-.03%
Gulf
Warner-QuinPnCo .0834
Continental.
08% Oklahoma-- .03
Pan-Am. Pet. Co. .06
.0354-.04
PenneylvaniaShell Eastern Pet. .0655 Chicago
New Orleans ex.--- .05
}Plus freight.
Gasoline, Service Station, Tax Included.
8.149
$.16 Kansas City
5.153 Cincinnati
New York
.16 Minneapolis
.182
.20 Cleveland
Atlanta
18 New Orleans
118
159 Denver
Baltimore
14
158 Philadelphia
155 Detroit
Boston
12
18 San Francisco
158 Houston
Buffalo
.19
14 Jacksonville
Chicago
Kerosene, 41-43 Water White Tank Car Lots, F.O.B. Refinery.
(Chicago
$ 021-4-.03)4 New Orleans, ex-.4.05)4
N.Y.(Bayonne)S.05'14,
Tulsa
0354-.0334
North Texas-- .0254-.03 Los Angeles, ex.04%.-06
Refinery or Terminal.
Fuel 011, F.O.B.
Gulf Coast "C"-- $.65-.70
I California 27 plus D
New York (Bayonne)3.75-1.00 Chicago 18-22D..4254-.50
31.05
Bunker "C"
.
1.75 New Ori ns 18-200 .70-.75
Diesel 28-300
Gas Oil, F.O.B. Refinery or Terminal.
Tulsa
(Bayonne)'ChicagoN.Y.
32-36D Ind.E.01%-.02
28D plus--5.6454-.05X I 32-36D Ind..S.01U-.02
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended April 11, from companies aggregating
3,571,200 barrels, or 95.7% of the 3,730,100 barrel estimated
daily potential refining capacity of the United States indicate
that 16,598,000 barrels of crude oil were run to stills daily,
and that these same companies had in storage at refineries
at the end of the week, 46,757,000 barrels of gasoline and
126,838,000 barrels of gas and fuel oil. Reports received
on the production of gasoline by the cracking process indicate
that companies owning 94.9% of the potential charging
capacity of all cracking units manufactured 3,179,000 barrels
of cracked gasoline during the week. The complete report
for the week ended April 11 1931 follows:
CRUDE RUNS TO STILLS, GASOLINE STOCKS AND GAS AND FUEL OIL
STOCKS. WEEK ENDED APRIL 11 1931.
(Figures in Barrels of 42 Gallons)
DON,:
t.
Per Cent
Potential
Capacity
ReportOw.
100.0
East Coast
93.8
Appalachian
Ind., Illinois, Kentucky 97.5
Okla., Kans., Missouri_ 89.4
91.9
Texas
98.3j
Louisiana-Arkansas
93.1
Rocky Mountain
98.8
California
95.7
Crude
Runs
to
Stills.
Per Cent
Oper.
of Total
Capacity
Report.
Gasoline
Stocks.
Gas
and
Fuel
Oil
Stocks.
2.961.000
611,000
2,096,000
1,872,000
4,199,000
1,000,000
397,000
3,462,000
69.0
65.9
78.6
64.9
80.7
54.5
40.6
55.7
9.175,000
1,897,000
6,067,000
3,533.000
8,101,000
1,957,000
1,923.000
*14,104,000
7,706,000
1,184,000
3,173,000
3,748,000
8,840,000
2,343,000
832.000
99,012,000
16,598,000
2,371,200
15,623,000
2,231,900
66.4
46,757,000
126,838,000
62.5
46,076,000
126,433,000
Total week April 11 _ _
Daily average
Total week April 4
Daily average
95.7
Total April 12 1930
Daily average
95.4
17,791,000
2,541.500
72.4
100.0
,..
3,188.000
-... .,,,,,
86.0
,-, ,,
xTexas Gulf Coast..
a54,156,000 a135,672,000
6,933.000
, 150 11f10
6,509,000
1 q9c nnn
a Revised due to change in Cal fornia. x Included above in table for week ended
April 11 1931 of their respective districts.
Note.
-In all the refining districts indicated except California, figures in thiscolumn represent gasoline stocks at refineries. In *California they represent the
total inventory of finished gasoline and engine distillate held by reporting companies
wherever located within continental United States-(stocks at refineries, water
terminals and all sales distributing stations, including products in transit thereto).
All figures follow exactly the present Bureau of Mines definitions. Crude oil
runs to stills include both foreign and domestic crude. In California, stocks of
heavy crude and all grades of fuel oil are included under the heading "Gas and
Fuel 011 Stocks."
Crude Oil Production in United States Again Advances.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended April 11 1931 was 2,308,250 barrels, as
compared with 2,252,100 barrels for the preceding week, an
increase of 56,150 barrels. Compared with the output for
the week ended April 12 1930 of 2,561,150 barrels per day,
the current figure represents a decrease of 252,900 barrels
daily. The daily average production East of California for
the week ended April 11 1931 was 1,779,350 barrels, as
compared with 1,727,000 barrels for the preceding week, an
increase of 52,350 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Apr. 11 31. Apr.4 '31. Mar.28'31. Apr.12'30.
Week Ended511,550
552,800
665,250
513,700
Oklahoma
109,300
108,950
125,150
109,500
Kansas
51,400
55.550
50,650
93,450
Panhandle Texas
57,650
57,800
57,150
79,750
North Texas
25,350
25,350
25,050
53,350
West Central Texas
245,050
243,500
241,950
312,400
West Texas
192.200
189.000
33,650
246,700
East Central Texas
62,750
61,150
62,250
59,700
Southwest Texas
39,250
39.700
38,750
42,200
North Louisiana
47,200
46,700
57,550
47,150
Arkansas
153,800
151,250
186,000
154,300
Coastal Texas
26,650
26,100
22,150
27,000
Coastal Louisiana
103,100
101,050
101,700
125,000
Eastern (not including Michigan)
8,450
8,550
12,900
8,400
Michigan
42,300
42,650
40,800
49,050
Wyoming
8,700
8,900
9,250
8,800
Montana
4,250
4,150
4,200
4,650
Colorado
12,100
38,350
41,800
41,000
New Mexico
528,900
525,100
530,400
617.700
California
2,308,250
Total
2,252,100
2,275,350
2,561,150
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 April 11, was 1,392,850 barrels, as compared with
1,339,750 barrels for the preceding week, an increase of 53.100 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,360,650 barrels, as compared with 1,307,450 barrels, an increase
of 53,200 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 EndedSouthwest TexasApr.11. Apr 4.
.
Apr.11. Apr.4.
Oklahoma4,200 4,600
7,950 18,800 Chapmann-Abbot
Bowlegs
20,050 17,000
12,000 12,250 Darst Creek
Bristow-Slick
9,050
9,450
12,700 12,700 Luling
Burbank
12,300 12,800
9,800 12,200 Salt Flat
Carr City
13,100 11,250
Earlsboro
North Louisiana
14,000 21,600 Sarepta-Carteryille
East Earlsboro
1,250 1,400
8,400 5,850 Zwolle
South Earlsboro
7,050 7,500
12,400 13,250
Konawa
Arkansas
15,100 35,800
Little River
4,200 4,300
7.900 9,150 Smackover. light
East Little River
32,200 32,300
1.850 1,300 Smackover,heavy
Maud
Mission
3,900 8,750
Coastal Texas
163.700 127,450 Barbers Hill
Oklahoma City
23,000 22,500
St. Louis
17,450 13,800 Raccoon Bend
8,900 9,000
2,750 3,200 Refugio County
Searight
31,350 30,150
Seminole
9,000 5,050 Sugarland
11,750 11,760
East Seminole
1,750 1,200
Coastal Louisiana
KansasEast Flackberry
1,800 2,000
17,450 17,800 Old Hackberry
Sedgwick County
800
800
17,850 17,900
Voshdll
WyomfnePanhandle Texas
26,050 25,750
Salt Creek
38,700 39,750
Gray County
MontanaHutchinson County.. _ _ _ 7,700 7,600
Kev1n-Bunburst
4,450 4,450
North Texas
11,500 11,800
New Mexico
archer County
31,500 33,250
North Young County__ _ 9,900 9,100 Hobbs High
4,800 6,200
10,000 10,400 Balance Lea County
Wilbarger County
West Central Tao
South Young County
West Texas
Crane dr Upton Counties
Eetor County
Howard County
Reagan County
Winkler County
Yates
Balance Pecos County
3,300
24,000
6,450
29,400
35,000
45,900
83.200
6,000
California
2.600 Elwood-Goleta
Huntington Beach
Inglewood
23,800 Kettleman Hills
5.800 Long Beach
27,000 Midway-Sunset
33,200 Playa Del Rey
48,600 Santa Fe Springs
92,500 Seal Beach
4,200 Ventura Avenue
East Central Texas
40,100 35,800
Van Zandt County
Rusk County:
59,700 51,500
Joinerfield
104,550 68,200
Kilgore
Gregg County:
30,750 25,000
Longview
34,800
22,000
15,000
26,800
89,400
54,900
28,500
70,800
15,600
43,200
34.400
20,800
15,000
26,000
90,000
54,000
30,200
71,200
15,500
44,500
Pennsylvania Grade
w'7,300 6,750
Allegany
22,300 21,500
Bradford
7,150 7,050
Kane to Butler
8,500 6,800
Southeastern Ohio
3,500 3,450
Southwestern Penna.
13,850 13,000
West Virginia
Federated Malay States Pass Bill to Regulate Tin
Production and Exports-Legislation Supporting
International Agreement in Effect in Principal
Tin Producing Countries.
The bill for enforcing the international tin regulation plan
in the Federated Malay States was passed unanimously
at a meeting of the Federal Council on April 13, according
to a cable message received from Ipoh, Malaya. The proposal thus becomes law in the Federated Malay States, with
APRIL 181931.]
FINANCIAL CHRONICLE
cetroactive provisions covering production and exports from
Mar. 1 1931. It is further said:
The initial quota allowed Malaya under the plan is at the rate of 53,925
tons annually. Bolivia, the Dutch Indies, and Nigeria, the other signatories
of the international agreement, have already adopted legislation for enforcement of the quotas. Implementation of the agreement, retroactive in each
‘case from Mar. 1 1931, is now complete. Initial quotas for the other
countries are at the following rates: Bolivia, 34,260 tons; Dutch East
Indies, 29,910 tons; Nigeria, 7,750 tons.
On the basis of the announced quotas, the combined curtailment is at
the rate of approximately 22.2% on the 1929 production. Prior to the
passage of the bill it was stated:
There has been no open opposition in Malaya to the bill, although
minority interests are expected to voice their criticism at the meeting.
The chief basis of complaint is likely to center around the delay in
Issuing individual domestic quotas, which may easily result in individual
quotas being completed or even exceeded before the expiration of the first
quarter. Certain local antagonists to the bill are also contending that
Malaya did not get a square deal and that Dutch interests have been
'unduly favored.
The principal Malayan newspaper, however, expresses the opinion that
Mayalan interests have been fully protected, but urges the Warden of
'Mines to accelerate the issue of individual quotas to avoid premature
exhaustion of the outputs permitted and the risk of consequent unemployment.
2863
Tin Regulation Plan Caused Sharp Reduction in
Malayan Output in March.
Reflecting the operation of the international plan for
regulation of tin output, the production of tin ore in the
Federated Malay States for the month of March dropped
to 4.461 tons, according to official figures received by cable
from Malaya. It is noted that this is 1,009 tons less than
In February and 989 less than the January output. The
reduced March production represents a curtailment of approximately 22% from the average monthly output of 1929.
Production of Refined Copper in March Below That
of a Year Ago-Shipments Higher-Inventories
Again Decline.
Stocks of refined and blister copper in North and South
America at the end of March totaled 553,016 short tons,
against 566,853 in February and 574,464 in January, according to figures released by the American Bureau of Metal
Statistics and given in the "Wall Street Journal" of April 11,
From the "Wall Street Journal" of April 13 we take the which goes on to say:
Stocks of refined copper at the end of March were 354,205, contrasted
follmiring from London:
Dissatisfaction with quotas allotted to Malayan tin producers under
restriction scheme is understood to have led C. V. Thomas at annual
meeting of Malayan Chamber of Mines, in London, to propose a resolution
which was accepted, appointing a committee to make inquiry into the
resulting proposition of the tin quotas. Opposition to the proposal was
made by T. Howeson. Discontent was believed to have arisen through
the lower percentage of restriction allowed the Dutch, whose claim to be
cheapest producers was disputed by the most efficient of the British.
March Output and Shipments of Portland Cement
Continue Below Corresponding Period in 1830
Inventories Higher.
The Portland cement industry in March 1931 produced
8,227,000 barrels, shipped 7,172,000 barrels from the mills,
and had in stock at the end of the month 29,627,000 barrels,
according to the U. S. Bureau of Mines. Production of
Portland cement in March 1931 showed a decrease of 26.7%
and shipments a decrease of 18.7%, as compared with March
1930. Portland cement stocks at the mills were 3.3% lower
than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 165 plants both at the close
of March 1931, and of March 1930. The estimates include
Increased capacity due to extensions and improvements
during the period.
RELATION OF PRODUCTION TO CAPACITY.
Mos.1930. Mar. 1931. Feb. 1931. Jan. 1931. Dee. 1930,
The month
The 12 months ended
51.5%
66.1%
36.9%
58.6%
29.4%
59.7%
29.5%
60.6%
Productton.
1930.
Eastern Pa., N..1. & Md
New York & Maine
Ohio, Western Pa. & W. Vs- _ _
Michigan
Mo., III., Ind. & Ky
Va., Tenn., Ala., Ga., Fla. & La.
Eaat. Mo.,Iowa, Minn.& B. Dak.
West. Mo., Neb., Kans.. Okla. &
Arkansas
Texas
Colo., Mont., Utah, Wyo.& Ida.
California
Oregon & Washington
1931.
Stocks at End
of Month.
Shipments.
1930.
1931.
1930.
1931.
2,717
618
1,205
383
1,129
1,099
971
2,293
437
444
73
797
923
859
2,311
472
724
411
696
970
502
1,724
381
595
286
526
1,041
494
7,095
1,702
3,882
2,734
4,578
1,728
3,864
6,622
2,013
3,554
2,600
4,237
1,676
3,833
945
694
240
873
351
638
489
102
830
242
838
627
163
816
296
520
456
126
770
253
1,941
845
518
1,187
574
2,196
773
552
998
373
11.225
Total
8.227
8.826
7.172 30.648
20 097
PRODUCTION. SHIPMENTS. AND STOCKS OF FINISHED
PORTLAND
CEMENT BY MONTHS IN 1930 AND 1931 (IN THOUS. OF BARRELS).
Production.
Month.
January
February
March..
April
May
June
July
August
September
October
November
December
iS4
1a3e1Wegngto
1930,
1931.
6,595
5,920
8,227
Shipments.
Stocks at End of
Month.
1930.
1931,
1930.
1931.
4,955
7,012
8,826
13,340
17,224
18,781
20,153
20.299
18,083
15.599
8,784
5,688
4,692
a5,074
7,172
27,081
28,249
30,648
30,867
30,891
29.364
26,280
23,824
21.889
20,697
23,056
25,883
27.759
528,572
29,627
TotaL
158.744
160.905
a Revised.
Note.
-The statistics above presented are compiled from reports for
March
received by the Bureau of Mines from all manufacturing Plants except four,
fcr
which estimates have been Included in lieu of actual returns.
Protraction.
Nov. '30. Dec.'30. Jan.'31. Feb.'31. Mar.'31.
Mines. United States
53,141
x Blister, No. America.- --,.- 76,449
I Blister, So. America
22,580
Mocks (End of Month)
North and South America:
Blister (incl."in process")
- 224,531
369,832
Refined
Total
Great Britain:
Refined
Other forms
48.726
74,186
20,752
48,059
66,770
24,064
47,504
68,786
24,124
48.543
71,244
24.748
218,799
367,175
210.637
383,827
206.224
383,629
198.811
354,205
594,363
585,974
574,464
586,853
553,016
6,311
2,628
6,443
2,153
7,431
1,747
8,699
1,784
9.887
1,723
Total
10.483
8,596
9,178
8,939
11,610
Havre
3,896
4,711
3,920
3,785
6,393
Japan
6,142
4,843
4,581
y
9
x Includes direct copper. y Not yet available.
The following table shows production in short tons by United States
mines, according to types of mines:
Dec.'30.
38.2%
61.5%
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN MARCH 1930 AND 1931.
'In Thousands of Barrels.]
District.
with 363.629 tons in February and 256,020 tons in March 1930. Stocks
of blister copper in North and South America on April 1 were 198.811
tons, compared with 203,224 tons on March 1 and 210,637 tons on Feb. 1.
This is the first time in a number of years that blister copper stocks have
fallen below 200,000 tons.
Production of refined copper in March in North and South America
was 102,058 tons, or a daily average rate of 3,292 tons, compared with
99,853 tons or a daily average rate of 3,566 tons in February and 127,064
tons or a daily average rate of 4,099 tons in March 1930.
Mine production of copper in the United States in March totaled 48.543
tons compared with 47,504 tons in February and 61,216 tons in March 1930.
Shipments in March were 111,482 of which 74,685 tons were for domestic consumption and 36,797 tons were for export. In February shipments
totaled 100.051 tons, of which 60.636 tons were f'or domestic consumption
and 39,415 tons were for export. Shipments In March 1930 were 104.167
tons, of which 73,644 tons were for domestic consumption and 30,523
tons were for export.
The following table gives, in short tons, the output of United States
mines, blister and refined copper production of North and South America,
Great Britain &c.:
Prophyry mines
Lake mines
Vein mines
Custom ores
Jan.'31.
Feb.'31.
Mar.'31.
Jan.
Mar.'31
19,000
4,876
21,142
3,708
18,809
4,307
21,225
3,718
18,332
4,500
21,372
3,300
18,575
4,531
22,037
x3.400
55,716
13,338
64,634
10,418
Total crude produced- 48,726
48,059
47.504
48,543
144,106
x Partly estimated.
The following table shows in short tons shipments and production Of
refined copper by North and South American producers and refineries:
Production.
Shipments,
Total.
Daily
Rate.
Export.:
Domestie.
102,058
99,853
102,458
3,292
3,566
3,305
36,797
39,415
45,597
74,685
60,636
60,209
1930-December
November
October
September
August
July
June
May
April
March
February
January
106,366
112,646
118,229
116,004
120.778
123.179
124,821
132,183
y124,531
127,064
121,195
132,374
3,431
3,755
3,814
3,867
3.896
3,974
4.161
4,264
4.151
4,099
4,328
4,270
39,169
45,051
38.246
37,873
38.319
42,466
44.818
49.115
29.196
30.523
29,597
30,358
60,854
62,693
75.703
65,189
58,810
75,436
71.887
75,760
50.017
73,644
61,879
69,932
109.023
107,744
113.949
103.042
95,129
117.902
116,705
124.875
79,215
104,167
91,476
100.290
1929-December
November
October
September
August
July
June
May
April
March
February
January
138,203
145.376
152.840
134,343
148,648
153,513
156.447
161.784
161,285
163,561
141,385
154.472
4,458
4.846
4.930
4.478
4.795
4.952
5,215
5,219
8,378
6.276
5.049
4.983
35,652
37.879
53.461
45.921
45,035
40,204
48,461
55,123
57,708
59.946
50,150
57,054
58.150
88,979
105,729
98.043
96.970
98,720
95,258
93.743
99,051
105,860
98,771
100,135
93,802
106.858
159.190
143,964
142,005
138,924
143,719
148,866
156,759
165,806
148,921
157.189
1.811,857
4.964
586,594
1,119,409
1,706,003
1931-March
February
January
Total 1929
1.627.849 4,448
674.221
1927
1,476,506 4,045
641,865
1,440.454 3,946
1926
525.861
1925
1,352,309 3,705
584,553
1924
1.300.332 3,553
566.395
I Beginning 1926, Includes shipments from Trail refinery
Includes imports of cathodes.
Total 1928
Total.
111,482
100,051
105,806
983,460
1,657.681
824,844
1,466.709
902.174
1,428,035
831.171
1,415,724
753.389
I RIO 700
in British Columbia'
FINANCIAL CHRONICLE
2864
/
Copper at 931 Cents a Pound-Shading Cuts Sales to
Below 10 Cent Official Figure.
Yesterday (April 17) the New York "Times" stated:
In the last two days copper has been available at 9a4 cents a pound. or a
quarter cent less than the official price asked by custom smelters and producers. The metal offered at 9'% cents consists of resale copper, according
to copper producers.
Because of the price shading, sales of copper at 10 cents a pound have been
small in the last two days
Advance in Wire Prices.
General Cable Corp. has advanced by .3,1, cent the price
of bare copper wire in carload lots to 11.75 cents a pound,
according to the "Wall Street Journal" of April 13.
Irregularity Marks Price Movement of Non-Ferrous
Metals.
Irregularity marked the movement of prices in major
non-ferrous metals in the last week. With the exception
of zinc, which sold in fair volume at further price conces4
sions, the market was dull. Copper sold at 93 to 10 cents
per pound, delivered Connecticut, against 934 to 93. cents
in the preceding week, "Metal and Mineral Markets"
reports under date of April 15, adding:
The March copper statistics had a steadying influence. The decline in
total stocks of close to 14,000 tons caused all sellers to advance to the 10c.
Connecticut basis last Monday. Domestic business at the higher level
dried up, but export demand improved sufficiently to lend some support to
the market. Foreign sales for the month to date amount to 11,000 long
tons. Yesterday, domestic business was booked at 954c.
Selling an average of 400 tons per day,lead bookings were below the preceding week. Most of the orders were for carload lots for immediate requirements. Prices remain unchanged. Foreign lead sales were good until
the last few days. The trade is now waiting the outcome of the London conference, official announcement of which is expected in a few days. A 15%
curtailment of world lead production Is In prospect. Success of the plan Is
expected.
In spite of the favorable news on the curtailment scheme, tin showed little
or no life and prices were unsettled throughout the period. A sharp advance
In prices occurred a week ago, with prompt Straits selling as high as 26c.,
but a little weakness has developed almost every day since, bringing the
price down to 253c., slightly below last week.
[Vol.. 132.
Scrap prices have broken rather generally in virtually every market
center except Chicago. The "Iron Age" composite price for heavy melting
scrap has declined from $11.08 to $10.83 a net ton, the lowest level since
1915.
Wide hot-rolled strip is down $1 a ton to 1.50e. a lb., Pittsburgh.
Fender stock has receded $2 a ton to 3.30c. a lb., Pittsburgh, while long
ternes have given way a similar amount to 8.15c. for unasserted, 3.25e.
for seconds and 3.35e. for primes. The unusually severe reductions in
light flat-rolled products are illustrated by the course of prices of automobile body sheets. At 3.10c., Pittsburgh, this product is $20 a ton below
its 1929 peak.
A comparative table follows:
Finished Steel.
Based on steel bars, beams, tank plater
April 14 1931. 2.128e. a Lb.
wire, rails, black pipe and sheets.
2 1280
One week ago
One month ago
2.142o. These products make 87% of the
2.264o. United States output.
One year ago
Low.
High.
2.121c. Jan. 6
2 142e. Jan. 13
1931
2.121e. Dec. 9
2 362o. Jan. 7
1930
2.362e. Oct. 29.
2.4120. Apr. 2
1929
2.314e. Jan. 3
2.3910. Dec. 11
1928
2.2930. Oct. 25
2 4530. Jan. 4
1927
2.4030. May 18
2453c. Jan. 5
1926
2.396e. Aug. 18
2 560e. Jan. 6
1925
Pie Iron.
Based on average of basic iron at Valley
April 14 1931, $15.79 a Gross Ton.
815.791 furnace and foundry Irons at Chicago.
One week ago
15.711 Philadelphia, Buffalo. Valley and BlrOne month ago
17.75 mlngham.
One year ago
Low.
High.
515.71 Feb. 17
$15.90 Jan. 8
1931
15.90 Dee. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
19.46 July 13
21.54 Jan. 5
1926
18.96 July 7
22.50 Jan. 13
1925
Steel Strap.
Based on heavy melting steel quo'
April 14 1931. $10.83 a Gross Ton.
$11.08 Widow at Pittsburgh, Polladelph!a
One week ago
11.08 and Chicago.
One month ago
14.33
One year ago
Low.
High.
$10.83 Apr. 14
811.83 Jan. 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
18.08 Nov.22
15.25 Jan. 11
1927
14.00 June 1
17.25 Jan. 5
1926
15.08 May
20.83 Jan. 13
1925
Current steel demands is not brisk enough to lend any
encouragement to those who have entertained hopes that
the dip over the past three weeks has been only a temporary
-Price of Steel Scrap at reaction, nor has it fallen off sufficiently fast to bear out
Steel Output Again Falls Off
Lowest Level Since 1915.
the contentions of the more pessimistic, reports "Steel" of
A further decline in steel ingot production, additional April 16, in its summary of iron and steel conditions. "Steel"
price recessions in light flat-rolled products and widespread also goes on to say:
reductions in scrap quotations have given the iron and steel
The movement in demand and production continues downward, but the
market a negative tone, says the "Iron Age" of April 10. drift is moderate. Production continues to vary in some districts, though
six points of
50%, or
general average still is slightly
Hopes for a recovery in activity to a level equaling or ex- the spring peak, attained in the third above of March. within
week
the
ceeding that of March are waning, although there is by no
A most encouraging factor is the sustained volume of structural steel
means general acceptance of the view that the industry is Inquiry, which this week is the sum of many small jobs. New inquiry totals
46,000 tons, not including several large pending projects, such as 65,000
merely following the usual seasonal downtrend from its tons for the New York Central's warehouse in New York, 40,000 tons for
the "Age" continuing:
first half peak, adds
a postoffice in Chicago, and 25,000 tons for the Marshall Field estate
Seasonal influences that control the course of steel demand in ordinary
times are now over-shadowed by cyclical forces. Such important outlets
for steel as railroad car building and farm equipment manufacture have
been largely shut off. Rail bookings are far below normal. The volume
of automobile production, although still offering promise, defies prediction.
Construction stimulated by public works programs, and line pipe projects
loom up as the most likely sources of heavier demand in the immediate
future. But it is impossible to forecast whether this prospective gain will
bring a net increase in total steel output or whether it will be more than
offset by losses in other directions. Aggregate steel production is at such
a low level that variations in business that would pass unnoticed in normal
times are immediately reflected in steel works operations. Even buyers'
psychology is affecting current mill schedules. Recent weakness in sheet
and strip prices has questionably caused an appreciable tightening up of
shipping orders.
'Raw steel output has declined at Pittsburgh, Youngstown, Cleveland,
Chicago, Pueblo and in the Wheeling district. Production for the country
at large has receded from 53 to 51% of capacity.
Structural steel awards, at 55,000 tons, compare with 41,500 tons a
week ago. The large amount of pending work has been augmented by
inquiries for 22,500 tons. Demand for reinforcing bars is expanding and
The road building program is contributing to culvert tonnage, which is
substantially larger than a year ago.
Line pipe projects soon to be placed include a number of large tonnages.
The Shamrock Natural Gas Co. is financing a line to carry natural gas to
Fort Worth, Tex., which will require 245 miles of 18.1n. pipe, amounting
has
to 45,000 tons. About 35,000 tons for the Sinclair interests, which
been dormant for some weeks, 113 approaching the contracting stage. The
Texas Corp. is inquiring for 60 miler of 8% and 10%-in. oil pipe totaling
4,500 tons. The Ohio Oil Co. is in the market for 100 miles of 10-in.
of
9,000 tons, and the Sun Oil Co. is about to take action on 150 miles
pipe, requiring 14,000 tons. A projected line for the Montana Power Co.
is now
Is active, and a second gas line from Amarillo, Tex., to Chicago
being planned and will call for a total of 250,000 tons.
Standard pipe sales show a gain over last month in conformity with the
upturn in general building operations. Exports of tubular products to
Argentina and Peru are improving, reflecting more settled political conditions in those countries.
Two
Motor car companies are still taking less steel than a month ago.
large automobile makers have increased their specifications, but this gain
has been offset by the reduced orders of another important manufacturer.
55%
Rail production at Chicago has declined, now ranging from 50 to
of capacity. The Colorado rail mill has been shut down temporarily due
to lack of releases against contracts. The United States Steel Products Co.
is reported to have received an order for 8,000 tons of rails from the
Egyptian State Railways.
building in the latter city.
Actual structual awards for the past week, 20,000 tons, compare with
45,200 tons in the preceding week, and 42,885 tons in the week a year
ago. Awards this year to date total 710,000 tons, an increase of 37%
over the 517,670 tons in the same period last year.
Automobile production is running ahead of the rate in March, and there
are further indications of a continuation of the upward trend in May,
and possibly extending into June. Competition for automotive business,
however, is so sharp that prices of sheets show more variation. Some
makers have again marked down autobody sheets $2 a ton, to 3.10c,
Pittsburgh. Competition for black sheet business has prompted two Detroit
district mills to set up local bases, at least temporarily.
More activity is apparent in the market for railroad material and equipments The Great Northern has placed 500 gondolas and the Minneapolis
& St. Louis 500 flat cars, while the General American Tank Car Corp. Is
inquiring for 300 refrigerator cars. The Pennsylvania railroad's 236
electric locomotives, requiring 1,000 tons of electrical sheets alone, should
be placed shortly. The New York board of transportation has purchased
5,500 tons of rails from the Bethlehem Steel Corp.
In heavy finished steel the $1 advance appears to be holding on the
small volume of current business. As previously noted, sheet prices continue Soft, blue annealed and black being shaded $1 a ton. Semifinished
steel prices also are unsettled, concessions being allowed in some recent
instances. Cut nails have been advanced $2 a ton. The recurring extreme
weakness in scrap prices in most districts is regarded as an ominous portent
by many observers.
The market for pipe is featured with inquiry for 35,000 tons, for a 155mile link in the Texas to Chicago line.
Pig iron is moving at approximately the same rate as last month, buyers
Continuing to commit themselves only for immediate requirements. No
price changes have occurred in several weeks. Furnace coke is less active
than a month ago, and both furnace and foundry grades are a shade easier.
The price of iron ore for the season is expected to be formally established
this week. Leading producers now estimate shipments this year at 41,000,000 tone, the smallest since 1921.
The United States Steel Corp.'s unfilled tonnage as of March 31, 3,995,380 tons, is an increase of 30,136 tons, or 0.73% over Feb. 28. Presumably the gain is due to the fact the Corporation booked 125,000 tons
of structural steel for the Rockefeller Radio City development in New
York, and about 26,000 tons of the Pennsylvania railroad's order for 100,900 tons; also, to some reduction in the rate of its operations.
Due to the adjustments in sheet prices "Steel's" market composite this
week is down 8 cents to $31.59.
Steel ingot output for the week ended April 13 is estimated at 501 % of theoretical capacity, compared with a
APRIL 18 1931.]
FINANCIAL CHRONICLE
shade above 52% in the previous week and about 55% two
weeks ago, reports the "Wall Street Journal" of April 15.
The "Journal" further states:
The U. S. Steel Corp. is running at around 53%, against a little over
54% a week ago and 561
/
2
% two weeks ago. Independents are down to
49%, contrasted with a fraction under 51% in the preceding week and
54% two weeks ago.
In the corresponding week last year U. S. Steel was working at 78%,
with independents around 74% and the average was a shade over 75%.
In the same week of 1929 all interests were at 96%, while in 1928 U. S.
Steel ran at 89%, independents around 80% and the average was about84%.
Bituminous Demand Depressed in March, Says "Coal
Age"
-Sales Drop on Expected Spring Price
Reductions.
Lack of demand and anticipation of spring price reductions depressed doMestic coal business in the 'bituminous
markets of the country last month, "Coal Age" reports.
Despite low reserves, retail dealers refused to consider buying for stock piles, even with lower price inducements. The
"Age" further 'adds:
Demand for industrial coal, reflecting the continued business depression,
in March. In the face of this fact, curtailed production resulting from the slack demand for domestic coal created such a shortage of
slack and screenings that prices on these sizes closed materially higher.
March was a fair month for contracting, though price differences caused
many buyers to defer entering into an agreement. Lower prices were a
part of such contracts as were signed.
March production of bituminous coal is estimated at 33,873,000 net
tons, an increase of 2,465,000 tons over the February total, and a decrease
of 1,900,000 tons from the output in March 1930. Anthracite production
Is estimated at 4,727,000 net tons for March, comparing with 6,391,000
tons In February and 4,471,000 tons in March 1930.
The "Coal Age" index of spot bituminous prices (preliminary) for March
settled at 139, against 146 (revised) for February. Corresponding weighted
average prices were: $1.68% for March and $1.76% in the preceding
month.
Unseasonable weather and anticipation of price reductions materially
reduced anthracite demand last month. Adoption of the net ton as the
unit of sales and quotations; material reductions in prices on broken,
egg, stove, and chestnut sizes; and increases in the prices on pea, buckwheat, rice, and barley were announced late in the month, but failed to
stimulate buying to any marked degree.
also was low
Current Trends of Coal Consumption.
The United States Bureau of Mines, Department of Commerce, has prepared the following table, showing the consumption of bituminous coal by individual industries in a
typical year of business activity. In general, the data cover
1929, the latest year for which general business was conspicuously active. For the manufacturing industry, however, it is necessary to use 1927, a year of only moderate
industrial activity. If the record for 1929 were available,
many of the manufacturing groups might show a somewhat
higher rate of consumption. The result, although not agreeing exactly with the total consumption in any single year, is
believed to be typical of conditions when general business
is prosperous, according to the Bureau.
2865
tags other than factories, such as hotels, apartments, storm, offices, theatres.
garages, and service stations; also a number of other Items that can not be separated.
such as waterworks construction industry, threshing, public institutions, central
heating plants, laundries, and very small Industrial consumers not covered by the
Census of Manufactures. Because of inclusion of these items, total for this group is
not comparable with estimates of consumption for "domestic use" hitherto published.
Output of Bituminous Coal and Pennsylvania
Anthracite Shows Decline, Due to Observance of
Holidays.
According to the United 'States Bureau of Mines, Department of Commerce, production of bituminous coal and Pennsylvania anthracite fell off during the week ended April 4
1931, due in part to observance of Eight
-Hour Day and
Good Friday. Output during this period amounted to
7,214,000 net tons of bituminous coal, 775,000 tons of Pennsylvania anthracite, and 29,600 tons of beehive coke, as
against 8,248,000 tons of bituminous coal, 879,000 tons of
Pennsylvania anthracite, and 76,300 tons of beehive coke
produced in the week ended April 5 1930, and 7,509,000 tons
of bituminous coal, 1,076,000 tons of Pennsylvania anthracite, and 29,700 tons of beehive coke in the week ended
Mar. 28 1931.
During the calendar year to April 4 1931, the output of
bituminous coal amounted to 108,159,000 net tons, as compared with 129,817,000 tons in the calendar year to April 5
1930. The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended April 4 1931,
Including lignite and coal coked at the mines, is estimated at 7,214,000
net tons. Compared with the output in the preceding week, this shows
a decrease of 295,000 tons, or 3.9%. As indicated by the daily loadings.
the decrease was due to time lost on Eight-Hour Day, a 1 usilized holiday
In many mining districts, and on Good Friday.
Estimated United States Production of Bituminous Coal (Na Tons).
1931
1930
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
March 21
7410,000 93,436,000
7,832,000 112,658,000
Daily average
1,235,000
1,370,000
1,305,000
1,649,000
March 28..b
7,509,000 100,945,000
8,911,000 121,569,000
Daily average
1,252,000
1,360,000
1,485,000
1,636,000
April 4_c
7,214,000 108,159,000
8,248,000 129,817,000
Daily averaged
1,244,000
1,352,000
1,422,000 1,621,000
a Minus one day's production first week In January to equalize number of days
In the two years. b Revised since last report. c Subject to revision. d April 1
weighted as 0.9 of a normal working day.
The total production of soft coal during the present calendar year to
April 4 (approximately 80 working days) amounts to 108,159,000 tons.
Figures for corresponding periods in other recent calendar years are
given below:
1930
129,817,000 net tons11928
133,164,000 net tons
1929
144,533,000 net toos11927
170,445,000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Mar. 28 is
estimated at 7,509,000 net tons. Compared with the output in the preceding week, this shows an increase of 99,000 tons, or 1.3%. The following
table apportions the tonnage by States and gives comparable figures for
other recent years:
Estimated Weekly Production of Coal Si, States (Net Tons).
Week Ended
March 1923
Mar. 28 '31. Mar.21'31. Mar.29•30. Mar.30•29. Ayerage.a
Alabama
251,000
253,000
329,000
305,000
423,000
13,000
12,000
12,000
8.000
22,000
CONSUMPTION OF BITUMINOUS COAL BY USES IN A TYPICAL YEAR Arkansas
Colorado
127,000
94,000
147,000
140,000
195,000
OF INDUSTRIAL ACTIVITY.
Illinois
996,000
925,000 1,125,000
890,000 1,684,000
Indiana
303.000
295,000
360,000
303,000
575,000
77,000
74,000
75,000
53,
Na Tons Per Cent Iowa
46,000
Kansas
40,000
35,000
44,000
84,000
Item.
Year. Consumed. of Total. Kentucky-Eastern
586,000
620,000
740,000
543,000
580.000
Western
166,000
167,000
227,000
205,000
215,000
Railroad fuel (all steam roads)_a
1929
Maryland
41,000
42.000
42,000
45,000
52,000
Locomotive fuel
118,600,000 23.7%
Michigan
19,000
15,000
18,000
11,000
32,000
All other (shops, stations, ae.)
12,500,000
2.5
Missouri
59,000
55,000
76,000
59,000
60.000
Montana
40,000
38,000
47,000
46,000
68,000
Total
131,100,000 28.2% New
Mexico
26,000
28,000
29.000
38,000
Coke ovens
53,000
1929
North Dakota
31,000
29,000
26,000
21,000
84,000
BY-Product
76,759,000 15.4
Ohio
395,000
413,000
430,000
327,000
740,000
Beehive
10,028.000
2.0
Oklahoma
26,000
22,000
27,000
26,000
55.000
1,925,000 1,979,000 2,409,000 2,504,000 3,249,000
Total
86,787,000 17.4% Pennsylvania (Bitum.)
Tennessee
94,000
97,000
105,000
Electric utilities
67,000
118,000
1929 42,785,000
8.6
Texas
10,000
9,000
17,000
Steel works_b
18,000
19,000
1927
Utah
55,000
51,000
62,000
Gas coal
84,000
68,000
8,300.000
1.6
Virginia
199,000
200,000
225,000
Steam coal
204,000
230,000
14,309,000
2.9
Washington
28,000
27,000
43,000
41,000
74,000
Total
22,609,000
4.5% West Virginia-Southern b 1,406,000 1,347,000 1,563,000 1,420,000 1,172,000
Northern_c
508,000
General manufacturing_c
499,000
632,000
586,000
717.000
1927
Wyoming
80,000
Stone, clay, and glass products
79,000
106,000
24,155,000
99.000
136.000
4.8
Other States_d
1,000
Metals and metal products other than steeLd
1,000
4,000
3,000
7,000
14,814,000
3.0
Food products (not including Ice)
11,239,000
2.2
Total bituminous coal_ 7,509,000 7,410,000 8,911,000 8,090,000 10,764,000
Chemicals and fertilizers
9,803,000
2.0
Pennsylvania anthracite
Paper, pulp and printing
1,076,000 1,267,000 1,124,090 1,071,000 2,040,000
9,515,000
1.9
Textiles and their products
7.885,000
1.6
Total all coal
Petroleum refining
8,585,000 8,677,000 10,035,000 9,161,000 12,804,000
3,632,000
0.7
Leather and rubber products
a Average weekly rate for the entire month. b Ineludes operations on the
3.777.000
0.8
Lumber and wood products
N.& W., C.& 0., Virginian, and K.& M. c Rest of State, including Panhandle.
3,140,000
0.6
Miscellaneous manufacturing industries
d Figures not strictly comparable In the several years.
2,506,000
0.5
Ice
1,604,000
0.3
PENNSYLVANIA ANTHRACITE.
Total
92,050,000 18.4%
The total production of anthracite in the State of Pennsylvania during
Coal gas and water gas Plants-e
1927
6.252,000
1.3
Coal mine fuel
the week ended April 4 is estimated at 775,000 net tons as against
1929
4,662,000
0.9
Mines and quarries other than coal
1919
4,190,000
1,076,000 tons in the preceding week. The decrease, 301,000 tons, or 28%,
0.8
Bunker
1929
was due to the observance of Eight-Hour Day, Good Friday, and to
Foreign
4,287.000
0.8
Domestic (Incomplete)
other causes:
3,407,000
0.7
Estimated Production of Pennsylvania Anthracite (Net Zan.).
Total
7,894,000
1.5%
1931
Domestic and all other uses_f
1930a
102,000,000 20.4
Daily
Daily
Week EndedWeek.
Week.
Avge.
Grand total
Avge.
500,129,000 100,0% March 21
211,200
1,267,000
940,000
156,700
a Based on records of I. C. C. covering Class I roads. Includes allowance for March 28
1,076,000
179,300
1,124,000
187,300
Class II, III, switching, and terminal companies. b Total for iron blast furnaces, April 4
775,000
155,000
879,000
175,800
steel works, and rolling mills, as reported by Census of Manufactures and quara Figures for 1930 revised slightly to hum oomparabillty with 1931.
terly stock reports of Bureau of Mines. c Other than steel, coke, gas, and railBEEHIVE COKE.
road shops. From Census of manufactures. d Includes motor vehicles. e Bituminous coal used for gas making and boiler fuel, not including that charged
The total production of beehive coke during the week ended April 4 is
in
by-product ovens operated by city gas companies. f Includes heating large build
estimated at 29,600 net tons, approximately the same figure as
for the
;receding week. Production during the year 1931 to April 4 amounts to
495,500 tons as against 941,900 tone during the corresponding period of
1930. This indicates a decrease during the first quarter of 1931 of 47.5%.
Estimated Weekly Production of Beehive Coke (Na Tons).
1930
1931
Week Ended
to Date.a
Apr. 4 '31.b Mar.28'31c Apr.5'30. to Date.
Region—
826,100
438,100
67,400
26,700
24,200
Penn., Ohba and W. Va__.
78,300
42,800
8,600
2,500
4.600
Tesmessee and Virginia_ _ _
37,500
13,800
2,300
500
800
Colo., Utah and Waah____
United States total
[Vol,. 122.
FINANCIAL CHRONICLE
2866
29,600
29,700
76,300
494,500
In conference with district and international officers of the union here
Friday morning for a general discussion of the alleged "intolerable conditions" which led to the walkout.
Consent of Major Inglis to treat directly with the men's committee, a
departure from custom and from the provisions of the contract with the
operators, is regarded by the strikers as an important concession.
The strike was referred to in these colum.s Mareb 28,
page 2295 and April 4 page 2481.
941,900
11.628
6,105
12,717
4,950
4,933
Daily average
a Minus one day's production first week in January to equalize number of days
the two years. b Subject to revision. c Revised since last report.
Miners Take 5
-Day Week—Local at Lansford, Pa.
Creates Test Case for Owners and National Union
A dispatch from Lansford, Pa., April 5, to the New York
Coal Miners Strike at Glen Alden Coal Co., Pa., End. "Times" said:
Associated Press advices from Wilkes-Barre, Pa., April 8,
A case expected to teat the right of members of the United Mine Workers
to introduce a working schedule without the consent of the operators has
said:
The strike of more than 20,000 Glen Alden Coal Company employees
in Wycrning and Lackawanna Valleys, which began two weeks ago, was
called off to-day when the men's general grievance committee voted
unanimously for a resumption of work to-morrow. The action was taken
following acceptances of the report of a sub-committee of fourteen members
which negotiated with the district officers of the miner's union, who had
opposed the strike as unlawful.
Glen Alden Coal Company officials announced that all colleries will he
operated to-morrow.
The sub-committee reported that Major W. W. Inglis, President of the
Glen Alden Coal Company, has agreed to meet the men's special committee
been raised by the action of the union men in the Panther Creek Valley,
who remained away from work yesterday after voting to introduce the
five-day week.
The Lehigh Navigation Coal Company, which owns the mines, has protested that the action violated the agreement betwen the anthracite coal
companies and the United Mine Workers, and is taking the case to the
Coal Conciliation Board.
District officials of the union did not sanction the move of the local.
The workers assert, however, that with the present slackness in the anthracite industry the Saturday holiday is justified in order to give employment
for a greater number.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank
credit outstanding during the week ending April 15, as
reported by the Federal Reserve banks, was $920,000,000,
a decrease of $83,000,000 compared with the preceding week
and of $151,000,000 compared with the corresponding week
in 1930. After noting these facts, the Federal Reserve Board
proceeds as follows:
On April 15 total Reserve Bank credit amounted to 3895,000,000, a
decrease of $34,000,000 for the week. This decrease corresponds with a
decrease of $33,000,000 in member bank reserve balances and increases of
$10,000,000 in monetary gold stock and 314.000,000 in Treasury currency
adjusted, offset in part by increases of $15,000,000 In money in circulation
and $7.000,000 in unexpended capital funds, &c.
Holdings of discounted bills declined $9,000,000 at the Federal Reserve
Bank of New York and $11,000,000 at all Federal Reserve banks during
the week. The System's holdings of bills bought in open market declined
$41.000,000, of U. S. bonds $1,000,000, and of Treasury notes $7,000,000,
while holdings of Treasury certificates and bills increased $8,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not previously included in the condition statement,such as monetary
gold stock and money in circulation. The Federal Reserve
Board explanation of the changes, together with the definition of the different items, was published in the May 31
1930 issue of the "Chronicle" on page 3797.
The statement in full for the week ended April 15, in
comparison with the preceding week and with the corresponding date late year, wid be found on subsequent pages—
namely, pages 2916 and 2917.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
April 15 1931 were as follows:
.
Bills discounted_.
Bills bought
United States securities
Other Reserve bank credit
Apr. 15 1931.
g
132,000.000
131,000,000
599,000,000
33,600,000
TOTAL RES'VE BANK CREDIT_ 895,000,000
4716,000.000
Monetary gold stock
1,789.000,000
Treasury currency adjusted
4,629,000,000
Money In circulation
2,356,000.000
Member bank reserve balances
Unexpended capital funds, non-mem414,000,000
ber deposits, &fa
CENTRAL
CONDITIONS OF WEEKLY REPORTING MEMBER BANKS IN
RESERVE CITIES.
New York.
Apr. 151931. Apr. 8 1931. Apr. 16 1930.
Loans and investments—total
7 897,000,000 7,858,000.000 7.738,000,000
Loans—total
5,338,000,000 5,302,000,000 5,785,000,000
3,083,000,000 3,066.000,000 3.316,000.000
2,255,000,000 2,236,000,000 2,468.000.000
On securities
All other
2,559,000,000 2,558,000,000 1,953,000,000
Investments—total
1,412,000,000 1,423,000,000 1,114,000,000
1,147,000,000 1,133,000,000 840,000,000
U. S. Government securities
Other securities
780,000,000 758,000,000
Reserve with Federal Reserve Bank— 773,000,000
43,000,000
45,000,000
42,000,000
Cash in vales
5,749,000,000 5,697,000,000 5,366,000,000
Net demand deposits
1 219,000,000 1,217,000,000 1,344,000,000
Time deposits
98,000,000
50,000,000
112,000.000
Government deposits
Increase (-1-) or Decrease (—)
95,000,000 102,000,000
117,000,000
Since
Due from banks
1,262,000.000 1,254,000,000 975,000,000
Apr. 8 1931. Apr. 16 1930. Due to banks
g
g
16,000.000
--11,000.000
--82.000.000 Borrowings from Federal Reserve Bank_
—41,000,000 —171,000,000
+84,000,000 Loans on secur. to brokers & dealers:
1,324,000.000 1.277,000,000 1,503,000,000
—14,000,000
+17.000,000
For own account
300,000,000
For account of out-of-town banks— 288,000,000 245,000,000 1,230,000,000
1,392,000,000
239,000,000
—34,000,000 —204.000.000
_
For account of others
+278,000,000
+10,000,000
1 849,000,000 1,822,000.000 4,124,000,000
+14,000,000
+14,000,000
Total
1,487,000,000 1.453,000,000 3,611,000,000
+15,000,000 +124,000,000
On demand
362,000,000 369,000,000 514,000,000
—33,000,000
—24,000.000
On time
+7.000,000
—13,000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve Districts
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 the
different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current
week as thus issued in advance of the full statement of the
member banks, which latter will not be available until the
coming Monday. The New York statement, of course, also
includes the brokers' loans of reporting member banks. The
present week's totals are exclusive of figures for the Bank
of United States in this city, which closed its doors on
Dec. 11 1930. The last report of this bank showed loans
and investments of about $190,000,000. The grand aggregate of brokers' loans the present week records an increase of
$27,000,000, the total on April 15 1931 standing at $1,849,000,000. The present week's increase of $27,000,000 follows
a decrease in each of the three preceding weeks in the amount
of $181,000,000. Loans "for own account" increased during
the week from $1,277,000,000 to $1,324,000,000, while
loans "for account of out-of-town banks" decreased from
$300,000,000 to $286,000,000, and loans "for account of
others" from $245,000,000 to $239,000.000.
Chicago.
Loans and investments—total
2,010,000,000 1,948,000.000 1,881,000,000
Loans—total
1 377,000,000 1,313,000,000 1,509,000,000
On securities
AU other
Investments—total
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank__
Cash in valult
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowing from Federal Reserve Bank._
843,000,000
534,000,000
779,000,000
534,000,000
894,000,000
616,000,000
633.000,000
635.000,000
372,000,000
337,000,000
296,000,000
333,000,000
302,000,000
161,000,000
210,000,000
178,000,000
20,000,000
182,000,000
13,000,000
181,000,000
13,000,000
1,225,000,000 1,200,000,000 1,267,000,000
659,000,000 619,000,000 529,000,000
23,000,000
28,000,000
5,000,000
153,000,000
363.000,000
147.000,000
380,000,000
123,000,000
331.000,000
1,000,000
1,000,000
7.000,000
APRIL 18 1931.]
FINANCIAL CHRONICLE
2867
In the opinion of Mr. Reynolds, part of the time at the meeting will probComplete Returns of the Member Banks of the Federal
ably be devoted to a general discussion of economic conditions,from which
Reserve System for the Preceding Week.
some "good ideas" might come out.
The project, said to be sponsored by Mr. Norman, for forming another
As explained above, the statements for the New York and
internationr I banking institution
loans to European
Chicago member banks are now given out on Thursday, nations with poor credit standingto extend long-term its own obligations
and in turn to sell
public, was not likely to come before the meeting, Mr. Reynolds
simultaneously with the figures for the Reserve banks them- to the
active
selves, and covering the same week, instead of being held said. Nohe said. interest in the plan has been aroused among American
bankers,
until the following Monday, before which time the statistics
Mr. Reynolds will reach Europe a few days before the date of the stockcovering the entire body of reporting member banks in 101 holders' meeting and expects to spend a short time in Paris before going to
Basle. After the meeting he will visit relatives in Munich. The date of
cities cannot be got ready.
his return has not been settled , he said, but the trip is expected to be short.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of Bank for International Settlements Acts As
Clearing
reporting member banks of the Federal Reserve System for
House—Will Aid European Monetary Solidarity
the week ended with the close of business on April 8:
by Eliminating Needless Gold Transfers.
The Federal Reserve Board's condition statement of weekly reporting
From its Paris bureau, the "Wall Street Journal" of
member banks in leading cities on April 8 shows decreases for the week of
$88.000,000 in loans and investments, $84.000.000 in net demand deposits, April 13 reported the following:
$23,000,000 in time deposits, $42,000,000 in Government deposits and
$9,000,000 in borrowings from Federal Reserve banks.
Loans on securities declined $114.000,000 at reporting member banks
In the New York district, $7,000,000 in the Cleveland district and $110,000,000 at all reporting banks. "All other" loans declined $29,000,000 in
the New York district, $10,000,000 in the San Francisco district, $6,000,000
each in the Boston and Richmond districts and $80,000,000 at all reporting banks.
Holdings of United States Government securities increased $27,000,000
in the New York district, $22,000,000 in the Chicago district, $15,000,000
In the Boston district, $10,000,000 in the St. Louis district and $71,000,000
at all reporting banks. Holdings of other securities increased $7,000,000
in the New York district and $11,000.000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $20,000,000 on April 8, the principal change for the week
being a decline of $8,000,000 at the Federal Reserve Bank of San Francisco.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
April 8 1931, follows:
increase (+) or Decrease (—)
Since
Aril 8 1931. April 1 1931.* April 9 1930.
$
Loans and investments—total _
22,845,000,000
—88,000,000 +285,000,000
Loans—total
On securities
All other
Investments—total
15,212,008,000
—170,000,000 —1,617,000,000
7,146,000,000
8,066,000,000
—110,000,000 —1,017,000.000
—60,000,000 —600,000,000
7,633,000,000
+82,000,000 +1,902,000.000
U. S. Government securities— 3,848,000,000
Other securities
3,785,000,000
+71,000,000 +1,010,000,000
+11,000,000 +892,000,000
Reserve with Federal Ree've banks 1,797,000.000
Cash in vault
211,000,000
—13,000,000
+8,000,000
+83,000,000
—5,000,000
Net demand deposits
Time deposits
Government deposits
13,678,000,000
7,273,000,000
303,000,000
—84,000,000
—23,000,000
—42,000,000
+470,000,000
+171,000,000
+130,000,000
1,776,000,000
3,907,000,000
+7,000,000
—82,000,000
+648,000,000
+953,000,000
Borrowings from Fed. Res. banks_
20,000,000
.April 1 figures revised (Chicago district.)
—9,000,000
—55,000,000
Due from banks
Due to banks
J. P. Morgan Arrives in Jerusalem.
The Archbishop of Canterbury and J. P. Morgan, American financier, arrived in Jerusalem on April 15from Beirut.
Jackson E. Reynolds, President of First National
Bank of New York, Named to Act as American
Representative at Stockholders' Meeting of Bank
for International Settlements at Basle May 19.
Jackson E. Reynolds, President of the First National
Bank of New York, has been nominated as the American
representative to attend the first annual stockholders'
meeting of the Bank for International Settlements in Basle
on May 19. He will sail for Europe on the Majestic on
May 8. The New York "Times" of April 16 in noting this
said:
Mr. Reynolds said yesterday that the meeting was expected to last two
days and would probably bring together the Governors of the principal
central banks of the world, except the Federal Reserve Bank. According
to the statutes of the World Bank, voting privileges do not go with ownership of its stock, but are permanently vested in toe central banks of
the countries subscribing to the shares.
The First National Bank of New York was named by the directors Of
the Bank for International Settlements as the institution that should
cast America's vote because the Federal Reserve Bank of New York had
been forbidden by the State Department from participating in the organization of the International Bank.
Mr. Reynolds and Melvin A. Traylor, President of the First National
Bank of Chicago, represented this country at The Hague conference which
drew up the trust agreement under which the World Bank was organized.
The American portion of the bank's capital was subscribed by leading
banking institutions of this country, including .1. P. Morgan & Co. and the
First National Bank.
The meeting in Basle. according to Mr. Reynolds, will follow much
the same routine as in an annual stockholders' meeting of an ordinary
bank. Shareholders will be asked to approve the annual report and the
balance sheet. They will vote on proposed changes in the remuneration
of officers and directors, make appropriations for reserves and consider a
dividend disbursement.
For tho most part the stockholders attending the meeting will be identical with the bank's directors, Mr. Reynolds said. Governors Norman
of the Bank of England and Moret of tile Bank of France would Cast
the ballots of Great Britain and France, he said, and presumably the votes
of most of the other countries outside the United States would be voted by
toe heads of the banks of Mane.
Recent communiques from the board of the Bank for International
Settlements at Basle have referred to progress in development of its role
as an international clearing house for exchange and gold. The references
have been brief, but there is reason for stating that a certain amount of
success already has rewarded the efforts of the management, backed by
certain members of the board, to overcome the resistance offered on
technical and political grounds to the bank's growth as a co-ordinator
of credit and exchange policies of the world's central banks on a gold
standard.
It required only two or three months' work to get the bank going as a
clearing house for reparation payments. Thereafter the efforts to develop
its wider role were obstructed by the German crisis. To-day they still
are handicapped by the universal depression; but the B. I. S.'s deposits
already constitute half of its working funds, and it already has made
agreements with central banks whereby deposits in different currencies
can be transferred through rediscounting of bills without disturbance of
the exchanges, while it has also been actively investigating means of
facilitating medium-term credits, besides having made advances of this
kind, in tentative fashion, to countries in need of capital.
Basis for Clearing Howe Already Laid.
The war left Europe divided among some 30 independent countries
with different currencies, whereof, however, 25 are based on the gold or
gold-exchange standard and therefore exchangeable against gold directly
or indirectly. Elimination of exchange charges, such as was realized in
1915 within the United States, is rendered impassible by their political,
economic and financial organization, not to mention tariffs, but the
B. I. S. has the chance of working towards European monetary solidarity
by providing means for avoiding needless transfers of gold, and reducing
risks of shock to the exchanges through matching operations against each
other. As trustee for reparations it centralizes large transactions of this
kind from the outset. As holder of voluntary deposits in varietal currencies for investment for various periods it possesses the basis for natural
growth as a clearing house.
Exchange Experts' Recommendations.
The clearing house question first came up formally before the B. I. S.
board in October. A special committee was appointed, embracing the
more important central bank exchange experts, and a month later various
recommendations were made, including the following:
1. Fluctuation of rates between the gold-points should not be checked
since they are useful as tending to prevent needless gold movements.
Intervention may be opportune when rates approach one or other of the
points. In that case concerted action between central banks and the
B. I. S. may opportunely free an issuing bank, engaged in defending its
currency, from having to obtain the necessary exchange on the open
market, thus affecting other currencies by arbitrage.
2. The B. I. S. might intervene in several ways—by exchange of sight
for time deposits, if said deposits are in the same currency; by buying
outside the market a currency whose rate approaches gold-export point
with other currencies represented by sight or time deposits; by discounting bills drawn in a currency whose rate approaches gold-import point;
by granting advances in a currency whose rate approaches gold-import
point against deposits or 13111s in another currency; or by granting
.
advances on bills drawn in a currency approaching gold-export point in a
currency approaching gold-import point.
3. The B. I. S. also can render useful service in facilitating international payments in centers where the exchange market is too narrow
to permit of transactions of the desired amount by either buying or selling
exchange on its own account or by applying to the central banks which
possess the requisite currencies.
Montagu Norman, Governor of Bank of England, Sails
for Europe—Reports Regarding Proposal for Long
Term Credits.
Montagu Norman, Governor of the Bank of England,
concluded his visit to the United States on April 14 when
he sailed on the Cunard Line steamer Aquitania. His stay
here, and his conferences at the New York Federal Reserve
Bank, and with members of the Federal Reserve Board and
others in Washington were noted in these columns April 4,
page 2483 and April 11, page 2686. Pointing out that he
had been here for two weeks discussing world financial
affairs, the New York "Times" stated that he declined, on
April 14, to disclose the results of his visit and evaded a
question on the report that he is prospecting a world banking
institution to extend long-term credits in Europe. Among
those who saw Mr. Norman off was George L. Harrison,
Governor of the Federal Reserve Bank of New York. Bearing on Mr. Norman's visit we quote the following London
cablegram, April 14, to the New York "Times":
The Bank of England's so-called "blood transfusion" plan for endir4
the present trade depression is believed to have been discussed by Montagt.
Norman. one of its princip II authors, on his visit to the United States.
2868
FINANCIAL CHRONICLE
As outlined exclusively in The Manchester Guardian, the plan provides
for an international combination of financiers arranging long-term credits
for the purpose of "getting the world back to work." Its fundamental purpose is to obtain money for potential borrowers who otherwise might be
threatened with financial disaster. Such nations are taken to mean Germany and the financially embarrassed States of Eastern Europe, but also
producers of raw materials like Australia. Argentina and Brazil, which
likewise are in trouble.
For guaranteeing the solvency of borrowers, the plan seeks the conscious
co-operation of the most famous business organizations of the world in
their lending banks, acceptance houses and giant producing companies like
Imperial Chemicals in England and Kreuger Toll in Sweden. It is suggested
that all ranked as financially first-class companies should subscribe 8100.000,000 ordinary capital of an international company, of which only $25,000,000 need be paid up at once. Subsequently, the public would be invited to subscribe 8500,000,000 against debentures.
The Guardian asserts that the plan was first drawn up by Sir Robert
Hindersley, director of the Bank of England, and elaborated by Sir Charles
Addis, British representative on the German Reichsbank board during the
Operation of the Dawes plan.
A Berlin cablegram, April 14, is also taken from the
"Times" as follows:
[VOL. 132.
use his influence to the end that interest rates in this country
might be kept down to ease the situation in Great Britain,
officials at Washington on April 13 would go no further than
to declare that he discussed the general credit situation here
as it would have bearing on that in London but made no
proposals requiring action by the American authorities.
We quote from a Washington account to the New York
"Times" which also stated:
Observers belleved, however, that Mr. Norman was concerned with the
probability of changes in interest rates in this country. These rates have
a vital bearing on the distribution of gold, which is normally attracted to
countries having higher interest rates with other fundamental factors not
forming a deterrent.
Gold began to move into the United States steadily in 1928 and since
then has come continuously, with the exception of a brief outward flow
after the market break in 1929, until a new high record has been established.
It was thought possible that Mr. Norman was as much concerned with the
gold situation as that of interest rates.
There has been no indication of higher money rates in this country and
it would seem unusual if rates were raised at this time, when every effort
is being made to maintain easy money rates as an aid to the business
recovery.
Furthermore with big government refinancing during the remainder of
the fiscal year and in 1932, when there is a probability of further increases
in the public debt, the Federal Reserve System hardly would engage in
any general strengthening of rates.
Because of large supplies of gold in the United States, which are increasing, and the relatively small amount of money in use commercially and
industrially, all pointers are toward an easy market.
It was thought that Governor Norman was informed of these factors
and that he returns to England with the feeling that the money easiness
will continue for some time to come, barring unforeseen factors.
No commenton the "financial blood transfusion plan"of Montagu Norman,
Governor of the Bank of England, was forthcoming in official quarters
to-day and private bankers also declined to discuss it on the ground that it
has not yet been "formally" brought to their notice.
Following an ironclad habit, Dr. Hans Luther, head of the Reichsbank.
also kept out of sight when sought for an opinion. Reports from London
to the effect that German banks favored the scheme promptly were branded
as premature, as it was stated that German financial centres had not been
sounded on the project.
Such sentiment as was confidentially volunteered in banking circles
Indicates that the plan as outlined will be viewed with skepticism until
the United States and France definitely have made known their positions
respecting its feasibility or whether they are in sympathy with it, it being
observed that the existing international political atmosphere still is too War Debt Survey Urged by H. S. Huston—Will Ask
opaque to facilitate the unimpeded progress of such an ambitious underthe International Chamber of Commerce to Study
taking.
From its Paris correspondent a cablegram, April 16, to
the "Times" said in part:
There is much speculation among French financiers as to the measure of
support, which Mr. Norman may have received from New York financial
houses. From present indications, the Governor of the British State Bank
can expect very little encouragement in France. This is due not so much
to the fact that the plan is regarded as a British arrangement to share in
the manifold advantages of the liberal policy of French long-term credits
but because of a decided feeling in France that the existing political situation In Europe must give way to a period of greater confidence in order
to make a really comprehensible credit scheme effective.
According to the French view of Mr. Norman's idea, it means that longterm credits should be extended by France quite apart from political considerations. To this the French reply that with conditions as disturbed
as they are to-day it is impossible to ignore political considerations in the
extension of credits of any length.
This attitude prevailed in France at the time the proposed AustroGerman customs union was disclosed to the world, but that development
has served further to solidify this opinion.
Aside from the assertion that the French do not care to extend longterm credits to countries which display a desire to depart from what is
looked upon as solemn treaty engagements, the disposition of the French
investing public has reached its most indifferent point so far as foreign
investments are concerned. Upon the matter of obtaining French assistance
for converting short-term British credits in South America into long-term
operations. there appears to be a similar lack of support. The French
public, it is explained, has heard too much about South American revolutions and continued unrest under the new regimes to trust its money to
these undertakings.
The New York "Journal of Commerce" had the following
to say in part in its issue of April 15:
American bankers gave a cool reception on the whole to proposals of
Montagu C. Norman, Governor of the Bank of England, that American
and British financial houses co-operate in providing large new credits for
South American countries, and notably for Brazil, it is learned here. Mr.
Norman is especially interested in the latter country, where a financial
mission by Sir Otto Niemeyer is now engaged in making a survey of financial
and economic conditions.
Mr. Norman also found little sympathy on his trip to Washington for
any eventual American participation in an international plan to reduce
reparation and war debt obligations, it is stated in informed circles. However, in this respect it is not believed that he entertained high hopes of
success, it being understood that the leading European nations have decided
that it will be necessary to inaugurate any such debt reduction program without American co-operation, at least in the early stages.
In a further reference to the "Kindersley Plan," the
same paper in the April 16 issue said:
A prominent international banker said yesterday that the plan is endorsed principally by the British and Gorman bankers. The plan is said to
call for formation of a company with a capital of $100,000,000, of which
825.000,000 would be paid in. The capital stock would be subscribed
privately. The company would then issue credits against which it would
sell its own obligations.
Those supporting the plan sought the issuance of credits chiefly to LatinAmerican and Eastern European countries. The issuance of long term
credit to Brazil particularly was desired.
It was said yesterday that the plan has been and is drafted on in rough
outline. American bankers who discussed the plan indicated that there
is no reason for believing that the obligations of the company proposed
could be easily marketed in the large volume which would be required if
the purposes of the plan are to be realized.
Economic Phases—Suggests That Cancellation of
Payments Be Based on Armament Withdrawals.
A proposal for a careful economic study of the question
of war debts, with special reference to present world business conditions, is to be presented at the forthcoming
biennial convention of the International Chamber of Commerce, which will open in Washington on May 4, it was
announced on April 12 by Herbert S. Houston, a member
of the American committee and President of the COSMOS
Broadcasting Co., 100 Fifth Avenue. In indicating this,
the New York "Times" of April 13 stated:
Mr. Houston's suggestion will be in the form of a resolution providing
that the Council of the Chamber be authorized to designate a committee
for the purpese of making the study.
Mr. Houston's proposal is explained in a letter sent by him yesterday to
his fellow members of the American committee. He points out that the
General Conference on Disarmament will meet in February 1932, and says
that if the committee he advocates should make a preliminary report on
its findings prior to the opening of the conference, the effect would be
"constructive and beneficial".
"There can be no doubt," Mr. Houston's letter said, "that the very
fact that the impartial, open-minded International Chamber of Commerce,
representing the organized business of the world, was studying the question
of war debts, would be reassuring to public opinion. It would work
toward stability, the basis of security, which, in turn, is the essential
foundation for a general reduction in armament."
Mr. Houston repeats a suggestion he has made several times in public
addresses, that cancellation or reduction of any pant of the war debt be
conditioned on a proportionate reduction of armament.
"As a suggestion," he continues, "a debtor nation would agree that for
every dollar of the debt we cancelled another dollar would be deducted by
the country itself from its annual appropriation for armament. In such a
conditional cancellation we would simply be following the precedent we
set ourselves in remitting our part of China's Boxer rebellion indemnity."
Parley on War Debts Is Scouted in Basle—World Bank
Circles Discount Reports That Norman Has Sought
Our Participation.
The following Basle (Switzerland) cablegram, April 11.
is from the New York "Times":
New York reports than Montagu Norman, Governor of the Bank of
England, has been seeking to get the United States to participate in a
world conference on war debts, reparations and tariffs there said to be
in the offing are scouted in well-informed Bank for International Settlelooming.
ments circles here on the ground that no such conference is
These circles say that while talk of parleys in the subject of war debts
Is always more or less in the wind, there has been no serious discussion
of it among the Governors of the central banks in meetings here. Scene
of theme commenting, notably those close to France, add that such a conference would have no chance of success in the present situation.
It is understood here that Mr. Norman went to the United States
especially to get it to keep the interest rate down so as to ease the
situation for Britain, this, of course, being in addition to his general
desire to become better acquainted with the American situation and
officials, particularly Eugene Meyer, Governor of the Federal Reserve
System.
Washington Discounts Rumors on Governor Norman— Statement by F. E. Shepard of Denver Mint Asking
Bank of England Head is Said to Have Made No
International Conference on Silver Said Not to
Proposals for Government Action—To Hold Down
Represent Washington Views.
Interest Rates.
The recent statement of Frank E. Shepard, SuperCommenting on reports from Basle that Montagu Norman, intendent of the Denver Mint, that an international conGovernor of the Bank of England, came to Washington to ference should be called to establish silver coinage on a
APRIL
18 1931.]
FINANCIAL CHRONICLE
2869
ratio with gold does not represent the view of officials in Wage Cuts Accepted by British Railway and Other
Workers.
Washington, it was said in an authoritative quarter in
Washington on April 13, according to Associated Press
Regarding the recent cuts in the wages of British railway
accounts which also stated:
workers, Associated Press accounts from London Mar. 26
The Treasury, at the request of President Hoover, is now making an stated:
investigation of the silver situation, but it is not expected this will lead to
the President calling an international conference to restore silver coinage.
However, the investigation is being made in compliance with the Pittman resolution which asked the conference if the President "deemed it
compatible with the public interest." That he would regard such a move
as "compatible with the public interest" has always been regarded as
highly improbable.
The assertion by Mr. Shepard that a ratio between silver and gold
coinage fixed by international agreement is necessary to "restore the
purchasing power of more than a billion people," therefore, is decidedly
out of tune with the views of his superiors.
Officials have refused to comment on the statement, but it was said the
Denver official was merely expressing a personal view.
There were indications of displeasure over the statement, and although
it was not made clear whether a reprimand would be administered, the
Denver official was looked upon as inclined to be a little "too talkative."
Leaders of the silver industry are understood to entertain little hope
that the President will take the lead in calling a conference to restore silver.
However, a study is being made and Just what the President will decide is
not known.
That Washington is giving study to the silver problem is evidenced by the
fact that Montagu Norman, Governor on the Bank of England, was
questioned about silver by members of the Federal Reserve Board on his
recent visit here.
However, it was indicated Governor Norman did not commit himself very
liberally on the question. Still, it is understood to have been generally
agreed at the conference that silver should be treated as a commodity.
Views similar to those expressed by Mr. Shepard have been voiced here
by Senators Borah, Idaho, and Pittman of Nevada, author of the resolution
requesting the President to call an international conference.
Senator Pittman to Visit China for Silver Inquiry—
Four Others to Go to Europe for Committee.
Extension to Europe and the Orient of its investigation
into the world-wide depression in silver was decided upon on
April 15 by the Pittman subcommittee of the Senate Foreign
Relations Committee. The New York "Times" in indicating this in a Washington dispatch, April 15, likewise said:
Peace was assured in railroad circles to-day by the decision of delegates
to the conference of National 'Union Rail Men to accept the award of the
National wages board by which earnings are reduced a maximum of5% subject to the maintenance of the minimum wage of forty shillings a week.
The other two unions,railway.clerks and engine men and firemen, already
have accepted the award. To-day's vote of acceptance was 49 to 31.
Earlier in the month the New York "Times" in London
advices Mar. 5 said:
Cuts in all railway men's wages were decreed by the National Wages
Board to-night. After taking evidence for several weeks the Board directs
a 2 % reduction in all earnings,with a further reduction of 2M% on earnings in excess of $8 weekly.
Clerical grades are subject to the same cut with an additional reduction
of 2 % on all earnings exceeding $500 a year, provided that in no case
shall the reduction exceed $75 a year.
The board declares that the continuance of four separate groups of railways in Britain is unsatisfactory and that modern requirements make
further co-ordination imperative.
Although the board rejected the railmen's demand for a minimum
wage of $15 for all adult workers, its findings are likely to be accepted and
there will be no strike.
From the New York "Evening Post" we take the following
(copyright) from London Apr. 1:
Railway Unions Take Cut.
The greatest victory for peace was the acceptance by the railway unions
of a cut in wages varying from 23% to 5%. This affected 540,000 men,
including 80,000 engineers and firemen and 100,000 shopmen. The unions
had to vote on the proposals and the minority made a determined stand
for a strike. But the British are not to see their railroads paralyzed just
as the heavy Easter traffic is due to begin. The union leaders, while deploring wage reductions, were brutally frank in telling their men they could
not hope for better terms by striking and in the end the cooler counsels
prevailed.
A strike also was threatened in the building trades, where 800,000 workers
were asked to accept wage cuts and changed gradings involving further reductions. Here the union leaders induced the unions to accept a sixmonth truce. The terms of the bargain which the unions will recommend
for adoption at the end of the truce are now being debated by the local
unions.
In South Wales an independent arbitrator brought in an award calling
for a wage minimum of 12% above the pre-war rates. This reduced wages
of 162,000 worker's as much as $1.75 a week. At first it appeared that a
strike was going to be unavoidable. But in the end the union leaders obtained acceptance of the award by promising to press the Government to
pass a new minimum wage law.
Senator Pittman. the Chairman, was authorized to go to China and
Senators Shipstead, Johnson, Vandenberg and Swanson were authorized
to delve into the matter in Europe.
Mr. Pittman expects to sail about May 15 and Mr. Swanson will leave
soon. Mr. Vandenberg is now on his way to the Phillippines and China
on a business and pleasure trip.
The purpose of the Committee, Mr. Pittman explained, is to gather
every detail possible so as to be prepared to make a final report to the
Senate in December, supplementing the report which was offered when
Poltery Trade Arbitrates.
the Foreign Relations Committee reported out the two resolutions on
silver last Winter.
The pottery trade was threatened by stoppage on the demand of the em"We wish to be ready to present as definite information as possible on ployers for a decrease by 75 cents to $1 in weekly wages. But the unions,
every phase of the matter," Mr. Pittman said.
representing more than 50,000 men, talked their followers into going down
He desires to ascertain the attitude of business men in China toward an the road of independent arbitration.
international conference to stabilize silver prices; to learn the needs of the
All of this testifies to the realism of the union leaders for one thing and
Nationalist Government of China for financial assistance, the uses to which to the uncommonly good spirit between the employers and employees.
it would be put and methods regulating its use. He wishes also to find out The employers, who for other reasons would welcome the return of the Tory
the conditions for assuring the safety and repayment of a loan, whether it Government, are aware that the peaceful settlements last month were due
is desired in silver or gold, and if it should be in the form of a government in part to the existence of the Labor Government. The fact that the Labor
or a private loan.
Party was unable to assure better settlements was final proof to many of
He said that the discussions might informally involve the need of trade the rank and file of the union members that it was useless to fignt by strike.
In the meantime the reductions are not being confined to factory men in
agreements. If treaties were needed, he said, these would be suggested to
the Senate. China, he asserted, is making rapid progress and the Na- these few unions. Four of the great shipping companies, the Cunard, the
Commonwealth and Dominion, Booth Steamship and Alfred Hold and Co.,
tionalist Government is getting ahead well.
The mission of the other Senators will be to interview European political have announced wage and salary cuts either of 10% outright or on a sliding
and business leaders on the silver situation.
scale. Harlan and Wolff, the great shipbuilders at Belfast, have reduced
salaries at the rate of 10% on every dollar paid in excess of $500.
George E. Pierce of National Shawmut Bank of Boston
Following Return from Abroad Says Foreign Loans
Will Hasten End of Depression—Successful Start Number of Unemployed in Germany Decreased 224,000
in Last Half of March.
of French Acceptance Bank.
The following Berlin cablegram, April 10, is from the
Greatly increased foreign financing by the United States
and France are necessary to bring about a return to normal New York "Times":
The peak
seasonal revival
passed and
business conditions, according to George E. Pierce, Vice- of business, of Germaninunemployment basby unusuallythe weather, has
retarded
many branches
cold
President and head of the foreign department of the Na- definitely set in, according to a report of the Federal Institute of Unemtional Shawmut Bank, who has Just returned to the United ployment Insurance, which announces the number of unemployed decreased
in the second half of March by 224,000.
States from a two months' tour of the bank's European conThis development, which exceeded conservative hopes, was regarded as
particularly remarkable, since seasonal open-air jobs account for only
nections. Mr. Pierce says:
"Somewhat greater activity in American financial issues has inspired
the hope that American capital will be available for foreign loans at a
reasonably early date. In many European countries no early return to
normal business conditions seems possible until the very pressing need of
Intermediate and long-term credits has been met. Such a development would
doubtless have a stimulating effect in remedying business stagnation, which
continues acute.
"Industrial depression is very severe in Germany, but the strength of
the Bruening ministry and its ability to pass its financial reform program
has restored oonfidence, both internally and externally. Lack of adequate
long-term credit facilities is a great handicap to German recovery to-day,
and it is their hope that foreign countries, especially the United States and
France, may soon see fit to increase their credits to Germany.
"French bankers now have a fine opportunity to play a more important
role in international finance. Under the auspices of the Bank of France,
a new French acceptance bank was organized in Paris a year ago, and it has
made a successful start, notwithstanding the fact that the creation of a
broad bill market in Paris has met with some obstacles. Special efforts
are made also to reopen the French market for foreign loans; the Government is in favor of this and has reduced the income tax on foreign
coupons from 25% to 18%. A further reduction, however, would be
helpful, if Paris is to be placed on a competing basis with other investment
markets in Europe for foreign loans."
two-thirds of the increase, the rest being divided among the textile
machinery, tobacco and other industries.
The decrease in the number of unemployed since the peak was reached
on Feb. 15, however, has been smaller than for the corresponding period
last year. This is believed to have been the result of the general depression
and unsold stocks in many industries. There have been no signs of a
revival in the coal and iron industries. The Rhineland coal mines, as
well as the middle German lignite industries, keep on discharging large
numbers of workers.
The total number of unemployed on Mar. 31 was 4,756,000.
Belgrade Seeks Loan.
Associated Press advices from Vienna, April 10, published
in the New York "Evening Post" state:
A Transatlantic radio dispatch from Belgrade says Vlada Markovic.
President of the Belgrade Bankers' Association, has received Government
Instructions to sound bankers on a proposal to participate in a S9.000.000
Internal loan of which half would be made in cash and half in Government
Treasury bonds.
Interest rate of 7 to 8% was mentioned the dispatch said. The banks
were said to have asked time to consider the proposal.
2870
FINANCIAL CHRONICLE
[VOL. 132.
The agreement was arrived at to-clay by settling the terms of payment,.
thus clearing the way for a definite allotment of the orders by the Soviet
Government to the various German concerns. The Russians are to be
accorded long-term credits averaging 29 months, the German industries
Authorization by French government has been made for redemption being in a position to concede these favorable terms,owing to the promise of
after Jan. 1 1932, of7% Department of the Seine $25,000,000 loan through a gold discount ban and a German banking consortium which will assist in
issue of an internal loan of Fr. 600,000,000 for 20 years. City of Paris financing the orders as well as by a pledge by the Reich itself and by theintends to redeem the 7% 28,000,000 florin 1927 loan and convert the 1919 several States to guarantee the Russian orders up to 7% of their value.
The German Government, while declining to undertake a 70% guaranty
5% internal loan of Fr. 1,500,000. Madagascar has authorized the issue of
for the whole amount, has consented to instruct the governmental depart50
-year 4% Fr. 240,000,000 net at 97.85.
ments concerned with the credit guaranties to treat each application from
a German
own merits. The Soviets have promised to give their
Poland Seeks French Loan—$40,000,000 To Be Asked orders as firm on its as possible, in order to relieve the unemployment
promptly
Against Lease in Silesian Railway.
•
situation in this country. The firms receiving the orders are to be paid on
,
From the New York "Evening Post" we take the following receipt thereof 20% of the value of the orders in Russian bills of exchange.
This agreement concerns merely the heavy industries—that is to say,
(Associated Press) from Warsaw, April 15:
electrical firms and machinery companies•
Colonel Koc, Vice-Minister of Finance, left to-day for Paris to continue
The treaty was negotiated for the Soviet Government by M. Platakov,
negotiations for a loan of one billion French francs (about $40,000,000)
head of the Soviet chemical industry, and M. Lyulaimov, chief of the
against the lease on the railway from Gdynia and Silesia. It is expected
Soviet trade delegation to Berlin. Another Soviet delegation is expected
that the negotiations will be concluded before the end of the month.
to arrive in Berlin shortly to negotiate concerning the issuance of orders.
to German firms for agricultural and railway equipment.
Redemption of French Bonds.
From its Paris bureau the "Wall Street Journal" of
April 14, reported the following:
Forty Per Cent of Canadian Government Tax-Free
Bonds Issued During War Have Been Retired.
Soviet Tours Put on a Dollar Basis—Foreigners Pay in
Approximately 40% of the tax-free bonds issued by the
Our Currency and Escape Heavy Charges Under
Canadian Government during the war have now been reRuble Exchange.
tired, according to information recently obtained by the
The Moscow correspondent of the New York "Times"
Canadian Senate and forwarded to the Commerce Depart- in advices to that paper April 11 said:
ment by U. S. Trade Commissioner Harvey A. Sweetser at
Much confusion seems to exist abroad about prices in Moscow hotels and
stores especially where foreigners, either residents or tourists, are concerned.
Ottawa. These advices, made available April 14, state:
This year the Soviet agency Intourist expects upward of 20,000 visitors,
double last year's figure, and has made extensive preparations in regard to
hotels, food supply, guides and the speeding up of transportation for the'
benefit of tourists.
Available hotel accommodation has tripled this year as compared with
last, and a host of "culture" guides has been specially trained at Moscow
University. Officials say tourists are totally unaffected by Moscow prices,
no matter how estimated, because all tours are arranged on a dollar basis,
Inclusive of transportation, board, lodging, theatres, guides and taxicabs.
The tours are arranged in three categories. The first is "de luxe," with
$826,056,250
meals, including caviar ad lib., room with bath in the best hotels and sleep269,450 Various matured loans still outstanding
ing-car accommodations,at a rate of between $20 and $25 daily,depending
on the length of the tour. The second category is less luxurious and costs
$826,325.700 Total outstanding
$10 to $12 a day. The third is for groups of 10 persons and is "unpretentious
The number of individual holders of these bonds is not known.
with three plain but substantial meals." It costs $5 to $7 a day.
In addition, tnere is a special store in Moscow, called Torgain, where
clothing, tobacco, candy, furs, 8cc.. may be obtained. And in the middle
Premier Mussolini of Italy Gives Up Salary Reductions of
June
American cabaret and bar will be opened with all the "comforts"
—Further Cuts, He Says, Would Result in Accent- enjoyedan illegally at home. Here, too, all payments will be on a dollar
only
basis at rates said to be no higher than those in America.
uating Business Depression.
The dollar price system, which is gradually being extended here for
Premier Mussolini of Italy announced on April 2 the foreign residents as well as tourists—two big hotels are now running on
abandonment of his policy of reductions in salaries and that basis—is expected to do much to regulate the anomalies caused by
Soviet monetary system, which is in
wages to bring back prosperity. A message on that date the present stage of Socialist development. somewhat of a state of flux at
the
from Rome to the New York "Times" also said in part:
Dollar prices in hotels, stores and restaurants frequented by foreigners
Moreover, he said he believed further reductions would seriously impair represent an attempt to correct the low purchasing power of the ruble
the purchasing power of the nation and would result in accentuating the owing to the scarcity of commodities in relation to the currency. The
present depression.
ruble price gives a quite misleading picture when that price is directly
He displayed restrained optimism in reviewing the general economic translated into dollars at the rate of two rubles to one dollar. Intourist
situation in a speech delivered at a meeting of the Association of Italian In- fears harm will be done to its business by such reports, which have already
corporated Companies. Three months ago, speaking in Parliament, he been published in America, and emphasizes that its clients who pay dollars
had said, "We have left darkness behind us, we are walking toward the have no worry in this respect.
dawn," but to-day he said that only when the factors of recovery, chief
Among other innovations to tempt the tourist trade, trips to the Arctic
among which were moralfactors, became evident, would it be possible to say regions and to historical monuments in Turkestan have been arranged.
that the depression had been overcome.
Sixteen de luxe steamers have been chartered for the tours this year.
The Premier pointed out, however, that symptoms of recovery were visible and that comfort might be derived from the facts that world gold
prices had remained stable for the last three weeks and that unemployment Secretary of State Stimson Issues Order Prohibiting
had shown a tendency to decrease.
Use of Special Passports in Travelling Through
Salary reductions. Signor Mussolini said, have now reached their utmost
Russia.
limit, beyond which the antidote becomes poison.
The total of such securities amounted to $1,382,066,550, of which
$555,740,850 have been retired, according to the Canadian report.
The amounts still outstanding, with dates of maturity, are noted below;
Maturity Date.
Amount.
Oct. 1 1931
852,929,600
Nov. 1 1933
446,659,950
Mar. 1 1937
90,166,900
Dec. 1 1937
236,299,800
Under date of Mar. 22 the New York "Journal of ComPoland To Cut Salaries of Officials and Employees merce" had the following to say in Washington advices:
16% on May 1—Savings to State of $1,200,000
With the State Department order banning the use of special passports
by American diplomatic and consular officers, as well as members of
Monthly Expected.
Congress upon entering Soviet Russia having been issued six weeks ago,
A 15% reduction in salaries was announced on April 13 it was learned to-day, coincident with publication of the order, that so far
by the Polish Government to be effective from May 1, no hardship has resulted from the new ruling.
The order, which was issued by Secretary of State Stimson, was said to
according to a Warsaw cablegram on that date to the
have been prompted by President Hoover, but at the White House no
New York "Times," which likewise stated:
comment was forthcoming. It was addressed to American diplomatic and
It will affect not only Government and army officials but also the employes of the State railways and the tobacco and alcohol monopolies.
Savings of $1,200,000 monthly are expected and this will be increased by
contributions from State-owned enterprises.
Altogether $33,300,000 will be saved this year and the Minister of
Finance thinks this will balance the budget for 1931-32, which has been
reduced from $310,000,000 demanded to $280,000,000. Last year's report
as of March 31 showed a deficit of nearly $6,000,000, which is to be saved
out of the tax returns this year.
The Federation of State Employees is calling meetings throughout the
country for the purpose of proclaiming a one-day general strike as a protest against the salary cut.
Germans Agree on $75,000,000 Credits to Soviet—
Russian Orders for Machinery, Electrical Appara-Month Terms
tus, to Be Allotted Immediately-29
Said to Be Granted.
The following copyright advices from Berlin, April 14
are from the New York "Herald Tribune":
A Complete agreement was reached here to-day between a representative
Of the Soviet Supreme Economic Council and a group of German industrialists concerning the financing of $75,000,000 orders for machinery,
electrical apparatus and other products which the Soviet Government is
placing in Germany. The negotiations, which have been going on here
for several days, form a sequel to the recent visit of a party of prominent
German industrialists to Moscow.
consular officers in circular form under the title "Journeys Through
Russia by Holders of Diplomatic and Special Passports."
"With reference to diplomatic and special passports and the occasional
desires of holders of such documents to travel through Russia," the State
Department order declared, "you are advised that the Department views
such proposed trips with disfavor. According,ly, when it comes to your
attention that a bearer of a diplomatic or special passport contemplates
journeying across Russia, you are directed to bring the contents of this
instruction to his or her notice. No passport should be given an indorsement for such a purpose."
Upon the disclosure that such an order had been issued by the State
Department it was at first thought that protests might be made by members
of Congress who have been accustomed to taking summer trips to Russia with
special passports, but when it was learned that the order was issued six
weeks ago possibility of opposition to the ruling was greatly diminished.
While officials and members of Congress were reluctant to answer
inquiries concerning the new order, the policy of preventing American
diplomatic or other Government employees from carrying special passports
upon entering Russia was received with general accord.
F. M. Ziavkin, General Manager of Amtorg Trading
Company Refused Extension of Time to Remain in
United States.
Co-incident with the announcement of the proposed investigation by the United States Tariff Commission into
APRIL 181931.]
FINANCIAL CHRONICLE
2871
alleged unfair practices of sales of Russian asbestos in the the provisions of Section 336 of the Tariff Act of 1930,
United States, the Labor Department at Washington an- ordered as the result of Senate Resolution No. 295, 71st
nounced on Mar. 30 that .Feodor M. Ziavkin, General Man- Congress, with respect to Roman, Portland, and other
ager of the Amtorg Trading Corp., must leave the country hydraulic cement or cement clinker, has been postponed to a
voluntarily or be subject to deportation. The Amtorg corpo- time hereafter to be announced, probably some date after
ration is the official Russian trade agency, said Associated Sept. 15.
Press accounts from Washington on Mar. 30, which went
on to say:
Fall in Spanish Peseta Incident to Republican Victory
The Tariff Commission set a hearing for May 19, at which testimony
at Elections.
will be presented. The action resulted from complaints by the Bear
Spanish exchange was badly shaken on April 13 with the
Canyon Asbestos Co. of Ambler, Pa., and the Regal Asbestos Mines, Inc.,
of New York City, which owns asbestos mines in Arizona. The companies news of the sweeping Republican victory at the polls.
said they had been compelled to close some of their mines because Amtorg The New York "Times" of April 14 in noting this continued:
$550 in 1925 to
shipments slashed prices from
$200 in 1930.
The complaints charged, among other things, that methods used in the
tales of Russian asbestos had been such that buyers had been induced to
break contracts and that Amtorg was seeking to form a cartel with
Canadian producers to control the world market.
The Amtorg Corp. and Asbestos Ltd., Inc., of Millington, N. J., were
named in the complaints.
The Labor Department said Mr. Ziavkin's permit as a visitor, which
was issued in January 1930, and extended last July, had expired and renewal
died been refused.
"Ziavkin Is being treated as any other alien who overstays the time
limit set in his permit to enter the country," Secretary Doak said.
"He entered the country as an employee of Export Kled, a Russian
organization, and after being in this country some months changed his
employment to an American company.
"Should Ziavkin fail to leave the country within a reasonable time, a
warrant of arrest and orders for his deportation will be issued."
Allegations of Communist activities by Mr. Ziavkin, who was under fire
by Representative Fish, head of the House Communist Investigating Committee, had nothing to do with revocation of his permit, the Labor Department said.
The sole reason, it was added, was that he had changed employment
after entering the United States and consequently his status had been
changed, so that to stay he would have to be admitted as an immigrant.
The Russian immigration quota is filled.
The New York "Times", in its Mar. 31 issue, said:
Officials at the Amtorg here were considerably puzzled yesterday over
the ruling of the Department of Labor not to extend Mr. Ziavkin's vise
on the grounds of "information that he had changed occupations since
coming into the country". It was pointed out by N. Mendelsohn, head
of the Amtorg information department, that, while Mr. Ziavkin had been
elected a member of the Amtorg board of directors, he had still retained
his original occupation as official representative of the Soviet grain export
corporation "Khlyeb" (bread).
It was further pointed out that Amtorg is the agent of the Khlyeb
corporation in this country and that Mr. Ziavkin came over here in the
capacity of a grain elevator specialist for the purpose of placing orders
with American firms for American-made products. Only recently Mr.
Mendelsohn said, Mr. Ziavkin had supervised the placing of an order
amounting to $100,000 for the granaries at Kherson, in the Ukraine.
Mr. Ziavkin declined to comment on the ruling or to state what course
of action he intended to take.
•
United States Tariff Commission Orders Investigation
into Alleged Unfair Practices of Sales of Russian
Asbestos in United States.
The Tariff Commission announces that it has ordered an
investigation concerning alleged unfair practices in the
Importation or sale in the United States of Russian asbestos.
A hearing has been announced for May 19 1931 at the Commission's office in Washington, D. C. All parties interested
can be present and produce evidence and be heard at this
bearing. The Commission's announcement, Mar. 30, says:
This complaint was filed by the Bear Canyon Asbestos Co., of Ambler,
Pa., and the Regal Asbestos Mines, Inc., of New York City, owners and
operators of asbestos mines in Arizona. They allege, among other things,
that methods used in the sale of Russian asbestos in the United States have
been such that buyers have been induced to break their contracts. AS a
result of the alleged unfair practices, complaints further state that some of
these mines have been forced to close.
This is the first investigation ordered under the provisions of Section 337
of the Tariff Act of 1930. This section declares unlawful unfair methods
of competition or unfair acts in the importation or sale in the United
States of articles the effects or tendency of which is to destroy or substantially injure an industry, efficiently and economically operated, in the
United States, or to prevent the establishment of such an industry, or to
restrain or monopolize trade and commerce in the United Stales.
The peseta, which has been steadily advancing since the latter part of
February, broke 79 points below the closing level of Saturday to 10.28 cents.
This was the lowest price for the Spanish unit of currency since Feb. 17
last when the exchange sold at 9.86 cents, the cheapest quotation in history.
The peseta has been extremely weak and erratic for the past several
years. It has suffered from the fact that Spain is the only importantcountry
in Europe that has not taken steps to stabilize its currency since the war.
Political unsettlement in Spain has been utilized by speculators in exchange,
and the inherent weakness of the peseta has been aggavated by the transfer
Of capital to other countries.
In February, when it appeared as though King Alfonso might be forced to
abdicate and a general strike was threatened, the peseta broke to less than
10 cents, reaching the lowest price on record. Since then the exchange has
improved and steps have been taken to bring about stabilization. On
March 26 a group of European and American hankers announced that a
credit of$60,000,000 had been placed at the disposal of the Spanish Government for a period of 18 months, to be used in connection with efforts to
stabilize the peseta.
Tne American share of the credit, amounting to $38.000,000, was extended by a banIcing group headed by J. P. Morgan & Co. and including
most of the leading banks of the country. Whether or not any of the credit
has as yet been used could not be learned yesterday. It was said in foreign
exchange circles, however, that the action of the exchange indicated that
no attempt at support had been made.
The same paper in its April 16 issue said:
After its sharp break of 1.11 cents on Monday (April 13) and Tuesday
(April 14) when the news of the Republican victory at the polls and the retirement of King Alfonso became known,Spanish exchange rallied yesterday
(April 15),regaining more than half its earlier losses. The closing quotation
on the peseta in this market was 10.48 cents, a net gain on the day of 52
points. At the high price of the day.10.56 cents,it showed an extreme recovery of61 points over the low of 9.95 cents reached on Tuesday.
The rally was without benefit of supporting measures, in the opinion of
foreign exchange experts, the credit of$60,000,000 granted by bankers to the
Bank of Spain last month continuing intact.
Among the factors contributing to the recovery, bankers said, were the
drying up of the first rush of scare selling which followed the overthrow of
the monarchy,short covering by traders who had speculated for the decline
and the realization that the estbalishment of a republican government in
Spain did not necessarily imply any serious economic disruption.
The following is from the "Times" of April 17:
The Peseta Outdone.
The peseta, which has lately held the spotlight in the foreign exchange
market with its abrupt decline following the news of the republican triumph
in the Spanish elections, was thrust into the background yesterday when an
Old favorite, the Argentine peso, staged a spectacular slump of 1% cents.
The explanation of the decline was found in the recent resignation of the
entire Cabinet in Buenos Aires. The reaction in Argentine exchange comes
at a time when the peso had been showing extreme steadiness. The Banco
de In Nacion has dispatched numerous large shipments of gold to its correspondents here for purposes of exchange stabilization and the rate had
held unchanged at 34 cents for three weeks prior to yesterday's drop.
Yesterday (April 17) the peseta declined to 9.95 cents.
Spanish Ambassador to United States Resigns.
On April 15 Don Alejandro Padilla y Bell, Spanish Ambassador to the United States, cabled his resignation to
Madrid, after waiting vainly for 24 hours for word from the
new Government. In indicating this advices from the
Washington bureau of the New York "Journal of Commerce" on April 15 said:
The Spanish Ambassador, a Monarchist and friend of the deposed King
Alfonso, cabled his resignation on the strength of newspaper accounts on the
revolution. Shortly after his cable, word was received from Alejandro
Lerroux, Minister of Foreign Affairs In the Provisional Government, of the
change of Government. In the message were also listed the names of the
new Cabinet ministers.
Pending the appointment of a new Ambassador, Count de Montefuerte,
counselor, assumed charge of the Embassy. Members of the staff will remain at their posts until they are either withdrawn or reappointed.
Although the retiring Ambassador does not expect reappointment, it
is believed that he would decline the post even if tendered him.
Head of Canadian Company Warns of Russia's Ac..
tivity in Asbestos at Low Prices.
An Associated Press dispatch from Montreal, Que., April 1, Greece to Get Credit Here to Refund Loan—Interest
is taken us follows from the New York "Times":
of 5%% Expected.
Lieut.-Col. Robert Massie, President of the Asbestos Corp., Ltd., at the
According to the New York "HeraldTribune" of April 9
annual meeting of shareholders to-day expressed little hope for the asbestos
an announcement will be made shortly concerning the exindustry in Canada until Canadian producers got together to face world
tension of a new credit to Greece by the National City Co.,
competition.
He said that Russian asbestos producers had appeared in the world Speyer & Co. and J. & W. Seligman & Co. The account
market in 1929 with an estimated output of 25,000 tons and had increased
further said:
this to 50,000 tons in 1930, and that last year's figures constituted
about
16% of the world's production, and was offered at extremely low prices.
United States Tariff Commission Postpones Hearing
in Cement Investigation.
The Tariff Commission announced on Mar. 31 that the
hearing heretofore set for April 14 in the investigation under
Details concerning the credit were not disclosed, but it is understood that
It will be principally to refund the $7,500,000 credit, maturing May 5 1931,
which was granted last year by these institutions.
Although the bankers would not indicate the rate of interest or the maturity date of the new credit, it is believed in well posted Wall Street circles
that it will run for one year. The interest rate on the maturing credit is
5Yi %.
A year ago this New York group extended a credit to the Greek Government for $7.500.000, and the same amount was advanced by a London
2872
FINANCIAL CHRONICLE
(Vora. 132.
New code eliminates absolute enforced syndicalism. Minimum salaries
of employees are to be fixed by special commissions in each region, who are
to take into consideration living conditions. Strikes will be declared illicit
If strikers resort to violence; sympathy strikes are illegal.
"Syndicates are prohibited from exercising mercantile professions or
exercising compulsory measures over laborers not members of syndicates
to obligate them to become members, or according compulsory measures
over employers to obligate them to discharge some laborer or refuse him
work without justifiable cause."
Employers must "give preference, conditions being equal, to Mexicans
and to those who have not been previously employed; to furnish hygienic
systems to the workman, for which they may collect rentals not to exceed
of 1% monthly of
value of properties"; to install sanitary and
The Greek loan floated in London was referred to in our safety measures, paytaxable
indemnities, establish and maintain elementary
schools.
issue of March 28, page 2302.
New project eliminates complicated court system and provides boards
of conciliation and arbitration. Indemnities for professional risks and
Company Organized for Polish Railway—French Bank- obligatory holidays are fewer. Maximum day shift is eight hours and night
ing Consortium Supplies Capital Out of $40,000,000 shift; one day of rest after six days' work is obligatory.
Collective labor contracts, which may be for indefinite or fixed time, or
Loan—Line to Aid Coal Exports.
for a specific work are revocable after two years upon motion of either
cablegram, April 9, is from the New party, subject, however, to certain specified conditions.
The following Paris
group consisting of Hambro's Bank and Erlanger & Co. The London credit
was to be an advance on an £8,000,000 loan to be granted this year. At
that time it was understood that the loan would be floated in London,
Paris and New York.
Recently, however, this loan was floated in London and several other
European cities, but excluding Paris, in the amount of £4,600,000. Hambro's Bank and Erlanger & Co. headed the London syndicate, which took
£2,000,000 of the bonds representing this loan, the proceeds of which are
to go into public works construction in Greece. The balance was taken by
Greece, Italy, Sweden, Holland and Switzerland.
The public works bonds were offered at 87, with interest at 6% and
maturing in 38 years from date of issue.
York "Times":
The Franco-Polish Railway Co., which will complete and operate the new
rail connection from the coal fields of Upper Silesia to Gdynia, the Polish
Baltic port, was formally constituted in Paris to•day. The new railroad
has both economic and strategic importance, and was the object of a
recent French loan to Poland of 1,000,000,000 francs ($40,000,0001.
According to an announcement by the Banque des Pays du Nord, which
heads the French consortium of banks handling the operation, the capital
of the new company luta been fixed at 15,000,000 francs ($600,000].
Charles Laurent has been elected President of the company; Gabriel Brizon,
Vice-President, and Jules Auburn, Administrator, with whom will serve
the following: Jacques de Neuflize, L. Benezit, J. Cottin, J. Coehl, A.
Lepercq, B. Peaches, and E. Spitzer.
The French subscribing group includes the Banque des Pays du Nord,
MM. Schneider & Co., Lazard Freres & Co., the Banque de PUnion Parisienne,
the Banque Franco-Polonaise, MM. de Neuflize & Co., La Compagnie Universelle du Canal Maritime de Suez, Le Societe Financiere de Valeurs
Industrielle, the Union Europeenne, La Societe Centrale pour PIndustrie
Electrique, La Societe des Forges et Acieries de Haute Savoie, and La
Societe Generale d'Enterprises lea Charbons et Minerales de Haute Silesie.
A portion reserved for the French group has been taken by the Banque de
l'Economie Nationale at Warsaw.
The Polish Government forms part of the new company, which will be
known as the Compagnie Franco-Polonaise de Chemins de For. It will
Issue its own bonds, which will be secured by mortgages and will be
guaranteed unconditionally by the Polish Government. It is believed the
2
/
yield on the bonds will be about 9 or 91%, but the details are not
yet known.
By opening up direct-line communication between the rich Polish mines
of Upper Silesia and the Baltic outlet the exportation of Polish coal will
for
be greatly facilitated. At present the Polish State Railways carry coal
export purposes at a heavy loss so as to enable Poland to compete with
foreign markets. When the line is in operation it will be possible for
Poland to sell her coal abroad at even lower rates than at present, and
there is not a little anxiety in the British coal industry over the prospect
of further serious competition.
Mexicans Alarmed by Senator Borah on Silver—His
Pessimism as to Prospects for World Remedial
Action Dashes Hopes for Parley.
The following from Mexico City, April 11, is from the
New York "Times":
Financial and industrial circles are apprehensive following the receipo
of telegraphic information quoting Senator William E. Borah yesterday tt
the effect that he holds slight hope that the United States will succeed in
obtaining international co-operation for ameliorating the silver crisis prior
to the opening of the American Congress next December, and that Britain
Is largely responsible, due to apathy, since such a solution remains largely
in her hands.
Yesterday it was possible to obtain 115 pesos of silver for 100 of gold
currency, and it is doubted that regulatory commissions such as that now
functioning here or any other bodies will be able to accomplish much by
way of remedy until basic steps are taken, such as international conferences or at least meetings between representatives of the countries which
are the principal producers and consumers of silver.
The Chamber of Deputies is soon to consider ratification of the latest
financial agreement with Thomas W. Lamont, The Chamber appears
favorably inclined toward the agreement as a means of re-establishing
foreign credit and possibly causing an influx into Mexico of new foreign
money.
Although the pact would eventually necessitate the further export of
gold, payments thereunder would not be immediate, due to the leniency of
the terms of the supplementary agreement. Under It the remittances
may be extended over two years, converting Mexico's silver reserves now
being accumulated into dollars to be finally exported at the rate of exchange most suitable to her and nearest to that ruling when the agreement
was signed on July 25 1930.
The local press to-day is inclined to criticize the work of the regulatory
exchange commission, declaring that its efforts thus far have resulted in
the fall of silver as against gold rather than in the improvement of exchange. Mexico, however, has recently found it necessary to export
gold to most internal commitments, and it is also stressed in reply to
this criticism that world financial experience has been that too drastic
regulation of a country's depreciated exchange is likely to result In such a
violent reaction as to make matters worse.
of Coupons on Bonds by Japanese
Government.
The Yokohama Specie Bank, Ltd., announces that
Imperial Japanese Government 53/i% external loan of 1930
Peso—Pegging Cost
coupons due May 1 1931 will be paid on and after that Argentina Withdraws Support of
$42,049,000—Bank of the Nation Regards Drain as
Broadway, New York.
date at its office, 120
No Longer Needed.
Belgium Drawn for Redemption.
The Bank of the Nation of Argentine on April 16 withBonds of Kingdom of
exchange market and the peso
J. P. Morgan & Co. and Guaranty Trust Co. of New drew its support of the
administrators, have issued a notice quotation dropped to 135.40 gold pesos for $100, which made
York, EIS sinking fund
American cents, compared to
to holders of Kingdom of Belgium external loan 30-year the paper peso worth 32.5
more than a month.
7% gold bonds, due June 1 1955 and issued 34.87, at which it had been pegged for
sinking fund
principal The decline undoubtedly was aggravated by the fact that
under contract dated June 10 1925, that $335,500
coincided with the Cabinet
amount of the bonds have been drawn by lot for redemption removal of the Bank's support
out of moneys in the sinking crisis. A cablegram from Buenos Aires on April 16 to the
at 107M on June 1 1931,
reporting the foregoing added:
fund. Bonds so drawn will be paid on and after June 1 New York "Times" in Bank of the Nation to control exchange was
Exportation
presentation and surrender with subsequent coupons authorized by of gold by the Government Jan. 13 after the peso exupon
the Provisional
attached, at the office of J. P. Morgan & Co., 23 Wall St., change had touched 150.50 gold pesos for $100, which made the paper peso
to its par value of 42.48 cents. At
or the principal office of Guaranty Trust Co. of New York, worth 29 American cents, compared peso strengthened immediately upon
that
Interest on the drawn bonds will cease on the time the exchange value of the bank would ship gold to support it,
140 Broadway.
announcement that the official
and as gold shipments were made the peso continued to improve until
June 1 1931.
-cent
it reached the quotation of 128.30 gold pesos for $100. or the 34.87
figure at which it had been held since March 12.
Dresdner Bank Dividend.
in
of the exchange market has cost $42,049,000, as gold
This control
The dividend for 1930 on American shares of Dresdner the Caja de Conversion now totals $383,725.000, compared to $425,774,000
this sacrifice as no longer
at the end of December. The Bank regards
Bank, Berlin, Germany, amounting to $5.10 per share, Justified. It believes all the legitimate requirements of importers have been
paid on April 27 1931 to stockholders of record at the met and that further control would encourage the buying of futures and
will be
sale of Argentine
close of business April 20, according to Hallgarten & Co, speculation, in addition to prejudicing the value of the peso products.
has risen.
Grain prices have fallen steadily as the exchange
and Lehman Brothers.
statement:
issued the hallowing
The
Payment
Mexican Labor Code Project Formulated—Made Public
by Government Preparatory to Extraordinary
Congressional Session.
From the "Wall Street Journal" of April 11, we take the
following from Mexico City:
the Government preparatory
A labor code project has been made public by
to be summoned at an early
to giving an extraordinary congressional session
date.
clause, to which capital
While project contains compulsory collective labor
contracts compulsory
objected in the last project, the new code makes such
only in case industry employs workmen who are union men.
Bank
"The Bank of the Nation, in the face of an excessive decline in the
exchange value of Argentine currency which threatened Incalculable losses
to importers, obtained from the Government authorization to use the gold
reserves of the Caja de Conversion to satisfy the demand for drafts. The
Bank thus brought about pronounced improvement in the value of our
permitting importers and
currency which has been maintained to date,
others who had to make remittances abroad to make them at a favorable
rate of exchange.
"As the reasons which induced the Bank to assume this course have dissale of the
appeared, and as this artificial valorization is prejudicing the
exportable surplus for our products and is likely to foment excessive speculation, the Bank has resolved to let the excnange market assume its natural
level, subject to renewal of control measures whenever circumstances
warrant."
APRIL 181931.]
FINANCIAL CHRONICLE
Argentina to Pay Interest on Loans—Provisional President Says Government Not Affected by Rebels.
The following United Press advices from Buenos Aires,
are from the "Wall Street Journal" of April 17:
2873
While the proposed Colombian import tariff act has been vetoed by President Enrique Olaya full increased rates of import duty became effective
April 8 on the entire foodstuff schedule of Colombia
The Colombian President is empowered until July 20 to increase or decreate the import duties on foodstuffs as he deems necessary,
"There is absolutely no question of the country defaulting service on
its foreign loans," Provisional President Jose F. Uriburu declared in an
Dr. Kemmerer to Propose Income Tax for Peru—Also
interview with the United Press.
"Argentina will always be faithful to such obligations," he said. "The
Central Reserve Bank.
fall of the peso Thursday was due to some fear that the Government might
Professor Edwin W. Kemmerer of Princeton University,
again fall into the hands of the radicals. The Government is not affected
by the result of the elections."
who has been in Peru for three months studying Peruvian
In the Buenos Aires provincial elections Sunday the Radical party was
finances, said on April 11 that the work of his mission was
victorious over the President's Conservative party. In regard to the
postponement of elections in other provinces Mr. Uriburu said that be is virtually complete and that he would sail for the United
drawing up a comprehensive statement to be made public soon.
States on April 21. We quote from Associated Press accounts
"The resignation of the cabinet in no way implied a critical political
situation," he said. The resignations were merely to give me a free hand from Lima April 1, which also stated:
His report, he said, would include proposals regarding reorganization
to cope with current problems.
"All ministers expressed willingness to continue in their posts if! consider Of the National treasury and enactment of legislation to establish a Central
such action advisable. Rumors that the Government will be handed over Reserve Bank, to provide for an income tax and to make certain other
changes in the Peruvian financial system.
to the President of the Supreme Court are nonsense.
"On the contrary, I will complete, probably to-day, a new cabinet which
will not be a coalition, but will be a cabinet of patriotic Argentines who are
Peru Decrees New Series of Special Taxes.
above party politics.
He predicted that the state ofsiege under which the cabinet is operating,
Lima Associated Press advices Apr. 11 stated:
would not soon be lifted.
The Government decreed to-day a new series of special taxes, including
a 1% tax ad valorem on exports and imports, 2% on the profits on all
Cuba Engages Prof. Seligman To Aid in Reforming credit, commercial, industrial, insurance and assurance companies and 1%
on the income produced by shares, bonds and mortgage investments.
the Tax System of Island.
A cablegram as follows from Havana April 14 is taken from
the New York "Times":
Chinese Government Faces Deficit of $43,000,000.
The Chinese National Government faces a deficit of approximately $43,000,000 at the present time, according to
a statement by the Chinese Minister of Finance, covering
the fiscal year ended June 30. 1930, but including as well
Ecuador's Revenue Drops—Government Curtails Public available information for the subsequent eight month
Works Projects, Causing Wide Protest.
period ended February 28, 1930, the Commerce Department is advised by Commercial Attache Julean Arnold
A cablegram to the New York "Times" said:
Ecuadorean revenue collections for the first quarter of 1931 showed a at Shanghai. The Department in making this announcedeficit of 3,000,000 sucres from the budget figures, causing the Govern- ment April 2 adds:
The Cuban Government has engaged Professor Edwin R. A. Seligman
Of Columbia University as economic adviser. Ruiz Mesa, Secretary of
the Treasury, stated to-night that Professor Seligman would assist in reforming the tax system.
ment to decrease expenditures for all public works, and resulting in discontent in both the northern and the southern provinces, which have begun
to protest against the suspension of work on the railroads to Esmeraldas
and Cuenca.
The statement shows revenues totaling approximately $183,000,000
($438,000,000 yuan dollars computed at 1930 rate of approximately 42
cents U. S. currency per yuan dollar) and expenditures of approximately
$226,000,000, leaving a deficit of about $43,000,000, as compared with
the deficit of approximately $36,000,000 in 1928-29.
Reported Run on Trinidad Co-operative Bank of
Chinese Government borrowing during the fiscal 1929-30 (it is not
clear if the subsequent eight-month period is here included) were reported
Port of Spain.
at nearly $43,000,000, being about the same as the amount of the reported
The New York "Times" of April 15 carried a cablegram deficit. Government net receipts from this borrowing, however, totaled
as follows from Port of Spain, Trinidad April 14:
somewhat less, or about $37,800,000, the Chinese statement inclitates.
During the first half of 1931 a smaller deficit is anticipated, "in spite
Trinidad witnessed its first spectacle of a run on a bank yesterday,
when thousands of excited depositors rushed to the Trinidad Co-operative of the difficulties incident to the adjustment of Government finances, the
Bank and demanded the immediate withdrawal of their savings, after abolition of lilcin, and the lower price level of silver." Provided no unrumors that the Bank was insolvent in consequence of the depression of foreseen event interferes, Finance Minister Soong predicts that, by united
exertions on the part of all branches of the Government, budgetary equilithe sugar and cocoa industries.
The run started at 10 o'clock and by midday the building was packed, brium should be attainable by June, 1932.
Present military expenditures payable monthly from the Treasury of
as the surging crowd fought for places at the counters.
The directors of the Bank attempted to allay the panic, but the battle the Central Government amount to 23,000,000 yuan dollars, but the
continued until the police cleared the entrance. By evening hundreds Finance Minister anticipates that, with the gradual liquidation of the
of depositors had been paid and a display of thousands of dollars available communist menace in the interior of China, the Government should be
able to limit military expenditures to the previously agreed upon sum of
reassured the crowd.
The directors issued a statement this morning stating that they be- 216,000,000 yuan dollars annually.
The majority of the internal loans contracted by the National Governlieved that the rumor of insolvency resulted from the rejection of a demand
Of non-shareholders to borrow money without security. The President ment are on a short-term basis, 360,000,000 yuan dollars of such loans,
or nearly 60% of the total, being redeemable in the next three years.
of the Bank has offered $500 for information as to the identity of those
The Finance Minister recommends refunding 4-year to 5-year short-term
who started the rumors.
Notable during the run was the return of the old-fashioned town crier, loans with a long-term refunding loan.
parading the city and crying that the Bank was sound and all deposits
Minister Soong recommends an effective, co-ordinated planning organiwere guaranteed.
zation to map out the essential portions of the Government's operations
over a definite period of years. He recognizes that foreign lenders will
not seriously discuss loans to China unless China balances
Honduras Bill Passed Raises Duty on Shoes—South adopts a program to stabilize its finances within a reasonableits budget or
time.
African Tariff Increases Provisionally Effective-French Sugar Rate Up.
China's Proposed Silver Loan.
A Washington dispatch to the New York "Times" stated
From the foreign advices to the Department of Comthat the Commerce Department was informed on April 10
that the Honduras Congress had passed a bill increasing the merce we take the following (made available April 5)
rate of import duty on leather shoes from 1.20 to 2 pesos per bearing on the proposed Chinese silver loan:
Regulations are reported being drafted for the flotation of an eighty
gross kilo and granting duty-free entry to materials for
million dollars Chinese silver loan (approximately $20,000,000) to be
making shoes and industrial motors up to six horsepower. known as twentieth-year customs treasury notes.
The bill is to become effective 20 days after its signature by
the President said the dispatch, which likewise stated:
Interest
Slight increases in import duties on candles and soap and the imposition Great Britain Eases Australia's Debt—Cuts
Of small duties on gasoline and automobiles, now duty free, are under conRate to That Paid United States and Extends
sideration, as are also proposed duty decreased on paraffine and flour and
Maturity.
the duty-free admission of agriculture insecticides.
The following London cablegram, April 15, is from the
Proposals for increased import duties in the Union of South Africa on
various articles, including wearing apparel, cotton and silk piece goods,
New York "Times":
floor coverings, cutlery, glassware, chinaware, radios and
gasoline, were
embodied in the budget speech of the Minister of Finance on March 30 and
became provisionally effective on March 31, pending formal ratification by
the Parliament.
The basis of values for the Canadian duty of bituminous coal was amended
April 2 1931, as follows:
Slack, $1 per short ton; all other sizes, including run of mine, $1.25, but
not less than the actual purchase price.
The Minister of Finanace and the general director of the Egyptian Sugar
Refining Co. have entered into an agreement for complete control of production, prices, distribution, importation and exportation of sugar.
The French import duty on sugar is to be increased from 140 to 170 francs
per 100 net kilos, by a law which has been passed but not yet promulgated.
It is understood the import duties on products containing sugar also may be
increased proportionately by the new law.
J. H. Thomas, Minister for the Dominions, announced in the House
of Commons to-night that the Government would for the next three years
reduce the interest which Australia pays England on its war debt by
$8,000,000 annually and would extend by two years the time in which the
principal must be paid.
The decision is the result of long negotiations between Premier Scullin
of Australia and Premier MacDonald of Great Britain. Australia's chief
grievance has been that it was paying England interest at the rate of
about 5%, while England was paying the United States only a trifle
over 3%. The new rate will equalize the interest payments for the
time being.
Australia's debt to England of $410,000,000 was due in 1957. Australia has been paying about $20,500,000 annual interest, which is now
cut to $12,500,000.
2874
FINANCIAL CHRONICLE
New South Wales' Credit Cut Off by Australian Banks.
Associated Press advices from Sydney (Australia) on
April 10 stated:
Premier J. T. Lang of New South Wales was understood to have been
informed to-day that no further accommodations can be given to the New
South Wales Ministry either by the Commonwealth Bank or the Associated
Trading Banks of Australia. The Commonwealth Bank is also said to
have served notice on the State Government that there must be some
limit to the issue of treasury bills in the future.
The action follows the default by New South Wales of interest payments
on loans due in London on April 1. The Commonwealth Government
shouldered responsibility for these, but will attempt to recover the $3,000,000 involved.
[VOL. 132.
In inlanrd postage from 2c. to 4c., and the raising of stamp duties on
checks and promissory notes.
The budget shows the deficit for the current year of $8,500,000 was
reduced to $6,000,000. The deficit anticipated for next year, unless there
is increased revenue, would be more than $8,000,000, making a total
deficit by the end of March of approximately $14,500,000. Mr. Havenga
proposes by reducing expenditures and increasing taxation to meet
$11,000,000 of this, leaving $3,500,000 as a prospective deficit.
Australian Senate Rejects Fiduciary Currency Bill
Providing for Issuance of $90,000,000 in Currency
for Relief of Wheat Growers and Unemployed.
Associated Press advices as follows, were reported from
The default of New South Wales was noted in these colCanberra, Australia, April 17:
11, page 2690.
umns April 4, page 2487, and April
Australia Presses Claim for $3,500,000 from New South
Wales Incident to Latter's Default.
The following Canadian Press account was reported from
Sydney, Australia, April 11:
The Commonwealth Government's law officers will issue a writ on
Monday claiming $3,500,000 from the State of New South Wales. The
amount represents payments made by the Commonwealth Government to
holders of New South Wales bonds when the State defaulted interest
payments on April 1.
The Commonwealth is legally liable for payment of State bond dues, and
when the Federal Government was forced to make the payments to avoid
default it was indicated it would seek to recover the amounts due from
the State through legal action.
The Australian Government was harried to-day by the Senate's rejection
of the fiduciary currency bill which provided for the issue of $90,000,000 in
currency, part of which was to go to the relief of Wheat growers and unemployed.
Prime Minister Scullin recently announced that if the bill were rejected
dissolution of Parliament would follow. The refusal of the Commonwealth
Bank to honor further government overdrafts complicated the situation.
Scullin scored the opposition for defeating the Government's measure
declaring that the members had shown "no compassion for the wheat
growers or unemployed."
The announcement that the Commonwealth Bank would advance no
more funds to the Labor Government was made to the House of Representatives by the Commonwealth Treasurer, E. G. Theodore.
The Treasurer said that the Bank was unable to extend any further
financial assistance because the Government already had an overdraft of
$125,000,000 in Australia and of $125,625,000 advanced through London.
Sir Josiah Stamp as Chairman of Royal Grain Commission Opens Hearings in Canada on Grain
The following message from Wellington, New Zealand,
Marketing Methods.
April 10, is from the New York "Times":
Sir Josiah Stamp, the British economist, and Chairman of
The dominion finance bill, which would reduce government salaries by the
board of the London, Midland & Scottish Ry., arrived in
10%, passed the Legislature Council through all its stages to-day without
New York on April 8 on his mission to head the Royal Grain
'amendment.
The bill, which also empowers an arbitration court to review wage Commission appointed to inquire into grain marketing
awards in the light of existing economic conditions, is the first step in
methods in Canada. Sir Josiah reached Ottawa on April 9;
the Government's economy program, and it is expected that the GovernOttawa pubment soon will announce further proposals, including one for investigation, on that date a Canadian Press dispatch from
with a view to reduction of expenditures on education, at present amount- lished in the Montreal "Gazette" said:
New Zealand Legislature Passes Wage Cut Bill.
ing to $20,000,000 a year.
The House of Representatives earlier in the month passed the Government finance bill providing for a 10% reduction in salaries of all Federal
civil servants, despite strenuous objection from the Labor opposition.
New York Trust Co. on Economic and Financial Problems Confronting Australia.
Economic readjustments are being undertaken in Australia to correct the serious economic and financial situation brought about in that Commonwealth by excessive borrowing and drastic declines in the world prices of its
principal exports, according to "The Index," published
Mar. 25 by the New York Trust Co. The "Index" says:
Australia, after enjoying a period of remarkably rapid industrial development, has not escaped the effects of the world-wide economic depression.
A distinctive feature of Australian development has been the extent to
which the pioneering work has been done by Government rather than by
private enterprise. Railway, telegraph, telephone, water supply, irrigation, and similar enterprises have been undertaken by Commonwealth and
State governments and financed by loans raised on the security of the
general credit of the country.
As a result of these and other large and varied expenditures the public
debt of the Commonwealth, in 1930, was about 18 times as large as in
1914, when it amounted to £19,182,000. The total public debt of Commonwealth and States, as of June 30 1930, was approximately £1,100,597,000, with £573,629,000 maturing overseas and £526,968,000 maturing in Australia. The per capita debt exceeded £170, or about $850 per
capita as compared with an estimated per capita wealth of about $2,710.
Up to the middle of 1929 Australia was favored by a combination of
circumstances that enabled the traditional policy of rapid development to
be pursued with many outward signs of success. Drastic declines in the
world prices of Australia's principal exports, however, brought about a
decrease of almost one-third in the country's income during the fiscal
year ended June 30, 1930. Australia's credit has suffered, since credits
abroad are not being created in sufficient amounts to cover interest payments and importations While interest payments upon public indebtedness
are being maintained, remittances upon private account are at prohibitive
exchange rates, £130 Australian for £100 Sterling.
How to relieve the situation constituted a problem now confronting
Australia's statesmen and eoonomists. The necessity for a program of
retrenchment to be followed with determined action was pointed out, and,
subsequently, observers have noted a positive trend toward this conservaas a result of recent elections.
tive position in public opinion, particularly
on Australian bonds indicate
The recent substantially higher quotations
and desire of the Australian
heightened world confidence in the ability
problems with the assistance of the
people to cope successfully with their
natural wealth of the continent.
tremendous and largely unexploited
South African Finance Minister AsksiTariff Increases—
Hopes to Reduce Deficit.
A Cape Town cablegram, Mar. 30, is taken as follows
from the New York "Times":
introduced by Minister
Taxation proposals for the South African Union,
include reversions
of Finance N. C. Havenga in his budget speech to-day,
carpets, an into customs imposts affecting tea, soft goods, cutlery and
crease in the import duty on gasoline from 6 to 12c. a gallon, a lowering
annually, an increase
of the income tax remission frotn $2,000 to $1,500
The Royal Grain Commission, headed by Sir Josiah Stamp, will open
next. Meetings will also be held at
Regina and Calgary, and following the return to Winnipeg of the Board,
the Commissioners will leave on April 22 for Minneapolis and Chicago.
Sir Josiah will gall from New York on April 29 on his return voyage to
England. Announcement to this effect was made tonight by Premier
It. B. Bennett,
The Prime Minister in a statement tonight declared:
The Government has appointed a commission to determine; 'What
effect, if any, has the dealing in grain futures upon the price received by
the producer?
"The commission will consist of Sir Josiah Stamp, G.B.E., Chief Justice
J. T. Brown, King's Bench Division of the Supreme Court of Saskatchewan, and W. Sanford Evans, Winnipeg.
met
"Representatives of the Governments of the three western provinces
today at Ottawa and prepared the following itinerary for the commission:
"Winnipeg—Monday, April 13, Tuesday, April 14 and Wednesday,
April 15 and Thursday, April 16 until 6.46 p. m., when the commission
its sittings in Winnipeg on Monday
eaves for Regina.
"Regina—Arrive 8.10 a. m., Friday, April 17 and remain until 5.25
that afternoon and then leave for Calgary.
"Calgary—Arrive Calgary on Saturday morning, April 18, remaining
until midnight, Sunday. April 19, and then return to Winnipeg.
Tuesday, April
"Winnipeg—Return to Winnipeg, arriving 8.15 a. no.,
21. On Wednesday, April 22, at 5.45 p. m., the commission will leave
city, for Minneapolis and
Winnipeg, after completing its sittings in that
Chicago.
from New York on Wednesday, April 29.
"Sir Josiah Stamp will sail
statement to
"Any farmer or agriculturist who may desire to make a
the commission will be afforded opportunity to do so at any of the sittings,
the information will be furall of which will be public. A large part of
nished in the form of statements submtited by the Grain Exchanges,
Pools, &c.
Board of Grain Com"Travers Sweatman, Winnipeg, solicitor for the
who may desire
missioners of Canada, will be available to assist those
commission."
to make representations to the
At the hearing in Winnipeg on April 13, according to the
Canadian Press, seven witnesses, all summoned by the Winnipeg Grain Exchange, testified to the need for futures
trading in grain denting and to the benefits conferred on the
primary producer by the purchase or sale of grain for future
delivery. Grain men stated that speculators, on the whole,
lose out on their dealings to the farmers' advantage; bankers
claimed that abolition of the option market would seriously
affect financing of the grain movement. In part, the
Canadian Press advices of that date, from Winnipeg, as
given in the Montreal "Gazette" also said:
But Sir Josiah focussed his attention—backed by an amazing knowledge
of futures trading gained in only a few days on shipboard en route from
London—on the cause of' a bull market's frenzied rise. He was told that
90 or 95% of speculators are "long," betting on a rise in prices. And he
sought out the identity of the "short" sellers who, by hypothesis of the
of the Grain Exchange's clearing-house system, must balance the buyers
on the other side.
From the evidence so far adduced, Sir Josiah has formulated a provisional hypothesis—that "long" speculators are largely local investors and
that "short" sellers are spread throughout the world. But he sought In
vain for statistical substantiation of the theory, since the Winnipeg Grain
Exchange does not keep records of its transactions, and dealer-witnesses
were unable to give the identity of the selling interest balancing the "bull"
pressure.
APRIL 18 1931.]
FINANCIAL CHRONICLE
Bankers' Statement Read.
"Chances of a rise or fall on market prices of grain must be taken by
someone immediately the farmer disposes of his grain," read a statement
Issued by the Winnipeg section of the Canadian Bankers' Association, and
read to the Commission, "and it happens there is always a sufficiency of
speculators willing to take these chances. If it were not so, the elevator
companies would have to step into the breach and carry the grain subject
to the fluctuations of the market.
"Possible effects of such a situation would be: (1) That grain dealers
would seek to protect themselves against the risk of a fall in prices by
reducing their price to the farmers, and (2) that many grain dealers would
seek to avoid the risk by carrying grain and take their profit from an
immediate turnover, the ultimate result of which would be to hurry our
grain to the market even faster than has hitherto been the case.
"A further and serious result of the abolition of the option market would
be the necessity for a marked curtailment of banking credit to graindealers," the statement goes on concluding: "Indeed, during a period of
abnormally high prices, the margin required might be such as to seriously
cramp the smaller grain-dealers, and so lessen the competition among buyers
of grain."
Questioned by Sir Josiah, prominent grain men who appeared as witnesses were unanimous in stating they had seen no evidence of pricemanipulation on the Winnipeg market, and in believing that futures
trading rebounded to the producer's benefit. It was contended that speculation increased the upward curve of a rising market, but did not accentuate the decline of a dropping market, since,.according to evidence,
virtually all speculators are on the up-side.
Position of the clients of A.P. White,President of the Winnipeg Exchange
and head of the commission business under his own name, is invariably
long, according to a Statement read by Mr. White. He quoted his company's records since the beginning of 1929 to show that net position of his
clients' open contracts was long on 831 of 833 days. He said he believed
the records of all other brokers operating similar offices would show similar
conditions.
"But there must be a net short position on the part of some other brokers
to balance up," suggested Sir Josiah, referring to the exchange system
whereby every purchase must be balanced by a corresponding sale.
Mr. White sought to show that against the long position of numerous
brokers was the short position of the elevator companies throughout the
country who are holding vast stores of "hedged" wheat. Even elevator
wheat is hedged; it is sold on the futures market for delivery at a stipulated
time and at the current price, so that the holder is protected against fluctuations.
But Sir Josiah sought to find the unidentified short interest necessary
to balance the mounting total of long wheat in the case of a bull market,
since hedges cannot exceed the amount of actual wheat, a comparatively
stable figure.
"I believe that speculators as a whole put more money into the grain
market than they take out, and by so doing enable the producer to secure a
higher price for his grain," said Mr. White in his statement, adding:"Brokers as a whole prefer advancing prices, or what is called a bull market,
as they invariably do much more business on an upward market than on a
declining one."
"You tell us in the first place that speculation does not pay," pointed
out Sir Josiah, "and then you support still greater speculation."
"Well," smiled Mr. White, "that's the speculator's business."
"As well as the menagerie of bulls, who act like sheep, and bears and
wolves, we have the poor moth who can't help burning his wings," answered Sir Josiah, "and now we're going to breed them. It seems odd that
the well-being of the producer and the improvement in the price of wheat
should be really parasitic upon the gambling habit of a certain portion of
the population. And do you think we can got the average farmer to really
believe that speculation presents him with money?" . . .
Bankers Testify.
F. W. Ross, Western Superintendent of the Bank of Nova Scotia. and
R. J. Williams, Winnipeg Manager of the Bank of Montreal, testified on
behalf of the Winnipeg banks and concurred in the submitted statement
on the need for future trading. Mr. Ross pointed out that the Wheat
Pools were not asked to hedge because they fixed an initial price considered
reasonable with relation to the market price; other customers were asked
to hedge their holdings lest the market fluctuate suddenly.
"Have you ever thought of a world-wide system of insurance to cover
the risk of grain-holding for a small premium instead of hedging?" suggested Sir Josiah to Mr. Ross following the bankers' statement on the
need of the options market.
"No," replied the witness.
Continuation of the futures-market system was supported by the Scottlsh Co-operative Wholesale Society in a cable to John B. Fisher, Cana(Han representative, who testified before the Commission.
From the Montreal "Gazette" of April 15 we take the
following (Canadian Press) from Winnipeg April 14:
Fleeting visions of grain-trading without a futures market were conjured up to-day by Sir Josiah Stamp,solver ofeconomic problems who heads
the Royal Commission at present delving into the effect of futures trading
on prices to producers. But they faded at the rise of disproving testimony
from grain-brokers who defend the futures market as a boon to the prairie
farmer.
Six witnesses—five called by the Winnipeg Grain Exchange—were
hoard as the Commission moved through the second day of its four-day
stay at Winnipeg, prior Co a journey through the west and into the United
States. To-day, for the first time, a "dirt" farmer testified, summoned by
counsel for the commission. Thirteen witnesses have been heard in the
two days' session.
"Suppose no futures market existed anywhere in the world ?" asked
Sir Josiah, of James A. Richardson, outstanding grain man who is also
Chancellor of Queen's University, and head of the nation-wide Canadian
Airways system.
"There would be chaos," said Mr. Richardson, but he admitted the
burden of risk would not be transferred back to the prairie producer as it
would if only the Canadian futures mart were closed.
"What do you think would happen if commissions to brokers on futures
sales were abolished?" The chairman inquired of George E. Cathcart,
large-scale speculator, commission merchant and spreader.
"With commission men on the State's payroll," came the answer, "I
would say that there would be more traders because the 'kitty' wouldn't
be against them—and prices would be a little higher."
The two casual questions followed a query yesterday by Sir Josiah to
F. W. Ross, western superintendent of the Bank of Nova Scotia. The
chairman had :inked: "Have you ever thought of a world-wide system of
Insurance to cover the risks of grain holding for a small premium instead
Of hedging?" The answer was in the negative. Hedging is a sale or purchase of grain on future contract to protect an equivalent cash purchase
or sale.
2875
Three Types Listed.
With the aid of Mr. Richardson, whose testimony lasted two hours.
Sir Josiah thinned out the field of grain traders in his quest for the "benevolent man" who sells short on a bull market.
He listed three types of legitimate sellers—hedgers coming into position
from farm or ocean;convertors of unheciged grain in other markets;spreaders
transferring hedges—and, besides, the "genuine bear speculator."
The Commission heard a professional speculator wnen Mr. Cathcart,
who buys grain by the ship-load and trades "about 100.000,000 bushels a
year," offered his testimony. He supported the futures-market idea and
believed that "quite possibly" wheat would never have gone below $1 per
bushel, unless on a brief panicky break, if it were not for "artificial restrictions" such as the holding of wheat by the Canadian Pool and the
United States Farm Board.
"Had there not been a futures market," stated Mr. Cathcart, "I do
not believe there would be a grain firm in Canada to-day—at least, the
banks would own them. And the Government would own the banks."
Referring to pool wheat, which is not hedged, he said: "If you hold half
the country's wheat off the market, the market is going to run wild with
no pressure—no hedging—and then the crash, like on the New York stock
market.
"I consider myself as a member of the Winnipeg Exchange, in the same
capacity as a member of London Lloyds," commented Mr. Cathcart,
questioned on the need for speculators. He believed that futures trading
undoubtedly aided the producer in obtaining a better price for his grain,
and induces greater stability in the market; and he thought that futurescommissions were effects rather than causes ofsurging bull trends.
Farm Loan Board Increases to 3% Interest Charged
by Agricultural Credit and Live Stock Loan Companies for Loans.
Washington advices (Associated Press) yesterday (April
17) said:
The Farm Loan Board has increased to 3% the interest agricultural credit
corporations and live stock loan companies may charge.
Formerly they were permitted to charge only 2% on general agricultural
loans and 2%% on loans secured by livestock.
In allowing the increase, the Board noted the additional rate would
enable the discounting corporations to build up profits and a reserve, and
increase their usefulness in serving agriculture with credit through the intermediate bank system. It took the viewpoint that banks would be encouraged to buy stock in them.
The 3% rate will be in addition to the interest which must be paid to the
Intermediate Credit Banks for rediscounting tne notes.
President Hoover in Addressing Annual Convention
of American Red Cross Says Drouth Presented New
Problem for It—Says Abandonment of Voluntary
Character Would Have Been Step Toward Government Dole.
The work of the American Red Cross incident to the
drouth of last year was lauded by President Hoover in
addressing the opening session in Washington, on April 13,
of the national convention of that body. The President
alluded to those who were skeptical of the abilities of the
Red Cross and who, through a Congressional appropriation,
would have had it abandon its voluntary character and in
effect have had it become a Government bureau. To have
Yielded, said the President, "would have meant the destruction of the spirit of the Red Cross". "It would have been
a step on the pathway of Government doles." The President's address follows:
"I am particularly glad to welcome this annual convention of the
American Red Cross. During this past year this great mutual institution
of the whole people has been put again to severe tests, not only all to it;
practical ability to meet national disaster but a test involving its whole
moral and spiritual purpose. You have, under most difficult handicaps,
again demonstrated that it can meet the relieve human suffering in any
national disaster.
"The drouth presented a new type of problem for the Red Cross—the
problem ef famine in over tvao millions of people. Your leaders, alive
to the possibility of suffering which would be the inescapable result during
the winter, began as early as last August to mobilize the Red Cross to
meet the inevitable burden. It was that far-sighted action and that early
action which enabled the saving of this multitude of people from infinite
suffering.
"Unfortunitely, men less familiar with the resources and the ability and
the courage of the American people in mutual action under their own
Red Cross, men no doubt genuinely concerned over the growing seriousness
of the situation, were skeptical of your abilities and the forces which give
it strength, and were insistent that the Red Cross should abandon its
voluntary character, should abandon its independence and its foundations
in service which are part of the spiritual life of our country, and become in
effect a Government bureau through Federal appropriations as the source
of its funds.
"They did not realize that the Red Cross represents a vital and precious
force in our people—their ability and strength in voluntary action and
their sense of service and of moral responsibility. For The Red Cross
springs from the people; it is of the people—it is a part of their spiritual
expression.
"It was a momentous decision which confronted you, to refuse the easy
course that was proposed, and it has been due to you, Officers and members
of the Red Cross in every city and hamlet of the United States, to your
courage, your resolution and devotion, that it has been possible even in a
time of extreme economic difficulty to prove your strength and ability
to meet national emergencies, by finding from your members the financial
resources on the one hand and the ability and the sense of service for
distribution on the other.
"If your officers had yielded on this occasion the Red Cross would have
been rendered impotent in the face of every future national emergency,
2876
FINANCIAL CHRONICLE
for it would have been inevitable to turn to the Government and the
taxpayer; it would have meant the destruction of the spirit of the Red
Cross, and it would have been the destruction of something even greater
than voluntary service—it would have injured the spiritual responses of
the American people. It would have been a step on the pathway of
Government doles.
"In problems of this kind we are dealing with the intangibles of life and
Ideals. We are dealing also with the highest thing in our civilization, that
Is, the sense of personal responsibility of neighbor for neighbor, the spirit
of charity and benevolence in the individual, the holding alight the lamp
of voluntary action in American life. A voluntary deed by a man impressed with the sense of responsibility and brotherhood of man is infinitely
more precious to our national ideals and national spirit than a thousandfold
poured from the Treasury of the Government under the compulsion of law.
Your organization is indeed the highest form of self-government, that is,
for our people to organize themselves without the force of law.
"The spiritual question is not solely a problem of giving and raising
funds; it is equally a question of their distribution—for here again is
mobilized the sense of voluntary service. There is within it the solicitude
and care given to the individual in distress based upon his need and not
upon his claim of right or influence. The very spirit that makes the Red
Cross possible assures it a probity and devotion in service which no governmeat can ever attain.
"In all this there is the imponderable of spiritual ideal and spiritual
growth. It is indeed the spiritual in the individual and in the nation
which looks out with keen interest on the well-being of others, forgetful
of ourselves, beyond our own preoccupation with our own selfish interests
and gives us a sense of belonging to the great company of mankind, sharing
in the great plan of the universe and the definite order which pervades it.
To impose this burden upon some one else by the arm of the law does not
awaken the spirit of our people.
"A great spiritual value comes to those who give from the thankful
heart, who give because of their sensibility to suffering. It is this spiritual
value, which is exemplified in the Red Cross, that is of transcendent value
to our nation. It is because of the courage and maintenance of this spirit
and this value that I wish on this occasion to pay tribute to each and
every man of you and to your board of governors, and more especially to
your chairman. You have not alone served our country in distress, but
you have contributed to preserve a great ideal in our people. You have
proved yourselves not only a practical instrument of mercy and relief,
but you have renewed and invigorated the spiritual life of the nation.
"You are inscribing another bright chapter in the history of the American Red Cross; and you are inserting a chapter of spiritual growth of
our country."
[VOL. 132.
No Drouth Loans After April 30—Secretary Hyde Not
to Extend Time Limit.
Secretary of Agriculture, Arthur M. Hyde, has no intention, at least, at present, of extending beyond April 30
the time for making loans from the Federal funds for loans
in drouth and storm areas. Mr. Hyde stated orally April 16,
April 30 was fixed as the final date for applications for loans
in the regulations issued when the funds became available.
The "United States Daily" of April 18, in reporting this
added:
Mr. Hyde said he believes sufficient funds are available to meet the demand for loans, but he feels that there is no need for crop production loans
after April 30,inasmuch as planting ofcrops should be completed by May 10.
County committees In all counties where loans are available have been
notified of the time limit. Dr. C. W. Warburton, Secretary of the National
Drouth Relief Committee, stated orally. They were asked to give full
publicity to the fact that only about two weeks is left, so there will be no
need of applications after April. Farmers should have the planting plans
completed before the end of the month, he believes.
The number of applications for loans at the Memphis, Tenn., field office
of the Farmers Seed Loan 'Office already has begun to decline, Dr. Warburton said. This office leads the five field offices in number ofloans. He
added that he expects the decline to spread to the other four field offices
within a few days.
Some of the several hundred workers in the field offices will be dismissed
as the number of loans declines. Dr. Warburton said, but the reduction in
forces will be gradual and a considerable number of the employees will be
retained to handle clerical work in connection with the loans. Later, a
force of collectors, probably numbering about 150, will be added. The first
payments on loans are expected late in June or early in July, he said.
Associated Press accounts from Washington April 16 said:
With the deadline two weeks away the seed loan office has approved
254,162 loans totaling $35,301.944 to farmers In the drouth and storm areas
for crop production and farm rehabilitation.
April 30 is the final date for applications and Secretary Hyde believes
that sufficient funds are available to meet all applications until that time
All planting he said should be completed by May 10.
Loans from the $45,000,000 fund for crop production total $31.781,778.
Should this fund be exhausted other loans could be made from the $10,000.000 fund set aside for "farm rehabilitation" which made it possible for
farmers to borrow for food. Loans from this fund total $2,587,558.
Senator La Follette Takes Exception to President Federal Loans for Purchase of Stock in Agricultural
Credit Corporations Total $237,930.
Hoover's Commendation of American Red Cross in
Relief.
Drouth
A Washington dispatch April 16 to the New York "Journal
According to Senator La Follette of Wisconsin the inference of Commerce" said:
Federal loans,from funds administered by the Department of Commerce
to be drawn from President Hoover's address (given elsetotaling $237,930 for the purchase ofstock in agricultural credit corporations,
where in these columns) that the emergency created by the have been made to stockholders in 12 agricultural credit corporations in 7
drouth has been met by the Red Cross, is not true. The States, according to an announcement made to-day by Secretary Hyde's
Senator contends that "the Red Cross has not expended one National Advisory Loan Committee
Members of the five other corporations have made loan applications totalcent to relieve the distress of the 6,000,000 unemployed and ing about $150,000, which are now in the hands of the National Committee,
part-time employment." He states that of the corporations that have received loans—three are in Arkansas, three
the 5,000,000 on
in Missouri,and there is one each in Alabama, Mississippi,
"the situation is growing desperate," and that "funds must in Tennessee,two Carolina and Virginia.
Louisiana, South
to adequately care for the distressed." We give
be provided
Senator La Follette's statement herewith:
American Red Wheat Advisory Committee Endorses Efforts of Federal
President Hoover, speaking from the platform of the
by the Senate apFarm Board to Cope With Wheat Surplus Problem
Cross yesterday, denounced the amendment passed
the drouth States and
propriating $25.000,000 for the relief of sufferers in
—Reduction in Wheat Acreage Urged.
and praised the Red
the unemployed as a "step dangerously near a dole,"
The Wheat Advisory Committee, meeting in Chicago
Cross for its refusal to accept the money if tendered.
to assist the drouth-stricken
The failure of the Federal Government
efforts of the Federal Farm Board
In refusing April 7-9 1931, endorsed
farmers was due to the determined opposition of the President.
over in helping to cope with the wheat surplus problem and called
millions of our citizens suffering want and hunger due to causes
to aid
which they had no control, the Federal Government violated precedents upon all producers to co-operate in curtailing production and
than 16 occasions
established as early as 1827. Since that time on no less
wheat to market. Resolutions adopted
the direct relief of controlling the flow of
the Federal Government has appropriated money for
by the Committee have just been filed with the Board, says
suffering from disasters of flood, fire and earthquake.
citizens
that the emerThe inference to be drawn from the President's address is
an announcement April 15 by the Board, which also stated:
Red Cross
gency has been met by the Red Cross. This is not true. The
8.000.000 unemhas not expended one cent to relieve the distress of the
dependents.
ployed and the 5.000.000 on part-time employment, and their
becoming exMunicipal, county, State and charitable relief funds are
is President Hoover
hausted. The situation is growing desperate. What
doing in this critical hour to meet this national emergency?
the idle.
His constructive suggestion is more recreational activities for
"spirit"
The President seems to more anxiously regard nourishing the
and thereby the
of those able to give charity than he Is to nourish the body
from the plague of unemployment,
spirit of the millions of innocent sufferers
for he told the Red Cross:
law does
"To impose this burden upon some one else by the arm of the comes to
not awaken the spirit of our people. A greater spiritual value their senthose who give from the thankful heart, who give because of
sibility to suffering."
be infinitely
How about the spirit of the unemployed? Would it not
in the last analysis are
better to use the funds of the Government which
of private charity?
their own, than to subject them to the bitterness
money out of the
President Hoover in denouncing the appropriation of
the widespread suffering in this country as a
Federal Treasury to relieve
of the funds now being expended is
dole utterly fails to recognize that 75%
municipal. To the millions of men,
coming from public funds, largely
malnutrition and actual hunger,
women and children suffering from want,
between a tax dollar, appropriated, by
there is no finely drawn distinction
a city or the Federal Government. have supported his position that the
President Hoover and those who
contribute one penny to relieve the acute
Federal Government must not
are suffering through no fault of their
distress of millions of our citizens who
humanity is long suffering, millions of
own, should remember that while
edge of starvation indefinitely. To
People will not continue on the ragged
crisis is to court national disaster.
longer muddle through this economic
be provided to adequately care
The time has come to act. Funds must labor and political leadership
for the distressed and the industrial, financial,
problem of economic planning
of this country must be mobilized to solve the
production developed through
to the end that the unexcelled machinism of
the benefit of our citizens.
15 years of intensive effort may be operated for
Referring to the recent announcement that wheat stabilization purchases
will not be made from the 1931 crop, the Committee said, "We realize the
impracticability of the continued control of a surplus year after year by the
Grain Stabilization Corporation without an effort on the part of the producers toward production control."
"The present indications," the resolutions continued, "are that with an
average wheat crop this year prices obtainable will be far below the cost of
production, causing great loss and harships to American farmers."
In regard to production and marketing control, the Committee "Resolved,
that the Farmers National Grain Corporation, its stockholder members,
the members of such stockholder associations and all other wheat producers
be urged to carry on a definite and forceful campaign not only toward the
reduction of wheat acreage, but also for the limitation and control of the
marketing of the 1931 crop."
The Wheat Advisory Committee was established by the grain co-operatives in accordance with the provisions of the Agricultural Marketing Act,
Federal Farm Board Announces Movement for Co-.
operative Sales Agency for Sale of Miscellaneous
Fruits and Vegetables.
At the close of a series of three sectional conferences the
Federal Farm Board announced on April 8 that an organize,
tion committee composed of 14 members had been selceted to
develop the details of a proposed co-operative sales agancy
plan for the selling of miscellaneous fruits and vegetables.
The Board's announcement from Washington April 9 added:
The other conferences were held at Jacksonville, Fla., on April 3 and St.
Louis, Mo.,on April 8. At the Jacksonville conference five of the committee
members were selected; four were chosen at the St. Louis meeting; and five
were named at the Washington meeting.
APRIL 18 1931.]
FINANCIAL CHRONICLE
Fruit and vegetable co-operatives from 21 States were represented at the
conferences. In sending out invitations to these conferences the Farm Board
Invited only those who had indicated in their replies to questionnaire that
they favored the establishment of a central grower-owned and controlled
sales agency to handle their products.
Later the Farm Board will call a meeting of this Committee in Washington, D.C.
2877
February of this year is shown to have brought more than 12,000 applications for relief to seven family service agencies. This was 7,500 more
than February, 1930, and 2,500 fewer than January, 1931. The total
number of families assisted by the nine principal family service agencies
in February was 30,598, an increase of 60 per cent over February, 1930.
An Albany dispatch April 7 to the New York "Times is
also quoted in part as follows:
Appropriation by New York City of $2,000,000 to Aid
Governor Roosevelt approved to-day a bill which paves the way for
New York City to raise $10,000,000 more for unemployment
Unemployed Approved by Board of Aldermen.
relief work.
The bill, drafted by Bernard Downing, minority leader of the Senate,
The Board of Aldermen of New York City on April 14 amends
the New York City charter to extend the limit on certificates of
approved an appropriation of $2,000,000—the first appropria- indebtedness from $2,000,000 to $12,000,000 for this year.
Under its terms these certificates must be authorized by a unanimous
tion under the enabling act recently passed by the State
vote of all members
Legislature authorizing the city to raise $10,000,000 for the resolution requesting of the Board of Estimate and Apportionment after a
such authority has been approved by a three-fourths
relief of the city's unemployed. The bill, which was signed vote of all the members of the Board of Aldermen.
Provision is also made that those employed in emergency relief work
by Gov. Roosevelt on April 7, required that the issuance of
and paid out of such funds
certificates of indebtedness provided for thereunder be two years. The bill hadmust have voted in New York City for the last
the support of the Prosser Unemployment
authorized by a unanimous vote of the Board of Estimate Committee.
This is the second bill approved by the Governor in the last month
and Apportionment after adoption of a resolution requesting
designed to aid unemployment relief
such authorization by a vote of three-fourths of the entire public corporations, except utility work. The previous measure permitted
companies, to contribute during the
membership of the Board of Aldermen. Regarding the action present year to unemployment relief and charitable organizations.
on April 10 of the Board of Estimate and Apportionment, the
The $10,000,000 authorized by the Legislature was origiNew York "Times" of April 11 said:
nally proposed with a view to continuing the relief afforded
Another step to make available funds for the unemployment of part of by the $8,000,000 raised by private subscriptio
n by the
the 20,000 men now on the Prosser Committee's payroll, which is rapidly
being exhausted, was taken by the Board of Estimate yesterday when it Prosser Committee, which fund was exhausted April 1. In
adopted a resolution asking the Board of Aldermen to approve issuance the New York "Evening Post" of March 31 it was stated
of $2,000,000 in revenue bonds. The money is to be used for supplies and that the Prosser
Committee has employed 24,000 men in the
labor on public works and in public institutions to relieve unemployment.
Mayor Walker, who presided at the meeting, referred to the passing of parks and on other non-profit-making work. It added:
the resolution as "obviously the first instalment of the $10,000,000 unemployment relief program" sought by the welfare agencies.
At the same time the Board of Estimate asked Director of the Budget
Kohler to submit to the Committee of the Whole on Tuesday his recommendations for work to be done on city hospitals, streets, docks and other
city property, in addition to that already authorized.
Lawson Purdy, for the welfare group, thanked the Board of Estimate
for adopting the resolutions, but Norman Thomas of the City Affairs
Committee maintained that $5,000,000 a month was the "irreducible
minimum" to care adequately for the needy and unemployment. He
was
told by the Mayor that the city had approved expenditures of $300,000,000
for city work. Mr. Thomas replied that $100,000,000 of this money
was
"badly frozen."
Darwin J. Meserole, President of the National Unemployment
League,
presented resolutions urging the city to call upon the State
Legislature
at once to speed up public works and also to appeal to President
Hoover
to advocate a national bond issue for a Federal system of public
works.
When Mr. Meserole continued argument of the merits of his proposal
he
was cut short by the Mayor who remarked that "the business of
this city
must go on or there will be a flock of more charges and no
work will
be done."
Further appropriations, the Mayor said, would work hardship on
small
property owners.
The effectiveness of the $2,000,000 appropriation, it was said,
would
be reduced because part of the money will be spent for materials.
The
Prosser committee's $8,000,000 was raised to pay wages of men and
women
in non-profit-making organizations and it was said that none of the
funds
went into materials or overhead.
The number of those who will seek employment from the Prosser committee organization also will be diminished to some extent, because under
the charter all jobs must be offered first to those on the civil service lists
and when those on the lists have jobs the money remaining will be spent
on the heads of families who are about to lose employment, under the Prosser
committee's regime.
Forty thousand cartons of food were distributed through the police
yesterday by the Mayor's official committee.
From the "Times" of April 15 we take the following:
The Board of Aldermen approved yesterday an appropriation of $2,000,000 to be spent to provide jobs for unemployed heads of families who
are
voters and final affirmative action is expected to be taken on Friday by
the Board of Estimate.
How soon 15,000 men might gain employment by the expenditure of the
$2,000,000 was said to be problematical. The Emergency Work Bureau
continued its plans to drop 11,500 men. The office of the bureau have
been besieged by discharged men who beg to be re-employed, but the only
possibility held out to them is that if the city moves quickly and
if
applicants are citizens they may find re-employment on municipal projects.
Of the $2,000,000 appropriated yesterday Mayor Walker said that about
$1,000,000 would be spent in building dirt roads in Brooklyn,
Queens,
Richmond and The Bronx. The rest will be spent on other city projects.
The men would be engaged from the City Free Employment
Bureau, it
was said, under a plan prepared for Frank J. Taylor, Welfare
Commissioner. . . .
In seeking to have the Board of Aldermen act on his resolution for
the
appointment of a Public Works Employment Committee to "thaw
out
frozen appropriations," Joseph Clark Baldwin, minority leader,
declared
yesterday that the City Government was "giving the unemployed
the run
around." He said the city had neglected to take any action on
public
works although the matter had been declared to be urgent months
ago, and
that at this time the entire project was "hoplessly ensnarled in
red tape."
Baldwin Makes Charge.
Mr. Baldwin declared that in one case the qualification of
voting residence was taken to mean that the applicant must be a Democrat.
In this
case, he said, the man was looked up on the party enrollment
list and
when it was found he was not a Democrat he was "simply laughed
at."
Mr. Baldwin criticized Mayor Walker and municipal officials for
waiting
"until the eleventh hour and then, just before the heads of families
paid
out of Prosser Committee Funds were discharged, the department
chiefs
were asked to report to the Mayor what they could do to speed
up the
program and provide jobs."
The striking increase in relief work by private and public welfare
agencies
is shown in a series of charts furnished the Co-ordinating Committee
on
Unemployment by the Welfare Council's Reserch Bureau.
But the city will not be able to give work to all these, for it cannot
employ any men except those who have been voters in the city for two years.
On April 8 the Prosser committee will begin laying off men, and it is
hoped that on April 10, when the Board of Estimate meets, it will able to
authorize some repair and painting jobs. The $10,000,000 city fund will
be spent through the city departments, not through the Prosser committee,
and it can be used only on constructive work, so that most of the jobs
the
Prosser committee created in the parks will be abandoned.
Acting Mayor Joseph V. McKee has a list of work which would be done
during the next 12 months in various city departments which can
be
pushed ahead and paid for out of the emergency fund. Every preparation
has been made to start this work as soon as possible after the extension
of the debt limit is authorized.
The Prosser committee announced that the 1,600 women receiving $18
a week will be retained by the Emergency Work Bureau. An effort will
be made by the committee to care for the men who are not eligible to
employment by the city.
Potato Growers Warned Against Overproduction by
by C. C. Teague of Federal Farm Board.
In warning potato growers against overproduction, C. C.
Teague, Vice-Chairman of the Federal Farm Board, had
the following to say in a statement issued April 12:
The potato crop is one of the important agricultural crops of the United
States. The annual farm value of potatoes is over $400.000,000, or more
than one-half the farm value of wheat. The prosperity of the potato growers
is therefore of great importance to the country.
The outlook report of the U. S. Department of Agriculture on the intentions to plant late potatoes, which form the major portion of the crop,
indicates an increased planting of approximately 10%. If the usual expectancy of yield is realized this will mean a total crop of 430,000,000
bushels. With a crop of 361,000.000 bushels for this past year great difficulty has been experienced to sell at satisfactory prices, considering the
small size of the crop. Past experience has shown that even with prosperous
conditions in the country the prices realized are in direct relation to the
size of the crop, as will be seen by the following figures.
Year.
1928
1924
1927
1929
1926
1925
Production.
(Bushels).
463.000,000
420,000.000
403,000.000
359,000,000
354,000.000
321.000.000
Aver. Farm
Rank. Price (Dollars
per Bushel).
1
2
3
4
5
6
0.64
.76
1.11
1.31
1.40
1.68
Rank.
Farm
Value.
6
5
4
3
2
1
8231.000,000
312,000.000
448.000,000
470.000,000
496,000,000
532.000.000
Taking this as a criterion, if growers persist in planting the acreage which
Is indicated by the Outlook of Intentions to Plant, growers may expect
the lowest prices they have had for years. Certainly there can be no justification for increased planting of potatoes that will bring certain disaster
in price. It would seem only the part of wisdom for growers to reduce their
planting intentions for this spring by at least 10%.
It should be borne in mind that last year's production was seriously
affected by drouth. If the acreage planted had produced a normal crop
prices would probably have been low. Surely there can be no justification of
increasing the acreage above that planted last year.
James C. Murray of Chicago Board of Trade Holds
Stabilization Program of Federal Farm Board Has
Failed in Attempt to Maintain Markets on Satisfactory Level—Declares There Is no Such Thing
as "Phantom Wheat."
James C. Murray, President of the Chicago Board of
Trade, in an address on April 8 declared the stabilization
program of the Federal Farm Board "has failed completely
in the attempt to maintain the markets on any satisfactory
level. Its operations have only resulted in accumulations
which area menace to the coming crops," he told the Chicago
Association of Commerce.
2878
FINANCIAL CHRONICLE
On the eve of the birthday of the Board of Trade, which
was 83 years old on April 9, Mr. Murray sketched the growth
of the exchange, declaring it now provides work directly or
indirectly for 100,000 persons, and its members maintain
bank balances of over $200,000,000 to finance movement of
the farmers' crops. To this vast machinery, the 33 other
American grain exchanges now look as a true price barometer.
It was shown how competent speculation is essential to
a futures market, which makes possible hedging, which
even critics of futures trading endorse. The speaker quoted
Alexander Legge's endorsement of hedging to the effect
that bankers financing grain movement "are very much
"
averse to loaning money on wheat not protected by hedges.
the world's hedges, he said.
Chicago has for years carried
a
"It is a market that annually takes the surplus load of
160,000,000 bushels of wheat, to
State like Kansas with its
with
which may be added Texas, Oklahoma, and Nebraska,
winter wheat crop harvested in sixty
130,000,000, or a total
and
days of 600,000,000 bushels." Large volume of hedges
h this market, much of the wheat
-hedges handled throug
re
for
being in undeliverable positions, he said, is responsible
wheat."
the term "phantom
de"But there is no such thing as phantom wheat," he
sale is a bona fide contract for delivery and
clared. "Every
bility
every purchase likewise carries with it the responsi
delivery. Settlement of a sale by offset is
of accepting
simply buying back or substituting some other seller through
purchase." He added:
[voL. 132.
support of all business and agricultural interests in the
maintenance of a free and open market for American grain."
French Wheat Decree.
The following, from Paris, is from the "Wall Street
Journal" of April 15:
An official French decree increases to 15% from 5% the maximum
foreign wheat allowed flour manufacturers. Price of wheat remains over
ISO francs per 100 kilos for both domestic and foreign wheat. This is the
record price for post war years and compares with the average of 147 francs
per 100 kilos last year and 29 gold francs in 1914. Price of bread is twice
as high in France as it is In Belgium.
British India Sets Import Duty on Wheat—Duty on
Flour Revised.
A bill providing for a duty on wheat and flour of two
rupees (about 73 cents) per cwt. (112 pounds) has been
passed by the British Indian Legislature, according to a
radiogram received in the Department of Commerce from
Trade Commissioner George C. Howard, Calcutta. Heretofore wheat was duty-free, while flour was subject to a
duty of 20% ad valorem. The Department's announcement
on April 13 states that the wheat duty has been collected
provisionally since the introduction of the bill in the Legislature in March. A previous item regarding the duty appeared in our issue of March 28, page 2310.
of
Speculation Not Responsible for the Low Price
Wheat, According to Dr. Alonzo E. Taylor.
A widespread belief that in one way or another speculation,
recent
notably short selling, has been responsible for the
than in the present and current low price of wheat in the United States has
"No better example of this truth is found anywhere
is anything ghostappearance of Uncle Sam in the wheat market. If there
issue of "Wheat Studies, Speculation,
Chicago market it is prompted the latest
like in purchases of wheat for future delivery in the
Alonzo E.
ng to forecast the Short Selling and the Price of Wheat," by Dr.
hoped it will appear soon as our government, in attempti
has so far found Taylor, in which the author examines the validity of this
trend of values by stabilizing through pegging the price,
little encouragement in the theory of phantom wheat."
belief. Making this known, the Food Research Institute
honest, able men have administered the Farm Act of Stanford University, California, says:
While
The inference that speculative short selling has operated significantly
has neverand have had board of trade co-operation, grain
during recent years is not tenable. The outstandce in a downward directionoperations on the American grain exchanges during
ing effect of speculative
theless been taken out of regular channels of commer
opinion of 1928-29 to 1930-31, when the markets were free, has been to raise the
instead of being disposed of as usual and, in the
domestic price of wheat and to restrain exports. The net effect of trading
speaker, to the distress of agriculture and business. He In wheat futures by the Stabilization Corporation, a subsidiary of the Fedthe
ion and eral Farm Board, was to put the price of American basis wheat above export
referred to recurring waves of anti-futures legislat
parity. This effect is generally recognized. "If it is reasonable," says the
relief agitation, which have brought to congress sugges- author, "to ascribe a relatively high position of the American price to
farm
regulations and restrictions. "Some futures buying by the Stabilization Corporation, then it is reasonable.
tions for petty rules,
bureaucratic when the position occurs without trte Stabilization Corporation, to ascribe
are already being enforced," he added. "A
by which
it to futures trading or speculation. The outstanding criterion
ment is being built up that has already the net effect of futures trading may be Judged—a criterion both promachine in our govern
futures have tended to overlook—Is the
ponents and opponents in wheat
seriously inconvenienced the grain trade.
d to relation of the American price to the world price."
the Chicago
"Passage of the agricultural marketing act intende
A detailed study of futures prices and of the spread between
failed of its pur- and the Liverpool wheat prices for the crop years 1928-29 to 1930-31 is
be of benefit to the farmer has admittedly
clearly that Chicago futures have stood
honest men interested illustrated with charts, which show
pose," he said. "Ably managed by
l futures before and apartfrom operations underrelief, the high in relation to Liverpoo
covers the interesting
in the working out of a definite scheme of farm
taken by the Stabilization Corporation. An appendix
the Chicago Board of
has again demonstrated the futility and illuminating episode of Russian short selling on
operation under the act
reaction to supply Trade on Sept. 9-11 1930.
of interference with the normal action and
and demand."
as Market for Wheat—Chairman
advanced China Not Regarded
Through the act, he said, the Government has
Stone of Federal Farm Board Sees No Opportunity
g up co-operative
"large sums for the purpose of buildin
in Orient.
grain through
companies, under obligation to market their
• The following isfrom the "United States Daily" of Apr. 14:
Board." He
has conferred with
the single channel approved by the Farm
James C. Stone, Chairman of the Federal Farm Board,
and export practices
the Chinese Minister to the United States on import
further said:
to be no immediate prospect of sales of wheat
would provide a better service,
"Should it be proven that these methods
the results. However, it has now
the grain trade would have to accept
ion program, under the act, has failed
been clearly shown that the stabilizat
on any satisfactory level,
ly in the attempt to maintain the market
complete
in large financial loss and accumuits operations have only resulted
and
crops.
lations which are a menace to the coming
ive program, it has been very clearly
"As to the progress of the co-operat
other countries that the unit system of
demonstrated in the experience of
channel is not a success and that a free
marketing through one national
a wide public interest, is the only sound and
and open market, carrying
crops."
means of disposing of staple
safe
operations of the farm relief law
By reason of a study of
y
Murray continued, the Board of Trade strongl
to date, Mr.
recommends the following:
divest
Government should, at the earliest possible date,
"First, that the
end that the
business of merchandising grain, to the
itself entirely of the
shall be handled by the regular
surplus already stored up
marketing of the
possible disturbance
and export trade with the least
dealers in the domestic
crops.
marketing of the coming
marketing
to the
the development of co-operative
"Second, that in assisting
nt funds should not be
terms of the act, governme
as required under the
of commodities in
interest in the merchandising
.used at lower rates of
established trade.
competition with the
grain with
nce of a free and open market for
"Third, that the maintena
to the best interests of the producer
public interest is essential
a wide
and consumer.
be relieved of unnecessary detailed
"Fourth, that the market should
bureaucratic control."
governmental supervision and
"The Board of Trade
In conclusion Mr. Murray said:
and merits the combined
is an asset to the country in general
of China, but there appears
13.
to China as a result of the conference, Mr. Stone stated orally Apr.
a
Mr. Stone said he has been advised, however,that there is vast potential
of commodities, but he did not believe this
market in China for all kinds
The Chinese Governmarket would be developed In the very near future.
Stone said. One question
ment does not buy wheat and never has, Mr.
ent acts in a
which be investigated, lie added, was whether that Governm
as some other Governments
monopolistic way in dealing in any commodity
do so.
do and that he found that China does not
es
in May wheat, he
Wheat traders probably will find themselv "short"
the Grain Stabilization Corp.
said, but there is no disposition on the part of
said, the corporation has announced
to "squeeze" them. Instead, he
raising the price 1% cents
that it will sell wheat now at 81 X cents a bushel,
d that he believes the
a bushel each month. Chairman Stone explaine
although recent esticarryover in wheat will be about 275,000,000 bushels,
from that figure.
mates have varied considerably both ways
British Delegate to Rome Grain Conference Assails
Federal Farm Board and Canadian Pool—Lays
Wheat Problem to Our Intervention.
From the New York "Times" we take the following
London account April 13:
Farm Loan Board and the CanA severe indictment of the United States
adian wheat pool was made to-day by sir Herbert Robson, British expert
as a delegate from the
who attended the recent grain conference at Rome
London Corn Trade Association.
Writing in The London "Times," he declared the present "disastrous"
position in the world's grain markets had been caused by the Intervention
a
ries by re ythtlo ccuw ulatio n of enor mous
eo
of Governments—"in exporttcountries bgula e ns mhich prevent bread
stocks and in importing
and by customs duties which increase the price."
of fine quality being sold
APRIL 18 1931.]
FINANCIAL CHRONICLE
2879
Without Governmental backing, he asserts, the enormous stocks of grain
Farm holdings of wheat in the five States of Important production in this
now stored in the United States and Canada could not have been accumu- District (the Dakotas, Nebraska, Montana and Washington) are 10,000,000
lated, "distribution would have been made in an orderly and normal man- bushels greater than they were a year ago; on March 1 1931, they amounted
ner and the market would not have been threatened by an avalanche from to 21.1% of the total crop of the previous year, as compared with farm
these enormous unneeded accumulations."
holdings on March 1 1930, which amounted to 18.5% of the previous year's
The results of Government intervention across the Atlantic are a clear crop of the same States. There are smaller country holdings of wheat in
warning, in his opinion, against the international wheat marketing com- North Dakota and Montana, but excess supplies over a year ago in the remittee which has been suggested.
maining three States bring the net surplus up to the 10,000,000 bushels
"If the present wheat problem actually has been caused by the partial mentioned. This is proportionately somewhat more than is held on all
intervention of certain Governments in attempting to control the move- farms in the United States, but this is a usual circumstance in the Northwest.
ment," he says, "I dread to think of the chaos which might result upon
Incidentally, these five Northwestern States produce about one-third of
any attempt at international control by all the Governments concerned the United States supply of wheat. There is a fair production in some of
in growing and consuming wheat."
our other States, but elsewhere in this section wheat is a very minor crop.
Minnesota's production is exceeded by that of Pennsylvania, Iowa's wheat
Wisconsin's is
or Virginia,
Simplified Crop Cost Method Made Available to Farm- production is smaller than that of Maryland or Virginia, and Wisconsin's is
and
production is smaller than that of Maryland
ers by American Agricultural Chemical Co.
activities of Wisconsin.
about the same as that of Delaware. Principal
The American Agricultural Chemical Co. recently de- Minnesota, and Iowa are manufacturing and its many allied industries;
wholesale merchandising
veloped and released through its 16 sales offices in the prin- trade territory; dairying,on a scale commensurate with the needs of a vast
corn, hog, and beef production; the production of
cipal agricultural sections, a simplified crop-cost method special crops such as truck and canning vegetables and sugar beets; and in
to farmers throughout the United the Great Lakes region, mining and wood pulp production.
which will be furnished free
Livestock Our Chief Source of Farm Income.
States. This new cost-finding method has been perfected in
Apologies should be
co-operation with Ernst & Ernst, certified public accountants marks, as these facts made for immediately foregoing explanatory reare trite to people of this territory; but it seems
and is said to make it possible for any farmer to keep a necessary occasionally to restate such facts in order to correct impressions
record of his costs without any previous experience in cost held by people who are not intimately in contact with the district. In the
entire 10 States of the Northwest Bancorporation territory, livestock and
finding. In making public this new crop-cost method, its products are a far larger source of rural income than cash grains. Corn
Horace Bowker, President of the American Agricultural is a more important crop than wheat. Another group of five Northwestern
States (South Dakota and Nebraska appearing in both the wheat and corn
Chemical Co., said:
Surveys which we have now completed indicate that less than one farmer groups) produce about 40% of the nation's corn; these are Iowa, Nebraska.
In every twenty has an accurate idea of what it costs him to grow his crops. Minnesota, Wisconsin, and South Dakota, whose combined production is
Without a knowledge of cost no business can be operated efficiently; in- about one billion bushels of corn annually. It may be noted that the five
deed, I believe that lack of accurate knowledge of what it costs farmers to States mentioned now hold on farms 36.7% of their previous year's corn
grow their crops is one of the root causes of the present farm problem. crop, the percentage of all farm holdings in the United States being someWhat chance, for instance, does the argument for acreage reduction have of what smaller-34.1%.
A generous number of month-by-month statistics relating to the 10 States
making any substantial headway when most farmers have only the haziest
kind of an idea of whether they are losing money or not Indeed, lack of comprising trade territories of associated banks of the Northwest Bancorporasimple cost figures is a controlling reason why much of the "educational" tion group, indicate that this region as a whole stands in a relatively favorable position when compared with the country at large.
work among farmers goes for naught.
The 10 States are Minnesota, Wisconsin, Iowa, Nebraska, North DaFrom the narrower point of view of the fertilizer manufacturer, our
surveys have proved that this lack of cost knowledge is one of the principal kota, South Dakota. Montana, Wyoming, Idaho, and Washington.
As for the general standing of these States as it pertains to production.
obstacles in the way of increased fertilizer consumption. Fertilizer has as
its principal functions the increasing of the yield from each acre cultivated, Income,&c.,the most logical measuring stick to be used is population, which
so that the cost of producing each bushel of crop may be reduced corres- Is 10.9% of the national total.
Products manufactured here, valued at five and one-half billion dollars
pondingly. Low unit cost is the farmer's best safeguard in a time of low
commodity prices, and low costs can only be obtained by getting maximum annually, amount to approximately 9% of the United States output, which
Is somewhat below the population ratio. Our manufacturing output, howyields from each cultivated acre. The farmer who has no knowledge of his
costs is unable to appreciate the vital significance of this fundamental fact. ever, is more stable than in most sections, as a larger proportion of such outThat is one reason why we find in our farm surveys that the great agri- put is made up of foods and food products; 37% of the volume of manufaccultural States of the Mid-west and Northwest use such meagre quantities tures of this region comes under the classification of foods, while only 18%
of fertilizer. In Ohio the consumption of fertilizer averages only 61 lbs. of all manufactures of the United States can be listed under the same classiper acre; Indiana 42 lbs. per acre; Illinois 3 lbs. per acre; Missouri 9 lbs. fication.
In the mining industry, production of important minerals in these States
per acre; Michigan 30 lbs. per acre; Wisconsin 7 lbs. per acre; Minnesota
one lb. per acre; Iowa one lb. per acre; Kansas one lb. per acre, and less is decidedly above their population ratio (11%); 87% of the iron ore of the
United States is mined here, 25% of the copper and lead, 20% of the zinc.
than a pound per acre in Nebraska, South Dakota, and North Dakota.
No wonder, then, that total fertilizer consumption in the United States 24% of the gold, and 36% of the silver.
Physical wealth lying within the boundaries of these 10 States is 15% of
Is only 8,000.000 tons per annum. whereas the total consumption would be
63,500,000 tons per annum if American farmers used as much fertilizer the entire physical assets of the United States.
The position of this region in the matter of farm income is particularly
to the acre as do farmers in Germany.
Surveys of the cost of producing the country's principal cash crops, notable.
Income derived from crops in the 10 States in 1929 was 16% of the nawhich we recently completed, show that the average yield of corn is 31
bushel per acre, costing 73 cents a bushel to grow. Where enough fertilizer tional income arising from the same source; cash returns derived from livewas used, the yield was increased to 59 bushel per acre, and the cost per stock and its products (dairying, wool, &c.) in the same States aggregated
bushel was reduced to 40 cents. That was the average. Some farmers 38% of the national total.
got as high as 120 bushel per acre; costs were as low as 22 cents a bushel.
Cash grains and other crops grown in this region are a highly important
The average yield of potatotes is 100 bushel per acre, costing 64 cents a and indispensable source of new wealth, but they are overshadowed in imbushel to grow. Our survey showed that where enough fertilizer was used, portance by livestock and its products. In 1929, when various items of
the yield was increased to 200.9 bushel per acre and the cost per bushel was agricultural Income were in fairly good balance, 30% of the farm income in
reduced to 54.4 cents a bushel. That was the average. Some farmers got these 10 States was derived from crops, while 70% was derived from livestock.
as high as 583 bushel per acre; costs were as low as 33 cents a bushel.
The average yield of lint cotton is 155 lbs. per acre, costing 16 cents a
Under adverse conditions which have persisted during the past year,
pound to grow. Our survey showed that where enough fertilizer was used, returns from livestock and livestock products, major source of Northwestern
the yield was increased to 305 lbs. of lint per acre, grown at an average cost farm wealth, have been least affected.
of 10% cents a lb. Some farmers got as high as 625 lbs. per acre; costs
• were as low as Scents a lb.
World's Grain Exhibition and Conference To Be Held in
In order to break the "log-jam" which is holding back the consumption of
Regina, Canada.
fertilizer in this country, we realize that the farmer has got to know his
costs. That is why we have perfected this new crop-cost method, Which is
Plans are being made for a world's grain exhibition and
so simple that we believe any farmer can utilize it easily and successfully.
As a result, farmers will now be able clearly to understand the part fertilizer conference which is to be held in Regina, Canada, from
plays in increasing profits by reducing the unit cost of production.
July 26 to Aug.6 1932, according to a reportfrom Consul Lee
Five Northwestern States Produce About One-third of
United States' Wheat Supply According to Northwest Bancorporation Review—Minnesota's Production Exceeded by Pennsylvania-87% of Iron
Ore in United States Mined in 10 Northwestern
States.
Facts pertaining to the basic income sources of the Northwestern States are brought out in the March 20 issue of
the Northwest Bancorporation Review published by the
Northwestern National Bank and the Minnesota Loan &
Trust Co. of Minneapolis. Among other things it is shown
that Pennsylvania is a greater wheat State than Minnesota,
and Maryland or Virginia raises more wheat than Iowa,
Delaware, or Wisconsin. Likewise that, with 10.9% of
the national population, 10 States in the Northwest area
produces 87% of our iron ore, 25% of our copper and lead,
20% zinc, 24% of our gold, and 36% of our silver. The
physical wealth of the 10 States is 15% of the entire physical
assets of the country. Thirty per cent of the farm income
from these States is from crops and 70% from live stock,
dairying, and kindred activities. We quote from the Review
as follows:
R. Blohrn, in that city, made public by the Department of
Commerce. In making this known Apr. 11 the Department
said:
It is being sponsored not only by the city of Regina and the Province
of Saskatchewan but also by the Government of the Dominion of Canada
and by all of the nine provinces in Canada. The Dominion Government
alone has set aside a very substantial sum of money for this exhibition and
will spare no efforts to make it a success. There are 56 classes in the general
prize list amounting to $200,500.
It is the wish of the executive to make the conference representative of
the world's best thought along practical and scientific lines, and to secure
outstanding contributions from all countries whose experts are recognized
as leaders in their particular lines. It amounts to the organizing of a conference that will constitute a clearing house for world thought on every
Important branch of field crop production and marketing.
11,187,000 Farms Taken Over by Soviet Collectives
—Average in Chief Grain Areas Runs as High
as 80%.
From Moscow April 16 the New York "Times" reported
the following:
Collectivization continues to gain at an increasing speed, which must be
regarded as a positive sign in favor of the Kremlin's policies. During the
past ten days 67.000 peasant holdings were collectivized daily, and the total
now is 11,187.000, or 45.2% of Russian farms.
4'
The Ukraine has reached 58%, North Caucasia 80 and the Volga region
averages around 70, which means a great deal, as these are the chief grain-
2880
FINANCIAL CHRONICLE
producing regions. The Spring sowing campaign seems to be proceeding
favorably, though delayed by adverse weather. About 94% of the tractors
which needed repairs have been repaired, and 30,000 new tractors, plus
parts, recently imported from America, have reached their destination.
So far it appears that autumn-sown grains are in good condition, although the Agriculture Department is careful to point out that there is
still danger of a sudden frost. The sowings by individual peasants leave
much to be desired, but they are beginning to improve. On the whole,
despite delays, the outlook is favorable.
Argentine Minister Bars Corn Price Fixing—Says Crop
Is Not So Large as to Force Drop.
A cablegram as follows from Buenos Aires, April 16, is
taken from the New York "Times":
The Minister of Agriculture has sent a note to the Rosario Stock Exchange
saying the Government would not fix a minimum price for corn. The note
was in response to a formal request that the Government set a price to
protect farmers from foreign speculation.
The minister expressed the opinion that Argentina's corn crop this year
was not so large as to cause a decline in prices and that price fixing could
not be undertaken without the co-operation of the Central Bank, which
has already advanced large sums to farmers.
Proposal for Canadian Wheat Board.
The following Canadian Press dispatch from Winnipeg,
April 13, is from the Toronto "Globe":
The "Manitoba Free Press" published the following from its Ottawa
correspondent to-day:
"Foreseeing difficulties in financing the 1931 wheat crop, representatives
of the Prairie Provinces have placed before Right Hon. R. B. Bennett a
proposal to create a Canadian Wheat Board similar to the one of 1919,
and guarantee a fixed minimum price to farmers. Mr. Bennett did not
give any reply to the proposal."
President Williams of Atlantic Cotton Association
Calls Agricultural Marketing Act Unsound—Federal Farm Board Also Criticized.
Dameron H. Williams of Gastonia, N. C., President of
the Atlantic Cotton Association, in a speech before the association's annual convention at Savannah, Ga., on Mar. 30,
declared that "despite the flood of political oratory expended
to date on the subject, we now know that national legislation
in the form of the present Agricultural Marketing Act has
utterly failed to aid the farmers." According to Associated
Press advices he called the marketing act "unsound and
uneconomic" in its makeup, and declared that under its provisions the United Government "has been definitely and
badly placed in business." Mr. Williams criticized the Farm
Board's expenditures and said "undoubtedly an emergency
exists somewhere when we view the recently disclosed
figures showing that $45,000,000 have been lost by the Government in cotton alone with indications that the total loss
in this unfortunate experiment in handling farm commodities will approximate $100,000,000." He is likewise quoted
as saying:
"The United States Government must decide quickly either to handle
the entire cotton crop of the South Or else get out of the commodity
business.
"Under the provisions of the Act the United States Government has
been definitely and badly placed in business—in open competition with
business. Private initiative can never be encouraged when Government
competition must be faced. Chaos always results when business is called
upon to compete with the treasury of its own country. Mills and merchants
and stores must simply shut up shop and wait for the storm to subside,
"Fortunately, the whole country is alive to the situation to-day. Congress realizes what has happened and I feel sure the members of that body
will soon bring to a stop this effort to turn the United States Treasury
Into a community chest. The farmer and the business man and the citizenship generally realize that there is but one step from the Government in
the farm commodity business to a government shoe store with a government corner grocery supplying our food."
Governor Black of Federal Reserve Bank of Atlanta
Finds Immediate Future of Cotton Industry
Brighter.
Eugene H. Black, Governor of the Federal Bank of Atlanta,
declared that the immediate future of the cotton industry
was brighter, and that the signs pointed to further improvement in the trade. Governor Black expressed his belief in
the growth of the industry in his welcoming address to the
mill executives and representatives attending the thirty-first
annual convention of the Cotton Manufacturers' Association
of Georgia, which closed at Atlanta on April 8. From the
New York "Journal of Commerce" we quote the following
Atlanta account of the meeting:
Belief that a satisfactory adjustment on rail rates in the South would be
arrived at, was expressed by W. D. Anderson, President of the Bibb Manufacturing Co., as a result of a conference with New England tnillmen. The
proposed 25% rise in freight rates, he asserted, would practically eliminate
competition by mills in the Southeast..
Mr. Black congratulated the textile chiefs of Georgia for their ability in
bringing to Georgia 3,240,630 cotton spinning spindles, of which nearly
8,000,000 were active at the close of February.
[VOL. 132.
He declared that indications pointed to further improvement in this
industry, and traced the progress of textile growth in the South over a period
of years, leading up to the South gaining supremacy of manufacturing
cotton goods.
"The centers of cotton manufacturing should be in the heart of the
producing area of the raw material," he said.
"It required years in accomplishing this achievement, but now that we
have obtained our leadership, let us retain it."
In the course of his address on the "Cotton Factory Products Rate Case,"
Anderson declared that through a series of conferences with a committee
of men representing the mills of New England, an agreement has been
reached on a revised schedule of rates that will meet the requirements of
the Inter-State Commerce Commission and which, it is hoped, will be
acceptable to the railroads of the two sections. These new rates, he said,
will place the Southern and the New England mills on a parity, mileage
considered, in the important consuming markets, and, while they will
effect a slight increase in the rates from the South, the increase is a great
deal less than that proposed by the railroads.
D. W. Anderson, general manager of the Pacolet Manufacturing Co. of
New Holland, Ga., was elected President. He succeeds D. A. Jewell, Jr.,
Vice-President of the Crystal Springs Bleachery Co. of Chicarnauga, Ga.
Norman Elsas, Secretary of the Fulton Bag & Cotton Mills, was elected
Vice-President and Treasurer. Hatton Lovejoy of La Grange was re-elected
as General Counsel and T. M. Forbes re-elected Secretary. C. W. Cheats,
traffic manager for 20 years, was retired by resolution and elected traffic
manager emeritus for life. His successor will be selected later.
J. A. Miller, Executive Vice-President of the Exposition Cotton Mills,
was added to the board of directors, and Mr. Jewell automatically became
a member of the executive board.
Board of Directors.
In addition to Mr. Miller, the board of directors follows: L. L. Jones,
Canton; S. A. Fortson, Augusta; P. K. McKenny, Columbus; J. H. Cheatham, Griffin; Fuller E. Callaway, Jr., La Grange; W. N. Banks, Granville;
G. I. Parmenter, Cartersville; A. T. Matthews, Thomaston; W. D. Anderson, Jr., Macon; A. 0. Dudley, Athens; W. K. Moore, Dalton; J. T. Hightower, Thomaston.
"The textile industry is looking upward and growing rapidly," declared
Eugene R. Black, governor of the Sixth Federal Reserve Bank, in his
welcoming address to the mill executives and representatives.
Richard Whitney Renominated as President of New
York Stock Exchange.
The following is the report of the Nominating Committee
of the New York Stock Exchange for offices to be filled
at the annual election, May 11 1931:
For President—Richard Whitney (Richard Whitney & Co).
For Treasurer—Warren B. Nash (at W. E. Burnet & Co.).
For Ten Members of the Governing Committee, for the term of four
years—Paul Adler (Adler, Coleman & Co.) ; Edward C. Fiedler (Jacquelin
& DeCoppet) ; Howard C. Foster (Foster & Adams); Charles R. Gay
(Whitehouse & Co.); Douglas R. Hartshorne (Hartshorne, Fates & Co.);
Robert W. lleelips (J. H. Holmes & Co.); H. G. S. Noble (at DeCoppet &
Doremus); Andrew Varick Stout, Jr. (Dominick & Dominick); Bertrand L.
Taylor, Jr. (Logan & Bryan); Arthur Turnbull (Post & Flagg).
For One Member of the Governing Committee, for the term of three
years—John A. Cissel (F. P. Ristine & Co.).
For One Member of the Governing Committee, for the term of two
years—Alexander B. Gale (Vernon C. Brown & Co.).
For Trustee of the Gratuity Fund, for the term of five years—James B.
Mahon (Mabon & Co.).
Mr. Whitney is renominated for his second term as President. Mr. Nash, who is renominated for the post of Treasurer, has already served in that capacity for 11 terms.
-Laws of Loa Angeles Stock Exchange
Change in By
Excludes Corporations from Membership.
The following announcement was issued Mar. 30 by the
Los Angeles Stock Exchange:
In order to maintain closer supervision over the activities of members,
Governors of the Los Angeles Stock Exchange approved an amendment to
the Constitution and By-Laws which will limit the membership to a
partnership or an individual whose principal business is dealing in securities. By this change, which becomes effective April 10, corporations are
excluded from membership. Status of the present membership is not
changed by the amendment.
New York Cocoa Exchange Expects to Open New
Quarters on April 27.
The executive committee of the New York Cocoa Exchange
announces that it expects to begin trading at the new quarters at 92 Beaver Street on Monday, April 27. The New
York Cocoa Clearing Association will also be located in
the same building on the same date. The Cocoa Exchange
has been in its original home at 124 Water Street since it
opened on Oct. 1 1925.
Report of Possible Dissolution'of;New York Burlap &
Jute Exchange.
The following is from the New York "World-Telegram"
of April 10:
Plans are under way for the liquidation of all accounts and the formal dissolution of the New York Burlap & Jute Exchange, it was reported in commodity market circles to-day. At a recent meeting, members in favor of
dissolution were in majority, but failed to muster two-thirds vote required
by New York States laws for dissolving a corporation.
A point of difference among the members, one member said to-day, ls
regarding the manner in which a surplus fund of approximately 8100,000 In
the exchange treasury is to be distributed.
APRIL
18 1931.]
FINANCIAL CHRONICLE
Lease Sold at Profit.
The Burlap & Jute Exchange was organized in September 1929, and
launched trading in futures of burlap and sugar bags. Later it was intended to trade in raw jute, but this commodity never entered the market.
The exchange leased quarters at 80 Wall St., but for some time the exchange
has not been in operation. Recently the lease was disposed of at a profit.
There are 67 members of the exchange, 22 of whom are charter members
and the reamining 45 are known as "regular" members. The regular
members paid $2,000 membership fee. The charter members are said to
have obtained their membership without cost.
At the recent meeting, held for the purpose of dissolving the exchange,
the charter members favored having the treasury surplus divided equally
among the entire membership. Such a distribution will not permit the
regular members to get back the amounts they paid in. They objected to
the plan.
Alternative Proposal.
According to the regular membership viewpoint, the funds in the treasury
should first be drawn on to return all membership fees paid in and then the
remainder be distributed pro-rata among all members.
IL W. Hamilton is President of the exchange. No date has been set for
another meeting, but one will be called, Mr. Hamilton said to-day, as soon
as the members have worked out an agreement for liquidation of the corporation.
Prince & Whitely Face Two New Inquiries by Federal
and State Authorities.
Following a bearing of creditors of the bankrupt brokerage house of Prince & Whitely before Federal Judge Knox,
on April 8, it became known that two investigations of the
activities of the firm by Federal and State authorities have
been ordered. The New York "Times" of April 9, from
which the above information is obtained, went on to say,
In part:
2881
At one point Mr. Kaufman remarked that no one had been defranded in
that transaction," and Mr. Kramer said: "I'll argue that with you at
another time."
Mr. Hoyt was the firm member who signed the Prince & Whitely schedules, which were filed last month, estimating total liabilities at about
$60,000,000 and assets at $75,000,000. These schedules were objected
to by creditors after a motion hearing before Federal Judge John C. Knox
early this week.
Gov. Roosevelt of New York Vetoes Bill Amending
Stock Transfer Tax Law.
It was stated in an Albany (N. Y.) dispatch to the "Wall
Street Journal" of April 15 that Gov. Franklin D. Roosevelt
had vetoed a bill which would amend the tax law relative
to the tax upon transfer of shares or certificates of stock so
as to eliminate the two-cent tax on stocks in custodial
accounts. From the New York "Evening Post" we take
the following:
In a memorandum which accompanied his veto, the Governor said that
the measure had been disapproved by President Thomas M. Lynch, of
the State Tax Commission, because the words "custodian or agent" were
Open to too liberal interpretation, and because the net loss to trio State in
taxes might amount to a large sum each year.
"Furthermore," the Governor said, "I am personally sufficiently oldfashioned to believe that where a person is rich enough to deposit stocks
and bonds with a trust company as custodian, the name of the ownerdepositor should remain on the stock certificates or on the registered bonds.
Such a thing as unfaithful or dishonest bank employees is not unknown and
the registration of stock in the name of other than the owner opens the
door to possible dishonesty or theft. A mere tax of two cents a share does
not, of course, preclude anybody from transferring the ostensible title of
stock to somebody else, but it may serve in some cases as a sign to "stop,
look and listen."
George Z. Medalle, United States Attorney, has assigned an assistant J. C. Auchincloss of Better Business Bureau Urges Coto Investigate activities of the concern, liabilities of which have been
ordination of All Fraud Fighting Agencies to
estimated to total $25,000,000. At the same time District Attorney Crain
Effect Maximum Efficiency.
confirmed the report that Robert S. Johnstone, former Judge of General
Sessions, recently appointed a Deputy Assistant in his office, would investi.
James C. Auchincloss, President of the Better Business
gate the concern under the State laws.
"Mr. Johnstone," he said, "was not taken on especially to do this work, Bureau of New York City and for many years a member of
but since he is here, I have asked him to conduct this inquiry."
the Governing Committee of the New York Stock Exchange,
The company's tangled finances were investigated some time ago by
annual meeting of the Better Business Bureau
Assistant District Attorney, who reported that he had not addressing the
Joseph Martin,
of Dayton, Ohio, on April 15 said:
found enough evidence to warrant criminal proceedings.
Last week, it was recalled, Justice Beloit B. Strong, in Supreme Court,
"Human nature being what it is, crooks will always be in our midst, but
Brooklyn, denied a motion made by the Attorney General to restrain the experience has shown that periods of depression provide the richest soil
concern from trading further in stocks. Justice Strong ruled that the for their predatory activities. The fact is easily understood when we
stop to consider that the very people who have suffered the severest reauthorities should act under the penal Act and not the civil law.
Robert E. Manley, former Acting United States Attorney, announced verses are the readiest to seize upon desperate expedients to recoup their
last November, following the receipt of an affidavit from William H. Mil. losses. Such people lend a ready ear to the patter of promises of the
holland, Deputy Assistant Attorney General, that he would undertake an plausible promoter. Therefore, let me urge upon you the necessity,
especially at this time, of co-ordinating the work of all fraud fighting
Investigation of the bankrupt house.
The affidavit was known to have contained the charge, on information agencies to the end of maximum efficiency."
and belief, that misrepresentations had been made concerning the cornMr. Auchincloss linked up in a very effective manner the
pany's status in the New York Stock Exchange. The affidavit also said
close relationship existing between fraud fighting in the
that millions of dollars had been loaned from assets of the concern, greatly
financial field with the cash drawer receipts of the merchant.
reducing the money available to pay creditors.
As yet, it was said, no matters concerning the company had been con- He said:
sidered by the Federal Grand Jury.
"To a greater or less degree in every commercial center, wherever the
Morrison B. Orr and G. Lisle Forman, floor member of Prince & Whitely, mercantile and financial interests of a city combine forces through the
New York Stock Exchange last October, following natural agency of a Better Business Bureau, experience has proven that
were expelled by the
their conviction by the Exchange's Governing Committee on a charge of the material interests of both enjoy substantial protection against the
improper practices. Following their expulsion, Mr. Milholland announced Insidious activities of financial crooks. Not only does such co-operation
that he was investigating a loan of $1,500,000 made by the concern to permit the detection of fraudulent promotion, but it also provides an
efficient agency for promptly calling to the attention of the appropriate
J. M. Hoyt & Co.
At the hearing yesterday (April 8) Judge Knox fixed May 11 as the public officials such fraudulent activities in time to check them by the
claims against the concern. Judge Coxe will preside machinery of the law, before serious and irreparable damage has been done.
final date for filing
"In urging caution upon your neighbors in the matter of the Individual
to-morrow at a hearing on terms of composition proposed by members of
the concern through their attorneys. That offer calls for a 25% cash handling of their funds and savings, WO much emphasis cannot be laid upon
payment and payment of 75% in three-year certificates of a liquidating the fact that, whereas experience has developed no reliable formula for
picking sure winners, there is a time tested rule for avoiding Sure losers.
corporation formed to handle slow assets.
returns and
Several creditors and attorneys who attended the hearing objected to The plausible stranger, or the interested friend, offering great
one is a plain thief; the other may be
schedules filed last month which listed assets of about $75,000,000 and perfect safety, is just poison. The
the effect of their advice is identical.
liabilities at about $60,000,000 on the ground that the schedules had been well meaning, though ignorant; but
investment banker, or stock broker in the comsigned by only one of the partners and that individual members of the The reputable banker,
munity are the public's logical advisers in financial matters."
concern had filed no schedules of their own.
At a meeting of the creditors, held in the Woolworth
Building April 10, before Federal Judge Alfred Coxe, J. M.
Hoyt, a leading member of the failed firm, admitted that
J. M. Hoyt & Co., of which he is a partner, had, about
Aug. 15 1930, borrowed more than $1,500,000 from the
Prince & Whitely Trading Corp. The New York "Evening
Post" of that date, from which the preceding matter is
taken, furthermore said:
Under questions by Samuel Kramer, attorney for the creditors, Mr. Hoyt
admitted that the firm had given the Trading Corp. as security a demand
note Indorsed by all the members of the firm of Prince & Whitely, and had
turned over the money borrowed to Prince & Whitely, which, in turn, had
assigned to J. M. Hoyt & Co. accounts receivable amounting to $1,574,089.
The accounts transferred, according to Mr. Hoyt, were "in the red".
"What did J. M. Hoyt & Co. give to the Trading Corp. for the money
loaned?" asked Judge Coxe.
"A demand promissory note," answered the witness.
"Indorsed by all the members of Prince & Whitely?" Judge Coxe asked.
"
Yes."
"And J. M. Hoyt & Co. turned over the amount secured to Prince &
Whitely, which, in turn, turned over the accounts receivable, is that It?"
"Yes," the witness answered.
Samuel Kaufman, attorney for the brokers, whose composition offer of
25% cash and 75% in three-year certificates of a liquidating corporation
was before the creditors' meeting, offered to admit many facts on which
the witness was being quizzed, but Mr. Kramer insisted on answers for
the record.
Consider Forming Council of Foreign Bondholders
Here—I. B. A. Governors May Act on Proposal at
May Meeting.
The Board of Governors of the Investment Bankers Association of America at its forthcoming meeting in White
Sulphur Springs, scheduled for next month, will consider a
proposal to form a Council of Foreign Bondholders in this .
country, said the New York "Journal of Commerce" of
April 17, which also had the following to say:
The purpose of such a body, it is indicated, will be to form a united
front of American banking houses for handling negotiations with Government debtors abroad, especially where defaults occur or the interpretation
of loan contracts is subject to question.
The subject has been under consideration by the Foreign Securities Committee of the Investment Bankers Association for the past few months, it
was indicated here yesterday. This Committee is headed by Col. Allan
M.Pope, Vice-President of the First National-Old Colony Corp. of Boston.
Other members of this committee from New York who have been making
a survey of the matter are Harry M. Addinsell of Harris, Forbes & Co.;
Robert D. Hayward of Dillon, Read & Co.; Ellery S. James of Brown
Bros.; Harriman & Co., DeWitt, Milhauser of Speyer & Co.; Ralph A.
Stephenson of the Guaranty Trust Co.and Casimer I. Stralem of Hallgarten
& Co.
In Survey Stage.
It was indicated last night by Alden S. Little, Executive Vice-President of
the Investment Bankers' Association of America, when asked about the
subject, that the project was still in the survey stage. It is indicated
2882
FINANCIAL CHRONICLE
that the Committee's report will seek to present the problems connected
with the formation of such a council and the objectives to be sought by it.
The project of a Council of Foreign Bondholders has been advocated
frequently in this country on the basis of the experience of the British
Council of Foreign Bondholders in negotiating with debtor nations where
difficulty arises in collecting interest and principal of debts. The chief
advantage said to be enjoyed by such a council is its ability to present a
united front of banking interests, thus avoiding piecemeal negotiations in
which one banker or group of bankers may interfere with the attainment of a
satisfactory agreement by others. Furthermore, in view of the fact that
important debtor nations, provinces and cities have borrowed in more
than one market, such a council would have the advantage of facilitating
International co-operation with other protective groups abroad, according
to one hanker asked about the proposal yesterday.
First Step Taken.
The Investment Bankers' Association of America has already taken steps
to increase the amount of information available concerning foreign securities
in this market through the organization of the Institute of International
Finance, of which John T. Madden is director, it was pointed out further
here yesterday. The institute has co-operated with foreign bondholders'
protective bodies in the past in connection with the loans of the City of
Vienna and the City of Bucharest with successful results, it is stated.
The institute has restricted itself to being a fact-finding body in this connection, it is said, whereas the British Council of Foreign Bondholders adds
to this work the function of negotiation, which it is proposed to develop
now through the'formation of a council under the auspices of the Investment Bankers' Association.
The flotation of some 51.5,000,000,000 of foreign securities in this market
since the end of the war is said by bankers here to have created an increasing need for such a council to represent the whole of American finance in
handling specific problems arising on any foreign loan that may be sold
here.
(vol.. 132.
Stock Exchange—Nathaniel F. Glidden, of Glidden, Morris & Co.;
Tennis and Squash—H. II. Egly, of Dillon, Read & Co.;
Transpbrtation—Horace 0. Rilbourn, of McDonnell & Co.;
Trophies—John H. Stewart, of Continental Illinois Co.;
Whippet Racing—Frank M. Stanton, of Harris, Forbes & Co.
Proposal to Establish New Acceptance Bank Under
Name of Federal International Banking Corp.—
Sponsored by J. G. Harbord of Radio Corporation
of America.
Plans for a new acceptance bank, sponsored by General
James G. Harbord, Chairman of the Board of the Radio
Corporation of America, and other prominent business men,
which is expected to assist in the development of American
export trade, are reaching maturity and will probably be
announced next week, said the New York "Times" of April
17, from which the following is also taken:
The institution, to be known as the Federal International Banking Corporation, has been sponsored by the Federal International Corp., of which
General Harbord is chairman, an organization created for the purpose
of assisting American manufacturing interests in the exportation of their
products and the financing thereof. A charter was granted the new bank
late last year by the Federal Reserve Board under the Edge Act.
At that time the Act was amended through bills introduced in the House
by Representative Ruth Pratt of New York and in the Senate by Senator Fletcher of Florida. The bills in question were designed to enable
Edge-Act banks to make available to American exporters credit facilities
at more favorable terms than were previously possible.
Several important American corporations are understood to be interested in the formation of the bank. These include the Pennroad Corp
Degree of Doctor of Laws Conferred on Paul M. Warburg
the General Electric Co. and the International Harvester Co. The Radio
at Occidental College.
Corporation was reported to be interested in the bank, but issued an official
A dispatch, as follows, from Los Angeles, Cal., April 13, is denial last night.
According to reports in the financial district yesterday, the bank will have
taken from the New York "Times":
capital of about 810,000,000. It will originate two kinds of acceptances
In recognition of his work in the financial and economic development designed to fill a long-felt need in the financing of American exports.
of the United States, Paul M. Warburg, New York banker, received to-day
These acceptances will be "resale" bills, to finance the movement of
an honorary degree of Doctor of Laws from Occidental College. The degree American-manufactured goods to distributers abroad and "re-export"
was conferred by Dr. Ramson D. Bird, President. Mr. Warburg was bills to finance the movement of goods to dealers abroad in the territory
presented by Dr. John Parke Young, Professor of Economics.
of a foreign distributer. The availability of acceptance credits for carrying
Mr. Warburg is Chairman of the Board of the Manhattan Co., a trustee American goods through the entire period when they are moving from the
of the Institute of Economics at Washington, and a trustee of Tuskegee factory in this country to the ultimate consumer abroad should do much,acInstitute. He is a director of numerous banks and railroads and is the cording to financial authorities, to encourage the recovery of the country's
author of a book on the Federal Reserve System.
export trade.
According to George St. Jean, President of the Federal International
Corp., full details of the proposed bank may be expected in about a week.
Ruling in California on Securities Income—Attorney- Until then he declined to comment on the various reports concerning those
who are behind the plan which were current in Wall Street yesterday.
General Fixes Allocation of Interest and Dividends.
These reports were that foreign banks would participate in the new
The "United States Daily" reported the following from corporation. The institutions mentioned included the Commerz und
Privet Bank of Berlin, the Hungarian Discount and Exchange Bank of
Sacramento, April 10:
Budapest, the Lower Austrian Discount Co. of Vienna and the Comptoir
Corporations may be required to report interest and dividends paid d'Escompte of Geneva.
outside California upon securities located outside that State, Attorney.
The new bank will, according to the understanding of discount dealers,
General U. S. Webb has advised the Franchise Tax Commissioner.
supplement the acceptance service offered to business by the ordinary
"If it is conclusively shown that such income has no relation to income Commercial banks. These latter cannot, under the rules of the Federal
derived from business transacted in California and is not in any sense Reserve Board, create acceptances of the type in which the new institution
or in any amount reasonably attributable to business done In this State, will specialize. Heretofore banks have financed goods through acceptance
the corporation is entitled to have such income disregarded entirely," the credits from the hands of exporters to the hands of foreign importers or
opinion said. "If, on the other hand, such income cannot be shown to have into foreign warehouses. The problem of financing goods during the process
no relation to income derived from business transacted in California, but of distribution abroad has had to be met by other and less economical
can in whole or in part be said to have some relation thereto, or to be means than the acceptance credit.
reasonably attributable in part to business done in California, then it
should be included in net income prior to allocation."
These conclusions do not require a revision of any former opinion, the Changes in Rates of Savings Interest in New York City.
Attorney-General explained.
The following is from the "Wall Street Journal" of
"Where income is received in this State from securities located in this
March 30:
State, it would appear that such income should be allocated entirely to
Several changes in the interest rates of the savings banks in Greater
California, not because of the situs of the securities but rather for the
reason that the income is received here and should therefore be allocated New York have been announced as of March 31.
In Manhattan all but seven of the 27 savings banks will pay interest at
here.
"Nothing herein said interferes with the requirement of Section 8 (h) the rate of 4%; the seven will pay 4%. On Jan. 1, 14 paid 4%, and 13,
434%. There were no changes in methods of computing interest in the
that such part of the dividends as represents income from business done in
banks. Eighteen banks still allow interest from the day of
this State shall be allowed as a deduction in the proportion therein provided. Manhattan
deposit if left until the end of the quarter; seven allow from the day of
It is the remaining portion of such dividends that may be subject to deposit
to the day of withdrawal and two allow from the first of each month
inclusion prior to allocation in accordance with the principles herein If left
until the end of the quarter.
stated."
All the Brooklyn savings banks are paying 4% instead of4;,‘,% ason Jan. 1
Sixteen banks allow interest from the day of deposit if left until the end of
the
if left
and eight allow from
Field Day of New York Bond Club to Be Held May 22. end quarterquarter. On Jan. 1, 12the first of each monthfrom until the
savings banks allowed
of the
the day of
The eleventh annual field day of the Bond Club of New deposit provided funds stayed in the hank until the end of the quarter;
nine allowed from the first of the month; two allowed and compounded
York will be held this year on Friday, May 22, it is an- quarterly and one allowed for each full calendar month.
nounced by George N. Lindsay, President of the club, in
In Queens four savings banks are paying 4ti% and six, 4%, compared
naming Chairmen of the various committees to make with nine paying 43. % and one paying 4% on Jan. 1. There will be no
change in interest rules. Eight banks allow from the first of each month
arrangements for the affair. The Sleepy Hollow Country if left until the end of the quarter and two allow and credit quarterly.
The four Bronx savings banks will pay 4%. On Jan. 1, three paid 4%
Club will again be the scene of the outing. Frank E. Gerand one paid 4%. Interest rules are the same. One allows from day
non, of Hayden, Stone & Co., will again act as Chairman deposit if left until the end of the quarter;one allows from the first of of
each
of the Executive Committee in charge of the event. He will month if left until the end of the quarter and two allow and credit quarterly.
The two Richmond County savings banks are making no changes. They
following Vice-Chairmen: Ray W.
be assisted by the
both allow interest from the first of each month if left until the end of the
Stephenson, of Cassatt & Co.; Hearn W. Streat, of Banc- quarter and will pay interest at the rate of 4% •
america-Blair Corp., and Leslie L. Vivian.
Preliminary plans for the outling were drafted on Tuesday night at a dinner given by Mr. Gernon at the Metropolitan Club to the following committee chairmen:
Attendance—W. Hampton de Fontaine, Jr., of Lord & Widli ;
Golf—Mason B. Starring, Jr., of Aldred & Co.;
Indoor Sports—Robert L. Pond;
Dinner and Entertainment—Edwin H. Barker;
•
Special Sports—Neil G. Finch, of Dobbs & Co.;
Publicity—Everett T. Tomlinson, Jr., of Doremus & Co.;
Publications—John A. Straley, of Lord, Westerfield & Co., Inc.;
Reception—George N. Lindsay, of Bancamerica-Blair Corp.;
Interest Rates to Be Reduced by Commercial Banks
in Elizabeth, N. J.
The intention of banks in Elizabeth, N. J., to reduce the
interest rate on commercial deposits on May 1, the Elizabeth
Bankers' Association announced on April 2, according to
adviees from that city to the New York "Times", which
also had the following to say:
A rate of 1M % a year instead of 2% as at present will be paid on average
daily balances only in excess of 81,000. The change will apply only to
checking accounts and not to time deposits.
APRIL 181931.]
FINANCIAL CHRONICLE
Banks in Hartford, Conn., to Cut Interest on Savings
Deposits.
The following is from the Hartford "Courant" of April 15:
Regular interest or dividends on savings accounts payable by 16 banks
In Hartford and vicinity will be at a rate not exceeding 4
effective
after the next payment date, generally speaking July I. Discussions
leading to the lowering of the interest rates have been in progress for six
months or more. It is expected that the leadership taken by the banks in
Hartford and vicinity will be followed by other banks throughout Connecticut.
The banks participating in the announcement of the reduction are:
The Bankers Trust Co., the Capitol National Bank & Trust Co., the City
Bank dr Trust Co., the Dime Savings Bank, the East Hartford Trust Co.,
the Glastonbury Bank & Trust Co., the Mechanics Savings Bank, the
Merchants Bank & Trust Co., the Park Street Trust Co.. the Society for
Savings, the South End Bank & Trust Co., the State Savings Bank, tne
Travelers Bank & Trust Co., the West Hartford Trust Co., the Wethersfield Bank & Trust Co. and the Windsor Trust Co.
Shippee Indorses Action.
The action is "in accordance with the dictates of sound banking practice
and following similar action already taken generally throughout the country," according to the statement of the banks, participating in a general
announcement Wednesday.
Bank Commissioner Lester E. Shippee indorsed the action taken by the
banks and said:
"The action of the local banks in announcing the lower interest rate on
savings deposits which is to be paid in the future is the result of general
economic conditions. The average interest rate paid on savings deposits
by Connecticut banks is higher than that paid by banks in any other State
in the Union.
11$-"To-day money is cheap and money rates are low. The yield on highgrade bonds has been decreasing and the rate of interest which may be paid
on savings deposits is naturally controlled by the rate obtainable on investments in which savings funds may be placed. The character of such
investments is rigidly regulated by State law.
Trend Is General.
"I feel that the move in reducing the interest rate is commendable and
is in line with conservative banking policy. The trend in savings banks
throughout the country is to lower rates, as indicated by action taken
by banks in Massachusetts and New York. In New York the banks have
been reducing interest rates to 4%. In Massachusetts the maximum is
43i %, according to the new schedule."
2883
"The Bay City banks have delayed this action but conditions governing
the rates at which the resources of banks may conservatively be employed,
now make it necessary.
"The banks affected by this action are: First National Bay City; Peoples
Commercial & Savings, and Bay County Savings.
"Bay City Clearing House Association."
Georgia Small Loan Act Held Invalid—Rome Finance
Company Loses Case in Floyd Superior Court.
The Small Loan Act of Georgia, passed by the 1920 Legislature, is unconstitutional, Judge James Maddox, of Floyd
Superior Court, has ruled, according to Associated Press
advices from Rome, Ga., April 6, published in the Atlanta
"Constitution". These advices also said:
Attorneys for the Family Finance Co., restrained by Judge Maddox from
foreclosing any mortgage it may hold as collateral in this county, by
the ruling, have announced they will appeal the decision.
The Finance Co., operating under the Small Loan Act, was permanently
enjoined train molesting the household effects of F. E. Allman, who had
given such goods as security for a loan.
M. B. Eubanks, attorney for Allman, contended the rate of 31
% per
/
2
month, permitted small loan companies under the Act, tioLated the fourteenth amendment to the Federal Constitution, which sets forth that "no
State shall deny any person the equal proection of law".
The attorney said that under the general laws of the State, banks can
only charge 8% per annum, while the small loan companies are permitted 42%.
In holding the Act unconstitutional, Judge Maddox ruled that:
It was contrary to public policy of the State, which has always opposed
the charging of usurious or exorbitant interests;
The fixing of a rate of interest by the legislature was an exercise of
police power and the fixing of an interest rate of 31
%
/ on loans of $300
2
or less and a rate of 8% per annum on loans of $301 or more was an
arbitrary and unreasonable exercise of police power;
It was a special law upon a subject covered by an existing general law,
and attempts to take out of the operation of the general law all loans of
$300 or lees;
The Act, by its own recital, is not applicable to any bank, banker, loan
or trust company or pawn broker, thus singling out and creating a special
class of persons authorized to charge 31 interest per month and denying
/
2
%
this right to all others.
Interest Rate on Savings Deposits Reduced by
New York City Bank Stocks Decline According to
Cincinnati Banks.
Hoit, Rose & Troster.
Associated Press accounts from Cincinnati, March 30,
The New York City bank stock market during the past
stated:
week registered a further reaction, as indicated by the
Dollar-Index figures compiled by Morris A. Schapiro, with
Holt, Rose & Troster. Based upon April 11 prices, 16 leading bank and trust company shares were quoted at 18.9 times
Indianapolis Banks to Lower Interest Rate on Deposits. known earnings against 19.0 times at the close of the previThe following is from the Indianapolis "News" of Apr. 10: ous week. The yield now stands at 3.973% against 3.949%
Member banks of the Indianapolis Clearing House Association and a week ago. The current yield compares with a yield of
members of the Marlon County League of Saving and Loan Associations
Friday announced that interest rates paid on savings and dividends on 5.563% on Dec. 17 1930 and with 2.293% on April 12 last
stock deposits would be reduced at the end of present interest and dividend year.
The majority of Cincinnati's banks posted notices to-day that the interest
rate on savings deposits would be reduced on May 1 from 4% to 3%.
The notice said the change was "sound and conservative banking."
periods.
By advertisement, 22 banks and their branches announced that the
interest rates on savings deposits after May 1 would be 3% annually.
By similar announcement, the savings and loan associations announced
that after July1 the annual dividend to be paid on stock deposits would be
5% annually.
Banks which signed the announcement were: Bankers Trust Co.; Fletcher
American National Bank; Fletcher Savings & Trust Co. and affiliated and
branch banks; Indiana National Bank; Indiana Trust Co.; Live Stock
Exchange Bank; Merchants National Bank: Peoples State Bank; Security
Trust Co; Union Trust CO.; Aetna Trust & Savings Co.; Belmont State
Bank: Brightwood State Bank; Central State Bank; 42nd Street State
Bank; Fountain Square State Bank; Madison Avenue State Bank; Marion
County State Bank; Meyer-Kiser Bank; Northwestern State Bank, State
Banker Massachusetts Avenue and Virginia Avenue State Bank.
Savings and loan associations which signed that announcement were:
Railroadmen's Building and Saving Association; Better Homes Saving and
Loan Association; Fletcher Avenue Saving and Loan Association; Atkins
Saving and Loan Association; New Progress Building and Loan Association;
Celtic Savings and Loan Association, No. 3; Turner Building and'Saving
Association; Union National Savings and Loan Association; Indiana Savings
and Investment Association; Columbian Savings and Loan Association;
Co-operative Savings and Loan Association; Anchor Savings and Loan
Association; Advance Savings and Loan Association; Garfield Park Building and Loan Association; Occidental Savings and Loan Association;
Prudential Savings and Loan Association; Virginia Avenue Building and
Loan Association; West Indianapolis Savings and Loan Association, No. 2;
Western Saving and Loan Association.
Banks and loan associations of many other cities of the country have
reduced the interest payments on savings deposits. The Indiana Bankers'
Association at its last annual meeting in Fort Wayne went on record as
favoring a 3% interest rate for banks throughout the State. Low interest
rates paid on time and call money in the national money markets was said
to have exerted an influence on the local institutions.
New York Federal Reserve Bank Cuts 90
-Day Bills to
1%—Extends Rate That Had Applied Only to
46
-Day Maturities Since Jan. 26 Last—Action Is
Taken To Forestall Advance Threatened by Dealers.
Evidence that the Federal Reserve authorities intend to
continue an aggresive easy money policy was provided by
the action of the Federal Reserve Bank of New York on
April 9 in reducing by one-eighth of 1% the rate at whieh
it will purchase bankers' acceptances. The New York
"Times" of April 10 in making this observation said:
The cut was a deliberate move to forestall a threatened advance by bill
dealers.
The reduction took the form of extending to ninety days the rate previously applicable to bills of one to forty-five days' maturity. The new
rate is 11 for all bills up to ninety days, compared with 11 for bills
/
2
%
/
2
%
up to forty-five days previously and 134% for bills from forty-six to ninety
days' maturity. Rates for longer maturities were unaltered at 12
/ for
1%
paper up to 120 days and 2% for bills of from 121 to 180 days.
The change in the Reserve's bill-buying rate was the first since Jan. 26.
In recent days nervousness has appeared among bill dealers, some of
whom, bearing a sudden influx of bills to the market, thought an advance
In open market rates might be necessary. Owing to the large amounts of
funds the treasury has withdrawn from the banks lately to meet requirements
of soldiers' bonus loans and to the treasury financing since March 15,
banks have been called upon for substantial amounts of funds. To meet these
needs they have sold a part of their bill holdings. In addition, the call
money market has been somewhat firmer.
The Reserve Bank action will bring large profits to one or two discount
houses, which have been buying bills in the last few days as other houses
have been cutting down their portfolios.
The Federal Reserve Bank buying rate is now the lowest in the history
of the institution for all maturities. The move, in the opinion of bankers,
is not connected with the discussions being held by Reserve officials with
Montagu Norman, Governor of the Bank of England.
Announcement by Bay City (Mich.) Clearing House
of Reduction in Interest Rates.
The decision of banks in the Bay City (Mich.) Clearing
House Association to fix the maximum rate of interest on
As to the last sentence the foregoing a contrary view is
deposits at 3% (instead of 4%) on May 1 is announced as
taken by the New York "Journal of Commerce" which in its
follows by the Association:
"To our depositors:
"The Bay City Clearing House Association announces that, effective
May 1 1931, the maximum rate of interest that shall be paid on time
deposits by member banks, is 3% per annum. Banks in cities such as
Detroit, Cleveland, Saginaw. Kalamazoo and many other cities, have
reduced their rates.
issue of yesterday (April 10) said:
Meets Norman Wishes.
The drop in the acceptance buying rate of the Federal Reserve Bank
was regarded as an appropriate gesture of goodwill on the occasion oi the
visit of Governor Montagu Nomian to this country. Coverx.r Ncrnian
2884
FINANCIAL CHRONICLE
[VOL. 132.
Note Circulation Falls.
discussed, among other things, while on his visit here, the need for co-operation by the United States in maintaining low money rates along with France,
The average daily circulation of Federal Reserve notes of the Richwhile the British keep theirs on a relatively high leveL In this way aid mond bank was higher in each of the first six months of 1930 than in the
will be given in reflecting to London any gold which tends to come to corresponding months of 1929, but each of the last six months showed
lower average figures than those of the preceding year, due at least in part
this country.
Yesterday rates on London were quite firm in this market, while addi- to the materially higher figures in the second half of 1929 as a result of the
tional weakness was shown in the franc quotations, cable remittances introduction of small-sized currency on July 10 1929. Average daily circulafallIng 1.32 to 3.91 3-32c. as against 3.91%c the previous day. The gold tion totaled $73,371,342 in 1930, compared with $78,715,188 in 1929.
Membership in the Federal Reserve System in the Fifth District declined
shipping point of the French franc is estimated by foreign exchange dealers
here at 3.90c, but it is still thought likely that before the rate gets there during 1930 from 525 to 487 banks. Six banks joined the system during
In view of the much lower the year, but forty-four members were lost through liquidations, mergers or
the pound will show some further strength.
shipping and interests costs involved in shipping from London to Paris, withdrawals. At the end of 1930, there were 447 National bank members
this would tend to make any gold movement from Paris which develops and 40 State bank members in the Fifth District.
On Dec. 31 1930, the shares of the Richmond bank owned by member
go to London, where the Bank of England gold reserve is still some ,93,000,compared with 121,499 shares held on Dec. 31
000 below the unofficial "Cunliffe" minimum which is regarded by the banks numbered 116,027.
decrease in paid-up capital of the bank during the year
London money market as the level below which it is undesirable to allow 1929. The net
1930 was $271,100.
the bullion holdings of the institution to go.
France To Lose Gold.
The reduced favorable trade balance of France, combined with more
liberal lending abroad in the form of both short term and long term advances,
have turned the tide of the balance of international payments against
France. After a virtually uninterrupted increase in her gold holdings for
some three years, the Bank of France reported a loss of 20,000,000 francs
in its gold holdings on April 3, representing a shipment to Germany arranged
on a trial basis. The maintenance of higher rates in the London market,
through the intervention of the Bank of England, has been effective in
achieving the object sought in the financial entente between the two countries
—a halt in the flow of gold into France, and some return movement of
the precious metal if possible. The drop in the local bill rate, while in
itself of no great importance, constitutes a move of great significance in
indicating co-operation from this country in further aiding the Bank of
England to rehabilitate its gold reserve.
A second factor in the drop in the bill buying rate on 45 to 90-day bankers' acceptances is the desire of Federal Reserve authorities to facilitate
new financing, including Treasury offerings, and aid business recovery
generally by indicating no change in its established easy money policy.
The commercial banks have had to sell bills to a considerable extent in
connection with heavy Government financing, which has loaded them with
larger holdings of Treasury bills and certificates of indebtedness. As the
Reserve banks' holdings of acceptances have more than doubled within the
past fortnight, considerable discussion has been heard in banking circles
concerning the establishment of a somewhat higher level of money rates.
The cut in the buying rate, coming on top of the rise in holdings, indicates
that the Reserve institutions will prevent such a consummation through
their bill market policy.
H. H.McKee Elected President of Stockholders' Association of Federal Reserve Bank of Richmond—Governor Meyer of Federal Reserve Board Attends
Meeting—Earnings of Bank.
H. H. McKee, President of the National Capital Bank
of Washington, was elected President of the Stockholders'
Association of the Federal Reserve Bank of Richmond at the
annual meeting held at the Bank on Apr. 10 which was
attended by approximately 150 representatives of member
banks. Mr. McKee succeeded F. F. Beattie of Greenville,
S. C., as President of the Association. The Richmond
"Times-Dispatch" of Apr. 11 from which we quote also said:
Other officers chosen were J. Tyler Meadows of Roanoke, Vice-President,
and George H. Keesee of Richmond, Secretary.
Seven new members were elected to the Advisory Committee, making a
total of 14 on the Committee. The new members were Holmes D. Baker
of Frederick, Md.: Samuel•C. Boittle of Warrenton, N. C.: Charles M.
Cohen of Huntington, W. Va.; Charles 0. Robinson of Elizabeth City,
N. C.; .1. A. Stokes of Charlotte, N. C.; George 0. Vass of Washington,
D.C.,and A.L. M.Wiggins of Hartsville, S. C.,S. H.Plummer of Newport
News was named Chairman of the Committee.
Eugene Meyer, Governor of the Federal Reserve Board, came from
Washington to be a guest at the meeting with Charles F. Hamlin,a member
of the Board. W. W. Hoxton, Chairman of the Board of the Richmond
bank, welcomed the visitors at the opening of the business session at 10
o'clock. President Beattie delivered his annual report and spoke on the
subject of "Bank Suspensions."
John M. Miller Jr., President of the First and Merchants National Bank
of Richmond, addressed the stockholders on "The Evils of High Rates of
Interests on Savings Accounts"; Edward F. Colladay of Washington spoke
on "State Taxation of National Banks," and George J. Seay, Governor
of the Richmond Reserve Bank. talked on "Federal Reserve Operations."
The meeting adjourned early in the afternoon following luncheon.
Net Earnings $134,172.
Net earnings of the Federal Reserve Bank of Richmond in 1930 amounted
to $134,172, as compared with $1,712,366 in 1929, according to the annual
report issued yesterday by W. W.Hoxton, Chairman of the Board. Operations of the Bank after taking out $162,969 for account of reserves, depreciathan, etc.. and dividend payments on capital stock totaling $353,472,
showed a gross deficit of $382.289 for 1930.
On account of marked decreases in rediscounting by member banks in
1930. in comparison with 1929, and to lower discount rates, the gross earnings of the Federal Reserve Bank of Richmond totaled only $1,703,205
last year, against S3,299,610 in 1929. The percentage of gross earnings
derived from the discount of members bank paper amounted to 52% last
Year, compared with 78% in 1929 and 68% in 1928.
Current expenses for 1930 totaled $1,569,034, a decrease of $18,210 under $1,587,244 for 1929.
Except in the currency and coin handled, the volume of business at the
Federal Reserve Bank of Richmond was smaller last year than in 1929.
The number of bills discounted and bought in 1930 declined 16.74% from
the number handled in 1929. and the average daily holding of bills was
58% less than in 1929. The number of borrowing banks in 1930 was 345,
compared with 384 in 1929.
The number of checks cleared by the transit department declined more
than 1,500,000 and the dollar value declined $1,323,000,000. The number
of noncash collections handled was 4.89% lower and the aggregate amount
decreased 12.79%. Transfers of funds for member banks decreased 7.02%
in number, but the aggregate amount involved rose 11.7%•
Operating Ratios of Earnings and Expenses of Member
Banks in New York Federal Reserve District
in 1930.
The analysis of the 1930 operating ratios of representative
member banks in the New York Federal Reserve District
was made available by the Federal Reserve Bank of New
York on April 14. It is stated by the bank that "partly
because of the reduced rate of net earnings, which was the
lowest in the eight years covered by these studies, but more
largely due to the heavy losses charged off, the ratio of net
profits (after charge-offs but before dividends) to capital
funds declined drastically." The general average ratio of
net profits to capital funds of all groups of banks was 1.2%
in 1930, compared with 8.3% in 1929, 9.8% in 1928 and
10.4% in 1927. It is noted by the bank that "no group of
banks showed a ratio of net profits to capital funds as much
as half as high as in either of the two preceding years; one
group showed no net profits, and the two groups of banks
smallest in size showed net losses for the year." In the case
of Group I, comprised of banks with loans and investments
under $500,000, a loss of 2.1% in net profits to capital funds
is shown in 1930; a loss of 2.2% in the same year is revealed
as to banks having loans and investments ranging from
$500,000 to $999,999; the group showing no profit was
Group III with loans and investments from $1,000,000 to
$1,999,999; the rates of net profits to capital funds for the
other group in 1930 were as follows: Group IV, with loans
and investments of from $2,000,000 to $4,999,999, 1.2%;
Group V, with loans and investments of from $5,000,000
to $9,999,999, 3.7%; Group VI, with loans and investments
of $10,000,000 and over, outside New York City, 4.6%;
Group VII, with loans and investments of $10,000,000 and
up, New York City, 3.2%. The New York Reserve Bank
made public the comparison as follows:
A COMPARISON OF THE OPERATING RATIOS OF REPRESENTATIVE
MEMBER BANKS IN THE SECOND FEDERAL RESERVE DISTRICT
FOR THE YEAR 1930.
Grouped According to Size and Character of Business.
Following the practice of past years, this bank has prepared an analysis
of the 1930 operating ratios of representative member banks in this district
based on quarterly conditions reports and semi-annual earnings reports.
The 1930 ratios are compared in the following tables with those of 1929
and 1928 for groups of banks of varying size, and also for groups of banks
classified according to the proportion of time deposits to gross deposits.
The ratio of gross earnings to total available funds was somewhat lower
in 1930 than in 1929 for all groups of banks, due in part to a reduction in
the proportion of funds employed in loans, which in general give a somewhat higher rate of return than investments, and in part to a lower rate of
Income from both loans and short-term investments. The large New York
City banks were especially affected by the rapid decline in interest rates
on loans and in yields on high-grade, short-term investments, of which
they were the principal buyers. Banks in the smaller localities usually
maintain the same rates on loans year after year, regardless of conditions
In the New York money market, and do not ordinarily make heavy investments in such securities as short-term United States Treasury certificates
and Treasury bills, the yields on which fluctuate closely with open market
conditions.
Expenses did not show reductions corresponding to the decline in gross
earnings, so that the ratio of expenses to gross earnings was higher for all
groups of banks. Due largely to the present inflexibility of interest rates
paid on deposits, especially outside of the large cities, interest payments
took a larger proportion of gross earnings than in the preceding year.
The only principal item of expenses which was generally lower than in 1929
was interest on borrowed money, which declined partly because of'reduced
indebtedness and partly because of the lower rates of discount on loans
from the Reserve Bank and also from the city correspondents of country
banks.
By far the most important effects of the depressed business conditions
during 1930 are reflected in unusually heavy losses charged off on loans
and on securities. Losses charged off on securities were particularly
heavy for the smaller banks and especially those whose holdings included
any considerable number of bonds chosen for their high yield, since bonds
Of this type suffered a severe decline in value toward the end of the year.
Partly because of the reduced rate of net earnings, which was the lowest
in the eight years covered by these studies, but more largely due to the
heavy losses charged off, the ratio of net profits (after charge-offs but
before dividends) to capital funds declined dratically (ratio 12, shown this
year for the first time). No group of banks showed a ratio of net profits
to capital funds as much as one-half as high as in either of the two preceding. years; one group showed no net profits, and the two groups of
banks smallest in size showed net losses for the year.
As usual a space has been provided under each group in table 1 (which we
omiti for the insertion of the figures of any bank which may wish to compare its operations with those of other banks of similar size.
APRIL 18 1931.]
FINANCIAL CHRONICLE
TABLE
1-AVERAGE 7 OPERATING RATIOS OF REPRESENTATIVE
MEMBER BANKS IN SEVEN GROUPS.
(40 selected banks in each group a.)
Read the table as follows: In the banks of Group 1 (banks with loans and Investments under 8500.000) capital funds averaged 18.5% of gross deposits in 1928.
18.3% in 1929 and 18.5% in 1930.
towtOWNN.N.. ..... ...
N.0=W-4
-4004.WW.0CW .4004.W
,
TABLE 2
-AVERAGE OPERATING RATIOS OF REPRESENTATIVE
MEMBER BANKS GROUPED ACCORDING TO AMOUNT OF TIME
DEPOSITS.
Read the table as follows: In banks with time deposits equal to leas than 25%
of their gross deposits, capital funds averaged 18.8% of gross deposits in 1928.
21.4% in 1929 and 24.5% in 1930.
Wto.
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a Group VII, 28 banks in 1930, 30 banks in 1929, 35 banks In 1928, due to consolidations and mergers. b Capital, surplus and undivided pro its. c Capital.
surplus, undivided profits, deposits, borrowed money and notes in circulation.
d Not computed prior to 1928. e Not computed prior to 1927.
• Deficit.
Bank deposits are included in demand deposits.
Ratios 1 to 11 are computed from the average figures of 'condition reports, and
from yearly aggregate figures of section 1 of the semi-annual earnings reports: ratio
12 from figures of item 6 of section 2 of the semi-annual earnings reports, and from
average figures of condition reports: ratios 13 to 24 from figures of section 1 of the
semi-annual earnings reports: ratios 25 and 26 from figures of Items 5(a) and 5(5)
of section 2, and item 1 of section 1 of the semi-annual earnings reports: ratio
27
from figures of item 6 of sect. 2, and item 1 of sect. 1 of semi-ann. earnings reports.
The same banks were used In each year, except for a few substitutions for banks
which changed their classes.
2885
Under 25%.
25% 10 49.9%, 50% 10 74.9%.
CapUal:
Capital funds b
to gross dep_ 18.8 21.4 24.5 17.1 18.1
Loans cfc Ins.:
Loans & inv. to
total available funds__ 78.3 74.8 75.9 85.2 86.
Loans to loans
& Inve.stm'ts 7.7 74.0 70.1 65.1 68.4
Deposits:
Demand depots.
to gross dep. 90.0 90.9 89.2 58.3 60.0
Int, paid on demand dep. to
demand dep_ 1.3 1.3 1.2 1.2 1.2
Int. paid on
time dep. to
time deposits 2.4 2.6 2.4 3.4 3.4
Earnings:
Income from
loans to loans 5.3 6.0 4.9 5.7 5.9
Income from invest to invest 4.0 4.8 4.3 5.2 5.3
Gross earns, to
total available funds_e__ 4.9 5.2 4.5 5.4 5.6
Net aims, to
total available funds..c.... 1.6 2.0 1.5 1.6 1.8
Net earns, to
capital fds.b_ 12.1 12.7 8.7 12.7 13.5
Net profits to
capital fds.b_ 9.7 10.7 5.5 10.4 8.5
Sources of Ear sings
(Ratio of the following tog ross carol rigs)
Inc. from loans 59.4 63.7 58.7 59.5 62.4
Inc.frorninve.t. 23.7 18.1 22.2 28.3 24.9
Profit on occur.
sold (deduct
ratio 26 for
4.0 3.4 4.1 5.0 6.1
net)
Inc. from trust
department. 2.4 4.6 5.3 0.9 1.1
All other earns_ 10.5 10.2 9.7 6.3 5.5
Disposition of G ross Earnings:
(Ratio of the following tog ross earnings)
Salarfes&wages 22.5 20.3 22.8 20.4 20.8
Interest paid on
borrow. mon. 2.5 2.5 1.0 2.2 1.9
Interest paid on
demand dep_ 20.6 18.2 18.9 11.6 10.6
Interest paid on
time deposits 5.1 4.4 5.4 21.6 20.1
All other Capt3_ 16.3 16.4 17.8 15.5 15.6
Total curr.exps. 67.0 61.8 65.9 71.3 69.0
Net earns. (b
fore charg•
offs & recov.) 33.0 38.2 34.1 28.7 31.0
Losses charged
off on loans
4.7
& discounts_ 3.3 2.6 4.4 2.
Losses charged
Off on occur. 2.0 3.6 5.6 1.9 6.5
Net profits (at
ter all losses&
dept. charged
off & recove
les. but befor.
27.5 32.3 23.6 23.6 19.3
dividends)
No. of banks in
group
75% and UP.
1928.1929 1930.1928.1929.1930.1928 1929.1930. 1928. 1929. 1930.
47
35
33
39
18.3 14.8 15.9 17.3 13.9 15.0 15.7
84.2 86.3 88.0 86.6 89.4 90.9 89.3
63.5 58.0 61.1 59.9 49.5 52.1 51.5
60.1 36.9 35.8 35.9 20.5 20.2 20.3
1.1
0.8
0.8
0.8
0.7
0.7
0.7
3.5
3.6
3.7
3.7
3.7
3.9
3.9
5.6
5.7
5.9
5.8
Si
5.9
5.7
5.'
5.4
5.5
5.3
5.6
5.5
5.3
5.2
5.6
5.7
5.5
5.9
6.
5.6
1.3
1.5
1.6
1.4
1.6
1.7
1.5
9.6 13.1 12.9 10.1 14.3 14.9 11.9
0.3
9.5
7.2 *0.3 10.
9.6
3.3
57.4 51.2 54.7 54.8 43.9 47.0 48.2
30.1 36.5 31.2 34.5 43.6 40.71 41.2
4.3
7.1
5.5
4.1
9.2
8.5
6.7
1.8
6.4
0.3
49
0.5
5.1
0.8
5.8
0.3
3.1
0.4
3.4
0.5
3.4
23.2 17.6 17.9 19.6 14.8 14.1 15.9
0.9
1.4
2.2
1.5
0.8
1.4
1.0
10.8
4.6
4.3
4.51
2.1
1.8
1.9
22.5 35.1 34.5 35.7 44.4 43.7 45.6
17.2 14.1 13.5 14.1 10.8 10.1 10.9
74.6 72.8 72.4 75.4 72.8 71.1 75.3
25.4 27.2 27.6 24.6 27.2 28.9 24.7
3.4
9.2
3.7
4.2
6.8
3.7
2.9
14.8
3.
6.5 16.8
3.5
6.9 12.7
39
0.1 20.6 15.9
38
151
156
0.7 20.0 19.1
152
38
4
8.0
45
• Deficit. For other footnotes see table 1.
George R. James To Be Reappointed to Federal Reserve
Board.
Associated Press accounts from Washington Apr. 6 reported that it was announced at the White House that
George R.James of Memphis would be reappointed a member
of the Federal Reserve Board when his term expires on
Apr. 27. Mr. James's office said he had notified President
Hoover that he would accept the reappointment. He was
first appointed to the Board in April, 1923. Tho New York
.
"Journal of Commerce" through its Washington correspondent Apr.6 said:
With the reappointment of Mr. James, selection of two members of the
Reserve Board remains to be announced by the President to fill the vacancies
caused by the death of Edward H. Cunningham and the resignation of
Roy A. Young, who Is now Governor of the Boston Reserve Bank. No
indications have been given as to who the President has in mind for these
places.
President Ferriss of Investment Bankers' Association of
America Looks for Increase of $16,000,000,000 in
New Capital Issues Within a Decade.
All increase in new capital issues to $16,000,000,000 or
$17,000,000,000 a year in the United States within the next
eight or nine years, was indicated by Henry T. Ferriss of
St. Louis, President of the Investment Bankers' Association
of America, in an address on April 17, before the New York
Group of the Association. Mr. Ferriss, with Alden H. Little
of Chicago, Executive Vice-President of the Association,
was guest of honor at a luncheon given by the group at the
Bankers' Club. Ralph T. Crane, of Brown Brothers
Harriman Co., who is Chairman of the New York Group,
2886
FINANCIAL CHRONICLE
[Vor... 122.
presided at the luncheon, following which Mr. Ferriss dis- Nebraska Banks Resist Collection of Deposit Guaranty
cussed present conditions and trends in the investment
Fund—Suit Filed by About 76 State Institutions
banking business. Mr. Ferriss said in part:
Against Assessments Made Under Former Banking
At any serious gathering of the investment banking fraternity at this
Law.
particular time it seems idle not to make some reference, at least, to the
Lincoln (Neb.) advices April 2, as follows are taken from
economic condition through which we have been
very serious business and
passing. I doubt if any previous depression has brought such unfortunate the "United States Daily" of April 3:
effects upon the investment bankers and their customers—not because
the depression has been any worse or any longer continued than others—I
doubt if it has been as bad as some—but, undoubtedly, during the last
10 years this business of ours has developed to an unprecedented degree.
Many millions of our citizens for the first time have become bondholders
and stockholders during the past 10 years, and during this time,encouraged
by the popular fallacy, perhaps, that this business was a fairly easy one
In which to prosper, requiring not any particular amount of experience
and not a great deal ofcapital, a number of houses have sprung into existence
which were able to do well while the going was good, but which found the
conditions of the past two years very, very difficult to survive.
And then it seems not unfair to say that there has been an undue amount
Offinancing which could stand up well enough during prosperity, but could
not withstand real hard times. And as a result of these conditions, when
this economic blow fell, its impact was felt by a much larger volume of
securities than ever before.
Under existing conditions, we must recognize that part of our troubles
are due undoubtedly to business conditions which only time and economic
laws can overcome or help. It is useless to expect our AsSociation, or anybody. or any legislature to pass resolutions or laws or take any action that
is going to rid us of this depression.
In recent years, through our committees, the Association has been more
and more devoting its attention to the internal problems of business. Our
very succpsaful course in salesmanship which has been held in ten cities
has been one of the most tangible and beneficial things we have ever done
for our members.
I want to illustrate the tendency of the Association delving into the
internal problem of our business by referring briefly to the work of two
or three of our committees, which work seems especially important and
timely. The trends of the business committee in its recent annual report
discusses two points of main importance. One refers to the volume of
business we may reasonably look forward to during the next few years.
After a careful analysis of the figures over the past ten years this conclusion was reached: That the average annual rate of increase of new
issues had been 8)4% over the past ten years. so that what started out ten
years ago at an annual volume of three or four billions has reached a peak
of some eleven billion dollars in 1929. Then there was, of course, a very
substantial drop. In 1930 the figure was slightly less than eight billion
dollars; in 1931 may not see quite as large a volume as that. But if the
same average rate ofincrease continues our trends of the business committee
felt that we could reasonably look forward to handling a volume of sixteen
or seventeen billions of securities nine or ten years from now.
And that ought to serve as an answer and an assurance to those who
may be wondering what is going to become of this business of ours, and as
to whether we will ever again reach the volume which we saw in 1928
and 1929.
The other main point which the trends of the Business Committee considered was as to what developments or changes had gone on in the machinery of our business. That committee felt that the outstanding characteristic of the previous twelve months had been the tendency toward
merger in the units in this business; mergers between banks, mergers between investment houses and other consolidations which seemed to tend
toward greater accumulations of capital and larger organizations. The
committee considered what this might mean as to the future of the small
house, and it came to this conclusion: That notwithstanding the advantages which larger capital might bring there was always a place in this
business for outstanding small houses, houses of outstanding ability,
efficiency and personality; that our business was not one which lent itself
to mass production, as certam manufacturing businesses do, but that the
small house of the efficient type, watching its costs carefully at all times,
had always been able to win, and the committee believed always would
be able to win.
There is another group of committees whose work collectively, I think,
has resulted in setting up our organization as a bureau ofstandards for this
business. These are primarily the committees of the various classes of
securities and our legislation committee.
The Legislation Committee has been doing a particularly important
piece of work during the last year on the subject of interim securities,
Interim paper of various sorts. From this work we got, for the first time,
a thorough and clear statement of the different classes of imterim paper
which were being currently used by the members of our Association, and
this committee has made a very Important contribution to this subject by
setting up defining and classifying temporary securities, interim certificates,
Interim receipts and dealers' receipts.
Our Municipal Securities Committee has had an unusually heavy Job
on its hands his winter. As you know, we have been passing through
the legislative season. Something over 40 Legislatures have been in
session or are in session now or about to go into session. The Chairman
of that committee has been giving a great deal of attention to one particular
matter, which is the better safeguarding of municipal deposits in local banks.
There has been a very substantial number of municipal defaults due solely
and alone to the fact that when the coupon date came around the tax
money which had been collected and put in the bank was not available
beerruse the bank had tilled. It was Impossible to get the money in time
to meet that obligation, and the default occurred. I am advised by the
committee that some ten or twelve States have either accepted or are
now giving serious consideration to certain model provisions which the
committee has been suggesting to the Legislatures to strengthen the security along that line.
The Municipal Securities Committee has also been supervising the
conduct of certain litigation which is of particular importance to those of
our members interested in municipal bonds. After several years litigation
has finally been deover the Mississippi Road District Law, the matter
cided by the United States Supreme Court in a sweeping decision upholding
millions of dollars of bonds outstanding under
the law and upholding many
of money to make that
it. It cost our Association a substantial sum
fight, but it has been well worth it.
of considerable interest
In our Foreign Securities Committee a matter
effect that
arose this winter. We have received several suggestions to the
country,
a council of foreign bondholders ought to be organized in this
for many
somewhat along the lines of those which have been in existence
our Assoyears In England, in France, in Belgium and Holland, and that
January
ciation is the proper body to sponsor such a movement. At our
board meeting the Foreign Securities Committee was instructed to make
a careful study of that question and bring in a report at the May meeting of the board.
Some 75 Nebraska State banks have filed suit against the Governor and
other State officials to restrain them from collecting and distributing
$3,000,000 of back assessments under the former guaranty of deposits law.
The constitutionality of the new banking law replacing the guaranty law
is attacked.
Under the new law assessments due under the former law go into the
depositors final settlement fund, with other collections, to be distributed
to depositors in State banks which failed prior to March 17 1930.
Governor Bryan announced that he had given notice to the officers of the
Nebraska Bankers Association that he would hold the banks responsible
for any chaotic condition that might follow filing of the suit.
Resistance Unexpected.
"I am greatly surprised and disappointed," said Governor Bryan orally,
"that any considerable number of State banks could be induced even on
recommendation of an attorney to further resist payment of approximately
$3,000,000 due to the Department from failed banks as determined by
the Supreme Court of the United States a few days ago. Many State bankers
have recently told me it is their desire and intention to pay the amounts
due up until the bank guaranty law was repealed, and that they did not
desire or intend to further resist payment.
"I directed the banking department to draw drafts covering the amounts
due under the old guaranty law, and in doing so I expressed the desire and
belief that the banks would co-operate in paying depositors the amounts
due them, as it would undoubtedly have a beneficial effect in restoring
confidence of depositors and restoring business in general.
"It appears a group of bankers associated together as members of the
Nebraska Bankers Association, acting on the advice of a new attorney
whom they had engaged, sent letters throughout the State advising bankers
not to pay the drafts. Upon learning of this action of some members of
the association I immediately advised leading bankers, including the
President of the Association, John Lowe, of Kearney, that it was not the
intention nor desire of the State executive department to further delay
collecting the amounts due depositors, that a court of final resort had
already acted and it was the intention of the State to immediathly proceed
to collect this money as provided in the statutes when bankers refuse to
observe order of the Department of Trade and Commerce.
"I stated that this would be the action of the Executive Department
and if be had any reason why the State remold not proceed at once he should
make it known not later than the following day. That is to-day. The
action by the attorney for the banks for a request for an injunction indicates
their contemplated course.
Bonds to Be Required.
"When the banks appealed one year,ago to a higher court they were not
required to file a supersedeas bond, which would have protected the depositors to the extent of interest on the money due them, which interest
would have been $200,000 a year. As long as the banks daily along they
will have the use of that money and depositors will be losing it.
"If the banks complete this injunction—they have not served notice of suit,
have not asked for a restraining order—the State will insist that each bank
give and every bank participating in the suit be required to put up bond
for the full amount owing and for interest and all costs. I let the bankers
know that they would be responsible for any chaotic condition that results.
It is possible some of the money is on the way, or that some drafts have
not been paid. Some bankers expressed a desire to pay and said they had
no desire to join in a suit.
"I have asked Attorney General Sorensen concerning the injunction suit
being completed. He has suggested that the quickest and Most direct way
to determine the questions would be to act under the new statute known
as the declaratory judgments act which permits an application to be made
to the courts for a judgment upon a given state of facts."
Further Lincoln advices (April 9) appeared as follows
in the Chicago "Journal of Commerce":
Despite threats of Governor Bryan to take possession of state banks
that did not liquidate their indebtedness to the old guaranty fund, practically
all have refused to honor drafts made upon them by the state for that
purpose. "The Record", official publication of the Nebraska Bankers'
possible legal relief
Association, says the banks hold that as long as there is
from the guaranty fund assessments they have a right to invoke such relief.
A number of the banks have joined the seventy-three that asked recently
for a review of the law of 1930, which requires the banks to pay assessments
for ten years, proceeds going to reduce the deficit of the old guaranty fund.
This suit involves also the issue of whether the legislature, in repealing
the old law, did not relieve the banks of their obligations under it.
In its March 26 issue the Chicago "Journal of Commerce"
had the following to say in part in its Lincoln advices:
Au state banks of Nebraska to-day were called upon for payments under
the old deposit guaranty law, on which a total of $3,000,000 was to be
assessed.
Governor Bryan and Banking Commissioner Woods notified the banks
that the action follows refusal of the United States Supreme Court to
rehear its decision refusing to set aside the assessment, which was for the
years 1928, 1929 and 1930. . • •
While no additional time is being granted the banks to pay the accounts
due, two alternative plans of payment have been submitted by Commissioner
Woods.
One is that the entire sum due be charged against surplus and undivided
profits, and those items diminished accordingly, thus disposing of the matter
in one transaction. The other is that where the surplus and undivided
profits are not enough to permit this to be done, or if that plan is not
acceptable, that the bank deduct one-third of payment from surplus and
profits and that the directors and stockholders give secured notes to the
bank for the remainder, which then can be paid from current cash. Half
of this remainder can be retired out of profits a year hence and the remainder two years hence.
Average $6,000 a Bank.
Governor Bryan says that the payments, which will average close to
$8,000 per bank and together will take nearly 20% of the total capital
and surplus, "will have a splendid psychological effect."
APRIL 181931.]
FINANCIAL CHRONICLE
"At the same time it will do much to stabilize business over the state
and have almost $3,000,000 made available for the partial payment of
depositors who have been waiting years for their money. I do not feel
that there will be any delay on the part of the banks in accepting the
drafts. Prompt payment will show that they are ready to co-operate and
will demonstrate their ability to meet their obligations," he said.
A number of the banks have taken care of the contingency by setting up
funds for the purpose, and it is not expected that the payments will
embarass many institutions. It is believed, however, that some will nationalize to escape further payments, although the assessments for which they
will be liable for the next ten years under the new law are said not to be
any more burdensome than nationalization expenses.
$250,000 a Year Sought.
These assessments will be around $250,000 a year, and are to go into a
fund out of which depositors in banks that failed prior to March 20 1930,
are to be paid. The $3,000,000 represented by the drafts sent out also
goes to these depositors, whose total claims exceed $22,000,000. Under the
stepup plan provided in the new law, those who have not yet received 26%
of the amounts due them, will be paid first. Any surplus remaining will
be used to equalize payments above 25%.
The department announces that no action will be taken for the present
with reference to the first assessments Of the ten year series, levied in
January, which most of the banks refused to pay. The guaranty fund
debits are to be collected and allocated first.
At the time the United States Supreme Court sustained
the constitutionality of special assessments on banks under
the Nebraska law providing for the guarantee of deposits,
the "Wall Street Journal" of Feb. 25 said:
Constitutionality of the assessments under the modified provisions of
this statute were sustained.
In view of the modification whereby the assessment was reduced from
0.6% to 0.2% the court held it could not say the assessment was confiscatory and in violation of the constitution.
Effect of ruling is to bold as valid, Nebraska's bank deposit guarantee
law as modified by a recent amendment which reduced the assessment on
banks under this statute.
The decision was reached in the case of the Able State Bank and some
550 other state banks in their suit against State of Nebraska. The law
required state banks to pay to the state, 0.25% from the daily average
deposits in the bank during the year for the benefit of the depositors'
guaranty fund, if the fund became depleted, with an emergency tax to be
added as a relief measure.to keep the fund intact.
Banks argued that the fund was hopelessly Insolvent, but the special
or emergency tax was confiscatory and will force a majority of the banks
Into liquidation. They also charged that the purpose of the fund has
completely failed and amounted to a forced contribution to make banks
pay losses of failed banks.
The guaranty law has been replaced by the depositor final settlement
fund law.
J. E. Baum Before Executive Council of American
Bankers' Association Reports Crimes Against
Banks Mounting—Weak Laws and Inadequate
Police Power Responsible.
The nation's banks suffered 310 holdup robberies in the
six months ended Feb. 28 1931, compared with 193 attacks
during the same period last year, an increase of 61%,
James E. Baum, who is in charge of the American Bankers'
Association crime investigating service, told its Executive
Council meeting at Augusta, Ga., on April 14, in reporting
for the first half of the current association year. Practically all of this uprising in bank banditry occurred in 12
Central and Southwestern States, Mr. Baum said, citing
• especially bank robberies in Illinois, where they increased
from 12 attacks in the given period last year to 40 this year;
In Indiana from 8 to 21, Missouri from 13 to 27, and
Louisiana from 3 to 18.
The causes of this fresh outbreak, he said, are weak,
ineffectual laws, disconnected and inadequate police power
and the fact that many banks were banks unprepared and
lacking modern protective equipment or precautionary measures. He declared that the Association's policy of crime
prevention is preferable to "the doubtful results of detection" and urged all banks to consider insurance indemnity
"merely as a supplemental form of protection rather than a
substitute for inadequate means of prevention". Because
so many banks "lean entirely upon their insurance for protection", he said, premium rates for bank robbery insurance
have steadily risen. Mr. Baum also said:
"Protective systems which have demonstrated their efficiency in defeating
bank banditry are silent automatic alarms, tear gas systems, approved
types of bandit resisting enclosures and safes equipped with time locks
which can be set for intervals of a few minutes. It is foolhardy for banks
to invite robbery by carrying unprotected an excess supply of money and
then limit their preparedness to a shooting foray.
"Our investigations make it clear that a large majority of holdups are
staged against banks having little or no means of resistance. Of the 168
member bank robberies investigated by the Protective Department, 137
succeeded with no sign of resistance or prevention, 47 found but one
employee in the bank, and in six of these cases the lone employee was a
woman and in 126 were against banks in communities having less than
10,000 population. Bank bandits strike where resistance is weakest, not
only within the banks, but also where police protection is largely in the
hands of constables and sheriffs whose work is localized and seldom permits
the time or facilities to snatch present day criminals and their highpowered automobiles and firearms.
2887
"The efforts of local police are too restricted and disconnected to cope
with the situation. If the records of the Protective Department mean
anything, the remedy is suggested by results in States where State-wide
police forces are operated. The motor car and airplane, to say nothing
of the influence of politics upon the police efficiency in many of our
larger cities tend to make protection of life and property more a State
than a local function."
In nine States east of Ohio bankers have learned that the
semi-military, highly trained State trooper, "untouched by
politics, owing allegiance only to the State, its laws and the
people who stand behind these laws" is the most effective
agency for order and law enforcement, Mr. Baum declared.
There are more than 6,400 banks in Connecticut, Maine,
Maryland, Massachusetts, Michigan, New Jersey, New York,
Pennsylvania, Rhode Island, and West Virginia where the
advantages of State police systems have been enjoyed for
more than 10 years, he said, and in the six months covered
in his report there were only two burglaries and 24 bank
holdups perpetrated in these States, a number "exceeded in
either California, Illinois, or Missouri", Which have not
adopted the State police system. Banks in seven comparable
Central and Far Western States with limited protection
suffered a total of 11 burglaries and 174 daylight robberies,
he pointed out, "or more than seven times the number of
robberies committed in the 10 States having State-wide
police protection". State police forces also invariably yield
an operating profit in the amount of fines collected, the
value of stolen property recovered and other sources of
revenue, he said. "Bankers interested in cutting down their
cost of robbery insurance should give serious and prompt
consideration to the extension of State police systems," Mr.
Baum said. He also described the results obtained by several city police departments with their own radio broadcasting stations using exclusive wave lengths to which receiving sets in cruising police cars are tuned in, pointing out
that the average time elapsed between the receipt of radio
calls by these cars and thousands of arrests which followed
was less than two minutes. He added:
"If banks were equipped with protective systems that could be relied on
to operate within the first minute of a holdup instead of five or 10 minutes
after the bandits have fled, the growing lure of easy money through bank
holdup would disappear. The Protective Committee considers radio communication imperative to efficient police work and calls upon bankers to
help secure it as standard equipment."
Of the 310 robberies in the period under report, 222, or
72%, were against banks in California, Illinois, Indiana,
Kansas, Louisiana, Minnesota, Missouri, Ohio, Oklahoma,
and Wisconsin, he said. Member banks of the Association
reported 168 daylight robberies, 16 night burglaries, 335
forgery cases, five sneak thefts, and one mortgage swindle,
a total of 525 crimes presented for investigation by the
Protective Department. Although there are but two nonmember banks to every five enrolled in the Association, he
said, non-members suffered 142 daylight robberies and 18
night burglaries, and were therefore burglarized or held up
once for every 45 banks in contrast with members' experience of one burglary or holdup for every 97 banks.
"The entire banking fraternity should be seriously concerned by the fact
that 18 bank robbery attacks per week are indicated for the year 1931. In
addition to proportionate increases in the value of money and securities
stolen in these robberies, three bank employees and two arresting officers
were killed. Since last August bank robbery has cost the lives of 11 criminals and resulted in physical injuries to 17 bank employees, one arresting
officer, six bystanders, and 24 bandits.
"Our detective agents caused the arrest of 205 of a total of 368 bank
criminals apprehended during the period under report. Ninety-eight of
these have already been convicted, in addition to 67 others who were
arrested in the previous year. This included ingenious and daring characters
whose skill and broad field of activity required for their apprehension
nothing less than a nation-wide system of investigation such as that available to members of the American Bankers' Association.
"As a further means of preventing loss and facilitating arrests, the
Department sounded more than 800 warnings detailing the methods employed by the many types of bank crooks. It also certified 1,186 banks for
having participated in county auxiliary protective units under the standard
of organization agreed upon with the underwriters, without which certificates they would be denied discounts of 10% in their premiums for bank
burglary and robbery insurance."
Under Ruling of New York Superintendent of Insurance Life Insurance Companies May Carry Guaranteed Debentures on Amortized Basis.
Under date of April 10 the "United States Daily" reported
the following New York advices:
The State Superintendent of Insurance, George S. Van Schaick, has made
a rulling permitting life insurance companies to carry, on an amortized
basis, investments in guaranteed bonds, debentures and other evidences of
debt permitted by the amendment to section 100 of the Insurance Law
in 1928.
At a hearing held March 25, section 18, which provides that all bonds
or evidences of debt held by life insurance companies authorized in New
York State shall, if amply secured and not in default as to principal and
interest be valued in a specific way was also discussed.
The question had arisen as to whether guaranteed bonds, debentures and
other evidences of debt, including income bonds for which there was no
collateral security but only the credit of the corporation issuing the same,
were amply secured within the meaning of section 18.
Mr. Van Schaick interpreted the words "amply secured" to include *I e
financial standing, credit and ability to pay of corporations, and held
that life insurance companies may carry securities at amortized value where
the securities represent the obligations of corporations whose ability to pay
the same at maturity is unquestionable. He also pointed out that the
financial standing and earning power of the corporations will and should
be considered.
Mississippi Supreme Court Upholds Bank Guaranty
Suspension Act—Carrying Provision for Retirement of Certificates of Indebtedness Held by
Depositors in Failed Banks.
It was noted in the Jackson (Miss.) adviees to the New
Orleans "Times-Picayune" that the Mississippi Supreme
Court on Mar.23 breathed new life into State bank guaranty
fund certificates of indebtedness with a face value of approximately $5,000,000 held by some 125,000 depositors of more
than 30 State banks which failed prior to Mar. 11, last year,
by its decision upholding the constitutionality of the Bank
Guaranty Suspension Act of 1930, carrying provisions for
the retirement of certificates of indebtedness outstanding as
of date of enactment. The account in the New Orleans
paper continued:
The Bank Guaranty Suspension Act halts the issuance of certificates
of indebtedness against deposits in failed banks on Mar. 11 of Last year
but continues the annual assessment of 3i of 1% of unsecured deposits
to be applied to an automatically authorized bond issue ofsufficient amount
for the liquidation of outstanding certificates of indebtedness and accrued
interest, all of which was contingent upon the act being held constitutional.
The Act also levies a special assessment of 3% against capital and surplus
with a maximum collection of $300,000 annually, to be used for the protection of depositors in banks falling after Mar. 11, last year, but to apply
annually and not be cumulative.
Bonds To Be Issued.
Under provisions of the Act to-day held valid, the State Banking Department will call upon the State Bond Commission for the issuance of adoquite bonds to retire the outstanding certificates of Indebtedness and accrued interest. This step will be taken after the lapse of two weeks, it was
indicated to-day, opponents of the lawsuit having a fortnight in which to
file a motion of suggestion of error in seeking reversal of to-day's decision.
The decision, handed down by Associate Justice Griffith, was by a 5 to 1
vote, Associate Justice Ethridge dissenting. Other justices supporting
the majority opinion were Chief Justice Smith and Associate Justices Cook,
McGowan and Anderson.
Of the approximately $5.000.000 in certificates outstanding, around
$2,000,000 of them are held by State nanks as assets and the retirement of
them will afford the State banks an opportunity to make liquid these assets,
which have been frozen since February, 1925, the time of the oldest bank
failure whose depositors have not had their certificates retired out of the
State guaranty fund.
Report Shows Sums Due.
Approximate amounts due on certificates of indebtedness and accrued
interest against the guaranty fund, now held by former depositors and banks,
as shown by the last annual report of the State banking department, are
as follows;
Cotton Exchange Rank, Cleveland, $50.000; Shelby Citizens' Bank and
Trust Co., Shelby. $50,000; Bank of Commerce, Boyle, $171.600; Commercial Bank, Clarksdale. $72,000; Delta Bank, Shaw, $125,500; Citizens'
Bank, Tunica, $91,000; Peoples' Bank, Gunnison, $259.000; De Soto
County Bank. Hernando,$48.400; Bank of Courtland. Courtland,$231.000;
Bank of Houston, Houston,$35,000; Bank of Merigold, Merigold.$720,200.
Bank of Enid, Enid, $75,500; Bank of Coldwater. Coldwater, $233.000;
Citizens'Bank, Greenville,$252.000; Delta Penny Savings Bank,Indianola,
$598.000; Zama State Bank, Zama, $224,000; Raleigh State Bank
Raleigh. $126,000; Merchants and Farmers' Bank. °ketone, $73,500;
Crystal Springs Bank, Cyrstal Springs, $166,600; Bank of Mize. Mize,
$28.000; Isola State Bank, Isola, $70.700.
Bank of Lexington, Lexington, 8324,000; People's Bank, Lumberton,
$50,000; Bank of Kemper. Scooba. $25.000; Bank of Pass Christian, Pass
Christian. $75,000; Bank of Pachuta, Pachuta, $130.000; Bank of Derma,
Derma. $90,000; People's Bank, Shubuta. $60.000; Bank of Hickory,
Hickory, $175.000; Bank of Woodland, Woodland, $50.000, and Bank.of
Richton, Richton, $30,000. The last-named bank failed three days before
the Act became effective and was the last failure to come under the provisions of the Act.
$25,000,000 Tied Up.
Since the Act went into effect, approximately 65 State banks have
failed and not reopened, tying up deposits aggregating more than $25,000.000. The guaranty feature, so far as it applies to the failures In 1930
after the suspension Act went into effect and in 1931,Is limited to the special
levy of3% on capital and surplus and will amount to lea than one cent on the
dollar. Liquidation of the banks, previous records reveal, however, shows
an average of 55 cents on the dollar is recovered through that process.
Ronda to be issued in retiring the certificates of indebtedness will have
the full faith and credit of the State pledged for their retirement, although
the aaaessment of ji of 1% on unsecured profits will be used exclusively in
retiring the bonds and meeting interest payments. The assessment, on
account of the failures, will not yield more than $200.000 annually and this
will scarcely cover the interest payments. The remainder, under the Act,
must come from State taxation.
To-day's decision settled the main issues involved and paves the way
for the Issuance of the bonds, but there Is still unsettled the question of
whether holders of certificates of time deposits, making their contracts
prior to Mar. 11 but the contract not expiring until after that date, are entitled to come under the protection of the Act and have their deposits paid
out of the bond issue.
[VoL. 132.
FINANCIAL CHRONICLE
2888
M. W. Alexander of National Industrial Conference
Board Declares It Fallacious That Wage Rates
Must Be Maintained Despite Lower Living Cost.
In an address before the thirty-third annual meeting of
the National Metal Trades Association, in Cincinnati, on
April 15, Magnus W. Alexander, of New York, President of
the National Industrial Conference Board, sounded several
timely notes of warning to the industrialists and business
men of the country. Mr. Alexander's most impressive warning was directed against unsound economic thinking on the
subject of wages, as to which he said:
"It is fallacious to assume that by building a Chinese Wall around
wage rates it will be possible to ward off the necessity of general economic,
readjustment in time of depression. It is even more fallacious to argue
that wage rates must be maintained despite reductions in the cost of
living, in order to protect the standard of living of American wage earners.
It is after all not the money wage but rather the real wage, represented
by the purchasing power of money earnings, that determines whether
living standards can be maintained. When, therefore, the cost of living
falls, a proportionate reduction in wages need not affect adversely the
economic status of the worker. This fact is generally ignored in the
current discussion of the wage problem.
"The other vital consideration, which is also generally overlooked in
this discussion, is the paramount part that hours of work each week
play in the proposition. The facts show that at present not only are
millions of usually employed persons altogether deprived of work, but
that several more millions are working on short time. In consequence,
even though the high wage rates of 1928 and 1929 have been maintained
in most of the large, and in many small, establishments throughout the
country, the partially employed workers in these establishments have
suffered a considerable reduction in their weekly wage incomes and, therefore, in their purchasing power and economic status.
"The question naturally arises whether moderate wage reductions, not
larger than the decline in the cost of living, might not permit longer
weekly woe king schedules with larger payments in the weekly pay
envelopes. The reasoning implied in the question is that reduced production costa, on account of the lower wage factor, would result in lower
sales prices and thereby stimulate increased buying, greater industrial
activity, and consequent larger employment. Besides, lower prices would
give this country a better chance in world trade..
"The question here raised cannot be answered categorically. The size
and the financial strength of individual establishments and similar factors
must be taken into account. Large enterprises with substantial reserves
and flexibility in their work arrangements may be in a position in which
they can afford to maintain wage rates and at the same time provide
normal, or nearly normal, employment The average smaller enterprises,
however, may If necessity have to make adjustments in wages as well
as in other expenses in order to be able to continue to operate at all.
When such adjustments cannot be avoided, it is obviously in the interest
both of the employing concern and its employees that they be made, but
they should then be made in a way that will least disturb the economic
mechanism and the industrial relationship."
Commenting on the ideal of a completely stabilized economic order in which the machinery of business would
always operate smoothly on a basis of sustained prosperity
throughout all branches of economic life, Mr. Alexander
said:
"Human weaknesses, the complexity of economic relationships, and the
need for constant readjustments to changing conditions operate against
the attainment of a perfected economic order; moreover, the economic
life of this country is too greatly influenced by international economic
forces, which are beyond our control. As practical men, we realize that
each a millennium is still far distant. It should be possible, however,
by intelligence and foresight to reduce the frequency and severity of
recurring business disturbances and to minimize their retarding influence.
In any event, we should strive to avoid the pitfalls that endanger social
and economic progress."
Rome C. Stephenson, President of American Bankers'
Association
Refutes
Washington
Statements
Charging Bankers as Desirous of Wage Cuts—At
Meeting of Executive Council Says Wages of Capital Invested in Industry Taking Serious Wage Cuts.
Refuting statements issuing from Washington accusing
bankers as a class with being personally desirous of general
industrial wage cuts, Rome C. Stephenson, President of the
American Bankers' Association, declared at the opening
session of its Executive Council meeting, at Augusta, Ga.,
on April 14, that changes in wage levels, whether up or
down, were entirely attributable to impersonal economic
forces. He pointed out that both bank money and invested
capital had already taken some "very serious cuts" in the
forms of lowered interest rates and reduced or omitted
dividends, but that nobody was being accused of "plotting
to reduce these wages of money". Mr. Stephenson continued:
"For reasons that are obscure, I might say illogical, it appears that an
attempt is being made in some quarters, particularly in the news emanating
from Washington, to lay upon 'the banker' the charge of being guilty of a
desire to see general wage reductions. Of course, bankers as such, have no
such desire. If they did, they could do nothing either in preventing wage
reductions or in bringing them about. These accusations, if indeed they
are being really made in any responsible quarter, must be merely another
instance of finding somebody to blame for things that are not popular.
"Anyone knows who gives the matter the slightest serious thought that
wage levels are controlled by impersonal economic principles. They are
APRIL 18 1931.]
FINANCIAL CHRONICLE
2889
not subject to the real or supposed personal wishes of any individuals or fidence in long term investment and borrowing and an improved relationship
groups of individuals. Wages are paid out of the earned incomes of between Government and business.
"It is noteworthy,"said Mr.Chester, that in no other depression has there
industry. If general economic conditions so affect such incomes that
to maintain wages. We are well aware that
internal economies are necessary, certainly no one is personally to blame been such a sustained effort
demand for merchandise can only come from those who have the wherewithal
for that. I am not saying that wage reductions should be made, but if any
supply that demand.
industry discovers that conditions call for an adjustment in costs of opera- to
"In the second place, we must be alert to oppose unsound industrial
tion, including wages, it would be a very questionable act of stewardship
and financial expansion, which engender unhealthy business conditions and
in respect to the responsibilities resting upon its management if it attempted
often result in destructive price wars. We must encourage confidence
keep wages or other costs at any arbitrary level at the expense of the
to
in long term investment and borrowing, removing incentive to speculative
capital funds of the business.
gain. We must build better relationship between debtor and creditor, and
"It may be pointed out that the wages of money have already been assist in worthy mergers and other clean cut activities that seek to solidify
markedly reduced, as can be seen by a comparison of interest rates on bank American business.
loans and investments received to-day as compared with a year and a half
Improvement of the relationship between Government and business must
ago. You may be sure that no banker reduced these wages of money as a be based on confidence, and there can be no confidence if the Government
matter of personal desire—nor have I heard of any banker blaming some- Is to engage in business in competition with private enterprise. The Governbody else, the working man, for instance, with plotting to reduce these ment's definite function is to provide opportunity for all, and it must be
wages of money. The impersonal economic factors that rule the money as impartial as any court or referee.
markets have taken care of that.
"Further, this mutual confidence cannot be maintained if the Govern"Also, the wages of capital invested in industry are taking right now ment on the one hand is to engage in unwarranted waste of public funds, or
some very serious wage cuts. According to a recent tabulation if business if to deny, either in theory or practice, the law of equal opporthis year
of dividend declarations since the first of the year, we find that in the tunity."
month of March alone there were 115 reported reductions of corporate
dividends, while 114 were passed—a total of 229 reductions in the wages Treasury Certificates of Indebtedness Offered to
of capital. Taking the figures for the first quarter for the last three
Amount of $275,000,000 Subscribed to Extent of
years, we find these facts: In 1929 in the first three months of the year
inthere were 545 favorable dividend actions, counting initial, resumed,
$908,688,000—Allotments $276,118,000.
;
creased and extra dividends ; in the same period for 1930, 442 such actions
in the first
As was reported in our issue of a week ago (page 2697)
and in 1931, only 354. On the other hand, whereas in 1929
of reduced total subscriptions of 8908,688,000 were received to the
quarter there were only 51 unfavorable actions, in the form
for the same
and passed dividends, there were 177 such actions listed
8275,000,000, or thereabouts, of Treasury Certipassed divi- offering of
period in 1930, and no less than 531 instances of reduced and
/
no doubt that ficates of Indebtedness, bearing 178%, and running for
dends for the first quarter of the present year. So there is
eight months. The amount of certificates allotted is $908,invested capital is taking some very heavy wage cuts.
are to be blamed
"We do not believe that any persons or class of persons
688,000. The subscriptions and allotments were divided
for these cuts. We know that economic conditions brought them about.
the Federal Reserve districts as follows:
year industrial corporate profits in general declined among
We know that last
—Total Subscriptions—
.
the level of
by 45% as compared with the previous year, and fell below
Federal Reserve District—
by
$24.060.800
$58,618.600
any year since 1921. These declines were very clearly brought about
Boston
83.987,000
374.288,500
followed by disproportionately New York
great reductions in sales, which are always
28.900,000
101,093.000
These are the impersonal economic conditions Philadelphia
greater reductions in profits.
16.142.000
53.912,500
Cleveland
27.744.000
51,587.000
back of the wage cuts that capital has taken.
Richmond
be Atlanta
24,127.500
45.383.000
cite these facts not as an argument that industrial wages should
"I
25,516.000
76.347.500
to be decided by Chicago
reduced as a general proposition, for that is a matter
6.830.000
19,645,000
accordance with the particular set St. Louis
3.127,000
6,221.000
each concern and by each industry in
Minneapolis
I cite these facts Kansas City
5,640.500
19.064.500
of circumstances affecting their financial positions.
12.057,500
30.028.500
how impersonal these economic conditions and influ- Dallas
merely to illustrate
16.706.000
71.799.500
San Francisco
280,000
ences are and how they affect all phases of our industrial, business, and Treasury
700.000
financial life, and not only our wage earning workers. The only point I
$908,688.000 $275,118,000
Total
wish to make is that it is entirely beside the question to attempt to place
the blame personally on that indefinite personality called the 'banker' in
Because of several inaccuracies in the paragraph on
the newspaper headlines.
with the allotments
any banker as an individual student of conditions reaches a conclu. page 2697 of our issue of April 11 dealing
"If
siou that wage cut sare inevitable, he is fully within the rights and we repeat herewith Secretary Mellon's announcement of
proprieties of his position to say so if he so desires, the same as any April 10.
Industrialist is entitled to the same say-so, or anybody else who takes
Secretary Mellon announces that, according to the final report received
the trouble to make himself conversant with conditions. But in expressing
Reserve banks, the total subscriptions for the offering
this opinion the banker Is merely interpreting impersonal events and is not from the 12 Federal
certificates of indebtedness aggregate $908,688,000. Allotments
expressing personal desires of himself or his supposed class, and I believe of 1%%
made as follows:
been
we should not hesitate to make this clear to the country in view of the have
All subscriptions in amounts not exceeding $1.000 for any one subscriber
confusion that has been created in this respect."
have been allotted in full. Subscriptions in amounts over $1,000 but not
exceeding $10,000 for any one subscriber were allotted 70% but not less
$1,000 for any one subscription;subscriptions in amounts over $10,000
Plans to Offer All-Year-Round Jobs—Mrs. thannot exceeding $100,000 for any one subscriber were allotted 60% (but
Henry Ford
but
in Summer.
Ford to Let Employees Run Farms
not 80% as previously stated), but not less than $7,000 on any one subsubscriptions in amounts over $100,000, but not exceeding
All-year-round work for employees of the Ford Motor Co., scription; for any one subscriber were allotted 40%, but not less than
$1,000.000
if they want to work, is planned by Henry Ford, said a $60,000 on any one subscription, and subscriptions in amounts over $1.000._
Mar. 31 to the New York "Times" which 000 were allotted 20%, but not less than $400,000 on any one subscription.
Detroit dispatch
continued:
Inventory in future will be taken at the Ford plants in the summer instead of the winter. The men laid off during the Inventory period will
have the opportunity of working on Northern Michigan farms recently
purchased by Ford.
This was revealed to-day by Mrs. Ford before the library half-hour at
the Women's Colony Club of Detroit, where she read a paper containing
facts prepared by her husband.
Lands have been purchased in Northern Michigan and are now being prepared for farming, she said, and employees who work on them will
have the privilege of buying the produce at a nominal cost.
"Finance, plus agriculture, plus industry, will bring stability," Mrs.
Ford read from the paper.
Mrs. Ford said an eleven-month year is planned for all Ford employees
in the future, but the factories will operate throughout the winter each
year.
In the past Ford plants have closed during December and January for
several weeks to complete inventory, and under the new plans the shutdowns will take place during the summer months. It is in this period.
Mrs. Ford explained, workers will have opportunity of going to the farms.
As was stated in these columns a week ago,the certificates
will be dated and bear interest from April 15 1931 and will
become due Dec. 15 1931. Details of the offering appeared
in our last week's item.
Secretary of Treasury Mellon Issues Further Notice to
Holders of Treasury Notes of 1930-1932 That Issue
Has Been Called for Redemption.
Holders of Treasury notes Series A and B of 1930-1932
have again been reminded by Secretary Mellon that these
notes have been called for redemption and interest thereon
ceased on March 15. Previous items regarding the redemption of the notes appeared in our issue of March 7, page 1725,
and March 28, page 2315. On April 16, when he issued his
latest reminder, Secretary Mellon stated there are now outof the notes. From the New York
C. M. Chester, Jr., of General Foods Corp., Urges standing $54,000,000 account April 16 we take the following:
of High Wage Level—Also Wants "Times" Washington
Maintenance
The fact also was mentioned that $7,073.150 of the Third Liberty Loan,
More Liberal Tariff Policy.
maturing in 1928, and $4.242,800 of the Second Liberty Loan, called in
Maintenance of our present high standards of living 1927. are still in the hands of investors, resulting in heavy losses of interest.
interest has ceased amounts
through regular employment and the avoidance of unneces- The entire outstanding public debt upon whichprior to April 1917.
$1,640,500 matured
is the first suggestion in a four-point to $71,359.000, of whichin 3).6% notes were called in March. so the amount
sary wage reductions
About $1,100,000.000
reconstruction program offered by C. M. Chester, Jr., of them outstanding is not large considering the volume of the issue and the
with other refunding operations.
President of General Foods Corp., said a Boston dispatch experience of the Treasury in connection
explained that it was natural that not all of the notes have
Mr.
of Commerce" which we been Mellonto the Treasury for redemption. Although this saves the
Apr. 9 to the New York "Journal
offered
of
Government money on interest, nevertheless, for the protection investors,
quote further as follows:
Mr. Chester also urged that a policy of excessively high trade barriers and
too exacting insistence on debt settlement "may very well put a blight on
our foreign trade for some years to come."
Addressing the Boston Chamber of Commerce at its luncheon meeting
here to-day, Mr.Chester pointed also to price stabilization, more economical
production and distribution, regularity of dividend disbursement rind
better management are the important factors in stabilizing our standards of
living. RN reconstruction program also stressed the need of greater con.
the Secretary urged that those holding Government securities should
or notes on which
examine them to determine whether they possess bonds
Interest has ceased
In the case of bonds and notes which are called prior to the maturity
date it may be that investors have failed to realize that interest stops at
the date of call and are holding them on the assumption that interest continues until the maturity date. In other cases securities may be lost or
misplaced, or investors may have overlooked the fact that they were caned.
2890
FINANCIAL CHRONICLE
[VOL. 132.
Representative Wood Says World War Veterans' Relief
After the close of business June 30 1931, no war savings certificates,
war
for Next Fiscal Year, If American Legion Program savings stamps, Treasury savings stamps, or thrift stamps, or papers in
connection with the redemption of any such securities will be accepted by
Is Enacted, Will Exceed a Billion Dollars Thus a postmaster
for transmission to the Department as free matter. Any
Increasing Treasury Deficit.
persons holding war savings stamps, war savings certificates, thrift stamps,
A statement was issued on Apr. 13 by Representative Wood or Treasury savings stamps, and who desire to redeem them after June 80
(Republican) of Indiana, bearing on the World War Veterans' 1931, will be required to mail such securities to the Secretary of the
Treasury, Division of
relief program for further relief for soldiers. Representative own risk and expense. Loans and Currency, Washington, D. C., at their
Wood states that "the total for veterans' relief for the next
fiscal year, if the Legion's program is enacted, will exceed President
Hoover Commends Work of National Recreaone billion dollars, thereby further increasing the Treasury
tion Association.
deficit for that year."
Addressing the directors of the National Recreation Assn.,
As given in the "United States Daily" of Apr. 14 Repreassembled at the White House on April 13 upon the occasion
sentative Wood's statement follows:
My attention has been called to a statement given to the press by Com- of the 25th anniversary of the Association, stated that "the
mander O'Neil, of the American Legion, in which he outlined a program for whole recreational movement is one not only vital to public
further measures of World War veterans' relief. Upon reading this state- health,
but it is vital to public welfare." "Every progress
ment I directed a letter to Gen. Hines, Administrator of Veterans' Affairs,
asking to what extent, in his opinion, this program, if carried into effect. in constructive recreation for leisure time" said the President,
would increase expenditures for World War veterans' relief for the fiscal "not only improves health, but also morals." The President's
year 1931, as compared to the fiscal year 1930.
remarks follow:
Reply of General Hines.
Commander O'Neil stated, if correctly reported, that no part of the
Treasury deficit this year was due to veterans' relief. I also asked Gen.
Hines if this was a correct statement. And I further inquired as to the estimated payment upon all veterans' relief for 1931, and the actual payment
for the 1930 fiscal year. Gen Hines made reply to these queries under
date of Apr. 9,as follows:
You are advised that the American Legion program for the 3rd session
of the Seventy-first Congress was estimated to cost $153,190,000, the first
year as a minimum and possibly $181,000.000, as a maximum. There is
inclosed a resume of the American Legion program with the estimated cost
of the various provisions.
Supplemental appropriations required for the fiscal year 1931, which are
included as a part of the National deficit, amount to $84,330,000.
The expenditures for World War veterans' relief for the fiscal year 1930
amount to $537,525,000, and it is estimated that $699,405,000 will be
required for the fiscal year 1931.
The estimated increase In expenditures. including necessary
for construction, will amount to approximately 8170,000,000. amounts
The total estimated expenditures for all veterans' relief for the fiscal year
1931 wid be approximately $845,000,000.
Added Deficit Foreseen.
From Gen. Hines'reply it is disclosed that at least $84,330,000 in supplemental appropriations was required for World War veterans' relief for the
year 1931, and was a part of the National deficit. Add to this the fact
that in the closing days of the last Congress an additional 8112,000,000
was made available to take care of loans on veterans' adjusted service certificates. Whatever expenditures have been or will be made from this fund
must be added to the National Treasury deficit.
Moreover, the total for veterans' relief for the next fiscal year, if the
Legion's program is enacted, will exceed $1,000,000,000, thereby further
increasing the Treasury deficit for that year.
It may also be observed that the expenditures for World War veterans'
relief for the year 1930 amount to $537,525,000, and that it is estimated
that it will require 5699,405,000 for this same authorized relief, and that the
estimated increase in expenditures, including necessary amounts for construction, will amount to $170,000,000.
General Hines also submitted in his reply a list of the amendments to the
World War Veterans' Act, which it is assumed will be proposed at the next
session of Congress, together with estimates upon some of the items of cost
by the Government where it is possible to submit an estimate. From this
may be seen that the total cost of the Government for the first year, if this
program is enacted into the law, will amount to $153,190,000, with a
possible maximum cost of $181,000,000. What the other items would cost
the Government if enacted into law can only be conjectured. Under the
existing law the total list of expenditures of all veterans'relief for the fiscal
year 1931, will be approximately $957,000,000. This sum shows the
increased cost of Government operation since the war, exclusive of post
office expenditures outstanding.
Treasury Department to Handle War Savings and
Thrift Stamps After June 30—Post Office Department to Abandon Free Service.
Announcement that the Post Office Department will not
handle as free matter any war savings stamps, war savings
certificates, thrift stamps, or Treasury savings stamps after
June 30 1931 was made April 10 by F. A. Tilton, the Third
Assistant Postmaster General. This is learned from the
"United States Daily" of April 11, from which we also
quote the following:
Mr. Tilton stated orally that the reason for the issuance of this order
at present is because the Department agreed with the Treasury Department
that it would be best if the records could be taken over by the Treasury
Department that it would be best if the records could be taken over by the
Treasury in clearing up the remainder of this work.
Treasury Department records show that there are about $4,500,000 worth
of these certificates and stamps outstanding.
Heretofore according to the information made available by Mr. Tilton,
and up to June 80 1930, the potsmasters have been instructed to accept
and transmit to the Treasury Department without cost to the owner any of
these securities presented at any post office.
The full text of the order burned by Mr. Tilton April 8 follows:
Persons who hold any war savings stamps, Treasury savings stamps, or
thrift stamps, whether such stamps are affixed to a war savings certificate
of the proper series, a Treasury savings card or a thrift card, or whether
such stamps are loose, and unaffixed to certificates or cards, are urged to
present them at once to the local post office for transmission to the Department, as postmasters at all post offices are authorized until the close of
business June 30 1931, to accept such stamps from any individual with
proof of ownership and transmit the stamps, without cost to the owner,
by official registered mail to the Department for redemption.
Postmasters and' postal employees are also authorized until the close of
business June 80 1931, to assist the holders of these stamps in preparing
any documentary evidence that may be required under regulations of the
Treasury Department for redemption of the stamps without cost to the
owners and holders of such stamps.
I am glad to welcome the directors of the National Recreation Association at the White House on this occasion. The association was organized
at the White House 25 years ago and it is a most fitting place for your
25th anniversary meeting.
I have followed the work of the association for many years. It has
taken a most significant and a magnificent part in the whole recreational
development of the country. Its work to-day is of increasing importance
because of the growing congestion of cities on one hand and the increasing
leisure of our people on the other.
The whole recreational movement is one not only vital to public health
but it is vital to public welfare.
The growing congestion of the cities present constantly new problems of
physical and moral and mental training of children on one hand and the
growing leisure of shortened hours of labor presents increasing problems in
provision of opportunity for proper use of increasing leisure for adults.
Many less problems in Government arise which concern people while
they are at work and while they are at leisure. They do not often go to
jail for activities when they are on their jobs. Most of our problems arise
when the people are off of the job.
Every progress in constructive recreation for leisure time not Only ionproves health but also morals.
The Federal Government, during the period of the association's activities and to a considerable degree due to the efforts of the association,
has developed in itself a great number of recreational activities.
I assume that the growth of social aspects of Government will increase
the interest of the Government in recreational questions, and we need the
assistance of the association in directing these policies.
If there is anything that we can do to co-operate with the association
in any direction you will find a most hearty welcome to the views of the
association in every section of the Government.
I wish to express to you the most profound admiration that I hold for
the work of the association and to extend to you my best wishes for its further development.
President Hoover in Pan-American Speech Says American Republics Are Nearing Time When Major
Differences Will Be Settled by Conciliation—
Spirit of Mutual Helpfulness Cornerstone of PanAmericanism.
At the celebration of Pan-American Day at Washington
April 14, President Hoover declared that "the American
republics are to-day rapidly approaching the time when
every major difference existing between them will be settled
by the orderly processes of conciliation and arbitration."
The Governments of the Republice of the Western Hemisphere, the President observed "have demonstrated their
willingness and even eagerness to adopt and apply mediation,
conciliation and arbitration. Future progress along these
lines," he added, "can only be as,surred through constant
vigilianee and by an unswerving determination to make
the union of the American republics, as now expressed in
the Pan-American Union, an example to the world."
The President also made the assertion that the "spirit
of mutual helpfulness is the cornerstone of true Pan-Americanism." His address follows:
I am glad to be your guest at this special session of the governing board
of the Pan-American Union which you are holding in honor of Pan-American
Day. I recently issued a proclamation, calling upon our people to give
this day due observance, and this proclamation has received general approval
throughout the country. Exercises are being held at this time in public
schools and universities and by civic organizations in every section of the
Union. Pan-American Day will become an outward symbol of the constantly
strengthening unity of purpose and unity of ideals of the republics of this
hemisphere.
In the latter part of 1928, I had the privilege of visiting eleven of the
countries of Latin America. This visit made a deep and lasting impression
upon me. It was inspiring to observe, at first hand, not only the progress
that Latin America is making along social, economic and cultural lines,
but also the important part which the countries you represent are destined
to play in world affairs. It was clear, too, that the nations of America
have everything to gain by keeping in close touch with one another, and
by developing that spirit of mutual confidence which has its roots in a
reciprocal understanding of national aims and aspirations.
Although each of the republics of this hemisphere possesses problem/
peculiar to itself, there are certain basic questions relating to democratic
progress and social betterment common to us all and in the solution of
which we can be most helpful to one another. This spirit of mutual
helpfulness is the cornerstone of true Pan-Americanism. The Pan-American Union not only symbolizes this spirit, but gives to it concrete expression
In many practical and constructive ways.
APRIL 18 1931.]
FINANCIAL CHRONICLE
It is of the greatest importance that the people of the United States
become better acquainted with the history, the traditions, the culture and
the ideals of the other republics of America. To an increasing extent,
courses on the languages, literature and history of the nations of Latin
America are being offered in the educational institutions of the United
States. A similar realization of the importance of becoming better acquainted with the history and development of the United States exists in
the countries of Latin America. Increasing numbers of students from the
countries to the south are being enrolled in the colleges and universities
of the United States. I cannot emphasize too strongly this important
aspect of inter-American relations. These cultural currents not only contribute to better international understanding but also emphasize the essential
unity of interest of the American republics.
Through the Pan-American Society and its branches established in different
sections of the country the importance and significance of the culture of
the Latin-American nations are being brought home to our people. We
owe much to the unselfish men who have devoted so much time and energy
to this work. The activities of the Pan-American Society admirably supplement the important work that is being done by the Pan-American Union.
A peculiarly heavy responsibility rests upon the nations of the Western
Hemisphere; a responsibility which, at the same time, is a high privilege.
Richly endowed by nature, we enjoy the great advantage of inhabiting a
hemisphere free from the jealousies and antagonisms which have proved
such obstacles to progress and prosperity in other sections of the world.
We have developed an international system based on the principle of
equality, combined with a full recognition of the obligations as well as
the rights of States.
The American republics are to-day rapidly approaching the time when
every major difference existing between them will be settled by the orderly
processes of conciliation and arbitration. In this respect, the Western
Hemisphere has placed an enviable record before the nations of the world.
From the earliest period of their history, the governments of the republics
of this hemisphere have been earnest advocates of the peaceful settlement
of international disputes. They have demonstrated their willingness and
even eagerness to adopt and apply mediation, conciliation and arbitration.
The common purpose to eliminate war and the determination to achieve
peace and security represent a major contribution of the Americas to modem
civilization.
The full significance of this achievement is not always realized, for it
carries with it heavy obligations to posterity. Future progress along these
lines can only be assurred through constant vigilance and by an unswerving
determination to make the union of the American republics, as now expressed in the Pan-American Union, an example to the world. We are not
attempting in any way to develop a super-state or to interfere with the
freedom of action of any of the States, members of the union, but rather
to develop an atmosphere of good-will, a spirit of co-operation and mutual
understanding, in which any difference that may arise, no matter how
important, will find a ready solution.
I cordially congratulate you, gentlemen of the governing board, on your
happy initiative in establishing Pan-American Day and, at the same time,
I send a message of fraternal greeting, in the name of the people of the
United States, to all the inhabitants of our sister republics.
Old Age Pension Legislation Urged by President Green
of American Federation of Labor—Advocates Universal 5
-Day Week.
The enactment of uniform, practical, wise and just old
age pension legislation was urged on April 10 by William C.
Green, President of the American Federation of Labor, in
addressing the fourth National Conference on Old Age
Security, held at the Town Hall Club, New York. Mr. Green
is reported in the New York "Journal of Commerce" as
saying:
"While much of human dependency during old age can be traced to
various causes, the major cause is found in the unequal distribution of
the earnings of industry and of created wealth.
"It is this cause which makes it necessary for the Government to collect,
through its taxing power, a part of the created wealth held by the favored
few so that a fund may be established out of which pensions will be
paid to those who, because of age, have become dependent.
"The American Federation of Labor has included old age pension legislation as a part of its social justice objective," he said. "We are firmly of
the opinion that the time has arrived when society, through Government,
must face its obligation so that, through the enactment of legislation,
each individual will make his contribution toward the care and protection
of aged dependents. This duty must be faced even though the difficulties
which may be in the way of the enactment of uniform legislation, scientifically drawn so that it will adequately care for and protect the aged
and dependent, seem to be very great."
From the New York "Times" of April 11 we take the
following:
Mr. Green told the delegates that the A. F. of L. believed that the
minimum standards established through the enactment of old age relief
legislation should provide for State control and supervision, State contributions, a law in each State creating a commission to care for those to be
aided, with benefits of not less than $300 a year for those in need at the
age of 65.
Pointing out that of 5,000,000 persons of 65 years or more, about
4,000,000 are said to be penniless, Mr. Green said that the contributing
causes to such a large percentage of destitution were inadequate wages
during the earning period, industrial superannuation, illness, and misfortune. The major cause, he asserted, was unequal distribution of the earnings of the industry.
Discrimination is Decried.
The policy pursued by some employers who discriminated against employment of men 40 or 45 years old has intensified the problem, according
to Mr. Green. He said that such a policy weighed unjustly against the
families of these men. . .
At the session held earlier in the day, Abraham Epstein, Executive Secretary of the American Association for Old Age Security, reported that while
a year ago only 4,000 persons enjoyed old age benefits in the United
States, the number had reached 40,000. He predicted that, because of the
enactment of new laws in other States, the coming year would see this
number doubled. lie asserted that old age security for all those in need
2891
in this country "and the removal of the threat of the poor house" were
"only a matter of a few more years".
"Every test and sign during the last year indicates that the citizenry
of America is determined to wipe out this ancient blot—old age insecurity
and the poor house—from our civilization," he added.
Reports on Payments Here.
Frank J. Taylor, Commissioner of Public Welfare, said that up to April 8
there had been 34,920 applications for old age relief, of which 62.1% had
been approved. Total relief payments amounted to $1,814,702, he said.
Olive Henderson, of the California Department of Welfare, described
that State's experience with the relief law, which became operative on
Jan. 1 1930, and said that in proportion to total population the rural
districts had four or five times as many cases of needy aged persons
receiving aid as the cities.
Frances Bardwell, of the Massachusetts Department of Public Welfare,
described preparations in her State for the operation of a new pension
law on July 1. She explained that the policy would be to give adequate
assistance for "suitable and dignified care", and that "aged couples should
not be separated".
In the current issue of the "Harvard Business Review"
President Green, of the American Federation of Labor, contends that the most effective single measure which could
be taken against unemployment is to make the five-day
week universal. The New York "Times" of April 12, in
which this is noted, goes on to say:
Mr. Green summarizes the history of labor's efforts to shorten hours as
productivity increased and cites the recent study of the National Industrial
Conference Board as authority for the statement that in the manufacturing
plants investigated it was found that the advantages of the five-day week
outweighed the disadvantages.
"That failure to reduce hours of work in proportion to other progress
has contributed to unemployment is evident from widespread provisions
for part-time work, rotation of force and similar provisions to make employment go round," says Mr. Green. "Many companies have put in the
five-day week as an emergency measure."
Says Idleness Would End.
After asserting that the five-day week was the most important single
step that cauld be taken to relieve unemployment, Mr. Green declares
that the introduction of the shorter work week would absorb the jobless.
He also argues that the shorter work day would mean increasing leisure,
opportunity for culture, and an increasing time for the wage earner to
assume the responsibilities of citizenship.
"No group of citizens should be forced to restrict their lives to industrial
problems and environments, but each should have opportunity for a
rounded, balanced life," he adds.
Tracing the history of the shortening of the work period from 1822,
when millwrights and machinists demanded that they be permitted to work
only from 6 a. m. to 6 p. cm, with an hour for breakfast and an hour for
dinner, Mr. Green points out that as machine power and methods of
production have been improved the output of the individual has increased.
As the workers were able to do more work in less time, hours gradually
decreased from 12 to 10, then from 10 to eight. Then the six-day week
came in, to be followed by the Saturday half-holiday, and later, in some
industries, the five-day week.
Cites Increase in Output.
"Each step has been contested by employers on the grounds of. expense,
upsetting of customary regulations, and decreased output," says Mr. Green.
"Yet since both work day and work week have been shortened, unit costs
of production have lessened, output has increased many fold, and all of
industry has learned more efficient habits. The force which employers
Ignored in their arguments is the adjustability of industry. Production
is a live thing that finds new methods of its own volition or under compulsion. Pressure brought on any one point forces all other factors to
meet a situation. Demand of workers for higher standards has been a
stimulus to industry to find more efficient methods.
"The rapid mechanization of industry within recent years has made
possible a far greater reduction in hours of work than has actually taken
place. The production of the average worker in industry has increased far
more rapidly in the decade since 1919 than in any other period of which
we have record."
Fifteen States Aid the Aged—Seven Passed Pension
Laws this Year Survey Shows.
Fifteen States now have old age pension laws as a result
of the passage of new legislation in three States last month,
bringing the number of new laws passed during the 1931
legislative season to seven, a record in this field, according
to the report on a nation-wide survey by the American
Association for Old Age Security, made public yesterday.
The New York "Times", from which we take the foregoing,
also said:
In March West Virginia enacted an old age pension law, the fifteenth
State to do so. Oregon established a commission to report upon old age
needs, and Colorado passed legislation to make effective its 1927 law,
which has been practically inoperative.
"In addition," the report continued, "Delaware, Idaho, Minnesota, and
Wyoming have enacted new laws or improved old statutes during this
session. New Jersey is also expected to join the pension States this year."
The fourth annual conference of the Association will be held at the
Home Making Center, Grand Central Palace, to-morrow morning and
afternoon, concluding with a dinner in the evening at the Town Hall Club.
Part Played by Tuskegee Institute in Advancement
of Negro Cited by President Hoover.
The celebration of the fiftieth anniversary of Tuskegee
Institute, at Tuskegee, Ala. on April 14 was featured by a
speech by President Hoover broadcast from Washington.
The President made the statement therein that "the greatest
single factor in the progress of the negro race has been the
2892
FINANCIAL CHRONICLE
schools, private and public." "These public and private
schools particularly, under the leadership of Tuskegee and
other universities and colleges, have," the President noted,
"been the most effective agents in solving the problems
created by the admission to citizenship of 4,000,000 ex-slaves
without preparation for their new responsibilities." In
concluding his address he said, "Tuskegee has made a notable contribution not only to the day-to-day training of the
members of its race for their part in the life of the nation,
but its leaders have made a higher contribution to the adjustment of inter-racial problems which must awaken the
gratitude of the nation." In full we give the President's
speech herewith:
I consider it a great privilege to take even a small part in this celebra-
tion of the fiftieth anniversary of Tuskegee Institute. Established half
a century ago by Booker T. Washington, through initial aid from the State
of Alabama, it has grown into a great national educational institution
devoted to the development of the Negro race and maintaining at all times
a leadership in its advancement.
It is now over sixty years since the Negro was released from slavery
and given the status of a citizen in our country, whose wealth and general
prosperity his labor has helped create. The progress of the race within
this period has surpassed the most sanguine hopes of the most ardent
advocates. No group of people in history ever started from a more complete economic and cultural destitution.
The fiftieth anniversary of the founding of Tuskegee marks at the same
time almost the semi-centennial of Negro progress. Within that period
the race has multiplied its wealth more than 130 times, has reduced its
illiteracy from 95% to zocA and reduced its death rate by one-half.
It has risen to the ownership of more than 750,000 homes, has accumu•
lated property to the value of billions, has developed a far-reaching
Internal network of social, religious and economic organizations for the
continued advancement of its people, has produced leadership in all walks
of life that for faith, courage, devotion and patriotic loyalty ranks with
all the other groups in our country.
The greatest single factor in the progress of the Negro race has been
the schools, private and public, established and conducted by high-minded,
self-sacrificing men and women of both races and all sections of our country,
maintained by the States and by private philanthropy, covering the whole
field of education, from primary school through colkge and university.
These public and private schools particularly, under the leadership of
Tuskegee and other universities and colleges, have been the most effective
agents in solving the problems created by the admission to citizenship of
4,000,000 ex-slaves without preparation for their new responsibilities.
That such a revolution in the social order did not produce a more serious
upheaval in our national existence has been due to the constructive influence
exerted by these educational institutions whose maintenance of further development is both a public and a private duty.
The nation owes a debt of gratitude to the wisdom and constructive
vision of Booker T. Washington, the founder of Tuskegee. His conception of education based fundamentally upon vocational and moral training
has been worthily continued by his able successor, Dr. IL R. Motes, who
likewise deserves the gratitude of the nation for his many contributions
to the solution of one of our most difficult problems. His ability and
sanity and modesty have been powerful forces in progress and goodwill.
We have still many problems to solve in this matter and no section of
for progress and
our country is without its responsibility or without room
improvement. I am convinced that there are within the Negro race, as
the first rank,
the result of these institutions of which Tuskegee stands in
a body of men whose leadership and unselfishness can be depended upon to
accomplish advancement and adjustment.
A notable example of the proper spirit of approach in sane handling of
the inter-racial
these problems is that developed in our Southern States by
commission. This movement developed in the area where problems of interracial adjustment are presented on a large scale, and has been represented
In its leadership and direction by the best element of both races working
in effective co-operation for the good of each and rendering valuable
service to the whole country.
Tuskegee Institute has greatly contributed to this movement. There
can be no solution either in the communities or government that is not
based upon sympathetic understanding and absolute justice.
Tuskegee has thus made a notable contribution not only to the day-today training of the members of its race for their part in the life of the
nation, but its leaders have made a higher contribution to the adjustment
of the nation.
of Inter-racial problems which must awaken the gratitude
Senator Couzens Calls Upon Industry to Provide Unemployment Insurance and Old Age Pensions,
Otherwise Congress Will Act—Asks Consideration
by United States Chamber of Commerce.
Senator Couzens of Michigan (Republican) in a statement issued April 14, while stating that he "would much
prefer that industry individually or in groups" would take
care of such matters as unemployment insurance and old
age pensions, indicated that Congress would act if industry
failed to. Senator Couzens's statement, according to the
of indusNew York "Times," was addressed to the leaders
to assemble at the convention of the Chamber
try who are
City on April
of Commerce of the United States at Atlantic
A prompt reply to Senator Couzens was made, said
28.
of
h,
the paper quoted, by William Butterwort President
States, who said
the Chamber of Commerce of the United
that the Chamber would welcome any remedial suggestions
which Mr. Couzens had to offer.
From the same paper we take the following:
[Vol,. 132.
business. We must not have any government in business, because all
economic questions must be settled by business and members of Congress
may not suggest ways and means to the captains of industry."
"Will these business men tell the American people if they approve of
the present trend of accumulation of property in the hands of the few?
"They may observe from Treasury Department statistics that the distribution of corporate net income is gradually rising until nearly 81% of
the entire distribution is going to corporations which have more than
$100,000 of annual income. It may also be observed from the same
statistics that the distribution of the total income from investments has
In the last five years drifted materially to those with illCOIIICS of more
than $100000 a year.
"The people of our country will not be so much concerned about 'who
owns America' if those who own and control its destinies will see to it
that a proper division of the earnings of industry is provided between
the workers and capital.
"If business is insistent upon running the government, let them provide
ways and means so that all of our citizens will have an adequate income,
that they are provided with a decent home and adequate food and clothing.
They will then not find any necessity for government interference with
business, nor will they find any ground in which to sow the seed of communism.
of ideas
"What I am fearful of is that there has been such a bankruptcy
and plans to prevent a repetition of existing conditions that business
then sit
may be simply waiting for these conditions to 'blow over' and
Complacently until the next cycle of business depression is upon us. . . .
"While they are considering 'new aspects of banking and consumer
American
credit,' I wish that they would tell us whether they advise the
People to live beyond their means and to pledge their future income,
become almost
through instalment buying, to such an extent that they
economic slaves.
hope they
"While considering 'stabilizing industrial employment.' I
will consider that a number of sound plans have been adopted to insure
year. I hope they
workers' incomes for a period of forty-eight weeks per
will consider that a number of industries have assumed this responsibility.
of
and having assumed the responsibility have found ways and means
penalize itself for
stabilizing production. Unless industry assumes to
the responsibility
throwing millions of workers out of jobs they will not feel
of stabilizing income for the workers. . . .
pensions,
"I submit that questions of unemployment insurance, old-age
there is a
the regulations of industry, do not arise in Congress unless
great need. . . .
but if at
"The public's patient, I think, has already been exhausted,
made and
this great meeting of industrial leaders concrete proposals are
Is not
Put into execution before Congress convenes next December It
Congressional
likely that there will be sufficient public opinion to require
action."
President Hoover Names Emergency Board to Mediate
Dispute Between Louisiana & Arkansas Ry. and
Shopmen.
President Hoover on April 16 appointed an emergency
board to investigate and report to him its findings in a dispute between the Louisiana & Arkansas Ry. Co. and their
shopmen, numbering about 400, who are threatening to go
on strike. The New York "Times" in a Washington dispatch that date said:
but
The board will be composed of Charles Kerr, formerly of Kentucky
Calif.,
now a resident of Wasnington, D. C.: Chester H. Rowell of Berkeley,
and Judge Homer B. Diboll of St. Paul.
of the Railway
The l'resident is taking a hand in the dispute by authority
emergency board
Labor act, which provides for tile appointment of a special
the parties to an
when the regular board of mediation is not able to bring
the mediation board has
agreement. Mr. Hoover has been notified that
failed to effect an agreement.
rules ComPresident Hoover Bars Tariff Cuts—Over
Tomatoes.
mission on Rates on Cherries and
the Tariff ComPresident Hoover on April 7 returned to
his approval a recommendation for lower
mission without
and tomatoes,
duties on cherries, sulphured or in brine,
to
or preserved in any way. According Associated
prepared
New York "Times," the President, in
Press advices in the
said the
a letter to Chairman Fletcher of the Commission,
"was of necessity based upon conditions
recommendation
by the drouth,
maintaining before the emergency created
so short exand in some cases upon data over a period of
make it desirable that the Commission be
perience as to
afforded more time."
the Commis"I should like it, therefore," he added,"if
review the facts upon the basis of
sion would undertake to
the forthcoming crops and make another report."
onal Amendment
Senator Bingham Proposes Constituti
Either Senate or House to Bring Impeachto Permit
ment Proceedings.
A Constitutional amendment to permit either the Senate
or House to begin impeachment proceedings against public
officials is proposed by Senator Hiram Bingham (Republican) of Connecticut. At present the proceedings must
originate in the House. The Senator's proposal was made
known on April 12; regarding it a dispatch on that date to
the New York "Times" from Washington said:
under his plan, the other would
Whichever body began the proceedings,
of Supreme Court justices.
conduct the trial with the participation
impossible to get the House to impeach
Reasoning that it was almost
Senator Couzens said in his statement:
President whose election has carried into office a
before they adjourn, "an appointee of any
small number of Senators
"I hope these business men will instruct Congress.
of the House," whereas "only a very
care of our citizens who are in distress. majority
what we are not to do concerning the
owe their election to the popularity of any given President" and because
must realize by now that it is not the function of government
criticize the behavior of Executive and
Congress
to the Senate "is much more willing to
to look after its people, but that the care of our people must be reserved
APRIL 18 1031.]
FINANCIAL CHRONICLE
administrative officers of the Government," Senator Bingham declared
that the Senate was 'the logical place for an impeachment to start."
His proposal was based upon a study of the Senate's attempt to oust
Dr. George Otis Smith as a member of tbe Federal Power Commission after
he had been confirmed. The Senate believed that Dr. Smith was properly
-confirmed and that the Senate's action, which led to taking the case to the
District of Columbia Supreme Court, was "actually an impeachment and,
therefore, unconstitutional."
As a result Senator Bingham suggested "for consideration and criticism
an amendment which would give either branch of Congress the right to
Initiate impeachment proceedings and conversely, the right to try impeachment cases."
"I suggest that the court which tries the impeachment be composed
partly of senior members of the Supreme Court and partly of members of
that branch of Congress which did not initiate the proceedings," he continued.
"I suggest that the Chief Justice or the Vice-President preside, and that
ba addition to four senior members ofthe Supreme Court,ten senior members
of the majority and ten senior members of the minority of whichever house
:has the duty of trying the case constitute this high court."
Reiterating the difficulty of obtaining the impeachment by the House
of a Presidential appointee, the Senator concluded:
"On the other hand, the Senate, by reason of its longer term, has shown
Its willingness to go as far as it possibly could under the Constitution in
bringing charges against Cabinet Ministers, chiefs of bureaus and members
.of Federal commissions.
"This tendency on the part of the Senate has destroyed its effectiveness
as a court of final jurisdiction, just as the evolution of our political parties
tas destroyed the effectiveness of the House of Representatives as the
source of impeachments."
Gov. Roosevelt of New York Vetoes Dunmore Bill Permitting Corporations and Insurance Companies to
Write Unemployment Insurance.
On April 14 Gov. Franklin D. Roosevelt of New York
vetoed the bill sponsored by Assemblyman Dunmore, which
would have permitted corporations and insurance companies
to write unemployment insurance. According to the
'Knickerbocker Press" of Albany, the measnre would also
have authorized formation of companies to write this type
of insurance. With regard to the veto, the same paper said:
In a memorandum in which he set forth the reasons why he voted the
measure—one of the Republican program bills that dealt with unemployment relief—the Governor said that since a committee of the Legislature
has been created to study the whole subject of unemployment relief it will
necessarily survey all types of unemployment insurance, in addition to the
system provided in the Dunmore bill under which workers would pay
entirely for unemployment insurance in obtaining policies from private
corporations.
Would Be Consistent.
"I believe that under the circumstances it would be inconsistent now to
provide for one form of unemployment insurance and thus discriminate
against other proposals which have had much greater consideration than
was given this measure," said the Governor in his veto message.
"It is fairly obvious," he added, "that if private corporations are permitted now to begin to write unemployment insurance this will make it
impossible to have the full and free consideration of other methods by an
investigating commission.
"Experience in the field of workmen's compensation warns us further
that if private corporations are permitted to begin writing unemployment
insurance now they will hereafter claim a kind of vested right in this business and will be united in their opposition to bills providing other forms.
Refers to Protests.
"I have received protests from a great many civic associations interested
deeply in the question of unemployment insurance and unemployment
relief," he said.
"The State Federation of Labor is opposed to this bill as is the Insurance
Department."
The Chief Executive has been keenly interested in the problem of
nnemployment insurance since the present economic depression developed.
The subject was one of the principal ones considered at the conference of
governors of six eastern States which met at the call of Governor Roosevelt
early in January.
2893
(10) Provision for the erection of an additional building at the State
Hospital for the Insane at Waterbury, repairs at the Vermont Soldiers
Home at Bennington, and improvements at the Vermont Sanatorium at
Pittsford.
(11) The enactment of a properly safeguarded voluntary sterilization law.
Tar Readjustment.
(12) A readjustment of the burden of taxation by the enactment of a new
tax law along the line of the recommendations made by a special tax commission which reported shortly prior to the opening of the legislature. The
new tax legislation includes a moderate and well constructed income tax
law, reaching earned incomes and unearned incomes of individuals, and a
franchise tax on corporations, with corresponding reductions in taxation of
real estate and tangible personal property as well as a reduction of tax on
savings bank deposits.
(13) Provision for studying the problem of employment of the inmates of
Our State prison, and the sale of prison made goods following the time when
the Hawes-Cooper Law goes into effect.
(14) Provision for the appointment of a special commission to study
the question of taxation of public utility companies.
The only instance of recommendation of the Governor which was not
complied with pertains to the suggestions as to bus regulation and taxation.
Legislation was attempted by the Legislature but failed. The investigation
of the subject, however, by a legislative committee resulted in passage of
enactments which will do away with the evasion of Vermont laws as to
registration by heavy trucks owned by non-residents.
Newsprint Institute of Canada Sued for $750,466 by
Price Brothers Co., Ltd., of Quebec—Twelve Pulp
and Paper Companies Named as Co-Defendants.
A civil action entered against the Newsprint Institute
of Canada by Price Brothers Co., Ltd., of Quebec, for over
$750,000 was started in Suprior Court at Quebec on Apr. 10
before Chief Justice Sir Francois Lemieux, said a Canadian
Press dispatch April 10 from that city to the Montreal
"Gazette," from which the following is also taken:
The action, which is based on an agreement stated to have been entered into between member companies of the Newsprint Institute of Canada when the institute was formed, was in the form of a claim for 6750,466 together with interest amounting to $36,695. Twelve companies, members of the Institute, were named as co-defendants in the case and several other companies Were made parties to the action. Price Brothers
alleged that the defendant companies owed the Newsprint Institute
varying amounts of money and that the Institute in turn was debtor to
the claimants for the sum stipulated in the action.
Argument to-day was confined to a motion presented on behalf of 11 of
the defendants who calimed the case should be transferred to Montreal
where the contract in question was signed. Price Brothers' counsel Opposed this opinion and the Chief Justice took the matter under advisement.
The amounts stipulated by Price Brothers to be owed to the Newsprint Institute follow, the companies named being co-defendants of the
suit: Abitibi Power and Paper Co.. Ltd.,$675,615; Bathurst Pulp and Paper
Co., Ltd.,$39,785; Beaverwood Fibre Co., Ltd..$29,361; J. R. Booth, Ltd.,
$84.438; E. B. Eddy Co., Ltd., $54,501; Fort Francis Power and Paper
Co., $276,108; Great Lakes Paper Co., Ltd., $346,658; Renora Paper
Mills, Ltd., $257,334; Lake St. John Pulp and Paper Co., Ltd.. $47,677;
James Maclaren Co., Ltd., $20,086; St. Lawrence Paper Mills Co., Ltd.,
3167,838; Thunder Bay Paper Co., Ltd., $4,976.
The following companies are added to the action as mise-en-cause:
Anglo-Canadian Pulp and Paper Co.; Canada Power and Paper Corp.;
Donnacona Pulp and Paper Co., and Port Alfred Pulp and Paper Corp.
Louis St. Laurent, B.C., of Quebec, represented Price Brothers; 0. T.
Tindale of Montreal, Anglo-Canadian, Canada Power and Paper and
Bathurst; Aime Geoffrion, B.C., Kenora Paper and Fort Frances Paper;
Mitchell, Stairs, Dixon and Seneca' for Abitibi and Thunder Bay Paper;
Lafleur, Macdougall, Macfarlane and Barclay. Montreal,represent Beaverwood, Lake St. John, Brompton and St. Lawrence; Foran and Foran represented J. R. Booth, Ltd., and E. B. Eddy.
In publishing the above the "Gazette" said:
The Newsprint Institute of Canada was formed as a selling body to handle
the output of newsprint mills, operating as a pool and preventing the disastrous underselling which, according to the manufacturers, had placed
the industry In a dangerous condition. Colonel John H. Price, head of
Price Brothers, was Chairman of the Board of Governors of the Institute,
but resigned in September of last year, making public a letter in which he
stated he was convinced the Newsprint Institute's aims had been defeated
by its own members who did not, he said, conform to their agreement.
Many Bills Asked by Governor of Vermont Passed—
Measures Adopted Include Provisions for Construction of Roads and Tax Revision.
From the New York "Times" of Apr. 11 we quote the
The following is from the "United States Daily" of Apr. 11: following:
According to to-day's issue of "Editor and Publisher" the pooling agreeBy Stanley 0. Wilson Governor of Vermont.
ment provided that among members of the Newsprint Institute all differThe following recommendations which were contained in the inaugural
entials in tonnage produced should be equalized by cash payments from
message of the Governor were compiled with by action of the Vermont
Members of the Institute who exceeded their alloted tonnage to a central
Legislature which adjourned on Apr. 4. The recommendations are given
bureau—the Institute—which in turn, would distribute the money among
in the order in which they appeared in the inaugural message without regard
the members who were producing either their scheduled tonnage or a less
to their special importance.
amount.
(1) That the practice of appropriations for an institution or department
Because it curtailed its production, Price Brothers received nine payat a stated sum "plus receipts" be done away with and that all appropriaments from the Institute in 1929 and 1930 amounting to $487,210.61, the
tions be for stated sums and all receipts go direct to the treasurer.
complaint asserts. The last of these payments was made last Jan. 29.
(2) A large increase in the appropriation for area testing for the work of Since that date, the company asserted, other payments should have been
eradication of bovine tuberculosis.
made but were not, due to the failure of member companies in the Institute
(3) An increase in the appropriation for State publicity work.
to pay the Institute for producing tonnage in excess of their allotment.
(4) An increase in the appropriation for improvement in the condition of
rural school houses and the quality of teachers in those schools,together with
provision for fund for equalizing school expenses in the towns.
(5) A general revision of the statutes.
Newsprint Industry in Canada Reported in Bad Shape
System of Roads.
—Price-Cutting War Feared.
(6) The taking over of the care and control of all Federal-aid roads by
Canadian Press advices from Toronto, Ont., April 14
the State, thereby creating a system of roads wholly controlled by the State
in addition to the other roads for which there is State aid.
stated:
(7) An increase in the funds provided for rural roads and secondary
Serious conditions in Northern Ontario, due to inaction of the newsroads as well as for permanent construction or State roads.
print production industry, are being considered by the Ontario Government
(8) Regulation of motor traffic on water under control of the Motor and negotiaions are reported as proceeding between the Ontario and Quebec
Vehicle Department.
,
Governments to head off a price-cutting war and hasten the reopening of
(9) Giving authority to the Governor upon the recommendation of the some of the mills now shut down.
commissioner of Fish and Game to deal with emergency caused by drouth,
Premier Henry and William Finlayson, Minister of Lands and Forests
disease or local conditions through proclamation to safeguard the interests in the Provincial Administration here, declared to-night that
the situaof the State in this department.
tion was "grave."
FINANCIAL CHRONICLE
2994
"Negotiations which have been going forward here, in Montreal and in
New York, and which are by no means closed, have sought to bring relief
to the situation," said Mr. Finlayson.
Proposals to reapportion tonnage so that some mills now lying idle
may be reopened are under consideration. Conditions in the industry
were "critical all over Northern Ontario and Quebec," said Mr. Henry.
The Government, he said, was aware of the seriousness, and would do
everything possible to relieve it.
"The newsprint industry is in very, very bad shape." said Mr. Finlayson, commenting upon reports that Sturgeon Falls citizens would petition
the Government for cancellation of timber limit rights.
"Mills are closed at the Sault, Espanola, Sturgeon Falls, Port Arthur,
Fort William and elsewhere," said the Premier. He said the Government
was "taking every possible step to aid the people of the North." Newsprint leaders declined to comment on the reported negotiations.
President Hoover's Message to National Air Show—
Desirous of Seeing Commercial Aviation Established on Right Basis.
With the opening at Detroit, on April 11, of the National
Air Show for 1931, a message, of follows, from President
Hoover was read by Charles L. Lowrance, President of the
Aeronautical Chamber of Commerce of America:
"Please convey to the members of the Aeronautical Chamber of Coin'
merce my hope that the conferences and exposition which open to-day will
contribute to the substantial development of the aircraft industry. As I
indicated to the delegation representing your body on Mar. 5, it is my
great desire to see commercial aviation established on the right basis.
This can best come through air transport and, after air transport, through
business and private flying."
[Vol,. 132.
For example, an officer in the Commercial Department of a bank is
frequently called upon to advise customers of his institution as to their
rights as parties to commercial paper, either as maker, guarantor, or
endorser. Under this Bill he would be subjecting himself and his institution to a stiff penalty if he did not send the inquiring customer to a
lawyer. Many customers lean on the officers of a commercial bank for
information, advice or other assistance in making out their income tax
returns. If this Bill were to become a law, no banker would dare give
any such advice or information. Many National banks without active
trust departments do a registration and transfer business in which all
kinds of legal questions arise. They would be prohibited from giving any
advice or infomiation as to such matters to their employer corporations
or to the stockholders of such corporations. Officers of Savings banks would
not be exempt from the evil effects of this proposed legislation. Customers frequently ask their rights in the opening of joint accounts. The
officer of a bank would be committing a misdemeanor if he informed
husband and wife of their legal rights when they open joint savings
accounts. The same applies to all other joint and special accounts which
Savings banks frequently accept under special contracts.
Effect of the Bill on Banks and Trust Companies With Active
Trust Departments.
Mits.—Trust Companies could not prepare or assist in preparing wills.
Trust Companies do not desire the right to draw Wills for their customers
except in those cases where the institution is named to act as an
Executor, Trustee, or in some other fiduciary capacity. Even in those
cases where they are named in the Will in some fiduciary capacity, the
better and generally adhered to practice is to have the customer authorize
the company to have his own attorney draw the Will, or at least give
authority to submit the Will to his lawyer. The Trust Companies of
Philadelphia and Allegheny Counties have submitted to the Local Bar
Associations copies of the Code of Ethics jointly adopted in 1922 by the
Pennsylvania State Bar Association and the Pennsylvania Bankers' Association as a basis for agreements regulating this matter. The Code of Ethics
does not prohibit a bank or trust company from writing wills to which it
is a party, in those instances where the customer has no lawyer or refuses
to permit his lawyer to be consulted, but does obligate the bank or trust
company to seek to have this done. It is a general practice throughout
the State to call In as the attorney for the estate the lawyer who drew
the decedent's will, or if the will drawn by the Bank or Trust Company,
then to call in the family lawyer, whoever he may be.
Trust Agreements.
If this bill were to become a law Banks and Trust Companies could not
prepare or assist in the preparation of a living trust agreement. In each
case, the business would be held up until an attorney was called in, which,
as every practical trust man knows, would result in much delay and
confusion.
Deeds, Mortgages, Leases and Similar Instruments.
Real Estate Departments would be unable to prepare Deeds, Mortgages,
Leases or other instruments directly pertaining to real estate transactions.
Bill Introduced in Pennsylvania Legislature Affecting
New Business Departments of Banks and Trust
Companys in Matter of Drawing Wills, Trust
Agreements, &c.
A bill has been introduced In the Pennsylvania House of
Representatives defining the practice of law and prohibiting
the practice of law, the rendering of legal advice, the use
of the term lawyer, attorney-at-law, counsel, or similar
term by persons not members of the Bar and by corporations. The Corporate Fiduciaries Association of Pittsburgh
and the Corporate Fiduciaries Association of Philadelphia,
In a memorandum issued April 4 regarding the bill, states
Trust New Business Departments.
that "many organizations have spent large sums and much
Many organizations have spent large sums and much time in building
time in building up efficient and workable new business
up efficient and workable New Business Departments for the development
departments for the development of trust business. Much of trust business. Much of this would have to be discontinued if the protrust officers
of this would have to be discontinued if the proposed bill posed Bill were to become a law, because our solicitors or and essential
work would not discuss many important
in
were to become a law, because our solicitors or trust officers engaged for this of unlawfully giving advice or counselling as to rights
fear
matters
engaged in this work could not discuss many important and under the law.
giving advice or
essential matters for fear of unlawfully
The Pennsylvania Bankers' Association calls attention
counselling as to rights under the law". The memorandum to the following .code of ethics adopted by it on May 23 1922:
follows:
(Section 10 of By-Laws of Pennsylvania Bankers' Association.)
MEMORANDUM IN RE BILL NO. 1040.
HOUSE OF REPRESENTATIVES, PENNSYLVANIA.
Gentlemen:
Section 1 of the Bill defines the practice of law. The part of the
within the definition:
section affecting banks and trust companies includes
a consideration as to
(b) Advising or counselling another for or without
as to rights under the law; or (c)
the law relating to any subject or
Constructing, preparing, drawing, or assisting in the construction, preparaof any Will, Trust, Agreetion or drawing for or without a consideration
or document affecting
ment, Deed, Mortgage, Lease or other instrument
or relating to legal rights.
all-inclusive definition, by making
Section 2 of the Bill follows up this
except duly qualified and
it unlawful for any person or corporation
defined in Secpracticing attorneys to do any of the things previously
Banks and Trust Companies,
tion 1 as the practice of law. In other words,
through others, such as
being corporations, may not directly or indirectly
agents, or employees give
their own general counsel, officers, directors,
relating to any subject or as to
any advice or information as to the law
the drawing of any Will,
rights under the law, nor draw or assist in
document affecting legal
Trust, Agreement, Deed, Mortgage, Lease or other
of the Bank or Trust Comrights. The fact that an officer or employee
affects the prohibition.
pany is a member of the Bar, in no wise
for any corporation, includParagraph 1 of Section 3 makes it unlawful
hold itself out as having a legal departing a bank or trust company, to
any customer. This does not affect us
ment for the use or benefit of
hold ourselves out in such manner,
particularly because none of us do
times in the past have advertised the
although some of us at various
tax expert in the preparation of income
gratuitous services of an income
This, however, is something which any
returns for our customers.
tax
Office of the Local Collector of Internal
individual can obtain at the
Section 3 makes it clear that we may employ
Revenue. Paragraph 2 of
our own immediate affairs or in any litigation
an attorney in and about
party,—a very generous concession indeed. Parato which we may be a
making it clear that title com3 is a saving clause
graph 3 of Section
titles to real estate, although
continue to search and insure
panies may
not broad enough to permit them to
opinion, the saving clause is
in my
leases and other instruments of conveyance
prepare deeds, mortgages,
agraph
sub-paragraph or in a new sub-par
as they do now. It is under this
amendment to House Bill No. 1040 protecting
under this Section 3 that any
should be added.
the rights of trust companies
corporation violating the provisions of
Section 4 makes any person or
subject to a fine of not less than
of a misdemeanor and
the Act guilty
offense.
$100 and not more than $2,000 for each
Without Active
Banks and Trust Camipanies
Effect of the Bill on
Trust Departments.
the problems which would
The following illustrations indicate a few of
follow the enactment of this Bill:
TENTII.—The following is the Code of Ethics of this Association:
for another a
I. A bank or trust company should not draft or prepare
deed of trust or mortgage to secure an issue of bands.
for another
II. A bank or trust company should not draft or prepare
or documents
wills, agreement of sales, deeds or contracts or any papers
for use in court proceedings except when reasonable inquiry discloses that
such
such party so requesting the same does not have an attorney, or except
for approval by the
drafting or preparation be at the request of and
•
attorney of such requesting party or interested estate.
manner advertise that
III. A bank or trust company should not in any
up any of the
it will, without the services of an attorney, prepare or draw
an estate.
above mentioned documents or papers or otherwise represent
appear in person or of record
IV. A bank or trust company should not
counsel.
in any court in any proceeding without representation by
its regular counsel in
V. A bank or trust company should not favor
the matter of the employment of attorneys for interests or estates employof counsel previously
ing such bank or trust company to the exclusion
in the matter
consulted or employed, or unduly favor its regular counsel
of counsel.
of advising others in the employment
a customer to leave
VI. A bank or trust company should never advise
counsel already
counsel already retained or dissuade a client from employing
has valid reasons for
decided upon, unless the bank or trust company
believing that the particular attorney is not competent skillfully or
honestly to execute the particular matter, but a bank or trust company
may and should assist and advise its customers and persons for wham it
acts in the matter or selecting counsel in cases where no counsel has
already been retained.
Report to Joint Congressional Committee on Taxation
on a Phase of Federal Income Taxes—Offers Three
Plans for Increased Exemptions on Earned Incomes.
Substantial increases in the allowance for earned income
in computing Federal taxes are recommended in a report
which has just been submitted to the members of the Joint
Committee on Internal Revenue Taxation by its investigating staff. The "United States Daily" of April 11, in its
account of the report, said:
It is a technical study of the subject, prepared under the direction of
L. H. Parker, Chief of the Investigating Staff of the Joint Committee,
and submitted to the Senate and House members of the Committee through
the Joint Committee Chairman, Representative Ilawley (Rep.), of Calera,
Oregon.
The present method of computing the allowance in the case of taxpayers'
wages and salaries is inadequate and complex, according to the report.
APRIL 18 1931.]
FINANCIAL CHRONICLE
Three methods are proposed for consideration in the determination of the
earned income allowance.
Relief in Higher Brackets.
The relief for taxpayers having incomes of $30,000 or more would be
much greater for those having less than that sum under any of the three
proposals. The reason for this, Mr. Parker's report says, is that in the case
of smaller incomes the tax now is so low that it would be difficult to give
much greater relief.
A statement made public by Chairman Hawley April 10 follows:
"A report on the subject of earned income is being released to the press
since it is to be published for public examination and analysis. This
report is a technical study of this subject as submitted to the Joint Committee on Internal Revenue Taxation by its staff some months ago.
Not for Immediate Action.
"It was not prepared with reference to the present economic situation,
and, therefore, its publication should not be construed as indicating the
practicability of adopting any of the suggestions contained therein in the
immediate future.
"However, since the report gives important. facts in connection with
earned and unearned incomes, and discusses the subject from a scientific
point of view, it has been thought proper to publish the study in order that
the public may have ample time to analyze the facts and discuss the question
on its merits before revenue legislation is again considered."
Chairman Hawley, in transmitting this preliminary report to the other
members of the Joint Committee—Senators and Representatives—wrote
that the report presents three possible methods of determining earned
Income relief for the consideration of the committee, and added: Our staff
contend that any one of these methods is superior to the present method,
both on the basis of simplicity and on the basis of equity and adequacy."
Says Relief Is Justifiable.
The letter of submittal by Mr. Parker to Chairman Hawley, dated April
7 1930, follows in full text:
"There is respectfully submitted herewith a report on earned income.
In my opinion the report is sufficient to establish: First, that earned
income relief Is justifiable; second, that the present method of granting
the relief is too complicated and in many cases inadequate; and, third, -that
new methods are available which will correct the defects of the present
method.
The forword to the report follows in full text:
"The present income tax law provides for the taxation of earned income
up to amounts not in excess of $30,000 by a method which, in effect, taxes
this form of income at lower rates than the rates used in taxing income
from capital. This method consists of the allowance of a tax credit of 25%
of the amount of the tax which would have been payable upon the earned
net income of the taxpayer computed as if this earned net income constituted his entire net income. The computation of the credit requires no
less than 14 separate items upon the standard form of return. The method
is, therefore, open to serious objection because of its complicated nature.
"Two reports on earned income have been published by the staff of the
Joint Committee. The primary object of both was simplification. The
first report recommended in lieu of the 25% tax credit the allowance of
a deduction from net taxable income of an amount equal to 10% of the
amount of the earned net income, subject to maximum and minimum limits
equivalent to those fixed by existing laws.
"While this recommendation was approved by the Joint Committee and
Included in their report dated Nov. 15 1927, the Committee on Ways and
Means failed to adopt it during the consideration of the Revenue Act of
1928. Acting on suggestions made during the discussion before the Committee on Ways and Means, the staff prepared and published a second report
under data of March 13 1928. The latter report developed a method by
which the tax credit allowable could be found in a table after computation
of the earned net income.
"Subsequent to the publication of the above-mentioned reports, there has
been considerable public discussion as to the adequacy of the present earned
income relief, and many reasons have been advanced for the extension of
such relief. Inasmuch as the former reports did not cover this phase of
the subject, this further report is prepared for the purpose of discussing
the adequacy and distribution of the present relief, and for the purpose of
developing certain new methods which will give equity as well as simplicity,"
Method.s for Correcting Defects Are Suggested.
The letter of submittal accompanying the report follows in full text:
Willis 0. Hawley, Chairman Joint Committee on Internal Revenue Taxation, House of Representatives:
My dear Chairman: There is respectfully submitted herewith a report
on earned income.
In my opinion the report is sufficient to establish: First, that earned
income relief is justifiable; second, that the present method of granting
the relief is too complicated and in many cases inadequate; and third,
that new methods are available which will correct the defects of the
present method.
Three new methods of computing the earned income relief are presented
for the consideration of the Committee. The first method proposes a deduc/
2
%
tion of 121 of the earned net income from the income subject to normal
and surtax. The second method contemplates the allowance of a 33 1/3%
deduction from the income subject to normal tax only. The third method
uses a table of constants so designed as to permit of the determination of on
earned income tax credit directly from the table as soon as the earned
net income has been computed.
Greater Relief Proposed on Higher Incomes.
These methods give results which vary to a considerable extent, but
they all give slightly greater relief than the present method on earned net
incomes of less than $30,000 and substantially greater relief on incomes
in excess of that amount.
The fact that greater earned income relief is advocated on incomes above
$30,000 than below that amount will be surprising at first sight. The
reasons for this are comparatively simple, however.
In the first place, earned incomes below $30,000 now receive a 25%
relief from tax, while those over $30,000 receive a much less percentage
relief. In fact, on earned incomes of $100,000 the relief is only 3%.
Furthermore, in the case of the smaller incomes the tax is so low already
that it is impossible to give much greater relief without eliminating the
tax altogether. For instance, a married man with a salary of $4,C00 now
pays a tax of $5.63 after an earned income tax credit of $1.87. In other
words, the earned income relief is substantial and fairly adequate on the
smaller incomes and only a relatively slight further relief seems justified.
In the second place, however, where the earned income exceeds $30,000
the relief appears entirely inadequate to provide for the differential in tax
between earned income and unearned income which appears proper. The
2895
present situation in regard to these larger earned incomes and the relief
proposed by the three new methods may be beet shown by a hypothetical
case as follows:
Mr. A, a married man, has $1,250,000 capital left him by his father,
from which he derives an income of $75,000 per annum (all derived from
first mortgages). His tax is $10,309.38.
Mr. B is in the same situation as Mr. A, except he has his money
invested in the preferred stock of domestic corporations. His tax is
$6,960.
Mr. 0 is a married man and has a net income of $75,000 per annum,
derived from his business as a lawyer. His tax, after the deduction of the
present earned income credit is $9,818.75.
Effect of Proposed Methods is Outlined.
The proposed methods would result in the following taxes on Mr. C's
income:
First method (121 deduction from net income subject to normal and
/
2
%
surtax), $8,202.50.
Second method (33 1/3% deduction from net income subject to normal
tax only), $9,123.33.
Third method (table of constants), $8,904.
It is believed that the above hypothetical case shows on its face the
justice of additional earned income relief. Mr. A and Mr. B are both
millionaires in a situation which assures not only themselves but their
posterity of an ample income. On the other hand, the situation of Mr. 0
is such that he is subject to the chances of business, he has no capital
on which he can retire, his posterity is not provided for, his necessary
expenses which are not deductible for income tax purposes are large, and
his present tax of $9,818.75 is larger than Mr. B's and almost as great
as Mr. A's.
This tax in fact is sufficiently heavy to prevent Mr. 0 from setting
aside a reasonable capital reserve. In this situation the increase in the
present relief from $496.25 to $1,191.67, to $1,411, or even to $2,112.50,
which result, respectively, from the three suggested methods, seems
entirely within reason.
The suggestions and comments of the members of the committee in respect
to the submitted report are respectfully requested.
(Signed) L. H. PARKER, Chief of Staff.
1931 Canadian Income Tax Returns Expected to Exceed
Those for 1930.
Contrasting with declines in other sources of Government
revenue, Canadian income tax returns for the fiscal year
ending March 1931 bid fair to exceed 1930 figures, according to Canadian information received in the Department of
Commerce from a report by Trade Commissioner Harvey A.
Sweetser, Ottawa. The Department's advices, April 9,
state:
Revenue on this account to the end of February, or for 11 months of
the fiscal year, shows an increase of more than $2,000,000 over receipts
in the corresponding period of 1929-1930. Regionally, the increase appears
well distributed. Montreal, Toronto, Vancouver, Halifax, Ottawa, Hamilton, London, and Calgary exceeded their last year's returns, and of the
larger cities, Quebec and Winnipeg only record declines of comparatively
slight proportions.
From the fiscal viewpoint, the importance of the higher return is
somewhat diminished by the fact that it is not strictly representative of
the current trend of general conditions. The income on which taxes are
now being paid was earned in 1929, the first nine months of which were
comparatively prosperous, and this is the explanation of the higher figures
In the face of the depressed conditions of the past 18 months. In the
case of corporations, also, there is a possibility of an even greater lag,
since the Dominion's revenue regulation allows them to make returns
according with their fiscal year. In some instances, therefore, the depression period may be wholly outside the scope of the receipts indicated above.
In the past few years, income taxes have accounted for less than 15%
of Canada's annual revenue, whereas customs duties provide more than 40%.
Expenditures of State and Local Governments Steadily
Mounting According to Report of National Industrial Conference Board—Increase in Net, but
not Gross Federal Expenditures.
Local governments in the United •States account for 54%
of the combined gross expenditures of Federal, State, and
local governments. This 54% amounted, in 1928, to $6,813,000,000, and the total is steadily mounting from year to year,
states the National Industrial Conference Board in its
annual study of the cost of government just completed. The
local governments are closest to the mass of the population,
to whom this rising cost is passed along in the form of taxes.
By reason of statistical study, carried on over a period of
several years, the Conference Board report reveals many
Interesting facts. Federal gross expenditures, in contrast
with those of State and local governments, have not shown a
consistent upward trend in recent years. Net Federal expenditures, however, increased each year from 1927 to 1930.
Thefurther information supplied by the Board April5states:
The report shows that bath State and local expenditures have been increasing consistently. The gross expenditures of the State Governments
for the fiscal year 1928 amounted to $1,826,000,000, and those of the
local governments for the same year amounted to $6,813,000,000, making
a combined total of $8,639,000,000. The combined total for the preceding
year was $8,110,000,000.
Expenditures for highway construction and maintenance constitute the
chief item of State governmental cost, with education ranking second. The
48 states spent, during the fiscal year 1928, $581,000,000, or 31.6% of
their gross expenditures, on highways. Education accounted for $512,000,000, or 27.9% of the gross total. In obtaining these figures, federal
aid has been excluded. The other purposes included under net expenditures
2896
FINANCIAL CHRONICLE
ranked as follows: social welfare, protection, general government, economic
development, public utilities, and miscellaneous. Each of the first three
accounted for a total in excess of $100,000,000.
The order of expenditure is reversed as regards local governments. Here
education takes first place. In the fiscal year ended in 1928, local expenditures for this purpose amounted to 1,943 million dollars, or approximately
one-third of all net expenditures. Highways ranked second and accounted
for local expenditures of 1,128 million dollars. The combined local payments for interest and debt redemption exceeded one billion dollars and
were equivalent to more than 15% of the gross total.
Referring to State expenditures of individual states, the report notes
that the net expenditures of New York exceeded those of any other State
by a wide margin, the figure being more than $222,000,000 for the fiscal
year 1928. Only one other state, Pennsylvania, showed expenditures in
excess of $100,000,000. These two states accounted for 18% of all state
expenditures. The expenditures of Nevada were considerably lower than
those for any other state.
Three-fourths of the states spent more for highways than for any other
purpose. Motor vehicle licenses and the gasoline tax played an important
part in state highway financing. In 11 of the other 12 states education
ranked first, while in Massachusetts expenditures for social welfare exceeded
those for any other object by a wide margin. In 2 geographical divisions,
the Middle Atlantic and the Pacific, education accounted for a larger
volume of state expenditures than highways.
[Voi.. 132.
In addition, there were 87 cities and towns in Canada which observed
daylight time.
The period of observance usually is from the last Sunday in April to the
last Sunday in September.
Brig.
-Gen. Hines, Administrator of Veterans' Affairs,
in Addressing American Red Cross, Points Out
Rising Costs to Treasury Incident to War Veterans'
Relief—Urges Veterans to Manifest Peace-Time
Patriotism in Future Demands.
Brig.
-Gen. Frank T. Hines, Administrator of Veterans'
Affairs, was a speaker before the annual convention in
Washington on April 15 of the American Red Cross. Gen.
Hines's remarks dealt with the relief by the Government
to war veterans, and in urging that the latter should manifest
"a peace-time patriotism in connection with future demands,"
he said in part:
Few of our citizens realize that in the 142 years that have elapsed from
the date of the first Pension Act, in 1789, to the present time, covering the
wars that have intervened during that period other than the World War,
over $8,000,000,000 have been expended in measures of veterans' relief,
and while the ranks of those veterans and their dependents of our prior
Abolition of "Daylight Saving" Forecast by Dr. Marvin wars are rapidly thinning we still have upon the roll 10 widows of the War
of 1812.
of Weather Bureau—System Declared InconStudying this long path of 142 years of relief and giving consideration to
our possible future requirements, based upon that experience, and at the
venience to Railroads and Farmers.
same time noting that in the 14 years since the beginning of our participaDaylight saving schedules, soon to become effective for tion in the World War we have expended for World War veterans approxthe summer in some sections of the country, are a "nuisance" imately $5,000.000,000—more than half the amount expended in the 142
apprehension as to the possible future cost
years—we may look with
and eventually will be discarded, Dr. C. F. Marvin, Chief of unless our veterans' policysome upon a sound and common-sense fOunda*
is based
the Weather Bureau, stated orally Mar. 30, according to tion.
Certainly by 1950 or soon thereafter, at the rate we are now going,
the "United States Daily" of Mar. 31, which continued:
It is safe to predict that the disbursements for veterans' relief will at least
the number of cities using the seasonal daylight saving schedAlthough
equal, if not exceed, the total cost of our expenditures during the World
ules has increased slightly in recent years, Dr. Marvin said, the plan War. These expenditures stand as a terrible reminder of the destructions of
Inconveniences more people than it benefits. It upsets the chronology of war. Just remember—for a period of 25 months—from April, 1917.
scientific studies, he declared.
through April, 1919, the war cost to the United States was considerably
more than $1,000,000 per hour.
More Benefits in Europe.
The Treasury disbursements during that period reached a total of $23,Dr. Marvin said that such benefits as it may have in this country are 500.000,000, of which $1,650,000,000 may be charged to the normal exmuch less than those from its use in Europe, where the system started. penses which would have occurred in time of peace, leaving the net indirect
The period of daylight in Europe in summer is much longer than in the cost of the war at approximately $21,850.000,000. This amount was 20
United States, he explained.
times the pre-war National debt. The wealth of our nation has become so
In the United States, he said, the repeated changes in clock time create great that our annual expenditures for veterans' relief up to now have
railroad schedules, hamper farmers in their probably caused us to look upon these large amounts with slight concern.
difficulties in maintaining
Having in mind, however, that the Veterans' Bureau—or the World
marketing activities, and, even discomfort the city employee, who is supWar group alone—represents 21.6% of the total amount collected by the
posed to benefit most from the plan.
In war time when daylight saving was imposed on the nation as a war Federal Government as income tax for 1930, and the three agencies handling
measure the chronological work of the Weather Bureau was interfered with veterans' relief will expend during the year 1931 31% of the total income
seriously, Dr. Marvin said. Certain observations which had been made at from this source, it would seem to me further extensions merit study and
9 o'clock had to be changed to 8, and in order to keep comparable records deliberation. Veterans must manifest a peace-time patriotism in connechonor
of conditions over a long series of years, additional observations had to be tion with future demands, comparable to that which brought them to berelief is not
made at 9, and the timing of many activities of the Bureau had to be in the war, if the burden upon the Government for their
come intolerable and reaction impair their very cause.
changed.
Zone Shift Suggested.
A means to obtain some of the benefits of daylight saving without its $473,505,494 Paid to World War Veterans-1,256,712
attendant difficulties would be to shift the time zones by one-half hour in
New Loans Made Up to April 11.
the case of the more westerly regions of the zones, he suggested. This would
The following is from the Washington advices April 14
eliminate the present "lag" of one-half hour behind sun time in those
to the New York "Times":
regions, he said.
Daylight saving has always been a difficulty to farmers, J. B. Hincer,
Loans made on adjusted service cetiflcates under the legislation increasing
Division of Agricultural Meteorology of the Bureau, stated the loan value to 50% amounted to $473,505,494 through April 11, the
Chief of the
orally.
Veterans' Bureau announced to-day.
Daylight saving time was observed in a few more cities last year than
Outstanding loans, including also those prior to the new legislation.
In previous years, according to information made available Mar. 30 by the amounted to $823,054,630 on that date.
Under the new legislation 1,784,934 applications have been made for loans
special inquiry section, Department of Commerce.
Results of a survey made by the Merchants' Association of New York, totaling about 8692,000,000 and 1,256,712 loans have been paid thus far.
Applications have been declining substantially in recent weeks. For
which is active in the advocacy of daylight saving, show that during 1930
"summer time" was confined largely to New England and Middle Atlantic the period April 4-11, 61.383 new applications were received and 249,262
States, according to the section, which furnished the following additional loans paid, amounting to $94,500.000.
Information:
Schedule in New York State.
Burdens Imposed on Business Corporations by State
.Approximately 190 cities and towns in New York State, including New
and Local Taxes Shown in Report by National
York City, Buffalo, Rochester, Albany, and Troy, observed daylight time
Industrial Conference Board.
during 1980.
In New Jersey there were 118 cities and towns so listed, including Newark,
The Incorporated manufacturing, mercantile, commercial,
Trenton Jersey City, Camden, and Atlantic City.
and amusement enterprises of the United States contribute
In Connecticut notwithstanding the attempt to prohibit the observance
of daylight savings by the passage of a law making It an offense to show about one-seventh of the total amount of State and local
other than standard time on clocks or timepieces publicly displayed, day- taxes collected, according to a report on "State and Local
light time is observed by business organizations in 33 cities, including
Taxation of Business Corporations", just completed and
Hartford, Bridgeport, New Haven, Waterbury, and Stamford.
Daylight time was observed during 1930 throughout the entire States of shortly to be published by the National Industrial ConferMassachusetts and Rhode Island.
ence Board. These enterprises, in 1927, says the Board,
Maine has a State law similar to that of Connecticut, prohibiting the
Federal, State and local governments taxes to the
observance of other than Eastern Standard time. Notwithstanding this paid to
measure, daylight time was observed in at least nine towns, including amount of $1,493,124,000, and of this amount $819,411,000,
Lewiston.
or over one-half, went to State and local governments,
In New Hampshire, Manchester and Nashua effected the observance of
chiefly in the form of property tax. The share paid to the
starting the working day an hour earlier.
daylight savings by
Bennington was the only city to observe daylight time in Vermont, and Federal Government represents income tax. The primary
Wilmington the only city in Delaware.
purpose of the present report is to bring to business execuThere were 15 cities and towns which observed the time in Pennsylvania,
tives an exact knowledge of their tax problems and to
including Philadelphia and Pittsburgh.
In Ohio, due to demands for daylight savings outside the Eastern Time promote the adoption of procedures that may serve to
Zone, the entire State NM put on Standard time in 1927 by order of the render taxation less burdensome to business enterprise.
Inter-State Commerce Commission.
Duluth and Minneapolis in Minnesota observe daylight time in their "The burden now imposed on business corporations by State
chambers of commerce.
and local taxes," says the Conference Board, "as is clearly
In Michigan, in addition to all the cities located in that portion of
evident from this survey, is a heavy one."
the State which is within the Eastern Time Zone, practically all the cities
Not only is the picture presented by the report a revealing
and towns of the lower peninsula follow Eastern Standard time the year
round.
exhibit of the number and variety of State and local taxes
Ten cities in Illinois, including Chicago, and eight cities in Indiana,
Imposed on business corporations, including the general
Including Gary, observed daylight time during 1930.
APRIL 18 1931.]
FINANCIAL CHRONICLE
property tax, the corporation income tax, the capital stock
tax, various other special taxes, and the franchise and
privilege taxes, but it shows a lack of uniformity among
the States as to the number and kinds of taxes levied.
Another outstanding fact, says the report, is the discrimination between incorporated and unincorporated enterprises.
The former are subjected to various taxes not paid by the
latter, including franchise and privilege taxes and corporation income taxes.
The report shows that of the various kinds of corporations mentioned, those engaged in manufacturing bear the
largest amount of taxes. This is because the corporate form
of organization has become increasingly dominant, in recent
years, in the field of manufacturing. As late as 1901 factories owned by individuals and partnerships contributed
one-fourth of the total manufactured output, measured by
value. Since that time the proportion has steadily declined
until, in 1927, only 2.4% of the output was contributed by
such factories. The Board says:
The corporation does not occupy so dominant a position in the field of
merchandizing. In 1927 incorporated retail and wholesale establishments,
numbering 122,360, were responsible for slightly over one-half of the total
estimated turnover of the country. No statistics are available to indicate
the extent to which the use of the corporate form of business organization
may be increasing in fields of business activity other than manufacturing
and merchandising. The individual concern and the partnership remain
dominant in the field of professional service. On the other hand, the
corporation is expanding in the motion picture industry.
2897
Mr. Byrns included in his statement the following tabulation, showing
the comparative appropriations for government departments by the
seventieth and seventy-first Congresses;
70th
71st
Department—
Congress.
Congress.
Agriculture
$283,650.347 $370,976,630
District of Columbia
76,097,823
91,448,870
Independent offices
1,069,038,861 1,606,300,176
Interior
658.241,502
375,791,030
Legislative
36.406.538
53,530,952
Navy
738.827.063
722,382,509
State
28,556,433
34,542.792
Justice
54.696,712
83,010,313
Commerce
96.714.509
107.572,715
Labor
21,733,770
26.551,370
Treasury
600,066,492
555,170.077
1.579,565,767 1.678.066.854
Postoffice
War
8.52,306,583
902.309.886
Supplemental and deficiency acts
559,957.018
591,944 501
116,000.000
Emergency construction
45,000.000
Drouth relief
2,758,203,642 2,630,993.524
Permanent, indefinite
Relief items not listed separately are included in various department
appropriations he explained, adding that appropriations totaling $199310,000 are not included in the table.
"In a resume of appropriations and expenditures the increasing tendency toward centralization of powers and functions of government at
Washington cannot be adequately dealt with," Representative Byrns went
on, "but every student of government and economics recognizes this continuing centralization as a menace to our institutions and democratic
government. Certain it is that under Republican rule this tendency has
become exceedingly costly
"The people are appalled by the increasing cost of their various forms of
government. No one can doubt that this increased cost is a contributing
factor to the present depression in business."
We also quote as follows from the announcement by the
President Green of American Federation of Labor
Board on Mar. 19:
Says Wage Reductions Are Delaying Return to
While the available figures for taxes collected from business corporations
cover only a few recent years, they show a steadily rising annual total.
During the seven-year period from 1921 through 1927 an increase of over
400 million dollars is shown. In 1921, a year of business depression,
State and local taxes on mercantile and manufacturing corporations exceeded
the net income of these corporations. In 1922, a more normal year, State
and local taxes absorbed 14.3% of the net income of manufacturing corporations and 16% of the net income of mercantile corporations. The measure
of net profits is also available for 1922 and affords an opportunity of
comparing the tax burden on business corporations as measured by net
income and as measured by net profits. State and local taxes took 13.1%
of the net profits of manufacturing corporations, as contrasted with 14.3%
of their net income.
The present report of the Conference Board differs somewhat from its
previous studies on taxation in that it approaches the subject from a
different point of view, namely, that of the taxpayer. It considers a
definite group of taxpayers and discusses not one but all of the taxes to
which that group is subject. It gives a complete picture of the various
taxes that are imposed on business corporations in the different States,
and it shows how, from State to State, and often within a single State,
the burdens of taxation are unequally distributed.
Prosperity—Will Direct Efforts Toward Effecting
Restoration of Lowered Wages.
A statement in which he declared that the American
Federation of Labor will direct its efforts toward compelling
employers to restore wages which have been out during the
present depression, was issued at Washington on Mar. 22
by William Green President of the Federation. In his
statement Mr. Green said:
Reductions in wages, forced by some employers, are delaying a return
to prosperity. These reductions have been favored and encouraged b
a few bankers and some employers whose desire for standard profits ha
overcome their better judgment. If they are persisted in, a return to
normal conditions will be delayed for two years or more.
Economic conditions will improve when the masses of the people are
employed and are paid high wages.
It is only through the development of the purchasing power of working
people to the highest possible point that a market can be found for the
goods which, through the establishment of mechanical processes, we are
producing in an ever-increasing volume.
In the light of these facts the American Federation of Labor conceives
it to be its duty to resist with all the influence and power at its command
Representative Byrns Hits Extravagance in the Governany attempt on the part of the employers to reduce wages.
ment—Asserts Relief Measures Were Small Part of
Furthermore, it will be the policy of the Federation to direct its efforts.
$1,000,000,000 Rise in Congressional Appropria- when favorable conditions permit, toward compelling those employers
feabor who have reduced wages during this period of employment to restore
lm
tions.
them.
Appropriations by the recent Congress during its two-year
The American Federation of Labor has kept faith with the Government
life of almost $1,000,000,000 more than the preceding Con- and those employers who have maintained existing wage standards. We
serve, so far as possible, in the maintenance of industrial peace.
gress drew criticism from Representative Byrns of Ten- Promise tocontinue to follow this policy in our relation with employers
We shall
nessee, ranking minority member of the House Appropria- who, in like manner, keep the promise they made to the Governmentjto
tions Committee, who declared that only one-fifth of this maintain wage schedules.
Prosperity and high wages are inseparably associated, while unemployexcess could be charged to drouth and unemployment relief ment and economic distress are characteristics of low wages.
commitments. A dispatch, Mar. 7, to the New York
Those employers who attempt to reduce wages must count upon the uncompromising opposition of the American Federation of Labor.
"Times" reported this, and added:
We shall fight against such a policy with all the strength we possess. We
Saying that "even the 'myth' of Coolidge economy disappeared with his
who believe in a speedy return of prosperity through
regime," Representative Byrne said that the seventy-first Congress ap- shall rely upon those
the payment of high wages to stand with us and support us in this noble
propriated $10,249.819,000, as compared with appropriations of 39,923,enterprise.
472,000 by the seventieth Congress.
"Anticipating criticism of this recklessness and extravagance," he said,
"Republican papers and apologists contend that this enormous increase is
American Federation of Labor Points
due to conditions over which the administration had no control. They are William Green of
to Labor's Gain in 17 New Bills Enacted by Conattempting to leave the impression that drouth relief and measures for the
relief of unemployment resulted in this startling total. A simple tabulation
gress—Two Vetoes on Record—Muscle Shoals' Fate
of the appropriations carried in all of the so-called relief measures quickly
Cited—Modernization of Battleships Hailed as
refutes this contention. The appropriations for this purpose will not
exceed $200,000,000."
Beneficial.
Holds Hoover Responsible.
Information by the Scripps-Howard Newspaper Alliance
"One of the principal reasons urged for the passage of the budget law
was that it would serve to fix direct responsibility on the President for from Washington Mar. 20 appeared as follows in the New
the amount required for the operation of the government. He determines York "World-Telegram":
the amount he believes should be appropriated and sends to Congress a
Union labor "accomplished much" at the recent short session of Conrequest for such amount. Realizing that the appropriations were the
to-day by William Green to the American Fedgreatest ever to be made in time of peace in the history of the government, gress, according to a report
eration of Labor.
statements have been issued from the White House during the life of this
Seventeen bills for labor passed, two were vetoed, Green said.
Congress calling attention to the necessity for retrenchment in approMany Held Over.
priations and authorizations.
"The warning was issued that unless there was retrenchment it would be
Held over for next Congress are; Immigration, anti-injunction, manecessary to increase taxes or issue bonds to meet the cost of operating the ternity-infancy aid, old age pensions. Muscle Shoals, Ring bill to bar
government. Whether by design or not, these statements were widely Orientals coming into ports as "sailors," copyright bill, oil embargo, radio
published, leaving the country under the impression that Congress was bill, unemployment exchanges, Philippine independence, and five-day week
ntirely to blame for the large amounts appropriated.
for Government employees.
The two vetoed bills advocated by labor were the Norris Muscle Shoals
Congress Reduced Requests.
bill and one to increase the salaries of village letter carriers. The following
reverse is true. While Congress,overwhelmingly Republican, must bills were pointed to by Green as labor's victories;
"The
share the criticism for these huge amounts, the President himself is priI. Prevailing rates of wages on public buildings.
marily responsible. The requests for appropriations sent to Congress by
-holiday for more than 450,000 Federal employees.
2. Saturday half
the President have actually been reduced during the seventy-first Congress
3. Advance planning for public works to be constructed during depresn the sum of $55,000,000 in round numbers."
sion.
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FINANCIAL CHRONICLE
[VOL. 132.
of excess heat in summer and cold in winter are known to everyone. The
Postal Employes Aided.
publication will reveal how these conditions may be remedied, and, there4. Four-hour day on Saturday for 150,000 postal employees.
fore, should be of special interest to every home dweller. These factors
5. Creation of a department of labor in Porto Rico.
and many others will be studied in detail by the subcommittee, and the
6. Extension of the vocational and rehabilitation Act to Porto Rico.
results of their findings incorporated in the booklet.
7. Retirement Act for Panama Canal employees.
The National Committee on Wood Utilization has for its object the fur8. Increase in wages for employees in the customs service.
9. Appropriating 8500,000 additional to increase the border immigration thering of efficient wood-using practices. The preparation of the insulation
booklet is a logical step in this direction, because many of the insulating
patrol.
10. Appropriations of nearly a billion dollars for public works and high- materials now on the market are made from wood. The publication will be
prepared from an impartial viewpoint, treating practically all types of inways.
11. Appropriations of 8178,000 to collect complete statistics of changes sulating materials.
Members of the subcommittee sponsoring this project and the organizain employment, total wages paid, and total hours of employment in the
tions they represent are as follows;
service of the Federal Government, States and cities.
LeRoy E. Kern, American Institute of Architects, Chairman.
Cites Nary Construction.
M. C. Betts, American Society of Agricultural Engineers.
Wm. F. Chew, National Assn. of Builders Exchanges.
yards
12. Modernization of three battleships in the Government navy
W.H. Ham, Better Homes in America.
and arsenals.
E. J. Harding, Associated General Contractors of America, Inc.
13. Requiring all work on eleven new destroyers at a cost of 851,700,000
C. H. Osbqrne, Building Officials' Conference.
to be performed in the navy yards and arsenals when it does not cost apto
Wm.S. Quintet', United States League of Building and Loan Associations.
preciably more than by contract.
Ten million dollars appropriated
Leonard P. Resume, National Association of Real Estate Boards.
begin construction.
F. B. Rowley, American Society of Heating and Ventilating Engineers.
14. Extra compensation for overtime srevice performed by immigration
W. A. Slater, consulting engineer.
inspectors and employees.
James S. Taylor, Bureau of Standards.
15. Books for the adult blind.
S. Percy Thompson, National Retail Lumber Dealers Association.
16. Appropriating an additional 8500.000 for improving the United
States employment service.
17. Increase of 8200 in Wages for Railroad Locomotive, Bureau of Safety
and Hours of Service inspectors.
"Railway Age"Sees Railways Subjected to Competition
War-Profits Levy Urged by President Green of American
Federation of Labor—But Property Conscription
Is Opposed by Labor Chief at War-Policy Hearing—
Illegal, Says Secretary Hurley—Views of United
States Chamber of Commerce.
Opposition to conscription of private property in wartime
was voiced by William Green, President of the American
Federation of Labor, who testified on Mar. 17 before the
War Policies Commission. Mr. Green expressed this view
after a question as to his stand by Representative Collins
of Mississippi had brought about a good-natured conflict
between Secretary Hurley, Chairman of the Commission,
and Mr. Collins as to the propriety of the question. A
dispatch from Washington to the New York "Times" from
which we quote, went on to say:
The resolution authorizing the formation of the Commission forbade
consideration of conscription of labor. Secretary Hurley has consistently
tried to keep testimony away from that question, but Representative
Collins has asked the views of almost all witnesses on that subject, on the
ground that the broad intent of the resolution directing the study embraced
that subject, despite the prohibition.
When he put a question on this subject to Mr. Green, Secretary Hurley
interrupted, saying;
"Before Mr. Green answers that question I wish to ask Congressman
Collins if he believes Congress can cause a man to suffer involuntary servitude without conviction of a crime."
"I think the power of Congress will be recognized to assign men to labor
at set wages," said Mr. Collins. "We took people by conscription for war
duties."
"You-ti better look up your Constitutional provisions on war," remarked
Secretary Hurley.
"I'll take care of myself in any debate on the subject," said the Mississippian, smiling.
"Then," said Secretary Hurley, also smiling, "you'll have to reverse
the Supreme Court in decisions handed down for 150 years."
Mr. Green presented no prepared statement on the subject of "taking
the profits out of war," nor any concrete plan, but took a general stand
in favor of a conservative policy.
He opposed a suggestion, previously made, that the Commission recommend a constitutional amendment providing for confiscation of property,
saying,"In my judgment the Government already has the power to commandeer private property in wartime, so the amendment would be unwise.
"Have you a plan for taking the profits out of war," asked Secretary
Hurley.
"How to control and regulate economic forces disturbed by the emergency
of war Is a very difficult problem," replied Mr. Green. "No rigid policy
could be pursued in regulating prices, and you must regulate prices in order
to regulate profits. I think the best way to regulate is for the Government
to recapture excess profits through heavy war-profit taxes."
Capital conscription was opposed also by E. J. Lovell, legislative agent
and Vice-President of the Brotherhood of Locomotive Firemen and Engineers.
The final witness to-day was Brig. Gen. C. C. Williams, retired, Chief
of Ordinance during the World War, who advised the Commission to study
in detail the work of the War Industries Board as a model for the conduct
of the nation in future emergencies.
Secretary Hurley put into the record a letter from Julius H. Barnes,
President of the Chamber of Commerce of the United States, who sent
assurance that the Chamber's members would like to see excess war-time
profits eliminated.
Secretary Lamont of Department of Commerce Appoints
Committee to Prepare Information for Home
Owners on Matter of Insulating Homes.
The appointment of a subcommittee to prepare a booklet
which will acquaint builders, as well as present and prospective home owners, with the facts in regard to insulating a
house, is announced by Secretary of Commerce Robert P.
Lamont, who is Chairman of the National Committee on
Wood Utilization. The preparation of this publication is
one of the special projects of the Committee, according to
an announcement of the Department Mar. 25, which says:
One of the primary purposes of the new booklet, a co-operative project
between Government and industry',is to inform the non-technical consumer
of the advantages and economies of house insulation. The discomforts
on All Sides, Supplemented by Regulation.
The railways are "between the devil and the deep sea,"
according to the"Railway Age",because,while they are being
subjected to competition on every side, they are at the same
time being regulated by the Inter-State Commerce Commission as if they were a monopolistic industry. In an
editorial, in its issue of March 21, under the head "Railway
Regulation Plus Subsidized Competition" the"Railway Age"
says:
"The Inter-State Commerce Commission has declined to suspend beyond
June 1 its order for a reduction of about 820,000,000 a year in the grain
rates of the western railways," says the "Railway Age", "and unless the
railways successfully appeal to the courts the rates will go into effect on
that date.
"In 1930 the western group of railways earned 3.14% on their property
investment. In January they earned at the annual rate of 2.10%. By
the Commission's own repeated admission the Western lines have never
in any year approached the fair return assured them by the Transportation
act. Apparently the grain rates are condemned because regarded by the
Commission as relatively higher than the general level of other rates
charged by the same carriers, and because the farmers are assumed to need
lower grain rates. Theoretically, if the trouble is that they are too high
as compared with other rates, the disparity could be remedied by advancing
other rates.
"When consideration of the advancing of other rates is begun, however,
we immediately encounter conditions which completely refute the main
premise upon which our entire present policy of railway regulation was
adopted. This premise was that the railways were a monopolistic industry,
and therefore must be regulated to prevent them from using their power to
charge exorbitant rates and make excessive profits. This assumption is
true as to most public utilities. Whatever truth there formerly was in it
as to railways has been completely destroyed by the universal development
of highway and waterway competition.
"Iffifteen years ago the Commission had ordered a $20.000,000 reduction
of grain rates, the assumption by it that the railways could recoup themselves
by advancing other rates would have been sound. Now, however, any
general advance in other rates is out of the question because ef the way in
which the movement of many kinds of traffic is being affected by the
competition of other means of transportation. For example, the Commission, in its decision regarding class rates in Western trunk line territory,
ordered reductions in long haul rates, and to protect railway earnings,
authorized advances in short haul rates, but motor truck competition
renders impracticable the advances authorized in the short haul class
rates. Passenger rates cannot be advanced, but, on the contrary, many
railways are reducing their rates for travel in day coaches in an effort to
recover some of their passenger business. Formerly automobile traffic
could stand high rates, but now the railways are reducing their freight rates
on automobiles in an effort to stop losses of this traffic to the trucks.
"This combination of regulation and competition was not contemplated
when railway regulation was begun. It is not applied to any other American
Industry. Public utilities are regulated, but are usually given a monopoly,
with the result that the charging of rates found necessary to enable them
to earn a fair return is not interfered with by competition. Competition
prevails in most other industries, but is not supplemented by regulation,
-subsidized compeand very few other Industries have to meet government
tition, while the railways are confronted with it on every band.
"If the railways are to make sufficient earnings to render the service that
the public welfare demands they must either have less of such regulation
as is exemplified by the Commission's decision in the grain rate case, or
less government
-subsidized and unregulated competition. Those who favor
continuance of all present Government policies in dealing with transportation must either desire the destruction of private ownership of railways or
be incapable of foreseeing the inevitable effects of a continuance of these
policies."
A. P. Thom General Counsel of Association of Railway
Executives in Hearing on Co-Ordination of Transportation Systems Urges Abolition by Government of Practice of Rebates and Discriminations in
Rates by Motor Vehicles.
Co-ordination of the transportation systems of this country and fair competition between the railroads and common
carrier motor vehicles operating for a profit on the highways,
cannot be brought about so long as the Federal Government
permits the latter to indulge in rebates and to make unjust
discriminations in the matter of rates, service and practices,
Alfred P. Thom, General Counsel of the Association of Rail-
APRIL 18 1931.]
FINANCIAL CHRONICLE
way executives told the Inter-State Commerce Commission
at a hearing in Washington, D. C., on March 17.
Mr. Thom urged the abolition, through proper Federal
regulations of common carrier buses and common carrier and
contract trucks of this practice, which, he said, the Government years ago definitely condemned on the part of the railroads. If that is not done, he said, the railroads should be
relieved of the restrictions which the Government refuses
to put on their competitors. The recommendations were
made by Mr. Thom as a final witness in hearings that began
four months ago by Leo J. Flynn for the Inter-State Commerce Commission, on the question of co-ordination of motor
transportation in this country. Mr. Thom said:
2899
with an essential part of it strictly regulated and other important agency
In the same field left unregulated."
Mr. Thom called attention to the fact that all of the recommendations made by the executives as above mentioned with •
the exception of that relating to the imposition in each State
on motor vehicles doing an inter-State business the same
requirements as exist in that State in respect to motor
vehicles doing an intra-State business, had been approved by
the Commission itself as to motor buses in their report on
the subject in 1926. It is understood that this report was
prepared by Mr. Examiner Flynn, now holding these
hearings.
"A large part of the traffic of the country cannot be allowed to move Lisman Offers Specific Plan for Solving Carriers Probsubject to rebates and the granting of unjust discrimination, while these
lem—Railroad Umpire Would Help Remedy Busiare forbidden as to the balance, for by such a course the evil against which
ness Depression.
the conscience and the purpose of the public is set, would not be eradicated.
"If, instead of being eradicated, this evil is to be permitted to continue
Answering the questions of "What is to become of the
and motor vehicles, operating for profit on the highways are still to
railroads" and "Should I sell my railroad securities," which
be allowed to indulge in rebates and to make unjust discriminations,
the alternative is obvious: Relieve the railroads of the restrictions which he points out are being asked wherever men meet, F. J.
the Government refuses to put on their competitors. Give them the power Lisman declares that many major railroad ills of the moof flexibility as to terms they can offer shippers which is possessed by
ment could be cured by an "umpire", who could set about
their competitors.
"The principal reason which caused the adoption of the policy of govern- the elimination of the waste of competition, without destroymental regulation of railroads was the prevention of rebates and undue and ing competition, the improvement of railroad service, and
unjust discriminations. These cannot be wrong if indulged in by the railthe strengthening of railway credit. The railroads could
roads and right if indulged in by their competitors.
"Outside of the wrong to the shipping public involved in the giving of select a committee of six or nine, he suggests, who would in
rebates and the handling of traffic for some shippers on terms different
turn elect someone qualified to fill the post.
from and unjustly discriminatory as against others, there is a serious wrong
"The umpire would have under him three or more sepato the railroads in allowing their competitors to take away their traffic by
underbidding their known and published rates and by offering special and rate bureaus," says Mr. Lisman. "He would serve for five
discriminatory advantages to shippers.
committee of the presidents, some"It follows from the very seriousness of the loss the railroads have suffered years, with the right of a
from motor competition, that motor vehicles on the highways are found by thing like the Presidents' Advisory Committee of 11, to rethe public to be a very valuable transportation facility, and to furnish a move him on six months' notice. "Any decisions rendered
very convenient and important transportation service.
"It is universally admitted that they have come to stay—that they will be by the umpire would be subject to appeal by any carrier
permanently an important agency in the transportation field. They will or carriers to a small committee of 'elder statesmen' who,
continue to be a formidable competitor of the railroads for the important of course, should
not be closely affiliated with companies
varieties of traffic which they are equipped to transport. It is important
having a parallel or antagonistic interest as regards the
to find a place in transportation which they can most economically fill.
"The railroads do not ask that this competition be removed or destroyed. appealing company." Proceeding, Mr. Lisman says:.
All they ask, and this the interests of the public imperatively demand if
"The expenses of the umpire and his organization would be borne by
the adequacy and efficiency of rail transportation is to be preserved, is
carriers pro rata to their gross earnings and to the amount of services
that the terms of competition be equal and fair.
availed of. That is to say, if a group of carriers in a given section should
"It is fair to say that it is the universal judgment of mankind that
the not wish to participate in any one of the bureaus created under the umpire's
new forms of transportation cannot provide for the entire transportation
jurisdiction, then they would not bear the pro rata of such expenses.
needs of the public and that railroad service is, and will, so far as
human
"The umpire would have with him an advisory committee of 7 with
foresight can reveal, continue to be, essential to the public welfare.
whom he would be expected to consult as to the various activities of his
"The railroads are now strictly regulated by law. On the other hand,
organization and no action would be taken by him if a majority of such
motor vehicles on the highways, engaged in interstate commerce era now
advisory committee members were opposed to it.
subject to no regulation whatever. The railroads are tied by regulation.
"The agreement to abide by the decision of the umpire with the above
This very important competitor is left free. Manifestly, the relations of
letter and spirit of the law.
motor vehicle transportation to the public and to other competing carriers, limitations must obviously be within the
The I. C. C. and the Federal Trade Commission should be made cognot only justify but require proper regulation. It has been charged that
nizant of all activities of the utnpire.
the railroads are seeking to subject such transportation to impossible
"The various bureaus to be created would be as follows: One for the
restrictions so as to remove it as a competitor. This is an entire misconstudy of rates, one for public relations, one on competitive wastes and,
ception.
possibly, one for research."
"We believe:
Nothing would be as helpful in the present business depression as the
"1. That regulation should extend to passenger common carriers and restoration of railroad credit, Mr. Liman believes, and the mere nomination of an umpire would tend to restore the confidence of railroad stockcharter buses, (not to taxicabs, school buses or hotel buses) and to common
carrier and contract motor carrier trucks operating on the highways for holders in the permanent security of their investment. Such stockholders,
compensation or hire. We do not at this time recommend that it be applied he says, would unloosen their purse strings and set money into circulation.
Regarding (1) the legal angle of the situation; (2) the interference with
to owner-operated trucks operated solely in the business of the owner.
"2. That they should be required to obtain from the Inter-State Commerce management, and (3) What man for the job? Mr. Lisman says:
Commission certificates of convenience and necessity and that in determinThe Legal Angle.
ing on the issue of such certificates, the Commission should give
proper
"Many lawyers question the legality of such an organization, although
consideration to (a) the quality and permanence of the service to be offered
by the applicant; (b) existing transportation service, requiring that a show- the umpire can do very little which is not subject to the approval of
either the I. C. C. or State commissions. If, for example, the umpire
ing be made, satisfactory to the Commission, of the necessity for cod
convenience to the public of the proposed operation; and (c) the financial should refuse to permit carriers terminating in San Francisco to apply for
a reduction of the sugar rates, the refineries located on the Pacific Coast
responsibility of the applicant, including adequate provision for surety,
or might still apply to the Commission for relief. Therefore, they would not
insurance, for the protection of the public.
be deprived of their rights by any alleged conspiracy in restraint of trade.
"3. That, under the terms of regulation, (a) an applicant to whom
a The right kind of an umpire with the requisite amount of tact would have
certificate of convenience and necessity is granted by the Commission
should direct contacts with the large trade organizations and point out to thefts
be required to comply with all the conditions in each State that duly
author- the unfairness of their propositions, if they should indeed be unfair. If
ized State authorities impose upon intrastate operation on its
highways; trade organizations which have heretofore been in effect, fixing their own
(b) proper accounts, in forms prescribed by the Commission,
should be rates by manipulation and exploitation of the competitive spirit among
kept and reports be periodically made; (c) adequate requirements
should be railroads should come to realize that they cannot continue to operate on
imposed to secure just and reasonable rates, both maximum and
minimum, the net earnings of the carriers for their own benefit, they will soon cease
with provisions for the publication thereof and adherence thereto
and proper their efforts in that direction.
inhibition against undue and unjust discrimination.
"4. That an opportunity should be given for rail carriers to
engage
in such motor vehicle service on the highways on equal terms with
others
and without discrimination in favor of, or against, other
transportation
agencies in the same field.
"In the opinion of many, the time for destructive and wasteful
competition has passed and the time for co-operation and co-ordination
has
arrived. The object cannot be attained by destroying or improperly
hampering any useful form of transportation: It must come from
co-ordination,
from the ascertainment of the proper sphere of usefulness of these
several
agencies and in so systematizing them that each will find its proper
and do its appropriate work in co-ordination with the others. The place
object
of co-ordination will be thwarted—not advanced—by excluding
the railroads from transportation service on the highways. There can be
no legal
or effective co-ordination between order and chaos.
"The interest of the public, in respect to transportation, lies in
system
and order, not in disorganization and chaos. How to introduce this
order
into the field covered by these new agencies of transportation by
proper
regulation presents difficult problems, but these difficulties
are not
insuperable and must be overcome. A well ordered and
co-ordinated
transportation system is essential to the public welfare. That cannot
exist
Interfering with Management.
"Some believe that the inauguration of an umpire would mean a considerable abdication OD part of railway directors and officers of their
duties and responsibilities. This is correct only to an infinitesimal extent.
The umpire could deal only with rates and competitive waste in the interest
of all the railways as a whole. Officers of individual railways should certainly feel secure that the umpire and the committee of experienced railway executives or 'elder statesmen' to whom they would have the right
of appeal would always deal fairly by them and protect them against any
possible snap judgment.
What Man for the Job.
"It is said that there is no man big enough to be a national umpire.
Upon reflection it would appear that the umpire's job would not be nearly
as complicated as that of the president or general manager or any one of
the big systems. NVhatever his job might be he would not have to settle
a problem on the day it was brought to him. He would have time to meditate and consult. If he were a good executive, he would develop good
advisers. He probably should have assistants in the different sections of
the country, all of whom should be well paid—as well as the heads of the
various bureaus.
2900
FINANCIAL CHRONICLE
"His principal requirement should be tact; his next requirement would
be more tact, and still more tact. He should be impersonal and have a
broad understanding of the railroad business. He must have vision,
courage and force and be of impeccable honesty. Necessity has always
brought forth the man, and will again I If once the necessity of an umpire
is agreed to, the man will be found, but he cannot be effective unless every
railroad reaching gateways agrees to abide by his decisions, subject to the
above-mentioned right of appeal.
"In the final analysis the umpire's job is to increase the net earnings of
the railroads as a whole. By attaining this, much will be done in the direction of getting a fair return to which the carriers are entitled not only
under the Transportation Act of 1920 but under the Constitution. The
efficient work of the umpire's organization should greatly lighten the
work of the I. 0. 0. and therefore expedite it for the benefit of all parties
concernea and to the great satisfaction of the Commission, with whom the
umpire should closely co-operate."
Deputy Comptroller of Currency Await Details Duties
of Bank Directors in Addressing Central Atlantic States Bank Management Conference.
That directors of National banks are responsible for the
sound conduct of the affairs of their institutions was pointed
out by F. G. Await, Deputy Comptroller of the Currency,
in an address before the Central Atlantic States Bank
Management Conference in Washington on Feb. 27. The
New York "Journal of Commerce" noted in part as follows
what he had to say:
The deputy comptroller mentioned the various provisions of statutory
and common law pertaining to the duties of directors. He said that among
the liabilities there are those having to do with such matters as loans in
excess ofthe limit fixed by law,injury or damage to persons relying on reports
of condition of a bank, dividends paid out of other than net profits,
making loans when security taken is insufficient, permitting certified checks
on insufficient or overdrawn accounts,failure to appoint a discount and loan
committee and others.
Would Collect Damages.
Mr. Await asserted that it is the duty of the Comptroller's office, when
a National bank has failed, and there is sufficient cause. to "collect for the
depositors on the directors' liability."
"Often failure of the bank means the financial failure of the directors
and there is nothing to collect, but it may be noted in the last three years
we have recovered for the depositors of failed banksfrom this source over
Z2,400,000." Mr. Await said.
Hits Dummy Directors.
"The directors cannot discharge the duties incident to their office by
holding meetings at rare intervals and limiting the business ofsuch meetings
to such perfunctory matters as electing officers, and for failure to attend
meetings, even though residing at a distance, the directors may be held
liable, and they cannot shield themselves from liability by pleading ignorance of transactions in which they did not participate, when their ignorance
Is a result of their own negligent inattention."
The "United States Daily" gives as follows Mr. Awalt's
address:
The experience of the Comptroller's office has shown conclusively that
many bank directors have little or no conception of their duties even when
called to their attention. It is for this reason that the Comptroller's office
feels that the subject under discussion is of great importance and that the
active officers of banks should make available to their directors such information as will enable them to better understand their duties and responsibilities.
Such a course will not only make for better banks but is one to which the
directors are entitled.
The economic policy commission of the American Bankers Association
In its report to the Houston convention in 1927 recognized the importance
of the subject, and much has been written in regard thereto but the lack of
knowledge of their responsibilities still remains the cause of many bank
failures. I believe that the American Bankers Association could do no
better thing to promote sound bank management than to carry out a plan
of education of bank directors in their duties and responsibilities.
Why do we place such emphasis on the duties and responsibilities of bank
directors as compared with other corporations Directors of private corporaations, as a rule, have as their principal object the interest and protection
of what may be termed their partners in business, stockholders, and also
the bondholders. The directors of the banks, quasi-public corporations,
have their first duty to the depositors of their institutions, and this duty
comes above their duty to the stockholders. They are in the nature of
trustees.
When the depositor places his money in the bank he in effect says: "In
consideration of receiving my money and any interest paid, you can have
its use but only on the condition that its use conforms to the safeguards
provided by law." Such safeguards are not merely the mechanical safeguards surrounding the proper custody of funds, but cover all the many
phases of banking provided by statutory enactment or court decision.
On whom does the responsibility of this contract fall? The directors.
In most banking laws, and particularly the National law, the whole
structure is built around the directors. It is upon the directors that the
National bank law places the management of National banks in specific
language, when it provides:
"The affairs of each association shall be managed by not less than five
directors .
It Is the directOr who is held responsible for any violation of the National
Bank Act when it provides:
"Every director . . . shall be held liable in his personal and individual capacity for all damages which the association, its shareholders,
or any other person shall have sustained in consequence of such violation.".
It is the director of the member bank who is held responsible for violations
of the Federal Reserve Act by the provisions of that Act.
The director is required by the National Bank Act when elected or appointed to take an oath that he will, so far as the duty devolves on him,diligently and honestly administer the affairs of such association and will not
knowingly violate, or willingly permit to be violated any of the provisions of
the Act.
Obviously the law did not contemplate that a director should be a figurehead; that he should attend meetings merely to get his director's fee and in
this connection I was told recently by a president of a bank that it was necessary to increase the director's fee in order to got some of the directors of
that particular bank to attend meetings—a procedure that certainly should
be unnecessary.
Since the duties and liabilities of directors are interwoven, the definition
of their duties has in some measure been given in suits to enforce liability,
[Vol,. 132.
and while the courts have used different language In defining the general
duties of directors, a clear idea of their scope may be gained from the fbllowing excerpts of decisions:
Supervision by Board.
The duty of the Board of Directors Is not discharged by merely selecting
officers of good reputation for ability and integrity, and then leaving the
affairs of the bank in their hands without any other supervision or examination than mere inquiry of such officers, and relying upon their statement
until some cause for suspicion attracts their attention. The board is
bound to maintain a supervision of the bank's affairs, to have a general
knowledge of the character of the business and the manner in which it is
conducted, and to know at least on what security its large lines of credit
are given.
Directors of a National bank must exercise ordinary care and Prudence in
the administration of the affairs of a bank, and this includes something
more than officiating as figureheads. They are entitled under the law to
commit the banking business, as defined, to their duly authorized officers;
but this does not absolve them from the duty of reasonable supervision,
nor ought they to be permitted to be shielded from liability because of want
of knowledge of wrongdoing, if that ignorance is the result of gross inattention.
It is the duty of directors of a National bank to exercise reasonable control and supervision over its affairs, and to use ordinary care and diligence in
In ascertaining the conditions of its business, which is such care as an ordinary prudent and diligent man would exercise in view of all the circumstances.
A board of directors of a banking corporation is elected primarily for the
management of the corporate affairs; and when the board delegates its
authority to the executive officers and through their carelessness and
mismanagement disaster and loss to the stockholders and creditors ensue
the individual members of the board can not escape liability by showing
that they did not know of the unfortunate transactions and were ignorant
of the business of the corporation.
There are two main divisions of directors' liability—statutory and conr
mon law. Under the statutory may be listed such liabilities as loans in
excess of the limit as fixed by law; injury or damage to persons relying on
false reports of condition of a bank; dividends paid out of other than net
profits, after deducting therefrom all losses and bad debts; payment of dividends or making of loans when reserves with the Federal reserve bank are
deficient; unlawful, prohibited, or ultra vices transactions and operations.
Under common law liability may be listed the making of loans when the
security taken is insufficent, certifying or permitting to be certified checks
On insufficient or overdrawn accounts; failure to appoint a discount and
loan committee, or an examining committee of the directors when required
by the by-laws and (or) the volume of the bank's business, or a failure
to see that such committees function if appointed; failure to audit or examine the affairs and conditions of the bank periodically, or to cause same
to be audited or examined; failure to use reasonable efforts to collect slow
or doubtful assets. The directors may also be liable for allowing overdrafts;
for damages resulting from a failure to charge off assets at the direction
of the examiner, or representing such assets to be good after such notice;
for losses resulting from failure to require proper bond from officers and employes of the bank.
Holding of Meetings.
The directors can not discharge the duties incident to their office by
holding meetings at rare intervals and limiting the business ofsuch meetings
to such perfunctory matters as electing officers; and for failure to attend
meetings, even though residing at a distance, the directors may be held
liable, and they can not shield themselves from liability by pleading ignorance of transactions in which they did not participate, when their ignorance
is a result of their negligent inattention.
The defense offered of not attending meetings is a common one. One
example of this character is very vividly Impressed on my mind—that of a
distinguished United States Senator and the director of a failed National
bank, now dead, whom I admired and liked. When told by the Comptroller
that he was to be sued on account of director's liability, he was astounded
and took the position that since he was attending to his duties in Washington
he could not attend meetings of the directors, that he had had implicit confidence in those who were running the bank and it was not his fault. He
was sincere in his contention but by his own admissions made out a case
against himself. We ventured the opinion that unquestionably many
people had deposited in the bank because he was on the board and they had
no atconfidence in him, and he had violated that confidence by paying
would
tention to the business. He left the office with the remark that he
but his
not pay a cent. He never did, for he died after the suit was filed,
estate paid.
It is the duty of the Comptroller's office, when a National bank has failed
and there is sufficient cause, to collect for the depositors on the directors'
failure of the directliability. Often failure of the bank means the financial
ors and there is nothing to collect, but it may be noted in the last three years
we have recovered for the depositors of failed banks from this source over
$2.400.000.
Spring Meeting of Executive Council of American
Bankers' Association—Proposals to Change Names
of Savings Bank Division and Trust Company
Divisions-1930 Year Most Successful in History of
Trust Companies—Association Membership Above
18,000.
The most largely attended spring meeting of the Executive
Council of the American Bankers' Association in the history
of the organization opened at Augusta, Ga., on April 14,
with President Rome C. Stephenson presiding. Mr.
Stephenson took occasion in reviewing the first six months
of the present administration to touch upon major problems
before bankers and called attention to reports emanating
from Washington blaming bankers with the desire to see a
general reduction of industrial wages. His address is
quoted at greater length elsewhere in these columns to-day.
Fred N. Shepherd, Executive Manager of the Association,
reviewed in detail the work of the various divisions, sections,
committees and other working units. He pointed out particularly that the thought to keep uppermost in mind in
considering the bank failure records in the past and in taking steps for the prevention of their recurrence is the promotion of good bank management.
Thomas B. Paton, General Counsel, reported that the
Uniform Bank Collection code, drafted in his office two
years ago, having previously been passed in nine States,
was enacted into law in two additional States last year and
APRIL 18 1931.]
FINANCIAL CHRONICLE
four States so far this year, making 15 in all. "This is a
great boon to the bankers in simplifying the law in regard
to bank collections, especially in the case of failure of banks
where preference is created in the assets of an insolvent bank
which has collected an item and has failed to remit," he said.
Edmund S. Wolfe, President of National Bank Division,
described the tables of earnings of National banks by States
and Reserve cities, which have been compiled and distributed.
"These tables show the total gross income received from
each source," he said, "the percentage of gross earnings
expended in each banking activity, and the portion of total
expenses chargeable to each feature of operation. Member
banks value these tables as standards of measure for their
own institutions, and comments by bank officers make it
appear that the percentages presented are helpful."
The Division has also prepared,he brought out,a treatise on
investments emphasizing the importance of constant and close
supervision, which will be distributed to all members of the
division. He also told of progress in the work of the Committee on National Bank Research intended to make National
charters more attractive, without making other charters less
attractive, which has studied the causes of defections from
the National Bank System through direct correspondence
with all banks converting from National to State charters.
He described efforts to remedy the situation caused by the
U. S. Supreme Court Worcester decision, holding that in
Massachusetts a National bank absorbing a trust company
did not exceed to an executorship held by the State institution. A survey was made to determine the States requiring
an amendment to the statutes to meet this situation, disclosing that in California, Maryland, Michigan, Pennslyvania,
New Jersey and Utah no statutory change is called for, and
that in Massachusetts the legislature has no power to make
the desired change. In 18 States remedial bills were introduced,becoming law in Alabama,Indiana, Kansas, Montana,
Oregon, Washington, West Virginia and Wyoming, while
other States are expected to take like favorable action.
W. F. Keyser, Chairman of the Insurance Committee,
reported that the American Bankers' Association's new
bank burglary and robbery policy had been copyrighted
on April 18, after approval by the National Bureau of Casualty and Surety Underwritings, and will be available from
more than 70 licensed underwriters beginning this June.
It will advantageously affect a very large majority of banks
In the United States in broadening and clarifying their
coverage.
Ben B. Aley, President of the American Institute of Banking Section reported that there are now 73,894 members,223
chapters and 108 group study classes. He said the increases
for the year were 4,540 in memberships,3,806 in enrollments,
5,049 in number of students, 23 in chapters and 40 in group
study classes.
Following the report by A. C. Robinson, President of the
Savings Bank Division, a recommendation of the Executive
Committee was presented proposing amendment of the Constitution, striking the word "bank" out of the title of the
Division, so that it would be hereafter called simply the
Savings Division, whose scope shall embrace all matters
relating to institutions receiving savings deposits. The
Council approved a resolution to submit this proposal to the
general convention in Atlantic City.
M.Plin Beebe, President of the State Bank Division, reported the objectives of the organization under the two headings of better bank management and legislation. Under
the former, he said, it has been the aim to bring about
recognition that directors are real managing officers of the
bank, that adequate profits must be earned for invested
capital and risk in return for dependable services, that unprofitable business should be closed out of banks and that
regional clearing houses should be established. Under legislation the Division has co-operated in the passage of the Uniform Bank Collection Code and other Association measures,
and also continued the campaign for longer terms of office
and better pay for bank supervisors, and for the separation
of offices of such officials from politics.
H. G. Huddleston, President of the State Secretaries Section, reported that a number of new committees had been
appointed by his section and that its program had been
co-ordinated so far as possible with kindred activities of the
general Association, such as those dealing with the American
Institute of Banking, bank management, protective work
and others. Seventeen State Secretaries, he stated, were in
attendance at the Council meeting.
In spite of the general business depression the year 1930
was the most successful year in the history of trust com-
2901
panies of the United States, so far as continued growth was
concerned, Gilbert T. Stephenson, President of the Trust
Company Division, told the meeting of the Executive
Council at its second session on April 15. Mr. Stephenson
said:
On the basis of a nationwide study made at the end of the year the number of nominations and appointments of trust institutions as executors and
trustees under wills increased 35% during 1930. Even more significant
was the increase in the number of appointments as trustees under trust
agreements. During the year there was an increase of 44% in the number
of appoini,ments and of 67% in the value of properties in new living trusts.
The momentum of life insurance trusts was maintained and even accelerated.
At the end of 1929 we were able to report 2;4 billion dollars of trusteed
life insurance, and at the end of 1930 an addition of $1,560,000,000 during
the year. The grand total of trusteed life insurance is now over four billion
dollars and represents about 4% of the life insurance that is In force in the
United States. The resources of the 4,000 odd trust institutions of the
United States now total over 50 billion dollars. This represents 70% of
the total banking resources of the United States.
During the year, he said, the Trust Company Division
launched a new committee, known as the Committee on
Fiduciary Legislation, for the purpose of making progress
toward the modernization and standardization of trust laws
and practices in the 48 States.
H. Lane Young, Chairman of the Agricultural Commission, reported that 45 State bankers' associations now have
agricultural committees, and that the county key banker
list of the Commission contains 2,541 names. Adding to
this the membership list of the State committees and of
the Commission itself, its working forces are now over 2,900
bankers especially interested in the agricultural industry.
During the year, he said, over 7,000 farmers and rural boys
and girls have undertaken definite projects of farm improvement work through the influence of bankers.
Fred W. Ellsworth, Chairman of the Bank Management
Commission, outlined the studies of his unit in bank management problems under the general topics of: Bank administration and banking practices; clearing houses and interbank relations; standard forms, reports and records; relationships with American Bankers Association division; and
regional bank management conferences. Investigation into
the subject of collection of bank deposits from customers
was made covering 275 clearing house associations and several
thousand banking institutions throughout the country, and
developed the feet that it is the almost universal practice
not to make collections and the overwhelming consensus
that the collection of deposits at the customers' door is not
a proper banking function.
M. R. Sturtevant, Chairman of the Bankruptcy Committee, described the manner in which his unit is co-operating with the bankruptcy investigation begun last year at
the direction of the President of the United States, under the
direct charge of the Department of Justice at Washington,
which is conducting fact-finding research to gather information regarding the administration of bankrupt estates and
the effect upon business conditions and business morality
of discharging from their debts practically all debtors who
apply for this relief.
Gilbert L. Daane, Chairman of the Membership Committee, made the announcement that the membership of
the Association was well above 18,000, despite the fact that
there had been in 1930 a reduction of over 1,700 banking
units in the country through failures, consolidations and
liquidations. Despite the drastic decline in the number of
banks, he said the Association has lost only six-tenths of 1%
of the banks eligible to membership. He named as States
having 100% membership, Arizona, District of Columbia,
Nevada, New Mexico and Louisiana; Rhode Island had but
five non-members, Utah but three, and Wyoming but one.
Forty-four States, he said, have 50% or more in membership,
and as to numbers, New York leads with 1,411 members,
Pennsylvania next with 1,309 members, California third
with 1,088, Illinois fourth with 966, and Texas fifth with 943
members.
Fred I. Kent, Chairman of the Commerce and Marine
Commission, in presenting a study of world war financial
operations, described the workings of the Young Plan for
the payment of German reparations. He likewise presented
detailed studies of the business depression, the question of
the government operation of industry, government indebtedness, unemployment, brokers' loans, the world-wide economic significance of the Russian situation, and the payment
of reparations and allied debts.
Rudolf S. Hecht, Chairman of the Economic Policy
Commission, presented a detailed report dealing with the
four topics of: the 1930-31 bank failure episode; the problem
of meeting the bank failure situation; developments in
2902
FINANCIAL CHRONICLE
branch, group and chain banking; and revolutionary proposals aimed at banking.
A. C. Robinson, President of the Savings Bank Division,
reported that it was proposed to determine whether it is
possible to work out a method by which depositors as well
as bankers may have definite knowledge of the necessity
for adjusting rates either up or down as the current money
market warrants to obviate the disposition for suspicion
among bank customers as to the motives of banks in lowering
interest paid on savings or time deposits. Frequently, he
said, outside agencies utilize this suspicion on the part of
bank depositors to foster their own designs at the expense
of the banks. The division suggested also, he said, that
bankers make a strict separation between savings accounts
and time deposits.
John H. Puelicher, Chairman of the American Bankers'
Association Foundation for Education in Economics, reported that during the current scholastic year allocations
for loan funds for students were made to 132 collegiate institutions, and loan scholarships were awarded to 69. Beginning with the next scholastic year, he said, institutions in
all but five States will be eligible to receive loan scholarships.
Reporting also for the Public Education Commission, he
reviewed the twelve years' work of this activity, bringing
out that it had proved its value and that it was still conducted along the original lines of presenting talks by bankers
in the schools and before civic clubs throughout the country.
Thornton Cooke, Chairman of the Special Committee on
Section 5219, described the endeavors of his unit to bring
about a compromise agreement for the amendment of that
section without over-simplifying the bill so as to permit of
discriminatory taxation against banks as compared with
competing moneyed capital.
The report of the State Legislative Committee brought
out that the Uniform Bank Collection Code, sponsored by
the Association through the State bank associations, has this
year been passed in Idaho, Oregon, West Virginia and
Wyoming.
Executive Manager Fred N. Shepherd presented a communication from the Trust Company Division, asking the
Council to propose to the convention this fall an amendment
to the constitution of the association, changing the name of
the Trust Company Division to simply the Trust Division,
so that the article shall refer to it as a "Trust Division whose
scope shall embrace all matters of interest to banks and trust
companies." This was in line with the action proposed the
day before in respect to the Savings Bank Division and was
approved.
William G.Edens, Chairman of the Public Relations Commission, presented a resolution calling attention to the fact
that Chicago in 1933 is to celebrate the Centennial of its
organization as a municipality, and proposing that the
council adopt a resolution as follows:
The Executive Council of the American Bankers Association endorses
the purpose of the City of Chicago to render a specific and practical service
to humanity by helping it to better employ the ministrations of science
and improved methods of industrial organization, and recommends to the
Association the organization of a display which will picture to the people
of America the progress of banking methods within the century. the nature
of the service now rendered by banks to society, and the purpose of American bankers by research and improved management steadily to enlarge the
service of banking to society.
This resolution was adopted with the further provision
that a committee composed of the executive officers of the
association be charged with carrying out its purpose.
Banking Situation in South and Middle West.
In the State of Mississippi the reopening on April 11 of
three banks which had suspended temporarily was announced
by J. S. Love, State Sueprintendent of Banks, according
to the Jackson "News" of that date. These institutions,
the Merchant's & Farmers' Bank & Trust Co. of Lexington,
the Merchants' & Farmers' Bank at Starkville, and the
People's Bank at Calhoun City, brought, it was said, the
number of bank reopenings in the State since the first of
the year up to 33, including two National banks. The
paper mentioned went on to say in part:
Reports to the Banking Department to-day April 11 indicated the
reopenings in all three instances were well supported by new business,
Superintendent Love said. . . .
The Lexington bank is the largest in Holmes County. being capitalized
at $100,000 with surplus in an equal amount. It suspended business
with its two branches Feb. 3.
The People's Bank reopened at the Calhoun County capital after a
suspension from Jan.2,its capitalized at 630,000. W.J. Evans is President.
The Merchants' & Farmers' Bank at Starkville is capitalized at $26.000.
Its President is G. 0. Daniels. Its doors were temporarily closed Feb. 6.
[Vol,. 132.
In the State of North Carolina advices by the Associated
Press from Brevard on April 8 reported that the Transylvania County Commissioners on April 7 had joined in a
movement for the reopening of the Brevard Banking Co.
of Brevard (closed Dec. 15 1930), agreeing to allow the
$800,000 county deposit to remain in the bank after the
proposed reopening. One thousand of the 3,000 depositors
of the institution have signed an agreement to leave their
funds in the institution. The dispatch, continuing, said:
It developed as reorganization plans were carried forward that proceeds from a $100,000 county bond issue, six former county officers and
two bank officials recently were charged with conspiracy to embezzle,
had been spent for county purposes before the bank closed.
Friends of the indicted men claimed this would clear them, since none
of the money was lost by the bank's closing.
The indictment charged the money was borrowed by the county and
deposited for the benefit of the bank and that "said bank was then and
there insolvent or in imminent danger of becoming insolvent."
In the State of Kentucky the Louisville "Courier-Journal'
of April 10, with reference to the affairs of the Louisville
Trust Co., Louisville (the affiliated institution of the
National Bank of Kentucky, which closed Nov. 17), stated
that of the 13,198 depositors of the institution who have
been invited to sign their approval of the reorganization of
the institution, 10,498 have returned power of attorney
forms to the depositors' committee, it was announced on
April 9 in an advertisement carrying the names of 12 citizens
who have agreed to serve as directors. We quote further
from the paper mentioned as follows:
Huston Quin, Chairman of the committee, said that approval represents deposits aggregating $8,000.000, but the committee had set its goal
at $10,000,000 and could not open the bank unless this sum was reached.
He explained that a number of depositors are withholding signatures
in the hope of withdrawing all their funds if the plan becomes operative,
but that $10,000.000 is the absolute minimum for a successful reopening.
When it closed, the bank had $13,000.000 in deposits.
The financial set-up for the plan is $1,000,000 capital and $1,000,000
surplus, $1,500,000 to be supplied by depositors and $500,000 through
new capital, it was explained. Mr. Quin said that $300,000 of the fresh
capital had been subscribed.
Rowan Hardin, member of the municipal department of law, said he
conferred Thursday morning (April 9) with members of the Commissioners
Of Sewerage to discuss whether the Commissioners could subscribe legally
to the proposed reorganization. He explained there was nothing definite
in regard to the matter and that it would have to be discussed with the
bonding company.
Approval of the proposed plan would obligate the Commission to accept
stock in the new company to the extent of approximately $25,780, or
15% of a $171,868.63 deposit. Another $100.000 was on deposit, but
that amount has been recovered from the American Surety Co. of New
York,surety on the deposit, it was explained.
In the State of Ohio, Associated Press advices from
Columbus on April 13 reported that the Citizens' Savings
Bank of Salem had been taken over by the Ohio State
Banking Department for liquidation on that day at the
request of its directors. As of March 25 last the institution had a capital of $50,000 and resources of $706,924.
Depreciation in its investments, coupled with heavy withdrawals during the last few days, was the cause of the
closing, according to the State Banking Department. The
dispatch furthermore said that the institution was the
first bank to close in Columbiana County in about 35 years.
In the State of Illinois, advices from Chicago on April 13
to the "Wall Street Journal" reported that the Builders' &
Merchants' Bank & Trust Co. of that city had been closed
by the State Auditor because its cash reserves were inadequate. The dispatch furthermore stated that as of March 25
1931 the bank had total resources of $5,494,592, with cash
$376,977, United States Government securities $320,978,
and other securities $1,058,241, and that demand deposits
as of the same date amounted to $1,860,959 and time
deposits $2,396,293.
Another Chicago bank, the North Town State Bank,
capitalized at $200,000 with surplus of $50,000, was closed
by State auditors on April 14, according to the Chicago
"Post" of that date. The closing following an examination
in which it was disclosed that the cash position of the
bank was inadequate. Resources of the institution at the
last call, March 25, amounted to $1,229,432, of which
cash amounted to $147,527, and deposits aggregated $904,259. At the time of the closing, it was stated, deposits
were approximately $700,000.
Again, on April 16, two more Chicago banks, the Boulevard State Bank and the Lincoln Trust & Savings Bank
(neighborhood banks on the northwest side of the city)
closed their doors. A United Press dispatch from Chicago
on April 16 reporting the closings, stated that heavy withdrawals attributed to rumors which caused uneasiness among
the depositors had forced the institutions to close. The
capital and surplus of the Boulevard Bank, the dispatch
said, was $238,950, and of the Lincoln Trust & Savings
Bank $602,370.
APRIL 18 1931.]
FINANCIAL CHRONICLE
Deputy Comptroller of Currency Await Cites Failure of
Bank of United States as Instance Where Affiliates
May Be Subject to Abuse.
Expressing it as his belief that "there is no question but
that affiliates may be subject to abuse," Deputy Comptroller
of the Currency F. G. Await adds that "the failure of the
Bank of United States (New York) demonstrated this as a
fact." From the Philadelphia "Public Ledger", from which
we quote the foregoing, we learn that Mr. Await discussed
"Bank Affiliates" before the April forum of the Philadelphia
Institute of Banking on April 15. The following account
of the Deputy Comptroller's speech is taken from the paper
referred to:
2903
was appointed Assistant Vice-President in 1925. Walter
V. Millette was appointed New York manager of sales in
the Metropolitan District of New York City and New York
State, according to a further announcement from the headquarters of The National City Co. this week. Frank E.
Agar, Assistant General Sales Manager for the organization,
will continue in charge of National City sales in uptown
New York with Maclean Gander, District Sales Manager
in charge of sales in downtown New York, and H. C. Ballou,
suburban sales manager in charge of sales in Metropolitan
suburban territory. A. R. Camp, District Sales Manager,
continues in charge of the National City's Brooklyn territory.
At a meeting this week of the directors of the Hibernia
Mr. Await expressed the opinion that security affiliates of banking indirectors were
stitutions have been necessary in the financing of any business institutions Trust Co. of New York, seven additional
In the United States since they play an important part in the distribution elected to the board. The new members are as follows:
Of bonds involved in large underwritings. During the course of his address Frederick T. Kelsey, John G. Jackson, William H. Johns,
the speaker said:
"Bank affiliates are not new. They have existed in some instances in Lee W. Maxwell, S. Sargeant Volck, A. J. Walter, and
connection with National banks for at least a quarter of a century. They Francis L. Wurzburg.
came into being primarily to meet competition by other Institutions and
to give service demanded by the public which could not be given under
An announcement April 9 by E. M. Rabenold, Chairman
the restrictions imposed upon banking institutions by Federal or State
of the Clinton Trust Co. of this city, regarding the segregataw, particularly Federal law.
"It was but natural that where banks found that their customers were tion of its special interest accounts says in part:
being offered more service under one roof than the banks could give under
In harmony with the expressed views of the Governor and of the Banking
the restrictions placed on them, that the banks should turn to some means Department, . . . we have segregated our special interest accounts
to hold their customers. They found such means in the formation of from our commercial banking, under a plan approved by the State Superaffiliates and it was merely another step to broaden the scope of activities intendent of Banks and authorized under the existing laws of the State.
Of such affiliates to carry out projects not always consistent with their
This plan provides:
original purpose. Thus the affiliates found many fertile and profitable
1. Segregation of all special interest or "thrift" moneys into a separate
fields until their ramifications embrace a large number of activities, in special interest fund.
most instances in a direction which lies outside of what has been generally
2. Investment of these moneys exclusively in securities legal for savings
considered the province of commercial banking.
banks.
3. Addition of 15% reserve out of surplus.
Danger of Speculative Tendencies.
The activities of a number of such corporations have been increased
sometimes at the expense of conservative operation. As long as the conThe New York "Times" of April 8 stated that an invenduct of the business parallels careful management and sound Judgment, tory of the assets of the World Exchange Bank,at 174 Second
results may be satisfactory, but too often the urge for large profits
the
offers encouragement to indulge in speculative ventures and unsound Avenue, which was closed on March 20 by Banking Superpractices which bode ill for the successful continuance of the company.
intendent Broderick, was filed in the County Clerk's office
Perhaps one phase of the affiliated company's operations which is sus- on
April 7 by Mr. Broderick, with assets listed at $2,113,175.
ceptible to danger is that of guaranteeing the payment of mortgages which
It has distributed,frequently among the bank's customers,in large amounts. The "Times" added:
Under a depressed real estate market and poor business conditions, it may
The various items were: Cash. $101,830; due from banks, $127,069:
tax the company's ability to meet its engagements along this line and by exchanges, $75,329; foreign currency, $328; investments, $348,578; acreason of its affiliation the bank may find itself embarrassed in coming to counts receivable and security on lease, $5,232; real estate, $89,627; loans,
the rescue. Another practice having its element of danger is the trading $1,306,382; furniture, $22,333, and overdrafts, $551.
in the stock of the bank with which it is affiliated. Where the affiliate
A list of loans shows that one for $50,000 was obtained by Harold Spielattempts to control the market for the bank's stock, through the employ- berg, head of the defunct Equitable Casualty & Surety Co., which was
ment of its funds, perhaps creating fictitious values which independent secured by 1.000 shares of stock of the Bryant Park Bank, while Spielberg
market transactions might not sustain, the affiliate Is clearly on danger- endorsed a note of Julius Martimson for $30,000, secured by a surety bond
ous ground.
of the Equitable Casualty & Surety Co.
Subject to Abuse.
The amount of the debts was not disclosed by the Banking SuperinI believe there Is no question but that affiliates may be subject to abuse tendent, nor was the total of deposits made known
—the failure of the Bank of the United States (New York) demonstrated
The bank's closing was referred to in these columns March
this as a fact. But regardless ofsuch abuse as applied directly to the bank,
there Is another important factor. The public always associates the affili- 21, page 2125, and April 4, page 2519.
ate with the bank, and even if the bank is sound and anything should
It was announced on April 15 that Robert M. Catharine,
happen to the affiliate, there would be no distinction in the mind of the
public, with resulting bad effect on the bank.
Vice-President of the New York Title & Mortgage Co.,
It is, therefore, of primary importance that the affiliate be conducted
Street,
along safe and sound lines. It is also important that such abuses as the who has been in charge of the office at 205 Montague
extension of unwarranted credit to the affiliate be prohibited.
has been placed in charge of all the offices of the New York
Title & Mortgage Co. in Brooklyn and throughout Long
ITEMS ABOUT BANKS, TRUST COMPANIES, &c. Island. Mr. Catharine was formerly associated with the
as Vice-President for a numArrangements were reported made this week for the sale Bank of Manhattan Trust Co.
of a New York Stock Exchange membership for $275,000, a ber of years.
decrease of $25,000 from the last preceding sale.
A consolidation of the First National Bank of Hoosick
Palls N. Y., and the People's National Bank of that place,
At its regular meeting on April 14 the Executive Comboth capitalized at $100,000, was consummated on April 11.
mittee of The National City Bank of New York appointed
The new organization, the People's-First National Bank of
Hobart M. McPherson as Assistant Vice-President. He was
formerly an Assistant Cashier. At the same time the follow- Hoosick Palls, is capitalized at $200,000.
ing were appointed Assistant Cashiers: George Griswold,
At the regular monthly meeting of the Board of Trustees
James Stillman Rockefeller and Victor F. Schroeter. Mr. of the Security Trust Co. of Rochester, Rochester, N. Y.,
Rockefeller is the son of William G. Rockefeller and a nephew held April 16, the regular quarterly dividend of $10 a share
of Percy A. Rockefeller, one of the National City directors. was
voted to be paid out of net earnings on May 1 to stockHe has been connected with the bank for about a year.
holders of record April 29.
Mr. McPherson is a product of the National City's College
Training Class which he entered in 1920. He was appointed
Further referring to the affairs of the Industrial Bank &
an Assistant Cashier late in 1928. Mr. McPherson has been Trust Co. of Boston, which was closed on Mar. 19 by the
active in the American Institute of Banking and served as State Bank Commissioner for Massachusetts, it is learned
National City Bank Consul in the Institute during 1925 and from the Boston "Herald" of April 9 that more than 1,000
1926, later becoming one of its staff of instructors.
depositors of the failed institution, at a mass meeting held
The directors of The National City Co. of New York in Dorchester (where the bank maintained a branch), on
announced on April 13 the election of Dolson Quier as resi- the night of April 8, repudiated the reorganization plan
dent Vice-President of The National City Co. in Chicago. advanced by the directors, and formed a committee to proMr. Quier will supervise the business of the company in tetct their rights, obtain counsel, and formulate measures
the Middle West and on the Pacific Coast. He has been for the salvaging of their "frozen" funds. A petition was
associated with the City company since 1917 when he be- drawn up by the group to ask the State Bank Commissioner
came a bond salesman in its Kansas City office. He was to delay liquidation of the bank until April 30, pending the
made district sales manager in Kansas City on Jan. 1 1919, arrangement of a reorganization or a purchase by another
and was called to New York in 1923 and assigned to head bank. Another mass meeting, it was stated, would be held
office in the General Sales Department, being appointed In Dorchester the night of April 10. Continuing, the Boston
Assistant General Sales Manager a short time later. He paper said:
2901
FINANCIAL CHRONICLE
Harry L. Foftus, Chairman of the Reorganization Committee appointed
by the defunct bank's President, expounded the plan of sale of stock to the
depositors his Committee has advanced as a method to avoid liquidation.
There was no enthusiasm voiced over his scheme, and it was learned that
practically none of the depositors have "taken advantage" of the opportunity offered them last week to purchase reorganization stock.
The depositors last night assessed themselves $1 each for expenses lad.
dent to their campaign, and elected officers of their Committee, as follows:
Thomas A. Hunter, President; William H. Kenyon, Secretary, and W. Allen
Hamilton, Treasurer. The Committee plans to query the 7,700 other
depositors in the bank concerning their opinion on the various methods so
far advanced to pay off the frozen assets of the bank.
The failure of the institution was noted in our Mar. 21
issue, page 2128, and a second item regarding its affairs
appeared Mar. 28, page 2323.
[voL. 132.
Mr. Haight has risen rapidly since his entrance into the banking field
eleven years ago following graduation from Verona High School. From
1920 until 1925 he was with the Montclair Savings Bank. He then became
bookkeeper with the Montclair Trust Co. and rose in that bank to paying
teller in the commercial department. He became Assistant Cashier in the
People's National Bank, affiliated institution with the Trust Company, later.
Edward F. Feickert, President of the State Trust Co. and
of the First National Bank of Plainfield, N. J., previous to
leaving there in 1925, when he gave up active business,
again has been appointed President of the First National
Bank,it was announced on April 9 by the Board of Directors.
He succeeds George L. Babcock, who was made Chairman
of the Board. Advices from Plainfield on April 10 to the
Newark "News", reporting the matter furthermore said:
The Woodlynne National Bank, Woodlynne, N. J., a
Mr. Feickert in 1910 became
suburb of Camden, was ordered closed on April 10 by of North Plainfield, which he affiliated with the Borough National Bank
reorganized into the State Trust Co. of
National bank examiners because of "frozen" assets and Plaintield.
During 1924, Mr. Feickert and associates obtained control of the First
depreciation of securities held by the institution, according
National, and soon afterward he became President. Later he resigned the
to the Philadelphia "Ledger" of April 11. The closed bank, Presidency and was made Chairman of the Board.
which was organized five years ago and was capitalized
From the Newark (N. J.) "News" of April 11, it is learned
at $50,000, according to J. H. Higgins, its President,.has
liabilities of $350,000 and assets of $315,000. The deposits that effective that day interests identified with the Federal
are approximately $280,000. The paper mentioned further- Trust Co. of Newark purchased control of the Kearny National Bank at Kearny, N. J. The capital of the acquired
more said, in part:
bank will remain at $200,000 and the surplus at $100,000.
The Woodlynne National Bank was a depository for Borough funds, and
a special meeting of Woodlynne Borough Council was called last night to The purchase practically makes the Kearny National Bank
make plans for meeting current expenses of the Borough. Approximately
a branch of the Federal Trust Co. and gives the institution
$8,000 of public funds were in the institution.
A four-hour conference between officers of the bank and the examiners the support of the Newark bank which operates as branches
was held yesterday afternoon (April 10), at 1500 Walnut Street Mr. Hig- what were formerly the Springfield Avenue Trust Co. and
gins said officers of the bank had pleaded for permission to keep the
the Hayes Circle National Bank & Trust Co. Winton C.
institution open while the assets were being liquidated.
They were told the bank might be kept open if the directors would raise Garrison, who is Chairman of the Board of the Federal
$35,000 to cover the shrinkage in market value of securities held by the Trust Co.,
has been appointed to the same position in the
bank, Mr. Higgins said. During the last few months the officers have
poured thousands of dollars into the bank in an effort to save it, and Kearny National Bank; Christian W. Feigenspan, President
found it impossible to meet the demand for $35,000 additional, he said. of the Federal Trust Co., has been made President; H. F.
•
• •
Neuschaefer, former President of the acquired bank, has
Mr. Higgins has been President of the institution since it was founded.
Dr. Frank F. Moore is First Vice-President; John J. Heck, Mayor of Wood- been appointed Vice-President, and Arthur E. Hafstrom
lynne, Second Vice-President, and Roger B. Stone, Cashier.
has been made Cashier. The paper mentioned furthermore
said:
The Linden National Bank & Trust Co., Linden, N. J.,
which was closed on April 4 by Luther K. Roberts, Federal
Bank Examiner, was re-opened for business on April 16,
under the name of the Linden National Bank, according
to the Newark "News." Only five of the 10,000 depositors
of the institution, it is said, appeared to draw out their
money when the bank opened its doors. The institution
reopened as a result of the action of a group of Elizabeth,
N. J., and Linden bankers pooling enough funds to pay each
depositor 100 cents on the dollar. Clark K. Whittemore,
President of the Union County Trust Co. of Elizabeth,
and the new bank, where he succeeds Frank G. Newell,
issued the following statement:
I am very gratified at the confidence that the people of Linden have
shown in the bank by refraining from an undue withdrawal of deposits.
There is no question but that the new bank will be entirely successful.
The reorganization of the bank has imposed no undue burden on the banks
which put up the money so that it might reopen.
The paper mentioned likewise said:
Mr. Whittemore and the Board of Directors of the bank worked until
after midnight completing arrangements for the reopening. The amount
of business, officials said, was little greater than normal.
The State Bank of Linden is still in the hands of Banking Commissioner
Frank H. Smith, but there were reports that tne same group of bankers
which reopened the National Bank & Trust Co. might be persuaded to
lend aid to the State Bank. Reopening of the National Bank has increased
the possibility of reopening the State Bank, it is believed, because part of
its assets was stock in the National Bank.
The Kearny National began business in 1910 with a capital of $25,000
and a surplus of $2,000. Subsequent increases of capital were made by
the sale of $50,000 stock and in February 1924 by the declaration of a
stock dividend of 100% and by the sale of 500 shares at $125 a share.
The capital was increased to $200,000 by a 33 1-3% stock dividend. Dividends have been paid at the rate of 12%%.
As of April 9, the McDowell County National Bank at
Welch, West Va., capitalized at $250,000, went into voluntary
liquidation. The institution has been succeeded by the
McDowell County National Bank in Welch.
The Second National Bank of Altoona, Pa., failed to open
its doors April 10, and the directors turned over its assets
and accounts to the Comptroller of the Currency. The
Institution was the third bank to close in Altoona in the
past two months. Associated Press advices from Altoona
reporting the closing went on to say:
A notice posted on the door said:
"Due to loss of public confidence this bank has had heavy withdrawals,
and it is believed that the best interests of the creditors and stockholders
,
can be served by suspending business."
George A. Klesius was named acting President of the institution two weeks
ago, succeeding V. A. Oswald. Representative J. Banks Kurtz is a director.
The last financial statement, issued Mar. 25, listed resources as $3,852,986.
The bank reported demand deposits of $934,618 and time deposits of
$1,290,999. United States deposits were $8,901.
On April 9, the Central National Bank of York, Pa.,
Reference was made to the closing of the Linden National
Bank & Trust Co. and its affiliated institution, the State changed its name to the Central National Bank & Trust Co.
Bank of Linden, in our issue of April 11, page 2706.
The Security Title & Trust Co. of Philadelphia was taken
over by the Pennsylvania State Department of Banking on
Leopold Jay, President of the Hawthorne Avenue Trust
institution, which maintained two branches,
Co. of Newark, N. J., died on April 15 at the Both Israel April 16. The
one at 63rd Street and Lansdowne Ave., and the other at
Hospital, Newark, at the age of 67. Following his graduaof March 25 reported capital of
tion from the Newark public schools, Mr. Jay obtained em- 3163 Frankford Ave., as
$661,450 and deposits of $600,000. Yesterday's Philadelployment in a leather firm. A few years later he started a
phia"Ledger,"from which the above information is obtained,
clothing business. At the time of his death, in addition to printed the following statement issued by Dr. William D.
his banking activities, Mr. Jay was interested in a number Gordon, State Secretary of Banking, when ordering the closof Newark business firms, including the real estate and insur- ing of the institution:
Secretary of Banking. I learned that the
position
"Upon
ance company of Jay & Jay of which he was President, and Security assuming the Co. for a of
considerable period of time had been unable
Title & Trust
the Metropolitan Realty Co., of which he was also head. to maintain the proper reserve as required by the laws of the Commonwealth.
"Thereupon, I officially notified the officers and directors of this in.
Mr. Jay made his home in South Orange, N. J.
Arthur C. Haight, who ha- s been acting Cashier of the
People's National Bank of Montclair, N. J., since the resignation of Thomas B. King in January last, has definitely
been appointed to the office, according to an announcement
by the directors on April 10. The Newark "News" of April
11 in reporting Mr. Haight's appointment, said:
stitution to restore the cash reserve to the legal requirements.
"The officers and directors assured me that they would do all in their
Power to meet this request, and after several conferences, I informed them
that unless the reserve was within tbe legal limits by to-day (April 16). I. as
Secretary of Banking, would be obliged to close the doors of the institution.
"Up to the last moment it was believed by the officers and directors that
they would be able to obtain the necessary cash from a pending suit. Yesterday, however, the amount offered in settlement of the suit was, in the
opinion of the officers and directors, far below what eventually should be
realized.
APRIL 18 1931.]
FINANCIAL CHRONICLE
"Furthermore,the proceeds which would find their way into the possession
Of the bank, due to prior claims, would be considerably below the amount
necessary to restore the cash reserve.
"Since the existing seepage of deposits in one of the branches of the institution was leading to a preference to depositors withdrawing their funds,
I deemed it necessary, in the interests of all depositors, to close the doors
Of this institution.
"This action on the part of the Secretary of Banking should be construed
by the public as a constructive step in the program of the present Administration to protect to the limit the interests of the depositors and to strengthen
the general banking situation of the city and State.
"The Security Title & Trust Co. is not affiliated with any other banking
institution of the City of Philadelphia, and the public may feel assured that
our department will do everything to conserve and realize upon the assets
of this institution in the interests of the depositors."
The "Ledger" went on to say that the suit referred to by
Dr. Gordon involves an interest of the bank in a building program of several years ago under which a completion insurance contract was entered into with a liability company. It
was reported in banking circles on April 16 that the sum involved in the suit is $400,000.
The closed bank was organized in 1925 and in May 1929
the 63rd Street Title & Trust Co. was merged with it.
Officers of the institution, as named in the paper mentioned,
are as follows: Albert L. Ivers, President; Patrick J. Gallagher, Vice-President; George C. Cohn, Vice-President,
Title and Trust Officer; Allen W. Kerst, Treasurer; Charles
S. Dugan, Secretary and T. Harvey Jackson, Assistant
Secretary and Assistant Treasurer.
On April the name of the Farmers' National Bank of
Ashtabula, Ohio, was changed to the Farmers' National
Bank & Trust Co. of Ashtabula.
On April 3 a charter was issued by the Comptroller of
the Currency for the Delaware County National Bank at
Delaware, Ohio, with capital of $100,000. C. G. Lewis is
President of the new bank and T. L. Patten, Cashier.
2905
The Citizens National Bank of Pawhuska, Okla., was
placed in voluntary liquidation on Mar. 24 1931. The institution, which was capitalized at $160,000, was succeeded by
the Citizens-First National Bank of Pawhuska.
-4---
A charter was issued by the Comptroller of the Currency
on April 11 for the Rifle National Bank, Rifle, Colo., with
capital of $25,000. C. R. McCarthy is President of the
new bank, and T. H. Hill, Cashier.
The First National Bank an- d the Central National Bank,
both of Carthage, Mo., were merged on April 6, forming a
new institution with resources in excess of $1,350,000. The
consolidated bank, which for the present is operating under
the charter of the Central National Bank, occupies the First
National Bank Building. It is the largest banking institution
in Carthage and the third largest in Jasper County. H. M.
Boggess is President.
Two Johnson City, Tenn., banks, the Unaka & City
National Bank and the Tennessee National Bank will merge
shortly forming a new organization with capital of $400,000,
surplus of $100,000 and total resources in excess of $6,000,000. As of March 25, the date of its last statement of condition, the Unaka & City National Bank showed combined
capital, surplus and undivided profits of $576,013, total
deposits of $2,632,935, and total resources of $3,685,787;
while the Tennessee National Bank on the same date reported
combined capital, surplus and undivided profits of $255,218,
total deposits of $1,664,872, and total resources of $2,397,754. Officers of the consolidated bank will be as follows:
A. B. Crouch, Chairman of the Board; L. H. Shumate,
President; H. C. Black, Vice-President and L. R. Driver
Cashier.
The Coggin National Bank of Brownwood, Tex., with
As of Mar. 31 last, the First National Bank of Frankfort, capital of $100,000, went into voluntary liquidation on
Ind., went into voluntary liquidation. The institution, which Mar. 17 last. It was taken over by the Citizens' National
was capitalized at $200,000, has been succeeded by the First Bank of Brownwood.
State Bank of Frankfort.
The First National Bank of Wills Point, Tex., and the
Effective Mar. 31, the First National Bank & Trust Co. Van Zandt County National Bank of Wills Point, both
of Paris, Ill., capitalized at $150,000, was placed in volun- capitalized at $50,000, were merged on April 7. The new
tary liquidation. The institution was absorbed by two institution, which continues the name of the First National
other Paris banks, the Edgar County National Bank and the Bank of Wills Point, is capitalized at $50,000.
Citizens' National Bank.
Stockholders of the Merchant- s' & Farmers' Bank of MeriA consolidation of the First National Bank of Flora, dian, Miss., have approved a proposed increase in the bank's
Ill., and the Flora National Bank of that place, became capital from $100,000 to $150,000 and in the surplus account
effective March 30 under the title of the former. No changes from $56,000 to $86,000, according to a dispatch from that
have been made in the officers or the directors of the enlarged city on April 9, printed in the New Orleans "Times-Picayune"
First National Bank, with the exception that Charles C. of the next day, which furthermore said:
Snyder has become Assistant Cashier. Mr. Snyder was
formerly Assistant Cashier of the Flora National Bank.
The First National Bank was founded 59 years ago and is
headed by H. F. Pixley.
Officials of the bank state that deposits have increased to such an extent
since Jan. 1 that "it became necessary under the laws of Mississippi that
the capital stock of the bank be increased."
The bank's officers were given in the dispatch as follows:
J. H. Currie, President; B. J. Carter, Jr., Vice-President;
C. H. King, Cashier, and C. R. Lewis, Assistant Cashier.
The First National Bank of Chillicothe, Ohio, with capital
of $200,000, and the Valley Savings Bank & Trust Co. of the
Directors and stockholders of the Canal Bank & Trust
same place, capitalized at $150,000, were consolidated on
Co. of New Orleans at meetings held April 9 approved the
April 11, under the title of the former, with capital of $300,program of recapitalization of the institution announced
000. The approaching union of these banks was noted in
March 5, according to the New Orleans "Times-Picayune"
our issue of March 21, page 2129.
The Continental Illinois Co. of Chicago (an affiliate of
the Continental Illinois Bank & Trust Co.) on April 15
designated R. 0. Dunhill, Vice-President, as head of its
sales activities. Mr. Dunhill returns to Chicago from New
York, where for the past two years he has been a resident
Vice-President in the company's New York office. W. R.
Bennett, Sales Manager in the out-of-town division of the
company's Chicago office, has been assigned to the New
York office to assist J. H. Stewart, resident Vice-President.
of April 10. Under the program the combined capital,
surplus and undivided profits of the bank will aggregate
$9,175,000. The program also included, it was stated,
the retention of A. D. Geoghegan, President of the Wesson
Oil & Snowdrift Co., as Chairman of the Board of Directors;
the election of Oliver G. Lucas and George Champion,
former officers of the Chase National Bank of the City of
New York, as President and Vice-President, respectively,
and the election of Clarkson Potter, a partner of Hayden,
Stone & Co. of New York, and E. Carleton Granbery, a
partner of Harris, Forbes & Co. of New York, as members
of the Board of Directors.
J. Louis Kohn has been appointed President of the Community State Bank of Chicago, according to the Chicago
A consolidation of the Bank of Lafayette & Trust Co. of
"Journal of Commerce" of April 13. Mr. Kohn was formerly Lafayette, La., with the Commercial National Bank of
Vice-President of the Mid-City Trust & Savings Bank of Lafayette, was consummated on March 27. The new organization, which is known as the Commercial Bank of Lafayette
Chicago, it was stated.
& Trust Co., has combined capital, surplus and undivided
Effective Jan. 13 1931, the Home National Bank of Dell profits of approximately $325,000 together with special funds
Rapids, S. D., with capital of $50,000, was placed in volun- for contingencies amounting to $525,000, and total deposits
tary liquidation. The institution was taken over by the of approximately $2,750,000. T. L. Evans, former President of the Commercial National Bank, heads the new inNew First National Bank in Dell Rapids.
stitution, while J. C. Barry,former President of the Bank of
2906
FINANCIAL CHRONICLE
[voL. 132.
Lafayette & Trust Co., is Active Vice-President. L. L. tric Power & Light 1% points and Standard Gas & Electric
Judice, heretofore Active Vice-President of the Bank of 33-i points. Auburn Auto surged upward to a new peak
2
Lafayette & Trust Co.,is Chairman of the Board of Directors. as it closed at 2923/, with a gain of 14 points. Other active
stocks closing on the side of the advance were Allied Chemical
The Bank of Commerce of Oregon City, Oregon, failed to & Dye 4% points, J. I. Case Threshing Machine 53/i points,
4
open its doors on April 10, A. A. Schramm, the State Bank Industrial Rayon 23,. points, Keith-Albee-Orpheum 73
%
Superintendent, having taken possession of its affairs the points, Radio Corporation 25 points, and Worthington
previous night, according to advices from Oregon City on Pump 33% points.
The sharp break in some of the special issues brought conApril 10 to the Portland "Oregonian." A notice posted on
siderable unsettlement to the late trading on Tuesday. The
the doors of the institution signed by the directors said:
During the past days, due to damaging rumors, heavy cash withdrawals initial flurry of strength carried some of the leaders to higher
have been made, threatening our cash position. We believe the savings levels, but they were unable to withstand the renewed selling
depositors are protected. We are taking this action so that no depositor
pressure which turned the market into a decidedly reactionary
may be benefited at the disadvantage of another.
The bank's deposits, the dispatch went on to say, aggre- affair. The weakness of the amusement shares was quite
gated $952,000 and its resources were listed at $1,230,000. pronounced, Fox Film "A," for instance, sliding down to a
The oficers are: John R. Humphreys, President; George new low level for the year, followed by Paramount-Publix,
Sullivan, Vice-President, and 0. G. Jones, Vice-President and Loews, Inc., which were substantially lower. General
Electric sagged under persistent selling pressure and prices
and Cashier.
slipped quickly downward. Westinghouse yielded to a new
As of Mar. 30 1931, the location of the Arcadia National low level following the rumors that another downward reBank at Arcadia, Los Angeles County, Calif., was changed vision was to be made in the dividend rate. Other stocks
to San Marino in the same county, and its title to the San prominent in the recessions were such active speculative
favorites as Air Reduction 43% points, Allied Chemical &
Marino National Bank.
Dye 33% points, Auburn Auto 534 points,J. I. Case Threshing
The annual report of the Banco di Roma (head office Machine 4 points, Eastman Kodak 2 points, and WorthingRome, Italy) for the year ended Dec. 31 1930, presented to ton Pump 2 points. Weakness was again the outstanding
the shareholders at their annual meeting in Rome on Mar. characteristic of the stoek market on Wednesday. Industrial
28, makes a satisfactory showing. Notwithstanding the stocks and railroad shares were the main sufferers, but reworld economic crisis, the institution was able to increase its cessions were also apparent in all parts of the list, as the
assets and to show profits practically equal to those of the persistent dribble of selling forced many stocks to new low
previous year. Cash on hand and cash items as of Dec. 31 levels. United States Steel again sank to a new bottom for
1930 amounted to lire 448,000,000 over twice the amount the current movement and stocks like General Electric,
of the bank's capital—clearly showing the liquid position Westinghouse, Allied Chemical & Dye, and New York
of the institution. Security investments amounted to Central were generally without support. Pronounced
lire 225,404,144.96, of which a large part represents holdings weakness was also apparent in such stocks as Bethlehem
in the Societa' Idroelettrica dell' Isarco, which owns one of Steel, National Steel, Ludlum Steel, Vanadium and Crucible.
the largest if not the largest hydro-electric plant in Europe, Railroad stocks were again off and there were numerous weak
equipped with machinery for a capacity of 270,000 h.p. spots among such speculative favorites as Auburn Auto,
and an annual production of 550,000,000 k.w.h. During A. M. Byers, Consolidated Gas, J. I. Case Threshing
the year the institution increased its holdings in the Banco Machine, American Can, General American Tank and
Italo Egiziano, an important Italian banking enterprise in Worthington Pump.
Egypt, which has attained a position of importance.
The market developed considerable irregularity during the
early transactions on Thursday and gradually drifted downward. Toward the end of the session the tone showed some
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
improvement, but the rally was not sufficiently extended to
The stock market suffered another bad break the present make much difference in the final quotations, as the early
week. Industrial shares have borne the brunt of the re- decline had carried many of the active issues to the lowest
cessions, United States Steel common receding to its lowest bottoms of the present movement. United States Steel
level since 1927. Many prominent speculative favorites have again broke to a new low level for the current decline and a
been under pressure. The weekly statement of the Federal number of large blocks were taken at the day's minimum.
Reserve Bank issued after the close of business on Thursday The movement of this stock was typical of the rest of the
showed an increase of $27,000,000 in brokers' loans in this market during most of the session. Amusement shares were
district. Call money renewed at 13/2% on Monday, con- slightly higher being stimulated to some extent by the an'
tinued at that rate until Thursday afternoon, when it ad- nouncement that the $4 dividend rate on Fox Film would be
vanced to 2%. On Friday the renewal rate again dropped maintained. Weakness was most pronounced in such active
.
speculative favorites as American Can, National Biscuit,
to 134%.
Union Pacific, Eastman Kodak, American Water Works,
The market was somewhat firmer during the abbreviated Auburn Auto, Columbian Carbon and International Silver.
session on Saturday, though there were many weak spots Weakness and irregularity were the chief characteristics of
throughout the general list. Johns-Manville, for instance, the market on Friday. Many of the leading speculative
range, while
was freely sold in consequence of the poor showing made favorites moved around within a narrowSome special others
issues
drifted downward to new low levels.
in the first quarter report of the company. Copper shares were down from 3 to 7 or more points, and while there was a
were slightly higher due in a measure to the reduction of brief rally in the late trading, there was little change in the
surplus stocks on hand at the end of March. Auburn Auto closing quotations. Auburn Auto had a severe sinking spell
continued in the forefront and soared upward 12 points and and slipped down about 35 points to 236 and J. I. Case
touched a new high level for the year before its rise was Threshing Machine dipped nearly 6 points. Other notesuch stocks as Coca Cola,4 points;
checked. Railroad shares were irregular, Southern Railway worthy declines included 23 points; International Tel. &
Standard Gas & Electric,
being particularly heavy and Missouri Pacific pref. dipped Tel., 33% points; Liquid Carbon, 33 points, and du Pont,
to a new low for the year. The principal changes on the 4 points. The final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
side of the advance were Auburn Auto 434 points, WorthingDAILY. WEEKLY AND YEARLY.
ton Pump 13% points, Union Pacific 2 points, Superior Steel
2 points,Interborough Rapid Transit 13% points, Columbia
3
United
State.
Total
Railroad.
%
Stocks.
Stales
Municipal Sc
Bond
rte.,
%
Week Ended
Carbon 1 point, Brooklyn Manhattan Transit 15 points, April 17 1931. Number of Bonds. for'n Bonds. Bonds.
Sales.
Shares.
and International Cement 2 points. As the day progressed,
$30,000 $5,421,000
615,740 $3,735,000 $1,656,000
Saturday
2,825,000
132,000 8,152,000
5.323.000
selling increased and prices slipped down from their best. Monday
1.629.795
2,193,000
6,151,000
413.500 8,757,500
1,938,110
of the specialties, particularly Vanadium Tuesday
On Monday,some
2,762,000
8,884,000
130,000 9,558,000
2,046,280
Wednesday
2,866,000
438,000 8.472,000
5,388,000
2,331,485
Corporation, were under pressure and dipped to lower levels. Thursday
2,069,000
5,799,000
329,000 8,197,000
Friday
2,544,872
— —-Tobacco shares were the most active of the day, due to the
Tntal
11 105.252 233.112.000 813.971,000 $1,472,500 $48.555.son
advances of both classes of American Tobacco issues and the
Jan. 1 to April 17.
Week Ended Aril 17.
Sales at
recent increase in the prices of cigarettes. Amer.Tobacco adNew York Stock
1930.
1931.
1930.
4
1931.
vanced 23 points to 12634 and American Tobacco B stock
Ezchanoe.
3% points to 65. Public utilities displayed moderate im- Stocks—No. of shares. 11,106,262 18,827.460
198,308,269
296,016.300
Bonds.
provement, the gains embracing such stocks as American & Government bonds.-- 21,472,500 $1,738,800 $55,431,050 $37,816,000
12,272,500
Foreign Power 1% points, American Power & Light 334 State & foreign bonds. 13,971,000 42,443,000 215,637,500 219,182,500
536,462,000
112,000
:_
668,218,600
4
points, American Water Works 33 points, Brooklyn Union Railroad dc misc. bonds _13
$817.550,550
848,555.5001 $56,452,100
Total bonds
$924,997,100
Co. 234 points, Elec/
Gas Co. 153 points, Consolidated Gas
APRIL 18 1931.]
FINANCIAL CHRONICLE
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. BondSales. Shares. BondSales, Shares, BondSales.
WNI,ZNI...
I
'.4.05004
,
14141200101."
,
010=CA...N
00,4000..
Week Ended
April 17 1931.
126,350
$15,000
17,000
4,000
17,000
15,500
13,000
881,500
a15,395
a26,180
a36,302
a46,390
a42,144
10,850
177,261
542,500
35.000
51,000
72.500
72,500
5273,500
1,390
3,133
2,112
1,186
2,924
2,143
$17,000
24,400
5,900
2,000
33,000
11,000
12,888
593,300
Prey. week revised 166.927
339.000 206.500 5239.500
9.741
859 900
a In addition, sales of rights were: Saturday, 800; Monday, 3,100; Tuesday,
1.600; Wednesday, 400; Thursday, 400:. Sales of warrants were:
Saturday.
100; Monday, 400; Tuesday, 300; Wednesday, 100; Thursday, 100.
THE CURB EXCHANGE.
Continued weakness in Curb securities was the outstanding feature in this week's trading and while no heavy losses
developed declines of a fraction to a point or two were
general throughout the list. Utilities showed few changes
of importance. Amer. & Foreign Power warrants weakened
from 253 to 21 and closed to-day at 213/8. Amer. Gas &
/
Elec common declined from 76 to 693/i and sold finally at
69%. Amer. Light & Traction common dropped from 503/
to 47. Electric Bond & Share common lost over 53' points
to 44% and closed to-day at 44%. Northern States Power
common on few transactions sold down from 142 to 1373/2•
Losses in the miscellaneous and industrial list were all
within a narrow range. Aluminum Co. cony, sold down
from 172 to 157 and at 1573 finally. Cord Corp. dropped
from 143/i to 103 . Deere lost 2 points to 28 but recovered
4
finally to 283/8. Driver-Harris Co. common on a few transactions fell from 313 to 273. Mead,Johnson & Co. moved
4
down from 104 to 983. Northwestern Yeast was conspicuous for an advance from 120 to 150, though it reacted
to 140 and closed to-day at 142. Safety Car Heat. & Lighting was down 4 points to 76. Little of interest appeared in
the oil list. Standard Oil (Ohio) common on few transactions
weakened from 5534 to 5234. Vacuum Oil fell from 5534
to 50. Gulf Oil declined from 6234 to 5872.
A complete record of Curb Exchange transactions for the
week will be found on page 2937.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Ayr. 17 1931.
Stocks
(Number of
Shares.)
Bonds (Par Value).
Rights.
Foreign
Domestic. Government.
2907
Imports.
Egypt
West Africa
76,929
Brazil
1,745.559
Union of South Africa (including South-West
Africa Territory)
3,422,639
Rhodesia
94,302
British India
190,405
Straits Settlements
127.382
Australia
76.999
Rumania
679.430
Other countries
13.973
Exports.
30.080
£6,438,969
£5,936.975
2,000
81.830
27,783
SILVER.
Although there was a setback at the beginning of the week a still firmer
endency ensued, and prices rose sharply, the highest quotations reached
during the week being 14/d. for cash and 14 7-168. for two months' on
the 16th inst. The rise was in sympathy with the movements in the
Shanghai exchange, which hardened considerably although subject to sharp
fluctuations, owing to speculative activity. Support has come from
India and China, but the rapid upward movement was due more to absence
of selling rather than pressure of buying orders. America has been inclined to buy, but the higher level attracted selling from China and the
market eased slightly in consequence.
In view of the rapidity of the present rise, the possibility of some reaction
must be considered, although the undertone remains good.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 9th inst. to mid-day on the 16th inst..
Imports.
Exports.
United States of America... _£31.444 British India
£53,150
Mexico
49,625 Other countries
21.964
Australia
8,245
Other countries
3,822
£75.114
£93,136
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Mar. 7. Feb. 28. Feb. 22.
Notes in circulation
15854
15653
15830
Silver coin and bullion in India
12267
12216
12149
Silver coin and bullion out of India
Gold coin and bullion in India
ii§e
2377
2376
Gold coin and bullion out of India
Securities (Indian Government)
l000
1038
ilieil
Securities (British Government)
Bills of exchange
200
---The stocks in Shanghai on the 14th Inst. consisted of about 89,400.000
ounces in syceo, 150,000.000 dollars and 960 silver bars, as compared with
about 89,400.000 ounces in sycee. 150,000,000 dollars and 980 silver bars
on the 7th inst. Quotations during the week:
-Bar Silver per Oz. Std.Bar Gold per
Cash.
2 Mos.
Oz. Ftne.
March 12
13 11-168.
13/d.
84s. 1134d.
March 13
13/d.
13 11-168. 84s. id.
March 14
14 1-16d.
14d.
84s. 11 d.
March 16
1434d.
14 7-16d.
84s. 10 d.
March 17
14 Sid.
143-16d.
84s. 10 Sid.
March 18
143-168.
14/d.
84s. 10d.
Average
14.073d.
14.0108.
84s.10.92d.
The silver quotations to-day for cash and two months' delivery are
each iid, above those fixed a week ago.
-566
ENGLISH FINANCIAL MARKET-PER CABLE.
(See page 2918.)
Total
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country indicate that for the week ended to-day (SatTotal
2.466.100
233,400 520,273.000
$709,000 $20.982,000 urday,
April 18), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
THE ENGLISH GOLD AND SILVER MARKETS.
returns will be 13.8% below those for the corresponding week
We reprint the following from the weekly circular of last year. Our preliminary total stands at 89,155,282,779
Samuel Montagu & Co. of London, written under date of against $10,617,226,608 for the same week in 1929. At this
Mar. 18 1931:
centre there is a loss for the five days ended Friday of 20.4%.
GOLD.
-he Bank of England gold reserve against notes amounted to £140,- Our comparative summary for the week follows:
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
179,200
494,000
478,300
373.600
432,600
508,400
14,700 $2,018,000
90.100 4,043,000
106,700 3,437,000
3.800 3,194.000
6,800 3,957.000
11,300 3.624.000
$76.000 $2,094,000
79,000 4,122,000
49,000 3.486,000
137.000 3,331.000
98.000 4,055.000
270,000 3,894,000
927an the 11th inst. (as compared with £140.925,901 on the previous
Clearings-Returns by Telegraph.
Per
WednesdaY), and represents a decrease of £6,697.901 since Dec. 31 1930.
1931.
Week Ended April 18.
1930.
Cent.
The shipment of bar gold which arrived from South Africa this week
amounted to £867,000, of which £617,000 was available in the open market New York
$5.015,468,456 86,300.000,000 -20.4
yesterday. £250,000 having been sold forward.
398,337,313
Chicago
513,355.848 -20.8
*328,000.000
Both the French and Belgian exchanges having moved in favor of sterling, Philadelphia
358,000,000
-8.4
374.000,000
398,000.000
-6.0
there was little competition and the price was fixed at 84s. 10 lid, per Boston
79,344,651
Kansas City
117,960,023 -32.7
fine ounce. A welcome feature was that the Bank of England was able St. Louis
88.700,000
115,200,000 -23.0
to secure about £583,000 at this figure, the last time the Bank obtained San Francisco
139.365.000
164,308,000 -15.2
Los Angeles
No longer will re port Clearings.
part of the open market supplies was on March 25 1930. when, however
119,836,973
123,220,852
-2.8
only the statutory buying price was paid; the last occasion on which the Pittsburgh
118,676,034
Detroit
167,196,101 -29.0
Bank of England bought gold in the open market at a higher figure was Cleveland
103,011,908
124,748.858 -17.4
on Jan. 7 1930. when the price was fixed at 84s. Ild, per fine ounce.
67,507,428
Baltimore
66,293,379
+1.8
40,186,284
40.327,117
-0.4
The balance of £34,000 available yesterday was disposed of to India New Orleans
Continental trade, whilst the £250,000 which had been
and the Home and
$6,872,434,041 88.656.639.178 -20.6
Twelve cities. 5 days
sold forward was consigned to Belgium.
Other cities, 5 days
756,968,275
861,302,900 -12.1
Movements of gold at the Bank of England during the week have resulted
Total all cities, 5 days
$7,629,402,316 59.517,942,078 -19.8
in a not influx of £1,022,266. Receipts consisted of £583,100 bar gold,
All cities, 1 day
1,525,880,463
1,099,284,530 +38.8
£250,000 in sovereigns from South Africa and £250,000 in sovereigns
Tntal ell nitlact fnr oz.*
"released." Withdrawals totaled £60,834, of which £40,000 was in
39.135.232.779 810.617.228.808 -13.8
sovereigns taken for export and £20,834 in sovereigns "set aside."
Complete and exact details for the week covered by the
The following were the United Kingdom impo, s and exports of gold
registered from mid-day on the 9th inst. to mid-day on the 16th inst.:
foregoing will appear in our issue of next week. We cannot
Imports.
Exports.
furnish them to-day, inasmuch as the week ends to-day
British South Africa
£863,378 Belgium
£947,000
Straits Settlements and
France
23,575 (Saturday) and the Saturday figures will not be available
Dependencies
94,645 Spain
46.000
Australia
64.225 Other countires
16,771 until noon to-day. Accordingly, in the above the last day
6.295
Netherlands
countries
of the week had to be in all cases estimated.
1,025
Other
£1,029.568
£1,033,346
United Kingdom imports and exports of gold for the month of February
last are detailed below:
Imports.
Exports.
Germany
£25
£.364,175
Belgium
1,602.075
France
11.326
3,746.646
Switzerland
31.476
Spain
Austria
25.00025,910
In the elaborate detailed statement, however,which we
present further below, we are able to give final and complete
results for the week previous-the week ended April 11.
For that week there is a decrease of 23.7%, the aggregate
of clearings for the whole country being $8,691,684,050,
against $11,399,225,344 in the same week of 1930. Outside
of this city there is a decrease of 22.8%, the bank clearings
[VOL. 132.
FINANCIAL CHRONICLE
2908
at this centre recording a loss of 24.2%. We group the cities
now according to the Federal Reserve Districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show a
contraction of 23.9%, in the Boston Reserve District of
8.4% and in the Philadelphia Reserve District of 24.6%.
The Cleveland Reserve District shows a loss of 20.2%, the
Richmond Reserve District of 20.5% and the Atlanta Reserve District of 20.7%. In the Chicago Reserve District
the totals are smaller by 32.1%, in the St. Louis Reserve
District by 28.7% and in the Minneapolis Reserve District
by 11.6%. In the Kansas City Reserve District the decrease
is 31.1%, in the Dallas Reserve District 15.3% and in the
San Francisco Reserve District 26.3%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1780.07
Dec.
1930.
1931.
Week Ended April 11 1931
$
530,789,073
7,817,851,146
534,901,126
405,450,280
180,588,354
161,211,343
864,500.204
193,768,353
111,740,212
191,604,438
59,522,635
357,298,180
1928.
1929.
$
$
%
608,982,694
504,459,875
-8.4
-23.9 7,995,120,044 7,528,240.038
659.243.869
-24.6
611.407.856
187,883,335
183,147,891
-20.2
193,218,418
182,276.158
--20.5
193,396,619
181,790.295
-20.7
-32.1 1,017,622.076 1,062,048,599
226,175,922
213,445,973
-28.7
132,972,285
123,209,170
-11.6
353,732,187
206,869,188
-31.1
76,724,944
71,133,638
-15.3
411,130,596
376,530,954
-26.3
Federal Reserve Dist.
1st Boston_ _.._12 cities
2nd New York_12 "
3rd Phlladelphlal0 "
4th Cleveland._ 8 "
5th Richmond.. 6 "
6th Atlanta____11 "
7th Chicago_ _ _20 "
8th St. Lou1s-- 8 "
9th Minneapolis 7 "
10th KansasCity 10 "
5 "
11th Dallas
12th San Fran 15 "
$
486,368,766
5,948,514,967
396,006,519
319,587,576
143,559,916
127,882.899
587,163,591
138.001,031
98,777,129
132,100,935
50,448,465
263,292,258
124 cities
Total
Outside N. 1'. City
8,691,684,050 11,399,225,344 -23.7 11,440,180,232 11,735,317.115
2,892,698,898 3,747,402,749 -22.8 3,116,814,087 4,367,678,089
00 .....•1......
nne enn um
nen
nen
ALP"
nn
n
IC4 'en
if,
`,..111
e cen
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended April 11.
ClearinOs at
1931.
1930.
The. or
Dec.
1929.
$
1928.
$
$
$
%
First Federal Reserve Diet rict-Boston648,760 +2.1
662.162
Maine-Bangor__
-48.0
5,707,686
2,967.311
Portland
443,311,059 470.569,040 -5.8
-Boston
Mass.
1,244,350 -14.6
1,062,585
Fall River
961,645 -51.0
471,561
Lowell
1,080,588 -14.1
928,665
New Bedford
5,311,155 -12.8
4,664.076
Springfield_
3,552,812 -20.8
2,812,148
Worcester
17,928,877 -30.0
12,432,040
-Hartford_
Conn.
8.802.690 -24.5
6.646,816
New Haven.... _
14.066,300 -22.6
10,898,200
31.1.-ProvIdence
915,175 -46.0
512,143
N.H.-Manch66rr
769,021
3.723,909
439,000,000
1.331,194
1,301,404
1,367,370
5,623.684
3.529.328
22,079.153
8,516,005
16,363,500
855,407
686,431
3,461,393
543.000,000
2,648.160
1,303,957
1,331,865
5.859.122
3,737.281
20.237,520
8,861,625
17,024,900
830.440
-8.4
504,459,875
608,982,694
Total(12 cities)
486,368,768
530,789,073
-New
Second Feder al Reserve D !strict
6,621,589
5.598,341
-AlbanyN. Y.
1,530,137
1,007,904
Binghamton....
54,507,165
52,721,388
Buffalo
845,384
1.351.236
Elmira
1,317,602
926,380
Jamestown_
New York.. _ z - 5,798,985,152 7,651,822,595
11,301.737
9,633,821
Rochester
5,714,236
4.387,907
Syracuse
3,699,399
3.262,334
-Stamford
Conn.
742.064
895,760
-Montclair
N. J.
36,358,391
29,626,948
Newark
43,387,847
40,117.796
Northern N. J-
Week Ended April 11.
Clearings of
1931.
Total (12 cities) 5,948,514,9877,817,851,146 -23.9 7,995,120,044 7,528,240,038
Third Federal Reserve Dist rict-PhIlad elphla1.575,610
1,468,559 -44.3
817,297
-Altoona......,
Pa.
4,619,535
4,961,115 -22.7
4.383,331
Bethlehem.-1,096.657
1,255,907 -15.5
1.060.979
Chester
2,265,419
2,342,277 +58.2
3,703,473
Lancaster
Philadelphia.-- 369,000,000 496,000,000 -25.6 581,000,000
4,252,757
4,190,072 -16.0
3.520,065
Reading
6,021,304
5,077,808 -8.6
4,642,085
Scranton
3,706.914
3,227,701
3,381,367 -4.6
Wilkes-Barre.2,575.123
2,254,021 -1.6
2,217,588
York
4,294,537
3,970,000 -13.5
3,434.000
-Trenton....
N.J.
1,627,974
5,238.154
1,289.966
2,743,424
820,000.000
5,210,716
7.553.728
5,889,972
2,306,027
7,323,108
306,006.519
524,901,120 -24.6
611,407,856
5,246,000
5,661,476
76,325,114
152,629,953
20,426,500
1,879,571
5,407,196
183,147,891
7,342,000
6,446,097
711938,778
137,651,350
20,620,300
1.681,536
6,180,851
187.883,335
405,450.280 -21.2
450,723,701
445,044,250
Fifth Federal Reserve Dist rict-Richm ond1,208,518 -44.8
679,398
W.Va.-Hunt'g'n
4,282,532 -23.3
3,280,162
Va.-Norfolk
44,722,000 -27.3
32,515,722
Richmond _ __ _
1,839,527 +0.9
2,020,547
-Charleston
S.C.
98,975,837 -20.8
78,345,698
Md.-Baltin)ore_
29.559,950 -6.2
26,712,389
D.C.-Washing'n
1,150,953
4,702,854
42,324,000
2,130,839
101,188,775
30,780.733
1,273,950
5,272,460
43,223,000
2,458,000
111,308,809
29.684.199
Total (8011169)..
319,567,576
180,588,354 -20.5
182,276,158
193,218,418
Sixth Federal Reserve Dist riot-Atlant a
.3,000,000 +33.3
.2,000,000
-Knoxville
Tenn.
22,939,863 -40.1
13,742,317
Nashville
43,187,842 -18.6
35,173,616
-Atlanta
Oa.
1,833.479 -23.8
1,398,667
Augusta
1,525,621 -53.1
715,259
Macon
16,757,854 -11.6
14,837,482
Fla-Jacksonville
22,236,914 -32.0
15,122,274
Ala.-Birmlng'm.
1,762,913 -17.1
1,460,008
Mobile
1,974,842 -33.2
1,319,000
Miss.
-Jackson
198,362 -26.0
146,732
Vicksburg
45,793,653 -8.4
-New Orleans
41,969,544
La.
3,241,142
24,915,247
58,105,694
1,908,334
1,852,063
18,330,569
22,109.379
1,426,909
2,089.753
384,269
47,453,936
*3,500,000
27,044,330
52,846,322
2.083,373
2,410,686
19,958,019
21,020,085
1,468,002
2,008,000
524,499
80,533,303
127,882,8991 161,211,343 -20.7
181,790,295
193,396.619
__
Total (6 cities)..
Total (11 cities)
us
143,559,916
1928.
5,411,346
131,600,000
38,112,526
350,740
21,613,891
16,212,006
385,915
1.759.549
5,629,456
139,500,000
41,458,684
417,426
22,295,543
14,925,952
312,923
1,635,938
193,768,353 -28.7
213,445,973
226,175.972
Ninth Federal Reserve Dis Wet-Minn capons7,380.372
5,467,042 -21.8
4,277,071
Minn.
-Duluth-82,660,322
74,479,026 -12.9
61.833.683
Minneapolis_ 25,157,585
24,581.562 -6.8
22,919,401
St. Paul
2,410,6 4
2,450,009 -23.5
2,119,263
N. Dak.-Fargo1,207,908
981,948 -7.9
904,729
S.D.
-Aberdeen
759,339
712,595 -7.3
660,421
Mont.
-Billings.
3.633,000
3,068,030 -0.2
3,062,471
Helena
7,139,208
85,501,051
32.327,655
2.471.097
1,456.883
765,391
2,221,000
Total(8 cities)
138,001,031
123,209,170
132,972,285
Tenth Federal Reserve Die trIct- Kane as City437,204
385,710 -40.2
230,773
Neb.-Fremont571,113
533,787 -22.8
412,099
Hastings
4,354,957
3,327,715 -10.8
Lincoln
2,968.875
45,097,134
42,909,983 -19.8
Omaha
33,429,448
3,456,219
3,575,812 -14.9
3,078.850
Nan -Topeka_ 8,190.760
7.433.657 -34.0
4,904,924
Wichita
Mo.-Kan, City
81,007,163 124,675,037 -35.0 134,305,697
7,059,000
5,872,038 -33.6
St. Joseph__ 3,902,190
1,748,309
1,371.484 -33.0
Colo.
-Col. Spgs
918,580
a
a
a
a
Denver
1,684,793
1,519,205 -17.9
1,248.033
Pueblo
550,088
512,598
4,575,532
41,307.368
5.082,924
8,861.426
133.621,892
6,2411,208
1,474,332
a
1,464,819
Total(7 cities)
98,777,129
111,740,212 -11.6
191,604,438 -31.1
208,809,186
203,732,187
-Da Has
Eleventh Fed ral Reserve District
1,658,629 -10.4
Texas-Austin.._
1.486.853
40,668,133 -14.5
Dallas
34,753,353
9,956,172 -19.9
Fort Worth......
7.975,012
2,324,000 -13.6
2,032,000
Galveston
4.915,701 -14.5
La.
4,201,247
-Shreveport
1,923,817
52.453,458
13,200,179
3,758,000
5,389,400
1,564.934
46,756,893
11.837,891
4,073.000
6,900,950
59,522,635 -15.3
76,724,944
71,133,638
Total(10 cities
132,100,935
50,448,465
Twelfth Feder al Reserve I)Istrict-San Fraud sco57.030,562
58,509,267
42,912,554 -21.5
33,687,374
Wash.
-Seattle14,833,000
12,806,000
12,183.000 -23.2
9,364,000
Spokane
1,422,158
1,548,252
1,076,655 -18.2
880,378
Yakima
35,955,322
36.933,034
-23.9
33,888,533
25,787,818
Ore.
-Portland- 17,400.323
18.360.324
17,355,215 -24.5
13,092,483
Utah-S. L. City
8,006,613
9,189,537
7,562,511 -25.2
5,658,104
Cal.
-Long Beach
No longer will report cle arIngs.
Los Angeles
23,408.100
19,986,733
15,252,655 -18.5
12.429,501
Oakland
7,746.096
7,623,297
6,733,810 -17.2
5.573,956
Pasadena
6.343,348
6,817,942
6,537,017 +25.2
8,186,467
Sacramento....
6.204,380
6,950,327
5,910,187 -25.5
4,403.431
San Diego_ - 136,139,526 198,157,778 -21.3 188.046,000 223,056,000
San Francisco
3,229.726
2,933,649
2,578.121 -3.5
2,487.753
San Jose
1.847.678
2,223.435
2,534,789 -20.0
2,026,801
Santa Barbara
2,259,352
2,352,760
-4.5
2,072,246
1,978,364
Santa Monica
2,344,800
2.295,600
2,543,100 -38.4
1,596,300
Stockton
263,292,256 357.298,180 -26.3 376,530,954 411,130,596
Total(15 cities
Grand total (12
8,691,684,050 11399225,344 -23.7 11940180,232 11735317,115
cities)
3,116,814,087 4,367,678,089
Outside N.Y........ 2,892,698,898 3,747,402.749 -22.8
Week Ended April 9.
1930.
Inc. or
Dec.
659,243,869
Fourth Feder al Reserve D istrict-Clev eland
4,956,000 -31.3
3,404,000
Ohio-Akron
5,137,976 -31.8
3,505,899
Canton
85,807,772 -21.2
51,827,529
Cincinnati.. _ _ 100,030,527 128,127,745 -21.9
Cleveland
16.038,600 -19.9
12.844,600
Columbus
1.676,215 -13.7
1,446,973
Mansfield
4.921,912 -21.5
3.865.241
Youngstown.142,642,807 178,784,060 -20.2
pa,_pistaburgh_
1929.
-St.Lo uleEighth Feder I Reserve Di. Diet
4,675.471 -19.3
3,775.466
Ind.
-Evansville_
87,700,000 115,900,000 -24.3
Mo.-St. Louis...
38,006,049 -39.1
23,151,447
Ky.-Louisville _ _
349.569 -26.1
258.374
Owensboro_ _ _
19.930,083 -30.2
13.926.714
Tenn.-IVfem phis
12,887,527 -39.4
7,779,156
Ark.
-Little Roc
245,310 -18.9
199,010
Ill -Jacksonville
1.774,044 -31.8
1,210,864
Quincy
1931.
Total (10 cities)
Inc. or
Dec.
$
$
$
$
%
Seventh Feder al Reserve D istrict Chl cago
299,201
272,708
Mich.
226,605 -19.7
-Adrian _
182,080
933,340
815,099
962,544
Ann Arbor_.._..
967,533 -0.5
Detroit
106,870,441 162,716,364 -34.3 198,656,572 189.050,474
8,108,311
7,573,460
Grand Rapids_
5,237,967 -12.7
4,572,741
4,270,531
3,374,551
Lansing
2,895,936 -26.4
2,131,215
3,839,234
3,431,236
-Ft. Wayne
Ind.
3,385,727 -25.6
2,519,629
23,088,000
24,054,000
26.200,000 -40.4
Indianapolis.
15,614.000
3,318,500
3,391.562
2,807,269 -11.1
South Bend_ _ _
2,493,748
5,079,852
5,708.304
Terre Haute.-4.951,582 -6.9
4,608,587
37.156,960
44,385.235
Wis.-Milwaukee
32.021,504 -24.4
24,213,409
2,905,890
2,913,824
3,127,118 -10.4
Rap..
2,801,506
Iowa-Ced.
9,413,041
10,021,890
10.788,869 -38.8
DesMoines_ _ _
6,604,805
6,914,522
7,471,750
6,859,072 -39.9
Sioux City.... _
4,124,421
1,732,014
1,177,384
1,648,254 -44.1
921,310
Waterloo
1,950,183
2,065,533
1,840.313 +10.1
2,025,625
397,319,926 585,888,545 -32.8 694,693.505 742,861,285
Chicago
1.327,062
1,188,306
1,187.828 -19.2
959.857
Decatur
5,441,725
5,305,227
4,968,197 -38.1
Peoria
3,074,327
4,690,665
4,276,608
3,822,414 -29.7
Rockford
2,687,368
3,324,649
3,186,483
2,959,107 -16.3
2,476.052
Springfield.
---864,500,204 -32.11,017.622,076 1,062,046,599
Total(20 cities
587.163.591
Total(6 cities)
York
-16.5
5,926,915
5,908,596
-34.2
1,363,417
1,424,310
-3.3
58,278,356
54,738,617
+59.9
1,183,671
1.073.688
-29.7
1,468.406
1,487,967
-24.2 7,823,366,145 7,367,639,026
-14.8
14,336,947
15,332,155
6,639,003
-23.3
6,273,580
3,810.969
4,116.234
-22.8
916.615
+15.9
1,192,153
33.535,491
-18.5
29,364,435
-7.5
43,988,844
39,994,544
1930.
$
97,888,934
Montreal
82,120,520
Toronto
30,025,648
Winnipeg
12.921,907
Vancouver
5,413,790
Ottawa
4,920.117
Quebec
2.754,315
Halifax
4,742,914
Hamilton
7,687,248
Calgary
1.968,347
St. John
1,827,390
Victoria
2,459,840
London
4,104.418
Edmonton
2,868,317
Regina
378,681
Brandon
353,879
Lethbridge
1,548,913
Saskatoon
708,945
Moose Jaw
939,854
Brantford
662.139
Fort William__ -535,537
New Westminster
218,123
Medicine Hat......
654.101
Peterborough........
645.891
Sherbrooke
966,022
Kitchener
2,825,587
Windsor
345,620
Prince Albert........
961,900
Moncton
633,746
Kingston
513,800
Chatham
520.700
Sarnia
585,843
Sudbury
-Total (32 cities) 275,702,975
1929.
1928.
%
-17.5
-26.4
-34.0
-5.0
-28.2
-22.1
-25.6
-20.9
-6.7
-17.8
-33.4
-22.4
-36.2
-38.4
-24.1
-38.5
-30.2
-38.3
-18.6
-29.6
-31.8
-27.9
-26.8
-58.6
-12.4
-35.0
-22.2
+18.0
-33.0
-14.4
-22.8
-51.5
$
149,628,544
142,241,353
48,794,036
26,433,469
8,343,705
7,365,747
4,033,716
6,427,507
14.876,967
3,454,813
2.785.728
3,591,409
6,642,814
5,700.496
665.810
646.746
2,6213,398
1,418,713
1,537,532
926,712
1,038,381
471,881
1,091,619
1.112,554
1,311,026
7,064,479
481,948
950,225
904,652
961,837
819,300
$
103.654,224
102,863,564
40.588,789
15.397,905
5,963,819
5,021.940
3,125,863
4,959.408
9,114,772
2,227,397
2,876,594
2,497.130
5,183,818
4,067,529
571,141
676,137
2,021,673
1,367,527
1,087,978
571,141
718.619
384,933
928,528
825.360
1,234,974
4,024.164
390,108
811,251
666.428
494,270
678,468
359,783,483 -23.3
454,350.120
324,995.550
5
118,512.188
111,524.761
44,836,006
13,629,115
7,536,128
6.314,406
3,700,394
5,998,479
8,235,365
2,396,006
2,757,252
3,169,550
6,436,168
4,512.502
498,505
575,322
2,217,260
1,148,499
1,155,611
940,557
785,284
302.612
906,885
1,559,450
1,103.630
4,346,469
443.996
815,443
946,226
600.388
672,319
1,205,807
a No longer reports weekly clearings. •Estimated.
APRIL 18 1931.]
FINANCIAL CHRONICLE
2909
PRICES ON PARIS BOURSE.
Total receipts of flour and grain at the seaboard ports for
Quotations of representative stocks on the Paris Bourse the week ending Saturday, April 11 1931, follow:
as received by cable each day of the past week have been
Receipts at- I Flour. I Wheat.
Corn. I
Oats.
as follows:
Barley.
Rye.
Apr. 11
1931.
Francs.
Bank of France
18,200
Banque Nationale de Credit_..... 1,279
Banque de Paris et Pays Bas___. 2,300
Banque de Union Parislenne . 1,325
Canadian Pacific
1,010
Canal de Sues
15,300
Cie Distr. d'Electricitie
2.310
Cie Generale d'Electricitie
2,690
Cie Ole Trans-Atiantique
490
Citroen B
880
ComPtoir Nationale d'Escompte 1,630
CotY, Inc
650
Courrieres
1,120
Credit Commerciale de France_ 1.192
Credit Lyonnais
2,540
Emu Lyonnais
2,660
Energie Electric:me du Nord
957
Energle Electrique du Littoral_ 1,314
Ford of France
227
French Line
490
Gales Lafayette
140
Gas Le Bon
930
Kuhlmann
610
L'Air Liquide
1,010
Lyon (P. L. M.)
1.560
Nord Ry
2,160
Pathe Capital
142
Pechiney
2,020
Rentes 3%
89.40
Rentes 5% 1920
137.90
Rentes 4% 1917
103.90
Rentes 5% 1915
104.60
Rentes 6% 1920
105.30
Royal Dutch
2.860
Saint Cobb, C. & 0
3,185
Schneider & Cie
1,750
Societe Lyonnais
2,660
Societe Marseillaise
970
Tubize Artificial Silk, prof
254
Union d'Electrlcitie
1,060
Union des Mines
650
Wagons-Lits
314
Apr. 13
1931.
Francs.
18,000
1,280
2,270
1,315
995
15,000
2,290
2,690
480
680
1,630
660
1,110
1,197
2,520
2,640
954
1,315
229
480
140
940
610
1,010
1,555
2,160
143
2,020
89.50
138.00
103.90
104.50
105.20
2,800
3,200
1.750
2,635
069
253
1,060
650
315
Apr. 14
1931.
Francs.
18,100
1,284
2,310
1,327
1,010
15,000
2,295
2,710
482
680
1,630
650
1,105
1,195
2,530
2,660
952
1,312
228
480
140
920
610
1,010
1,559
2,160
144
2,020
89.30
138.00
103.90
104.50
105.20
2,780
3,215
1,750
2,660
970
266
1,060
670
310
Apr. 15
1931.
Francs.
18,100
1,280
2,290
1,320
995
14,900
2,270
2,690
480
660
1,630
650
1.107
1,195
2,500
2,640
950
1,315
226
480
140
930
610
990
1,552
2,160
142
2,010
89.60
139.00
104.00
104.50
105.20
2,710
3,185
1,735
2,645
975
255
1,050
650
305
Apr. 16 Apr. 17
1931.
1931.
Francs, Francs.
18,000 17,900
1,270
2,270
2:766
1,311
975
-570
14,800 14,900
2,280
2,680
2,13i0
475
650
-650
1.620
1.620
650
650
1.092
--- _
1,195
2,480 2:486
2,630 2,640
950
---1,302
226
-625
470
470
140
140
920
890
600
600
970
960
1,552
2,150 2:150
141
2.010
2:616
89.20 89.50
136.80 136.90
104.30 104.40
104.90 104.60
105.40 105.30
2.640 2.560
3,155
1,725
2,620
--970
254
1,040 1:6i6
670
650
300
PRICES ON BERLIN STOCK EXCHANGE.
Closing quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day of the past
week have been as follows:
Apr.
11.
Allg. Deutsche Credit (Adca)(8)
97
Berlin Hendels Gee.(8)
131
Commera-und-Privat Bank (11)
123
Darmstacdter u. Natlonalbank (12)
151
Deutsche Bank u. Disconto Gee.(10)
116
Dresdner Bank (10)
116
Relehsbank (12)
176
Algermeene Kunstalide (Aku) (0)
04
Alig. Eiektr. Gm (A.E.G.)(7)
119
Deutsche Ton- u Steinaeugwerke (11)
80
Ford Motor Co., Berlin (10)
2153.
Gelsenkirchen Bergwerk (8)
88
Gestuerel (10)
134
Hamburg-American Line (HaPag)(7)
76
Hamburg Electric Co.(10)
123
Harpener Bergbau (6)
80
Hotelbetrieb (10)
109
I. G. Farben Indus.(Dye Trust)(14)
158
Karstadt (12)
64
Mannesmann Tubes (7)
83
North German Lloyd (8)
78
Phoenix Bergbau (6).)
66
Polyphonwerke (20)
176
Rhein-Westf. Elektr. (R.NV.E.)(10)
140
Baehsenwerk Licht u. Kraft(7%)
91
Siemens & Halske (14)
190
Leonhard Tieta (10)
194
Ver. Stalhwerke (United Steel Works)(4) 63
Per Cent of Par
Apr. Apr. Apr. Apr.
13.
14.
15.
16.
97
97
97
97
130
128
129
127
122
121
120
120
151
149
148
147
117
115
115
114
116
115
115 *108
174
171
170
170
11
-- 1 i:1--
118
80
219
87
135
76
123
79
108
158
66
82
77
65
175
140
91
189
78
216
84
132
73
122
78
108
155
65
80
75
62
172
137
91
185
61
58
il3
78
78
215
215
83
82
129
127
72
72
121
119
73
73
106
107
154
151
63
63
79
77
74 . 74
62
60
170
169
135
134
90
90
183
180
58
56
Apr.
17.
97
126
119
146
113
108
168
10;
75
215
82
125
71
119
73
107
148
61
76
73
61
165
133
90
178
56
* Ex-dividend.
(5ounnercialand.paiscellatterins Btu's
Breadstuffs figures brought from page 3004.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour. I Wheat. I
Corn.
Oats.
I Barley.
Rye.
1
bbls.196155:bush.60 lbs. bush.56 lbs. bush. 32 lbs.bush.481bs. bush.56lbs.
'
Chicago203,000
976,000,
662,000
230,000
70,000
10,000
Minneapolis1,649,000
116,000,
262,000
166,000
70.000
Duluth
513,000,
5,000,
15,000
9,000
9,000
Milwaukee....
144,000
21,000
18,000,
30,000
68.000
Toledo
312,000
180,000
16.000,
Detroit
32,000
4,000
20.000
12,000
Indianapolis_
424.000,
160,000
60,000
St. Louts- _ _ 423,000,
161,000
628.000
550,0001
60,000
Peoria
98,0001
127,000
73,000
32,000,
48,000
30,000
Kansas City_
1,005,000,
384.000,
137.000
Omaha
724,000,
217.0001
100,000
St. Joseph
68.000
200,000
76,000,
Wichita
130,000,
5,000
39,000,
1,000,
Sioux City...69,000
26 0001
6,000,
1 1,935,000
Total wk. '31
458.000 5,769,000! 3,072,0001
530,000! 128,000
Same wk. '30
395,000 2,598,000, 5,804,000, 2,317,000 645,000,
86,000
Same wit. '29
424,000 4,119,000, 3,944,000, 2,007,000 857,000 245,000
Since Aug.1I
1930
15,495,000343,851,0001 154,519,000/ 88,343,00040,921,0001
1929
15,793,000306.202,000199,648.000 107,321,000 56.922,000 18,378,000
1928
17,821,000412,228,000218,306,000112,213,00083,532,000 21,091,000
22,846,000
Ibbls.106115.1bush.60 lbs. bush.56 lbs. bush. 32 lbs. bush.48Ibs. ush.56lbs.
New York_ _I 180,000,
.
642,000
21,000
31.000
21,000
2,000
Philadelphia_
41,000,
137.000
3.00010,000
Baltimore_ ___I
21,000,
567,0001
15,000
17.000
1,000
5,000
Newport News
2,000,
New Orleans 1
66,000
33,000
18,0001
30.000
Galveston-- -,
1
12,000,
St. John, N.13'
24,000,
230.000;
286.000
Boston
8,000
148,000
I 28,000, 296,0001
Total wk. '31
! 362,000 1,967,000!
57,000
Since Jan.1'31 5,957,0001 24.956,000 1,163,000
,
Week 1930_1 445,000 1,267,000,
124,000
Since Jan.1'30 7,168,000 20,258,000 1,368,000
96,000
456,000
1.320,000 1.633,000j
7,000
157.000
96,000
1,255.000
8.000
109,000
2.000
226,000
* Receipts do not include grain passing through New Orleans for foreign part
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 11 1931, are shown in the annexed
statement:
Exports fromNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
St. John, N. B
Houston
Halifax
Wheat.
Corn.
Bushels. Bushels.
1,039,000
187.000
582,000
Oats.
Rye.
8,000
2,000
17,000
12,000
24,000
6.000
3,000
00.000
280,000
Total week 193L._ 2,178,000
Same week 1930-- 2.023.000
Flour.
6.000
Barley.
Barrels. Bushels. Bushels. Bushels.
63.174
8,700
78,300
8,000
143,174
197.603
100.000
286,000
30,000
8,700
24,500
464,300
20,000
The destination of these exports for the week and since
July 1 1930 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 110-"
Apr. 11 July I
1931.
1930.
Wheat.
Week
Apr. 11
1931.
Since
July 1
1930.
Corn.
Week
Apr. 11
1931.
Slurs
July 1
1930.
Barrels. Barrels. Bushels. I Bushels.
Bushels. Bushels.
United Kingdom- 63,875 3,136,569
467,000 38.242,000
90,000
Continent
65.299 3,622,213 1,697,000 105,082,000
113,000
S.& Cent. Amer_
5,000 1,132,910
4,000
I 1,875,000
West Indies
6,000 1,030.050
74.000
60,000
1
Brit. No. Am. Col.
____
18,800
2,000
Other countries_
3,000
360,459
14,000 2,929,000
,
Total 1931
143,174 9,301,001 2,178,000 148,204,000
267,000
Total 1930
197.603 8.172.006 2.023,000 112,446,000
344,000
6,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 11, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago
afloat
Milwaukee
" afloat
Duluth
" afloat
MinneapolLs
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Ido
Peoria
Indianapolis
Omaha
GRAIN STOCKS.
Corn,
1Vheat,
Oats,
bush,
bush,
bush,
1,247,000
28,000
5,000
2,000
46,000
47,000
86,000
5,206,000
33.000
25,000
377,000
4,594,000
79,000
51,000
4,569,000
6,503,000
166,000
195,000
9,574,000
635,000
535,000
814.000
3,361,000
14,000
140,000
441,000
190,000
18.000
32.000
23,466,000 4,858,000 2,950,000
3,297,000
568,000 1,254,000
2,700,000 1,793,000 3,443,000
258,000
35,297,000 1,718,090 3,810,000
1,485,000
37,257,000
254,000 2,169,000
684,000
387,000
285,000
6,723,000
686,000
234,000
24,618,000 1,390,000
6,000
1,834,000
205,000
5,992,000
44,000
4,552,000 1,783,000
227,000
13,000
118,000
946,000 2,054.000
98.000
13,158,000 2,843,000
240,000
Rye,
bush.
16,000
2,000
6.000
3,000
Barley.
bush.
30,000
10.000
73,000
122,000
6,000
519,000
3,000
111,000
115,000
172,000
3,000
16,000
2,749.000
1,148,000
224,000
45,000
651,000
792,000
373,000
3,274,000
742,000
3,738,000 3.405,000
16,000
10,000
48.000
146,000
114,000
63,000
13,000
43.000
Total Apr, 11 1931...199,227,000 19,645,000 15,836,000 11,879,000
6,928.000
Total Apr, 4 1931_ _201.832,000 20,447,000 18,966,000 12,104,000
Total Apr. 12 1930-143,519,000 23,380,000 17,439,000 14,004,000 7,460.000
7,314.000
Note.- Bonded grain not included above: Oats. New York, 8.000
bushels;
total, 8,000 bushels, against 352,000 bushels in 1930. Barley, New York.
bushels; Baltimore, 6.000; Buffalo, 552,000; Buffalo afloat, 35,000; Duluth, 16,000
total, 660,000 bushels, against 2,762,000 bushels in 1930. Wheat, New51,000
York
286.000 bushels; Boston, 235,000; Philadelphia, 223,000; Baltimore, 425,000
Buffalo, 4,853.000; Buffalo afloat, 2,880,000; Duluth. 25.000; Canal, 334,000
total, 9.261.000 bushels. against 21.500,000 bushels in 1930.
Canadian
Montreal
4.363.000
437,000 1.194,000
878,000
Ft. William & Pt. Arthur_52,338.000
4,114,000 7,993,000 14,189,000
" afloat
378.000
252,000
642,000
Other Canadian
8,912,000
048,000 1,352,000 4.762,000
_
Total Apr. 11 1931
65,991,000
5,499,000
Total Apr. 4 1931....65,290,000
5,499,000
Total Apr. 12 1930_ ._74,681,000
6,543,000
Summary
American
199,227,000 19,645,000 15,836,000
Canadian
65,991,000
5,499,000
10,791,000 20,471,000
10,814.000 20,561.000
6.083.000 15.430,000
11,870.000 6,928,000
10.791,000 20,471,000
Total Apr. 11 1931-265,218,000 19,635,000 21,335,000 22,670,000 27,399.000
Total Apr. 4 1931
267.122,000 20,447,000 22,465,000 22,918,000 28,021,000
Total Apr. 12 1930-195,930,000 33,470,000 17,653,000 13,048,000 23,434,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Feb. 10, and since July 1 1930 and 1929,
are shown in the following:
Week
April 10
1931.
Since
July 1
1930.
By Wise, Hobbs & Arnold, Boston:
Corn.
Wheat.
Exports
Since
July 1
1929.
Week
Aprit10
1931.
Since
July 1
1930.
Since
July 1
1929.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
25,000 1,382,000 3,009,000
North Amer_ 3,888,000284,113,000 248,358,000
340,000 28,611,000 19,585,000
- 336,000 97,454,000 22,587,000
Black Sea
Argentina__ 3,454,000 71.385.000140.214,000 3.858,000 185,361.000 145,609,000
Australia. _ _ 3,840,000 90,344,000 51,213,000
320,000
9,008,000
India
440,000 34,072,000 35,348,000 885,000 37,414,000 25,112,000
0th. countr's
Total
11.958,000586,376,000498,040,000 5.108,000252.768,000 193,315.000
-The following information regarding
National Banks.
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTER ISSUED.
Apr, 11
-The Rifle National Bank, Rifle, Colo.
President: C. R. McCarthy. Cashier: I. H. Hill.
Capital.
$25,000
CHANGES OF TITLE.
-The Central National Bank of York. Pa., to "The
Apr. 9
Central National Bank & Trust Co. of York."
-The National Copper Bank of Salt Lake City, Utah. to
Apr. 10
"Security National Bank of Salt Lake City."
VOLUNTARY LIQUIDATIONS.
-The Belmont National Bank, Belmont, Ohio
Apr. 8
Effective Feb. 28 1931. Lig. Agent: L. A. Stonebraker,
Belmont, Ohio. Absorbed by The First National
Bank of Bethesda, Ohio, No. 5602.
The First National Bank of Doyle. Tenn
Effective Apr. 2 1931. Liq. Committee: J. M. Gamble.
A. P. Johnson and Wiley Steakley, all of Doyle, Tenn.
Absorbed by Commerce Union Bank of Nashville,
Tenn.
-McDowell County National Bank of Welch, W. Va____
Apr. 9
Effective Mar. 27 1931. Lici. Agent: McDowell County
National Bank in Welch, W. Va. Succeeded by
McDowell County National Bank in Welch. No.13512.
The First National Bank of Durand. Wis.
Effective Apr. 2 1931. Lig. Agent: G. C. Schiefelbein,
Durand, Wis. Succeeded by The First National
Bank in Durand, No. 13529.
25,000
25,000
250,000
75,000
CONSOLIDATIONS.
50,000
-The First National Bank of Wills Point, Texas
7
The Van Zandt County Nationa lBank of Wills Point.
Tex.
50,000
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927, under charter and corporate
title of "The First National Bank of Wills Point,"
No. 5018, with capital stock of $50,000.
200.000
Apr. 11-The First National Bank of Chillicothe. Ohio
The Valley Savings Bank & Trust Co., Chillicothe, Ohio 150,000
to-day under Act of Nov. 7 1918. as
Consolidated
amended Feb. 25 1927, under charter and corporate
title of "The First National Bank of Chillicothe,"
No. 128, with capital stock of $300.000..
100,000
The First National Bank of Hoosick Falls, N. Y
The Peoples National Bank of Hoosick Falls, N. Y._
100,000
Consolidated to-day under Act. of Nov. 7 1918, as
amended Feb. 25 1927, under charter of The First
National Bank of Hoosick Falls, No. 2471, and under
the corporate title of "The Peoples-First National
Bank of Hoosick Falls," with capital stock of$200,000.
-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.
Shares. Stocks.
22
200 Hudson Insurance Co
2.000 Petroleum Heat & Power Co.
$10,000 lot
common
50 Internat. Graphotype Co., common, temp. ctf., par 510; 50 Internat. Graphotype Co. pref.,
temp. Ott.. par 310; 2,188 Montana Consol. Copp. Co., par $1;
10 The Ongley Elec. Co.; 40
U. S. Graphotype Co., corn.: 10
U. B. Graphotype Co., pref.;
52,000 Bankers & Merchants
Teleg. Co. gen. mtge. bonds
(due date not indicated), ctf.
dep. Farmers Loan dv Tr. Co__515 lot
BondsPer Cent.
62.000 Broad & Walnut Corp. 614s,
due Dec. 1 1937, with corn. stk.
warr. attached and with Dec.
1930 and following int, coup.
attached
$45 lot
$100,000 Rivercrest Realty Corp.
2d mtg. 5-yr. 6s, with Feb. 1
1930 & subs. coupons-$20.000 lot
5260,000 Rivererest Realty Corp.
2d mtg. 5-yr. Os, with Feb. 1
1930 & subs. coupons
$52,000 lot
$40,000 Rivercrest Realty Corp.
2d mtg.5-yr. Os, with Feb. 1 1930
& subs, coup., said $40,000 of
bonds subject to prior lien of Irving Trust Co. as collateral for
notes aggregating $30,000 &
Interest
$3,000 lot
By R. L. Day & Co., Boston:
$ per Sh.
$ Per Sh. Shares. Stocks.
Shares. Stocks.
18
2 units First Peoples Trust
25 Atlantic Nat. Bank, par $25_ ___ 67
300 Amer. Canadian Utilities Corp.
170
2 Frarningham Nat. Bank
2
common
109
80 Ludlow Mfg. Associates
81A 60 Great Northern Paper Co., par
30 West Point Mfg. Co
$25
36-37
81
29 Judson Mills. 7% pref
85%
25 Amer. Tissue Mills, pref
35
10 Associated Textile Cos
Ins. c .. Dar
75 Mass.
35
0
5 Associated Textile Cos
Bonding4r
80
35
625
5 Associated Textile Cos
30
10 Merrimac Hat common
45
8 Farr Alpaca Co
3615
5 Associated Textile Cos
Per Cent.
Bonds20e.
311-83 Lawrence Gas & El. Co_ _
234 $4,000 Atlantic Public Utilities,
18 Jessup de Moore Paper 1st pfd
23& int.
Inc., 6s, June 1931
4%
33 B. B.& R. Knight, pref. v.t.o
$2,000 Dartmouth Stuart Realty
Lowell Shope,common__ 3
30 Saco
50-85
Trust 6s, Feb. 15, 1953
43-43%
88 Draper Corn
$3,000 Aetna Mills 75, Jan. 1937... 6134
30
12 Nat. Service Cos.. pref
Fairmount Realty Corp..5100 for the lot:
The following mortgages, all made to the
Given by
Property.
AILIOWII.
Date.
Rd.,Bedford Thomas M.Smith.
Dec. 9 1929 $2,000 Lot 3 Springs
Chas. W. Cronstrom.
4,500 Cherry St., Medford
Mar. 6 1929
Malden Chas. H. Hemenway.
Jan. 5 1927 3,000 852-854 Salem St.,
John T. Farrell.
1,780 Let 13, Fifth St., Medford
Feb. 11 1929
James A. Nickerson.
St., Roxbury
Jan. 5 1928 13,000 7 Copeland Rd.,Medford George S. Nickerson.
8,500 83 Playstead
July 14 1927
Lowell A. and Pearl S. Wood2,250 58 Bradford St. Everett
May 14 1928
bury.
property on Marble Ave.;
Mortgage dated May 14 1928, for 1.3,400, on
Eileen C.Sullivan to Ephraim Gransteln.
Chicopee,from Dennis E.and
$328.12 lot
By A. J. Wright & Co., Buffalo:
$ Per Mi.
$ per .55.1 Shares. Stocks. par
Mares. Stocks.
$2 lot
1100 Peer Oil, no
100 Boston dr Montana Dev. Co.
Mines, par
otf., par $5____250. lot 500 Kirkland Premier
temp. Boston
514e.
$1
800 Bidgood Cons. Mines, par $1._ 60.
Shares. Stocks.
$ Per Sh.
814 Federal Nat. Bank, par $20... 70
70
7 Federal Nat. Bank, par $20
35
10 Associated Textile Cos
60
9 Bates Mfg. Co
35
5 Associated Textile Cos
1 Naumkeag Steam Cotton Co
80X
3614
5 Associated Textile Cos
100 Eastern Utilities Associates,
634
convertible
550-83 warrants Lawrence G.& El.
2134c
Co
10 Boston Metropolitan Bldg. pref. 35
87 Rhode Island Pub, Ser. Co.,
2854 ex-dIv._
preferred
35 Boston Herald-Traveler Corp.__ 1334
$ Per 55.
Shares. Stocks.
20 Amer. Elec. Share Co.. com---- 20
5 Bangor Hydro-Elec. Co., corn.,
5334 ex-dlv.
par $25
6 Insurance Bldg. Corp., pref.;
511 on pref.
1 common
First mtge.$15,000 given by J.Sumner Draper to Sarah E. Hodson
on property at Columbia Road
and Buttonwood St., Dorchester,
dated Feb. 23 1928 int. 6%_52,000 lot
Per Cent.
Bonds$2,000 Central Manhattan Proper5114 dr int.
ties 5s, March 1946
$2,000 Associated G. dv El. Co. 6s,
91%
series B of 1929
By Barnes & Lofland, Philadelphia:
$ per Sh.
Shares. Stocks.
112
20 Phila. Nat. Bank. par 520
20
110 Third Nat. Bank, Miami, Fla
3 Olney Bk.& Tr. Co., par $50__ _ _167
1 Olney Bk.& Tr. Co., par $50_ _ A30
200 Adelphia Bk.& Tr. Co.. par 510 634
25 Mitten Men & Mgt. 13k. & Tr.
60
Co., par $50
67 Pa. Co. for Ins. on Lives, &c.,
79
par $10
16 John B. Stetson Co., pref.,
35
Par 325
$ Per Sh.
Shares. Stocks.
90 Nat. Bank of Olney, par 610.... 1234
7
30 Victory Ins. Co.. par $10
45
10 Phila. Elec. Co., common
Germantown & Norristown
20 Phila.
133
Passenger Ry
$ per Sh.
Shares. Stocks.
69 Park-Sproat Corp. common,
140
no par
Per Cent.
Bonds$1,000 Tidier Hotel 1st mtge.ser.
.8390 flat
Jan. 1 1938, ctf. of deposit.
$1,000 Tulier Hotel 1st mtge. serial
6s. Jan.2 1941, ctf. of deposit.$390 flat
$2,000 Mutual Industrial Service,
cony. deb. Os. Jan. 15 1938-$1,000
$1,000 Detroit Properties 6% sec.
note. Mar. 1 1932, Mar. 1 1930
$12 flat
coupon attached
$1,000 F. E.& A. C. Holmes 1st Os,
5395 flat
June 1 1933
Cent.
Bonds3 Wolverine Power 6% 1st pref.;
120 Apartments Co. corn., no
par; 110 Apartments Co. 7%
pref.: 00 New Egyptian Portland
Cement warrants; right to subscr.
180 shs. Peerless Cement at $41.66
$5 lot
to July 1 1932
$4,000 C. H. Stevenson 1st mtge.
$1,200 flat
68. Mar.1 1934
$3,000 Fort Clark Bldg. 1st 6s,
$1,200 flat
Nov. 1 1930
$3.000 Nat. Memphis Garages lot
51,010 flat
6345, due Nov. 1 1931_
Per Cent.
Bonds$1,000 Penn-Mary Coal Co. let 55.
99%
Oct. 1 1939
$1,000 Lehigh Valley Int. annuity
131
Os (J. dc D.)
By Baker, Simonds & Co., Detroit, on Friday, April 10:
Per
Apr.
•
[vol.. 132.
FINANCIAL CHRONICLE
2910
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
in
current week. Then we follow with a second table,but
which we show the dividends previously announced,
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
$1.25 June
Midland Valley RR., preferred
May
*4
Nashua & Lowell
New Orleans Texas & Mexico (quar.)... *134 May
May
*51
Pennsylvania (quar.)
•$1.50 June
Pittsb. Bessemer & Lake Erie, pref
May
*55
Pittsburgh dr Lake Erie (extra)
254 May
Providence & Worcester (quar.)
United N. J. RR.& Canal Cos.(quar.). •234 July
May
Utica Chenango de Susquehanna Valley- •3
Books Closed.
Days Inclusive.
1 Holders of rec. May 20
1 'Holders of rec. April 15
29 *Holders of rec. May 14
29 'Holders of rec. May 1
4"Holders of rec. May 15
1 *Holders of rec. Apr. 21
y
31 Holders of rec. Mar 11
10 *Holders of rec. June 19
1 *Holders of rec. Apr. 15
Public Utilities.
American Natural Gas, pref.-Dividend omitte d
June 1 Holders of rec. Apr. 30
Brazilian Tr., Lt. & Pr., ord. (in stk.). 12
of rec. Apr. 18
Central Arizona L. & P., $7 pref. (gra). .$1.75 May 1 *Holders of rec. Apr. 18
"$1.50 May 1 *Holders
$6 preferred (quar.)
1 "Holders of rec. Apr. 15
Central West Pub. Serv., pf. A&B ((lu.) •114 May 15 Holders of rec. June la
Cities Service Pr.& Lt.,$7 pref.(mthiy.) 58 1-3c June
500. June 15 Holders of rec. June la
$6 preferred (monthly)
41 2-3c June 15 Holders of rec. June la
$5 preferred (monthly)
•154 May 1 *Holders of rec. Apr. 21
Dallas Power & Light, 7% pref. ((oar.)
"51.50 May 1 *Holders of rec. Apr. 21
$6 preferred (quar.)
1 *Holders of rec. April 22
Dallas Ry.& Terminal, pref.(quar.)___. "111 May 1 •Holdera of rec. Apr. 20
•50c. May
Dayton Pr. & Lt., 6% pref. (mthly.)
May 1 Holders of rec. Apr. 15
25c.
Eastern States Power, corn. B (quar.).- 61.75 May 1 Holders of rec. Apr. 15
Preferred A (quar.)
$1.50 May 1 Holders of rec. Apr. 15
Preferred B (guar.)
1 Holders of rec. May 158
Empire Gas & Fuel, 8% pref. (mthly.) 602-3c June 1 Holden of rec. May 15a
58 1-3c Juno
7% preferred (monthly)
1-6c June 1 Holders of rec. May 15a
54
% preferred (monthly)
50c. June 1 Holders of rec. May 15a
6% preferred (monthly)
50c. May 1 Holders of rec. Apr. 15a
Gas &Elec. Securities Co., corn.(mthly.)
50c. June 1 Holders of rec. May 160
Common (monthly)
1 Holders of rec. Apr. 15a
in corn. stk.) (mthly.) /34 May 1 Holders of rec. May 158
Corn, (payable
Al June
Corn. (Parable in com. stk.) (mthly.) 58 1-3c May 1 Holders of rec. Apr. ioa
Preferred (monthly)
58 1-3c June 1 Holders of rec. May 15a
Preferred (monthly)
Gas Securities Co.
04 May I Holders of rec. Apr. 158
Common (in scrip) (monthly)
June 1 Holders of rec. May 15a
Common (payable in scrip) (mthly.). S36 May 1 Holders of rec. Apr. 15a
50c.
Preferred (monthly)
50c. June 1 Holders of rec. May 158
Preferred (monthly)
1% May 1 Holders of rec. Apr. 15
Idaho Power, 7% pref. (quar.)
$1.50 May 1 Holders of rec. Apr. 1$
36 preferred (quar.)
5 pesos April 20
abs
Italo-Argentine Elec. Am.
1.8734 May 1 'Holders of rec. Apr. 11
Jamaica Water Supply. 714% pf.(au.)5$ *134 May 1 "Holders of rec. Apr. 20
Lone Star Gas Corp.. 634% Pref. WO - 51.75 May 15 "Holders of rec. Apr. 30
pf.(qu.)•
Luzerne County Gas & Elec., $7
*51.50 May 15 *Holders of rec. Apr. 30
$6 preferred (quar.)
Milwaukee Electric By. & Light
•134 June 1 *Holders of rec. May 16
7% preferred (series 1921)
•114 June 1 *Ilolders of rec. May 15
6% preferred (series 1921)
of rec. May 6
(quar.).. "25o June 1 *Holders
National Power & Light, corn.
New Eng. Water, L. 5c Pow. Assn.
•114 May 1 *Holders of rec. Apr. 17
Preferred (quar.)
'134 May 15 'Holders of rec. Apr. 30
North West Utilities, pref. (quar.)
58 1-3c June 1 Holders of rec. May 150
Ohio Public Service, 7% pref..(monthlY)
50c June 1 Holders of rec. May 15a
6% preferred (monthly)
41 2-3c June 1 Holders of rec. May 15a
5% preferred (monthly)
omitted
Gas, pref.-April 1 dl vidend May I Holders of rec.
Oklahoma Natural
Apr. 18
3214c
Pacific Public Service Co., corn. A (WI.) •$1.75 May 1 *Holders of rec. Apr. 15
Peoples Light & Power Corp.. $7 pf.(au.) 81,624 May 1 'Ifolders of rec. Apr. 15
•
$6.50 preferred (quar.)
*51.50 May 1 *Holders of rec. Apr. 15
$6 preferred (quar.)
134 June 1 Holders of rec. May 12a
Phlla. Suburban Water Co., pref.(qu.)
*50c Apr. 15 *Holders of rec. Apr. 11
Public Electric Light
1 divide nd omit ted
Quebec Telep. & Power, class A-April
134 May 1 Holders of rec. Apr. 17
Sierra Pacific Elec. Co., pref.(quar.)
51.625 May 1 Holders of rec. Apr. 20
Southwest Gas Utilities, Pref.(quar.)... •3
may 1 "Holders of rec. Apr. 23
Swiss American Elec. Co., prof
134 July 1 Holders of rec. June 15
Tenn. Elec. Power Co.,5% 1st pfd.(qu.) 1.14 July 1 Holders of rec. June 15
6% first preferred (quar.)
134 July 1 Holders of rec. June 15
7% first preferred (guar.)
1.80 July 1 Holders of rec. June 15
7.2% first preferred (quar.)
50c. May 1 Holders of rec. Apr. 15
6% first preferred (monthly)
500. June 1 Holders of rte. May 15
6% first preferred (monthly)
50e. July 1 Holders of rec. June 15
6% first preferred (monthly)
No. May 1 Holden of rec. Apr, 15
7.2% first preferred (monthly)
60c. June 1 Holders of rec. May 15
7.2% first preferred (monthly)
60c. July 1 Holders of rec. June 15
7.2% first preferred (monthly)
APRIL 18 131.]
Name of Company.
2911
FINANCIAL CHRONICLE
Per
When
Cent. Parable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
*900. May 1 *Holders of rec. Apr. 20
Washington Gas Light (guar.)
Western Continental Utll., corn. A(cm.) 632%c June 1 *Holders of reo May 9
•
*62340 Apr. 30 *Holders of rec. Apr. 20
York Railways. pref. (guar.)
Name of Company.
Per When
cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Muskogee Company, pref. (guar.)
13.4 June I Holders of rec. May 20
National Industrial Loan Corp.
'Sc. May 10 *Holden of roe. Apr. 30
(mthly.) _
June 10 *Holders of rec. May 31
*el
Monthly (payable in stock)
'Sc. July 10 *Holders of rec. June 30
Monthly
Banks.
"1% June 15 *Holders of rec. May 29
National Lead, pref. A (guar.)
May 1 *Holders of rec. Apr. 25
Amalgamated (guar.)
01% May 15 "Holders of rec. Apr. 30
Nat. Securities Invest., pref.(quar.)_.._ .
National Terminals Corp., pref. (guar.) •25c. May I 'Holders of reo. Apr. 27
Trust Companies.
Nation-Wide Securities Co., el. B (qu.). *9c. May I *Holders of rec. Apr. 15
'20
May 1 *Holders of roe. Apr. 25
Kings County (Brooklyn) (guar.)
Neon Prod.of West Canada,6% pf.
(qu.) *75c May 1 *Holders of rec. Apr. 15
"1% May 1 'Holders of rec. Apr. 20
Nettleton (A. E.) Co., pref. (quar.)
Miscellaneous.
Newberry (J. J.) Co., pref. (quar.)- -- '1% June 1 *Holders of rec. May,15
New Amsterdam Casualty (Balto.) (qu.) *50c May 1 *Holders of rec. Apr. 23
Amer. Bankstocks Corp.(guar.)(No. 1) *7%e. Apr. 15 *Holders of rec. Apr. 10
13214c May I *Holders of rec. Apr. 15
New England Equity, corn. (quar.).._ •
Amer.European Securities, Prof. (guar.) $1.50 May 15 Holders of rec. Apr. 30
New River Co.(acct. accum. divs.)-- -• 531.51 May 1 *Holders of rec. Apr. 17
Amer. Fors. & Socket (guar.)
*15c. May 1 *Holders of rec. Apr. 25
Apr. 15 *Holders of rec. Apr. 9
*$2
New York & Hanseatic Corp
Amer.Invest.(Springfield, III.) A (qu.).- *500. May 1 *Holders of rec. Apr. 20
100. May 1 Holders of rec. Apr. 20
Noma Electric Corp., corn.(quar.)
American News (bi-monthly)
*50o. May 15 *Holders of rec. May 5
Oliver United Filters, class A (quar.).. *50c May 1 *Holders of rec. Apr. 20
American Re-Insurance Co. (guar.) - 750. May 15 Holders of rec. Apr. 300 Ontario Steel Products, corn. (quar.)-- 20c May 15 Holders of reo. Apr. 30
.
*8c. Apr. 15 *Holders of rec. Apr. 15
American Securities Shares
134 May 15 Holders of rec. Apr. 30
Preferred (guar.)
*250. June 15 *Holders of rec. May 15
American Yvette. corn.(No. 1)
*51.71 ipr. 15 *Holders of rec. Apr. 7
Orchard Farm Pie, class A (quar.)
•114 June 1 *Holders of rec. May 15
Artloom Corp., pref. (guar.)
*50c May 15 *Holders of rec. Apr. 30
Owens Illinois Glees common (quar.)-Art Metal Works, common (quar.)
*150. May I *Holders of rec. Apr. 25
*116 July 1 *Holders of rec. Jun115
Preferred (guar.)
,
Associated Electrical Industries
Pacific Clay Products, corn. (quar.)_.... *60c. May 1 *Holders of rec. Apr. 20
Amer. dep. rcta, for cud. reg. shares-. •ut6 May 7 *Holders of rec. Apr. 16
*11.1 May 1 *Holders of rec. Apr. 20
Package Machinery, pref. (guar.)
eg1
Apr. 15 *Holders of rec. Apr. 15
Atlantic Macaroni (guar.)
June 27 *Holders of rec. June 17
Parafflne Cos., corn. (quar.)
.11A May 1 *Holders of rec. Apr. 20
Atlantic Steel, preferred
*50c. May I *Holders of rec. Apr. 25
Parker (S. C.) & Co., class A (quar.)
Apr. 15 *Holders of rec. Apr. 8
Atlantic Safe Deposit(N. Y.) (guar.)... 93
•3719c May 15 *Holders of rec. Mayl 1
Parker Pen (quar.)
Apr. 1 *Holders of rec. Mar.20
Barber(W.H.)& Co.. pref.(quar.).
134 May I Holders of rec. Apr. 15
Pennsylvania Industries, prof.
Baumann (Ludwig)& Co., 1st pf.(qu.)- 199 May 15 Holders of reo. May 1
*1891c Apr. 30 'Holders of roe. Apr. 20
Perfection Stove (monthly)
•13i May 15 *Holders of rec. May] 1
Beacon Mfg., common & pref.(quar.)
500. May 1 Holders of rec. Apr. 15
Petrolite Corp., Ltd. (guar.)
Benson dr Hedges, Pref. (guar.)
*50c. May I *Holders of rec. Apr. 21
•10c. May 1 *Holders of rec. Apr. 20
Pioneer Mill, Ltd.(monthly)
Berland Shoe Stores, pref.(quar.)
*151 May 1 *Holders of rec. Apr. 20
*50o. Apr. 15 *Holders of rec. Apr. 1
Prentice (G. E.) Mfg.(quar.)
Bessemer Limestone & Cement,cl. A(qu) 750. May 1 Holders of rec. Apr. 20
'Sc. May 1 *Holders of rec. Apr. 21
Process Corporation (guar.)
Blue Ribbon Corp., pref. (guar.)
81X c. May 1 Holders of rec. Apr. 15
600. May 15 Holders of rec. Apr. 256
Procter & Gamble, corn. (guar.)
Bohack (H. C.) Co., corn.(guar.)
May 1 *Holders of rec. Apr. 15
*El
Public Utility Securities, pref.(guar.) •41.75 May 1 'Holders of rec. Apr. 20
First preferred (guar.)
*1X May 1 'Holders of roc. Apr. 15
May 15 'Holders of rec. Apr. 24
4
.31
Pullman, Inc. (guar.)
Bohack Realty Corp., pref.(guar.)
•1X May 1 *Holders of rec. Apr. 15
20e. May 1 Apr. 18 to Apr. 110
Pyrene Manufacturing, corn. (quar.)
Boss Manufacturing, corn. (quar.)
May 15 Holders of rec. Apr. 30
$1
RIO Tinto Co., Ltd.
British Columbia Pulp & Paper. Picl.(qtr) 134 May 1 Holders of rec. Apr. 15
Am. dep. 1TM. ord. bearer shares
•
(C) May 7 *Holders of rec. Apr. 30
*Holders of rec. Apr. 10
Brooklyn Mtge. Guar.& Title (stk. div.) *el°
May 7 *Holders of rec. Apr. 30
Am. dep. rein. pref. bearer shares
Brown Company. pref.-Dividend °mitt ed
*$1.50 May 1 *Holders of rec. Apr. 15
Riverside Cement. lot pref. (quar.)Buck Hills Falls Co. (contr.)
*250. May 15 *Holders of rec. May I
Roland Park Homeland. pref. (qua:.).. *1% May 1 *Holders of rec. Apr. 20
Campe Corporation, 634% pref. (guar.) 13.4 May 1 *Holders of rec. Apr. 15
'
Rose's 5-10 & 25 Ct. Stores, pref.(qua.) '1.5( May I 'Holders of rec. Mal 1
Canadian Dredge & Dock, corn. (guar.) 75c. May 1 Holders of rec. Apr. 16
May] 1 *Holden of rec. Apr. 21
Russ Mfg., class A (quar.)
Preferred (guar.)
134 May 1 Hloders of rec. Apr. 16
134 May 1 Holders of rec. Apr. 17
Russell Motor Car, corn.(guar.)
Cities Service, common (monthly)
2340. June 1 Holders of rec. May 15a
1,4 May, 1 Holders of rec. Apr. 17
Preferred (quar.)
Corn. (payable in corn. stk.) (mthly
134 June 1 Holders of rec. May 15a St. Lawrence Flour Mills, pref. (guar.)- •1,‘ May 1 *Holders of rec. Apr. 20
50. June 1 Holders of rec. May 15a St. Louis Cotton Compress
Preference B (monthly)
Apr, 15 Holders of rec. Apr. 10
5
Preferred and pref. BB (monthly).
- 50c. June 1 Holders of rec. May 15a Securitles Corp. General, corn.(quar.)
100. May I 1 Holders of rec. Apr. 21
City Baking, pref. (guar.)
'134 May I *Holders of rec. Apr. 27
$1.75 May 1 1 Holders of rec. Apr. 21
$7 preferred (guar.)
City Stores Co., class A-Dividend omit ted
21.50 May I Holders of rec. Apr. 21
$6 preferred (guar.)
*IX May 1 *Holders of rec. Apr. 25
Cllnchfield Coal, pref. (guar.)
'4
May I 'Holders of rec. Apr. 10
Security Thrift Corp., New Haven
•46c. May 1 *Holders of rec. Apr. 20
Coast Breweries, Ltd. (guar.)
•
35c. May I 'Holders of rec. Apr. 20a
Selby Shoe,corn.(quar.)
Coast Foundation, Inc., pref
*60. May 10 *Holders of rec. Apr. 10
114 May I Holders of rec. Apra 206
Preferred (quar.)
4
Columbus Packing, pref. (guar.)
.134 May 1 *Holders of rec. Apr. 15
Service Stations,6% pref. and pref. R.
Consolidated Press, Ltd.(guar.)
50c. May 1 Holders of rec. Apr. 15
134 May I Holders of rec. Apr. 15
(guar.)
May 1 *Holders of roe. Apr. 20
Consolidated Rendering, pref. (quar.)
•2
Shareholders Invest. Corp.(01w.)..... *30c. May 1 *Holders of rec. Apr. 20
Crown Drug Stores, corn. (guar.)
*25c. May 1 *Holders of rec. Apr. 20
Shares in Maine.Inc.
-Apr. 1 dividend o mitted
Preferred (guar.)
*8734c May 1 *Holders of rec. Apr. 20
•
621i;c Apr. 9 *Holders of rec. Apr.
Silent Glow 011 Burner (guar.)
Dail Steel Products (guar.)
*10c. Apr. 1 *Holders of rec. Mar. 28
Soden (G. A.) & Co., 2d pref.-Apr. 1 divide nd omit ted
Darmstadter und Nat. Bank (Berlin)._ *8
Apr. 20 Holders of coup. No. 3
Southern Hotel Co.(Balt.), prof -Divi dend o mitted
Disher Steel Constr.. pref. A (guar.).- 3734c May 1 Holders of rec. Apr. 15
wg
Staley (A. E.) Mfg. Co
Eastern Theatres, Ltd., corn.(quar.)
50c. June 1 Holders of rec. Apr. 30
25c. Apr. 15 *Holders of rec. Mar.31
Standard Oil Trust Shares, series A__.... •
Electric Shareholdings,$6 pref.(quar.)..i •$1.50 June 1 *Holders of rec. May 5
*22c. Apr. 15
Series B
Family Financing Corp., com.&pf.(qu.) •1734c Apr. 15 *Holders of rec. Mar. 31
Stein (A.)& Co., corn.(guar.)
40c. May 15 Holders of rec. Apr. 30
Fect'l Am.Bond & Sh., 151 & 2d pf.(qu.) •134 May 1 *Holders of rec. Apr. 20
Sterling Securities Corp., 1st pt. (qu.)... *75c. June 1 *Holders of rec. may 15
Federated Metals-Dividend omitted
*30c. June 15 *Holders of rec. May 15
Preferred (guar.)
Founders Invest. Trust, pref.(guar.)._ •750. Apr. 15 *Holders of roe. Mar.31
*25c. May 1 Holders of rec. Apr. 20
Storkline Furniture, pref. (guar.)
Frost Steel & Wire, 1st pt.& pf. A (qu.)_
134 May 1 Holders of roe. Apr. 20
56 X c May 1 Holders of rec. Apr. 206
Stouffer Corp., class A & B (quar.)
Fuller (G. A.) Co. of Canada
1% June 1 *Holders of rec. May 15
Strawbridge & Clothier,6% prof. A (q11.) •
6% guar. partic. pref. (guar.)
*139 May 1 *Holders of rec. Apr. 15
Telephone Investment Corp.(monthly)_ *20c. May 1 "Holders of rec. Apr. 20
Fulton Indus. Secur.(Atlanta). PI.(qu.) '8734c May I *Holders of rec. Apr. 15
Thermoid Co., pref.-Dividend action c 3ferred
Gardner Denver Co.. prof. (guar.)
'13.4 May 1 *Holders of rec. Apr. 20
4,5
May It
Tobacco Securities Trust (interim)
Gardner Petroleum, pref. (guar.)
•200. Apr. 1 'Holders of rec. Mar. 20
Trunz Pork Stores, Inc.(guar.)
*25c. May 1 "Holders of rec. Apr. 30
General Steel Wares, pref.-Div. passed.
"Holders of rec. May 21
*1X June
Truscon Steel, pref. (quar.)
General Tire & Rubber, corn.(guar.).
*75c. May 1 'Holders of rec. Apr. 20
*15c. Apr.
Trust Fund Shares, coupon
Greenway Corp., corn
*30c. Aug. 15 *Holders of rec. Aug. 1
"Holders of rec. Mar.31
•15c. Apr.
Registered
Common B
*30c. Aug. 15 *Holders of rec. Aug. I
*Holders of rec. Apr. 25
Twelfth Street Store (Ills.), pt. A (qu.)-- *50c. May
411.50 Aug. 15 *Holders of rec. Aug. 1
Participating preferred
United Paper Box, class A-Dividend o mitted
Participating preferred (extra)
*500. Aug. 15 *Holders of rec. Aug. 1
*Holders of rec. Apr. 15
United Shirt Distributors, pref.(quar.)- *87%c May
4.1% Apr. 1 *Holders of rec. Mar.20
Gross (L. N.), pref. (guar.)
U.S. Fidelity & Guaranty (Bait.)(qu.)_ *50c. May 15 *Holders of rec. Apr. 30
Guardian Realty (Canada), pref. (qu.). '134 Apr. 15 *Holders of rec. Mar. 31
U. S. Realty & Impt.(guar.)
50c. June 15 Holders of rec. May 16
Haiku Pineapple, pref.(guar.)
*43iic May 1 *Holders of rec. Apr. 15
•100. Apr. I 'Holders of rec. Mar. 20
Universal Coln Radio (monthly)
Halle Bros., coin. (guar.)
•
25o. Apr. 30 *Apr. 25 to Apr. 30
Utility Equities Corp., priority stock
$2.75 June 1 Holders of rec. May 15
Preferred (guar.)
1% Apr. 30 Apr. 25 to Apr. 30
Utility & Industrial Corp., pref. (quar.) 37%c May 20 Holders of rec. Apr. SO
Hamburg-American Line
Vanadium Corp.of America-Dividend o mitted
Am. dep. rcts. corn, bearer sharee_
Apr. 2 *Holders of rec. Apr. 17
*tog
Walker & Co.. class B (guar.)
*15c May 1 *Holders of rec. Apr. 20
Hamilton Bank Note Eng. & Ptg.(qu.) •23ic May 1 *Holders of rec. May 1
Western Air Express (guar.)
.150 May 1 *Holders of rec. Apr. 20
Hamilton Watch. corn.(monthly)
•15c. May 2 *Holders of rec. May 9
Western Newspaper Union, pref.(guar.) •1% May 1 *Holders of rec. Apr. 25
*Holders of rec. May 9
Preferred (guar.)
June
*114
Western Steel Products, pref.(qua:.).-- 134 May 1 Holders of rec. Apr. 15
Hammermill Paper (War.)
*250. May 1 *Holders of rec. Apr. 15
Weston (Geo.) Ltd., pref.(qua:.)
134 May 1 Holders of rec. Apr. 20
Hawaiian Pineapple (guar.)
50c. May 3 Holders of rec. May 15a Williams
•17iic May 1 *Holders of rec. Apr. 20
(R. C.) & Co.(quar.)
Heller(W.E.)& Co., cons.(guar.)
*10c. Mar.3
Wizard, Inc.. class A-Div. omitted.
'
43340 Mar. 31
Preferred (guar.)
Hewitt Bros. Soap, prof. (guar.)
*2
July 1 *Holders of rec. June 20 Mons Co-operative Mercantile Institute- Dividend omit ted
Preferred (guar.)
Oct. 1 *Holders of rec. Sept.20
*2
Preferred (guar.)
Jan 1'32 *Holders of rec. Dec. 20
*2
Below we give the dividends announced in previous weeks
Horne (Joseph) Co.. prof.(quar.)
' May 1 *Holders of rec. Apr. 24
13.4
and not yet paid. This list does not include dividends anHumberstone Shoe (guar.)
50c. May 1 Holders of rec. Apr. 15
Hunts Bros. Packing, class A (guar.)
nounced this week, these being given in the preceding table.
*50c. May 1 *Holders of rec. Apr. 15
Industrial Credit Corp., coin. (quar.)... 323.4o. May 15 Holders of rec. Apr. 30
International Harvester, pref. (guar.).- six June I 'Holders of rec. May 5
Books Closed.
When
Per
Italian Investment Corp., pref.-Divide nd pas sod
Cons. Payable.
Days Indimice.
Name of Company.
Jackson & Curtis Invest. Assn.Ctts. of beneficial interest (quar.)
*500. May 1 *Holders of rec. Apr. 24
Railroads (Steam).
Jackson & Curtis Scour. Corp.. pfd.(qu.) *1.% May 1 *Holders of rec. Apr. 15
Allegheny Corp., pref. A (guar.)
1.37 May 1 Holders of rec. Apr. 20a
Jewel Tea, Inc., coin. (guar.)
July 15 Holders of rec. July 1
$1
Atch. Topeka & Santa Fe, corn.(qua:.)
234 June 1 Holders of rec. May la
Johansen Bros. Shoe, pref. (guar.)
•199 Apr. 15 *Holders of rec. Apr. 10
Atlanta & Charlotte Air Line Ry
*434 Sept. 1 *Holders of roe. Aug. 20
Johnson Ranch Royalty-Dividend defer red
Atlantic Coast Line RR., pref
234 May 11 Holders of rec. Apr. 296
Kayser (Julius) & Co., cam. (guar.)
250. May 1 Holders of rec. Apr. 25
Baltimore & Ohio, oom.(qear.)
119 June 1 Holders of roe. Apr. 18a
Keyes Fibre, Inc., class A (Muir.)
•750. May 1 *Holders of rec. Apr. 15
June 1 Holders of roe. Apr. 18a
1
Preferred (guar.)
Kinney (G.R.)& Co., Inc., corn.& pref. -Div( dends o mitted
Boston & Providence quar.)
4534 July 1 *Holders of rec. June 20
Klein (D. Emil) Co., corn. (guar.)
*25c. July 1 *Holders of rec. June 20
Quarterly
4234 Oct. 1 *Holders of rec. 8ep1..19
*139 May 1 *Holders of rec. Apr. 20
Preferred (guar.)
oheaalmake & Ohio. preferred
e. June 84
34 July I Hoiden.
Lake of the Woods Milling. Pref.(guar.) •1% June 1 *Holders of rec. May 16
Chicago Great Western, preferred
50o Apr. 20 Holders of reo. Apr. 106
Lamson & Sessions Co., pref. (guar.)...•$1.75 May 1 *Holders of rec. Apr. 20
Cincinnati Sandusky & Cleveland, pref. $1.50 May 1 Apr. 16 to MAY 1
Lane Co., Inc.. corn. (guar.)
Apr. 1
CIIICImuttl Union Terminal. Prof.(qu.).. .
134 July I *Holders of rec. June 20
Preferred (quar.)
*1.3.4 Apr, 1
Preferred (quar.)
Leich (Chas. A.)& Co., pref. A (guar.)
•114 Get. 1 'Holders of rec. Sept. 19
*1% Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
Jan.1'22 *Honiara of rec. Dec. 19
•1
Lerner Stores Corp.. 614% pref. (guar.) 1% May 1 Holders of rec. Apr. 21
Cleve., Gin.. Chic.& St.Lou-Pfd.(q11.)- 13.4 Apr. 30 Holders of rec. Apr. 206
Lincoln Printing Co., coin. (guar.)
50c. May 1 Holders of roe. Apr. 23
Apr. 20 Holders of rec. Apr. 4a
Delaware Lackawanna di Western (qu.)- Si
Preferred (guar.)
8719c. May 1 Holders of rec. Apr. 23
Elmira & Williamsport, common
•$1.15 May I *Holders of rec. Apr. 20
Loew's Ohio Theatres. 1st pref.(guar.)
2
May 1 Holders of rec. Apr. 24
Lord & Taylor, 1st Pref. (guar.)
,
1% June 1 Holders of rec. May 16a Internat. Rys.of Cent. Amer., pfd.(qu.) 134 May 15 Holders of rec. Apr. 306
1,
4 Nfitv I FU.Ider. of rec. Mar 31g
Kansa. City Sonthprn rommon 0Plar.1
Los Angeles Invest.
-Dividend omitted.
Mahoning Coal RR., common (quar.) $12.50 May I Apr. 16 to May 13
Lyon Metal Products, pref. (quar.)•139 May 1 *Holders of rec. Apr. 20
Mill Creek & Mine Hill Way.& BR..... s$1.25 July 9 *Holders of moo. July 8
M.& P.Stores, Ltd.,7% pref.(guar.)._ '13.4 Apr. 1 *Holders of rec. Mar. 31
1.34 May 1 Holders of roe. Mar.27a
WowYork Central RR.(guar.)
MacMarr Stores, corn. (guar.)
25o. May 1 Holders of rec. Apr. 21
May 19 Holders of rec. Apr. 306
Norfolk & Western. ad). pref. (guar.).
May Radio & Television (guar.)
- I
*250. May115 *Holders of rec. Apr. 30
North Carolina R11.. 7% guar. stork. _ *34 Aug I •13..111ers of rec. July 20
*25c. June 1 *Holders of rec. May 1
McIntyre Porcupine Miner (quar.)
Northern Pacific (aura.)
134 May 1 Mar. 14 to Apr. 14
McLennan MoFeely & Prior, pref.(guar) *159 Apr. 1 *Holders of rec. Mar.25
x May I Holders of rec. Apr. 46
Pere Marquette, pref. & prior pref.(au.)
•139 Apr. 15 *Holders of rec. Apr. 8
McNeol Marble Co., pref.(guar.)
Pittsburgh & West Va. Ry.conk. (11w.) 134 Apr. 30 Holders of rec. Apr. 15a
Milgrim (H.) & Bro., pref.-April 1 divi dend o ranted
May 14 Holders of roe. Apr. 166
$1
Reading Company, corn. (guar.)
Mitchell (J. S.) & Co.. Ltd., COM
May 1 Holders of rec. Apr. 16
$1
St. Louis
-San Francisco.8% prof.(CPU - 134 May 1 Apr. 12 to May 12
Mohawk Mining
250. May 30 Holders of rec. Apr. 30
I% Aug. 1 Holders of MO. July la
6% preferred (guar.)
Montecatinl Mining & Agriculture
134 Nov. 2 Holders of rec. Oct. la
6% Preferred (guar.)
American deposit receipts
*79c. Apr. 17 *Holders of rec. Apr. 13
2 May 1 Holders of rec. Atm. la
Southern Ry.common (quar.)
Moody's Investors' Service, part. Pf.(q1) 75c. May 15 Holders of rec. May 1
1.84 Aug. 1 Holders of rec. July la
Common (qua:.)
•
114 May 1 *Holders of rec. Apr. 24
Mortgage Corp. of Nova Scotia (quar.)
•214 July 1 *Holders of ree. June 1
Southwestern RR.of Oa
Mount Royal Hotel Co.(Montreal) prof. *1 [Apr. 25 *Holders of rec. Apr. 15
.334 July 1 *Holders of rec. June 20
1,
Tennessee Central. preferred
.1.134
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Name of Company.
[VOL. 132.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities.
Public Utilities (Concluded).
$1.25 May 1 Holders of rec. Apr. 15
Alabama Power. $5 pref.(quar.)
Penna. Power Co., $6.60 pref.(mthly.).
550. may 1 Holders of rec. Apr. 20
$7 preferred Mar.)
$1.75 July 1 Holders of rec. June 15
86.60 preferred (monthly)
55e. June 1 Holders of ree. May 20
$6 preferred (quar.)
$1.50 July 1 Holders of reo. June 15
$6 preferred (monthly)
51.50 June 1 Holders of reo. May 20
$1.25 Aug. 1 Holders of ree. July 15
$5 Preferred (quar.)
Phila. Rapid Transit. Preferred
$1.75 May 1 Holders of reo. Apr. la
American Cities Pow. & Lt., cl. A (qu.) (p) May 1 Holders of rec. Apr. 4
Potomac Edison Co., 7% pref.(quay.)_ •13-4 May 1 *Holders of rec. Apr. 20
Class B (In class B stock)
p5
Aug. 1 Holders of rec. July 3
6% preferred (quar.)
*134 May 1 *Holders of rec. Apr. 20
Amer. Commonwealths Power Corp.
Power Corp. of Canada, corn. (quar.)
50o. May 20 Holders of rec. Apr. 30
Corn. A&B(pay. 1-40th sh.com.A stk.) 1234 Apr. 25 Holders of ree. Mar.31
Pub. Serv. of Col.. 7% pref. (monthly)- 581-30 May 1 Holders of rec. Apr. 15a
First 'preferred series A (quar.)
May 1 Holders of reo. Apr. 15
$1.75
6% preferred (monthly)
50e. May 1 Holders or rec. Apr. 15a
$1.63 May 1 Holders of rec. Apr. 15
$6.50 first pref. (quar.)
SI 2-3e May 1 Holders of rec. Apr. 15a
5% Preferred (monthly)
$6 first prof. (quar.)
$1.50 May 1 Holders of rec. Apr. 15
Pub.Sort. Corp. of N.J.6% pf.(mthly) 50c. Apr. 30 Holders of reo. Apr. 3a
Second pref. series A (quar.)
$1.75 May 1 Holders of rec. Apr. 15
Pub.Sort. of No.Ills., com.$100 par(qu) "2
May 1 *Holders of rec. Apr. 15
American Ga.s & Electric, pref.(guar.)
$1.50 May 1 Holders of rec. Apt. 9
Common (no par) (quar.)
May 1 *Holders of reo. Apr. 15
*52
Amer. Light 6r Traction, corn. (quisr.)-- 6255e. May 1 Holders of reo. Apr. 17
7% Preferred (quar.)
'134 May 1 "Holders of rec. Apr. 15
3755c. May 1 Holders of ree. Apr. 17
Preferred (quar.)
•155 May 1 *Holders of rec. Apr. 15
6% Preferred (quar.)
Amer. Waiter Works he El., corn. (qu.)
750. May 1 Holders of rec. Apr. lea Rhode Island Public Serv., CIA (qu.)---- $1
May. 1 Holders of reo. Apr. 15
Arkansas-Missouri Power, pref. (guar.)- •134 May 1 *Holders of rec. Apr. 15
Preferred (quar.)
50o. May. 1 Holders of ree. Apr. 15a'
z50e. May 1 Holders of rec. Mar. 31
Associated Gas & Elec., class A (quar.)
Rockland Light he Power (quar-)
023e. May 1 "Holders of rec. Apr. 15
$4 preferred (quar.)
41 May 1 Holders of reo. Mar. 31
Southern Calif. Edison. corn.(quar.)
50c. May 15 Holders of rec. Apr. 200
Associated Telephone, Ltd., pref. (qu.). *3734c May 1 "Holders of rec. Apr. 15
Southern Canada Power, corn. (quar.)-- 25s. May 15 Holders of reo. Apr. 30
Atlantic City Electric, pref. (quar.)_. *$1.50 May 1 *Holders of rec. Apr. 11
Springfield City Water, pref. A (quar.) 0$1.75 July 1 *Holders of rec. June 20
Attleboro Steam & Elec. (quar.)
*51
Mar. 31 *Holders of rec. Mar. 24
Preferred A (guar.)
*31.75 Oct. 1 *Holders of rec. Sept. 20
Bangor Hydro-Elec. Co.. cow. (guar.). *500. May 1 *Holders of rec. Apr. 10
Standard Gas Jr Electric, corn.(guar.).- 87Iic. Apr. 25 Holders of rec. Mar. 31a
Birmingham Gas, let pref. (quar.)
36 preferred ((mar.)
•134 May 1 *Flolders of rec. Apr. 15
$1.50 Apr. 25 Holders of rec. Star. 310
Broad River Power, pref. (quar.)
•15.5 May 1 *Holders of rec. Mar. 31
$7 preferred (quar.)
$1.75 Apr. 25 Holders of rec. Mar. 31a
Buff. Niagara St East.Pow.,$5 Pt.(aU.) .51.25 May 1 *Holders of rec. Apr. 15
Standard Pr. he Lt.. corn. Jr corn. B (qu.) 'Oc June 1 Holders of rec. May 11
Calgary Power,6% pref.(quar.)
155 May 1 Holders of rec. Apr. 15
$1.75 May 1 Holders of rec. Apr. 16
Preferred (quar.)
200. Apr. 25 Holders of rec. Mar. 31
Canada North Pow. Corp., corn. (au.)
Suburban Elec, Securities, 1st pref.(qu.) '154 May 1 "Holders of reo. Apr, 15
Canadian Western Natural Gas, Light,
Tacony-Palmyra Bridge, pref. (quar.)- - *13-4 May 1 *Holders of rec. Apr. 10
*251. June 1 *Holders of rec. May 15
Heat & Power, preferred (extra)
*50c. May 15 *Holders of rec. Apr. 25
Tampa Electric Co., corn.(quar.)
,
"154 May 15 "Holders of rec. Apr. 25
Cent. Hudson Gas & Elec., corn.(quar.) .20o. May 1'Holders of rec. Mar.31
Preferred A (quar.)
I% May 1 Holders of rec. Apr. 15
Central Power & Light,7% pref.(guar.) •134 May 1 *Holders of rec. Apr. 15
Texas Power he Light, 7% pref. (quar.)
•155 May 1 *Holders of rec. Apr. 15
6% preferred (quar.)
$1.50 May 1 Holders of rec. Apr. 15
$6 preferred (quar.)
Cent.& S. W.Util., $7 pr. lien pf.(qu.)- $1.75 May 15 Holders of rec. Apr. 30
Toledo Edison Co., 7% pref.(monthly)_ 58 1-3c May 1 Holders of rec. Apr. 15a
$7 preferred (quar.)
$1.75 May 15 Holders of rec. Apr. 30
50e. May 1 Holders of rec. Apr. 15a
6% preferred (monthly)
41 2-3c May 1 Holders of rec. Apr. 15a
$6 prior lien (quar.)
$1.50 May 15 Holders of reo. Apr. 30
5% preferred (monthly)
July 1 Holders of rec June 5
Central Stat.s Eire corn. (in corn. stk.) 15
25e May 1 Holders of rec. Apr. I5a
United Lt. Jr Pow., corn. A he B (qu.)
Chic. Rap. Tran., prior pref. (mthly.)-- "65e. May 1 *Holders of rec. Apr. 21
United Lt. Jr Rys.,7% pr. pfd.(mthly.). *5855c May 1 *Holders of rec. Apr. 15
•60e. May 1 *Holders of rec. Apr. 21
053c. May 1 *Holders of rec. Apr. 15
Prior preferred B (monthly)
6.36% prior preferred (mthly.)
*50c. May 1 *Holders of rec. Apr. 15
Cities Service Pow.& Lt.$7 pt.(mthly.) 581-Sc May 15 Holders of rem May la
6% prior preferred (monthly)
*155 May 1 *Holders of rec. Apr. 1
500. May 15 Holders of reo. May is U.S. Electric Power, pref.(quar.)
$6 preferred (monthly)
41 2-3c May 15 Holders of rec. May la United Telco. (Del.) 2nd prof. (quar.)_ "$1.75 May 1 *Holders of ree. Apr. 20
$5 preferred (monthly)
City Water Co., Chattanooga, pref.(qu) *134 May 1 °Holders of rec. Apr. 20
Western Power Lt. Jr Telep. Cl. A (qu.) - "50e May 1 *Holders of rec. Apr. 15
Columbia GOB & Elec., coin.(quar.) . 50c. May 15 Holders of rec. Apr. 20a West Penn Elec. Co.,7% pref.(quar.)
134 May 15 Holders of rec. Apr. 200
155 May 15 Holders of rec. Apr. 20a
6% preferred series A (quar.)
154 May 15 Holders of rec. Apr. 200
6% Preferred (quar)
134 May 1 Holders of rec. Apr. Oa
134 May 15 Holders of rec. Apr. 200
5% preferred (quar.)
West Penn Power Co.,7% Pref. (quar.).
*2
May. 1 *Holders of rec. Apr. 15
1 Si May 1 Holders of reo Apr. 6a
Commonwealth-Edison Co.(quar.)
fl% Preferred (quer.)
Community Power & Light, corn.(qu.). 6255c May 1 Holders of rec. Apr. 20a Wisconsin Telephone, pref.(qua.)
•134 Apr. 30 *Holders of rec. Apr. 20
$1.50 May 1 Holders of rec. Apr. 20a
$6 first preferred (quar.)
Consolidated Gas of N. Y pref. (qu.)- - $1.25 May 1 Holders of rec. Mar.28a
Trust Companies.
$1
May 1 Holders of rec. Apr. 23a
Consumers Power,7% pref.(quar.). 1% July 1 Holders of reo. June 15
Corn Exch.Bank Trust Co.(quar.)
1.65 July 1 Holders of rec. June 15
6.6% preferred (quar.)
155 July 1 Holders of rem June 15
6% preferred (quar.)
Fire Insurance.
$1.25 July 1 Holders of ree. June 16
$5 preferred (quar.)
3754o May 1 Holders of ree. Apr. 20a
American Equitable Assurance (quar.)
50o. May 1 Holders of me Apr. 15
6% preferred (monthly)
37 55o May 1 Holders of rec. Apr. 20a
Knickerbocker, common (quar.)
6% preferred (monthly)
500. Juno 1 Holders of rec. May 15
30o. May 1 Holders of reo. Apr. 20a
New York (quar.)
500. July 1 Holders of ree. June 15
500. June 10 Holders of rec. June 1
North River Ins. (guar.)
6% Preferred (monthly)
550. May 1 Holders of rec. Apr. 15
50e. Sept. 10 Holders of rec. Sept. 1
6.6% preferred (monthly)
Quarterly
600. May 1 IIolders of rec. Apr.d22a
55c. June 1 Holders of rec. Mar. 15
6.6% preferred (monthly)
U. S. Fire Insurance (quar.)
55c. July 1 Holders of reo. June 15
6.6% preferred (monthly)
Cumberland Co. Pr. Jr Lt., pref. (qu.)-- 134 May 1 Holders of rec. Apr. 18
Miscellaneous.
3.40 May 1 Holders of rec. Apr. 10
Edison Elec. Ilium., Boston (guar.)- 155 Apr. 20 Holders of rec. Apr. 10a
$1.50 May 1 Holders of rec. Apr. 4
Electric Bond & Share, $6 pref.
Abitibi Power Jr Paper,6% pref.(qu.)
$1.25 May 1 Holders of rec. Apr. 4
154 May 1 Holders of reo. Apr. 16a
preferred (quar.)
(quar.)$5
Abraham Jr Straus, Inc.. pref.(quar.)
250. May 1 Holders of rec. Apr. lla
60e. May 1 Holders of reo. Apr. 15
Electric Power & Light, corn. (guar.)...
Adams(J. D.) Mfg.,corn.(quar.)
500. May 1 Holders of rec. Apr. 180
1255c May 1 Holders of rec. Apr. lla Adams-Millis Corp., common (quer.).
Allotment cUs., full paid (quar.)
be. May 1 Holders of rec. Apr. ha
Allotment ctfs., 80% paid (quar.)-May 1 *Holders of rec. Apr. 18
First and second preferred (quay.)
•151 May 1 *Holders of rec. Apr. 11
100. May 1 Holders of rec. Apr. 100
Second preferred (quar.)
Alaska Juneau Gold Mining (quar.)
15e. Apr. 18 Holders of ree. Mar. 310
500. May 1 Holders of reo. Apr. 15u
Empire District Elec. Co., pt.(mthly.)- Allegheny Steel, common (monthly).....
-Se May 1 Holders of rec. Apr. 150
150. May 18 Holders of me. Apr, 30a
Empire Gas & Fuel Co..8% Pt.(mthly.). 662
Common (monthly)
58 1-3o May 1 Holders of rec. Apr. 15a
"154 June 1 *Holders of ree. May 15
7% preferred (monthly)
Preferred (quar.)
54 1-6c May 1 IIolders of ree. Apr. 15a
*11.1 Sept. 1 "Holders of rec. Aug. 15
655% preferred (monthly)
Preferred (quar.)
500. May 1 Holders of res. Apr. 15a
'134 Dee. 1 .11olders of rec. Nov. 13
6% preferred (monthly)
Preferred (guar.)
75c. Apr. 24 Holders of rec. Apr, 14a
75c. May 1 Holders of rec. Apr. 15
Fall River Gas Works (quar.)
Alliance Realty Co., common (quar.)155 June 1 Holders of ree May 20
Foreign Power Securities Corp., p1.(qu.) 134 May 15 Holders of ree. Apr. 30
Preferred (quar.)
•$1.25 May 1 *Holders of reo. Apr. 15
1)4 Sept. 1 Holders of rec Aug 20
Franklin Telegraph
Preferred (guar.) .
- $2.61 Apr. 21 Holders of rec. Apr. 13a
155 Deo, 1 Holders of roe Nov. 20
General Italian Edison Elec., Am. Os
Preferred (altar.)
"75e. May 1 *Holders of rec. Apr. 15
$1.50 May 1 Holders of rec. Apr. is
Greenfield Gas-Light,6% Pref. (qu.).._
Allied Chem. Jr Dye Corp., Corn.(qu.)
25e. May I Holders of reo. Apr. 15
HamiltonBridge,corn.(quar-)
Allied Laboratories, cony. pref.(quar.).'87340 July 1 "Holders of rec. June 15
50e. May 15 Holders of rec. Apr. 240
655% preferred (quer.)
13.4 May 1 Holders of rec. Apr. 15
Allis-Chalmers Mfg., corn. (quar.)
*4
The. Apr. 25 Holders of ree. Apr. la
May 1 *Holders of rec. Mar. 26
Hannibol Bridge
Alpha Portland Cement, corn.(quar.)
035c. May 1 *Holders of rec. Apr. 15
*683.f c May 1 "Holders of rec. Apr. 15
Hartford Electric 1.11:13t (quar.)
Altorter Bros. Co., corn. (quar.)
"750. May 1 *Holders of rec. Apr. 15
Hawaiian Elec. Co.. Ltd.(monthly)---- *15c. Apr. 20 *Holders of rec. Apr. 16
Preferred (quar.)
11i May 15 Holders of rec. Apr. 18
Havana Elec. & Util., lot pref.(quar.)_ _
Aluminum Manufactures. Inc.. com.(qu) "500. June 30'Holders of ree. June 15
"500. Sept. 30 *Holders of rec. sept.15
$1.25 Stay 15 Holders of rec. Apr. 18
Cum. preferred(hoar.)
Common (quar.)
*50e. Dee. 31 *Holders of reo. Des. 15
•15e. Apr. 20 *Holders of rec. Apr. 15
Honolulu Gas (monthly)
Common (quar.)
•134 Juno 30 *Holders of rec. June 15
May 1 *Holders of rec. Apr. 15
Illinois Northern Utilities, coin.(quar.)- "2
Preferred (quar.)
"51.75 May 1 *Holders of rec. Apr. 15
'134 Sept.30 *Holders of rec. Sept.15
Junior preferred (quar.).
Preferred (quar.)
.144 Dec. 31 *Holders of rec. Dec. 15
*154 May 1 +Holders of rec. Apr. 15
6% preferred (quar.)
Preferred (11131
.%)
50c. Apr. 30 Holders of rec. Apr. 140
$1.50 May 1 Holders of rec. Apr. 10
Illinois Power & Light, $fi pref.(go ). _
Amerada Corp.(quar.)
$1
May 15 Holders of rec. Apr. 300
International Utilities Corp. cl. A (qu.). 8755c. Apr. 15 Holders of reo. Mar. 27
American Can, common (quay.).
50e. Apr. 20 Holders of rec. Apr. 16
$1.75 May 1 Holders of rec. Apr. 17a American Chain, corn. (quay.)
$7 preferred quar.)
$1 May 1 Apr. 11 to May 1
of Phila., pref.(qu.)
75c. May 1 Holders of ree. Apr. 22
Keystone Telephone
American Coal(quar.)
150 May 1 Holders of rec. Apr. 15
Long Island Lighting, corn.(quar.)
American Envelope, 7% pref. (quar.)... •144 June 1 *Holders of ree. May 25
065e. May 1 *Holders of rec. Apr. 15
"134 Sept. 1 *Holders of rec. Aug. 25
Lowell Elec. Light (quar.)
7% preferred (hoar.)
3
May 1 Holders of reo. Apr. 17
•134 Dee. 1 *Holders of rec Nov. 25
Mexican Light he Power.7% preference.
7% preferred Hoar.)
be. May 1 Holders of rec. Apr. 17
4% second pref.(par $5)
Amer. Founders Corp..7% hat pt. A(qu.) 87540 May 1 Holders of ree. Apr. 1
12
87550 May 1 Holders of ree. Apr. 1
May 15 Holders of roe. Apr. 15
Middle West Utilities, corn. (In stock)
7% 1st pref. series B (quar.)
750. May 1 Holders of rec. Apr. 1
$6 preferred (quar.)
$1.50 May 15 Holders of ree. Apr. 15
6% 1st pref. series D (quar.)
35e. May 1 Holders of rec. Apr. 14a
Mid-West States Utilities
Amer. Home Products(monthly)
254% stk.
May 1 Holders ot rec. Apr. 15
75e. Apr. 25 Holders of reo. Apr. 7a
Class A (qu.) 434e.cash or
American Ice, corn.(quar.)
13-4 Apr. 25 Holders of reo. Apr. 70
Milwaukee Elec. Hy. Jr Light, pref.(qu.)
134 Apr. 30 Holders of ree Apr. 200
Preferred (guar.)
Mississippi Power & Light, 1st pref.(qu.) •155 May 1 *Holders of rec. Apr. 15
Amer. Invest. Co.(Ills.) cl. A (quar.)--- *50e. May 1 *Holders of rec. Apr. 20
35e. May 1 Holders of rec. Apr. I70
•155 May 1 *Holders of rec. Apr. 15
Second preferred (quar.)
Amer. Machine he Foundry, corn.(quar.)
July 1 Holders of ree. June 15
s$1.75 May 1 *Holders of rec. Apr. 20
Missouri Gas & Elec. Serv., pref. MO
Amer. Manufacturing Co., oom. (quar.) 1
1
Oct. 1 Holders of ree. &Wt.15
Mohawk & Hudson Pow.. pref.(quar.)_. 31.75 May 1 Holders of rec. Apr. 15
Common (hoar.)
1
Dee. 31 Holders of reo. Dee. is
•114 May 1 *Holders of rec. Apr. 13
Montana Power. Pref. (qijar.)
Common (quar.)
14 July 1 Holders of ree. June la
37c. Apr. 30 Holders of reo. Mar. 31
MOntreal Lt., Heat & Pow. Consol.(qu.)
Preferred (quar.)
1 q Oct. 1 Holders of tee. Sept.15
Mountain States Power CO., pref.(quar.) 134 Apr. 20 Holders of rec. Mar. 31
Preferred (quer.)
1% Dee. 31 Holders of roe. Dee. 18
134 May 1 Holders of reo. Apr. 15
Municipal Service, pref. (quar.)
Preferred (quar.)
"75e. Apr. 30 *Holders of ree. Apr. 15
•8c. Apr. 30 *Holders of rec. Apr. 18
Mutual Telep.(Hawaii)(monthly)
American Meter (quar.)
45e. May 1 Holders of ree. Apr. 10
American Optical Co., lot pref. (guar.). 114 July 1 Holders of reo. June 200
National Electric Power, corn. A (qu.)-134 Oct. 1 Holders of rec. Sept. 19a
First preferred (quar.)
National Power & Light,$6 pref. M.) - $1.50 May 1 Holders of rec. Apr. 11
154 Dec. 31 Holders of ree. Dee, 20a
*88c. May 1 *Holders of rec. Apr. 16
First preferred (quar.)
Nat.Tel. SC Tel.. class A (guar.)
$1.25 May 1 Holders of rec. Apr. 15a
•15.1 May 1 *Holders of rec. Apr. 16
Amer. Shipbldg. Co., corn.(quar.)
I Preferred (quar.)
prof. (quar.) 134 May 1 Holders of rec. Mar. 30a
134 May 1 Holders of rec. Apr. 15
Preferred (quar.)
Nevada-Calif. Elec. Corp..
May 1 Holders of rec. Apr. 170
Amer.Smelting Jr Retg.. coin. Mari--- $1
N.Y.Power & Light Corp..7% p1.(qu.) 134 July 1 Holders of rec. June 15
134 June 1 Holders of rec. May 8a
$1.50 July 1 Holders of rem June 15
Preferred (altar.)
preferred (quar.)
$8
154 June 1 Holders of ree. May 8a
0400. May 1 *Holders of rec. Apr. 15
6% second preferred (quar.)
North Amer. Gas Jr Elec.. cl. A (quar)
May 15 *Holders of ree. Apr. 20
American Thermos Bottle, corn. (ailar.)- *30e. May 1 "Holders of rec. Apr. 20
North Amer. Light & Pow.,corn.(qu.) "12
•134 May. 1 *Holders of rec. Apr. 20
men Vitrified Prod., prof. (quar.)-Northern N. Y. Utilities. pref. (quar.)... 154 May 1 Holders of ree. Apr. 10
3754c May 18 Holders of ree. Apr. Ila
500. Apr. 25 Holders of reo. Mar.31
Anaconda Copper Mining (quar.)
Northern ontario Power, Corn.(quar.)_.
250 May 11 Holders of reo. Apr. lba
154 Apr, 25 Holders of rec. Mar. 31
Anaconda \Aare he Cable (guar.)
(quar.)
Preferred
2
May 1 Holders of reo. Mar. 31
pref. (qtr.) 13-4 May 1 Holders of rec. Apr. 20a
Archer-Daniels-Midland Co.,
Northern States Power, corn. A (guar.).62e May. 1 Holders of reo. Apr. 10a
134 Apr. 20 Holders of rec. Mar. 31
Associated Dry Goods, corn.(quar.)-- 7% preferred (quar.)
154 Apr. 20 Holders of rec. Mar. 31
134 June 1 Iiolders of rec. May 80
1st preferred (qear.)
6% preferred (qitar.)
I% June 1 Holders of ree. May 8a
Second preferred (quar.)
Ohio Public Service, 7% Pref. (mthly.). 581-Sc May 1 Holders of ree. Apr. 150
50e. May 1 Holders of ree. Apr. 15a Associated Sec. Invest.. $6 pref. (quar.) *S1.50 May 1 *Holders of ree. Apr. 20
preferred (monthly)
8%
41 2-3e May 1 Holders of reo. Apr. 15a
Atlantic Gulf he W.1.11.8. Linea. Pt.(qU.) 1% June 30 Holders of ree. June 10a
5% preferred (monthly)
134 Sept.:50 Holders of rec. Sept. boa
May 1 *Holders of rec. Apr. 25
Preferred (quar.)
Orange 6r Rockland Elec., pref.(quar.)_ _ *2
134 Doe. 30 Holders of rert. Dec. 10a
75e. May 15 Holders of rec. Apr. 200
Preferred (guar.)
(quar.)
Pacific Lighting, common
134 May 1 Holders of rec. Apr. 20a
Atlas Powder, pref. (quar.)
Pacific Northwest Public Service
750. May 1 Holders of rec. Apr.
•51.80 May 1 *Holders of rec. Apr. 15
Austin. Nichols Jr Co.. Inc.,Prior A (qu.)
15a
7.2% Brat preferred Mar.)
134 July 1 Holders of ree. June 20a
*3254c May 1 *Holders of rec. Apr. 18
Babcock Jr Wilcox Co.(quar.)
Pacific Public Service, corn. A Mari
*700. June 27 *Iloiders of rec. June 15
200. Apr. 30 Holders of reo. Apr. la Balaban he Katz Corp., corn.(quar.)
Philadelphia Company, corn. (quar.)- - *154 Juno 27 "Holders of ree. June 15
15e. Apr. 30 Holders of rec. Apr. is
Preferred (quar.)
Common (extra)
E1 Apr. 30 Holders of rec. Apr. la Bancroft (Joseph) Jr Sons Co., pt.(qu.). 134 Apr. 30 Holders of ree. Apr. 15
Old corn.(p5.5550)(guar.)
75e. Apr. 30 Holders of reo. Apr. la Bankers Investment Trust of America
Old corn.(par $50)(extra)
*15e. June 30 *Holders of rec. June 15
Debenture stoOk (quar.)
$1.50 May 1 Holders of ree. Apr. I a
6% preferred
•150. Sept.30 *Holders of ree. Sept. 15
Debenture stock (quar.)
Philadelphia Elec. Co., corn. (quar.)- - - *450. May 1 *Holders of rec. Apr. ln
•15o. Dec. 31 *Holders of reo. Dee. 15
Debenture stook (har.)
$1.25:May 1 Holders of reo. Apr. 10a
$5 preferred (guar.)
APRIL 18 1931.]
Name of Cornyany.
Per
When
Cent. Payable.
Books Closed.
Days Inclusice.
Miscellaneous (Continued).
•100. Apr. 20 *Holders of rm. Mar,31
Sandia' Petroleum (monthly)
25e, May 11 Holders of rec. Apr. 14a
Barnsdall Corp.,common A & B (quar.) _
115 May 1 Holders of rec. Apr. 15
Beatty Bros., Ltd., pref.(guar.)
75e. July 1 Holders of rec. June 12a
Beech-Nut Packing, corn.(quar.)
14 May 1 Holders of rec. Apr. 15
landing Centre111, Ltd.(War.)
Beneficial Industrial Loan,corn.(quer.)_ 3755c. Apr. 30 Holders of rec. Apr. 10a
87540 Apr. 30 Holders of rec. Apr. 10a
Preferred A (quar.)
$1.60 May 15 Holders of rec. Apr. 170
Bethlehem Steel, corn.(quar.)
.1215c May 1 'Holders of rec. Apr. 15
Hinman Elec. Co.. corn. (quar.)
*51.75 May 1 *Holders of rec. Apr. 15
Preferred (guar.)
Bliss (E. W.) Co.
July 1 Holders of roe. June 20
Common(payable in common stook). _ f2
12
Oct. 1 Holders of roe. Sept 20
Common(payable In common steak)
'3734c May 15 *Holders of rec. May 10
Bloch Bros. Tobacco. cons.(quar.)
'37140 Aug. 15 *Holders of rec. Aug. 10
Common (quar.)
"37550 Nov. 16 *Holders of rec. Nov. 10
Common (quar,)
*14 June 30 "Holders of rec. June 24
Preferred (quar.)
'1¼ Sept. 30 *Holders of rec. Sept. 24
Preferred (quar.)
Dec. 31 *Holders of rec. Dec. 24
Preferred (quar.)
14 May 1 Holders of rec. Apr. 20a
Bloomingdale Bros., Inc., pref. Mara $1
Apr, 30 Holders of roe. Apr. 15a
Bon Aml Co., class A (quar.)
75e. June 1 Holders of rec. May 15a
Borden Company,corn.(quar.)
*885.1e May 15 *Holders of me. May 1
Boudoir+, Inc., pref. (quar.)
Brandram Henderson, Ltd., corn.(qua. .50e. May I 'Holders of rec. Apr. 4
*51 June 1 'Holders of roe. May 20
Brennan Packing class A (quar.)
.11 Sept. 1 *Holders of roe. Aug. 20
Clam A (quar.)
*51 Doe. 1 *Holders of roe. Nov. 20
Class A (quar.)
.250. June I *Holders of rec. May 20
Clam B (quar.)
.25e. Sept. 1 *Holders of roe. Aug. 20
Class B (quar.)
.250. Dee, 1 *Holders of rec. Nov.20
Class B (quar.)
37540 Apr. 25 Holders of rec. Apr. 10a
Briggs Mfg. (quar.)
1255c Apr. 25 Holders of rec. Apr. 10a
Extra
Broadway Dept. Storm, Los Angeles
.154 May 1 *Holders of rec. Apr. 16
7% first preferred (quar.)
Broadway Mkt Corp.(DM.), corn. --- - .400. Ayr. 20 *Holders of rec. Apr. 1
155 May 1 Holders of rec. Apr. 20a
Brown Shoe, pref.(quar.)
June 15 Holders of rec. Apr. a,
$I
Buckeye Pipe Line (quar.)
.155 May 1 *Holders of rec. Apr. 10
Bullocks, Inc.. 7% pref.(Qoar.)
"155 May 1 *Holders of rec. Apr. 27
Bunte Bros., pref.(quar.)
Burger Bros., 8% pref. (guar.)
.$1 July 1 *Holders of rec. June 15
.$1 July 1 "Yielders of roe. June 15
8% preferred Mar.)
'Si Oct. 1 "Holders of rec. Sept. 15
8% preferred (quar.)
62.15e May 1 Holders of rec. Apr. 3a
Bush Terminal Co.,corn.((uar.)
14 May 1 Holders of reo. Apr. 15a
Byers (A. M.) Co. pref. Wear.)
.8715c July 1 *Holders of rec. June 15
Cal. Ital. Corp 7% pref.(No. 1)
"500. June 15 'Holders of rec. May 29
California Packing (quar.)
June 15 Holders of rec. May 31
$I
Canada Wire & Cable. class A (quar.)
Sept. 15 Holders of roe. Aug. 31
$1
Class A (quar.)
$I
Dec. 15 Holders of roe. Nov. 30
Class A (quar.)
624e. May I Holders of rec. Apr. 20
Canadian Bronze, Ltd.. corn.((Nara
14 May I Holders of rec. Apr. 2()
Preferred (guar.)
Canadian Industries, Ltd.,eom.(quar.)_ 6255c Apr, 30 Holders of rm. Mar. 31
25e. Apr. 30 Holders of rec. Mar. 31
Common (extra)
155 May 15 Holders of ree. Apr. 20
Canadian Pow.& Paper Invest.. pf.(qua
.25c. May I *Holders of rec. Apr. 21
Capital Management Corp. (qual'a.15c. May I 'Holders of rec. Apr. 21
Extra
50c. June 1 Holders of rec. May 15
Carman & Co., class A (guar.)
•154 July I 'Holders of rec. June 20
Carnation Co.. pref.((antra
•1.4 Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
Preferred (quar.)
'13-4 Jan 232 *Holders of rec. Dec. 21
Cartier, Inc., pref.(Qum.)
.51.75 Apr, 30 *Holders of rec. Apr. 15
Central-Illinois Securities Corp.. Pt.
(Qua 373.4e May 1 Holders of rec. Apr. 30a
Centrifugal Pipe (guar.)
15e. May 15 Holders of roe. May 5
Quarterly
15e. Aug. 15 Holders of roe. Aug. 5
Quarterly
15. Nov. 16 Holders of rm. Nov. 5
Century Co
2
Apr. 21 Holders of roe. Mar.17
2
Century Co
Oct. 21
14 June I Holders of rec. May 20s
Century Ribbon Mills, pref. (quar.)___
Corrode Pasco Copper Corp.(quar.)___ 374c May I Holders of rec. Apr. 16a
Chatham Mfg.7% pref.(gear.)
*Hi July 1 "Holders of roe. June 20
•1% Oct. I 'Holders of roe. Sept. 20
7% preferred (quar.)
.115 July 1 *Holders of ree. June 20
8% preferred (guar.)
'134 Oct. 1 *Holders of roe. Sept.20
8% preferred (quar.)
Cherry-Burrell Corp.. Common (quar.) •3734c May 1 'Holders of rec. Apr. 15
.155 May 1 'Holders of rec. Apr. 15
Preferred (quar.)
250. May I Holders of rec. Apr. 20a
Chicago Yellow Cab (monthly)
25e. June 1 Holders of rec. May 20a
Monthly
•350. May 15 *Holders of rec. May 1
Churngold Corp.(guar.)
.35e. Aug. 15 'Holders of rec. Aug. I
Quarterly
.35e. Nov.16 "Holders of rec. Nov. 1
Quarterly
Chicinnan Advertising Products (quar.) .75e. July 1 'Holders of roe. June 20
.750. Oct. 1 "Holders of rec. Sept. 19
Quarterly
"75c Jan 1'32 *Holders of rec. Dee. 19
Quarterly
Sept. 15 *Holders of rec. Sept. I
.3
Cincinnati land Shares
Cincinnati Rubber Mfg.,6% pref.(qu.) *155 June 15 *Holders of rec. June 1
.14 Sept.15 'Holders of rec. Sept. 1
6% preferred (quer.)
Dec. 15 "Holders of roe. Dee. 1
•1
6% preferred (guar.)
24e. May 1 Holders of ree. Apr. 15a
Cities Service common (monthly)
Corn.(payable in eom.stk)(mthly.)-- 134 May 1 Holders of rec. Apr. 15a
Sc. May 1 Holders of rec. Apr. 15a
Preference B (monthly)
50e. May 1 Holders of rm. Apr. 15a
Preference and pref. BB (monthly)
Calm Service Bankers shares
.2 3.3350. May 1 'Holders of rec. Apr. I5a
75e. May 1 Holders of rec. Apr. 20
Cluett. Peabody & Co.. corn. (quar.)___
25e. July 15 Holders of rec. July 3
Coca Cola Bottling (quarterly)
25e. Oct. 15 Holders of rec. Oct. 5
&
Quarterly
150. May I Holders of roe. Apr. 15
Cockshutt Plow, common (quar.)
$1.25 May 1 Holders of rec. Apr. 17a
Columbian Carbon (qmar.)
Cominerz-und Privet Bank
*rel0 May 5 *Holders of rec. Apr. 30
American deposit receipts
Consol. Chem. Industries, cl. A pf.(qu.)'37550 May 1 *Holders of roe. Apr. 15
13-4 May 1 Holdere of rec. Apr. 150
Consolidated Cigar Corp.. pr. Pt. (011.1.
1.5 June 1 Holders ot ren, May 15n
Preferred (miss'
Consol. Ice (Pittsburgh), pref. (guar.)._ .7.5e. Apr. 20 *Holders of rec. Apr. 10
Consolidated Laundries. pref.(quara_ -- 51.875 May 1 Holders of rec. Apr. 15
.755e. Apr. 25 "Holders of rec. Apr. 15
Consolidated Royalty 011 (quar.)
Construction Materials, pref. (quar.)--- .87550 May I *Holders of roe. Apr. 20
Continental Can, Inc., corn.(quar.)---- 6240 May 15 Holders of rec. May to
•400. May 1 'Holders of rec. Apr. 14
Coon (W. B.) Co.. common (quar.)..
May 1 'Holders of rec. Apr. 14
Common (payable in common stock)_ *11
*134 May 1 *Holders of rec. Apr. 14
7% preferred (guar.)
Corn Prouucts Refining. corn. (quar.)-75e. Apr. 20 Holders of rec. Apr. 6a
M750. May 1 "Holders of rec. Apr. 10
Corporation Scour. (Chicago), pref
June 30 Holders of rec. June 20
2
Crum St Forster, pref. quar.)
Apr. 15 Holders of rec. Apr. 3a
Cudahy Packing, common ((tiara
$1
34 May 1 Holders of rec. Apr. 20
7% preferred (quar.)
May 1 Holders of rec. Apr. 20
3
8% preferred (quar.)
50e. May 2 Holders of roe. Apr. 20a
Curtis Publishing, corn. (monthly)
$1.75 July 1 Holders of rec. June 250
Preferred (quar.)
.34 Aug. 3 ",aadans of rec. Aug. a
Crunden-xiartl,, Mfg
Cunee Press, common (quar.)
"6255c May 1 'Holders of rec. Apr. 15
•155 June 15 'Holders of rec. June 1
Preferred (quar.)
Davidson Co.. Prof. (quar.)
'134 July 1 'Holders of rec. June 20
*I% Oct. 1 *Holders of rec. Sept.20
Preferred (quar.)
Jan 1'32'Holders of rm. Dee. 20
.1
Preferred ((liar.)
Decker (Alfred. & Cohn. pref. (Guar.)._ .155 June 1 •Holdere of rm. May 20
'134 Sept. 1 *Holders of reo Aug 20
Preferred (quar .t
De Forest Crossley Radio (qear.)
.20e. May 1 *Holders of rec. Apr. 15
De Mete, Inc., pref. (quar.)
.550. May 1 *Holders of rec. Apr. 21
Dennison Mfg., deb. stock ((uar.)
2
May 1 Holders of rec. Apr. 18
Preferred (guar.1
May 1 Holders of roe. Apr. la
Deutsche Bank & Disconto Gesellschaft
Apr. 25 *Holders of rec. Apr. 20
American dep. reels,for bearer shares_ *tell
Dictaphone Corp., common (quer.)---- *500. June 1 'Holders of ree. May 15
June 1 'Holders of rec. May 15
Preferred (Otter.)
*2
Dr.Pepper Co.. common (quar.)
30e. June 1 Holders of ree. May 15
Common (quar.)
30e. Sept. 1 Holders of roe. Aug. 15
300. Dee. 1 Holders of roc. Nov. 15
Common (quar,)
Dome Mines. Ltd. (quar,)
250. Apr. 20 Holders of rec. Mar.310
Dominion Tar & Chemical, pref. (qu.)- 14 May I Holders of rec. Apr. 6
Douglas Aircraft
.500. Apr. 20 "Holders of rec. Mar. 11
Extra
.25c. Apr. 20 "Holders of rec. Mar. 11
2913
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Dresdner Bank (Berlin) Amer.sits
55.10 Apr. 27 Holders of rec. Apr. 20
Dupont.E. I.) de Nemours & Co.
155 Apr, 25 Holders of rec. Apr. 100
Debenture stock ((uar.)
25e May 1 Holders of rm. Mar. 25
Eastern Dairies. Ltd.,common (quar.)
Eastern Util. Invest., $7 pref.((Mara--- $1.75 June 1 Holders of rec. Apr. 30
$1.50 June 1 Holders of rec. Apr. 30
$6 preferred ((uar.)
$1.25 July 1 Holders of roe. May 29
$5 prior pref. (guar.)
$1.75 May 1 Holder, of ree. Mar. 31
Participating prof. (quar.)
40o. May 1 Holders of rm. Apr. 150
Eaton Axle & Spring,corn.((uar.)
1255c Apr, 20 Holders of rec. Mar. 31
Edison Bros. Stores, corn.((uar.)
50c. Apr. 25 Holders of rec. Apr. 11
Electric Household Utilities iquar.)
25e. May 1 Holders of roe. Apr. 15
Elec. Power Associates. com.&el.A(qua .14 May I "Holders of rm. Apr. 15
Electrical Securities. prof.((Mara
May 1 Holders of rec. Apr. 20
$1
Empire Title & Guarantee (quar.)
May .1 Holders of rec. Apr. 15
SI
Eureka Pipe Line(guar.)
*No. May 15 'Holders of rec. May 5
Kw. Plantation (guar.)
3745e Apr. 30 Holders of rec. Apr. 15a
Exchange Buffet (quar.)
*Holders of rec. Apr. 20
.60e. May
Fair (The) corn. (quar.)
•1.4 May
'Holders of rec. Apr. 20
Preferred (guar.)
'Holders of rec. Apr. 15
*S1.50 May
Federal Electric, 56 pref. guar.)
*Holders of rec. Apr. 15
*S1.75 May
$7 preferred ((oar.)
Holders of rec. Apr. 15
6255c May
Federal Knitting Mills, corn.(quaraHolders of rec. Apr. 15
1 2340. May
Common (extra)
*Holders of rec. Apr. 20
.51.25 May
Federal Title & Mtge. Guar.
(N.J.)
"15c. Apr. 30 "Holders of rec. Apr. 15
Federated Publications, corn. (quar,)
1 34
Fibreboard Producta, pr. pref. ((uar.) ' May 1 *Holders of rec. Apr. 15
Finance Co. of America (Baltimore)
May 15 Holders of rec. May 5
Corn. Cl. A & B (pay.in corn. el. A stk) 11
250. Apr, 20 Holders of ree. Apr. 3a
Firestone Tire & Rubber, corn.(quar.)
Food Machinery,655% pref. (mthlaa-- •50c. May 15 'Holders of rec. May 10
•50c. June 15 *Holders of rec. June 10
a54% preferred (moatblY)
•50e. July 15 'Holders of rec. July 10
634% preferred (monthly)
•50e. Aug 16 "Holders of rec. Aug. 10
64% preferred (monthly)
.5()e. Sept.15 *Holders of rec Sept.10
114% preferred (monthly)
134 May 15 Holders of rm. Apr. 30
Foreign Power Securities Corp., Pt.(qua
25e. May 15 Holders of roe. Apr. 30
Foundation Co. of Canada (quar.)
75e. June 1 Holders of roe. May 150
Freeport Texas Co.((oar.)
.20e. May 1 'Holders of rec. Apr. 25
Fuller Brush, clam A (quar.)
"8754c June 1 *Holders of ree,. May 15
Ualland Mercantile Laundry (quar.)
•8755e Sept. 1 "Holders of rec. Aug. 16
Quarterly
•5755e Dec. 1 "Holders of rec. Nov.15
Quarterly
May 1 Holders of rec. Apr. 170
$1
General Cigar, Inc., corn. (quar.)
115 June 1 Holders of rec. May 220
Preferred ((ttar.)
40e. Apr. 25 Holders of rec. Mar.130
General Electric, common ((tsar.)
15e. Apr. 25 Holders of roe. Mar.13a
Special !stock
750, May 1 Holders of rec. Apr. 15a
General Foods, corn. (lum.)
75e. May 1 Holders of rec. Apr. 150
General Mills, corn.(guar.)
$1.25 May 1 Holders of roc. Apr. 60
General Motors. $5 pref. (quar.)
•300. may 1 *Holders of rec. Apr. 20
General Parts, pref. Omar.)
500. May 1 Holders of rec. Apr. 15
General Stockyards, corn.((uar.)
250. May 1 Holders of rec. AM'. 15
Common (extra)
$1.50 May 1 Holders of rec. Apr. 15
$6 Preferred Mara
•650. July 1 'Holders of rec. June 20
Gibson Art Co., common quar.)
*65e Oct. 1 'Holders of rec. Sept. 19
Common (quar.)
.650 Janl'32 "Holders of roe. Dee. 19
Common (quar.)
Gillette Safety RaZ0r, cony. pref.(quar.) 155 May 1 Holders of roe. Apr. la
*30c. Apr. 30 *Holders of rec. Apr. 15
Gilmore 011 (guar.)
155 May 1 Holders of rec. Apr. 160
Gimbel Bros.. Inc., Pref.(guar.)
•1 fi June 1
Globe
-Democrat, prof
•35e July 25 "Holders of rec. July 7
Globe Knitting Works, pref
16e. May 1 Holders of rec. Apr. 15
Globe Underwriters Exchange
6255c. May 1 Holders of roe. Apr. 100
Gold Dust Corp., corn.(quar.)
750. May 1 Holders of rec. Apr. (la
Goodyear Tire & Rubber, corn. (quar.)155 July 1 Holders of rec. Juno la
First preferred (guar.)
50c June 1 Holders of rec. May 15
Gorham Manufacturing, corn. (qu.)_
14 May 1 Holders of rec. Apr. 10a
Gotham Silk Hosiery, pref. (quar.)
•300 May 1 *Holders of rec. Apr. 20
Goldsmith (P.) Sons Co.(quar.)
50c May 1 Holders of roe. Apr. 210
Granby Consol. Min., Sm & Pow.(qua
Grand(F.&W.)5-10-25Ct.Sts. corn.(an.) 250. Apr. 20 Holders of rec. Apr. 14
155 May 1 Holders of rec. Apr. 144
Preferred (quar.)
25e. Apr, 23 Holders of rec. Apr. 140
Grand(F.& W.3-,Silver Stores. com.((u.)
Jetv 41
Grant Lunch Corp., cam
.20c. June 30 "Holders of rec. June-298% preferred (quar.)
.20c Sept. 30'Holders of rec. Sept. 30
8% preferred (guar.)
.20c. Dec. 31 'Holders of rec. Dec. 15
8% preferred (guar.)
25e May 15 May 6 to May 25
Great Lakes Dredge & Dock ((uar.)
Great Laka. Engineering, corn. (quar.)- .250 May 1 *Holders of me Apr. 24
*590. June 1 'Holders of rec. May 20
Gruen Watch, corn.((Mara
•155 May 1 "Holders of rec. Apr. 20
Preferred ((Nara
.14 Aug. 1 "Holders of rec. July 29
Preferred (quar.)
•155 May 15 *Holders of rec. Apr. 29
Ouggenheimer & Co.. let pref.((Mara- 500. Apr. 30 Holders of roe. Apr. 200
Hall(W.F.) Printing, corn.(quar.)
262-3o May 15
Hamilton Loan Society (Pa.).eon
,
•100. May 15
Common (extra)
15e. Apr. 30 Holders of roe Apr. 100
Hamilton Watch,common (monthly)....Harbison-Walker Refract., pref. (quar.) 115 Apr. It) Holders of roe. Apr. 100
May 29 "Holders of roe. May 14
Hart, Schaffner & Marx, cam.(quar.)-- .1
*1
Aug. 31 'Holders of rec. Aug. 15
Common (quar.)
Nov. 30'Holders of ree. Nov. 14
•1
Common ((tiara
.750. May 15 *Holders of rec. May 1
Hartford Times, partic. prof.(quara-155 May 15 Holders of rec. May 40
Hercules Powder, pref.((tiara
Hershey-Chocolate, common (guar.). '$1.25 May 15 Holders of rec. Apr. 25
May 15 *Holders of rec. Apr. 25
.51
Convertible preferred (quar.)
25e. Apr. 24 Holders of rec. Apr. 17
Hibbard Spencer Bartlett & Co.(mthly.)
25e. May 27 flower,. Of MO. Mar.20
Monthly
25e. May 29 Holders of roe. May 22
Monthly
250. June 26 Holders of rec. June 19
Monthly
155 May 1 Apr 21 to May 1
Higbee Co., let pref ((uar.)
*14 May 1 'Holders of rec. Apr. 15
Hinde & Thatch Paper, pref. A (quar.)
Sc. Apr. 22 Holders of ree. Apr. 8
Hollinger C0113. Gold Mines, Ltd
50c. Apr. 25 Holders of rm. Apr. 20a
Homestake Mining (monthly)
Apr. 25 Holders of rec. Apr. 200
$1
Extra
Holders of rec. Apr. 100
62%c May
Horn & Hardart(N. V.), Corn.(guar.)
"Holders of rec. June 20
•154 July
Howes Bros.. 7% preferred ((war.)
*Holders of rec. Sept. 20
*1 3-4 Oct.
7% preferred (quar,)
•I 55 Dee, 3 *Holders of rec. Dec. 20
7% Preferred (quar.)
•1 55 July
'Holders of rec. June 20
6% preferred (quar.)
•14 Oct.
"Holders of rec. Sept.20
6% Preferred ((uar.)
•1 44 Der.. 3 "Holders of two, Dec. 20
6% preferred (roar.)
•30e. July 15 *Holders of roc. July 3
Illinois Brick ((uer.)
.30e. Oct. 15 *Holders of rec. Oct. 3
Quarterly
.75e. May 1 'Holders of rec. Apr. 20
Illinois Pacific Coast Co., pref.((tiara
1 , penal Sugar,$7 pref.(guar.)
•$1.75 July 1 *Holders of roe. June 20
$7 preferred (quar,)
"51.75 Oct. 1 "Holders of me. Sept. 20
.$1.75 Joni'32'Holders of ree. Dm. 20
$7 preferred ((uar.)
Incorporated Investors (stock dividend) .215 Oct. 15 *Holders of rec. Sept.21
25e. May 15 Holders of rec. Apr. 24
Indiana Pipe Line ((ttar.)
Industrial & Power Securities ((uar.).
.25e. June 1 'Holders of rec. May 1
•250. Sept. 1 *Holders of roe. Aug. 1
Quarterly
.250. Dec. 1 'Holders of rec. Nov. 1
Quarterly
Internat,Cigar Mach'y corn.(rium.)--- - 62550. May 1 Holders of rec. Apr. 17
Internat. Nickel of Canada, pref.(quar.) 14 May 1 Holders of rec. Apr. la
Internat. Printing Ink., pref. (quar.)
- 155 May 1 Holders of rec. Apr. 150
International Shoe, prof. (monthly)..
- 50c, May 1 Holders of rec. Apr. 15
.50c. June 1 'Holders of roe. May 15
Preferred (monthly)
May 1 Holders o! rec. Apr. 150
1
Interstate Department Stores. pf.(qua 75e, May 1 Holders of rec. Apr. 18
Interstate Equities, pref. A (quar.)
Investment Trust Associates, corn. (qu.) 12340. May I Holders of rm. Apr. 15
Ivanhoe Foods, Inc.. $3.50 prof. (qu.) .8740 July 1 'Holders of rec. June 20
.3740 May 1 *Holders of rec. Apr. 15
Jantzen Knitting Mills, own.
((Mara.51.75 June 1 'Holders of rec. May 25
Preferred (guar.)
"51 Apr. 24 *Holders of rec. Apr. 21
Jersey :Mtge.&Title Guar
.250. May 1 "Holders of rec. Apr. 15
Julian & Kokenge, corn. (guar.)
Kalamazoo Vegetable Parcumeut((u.).- •150. June 30 "Holders of Fee. June 20
•15e. Sept.30 *Holders of rec. Sept.19
Quarterly
'
•150. Dee 31 ,Holders of rec. Dec. 21
CatarterIv. _
Kansas City Stock Yards. Com.((tiara- - •115 May 1 'Holders of rec. Apr. 15
*14 may 1 'Holders of rec. Apr. 15
Preferred ((use.)
250. Apr. 28 Holders of roe. Apr. 10a
Kaufmann Dept. Stores, corn. ((ttar.)
Kelsey Hayes Wheel. pref. ger. K-H(qu.) 155 May 1 Holders of me. Apr. 20
14 May 1 Holders of rec. Apr. 20
Preferred series W-W (quar.)
•
2914
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Kemper-Thomas Co., corn. (guar.)--- - •750. July 1 'Holders of rec. June 20
Common (guar.)
"750. Oct. 1 *Holders of rec. Sept.20
Common (quar.)
'75c. J'n 132 "Holders of rec. Deo. 20
Preferred (quar.)
"114 June 1 *Holders of rec. May 20
Preferred (guar.)
•151 Sept. 1 'Holders of rec. Aug. 20
Preferred (guar.)
'134 Dee. 1 *Holders of rec. Nov. 20
Knudsen Creamery, class A & B (quar.) *3711c May 20 *Holders of reo. Apr. 30
Kress (S. H.) Co., trona (quay)
25c May 1 Holders of tee Apr. 10a
Corn.(payable In aperial pref.stock)__ /50e. May 1 Holders of rec. Apr. loa
Special preferred (quar.)
•15c. May 1 *Holders of rec. Apr. 10
Land Title Bldg. Corp.. Pbila
"51
June 30 *Holders of rec. June 13
Landis Machine. common (guar.)
750. May 15 Holders of rec. May 5
Common (quay.)
75c. Aug. 15 Holders of rec. Aug. 5
Common (guar.)
75c. Nov. 15 Holders of rec. Nov.
Preferred (guar.)
June 15 *Holders of roe. June
Preferred (quar.)
'154 Sept. 15 "Holders of roe. Sept.
Preferred (guar.)
•154 Dec. 15 *Holders of tee. Dec.
Lane Bryant, Inc., pref. (quar.)
May 1 Holders of reo. Apr. 1
Lanston Monotype Machine,(quar.)___
154 May 29 Holders of rec. May 1
Extra
25c. May 29 Holders of rec. May 1
Larus & Bro. Co.. preferred (quar.)---- *2
July 1 *Holders of reo. June 2
.2
Oct, 1 "Holders of reo. Sept.2
Preferred (guar.)
Lawbeck Corp., $6 pref. (guar.)
"31.50 May 1 'Holders of rec. Apr. 2
Lazarus(F.& R.) Co., pref. (quar.)---- •111 May 1 'Holders of rec. Apr. 2
Leicourt Realty Corp.. corn.(quar.)_-- •40c. May 15 *Holders of rec. May
Lehigh Portland Cement. corn.(quar.)-250 May 1 Holders of reo. Apr. 1 a
Link Belt Co., corn.(guar.)
60e. June 1 May 16 to May 3
Liquid Carbonic Corp. (quar.)
75c May 1 Holders of reo. Apr. 2 a
Leek Joint Pipe Co., pref.(guar.)
July 1 *Holders of rec. July
'2
Preferred (quar.)
*2
Oct. 1 *Holders of rec. Oct.
Preferred (quar.)
Doc. 31 *Holders of rec. Dec. 3
*2
Loew's Boston Theatres (guar.)
15c May 1 Holders of rec. Apr. 1
Loose-Wiles Biscuit, common (quar.)
85e. May 1 Holders of rec. Apr. 1 a
Common (extra)
10e May 1 Holders of reo. Apr. 1 a
Lord & Taylor, 2nd pref. (quar.)
2
May 1 Holders of reo. Apr. 1 a
Lunkenbelmer Co., pref. (guar.)
•j34 July 1 *Holders of rec. June 2
•1,1 Oct. 1 *Holders 91 reo. Sept_2
Preferred (guar.)
Preferred (guar.)
*134 Jan 132 *Holders of rec. Dee. 2
Lynch Corporation (guar.)
*50c. May 15 'Holders of rec. May
Payable In stock
"el
May 15 *Holders of rec. May
MacKinnon Steel Corp., pref. (quar.)- - 111 May 1 Holders of rec. Apr. 1
Macy (R. H.) & Co., common (quar.)
750. May 15 Holders of reo. Apr. 2 a
Magnin (I.) & Co..6% pref.(quar.)"111 May 15 *Holders of rec. May
*111 Aug. 15 'Holders of roe. Aug.
6% Preferred (guar.)
•111 Nov. 15 "Holders of rec. Nov.
6% preferred (quar.)
Marathon Razor Blade, Inc.(monthly). •3110. May 15 *Holders of roe. May
Monthly
'3140. June 15 *Holders of rec. June
•311e. July 15 *Holders of roe. July
Monthly
Monthly
•3110. Aug. 15 *Holders of roe. Aug.
Monthly
•314c. Sept .15 *Holders of rec. Sept.
Monthly
*314o. Oct. 15 *Holders of reo. Oct.
Monthly
•311o. Nov. 15 'Holders of recs. Nov.
Monthly
*334s Dee. 15 "Holders of reo. Dec.
Massachusetts Investors Trust (guar.)-- .38c. Apr. 20 "Holders of rec. Apr. 2
Maytag Co., 1st preferred (guar.)
$1.50 May I Holders of rec. Apr. 15a
Cumulative preference (guar.)
75c. May 1 Holders of rec. Apr. I5a
McCall Corp.. corn. (quay.)
6211c May 1 Holders of rec. Apr. 20a
McColl-Pros en ao Oil, prof.(guar.) _
115 Apr. 15 Holders of roe. Mar. 31
McCrory Stores Corp., pref.(quar.)- _
13.4 May 1 Holders of rec. Apr. 20a
Melville Shoe, corn. (auar.)
50c. May 1 Holders of rec. Apr. 17a
First preferred (guar.)
•111 May 1 "Holders of rec. Apr. 17
Second preferred (guar.)
•711e May 1 *Holders of rec. Apr. 17
Merck Corp., preferred (guar.)
2
July 1 Fielders of reo. June 17
•$1.50 May 1 "Holders of rec. Apr. 20
Metal & Therrnit (guar.)
Metropolitan Indust., pref. (quar.)___ 111.50 May 1 "Holders of rec. Apr. 20
•75c. May 1 *Holders of rec. Apr. 20
$6 pref. allotment ctfs. (guar.)
Apr. 20 Holders of reo. Mar. 31a
Mexican Petroleum, common (quar.)..... 3
Preferred (guar.)
2
Apr. 20 Holders of reo. Mar. 31a
M1ckelberrs hood Products
Common (payable in corn. Block).-- '/234 May 15 *Holders of rec. May 1
V214 Aug. 15 *Holders of reo. Aug. 1
Common (payable In corn. stock)
Common (payable to corn. stock) ._.. */214 Nov 16 *Holders of ree. Nov. 2
•114 May 1 *Holders of rec. Apr. 20
Minnesota Val. Can, pref.(guar.)
Miss. Val. Utilities Inv., $6 pr. pf.(qu.) *$1.50 May 1 'Holders of rec. Apr. 15
*75c. May 1 "Holders of rec. Apr. 20
Medina Mfg., corn. (guar.)
Montgomery Ward & Co., cl. A (quar.)_ 111.75 July 1 *Holders of rec. June 20
May 1 Holders of reo. Apr. 25a
3
Morris Plan Bank (Cleveland)
Mullins Mfg. Corp.. pref.(guar.)
$1.75 May 1 Holders of rec. Apr. 15a
$1
May 1 Holders of rec. Apr. 20a
Nash Motors (guar.)
20c. May 1 Holders of rec. Apr. 15a
National Acme Co. (quar.)
National Bearing Metals, pref.(guar.).
- 114 May 1 Holders of rec. Apr. 18
National Carbon, preferred (quar.)
2
May 1 Holders of tee. Apr. 20
*32
May 15 'Holders of tee. May 1
National Casket, common
Nat. Department Stores, 1st pref.(qu.).. 1
May 1 Holders of rec. Apr. 17a
National Distillers Prod.,corn.(quar.)_
500. May 1 Holders of reo. Apr. 15a
National Lead, pref. 13 (guar.)
1% May 1 Holders of rec. Apr. 17a
Nat. Short Term. Secur., corn. A (qu.). •1214c May 1 *Holders of rec. Apr. 10
Preferred (guar.)
•1711c May 1 'Holders of rec. Apr. 10
National Supply,common (guar.)
$1
May 15 Holders of rec. May 5a
National Tea. 511% prof.(guar.)
1314c May 1 Holders of rec. Apr. 14
*1% June 1 *Holders of reo. May 20
Neiman-Marcus Co., pref. (guar.)
Preferred (guar.)
'154 Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.)
•114 Dee. 1 'Holders of rec. Nov. 20
Nelsner Bros., Inc., pref. (guar.)
*114 May 1 *Holders of rec. Apr. 15
Neptune Meter, prel (guar.)
2
May 15 Holders of roe. May la
Preferred (guar.)
2
Aug. 15 Holders of rec. Aug. la
Preferred (guar.)
2
Nov.15 Holders of roe. Nov. la
Newberry (J. J.) Realty. 634% pf. (qu.) *111 May 1 *Holders of rec. Apr. 16
6% preferred B (guar.)
*131 May 1 *Holders of rec. Apr. 16
New England Grain Prod.
Corn.(1-100 share in pref. A stook) _ _
Aug. 1 *Holders of reo. July 14
Corn.(1-100 share in pref. A stock) _ _
Feb 1'32 *Hold,of reo. Jan. 14'32
"$1.75 July 1 *Holders of roe. June 20
$7 preferred (guar.)
•$1.75 Oct. 1 *Holders of reo. Sept. 20
$7 Preferred (guar.)
$7 preferred (guar.)
•$1.75 Jan 2 32 *Holders of rec. Dec. 20
.
•$1.50 July 15 "Holders of reo. July 1
Preferred A (guar.)
Preferred A (quar.)
•$1.50 Oct. 15 *Holders of rec. Oct. 1
•$1.50 Ja 15'32 *Hold, of rec. Jan. 2 '32
Preferred A (oust.)
New Jersey Zinc (guar.)
50e. May 9 Holders of reo. Apr. 200
New York Air Brake. corn. (guar.)
Oka May 1 Holders of rec. Apr. 7a
New York Hamburg Corp., gen. stock.. *31.25 Apr. 29'Holders of rec. Apr. 15
25c. Apr. 25 Holders of rec. Apr. 14
N. Y.& Honduras Rosario Mining
25e. Apr. 25 Holders of rec. Apr. 14
Extra
525c May 1 *Holders of rec. Apr. 20
N. Y. Merchandise, corn. (guar.)
•15.4 May 1 'Holders of rec. Apr. 20
Preferred (guar.)
Nineteen Hundred Corp., Cl. A (quar.)-- •500. May 15 "Holders of rec. May
•500. Aug. 15 "Holders of roe. Aug.
Class A (quay.)
•50e. Nov. 15 *Holders of roe. Nov.
Class A (quar.)
7340. Apr. 20 Holders of roe. Mar.3
NIL/Lasing Mines (guar.)
Amer. Invest. Corp.,8% pfd.(qu) •134 Apr. 20 *Holders of reo. Mar.3
North
"1% Apr. 20 *Holders of rec. Mar.3
534% preferred (guar.)
Holders of rec. Apr.
North Amer. Securities, cl. A (In stock)_ •eSi May
'Holders of rec. Apr. I
Northern Discount, pref. A (mthly.)_' 662-3c May
•662-3c June
*Holders of reo. May 1
Preferred A (monthly)
*Holders of rec. June 1
•662-3c July
Preferred A (monthly)
•662-3e Aug.
"Holders of rec. July 1
Preferred A (monthly)
•662-3c Sept. 'Holders of rec. Aug. 1
Preferred A (monthly)
"Holders of tee. Sept. 1
•662-3c Oct.
Preferred A (monthly)
• 662-3c Nov. 'Holders of rec. Oct. 1
Preferred A (monthly)
*Holders of roe. Nov. 1
• 68 2-3e Dec.
Preferred A (monthly)
•66 2-3c Janl'3 *Holders of reo. Dec. 1
Preferred A (monthly)
*Holders of rec. Apr. 1
•1
May
Preferred C (monthly)
*Holden of rec. May 1
June
"1
Preferred C (monthly)
*Holders of reo. June 1
*1
July
Preferred C (monthly)
*Holders of roe. July 1
Aug.
•1
Preferred C (monthly)
*Holders of roe. Aug. 1
Sept.
"1
Preferred C (monthly)
*Holders of reo. Sept. 1
Oct.
*1
Preferred C (monthly)
Nov. "Holders of rec. Oct. 1
•1
Preferred C (monthly)
*Holders of rec. Nov. I
•1
flee.
Preferred C (monthly)
rn 1'3 *Holders of reo. Dec. 1
Preferred C (monthly)
.1
'Holders of reo. Apr. 1
Northwest Engineering (guar.)
•50o. May
[VOL. 132.
FINANCIAL CHRONICLE
*134
111
Name of Company.
When
Per
Cent. Payable.
Books Cloaca.
Days Inclusive.
Miscellaneous (Confinued).
Onomea Sugar (monthly)
"200. Apr. 20 *Holders of rec. Apr. 10
Ontario Tobacco Plantations, prof.(au.) 1
July
Preferred (quarterly)
Oct.
1
Preferred (quarterly)
Jan.'32
1
750 may 15 Holders of rec. Apr. 300
,
Oppenhelm,Collins&Co..Inc.,com.(gu.)
Outlet Co., common (guar.)
May 1 Holders of rec. Apr. 200
$1
First preferred (guar.)
114 May 1 Holders of rec. Apr. 20a
Second preferred (guar.)
111 May 1 Holders of rec. Apr. 200
Pacific Finance, pref. A (guar.)
•20c. May 1 *Holders of rec. Apr. 15
Preferred C (guar.)
•1634e may 1 *Holders of rec. Apr. 15
Preferred D (guar.)
"17110 May 1 *Holders of rec. Apr. 15
Peabody Coal, 6% pref. (guar.)
•111 May 1 *Holders of rec. Apr. 20
Peabody Engineering, pref. (guar.).- - - '154 June 30 *Holders of roe. June 30
Preferred (guar.)
'154 Sept.30 aflolders of reo. Sept.20
Preferred (quay.)
•114 Dee. 31 'Holders of roe. Dec. 30
Penmans, Ltd., common (guar.)
$1 May 15 Holders of rec. May 5
Preferred (guar.)
114 May 1 Holders of rec. Apr. 21
Phillips-Jones Corp., pref.(quar.)
134 May 1 Holders of reo. Apr. 200
Phoenix Finance Corp., pref.(quar.)*50o. July 10 *Holders of rec. June 30
Preferred (guar.)
•50c. Oct. 10 *Holders of reo. Sept.30
*500. Jn10'32 'Holders of rec. Dee. 31
Preferred (guar.)
*25e. Apr. 25 *Holders of rec. Apr. 15
Pittsburgh ForgIngs (quar.)
Pittsburgh United Corp., 7% pref.(qu.) 134 May 1 Holders of rec, Apr. lla
•111 Apr. 20'Holders of rec. Mar. 31
Plymouth Cordage (guar.)
Plymouth 011 Co
•25e. Apr. 30 *Holders of rec. Apr. 15
Prudence Co., Inc., preferred
314 May 1 Holders of rec. Apr. 10
Pyrene Mfg., corn. (guar.)
*200 May 1 *Holders of rec. Apr. 17
"114 May 29 *Holders of rec. May 2
Quaker Oats, pref. (guar.)
Railroad & General Securities, common.. •1211 May 1 *Holders of rec. Apr. 10
"50c. May 1 *Holders of roe. Apr. 20
Raymond Concrete Pile, corn.(guar.)-"75c. May 1 *Holders of rec. Apr. 20
$3 preferred (guar.)
Real Silk Hosiery Mills
Corn,(guar.) (Payable in corn.stock).. of251 July 1 Holders of roe. June 19a
Corn.(guar.)(payable In oom.stock).. ef234 Oct. 1 Holders of reo. Sept. 18a
Corn.(guar.)(payable in corn. stock).. rf214 Jan 1'32 Holders of reo. Doe. 1136
50c. May 1 Holders of rec. Apr. 21
Reed (C. A.) Co., class A (quar.)
1211e May 1 Holders of rec. Apr. 21
Class B (guar.)
Republic Service Corp., pref. (guar.)
'134 May 1 *Holders of ree. Apr. 15
75e. Oct. 15 Holders of rec. Oct. 1
Republic Supply CO. (quar.)
Revere Copper & Brass, pref. (quay.).. 1.4 May I Holders of rec. Apr. 100
Rogers Paper Mfg., class A (quar.).._... *90c. May 1 *Holders of rec. Apr. 15
Rollins Hosiery Mills, pref. (quar.)....._ *90c. May 1 *Holders of rec. Apr. 15
*82110 May 1 .1:folders of reo. Apr. 15
Roos Bros., corn. (guar.)
• $1.625 May 1 *Holders of rec. Apr. 15
Preferred (guar.)
65c. May 1 Holders of reo. Apr. 20
Ruud Manufacturing. common (guar.)._
Ryerson (Joseph T.)& Son, corn.(guar.) *50c. May 1 'Holders of tee. Apr. 20
25c. June 20 June 10 to June 21
St. Joseph Lead Co.(guar.)
25e. Sept. 21 Sept. 11 to Sept.21
Quarterly
25e. Dec. 2 Dec. 11 to Dec. 21
Quarterly
35e. May 1 Holders of rec. Apr. 15a
Salt Creek Producers Assn. (quar.)- Sept. 1 *Holders of ree. Aug. 15
Saranac Pulp & Paper, stock dividend.. •e5
•114 May IS "Holders of rec. May 1
Savage Arms second pref.(guar.)
$1.50 May 1 Holders of rec. Apr. 15
Savannah Sugar, common (guar.)
May 1 Holders of rec. Apr. 15
Preferred (riar.)
Schumacher Wall Board, mato.PC.(qu.) .500. May 15 'Holders of rec. May 5
114 May 1 Holders of roe. Apr. 160
Scott Paper, pref. A (guar.)
111 May 1 Holders of reo. Apr. 160
Preferred Ii (guar.)
1211c May 15 Holders of rec. Apr. 30
Seaboard Surety (guar.)
12110 May 1 Holders of reo. Apr. la
Seaboard Utilities Shares Corp.(quay.)
Sears, Roebuck dc Co.. corn. (gear.)---- 62 Mc May 1 Holders of reo. Apr. Sa
May 1 Holders of rec. Apr. Sa
Common (payable in corn. stock)- - /1
•750. May 1 *Holders of rec. Apr. 15
Seeman Brothers, Inc., corn.(luar.)-•25e. May 1 *Holders of rec. Apr. 16
Beton Leather (quar.)
8711c May 1 Holders of rec. Apr. 170
Sharp & Dohme, pref. A (guar.)
Sept. 15 *Holders of rec. Sept. 1
Sheaffer (W. A.) Pen Co- ererumn---- 41
Apr. 20 *Holders of tee. Mar. 30
'2
Preferred (quar.)
.2 July 20 *Holders of rec. June 30
Preferred (quar.)
*2
Oct. 20 *Holders of rec. Sept .80
Preferred (guar.)
(q) May 1 Holders of tee. Apr. 4
Shenandoah Corp., cony. pre/.(quar.)
250. Apr, 20 Holders of rec. Apr. 14
Silver (Isaac) Bros., common (quara___
114 May 1 Holders of roe. Apr. 14
7% Preferred (guar.)
3
May 1 Apr. 16 to Apr. 30
Simpson (Robert) Co
50c. May 1 Holders of rec. Apr. 20a
Simpsons, Ltd.(Toronto), class A (qu)
151 May 1 Holders of rec. Apr. 200
634% preference (guar.)
114 May 1 Holders of rec. Apr. la
Skelly Oil, pref. (quar.)
154 May 15 Holders of rec. Apr. 15a
Solvay Amer. Investment CorP.V.(qua
'1% July 1 *Holders of reo. June 15
Sorg (Paul A.)Paper Co., pref.(quar.)
Standard Store Service. cony. pref.(qu.) *75e. May 1
Steel Co. of Canada,corn.& pref. (guar.) 4314e May 1 Holders of reo. Apr. 7
•4314e June 30'Holders of tee. Juno 15
&ix Baer & Fuller. pref.(guar.)
'4354c Sept.30 *Holders of rec. Sept.15
Preferred (guar.)
'4334e Dec. 31 *Holders of tee. Dec. 15
Preferred (guar.)
'1(4 May 1 'Holders of rec. Apr. 15
Suburban Elec. Securities, 1st pf.(qu.)
75c. May 1 Holders of rec. Apr. 20
Sun Investing Co., Inc., pref. (quar.)......
,
Superior Portl. Cement.el. A (monthly) •27110 May 1 *Holder: of rec. Apr. 23
250. May 1 Holders of tee. Apr. 150
Sweets Co.of Amer.(dear.)
150, May 1 Apr. 17 to Apr. 30
Teck-Hughes Gold Mines, Ltd
35e. May 1 Holders of rec. Apr. 15a
Telautograph Corp. (qllar.)
90c. May 15 Holders of rec. May 50
Thatcher manufacturing, pref.(guar.)-Thomson-Gibb Elec. Weld.. el. A (No.1) •50e May 1 *Holders of rec. Apr. 21
114 May 15 Holders of rec. Apr. 170
Tide Water Oil. pref. (guar.)
25e Apr. 25 Holders of reo. Apr. 4a
Transamerica Corp. (guar.)
75c. May I Holders of rec. Apr. 15
Tr -Utilities Corp.,$3 cum. pref.(411.)-$1.50 May 1 Holders of rec. Apr. 15
$6 preferred (guar.)
Truax-Traer Coal, corn -Div. omitted.
*25c. May 1 *Holders of roe. Apr. 20
Tung Sol Lamp Works, Inc., cool.(qu.)
*75e. May 1 *Holders of rec. Apr. 20
Preference (guar.)
•50e. May 9 *IIolders of rec. Apr. 17
Union 011 Associates (guar.)
500 May 9 Holders of reo. Apr. 17a
Union 011 of Calif.(guar.)
11 June 1 Holders of rec. May 16a
United Biscuit of Amer.(guar.)
114 May 1 Holders of rec. Apr. 16a
Preferred (guar.)
United Cigar Stores of Amer., pref.(au.) 114 May 1 Holders of tee. Apr. 10a
114 Aug. 1 Holders of rec. July 10a
Preferred (guar.)
,
114 Nov. 2 Holden of rec. Oct. 911
Preferred (guar.)
•$1.50 Apr. 20 'Holders of rec. Apr. 1
United Linen Supply. cl B (quar.)
United Ohio Utilities,6% pr. pref.((ie.)- •134 May 1 'Holders of rec. Apr. 10
50e. May 1 Holders of tee. Apr. 150
United Piece Dye Works.com.(qua,.)...
50e• Aug. I Holders of roe. July Ifia
Common (guar.)
500. Nov. 1 Holders of rec. Oct. 156
Common (quar.)
13.4 July 1 Holders of reo. June 200
Preferred (quay.)
134 Oct. 1 Holders of rec. Sept. 19a
Preferred (quar.)
154 Jan1'32 Holder,of rect. Dec. 19a
Preferred (guar.)
500 Apr, 30 Holders of rec. Mar. 310
United Profit Sharing, preferred
50o May 1 Holden, of rec. Apr. 2a
United Verde Extension Mining
U.S.& British Internat. Co.com. A (V.) 12310 May 1 Holders of rec. Apr. 15
75o May 1 Holders of reo. Apr. 15
$3 preferred (guar.)
U.S.& For.Seeurs. Corp. lat Pf.(Q11.)-- $1.50 May 1 Holders of reo. Apr. lla
50c May 1 Holders of rec. Apr. 154
U. S. Industrial Alcohol, CO.(gu.)---500. Apr. 20 Holden of rec. Mar. 31a
United States Plpe & Fdy., corn.(qua-50c. July 20 Holders of rec. June 30a
Common (quay.)
We. Oct. 20 Holders of reo. Sept. 30a
Common (quay.)
50c Jn20'32 Holders of rec. Dec. 31a
Common (guar.)
300. Apr, 20 Holders of rec. Mar. 31a
First preferred (guar.)
30c. July 20 Holders of rec. June 30a
First preferred (guar.)
300. Oct. 20 Holders of rec. Sept.30a
First preferred (guar.)
32 Holders of rec. Dee, 81a
30e. Jn20.
First preferred (quay.)
75o. May 1 Holders of reo. Apr. 17a
Universal Leaf Tob.. corn.(guar.)
10e. May 1 Holders of rec. Apr. 1
Utilities Hydro & Rails Shares (gust.)....
'154 June 10 *Holders of rec. June I
VaporCar Heating. Prof. (guar.)
•134 Sept. 10 *Holden of rec. Sept. 1
Preferred (guar.)
*114 Doe, 10 *Holders of ree. Doe. 1
Preferred (quay.)
•$1 May 1 *Holders of rec. Apr. 4
Victor Talking Machine,COm.
((Mari--"25c. July 1 'Holders of rec. June 15
Vogt Mfg. (quar.)
Apr. 20 Holders of rec. Apr. 7a
$1
Vulcan Detinning. corn. ((plan)
114 Apr, 20 Holders of rec. Apr. 7a
Preferred (guar.)
•500. July 1 *Holders of ree. June 22
Waltham Watch,6% prof. (quar.)
*500 Oct. 1 *Holders of reo. Sept.21
6% preferred (guar.)
*75o. May 1 'Holders of rec. Apr. 21
Water Mfg.,$3 pref.(gear.)
West Va.Pulp & Paper,6% pref.(00.)-.. 111 May 15 Holders of rec. May 1
111 Aug. 15 Holders of roe. Aug. 1
6% preferred (guar.)
111 Nov. 16 Holders of roe. Nov. 2
6% preferred (qua:.)
134
Per
When
cent. Payable.
Name of Company.
Books Closed.
Days inclusive.
Miscellaneous(Conduded).
*236c June 20
Western Exploration (guar.)
Western Grocer of Iowa,com.(quar.)--- *3730 May 1 *Holders of rec. Apr. 20
May 1 *Holders of rec. Apr. 15
Western Newspaper Union, pref. (an.)
Western Tablet & Stationery, corn.(qu.) 500. May 1 Holders of rec. Apr. 20
Western United Corp.. pref.(quar.)--_- •13i May 1 *Holders of rec. Apr. 15
50c. Apr. 30 Apr. 1 to Apr. 21
Westinghouse Air Brake (anal.)
Apr. 30 Holders of rec. Apr. 60
Westinghouse El. & Mfg., corn. (guar.). $1
$1
Apr. 30 Holders of rec. Apr. 60
Preferred (quar.)
100. May 15 Holders of rec. May 1
Will & Baumer Candle, corn.(guar.)
July 1 Holders of rec. June 15
2
Preferred (quar.)
$1
May 1 Holders of rec. Apr. 20a
Will-Low Cafeterias, Pref. guar.)
*2ti May 1 *Holders of rec. Apr. 16
Winsted Hosiery, corn. (quar.)
*24 Aug. 1 *Holders of rec. July 15
Common (guar.)
*234 Nov. 1 *Holders of rec. Oct. 15
Common (guar.)
•75c. May 1 *Holders of rec. Apr. 22
Wisconsin Invest.(Del.) pref. A
60a. June 1 Holders of rec. Apr. 20a
Woolworth (F. W.) Co., corn.(quar.)
250. May 1 Holders of rec. Apr. 20a
Wrigley (Wm.) Jr. Co.(monthly)
50c. June 1 Holders of rec. May 200
Monthly
250. July 1 Holders of rec. June 20a
Monthly
'114 July 1 *Holders of rec. June 20
Wurlitzer (Rudolph). pref. (guar.) __
Zlnke Renewing Shoe Corp., corn.((PO - *Mc.July 2 *Holders of rec. June 15
*13lc. Oct. 2 *Holders of rec. Sept. 5
Common (guar.)
*30. July 2 *Holders of rec. June 15
Preferred (quar.)
*3c. Oct. 2 *Holders of rec. Sept. 15
Preferred (quar.)
* From unofficial sources. t The New York Stock Exchange has ruled that
stock will not be quoted ex-dividend on this date and not until further notice.
I The New York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
I Western Continental Utilities corn. A dividend is payable in cash unless stockholders notifies company within ten days of stock of record date of his desire to
take stock-1-40th share class A stock.
d Correction. e Payable in stock.
f Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. I Payable in preferred stock.
t Electric Shareholdings preferred dividend is optional-21.50 cash or 44-1,000th
share common stock.
V American Cities Power & Light class A dividend Is payable in class 13 stock
at rate of 1-32d share, unless holder notifies company by April 14 of his desire to
take cash, 75c.: class B dividend is payable in class 13 stock.
g Shenandoah Corp. pref. stock dividend will be paid 1-32d share common stock,
unless bolder notifies company on or before April 14 of his desire to take cash
75c. per share.
dividend payable in common stock-1-40th share
s Corporation Securities pref.
—unless holders notify company of their desire to take cash.
General Realty & Utilities $6 pref. dividend will be paid in common stock,
60-1,000ths share, unless holder notifies company on or before Mar. 31 of his desire
to take cash, 51.50.
v Real Silk Hosiery Mills stock dividends ratified at stockholders' meeting
March 26. New York Stock Exchange rules common stock will sell ex-dividend
on March 30.
z Public Utility Securities dividend is 51.75 cash or 1-20th share common stock
of Utilities Power & Light Co.
w Less deduction for ex6ensee of depositary.
y Rio Tinto ordinary dividend is 10 shillings and pref. dividend 2 shilling 6 pence.
z Payment of Associated Gas & Electric class A dividend will be made to all
stockholders entitled thereto who do not, on or before April 10, request payment
In cash or preferred stock. $4 preferred dividend will be paid in $5 preferred-1-70th
share—unless holder notifies company on or before April 10 of his desire to take cash.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest bind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $35,750,000 to the capital,
$37,753,100 to surplus and undivided profits, $171,097,000
to the net demand deposits and $105,520,000 to the Time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY,APRIL 11 1931
Clearing House
Members.
2915
FINANCIAL CHRONICLE
APRIL 18 1931.]
•Capital.
*Surplus and Net Demand
Deposits,
Undivided
Average.
Profits.
$
6,000,000
Bank of N. Y.& Tr. Co22,250,000
Bk.of Manhattan Tr.Co
36.775,300
Bank of Amer.Nat.Amen
National City Bank-- 110,000,000
21,000.000
Chem. Bk. dr Trust Co....
90,000,000
Guaranty Trust Co
16,200,000
Chat.Ph. N. Bk.&Tr.Co
21,000,000
Cent. Han. Bk.& Tr. Co
15,000,000
Com Exch. Bk.Tr.Co
10,000,000
First National Bank.—
50,000,000
Irving Trust Co
6,000,000
Continental Bk.dar.Co.
Chase National Bank— 148,000,000
500,000
Fifth Avenue Bank
25,000.000
Bankers Trust Co
10,000,000
Title Guar.dr Trust Co
10,000,000
Marine Midland Tr. Co3,000,000
Lawyers' Trust Co
12,500,000
New York Trust Co.—
7,000,000
Com'l Nat. Bk.Sr Tr. Co
2,000,000
Harriman Nat.Bk.& Tr.
8,250,000
Public N.B.& Tr.Co
27,500,000
Manufacturers Trust Co.
Time
Deposits,
Average.
$
$
$
14,368,800
65,489,000
13,884,000
54,517,900
277,470,000
54.709,000
33,423,200
163,974,000
54,828,000
114,744,200 a996,081,000 206,946,000
43,709,800
234,720,000
29,327,000
208,068,600 1931,425,000 122,778,000
16,528,000
157,556,000
33,653,000
88,207,800
402,754,000
84,076,000
32,579,200
183,500,000
38,017,000
115,830,900
251,571,000
30.836,000
85,285,400
386,548,000
49,775,000
11,341,900
12,150,000
769,000
210,812,700 c1,391,662,000 200,500,000
3,897,100
27,242,000
3,275,000
87,395,200 d433,914,000
80,124,000
24,988,800
35,797,000
1,532,000
9,551,400
45,985,000
6,651,000
4,526,500
16,655,000
2,511,000
36,051,800
176,922,000
55,664,000
10,013,800
44,542,000
4,665,000
2,642,200
28,018.000
6,203,0N)
13,805,400
41,035,000
34,789,000
23,947,700
130,062,000
70,731,000
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 Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending April 10:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING SUMNER
FOR THE WEEK ENDED FRIDAY, APRIL 10 1931
NATIONAL AND STATE BANKS—Average Figures.
Loans,
Disc. and
Invest.
OtherCash Res. Dep., Dep. Other
Gross
Including N. Y. and Banks and
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
$
s
Manhattan—
Bryant Park Bk_ 1,678,300 61,400
Grace National— 20,752,130 2,000
Bros/SIM—
Brooklyn Nat'l__ 9,944,300 26,000
Peoples Nat'l... 6,550,000 5,000
$
$
$
$
1,224,200
365,900
85,000
63,924 1,852,506 1,798,244 19,600,353
166,500
120.000
534,600
540,000
574,900
500,000
7.395,100
7,100,000
TRUST COMPANIES—Average Figures.
Loans,
Disc. and
Invest.
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
$
$
$
Manhattan-283,900
718,600
Bank of Europe & Tr 13,866,500
84,940,000 *4,615,300 6,724,500
Empire
108,259 1,013.514
15,579,428
Federation
985,000
20,685,000 *2,410,800
Fulton
89.619,093 4,000,000 17.396,845
United States
Brooklyn—
123,420,000 2,359,000 23,588,000
Brooklyn
27,975,230 2,143,233 3,084,195
Kings County
Bayonne, N. J.—
768,868
298,089
8,446,141
Mechanics
(Ross
Deposits.
$
$
12,785,200
2,641,900 83,325,800
240,984 15,165,166
158,000 19,490,700
61,702,375
1,940,000 129,876,000
26,509,139
295,113
8,405,090
•Includes amount with Federal Reserve Bank as follows: Empire, 23.203.900:
Fulton, $2,226.200.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended Changesfrom
Previous
April 15
Week.
1931.
Week Ended
April 8
1931.
Week Ended
April 1
1931.
$
s
s
$
94,075,000
94,075.000
44,075,000 Unchanged
Capital
96,531,000
97,216,000
97,216,000 Unchanged
Surplus and profits
Loans, disc'ts & invest'ts_ 1,049,135,000 —1,481,000 1,050,616,000 1,034,984,000
624,516,000 +4,066,000 620,450,000 602,362.000
Individual deposits
—989,000 169,575,000 157,624.004
168,586,000
Due to banks
+175,000 279,210,000 279,107,006
279,385,000
Time deposits
40,609,004
36,847.000
31,588,000 —5,279,000
deposits...
United States
21,866,000
22,383,000
23,848,000 +1,465,000
Exchanges for (Jig. House
Due from other banks._ 130,934,000 +9,340,000 121,594,000 117,356,000
79,449.000
83,743,000
82.717,000 —1.026,000
Reeve in legal deposit'lee
5,547,000
5,769,000
+39.000
5.808,000
Cash in bank
2,534,000
3,731,000
—987,000
2.744.000
itse.vs in s,....ss, inF.R.Bk
Philadelphia Banks.—Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
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 ended May 14 1928,
the Philadelphia Clearing House Association discontinued showwhether reserves held are above or
ing the reserve required and.
below requirements. This practice is continued.
Week Ended
Apr. 11
1931.
Changesfrom
Previous
Week.
Week Ended
Apr. 4
1931.
Week Ended
Mar. 22
1931.
$
s
$
$
83,202,000
83,202,000 Unchanged
83,202,000
Capital
258,367,000 —1,038,000 259,405,000 259.052,000
Surplus and profits
+4,068,000
909,700
500,000
2,739,000
5,297,000 Loans, discts. and Invest. 1.557,772,000 —7,939,000 1,553,706,000 1,559.400.000
25,299,000
33,238,000
23.979,0013
Exch. for Clearing House
175,645,000 +1.845,000 173,800,000 181,858,004
1
OCR Sc 50(1 1 067 16R min ft 477 R11 •1111f1• 1ni I CAA nnn
Due from banks
281,578,000 —1,731,000 283.309.000 279.938,09
Bank deposits
810,695,000 —5,308.000 8113,003,000 805,01303
deposits
•M per official reports: National, March 25 1931 State, March 25 1931; trust Individual
429.555,000 +3.875.000 425.680.000 437,76o,
Time deposits
companies, March 25 1931.
1,521,828.000 —3,184,000 1,524,992.000 522 711 003
Total
Total deposits
'
Includes deposits in foreign branches:(a)2284,473,000:(6) $122,849,000;(e) $119,- Rmerve wit/a F.R.Batik- 127,308,000 —1,801.000 129.109(1(1(1 1.192,A74%-n,
225.000;(d) $57,746,000.
Clearing Non-Member.
Mech. Tr. Co., Bayonne
2916
FINANCIAL CHRONICLE
[voL. 132.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, April 16, 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 2866, 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 APRIL 15 1931.
Apr. 15 1931. Apr. 81931. Apr. 11931. Mar.25 1931. Mar.18 1931. Mar.11 1931
Mar.4 1931. Feb. 25 1931. Apr. 16 1930.
RESOURCES.
$
$
$
$
$
$
$
$
2
Gold with Federal Reserve agents
1,760,114,000 1.733,114,000 1.725,124.000 1.729,624,000 1.710,384,000 1,715,384,000 1,705,384,000 1,724.089,000 1,688,084,000
Gold redemption ftmd with U. B. Tre555_
32,529,000
32,843,000
32.648,000
32,672,000
34,467,0(X)
33,005,000
33,118,000
33,620,000
41,245,000
Gold held exclusively &gat. F.11. notes 1.792,643,000 1,765,962,000 1,757,772,000 1,762,296,000
1,748,502,000 1,739,004,000 1,758.556,000 1,729,329,000
Gold settlement fund with F. R.Board.. 523,304,000 540,763,000 503,978.000 504,271,000 1.743.389.000
519.463,000 500,222,000
472,060,000
Gold and gold certilicatea held by banks_ 825,911,000 824,296,000 848,452,000 859,801,000 853,022,000 817.650,000 491,679.000 850.706,000 592.097,000
863.614.000
710,065,000
Total gold reserves
3,141,858,000 3,131,021,000 3,115,202,000 3.126,368,000 3,115,874.000 3.096,374,000 3.094,297,000 3,081,322,000 3,031,491,000
Reserves other than gold
176,015,000 177,992,000 180,008,000 183,894,000 178,265.000 184,172,000 175,990,000 179.194,000 177,413,000
Total reserves
3,317,873,000 3,309,013,000 3.295.210,000 3.310.262,000 3.294,139.000 3,280.546,000 3,270,287.000 3,260.516.000 3,208,904,000
Non-reserve cash
76,178,000
78,100,000
73,954,000
74,333.000
74,791.000
78.878.000
75,634.000
76,037.000
65,027,000
Bills discounted:
Secured by U. 8. Govt. obligations.40,336,000
45,700,000
57.747.000
61,950,000
52,892,000
49,628,000
63,258,000
60,507,000
96,649,000
Other bills discounted
91,668,000
96,885,000 105,883,000 103,475,000 109,030,000 122,922,000 127,318,000 129,340,000 117,155,000
Total bills discounted
132,004,000 142,585,000 163,630,000 165,425,000 161,922.000 172,350,000 190,576,000 189,847,000 213,804,000
Bills bought in open market
131,479,000 171,729,000 166,622.000
83,272,000 122,550,000 151,402,000 100,555,000 106,317.000 302,414,000
U. S. Government securities:
Bonds
65,722,000
66.719,000
66,600,000
66.633,000
76.025,000
66,959,000
76.123,000
75,731.000
68.478,000
Treasury notes
52,229,000
59,225,000
63,226,000
63,227,000
53,223.000 178,195,000 168,293,000 183,074,000 177,583,000
480,684,000 472.711,000 468,537,000 468,698,000 497.584,000 350384.000 355,451,000 340.638.000 289,332,000
Certificates and bills
Total U.S. Government securities
598.635,000 598,655,000 598,363,000 598,558,000 617.746,000 604.704,000
599.867,000 599,443,000 535,393,000
Other securities (see note)
9,865,000
862,118.000 912,969,000 928,615,000 847.255,000
Total bills and securities (see no(e)
902,218.000 928.656,000 890,998.000 895.607.000 1,061,476,000
Due from foreign banks (see note)
697.000
697,000
707,000
710,000
698.000
699.000
703,000
698.000
711,000
Uncollected Items
15,981,000
14,383,000
13,608.000
14,959,000
14,664,000
15.750,000
14.772.000
16,239,000
19,028.000
Federal Reserve notes of other banks
598,488,000 475,629,000 501,567.000 4 ,466,000
64
563.821.000 461,472,000 316.299,000 522,264,000 717,552,000
Bank premises
58,417.000
58,364,000
58,338,000
58,323,000
58,243,000
58,192,000
58,509,000
138,297,000
58,196,000
All other resources
16,963,000
17,287,000
17,617.000
16,546,000
11,006,000
16,073.000
19,850,000
19,729,000
19.085,000
Total resources
4,946,715,000 4,866,442.000 4,889.616.000 4.786,854,000
4,924,814.000 4,843.007,000 4,848,080,000 4.848,150.000 5,142,213,000
LIABILITIES.
F.It. notes in actual circulation
1,515,716,000,1.505,143,000 1.497,811.000 1.441,715,000 1.441,823.000 1.445,855,000
1,459,837,000 1,448.418,000 1,547,869,000
Deposits:
1
Member banks-reserve account
2,356,415.000 2,388,700,000 2,391,814,000 2,357,011,000 2,436,383,000
2.435,520.0002,365,192,000 2.378,411,000 2,380,128,000
Government
18,859,000
29,884,000
29,140,000
51.404,000
2,535.000
33,124,000
25.847,000
36,736,000
43,644.000
Foreign banks (see note)
5,183.000
5,243,000
5,151,000
5,086,000
5,234,000
5,183,000
5,200.000
5,730,000
5,197,000
Other deposits
25,733,000
18,680.000
20,113,000
19,266,000
21.104,000
16,944,000
16,737,000
20,538,000
18.111.000
Total deposits
2.406,190,0002,442,507,000 2,446.218,000 2,432,767,000 2,465.256,000
Deferred availability items
566,027,000 460,439,000 487,611,000 454,585,000 559.941,000 2,490,771,000 2,430.770,000 2,427,569,000 2,443,132.000
Capital paid in
168,738,000 168,713.000 163,825.000 168,894.000 169.004,000 448,988,000 500,381,000 515.070.000 681,164,000
Surplus
274,636.000 274,636,000 274,636.000 274.636,000 274,636,000 169,024,000 169,092,000 •169.135,000 174,153.000
274,636.000 274,636,000 274,636,000 276,936,000
All other liabilities
15.408.000
15,004,000
14,515,000
14.257.000
14,154,000
13,733,000
13.364,000
13,324,000
18.959,000
Total liabilities
4,946.715,000 4.866,442,000 4,889.616.000 4
,786.854,000 4,924,814,000 i 243.007.000 4,848.080.000 4,848.150,000 5.142,213,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
80.1%
80.2%
79.1%
80.6%
78.6%
70.7%
79.5%
79.5%
75.9%
Ratio of total reserves to deposits and
F. R. note liabilities combined
84.6%
83.8%
83.5%
85.4%
84.3%
. 83.3%
80.4%
84.1%
84.1%
Contingent liability on bills purchased
for foreign correspondents
424.148.000 429.536,000 430,784,000 437,233,000 453.072.000 460,945,000
462,261,000 453,814.000 459,446,000
Maturity Distribution of Bills and
3
$
$
$
$
$
3
$
$
Short-Term Securities
69,331,000
1-15 days bills bought in open market_
95,149,000 120,934,000
54,399,000
74,872,000
78,336.000
35,604,000
39,496,000 190,529,000
1-15 days bills discounted
82,837,000 100,857,000 102,694,000
73,825,000
95,670,000 100.829,000 120,439,000 117,738,000 141,044,000
1-15 days U. S. certif. of indebtedness_
45,000.000
1,640,000
1-15 days municipal warrants
15,000
16-30 days Ms bought in open market
35,916,000
53,580.000
31,823,000
17.835,000
26,095,000
49,372,000
36,653.000
40,488,000
47.760.000
16-30 days bills discounted
14,367,000
13.949.000
14,452,000
14.152.000
16,061,000
18,725,000
10,318,000
16,946.000
17.888,000
16-30 days U.3. certif. of indebtedness_
5,000,000
6,000 000
16-30 days municipal warrants
31-60 days bills bought in open market
14,432,000
19,539,000
10,779,000
9,666,000
19,919.000
21,605,000
21,414,000
23.608,000
48,709,000
31-80 days bills discounted
19,640,000
21,035,000
21,857,000
22,426,000
23,102.000
25,377,000
27.188,000
24,779,000
24,958,000
31-60 days U. S. certif. of Indebtedness
29.422,000
24,500,000
36,000,000
36,000,000
6,000,000
2,000,000
1,000
31-60 days municipal warrants
61-90 days bills bought in open market
11,661,000
3,223.000
2.891.000
1.245.000
1,434,000
1.760,000
5.844.000
12,370,000
2.738.000
61-90 days Mlle discounted
13,665,000
12,291,000
14,744,000
14,236,000
15,132,000
15,742,000
16,338.000
14,374.000
16,693,000
61-90 days U. S. certif. of indebtedness
122,794,000 134,726,000 120,216,000 113.718,000 158,717,000
30,000,000
29,000,000
32,000,000
92,385,000
61-90 days municipal warrants
Over 90 days bills bought In open market
238,000
139,000
190,000
127,000
230,000
239,00(4
311,000
710.000
3,046,000
Over 90 days bills discounted
11,699,000
11,881,000
11,720,000
11,917,000
11,957,000
11.877,000
11.587.000
11,666,000
13,221.009
Over 90 days certif. of indebtedness
23,468,000 307,485,000 312,321,000 318,930.000 297.847,000 318.484,000 323,451,000 311.638,000 195,306,000
Over 90 days municipal warrants
FED. RESERVE NOTE STATEMENT.
P. R. notes received from Comptroller
r. It. notes held by F. R.Agent
Issued to Federal Reserve Banks
3,140,246,000
I 275,751,000
1.929,937,000 1.911,513,000 1,895,399.000 1,874.535.000 1,871,904.000 1.8431,648.000 1.849,906.000 1.856.233.000 1,864,495.000
Collateral Held by Agent as Security for
Notes Issued to Bank
620,134,000 623,134.000 623.144,000 618,144,000 618.654.000 618,654,000 614.654,000 617,359,000 402,028,000
Sy gold and gold certificates
bold redemption fund
1,139,980,000 1,109,980,000 1,101,980,000 1.111.480,000 1.091,730,000 1,096,730.000 1.090.730,000 1,106,730.000
bold fund-Federal Reserve Board
1,286,056,000
254,107,000 299,262,000 301,556,000 239,742,000 2.56,650.000 288,207,000 255,540,000 250,470,000 494,433,000
3y eligible paper
7../..1
2.014.221.000 2.032 376 000 2.026.680.000 1.969.36(3.00n 10)17 ens min 2 nna Lri I non tr1s0.924.000 1.974.559 000 2.182.5t 7 ass
NOTE -Beginning with the statement of Oct. 7 1925, two new items were added In order to show separately the amount o balanoes held abroad and amounts due
to
foreign correspondents. In addition, the caption. "All other earning assets." previously made up of Foreign Intermediate Credit Bank debentures, was changed to "Other
securities." and the Caption. "Total earning assets" to "Total hills and securities." The latter item was adopted as a more accurate description of the total of the die(founts, acceptances and securities acquired 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 THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 15 1931
Two Ciphers (00) omitted.
Federal Reserve Bank of-
Total.
Boston,
$
a
RESOURCES,
Sold with Federal Reserve Agents 1,760,114,0 146,917.0
32,529,0 1.198,0
Sold red'n fund with U.S.Treas.
New York.
Phila,
a
a
Cleveland. Richmond Atlanta, Chicago. St, Louts. Minneap. Kan.City. Dallas.
a
361.919,0 160,000,0 192.550,0
13,244,0 1,105,0 2,537,0
a
$
a
84,070,0 140.400,0255,000,0
699,0 1,02t,o1 3,985,0
a
a
$
a
san Fran.
a
69,880,0 45,515,0 65,000,0 23.100,0215.763,0
669,0 1,349,0
1,520,0
764.0 4,438,0
Gold held exoi. &DILI'. n.notes 1,792,643,0 148,115,0
gold eettle't fund with F.R. Board 523,304,0 39,381,0
gold and gold etfs. held by banks- 825.911,0 30.822,0
Total gold reserves
leserve other than gold
375,163,0 161,105.0 193,087.0 84,769,0 141,421.0258,985,0 71,400.0 46,184,0 66,349,0 23,864.0 2
20,201.0
127,519,0 62,381,0 42,842.0 17,402,0 17,502,0315,689,0 25,012,0 10,322,0 17,419,0
543,013,0 27,859,0 64,346,0 5,394,0 7,704,01 72,856,0 10,975,0 5,854,0 11,666,0 14,635,0 33,200,0
4,948,0 35,474,0
3,141.8.58,0 218.318,0 1,050,695,0 251,345,0 302,275,0 107,565,0 166,627,0,447.530,0 107,387,0 62.360,0 95,434,0 43,447,0 288,875 0
57,474,0 9,186,0 15,923,0 10,657,0 5.854,01 20,686,0 9,761,0 4,139,0 7,681.0 8.889,0
176,015.0 15,686,0
10,979:0
3,317,873,0 234,004,0 1.108,169,0 260.531,0 318,198,0 118,222,0 172.481,01468,216,0 117,148,0 66,499,0 103,115,0 52,336,0 298,954,0
23,084,0 3,863,0 4 701 0 4,352,0 4,492,0 9,607.0 4,826.0 2.180.0 1,721,0 3,519.0
76,178,0 7,931,0
5,902,0
Total reserves
Con-reserve cash
Ills discounted:
Sec. by U. S. Govt. obligations
Other bills disootusted
Total bills discounted
lills bought in open market
40,336,0
91,668.0
3,072,0
4,462,0
132,004,0 7,534,0
131.479.0 10.255.0
10,393.0
15,751,0
4,753,0
9,632,0
8,206,0 3,027,0
6,231,0 11.448,0
26,144,0 14,385.0, 14,437,0 14,475,0
105,01 20,806,0
24,551,0
104,0
5,483,0
6,868,0
2,529,0
4,961.0
336,0
3.079,0
900,0
8.035,0
159,0
7.167,0
9.770,0 12,351,0
5,075,0 22,557,0
7.490,0
0,888,0
3.415,0
5,883,0
8.935,0
8,041,0
7,326,0 5,742,0
5,510,0 18.104.0
237,0
9.533,0
1,241.0
4.501,0
•
Two Ciphers (00) omitted.
RESOURCES (assoisided)U.S. Government securities:
Bonds '
Treasury notes
Certificates and bills
Total U.S. Govt. seeuritlesTotal Ms and securities
Due from foreign banks
Uncollected items
F. R.notes of ether basks
Bank premises
All other resources
2917
FINANCIAL C.H__RONICLE
APRIL 18 1931.]
Total.
Boston.
Nets York.
pilfla.
$
3
$
Cleveland. Richmond Aaanta, Chicago. Si. Louts. Minneap. Kats.City. Dallas. Sara Fran.
$
65,722,0 1,202,0
52,229,0 1.502.0
480,684,0 43,478,0
$
$
$
$
21,523,0
989,0
682,0 1,325,0
11,380,0 4,606,0 11,549,0
490,0
149.810,0 43,757,0 45,624,0 15,168,0
$
3
$
5
$
319.0
379,0 10,197,0
666,0 7,616.0
234,0 20,590,0
623,0 10,545.0
601,0 1,110,0
3,875,0 1,972,0 3,976,0
10.257,0 17,451,0 32.291,0 18.409,0 28,128,0
8,745,0 58.566,0
598,635.0 46,182,0
182,713,0 49,352,0 57,855,0 16,983,0 12,854,0 81,128,0 23,899,0 25,668,0 33,780,0 29.229,0 38,992,0
862,118,0 63,971,0
53.0
697.0
15,081,0
219,0
598,488,0 64,380,0
58,417,0 3,458,0
16,963,0
390,0
233,408,0 63,842,0 93.098,0 31,562,0 28,299,0 116,036,0 41,277.0 34,966,0 50,756,0 42,065,0 62,838,0
48,0
21,0
16,0
20.0
95,0
25,0
223,0
70,0
72,0
28,0
26,0
277,0 1,835,0
914,0
697,0
668,0
5,284,0
185,0 1,166,0
1,282,0
1,393,0 2,061,0
165,828,0 52,843,0 60.327,0 44,749,0 16,202,0 75,626.0 25,137.0 10,697.0 30,237,0 19,703,0 32,759,0
15,240,0 2,614,0 7,192,0 3,465,0 2,572,0 8,061,0 3,635.0 1,926,0 3,803,0 1,830,0 4,621,0
788,0
816,0
436,0
689,0
4,662,0
634,0 1,672,0 1,093.0 3,486,0
957,0 1.340,0
4,946,715,0 374,406,0 1,555,898,0 384,582,0 486,426,0 204,753,0 228,951,0 680,659,3 194,056,0 117,670,0 191,002,0 120,567,0 407,745,0
Total resources
LIABILITIES.
F.R.notes In actual circulation_ 1,515.716,0 134,435,0 261,754,0 137,442,0 181,091.0 78,483.0 131,392,0 212,522.0 76,156,0 48,358,0 65,541,0 27,126,0 161,416,0
Deposits:
Member bank-reserve account 2,356.415,0 140,042,0 974,558.0 152,964.0 198,466.0 62,075,0 60,514,0 330,496.0 73.514,0 47,474,0 82,388,0 57,409,0 176,517,0
587,0 1,640,0 1,081,0 1,599,0
953,0
1,506,0
1,777,0
18,859,0 1,907,0
255,0 2,594,0 2,729,0 2,231.0
Government
350,0
154,0
149,0
118,0
180,0
1,731.0
386,0
509.0
695,0
5,183,0
520.0
206,0
185,0
Foreign bank
63,0 5,953,0
298,0
205.0
399,0
122,0
15,128,0
357,0 2,338,0
628,0
25,733,0
101,0
141.0
Other deposits
2.406,190,0 142,457,0 992,923,0 155,607,0 201.579,0 64.976,0 63,569,0 334,050,0 75,046,0 48,384,0 84,473,0 58,707,0 184,419,0
Total deposits
566.027,0 64,111,0 150,735,0 47,338,0 57,838,0 42,630,0 15,841.0 71,929,0 26,127,0 9,949,0 27,586,0 20,728,0 31,215,0
Deferred availability items
65,547,0 16,781,0 15.755.0 5.739,0 5,258,0 19.943,0 4.838,0 3.031.0 4,240,0 4,306,0 11,462,0
168,738,0 11,829,0
Capital paid in
80,575,0 27,065,0 28,971,0 12,114,0 10,857,0 39,936,0 10,562.0 7,144,0 8,702,0 8,936,0 18,475,0
274,636,0 21,299,0
Surplus
758,0
764,0
451,0
804,0
4,364,0
349,0 1,192,0
275,0
15,408,0
811,0 2,034,0 2,279.0 1.327,0
All other liabilities
4,946,715,0 374,406,0 1,555,898,0 384,582,0 486,426,0 204,753,0 228,951,0 680,659,0 194,056,0 117,670,0 191,002,0 120,567.0407,745.0
Total liabilities
Memoranda.
88.4
61.0
68.7
68.7
88.9
77.5
88.3
84.5
83.2
85.7
Reserve ratio (per cent)
84.6
82.4
88.5
Contingent liability on bills our
28,848.0
Chased for forelgn eorrespond'ts 424,148,0 31,818,0 139,485,0 41,999,0 42,848,0 16,970,0 15,273,0 57,272,0 14,848,0 9,757,0 12,303,0 12,727,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Boston.
Total.
Two CipAere (00) omitted.
$
$
Federal Reserve notes:
Issued to P.R. bk. by F.R. Agt 1,929,937,0 160,924,0
Held by Federal Reserve bank_ 414,221.0 26,489,0
In actual circulation
1,515,716,0 134,435,0
Collateral held by Agt.as security
for notes issued to bank:
620,134,0 32,300,0
Gold and gold certificates
1,139,980,0 114,617,0
Gold fund-F.R.Board
254,107,0 17,761,0
Eligible Paper
Tos,..1
2.014.221.0 164.678.0
Aftl1..,..1
Cleveland. Richmond Atlanta. Chicago. St. Louis. dfinneap. Kan.City. Dallas. Revs Fran.
8
$
3
3
3
$
$
.$
$
53,824,0 71,408.0 34,458,0 231,753,p
398,657,0 164,695,0 210,348,0 87,480,0 155,046,0 277,839,0 83,505,0
136,903,0 27,253,0 29,257.0 8,997,0 23,654,0 65,317,0 7,349,0 5,466,0 5,867,0 7,332,0 70.337,0
New York.
Phila.
5
3
261,754,0 137,442,0 181,091,0 78,483,0 131,392,0 212,522,0 78,156,0 48.358,0 65,541,0 27,126,0 161.416.0
7,300,0 55,000,0
10,070,0 9,400,0 82,000,0 14,080,0 6,815,0
74,000,0 131,000.0173,000.0 55,800,0 38,700,0 65,000,0 15,800.0 160.763.0
13,966,0 14,995,0 34,673,0 16,619,0 9,059.0 16,505,0 12,387.0 23,595,0
ng ma n 155 505 (5 250 573.0 86.499.0 54.574,0 81,505,0 35.487,0 239,358.0
351,919.0 38,700.0 12,550,0
10,000.0 121,300,0 180,000,0
47,255,0 12,617,0 34,675,0
409.174.0 172.617.0 227.225.0
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 reporting member banks 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. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 2867, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later. endorsement, and Wsold with
Jan. g 1929, the loan
figures exclude "Acceptances of other banks and bills of exchange or drafts
Beginning with the statement of
eill& all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were Included with loarla:
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 loaner on
securities being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured
by commercial paper, only a lump total being Oven. The number of reporting banks is now omitted; in its place the number of cities included (then 101) was for a tithe
Oven. but beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to exclude a bank in the San Francisco district with loans and invest
manta 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 APRIL 8 1931 (In millions of dollars).
Federal Reserve District
Loans and Investments-total
Loans
-total
Total.
Boston. *
New York
Phila.
t
Cleveland. Richmond Atlanta. Chicago. St. Louis. lifinneap. Nan.Citg. Dallas. San Fran.
$
$
$
9,095
1,498
22.845
----6,129
1,058
15,212
8
1,396
3,447
2,682
428
420
677
755
165
264
129
281
2,966
440
7,633
- - _
1.575
187
3,848
1,391
253
3,785
548
845
202
172
237
311
452
393
844
56
6,306
1.752
105
180
1,354
71
96
12
841
392
29
160
299
2
141
26
1,141
1,019
14
154
426
2
7,146
8,066
On securities
All other
Investments
-total
U. S. Government securities
Other securities
1.797
211
13,678
7,273
303
1.776
3,007
20
Reserve with F.IL Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
408
650
97
13
888
520
34
119
160
1
$
$
2.277
631
848
1,432
429
582
$
3.277
410
88
114
87
85
40
39
9
14
311
324
231
258
16
19
96
111
129
123
s1
$
$
8
$
$
2,292
$
662
374
638
448
1.987
451
240
377
309
1,237
1,121
1,171
177
274
60
180
103
274
91
218
340
897
985
211
134
261
139
730
517
468
70
141
67
67
110
151
86
53
372
358
260
34
1,782
1,312
33
282
546
2
47
7
386
247
10
93
140
27
5
219
152
65
11
451
204
2
191
234
34
7
277
151
15
112
124
111
11
757
1,031
V
101
271
80
101
•Exclusive of figures for one bank in New York City. closed Dec. 11. Last report of bank showed loans and investments of about 8190.000.000.
April 1 figures for Chicago district revised.
I
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 April 15 1931,
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp.fund with U. S. Treasury_
Gold held exclusively agst. F.R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
Total gold reserve
Reserves other than gold
Apr. 15 1931. Apr. 81931. Apr.16 1930.
$
$
$
361,919,000 351,919,000 258,594,000
13,300,000
13,244,000
15,357,000
365,219,000
126,372,000
545,531,000
273,951,000
149,247,000
417,515,000
1,050,695,000 1,037,122,000
59,008,000
57,474,000
840,713,000
52,901.000
375,163,000
127,519,000
548,013,000
Resources (Concluded)Due from foreign banks (See note)
Uncollected Items
Federal Reserve notes of other banks
Bank premises
All other resources
Total resources
Apr. 15 1931. Apr.81931. Apr. 161930.
$
$
$
225,000
223.000
223,000
5,450,000
3,651,000
5,284,000
165,828,000 123,456,000 196,415,000
15,664.000
15,240,000
15,240,000
2,857,000
4,787,000
4,662,000
1,555,898,000 1,542,500,000 1,506,758,000
LiaMllgiesFed'l Reserve notes In actual circulation 261,754,000 269,919.000 180,909,000
968,560,000
Total reserves
1,108,169,000 1,096,130,000 893,614,000 Deposits
--Member bank, reserve acct._ 974,558,000 984,467,000
10,688,000
12,010,000
Non-reserve cosh
23,084,000
24.001,000
1,506,000
12,442,000
Government
1,933,000
1,790,000
1,731,000
Bills dIseotmtedForeign bank (see note)
9,159,000
8,387,000
10,393,000
17,331,000
15,128.000
Secured by U. S. Govt. obligations__
30,270,000
Other deposits
17,424,000
15,751,000
Other bills discounted
13,646,000
992,923,000 1,006,654.000 990,340,000
Total deposits
26,144,000
150,735,000 115,732,000 179,507,000
Total Ma discounted
34,755,000
43.916,000 Deferred availability items
69,738,000
65,540,000
open market
24.551,000
65,547,000
Bills bought In
57,514,000 127,372,000 Capital paid in
80,001,000
80,575.000
80,575,000
U.S. Government securities
Surplus
6,263,000
4,080,000
21,523,000
22,523,000
4,364,000
Bonds
29,549,000 All other liabilities
11,380,000
12,578,000
Treasury notes
55,522,000
149.810,000 147,612,000 115,882,000
1 555,898,000 1.542,500,000 1,506,758,000
Certificates and bills
Total liabilities
Total U.S. Government securities_
Other securities (see note)
Ratio of total reserve to deposit and
85.9%
76.3%
88.3%
Fed'I Reserve note liabilities combined
Contingent liability on bills purchased
139,485.000 140,483,000 150,987.000
233,408.000 275.012,000 380.091,000
Total bills and securities (see note).
for foreign correspondents
NOTE.-Beginalng with the statement of Oct. 7 1925. two new Items were added In order to show separately the amount of balances held abroad and amounts due to
foreign correspeadesta. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit Bank debentures was changed te "Other
teouritles." and the caption, "Total earning assets" to "Total hills and securities."
The latter term was adopted as a more accurate description of the total of the discount,
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.
182,713,000
132,713,000
200,953,000
7,850,000
2918
FINANCIAL CHRONICLE
Vankers'
[VOL. 132.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
azetit.
(All prices dollars per share)
AM.
Maturity.
Rate.
!M.
BO.
Asked.
Maturity.
Bate.
Bid.
Asked.
Wall Street, Friday Night, April 17 1931.
June 15 1931_ 274% 100 :, 100811 Dee. 15 1931--- 134% 100
,
1008u
June 15
Railroad and Miscellaneous Stocks.—The review of the Sept.15 1931— 134% 1001:2 1008:1 Mar. 15 1932._ 2% 100 1008.1
1931___ 234% 1008:2 10014, Dec. 15 1931-32 334% 101181, 101 41
,
Stock Market is given this week on page 2906.
Sept.15 1931... 134% 99on 100
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
United States Liberty Loan Bonds and Treasury
pages which follow:
Certificates on the New York Stock Exchange.—
STOCKS.
Week Ended Apr. 17.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Daily Record of U. 3. Bond Prices. Ayr. 11 Apr. 13 Apr. 14 Apr. 15 Apr. 16 Apr. 17
Lowest.
First Liberty Loan
fHigh 10124
8 10188s:
:2 10128
:: 10118
:: 10188
:: 10112
314% bonds of 1923-47_ 1.0w- 10118
:, 101,112 10188,1
:, 101un 10128
:: 10122
(First 334) '
101",,101",, 10184
:, 10188
:1 10114
:: 1018,n
Total sales in 81,000 unitsfr
Ci
8
15
21
2
42
2
Converted 4% bonds of HIM;
1
------——
---'-----
Highest.
Railroads—
Par. Shares. $ per share. 3 per share. 3 per share.3 per share.
Caro Clinch & Ohlo—
Ctfs stamped_ _1 i 1
131 9834 Apr 13 99
Feb 100
Apr 15 98
Feb
Colo & Sou 1st pref_100
10 57
Apr 15 57
Apr 15 57
Apr 60
Jan
Havana El Ry pref_100
30 17
Apr 14 17
Apr 20
Apr 14 17
Feb
Hudson & Mash pf_100
200 71
Apr 17 74
Apr 7834 Feb
Apr 17 71
Ill Cent leased line_100
61 75
Apr 11 75
Apr 11 7134 Feb 78
Jan
Int Rys of CentAm ctfs•
20 1034 Apr 16 1034 Apr 16 834 Jan 11
Feb
Preferred
40 45
Apr 16 4831 Apr 15 44
100
Jan 5534 Feb
Manhat Elev guar...100
101 58
Apr 14 5834 Apr 13 5231 Jan 61
Feb
Morris & Essex
70 83
Apr 11 8534 Apr 11 81
50
Jan 8534 Apr
Pacific Coast 1st p1.100
20 6
Apr 17 634 Apr 16 6
Apr 12 Mar
Pitts Ygstn & Ash pf 100
Apr 15 153
10 153
Feb 153
Apr 1' 150
Apr
Rensselaer & Sara_ _100
10 147
Apr 14 147
Apr 14 137
Jan 14834 Mar
Indus. & Miscell.—
Amer Agrlc Chem(Deb• 2,200 1834 Apr 171 2034 Apr 16 1834 Apr 2934 Feb
AmerBeet Sugar p1.100
20 13
Apr 16 13
Apr 16 8
Jan 17% Jan
American Ice pref. _100
600 75
Apr 14 76
Jan 7734 Jan
Apr 17 74
Am Mach&Metals Ws *
Apr 16 334 Apr 511 Mar
71 i 33( Apr 17 4
American News
*
100 50% Apr 1 5234 Apr 11 50
Feb 57% Feb
Amer Water Works &
Electric Otis
*
10( 5934 Apr 17 5931 Apr 17 5431 Jan 80% Feb
Anchor Cap Corp pref..
101 99
Apr 1 99
Apr 14 89% Feb 9914 Mar
Arch Daniels Mid pf 100
11 102
Apr 17 102
Apr 17 101
Mar 102
Jan
Artloom Corp pref__100
It 80
Apr 13 80
Apr 13 80
Mar 83 ,, Jan
Art Metal Construct 10
Apr 15 1734 Apr 13 17
50( 17
Apr 20% Jan
Asso Dry Gds 1st p1104)
401 96
Apr 13 9634 Apr 17 85
Jan 97
Feb
Austrian Creel Anatalt_
10C 5134 Apr 17 5134 Apr 17 51
Mar 5134 Jan
Barnet Leather
10( 2
•
Apr 16 2
Apr 16 134 Jan 234 Mar
Budd (E G) pref___100
5C 37
Apr 13 45
Apr 16 37
Apr 4934 Jan
Chile Copper
4C 30
25
Apr 1 30
Apr 15 26
Jan 38
Feb
City Stores class A_..•
20 19
Apr 14 19
Apr 14 19
Apr 25
Feb
Colo Fuel & Ir pi_ __100
60 100
Apr 13 103
Apr 17 100
Apr 115
Feb
Commere'l Invest Trust
Pret (634%)
200 10234 Apr 11 103
100
Apr 16 102
Jan 104
Mar
Fret (7%)
100
20 10834 Apr 13 10834 Apr 13 10834 Mar109
Apr
Consol Cigar prof
60 77
(7) 100
Apr 15 80
Apr 15 6434 Jon 80
]
i
Apr
Consol Laundries
*
900 14
Apr 17 15
Apr 14 14
An
Mar
Crown Cork & Seal pf_
300 32
Apr 16 33
Apr 11 3134 Jan 3434 Feb
Cuban Domin Sugar...
200
34 Apr 15
34 Apr 15
34 Jan 134 Jan
Cushman Sons pf(7) 100
30 110
Apr 17 11134 Apr 13 100
Jan 112
Mar
De Beers Cons Mines__
10 1334 Apr 13 834 Apr 13 831 Jan 834 Apr
Duplan Silk pref_ _ _100
20 103
Apr 17 105
Apr 15 103
Feb 105
Apr
Elk Horn Coal pref_.50
100 234 Apr 16 3 Apr 11 294 Apr 6
Feb
Emporium Capwell •
10 934 Apr 14 934 Apr 14 634 Jan 10
Jan
Eng Pub Serv pfd (61*
100 96
Apr 16 96
Apr 16 93
Feb 98
Mar
Fash Park ASSOC pfd Rio
100 18
Apr 15 18
Apr 15 1531 Jan 25
Mar
Franklin Simon pfd 100
7234 Apr 13 7234 Apr 13 07
20
Mar 75
Jan
Fuller Co 2nd pfd___ ..*
10 60
Apr 13 60
Apr 13 60
Apr 65
Feb
General Baking
5 33,200 2231 Apr 17 2531 Apr 14 22
Apr 2534 Apr
• Preferred
•
20 114
Apr 15 114
Apr 15 98
Jan 14
Mar
General Cigar pref__100
20 116
Apr 14 116
Apr 14 10734 Jan 11634 Feb
General Print Ink__ _.*
350 2034 Apr 14 2234 Apr 14 19
Feb 31
Mar
Preferred
*
70 70
Apr 14 7134 Apr 17 67
Feb 76
Jan
Gotham Silk Hosiery—
Pref ex-warrants_100
230 70
Apr 13 70
Apr 13 52
Jan 70
Apr
Hackensack Wet pi A25
41 2731 Apr 16 2934 Apr 14 2634 Mar 30
Apr
Hawaiian Pineapple_ 20
140 3134 Apr 17 3634 Apr 14 3134 Apr 4234
Houston Oil new___ _25 16,200 1034 Apr 17 1231 Apr 14 831 Jan 1434 Jan
Feb
Internal Silver prof 100
120 7834 Apr 17 8634 Apr 11 7331 Jan 9034 Mar
Kresge Dept Stores_...•
300 531 Apr 16 534 Apr 16 434 Jan 634 Jan
Preferred
30 3331 Apr 15 3314 Apr 15 3234 Mar 35
100
Jan
Kresge (Si S) Co pfd _100
Apr 14 107 . Jan 111
10 109
Apr 14 109
Feb
Kuppenheirner & Co_ _5
Apr 15 25
10 25
Apr 15 25
Mar 25
Mar
Laclede Gas pref_ _ _100
Apr 16 100
100 101
Apr 16 101
Jan 101
Apr
Loose-Wiles Biscuit
1st preferred
Apr 15 118
100 122
Apr 15 122
100
Jan 12634 Jan
LorPlard Co pref_100
300 99
Apr 17 9934 Apr 19 9034 Jan 101
Mar
MacAnd & Forbes pf100
120 99
Apr 14 99
Apr 14 95
Jan 10034 Apr
McLellan Stores pf_100
10 6234 Apr 14 6234 Apr 15 58
Mar 6831 Mar
Milw El Ry & Lt pf_ 100
20 109
11104
Apr 11 109
Apr
Jan 109
Apr
Omnibus Corp pref 10th
100 83% Apr 17 83% Apr 17 68
Jan 85
Mar
Outlet Co
•
20 .50
Apr 13 5034 Apr 13 45
Jan 5,5
Feb
Pao Tel & Tel pref_ _100
10 131
Apr 11 131
Apr 11 124
Jan 13134 Apr
Panhandle Prod. & Ref
Preferred
50 1534 Apr 15 20
Apr 20 10
tool
Marl 20
Apr
Peoples Drug Stores pf•
4010234 Apr 14 103
Apr 13 9634 Feb 103
Apr
Phila Co 6% pref new_*
100 100
Apr 13100
Apr 13 95K Jan 101K Mar
Pierce-Arrow Co pf_
100 70
Apr 17 70
Apr 17 63
Jan 7234 Feb
Pitts Terminal Coal il
200 4
Apr 13 4
100
Apr 13 334 Jan 5
Mar
Preferred
40 24
Apr 16 2434 Apr 16 24
ipol
Mar 28
Feb
Proctor &(iamb p1_100
70 10934 Apr 11 11034 Apr 11107
Feb 112
Mar
PUntaAlegreSugctfsloj
H Apr 13
100
% Apr 13
34 Jan 134 Jan
Scott Paper
ci
8 4731 Apr 14 50
Apr 16 40
Jan 50
Apr
901 27
ShellTnsssp&Trarlg3l
Apr 17 29
Apr 15 27
Apr 34
Jan
Sloss-Sheri St & Ir__100
200 27
Apr 15 27
Apr 15 16
Jan 3234 Feb
Preferred
130 3331 Apr 11 34
Apr 16 28
Aprf 39
1001
Feb
Sou Calif Edison rts_ 89,200j 2 Apr 16 234 Apr 14 2
Api1 274 Mar
United Dyewood__ _ 1001
20 231 Apr 14 234 Apr 15 2
Jan 3
Feb
Unit Piece Dye phi.ioo
130106
Apr 15 107
Apr 13,102
Jan 10834 Mar
US Tobacco pref_ _ _100
13734 Apr 1713734 Apr 171136
Jan 13734 Apr
Van Resit°
10 10
Apr15 10
Apr 15, 10
Feb 14
Jan
Vulcan DetInning pt1
50 92
Apr 13 92
Apr 13: 90
Apr 9234 Apr
Walgreen Co prel__1
100 9334 Apr 13 9334 Apr 13 90
Feb 94
Mar
WebsterEisenlohrpf 109
50 5631 Apr 17 57
Apr 171 5634 Apr 60
Jan
Wells Fargo & Co_ _1
100 1
Apr 13 1
Apr 13 1
Jan 1
Jan
Wilcox-Rich class A *
200 2831 Apr 17 2034 Apr 171 20
Jan 30
Mar
Total sales in $1,000 units—
Converted 434% bonds tgb
r
of 1932-47 (First 431s) Low
Close
Total sales in $1,000 units_ __
Second converted 4y4% High
bonds of 1932-47(First LowSecond 434s)
tClose
Total sales in 81,000 anus__
Fourth Liberty Loan
{High
434% bonds of 1933-38_ Low(Fourth !Ks)
Close
Total sales in $1,000 units—
Treasury
High
4318, 1947-52
Low_
C1060
---------------—
102241: 10234n 1022131 10288s: 102 :, 10288so
,8
102
n
,4n 102"n 102" 102"12 102" 102"n
n
10218:2 10288
10281
10228
:,
:: 1028:::
:, 10288,1
10
12
2
1
22
14
------------------------------------
_--10388
:1
10387:2
10321n
21
—__
____
-.--
--
----
10380
-- :,
10328
.,
103 :,
,8
40
1112,
::
11188
::
10381::
10328u
10388:t
126
11118
::
11118
::
111"n
1111,
11
Total sales in 81,000 units_ _ 11
--26
High
- — 10781
:1 107
,8s,
4s, 1944-1954
Low.
--- 107 :, 1072,
,3
:s
Close
--- 10783
:s
:1 10724
Totai sales in $1,000 units__
5
10
---High
--__
---- 105un
334s. 19464956
Low_
-___
---- 10588,1
-___
Close
-- — 10528n
Total sales 60 31,000 units-30
------High
____ 10124
____
.,
330, 1943-1947
Low_
____ 10121::
____
---_ 10188
Close
____
::
Total sales in $1,000 units__
3
---High
-___ 10114
:, 10118::
3548. 1940-1943
Low_
____ 10114
0 10118
::
Close
---- 1011431 101Isn
Total sales in 81,000 units.-2
177
-{High 101uss 101,8
:s 101,7:1
354s, 194143
Low_ 10118:2 101",,1011K,
Close 1011432 1011$o 10117,1
Total sales in sl.one ',ate.
1
49
18
--
104
--- 104 -10380
:: 10388
:,
103us, 103 :,
,8
52
262
111:83: 111uu
1118, 111:8
::
::
111"n 111"n
79
8
107u: 1078,
::
107,8
: 10788
:2
107,8
:: 1078,
:s
28
12
105%1 1058,
:r
10588
: 10584::
10588
:t
: 1051,
27
1
10118
:t
: 10188
1011811 101281,
11018
:,
: 10124
2
13
101"n
---__ 101"n
---- 1012031
1
-10120
::
:: 10120
101",,101"n
101"n 101"n
4
15
-104 —
10319:1
104
154
11128.1
111"ll
11124,1
44
— --- —_
1058881
10581u
105uu
41
1012881
101801,
10124s
14
---.
---.
--...
101",,lu
101"e
101"c
11
— — —
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
10 4th 431s
10 Trees 4s
103”sz to 104
:1
1078K, to 10711
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.85 9-16
©4.85 11-16 for checks and 4.85 13-16 for cables. Commercial on banks,
sight, 4 8 -16564.8534; sixty days, 4.83 3-16@4.8334; ninety days.
. 55
4.8234 ©4.82 H, and documents for payment, 4.82
for payment 4.85 3-16, and grain for payment, 11-16 ©4.82si. Cotton
4.85
To-day's (Friday's) actual rates for Paris bankers' 3-16. were
francs
3.90%
©3.91 for short, Amsterdam bankers' guilders were 40.135640.14.
Exchange for Paris on London, 124.26; week's range, 124.27 francs
high and 124.21 francs low.
The week's range for exchange rates follows:
Sterling, Actual—
Checks.
Cables.
High for the week
4.85 13-16
4.85 15-16
Low for the week
4.85 9-16
4.85 13-16
Paris Bankers' Francs—
High for the week
3.91 3-16
3.9134
Low for the week
3.91
3.9034
Germany Bankers' Marks—
High for the week
23.8134
23.8134
Lew for the week
23.79
23.8034
Amsterdam Bankers' Guilders—
High for the week
40.15
40.1434
Low for the week
40.10
40.113.4
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 2907.
A complete record of Curb Exchange transactions for the
week will be found on page 2937.
CURRENT
NOTICES.
—Supervised Shares Corporation, sponsors of Supervised American
Fixed Equities, have prepared a brochure outlining unusual features of its
renewal commission arrangement with distributors.
—James Talcott, Inc. has been appointed factor for the Gold Medal
Textile Co. of New York, selling agents for women's full fashioned hosiery,
and for the Canton Silk Mills, Inc. of New York.
—J. K. Rice Jr. & Co., 120 Broadway, New York, have issued an analysis
of first quarter earnings of New York banks and also an analysis of the
stocks of leading insurance companies.
--G. Whitfield Ward, formerly associated with Curtis & Sanger, has
been appointed manager of the bank and insurance stock department of
Edmund Seymour & Co., Inc.
—James C. Willson & Co., 39 Broadway, N. Y., have issued a circular
ENGLISH FINANCIAL MARKET—PER CABLE.
"Aviation in 1931" in which they review its growth in 1930 as compared
The daily closing quotations for securities, &c., at London, to 1929.
—A. 0. Slaughter, Anderson & Fox. members of the Now York Stock
as reported by cable, have been as follows the past week:
Exchange, announce the removal of their executive offices to 120 Wall
rues..
Wed.,
Mon..
Thurs.,
Sat.,
Fri.,
St., New York.
Apr. 11. Apr. 13. Apr. 14. Apr. 15. Apr. 16. Alm. 17.
—Hardy & Co. announce that IIugh Kilmer, who is in charge of their
Silver. p. oz_d_ 13
1334
1334
13 5-16
12 15-16 13 1-16
public utility trading department, has been admitted to general partnership.
Gold, p.fine oz. 843.1031d. 848.1034d. 84s.10d. 84s.10d. 848.1034d. 843.931d.
—Edward major Campbell, a partner of Tooker & Co., has become
Consols,2%% _ 5734
573.4
573.4
5731
5734
5734
British, 5%___ ____
associated with Goodbody & Co., members of New York Stock Exchange,
10434
10434
104,4
10434
10434
British. 454%. ---10234
10234
10234
10234
John Francis Fowler Jr. has been appointed consultant to the Supervised
10231
French Rentes
Shares Corporation, sponsors of Supervised American Fixed Equities.
89.60
89.20
111 (in Paris)Jr __-89.50
89.35
89.45
I
—Henry G. Rolston & Co., have removed their offices from 30 Broad St.
French War L'n
to 60 Broad St. Their telephone number remains unchanged.
104.90
(1n'Parls)..tr_ ____
104.50
104.60
104.50
104.50
—Frank J. Hanafee, formerly with the National City Bank, has been
The price of silver in New York on the same days has been: elected Treasurer of F. V. Nixon Jr Co., Incorporated.
Silver in N.Y., per oz. (eta.):
—Farr & Co. announce that Irving B. Kingsford, heretofore a general
Foreign
2834
2834
2834
2834
2834
2834
Partner. has become a special partner in their firm.
•No par value.
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 preceding Page.
-PER SHARE. NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Apr. 11.
Monday , TuesdayWednesday
.15.
Apr. 13. I Apr. 14. I Apr.
Thursday
Apr. 16.
Friday
Apr. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-shard tots.
On basis of 100
Lowest.
• Highest.
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
Par 5 per share 5 per share $ per share $ per share
Railroads
per share Shares
5 Per share $ per share $ per share $ per share $ per share
*
16812 17014 168 16912 13,600 Atch Topeka & Santa Fe--100 168 Apr 17 2031 Feb 24 168 Dec 24212 Mat
/
1
1723 1754 173 17512 169 173
1744 175
/
1
4
100 1024 Jan 2 10814 Apr 13 100 Dee 108 Sept
Preferred
700
/
1
4
1081 *107 108 I 107% 107% 107 10714 107 107
/
4
•10712 1077 10712
8
954 Dec 175% Mar
RR.,. 100 95 Apr 17 120 Jan 23
95
96
96
98
1,400 Atlantic) Coast Line
98
9712 93 I 9712 974 96
*9712 98
8
55 Dec 1223 Mar
/
1
4
8
100 66 Apr 17 877 Feb 24
7
673 14,400 Baltimore & Ohio
8
68 x66
2
8
7012 695 704 68, 7012 68
6914 7012 69
7014 Dec 8454 July
100 7214 Jan 2 8012 Feb 27
Preferred
900
7812 7812 7812 7812 x7712 7712
*7812 79
*7812 79
•7812 79
5018 Dec 844 Mar
4
50 5612 Jan 6 665 Feb 26
*563 60
4
Bangor & Aroostook
100
*563 60
4
*563 60
4
60
*57
57
5
*564 60
100 108 Jan 13 11312131ar 9 10612 Dec 11614 June
112 112
10
Preferred
*11112 112 *1114 112 1*11112 112 *11112 112 *11112 112
44 Dec 112 Feb
100 52 Apr 1 86 Feb 20
*45
55
55
Boston & Maine
*45
*45
55
55
62 I *45
*45
62
.40
2
64 Dec 157 May
2
8 Jan 14 103 Mar 3
*9
10
10
100 Brooklyn & Queens Tr_No par
*9
*9
10
10
*9
9
9
*9
10
53 May 8611May
5712 *55
No par 52 Feb 26 58 Mar 3
5712
100
5712 *55
Preferred
574 *55
*57
57
*58
574 57
5512 Dee 783* Mu
8
par 588 Jan 17 893 Mar 2
4
3,000 Bklyn-Manh Tran v t a No
654 63% 6412 623 64
664 65
6712 67
/ 6614 6714 66
1
4
983 Sept
4
83 D
No par 85% Jan 21 944 Feb 11
90
90
Preferred vie
30()
90
90
92 92
94
*90
94
*91
9312 *90
912 Feb 10
54 Nov 335* Apr
54 Jan 20
300 Brunswick Ter& Ry See No par
614 614 *614 612 *614 612
614 614
618 618
*618 6 2
,
/
1
4
85 4 Dec 52 May
1
25 3718 Apt 17 453 Feb 24
3718 3818 18,800 Canadian Pacific
8 374 38
3814 3918 3712 383
8
383 385
8
8 383 39
8
32% Dec 513 Sept
25 3912 Jan 2 4812 Feb 10
3912 39% 12,600 Chespeake & Ohio
404 403
4 4012 4078 4014 40% 394 4014 3912 40
/ Dee 10 Apr
1
4
2% Jan 12
.112 2
/ Jan 2
1
4
100
*1 12 2
Chicago & Alton
*14 2
*14 2
/
1
8 2
•las
Ds *13
1
s
*7
8
14 Dec 105 Apr
/
1
14 Jan 12
/ Jan 2
1
4
*%
1
100
300
Preferred
8 1
*7
7
%
*% 1
7
8
%
4 Dec 17% Mar
/
1
4
7 Feb 10
/
1
4
5 Apr 2
/
1
4
400 Chicago Great Western__ _100
8
618 6,
614 6%
8
64 65
64
6% *6
.64 64 *6
12 Dec 62e May
100 1914 Jan 14 2638 Feb 25
233
4 2212 2314 5,500
Preferred
24's 23
253g 24
245 254 25
8
2412 245
/
1
414 Dec 284 Feb
512 53
4 2,300 Chicago Milw St Paul & Paa_.
87 Jan 23
8
514 Jan 2
4 6
53
6
6's
6
55
8 5'si8
75 Dec 4614 Feb
3
812 912 7,500
839 Apr 16 15 2 Feb 10
Preferred
88 9
839 98
912 939
914 939
939 912
8
2812 Dec 897 Feb
3412 1,900 Chicago & North Western_100 33 Jan 2 4512 Feb 24
4 3412 3439 34
3478 3514 341s 348
38
.35
3614 .35
4
100 103 Jan 8 116 Mar 18 101 Dec 1401 June
100
107 107 *107 110 *107 110
Preferred
•107 110 *107 110 .107 110
4514 Dec 12518 Feb
1 50% 49% 5014 5012 51
4714 Jan 2 6512 Jan 27
7,500 Chicago Rook Isl & Pac1rie_100
49
51
51
52
8 52
508 513
5
92 Dec 110 4 Mar
91
91
100 91 Apr 17 101 Mar 24
600
98
9139 915
9814 9814 96
7% preferred
98% 9912 *9814 99
•
81 Dec 10414 mu
86
83
84
100 83 Apr 17 90 Jan 28
1,10
6% preferred
85
88181 .84
*8814 89
89
89 I 39
89
4014 Dec 95 Feb
*21
40
39
*20
100 345 Apr 13 48 Jan 9
100 Colorado & Southern
40
347 *20
345 34% *2()
8
.345 40
8
24
30 Dec 62 Apr
*34
36
35
35
37
37
40
600 Consul RR of Cuba pref-100 34 Apr 2 4212 Feb
*34
40
*34
4
353 36
/
1
133 13312 13312 13312
100 1314 Apr 10 15714 Feb 25 13012 Dec 181 Feb
600 Delaware & Hudson
8
13212 13212 *13312 136 *1333 135'2 133 133
6912 Dee 153 Feb
/
4
703
8 6814 7012 6,700 Delaware Lack & Western_100 681 Apr 17 102 Jan 8
70
72
703
2
4
73
7314 723 73
74
74
6
0
2518 Dec 834, Mar
3
/
1
4
*28
29
*28
33
29
200 Deny & Rio Or West preL100 26 Apr 9 45 4 Feb 10
2812 2812 2812 29
2812 *27
*27
)
22% De
3
100 2512 Apr 10 39 4 Feb 24
1,900 Erie
2 2614 2612 2614 27
2718 274 2612 267
*263 28
4
*264 27
67 4 Feb
5
27 De
8
32
32
8 325 34
337 343
100 32 Apr 17 4512 Feb 27
3,900
333 35
4
36
First preferred
4 36
373
*35
26 Dec 6212 Feb
3012 301
.
*3114 343
4 3012 31
*3114 35
100 3012 Apr 16 401s Jan 5
800
Second preferred
*3114 331s *3114 36
51 Dec 102 Mar
3
5914 3,600 Great Northern preferred_ _100 58 Apr 9 69 4 Feb 24
60
/ 5812 60
1
4
58% 5912 58
603
8 60
60
60
60
1018 Nov 4612 Feb
2118 '20
213
4 21
2139 1,900 Gulf Mobile & Northern
8
100 184 Jan 19 2714 Feb 17
4
.213 2412' 218 217 *204 2412 21
*5414 58
*50
*5412 58
6539 Nov 9814 Mar
58
58
100
*55
100 5114 Feb 10 75 Jan 9
55
55
48
Preferred
.45
347 Dec 5339 Mar
2
41
*39
394 394 *39
40
401s
4012 40
100 37 Jan 15 4412 Feb 17
200 Hudson & Manhattan
*40
*40
41
6534 Dec 13614 Apr
66
6034 0414 66
663 68
4
68
6912 68
3.200 Illinois Central
100 6114 Apr 17 89 Feb 24
6812 69
*67
*43
45
58 Dec 77 May
45
46
46
4614 45
48
45
*46
140
48
RR Sea stock certificates-- 45 Apr 15 61 J0123
*46
2434 2514 6,900 Interboro Rapid Tran v t 0_100 2414 Jan 19 34 Mar 2
4 254 26
20 8 Jan 3912 Mar
3
263
264 273
8 26
28
2914 28
29
34 Dec 8554 Mar
34
34
36
3678 *34
*32
36
*34
367 *34
8
100 Kaman City Southern
38
100 34 Apr 16 45 Feb 26
.34
*56
57
57
53 Dec 70 Apr
*54
57
5612 5612 5412 58's
*54
53 Jan 2 64 Feb 9
57
100
300
*54
Preferred
54
55
40 Nov
537 54
2
54
*54
54
5312 54
54
55
1,600 Lehigh Valley
50 52 Mar 18 61 Jan 9
*54
84 4 Apr
*82
86
88
84 Deo 138713 Mar
83
84
8814 8812 85
89
1,700 Louisville & Naahville
9412 89
*85
100 83 Apr 17 111 Feb 9
4
3212 338
3412 3512 3312 3412 338 34
24 June 4212 Sept
3514 36
36
6,300 Mantua Elev modified guar100 3212 Apr 2 39 Feb 23
36
1914 18
8
13 Dec 2512 Feb
18
300 Market St Ry prior pref 100 15 Jan 3 22 Feb 18
8
•1914 207 *1914 2012 .1914 207 *1914 2012 18
3
8
12
4 2
,3
12
*3
8
*3
2
12
12
1 Oct
4
21s Age
% Jan 12
38 Apr 16
3
2
%
%
400 Minneapolis & St Loula
100
439
81
*74 8
84 Dec 85 Feb
84 *7
*7
9
*7
8
8
300 Minn St Paul & 55 Marle_100
*8
9
718 Apr 2 114 Feb 10
5912 Feb
*43
44
41 No
*43
44
43 43
44
*43
44
*43
30
44
100 4111Mar30 45 Mar 11
•43
Leased lines
1474 Dec 6654 Apr
184 1712 1713 1714 1712
8
1818 177 1812 *17
1718 Apr 2 2639 Jan 20
900 Mo-Ran-Texas RR___ _No pa
18
.173 18
2
3
60 Dec 1085 Mar
6012 61
6014 61
6012 62
63
1,200
63
Preferred
100 6014 Apr 16 85 Jan 16
4
61
/ 613 *6112 68
1
4
*26
28
*26
28
20h Dec 9814 Mar
4
28
28
400 Missouri Pacific
*28
308 2912 31
100 2514 Apr 10 423 Feb 16
*2812 35
7414 741
733* 735
8 1,900
79 Dec 14514 Mar
75
75
78
73 Apr 17 107 Feb 11
/
1
4
7512 78
74
100
754
Preferred
75
7312 7312 *74
77
*74
77
70 Dec 132 Mar
77
10 Nash Chatt & St Louis_ __ _100 72 Mar 31 80 Feb 25
*74
77
*74
77
*74
12
12
*3
8
12
*3
8
12
12
4 De
*3
8
12
112 July
.2
8
12
12 Jan 5
.4
38 Jan 3
20 Nat Rya of Mexico 26 prof..100
103 1043 22,20 New York Central
*
10612 10338 105
10312
100 103 Apr 17 13214 Feb 24 10514 Dec 192h Feb
1053 10718 106 108
4
1064 107
/
1
/
1
6412 644
73 Dec 144 Feb
20 NY Chia & St Louis Co100 6418 Apr 17 88 Feb 11
*64
66
65
65
69
*65
*73
80
80
4
75 Dec 1105 Ma,
*65
*68
80
30
73
73
81
100 73 Apr 14 94 Mar 9
*70
Preferred
75
75
17639 179
175 179
14 N.Y &Harlem
17612 181
.
50 165 Jan 2 227 Feb 24 152 Dec 324 Feb
*181 185 *181 185 *18112 183
7212 74
674 Dec 12814 Mar
8
/
1
4
10,00 N.Y. N.H.& Hartford___100 7212 Apr 17 94 Feb 24
7612 764 7814 7312 7718 727 74
76
7612 77
112 112
114 114
5
113 114
113 113
1,000
110 Jan 3 119 s Feb 24 10614 Dee 13512 Mar
112 112
Preferred
*1104 112
612 65
8 7
3 4 Dec 1714 Mar
3
8 Jan
53 Jan 2
40 N.Y.Ontario & Western100
8
8 *652 678 *63
6% 67
*65
8 7
.63
8 71
1
1
112
414 Jan
Oct
1% *1
1
2 Feb 27
30 N Y. Railways prefNo par
15
8 .1
1 Jan 2
15
8 *1
*1
17
.1
532 Apr 7
*44 54 *412 612
44 Dec 3314 Feb
814 Jan 9
*412 64 *44 5
*44 51
Norfolk Southern
100
*412 51
190 191
191 191
19014 191
1,400 Norfolk & Western
100 188 Apr 10 217 Feb 28 18112 Dec 265 Feb
1904 19012 191 101
/
1
•190 195
9212
4
4
/
4
83 Feb 924 Oct
200
9114 9114 913 911 *913 9212 *91
*91
93
100 89 Jan 8 93 Mar 31
Preferred
*9118 93
4514 4528 4518 48
4 4512 46
42 Dec 97 Feb
54
/
1
4
3,900 Northern Pacific
465 473
8
464 47
100 4518 Apr 17 60 Jan 27
4612 47
314 Dec 197 Apr
5
6% *2
64 *2
4
3% 3 8
,
*2
7 Mar 23
100 P80100 Coast
65
31 Apt 17
.2
100
63
*2
4
4 551 5512 29,300 Pennsylvania
/
1
4
53 Dec 865 Mar
/
1
5518 5539 5512 5512 544 5612 543 553
50 544 Apr 15 64 Feb 10
557
55
512 512 *8
512
512
*5
1114
6
71
41 Dec 244 Mar
*5
•812 71
518 Apr 15
94 Jan 9
300 Peoria & Eastern
100
70 .52
70
*52
70
•52
70
7614 Dec 16414 Apr
*52
70
Pere Marquette
100 65 Mar 25 85 Feb 10
*52
70
*52
_ 81
90 Dee 101 May
Prior preferred
100 86 Jan 20 9214 Feb 25
*6918 86 •____ 86 *__ __ 86 *____ 86 •____ 81
911 Oct 99 Apr
100 733*Mar 24 80 Jan 8
Preferred
•__-_ 70 *--_- 70 •____ 70 •____ 70 •_ _ _ _ 70
*64
75
75
1560
4
6018 601 *5612 65
4812 Dee 1215 Feb
100 Pittsburgh & West Virginia 100 59 Mar 30 86 Jan 9
65
*56
62
*58
*68
80
80
*68
80
80 .69
•68
73 Dec 1414 Feb
80
*69
50 72 Apr 2 9712 Feb 11
80
Reading
*70
*45
46
46
*45
45 45
45
45
46
4412 Mar 53 Feb
800
*45
First preferred
50 45 Mar 20 46 Jan 5
46
*45
*4412 45
*44
45
*444 45
45
*44
45
46 Dec 57 Feb
Second preferred
50 44 Jan 10 47 Jan 16
*43
/ 45 •44
1
4
8
2514 2618 2412 253
30
8 235 25
28
4
/ 30
1
4
39 4 Dee 1187 Mar
5
4
5,500 St Louis
29
2355 Apr 17 623 Jan 27
29
/ 30
1
4
-San Francisoo10
393
4 2,300
40
42
43
4212 3912 4012 39
46
6212 Dec 101 Ape
39 Apr 17 76 Jan 27
10
First preferred
45
/ 4514 45
1
4
31
20
*20
20
317 •1912 24
8
100 St.Louis Southwestern_ _10
4
1714 Dec 765 May
8
20 Apr 17 3312 Jan 9
•204 317 *1912 317 *20
•31
40
45
*31
35
35
*35
50
4
50
35 Dec 945 July
10
*35
50
35 Apr 15 60 Feb 24
Prof10
531
34
h
3
4
3
4
52
52 1,90 Seaboard Air Line
3
4
14 Dec 1214 Feb
h
3
4
15 Jan 12
4
12 Jan 2
3
8
/
1
4
%
No pa
114
114
1
1
*1
114 *1
114 .1
111
Dee 28 Feb
300
218 Jan 12
1 Jan 2
1
100
1
Preferred
4
9115 923
4 903 9112 89% 9114 17,400 Southern Pacific Co
8 9239 93
88 Dec 127 Feb
4 9112 923
8
100 897 AIM 17 10912 Feb 11
917 923
8
42
3618 39% 37
39
3812 37% 3812 14,300 Southern Railway
394 40
4
4614 Dec 1365 Jan
7
403 41
8
100 3618 Apr 15 85 2 Feb 10
*51
65
65
.65
70
70
70
65
75
*51
300
76 Dec 101 Mar
73
100 65 Apr 16 83 Feb 10
73
Preferred
95
*51
95
*51
*5012 95
*5012 95
*504 95
85 Dec 145 Apr
Texas & Pacific
*5012 95
100 90 Mar 10 100 Jan 14
.8
9
9
7 4 1,100 Third Avenue
,
8 928 *812 914 *8
4 Dec 1514 mar
7
93
812 914
64 Jan 6 10 Mar 6
100
1014 1014 1014 1034 1114 11
11
1012 *10
74 Oct 314 Jan
101 *10
4
1,000 Twin City Rapid Tranalt 100
•10
9 Jan 22 175 Feb 17
*43
45
*43
43 43
*43
45
45
*4412 45
44 4 Dec 79 Feb
5
10
45
*4412
Preferred
100 4114 Jan 17 62 Feb 9
16514 1674 165 16618 8.900 Union Pacific
4
/
1
1704 17414 1673 171
5
1717 17214 172 174
8
100 165 Apr 17 20539 Feb 24 16614 Dec 242 4 Mar
,
86
8614 *85
864 8512 85 2 *85% 8614 *85
/
1
/
1
4
1
8214 Jan 88 Sept
500
4
*8518 86'2 86
Preferred
100 83 Jan 5 558 Feb 24
*15
1712 *1514 17
1714 15
/ *15
1
4
15
3
15 4 15
5
1114 Dec 67 4 Apr
17
200 Wabash
*15
100 14h Apr 4 26 Jan 9
*27
3112 *27
32
3112 *26
14
30
2812 2812 *27
$9 Dec 89 Apr
32
190
•27
100 2812 Apr 13 51 Jan 9
Preferred A
13
/ 14% 1339 1339 127 134 125 1318 4,500 Western Maryland
1
4
4
14
14
10 Dec 86 Mar
14
14
,
4
100 123 Apr 17 195 Feb 24
183 *13
8
183 *13
8
18
*1318 183
183 •13
8
8
8
114 Dee 38 Mar
•1312 183 *13
Second preferred
100 16 Jan 6 20 Feb 24
*10% 12
1112 1112 1112 *1018 12
*10% 11
,
111 •1018
74 Dec 3012 Mar
7
•10
100 Western Petrillo
100 10 Jan 3 14 2 Feb 9
22
2214 23
25
*23
29
12
2214 22
23
23 Dec 53 Mar
2312 *23
23
1,250
100 22 Apr 16 315* Feb 24
Preferred
Industrial & Miscellaneous
714
8
7
8 Dec
7'
7 Apr 9 1414 Feb 26
4,800 Abitibi Power & Paper_No par
3014 31
36 Nov
1.100
3018 301
100 29 Apr 11 52 Feb 26
Preferred
*314 381 *3114 34
21 Dec
Abraham & Straus____No par 25 Jan 22 38 Mar 31
10414 1041 *103 10612
/
1
4
50
100 100 Jan 8 10512Mar 31 102 Nov
Preferred
184 1914 18
/
1
1414 Dec
183 11,700 Adams Express
4
No par 1614 Jan 2 234 Feb 24
90
*90
913
8 93
8014 Dec
170
100 8312 Jan 5 92 Apr 6
Preferred
*28
30
21
Oct
x28
28
300 Adams Millis
Ns par 2212 Jan 14 3339 Apr 1
*21
22
24 Dec
*21
22
5
Addreasograpb tat CorpNo par 20 4 Apr 8 2312 Feb 2
*8
11)
8
518 mar 13 118 Mar 17
*712 10
600 Advance Rumely new_ No Par
10 Dee
100 111 Jan 29 2012 Feb 16
_
Preferred
12
3
8
•8
3
1 Dec
4
7 Feb 27
8
%
h Jan 6
1
300 Ahumada Lead
8518 8814 53.400 Air Reduction Ine_Ne fur 8518 Apr 2 109, Feb 24
853 88
4
87 Dee
12
5% 6
5
614 Dec
574 Apr 16 10 4 Feb 24
5% 5
/ 1.900 Air-way Elea AppllanoeNe par
1
4
4 Jan 5
14 Dec
4 Jan 2
No par
Ajax Rubber Inc
1439 -1304 14 4 1-125 13'4 13
*
1 2
9:455 Alaska Juneau Gold Min---10 7 Jan 3 154 AIR 8 44 June
778 8's
712 78
712 712
73* 8
311
31
*31
35
31
29
29
29
*333 35
*333g 35
*3114 381
8
*33 8 35
4
/
1
4
4
105 *10512 1053 *10512 105 *1033 1041
/
1
4
•10512
191
197 2018 19
8
4
194 19s 193 197
913
8 9112 911
911 .90
/
4
590
913* *90
30
291 29 •28
/
4
/
1
4
30
*29
30
.29
*21
22
22
*21
22
*21
22
.21
8 8%
85
812 812
9
84 *8
818
1
*2
8
1.
12
-17
2
9312 8512 8812
2
893 9212 87
8
915 93
618 64
618 6%
4,64 64
618 614
1384
4
111-
"His
14
•Bid and aaked prices; no salts on this day. 650% 'took dividend paid. z El
-dividend. ft Ex-rights. 6 Ex-alvlama and ex-right/15
42 Apt
14
8614 Apr
06 Apr
11012 Aug
3734 Mar
94 Sept
32 Maz
345 June
4
414 Jan
155 May
156 4Juna
5
86 Mu
212 Jan
9 Jan
14
2920
New York Stock Record-Continued-Page
•
For sides during the week of stocks not recorded here, see second page preroding_
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Sales
STOCKS
NEW YORK STOCK
for
Monday 1 Tuesday
Wednesday . Thursday
Friday
the
EXCHANGE.
Apr. 13.
Apr. 14. I Apr. 15. 1 Apr. 16.
Apr. 17.
Week.
•
$ per share 3 per share i $ per share 3 per share $ per share $ per share Shares Indus. & Miscell. (Cox.) Par
734 •63
462
4
4 71s. *6, 7,s, .63
A P W Paper Co
4 718 .612 718 *612 63
4
No par
814 814
818 83
8' 8 4 8 21
,
,
8
734 8
8 14
77
8 8
20,100 Allegheny Corp
NO Par
42
42
4114 4114I 40
43 I 40
40 1 3713 38
Pref A with $30 warr___100
•35
393
4 1,000
41
41
.36
4418, 3912 393
37
4 35
37
*37
Pre/ with 4140 warr_100
35
•
44
450
.23
44 .25
441 .25
40 1 *25
43
*30
401 .30
Prof A without warr____100
43
132% 13413 133 138
132% 138 I 131 134 I 13014 134
131 134
42,300 Allied Chemical & Dye_No par
*12412 128 .12412 128 ,•12412 128
12412 12411 .12412 1277 12412 12412
8
Preferred
200
100
313 312
3
4 3112 3212 3214 33
313 32112 3112 317
2 3112 3214 6.900 Allis-Chalmers Mfg_No par
4
•143 15
4
143 15 I 1412 14121 •14
4
15 1 14
1418 13
800 Alpha Portland Cement No par
13
•183 1918 19
4
1912' 21812 183
4 1814 1812 *1814 1858
18
1812 2,800 Amerada Corp
No par
.5413 66
5113 55 I *543 56 I 55
55 i 5413 5412 553 553
4
800 American Bank Note
4
10
4
*844 647 .6412 647
8
_ .88
_ _
8, 64, 6414 .6414 ___, *6414
4
10
Fraterred
50
*4
4141 .4
414.
4
4 1 .33
100 American Beet ElugarNo par
4 418' .33
4 418 .3% - 41s
327 327
2
21 32
3313' 3112 3112 313 31 8 3112 3155 297s 3112 3,300 Am Brake Shoe & Fdy_No jar
8
,
122 122 1.____ 1243 •____ 1243 •____ 12458 •____ 123 .___ 1243
3
8
10
Preferred
8
100
.8
9
.818 83
8
8
8
814 814
73
4 8
73
4
Vs 1,150 Amer Brown Rover! 111.No Tar
*30
62
*50
51 I .50
52
49
50 ' 4914 4914 .4738 52
160
Preferred
100
12118 122% 121 1237 12214 125
8
119 12255 117 1191 2 1163 119% 199.10 American Can
8
25
151 161 I 1503 1503 *1501 3 15112 .15012 15112 .15013 15112 15013 15012
4
4
70
Preferred
100
30 .2914 30
30
30
,
81 28
30
29 I 28
293 293
2712 1,200 American Car & FdyNo Par
•
77
84 •77
84 .77
84
80
80
77
77 .76
Preferred
90
200
100
.28
29 .28
29
2814 29
*23
29
800 American Chain
261r
22712 2712 26
N* par
4818 481s 4714 48% 473 48
8
4613 48
4. 453 493
4614 453
4 3.700 American Chicle
4
No par
15% 15% 15
15 I .15
16
15
15 .14
8
15 I 147 147
800 Amer Colon y pe Co _ _ No par
2
712 8
812 83 . 814 8,
4
8% 83
4
4,800 Am Cornin'l Alcohol__ _No par
2
8% 814
818 812
•
13
*13
1418. •13
14
141s 12
1418 .13
12 I .13
1412
100 Amer Encaustic TilIng.No Par
2812 29,s' 2312 2312 23
. 4 29
283
28 .27
28
2612 27
1,000 Amer European sec's.
.No par
8 3914 413
3913 403
4 3955 42% 37
39)8 3818 33%, 35% 377 93,500 Amer .5 Porn Power__ _No par
8
gg
983 99
4
99
9914 *9314 9914 93% 937 *Ws 99
.500
8
Preferred
No par
.6512 66
643 66 .66
4
6312 643
6712 .64,2 65
4' 61
63
1,709
2,1 preferred
preferr
No Par
.83
1
843 .8314 84
4
84
84
•8312 84
8312 8313 *83 2 84
500
$6 preferred
,
No Par
.612 7
613 613
7
7
300 Am Hawaiian S 8 Co
.655 7
.612 7 I *612 7
10
7
*7
714
7
7
73
8
7
618 618 2,500 Amer Hide & Leather_ No Par
74
,
618 6141
•25
2712 2513 2512 25
25
24
25
24 I .20% 2412
*20
300
Preferred
100
.6012 61
*6012 61
x607 61
8
60
61
900 Amer Home Produots._No Par
.6014 6114 .60 2 61
,
291 2912 2914 2914 29,4 29,
:
4 29% 2914 29
2912 28
2314 1,700 American fee
No par
1812 18% 1813 187k 18, 19% 177 1812 173 18
3
9,000 Amer Internal CorP
171s 18
4
8
No
34
*3,
3,
84 3,100 Am L France&Foamite_No Par
.
38
3
8
%
par
3
5
3
4
*5
8
54
3
4
•
61,
.63
4 8
*6% 8
*6
73
4 *83
4 8
8
*83
4 8
Preferred
100
2313 24 .23
24
•
23
237
8 21[3 23
8 1,100 American L000motive_No Par
21 13 2113 .21% 217
81
•
76
79 .77
81% .77
.77
77 I 763 76%
7312
4
200
Preferred
100
4
383 3713 363 383
4
4 36 3 337g 351 2 36% 3514 3614 Y3412 353 32,100 Amer Mach & Fd1 new_No par
,
8
Saturday
Apr. 11.
PER SHARE
Range Since Jan. I.
On a51,2 of 100-alien' lots.
Highest.
Lo est.
PER SHA.:1_
Rano* for Previous
Year 1930.
Lowest.
Highest.
$ per share $ per Mare
per share
8 1 b 10
p17 ' a e
1
,
6 Dec 1512 Feb
613, Jar 7
53 Dec 3514 Mar
4
7 4 an 2 1234 Feb 24
3
3614 Dee 10712 Feb
3712 A pr 16 5918 Feb 25
3712 Deo 993 Apr
35 A pr 15 69 Feb 11
4
8484 Oct 95[4 Feb
497 J 123 5512 Feb 25
2
4
13014 A r 16 1823 Feb 24 17014 Dec 343 AM
3
122 As 3 126 Apr 7 120 4 Dee 126/4 Apr
8114 Dec 68 Mar
4
30 Ap 10 423 Feb 26
11% Dec 4214 Mar
2
13 Ap 17 187 Feb 9
1612 Dec 3112 June
17 Jan 2 23 Mar 21
12
4512 Nov 973 Mar
4
2
5412 Apr 13 623 Feb 13
6014 Nov 8834 Jan
62 Jan 7 6614 Feb 26
2% Dec 12
211 Jan 211
Jan
4114 Jan 9
30 Dec 8452 Mar
29'2 Apr 17 38 Feb 24
8
118 Jan 1 1213 Mar 1(1 118 July 128 Feb
614 Oct 213 Apr
4
2
73 Apr 1 123 Feb 24
4
38 Oct 84 Sept
4514 Jan 12 63 Feb 20
4
10614 Jan 19 1293 Mar 26 104% Dec 15612 Apr
140 4 Jan 1501 Ooi
,
2
145 Feb 4
3834 211
2412 Dec 8312 Feb
26 Apr 17 151 Feb. 4
70 Dec 116
Jan
747 Jan 5 86 Mar 18
8
27 Dec 697 Apr
4
2
26 Apr 17 433 Feb 24
35 Dee 5114 Apr
8
3314 Jan 2 483 Mar 20
17
157 Dec 22
2
1414 Feb 3 141;43 f b 26
Oct
Feb
9 Nov 33 Jan
713 Apr 17
8 Nov 307 Mar
Mar
2
9 Jan 8
17 Dec 5212 Mar
F
4
2
19 Jan 2 631611548 F b ;14
25 Dee 1012 Apr
,4
283 Jan 19
4
84 Dec 11112 Apr
8514 Jan 3 100 Mar 20
6312 Dec 1003 June
4
61 Apr 17 791 Feb 2,5
73 Dec 101 May
71 Jan 3 90 Feb 26
513 Dec 333 Mar
2
8
612 Apr 10 108 Jan 9
1, Dec
s
8 Mar 31
7 Apr
13 Jan 7
2
813 Dec 347 Apr
2
1012 Jan 8 30 Apr 6
4613 Dee 693 Mar
47 Jan 2 64 Mar20
72
4
2412 Dee 4172 Mar
3
233 Jan 19 313 Feb 9
4
16 Dec 653 Apr
2
1718 Apr 17 26 Feb 26
12 Dec
4 Apr
112 Jan 9
Ss Jan 5
7 Dee 35 Feb
6 Feb 21 12 Jan 9
3
18% Dec 105 Jan
20% Jan 2 30 4 Feb 26
6814 Dec 11812 Mar
3
7214 Jan 3 84 4 Mar 6
293 Dee AIS Sept
4
4
31 Jan 2 433 Mar 19
414 414
414 414
8
414 4141 .412 43
900 Amer Mach dr Metals. Ns par
3 Dee 1412 July
414 414 *414 412'
7 Mar 2
312 Jan 13
.
1714 1712 1712 18 .18
1812 175 173
8 1714 1712 17
17
1312 Dec 5112 Fab
4
700 Amer Metal Co Ltd___No par 163 Jan 30 233 Feb 24
8
•
78
84 .78
84 .78
84 .78
84 I .78
82 I *78
82
80 Dec 116 Feb
Preferred(6%)
100 89 Feb 21 8913 Feb 5
16
163
8 1614 167
17
8
8
17,
2 163 17% 1614 1612' 168 167
820 Amer Nat Om pref____No Par
20 Dec 95 Mar
s
16 April 397 Jan 20
*5014 5155 51
533
5 5155 5358 5014 51 I 4914 50
48
2
3612 Dec 1193 Apr
493
4 6,900 Am Power & Light____No Par 45 Jan 2 6472 Feb 26
*101 10112 .101 1017 1017 1017 •1007 10213 .100 102 .100 102
8
5
8
8
100
90 Dee 107 Mar
Preferred
No par 047 Jan 2 102 Mar 27
2
*82, 84 I .8212 838 *8212 837 .82
2
8
84 "82
84
*82
81
2
7412 Dee 877 Sept
Preferred A
No par 78 Jan 5 84 Apr
.8414 8412 8414 8455 843 843
4
4 8412 841 *84
:
1,100
8414 8314 84
Fret A stamped
743 Dec 8912 Sept
4
No par 80 Jan 3 85 Apr 4
17
IT% 17
17%, 17
17 2 1612 17% 16
,
1612 157 1612 39.100 Am Rail & Stand San'y_No Par 1512 Jan 2 3712N: b 20 15 Dec 395 Apr
4
21% e r 2
a 0
*712 8
712 75
8
*8
912 .8
9141
73
4 73
4 •712 8
800 American Itopubllea_No Par
3
51g Dec 37 Mar
7 Jan 13 123 Feb 27
32
3
323
3112 323
8 307 323
8
301s 303
8 2978 307
8 283 3014 29,600 American Rolling 1,1111
4
28 Dec 1007 Feb
2
25 26126,1ar
.
5413 55 I 5413 55
4
54,2 504 523 54 1 523 53
4
5058 52 2 2,700 American Safety Raaor_No par 50% Apr 17 60 Feb 26
,
s
5312 June 872 Apr
.718 8
.71s 8
8 7 4 *71s 73
.7,2 73
3
4 .7,
4 '7ls 73
Amer Beating •I o____No Par
4
9 Feb i 3
I Dec 2612 Feb
612 Jan SO
.
7
8
1I8,
*7
8
1
•7
8
1
7
8
7
8
7
8
7
8
.
7
8
1 I
600 Amer Ship & Comm___No par
33 May
5
12 Dee
1% Feb 27
8 Jan 2
4
3812 *3755 3914 x3718 3718 3614 3814 3614 361r
*3814 3914. 38
330 Amer Shipbuilding now _No par 301 1, Apr 16 42 Jan 6
85 Dec 5412 June
45
48
,
4614 467g 47
4614 487
8 4512 46
34212 443 10,700 Amer Smelting & Refg_No Der 4012 Jan 2 5812 Feb 24
8 133 8 483
4
3712 Dec 7212 Apr
134 .133 13712 '13214 13712
•
135 13712 •135 13712 135 135
300
Preferred
Apr
31 Dec 141
100 129 Jan 9 13812 Mar 27
997 100 I *993 9912 9913 9913 .9912 10014 .100 10014 100 10018
8
8
700
6% sum 20 pref
8
2
933 Dec 1033 Aug
100 9312 Jan 3 104: Mar 12
2,
4
41
.40
41
. 4 4114 4012 4013 4014 4014 .40
*40
403
41
300 American Snuff
57 Dec 437 Jan
2
2
25 37 Jan 2 1091 m ar 1 0
4
141%ia 13
•
10814 110 .10814 110 •10314 110 .103,4 110 1.10314 110 .10814 110
Preferred
is Jan 112 Sept
100 103 Jan 20 42
8 212
214 214
*23
8 212 *23
17
8 2%
8 2,2 .228
214 214
1,200 Amer Solvents & Chem _No Par
17 Apr 16
16
8
2
2 Dec 2212 Mar
5
5 j
414 5 I
43
4 43
512 512
4
513 51 2
43
4 51s 1,600
Preferred
414 Apr 13 1112 Feb 24
4
52 Oct 8314 Mar
No jar
227
23
8 193 203
23 I 19
4
4
8 19
23
23 1 223 23
21
6,900 Amer Steel Foundriee_ _No Par 19 Apr 15 8114 Feb20
2312 Dec 5214 Mar
*111 11112 •111 11114 .111 11114.111 11114 "111 11114 .111 11114
Preferred
100 110 Jan 13 113 Feb 20 110 Dec 116 Feb
47
.
45
*45
47 1 *45
4612 "45% 4612 45
4518 4413 4412
600 American Stores
861 Deo 5512 Apr
No Par 37 Jan 7 4814 Mar 10
53
[4 53
5312 5414 54
5314 54
53
5212 523
5333 53
4 1,800 Amer Sugar Refining
Fa
1597 Mar
1
3914 1)
110 Mar 25
100 4234 Jan 5 0313 1),lab10
105 105
010512 106% .10512 106, 10513 10512 10418 105
10
105
400
95 Nov 110 Apr
Preferred
1818 y ap 3
100 96 Jan 2 10112 Nle r 16
77
83
fils
4 9
9
8
8
8 1
Ts 5,900. Am Sumatra Tobacco__No par
8% 9
958
4
5 Nov 263 Feb
713 Apr 7
---------------------------------------15 D
2712 Feb
Amer Teleg & Cable Co...100 1514 Jan 12
4
HS% 1893s 188 19012 18318 193 I 187 1883 187 18814 1843 18855 -4
57:400 Amer Tele') & Teleg
2
4
100 17612 Jan 2 2013 Feb 26 1703 Dee 27414 Apr
4
122 12314 124 127
12612 1233 125 12612 1243 12512 121 12412 14,400 American Tobacoo new WI 25 104 Jan 2 1283 Apr 14
4
9812 Dec 127 Sept
4
4
12714 12913 127 1283 124% 128
12414 12714 1263 1302 128% 132
8
4
72,700
r 14
9914 Dec 130% Sept
4
Common clam B new w1_25 1043 Jan 2 112392,4
129,8 12914 .12914 -----*12914 131 .1293 13014
4
01283 129 •1283 129
4
8
Apr 1 1 120 Feb 129 Sept
200
Preferred
100 12414 Jan 3
95
95
80
98 I 95
95
95
.95 105 I 95
1295 105
800 Amerlean Typo Founders 100 90 Jan 24 105
95 Nov 141•4 Apr
.108 110 .103 110 .108 110 .103 110 1.103 110 *108 110
4
16
100 105 Jan 21 11013 Feb 28 10312 Nov 1143 July
Preferred
473 Dee 1247 Apr
6012 6113 6112 65 1 63% 663
5714 597 24,100 Am Water Wks & Elee_No par 54 Jan 15
8
3
4 6058 6313 5858 61
2
4
*1043 105 1 1043 1042 •10412 10512 10412 10112 *104 10512 .104 105,
4
4
19
6
1081s Oot
8
P Mar 2
200
2
10114 Jan 29 10
1st preferred
.
9
934
8% 9 i
68 No
8% N
812 87
8 1,900 American Woolen
858 855
2014 Feb
9
9 I
9,8 9%
6s Jan 2 Ills Jan 12
7
100
Nov We Feb
8; 32
8
3512 35% 363 363
8 36
3612 3318 357
9,500
333
8 3214 33
Preferred
100 21 Jan 2 3918 Mar 23
.212 318 *212 27
9 May
15's
2
1/12
212 212 .2% 27
*212 273 "212 258
:
100 Am Writing Paper etfs_No par
55g ren3
4 Jab 5
2 Jan 3
*127 16
8
4
8
4
8
.12% 16 I .127 16
*12% 193 .127 193 •127 16
1013 Dec 443 Feb
4
2
Preferred certificates__ _100 14 Jan 13 18 Feb 20
614 2.200 Am Zino Lead & himelt_No par
514
518 53
8
512 512
53
3 512
8 8 Dec 177 Feb
,
555 5%
4
514 512
412 Jan 2
*3512 38 1 .3512 38 .3512 38
38 .3514 38
262 Dec 7974 Jan
,4
•3512 33 1 .35
25 26 Jan 10 4034 M ar 11
Preferred
25 Dec 8112 Apr
33
31% 3214 58,800 Anaconda Copper MInIng 50 293 Jan 2 4314 Feb 27
33321 3314 343
327 3312 3214 33
8
4 3312 35
4
•
19 Dee 5314 Feb
25
25 I *243 2514 .243 247
25141 .25
4
25, .25
4
25,
4 25
200 Anaconda Wire & Cable No par 22 Feb 4 3 14 Mar10
26
8
8
24 Dec 510 Apr
31
29
028, 29141 2834 283
4 29
4
29
.23
2912 .24
4
2758 28
No par 27 Jan 2
400 Anchor Cap
1032 Dec
15
1514! .15
.1412 15
18
*143 16 I .1413 16
4
1412 1212
600 Andee Copper Mining No par 13% Jan 12 1913 Feb 27
7 Ay.
14
12'2 1212 1,000 Archer Daniels Midl*d_No par
1318 Dee
12
1218 1218 .1214 1212 123 1212 .1218 1212; 12
2
10 Apr 2 18 Feb 4
914 Apr
60 Dec 821 June
44
4714! 3812 4312 4112 44181 4314 4618 443 463 17,900 Armour & Co.(Deb pref__100 3812 Apr 1
4812 49
72 Jan 7
2
4
Ve Nov
412 Jan 8
8
214 23
8
314 23
2
215 2,
23
8
2 Apr I I
4
218 2141
2,
8 2% 18,700 Armour of Illinois class A___25
11 Mar
2 Mar
8
361,14 Nov
2
112 13
8,
113 1%
112 112 10,500
112 13
27 Jan 7
2
8
112 1121
112 155
1 12 Apr 9
25
Clam B
Nov 60 June
1618 173
193
4 1614 13
4 17
16
18 I 1814 1312 18% 183
4 5,50)
Preferred
100 16 April
312 Deo 1884 Apr
712 j pr 4
*63
2 7
614 614 .6
*614 612
300 Arnold Constable CorD-N0 Pa
614 6141
613 612
8
514
, 33 Jan 2 47 Aan 6
434 D
9
*7
6 Jan 13 1012 Fab 26
9
.7
7
.7
1
.7
8
.7
8
8
2013 Apr
7
20 Artiown Corp
No par
20 Nov 46's Mar
16 pn
2
113 1212 11% 127
2 113 1255 11
8
8
12% 1118 1112 11 18 12
21,100 Mandated Apparel Ind_No par 10 Apr 7 387 Feb 10
2478 26
2312 2312 217 233
25
8 2178 22
243 2555 25
4
8
8
104 Apr
6,600 Maim Dry Goods
No par 217 Apr 16 29% Mar 20
ZO Dec 51 June
.31
44
30
44
44
*31
44 .30
1231
30 .30
44
10 Associated Oil
25 264 Jar, 2 31 Feb 18
83 Dec 803 Jan
32
30
•2912 32 .2912 32
30 .28
•3014 32
3
103 Ati GA W 1 S S Line-No Par 30 Apr 16 89 Jan 7
.2913 32
43 Dec 6514 Feb
49 .48
49
453 4618 .4512 4813
49 .46
4
4614 4612 *46
4
890
100 453 Apr 16
Preferred
4
0
163 Dec 511 Apr
2
183 1914 1818 183
23 '1an 21
341 FFer b 0
4
8
4
4
4 1714 177k 153 173 20,700 Atlantio Refining
4
183 1914 183 19
4
25 153 Apr 17 534: Feb:
/
4
4212 4212 *41 12 43
43
42 Dec 106 Mar
.4113 43
43 .43
42
42 .42
200 Atlas Powder
No Par 42 Mar 28
973
371 J an 5
9
112,2 No et 106 Mar
7 IO)ecy
91
97
97
96
97
96 I 97
97 .96
97
97
fia
100 95 Feb 4 9 18 .btn 16
Preferred
11
.10
73 Dec 37 May
11 I .10
4
.10
11
11
.10
4
*10
113 .1012 11
87 Jan 2
s
Atlas Storrs Corp
No Dar
*3
312 .3
312 .3
312 *3
312 *3
812 Mar
312 .3
312
27 Feb 9
2
Awls Tack
per
No
601 Nov 2632 Apr
1.
4
0
4
278 23612 278 2923 283 29513 279 290 I 271 28413 236 275,2 1- Yiloo A Own Automobile__ -NO luir lops Jan 14 29512 Apr 11
Mar 16
*112 2 I .112 2 I .1 12 2
2 M a 30
17 Feb 26
2
.1 12
7 May
•112 214 .112 2
114
Austin Nichols
No Par
Feb
112 112
112 112
7 Dec 103 Ma
8
112 1 12
1 Jan 2
2
600 Autosalea Corp
8 *112 1%
113 112 .112 17
No Par
Dee 25 Mar
5 Feb 27
3
.314 4 I
3
4
314 314 *3
*314 4
30
*314 4
2% Feb 3
80
Preferred
4
412 412
222 Deo
418 4% 11,000 Aviation Corp
43
We Mar 2
8 43
8
413 4%
3 Jan 2
97 Ur
458 47
2
412 412
No Par
103 Jun
a
14 28,400 Baldwin Loco Worke__No Par
8
3
2014 20
38 Feb
1958 Apr It 277 Mar 19
4 2218 193 2134! 195 20141 20
20
2218 2214 213
84 Deo 116
97
93
97
97
97 I .97
97
150
97
*9318 100
100 8811 Jan 2 10112 Nlar 19
Jan
Preferred
99
98
2
470 Bemberger (L)& Co prat _100 101 12 Apr 17 107 Feb 11 103 D
11012 Feb
2
.10218 102, 10212 10212 10218 103141 102 1021a 10218 10212 10112 1013
61 Nov 208 Mar
7
57
71'6
8 6
5% Mar 24 10 Jan 2
120 Barker Brothers
.6
.61
7
7
4
No Par
•
.
6
7
88 Dec !I Mar
*4014 50
*4014 50 .4014 50
50 .4014 50
100 .54 Feb 10 60 Mar 10
•35
Preferred
50
2
15
g
1018
8 10
1014 103
VI Dee 34 Mar
914 Apr 17 1412 Feb 28
93 10% 18.100 Hamadan Corp elms A
4
8
25
1118 1158 107 1114 3103 11
23 Nov 68 Feb
2512 .25
,
60 Ilayuk Cigars Ina
25,
2
.2414 2512 .2414 2512 2414 25 2 .25
No per 2241434er 31 33 Jan 19
*2414 26
39 Dec 101 July
89 I .8814 89 .8814 89 .3814 89
First preferred
•88
100 $714 Jan 3 90 Mar 8
89 .881 89
.
88
62 Dee 92 Apr
76
7755 7512 7655 7418 7614 6,600 Beatrice Creamery
50 65 Jan 2 81 Mar 19
8 7814 79
4
8 771 787
783
78
200
100 106 Jan 15 111 Mar 16 10114 Mar 10014 Sept
Preferred
'11014 11013 11012 11012 •11014 11012 11012 11012..11014 11055 •11013 1103s
5918
303
700 Beseh-Nut Packing Co__ __20 50 Jan 15 62 Apr 9
4 59
468 Nov 7012 Jan
4
61 I 60
61 I •60
•60
61
61 14 61
•60
2/2 D
*27
8 3
4 Jail 30
200 Belding Hern'wity Co__No par
,
21s Jan 15
8 3 4' .2% 3
27
.27
8 314' *27
63 Jam
2
3
3
27
8
4
76% I)
500 Belgian Nat Rys part pref ____
78 Jan 5 303 Jan 22
4
[4
8
81'2 Mar
7914 7914 7914 8012 .793 801 .7914 8114 *79, 80
.
7914 80
20
41.800 Renal! AvLation
1414 Nov 473 Ayr
8 1913 2018 19
pedIr
r
8
N per 557 Jan 2 2513 Feb 24
4 2I la 2214; 203 213
4
2
4 203 213
2012 21 1/
4,400 Beet & Co
41 14 3914 41
$042 D
4
4 41
N. per 321 Jan 13 4614 Mar 19
3414 Apr
.41 18 4218 4218 4218 4212 43 I 4114 423
1
473 De 11014 Aar
2
4
8
8 487 51 I 4818 5013 3873 49 165,800 Bethlehem Steel Corp No Par 415% Jan 11) 70 2 Feb 36
5
513 5318 5112 533
517 53
5
4
1,400
8
Preferred(7%)
4
100 1141s Jan 6 12312 Mar 6 1122 D
134 Mar
4
120 120 I 1193 1193 11712 11014 117 117,
4
•120 1203 120 120
23 Oct 41% ADE
223 23,
4
2 3,200 Blaw-Knox Co
2414. 2312 24
No per 2234 Apr 17 39 Feb 21
2413 2514 24
25
25
263
25
203 Mar 25
23
8
HY Dee 291 Apr
23 .17
Bloomingdale Brothers_Ne par 1613 Jan
23 .17
92I .17
2
23
23 .17
23 '17
.17
86
20
93 Deo 104
86
89
Preferred
89
100 86 Apr 17 15 Jan II
92
.89
92 .89
92 .89
.89
Oct
74 Feb 90 Apr
•8212 85
Blumenthal & Co pref__100 7512 Jan 15 Tile Jan 15
85 .8213 85 .8212 85
•8212 85
•8212 85 .8212
12,300 Bohn Aluminum & Br__No par 20 4 Jan 3 4013 Apr 9
2
104 Nov 33 Apr
3713 3512 3612 3454 36
393 4014 3812 397
4
37:z 39% 36
344
•Bid and asked prices: no Wee on QM am
1211-4i2Idand,
Ex-Minos
2921
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here. see third page preceding.
111011 AND LOW
Saturday
Apr. 11. 1
SALE' PRICES
-PER SHARE. NOT PER CENT
Monday I Tuesday 'Wednesday
Apr. 15.
Apr. 14.
Apr. 13.
Thursday
Apr. 16.
Friday
Apr. 17.
Sales
for
the
Weelc.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share iota.
On basis of 100
Lowest.
Highest.
PER SMARR
Range for Previews
Year 1930.
Lowest.
Highest.
5 Per share' Per share! $ per shareper share 5 per share $ per share Shares Indus.& Mlecell.(Cos.) Par 5 per share $ per share 5 per share $ per share
IWO Oct 78 Apt
No par 60 Jan 6 /6614 Apr 15
300 Bon Anil elan A
266
6614 66
72
66
*66
*65
66
72 1 *67
72 1 *67
5 Mar
Oct
3 Feb 26
19 jolt 2
1
No par
*13
4 2
13
4 13
4 2
19 15
4
8
13
4 13
4 1,000 Booth Fisheries
19 19 •13
54 Dee 334 Jan
7 Jan 9 1714 Feb 20
100
let preferred
.104 15
•1012 15 1 •1012 15 1 *1014 15
*10
15
*1012 15
2
604 Jan 90 s Ma7
25 6712 Jan 15 7613 Mar 20
8 7012 7114 699 709 39,300 Borden Co
7314 733
8 7214 7312 7118 723
4 7234 733
15 Nov 504 Mar
10 204 Jan 2 204 Feb 27
26,800 Borg-Warner Corp
249 25
249 259, 2518 2612 239 2434 2312 2414 2214 24
5 Mar
Deo
2 Mar 18
/
1
4
2141
11s Jan 28
5
4
214 *2
214 214 *2
600 Botany Cons Mills class A 50
214
214 214
24 214.
214
/
1
4
1211 Oct 25 July
4
4
1958 199 1958 20 1 1918 2014 1858 1918 173 1812 1714 1818 45,700 Briggs alauutacturIng..No par 1612 Jan 15 223 Mar 25
1514 Nov 359 Apr
No par 1612 Jan 14 2412 Mar 24
2112 2119 *20
*2112 23
23
300 Briggs & Stratton
*2112 24
2112 2112 *2112 23
/
4
Ps Des 221 May
51 Mar 2
/
4
2 Jan 2
*314 4
4
*3
*3
4
4
100 Brockway Mot Traak_No par
358 358 *3
*35
8 4
13 Doe 85 Apr
100 14 Mar 21 26 Feb 17
*14
14
14
Preferred 7%
15
15
*14
15
20
15 I .14
*14
15 .14
984 Deo 1784 Mar
s
Gas___Ne par 103 Jan 1 1293 Mar 19
11218 11318 11112 11214 11014 112
11512 11512
4,200 Brooklyn Union
*113 115
116 116
334 Nov 42 Feb
/
1
4
34l2
No par 32 Jan 22 3513 Jan $
3412 *3414 3412 *34
3412 *34
300 Brown Shoe Co
3414 3414 *34
34
34
10 Dec 3063 Mar
„ . pc 3
9
a
f;
10
8 10
9
9
1,300 Bruns-Ballte-Collender_No par 1,,t.1;7 15 Feb 111
•1018 1012 *1018 1118 •109 1014 1018 10,
/
4
111 Dec311 Mar
/
4
204 Feb 19
/
1
1614 3.100 Burlyrus-Erle Co
8
•1714 174 1714 1714, 1714 1712 1714 1714 167 1714 1618
21 Dec 43 Mar
/
1
10 25 Jan 13 344 Feb 10
Preferred
29
279 23
4 2912 2912 29
1,000
293 293
4
4 299 299 299 293
100 11114 Apr 2 1134 Feb 2 1074 Jan 117 Sept
Pre/erred (7)
10
11312 11312.113 114 .113 114 *113 114
•113 11312 .113 11312
/
1
864 Feb 25
3 Dec 184 Apr
4 Jan 2
No par
414 412
43
4 518 1,300 Budd (E 0) Mfg
414 414 *418 412
*418 414
418 418
64 Oct, 1463 Feb
81 1 Apr 17 13 Feb 27
No par
932; 93
41
814 918 6,500 Budd Wheel
99 10
1018
1018 1018 1018 1014, 10
812 Dec I 43 Mar
4
No par 10-8 Apr 17 151 Jan 20
8
139 107 1212 103/2 1218 3,100 Bulova Watch
8
139 125
13 I 13
1318 1318 13
9 Des 74 Apr
/
1
4
No par 114 Jan 2 23 Feb 26
1318 1414 1214 12341 113 123
4
4 3.800 Bullard Co
15
.1414 1514 15
14 2 15
,
2512 Dec 11013 Apr
15 Apr 17 SI Jan 7
$1512 20
15
151
*1512 20
200 Burns Bros new clAeomNs par
*154 20
*1512 20 • *179 20
3 Dec 35 Apr
312 Apr 17 10 Jan 7
No par
33
4 33
4
.8
New elan B oora
39 37
*4
45
500
8
8
313 33
4
*33
4 43
*33
4 5
714 Dec 100 Feb
85 Jan 20
100 22 Mar 1
*397 41
8
397 397
8
.3712 399 .3712 397
Preferred
8
8
40
8 399 397 *3978 41
/
4
184 Dec 511 Mar
/
1
2113 Jen 113 3214 Feb 9
253
4 7,400 Burroughs Add Mach_Ne Pa
4 2712 279 2612 2718 259 2612 24
273 279 279 273
4
/
4
2112 DC 481 Mar
No per 229 Apr 16 31 Feb 24
8
223 22 1 226 225
8
8 2,800 Bush Terminal
225 2412
8
,
25
25
25
2614 269 25
97 Nov 110 Mar
100 1009 Feb 11 104 Jan 23
Debenture
102 1029 *132 10211 102 10218
760
102 102
102 10218 102 102
Oct 118 Apr
100 109 Jan $ 113 Mar 17 108
109 109
110 110
50 Bush Term Slags pref
110 110
111 .11014 111
11112 11112 *110
7 Dec
8
514 Jan
13 Feb 20
4
1 Jan
•1
1
118
1
118
500 Butte & Superior MinIng__10
*1
118 *1
1
1
1181
*1
414 Feb
114 Dec
Ils Jan 5
2 Jan 29
5
19 15
8 1,200 Butte Copper & Zlue
19 19
4 *19 1341
13
4 13
134 11
/
4
13
4 13
4
/
1
4
10 Nov 29 Feb
6
4
1412 1413 1,600 Butterfat Co
No P
, 123 Jan 20 20 8 Feb 26
*149 15
4
15
1512 1412 143
15
143 143
4
4 15
/
1
4
624 Feb 201 334 Dee 112 Apr
/
1
4
37 Jan
No pa
499 439 459 419 45
46,600 Byers & Co (A M)
4818 4838 473 503
4
4 489 5212 44
Jan
/
4
100 9714 Mar 23 1061 Feb 241 106 Dec 114
*9114 98
*949 98
Preferred
*9618 9612 *9414 98
98
*9618 93 I *96
4114 Dec 774 Mar
53 Feb 16
35 Apr 1
359 2,400 California Packing__ -No Pa
3512 35
3512 3512 35
36
/
4
36
36 I 3652 361 36
24 Feb
/ Dec
1
4
Vs Mar 2
9 Jan
1
*4 1
/
1
1,300 CalLahan Zlno-Lead
*
/ 1
1
4
*5
8
ki
3
4
*9
9 9
8
c's
3
/ Jam
1
4
43451ar 17
284 Dec 89
/
1
4
363 Feb
3814 *3811 40
500 Calumet & Arizona 5510In3_2
38
4
389 339 *383 40
8
3 4 3911 *387 40
83
/ Jan
1
4
74 Dec 33
111 Feb 24
/
4
8 Jan
2
83
4 8 4 1,900 Calumet & Heals,
,
83
4 83
4 *812 89
89 87
8
811 89
*812 89
10 Nov 30 Mar
114 Jan 2 169 Mar 25
8
8 1.200 Campbell V7 & 0 Fdry_No pa
1212 1212 125 125
123 13
4
13
1312 13
13
13 .13
/
1
4
3012 Dec 75 Mar
29 Jan 19 4014 Feb 27
/
1
4
3458 8,400 Canada Dry (Singer Ale N.fa
4 34
36
3612 3414 353
3614 37
369 3614 3612 37
161s Dec 344 Mar
179 Jan 2 25 Mar 24
2112 213
No Pa
4 1,600 Cannon Mills
8
8 2218 2218 217 22
2212 2212 223
*2218 2232 22
712 Dec 289 Apr
pis Jan 3 16 Feb 26
8 2,900 Capital Ado:tints el A No per
8
4 1514 1514 1412 15,
4 153 153
15
1518 1512 153
*1412 15
2912 Dec 42 Mar
50 30 Jan 10 38111 Feb 25
100
4
Preferred A
4
*33
3712 3412 3412 *343 3712 *343 3712 *3912 3712 *32.12 3712
8312 Dee 3624 AD.
4
100 1113 Ja 19 13113 Feb 24
4
4
9558 9814 953 10112 9714 1039 933 9714 9318 953* S712 9614 294,200 Case Gil Co)
100 11014 Apr 17 116 Mar 21 113 De 132 Mar
11014 1119
40
Preferred eartifloatee
•11312 115 .11311 115 1•11312 115 I 11312 113121.11014 115
/
1
4
22 Dec 79 Apr
8
3514 23,200 Caterpillar Traotor____No Par 267 Jan 2 5212 Feb 17
389 399. 3512 3912 3512 3614. 3512 369 33
3814 39
/
1
113 Dec 134 Jan
4 Feb 27
24 Jan 5
•
39 4
100 Cavanagh-Dobtre ino__No par
312 312 *314 312 *314 311 •314 4
*312 4
Jan
24 Dec 75
100 23 Feb 17 26 Mar 7
23
23
24
24 i *23
Preferred
60
24 1 *23
24 .23
na
/ Oct
1
4
918 Dee 20
par 11 Feb 4 16 Feb 25
1212 1212, 1212 121
133 *1212 13
4
4
500 Celanese Corp ef han__No
121z 1212 *139 133 *13
60 Mar
3 De
/
1
4
1012 1012 1012 101
513 Jan 2 14 Mar 2
11
No par
1144 11
1112 *11
800 Celotex Corp
1112 *11
*11
3 De
12 Sept
412 Jan 2 134 Mar 21
9
7
8
818 9
10
*914 10 I
1,400
Certificates
99 99 .914 10
847 Apr
s
174 De
/
1
4
2214 Jan 3 37 Mar 21
*2712 3512 *2712 33
33 I *2712 32
32
33
Preferred
150
3511 82
*33
18 Dec 3013 Map
/
1
1912 Mar 9 244 Jan 9
23
219 22
229 2212 2214 2212 22
Noo lla
•
1,000 Central Aguirre Asso NN pp aarr
23 23
23
23
84 Mar
2 Dec
/
1
4
64 Feb 21
2 Jan 6
/
1
4
*414 5
4 5
4 5 1 *43
*414 5
59 .43
/
1
4 *44
Century Ribbon Mlita_(o Pa
*43
4 53
62 2 July
7
51 Fe
61) *5714 58
100 58 Apr 13 70 Feb 26
*579 53
*58
60 1 *58
60
58
Preferred
60 60
80
656 Jan
8
21 De
2114 Apr 17 3018 Feb 24
2114 221
2214 *2218 23
4,400 Cerro de Paseo Cooper_No 1ln
2318 2318 239 239 2214 229, 22
8
2 Dec 157 Feb
714 Mar 23
214 Jan 2
5
5
5
59
49 47
518
512
.512 6
*59 6
1,200 Certaln-Teed Products_No pa
327 Dec 49 Fen
8
3114 Apr 7 374 Feb 25
35
35
35
4
35 I *343 35
35
35
35
33
No Pa
35
35
700 City In & Fuel
79 Oct 984 Vab
88
897 *89
8
88 .8714 83
100 774 Jan 14 897g Apr 16
88
*8714 88
90
•879 88
600
Preferred
/
1
4
144 Dec 67 Mar
/
1
12 Mar 10 2314 Feb 7
12
4
133
4 129 1318 123 13
127
8 6,800 Checker Cab
1318 1318 1318 1318 13
No Pa
3314 Dec 8212 Mar
3
41 429 43 4 4212 4212 4211 4312 1,900 Chesapeake Corn
4332 437
8 4314 433
.4312 44
No per 40 Jan 2 5413 Feb 24
913 Feb 6 154 Feb 26
7ss Nov 37 Mar
1014 1014 *1014 10121 1014 1012 1014 1014 1014 109 109 1018 3,700 Chicago Pneurnat Tool_Ne pa
/
4
2218 Nov 551 Mar
8
,
8
8 2318 2318 223 23
4
•23
2418 *2338 2418; •235 24111 233 235
No WV 22 4 Apr 17 35 Feb 22
1,100
Preferred
2012 Dec 22 Mar
*21
*21
22
22
*21
22
22
21 1 *21
2214 21
No par 29 Mar 2 23 Jan 9
21
30 Chicago Yellow Cab
1012 Dee 3212 Apr
4Mar 30
Mar 6 123
*119 12
•1112 1212 .1112 12
1013
1112 114
1
*1112 129 *1112 1212
200 Chickasba Cotton 011
/
1
4
22 Dee 67 June
/
1
4
2312 239 3,600 Chlids Co
251s 249 249 239 24
2314 2412 2418 25 j 25
No per 2314 April 334 Feb 10
144 Dec 43 Apr
8
2212 233
4; 209 2212 2018 2112 199 207 214,900 Chrysler Corp
23
No par 157 Jan 2 25Z Mar 9
8
22
2214 22
212 Dec 1114 Apr
4 Feb 11
/
1
4
212 Apr 17
25
8 23
8
4
212 25
29 23
29 27
81
29 3
3
3
No Par
8 3,500 City Storm new
1512 Dec 4411 Apr
/
1
20
*18
*18
*18
20
20
21 .18
20
*18
21
No Par 18 Jan 14 224 Mar 25
•18
Clark Equipment
21 Dec 60 Apr
32
*28
31
*28
3.)
30
*2812 32
*28
32
*28
32
100 Cluett Peabody & Co-No Par 244 Jan 12 241s Feb 17
/
4
911 Jan 105 Apr
28 102 Mar 4
_
___- *10014 -___
_100 95 Jan
*10014
- *10014
Preferred
1003*
4
154 154 *1009- 150 15314
No par 14218 Jan 2 170 Feb 24 1331 Jan 1919 June
15412 155 *1549 155 *15412 15512 154 154
Coca Cola Co
48
/ Jan 53 Mar
1
4
/
1
4
8
8
14 5212 5214 5212, 529 523 *523 529 .
N. par 5013 Jan 2 52 Mar 16
529 5213 529 529
Clam•
*52
/
1
4
44 Dec 64 May
4612 4612 4612 473
47 .4612 47
4 1,400 Oolgate-Palmollye-Peet No per 4614 Apr 8 5012 Mar 18
467 46781 47
8
47
47
97 Mar 104 Dee
4
100 102 Jan 15 104 Feb 16
4
4
Preferred
*1089 120 *1083 120 I•1013 110 *10134 120 .1019 110 *1013 110
12 Oct351 Feb
4
/
1
4
9 Jan SO 17 Feb 26
4 123 1312 2,400 Collins & Aikman
per
1212 1212 1212 123
4
/ 124 13
1
4
4
1212 123 *1211 12
No
73 Jan 92 May
733 733
4
*7312 78
*739 78
*7314 78
72
800
4
72
Preferred nonvoting___100 72 Jan 20 74 Feb 3
•____ 78
s
8 Apr 16 1014 Jan 11 • 834 Dec 208 Apr
/
1
4
89 83
4
83
4 89
*83
4 9
9
*33
9
703 Colonial Beacon Oil Co_No Pa
9
*34 9
184 Dec 77 Apr
4
100 1812 Apr 17 3214 Feb 19
224 2012 219 193 2018 1812 1912 2,500 Colorado Fuel & Iron
2112 2112 22
2112 22
651s Dee 199 Mar
/
4
80
8112 7714 783 X767 7914 11.100 Columbian Carbon•1 e No per 7313 Jan 2 1111 Feb 25
843
79
8.234, 82
7914 80
45 Mar 19
/
1
4
306 Dec 87 Apr
8
35
2314 Jan 1
363 19,400 Columbia Gm as Elea_ _No Pa
4
3718 3814 369 371
401
3814 389. 384 399' 38
10912!Mar 18
99 Nov 110 Apr
4
/
1
109 1004 Jan
90
1093 109121 1099 1091z 10912 1091 *10912 1093 10912 1091 109 109
8
Preferred
/
1
4
74 Dee 27 Aar
/
4
1012 11
4
119 103 111
74 Jan 16 161 Mar 13
56.200 Columbia Graphs011001
119 129 119 129 1112 12'z, 11
1818 17
/
1
4
1513 Dec 40 Apr
18
3,90 Commerctel Credit--No far 17 Apr 17 3314 Feb 26
1812 189 1812 189' 1812 1812. 1818 1814 13
1012 Dec 4411 Apr
/
1
4
3414 3414
35
35
*349 35
50 14 Jan 2 35 Feb 26
70
Claw A
35
35
*3414 3538, *3414 35
2012 Dec 28 Ain
2412
25 2112 Jan 20 2413 Mar 18
*2314 2412, *2314 2412 2312 2312 2314 2314 *23
2
Preferred B
.2314 2412
/
4
761 Jan 954 Sept
*8412 85
*8412 85
4
*8412 85 1 *8412 85
8412 85
let preferred (6 )4%)_ __106 7612 Jan 29 854 Mar 6
*849 85
2612 27
214 Dec 55 har
27
2712 27
1,20 Corn Invert Trust___-No Per 25 Jan 2 84 Mar 19
,
287 287 *279 28 21 27
8
8
•289 29
8714 8714
4
80 June 87 Mar
par 52 Jan 20 90 Jan 26
88 .363 88
No
2
8814i *863
50
863 863
2
4 88
.863 88
4
Cony preferred
II Oct
34 Dec
8 Feb 27
2 Jan 7
/
1
4
*413 6
*412 6
5 I *414 6
5
*5
6
30
5
5
Warrants @tamped
14 Dec 38 Apr
No par 1412 Apr 17 214 Feb 24
4
169 173*1 143 169 149 1512 1412 1514 67,000 Comm Solvents
1611 17
163 17
4
71s Dee 2014 Apr
9
914
912 97
8
S Jan 2 12 Feb 24
912 61,02 Commonw'Ith & Sou-rn No par
4
93*
93 10 I
99 93
4
99 93
4
861, Dee 1044 Jane
5 9914 91114 9918 9918 2,70
N• par 9112 Jan 2 1004 Mar 16
985 991s 937 9918 9914 9914 993* 993
8
8
SO preferred serlee
314 Dec 57 Mar
*319 3212
8
329 315 32
8
3238, .32
No per 315 Apr 16 5414 Feb 16
40 Conde Naas PublIca
.3218 369 3218 3218 .32
5 Dee 1934 Mar
/
1
4
1018 103
123 Mar 27
4
6 Jan 2
/
1
4
4
1114 1191 103 11,
4 7,70 Congoleum-Nalrn Ina_Ne par
,
4 10 2 11
119 109 111.4
11
/
4
20 Congress Cigar
2514 2512
184 Sept 561 Mar
/
1
•25,2 213ls n54 27 I .259 27
No par 22 Jan 13 8014 Mat 10
*2514 27 .259 27
544 Dee eeSs Mar
/
1
35 I 3412 359 .
3514 36
354 Jan 1 3714 Mar 12
•3212 351 •3212 359 *3212 3512 35
1,000 Consolidated Cigar- No Per
70
53 Dee 80 Isar
6811 689
2685 689 70
8
100 45 Jan 2 73 Mar 19
*6812 70 .6812 70 .6812 70
Prior preferred
50
74 Dee 278* Mar
*734 81 *8
/
4
73
4 73
4 1,100 Coneol Palm Indus____No par
73
4 77
8 *79 8
73
4 818
81
/
4
73 Apr 11 15 Feb 17
4
124 Dee 2314 Jan
*163 17
17
17
163 169 1612 169 1618 1612 1,300
4
4
s
4
169 17
No per 158 Jan 2 137 Feb 17
Preferred
/
1
784 Dec 1164 Apr
4 999 1021 10018 1029 9712 10014 969 9314 9518 98 118.100 Como! Gam (N Y)
/
4
993 1003
4
No par 821s Jan 2 1091 Mar 19
3302 Jan 10512 8 9t
1033 104
10114 10414 104 104
9
4
104 10414 104 1O4's 104 104
/
4511r 13
No par 10111 Feb 27 1041
2,100
Preferred
34
3
4
78
3
4
7
9
2 Jan
/ 1
1
4
14 Dec
1s4 Mar 18
7
3
4
4 Jan 2
3
4
7
6 7,100 Consolidated Textile._ _No pa
51 Dec 2214 Feb
/
4
6
6
6
*6
6
6'z
6
61
.552 6
5 Mar 11
99 Jan 9
*513 572
.500 Container Corp A Yot Ns per
813 Feb
2
2
2
2
21
*2
21
2
*2
214 *2
2 Dee
2
3 Jan 11
13* Mar 19
Me per
Class B vottrur
1,800
1614 171
189 189 1712 18
181
1614 169 5,50 Continental Bak' el A_No pa
189 1814 18
164 Dec 5212 Feb
1614 Apr 16 30 Feb 26
2
2
2
2
23
8
7 rob
2
2
214
218 214
2 Dec
2
2
Ps Feb 2
2 Apr 13
No per
6,400
Chun It
/
1
607
6112 *60
6014 609 604 260
5312 61)
6012 6012 60
63 Dee 344 Feb
5812 Apr 17 774 Feb 27
10
1.500
Preferred
583 603
4
8 5818 593
8 5712 5812 569 589 19,900 Continental Can Ine__No pa
8
59
5912 587 60
634 Dee 7162 Mar
47 Jan 1 6284 Mar 26
8
/ Apr
1
4
8
4 13
•1414 1412 1414 1412 143 1438 137 1418 139 133
/
1
4
9 Dec 37
139 2.400 Cont'l Diamond Iribre_Ne per 1011 Jan 2 169 Feb 27
439 449 419 433
449 45
,
2
4 42
44
4312 433
4 44
27 Dec 771 altar
/
1
4
4312 6,200 Continental Ina
41 Jan 2 513* Feb 24
I
34 Nov
311 35
114 Feb
211 312
8
33* 312
39 39
39 39
49 Feb 27
33
8 31 16,600 Continental Motors___No per
.
2 Feb 6
/
1
4
9
94
0
918
9
83
4 9 I
918
74 Dec 304 Ala
83* 8,8
8
12 Feb 13
83 22.400 Continental Oil
Apr17
4
N pa
/
4
84 Dee 601 Alifr
712 79
73
8 7121
5
73
8 712
6 8 79
,
7
/ 712
1
4
63 25,800 Continental Sharoa
5 Apr 17 12 Feb 24
4
No par
, o,
11
787
8 7614 774 7612 7712 7318 7614 11,000 Corn Prod ets Refining. -35 7318 Apr 17 863 Feb 17 1,
60 Dee 1111 Apr
5
/
1
4 78
7714 783
8
7812 79
Feb
•151 15212 •1504 15212 *1509 15212 151 151 .149 15212 .149 15212
/
1
100 1464 Jar 6 15212 Apr 2
Preferred
100
31 Dee 31,25,
7 jau
,
1
12
129 1112 1134 1118 113
12
12
4
12
4 113 113
12
84 Jai 16 IS Feb27
No par
3,0131)
3,000 Coly Ins
Mar
309 '294 3512 2912 293 *2918 2934
4
*30
30
301s 30
*30
No par 27 Jan 14 3412 Mar 11
500 Cream of Wheat
294 Mar
9 Jan
1612 17
4
/
1
Jan 2f) 194 Apr 11
1814 19 8 183 199 189 189 1612 18
,
1
1612 189 1,600 eyes Carpet
100 147
Ja/3
3 Dee 22
/
1
4
403 Jan 2
612 612 *614 7
8 Feb 25
/
1
4
*614 8
6
*612 63
4 .69 7
614
600 CrosIsy Radio Corp -No per
11 Dec 5184 Apr
4
.31
•3142 33 1 *31 12 3214 321s 3212 329 339 313 32
3212
500 Crown Cork & fisal____Ns Par SI Jan 16 1814 Feb 24
44 Dee 184 Feb
61 Jan 12
/
4
414 *4
,
414 *4
418 4 8 *4
412 49
*412 491
4 Feb 6
500 Crown Zellerlateh
412
No per
604 DOC 1/21 Mar
4
4t14 459 46, 13,90 Crucible $teal of America
4912 4912 4918 4918 4912 4978 4512 4912 45
-160 45 Apr 16 63 Feb 11
9
24 D
17lts.t
971
91
9614
•10012 10212 10012 1009 10012 l00'z 99 1009, 93
100 91 Apr 17 106 Jan S 10112 D: 11912
Preferred
950
55
Vs Jan $
May
5
59 *43
5
4 1a88
4 5
5
5
No per
,
•4
5
*43
4 5
Cabs Co
1
Oct
$1 Jan 11
7 Max
/
4
13
4 134'
113 Jan I
19 17
19 19
8
112 112 3,60) Cabs Cane Produen _ _ _No per
8
19 17
8
(
0
3 Dee
9 Feb
Mar 24
*414 44 .414 41
44 41
3 Jan
414 414
*4
42
4 *414 44
20 Cuban-amerlaan Sugar__ _1
20 Doe 151 Feb
/
4
*25
•25
32
32
30
*25
30
30
100 22 ).far 9 SS Jan 9
32
•25
299 31
Preferred
240
1184 Jane 41
s
4412 441 *44
45
Jan
4512 4512 453* 45
*45
50 41 Jan 2 487 Mar 19
4412
455* 45
600 Cudahy Packing
5$ Dec 1264 May
89
90
90
8978 88
90
9012 90
90 .90
88
90
2,100 Curtis Publishing Co--No per $8 Apr 17 100 Feb 7
/
1
117 117 '111351j74
4
117 117 *1163 119
No per 11314 Jan 15 1184 Mar 5 112 Dec 1214 Mar
60
•1163 11714 117 117
4
Preferred
41*
11 Doc 144 Apr
/
4
37, 4
54 Feb 27
/
1
414
4
/
1
4
29 Jan 2
Na pa
414 461
412 4s4
4
/ 412
1
4
29,400 Cartlas-Wright
$ Dee 19 Apr
84 Mar 2
3 Jan 1
/
1
4
/
1
4
55
6 53
10
4
6
6
63* 612
513 59 2.70
69 614
.6
614
Class A
15 Dec 904 Mar
273* 279 2712 2712 *27
2712 1,800 Cutler-Hammer Mfg---No Per 2712 Apr 10 41 Jan 7
4
2734 279 273 23
•279 29
15
10 Dec 43 Mar
15
1512 2.10 Davison Chemical
15
1714 159 16
/
1
4
No Par 1313 Jan 6 23 Feb 24
4 16
159 1512 159 163
-"d",!.,
g.
O
)
6%
5 Bid and asked Print no anes on this day. z Ex-dividend, y Ex-dividend and ex•rbilatl.
2922
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT I Sales
for
Saturday 1 Monday , Tuesday 'Wednesday Thursday I Friday I the
Apr. 11.
Apr. 13. I Apr.
.14.
Apr. 15. , Apr. 18.
Apr. 17.
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
Lowest.
Highest.
5 Per share 5 per share , $ Per share] $ per share $ per share! $ per share Shares Indus. & Miacell.(Con.)
Par $ per share $ per share
*914 1912 *914 11 I *94 11 I "914 11 I
1018 1018I 10
10
400 Debenham Securities_ __ _5 Soh
94 Apr 10 1219 Jan 28
.204 207
8 2058 21 I 204 207
8 21
21 1 2012 204 *207 21
8
1,900 Deere & Co prof
20 2018 Jail 28 22 Jan 5
*1793 18514 •1793 18514 *1793 18514 *182 1854 *181 184 I 182 182
4
4
4
200 Detroit Eason
100 175 Jan 14 195 Feb 11
.18
17 I 164 164 *16
18 I .16
18
*16
18 I .18
18
200 Devoe & Reynolds A__No par 13 Jan 3 1918 Feb 18
19
1914 1812 1914 183 193
4
4 1814 183
4 184 187
81 1818 185
8 8.300 Diamond Match
No p Zr 147 Jan 15 23 Mar 8
8
r" 2512 26 1 2512 2512 254 257 *2512 257
8 254 26 I *252 254 2,000 Preferred'
8
8
25 244 Jan 7 26 Feb 24
, 1114 1112 1118 1114 1118 1114 11
11
103 107
4
1 1012 11
5,700 Dome Mintz Ltd
No par
84 Jan 2 51313 Mar 31
,. 2312 2312 2312 24 I 2312 2312 *23
24 I 23
23
22
2338 2,230 Dominion Stores
No par 1418 Jan 2 24 Apr 13
7414 743
4 745 753
8
4 754 7612 743 7514 74
8
743
4 72
7412 18,000 Drug Ina
No Par 6112 Jan 2 783 Mar 2,0
4
r 64 64 *614 812 •64 812 *814 812
618 6141 "64 653
300 Dunhill InternatIonal No par
54 Jan 22
814 Mar 19
*123 1314 •123 1314' 1212 1212 •1212 1314 *1212 1314. *1212 1314
4
4
200 Duplan Silk
No par 1212 April 143 Feb 9
4
*1043 106 *105 106 *105 106
4
106 106
10312 __..'105 ____
100 Duquesne Light 1st pref _ _.i00 102 Jan 5 106 Apr 13
9
11 1 10
10
10
10
93
4 93
4
700 Eastern Rolling
93
4 9 4'
,
93
4
4 93
71s Jan 7 134 Mar 2
15914 161
1585 16212 1593 16414, 1575 1593 15614 1583 156 15812 20,800 Eastman Kodak Mill__ _No par
8
4
8
4
4
Co
No par 1433 Jan 19 185 4 Feb 24
8
3
*13414
•1344 --__ *13414 __,*13414 ____I
30 6%
100 1283 Jan 8 13413 Mar 23
4
pt 1838 1812, *1838 1812 1812 194 *1753 177 13414 13414 *13414 ---- 7,700 Eatonturn prof
8' 17
1758, 17
173
8
Axle St Spring_ _ _No par 133 Jan 2 214 Mar 19
4
$ 9218 94341 91
944 924 957
8, 9014 92581 904 924' 8653 914 105,100 E 1 du Pont de Hem
20 84 Jan 15 107 Mar 19
1 12312 12312"12112 1233 *12112 1224, 12112 12112, 121 12 12112 12112 12112
3
700 6% non-vol deb
100 1183 Jan 9 120 Apr 9
4
*712 812 *712 S's1
8
8141
812 812, 812 84
812 83
4 1,100 Eitingon SobIld
No Par
314 Jan 2 114 Feb 17
58
61 I 55
5512 *55
65 I *55
6413' 55
5518 55
55
1,100 Preferred 6;3%
100 3513 Jan 5 69 Feb 18
6318 6414 623 647
4
3' 627 66
8
6153 633
4 6034 623
8 534 6014 81,800 Electric) Autollte
Na par 5053 Jan 15 7453 Mar 10
10812 10812,•108 109 1.108 109 t•108 109 I*108 109 *108 109
100 Preferred
100 108 Apr 7 110 Jan 7
1,, *3
,
,
3
318:
3 13'
234 23
4'
2 4 2 41
3
23
3
4 24
27
8 3
1,700 Electric' Boat
37s .44n 6
No par
24 Feb 9
if'507 514' 5012 5318' 5118 537
3
8 493 51121 485 504 47
4
8
5014 133,200 Electric Power & Lt
No Par 3814 Jan 2 6054 Feb 26
*107 1073 *107 1074 •107 1073 1074 10712 10718 10718 *107 1073
4
4
4
600 Preferred
No par 100 Jan 6 10818 Mar 20
97
97
*9614 97,
4
8' 963 97 I 963 963 *9614 963
4
4
4 96
9612
900 Preferred (6)
No par 88 Jan 3 9814 Mar 17
63
*62
*62
63 I 6213 6212' 604 62
6013 6114 584 6018 3,200 Eleo Storage Battery
No par 507 Jan 2 66 Mar 19
8
1
1
*1
2, •1
2 I *1
2
1
1
2
"4
400 Elk Horn Coal Corp
No par
1 Jan 9
114 Feb 26
•153 23
4 *15
8 23
4' *153 23
4
15
8 153 "112 23
13
4 13
4
4
200 Emerson-Brant cl A
No par
1 Jun 5
2 4 Mar 25
3
*333 35 I 35
4
35 I 343 347
4
8 323 333
4 32
4
3214 304 32
1.100 Endicott-Johnson Corp..
._60 30 Feb 10 41 Jan 7
•103 10312' 103 103 1.103 10312 10212 103 I*10212 10313 *10212 10312
400 Preferred
100 10215 Apr 15 113 Feb 10
*4114 4441 *42
4414 4413 4413 "4114 44 I 42
43 4312
42
500 Engineers Public Serv_ _No par 38 Feb 5 49 Mar 12
.86
8612 *86
8612 *86
8612 •86
863
8' 86
*86
86
8612
300 Preferred $5
No Par 81 Jan 2 87 Jan 27
8912 8912 *8934 91 I *893 91 1 *90
4
91 I 90
9018 *8912 91
300 Preferred (534)
No par 85 Jan 19 91 Mar 12
30 I *2918 293
30
4 2914 2934' 29
2912 *2912 30
*2912 30
1,300 Equitable Office Bldg. No par 29 Apr 15 35 3 Jan 12
3
912 912 104 103
8
93 1014
4
912 912
9
9
84 83
4 2,300 Eureka Vacuum Clean_No Par
812 Apr 17 123 Mar 17
4
7 I
*6
6
6 I
6
6 1 *6
7 1 *512 6
7
.6.
200 Evans Auto Loading
418 Jan 2
5
853 Feb 24
2112' 1914 20 . *20
*20
2112 x20
20
*20
2112 20
20
410 Exchange Buffet Corp_No Par
1914 Apr 13 25 Jan 7
*112 2l' *112 24' •112 212 *112 212, •112 212
*112 212
Fairbanks Co
1 Jan 3
3 Mar 20
25
*64 11 1 *6, 11 I *614 11 I *614 812' •64 812 *614 11
4
Preferred
100
44 Feb 25 1114 Mar 20
*22
•22
24
24 I *22
24 I "22
23 I 22
2214 *2112 2313
300 Fairbanks Morse
3
No par 22 Jan 31 293 Mar 6
*9953 104 *100 102 *100 102 *100 102
100 100 *100 102
10 Pr6ferred
100 9915 Apr 8 1097 Feb 2
3
r *434 534 *412 6
*412 5
•5
5
54
5
5
5
600 Fashion Park Assoc__ _No par
612 Feb 24
353 Jan 21
1•4012 45 I *4014 45
*4014 45
*4014 45 1 *4014 45
*4014 4214
Federal Light & Trao
15 41 1.01 22 497 Feb 26
8
L 92 92 I *90 92
.
90
90
*90
92
*90
92
90
90
70 Preferred
No par 87 Jan 6 92 Mar 25
2„ *6
6
6
612,
6
6
*57
8 6
57
8 54
54 54
600 Federal Motor Truck No par
54 Apr 16
74 Feb 24
L. •94 1012. .97 1012 *94 12
8
*10
1014 *10
1014 *94 10
Federal Screw Works No par
10 Jun 2 1512 Feb 24
283
26
4' 28
2713 28
263
4 251z 26 I 253 27
4
2614 2614 3,800 Federal Water Serv A. No par 22 Jan 2 30 Jan 31
1,4,2014 213
4' 203 203
4
21
4 21
203 21
4
21
21
1934 2012 2.800 Federated Dent Stores_No par 1513 Jun
5 223 Feb 27
4
, *4712 49
*4712 48
48
48
47
4712 46
47
2,300 Fidel Phen Fire Ins N Y____10 46 Apr 16 564 Feb 24
47 4 *46
,
*33
4
*83
4 912 •83
4 912
4 9 2 *834 9l
,
*33 10 I
4
834 83
20 Fifth Ave Bus
4 *83
67 Jan 16
9 Feb 21
8
No Par
*1714 26
*1818 26
*1813 26 I *1714 26 I *1714 26
*1714 26
Filene's Sons
No par 16 Jan 27 22 Feb 25
1 95
9614 964 *94
97
9912 *93
9912 *94
9912 "92
9912
140 Preferred
100 8514 F,bio
Apr 11
i •1612 1714 16
1812 16 4 1534' 16
,
16 I 153 1534 *15
4
153
4 1,300 Firestone Tire & Rubber___10 134 Apr 16 97 4 Feb 25
193
L•6012 6112 6114 8114' 6014 6112. 6018 604 59
604 60
604 1,900 Preferred
100 5612
6 63 Jan 8
8 5112 52 I 52
513 525
4
53 4; 53
,
54 I 52
53 2 4812 52
,
4,600 First National Stores__No par 41 Feb
an 2 55 Mar 2
3
4
4
3
4
5
3
8
4
3
53'
3
4
5
8
5
8
3
8
5
8 3,100 Fisk Rubber
3
8
No par
4 Jan 5
7 Feb 24
3
*24 253 *214 212' *214 212'
214 2141 *2
2
25
8
2
70 151, preferred
100
2 Jan 2
3 Feb 7
*21
8 312 *25
8 *25
" 25
8 312 "212 314
*25
27
8 312
s 27
8
40 1st pref convertible
100
2 Jan 5
313 Mar 3
29 1 •2713 29
29 •27
*27
•27
29 I *27
29
*27
29
Florshelea Shoe class A_Ne Par 2613 Mar 14 3512 Jan 3
•10012 102 *10012 102 I ____
Preferred 6%
100 97 Jan 6 10212 Mar 18
8 143 143' '115r2 - 1- -1214 124 ;125. 118
145
*13
4
,
148 *14
1.1 2
18
1
300 Follansbee Bros
No par
12 Feb 9 193 Feb 25
4
4
514' 47
483
48
4 473 50 I 49
4841 46
4753 4414 4633 28,700 Foster-Wheeler
No par 414 Jan 2 6412 Feb 24
*9
1012' 1013 1012 10
93 10
10I 1013 1013 *94 10 4
4
900 Foundation Co
,
No par
47 Jan 5 1613 Mar 9
8
2918' 2912 29 2 283 287
,
2918 283
4
4
3 23
29
2918 28
8,700 Fourth Nat Invest w w
1 2214 Jun 2 3212 Feb 24
253 28121 227 263
4
4' 2212 233
2512 26
8
4 233 244 2312 2112 186.300 Fox Film class A
8
No par 2213
15 3822 Feb 17
3478 353
3
3
3512 34
4 347 35 4 35
3518 3073 3414 32
323 24,200 Freeport Texas Co___ _No par 2813 Apr
4
Jan
4314 Mar 23
*75
85
•75
85
*75
85 •- 83
743
4
743
4
Fuller Co prior pref
No par
Jan
85 Apr 6
*55
6
8 6
54 6
6
*55
8 57
53
8 512
3
514 573 1,000 Gabriel Co The) el A._No par 75 Jan
312
63 Feb 25
6
8
50
5113 5214 51
50
523
4 5112 52
52
52
5012 501
410 Gamewell Co
No par 4912 Apr 10 60 Feb 26
7
8
7
8
7
7
8
8
1
7
8
*78
1
•8 1
7
7
8 3,206 Gardner Motor
4
78 Feb
5
8
23 Mar 23
04 7
67
3
8
67
8 67
8 67
612 64
8 612
3
63
633 63
3 2,100 Gen Amer Investors__ _No par
413 Jan 1
77 Mar 19
8
8512 8512 *8412 95
*8512 86
*8412 95
*8212 86
*8212 86
100 Preferred
12
Jan
67
6612 015 64
6714 60
8
6714 68
68
67
62
6314 26,700 Gen Amer Tank Car__ _No 100 80 Jan 21 88 Mar
par 573
2 734 Feb 26
3
283 284 2314 287
8 2812 304 28
2914 27, 28,
4
273 12,600 General Asphalt
4
2
4 25
244 Jan 2 47 Mar 26
No pa
7
7
7 12 712
74 712
7
7
712 712
1,000 General Bronze
94 Feb 18
614 Feb 6
No pa
s732 63
614 81
*8
8
8
818 818
9
8
8
*712 9
300 General Cable
7 Jan 2 13 Feb 24
No Par
•177 19
177 177
3
8
8
3 177 177 *18
173 173
19
4
3
4 1712 1773
500 Class A
1512 Jan 5 2512 Feb 24
No pa
4013 4212 4012 424 39
4012 41
4012 41
41
4012 4012 1,010 7% cum Ore!
100 39 Apr 13 65 Jan 12
42 42
4112 42
*4112 42
403 4114 *404 41
4
*40
41
1.000 General Cigar Inc
No pa
34 Jan 3 4812 Feb 10
8
46
487
8
8 443 4714 434 4412 43
443
8 453 465
3 424 44 294,900 General Electric
413 Jan 19 5434 Feb 26
8
No Do
1153 113
4
4 113 114 1158 1134 113 113
4 113 113
4
4 145 lh3g 12,200 Special
4
8
10 1112 Apr 4 1218 Jan 27
55
5414 56
543 55
x533 545
4
56
8 5312 54
4
5212 535 26,400 General Foods
8
4
473 Jan 2 56 Apr 13
No pa
13 67
65
3
3 67
63
8
8 612
8
653 67
8
6
57
8
6,
4
GIg 14,200 Gen'l Gas & Elea A
418 Jan 2
812 Feb 21
Ne Pa
73
7114 723
4 72
7112 713
4 7012 71
69
6813 69
70
1,600 Cony pre( ser A
No pa
54 Jan 2 783 Mar 20
4
8
35, *315 324 .313 3212 *313 3214 "313 3218 *3114 32
*34
4
8
8
3
Gen Ital Edison Elm Corp__
4
3118 Jan 12 353 Mar 6
4514 41
24314
4
2 47, 4714 4612 47
*4612 47,
433 41
45
8
2,000 General Mills
No Pa xi:!', Apr 15 50 Mar 21
,
993 993
4 995 993 100 100
4 99 8 993
4
4
8
993 9934 9912 993
4
4 1,100 Preferred
100 96 Jan 19 100 Apr 13
4312 44 I 434 4412 4412 4512 4318 4412 4314 445
8 4214 437 436,200 General Motors Corp
8
3514 Jan 2 48 Mar 21
It
10112 10112. 10112 10112 10112 10112 10112 10112 1015 1013 10153 1313
8
4
4 2,100 25 preferred
95 Jan 2 10314 Mar 21
No Pat
23
22
22
23 I "22
2218 22 3 *2112 23
.22
20
,
2018
400 Gen Outdoor Adv A
20 Apr 17 28 Jan 28
No Pad
14 814
8 2 812
,
85
3'
813 814
8 85
814 83
8
813 318 1,000 Common
8
713 Jan 5 1014 Feb 25
No Par
8
17 I 173 174 17
1818 16
17
1718 1512 16
1412 16
5,800 Gen Public Service
No par 1412 Apr 17 23 Feb 26
7114 70, 72
3
6812 70
6912 6912 70
6838 833
*68
70
4 1,600 Gen Hy Signal
No par 67 Apr 7 8418 Mar 2
14
54 63
53
4
4 53
62 7
,
3
63s 7 4
3
6
718 23,400 Gen Realty & Utllities_No par
64 74
9 2 Mar 6
,
514 Jan 2
65
644 643 *644 66
65
*634 6818 •6314 65
4
6312 64
600 $6 preferred
54 Jan 2 744 Mar 10
No
464 465
8
3
8 457 45 3 4112 453
7
464 4753 463 47
467
8 4,800 General Refractories_.No par 40 Jan 2 574 Feb 26
3 44
Par
7018 *55
7013 *55
7018 *55
60
*55
*55
60
60
*55
Gen Steel Cast $6 pref _No par 60 Apr 9 65 Apr 9
87 10
93 104
8
4
9 4 103
3
3
83
4 912
812 9 32,400 GenTheatresEq
83
4 912
614 Jan 2 1512 Feb 18
3
8 325 333
4 3214 33 2 325 3414 304 3314 90,300 Gillette Safety uip v t c No Z/n7 2118 Jan 2 347 Feb 24
32 14 3312 3218 333
8
,
8
Itazor_No Par
14 73
73
7212 73
72
8
727 7314 7314 73
73
73
73
1,500 Cony preferred
100 6284 Jan 21 75 Mar 18
6
614 1
618
53
4 68
4 *6
4 53
,
53
53
4 53
512 512 1,800 Gimbel Bros
4
77 Feb 18
8
412 Jan 2
No Par
4312 4312 *4313 4512 *4112 43
45
4112 4112 *4014 4213
*43
200 Preferred
100 38 Jan 3 48 Feb 24
4
4 1053 104 103 104 10 2 107
4
,
103 103
4 10
10
101_
104 3,400 Glidden Co
5
8 8 Jan 2 1618 Feb 20
No Par
.6018 64
*601,3 64 I •6013 64
6073 60,
8 61
60 60
62
210 Prior preferred
100 60 Apr 17 78 Jan 15
8 8 I
84
8
8
8
8,
8
3
8
73
8
4 77
8 2,000 Gebel (Adolf)
1,17 Mar 9
3
4 Jan 2
Vo par
8
4 393 4014 3912 4012 384 394 3818 3913 37 3 387 36,500 Gold Dust Corp
3912 393
,
8
vs o_ _No par 3114 Jan 2 4218 Mar 20
13, 14
1312 16
2
1338 1312 1314 133 12,900 Goodrich Co (13 F)____No par
1614 1514 18
16
4
8
1:1 1 1 Apr 17 207 Feb 21
60
*50
51
50
50 I 50
50
55
*45
*40
50
60
400 Preferred
100 50 Apr 13 68 Feb 10
8
4
4414 4514 443 4514 4314 4518 4373 4473 4318 434 403 434 19,000 Goodyear Tire & Rub_ _No par 383 Jan 22 5212 Feb 21
8
*8412 85
*8312 85
8412 814 8212 84
85
*8412 85 I 85
500 1st preferred
No par 81 Jan 21 91 Feb 25
8 1214 1273 12
135
8 1212 135
1212 113 117 17,200 Gotharn Silk Hos
4
1314 13 4 13
,
8
4
478 Jan 5 133 Apr 11
No Par
70
70
70
70
70 j 70
•70
70
70
80
72
570 Preferred
•70
100 50 Jan 26 70 Apr 13
5
518 *4
•4
518 *4
5
5
*4
*4
54 *4
Gould Coupler A
63 l,els 6
3
414 Jan 5
No Par
412 412
414 413
414 412
8
44 5
414 43
44 412
11,900 Graham-Paige Motors_No par
54 Feb 9
3
37 Jan 2
43
4' *414 43
4 *4
43
4 *4
43
43
3
4 *4
*4
43
4 *4
43 Feb 9
313 Feb 28
4
Certificatee
No par
19
183 *18
4.
1612 1773 2,900 Granby Cons M Srti & Pr. 100 1 518 Jan 16 225 Feb 24
173 18
18
4
4
163 167
4
3 173 18
8
21
203 21
21
22
x22
8
2112 21
1,700 Grand Sliver Stores_ _ _ _No Par 19i2 Jan 3 2512 Mac 24
2212 22 2 •2212 23
,
3
144 157
4
8 1614 163
4 153 16
8 6,000 Grand Union Co
16, 16 3 1612 1613 163 167
8
,
s
No par 105 Jan lel 1878 Mar24
424 413 413
42
13
4
900 Preferred
4 4112 4134
4212 4212 4212 4212 *42
No Per 36 Jan 15 44a4 Max 25
*23
24
24
24
24
*23
24
24 I 023
*23
100 Granite City Steel
*2312 24
No par 20 Jan 2 2934 Feb 25
3612 3614 3614 5,000 Grant(W T)
36,
4 36
3614 36 4 364 3618: 3812 3634 36
,
3
No Par 2584 Jan 2 367 Mar 31
2212 23
8
23,
2314, 234 2318 23
8 227 23
8,700 Gt Nor Iron Ore Prop_No
225 2314 23
8
1912 Jan 2 2313 Apr 9
1018 2,400 Great Western Sugar_ No Par
103 10 4 1012 1053 10
4
,
103 11
4
103 11
10 3 11
,
4
714 Ja 2 117 Jun 8
8
par
8912 8912 89
89
440 Preferred
8912 90
90
91
90
8
89, 90 .89
100 8553 Jun 2 96t2 Jan 8
44 412 11,700 Grigsby-Grunow
112 45
8
453 47
43
3
4 47
47
43
8 5
3
4 47
8
63 Mar 10
4
2
27 !an 2
No Par
7
8
7
8
400 Guantanamo Sugar_ _ _ No par
4
03
4
1
"8
Di Jun
7
8
7
8
*3
4
7
8
7
4
8
*3
8 Jan 6
8
2212 2213
22
•23
600 Dull States Steel
,
234 23 3 2214 22 4 21
7
26
2513 •23
No par 1838 Jan 2 3712 Feb 24
6438
80
643
90 Preferred
8 50
.60
8
647 *61
*61
65
65
65
100 50 Apr 13 80 Mar 4
*283 30
4
*2912 30
*283 30
400 Hackensack Water
30
4
3014 30
"2814 30
30
25 2718 Jan 21 3012 Mar 26
812
812
734 8
8
5,700 Hahn Dept Stores_ _ _ _No Par
8
814
8
84 812
3 812
83
67 Jan 2
8
93 Mar 28
4
*61
5712
584 54
800 Preferred
58
60
623 *6114 6214 *61
4
8212 60
8
100 50 Jan 3 637 Mar 30
•16
17
•1618 167
*16
17
300 Hall Printing
4
17
4
4 1614 163 *16
3 163 168
3
8
10 153 Mar 5 193 Mar 21
2878
•Bid and asked Woes; no sales on this day. z Ea-dividend. y Ex-rights. b Ex-dividends.
PER SHARE
Range for Prestos.,
Year 1930.
Lowest.
Highest.
$ per share 5 Per share
912 Dee 30 AD:
20 June 244 May
161 Deo 2553 Apr
4
1112 Dee 4284 mar
6 4 Jan 103 Sept
8
8
12 Nov 305 Apr
8
5758 Dec 873 Mar
8
5 Dee 4312 Apr
13 Oct 19 Sept
Jan 1063 Oct
100
8
614 Dec 2512 Jan
14218 Dee 25514 Apr
1204 Feb 134 Nov
1153 Dec 3714 Feb
8013 Dec 14514 Apr
11412 Feb 123 Sept
218 Oct 107 Feb
4
35 Nov 62 Feb
33 Oct 1147 Mar
s
10313 Oct 1103 Jan
4
93 Mar
4
218 Dee
343 Dee 10312 Apr
8
99 Dec 112 Apr
4
843 Dee 102 Sept
C712 Nov 7014 Feb
54 Mar
re Deo
8
75 Jan
73 Doc
8
367 Dec 595 Jan
8
10713 Jan 116 Nov
367 Nov 6712 Apr
8
8053 Dec 10718 May
8918 Dee 1047 Apr
8
354 Dee 503 June
4
653 Oct 435 Mar
8
4 Oct 308 Feb
4
3
215 Doc 274 Sept
97 Jan
8
18 July
4
4
34 Dec 393 Jan
1912 Dee 5011 May
102 Jan 11112May
212 Dec 2714 Feb
4314 Dec 9014 Mar
85 Dee 983 Apr
4
512 Nov 1214 Feb
10 Dec 2512 Sept
174 Gee 43 Mat
1218 Dec 38 Apr
4214 Dec 89 Mar
84
67 Dee 1012 Apr
4
16 Dee 4013 Jan
89 Dec 10014 Sept
154 Oct 3313 Jan
5353 Oct 877 Mar
8
3853 Dec 613 Jan
8
13 Dec
513 Apr
114 Dee 21
Apr
114 Deo 211 Apr
4
30 Dec 627 Mar
8
94 Dee 10012 Oct
12 Dec 5073 Mar
3712 Dec 1044 June
312 Dee 283 Apr
4
1814 Dec 50 Apr
2618 Jan 573 Apr
8
2413 Dec 5513 Apr
75 Dec 9512 Mar
24 Nov 118 Apr
4
50 Oct 80 Mar
1 Nov
7 4 Feb
3
318 Dec Ms Feb
74 Dec 105 AM
5318 Dee 1117 Apr
a
223 Dee 7112 Apr
3
54 Dec 3812 Feb
512 Dec 3413 Mar
4
1314 Dec 743 Feb
36 Dec 10984 Apr
30 Dec 61 Mar
4112 Dec 958 AM
3
1114 Oct 12 Aug
443 Dec 6114 Ma;
3
37 Dec 183 AP
8
3
38 Dee 10613 Apr
2832 Dee 443 Feb
3
4018 June 593 Apt
3
89 June 983 Dec
4
3112 Nov 5414 AM
914 Doc 1007 Sept
8
203 Dec 41 1g Apr
8
4
5 Sept 213 Apr
123 Dec 527g Apr
4
Oct 10673 Mar
56
34 Dec 193 Apr
8
49 Dee 100 Apr
39 Dec 90 Mar
80 Dec 101 Mar
al, Dec 10 Dee
18 Dec 10618 Jar
5614 Dec 7034 Nov
414 Dec 2073 Apr
39 Dec 8213 Ain
7 Dec 38 Mar
6313 Dec 10518 Mar
3 Dec 19 Feb
29 Dec 477 AM
3
1514 Oct 5812 Mar
62 Dec 10412 Max
354 Oct 944 Mar
7814 Oct' 10214 Apr
3 4 Dec 287 Mar
3
8
50 Nov 8212 Apr
4 Dec 153 Apr
8
3 Dec 1338 Apr
34 Nov 103 Apr
4
12 Nov 597 Apr
8
16 Dm, 52 Apr
10 June 205 Feb
8
31 Dec 44 Aug
18 Dec 603 Apr
8
263 Dec 43 Jan
3
1712 Dec 253 Mar
8
7 Dec 3412 Jan
So Dee 120 Mar
24 Dec 28 June
14 Doc
4 Feb
15 Dec 80 Feb
8314 Dec 109 Apr
26
Jan 38 July
64 Dec 2314 Apr
454 Dec 8612 Apr
16 Dec 318 Mar
4
New York Stock Record-Continued-Page 5
2923
lee sales Oaring the week of stocks not recorded here. see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE', NOT PER CENT
Saturday , Monday
Apr.11. , Apr. 13.
Tuesday , Wednesday 1 Thursday I
Apr. 14. 1 Apr. 15.
Apr. 16.
Friday
Apr. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ per share $ per share
Per share $ per share Shares Indus. & Miceli.(Con.) Par
•100 101 1.100 103 .100 103 *100 10018 100 100 *100
10 Hamilton Watch pref____100
101
92
92
090
*90
92
92
92 I *90
903
4
92
90 90,
20 Hanna prof new
No par
8
37
3712 363 36 4 363 364 *363 38
4
4
,
3612 363
4
4 3412 3612 2,400 Ilarbison-Walk Refrac_No par
4
418
4
318 4
4
4
418
375 37,
312. 33
4 4,000 Hartman Corp class B_No pa
9
7
9
812 812
812 812 *712 812
83
8 83
8 2,21,0
5
77
8
Claes A
No pa
512 512 *514 512
512 512
514 514
5
5 14
412 5
1,800 Hayes Body Corp
NO Dar
*93
96
95 95
*93 100
93
93
1192 100
*92
95
200 Helme (CI W)
25
*1412 16
*1412 15
*1412 15
1412 .123 15
14
4
*10
14
700 Hercules Motor,
No DO
*50
56
*50
05012 56
*5012 56
56
*5012 56
"5012 56
Hercules Powder
No par
117 117 *117 118
11814 11814 *11718 118
118 118
118 118
140 Hercules Powder $7 cum p210))
963 967
4
,8 96
4 9514 9612 95% 955
9612 953 973
4
8 95
99
5.700 Hershey Chocolate
No par
*1025 103
8
10118 1025 1003 10114 10012 10012 *1003 102
8
4
4
100 1003
Preferred
4 2,300
No par
*6
8
*6
*6
8
8
*6
8
8
614 614 *6
200 Hoe (R) & Co
No par
*323 333 *3212 323
4
4
8
8
3178 317
4 323 3212 0317 33
8 315 32
8
1,100 Holland Furnace
No par
183 183s 184 1812 1814 1812 1718 18
8
1638 167
8 157 1612 5,100 Hollander & Sons(A) No par
8
9514 9514 *95
97 "933 97 I 92
4
943 *92
4
97
*92
98
300 Horuestake Mining
100
*73
8 712
712 712
5
714 75
7
72 7 8
7 18
63
4 7
3.700 Houdaille-Hershey cl B No par
*63
64
63
64 I 6314 64
63
64
*63
063
65
6512
900 Household Finance part p1.50
54
5512 5214 558 53
5613 513 533
4
4 473 503
4
4 464 4814 29,000 Houston Oil of Tex tern etfs 100
*23
24
*23
21
23 8 237
8 237 237
7
8
22
8 2218 23
2218 1.500 Howe Sound
No par
1914 195
8 1912 20
20
21
1914 20
1812 1918 1812 1914 13,300 Hudson Motor Car_.._ _No par
94 1018
95 101
8
,
918 914
83
914 9%
98 10 4
4 918 13,500 Hupp Motor Car Corp_ _ _ _10
318 318
*318 314
31
31s 2.100 Indian Motooycle
3
314
34 *3
34 314
No par
*314 33
4
314 31
314 314
314 338
314 314
318 314 1.705 Indian Refining
10
6712 70
70
"67
69
71
70
70
65
65
6314 2,500 Industrial Rayon
55
No par
166 166
161 165
160 162 •152 160
158 165
15612 159
1,600 Ingersoll Rand
No par
62 62
62
*62
64
62
61
61
5938 6018 *5712 59
1.100 Inland Steel
No par
.5
*812 87
83
88 84
8
8 83
,
85
8% 83
8 85
838 812 1,500 Inspiration Cons Copper_ _ _20
8
*84 814
8
818 81
8
8
8
74 77
8 77
77
8 1,000 Insuranshares Ctfs Ino_No par
. 4 78
73
7
73
4 74
3
754 73
75
78 78
SOO Insuranshares Corp_ _ _ _No par
,
8 753
752 752
5
*3
31
. 33
8 33
8 *23
4 31
*2% 312 *25
8 33
8 •23
100 Interoont'l Rubber_ _ No Par
8 312
*95 10
8
10
10
10
10
10
10
97
8 97
93
8 4,400 Interlake Iron
8
8 95
No par
3
3
*23
4 3
23
4 24
3
*23
3
4 3
27
8
8 27
400 Internatl Agricul
No par
*40
46
*40
*40
46
46 .40
*41
44
45
43
41
200
Prior preferred
100
166 166
166 167
169 169
165 16512 159 16312 159 16014 2.600 Int Business Machines_No par
912 9 3 *912 10
912 912
93
7
8 91
9
2,400 Internal Carriers I.td__No par
9% 9%
9
4414 46
4514 47
453 46
4
44 4 1538 4312 4414 4338 4538 8,330 International Cement__No par
,
212 212
212 212
212 212
214 21
211 23
8
28 238 2.400 Inter Comb Eng Corp_No par
*20
23
20
22
22
22
20
.
31812 20
20
1812 21
700
Preferred
100
503 513
4
8 5014 5112 5014 523
4314 5014 4812 4912 475 4912 21,600 Internet Harvester _ _ __No par
8
*14114 14212 *14114 14212 1413 1423 .14114 142 •14112 142 *14114 14214
8
4
200
Pre rerred
100
4
*253 26 1 257 2612 27
8
29
27
28
28
2812
26
11.200 Int Hydro-El Bye al A_No par
27
653 653
4
6512 65 6518 6414 64'2 6212 843
4 6512 6512 65
4 3,500 International Match pref _ _2:
1112 1112 .11
*11
12
12
1012 11
11
10
9 • 10
4,500 Int Mercantile Marine ons_100
1712 173
4 1712 13
1712 1612 17
1733 1818 17
1614 167 63,100 Int Nickel of Canada No par
•12114 12312 *12112 12312 *122 12312 12112 12112 012114 12412 *12114 12312
100
Preferred
100
*34
35
.34
034
36
39
34
36
3414 *33
3414 3111
100 Internet Paper prof (7%)_100
*712 8
712 712 *712 8
*712 8
*712 8
7
800 Inter Pap & Pow ol A__No par
74
•414 5
*43
412 412 *414 5
4 5
*414 5
414 414
300
Class B
No par
3
3
27
8 3
3
3
3
3
*273 3
3
3
1,500
Class C
No par
35
35
35
.
351 *35
35
35
35
343 35
3313 35
1,30)
Preferred
100
•11
*1114 12
12
*1114 12
117o 12
11
1114 1018 1014 1,00( Int Printing Ink Corp_ _No par
*6512 6712 *6512 6712 *6513 6712 064
75
*6512 75
*5512 6712
Preferred
100
35 8 357
8 3534 3534 355 3538 35
3512 343 35
4
31
2,700 International Salt
347
100
*473 48
4
48
48
473 473
4
4 48
48
*473 48
4
*4712 48
400 International Shoe_ __ No par
*3714 44
*37
44
*37
44
*30
40
33
35
35
35
500 International Silver
100
33% 337
8 3314 355
335 36
8
325 3414 32
8
333
4 2814 33 327,100 Inter Telep & Teleg_ __ No par
1618 1618 1612 1612 *1618 17
016
17
1614 1614 16
1614
800 Interstate Dept Stores_No par
*6512 6712 *6512 6713 *653 6712 265
4
65
*8414 65
40
6414 6114
Preferred ca-warrants...100
•13
14 I 13
13 1 *1212 13
01212 13
1212 1212 13
13
400 Intenype Corp
No par
8
72 78
8
*712 8
0712 8
712 712
714 712 2,200 Investors Equity
No par
*2812 29 1 *275 29 , *275 29
8
8
8
0275 29
275 275 *2712 273
8,
8
4
100 Island Creek Coal
1
48
49 I *431 483
.
4 48
4812 47
47
4614 45141 43
453
4 1.500 Jewel Tea Inc
No par
5613 603
. 57
4 563 581
8
62
5613 5814 555 533
8. 555 573 81,500 Johns-Manville
8
4
8
No par
124 125 *124 12412 1233 1233 12312 12312 012212 12412 *12212 124121
8
8
Preferred
240
100
*123 12312 123 123 ,*123 1231 123 123
123 123
121 123 I
190 Jones & Laugh Steel pref_ _100
07
8 1 I
7
8
7
8.
7
8
7
1
*7
8
1,000 Jordan Motor Car
7
7
8
4
8
8
3
4
No par
•115 116 *115 116 I 115 115
115 115 *115
____'115
____I
90 K C P & 1.t 1st pf ser LI No par
*6
638
6,
8 6,
8
6'4 6
,
053
4 6
*53
4 614
553 55
600 Karstadt (Rudolph)
*1414 15
*1112 15 I •1412 15
*1412 16
01412 15
1412 141
100 Kaufmann Dept Stores_ $12.50
163 17 I 1612 17 I 1653 173
16% 163
4 163 163
1512 16
4
5,70() Kayser (J) Co v t c__ _ No Par
39 ,•-___ 39 ,•__
39 *____ 39 *____ 39 •
Keith-Albee-Orpheum
39
_100
*90 100 1 100 100 ! *90 100 I 090 100 .90 100
*90 100
100
Preferred 7%
_100
214 214
2,
4 214
214 23
8
24 233
218 2 4 5,900 Kelly-Springfield Tire_ _No par
2 8 21
,
,
*1612 20 1 .17
20 i *17
20 I *17
20
8% preferred
150
20
1453 l5'z 15
100
*3814 40 1 *3314 40 1 39
39 I *3814 39
38 .3818 39
38
6% preferred
60
100
•2212 233 03233 2312 23
8
2312 23
23
22
22
.4,600 Kelsey Hayes Wheel_ __No par
2112 22
1312, 133
4 1312 14 I 1312 1414 13
1352 125 13
8
1214 127 29,000 Kelvinator Corp
8
No par
5812 5812 60 60 1 055
62 i *5514 58
58
58
60
70 Kendall Co pre(
60
No par
2414 247
,3 243 2512 244 255
4
8 24
2412 235 241
8
2314 24
27.800 Kennecott Copper
No par
.373 39, 1 *377 38 1 373 373 *373 38
8
8
4
4
8
0373 33
8
*373 33
8
100 Kimberley-Clark
No par
0153 19
4
*153 19
4
*153 16 1 14
4
15 4 *144 19
,
*1312 188 1,200 Kinney Co
No par
45
45
45
45
45
45 I 4212 4518 4118 4214 34
41
Preferred
770
100
12
5
8
12
12
12
38
13
5
8
12
Kolster Radio Corp_ _ _.No par
12
12
14
14
014
14
14
1,
38
14
14
14
*18
4 Mg
14
Certificates
2614 2614 2614 2612 2618 26,8 2618 2614 2618 2618
2618 26(4 5,090 Kresge(38) Co
10
4614 4614 *465 55 .46% 53 . *4712 54
8
4753 473 047
4
5018
400 Kress Co
No par
2618 2633 2538 2918 26
263
8 253 253
8
4 25
2512 2412 25
33,000 Kreuger & Toll
3112 32141 3112 32141 3153 327
01 203 314 294 29% 2814 3014 38,900 Kroger Gina & Bak____No par
4
7818 7912 78
79 I 79
80 I 783 79
4
7812 SO
793 81% 7,100 Lambert Co
4
No par
*1114 12
*1114 12 .1114 12 *1.
1114 12
11
1114 1
11
500 Lane Bryant
N4 par
412 412, 413 412
412 412
43
4 43
4
438
900 Lee Rubber & Ture
No par
•1412 16121 •1413 1612 *14
16 I *14
I n */1
16
*14
114 1
%
Lehigh Portland Cement_.50
*10018 1004 *10018 10014 *10018 10014 *1004 10014 10018 10018 •10014 101
50
Preferred 7%
*51z 538
6
6 1
57
8 6 1
514 1,000 Lehigh Valley Coal____No 100
514
512 512
512 512
par
19
19
*1918 20
8
193 2018' 205 203
4 203 203 .2014 2012
8
8
700
Preferred
50
6112 617
8 6118 6118 6112 6112 60
6113 GO
60
60
60
3.100 Lehinan Corp (The)
._.No Do'
*3112 327
3113 32 I *311 32 I 3112 3112 *31
.
3114 3012 31
700 Lehn & Fink
No par
1514 1712
1752 18,2 1814 183
4 1312 20
1918 207
19
20
17,901 Libby Owens Glass.._ _No par
.
85
87
863 863 .85
4
4
863 "83
4
8638 8314 834 8314 8314
700 Liggett & Myers Tobaceo_25
8512 8612 86
873
4 85
873
4 847 853
8
4 8414 3514 833
Series B
23
•14112 14318 *14112 14318 14318 14318 *14212 145 "14312 145 .144 8 8514 13,600
11514
100
Preferred
100
'25
27
*25
27 I .254 27 1 254 2514 25
2512 *25
26
500 Lima Locomot Works.-No Par
*3018 32
*3018 32
*3018 32 1 *3018 32
113012 31
*3018 31
Link Belt Co
No par
42
4214 42
4214 4218 4218 4112 42
4114 4114 3712 4114
5,900 Liquid Carbonic
53
5312 53
5414 51
5473 5014 52
48
4 4712 481 38,700 Loew's Incorporated_ No par
503
No par
96
964 .93
96 1 .94
99 I .94
96
*9112 96
09114 96
300
Preferred
No par
Prof ex-warrants_
--4i -13; --W, -- 7-. --538 - VI --5T4 - i' - 7
8
6
par
12
5 2 -il; --&- .il; - 14 05.55 Loft Incorporated _ _No par
*3
312 *3
No
312 113
3 12 *3
312 *3
312 *3
31
.
*5212 533
4 537 5414 53
8
533
4 5212 5314 504 5214 x497 51 13 6,100 Long Bell Lumber ANo par
8
Loose-Wile* Biscuit
25
1918 1958 18% 19% 1812 19581 184 19
1734 1811
17% 18% 61,303 Lorillard
37
37
4
4
3% 4
25
37
4
4
4
2,700 Louisiana 011
No par
*40
48 .
4018 45
540
40
404 040
45
45
01()
378 4rs
70
Preferred.
31
31
33112 32 I .31
305 32 .
8
100
31's 30
31
'297 394 2,200 Louisville 0 dr El A
1614 17
•1614, 17
No par
16% 1712 15
16)4 141 1 141
4 144 143
4 3,400 Ludlum Steel
*397 40
•
39
40 .
3614 40
8
No par
0364 40
*3614 40
*363 39
4
Preferred
213 213 .
8 2012 23
8
No par
21
21
*2012 21
02012 21
20
2011
500 MacAndrews & Forbes_No par
0355 37% 35% 36
8
36
367
8 3614 3538 36
3914 355 35
8
4,400 Mack Trucks Ina
90
91
90
No par
9112 9114 9214 833 907
4
3 8838 89
363 8954 5.500 Macy Co
4
*612 712 .7
No par
712
7
67
7,8
638 638
7
612 612
800 Madison Sq Garden
•193 22 .21
8
No par
22
21
21
*20
21 I 20
2014 1912 20
700 Magma Copper
*212 318 *212 314 •23
4 314 *23
No par
4 314 • 4 314 *23
23
4 314
Maillson (H R) Jr Co_No par
23
,
4 23
.
212 2 4 *212 23
4
4
212 3 I *212 3
5212 3
80 Manatl Sugar
100
*6 8 10
,
8
8
*614 19
*618 10 I *618 10
5
618
110
Preferred
100
*518 6
*54 6
*514 6
*518 512 *512
Manuel MOS
•1118 11 2 •11
No par
,
1112 •11
1112 .11
1r12 '11
2 *8 14
1112 *11
.?)'
_ Manhattan Shirt
24 218 *21s 314 *218 214 (
25
1213 2141 *213 214
218 213
600 Maracaibo 011 Explor__No par
203 20% 2012 2014 2012 203
8
4 203 2012 2053 2052 20
8
2012 5,700 Marine Midland Corp
*23
10
25
2414 2414 24
24
2318 2312 .23
247
8 23
23
1.200 Marlin-Rockwell
No par
73
8
8
714
*73
4 8
7
7 I *718 8
614
7
1,300 Marmon
293 2912 30
8
30% 297 3014 2912 293
4 2933 29 2 2912 3918 2,633 Marshall Motor Car_ No par
,
Field & Co _ _.No par
*212 2% *2% 2 4 .212 24 •212 24 *212 24
,
*Vs 23
4
MartIn-Parry 0orp_ _ _ _No par
Bid and asked pilot*: DO Wel on this day. s Ex-dividend, V En-dividend
ex-rattut.
PER SHARE
Rance Since Jan. 1.
On basis of 100-shar clots.
Lowest.
Highest
$ per shard
100 Apr 8
8912 Jan 8
3412 Apr 17
318 Apr 15
5% Apr 17
31 Jcui 2
82% Jan 17
14 Apr 15
50 Mar 27
11612 Jan 2
87 Jan 19
93 Jan 2
512 Jan 7
28 Jan 3
538 Jan 2
81 Jan 6
44 Jan 2
50 Jan 19
3514 Jan 2
21 Jan 13
1312 Apr 16
7% Jan 2
23 Jan 2
8
318 Apr 17
45 Jan 15
15612 Apr 17
59 8 Jan 14
3
714 Feb 4
63 Jan 13
4
57 .Tan 2
8
2 Jan 2
94 Apr 9
23 Apr 14
4
41 Apr 17
14512 Jan 14
9 Apr 17
415 Apr 5
8
13 Jan 2
4
1812 Apr 17
47% Apr 17
131 Jan 2
213 Jan 2
8
55 Jan 7
9 Apr 17
137 Feb 2
8
111 Jan 9
31 Jan 12
64 Jan 3
41 1 Apr 17
23 Jan 2
8
264 Jan 2
1018 Apr 1
54 Febl
31 Apr 17
47 Jan 1
3312 Jan
4
183 Jan •
1412 Apr
58 Jan '26
1212 Apr 16
5 Jan 2
27 Mar 5
3914 Jan 3
5212 Jan 2
118 Jan 3
11912 Jan 2
12 Jan 28
11314 Mar 17
53 Jan 15
3
1412 Apr 9
9,112 Apr 17
$ per share
103 Jan 6
94 Feb 19
Feb 1.0
,3 Feb 4
8
105 Feb
8
8 Mar n
100 Feb 10
18 Mar 24
258 Mai' 13
11912Mar 10
1033 Mar 27
4
101 Mar 27
812Mar 3
87 Feb 27
1918 Apr 8
101 Mar 31
9 4 Mar 10
3
65 Mar 17
6812 Feb 24
2912 Feb 24
26 Jan 3
134 Feb 24
4 4 Feb 27
3
43 Feb 11
8
86 Feb 24
182 Jan 3
71 Feb 27
113 Feb 21
8
11% Feb 24
914 Feb 25
411 Feb 21
15 Jan 28
514 Feb 24
5114 Feb 24
17934 Feb 24
12% Feb 24
62% Feb 10
4 Feb 2
39 4 Feb 16
3
604 Mar 2
14312Mat 21
31 Feb 26
7314 Mar 20
16% Jan 5
204 Feb 24
123 Mar 31
42 Mar 26
1014 Feb 26
6 Jan 26
412 Feb 26
4312 Mar 27
1614 Fe!, 26
159 Mar 26
42 Feb 9
483 Jan 23
4
51 Mar 10
383 Feb 24
4
213 Feb 20
8
6712 Nlar 24
1812 Feb 24
214 Feb 24
81 Jan 14
57% Feb 11
8034 Mar 19
126 Apr 10
12312Mar 21
114 Feb 21
11512 Apr 9
7 Jan 5
IS Feb 16
2438 Mar 19
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest.
per share $ per snare
Jan 10512 Oct
99
85 Jan 98 Apr
38 Dee 7214 Apr
214 Dec 20 Feb
714 Dec 2314 May
34 Nov
173 Apr
4
774 Dee 923 Feb
s
13% Dec 31
Apr
51) Dee 85
Jan
1164 Nov 1233 June
4
70
Jan 109 May
331 Jan 1083 June
,
4
4
Dec 2514 Feb
261, Jan 4114 Mar
5 June 123 Jan
2
72 July 83 Sept
4 Dec 29 Feb
19 Mar 684 Oct
2914 Dec 1164 Apr
k
20 Nov 417 Feb
18 Nov 627 Jan
712 Dec 2653 Apr
2 Nov 17 Mar
3 Dec 2811 Mar
2
31
Oct 124
Jan
14714 Nov 239
Apr
58 Nov 98 Mar
6112 Dee 30% Feb
5 Dec 1312 July
4 Dec 1782 Mar
112 Dec
74 Apr
114 Dec 28% Apr
33 Dec
8
812 Apr
4214 Oct 6714 •Apr
131
Oct 19718 May
87 Dec 191 Mar
8
4
4912 Dec 753 Apr
114 Dec 144 Mar
13 Dec 78
Apr
4514 Dec 1153 Apt
4
133 Dec 1464 Sept
184 Dee 54
Apr
524 Dec 92 Apr
15 Nov 33 MO
12% De
443 Apr
8
114 De 123 Apr
26 De
86 4***
512 Dec 31% Mar
3% De
4
223 Ape
2 Dec 18 Apr
21 De
86 Mat
10 De
583 Apr
4
55 De 101
Apr
31
Oct 453 June
4
474 Dec 62 Jan
26 Dee 119 Feb
17 Dee 77% Apr
14% Dec 40 Feb
5858 Dec 80 Aug
12 Dee 32 Apr
44 Dee 29 Feb
25 Oct 43 afar
37 Dec 664 Apr
483 Dec 1484 Feb
4
117 Dec 1234 Nov
118 Dec 12312 Apr
4 Oct
54 Apr
108
Jan 116 Nue
144 Dee 1311 Jan
14 Dec 2012 Mar
244 Dec 4112 Jan
91
Jan 45 Apr
9014 Jan 24 10112 Feb 9
5
Jan 150
Apr
1% Jan 2
312 Mar 2t)
1 Dec
64 Apr
912 Jan 5 26 Mat 21
29 Dec 42
Jan
35 Jan 12 415512
29
14
17 Dec 55
Jan
2112 Apr 17 29 4 Feb 25
3
912 Oct394 Apr
834 Jen 2
Mar
273 Nov 263 Apr
2
2
20 Jan 6 60 Apr 6
25 Dec 89 Mar
2212 Jan 2 3112 Feb 24
2018 Dec 623 Feb
4
373 Mar 20 41 Jan 9
4
38 Dec 59 Mar
14 Apr 1r
2012 Jin 9
1712 Dee 4012 June
31 Apr 17 70 Jan 21
13cc 07 Apr
51
%Mar 3
2% Fell 25
3 Dec84 Apr
4
18 Apr 1
3 July
'4 Dee
25 Jan 2
2711 Feb 2
1
6
9
264 Oct 363 Jan
4
45 Jan 28 55 Feb 24
39 Nov 70 Jan
20% Jan 13 2734 Mar 25
2052 Dec 3553 Apr
18 Jan 2 34% Mar 17
174 Dec 484 Jan
7718 Jan 2 87% Mar 19
70% Nov 113 Aljr
II Jan 29 171s Jan 6
17 Dec 2312 Oct
3% Jan 7'
4% Mar 26
11 Mar
338 NOV
135 Jan 2 1834 Feb 25
8
11 Dee 42 Apr
9812 Jan 2 10112 Feb 3
983 Dec 10812 May
2
453 Apr 10
44 Dec 1712 Mar
18 :gar 31 2g% jan 14
1 Ja 4' 14% Dec 3712 Mar
54 Jan 2 3641333:
21
2
513 Dec 9714 Apr
4
24 Jall 2
Feb
21
Oct 36 Apr
1114 Jan 28 207 Apr 16
8
104 Nov 3112 Mar
8314 Apr 16 91 Feb 7
7612 Dec 1133 AM
4
83 Jan 3 1913 Feb 2
434 A pr 1
7814 Dec 1143 Apr
2
13712 Jan 7
12718 Dec 146 Sept
2312 Jan 2 3134 Feu 26
1812 Oct 4914 Feb
2814 Jan 21)
28 Dec 45% Feb
3712 Apr 17
39 Dec 817 Mar
8
3 t . ee bh 21 1
5
4514 Jan 2 6353I2 FFeb 4
'
4
413 Dec 953 May
4
86 Jan 2 99 Mar 19
85% Jan 112% June
83 Jan 2
783 May 99 4 Oct
8
3
2% Jan 2
3% Dee
63 Feb
.1
318 Feb 16 98 AF ibr 16
478 .bep 37
5
ii
3 Dec IA Mar
433 Jan 2 54% Mar 25
4
4014 Dec 7014 Apr
1138 Jan 21 2018 Mar 19
8 4 1.180 2818 Mar
,
4% Feb 10
33 Jan 2
4
31 Dec 12 AP
,
40 Apr 14 .55 Jan 15
60 Dec 90 Aept
27 Jali 2 35 8 Feb 26
,
25 Dec 51 14 At
7k Star
11 Jan 2 19 Mar 19
914 Dee 44
35 Jan 3 5214 Feb 17
343 Dec. 11194 Mar
4
4
19 Jan 9 25 Feb 24
20 Dee' 39 4 Apr
3
3153 Apr 1 43 2 Feb 24
333 Deo, 8812 Mar
1
2
813 Dec, 15914 Feb
8
83 Jaa 39 i 0614 Feb 27
5 Jun 3
712 Mar 24
418 Dec; 153 June
8
8
19 Apr 2 273 Feb 24
1914 Dec .523* Jan
4
43 :War 2
34 Jan 14
1)ee 13 July
12 Jan 2
.5 Mar 25
Is Dec' 8
Jan
314 Jan 2 12% Jan 8
514 Dec 50
Jan
6 Feb 14
618 Jan 32
5 Dec 15
Jan
71 Jan 2 12 Feb 25
612 Dec 2.41, Jan
17 Apr 10
33 Feb 14
4
13 Dec 103 Mar
4
8
1953 Jab 2 2414 Feb 24
1754 Dec 3212 Aug
23 Jan 2 32 8 Feb 24
5
21 14 Dec 55
Feb
514 Jan 2 10 Feb 25
414 Dec 304 Apr
2318 Jan 21
323 Feb 24
8
24 Dee 4812 Apr
l's Jan 30
24 Jan vs
2'. nee,
Oct
2924
New York Stock Record-Continued-Page 6
For sales during the meek of mock. sot recorded bomb see sixth WWI women*.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Tuesday 'Wednesday Thursday I Friday
Monday
Saturday
Apr. 17.
Apr. 15. I Apr. 16.
Apr. 14.
Apr. 13.
Apr. 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARI
Range Since Ian. 1.
On Saris of 100
-shard lots.
Highest.
Lamest.
PER SHARE
Ranee for Prestos*
Year 1930.
Lowest.
MOM.
Per Mars $ per sham
share
$ per share Shares Indus. & Miscall.(Cos.) Par $ per Mare $ per Jan 8 $8018 Dec 5138 May
$ per share $ per share $ per share i $ per share $ per share
2314 23% 4,700 matbleion Alkali Workallo par 2312 Jan 28 314 Mar 24 116 Jan 136
2312 24
2418 25 1 24 ' 24
Oct
3
24% 24h 243 25
Preferred
100 119 Feb 20 1255s
128
2738 Dec 6138 Jan
O110 128 .110 120 *110 128 *110 128 *110 128 .110
25 283* Jan 2 39 Mar 2
2,200 May Dept Storm
34
3314 345* 33
4
3512 3512 35 353 .343* 35
4 Nov 23 Mar
35
53 Jan 2
35
7
88 Feb 13
No per
712 *7
400 Maytag Co
712 4.7
712
7 12
712 712
2
2 .712 77
.712 77
1412 Nov 4012 Ape
8
No par 154 Jan 2 243 Mar 21
Preferred
*174 20
*1714 20
20 .1714 20
20 .18
.
68 Dec 844 Mar
214 .18
*18
Prior preferred
Ns par 66 Jan 31 7112 Mar 24
100
69
69 "66
*68
69
70 •66
70
33 Dec 50 Apr
8
07014 713 *7014 73
g
No par 327 Jan 31 36 Jan 7
McCall Corp
35
*33
35
*33
35
*33
35
*33
37 Dec 74 Jan
35
35 .33
*33
Jan 24 6124 Feb 17
400 McCrory Storm elms A No par 84
49
4912 4912 49
497
884 Dee 70 Jan
4912 4912 4912 4912 .48
8
O4812 497
No par 35 Jan 19 513 Feb 16
Clue B
30
*48
52
52
49 .48
49 1 *48
52 I 49
78 Oot 97 Mar
52 I •49
[349
100 76 Jan 22 9312 Mar 30
Preferred
1,220
91
89% 904 *874 90
9412 91
9412 .91
27 Dec 44 AP,
*9014 9413 •91
29 Feb 26
400 McGraw-Hill Pubilea's Na par 28 Jan 30
2812
8 2812 2812 *28
2812 29 1 *2818 3137
31
4
142 Jan 2038 Dec
31
2812 31 .29
•
4 3.400 MoIntyre Porcupine Mines--11 20% Jan 2 2612Mar
243
24
4
4
4
4 233 24'4 233 235
Jan 8912 June
24% 243
61
4
*243 25 "248 25
par 7112 Jan 2 10312 Apr 2
9514 168,500 McKeesport Tin Plate_Ne
8 90
9613 9212 947
94
1012 Nov 374 Apr
9413 9914 96 100
30
Jan
95 10014
4
3 1.804 McKesson & Robblns__No par 113 Mar 30 17 Feb 26
1218 127
4
2 123 13
2 127
127
4
254 Oet 4914 Apr
12% 13 I *123 13
4
8
O122 13
60 31 Jan 13 873
700
Preferred
3414
[2
33 .3312 3414 *33
*33
33
33
6 Dec 2014 Jan
3312 32 328
32
•
7 Jan 20 104 Mar 6
No par
500 McLellan Stores
7% 8
.734 8
8
818 813, 8
25 Nov 42 Apr
812
8% 8% *8
No par 28 Apr 16 34 Mar 5
400 Melville131102/
29
O27
20
5 Dec 2338 Mar
29 I •2812 29 1 2814 284 28
*28
84 Feb 24
29
•28
5 Apr 15
No par
Co(The)
700 Mengel
5
5
7
54 *5
4
5
512 54
23 Dec 263 May
*512 6
5
• 12 6
.
200 Metro-Goldwyn Pio prof_ _27 25 Feb 27 27 Apr 10
*2612 27
*264 27 i 26% 27 .2612 27
O2612 27 .2612 27
98 Nov 37 Apr
2014 Apr 11
Jan 2
4
173 1812 17% 18% 94,900 Mexican Seaboard 011-Ne Par 105* Feb 8 10 Feb 24
2
7 Dee 2372 Feb
3
5
3
4 193 20 21 18% 20121 1814 187
712
197 203
5
s
812
1,500 Miami Copper
814 .8
11 Doc 33 Apr
8 12 8h' 8
8
8
8
8
No par 104 Apr 17 163* Jan 4
Mid-Cont
1512 Nov 33 Feb
4 10h 108 1012 10% 1314 13% 5,900 Midland Petrol
4
11
103 103
4 11
4
103 103
4
Steel Prod__ No par 203 Apr 18 3118 Feb 24
1,800
4
203 21
3
4
74 Nov 110 Feb
*2312 2412 2314 2314 213 2253 20 4 21
24
24
100 84 Feb 14 94 Feb 26
8% sum 1st pref
85
*75
88
90 .76
4
90 1 .80
37 Deo 763 Mar
90 .80
Feb 9
*76
90
*76
12 4 34, 1,200 Minn-Honeywell Regti_No par 3814 Jan 2 5812 Feb 10
50
*45
50
2
50
51
814 Dec 23 3 Mar
51
45
712
45
46
428 Apr 18
O41
1,700 Mino-Monno Pow Ravi No par
8 43
43
4
4
4 43
43
4
44 Dee 9214 May
4 43
43
4 5
*43
4 5
308 Apr 16 48 Mar 2
*43
No par
400
Preferred
3018 3014 *3018 3318
9/2 Doc 40 Jan
*3012 35 I *3018 35
8 Mar 10
*3012 35 *3018 35
8
800 Mohawk Carpet Milbi_No par 107 Jan 3 21/ Mar 21
4
4
1888 Duo 633 Apr
4 1714 1714 •164 178 *1618 17% 164 1612
*1713 183
164 17
600 Monsanto Chem Wks-No Par 20 Jan 19 2611
2318
*2314 23% 23
2
24 I .2318 24
154 Dec 497 Jan
24
Jan 2 294 Feb 26
2353 2352 *2318 26
87,200 Mont Ward Co MCorp No Par 15%
23% 218 224 20% 2112
48% Oct 72 Feb
2214 2284 2214 2312 22
No Par 51 Jan 3 58 Feb la
Morrell(J) de Co
*Eh b1 14
*5252 53
2 Jan
12 Dec
3
4
3 Feb 20
4 yen 6
2
*525 53 .525 53 I .5252 53
•5212 53
12 1,000 Mother Lode Cloalition _No per
22
12
12
12
12
52,
412
4
8
02
14 Oct 11% Apr
12
418 Mar 26
18
21: Jan 2
8 2,900 MotoMeter Gauge& Ed No par
8 27
27
34
3
27
25 Dec 81 AM
3
3
314
Apr 6
314 314
*312 314
39
1,300 Motor Products CorP Ne Par 30 Jan 16 47/8 Feb 18
38
4112 39
39
1414 Dec 84 Mar
40 I .39
39
417
8
41
43
41
•
14% Jan 2 197
N.Par
2,400 Motor Wheel
4
2 1512 163 .1593 17
2
1713; 1653 165
614 Nov 20 4 Feb
17 •17
8
174 17
8% Jan 2 367 Mar 26
*17
No par
2812 15,200 Mullins Mfg Co
2914 24
27
8512 Deo 1147 Jan
4 3214 3412 2714 32
3112 323
3
32 2 33
N. par 36 Feb 10 7212Mar 5
250
5712
Preferred
57
*5712 60
63
2514 Dee 5212 Feb
61% *6112 6312 x59
61
23 Apr 15 314 Jan 28
*614 63
Ns par
700 Munsingwear Ins
*2212 27
23
23% 23
24 I 23
9 Nov 254 Ain
24
24
4
24
24
24
No par 114 Jan 2 183 Mar 10
5,500 Murray Body
4 12% 13
1313 133
14
24 Oat 4912 Mar
1414 144 1514, 13
1414 1412 14
No pas 3712 Apr 17 4512 Mar 26
4 1,200 Myers F & E Bros
4 3712 372
3918 393
40
[
40 4. 40
40
214 Dec 5512 Jan
42
1
4012 .40
407 314r 20
•40
14
No Par 27 Jan 2
4
34% 35% 3414 343 23,300 Nub Motors Co
538 Dec 2614 Feb
3614 3714 36% 38 I 3512 37
3612 37
3
7 Apr 18 10 4 Mar 6
712
7
7 18 2,600 National Acme stabsped...__10
7
4 8
3 83 x73
83
812 812
12 812
8
6 Dec 2928 Apr
812 Jan 6 13 Mar 20
No par
Nat Air Transpor$
.1112 16
[31112 16
01112 16
14
2 Doc 20 Apr
*111s 18 •1112 16
2 10 Feb 26
O1112 16
J
34an
No par
612 64 3,300 Nat Hellas Ham
4
652 63
6% 7
2
1312 Dee 82 Jan
73* 73
753
7
7 12
7
100 17 Jan 3 32 Feb 27
Preferred
*2614 32 .264 30
3
.2614 303 32614 32
6.6% Noy 93 MAY
*2614 31
2
•2614 31
2
10 733 Apr 17 83 4 Feb 24
4 737 7818 733* 753* 45.900 National Biscuit new
3
Oct
7812 783
:
*
783 7812 7814 7973 7914 80
100 140 Jan 8 15214 Apr 11 1421 Jan 152 Feb
7% sum prof
200
*15114 154
2738 Dec 3312
3
15218 15214 .151 154 *15114 154 *15114 154 *151 154
A w INo par 27 Mar 27 89 4 Feb 26
Csll RegistrNa,
3112 2914 29% 284 2914 2714 2814 22,900
8 30
35 Dec 62 Juno
3
2914 29 4 2914 307
4
Jan 2 503 Mar 25
No par 3814
Dairy Prod
454 74,400
4614 44
312 Dec3412
4 4714 4814 4714 4812 4612 473* 45
4is Jan 2
712 Feb 26
4714 473
Na par
Na)Department
8 •412 472 *412 44
3 *412 47
8 *412 47
*412 47
60 Dec 90 FebPrfdJan
*412 47
100 3312 Apr 9 60 Jan 9
110
38
"35
38
*35
38
•35
38
38
38
.35
1318 Deo 8011 Feb
35 35
2
363 Feb 24
291
9,200 Nat D12111 Prod ette.....N. Par 1948 Jan 6
x3014 3114 2912 3014 29
33
14
17 Juns 334 Mar
313* 3213 317 334 32
s
Nat Roam il Stamping.- 100 21 Jan 21 277 Feb 20
23
*22
24
*22
23
24 .22
Feb
•23
25
23 .23
22
•
101) 11812 Jan 22 132 Jan 9 114 Dea 11912
119 121
3,500 National Lead
12034 121
4
1203 121
j
B
122 *12013 12112 121 121
*120
100 136 Jan 2 141 Mar 16 135 Dec 14:11 5017$
240
Preferred A
1404 14012
141 .140 146 .140 146
14014
Jan 120 Nov
O141 146 •141 146
100 118 Jan 8 120 Jan 14 116
40
Preferred 13
119
11818 11812 .118 119 *118 119 .118
4
30 Nov 282 Apr
*11818 119 *11818 119
2 4414 Feb 24
No per 815* Jan
3 354 3612 3314 353* 38,400 National Pr & Lt
21 3612 373
387
4 13
37145giitt 3812, 37
37
14 Feb 3
12 Mar 11
No par
4,000 National Radiator
1
12
12
12
12
12
Jan
12
12
12
12
12
13* Deo 11
218 Jan 7
114 Mar 3
No par
214
Preferred
214 *
214 *____
214 *____
214 *____
214 •____
e____
41 Nov 62 July
Feb 27
No per 427 Apr 18 5812
4,900 Nat Steel Corp
8
427 4512 433 44
4 4312 463
4614 463
60 Dec 12438 ADS
474 474 4612 47
14
50 46 Apr 17 70 Feb 27
46
500 National Supply
4718 4718 48
49
•46
49
47 .46
47
50
O47
100 106 Mar 30 111 Feb 27 10812 Aug 1161 July
20
Preferred
108 107 *10514 107
108
35 Dec 93 Mar
'107 108 *107 108 *107 108 .107
4
80 412 Jan 2 761:Mar 26
2 2,900 National Surety
4
713 7212 7013 7118 674 691* 6714 673
13 17m 41% Feb
7014 7212 7112 72
No fa 1512 Jan 6 24% Mar 24
191
3,500 National Tea Oo
2112 2112. 1912 208 1914
23
22
22
20 Dec 54 Apr
*2013 2112 21
2514 Feb 9
No par 14 Mar 3
500 Nelsner Bros
15
15
16
4:
3
164 1618 15 4 153 *15
*154 174 •151s 17
9 Dec 32% Jan
8 145 Feb 24
8 1018 1014 10,500 Nevada Consol Copper-N. par 10 Apr
1014 113
4 1052 11
1112 113
154 Dec 174 Dec
1118 114 118
11
2
147 Mar 2 20% Mar 24
No par
17
A
l
17
300 Newport Co
4
173 173
18
•17
18
*17
30 DO 85 Mar
17
17
8
0167 17
60 42 Feb 28 53 Mar 24
Class
200
48
48
53
50 .48
*48
52
1138 Dec 68 Apr
048 4812 4812 4812 .48
No pm 144 Jan 2 24 Feb 20
17
1,100 Newton Steel
1712 1613 1618 .14
4
2112 Des 47 Feb
178 1814 173 174 17
O1814 19
No par 1918 Apr 17 25 Jan 23
400 N Y Air Brake
1913 194
20
2214 20
[
22 4 .20
22 Dee 48 Apr
2214 .20
20
2214 •
Jan 8 37% Jan 29
O20
100 2214
277
New York Dock
3 21
277
271 .21
27% .21
7712 Deo 384 Apr
27% .21
274 •21
021
100 60 Apr 9 80 Jan 26
Preferred
60 I.- __ 60 *__-- 60
94 Dee 32 Apr
8
63 Apr 10 1212 Jan 27
____ 80 .____ 60 •____ 60 •____
•
No par
74 3,200 NY Investors Ina
7
73* 73* *714 712
93 Dec 1064 Sept
*74 74
: 8
61
7 107% Mar 12
63
.4 7
Ne pm 100 Jan
130 NT Steam pre(8)
*105 106
4 Dec 117
105 106 •105 108 *105 106 1.105 106 *11612 117
•105 108
No par 11114 Jan 3 11712 Apr 2 1082 Dec13272 Ault
lst preferred (7)
20
116
116
116 117
Apr
14
57
116 117 .
2118 _-_- .116 117
N• par 62 Jan 2 9014 Feb 26
. nserisan Copief red
75
49,600 Nortll t
4 71
753
Jan 67 June
ill
4
763 79% 7514 7712 71
Mar 37
4
763 7912
78
77
60 23 Jan 5 57
400
55% *5514 5512 5514 5511
8
44 Doe 142 Apr
3
O5514 55% •5514 557 *5514 55% *5514 1014
438 Jan 2 11 Apr 13
914
Aviation__Ne par
93
953 59,300 North Amer
94 912
41
98 4 Doe 1054 Oct
1018 10%
106 Apr 15
1012 104 11
10
200 No Amer Edison Drat__No par 102 Jan 2 85 8 Apr 7
106 1.10512 106 .10512 106
3
:
237 Dec 65 4 June
4
3
4
243 Jan 15
1054 10512 •10514 1053 •10514 1053 106
North German Lloyd
r
4
8
1
,
4112 Lee 6,018
*3518 36, *343 36 1 *34% 35 "3418 35
[4 37
23718 3812 *36
-50 43 Jan 21 46 Jan 12
110 Northwestern Telegraph
Mar
112 Mar 12
44% 44% 4412 4412 4412 4412 *4412 4712 *4514 47
44
Jan 9
12
44
___10
ir
st
o () 0, a Rubber ___10
Norwalk Ttra
1
1
112.
14 •1
16 Dee 22 Aug
:
118 .1
118 •1
•1
No per 1112 Apr 17 191 Jan 8
3
114 127 17,300
4
2 124 12% 1212 123
4
Ms Feb 3
2
3% Jan 29
122 124 123 1318 1212 133
500 Olive: erre, Raulp New No far
pt f FarceA
34 4
4 1 .3% 4
4
414
8
125 Dec 90% May
*4
4
4
4
4
No per 1514 Mar 18 26 Jan 12
•1612 19
100
19
*16
16
16
8% Mar
19
2% Oat
19 •16
612 Mar 27
•113
19
8
83 Jan 8
O15
No yar
5% 6
2,800 Omnibus Corp
5% 5%
5% 5%
22 Dec 66 Apr
4 6
53
534 53
22 Jan 16 2812 Feb 28
5% 54
200 Oppenhelm Coll & Co_ _Ne par
k
27 I 2612 2612 *2612 28%
27
60 Dec 997 8.87
72 Mar 11
*2612 294 .264 2915 *264 29
,
50 0,008 181 asetds Us De81_106 604 Jan SO
66
4 66
683
7114 068
71$4 •66
71% •66
74 •66
*66
484 Nov 103* Mar
12
No Par 46% Apr 17 684 Jan
3
463 4713 6,300 Otis Elevator
4! 4713 48%
Jan
494 484 4914 4814 483
48% 4914 49
IVO 124% Feb 16 12912 Mar 30 1184 Dec 12838 Sept
_ .
[312812
Preferred
- •12812
*12812
31178 Mar
94
26
•12812
•12813
012812
No tar 10 Jan 2 1622 Feb 2
800 Otis Steel
8
105 Ylisi 1018 1014
78 Dec 99 Apr
171
•1112 12 •1112 1318 1112 Ills 11% - %; .5518 6012 55
100 547 Apr 9 694 Feb
5512
80
Prior preferred
22 Dec 1107 Feb
*5512 6012
2
2
55 .5514 70
55
:
281 Apr 10 39 4 Jan 20
68
O52
3212 3212 2,304 Owens-RID:lois Glom Co__25
30 1 3014 31
ells Dee 747 Mar
4
30
2
304 30
29
2912 29
25 454 Jan 15 547 Mar 10
29
4
483 49% 12,000 Pantie Gm & 61setrie
8
4 497 50
497 503
7
4.6 Dec 107 s Mar
2
503 51
51
5012 50% 50
per 5054 Jan 2 694 Mar 20
No
5914 604 4,800 Pacific Lin Corp
6014 60121 60 60
15 Dec 30 Feb
624 6012 621
61
7 2614 Mar 23
les Jan
•130/8 61%
1
250 Pacific Mills
3
2 213 2138 2114 2114 2018 2013
41113r 19 114% Dec 178 Feb
3
213 213
2
O213 23
O2112 23
00 11612 Jan 2 1313 Feb 24
1
600 Paolfie Tele)& Telex
4
•128 13012 1275* 1293 127 12712
714 Nov Ws Mar
2
84 Apr 17 117
13012 13012 12812 130 *12812 1301
8% 9
818 812 72.700 Psokard Motor Car ___ _No per 32 Mar 31 364 Jan 29
8% 9
42 Nov 644 May
91
9
7
88 9
8% 9
32
32
100 Pan
-Amer Pet? & Trans_10
32
030
32
*30
49
30 . Des 671s May
9
*30
49
49 .30
MI 32 Jan 2 2612 Jan 19
1330
3212 32
32
700
Clam B
6 Dee 355g Apr
*314 324 *3112
32
522 Jan 2 11 Mar
3112 3213 .314 3212 32
•
No per
9
9
500 Park *Tilton!!Ins
8
103
94 912 "9
es Dee 2014 Mar
94 91
ea Jan 21
94
9
3 Jan 2
1012
*9
4
4
800 Parmelee Transports'n.Ne per
4
4
414
*4
41
4
13 Doe 12% May
414 Feb 13
414 *4
414 *4
*4
24 Jan 28
200 Panhandle Prod dk Ret_No Far
214 23
4
4 *214 212 .
4
2%
242 Dee 7714 Mar
212 23
5014 Feb 24
4
.214 23
212 24
No Far 86 AIR 17
3773 162,700 Paramount Publix
3912 36
2 37
,
14 Doe
42 Apr
8
214 Mar 12
43% 4012 43% 39 2 403
8 43
1% Feb 7
435
1
43
*14 1%
M
900 Park Utah 0
15*
138
8
1/8 13
112 Des
9 Apr
.7
3 / Feb 20
2 0118 13
1% 15
4 134
12
112 Jan 17
No par
12,803 Palk. Exchange
8 2
17
2
2
2 18
2
21
1
90
7
28 ow 13 Apr
8, Dse 3 4 Fb
1
642
3 Jan 16 1, Apr 2,
4
212 24
No yar
412 412 2,900
Class A
54
5
5
5
Apr
17
512 6
912
7
5% 5 8
5% 6
912 1018 1,600 Patine Mines i Entrepr__ __SO
10% 10% 1014 1012
3 Nov LI Feb
08 Feb 24
2 11
8
23 Apr 8
SO
312
312
*1012 13 01118 13 010 4 33
700 Posner Motor Oar
312 312
8 *314 312
164 . 55 Apr
Jaa
74 D e
2334:
41112 Feb 19
3%
3
*314 34 *34 33
No per 3652 Apr 17 31 rFjan.ebb 222
3
363 38
8,700 Pellet & Ford
3812
27112 Dee 804 Jan
4 38% 38% 38
17
393
3914 39
3912 38
39
No Par 234 Jan 3 3938 Feb
34% 3512 10.700 Penney (J Cl
351
35
3512 36
36% 3618 3612 35% 361
36
90 Dee 10138 Sept
100 H Jan 8 9984 Mar 27
98
*96
100
99
Preferred
99 .96
24 Dee 12 Mar
612 Feb 10
98 •96
096
314 Apr 17
97
97
99
e96
8 1,600 Penn-Dixie Censent----No Par
34 33
312 334
372 37
16 Dee
4
4
4
4
100 17 Jan 2 29 Jan SO
4
•18
20
4
24
Preferred
*18
24
*18
24
2114 Dee
*18
24
23 Jan 2 11512Mar 31
23 •18
3312 331
314, 3314 1,200 People', Drug Stores_ _No Par 20012 Jan 2 250 Feb 123 18512 DIN 3 67121s I/ai
O18
*3312 34
r
A par
J na
22
6 5;Muy
2051 :
335* 3353 *3312 3418 225 22613 223 228
334 34
.
223 226
2,500 People's G Lao 10
(0 )-10
17 Deo
1
:
8
22613 229% 22612 230
No per 163 Feb 6 17 Jan 10
100 Pet Milk
8
0227 230
2 •1714 173 .174 1788 1714 1714
es Doc
64 Jan 2 les Feb 26
*1714 1738 •1714 173
77
3,400 Petroleum Corp of An11-N2 per
78
74
734
O1714 17%
8
14 D
o
pr
84 84
84
33 1918 Jan IS 254 Feb 24 12 3 :41641182
8
-Dodge Corp
2,900 Phelps
2012 20, .2014 21
7
7 4 818
20
20
2542871 SeptApr
,
3 20 8 201
112)
2014 2013 2014 207
Philadelphia Co (Pittsb)
•140 200 0140 200 *140 200
Ws Jan
60 424 Jan 11 5612Mar 1
*140 200 •140 200
300
140 200
•5412 55 .5412 55
6% preferred
•
05412 55
612 Des 254 May
14 Jan 2 1214 Marl
4
543 054% 5.5
54
egg
813 91g 14,300 PhDs & Read 0& I----N• Per
56
3
912 93
93
Mar
94 1053
9 Jan 6 12 Mar 2
4,
952 93
-II
11
506 Phillip Morris & Co Ltd.
1
2 11
94 10
113
11, 011
2772 Feb
11 Jan A 1212 Marl
1112i 1114 Hi •11
12
•11
Phillips Jones Corp----No Per
12
1114 1114 1112
1288 •11
61 D
814 Dja"i 75 Feb
122 •11
3
100 49 Feb 26 62 Jan
123 . •11
2
Phillips Josef prof
123 •11
.824 511 04912 511 *4912 5112
O11
1
114 Dm 44% Apr
9
12is pjjjan.n.neb 2
No tor : A pr 1254
*4913 514, •49% 50
912 97
914 913 13.700 Phillips Petroleum
*4912 55
912 10
97 104
s
2
97 10,8
100 Phoenix Hosiery
104
.912 15
16
10
•7
•912 16
11 1
I
4: ISI
3
111.1 Ogl
*912 18
16
22
-Arrow elms A--No Por
300 Piers.
104 .7
22
1014
23
21 12 211 •22
211
26
2112. *21
8
020
34
20
% 1,400 Pieria 011 Corp
7,
*%
20
or,
71
ri
7st
1
7
I
106
2
2
h
Preferred
141 *1214 1314
012
15
Vs Feb2
Its Jan 2
1514 012
Apr
No per
16 •1214 154; •12
238
24 214 2,500 Piers. Petroleum
013
25%4 Dli 37117%
1 4 ges
2 37 Mar
214 214 .21
24 23*
8 23*;
22
214 214
3118 1,000 Pillsbury Flour Mille-Ns per 26 Jan
31
031
2012 Deel 50% Feb
2
317 Jan 2 3984 Mar
3314 314 32
821y 032
3434 *3414 3513
2212 32
200 Pirelli Co of Italy
O32
348 34 •344
35
34 k
7
5
O34 8 35 8 • 7 8541 35
321
5
-rights.
day. to Ex-dividend and ex-rights: s Ex-dividend, if Es
•Bid and inked MINK no sales on this
42
New York Stock Record-Continued-Page 7
2925
wor sales during the week of stocks not recorded here, see seventh page preceding.
HIGH AND LOW SALE PRICES
-PER SH ARE, NOT
Saturday i
Apr. 11.
Mond,i
I
Apr. 13.
Tuesday
Ayr. 14.
PER
IVednesday Thursday
Ayr. 15. iApr. 16.
CENT
Friday
Apr. 17.
Sales
for
IA,
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan, I.
On basis of 100
-share lots.
Lona:.
Highest.
per share $ Per share $ per share
per share $ per share S per share Shares Indus.& Miscall.(Con.) par $ per share
5 Per share
.20
301 .20
3018 .20
30% .20
297 .20
8
26
Pittsburgh Coal of Pa
*20
257
100 20 Apr 1 2813 Jan 12
6912 6912 6912 6912 *6912 70
6914 *6914 70%
6912 6912 69
600
Preferred
100 8714 Jan 3 SO Jae 27
13
13
13
8
1318 1318 13
14 I 147 15
13
13
1,600 Pittsb Screw & Bolt___No par 13 Apr 10 1514 Feb 24
13
•72
75 I 73
7312 .72
73 I .72
7312 73
73
72
73
50 Pitts Steel 7% cum pref
100 72 Apr 17 87 Jan 15
1312 1312 *1314 133 51314 135
8 1314 133
13% 1318 1318 1318 2,500 Pittsburgh United
25 13 Jan 3 15 Feb 27
*9614 9712 .9614 9712 96% 9614 95
96
95
95
*9518 08
140
Preferred
100 9312 Jan 2 99 Feb 27
/
1
4
•1658 18
•157 18
8
*165 18
•16% 18
8
*165 18 .164 18
8
/
1
Pittston Co
No par 167g Apr 2 184 Jan 6
814 8141 *8
9
*8
9
9
*8
.8
83
4 *8
100 Poor & Co clam B
No par
8 Apr 9 13 Jan 10
814
/
1
4
•2114 22 I .2114 22
2112 2112 2114 2112 2112 2112 20
21
700 PortoRlean-AmTob 414__.100 10 Jan 8 27 Fel)28
*5
612 *584 612
57
8 6
*512 57
512 512 .512 52
400
Class 11
Ns par
4
8 Feb 27
43 Jan 19
4
2412 2512 24
243 25
24
4
2514 2514 2512 2512 *2512 275
8 2,000 Foetal Tel & Cable 7% prof 100 21 Apr 10 394 Jan 9
133 137
4
8 131 147
8 1312 1418 13
135
8 1212 1318 123 124 10,200 Prairie Oil & Gee
8
25 12 Apr 17 20 Feb 26
/
1
4
34
215 227
8
8 22
, 224 24
227
4
222 23 8 223 2312 223g 2314 22,600 Fredric Pipe Line
,
4
25 177 Jan 28 3612 Feb 28
4
8
4 4 454' .41
41
4
4 43
4 5 I
4% 45
8
412
12
4
4 14 1,700 Pressed Steel Car
N. par
4 Jan 2
74 Feb 19
•38
43 I *38
42
427 *30
8'
41
*35
41
40
40
400
40%
Preferred
100 554 Jan 32 421s Feb 19
687 687
8
8' 68% 68 4 684 698 69 6912 673 69
,
4
677 683
8
4 4,600 Procter Gamble
No par 63 Jan 2 7114Niar 10
*312 4141 *33
4 4141 *33
4 414
4
.37
4
8 418
4
4
200 Producers & Refiners Corp150
212 Jan 2
6 Feb 27
•13
147 •13
8
147 *13
147 •13
8
8
147 .13
8
147 .1318 147
8
Preferred
8
50 117 Jan 2 16 Feb 27
8
85 85% 84 4 87 8' 8518 87% 8418 8512 835 8412 8118 8412 29,900 Pub Se: Corp
,
,
8
of N J _No par 72 Jan 15 9612 Mar 19
99 9914 9914 9912 99
9918 9912 9912 1011
993
9978 9078 7,200
$5 preferred
No par 95 Jan 2 100 Apr 16
*118 11814 118 118 I 1173 1173 1173 1174 .11712 118 *11712 118
4
4
6% preferred
300
100 109 4 Jan 3 118 Apr 10
3
*136 139 .136 13812.136 13812 .136 139 .13512 139 *13512 139
7% preferred
100 12814 Jan 3 137 Apr 9
/
1
4
*15612 1577 •1565 157 1 157 157 .157 15884 .157 1584 *1563 15318
8
4
8% preferred
100
100 148 Jan 6 15734 Mar 26
1111114
•11113 11212 *11112 11212.11112 112 •11112 11212.11112 1121
Pub Serv Elea It Gas pref_100 10914 Jan 5 112 Apr 10
4218 4218 42% 43
45
4512 4418 447
45 4 44
,
8 423 4414 18,800 Pullman Inc
8
N. par 4014 Apr 6 5813 Feb 27
*114 112
114 114 *118 112
1
118 *1
114
1
1
800 Punta Alegre Sugar
50
4 Jan li
2 Jan 9
814 83
83 8%
8
81
, 814
818 *77
8
8
77 9
8 '17
8,700 Pure Oil (The)
25
7 Apr 17 117 Jan 5
/
1
4
3
88
8812 8812 8812 8812 894 8814 90
893 894 90
4
8% preferred
150
100 88 Apr 4 1017 Jan $
s
1
3918 4014 3818 3937
3412 367
8 35
3684 3184 36
16,100 Purity Bakeries
No par 3112 Api 15 5514 Mar 17
203 207
8
8 2014 2318 2112 23',. 20% 2112 2014 21
193 211 367.900 Radio Corp of •mer
4
No par 12 Jan 2 2712 Feb 25
•51
553
51 14 51'A 53
•5112 5518 *51
53
5518 .52
5518
500
Preferred
50 48 Jan 7 554 Mar 26
*50
52
4912 507
55
8 52
5014 5012' 50
5018 48
50
4.200
Preferred 13
No par 8412 Jan 3 80 Mar 21
2112 2218 2214 2318 2118 23% 2118 22
203 213
8 2018 21 8 112,600 Radio-Kelth-Orp el A Na per 153 Jan 2 2412 Mar 21
4
,
4
26
2618 254 26
26% 2418 25
25
2412 235 235 4.900 Raybestos Manhattan_No par 18 Jan 2 2912Mar 25
24
/
1
4
19
1912 19
1912 *18
193 •18
4
19
1718 18
16
173
4 1,700 Real Silk Hosiery
10 16 Apr 17 307 Feb 10
4
*7814 79
•78, 79
4
7814 7814
*7814 79
78
78
10
Preferred
100 7814 Apr 15 90 Feb 3
•1
114 .1
114 *1
114 .1
114 *I
114 *1
114
Reis(Robt)It CO
74 Jan 5
No Fa.
14 Jan 8
•131 29
•1318 29
*1318 29
*1318 29
*13% 29
*1318 29
First preferred
100 11 Jan 6 124 Feb 3
/
1
12
12
117 123s 1214 125
8
8 114 12
1112 117
8 104 118 11,300 Remington-Rand
4
N. par 104 Apr 17 113 Feb 27
•7418 78
*7418 78 .74% 78 .7418 78
7418 7418 .74
76
100
Fires preferred
100 7414 Apr 18 88 Jan 7
*89
953 *89
4
9534 *8812 9518 •88
953 .88
4
054 .
86% 953
4
Second preferred
100 9012 Mar 3 98 Jan 6
77
8
8
8
8
8
73
4 8
75
7%
8
8 75
718 5,500 Reo Motor Car
73 Apr 17 104 Feb 11
10
3
17
1712 163 175
4
1618 17
8 168 18
15% 1614 15
16
25,200 Republic Steel Corp___No pa
12 Jan 2 2533 Feb 24
*393 43
4212 3912 41
4
41
393 41
4
375 3812 3412 3714 3,400
8
Preferred oonv 6%
10
2913 Jan 2 54 Feb 19
812 812 .8
.8
9
*8
9
9
*8
9
8
8
200 Revere Copper It Brass No per
73 Jan 13 13 Jan 2
4
•2212 45
*2212 45
*2212 45
*27
45
*27
45 .26
45
Class A
No pa
27 Jan 6 80 Jan $
1514 157
s 153 153
16
4 16
4
16
16
15% 1534 ..n1s 211
3,800 Reynolds Metal Co
No par 114 Jan 2 22'gSiar 10
.12
13 .12
13 .12
13 .12
1212 .12
13
Reynolde Spring new _ _No Pa
54 Feb 18 1813 Mar 12
511 511 51 12 5218 5112 52
/
4
/
4
51% 513
503 5114 50
8
5034 45,800 Reynolde(R J) Tob class kl_i
404 Jan 2 53 Mar 19
7314 7314 7314 7344 7314 7314 7314 7314 7314 7314 73 4 73;4
213
,
2
60
Class A
1
70 Jan 13 7512 Feb 19
27
4 2%
8 273
2% 27
22
25
8 27
8
212 218
2
3,600 Richfield Oil of Callf__No pa
212 Apr 16
64 Jan 9
714 718 0718 77
7
714 714
7
63
4 67
8
611 67
8 3.500 Rio Grende Oil
5 Jan 15 104 Feb 24
/
1
4
No par
/
1
.324 373
/
1
4 3312 3313 *3212 36
33 2 33 2 .325 33
8
,
,
33
33
300 Rutter Dental Mfg
No pa
27 Jan 6 411 Mar 2
/
4
2218 2218 22 4 223
,
4 22% 2212 22
22
2112 2214 2012 21
1,500 Rossi& Insurance Co
11514 Jan 2 28 Feb 24
1
3613 3612 353 3614 3558 353
4
4 3412 35
3314 34
3258 3314 9,200 Royal Dutch Co (.N Y shares) 32 8 Apr 17 423 Feb 10
,
3
19
1918 19% 19 8 19 8 20
,
,
18
19 .18
19
177 1812 3,600 St Joseph Lead
8
10 17 Apr 8 30 Feb 20
/
1
4
6112 62
6112 613
4 6014 6214 56 2 593
,
4 5114 56
4812 53
28,01)0 Safeway Stores
No 10r 3858 Jan 15 6514 Mar 24
•95
pa
0
953 .95
4
953 .95
4
953
4 95
954 95
/
1
95
95
95
390
Preferred (6)
36 Jan 19 96 Mar 20
51053 10612 105% 105% *105 4 10612 106 107
,
10512 1053 low 2 10512
4
250
Preferred (7)
100 98 Jan 21 107 Apr 15
•1618 1612 *157g 16
1512 1512 1514 1514 143 143
4
4 1318 15
900 Savage Arms Corp
No par 13 Jan 13 104 Feb 27
10 4 104 1014 1014 10
,
/
1
1014 10
1018 10
1018 10
1018 9,700 Schulte Retail Stores_No par
4 Jan 13 1141)1er 30
•59
67 .5314 67 .5314 67
*5314 67 .5314 67
*5314 67
Preferred
100 404 Jan 22 65 Mar 27
7
7
*63
4 712 .64 718 .63
4 7
*63
4 718
63
4 64
200 Swum Corp
612 Jan 29 11 Feb 27
No par
5312 5412 5318 5412 5312 5512 527 531
8
4 5113 .53
5018 52
43,300 Sears, Roebuck It Co Ne par 441 Jan 2 1334 Feb 26
/
4
.43
4 Ca
4
14 41
/
4
412 412 •412 47
1
.412 47
8 .4. 43
4
400 Second Nat Investors
64 Feb 27
1
814 Jan 3
*48
32 .48
•48
52
52
51
*48
•48
51
48
48
100
Preferred
1 40 Jan 1 5814 Feb 27
•11s
11 114
114
/
4
14
Pa
114
11
/
4
113 113
113
118
900 Seneca Copper
14 Jan 1
11 Feb 11
/
4
No par
1118 111 1114 113
/
4
4 1012 111 1014 104 10
/
4
/
1
103
4
93 10
4
/ 64,200 Serve! Inc)
1
4
414 Jan 2 111 Apr 9
/
4
No
26
26
2612 263 27
26
4
/ 2512 26
1
4
2512 2612 25
2534 9,100 Shattuck (F 0)
2214 Jan 2 2913 Feb 20
•11
12
12 .11
12
*11
97
11
11
10
10
97
2,800 Sharon Steel Hoop
rr
N par
94 Apr 17 137 Feb 18
/
1
4
19
1912 1812 19
187 19
3
18
1814 173 18
4
1713 1712 3,300 Sharp It Dolma
No par 11 Jan 16 21 Mar 25
6212 61
*61
61
.61
*61
62
61
62
61
.6012 82
400
714 714
Preferred
73, 7s,
No par 5314 Jan 23 6112Mar 25
718 714
64 7
612 6%
612 64 10,573 Shell Union 011
No par
612 Apr 2 104 Jan 12
1140
464 .40
4412 4412 40
45
4014 404 4074 40
/
1
4014
1.100
Preferred
100 40 Apr 15 78 Feb17
/
1
4
5
/ 5
1
4
53
4 53
4
53
4 5
/
1
4
5
/
1
4
5
47
8 518
514 53
4 2,900 Shubert Theatre Corp_No par
4 Jan 2
/
1
4
93 Mar 6
4
154 154 1512 15
/
1
/
1
/ 1614 17
1
4
15
/ 16
1
4
1512 155 15
157 17,700 dllninOn1 Co
8
par 141 Jan 2 233 Feb 26
4
/
4
*7
712 *7
714 *7
7
714
7
*612 7 8 *612 7
,
200 Stamm Petroleum
64 Apr 7 11 Feb 26
1212 1218 1212 11% 12 8 115 117
12
,
8
8 1118 11% 11 8 1158 26.300 Sinclair
,
Cons Oil Corp-NN:
104 Jan 2 154 Feb 28
0103 1031 *103 1033 103 103 *10212 105 .10212 105
/
4
8
10212 10212
700 Preferred
100 95 Jan 9 103 Mar 14
77
5814 84 .
814 9
7
/ 7
1
4
8 84
/
1
4
74 72
7 2 712 2,200 Skelly 011 Co
,
25
714 Apt 16 12 Jan 7
/
1
4
*3913 43 .3913 43
3912 3912 384 384 37
/
1
/
1
381 •35
37
400
Preferred
1(8) 37 Apr 16 62 Jan 8
.212 3
*21 3
/
4
212 212 .214 2
/
1
4
13
4 21
214
212
700 Snider Packing
134 Apr 16
No per
4114 Feb 16
• 8
10
.7
8
.7
9
.618 9
9
*7
73
4 73
4
400
7% Apr 17 15/ Feb 18
Preferred
No pa
11
4
.9013 93
/ 924 .9112 93
1
4
92
/
1
•88
92
0012 00'z 8912 90
600 Solvay Am Inv 'Fruit Pref-10
134 1412 14
0 89 Mar 11 95 Mar 19
1414 134 1414 1312 13
/
1
/ 123 13
1
4
4
123 13
4
5,4(40 Soprofer r,, Ellugar„-No fes
Pe rto Rloo
93 Mar 6 174 Jan 8
4
106 106 *105 109 2 .105 10912.105 107 .105 10912 105 105
,
100 9612Mar
112 Jan 8
49
49
48
/
1
4812 491 4734 4312 464 474 454 461 23,701)
49
/
4
/
1
/
1
/
4
Southern Calif Edison
25 481/ Jan 3 544 Feb 28
*3
*3
6
3
5
*3
5
*3
*3
*3
5,
5
Southern Dairies el 13__No per
4 Jan 3
.5 Mar 12
. 34
34
34
34 .33
*33
34
3411 *33
34 .33
34
200 Spalding Bros
No par 84 Jan 10 36 Jan 6
___ 511412 ____ •1143 ____ 1144 1143 *11434
4
4
/
1
-- •1141 ---/
4
10
let preferred
100 111 Jan 13 1143
4Mar 28
•115.2218 24
*2218 24 .22% 24
*2218 24 I 2218 -221e *2218 24
100 Spang Challant&Colne No par 22% Apr 16 2711 Feb 17
*91
9112 *91
914 .91
2, cot 9112 *91 9112
91, "1
'
Preferred
100 91 Mar 13 914 Jan 21
•1014 11
10
1014 10
10
9
4;
97
87
8 914
83
4 9
8,500 Sparks Withington_ _ __ No par
831 Apr 17 135 Mar 16
8
•1354 14
41
138 13% 134 133 *1312 133 •1312 13
/ 1312 1312
1
4
300 Spencer Kellogg It SOW N. per 10 Jan 5 1012 Mar 25
•11 14 1213 11
11
Ills 11
1074 107
41 10
1014 10
10
800 Spicier Mfg Co
No par 10 Apr 16 17 Feb 21
/
1
4
2912 2912 .2612 29
2612 2612 .263 30 I 263 2612 .25
3
s
30
400
Preferred A
No per
11
11
12
*11 14 14
13
11
14 .1114 13
10
1112 4,700 Spiegel-May-Stern Co_No par 2614 Jan 6 3312 Feb 30
5 JaI513 171251er 24
/
1
4
18
1814 18
183
4 184 184 18
194 18
/
1
/
1
181 177s 1814 38.700
/
4
Standard Brands
No par
Ms Jan 2 204 Feb 15
*12212
_ *12212 12312.12212 12312 11212 12213 .122 12313 .122 12312
100
•31, . 33
Preferred
_- 4 v314 34 *34 34
No par118 Jan 5 12312 Apr 9
312 312,
34 314
314 34
300 Stand Comm Tobacco_No ,ar
2 Feb 9
/
1
4
4 Feb 10
74
72
741
/ 78
1
4
74
79
7414 691 7314 40Ag Str
713 74 1 71
4
/
4
re prd: It Elea CoNo per 58 Jan 2 We Nine 10
d err d
1rui
.6314 6318 63% 637
8 631A 64 .633 64
64
64
633 63% 1
4
N.far 504 Jan 3 947 Mar 23
8
.97 100 .97
99 .97
99 .97
*97
99
99
99
99
SOO
16 cum prior pref
No par 9'34 Jan 15 101 kf ar 23
10712 10712 .10784 108 .1073 108 *1074 108 *10714 108 .10714 108
4
100
37 cum prior prof__ _No par 101 14 Jan 10 1093 Mar $
*31 314 *313 344
/
4
4
31 34
/
4
34 313'
2
/ 34
1
4
27
8 24 3.200 Stand Investing Corp
*104 105
No Par
10414 10514 104, 10412' 10414 10412 *10414 105
4
2 Jan 2
1044 10414 1.200 Standard
414 Fell 13
Oil Export pref _100 102 Jan 6 10514 Apr 13
44
/
1
4
/
4
443
3 4314 4374 4312 431 4214 4334 4212 4274 42, 43
4
15,100 Standard 011 of Callf_Ne per 424 Apr 1 411 teb 13
15% 14% 153
154 153
4
8 15
/
1
4 145 143
4 1414 143
4 14
1414 2,500
431 433
4 4213 4312 4212 433
/
4
Jan 5
4 4214 414 42
/
1
4212 4114 424 45.600 Stand Oil of Kansas
/
1
4
0114 2174 21
2I3 22
2174 22
2114 21
411 as
'
2114 207 21 18 25,550 Standard Oil of New Jersey": 414 21
3
Standard 011 of New York_21 204 Apr 171 36 Feb 10
294 294 .
/ 284 30
1
*2811 19
/ 26
1
4
284 1734 24 1 20
2113 5,400, Starrett Co(The)
L d__Plo per 174 Apr 161 M1 Feb 24
/
1
/
4
44 414
•45 412
444 4
44 414
/
1
4
414 413
4
414 1,700 Sterling Securities Si
814 84
AN. par
.814 812
4
Jan 2
8
/ 8
1
4
57 Feb 10
/
1
4
8 4 812
,
8'
84
74 8
1.100
1E 3918 3934 39 39 , *3812 3834 3811 39
l'referred
64 Jan 2
9 Feb 16
/
1
4
N.rdr
39 393
4 38
39
2,000
.Jonvertible prefiarod____60 33 Jan 2 40 Mar 26
163 1634 164 17 1 1612 17
3
153 161 1514 153
4
/
4
4 1414 1514 16.400
4owers-Warner dp Corp___10 1414 Apr 17 211 Mar 10
453 464 46
4
4712 4614 48
/
4
443 4638 4413 45
4
4214 45
25.700 Stone It Webster
/
1
4
24
24 1 24
No per 37 Feb 2 54 Mar 21
24 2 24, 243
,
4
4 2312 2412 2214 234 2174
*11514 11814 *11514 11115',•11514 11518.11514 11513.11514 11512.11514 2212 18.800 Studeb'r Corp (Tke).__Ne per 20, Feb 1 26 Mar 26
4
11511
Preferred
100 115 Feb 10 11314 Apr 6
Submarine Boat
14 Jen
42 4 .41
.41
424 .41
,
/
1
4214 4112 4113 4112 4112 .
18 Jan 2
4014 40 4
Sun Oil
*1021 103 1 103 103
/
I so Pa? 194 Jan 2 454 Feb 34
4
N per
.
i
103 10314 103 1033 •103 1031 10212 1033
8
/
4
340
Preferred
100 1004 Jan 2 1041, Feb 2
*3114 3214, •3114 3214 .31, 313
4 31
4
3114 30
30
30
30
1,000 Superheater Co(Mlle.-NI Per 30 Apr 16 4(41e Feb
•1 18 1381
I% •1
1%
114 .1
114 .1
114
1
I
300 Superior 011
11 Feb 17
/
4
No per
/ Jan
1
4
1312 14 I .13
14 1 •13
14
134 113
/
1
4 1112 1112 1114 1114
800 Superior Steel
187 Mar 6
014 Jan
2
100
'1212 13 .1213 13 I *1213 13
*1212 13 .12
13
*1212 13
Sweets Cool Amalie*
4
/
4
60 111 Jan 7 133 Feb 20
1 13 114
112 112. •118
113 *1
112
113
118
1
1
500 Symington
1 Feb 4
1114 Feb 1
No pat
*5
6 I *5
5
6 1
55
5
512 *43
4 5
43
4 41
/
4
400KNo
Claws A
414 Jan 11
612 Jae 33
r
203 20 4 2013 21
4
,
*2014 21
•2014 20
/
/ 194 1974 .194 193
1
1
4
/
1
900 Tigautograph CorP
714 7
/
1
41
7
/ 752
1
4
N• /341 17 Jill 3 214 Mar II
712 712
712 712
71 2 711
7
/ 73
1
4
8 1,4041 Teanewle• Corp
/
1
4
6 Apr 2
84 Jan 9
N. Fie
283 287
4
31 28% 28%, 273 2812 2712 271
4
4 27 8 273
,
265 273 40,600 Texas Corporation
8
35 Ws Apr 17 341 Jaw 7
/
4
4612 463
8 4512 464 4414 4512 44
4 4513 467
/
1
4513 444 453 55,700 Texas Gulf
Salpeur____Ne per 44 Apr 16 AA Feb 24
.412 43
4
412 412
413 412 • 1
, 4
41
1
412 41
800 Texas Pacifies Coal It 011
Vs Jan 2
10
dis Jan le
134 14
/
1
1313 133
4: 1318 13
/ 13
1
4
1318 1233 1274 12
121 15,900 Texas Pao Land Trust
1 114 Jan
173 Feb 13'
4
•1510 and asked Priest no sales on thin day, 3E2
-dividends V Ex-11411s.
---304)
PER SHARE
Range for Previous
Year 1930.
Lowest.
Bights).
Per share
18 Dec
46 Dec
13 Dec
/
1
4
8412 Dec
11 Dee
9113 Dec
184 Dee
1
1014 Dec
1434 Dec
4
Oct
20 Dee
114 Dee
163 Dee
4
314 Nov
28 Dee
534 Jan
1 Dec
1112 Der
66 Dec
911 June
/
4
104 Dee
/
1
4
Jan
111
142 Dec
107 Feb
/
1
4
47 Dee
h pet
7 Dee
/
1
4
9012 Dec
80 Deal
111 Dell
/
4
67 Deal
314 Dec
144 Deal
1674 Desi
2212 Deal
830
D
8 Nov
141s Nov
84 Nov
Jan
1116
7 Dad
/
1
4
10 2 Dee
,
28 Dec
Vs Dec
14 Dee
10 Dec
per share
7814 Jan
119 Jan
2173 Feb
103 Jan
1914 Oct
103 Oct
324 AV
344 Mar
3032 Julp
274 Mar
103
Jan
54 Apr
6013 1rab
/
1
164 Feb
704 Feb
784 June
/
1
111 Mar
/
4
40 Mar
1231 API
4
100 Ott
117 Sept
13514 Oct
158 June
112 Ma,
893 Jan
3
812 Jan
274 Apr
11414 Apr
887 Feb
4
69 2 Apr
3
57 Apr
85 Apr
50 Apr
584 Apr
647 Mar
4
100 Mar
57 Feb
4
27
Jan
6612 Apr
1004 Mar
104 July
144 Mat
/
1
794 Apr
9.54 May
Jaa
30
Jan
72
24% Apr
40 Deci 583 Mar
3
70 June SO
Jan
4 Dee
/
1
4
9 Dec
/
1
4
DOO 25 4 Apr
1
253 Dec 304 Feb
1
1414 Dec 484 Mar
364 Dec 5413 Apr
/
1
191, Dee 574 Feb
354 Dee 1224 Jan
/
1
84 Dec 9974 Feb
35 Oct 109 Mar
/
1
4
1214 Dee 311 Apr
/
4
4 Dec 134 Jan
35 Jan 78 Jan
5 Dec 14.4 Mar
/
1
4
6314 Dec, 1003 Jan
2
24 Deal 23 Feb
$3 Doe 82 Maii
/
1
4
1 Dec
311 Jan
314 Nov 134 Apr
204 Nov 51 Apr
9 Dee 324 Feb
/
1
1114 Deal 27 Mar
/
1
4
64
Jan 63 Mar
/
1
4
614 Dee 3513 Apr
55 Dee 10614 Apr
414 Nov 35 Apr
11 Nov 944 Jan
53 Dee 37 Mar
3
934 Deo 3
Apr
80 Dec 112 Ayr
/
1
4
104 Deal 41 Apr
42 Dee 9934 June
112 Nee
Jan
$
8 Dea 363 Feb
4
90 3 Dec 1214 Apr
3
104 Dee 30
/ Jan
1
4
103 Aug 121
Jan
404 Des 11 Apr
513 Jan
9 Mai
12 Dee 45 Mar
108 Jan 116 Aug
194 Jan 371 Jens
/
1
/
4
43 Jan 06
Jan
8 Dee 504 Apr
8 Dec 25 Apr
/
1
4
7 Dec 3012 Feb
/
1
4
30 Dee 454 Mar
412 Doc 51 Feb
1413 Nov 294 Feb
/
1
114 Nee 12113 Sept
213 Deal
7 Feb
/
1
4
£58 Deal 1294 Apr
43 Deal 67 May
9244 Dear 104 Sept
9312 Deo 11414 Sept
Ps N"l 1512 Mar
48 F.'l 1082* Get
4114 Deal 71 Aim
164 Dell 49 Apr
/
1
634 Dee 344 Apr
19 Dee 403 Apr
/
1
4
3
19 Dec 67 Apr
/
1
4
233 Doe
5 Dec
$04 Nov
141 Dee
/
4
374 Doe
114 evl
116
Jan
4 De
29 11
97 Dec
/
1
4
10 ))v1
%
Me Dee,
Jsa1
12*1)101
4 D
Lb% la
7 4 Deel
1
$0 4 Deal
3
404
1
4 D
141 Deo
Deal
2012 Mar
143 Mat
4
41 Mar
47 AIN
1114 Apr
4T14 Feb
1211 Mar
14 Mar
10
Apr
1064 Sept
4314 July
43 May
be% Max
li7 Mar
s
7 Apr
174 Apr
mot Apr
17
Apr
1103 May
3
OTit Mar
144 Mar
833
4
2926
New York Stock Record-Concluded-Page 8
For sales during the week of stocks not recorded here. see eighth /rage Preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Wednesday
Tuesday
Saturday
Monday
Apr. 11. I Apr. 13. I Apr. 14. I Apr. 15.
Thursday , Friday
Apr. 16. I Apr. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Ian. 1.
On basis of 100-share lots.
Highest.
Lowest.
PER SHARE
Range for Fres
(0222
Year 1930.
Lowest.
Highest.
Per share
$ per share $ per share $ per share $ per share $ per share :$ per share Shares Indus.& kilscell.(Conct.) Par $ per share 8 Per share i per share $ 36%
CL)!
1212 Dec
No par 1314 Jan 8 22 Feb 27
1712 1612 17
1612 1612 1638 16% 1,300 Thatcher Mfg
173 173
4
4 1718 17% *17
35 Dec 48 Mar
Preferred
No par 85 Jan 2 41 Mar 5
I *36
*36
3812
39
40 *36
*36
40
*361 40 *39
40
2114 Dec 33 Jan
Apr 10 23 Jan 9
No par 19
700 The Fair
2212
*20
*1812 20 *19
2012 2012 2012 *19
21
20 , *19
100 105 Jan 28 1061: Feb 26 102 Jan 110 Feb
Preferred 7%
50
105 105
'105 106 *105 106
*105 106 *105 106 1105 106 4
334 Dec 26% Ma7
9 Feb 13
5 Jan 2
No par
518 514 2,200 Thermoid Co
5 8 53
5
4
518 558
514 512
512 6
58 58
4
151: Dec 468 Apr
1 1815 Jan 2 27 Feb 21
300 Third Nat Investors
2312 2312
*2418 26 ; *233 26
24
24
*243 26 , *233 25
4
4
4
25 25 Jan 8 35 Mar 2 23 Dee 471k Mar
100 Thompson (J It) Co
30
*29
3258 *29
31 I *29
31 I *29
3214 2918 2918 *28
10 Nov 3938 Apr
Thompson Products lnoNo par 11% Jan 2 18 Feb24
600
1
141s
*1518 1614 1514 15141 153 153
14
8
8 148 15, *14
15
4
81 Dee 18% Max
81%Mar 7
4 Jan 2
1,200 Thompson-Starrett Co_No par
478 5
*5111 57
*514 5 8
45
8 518
4 53
7 ! 58
4' *514 58
2314 Dec 4914 Max
$3.50 oum pref
No par 241: Feb 4 8414 Mar 19
300
3112 32
33
33 *32
3212 3212 *31
36 I *32
34 I *32
57 Dec 17/14 Apr
Jan 7
9
6 Apr 17
/
1
4
No par
614 612 9,200 Tidewarer Assoc Oil
678 6%, 658 678
6% 658
65
8 6
/
1
4
62 634
Preferred
100 65 Jan 2 68 Jan 8 63 Dee 8934 Max
5712 5712 5712 5712 1,000
58 I 58 58
5812 5812 5812 5812 58
12 Dec 81 Apr
Tide Water Oil
100 10% Jan 31 18 Mar 16
*131 1711 *1312 1714 *1312 1712 *131 1712 *1312 1712
*1312 1714
k
68 Dec 947 Ape
Preferred
100 6814 Apr 4 83 Feb 26
4
*6812 743 *6812 743
4
4
*6812 73 I *681z 73 *6812 743 *6812 71
8 Oct 2114 Apr
914 Apr 16 12 Feb 20
10
912 912 1,800 Timken Detroit Axle
914 95/
3
10
1012: *938 97
4 97
93
*97 10 1
8
CI% Dec 8914 Ape
11,900 Timken Roller Bearing_No par 43 Jan 2 59 Feb 17
5012 5012 60 50121 5(3 513; 4812 4912 4818 4858 4612 4812
I
61: Jail
2 Dec
334 Apr 9
214 Jan 16
8 8,700 Tobacco Produota Corp No par
338 312 *338 35
38 338
33
338
338
312 3 41
5
,
338 3 8
714 Jan 1314 July
Class A
No par 10% Jan 14 14 Apr 10
1338 1312 4.100
1334 14 I 14
1338 1312 1318 14 I 1334 14
14
10% Dec 25% Sept
18 Feb 26
25 1052 Apr 17
8
12 1 1118 1112 105 1112 97,800 Transamerica Corp
1218 1238 1218 1212 12
1212 11
153.81
61s Nov 2838 Jam
71 Jan 3 1713Mar 0
9,100 Transue & Williams Elt'l No par
13
1314 1312 13
14
1418 1614 1512 163
41 1512 16
Ms Dec 2014 Api
61, Jan 2 1134 Feb 24
4 1018 1012 10,300 Tr -Continental Corp--No par
103 107
4
8' 1012 103
11 I 108 1078 1078 11
1078
8914 Apr 961k Sepi
6% preferred
100 29214 Mar 16 94 Feb 25
700
: 934 93i41 9314 9314 *9338 9312
9314 9314 4.934 9312 *6314 93l
4
2614 Oct 4111 Mal
2.100 Trico Products Corp___No par 297: Jan 2 458k Feb 27
38 I 3712 3712 3,512 37
3934 *3814 3934 38
*3812 39 4 *38
3
91 Dec 22 Mai
53 Apr 4 10 Jan 20
4
No par
500 Truax-Traer Coal
6
6
612
612 *6
612 *6
614 614 *6
*614 612
/
1
4
2034 Nov 87 Mal
10 1914 Apr 17 24 Feb 24
800 Truscon Steel
*2018 2014 *2018 2012 *2018 20121 194 20181 198 198 1914 1912
1414 Dec 24 Sepi
4
200 Ulen dr Co
No par 141k Feb 10 213 Mar 10
17
*16
17
*1634 173
4 17
4
1712 1712 *163 18 ! *163 18
4
4
5318 54
53'
4,300 Under Elliott Fisher Co No Dar 51% Jan 2 753 Feb 27 49 Dec 138 Mai
56 I 53
54
60 4 60 4 5912 5911 5612 60
3
3
8 Dec 1914 Sepl
/
1
4
934 Feb 4 1312Mar 27
400 Union Bag&Paper Corp No par
1212
121 *12
*1112 1212 .12
1212 1212 12'a 1212 1212 *11
621k Dec 1068s Mai
58% 105.500 Union Carbide & Garb-No par 551k Jan 19 72 Feb 24
4 62 6412 6012 6218 5818 6038 57
6238 63% 63 633
z1978 Apr 17 26% Feb 13 20% Dee 50 Api
25
x198 2078! 6,700 Union Oil California
204 21
2134 214 2118 213
4 2118 2112 2058 21
23 Dec 381s Apt
No par 20 Apr 1 215% Jan 8
2118 21181 1,400 Union Tank Car
21
2114 21
2138 2138 21% 2138 2118 2118! 21
18% Dec 99 API
2738 3038 238,900 United Aircraft & Tran_No par 22% Jan 2 3878 Mar 26
4 29% 317
323 33I 3238 3414 32% 3438 314 323
412 Dec 77% Ain
4
2 59 Mar 26
1,400
50 46 Jan
Preferred
5312 54
56
553 5614 54
4
56
57 ; *5618 59
*56
57
151* Dec 547s Fe)
United Am Bosch Corp No par 16 Jan 16 2712 Mar 2
*20
24
24
24 *20
24 *20
*20 24 1 *20
*20 24
4
821k Dec 583 Mal
2,700 United Biscuit
393 4018 3912 398 3814 39
No par 337g Jan 2 4184M5226
393 3938 3912 4038 40 40
8
14
100 113 Feb 2 122 Mar 23 115 Oct 142 Mal
100
Preferred
*117 11912 *117 11912 *117 119 11812 11912 *11812 1191 *11412 11812
1488 Dec 84 Api
3
No par 1712 Apr 1 28 4 Feb 11
1814 1814 1738 1818 4,100 United Carbon
1914 1834 19
/
1
181 1812 1812 1912 194
81s Juni
Dec
61 11,000 United Cigar Stores_ -No Par • Jan 2
No
6
614
712 Apr 9
6% 612
612 718
34
714
714
26 Jan 68 Juni
100 6014 Feb 2 x76 Apr 10
200
4
713 713
4
Preferred
7912 7312 731
*73 80 I *73 80 1 *73 80 *73
13% Dec 52 Aril
No par 1618 Jan 2 3114 Mar 19
8
2218 233 346,100 United Corp
241
2412 24241 2438 2512 25 26 I 2418 2518 23%
431 Dec 531s Api
7,100
Preferred
No par 44% Jan 2 52% Mar 26
8 5012 51% 507 51
5114 5112 5012 513
517
5012 50781 51
2% Dec 19% Fel
8 Jan 2 12 Feb 27
814 812 2,800 United Electric Coal.....No par
812 83
9
9 1s
9
4
912 912
93
4
84 83
461s Dec 105 Jar
6112 1,800 United Fruit
No par 5114 Jan 2 6738 Feb 27
61
6114 61141 6112 61121 6012 6012 6012 61
61
61
2414 Dec 498 Mai
2 8712M8.r 17
32 72,900 United Gas & Improve_No par 27% Jan
8 31% 3214 31
8
3214 3212 317 3312' 3218 3372 317 327
1
Preferred
No par 9812 Jan 30 10314 Apr 10 97 Jan 104, OP
10318 103% 10318 103% 10318 10318 103 10318 10318 103'8 103 10318 1,700
2% Dee 14 Mu
*212 3
25 Apr 13
838 Jan 7
100
100 United Paperboard
*212 3
*258 2 1
238 238 .212 3 I *212 3
2018 Dec 827s AID
Feb 19
600 United Piece Dye Wks_No par 2318 Jan 2 8184
4
*2412 25'z 2538 253
26
26 I 2612 2612 x26
*25 27 I 26
95 Apr 9
41s Jan 14% Juni
5% Jan 26
714 714 7,500 United Stores ol A__-No par
73: 8
712 8
818
858
84 914
9
9 18
5
1513 Jan 50 Jul/
Preferred class A____No par 877: Jan 5 52 Apr 9
700
4
4
4
/
1
5014 504 5018 5018 *483 4912 4814 48% 473 483
*5618 517
197s Aug 39 Mal
6,300 Universal Leaf Tobacco No par 28 Jan 2 4112 Apr 11
39 23614 IS
3912 41% 404 41 I 4014 41 I 39% 40 I 39
27 Dee 76 Mal
50 Universal Pictures let pfd_100 29 Mar 9 42 Mar 21
39 4
3
3312 .31
40 I 3118 31181 33
40 *31
40 I *31
*31
9 Apt
2 Deo
4 Feb 9
200 Universal Pipe & Rad._No par
2 Apr 10
214 238
8 212 *238 212 *25: 212
8 *23
*214 212 *214 23
181s Jan 38% API
20 2753 Jan 2 3718 Mar 26
4, 2934 3018 2814 29% 18,203 U. S. Pipe & Fdy
/
1
31
3218 304 303
3114 3112 3114 317
1538 Jan 21 Mal
1st Preferred
No par 18% Jan 3 2014 Mar 26
*1938 1914, *1918 1938 *1938 1938
8
*193 19% *193 194 *1938 194
8
7 Dec 20% Jai
US Distrib Corp
714 Feb 2 10 Mar 20
10
No par
*8
10
10 I *8
*82 10 I *812 10 I *812 10 I *8
45, API
184 Jan 7
1 Jan 7
100
U S Exprees
I%
38 Dec
138 *1
13s *1
138 *1
18 *1
I% *1
*1
,
161 Dec103 Api
2 3012Mar 24
25
2518 1,900 U ii Freight
25
No par 17 Jan
25
27
•253 26 I25 26 I 2614 2714 25
4
97 10
678 Dec 32% Mal
738 Jan 2 12% Feb 24
800 U S & Foreign Seour__ _No par
10
*104 11 I 1018 108 10
/
1
3
*1018 10 4 *1018 11
78 Dec 101 81.O1
200
*82 8814
84
Preferred
No par 80 Jan 8 90 Feb 17
/
4
*3814 8934 *881 8912 881 8814' *7112 88 I 84
/
4
3,700 US Gypsum
45
45
4512 44
20 4014 Feb 5 50 Mar 27
464 4614 4612 4538 46
4! 46
4638 463
5 Dec 30% Mal
11
800 US Hoff Mach Corp___No par
57s Jan 2 12% Apr 1
1112 11
11% *It
2
12 1 1112 11, *1112 114 11
*1114
8
11,050 U S Industrial Aloohol- No par 3653 Apr 16 773 Feb 25 501 Dec 1393 Jai
8
3614 3814 3658 38
397
5
40% 41 I 40 8 4114 x38
40 4 41
2
814 Dec 15% AP
4
600 LI S Leather
*8
912
8
333 Jan 2 103 Mar 19
8
No par
814 814
912
9 I *9
9
83
4 914
5% Dec 26 AV
Class A
500
4 1114 1114
7 Jan 2 15% Mar 19
No par
8
1314 127 12%, 1218 1214 1134 113
31212
*1212 14141 '
100
Prior preferred
848
100 6912 Jan 7 85 Apr 9 6414 Dec 94 JUIN
85 85 I *84 85 *77 85 1 *79 85 *79 85 *81
25 Dec Ws Ma
2414 7,800 U S Realty & Impt_ -.No par 24 Apr 17 8614 Feb 26
24
2 2512 25%1 243 2512 2434 25
*273 2712I 2E02 267
2
173
8 1534 1618 1518 157 15,700 United States Rubber__No par 115* Jan 6 2018Mar 20 11 Oct 35 AD:
s 1611s 1734 16
4 1718 175
1788 173
19% Dee 63% AP
let preferred
4 4,000
1 264 28 I 255 2618 2538 263
100 2038 Jan 2 3618 Mai 21
/
1
294 2834 2914
/
1
284 2912 29
1712 July Ms J10
2038 2012 2014 21
1,500 0 8 Smelting Ref & Mln___50 181: Feb 2 253881ar 10
21
*2118 22 *2118 23 *2118 2278 21
40 Dec 531k Jai
51s
100
60 4238 Jan 5 47 Apr 1
Preferred
/
1
*4512 4812 *4518 484 *45% 4812 *4 3 4812 *45% 4612 4612 4638
4
United States steel Gorp__100 130'8 Apr 17 1523s Feb 26 1343 Dec 1983 AP
4
8
137 13814 13612 13814 13614 1387 133 136 I 1313 13312 13018 133 279,100
100 1431s Jan 2 150 Mar 20 140 Jan 15114 Sep
4
Preferred
4
14912 1493 14918 14918 *149% 149% 14912 149% 14914 1493 149 14914 1,800 US
591s Dec 68 Fel
,
300
Tobacco
No par 6018 Jan 6 717 Mar 11
71 I *7012 7114 *7018 7114
/
4;
711 *70
5
7114 *70 8
7114 7114 71
1914 Dec 4538 Ap
4 2414 255* 21,800 UtIlles Pow & L$ A___No par 21% Jan 2 31 Feb 28
253
8! 25
26 263
8 25% 264 2614 2718; 255* 263
1*
12 Oct7 Ma
2 Feb 26
1
114 Jan 2
1
118
2,100 Vadsco Sales
1
No par
14 118
*118 114 *118 1141
1
1
8
1212 Dec697 Ap
100 1712 Jan 7 28 Feb 16
20
Preferred
*16
I *16
20
20
20 I *16
20 1 *16
20 *16
*16
4438 Nov 14314 AD
25
427: Apr 16 76% Mar
No pa
4912 5218 4338 50% 427 4478 438 4514 416,500 Vanadium Corp
50% 55
7
553 57
8
1% Dec8 AP
814 Feb 20
134 Apr 9
4 2
800 Virginia-Caro Chem___No par
*13
2
218, 2
*2
*2
214
134 2
134 2
/
1
4
9 Dec34 Ap
100 1018 Apr 15 17 Feb 19
300 6% preferred
4
4 113 113
4
4 108 1018, •101s 123
10
/ 10% *1012 1234 *1012 123
1
4
12
100 65 Apr 10 7184 Jan 7 67 Dec8238 AD
7% Preferred
700
68 *6512 67 *65 67 1 65 651 ' 65 6565 65
*66
107 Apr 14 100 Dec 1071s Oo
9814 Jan
150 Virginia El& pow pf(0)No pa
4__
1 107 107 I 1064 107 *1063
- 10612 10658 107 107
*106
Ms Dec 166 Ma
533
4
100 411k Jan 2 71% Feb 24
/
1
4 604 6112 5714 5738 5478 5718 5112 -- - 1,120 Vulcan Detinning
60 If% 8014 613
21% Dec31% Ap
2312 4,200 Waldorf System
No par 22 Apr 1 27% Feb 17
*2212 23
2253 2314 234 234 23 2312 2314 2418 23
02
10% Dec42 AD
8% Apr 15 15 Feb 18
84 5,500 Walworth Co
97 1012
No par
812
812 9
3
85* 9 4
1014
101 105* 10
/
4
121* Dec 54 Ma
19
19
200 Ward Bakeries class A-No par 13% Jan 6 2712Mar 12
19
21 I .17
22 1 *19
20 I *19
20
20
*19
s
3 Dec 153 Ap
838 Jan 30
3% Jan 2
512 514 3.000
Class B
No pa
8 512
; 53
512 51
*512 6 I
4 6 I
512 512 *53
45 Dec 771s Ap
5233
52% *40
100
104 4438 Apr 15 5712 Jan 80
Preferred
*444 50 *4412 47% .4438 4712 445* 443* *44
9 4 Dec 804 Ma
3
s
96,600 Warner Bros Ploturni_No p817 1018 Apr 7 203 Feb 17
1138 1018 11
8. 11
lit 13
:
11% 125
3 1158 1278 1114 117
31 Dec 7014 Ms
No par 234 Apr 17 4012 Jan 9
2314 2314 1,000
,
Preferred
8
25 I 247 25%1 2438 24381 *-___ 20
*25 40 I 25
414 Dec 27 AD
738 Feb 4
438 Jan 16
414
414
800 Warner Quinlan
No par
438 412, *414 412
*412 5
*412 5
*412 6
26% Dec 631 AP
:
8 Feb 27
No par 2714 Jan 2 463
33
3518 7,500 Warren Bros new
36
3612 3714! 35
373 3814 3814 39
4
4
373 38
40% Nov 56 Sep
280
No par 4114 Jan 26 497e Feb 27
Cony pref
4514 4578' 4514 4514 4314 4312
*431 457 *4312 4578 4312 457
22% Dec 431k Ma
Jan 3 32 Feb 20
300 Warren Fdy & Pipe.
--No par 24
;
*2918 32 I *2918 32 I *2918 32 1 2918 291 *2712 2812 *2712 29
912 Ma
212 Dec
6 Feb 24
314 Jan 2
No par
418! *4
300 Webster Eisenlohr
412
432, 4
*41
*418 412 *4% 412 *418 5
195 Dec 2978 Ma
8
500 Weeson 011 & Snowdrift No par 2114 Feb 7 2814 Mar 20
2418 2312 23% 2338 2312
25 *24
8
2334 234 *233 24 1 *24
501: Jan 5912 A6
541k Jan 14 5718 Feb 11
800
57
Preferred
No par
56 I 56 .56 I *56
56
*5512 57 I *5534 56
551: 56
10,000 Western mugs Teiegraph_100 1247 Apr 17 15034 Feb 24 122% Dec 21938 Fe
s
129 13112 129 13012 1277 12912 126% 12812 12478 127
130 130
3114 Dec 52 Fe
3118 6,200 Weatingh'se Air Brake_No par 30 Apr 17 361: Feb 21
4 3112 3112 30
8 3114 3114 3118 313
32% 3238 3114 317
,
1
8818 Dec
8
4 758 7712; 751 777 151.500 Westinghouse El & Mfg___50 7512 Apr 17 10734 Feb 26 10751 Nov 201 All
8 7614 773
8 78 813
79 8114 7818 813
1974 All
let preferred
50 100 Apr 13 11912 Feb 27
600
4
4
4
1023 101 103 I 101 102781 1023 1023
10018 103% 100 10014 101
17% Dec 487 Ma
Jan 15 28 Feb 21
2212 2112 2134 1.800 Weston Eleo Inetrum't_No par 201s
2258 23 • 2212 2212 2212 2212 22
4
*223 24
33 June 36 Ja
3614
36141 *35
Class A
No par 83 Jan 5 3614 Jan 5
3614 *35
3614 *35
3614 *35
361 *35
*35
West Penn Elea clam A.No par 99 Jan 14 105 Apr 9 95 Dec 110 At
*10312 105 *10312 10612 *105 10612 *105 10612 *10312 10612 *10312 1054
112 Mar 27 102 Nov 11211 Bel
100 103 Jan 30
380
110
4
4
Preferred
8
3
4
110 8 11058 1103 11114 1107 1107 11034 1103 11013 11114 *9858 1103
,
9014 Dec 104 Jul
60
101
100 95 Jan 9 103 Mar 19
Preferred (6)
101 101 *100 101 , 100 100 I 9838 101
*100 101
70 West Penn Power pref
100 114 Jan 5 120 Feb 17 1131s Jan 118123u2
1163 116 1163
4
117 117 *11612 1164 *11612 1163 11612 11612.116 112 4 *11134 112 4
,
50 6% preferred
100 1031 Jan 2 112% Apr I 103% Dec 1111* Set
4 '1113
4
4
4
__
*111341113 1113 *1113 112 . 11134 1113 4
4
30 Oct 50 Mr
600 West Dairy Prod el A_No par 2412 Jan 27 4411 Feb 20
3812 39
3712 3712 *3812 41 I *3812 39
*3512 10 *3432 40
41 Nov 241s At
8Mar 25
434 Jan 2 127
4 3,600
1114 1014 103
1134 11
Class B
No par
4 11
4
1014 1012 103 113
10
10
18 Dec MN Fe
31
3114 30
1,400 Westvaco Chlorine ProdNo par 19% Jan .. 40 Mar 16
8
33 3314 317 3234 30
34
4
333 333
4 vs 34
7 Dec 21 Ja
s
2% Jan 8
I Jan 14
118
118
600 Wextark Radio Stores-No par
vs vs *118 114 *118 114
vs
vs
'l's
218, Dec 43 Al
19 Apr 17 2614 Jan 12
19
1,400 White Motor
/ 1914 1912 19
1
No pa
4
3
194 19 4 193 *1912 2014 *1912 204 43 43
32 Dec 6438 Ms
473481ar 20
19 4
3
*431 46
*43
45'4
20 White Rook Min Spring MAO 89 Jan 7
0
2 Dec 1878 Mr
/
1
4
*43 4514 43% 4338 *432 46
5 Apr 6
21 Jan 8
/
4
4t8 Vs *358 41 1.000White Sewing Maohine No par
418 4Is
4
4
g
6 Dec 397 Al
*418 438 *418 48
4
6 Jan 5 103 Apr 13
500
10
*8
8
8
No par
10
Preferred
*9
10
104 *9
10
61s Dec 21 AI
112
*10
938 Mar 26
6I4Mar 9
73
73
2.400 Wiloox Oil & Gas
No par
712 8:8
812 84
812
858 9 I. 812
858 878
83 Oct11 Al
4
8 Mar 19
4% Jan 15
6
19,400 Willys-Overland (The)
514 58
53
4 58
5
58 6
6
65*
638
6
614 614
200
100 4414 Jan 80 5414 Mar 20 4512 Nov 85 Al
*493 52
4
52
Preferred
49% 5014 *50
52
8
17s Dee
*5012 62 *495 52 I *51
7 IA/
/
1
4
4 Feb 10
2 Apr 13
1,900 Wilson & Co Inc
No par
212 212 "218 2% *21s 21: *218 23
214
2
45* Nov 13 MI
*214 258
4
514 5% *5% 6
5 Ap 13 103 Feb 17
1.800
Class A
No par
512 51
512 513
*534 gig
5
5 12
500
*3238 33
100 3214 Apr 16 5134 Jan 12 85 Dec 54% MI
3214 33
Preferred
33
3'2 33
3314 3318 *33
51% Dec72% Ja
*3312 35
30,100 Woolworth (F W)Co
10 542 Jan 2 6534Mar 25
s 59% 61
6153 628 60% 61% 6018 613
47 Dec 169 Al
6114 6134 6138 623
s
6712 75 113,200 Worthing P & M
100 59% Jan 2 1067 Feb 24
8 7312 777sf 7114 74
8 7514 8012 7714 827
753 767
8
100 82 Apr 8 95 Mar 7 88 Jan 107 Al
96
*81
Preferred A
92
92 I *81
92 *81
*81
92
92 *81
*81
Jan 8 8358Mar 9 63 Dec 98 MI
70
7
100 70
Preferred B
74 *67
73 *65
79 *65
79 *65
79 *65
*65
10 De
12
59% Ml
22
Wright Aeronautioal___No par 111: Feb 4 27 Feb 25
*18
22
*
22I 18
22 *18
*18
22
22 *18
.18
668 Jan 2 80% Mar 4 65 Dec 80 Ju
7512 7614 7412 75 12,500 Wrigley(Wm)Jr (Del)_No pa
78% 76% 77
76
78
77
7638 77
25 Dec 77 MI
900 Yale dr Towne
25 24 Apr 17 80 Jan 23
247
s
8 2414 244 24
2478 24% 247
8
24% 247 *24
*24 25
1312 Nov 325* Al
032 Jan 2 151* Mar 20
101 1188 35,300 Yellow Truck & Coach Cl B_ I
117
125* 1218 124 1112 12% 1118
1214 12
12
50 Dec 105 Al
751
100 75 Jan 5 76 Mar 19
Preferred
7512 '5812 751 *58
85 *60
75 *55 85 1 *60
*55
19 Oct 47 M.
4
2,100 Young SprIng & Wire-No par 203 Apr 7 29 Feb 24
21
21
2118 2112 2034 21
*2112 221: *2112 22 I 2118 2112
:
Youngstown Sheet & T_Ns par 69 Mar 28 78 Feb 28 691 Dec 152 Al
68 *60 68
67% *60
68 I *60
*60 68 *60 67% *60
3 Dee 158
4Jui
5 Feb27
/
1
4
2% Jan 2
4
3% 3% 1.000 Zenith Radio Corp____No var
*314 35
4
312 33
37
31
8 4 I
3 s 358 *35
3
I
•Bid and naked WOW; no sales on this day. z El-dividend. 11 Ex-eightg.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
2927
ma. 1 1909 the leschanye method of gusting bongs was skanged and prices are sow -and taterest"-except for Income and
defaulted bonds
BONDS
N. Y. STOCK EXCHANGE.
Week Ended April 17.
Price
Friday
Apr. 17.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
U. S. Government.
Bid
Ask Low
High No Low
High
First Liberty Loan
.1 13 101"ft Sale 101,23210126n 87 101128.1022.1
544% of 1932-47
Cony 4% of 1932-47
J D
10014
.2Nov'30 _
_
_
Cony 434% of 1932-47
.1 D 1658; iiife" 1023.10224u 61 1022,-; 10314.;
22
241 cony 414(3 of 1932-47
,
J D
102
Jan'31
102 102
Fourth Liberty*
Loan414% of 1933-38
AO 104
Sale 103204, 104
655 102240044a
Conversion 36 coupon
Jr J
100 Sept'30
Treasury 414a
1947-1952 A 0
Sale 11122.111122.2 178 1091;1132a
Treasury 4a
1944-1954.1 D I0722
.410724 107134510712n 55 10532
.2
.1092a
Treasury Ws
1946-1956 M S 105142 Sale 10521
.210522u 99 11141e 1071.1
Treasury 3348
1943-1947.1 D 10124 Sale 1012%210134u 34 10012
.1
(.11032a
Treasury 3148 June 15 1940.1943.1 D 10130 Sale 10114
.1
.510122u 198 10012.4102
0a
Treasury 3148
1941-1943 M 8 101114, 10122 101148.10122.2 91 101
.1
Panama Canal 3s
1961 Q M
9814 Sept'30
State and City Securities.
.
N Y C 334% Corp et-Nov 1954 MN
92 Nov'30
45 registered
1955 M N
9912 Jan'31
-99j - 912
2 1/-46 registered
195() M N
94 Feb'30
4% corporate stock
1957 M N 100 102
975 June'30
414 corporate stock
1957 M N
10612 Feb'31 ____ • 10612 107%
414% corporate stock. _...1957 MN
1074 Jan'31
10718 107%
4% corporate stock
1958 MN 9518 101 10012 Apr'31 ____ 10012 10012
4% corporate stock
1959 M N
10012 Apr'31 ____ 100 10012
434% corporate stock -._ _1931 A 0
1041 July'30
434% corporate stock---1960 M S ioois
1004 Mar'31 ____ 10014 ifia:
41i8
1964 M S
1023 Nov'30
4
434% corporate stock - __ _1972 A 0
991. Oct'29
---- -434% corporate stock 1971 J D
10814 Nov'30
_
4%% corporate stock -- _ _1963 M 8
10614 Dec'30
414% corporate stock
1965 J I)
10512 Dec'30
414% corporate stock July 1967 J .1
10718 Nov'30 _
New York State canal Imp 4s 1961 .1 J
101 June'30_
4H,
1963 M S
102
Jan'31 ____ 112- I 12
--414e
19643 .1
109 July'30
Foreign Govt. & Municipals.
Agri(' Mtge Bank a 1 6a
1947 F A 65 Sale 60
65
20
51
75
Slaking fund 68 A _Apr 15 1948 A 0 64% Sale 60
68
36
50
7312
Akershus (Dept) ext 55
1963 M N 9612 Sale 9612
967
8 25
9412 97
Antioquis (Dept) col 76 A 1945 J .1 56 Sale 56
59
14
56
69
External a t 7s ear B
1945 J J 55
57 55
58
15
514 16912
External a 1 7e ser C
1945.1 J 65
58
5512 58
1
5378 98
External a t 76 ser D
1045J J 5312 Sale 5312
58
25
52
68
External 8 t 76 1st ser-.1957 A 0 5214 55 57 Apr'31
_
44
6658
External see e 1 76 241 ser-1957 A 0 523 Sale 5238
8
54
4
44
117
External sec s t 76 341 ser_1957 A 0 5214 Sale 5214
5214
1
43
65
Antwerp (City) external 5s_19.1£0 D 9934 100
993
4 101
21
9
1114 101
Argentine Govt Pub Wks65.1960,A 0 91
91% 88
957 100
118
9838
Argentine Nation (Govt ot)- I
/era fund Os of June 1925.1959J I) 91% Sale 90
953
941,
4 98
90
Ext1 a t (Is of Oct 1925....19591A 0 92% Sale 90%
9614 135
8934 9812
Sink fund 69 series A.__ 1957151 S 925 Sale 90
8
9518 103
8918 9812
External 13s aeries B.-Dee 1958 J D 915 Sale 90 8
8
,
9518 165
8312 9814
En)a f 68 of May 1920_..1980 M N 9114 Sale 90 8
,
9518 16
893 98%
4
External a t 6s (State Ity)_1960 M S 913 Sale 91
4
957
8 56
897 98%
8
Extl de Sanitary Works--1961 F A 91% Sale 903
4
9512 116
8912 9812
Ext.! Os pub wks(May'27)-1961 MN
92 Sale 905
9512 55
8
8912 983
8
Public Works wit' 5148_1962 F A 8614 Sale 84%
893
4 81
83
92
Argentine Treasury 58 E.-- _1945 M S 84% 8615 8614
83
88
87% 20
Ausvalla 30-yr 5a_ _July 15 1955.1 1 67 Sale 6614
68
56
184
76
External 58 of 1927 _Sept 1957 M 8 67 Sale 6614
70
55
141
75
External g 4345 of 1928-1956 MN 60% Sale 60
64
52% 6934
116
Austrian (Govt) a f 78
1943.1 D 10612 Sale 1064 107
3
29 I03 4c108
International a 1 78
1997.1 .1 95% Sale 95%
9612 135
90
974
Bavaria (Free State) 6348___1945 FA 87% Sale 87
87%
78
6
8712
Belgium 25-yr extl6H a
1949 M S 110% Sale 11014
1107
8 57 10734 1107
8
Externals 111a
1955 .1.1 1035 Sale 1035
8
8 1041x 58 101% 104%
External 30
-year e 1 7o_. 1955 J D 11414 Sale 114
1143
8 56 11012 11412
Stabilization loan 76
1956 MN 11018 Sale 110% 11012 20 1073 111
4
Bergen Norway)AO
Exti sink fund 5s_ _Oct 15 1949 AO 98%
_ _ 9714 Apr'31
_
95
9814
External sink fund 55.--1960 MS 9812
9812
983
4
6
94
4 983
4
Berlin (Germany) 6I 61413-1950 AO 8712 Sale 87
87 4 82
3
7018 91
External eink fund 68....„1958 J D 8014 Sale 79
81% 91
60 584
Bogota (City) mit' 81 88____ 1946 AO 8014 Sale 8014
85
17
76
92
Bolivia (Republic of) esti 88_1947 MN 31 Sale 31
37
31
543
4
23
External securities 78 UW20'58
J 2412 Sale 2412
27
2412 36%
17
External aI 7s (11at) ____I969 MS .24 Sale 24
26
25
2
214 34
Bordeaux (City of) 15-yr 68_1934 MN 104% 10514 105
10514 56 103 1057
8
%
Brazil (1.1 S of) external Pa_ _1941 • D 65% Sale 65
74
65
125
92
External a t 6348 of 1936-1957 A0 51 Sale 51
57 4 390
3
504 7018
Exti 8 t6 He of 1927
AO 5012 Sale 5012
1957
53
4914 70
358
78 (Central Railway)
D 51% Sale 51%
1952
60
86
50
7612
714e (coffee secur) (flat) 1952 AO 100 10012 100
101
993 105
12
4
Bremen (State of) extl 78_ _1935 MS 99
9912 14
9912 99%
90
997
8
Brisbane (City) a t 56
58 Sale 58
6012 11
1957 M
53
7212
Sinking fund gold 5.1
53
1958 P A 57
60 4 60
3
6012 20
69
20
-year 6 t 68
76
1950 JO 75% Sale 7512
67
20
83
Budapest (City) extl a 1 64..1962
D 7614 Sale 7614
64
783
78
4 69
Buenos Aires(City)61482 B 1955
.1 90% 92
9115
9414 10
89
95
External 8188 ger C-2...1960 A0 9112 Sale 9112
9212
2
845 £012
8
External a 16s aer C-3_ -1960 AO 93 Sale 8712
9314
5
80% 9314
Buenos Aires (Prov) eat) 68_1961 MS 70 Sale 68%
7912 67
62
8312
Exti of O34o
1981 FA 6914 Sale 6912
794 34
62
11518
aulgaria (Kingdom) a t 76 1967• J 6912 71
7112
72
6512 77
8
Stablen a f 7146 Nov 15 '68
8014 Sale 804
81% 21
69
85
Calder) Dept of(ColoMbia)710'46 J .1
(Canada(Domin ot) 30-yr 4s_1960 A 0
5a
1952 M N
414e
1936 F A
Carlsbad (City) of 83
J
19154
1
Cauca Vol (Dept) Colom 714e '46 A 0
Central Agri° Bank (Germany)
Farm Loan of 76_Sept 15 1950 M S
Farm Loan of 6a_July 15 1960.1 J
Farm Loan o t 6a_Oct 15 1960 A 0
Farm Loan 6s eer A Apr 15 1938 A 0
Chile (Rep)-ext 8!76
1942 MN
External sinking fund 68_1960 A 0
External t fle
1961 F A
Ry ref extl • Os
1961.1 .1
Exti sinking fund 68
1961 M S
Mal sinking fund Os
1962 NI S
Exti sinking fund Ela
1963 M N
Chile Mtge 13k 636a June 30 1957 .1 D
f 6148 of 1926-June 30 1961 J D
Guar a t 6a
Apr 30 1961 A 0
Ouaret6s
1962 M N
Chllean Cons Munic 76
1960 NI S
Chinese (Hukuatig Ry) 5s _1051 J D
Christiania (Oslo) 30-yr e I 66 '54 M S
Cologne(C1tyGermauy 6348 1950 M
Colombia (Republic) 88
1981 J
External a t 61 of 1928_ -1961 A 0
Colombia Mtg Bank 6 Ha of 1947 A 0
Sinking fund 75 of 1926_1946 MN
Sinking fund 7e of 1927_1947 F A
Copenhagen (City) Si
D
1952
1953 M N
25-yr g 4348
Cordoba (City) eatl a t 7s...1957 F A
External 6 f 78_ _ -Nov 15 1937 M N
Cordoba (Prov) Argentina 74 '42.1 .1
Costa Rica (Repub) extl 76-1951 MN
Cuba (Republic) 58 of 1904.1944 M S
External &sof 1914 eer A.1949 F A
External loan 4 He Per0 _1949 F A
4 Cash sale. a On the Mune
67
943
4
10615
10214
106
70
Sale 67
Sale 9412
Sale 10612
10212 10212
Sale 106
Sale 70
88
943
4
1073
8
10258
106
7112
10
80
50
16
2
15
VI% 76
9414 94%
103% 10814
10012 103
103 10912
60
77%
924 Sale 91%
95
241
78% 95
81% Sale 81
68
84
82 Sale 8114
6818 833
24
312
4
8934 74
88 Sale 87
7
8% 893
4
92% Sale 9212
9412 23
88% 100
77 Bale 77
72
86
773 Sale 7638
4
73
86
7714 Sale 76
81
52
7112 66
76 Sale 77
80
51
72
Si
76
80
7812 78
11
747g gd
77 Sale 77
79
71% 86
26
813 Sale 80%
4
44
7414 88
81 Sale 81
78
90
72% Sale
79
78
69
85
7312 Sale 7212
78% 24
72
56
79 Sale 7
9
72
797
86%
8 20
243 27
4
26
26
1
26
28
102
__ _- 102
102
100 103
87
887 87
8
8712 19
724 8914
6712 Sale 66
7118 45
5612 73
67 Sale 67
71
87
50
78
60
6512 613
4
6338 10
5214 73
6612 Sale 6612
69
67
55
83
6618 75
6318
70
8
50
7614
99% Sale 993
4 101
28
9612 101
95% Sale 9513
953
4 12
9314 96%
6712 Sale 6712
70
7
574 75
83 80
78
64
92
82 Sale 84
73% 8814
19
70 Sale 70
76
25
70
7914
95% 98 9418
954 20
93
gg
92
97 97 Apr'31
96 100
84
883 85 Apr'31
4
80 87 4
8
toe avenue s 0011043 soie«
Bg
13178, ,13
7258 gv:
B,
BONDS
N.Y STOCK EXCHANGE
Week Ended April 17.
Price
I
West's
Friday
Stange or
Apr. 17.
Last Bate
Range
Since
Jan. 1.
Bid
Ask Low
Hien No
Cuba (Republic)(Concluded-Sinking fund 5148 Jan 15 1953
J 9714 Sale 97
9714 30
Public wks 5148 June 30 19153 0 72 Sale 717
7312 31
8
Cundlnamarea (Dept) Colombia_
External t 6 He
1959 M N 5914 Sale 5914
6518 29
Czechoslovakia (Rep of) 88_1951 A 0 1095e 110 110
11012
3
Sinking fund 88 ser B
1952 A C 1095 11018 1095
8 1095
e
8
6
Denmark 20
-year extl 68__ -1942 .1 .1 106 Sale 10518
106
23
1955 F A 1017 Sale 101
External g 5345
8
10112 28
External g 4148 _Apr 15 1962 A 0 963 Sale 9638
8
96% 179
Doutche Ilk Am part ctt 68_1932 51 S 100 Sale 993
10018 38
Dominican Rep Oust Ad 514s '42 M 41 943 Sale 93
4
9434
6
lat ser 510 of 1926_ ._194i) A 0 90 Sale 88
88
9
2d series sinking fund 5148 1940 A 0 94 Sale 895
8
94
16
Dresden (City) external 78_1945 M N 92
95
95
95
1
Dutch East Indies mid 60- _1947 3J 10112 Sale 10112 102
50
40-yr external 68
1962 M S 10112 Sale 10111 1017
13
1953 01 S 10114 10113
30-yr external 5340
4
10114
1
30-yr external 548
10114 10238 1013
4
10238 11
El Salvador (Republic) 88.21048 .1
95 "
3
107 Sale 106
8
107
Eetonla (Republic of) 7s. _ _1967 J
65 Sale 65
65
5
Finland (Republic) esti 68 1945 NI S 9312 95
9312
9512 51
External sinking fund 78_1050 14 8 98 Sale 98
99
52
External sinking fund 614s 19511 M S 92 Sale 91
93
25
External sinktng fund 5148195 F
80
85
8
84
85
6
0
195 1
5
Fint rm tss series u A _ .1 9 4 A 0
E ah aliuu . u d Hs
e
Loa
91% 91
91
1
9212 924 93 Mar'31
_
Frankfort (City of) s 16 4e 19.53M N 8353 Sale 832
8
8413 11
French Republic ext 7)45. 1941 1 11 12558 Sale 125
12538 155
D 118 Sale 118
1912
External 713 of 1924.
11818 36
German Government Interi5Bonet-35-yr 5 Mot 1930.1985.1 0 8034 Sale 8012
833 562
8
German Republic extl 76_1949 A 0 105 Sala 105
10514 119
9912 9914 ' 99%
Graz (Municipality) Ele. _ _1954 M N 99
9
Gt Brit & Irel(UK of) 6 148_1937 F A 1063 Bale 10514
8
10612 69
F A
Registered
104 Apr 30 ___
8
214% fund loan opt 1960-199n MN 18912 907 e8912 Apr'31
e5% War Loan £ opt 19'29_19-17 J la 19912 10018 59912 Mar'31 _ _
Greater Prague (City) 7348.1952 M N 10314 104 103
104 I
6
Greek Governments I ser 76 1964 M N 101 Sale 101
1021
8 20
Sinking fund sec 60..... 1968 F A 848 Sale 843
4
87 I 42
1952 A 0 9612 Sale 96
Haiti (Republic) a(68
9612 21
1946 A 0 9012 Sale 90
Hamburg (State) 68
91
4
Heidelberg(Germany)extl 730'5
0
9512 Mar'31
3 951a 97
Heisingtore(City) ext6 Ha HMO A 0 90 Sale 89
90
16
Hungarian Munic Loan 7348 1945 J I 92 Sale 92
9238 16
g
External e t 76
_ _Sept 11940.1J 85% Sale 857
8612 21
Hungarian Land M That 7 H8'61 01 N
95 Sale 91
95
18
clinking fund 7348 ser B_ _196 I 01 N
93
94
927
933
4 11
11 unga Ty (Kingd of)8 t 7148_1941 F A 10012 Sale 10012 102
15
Irish Free State extl 51 55...19011 81 N 104
____ 10314
104
31
Italy (Kingdom of) esti 73_1951 .1 D 100 Sale 100
10012 233
Italian Crud Conaortium 76 A '37 PA S 973 Sale 973
4
4
993
31
External sees 175 ser B _1947 M
955 Sale 9514
8
97
11
Italian Public Utility teal 7s.1952 .1 J
9415 9512 943
4
964 23
JapatieseGovt30-year s t 8158 1954 F A 10514 Sale 105% 1053
4 66
Exti sinking fund 5 Hs
1965 MN 957 Sale 9558
8
9614 174
Jugoslavia (State Mtge Bank)
1957 A 0 83 Sale 814
Secured If 578
83
47
.1947 F A 91 Sale 91
92
Leipzig (Germany)of
15
Lower Austria (Prov) 714e-1950 J 0 95
993
993 9924
4
4
1
Lyons(City of) 15-year 60-1934 MN 104% Sale 104% 1054 38
Marseilles(City of) 15-yr 611_1934 M N 10478 Sale
Medellin(Colombia)6 Hs_ -1954 J 0 52 Sale
Mexican Irrigat Asstng 4148.1943
77
8 81e
Mexico (US) extl 6,3 of 1899 S.
19
_
45
Assenting 58 of 1899
1114 12
Assenting 55large
10
40
Assenting 46 of 1904
12
30
Assenting 4s of 1910
7% 8
Assenting (Its of 1910 large
__ _ _
Assenting 4a ot 1910 small- _...
_Treas 6s_o_123 ament(large)'33.1 .1
smau
Milan (City. Italy) extl 6148 19 AO
52
Minas Geraes(State) Brazil
.195801 2
Externals 16348-.-1959 M S
Exti sec 614s series A
D
Montevideo (City of) 78-.1952
External 816,series A.__ _1959 M N
Netherlands 6s (flat prices). _1972 M S
New So Wrst(Ste)ext1551957 F A
Externa lesta
u
Apr 1958 A 0
1943 F A
Norway 20
-year extl fie
1944 F A
20
-year external 68
1952 A 0
40_ yes sext
30-year
r
66
19653 1.)
5345
External s I ta___Mar 15 1963 M 13
D
Municipal Bank extl is ft 1967
8 ckc gc yi Bank eat'8158_1970
IAu niin itl pal
D
_
Nuremburg (City) extl 661952 F A
Oslo
s
YAr e as__ 1955 MN
1946 F A
fund
Panama (Rep) ext1 510._ 19533 D
Esti e 56 ser A May 15 1963 M N
Pernambuco (State of) extl 75'47 M S
1959 M S
Peru (Rep of) external 78
Nat Loan mai a t 66 let iser 1960.1 D
Nat Loan esti a 1682d ser_ 1961 A 0
Poland (Rep of) gold 136......1940 A 0
Stabilization loan a f 7e-1947 A 0
External sink fund g 86_1950 .1 .1
Porto Alegre(City of) 88---1961 J D
Ext1 guar sink fund 714s-1966 J .1
Prussia (Free State) MI 6345 '51 M S
1952 A 0
External of130
Queensland (State) exti 6f 78 1941 A 0
25
-year external 65
1947 F A
Rio Grande do Sul exti f 88_1946 A 0
External sinking fund 68_1968 .1 la
External a t Te ot 1926. _ ._1966 M N
External st7s mimic loan_1967 J D
Rio de Janeiro 25
-year e t 88_1946 A 0
E'xternal e 6 He
1953 F A
Rome(City) extl 634°
1952 A 0
Rotterdam (City) extl fle-1964 M N
Roumania(Monopolies) 76-1959 F A
1953.5
Saarbruecken (City) 6s
Sao Paulo(City)s t 88_ _Mar 1952 IN N
External f 6 Hs ot 1927 _ _1957 MN
San Paulo (State) ext16 t 88.1936.5 J
External sec sISs
19503 .1
External s t 76 Water L'n_I956 M S
.1
1968
External f fla
1940 A 0
Secured e f 78
Santa Fe (Prov Arg Rep) 76_1942 IA S
Saxon State Mtge Mat 7e
1945 J D
Sinking fund go Hs_ _Doc 19461 D
J
Seine. Dept of (France)ext17e 42J'
Serbs, Croats & Slovenes 88_1962 M N
External sec 76 ser B _ _1962 01 N
1955 F A
Sydney (City) f 534s.
Silesia (Prov of) °et) Te
1953 J D
Silesian Landowners Assn 68_1947 F A
Soissons(City of) extl(36._ 1936 M N
Styria (Prov) external 76_1946 F A
104%
51%
8
26
11
11
74
10
10
914
1014
1112
883 Sale 883
4
4
10512
55
Mar'31
Apr'30
Mar'31
Feb'31
Apr'31
Apr'31
Mar'31
914
Apr'31
Feb 31
89%
18
11
19
Low
High
94
99
717 81
8
46% 6918
10912 111
10938 110
'.
104% 107 4
1
10012 102
93% 97 4
1
90 1004
88 96
85
90%
94
84
7812 98
10118 10212
101 102%
100% 102
100 4 10212
3
99 107
52
72
84
97
934 99
88
96
78
88%
94
11
17
89% 934
419
87
124 127
117 121%
6914 84
99% 10612
964 10112
105 107
92%
2
egg% 1007
103 106
9812 102%
83
8812
93% 97
92
79
9212 9812
8014 9114
8114 944
72
87%
82% 95
82 9412
9912 102
10112 106
9274 10012
9312 9918
85
98
78
98 4
3
1021 1004
4
4
913 9654
7614 831s
771 95
4
9850 100
1033 106
4
10378 107
13
40
75
71
4 84
1
10
11
64
3
8
14
8
84
8
10
8
75 4
3
1214
111
1
98
1
118
4
1914
94
1
1314
134
91
40% Sale 4018
4018 65
53
26
43 Sale 43
40
50
65
11
8612 Sale 8612
92
74
90
16
75
7934 80
74
80
8412
1
104 105 1033
4 10418
8 10318 106%
57% Sale 5612
55
61
894
98
5914 Sale 5812
53 1 684
1
6012 67
105 106 10444
10578 11 10412 1061
4
10514 Sale 10514
8
105 4 13 1043810638
10212 Sale 10218
10294 46 10114 10254
10212 103 1021a
10212 13 10154 10338
101 Sale 10012 10134 30 1001a 10112
997 10038 99%
4
9978 1011
100
10
10214 Sale 10214
1025
8
7 10018 10314
781z 80 4 80
88 83
8014 14
3
103 Sale 10278
103
14 10012 10412
99% 102
1003 101 10214 Apr'31 _
8
10238 103 10314
10314
4 trent 10314
88 Sale 85
933
4
85
88
10
4114 Sale 4114
40
67
45
22
5214 Sale 5214
41
53
60
14
14
2818 Sale 28
17
304 94
4014
2814 Sale 2814
27
40
3138 54
70 Sale 70
63% 724
70 4 19
3
8114 Sale 8015
7514 83
813 204
4
8312 Sale 8312
82
86% 23
90
51 Sale 51
ts2
51
64
3
40% 50
71
50
10
50
1
8538 Sale 82
7212 8712
87% 50
8812 83
8034 Sale 79
827 120
8
9414 Sale 93
86% 99
9014 30
77
87 8
5
74
801
: 7
783 79
4
65 Sale 56
70 4 15
3
8812
65
3512 5514
35% Sale 3515
4018 32
40
40 Sale 40
65
53
33
66% 10
43
64
43 Sale 43
6112 87%
614 Sale 6112
75
28
40 68
43 Sale 43
5212 61
78
9114
4
8912 Sale 893
904 126
10514
6 103 106
105 10514 105
73% 83
7814 80
7818
79
33
8318 89
86
8812 86 Mar'31
63 93
82 Sale 84%
84%
9
4612 64%
52
28
48
5114 48
857
93
8 13
79
79 Sale 79
5512 8414
55% Sale 5512
66
24
65% 76%
60 5614
50
59% 30
43% 22
.76
38 Bale 38
5878
72
7312 Sale 73%
793 127
88
4
80 Sale 80
88
15
78
90
9212 9112
90
9212
9
7812 98
8718 Sale 85
8714
5
744 19334
10714 Sale 0714 10714 64 10612 108
9212 Sale 92
92 12 28
9012 93
81% Sale 8115
8212 42
77
8412
58 Sale 56
60
22
56
70
63 Sale 63
6612 50
5812 69
79 Sale 78%
80
27
60
80
10612 107 0612 110814 11 103 10814
943 Sale 9134
4
9434,
8
90
9512
New York Bond Record-Continued-Page 2
2928
DORDa
N. Y. KTOICII EarCHANGE
Welk /Wed APMI 17.
I
Week's
Price
Friday
Rlinge or
Last Sale.
Apr. 17.
Ranee
Since
Jan. 1.
CanadaSouconegu56A.1982A 0
Canadian Nat 434e_Sept 15 1954 M S
1957 J
-year gold 4335
80
1968 j
Gold 494e
Guaranteed g 5e.JU11 1969 j
Guaranteed g 5e __Oct
Guaranteed g 58
Guar gold 4 He..._June 15 1955 .1 D
Canadian North deb a 1 7e-1940 j D
1948 j
25
-year e f deb 6Sis
Registered
10-yr gold 4%s_ _ _Feb 15 1935 F A
Canadian Pao Ry 4% deb stock .1 j
1946 M S
Col tr 414e
19441 1
lle equip tr etfe
Deo 1 19541 D
Coll tr g 55
19601 J
Collateral trust 4345
Carbondale & Shaw let g 4s_1932 M S
J
.194
Caro Cent 1st cons g 45
Caro Clinch &0 1st 30-yr15.3.1938 J D
ser A Dec 15'62 j D
let & con g
1981J D
Cart & Ad lst gu g 4s
Cent Branch U P 1st g 4e._ -1948 J D
Central of Ga let g feNov 1945 F A
1945 M N
Consol gold 55
Registered
MN
11_1959 A 0
Ref & gen 5ine
1959 A 0
Ref & gen 5s series C
Chatt Div pur money g 413.1951 J D
Mae & Nor Div 1st g Ss.194f1j j
Div pur m 53'47 J J
Mid Gs &
19461 j
Mobile Div brt g 6
8
Cent New Eng let gu 4s_ _ _ _1961 I J
Bkg of Ga coil 58 1937 MN
Cent RR &
Central N J gen gold 48.-1987 j
1987 Q
Registered
19871
General 4e
Cent Pao let ref gu g 4e--1949 F A
FA
Registered
Through Short List gu 451964 A 0
1960 F A
Guaranteed e 58
.
Charleston & Eiav b 1st 7e_.1936 1 j
Ches & Ohio 1st con g fig.__ _1939 m
1939 M N
Registered
1992 in s
General gold 0
52 9
43Registrd
-1993 A 0
Ref & Impt 414s
Rat de impt 433s eer B _ _1995J
Craig Valley let 5.3_ _May 1940J J
Potts Creek Branch let 46_1946 j
R & A Div let eon g 4s_ _1989 J J
1989 1 J
21.1 cousin gold 48
41
Warm Sluing V let e 5s 19 m s
Cheep Corp cony 5a_May 15 '47 MN
Chic & Alban RR ref g 3e. _1949 A 0
Cif dep slid Apr 1 1931 Int_ _ - _
Rattrap first lien 3he --.
1950
Chic Burl & Q--111DIv 3S0_1949 1 .1
J J
Registered
1949 J J
Illinois Division 49
1958 M S
General 4e
lot & ref 4 He eer B ___ 1977 F A
ist & ref 5s series A ..1971 F A
IN3t
,
Cash salm. 3 OMER sake.
Price
Fridaa
Apr. 17.
Wars
Runty or
Last Said.
Range
Since
Jan. 1.
High No, Low
High
Bi4
Ask L910
High
High No Low
9918 101
Chicago & East III let 68._1934 A0 100
_ 100 Apr'31
28 10412 106
105
128
30
50
35
N 30 4 Sale 30
3
43 1045 107
8
106
C & E III Ry (iien co) con 53 71951
10712 48 10418 108
8212 22
Chic & Erie let gold Sis
N 10518 108 106
1982
7712 83
6318 6984
6814 154
Chicago Great West let 45_1959 MS 6714 Sale 6612
54
8812 96
95
10514 110
1
Chic Ind & Louisa ref 65
1947 J J 10514 1093 10514 Mar'31
4
49% 76
6314
10084 10284
Apr'31
Refunding gold as
8
1947 J J 863 101 101
9714 9914
9914 18
91
9354
3
91
Refunding 4s series C _1947 J J 6118 9312 91
2
98 101 14
12
10114
8014 90 4
3
9134
N
let dr gen 55 series A
7512 797 8012 Apr'31
8
2
1986
87
8914
22
90 100
91
90
1st & gen 60 ser B .May 1966 11
32
98 104
104
96
10
94
94
1958 J J 9318 947 94
8
8
75
887 Chic Bid & Sou 50-yr 4s
885
8 88
5 100 10118
10118
882 Chic L S & East 1st 4343_1969 ID 9812 103 10118
8
75
874 40
81
7
873
4
813
8
Ch M & SIP gen 4s A_May 1989 II 8118 ---- 81
933 100
2
993
4 22
Oct'30
_ 84
Q J ____
Registered
8353 89
8812 38
-7312 Via;
7414 'Apr'31
Gene 394e ser B__ _May 1989 J J 693 70
4
5512 70
747
8 37
9018 964
9012 103
Gen 434s series C .May 1989 11 9014 Sale 9014
95 1004
1004 136
8914 964
9012 31
Gen 4 44series E___ _May 1989• J 9018 92 894
27
96 101
98
Gen 4 %miseries F. _M ay 1989 I I 94
964 97
6112 76
6312 238
4
Chic Milw At P & Pa:fa__.1975 CA 62 Sale 613
10312 105
10212 -- 103 Mar'31
2212 35
248 337
4
A0 2314 Sale 2212
Cony ad,5s
9414 Oct'30
9214
Jan 1 2000
81
76
Cblo & No West gene 3345_1987 MN 7912 783 7912 Apr'31
8
8918 91
873 Mar'31
4
9012
7712 7912
7912 Mar'31
Q F 70
2
80
90
88
90
Registered
90
91
9
86
874
89
8
General 4s
967 9818
8
98
1987 MN 8712 89
8
967 Sale 967
8
864 91
1
88
88
78
Stpd 4s non-p Fed Inc tax '87 MN 873 90
8
8014
7712 7914 80 Mar'31
102% 10314
8
Gen 44s stpd Fed Inc tax_1987 MN 1025 10414 1023 Apr'31
8
8
975 9912
8
9912 131
9914 Sale 987
106 11012
1
Gen Is Mad Fed Inc tax 1987 MN 107 1095 11014 Apr'31
96
98
8
98
98 Sale 98
10512 July'30
MN
9312 97
9312
Registered
94
953 9312
4
100 10212
4
N 1F_&4 1023 10214 Apr'31
11
Sinking fund deb 5e
94
9714
95
1933
9412 Sale 94
1901210012
MN 10012 1024 10012 Mar'31
Registered
91
9112 9118 Septf30
1 "Ws 9514
9518
9412 963 9518
15
-Yes r secured g 6 Ms ___1936 MS 10918 Sale 10918 10918 17 10714 19912
4
95 103
15
95
1st ref g 55
3
9414 9713
95
May 2037 ID 95 Sale 95
95 Sale 95
8314 96
24
85
151 & let 494s
May 2037 ID 8418 sale 834
9414 963 9214 Oct'30
4
8112 957
4
8512 11
1st & ref 434s ser C May 2037 ID 8413 88 8412
1113
4 11412 194 11184 122
11218
7814 93
801y 217
4
3
Cony 445 series A ____1949 MN 793 Sale 73
4
933 97
4
9512
9412 9712 9512
1
95 9712
9514
9514
9514 97
90
96
92
39
1035
8 1037
8 18 102 10518 Chic R IA P Railway gen 45 1988 ii 91 Sale 90
1037
8
91
91
Jan'31
91
II 86
92
10312 10312
10212
10312 Feb'31
Registered
981 9912
;
4
983 145
3
9712 99 8
983 Mar'31
8
Refanding gold 45
1934 AO 9812 Sale 9818
994
9814 9812
984 Mar'31
AO
5 103 105
Registered
10212 10412 10412 10412
8412 964
4
857
8 63
8
90
9212 Feb'31
Secured 434. series A _1952 33 S 857 Sale 843
944
79
924
57
82
964 46
Cony g 4 he
95
1960 MN 794 Sale 7914
9714
9614 Sale 95
8
1035 Mar'30 _- 10312 1035
8
Ch St LA N 0 5s_June 15 1951 ID 10312
9212 May'30
102 Mar'30
ID
5
99 102
10018
99 100 100
Registered
ID 8418 - - 81 July'29
2
91
Gold 35311
89
923
4
88
894 8912
June 15 1951
90 8 Dec'30
3
3
42
52
49
49
92
Memphis Div 1st g 4e_ __ _1951 J o 88
49
50
101 1017
s
8
Ch St LAP 1st cons g 58 _1932 AO 102 __-- 1017 Mar'31
2
304 40
35
37
37
32
101 101
101 Feb'31
75
AO ____
75 Apr'31
65
75
72
Pegistered
7912 51115a
3
80
6 10114 1037 ChIc T HA So East 1st 5.l960ID 80
80
8
8 1037
8
83
1037 Sale 1037
8
78
68
5
8812
Inc gu 5s.
8
9714 78
98
987
3
6812 6812
967 Sale 963
8
Dec 1 1960 33 S 64
8g
4 10412 21 102 105
947 9512 Chic Un Stan let gu 4945 A_1963 j
8
947 Apr'31
8
10412 Sale 1033
s
1st 5s series B
8
3
4 11 1043 106
993 1013
4
4
1013 Sale 10118 1013 109
8
4
1963• J 1053 -- 105 4 1053
3
3
8 1033 105 4
8 105
993 Dec'30 4
Guaranteed g 58
1944 J o 10412 Sale 1043
8
47 10112 1043
8 1145 1164
lat guar 634s series C _ _1963 J
11614
4
11514 11612 116
1013 10214 10112 102
4
8712 92
9114 46
Chic & West Ind 000 48
103 103
103 Mar'31
J J 907 9114 9012
8
1952
8
32 10518 109
8 25 10212 1057
1st ref 534s miles A
8 1055
1057 Sale 10518 106
8
8
_1962 33 S 10'53 Sale 1053
1013 10312
4
1097
10312 Apr'31
8 56 1074 11012 Choc Okla & Gulf cone 59..1952 MN 10312
1097 Salo 109
8
98 100
15
Cln it Al)2d gold 4 Ife_ _ _1937 J
963
4
9512 0983
100 Apr'31
4
974
963 Sale
4
59
98
99
2
99
10212 10314 10018 10312 72 10018 10512 C I St L.& C 1st g 4ii_Aug 2 1936 Q F 983 99
4
5
83
83
864
4
Registered
823 8412 83
Aug 2 1936 Q F 9718 981g 94 Oct'30 --Nis II
"
1013
4 59 101 1043 Cln
& Nor 1st con gu 4s_1942 MN 9312 -.- 98 Feb'31
4
10118 Sale 101
1
CL3 Union Term 1st 4945_2020 11 10412 Sale 10412 1043
9212 137
9012 /111)
4 16 103 105 4
9218 Sale 91
_-2 103 1043 Clearfield & Mah let gu 58_1943 II
4
July'28 _
10412 Sale 10412 10412
100
3
8612 9212 Cleve CM Ch & St L gen 4e_1993 ID 934 Sale 9214
6 -9214 97
9212
9212 Sale 9212
9314
8
1095 110
71
71
General Es series B
116 Feb'31
6512 -- 71 Feb'31
1993 ID 101
1033 105
8
5
99
99
Ref &Inapt 6s ser C
974 99
9812 99
8
1941• J 1045 105 105 Apr'31
100
Jan'30
Red & impt User D
5 10312 105
10118
105
105
5
1963 J J 104 8
98 1013
4
88 Mar'31
Ref &!mut 4;43 ser E__1977 J J 994 Sale 9814
9914 64
8553 88
8914 _ _
100 1014
When Issued ______________
_
10112 Jan' 31
947k 95'2
99
97
Calro Div 1st gold 4e
9512 963 951 Apr'31
4
914 97 Apr'31
31939 II
93
91
99 10314
Chu W & M Div lst g 46_1991 J J 924 95 914 Mar'31
100 Sale 994 10014 105
8
907 927
3
8 34
1
St L Div let coil tr g 49_ _1990 MN 91 Sale 91
1003
91
9914 1034
10018 Sale 100
4
9514 958
gl
823 Apr'31
8
4
85
953 Feb'31
8214 85
98
Sim& Col Dlv late 4s_ _ 1940 33 S 96
9518 951g
W W Val Div 1st g 411_ _1940 J 1
9518 Apr'31 -98
98
977 983 98 Apr'31
8
4
10312 10414
10112 10314 CCC&I gen cons g Os_ _1934 II 10418 ---- 10414 Apr'31
10314 ---- 103 Mar'31
4
1018 1018
8
8378 28
1015 Mar'31
8
Clev Lee & W con 181 g 59-1933 A0 102
8212 90
83 Sale 8212
101 101
2 101 1025 Clevel & Mahon Vale 5a._ _ _1938 II 101
Jan'31
101
8
10212 ---- 10212 10238
10012 101
Feb'31
CI & Mar lstgug 4H3
1935 61 N 10012 10112 101
8
9 105 10812 Cleve & P gen gu 434s ser B_1942 A0 101 -- 98 Dec'30
1075 Sale 10712 1075
8
10012 22
8
- 87 Mar'29
98 10058
Series 13 3%a
10018 Sale 1004
1942 A0 897
10012 45
9714 100 8
Series A 4 ife
5
10014 Sale 10018
1942 II 10112 -- 10114 Nov'30
-92 3 92 0
8
5
925 Jan'31
8
10012 33
974 1003
4
Series C 3%a
10012 Sale 10018
1948 MN 8614
8 32 104 107
-- 8818 May'28
Series D 314e
1067 Sale 1064 1065
s
1950 P A 8614
15 ioi" 10414
102 8 1033
,
FA 102 8
,
1064 10658 38 1035 10712
8
Gen 4%s ser A
1063 Sale
8
1977
10214 1044
11 104 10714 Cleve Sher Line let gu 410.1981 AO 10318 1033- 1033 Apr'31
4
- 4
10612 Sale 10612 107
2 10814 111
111
23 1003 10312 Cleve Union Term 1st 5343-1972 AO 111 11114 111
103
8
102 Sale 102
4
6 10518 1073
107
1073
4
11212 29 11018 11212
4
11214 Sale 112
1973 AO 1064 1073
lstsf5sserleaB
58- 1014 10413
1041
4
8
8
1195 Sale 1194 11934 19 11512 1197 • let if guar 494s series C-1977 A0 1033 Sale 103
9618
92
8
11314 Jan'30
Coal River Ry let gu 4s_ __ _1945 ID 05' ____I 92 Apr'31
32 101 102
9 1001g 162171 Colo & South ref ac ext 4348_1935
N 10112 Sale '10112 102
4 10178
1013 Sale 1013
4
9212 975
28
931
4
4
8838 21
86 2 894
5
Gaul m 4%El ser A
88 Sale 88
1980 MN 923 Sale I 923
92
9194
8
4
8
AO 944 967 955 Apr'31
100
Col & 11 V bit ext g 49
9918 10112
997
8
993 100
4
1948
9312 9518
954 Feb'31
8 10518 52 102 10614 Col d/ Vol is;ext 4e
1955 F A 9418 96
10518 1053 1043
8
90 Dec'30
9 10112 10512 Conn & Paasum Riv let 48_1943 A 0
8 104
1033 104 1035
4
4354 WI;
1
74
9914 35
74 Sale 74
9818 100
8
Consol Ry non-cony 4s _ _1954
99 Sale 985
68
7414
8
983 Oct'30
8
Non
1955• J 715 7414 7414 Apr'31
70
70
8
AO 715 ____ 70 Feb'31
Non-cony deb 48
70 Apr'31
- .75
77
1955
70
68 8 74
5
Mar'31
1 102 10312
8
103
Non-cony debenture 45_1958• J 715 ___ 72
10318 ____ 103
4012 47
52
42
4
10812 15 1073 10912 Cuba Nor Ry let 534s
8
1942 ID 413 Sale 4134
10818 Sale 10818
53711 7012
6753 46
8612 Sale 66
1
91
91
Cuba RR 15150
91
Jan'31
9114
-year 58 g
1952
70 8018
1
7714
80 833
let ref 745 aeries A
87
83 Feb'31
4
78
1938 J o 7714 Sale 7714
59 704
674
6712
6758 70
let lien & ref 68 ser B __1936 J
10214 ____ 10218 Mar'31 ---- 1%1 10218
9913 10214
1013
8 19
100 Sale 100
9514 975s
9614 21
N 9614 Sale 96
Del & Hudson let & ref 40.1943
100 100 Feb'30
1004 10414
90 100
30-year cony 5s
9158 10
1935 A0 103 104 104 Apr'31
9112
914 95
5 10312 100
105
N 10512 106 105
8
15-year 534e
8734
873 954
8
1937
875 Sale 8753
8
98
98
_3
07 1
3
6
D Itt & Bridge 1st gu g 411_1938 P A 0 14 107 0812. Feb: 38 _4_
9 2 00 9
0
8
87
88
8514 ____ 88 Mar'31 - 95
99
Den & R G 1st cons g 4e_ _ _ _1936 II
101 Mar'31 -- 100 102
9712 10014
17
100
Consol gold 434e
1936• J 100 _ _ 100
99 10112 10212 Sept'30 --6912 83
23
72
1013 161; Den & to West gen 56_Aug 1955 P A 70 Sale 6912
*
-3
10113 ____ 1014 Apr'31
76
26
853
4
78
8714 10
85
Ref & Mat 5e eer li_Aur 1978 A0 76 Sale 76
88513
8713 8812 87
8
247 Sept'31
12
8
1
97
9512 9914 Des M & Ft D let gu 4E1_7_1935 II
9612 9818 97
197
8 8 Apr'31
11218 115
8
113 11378 1127 Apr'31
Certificate/ of deposit
94 Nov'30
7 10911 11412 Dee Plaines Val 1st gen 4348_1947 MS
112 Sale 112
ll21s
Bet & Mac let lien g 45
8713 10
8712 98
1955
8712 Sale 8712
447Gold 45
97
81
9512 9712
1995 ID 32 -- 8 38 Dec'30
97 Sale 96
2
1647
1027
8
8
8
Detroit River Tunnel 4 3413_1961 MN 1027 Sale 1027
95
96
9614 9514 Apr'31
94
10
: : 103 D
95 8 963 Dul 311ssabe & Nor gen 5s 1941 II -5 -34 -T. :4318 137;30 ill
3
/
9512 Apr'31 _8
9514 96
3 jai" 104
104
10412 87 102 1054 Dul & Iron Range 1st 53__1937 A0 104 gala 104
1017 104 104
8
5213 Ms
52 5212 Mar'31
Dul Sou Shore & All g Se_ _71937 .1 .1
199 109
10818 ____ 109 Mar'31
8
967 97 Apr'31
5 1043 1011513 East fly Minn Nor Div 151 45'18 AO 65
4
8
8 1053
1057 106 1055
8
1043 197
963 08
4
8
8
101 10313 East T Va & Ga Div 1st 5s.1956 MN 1073 110 1073 Apr'31
____ 10314 Mar'31
104
104 10412
N 10232.. 104 Feb'31
10412 10 10312 1087 Elgin Joliet & East 181 e 53_1941
2
10414 Sale 10414
10218 104
1 102 1024 El P1U10 & W Ist 5a
10218
1965 At) 103 10312 104 Apr'31
1023 10312 10218
4
32
844 893
88
Sale 8618
4
24
9812 10214 Erie let cony g 4s prlor
8
1007 Sale 9912 101
1996 11 8618
8
70
2 84
7 12
0
7
87 Mar'31
9912 10212
48
101
1996 J .1 8112 91
8
Registered_
1003 1007 100
8
713 121
Jan'31
1024 10214
1st consol gen lien g 45. _ _1996• I 7012 Sale 70
10212
68 Dec'30
9418 9112
Reg/stered
1996 Ii
9414 ____ 9412 Mar'31
mols
6
2
9314 97
Penn coil Cruet gold 4e _1951 CA 1601. gale 110014
86'2
967 9612
8
94
2
71
70
72
9214 9412
6912 7813
50
-year cony. 48 aeries A 1953 AO 71
93 ____ 93 Mar'31'____
2
70
A () 7012 7212 70
70
7878
1053
Series B
4
10214 1043 10113 Dec'30 -7013 72
216 "9A 1012*
Gen cony 4s series D
1953 AO 7218 7312' 72 Mar'31
993 Sale I 9912 100
4
743 110
7114 8413
73
6712 73
Ref & !mat 5.3
Apr'31
1967 MN 73 Sale I 72
7012, 70
70
7412 141
7112 84
4
8714 70
Ref & impt 5.3 of 1930- 1975 AU 733 Sale 72
7
6814
69 I 6714
66
11114
1 109 112
4
793 793
4
Erie & Jersey 1st a f 68
1.955 Ii 11114 112 11114
4
4
793 Sala 798
4
10618 11012
11012 1113 11012 Apr'31
92
90
9131 12
5
Genesee Itiver 191 s f 65._1957
75
91
9112 91
_ 9212 Nov'30 _ _
933
8
91
Erle &Witte gu g 3 tis ser B..1940 J
91
Jan'31
91
8
___ 857 Oct'29
933
9113 9812
2
9
Series C sis
5940 J
974
97
9714
90 Apr'31
81
93
93
9612 9812 Fla Cent & Pen tat cons ti 5s'43 .1 .1 88 80
964
967 Sale 1 9612
8
77
lin
1013
4 10 100 1034 Florida East Celan Im 41,48.1959• D 7712 7912 78 Apr'31
1013 Sale 1013
4
4
20
21
50
31
I & ref 54 mrles A
4
. 1974 al S 21 Bale 2013
6 1073 110
109
4
10812 1093 108
1314
.4sk Low
Foreign Sett. & Municipals.
N 10412 105 10413
Sweden esternal loan 34e__1954
3
3
13wItzerland Govt eati S%5__1946 AG 1053 Sale 1043
8
8
Tokyo Cies as loan of 1912_1952 5.1 S 817 Sale 817
External s f 544e gear_ _1961 AO 914 Sale 94
4
Tolima (.Dept at) exti 79_ _ _ _1947 MN 583 63 014
TrondhIcan (City) let 53431_1957 MN 9914 9912 994
D 101 10114 101
Upper Amnia (Prov) 79_7_1945
894
Exberna I Ef 634s June 15 1957 ID 8914 90
Uruguay natatbila) 8131 8s_1946 FA 102 Sale 102
N 87 Sale 86%
External I 4e
1960
N 854 Sale 8412
Extls f es
May 1 1964
8
8
Venetian Prov Mtge Bank 7a '52 AO 985 Sale 083
Vieana (City of) extl St 6s__1952 MN 88 Sale 8712
Warsaw (City) external 7s_ _1958 FA 6312 Sale 6312
8
Yokohama (City)(IVA 6.3_1961 ii) 9912 Sale 993
Railroad
Gt Sou Lst ems A 5s_
1943 J D
let cons 40 eer B
19431 D
Mb & Sum let guar 334s.....1946 A 0
Alleg & Weet lst g gu 43_ _ _ _1998 A 0
1942 M S
Alleg Val gen guar g 4a
Ann Arbor 1st g 4s_ _ July 1995 Q J
-Gen g 4s_1995 A 0
Ateh Top & Fe
A 0
Registered
Adjustment gold 45__July 1995 Nov
July 1995 M N
Stamped
MN
Registered
1955J D
Cony gold 4s of 1909
1955 J D
Cony 4s of 1905
Cony g 4s Issue of 1910-1960 J D
1948.1 D
Cony deb 4945
Rocky Mtn Div let 4e_ -1965 J J
Trans-Con Short L 1st 45.1958 J J
Cal-Aria 1st & ref 413s.A_1962 M S
A tl Knoxv & Nor 1st g Se 1946 1 D
Atl& Chart A L let 44s A...1944 J .1
1st 30-year 56 series B _ _1944 J J
Atlantic City let eons 413_1951 J J
451Coast Line 1st cons 48 July'52 M S
M S
Reglatezed
General unified 4340 _ _1964
L & N coil gold 4e __Oct 1952 M
1948 1 J
Atl & Dan let g 4s
19481 J
2d 49
1949 A 0
Atl & Yad 1st guar 45
Austin & N W let gu g 5s__ _1941 J J
Balt& Ohio 1st g 4e_ _ July 1948 A 0
July 1948 Q J
Registered
1933 61 9
20
-year cony 434s
M S
Registered
Refund & gen 5s seriee A 1995 J D
Registered
J D
let gold fa
July 1948 A 0
Ref & gen 6e series C -A995 J D
PLR& W Va Sys ref 4e-1941 MN
1950 .1 .1
Southw Div let 55
Tol & CM Div 1st ref 413 A.1959 J J
S
Ref & gen 5a series D- --2000
1960 F A
Cony 4%s
Bangor & Aroostook let 513_ _1913 J J
'951J
Con ref 4e
Battle Crk & Stur let 811 313-1989 J D
Beech Creek let gu g 4a.. 1936 j
1936j j
2d guar g 5e
Beech CI* ext let g 33413--1951 A 0
J
Belvidere Del cons itti 3530_1943
1944 J D
Big Sandy let 411 gam
Boston & Maine 1st fe A C_1967 M S
1955 MN
1st m 55 series 2
Boston &N Y Mr Line 1st 4s 1955 F A
Bruns & West 1st gu g 4s 1938 J J
Buff Roch & Pitts gen g 5a_ _1937 MS
1957 MN
Consol 4345
Burl0R & Nor 1st & co1158_1934 A 0
BONDS
N. Y. STOCK EXCHANGE.
Week Ended AprIl 17.
-ow
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE.
Week Ended April 17
.
E3
Price
Friday
Apr. 17.
4 eara
7
Range or
Lan Sale.
I3
Range
Since
Jan. 1.
BONDS
N. Y, STOCK EXCHANGE.
Week Ended AMR 17.
E3
zt
A.
2929
Price
FrisiaP
Apr. 17.
Peek's
Ranee or
Last Sale.
Ask Lew
Bid
20 Sale 20
12
9614 9712 9618
10714 1083 10714
4
104 105 1041
/
4
99% 10014 100
100 8 10114 1005
3
8
95
4
9712 993
55
ez
Flieh No. Low
Mob
A sk
Bid
Ne
20% 13
197 281s Mex Internet let 43 asetd-1977 M S
8
/46 Dec•30
212 )74A
Aug'30
Mich Cent Det &Bay City 561931 M S
9978 Feb'31
Apr'31
10758
Registered
100
Jan'30
10418
3 10311 104%
/
4
1040 Q M 9712 ____ 973 Feb'31
Mich Alr Line 45
J 5
4
100
5 100 10012
1951 MS 8612 ____ 79 May'26
Jack Lane & Sag 3%s
3 10012 100 4
100%
let gold 3%e
3
1982 MN 897 ____ 90 Apr'31
8
Feb'31
08 100
Ref & Impt 4 He ser C_ _ _ -1979 J J 1017 Sale 10114
8
1017
8 21
Mar'31
55
5712 Mid of NJ let ext be
1940 A 0 8712 92
94 Nov'30
Milk Nor Mt ext 4 Sis(1850)19345 D 100 ____ 10018
10018
8
85
89
/ 88 Apr'31
1
4
85
95
1934 .1 D 99 Sale 99
Cons ext4S43(1884)
99
/ 10
1
4
55
677 73
8
Jan'31
73 73
Aill Spar & N W 1st gu 4s _1047 M S 9212 95
0214 Apr'31
1033
105 Mar'31
8
10412 105
Milw & State Line 1st 3SOS J 88
92
90 Apr'28
1941
9013 1013 10118 Apr'31
4
99% 10112 Minn & St Louts 1st cons 55-1934 MN 17
30
20 Mar'31
11178 Sale 11178 112
14 11012 11214
1934 M N
1612 191 18 Apr'31
Otis of deposit
/
4
108 Sale 1075
8
108
18 10514 108
3
1st & refunding gold 48-1949 M S
478 4
14
4
96 Nov'30
9012
Ref & ext 50-yr be ser A_ --1962 Q F ____
20
814 8
11012 Sale 11018 1107 235 155i, Ili"
8
10 Nov'30
Certificates of depoelt-----14
8
109 Jan'31
109 109
m st p ss m con g 43 tnt gu.
38
___ 877 87
8
3712 73
-59; 163 9914
79914 10
99 1011
/
4
1938 5 J -7818 79
1st cons 58
3
78
7812
100
10814 Sale 108
37 107% Ill
/
1
4
let cons 5sgu aa to int_ _ _1938 J J 9012 Sale 90
905e 10
1012 104 10334 104
3
103 107
/
1
4
9 1 M S
3
4
20-searcoil trust8SO...19 85 5 100 Sale 99
13_year 5Hs
/ 100
1
4
29
953 Sale 95%
4
967
8 70
95% 100
_ass 81
81
_ 70
let& ref &merles A
1
81
997
9614 117
2
95
9812 Sale 95
1949 M S
5
6234
623
4
6712 6712
6712 Sale 6713
1
8713
19785 J 96
97
lst ref 5%eser IS
97
4
98
15
1018 1612 15
1
141 21
/
4
let Chicago Term 5f 4s _1941 MN 947 ____ 9559 Dec'30
3
95%
_ 95 3 Mar'31
95% 95% Mississippi Central let 5s-1 895 5
1949 J J
9
911 97
Jan'31
/
4
97 Mar'31
9612 997 Mo-Ill RR let &seer A
2
57
5
57
87 Apr'31
883 97
4
8813 92
Mo Kan & Tex 1st gold 48.-1990 J D 83
903
8
85
90
/ 23
1
4
10414 Sale 10414 10414
10314 1043 Mo-K-T RR pr Ilen ba ser A.119988 511 555 99 Sale 98
4
1962
72
46
/
1
4
100
8
1031
104 10414 1037
/
4
10113 1067
3
14
83
0
-year 4e series 13
4 83 Sale 83
99 104 100 Nov'30
954 Sale 957
/
1
Prior lien 4%sser D
3
2
954
/
1
1003
4
4
1003 Apr'31
99 1003
4
Cum adjust bs set A_Jao 1967 A 0 81 Sale 81
90
85
10114 Mar'31
10113
100 10114 Mo Pao 1st & ref baser A.-1965 F A 89 8 90
89
3
8912 15
10213
10213 Sale 10218
3 10014 10213
1975
60 4 Sale 6015
3
General 4s
167
63
10153
101
Feb'31
1003 101
2
1977 M 8 87 Sale 863
1st & ref 58 series F
13
4
8914 43
1012 Sale 101%
8
1015
100 101% :t re F serier
8
1978 M N 8813 Bale 82
/
1
4
st & ref:Se se e
e
8812 32
993
09 Sale 9818
98 102%
4 24
1949 MN 81 Sale 81
Cony gold b
74
88
77
77 Sale 7714
/ 59
1
4
74
/
1
4
29
1980 A 0 87 Sale 87
72
89
1981 F A 87 Sale 87
4
1st & ref 5@ser I
883 532
Illinois Central 1st gold 45
96 Dec'30
1951 ii 00
Mo Pee 3d 7s ext at4% July 1938 MN 96
3
97
3
9714
967
lst gold 340
1951 J J 833 9114 8512 Apr'31
a54
Mob & Rh. prior lien g 5s--1945 J J
0918 ____ 100 Mar'30
Registered
76%
861, 8614
J
8614 Jan'31
J J
967 97
Jan'31
8
Small
Extended let gold 3348.-1951 A 0 83 4 863 88 Apr'31
86
3
87
4
1945 5 J -891g
803 Apr'31
1st M gold 45
8
Ist gold 3ssterling
1951 M
70 Mar'30
7013
80 Apr'31
J J 7812
Small
1952 AO 87% Bale 87%
Collateral trust gold 4s
15
89
98
92
05
Oct•30
Mobile& Ohio gen gold 43_ _1938 M S 83
AO
Registered
8712 Mar'30
_
Montgomery Div let g 56.1947 F A
9912 9912 Apr'31
1st refunding 48
1955 M N 85% Sale 85%
43 -iTsgs 93
87
197734 S
6478 6212 Apr'31
Ref & Impt 4 Sis
1952 J J 8414 8514 8518 Mar'31
Purchased Hoes 3348
80
8814
1938 M S 76
Sec5% notes
777 7614
8
7614
Collateral trust gold 43_1953 M N 8212 Sale 823
8
83
18
82
90
14 1110 4c 4 4 1st gu gold 45._1991
m o0.14 k1: 0
14
S 871 9314 9314 Apr'31
180 4
/
4
MN
Registered
8714 90 Aug'30
19375 J 10814 10914 108 Feb'31
1055 MN 100 104 10012 10013
Refunding be
/
1
4
5 10012 106
19375 J 103
1st guar gold
15
-year secured 6 348 g
8
1935 J J 109% Sale 1093 10978 21 107 110 Morris dr Essex ba FRI 3348 _2000 S D 83 10338 10214 Feb'31 2
84
84
84
let
Aug 1 1986 FA 88% Sale 883
40
-year 4%e
8
8911 144
8818 100
1955 MN 1063 Sale 1065
COnstr M 58ser A
4
8 107
14
Cairo Bridge gold 411
1950 J O 89
92 Mar'31
91
90
% 93
1955 MN 10112 Bale 1003
Constr M 4 Hs ser B
4 10112 14
Litchfield Div let gold 33_1951 J J 7412 77% 7812 Mar'31
7812
77
.1 831 ---- 83
Louie / Div & Term g 3349 1053
,
/
1
4
83
/ 10
1
4
/
4
4
823 8514 N FiaChatt 480 888 sec A1928 F A 9418
Nash As i B& St L 48
94
94% 34
Omaha Div let gold 3s_ _ _ _1951 FA 75
8312 78 Apr'31
77
78
1937 F A 10312
10213 Feb'31
St Louis Div & Term g 38.1951 J J
7314 783 7612 Mar'31
3
75% 78
Nat Ry of Mex pr lien 4 SO_ _1957 J J _
18 July'28
Gold 3Sis
1951 J J 8118 8411 811 Apr'31
/
4
811 8414
/
4
123 July'28
S J
4
July 1914 coupon on
Springfield Div let g 3348-1951 J J 8118
85 Feb'31
85 85
_
Assent cash war rct No.4 on
3%
3%
3
/ 15
1
4
Western Linea Ist it 48---1951 FA 9218
9218 Apr'31
. 9014 93
Guar 4s Apr •14 coupon_ _.1977 A o
3 Mar'31
Registered
P A
9212 Apr'30
Assent cash war rot No. b on
41
2
414
/
4
414
III Cent and Chic St L & N 0
Nat flit Mex pr lien 440 Oct'26i""
i
3512 July'28
Joint 1st ref &merles A--1963 J O 92 Sale 92
9112 102%
938 46
1,4
Assent
war rct No. 4 on
513
512 Apr'31
let Sr ref 434s series C
1963 J O ____ 884 89 Apr'31
/
1
87
08
1
A-0
22 Apr'28
_
Ind Bloom & West let ext 48_1940 AO 0212
913 Jan'31
8
913 913 Nawcu ek cas hA gu No. 4 on
8
2
Asgn tnRls warrct
3 Mar'31 _
/
1
4
318
Ind Inds Iowa let e 45
1950 J J 9512 9712 9712
971
/
4
7
9614 9713
175: Si
86
85
86
5
Ind & Louisville 1st gu 4s._.1958 I J
843 8812 New
7812 8813 1 1:031
/
1
4
England RR cons 55_1945 S J 101 101 10012 Feb'31
12
Ind Union Ry gen bsser A
1965 J J 103 10313 10314 Apr'31
10314 1033
8
19453 J 9114 9178 92
Consol guar 40
9212 25
Gen & ref baser's@ I)
1965 J J
103
103
5 103 10412 N .1 June RR guar let 4s__ _1986 F A 88
913g 02 Mar'30
Int & Grt Nor lst63ser A _ 1952 J J 8514 Sale 84
854 44
/
1
78
90
N O&N E lat ref & Impt 4 SO/4'52 J J
90 95
Oct'30
Adjustment 64 ser A_July 1952 AO 5912 Sale 68
6014 94
37
65
New Orleans Term 1st 4s___ _1953 J J 92 Sale 90
12
92
let 58 series B
1956 ii 72 Sale 7114
/
1
4
7213 58
65
81
N 0Texas & Mez n-c Inc 58_ 1985 A 0
934 A 0
8
3
957 987 Mar'31
hag be series C
1956 S i 717 7212 7118
8
7212 36
65
8011
1st Sa series B
/
4
7714 811 82 Apr'31
Lot Rys Cent Amer 1st 58_1972
N 88 Sale 68
68
73
6859 32
1958 F A
1st 5s series C
783 85
8
/ 87 Mar'31
1
4
letcoll tr6% notes
1041 MN 6812 7334 733
71
4
74
5
8314
1956 F A 70% 75
1st4 Sisseries D
_
89 Dec'30
1st Hen & ref 6%s
1947 FA
72 Sale 72
7312
72
2' 69
1954 A 0 89 Sale 83 4
1st 5%5series A
3
15
90
Iowa Central 1st gold Is._ _ -1938 J D 1214 15
15 Apr'31
14
18
N &C Bdge gen guar 4%8-1945
9714 Feb'31
961 100
4
Certificates of deposit----13
17
1312 Feb'31
1312 15
NYB&MBUtcong 58_1935 A 0 10014 1021 101
Apr'31
/
4
Refunding gold 48
1951 MS
318 5
3
6
3 18
3
b
N Y Cent RR cony deb 6s __ _ 193 MN 106% 10612 10614 10613 10
998
5
A
James Frank &Clear 1st 4s 1959 J D 934 9612 9814 Mar'31
/
1
94
987
3
Consol 4sserMi A
94% 89
94% Sale 9278
Kal,A & G R lat gU g 58
J J
10014 Apr'29
1935
995g 73
Ref imp le series A-2013 A 0 984 Sale 9859
i
llec
/
1
Kan & M let gu 48
1990 AO
92 Mar'31 -90 - 2
121When
_ 981
9914 530
/
4
EC Ft 8k M RY ref g 4
s
1936 AO 973 97
95% 9912
4
4
/ 973
1
4
9813 25
Ret & mpt 53 aeries C._ _ _2013 I- 10458 Sa1; 1054 18 33 80
/
1
0 853 88
84
06
8
4
3
8
Kan City Sou let gold 3a__ _ -1950 AO 77 Sale 77
77
4
20, 763 81% N Y Cent & Hud Riv M 3%e 1007 J
Ref de kept Se
Apr 1950 J J
97 Sale 953
93 102 4
3
4
9713 45
1997 5 .1 82
Registered
84 Mar'31
88
Kansas City Term 1st 46 _ _1960 J 2 9412 Sale 9412
5
9314 9553
95
41
Debenture gold 4e
100 4 Sale 100 4 1004 37
3
3
/
1
Kentucky Central gold 48._1987 J J 9314 Sale 9314
9112 9412
9314
6
194 M N 9612 9813 9812 Mar'31
48 J A
34 F J
2
30-year debenture 48
Kentucky & Ind Term 4 S4s_196I ii 9314 ___ 92 Sept•30
Lake Shore colt gold 3349-1998 F A 8212 833 824
4
8218
/
1
5
Stamped
1961 J J 8913 9112 9112
I
92
8 * F If
Registered
79
Plain
1961 ii
89 Apr'30
80
MReg1 tet All gold 3345
ich .%n e
(
854 78
11 2
8218 82/ 8 % Ap7 31 --_
r918
6
199 F A 82 .
98
Registered
9314 Ja
8_4_ 824 ma 30
::31
Lake Erie & West 1st It 36
10313 ____ 10253 103
3 10118 103
1937
N Y Chic & St L
g 4s...--1937 A 0 _9_8_2 Sale 9813
99
2
63
2d gold 58
1941J J 100 4
1003 Mar'31
3
4
10014 1003
4
1937 A 0
Lake Sh & Mich So g 3%5
85
84
6
8713
1997 J D 85 Sale 84
25-ycartAred
Regis debenture 48
1931 MN 100
_ 100 Apr'31
1997 J D 8212 Sale 83 Apr'31
Registered
83
85
1932 A 0 10118 16 10118
gold notes
6%
-133
1013 104
8
25
1931 M N 100 Sale 100
-year gold 48
7 100 100
100
53 Ras101 Sale 101
Refunding ries e
74
9
7
4eseb S4s serlea A-19 8
1043s 135
MN
Registered
10014 Jan'30
817 Sale 8111
8
8512 339
Leh Val Ilarbor Term gu 53_1954 F A 1043 10514 10414 Apr'31
103% 105
4
N Y Connect 1st gu 4 lie A-1 83 F A 102% 10314 102
9
5
A
3
1023
Leh Val N Y 1st gu g 4 As._ _1940 J J 98
8
/ 99
1
4
2
9912 10112
/ 9912 100
1
4
1st guar 55 series B
1047
3
4
4
10514
Lehigh Val(Pa) cons g 48---2003 M N 85
8612 21
8513 004 N Y &Erie 1st ext gold 48_ _1 47 MN 9313 1053 10514
85% 8512
/
1
993 wo s
3
9259 Mar'31
MN
Registered
86
86 Jan'31
86
3d ext gold 41Ais
100 _ _ _I 100 June'30
2003 MN 993 Sale 967
General cons 4%13
96 1007
4
3
993
4 27
/
1
4
3
Lehigh Val RR gen 58 series _2003 Si N 104 Sale 104
1043
8
7 103 1063 NT & Greenw 1.gu g 58-.1946,M N
4
972 9614 Feb'31
Leh V Term RY
gu g be _1941 A 0 102 1037 10218 Mar'31
102 10413 N Y & Harlem gold 3As_ --2000'M N
8
8412 8812 80 Dec'30
S 0112 -- -- 1)2 Mar'31
Lehigh & N Y
gu g 43 _ _1945
853 92
4
N Y Lack & W let & ref gu 50'33 M N 10314 ____ 1037 Mar'31
1972 F A
Lex & East 1st 50-Yr ba go- --Ir65 A 0 108 110 110 Mar'31
8
11193 110
4
let & ref eu 4 %s sser B._ - -1973 M N
102 Dec'30
Little Miami gen 48 series A _1962 M N
9113 9118 N Y & Jersey jells
9113 9312 0113 Mar'31
4
10234- - - 10112
10112 1018
1935 A 0 10612
10112 13
Long Dock console 60
104 10714 N Y & Long Brancb gen 48_ _1941 M
-- 10714 Mar'31
S 94
Long 14.j 1st con g be_July 1931 Q J 10012 1013 10012 Apr'31
9514 8859 Aug'30
8
10014 101
NY &NEBoetTerm 4s_1939 A 0
J 10014 _
7514 July'29
let consol gold 4s _ _ _July 1931
085 Sept•30
3
NYNII&Eln-cdeb4e
1947 M S 8758_.__ 893 Mar'31
1038 J
General gold 4s
4
9712 08
9712
2 "95
9712
98
Non-cony debenture 3349_1947 IN El 8012 85
1932 J D 987 Bale 984
1
81
81
Gold 43
8
8
9813 987
/
1
3
987
3
Non-eons debenture 340.1954 A 0 7918 Sale 7814
,
1949 M S
Unified gold 4s
8
7913
90
/
1
4
3
91
904 93%
/
1
Non-cony debenture 4e...1936 s j 844 Sale 8459
D 10112
195515 1
1934 J
/
1
Debenture gold be
3
844
/
1
10113 10112
1 101 102
Non-conv debenture 48_ _1953, N 853 864 8513 Apr'31
1 46 7 J
9
1937 M N 101 10114 1003
20
-year pm deb 58
4 1013
98 102
9
4
/
1
4
Cony debenture 3%e
1449 M 8 93
°liar ref gold 4e
2
80
783 Sale 784
4
/
1
9312
92
% 944 93%
9512
Cony debenture 68
Nor Sb Is let con gu /Ss Oct'32 Q J 101%
/
1
8
11812 48
1144 Sale 1147
10114 Mar'31
10013 10112
Regiwtered
Louisiana & Ark 1st be ser A _1960 J J 60 Sale 60
J
_ 11512 Mar'31
6212 52
60
75
Collateral trust&
194-0 A o 10ST4ci 2 105
Louis &Jeff Bdge Co gd g 48-1945 M
I-5
10514 30
94
94
96
9614 14
9714
94
Debenture48
1957 M N 72
Loulovlile & Nashville 58 _ - 1937 M N 103
2
7318
/
1
/ 7312 734
1
4
10313 10313
10318 10318
let&ref4)4seerot 1927 _.1967
Unified gold 48
1940 5
9213 60
4
913 Sale 9112
98%
903
3 38
97
'2 9913
Harlem 11 & Pt Ches 1st 48 1954:M N 94 Sale 935 Mar'31
.1 J
Registered
8
9413 Nov'30
NY0.14 W ref g 48 June
19921M S 4412 Sale 4314
Collateral trust gold be__ _1031 MN 10112 1017 0118 Apr'31
4413 52
ioi- 1611, Genera148
let refund 5Sis eerie! A _ -.2003 A 0 10514 Sale 0514
37 Apr'31
34
38
105 4 11 10412 106% NY
3
Providence & Boston 45 19 2A D 9113 -- 96 Mar'31
2003 A 0 10512 Sale 05
966-1 O
4
let& ref Se series 11
10513 17 1041 106
/
4
N Y & Putnam let con gu 48_1933 A 0 9411 9614 9814 Mar'31
lst& ref 4 Sis smite
2003 A 0 9814 Sale 9713
9814 13
9713 10214
Paducah & Morn Div 4s_ -1946 F A
est let ref 54_1932.-1 J 27
3
2812
7612
80
95 Dec'30
N 2d 61126019g4A%We
Y
1937:F A ___ 897 75 Mar'30
St Louis Div 2d gold 39 _ - _1980 M S -66 Sole 66
3
66
3
63 672
General gold be
1
5513
5512
461J A 56
0F s
58
Mob & Monte hit g 4 Hs _ _1945 M S 1007 -- 007 Apr'31
8
8
1003 1007
8
8
Terminal let gold 5s
H1.943 M N 9718 993 9914 Mar'31
19
4
South Ry joint Monon 48_1052 J J 8912 Sale 8912
8012
2
86
95
NY W•cbee & 11 1st ser I 4
8313 47
4
823 Sale 823
All Knoxv &
4
Div 4s_ _1955 M N 9514
96
/
1
4
10
8914 96
/ Nord Ry ext'l rink fund 6 Ks 1950A 0 10614 Sale wets
1
4
10614 30
Louis,CM & Len Div g 434831 MN 1003 101
0038 114
3
1 100 10012 Norfolk South 151 & ref A 52_1961 F A 26 Salo 26
3
3
30
13
Norfolk & South let gold 65_1941 M N 85
85 Feb'31
Mahon Coal RR 1st Se
1934 J J 102 _
0114 Feb'31
10114 10114 Norfolk & West RR gen 65-193I M N 10013 10053 10013 10014 12
Manila flit(South Lines)48_1939 M N 643 743 7412 Mar'31
4
4
Improvement & ext 6s_ _1934 F A 10414
10414 Mar'31
ext 4a
1959 M N 7012 77
70 Feb'31
67
7378 7714
7
0
New River let gold 68_ __ _1932:A 0 10214
Manitoba S W rotonlza'n 55.1034 J D. 101 10112 100
100
4
11413 100
N & W Ry 1st come 4s....1998!A 0 9812 Sole
991 134
ManGB•SNW1st 3348_1041
0013 ____ 90 Feb'31
90
90
Registered
199 IA 0
971 Jan'31
/
4
Cask sale.
a Option sale
Fonda Johns& Gloy 1514%51952 MN
For St D Co
g 4 As__1941 • J
FtW&DenC151g534s.1961 J O
Frem Elk & Mo Val 1st 6s__1933 AO
OH& SA M& P let 5s_-__1931
N
2d extern) 5a guar
1931 ii
Hous & Bend 1st 53.__1933 A0
Ga & Ala Ry let cons be Oct 1945 is
Ga Caro & Nor 18t gu g 68 30
' Extended at6% to July 1_1934 ii
Georgia Midland 1st Is
1948 AO
Gouv & Olovegatchle 1st 58-1942 J D
Of 11 & I ext let gu g 4345_1941 J J
Grand Trunk of Can deb 78_1940 AO
lb-year fee
1936 MS
Grays Point Term 1st 58-.1947 S D
Great Northern gen 7s set A_1936 5
Registered
•D
let & ref 438 series A _ _1961 J J
General 5348 series B
1052 is
General be series C
1973 ▪ J
General 4 Sis series D
1976 J J
General 4448 series E
1977 S i
Green Bay & West deb etre A _ _ _ _ Feb
Debentures ctfe B
Feb
Greenbrier Ry let gu 45_ _ _1940 MN
Gulf Mob & Nor 1st 5345-1950 AO
let M be series C
1950 AO
Gulf St S I let ref & ter 5s_Feb '52 S i
Rocking Val let cons g 4345-1999 ii
Registered
.1
1999
Housatonle RY cons g 58
1937 MN
& T C 1st g bs int guar_ _1937 55
Houston Belt & Term 1st 55_1937 ii
Houston E & W Tex 1st g 58.1933 MN
let guar be redeemable_ _ _1933 MN
Hud & Manhat 18t be set A.1957 FA
Adjustmentincome be Feb 1057 AO
1ST4
Ramo
Rises
Jell. ii
Mal
Low
997g We1
1
1774
551k 9O
1005
8.1043
3
-9712 1001s
97 100
9214 95
6
-17 2 .7 2
1613 30
9
4
Fl 8
"ii76
8912
9814
81
6213
91
8412
9112
10,112
89
87
99%
90
97
6514
57
8814 92
98 103%
92
83
94% 98
81
95
89 100
5714 75
8812 9913
8718 99
81 101
87
99
15
8611 95
955 99
s
97
97
lop, 92
88
79
"9911 102
6712 69%
745 90%
8
91% 9314
105 108
10214 102%
84
88
10653 1085
4
1003 103
4
93% 95 4
1
10218 1021
1
-- 2 51
3
3
4
8
414
--i
37
58
4
99 4 1011
3
88
9212
_-----_90
93
1s
1
98 100 2
82
93 4
1
94 3
5
87
-1W4 10158
96 100
101 10134
106 107%
8
927 953
9812 104
97 8c100 4
3
3
10513 109
83
/ 87
1
4
14
84
8512
100 101
.
7
9754 98
8218 85
76
822
2
8214 85
84
80
/
1
4
97 100
-654 100-5
;
99 102
/
1
4
101 107
8112 93
102 10314
10413 10514
925 92%
8
96
971
4
103 4
-7-
1052 1614
"ii- 9018
81
84
8113
73
88
83
80
/ 8712
1
4
83
70
11413 118%
114 11513
1043 10612
4
7112 7712
9114 95%
8914 93%
4612
37
3118 3812
96
96
9214 9614
70
78
"5512 61 93
/ 99 4
1
4
1
78 s 87
5
1s
105 1071
8
26
45
77
86
10113 1011
4
10414 10414
-583g
9912
9612 971/4
New York Bond Record-Continued-Page 4
2930
N
BONDS
Y. STOCK EXCHANGE.
Week Ended Apr. 17.
Price
Friday
Apr. 17.
Bid
Norfolk & West (Concludad)Div'l 1st lien & gen g 0-1944 .1 .11
19413 D
Pocah C & C joint 49
North Cent gen & ref 5$ A 1974 M 13
1974 M S
Gen & ref 44 ser A
North Ohio 1st guar g 58-1945 A 0
North Pacific prior lien 49-1097 Q .1
Q
Registered
Gen lien ry & Id g &Lien 2047 @
Jan 2047 Q F
Registered
Ref & impt 4148 series A _ _2047 J .1
Ref &!met(is series B____2047 J .1
Ref & Impt 5s series C---2047 J
Ref & inapt 52 series D-2047 J .1
Nor Pac Term Co lot g 69_.1933.1 J
Nor By of Calif guar g 56-1938 A 0
.1
Og & L Cham 1st gu g 48-1948
Ohio Connecting By let 48.. _1943 M S
1936 .1 D
Ohio River RR 1st g 59 _
1937 A 0
General gold Is
Oregon RR & Nay con g 0_1946 J D
Ore Short Line 1st cons g 58_1946 J .11
1948 3 .1
Guar 9tpd cons Is
1961 .1 J
Oregon-Wash 1st & ref 4a
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
Ask Low
High No
9812
4
1
/
9812 9834 98
9814 99 98 Mar'31
10514 -- 107 Nov'30
10212
- 103 Feb'31
9414
94%
9314
2
44
8
935 Sale 9 12
90% 93 92 Apr'31
67%
4
4
663 Sale 663
3
65 8 Apr'31
96
98
9512 96
4 11212
11212 Sale 113
10312 10512 0312 10312
102 10312 0312 Apr'31
10512 -- 0512 Mar'31
5
8
1035 _ _ _ _ 03 8 Mar'31
7018
4
7014 733 7018
9414 Dec'30
10212 ____ 1023 Mar'31
s
103
8
1023 10314 103
9612
9612 Sale 9618
10714 109 10714 Apr'31
7
8
1077 10914 107 8 1077
8
4
943
95 9412
94
11
5
97
41
46
36
12
Low
High
9712 99
96 100
-2
lolfg 102197
90
9212 97
8
915 95
4
663 8914
67
65
95 101
11114 11312
1024 10512
102 10512
105 10512
102% 103%
704 77
Hag 1023;
2
23
19
BONDS
N.Y.STOCK EXCHANGE.
Week Ended Apr. 17,
102 103
92
9712
107 1094
107 10914
3
19 95 4
92
Seaboard Air Line let g 0-1950 A 0
Gold 45 stamped
1950 A 0
Oct1949 F A
Adjustment 58
1959 A 0
Refunding 49
1945 M S
1st & cons 69 series A
Certificates of deposit
Atl & Birm 30-yr lst g 49-d1933 M S
Seaboard All Fla let su 68 A-1935 F A
1935 F A
Series B
Seaboard & Roan lst 59 extd 19313 J
1936 F A
8.& N Ala CODS gU g 58
Gen COM3guar 50-yr fa__ --1963 A 0
So Pae coil 4s(Cent Pac coil) k'49 J D
1st 449(Oregon Lines) A-1977 M 8
1934 J D
20
-year cony. 58
1988 M 13
Gold 449
1960 MN
Gold 434 with war
1950 A 0
ho
ne, ered
SaR Fra ri Term 1st 4s
A0
So Pac of Cal let eon su g 59 1937 MN
So Pac Coast let gu g 0-_-_1937 J J
19553 .1
So Pac RR 1st ref 49
J J
mped
8Rtaegistered(Federal tax)_1955 J J
Price
Friday
Apr. 17.
Week's
Range or
Last Sale.
High
As* Low
Bid
36 Apr'31
30
30 14
30 Sale 30
3
3
24 3
12
4
1012 123 10
1258
4
1
/ 1278 11
12
11
12% 11
12
4914 4314 Apr'31
44
8
67
7
8
67 Sale
8
67 Apr'31
64 7
Nov'30
96
Oct'30
10214 ____ 102
1
/
1104 ____ 11112 Mar'31
9314
92 Sale 92
8
995
8
995 Sale 99
103 10312 10355 Apr'31
2
953
944 Sale 9412
95%
8
95 Sale 945
943 9412
9412
92
_ 87 Dee'30
11715; Sale 10355 1034
9534
96 June'30
9612
96 Sale 9512
9512 Mar'31
9212 May 30
Range
Since
Jan. 1,
No Low
Htok
_
54
36
12
4
/
281 504
17
2
8
3
6
10
20%
33
1012 19
2
10
1412
4G
61
6
12
14
40
-618 12
k
liff
9
64
82
161
4
92
97
9812 102%
102 10319
9419 991
9
9418 100
4
1
/
94% 97
jai- et6078
--
.
100
95
97i
0536 0718
Ill
8
3212
3 Southern Ry lat cones 5s-__1994 J J 1073 Bale 10612 10712 30 10612 198
24 5
3
1
/
324
3
4
1
/
10514
108 Mar'31
954 9712
J J
9712
5
Registered
9712
8014 88 4
8212 192
3
81 Sale 8012
102
101
n
Devei Ige n 4s
l g en Osseries A_ 1956 A 0
8
1017 ---- 102 Mar'31
55 103 11314
106
10018 10018
1958 A 0 10318 Sale 103
4
1018 1013 1014 Feb'31
11014 46 108 117%
104 106%
1956 A 0 1104 Sale 108
Develop & gen 6 As
29
s
1043 Sale 104% 105
102 102
8 2
. 87 Feb'31
19963 1 :(_12 1_04_7 10
Mem Div lat s 55
8 11 10614 10714
8
1065 Sale 10812 1065
90
21
90
8912 93
St Louis Div 1st 6 48
27 10112 105
1951 3 J
8
1037 Sale 10312 104
4
993 99 4
8
4
92
4
953
1938 M S 10012 ____ 993 Feb'31
East Tenn reorg Ilen g 5s
8
4
953
3
95 4
3
95 4 97
93
9618
973 98%
4
1938 M S 96 __ _ 95 Apr'31
Mob & Ohio coil04s
3
9812
9812
4018 47
- 4018 Apr'31
97 8 99 8 Spokane Internat 1st g Is._1955 J J 35% 45
5
5
9812 53
9912 9812
9812
---99 Staten Island By 1st 4419_ -1943 J D
98
9812 10
4
9713 993 9812
___ _
95 Apr'28 ---Sunbury & Lewiston 1st 48_1936 J .1 ____
9314 May'30
2
89
92
7
joltB_.--1947 A 0 ---. 87 8 8814
Tenn Cent let 69 A or
108 1063 106 Apr'31
4
Apr'31
1013
Term Assn of St L 1st g 4)0-1939 A 0 101 101% 101
10112 Sale 100
s 64 100 105
5
93 1 13
4
2
s
3
0. .931_2 00951
.
1944 F A _195_ 12 £3a_1: 10 4: 10 12 27 1043 1055
1st cons gold Is
9 10712 11114
10838 10914 107% 108
5
1953.3 J
Gen refund 5 I g 4s
1104 Sale 1093
4 11014 72 107 8 11014
99311- 103
9 31 21
4 1,
1; - °23:
1-38
96
:
4
10914 10914 Texarkana & Ft8 1st 530 A 1950 F A 1013 Sale 1013 F002
10914 Feb'31
-- _ _ 1004 10214
4
10412 40 10314 1053 Tex &N.0com gold 5s-Ang 1943 J 3
105T4 file 10314
8 11014 11 109 113
20003 D 11012 Sale 1095
9414 994 Texas dc Pac Ist gold 5a
c97
265
3
95 4 Sale 947
95 Mar'29 ___ _
943 974
4
2d Inc58(Mar'28 epon)Dee2000 Mar
97 420
3
9658 Sale 95 4
.
95
15 -65 1014 9555 94
94
94
1977 A 0
94
GOD dc ref 5sseries B
5
94
923s too
9
3
1
95 2 26
9614 9
8
91)78 9112
1979 A () 953 Sale 93E3
Gen & ref Is series C
9112 ____ 9112 Mar'31
0212 101
97% 97%
19803 D 9514 Sale
Gen & ref 59 series D
8
975 Jan'31 -_-_-_-_
,
3
89 8 903 Tex Pac-Mo Pac Ter 545-1964 M S 10512 Sale 10512 10512 11 1007 107.
4
4_ 9014 Apr'31
991
8
101 1033
103 Apr'31
92
J 103
95
Tol dr Ohio Cent lat gu 55_ I935
93
94 Id 93
1004 Mar'31 ___ _ 100 19014
100 10212
1935 A 0 10018 _
3
Western u
oen,016Dly 1st g 59
84
10014 Sale 100
100
10014 10058
3
0
05
_ 19 4 Mar9'33121
10018
4
/
99
38 100 1021
99 Sale 0834
94
90
Sale
88
80
Tol St L & W 50-Yr g 4a
86 Sale 88
8614 23
A
1995035 j 10) 9318
100 100
3
13
13
19315 J 100 100 4 100 Mar'31
13 Mar'31
10212 20
T0IWV&0gu449A
% 0
_
6
91
0: 9 1
_ 1 01 09 38 _ _ _6
J 96
1933
103
1st guar 434s series B
10214
16 100 103
-18
-95ia I6
1942 M S
101
lst guar 49 series C
4
-3
4 100 10514
101 104 - 100
97
89
944
1
87
95% Toronto Ham & Butt latg 48 1946 J D 944 If 9414
9118 87 Apr'31
90
913 10112
4
9458 161
3
931 Sale 92 4
5
9054 90%
3
947 9854 Ulster & Del let cons g Se...1928.1 D ---- ---- 90 8 Jan'31 98 Apr'31
974 _
7
79 2
69 Mar'31
69
74
109 10912
_ 61
Stpd as to Dec'28 & J'ne '30int
10818 ____ 10914 Apr'31
73% 76
4
1
/
73 Feb'31
68
61
let eons 5setts of dep
Jan'31
60
53
53
2218 25
1952 A 0 31 _51
Apr'31
let refunding g 49
PbillIppine By 1st 30-yr s 1 48'37 .1 .1 2212 23 23
4
96 10011
9912 113
9
1021 1023 Union Poe 1st RR Aid Br 49_1947 J J 99'S bale 9812
4
4
-- 1023 Apr'31
1932.1 D 1023
Pine Creek reg 1st 65
au, 684
93 9512
3 1 ---- --- - 984 Feb'31
4
1
/
Registered
9412 95 Mar'31
Pitts & W Va 1st 44s ser A-1958 J D 9312 -95
9315 98
7
92% 9514
5 Sale 94%
1st lien & ref 49
June2008 M S 9
4
1959 A 0 9312 943 95 Mar'31
1st M 434s series B
2
3
90 4 102%
9312 90
19873 3 100% Sale 10018 10012 25
94 - 7
4
933 94
Gold 430
1960 A 0 93
lstM434sserlesC
111
2 110 113
13 Sa e
1968 3
June2008 /51 bal 191 sale 11
1st lien & ref 5
.9
2 101 103
C C & St 1. gu 430 A-- -1940 A 0 10012 10212 103 • 103
93
9212
924 94%
59
3
99 102 4
10138
40
s
1942 A 0 1013 Sale 101
-year gold 4a
9
Series B 434s guar
3
97 4 981a
9912 08111 Mar'31
1944 M 8 96
1.1N JRR&
9712 Dec'29 0&
1942 MN 10012 102
eg 5
n x2ne48
Series C 4 lis guar
95% 98
98
1933 J .1 --- - ---- 00 Sept'30
Utah Nor 1st
45
1945 MN 97'....... 98
2
BerleaD4sguar
8
6
4
Vandalla cons g 42 series A 1955 F A 9618 9_ ,4 97 Nov'30
Series E 3548 guar gold-1949 F A 9114 __-- 95 June'30
961, 98
973it Cons81 43series B
1957 MN 97 - -- 98 Mar'31
Series F 45 guar gold---1953 J D 9712 ____ 973 Apr'31
45, 45,
4% Feb'31
4
1
/
Vera Cruz & P assent 4 54e_1934 _ _
1957 M N 97 -__ 97 Aug'30
Series 49 guar
97 1023
0212 Mar'31
4
1938 M N 103
Virginia Midland gen 5s
1960 F A 9712 _--- 97 Nov'30
Series H cons guar 48
99 10012
0012
la- fa Vad;South6w0lyeRr 59 2003 J .1 97% -tcci- 69 Mar'31
u
105 Mar'31
___
nlsttu
Series Icons guar 4348-1983 F A
Mar'31
6719 77
10014 1035
8
1958 A 0
8
eons
103 105 1035 Mar'31
Series J cons guar 4 49-1984 MN 1034 68 10412 1084
3
4 26 108 110 4 Virginia By 1st 58 series A-1962 MN 105 Bale 0418 1053
8
8
General M Is series A--.1970.1 D 1083 1093 10818 1083
4
983 102
1
4 100%
1962 61 N 10034 owe 003
4
1st M 449 series B
4 24 10818 11012
Gen mtge guar 59 ser B 1975 A 0 1083 Sale 10818 1083
9914 1023 Wabash R12 lot gold 58 ----1939 M N 10414 Sale 102% 10412 89 1024 105
8
4
1977 J .11 1003 Sale 100
6
4 42
32
1003
Gen 449series C
994 10212
10212 17
1939 F A 101 Sale 01
J
4 103 103 Dec'30
1023
Pitts McK & Y lat gu 69-1932
9412 Mar'31
9412 10212
1038 104
Ref& gen 8 f 6;is ser A_ _1975 M El
19343 .1 1043 ____ 104 Mar'31
8
2d guar 6s
9818 May'29
101 103
Deb 88 series B resistered_1939 J J
1940 A 0 103 ---- 103 Mar'31
Pitts Sh & L E 1st g 58
861k 941,
8612 Feb'31
87
49_ -1954 3 J 86
Aug'29
1st lien 10-yr g term
1943 J J 10314 ---- 10034
1st consol sold 59
102
15 102 102
-- 02
1941.1 J 10112
4
Det& Chic ext lst 5s
923 Mar'30
1943 M N 9238
Otte Va & Char bit 4a
91
Mar'31
88
5
92 8 92%
Dee Molnar Div let s 49_.19393 .1 8818 00 88
963 ---- 9238 Jan'31
PItta Y & Ash 1st 49 aer A-1948 J
14 90
87
4
/
8719 38
8712 871
34a-1941 A 0 82
8
1962 F A 1053 _--- 105 June'30
Omaha Div let g
lst gen 513 series B
91
7
92 2
Apr'31
1941 M S -_-- 93% 91
8
1974.1 D 1043
Tol & Chic Div g 49
let gen 59 series C
9612
88
s
873 90 Mar'31
73% 75
Wabaah Ry ref & gen 55B-1976 F A 8
3
31
Providence Scour deb 48-1957 M N 703 ---- 73 4 Mar'
871g 80
8912
65
16i2 Sale 65
87
A 0 (
4
1
/ 89%
Ref & gen 449series C-1978
- 8918 Apr'31
1956 M 13 881
Providence Term let 4s
84
84
96
1980 A 0 84 Sale 84
95
98
Ref & gen 58 aeries D
4- 95
9614
6
Reading Co Jersey Con coil 45'51 A 0 9518 06
81 Nov'30
2000 F A
345
1014 19 100 10318 ww.ar let re gulg34)4
J 10012 Sale 100
,
2
Wma h Tomerinlit guo 6 3 89
Gen & ref 4)0 series A-1997
8
1
8338 18;
____ 93 885 Feb'31
1948 Q M
4
s 34 10014 103
Gen & re! 4)4s series B-1997 J J 1004 1013 10014 1007
9014 9114
9114 Apr'31
1945 F A 9114 94
Oct'30
Rensselaer & Saratoga 69-1941 M N 111.._. 113
8
9612 9638
1945 F A 954- 965 Apr'31
1948 MN
1st 40
7914 7912 Sept'30
-year guar 411
Rich & Meek Ist g 4s
8 41
795
7812 84
1952 A 0 79 Sale 7819
1
Wart% Maryland let 48
/
Mehra Term By 1st gu 5s-1952 .1 J 1024 105 103 Sept'30
93
27
9012 963
4
1977 J .1 93 Sale 91
-Oa- jiff- let & ref 5345 series A
4
/
991 98 Feb'31
Rio Grande Jund hat gu 5s-1939 J D 98
10418
2 1023 10414
2
____ 104
102
19373 J
2
2
2 Feb'31
214
:
__
esta ,01 Pa
WGe N 1( 42 let g 59
Rio Grande Sou 1st gold 0-1949 J .1
_ 9612
9212 97
97
8
1943 A 0 9612
214 ___ 714 Apr'28 _
4s (Jan 1922 coupon)'40 J J
Guar
8 32
85% 97
877
8
90
A-ANS M 8 855 Sale 85%
98
95
2
Rio Grande West let gold 48_1939 I .1 90 Sale 90
4 77
913
90% 9414
2361 .1 J 91 Sale 9012
80
861s Westeruaei449 uar
erit Sherelst 49g eer
s 28
P
4
847
lit con dr coil trust 48 A 1949 A 0 833 Sale 8338
8
907 90 Apr'31
3
89 4 93
2361 J J 90
984 10114
8
44e-1934 M
1003 10012 10014
Registered
8
1003
9
R I Ark & Louis lsr
110
9512
96
A-1966 M S 9414 95 9512
75
74
Wheel& L E ref 430ser
1949 J .1
74
Apr'31
74
71
-Canada let go g 49
Rut
993 10214
10014 Apr'31
4
1966 M S
824 92
Refundirig 59 u
RR in c003018erles B
1
9112
Rutland 1st con g 448.-1941 J .1 9112 Sale 9112
92 Apr'31
91
86 9312
1949 M S 86
4514 10
4
1
/
7
42 8 534
19423 D 454 48% 45
7
87 8 9212
7
4
3
87%
St Joe & Grand lel 100-1947 J .1 873 9212 87
-- 10212 Sept'30
19383 D 10218
101 101
W11k
W111i3F latgt ld 5a59
Apr'31
tEast i goau 9
101
J J
St Lawr & Adlr 1st g 50_ 9312 Mar'31
-61 ill;
101 103
--1960 J J 9018
1996 A 0 98 1- 8 100 Mar'31
661Winston-Salem S B let 45..
2d gold 68
5712 12
8
545
8
51% 6612
Wis Cent 50-yr 1st gen 4a__ _1949 J 3 545 Sale 647
St Louis Iron Mt & Southern70
5
8
8
647 80
70
9812 1003
9
1933 MN 100 Sale 997
94
Sup & Dul div & term 1045'36 MN 65% 914 80 Mar'31
10014
Riv dr Div lst g 49
80
80
77
744 8912 Wor dr Conn East 1st 434s_.1943 J J 74
433
St L-San Franc pr Ilen 49A-1950 J .1 76 Sale 7414
3
63 4 86
1978M S 6412 Sale 6458
4
673 395
Con M 449series A
87 102
INDUSTRIALS.
888 81
1950 1 1 88 Sale 87
Prior lien 59 series B
66
106
78
84
8
695 69% Abitibi Pow & Pap let 58..__1953 3D 6412 Sale 6412
J D
8
695 Mar'31
Registered
100% 1014 Abraham & Straus deb 5)0_1943
100; 10018 10038 10058
St Louis & San Fr RY gen 6s-1931 J
23
93 10014
A0 99 Bale 9812 100
010212
With warrants
1931 J .1 10038 10114 10038
10033 2 1003
General gold 59
8
995
7
99%
99% 99%
86
1952 A0 97
103 1087 Adriatic Klee Co esti 75
a
10112 10634 103 Mar'31
St L Peer & N W 1st su 54-1948 J
8814
83% 8814
884 Sale 8714
Adams Express coil tr g 0-1948 M
4
4
1
/
Ett Louis Sou lat gu g 4a-- 1931 M S 98 ---- 983 Dee'30
14 Feb'31
14
14
8
J o
e
83
9 -81- lif Ajax Rubber let 15-yr sf 88_1936
10 Mar'31
St LOW 1st g 48 bond ct1.9_1989 MN 81 Sale 81
514 10
14 10
5
72
4
783 Alaska Gold M deb 69 A___ _1925 M
72 Mar'31
_
71
70
Inc bond et19 Nov 1989 J
2cl g
-- 6 Mar'31
54 6
54
1926 MS
997
B
99 100
12
Cony deo (is series
1932.1 13 99 Sale 99
57
Consol gold 43
50 Apr'31 - 60
50
78
82
9712 Albany Peter Wrap Pap 89- _1948 A0 51
83
J 82
85 82
13
79
4
1st terminal & unifying 53-1952
56
77% 8719
1944 FA 77% Sale 773
94% 9812 Allegany Corp col tr 54
9712 29
97 063
4
StPauldrK CShL 10445-1941 F & 95
79
63
7714 8512
194(3 3D 7714 Sale 774
100 100 8
5
Mar'31
A
Coll& cony 59
76
St Paul & Duluth let 5$L.-1931 F D 10038 _ - 100 Mar'31
19
Sale 75
85
75
1951) AG 75
91%
89
Coll & cony 59
4
917 923 9138
1968.1
8 72 10014 10234
1017
let cense] gold 49
8 Sale 10118
9918 Aug'31
Allis-Chalmers Mfg deb 59_1937 MN 1013
St Paul E Gr Trk lat 4)0-1947 J J 887 94
8514 8912 93
86
94
-914 991 Alpine-Montan Steel 1st 79_ _1955 MS 10412 Sale 10412 Mar'31 11 10314 10515
99 __-- 9914 Mar'31
Minn & Man con 48.19333
St Paul
10412
10312 10512 Am Agrie Chem 1st ref 9 f 749'41 FA
1933 J .1 10418 10512 105 Apr'31
lot consol g 69
4512 43 Apr'31
% 47
40
19014 10112 Amer Beet Sus cony deb t's_ _1935 FA 42
Apr'31
J
4
102
4
4
69 reduced to gold 434s-1933 J J 10114 1013 10114 Feb'30
98 102
American Chain deb s f 65.-1933 A0 1013 Sale 1013 Mar'31 27
98
J
Registered
10014
100% 10972
983 Am Cot 011 debenture fis _ _ _ _1931 MN
97
98%
e
.
tia - 9838
1937.1 D
9414
Mont ext 1st gold 49
9414 93
92 98
1942 AO 93
94
93
Am Cyanamld deb 51!
4
933 95 94 Feb'31
Pacific, ext guar 49 (aterlIng)'40 J
8312 171
82 Sale 82
76
88
11014 11014
109% 111
Am & Foreign Pow deb Is... _2030 M
St Paul 17n Dep lst & ref 59_1972 J .1 11014 Sale
8212 81
_
Apr'31
85
79
1913 3D 82
9678 Amer Ice if deb 511
93
3 95%
4
953
1943 J J 953 95
SA & Ar Pass Istgug 4s
10012 68
N 10012 Sale 100
98 102
Amer IC Chem cony 530_1949
03 Dee'30
_
59_1942 MS 102
Santa Fe Pres & Phen 1st
0214 70
9534
.•1 91 Sale 01
89
104 10454 Am Internat Corp cony 545 1940
1340 FlIddr West 1st g 69_1934 A 0 1048 ____ 0412 Mar'31
14
- 104 105
1939 AG 10412 105 105 Apr'31
8
13
100 1013 Am Mach & Fdy f 6.9
4
/
8
1934 A 0 1011 _ _ 1013 Feb'31
lit gold 5e
59
1
/
93
90% 95
9712 Amer Metal 514% notes... _1934 A0 924 93 924
94
9712
9712
fleioteV &NE lstgu g 49_1989 MN 9714 100
27
5112
51
22
Am Nat Gas845(with war) 1942 A 0 22 Sale 22
54 102 104
4
12
Am Sm & B lit 30-yr 55 ser A '47 A0 1023 Sale 1024 103
Pacific Coast Co 1st g 58-1946 J 13
1
Pao RR of blo lat ext g 45._1938 , A
1938 J .1
2d extended gold 59
.1
Paducah & Ills Istrif g 430-1915
Paris-Lyons-Med RR extl 65 1958 F A
Sinking fund external 7a-1958 M S
Paris-Orleans RR ext 5349-1968 M S
Faunas Ry 1st & ref f 75.-1942 M S
Pennsylvania RR eons g 4e-1943 MN
1948 M N
Comm'gold 45
48(der! stpd dollar_May 1 1948 M N
Registered
Comoi sink fund 434s.1960 F A
General 434s series A _ _ -1965 .1 D
1968 J
General Is series B
1936 F A
-year secured 6149
15
F A
Registered
40
-year secured gold 59-1964 M N
1970 A 0
Dabs448
1981 A 0
Gen 445 ser D
Pa Co gu 349 coil tr A reg_1937 MS
Guar 349 coil trust eer 8_1941 F A
Guar 334s trust cris C1942.1 D
D
Guar 34 trust ctfs D_1944
Guar 49 ser E trust etf8-1952 MN
1963 MN
Secured gold 4(s
Pa Ohio & Del let & ref 4 49A'77 A 0
Peoria & Eastern 1st cons 49_1940 A 0
April 1990 Apr
Income 49
Peoria dr Pekin Hn 1st 534s1974 F A
Pere Marquette 1st see A &s1950.1 .1
1956 J J
1st 48 series B
1980 M S
lat g 4)0series C
Pith' Bait dr Worth 1st g 45-1943 MN
1974 F A
General 59 series B
3214 35
I Cash sale. d Due May, it Due August
10
a Option Sale.
2931
New York Bond Record-Continued-Page
BONDS
N. Y. STOCK EXCHANGE.
Week Ended April 17.
Price
Friday
Apr. 47
.
Week's
Range or
Last Sale.
Htgh
Ask Low
Biel
1043
4
Amer Sugar Ref 5-yr 65
1937 J J 1043 Sale 10414
4
102 Apr'31
/
1
4
103
Am Telep & Teleg cony 4e_1938 M
30
D 10718 Sale 10612 10712
-year coll tr 5s
1946
105 Sept'30
J D
_
Registered
8
J io§ gale 10712 1083
1980
35-yr s t deb 5s
11014
20
1943 MN 11014 Sale 10984
-years f 534s
4 1293
4
Conv deb 4 Hs
1939J J 12812 Sale 1273
10814
1966 F A 10818 Sale 108
35
-year deb 5s
/ 1053
1
4
8
8
M Type Found deb 85
A 1053 Sale 105
8
/
1
4
/
1
4
AM Wat Wke & El coll tr 50_1.43N
g 102 10314 102 4 102
1063
8
1975 M N 10614 Sale 10614
Deb g es series A
68 Sale 88
693
4
Am WritPap 1st g es
79
\
1 9 7 1 .7
Anglo-Chilean e deb 78_ __ _1945 11I N 78 Sale 77
1612 1812 Apr'31
10
Antilla(Comp Azuc)7Hs--1939
_
101 10184 Mar'31
Ark dr Mom Bridge & Ter 58_1964 M
/
1
8112
0
1939
D 1 8 Sale 784
Armour & Co (III) 4358
70
684 Sale 68
/
1
Armour & Co of Del 5Ho_ _ _1943
923
4
4
Armstrong Cork cony deb be 1940 J D 923 Sale 9212
/ 1034
1
4
/
1
103 Sale 103
/
1
4
Associated 0116% gold notes 1935 M
10318 June'30
103
/
1
4
Atlanta GasL lst 58
1 Nov'30
Atlantic Fruit 79 etre dep.-1M I 1:
_ 1258 May'28
J D
Stamped ctfe of deposit
6014
Atl Gulf& W I SS L coll tr 581959 1 . 60 Site 59
1
10212 Sale 10212 103
Atlantic Refg deb be
107
/
1
0
Baldw Loco Works lot be_ _193 .1 j 107 1074 107
947 191N
3018
3018
30
40
1313mglift (Comp Az) 7 As _1937
9514
Batavian Pete guar deb 4358 1942 JJ 9414 Sale 9414
89
89
89
90
1938 1
Belding-Heingway es
1083 109 10812 10912
4
Bell Telep of Pals series B..1948 J
let &ref &series C
1960 A 0 113 114 11318 11312
85
Berlin City Elec Co deb 8348 1951
° 8312 Sale 8312
843
4
82 Sale 82
Deb sink fund HS
80
78 Sale 78
Deb i%
8414
84
8312 84
Berlin Elec El & Undg 6 W-1956 A
103
/
1
4
/
1
4
Beth Steel let & ref 55 guar A '42 MN 103 Sale 103
10312
10318 Sale 103
30-yr p m & Impts f bs __ _1936
8258
8
825
8
1950 M S 825 85
EMIR Bing deb 834s
/
1
28
4
Botany Cons M1115630
1934 A 0 263 Sale 264
944
/
1
8
Bowman-Bilt Hotels 79
1934 M S 945 Sale 94
5 Apr'31
4
5
H'waY & 7th Av let cons 58-.1943 J D
4 Mar'31
012
Certificates of deposit
83
83
85 83
Brooklyn City RR let Ess __1941
4 107
/
1
4
106 108 1063
Bklyn Edloon Inc gen Is A._1949 1
1011 Sale 10112 10218
/
4
1968
.
3
Bklyn-Manh R T sec tie
62 Apr'31
Bklyn(4u Co & Sub con gtd be '41 MN 6314 69
6612 Jan'31
6418 70
1941 3
1
1st 5s stamped
9212 June'28
J
Brooklyn R Tr let cony g 4s 2002
/
1
4
90
Bklyn Union El let g 4748_ -1950 F A 90 Sale 89
8 110
/
1
4
Bklyn Un Gas let cons g te_ _1945 MN 11014 Sale 1095
Apr'31
8
let lieu & ref es series A _ _ _1947 MN 1177 121 121
218 Jan'31
J 217
1936
Cony deb g 5)0
104 1043 10412 10484
- 4
Cony debts
_ 98
Jan'31
Burt& Susq Iron let s f bs
1952 j 13 9418
99 D
3
93 -9438 92 Feb'31
52 A
1955 J
Bush Terminal lot 49
964 9914 Mar'31
/
1
Consol58
Bush Term Bides 58 gu tax-ex '60 A 0 io2i2 Sale 10212 103
105
1981 F A 10412 Sale 10414
Buff Gen El 414s ser B
1023
4
By-Prod Coke 1st 5 Hs A _ _ _1945 MN 102 10214 102
1N2 F A
.
4 1043
Cal G & E Corp unit & ret 58.1937 MN 10418 Sale 1043
4
9312
9412
Cal Pack cony deb be
1940
95
J 94
9212
Cal Petroleum cony deb I 5131939 F A 9212 Sale 9212
9418
93 Sale 93
Cony deb s f g 5 Hs
18
20
22
25
Camaguey Sue lets t g
65
Canada SS List & gen 68_ _ _1941 A 0 60
65
65
/
1
/
4
Cent Dist Tel let 30-yr 56 _ _ _1943 J D 1051 106 1054 Apr'31
54 Mar'31
54
Cent Foundry let e f es May 1931 F A 51
106
106
_
106
Cent Hud 0 & E 58___Jan 1957 M
114
Central Steel let g f 8s_ __ A941 M N 114 Sale 113
5
40 4
3
Certain-teed Prod 6358 A _ _1948 M S 40 8 Sale 40
59
47
Jan'31
Cespedee Sugar Co let sf73.58'39 M S _
_ 45 Mar'31
Chic City & Conn Rye 55 Jan 1927 A 0
Ch G L & Coke let gu g 58
1937
. 10412 gale 10412 105
1
Chicago Rye 1st bs stpd rcts 15%
69
70
67
Principal and Aug 1930 Int_ _ _ _ F A 67
82
8014 813 82
4
Childs Co deb 513. ?I 93 Sale 9212
04
Chile Copper Co deb 5s. 1947
9514
CinG&ElstM 48A
1968 . 0 9518 Sale 95
A ,
77 Dec'30
Clearfield lift Coal 1st 4s
1940
60
55
- - 57
Colon Oil cony deb 138
1938J .
1
9212 95 Apr'31
Colo F & I Co gen I be
1943 F A 85
4
9112
4
Col Indus 1st & coil Ss gu__ _1934 F A 893 Sale 893
4 10014
Columbia0& E deb 58 May 1952 M N 100 Bale 993
____ 10018 10014
Debentures Is. __Apr 15 1952 A 0 100
983
.4
4
J 983 Sale 9814
Columbus Gee 1st gold be_ _ _1932
98
Columbus Ry P & L lst 4 Ho 1957 JJ 9712 Sale 9712
100
100 Sale 100
Commercial Credit s f do__ _ _1934 M
9712
963 97
4
1935J J 96
Col tr f 5 Ho notes
9812
Comml Invest Tr deb 53s1949 F A 9714 Sale 9714
____ 10612 Apr'31
Computing Tab-Rec s f 613_ A941 J J 106
993 ____ 9914 Feb'31
4
Coon Ry & L let & ref g 4 Hs 1951
100 ____ 100 Mar'31
1941
Stamped guar 430
827
8
Coosa) Agricul Loan 6348-..1958J
81 Sale 8012
Consolidated Hydro-Elec Works
/
4
93
921
9218 93
of Upper Wuertemberg 78_1956
40
Cons Coal of MCI 1st & ret bs.1950 J D 39 Sale 38
1063
4
Consol Gas(NY)deb 5 Hs 1945 F A 10612 Sale 10614
104
104
10418
Consumers Gas of Chic gu 58 1936
4 106
4
Consumers Power 1st 58- -1952 M N 1053 Sale 1053
8412 6312
65
Container Corp let es
1946 1 P 63
1943 J D 4212 4312 4312
4512
15-yr deb 58 with warr
100
Copenhagen Telep be Feb 15 1954 F A 100 Sale 99
M N 104 10412 10414
10414
Corn Prod Refg 1st 25-yr I 5s'34
9812
9714 Sale 97
Crown Cork & Seal s t691947
8512
86
8518 86
Crown Willamette Pap 88_1951
/
1
68
Crown Yellerbach deb 68w w 1940 M S 67 Bale 664
41 Mar'30
812 30
Cuba Cane Sugar cony 7e....1930
277 Dee'30
8
812 14
Cony deben stamped 8%_1930 3
812
11
812 Sale
Cuban Cane Prod deb 138.._1950 J
712 Sale
Cuban Dom Hug let 7 Hs_ _ _1944 MN
712
74
3
11
7
712 5
Stpd with purch war attached_
10484 10514 044 1043
/
1
4
Cumb T & T 1st & gen 5s--1937
0412 105
Cuyamel Fruit let8168 A _ 1940 A 0 10412
76 Dec'29
Denver Cons Tramw 1st58.l933 A 0
Den Das dr E L let & ret s t be '51 MN 10112 10212 0112 Apr'31
/
1
4
8 10258
4
Stamped as to Pa. tax _ _1951 M N 102 1028 025
3
8
81
Oct'29
Deny(D 0)Corp let 8 t 78.-1942 M S
3 Dec'30
3
64
2d Is stud Sept 1930 coupon__ --10314
Detroit Edison let coll tr 58_1933 J J 103 Sale 03
8
107
Gen & ref 58 series A-1949 A 0 10612 10714 063
1955J D 10712 109
0714
Gen & ref be series B
108
A 10712 108
1962 F
073
8
Gen & ref 58 series C
10712
/
1
Oen & ref 4 He series D.-1961 F A 10312 Sale 034 1037
8
99 Sale 9834
Del United 1st con g 4344_1932
99
8812 Sale 8812
Dodge Bros deb es
90
Mt
) 1.111 70 Sale 70
Dold (Jacob)Pack let68_
70
Dominion Iron & Steel 58-1939 M S 95 ____ 90 Mar'31
98 100
1942
98
Donner Steel let ref 79
98
8
8 1053
Duke-Price Pow 1st es ser A_1966 M N 1055 Sale 1053
4
Duqueene Light let 4 Hs A-JEW] A 0 10412 Sale 10414
1043
4
40
37
37
East Cuba Elm; 16-yr s I g 7 Hs'37 M S 35
J J 100 10014 99 Apr'31
/
1
4
1939
Ed El 111Bkin 1st con 6 4s
118 ____ 117 Apr'31
Ed Elec(N Y,Ast cone; 5j995 ,J
Edith Rockefeller McCormick
1934 J J 102 Sale 1013
4 102
Trust coil tr 6% notes
8
/
1
4
89
Elm Pow Corp(Germany)8 He'bo 131 S 877 Sale 87
1953 A 0 87 Bale 8812
8714
latet6345
69
70 Mar'31
Elk Horn Coal let dr ref 6 He 1931 J D
D
6012 Oct'30
Deb 7% notes (with warrl 1931
Cash sale. a Option sale.
la!
Range
Since
Jan. 1.
BONDS
N,Y.STOCK EXCHANGE
Week Ended AprIl 17.
No. Low
Htoh
le 1031s 105
Equit Gas Light 1st con 55_ _1932
99 1023 Ernesto Breda Co let m 7s_1954
/
1
4
4
118 105 10712
With stock purchase warrants_
Federal Light & Tr 1st So__ _1942
89 iEvii 10818
8
let lien s f be stamped _ _ _ _1942
120 107 11014
1942
/
1
4
let lien Os stamped
64 1204 135
/
1
1954
30-year deb es series B
186 10514 10814 Federated Metals 13 f 78
1939
1 10312 106
Fiat deb 7s (with warn)
1946
18 101 10412
Without stock punch warrants_
8 102 10612 Fisk Rubber let s f 8s
1941
10
59
77
Framerican Ind Dev 20-yr 7)48'42
35
63
87
Francisco Bug let s f 730_1942
14
20
1011s 1014 Gannett Co deb Cs
1943
/
1
7878 92
136
Gas& El of Berg Co cons g 561949
08
318
8012 Gelsenkirchen Mining Os__ _1934
91
4
98
Genl Amer Investors deb 50..1952
1 102 104
Gen Baking deb 51 5Ho ___ _1940
Gen Cable lets t 530 A ___ _1947
Gen Electric deb g 330
1942
Gen
75Jan 15'45
8 69
- S tElec(Germany)
8 -. 5
1940
deb 630 with warr
30 101 10314
Without warets attach'd_1940
7 10612 107
20-year s f deb Os
1948
30
1
48
Gen Mot Accept deb 88
1937
/
1
93
/ 964 Gen]Petrol let s f be
1
4
73
1940
81311 90
5
Gen Pub Sera deb 6348
1939
11 107 10912 Gen Steel Cast 53.48 with warn'49
/
1
4
21 110 115
Gen Theatres Equip deb 68_1940
691 8818 Good Hope Steel Alsec 7s.1945
/
4
35
6814 863 Goodrich(B F)Co let 634s-1947
4
8
644 80
/
1
/
1
4
107
1945
Cony deb es
8814 8512 Goodyear Tired: Rub 1st 58_1957
5
/
1
4
3 102 105
Gotham Silk Hosiery deb 68_1938
/
4
10 1011 1033 Gould Coupler 1st f 68
4
1940
8312 (St Cons El Pow (Japan) 7s_1944
78
6
25
35
13
1950
lot & gen f OAS
94 105
5
Gulf States Steel deb 534s.1942
/
1
4
34 6
/
1
6
4
143
32
23
13
11
47
4
7
35
9
16
6
2
2
4
37
4
4
4
83
87
1054 1073
/
1
8
988 10214
4
62
85
6612 664,
"iS" 16"
10714 11058
117 12114
/
1
4
218 218
10212c1043
4
98
96
83
93
975 10114
8
101 103
/
1
4
101 1073
8
1005 104
8
103 1043
4
93 100
9212 98
/
1
4
93 101
15
45
55
70 04
3
105 10514
33 8 70
5
104 4 106
3
1117 114
8
3112 4414
59
59
3914 45
1031s 105
11
5
34
87
8334
8018
90
91
22
1170
041, 993,
23
153
4
6
20
2
5
57
_
125
74
83
95 4
3
9514
94's
893 9412
4
9612 1011
/
4
97 10114
9512 9912
94
9814
97 10014
9358 98%
9112 99
1054 1065
/
1
8
9914 9914
994 10112
/
1
67
83
/
1
4
82
93
/
1
4
9
247 4818
8
43
142 103 10712
1 10318 104
6 103 10614
85
63
6
4312 64
7
97 410078
17'
1 102 10412
97
99
20
8412 96
/
1
4
11
6012 85
17
67 '11"
45
2
712 16
/ 17
1
4
2
2
/
1
4
5 102 10512
41
10218 10512
163""
9958 tows
100
2
11
10
12
15
262
12
67
7
2
20
44
10
17
33
40
ioi- 1-03-1;
104.0108'2
105 108 a
10514
3
107 4
103
/
1
4
9714 99
824 913
/
1
4
60
/ 7014
1
4
90
90
90 101
102 10612
1021a 1047
8
28
42
97 4 10012
3
11514 118
8 3
24
100
77
71
70
102
89
8714
70
Hackensack Water 1st 413_1952
/Tamen Mining es with stk punch
war for corn stock or Am she'49
Hansa SS Lines es with warr_1939
Havana Elec consol g 5s ___ _1952
Deb 5148 series of 1926_1951
Hoe(R)& Co 1st 8345 ser A.1934
Holland-Amer Line es(flai)_1947
Houston Oil sink fund 5 3.4s....1940
Hudson Coal 1st sf55 ser A_1962
1949
Hudson Co Gas let g be
Humble Oil& Refining 5)0_1932
1937
Deb gold 513
Illinois Bell Telephone 15._ _1950
1940
Illinois Steel deb 43.58
Ilseder Steel Corp mtge 68_1948
Indiana Limestone 1st 51 68_1941
Ind Nat Gas & 01158
1936
Inland Steel 1st 43.45
1978
1981
1st m s 4Hs ser B
Inspiration Con Copper 8348 1931
Interboro Metrop 434s .195
6
Ctrs of deposit
Interboro Rap Tran let 55...1966
Stamped
1932
10
-year es
10
1932
-year cony 7% notes
Int Agri Corp 1st 20-yr 58.. _1932
Stamped extended to 1942_ __
Int Cement cony deb 5s_ _ _ _1948
Internet Hydro El deb 6s 1944
Intermit Match s t deb 5s_ 1947
1941
Cony deb 58
Inter Mercan Marine e f 69._1941
Internet Paper bs ser A & B_1947
Ref s t es series A
1955
Int Telep dr Teleg deb g 4345 1952
1939
Cony deb 4345
1955
Deb be
1947
Investors Equity 58A
Deb 5s ser B with warr_ _1948
1948
Without warrants
Kansas City Pow & Lt fe_ _1952
let gold 4358 series B._,.1957
Kansas Gas & Electric 43.58.1980
1943
Karstadt (Rudolph) es
Keith (13 F) Corp 1st es
1946
Kendall Co 530 with warr _1948
Keystone Telco Co let 58_1935
Kings County El & P g 58_ _ _1937
1997
Purchase money es
Kings County Elev let g 4-1949
Kings County Lighting 5s._1954
1954
First and ref 6 Hs
Kinney(GE)& Co 734% notes'36
Kresge Found'n coil In 68_ -1938
Kreuger & Toll Ita with warr_1959
Lackawanna Steel 1st 58 A _ _1950
Lacl Gas ot St L ref & est 58_1934
Col & ref 530 series C 1953
Coll & ref 5 He Fier D
1980
Lautaro Nitrate Co cony 613_1954
Without warrants
Lehigh C & Nay st 444e A._1954
Cons sink fund 430 ser C.1954
Lehigh Valley Coal let g 5s_ _1933
1st 40-yr gu lot red to 4% _1933
let &ref orbs
1934
1st & ref 13 I 5s
1944
let & ref s t 5E3
1954
18t & ref orbs
1964
1st & ref s f 58
1974
Liggett & Myers Tobacco 75_1944
55
1951
Loew's Inc deb Os with warr _ 1941
Without stocks punch warrants
Lombard Elec 1st 75 with war '52
Without warrants
1944
Lorillard (P)Co 78
53
1951
Deb 5 Hs
1937
Louisville Gas & El(Ky)58_1952
Lower Austria Hydro El Pow1944
lstst8 Ho
McCrory Stores Corp deb 534e41
McKesson & Robblne deb 530'
53
Menet Sugar IsIs t 7 Hs_ 1942
Strapd Apr 1931 coup on. 1942
Mantua Ay(NY)CMS g 4s 1990
2013
2d 49
Manila Else Sty & Lt 51 58_ _1953
Mfrs Tr Co ctfs of nerd° In
A I Namm & Son let 6s-1943
Marion Steam Shovel I 62_ _1947
Market St RY 75 ser A _April 1940
Mead Corp 188 es with ware..1945
Meridionale Else let 75 A _1957
Price
Friday
Apr, 17.
Bid
10112
Week's
Range or
Last Sale,
Ask Low
101
Raw.,
SInes
Jan. 1.
High No. Low
Mar'31
101
73
7112 7212 7158
9714
4
963 9712 963
4
963
4
963 Sale 9638
4
102
102 103 102
9412
9012 9514 9412
923
4
923
4
4
923 93
9214
92
92
89
9214
92
90 8
5
89
27
/
1
4
2712 Sale 2712
8 10812
1077 Sale 1077
8
55 Mar'31
5018 57
8112 Apr'31
82
81
103
/ 10312
1
4
1045
8
941
/
4
94 Sale 94
9114
9112 9118
90
9614
9512 Sale 9512
83
853
8
8312 84
9612
9612 Sale 9812
8 1005
8
8
1005 103 1005
91 Dec '30
4
963
4
96 Sale 963
/
1
4
/
1
4
884
/
1
88 Sale 88
/
1
4
8 10412
104 Sale 1037
102 10214 10212 10212
95
9414 Sale 9414
9214
9114 Sale 91
81
55 Sale 5212
963
4
9412 963 9312
4
100
99 Sale 99
66
60 Sale 60
9178
9012 Sale 9012
90
90 Sale 90
65
6514 85
85
3
993 Sale 99 4 10012
4
95
943 Sale 9414
4
4
8914
8818 883
911 ____ 92
/
4
FoQ
5
14
2
1
2
19
34
14
20
91
28
64
14
2
2
12
10
99
5
2
15
225
140
65
147
177
5
12
18
47
9
554 76
414 97
14
92
963
4
99 10318
9412 100
9212 95st
793 93
4
79
/ 923
1
4
4
27% 373
2
10412 109
65
69%
73
86
10312 10518
89
943
4
83
9114
9312 98
/
1
4
7714 923
4
95
9612
91 104
-iBT2
92
82
1014 1043
/
1
4
/
1
4
102 103
93 96
96
89
74
51
82 96 4
3
/
1
4
99 102
60
76
92
87
75
90
65
68
/
1
4
933 10114
4
85
/ 951
1
4
8
87
/ 90
1
4
88
/ 92
1
4
92
82
8214
844
/
1
"83" We" 83
51
51
543 51
4
2314
227
8
22
29
67
67 Bale 62
58 Mar'31
58
51
9212
928 92
92
8112
60 Sale 60
/
1
108 1061 1054 10614
10212
10214 Sale 10214
10214
10214 Sale 10214
107
1085 Sale 10614
8
10218
102 Sale 102
8112
7912 817 80
53
5114 527
8 51
10014
10014
10014
944
/
1
9414 Sale 94
93%
/
1
4
9314 Bale 92
100 Feb'31
-912 16- 912 Jan'31
912 Jan'31
75
7314 Sale 7314
747
8
7314 Sale 7314
6712 Sale 5712
61%
4
95
94 Bale 933
981 9914 9812 Feb'31
/
4
723 73
4
/ 7314
1
4
7314
9518
9414 Sale 9414
89
87 Bale 87
93
/
1
4
92 Sale 92
97
8
955 Sale 9512
8312
8212 Sale 8212
74
7312
7418 75
6314
613 Sale 61
4
80 4
3
7912 Sale 79
3
933
4
9014 Sale 90 8
873
4
8512 Sale 8514
73 Apr'31
731 78
/
4
73 Apr'31
80
74
73 Apr'31
75
73
105 Mar'31
1033
4 1033
4
10312
9712
97 Sale 97
7218
/
1
4
695 Sale 69
8
7518
75 Sale 75
67
65 Sale 65
_
79
/ 76
1
4
76
1047 Mar'31
8
10453
4 1373
4
1375 142 1373
8 8434
/
1
4
845 Sale 84
8
1045 Apr'31
8
107
11812
- 11812 11812
76 16 76
7
614
/ 103
1
4
10214 1027 102
8
9412
935 Sale 9314
8
Higl
1011
4
9
8
2'
11
18
32
3
34
12
53
22
14
13
1
38
134
77
70
8412
51
573
4
90
51
67
65
94
63
991j
494 sus
2218 am,
10479 10624
lorgeloor
101 10258
1
5
6
203
105 107
1004 10312
/
1
82
71
69
48
10018 10014
94
975
4
927 98 4
8
3
99 100
912 9
12
912 91,
884 7514
/
1
6814 75
3
5018 64 4
8914 95
9312 99
7Ø1
7314
9414 100
86% 93 4
1
89
/ 9919
1
4
9512 100
8212 97
714 77
/
1
69e
60
7118 8412
96
81
76
9014
75
73
73
76
74
73
10214 106
10112 103 4
3
9312 977
s
3
593 75 8
4
75
781t
39
68
/
1
4
82
74
1033 105
8
134 1381!
4
78
843
10414 105%
11812 119
7212 9018
10112 103
88
94 8
5
243
289
67
62
1
158
146
107
397
35
7
42
12
279
81
16
82
103
8
4
1
3
22
104 4 10414
3
Sale 103
Sale 10112
10112 101
10412
10314
102
10112
27
15
24
23
102 1044
10112 1034
/
1
4
100 103
100 8 10312
7
6218 Sale 6014
9914 Sale 9918
99 1(1014 99%
100
993
4
10012
10012
_ 16- 7512
43
so 43
52
40
55
52 Sale 52
8
1215 12212 121
106 Sale 10512
97
9714 100
97 Sale 97
/
1
933 Sale 034
4
4
915 Sale 913
8
113 Sale 112
92 Sale 9112
965 Sale 9612
1
105 Sale 105
6514
9912
9914
1013
4
Mar'31
Apr'31
Apr'31
Apr'31
Mar'31
52
1213
4
106
Mar'31
9712
94
93
113
92
9718
10612
83
8
8
2
43
7512
9812 101
9914 100
1011 102
985 99 4
8
3
99 100 4
/
1
4
3
7512 78
52
43
55
50
50
57
1183 12313
8
10414 107
/
1
4
100 110
944 99 4
/
1
3
765 9512
s
95
75
1023 113
4
92
82
86
/ 97 s
1
4
5
10312 10718
104
103
1015
8
10114
86
78
9912 Sale
7812 Sale
32
31
31 Sale
55 Sale
54
45
97
90
84
84
98
9912
78
8012
31 Mar'31
32
31
5712
4
543
50 Apr'31
97 Mar'31
9212 93
43 •
40
/
1
4
96 Sale
8718 88
993 100
4
9212 Apr'31
3912 Apr'31
964
/
1
97
8712
895
8
993
4
100
3
11
18
35
22
24
38
28
67
23
2
7
76
8
39
21
2
13
76
93%
78
25
25%
52
45
97
87
/
1
4
9912
8412
40
35
5712
50
100
92
85
93
R5
St%
9412
47
98
so
100
New York Bond Record-Continued--Page 6
2932
BONDS
N. Y. STOCK EXCHANGE.
Week Ended April 17.
"
Metr Ed let & ref 55 eer C-1953 is
1968 M
lets 44eserD
Metrop Wat Serv 44 Dr 5346_1950 AO
Metr West Side E (Chic) 48_1938 PA
Ming Mill Mach 78 with war 1956 SD
SD
Without warrants
Midvale St &0 coll tr s f be 1936 MS
Milw El Ry& Lt let be B...1961 SD
Montana Power let 58 A_-1943 Si
Deb Sc series A
1962 J D
Montecatinl Min & AgrtcJ
Deb 7e with warrants____1937
J
Without warrants
Montreal Tram let & ref 56_1941 Si
Gen & ref et 58 series A.._ _1955 AO
Gen & ref s f be ser B
1955 AO
Gen & ref St 43e set C_ _1955 AO
Gen & ref s f 58 ser D_ _1955 AO
-I
Morris & Co let of 4148._ _ _1939
Mortgage-Bond Co 4s set 2_1966 AO
10-25 year 55 series 3
1932 is
1934 so
Murray Body let 6s
Mutual Fuel Gas let gu g Se.1947 54 N
Mut Un Tel gtd 6s ext at5% 1941 MN
Namm (A I) & Son_See Mfrs Tr
Nieman Elec guar gold 4s___1951 is
Nat Acme lets t 136
1942 SD
Nat Dairy Prod deb 53(s...1948 FA
Nat 'Radiator deb 630
1947 PA
NatSteel f deb 5a
1941 J J
Newark Consol Gas cons 58_1948 Jo
Newberry GI J) Co 54% notes'40 AO
New Engl Tel & Tel 58 A..1952 JD
let g 410 series B
1961 MN
New On Pub Sexy 1st as A _ _1952 AO
First & ref be series B_ _ _ _1955 J D
NY Dock 50
-year 1st g 48_ _1951 PA
Serial 5% notes
1938 AO
N Y Edison 1st & ref 610 A_1941 AO
let lien & ref be series B....1944 AO
NY Gas El Lt H & Pr g 58_1948
D
Purchase money gold 0..1949 FA
NYLE& W Coal & RR 510'42 MN
NY LE&W Dock & Imp 5s'43 Si
NY Rye let RE & ref 4.9_1912 is
Certificates of deposit
30-year adj inc Is _Jan 1942 AO
Certificates of deposit
N Y Rye Corp lee 6s_Jan 1985 Apr
Prior lien 6s series A
.1
1965
N Y & Richm Gas 1st Os A _ _19.51 MN
NY State Rye 1st cons 430_1962 MN
Registered
MN
Certificates of deposit
50-yr 1st cons 63gs series B 1962 MN
N Y Steam lst 25-yr 8sser A 1947 MN
1st mtge 5o
1951 MN
N Y Telep let & gen s t 430_1939 MN
30-year deben of 6s _Feb 1910 PA
30
-year ref gold Os
1941 AO
N Y Trap Rock let 68
1946 Jo
Niagara Falls Power let 58.1932
J
Ref & gen Os
Jan 1932 AC
Nlast Lock &0Pr let 58 A._1955 AO
Niagara Share deb 59-4s_ _1950 MN
Norddeutsche Lloyd 29-yr at6s'47 MN
Nor Amer CCM deb 6145 A_1940 MS
NOrt52 Amer Co deb 5s
1961 PA
No Am Edison deb ba ser A.1957 MS
Deb 510ser B
_Aug 1S1963 FA
Deb 56 series C.. _Nov 15 1069 MN
Ner Ohio Tree & Light (is_ _1947 MS
Nor States Pow 25.yr Es A._1941 AO
let & ref 5-yr 68 ser 11 ._ _ 1941 AO
North W T 1st fd g 410 gtd.1934 is
Norweg Hydro-El Nit 6 48_1957 MN
Ohio Public Service? 45 A _ _1946 AO
let & ref 7.11 series B
1947 PA
Ohio River Edison let Os_ _1948 Si
Old Ben Coal let(is
1944 FA
Ontario Power N F let 5s___1943 FA
Onsgrlo Power Sent let 510_1950 .8 J
Ontario Transmission let 5s_1945 MN
Oriental Devel guar 68
1953 MS
Extl deb 510
1958 MN
Oslo Gas & El Wks esti 58 .1033 M
Otis Steel let 111 es ser A_ _1941 M
Paelfie Gas& El gen & ref bs 1942 1 .1
Pacific Tel & Tel let 58._ _1937 J J
Ref mtge 58 series A
1952 M N
Pan-Amer PA T cony e f 68.1934 MN
Pan-Am Pet Co(of Cal)conv 63'40 J D
Paramount-B'way 1st 530_1951 S J
Paratnount-Famai-Lasky 68.1947 J
Paramount Publfx Corp 511e 1950 F A
Park-Let let leasehold 634s-1953 1
Parmelee Trans deb 68
1944 A 0
Pat & Passaic G dr El cons 58 1949 M F
Petite Exch deb 7s with wart 1937 M N
Penn-Dixie Cement Os A__ _1941 M S
Peop Gas & C let cons g 68_1943 A 0
Refunding gold be
1947 M S
Registered
M a
Phila Co sec 58 ger A
19671 D
Phila. Elec. Co let 410
1967 MN
1st & ref 48
1971 F A
Phfla & Reading C dr 1 ref 59_1973 1 .1
Cony deb Os
1949 M S
Phillips Petrol deb 548._ _1939 J D
Pierce 011 deb s f Ss. _Dec 15 1931 J D
Pillsbury Fl Mills 20-yr 66_1943 A 0
Pirelli Co (Italy) cony 78_1952 M N
Pocah Con Collieries 1st a be '57 5 1
Port Arthur Can & Dk (is A.1953 F A
1953 F A
let 111 6s series B
Port Gent Elec 1st 410 ear C1960 M S
Portland Rv LA. P tennis A1945, MN
Portland Gen Eire let be...19355 J
PortoMican Am Tob cony ets 1942 J .1
Postal Teleg & Cable colt 58_1953 .1 1
Pressed Steel Car cony g 56.19315 J
Pub Sem, El & Gas 1st & ref be '65 1 D
1st & ref 44s
4.
let & ref 410
F
a
F7j
1 ;j
1t
let & ref 48
P
unta Alegre Sugar deb 7s._1937
Certificates of deposit..........
1937
Pure oils f 334% notes
1940M S
f 54% notee
Purity Bekerele s f deb 5s_ _1948 J J
.1937 M N
Remington Arms let s f Os.
Rem Rand deb 59 with war '47 M N
-is
Repub At S 10-30-yr 5s s f__1940 A 0
Re & gen 59-(s series A_ _ _1953 J J
Revere Cop & Br Els_ __July 1948 M
Rheincibe Union is with war 1946 J J
Without stk porch warr._194A J J
C Cash sale.
0 Option sale
Price
Friday
Apr. 17.
SW
1047
8
1023
8
60
8812
78
Ask
10514
Sale
63
76%
79%
10212 Sale
1023 Sale
4
105 Bale
103 Sale
Week's
Range or
Last Sale.
R7.2
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended April 17.
at
Low
High No. Low
High
6 10212 10512
104% 105
101% 102% 42
99% 10314
14
56
60
56
75
75 Mar'31
7112 77
7512
75 Jan'31
75
7612
78
16
621s 78
92 10011 103
10212 103
10214
10314 42
9912 10314
10412 10518 18 103 105%
10212 103
8
99 104
10012
Sale 99
98%
995
8
99
4
Sale 10012 1003
95 Apr'31
97
963 Sept'30
4
8612 --- 8718 Mar'31
Jan'31
91
9814 92
80
74 Sale 74
73 June'30
70
80
99 100
9812
9812
98
98
98
99
108 10812 10814
10814
1025 Mar'31
8
10314
99
98
10012
94
23
33
8
"Airs WI;
9
1
4
1
6314
9
52 Sale 52
1
9612
9612
95
96
292
101% Sale 10178 102
17 Apr'31
14
16
2
1007
8
100% Sale 10018
1053 -- 105 Apr'31
4
2
94
9312 933 94
4
5
1103 11114 110%
8
111
10512 Sale 10512 C10612 28
93% 17
93% Sale 93
9314 46
93 Sale 92
7812 Sale 7712
7812
7
31
73
7212 Sale 67
1155
8 21
11514 1153 115
4
8
4 1053
4
1057 ---- 1053
8
3
111 11112 110
11114 19
9912 53
9914 Sale 99
---- 10014 112 Sept'30
100 Mar'31
100
43% Oct'30
40
50
40 Dec'30 ---'4
2 2 212 Dec'30
,
1 July'29 214 3
2
212 12
53 Mar'31 ---53% 59
20
8 107
10614
_ 1065
8%
85
8
2
8% Sale
6 Dec'30 - 878 18
8
8 Sale
12 Mar'31
8% 23
_
1087 10914 1087
8
8 10914 10
10412 17
10314 10412 104
44
103% Sale 10314
1037
15
111% Sale 11138 112
108
78
1063 Sale 1057
4
4
10012
10014 10012 100
1013 Sale 1013
4
1013
4
9
10218 17
102 10218 102
10514 Sale 10514 10514
10
98 Sale 98
98% 62
8512 Sale 86
8612 73
47 Sale 47
48
14
9984 262
99 Sale 98%
104% 44
10414 10412 04
104 Sale 10312 10418 78
10112 Sale 0112 102
72
10714 26
10614 Sale 06
104 Sale 03 4 104
30
3
10612 24
10614 Sale 06
3
1003 10112 00 4 Mar'31 _ _ _
4
100
30
99 Sale 99
1117
8 11
1113 Sale 1138
4
11412 11
1133 Sale 12
4
10218 Feb'31
4
38
35 Sale 35
2
104% Sale 04% 105
92
8
90
913 89%
4
10312 Apr'31
103
10018 25
100 Sale 100
95
82
94% Sale 9414
9814 22
9818 99
9718
99
18
9712
9712 98
1048 Sale 10438
1043 10514 105
4
10712 Sale 10713
1015 Sale 10112
8
543 Sale 543
4
4
10214 Sale 102I
94 Sale 9312
83 Sale 83
5312 Sale 53
36 Sale 2518
106
_ _ _ _ 1051
823 Sale 8238
8
65 Sale 65
11638 ____ 11538
10812 Sale 10813
1013 106 102
102 Sale 10112
4
1037 10418 1033
8
9512 Sale 95
7812 Sale 7812
744 Sale 74
/
1
74 Sale 74
103 Sale 103
10514 Sale 105
102 10312 100%
0012 92
9012
10114 Sale 10114
10114 ____ 104
90 Sale 8914
10714 Sale 10714
103 10312 10212
73
743 73
4
61 Sale 5912
87
88
87
10514 Sale 10514
8
1035 Sale 1033
8
1033 Sale 10314
4
8
953 Sale 95
812 9
10
8
3 ____ 83
39 Sale 89
84 Sale 84
9412 Sale 9412
92 Sale 9318
4
793 Sale 79
101 Sale 100%
94%
9414 95
9414
/
4
871 92
924 92% 8512
8
4
923 Sale 923
RhIne-Main-Danube 7e A..1950 MS
Rhine-Westphalia El Pow 7e 1950 MN
Direct mtge Os
1952 MN
Cons M 68 of'28 with war_1953 FA
Without warrants
PA
Con m Os 01 1930 with war 1955 AO
Rhine-Ruhr Wet Sec 88____1953is
Richfield 01101 Calif Os
1944 1(1 N
Certificates of deposit
Rims Steel 181 s f 75
1955 FA
Rochester Gas & El 78 ser B_1946 MS
9133 10012
Gen mtge 510 series C_ _1948 MS
92
99%
Gen mtge 434e series D.
..l977 54 $
8
9812 1013 Roch & Pitta C&I pm Ss .l940 MN
903 95
4
Royal Dutch 48 with warn. _1945 AO
105
46
3
105
10712
9
10212 31
6212 252
10212
6
943
4 26
853
8 83
5512 14
13
36
Feb'31
8612 94
6512 16
1
11538
10812 20
Dec'30.102
130
104
70
95 12 198
80
38
7714 93
7514 54
103
1
10514
9
Mar'31
9012
3
102
5
Mar'31
4
903 103
10712 36
Apr'31
_
73
1
65
98
87
5
10514 11
104
19
1037
8 29
9512 197
Mar'31
Mar'31
9012 49
8514 72
97
60
933
4 24
13
801a
17
101
7
95
Apr'31
Jan'31
9314 44
Sties Ry Lt H & Pr let 58_1937 MN
917 98% St L Rock Mt & P be atmpd_1955 Si
8
83
74
St Paul City Cable cons be_ _1937 is
Guaranteed bs
1937 J J
51 98 San Antonio Pub Serv let 69_1952 .1
92% 98
Saxon Pub Wks(Germany) 78'45 FA
10212 10814
Gen ref gusto Ms
1951 MN
102% 102% Schuh.° Co guar 610
.1
1946
Guar St 610 series B...J946 AO
Sharon Steel Hoop a f 548_ _1948 PA
497 5314 Shell Pipe Line s f deb Sc. _1952 MN
8
95
9612 Shell Union Oil a t deb 58-1947 MN
98% 102
Deb be with wart
1949 AO
1112 25% Shinye 8th 1Pow let 6;is __1952 Jo
96 10018 Shuber 1Theatre 68.5une lb 1942 J D
104 10612 Siemens & lialske s f 7e,..1935
5
37
95
Deb s f 610
1951 MS
1083 11114 Sierra & San Fran Power 58.1949 FA
8
103 c10612 Silesia Elec Corps f 634s._.1946 FA
/
1
4
35
94
Slleslan-Am Corp colt tr 7s__1941 FA
85
9314 Sinclair Cone Oil 15-yr 76-1237 MS
/
4
741 8412
let lien 610 series B
1938 J D
67
867 Sinclair Crude Oil 614s see A.1938 J J
8
11358c116
1942 A 0
Sinclair Pipe Lines f be
1047 1063 Skelly Oil deb 510
8
4
1939 M S
107% 11114 Smith (A 0)Corp let 610-1933 M N
9718 993 Solvay Ara Invest 58
4
1942 M S
South
1st s f 5s '41 .1 J
ioo" fol" S'westBell Tel & Tel ref Es 1954 F A
Bell Tel 1st &
Southern Colo Power tht A._1947 J
Stand 01106 NJ deb be Dec 15'46 F A
Stand 01101 NY deb 434e_1951 J D
Stevens Hotel 1st Os ser A._1945 J
2
414 Sugar Estates (Oriente) 7s-1942 M S
45
5314 Syracuse Lighting let g 58_1951 J D
106 107
Term Coal Iron & RR gen 56.1951S J
7
1112 Tenn Cop & Chem deb 8813.1944 M S
Tenn Elec Power let 68__1947 J D
7
9 Texas Corp cony deb bs___1944 A 0
612 12
Third Ave Ry let ref 48......_1960 J J
10712 10914
Atli Inc 5s tax-ex N Y Jan 1960 A 0
100% 1043 Third Ave RR let g 5s
4
1937 J J
10112 10512 Toho Elec Power let 78
1955 M S
11118 1121g
1932.8 J
6% gold notes
1064 108
/
1
Tokyo Elec Light Co. Ltd
95 10012
let Os dollar scrim
1953 J D
101 103% Trenton GA El let g 6s__ _1949 M S
1017 103
8
Truax-Traer Coal cony 6;0.1943 M N
103 107% Trumbull Steel Islet 6a _ _ _ _1940 MN
/
1
4
8934 983 Twenty-third St Ry ref 513_1962 .1 J
4
84
87
Tyrol Hydro-Elee Pow 730_1955 M
41
5612
Guar 8ec sf 7s
1952 F A
97 99%
14
10014 104% UJIgawa Elm Pow a f 7s __ _1945 M S
1013 10418 Union Elec Lt & Pr(Mo)68.1932 M S
8
97 10214
RetAext6s
1933 M N
103 108
Un E LA (111) let g 510 A 19545 J
102 10412 Union Elev Ry(Chic)Se__ _1945 A 0
1054 107
/
1
Union 01130-yr
_..6lay 1942 F A
10018 100%
let lien s f be 65A_- _ _Feb 1935 A 0
aer C.
97% 10114
Deb bs with wart% __Apr 1945 J D
110 11212 United Biscuit of Amdeb 68_1942 54 N
111 115
1953 M S
United Drug 25-yr be
10112 10112 United Rye St L 1st g 48- __1934 S J
35
5014 United SS Co 15-yr fla
1937 M N
10314 10512 Un Steel Works Corp 6 As A-1951 1 D
89% 94%
1951 5 D
Sec f 10 series C
100 10112
19475 .1
Sideb64aserA
95 101
United Steel Wks of Burbach8318 96
Esch-Dudelange of 7e._..1951 A 0
9514 100
US Rubber let & ref 5sser A 1947 J J
95
993 Universal Plpe & Red deb fla 1936 J D
4
1953 A 0
Unterelbe Pow & Lt 60
1023 10512 Utah Lt & Trac lst & ref 58_1914 A 0
4
10378 1054 Utah Power & Lt let
/
1
1944 F A
106 1073 Utica Elec L & P 1St 5s_- 19505 5
4
f 1158
10112 102
/ Utica Gas& Elec ref & ext be 1957,1
1
4
50
78
_1947 J D
Util Power & Light
10112 105
Deb be with warrants--1969 F A
92% 97
F A
Without warrants
83 89
Vertlentes Sugar let ref 78..1942 J D
5172 6212 Victor Fuel let e f 58
1953 5 J
35
38
Va Iron Coal & Coke let g 56 1949 M S
105 100
Va Ry & Pow lat & ref bs.....1934 J
%
50 80
65
86% Walworth deb 610 with war 1935 A 0
11212 115%
Without warrants
19418 109
let sink fund (is series A..1945 A 0
Warner Bros Pict deb 68-1939 M S
9814 10238 Warner Co let Os with warr_1944 A 0
10214 10414
A 0
Without warrants
92% 9512 Warner Sugar Refin 1st 73_1941 J D
77% 8514 Warner Sugar Corp let 75
-1639 5 5
69
/ 83
1
4
Stamped Jan 1 1930 coup on'39
7012 9214 Warner-Quinlan deb e.g.__ _1939 191-5
103 10312 Wash Water Power s t 59-1939 J J
1033 1054 Westchester UK be stpd gtd.195i)J D
4
/
1
94 10118 West Penn Power ser A 5a__1946 M
9012 92
let bs sertes E
1983 M S
100 108
1953 A 0
1st 510 series F
102 164
let sec 58 series
195415 I/
86
913 Western Electric deb 5s.
4
1944 A C.
1063 108
4
Western Union roll trust 55.1938 J J
101% 104
Fund & real eel g 44s-1950 M N
60
79
15
1936 F A
-year 09
-ft
65
74%
1951 J D
2 -year gold Sc
5
74
88
30
1960 M S
-year 5.9
10218 10614 Westphalia Uri El Pow 6s._1953 J J
10112 10414 Wheeling Steel Corp let 510 1948 5 J
10112 10414
1st & ref 4 Hs serles B_ _ _1953 A 0
935 9512 White Eagle 011 & Rel deb8
510'3
7
10
1'21
/
4
With stock Dutch warrants__ M S
838 12
Whitt)Sew Mach Os with wart'36 J 5
88
98
J J
Without warrants
84
1940 M N
9338
Panic s f deb Os
90 4 59
3
812 Wickwire Spen St'l let 7a_ _.19353 J
00
95%
Ctf dep Chase Nat Bank _
_
78% 9912
7s(Nov 1927 coup °Wan 1935 MN
9812 101
Ctf dep Chase Nat Bank_
8312 96
.
Willys-Overland s f 6SO--1933 6i -a
91 101
Wilson & Co let 25-yr a f 68_1941 A 0
80
87% Winchester Repeat Aran 7 4e'41 A 0
821.4 935 Youngstowd Sheet & Tube 55'75 J .1
Price
Friday
Ayr. 17.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High No. Low
Bid
Ask'Low
High
5
7
90
9812
9812
9514 9712 97
90 10112
101 10214 9912 10114
39
88
75
88 Sale 86
8914
8812 49
757 874
2
85 Sale 84
/
1
_
76
8738 87 Mar'31
83
87
4
7412 961
8612 53
857 Sale 8514
8
784 27
63
783
4
773 Sale 773
4
5414 530
41
4
4934 Bale 493
67
8 41
5014 60
625
4912 ____ 5014
12
8612
3
8612
84% 887
8612 87
1
10718
3 10518 10712
4
1063 10714 107
2 105 1073g
107
107
107
9911 1011
/
4
2
10112
10112 ____ 10112
5
9
818 8
8918 8 0 8918 De9c'130
82
115
87 - -1it
1/3
99
9912 9912 100
50 8
3
50 8
3
5018 54
88
90 88
83
88
90
88
88
1084 Sale 10812 109
92
9112 Sale 9114
8512
8414 Sale 84
7413
747
73
70
85
8434 8212
80
8
847
847 Sale 847
7814 Sale 7814
8014
7214
70 4 Sale 7038
3
7314 Sale 7314
7414
9012
903 92
4
923
4
1514
15
167 15
e
10288
1018 10218 1017
101
1017 Sale 100
8
4
4 1043
10414 10438 1043
8
8118
811 Sale 81,
4
8014
783 Sale 783
4
4
0812
973 Sale 973
4
95
9414 Sale 9414
10214
10214 Sale 102
4 10018
10018 Sale 993
72
7212 72
72
103
103 Sale 1027
963 Sale 964
973
4
1053
4
10512 10534 105
4 107
4
10612 1063 1083
4 105
105 Sale 1033
4
1033
103 Sale 103
99
98 Sale 98
62
5512 Sale 6512
1414 914 Apr'31
9
____ 110 Apr'31
110
8
10618 ____ 1053 Mar'31
91
92
94
91
10714 Sale 10714 10738
98
9618 Sale 9618
5114
4912 Sale 49
3212
29 Sale 29
96
96 Sale 96
1007
100 Sale 100
s
1008
10014 Sale 10018
2
9711 100
5114
5
46
1
8738 92
1
88
92
/
1
4
12 103 109
37
757 93%
8
/
1
7214 964
26
1
60
75
26
60
91%
2
80
9012
38
7814 9234
79
703 8612
8
135
713 90
4
19
764 9314
/
1
6
15
25
4
95 1023
4
48
8812 101%
4 102 104%
67
8112
17
60
85
60
96 8 10014
,
43
9414 9812
51 10014 10212
39
98 101
2
72
84
7 10214 10311
30
953g 9812
42 104% 106
11 105 107
3 102 105
194 1023 10512
4
161
96 0102
,
22
5512 68
2
30
1074 110
104 105 4
3
3
99
90
32 10458 108
520
9518 102
79
46
5114
117
2718 33
6
98
93
13
9112 1007
8
16
9612 10012
881
8638 Sale 8838
1037 ____ 106 Apr'31
544 55 Apr'31
/
1
54
993
8
9938 Sale 99.
20 Apr'31
20
68
971
/
4
97 Sale 9512
/
1
4
951
/
4
953 9612 951s
4
69
Sale 10038 101
1025
8
Sale 102%
10314
____ 1028
10414
10414 104
7078 71
Apr'31
105 1057e 10512 10512
10012
10018 10012 100
95
8
95 Sale 947
8 10478
10434 10478 1045
1003 Sale 100
8
10012
8
491
/
4
8 447
101
ioi
10114 01
837
8
8212 Sale 8214
831
4
813 Sale 8014
4
8014 Sale 8114
8312
38
10
9
11
101
10218
1023
4
104
20
_
4
6
2
37
2
29
93
1
81
41
28
4 1053
4
4
1053 107 1053
7112
4
703 Sale 703
4
5112
5112 Sale 5112
81%
817 Sale 8112
8
99
9312 Sale 9812
4 10314
103 Sale 1023
103% 10612 104 Feb'31
112
11118 112 11118
79%
79 Sale 79
7134 sale 7112
73
1
47
1
12
35
63
32
Mar'31
85
10312
10
32% 28
24
22
85
85
82
10314 1034 103
28
5
30
85
4
19
8412 82 Mar'31
8412 90 Mar'31
73
7312
8
72
56
179
Sale 5012
95
6
Sale 93
95 Mar'31
95
2
Sale 10512 10512
15 4 Feb'31
3
20
2218 23 Mar'31
5312 11
Sale 53
5
105 10312 104
2
10814
10814 109 10814
1055
8 28
1053 Sale 10514
8
108
14
108 Sale 108
2
10612 Sale 10612 1061
19
4
10518 1053 10512 I 051
81
106 Sale 1054 106
9
8 10414
1035 Sale 1035
8
5
100 101 10112 1011
11018 Sale 10912 11014 30
1044 Sale 1034 10434 45
88
1034 Sale 10312 104
7738 Sale 7712
791
70
10112 Sale 10112 10214 12
89
3
8838 Sale 8838
71
60
5012
95
91
10512
15
14
53
102 Sale 1021
/
4
36
4638 51
45
4638 50
3918 Sale 3918
10
738 12
738 814 838
103
8 8
9
8
11
10
99 Sale 99
99
993 Sale 9918
4
293
4
274 32
10114 Sale 101
834 01
104 106
72
53
8834 10012
2618
20
2
947 100
87
/ 9611
1
4
983 102
8
101% 102%
101 10314
10212 10412
69% 73
104% ICS
9912 101
90% 97
100 194%
9658 101%
44% 62
99% 101%
,
71 8 837g
701g 833
4
693 8311
8
10518 108
(89
7IS14
511 5112
/
4
69
83
94 0.0012
100 103%
104 10412
105% 11312
73 84
66
76 4
3
23
22
75
1013
8
45
22
85
10312
7812 88
90
90
73
79
5018 7414
93
97
95
97
100% 1063
4
12
1712
15
23
46
69
103 105
10512 10912
10334 106
10518 10812
105 10712
10438 10512
10418 10612
10118 105
10014 102
10712811012
10034 1043
8
10012 10414
67
7912
99 8 103
,
87
92
3 102 103
10284
Mar'31
324 c37
/
1
Apr'31
29
45
2212 4418
44'e 56
Mar'31
7
14 10
Feb'31
7
83
8
Apr'31
7
14 101
/
4
Apr'31
63 1114
4
993
4 14
95
99%
10038 67
99 101
30
2
291 RA
4
10114 277 100 10312
APRIL 18 1931.]
2933
FINANCIAL CHRONICLE
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Railroad s
100 18234 1824 18234
Boston & Albany
100 6734 6694 69
Barton Elevated
814
80
Preferred
101
100
let preferred
10194
824 8214 86
2d preferred
Boston & Maine
102 103
100 103
Pr. pref.stpd
too 674 6714 6734
Class A 1st pref
176 176
Boston & Providence
East Mass St Ry Co
1
1
Common
74 714
lot preferred
214
24 234
Ariltistment
5834 60
Maine Central
784
73
N Y N H an Hartford_100
100 13714 136 13755
Old Colony
.50 5534 5434 56
Penton/crania RR
18114 1814
Providence & Worcester Ry
Range Since Jan. 1.
Low.
High.
27 17334 Jan 185
520 624 Apr 75
35 80
Jan 85
30 984 Jan 103
183 84
Mar 91
130 100
10 62
11 168
Mar
Apr
Apr
Jan
Apr
Jan 108
Mar
Jan 76
Feb
Jan 1824 Mar
60 600
188
74
5
2
40 584
350 754
96 125
1.081 5494
170 175
Feb
134
Apr 10
Jan
4
Apr 63
Jan 9234
Jan 140
Apr 6874
Jan 1814
Jan
Jan
Jan
Mar
Feb
Mar
Feb
Apr
Miscellaneous
334 4
34
American Founders Corp__
144 15
15
Amer & Conti Corp
Amer Pneumatic Ser38
38
1st preferred
38
18714 1934
Amer Tel & Tel
100
834 104
Amoskeag Mfg Co
834
44 44
Aviation &cot NE
2514 2
Bigelow Sanford Carpet._' 26
634
81
80
81
Preferred
Boston Personal Prop Trust 20
1834 204
30
35
Brown Co pref
124
11
.._ _ _
Columbia Graphophone_
234
Continental Sec Co
2394 22
23
22
22
East Gas & Fuel Assn
82
85
44% preferred
100 82
6% preferred
100 9214 924 93
22
24
Eastern SS Lines Ine.___25 23
24834 252
100 251
Edison Elec Ilium
17
Empl Group Assoc T C____
1694 1734
34
34
General Capital Corp
3934
534
5
54
Gilchrist Corp
3234 34
Gillette Safety Razor
Hathaway Baker class B.._
1234 124 13
9
9
Int Buttonhole Mach
Int Hydro-Electric
2894 284
44 414
Jenkins Television
II% 114
______
Libby McNeil& Libby
Loew's Theatres
834 834
434 44
Maos Utilities Assoc v t o
434
Mergenthaler Linotype_
___ _ __ 80
8034
Nat Service Co rom ahs
24 24
24
New England Pub Sexy
19
194
_ ___ __
New Engl Tel an Tel_ .100 138
138 140
North American Avia
1014
10
Pacific Mills
100 194 194 2234
Reece Buttonhole Mach__
15
15
15
Shawmut Assn T C
13
13
1374
Stone& Webster
4414 464
Swift dr Co. new
6 28
284
28
Torrington Co
43
• 43
44
Tower Mfg
40e 700
50c
United Founders Corp corn
734 84
794
US Shoe Mach Corp pf _25
31
31
United Shoe Mach Corp.25 52
51
5234
US Elec Power Corp
5
54
5
Waltham Watch prof
34
34
Prior preferred
80
80
Warren Bros Co new
3234
3234 3894
35 38
17654
1916,
645
7
214
976
530 24
30 80
790 1734
95 30
235
754
50 1814
630 174
739 77
964 89
166 1934
455 240
1,558 1614
786 294
118
5
967 214
165 11
25
734
278 23
265
24
409
934
50
84
1.757
34
445 80
1.330
214
95 17
223 130
172
534
750 1514
80 1414
1,662 1334
580 3974
314 28
225• 43
1,000 40c
654
2,661
85 31
826 51
24
454
10 34
19 80
788 2
834
Apr 4314 Feb
Jan 20134 Feb
Jan 14
Mar
Jan
514 Mar
Jan 33
Jan
Mar 85
Jan
Jan 2134 Feb
Apr 66
Jan
Jan 1634 Mar
Jan 28 34 Mar
Jan 2734 Mar
Jan 85
Jan
Jan 95
Jan
Jan 284 Mar
Jan 26634 Feb
Apr 20
Mar
Jan 3954 Apr
Apr
74 Mar
Jan 3494 Feb
Mar 1514 Jan
Jan
9
Apr
Jan 3034 Mar
Jan
6
Apr
Jan 134 Feb
Mar
934 Jr
Jan
6
Feb
Apr 89
Jan
Apr
34 Jan
Jan 214 Mar
Jan 142
Mar
Jan
1054 Mar
Jan 2554 Mar
Jan
1534 Feb
Jan
16
Feb
Feb 5434 mar
Jan 304 Jan
Jan 47
Feb
Jan
194 Jan
Jan 1094 Mar
Jan 814 Jan
Apr 58
Jan
Jan
8
Mar
Apr 50
Jan
Apr 90
Jan
Jan 4
694 Feb
Mining
Calumet & Heels
25
Copper Range
25
Island Creek Coal
1
Isle Royal Copper
25
La Salle Copper
25
Mohawk
25
New River Co. pref
NiPPissing Mines
25
North Butte
214
P C Pocahontas Co
Quincy
25
St Mary's Mineral Land.25
Utah Apex Mining
5
Utah Metal & Tunnel..
1
111
170
20
40
1.665
245
50
150
7.875
325
367
130
100
100
Jan
Apr
Mar
Mar
Apr
Jan
Feb
Jan
Jan
Apr
854
614
2
13
734
8
1
350
814
634
28
454
500
19
590
134
134
13
74
8
1
350
9
614
28
44
65a
20
590
134
24
144
834
834
1
350
653
305
34 Jan
914 Jan
84
634
274
44
500
151(
59c
134
1
13
7
7
1
25e
Jan
Jan
Jan
Jan
154 Mar
1514 Feb
1134
84
3054
64
95o
21
590
134
54
154
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Mar
Mar
Jan
1034 Feb
914 mar
134 Jan
159e
Feb
BondsAmoskeag Mfg Co__ _1948 754 754 77
12,000 71
Feb81
Chic Jot Rydelln stir-Yos48
9454 9454 1,000 9334 Jan 95
1940
5a 1940
1024 10214 10234 7.000 1014 Jan 103
Chic Mil & St Paul
244 244 30,000 2434 Apr 35
Eastern Mass fit Ry 44348
27,000 214 Jan 3214
25
27
Maine Central Ry 44s '35
Apr 98
2,000 98
98
98
Miss River Power Co_1941
1.000 101
101
101
Apr 101
New England Tel & Tel'32
10134 10174 7.000 10034 Jan 102
P C Pocahontas 7s_ _ _1935
1104 11094 7,000 106
Jan 115
Western Tel & Tel 5e_1 932
Jan 1014
1014 10134 6.000 101
• No par value. z Ex-dividend.
Mar
Mar
Jan
Jan
Mar
Apr
Apr
Mar
Feb
Jan
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Apr. 11 to Apr.17, both inclusive
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Abbott Laboratories corn_•
Arms Steel Co cap ark.. _25
Adams (J D) Mfg corn.....'
Ainsworth Mfg Corp comb0
All-Amer Mohawk Corp AS
Allied Motor Ind. Inc corn.
Allied Prod Corp A
•
Altorfer Bros Co cony pt..'
Am Commonw Pow A corn•
Amer Equities Co com
•
Amer Pub Son Co pf__100
,
Amer Radio & Tel St... _ ..•
Amer-Yvette Co Inc corn •
AppalachlanOasCorp corn'
Art Metal Wks Inc coin....
Associated Invest Co.. •
Ammo Tel & Tel
Class A
$6 prof with warrants_.•
Aram Tel Util Co corn_ •
Automat Wash cony pt....'
934
294
294
74
554
51‘
25
Range Since Jan. 1.
Low.
39%
33
234
104
1
24
31
35
154
54
92%
1
5%
614
614
594
750
150
210
250
600
2,700
9,150
30
250
400
50
800
6,500
100
1,500
50
35
81
194
84
1
134
17
28
135(
4
%
91
54
1
6
3%
57
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
-39% Mar
41% Feb
254 Mar
1334 Mar
I
Jan
354 Jan
31
Apr
36
Feb
16% Feb
754 Feb
94
Feb
1% Feb
54 Apr
84 Feb
814 Feb
6134 Mar
684 69
8834 88%
254
24
4
4
40
10
5,450
20
65
Feb
86)4 Jan
2114 Jan
4
Apr
70
Mar
8854 Mar
2514 Feb
6
Jan
3814
31
23
94
1
2%
2714
3414
15
5
9234
54
54
614
5%
594
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Feb
30 674 Apr 69
6714 6714
Balaban & Katz Corp__ _25
Jan 8014 Mar
100 66
76
76
Beatrice Creamery com_50 76
224 19,650 1654 Jan 2514 Feb
Bendix Aviation corn..194 19
954 Jan
Feb
6
110
8
8
Rinks Mfg A cony pfd__•
Feb
Feb
10
100 10
10
10
Blums Inc cony pref. •
Borg-Warner Corp com_10 234 2214 2614 37,100 2014 Jan 3094 Feb
Jan 1974 Apr
50 ES
7% preferred
975( 9734
100
74 Feb
254 Feb
100
534 551
Bonin Vivitone Corp pfd_ •
200 114 Jan 1754 Mar
Broth & Sons(E J) corn
1654 164 1614
Brown Fence & Wire
Feb
400 1574 Apr 20
• 1574 15% 1634
Class A
Jan 104 Feb
200
54 5%
•
54
CiusriB
Jan
Mar 22
200 18
184 184
Bruce Co(E L) com
00 204 Apr 2154 Mar
Bucyrus-Monlgban cl A . 2194 2114 214
3
154 Jan
Mar
100
Burnham Trod Corp corn.*
234 2)4
Feb
11
54 Jan
•
84
Convertible pref
834 914 1,050
74 Mar
600
514 Apr
54 54
20
54
Butler Brothers
Mar
180
54 Jan 12
934 1014
Canal Const cony pref •
850 204 Apr 3414 Feb
21% 234
10
Castle & Co (A M)
60
74 Feb
24 Jan
4
4
4
CeCo Mfg Co Inc corn_ __*
2114 2234 1,650 214 Apr 254 Jan
Cent Illinois Sec Co
Jan 95
Mar
270 91
Ws___
Central Ill P 8 pret__- • 0334 9254 9354
Mar
Jan 84
20 78
8314 8314
Central Ind Pow pret_ _100
Mar 1734 Apr
1,690 15
15% 17
Cent Pub Serv (Del)com_•
Jan 1934 Mar
900 14
1594 1.5% 1634
Cent Pub Ser Corp A _ _ 20
2194 1,950 1634 Jan 2454 Feb
Cent S W Util corn new...' 20
Jan 0614 Apr
50 90
964 9634
•
Preferred
150 944 Jan 111434 Jan
102 1024
Prior lien pref
•
Jan
20 7414 Apr 88
744 75
Cent States P & L prat-.
Apr
Apr 75
60 67
75
67
Channon (II) Co 1st pf _100
414 Feb
214 Jan
950
34 314
334
Chic investors Corp corn..
100 26
Jan 3151 Mar
* 3154 3134 3154
Convertible prof
Chic N 8& Milw70 58
Mar
Jan 60
5954
58
100
Prior lien pref
Jan 2334 Mar
100 20
2114 2134
Chicago Yellow Cab Inc- •
Cities Service Co corn......' 1634 164 184 19,350 1514 Jan 2054 Mar
24 Mar
150
314 Feb
294 214
Club Aluminum Uten Co_•
234
814 Apr 1214 Jan
570
831 134
Coleman Lamp & S corn.
Jan 25554 Feb
1.975 220
Commonwealth Ediaon_100 2354 23434 239
30 124 Jan
2014 Feb
13
13
Community Tel cum part*
Constr Nfat'l Corp
200 26
Jan
Jan 32
264
26
• 26
$394 Preferred
Consumers Co650
154 Jan
si
54 Jan
5
Warrants
34
Cont Chicago Corn
•
7
9,000
614 8
534 Jan 1034 Feb
Common
3714 3714 384 2,400 3514 Jan 4034 Feb
Preferred
130
7
634 Apr
Apr
634 7
64
ContinentaiSteel corn v t c•
Jan 15
6
Apr
144 152,000
11
5 11
Cord Corp
Feb
Jan 60
300 50
5614
Corp See of Chic allot ctf-• 5614 56
• 174 164 185( 9,200 1434 Jan 2134 Feb
Common
1,600 3434 Apr 4054 Jan
34% 35
25 35
Crane Co cam
Feb
90 11414 Jan 119
114% 119
100
Preferred
-Decker (Al!).5: Cohn.Inc
150
Jan
Mar
7
3
414 44
414
100
Common
Jan
20
814 Apr 14
11
11
De Meta Inc pref (w w)__.
Feb 1034 Feb
50
9
9
9
Dexter Co (The)corn...
Feb 294 Feb
El Household Utl Corp__10 2414 244 25% 2,100 23
El
Em pGaa & Fuel
Jan
100 874 Apr 92
8714 8814
100
8% preferred
Federal Elec Co
Jan
12
Jan 68
55
5814 6454
• 64
$6 cum prior prof
Fitz Simmons & Connell
Jan
550 stsi Jan 29
23
* 2274 22
D & D com
434 Jan
254 294 1,35
234 Mar
Foote Bros0 & M Co_ _ _ _5
Jan
14
26
Mar 36
29
30
Gardner-Denver Co corn...
Feb
44 Feb
2
1
4
4
General Candy Corp Cl A.5
Gen Theatre Equip
Feb
Jan
15
7
g%
84 1014 1,300
•
Common new
Mar 144 Jan
34
6
6
64
6
Gen Wat Wks Corn cl A.
Feb
1
1,200
654 Jan
214
24
2
Gleaner Corn Ham, corn....'
Feb
50 133.1 Jan 20
16
16
Goldblatt Bros Inc corn....'
514 Apr
14 Jan
44 54 27.550
Great Lakes Aircraft A- _•
514
. 244 244 2634 3,350 234 Jan 284 Feb
Great Lakes D & D
654 Mar
2% Jan
13,600
44 5
414
Grigsby-Grunow Co corn..'
300 15% Mar 1934 Mar
1634 17
Han Printing Co corn_ _10
AD
450 12
1614 Jan
14
12
• 12
Harmachleger Corp cam_
Apr 13% Feb
300
9
9
9
9
Hart,Carter Co eon. pref •
Apr 4914 Jan
10 43
43
43
Mb Sperm Bart Co com_25
Feb
300 2514 Apr 29
2514
• 254 2514
& Co A
15% 1,750 114 Jan 184 Mar
Eloudaille-Herabey Corp A• 153-I 15
•
44 Jan
700
9% Mar
614 7%
Claas B
634
300 1494 Jan 164 Jan
1434 15
Illinois Brick Co cap.......25 15
150
1% Jan
2
2
Inland Util Inc class A.-•
2
34% 3611 37,950 2854 Jan 4914 Feb
Insult Mil Invent Inc.....' 3534
Feb
Jan
250 79
84
8714
86
Prior prat w 0 w
Jan
600 74
834
2d preferred
• 8354 82
Jan
6
700
914 12
Invest Co of Amer corn_ _•
F
65
8293
2 1 NIFF
12
15
AP
Iron Fireman Mfg Co v
154 15
164
Jan
100 17
19
2014
Jefferson Elec Co corn-.
Ma
2714 304 1,900 25
Kalamazoo Stove corn...' 28
300 1654 Jan 2 4 i
342514 M n
3
:
2114 2114
1
Katz Drug Co corn
74 Mar
314 Jan
95
514
5
Kellogg Sw'bd & Sup cornI0
5
Apr
574 7.4Ar
Jan 75
150 50
100 70
70
70
Preferred
3
Jan
700
Ken-Bad T & Loom "A".
334 374
Feb
Jan 51
110 49
Ky Utiljr cum pfd
50
50
5011
100 104 Mar
Keystone Steel & Wirecom• 1054
1054 1051
Feb
13
Apr 835ie Mar
30 74
74
76
Lawbeck 6% cum pf__100
14 54 Apr
3
Jan 2 4 Max
Libby McNeill &Libby....10 12
11% 124 11,100 10
850 19)4 Jan
Lincoln Printing corn
-• 2294 224 2334
6
Mar 40961 Feb
200
Lindsay Light Co corn....10
851 84
Jan
5
500
Lion 011 Ref Co corn
514 54
Jan
200 35
3514 3514
Loudon Packing Co corn..'
.7an
2574 111ar
250 154 Jan 20
184 184
vneh Coro common.....'
•
Jan
150 15
15
16
McCord Mfg A
Apr 3144 Mar
2
McWilliams Dredging Co• 2734 27
2894 1,500 27
Jan
214 Jan
1,400
4
Majestic Househ Util corn•
47.4
4
550 144 Apr 204
Manhattan-Dearborn corn' 144
1414 15
6
13
400 2331 Jan 324 7
Marshall Field & Co corn..' 2914 2914 304
1714 Jan
244 1,00
Mat'l Service Corp com _10 24
24
14 Jan
200
Meadows Mfg Co
•
2
254
2 14 Ajapnr
2
3
750 174 Feb 2 54 Max
1914 1914
MeritMfrs See Co A corn• 1934
Mar
Apr 42
40
22
40
40
Metro') Ind Co allot ctfs-•
Mar 1414 Jan
600 10
M lekelberrys Pd Pr corn...!
114 1114
Jan 234 Feb
100 17
22
224
Middle West Tel Co corn_•
Jan 70074 Mar
2534 Apr
17
Middle West Utilities new' 2034 2034 2254 46,25
Jan
95
$6 cum preferred
• 994 99 10074 2.45
4
Feb
134 Jan
700
Warrants A
111 1%
5
Feb
I% Jan
55
2% 2%
214
warrants B
3
Jan
Feb
1
750
1
1
1
Nlidiand Nat Gas part A-.
Jan
1,700 1854 Jan 23
194 19
20
Midland United Co corn •
Apr 4334 Feb
250 38
38
Preferred
394
•
qldland URIJan
so 79 Jan 10419" Feb
100 844 8434 84%
6% Prior lien
80 95
ireb
98%
100 9634 96
7 Prior lien
%
Apr
20 83% Jan 94
9314 94
100 94
class A
7% Pre(
5
Apr
10,750
5
5
Minn-Mol Pow Imp corn..'
6
150 914 Feb 96% 51ar
Ap
,4 no Val Util or lien yid_ _• 9214 9214 9334
100 92% Jan 97
94
Jan
94
•
$7 preferred
514 Jan 10% Mar
64 714 3,550
654
n-Kan Pipe Line eom_ _b
50 324 Apr
Jan
Modine Mfg common---• 324 32% 32%
454 Mar
110
5
5
Jan
Monroe Chemical corn__
Jan 325847
70 22
27
25
Apr
A pr
• 27
Pretty red
44 Jan
5
500
.5
9
Feb
Morgan Lithograph corn..'
6
10
6
6
AD
834 Apr
Masser Leather Corp cam
•
654
4
154 Jan
1,050
454
654 Apr
Muncie Gear Co cl A
•
4
1,450
3
114 Feb
Common
2934
FINANCIAL CHRONICLE
'may
sales
Last Week's Range for
Sale,
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Muskegon Motor SpeoConvertible A
•
Nachman SpringfiIled corn*
National Battery Co prat *
Nat Elm Power A part- _•
Nat'l Family Stores com_
National Leather nom_ _ _10
Nati Rep Inv Tr allot or' •
5
Nat Scour Invest Co corn •
6% cum pref
100
Nat Pub Serv Corp convpfe
Nat'l Standard cons
•
Nat Term Corp part pref_•
NobMt-Sparks Ind nom_ _•
North Amer Car corn__ __*
No'Am Lt & Pr Co com'
N & S Am Corp A corn-•
Northwest Bancorp com_50
Northwest Ut117% preferred
100
Ontario Mfg Co com----*
Oshkosh Overall Co com *
Parker Pen Co com
10
Peabody Coal Co B corn_ 5
Penn Gas & Elec A com_.•
Perfect Circle (The) Co __•
Pines Winterfront com'
Polymer Mfg Corp corn__•
Process Corp com
•
Pub Serv of Nor Ill com__•
Common
100
6% preferred
100
7%preferred
100
Q ES De Vry Corp com--•
Quaker Oats Co
Common
•
Preferred
100
Railroad Shares Corp com•
Rath Packing Co coin_ _10
RaytheonMfgCo v t cos
•
Reliance Internal Corp A*
Reliance Mfg Co com_ _10
Suet Co common
•
Seaboard PS Co
$6 preferred
•
Convertible pref
•
Seaboard Utll Shares Corp*
Segal Lock dr H Co COM_ _•
Bivyer Steel Cast com___*
So Cob Pow El A com-25
Bourb'n Union Gas com.
.•
So'weer Gas Jr El 7% 01100
Southwest Lt & Pr pref. •
Standard Dredge corn__..
•
•
Convertible prof
Steinke Radio Co
•
StorklIne Fur Co cony p625
Super Maid Corp com_ •
BtrIft International
15
Swift & Co
25
Tele Bond & Sh class A_ _•
Tenn Prod Corp corn- •
Thompson (J R) com- _25
Transformer Corp of Am..•
Twelfth St Stores A____5
Twin Sts Nat Gas part A_•
United Amer Util Inc com •
Class A
•
Unit Corp of Amer pf- •
United Gas Co nom
•
US Gypsum
20
Preferred
100
B Radio& Telev nom _ _ _•
Utah Radio Prod com___•
LIU] & Ind Corp com_-•
Convertible preferred _.•
Utilities Power & Lt Corp
Common non-votlng__ 5
Class A
•
Viking Pump Co com•
Preferred
•
Vortex CUD CO
•
Class A
•
Wahl Co common
Walgreen Co corn
•
Warchel Corp cony pref_ _•
Ward (Montgomery) dr Co
A
•
Waukesha Motor Co com •
Western Grocer Co com_25
Western Pow Lt & Tel el A•
Wextark Radio Storescorn•
Wieboldt Stores Inc
•
Williams 011 -Mar com_•
-0
Wisconsin Bank She comlft
Wolverine Port Cement. 10
Yates
-Amer Math part pf•
Zenith Radio Corp com__•
1435
25
4%
31
631
2135
68
9
3034
1634
934
31
1954
334
238
140
3
13%
8
23
25
434
35
29
5%
70
4234
31
6
3935
2136
6735
8%
3031
14%
8
23
26
51 5
3
1
30
6
71
43
33
7
4155
2255
68
9
31
93%
91
9
9
5
5
1535 17
5
5
835 1154
29
31
19% 21%
334 4
335 3%
234 240
240 242
133% 133%
13834 14051
335
3
14734 147% 1493(
11935 116 11936
434
35
434
19% 19%
1934
635 9
634
435 455
755
7
1134 11% 1355
434
635
1554
9
8
3734
2834
72
43%
4%
6%
15%
2235
8%
9436
91
4
8
35
9%
5
373(
2835
5554
6
5454
6
2934
2%
10
9%
34
6%
1234
10
4%
8
8
44
44
12734 127%
22%
23
3
3
7
7
1734 173(
1034
25
1131
2834
1955
2634
1934
10
Low.
10
8
20
22
33(
54
29
354
64
40%
25%
6
38
20
61
8
3031
Jan
Apr
Mar
Jan
Mar
Jan
Apr
Feb
Jan
Jan
Jan
Apr
Jan
Mar
Jan
Jan
Mar
200 85%
9
50
6
10
700 15%
5
100
8
850
500 25
5.500 15%
2
9.50
334
100
1,075 200%
50 200%
10 12235
240 r129%
1%
900
Feb
Jan
Mar
Apr
Feb
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Feb
200 14735 Apr
Jan
200 113
1,000
351 Jan
150 19% Jan
5
Jan
3,700
Jan
3
50
6% Feb
200
83( Mar
1,200
73
30
250
45%
4% 1,750
635
1,150
15%
50
2235
50
9% 1,600
130
96%
80
91%
4
150
85(
850
100
34
14
50
5%
200
4036 13,750
28% 4,400
68% Jan
4331 Apr
334 Jan
Apr
Feb
13
Jan
19
7% Jan
Jan
94
87% Jan
Feb
4
7% Apr
34 Jan
7% Apr
455 Jan
34% Feb
2434 Mar
55%
730 513(
5
150
6
29%
50 25
2
2%
50
40
8%
10
100
%
5%
550
7%
400 10
12%
43(
50
43(
8
9% 2,250
4634 1,900 38
20 11634
127%
27% 18,350 1435
254
335 1,100
5%
7% 2,350
800 15
18
9
Feb
Jan
Jan
Jar
Mar
Feb
Jan
Apr
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Jan
High.
Priday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par.
Low. High. Shares.
Range Since Aus. Is
Low.
Higks
Burt F N Co com
25 40
Apr 44% Feb
271 40
40
4035
1534 Feb Canada Bread corn
*
6% Apr
191
7% Jan
6% 63i
1155 Feb
let preferred
100
Jan 100
Mar
20 95
99% 9931
25% Jan Canada Cement corn
* 14
%
645 12% Feb 181 Mar
13% 16%
Mar
28
Preferred
100 96
49 91% Jan 9634 Apr
9535 9656
Jan Canada Wire & Cable A-5 68
6
Feb 70
95 65
Jan
6731 68
Jan
1
B
Apr 3056 Mar
* 29
29
290 29
30
Jan Canadian Canners corn„e lig
31
410 10% Feb 13% Feb
11%
11
734 Feb
Cony pref
* 1134 11% 12
Jan
537 11% Apr 14
Jan
76
lot preferred
100
82 89% Feb 921( Jan
9135 92
Apr Candn Car & Fdry com _• 133( 12% 1635
47
40 12% Apr 233( Mar
3436 Mar
Preferred
Apr 25% Mar
i5 23
40 23
23
23
Feb Candn Dredg & Dock come sog 30% 3331
8
340 2535 Jan 36% Feb
47% Mar Candn General Else com 50 270
Feb 300
Mar
14 250
270 280
Feb
31
Preferred
51 59% Jan 6335 Apr
50 62% 62
62%
70% Mar Candn Indus Alcohol A--•
254 Jan
343
434
5% Jan
4
115( Mar
B
2% Jan
20
3% Jan
3
3
Jan Cando Locomotive pref 100
37
Feb 25
Apr
10 23
25
25
Canadian 011 con
220 14% Apr 2335 Jan
• 15
14% 16
Feb Candn Pacific Rallway__25 37% 373( 39
98
3,563 373( Apr 45% Feb
10% Feb Cockshutt Plow corn
Apr 10
Jan
95
8% 9
534 Feb Conduits Co coin
Apr
Mar
9
6
110
6
6
6
24% Jan
Mar 94
Preferred
Jan
17 84
100
85
85
Feb Consolidated Bakeries_ - 5
Jan 12% Feb
8
995
835 1035
8%
•
11% Jan Cons Mining (Sr Smelting 25 140
Feb 187
Mar
162 133
140 152
Mar Consumers Gas
36
229 18031 Jan 18636 Apr
100
18635 186%
22% Apr Cosmos Imper Mills corn.*
Mar
9
Mar
7
70
831
8
654 Mar
Apr 93
Jan
Preferred
14 86
100
90
86
534 Mar Dome Mines Limited_ ---5 10.75 10.70 11.60 2,590 9.20 Jan 13.25 Apr
262
Feb Dominion Stores cora _ --* 21% 21% 24%
Jan 24% Apr
599 14
Feb Fanny Farmer corn
265
Mar
1435 14%
35 1135 Jan 18
e 1451
137
Mar Ford Cool Canada A__ -* 23% 2335 25% 2,379 21
Jan 29% Mar
Feb General Steel Wares com-*
147
4% Feb
25
734 Jan
535 535
554
536 Mar Goodyear T & Rubb p1100
Jan 107% Feb
18 101
105 10534
Gypsum Lime & Albastine*
9 Apr 1235 Jan
900
9% 9%
936
Jan Hamilton Cottons prof_ _30
170
Jan 19
Apr
50 15
18
19
120
Mar Hamilton United Theatres
Feb
5
Mar
435 Apr
Common
3
165
4%
4
4
25
20% Jan
Mar 63
Apr
14 55
Preferred
100
63
60
15% Mar Hollinger Cons Gold Min_5 8.00
8.70 Apr
8.00 8.40 2,095 6.25 Jan
Mar Internat Milling 1st pf _100
6
Mar
Mar 103
5 101
102 102
716 Jan International Nickel com_* 1635 18% 1855 9,046 13% Feb 20% Mar
1335 Apr International Utilities A _ -• 42% 4235 43%
Apr
175 33% Jan 45
734 Jan 10% Feb
310
•
8% 835
8%
Jan Keivinator of Canada com•
85
Mar
5
33( Jan
95
4
4
Feb Lake of Woods Mill nom.* 12
48
Apr 17% Feb
12
50 12
12
5% Jan Lake Shore Mines
Jan 2834 Apr
510 23
1 27.50 27.25 28.00
Apr Laura Secord
7
Feb
Jan 46
134 38
42
42
43
Candy corn-*
17
Jan Loblaw Groceterias A__Jan 14% Mar
638 11
14
13
-• 13
24
Mar
• 1234
Jan 1434 Mar
225 10
12
13
12
Feb
98% Mar Maple Leaf kilning pref100
Mar
Mar 40
10 32
35
35
94% Jan Massey-Harris
Jan 1035 Jan
6
510
com
635 6%
Jan McIntyre Porcupine
8
435 20.65 Jan 26.30 Apr
Jan Moore Corporation Min_5 24.50 24.00 25.25
16
122 15% Apr 173( Jan
1535 15%
com * 15%
1
Feb
A
Feb 10835 Jan
40 101
100 105% 10514 105%
11
Apr
1)
Jan
Apr 126
100
39 115
115 118
7
Feb Ont Equit Life 10% pd 100
Mar
Jan 21
40 19
20
20
4055 Apr Orange Crush let prof
Mar
Apr 60
_100
80 50
56
56
30% Jan
2nd preferred
534 Mar
Mar
4
•
30
4% 435
456
Page-Hersey Tubes
Jan 92% Feb
477 82
85
8935
5534 Feb Photo Engravers & corn • 85
Jan 2834 Mar
190 18
27
Elec.-• 27
27%
7% Feb Pioneer Mining Corp__
Apr
7
Apr
7
1,000
_1
7
7
Mar Pressed Metals corn
34
Feb
14
25 1031 Jan 16
14
14
3% Jan Russell Motor
Jan
pref _
2 87% Apr 95
_100 87% 57% 87%
Feb Simpson's Limited pref
11
32 88
Mar 92% Au)
_100
8834 89%
2
Jan Standard Chemical corn •
Jan
Apr 15
105 10
10
10.%
9
Feb Stand Steel Cons com.._
9% Mar
Apr
7
35
734
7
7
16
Feb Steel Co of Canada com • 37
Apr 42% Feb
620 37
3831
37
*
1234 Feb Tip Top Tailors corn
e*
Jan
Apr 13
12
50 12
12
11% Feb
Apr
Preferred
10 57% Jan 90
90
90
100
49
Mar Trayrnore Limited
Mar 1235 Jan
12
50 11
12
130
Mar Twin City Rap Tr pref _ _20
Feb
9% Jan 13
7
10
10
com
34% Mar Vipond Consol Mines_ 100 10
Jan
Feb 115
50 104
_ _1
109 109
531 Feb Walkers-Gooderh Worts__• 109
834 Feb
Jan
731 5,333
7
7
9% Feb Western Can Fl Mills corn •
Apr 1735 Jan
12
20 12
12
193( Feb
Mar
Jan 96
5 85
90
90
Preferred
100
Mar
Jan 45
85 30
Weston Ltd Geo nom_
40
39
*
14% Feb
Apr
Jan 90
5 84
90
90
Preferred
100
3035 Mar Winnipeg
8 7234 Mar 81% • Jan
7335 75
Electric prat100
1236 Mar
29
Mar
Banks
23
Mar Commerce
Mar
Mar 231
58 225
22535 228
100 226
29
Feb Dominion
Mar 224 IJan
31 218
221 221%
100 221
4
Apr Imperial
Jan 225 'Jan
70 217
220 220
100 220
29% Mar Montreal
Jan 302 'Mar
29 279
294 294
100
10
Jau Nova
Jan 32534 Mar
13 315
316 316
100
Scotia
Mar
Jan 291
305 272
285
28134
Royal
100
101% Apr Toronto
Mar
Jan 238
6 217
233 233
100 233
Feb
73
15
Mar
Loan
Trust
2335 Apr Huron &and MortApr
Mar 150
105 148
14955 150
_ _ _ _100
3
Jan Toronto Erie
Mar
Feb 235
6 227
228 230
Trusts 100
1455 Jan Toronto General
Jan 115
Mar
37 108
113 113
50
Mortgage
6
Jan
Jan
6
* No par value. '
Apr
2
-Record of transactions at the Toronto
9
Feb
Toronto Curb.
5% Feb Curb
Apr. 11 to Apr. 17, both inclusive, compiled from
1,150
10%
700
27
350
11%
500
28%
850
19%
400
26%
5,800
4
21% 40,650
260
10
22%
8
25
18)4
25
2
193(
10
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Apr
Jan
110
330
140
1,100
7,150
100
450
2,150
100
250
2,250
95
45
12
20%
34
12
5
535
2
3%
2%
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Apr
Apr
Apr
Jan
67
6734 512,000
6235
Jan
72
Mar
ssg
67
44
24
1,000
6834
39,000
69
44
1,000
1,000
24
6434
6354
3955
22
Jan
Jan
Jan
Jan
74%
7335
5234
32
Mar
Mar
Mar
Mar
1035
25
113(
28%
19
26%
2%
19%
10
10435 104% 10435
54
50
50
13
13
13%
2234 22% 23%
1% 1%
135
1231 1235
5
5
5% 5%
2
2
33i 4
331
3% 4
334
Bonds
Chicago City Ry 55_1927
Chic Railway
1st mtge 5.5
1927
let mtg 5s errs ordpI927 67
58 series A
1927
58 series B
1927
Commonw Edison 5s_ _1954
1943
55
lot mtge 55 A
1953
lot mtge fis
1943
Cudahy Packing 5a....1946
instill Ut11 Inv 6s
1940 8834
Kresge(S Si sir Co 55_ _1945 10054
1938
Metro W S Elev 45
Natl Pub Serv 5s_ -- _1978
Old Dom Pow 53 A__1951 94
Penn Pow & Lt 4545_1981
•No par value. • Ex-dividend.
450
100
10
700
4,150
350
200
400
900
40
4,000
2,460
1,100
700
1,900
350
800
Range Since Jan. t
[Vou 132.
officlal sales lists:
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
Low.
High.
Par. Price. Low. High. Shares.
StocksApr 12
6
Feb
115
635
6
635
Beath & Son (W D) A_ __•
Apr 60
Apr
30 60
60
60
2,000 10534 Jan 10734 Mar Blitmore Hats prat_ _ _ _100
10734 10751
915
834 Jan 1355 Apr
12% 1335
106% 106%
1,000 10434 Jan 10635 Apr Canada Bud Brew corn__* 12
Jan 16% Feb
270 13
1334 1434
Canada Malting Co
•
11335 11335
Jan 11334 Apr
1,000 112
435 Jan
Apr
1
50
1
1
10235 102% 4.000 10234 Apr 10234 Apr Canada Power & Panel'--*
Jan
40 1735 Mar 20
18
18
Jan 94
Feb Canada Vinegars com----•
8834 8934 36,000 81
6
Mar
334 Jan
130
555
•
53
Canadian Wineries
534
Mar
100 10034 17,000 9554 Jan 101.
10 1116 Apr 16
Jan
1134 1135
70% Feb 75
Mar Can Wire Bound Boxes A _e
7234 7234 1,00
Feb 31
Mar
35 28
2934 29%
7234 7234 6,000 7231 Mar 7654 Mar Consolidated Press A---* 17
785 10% !Jan 1834 Mar
18
17
94
94
Apr 94
Apr DeForest Crosley Radio_ _•
1,000 94
Jan 12% Jan
640 10
1134 11%
1.000 9634 Apr 9654 Apr Distillers Corp Seagrams_* 1134 4255 4235
110 110
25 4235 Apr 5531 Feb
Dominion Bridge
* 4235
s Ex-siglita.
Jan 12% Apr
80 10
123.4 1234
Dom Pow (Sr Trans ord_100
Jan 1334 Mar
9
17
13
13
Dom Tar & Chem corn---•
-Record of transactions at
Toronto Stock Exchange.
20 8634 Jan 91
Mai
9031 90%
Preferred
100 9034
4
Jan 1155 Max
270
635 8
the Toronto Stock Exchange Apr. 11 to Apr. 17, both in- Durant Mot of Can com _10
45 90
Jan 119
104 110
Max
Goodyear Tire & Rub come
clusive, compiled from official sales lists:
155 14% Jan 20
Max
1534
15
15
Hamilton Bridge com___*
Apr 5834 Jar
80 51
58
55
*
Sales
Honey Dew pref
Friday
10
Jan 1054 Mar
9
Range Since Jan. 1.
1056 1034
Week's Range for
Imperial Tobacco ord_ _ _ _5
Last
145 5434 Jan 68% Max
63
Week.
60
Montreal L H & P cons_ _e 60
of Prices.
Sale
5 5034 Feb 63% Max
59
Low.
High.
59
Power Corp of Can nom...*
Par. Price. Low. High, Shares.
Stocks15 104
Jan 109
Am
10534 10534
Robert Simpson pref _ _ _100
Star 1935 Mai
10 18
19
Apr 13% Feb Robinson Cons Cone Co--5
19
7
255
8%
7
7
Abitibi Pr dr Paper com*
290 1135 Apr 1635 Max
Apr 50
1135 12
Feb Rogers Majestic
40 30
1135
31
30
100 31
6% preferred
1,232 1835 Apr3634 pet
Jan 37% Mar Service Stations com A..* 19
1854 2135
475 13
• 2431 24% 30
Atlantic Sugar corn
12 70
Apr 9034 Jar
80
Apr 20
70
Jan
Preferred
50 15
('
15
15
•
Beatty Bros corn
Jan 59
130 50
Jan 151% Feb Shawinigan Wat & Pow_ _5
5131 .5255
Mg
274 141
5134
Bell Telephone
100 14655 14656 147%
345 1155 War 16
14
Apr Stand Pay & Mater corn_ e 12
Mar 20
12
Ma
170 12
20
19
Blue Ribbon Corp corn- 5
10 75
Mar 80
77
Feb 38
77
Apr
Jai
Preferred
30 30
160
3755 38
50
654% preferred
2 101
Jan 10435 Ma
10234 10234
Mar 22% Jan Tamblyns Ltd(G) pref_100
20 18
19
19
Brantford Cordage lot p625
6 18
30
Apr 2834 Mar Thayers Limited pref.- •
30
Jan 30
Ap
22% 5,515 20
Brazilian T L & Pr corn-20
• 20
105
1235 13
934 Jan 15
Jan 42
Mar Toronto Elevators corn_ _• 12
Ma
12 35
BC Power A
41
•
40
40
10 40
Apr 65
,Ie,
40
•
15 11% Jan 15% Mar United Fuel Invest pref 100
14
14
F.1.4
A 44
73,( Fe'
100
4
Feb
Feb '"
" •"- •
Building Products A
152 22% Jan 26
2334 25
APRIL 18 1931.]
Oils
British American Oil
*
Crown Dominion Oil Co--*
*
Imperial 011 Ltd
Internat'l Petroleum
*
McColl Frontenac 011 com•
100
Preferred
*
Nordon Corp
North Star Oil pref
5
*
Prairie Cities Oil A
Supertest Petroleum ord_*
*
Common
100
Preferred A
nton Natural Gas Co__.*
Mining
_5
oast Copper Co Ltd
udson Bay Mining Co__*
.rkland Lake
1
1
ecessa
5
irking Corp
*
oranda Mines
1
herritt Gordon
:
1
ylvanite
1
Teak Hughes
•
Wright-Hargreaves
11
455
14
1255
16
4
20
10
414
14
12
16
79
35
4.60
4
20
22
10054
1334
6
5.10
85
46
2.10
23.75 23.75
1.02
1.01 .91
8.00 8.00
2.86 2.75
85
52
Friday
sates
Last Week's Range for
Said
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
11% 15,684 10
5
150
4
1534 3,731 14
12% 5,126 1134
1655
130 16
79
11 73
35
500 33
4.60
50 4.60
4
85
4
2334 1,457 20
22
100 22
101
11 100
1334
75 13
Apr 1634
Mar
615
Apr 18%
Mar 1555
Apr 2234
Jan 80
Jan 51
Apr 4.95
Apr
434
Apr 2334
Apr 31
Jan 105
Jan 16
Jan
Mar
Jan
Jan
Feb
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
8
80
4
5.60
110 4.20
400 59
85
55
49,700 39
100 1.46
2.10
26.25 5,059 14.00
100 82
1.02
1.06 2,300 53
8.50 3,250 6.30
2.99 5,025 1.94
Jan 1034 Feb
Jan 6.15 Mar
Mar 93
Apr
Mar 55
Apr
Jan 2.66
Apr
Jan 29.65 Mar
Jan 1.25
Jan
Apr
Jan 1.10
Jan 8.65
Apr
Jan 3.02
Apr
* No par value.
-Record of transactions
Philadelphia Stock Exchange.
at)Philadelphia Stock Exchange, Apr. 11 to Apr. 17, both
inclusive, compiled from official sales lists:
Stocks-
sates
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
36% 4134
4434 4534
116 117
43,4 5
40
45
834 1051
4155 4155
1934 20
434 454
6055 6234
1% 1%
2035 2251
172
43% 4434
104 104
5834 6034
5%
.
.
.6...ci
..,-,
8634 8634
35
35
10134102
15
15
99% 100
104% 10634
98
98
9515 9534
9535 9634
103 103
9334 9534
10854 10955
10735 10734
10634 10655
9534 9555
97
97
1215 1255
9735 9755
95
95
100 1001(
c
00000Q0C C0000000000
,
Q
0.,M0000.00. 000NO0V0000000 00,0
,
OQQ00.0000000000000C
o000
0m0000N00V000000NN000000
00000000000.000.0000C
OVW0.vm.. .
mvVNerm
m.N
N.e.00MC
C:
M C.Ii . .
aM. .
N
N
.
N.
N
V
2334 2434
634 1034
615 615
5455 5655
59
59
33
33%
132 132
13
1334
934 10
3355 35
33
33%
4% 43,4
6'4 734
49
50
4% 4%
155
134
44
45
2
2
3-16 3-1
11-16 %
20
21
3134 3355
10334 10334
6115 6255
14
14
6% 654
96
96
6034 6034
1455 1415
Q
v
.*.
555
0 000
.
0W0
WNO
172
, V000.000000Q
0000M0.00.0v
W.00NO.C...0WM
•-: .
American Foreign Secur-- ______
• 4434
American Stoma
Bell Tel Co of Pa pref__100 11634
5
Budd (E G) Mfg Co----*
Preferred
8%
Budd Wheel Co
50
Cambria Iron
1955
Camden Fire Insur
Central Airport
Elec Storage Battery_ A00
155
Empire Corp
10 2034
Fire Association
Horn & Hardart (Phila)
•
Common
Horn & Ilardart (N 1 0
•
Common
100
Preferred
Insurance Co of N A___10 5811
Lake Superior Corp
Certificates of deposit__
Lehigh Coal & Navigation
2334
New when Issued
615
Mitten Bank Sec Corp prat
Pennroad Corp
50
Pennsylvania RR
Penns Salt Manufacturing
Phila Elec Pow pref.__ _25 33
Phlla Germ & Norris RR 50
Phila Rapid Transit _ _50 13
Phila & Read Coal & Iron_
Philadelphia TractIon__50 34
Certificates
Railroad Shares Corp....
10
Reliance Insurance
Scott Paper
Seaboard Utilities Corp_
Sentry Safety Control....
Tacony-Palnayra Bridge_ *
Telephone Security Corp__
2
Tono-Belmont Devel_ __I
1 11-16
Tonopah Mining
Union Traction
50 21
Un Gas Improve corn new* 3134
Preferred new
* 10334
US Dairy Prod class A_ _a
*
Common class B
Victory Insurance Co_ _ __
Warner Co preferred_
West Jar & Seash RR50
Westmoreland Corp
1455
BondsConsol Trac NJ 1st 5s1932
Elec.4 Peoples tr ctfs 4s '45
Georgia Pow & Light 5s'67
Inter-State Rys coil tr 48'43
Lehigh Nay Cons 455s 1954
Lehigh Power & Light 6s._
Lehigh Val Gen 434s2003
Penn Cent L & P 410_1977
1981
Penn RR 4145
Phila Bait & Wash 455s '77
Phila. Elec 1st & ref 45 1971
Finis Elec (Pa) let 58.1966
let lien & ref 534s_1947
Philo, Elea Pow 00 5348 '72
Pub Serv El & Gas 4s_1971
Reading Improvement 45 _ _
Seaboard Air Line 6s__1945
Strawbridge & Cloth 53'48
Warner Co with warr_ -tat cat 1687
Range Since Jan. 1.
Low.
High.
29%
37
11534
4
37
8%
4134
1734
255
50%
1%
17
Feb 5315 Feb
Jan 4
834 Mar
Jan 11834 Mar
Feb
515 Feb
Apr 51
Jan
Apr 1215 Feb
Jan 42
Feb
Jan 2934 Mar
Jan
6
Mar
Jan 6534 Mar
Jan
255 Mar
Jan 2434 Feb
145
Jan 182
3415
100
50
Jan 4455 Apr
Jan 104
Mar
Jan 6334 Mar
5% Apr
2334
615
634
5434
5855
3255
129
13
855
2934
9
Feb 2715
Apr
1334
Apr
855
Apr 64
Apr 8134
Jan 33%
Jan 132
Apr 22
Jan 1234
Feb 4034
Jan
Feb
Jan
Feb
Feb
Feb
Mar
Apr
Jan
Mar
Feb
3% Jan
5
Feb
Feb
7% Mar
6
4234 Feb 50
Apr
3% Jan 5% Feb
155 Feb
334 Feb
Apr
41% Jan 45
Mar
1
Feb
8
X Max
1-16 Jan
I
Apr
35 Jan
Jan
20
Apr 23
2734 Jan 3755 Mar
9834 Jan 103% Apr
60% Jan 6234 Apr
Feb
Jan 15
10
4% Jan
734 Apr
Feb
Jan 97
96
Jan 6034 Apr
60
1455 Apr 16% Max
8134
30
10115
15
97%
101
97%
9555
95%
10215
94%
10734
los%
10534
9455
97
1215
9354
95
97 V.
Jan
Jan
Apr
Apr
Mar
Feb
Apr
Apr
Apr
Apr
Mar
Jan
Jan
Jan
Mar
Apr
Apr
Jan
Apr
Inn
87
37
10234
2655
101
10655
9855
9735
9634
103
9554
109%
108
10751
95%
97
1234
98
96
MO Id
Mar
Max
Apr
Jan
Mar
Apr
Max
Apr
Apr
Apr
Apt
Alm
Fel
Mat
Api
Api
Api
Jar
Jai
an
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Stocks
*
38
3854
Arundel Corporation
95
95
All Coast Line (Conn)_ _50
30
30
10 30
Baltimore Trust Co
3754 373(
Baltimore Tube pref_ __100
Berliner-JoyceAncraftCorp
3% 3%
10% 10
10%
Black & Decker corn
23% 23%
Preferred
118 11834
Chas de Pot T of B pref_100
23
24
Commercial Cr pref B_ -25
92
95
Consol Gas, EL & Pow_ _* 92
111 111%
100 111
6% pref ser D
104% 105%
100 105
5% preferred
4
6
Consolidation Coal__ _100
8
8
Preferred
17% 17%
Davison Chem
9
9
1015
Eastern Rolling Mill
70
70
Elk Horn 655% Prat
30% 30% 30%
Emerson Bromo Sell A w 1_
26
26
Fid & Guar Fire Corp_ --10
Range Since Jan. 1.
Law.
795 38
50 95
250 30
10 37
3;1
10
230 10
35 23%
37 116
20 2115
213 82
118 110
237 102%
100
2
50
8
300 15
28
7%
2,000 70
25 3035
30 2454
Jan
Apr
Jan
Mar
Feb
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Ap
Jan
Apr
Mar
Jan
High.
42
115
32%
3755
3%
15
24%
11855
24%
100%
112
10555
6
8
17%
12
70
32%
32
Fidelity & Deposit
50 159
Fin Co of America A
•
First Nat Bank w 1
Houston Oil pref(new).
Maryland Casualty n w I- Maryland Trust new w 1_
Mercantile Trust
Monon W Penn P S pref _25 2534
Mtge Bond & Title w I__
Nat Sash Weight pref
New Amsterdam Cas Ins-- 33%
Northern Central
Penns Water & Power__*
Silica Gel common
Standard Gas Equip pre_
Un Porto Rican Sugar com*
Preferred
•
Union Trust Co
50
United Ilya & Electric_ _50
315
U S Fidelity & Guar new_10 28
West 151d Dairy Inc pref__* 98
Western National Bank_50
Bonds
Baltimore City Bonds
4s School
1961
4s Burnt district
1960
4s Park loan
1955
48 Annex impt_
_1954
48 Paving loan
1951
48 Second sewer_ -1937
355s New sewer__ -1980
Consol G E L dr P 4%s 1935 10134
Elk Horn Coal Corp 6;0'31
Georgia Marble 6s_ -1950
Lord Bait Hotel gen 6%s-- 85
Maryland Electric RyIst & ref 655s ser A_1957
Meson Vail Trac 58_ _1942 9134
Norfolk St RR 5s__....1944
North Ave Market 6s_1940
Olustee Timber Co 63_1935 90
United Ry & E 1st 48_1949
Income 43
1949 20%
Wash Bait & Ann 5s_ _1941
•No par value.
Jan
Feb
Feb
Jan
Apr
Feb
Feb
Mar
Feb
Feb
Feb
Apr
Apr
Apr
Ap
Feb
Apr
Jan
Feb
159 10655
10% 1015
41
4134
15
15
31
33
31
31
410% 41034
2555 25%
554 534
3455 3434
33
3334
8934 89%
62% 66
6% 634
23
23
9
10
15
15
58
58
315 4
28
30
9754 98
3315
33
102%
102%
1025(
102%
10234
101
89
10115
70
97%
85
Range Sines Jan. 1.
Low.
44 132
165
7
45 40
140 15
319 25
66 30
1 395
1,127 24
26
5
25 3255
39 32
24 85%
82 5815
6%
208
210 16
20
5
20 15
30 52
334
45
7,056 25%
259 94
111 33
10234 91.300
400
102%
700
1025i
102%
300
102%
200
2,000
101
400
89
10114 1,000
70
4.000
1,000
97%
3,000
85
High.
Jan 165
Mar 1034
Mar 50
Jan 19
Jan 36
Apr 32
Jan 41754
Jan 25%
Mar
755
Jan 3434
Jan 3634
Jan 8955
Jan 70
7
Apr
Feb 23
Mar 13%
Apr 22
Jan 62
6
Apr
Jan 37
Jan 98
Apr 38
Mar
Mar
Feb
Feb
Feb
Jan
Mar
Apr
Jan
Mar
Feb
Mar
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Feb
Jan
102;6
102%
10255
102%
10215
101
8934
10455
70
9755
85%
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Apr
Feb
995
,
1
101
101
10034
10015
101
8715
101
70
9715
85
4,000 50
51
50
9154 91% 26,000 8834
103 103
1,000 103
8315 8355 2,000 8334
90
90
1,000 90
17,000 4214
4455 46
1915 2035 20,000 1955
95
95
2,000 93
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Apr
Feb
Apr
Jan
Feb 56% Mar
Mar 91% Apr
Mar 10315 Mar
Jan
Apr 88
Jan
Apr 93
Jan 50% Feb
Mar
Apr 26
Apr
Jan 95
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange, Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists:
Mar
* No par value.
Stocks-
2935
FINANCIAL CHRONICLE
Sales
Priddy
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High Shares.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Allegheny Steel
*
3934 4015
American Austin Car
1
1
1
Amer Fruit Growers pf _100
69
69
Arkansas Nat Gas Corp_ _•
5% 534
Armstrong Cork Co
• 1815 1834 20%
Blaw-Knox Co
23
23
2515
Carnegie Metals Co
10
115
155
Consolidated Gas, pref_ _50
25
25
Devonian Oil
10
7
8
Follansbee Bros, pref.-100
72
72
Hackmetster Lind Corp__•
10
11
HarbLson Walker Refrae_ _• 37
37
37
Independent Brewing_ _ -50
151
1% 131
Jones & Laugh'n Steel pf-- 122
122 122
Koppers Gas & Coke pf 100 10131 10134 102
Lone Star Gas
• 1734 1734 19%
Mesta Machine
5 343,4 3415 3634
Petroleum Exploration...25
15
15
Phoenix Oil corn
25e
15c 15c
Pittsburgh Brewing
50
4
4
Pittsburgh Forging
* 1134 1115 13%
Pitts b Investment Sec- *
155 1%
Pittsburgh Plate Glass...25 40
40
4134
Pitts Screw & Bolt Corp..* 13
13
15
Plymouth Oil Co
5
11
12
Shamrock Oil 6c Gas
• 10
734 10
Standard Steel Spring_
•
2614 27
United Engine 8, Fdy----• 33% 3334 36
Vanadium Alloy Steel_ _ __* 35
35
35
Westinghouse Air Brake--* 30
30
32
Unlisted
Lone Star Gas, pref._ _100
10454 106
Range Since Jan. 1.
High.
Low.
170 3915
1
15
25 6734
50
5
671 1855
980 23
400
135
10 25
5
345
10 72
950 10
10 37
1%
35
20 120
40 9955
7,068 1755
1,420 2534
100 15
500 10c
70
4
4,421
855
75
115
1,413 3455
1,433 125
%
390 11
2,785
734
150 23
345 3334
100 35
70 30
150 10314
Feb 4655 Feb
155 Jan
Jan
Feb 7234 Mar
Apr
6% Jan
Jan
Apr 30
Apr 29% Feb
Jan
355 Jan
Jan
Apr 35
Apr
8
Jan
Mar 75
Feb
Feb
Jan 15
Feb
Apr 44
Jan
Apr
3
Jan 12254 Apr
Jan 10215 Mar
Apr 29
Feb
Apr
Jan 37
Apr 15
Apr
Mar 20c
Jan
Apr
6
Jan
Jan 13% AIR
Mar
3% Max
Jan 44
Max
Apr 1534 Feb
Apr 19% Feb
Jan 1234 Feb
Jan 31
Max
Apr 38
Feb
Apr 35
Apr
Apr 35
Mar
Jan 108
Mar
• No par value.
Cincinnati Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange, Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks
-Par.Price. Low. High. Shares.
Am Laundry Mach com_20
Am Rolling Mill corn
-25
Am Thermos Bottle A__ _*
Carey (Philip) pref._ __100
Central Brass A
Central Trust
100
Champ Coat Pap sp pf_100
*
Churngold Corp
Cincinnati Car B
Preferred
20
On Gas & Elec pref. A00
Cincinnati Street Ry_
50
Cin & Sub Tel
50
Cincinnati Tobacco
50
Cm n Union Stock Yards- •
City Ice & Fuel
•
Dow Drug common
Eagle-Picher Lead corn _20
Early & Daniel common_ •
s
Gerrard 8A
Gibson Art common
•
Goldsmith Sons Co
Gruen Watch common_ -_*
General Match pref
Hobart Mfg
•
Int Printing Ink pref .100
Julian & Kokenge
Koclel Elec & Mfg A
Kroger common
Little Miami guar
50
Lunkenhelmer
Procter & Gamb corn new.*
100
100
5% preferred
Pure Oil 6% prat
100
Randall A
•
Rapid Electrotype
Richardson common
•
10
U 8 Playing Card
Whitaker Paper pref_.I00
•No par value.
30
118
104
8
34%
30
834
118
1
265
104
8
35
3215
9
118
1
265
10436
8
ti
34
102% 103%
38% 39
102% 103
8
8
26
26
35
35
12
13
6
6
29
30
6
6
6
34% 35
14% 14%
3034 3015 3115
102 103
39% 39%
65
65
8% 8%
2
2
2915 32%
100% 101
25
25
68
68
69%
177 177
10855 los% 10815
77
76
7755
15
15
15
38% 3855
12
12
41
42
105 105
38%
200
600
190
13
47
61
34
20
20
50
550
435
75
100
143
75
200
25
127
100
235
45
40
20
137
10
25
50
2,350
49
15
1,000
2
69
96
so
10
25
180
11
Range Since Jan. I.
Low.
34%
2655
831
,
114
1
265
101%
8
X
%
10054
371.5
96%
8
23
35
9%
4%
24
4%
34%
14
3035
102
37
65
8
1.55
1855
100%
25
63%
170
10554
75
1355
3854
1154
41
10354
Apr
Mar
Apr
Jan
Apr
Jan
Feb
Apr
Apr
Jan
Feb
Apr
Jan
Apr
Jan
Apr
Jan
Feb
Jan
Mar
Apr
Mar
Apr
Mar
Jan
Apr
Jan
Apr
Jan
Apr
Apr
Jan
Feb
Jan
Jan
Feb
Apr
Feb
Mar
Feb
High.
45
Jan
Feb
37
10
Mar
Mar
120
234 Mar
Feb
266
Mar
105
14% Jan
1
Jan
2
Feb
10315 Apr
40
Jan
10354 Mar
1055 Jan
29
Jan
37
Jan
14% Jan
Mar
7
Apr
31
8 ;Mar
39
Jan
1555 Feb
33
Jan
103% Mar
41
Jan
70
Mar
10
Jan
3
Feb
34% Mar
102
Feb
32
Jan
71
Mar
185
Feb
110
Feb
85
Jan
15
Feb
46
Jan
16
Jan
50 'Jan
106
Mar
FINANCIAL CHRONICLE
2936
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, Apr. 11 to Apr. 17, both inclusive, compiled from official sales lists:
Friday
Sates
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
[VOL. 132.
Range Since Jan. 1.
Low.
High,
D'd'y Dept St pf x-war_100 75
100 6934 Jan 80
Apr
75
75
•
Byron Jackson
300
515 Jan
714 Feb
534 53-4
53-4
Range Since Jan. 1.
California Bank
Jan 943.3 Feb
25 83
200 80
83
85
California Packing Corp__• 3615 3634 3634
200 3634 Apr 3
634 Apr
High.
StocksLow.
Citizens Nat Bank
Mar
Jan 90
20 83
250 81
83
86
1,100 1415 Jan 2234 Mar
Feb Claude Neon Elec Prods * 2011 2011 2034
Aetna Rubber corn
5
543
315 3%
355
33 Apr
*
Farmers & Mer Nat Bk 100 39234 3923.4 39234
Apr 39234 Apr
12 390
Feb
Central United Nat
20 56( 56% 59
278 56% Apr 63
100
455 Apr
10
415
455 43-5
551 Mar
Apr Foster-Kleiser corn
Chase Br & Cop pf serA 100 105
20 102% Jan 106
105 106
Globe Grain
80 1734 Feb 2034 Jan
Christy Co, II C
35
100
Apr 373 Feb Goodyr Tire & ls.1111com.25 1715 1734 1715
160 35
35
&Rub pf_ _100 70
Jan 80
Feb
70
72
60 66
City Ice & Fuel pith __100
Jan 8855 Apr Hancock
20 773
883 883
1,500
Oil corn A
814 Feb
25
734 Mar
755
755
73.4
2% vet) Inter
10
2
I% Jan
Clark Fred G corn
100
Jan
Apr Los Re-insur Corp_ __ _10 2434 2334 2555 1,800 2234 Mar 33
Jan 114
Cleve Elec 1116% pref100 1134 11351 1134
75 1113
Apr 75
10 55
Jan
55
55
Mar Los Angeles Biltm pfd_ _100 55
Cleve Railway ctts dep_100
15 6834 Jan 84
7535 7514
Angeles G & El pfd_100 10734 10734 10734
228 10234 Jan 108
Mar
Jan
Cleve Secur P L pre!
134
•
910
134
134 Apr
Apr 1034 Jan
5
300
555 6
6
Jan Los Angeles Invest Co_ _10
Cleveland Trust
100 312
Apr 325
37 312
312 315
6
Feb
3% Mar
415
200
415 415
Jan MacMillan Petroleum Co25
Cleve Un Stkyds com
Jan 17
•
144 15
16
16
Apr 165
Feb
30 159
159 161
Mar Mortgage Guarantee Co100
6
Cleve Wors'd Mills com100
Apr
415 415
137
4
Pacific Clay Prod Co----.
Jan
Apr 25
100 20
20
20
Mar Pacific
Cleve & Sandusky Brew100
Jan
5
3
20
334 334
Finance Cor p com10 1134 1134 1334 2,000 1134 Apr 1634 Feb
Feb
Feb
6
5
Prelerred
100
5
50
5
Preferred series A_ _10
50
934 Jan 1134 Apr
1134 1134
Cliffs Corp vot tr ctfs- *
Apr 8134 Mar
65
69
16 6934
Series C
934 Apr
834 Jan
10
250
934 934
Dow Chemical corn
Jan 5134 Mar
48
•
200 45
50
Series D
Apr
950
934 Jan 10
10
934 934
Jan
Elec Contr dr Mfg com_-_.
59
59
25 583.4 Jan 65
Pacific GLIB & El com_ _ _25 49
300 4611 Jan 51151 Mar
49
5034
Feb
Jan 37
Faultless Rubber corn____' 36
155 35
36
36
1st preferred
Apr
Feb 28
200 27
25
2734 2734
Jan
Fed Knitting Mills ron --*
Jan 30
28
35 27
28
,
100 5234 Jan 6754 Mar
6051 6014
*
Jan Pacific Lighting corn
8
Jan
6
Ferry Cap dr Set Screw_ __°
40
6
634
6% preferred
20 10355 Apr 1033-4 Apr
10314 10314
*
Apr
Apr 16
100 16
16
Firestone T & R corn_ __ _10
16
Pacific
Mar 5834 Jan
350 51
20 5815 Feb 6114 Mar Pacific Mutual Life Ins...10 5234 5215 53
6% preferred
100
5934 5931
Apr
1
Jan
National Co
2
500
1
115
25
Mar
Feb 140
81
Gen Tire & Rubber com_25
10
90
90
Pacific Pub Ser A com-__. 22
300 1815 Jan 2734 Feb
2415
22
40
534 Mar
334 Apr
Geometric Stamping
*
331 33.4
New
815 Apr 1034 Apr
8%
834 1034 2,300
Jan
Apr 80
Glidden, prior pref_ _ _ _100
11 .63
63
63
Pacific Western 011 Co-....
535 Jan 1534 Feb
1,800
sy, 814 9
50 5014 Apr 6211 Mar Pickwick
Goodrich, prat
100
5034 5055
1.35 Jan
% Mar
300
34
34
34
10 8314 Jan 8634 Apr Republic Corp common_10
Goodyr T & R 1st pref__ •
853-4 8534
215 Mar
700 1.1715 Jan
Petroleum Co_10
114 134
Apr 10334 Mar
20 102
102 102
Great Lakes Towing pf_100
Richfield 011 Co com----•
635 Jan
234 Mar
215 231 4,200
215
Feb
Jan 22
20 21
2115 213.4
Greif Bros CooP'ge el A- •
1,700
Preferred
334 Jan
25
934 Jan
334 4
334
Feb
Apr 330
29 313
313 315
Guardian Trust Co._ _ _100
515 Jan 1054 Feb
25
734 2,700
655
655
Feb Rio Grande 011 com
Apr 23
40 20
20
22
10
Haile Bros Co
El J L & P7% pr prat_ _100 122
Jan 124
Mar
176 115
12031 122
285
11
834 Feb 1334 Feb
India Tire & Itub com _ _ _ _• 12
1234
Jan Seaboard Dairy Credit
Mar 60
342 40
40
Interlake Steamship. corn * 40
4034
Apr
A preferred
Apr 50
50 50
50
50
100
414 1215 Jan 1515 Mar
14
•
Jaeger Machine corn
1534
10 3715 Jan 41
Mar
25
38
38
Jan Seaboard Nati Bank_. _25
70 2354 Apr 26
10
2434 25
Rayne° corn
Jan 9515 Feb
2,900 79
8415 88
1414
260 1214 Jan 1534 Feb Sec First Nat Bk of I:A.25 85
14
.
Lamson Seosions
Jan
400
634 Apr 10
6.11 7
Jan Shell Union 011 Co com_ _25
Mar 47
150 35
McKee A G & Co c1B____• 3534 3535 36
9
Signal Oil & Gas A
Apr 1731 Feb
100
9
9
25
9 2555 Apr 2734 Mar So
25
25
• 25
Met Paving Broom
Calif Edison com____I5 46
46
4834 5,100 4534 Jan 5415 Feb
Mar
Mar 105
10415 10434 1043.5
10 103
100
Preferred
Rights
134 Jan 213-16 Mar
I 5-16 1 5-1625-16 122,700
Mar
Jan 19
102 18
19
19
Miller Wholes Drug com_.
7% preferred
900 2934 Jan 3034 Feb
25
2934 2934
8
Mar
Feb
50
6
3
Mohawk Rubber corn__ __•
6
Apr
6% preferred
2,500 2634 Jan 28
25 2734 2734 28
Mar
400 3715 Apr 45
* 38
3734 4034
Myers FE & Bros
525% preferred
2615 3,300 2414 Jan 2615 Apr
25 2615 26
Apr 103-4 Mar So
10
7
468
7
7
National Acme com
831
Calif Gas ser A pret_25
2734 Mar
44 2534 Jan
2634 2654
Jan
Apr 327
35 310
310 315
National City Bank_ _ -100 315
So Counties Gas 6% pf_ _25
100 9915 Jan 10215 Mar
101
101
1951 193-4
140 1911 Mar 2215 Jan
National Refining com 25
Feb
* 4234 4211 4434 6,500 4234 Apr 51
Mar Standard 011 of Calif
8
10
National Tile corn
•
734
734 734
534 Feb
Jan 2414 Feb
100 20
21
21
*
Jan Taylor Milling Corp
Apr 25
10
National Tool pref
10
100 10
50
10
Feb
1034 123-4 76,600 1034 Apr 18
Feb Trans-American Corp--25 1011
Mar
•
3
2
2
Nestle-LeMur corn
2
50
Apr 2434 Feb
.
2014 6,100 19
19
Feb Union 011 Associates_ _-25 19
Apr 71
Ohio Brass B
• 58
118 58
58
5834
Union Oil of Calif
Feb
1,800 2034 Apr 26
25 2034 2034 21%
Mar
11
Packard Electric com_ .
1154
150 1015 Jan 13
Jan
Jan 325
20 325
325 325
Mar Union Bank & Trust Co 100
Feb 15
13
13
•
265 11
Packer Corp com
Mar
100 1434 Apr 15
1434 1434
Jan 2834 Feb Van de Kamp common_ *
* 26
Patterson Sargent
55 25
26
26
Weber Showcase dr Fix pf _. 1355
Jan
434 1355 Apr 20
1355 1434
Mar
21
Reliance Mfg corn
22
.
155 1934 Jan 26
Western Air Express_ _10
Jan 2115 Apr
300 15
1814 2134
Richman Bros, corn
Jan 7614 Feb
* 61
6015 62
464 54
Western Pipe & Steel_ -10
Apr
Jan 28
1,000 16
2634 28
Apr
734 Jan
6
Robbins & Myers v t c pf 25
85
6
6
515
734 Feb
5
434 Jan
Seiberling Rubber, corn_.
248
515
Bonds
Sherwin-Williams com _ _25 62
64
62
786 6015 Jan 6834 Mar So Calif
Gas 58
1957
101W 1.01W 516.000 10044 Feb 102
Feb
Jan
95 10534 Feb 109
AA preferred
100 10755 10715 108
Feb 1734 Feb
1455 15
210 14
Thompson Prods, Inc- •
*No par value.
Feb
25 9915 Apr 104
Furn pf100 9934 9934 9934
Trumbull-Cliffs
Jan 3434 Mar
60 30
30
Union Metal Mfg,corn__' 30
3055
San Francisco Stock Exchange.
-Record of transactions
Jan
431 6434 Apr 75
25 6434 6434 68
Union Trust
Jan
4
555
834 Mar at San Francisco Stock Exchange, Apr. 11 to Apr. 17, both
130
555 53.3
Van Dorn Iron Wks corn.
Mar Inclusive, compiled from
815 Apr 10
25
•
855
Vichek Tool
855 834
official sales lists:
20 11% Mar 1555 Feb
Weinberger Drug
*
1434 15
Jan
2 10234 Mar 104
White Motor Secs pfd_100
Sates
10234 10234
Friday
107 9955 Jan 10135 Jan
100 10055
Range Since Jan. 1.
Youngstown 8 & T pfd.100
Last Week's Range for
Week.
of Prices.
Sale
Stocks-.
Low.
Bonds
Par. Price. Low. High, Shares.
High.
Apr 10015 Mar
100 100.55 $2,000 100
1933
Cleveland Ry 56
•
.... a •....... eu.
1055 ni
01
01
1 050 90
Jan 92
Jan Anglo dt London Bank---- 169
Mar
41 169
169 171
Assoc Insurance Fund_ ___
Apr
805
3
3
334
334
• No par value.
Atlas Imp Diesel Ring A _ _ ______
100
914 933
.
511 Jan
Jan
50 230
Bank of Calif
240 240
-Record of transactions at Bond & Share
St. Louis Stock Exchange.
715 Jan
720
815 835
53-5 Apr
534 534 1,712
St. Louis Stock Exchange, Apr. 11 to Apr. 17, both inclusive, Byron Jackson
534
Jan
50 14
Calamba Sugar
1533 1515 1555
compiled from official sales lists:
135 1311 Feb
14
15
7% Preferred
Apr
25
3
Calif Cotton Mills
3
3
Sales
Friday
10 10615 Jan
Calif Ore Power 7% pref._ 110
110 110
Range Since Jan. 1.
Last Week's Range for
Calif Packing
35
Week.
3434 3635 2,387 3434 Apr
of Prices.
Sale
Jan
65 85
Calif Water Service pref__ _
9254 94
Low.
High.
Par. Price. Low. High. Shares.
Stocks-.
Caterpillar
3335 3315 3914 16,134 2734 Jan
115 1734 Jan
1834 1834
Mar 180
7 175
Apr Clorox Chemical A
1834
176 176
Boatmen's Nat'l Bank_100
240 1934 Jan
1934 1934 1955
62 65
Mar Consol Chem Indus A_ ..
Feb 70
67
First National Bank_ __20
68
Apr
230 31
34
31
Mar 200
32
Jan Crown Zellerbach pref A.
10 184
185 185
Franklin-Amer Trust_ _100
Apr
140 31
31
31
Preferred 11
32
Jan
Apr 198
13 188
188 189
Mercan-Comm Bk & Tr 100
3% Feb
355
3% 411 6,007
Voting trust ctIs
7 20914 Jan 22415 Mar
222 222
Miss Valley Trust Co__100
110
655 Jan
9
9
Emporium Capwell
% Jan
650
115
1
1
Fageol Motors
Miscellaneous Stocks.
260 8134 Apr
82
Feb Fireman's Fund Insur_ _ _
259
8134 8334
734 Mar 10
8%
•
Invest B
815
American
2934 2951 3234 6,393 2334 Jan
Feb Food Mach Corp com
25 2714 Apr 30
28
28
100 28
AS Aloe Co corn
414 Apr
428
435
4
Jan Foster Kleiser
618 3334 Feb 36
34
100
343-4
Brown Shoe corn
Mar
15 30
30
...... 30
Apr 1114 Apr Fireman's Fund Indemn
9
1
9
9
•
Burkart Mfg prat
Jan
560 27
100 2134 Apr 2434 Mar Galland Mere Laundry 22
22
•
Corno Mills Co
37
37
99
1855 1815 2034 3,
489 11
Jan
Feb 1735 Jan Golden State Milk Froth
55 16
17
5
corn
1755
Curtis Mfg
35 101
Jan
Jan 3215 Mar Great West Pow 6% pref- ...... 10514 105%
25 29
3011 3015
.
Dr Pepper corn
595 1023.4 Jan
7% preferred
10511 10555 10534
Ely de Walker Dry Goods
Jan
275
6
715
6
......
Jan Haiku Pine Co Ltd cora_
Apr 95
38 90
90
90
100
1st preferred
815 Jan
126
1255 12%
Jan 50c Apr Hale Bros
50c
50 25c
50c
Fulton Iron Works corn_.
Apr
981 31
35
31
31
Mar Hawaiian Pineapple
7 11034 Mar 115
111 11114
.
Globe-Democrat prof _100 111
896
15 Mar
%
Feb Roister Radio corn
7
33
Jan
180
4
515 534
534
Hamilton-Brown Shoe_ _25
14
Mar
705 12
...... 14
Apr Langendorf Bakeries A__
Apr 20
19
285 18
18
Hydraul Press Brick pfd100 18
Apr
4
200
5
5
B
Jan
Mar 49
468 47
473-4 48
48
*
Internat'l Shoe corn
100
255 Feb
9
9
110 10515 Jan 1083.4 Apr Leighton Ind A
108 10833
100
Preferred
95
135 Mar
134
B
134
Jan
Jan 37
575 25
3216
32
• 32
Johnson-S S Shoe
815 Feb
220
935 934
Jan Leslie Calif Salt
Apr 25
19
68 18
18
Key Boiler Equipment_*
55 10334 Jan
Mar La Gas Sr Elea Corp prat ...... 108 108
Feb 30
42 25
26
26
Landis Machine corn_ _25
115 Jun
235 231 14,651
23.4
39
200 3534 Feb 3934 Mar Magnavox
39
.
McQuay-Norris
220 13
Jan
1414 143-5
143-4
35 2434 Jan 2915 Mar Magnin corn
2531 26
Mo Portland Cement_ - _25 26
391
615 634
634 Mar
615
Mar Aiarchant Cale Machine_
Feb 22
720 19
* 2034 203-4 21
Candy corn
National
3133
Jan
59 28
30
Jan 10834 Apr North Amer Invest corn... 30
12 107
10855 10855
100
1st preferred
515 Mar
1,350
6
535 6
Apr
814 Jan North Amer 011 Cons
10
5
6
6
6
RleenStlx Dry Gds com-•
283 1954 Jan
2433 2415 2415
Jan Oliver Filters A
Feb
9
30
6
734 815
8
•
Scullin Steel pre(
835 Apr
366
855 9
B
Mar
67 11754 Jan 122
12034 12115
Southwest Bell Tel pref 100
4834 5031 6,281 4534 Jan
Feb Pacific, Gas common
Jan 15
4834
20 11
12% 1234
123.4
Stiz Baer es Fuller corn_1,711 2434 Feb
2534 2554 2534
Apr
Apr 18
555% preferred
100 18
18
18
St Louis Pub Serv pfd A- *
1,228 2634 Feb
27% 28
Mar
6% 1st preferred
Jan 19
505 15
Wagner Electric corn- _100 1634 1634 1751
1,456 Si
59
62
59
Jan
Apr Pacific Light common
Feb 107
20 105
107 107
15
Preferred
45 10034 Jan
104
104 104
6% preferred
2455 9,810 1834 Jan
Pacific Public Service A_
. .
223-4 22
Bonds.
Street Railway
635 Apr
9
Apr
834 1114 26,133
New wl
9734 971.4 $1,000 9655 Jan 98
1815 1934 7,453 1835 Apr
1835
First preferred new wi
255 118
127 12933
Jan
127
Pacific Telephone
* No par value.
120 12014 Jan
131
131
6% preferred
-Record of transactions Paraffine
40
Apr
40
Los Angeles Stock Exchange.
4434 3,903 40
215
5
5
6
Apr
at the Los Angeles Stock Exchange, Apr. 11 to Apr. 17, Pig'n Whistle pref
205
1214 1215
8
Rainer Pulp & Paper
Feb
824
255 Jan
both inclusive, compiled from official sales lists:
234
2.55
255
Richfield
647
355 Jan
334 334
33.4
7% Preferred
Sales
Friday
285 13
13
lions Brothers
13
1334
Feb
Range Since Jan. 1.
Last Week's Range for
1315
200 12
13
Jan
Railway Equip 1st pref
IVeek.
of Prices.
Sale
92 11534 Jan
122 122
I S J Lt dr Pr 7% prior pref.._ 122
High.
Low.
Par. Price. Low. High. Shares.
Stocks395
334 5
3
Feb
Schlesinger common
238 29
3034 33
Mar
Preferred
300
Barnsdall 011A
10
25 10
10
634 714 2,795
614 Apr
64
7% Apr 2215 Jan Shell Union
900
Bolsa Chica 011 A
10
7%
7% 055
Friday
sates
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
2
,aglingSgV4.444g.”g4itgnaga4PC."'"'OPCAg1448.4rCrag4gEE4a&'.ga4nWPOgait
Xgxx g g g gg ggX =
- 8. 00..=
0..
Xxgg x
r,4=
234
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks(Concluded) Par. Price. Low. High Shares.
Sherman Clay prior pref..
Southern Pacific
Spring Valley Water Co_Standard 011 of California_
Tide Water Associated OIL
6% preferred
Transamerica Corp
Union 011 Associates
Union 011 of California
Union Sugar Co
Wells Fargo Bk de Union Tr
Western Pipe & Steel
2937
FINANCIAL CHRONICLE
APRIL 18 1931.]
Range Since Jan. A.
Low.
53%
53
65 45
90
90
zoo 90
9%
9%
785
9%
42% 44% 5,910 42%
6%
445
6%
6%
57
57
loo 56%
io% 10% 1255 173,120 10%
18% 20%
3,168 18%
19
19% 19% 2155 3,493 19%
100
3
3% 3'%
266 266%
15 266%
25% 25% 28% 13,113 14%
53%
99
9%
42%
6%
High.
Mar
Jan 55
Apr 100% Mar
mar 10% Feb
Apr 5155 Feb
Apr
854 Feb
Jan 69% Jan
Apr 18
Feb
Apr 24% Feb
Apr 26% Feb
Jan
455 Mar
Apr 275
Jan
Jan 27% Mar
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Apr. 11 to Apr. 17,
both inclusive, compiled from official sales lists:
Sales
Friday
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
Low.
Par. Price. Low. High Shares.
High.
Stocks.30 .50
.33
Admiralty Alaska Gold._ _1
5% 6
American Corp
•
5%
35
35
Warrants
.25 .25
.25
Andes Petroleum
•
1
1%
1
Appalachian Gas warrants_
3935 3936
Atlas Util $3 pref
•
.98
.76
.80
Bagdad Copper
1
2.45 2.50
2.50
Bandini Petroleum
1
5
5%
British Canadian Shares- *
%
55
Comm. Credit cond war...
'
ConsGas pref w 1
-ioi-- 10135 102
5-16 5-16
Rights w 1
Corporation Trust Shares.
531 5%
5%
*
DetachableBit
554 5%
Detroit & Can Tunnel---•
251 3%
335
2.65 2.80
Eagle Bird Mines
2.75
1.02 1.02
Eldorado Gold
1
Exeter 011"A"
.50 .50
.50
1
Flag 011
35
•
35
.40
3,000
1,000
3%
%
800
.11
500
1
3,300
100 34
.50
1,300
2.45
200
4
200
55
100
1,000 101
9-32
1,000
554
300
100
3
2%
6,400
1.50
3,900
1.00
100
.50
500
%
500
Apr
.50
Jan
7
Apr
55
Feb
.44
Apr
2%
Jan 4055
Jan
1.48
Apr
2.50
Mar
7
Apr
%
Apr 102
Apr
5-16
Apr
6%
Mar
7%
Apr
4
Ma
3.80
Apr
1.02
Apr
.50
Apr
I%
Apr
Feb
Mar
Mar
Feb
Feb
Feb
Apr
Jan
Mar
Apr
Apr
Feb
Mar
Feb
Apr
Apr
Apr
Mar
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Fuel 011
10
General Leather
•
Genl MM Mill & Pwr
1
Group No. Two 011
1
Homestead Oil & Gas..
.1
Imperial Eagle
1
Internat Rustless Iron.
.1
Invest Trust Assoc
•
Jencks Mfg
5
Jenkins Television
Keystone Cons Min
1
Kildun Mining
Lautaro Nitrate
•
Lincoln Drilling
1
Mines1
•
fad e
Magazine Rep Razor B.
;2
May Radio & Tel
•
Nation Wide Sec B
Natl Aviation E warr
N Y C Airport
N Y Rio warr
North Amer Trust Shs
Patricia Birch Lake Mini.
Pet cony
•
*
Photocolor
Radio Sec A
5
Railways
•
Seaboard Utilities warr
Sherritt Gordon
1
Shortwave & Television-A
Sisco Gold
I
Southern Surety
2.50
St Joseph Lead rights w 1__
Sylvanite
1
Tom Reed Gold
1
US El Lt B
Util P & L prat
100
*
Williams Alloy
Zenda Gold
1
5
.49
.88
4%
1.28
7
2
.51
655
5%
.77
%
2%
1-32
1.03
1.10
5
.10
6% 1,000
5
1,500
435 5%
.49 .49
500
100
2.00 2.00
100
1.02 1.02
1.30 1.30
100
.88 .93 1,800
100
12% 1235
300
7% 755
4% 454 1,400
1.14 1.30 2,800
7
8% 2,600
700
3
3%
900
1% 235
.46
.56 114,000
100
18% 1855
100
35
%
100
255 2%
200
8
10%
100
6% 6%
100
1
1
5% 6% 3,100
100
%
35
400
5% 555
.70 .78 17,500
800
5% 6%
80
35
55
134
10
135
40
15
15%
% 1,40
34
300
1.00 1.00
15,700
2% 3
500
.55 .55
100
3% 354
1-32 1-32 7,200
96 1.07 5,500
1.05 1.41 7,300
100
7% 7%
50
92
92
5
7% 1,700
.10 .15 1,000
Range Since Jan. 1.
High.
Low.
3
4
.48
2.00
1.00
1.00
.50
12%
731
1.14
6%
.42
15
34
6%
34
5%
3-16
5%
.60
4%
35
1
13%
31
.85
155
.48
3
1-32
.96
1.00
555
92
4
.10
Jan
Apr
Jan
Apr
Apr
Apr
Jan
Apr
Apr
Jan
Apr
Feb
Jan
Apr
Mar
Jan
Apr
Jan
Apr
Apr
Mar
Apr
Jan
Apr
Mar
Apr
Apr
Feb
Feb
Mar
Jan
Feb
Jan
Apr
Apr
Apr
Apr
Mar
Apr
Fe
Apr
Mar
7
5% Apr
.64 Mar
2% Feb
1.12 Apr
1.30 Apr
1.20 Feb
Mar
13
7% Apr
5% Apr
1.30 Apr
954 Mar
434 Mar
235 Apr
.56 Apr
Apr
20
35 Apr
Apr
3
12% Mar
731 Mar
Apr
1
6% Apr
55 Jan
6% Feb
.78 Apr
7% Jan
2% Jan
2% Apr
1834 Mar
55 Apr
1.33 Feb
354 Apr
.55 Apr
7% Feb
1-32 Apr
1.15 Asir
1.50 Apr
8% Mar
Apr
92
1135 i mar
.26'4Feb
• No par value.
New York Curb Exchange-Weekly and Yearly Record
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginningon Saturday last (April 11) and ending the present Friday (April 17). 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 which any
dealings occurred during the week covered.
In
the
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Week Ended Apr. 17.
Stocks-
Indus. & Miscellaneous.
5% 5%
300
Aeetol Prod cony A
•
5/4
10% 1055
100
Acme Wire corn v t c___25
52
325
56
Aeolian Co 7% pref___100
Aeolian Weber Plano & Pia nola p ref-See note it) belo
200
Aero Supply Mfg C18.98 A_•
8
8%
235
•
Class 11
2% 3
1.000
10
•
1,900
12
Aero Underwriters
Affiliated Products ins....' 2035 20% 224 9,000
Agfa Ammo Corp com
• 15% 15% 18% 14,700
700
Ainsworth Mfg corn..--.10
10
10%
100
135
1% I%
Air Investors corn v t C.--•
50
50 81
81
Ala Gr Sou RR ord
81
600
10
All Amer Gaol Corp
20 10
10
Allied Aviation Industries100
With warrants
35
Si
400
5
5
Allied Mills Inc
•
4,200
29% 30
Allied Prod cony A
1t?3 157 176
5,100
Alumintun Co corn
100 109% 109% 109% 1,700
6% preferred
14% 14%
200
Aluminum Goods Mfg
•
100
7,s
75
Aluminutn Ltd corn
•
18
42
Series A warrants
45
12
45
45
Series B warrants
45
6
45% 46
Series C warrants
6
48
48
Series D warrants
•
MOO
Amer Austin Car corn.
% 1
400
Amer Brit & Continental.*
255 255
Amer Brown Boverl Elec700
4% 455
Founders shares
•
1,200
5
.5
5
Am Capital Corp corn IL50
American Cigar common •
68% 6934
100
Amer Cyanamid corn A__•
11% 11%
•
8
12,900
Common B
8
9
1,000
Amer Dept stores Coro •
2
2,200
American Equities com •
5
555
Amer Founders Corp.- -•
355 454 2,700
3%
Amer Investors ohs corn_ •
6% 4,400
5%
1,200
Warrants
1%
154
50
Am Laundry Mach norn.20
35
35
200
Amer Maize Prod corn_ •
23
23
100
Amer Thread prof
3% 335
3.35
5
25
5
5
Amer Transformer corn •
5,100
Am Util & Gen dB v t e__•
334
33.6 4
1,000
• 26% 2654 28
$3 eurn preferred
30,900
American Yvette Co com.
•
555
1,100
10
Anglo-Chilean Nitrate...' 10
10%
60
Apoonaug Co common- •
68% 1,500
Arcturus Studio Tube_
•
8
751 9% 5,40
850
Armstrong Cork com. •
18% 20
100
Art Metal Works corn
•
655
655 6%
Assoc Elec Industries
100
5% 5%
Amer dep rcts ord slis_ZI
254 355 2,400
Associated Rayon corn_ __•
300
6% eoriv preferred -100 5954 5935 5955
90
5954 5955
Certificates or deposit.
400
10% 11
Atlantic Sento Corp corn.• 1034
100
• 10% 10% 10%
Atlas Plywood
6
6
6% 5,500
Atlas Utilities Corp eons_.•
2
1,00
2
Warrants
3% 4
50
Automatic Vot Mach corn'
935 11% 1,00
Cony prior partie Mock •
955
Aviation Corp of the Amer. 2635 263-4 3034
1,800
Aviation Securities Corp.*
14% 14%
10
Aviation Secur of N E. •
455 4%
300
Babcock di Wilcox Co__100
108 108
100
134 n135
Bahia Corp cora
60
25
Preferred
2%
235 2% 1,50
15% 16%
Benet Indus Loan com___• 1555
800
13
13
Benson & Hedges pref._ •
10
2654
Bigelow Sanford Carpet...' 25% 25
35
• 15
15
800
15
Bliss(E W) Co corn
455 6
4,100
Blue Ridge Corp eon....'
3,600
Opt 6% cony pref___-50 36% 35% 37
Bohack (II C)& Co com • z6835 :6835 73
300
Borg Warner Corp pref_100
96
2
96
181
10
181
Boston & Albany KR....100
•
7% 735
Bourjols Inc
100
73.4
16
200
Bower Roller Bearing.- *
17
Bridgeport Machine corn.'
700
131 134
Brill Corp class II
•
135 1%
100
Range Since Jan. 1.
Low.
4% Feb
10
Mar
45
Feb
8
2%
6%
11%
5
8
55
75
935
Apr
Apr
Feb
Jan
Feb
Feb
Jan
Jan
Jan
High.
534 Jan
12
Mar
56
Apr
10
4%
12
2254
19%
13
I%
92
11
Mar
Feb
Apr
Apr
Apr
Feb
Feb
Mar
Mar
Jan
54
Jan
53*
Mar 29%
Jan 224
Jan 109%
Jan 16%
Jan 102
Jan 60
Jan 60
Jan 60
Jan 60
Feb
1%
Jan
235
Feb
Jan
Apr
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Apr
Jan
Jar
Apr
Apr
Jan
Mar
Jai
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Mar
Apr
Jun
Jan
Feb
Jan
Apr
Jan
5
6
6935
1135
1255
2
735
534
7%
2
45
30
354
7
6
3
055
6
15
7254
10
26%
854
Feb
Feb
Apr
Apr
Feb
Jun
Feb
Mar
Feb
Feb
Jan
Jan
Mar
Feb
Jan
Mar
Apr
Mar
Mar
Apr
Jan
Feb
4.55 Jan
535
% Jan
4
34
Jan 60
Mar 59%
56
4 Jan 13%
855 Jan 1455
8% Jon
855
1% Jan
2%
2% Jan
834
835 Jar
16
175 Jan 30%
5
1054 Jan
1635
455 Mar
6
100
Feb 110
134 Ma
2%
134 Jan
3
15% Apr 19
13
Apr 13
25
Jar
31
15
Apr 1654
5 Jan
33
6%
1105
,5 Jan 3814
68% Apr 80
88% Jan 96%
175% Jan 181
4% Fob 1035
1154 Jan
1735
1% Jan
2%
55 Feb
1%
Mar
Feb
Mar
Apr
Feb
Mar
Mar
Mar
Feb
Feb
Apr
Mar
Feb
Jan
Jan
Apr
Mar
Apr
Jan
Feb
Feb
Mar
Mar
Apr
Apr
Mar
Mar
Feb
Mar
35
43*
24%
140%
106%
14
5954
2835
26
33
35
%
135
3%
6
61%
11%
754
154
435
3%
455
1%
34
23
355
5
3%
2635
1
755
54
4
18%
43,
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Brit-Amer Tobacco
400
Am deprets ord beareril 19%
19% 20%
400
Bulova Watch pref
25
27%
•
200
Burco Inc corn
6% 6%
•
100
6% prof wan warr____50 40
40
40
400
94
Warrants
%
54
200
Burma Corp Am dep rem
1% 1%
1%
3,700
Cable Radio Tube tom vie'
2
1%
200
Canada Bread corn
6% 7
24% 2455
100
Carnation Co common.....'
300
19
Carrier Corp
18
•
400
Centrifugal Pipe Corp....•
6% 735
6/4
500
3
Chain Stores Devel corn..'
2
500
11
11%
Chain Stores Stocks Inc....' 11
1455 14% 2,900
Chatham de Phenix Allied_•
Cities Service common
16% 1855 99,300
• 17
Preferred
• 8334 z8354 84% 2,100
10
Claude Neon Elec Prod___ ------ 2035 2035
1,500
6% 755
Claude Neon Lights I00-1
635
80
Cleve Tractor Common....
734 8
734
4,200
Colombia Syndicate
34
35
_
35
10
17
17
Colt's Pat Fire Ar Mfg.
.25
10
20% 20%
Columbia Pictures corn .*
10
1955 1955
Common v t o
•
100
39
39
Commonwealth Sec pf_100
Consol Automatic
1,700
'II
is
Merehanili*Ing corny t e•
1
1
100
•
1
$3.50 preferred
1,000
Cousol Dairy Prod corn..'
655 7
635
455
434
100
Consol Retail Stores
4%
1,125
CI:MCI Shares cony KM _10o
30% 30% 3234
25
32% 32%
Preferred ser B
100
400
1035 11%
Cooper-Bessemer corn._•
27
100
27
$3 pref with warrants 100
log 14% 150,200
Cord Corp
5 1055
16
800
1754
Corporation Sec of Cue...' 173-6
5
100
5
Corroon & Reynolds oom •
45
$6 prat A
700
5035
•
Courtaulds Ltd
834
Am dep rcts ord reg 1E-8
700
1134 1235 2.70(
Crocker wheeler corn__ • --12
Crown Cork Internal A
5% 6
200
6
32
100
33
Crown-Zellerbacla pref A..*
Cuban Cane Prod warr
1,800
Lie
55
Curtiss Airports ye e_....•
1% 1%
10
CurtIss-Reld Aircr pf w w30
4
4
100
Curtise-Wright Corp warr.
35
% 1,500
3.4
Davenport Hosiery Mills.*
Dayton Airplane Eng cool'
Deere & Co common
•
Be Forest Radio corn.... •
De Havilland Aircraft
Am dep rcts for ord reg sh
Detroit Aircraft Corp
Doehler Die-Casting com.•
Douglas Aircraft Inc
Douglas(W L)Shoe pf__I00
Dow Chemical pref._ ..100
Draper Corp
•
Dresser(BR) Mfg Co ei A •
Chess B
•
Driver-Harris Co corn __10
Dubllier Condenser Corp_•
Durant Motors Inc . •
Durant Motors of Can__10
Duval Texas Sulphur _ __•
Eisler Electric 0011111100._•
Elec Power ASO00 00o)___ •
Class A
•
Elea Shareholdings nom _ •
6% cum p ef with wa •
Empire Corp COLO__
Empire Steel Corn coin _ .•
Employers Reinsurance_10
Ex-Cello Al cr & Tool....-'
Fairchild Aviation cow
•
Fajardo Sugar
100
Fandango Corp corn
•
Fansteel Products
•
Federal Bake Shops
154
28%
800
16
1755
1
1% 28.400
28
2.300
30
5% 7% 41,300
5
234
555
20
38
105
4654
3735
24%
2755 2735
335
254
255
855
2
2
455
454
14% 14%
14%
14%
15
15
82
154
1%
1%
154
24
934
3%
33
33
%
7%
7%
3%
354
5
255
554
20
Range Since Jan. 1.
Low.
High.
2055
6%
73
*
at
17
1635
1735
39
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Jan
Apr
Jul.
Jan
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Jan
Mar
Jan
Jan
Apr
24%
31
654
40%
1
254
234
7
26
25
8%
4%
11%
17
205(
84%
2055
1051
9%
ti
22
23
22
46%
Jan
Feb
Apr
Mar
Feb
Mar
Apr
Apr
Feb
Feb
Feb
Mat
Feb
Feb
Feb
Feb
Apr
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Ile
1
2%
3
30
31
1055
26%
5%
1455
3%
40
Mar
Jan
Feb
Jan
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Feb
e34
135
7%
4%
54%
51
23%
3834
15
22
63.4
51%
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Apr
Feb
Max
7% Mar
Jun
7
5% Apr
Apr
32
% Feb
1
Jan
4
Apr
55 Jan
8,
5
1434
3154
3955•
34
154
4
Apr
Mar
Mar
Mar
Jan
Jan
12% Jan
1.4 Apr
28
Apr
154 Jan
1734 Arc
2% Jan
44% Feb
855 Mae
18
23
4
3414
55
1%
4
6%
2234
15
555
1
7
13%
15
711,
4
Jan
Apr
% Mar
335 Feb
300
555 Apr
5%
1
3% Feb
Jun
8.900
3
534 Apr
200
5%
754 Mar
22% 3.800 1255 Jan
2334 Mar
Apr 56
Mar
2
38
38
Apr
Feb 105
1
102
105
4655 Apr 4635 Apr
5
463.6
3954 Feb
10
Jan
30
3735
80
27)4 Mar
Jan
26
19
31% 1,200 21% Jan 4134 Feb
Apr
3
434 Jan
600
3%
ty Jan
335 Mar
2% 15,800
855 Apr
9% Mar
20
855
Apr
2
114 Jan
800
234
sat
1,200
4
654 Mar
5
Jan
225( Feb
17% 2,200 13
Jar
22% Feb
16% 3,400 12
Jar
1,000
15%
18
Mar
100 72
Jan 88% Feb
82
54 Jai
1,500
2% Mar
1%
100
1% Apr
134
3% Jan
24
200 22
Jan 25
Jan
100
934
89-4 Fe
10
Feb
700
455
155 Jar.
Mar
5
30 30
Jan 42
35
Jan
400
35
Si Jan
35 Jan
600
9
5
Jan 1134 Feb
3%
600
235 Jan
4% Mar
2938
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
234 Jan
3
400
3%
Federated Capital corn_ __5
3
Apr 15
15
100 15
15
25
6% cum pret
9% Apr 1031
400
931 10
Federated Metals
•
931
131
1
Mar
1
I
100
Film Inspection Machine.'
1
8
3% Jan
300
Fischman (I) & Sons A__ •
034 8
Jan 12
9
8
9
200
Flintkote Co common A....'
3
151 Jan
2% 231
100
Fonts Fisher Inc common..*
Feb 36%
30
Food Mach'y common...' 30
3231 3,000 29
Ford Motor Co Ltd
Apr 19%
1531 34,200 14
Amer dep rots ord reg_ Z. 14
14
Ford Motor of Can CIA • 23% 2334 2534 4,400 21% Jan 29%
Jan 62%
37 25
Class B
• 38
3531 38
Ford Motor of France
1031
734 Jan
200
American deposits rots
8% 834
834
33.4
31 Apr
Foremost Dairy Prod corn•
2,200
X
1
a
1
Apr
1
200
Convertible preference.'
I
6%
1
Apr
1,300
1
Foremost Fabrics corn _ -•
3
1
3% Apr
835
Fox Theatres class A corn.'
4
33.1 4% 4,500
731
5
Apr
Franklin(H H) Mfg corn.*
500
5
5%
5
Gamewell Co $6 pref_. • 100
150 97% Jan 10131
100 101%
1031
Jan
4
200
General Alloys Co
5
5
•
5
12
5% Jan
General Aviation Corp ' 9%
8% 10% 2,200
334
Feb
1
134 1%
Gen'l Cable Corp warr100
Gen Elea Co ef(It Britain_
Am dep rote for ord reg Ll 10% 1031 10% 1,300 10% Jan 11%
General Empire Corp---17
500 1414 Jan 18
17%
• 17
Gen'l Fireproofing com...-• 24
24
24
500 23% Mar 25
9,500 103.4 Apr 3131
Gen Theatre Equip pref_* 20
1931 24
434 Feb
731
1,900
Gerrard (S A)Co com____•
55
7
9%
734 Ap
100
Gilbe t(H C)Co com____•
731 7%
734
Apr 35
100 33
35
•
35
Preferred
Glen Alden Coal
3931 40% 2,600 3851 Mar 60
• 40
834
Jan
7
Globe Underwrit Etch_ •
8
831 2,400
8
Jan 22
200 15
Golden State Milk Prod_25
20% 20%
631 Jan 11%
Goldman-SachsTrading-•
7% 931 28,500
731
1%
% Jan
131
Gold Seal Electrical Co...'
134
134 5,100
Jan 23
20
100 19
Gorham Mfg corn vt o • 20
20
31 Apr
34
31
400
Gotham KnItbac Mach..'
'is
Gramophone Co Lt4934 Feb 14%
1131 11% 1,000
Am dep rots torordreg El
25
Graymur Corp
26% 1,000 23% Feb 2931
• 25
Gt Atl & Pao Tea
300 187% Jan 260
220 240
Non vot con) stock.....-• 220
Feb 12114
100 117
119 121
7% first preferred.._ _100
Jan 97
25 97
97
Greif(L) & Sor pref_ --100
97
4
4
Jan
4
300
4
Grier (S M) Stores com_ •
3
Jan
634
300
Grocery Stores Prod v t0
531
5
31 Jan
34
500
Happiness Candy Ste corn•
31
%
2331
• 22
Hazeltine Corp
22
21
800 1434 Jan
314
144 Jan
Helena Rubinstein cora •
33.1
200
331
Hires(CE) Co corn A...-• 28% 28% 28%
300 25% Mar 28%
Jan 1031
• 10
10
Holophane Co corn
10
100 10
Horn(A C) Co Pre!
50 10% 10% 1035
100 1034 Jan 1035
Hydro-Elec Secur cora___• 2231 2231 2334 1,400 2231 Jan 30
2,1 Jan
Hygrade Food Prod corn..'
034
4
900
5
4
Imperial Tob Gt Brit & Ire
21%
Mar
Am dep rem for ord . ft
21% 21%
500 20
Industrial Finance pref.100
54
54
50 52% Feb 57
Instill Utility Investment.' 35% 3434 3634 1,800 29,4 Jan 493(
Jan 6331
200 52
Insur Cool North Amer 10
60%
60
914
651 Jan
Insurance Securities_ _ - _10
8
600
8
8
854
5
Apr
Intercoaat Trading corn_ •
5
100
5
Apr 48
41
200 41
42
Internat Cigar Machy_-_*
Jan 1354
Internat Safety Razor 13__• 1334 11% 13% 1,100 10
Apr 18
17
150 17
Internat Textbook.. _100
18
4%
234 Jan
1,100
3
Interstate Equities com__•
3
3
3131
Convertible preferred..' x31
231
700 2654 Jan 35
7
5
Apr
5
400
Interstate Hosiery Mills--•
5
5
10%
7% Jan
Irving Air Chute corn...' 10% 1034 10% 1,100
•
834 Mar 1031
10
300
Johnson Motor Co
1034
831 Apr
8%
7
Jonas - Naumburg Pf
8%
700
73i
•
13% 14
300 1234 Feb 14
Klein (D Emil) Co corn....'
134
% Jan
1% 3,300
I
Roister Brandee Am she El
1
Feb 10234
102% 102%
100 98
Koppers Gas dr Coke p1100
3234 33
700 2934 Mar 37
Lackawanna Securitlea___• 33
Jan 12%
500 10
10% 11%
Lefcourt Realty corn
Apr 25%
21% 22%
400 20
22
Preferred
27 t.
•
600 23% Jan
Lehigh Coal dr Nar.
2334 2334
Jan 14%
1131 12
300 10
Libby McNeil & Libby._10
• 20% 20
300 1831 Jan z24%
Lily-Tulip Cup Corp
20%
2
134 Apr
1,600
131
Louisiana Land & Explor_•
134
Mar 120
10 102
108 108
Ludlow Mfg Associates •
834 Apr 11%
MiteMarr stores Inc. _
2.400
•
8% 9
831
2% Mar
4
300
Mongel Stores Corp corn..'
334
331
•
300 32% Jan 41
Mapes Consol Mfg
41
40
34 Jan
531
May% Bottling Cool Am.*
43.1 534 4,000
414
3% Apr
5
Class A
3,400
3
5
5
Jan 11351
Mead Johnson & Co corn.. 9831 9811 104
1,900 77
834 Apr 14%
Merritt Chapman & Scott•
9
100
9
Mesabi Iron Co
800
•
131
134
31 Jan
1
Jan 3634
Mesta Machine corn
5 34% 34% 36% 2,000 28
35 Jan
Metal & Mining Ohs nom..
3,800
131 2%
Apr 17%
Midland Royalty pre__ •
300 12
12% 1334
Midland United corn.....' 19% 19% 19%
300 1731 Jan 23
Minneapolis Honeywell
Feb 91
100 8831 88
Regulator pref
620 82
91
734 Mar 1031
Mississippi River Fuel war
100
731 7%
Mar 10%
MoCk-Jud-Voerhinger_
5
•
100
7
7
4
Feb
431
Monroe Chemical corn.....'
431 431
100
Montecatial Min dr Agricul
31 Jan
400
Stock warrants
54
31
X
Montg Ward & Co A....* 10334 10335 10335
10 103% Apr 10331
Mtge Ilk of Colombia
Apr 21%
American she
18
100 18
18
8
Apr 10%
Nachmann & Spgf Corp..
8
100
8
8
454
334 Mar
3% 3% 2,400
Nat American Co Ino-___•
334
10
434 Jan
3,700
7% 8
•
Nat Aviation Corp
731
Jan 3934
800 211
Nat Bond & Share Corp_ •
3434 36%
•
100 2031 Apr 2031
National Candy com
2034 20%
3% Jan
551
2,900
434 5
Nat Family Stores nor6-•
434
Jan 10%
3
100
9% 935
Nat Food Prod cl A ww_•
9%
434 Jan
•
Nat Investors caul
734
5
5% 6,600
1
% Mar
200
10
National Leather
si
st
91
Jan
5
200
7%
534 5%
Nat Mfrs & Storm Corp...*
334 Jan
334 4
200
•
4
Nat Rubber Mach'y
Jan 24
100 20
22
22
National Screen Service_ •
234 Apr
331
400
•
2% 2%
2%
Nat Service Cos corn.
18
18% 5,800 15% Jan 18%
Term Sec A . 18%
Nat Short
514
1% Jan
•
3% 2,700
3
Nat Union Ratilo cora
1
34 Apr
%
Nauheim Pharmacies corn *
% 1,300
231
1% Jan
2
400
2
Cumulative cony prof._'
100 5834 Apr 80
58% 61
100
Neisner Bros pref
3
134 Feb
400
2
234
New Mexico & Aria Land 1
Jan 1134
100 10
ng 11%
•
N Y Merchandise
Jan
1154
7
1,800
-10
831 9
8%
Niagara Share of Md.
4% Jan
100
6%
Noma Floc Corp cont. •
11 Feb
14
34 4,500
51
5
Nordon Corp Ltd com
14
234
34 Jan
1% 2% 15,100
1%
elation warr A
Nor Amer A
780 115% Apr 150
120 150
Northwestern Yeast_ __100 142
300 3834 Jan 5151
4631 47
•
Novadei-A gene CorpcomMar
536
3
900
3% 33.4
011stocks Ltd class A__ •
336
214 Jan
200
234
Outboard MotCorp corn B•
4% Jan
0
400
5% 53.1
cony pref
Class A
•
0
234 Jan
•
600
434 43.1
Overseas Securities
434
2,‘ 334 1,100 251 Apr
Paramount Cap Mfg corn.'
231
3051
AD
200 27
• 28
28
28%
Parke Davin dr Co
Mar 109%
92% 3,200 81
Parker Rust
-Proof Co..' 8754 87
634 Jan 1034
50
1031 10%
render (D) Grocery cl B..•
831
0, Jan
Pennroad Corp corn vs c_•
8% 634 7,100
631
1
Jan
4
Perryman Elec Co corn....'
234 334 8,300
3
Mar 100
10 93
Pet Milk 7% pref
100 100
100 100
1
5.1 Jan
Philip Morris Cons oom__•
200
34
%
31
[VOL. 132.
FINANCIAL CHRONICLE
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low
High. Shares.
Range Since Jan. 1.
Low.
High.
Philippe (Louts) corn A_ •
100 24% Apr 2434 Apr
24% 2434
1% Mar
2
Feb
Phoenix Secur Corp corn.'
151 6,000
1%
114
Mar 26
Apr
Preferred A
600 23
• 26
2531 26
Pilot Radio & Tube cl A...• 18% 17% 2331 48,800
314 Jan 2331 Apr
Pines Winterfront Co_ -5
2,600 1731 Mar 22% Apr
21
21
Pitney Bowes Postage
514 Jan
10
Mar
Meter Co
•
731 8% 2,000
Pittsburgh Forg
x12% x13% 1,300 10% Mar z1336 Apr
•
Jan 109
Apr
Pitts & Lake Erie corn...50
300 102
103 109
Jan 4234 Jan
Pitta Plate Glass com___25
800 38
40
40%
834 Mar
1% Jan
Polymet Mfg corn
500
•
3% 3%
33.'
125 7034 Apr 91% Feb
Prudence Co 7% pref...100
7031 7034
14
Mar
834 Jan
Prudential Investors corn.• 11% 11% 1234 3,500
Apr
Mar 91
$G preferred
700 88
88% 91
Public Utility Holding Corn
734 Feb
434 Apr
Corn without warrants_•
414 49.1 6,800
434
900 3134 Jan 3631 Feb
$3cum pre:
• 3334 33% 35
1% Jan
% Jan
8,600
Warrants
31
1
1
Mar
20 11531 Mar 120
Quaker Oats 6% pref__100
11636 11634
2% Jan
600
I% Apr
Radio Products corn
1% 231
•
434 Mar
500
Railroad Shares Corp
351 Feb
434 4.31
•
4
Jan
500
134 Apr
Rainbow Lum Prod A
1% 2
•
2
Jan
500
31 Apr
Common class B
•
34
%
834 Apr 14% Mar
100
Raytheon Mfg conm v t •
834 834
931 Jan
400
631 Apr
Reliable Stores common_ •
634 751
6
231 Jan
Feb
Reliance Internat nom A..'
4% 431 1,200
434
Jan
734 Feb
300
3
Reliance Managemant corn'
534
5
531
5
Feb
231 Jan
Reybarn Co Inc
231 231 3,200
10
1% Jan
31 Jan
Reynolds Invest cora_
31 2,400
•
31
394 Mar
600
111 Jan
231 2%
Roosovelt Field
•
234
2% Jan
534 Feb
Rossia International
334 3% 1,200
334
Jan
100 3031 Feb 38
3111 3131
Royal Typewriter nom. •
Mar
400 34% Feb 42
36
Ruherold Co
38
•
Apr 9034 Jan
350 78
80
76
Safety Car Heat & Ltg.100 76
St Regis Paper Co com-10 1534 15% 1731 9,000 13% Jan 21% Mar
1334 Apr
631 Jan
Saxet Co com
• 11% 11% 1331 37,100
1
Jan
31 Jan
Schulte-United Sc to $1 St•
X
31 2,100
31
3
Jan
400
31 Mar
7% corn cony pref„..100
34
51
31
3% Jan
goo
5% Feb
Seaboard Util Shares......'
431
434 a%
600 1$S4 Jan 30% Feb
Securities Corp Gen% cora• 2234 2234 2434
Jan 3751 Mar
12,200 x34
3531 36
Seeman Bros common.- •
Jail
7% Mar
4
631 631 10,400
Segal Lock & Hardware...'
631
7
Feb
034 Jan
500
531
5
5
Seiberling Rubber corn...'
234 Jan
4% Feb
431 431 8,500
Selected Industries corn...'
431
Mar
6531 67% 2,900 4434 Jan 70
$531 prior stock
•
1,700 45% Jan 7031 Mar
65
673/
Allot ctts full pd unstpd_
65
314 Feb
1,800
131
134 Feb
1%
Sentry Safety Control__
134
Apr
600
6% Feb zI5
13 x15
Miton Leather common- •
831 Mar
334 Jan
1,500
6% 6%
Shenandoah Corp com___•
631
26
Feb
Jan
700 30
33
33 34
6% cony prof
50 33
125 80% Jan 8631 Mar
Sherw-Wma Co(Can) com•
62% 6234
1014 Feb
600
Silica Gel Corp corn v t c •
5% Jan
631
631
Singer Mfg
20 310 Apr 343% Feb
315 315
100
Smith (L
& Corona
300 11% Mar 1834 Mar
etts.._• 1134 1134 12%
Typewriter vot tr
134 Jan
134 Feb
Stria VLscosa
100
131 1%
2% Mar
South Amer Mr Lines corn.
134 Jan
131 1% 1,000
431 Feb
25' Jan
Southern Corp coin
351 334 1,400
•
Southwest Dairy Prod
Jan 17
Feb
10 10
7% pref with warr_100
15
15
Spanish & Grail Corn
31 Apr
31 Apr
Am dep rcts for ord bear
100
51
54
% Feb
Am dep rats for ord regia
300
51 Jan
34
35
Mar
Jan 37
425 13
24
Spicuel-May-Stern pfd 100
27
Mar
Jan 56
Stand Investing $5.50 pref' 5534 5534 5531
210 36
1
34 Apr
Jan
Stand Motor Constr
31 2.300
31
•
51
Jan
Apr 95
Standard Screw
125 80
80 .8031
100
•
7
831 Apr
1234 Jan
Starrett Corp corn
7
100
7
Apr 2511 Feb
6% cum preferred___50 18
18
400 18
1931
Stein(A)& Co corn
100 1334 Jan 1731 Feb
17
17
• 17
1131 Mar
4
Jan
Stein Cosmetics 00111
800
8% 93.4
•
8%
6% Mar
3% Feb
200
Stinnes(Hugo) Corp
5
534
500 x1434 Apr 18% Apr
Storkllne Furniture pref_25 x1431
1434 16%
28
Mar
Stutz ‘1.it or Car Co.....* 2534 25
2031 2,700 1834
4% Mar
lA;;
i
1
500
331 4
Warrants
4
8
4
Mar
Jan
Sun Investing corn
200
631
6
Jan 4031 Mar
300 30
3831 39
$3 cony prat
3051 Jan
900 2834 Jan
Swift t.:0
28% 2834
25
Swift International
3734 4034 8,100 34% Feb 4034 Apr
15 3731
8
4
Mar
Jan
600
534 6
Syracuse Wash Mach B_ •
Apr 18% Mar
500 11
12
11
• II
Taggart Corp corn
7% Jan 1431 Mar
10
10% 1,600
• 10
Technicolor Inc corn
331 Feb
2% Jan
800
231 2%
Thatcher Securities Corp 1
234
Jan
Apr 37
500 20
20
2931
Tishman Realty dr Constr *
800 2634 Jan 3934 Apr
37
39%
Tobacco & Allied Stocks
'
754 Mar
3% Jan
1,700
631 731
Transcont Air TransP-- 634
•
Trans Lux Pict Screen
1331 Mar
651 Jan
831 914 14,400
•
831
Common
2% Jan
8% Mar
3,500
531
531
Tri-Continental Corp warr
1,100 18% Apr 29% Mar
18% 20%
TN Utilities Corp corn
• 20
Tubize Chatillon Corp.314 Jan
16
Feb
1,300
7% 831
Common Byte
7% Jan 12
Feb
100
8% 8%
Tung Sol Lamp Wks corn *
. 851
300 2134 Jan 2931 Feb
28
27
Ungerleider Financ'l Corp•
Mar
200 1711 Jan 22
20
20
Union Amer Invest corn..' 20
31 Jan
H Mar
300
•
34 %
Union Tobacco corn
4
7
Jan
Feb
100
451 451
United-Carr Fastener.. •
Feb 13
Apr
100 10
12
12
United Chemicals com_ •
Jan 28% Mar
500 16
25
25%
•
$3 preferred
United Corp warrants-See Public Utilities
634 Mar 10% Mar
734 8% 39,800
United Itountierti corn__ _•
751
131 Mar
231 Feb
200
131
134
United Milk Prod corn.....'
131 Mar
2
Jan
200
131
131
United Profit Sharing corn*
134
5% Jan
6% Jan
2,200
5% 6
United Retail Chem pref_*
2% rob
134 Jan
1% 234 2,900
2
United Stores corn v t o -•
Mar 6534 Mar
200 60
8034 82
U S Dairy Prod class A....'
Feb
200 10% Jan 15
1331 14
Class B
5% Jan
814 Mar
200
•
8% 8%
U S Finishing corn
5% Feb 10
Mar
200
734
U S FoUciassli•
1% Jan
3% Feb
800
134 2
U S & Internat Seo com-•
Jan 60
Feb
900 31
47%
First prof with warrants* 46% 46
331 Mar
631 Jan
600
•
4
431
U S Lines pref
Mar 019
25 40
Jan
41% 4134
US Playing Card com___10
331 Mar
400
7
Mar
•
4
a
4
IT 8 Stores com v t
431 Jan
731 Mar
100
53.1 531
•
Universal Pictures
5.4 Jan
a% Mar
900
7
7%
7
Utility & Indus Corp corn•
600 1451 Jan 19% Feb
• 1734 1734 1751
Preferred
5% Jan
9% Feb
631 714 1,000
Utility Equities Cori. corn.'
Jan 78
450 88
Apr
•
78
77
Priority stock
231 Jan
100
7
Mar
5% 534
van Camp Pack corn...
•
531
100
3
Jan
9
Mar
531 5%
Van Camp Pack 7% pf.25
S
Jan
7
Jan
631 6% 1,200
ick Financial Corp__ _10
631
9% Apr 12% Feb
100
•
935 934
Vogt Manufacturing
2136 2,000 16% Jan 2931 Mar
20
Walgreen Co common _ -• 20
Walker(Hiram)Gooderham
631 Jan
8% Feb
•
7
7
731 5,100
& Wortscommon
I
Apr
200
2
1
1
Feb
Watson (J Warren) Co....'
1
431 Apr
300
631 Jan
434 434
•
434
Wayne Pump
Jan 22
1,700 13
19% 2131
Apr
Western Air Express-10 20
25
Apr 25
200
25
25
Apr
Western Tablet dr Sta v t c•
3
Jan
634 Mar
531 v634 2,300
Wil-low Cafeterias cora___•
900 12% Jan 3331 Mar
•
2851
27
Preferenee
Apr 1431 Mar
9
600
10%
9
Williams(R C) & Co..- •
Feb 22% Jan
100 19
•
2135 2134
Wilson-Jones Co
1
Jan
300
1% Jan
1
131
Winter (Ben)) Inc corn.. •
Jan
8
20,000
1514 Mar
Zonite Products Corp nom• 1434 13% 15
Right,
Assoc Gas AL El deb rightsStock purchase rights._
Ford Motor of EnglandMavis Bottling
334
231
1-32
400
331 33.4
2% 231
100
1-64 1-16 211,500
1-32
31 18,300
131
111
lo
1-32
Jan
Jan
Apr
Apr
434 Jan
431 Feb
M Mar
34 Apr
Arm,18 1931.]
Public Utilities
FINANCIAL CHRONICLE
Friday
Sales
Las! Veen: Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shorn.
Range Since Jan. 1.
Low.
High.
2939
Friday
Sales
Last 1reek's Range for
Public Iltilltlee
Sale
of Prices.
1Veek.
(Concluded)
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Alabama Power $6 prof..
103 10334
200 1110
Jan 1113% Mar
United Corp warrants
10%
10% 11
1,700
8
Jan
$7 preferred
1534 Afar
. 11534 11534 1154
•
50 113
Jan 11535 Mar
United Gas Corn corn__•
7%
7% 916 15,900
ii it Jul]
731 Jan
Allegheny Gas Corp corn.'
2% 2%
231
400
235 Jan
3% Feb
Fret non-voting
• 90
89
9135 2,100 86
Mar
Jan 04
Amer Cities Pow & L el A.• 36
36
3731
800 33% Jan
3814 Feb
Warrants
2%
2% 3
4,400
235 Jan
Clam 13
454 Jan
•
734
751 8
2,400
10
531 Jan
United Lt & Pow corn A • 2354 233.4 2754 27,500 23
Feb
Jan 34% Feb
Am Com'w'Ith Pow corn A• 1431
14% 15% 10,900 1154 Jan
17
Mar
Common class 11
67
67
200 6034 Jan 6935 Jan
$7 1st prof class A
85
85
25 85
Apr 89
Apr
$6 cony 1s1 uret
• 9954 9914 10014 1,400 9431 Jrill 104% Mar
Am Dlat Tel NJ
11035 110%
p1100
50 110% Feb 112
Mar United Pub Ser corn _ _ _ _•
6
6
6
100
6
Jan
7
Amer & Foreign Pow war. 2135 21
Jan
25% 10,600 11% Jith
3134 Feb
8 Elea Pow with warr....•
5
5
43i Jan
535 4,300
8% Feb
Amer Gas & Elec com
• 69% 6935 76
10,300 69% Apr 8634 Feb
Utll Power dr Light com • 1031
10
1135 6,500
9
Jan 1434 Feb
Preferred
• 10935 109 109%
500 102% Jan 110% Mat
Class 13 vol tr Ws_ _ • 2634 2635 2754
700 21
Jan 3134 Mat
Amer L & Tr corn
25 47
47
50% 3,000 43
Jan 5435 Feb
West Mass Cos
5654 5614 5814
500 5314 Jan 6234 Feb
Am Sts Pub Serv corn A _ _• 20
19% 2051
1,000 14
Feb 20% Apr
Am Superpower Corp com • 12% 12% 1534 83,600
9% Jan
19% Mar
Former Standard Oil
F1rat preferred
•
93
94
600 8134 Jan 09
Mar
Subsidiaries
$6 preferred
300 82)5 Jan 8935 Mar Borne Scrymser Co
8551 86
25
8
50
8
8
Afar 1234 Jan
A poalachian Gas corn_..•
6
5
635
6% 13,300
Jan
8% Feb Buckeye Pipe Line
50
49
800 40
50
Jan 5035 Afar
Assoc Gas & El corn
• 2034 20% 2136 2,800 15
Jan 30
Feb Chesebrough Mfg
25
12234 12235
100 110
Jan 125
Feb
Class A
2035 2234 12,200 1751 Jan 2334 Mar Eureka Pipe Una
•
100
300 27
28% 31
Feb 31
Apr
$5 Preferred
89
Jan 89% Apr Humble Oil & Refining _26 54% 54%
89%
20 85
5534 6,500 5431 Apr 72
5.0
$8 int-bear allot ate-- 80
80
12
87 51 Jun 91% Feb Imperial 011 (Can) coup--• 14
SOX
13% 1531 8.800 1335 Apr Ifisi Jan
Warrants
Tan
51 11-16 6,200
54
Jan
Registered
1435 1435
200 14% Apr 18
,
Jan
Bell Telep of Canada .100
146% 14614
25 139% Jan 153
Feb Indiana Pipe Line
10
1635 1635
100 16
2134 Feb
Jan
Brazilian Tr Lt & Pr ord_• 2034 20% 22
6,800 2016 Apr 2834 Mar National Transit ___.12.50 1434
1431 1534
500 1254 Jan
17% Mar
Bluff alias & East Pr tif- -25
26% 26%
27
400 25% Jan
Mar New York Transit
10
500 1031 Feb 1451 Jan
1034 11
First preferred
* 102
101% 10235
60
98% Jan 10236 Apr Solar Refining_
25
535 7
900
Apr
5%
8
Mar
Cables & Wireless Ltd
Southern Pipe Line
10 15% 15
600 10
17
Jan
17
Apr
Am den rcts 11 ord she_ gl
10
51 Jan
34
South Penn 011
%
34 Feb
34
25 1751
1734 1831 1,900 17% Apr 23% Jan
Can ilydro-El 1st pref _100
76
76
Apr 78
5
78
Apr So'west Pa Pipe Lines_ _50
38
38
100 33
Jan 38
t pr
Cent Iludaon Gairliv t c.•
26
28
900 17% Jan 31
Mar Standard 011(1ndlana)__25 30
30
3134 29,300 30
Apr 38% Jan
Cent Pub Serv com
15
15
80
Mar 1834 Feb Standard 011(Ky)
17%
10 1951
1951 21% 8,500 193i Apr 23% Feb
Class A
1574 17
6,500 14
Jan 19% Apr Standard 011(0) corn_ _25
200 49
5251 5554
Mar 02-4 ran
Cent So'west Util coin_ *
1831 Jan 24% Feb
20
10
20
5% cum pref
100
105 105%
100 103
Jan 105% Mar
Cent States Elea com
10
13,70
9
11
Jan 12% Mar Vacuum 011
• 1034
25 50
50
Apr 61834 1.011
5554 8,800 50
pref without warr 100
60
Feb 68% Feb
100 54
60
Cony prof opt nor '29_100
125 50
Jan 65
60
60
Feb
Other Oil Stocks
Cities Serv PA L $6 PL -*
82
82
100 81% Jan 82
Amer Maracaibo Co
Apr
•
1
% Jan
154 mar
74 1% 6,600
$7 preferred
89
100 84% Afar 89
80
Ark Nat Gas Corp com -•
Apr
4% Apr
5
434 535 4,100
(1(4 Feo
Cleveland Elea III com_ •
49
5234 Mar
Jan
900 48
Class A
4931
17,800
•
435 Apr
535
64 Feb
435
Com'w'Ith Edison Co__100 237
234 239
150 221
Jan 256% Feb
Preferred
10
6% 6%
100
6% Feb
7
Jan
Com'wealth & Sou CorDAtlantic Lobos 011 Co p150
2
I
100
3% Apr
Mar
2
Warrants
1% Jan
2
231 14,500
2
231 Mar British Amer 011 Co Ltd
Community P & L 1st Pf-• 8554 851-4 8554
Feb 8514 Apr
25 85
Coupon stock (bearer)-400 10
10
Apr 16% Jan
1131
Community Water Serv_• 1151
8
Jan
11% 1234 12,100
1235 Apr Carib Syndicate
1
3.5 Jan
2% Feb
134 12,500
Cons'l GEl & P Balt cons.• 92
Jan 101
92
1,200 82
9434
Feb Colon 011 Corp corn
•
235 231
500
234
Jan
Consol Gas Util el A---* 16
834 Mar
16
17
500 14% Jan 17% alar Columb Oil& Gasol v t o_•
4
4
435 3,000
4
11.5 Ap
7% Feu
Conn G & E
9731 Jan 10331 Apr Cosden 011 Co corn
pr pt_1(10 10334 10331 10331
25
•
1
6,200
1
1
3% Jan
Apr
Duke Power Co
325 118
12335 125
Jan 145
100
Feb Creole Petroleum CorP •
214
2% 234 6,900
334 Jan
231 Apr
Duquesne Gas common._'
2% Jan
234 334 6,000
3
634 Feb Darby Petroleum corn. •
100
334 Mar
334 335
East Gas & F Associates •
Feb
5
17
22% 2294
100
Jan 27
Mar Derby 011 & Ref com_
•
300
3% 3%
2% Jan
6
Feb
65' preferred
100 9235 923-4 9235
25 92% AP
94
afar Gen Petroleum Corp_
2134 21% 3,000 2135 Apr 30
Esar Sra.es Pow corn 13-* 1654 16% 1831
'
Feb
1,900 1314 Jai
24
Mar Gulf 011 Corp of Penna._25 58% 5834
6351 4,400 5834 Apr 76
East Util Assoc corn
Jan
32% 33
•
300 3114 Jan 3514 Mar Indian Ter Ilium 011 cl A
• 14%
1,400 14
14% 154
•
Cony stk
DI% Feb
Jar.
635 634
6% Apr
700
634
8% Jan
Class B
• 14
70
13% 14%
Elea Bond & Sri Co corn... 4435 4436 4934 270,400 40
13% Jan
1635 Feb
Jan 61
Feb Intercontinental Petrol- _5 9-16
9-16 14,200
$O preferred
at
• 10734 10735 10834 1,500 10235 Jan 108% Mar Internat'l Petroleu
54 Jan
• 1214 12 54 1231 16,100 11% Jan
m
15_iJan
$5 cum
Apr
9435 0415 96
800 89% Jar
97
131,tr Kirby Petroleum
1,20
1
Elea Pow & Light warr____ 2755 2735 3034 4,000 20
31 Jan
pre(•
1% Feb
Jan 37% Feb Leonard 011 Develop.
.25
1,00
51
Emp Gas 8;1 12017% pf _100
1
,
34 Jam
134 Mar
7634 77
200 7651 Apr 7914 Apr Lion 011 Refining
•
100
5% 534
8% preferred
6% Feb
100
8554 8834
700 8534 Jan 8934Jan Lone Star Gas Corp
• 1714 1735 1935 3,50
Empire Power particstk__* 39
1734 Apr 29
Jan
39
39
100 32
Jan 52% Feb Magdalena Syndicate.._ -.I
50,100
Empire Pub Sow corn A •
3-4
34
35
14 Feb
335 3%
600
354 Feb
7% Jan
Margay 011 Corp
•
5
40
5
European Elite Corp el A 10 10
3h r
jebn
5
Jan
10
7
10%
Jan
13
300
Mar Mexico-Ohio Oil Co
•
331 3%
100
(lotion warrants
151 Jan
435 Afar
254
231 334 8,500
1% Jan
4
Mar Mid-States Pet cl A v to- •
335 335
40
Florida POW & 14 67 Pr.*
235 Jan
4% Jan
102 102
10 100
Mar
Class 13 v t c
•
1
1,30
Gen Gas & Flee $ti pref 13_• 6754 6734 72% 35,400 50 % Jan 104
1
1
Jan
1% Jan
Jan 78
Mo-kansas Plue Line corn
Mar
6% 734 6,30
614
Georgia Power $6 pref *
5
Jan
11
Jan
9831 9831
10
96
Jan 10034 Mar
Class B vol tr ctfs_ _
20
Hamilton Gas Co coin v t c
34
36
35
Jan
5{ Jan
5%
535 6
534 Apr
3,70
Apr Mountain Prod Corp_ _
6
4% 434
1,30
434
Illinois & L $6 prat
431
534 Jan
•
94
9435
86% Jan 94% Apr National Fuel Gas
12
• 22% 2234 2331 5,10
Indianan P & L 635% pf100 1063,4 10634 10614
21
Feb 26% Feb
2 100% Jan 107% Mar New Bradford 011 Co...
.5
135 1%
1%
600
13-4 JRTI
Intercont Pow corn A_
1% Jan
•
6% (1%
531 Feb
10
Feb New England Fuel OIL_ •
9
2
10
2
2
Int;Ilydro El $3.50 pref. •
Apr
234 Apr
43
41
7
43,5
North European 011 Cora •
Jan 45
Jan
114
134 1% 8,100
Internat Superpower
34 Jan
2,4 Mar
• 23
2434
23
800 21% Jan 3331 Mar Pacific Western Oil
•
9
8% 955 2,400
Internat Util cl A
Jan
15
Feb
* 4135 4154 43%
900 34% Jan 45
Feb Pandem 011 Corp
• 5-16
51
51 7,300
Class B
Jan531
34 Apr
•
54 Jan 1035 Feb Pantepee Oil of Venezuela.
851
851 935 5,700
151
500
151
1
Jan
Panic prof
2
Fen
96
96
Mar 98% Mar Petrol Corp of Am warr_ _
5
96
300
34
%
51
135 Jan
Warrant for class ii stk
3% 3%
2
4)4 Feb Plymouth 011 Co
Jan
500
9% 12
1,600
10
9%" Apr 19
Italian Superpower corn A
Feb
431
251 Jan 1031 Jan
Producers Royalty Corp.'
454 414 3,700
1% 251 5,300
2
1)5 Mar
Warrants
4% Jan
51 Jan
2% 235
3;5 Mar Pure 011 Co 6% pref_ _ _100 76% 75
200
60
7651
4
Mar 8354 Jan
Long Island LtR corn_..• 3351 3351 3451
300 30
Jan 3634 Afar Retter-Foster 011 Corp_ •
151 1%
500
1
Jan
i 34 Apr
7% preferred
100 11134 111
11151
110 10651 Jan 112% Mar Richfield Oil pref
25
800
351 3%
314 Jan
LouLsiana P & L $6 pref •
11
Jan
10351 103%
25 10031 Apr 103% Apr Salt Creek Producers...10
1,900
5%
551 614
5% Apr
Marconi Internat Marine
735 Jaa
Southland Royalty Co...
4% 475 2,100
416
434 Apr
Common Am des Ms__ ......
74 Jan
8% 8%
8% Jan 10
100
Mar Sunray 011
3
5
3
3% 6,500
244 j r i
9
Marconi Wirel T of Can..1
Ja n
54 Feb
23,4
2% 3% 25,400
154 Jan
4
Mar Taxon Oil & Land Co_
•
10
300
Mass Util AMOC eom_
1235 Feb
•
4% 4%
3% Jan
30
4% Mar Union 011 Associates_...25
19% 1935
100 19% Apr 2435 Jan
Memphis Natural Gas....'
9% 10%
8% Jan 12% Feb Venezuela Petroleum
974
800
_5
1
20
1
% Jan
14 Jan
MIddleWest UM nom__• 2035 2051
2234 7,800 1751 Jan 2534 Mar Woodley Petroleum
1
10
334 335
Stqconv prat series A...* 99
13.4 Jan
351 Feb
99 100%
1,500 97% Jan 101
Mar "Y" 011 & Gas Co
500
35
Midland Util
34
51 Jan
51 Feb
pr lien100 8315 8354 8351 3 000 8335 Apr 8435 Feb
.
Mid-West States Mil CIA • 2134
2,000 20% Jan 25
2134 23%
Feb
Mining Stocks1.43 River l'ower proff.
_100
109 109
107
1
Feb 109
Apr Bunker Hill & Sullivan_ -- 49
49
15
50
Mohawk & End Pr let pf.• 10534 10555 107% 2,900 10034
4331 Jan 53
Feb
Jan 0735 Apr Ilwana M'Kubwa Cop M
Montreal Lt lit & P Cons• 5951 5935 5934
55% Feb 69% Mar
5
Amer shs for ord shs__
131 1%
154
100
Nat Pow & Lt $6 prat__ _.• 10335 103% 104%
1% Jan
Feb
Jan 10431 Apr Carnegie Metals
500 97
10
100
134
Nat Pub Fiery corn el A.. •
135
134 Apr
251 Jan
18% 19
300 1734 Jan 21% Mar Comstock Tun & Drain 10c
New Eng Pow Assn com_ •
45 13-16 11,000
3.1
7-16 Feb
% Feb
Feb 75
7335 7335
1
70
Feb Consol Copper Mines. .-5
3
1,500
351
Preferred
335 Jan
234 Feb
100
84% 85%
3
7931 Jan 86
Feb Cresson Cons G M
3/4
NI_ _1
New Orl Pub Per pret_.A00
900
34 7-16
5-16 Jan
,4 Mar
101
Alar 101
25 98
101
Apr Curd Mexicans Mining.._1
N Y Pow dr 147% rit1,500
14
54
5-4
134 Mar
94 Jan
10 113% 113% 113%
25 10951 Jan 114% Apr Eagle Picher Lead Co__20
0
100
551 5%
66 preferred
554 Mar
7% Afar
100 101
10335 10335
Jan 104% Mar Engineers Gold 1.14.....5
New York Steam corn _ _ •
51
fa
74 11,000
131 Mar
34 Mar
300 46% Jan 89
7551 76%
Mar Evans Wallower Lead corn'
134
NY Telep 634% pret_100
151
1,500
151
1
Jan
335 Feb
116 11634
425 113% Jun 11845 Mar Golden Center Mine*....5
Niagara Ilud Pow com__10 1134
151
134
1,400
151
ti Jan
2 Feb
1151 1251 31,000
931 Jan
1535 Mar Goldfield C'ortsol Mines_ _1
Class A opt warrants_ __ _
3-16
!.; `Jan
5i 4,300 3-16 Jan
2
1% Jan
234
331 Mar Reda Mining Co
251 4.200
25c
(1
Class B opt warrants__..
6
651 2,700
5% Fe
8
5% Jan
535
Mar
5% 5%
800
834 Mar
Hollinger Cons Gold
Class C warrants
6
8
1,900
831
851
631 Jan
851 Apr
231 251
134 Jan
900
314 Mar Find Bay Min & Smelt..,.'
N Ind Pub Serv 8% Pf 100
535
5% 5% 5,700
103 10351
431 Jan
6% Mar
200 97
Jan 103% Apr Iron Cap Copper Co__
-10
7% preferred
71
20
100
1
Feb el% Mar
112 112
50 10935 Feb 113
Mar Lucky Tiger
Nor States I* Corp elm.10(I 13735 13734 142
%
51 3,000
500 123% Jar 152% Mar Mining CorpComb 0 15110
34 Apr
34 Apr
of Canada-5
7% preferred
2% 211
100 10831 108% 108%
20
15-4 Jan
2% 'Mar
157 1101
Jan el0931 Mar Mohawk Mining
25
100 98
4
6° Preferred
20
20
100 18
9751 98
Feb 20% Apr
100 953( Feb 101
Mar Moose Gold Mines Ltd..--1
Ohio Power 6% pref._ _100 10834 108 10856
14 11-16 16,800
54
130 104% Jan 108% Apr Newmont Mining
35 Apr
Apr
Ohl() Pub Ser
Corp.10 4334 4334 45
pf A_100
106% 106%
2,500 414, Jan 58% Feb
10 103% Jan 106% Apr New Jersey
Zinc
Paellie Gas dr El let pref_25 2834 28
25 4435 4414 45
500 43% Apr 61
1,500 26% Fe
Jan
2834
2835 Apr NIplasIng alines
Paelfle Pub Serv cl Acorn.'
1% 134
2335 2435
100
1
Jan
600 19% Jan 28% Feb
1% Mar
Mines Ltd
New common w I
• 2354 23% 26
9% 11%
17,500 1434 Jan 29% Mar
900
951 A0
1135 Apr Ohio Cooper
New prof w I
1
19% 1935
200 19% Apr
Y
3-4
% Feb
54 7,600
31 Jan
1935 Apr
Premier Gold Mintng_ I
l'a GaS Elec cla.98 A _ _ _ .• 10
13-16 134 10,300
9
11
500
Jan
,4 Apr
8
Feb
11
Apr St Anthony Gold al Inea_.1 13-16
Pa Pow & Lt $7 pref. •
34 3-16 12,200
III
111
1-16 Jan
3-16 Jan
50 10831 Jan 111
Mar Shattuck Deon M Ming _•
Pa Water & Power
• 63
4% 4%
434
1,300
3
63
6
Jan
65
600 59
Jan 7035 Mar So Am
Mar
Peoples Lt & Pow class A.• 21
Gold & Plat
1
135 1%
21
100 15-16 Jan
900 20
22%
15-4 Jan
Jan 26% Feb
reck Hughes Gold Mln.-1
Piedmont Hydro-Elec warr
7% 8% 7,800
8
9
6, Jan
Apr
4
4 Jan
100
X
X
1
Mar Tonopah Mining (Nev)_ _1 11-16
Pub Serv Okla 7% pr In 100
11-16 11-16
104% 104%
100
Jan
10
131. Jan
98
Feb 104% Apr United Verde
Puget Sound P & L $6
Extenn'n..50c 1035
10
12% 4,600
Jan
8
98
1314 Mai
99
90 98
Mar BM% Jan Wenden
Ry & Lt Secur corn
Copp Mining_ _1
400
31 3-16
43
54 Feb
4174 44% 44%
54 Feb
Jan 50
5
Feb Yukon Gold Co
Rockland Light di Pow _ _10 1634
5
100
Feb
1635 17
31
31 Jan
400 15% Feb
h
1835 Mar
Shawinigan Wat & Pow •
52
52
100 60
Jan 60
Mar
ttond•Sioux City (1 & E pref_ _ _ _ 104
104 104
104
Apr 104
1
Apr
Alabama Power 434._1967 9331 9851 9851 26,000 96% Feb 99%
So Cal Edison 6% of B 25
Jan
28
28%
1,800 25% Jan 2851 Apr
New when Issued
534% met class C____25 2634 26
98% 98% 67,000 9834 AP
99
Mar
1,500 2434 Jan
2635
2634 Mar
lst ref Is
7% pref A
1956 102% 10251 10351 9,000 101% Jan z104
25
Afar
30
30
100 z2914 Jan 3014 Feb
1s1 & ref 5s
Sou Cob) Pow Class A._25
1963
104 10451 10,000 10174 Jar; 0414 Apr
21
21
19
10
Jar
24% Mar 41urnInum Co f deb 58'52 104
Southern Nat Gas cola _
38,000 103% Jan 105% Apr
104% 10431 105
834 9
1,900
Mar
835
931 Apr
Aluminium Ltd 5n..
So West G & E 7% prof 100
1948
100% 10051 8,000 97% Jan 10014 Mar
95% 9534
94
2
Jan 97
Feb Amer Aggregate Corp 6s'43
Southwest Gas UM com.._•
431
3% Jar
435 4% 1,700
634 Feb
With warrants
Standard Pow & Lt com_ *
7335 7335 7335
1,000 7354 Jan 77
4035 4035
100 3535 Jan 50
Jan
Star
Amer Co trial h Pr 6*...1941) 76
Preferred
7551 7751 81,000 z75% Apr 83
* 98
98
Apr 101
50 98
98
Jan
Mar Am El Pow Corp deb 63'57
Swiss Amer Elea pref
68
70% 61,000 z67
Mar 763.1 Apr
92
94
92
300 81
Jan 95
Mar
Amer G ch El deb 5s_ _2028 9934 9931 10035 261,000 97
Tampa Electric Co
Jar 10034 Mar
• 51
51
5134
500 4734 Jan 61
Feb Am Gas & Pow deb 66_1939
Twin St* Nat GM Cl A.-•
8635 8735 .5,000 85
Jan 90
31 Feb
Ti
200
31
31
Jan
2
Jan
Amer Pow & Lt 6s.......2016 108
Union Nat Gas of Can...' 13
10634 103
97,000 10114 Jan 108
13
700 13
Apr 1714 Jan
1334
Apr
Amer Bedlam].deb 43413'47
10135 10235 23.000 100
Jan 10234 Apr
9%
Noranda
5
Bonds (Continued)
[Vol,. 132.
FINANCIAL CHRONICLE
2940
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
Range Since Jan. 1.
Bonds (Continued)
rAno.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Feb z924 Apr
9239 39231 2,000 92
Godchaux Sugars 7398 1941
Apr
Amer Roll Mill deb 68-1948 8934 28834 90% 68,000 z90
Grand Trunk ity 6%6_1936 108% 10839 108% 20,000 10519 Jan 108% Apr
Jan
9794 9819 47,000 us
639% notes. _ _Nov 1933 98
Jan 1044 Apr
1044 104% 1,000 102
CH West Power 1st & 1946
Jan
bb
8,000
1936 6634 6639 68
Amer Seating 69
Mar 35
Jan
Guantanamo & West Os'58 2039 2034 2039 2,000 20
103 103% 31,000 904 Jan
Appalachian El Pr 58-1956 103
Guardian Invest Corp 58'48
85% 293,000 6514 Jan
Gas 613-1945 7734 77
Appalachian
Jan 59
Mar
3.000 z45
With warrants
5634 5639 59
Jr..,
6394 163,000 41134
Cony deb its ser 8 _.1,145 614 60
Feb
102 102% 21,000 100% Jan 103
Gulf Oil of Pa be
1937
Feb
105% 105% 5,000 101
Appalachian Pow 68 _2024
Feb
47,000 101% Jar 101
Sinking fund deb 55.1947 10134 10134 102
99% 10054 83,000 9634 Feb
Arkansas Pr & Lt 58..1956 100
Feb 1024 Mar
101 1014 22,000 96
Gulf States Util 58...1958
904 92 226,000 84% Jan
Associated Else 4398_1953 92
Jan 100% Mar
10034 100% 5,000 98
Hamburg Elec deb 78_1935
Associated Gas & Electric
Jan 88
Mar
Mar Hamburg El &Und 545'31
83% 84% 10,000 77
1949 8535 654 6719 138,000 2634 Jan 73
434s seriee C
-year
5,000 6534 Apr 74% Mar Hood Rubber 10
Deb 499s without war'48 6539 6539 69
Jan 6935 Mar
66% 46,000 60
535s
Oct 1611136 6239 62
7434 117,000 684 Jan 80% Feb
1950 7334 73
58
Jan 8035 Jan
784 32,000 77
78
1936 7739 77
7234 734 143,000 70% Jan 8035 Feb
1968 73
5s
Jan
8,000 834 Jan z91
8714 89
Jan 7699 Jan Houston Gulf Gas 68.1943 89
1938 8739 6639 694 43,000 65
6348
Jan 92
Feb
3,000 86
91
90
Deb gold OM-Apr 1 '43
Ay
9694 Jan
28,000 80
86
80
1977 80
5348
Mar 97
26,000 95
Mar
96% 97
6094 Apr Houston Lt de Pr 439s 1971 97
Feb
6094 5939 6034 70,000 as
Assoc Rayon deb 58..195
Apr 8734 Jan
85 110,000 83
Jan Bud Bay Min & Sm 69.1935 8339 83
Jan 90
8734 884 40,000 84
Assoc T & T deb .594, A '55 88
Jan 90
Apr
7,000 77
90
87
92%
Amor. Telep Util 51.48_1944 8939 8935 91% 103,000 zR034 Jan MO% Mar Hung Ital Bk 7340_1943 5339 5034 5454 70,000 40
Mar 5439 Apr
Mar Hygrade Food Os A___1940
Jan
Atlas Plywood deb 5145'43 6034 6034 6034 1,000 59
Apr
3,000 4834 Air 54
64
52
Mar
1949 54
85 series B
101% 10134 24,000 101% Fe 102
634833
Baldwin Loco Wks
104% 10459 5.000 10334 Mar 10934 Mar
.1947
16,000 10219 Jan 10694 Mar Idaho Power 1st
Bell Tel of Canada 58.1957 10534 105% 106
Apr
10,000 10494 Apr 105
10439 105
Mar Ill Pow dr L 1st 6s aer A '53
46,000 10334 Jan 108
let M 58 series A...1955 10535 310539 106
Apr
1st dr ref 548 ser 13.1954 1044 104% 10939 18,000 98% Jan 105
106 10634 5,000 1034 Jan 106% Mar
1980
let M B. ser C
let .it ref bs ser C-1956 9839 9839 9834 22,000 9839 Apr 9834 Apr
984 083.4 27,000 9835 Mar 9834 Mar
Beneficial Ind Loan 6e 1946
9434 Feb
14,000 6834 Jar
Mar
98
8 I deb 548__May 1953 9254 924 94
Ma
4398 1968 9434 9439 94)9 10.000 94
Birmingham Elec
Apr 100
10,000 76
Jan
85
84
9739 97% 2,000 953' Jan 1004 Mar &dap Oil & Gas 6&..1939
B1rmingham Gas let 58'59
Jan 104% Jan Ind'polis P & L be ser A'53 10334 1024 10335 75,000 z9935 Feb1034 Mar
Boston Consol Gas deb 56'47 10439 104 10499 3,000 103
Jan Insull Util Invest 6s-1940
1024 102% 2,000 10034 Jan 103
65'33
Boston & Maine RR
Feb
8834 8899 8994 87,000 81% Jan 95
With warrants
1961 9539 95% 96% 480.000 954 Apr 9934 Mar
434tt
Mar intercontinents Pow 68'4/
1,000 9939 Feb 102
101 101
Canada Cement 539sA 1947 101
Jan 00
11,000 50
Mar
5299 524 59
Mar
With warrants
22,000 106% Jan 110
310939 110
Canada Nat Ry 78.--1935
Max 9435 Mar
9339 934 4,000 90
100 100% 125,000 98 34 Jan 100% Mar Int Hydro El Sys 58_1958
25-yr guar 4348.-1956 100
85,000 89% Jar 10094 Mar
Mar Internat'l Pow Sec 78 E '57 9934 974 100
Jan 106
Can Nat 13 S guar 58._1955 10535 10594 10535 2,000 103
Feb 85
2,000 80
Mar
844 85
1951
Internat Salt be
Capital Adm deb Se A_1953
7894 Feb
Apr Internat Securitlee 56_1947 7639 75% 7614 34,000 6844 Jar
Jan 88
88
12.000 82
88
With warrants
92% 92)5 7,000 924 Apr 9235 Mar
Feb 8594 Apr Interstate Ir & St 535s 1946
834 854 4,000 81
Without warrants
89
68,000 17934 Jai
Mar
13,000 101)4 Jan 10439 Mar Interstate Power 5s....195, 8899 8794 89
1034 104
Carolina Pr dr Lt 511. _1956 104
843.4 Mar
15,000 724 Jai
77
76
1952 76
Debenture Os
CaterpillarTractor 58.1935 10054 31004 10014 45,000 954 Feb 10194 Feb
1034 103
% 1,000 10239 Jan 10334 Apr
994 99% 10,000 9934 Apr 994 Apr Interstate Nat Gas 63.1936
Cent Ariz L & P 5s-1960
Mar
9419 Mar
Cent III El & Gas 58..14151 953.4 9534 954 56,000 9914 Apr 954 Mar Invest Coot Amer 58.1947
Jar 83
15,000 78
Mar
7999 80
10034
With warrants
4,000
Cent Ill Pub Ser 5s G_ 1988 9939 99% 100
Apr
9,000 744 Mai 79
7434 7439 75
Without warrants
45,000 92% Apr 9439 Mar
lot & ref 4398 ser F.1987 9334 9299 9354
9754 Apr
sag 9534 9634 18,000 914 Jar
Jan 904 Mar Iowa-Nab L & P 58-1957
68,000 93
Cent Pow & List 54..1956 9539 9554 96
Apr 98
Mar
1981 95% 9534 9534 14,000 95
Bs series B
1949
Cent Pub Serv 5398
Mar
Ja: 98
68.000 PO
89439 95
Mar Iowa Pow & Lt 445 A 195r
,
37831 8034 205.000 7034 Mar 81
79
With warrants
Apr
13,000 9335 Mai 98
97% 98
Jar 7195 Mar Iowa Pub Serv let 55-1957
49,000 as
96
Cent States Elea 58-1948 6554 6539 66
Jai
Mar
10,000 64
89
88
Mar Isarco Hydro-Elea 78-195•A
6999 7199 65,000 6039 Jar. 77
Deb 519s-Sept 15 1959 6934
Jan 873( Mar [gotta Fraschinl 7s -1943
Cent. States P & L 539e '53 8239 82% 834 21.000 77
Jan 79% Apr
79% 10,000 53
78
Feb 94% Mar
With warrants
9319 9339 63,000 90
Chic Diet Elec Gen 494s'70
78% Apr
. 7839 774 7839 9,000 5934 Jar
Mar
Without warrants
Jab 102
101% 102
28,000 99
Oct 1 1935
Deb 539s
Jar 73
Mar Italian Superpower of Del
Chic Rye 58 etfs dep _1927 6634 66% 88939 27,000 82
554 Jar
7734 Misr
Debs Its without warr '6) 7539 75% 7614 146,000 101
HoldCigar Storm Realty
Apr
17,000
Jai 104
Apr Jersey C P & L 5411 A 1941 10314 10339 104
41,000 68% Feb 37
og 4 Jar 1014
Deb 5156 series A_ _1949 7514 7534 77
imr & re/ Es ser B-1943 10134 101 10199 36,000 1004 Mar 10134 Feb
Jar 76
Jan
58,000 870
1960 7154 7134 73
Cities Service 58
Apr
5,000
101
101
Jai 82% Mar
New
76% 78% 655,000 72
1950 77
Cony deb 511
1034 1044 105,000 10354 Ma, 1043.4 Apr
Jan Kansas City P I. 448 10(11
83
Cities Set, Gas 519s._1942 764 754 76% 62.000 7554 AD
Fet
Apr
04
Jan Kansas Power be A-1947 984 9834 98% 6,000 904 Jan 98% Mar
25,000 8599 Apr 89
Gas Pipe L65'43 8534 8534 86
Cities Serv
93
Jan Kelvinator Corp 6s-...1938 9139 9134 9195 5,000 97
84
Jai
Cities Serv P & I. 519s 1952 7934 79% 8119 93,000 75
11,000
Jan 1003-4 Max
994 100
5,000 104% Feb 10554 Apr Kentucky Utli 1st & I 1969 100
Cleve Elan III 1st 58-1939 104% 10434 105
Fet 10234 Mar
Jan 8534 Jan Koppers G & C deb 551947 101% 10135 10199 56,000 i 99
82
11,000 78
85
Cleve Term Bldg 66..1941 82
Fel
Sink fund deb 510.1951 10359 10334 103% 23,000 0135 Jai 10334 Mar
Columbia G & E deb 581961 9939 398% 99% 197,000 z9814 Feb 99% Mar
10334 Feb
101% 24,000 9819
Jan Kresge(85)Co 1st be 194 10134 101
3134 354 7,000 314 Apr 43
Commander-Larabee 6e '41
Jai 1014 Jan
100 1004 9,000 99
1931 100
Laclede Gas 54s
Commerz und Privet
105 1064 83.000 i0094 Inv 10639 Apr
87)5 Mar Lehigh Pow Secur 6s 2021 1064
30,000 7113( Jar
1937 8634 86% 87
Bank 539s
Jan 96
Apr
30,000 84
944 96
Leonard Tietz 7346.-1946
Com'wealtb-EdisonApr
Feb 96
5,000 91
96
96
Feb 10334 Mar Lexington Util let 58-1952
10234 102% 9,000 101
lst mtge 4.158 ser C-1956
9654 Apr
954 964 47,000 9034 Jar
964
let ni 439sserD„....1957 1024 102% 10334 17,000 1004 Jar 10339 Apr Libby, MeN dr Libby fs'4. 99
99 8994 21,000 964 Fet 10015 Mar
40,000 9995 Jar 1024 Apr Lone Star Gas deb 58..1941
_1960 101% 101% 102
1st M 4%a ser E._
105 105% 10,004: 1024 Jai 10554 Mar
Long Island Ltg 08_1941 105
Conaol0 E L& P (Balt)Apr
92,000 9639 Jai 102
1004 102
2,000 107% Jan 1084 Feb Louisiana Pow & IA 58193' 101
108 108
1952 108
45series E
Apr 93
Feb
4,00( 90
90
90
Jan 105% Apr Lukens Steel 1st 88_1940
10539 10535 1,000 104
1st & ref 4348 ser 0.1969
9554 Jan
914 9239 45.004: 91
Manitoba Power 54e A '5) 9154
Consol Gas Util Co
Mar Mansfield Min Or Smelt
8034 59.000 3714 Fet 85
77
Deb 819s with warr_1943 80
Jan 91
Apr
6,00( 77
Ay
as Mar
774 82
78 without warrants 1911 9034 9094 91
47,000 75
1st & coil its ser A_ _1943 79
Jai 105
Jan
Jan Mass Gas Cos 534s...1941 1044 104% 104% 4,000 102
6,000 MI5% Apr los
95% 97
Consol Publishers 63451936
25.006 974 Fet 102
Mar
Sink hind deb 5s_ _ION 101% 10139 102
103 103% 198,000 9925 .115 Loa% Apr
Consumers Power 43.0 '58 1034
Mar 9435 Jan
8,00( 92
94
94
sag Mar Mass Util Assoc 58 A 1949
1058 8454 88434 85 172,000 8014 Jar
Conn 0 & El 55
Jan
95
Jan Memphis P & Lt 58 A 1948 10334 10335 103% 15,004: 101% Apr 1034 Apr
Continental 011 5348..1937 9234 92% 934 30,000 9119 Jar
96% Apr
sof 96% 5,00( 9639
Apr
1st & ref 415s ser C.1978
32,000 100% Jar 103
Jar 52
Crane Co 10-yr f 5s _1940 10234 1024 103
Mar
8,000 44
52
48
50
4
Crucible Steel deb 5, _1940 1004 10094 100% 41,000 06% Jar 10134 Mar Mid States Petrol 6158 19 5
89934 10094 13,00( 984 Jai 100% Mar
Jan 4939 Apr Middle West Util 59_193:
4939 9939 2,000 45
Cuban Tobacco 5s_ _ _1944
994 Apr
Jai
3974 984 23.00( 93
-193)
Jar 100
Feb
,
Cons 5% notes_
70,000 944
994 100
Cudahy Pack deb 654o 1937 100
9794 MAP
Feb
, 964 9634 9734 15,00( 924 Jar
Cony 5% notes.....193
3102 10234 18,000 1004 Jar 103
Sinking fund 55_ _1918
97
Jan
9634 37.006 z9254 Jar
96
Apr 97% Apr
Cony 5% notes____103: 96
9739 11,000 97
97
Cumberl'd Co P&L 4358'56
1024 102% 52,0(1( 994 Jar 10294 Mar
Milw El Ry & Lt 58_1971 10234
Mar
103% 103% 6.006 10199 Jar 104
Fe! 9134 Apr Milw Gan Light 410.1963
9335 9499 5,000 AR
deb 54s 1959 94
Del Elec Pow
9394 9354 94)9 58,000 89% Fel 9434 Mar
Mar Minneap Gas Lt 4595.1951
8,000 99% Jan 102
100 100
Deny & Salt Lake Ry 68'50
9394 934 5,000 934 Apr 934 Apr
1950
Apr 73
New
3,000 52
Jan
52
52
1960 52
Income Gs
96
Mar
9,000 01% Jai
944 95
14,000 10554 Jar 1073( Mar Minn Pow & Lt 4195_197? 95
10634 107
A.1947 107
Del City Gas68 see
9834 Mar
96% 9739 52,000 9334 Jai
1953 97
Jar iC439 Apr Mies Power & Light 58
1950 1034 1033.4 10439 21,000 100
1st be series B
Jan Miss River Fuel& Aug 15'49
30
5,000 15% Yet
Int Bilge645.1952 184 1834 19
Detroit
Jab 108% Feb
103 10334 15,000 96
Mar
2
5
Jan
With warrants
399 3% 2,000
25-yr deb 78--Aug 1 1952
10234 Jan 1 44 Apr
0
Miss Riv Power 1st 158 1951 10434 10434 1094 18.000 102
Dixie Gulf Gas 6940-1937
Mar
Jan 105
10434 10494 9,000
Jan 95
Mar Montreal L. HAP Con 50'51
19,000 83
004 9039 301
warrants
With
Jan
Jan
Mar 1r494 Apr Narragansett Elec 5s A '57 102% 10254 102% 13,000 1014 Apr 103
1987 10335 10339 104% 5,000 102%
Duke Power 4345
mar
77
2,000 73
73
73
Apr 70% Jar
Nat'l Klee Power 55.- _1978
45
23,000 45
50
Duquesne Gas let 68..1945 50
Jan 70
48
Apr
,
2 00
70
70
Jan 63%. Feb Nat Food Prod 68-.1944'
2,000 41
45
49
8% notes_ _Mar 15 35
Jan
28,000
.
Nat Pow & Lt 65 A_ -2026 10539 1054 1064 49.000 10039 Feb 10734 Apr
East Utilities Investing
8734
Mar
93
904 914
2030 91
Jan
iSs series B
6239 6535 81,000 5534 Jan 71
1954 63
68 with warr
Jan
87,000
Mar
101)4 Jar 10394 Apr Nat Public Service 58.1978 7239 714 724 184,00 0184 Apr 78
103 10399 30,000
Edison El(Boston)58.1933
99
Apr
99
9854 99
Mar Nat Steel Corp 1st 5s_ 1956 99
100% 100% 41,000 100% Mar 101
34% notes_Nov 1 1931
964 Jan 99% Mar
99
9934 0,00
Mat Nat Tea Co 55 May 1 1935
89 157,000 82% Jar, 90
88% 88
Elec Power & Lt 58-2030
91
Jan 93% Jan
92
9234 24,00
58_1956
Jan 107
Feb Nevada-Calif Else
9,000 100
103 105
El Paso Nat Gas deb°348'38 103
854 Jan 93)4 Mar
Jan 108
Jan N E Gas & El Assn 513.1947 9134 59034 913.4 142.09
98
6,00
105 105
let 6354 series A-1943
91% 29,000 8839 Jan 95
Mar
1948 903-1 91
Cony deb 58
70,000 73% Apr 801.-I Jab
Empire 011 & Reg 64s'42 73% 7339 74
Jan e93
Mar
8914 91 275.000 83
1950 9034
Cony deb 55
Ercole Mareill El Mfg
Apr 945i Apr
944 5,000 94
94
Mar New Erg Power 5395.1954 94
7534 753£ 6,000 26394 Jan 83
With warrants 648.1953
Jan
.
List 6'5O 105% 10594 10599 4 000 1024 Mar 1054 Apr
New Jersey P &
European Elec 6i45..1965
95% Mar
Mar N Orleans Pub Serv 4346'35 9431 944 9434 12,000 91%
76
79% 30,000 6535 Jar. 84
76
Without warrants
Feb 90
82
Apr New York & Foreign Inv
Eur Mtge & Inv 75 C.1907 884 88% 88% 23,00
Jan 82
Mar
13,000 76
80% 82
Jan 98
Jan
97
5195 with warrants.1948 -----9734 6,000 95
Fairbanks Morse Co 581942 97
93%
Feb NYP&L Corp 1st 430'67 9834 97% 98% 131,00 10534 Feb 9894 Mar
16,000 7635 Jan 90
85
Federal Water Serv 534s 54 8339 83
Mar
Jan 107
Pow 611_1950 106% 108% 106% 7,000 84
Niagara Falls
Finland Residential Mtge
Jan 94
99,000
Apr
4 0394 94
Jan 8294 Mar Nippon Elm Pow 6)46 1953 933
814 9.000 75
79
1981 79
Bank &
6635 Mar 7
2.00
Jan
5
814 Jan 88
Jan Nor Cont Util 545 ser A'48 68% 68% 70
15,00
8439 85
Firestone Cot M 111858_194/ 8439
20,000 9939 Jan 1044 Apr
10339 104
Apr North Ind Pub fiery be 1966
84)4 Feb 88
13,00
88
88
Firestone T & R 5s. _1942
Jan 10
24,000 99
10394 104
494 Apr
let & ref Es ser D__1969
Glass Wits
First Bohemian
9639 118,000 9039 Jan e9634 Mar
Mar
Jan 82
1,000 77
let & ref 434s ser E 1970 9834 96
82
82
Jan 1 '57
1st s f 73
mar
Apr 2735 Fen Nor Ohio Pr & Lt 5451951 10934 104 10435 38,000 984 Jan 105
15
1534 7,000 14
1931 15
Fisk Rubber 548
14.000 93
Jan 101
mar
9934 100
Apr 124 Apr Nor Ohio Tr & Lt 58.. _1958
124 1,000 12
12
Certificatee of deposit...
mar
Jab 9134 Apr No Sts Pow 634% notes'33 10334 10339 103% 56,000 101% Jan 104
83
89 158,000
Jan 10334 Mar
Florida Power & Lt 68_1954 89' 88
1940 10294 102 10239 44,000 99
Apr
Jan 95
2,000 85
554% notes
92
92
Garlock Packing deb 68'39
Jan 10534 Feb
105 10534 9,000 104
1st lien 611 series A 1948
92% 67.000 9134 Jan 9451 Jan
92
Gatineau Power 1st Es 1956 92
10534 1054 11,000 10234 Jan 105% Apr
Mar
1st lien 54s series B 1950
Jan 95
22.000 90
94
92
Deb gold 68 June 15 1991
1981 97% 973( 97)4 98,000 9734 Apr 9734 Apr
Jan 92% Jan
Ref 44s
9135 10,000 88
88
Deb 6s ser B__A&O 1941 89
Jan 65
Apr North Texas Util 78-1935
24,000 56
6399 65
1,000 104% Mar 114
mar
Gen Bronze Coro cony6e'41, 65
3112 3112
Feb 20
Jan
With warrants
1235 1,090 12
14,000 95
Jan MOO
mar
Gen Laund Mach 63481937 1234 1235 96
994 99%2100
Apr 97
Mar
without warrants
22,000 92
95
1931 95
1,000 89
89
Apr 96
Gen Pub Util Gs
89
Jan
Feb e53
Jan Northwest Pow cony &'80
50% 55034 6,000 46
1941
Jan 10334 Apr
99
Gen Rayon 68
9,000 9939 Apr 100% Mar Ohio Edison 1st & __198U 10334 10294 1034 70,000 101
99% 100
Feb 10435 14.2
General Refract 5s_ _1937 100
10339 103% 4,000
1953
Ohio Power be B
Jan 9994 Mar
Gen Vending Corp es 1937
39819 9939 54,000 96
1958 99
4159 series D
Jan 144 Jan
13% 134 14 11,000 10
810339 10335 2,000 8103% Mar 103% Apr
With warrants
Ohio Pub Serv Is ser D 1954
Jan 103% Apr
Gen Wat Wits 0 & E
69
Okla Gas & Elec 59_ _1950 102% 1024 10339 31.000 100
Jan
Apr
1,000 49
50
50
Cony deb 68 ser B__1944
Jan
,
8 Jan 12 Mar Oswego Rh Power 63..1931 1014 100% 101% 11,000 100 Feb 101% Feb
1.000
10
10
Georgia dr Fla RR tis A '46 10
9834 994 6,500 9634
9199% Mar
Jan 1034 Mar Pac Gas & El 1st 446_1957 99
9854
Georgia Power ref 5e-1967 101% 1004 101% 85,000
29,000 10434 Jan 10634 Mar
105% 106
lot & ref 539s C____1952 106
1953
Geefuel deb (is
Feb 99% Mar
9819 9939 121,000 97
ist & ref 4153 F.....1960 99
Mar
13,000 704 Jan 88
854
84
With warrants
Feb 7535 Jan
71
18.000 70
70
Jan 88% Mar Pao Invest deb Es A_.1948 71
1,000 73
84
84
Without warrants
Mar
Apr Pas Pow & Light 58_1955 9934 39934 99% 51,000 19534 Jan 100
Jan 94
9235 94 615,000 84
Gillette Safety Razor be '40 94
Apr 99
99
10,000 99
99
Apr
Jan Pac Pub Serv 5% notes '36
Jan 93
88
91% 18.000
1936
91
Glidden Co 534s
974
05%
70
1034
89
75
10534
100%
94
Feb
Apr
Feb
Apr
Feb
Feb
Mar
Apr
Mar
APRIL 18 1931.]
6715
9555
68
69
27,000
80
85
12,000
9535 9555 34,000
s10395 1044
101
10231 1024 10235
104% 1044 1044
10035 10534
105 10515
104% 104%
06% 964 9695
1014 1014 10154
9835 9834
69
85
72
102% 81024 103
107% 107% 107%
1064 107
107
65
65
71%
102% 102%
16,000
20,000
10,000
30,000
53,000
12,000
15,800
10,000
4,000
84.000
66,000
2,000
11,000
13,000
Range Siam Jan.!.
Low.
853 Jan
5
Jan
67
925( Jan
1004
9754
1024
10031
102
102
9615
96%
97%
65
101
107
10534
65
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Mar
Jan
Feb
Jan
Feb
Apr
High.
84% Jan
Apr
85
964 Mar
10455
102%
10434
100%
10534
105
9635
103%
9891
74%
10335
10831
107
80
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Mar
Mar
Mar
Mar
Feb
Mar
Jan
3,000 10155 Feb 10315
Jan
864 87
21,000 71
Jan 88
90% 90%
1,000 88% Jan 93
9235 7,000 90
Apr 9995
921i 91
9734 98
5,000 9755 Apr 102
7,000 90
9134 9154 93
Mar 97
10291 1024 1024 32,000 99
Jan 10351
5,000 10231 Jan 105
105 105
964 981,4 3,000 964 Apr 974
86
Feb 8631
8631 3,000 83
95% 954 6,000 9035 Jan 9751
Mar
Mar
Jan
Jan
Jan
Mar
Apr
Apr
Apr
Apr
Bonds (Concluded)
United Lt A Pow 68_1075
Deb 6558
1974
1st lien & con 548_1959
Uu Lt & Rys 65 ser A.1952
1st ser 5.9
1932
Deb 5345
1952
United Pub Sera 65_1942
Utah Pow & Lt tot 59_1944
Vanadium (Amer)58..1941
Van Sweringen Corp 68235
Va Elea Pow 1st 5s.__1955
Vs Public Serv 594s A.1946
1st ref 5s ser B
1950
n 1 d,•1, 65
1040
Ward Baking Os
1937
Waidort-Astoria Corplst is with warr
1954
Warren Bros cony 68_1941
Wash Wat Pow 58_ _ _ .1960
Webster Mine 6348_1933
West Penn Elec deb 592030
West Texas Util 58 A_I957
Western Newspaper Union
Cony deb 89
1944
Westvaco Chlorine Prod
10 vr 544 Mar 1_1937
Wis Pow & Lt 55 F___1958
1st & ref 5s scr E___1956
Youngstown S & T 5s B '70
2941
Friday
Sales
Las( Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
93
94
33-4
1004 10035 1004
10194 100 10134
104
103 104%
101
101 10155
90
88854 90
6851
6851 6834
97
98
92% 924 10194
76%
76
77
10435 10455
95% 95
95%
9035 91
914 91
92
1024 10291 103
6735 6734
95% 9555
10491 104
10135 10155
894 89
8835 88
68
98
104%
101%
894
89
47
47
53
103
101
102%
10255
10234
101
10294
103
10311
10136
Range Since Jan. 1.
Low.
§§§§ § §§§§§§ §8§§§§§11nnn
Pacific Western Oil 634843
with warrants
Park & Tilford 6s_ _ _ _1936
Penn Cent L & P 4 48_1977
Penn-Ohio Edison 68..1950
Without warrants
Deb 548 ser B _ _1959
Penn-Ohio P & I. 5348 A'54
Penn Glass Sand Corp 6s'52
Penn Pr & Lt let ref 581352
18t 58 ser D
1953
1st 434s
Apr 1 1981
Penn Telep 58 ear C___196(
Penn Wat & Pow 445B '68
Peoples Lt & Pow 58..1979
Phila Bait & Wash 434s 77
'
Phila. Electric 5%s___1947
Mitt Elec Pow 5558_1972
Phila Rap Transit 68..1962
Phila & Bub Counties
G& E 1st & ref 4481957
Piedmont Hydro-El Coln & ref 635s el A.. _1960
Piedmont &Nor Ry 58 1954
Pittsburgh Coal 8.s..-.1949
Pittsburgh Steel 68.._1948
Poor & Co 6s
1939
Potomac Edison 5s
1956
let 5348 ser I)
1949
lot 4368 ser F
1961
Powea Corp(Can)44813'59
Pow Corp(N Yideb 648'47
Friday
Sales
Last Week's Range for
Sale
of Prices. :Week.
Price. Low. WM. $
03
,
0
•-• ,
-.WC41,DO20
ww,
P F'Pz'F'PF' r—PP."
00'zoommc
,
Bonds (Continued)
FINANCIAL CHRONICLE
9194
98
91
974
10031
80
63
94
9294
7434
924
9255
90
z89314
994
67%
9535
010234
9654
85
86
47
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Feb
Apr
Feb
Mar
Jan
Jan
Mak
9734
102
10135
104%
1014
9135
69
98
10874
85
10454
964
91
z94
103
Mar
Mar
Apr
Mar
Apr
Mar
Apr
Apr
Mar
Jan
Apr
Mar
Apr
Mar
Apr
Apr 74
Feb
Apr 1004 Mar
Jan 10431 Apr
Jan 10154 Apr
Feb 93
Mar
Jan 9134 Mar
Apr
6834
Jan
101
Jan 103
Feb
101% Mar 103
Apr
101
Jan 10315 Apr
101
Mar 10134 Max
rr.
ru
0,—
r
wzoo 000,4>
§§§ §§§§§ LH§ §§§§8§
888
0-4,—wv.v0-.
88
8
8834
.8°
rr
Foreign Government
And MunicipalitiesAgrie Mtge Ilk (Colombia)
Procter & Gamble 43581947
102 10215 17,00 10031 Jan 103
20
Mar
-year 8 1 78
1946 70
6834 73
68
Feb 8834 Jan
Prussian El 68
1954 7934 784 794 18,000 744 Mar 7934 Apr
20
-year 7s Jan 15 1947
6235 Jan 78
6855 71
Mar
Pub Ser of N III 4555_1980 9714 9715 97% 119,00
14434 Feb 9834 Mar Baden extls f 7s Jan_ _1951
78
Jan 90
Mar
let & ref 444s ser D _ 1978 974 07% 98% 39,000 9434 Feb 984 Apr Buenos Aires
883.'
(Prov)748'47 90
89
9134
85
Jan 9755 Mar
1st & ref 4,358 ser F_1981 974 9735 9715 40,00
97% Apr 98
Apr
External 78.......19.82 75
75
8855
7934 Jan 9035 Mar
Deb bs
1931
1004 100% 3,000 100
Jan 101
Jan Cauca Valley 7s June 1 '48
654 87
4794 Jan 89
Mar
Pub Seri N
4558 B.1957 10014 10034 10055 4,000 9955 Mar 1004 Apr Cent Bk of German State&
Pub Serv of Okla 58_1957
34,00
99% 100
96
Feb 100
Mar
Prov Banks 88 B___1951
65
784 7891 794
Jan 8034 Mar
Puget Sound PA L 548'49 104
103 10435 73,00 100
Feb 10134 Apr
1st 64 aer A_Atig 1 1952
794 80
674 Jan
803,4 Mar
let & ref 55 aar C___1950 100
34,000 95% Jan 10055 Apr Danish Cons Muni° 53.58'5a 10034
9935 100
100 10035
994 Jan 1014 Feb
Queens Borough Gas & El
55
1953 9634 965.4 974
9635 Jan 9934 Nfrr
Ref 4%s
2,000 100
102 103
1958
Jan 103
Apr Danzig Port & Waterways
5345 series A
1952 10334 10391 103% 15,000 1014 Jan 10431 Mar
25-yr ext 64t.
1952 75
75
78
8955 Jan 80
Mai
Reliance NIanageni't .53 '54
German Cons Munio 7s '47 8834 87% 89
7634 Jan
90
Mal
with warrants
76
76
15,000 7534 Apr 834 Jan
65
1947 7955 7914 823,4
8234 Apr
0734 Jan
Remington Arms 5345.1933 95
95
5,000 94
95
Jan 96
eb Hanover (City) 75._ 1039 89
89 024
854 Jan
9534 Mai
Rochester Cent Pow 55 '53 69:5 67
70 203,800 60
Jan 7494 Mar Hanover (Prov) 6358_1949 834
77
Jan 8451 Mat
83
8355
Ruhr Chemical 68 A...1948
81
814 12,000 8391 Jan 8355 Mar Indus Mtge
Ilk of Finland
Ruhr Gas 6358
84
1953
8494 57,000 71
Jan 8534 Mar
let mtge coll s 1 78..1944 9351 934 9435
93
Jan z95
Mal
Ruhr Hotia'ng Corp 6%8'58
81
8235 15,000 68
Jan 8234 Apr Maranhao (State) 70 19,58 52
52
53
43
Jar. 59.4 Mar
Ryerson (Jos T)& Sons Inc
Medellin
76
6234 Jan 79
7651
Mat
95
deb 55
3,000 9291 Jan 963( Mar Niendoza(Munic) 7s...1951
Nov 1 1943
95
(Prov) Argentine
St L Gas (3. Coke Os....1947 45
42
4515 37,000 36% Apr 5334 Jtsll
External of g 7Ss_ _ 1951 63
63
574 Jet
7334
78
Mai
San Antonio Pub Sera 58'58 10034 10035 101% 19,000 94
Jo>> 10254 Mar
NIortgage Bank (Bogota)
Sauda Falls 1st 55 A._1955 104
104 104% 11,000 102
Jan 104% Mar
70 Issue of'27(MAN)
6235 64
65
'47
Jar. 80
Mat
Saxon Pub Wks 58....1932 9695 9594 98% 60,000 90
Jar
9655 Mar
7s issue Oct 27 1947....
6255 64
5614 Jan 75
Mat
Sextet Co 1st cony 68 A '45 98
97 106 510,001
7934 Jan 106
Apr Mtge Bank of Chile 6s_1931
9955 99
954 Jan 29994 Apt
9955
Schulte Real Estate 65 1935
M tee ilk of Denmark 51'72
9934 10035
,
Jan 10154 Mill
OR
Without warrants
75
75
76
16,000 5431 Jan 80
Apr Netherlands(King)6s 1972
1034 10331
1034 Mar 10574 Jar
Scripps(E W)535s...1943
8951 8931
1,000 85
Jar
90
Mar Newfoundland 5s____1952
100 100
9994 Jan 10135 Mai
Serval Inc 58
1948 8215 81% 83
10,000 63
Jat
Apr Parana (State) Brazil 70'58
4034 42%
3314 Jan 5454 Mat
Shawinigan W & P 44s'87 9691
9655 964 58,0(10 924 Jan 9795
Mar Rio de Janelro 6355...1959 40
40
394 Jan 88
Mat
4731
let & co114555ser 15_1968
964 9695 4,000 93
Jai e9735 Mar Russian Government
lat 58 ser C
1970 104
10315 10491 25,000 1004 Jar 10555 Mar
636e certiVcates___1019
154 Jan
294
3
234 2%
Mai
1st 448ser D
1970 9634 964 9615 29,000 0334 Jan 9754
Mar
5%s
1921
295 Feb
24
295 231
alai
3
Shawsheen Mills 78_1931 101% 10134 101% 12,000 10031 Jan
101% Feb
5159 certificates_ _ 1921
234
234
134 Feb
Fel
3
234
Sheffield Steel 5 Si s_
100% 100%
1,000 1004 Jar 1034 Mar Saarbruecken
(City) 7s '35 102% 10235 102%
9935 Jan 103
Ma
Sheridan Wyo Coal 6s 1947 584 58% 5835 2,000 58% Apr 55
Jan Saar 13aain consol 78_1935 9935 9934 100
92
Jan 1004 Fel
Snide Packing Os__ _1932
484 484
1,000 3535 Jan 54% Mar Santa
Fe (City) Argentine
Sott Carolina Pow 55_1957 9434 944 9494 17,000 90
Feb 95
Mar
EMI 75
7134 Jan 8534 Ma
1945 78% 774 8215
Southeast P & I. 6s___2026
Santiago (Chili) 7s....1949 79
7894 Feb 86
Mal
79
85
Without warrants
10331 105 106 156,000 99% Jan 116
75
Apr
1081
8391 8391
75
Feb RO
MA
flou Calif Edison 58___1951
1044 106
39,000 103
Jan 106
Apr
Refunding 5s
1952
104% 1054 11,000 103
• No par value. !Correction. n Sold under the rule. c Sold for cash. •Option
Feb 10534 Apr
Gen & ref 58
1944 10134 10311 10411 86,000 10231 Jan 104% Jan sales. t Ex-righ
ts and bonus. to When homed. t Ex-dividend. w Ex-rights.
Refunding 58
1954 104% 104% 10551 10,000 1034 Apr 10534 Mar v
Transactioas in Aeolian, Weber Plano & Planola, 7% pref., reported last week
San Cal Gas Corp he I937
94
7,000 90% Jar
94
95
Feb
Sou Catii Ga_a Co 5s___1957
101% 10195 10,000 09% Jan 10234 Feb was an error. Should have been Aeolian Co., 7% preferred.
1st Sz ref 4348
1961 96
9515 96
17,000 954 Mar 96
C • limier the rule" Wes as follows
Apr
6s
105 105
1950
2,000 104% Mar 105
Mar Consol. Automatic Merchandising. corn. v. t. c., March 9, 100 at 5416.
lot 6; ref 5558 ser 15_1952
10331 103.94
1,000 1024 Jan 1034 Mar
General Rayon deb. 13e. 1958. Feb 3, 53,000 at 65.
Southern Natural Gas6844
With privilege
80
834 105,000 z7354 Jan 89
Mar Illinois Power & Light 6% pref., March 23, 18 at 9796 •
tt ithout privilege
834 80
844 32,000 63
Ian 8115 Apr Iron Cap Copper Co. Starch 16, 100 at 134.
Southern Pac CO 43.48_1981 9655 9555 9694 983,000 9.334 Apr 9635 Apr
National Baking, corn., Jan. 16, 100 at 5.
So'west Dairy Prod 6553'38 6434 55434 6491 21,000 55
,
Jan 68
Jan
Southwest G & E 58 A.1957 994 96
96% 28,000 z93
Jan 9734 Mar Northern States Power 7% pref., Starch 20, 50 at 11055.
Southwest Lt & Pr 55 A '57 94% 94% 9591 13,000 9091 Jan 9751 Mar New England Gas & Elea. Ass'n. deb. 58, 1950, March 18, 584,000 at 93-99%.
Elo'west Nat Use 65...1945 5754 57
58% 32.000 50
Jan 724 Feb North Ind, Public Service lot & ref. 435s, 1970, April 1, 514,000 at 07.
So'west Pow & Lt 88_2022
106% 107
12,000 101
Jan 107
Apr Pacific G69 di Electric 101 434s, 1957. March 18, $4,000
at 100.
Staley Mfg Co la 118_1942 96
11,000 96
96
Jan 98
96
Jan
Stand Gas & Elea 68..1935 10134 101% 102
22,000 98% Jan 1024 Mar Shawinigan Water & Power lot 4355, 1968, March 25, $1,000 at 98.
Cony its
1935 10254 102 10234 53,000 10151 Mar 102% Mar
z "Optional' sale an Wows:
Debenture68
1951 10034 1004 10151 26,000 9634 Jan 1014 Mar Alabama Power
lot 55, 1956, Mar. 7, $1,000 at 10474
Debenture 68 Deo 1 1966 10091 1004 1014 15,000 96
Jan 10134 Mar
Stand Invest deb 58
1937 84
16,000 754 Jan 854 Mar Am. El. Power Corp. 6s, 1957. April 4, $3,000 at 65.
84
84
5358
American Roll Mill 5s, 1918, April 11, 51,000 at 88.
9,000 77
1939
84
84
Jan 864 Apr
Stand Pow & Lt 6s___.1957 99
99
9934 112,000 94% Jan 100
Mar American Solvents & Chemical 645. 1936, with warrants. Feb. 5. $1,000 at 5$•
Stand Telep 53.4s Per A 1943
2,000 7314 Mar 76
7411 76
Apr Aasociated Gas & Eleo., deb.
4348, 1949, Jan. 2, 53.000 an 83.
Stinnes(Ilugo) CorP
78 Oct 1 '36 without wart 8534 8431 8634 53,000 84
Jan 8634 Apr Associated Telephone UtIlltlee, cony. deb. 534s, 1944, Jan. 2, 55,000 al 80.
78 without warr__1948 7634 764 78
37.000 60
Jan 80
Atlas Plywood 555s, 1943, Jan. 2, $1,000 at 62.
Mar
Strauss (Nathan) 65..1038
3,000 53
Mar 68
5334 54
Mar Cities Service deb. 5s, 1966, Feb. 16, $3,000 at 68.
Sun 011 deo 54s
1939 101% 10155 101% 4.000 10035 Jan 102% Mar
Columbia Gas & Electric deb. 58, 1961, Feb. 2. 55,000 at
Sun Pipe Line Co 59...1940 100
12,000 9894 Jan 100
100 100
9634.
Jan
Super Pow of No III 455s'70
924 9254 23,000 8955 Feb 9335 Mar Consol. Publishers 6315. 1936, March 9, 61.000 at 9531.
1st 4355
9231 Apr 9334 Mar Ercole Morelli El. Mfg. 655s, 1053,
1968 9251 9251 9255 8,00
w. w., Jan. 7, $1,000 at 6335 •
Swift & Co let m 8[58_1944 10351 103 1034 10,000 1024 Jan 10395
Jau Fageol Motors, Starch 30, 500 at 31•
5% note.]
42,000 9954 Jan 10255 Mar
1940 10115 10155 102
Gen, Pub. Serv. deb. Is, 1953, April 4, $2,000
at 93%.
Tenn Elea Pow 5s
1956 10234 10251 102% 7,000 984 Jan 103
Mar Godchaux Sugars 73.45, 1941, April 14, $1,000 at 9231.
Tenn Public Service bs 1970 98
974 984 22,000 9455 Jan 9855 Mar Guardian Investors
56, 1948 with warrants, Jan. 28, 81,000 at 4034•
Tend Rydro-Elec 6558 '53 82% 824 83
30,000 73
Jail 87
Mar Houston Gulf Gas 1st 65 1943 Feb.
Texas Cities Gas 58_1948 6755 67
10, 83.000 at 914.
6735 5,000 65
Jan 71
Texas Elea Service 58_1960 9935 994 9991 97,000 95% Jan 10014 Mar Indianapolis Power & Light 1st 65, 1957. Feb. 3, 52,000
at 9915.
Mar
Texas Gas Util
6655 65
Jan 80
67% 18,000 156
Feb Industrial Mortgage Bank of Finland lot mtge. 78, 1944, Feb. 4, 51.0001a195.
Texas Power & Lt 56...1950 102
102 10255 32,000 9834 Jan 1024 Apr Interstate
Power, 1st 5. 1057, Jan. 20, 53,000 at 7615
Deb 65
2022 108% 108% 10815 6,000 106
Feb 10834 Apr
Kimberly-Clark Corp. 15t 58, 1913, March 23, 51,000 at 9835.
Trl Utilities Corp deb 59'79 40
3735 4655 153,000 3734 Apr 64
Jan
Ulen Co cony den 63_ _1944 81
80
Jan 85
8355 61,000 73
Star McCord Radiator Mfg. 6s, 1943, with warr., Feb. 17. 51,000 at 55.
Un Amer Nay Corp 5.9 '48
Middle West Utilities, 5% notes, 1935, Jan. 2, 1000 at 92.
la With warrants
8435 8535 26,000 z80
Jan z8635 Mar Mortgage
Bank of Chile 6s, 1931, Feb. 24, $2,000 at 100.
Union Gas Util 634s A 1937
Nat. Publio Service, deb. 5s, 1978, Jan. 2, 3,000 at 66.
With warrants
7,000 33
33
33
Apr 33
Apr
anion Gulf Corp 5s Jul 154> 102
102 102% 127,000 z100% Jan 10234 Mar National Trade Journal 130, 1938. Feb. 26, $2,000 at 15.
United Elec Service 781956
Northern Texas Utilities 75, 1935, Aprll 15, $1,000 at 100%.
Without warrants
Jan 92
9094 9011 9135 11,000 80
Apr Ohio Public Service 50, ser. D, 1954, April 14, $1,000 at
United Indus Corp 64s'41 8351 834 834 9,000 70
10331;
Jan 85
Mar Pacific
U 8 Rubber
Power & Light 55, 1955, March 10, 510,000 at 90-984.
8
-year6% notes____1933 85
8434 8915 76,000 824 Jan 91
Southern California Edison 7% prat. A, Jan. 9, 200 at 29.
Mar
Serial 655% notes__1932
9734 97% 2,000 804 Jan 98
Mar Southern Natural Gas. 68, 1944 with prlvlloge. Jan. 2, 55,000 at 7235.
Serial 634% notes_ _1933 90
3,000 75
8935 90
Jan 91
Mar Southwestern Gas &
Serial 64% notes_ _1934
151 mtge. 6e, 1957, Jan. 21. $5,000 at 91.
83% 3,000 70
83
Feb 84
Mar
Serial 634% notes_ _1938 76
76
76
1,000 69
Feb 77
Apr Stutz Motor Car 7345, 1937, Jan. 13, $1,000 at 58.
Serial 634% notes..1937 7334 7334 734 3,000 70
Feb 76% Mar Union Amer. Investing, 5s, 1948 with warrant. Jan. 6, 51,000 at 79.
Serial 634% notes. _1938 7315 7355 74
17,000 6834 Mar 7(3% Mar Union Amer. Invest. deb. 58, 1948, with
warrants, March 19, 52,000 at 87.
Serial 64% notes_ _1939
734 74
6,000 (19
Feb 75
Mar Mahan Gulf Corp.. 5s. 1950. Jan. 2, 51,000 at 10051.
Serial 634% notes._1941
7335 734 74
6,000 69% Mar
78
Mar
Serial 635% notes__1940 7335 73% 74
Virginia Public Service Co.65, 1948, Jan. 15, 52,000, at 88; March 11,85.000
6,000 8935 Mar 78
at 9434
Star
Washington Water Power let & ref. 50 3960. Jan. 24. $1,000
at 102M,
[vol.. 132.
FINANCIAL CHRONICLE
2942
Quotations for Unlisted Securities
Industrial Stocks.
Public Utiiity Stocks.
Par 810 alit
Metre Edison $7 pref B___• 10412 .• 9912 101
$6 preferred C
Mae River Power pref._100 10712
96
p1100 92
'do Public Service 7%
15
_
.•
Mountain States Power..
9812
100 94
7% preferred
103 105
Nassau & Suffolk pref
8714
Vat Pub Serv 7% pf A_100 85
Nebraska Power 7% pref 100 110
Newark Consol Gas_ ....lee 10112
New Jersey Pow & Lt $6 pf • 98 100
DE 100 100 102
New Orleans PS
_ _N V & Queens EL & P pf 100 102
Nor NY Utility pref__ —100 107
4
Nor States Pow (Del) corn A 1383 142
Carolina Pow & Lt $7 pref' 109
10712 110
Preferred
Cent Ark Pub Serv pre!.100 98
97 ..)bio Pub Serv 7% pert 100 10612
Cent Maine Pow 6% pre1100 95
-Dkla Gas & El 7% pref _100 108 111
100 106 108
7% preferred
Pao Gas & El $1.50 pref__25 2712 2812
_100 10412 106
Cent Pow di It 7% pref.
80
Pub Serv—'
8112 Pac Northwest
Cent Pub Serv Corp pref •
Pao Pow & Lt 7% pref_100 10i12 105
Cleve El ilium 6% pref. IOU 111
- Pa-Ohio Pow ,k Lt 6% pref. 100
Col Ry,PA L6% lst Pf.100 10812
110
7% preferred
100 10912
6)4% preferred B
110 112
42
Pa Pow & Lt 7% pref
Consol Traction N J._ 100 40
Consumers Pow 8% pref IGO 10512 107
50
Piedmont Northern Ry _100 42
100 10512
6.60% preferred
-100 55 65
Port Elec Pow 8% Prof
,
Denim Pow & Lt 7% pref 10e 10912
Cool Col 7%1)1100 10312
Pub Sere
Dayton Pow & 116% p1_100 109 111
2
etoehmter 0& E 7% pf B100 104 16:;192
Derby GM at. Elec $7 pref_ _• 88
100 100 102
6% preferred C
4 311
23
Detroit Canada Tunnel__._
3 Sioux City G & E 7% p1_100 10312 10512
•
Erie Railways
100 78
iomerset Un Md Lt
40
100 30
7% Preferred
South Calif El $1.50 pref_25 2712 2812
100 157
Essex-Hudson Gas
25 291 3012
$1.75 preferred
2212
25 21
So Colo Pow corn A
65
Foreign Lt & Pow Units__
100 102
7% preferred
Gas & Elee of Bergen. 100 99
renn Elec Pow 6% pref_100 101 103
20
Gas dr El part Ms
Gen
100 10812 110
7% preferred
Hudson County Gas_ - -100 157
lens Pow & Lt 7% pref 100 $11012
Idaho Power 7% pref___-. 10712
.4
6% p1.100 9314 643- Feted° Edison pref A.._100 110
Illinois Pow & Lt
__ United 0 & E (Conn) p1100 93
Inland Pow & 1.17% 01.100
& E (N J) p1100 7114
8512 8712 United
Interstate Power $7 prof..' 6564
5212 5412 United Public Service pref_ 61
Jamaica Water Suet, 01..50
Utah Pow de Lt $7 Pref- -• 108 100
p1.100 10812 110
Jersey Cent PA L
12 112 Utica Gas & El 7% pref_100 101 106
Kansas City Pub Service_-•
Pref_100 9212 94
Utli Pow & Lt
•
Preferred
100 110 124
Virginian Ry corn
Kansas Gas & El 7% D1.100 10812
Washington Ry & El cornio0 465
See Corp corn.100 325
Kentucky
9812 166118
preferred
5%
100 8912 01
6% preferred
_
Wartern Power 7% pref_100 102
Kings County Lac 7% 01 100 110
10912 11212 Western States Gas & El -- 3812
Long Leland Lt pref A._100
98 102
7% preferred
Los Aug Gas & El6%p 1.100 10712109
Par
ate! siva Power $7 pref._ WO
Are lob UM Co corn _ _100
A Helms Power 7% pref__100
Ark Pow & Lt $7 pref____•
&flare Gas & El meg pref_.•
•
$6.50 preferred
•
$7 preferred
Atlantic City Elec $6 prof.'
Bangor Hydro-El 7% 1)1_100
Binghamton LIlA P 16 Pf•
Birmingbem Elee 7% pret•
Broad River Pow 7% p1_100
Buff Meg & E or pref____21
Bid Ask
115 116
95
67
10712 10812
5112 5212
99 100
100 101
107
119
82
109 110
92
88
4
2612 263
Ask
Par Bid
Adams Millis $7 Pf w w- • 95 100
55
160 50
Aeolian Co $7 pref
4
1
Aeolian Weber P&P corn 100
100 48
Preferred
Alpha Portl Cement 111-100 115 (22
12 212
Amalgamated Laund coin.. d
American Boils 57
100 84 89
312
2
Amer Canadian Properties_•
35
Amer Hard Rubber $4_100 430
42
25 39
American Hardware
32
Amer Alfg 4% corn
100 24
100 50 60
5% Preferred
• 45
49
American Meter new
Babcock dr Wilcox 7%--100 106 109
14
Baker (J T) Chemical corn.' 10
10
5
Bancroft(J)&Sons$2.50com•
75
100 70
7% Preferred
Biers (E W) 54 1st pref__50 56
60
10
9
2d preferred B
84
Bohn Refrigerator 8% 0100
•
35
Bon Am] Co B corn
12 1
Bowman-Biltmore Hotels..
14
100
let preferred
4
100
2d preferred
83
80
Brunsw-Balke-Col $7 pref.
53
Bunker 11111dr Bull 53 own 10 48
4...48
Burden Iron pref
Investment Trusts.
512
All C Trust Shane ser D—.
818
Series E
8
85
All America Investors A _.
Amer Brit & Cont $6 Pf--• 450
7
68
Amer Compoelte Tr Shares.
Amer Founders Corp—
Convertible preferred—. 7812
x191
6% preferred
x1514
7% preferred
8c
1-40tbs
5c
1-70the
18
Warrants
4
Amer eit General Sec corn A. 143
112
11
Common
383%
83 pref
612
Amer Insurenetocks Corp.•
Amer & Continental Corp.' 14
618
Ammo Standard 011 Shame
Atl & Pat Intern Corp units 22
3
Common with warrants
19
Preferred with warrants_ _
Atlantic Securities Corp of • 37
14
Warrants
Bankers Nat Inveet'g Corp • 22
714
Bansleilla Corp
8
57
•
Basle Industry Shames
512
•
British Type Invest
314
Chain & Gent Equities Inc •
52
6 a % preferred
Chain Store Inv Corp....'
100 4....
Preferred
Chain Store Shareown Inc . 1478
1412
Chartered Investors corn__
79
Preferred
Corp A.
Chelwa Exeriange
ll
eine B
55s
Corporate Trust Shares
Crum & Foster Inc Sh—
10 36
Common Ii
100 99
Preferred
Orem & Foster Inc cool B_. 4012
135
8% prJferred
714
Cumulative Trust Shares. _ _
DepoelteI Bank & Tr Shares
8
67
Series N Y
614
Depos Bank She NY ser A _ _
17
Diver Hied Trustee Shares A
14
B_
8
55
2612
Equity Investors Corp corn_
6512
Units
518
Equity Trust Shares A
4
73
First American Corp
1434
Fixed Trust Shares A
1234
7
Fundamental tr Shares A.
3
73
Shares B
212
Equity class A._10
General
Granger Tradlng Corp....' 12
Gurle-%1 Inmill Trail Corp.' 3212
Incorporated Investors___' 3418
814
'acorn Investors Equities
1714
Int Sec Corp of Am corn A
112
Common B
8712
6)4% preferred
8112
6% preferred
418
Independence Trust Shares
7
Insuransh & Gen Mgt Corp_
Divest Trust Associates_ _ _ _ 31212
731
Investment Trust of N Y
Investors Trustee Shares...
6
s eckeon & Curtis Iuv Tr Asso•
83
914 Jenson &CurtisS Corp p 110(
55 Leaden of Industry A_ _ _
3
7s
1474
5014
13c
8c
_
9
16
8
65
26
4
22
40
1
27
4
73
8
63
618
414
3
50
8
155
16
81
3
12
Low Priced Shares
Mawr Corp Shares
•
Man Investors Trust
Mohawk Investment corn.*
Mutual by Trust class A__
Af utual Management corn.'
National Trust Shares
Nation Wide Securities Co_ _
Nat Industries Shares A._
N Y Bank Trust Shares
No Amer Trust Shares
Northern Securities
North & South Amer B corn
Si Sharer Inc units
Old Colony Trust Assoc Sh •
Old Colony Invert Trust eon.
Petrol & Trad'g Corp el A 21
Power dr Rail Trustee Share.
Public Service Trust Share
Representative Tr Ski_ _
Research Inventors corn...'
Unite
Ascond Internal See Corp A
Common B
6% Preferred
Securities Corp Gen $6 prel
Selected American Shares..
Selected Income Shane__ _
Selected Al a nag emen
Trustee She
ehawmut Bank Inv Trust.
•
Spencer Trask Fund
etaudard Amer Trust Share.
Standard Collet Trust Elbe_
State Street Inv Corp
Super Corp of Am Tr She A
1014 1114
40 4212
95 100
4
73
, 68
5 8 - 1514 5 4
3
7
8
73
518 53
4
3112 3312
4412 4612
514 614
4
23
11
4
1 13
6'2 7
8 63
57
8
812
8
512 6
103 108
138
20
24
3212 34
10
1112
11
15
914 1014
8 75
67
8
8
145 15 4
3
3134 3334
4
703 7434
4
153
112
3834
8412 _
514 53
4
4 714
63
4 93
83
8
10
12
2414 2512
738
.18
914 10
01
6412 6612
42
4 718
63
61. 67
8
8
75,
1012 12
10
1012
8
75
6
612
4
63 Crust Shares of America
4
414
4
173 rrustee Stand InveitmentC
8 414
37
4
143
4 614
53
618 rruetee Standard 011 She A
6
8
63
28
738 77
8
frunteed Amer Bank Shane
69
8 618
55
512 40th Century Flied Tr Wis.
2212 24
814 Iwo-Year Trust Shares_ _ _
8 67s
63
United Fixed Shares
9c 13c
(Jolt Founders Corp 1-70tha
8
123 1358
712 Jolted Bank Trust
9e8 1058
8
77 United Ins Trust
31112
4
U 8 & Brit Internal class A
_
112
Clam B
33814
Preferred
4212
3
30 4 3234
8
365 US Else Lt & Pow Shares A
71, 8
10
8 618
55
_ Universal Trust Shares
Bonds.
Int Secur Trust of Amer—
1933
Secured gold Os
158
1943
Secured gold es
9
1933
Secured gold 5e
1943
Secured gold 5s
812
-
9112
9012
80
79
Tobacco Stocks.
American Cigar 6% Pref-100; 65
• No par value.
Young (J el) Co 10% corn 1001 97
100 101
7% preferred
11 Last reported market.
I New gook.
Er-dividend.
13
Canadian Celanese corn...... 10
70
100 65
Preferred
25
Carnation Co 51.50 corn..' 23
100 10212 - - -$7 preferred
2
Chestnut Smith corn
d 5
15
Preferred
100 105 108
Childs Co $7 pref
ClInchfield Coal Cow_ —100 d 312 6
75
100 465
$7 Preferred
212 312
Color Pictures Inc
12 2
Columbia Baking corn.....' d
7
4
•
1st preferred
12 2
2d preferred
1512 1712
Colts Mfg Co $2
99 .
CAmgoleuin-Nalru 57 pf 101
Crosse & Blackwell corn__ ..
1 12 3
Crowell Pub Co $3 corn new 63 67
104 109
$7 preferred
60
Deep Rk 011&Rel $7 Di 100 d50
3
1
De Forest Phonofilm Corp..
27
Dictaphone Corp com__ • 22
$8 preferred
150 103
Dixon (Jos) Crucible 58.100 130 145
30
Doehler Ills Cast 7% pf 50
53
$7 preferred
45
Douglas Shoe $7 pref_ __100
46
Draper Corp 54
100 43
85
Driver Harris 57 pref___ 100 76
31
36
Dry-Ice Holding Corti
Ask
Par BA
56
Lawrence Port' Corn $4 100 51
• 4....212
16
100
Prefrrlaking corn
Libert ied
18
Locomotive Firebox CO...' 13
21
Macfadden Publict'ns corn 5 19
54
• 51
66 preferred
6
3
Maxweld Corp coin
79
$8 pref.-100 76
Merck Carp
• 90 100
National Casket 54
• 108 111
$7 preferred
35
National Licorice coin _ _100 628
35
National Paper ei Type Co. 425
70
New Haven Clock pref-100
17
New Jersey Worsted pref _ —
Northwestern Yeaet_-__100 135 140
7
Nye Incinerator corn
25
Units
iOO 88 _ _
()keret° Co $7 pref
15
18
Parker Wylie Mfg Co 20111—
• 80 84
57 preferred
512 612
Petroleum Conversion
612 812
Petroleum Derivatives
1
Photomaton Inc clam B___
Pick (Albert) pref with warr - _ 35
4
Poole Eng & Mach class A__
2
Class B
60
Publication Corp $3.20 corn' 55
100 100 105
$7 let preferred
9
4
Elsemann Magneto corn__...
100
85
$7 preferred
55
Franklin Ry supply $4.--• 50
512
4
Fuel 011 Motors Corp corn..
Gen Fireproofing 57 p1_100 108 112
4
1
Garton & Knight corn_ _.•
35
$7 preferred
100 28
3612
Great NJrthern Paper $3_22 34
Hale & Kilburn pref
100 ---.5
Ilerring-Hall-elarv Safe 100 40 55
9
6
Howe Scale
29
100 25
Preferred
3
Hudson ItIver Nay corn._ -- d 1
430 45
Preferred
5
Industrial Accept corn__.•
55
100 49
$7 preferred
19
100 17
Internet Textbook
1
Jessup & Moore Paper
3
let preferred
8
Rarl-ISeen Mfg Co
38
633
King Royalty Co corn
90
100 85
$7 preferred
10312 10612
Lanston Afonotype Al $6 100
Reming'n Arms $7 let 01 100
Robinson (1)P) 1st $7 of WO
Rockwood & Co $4 Onal.—•
100
$8 preferred
of Amerlea____
100
Rolls-RoyceP e
Roxy Theatres unit
rererred
o m moo A
Rubel Coal & Ice Co corn__
Preferred
100
Ituberold Co $4
Safety Car Heat & Ltg_100
Soov ill Manufacturing .25
85
80
3312
65
2
4
1412
4
3
14
8
25
35
75
28
88
_ __
6
16
114
1512
9
29
38
81
31
.100 310 320
Singer Manufacturing.
Smith (A 0) Corp N I)$2 • 155 165
.
712 91
Solid Carbonic Ltd
4
3
14
Southern States 011
312
2
Splitdorf Beth Elee
83
100 77
Standard Screw Co
2
Standard Textile Prod 100
30
100 20
$7 class A
100 ---_ 15
30
(! 13
55 %
Stetso lam 13)Co $6.26 corn.' 27
32
25 29
$2 preferred
Taylor Mill Corp $2.50corn • 1912 2112
8
6
Ir& St com•
Taylor Wharton
32
100
Preferred
Tenn Products Core $4 Pf 50 3712 3912
12
14
Trent Proems Corp
42
Tublee Chatillon 57 Pf B 100 636
612 712
Unexcelled Mfg Co 700_10
United Business PUI)$7D1100
United Publishere $7 DLitt() 75
U S Finishing $7 pref—_100 43 -596505
Walker Dishwasher corn...*
71' 5
0
10
Welch Grape Juice corn...' 45
1
33
100 100
$7 preferred
•
Westland Oil Corp
W Ve Pulp & Paper $2 corn •
6
30 102
100 10
$6 preferred
25
Wheeling Steel $4 corn..100 421
100 d100 105
$8 preferred A
100 d102 108
$10 preferred B
White Rork Min Spring
100 102 107
117 1st preferred
100 210
$20 2d preferred
50
Willcox & Gibbs $5 corn-- 41
100 25
30
Woodward Iron 54
100 87
92
Worcester Salt 55
Telephone and Telegraph Stocks.
84
• 80
km Dist Tel of N J $4
100 10012 11212
7% Preferred
Hell Tel(Can)8% pref _100 146 147
Sell Tel of Pa 604 % prof 100 115 118
Cin & Sub Bell TeleD-_-50 102 10312
4110
r.uban Telephone 8%
85
d 80
7% Preferred
62
Empire & Bay State Te1.100 59
44
Franklin Teleg $2.50____100 d 40
91
(fit Ocean Teleg 6%____100 d 90
_ _4120
1.Incoln Tel & Tel 8%
14912 152
Mtn States Tel & Tel
New England Tel & Tel_100 139 i-11
100 20
N Y Mutual Tel
Northw Bell Tel of 614.100 107
Pao & At Term U S I% _25 d 14
Peninsular Teleph $1.40...• d 21
7% Preferred A___. —100 103
0185
Porto Rico TeleP
Roch TeleP $6.50 let
2541 9
lo & Atl Tele; 51.25 V1-10018
10(1 171
eii & N E 'relep 8%
SW Bell Tel 7% Met_ _100 120
rri-Stales Tel & Tel $6.....•
10 41 r1
rr
ed
5.60 pre
• laminate Telep 7% 0.100 4112
24
17
24
105
11(1
21
176
122
4
1113-
Chain Store Stocks.
Melville Shoe Corp—
let Prof6% with warr_100 X 86
90
9
11
Metropol Chain pref __tee
_100 4()
Miller (I)& SOII3 oref.
50
Mock Juds&Voehungerpf100 55
65
Murphy (S. C.) 8% pf_100 d 95 110
•66
9
Nat Shirt Shops earn
100 d 75 85
Preferred 8%
•
Neclick's Inc tom
2
Newberry (.1) Co. 7% p1100 93
98
N Y Merchandise let p1_100 80
oo
Gt Atl & Pao Tea prof__100 118 121
•d 6
10
Kobacker Stores Pref...i00 57 67 Plieg-Y-Wiggly Corp
1034 Reevee(Daniel)preferred 100 102
10
Kress (811)6% pref
89 Rogers Peet Co corn_---100 d 80 166Lerner Stored 63.5% Pre: w w 85
pref
10(1 69
Schiff
74
100 4200 250
Lord & Taylor
Silver (Laze) & Bros p1_100 65
75
First preferred 8% ____I00 d 94
Southern Storm 6 units_ _ 25
97
Second preferred 8% __I00
77 ITS Stores 1st pref 770_100 46- 52
72
MacMarr Storer 7% Cif w w
Bohack (II C) Inc.
100 xl04
7% 1st preferred
Butler (James) common....
100
Preferred
Diamond Shoe prof with war
Edison Bros Stores pre(.100 4 68't
Fan Farmer Candy Sh Pf-• 31
Fishman (11 51) Stores coin.
•
Preferred
108
2
25
90
7814
36
16
90
Sugar Stocks.
Fajardo Sugar
Ilaytian Corp Amer
Savannah Sugar corn
7% Preferred
100
100
o Ex-dividend of $65.
37 Sugar Estates Oriente of MO
33
1 12 212 United Porto Rican corn....
Preferred
75
70
90
85
y Et-rttlaa.
7
14
3
10
17
2943
FINANCIAL CHRONICLE
APRIL 18 1931.]
Quotations for Unlisted Securities-Concluded-Page 2
Insurance Companies.
New York Bank Stocks.
Par Bid Ask
•
55
America
25 52
48
American Union
100 43
Bank of United States units
13
4 33
4
Bank of Yorktown
100 60 95
50 43
48
Brooklyn National
16
20 12
Bryant Park
20 9014 9314
Chase
74
Chatham-Ph Nat Bk & Tr 20 71
City (National)
93
20 90
100 165 195
Columbus Bank
Comml Nat Ilk & Tr-100 300 310
100 2600 2800
Fifth Avenue
First National of N Y-100 3775 3975
100 100 125
Flatbush National
Globe Bank & Trust Co_100 80 90
Grace National Bank-100 400 600
Harbor State Bank
65
25
Harriman Nat Bk A Tr_100 1500 1600
Industrial Bank
100 150 170
Klngsboro Nat Bank-.100 118 128
Per
Lafayette National
25
Lebanon
100
Liberty Nat Bk & Tr new__
Manhattan Company_ _20
Merchants
100
Midtown Bank
20
Nat Bronx Bank
National Exchange
Nat Safety Bk & Tr.. _100
Penn Exchange
100
Peoples National
100
PubilcNat Bank & Trust 25
Queensboro National-100
Seward Nat Bk & Tr_ _100
Sterling Nat Bk & Tr__ _25
Strauss Net Bank & Tr_100
Textile Bank
Trade Bank
100
Washington Nat Bank__100
Yorkville(Nat Bank 0)_100
BM Ask
30
25
15
30
2412 2712
8214 064
85
95
12
7
92
82
34
29
17
22
74
64
300 350
5612 5912
170
82
- 87
21
26
100 115
45
50
142 152
65
72
82
Trust Companies.
100
American Express.
Banca Comm Italians Tr 100
Bank of Sicily Trust
20
Bank of Europe Trust-25
Bank of New Y•d*k & Tr_100
Bankers
10
Broadway Plaza Trust_ ___.
Bronx County
20
Brooklyn
100
Central Hanover
20
Chelsea Bank & Trust-----5
Chemical Bank & Trust-10
Clinton Trust
100
Continental Bk & Trust_10
Corn Exch Bk & Trust_20
County
25
Empire
20
Fiduciary Trust
100
Fulton
195 205
235 241
2812 3012
63
53
630 650
10312 10612
41
44
36
41
465 475
253 258
412 612
4312 4512
82
203 233
4
4
109 113
38
40
4
563 593
4
105 107
410 450
100 489 494
Guaranty
100 130 140
Hibernia Trust
International Madison... 25 15
20
20 16
19
International Trust
10 3412 3612
Irving Trust
100 2550 2750
Kings County
Lawyers Title & Guar-100 233 238
26 471, 4912
Manufacturers
29
Mercantile Bk & Tr w 1
21
10" 90 100
M id wood
Mutual Trust of W.._ 10( 325 400
26 164 169
New York
20
5
7
Times Square
Title Guarantee & Tr--20 137 142
100
Trust Co of N A
_ 200
25 21
Underwriters Trust
25
100 3100 3300
United States
iu( 900 1000
Westchester
Westchester Title & Tr_2(' 108 114
antral Trust Go of 111_100
ontinental III Bk & Tr_101)
100
Int National
Drman National
100
arris Trust & Savings-100
225
359
458
358
475
230
363
462
363
500
Nut Bank of the Republic 20
Northern Trust Co
100
Peoples Tr & Say Bank _100
Strauss Nat Bank & Tr 100
Union Bank of Chicago-100
rP.
w
Cn
OCAOCAG,
Chicago Bank Stocks.
57
429
340
185
155
Industrial and Railroad Bonds.
Adams Express 4s, 1947J&1) 84
86 Little (A E) 7s, 1942„A&O 47
55
Amer Meter 6s, 1940
410112 ...... Loew's New Brd Prop
Amer Tobacco 45, 1951 FAA 90 .
65, 1945
J&D 94
Am Type Fdrs 6a, 1937 MAN 103
___ Mallory Steamship 56,'32J&J 99
__:
___ Merchants Refrig 68, 1937_
97
Debenture Se, 1939_MAN 103
NO Or No RR Os,'55 FAA 55 6
Am Wire Fabrics 1st'42 MAS 480
90
N Y & Hob Ferry 58,'40 J&D 90
Bear Mtn-Hudson River
Bridge is, 1953
A&O 100 10112 NY Shipbldg 5e, 1945 MAN 87
___ Piedmont&No Ry 58,'54J&J 90
941.
Biltmore Comm 7e '34 HAS 100
Boa & Alb RR fc Oct'63 J&J 107 102 Pierce, Butler & P 6555. '42 __-_ 45 Boa A Me RR Os 1933...164 10112 ___ Realty Assoc See 130.'37 J44.1
89
92
Chicago Stk Yds 58, 1981_ 85 103 Securities Cool N Y 4s_ - _ - 45
Consol Coal 440. 1934 MAN 70
- 81 Broadway 550,'50 A&O 90 9212
Conixd Mach Tool 75. 1942 450
54 So Indiana Ry 4s, 1951 FAA 65
70
Consol Tobacco 48, 1951-- 488
--- Stand Text Pr 655s,'412 ki&S 40
45
11 Struthers Wells. Titus-4
Continental Sugar 71. 1938.
92
Eau' Office Bldg 5s. 1952-_ 89
villa. 6455, 1943
91
Fisk Tire Fabric 6445, 1935 ____ 78 Tol Term RR 4450.'57 MAN 9612 9812
114
Hoboken Ferry 5s,'48 MAN 9112 _ __ U S Steel 55, 1951
Ward Baking 65.'37 J&D 15 102 10312
86
Internal Salt 15e. 1951_A&O 83
Journal of Comm fl)58. 1937 489
93 Witherbee Sherman 65, 1044 35
40
47 Woodward Iron 55.'52_ _J &J 861 8812
Kansas City Pub Serv 650.. 44
Par
Aetna Casualty A Surety-10
Aetna Fire
10
Aetna Life
10
25
Agricultural
American Alliance
10
American Constitution
American Equitable
6
American Home
American of Newark
5
American Re-Insurance-American Reserve
10
25
American Surety
10
Automobile
Baltimore Amer Insurance_5
Bankers A Shippers
25
Boston
100
25
Bronx Fire
Brooklyn Fire insurance_ _5
Carolina
10
10
Central Fire
Chicago Fire A Marine_ _ _10
City of New York
100
10
Colonial States Fire
Columbia National Life_100
Connesticut General Life..10
Consolidated Indemnity-10
Constitution
Continental Casualty ___10
10
Cosmopolitan Ina
Eagle
5
Excess Insurance
5
10
Federal Insurance
Fidelity & Deposit of Md_50
20
Firemen's
Firemen's Fund
25
Franklin Fire
5
General Alliance
Germanic Insurance
10
Glens Falls Fire
10
Globe Insurance
10
Globe A Rutgers Fire-100
Great American
10
Great American Indeney_10
Halifax Insurance
10
Hamilton Fire
50
Hanover
10
Harmonic'
10
Hartford Fire
10
Hera Steam Boll Inslans 10
Home
I.
Home Fire A Marine____ 19
Home Fire Security
10
Homestead
Hudson Insurance
10
Importers & Exp of N Y_25
5
Independence
Independence Indemnity_ lo
Bid Ask
81
86
45
47
443 4614
4
9312 10312
2412 2712
20
25
14
18
20 ,23
1612 1712
40 43
34
30
82
79
24
28
12
13
100 110
530 560
62 67
17
13
2612 2812
38
11
8
265 280
12
9
280 320
106 111
7
5
10
5
34
32
6
8
14
13
314 514
63 68
158 162
2514 2614
80 86
24
26
18
22
812 1012
48
50
r 1312 1712
645 695
2412 2512
1714 2014
21
19
200 300
3212 3412
2512 2712
5714 593
4
61
66
8
313 323
8
32
37
67
8 718
16
18
22
27
41
38
7
10
5
7
Par Bid AIR
10
7
Industrial of Akron
100 800 950
Kansas City Life
20
5 16
Knickerbocker nom
28
10 23
Lincoln 'Fire
8
6
10
Lloyds Casualty
8
6
Voting trust certifs...-10
7
4
10
Majestic Fire
25 3012 3412
Maryland Casualty
25 75 85
Mass Bonding & ins
Merchants Fire Amur oom 10 55 .59
14
Merck & Mfrs Fire Newark 5 11
19
10 18
Missouri State Life
100 120
Morrie Plan Ins
,
10 171 1912
National Casualty
10 5412 5612
National Fire
8% 9%
5
National Liberty
5 150 160
National Union Fire
4
New Amsterdam Casualty10 3234 343
27
10 25
New Brunswick
27
10 22
New England Fire
New Hampshire Fire.... _10 54 59
50
20 45
New Jersey
24
5 20
New York Fire corn
10 3712 3912
North River
86
25 76
Northern
Northwestern National.- -- 105 115
23
._10 19
Occidental
26 110 120
Pacific Fire
7
6
5
Peoples National Fire
-10 6812 7012
Phoenix
46
20 41
Preferred Accident
Providence-Washington-10 4912 5112
712 91,
5
Public Fire
Public Indemnity
312 512
(formerly Hudson Cult))
4
7
Reliance Ins. of Phila
18
10 13
Republic Dallas
17
10 13
Republic (Pitts)
10 20 25
Rhode Island
25 40 50
Rochester American
St Paul Fire & Marine-25 170 177
12
Seaboard Fire & Marine..... 10
34
10 32
SecurityNew Haven
Springfield Fire A Marina 25 99 109
50 100 150
Standard Accident
25 43
53
Stuyvesant
100 1575 1675
Sun Life Assurance
712 812
Transportation Indemn'y 10
10
8
Transportation Insurance 10
100 885 935
Travelers Fire
21 54
59
U S Casualty
U S Fidelity & Guar'y Co 10 27/2 3012
10 48 50
U S Fire
U S March & Shippers-100 310 330
10
6 9
Victory
Virginia Fire & Marine-26 85 100
10 4112 4312
Westchester Fire
Realty, Surety and Mortgage Companies.
Bond A Mortgage Guar_20 93
96
Empire Title & Guar_ _ _100 100 110
14
Franklin Surety
Guaranty Title A Mortgage 200 225
Home Title Insurance- -25 4312 4812
14
International Germanic Ltd _
20 43% 4511
Lawyers Mortgage
Wes Mtge & TI_100 180 200
Lawyers
57
National Title Guaranty 100 52
100 70
80
State Title Mtge
-Aeronautical Stocks.
Alexander Indus8% Pref--American Airports Corp___
Aviation Sec of New Eng..
Central Airport
Cessna Aircraft corn
Curtiss Reid Aircraft corn-Federal Aviation
General Aviation 151 pref.--
50
14 1
212 412
5
dl
212
1
1
2
3
1
16
19
Kinney Airplane A Mot new.
Lockheed Aircraft
Maddux Al? Linea
New Standard Aircraft corn
Sky Specialties
Southern Air Transport
Swallow Airplane
Warner Aircraft Engine
Whittelsey Manufacturing
318
41
4
3
8
8
8
11
45
10
41
3
212 3
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Allis Coal Mfg As May 1037
Alum Cool Amer 58 May '52
Amer Metal 544s 1934 A&O
Amer Rad deb 4%e May '47
Am Roll Mill deb to_Jan '48
Amer Wat Wks 5s 1934 A&O
Bell Tel of Can 5s A Mar '55
Baldwin L000 55411 '33 HAS
Cud Pkg deb 545s Oct 1937
Edison Elea III Boston
334% note Novl '31 MAN
4% notes Nov 1 '32 MAN
5% notes Jan 1533.._J&J
Gulf Oil Corp of Pa
Debenture 58___Deo 1937
Debenture Os.....Feb 1947
Bid A sk
4
10114 1013 )eneral Motors Accept
5% ser notes-Mar 1932
1043 105
4
5% ser notes-Mar 1932
927 93
8
5% ser notes-Mar 1934
4
10112 1013
5% ser notes-Mar 1935
91
90
5% ser notes___Mar 1936
1023 103
4
Koppers Gas A Coke-10512 .106
Debenture 55__June 1947
101% 102
Am Pet 445s Feb 1530-35
99% 100
‘f Arland Oil
Serial 5% notes June15'32
1003.1
161; %sass Gas Goa 5945 Jan 1940
-3
101
10318 10314 floc & Gamb 494s July 1947
floss-Sheff 8 A I 43-is__1931
102 10212 Union 011 Ea 1935-FAA
United Drug 58 1932-AA°
10112 102
Debenture 56 1933__A&O
Railroad Equipments.
Bid
Ask
101%
101%
101%
10114
10114
1013 102
4
10012
10012 101
104% 105
102 1023
4
9912
10018
101
101
Water Bonds.
Alton Water 541956......A&O 93 4 9414
,
MA *at 181 13a A tss__acto 9714 9814
Ashtabula W W 58'521.A&O 9334 943
4
94
AtlantleCoWat 5558 A M&S 93
Blrm W W 1st 5 tisA'54A&O 10212 10312
let In 6s 1954 der B_ _JAI) 100% 102
1st 5s 1957 ser C____F&A 100% 102
Butler Water 6s 1957. _A&O . 94
95
City W(Chat) 5s B '54.J&D 100 10112
lot 58 1957 ser
_MAN 100 101
Comwlth Wat lat 5148 A '47 1013 103
4
151 ni 5s '56 ser B__F&A 9912 101
9912 101
let 01 Is '57 ser C.__FAA
Davenport W 5s 1961_J&J 9412 9612
E St I. & lot W As '42_J&J 97
98
1st in 65 1942 sec 14....J&J 102
let 68 1960 ser
9514 9612
HuntIon W 1st 68 '54..M&S
let m 58 1954 sec B__M&S
Joplin W IV 5857ser A 11I&S
Kokomo W W 58 1958.J&D
Mown Con NV 1st 52'56J.41)
Monon Vol W 512s '50.J&J
ItIchtu'd NV W 1st 55'57M&N
st Joseph Wat 58 '41_ _A&C)
South Pitts Water Co
FAA
let 55 1955
let & ref 55 '64 ser A _J&J
1st & ref 5s '60 ser B.J&J
TerreIlle WW bs 49 A J&D
let m 55 1956 ser B...J&1)
Texarkana NV let Is '58 FAA
Wichita Wat let Os'49..61&S
lt m 55 '56 ser B FAA
N
184 m 58'60 ser
102
9912
93
94
9312 95
9412 9512
100
95
98
9914 100
99
%
993
4
993
4
102
98 100
94
95
102
9612 98
9612 98
• No par value. z And dividend. 4 Last reproted market. z Ex-div dend.
Atlantic Coast Line Os
Equipment 6948
Baltimore A Ohio 6a
Equipment 45is A As......._
Buff Roch & Pitts equip Os_
Canadian Pacific 41 s & 88.
4
Central RR of NJ 68
Chesapeake & Ohio 65
Equipment 0)0
Equipment 5a
Chicago A North West 83-Equipment 048
Chic h I & Pao 440 & 58Equipment eis
Colorado A Southern 86
Delaware A Hudson 08
Erie 454s & 56
Equipment Os
Great Northern 68
Equipment fc
Hocking Valley 50
Equipment 6s
Illinois Central 494e 411 58.-Equipment 68
Equipment 75 & 6448____
Kanawha A Michigan 68--
Bid
4.50
4.25
4.50
4.30
4.40
4.50
4.50
4.50
4.25
4.25
4.50
4.40
4.35
4.50
4.70
4.50
450
4.75
4.50
4.30
4.30
4.50
4.25
4.51)
4.30
4.00
Ask
4.10
4.05
4.10
4.10
4.10
4.10
4.10
4.10
4.10
4.10
4.10
4.15
4.15
4.10
4.25
4.10
4.15
4.30
4.10
4.15
415
4.10
4.10
4.10
4.15
4.20
Par
Kansas City Southern 5548.
Louisville & Nashville 68___
Equipment 6145
Michigan Central 58
Equipment 131;
Minn St P & SS M 450& be
Equipment 6955 & is.....
Missouri Pacific 13558
Equipment 68
Mobile & Ohio 58
New York Central 4348 it 55
Equipment it
Equipment 78
Norfolk & Western 4468.Northern Pacific 78
Pacific Fruit Express 76-__
Pennsylvania RR equip 58._
Pittsburgh A Lake Erie 6348
Reading Co 43-48 & 56
St L01119 A San Francisco 55
Seaboard Air Line 594s & 68
Southern Pantile Co 434eEquipment 7s
Southern Ely 450 A 58
Equipment 6s
Toledo A Ohio Central 08.._
Union Pacific 78
BO
4.70
4.50
4.30
4.25
4.50
4.70
4.75
4.50
4.50
4.40
4.20
4.40
4.25
4.20
4.45
4.40
4.20
4.50
4.20
4.35
0.00
4.25
4.35
4.40
4.45
4.50
4.35
4.5
420
4.10
4.15
3.75
4.00
4.30
4.40
4.10
4.10
4.20
4.10
4.00
4.10
4.10
4.20
4.15
4.10
4.20
4.10
4.15
5.25
4.10
4.10
4.10
4.20
4.20
4.10
Investment Trust Stocks and Bonds.
American A Continental......
AmerInvest Trust Shares- Bankers Nat Invest corn A.
BeneficialIndus Loan pref-Central National Corp A__
Class B
Colonial Investor Sharer
Continental Metrop Corp A
Continental Scour Corp-•
Preferred
Devonshire Investing corn.._
Equity Trust Shares in Amer
Inter Germanic Trust
y Ex-rights.
14
514
22
38
22
3
18
16
53
4
27
44
28
8
19
21,
60
35
33
5%
19
16
7 2 83
,
Invest Fund of N
4
512 6
North American Trust She.
_
Old Colony Inv Tr 41
4% hd3 80
13
1312
Shawmut Association corn.._
,
1114 121
Shawmut Bank by Trust_ _
1942 70
75
440
1952 70
75
58
1952 110
is
Standard Corporations
1i7g
78 7
Standard Oil Trust Shares A
514 6
Class B
6% 715
York Share Corp
193 2078
s
Abut*,
Current Camino
uarterip anb lbalf
pearl?.
Below will be found all returns of earnings, income and profits for current periods, whether monthly,
quarterly or half-yearly,that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, covers merely the companies whose returns have come to hand since
the April 17 issue of our "Monthly Earnings Record" went to press, and is presented with the view simply of
making it easy for subscribers to the "Monthly Earnings Record" to find the new statements.
Issue of Chronicle
Name of CompanyWhen Published Page
American Electric Power Corp
Apr. 18_2959
American Natural Gas Corp
Apr. 18..2960
Apr. 1K..2944
American Type Founders Co
Apr. 18_2944
Atlantic Refining Co
Apr. 18_2944
Bing & Bing, Inc
Apr. 18_2970
Bowman Biltmore Hotels Corp
Apr. 18..2944
(E. G.) Budd Mfg. Co
Apr. 18..2944
Budd Wheel Co
Apr. 18_2970
Butte & Superior Mining Co
Apr. 18_2956
Canadian National Ry. System
Apr. 18..2952
Central RR.Co. of New Jersey
Apr. 18..2963
Central States Utilities Corp
Central Vermont Public Serv. Corp_Apr. 18_2963
Apr. 18_2948
Central Vermont Ry., Inc
Apr. 18...2945
Century Ribbon Mills. Inc
Apr. 18..2963
Chicago Aurora & Elgin Corp
Apr. 18..2949
Chicago & North Western Ry
Chicago St Minneapolis & Om. Ry Apr. 18..2949
Apr. 18..2958
Chicago Union Station Co
Apr. 18_2945
Cities Service Co
Connecticut Electric Service Co.. Apr. 18_2945
Apr. 18_ _2945
Consolidated Laundries Corp
Apr. 18_2972
Crown Cork & Seal Co.. Inc
Apr. 18..2963
Derby Gas & Electric Corp
Apr. 18_2972
Di Giorgio Fruit Corp
Apr. 18_2964
Eastern New Jersey Power Co
Apr. 18..2964
Empire Gas & Fuel Co
Apr. 18..2949
Erie Railroad
Apr. 18..2964
European Electric Corp
Apr. 18...2945
Federal Light & Traction Co
Apr. 18..2973
Federal Motor Truck Co
Apr. 18_2945
Gabriel Co
.Apr. 18_2945
General American Tank Car Corp.
Issue of Chronicle
Name of CompanyWhen Published Page
Georgia Southern & Florida Ry. Co_Apr. 18..2954
Godchaux Sugars, Inc
Apr. 18_2974
Granby Consolidated Mining, Smelting & Power Co., Ltd
Apr. 18..2974
Great An.&Pac.Tea Co.of America_Apr. 18_ _2975
Greater London & Counties Tr. Ltd.Apr. 18..2965
Hayes Wheels & Forgings, Ltd
Apr. 18..2975
Hudson & Manhattan RR. Co
Apr. 18..2946
Illinois Central RR
Apr. 18..2949
Indianapolis Power & Light Co
Apr. 18_2965
Indianapolis Union Railway Co_ _Apr. 18..2959
Internat. Hydro-Electric System_ _Apr. 18..2965
Interoceanic Ry. of Mexico
Apr. 18_2948
Interstate Power Co
Apr. 18_2965
Iowa Public Service Corp
Apr. 18..2946
Jackson & Curtis Investment Assoc.Apr. 18..2946
Kansas City Public Service Co
Apr. 18..2965
Langendorf United Bakeries, Inc..
.Apr. 18..2946
Midland Steel Products Co
Apr. 18..2978
Mobile & Ohio RR
Apr. 18..2955
Narragansett Electric Co
Apr. 18_2966
National Electric Power Co
Apr. 18..2966
National Rye. of Mexico
Apr. 18..2949
New York Dock Co
Apr. 18..2979
New York Railways Corp
Apr. 18..2966
Newmont Mining Co
Apr. 18_2979
Newport Electric Corp
Apr, 18..2966
North American Gas & Electric Co-.Apr. 18_2966
Northern Pacific Railway Co
Apr. 18-2949
Owens-Illinois Glass Co
Apr. 18_2946
Packard Electric Co
Apr. 18_2980
Packard Motor Car Co
Apr. 18..2980
Paramount Publix Corp
Apr. 18_2947
Associated Gas & Electric Co. System.
American Chicle Co.
Quer.End. Mar.31-
1931.
1930.
Issue of Chronicle
When Published Page
Name of CompanyPennsylvania Gas & Electric Corp. Apr. 18.-2967
Apr. 18-2952
Philadelphia Co
Apr. 18.-2949
Philippine Railway Co
Apr. 18_2952
Pittsburgh Railways Co
.Apr. 18...2980
Pond Creek Pocahontas Coal Co...
Apr. 18..2947
Railway & Light Securities Co
Apr. 18.-2981
Ruud Manufacturing Co
Apr. 18_2981
Schulco Co.. Inc
Apr. 18..2982
Schulte Retail Stores Corp
Apr. 18..2947
Seagrove Corp
Apr. 18-2982
Seneca Copper Mining Co
Apr. 18_2983
SiOnal Oil & Gas Co
Apr. 18..2949
Sinclair Consolidated Oil Corp
Apr. 18..2947
Sioux City Gas & Electric Co
Apr. 18..2968
Southern California Gas Co
Apr. 18..2983
(John B.) Stetson Co
Apr. 18.-2947
Stouffer Corp
Apr. 18..2968
Texas Electric Ry
Apr. 18.-2968
Twin States Gas & Electric Co
Apr. 18..2984
Unit Corp. of America
Apr. 18..2947
United Biscuit Co. of America
Apr. 18..2948
United Light & Power Co
Apr. 18..2947
U. S. Realty & Improvement Co
Apr. 18-2985
Universal Pipe & Radiator Co
Apr. 18..2954
Viroinian Railway Co
Apr. 18_2953
Wabash Railway Co
Apr. 18-2985
Waco Aircraft Co
Apr. 18..2948
Waldorf System. Inc
Westvaco Chlorine Products Corp Apr. 18_2948
Apr. 18_2948
Wheeler Metal Products Corp
Apr. 18-.2969
WinalpeA Electric Co
Apr. 18..2986
Woods Brothers Corp
Apr. 18_2948
Zc site Products Corp
1929.
1928.
Net profit after int., de$384,725
$466,847
$475,172
Prec'n & Fed. taxes-- $485,268
Shs, corn. stk. outstand.
186,595
435,389
500,000
(no par)
500,000
$1.71
$0.94
$0.95
Earnings per share
$0.97
arLast complete annual report in Financial Chronicle Jan. 10 '31, p. 851
American European Securities Co.
1930.
1931.
Quarter Ended March 31x$188,051 y$126,889
Net profit after interest, taxes, &c
Earnings per share on 354,500 shares common
$0.32
$0.14
stock (no par) after preferred dividends
x Includes profit from sale of securities. y After deducting loss from
sale of securities.
12Flast complete annual report in Financial Chronicle Jan. 10 '31, p. 303
American Hide & Leather Co.
Consolidated Statement of Earnings and Expenses of Properties Since Dates of
Acquisition (Actual).
-Increase-Amount. %
1930.
12 Mos. Ended. Feb. 281931.
Gross earnings & other income_$111,438.809 $98,029,223 $13,409,586 14
8.691,446 18
Oper.exp.,maint.,all taxes,&c 57,461,010 48,769,564
Provision for retirement of
4,766,233
2,077,637 44
6,843,870
fixed capital, &c
Net earnings
'$47,133,929 $44,493,426 $2,640,503 6
Disregarding Dates of Acquisition (Earning Power).
Gross earnings & other income_$112,116,544 $110,786,501 $1,330,043 1
1,012,122 2
Op.exp., maint.,all taxes,&c_ 58,038,382 57,026.260
Provision for retirement of
5,765,997
1,173,654 20
6.939,651
fixed capital, &c
$47,138,511 $47,994,244 dec$855,733 2
Net earnings
"Last complete annual report in Financial Chronicle May 3 '30, p. 3186
Bing 8c Bing, Inc.
Mar. 7 '31. Mar. 8 '30.
36 Weeks EndedOperating loss after charging repairs, depreciation,
$197,329prof3179,911
interest on loans, and reserve for taxes
Reserved for revaluation of inventories, securities
500,000
owned, &c., as of Dec. 13 1930
(And Subsidiaries)
1929.
1928.
1929.
3 Mos.End. Mar.31- 1931.
$725,847
$739.220 $1 042,459
$678,837
Gross income
1140,424
108,333
402,269
$697,329prof$179,911 Salaries & office expenses) 490,435
286,119
277,079
Res,for deprec.& amort.
106,928
178,549
1ZrLast complete annual report in Financial Chronicle Aug. 9 1930, Interest & Federal taxes
111,636
86.957
p. 941, and Aug. 16 1930, p. 1100.
$230,023
$437,367
$228.799
8101,445
Net income
American Telephone & Telegraph Co.
Electric Co.
Blackstone Valley Gas &
1929.
1928.
1930.
Earns. Quar.End. Mar. 1931.x
$40,284.624 $34,999,420 832,935,754 $27,511,850
Dividends
(And Subsidiary Companies)
6,952,812 7,301,928 4,478,668 3,771,440
Interest
-Month of Februarg---12 Mos.End. Feb. 28Telephone oper. rev.... 28,448,727 28,950,824 27,579,777 23,762,014
1931.
1930.
311,456
1930.
339,009
119,850
1931.
Miscellaneous revenues_
428,699
$572,270 $6,351,241 $6,623,382
$568,069
Gross earnings
253,792 2,995,464 3,145,992
$76,114,861 $71,591,182 $65,305,655 $55.165,154 Operation
236,857
Total
240,167
22,346
284,479
20,842
Exps., incl.prov.for Fed.
Maintenance
440,993
39,141
22,783,287 22,129,564 18,921,154 16,156,658 Taxes
424.328
37,778
and other taxes
Net earnings
Deduct interest
$53,331,575 $49,461,617 $46,384,501 $39,008,496
8,146,161
8,844,678 5,883,736 5.413,702
Net operating revenue
Deductions*
Balance
Deduct dividends
$45,185,413 $40,616,939 $40.500,765 $33,594,793
38,301,693 30.871,269 27,402,512 24,952,839
Balance
Interest and amortization
Balance
$6.883,720 $9,745,670 $13,098,253 $8,641,954
$3.14
$3.04
$2.96
$2.51
Earns. per sh. cap.stk
x These figures are subject to minor changes when final figures for
March are available.
larLast complete annual report in Financial Chronicle Mar. 7 '31, p. 1789
American Type Founders Co.
$272,591
$256,991 82.674,616 $2,768,581
105,500
105,500
82.569316 $2,663,081
528,588
561,070
$2,040,527 $2,102,011
Balance
* Interest charges on bonds and dividends on outstanding preferred stock
of the Pawtucket Gas Co. of New Jersey.
r'
Last complete annual report in Financial Chronicle Mar. 14 '31, p. Mg
(E. G.) Budd Manufacturing Co.
1929.
1930.
1928.
1931.
Quarter End. Mar.31Six Months Ended- Feb. 28 '31. Feb. 28 '30. Feb. 28 '29. Feb. 29 '28. Net income after interest,
$741,226
$110,408
$28,020
$499,982
Net profits (est.) after
dep. & Federal tax- _ _
$630,000
$650,000
$595.000 Shares corn, stock out$300,000
deprec.& Fed.taxes
338.072
1,031,352
240,020
standing (no par)____ 1.031,352
'Last complete annual report in Financial Chronicle Nov. 1 '30, p. 2888
Nil
$1.77
Nil
$1.48
Earnings per share
rEPLast complete annual report in Financial Chronicle Feb. 7 '31, p. 1037
Co.
Arizona Edison
1931.
1930.
12 Months Ended Feb. 28Budd Wheel Co.
$1,899,170 31.809,458
Gross revenues
expenses, maintenance, and taxes
1929.
Operating
1930.
1928.
Quarter End. Mar.31- 1931.
1,182,542
991,947 Net earnings after int.,
other than Federal income tax
8151,609
$413,613
$553,814
deprec.& Fed.inc. tax $214,097
$716.627
$817,512 Shares com,
Gross income
stock out969,428
226,990
990,675
226,990
standing (no par)
$0.40
82.35
$0.20
Artloom Corp.
$.69
Earnings per share
Financial Chronicle Feb. 7 '31, p. 1037
1929.
1930.
1928.
10
-1-ast complete annual report in
liar. End. Mar. 31- 1931.
Q
Net profit after deprec.
$125,409
$116,603
$120,818
loss$213,217
Chester Water Service Co.
& Federal taxes
Earns. per sh. on 200.000
1930.
12 Months Ended Jan. 31$0.49
$0.47
$0.47
Nil
abs. corn. stk.(no par)
8111, ;
1 76
4
$565,177
Operating revenues
140,388
"Last complete annual report in Financial Chronicle Feb. 7 '31, p. 1034 Operation expense
136,307
23,323
24,226
Maintenance
15,897
Atlantic Refining Co.
Taxes (excluding Federal income tax)
14,955
(And Subsidiaries)
8393,868
$389,689
Net earnings from operations
1929.
1928.
1930.
1931.
Quar. End. Mar.3112,369
3,224
loss$2.162,800 $1,124,300 $3,892,600 $1,357,300 Other income
x Net profits
Earns, per sh. on corn.
$406,237
$392,913
$1.77
Gross corporate income
$0.50
$0.42
stk. after pref. diva.., loss $0.80
142,529
Interest on funded debt
135252
x After interest, depreciation, depletion, taxes, costs, &c.
10 Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2759
11:Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1611
APRIL 181931.]
2945
FINANCIAL CHRONICLE
Detroit Edison Co.
Century Ribbon Mills, Inc.
(And Subsidiary Utilities Companies)
1930.
1931.
12 Months Ended March 31-•
$49,143,485 $53,213,762
Total electric revenue
2,473,707 2,806,203
Steam
425,597
482,435
Gas
Dr17,937
Dr10,254
Miscellaneous
$52,069,374 $56,427,626
Total operating revenue
64.458
77,058
Non-operating revenue
Cities Service Co.
$52,146,433 $56.492,085
revenue
Total
35,348,439 37,582,272
-Month of March- 12 Mos. End. March 31. Operating and non-operating expenses
5,682,021 5,617.738
1930.
1931.
Interest on funded and unfinded debt
1931.
1930.
318,039
282,090
expense
$3,410,997 $5,369,668 $55,476,751 $50,907,114 Amortization of debt discount and
Gross earnings
35,524
38,424
167,759 2,671,763 1,507.578 Miscellaneous deductions
196,066
Expenses
$10,795,457 312,938.510
83,214,930 $5,201,908 $52,804,987 $49,399,535
Net income
Net earnings
539,939 10,640,814 7,269,518
1,014,932
Int.& disc,on debs
tarLast complete annual report in Financial Chronicle Jan. 24 '31, p. 648
Net to stocks &
$2,199,998 $4,661,969 $42,164,173 $42,130,017
Electric Ferries Inc.
613,459 7,361,555 7,034.726
613,465
Pref, stock dividends
1930.
1931.
Three Months Ended March 31298,500
342.459
Net to corn.stk.& res. $1,586,533 $4,048,509 $34,802,617 $35,095,291 Total traffic carried (vehicles)
6142,355
$153,261
5.72
Number of times preferred dividends
5.99 Gross revenues
Net to corn. stok & res. on average no. of shs. of
-Last complete annual report in Financial Chronicle May 31 '30, p. 3885
10
$1.14
$1.31
corn.stock outstanding
larLast complete annual report in Financial Chronicle April 26 '30, p.3011
Fall River Gas Works Co.
-Month of February--12 Mos.End. Feb.28Community Power & Light Co.
1930.
1931.
1930.
1931.
$91,551 $1,021,665 $1,022,926
$89,991
(And Controlled Companies)
Gross earnings
526,783
506.064
40,937
40,407
-Month ofMarch--12 Mos.End.Mar.31- Operation
64,050
70.482
4,906
5,111
1931.
Maintenance
1930.
1930.
1931.
142,097
161.186
13.612
15,412
$362,631 $4,824,935 $5,094.897 Taxes
Consol Gross revenue_ - $307,726
219,241 2,748,965 2,764,961
205,400
Oper.exps.,incl. taxes_ $289,994
$283,930
332.094
$29.060
Net operating revenue
798
Incomefrom other sources*
Balance-availlor int.,
amort., deprec., Fed.
3289.994
5284,729
Balance
$143,389 $2,075,969 $2,329,936
inc. taxes, dive.& surp $102,325
25.811
25,326
Interest charges
1930.
1931.
3 Months Ended March 31314,681
Net income after deprec. and Federal taxes
$37,267
Nil
$0.16
Earnings per sh.on 100,000 shs. corn,stock (no par)
In addition to earnings from operations in the March quarter the 1931
surplus account has been credited with $13,758, representing the difference between par value and purchase price of the preferred stock bought
for retirement.
-Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1624
10
Connecticut Electric Service Co.
1931.
1930.
12 Months Ended March 31$17,635,666 $17,953,330
Gross operating revenue
5,008,662 4,891.083
Net income available for dividends
4,152,017 3,339,071
Balance available for common stock
$3.637
33.352
Earnings per share on average common stock_ _ _ _
ri"Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2385
Consolidated Film Industries, Inc.
Balance
•Interest on funds for construction purposes.
8259,402
$264,182
Federal Light & Traction Co.
-Month of February- 12 Mos. End. Feb. 28.
1930.
1931.
1930.
1931.
3747.397 $8,375,705 $8,426,807
$694,889
397,102 4,771,219 4.907,050
394,146
Gross earnings
Oper., admints. exp. &
taxes
1929.
1930.
1928.
.
Quar. End. Mar. 31- 1931.
6350,295 $3,604,486 53,519.757
$300.743
Total income
Net prof. after deprec.,
1,269,573
1,316,384
106,942
106,263
$667,158
$576,853
Federal taxes, &c_ _ _ _ $537,940
$351,344 Interest and discount
Earns, per sh. on com3243,353 82,288,102 $2,250,184
3194,480
Net income
bined partic. Pref. &
$0.82
$0.95
$0.58
corn. stock
$0.50 Pref. stock dividends:
104,851
Central Arkansas Public Service Corp
."Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2397
1.377
New Mexico Power Co
69,791
70:020
Gas & Electric Co
Laundries Corp.
Consolidated
$2,111,864 32,074.165
Balance after charges
1931.
Quarter Ended March 311930.
Net profit after deprec., int., Federal taxes, &c..-- $154.905
$178,629
ta"Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1796
Shares common stock outstanding (no par)
403,569
400,741
Earnings per share
$0.38
$0.41
Gabriel Co.
rarLast complete annual report in Financial Chronicle Feb. 14'31, p. 1230
1930.
1931.
Quarter Ended March 31$8,201 loss$56,879
Net profit after interest, depreciation and taxes__
Corno Mills Co., St. Louis.
Financial ChronicleFeb. 28 '31, p. 1627
rE"Last complete annual report in
Quarter Ended March 311931.
1930.
Net profit after charges and taxes
$123.000 $107,300
Galveston Electric Co.
Earns, per sh.on 100,000 shs. cap.stock (no par)
$1.23
$107
-Month of February--12 Mos.End. Feb.281930.
1931.
1930.
1931.
3110,424 $1,200,020 $1,376,013
Congress Cigar Co., Inc.
$93.440
Gross earnings
650,226
648,042
51,387
51.702
Operation
1929.
-Quar.End. Mar.311930.
1931.
1928.
160,539
147,768
12.627
10,490
Maintenance
Net after all charges,incl.
74,968
68,662
6.263
6.394
Taxes
$456,293
$267,288
_ ______ $222,911
Federal taxes_
$421,737
$490,277
$335.546
$40,146
$24,853
Earns. per sh. on 350,000
Net operating revenue
x220
.286
a!
$1.30
$0.76
$0.63
shares no par stock_ __
$1.20 Incomefrom other sources
larLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1420
3490.497
$336,832
Balance
108,258
106,103
Interest and amortization (public)
Detroit Street Rys.
$382,241
$230,729
-Month of March----12 Mos.End.Mar.31
Balance
165,717
162,924
1931 '
Operating RevenuesInterest and amortization(G-II. E.Co.)
Railway oper.rev_ .._ - $1,395,110 $1,662,936 $16,048,504 $20,941,393
$216.524
$67,805
369.566 3,633.771 4.531,708
Balance
301,197
Coach oper.revenues_ _ _
a Interest on funds advanced Galvestion-Houston Electric Co. $360.01.
Total oper.revenues-- $1,696,308 $2.032,503 $19,682,276 $25,473,102
interest during construction $926.08. x Interest on funds advanced
Operating Expenses
1,315,188 13.492,149 15,793,097 Galveston-Houston Electric Co.
Railway oper. expenses. 1,091.551
361.455 3.289,251 4,538 663
258.242
Coach oper.expenses...Galveston-Houston Electric Ry. Co.
Total oper.expenses-- $1,349,793 $1,676,643 $16.781,400 $20,331,761
-Month of February--12 Mos.End. Feb.28355,859 2,900,875 5,141,341
346,515
Net operating revenue- 1930.
.
775,089
65.099
65.228
Taxes assignable to oper.
758.622
$572,912
$484;832
$40,121
0
$32,28
Operating income-..... $281.286 '$290.760 $2,125,785 $4,382,719 Gross earnings
240,803
221.819
16,688
15,196
Operation
145,075
8,261
7,547
Non-operating income-107.983
84,051
73,267
6,153
5,337
Maintenance
$299,022 $2,270,861 $4,490,703 Taxes
Gross income
32,477
$288,834
30.654
2,604
2,455
Deductions$215,579
3159,089
$9,290
314,676
Net operating revenue
Int,on funded debt:
193
66,745
785,875
66,745
78.5,875 Incomefrom other sources*
Construction bonds-125,724
11,077
10,597
Purchase bonds
131.377
$215.773
$159,089
Balance
Additions and better123.206
122,643
190,638
16,472
15,860
ments bonds
197.838 Interest and amortization(public)
189,210
20,213
Equip.and eaten. bds.
$92,567
336.446
Balance
232,346
20.636
R. purch.contr.
19.110
D.1T.
24168:817665
145,555
147,814
Interest and amortization (0-H.E.Co.)
1.875
3.750
Loan (City of Detroit)
3116.807 $1,527.544 $1.380.132
$132,527
Total interest
$52,988
$111.368
Deficit
225.384
32.333
22.958
Other deductions
328,880
•Interest on funds advanced Galveston-Houston Electric Co.
$149,140 $1,752,929 $1,709,013
$155,486
Total deductions
$149,881
$517,931 $2,781.689
$133,347
Netincome
General American Tank Car Co.
Disposition of Net Inc.
1930.
1931.
Quarter Ended March 31Sinking Funds:
y$1,200,000 $1.703,917
Net profit after charges and Federal taxes
$519,709
bonds$44,139
$44,139
Construction
$503.095
x771.000
811,647
Shares common stock outstanding (no Par)
11,295
133,000
11,295
Purchase bonds
133,000 Earnings
$2.21
$1.29
per share
Additions and betterx Average amount outstanding. y Estimated.
160,000
13,589
13,589
ments bonds
160.000
15,797
163,578
Equip. & eaten. bds
tgrLast complete annual report in Financial ChronicleApril 18'31, p.2974
151,816 1,787.518 1,787,518
151,816
D. TT. R. purch.contr.
41,666
Loan (City of Detroit)
83.333
Green Mountain Power Corp.
Totalsinking funds
$262,507 32 Fain $2, 4 ;81
$236,638
.
5
11 1
3( 2
1930.
1931.
12 Months Ended Feb. 28112,626 2
103.290
Residue deficit
61,896,997 $1,931,807
Gross revenues
$149,831
Totalsinking funds_ -- $133,247
$517,931 $2,781.889 Operating, expense, maintenance & taxes other
718.423
724.533
than Federal income taxes
Devonshire Investing Corp.
$1.172,464 31,213,384
Gross income
Income Statement 12 Months Ended March 31 1931.
Interest received and accrued
64,685
Haverhill Gas Light Co.
Dividends received
67,662
-Month of February--12 Mos.End. Feb. 28-POI
1931.
1930.
1930.
1931.
$72,347
Expenses
$732,857
$65,280
$741,754
$64.637
Gross earnings
10,099
439,138
Taxes
40,131
38,833
/L
4
471.327
762 3peration
980
2,545
27,996
22,980
aintenance
Balance _ 6.048
79.755
6,986
$61,485 Taxes
75,517
LOS8 on securities sold
56,346
$18,120
$16,270
$185.967
operating revenue
Net
$171,928
5,378
Interest charges
4,347
Balance
$5,138
r 'Last complete annual report in Financial Chronicle Jan. 24 '31, p. 662
Balance
3180.588
3167,581
104,860
t1RR
1
2946
FINANCIAL CHRONICLE
Houston Electric Co.
Lehigh Valley Coal Corp.
-Month of February---12 Mos.End. Feb. 281931.
1930.
1931.
1930.
$223,255
$259,882 $3,027,602 33,360,970
124,151
106,060
1,434,994 1,580,350
496,314
468,396
35.886
40,958
269,119
21,301
262,739
22,505
Gross earnings
Operation
aintenance
Taxes
Net operating revenue
$60,006
Income from othersources*
$72,268
Balance
Interest and amortization (public)
Balance
Interest and amortization(G-H.E.Co.)
Balance
* Interest on funds advanced G-H. E. Co.
[VOL. 122.
Three Months Ended March 31x Income from mining and selling coal
x Income from other operations
Other income
1931.
$1,160,351
Dr33,677
434,575
1930.
$389,963
Dr39,791
504.693
x Gross income
$1.561,249
$854,865
Interest, carrying charges on reserve coal lands,
Federal taxes and miscell. deductions
602,574
657,490
Depreciation and depletion
379,400
347,968
Income applicable to minority interests
9,719
Cr3,384
$862,990 $1,033,052
Net income for period
338,399
328,476
$569,556 der$147,209
Shares preferred stock outstanding
225,133
226,135
$694,653 Earnings per share
$534,514
$2.52
Nil
59.006 Shares common stock outstanding
27,186
1,201,940 1,200,116
Earnings per share
Nil
30.33
x Excludes depreciation and depreciation.
$635,647
$507,328
l2"Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1629
3861.470 81,015,185
17,866
1,520
Hudson & Manhattan RR.
Lincoln Printing Co.
-Month of March
- 3 Mos. End. Mar. 31.
Quarter Ended March 311929.
1930.
1931.
1930.
1931.
1930.
1931.
Gross revenues
3255,718
$197.187
$1,013,577 $1,078,807 $2,955,141'$3,159.261 Net profit after charges & Fed. taxes_ $260,751
Oper.exps.& taxes
531,327 1,477,093 1.580,962 Earnings per share on 175.000 shares
497,605
common stock (no Par)
$1.30
$0.97
$1.35
Bal. applic. to chgs__- $515,971
3547.479 $1,478,048 $1,578,298
tarLast complete annual report in Financial Chronicle Feb. 14 '31, p. 1236
Charges
334,719 1,005,677
1.003,586
335,417
Balance
$472,370
$212,760
$180,554
$574,712
tarLast complete annual report in Financial Chronicle Mar. 28'31, p. 2380
Cos. (-Postal Telegraph-Cable Co.).
Mackay
-Month of February- -2 Mos. End. Feb. 281931.
1930.
1930.
1931.
Teleg. & cable oper. revs $2,016,315 $2,251,457 $4,186,211 34,639.697
Repairs
291.862
201,299
129,294
380,610
-Month of February- -2 Mos. End. Feb. 28- All other maintenance
392,411
181,061
241,530
360,902
1931.
1931.
1930.
1930.
4,053,938
Conducting operations
1,637.194 1,953,336 3,536.101
Telephone oper. revs_ _ _ 87.173.578 37,385,052 814,956,795 815,363,499 Gen. and miscell. exps
167,597
90,056
172,852
84,677
Telephone oper. exps__ _ 5,078,885 5,138,533 10,409,316 10,598,021 Tot.tel. & cable op.exp- 2,092,694 2,426,652 4,387,971 4,968,302
Net telep. oper. revs 82.094,693 32,246,519 34,547,479 84,765,478
Net tel. & cable op.rev -$76,379 -$175,195 -$201,760 -$328,604
Uncoil. oper. revenues_ _
57,943
35,502
114,073
69,028
12,600
20,000
Taxes assign, to oper___
10,000
6,250
978,801
853,715
1,957,602
1,707,430 Uncoil, operating revs-85,000
Taxes assign,to oper__ -30,000
42,500
60,000
Operating income.._ -- 31,057.949 31,357,302 $2,475,804 $2,989,020
Operating income_-__ -$125,129 -$215,195 -$299,260 -$408,604
arLast complete annual report in Financial Chronicle Feb. 14 1931, p.
18,840
Non-operating income-30,580
65,643
9.091
1214 and 1221.
Illinois Bell Telephone.
Gross income
Deduct,from gross inc
Iowa Public Service Co.
(Controlled by American Electric Power Corp.)
-Month of March- -12 Ma,.End.Mar.311931.
1931.
1930.
1930.
Gross earninrs
$353,334
3359,199 $4,523,674 $4,349,062
Oper; expenses and taxes
198.106
.218,138 2,691,051
2,535,282
Net earnirgs
Bond interest
Other deductions
$155,228
$141,061 31,832,623 31,813,780
815,581
716,257
60,320
37,902
Balance
1st preferred dividends
Jackson & Curtis Investment Associates.
3 Months Ended March 31Dividends received and payable
Interest received and accrued
Profit on securities sold
Net income for period
Dividends paid
1931.
$13,523
1,065
108814,256
'1930.
$15,427
2,688
19,641
$333
586
700
Total income
Expenses
Reserve for taxes
Net income
--$290,759 --$310.597 --$630,887 --$597.117
larLast complete annual report in Financial Chronicle Apr. 4 '31, p. 258
Market Street Railway Co.
1930.
1931.
12 Months Ended March 3139,041,733 $9,572,827
Gross earnings
1,555,856
Net earns., inel. other inc. before prov.for retire'ts 1,350,937
rafLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2581
8956.722 81,059.621
227.036
218,723
*Balance
$729.686
$840,898
*Before provision for retirement reserve.
I "Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2761
$37,755
606
3,600
loss$952
14,206
$33,549
19,829
Balance,surplus
loss$15,158
$13,719
KNFLast complete annual report in Financial Chronicle Feb. 28 '31, p. 1629
Jamaica Public Service, Ltd.
-$116,038 -$184,614 -$284,420 -$342,961
350,466
125,983
254,156
174,720
Mohawk Investment
Corp.
1931.
$34,606
2,077
9,137
1930.
$46,844
2,857
14,708
$23,392
36,052
Quarter Ended March 31Dividends and interest received
Reserve for taxes
Expenses
$29,279
38.359
Net income
Dividends declared
$12.659
39,080
Deficit
Net loss from sale of securities for the first quarter of 1931 amounted to
3167,910. against a net loss of $127,274 in the first quarter of 1930.
I "Last complete annual report in Financial Chronicle Jan. 24 '31, p. 6Zi
a
Motor Products Corp.
Quarter Ended March 31Gross profit
Other income
1931.
$235,517
27,808
19291
1930.
$474.709 $1,269,445
20,611
22,416
Total income
Selling, administration & gen.expenses
Depreciation
Federal taxes
$263,325
78,081
78,557
14,000
3495,320 31,291,861
119,769
137,223
108,532
94,164
35,000
128,000
(And Subsidiary Companies)
$232,019
$932,474
-Month ofFebruary--12 Ma,,End. Feb. 28$92,687
Net profit
130,406
197,366
195,699
1931.
1930.
1931.
Shs. corn. stk. outstanding (no par)
1930.
Gross earnings
$1.17
$6.86
8847.744
367,559
$0.47
$76,290
$778,711 Earnings per share
Oper.exps.& taxes
42,789
42,013
493,920
458,873
"Last complete annual report in Financial Chronicle April 11 '31, p. 2784
Net earnings
$353,824
$24,769
$334,276
$319,837
Int.& amort.charges__
6.022
9,401
102.581
New York Water Service Corp.(& Subs.).
75,950
1931.
1930.
12 Months Ended Jan. 31Bal. for res., retire'ts.
$2,760,047 $2,617,542
Operating revenues
and dividends
-318.746
324.874
$251,243
833.645
754,633
Operation expense
The above figuresconverted from E Sterling at the rate of $ 8
1!1
1,Ti Nlaintenance
88,362
149.138
to the £1.
248,093
214,319
Taxes (excluding Federal income tax)
KarLast complete annual report in Financial Chronicle Apr. 26 '30, p. 2961
$1,589,947 $1,499,451
Net earnings from operations
64,766
50,305
Other income
Johns-Manville Corp.
(And Subsidiaries)
$1,654,713 $1,549,756
Gross corporate income
Quar. End. March 31- 1931.
.
1930.
x1929.
713,309
1928.
626,389
Interest on funded debt
Sales
37,811,487 $12,164,662 $13,023,884 $10,038,574
i:WLast complete annual report in Financial Chronicle Apr. 4 '31, p. 2583
Cost and expense
7,563,103 11,320,964 11,785,230 9,158,951
Federal taxes
18,274
102,068
132,565
106,918
Oregon-Washington Water Service Co.
Net profit
$230,110
$741,630 $1,106,089
$772,705
1931.
1930.
12 Months Ended Jan.31Earns. per sh.on 750.000
$538,734
$608,838
shs. corn. stk.(no par)
$0.13
$0.81
$1.30
$0.85 Operating revenues
190,056
233,094
x Including earnings of Celite Co., Banner Rock ProductS Co. and Operation expense
19.179
28,229
Maintenance
Weaver Henry Co.
64,673
Taxes (excluding Federal income tax)
76,139
P§'Last complete annual report in Financial Chronicle Mar. 27 '31, p. 1817
$264,825
Net earnings from operations
$271.374
7.194
Other income
1,899
Kimberly-Clark Corp.
Quarter Ended March 311931.
1930.
$272,019
Gross corporate income
$273,274
Net sales (exclusive of inter-plant sales)
$4.871,893 35.907,083 Interest on funded debt
136.026
137.729
Cost of sales
3,751,994 4,358,436
ta"Last complete annual report in Financial Chronicle Apr. 4 '31, p. 2584
557,977
General & selling expense, incl. bond interest_ _ _ _
668,525
Profit from operation
Other income
$561,922
157,655
$880,121
80,028
Totalincome
Federal income taxes
$719,577
85,429
$960,149
115,218
Net after taxes
Provision for dividends on preferred stock
$634,148
150,000
$844,932
150.000
Net amount earned on common stock
$484.148
$694.932
Amount earned per share on common stock
30.96
31.39
al'
Last complete annual report in Financial Chronicle Mar. 28 '31, p. 2403
Langendorf United Bakeries, Inc.
Earnings for 9 Months Ended March 311931.
Net profit after depreciation, interest and Federal taxes
3226.389
Earnings per share on combined 90,000 shares class A stock
and 120,000 shares class B stock (no par)
$1.08
Uri:est complete annual report lin Financial Chronfeta une 11 '30, p. 2389
Otis Elevator Co.
1929.
1930.
Quar. End. Mar, 31.
1931.
1928.
Operating earnings
31,592,647 $1,959,443 $1.922,506 $2,085,505
25,000
Reserve for pensions_ _75,000
205.000
200,000
Federal tax reserve
120,000
260,000
Net income
$1,472,647 $1,759,443 31,692,506 $1,750,505
Shares com. stock outy496,996
standing (no par)
2,000,000 2,000,000
y432,181
$3.21
$0.83
$0.68
Earnings Per share
$3.82
y Par $50.
-Last complete annual report in Financial Chronicle April 11 '31, p. 2788
129
Owens-Illinois Glass Co.
Quarter Ended March 311931.
1930.
Net profit after charges, deprec. & Federal taxes__ $432,499
$682,182
Earns, per sh. on 922,173 abs. corn. stk. (par $25)$0.34
$0.61
larLast complete annual report in Financial Chronicle:Mar. 28 '31, p. 2405
AI'RIL 18 1931.]
FINANCIAL CHRONICLE
Pacific Telephone & Telegraph Co.
-Month of February- -2 Mos. End. Feb. 281931.
1930.
1931.
1930.
Telephone oper. revs_-- 35,066,259 $6,197,497 $10,284,396 $12.495,663
Telephone oper. exp-.... 3,417,360
4,419,021
6,968,942
9,071,316
Net telep. oper. revs-- $1,648,899 $1.778,476 $3,315,454 33,424,347
Uncoil, operating revs-.
48,800
46,200
90,600
91.500
Taxes assign, to oper--499,737
497,254
972,220
1,000,447
Operating income_ __ _ $1,100,362 $1,235,022 32,224,407 $2,360,627
a'Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1618
Paramount Public Corp.
3 ilionths Ended Mar. 31x1931.
1930.
Consol. net profits after all taxes and charges_ ___ $3,510,000 $4,834,000
Shares common stock outstanding
3,128,873
2,691,813
Earnings per share
$1.12
$1.79
x F,stimated figures.
tarLast complete annual report in Financial Chronicle Apr. 11 '31, p. 2754
Pittsburgh-Suburban Water Service Co.
12 Months Ended Jan. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
1931.
$341,589
123,659
22,791
7.182
1930.
$323,044
113.969
16,997
7,186
Net earnings from operations
Other income
$187,957
847
$184,890
1.194
Gross corporate income
$188,804
5186.084
Interest on funded debt
86.810
85,000
tO Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2765
-
Sioux City Gas & Electric Co.
(Controlled by American Electric Power Corp.)
-Month of March- -12 Mos.End.Mar.311931.
1930.
1931.
1930.
Gross earnings
3365,899
$3346,559 $3,397,765 33.353,657
Oper. expenses & taxes_
141,988
139,515
1,608,062
1,589,595
Net earnings
3223,911
3207,044 31,789,703 31,764,062
Bond interest
532.570
496,706
Other deductions
36.862
29.461
Balance
31.220.471 $1,237,895
Preferred dividends
338,709
338,709
*Balance
$881.762
$899,186
*Before provision for retirement reserve.
PO
-Last complete annual report in Financial Chronicle Jan. 25 '30, p. 623
Southern Canada Power Co., Ltd.
Gross earnings
Operating expenses
Southern Natural Gas Corp.
Period Ended May 31Month.
3 Months.
Deliveries of gas (cubic feet)
1,372.106.000 3,959.228.000
Gross revenues
$290,583
$852,227
Oper. exp., maint.& taxes,except Fed.inc. tax
123.534
355,372
Net income available for int. & other charges
1930.
$116,161
114,743
$191.259
$230,904
14,232
69,051
21.343
69,324
$107,977
26.897
Profit on sale of securities after related Fed. tax__
$140,236
373,705
Balance
5134,874
$513.941
10"Last complete annual report in Financial Chronicleian. 17 '31, p. 506
Railway & Utilities Investing Corp.
Nine Months Ended March 31Profits on securities sold
Dividends (not including stock dividends)
Interest received and accrued
3167,049
$496.855
State Street Investment Corp.
1931.
$74,577
116,683
Total income
Expen-ses and taxes, other than Federal tax on
profit on sale of securities
Interest and amortization charges
-Month of March--8 Mos.End. Mar.311931.
1930.
1931.
1930.
$185,191
$182,119 $1,215,274 $1.155.494
69,855
455,708
67,734
404.224
Net earnings
115,336
759,566
114.385
751.270
ItarLast complete annual report in Financial Chronicle Dec. 13 '30, p. 3877
Railway & Light Securities Co.
3 Months Ended March 31Interest received and accrued
Cash dividends
2947
Quarter Ended March 31Dividends and interest received
Reserve for taxes
Expenses
1931.
$112,521
5.643
32,586
$74,291
134.882
Net income
Dividends declared
1930.
$203,203
11.070
58,526
$133,606
144.209
Deficit
510,603
360,590
Net loss from sale of securities
120.992
568,690
igg
-Last complete annual report in Financial Chronicle Mar. 14 '31, p. 2013
and Jan. 31 '31, p. 1271.
Sterling Securities Corp.
Quarter Ended March 31Dividends received
Interest received
Profit on sales of securities
1931.
$276,143
7,577
340,965
1930.
$275,953
48,773
346.385
Total income
Expenses
Accrued taxes
$024,685
31,300
39,155
$671,111
50,349
39,059
$554,230
369,649
3581.703
372.465
193L
loss$42,324
78.179
2,528
1930.
$199.305
84.248
28,836
Total
General expenses
Interest paid
Taxes, including reserve
$38,382
18,133
$312,390
25,831
7,827
33,023
Net available for dividends
Preferred dividends paid
320,248
110,142
$245,709
78,457
def$89,894
506,845
4
$167,252
253,320
Stouffer Corp.
$420,573
Period Ended March 3119313 Months. 8 Months.
Net income after all charges, includ. Fed. taxes_ _ _
8148,393
$66.898
Earnings per share on 34.331 shares, class 13 stock
$3.94
Surplus for period
Surplus June 30
Tax adjustment
Surplus March 31
$416.955
n'Last complete annual report in Financial Chronicle Aug. 9
10 p. 955
,
Rochester & Lake OntarioWater Service Corp.
12 Months Ended Jan. 31Operating revenues
Operation expense
Maintenance
Taxes (excluding Federal income tax)
$570,221
181,268
22,644
41,811
1930.
$566,179
189,429
30,368
39,436
Net earnings from operations
Other income
$324,538
1,008
$3306,947
1,587
Gross corporate income
$325,546
$308,534
Interest on funded debt
125,000
125.000
*"Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2767
Scott Paper Co.
1930.
1931.
1929.
$2,429,879 $2,274,766 32,079,721
1,289,456
1,314.566
1,252,995
55.819
46,703
47,986
115,362
103.125
66,572
598,406
511,900
462,200
41,750
39,017
30.004
$303,974
$284,565
Net profit
$219.964
39,503
39,232
Preferred stock dividend
42,386
56.789
Common stock dividend
54,599
52,500
$207,682
Balance for surplus
$190,733
$125,078
163.253
Shs. corn, stock outstanding (no par)_
155,840
150,000
$1.63
Earnings per share
$L57
$1.19
tO Last complete annual report in Financial Chronicle Feb. 7 '31, p. 1.063
Three Months Ended March 29Net sales
Manufacturing expenses
Maintenance
Depreciation
Selling and general expenses
Federal income tax
Seagrave Corp.
1930.
$252,388
305,810
1929.
$448,385
404,030
1928.
$493,269
410,113
Operating profit
Other income
def$33,676 def$53,422
11.975
11,258
$44,355
10,516
383,156
10,866
Total income
Federal taxes. &c
def$22,418 def$41,447
$54,869
7.924
$94,022
15,796
Net profit
def$22,418 def$41,447
$46,945
Shs. corn, stk. outstand.
122,700
114.070
(no Par)
122 453
Earnings per share
Nil
$0.26
1h1
122
-Last complete annual report in Financial Chronicle Mar. 14
$78,226
Quar. End. Mar. 31
Net sales
Costs and expenses
1931.
$272,994
306,670
113,038
$0.53
31, p. 2012
Shawmut Association.
Three Months Ended March 31
Interest and dividends
Net loss on securities sold
1931.
1930.
$93,704
$107,339
55,817 prof.19,318
Total income
Expenses
Reserved for taxes
$37,887
15.947
Net earnings
Dividends declared
$21,940
79,540
$126,657
16,792
7,500
$102,365
79,540
Surplus earnings
$57,600 $22.825
rirLast complete annual report in Financial Chronicle Feb. 7 1, p. 1054
'
Net income
1st pref. and preference stocks
DiVE4. on
Surplus
$209,238
$184,581
Pg"Last complete annual report in Financial Chronicle Jan. 31 '31, p. 87
Tampa Electric Co.
(And Subsidiary Companies)
-Month of February--12 Mos.End. Feb. 281930.
1931.
1930.
1931.
$419,273 $4,592,628 34,593,883
Gross earnings
$399,980
152,626
1,796,932
Operation
1,910.919
141,366
303.354
26,638
23,918
319.268
Maintenance
39.741
36,713
554,462
498,468
Retirement accruals*- - 346,117
29,602
30,345
Taxes
299,639
Net operating revenue
Interest and amortization
3167.637
170,664
$1,647,756 31,509,594
52,288
47,749
Balance
31,595,467 51.461.844
* l'ursuant to order of Florida Railroad Commission,retirement accruals
for a large part of the property must be included in monthly operating
expenses and such an accrual is included for the entire property.
arLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1414
Union Oil Co. of California.
Quar. End. March 31- 1931.
1930.
1928.
1929.
Sales
518.200.000 322,750,000 319.700,000 519,370,000
Prof.aft.int.,Fed.tax. &c 3,800,000
6,050,000 4,800,000
6,100,000
Deprec., depletion, &c.._ 2,000,000
3,500,000
2,300,000
3,450.000
Net income
31,800,000 32,600,000 $2.600,000 $2,500,000
Shs. corn. stk. outstand.
3,791.924
4,386,070 4,264,067
(Par $25)
3,914.882
Earnings per share
$0.61
130.41
$0.66
$0.66
Production of crude oil and natural gasoline, subject to royalties, approximated 3,600,000 barrels, a decrease of 1,150,000 barrels from the same
period of last year.
rarLast complete annual report in Financial Chronicle Feb. 21 '31, p. 1404
Union Water Service Co. (& Subs.).
12 Months Ended Jan. 31Gross revenues (including other income)
Operating expenses
Maintenance
General taxes
1931.
$494.537
128,302
17,485
58,327
1930.
$480.266
113,601
16,876
56.392
Gross corporate income
$293.396
3290.423
Interest on funded debt
146,520
146,520
a"Last complete annual report in Financial Chronicle Apr. 11 '31, p. 2767
United Biscuit Co. of America.
(And Subsidiaries)
1929.
Quar. End. Mar. 31
1928.
1930.
1931.
Net profit after interest
$399,822
8485,747
& Federal taxes
$178.394
$371.805
Sibs. com. stk. outstand.
323,000
458,054
486.230
470,766
$0.80
30.94
Earnings per share
30.73
$0.44
l."Last complete annual report in Financial Chronicle Mar. 7 '31, p. 1826
United States Realty & Improvement Co.
1931.
1930.
Quarter Ended March 311929.
Net income after int., deprec.. &
$499,312 $1,895,083 $2,044,680
Federal taxes
983,578
Shares corn, stock outstand. (no par)
994,428
994,428
Earnings per share
$0.50
$1.91
$2.06
x After deducting $113,151 for dividends on subsidiaries shares.
Last complete annual report in Financial Chronicle Jan. 17 '31, p. 486
[VoL. 132.
FINANCIAL CHRONICLE
2948
United Light & Power Co.
(And Subsidiary Companies)
1930.
1931.
12 Months Ended Feb. 28Gross earnings of subsidiary and controlled companies (after eliminating ,inter-co. transfers)-493,156,096 $96,785,224
37,973,817 40,510,673
Operating expenses
5,476,250 6,430,953
Maintenance, charged to operation
8,042,422 8,037,986
Taxes, general and income
8.579.649 7.630.217
Depreciation
Net earnings of sub, and controlled companies433.083.957 834.175.395
Int.,amortiz.& pref. divs,ofsub.& controlled cos.:
11,288,372 11,418,345
Interest on bonds, notes, &c
932,494
770,173
Amortiz. of bond & stock discount & expense
4.241.695 4.052,892
Dividends on preferred stocks
816.783.716 $17,771,664
Balance
Proportion of earns. attrib. to minority corn. stk- 4.320,809 5,200,429
Equity of Un.L.&P.in earns, ofsub.& cont.cos.$12,462,907 $12,571,234
920,415 1,060,586
Earnings of United Light & Power Co
$13,383,322 $13.631,819
Balance
187,882
126.320
Expenses of United Light & Power Co
Gross income of United Light & Power Co
613,257,002 $13,443,937
Holding company deductions:
2,906,839 2,909,981
Interest on funded debt
635
19,152
Other interest
116,964
335.426
Amortization of bond discount and expense._
$9,995,585 810,416,358
available for dividends
Balance
Preferred stock dividends:
379,924
Class "A" preferred
110,080
Class "B" preferred
3,589,538 2,332,879
$6 cumulative convertible 1st preferred
Balance available for common stock dividends__ $6,406.047 $7,593,474
Average No. corn. shs. outstanding during period 3,465,906 3,227.697
$2.35
$1.85
Earnings per average sh. outstanding during period
Waldorf System, Inc.
1928. '
1929.
1930.
.
QuartersEnd. Mdr 31- 1931.
$3.855.516 $4,017,153 $3,914,562 $3,647,181
Sales
284,167
277.638
321,538
331,098
Net profits
15,485
13.602
11.455
7,521
Preferred dividends---$268,682
$264,036
$310,083
$323,577
Surplus for period441,610
461.610
461.610
161,610
Slut, corn. out. (no par).
$0.60
80.57
60.67
$0.70
Earns. per sh. on corn_ _ _
W'Last complete annual report in Financial Chronicle Mar. 21 '31, p. 2217
Western Union Telegraph Co.
1928.
1929.
1930.
Quar. End. Mar. 31- *1931.
Gross revenue,incl. dividends and interest_ _ _ 428,325,818 $33,617,769 $35,642,794 $32,210,169
Maint.,repairs & reserve 3,658,467 5.487.276 5,588,783 5,223,619
Other oper. expo., incl.
rent of leased lines and
22.049,144 25,293,181 25,437,135 23,107,367
taxes
899.151
902,516
Int. on bonded debt_ _ _ _ 1,339,330 1,028,561
Net income
$1,278,877 $1,808,751 $3,714,360 $2,980,032
Shs. cap,stock outstand997,870
1,024,106 1,023,789 1,023,781
ing (par $100)
$2.98
$3.64
$1.24
$1.76
Earnings per share
*Month of March estimated.
Chronicle Mar. 28 '31, p. 2389
OrLast complete annual report in Financial
and April 4 '31, p. 2570.
Westvaco Chlorine Products Corp.
1929.
1931.
1930.
Quarter Ended March 31Net profit after deprec., Fed. taxes
$301,941
$239,762
$223,439
& other charges
200,000
225,155
225,155
Shs. corn. stk. outstanding (no par)_
$0.89
$1.31
$0.82
Earnings per share
"Last complete annual report in Financial Chronicle Feb. 14 '31, p. 1245
0
We also give the following comparisons of the monthly
totals of railroad ear ings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
January
February
1929.
450,528,039
427,231,361
452,024,463
450.537,217
462,444,002
444,171,625
456,369,950
465,700,789
466,826,791
482,712,524
398,211,453
377,473,702
1931.
365,416,905
336,137,679
$
486,628,286
475.265.483
516,620,359
513,733.181
537,575,914
531,690,472
557,552,607
586,397,704
566.461,331
608,281,555
498.882,517
468,494.537
1930.
450,731,213
427,465,369
Wil-low Cafeterias, Inc.
1931-6 Mos.-1930.
Period End.March 31- 1931-3 Mos.-1930.
Net profit after deprec.
8196,031
$113,056
$200,736
$106,551
and taxes
Earns. per sh.on 101,420
$1.10
$1.15
$0.70
$0.63
corn. shares (no par)
arLast complete annual report in Financial Chronicle Nov. 15 '30, p. 9223
January
February
March
April
May
June
July
August
September
October
November
December
January
February
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile dr Ohio
Southern
St Louis Southwestern
Western Maryland
Year
$
3,398,388
2,724,000
29,325
207,388
222,309
2,697,331
329,100
300,238
Dec.(-).
Year
$
4.246.211 -849.823
3,450,000 -726,000
30.400
-1.075
247,879
-40,491
287,812
-65.503
3,400.919 703,588
414,700 125,600
337,347
-37,108
1929.
Miles.
242,175
242,113
241,964
242,181
241,758241,349
242,979
242,444
242,322
241,655
242,625
242,494
1930. ,
242,332
242,726
Inc.(+)or Dec.(-).
Net Earnings.
1929.
Amount.
94,759,394
97,448,899
101,494,027
107,123,770
111,387,758
110,244,607
125,495,422
139,134,203
147,231,000
157,115,953
99,528,934
80,419,419
1931.
71,952,904
64,618,641
117,764,570
12.5,577,866
139,756,091
141,939,648
147,099,034
150,199,509
169,249,159
191,197,599
183.486,079
204,416,346
127,125,694
105,987,347
1930.
94,836,075
97,522,762
-23,005,176
-28,128,967
-38,202,064
-34,815,878
-35,711,276
-39,954,902
-43,753,737
-52,063,396
-36,255,079
-47,300.393
-27,596.760
-25,567,928
-22,883,171
-32,904,121
Per Cent..
--22.40
--24.54
--24.22
--26.58
--25.85
--27.21
--19.75
--23.13
--32.35
--24.08
-24.13
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
-Grossfront Railway- -Net from Railway-- -Na after Taxes
1930.
1931.
1931.
1930.
1931.
1930.
$
Central Vermont Ry91,004
115,393
106,944
March
124,750
605,833
655,707
235,817
196,965
From Jan 1. 1,675.584 1,837,278
283,300
244,999
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly returns of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
Central Vermont Ry., Inc.
Railway open revenuesRailway oper. expenses
(excluding deprec.)___
By. oper. exps.(deprec.)
Total ry. oper. exps-Net rev,from ry. oper-Railway tax accruals_
Uncoil, railway revs_
-Month of March- -Jan. 1 to Mar. 311930.
1931.
1930.
1931.
$655.707 $1,675.584 $1,839.983
$605,833
516,582 1,335,712 1,459,029
449,266
84,375
94,872
32,131
31,816
$481,082
124,750
9,356
630,742
Period
Covered.
1st wk of April
1st wk of April
1st wk of April
1st wk of April
let wk of April
1st wk of April
1st wk of April
1st wk of April
-85,3 4,308
-91,327,690
Miles,
242,350
242.348
242,325
242,375
242,156
242,320
235,049
241,546
242,341
242.578
242,616
242,677
1931.
242,657
242,660
1930.
Total taxes and uncoll.
$9.356
railway revenues_ _ _
115,393
Railway oper. income._
.
Non-Oper. Income
(L. A.) Young Spring & Wire Co.
30,657
Hire offrt. cars-Cr. bal.
1928. Rent from locomotives__
1929.
1,220
1929.
1931.
Quar. End. Mar. 317,164
Rentfrom pass. train cars
Net profit after taxes and
8424,036 Rent from work equip_
8675.647
$516,885
$233,080
charges
Joint facil,rent income__
4,848
Shares corn, stock out330.000 Inc. from lease of road_
330,000
412,500
*412,500
standing (no par)
$1.28 Miscell. rent
_
$2.04
1,328
$1.25
$0.56
Earnings per share
Miscoll. non-oper. physiincome_* Including 24,302 shares held in treasury.
cal property
'Last complete annual report in Financial Chronicle Feb. 28 '31, p. 1635
Inc.from funded sectir_
Inc.from unfunded secur.
Zenith Radio Corp.
2.180
.._
and accounts . _ .
Earnings for Quarter Ended Jan. 31 1931.
Inc.from sink, and cabr
expenses
Manufacturing deficit, after royalties, manufacturing
20
reserve funds
$50,879 Miscellaneous income
& maintenance of plants& equipment
20
84,515
Selling & administrative expenses
29.992
Depreciation
$47,441
Total non-oper. inc. _
162.835
Gross income
Operating deficit
x$165,386
Deduct,from Gross Income
x This compares with profit of 852.662 after charges, but before Federal Rent for locomotives_ _ _
7,348
taxes, in the like quarter of the preceding fiscal year.
10,765
Rentfor pass. train cars..
Net loss for 9 months ended Jan. 31 1931. was $438.238 after expenses Rent for work equip
99
and depreciation,against profit of6130,256 after charges, but before Federal Joint facility rents
14,462
taxes, in the like nine months of the preceding fiscal- year.
17,796
Rent for leased roads_ _ _
85
r 'Last complete annual report in Financial Chronicle July 19 '30, p. 494 Miscellaneous rents__ _ _
132
Miscell. tax accruals_ _
80,900
Int. on funded debt__ _ _
Zonite Products Corp.
111
Int. on unfunded debt
1931.
1930.
Quarters Ended March 31$333,506
$244,674 AmortIz. of discount on
Net income after charges & taxes
393
funded debt
845,556
704,726 Macon.income charges_
Shares capital stock outstanding (no par)
$0.39
30.34
Earnings per share
Total deductions from
Last complete annual report in Financial Chronicle Apr. 4 '31, p. 2606
ii $132,092
gross income
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Previous Inc.(+)or
Current
1930.
-36,102,247
-8,034,122
-69,595,796
-63,195,964
-75,131,912
-87,518,847
-101,152,657
-120,696,915
-99,634,540
-125,569,031
-100,671,064
-91,220,835
Month.
Wheeler Metal Products Corp.
3 Months. 6 Months.
Period Ended March 311931820.577
$22,714
Net profit after all charges incl. Federal taxes-$0.72
$0.65
Earns, per share on 31,250 shs. corn. stock
Inc.(+) or
Dec.(-).
1930.
January
February
March
April
May
June
July
August
September
October
November
December
Length of Road.
Gross Earnings.
Month.
Net income
Ratio of ry. oper. exps.
to revenue
Ratio of ry. oper. exps.
to revenue
Miles of road operated_ -
$548,713 $1,430,584 $1,543,404
296,578
244,999
106,993
47.941
48,021
15,989
41
13
$15,989
91.003
648.034
196.965
Rugg
33,354
715
7,848
154
5,245
1,402
1,373
96,932
3,959
20,108
158
14,722
117,742
3,404
23,275
742
15,992
4,208
5.481
4,665
-165
750
-20
250
18.318
2,663
7,105
20
93
275
64
$53,007
144.011
$148,022
344,987
$189,614
438,209
7.324
10,539
56
15,114
18,046
637
132
75,518
6,359
21,328
30,702
260
42.895
53,388
316
396
242,700
431
21,229
32,138
150
45,738
54,138
721
457
153,639
45,645
167
7
1,179
343
188
$133.904
1393,600
$10,106
-648,612
8354,388
$83,820
79.41
8.368
85.38
83.88
80.95
456
86.12
469
88.24
456
86.49
469
Interoceanic Ry. of Mexico.
Gross earnings
Operating expense
Net earnings
Per cent expa. to earns
Kilometers
-Month of January--- -Jan. 1 to Dec. 311930.
1930.
1929.
1931.
Pesos.
Pesos.
Pesos.
Pesos.
1,205,186 12,496,549 12,809,527
1,096,046
1,013,749 1,043,697 12,800,809 12,144,615
82,296
92.49%
1,644
161,488 def304,260
102.44%
86.601
1,644
664,912
94.81%
APRIL, 181931.]
FINANCIAL CHRONICLE
2949
GENERAL BALANCE SHEET DECEMBER 31.
1930,
1929,
1930,
1929.
Assetss
$
Inv. in road and
Capital stock....248,000,000 248,000,000
equipment.... _609.500,745 604,017,618 Grants in aid of
Deposits in lieu
construction
481,983
474,733
of mted. prop.
309,671
657,880 Funded debt__ _314,137,000 315,424,500
Misc.phys.prop_ 10,987,620 10,936,249 Traf.& car.serv,
Inv.In affil. cos.:
bals. payable_
517,685
724,898
Stocks
144,232,323 144,087,485 Vouch.& wages_ 4,993,672 6,260,286
Bonds
34,091,129 33,695,748 Misc. accts. pay.
382,775
619,836
Notes
2,472,761 2.472,761 Int. mat. unpaid 5,285,277 5,278,929
Advances_ _
Earnings of Large Telephone Companies.
-The Inter- Other investml: 4,385,325 3,823,775 Unmatured dive. 3,100,000 3,100,000
declared
State Commerce Commission at Washington has issued a
Stock
8,631
8,631 Umnatured int.
1,966,629 1,871,552
346,735
361,351
monthly statement of the earnings of large telephone com- Bonds notes 2,189,815 2,387,069 accrued
U.S. Tr.
Unmatured rents
panies having an annual operating revenue in excess of
Contr,for sale
accrued
7,457
7,451
of land gr'nt
Other curr.liabil.
71,220
$250,000. Below is a summary of the return:
72,975
lands
4,673,611 5,051,620 Other def. Habib
76,728
131,233
No.ofCo.
Gross
Operating
Operating
Cash
15,714,012 15,434,626 Tax liability_ _
9,595,094 9.969,784
Stations in Earnings.
Expenses.
Income.
Special deposits_ 5,282,339 5,275,991 Accrued deprec.
Service,
$
$
Loans & bills rec.
$
1,920 of equipment.. 55,816,240 52,520,285
850
January 1931
17,134,820
98,113.741
65,881,561
23,109,437 Traf.& car.aerv.
Other unadlustJanuary 1930
17,015,101
98,247,528
66.571,469
22,943.783
bats. receiv_ _ _ 1,216,389 1,419,850 ed credits_ _ 14,154,682 15,791,644
Fr. agts.& con
710,483
745,060 Add'ns to pron.
Misc. accts. rec_ 2,795,212 3,157,118 thru. income
Material & supp 9,459,995 10,933,802 and surplus
1,154,505
949,524
FINANCIAL REPORTS
Interest, div. &
Fund. dt. ret'tee
102,465
106,974 thru. income
rents reedy
Other curr.assets
72,009
79,959 and surplus 17,640,475 17,500,396
Chicago & North Western Railway.
Wlig.fund advs.
43,401
44,341 Misc.fund res've
146.865
271,821
Other def. assets
85,927
101,057 Profit and loss
(71st Annual Report-Year Ended Dec. 31 1930.)
193,207,575 188,981,582
Other unadj.dts. 18,614,828 20,136,139 balance
National Railways of Mexico.
-Month of January- -Jan. 1 to Dec. 311931.
1930.
1930.
1929.
Pesos.
Pesos.
Pesos.
Pesos.
Gross earnings
7,942,665 9,219,184 107.520,353 112,921,197
Operating expenses
7,106,869 7,645,085 93,135,745 91,636,022
Net earnings
835,796
1.574.099 14,384,607 21,285,174
Per cent exps. to earns
89.48'7
c
86,62%
82.93%
81.15%
Kilometers
11,519
11,458
10 Last complete annual report in Financial Chronicle Dec. 28 '29, p. 4137
-
The remarks of President Fred W. Sargent, together with
comparative income account and balance sheet as of Dec. 31
1930, will be found under "Reports and Documents" on
subsequent pages.
GENERAL STATISTICS FOR CALENDAR YEARS.
1930.
1929.
1928.
1927.
Tons revenue freight
59,234,227
48,614,398
57,795,428
58,537,279
Tons freight per ton mile-7,570,472,873 8,902,539,812 8,794,028,562 8,590,153,514
Passengers carried
27,923,976
26,259,520
26,846,604
27,720,619
Passenger miles
832,408,919 953,462,221 925,657,202 960,233,284
Revenue per ton per mile..
1.267 eta.
1.258 eta.
1.267 Ms.
1.261 cts.
Rev, per pass, per mile_._
2.503 eta.
2.547 as.
2.327 eta,
2.623 eta.
-V. 132, p. 2756.
Total
868,915,968 866,447,033
-V. 132, p. 1793.
Total
868,915,968 866,447,033
Erie Railroad Co.
(36th Annual Report
-Year Ended Dec. 31 1930.)
OPERATING STATISTICS FOR CALENDAR YEARS.
1930.
1929.
1928.
1927.
Miles of road operated.-2,316
2,316
2,317
2,317
No.of tons freight carried:
Merchandise
23,855,603
29,707,973
27,988,239
26,537,867
Coal and coke
20,387.336
22,830,697
21,059,934
20,309,117
All freight
44,242,999
52,538,670
49,046,173
46,846,984
Total no. tons all freight
carried one mile
9,130,633,042 10770,648,870 10506,738,211 10161,506,219
Illinois Central Railroad Co.
Aver,rev, per ton per mile
0.983 eta.
0.993 cts.
0.985 eta.
Freight rev, per ton mile_
$9.28563
59.79937
59.46061
18.58701
(81st Annual Report-Year Ended Dec. 31 1930.)
Aver, no. of tone freight
The remarks of President L. A. Downs, together with
In each train
987.12
945
960.45
872.10
No.
26,247,945
general statistics, income, profit and loss account, balance No,of passengers carried. 569,374,863 27,606,251 27,744,812 28,927.225
pass. carried 1 mile
604,601,879 603,712.040 636,309,781
sheet, and other tables, will be found under "Reports and Aver,fare per. pass. p. mi. 1.757 cts.
1.830 eta.
1.864 eta.
0.938 cts.
Passenger train revenue
Documents" on subsequent pages.
per train mile
51.89833
82.18814
22.16302
22.28093
GENERAL TRAFFIC STATISTICS FOR YEARS ENDED DEC. 31. Gross rev. per mile ot road
$47.067
$53,934.49
$52,855.20
555,800
1930.
1928.
1927.
INCOME STATEMENT FOR CALENDAR YEARS.
Aver. miles operated.-192 12i
6,711
6
,
9
6,698.46
6,601.8:.
1930.
1929.
Tons freight carried_ _ _ _ 53,6-1,124 62,750,085 61,937,935 63,301448
1928.
1927.
Operating RevenuesTons freight carr. 1 mile12568231120 15467269973 154948197121612124(1173
S
66,647.621 79,935,178 77.321,781 72,759.234
Tons all ft. carr. 1 mi1e_14158428000 17364419000 17219678600 18144793000 Merchandise
23,096,614 26,987.065 26,168,616 27,023,667
Revenue from freight-$117232,122 8143206,954 $141688,688 8142870,180 Coal
Passenger
10,001,333 11,065,777 11,254,265 12,330,266
Aver, revenue per ton
9,250,442 11,242,417 10.231,880 10,365,186
Per mile
.933 cts.
.926 cts.
.914 cts.
.846 CCS' Mail, express, &c
Rev, pass. carried
39,697,856 42,712,964 40.473,220 38,089,266
Gross oper. revenues_ _108,996.010 129,230,437 124,976,542 122,478.355
Rev, pass. carr. 1 mile-798,559,102 920,615,230 916,972.135 953,290,448
Rev, from passengers- _$19,348,814 $24,031,812 $24,944,150 $27,021,704
Operating ExpensesAverage revenue per
Maint. of way & struc- 13.278,737 15,130,938 15.238,304 16,104,895
passenger per mile__ _ 2.423 cts. 2.610 cts. 2.720 eta. 2.835 Os. Maint. of equipment...... 23,144,827 27,979,062 26,285,543 28,647,904
-V. 132. p. 1026.
Traffic
2,461.735 2,600.520 2,378,433 2,161,553
Transportation
41,069,776 47.148,049 46,954,240 48,737,265
Miscall, operations
Chicago & St. Paul Minneapolis & Omaha Railway.
634,837
665,423
583,659
672,028
General
4,040,808 4,108.278
4,124,510 4,246.531
(49th Annual Report
-Year Ended Dec. 31 1930.)
Transp.for invest-Cr
169,200
160.621
146,214
193.995
The remarks of President Fred W. Sargent, together with
a comparative income account and balance sheet and traffic
statistical tables for the year 1930 will be found under
"Reports and Documents" on subsequent pages.
GENERAL STATISTICS FOR CALENDAR YEARS.
1930.
1929.
1928.
1927.
Tons revenue freight
10,218,531
10,524,982
10,702,664
10,340,900
Tons freight per ton mile_1,582,221,479 1,690,736,962 1,691,668,567 1,639,503,670
Passengers carried
863,520
1,192,853
1,314,906
1,620,214
Passenger miles
101,730,130 125,210,433 126,856,395 141,934,724
Revenue per ton per mile_
1.218 cts.
1.223 cts.
1.218 cts.
1.224 eta.
Rev, per pass. per mile__ 3.149 eta.
3.213 eta.
3.303 cts.
3.275 eta.
-V. 132, p. 1216.
Northern Pacific Railway Co.
(34th Annual Report-Year Ended Dec. 31 1930.)
PASSENGER AND FREIGHT STATISTICS.
1928.
1930.
1929.
1927.
No.of passengers carried 1,396,553
1,923,710 2,203,569 2,680,721
No. pass. carried 1 inile_257,074,433 322,096.719 348,613.851 379,991,181
Av.rate per pass.por mile 3.006 cts. 3.049 cts. 3.084 Ms. 3.998 cts.
No.tons rev.freight carr_ 19,685,492 23,157.702 24.089,259 23,102.319
No.tons rev. 1 mile_5,420,866,297 6594488,825 7052061,971 6571474.798
Average receipts per ton
Per mile rev. freight__ 1.202 eta. 1.166 cts. 1.159 cts. 1.148 cts.
Revenue per mile of road
(average mileage)____
$13,829
$14,667
$11,542
$13,990
RESULTS FOR CALENDAR YEARS.
1928.
1929.
Operating Revenue1930.
1927.
Freight revenue
$65.135,270 $76,862,142 881.724,976 875,462,955
Passenger revenue
7,727,955 9,820,918 10,732,830 11,773,283
Other transportation rev. 5,496,346 7,210.293 6,247,579 6,079,564
2,567,354 2,259,015
Incidental & joint facility 2,282,842 2,628,996
Total oper. revenue_ _ $80,642,412 $96,522,348E101,272,739 895,574.816
Operating Expenses
Way and structures_ _ $9,884,413 $12,203,551 $12,596,853 $11,965.278
17.053,769 18,75.5,105 18,700,310 17,865,172
Equipment
Traffic
2,750,178 2.702,015 2,537,259 2,336.114
Transportation
28,589,123 32.342,737 32,825,515 31,902,292
Miscell. operations
1,612,970
1,529.152
1,484,482
1,566,461
General
3,131,839 3,127,989 3,067,887 3,034.993
Transp. for investment_ Cr159,384 Cr192,702 Cr455,011 Cr815,573
Total oper.expenses_ -$62,734.420 $70,551,665 $70,801.966 $67,854,739
Net operating revenues_ 17,907,992 25,970,684 30,470,757 27,720,078
Taxes & uncollec. revs
7,499,174 9,231.677 9.708.855 8.927,134
Ry.oper.income
$10,408,818 816,739,006 820,761.903 $18.792,944
Equipment rents, net..... 1,421,760 2,297,563
1,985.491
1.728.209
Joint facility rents, net.. 2,462,635 2,373,775 2.341.178 2,071,683
Net ry.oper.income_ _214,293,213 $21,410,344 825,088,572 $22,592,837
Non-operating income
17,984.868 15.484,669 11.320.518 11.435,064
Gross income
$32,278,082 $36.895,013 $36,409,090 $34,027,901
Int.on funded debt
14.500,227 14,569,074 14.646,255 14,714.082
Other deduc.from income
517,631
629,625
549,139
775.395
Net income
$17,228,716 $21,808,308 $21,133,210 $18,538,424
Div. approp'ns (5%) - - 12,400,000 12,400,000 12,400.000 12.400,000
Balance
$4,828.716 $9,408,308 88.733,210
Sim outst'dg (par $100).. 2,480,000 2,480,000 2,480,000 $6,138,420
2,480,904
Earned per share
$8.79
$6.94
$8.52
V.48
Total ry. oper. exp..... 84,469,249 97,630,916 95,362,967 100.264,697
Net operating revenue__ 24,526,761 31,599,521 29,613,576 22.213.658
Railway tax accruals- - - 5,086,339 5,627,391
5,057,831
4.821,270
Uncollectible ry.revenue
22,474
32,612
11,980
46,004
Oper. income
19,428,442 25,926,125 24,533.270 17,359,776
Net hire of equip, rents,
deb. balance
4,418.153 4,498,061
4,279,225
4,362,981
Net joint facility rents,
deb. balance
119,851
38.270
45,935 Cr.11,950
Net ry. oper. income_ 15,027,192 21,462,037 20.047,159 12,960,700
Non-Oper. Income
.
Dividend income
3,281,195 3,218,527 3,203,519 4,200.702
Miscell, rent income._
492,476
508,933
512,061
491,510
Inc.from funded secur_ _
228,822
314,396
170,787
253.872
Income from unfunded
securities & accounts..
372,700
841,561
609,274
436.101
Inc.from lease of road...
47,473
42,703
40,670
35,485
Miscellaneous income....
166,481
200,990
158,317
234,239
Total non-oper.income 5,178.093 4,708,541
5,500,888
4,675,280
Gross income
20,205,285 26,170,579 24,722,440 18.461.588
Deductions
Rent for leased roads- _ _ 2,219,387 2,265,906 2,390,924 2,392,695
Miscellaneous rents._ _ _
823,675
484,888
911,828
741,097
Miscell,tax accruals_ _ _ _
123,852
119,821
122,478
135.598
Interest
12,695,366 11,285,634 11,280,595 11,841,331
Miscellaneous
110,201
100,508
85,076
64,635
Applic,to sink.fund,&c.
1,378,886
1,453,356 1,388,092
Balance, surplus
1st pref. stock diva
2nd pref. stock dive-._ _
4,171,149 10,224,353
1,916,176
1,916,176
640,000
640,000
8,614,792
2,133,763
Balance, surplus
2,133.763
1,614,973 7,668,177 8,614,792
Sim. corn,stock outstand1.511,167
1,511,167
1,511.167
1,511.167
ing (Par $100)
Earnings per share
Nil
$4.93
$1.07
36.03
Surplus Account -Surplus Dec. 31 1929, $42,714.323; net income for
Year 1930. $4,171,149: miscellaneous credits, &c., less donations, $103,432:
total, 146,988,904. Deduct: Surplus applied to sinking and other reserve
funds. $1,453.456; dividend on 1st and 2nd pref. stocks, 12,556,176; debt
discount extinguished through surplus, $3,635,731; loss on retired road
and equipment, $1,287.455; delayed income debits, $22,110,857: miscellaneous debits, $1,456,293; surplus appropriated for investment in physical property (credit), $34,012: profit and loss surplus Dec. 31 1930, of
514,523,148.-V. 132, p. 2756.
Philippine Railway Co.
(Annual Report-Year Ended Dec. 31 1930.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1929.
1928.
1927.
1930.
2,260,628 2,306,643
Total no. pass. carried... 1,772,552
1,568,412
No. carried 1 kilometer_ 42,955,302 51,503.470 50,796,203 37,499,965
24.2
Av. dist. carried p. 1cm_ _
22.1
22.0
23.9
Av. receipt per pass_ _ _ _
80.1480
50.1380
80.1306
80.1721
Av,rec, p. pass. p. km...
$0.0061
10.0061
50.0059
10.0072
Total no. tons fr't carr....
420,796
397,318
329,492
319.308
No,tons carried 1 km.._ 16,006,771 15,189,273 11,915.146 11.338,389
38.0
Av. dist. carried p. km.38.2
36.2
35.5
$0.8881
Aver,rec, per ton
80.9992
11.0883
11.1256
Av. rec, per ton per km_
$0.0233
19.0261
80.0301
80.0317
2950
FINANCIAL CHRONICLE
INCOME ACCOUNT FOR CALENDAR YEARS.
Revenue1928.
1930.
1929.
Passenger
$301,173
$262,398
$312,058
Freight
358,611
373,727
396,990
Mail. express, &c
25,493
24,173
22,664
Incidential
32,694
23,645
24,376
1927.
$269,948
359.404
22,253
29,938
Total revenue
ExpensesMaint.of way & struct
Maint of equip
Traffic
Transportation
General
$684.674
$767,236
$706,093
$681,543
128,713
100,174
2,885
209,009
63.707
152.168
95,925
2,998
228,698
55,705
118,378
115,300
2,934
237,631
50,313
115,879
97,709
3,135
224,073
54,579
Total oper.exp
Net operating revenue_ _
Ry. tax accruals
lincollectibles
$504.488
180,185
3,596
$535,494
231,742
4,117
57
$524,557
181,536
3,789
$495,376
186,168
3,716
50
[VOL. 132.
of $1.85 per barrel (the schedule price of 44 gravity and above) to 67
cents in March 1931, a cut of more than 63%.
Meanwhile the continuation of drilling has added daily to a capacity to
produce already in excess of market requirements. At the same time the
industry had to absorb increased imports. Until these problems are faced
and these conditions overcome by the industry as a whole, there seems to
be no prospect of improved earnings. No one company can cure these
conditions nor can any one company escape from consequences that are
common to all.
CONSOLIDATED INCOME ACCOUNT FOR CALE11DAR YEARS.
1927.
1928.
1929.
1930.
Gross earnings and misc.
$
income,exclu.of inter
co. sales & charges for
83
transportation
gen.212,808,154 198,986,422 1,564.995 168,814,456
Purchases. open &
exp., maint., insur.,
ordinary taxes, &c__ -161.933,515 155,556.900 143,414.543 137,079,631
Net earnings
50,874,639 43.429,522 40,150,452 31,734,825
7.284,553 7,588,888
Deduct-Int. & discount 6,119,032 6,324,374
Res.for depr. & 0th. res. 22,541,605 20,506,111 19,418,552 18,754,856
Gross income
$230,440
$179,721
$185,179 Amount reserve for decl.
$178,244
In val. of invest. in
Int. on funded debt_ - _ _
341,960
341.960
341,960
341.960
other companies
7,607,695
Misc. income charges
5,027
5,913
5.068
6,173
Additions & betterments
65.809 Adjustment of Invest _ - 2,579,883
28,214
74,685
76.293
5,391,081
Income avail,for dive_ 12,026,424 16,599,037 13,447.347
Def, tranard to p. & 1 $246,182
$228,504
$241,951
$144,802
1,358,632
1,305,000
1,214,664
Preferred dividends_ _ _ _ 1,131,648
Common dividends_ _ _ _ 9,898,378 14,759.810
BALANCE SHEET DEC.31.
1930.
1929.
1930.
1929.
624,563 12,142.347 4,032,449
996.398
Balance. surplus
Assets
Liabilities
$
41,008.323 40,814,501 32,786,483 28,927,232
Cap. stock corn.. 5,000.000 5,000,000 Previous surplus
Invested in road
Adjustment prior years_Dr1,640,868 Dr430,741 Cr141,211 Dr173,198
& equipment___ 9,537,292 9,460,999 1st mtge. bonds_ __ 8,549,000 8,549,000
Approp. for unamort.
Cont'ual rights__ 4,999,000 4,999,000 Phillip. Gov. adv.
disc. & exp. on funded
Cash
4,950,275 4,704,093
54,423
145,467 for bond int
Dr4,255,541
debt
39,266
Agts. & condue.
108,923
Accts.& wag. pay_
5,968
1,871
balance
5,984
2,697 0th. def. liabil's__
Profit and loss,surplus 40,363,852 41,008,323 40.814,501 32,786,483
3,6118
191,782
Mater & supp
173,614 Tax liabilities__
4,095 Shs.
4,509,480
5,460,000 5,500,000
corn. out. (no par)- 6,152,404
301
Misc.accts. recle_
10,353 0th. u nod!. credits
12,765
380
$0.89
$2.20
$2.81
$1.77
Earns. per share on corn.
13,554
14,615
Prepaid ins., Ac
DECEMBER 31.
P.& L., debit bal_ 3,736,660 3.566,771
CONSOLIDATED BALANCE SHEET
(Sinclair Consolidated Oil Corp. and Subsidiaries.)
Total
Total
18,548,409 18,372,456
18.548,409 18,372,456
1927.
1928.
1929.
1930.
Assets-V. 130, p. 2950.
$
$
$
Real estate, oil & gas
$
leases, foreign concessions,oil wells & equipSinclair Consolidated Oil Corp.(& Subs.).
ment,pipelines,steamships, tank cars, ter(Annaut Report-Year Ended Dec. 31 1930.)
minals, refineries, distributing stations and
.Chairman H. F. Sinclair, New York, April 17, wrote in
x285,923,421 252,948,833 234,024,540 242,243,444
facilities,&c
substance:
Invest,in oth.companies 29,967,894 69,983,672 55,276,876 61,674,095
Insur,funds, cash & sec. 3,736,080 3,730,262 4,148,614 3,681,995
While the last calendar year was one characterized by business depression
and unfavorable conditions in our own industry, it is possible to report a Cash in banks and on
35.794,975 17,111,746 47,276,666 9,365,775
hand
number of constructive accomplishments:
4,267,000
2,901,560
Bal, on cont, for
1,536,120
Current assets at the end of 1930 exceeded current liabilities by $65,- Accts. & notes com.stk
receiv13,965,779
259,105. At the end of 1929 current assets exceeded current liabilities by
ablve, less reserves- -y13,230,723 14,547,196 13,004,407 28,860,656
347,569.322. Cash on hand at the end of 1930 amounted to $35,794,974
30,689,597 32,708,979 30,885,570
Inventories
as compared with $17,111,745 at the end of 1929.
4,308,462 8,098,362
Marketable sec.,at coat..
Outstanding funded debt and preferred stock obligations In the amount Def.charges to oper.,&c. 1,480,317
2,406,710 2,401,067 6,258,297
401,687
of $19,054,600 were paid off during the year. Of this total $16,462,500 Employees'stock subscr.
879.285
represented first lien bonds maturing Sept. 1 1930.
Bondsand stocks ofcom1,442,692
2.574,996
1,622,052
pany at cost
Dividends of $1,131,648 were paid on the preferred stock and $9,898,378
on the common stock of the corporation.
404,860.463 400.647,422 401,958,100 367,894,422
Total
The corporation's charter was amended so as to cancel the authority
Liabilitiesto issue any further amount of the old 8% preferred stock. None of the
16,604,600
new preference stock authorized at the same time has been issued. During Pref.8% cumul.stock_ - 14,129,400 15.468,500 16,625,200 204,414,629
252,851,514 232,245,124 233,610,324 32,786,483
the year 700,000 shares of common stock were issued in payment for the Common stock_a
40,363,852 41,008,323 40,814.500
Surplus
properties of the Pierce Petroleum Corp.
Corporation's one-half interests in the Sinclair Pipe Line Co. and Sinclair Minority stockholders'
109.790
int, in sub. cos
Crude Oil Purchasing Co. were sold in Sept. 1930 upon satisfactory terms;
at that time the Sinclair Pipe Line Co.'s outstanding bonds amounted to Res. for deal. in val. of
7,607,695
Sinclair Crude Oil Purchasing Co.'s outstanding
invest
119,335.000. and the
4,868,434
bonds amounted to $42,000,000. Corporation was indemnified against Miscellaneous reserves- _ 3,841,550 4,410,460 4.813,628
liability as guarantor of one-half of the outstanding bonds of the latter 1st lien coll, bonds, ser.
44,057.500 44,057,500 44,057,500 44,057,500
company.
A 7%, 1937
21,272.000 21,647,000 22,400.000 22.831,500
Series B,63% 1938
The acquisition of the properties and business of the Pierce Petroleum
16,426,500 18,481,500 20,000,000
Corp. materially strengthened the position of corporation and greatly
Series D 6%, 1930extended its marketing facilities in a large area of the United States and Pierce 011 Corp.8% geld
265,500
bonds
Mexico. The assets taken over included 707 bulk distributing plants and
969 retail outlets in Texas, Louisiana, Arkansas, Oklahoma, Missouri, and Equip,trust notes & pur.
5.444,236
4,240,554 4,738,993
money obligations-- - 3,513,925
continguous territory; 183 agencies in Mexico; 1,100 tank cars; a complete
11,888.555 15,360,530 14,167.796 13,792,739
refinery at San Springs, Okla., having a daily capacity of 8.000 barrels; Accounts payable
2.725,692
1,553,739
a skimming plant at Tampico. Mexico, with a capacity of 4,000 barrels Dividends payable
2.984.609
2.848.657
daily; a terminal at Texas City; and approximately 400 miles of pipe line. Accruals and miscellan_ 3,515.232 3,020,838
In addition, current assets amounting to 37,300.000 were acquired, liabili404 860.463 400,647,422 401.958.100 367.894.422
Total
ties of $3,570,000 were assumed, and $1,100.000 was provided for the redepreciation, depletion and
x After deducting $18,535,351 reserves for reserves. a Common stock
tirement of the 8% preferred stock of Pierece Petroleum Corp.
amortization. y After deducting $888,162 -V.132, p. 2603.
Other expenditures for the development of and additions to properties represented by 6,152,404 shares of no par value.
totaled $35,608,000. -The major items in this total were: for development
and acquisition of oil and gas leases in the United States, $12,168,000;
United Gas Improvement Co.
improvements to refineries, $7,612,000; additional marketing facilities in
the United States and foreign countries. $7,532,000;jape line construction,
(49th Annual Report-Year Ended Dec. 31 1930.)
12.374.000; additional casinghead gasoline plants, $993,000; and construc-The earnings power of comtion of tank ships, $1,553.000.
-U. G. 1. Common Stock.
Earnings Power
1930, is approxiThe pipe line construction, while not extensive in itself, will not only
common stock, based on securities owned Dec. 31
supply Sand Springs and Coffeyville refineries, but effect connections with pany's $1.65 per share outstanding at the end of the year. By earning
main trunk pipe lines to Kansas City and Chicago:thereby securing the matelyis meant the combined earnings of the company and its subsidiaries
power
year's earnings
benefits of favorable joint tariffs.
year 1930. but after giving effect to fullcompany's prowith
In spite of heavy declines in prices during the year, careful control of as reported for the
properties acquired during the year, together companies in which
year of those
inventories rendered it necessary to charge off only $2,579,883, to °ring from
portion a undistributed earnings for the
the value of inventories to the lower of cost or market. This adjustment it owned lass than a majority a the voting common stock.
of inventory, although not applicable to the income of any one year, has
-The territories served by company's
Subsidiary Utility Companies.
income. The inventory of crude and
the general slowing down
been provided for out of current
operating subsidiaries have not been free from
refined oils op hand consists of the minimum necessary to operate the of industry during the year. Company has endeavored to do its part in
business.
corporate activities based on complete
the rehab litation of business by
normal functions in relation
Statistics Bearing Upon Operations.
confidence in the future and has performed its
Financing has been arranged
1928.
1929.
1927.
1930.
to its subsidiary companies citirWg 1930.
simplified where posNet crude oil produc. in
and consummated, corporate structures have been
14,835,042 16,181,960 13,629,075 14.704,201 sible, operating territories have been more advantageously aligned and
U. S. (bbls.)
with a view to the possibility of further
Net crude oil produc. in
rate structures have been studied
1,953,459 2,442,308 2,393,718
2,765,416 reductions.
Mexico (bbls.)
into effect during 1630;
Net casinghead gasoline
Reductions in rates for electricity and gas, put
92,060.740 106,323,408 109,664,085 79,566,923 totaled $2,560,053 on an annual basis.
produc.(gals.)
-On June 23 1930, an agreement of merger
Crude oil run through
Allentown-Bethlehaem Gas Co.
Gas Co.,
37,036.488 35,728,626 33,433,489 30,309,721 and
refineries (bbls.)
was executed between Allentown-Bethlehem were conwhich they
949.734,880 886,934,153 876,841,681 791,392,154 Eastconsolidation
Gasoline sold (gais.)
Penn Gas Light Co., Highland Gas Co. byas Co. effective Sept.
by
name Allentown-Bethlehem
solidated under the
Oil cargoes trans.
'
company in exchange for
ocean tank steamships
9 1930. Company received shares of the new
18,000,591 19,140,982 18,897,120 17,920,810 Its interest in East Penn Gas Light Co. During November, Allentown(bbls.)
dividend of one share for each six shares
a stock
General conditions in the petroleum industry in the year under review Bethlehem Oas Co. paid Company, as of Dec. 31 1930,owned all the comhave not shown any improvement. However, it seems probable that we issued and outstanding.
60,375 shares.
are reaching a point from which the industry can build upward. The mon stock outstanding, or Co. sold to its Customers during the year
Allentown-Bethlehem Gas
average retail price of gasoline which is. of course, the principal petroleum
cents a gallon below the average price at 10,000 shares of its $50 par value 7% preferred stock.
product, declined in 1930 1
-During 1930, company's investment
approximately four
Chester County Light dt Power Co.
principal points of consumption in the year 1929, and years.
from
Lubricants, in Chester County Light & Power Co. was increased by the purchase
cents below the average price in the preceding five of the leaders,
shares of capital stock. All of the capital stock of
one
now
have the company of 500
in the manufacture of which your company isresponsible for
amounting to 3,500 common shares
unsatisfactory Cheater County Light & Power Co.,
also declined in price. These facts are largely
Dec. 311930.
Par $100, was owned by company as ofwere acquired.137 additional shares
earnings.
-There
Corp.
escape the inevitIn the field of production the attempt has been made to as proration; i.e., ofCommonwealth Utilities and 19.229 shares of class B conunon stock, of
class A common stock
-development by the expedient known
able effects of over
which 76 8-40 shares class A and 6.765 13-40 shares class B were received
restriction of flush and semi-flush areas. This measure has been inequit- as
of the same State.
a stock dividend, the balance being obtained under the terms of the
ably applied in different States and different parts Oklahoma City
field original exchange, as stated in the annual report for 1929. Company
for example in the
It has worked a great injustice, as
A no par common stock and 288.762 shares
where wells are allowed to flow only the equivalent of five or six days in a owned 3.133 shares of classstock, of a total of 3,184 shares class A and
year; and has created enormous so-called "potentials" of production which, of class B no par common
288.863 shares class B outstanding Dec. 311930.
cloud over the industry.
through more imaginary than real, hang like a
The St. Louis County Water Co., serving municipalities suburban to
The hope that proration would stabilize prices has proved to be an illuduring the year by the Commonwealth
sion. In the 14 months elaspsing since Jan. 1 1930, the price of crude oil St. Louis, Missouri, was acquired
in the mid-continent area has been driven steadily downward from a high Utilities Corp.
Ry. oper. income__ -_
Non. oper.income
$176,589
1,655
$227,568
' 2,872
1177.747
1,974
$182,402
2,777
APRIL 18 1931.]
FINANCIAL CHRONICLE
2951
By agreement in Dec. 1930,'with Municipal Service
of National Public Srvice Corp., Commonwealth Utilities Co., a subsidiary CONSOLIDATED INCOME STATEMENT FOR CALENDAR YEARS.
Corp. exchanged
its controlling interest in the Columbus Delaware &
(Excluding The Philadelphia Gas Works Company)
Marion
and a cash consideration for all the outstanding securities of Electric Co.
Operating Revenues
Chester Valley
1930.
x1929.
Eleotric Co., Coatesville, Pa., and Kennett Gas Co., Kennett Square,
Electric
Pa.
$79,838,777 $77,388,408
Connecticut Electric Service Co.
-During 1930, there were acquired Gas
21,031,922
20,057,619
63,184 additional shares of the Connecticut Electric Service
Transportation
2,790,489
3,143,108
stock, of which 25,000 shares were received in exchange for Co. common Ice & cold storage
2,424.354
2,724,000
the Rockville-Willimantic Lighting Co., 24,879 shares in securities of Water
exchange for
1,389,011
1,264,281
common stock of company, and the balance for cash.
Steam heat
612,816
504.841
Company as of Dec. 31 1930, owned 686,352 shares of the Connecticut Other
287,125
273.008
Electric Service Co. no par common /neck, of a total of 1,147,860
shares
outstanding.
Total operating revenues
$108,374,496 $105,355,268
Connecticut Gas & Coke Securities Co.
-Company sold 8,382 shares of
Operating Expenses
$3 dividend no par preferred stock of the Connecticut Gas & Coke Securities Ordinary
$40,480:576 842.595,638
Co., acquired 1,555 shares of no par common stock for cash and
4,470 Maintenance
5,586,051
5,694,982
shares in exchange for its own common stock. As of Dec. 31
Renewals & replacements
1930,
8,040,092
7,640,632
pany owned 210,617 common shares of a total of 299,498 common com- Provision for Federal
taxes
shares
3,816,441
3,595,833
outstanding.
Provision fpr other taxes
4,305,391
3,885,423
Consumers Gas Co.
-On Feb. 15 1930, Consumers Gas Co., Reading,
Pa., paid a stock dividend of one share for each five shares issued
Total operating
and
$62,228,553 $63,412,510
outstanding, by virtue of which company received 15,016 shares, and, in Operating income expenses
46.145,943
41,942.758
addition, 6,033 shares were purchased for cash. As of Dec. 31 1930. Non-operating
income
1,838.598
2,748,241
company owned 96,130 shares, par $25. of a total of 167.330 shares outstanding.
Gross income
$47.984,541 $44,691,000
-Company increased its investment in Interest on funded & unfunded
Delaware Electric Power Co.
13,212,303
13,582,291
Delaware Electric Power Co. by purchase from the company of 443.050 Amortization of debt discount debt
& expense
402,263
432,933
shares of no par value common stock. The proceeds of this financing Other deductions
1,246,062
856,515
were used to pay off indebtedness of the Delaware Electric Power Co.
principally to company, which owns all the common stock of Delaware
Net income
$33,123,911 $29.819,260
Electric Co., aenounting to 700,000 shares as of Dec. 31 1930.
Dividends on pref. stocks & other prior deduc
3.587,496
5,134,719
Wilmington Gas Co., acquired as mentioned subsequently, was merged,
effective Jan. 2 1931, with the Delaware Power & Light Co., a Earnings
$29,536,415 $24,684,540
suosidiary of Delaware Electric Power Co. Company thereby received Minority available for common stocks
Zz former interests
3.707.809
3,937,191
75.000 shares of no par common stock of the Delaware Power & Light Co.
Both gas and electric service are now furnished in Wilmington, Delaware,
Balance of above earnings applicable to
and surrounding territory by the one operating company.
U. G. I. Co
25,828,605
20,747.346
Erie County Electric Co.
-The capital stock of Erie County Electric
1.841,112
4,213.456
was increased during the year by a stock dividend of one share for Co. Earnings of other subs,applicable to U.0.1. Co.
Total earns, ofsubs,applicable to U.0.1.Co. $27,669,718 $24,960,802
six shares outstanding, or 5,000 shares, par $100, making a total each
outOther Income of U. G. I. Co.standing as of Dec. 31 1930, of 35,000 shares, all of which are owned by
Int.& diva, on investments & income from other
company.
operations,less expenses,int. & prov.for taxes 10,746,194
Harrisburg Gas Co.
-Extensive financing was done by this company
7,558,379
during the year. In May 1930, there were sold $2,200,000 first mortgage
Total applicable to U. G.I. Co. capital stock- $38,415,912 832.519,182
gold bonds, 5% series, due 1970, thus funding the company's floating
Dividends on $5 dividend preferred stock
indebtedness.
2,554,030
632,995
Additional common stock, par $100, was also sold to common stockBalance applicable to common stock of
holders, in the proportion of two shares of additional stock for each five
U. G. I. Co.$35,861,882 $31,886,187
shares held on June 6 1930. Company thus acquired 5,165 additional Earns, per share on common stock
$1.54
$1.46
shares and also purchased eight more snares for cash. Company owned
x 1929 figures restated and adjusted for comparative purposes.
18,085 common shares out of a total of 27,622 common shares outstanding
Note.
--The above earnings applicable to U. G. I. Co. capital stock
as of Dec. 31 1930.
Include earnings of subsidiary companies acquired during the period, only
Nashville Gas
Heating Co.
-During 1930 there were acquired 1.483
additional shares of common stock. par $100. for cash, making a total1-5 from date of acquisition. Non-recurring income of U. G. I. Co. is not
of
15,813 3-5 common shares of Nashville Gas & Heating Co. common stack included.
held by company as of Dec. 31 1930. of a total of 16,000 common
shares COMPARATIVE INCOME STATEMENT 12 MONTHS ENDED DEC. 31
outstanding.
(The United Gas Improvement Company.)
Philadelphia Electric Co.
-Company's holdings in Philadelphia
IncomeCo. no par value common stock were increased 1,040,621 shares Electric
1930.
1929.
1928.*
by sub- Dividends on stocks
scription to additional stock On May 1 1930, In the ratio of one new share
$32,867,709 $30,203,199 $19,955,116
Interest on bonds
for each eight snares previously held; there were also acquired 32,120
83,031
129,983
879,001
4-5 Int. on notes rec. and cash loansshares, making a total held directly or indirectly of 10,066,129
945,607
544,647
573.444
saares
of Dec. 31 1930, out of a total of 10,349,230 2-5 shares outstanding. as Interest on bank balances
280,360
154,232
210,418
Other interest
In March, 1930. the Deepwater Electric Generating Station at
278,573
236,701
394,778
water, N. J., was placed in operation. This 106,000 k.w. station, Deep- Fees for supervision
1,444,809
1,570,358
2,084,544
which Prof. services
is jointly owned, tnrough subsidiaries, by American Gas &
& reimburse. items_
193,111
237,152
665.484
and Pniladelphia Electric Co., is one of the first stations Electric Co. Other income
85,086
114,430
200,064
to
1,200 pounds per square inch steam pressure. The 75,000 volt operate at
Total income
$36,178,286 $33,190,701 $24,962,848
submarine
cables under um Delaware River forming part of the connection
Sal., travl. exp., office rent,sup., &c. 1,664,417
1,654,244
2,351,619
station to the Pniladelphia Electric Co. System are the longest and of this General expenses
444,352
largest
373,072,
submarine cables ever made and their manufacture and
inatallation was Interest on notes payable, &c
342,982
2,146,259
534,139
an outstanding engineering achievement.
Taxes
915,793
742,016
853,364
The new 220,009 volt transmission line from the company's
Plymouth
Net Income
$32,810,744 $28,275,110 $21,015.271
Meeting Substation to the Roseland Substation of the Public
-Jan. 1
56,169,390 45,316,137 27,688,781
Electric & Gas Co. near Newark, N. J was placed ha service Aug. Service Surplus
This is the second leg of the triangular interconnection between 31 1930. Profitfrom sale of sec. and other nonrecurring income (net)
132,483
9,947,242 15,348,369
sylvania Power & Light Co., the Public Service Electric & Gasthe Penn1,052,622
the Philadelphia Electric Co. systems to be placed in operation.Co., and Sundry adjustments (net)
Total income
Wilmington Gas Co.
-On July 15 1930 an offer was made by company
$89.112,617 683,538,490 $65,105,045
Preferred dividends
to exchange its common stock for the common stock of Wilmington
1,921.035
1.265,990
Gas
Co. As a result of this offer, company acquired 29,790 shares in exchange Common dividends paid
20,565,005 25,267,106 19,788,907
Sundry adjustments (net)
for 191,595 shares of its own common stock and purchased the
838,464
836,004
balance,
210 shares, for cash, making a total of 30,000 no par common shares,
Surplus-Dec. 31
865.788,113 $56,169,390 $45,316,137
the
total outstanding as of Dec. 31 1930.
Capital surplus
-Dec. 31
100,850
100,850
Philadelphia Gas Works Co.
-The Philadelphia Gas Works Co. had
Total surplus
$65.788,113 $56,270,240 $45,416,987
-Dec. 31
operating revenues of $19,188,424 for the year 1930, and operating expenses
* 1928 figures restated for comparative purposes.
of $11,623,001. Gross income amounted to $7,381.560, which was applied
to interest on wonking capital, rental of $4,200,000 to the City of PhilaCONSOLIDATED BALANCE SHEET DEC. 31.
delphia,the annual payment of $800,000 to company,and for improvements
[Excluding the Philadelphia Gas Works Co.]
and additions to the property.
1929.
1930.
1930.
1920.
The Philadelphia Gas Works has been operated by company since
Assets
LiabilitiesDec. 1 1987, under the provisions of two leases, the first of which
$
$
expired
on Dec. 31 1927. The second lease, effective Jan. 1 1928, is for an in- Prop. Az plant. _615,232,308 585,232,258 Preferred stock_ 51,521,600 50,639,600
determinate period, the City or the company having the right to terminate Investments __.139,747,343 115,248,444 Common stock_204,130,035 155,238,909
Reacquired sec
9,412,921 Corn. stk. sub__
it at the end of any 10
40,511,680
-year period. Since the original lease went into
Min. int. in CaP.
effect, the City of Philadelphia has received by way of rentals a total of Subscrip. to corn
stok. of Midi'd
surpl.-sub.
$74,553,007.
United Co. __
820,75.5
cos
41,386,375 43,676,290
Between 1987 and Dec. 31 1927, the price of gas in Philadelphia was
Pref.stks.-sub.
$1 per MOP for all classes of customers,regardless of quantity used. With Sink. funds &
special dep___ 8,491,432 9,803,877
cos
59,408,754 58,474,242
the coming into effect of the present lease, certain reductions were
made Cash
19,329,512 36,491,696 Funded debt.
in wholesale gas rates, and on Aug. 1 1929 a special house-heating rate
of
sub. cos ___ _240,725,350 245,970,419
75 cents, with a guarantee of $150 for the heating season, was instituted. Notes receivable 5,123,676 5,162,396
31,463,661 12,460,748
There were, on May 1 1930, further graduated reductions in the price for Accts. receivable 16,766,849 18,541,754 Notes payable
wholesale consumption, the minimum rate being 45 cents for monthly Mat. Az supplies 7,488,972 7,776,020 Accts. payable_ 10,725,069 17,439,532
633.054 Divs. payable
782.807
996,728
consumption over 5,000 MCF,and on Jan. 1 1931 the price of retail gas, Prepaid accts_ _
defined as monthly consumption up to 50 MCF, was reduced to 95 cents. Deferred charges 3,422,224 3,820,092 Sul Sc. to corn.
stk. of Mldl'd
It is to be noted that these prices include a payment to the City of Phila- Unamort. debt
disc. Az exp.. _ 9,672,593 9,947,944
United Co
614,101
delphia of a return on its investment in the Gas Works of $4,200,000 per
Accrued accts
15,049,748 12,938,025
Year, which is the equivalent of 21.63 cents per MCP of gas sold in 1930.
Res.for renewals
These reductions in the price of gas were made possible because of the
& replace._ 39,529,876 41,208,119
economies and increased efficiency in operation. of which one of the greatest
Other reserves
17,356,993 16,385,917
contributing causes was the introduction of certain practjees in the manuSurpl. applies. to
facture of water gas developed by the Research Department of company,
the U. G. I.
as mentioned hereafter in this report. The Gas Works of the City
are
Co
97,413,558 83,981,531
using this process without the payment of any royalty or additional conCapital surplus
sideration to company, and with a resulting saving in operations for the
applicable to
year 1930 of $1,000,000.
16,556,624 23,147,441
U. G. I. Co
United Engineers el; Constructors, Inc.
-Work performed by United
Engineers & Constructors, Inc., during 1930, amounted to $68,500,000 as
Total
826,878,471 802,070,455
Total
826,878,471 802,070,455
compared with $81,600,000 in the previous year and $68,000,000 in 1928. -V. 132,
p. 657.
Total income was $5,034,400. Net income available for dividends,
after
BALANCE SHEET DEC. 31.
reserve for taxes and adjustments, was $2,224.200. After dividends on
[The United Gas Improvement Company.]
preferred stocks ofsubsidiaries there was a balance applicable to the common
stock, 50% of which is owned by company, of $2,175,600.
1930.
1929.
1929.
1930.
Assets
Other Investments.
$
-Company, as of Dec. 31 1930, had material invest- Inv. in sub. e,os_253,330,894 219,408,201 Common stock_204,130,034 155,236,909
ments in companies other than subsidiaries, of which the more
important Other invest_ _ _116,937,100 93,611,560 55 dlv. pref. stk. 51,521,600 50,639,600
common stock holdings were as follows:
Cash
5,253,929 20,627,137 Corn. stk. sub_
40,511,680
Company
Common Shares. Adv. to sub. cos 17,251,104 23,686,399 Adv.fr.sub.cos.:
American Superpower Corp. (of Dol.)
100.000
Notes receivable
145,682
14,083
E.G. A.Corp.
Commonwealth & Southern Corp
975,446 73-80
Accts. receivable
1,520.332
239,019
Other sub____ 47.996.855 47,400,000
Connecticut Railway & Lighting Co.
Mat. & supplies
39.046
56.410
11,579 Subsc. to corn.
Hartford Gas Co.
16.886
&limier. to corn.
stk. of MIcti'd
Manchester Gas Co
stk.of Midland
United Co_
614,101
Midland United Co.
530 716 59-200
4,
2°°
United Co_
820,755
Accts. payable_
132,233
176,758
Niagara Hudson Power Corp.
1,930.323 2-3
Divs. & int. rec
496,652
Notes payable__ 21,600,000 6,766,186
Public Service Corp. of New Jersey
1,987.000
Office equip__
47,739
Pref. diva. Pay632,995
Stockholders -When company was recapitalized in Sept. 1929 and one- Prepaid accts.__
13,124
2,483 Accrued taxes__ 2,677,873
1,762,407
eighth share $,5 dividend no par preferred and five shares no par
183,048 Surplus
common Deferred accts.65,788,113 56,169,390
stock were issued in exchange for each former par $50 share of
Organ.exp
200.350 Capital surplus_
100.850
stock, directors confidently expected a much wider distribution capital
new securities. This advantage has been amply realized. Thereof the
Total
394,460,809 359,396,773
Total
were,
394,460,809 359,396.772
on Feb. 10 1931, 34.799 male, 36,026 female, and 6,770 joint
Note.
--Company is guarantor of principal and interest of bonds
holders, making a total of 77,595 common stockholders. This and other
of the
compared following companies: New Gas Light Co. of Janesville, Wis.,
with 68,603 common stockholders on Feb. 28 1930. Preferred
1st mtge.
holders numbered 22,300, compared with 21,451 holders on Feb. 28 stock- 5s, due June 1. 1934, $229,000; Nashville Gas and Heating Co. 1st mtge.
1930.
5s, due May 1 1937, *1,961,000.-V. 132. p. 657.
2952
FINANCIAL CHRONICLE
Pittsburgh Railways Company.
-Year Ended Dec. 31 1930.)
(Annual Report
STATISTICS FOR CALENDAR YEARS.
[Prepared in accordance with the terms of the agreement between city of
Pittsburgh, sundry other municipalities, Philadelphia Co. and Pitts. Rya.]
1929.
1928.
1927.
1930.
327
330.73
330.94
330.59
Miles of road
1,664
1,620
1.618
1,563
Total cars
Passengers carried rev-263,634,406 286.034.486 251,874,571 262,061,272
Passengers cared, total-326,825,796 355,227,208 367,604,570 389,615,236
39,511,499 39,907.746 40,095,249 41,588,216
Car miles operated
eta. 50.51 eta.
50.08 eta. 5.45
Earns, per pass, car mile 46.84 cta.
7.97 eta.
8 eta.
8.01 eta.
8.04 eta.
Aver, fare per rev. pass_
-YEARS ENDED DEC. 31.
INCOME ACCOUNT
1927.
1928.
1929.
1930.
Gross rev,from street rl•
operations
$18.758,599 $20,258,008 $20,576,466 $21,365,543
995,559
840,641
808,771
750,850
Maint. of way & struct1,047,381
879,502
838,041
739,184
Maint. of equipmentTraffic, trans. Stc., exp. 12,883,512 13,625,928 13.907,001 14,268,969
608,137
569,624
535,459
508,168
Taxes
Net rev,from oper--- $3,876,885 $4,449,808 $4,379,698 $4,445,495
Rev.from auxiliary oper.
13,850
1,279
11,767
Dr.5,461
(net)
165,658
117,339
94.800
76,689
(net)
Rev.fr. oth.oper.
$3,948,113 $4,556,374 $4,498,316 $4,625,004
Gross income
Inc. chgs. (a) Items
agreement:
under
Return of 6% on capi3,750,000
4.013,469
4.025,022
4,032,167
tal investment
Ret. of 6% on addit'l
328,800
capital for new prop
Amort. of debt disc.
27,974
67,326
44,907
25,914
St expenses
Paym.to city of Pitts.
& other munic. in
lieu of licenses, pay.
438,979
429,168
463,491
472,016
assess., &c
(b) Items not under
agreement:
1,324
787
900
899
Int. on judg.& settle.
Rental of 17th St. in6,621
7,102
6,148
6,025
cline Plane
$10,486
$41,283
$15,905
def$588,907
CONSOLIDATED GENERAL BALANCE DEC. 31.
(Company and subsidiary and affiliated street railway cos.)
1930.
1929.
1930. • 1929.
Liabilities
$
Assets-2,500,000 2,500,000
84,172,761 92,331,018 Common stock_
Fixed capital
Preferred stock... 2,500,000 2.500,000
Construe, work in
527,609 Stocks of sub. cos.27,727,830 27,727,830
Progress
31,847,500 32,047,500
180,678 Funded debt
174,993
Investments
11,460,692 11,556,394
731,703 Affiliated cos
Sink,fund.assets.. 654,211
89,367
76,288
140,325 W'kmen's compen.
443,912
Special deposits_
300,000
300,000
502,626 Notes payable_
co.'s.- _ 540,298
Affiliated
548,805
338,740 Accounts payable_ 559,487
400,948
Cash
183,439 Maturity, int. &
221,594
Accts.receivable
256,062
rentals
1
Notes receivable_ _
240,250
969,861 Municipal charges 181,495
Mail & supplies.. 1,252,683
600,524
644,862
150,378 Taxes accrued._
109,017
Prepaid accounts_
204,202
Rentals accrued.. 193,779
Unamort.debtrilso.
299.862 Accr. int, on fund.
277,082
and expenses_ _ _
123,822
108,597
debt
Other def. charges 1,583,194 2,078,496
1,146
accr.
Other.liab_
256,813
Deferred credits.. 273,156
Retirement reserve 7,238,975 6,210,795
2,345,817 2,323,455
Other reserves_ _
9,081,678
ySecur. eliminated
1,864,344 2,076,962
Surplus
Net inc.for year
[vol..
132.
COMBINED OPERATING ACCOUNT FOR CALENDAR FRAR.5
1928.
1929.
Operating Revenue
1927.
-1930.
Merchandise
$24,101,698 $28,619,133 $27,359,686 $26.776.087
4,022,650
3,871,760
Bituminous coal
3,679,700
4,296,500
Anthracite coat
12.142.900 12,552,400 14.181,380 14,694.600
8,450.286
8,749.394
Passenger
8.730,980
8,074.892
Express and mail
1,504.818
1,683,630
1,628,966
1,390,498
424.717
429,512
Water line
365,849
388,377
557,775
Water transfer
516.846
702,774
406,150
1,201.730
1,451,614
Incidental
1,210,354
1,376,257
299,015
262,649
317,082
Miscellaneous
215,879
Total
$51,753.823
Operating Expenses
Maintenance of way,&c. $4,958.726
Maintenance ofequip. _ _ 10,799,653
Transportation expenses 19,845.774
Traffic expenses
713,346
General expenses
1,540,382
Miscell.operations
310,530
1,160
Transp.for inv.-Cr _ _ _ _
$58.136,939 358,002,057 $58,745,712
$5,796,291 $5,879,478 $5.460,520
11,955,091 12.041,766 12,863,862
21,813.140 21.684,241 22,725,528
647,136
744,786
579.723
1,577,046
1,415.880
1,564.484
299,796
295.725
346,227
3,234
1,063
1.724
Total
$38,167,251 $42,218,296 542,122.160 $43,344,247
Net revenue
13,586,572 15.918.644 15,879.897 15,401,465
5,059,307
3.738.302
5.074,797
.5,038,952
Railway tax accruals
17,470
13.971
10,959
5,483
Uncollectible revenue_ _ 1,144,902
918,445
1.249,845
1,147,476
Hire of equipment
273.161
347,095
215,999
242,053
Joint facility rents
Net oper. income_ _ _ - $7,152,607 $9,367,044 89,385,057 $10.383,653
Non-Operating Income
429,192
44.352
339,381
Miscall, rent income _ _ -333,778
153,960
138.973
217.705
221,317
Non-oper. phys. prop--254.380
278.843
282,949
278,757
Dividend income
495,377
497.566
632,136
515,289
Income from funded sec_
1.285,236
165,525
195,620
129,564
Inc. from unfunded sec_
Release of premium on
1,291
funded debt
31,810
54,476
21.977
102,065
Miscellaneous
$8.734,667 $10,954,742 $12.035,013 $12,068,460
Gross Income
2,382,551
2,376,835
2,384.483
Rent for leased roads..- 2,383,506
314,032
303,931
310,710
324,013
_
Miscellaneous rents__ 346 129
:
307,047
325.665
342,670
Miscell,tax accruals _ _ - 2,946,074
3,093,193
2,863,475
Int. on funded debt_ _ - - 2,812.932
20,077
461,229
11.761
22,940
Int. on unfunded debt..
Maintenance of invest2,226
1.392
ment organization_ --13,521
14,540
13,668
13.360
Miscall. Income chargesIncome applicable to
5.995
9.448
sink. fund. &c. res.fd_
$2,824,404 $5,036,759 $6.051,710 $5,472,604
Net income_ _ _
3,292,416
3.292,416
3,292,416
Dividends paid (12%)- - 3,292,416
def$468,012 31,744,344 $2,759,294 32,180,188
Balance,surplus
Shares of capital stock
274,368
274,368
274,368
274,368
outstanding (par $100)
522.06
$19.94
518.36
$10.29
Earns, per sir. on corn...
SHEET DEC. 31.
BALANCE
1929.
1930.
1929.
1930,
Liabilities
$
Assets$
Road & equip. _166,037,965 165,055,761 Capital stock _ 27,436,800 27,436,800
Imp,leased rys_ 13,702,758 13,605,289 Mtge. bonds.._y59,198,500 59,374,000
500,000
Loans & bills pay
Inv,in anti. cos.
6,049,728 4,588,706 Int., dividends,
Stocks
922,608
925,298
dec., due
2,080,000 1,840,000
Bonds
3,012,131
3,533,653
Advances_ __ _ 1,976,749 3,506,442 Accts. & wages_ 1,470,741
1,782,829
240,000 Traffic,dm,bal.
240,000
Notes
38,660
24,947
9,735,917 Miscell. accts._
OtheninvesPts_ 9,257,151
Misc,rays. prop 3,488,848 3,521,820 Interest & rents
172,259
163,259
accrued
Securs.unpidg_ 1,474,000 1,674.000 Unmatured divi2,721,349
1,918.751
Cash
1.097,472
dends declared 1,097,472
41,745
809,983
Special deposits_
221,732
507,989
854,158 1,330,854 Taxes
Traffic, &c., bal.
1,530,234 Prem.on funded
Misc. accounts_ 1,509,622
14,204
debt
1,100.307
1,016
89,835,692 98,432,735 Loans & bills roe
Total
128,800
152.817
89,835,692 98,432,735
577,361 Deferred accts
Total
378,460
Ars. & conduct.
27,047
136,135
UnadJ. accts_ _ _
y Excess of par value over book value ofsecurities and accounts eliminated. Mat'ls & auppl_ 2,852,052 2,740,476 Insur.& cas. res. 239,581
151,954
street railway companies, Int. & diva. rec164,355
204,290
The above balance sheet does not include lessor
175,584 Corporate sur_ _x67,578,698 x68,073,460
263,912
none of whose capital stock is owned by the Pittsburgh Rys. and subsidiary Ins., &e.,funds_
30,091,718
and affiliated cos. The outstanding securities of said companies being Oth.unadJ.accts. 4,286,924 3,788,683 Accr. deprec_ _ _ 25,484,204 28,686,154
28,116,746
243,937 Profit and loss..
271,499
capital stocks. $14,799,000 and bonds, $2,839,000, certain of which are Oth,def. assets_
-V. 131, p, 2538.
guaranteed as to dividends, principal and interest.
Total
Total217,637,845 218,160,823
217,637,845 218,160,823
through inCome and surplus;
x As follows in 1930: Additions to property
Central Railroad Co. of New Jersey.
$55,999.772; (2) improvements
(1) investment in road and equipment.
in miscellaneous physical
-Year Ended Dec. 31 1930.)
(Annual Report
on leased property, $11,577.849; (3) investmentobligations in company's
equipment
property, $1,077. y Includes (a)
S8,800,500; (b) general mortgage 5%
President R. B. White says in substance:
treasury, $400,000 with public,
-Operating revenues aggregated 351,753,822, a bonds, $49,998,000. of which $1,074,000 are held in treasury and 548,Operations for Year.
-V. 132, p. 651.
decrease of $6,383.117. or 10.98%, compared with 1929. Operating ex- 924,000 with public.
penses were 838,167,251. a decrease of $4,051,044.or 9.6%, compared
with 1929. Operating ratios for the years 1928. 1929 and 1930, were as
Philadelphia Company.
follows: 1928. 72.62%; 1929. 72.62%; 1930, 73.74%.
-Year Ended Dec. 311930.)
(Annual Report
Freight Traffic.-Tne widespread business depression which began in the
latter part of 1929, continued throughout the year 1930. This condition
President John J. O'Brien says in part:
severely reflected in merchandise traffic on which there was a
was most
and subsidiary
-Consolidated gross and net earnings ofcompany
decrease in revenues of $4,517.435, or 15.78%, compared with 1929.
Earnings.
business depression
Bituminous coal traffic was slightly affected; the decrease in revenue was companies for 1930 showed the effects of the general
coal revenues de- in the Pittsburgh district. Gross earnings were 561,521.044, a decrease of
with 1929.
$192,060. or 4.98%, compared
other income before
princreased 5409,500, or 3.26%, compared with 1929. This decrease was year, $2.155,731, or 3.38%. and net earnings including were $31,469,379, a
(depreciation) reserves,
cipally due to the mild climatic conditions which prevailed during the
appropriations for retirement
Earnings of the electric and steam
and the increasing use of substitute fuels.
decrease of $1,442.568. or 4.38%.
while earnings of the gas
-Revenues decreased $674,502, or 7.70%, compared heating subsidiaries increased during the year,
Passenger Traffic.
decreased.
with 1929, and is attributed to the general business depression, and the and transportation subsidiaries
Co. developed a new high load
-During the year Duquesne Lightlarge users of electric service.
Rates.
continued increase in other forms of transportation.
rate available to
to its wholesale
Taxes -The taxes levied by local. State and Federal authorities during factor industrial power
added an excess off-peak load clause
10.40% of the gross operating revenues and 39.61% of Equitable Gas Co. permit the development of additional heating business.
ernt
1930, relitr
dividend payments to gas rate which will
net opera g revenues. Taxes exceed total annual
proceedings taken at a special meeting of the stockFtnancing.-By
stockholders by 63.45% •
preferred 5% capital stock (par $50)
holders held Sept. 4 1930 each share of
New Eguipment.-During the year 1930. there was purchased and received was converted into five shares, par $10 each; each share of common stock
units a equipment; also to augment facilities of the Marine Repair (par $50), was converted into five shares, without par value: 250,000 shares
221
and placed in service.
o
, r omo, cl
.h0 es were witsslu e pas
Yard and additional dry dock was purchased placed during the year under of preference stock were created, of which 100,00010 anumber ofahofit d ar
shares of
Contract for the following equipment was
preference stock; and the authorized
1926, fourth lease, and delivery will be made in 1931: $6 cumulative of the company was increased to
equipment trust of
common stock
steel passenger baggage cars.
shares of $6 cumulative preference stock were issued
25 steel passenger coaches and 5
value. The 100,000
-Through the ownership of the entire capital stock and sold by the company.
Hibernia Mine RE.
23 1930 the stockholders classified as
Public Utilities. the _property rights
At their special meeting held Dec. 150,000 shares of preference stock
and with the approval of the Board ofcompany effective Nov. 25 1930.
the
merged with this
$5 cumulative preference stock
and franchises were
4, but unclassified.
-This company acquired authorized at the meeting of Sept.
RE.
Brharton & Northern RR., Mt. Hope Mineral
capital stock resulted in an increase
of Dec. 31 1930, 5,000 shares of capital stock
849
The conversion of the preferred 5% that class outstanding from 28,
by purchase and held as Wharton & Northern RR. and 1,093 shares of
of the number of shares of stock of to 144,245 shares, of the par value
entire issue) _of the
(the
each,
Mount Hope Mineral RR. out of a total of 1,600 shares shares, of the par value of $50 of the common stock, including shares
capital stock of
conversion
of 310 each; and the
issued and outstanding.
certificates, resulted in the increase of the
-This company acquired by purchase reserved for fractional scrip
class outstanding from 960,205 7-12
New York & Long Branch RR.
par value consolidated mortgage 5% number of shares of stock of that
held as of Dec. 31 1930. $269,000
$50 each, to 4,801,027 11-12 shares, without
and
the par value of
p
shares,
1979.
gold bonds, series A due July 1
value.
were located at
$1,192,050 preferred 5% capital stock.
-During the year. 66 new industries
New Industries.
During 1930 there was reacquired
served by this company.
companies outstanding in the hands of the
various points where they will be
Funded debt of subsidiary
The authorized number of shares of
FOR CALENDAR YEARS.
was reduced $3,532,280. Co. was increased to 4,500.000 shares,
public
TRAFFIC STATISTICS
1927.
common stock of Duquesne Light
1928.
1929.
to the Philadelphia Co..
1930.
Revenue Freight100,000 were issued and sold
23,689.752 23,003,360 22,327,278 without par value;were issued as a stock dividend.
Other revenue freight9,035,093
9,214.995 and 26,250 shares Additions to Property.
-The program of additions and
8,177,556
(tons)_ _ 7,355,544
Improvements and
Bituminous
9.602,711
9,205,978
growth of business and operating
8,541.716
Anthracite coal (tons).- 8.474,352 40,409,024 41,244.328 41,144,984 betterments for 1930, as necessitated by to schedule. The first 60.000
according
Total revenue freight__ 35,849,825 2827472,385 2846678,538 2820449.237 requirements, was carried out II. Reed steam electric generating station
James
Tons carried one mile_2.547,700,596
1.623 eta. k.w. capacity unit of the
1.601 eta.
the fall of 1928. was placed in operation
1.593 eta.
Revenue per ton per mile 1.567 as. 29.021,578 26,951,412 26,674,038 of Duquesne Light Co., started in formally dedicated to the service of the
27,311,717
station was
Passengers carried
475,678,778 472,781,161 in July 1930 and the
Pass,carried one mile..-472,280.819 499,750,125
Oct. 16 1930.
1.847 eta. public on
1.776 eta.
1.751 cts.
Rev. per pass. per mile-- 1•710 cts.
APRIL 18 1931.]
FINANCIAL CHRONICLE
Net construction expenditures during 1930 for all companies in the
Philadelphia Co. system amounted to $10.781,350. The construction
budget for 1931 totals 814,028,000.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
[Philadelphia Company and Subsidiary Companies.]
(With Inter-Company Items Eliminated.)
Operating Revenues1930.
1929.
1928.
1927.
Electric department----$27,388,096 827,168,232 826,070,438 $24,343,591
Gas department
12,478.933 13,252,290 12,726,949 13,228,336
Steam department
1,073,195 1.041,624
918,960
799,383
Street railway dept
20,397,510 21,878.645 22,012.540 22,603,596
Oil department
183,310
335,984
225,936
276,019
Total oper. revenues-861,521,044 $63,676.776 $61.954.822 $61,250,924
Operating expenses
25,205,815 26,219.638 26.897,497 26,451.675
Maintenance charges_
4,250,539 4,337,566 4.381,789 5.330,524
Taxes
2,075,863 1,917,929 2,245,311 2.946,038
Not rev, from opers_ _829,988,828 $31.201,643 $28,430,225 $26,522,687
Other income (net)
1,480,552 1,710,305 1.849,493 1,087,593
Total gross income_ -831,469,379 $32,911.948 $30,279,718 827,610,281
Rent leased properties
2,281,651
2,468,297 2,449.103 2,495,105
Interest on funded debt- 6,518,409 6,551,621 6,578.221
5,254,444
Int. on unfunded debt
346,574
302,329
77.383
127,335
Guar. div. on Cons. Gas
Co. of City of Pittsburgh pref. stock....
71.284
71,519
69.616
71,676
Miscellaneous charges
475,701
468,401
444.499
433,133
Total income charges- 89,693,619 $9,862,167 $9,618,822 $8.381,692
Less: Int. charges to
construction
231,820
806,685
343.644
475,961
Total
$8,886,934 $9,630,347 $9,275,178 $7,905,731
Net income before appro 22,582,446 23,281,601 21.004.540 19,704,550
Retirem. (deprec.) res.- 6,890,042 7,926,173 6,956,060 7.074,102
Amort. of debt discount
and expense
362,805
362,301
373,357
404,442
Other reserve funds.
1,893.402
700.000
Net inc. for the year.-$15,330,103 814,992,623 $11.781,722 $11,526,006
Appropriated for dive:
Duquesne Light Co.
preferred stock-- - 1,375,000 1,374,727 1,027,438 2.100.000
United Electric Light
Co. pref. stock_
8,425
Philadelphia Co. preferred stocks
1,688,980 1,545,543 1,583,357
967,720
Philadelphia Co. common stock (cash)
7,679,944 6,719,288 6,719,009 3,761.083
Philadelphia Co. common stock (stock)1.567,269
Balance available for
corporate purposes_ $4,586,179 35.353.066 32,451,916 $3,121,510
INCOME ACCOUNT YEARS ENDED DEC. 31 (PHILA. CO. ONLY).
[Being a statement of dividends, interest and rentals received during the
year from subsidiary companies, and miscellaneous income, together with
expenses, taxes and income charges.]
Divs. & Int. from Investment Securities1930.
1929.
1928.
1927.
Natural gas companies.. $427,000
$427,000
3496.500
8505,000
Oil company
25,012
120,060
40,020
75,037
Elec. light & power co- 9,150.000 8,000,273 8,000,478 3,316,667
Street railway companies
932,227
662,721
578,289
538,172
Miscellaneous companies
154,098
170,622
304,574
295,516
Int. from other sources593,803
609,475
611,161
763,955
Rents fr.lease ofgas prop 2.308.386 2,327,911
2,401,463 2.486,631
Rents from lease of other
properties (net)
18,203
19,505
6,236
175
Miscellaneous
195,315
196,347
195,488
171
Total revenues
$13,804,046 812,533,916 812,634,209 $7,981,324
Gen. admin. expenses
15,683
18,029
14,917
16,387
Other general expense50,084
55,996
78,072
52,246
Taxes
120,032
128,031
203,184
163,468
Lease of other prop. exp.
76
Gross income
813,612,335 812,337,772 512,338,036 $7,749,147
Int. on funded debt..-. 3,000,000 3,000,000 3,000.530 1,943,227
bit. on unfunded debt
189,145
312.133
21,432
280,458
Guar. div. on Con. Gas
preferred stock
71,519
71,284
69,616
71.676
Amort.of debt dls.& exp.
189,142
189,646
196,762
164.335
Other reserves
443,402
Net income
$10,039,776 $8,887,461 $8,606,294 $5,289.451
Previous surplus
11,100.985 10,417,875 11,561,114 14,760,132
Additions to surplus.-70.083
28,066
47,255
223,202
Gross surplus
$21,168,827 519,375,419 520,214,663 $20,272,785
Divs. on pref. stock__ _ _ 1,688,991
1.545,543 1,583,357
967.720
Divs. on com.stk.(cash) 7,679,944 6.719,288 6,719,009 3,761,083
Divs. on com.stk.(stock)
1,567,268
Amort, of debt dia.& exp
201.704
Miscellaneous
57,689
Injuries & dam. settle'ts
9,604 1,494,421
1,057,396
Divs. applicable to prior
Periods
1,098.809
Surplus Dec. 31
511,799,892 311.100,985 $10,417,875 $11,561,114
x960,034
Shs.com.stk.out.(no par) 4,800,541
x959,976
x951967
Earns, per sh. on corn$7.64
$1.73
$7.39
$4.53
x Par $50.
GENERAL BALANCE SHEET DEC. 31 (PHILA. COMPANY ONLY).
1929.
1930.
1930
1929.
Assets$
Liabilities5
5
Fixed capital--- 36.501,122 35,330,816 Common stock-x.18,005,415 48,001,725
Constr. work in
Common scrip._
4,884
8,554
progress
79,868 188 cum.pref.stk 10,000,000
Reacquired sec. 1,497,401
4,748 8% pref.stock__ 24,557,000 24,557,000
Total invest'ts 108,670.544 100,583,327 5% pref. stock... 1,442,450 1,442,450
Total spec. dep.
171,924 Total fund. debt 60,000,000
188,962
Total still. cos.- 17.203,490 18,848,181 Total add. cos._ 3,113,205 60,000,000
2,671,592
Cash
237,758 Current liabils.
281,887
149,869 2,158,301
Notes receivable
13 Accrued taxes__
13
332,995
279,559
Accts.receivable' 390,145
283,224 Accrued int. on
Accrued diva. refunded debt-254,072
254.842
ceivable
523,583 Accrued dive... 2,889,745 1,949,508
427,000
cons.0.co.gu.
Total deferred
29,880
accounts
8,430,010 8,929,398 Deferred credits
604,985
81,9 39g
1.7
Deprec. reserves 9,911,882 9,229,234
Other reserves- 11g:
1;393
488,400
Surplus
239 11,107,312
Total
173,570,575 162,970,638 Total
173,570,575 162,970,638
x Represented by 4,800.541 shares (no par). y Represented
by 100,000
shares (no par).
CONSOLIDATED BALANCE SHEET DEC. 31 (CO. AND SUB-COS.).
1930.
1929.
1930.
1929.
Assets
Liabilities$
Fixed capital... _328,052,902 327,747,152 6% cum. Pi. stk 24,553.050 24,557,000
Construe, work
5% non-cum. pf 1,442,450
1,442,450
in progress
8,105,943 x$8 cum. p1. stk 10,000,000
Investments ___ 14,768,863 12,279,857 Common stock_ y48,005,415 48,001.725
Sink,fund assets
883,398
740,891 Common scrip__
4,864
8,554
Spec. dep. int__
441,968
173.053 Dug.Lt.5% p1. 27,500,000 27,499,400
Spec. dep. other
184,802
158,740 Subcos.Pltts.Ry 1,425,330
1,445,630
Cash
5,221,127 4,274,935 Warwick CoalCo
96,000
96,000
Notes receivable
7,929
7,803 Con.Gas PItts.pf 1,780,800
1,785,800
Accts.receivable 4,937,313 4,923,155 Funded debt...153,859.060 157,391,340
Mat'l & supplies 3,957,449 4,116,639 Due add. cos.__
526,853
528,853
Prepaid accts.__
578,977
758,328
kmens comp_
159,485
185,220
Def'd charges 16,182,265 17,147,450 Notes payable._
300,000 2,300,000
Customers' dep.
833,911
904,824
Acc'ts payable._ 2,498,477 3,884,770
Matured int. ar
dive, payable_
401,143
173,053
Ser.billed in adv
157,888
170,888
Acct. liabilities_ 8,792,487 8,279.080
Def'd liabilities_
181,495
240,250
Deferred credits
578,557
513.496
Res. for deprec. 40,383,315 38,605,220
Amort. reserve.
90,754
83,988
Conting. reserve 2,345,817 2,323,455
Other reserves._ 3,677,284 3,398,446
*Excess par val.
18,597,936
Surplus
45,420,397 38.238,591
Total
374,992,794 380,433,748
Total
374,992,794 380,433,748
* Excess of par value over book value of securities eliminated herein.
Note.
-This balance sheet does not include operated lessor companies, a
majority of whose capital stock is not owned by the Philadelphia Co. and
subsidiary companies. The outstanding securities of said companies being
capital stock $16,499,000 and bonds $4,537,000 certain of which are guaranteed as to dividends, principal and interest.
-V. 132, p. 2195.
Wabash Railway Co.
(15th Annual Report-Year Ended Dec. 31 1930.)
GENERAL STATISTICS FOR CALENDAR YEARS.
1930.
1929.
1928.
1927.
Fr't (tons)cooed 1 m.(000) 5,237,266 6,107,472 5.558,198 5.089.310
Aver.rec, per ton per no.. $.009976
3.010586
3.010446
3.010609
Rev, freight carr. (tons) 21,405,516 24,558,811 22,481,434 20,408.437
Rev. passengers carried- 1,535,155 2,025,936 2,145,524 2,565,915
Pass.carried 1 mile
188,805.733 240,316,280 242,161.413 266,924,409
Rev, per pass, per mile_
8.02838
8.02930
$.02971
5.03055
INCOME ACCOUNT YEARS ENDED DEC. 31.
1930.
1929.
1928.
1927.
Aver, mileage operated.. 2,523.83
2,523.82
2,524.20
2,524.20
Freight revenue
$52.247,176 $63,796,582 858,840,271 $53,992,504
Passenger
5,359,000 7,042,372 7,194,988 8,153,606
Mail
904,777 1,318,496
853.780
785.580
Express
1,192,121
1,759,485 1,553,661
1,538,874
Miscellaneous
2.267.677 2.716.037 2,630.291
2.637.589
Total oper. revenues-$61,970,752 576,632,974 371,072,991 $67,108,153
ExpensesMaint. of way & struct. $7,621,983 810,273,862 $9,496,663 $9,340,819
Maint. of equipment-- 10,317,394 12,922,779 11,815.468 11.880,995
Traffic
2,272,975 2,237,293 2,037,900 1,969,161
Transportation
24,311.522 27.985,608 26,784,643 25,924.499
Miscell. operations
392,868
430,001
421.650
404.023
General
2,470,258 2,732,956 2,223,051
2,193,047
Transp. for investment_ Cr137.237 Cr307.077 Cr367,809 Cr333 399
Total oper. expenses-$47.249,762 $56,275,423 $52,411,568 $51.379,147
Net rev,from ry. oper-- 14.720,990 20,357,551 18,661,423 15.729,006
Tax accruals
2,626,506 3,253,683 3,052.357 2,787,694
Uncollectible
14.286
11,319
13,667
9.672
Operating income...412,080,198 $17,092,548 $15,595,399 $12,931,639
Other oper. income____
710,413
844.806
695,006
680,665
Total 09er. income-412,790,611 $17,937,355 $16,290,406 $13,612.306
Hire of freight cars, Dr.. 2,791,861
2,415,192 2,171,711
1,933,814
Joint facility rents
2,041.286 2,022.802 1,939,440 1,842,268
Other ded.fr. oper.inc.
245,789
247.769
229.215
224,545
Net open income.... $7,711,675 $13,251,591 $11,950,039 $9,611,677
Non-operating income- 3.384.148
1.922,888
1,635.855
1,981.198
Gross income
811.095,821 515,174,478 513,585,895 511,592,875
Rent for lease of roads364,257
359,568
363,633
364,948
Interest, on funded debt 6,643,264 6,239,316 5,936,108
5,496,348
Int.. on unfunded debt
218,213
513,270
665,665
814,331
Other ded.fr, gross inc...
93.020
203,230
219,211
153,636
Net income
$3.781.755 37,854,404 86,401,277 $4,763,610
Dividends paid
3.691.485 3,461.790 3,576.920 3.576.920
Balance, surplus
890,270 $4,392,614 $2,824.357 $1,186,690
Shs. com, stk. outstanding (par $100)
667,340
667.340
666,978
666,978
Earnings per share
$0.29
x$6.39
$4.23
$1.78
x The net income of 87.854,404 is equivalent after dividend requirements
on the 5% class B preferred stock, and under the participating provisions
of the class A preferred and common shares to $5.68 a share on combined
693,692 shares of 5% preferred A and 667,340 shares of common stock.
COMPARATIVE BALANCE SHEET DEC. 31.
1929,
1930.
1930.
1929.
AssetsLiabtiesili
$
$
s
s
Invest,in road &
Capital stock_...138,492,967 138,492,967
equipment... _300,393,004 291,931,438 Funded debt_ _ _141,845,388 129,073,788
Sinking fund.-374
458 Traffic and carMisc. phys. prop. 2,013,521 2,010.464 service balance
InVest. in Willa.
payable
2,028,439 2,172,874
companies.... 12,613,402 11,586,885 Audited accounts
Other invest.- 24,207,721 23,889,458 & wages pay_ 5,185,078 6,488,014
Cash
2,423,722 4,888,084 Misc.accts. pay. 304,512
534,782
Special deposits. 2,447,238
426,038 Interest matured
Loans and bills
unpaid
238,775
238,767
receivable____
5,059
8,634 Dlvds. matured
Traffic and carunpaid
8,578
4,935
service balances
Funded debt mareceivable_.__ 1,773,815 1,714,378 tured unpaid_
200
11,200
Net bal. reedy.
Unmatured int.
from agents &
accrued
1,833,754 1,881,582
conductors...
197,541
294,079 Unmatured rents
Miscell,accounts
accrued
395,247
378,506
receivable__ 2,633,779 2,420,444 Other curs. liab.
124.285
158,162
Material & suppl 4,828,741 4,371,183 Deferred liabll- 4,517,446 4,473,255
Interest & diva.
Tax liability__
1,897,752 2,569,879
receivable_ _ ... 1,483,138
501,509 Items. de casualty
Rents receivable
54,023
54,122 reserves
132,621
Other curs. assets
44,457
59,978 Accrued deprec. 15,474,485 13,857,785
Work,fund adv.
197,477 Other unadj.cred 1,528,595 2,462,098
183,985
Insurance & other
Corporate surplus:
funds
45,375
45,983 Additions to
Other def. assets
5,622
5,855
property.... 1,249,948 1,053,609
Rents and insurProfit and loss
ance premiums
balance._ 43,034.574 46.694,171
Paid in adv.__
62,771
73,283
Disc, on funded
debt
7,718 3,442,477
Other unadjusted
debits
938,154
778,933
Secur. Issued or
assumed, unPledged
988,406
948,405
Secur. issued or
assumed, plods 1,037,924 1,037,924
Note.
-The Philadelphia Co. has a contingent liability for the following
bonds, !guaranteed both as to principal and interest; (a) Mt. Washington
guaranteed
Street
1st mtge. 30
-year 5s. $1,500,000; (b) 17th Street Incline Plane
Co. 1st mtge.30
-year 54. $120,000;(c) Allegheny Bellevue &
1st mtge. 30
-year 5s, 5500,000: (d) Morningside Electric Perrysville Ry.
Street
mtge. 30
-year 5s, 8200,000;(e) Ben Avon & Emsworth Street By. By. 1st
30
-year 5s. 3300.000; (f) Pittsburgh Railways gen. mtge. 401st mtge
-year 5s,
$1,968.000.
The company also has a contingent liability, as endorser, on
notes of its affiliated companies; as guarantor of the payment short-term
of interest
(but not principal) on certain issues of bonds of its affiliated
companies;
Total
as guarantor of certain rental agreements of its affiliated companies. and
358,157,985 350.276.757
-V. 132, p. 1218.
2953
Tote
358,157,985 350,276,757
2954
FINANCIAL CHRONICLE
[VOL. 132.
E
GENERAL BALANC SHEET DEC. 31.
1930.
1929.
1930.
1929.
Assets
II
LtabflUies3
$
Inv. In road and
Common stoCk. 37,500.000 37,500,000
equipment...._ 116,932,044 119,936,297 Equip. obliga'xis 5,755,000- 6,500,000
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Dep. In lieu of
lat mtge. bonds_ 12,000,000 12,000,000
1927.
1928.
1930.
1929.
property
211,866
101,866 1st & ref. m.bds. 45,000,000 45,000,000
402
399
398
398
Miles operated
34,027
34,027
207,283 Govt. grants......
309,389 Misc. phys. prop. 195,037
263,904
217,563
145.936
Passengers carried
Loans & bills pay 1,000,000
100,000
Passengers carried 1 mile 23,454,473 30,738,791 37,498,365 36,525.014 Impts. on leased
railway prop_
25,043
14,554 Traf. & car eery.
3.21008s.
3.376 cts. 3.359 cts.
Receipts per pass. per m. 3.333 cts.
128,731
125,510
balances pay_
2,162,920 Inv.In affil. cos.:
1,565,447
1,436,494
1,357.627
Tons freight carried....
1,959,041
Stocks
781,823
225,299 Aud. sects, &c.. 1,823.147
Tons freight car. 1 mile-189,425,606 207,823,299 237,769,518 358,634,886
53,437
64,135
Notes
539,351
Int. mat'd unpd.
eta.
1.215 eta. 0.926
1.319 eta.
Rates per ton per mile.... 1.316 eta.
72,445
Advances...._..
40,509
324,041
309,422 Misc.accts. pay.
$11,852
$11,032
$10,295
$8.755
Gross earnings per mile..
863,887
Other investmls
1,250 2,257,776 Unmat.int.seer. 857,512
INCOME STATEMENT FOR CALENDAR YEARS.
Cash
586,122
670,324 Unamort. rents
10,988
' 10,988
Special deposits_
1927.
53,437
145,117
accrued
1928.
1929.
-1930.
Operating Revenues
1,325
6,003
35,085
631,723 Other curr. liab_
$2.491.935 $2,740,661 $2,890,018 $3,322,516 Loans & bills rec.
Freight
15,397
4,280
1,172,573 Traf. & car serv.
Other def. Ilab
1,259.651
1,037,761
781,732
Passenger
1,551,837
bal. receivable
278,490
260,098
270,082 Accr.deprec.road 1,773,528
257,586
326,794
220,101
Mail,express, &c
83,101 Agts.& conduct.
45,151
66,098 Acer.depr.equip. 4,990,532 5,507,731
101.073
113,777
64,558
Incidental
1,586,681
1,335,101
6,567 Misc, accts. rec. 1,215,302
371,780 Tax lia'llity
10.980
7,402
5,384
Joint facility
200,895
205,914
Material de supp. 2,082,403 2,173,951 0th. unadj. cred.
$4,863,249 Int.&divs.receiv.
3,115 Add'ns to prop.
384
Total open revenues.._ $3.563.710 $4,226,395 $4,519,309
Rents receivable
through inc.&
8,750
8,750
Operating Expenses932,423
932,714
6,010
surplus
$892,539 $1,003,736 Work.fund adv.
6,350
$865,874
$668,629
Maint. of way & struc
13,193,656 16,022,329
922,640 Other def. assets
194,110 Profit and loss
886,486
155.757
996,907
786,197
Maint. of equipment
112,387 0th. curr. assets
14,282
97.764
6,709
39,765
24,823
Traffic
1,895,874 Unadjust. debits 2,969,074 3,040,833
1,770,464
1,568,522
1,334,530
Transportation
68,052
48,824
67.919
58,798
Miscellaneous operations
126,435,079 130,648,431
Total
105,652
97,605
Tot:I
126,435,079 130,848,431
53.846
31,361
General
966
132
2.516
632
Transpo.for invest.-Cr.
-V. 132, p. 1026.
Total oper.exPenses-$2,903,705 $3,590,317 $3,812,778 $4,088,149
775,099
706,531
636,078
660.005
Net revenue from oper_ _
Virginian Railway Company.
243,062
273,394
278,168
281,961
Taxes
2,101
1,794
2,257
1,909
-Year Ended Dec. 31 1930.)
Uncollectible revenues.._
(21st Annual Report
83,800
Cr.28,011
Cr.74,792
2,952
Hire of equipment
25,883
23,404
TRAFFIC STATISTICS FOR CALENDAR YEARS.
2.820
Cr.385
facility rents
Joint
1927.
1928.
1929.
1930.
$435,950
$420,253 Average
$427,624
$373,567
Operating income_
545
545
545
554
mileage
Non-Operating Income10.519,282 12,081,245 11,470,065 12,354,625
Tons(revenue) carried
$9,172
$8,719
$8,974
$8,332
Miscell. rent income_
2,571,290
3,116,295
2,864,043
1,000 tons carried 1 mile 2,499,620
4,560
4.065
3,648
3,601
Misc. non-op. phys. prop
eta. 0.665 eta. 0.645 eta.
2,363 Rate per ton per mile..... 0.649 eta. 0.647
2,689
2,609
14,536
Dividend income
656,807
964,656
525,604
398,616
Passengers carried
Income from unfunded
8.182,057 10,867,968 13,279,756 18.803.994
9,222
13,666 Passengers carried 1 mile
5,027
5,041
3.27 eta.
securities & accounts..
3.14 eta.
3.10 eta.
3.01 cis.
Rate per pass. per mile
$40,566
$33,899
$36,451
$31,462
$460,644
$450,015 Oper.revenue per mile
$447,882
$405,078
Gross income
Deductions
INCOME ACCOUNT YEARS ENDED DEC. 31.
$265
$140
$390
$390
Miscellaneous rents_ -- 1927.
1928.
1929.
1930.
2,915
2,761
3,885
3,476
Int. on unfunded debt..2,133
2,248 Freight revenues
- $16,210,621 $18,526,328 $17,091,412 S20,095,080
2,063
1,873
Misc,income charges..- 760,306
558,564
456,742
298,038 Pass., mail & express _ ....
351,337
297,622
297,145
296,574
Int. on funded debt........
1,259,399
830,139
888,566
893,311
44,498
48,337 Other transportation _ ....
40,673
36.817
list, on equip. obligations
$98,336
$113,365
$103,726
Railway oper. revenue$17.455,269 $19.871,636 $18,480,118 $22,114,785
$65.947
Balance of income _ _
2,377,652
1,861.404
1,951,724
34,200
34,200 Maint. of way & instruc. 1,749,499
34,200
34,200
1st pref. diva.(5%)- 4,309,586
3,809,546
3,593.529
54,200
54,200 Maint, of equipment...... 3,029,327
54.200
27.100
2d pref. diva.(235
4,424,255
3,892,597
3,901,411
Transportation, rail line 3,603,796
491,998
540,291
534,735
557,883
$24,965
$9,936 Other expenses
$15,326
$4,647
Balance carr.to P.& L
Earns, per share on 20$1.24
$0.50
$0.77
Net railway oper. rev. $8,514,765 $9,890,237 $8,376,278 $10,511,294
Nil
(parS100)
000 shs.com.
2,102,954
1,886,000
2,036,000
2,007,600
The profit and loss account Dec. 31 1930 shows: Credit balance Dec. 31 Taxes
289
4,429
285
52
1929, $3,240,965, add credit balance of incme for year 1930, $4,647, net Uncollectible railway rev
miscellaneous credits $6,138, credit bllance Dec. 311930, $3.239.474.
Railway oper.Income- $6,507.713 $7,853,952 $6,489,988 $8,403,911
90,601
92,861
84,362
GENERAL BALANCE SHEET DEC. 31.
96,030
Rent of tracks,&c
179,698
141,697
172,697
196,265
1929.
1930.
Dividend income
1929.
1930.
557.532
611.889
881,913
821,898
Hire of equipment (net)
$
$
Assets998,265
722,037
766,996
848,946
2,000,000 2,000,000 Other income
Invest. in road...._12,743,187 12,695,002 Common stock684,000
.
Invest.in equip_ __ 3,621,583 3,685,099 1st pref stock - - 684,000
$8,470,851 $9,723,460 58,316,084 $10,008,856
2nd pref. stock... 1,094,000 1,084,000
Gross income
Sinking fund for
3,148.558
3,235,223
3,274,616
6,386,272 6,386,272 Int. on funded debt,&c_ 3,190,072
Funded debt
retirement of de119,292
108.699
97.256
90,882
854,000 Disc, on bonds and notes
50,074 Equip, trust obits_ 768,000
61,100
bentures
673,114
695.233
688,969
704,245
53,637 Loans & bills pay_ 1,300,000 1,300,000 Rent of tracks, &c
53,393
Misc. phys.Prop
39,457
33.271
35.892
29,780
Traffic & car servTax on bond int. & raise
Inv.in affil. cos.:
44,764
45,810
ice bals. payable
73,865
73,865
Stocks
$4,455,873 55,752,784 $4,237,471 $5,908,561
accounts &
Net income
3,750 Audited
3,750
Advances
384,279 Preferred dividends_ _(6%)1.677,300(6)1,677,300(6)1.677,300(6)1,677,300
wages payable.. _ 386,440
3,807
1
Other investments
46,138 Common dividends- (58)2,501 J20(58)2.501,720($7)2189,005(87)2189,005
53,674
251,867 Misc, accts. pay..
114,928
Cash
103,194 Int. mat'd, unpaid.
103,389
Special deposits_ _ _
$371,166 $2,042,256
282,023
$276,855 $1,573,764
Incl.Int.dueJan.1 142,265
Balance, surplus
Traffic & car ser920
988
281,017 Divs. mat'd unp'd
312.715
312,715
312.715
vice bals., reedy 198,880
312.715
10,611 Shs.corn. out.(par $100)
9,826
Unmat. int. acced
$13.52
$8.18
Balances due from
$13.03
$8,88
50,497 Earns. per share on corn47,033
396 Other curr. liabll's
3,377
agents & conduc
208,468
284,491
180,441 Deferred liabilities
Misc. accts. receiv 262,851
BALANCE SHEET DECEMBER 31.
94,411
84,569
305,907 Taxes accrued_ _ _
339,554
Mat'l & supplies
1929.
1930.
1929.
51,582
52,246
1930.
2,171 Operating reserves
1,531
Other curr. assets_
$
Liabilities
$
Assets
2,183 Accrued deprec'n
3,284
Deferred assets..,,..
1,126,974 1,087,617 Prop.invest....x140,633,158 139,613,143 Common stock.. 31,271,500 31,271,500
on equip., &c
303,264
345,335
Unadjusted debits
Preferred stock_ 27,955,000 27,955,000
179,342 Depos. in lieu of
ere& 168,304
Other unadj.
16.380 Long term debt. 66,327,500 82,316,200
12,461
Add'ns to Property
mtg.prop.sold
33,513
19,333
64,848 Trafflc,&c., bal.
102,140
Misc. phys. prop
since June 30'07
1,347,054
13,696,845 Accts. & wages 1,547,913
55,828
55,560 Inv. In Mill. cos. 13,925,780
thro. inc.& surp.
3,488
3,397
Misc.accts. Pay.
3,239,474 3,240,985 Advances
752,552
Profit and loss..
5,187
1,632
112,300 Other curr.liab_
Other investmls 2,695,398
538,980
511,535
Interest accrued
640,030
17,929,968 17,995,874 Cash
930,805
Total
17,929,968 17,995,674
Total
115,783
116,783
214,970 Rents accr.,&C.
236,927
Misc. accts. rec.
31,838
-V.130. p. 2759.
9,205
144,959 Deferred nab_
159,817
Int. & (flys. roe..
Unadrd credits.. 9,739,714 9,305,433
Demand loans &
Florida East Coast Ry. (Flagler System).
600,000 1,000,000 Add'ns through
deposits
930,190
918,321
surplus
89
89
(Annual Report-Year Ended Dec. 31 1930.)
Sundry deposits
455,321 Profit and loss_ 26,913,600 26,736,815
413,512
Traffic,&c., bal.
GENERAL STATISTICS FOR CALENDAR YEARS.
210,548
220,300
Bal. from agents
1927.
1928.
1,945,404
1929.
1930.
2,110,612
Materials, &c
851 Other curnassets
856
200
854
863
272
Average miles operated3,663.762 Deferred assets..
2,083,606
192,973
1.969.365
192,973
Tons freight carried......- 1,762.181
Tons carried one mile_ -393,479,472 458,516,383 449,948,943 682,478,998 Unadjusted deb. 2,413,399 2,215,776
1.592 eta.
1.719 cts.
1.642 eta.
Av.rev, per ton. p. mile- 1.671 eta.
165,399,996 160,523,389
804,222
Total
622,970
547,803
442,904
165.399,998 160,523,389
Passengers carried
Total
Pass. carried one mile.... 97,415,049 111,215,292 122,351,680 131,838,387
x Includes investment Inroad and equipment. Cost ofroad.5103,925,789:
3.769 eta.
3.563 cts.
3.630 eta.
3.571 eta.
Av.rev, per pass. p. mile
equipment, $36,707,370.
INCOME ACCOUNT FOR CALENDAR YEARS.
CONSOLIDATED BALANCE SHEET. DEC. 31.
1927.
1928.
1929.
1930.
Co.]
[Virginian Ry. Sc Subsidiaries, Incl. Loup Creek Colliery
56,575.008 57,527,671 57,734,934 $10,865,689
Freight
1930.
1929.
4,968,715
4,358,945
4,036,665
3,479,031
1929.
Passenger
1930.
1,198,894
S
Liabilities$
1,161,625
1,318.133
1,159,407
$
Rail, express, &c
Assets
$
826,337 Inv. In619,216
563,546
Common stock.. 31,271,500 31,271,500
516,365
Incidentals, &c
road &
,421 Preferred stock_ 27,955,000 27,955,000
equip.& prop.156,820,035 154,694
Long term debt. 68,327,500 82,316,200
Total oper. revenues-$11,729,811 $13,446,015 $13,874,723 $17,859,635 Dep. In lieu of
16,478 Traf. & car serv,
12,559
Expenses
mtg. prop.sold
19,323
33,513
bats. pay
$3,574,295 $3,836,966 $4,290,761 $6,385,368 Mis. phys. prop
9
:8
30 0
88 488
117,981
Transportation
3,904,292 Inv. In
2,459,384
2,247.164
Audited accts. &
1.732.509
38,808
Maint. of way, &c
MM.cos.
2,938,108
. 1,519,913
2.136,317
1,377,257
2,262,521
wages pay__
21,359
equipment...... 2,238,776
23,760
Maint. of
Advances
3,488
1,002,745
1,148,058 Other
3,397
1,091,015
112,300 Mts. sects. Pay.
Traffic, &c ......1,068,626
investm'ts 2,695,396
538,980
511,536
493 Unmat. int. accr
080.
949,611
12,710
1,832
Other cur.'labs_
$8,614,205 $9,437.666 $9,889,207 $14,375,826 Dem loans Sec.
Total oper.expenses3,483.809 Cas
3,985,516
110,908
14,388
4,008,349
3.115,606
89
by
600,000 1,000,000 Deferred liabs
Net earnings
1,749,447
1,601.422
1,544,865
1,330,079
89 Unadjusted cred 11,183,637 10,665,954
ecial
SPby w
Taxes
16,680 'hat.&deposits_
39,306
62,148
Addns. to ProD•
7,178
Uncollectible revenue......
car serv.
950,008
936,139
through surp_
455,321
413,512
bals. roe
$2.401,336 $2,196,763 81,865,708 Net bats. rec.
Profit and loss_ 27,146,191 26,995,127
Railway oper.income.. $1,778,350
947,265
150,180
100,542
150,564
from agts. &
Other income
210,548
220,300
conductors
220,009
$1,928,914 52,501.878 52,346,943 $2,812.973 NI'sc. accts. rec.
236,123
Gross income
Man & supplies 2,219,803 2,061,437
Deduct
38,331
Hire offreight cars(debit
$729.575 $1,210,083 Int. & diva. rec.
$707,504
$676,643
271
balance)
63,419 Other cur. assets
40,570
55,871
:
12 230014
231388
61,553
226,384
Joint facility rents
3,182,350 Deferred assets.. 2,428,194
3,142.700
2,962,232
2,245,989
Interest on funded debt_ 3,072,400
131,882 Unadj. debits....
131,524
101,529
116,630
Miscellaneous charges
167,039,180 162,081,842
Total
167,039,180 182,091,642
Total
$3,927,226 $3.827,136 $4,044,369 54,587.735 -V. 132. p. 2578.
Total deductions
$1,998,312 $1,325,259 51.697,425 51.774,762
Deficit
Georgia Southern & Florida Railway.
(37th Annual Report-Year Ended Dec. 31 1930.)
APRIL 18 1931.]
FINANCIAL CHRONICLE
Cities Service Co.
(21st Annual Report
-Year Ended Dec. 31 1930.)
GENERAL STATISTICS DEC. 31.
Electric
Properties1929.
1930.
1928.
1927.
Kwh.sold
1.483,589,000 1.587,517,000 1,421,670.000 1.307,719,522
Kw.installed capacity
572,000
577,000
534,880
536,419
420,231
416,422
Customers
401,069
381,852
1.900,000
Population serv'd
1,700,000
1,850,000
1,770,000
Artificial GasPopulat'n served
3,190.000
3,250.000
2,896,000
1,097,000
Natural Gas,
Oil, &c.
Gas sold (1,000
139,778.772 122,446,300
cu.ft.)
93,622,345
62,217,547
20,745,239
Oil prod ii (bbls.) 32,317,225
19,921,350
28,300,731
5,494
6,024
Oil wells owned_
5,375
4,681
Gas mains owned
13,292
14,885
11,236
8,437
(miles)
3,250,000
2,896,000
3,190,000
Populat'n served
1,751,000
INCOME ACCOUNT FOR CALENDAR YEARS (CITIES SERVICE CO.)
1929.
1930.
1928.
1927.
$60.817,832 $44,786,447 $34,744,597 $33,061,062
Gross earnings
1,334,060
1,160,132
2,510,019
1,108.111
Expenses
$58,307,813 $43,452,387 $33,584,465 $31,952,952
Net earnings
Interest and discount_ _ _ 9,332,058 6,975,202 3,934,506 2,540,120
Net to stock & reserves$48,975,755 $36,477,185 $29,649,959 $29,412,832
7,361,539 6,885,744 6,773,204 6.807,906
Preferred dividends_
Net to corn.stk. & res.$41,614,216 $29,591,440 $22,876,755 $22,604.926
Aver, earns. per sh. on
$1.12
$1.18
com, stock outstand'g
$1.39 •
$1.36
CONSOLIDATED INCOME ACC'TFOR CALENDAR YRS.(CO.& SUBS.)
1928.
1929.
1927.
1930.
$
$
$
$
213,036,008 185,851,054 167,255,673 158,028.258
Gross earnings
Oper. exp., maint. & tax128,173,049 116,116.738 103,207.626 97.910.265
Net earnings
84,862,959 69,734,315 64,048,047 60,117,992
24,240,219 21,310.795 21,727.359 18.859.312
Interest charges
Net to stock & reserves 60,622,739 48,423.519 42,320,688 41.258,680
Prof. stock dividends__ - 14,199.057 14.193,949 14.714.365 12.946.590
Net to corn.stk.& res. 46,423,682 34,229.570 27,606.323 28,312,090
CONSOLIDATED SURPLUS ACCOUNT YEAR ENDED DEC. 31 1930.
Surplus, Dec. 31 1929
$107,015,513
Majority stockholders' proportion
Minority stockholders' proportion
23.523,807
2955
The profit and loss account Dec. 31 1930 shows: Credit balance Dec. 31
1929. $13,413,203; deduct, debit balance of income for year $930,554.
dividends on capital stock, $722,016, discount on securities, $174,023 and
miscellaneous debits, $1,808: credit balance Dec. 31 1930, $11,584,802.
-V. 132, p. 1614.
New York Central RR.
(Condensed Report for Calendar Year 1930.)
[As filed with the New York Stock Exchange.]
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
1930.
1929.
1928.
$464.969,461 $396,917,259 $381,733,244
Railway operating revenues
366.049,220 302,614,246 288,250.203
Railway operating expenses
Net revenue from ry. operations $98,920.241 $94.303,012 $93,483,041
33,172.999 27,626,062 29.136.903
Railway tax accruals
122,548
99,349
Uncollectible railway revenues
130,544
$65.624,694 $66,577,601 $64,215,594 ,
Railway operating income
699.318
Revenues from miscell. operations
963,862
806.434
Expenses of miscell. operations_ _ _
669,186
859,726
736,361
Net rev,from miscell. operations
Taxes on miscall. operations
.$104,136
69.889
$30.132
37.320
$70,073
35,497
$34,247
def.$7,189
$34,576
Miscellaneous operating income
Total operating income
$65,658,941 $66,570,412 $64,250,170
Non-Operating Income
Rent from locomotives
1.178,575
Rent from passenger train cars.._ _
2.514.830
Rent from floating equipment......
1,438
Rentfrom work equipment
298,019
Joint facility rent income
6,112,026
Income from lease of road
164,121
Miscellaneous rent income
5,806,989
Miscell. non-oper. physical prop__
3
.430.297
Separately operated prop.
-Profit 2,003,285
Dividend income
14.907.769
Income from funded securities__ 5,902,313
Income from unfunded securiities
and accounts
4.325.099
Income from sinking and other
211,044
reserve funds
2,642,612
Miscellaneous income
Total non-operating income
380.268
1,233,433
9,108
121,942
5,101,776
139,936
5,028.252
.2,670,058
713,073
41.174,838
4.980,928
272,586
1,154,954 7,057
97,087
5,045,915
121,460
4,678,141
1,670,448
625,521 •
19,604,392
3.251,583
3,949,638
4,330.899
203,232
286.997
187,673
124.622
_ $49,498,419 $65,993,481 $41,172,339
Gross income
$115,157,360 $132,563,893 $105,422,509
$130,539,320
Deductions
Net to common stocks and reserves for 1930
46,423,682
-Debit balance 9,168,334
4,664,588
4,897.117
Miscellaneous adjustments
906,993 Hire offreight cars
157.462
157,702
1.173.359
Premium on capital stock
3.605,239 Rent for locomotives
Rent for passenger train cars__ _
1,596,720
1,706,549
3,516,916
411
161.751
64,541
Total
$181,475,234 Rent for floating equipment
Rent for work equipment
Allocated from Surplus
34,122
15,000
41,685
Cities Service Co.common dividends (cash)
1,956,426
6,528,442
1,958,556
8,921,203 Joint facility rents
Dividends on minority common stocks ofsubsidiaries
26,602,222 14,553,047 14,117,576
31,115 Rent for leased roads
Reserves for replacement, abandonment & depletion charges
1,125,551 . 1,381.959
1,508,334
14,601,944 Miscellaneous rents
Cities Service Co.common dividends (stock)
1,738,967
1,851.107
2,086,736
8,921.203 Miscellaneous tax accruals
Additional res. for replace., abandonments, depletion,&c
141,428
52,899
50,435
10,250,731 Separately operated prop -Loss..
Interest on funded debt
27,217,659
26.497,379 27,744,694
Surplus, Dec. 31 1930
752.012
659,678
1,406,143
4138,749,036 Interest on unfunded debt
456,382
491.922
515,439
x Majority stockholders' proportion, $115.074,306; minority stock- Amortization of disc,on fund.debt
7,658
Maintenance of invest. organiz_ _
34,973
3,778
holders' proportion, $23.674,728.-Y. 132, p. 2759.
Miscell, income charges
238.972
268,684
250,357
Mobile & Ohio Railroad Co.
(83d Annual Report-Year Ended Dec. 31 1930.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1929.
1930.
1928.
1927.
1,159
1,157
Average miles operated1,160
1,161
Operations
540,107
596,580
368,109
Passengers carried
733,705
33,911,110
36,133.410
Pass. carried one mile_ _ _ .. 24,512,702
41,347,592
3,182 eta.
3,099 cts.
Aver,rate per pass. per m. 2,992 cts.
3.161 eta.
6,591,340
6,560,099
5,256,093
Revenue tons moved__
6,968,751
Tons moved one mile_ _ _ _1,330,843,147 1,626,123,555 1,639,333,487 1,687,274,046
0.931 eta.
0.936 eta.
0.939 eta.
0.934 eta.
Aver. rate per ton per m._
641.20
651.12
816.57
Aver.rev.train load (toss)
632.15
$14,588
414.572
411.810
Gross earnings per mile
$15,126
Our usual comparative balance sheet as of Dec. 31 1930
was published in V. 132, p. 1614.
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1929.
1930.
1927.
$12,494,575 $15,226,491 $15,266,572 $15,753,546
Freight
1,149,730
733,346 1,051,981
Passenger
1.307,045
822,002
738,377
609,594
Mail, express, &c
747,386
214,448
215.058
191,599
Inci'tal & joint fan,(net)
247,316
Total oper. revenues_ 414,029,114 $17,315,532 $17,369,129 $18,055,294
Operating ExpensesMaint. of way St struc_ - $2,256,960 $2,590,439 $2,525,930 $2,676,027
Maint. of equipment.. _ _ 2,704.327 3,260,903 3,056,391
3,149,553
682,878
671,680
674,364
Traffic
651,629
5,449,675 6,158,894 6,382,763 6,594,777
Transportation
6,703
2,577
Miscellaneous operations
3,267
5,426
588.331
609,530
595,207
General
572,620
35,911
35,174
33,433
Trans. for invest.-Cr
55,242
Total deduct,from gross income $80.181,055 $54,286,601 $55,088,024
Net income
Disposition of Net Income
Income applied to sinking and
other reserve funds
Dividend approp. of income
$34.976,305 $78,277,291 $50,334,485
91.087
39,940,594
175,851
34,854.879
Income balance transferred to
profit and loss
def.$5,055.375 $40,995,811 $15.303,754
Earnings per share
$7.06
$16.88
$10.88
COMPARATIVE CONDENSED GENERAL BALANCE SHEET AS OF
DEC. 31 1928. 1929 AND 1930.
1929.
1930.
Assets$
$
Inv.In road & eq 1088923498 1042150,300
Improv.on leased
railway prop_156,198,929 140,204,746
Deposits in lieu
of mtge. prop.
sold
530
308
Misc. oily, Prop. 32,934,425 31,895,429
Investments In
WM. cos.
152,492,042 149,924,774
Stocks
Bonds
8,799,821 10,686,778
Notes
12,938,544 12,176,545
Advances_ ,._169,097,89O 170,160,243
Other Investments
Stocks
28,001,569 28,001,519
Bonds
1,083,988 7,026,598
Notes
1,115,042 1,478,191
Advances..._ _ 13,163,996 12,672,825
45,191
Miscellaneous_
8,916
Cash
25,678,566 17,286,467
Demand loans &
deposits
585,000
75,000
Special deposits_
366,552 5,376,561
Loans & bills rec.
8,313 1,631,534
Traffic & car-serv,
balance receiv. 4,160,859 2,743,481
Net bal. rec. from
agents & cond. 5,059,952 4,138,032
MISC, sects' rec_ 15,878,088 11,334,284
Material & suppl 38.130.634 30,313,428
& diva. recv. 4,296,718 8.266,446
Rents receivable
365,423
387,916
Other current
assets
286,375
565,890
Working fund
advances
258,218
192,571
Insur., &c.funds 4,460,085 4,444.869
Other def. assets 8,575,504 2,298,507
Rents & insur.
prem. paid in
138,950
150,161
advance
Disc, on funded
11,008,209 11,424,920
debt
Other unadj.deb 15,606,651 14,845,616
Secur. seq. from
125,001
125,001
lessor cos_ _
Total oper. expenses_ _$11,647,684 $13,269,311 $13,199.308 $13,594.790
Net revenue from oper_ _ 2.381,430 4,046,220 4,169,821
4,460,503
1,023,319
1,013,014
975,394
Taxes
1,080,000
2,443
5,265
6,688
Uncollectible revenues- 4,060
260,534
224,005
Hire of equipment
442,880
160,805
279,842
299,773
Joint facility rents
303,142
284.568
Total other expenses-- $1,728,104 $1,586,069 $1,522,126 $1,529,432
2,647,695 2,931,071
Operating income
653,326 2,460,151
Non-Operating Income
195
151
Income from lease of rd..
165
36,978
36,965
Ism I. rent income_ 38,289
34,614
Miscellaneous non-oper.
25,149
23,621
physical property..- -24,632
23,988
6.683
6,658
Dividend income
6,658
6,170
4,117
280
Income from funded secs
43
9,152
Income from unfunded
90,810
88,367
securities & accounts-69,044
138,200
902
696
Miscellaneous income..-650
1,178
Total gross income_ _ - $792,869 $2,619.388 $2,810,029 $3,144,539
Deductions
9,399
9,061
Miscellaneous rents....
9,574
8,570
Int. on unfunded debt6,213
5,886
17,138
43.834
Misc, income charges--4.230
7,806
4,548
7,347
1,358,175
1,358,175
Interest on funded debt.. 1,386.647
1,426,019
Int. on equip. obligations
338,240
346.674
305.516
309,102
Net income
$903,131 $1,082,426 $1,349,667
def$930,554
Common dividends__(12%)722,016 (12)722,016 (12)722,016 (12)722,016
Bal. carried to credit
$181,115
of profit and loss _def$1,652.570
$360,410
$627,651
Shares of capital stock
1800075,289 1721697132
Total
outstanding (par $100)
60,168
60 168
60.168
60,168
Earns. per sh. on cap.stk
$15.01
Nil
$1.00
$22.43 -V. 132, p. 2381, 2188.
190.948
37,090,531
1930.
1929.
Liabilities
Capital stock _ _504.139,976 468,589,476
Grants in aid of
construction..
166,545
Equip. oblig_ _ _ 76,773,337 76,754,204
Mortgage bonds547,951,000 547,951,000
Misc.obligations 17,560,200 17,581.200
Non-negot. debt
to still. cos.__ 5,019.197 21,600,000
Loans & bills pay 25,000,000 22,000,000
Traffic & car-serv.
balances pay_ 9,480,573 6,197,552
Aud. acels pay.. 23,288,262 24,846,166
Misc, accts. pay. 1,602,506 2,612,330
Interest matured
unpaid
2,463,388 2,485.783
Dividends matured unpaid_
178,431
165.707
Funded debt matured unpaid_
131,090
133,090
Unmatured dividends declared 9,985,150 9,274.136
Unmatured int.
secured
5,295,787 5,268,379
Unmatured rents
accrued
2.730,387 1,229,133
Other current lia7,581.734 5,479.000
bilities
Deferred Habil.. 41,241,278 25,363,008
lined). Credits
Tax liability__ - 17,030,858 12,443,631
Ins, and casualty
2,459,684 2,103,904
reserves
Accrued deprec.
2,395,333 2,055,881
Road
Accrued deprec.
Equipment -.151,804,837 137,118,760
Accrued deprec.
phys.
2,559,982 1,988,198
property
Other unadjusted
credits
52,835,342 30,078,388
Corporate Surplus
Additions to propertythrough Income &surplus 1,790,430 1,541,772
Miscell. tundras. 1,701,055 1,701,050
Profit and loss
Balance
286,783,926 295,010 378
Secur. ace, from
lessor cos125,001
125,001
Total
1800075289 1721697,132
2956
[voL. 132.
FINANCIAL CHRONICLE
Note.
-The System reports from 1927 to 1929, incl., did not deal with
Central Vermont Lines, because they were in the hands of the receivers;
but as the receivership was terminated on Jan. 31 1930, this report includes
the Central Vermont lines for the last 11 months of the past year. In
order to enable a comparison to be made between the figures in this report
GENERAL STATISTICS FOR CALENDAR YEARS.
and those of 1929, the figures in the 1929 report for the 11 months from
1929.
1928.
1927.
1930.
Feb. 1 have been adjusted by inclusion of the figures for the Central
Miles operated
865 Vermont lines.
865
883
883
Statistics
-Profit & Loss Account.
358,713
491,973
Passengers carried
231,893
311,274
-The profit and loss account for 1930 shows:
-Profit on road and equipment sold, $47,816; unrefundable overPass.carried 1 mile
31,174,223 39,338.853 36,729,917 43,482,593 Credits.
Rev.per pass,per mile_ _ 2.741 cts. 2.908 cts. 3.181 cts. 3.263 cts. charges, 312,999; donations, $159,082; miscellaneous credits, $16,768,657
Rev, freight car'd (tons) 7,229,872 7.921,251 7,477,706 7,951,076 total $16.988,554. Debits.
-Debit balance at Jan. 1 1930. $513,294,188
Rev.fr't car'd 1 mile_ _ _1708914625 1802140,820 1829419,103 1931629,299 balance at Feb. 1 1930, Central Vermont By. System, Credit, $1,493,812
Rev. per ton per mile_
0.953 cts. 1.023 cts. 0.986 eta. 0.957 cts. debit, balance transferred from income, $61,287,201; surplus applied to
sinking and other reserve finds, Credit. $540: surplus appropriated for
$25,487
Rev, per mile of road_ _ _
$24,883
$24,765
$21,622
Investment in physical property, $33,724; miscellaneous appropriations
Our usual comparative income account for year ended of surplus, $116,430: loss on retired road and equipment, $18,520,364;
miscellaneous debits, $3,290,861: adjusted of land surplus account, $1,695.
Dec. 31 1930 was published in V. 132, p. 2573.
960; debit balance forward, $579,755,822.
BALANCE SHEET DEC. 31.
COMBINED INCOME STATEMENT FOR CALENDAR YEARS.
[Kansas City Southern By., Texarkana & Fort Smith
-Incl. Eastern Lines.- -Eastern Lines Only.
1930.
1930.
1929.
1929.
1929.
Ry.]1930 1929.
1930.
Liabilities$
$
Assess$
$
Common stock_ 29,959,900 29,959,900 Railway oper. revenues _250,368,998 298,611,504 28.598,553 30,618,007
Invested in road
& equipment_116,841,587 115,852,219 Preferred stock_ 21,000,000 21,000,000 Railway oper. expenses _228,288,022 254,990,854 33,028,516 33,815,382
Kansas City Southern Ry.
(318t Annual Report-Year Ended Dec. 31 1930.)
Deposited In lien
of mortgaged
Property sold_ 4,392,873
768,343
Misc. phys. prop
Inv.In affil. cos.
1.944,507
Stocks
1,448,915
Bonds
Notes
16,366
2,128,024
Advances _
970,963
Other Invest•ts_
Cash
13,218,692
Special deposits_
570,924
Loans & bills rec.
370
Traffic and car
service barces
receivable....
386,159
Net balance recelvable from
254,401
agts. & cond's
583,818
Misc. accts. rec.
Material supp_ 2,053,931
48,395
Int. diva. rec._
14,775
0th. curr. assets
21,342
Work fund adv.
Other def. assets
1,445
Rents Ins. pre75,540
Paid in adv_ _ _
Disc, on funded
248,735
debt
359,852
Other accounts_
Grants in aid of
276,300
construction _
4,817,873 1st M.3% g. bda 30,000,000
1,059,424 Ref.&1mp.M. 58 21,000,000
let M 5A % bids
of Texas & Ft.
1,944,507
1,023,915 Smith Ry- _ __ 10,000,000
12,917 K. C. & GrandviewRyCo.let
1,961,016
mtg. series A_ 3,000,000
8,560,853
6,656,035 Eq. Tr. No. 34
318,000
634% notes__
570,951
864,000
22,694 Equip. Tr. 534s_
Texarkana Union
Sta. tr. ctfs.,
285,000
series A
508,644
MLsc,fund debt_
Traffic & car ser767,733
vice bais. pay.
286,549
670,764 Audited acc'ts &
wages payle-1,532.519
2,064,523
20,505
125,928 Misc. sects. Pay
46,148 Int. & diva, ma570,924
22,050 Lured unpaid_
406 Unmatured dive.
Int. & rents-1,150,442
230,477
64,786 Other cur. liabil.
391,326
Other def. liab_
879,974
234,754 Tax liability- 418,989 Accr.depr.equdy 3,708,890
631,898
0th. unadj. cred
Add'ns to prop.
thru. inc. and
531,948
surplus
Appr. surp. but
829,914
spec. invested
Profit and loss
credit balance 18,398,208
146,347,956 146,925,949
Total
-V. 132. p. 2573.
260,548
30,000,000
21,000,000
10,000,000
2,400,000
851,225
1,721,060
31,466
570,951
1,149,422
322,005
429,745
1,261,312
3,344,427
399,197
524,860
772,076
19,286,104
INCOME ACCOUNT YEARS ENDED DEC.31.
[Including Central Vermont Lines, but excluding the Eastern Lines.]
1929.
1930.
Revenue
-
Freight
Mail
Other
Total
163,859,421
27,536,654
11,488,176
3,085,854
15,800,339
Total
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenues
199,803,828
33,125,162
13,531,364
3,159,663
18,373,478
221,770,445 267.993.497
Expenses
-
39,777,567 48,436,117
43,091,329 49,527,852
7,712,966 7,552,656
96,105,934 108,034,012
2,235.525 2,403,141
7,696,385 7,184,738
1,360.199
1,963,044
Maintenance of way and structures
Maintenance ofequiPment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment-Cr
195,259,507 221.175,472
26,510,937 46,818,025
5,694,012 5,332,078
39,065
50,565
Railway operating income
Revenuesfrom miscellaneous operations
Expenses of miscellaneous operations
Taxes on miscellaneous operating property
-Del
Miscellaneous operating
Total operating income
Rent from locomotives
Rentfrom passenger train cars
Rentfrom floating equipment
Rent from work equipment
Joint facility rent income
Income from lease ofroad
Miscellaneous rent income
Miscellaneous non-operating physical property
Separately operated properties-profit
Dividend income
Incomefrom funded securities
Income from unfunded securities and accounts---Income from sinking and other reserve funds
Contributionsfrom others
Miscellaneous income
20,777,859 41,435,380
2,923,402 2,952,322
2,949784 3.959,968
100,459
83,406
126,841
125,068
1,088,574
prof1,772 prof. 2,479
Total oper.income__ - 15,920,311 36.862.655 df4,730,709 df3,481,672
371,696
Non-oper.income
10,568,841 10,088,057
334,043
285,000
Gross income
26,489,152 46.950,713 df4,359,013 df3,147,628
3,047 Deduct,from gross inc_ - 62.075,046 59,076,189
2,007,143
1,391,214
Canadian National Railway System.
-Year Ended Dec. 31 1930.)
(Annual Report
Passenger
Express
Railway oper.income_ 16,045,379 37.951,230 df4,732,481 df3,484,150
Rev,from misc. oper_ _ _ 3,166,972 2,989,012
243,570
36,691
234,615
Exp.of misc. oper
3,184,399 3,993,265
33,297
7,183
84,322
Taxes on misc.oper.prop.
107,641
916
Misc. oper. (deficit)
381,800
972,000
146,347,956 146,925,949
Total
Net rev,from ry. oper. 22,080,975 43,620,650 df4,429,963 df3.197,375
299,462
Railway tax accruals.. _ - 5,993,474 5,616,692
284,614
Uncoil, railway revenues
3,056
52,727
42,121
2,162
1,091,053
20.651.019 40,344,328
318.990
350,603
668,822
663,542
1,614
2,650
341,522
425,030
1,333,227
1,223,950
21,688
25,226
971,318
956,758
296,456
375,131
569,136
767,732
1.067,172
572.151
1,079,958
798,918
3,379,692 3,128,222
1,039,593
932.925
100,000
106,274
202,453
Net deficit before int. on
Dominion Gov. adv_ - 35,585,894 12,125.476
Int. on Dominion Gov.
32,693,875 32,690.545
advances
6,366,156
4,538,842
626,413
626,413
Net income deficit...- 68,279,769 44,816,022 6,992,569
5,165,255
CONSOL. BALANCE SHEET DEC. 31 (CAN. NAT. RY. SYSTEM).
1928.
1927.
1929.
Assetsx1930.
Inv. inroad as equIp.$2,111,519,813 32,038,398,433 $1,942,146,253 31,914,939,183
3,497.9333,198.264
2,707.483
3,464,459
Imp.on leased ry.prop
16,764.007
13,605,885
17,061,995
19,134,345
Sinking funds
Deposits In lieu of
4,998,617
5,196,173
5,073,405
5,617,557
mtgd. prop. sold_ _
52,071,316
55,488,465
53,816,942
57,178,042
Misc. physical propf 5,235,985
1,516,786
46,241,160
26,723,552
Inv. in affil.cos:Stks.
26,014,392
16,456,592
Bonds
I 8,041,906
8,041,906
Notes
113,847,875
14,098,303
Advances
5,646,258
5,348,073
4,580,097
Other inv. at cost-2,744,245
18,923,376
18,233,300
22,348,866
14,481,438
Cash
22,265,771
10,089,677
47,680,051
6,505,523
Special deposits
2,128
14,804
Loans & bills rec.
Traffic a. car service
1,545,017
1,574,980
1,844,517
1,369,898
balance receivable_
Net balance reedy.
6,951,995
6,211,399
6,006,067
4,705,254
from agents & con_
9,900.769
10,569,981
10,051,758
7,190,868
Misc. accts. recelv_
Dora. Govt., oper.
1,821,472
883,643
1,888,872
def. on East. lines.
40,166,304
42,582,882
40,990,225
42,088,695
Materials & supplies_
368,535
1,230,074
289,858
871,721
Int.& diva. reedy _ _
186,663
130,669
143,867
152,478
Rents receivable- -30,279
771,693
28,617
801,252
Other current assets_
314,571
336,967
266,047
360,921
Working fund adv. 9,288,284
10,480,455
7,941,346
10,583,738
Insurance,&c.Ids..-9,786,521
9,725,567
9,469,990
9,454,900
Other def. assets- --.
Rents & ins. prem.
48,919
287,059
45,633
301,831
Paid in advance_ _ _
196,520
189,710
189,500
189,620
Disc, on cap. stock..,
7,998,957
11,087,025
7,004,553
12,943,599
Disc, on funded debt
5,251,801
3,773,295
4,752,995
4,418,119
Other unadj. debits.
472,244,138
513,294,188
443,912,657
Profit & loss deficit- 579,755,822
$2,924,446,560 32,847,173,107 $2,685,536,564 $2,602,830,854
Total
•
Liabilities
$270,221,124 3270,223,249 3270,245,949 3270,222,749
Capital stock
10,600
10,600
10,600
10,600
Stock nab,for cony
16,730,086
16,841,136
16,603,115
17,026,667
Grants in aid const
Fund, debt held by
977.889,033
981,381,737
1,168,565,863 1,122,559,493
public
Dom. Canada acct._ 1,330,006,076 1,308,684,662 1,290,216,482 1,258,096,742
43,507,750
44,829,600
55,653,542
500
Loans & bills pay-- _
Traffic and car ser,.
6,100,687
4,971,488
4,503,553
3,593,249
balances payable
Aud. accts. & wages
24.407,219
21,459,832
17,440,134
19,075,546
payable
2,820,586
3,297,974
4,983,710
Misc,accounts pay.
2,584,631
7,301,152
8,449,964
7,243,020
8,907,658
Int. matured unpaid573,997
93,127
425,216
111,230
Fund,debt mat.unp.
8,213,999
9,148,642
8,163,706
Unmat.Int. accrued91?::3 .
51
9
4
430,367
377,867
412,235
Unmat. rents accr'd
85,294
72,874
188,124
154,429
Other cur. liabilities7,658
31,139
Liab. for prov. funds
4,483,424
4,800,661
4,520,088
5,004,355
Other deferred 'lab__
1,772,106
2,140,688
2,574,406
1,618,640
Tax liability
9,112,094
10,485,771
10,568,401
7,762,659
Insur.& cas. reserve_
2,361,363
2,407,829
2,681,497
2,280,851
Accrued depre.-Rd_
7,377,883
8,488,322
6,518,410
11,123,176
Accrd depre.-Equip.
950,391
1,036,009
1,138,977
861,959
Accr'd depre.-Misc.
6,108,977
2,441,995
2,827,899
2,421,716
Other inadj. credits_
Add, to prop. thru
1,334,192
611,239
645,018
1,729,890
income& surplus
Funded debt retired •
515,000
583.000
986,000
587,465
through Inc.& our.
717,583
771,926
840.609
638,343
Sinking fund reserve.
2,262,687
2,385,177
2,501,607
2,146,605
Appropriated surplus
11,391,642 10,329,113
$2,924,446,560 $2,847,173,107 $2,685,538,564 $2,602,830,854
Total
32,042.661 50,673,440
1,620,616 4,780,754 -V.132.9. 1216, 844.
52,195
97,403
372,910
359,879
Chicago Indianapolis & Louisville Ry.
13,654
14,920
55,757
89,163
(34th•Annual Report-Year Ended Dec. 31 1930.)
1,821.842 1,320,653
1,289,614
1,303,631
GENERAL STATISTICS, CALENDAR YEARS.
315.882
315,531
1929.
1928.
1927.
271,982
290,681 Average miles Operated- 19N.
650.34
648.09
646.79
650.34
1,362,869
494,025
Operations
50,921,422 45,293,369
562,140
690,735
2,257,622 2,910,198 Passengers c,arrled
412,253
814.538
690,745
594,303 Pass,carried one mile-- 45.379,517 57,675,397 63,575,515 74,985,321
141.601
325,737 Avge. per pass, per mile- 3.305 cts. 3.359 eta. 3.382 cts. 3.324 ets.
8,293,310 9,685,638 9,850,400 9,388,829
73.688
69,826 Rev.frt.(tons) carried
Rev.frt.
(tons)car.1 mil,240,881,157 1509791,397 1535868,367 1479424,408
61,262,399 58,260,075 Avge, per ton per mile
0.949 cts. 0.938 cts. 0.942 eta. 0.961 cts.
Total deductions from gross income
604
601
697
29,219,739 7,586,634
572
Net deficit before int. on Dominion Gov.advances- 32,067.462 32,064,132 Avge, train load (tons).
$2.25
$1.67
$2.17
Earn. per pass. train mi_
$2.31
Gov.advances
Interest on Dominion
$5.66
$5.70
$5.62
Earn, per frt, train mile_
35.50
$27.798
$22,766
$28,362
61,287,201 39,650,766 Earn. per mile of road
$28.511
Net income deficit
Total non-operating income
Gross income
Hire of freight cars-debit balance
Rent for locomotives
Rent for passenger train cars
Rent for floating equipment
Rent for work equipment
Joint facility rents
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Separately operated properties-loss
Interest on funded debt
Interest on unfunded debt
Amortization of discount on funded debt
Miscellaneous income charges
Miscellaneous appropriations of income
APRIL 18 19311
2957
FINANCIAL CHRONICLE
the subsidiary and controlled companies. y After allowing for porportionINCOME ACCOUNT FOR YEARS ENDED DEC. 31.
ate part of provision for renewals and replacements and for income taxes.
1929.
1927.
1930.
1928.11
Operating Revenuesz Reserves for depreciation have been made on all properties in accordance
$11,772,669 $14,167,913 $14,467,994 $14,215,427
Freight
2,492,832 with the renewals and replacements requirements of the bond indentures of
1,499,919 1,937,073 2,137,571
Passenger
494,242
334,445
322.523
312,096 the subsidiary and controlled companies.
Mail
369,921
375,291
390,235 COMPARATIVE CONSOLIDATED BALANCE SHEET AS OF DEC. 31.
269,348
Express
86,624
93,192
82.500
63,713
Misc. pass. train rev---1929.
1930.
1930.
1929.
202.992
204,777
218,167
163,564
Other transport rev_ --AssetsPreferred stock_ 16,253,400 16,253,400
819,628
790.350
820,248 Prop'ty & plant_337,294,415
621,418
Other operating revs---_x45,314,441 42,464,526
312,209,088 Class A stock_ _
Investments_ _
Class 13 stock__ y8,997.063
$14,725,077 $18,078,393 $18,381,006 $18,542,197 Pledged stocks & 20,528,747 12,366,649 Pref.stk. of subs 55,633,234
Total
Operating Expensesbonds (contra) 4,443,967
22,936,881
MaInt. of way & struc_ - $1,668,646 $1,822,785 51,789,592 $1,832,247 Cash, call loans_ 18,870,337 10,058,873 Common stock_ 50,000,000
Debentures
_
Maint. of equipment... _ 3,087,111 3,692,141 3,663,862 3,927,455 Notes receivable 1,050,070 12,236,838 Funded debt of
441,707
_474,061 Accts.
487,176
479,727
459,383
Traffic expenses
receivable 12,200,711
subsidiaries ..l54,743,693
Transportation expenses 5,446,329 6,319,514 6,655,511 6.751.142 Ma 'is & suppl's 5,699,010 11,928,190 Notes payable__ 18,896,930
6,042,351
192,302
183,322
171,933
138.923
Miscell. operations
163,557
123,432 Accts. payable... 5,809,624
436,156 Life ins.,cash val
437,090
445,766
422,707
General expenses
Mark'ble secure. 11,873,151 6,414,123 Accruals
4.747,141
41,502 Due from
30,747
23,125
34,707
Transp.for invest. Cr_ _ _
Pur. contr., &c..
MM.
165,030
$11,188,392 $12,908,741 $13,185,808 $13,571,861
Total
Net rev,from ry. oper _ - 3,536,684 5,169,653 5,195,198 4,970,336
1,075,290 1,065,255
899,592
944,181
Railway tax accruals_ _ 621
2.638
1,376
771
-Uncoil. railway revenue_
Railway oper. income_ $2,591,732 $4,092,986 $4,129,321 $4.068.105
Deduct
764,695
752.206
570,814
719,431
Hire offrt. cars, Dr. bat..
Dr.!
.058
Dr.5,973
Dr.1,018
Rent from equip. (net)_ Dr.16,724
679.121
718,754
673,564
Net joint tacit. rents_Dr 716.817
Net ry. oper. income_ $1,138,760 $2,603,564 $2,696,936 52.822.709
114.662
130,359
172,997
232,812
Non-operating income__
$1,371,571 $2,733,923 $2,811,597
Gross income
Deduct
37,243
40,342
37,131
Rent for leased roads_ _ 5,030
5,030
5,030
Misc.rents & tax accels_
Int. on funded debt- -- - 1,404.988 1.369,049 1,374,033
14,787
2,961
6,050
Int. on unfunded debt- 7,884
8,128
8,625
Miscall. income chargesdef$90.253 $1,308,411 $1,372,620
Net income
7,996,923 7,771,844 x7,548,327
Previoussurplus
74,627
34,438
20,328
Miscellaneous credits_ $7,926,998 $9,114,693 $8,995,575
Total surplus
199,652
199,652
199,652
Preferred divs.(4%)- _ _
-Common dividends----(7%)734,790 (7)734,790 (7)734,790
289,289
183,628
127,904
Miscellaneous debits- _ _
companies _ _ _
Spec. dens., &c.
(see contra)_ _
Payments on Inv
Unamort. bond
discount
Unamort. stock
discount
Prep'd Items, &-c
32,995,705
38,957
5,030
1.374,584
3,759
7.043
$1.566,332
2,346.583
22,646
Total
8,622,457
51,208,397
19,630,310
50,000,000
130,312,552
14,997.168
4,465,922
5,580,168
250,254
2,123,638 Divs. accept. in
1081. A stk. &
1,979,479
Incl. coin_ _
1,479,322
1,351,991
4,771,958 Divs. payable... 1,071,488
711,563
Divs. accrued._
317,692
95,734
14,771,967 13,997,156 Consumers' dep. 1.288,077
1,219,517
Due loaf 'I. cos.
3,007,132 2,759,960 & non-utility
5,018,342 4,382,663
subsidiaries _ _
140,519
167,078
Called bonds,&c
2,641,732
1,272,418
(contra)
Def'd liabilities. 1,612,378
1,465,179
Deprec. reserves 33,191,665 32,195,649
Min.int. In surp. 4,052,816
3,318,246
Surplus, U.P.&
17,827,498 16,253,577
L. Corp
3,744,888
6,235,308
2,219,021
447,120,624 401,836,106
Total
447,120,624 401,836,106
x Represented by 1,488,246 shares class A stock. y Represented by
-V. 132, p. 2389.
1,197,705 shares class B stock.
The Alabama Great Southern Railroad Company.
-Year Ended Dec. 31 1930.)
(54th Annual Report
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1930.
1929.
1928.
1927.
Average miles operated_
315
315
315
315
Passengers carried
349,522
502,566
575,990
612,492
Passengers carried 1 mile 35,849,196 48,839,907 52,933,443 55,735,390
Rate per pass. per mile
3.22 cts.
3.28 eta.
3.33 cts.
3.42 cts.
Revenue tons carried
4,117,608 5,410,240 5,378,559 5.506.045
Profit & loss surplus- - $6,864,654 57,996.623 $7,771,844 $1,780,499 Rev,
tons carried 1 mile_643,798,700 827.034,885 802,676,285 813,611,543
105,000
105 000
105.000
105.000
Shs.com.out.(par $100)0.96 cts.
0.95 cts.
0.96 cts.
$1.59
$11.17
Nil
$13.16 Rate per ton per mile_ _ - 0.96 cts.
Earns. per sh.on com-- _
720.28
794.75
795.16
814.10
x Includes "Investment in road and equipment since Apr. 30 1926" not Av. train load rev. tons_
Gross earnings per mile_
$25,177
$32,888
$32.816
532,097
included in profit and loss account.
previously
CORPORATE INCOME STATEMENT FOR CALENDAR YEARS.
SHEET DEC. 31.
BALANCE
Operating Revenues1930.
1929.
1928.
1927.
1930.
1929
1929.
1930.
Freight
Liabilities-$6,191,961 57,905:373 $7,661,620 $7,801,151
5
Assets
1,155,861
1,600,221
1,762,921 1,906,171
Road equipment_ _53,314,140 52,983,462 Common stock---10,500,000 10,500,000 Passenger
Preferred stock- -- 5,000,000 5.000,000 Mail, express, &c
588,351
785,227
673,881
653,751
Inv. & Mill. co.
Dr1,94.0
Cr45,808
Cr11,886
Dr1,580
417,500 Funded debt
32,355,518 32,076,967 Incid. & it. facil. (net)
Stocks pledged- 417.500
383,167 Loans de bills PSY- 250,000
Stks. unpledged 388,168
Total oper. revenues_ $7.934,232 $10,336,630 $10,110,310 $10,359,494
80,000 Traffic, So., bale- 434,087
544,749
Bonds unpledged 128,970
Operating Expenses13,902 Accounts & wages_ 1,309,529 1,244,943
13,902
Notes
51,700,640 $1,613,945 $1,589,464
3,366,482 3,060,604 Misc. accounts_ -- 210,140
Advances
220.574 Maint. of way & struc__ $1,274,113 '
Maintenance of equip__ 1,707,330 2,097.806 1.966,522 1,974.576
32,619 Unmatured diva.
28,001
Other investments
252,600
declared
64,347
219,987
253,716
267.351
467,221
Misc. phys. prop-64,605
467,221 Traffic
13,354 Int. mat. unpaid
2,599,654 ' 2,913,024 2,947,232 3,156.395
Imp,leased prop-18,308
524,993
523,359 Transportation
72,892
84,026
Unmatured int- _
81,319
90,597
70,518
Dep.in lieu of mtg.
55,310 Miscell. operations
2,701 Deferred liabilities 176,838
285,082
296,943
285.180
276,683
2,701
property sold
200,448 General
362,435 Taxes accrued- _ _
334
1,140
973
7,239
187,011
943,434 1,084,620 Transport, for inv.-Cr_
Cash
1,982
1,921
Loans & bias rec.Material & suppl's 1,063,015 1,188,744
523,359
524,993
Special deposits
34,386
32,818
Traffic,&c., bats.634,526
Miscell. accounts- 661,985
38,032
31,677
Other curr. assets_
Securities issued or
assumed.
3,488,700 3,950,700
Unpledged
731,000
731,000
Pledged
Other unadjusted
1,228,750 1,535,694
debts
Total
65,694,649 66.052,515
$3,935,562
199,652
(7)734,790
1,220,620
Other unadj. items 890,234
969,051
Accrued deprec'n_ 4,579,697 4,146,848
Add'n to property
through inc.& sur 195,483
177,016
Prem. on funded
debt
18,596
2,654
Approp. surp. not
spec. invested._ 903.708
831,833
Prof.& loss bal_ _ _ 6,864,654 7,996,923
Tot-l
a
65,694,649 60,052,515
-V. 131, p. 4212.
Utilities Power & Light Corp.
-Year Ended Dec. 31 1930.)
(Annual Report
CONSOLIDATED CONDENSED INCOMEACCOUNT YRS.END.DEC.31,
1930.
1929.
$52,416,108 $51,453,620
Gross operating revenue
681,282
895,067
Non-operating revenue
Total
Operating expense
x Maintenance
Taxes-exclusive of income taxes
$53,097,390 $52,348,687
22,787,470 22,003,319
3,613.313 3.502,067
3,449,501 3,249,455
Net earnings (before fixed charges
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Other charges and 2% normal tax
$23,247,106 $23,593,845
7,298,939 7,057,125
162.337
200,466
414,709
418,760
147,189
161,988
$15,223,930 $15,755,508
Net income from operations
Divs. on pref. stocks of subs. and controlled cos-- 3.405.918 3,196,063
11,818,012 $12,559,445
Net income (before other deductions)
23,939
401.073
y Surplus net inc. of properties prior to acquisition399,044
609,092
y Minority interest in net income
Total oper.expenses..- $6,158,724 37,342,308 37,163,284 $7,333,077
Net rev,from operations 1,775,508 2,994,322 2,947,025 3,026,417
627,447
778,718
753,995
700.280
Uncollectible revenues
236
841
363
1,373
Hire of equipment
Cr290,194 Cr388,501 Cr495,098 Cr438,981
Joint facility rents
135,161
110.623
148,864
156.437
Operating income_ _ $1,327,268 $2,468,709 82,538,422 52.607,308
Non-Oper. IncomeMiscell,rent income_ _ _ _
$17,464
$15,279
$13,773
$14,090
4,096
7,513
11,844
Misc.non-op. phys.prop.
13,310
Dividends Income
333.216
1,710,545
335,679
333,190
Inc. from funded & un162,422
238,620
funded securities
223,389
264,680
57
Miscellaneous income- 50
137
190
Gross income
$3,221,852 $33,063,387 53,123,246 $33,232,769
Deductions
Rent for leased road_-$19,650
519,650
$19,696
$20,338
223
267
Miscellaneous rents..
252
194
Int, on unfunded debt
2,132
5,943
3,754
2,170
857
963
Miscell. income charges7,336
4,523
423,840
423,840
Interest on funded debt_
423,840
471,597
Int. on equip.obllgatiozu3
81.702
91,863
102,022
112.182
Net corporate income_ 52,693,446 $2,520,861 52,566,342 52,621.764
Preferred dividends_ _ _(14%)473.249 (14)473,249 (14)473,249 (13)439,445
Ordinary dividends-(14%)1,096.200 c14)1096,200(14)1096.200(13)1017,900
Bal, carried to credit
of profit and loss_ -- $1,123,997
$951,412
$996,893 $1,184,419
Earns, per share on 224,207 comb. pf. & ord'y
shs. corn. stk.(parS50)
$12.01
$11.24
$11.44
$11.69
The profit and loss Dec. 31 1930 shows: Credit balance. Dec. 31 1929,
$15.524,903; add credit balance of income for the year 1930. 51.123,997:
total, 5116,648.901; miscellaneous debts, $30,476: special dividend of 12%
on preferred stock $405,642; special dividend of 12% on ordinary stock
$939,600; credit balance Dec. 31 1930, $15,273,183.
BALANCE SHEET DEC. 31.
Taxes
1930.
1929.
Assets$
$
Investment in road
and equipment_34,858,016 33,764,964
Net inc.of oper.cos.(before deprec.& inc. taxes)$11,395.028 $11,549,280
Misc. phys. prop.
89,377
89.012
Other Net income of Utilities Pow. & Lt. Corp.
Inv. in MM. cos.:
and of its non-utility subsidiaries.
Stocks
1,190,996
1,573,557 1,573,557
Interest, discounts and miscellaneous
1,868.698
Bonds
481
481
Net from subsidiaries not utilities, engineering
2,420,283
Notes
299,163
299,163
fees and other net income
1,944,982
Advances
439,622
430,949
Other investments
50
50
Total net Income of Utilities Power & Light Corp.
U. S. Government
and income applicable to corn. stks, owned by
2,747,334 3,255,187
securities
it (before deb. Int., deprec. & income taxes)-$15,006,306 $15,362,960
Cash
1,245,662 2,223,962
Interest on debentures, other interest, amortiza74,130
tion, 2% normal tax on debenture interest, &c-- 2,611.909 2,801,003 Special deposits_ _ _ 606,646
Traffic and car service balance rec. 198,022
166,404
Total net income (before deprec.& income taxes)$12,394,397 $12,561,957
4,256.313 4,133,143 Agents' & conducReserves for depreciation
736
901,244
469
tors' balances_
Provision for income taxes
811,156
507,717
Misc,accts. reedy. 369,433
315,870
$7,236,840 $7,617,657 Materials & supp. 312,526
Total net income
20,786
1,137,738
11,299
Preferred dividends
1,137,738 Int. & dive. reedy.
6,905
3,092,308 2.309,209 Other curr. assets.,
2,821
Class A dividends
1,212,557 1,153,476 Deferred assets
14,420
14,749
Class B dividends
1,869,352
Common dividends
1,024,034 Other unadjusted
158,189
194,028
debits
10
def$75,115 $1,993,200
Surplus
$44.53
Earned per share, preferred-a
$46.87
4.08
Earned per share, class A_a
5.60
0.95
Earned per share, class B_a
1.48
0.95
Earned per share, common_a
1.48
42,927,417 42,938,330
Total
a Based on average number of shares outstanding during year. x Maintenance charged to operations equals the bond indenture reqauirements of -V.131, p. 4212.
Liabilities-
1930.
Total
1929.
$
Ordinary stock.-- 7,830,000
Preferred stock.-- 3,380,350
Funded debt
9,518,000
Equip, trust oblig. 1,575,000
Govt. grants in aid
of construction_
1,958
Traffic & car serv.
balances Payable
61,175
Audited accts. and
wages payable
343,156
Misc. accts. pay'le 165,067
Int. mat'd unpaid_
3,313
Divs. mat'd unp'd 607,264
Unmat'd dive. rec. 236,624
Fund, debt mat'd
unpaid
486
Unmat'd int. neer.
55,832
Unmat'd rents accr. 10,335
Other current liab.
17,587
Deferred liabllitiee
20,389
Taxes
247,276
Operating reserves
84,616
Accrued deprec'n
on equipment 2,919,877
0th. unadj. credits 530,535
Addn's to property
thro.inc.& surp.
45,393
Profit & loss bal_15,273,183
7,830,009
3,380,350
9,518,000
1,776,000
1,958
106,242
446,151
251,173
2,968
74,365
236,625
486
58,510
10,111
23,947
16,604
288,133
96,534
2,690,445
559,432
45,393
15,524,903
42,927,417 42,938,339
2958
FINANCIAL CHRONICLE
Denver & Rio Grande Western R R.
(7th Annual Report
-Year Ended Dec. 31 1930.)
President J. S. Pyeatt says in part:
Operating Rerenues.-Freight revenue decreased 12.58%, with a decrease
of 13.72% in revenue tons carried, losses occurring in practically all classes
of traffic except products of agriculture, which shows an increase due to
larger volume of California perishables transported; products of mines decreased 1,177,050 tons, or 15.59%, principally coal, coke and low grade
ores, due to Industrial depression, increased use of natural gas and crude
oil,and practical collapse of the metal markets; products offorests decreased
126,843 tons, or 24.82%, due to curtailment of building activities; manufactures and miscellaneous decreased 267,553 tons, or 14.48%, due to decrease in output of automobiles and manufactured products.
Passenger revenue decreased 24.57%, 60% of which occurred in local
traffic and 40% in through traffic, due to decrease in travel generally, and
increased use of highway transportation. Mail revenue decreased 29.68%.
practically the amount of back mail pay included in 1929. Express revenue
decreased 13.96%. Other revenue decreased 15.97% account less switching and demurrage receipts.
Operating Expenses.
-Maintenance of way and structures decreased
29.03% due to reduction of charges incident to improvements, and of
'
maintenance work generally to meet existing conditions. Use of treated
ties during the past five years enabled a material reduction in tie renewals.
Maintenance of equipment decreased 15.39% account reduction in
traffic. Traffic decreased 3.20% due to reduction in advertising expenditures. Transportation decreased 10.32% with a reduction of 1.70% in
gross ton miles and 9.84% in net ton miles. Miscellaneous operations
decreased 31.91% commensurate with reduction in hotel and dining car
revenue. General expenses decreased 0.66%, with an increase of $18.298
in payments to pensioned employees.
Railway Tax Accruals.
-Decrease of 9.39% account less Federal income
tax on reduced income.
Hire of Equipment, Net Debit-Decreased $564,338 account surplus of
cars on all lines, and mileage payments on refrigerators used in movement
of increased California perishable traffic.
Additions and Betterments.
-Cost of improvements charged to capital
account was $2,614,692; property retired and not replaced amounted to
$525,489, leaving a net in capital account of $2,089.203. Charges to operating expenses in connection with these improvements amounted to $556.
-
[Vol.,. 132.
May 11930, under which facilities offormer concessionaires were purchased
and operated during the 1930 season.
In connection with rail service, the Rio Grande Motor Way, Inc., also
conducted tourist motor service between Colorado Springs, Canon City,
and the Suspension Bridge over the Royal Gorge.
Generally, the results of motor operations were less favorable than in
Previous years, due to reduction in travel, but, as a whole, satisfactory
returns on the investment were realized.
CLASSIFICATION OF FREIGHT TONNAGE.
(Tons)
Agrieul. Animals. Coal eke.
Forest. Mfrs.,.3:c.
Ore.
9
,1 ,
5.23i.9291,141.392,
1.580.006
,
1929
1,062.584 288,864 6,336,912 1.215,459 511,043 1,847,559
1928
1,015,171 301,579 6,287,910 1,071,806 481,157 1,607,700
1927
952,210 288,417 6,450.190
918,400 497,834 1,539,898
1926
900,435 262.460 6.689,659
967,052 451,930 1,552,961
1925
1,009,418 262,328 6.852,288 1,056,927 398,064 1,424,659
1924
860,927 254,114 6,706,743
961,558 309,851 1,396,247
TRAFFIC STATISTICS FOR YEARS ENDED DEC. 31.
1928.
1927.
1929.
1930.
Average miles operated
2,553
2,558
2,558
2,549
Passengers carried_ _ - 548,991
675,937
398,079
591,881
Pass. carried one mile_ 101.541,186 136,103,328 139,036,945 157,140,181
Rate per pass, per mile
2.60 cts.
2.56 cts.
2.61 cts.
2.53 Ms.
Revenue freight (tons) 9,834,324 11,398.402 10,702,058 10.646,950
Rev.freight 1 m.(tons)2057444,000 2250518,000 2,082207144 2,036281367
Rate per ton per mile_ _ 1.211 cts.
1.298 cts.
1.299 cts.
1.268 cts.
Our usual comparative income account for year ended Dec.
31 was published in V. 132, p. 2573.
GENERAL BALANCE SHEET DEC. 31.
1929.
1930.
1930.
1929.
Assets$
$
$
Inv. in rd. & e0.211,789,407 209,700,203 Common stock_ 62,457,539 62,457,539
Deposits in lieu
Preferred stock_ 16,445,600 16,445,600
of mtgd, propFunded debt_ _ _120,926,060 120,810,000
erty sold
31,955
31.955 Loans & bl.la
Sinking fund.. _ _
Payable
152,424
140,710
1,000,000
Misc. phys. prop
223,901
242,270 Grants in aid of
Inv. in aftil. cos. 7,068,756 2,669,417
construction _
800,312
800,312
Cash
3,682,041 8,017,973 Traf.& car.serv,
Special deposits_
456,745
7,543
bals. payable_
539,718
716,642
-44 new industries were located as follows: Coal and Loans & bills rec
New Industries.
500 And. accts. and
25,831
lumber yards, 11; automobile dealers, 2; vegetable shipping docks. 3; Traffic and car
wages payable 1,636,897 2,325,405
warehouses,4;gas and oil storage plants. 19; beet loaders, 1; miscellaneous,4.
serv. bats. rec. 1,109,653 1,367.592 Misc.accts. pay.
61,510
48,110
Changes in Capital Stock.-Pref. stock outstanding was increased $30,400 Net bats. rec. fr.
Int. mat'd unpd 1,303,990 1,287,222
through conversion, leaving $37,200 yet to be converted.
agts. & cond.
89.978
85,362 Fund, debt mat.
4,000
3,000
unpaid
-Equipment trust certificates, series "A,""B" hit & dividends
Changes in Funded Debt.
roe
75,960
Unmatured
and "C," were reduced $520,000, and payments of $257,340 were made on
1,074,133 1,056.537
accrued
equipment notes during the year. Additional equipment notes amounting Mtn accts. rec_ 1,896,568 1,890,338
3.121.278 3,311,645 Unmatured rents
to $893,400 were issued in part payment for 10 standard gauge mallet Mat'l supplies
59,902
58,166
accrued
37,485
37.800
locomotives. Total equipment obligations outstanding at the close of the Rents receivable
0th. cure. assets
11,011 Unreported pre6,510
year were increased 6116,060 over the preceding year.
36,709
28,775
11,290
pay freight_ _
10,890
Valuation.
-In the annual report for 1929 mention was made of the issu- Work fd. advs
70,542
unadjust66,471
Def'd liabilities_
-S. C. Commission requiring the reporting in detail Otherdebits.... _
ance of orders by the I.
ed
71,842
56,604 Tax liability__ - 2,088,859 2,296,860
of all changes in physical property effected subsequent to June 30 1919
Accrued dorm,
and prior to Jan. 1 1928. This work is progressing satisfactorily.
5,148,195 4,161,450
equipmentMotor Bus and Truck Operations.
-Western Slope Motor Way, Inc., was
774,863
767,877
0th. unadj.cred.
consolidated during the year with Rio Grande Motor Way, Inc., and
Add'ns to prop.
operations are now being conducted by the latter, which is controlled
thru. Income
through majority stock ownership by your company.
302,251
351,119
and surplus _ _
Mesa Verde Park Co. was incorp. March 31 1930 with an authorized
Sink.tund rove 5,624,255 4,396.410
capital stock of 5300.000, of which $40,000 is outstanding, all owned by
P. & L. surplus.. 9.810,933 9,709,469
or for the account of Rio Grande Motor Way, Inc. An agreement sias
made with the Secretary of the Interior covering operation of hotel and
Total
230,111,436 227,581,901
230.111,436 227,581,901
Total
other facilities in Mesa Verde National Park for a period of 20 years from -V. 132, p. 2573.
enteral Corporate anb 3nbegment A635.
STEAM RAILROADS.
Nebraska and South Dakota, and will begin about June 1: The Omaha
is the first road to announce such service for the Twin Cities.
-Class 1 railroads on March 31 had 621.509
Surplus Freight Cars.
Service for
a plus charge basis, with pick-up rates
surplus freight cars in good repair and immediately available for service, ranging from the Omaha will be on pounds, depending on the distance or
Sc. to 25c. per 100
the car service division of the American Railway Association announced. haulage. Delivery rates will be the going charges for draying service in
This was a decrease of 417 cars compared with March 23, at which time the various
contracts for the
communities
there were 621.926 surplus freight cars. Surplus coal cars on March 31 truck service, rather than affected. The road will let
operate its own trucks.
totaled 252.825, an increase of 3.816 cars within a week while surplus box
The Great Western's proposed service provides ordinary less than carcars totaled 298.837 a decrease of 3,524 for the same period. Reports load freight will
be picked up or delivered at store doors of shippers in
also showed 31.644 surplus stock cars, a decrease of 613 below the number the city.
freight rate, will
reported on March 73 while surplus refrigerator cars totaled 14,443, a be assessedA nominal charge, In addition to the regular
-v. 132, p. 2187. 1028.
decrease of 180 for the same period.
Central Vermont Ry., Inc.
-New Officers.
Edmund Deschenes, of St. Albans, Vt., has been appointed Manager and
Comptroller in charge of the operation of the property, and Judge J. W.
Redmond. also of St. Albans, has been elected Vice-President and General
Counsel of the corporation.
Announcement was also made of the resignation of VicePresident George
A. Gaston, who has been in charge of the property. Mr. Gaston, however,
will remain as a director of the company.
Directors elected at the stockholders' meeting are as follows: Sir Henry
Thornton, K.B.E.,of Montreal (President); V.1.Smart, George A. Gaston,
J. W. Redmond, John G. Howland, E. C. Smith. and J. W. Hanley.
V. 130. p. 3345.
Chicago & Alton RR.
-Hearing Postponed to May 4.
-
After two days of hearings on the proposal of the Baltimore & Ohio
RR. to acquire control of the Chicago Sr Alton through a new company
the Alton RR., the I.-S. C. Commission has postponed further proceedings until May 4. The adjournment was taken in order to allow former
Senator James A. Reed, counsel for protesting stockholders, an oppor-V. 132, p. 2755, 1985.
tunity to produce his principal witness.
Chicago & North Western Ry.-New Director.
At the annual meeting of stockholders W.Rufus Abbot, who was elected
a director by the board on April 15 1930, to fill a vacancy caused by the
resignation of Cyrus H. McCormick, was elected a director for a term of
two years.
President Fred W. Sargent stated that additions and betterments in
1930 totaled $16,000,000 while the net increase in funded debt was $1,100,000. During the year the road added 528 new industries to its lines
which in normal times will yield the road an annual revenue of $500,000 to
$750.000.
Abandonment of Branch Line.
The I.
-S. C. Commission March 31 issued a certificate authorizing the
company to abandon its so-called Stiles branch, which extends from Stiles
Junction in a southerly direction for a distance of 2.43 miles, all in Oconto
County, Wis.-V, 132, p. 2756, 1985.
Chicago St. Paul Minneapolis & Omaha Ry.-To
-See Chicago Great Western
Inaugurate Store-Door Service.
RR. above.
-V. 132, p. 1216, 1026.
Chicago Burlington & Quincy RR.
-Holds About 26%
-Earnings.
Chicago Union Station Co.
of Gulf Mobile & Northern Stock-Will Seek Permission to
1928.
1927.
1929.
Calendar Years1930.
$1,183,979 $1,262,852 $1,088,403 $1,448,722
Operating deficit
Acquire Control.
4,913.236 4,753,491
Non-operating income
5.188,060
4,832.732
Gross income
$3,648,752 53,650,384 53,665,088 53.739,338
3.510,384 3,525,088 3,599,339.
Int.. amortization, &c_ 3,508,752
5140,000
$140,000
Net income
5140,000
$140,000
Comparative Balance Sheet Dec. 31.
1930,
1929.
1929.
1930.
Liabilities$
$
Assets$
2,800,000 2,800,000
InvestMts in mad 90,103,121 89,713,948 Capital stock
67,000,000 67,000,000
Cash
2,276,589 2,780.165 Funded debt
Special deposits.... 1,693,544 1,562,142 Non-negotle debt
Traffic and car serto at(flat. cos__ _ 22,527,446 22,624,821
vice balance_ _ _
123 Audited accts. &
.
101
131,348
wages payable
Net bal, receivable
143.138
Illinois Ry.-Interest Payments.
Chicago & Eastern
316 Int. mat'red unpd_ 1,688,544 1,557,142
from agents_ .. _ 216
....The company has set aside cash for the semi-annual interest payment Misc.accts. rec.._ 685,652
666,930 Unmat. dive. deci. 140,000
on the gen. mtge. 5% bonds of 1951. On Dec. 31 1930 there Mat'l & supplies
due May 1
29,167
43,477 Unmet. Int. tweed
29,167
38.
983
were outstanding 532.745.436 of gen. mtge. bonds on which semi-annual Rents receivable
3,871 Deferred liabilities 2,458,993 2,418,381
3,871
interest amounts to $818,635.
Work, fund adv
50 Other defer. Habil_
9,079
150
spring also have been Disc, on fund
Other interest payments due during the coming
280,00G
debt. 1,913.635 1.980.393 Corp.surplus
-V. 132. P. 2574.
provided for, it is stated.
0th. unadj. debts_
110,313
59,625
At the annual meeting of the Northern Pacific Ry. April 14 Charles
Donnelly President, told stockholders that the Chicago Burlington &
Quincy KR.,jointly controlled by the Northern. Pacific and Great Northern
-S. C. Commission soon to
would probably make an application to the I.
acquire a majority Interest in the Gulf Mobile & Northern. The holdings
of the Burlington in the Gulf Mobile & Northern, Mr. Donnelly said, now
amount to about 26% of the preferred and common stocks outstanding.
The intention of this acquisition is to give the Burlington an outlet to
the Gulf ports of Mobile and New Orleans. The Gulf Mobile & Northern
has for some time been an important connection of the Burlington and
-V. 132,
the two roads interchange a large amount of traffic at Paducah.
p. 2577, 2381.
-To Inaugurate StoreChicago Great Western RR.
Door Service.
-
96,775,497 96.861,729
Total
Total
96.775,497 96,861,729
-V. 130, p. 2953.
Two Western roads have announced that they will inaugurate store--Erie RR.
door delivery very soon, which follows the decision of eleven Southwestern
-New Director-Earnings.
carriers on March 20 to initiate a similar service. The roads are the
Robert W. Woodruff has been elected a director to succeed Darwin S.
Chicago Great Western and the Chicago St. Paul Minneapolis & Omaha. Barrett.
The Great Western's service, to commence May I, will include storePresident Charles E. Denny says: "The company will show a net income
door delivery and pick-up service for the City of Chicago, while the Omaha for the first quarter. Earnings in March will more than offset the deficit
road's service will embrace the States of Minnesota, Wisconsin, Iowa, of the first two months."
-V. 132, p. 2756.
APRIL 181931.1
FINANCIAL CHRONICLE
Great Northern Ry.-Gain for Quarter.
-
The company will report net operating income for March of about
$550,000, compared with $506,354 in the corresponding month of last
year, according to Pres. Ralph Budd.
The net operating income for the first quarter of this year will show an
increase of about $274.000 over the corresponding period of 1930, President
Budd said. The increase in the net operating income during January and
February is mainly responsible for the gain during the March quarter over
the similar quarter last year, he explained.
"I think the net operating income for April will be equal to that of April
1930," he continued. "It is impracticable to make any longer forecast,
because so much depends on the trend of business. Earnings continue to
show about 14% decline from the same period of 1930. Business throughout
our territory is correspondingly quiet.
"Compared with 1928 and 1929, when our business was at its peak, we
are not suffering any more from the various competitors than we were
then. There is less transportation business being performed throughout
the country and doubtless in some localities new forms of transportation
are developing more business for themselves. This does not apply to any
considerable extent in the Northwest.
"The Great Northern's faith in the future and its willingness to contribute
toward a return to normal prosperity is evidenced by its recent purchase of
500 steel coal cars of 55
-ton capacity each from the Standard Steel Car
Co. at a cost of $1,250,000."-V. 132, p. 2381. 1406.
Indianapolis Union Ry.-Earnings.Calendar YearsOperating revenues_ ___
Amt. contr. by ten. rds_
1930.
$352,228
2,357,088
1929.
$420,253
2,392,929
1928.
$398,520
2,497,128
1927.
$404,012
2.533,574
2959
Adopts New Steel Rail.
A new steel rail, heavier and much stronger than any heretofore in regular
use on any railroad, has just been adopted by the company, according to
an announcement made on April 15 by Vice-President. Elisha Lee.
The new rail has been worked out to meet the requirements of sustaining
100.000 pound axle loads at speeds of 100 miles per hour, as compared
with maximum present requirements of 80,000 pound axle loads and speeds
of 80 miles per hour. Its weight is 152 pounds to the yard, and it possesses
approximately 75% greater stiffness or strength than the Pennsylvania's
present 130
-pound standard section rail for main line use.
Mr. Lee also announced that in connection with the studies for designing
the 152
-pound rail, the 130
-pound section had been re-designed in such
manner that by the addition of only one pound per yard in weight, a gain of
22% in stiffness or strength has been attained, with substantially no increase
In cost.
A new form of rail splice bar, providing resiliency at the rail joint, greatly
reducing wear of the rail ends, and increasing the quietness and smoothriding qualities of the track was a further innovation disclosed by Mr.
Lee.
-V.132. p. 2756.
Pittsburgh & Lake Erie RR.
-10% Extra Dividend.
The directors on April 15 declared an extra dividend of 10%
($5 per share), payable May 1 to holders of record April 21.
A sunilar extra distribution was made on May 15 1930.
A regular semi-annual distribution of 5% (82)4 per share)
was paid on Feb. 2 last.
-V.132, p. 1408.
Rio Grande Southern RR.
-Rehearing Denied.
-
Total revenue
The I.
$2.709,315 $2,813,181 $2,895,648 $2,937,586
-S. C. Commission has denied a petition from a bondholders'
Operating expenses_ _ _ _ 1,668.028
1,797,300
1,889,461
1,915.051 committee of the Rio Grande Southern Ry. asking reconsideration of the
Taxes, &c
337,095
336,987
323.597
297,844 Commission's recent decision approving sale of stock control of Denver &
Salt Lake (Moffat Road) to the Denver & Rio Grande Western. The
Net operating income_ $704,192
$678,893
$682,588
$724,691 Rio Grande Southern had claimed that it should be included with Denver
Other income (net)- --26,107
26,304
18.323
35,530 & Rio Grande Western at this time.
While the Commission has approved the acquisition of the Moffat Road
Gross income
$730,299
$705,197
$700,911
$760,221 by the D. & R. G. W. the latter has not yet accepted all the conditions
Ded.from gross income..
456,893
450,217
454,553
480,597 attached to the approval. Pending litigation regarding use of the Moffat
Tunnel is one of the obstacles standing in the way of acceptance of the
Net income
$254,981
$246,358
$273,406
-V. 132, p. 487.
$279,624 decision.
Other approp. of income
98,137
94,311
88.583
109,377
Seaboard Air Line Ry.-Receivers Ask Note Issue
Net income
$175,269
$160,670
$157.775
$170.247 Sanction.
Dividends
•
109.306
69,503
30,515
An application for authority to issue and sell $8,000,000 in receivers'
certificates has been filed with Judge Luther B. Way in the U. S. District
Balance,surplus
$175,269
$51,364
$88,272
$139,732 Court at Norfolk, Va., by Leigh R. Powell Jr. and Ethelbert W. Smith,
-V.132.p.845.
receivers, who set forth that they believed it would be necessary to borrow
$8,000,000 during the current year and they were unable to borrow the
Maine Central RR.
-New Directors.
E. M. Graham of Bangor, Me., has been elected a director to succeed money except by the issuance of such certificates.
James It.
by the
Norfolk attorney,
Charles H. Bartlett, resigned. II. H. Murchie of Calais, also was elected court to hear all matters pertaining was appointed special master recomto the application and to make
a director to succeed George A. Curran, deceased.
-V. 132, p. 2577. 2572. mendations to the court on what action should be taken on the a..lication.
The receivers asked the court for authority to issue the $8.11..000 in
Missouri-Kansas-Texas RR.
-New Directors.certificates. $4,000,000 of which are to be sold immediately and the reE.G. Babbage, John W. Hanes and Eugene W.Stetson. all of New York, mainder from time to time as conditions demand, according to the order
have been elected directors, succeeding J. B. Barnes, E. H. Pierce
and of the court.
the late Arthur A. Thompson, of Philadelphia.
The court is asked to make the certificates a prior lien over the Seaboard
The members re-elected were: James I. Bush, M. H. Cahill (President general mortgages, but the application does not seek to displace what are
and Chairman of the board), S. W. Fordyce, John W. Platten,
H. E. known as the underlying or divisional mortgages, under which there are
McGee (Executive Vice-President). M. E. Singleton, Willis D.
-V. 132. p. 2578, 2188.
H.L.Gary, DuBois Young, C. Hale, R.S. Reynolds and Charles D.Wood, now outstanding approx. $32,000,000 of bonds.
Mlles.
-V. 132, p. 2756.
Southern Pacific Co.
-Commission Authorizes $50,000,-
Missouri Southern RR.
-Notes Authorized.
-
000 of Bonds Already Sold to Kuhn, Loeb & Co.
-
The I. C. Commission has authorized the company to issue $50,000,000
-S.
50
-year
% bonds, which have been sold at 944 and int. to Kuhn, Loeb
dr Co.. who are offering them at 98%.
A condition was attached to the approval order whereby the applicant
is enjoined against selling bonds of its subsidiaries, which comprise the
basis for the Southern Pacific Co. issue, without first securing the ComMunising Marquette & Southeastern Ry.-FinalVarn. mission's approval.the issuance and sale of the bonds was given after the
The approval of
The I.
-S. C. Commission has placed a final valuation of $3,034,784
on Commission made some inquiry of the company in which it was required
the owned and used property of the company, as of June 30
to "justify" the price at which the bonds were sold.
1916.-V. 118.
p.551.
The finance director thought that a higher price should have been received for the bonds, but railroad officials advised that the price received
Nashua & Lowell RR.
-Larger Dividend.
for the bonds constituted a good one considering existing conditions in
The directors have declared a semi-annual dividend of 4% on the
-V. 132, p. 2757. 2382.
out- the bond market.
standing $800,000 capital stock, par $100, payable May 1 to holders
record April 15. Previously the company made semi-annual payments of
-New
Terminal RR. Association of St. Louis.
of
3% each.
-V. 125, p. 2143.
Directors.
New York, Chicago & St. Louis RR.
Four and New York Central,
Charles S. Millard, representing the
-Bonds Called.
- has been elected a director, succeeding Big A. Worcester. M. H. Cahill,
It.
Thirty-five ($35.000) 534% s. f. equip. trust certificates of May
have been called for payment May 1 next at 102 and diva., at the 1 1922 President of the M. K. T. RR., has been elected a director. succeeding
Union
Trust Co.. Cleveland, Ohio, or at the Chase National Bank, in the City C. Halle, and Charles T. O'Neal. President of the C.& E. I. RR., has been
of New York.
-V.131, p. 4051.
elected a director, succeeding T. C.Powell.
The I.
-S. C. Commission April 2 authorized the company
to issue a
short-term promissory note or notes for $150,000 to
reimburse stockholders for advances made for construction of an 18
railroad in Reynolds and Shannon counties, Mo., for -mile extension of Its
additions and betterments, and for the purchase of equipment.
-V. 128, P. 1050.
Trackage Rights.
The I.
-S. C. Commission March 30 issued a certificate authorizing the
company to operate under trackage rights over that part of the line of the
Erie RR. extending from the Nickle Plate's present connection with said
line to tracks serving a proposed food terminal, a distance of 0.8 mile,
and over certain delivery, yard, and team tracks within the food terminal,
all in Buffalo, Erie Co., N. Y.
-V. 131. p. 3041.
New York Ontario & Western Ry.-Merger Approved.
-.
A the annual meeting of the stockholders held on April 14, the directors
were voted the power to merge the Ontario Carbondale & Scranton Ry.,
the Wharton Valley RR., and the Pecksport Connecting RR. in case they
find such a move desirable. The N. Y.0.& W. Ry. owns all the stock and
operates these three subsidiaries. (See also V. 132, p. 2188.)-V. 132,
LI• 2382.
Northern Pacific Ry.-Income Reduced.
-
Charles Donnelly, President, says: "Gross revenues of the Northern
Pacific in March were off about $1,250.000 from the $6,625,496
In the corresponding month of 1930. Traffic continues at a rate reported
between
17% and 20% below last year.
,
Better moisture conditions generally are reported in the Northwest,
but there is still some apprehension regarding the small amount of subsoil
moisture in some sections. wheat acreage in the Northwest has been
reduced about 15% below 1930.
"Business conditions in the Northern Pacific's territory continue
One point of activity is the extensive building program which is quiet.
going
ahead in the Twin Cities.
"A meeting of executives of the western railroads is being held in Chicago.
General railroad policies will be discussed. No representative of the I.
-S. C.
Commission will attend the meeting•
At annual meeting. Mr. Donnelly stated that the Chicago Burlington &
Quincy, which is jointly controlled by the Northern Pacific and the Great
Northern, has acquired about 26% of the preferred and common stock of
the Gulf Mobile & Northern. He said that an application probably would
soon be filed with the Inter-State Commerce Commission asking permission to acquire a controlling interest in the G. M.& N.
Asked if there were any stops under contemplation aimed at unification
of the Northern Pacific and Great Northern, Mr. Donnelly stated that
no
such steps are being considered. He also stated that no plans were being
considered for relinquishing the joint control which the Northerns exercise
over the Burlington.
Northern Pacific will report March net operating income about $400,000
below the $758,185 shown in March last year, Mr. Donnelly. said.
-V.
132, p. 1793.
-Increase in Indebtedness by 8150,000,Pennsylvania RR.
000 Approved.
An
PUBLIC UTILITIES.
.-Earnings.American Electric Power Corp. Subs.)
(&
Calendar YearsOperating revenues
Other income
1928.
1929.
1930.
$14,195,480 $13,952,208 $13,503,847
181,815
149,496
166,939
Total gross earnings
$14,377,295 $14,101.704 $13,670.786
Oper.exp.& taxes incl. Fed.inc. taxes 8,986,771
8,876.970 8.496.009
Net earnings
Deduct charges ofsub. companies:
Interest on funded debt
Interest on unfunded debt
Amortization of debt disc. & expense_
Divs. on pref. partic. & corn, stocks
held by public
Interest charged to construction
Net income before provision for
retirement reserves & charges of
A.E.P.Corp
Deduct
-Charges of A.E. P. Corp.:
Interest on funded debt
Interest on unfunded debt
Amortization of debt disc. & expense
Retirementreserve
$5,390,524 $5,224,734 $5,174,777
2.399,829
43,580
132,729
2,235,130
34,971
125.067
2,175,643
48,822
125,536
1.034,864
Cr.22.560
1,042,541
Cr.21.901
1.090.913
Cr.12,774
$1,802.084 $1,808,926 $1,746,637
518,527
32,589
21,275
756,739
432.353
3.758
15,539
618.232
473,463
16.091
13,178
758,532
Netincome
$472,953
Surplus
9,644,796
-Jan. 1
Direct surplus credits
-net
Dr.465,385
Minority interest ofsub. companies....
14,695
$739,044
9.115,951
21.903
$485,372
8.481,109
310.125
Total surplus
$9,667,059 89,876.898 $9,276,607
Divs.on American El.Pr. Corp.stock:
7,822
Divs.on $7 pref,stock series of 1927
25,714
22,101
Divs.on $6 pref.stock series of 1928
210,000
210,000
152.834
Second preferred
18.267
Profit & loss surplus
$9,413.079 $9.644,797 89,115.951
Ras. of corn.stk. outstanding (no par)
200,000
200,000
200,000
Earned per share
$2.53
$1.09
$1.62
-V.132, p. 653,488.
American Telephone & Telegraph Co.
-Earnings.
-
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
Walter S. Clifford, President, says:
increase of $150,000,000 in the authorized indebtedness of the comDuring the first quarter of this year there was a net loss for the Bel
pany was approved by the stockholders at the annual meeting held April System
of 38,500 telephones or Ji of 1% of those in service. In January
14. The directors were instructed to issue bonds or other obligations at
their discretion for additions and betterments to the road and equipment the loss was 28,000; in February. 13,000. There was a net gain of about
as well as to pay off existing debt, until the amount approved was exhausted. 2,500 telephones in March.
Total revenues of the System from exchange and toll business for the
The question will be submitted as a matter of form to a stock vote at the first
quarter were about 1% less than the first three months of 1930, but
annual election on April 28.
substantially larger than for any previous year.
2960
FINANCIAL CHRONICLE
[VoL. 132.
Approximately $105,000,000 was expended on plant additions, better- have previously taken action to similarly extend the expiration date of
ments and improvements during the quarter as compared with $144,000,000 common stock purchase warrants accompanying the $6 cony. pref. stock.
for the same period last year.
Expansion.
The number of stockholders continues to increase and is now 580,000,
Sales campaigns conducted in March by Illinois and Indiana companies
an increase of 12,000 since the first of the year.
-V. 132, p. 2579.
of the Associated Telephone Utilities system to secure new subscribers
American Natural Gas Corp.(& Subs.).
-Earnings.
- resulted in the addition of 6,400 new telephones, it is announced. More
than 16,000 telephones have been added by the system as a whole as the
Calendar Years1928.
1930.
1929.
Gross revenues
$10,737,574 $11,274,522 $10,173,735 result of sales campaigns conducted during the past five months in various
Costs,oper.expenses and taxes
6.168,718 sections of the territory, it was stated. The system now serves 505,000
5,898,293 6,361,373
telephones, more than 10% of all the telephones independently served in
-V. 132, p. 2758.
Gross corporate income
$4,839,280 $4,913,149 $4,005,016 the United States.
Charges ofsub.cos.:Int on funded dt. 1,509,115
1,403,281
1,439,088
Associated Telephone Co., Ltd.
-Bonds, &c., Auth.Interest on unfunded debt
184,549
198,119
258,735
The company has been authorized by the California RR. Commission to
Prov. for deprec., deple. and reissue and sell $2,000,000 1st mtge. 5% gold bonds, series A, due March 1
tirements, set up by management
782,100 1965. The proceeds would be used to retire the outstanding indebtedness
ofsubsidiaries
868,902
841,982
Miscellaneous charges
32,349
1,003 of acquired companies and for additions and betterments.
89,862
The company has also been authorized to sell 65,000 shares of pref. stock
Divs. paid or accrued on pref. stks_
664,159
707,438
at not less than $24 a share,and 9,847 shares of common at not less than $23
Stock div. on common stock of mina share.
-V. 130. p. 4601.
ority holders
8.466
146,690
103,409
Amort. of debt disc.& exps.ofsubs
Atlanta Gas Light Co.
-A new issue of
-Notes Offered.
Increase in equity of minority stock4,361
holders in corn. stk. & surp.of subs
$4,000,000 of 43z% gold notes is being offered by a banking
Net share of minority stockholders
group headed by Harris, Forbes & Co., and including
5,942
in current income of subsidiaries- _ _
$1,426,206 $1,594,296 $1,487,393
Balance
728,442
Int. on funded debt of Am.Nat. Gas_
724,271
761.437
Int. on unfunded debt of Am. Nat.
68,810
90,330
95,456
Gas Corp
147,071
162,352
Amortiz. of debt disc. & exps. of corp_
Halsey, Stuart & Co.Inc.; West & Co.; Chatham Phenix
Corp. and Albert E.'Peirce & Co., Inc., at 98K and int.,
yielding 5.20%.
Dated March 15 1931; due March 15 1933. Int. payable (M. & S.) at
the office of Harris, Forbes & Co.in N.Y.City or at the option of the holder
in Boston or Chicago. Red, in whole or in part on the 15th day of any
month on 30 days' notice at 101 and int. through Feb. 15 1932, thereafter
at 1004 and Int. through Aug. 15 1932. and thereafter prior to maturity
at 100 and int. Denom. $1,000c5 Chase National Bank, New York,
.
Company will agree to pay interest without deduction for any
sur$128,002 sur$215,597 def$328,744 trustee. income tax not exceeding 2% per annum which it may be required
Balance
Federal
Consolidated Balance Sheet Dec. 31.
or permitted to pay thereon or retain therefrom.
1929.
1930.
1929.
issuance.
-Subject to approval of the Georgia P. S. Commission.
1930.
Liabilities-$
$
$
$
AssetsData from Letter of William H. Wildes, Vice-Pres. of the Company.
$7 cum. pref. stk.
Plant, properties.
Business'
-Company incorp. in Georgia. supplies gas to over 49,000
x4,498,200 4,498,200
61,554,081 60,404,473 (no par)
equip., &c
2d preferred stock_ 1,845,410
724,557 customers in the City of Atlanta and adjacent suburban communities,
615,671,
Cash
serving a territory having a population estimated to be in excess of 360,000.
637,687 Com.stk.cap.surp- y498,200
498,200 The
785,812
Unbilled rev. rec
business of the company has been established for 75 years. During
Pref, stock of sub.
102,528
Divs. receivable
companies
10,739,500 10,400,721 March and April of 1930, the company changed from the manufacture and
Notes receivable-, 369,300
distribution of artificial as to the distribution of natural gas, purchased
Accts.receivable-- 1,300,587 1,349,968 Pref,stock subscr.. 339,436 1,369,353 from
Southern Natural Gas Corp. under a favorable long-term contract.
251,996 Pref. stk. scrip. of
Marketable secure.
The change-over to natural gas has been completed and the company's
4,328
Materials &supPs- 1,051,495 1,410,658 sub. co
natural gas sales have shown steady monthly increases.
42,073 Min. stockholders
60,412
Prepayments
Authorized. Outstanding.
Capitalizationequity in corn.
Subsrs. to 63i%
$1.014,625
x$1,014,625
Common stock (par $25)
preferred stock_ 203,751 1,039,075 stk. dr surp. of
600,000
x600,000
1,228 subsidiaries_ _ _ _
91,438
118,418 Preferred stock 6% (par $25)
8,714
Sinking fund cash_
Closed.
583,000
First mortgage 5% gold bonds,due 1947
4,022 Long Term Debt:
Miscell. curnassets
General mortgage 5% gold bonds,due19672,304.000
427,139
166,957 6%% sink. fund
Inv.in &MI.cos_
4,0(*),000
4,000,000
-year
% gold notes,due March 15 1933
10,917,500 11,348,000 2
gold debs
Bonds of sub. co- 800,000
18,682
19,563
Long term debt
Special deposits-x All owned by Southern Cities Public Service Co. y Limited by restricotsub. co's 28,032,400 26,626,700 tive provisions of the mortgage.
Miscell. invests.-76,271
75,771
Oblig. incurred in
Unamortized debt
Earnings.
-The earnings of company for the 12 months ended Dec. 31
connection with
disc. & expense_ 2,283,852 2,420,264
1930, and annual charges after flying effect to the present financing, were
acquis. of props_ 1,132,000 1,132,000 as follows:
903,824
Pref,stock expense 993,504
2,738,516 3,701,100 Gross earnings,including other income
108,603 Notes payable
$2,073,263
Other def. debits- 169,176
535,655 Operating expenses, maint.& taxes(excl:Federal income taxes)- 1,412,724
Accts. payable_ _ _ 361,369
541,877
Taxes accrued---- 535,717
999,693 1,048,298
Interest accrued
$660,539
Net earnings before interest, depreciation, &c
161,350 Annual interest charges on funded debt (inc. this issue)
Cum.diva. accrued 219.222
324,350
25,806
MLscell. accr. nabs.
Following the change from the distribution of artificial gas to the disConsumers' del). &
1930, there was a decline in the comspring
prepayment _ _. 1,477,455 1,425,301 tribution of natural gas in thedue to of increased consumption of gas for
_
the
pany's earnings. However,
Advs.from affil.cos 2,621,909
both domestic and industrial purposes which has resulted from the introRes. for deprec. &
within a relatively short period
duction of natural
depletion
694,656 2,102,562 the earnings will gas, it is anticipated that
substantially exceed those shown above. During the
13,458
11,096 month of
Miscell. reserves
the company sold 206,468,700 Cu, ft. of natural
2,582,483 3.000,918 gas which December 1930,approximately 26% over the amount of artificial
Capital surplus
481,359 gas sold is an increase of
Earned surplus_ _ 478,084
during the corresponding month in 1929.
Purpose.
-To reimburse the company for expenditures made for exten70.820,973 69,751,470 sions
70,820,973 69,751,470
Total
Total
and improvements to the properties and for other corporate purposes.
x Represented by 49,980 shares of no par value. y Represented by
Property -Company's properties include three storage holders with a
651,320 shares of no par value.
combined capacity of 3,330,000 cu.ft. and 610 miles of mains through which
gas is distributed to more than 49,000 customers. Since the introduction
Defers Pref. Div.
of natural gas, the company's gas manufacturing plant, having a rated
The directors have voted to defer the quarterly dividend of $1.75 per daily capacity of 7,500,000 Cu. ft., is not operated regularly, but is mainshare due May 1 on the $7 series cumul. cony. rpef. stock of no par value. tained in operating condition, available for use in the event of a temporary
The last regular quarterly distribution at this rate was made on Feb. 11931. interruption in the supply of natural gas. This reserve manufacturing
The above action was rumored several days ago when it was pointed out capacity assures the company's domestic customers of an adequate supply
that the company would not be in a position to pay dividends until the of gas stall times and thereby assists the company in maintaining its present
Oklahoma Natural Gas Corp., its principal subsidiary, had resumed its satisfactory relations with the public.
dividends.
The distribution system has recently been remodeled and substantial
Dividends from the latter company constituted the chief source of income extensions have been made to provide for the increased business induced by
-V.132, p. 2579, 2383.
for the American Natural Gas Corp.
the sale of natural gas at attractive rates. A numbor of large industrial
consumers have recently been added to the system and 1.109 house heating
-Acquisition.
Appalachian Gas Corp.
installations have been sold during the past eight months. The opportunThe corporation announces that it has acquired from Union Utilities. ities for futher increases in the company's business through the sale of gas
Inc., the entire outstanding common stock of Union Management & En- to industries in the territory now using other fuels, and through the ingineering Corp., operating managers of subsidiaries and affiliate com- stallation of individual house heating units, gas refrigerators, gas water
panies in the Appalachian Gas Corp group. This move consolidates the
appliances, are excellent.
operating structure of the Appalachian Gas Corp. through unification of heaters and other gas
Ownership.
-Company is controlled by Southern Cities Public Service
control, and will result in a saving in management costs.
Co.
-V. 132, p. 309.
The Union Management & Engineering Corp. was organized in 1928 to
manage both natural and manufactured gas properties. Under its super-ReorganizaAtlantic Public Service Associates, Inc.
-mile pipe line of Memphis Natural Gas Co. was constructed,
vision the 210
-V.131,
-See Atlantic Public Utilities,Inc.,below.
which company has since become one of the most successful in the industry. tion Plan.
which has its source in the Monroe field of Louisiana, was p. 2693.
The pipe line,
built in record time, construction operations being started on Sept. 7 1928,
gas being turned on in Memphis on Jan. 1 1929, 125 days later.
-Reorganisation Plan.
Atlantic Public Utilities, Inc.
Natural gas companies under supervision of the Union Management &
Engineering Corp. are: Ohio Valley Gas Co., Ohio Southern Gas Co., A plan and agreement of reorganization of the company and
Kentucky Gas Co., Wayne United Gas Co., Memphis Natural Gas subsidiary companies has been approved and adopted by
Ohio
Co., Allegheny Gas Corp. Texas Gas Utilities Co., Commonwealth Gas
Corp. and West Virginia'
Gas Corp., constituting the Appalachian Gas the reorganization committee and the committees repre-V. 132, p. 2757.
Corp. group.
senting the holders of the several classes of securities menBalance to Cons. earned Burp. acctDivs.on pref.stk.Am. Nat. Gas Corp.
Divs. on pref. stock of subsidiaries_
$606,479
478,477
$580.177
364,580
$543,070
349,891
521,923
-Earnings.
Arizona Edison Co.
12 Months Ended Feb. 28Gross revenues
Operating expenses
Gross corporate income
-V. 132, p. 1408. 654.
1930.
1931.
$1,899,167 $1,809,458
1,182,542
991,947
$716,627
$817,511
-Extends Date for Deposit
Associated Gas & Electric Co.
of Rochester Central Power Corp. Securities.
H. C. Hopson, V.-Pres. & Treas., on April 15, in a notice to the ManuCo., W.C.Langley & Co.and Bonbright & Co., Inc.,states:
facturers
"In accordance with your request, we have extended to the close of business on Monday. May 18 1931, the period for the deposit of RochesterCentral Power Corp. 5% gold debentures, series A, due 1953, and 6% cum.
Pref. stock in exchange for our securities. The holders of a very substantial
proportion of the securities of Rochester-Central Power Corp. have already
taken advantage of the exchange,privilege-nearly enough to make the
exchange automatically operative.' (See also V. 132, P• 487.)
Earnings.
-
'or income statement for 12 months ended Feb. 28 1931 see "Earnings
-V. 132, p. 2758, 2383.
Department" on a preceding page.
--Extends Conversion
Associated Telephone Utilities Co.
Date for Preferred Stock.
The stockholders at the annual meeting voted to amend the company's
charter, extending from Dec. 31 1931 to Dec. 311932. the period in which
the $6 cony. pref. stock may be exchanged for two shares of common stock.
After that date the stock may be exchanged for 1 2-3 shares. The directors
•
tioned below. Eastern States Public Service Corp., United
American Utilities, Inc., and A. E. Fitkin, individually,
as the holders of notes and other obligations of Atlantic
Public Utilities, Inc., and its subsidiaries have also approved
and adopted the plan and agree to be bound thereby.
-Gerald W. Peck, Chairman (Emery, Peck
Reorganization Committee.
James T. Woodward (Spencer Trask &
& Rockwood Co.), Chicago,
Co.), New York; A. S. Cummins (H. M. Byllesby & Co.), Chicago; A. E
Fitkin, New York; E. L. McBride (A. B. Leach & Co., Inc.), New York;
with C. F. Boake, Sec. 208 South La Salle St., Chicago; and Chapman
and Cutler, Counsel, Ili West Monroe St., Chicago.
Depositaries.
-The Chase National Bank of the City of Now York and
Continental Illinois Bank & Trust Co., Chicago.
Approval of Plan and Agreement by Various Committees.
The following committees have also approved and adopted the plan
and recommended its adoption by the respective classes of securities,
obligations, claims and stock which they represent.
(1) Committee Representing Holders of First Lien 534% Gold Bonds,
Series A and Series B of Keystone Water Works & Electric Corp. (Formerly
-A.S. Cummins,Chairman (II. M.Byllesby
Keystone Water Works Corp.)
& Co.), Chicago; W. B. Prickitt (A. B. Leach & Co.. Inc.), Chicago;
Ray L. Junod (Continental Illinois Co.), Chicago; Franklin J. Stransky
(Shns, Godman, Stransky & Brewer), Chicago; Charles H. Adams (Union
Guardian Trust Co.), Detroit; Freeman Day (Mayer, Meyer, Austrian &
,
Platt), Chicago; and Waldemar de Bille (Utility Bond & Share Co.),
Chicago; with C. IT, O'Reilly Sec., 231 South LaSalle St., Chicago; and
Counsel. 231 South LaSalle St., Chicago
Mayer, Meyer, Austrian &
Depositary.
-Continental Illinois Bank & Trust Co., 231 South LaSalle
.
St., Chicago. The sub-depositary is Guaranty Trust Co., 140 Broadway,
New York.
APRIL
18 1931.]
FINANCIAL CHRONICLE
(2) Committee Representing Holders of Convertible 6% Gold Debentures, Series A and Series B of Keystone Water Works 8:, Electric Corp.
Edward L. McBride. Chairman (A. B. Leach & Co.); Harold E. Au!
(C. H. Huston & Co.); Chester C. Levis (H. M. Byllesby & Co.); New
York; Gerald W. Peck (Emery, Peck & Rockwood Co.). Chicago; and
Frederick Y. Toy (F. Y. To & Co.), New York; with Paul W. Fisher,
Sec., 57 William St. New York; and Chadbourne, Stanchfield & Levy,
Counsel, 25 Broadway, New York.
-American Trust Co. 135 Broadway, New York. The
Depositary.
sub-depositary is Foreman-State Trust and Savings Bank, 33 North
LaSalle St., Chicago.
(3) Comniittee Representing Holders of $6.50 Cumulative Preferred Stock
of Keystone Water Works 8e Electric Corp.-Douglas G. Wagner. Chairman,
(A. B. Leach & Co., Inc.), New York; Gerald W. Peck (Emery, Peck &
New York;
Rockwood Co.), Chicago; Frederick Y. Toy (F. Y. Toy & Co.),o
Arthur L. Chambers (A. L. Chambers & Co. Inc.), Buffalo; and Milton
'
S. Trost_ (Stein Bros. & Boyce), Louisville, Ky.; with Paul W. Fisher,
Sec., 57 William St., New York; and Elmer W. Maher. Counsel, 46 Cedar
St., New York.
-American Trust Co., 135 Broadway, New York.
Depositary.
(4) Committee Representing Holders of Class A Stock Without Par Value
-C.F. Boake, Chairman (Emery,
Of Keystone Water Works & Electric Corp.
Peck & Rockwood Co.), Chicago; Harold E. Au!(C. H. Huston & Co.),
New York; N. P. Zech (R. E. Wilsey & Co., Inc.), Chicago; Frederick A.
McCord (Frederick Pierce & Co.), Philadelphia; and Frank S. Townsend
(Townsend & Co.), San Francisco; with William H. Short, Sec.. 111 West
Monroe St., Chicago;and Chapman and Cutler, Counsel, 111 West Monroe
St., Chicago.
-Foreman-State Trust & Savings Bank, 33 North LaSalle
Depositary.
St., Chicago.
-Year 6% Convertible Secured
(5) Committee Representing Holders of 10
Gold Bonds Series A of North American Water Works & Electric Corp.
N. P. Zech, Chairman (R. E. Wilsey & Co., Inc.), Chicago; Harold E.
Aul (C. H. Huston & Co.), New York; Erno B. Pletcher (Dangler, Lapham & Co.), Chicago; James G. Fisher (Pearsons-Taft Co.),; A. V. Howell
(Howell, Anderson & Co.); Otto Kasper (Kasper American State Bank);
C. F. Boake (Emery, Peck & Rockwood Co.). Chicago; with William H.
Short, Sec.111 West Monroe St.. Chicago; and Chapman and Cutler,
Counsel, 11'1 West Monroe St., Chicago.
-Foreman-State Trust & Savings Bank, 33 North LaSalle
Depositary.
St., Chicago. The sub-depositary is City Bank Farmers Trust Co., 43
Exchange Place, New York.
(6) Committee Representing Holders of Class A Common Stock Without
-C. F. Boake,
Par Value of North American Water Works & Electric Corp.
Chairman (Emery, Peck & Rockwood Co.), Chicago; Harold E. Aul
(0. H. Huston & Co.), New York; Clyde H. Andrews (Porter Fox & Co.),
Chicago; J. R. Kimbark (Dawes St Co., Inc.), Chicago; W. E. Chambers
(Patterson, Copeland &Kendall. Inc.), Chicago; Frederick Y. Roy (F. Y.
Toy & Co.), New York; with William H. Short, Sec., Ill West Monroe
St., Chicago; and Chapman and Cutler, Counsel, 111 West Monroe St..
Chicago.
Deposilary.-Foreman-State Bank & Savings Bank, 33 North LaSalle
St., Chicago.
(7) Committee Representing Holders of First Lien and Secured 53i%
Gold Bonds, Series A. of Atlantic Public Serirce Associates, Inc. (Formerly
Atlantic Public Service(Jorp.)-James T. Woodward, Chairman (Spencer
Trask & Co.); Howard K. Kirk (H. M. Byliesby & Co.), New York;
Gerald W. Peck (Emery, Peck & Rockwood Co.), Chicago; Charles A.
Coolidge Jr.(Ropes, Gray. Boyden & Perkins), Boston; and A. M. Massie.
New York; with Charles w. Devoy, Sec.. 44 Wall St., New York; and
Ropes, Gray, Boyden & Peitkins, Counsel. 50 Federal St., Boston.
Depositary.
-The Bank of America National Association, 44 Wall St.,
New York. The sub-depositary is Chicago Trust Co., 134 South LaSalle
St. Chicago.
-Year 6% Gold Debentures of
) Committee Representing Holders of 15
-Gerald W.Peck, Chairman (Emery,
Atlantic Public Service Associates, Inc.
Peck & Rockwood Co.), Chicago; Frederick A. McCord (Frederick Pierce
& Co.), Philadelphia; Harold E. Aul (C. H. Huston & Co.), New York;
'Erno B. Pletcher (Dangler, Lapham & Co.); Donald E. Nichols (Gorrell
& Co.; N. P. Zech (R. E. Wilsey & Co., Inc.); A. V. Howell (Howell,
Anderson & Co., Chicago; with William H. Short, Sec., Ill West Monroe
St., Chicago; and Chapman and Cutler. Counsel, 111 West Monroe St.,
Chicago.
0
Depositary.
-Chicago Trust Co., 134 South LaSalle St., Chicago. The
.aWilmV
g
( eri
sublecitai ee Repberertiin'rull j
o
un ty is Hi resnia 'i
One
-Year
-Gerald W.
Gold Bonds, Series A of Atlantic Public Utilities, Inc.
Peck, Chairman (Emery, Peck & Rockwood Co.); Clyde H. Andrews
(Porter Fox & Co.); A. V. Howell (Howell, Anderson & Co.), Chicago;
and Harold E. Aul (C. H. Huston & Co.), New York; with William H.
Short, Sec. 111 West Monroe St., Chicago; and Chapman and Cutler,
Counsel, 11:1 West Monroe St., Chicago.
-Chicago Trust Co., 134 South LaSalle St., Chicago.
Depositary.
Neerweark.
'
An introductory statement to the reorganization plan
says in part:
Atlatnic Public Utilities, Inc.(Del.), is a holding corporation owning
and controlling, directly or indirectly through subsidiaries, a considerable
number of corporations operating electric light, water and gas utility
properties, and also ice properties, and an interurban railway system and
bus line. The plants and properties thus controlled are located in Maine,
New Hampshire, Massachusetts, Connecticut, Pennsylvania, Virginia,
Arkansas, North Carolina, South Carolina, Georgia, West Virginia, Ken
tucky, Ohio, Indiana, and Illinois. Business has been conducted through
approximately 90 subsidiary operating companies. Many of these subsidiary operating companies are in turn controlled by subholding companies,
which in turn am subsidiaries of Atlantic Public Utilities, Inc. The principal subholding companies so controlled through stock ownership by
Atlantic Public Utilities, Inc. are: Atlantic Public Service Associates, Inc.
(formerly named Atlantic Public Service Corp.), Keystone Water Works
dz Electric Corp. (formerly named Keystone Water Works Corp.), North
American Water Works & Electric Corp., Maine State Water & Electric
Co., Cleveland Southwestern Co. and Union Water Works Co.
The Atlantic Public Utilities, Inc. and its subholding companies, namely
Atlantic Public Service Associates, Inc., North American Water Works &
Electric Corp., Keystone Water Works & Electric Corp., Maine State
Water & Electric Co., Union Water Works Co., and Cleveland Southwestern Ry. & Light Co., had outstanding on July 31 1930, an aggregate
of approximately $31.000,000 of bonds, notes, and debentures in the
hands of the public, and these companies and various of the subsidiary
companies also have outstanding large amounts of demand notes, many of
which are collateral security to notes of Atlantic Public Utilities, Inc. and
of various of its subholding companies.
Receiverships.
-In July 1930, the financial condition of the system had
become such that the then controlling management deemed it inadvisable
to make further payments of interest and principal on maturing obligations
of Atlantic Public Utilities, Inc. and its various subsidiaries, and accordingly applied, in the State Courts of Delaware for the appointment of
Public Service Assoreceivers of Atlantic Public Utilities,
Inc.'
Works &
ciates, Inc., and North American WateWorks& Electric Corp., and on
July 29 1930, the Delaware Court of Chancery appointed C. A. Southeland
and R. J. Ritchie, receivers. The same persons were on Sept. 10 1930.
appointed by the same court receivers of Union Water Works Co. In
further proceedings in said court, C. A. Southerland, R. J. Ritchie and
Z. E. Merrill were appointed on Aug. 21 1930, receivers of Keystone
Water Works & Electric Corp., and W. H. Sawyer was appointed an
additional co-receiver by said court for Atlantic Public Service Associates,
Inc. Receivers have also been appointed for Southern Public Service CO,
Carolina-Georgia Service Co., and of the Cleveland Southwestern Ry. &
Light Co.
-Following the
Defaults in payments of interest, principal and dividends.
appointments of the receivers, payments of maturing principal and interest
on outstanding bonds, notes and funded obligations of the Atlantic Public
Utilities Inc. and its subsidiary, subholding and operating companies
(except in a few cases involving small amounts of locally held obligations)
ceased, and no dividends on any outstanding stock have thereafter been
Paid. In consequence, defaults have occurred in the payment of principal
and (or) interest on the outstanding funded obligations of Atlantic Public
Utilities, Inc. and its subholding and subsidiary corporations. During
the receiverships, properties of the Paducah Water Works Co. have been
sold and the proceeds applied for the purpose of payment of outstanding
bonds and obligations of that company and for retirement of
_preferred
stock held by the public, and the properties of the Stanford Water Co.
have also been sold and the proceeds applied toward payment of obligations for a contingent tax reserve fund and distribution on stock held
2961
by the public. In addition certain other minor sales of some physical
property of some subsidiaries have been made in the ordinary course of
business.
Bonds and Stocks to be Adjusted Under the Plan.
(a) Bonds*Held by Public.
Atlantic Public Utilities, Inc. 1-year 6% cony, bonds due Aug. 1
1930
1,500,000
5
-year 6% coupon notes Jan. 1 1921:
294,000
Atlantic Public Service Associates, Inc. 1st lien & sec. 53.is 1953_ _4,938,000
0
15
-year 67 gold debentures 1943
2,000,000
North Am, Water Wks. & El. Corp. 10
-year 6% cony, secured
bonds ser, A 1938
2,789,000
Keystone Water Wks.& El. Corp. 1st lien 534s ser. A 1952
4,000,000
1st lien 5s ser. B 1948
4,355,000
Cony. 6% debs. ser. A 1942
1,144,500
Cony. 6% debs. ser. B 1939
2,200,000
(b) Stocks
Atlantic Public Utilities, Inc.ser. A $7 cum, pref. stk.(no par)--13,330 she.
'
Atlantic Public Service Associates, Inc. $7 cum. pref. stock
14,025 shs.
series A (no par)
North American Water Works & El. Corp. $7 cum. pref. stock
18,789 she.
(no par)
25,320 she.
Class A common (no par)
13,795 shs.
Keystone Water Wks.& El. Corp.$6.50 cum. pref.(no par)
13,500 shs.
Class A common (no par)
Bonds and Stocks to be Eliminated Under Plan.
(1) Bonds
Southern Public Service Co. let mtge.& Coll. lien 6% gold bonds
$1,081,000
ser. A 1943
Carolina-Georgia Service Co. 1st mtge.sink.fund 6% gold bonds
1,027,000
ser. A due 1942
348,000
5
-year secured 634s 1932
-year gen. & consol.
Cleveland Southwestern Ry. & Lt. Co. 30
926,800
mtge. 58 ser. A 1954
52,000
Purchase money 6% cony, trust ctfs
1,450,000
Union Water Wks. Co. 1st lien 53 ser. A 1942
is
(2) Stocks
57,251 she.
Atlantic Public Utilities, Inc. class A $2 cum.(no par)
189,271 she.
Class B (no par)
5,090 she.
Cleveland Southwestern Co. 5% cum. pref
2,545 shs.
Common
5,299 she.
Corp. cl B corn.(no par)
.
North American Water Wks.& El.
10,000 she.
Maine State Water & El. Cos.com.(no par)
3 she.
Shenandoah River Power Co. 7% pref
1,074 she.
Class A common
5,525 she.
Carolina-Georgia Service Co. $7 cum. pref
150 she.
Common
75 she.
Roanoke Ice Delivery, Inc. common
Securities Provision for Payment Whereof Has Been Made Out of Sales of
Issued Such Securities, or Securities which
Property of the Company which
Have Matured Subsequent to July 31 1930 and Have Either Been Paid or
Will be Paid on Consummation of Plan.
(1) Bonds
$13,500
Ellicott City Water Co. misc. 6% mtge. notes
590,000
Paducah Water Wks. Co. 1st mtge. 6s 1952
200,000
1st mtge. 5s 1952
210.000
Gen. & ref. mtge. 55
10,000
Guilford Water Co. 1st 5s Aug. 1 1930
(2) Stocks4,500 she.
Paducah Water Wks. Co. 6% prof
3,829 she.
Sanford Water Co. common
Securities to be Undisturbed Under Plan.
(1) Bonds$57,500
City Water Co. gen. 1st mtge. 6% bonds 1932
35,000
Oxford Water Co. 1st mtge. 5% gold bonds 1937
44,900
Be! Air Water & Light Co. let mtge. 5s 1944
110.000
Catlettsburg, Kenova & Cored° Water Co. 1st consol. 5s 1933
215,000
Gen. mtge. 6% serial bonds, due 1929-1957
80.000
Edwardsville Water Co. 1st mtge. 530 1945
Northampton Consolidated Water Co. (So Eastern Water Co.):
90.000
1st mtge.
dsds, due June 1 1932
26.000
2d mtge. 5 bon, due June 1 1932
8,500
Ref. mtge. 5 0 bon, due July I 1951
bonds
538.600
Ref. mtge. 6% bonds, due April 1 1954
98.000
Eastport Water Co. 1st mtge. 5s .1944
500
Norway Water Co. 1st mtge. 5s 1951
250,000
Penobscott County Water Co. 1st mtge. 6s 1942
1,500
Stockton Springs Water Co. let mtge. (is 1946
16,500
Presque Isle Water Co. 1st & ref. 5s 1931
9,500
Sangerville Water Supply Co. let mtge. 5s 1931
61,000
1933
Skowhegan Water Co. 6% notes
36,000
Southwest Harbor Co. 1st mtge. 5s notes
Stocks-es
(2)
3 she.
Grafton Water Co common
166 she.
Hampton Water Works Co.6% preferred
2 shs.
Common
13 she.
Indiana Light & Power Co. 7% cum. preferred
14 she.
Millbury WaterCo.6% cumulative preferred
5 she.
Common
126 she.
Mystic Valley Water ?".o. common
2 she.
New Sweden Light & Power Co. common
15 she.
Ohio Northern l'ublic Service Co. common
36 she.
Salisbury Water Supply Co. 6% cumulative preferred
40 she.
Bel Air Water & Light Co. common
145 shs.
Eastport Water Co. common
8 she.
Guilford Water Co. 6% cumulative preferred
2 she,
Hartland Water Co. common
50 she.
Mars Hill & Blaine Water Co. 6% cumulative preferred
9 she.
common
Norway Water Co.
1 sh.
Waldoboro Water Co. common
* The amounts here shown are of securities held by the public and do
not include securities held by the parent, subsidairy or affiliated companies
or which are pledged for loans of such companies and which loan obligations
are either to be acquired by the reorganization committee or the First
Holding Co. or paid under the plan.
Method of Reorganization.
In carrying out the plan, two new corporations are to be formed under
the laws of Delaware, with such names as the reorganization committee
may determine, one of which corporations "First Holding Co.") is to
acquire directly or through one or more subsidiary holding companies, as
the reorganization committee may approve, all shares of capital stock of
the various operating companies controlled by Keystone Water Works &
Electric Corp., Atlantic Public Service Associates, Inc., Maine State
Water & Electric Cos., Central Atlantic Water Works & Electric Corp.'
and the capital stock of Kanawha Gas & Utilities Co.. nd also certain
notes and obligations which are obligations (direct or Otherwise) of companies included in the plan.
Arrangements, however, will be made for disposing of the capital stock
and (or) assets of the following subsidiaries of Atlantic Public Service
Associates, Inc. viz.: Atlantic Flour Mills, Inc., Southern Public Service
Co. (carrying With it its interest in the stock of Carolina-Georgia Service
.
Co. and Roanoke Ice Delivery, Inc.), and also of the following subiz.:Corbin Ice &
sidiaries of Keystone Water Works & Electric
Corp...
Beverage Co. and Eastern Carolina Service Corp. The properties of
Paducah Water Works Co. having been sold, the First Holding Co. will
acquire with respect thereto only such value, if any, as may appertain to
the common stock of such companh owned by Keystone Water Works &
Electric Corp. The First Holding Co. also will dispose of any stock it may
acquire of the Cleveland Southwestern Co. and Union Water Works Co.
In lieu of the First Holding Co. acquiring any of the stocks of the above
mentioned companies to be immediately disposed of, the reorganization
committee may acquire all or any of such stocks in such manner as it may
determine, and dispose of same for such price as it may determine. This
plan contemplates that there will not be retained in the new system controlled by the First Holding Co. any ice properties (with minor exceptions)
now constituting a part of the Atlantic Public Utilities, Inc. System.
The second corporation to be organized ("Parent Holding )ompany")
will acquire all of the outstanding authorized voting common stock of
the First Holding Co. The First Holding Co. and(or) the Parent Holding
Co. may acquire all or any part of the outstanding securities and obligations of and(or) claims against any of the present companies included in
the Atlantic Public Utilities, Inc., system, whether of Atlantic Public
Utilities. Inc., or of any subholding or subsidiary =Many of Atlantic
70
2962
FINANCIAL CHRONICLE
Public Utilities, Inc., in such manner and for such consideration as the
reorganization committee may determine. The reorganization committee
is empowered to effect such mergers or consolidations of subsidiary or
affiliated companies as it may deem advisable, and to organize or utilize
one or more subsidiary or affiliated companies as it may deem advisable,
and to organize or utilize one or more subsidiary or affiliated companies
for the purpose of acquiring or holding any of the properties or securities
subject to reorganization or adjustment or acquired under the plan, but
in any such event, all of the stock of any such company or companies
(except directors' qualifying shares) shall be acquired by the First Holding
Co. It is intended that the stocks and(or) securities of subholding and
operating companies necessary to be acquired for the carrying out of the
plan may be acquired in whole or in part under the direction of the reorganization committee through foreclousre decrees or collateral sales, or receivership sales or other court proceedings or in any other manner. The
reorganization committee is also empowered to enter into agreements with
the several committees representing bonds, debentures, securities, claims
or obligations to be adjusted under the plan, or the holders of any such
bonds, stocks, securities, claims or obligations for the purpose of effecting
exchanges or releases of properties or securities, claims, or other obligations,
or for the purpose of effecting adjustments which may be required by any
such committee, or any such holders as a condition of their approval and
adoption of the plan.
CAPITAL STRUCTURE OF THE FIRST HOLDING COMPANY.
(Based upon deposit of all securities dealt with and to be adjusted
under the plan.)
DescriptionAuthorized. xlssued.
1st lien & coll. trust 534% bonds (series A)144,500,000
General lien & coll. trust 5;6% bonds
$12,40,000 c12,058,500
$5.51 prior pref. stock (no par), 40,852 shares to be
1st presently issued
60,000 abs. c3,676,680
Preferred stock (no par), 55,752 shares to be
presently issued
60,000 shs. c3,010,608
y Common stock (no par), 49,922 shares to be
60,000 shs. c4,992,123
presently issued
a Unlimited in amount. Additional bonds may be issued in series
bearing different maturity dates, rates of interest, &c., under the restrictions of the trust indenture, which is to be approved by the reorganization
committee.
b The initial Issue of these bonds may be such amount in excess of$4,500,000 as the reorganization committee may determine to be advisable in order
to provide additional moneys for the cash requirements of the plan.
c This amount and the number of shares representing the same are subject to reduction, dependent upon the final amount necessary to be used
in consummating the plan.
x Principal amounts of bonds and stated value of stocks presently to be
Issued.
y The Parent Holding Co. shall acquire all of the issued common stock
of the First Holding Co.
CAPITAL STRUCTURE OF THEPARENT HOLDING COMPANY.
(Based upon deposit of all securities dealt with and to be adjusted
under the plan.)
DescriptionAuthorized. xIssued.
Prior pref. stock (no par), 39,853 shares to be
presently issued
50,000 shs. 631,434,708
Class A pref. stock (no par), 23,550 shares to be
presently issued
25,000 shs.
6635,850
Class B preferred stock (no par), 16,135 shares to
•
25,000 shs.
be presently issued
b306,565
Common stock (no par), 104,600 shares to be
presently issued
150,000 sbs, a2,615,000
a The number of shares and(or) stated value of this common stock may
bdincreased in order to provide additional moneys for cash requirements
of the plan.
b This amount and the number of shares representing the same are subject to reduction, dependent upon the final amount necessary to be used in
consummating the plan.
x Stated value of stocks presently to be issued.
Treatment of Bonds, Debentures, Stocks and Obligations To Be
Adjusted Under the Plan.
(1) Keystone Water Works & Electric Corporation.
,
(a) The holders of $8,355,000 1st lien 535% gold bonds, series A and
series B, will be entitled to receive under the plan like amounts of general
Hen & collateral trust 5 % gold bonds of the First Holding Co.;
b)( The holders of $3,344,500 of outstanding convertible 6% gold debentures, series A and series B, will be entitled to receive for each $1.000 of
such debentures 10 shares of prior preferred stock of the First Holding Co.;
(c) The holders of the outstanding 13,794 shares of $6.50 cumulative
preferred stock will be entitled to receive for each share of such stock
1,share of the preferred stock of the First Holding Co.;
(d) The holders of the outstanding 13,500 shares of class A common stock
will be entitled to receive for each share of such stock 38-100 of a share of
preferred stock of the First Holding Co.
(2) Atlantic Public Service Associates, Inc.
(a) The holders of the $4,938,000 of first lien & secured 53 7 gold bonds
will be entitled to receive for each $1,000 bond $750 principal amount of
general lien & coll. trust 53.6% gold bonds of the First Holding Co., I%
shares of prior preferred stock of the First Holding Co., and 1 share of
preferred stock of the First Holding Co.
-year 6% gold deben(b) The holders of the $2,000,000 of outstanding 15
tures will be entitled to receive for each $1,000 of such debentures 2 shares
of preferred stock of the First Holding Co. and 8 shares of prior preferred
stock of the Parent Holding Co.
(c) The holders of the outstanding 14,025 shares of $7 preferred stock
will be entitled to receive for each such share 4-10 of a share of class A
preferred stock of the Parent Holding Co. and 2-10 of a share of the class B
preferred stock of the Parent Holding Co.
(3) North American Water Works & Electric Corporation.
(a) The holders of the outstanding $2,789,000 10
-year 6% convertible
secured gold bonds will be entitled to receive for each $1,000 bond 10 shares
of preferred stock of the First Holding Co.;
(8) The holders of the outstanding 18,789 shares of $7 cumulative preferred stock will be entitled to receive for each share of such stock 1 share
of prior preferred stock of the Parent Holding Co.;
(c) The holders of the outstanding 25,320 shares of class A common stock
*ill be entitled to receive for each share 2-10 of a share of the prior preferred stock of the Parent Holding Co.
(4) Atlantic Public Utilities, Inc.
(a) The holders of the outstanding $1,500,000 secured convertible
1-year 6% gold bonds will be entitled to receive for each $1,000 of such
bonds 10 shares of the class A preferred stock of the Parent Holding Co.:
-year 6% notes will be enp.-tb) The holders of $294,000 of outstanding 5
titled to receive for each $1,000 of such notes 10 shares of the class A preferred stock of the Parent Holding Co.;
(c) Holders of the outstanding 13.330 shares of $7 cumulative preferred
stock, series A, will be entitled to receive for each such share 1 share of
class B preferred stock of the Parent Holding Co.
Holders of the outstanding Atlantic Public Utilities, Inc. class A common stock and Atlantic Public Utilities, Inc., lass B common stock, and
North American Water Works & Electric dorp. class B common stock,
will not receive anything under the plan, as in the judgment of the reorganization committee the property values and future earning possibilities do
not justify the distribution to such stocks of any new securities under the
plan. The plan further contemplates no distribution to outstanding COMmon stock of Maine State Water & Electric Co., or to the holders of outstanding preferred, class A common and class B common stock of Shenan-year 5; % gold bonds of Union
,
6
doah River Power Co. The 1st lien 15
Water Works Co. are likewise excluded from participation in the plan.
It is contemplated that outstanding demand obligations of the company and its subsidiary companies included in the plan to banks will be
paid, or arrangements made for current lines of credit to carry all or a
portion of such bank loans, and that the collateral now held for such loans
will be delivered to or upon the order of the reorganization committee to
be used for the consummation of the plan.
It is also contemplated by the plan that the outstanding current liabilities of the various companies will be paid through application of current
assets of the various companies which will be acquired directly or indirectly
under the plan by the First Holding Co. It is also contemplated that any
funds held by the trustees under existing bond issues (other than funds for
payment of interest coupons which matured prior to Aug. 1 1930) will be
acquired under the plan by the First Holding Co.
[VOL. 132.
Estimated Aggregate Amounts of Bonds and Stocks To Be Delivered
Under the Plan.
(Based upon deposit of all securities dealt with and to be adjusted
under the plan.)
(1) First Holding Company.
Principal Amount
Descriptionor Stated Value.*
First lien & collateral trust 5;4% bonds (series A)
$4,500.000
General lien & collateral trust 534% bonds
12,058.500
40,852 shares $5.50 prior preferred stock (no par value)
3,676,680
55,752 shares preferred stock (no par value)
3.010,608
49,922 shares common stock (no par value)
4,992,123
Total
(2) Parent Holding Company.
Description39,853 shares prior preferred stock (no Par)
23,550 shares class A preferred stock (no par)
16,135 shares class B preferred stock (no Par)
104,600 shares common sotck (no par)
$28,237,911
Stated Value.*
$1,434,708
635,850
306,565
2.615,000
Total
$4,992,123
* The stated value with respect to the various classes of stock was computed on the basis of studies made for the purposes of the preparation of
the reorganization plan, and is reflected in the estimated adjusted consolidated balance sheets.
In addition to the above mentioned securities, additional amounts of
first lien & collateral trust 53 % bonds of the First Holding Co. and of the
common stock of the Parent Holding Co. may be issued to provide additional cash requirements for consummation of the plan, it being the intention that such additional cash requirements shall be derived from proceeds
of such bonds and stock and(or) from sales of properties or companies
included in the plan, provided such sales and application of proceeds thereof
are approved by the reorganization committee.
The reorganization committee as a result of negotiations already had
expects to complete arrangements for the sale for cash, to interests which
centrol the operation and management of the First Holding Co. and
the Parent Holding Co., of the first lien & collateral trust% bonds
of the First Holding Co. and the common stock of the Parent Holding Co.
Non-Assenting Security Holders.
-Holders of securities which are to be
dealt with under the plan, and who do not assent thereto in the manner
provided in the plan, will not be entitled to participate in the plan, if their
securities are not deposited within the time limited in the plan, viz. May 1
1931, or such later date as may be fixed by the reorganization comniittee.
Sale of First Lien & Collateral Trust 5%% Bonds of the First Holding Co.
and of the Common Stock of the Parent Holding Co.
The reorganization committee expects to arrange for the purchase by
a new competent management ("Purchaser") for cash (at a price to be
determined by the reorganization committee) of at least $4,500,000 first
lien & collateral trust 53-% bonds of the First Holding Co., and in addition
thereto 104,600 shares a common stock of the Parent Holding Co. for
$2,615,000. Additional cash requirements for the consummation of the
plan may be provided by the sale of additional amounts of said bonds and
stock and(or) properties and companies included in the plan, such sales
and the application of the proceeds thereof, however,to be first approved by
the reorganization committee. This arrangement provides for the control
of the Parent Holding Co.and through it of the First Holding Co. by
'
the purchaser, and on consummation of the plan the management of the
properties will then be under the control of said purchaser.
It is understood that the purchaser may resell any of said bonds to any
corporation, firm or syndicate of which any of the members of the reorganization committee, or any of the members of any committee representing
securities adjusted under the plan may be members, at such price as the
Purchaser may agree to pay, and that such members of the reorganization
committee, or any other committee, shall not be accountable in any way
to depositors of securities under the plan, or to holders of securities accepting the plan, for any profits that may be derived from participation in the
sales of such bonds.
BALANCE SHEETS(AFTER REORGANIZATION)AS AT JULY 31 1930 •
Parent
First
Holding Co. Holding Co.
Consol.
Consol.
Assets$28,893,587 $28,893,587
Plant and property
Excess of cost of investment in subsidiaries over
4,084,520
4,084,520
net worth at acquisition
17,226
17,226
Miscellaneous investments
2,053,309
2.053,309
Current assets
Deferred charges374.384
374,384
Unamortized debt discount and expense
61,178
61,178
Prepayments
51,863
51,863
Miscellaneous
$35,536,070 $35,536,070
Total
Liabilities
$16,558,500 $16,558,500
-First Holding Co
Funded debt
1,678,500
1,678.500
Operating subsidiaries
381,884
381,884
Current liabilities
524,702
524,702
Accrued liabilities
500,000
500,000
Provision for cost of receivership
190,009
190,009
Provision for other contingent payments
145,076
145,076
Deferred credits-Unearned revenues
151,085
151 085
Consumers' deposits, &c
7,085
Miscellaneous
3,32 .8
3,346,553
47, 5
82
!
6
-Retirement
Reserves
Dncollectible accounts
147;817
53 6
Contributions for extensions
Preferred stock-Operating subsidiaries
6,611:21
6,687,288
First Holding Co
2,377,123
Parent Holding Co
73,824
4.9963,82
7296
: 92
4
Common stock-Operating subsidiaries
69,692
Pr
Proportion ofsurplus
First Holding Co
2,615,000
Parent Holding Co
1,740
$35,536,070 $35,536,070
Total
Note.
-These balance sheets are based upon the assumption of deposit
under the plan and accompanying agreement of all securities to be adjusted
under the plan and upon assumptions as to property values referred to in
the plan.
Description of New Securities.
The following is a short summary statement of the salient features of
the new securities to be issued by the First Holding Company and the
Parent Holding Company:
First Holding Company.
-Initial series of $4,500,000
(a) First Lien & Collateral Trust Bonds.
(series A) (subject to increase on approval of reorganization committee),
maturing 30 years from date thereof, bearing interest at 5%% payable
semi-annually,red, all or part at any time upon 30 days' notice at not more
than 105% and int. Additional bonds may be issued under restrictions
to be incorporated in the trust indenture, approved by the reorganization
committee for the acquisition of outstanding bonds, obligations and stocks
of subsidiaries acquired by the First Holding Co. under the plan and/or
to cover not more than 75% of the coat or fair value (whichever is less) of
any purchased property, including new and additional subsidiaries, or 75%
of expenditures made for additions, extensions, betterments, or improvements to properties of subsidiaries, provided net earnings available for
interest as defined in the indenture shall be at least twice annual interest
charges on bonds then outstanding and to be immediately issued. Under
this trust indenture there are to be pledged, directly or through one or
more subsidiary holding companies all of the etock and mortgaged debt
and other obligations of the operating companies acquired and retained
by the First Holding Company under the plan.
-Limited to the aggregate
(b) General & Collateral Trust 5%% Bonds.
principal amount of $12,750,000 due 30 years from date, redeemable in
whole or in part at any time upon 30 days' notice at the principal amount
thereof and accrued interest; and to be issued under a trust indenture
consisting in the opinion of counsel for the reorganization committee a
second lien on securities to be pledged under the trust indenture securing
the first lien collateral and trust bonds.
-Entitled to cumulative dividends at $5.50 per
(c) Prior Preferred Stock.
share per annum, redeemable at, and entitled on dissolution or liquidation
APRIL 18 1931.]
FINANCIAL CHRONICLE
to, $90 per share, plus an amount equal to accumulated unpaid
dividends,
whether earned or not; and not entitled to voting rights, except as provided
by law or provided in the certificate of incorporation. The
stock shall have a preference both as to dividends and as to prior preferred
assets over all
other classes of stock.
(d) Preferred stock.
-Preferred over common stock as to dividends and
assets and entitled to receive dividends per share per annum not in excess
of $1.50 for the first two years, $2.50 for the next two years and $.3.50
for
each year thereafter; to be cumulative to the extent that earnings are
available therefor, and subject to redemption at and entitled to receive
upon dissolution or liquidation $54 per share, plus an amount equal to
unpaid accumulated dividends thereof. Preferred stock will not be entitled to voting rights, except as required by law or stated in the certificate
of incorporation.
(e) Common Stock.
-All of the common stock of the Firct Holding Company will be owned by the Parent Bolding Company and will have full
voting rights.
Parent Holding Company.
(a) Prior Preferred Stock.
-Preferred over other classes of stock of the
Parent Holding Company as to dividends and assets and entitled to receive.
when declared by the board of directors, non-cumulative dividends up to
but not exceeding $1 per share per annum for the first two years, $1.75
per share per annum for the next two years, and $2.50 per share per annum
thereafter, and subject to redemption at and entitled to receive on dissolution or liquidation $36 per share. This stock has no voting rights
except as may be required by the laws of the State under which the Parent
Company is incorporated.
-Preferred over Class B preferred and com(b) Class A Preferred Stock.
mon stock of Parent Holding Company as to dividends and assets and
entitled to receive, when declared by the board of directors, non-cumulative
dividends up to but not exceeding 75 cents per share per annum for the
first two years. $1.25 per share per annum for the next two years. and $2
per share per annum thereafter, and redeemable at and entitled to receive
on dissolution or liquidation $27 per share, and not entitled to voting
rights, except as required by the laws of the State under which the company
is incorporated.
(c) Ctass B Preferred Stock.-Preferred over common stock as to dividends
and assets. Entitled to receive when declared by the board of directors
non-cumulative dividends up to but not exceeding 50 cents per share per
annum for the first two years, 75 cents per share per annum for the next
two years, and 31.50 per share per annum thereafter, and subject to redemption at and entitled to receive upon dissolution or liquidation. $19
per share, and not entitled to voting rights, except as required by the laws
of the State under which the company is incorporated.
(d) Common Stock.
-All of the common stock of the Parent Holding
Company will have full voting rights and is to be acquired by the new
purchaser above mentioned.
-V. 132. p. 2579.
2963
The above statement includes gross revenues of all subsidiary
for the entire year: but, in deriving net earnings, deductions companies
for earnings prior to acquisition and for minority interests, soare made
that
final result is the amount actually applicable to common stocks ownedthe
on
Dec. 31.
Consolidated Condensed Balance Sheet at Dec. 31.
1930.
1929.
1930.
1929.
Assets$
Liabittliea$
$
S
Property, plant &
Preferred stock__ 2,319,000 2,319,000
equipment
31,684,334 26,795,619 Common stock __ _
30,000
30,000
Special deposits
761,669
798,695 Preferred stock of
Investments
3,615
3,395 subs. not owned 7,132,000 7,132,000
Cash
239,656
650,005 Common stock of
Marketable secur. 136,450
136,450 subs. not owned
3,300
3.300
Notes receivable
7,496
5,844 Surplus
xl 159 922 1,642,137
Accounts receivable 1,150 729 1,031,649 Funded debt
17,000,000 14,000,000
Inventory
447,627
419,261 Notes and contracts
Due from affil.cos.
841
3,105
payable
12,868
9,160
Deferred charges... 1,902,575 1,211,710 Accrued interest &
dividends, contra 713,990
338,945
Bonds & accrued
Interest
6,639
22,589
Notes payable__ _ _ 517,000
626,500
Accounts payable_ 157,389
262,263
Dividends payable
224,000
Accrued items &c. 167,142
221,063
Consumers'deposits 238,625
194,789
Due to MM. cos.... 4,378,156 1,728,102
Deferred Habil_ _ _
141,102
.
62,481
Reserves
2,361,568 2,235,695
Total
36,334,994 31,055,734
Total
36,334,994 31,055,734
x Applicable to stock of Central S ates Utilities Corp. of 1,158,533 and
applicable to minority stock of controlled company of $1,389.-V. 131,
P. 4052.
Central Vermont Public Service Corp.
-Earnings.
-
Income Statement for 15 Months Ended Dec. 31 1930.
Gross revenues
$2.756,764
Maintenance expenses
134,517
Depreciation
259.466
Taxes
201,133
Other operating expenses
1,086,002
Gross income
$1,075,643
Interest on funded debt
399.331
after deducting interest charged to construction_ _
5.229
Blackstone Valley Gas & Electric Co.
-New Directors. Other interestof debt discount and expense
Amortization
7,831
David Daly, President, has been elected a director to succeed Howard W. Miscellaneous
12,238
Fitz, resigned.
-V. 132, P. 1988.
Net income
Brazilian Traction, Light & Power Co., Ltd.
- Net earnings, after divs., accruing to Cent. Vermont Pub. fiery. $651,013
2% Stock Dividend.
Corp. in respect to operations of constituent cos. for period
Jan. 1 to Sept. 30 1929
Secretary A. W. Adams April 14 says:
176,866
The directors have given consideration to the question of the dividend
Total surplus
for the current quarter and have decided that owing to the continuance of
$827,879
unsettled business and financial conditions, including exchange in Brazil, Preferred dividends
• 237,000
It is in the beet interests of the Company and its shareholders again to Common dividends
475,000
declare a stock dividend. Accordingly, notice is hereby given that the
Earned surplus, Dec. 31 1930
board has declared a stock dividend on the ordinary shares of no par value
$115,879
at the rate of one fully paid share for each fifty fully paid shares held
Balance Sheet Dec. 31 1930.
shareholders of record on the registers at the close of business on April by
30
Assets-Liabilities
1931. The shares comprising such stock dividend will rank for dividend
$14,558,017 Preferred stock
as from June 1 1931, but no dividend will be paid in respect of a fractional Fixed capital
$2,976,000
131,916 Common stock
part of a share. When such fractions are converted into whole shares the Cash
2,500,000
6,483,000
latter will then rank for all dividends payable after the date of such con- Notes and accounts receivable. 255,234 Funded debt
version. Definitive certificates and (or) fractional certificates representing Materials and supplies
176,131 Accounts payable
91,414
27,718 Consumers deposits
the stock dividend will be forwarded to shareholders on or about Juno 1 1931. Prepayments
54,980
213,774
Holders of fractions can either sell the same or purchase sufficient addi- Miscellaneous assets
180,157 Accrued liabilities
181,816 Advances from affiliated cos_
tional fractions to make up a whole share and should arrange for such ad- Unamortized debt disc. & exp.
305,000
137,000 Reserves
2,508,067
justments through their bankers or brokers as soon as possible after receipt Property abandoned
16,834 Customers' advance billing
of the fractional certificates. Where necessary fractional certificates may Deferred debits
9,757
Capital surplus
be split into smaller denominations and to facilitate distribution whole shares
406.950
Earned surplus
may be split into fractions, but no splits of whole shares will be allowed after
115,878
July 31 1931. Applications for splits must be made to the company's
Total
$15,664,823
Total
$15,664,823
transfer agent, the National Trust Co., Ltd., Toronto or Montreal, but for
the convenience of European shareholders applications may be sent through -V.131, p. 1892.
the London agents of the company under conditions, particulars of which
may be obtained from the agents. Fractions resulting from the above stock
Chester Water Service Co.
-Earnings.
dividend may be combined with outstanding fractions in respect of the
For income statement for 12 months ended Jan. 31 11130 "Earnings DeDec. 11930. and March 2 1931. stock dividends, but not with outstanding
fractions in respect of the March 1 1930,stock dividend, unless the right to partment"on a preceding page -V.132, p. 2759.
accrued dividends applicable to the latter fractions when converted into
whole shares is waived. Forms of waiver for the purpose, as previously
Chicago Aurora & Elgin Corp.
-Earnings.
announced, can be obtained from the company's transfer agent, National
Calendar Years1929.
1930.
1928.
1927.
Trust Co., Ltd.
Total income
$160,052
$208,010
$104,659
$ 26,803
[A 2% stock distribution was also made on the ordinary shares on March Miscellaneous
expenses_
11,691
7.614
7,563
11,467
2 last.
----V. 132, p. 490.
-Ed.]
Int. on notes payable__.
193.684
139.695
90.788
7.133
Brooklyn-Manhattan Transit Corp.
-To Refund
Net earnings
$2,635
$12,743
$6,307
$8,202
Accr,int. on deb. bonds_
Bonds,
360,000
360,000
360,000
360,000
William G. Pullen, Chairman of the Transit Commission, held a hearing
Deficit
on April 13 on the company's application to issue $2,241,000 in 4% gold
$357,364
$347.257
$353,692
$351,798
-V.130, P. 2577.
bonds to refund a like amount of 5% gold bonds of the Atlantic .Avenue
RR. Co., a subsidiary. Decision was reserved. Gerhard M. Dahl,
Cities Service Co.
Chairman of the B.
-Regular Dividend.
-M. T. Corp. testified that holders of the 5% bonds
had been paid with funds borrowed on notes which would be renewed
Coincident with the publication of its earnings statement (see "Earnings
until such time as the new bonds could be marketed to advantage.
-V.132, Department" on a preceding page), the company announced monthly
P. 123.
dividends of 2% cents per share in cash and j, of 1% in stock on the common stock. Regular monthly dividends of 50 cents per share on the Pref.
stock and preference BB stock and 5 cents per share on the preference B
Cape Breton Electric Co.
-Sale.
---The property of the company will be sold at foreclosure sale April 29 at stock were also announced, all payable June 1 to holders of record may 15.
Like amounts are also payable on May 1 next.
Sydney, N. S.
-V. 132, p. 2759. 2384.
-V. 132, p. 2579. 1616.
Central Public Service Corp.
-Sale of $4 Pref. Stock.
-
Customer purchases of $4 preferred stock during March reached a new
high record of 20,373 shares, the largest total of customer stock purchases
during any single month, and more than double the purchases in either of
the first two months of 1931.
As a result of the montn's purchases, customer-holders of $4 pref. shares
tOtaled 16.943 on March 31, a gain of 2,448 over Feb. 28.
In(=COSS of64,000 individual stockholders were listed on the corporation's
books at the end of March. The number of customer-holders of the 64
stock, which has shown the greatest increase in recent months, now represents approximately 27% of the total.
-V. 132, p. 2384, 2190.
Central States Utilities Corp.(& Subs.).
-Earnings.-
Connecticut Electric Service Co.
-Earnings.
-
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132. p. 2385.
Consolidated Gas Electric Light & Power Co. of
Baltimore.
-Output.
Industrial power supplied by this company (except that supplied to the
Bethlehem Steel Co. and the Baltimore Copper Smelting & Rolling Co.)
totaled 35,501,771 kwh.in March, against 38,578.577 kwh.in March 1930.
a decline of 7.98%. Industrial power sales for the first three months of
1931 totaled 103,671,838 kwh., against 114,582,536 kwh. in the corresponding period last year.
Sales of gas in March for industrial and commercial purposes were 298.357,200 cubic feet compared with 286.787,700 cubic feet in March 1930.
an increase of 4.03%. Industrial and commercial gas sales for the first
three months totaled 884,193,300 cubic feet against 877,047.300 cubic feet
in the same period in 1930.-V. 132, p. 2759.
(Including Subsidiary and Controlled Com °flies.)
s_
Calendar Years1930.
930.
ar
1929.
Gross revenue
$4,091,833
Operating expense
1,816,432
1,903,957
x Maintenance
338,597
323,108
Taxes, exclusive of income taxes
196,847
146,764
Derby Gas & Electric Corp.(& Subs.).
-Earnings.
Net earnings
$1,787,254 $1,718.004
Calendar YearsInterest on funded debt
1929.
1930.
936,663
787,500 Gross revenue
Interest on unfunded debt
$1.455,573 $1.612,795
94,027
34,838 Operating
expense
626.067
712.497
Amortization of debt discount and expense
93,747
74.216 * Maintenance
Other charges and 2% normal tax
117.010
133,934
expense
11,185
14.973 Taxes, exclusive
of income taxes
60,069
66.496
Net income
$651,630
$806,477
Net earnings
$652,425
Dividends on preferred stock of subsid. company-.
$699,868
562,459
490,000 Interest on funded debt
y Net income of properties prior to acquisition....
250,000
250.000
70,461
78,112 Interest on unfunded debt
y Minority interest in net income
1,491
1,976
155
260 Amortization of debt discount and expense, 2%
.
normal tax, and other charges
Net income of corporation and earnings applic.
105,624
116,697
to common stocks owned by it-before provision
Net income of corporation and earnings applic.
for renewals and replacements and income taxes
$18,555
$238,105
to common stocks owned by it-before prov.
x Maintenance charged to operations equals the bond indenture
refor renewals and replacements and inc. taxes_ _
$295,309
$331,194
quirements. y After allowing for proportionate part of provision for
* Maintenance charged to operations equals the bond indenture redepreciation and income taxes.
quirements.
FINANCIAL CHRONICLE
'2964
Consolidated Condensed Balance Sheet at Dec. 31.
1930.
1929.
1930.
LtatititttesAssets
37 preferred stock_ 1,800,000
Property, plant &
145,500
9,816,512 9,340,284 36.50 pref. stock__
equipment
1,539 Common stock___ 2,227,500
2,710
Special deposits_ _
308,705
42,712 Surplus
42,712
Dvestments
5,000,000
474.017 Funded debt
376,526
Cash
80,455
9,697 Accounts payable_
9.951
Notes receivable
131,667
195,951 Accrued Items... _
Accounts receivable 198,601
24,958
130,883 Dividends accrued
122,361
Inventory
487,400 Consumers'deposits 43.173
Deferred charges_ 457,959
9,932
Due to Mill. cos
1,055,439
Reserves
10,827,331 10,682,287
Total
-V.131. P. 4053.
Total
1929.
1,800,000
145,500
2,227,500
234,445
5,000,000
38,328
133,590
24,958
41,574
23,889
1,012,505
10,827,331 10,682,287
-Earnings.
Detroit Edison Co.
For income statement for 12 months ended March 31 1931 see "Earnings
Department" on a preceding page.
Bond Redemption.
Iv view of the fact that a substantial amount of 1st & ref. mtge. gold
bonds series A and B still remains unredeemed, the Bankers Trust Co.,
trustee, urges the holders of such bonds to present them promptly at its
office, 16 Wall St., N. Y. City, for redemption at 105 and interest to
March 1 1931, and thus avoid further loss of interest, as interest on such
bonds ceased on March 1 1931.-V. 132, p. 2190.
-Earnings.
(& Subs.).
Eastern New Jersey Power Co.
1929.
1930.
F Calendar Years$2,760,092 $2,555,148
Gross revenue
Operating expense
* Maintenance expense
Taxes, exclusive of income taxes
•
Net earnings
Interest on funded debt
Interest on unfunded debt
Other charges, including amortization, &c
[VOL. 132.
-Earnings.
European Electric Corp., Ltd.
Earnings for the Period from Incorporation (Feb. 3 1930) to Dec. 31 1930.
$2,277,355
Cash dividends & interest
38,905
Expenses in connection with transfer of stock, legal exp.. &c
2,329
Loss on the sale of securities
23,252
U. S. & foreign taxes withheld at source
8,748
Tax paid at source on debenture bond interest
710,711
Interest on debenture bonds & other interest
Balance applicable to dividends
Dividends paid
$1,493,410
855,009
$638,401
Earned surplus
-Dec. 31 1930
Balance Sheet Dec. 31 1930.
Lia90itiesAssets
$12,900,000
Cash
$2,364,056 35
-year 634% debs
Accounts receivable
493.656 x Corn.stk., class A (par $10) 14,000,800
291,378 Corn. stk., class B (Par $10)- 5,000,000
Loans receivable
5,592,879
33,672,003 Surplus
Investments
8,748
909.354 Res.for taxes
Debenture bonds reacquired_
349,375
115,154 Res. for int. aeon on deb. bds
Interest accrued
6,001
Miscellaneous assets
$37,851,601
Total
Total
$37,851,601
x There are outstanding option warrants to purchase 2,299,940 shares of
stock may be constituted at the time of
class "A" common stock (as such
exercise of such warrants) at any time on or after Apr. 1 1930. at a price
of $15.00 in U. S. currency (but in no event less than the par value of such
shares in Canadian currency at time of payment). Of the option warrants
outstanding 122 are being held by the corporation for the account of holders
of certificates for fractional warrants. y Par value $1,196,000-V. 132.
P• 655.
878.659
238,321
192,157
-Makes Available CusFederal Water Service Corp.
tomer Ownership Stock.
-
$1,363,964 $1,246,012
356,125
382,250
103,717
88,112
152,213
160,027
Exclusively for customer ownership purposes, the directors have authorized an Issue of $4 cumulative preferred stock, Customer-Ownership series.
This stock will not be available for purchase through brokers or investment
houses, and can be purchased only through employees of the system. This
stock will probably be sold at $62.50 to yield 6.4%, and may be purchased
-V. 132. P. 2187, 848.
either for cash or on the monthly investment plan.
911,209
254,921
229,996
Net income of company and earnings applic. to
-before prov. for
common stocks owned by it
-A banking syn$633,957
$733,575
-Bonds Offered.
Florida Power Corp.
renewals and replacements and income taxes-* Maint.charged to operations equals the bond indenture requirements.
dicate headed by E. H. Rollins & Sons,Inc., and including
Consolidated Condensed Balance Sheet at Dec. 31.
Halsey, Stuart & Co., Inc.; Hill, Joiner & Co., Inc.; Hemp1929.
1930.
1929.
1930.
$
Liabilitieshill, Noyes & Co.; A. B. Leach & Co., Inc.; Blyth & Co.,
duets
1,350,000 1,350,000
8% pref. stock-Co.;Coffin & Burr, Inc.;
Property. Plant it
400,000 Inc.; Emery, Peck & Rockwood
20,197,662 13,791,930 7% pref. stock_._ 400,000
equipment
50,000 Stroud & Co., Inc., and Eastman, Dillon & Co., are offering
260 635% pref. stock_
2,396
Special deposits._
875,000 an
10,000 6% pref. stock._ 2,383,000
16,446
Investments
additional issue of $2,000,000 1st mtge.53 %gold bonds,
309,436 Common stock-- 1,780,000 1,140,000
361,787
Cash
980,727 series B at 90 and int. to yield over 6.30%.
774,047
19,195 Surplus
214
Notes receivable
9,040,000 6,800,000
328,126 Funded debt
Dated Jan. 11931; due Jan. 11956. Interest payable J. & J. Denoms.
Accts.receivable_ 389,092
196,330
198,480 Notes payable...
186,708
$1,000 and $5000. Red. all or part on 30 days notice at any time to and
Inventory
99,791
101,006 incl. Dec. 31 1935 at 105; thereafter to and incl. Dec. 31 1940 at 104:
2,232 Accounts payable_
3,852
Due from affil. cos.
47,938 thereafter to and incl. Dec. 31 1945 at 103; thereafter to and incl. Dec. 31
69,742
Dividends payable
Unamortized debt
213,694 1950 at 102; thereafter to and incl. Dec. 31 1954 at 101, and thereafter at
715,201 Accrued items.___ 270,996
&act. & expense 903,178
141,295
131,399 the principal amount thereof, plus int. in each case. Guaranty Trust Co.
Consumers' depos_
Unamortized stock
160,461 Due to MM. cos__ 5,020,995 2,755,720 of sew York and Henry A. Theis, trustees. Principal and interest payable
disct. & expense 281,598
58,145 at the principal office of the corporate trustee. Interest also payable
54,027
Deferred liabilities
Prepayments and
1,499,760 1,393,018 at the option of the holder in Chicago. Corporation agrees to pay interest
761,325 Reserves
737,249
other items_ _ _
without deduction for any normal Federal income tax not exceeding 2%
23,079,986 16,296,847 Per annum of such interest which the company or trustee may be required
Total
23,079,986 16,296,647
Total
or permitted to pay at the source, and to reimburse the resident holders
--F. 132, p. 847.
of these bonds, if requested within 60 daykafter payments, in the manner
States of
- provided in the indenture, for the personal property tax in the of Mary-Annual Report.
Empire Gas & Fuel Co.(& Subs.).
Conn., Penn., and Calif. not exceeding 4 mills per annum, State
1927.
1928.
1929.
1930.
Year Ended Nov.30land not exceeding 4% Mills per annum and District of Columbia not ex$84,015,579 $68,892,665 $60,301,621 $66,037,811 ceeding 5 mills per annum, and also for the income tax, not exceeding 6%,
Gross earnings
44,824,900 38,174,890 34,735,375 34,550,098 on the interest thereon in the State of Mass.
Oper. and maint. exp
&
Data from Letter of Pres. A. W. Higgins, dated April 8.
$39,190,679 $30,717,775 $25,566,246 $31,487,713
Net earnings
1,386,621
-Corporation, organized in Florida,
1,065,850
421,681
Property and Territory Served.
Non-operating income_ - 2.916,706
supplies electric light and power to 89 communities extending from St.
Florida
$42,107.385 $31,139,456 $26,952,867 $32,553,563 Petersburg northward along the Gulf Coast and through central Georgia
Net earnings
5,014,925
4,781.681 to the Georgia State Line, where it is interconnected with the
6,300.516
8,998,762
Interest charges
35,000
544,220 Power & Light Co., an affiliated company, which serves 39 comitnunities
Federal taxes
639,003
673.945 and purchases substantially all its power requirements at wholesale from
774,208
833,578
Amort. of bond discount
the Florida Power Corp. Corporation also owns all of the outstanding
by corporasecurities of West Florida Power Co. The communities served
Net available for diva.
$24,064,731 $21,263,939 $26,553,717 tion have an estimated permanent population of over 126,000 and include
$32,275,045
and reserves
Tarpon Springs, Jasper,
3,964,633
3,061,252 St. Petersburg. Tallahassee, Ocala, Apalachicola,
3.852,450
Dividends on pref. stock 3,852,495
Wildwood. During
Clearwater, Brooksville, Inverness, High Springs and
Cash diva, paid to minor250,000.
67,605
66,790
the winter months the population in the territory served reaches installed
ity stockholders
6,000,000
4,500.000
The electric system includes generating stations having a total
Divids, on corn. stock_ 6.000,000
h.p. (including the recently completed hydro-electric
capacity of 77,980
022,422,550 $15,645,491 $11,231,701 023.492,465 Plant located at Jackson's Bluff owned by West Florida Power Co.). The
Balance, surplus
serving
82,047,267 77,975.374 77.004,946 68,152,101 system also includes 835 miles of high tension transmission lines
Previous surplus
28 1931, 105,657,730
29.078 customers. During the year ended Feb.
purchased.
$104.469,817 093,620,865 $88,236,647 $91,644,566 kwh. of electric energy were generated or
Total surplus
corporation's system
A number of important additions were made to the
Deprec. and depletion__ 15,951,855 12,345,738 11,727,639 13.645,016
•
In 1930. During the year the corporation acquired the power plant and
Adj. applicable to prior
Richey Cedar
Dr651,428 Cr772.141 Cr1,466,366 Dr994,604 distribution systems at Greensboro, Cerebella, New Port
years
distribution sysKeys and Branford, Fla., and also acquired the electric
City, Fla. The electric power Plant
$87,866,534 582.047,267 V77,975,374 $77,004,946 tems in the towns of Sneads and Cross
Total surplus
in the year and later
Fla.,
in the City of Apalachicola, Fla. was purchased early
Amt. applic. to minority
distribution system formerly owned
5,893,679
4,223,202 the corporation purchased the
6,916,700
13,266,053
stockholders
by the city. These communities had previously been supplied by small
under construction to link
Balance applic. to maisolated plants, but transmission lines are now
jority stockholders-$74,600,479 $75,130.567 $72,081,695 $72,781,745 them with the corporation's inter-connected system.
Shares of common stock
Completion of Present Financing),
upon
750,000
750.000
750.000 Capitalization (To Be Outstanding
750.000
outstanding
$9.000,000
% due 1979
$22.97
$31.32 1st mtge. gold bonds,series A,
$26.86
$37.89
Earned per share
2,000,000
5 %.due 1956(this issue)
Series
1.542,000
Balance Sheet Nov. 30.
Consolidated
Cumulative preferred stock 7%
550,000 shs.
1929.
1930.
Common stock (no par)
1920.
1930.
$60,000,
In addition to the above, Florida Power Corp. has assumed
5
$
Assetsalachicola
Plant & invest...392.398,100 307,158,876 Common stock_ 37,405,357 37,405,357 6% bonds of the CityAP
of the fixed property of
•
of
Security -Secured by a first mortgage on all on a minor portion of the
7.931,407 Pt.8% cum.stk. 13,253.637 13.253.637
9,216.341
Miscell.invest.Pt.7% cum.stk. 30,506,600 30,506,600 the corporation subject only to a chattel mortgage
Cash in banks &
above-mentioned bonds of the
properties securing the payment of the
9,282,080 Pref.:834% cum..
10,982.291
on hand
3.400,000 3,400,000 City of Apalachicola assumed by the corporation.
stock
Invent. of crude
Corporation) 12 Months Ended.
Consolidated Earnings(As Reported by
& refined oils_ 18,490.108 26,445,549 P1.6% cum.stk. 7,264,500 7,264,500
Feb. 28 1931.
Accts, rec. cust. 3.555,849 4,076.491 Bonded debt.- 95,457,800 86,703,200
$2,622,714
11,895,400 11,548,110 Gross earnings,incl. other income
Notes payable
Current accts. ot
1.307,910
1,423.095 Accts. payable_ 5,158.587 4,890,709 Oper. exps., incl. maint. & taxes other than Federal
1,985,897
cos
MM.
Accr.int.,tax,dro. 1,158.293 1,028,503
Notts, accts. &
$1,314,804
321,044
321,040
613,700 Divs, of vi.stock
Net earnings, before depreciation, amortization, &c this Issue).
(mad. 1,056,734
int. rec.,
mortgage bonds(incl.
608,600
131ateriaLs & sup. 4,975,918 4,904,041 Due to part co. 95,624,394 43,107,843 Annual interest requirements on
123.691
128.012
Custom. depos_
The operating earnings of the corporation are derived entirely from electric
Prepd. Ins., int.,
430,279
183,087 business.
Sund. def. Items
rentroyalties,
the treasury of the
947.179 Depr. & deptet_ 57,784,391 51.089.572
853,034
-Bonds are being issued to reimburse
Purpose.
als, taxes, &c.
with additions, betterments
540.488 2.625,844
Inventories
corporation for expenditures in connection purposes.
Expenses of oil
other corporate
1,635,362 1,289,999 Bad Sr doubtful
and improvements and for
in storage_ -184.641
378,050
Accts.& allow.
-The depreciated value of the properties of the corporation
Bond & note dis102,405
73,532 as Valuation. (principally in 1926), plus additions to date, is in excess of
9,106.853 Injuries & dam_
appraised
count & exp._ 11,407.891
638,833 $20,700,000. The total mortgage binds to be presently outstanding will
651,881
Miscellaneous
Price change res.
Minor.stockhol.
therefore represent less than 54% of such valuation. West Utilities
on Crude oil in
Middle
system.
int,in sub. cos 25,579,239 9,144,284
Management.-Corporation Is a part of the
storage deficit 4,687,881
74,600,479 75,130,567 -V.
Surplus
131, p. 3708.
Prop, in course
5,415,690
of replacement
Gesfurel (Gesellschaft fur Elektricshe Untermeh461,245,402 378,594,960
Total
461,245,402 378,594.960
Total
-Dividend Reduced.
mungen), Germany.
-V. 130, p. 2389.
The company has declared a dividend of 9% for the year 1930, against
-Electrical Output.
2856.
Service Co.
-V. 129. P.
10% a year ago.
Engineers Public
month of March of 166,The company reports electrical output for thein March 1930, a gain of
--Earnings.
059.000 kwh. compared with 162,158,000 kwh.
Green Mountain Power Corp. Feb. 28 see "Earnings Deoutput of 491.228.000 kwh.,
2.4%. The first quarter of 1931 showed an
p.
For income statement for 12 months ended
over the corresponding period for 1930.-V. 132,
r .
-V. 132. p. 1411.
i
ttgatin11.6%
partment" on a preceding page.
APRIL 181931.]
FINANCIAL CHRONICLE
F' Greater London & Counties Trust Ltd.(& Subs.).Earnings.
(Including Subsidiary and Controlled Companies.)
PrCalendar Years1930.
1929.
Gross revenue
$17,525,902 $16,412,300
Expenses
11,433.749 10,515,665
Net earnings
Interest on funded debt
Interest on unfunded debt and other charges
$6,092,152 $5,896,636
739.192
671,382
87.606
87,573
Net income from operations
$5,265,353 $5.137,681
Divs,on pref. stock of subsid. & controlled cos---665,085
553,968
Net income before other deductions
Other deductions
$4,600,268
378,978
$4,583,713
674,132
Net income
$4,221,289
Other net inc. of Greater London & Co. Trust, Ltd_
49,784
$3,909,581
Dr98,488
Total net income of company and earns. applic.
El to stocks owned by it, before prov.for renewals
lad and replacements and income taxes
$4,271,073 $3,811,092
*The above statement includes gross revenues of all subsidiary companies
for the entire year; but, in deriving net earnings, deductions are made for
earnings prior to acquisition and for minority interests, so that the final
results is the amount applicable to common stocks owned on Dec. 31.
Consolidated Condensed Balance Sheet at Dec. 31.
1929.
1930.
1930.
1929.
Liabilities
Assets$
$
Ordinary shares- 5,839,800 5,839,800
Property, plant &
equipment, &c_73.928.884 68,058,805 Pref. shs. of subs.
Cash
not owned
10,730,331 9,186.512
7,977,376 2,061693
1,3763:61 Ordinary shs. of
Investments
subs, not owned 2,594,730 2,549,213
Marketable sex11,865,368 8,409.103
6,295,021 4,871,113 Surplus
curities
17,462,792 12,075,052
Accounts receivFunded debt
3,890,109 3,451,322 Notes payable__ __ 2,870,538 4,145,679
able
1,683,293 1,953,944 Accounts payable_ 2,509,542 2,327,437
Inventory
Deferred charges
1.974,504 1,257,163 Accrued items___ 317,461
369,002
Dividends payable
172,848
Dividends accrued 273,302
142,700
Consumer:* depos_
139,060
Due to MM. cos__28,291,261 25,874,266
12,851,361 11,942,328
Reserves
2965
1110316k, Consolidated Balance Sheet Dec. 31.
p.m lama 1930.
1029.
1930.
Off Assets
LiabilitiesProp. (taken at
Cony. 6% gold
to Interns 'I
debs
30,000,000
Hydro - Elec.
Fund. IndebtedSystem)
401,244,313 374,240,725
ness of subs_207,414,931
Cash In escrow
6,605,450
Notes payable
for construe__
742,378
2,989,408 Accts. payable &
Secur. & Invest's 20,197,259 12,888,575 'accruals
5,866,494
Cash
6,166,696 6,999,722 Res. for cooling. 4,622,544
Accts. & notes
Res. for deprec. 29,303,451
receivable
6,212,193 5,869,166 Pref. & 0th. stks
Inventories
100,406,755
3,171,738 2,961,959
of subs
Due from atIll,
Minority corn.
cos. (net). _ _ 17,684,759 9,588,257
stks. Incl. carp
Sinking funds__
405.590
applic. thereto 15,291,191
385,193
Prep.& del.exp.
Pref. stk-conv.
appl. to future
53.50 mks
3,686,434
operations ___ 3,289,240
(142,799 shs.) 7,139,950
Disc. & exp. on
Class A stock... 28,152,832
20,000,000
Class B stock_
bonds & other
securities ___ 15,787,379 14,828,974 Common stock.. 2,000.000
Capital surplus_ 12,484,173
Earned surplus_ 5,613,774
474,901,546 434,438,416
Total
-V. 132, p. 2581.
Total
:kg 111
1929.
$
30,000,000
188,819,845
7,288,195
4,478.998
27,296,196
99,926,825
14,685,801
26,604,105
20,000.000
2,000,000
12,360,000
978,449
474,901,546 434.438,416
-Increases Capitalization.
Indiana RR.
Articles of amendment to the articles of incorporation of this company,
which owns electric interurban railway lines formerly operated by the
Union Traction Co., were filed with the Secretary of State at Indianapolis.
Ind., last week.
The railroad corporation, which purchased the interurban properties
last fall, has had only a nominal capitalization and the present move
provides for a revision of its financial structure.
The amendments provide for an increase in the total authorized common
stock from 1,600 shares of $100 par value to 50.000 shares of no par value
and the total authorized preferred stock from 500 shares of $100 par value
to 25.000 shares of no par value.
-V. 131. p. 935.
-New Director.
International Power Securities Corp.
John McHugh, Chairman of the executive committee of the Chase
National Bank, has been elected a member of the board of directors,
succeeding Newcomb Carlton.
The other members of the board of directors, all of whom have been
Total
95,749,191 83,030,301
95,749,191 83,030,301 re-elected, are as follows: J. E. Aldred (of Aldred & Co.), Charles E. F.
Total
Clarke, (President of Pennsylvania Water & Power Co.), Arthur V. Davis.
x Applicable to Greater London & Counties Trust, Ltd.. of $10,730,331,
(President of
and applicable to minority stocks of controlled companies of $1,506,215. (President o Aluminum (Jo. of America), Sir Herbert S. Holt Shawinigan
the Royal Bank of Canada), Harold Murray (Vice-President of
-V. 132, p. 1990.
Water & Power Co.), Albert Petsche (Managing director of Union d'
-Earnings.
Hackensack Water Co.(& Subs.).
-Electricite), Philip Stockwon (President of First National Bank of Boston),
Gerard Swope (President of General Electric Co.). J. A. Walls (Vice
Calendar Years1930.
1929.
(of
Gross earnings
$3,681,962 $3,456.801 President of Pennsylvania Water & Power Co.) and Fifield Workum
Aldred & Co.)
.-V. 131, p. 3710.
Oper. exp., maint., taxes and prey. for retirement 2,115,488
2,010,007
Net earnings
Other income
Totalincome
Bond interest
Other interest, amortization, &c
$1,566,474 $1,446.794
21,424
13,091
$1,587,899 $1,459,885
390,000
390,000
140,078
99,090
Balance available for dividends and surplus.-- - $1,057,820
-V. 131. p. 3205.
$970,794
Indiana Electric Corp.
-Reorganization.
-Reorganization of the corporation under "The Indiana General Corporation Act" passed by the State legislature in 1929 was approved on April 15
by the stockholders. This corporation supplies electric service to a number
of communities in central-western Indiana.
-V. 132, p. 655.
Indianapolis Power & Light Co.
-Earnings.
Calendar YearsGross revenues
Operating expense
* Maintenance expense
Taxes, exclusive of income taxes
1930.
1929.
$10,457,782 $10,594,390
3.571,428
3,371,340
1,026,748
1,075,536
921.400
908,795
Net earnings
$4,938,204 $5,238,719
Interest on funded debt
1,500,000
1,500,000
Interest on unfunded debt
22,952
17.944
Other charges, incl, amortization of debt discount
and expense, 2% normal tax, &c
99,496
111,189
Net income of company before provision for
renewals and replacements and income taxes__ $3.315.756 $3,609.585
* Maint. charged to operations equals the bond indenture requirements.
Condensed Balance Sheet at Dec 31.
1930.
1930,
1929.
1929.
AssetsLiabilities$
5
5
$
Preferred stock:. 12,000,000 12,000,000
Property, plant,
equipment, .X(1_62,524,932 58,099,505 Cora. stk. & surp_19,141,621 17,713.365
Specie!deposits__ 4,427,755
945,000 Funded debt
38,000,000 30,000,000
Investments
247,686
248,086 Accrued interest &
Cash
3,976,456
420,115
divs., contra___ 1,145,000
945,000
Notes receivable
4,536 2,903,634 Accounts payable. 262,809
289,036
Accts.receivable_ 1.542,233 1,495,018 Adv, heat paym'ts
47,921
46,230
691,583
688,567 Accrued kerns__ 925,858
Inventory
953,714
Deferred charges_ 3.199,390 2,920,661 Consumers' depos_ 252,203
243,018
Due to attn. cos__ 444,042
705,614
Deferred liabilities 4VA? 4.(
1
1Nal
Reserves
Total
76,614,573 67,720,587
-V. 131, p. 4053.
Total
76,614,573 67,720,587
International Hydro-Electric System.
-Listing of Additional Class A Stock.
New York Stock Exchange has authorized the listing of 16,606 additional
shares of its class A stock (no par value) on official notice of issuance as
a stock dividend of 2%.
Consolidated Income Statement.
Year End.
Apr. 1 to
PeriodDec. 31 '30. Dec. 31 '29.
Gross revenue from operations
$46,414,480 $33,302,730
From other income
3.983,345
2,087,229
Total gross revenue
$50,397.825 $35,389,959
Operating expenses and taxes
18,676.297 14,371.548
Maintenance
3,321,439
2,574.862
Not revenue,including other income
$28,400.088 $18,443,549
Interest on funded debt and other interest
11,950,918
7.554,002
Amortization of discount
680,422
368,997
Depreciation
3,969,568
2,541.959
Reserve for Federal income tax
580,510
461,735
Divs,on pref. and class A stocks ofsubs
6,210,063
4,562,557
Minority interest on earnings of subsidiaries
1,217.910
1,116,754
Balance added to surplus
33,790.693 $1,837,541
Surplus beginning of period
13,338,449
Paid-in surplus
124,173 12,360,000
Increase in surplus arising from acquisition of bonds
of subs, at less than par value thereof and minor
surplus adjustments
2,806,788
238
Total
$20,060,104 314,197,779
Diva, on stocks of International Hydro-Elec, Sys.:
Preferred stock-convertible $3.50 series:
Dividends on stocks & int. on interim certificates
367,350
Class A stock
1,594,806
859,330
Surplus end
$18,097.947 $13,338,449
-New Directors.
International Ry., Buffalo, N. Y.
Stephen J. Hanley, President of the co-operative association. George
Delvecchio, Vice-President of the association, and Joseph R. Ross, chairman of the general committee under the Mitten Co-operative Plan, were
recently elected to the board of directors of the company as representatives
of the employees. The latter now own 11% of the common stock,12% of
the preferred and more than $600,000 of bonds.
-V. 132, p. 2761.
Interstate Power Co.(& Subi).-Earnings.Aboidissear.,.. (Including Subsidiary and Controlled Companies.)
1929.
1930.
$6,442,130 $6.252,827
Gross revenue
2,231,900
2.239,681
Operating expense
495,863
519,128
x Maintenance
342,688
343,654
Taxes, exclusive of income taxes
83,339.667 $3.182,376
Net earnings
1.921.195
1,970,356
Fixed charges
Net income after expenses and fixed charges_ --- $1,369.311 31,261.181
2,569
2.569
Dividends on preferred stock of controlled company
6,075
5,508
Minority interest in net income
Net income of company and earnings applic. to
common stocks owned by it before prov. for
renewals and replacements and income taxes_ $1,361,233 $1,252,537
x Maintenance charged to operations equals bond indenture requirements. y After allowing for proportionate part of provisions for depredation and income taxes.
Consolidated Condensed Balance Sheet at Dec. 31.
1930.
1929.
1929.
1930,
L1.abilitiesAssets$
$
Property, plant &
57 pref. stock.._ 7,385,000 7,385,000
58,393,289 55,289,556 56 pref. stock.... 2,760,000 2,760,000
equipment
.
8Pecial deposits__ 1,345,131 1,294,602 Common stock_ _ y8,596,472 8,596,473
13,593 Preferred stock not
Investments
13,593
owned
36,700
Cash
36,700
248,521
192,205
100 Common stock not
Marketable secur_
100
6,000
owned
6,000
18,724
Notes receivable__
14,095
x1,367,377 1,339,140
Accounts receivable 1,258,069 1,321,602 Surplus
34,559,500 33,061,500
Funded debt
Inventory, mater.,
1,860
1,860
merch.and supp. 1,180,959 1.263,914 Mortgage payable
Due from affiliated
Contracts pay for
163.626
purch,of propert. 150,716
33,651
22,077
companies
3,140,378 2,928,004 Accrued interest &
Deferred charges
1,098,454 1,053,264
dividends
282,148
366,264
Notes payable
231.517
Accounts payable_ 201,295
Southern Minnesota
Gas dc Elec. Co.
4,456
4,456
2% coupons____
335,566
Accrued Items, &c. 351,662
289,383
Consumers'dPosita 312.192
Due to at II. cos__ 4,808,934 3,132,470
39.553
37,234
Deferred liabilities
3.515,758 3,693,611
Reserves
Total
65.559,878 62,412,267
65,559,878 62,412,267
Total
x Applicable to stock of Interstate Power Co. of 1.279,574 and applicable
to minority stock of controlled company of 187,803. y Represented by
175,000 shares of no par value.
-V. 131, p. 4053.
-Earnings.
Kansas City Public Service Co.(& Subs.).
1927.
Calendar Years1928.
1929.
1930.
Gross revenue
.
.
$8,377,152 $8,951,616 $9.030,316 $9.E gg
Way and structures.....
590,849
588,139
57 .
9 453
686.144
663.263
Equipment
660,254
627.420
64.356
30,688
Maintenance expenses
28,744
30.743
959.950
1.055.494
Operating expenses.....
1,021.790
946,975
3.078.378
2,665.726
2,515,960
Transportation
2,333,764
53.896
94,405
Traffic
64,405
42,511
624,099
590,719
General & miscellaneous
632.206
594,475
525.602
499,286
Injuries and damages...
503,656
528.490
633,720
660.835
587.287
663,069
Motorbus operating exp.
Reserve for maint. re335,147
268,340
newals & retirements_
63,436
Extraordinary maint
532,790
505,530
501,786
481.698
Taxes
84.256
65,678
Valuation expense
Gross income
Interest on bonds
Miscellaneous charges
Net income
Preferred dividends_ _ _
Balance, surplus.
$1,278,922 $1,352,204 $1.621,481 31,612.714
881,421
881.042
846,708
747,912
44,969
69,713
29,266
10,263
$3328.167
82,840
$425,814
330.726
$745.507
454.955
$854.539
291.774
$245,327
$95,088
$290,552
062.766
[VOL. 132.
FINANCIAL CHRONICLE
2966
Consolidated Balance Sheet Dec. 31.
[Including the Wyandotte Railways Co.(Kansas) Subsidiary.)
1929.
1930.
1929.
1930.
5
MNBites$
$
$
Assets37,747,913 36,957,769 Common stock_.:10,203,581 10,175,757
Investments
8,319,100 8,286,300
614,428 $7 pref. stock__
657,614
Cash
7,976 Long term debt__ 14,495,500 14,689,900
7,976
Special deposit_ _ _
4,765 Note pay., secured 125,000
4,334
Due from employ_
150,000 Audited accts. &
Bank Ws. of dep_
397.509
wages payable__ 329,964
3,691
Notes receivable
48,325
12,672
73,159 MisceII.accts. pay.
79,384
Miscell. accts. rec.
Matured int. 1st
365,595
Materials & suppl. 346,170
470,997
mtge. unpaid___ 471,129
Int.on ctls. of dep.
1,469 Accrued Int. on
(accrued)
125
notes payable__
399,329
. 396,202
Unanl. debits__ _
124,061
173,496
Tax liability
9,415
30,713
Deferred liabilities
3.679,748 2,977,772
Unadj. credits
1,402,258 1,394,454
Surplus
39,243,289 38,574.490
Total
39,243,289 38,574,490
Total
-V.131, p. 3710:
Represented by 182.444 shares of no par value.
-ReorganizaKeystone Water Works & Electric Corp.
-See under Atlantic Public Utilities, Inc., above.
tion Plan.
-V.131, p. 3042.
--Tenders.
Manitoba Power Co., Ltd.
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930,
Liabilities-$
Assets
7% pref.stock__ 9.060,000 8,635,000
Plant. prop. &
equipment_ _ _423,309,430 383,016,588 6% pref. stock__ 8,000.000 8,000,000
Cash
5,229,444 4,918,227 Cl."A" stock__ x8,648,803 8,648,803
Cl. "B" stock- y8,391,739 8,391,739
Accts. & notes
receivable
8,047,089 7,581,447 Minority Int. _.159,833,l81 137,801,911
41,505 Funded debt_ _242,218,800 217,786,100
94,503
Int. & diva. rec.
14,392 Purch'se money
12,749
0th. cure, assets
880,240
989,428
obligations- __
415,525
730,860
Due on stk.sub_
Mat. & supplies 5,231,558 5,245,882 Accts. payable_ 2,627,588 2,571,536
694.295 Notes payable_ - 1,992,180 1,886,305
661,843
Prepayments
Investments- 12,525,997 10,081,750 Consumers' dep. 1,746,775 1,601,247
831,809 Purch. contract
4,268,381
Reacq. occurs
1,740,435
852,054 (current) 448,541
Miscell. assets
751,414
795,367
Divs. declared_
Disc. & exp. on
113,866
176,015
5,513,499 4,941,467 Misc. curr. liab_
capital stock_
liabilities_ 5,626,576 5,196,902
Deferred debits.. 24,301,606 22,761,932 Accr.
Deprec. reserve. 25,696,164 25,650,632
Other reserve__ 2,959,360 2,383,485
504,053
579,882
Unadj. credits__
Capital surplus_ 4,946,577 4,865,727
surplus_ 6,086,866 3,982,479
Earned
490,375,500 441,396,873
Total
490.375,500 441,396,873
Total
Represented by
x Represented by 378,695 shares of no par value. y
132. p. 1991.
-V.
757,390 shares of no par value.
Line Ry.-Reorganized.-
New Haven 8c Shore
Spencer of
The Montreal Trust Co., trustee, 511 Place d'Armes, Montreal, Canada,
At a reorganization meeting held on April 13, Frederick C.
is prepared to receive until 12 o'clock noon on May 12 1931, proposals to Guilford was elected President, Clarence Blakeslee of New Haven as Vicesell series A 1st mtge. 5%% sinking fund gold bonds, maturing Jan. 1 1951, President, and Harold A. Blakeslee of New York as Secretary-Treasurer.
to be purchased by the sum of approximately $100,000 paid by the com- The action was taken because of testimony given at the recent trial of
-V. 132, p. 2581.
& Co., transfer
pany to the trustee for the purpose of the sinking fund.
Frederic E. Kingston and other members of F. E. Kingston
operations of the
agents of the railroad company,relating to their financial
Market Street Ry.-Earnings.of Hartford was formerly Secretary, and repreroad. Eugene Sullivan
For income statement for 12 months ended March 31 1931 see "Earnings sented the Kingston interests.
Blakeslee, Ilarold
-V. 132, p. 2581.
Department" on a preceding page.
New directors were elected, including Clarence James Fahy. Emil
Blakeslee, Dr. Frederick Sperry, Benjamin L. Slade, Daly. Mr. Slade
J.
-To Acquire Gray Co.
Midland United Co.
Grieda, Robert A. Lively, Mr. Spencer. and Edward
-V. 132, p as receiver for the Kingston Company controls the majority stock of the
See United States Steel Corp. under "Industrials" below.
railroad.
-V. 121, p. 2157.
2182.
-To Build Gas Line.
Montana Power Co.
This company and the Anaconda Copper Mining Co. recently closed an
agreement whereby the former will supply natural gas to the latter. Pipe
line construction will be undertaken at a cost of from $10,000,000 to $12,000,000 within the next year. The power company also plans to run
-V. 129, p. 2682.
natural gas to other cities in which it holds franchises.
-Earnings.
Narragansett Electric Co. (8c Subs.).
Consolidated Income Statement for Year Ended Dec. 31 1930.
$10,343,743
Gross operating revenue
234.279
Other income
$10,578,022
Total income
Expenses other than maintenance, depreciation and taxes__ -- 3,895,529
790,386
Maintenance
858,698
Taxes (including Federal income tax)
Net earnings before interest, depreciation and dividends
Interest and amortization
$5,133,408
1.428,974
$3,704,435
Net consolidated earnings
The above statement inclues South County Public Service Co., Mystic
Power Co., Bristol County Gas & Electric Co., East Greenwich Electric
-V. 131. P. 3043.
Co., Providence Steam Co. and Sea View RR.
-Earnings.
Newport Electric Corp.
Calendar YearsGross revenue
Operating expense
Maintenance expense
Taxes, exclusive of income taxes
1930.
$772,733
281,491
30.649
36,959
1929.
$690,102
245,940
35,271
36,135
Net earnings
Interest on funded debt
Interest on unfunded debt
Other charges
$423,633
31,320
13.351
39,701
$372,756
31.320
30,306
39,670
$271,460
$339,262
Condensed Balance Sheet at Dec. 31.
1929.
1930.
Liabilities1929.
-Assets
1930.
6% pref. stock___$1,000,000 $1,000,000
Prop.. plant and
1,191000
,049,405 $2,894,004 Common stock_ 1,191,000
equipment
$3
229,197
155 541
23 Surplus,
S pe:1:1 deposits __ _
696,000
696,000
119,438 Funded debt
119,437
Investments
30,660
30,660
124,239 Accrued int.& dive.
106,083
Cash
27,600
25,102
136 Accounts payable.
912
Notes receivable
142,920
108,853 Divs. payable__
Accts. receivable.. 111,220
11,678
12,465
73.251 Accrued items....
60,347
Inventory
23,518
25,883
363 Consumers' dens
Due from Mill. c:s.
114.697
545,888 Due to affil. cos._ 441,047
527,280
Deferred charges..
33,512
46,097
Deferred liabilities
397,629
383,256
Reserves
Net income
-Earnings.
National Electric Power Co.(& Subs.).
1928.
1929.
1930.
Calendar Years$4,007,053 $3,898,411
Total
$62,996,177 $60,234,019 $55,452.272
$4,007,053 $3,898,411
Gross revenue
Total
35.940,312 34.559,512 31.276,649
Expenses,ordinary taxes, &c
-V. 131, p.4054.
$27,055,864 $25,674,507 $24,175,623
Operating income
-Earnings.
New York Railways Corp.
3,955,788 3,548,550 3,719,987
Other income
1927.
1928.
1929.
1930.
Calendar Years$5,967,783 56,252,640
$5,008,221 $5,611,514
$31,011.652 529,223,057 $27,895,610 Five-cent cash fare
Gross income
138,514
120,716
106,236
89,110
11.220,037 11.770,598 11.914,198 Two-cent rev. transfers_
Interest, amortization. &c
1,086
892
825
. 577
3,799,822 3,394.610 3,253,788 Other transfer fares_
Depreciation
686,859
900,310
843,543
Federal taxes
$5.097,908 $5,718,576 $6.089,390 $6,392.240
9.770,185 8.481,620 7,248,457
Total
Subsid. preferred dividends,&c
515,679
461,293
453,093
447,380
Other oper. revenues
$5.321.299 $4,732,686 54,792,328
Net income
86,171,669 $6,550,683 $6,907,920
329,603
324,275
626,063
Total oper. revenues_ $5,545,288
7% preferred dividends
5,421,255
5,215,648
4.989,388
431,478 Total operating expenses 4,515,968
480,000
480,000
6% preferred dividends
478,191
466.452
450,971
452,288
681.651
764,489 Taxes
681,651
Class "A" dividends
1,363,302 1,213,139
1,363,302
Class "B"dividends
$868,583 $1,008,475
$731,310
Operating income....$576.031
102,923
130,988
130,874
130,874
$2,170,283 $1,883,458 $2,053,619 Non-operating income__
Surplus
President Harry Reid, says in part:
$999,571 $1,111,398
$862,184
$706,905
income
Gross
268,010
-The record of growth is particularly noteworthy
251,075
Acquisition of Property.
247,818
243,904
Interest on funded debt.
501,513
420,243
410,731
In that it represents the normal development of the company's system, Controlledcos. acct. op_
171,706
213,089
201.468
202,585
and is not affected by any major acquisition of new properties. Several Other deductions
195,771
additions were made to the company's system during the year. out
small
they were not of such size as to influence the comparisons noted above.
Net income available
x$1,050 x$126,784 x$128,785
At Biddeford,Me.,the 12,000 kilowatt steam power plant and the present
x$95,523
for other charges. &c_
hydro-electric equipment was acquired from the Pepperell Manufacturing
x Excludes accumulated and unpaid interest on income bonds which
Co. by the Cumberland County Power St Light Co. The purchase includes Interest has not been declared due and payable; interest on $5.058,000
since Dec. 11929;
two undeveloped water power sites on the Saco River.
Broadway & Seventh Ave. RR. 1st cense] 5s in default if any, and non.
Public Service Co. of New Hampshire purchased the Eastman Palls claims
stockholdings in controlled companies,
of
hydro-electric plant from the Boston & Maine RR. at Franklin. This site Operating minorityof controlled companies.
-V. 132, p. 1797.
income
when redeveloped is capable of quadrupling its past performance in kilowatt
hour output.
-Proposed
New York State Electric & Gas Corp.
The purchase of the Lyman Falls Power Co. on the Connecticut River
above Groveton, New Hampshire. and the Groveton Electric Light Co. Merger.
-V.132, p. 2782.
by the New England Public Service Co. also offers opportunity for future
See Rochester Gas & Electric Corp. below.
hydro-electric development.
.-Earnings.-The Virginia Public Service Co. in 1930 acquired all of the outstanding
Water Service Corp.(8c Subs.) "Earnings DeNew York
capital stock of the Knightly Light & Power Co., serving five towns in
For income statement for 12 months ended Jan. 31 see
Virginia. It also purchased the municipally-owned electric plant and distri-V. 132, p. 2583.
page.
bution system in Waynesboro, Va., and the electric distribution systems partment" on a preceding
in two other towns.
-Earnings.
North American Gas & Electric Co.
The Florida Power Corp. purchased both the electric plant and the
1929.
the distribution
1930.
distribution system in six communities in Florida, and system, and ice
Calendar Years52,000.266 51,758.747
electric plant, distribution
Gross earnings
systems in two towns. The
plant in the city of Folkston, Ga., was purchased by the Georgia Power Operating and maintenance expenses, including 1,138,741
1,141,795
taxes other than Federal income tax
& Light Co.
-During December 1930, Municipal Service
Corporate Rearrangements.
$861,525
$616,952
Net earnings
affiliated with the United Gas Improvement
Co. acquired from interests
454,213
257,768
of subsidiaries
Eastern Power Co.. which in
Co.. all of the capital stock of the CentralMarion Electric Co. and sub- Int., div. & amortization charges
Interest charges on funded and unfunded debt of
the Columbus, Delaware &
turn controls
160,199
147,001
service to the city of Marion,
& Electric Co
North American Gas
sidiaries. This company furnishes electric
17,000
17.000
Ohio, and 30 other communities, and at wholesale to 17 other communities. Provision for Federal income tax
transferred to the same interests of the Chester
At this time control was
smaller companies
available for depress. &
Consolidated net income
Valley Electric Co. and the Kennett Gas Co., two
$195,183
divs. of No. Mn, Gas St Electric Co. stock... $230,114
operating in eastern Pennsylvania. consolidating operating subsidiaries
In furtherance of the policy of
Co. and Lisbon Light & Power
Consolidated Earned Surplus for the Year Ended Dec. 31 1930.
wherever possible. the Bethlehem ElectricService Co. to its subsidiary, the
$66,626
Consolidated earned surplus at Dec. 31 1929
Co. were sold by the New England Public
1,123
Public Service Co. of New Hampshire and incorporated by that company Miscellaneous adjustments
system.
within its
$65,503
Dec. 31 1929
its
shares of
Adjusted earned surplus at
Financial Operations -Company sold during the year 4,250to
230,114
7% cum. pref. stock, the piom.1. s of which were employed andreimburse Net Income for year 1930
for other
the company for investments made in subsidiary companies,
$295,617
Total surplus
corporate purposes. At Dec. 31 1930, stockholders numbered 12,887, as Depreciation
71.243
compared with 9,976 at the end of the previous year.
119,260
-The subsidiary companies sold during the Divs, on class A stock $1.60 div. series
Stock Sales of Subsidiaries.
30,000
shares of their prior lien and preferred stocks. The total Dividends on common stock
Year 393,599
was
number of stockholders of all subsidiaries at the close of the year sub$75,114
Consolidated earned surplus at Dec. 31 1930
113.479. In addition, stock had been sold at Dec. 31 1930 to 7,530
plan.
--V• 132, P. 311.
scribers on the partial payment
•
FINANCIAL CHRONICLE
APRIL 18 1931.]
2967
-Sells $15,000,000 of $5
Philadelphia Electric Co.
North American Water Works & Electric Corp.
-See Atlantic Public Utilities, Inc., Preferred Stock to Customers and Employees. offer, the company
Reorganization Plan.
As a result of the recent customer-employee stock
above.
-V. 131, p. 2537.
shares of its $5 preferred stock at $100 per share. The
will issue 150,000
offer, which was announced early in March, originally consisted of 50,000
- shares, but the response was so great that the issue was heavily oversub-Sale of Stock.
Northern Indiana Public Service Co.
A total of 1,780 new stockholders were added to the Wits of investo.
owning securities of the company in a sale by employees which was corn
Dieted recently. A total of 5,544 shares of 6% cumul. pref. stock were
sold to 2.014 customers, or an average of 2% shares each.-V. 132. p. 2193
-Series B 1st Lien
Northern States Power Co.(Minn.).
& Gen. Mtge. Gold Bonds Called for Redemption.
All of the outstanding 1st lien and gen. mtge. gold bonds, series 13, due
Dec. 1 1950, have been called for payment June 1 next at 105 and bit. at
the Harris Trust & Savings Bank, Chicago. Ill, or. at the option of the
-See also V. 132,
holders, at the Guaranty Trust Co., in New York City.
P. 2763, 2584.
-Earnings.
Ohio Water Service Co.
For income statement for 12 months ended Jan. 31, see "Earnings Department" in last week's "Chronicle," page 2752.-V. 132, p. 2584.
scribed, and in order not to disappoint customer and employee subscribers
the company increased the amount of stock to be issued to 150,000 shares
from the original 50,000 shares. At $100 per share the sale will provide
the company with $15.000,000, which will largely provide for its financial
rewirements for 1931.
The stock was offered at $100 per share upon a cash basis, or on an installment plan calling for $10 down and $10 per share per month for nine months.
• The stock, which was available to customers and employees only, was sold
exclusively by the employees. Subscriptions were limited to 50 shares.
It is understood that notices will be issued shortly announcing that subsctiptions up to 25 shares will be allotted in full and on subscriptions between 25 and 50 shares the subscribes will be allotted 25 shares.
The $5 dividend preferred to be issued has no par value and is redeemable
as a whole or in part at the option of the company, upon 30 days' notice.
at $110 per share and accumulated dividends, and is exempt from normal
Federal income tax and personal property tax in Pennsylvania. It is
expected that deliveries of the stock will begin May I.
Probable Acquisition.
-Earnings.
Oklahoma Natural Gas Corp.
Calendar YearsGross earnings
Oper. expenses, maint. & taxes
1929.
1928.
1930.
510,429,915 $10,977,270 $10,096,715
6,297,220
6.092,646
5,944,784
$4,485,131 54,680,050 54.004,068
1,395,948
1.417,544
1.405,171
115,689
247,091
185.087
37,046
835,125
775,000
778,930
6,920
Net operating income
Interest on funded debt
Interest on unfunded debt
Funded debt expense
Deprec. and depletion
Miscellaneous charges
$2,009,973 $2,312,692 $1,648,032
Balance
655,331
521,923
822,405
Pref. stock dividends
914,643
Divs. on cem, paid in 2nd pref. stock
Net income before amortiz. of debt
$272,625 51,657,361 $1,126.109
discount and Federal tax
Balance Sheet Dec. 311930.
LtaattittesAssets
188,275,518
Properties, plant, equip., &c.$57,695,804 Common stock
990,000
544,125 7% preferred stock
Cash
9,611,200
1,328,233 6A % preferred stock
Accounts receivable
3,148,100
785,812 6% 26 preference stock
receivable_ Unbilled revenue
4,337
389,300 6% 26 preference scrip stock
Notes receivable
339,438
1,048,988 Preferred stock subscribed_ -Materials and supplies
25,714,900
50.997
Prepaid expenses
2,488,516
203,751 Notes payable
Subscribers to O3% pf. stk.
Accounts payable
382,769
Sinking funds, special depos515,755
1,983,357 Taxes accrued
its and other assets
792,021
2,379,563 Interest accrued
Deferred debits
Dividends accrued
121,460
Consumers dep. & prepay
1,477,455
Advances from UM. cce
2,917,187
Reserves
610,283
Earned surplus
3,206,479
5,792.497
Capital surplus
888,385.912 Total
Total
x Itepresented by 406,508 shares of no par value.
$66,385,912
Defers Pref. Dividends.
The directors recently voted to defer the quarterly dividend due May I
on the 63.5% cum. pref. stock. The last distribution was made on this
-bearing certificates redeemable on or before
Issue on Feb. 1 1931 in interest
Feb. 1 1934 (see V. 132, p 1222).
The directors recently decided to defer the regular quarterly dividend of
% due April 1 on the 7% cumul. pref. stock. The last regular quarterly
_disbursement at this rate was made on Jan. 1 1931.-V. 132, P. 1798.
-Earnings.
Oregon-Washington Water Service Co.
For income statement for 12 months ended Jan. 31 see "Earnings De-V. 132, p. 2584.
partment" on a preceding page.
-Construction, &c., in 1930
Pacific Gas & Electric Co.
Corporate Existence Extended to April 1981.
Gross expenditures for construction on the Pacific corporation's consolidated system in 1930 were the largest in the company's history, totalling
$49,513,946, or nearly $1,000,000 in excess of the contract price for building of boulder dam requiring six or seven years for completion. President
A. F. Hockenbeamer told the stockholders at the annual meeting held on
April 14 that net additions and betterments to the company's properties
since organization in 1905 are 5555,698,131, of which $276,598,006 was as
.a result of construction work and $279,100,125 was through acquisition of
other utilities. Exclusive of regular operating forces an average of 7,807
employees were continuously engaged on entire system throughout the
Year. At the close of 1930 Salt Springs Dam, major feature of the company's huge Mokelumme River development was within 20% of completion.
Sales of electricity in 1930 increased 3.2% compared with a decrease of
0.8% for the country as a whole. Gross revenues from the company's
electric business increased 2.8%, it having been necessary to absorb effects
of $3,000,000 rate cut March 1, 1930. This was fourth major rate reduction
since 1921. The company's average rate for lighting and domestic service
the report shows is now 4.39 cents per kwh. as against national average of
-over 6 cents an hour for the same class of service.
1930
IRGross revenues from the gas department were $2,979,040 lower ingas in
than in 1929, owing to substitution of natural gas for manufactured
large part of company's system and attendant heavy reduction in rates.
The savings to customers from this source during the first full year of operation Is estimated at $3,500,000. The possibilities in use of the fuel for
both Industrial and domestic purposes are so staggering that it promises
ultimately to be source of great revenue.
Net earnings available for dividends on common stock were equivalent
to $3.07 a share on an average of 4,845.584 common shares outstanding in
1930 as against $3.52 a share on the corresponding average in 1929. Econ-omies resulting from acquisition and merger of North American's subsidiaries
In California and which could not be put into effect until latter part of
1930 it is thought will be increasingly apparent in 1931.
The stockholders approved the extension of the company's corporate
-existence to April 1981. This step was taken to facilitate bond financing
.although it is said no sale of bonds is anticipated in the immediate future.
-V.132. p.2194.
Pennsylvania
-Earns.
Gas & Electric Corp.(& Subs.).
1928.
1927.
1930.1929.
$5,731,119 $6,076,272 55.669,533 $5,006,752
Gross earnings
4,367,194 3,977.102 3,463,258
Oper.expenses & taxes- - 3,937.738
Net earnings
$1,793,381 51,709,078 31,692,431 $1,543,494
813,633
898.019
616,453
916,691
Interest and discount-- Divs, paid on stocks of
of sub, co.'s in hands
170,156
145,065
172,872
142,391
of public
Approp. for retirement
291.31.8
281,232
284,393
346,499
and depletion reserve5417,314
$3384.762
5469,776
Net income
5387.800
210.000
210,000
176,361
378,248
Diva.on pref.& com.stks.
Balance, surplus
--V. 132, p. 1222.
59.552
$174,762
5207,314
-Sales.
Peoples Light & Power Corp.
5293.415
Electric sales for the year ended Feb. 28 1931. amounted to 96.383 638
kwh. as compared to 95,502,414 kwh. for the same period in 1930.
Gas sales for the same period including all properties now comprising
the system, totaled 5,893.962,000 cubic feet as compared to 4.605,501 000
cubic feet in 1930, an increase of about 28%. V. 132, p. 2765, 2388.
The company has applied to the Pennsylvania P. S. Conimission for
authority to purchase the capital stock of the Parkesburg Gas Co. for
5115,000.-V. 132, p. 2765, 2585.
-Receivers Appointed
Philadelphia Rapid Transit Co.
System Solvent but Mismanaged.
Pleas Court No. I at
Presiding Judge Harry S. McDevitt of Common
Philadelphia named three receivers to take over the P. It. T. System in a
ruling April 11 in a suit in equity by City Comptroller Willby Hadley.
yipal
?k,es contract with Mitten Management. Inc.,
The court ordered the m
since 1924, totaling more than $6.000,000,
terminated and operatin
The "Journa of Commerce" in its issue of April 13 further
returned.
states:
Judge McDevitt finds the system solvent but says mismanagement,
constituting "a gross conspiracy against taxpayers." makes receivership
necessary. He termed the Mitten group "financial vultures."
The P. R. T. is allowed 10 days for the filing of objections and in addition, if these are overruled, an appeal may be made to the State Supreme
Court. As the officials have strenuously contested each step in the proceedings, it is regarded as certain they will avail themselves of these rights.
Bond for receivers was fixed at $1,000.000.
The receivers who were appointed by the Court are: Edward Hopkinson
Jr., a partner of Drexel & Co. and J. P. Morgan & Co.; Dr. Herbert J.
'
Thy, President of Strawbridge & Clothier, a department store, and E. L.
Austin, director-general of the Sesqui-Centennial in 1926 and bead of
Austin-Johnson, Inc., engineering accountants. [George W. Norris,
Governor of the Philadelphia Federal Reserve Bank, who was under consideration as the fourth receiver could not obtain official sanction from
Washington).
Culminating hearings which have extended over 18 months. Judge
McDevitt's 211-page decision bitterly attacks the methods of the late
Thomas E. Mitten, organizer of the employee-co-operative plan of control.
Mitten-appointed officials are dubbed 'rubber stamp" executives and
"marionettes" and the P. R. T.'s municipal contract, entered into in 1907.
is declared "a gigantic swindle." The court also flays the city's representatives on the directorate, Mayor Mackey, Ernest 'I'. Trigg and Joseph
S. McCullough, whose "laxity is tantamount to collusion in this collossal
conspiracy to rob taxpayers.'
A large part of the decision is devoted to the system's taxicab transactions.
Judge McDevitt declares Albert M. Greenfield or his real estate company
are required "in equity and good conscience" to return $1,438,410 advanced
by P.- T. when the concern was acting as agent in the purchase of the
R.
Quaker City Cab Co.
The transaction in which the system first refused the bankrupt cab
company and later acquired it for $1,360,000 from a so-called "straw-man"
owner, Frank Sawyer of Boston, who had paid $387,000, was described as
"so malodorous that the Public Service Commission, a body that in the past
could not be accused of impartiality where the affairs of the P. R. T.are
concerned, refused to give its approval."
Besides ending the management agreement, the McDevitt decision instructs the receivers that they must dispose of the Quaker Cab Co.. must
cancel the present office lease in the Mitten Building, must recover a P.
R. T. loss of 51,700,000 through the Mitten manipulation of a preferred
stock issue of $16,000,000, and must recover money lost in an effort to get
control of the Philadelphia Electric Co. A thorough investigation of the
transit system's relationships with its subsidiaries and any other organizations or group is ordered.
The demand for fee repayment is based on charges of "maladministration, waste and extravagance." In 1924 the Mitten Management collected
$158,000, in 1925 5409,618 and since then the amount, based on 2% of
the P. H. T. gross income, has averaged about 51.100,000 annually.
About $3,000,000 claimed by Mr. Wilson as the city's share of revenue
from the new Broad Street subway was not ordered returned, nor did
Judge McDevitt place any estimate on the value of the system as a step
In its purchase by the city. The appraisals have ranged between 5140.000,000 and $150,000,000.
Judge McDevitt has also enjoined any equity or bankruptcy actions
against the P.R.T. without court approval. This is regarded as a move
to forestall litigation by minority stockholders or creditors, which has been
threatened if the decision proved unsatisfactory.
Violations of the city's 1907 contract as listed by the court include purchases of unnecessary land at enhanced prices, cancellation of an economical
lease to allow the 'extravagant arrangement in the Mitten Building,"
expenditure of 5336.000 in the Philadelphia Electric Co. campaign, waste
of about 51,000,000 in the Quaker Cab Co. purchase and jeopardizing
another $1,000,000 in intercity bus lines without authority, an attempt to
establish the first passenger air line on the P.R.T.'s money as a "Mitten
monument" and purchase of bus and cab lines outside the city. financed
by P.R.T. The rise in the Mitten operating rate was called "unconscionable."
The decision describes the early-morning conferences which were a practice by Mr. Mitten and his executives.
Running through practically all these transactions is the influence of the
magician at the end of the Mitten interests, the real estate expert who
profited in paltry millions at his counter, and the subservient directors who
did the Mitten bidding at a glance or a nod to the end that the nefarious
schemes hatched at before dawn breakfasts might in their opinion have the
stamp of legality by their adoption," the opinion continues.
The Mitten method of transferring executives to various directorates of
subsidiaries was also scored as a means adopted "to carry out the scheme
by placing selected officials whose rubber stamp proclivities could be dei points."
pended upon, at strategic poin."
In selecting the title "receiver" Judge McDevitt said the term to the
lay mind might connote insolvency, but even at the risk of a popular misunderstanding the word was chosen with the reiteration that no question
of P.R.T. insolvency is involved.
The receivers are to assume their duties at once and they will have full
charge with the express injunction that they institute suits for the recovery
of any property or damages belonging t the P.R.T.
The Mitten system ofemployee-co-operation and stock ownership features
In effect for more than two decades was adopted after a period of protracted
labor troubles. Regarding this, Judge McDevitt said:
"The good accomplished by Mitten in creating confidence between employers and employees is far outweighed by the gross waste and extravagance and the acts of questionable honesty that characterized other transactions between P.R.T. and the Mitten connections."
Defers Enforcing Receivership.
Judge Harry S. McDevitt, April 13 announced that the receivers would
not take over their duties until court proceedings, mainly centred about
a proposed appeal of the Mitten interests, are ended.
ave until April 23 to answer
The lawyers for Mitten Management.
Inc..It has been indicated that they
the charges in Judge McDevitt's decision.
would appeal to the State Supreme Court if they should fail to have the
decree set aside in local courts.
-In a statement Dr. A. A.
Statement by Company Official.
Mitten, Chairman of the P. R. T. board, said, regarding the
decision:
[VOL. 132.
FINANCIAL CHRONICLE
2968
It is premature to discuss the adjudication as a whole, but its three
most important features are these: "First
-Clear and repeated findings
are made by the court that P. It. T. Is entirely solvent. This means that
no creditor and no employee need have the least anxiety concerning the
security of his rights or his job.
Second-Abundant time is allowed by the Court to teat the soundness
of the Judge's conclusions by further proceeds before the suggested receivership becomes operative.
Third-Nothing In the adjudication, even if it were sustained, would
diminish the assets of P. It. T. In other words, there is nothing in the
adjudication which should Injuriously affect the value of P. R. T. stock.
New Directors.
-
Thomas Shaw and L. H. Forker were recently elected to the board
to represent the employees, together with Alexander Knox, already a
director.
-V. 132, p. 2195.
-Stock Increased.
Texas-Louisiana Power Co.
The company on April 14 filed a certificate at Dover. Del.. increasing
the authorized number of no par value shares from 30,000 to 130,000.V. 131, p. 2896.
Texas Public Service Co.
-Earnings.
1931.
1930.
81.553.334 $1,171,623
978.280
751.292
12 Months Ended Feb. 28Gross revenues
Operating expenses
Gross corporate income
-V. 132, p. 1224.
$575,054
$420,331
-Stockholders ReceiveTwin City Rapid Transit Co.
Questionnaire.
the stockholders
- ofThe proxy committee headed by Mark Wolff to representto determine the
-Earnings.
Pittsburgh-Suburban Water Service Co.
this company has sent a questionnaire to stockholders
For income statement for 12 months ended Jan. 31 see "Earnings De- following questions:
-V. 132, p. 2765.
partment" on a preceding page.
Whether a special stocholders' meeting should be called to end the system
of electing directors by rotation and, if advisable, to change the number of
-Bonds Called.
Potomac Edison Co.
directors; whether the stockholders would be willing to deposit their stock
All of the outstanding 1st mtge. & ref. (now 1st mtge.) 6% gold bonds, for two years in a voting trust, certificates for which would be listed on theseries C. dated June 1 1924, and 1st & ref. (now 1st mtge.) 5%% gold New York Stock Exchange; whether stockholders would be willing to option
bonds, series D, dated Nov. 1 1925, have been called for redemption on one-half of their stock at $15 a share any time within four months; whether
May 12 next at 105 and hit, at the Chemical Bank & Trust Co., successor stockholders would be willing to exchange their Twin City common stock
for pref. stock in "a large public utility holding company," and, if all the
trustee, New York City. See also V. 132, P. 2765.
preceding suggestions were inacceptable, at what price stockholders would
-V. 132, p. 1992.
sell their stock outright for cash.
-Reorganization.
Public Service Co. of Indiana.
company
The stockholders on April 15 approved the reorganization of this
-Earnings.
Twin State Gas & Electric Co.(& Sub.).
under "The Indiana General Corporation Act." (See Interstate Public
1928.
1927.
1929.
1930.
Calendar YearsService Co. in V. 132, P. 2386.)
A petition for the purchase of properties of the Harrodsburg Light & Gross earns., incl, mer$2,626,303 32,480,990 32.238.420 $2,010,356
chandise sales
Power Co. by this company was approved recently by the Indiana Commission, The Harrodsburg distribution systsn covers a community of Oper. exp., incl. taxes &
1,397,670
1.198,693
1,718.164
1,857,143
depreciation
-V. 132, p. 2388.
about 200 people.
Int., amortiz., discount
304,015
298,514
306,806
332,993
and exps. on bonds-Date for Deposit of
Rochester Central Power Corp.
5% Debentures and 6% Preferred Stock Extended.
-V. 132. Io• 2196.
See Associated Gas & Electric Co. above.
-Asks Authority to
Rochester Gas & Electric Corp.
Transfer Property to New York State Electric & Gas Corp.
Net income
Previous surplus
Adjust, of property tax_
Contrib. from Nat'l Lt.,
Heat & Power Co. for
1927 flood losses
3436.167
338,016
28,235
$456,020
294,859
3536.735
248,719
3513,149114,757
76.000
The Rochester Gas & Electric Corp. has petitioned the New York P. S.
$627.906.
$861,454
$750,879
$802,418
Total surplus
Commission for authority to transfer its franchises, works and systems to
176,248
176,111
176,058•
176,279
the New York State Electric & Gas Corp. The Rochester company serves Prior lien dividends- __ 77,625
77,62577,625
77,625
gas and electricity to Rochester and to Monroe County and several other Preferred dividends125,503 •
143,432
197.219
143.432
Common dividends
counties.
surrounding
The petition points out that the territory of the Rochester Corporation Approp. for 1927 flood
106,640
losses and expenses
is adjacent to the territory of the New York State Electric & Gas Corp.
8,863
15,695
and also adjacent to the territories served by the Lake Ontario Power Co., Adjustments
the Empire Gas & Electric Co. and the New York Central Electric Corp.,
3248,719'
$294,859
3338,016
Profit and loss surplus $405,082
which also have pending applications to transfer their franchisee, works
Shs. common stock outand systems to the New York State Electric & Gas Corp.
17,929,
17.929
17,929
17,929
standing (par $100)
The petition alleges that the mergers proposed will permit more efficient
$14.48$15.78
$11.28
$10.18
Earnings per share
-V. 132, p. 2585.
operation.
Consolidated Balance Sheet Dec. 31.
-Earns.
'Rochester & Lake OntarioWater Service Corp.
1929.
1930.
1929.
1930,
I.For income statement for 12 months ended Jan. 31 see "Earnings DeLlablIttfissAssets$
$
-V. 132, p. 2767.
on a preceding page.
partment"
Fixed capital
11,845,396 11,300,646 7% prior lien stk_ 2,518,900 2,516,900
Cash
124,382
117,091 5% pref. stock- 1,552,500 1,552,500
-Earnings.
Common stock__ _ 1,792,900 1,792,900•
Southern California Gas Co.
Notes and accounts
9,507
9,507
352,053 Prem on pr.lienstk
335,758
receivable
1930.
1929.
Calendar Years180,474 Prior llen 7% cum.
$16,655,601 817,295,291 Materials & suppl- 174,651
Operating revenues
1,300
2,300
7,652 stock subscribed
34,363
10,470,871 11,159,076 Prepayments
Operating expenses & taxes
4,533,700 4,598,700
Funded debt
1,949.138
1,825,215 Subscribers to capRetirement & amortization expense
124,657
505 Accounts payable_ 163,029
ital stock
1,420
58,739
64,348
59,629 Consumers' depos_
97,975
34,235,592 $4,311,009 MLscell. assets_ __ _
Net income from operating properties
44,072
44,073
Divs. declared._._
105,801
148,246 Unamortlzed debt
Non-operating income
143,600
Accrued liabilities_ 149,104
458,117
dLset. & expense 434,398
784,000
43,521 Adv.from RIM cos. 1,189,000
$4,341,393 $4,459,255 Property abandon. 127,462
Gross income
755,700,
874,594
124,917 Reserves
46,445
1,287,982
1,286,881 Deferred debits
Bond interest
338,016 •
405,082
1,600 Surplus
400
113,461
230.706 Reacquired secur.
Other deductions
Cost of acquiring
76,385
76,385
$2,939,949 $2,941,668
capital
Net income
13,299,038 12,722,591.
Comparative Balance Sheet Dec. 31.
Total
,299,038 12,722,591
Total
1930.
1929.
1929.
193 .
.
13
-V. 131. P. 3877
Liabilities-$
$
Assets
Common stock_ _ _ 8,000,000 8,000,000
-Sale of Union Management &Union Utilities, Inc.
Plants, prop. &
63,813,360 58,427,188 Cum. pref.stock- 3,980,400 3,955,100 Engineering Corp.
franchises
Cum. pref, stock,
Due from sub, to
-V. 129. P. 2538.
556,700
series A
556,700
gee Appalachian Gas Corp. above.
17,306
4,747
pref. stock
22,946,000 22,922,500
418,888 Funded debt
718,563
Cash
-Earnings.
Union Water Service Co.
85,030 Adv,from affil.cos. 5,801,423 2,005,847
65,436
Notes & int. rec...
De18,600
45,050
For income statement for 12 months ended Jan. 31 see "Earnings
Accts. receivable.. 1,752,186 1,538,886 Pref, stock subscr.
-V. 132, p. 2767.
46,348 Accounts payable_ 922,397 1,148,135 partment" on a preceding page.
44,779
securities
Market.
215,900
dep
210,900
999,597 Consumers
Mat's & Supplies_ 884,448
-Earnings.
1,256,913 1,824,350
United Light & Power Co.
4,573 Accrued taxes
23,530
Sink, fund trustees
"Earnings.
323,764
For income statement for 12 months ended Feb. 28 see
Accr. interest-. 323,974
Unamortized bond
-V. 132, p. 2792.
preceding page.
68,057
67,613 Department" on a
disc. it expense_ 1,243,728 1,297,862 Divs. declared _ _
466,452 Consumers adv.for
Other def. charges. 160,701
-Definitive Bonds.
Washington Gas & Electric Co. Y.
1,780,356 1,957,034
construction
announces that
990
36,977
Deferred credits.The Chase National Bank. 11 Broad St., N. 5%City, bonds, series of
gold
16,946,741 15,206,555 It is prepared to deliver the definitive 1st mtge.
Reserves
bonds. See also V. 131.
Approp. surplus1955, due Nov. 1 1955, in exchange for temporary
668,647 p.3531.
canting reserve_ 1,281,647
Unapprop. surplus 4,611,387 4,372,758
-Notes
& Telephone Co.
68,711,487 63.301,930
Total
-V. 132, p. 2196.
Total
68,711,487 63,301,930
-Earnings.
Natural Gas Corp.
Western Power, Light
-Halsey,Stuart & Co.,Inc., and A.B.Leach &Co.,
Offered.
-year 6% gold notes at 99M
Inc., are offering $3,000,000 2
and int. to yield about 63/3%.
Southern
30 days'
Dated Feb. 15 1931: due Feb. 15 1933. Red. all or part onor before
For income statement for month and three months ended Mar. 31 1931
-V. 132. p. 2767.
notice at 101 on or before Feb. 15 1932: thereafter at 100% on
see "Earnings Department" on a preceding page.
at 100, plus int. Interest is
gas by the Southern Natural system set a new high monthly Aug. 15 1932 and thereafter to maturityand Aug. 15 without deduction
Deliveries of
Feb. 15
record in March. sales for that month aggregating 1,372,106,000 Cu. ft.. payable at office of the trustee on exceeding 2% per annum. Company
February and for normal Federal income tax not
as compared with the previous peaks of 1,345,060,000 in year
notes
deliveries will reimburse the bearer or registered holder of theseor anyfor any personal
January. For the first quarter of this
1,242,062.000 in
income tax paid
property tax paid not exceeding 5 mills to the dollar, or hereafter imposed
totaled 3,959,228.000.-V. 132. p. 2767.
not exceeding 6% of the interest per annum, as now
commonwealth or the District of Columbia, upon proper
by any State,
Texas Electric Ry.-Interest Defaulted.
within 60 days after payment. Denom. $1,000 and 3500 c*.
At meetings of the executive committee and the board of directors held application
Jones, Kansas City, Mo., Apr.11.
was reached that the financial
on Dec. 19 1930 the unanimous decision could not make payment of the Data from Letter of Pres. Nathan L.
condition of the company was such that it
-Company owns public utility companies operating in Missouri,
Business.
the period July 1 1930 to Dec. 31 1930 Incl.
Interest due Jan. 1 1931 for
Kansas, Iowa, Nebrasks, Oklahoma, Colorado and Texas. ICe properties
on its bonds and debentures.
In the Southwest are also owned by subsidiaries and a group of well-es-On Jan. 9 1931, upon application for the appointment of a tablished Pennsylvania ice properties in the area contiguous to Pittsburgh
Receivership.
filed in the 44th District Court
recently by a subsidiary.
receiver of the properties of the company,
was granted and Jas. P. Griffin was have been acquired supply 260 communities with one or more classes of
of Dallas County, Tog., the same
The subsidiaries
appointed receiver by the court.
service, and the properties are so located as to permit economical operation
1930.
1929.
in groups. Electric light and power are furnished in 72, water in 5, ice
Calendar Years31.004.599 $1,315,919 In 29, gas in 7, and telephone service in 168 communities. Electric power
Passenger revenues
309,318
217,738 is also supplied wholesale to seven communities. The number of electric,
Freight revenues
202,433
246,638 gas and water customers and telephone subscribers exceeds 81.300, and the
Express revenues
84,691
84,522 Population supplied with one or more of these services is estimated at
Other revenues
more than 400,000.
$1,601,042 $1,864,816
The electric light and power properties include 13 generating stations and
Total
1,950
1.491 846 miles of transmission lines. They are divided geographically into
Miscellaneous income
three groups, the largest of which serves the communities In south central
$1,602,992 $1,866,307 Kansas and those adjacent to the border in Oklahoma. Company has
Total revenue
1,103,786
1,177,584 recently added to its system electric properties serving Greeley and 13 nearby
Total operating expenses
69,568 communities in Colorado, and also properties in central Missouri serving
Taxes67,717
*410,045
417,865 12 communities.
Interest
The telephone properties are concentrated in central Kansas and northern
$21,443
$201,291 Oklahoma, in northern and western Missouri, and in eastern Nebraska
Net income (before depreciation)
debentures for the period and western Iowa. The system includes 2,859 miles of toll lines and
*Accrued Interest on outstanding bonds and
interest account, a majority of the local exchanges occupy buildings owned by the subJuly 1 1930, to Dec. 31 1910 inclusive, was charged to
Ry. sidiaries. Long distance service with all parts of the United States and
but not paid and is unpaid at this time, as follows: On Texas Electric
$40,440; on Texas Canada is handled through interconnections with lines of the Bell Telephone
5% bonds, $136,100: on Texas Electric Ry. 6% debs., P. 129.
System and other companies under joint operating agreements.
total, $195,065.-V. 132,
Traction Co.5% bonds,$18.525;
APRIL 181931.]
FINANCIAL CHRONICLE
2969
To be Outstanding
American Bankstocks Corp.
-Initial Dividend.
Authorized.
inHandsofPublic.
Capitalization
The directors have declared an initial quarterly dividend on the capital
1st lien coll. 20-yr. 6% gold bonds,series
stock at the rate of 30 cents annually, payable April 15 1931 to holders of
A duo Feb. 1 1948
16 5,000,000
$4,737,000
record April 10.
Series B due Apr. 1 1950- - - -10,000,000
3.523,500
2-yr.6% gold notes, due Feb. 15 1933 -- 5.000,000
-- - 3,000,000
American Brake Shoe & Foundry Co.
-Obituary.
Preferred stock (par $100)
10,000,000
5,806,900
Chairman Joseph Bodine Terbell died in New York City on Apr. 15.Participating class A stock (no par)_ _
250,000 shs.
80,000 shs. V. 132, p. 1415.
Common stock (no par)
300,000 shs.
200.000 sits.
Additional series of first lien coll, bonds may be authorized, under reAmerican Chicle Co.
-Earnings.
strictions of the indenture. The authorized capitalization also includes
For income statment for 3 months ended Mar.31 1931 see "Earnings De$10,000,000 convertible 6% debentures.
partment" on a preceding page.
-V. 132, p. 851, 313.
-Incorporated in Delaware. Owns all the outstanding
Company.
common stocks of its subsidiaries, except directors' qualifying shares and
-Earnings.
American European Securities Co.
a small minority interest in one subsidiary. These subsidiaries have no
For income statement for 3 months ended Mar. 31 1931 see "Earnings
other securities outstanding in the hands of the public except $225,000 Department" on a preceding page.
mortgage bonds, and $353,500 preferred stock.
Based on market values of Mar. 31 1931, the appraised net assets availEarnings-The consolidated earnings of the company, its subsidiaries able for common stock after giving effect to exercise of option warrants
and acquired properties,for the 12 months ended Dec. 31 1930. after giving entitling holders to purchase 20,500 shares of common stock and allowing
effect to $113,744 5f net non-recurring expense and adjustments, but before for all known liabilities and the preferred stock outstanding at its liquideducting depreciation, amortization of debt discount and expense, and dating value amounted to $14,042,572 or $37.45 a share on 375,000 shares.
Federal income tax, are reported by independent auditors as follows:
which would be the amount outstanding when warrants are exercised
Gross revenue (including other income)
$3,976,831 comparing with $33,047,178 or $63.78 a share on Mar.31 of previous year.
The market value of company's investment securities on Mar. 31 1931.
Operating expense, maint.,local taxes & other expense, including
was $22,799,685 or $1,540,557 in excess of cost. On Mar. 31 1930 in$35.245 annual interest on bonds and dividends on preferred
vestments carried at cost of $32,746,975 showed an increase of $11,563,816
stocks of subsidiary companies held by public and minority
2,456,486 above cost.
common stock interest of $5,530
-V.132,p. 1993, 303.
American Hide & Leather Co.
-Earnings.
Net income before interest, depreciation*, amortization of
$1,520,344
and Federal income tax
For income statement for 36 weeks ended Mar. 7 1931 see "Earnings
debt discount and expense
Department" on a preceding page.
Annual Interest requirement of funded debt to be outstanding
-V. 132, p. 497.
675,630
upon completion of present financing
American Machine & Foundry Co.
-Balance Sheet.
* Depreciation $220,119.
-Proceeds of these notes, together with proceeds from the sale
Purpose.
Consolidated Balance Sheet Dec. 31.
of additional series B bonds, preferred st3ck and participating class A
1929.
1930.
1930.
1929.
stock, have been used in part to retire note issues maturing Mar. 1 1931
Assets
Liabilities$
and the balance will be used to refund notes due June 1 1931 and for other Cash
1,664,932 1,278,485 Accounts payable- 171,178
324,364
-V. 131, P. 2381.
corporate purposes.
Marketable secur- 1,734,148 2,489,201 neer. int. on bonds
Acerts receivable
440,762
28,590
31,275
663,510 and mortgage__
-Earnings.Western Union Telegraph Co. Inc.
Notes and acceptRes. for Fed. Inc.
For income statement for 3 months ended Mar. 31 see "Earnings Deances receivable
77,012
57,171
208,008
& State taxes.- 124.185
page.
-V. 132, p. 2570.
partment" on a preceding
Inventories
1,096,447 1,728,874 Accr. sinking fund
9,304
11,028
on mortgage.-20,000.
20,000
-Bonds Called. Prepaid ins.& roy. 89,922
West Kootenay Power & Light Co., Ltd.
Misc.advs., &e..._
93,766 Res. for depreo. of
all the outstanding gen. mtge. Inv. in & advs. to
The company will on June 15 redeem
bldgs.& equip__ 3,605,394 3,432,566.
sinking fund gold bonds at 104 at the Montreal Trust Co. in Montreal or
affiliated cos-13,188,088 13,576,307 Ras. for spec. con_ 687,898
926,542.
Toronto, Canada. For the convenience of the bondholders it has been Stock in American
6% mtge. payable 460,000
500,000.
arranged that any of the bonds so called for redemption will be redeemed
Mach.
Co_
237,021 15
-Yr.6% e. bds__ 909.000 1.042,000.
-V. Patents, & F.rts., 283,095
at any time prior to June 15 at 104 and int. to date of presentation.
pat.
Preferred stock_
2,000,000
132, p. 2389.
licenses, devel.,
Common stock__ 7,000,000 7,000,000.
1
_
1 Earned surplus.-.. 0,080,964 7,803,130
good-will,
-Annual Report.
Winnipeg Electric Co.
Land & Ridge. &
&c_Capital surplus__ 2,357,777 2,657,778
1929.
1928.
1930.
1927.
Calendar Yearsequipment
1,312.
1,426
$6,078,055 $6,415,540 $6,076.639 $5,868,142 Deferred charges 5,847,664 5,797,151 Minority interest_
Gross earnings
15,038
24,459
4,068,892
3,922,131
4,023,039
3,661,708
Operating expenses
24,446,415 25,956,974
Total
Total
24,446,415 25,956,974
Net operating revenue $2,055.016 $2,346,648 $2,154,508 $2,206,434
Our usual comparative income account for Dec. 31 was Published in.
376,899
469,092
387,702
291,853
Miscellaneous income-V. 132, p. 2587.
$2,431,915 $2,815,740 $2,542,211 $2,498,287
Gross income
American Smelting & Refining Co.
-New Affil. Co.
1,357.829
1,323,187
Int., charges, taxes, &c- 1,343.762
1,347,080
This corporation through its affiliated company, the Premier Gold Min515,345
488,416
201,050
Depreciation
201,050
ing Co., Ltd., have formed the Toburn Gold Mines, Ltd., to explore and
$572,808
Net income
$969,495 $1,017,973
$950,157 develop the recently optioned Ontario mining properties, known as the.
350,000
Preferred dive. (7%).,349,944
339,345
280,279 Tough Oakes-Burnside properties, situated at the eastern end of the pro-V.132, p. 1789.
239,889
Common dividends 429.483 ($2)300,000 ($2)220.000 ducing area of Kirkland Lake.
Balance, surplus
Previous surplus
def
lION
$190,068
281,760
$378,628
323,665
$449,878
216,805
Total surplus
Additional depreciation_
Sinking fund reserve_
Def'd & undis. charges
$344,978
$471,828
74,760
$702,293
250,420
77,500
$666,683
217,823
80,080
Profit & loss surplus
She. cont. out. (no par)_
Earns. per sh. on corn...
-V.132, p. 2768.•
$344,978
241,924
$0.92
$397,068
229 483
$.69
$374.374
150,000
$4.52
$368,780
149,798
$4.49
-Sales Increase.
American Type Founders Co.
The company reports that sales in March were 9% larger than in any
of the preceding six months. Net profits for the six months ended Feb. 28,
the first half of its fiscal year, are estimated at $300,000 after depreciation
and tax reserves. No statement for the first half of the piong fiscal,,
year was issued.
Earnings.
-
INDUSTRIAL AND MISCELLANEOUS.
For income statement for six months ended Feb. 28 see "Earnings,.
-V. 131, p. 2888.
Department" on a preceding page.
American Utilities & General Corp.
-Stockholders Gain.
The stockholders now number 16,341, President E. G. Diefenbachannounced on April 10. This is an increase of 225% over the total ofapproximately 5,000 on Jan. 1 1930.-V. 132. p. 1622.
Matters Covered in the "Chronicle" of April 11.-(a) Automobile financing
-Initial Common Div. &c.
American Yvette Co., Inc.
during February 1931 compared with preceding months, p. 2658. (b) The
The directors have declared an initial dividend of 25 cents on the common,
new capital flotations during the month of March and for the three months stock, payable June 15 to holders of record May 15. Vice-President F. J.
since the first of January, p. 2659. (c) Shippers estimate that 7.029,231 Bowlan announced that gross business for the three months ended Mar. 31
cars will be required to handle commodity shipments in second quarter of was about the same as in the corresponding period of 1930, but that the
1931; reduction of 430,805 as compared with same period last year. P. 2667. management expected net results for the six months of the calendar year (d) Market value of listed shares on New York Stock Exchange April 1 to be from 15 to 20% ahead of the 1930 showing for the same period.
$53,336,394,495, compared with $57,054,766,481 on March 1; classification V. 129, p. 1444.
of listed stocks, p. 2695. (e) Offering of $275,000,000 Treasury certificates
due in eight months and bearing 1 7 % interest; books closed; issue heavily
Anglo American Corp. of South Africa, Ltd.-0per..
1
oversubscribed, p. 2697.
The following are the results of operations for the month of March 931:
in
TonsMilled Total Rev.
Costs.
Profit.
-Proposed Sale of Properties to Brakpan Mines, Ltd
Advance-Rumley Corp.
95,000
£144,978
£99,952 £45,026.
-See latter company below.
66,400
-V. Springs Mines, Ltd
Allis-Chalmers Mfg. Co.
£144,217
£77,198 E67,019.
West Springs, Ltd
68,000
£73,244
£60,750 £12,494
132, p. 2198.
-V. 132, p. 2391, 2200.
-March Output.
Alaska Juneau Gold Mining Co.
Armour & Co. (I11.).-Status.
The company mined and trammed to its mill 368,790 tons of ore during
President T. G. Lee says:
March, from which it recovered an average of 93.14 cents a ton in metal.
"The financial condition of Armour & Co. is excellent, and rumors of
During the first quarter 1,059,280 tons were milled with an average recovery of 93.60 cents a ton. This compares with 949,740 tons in the first a reorganization are idle. Our inventories are ample and are moving
quarter of 1930 and 83.48 cents a ton. During the corresponding period steadily into consumption.
"Cash in banks exceeds our bank loans by $6,000,000. Working capital
of 1929 the company milled 983,600 tons,from which an average of 82.48
is ample to take care of all our needs."
-V. 132, p. 1622, 1417.
cents a ton in gold was recovered.
-V. 132, p. 2768.
-New President.
Allied Business Corp. Shares, Inc.
-
Artloom Corp.
-Earnings.
-
For income statement for three months ended Mar. 31 see "Earnings
V. A. Gwyer has been elected President, succeeding S. L. Vanderveer,
Who becomes Chairman of the board; Clement Cartwright, formerly of Department" on a preceding page.
Balance sheet as of Mar. 31 1931 shows further strengthening of an,
Shields & Co., has been elected Vice-President, succeeding Mr. Gwyer.already strong financial position; cash was $1,017,277; and Government,
V. 132, p. 180.
municipal and railroad bonds a further $585,128. Total current assets
aggregated $2,497,731 against total liabilities other than capital and surplus
-Initial Dividend.
Allied General Corp.
The directors have declared an initial dividend of 52 cents per share on of only $66,451. Inventories showed a further reduction of $293,674
the $3 cony, preferred stock, payable April 15 to holders of record March 31. during the quarter to 8658,236. Net worth Mar. 31 was $5,793,450.
Capital stock consists of $1,173,200 of 7% preferred and 200,000 no par
This covers the period from Jan. 30 to April 1.-V. 132, P. 1802.
common shares.
-V. 132, p. 1034.
Allis-Chalmers Mfg. Co.
-To Acquire Properties of
Advance-Rumley Corp.
Atlantic Refining Co.
-Earnings.
-
For income statement for quarter ended March 31 see "Earnings DeAnnouncement was made on Aptil 15 that the Allis-Chalmers company
would acquire the plant and sales office of the Advance-Rumely Corp. of partment" on a preceding page.
Consummation of the deal requires only an investigation by
Laporte, Ind.
Subsidiary Increases Capital.
auditors, according to Max W. Babb, Vice-President of the Allis-Chalmers
The Atlantic
filed.
company, who declined to disclose the purchase price or to describe the a certificate at Refining Co., _Inc., New York City, a subsidiary, hasfrom
Albany, N. Y., increasing its capital to $2,500,000
properties and assets to be taken over.
$500,000. The purpose of the increase, it was
"The lines controlled by these two companies do not overlap but supple- imburse the company for expenditures already stated, was partly to remade
ment each other," Mr. Babb said. "The acquisition of Advance-Rumely of additional marketing facilities in New York State, for the acquisition
mainly
Corp. under consideration will largely augment the business of the Allis- territory surrounding Oswego and Binghamton, N. Y., and also in western
to provide
Chalmers company in the agricultural machinery field."
capital for additional acquisitions when opportunity arises. Approximately
The deal is expected to be completed by May 1.-V. 132, p.2768.
0utlet8 0 of the increase is reserved for future expansion of marketing
$500 00
,.
-New Director.
Aluminum Co. of America.
David K. Bruce, son-in-law of Andrew W Mellon, has been elected an
additional director.
-V. 132, p. 1225.
To Build Pipe Line.
-
Construction of a gasoline pipe line by the Atlantic Refining Co.running
Scranton and thence to
-Stock Increased.
Amalgamated Electric Corp., Ltd.
- from its refinery at Point Breeze, Philadelphia, toaccording to an applicathe Pennsylvania-New York State Line is planned
Supplementary letters patent have been issued under the Seal of the tion for a charter of incorporation filed by the officers of the company.
Secretary of State of Canada, dated Mar. 7 1931. increasing the capital
The proposed pipe line will be constructed by the Keystone Pipe
stock from 30,000 6% cumul. cony. pref. shares, par $50 each, and 80,000 a Pennsylvania corporation, wholly owned by officers of theLine Co.,
Atlantic
common shares, without par value, to 30,000 6% cumul. cony. pref. shares, mann
co
Refining
s efinieg co. rprpoesraidteionncarvire .J. W. rian D yck, ent irR o thn new .
M IVsh presidCha of
.
par $50 each, and 90,000 common shares, without par value.
-V. 132, P.
ofthe Atlantigr
Co. Offic
2587.
Atlantic Refining Co., Vice-President; and R.C. Tuttle, manager of marine.,
2970
FINANCIAL CHRONICLE
transportation of parent company, Treasurer. The Keystone company is
incorporated with a capitalization of $100,000..
The Atlantic Refining Co. plans ultimately to extend two main lines from
Point breeze; one to Scranton and Harrisburg, later to be extended into
New York State, and one westward through Pennsylvania to Pittsburgh
and Franklin, Pa. The Atlantic company has refineries at Pittsburgh
with a capacity of approximately 8.000 barrels a day crude oil running
capacity and at Franklin with capacity of 9,000 barrels a day.
Construction of the line to Scranton will be begun as soon as possible,
according to R. H. Colley, Treasurer of the Atlantic Refining Co. Construction of the line to Pittsburgh and Franklin will not be started for some
time.
No contracts have been let so far for construction, Mr.Colley stated. No
estimate of cost of the line was available -V. 132, P. 1611, 1226.
Atlantic Sugar Refineries Ltd.
-New Directors.-
[VOL. 132.
Bethlehem Steel Corp.
-Bonus Gets 72% of Proxies
-Court Delays Ruling.
The corporation's bonus plan, under which officers received
approximately $36,000,000 in 14 years and which is being fought in tlae
courts
by a monority group, was apparently ratified overwhelmingly April
14
at the annual meeting of stockholders in Newark, N. J.'
While a restraining order by Vice-Chancellor Backes in Trenton prohibited the stockholders from announcing the result of their vote
ing it pending a determination of the minority stockholders'or recordsuit,
management announced that it was voting proxies representing 72%the
of
the outstanding common and preferred stock of the Bethlehem Steel
Corp. So it was assumed that the managzment had won approval of the
bonus system.
-V. 132, p. 2570, 2589.
Bolsa
Chica Oil Corp.
-Rights.
At the annual meeting held on April 15 the directorate was reduced to
The stockholders of record April 18 will be offered rights to subscribe to
seven members and new interests in the company gained representation additional class
A common stock at $10.80 a share, on the basis of one new
by the election of P. R. Gardiner, Vice-President; J. II. C. Dussault, share for each 20
shares of A and B stock. Rights will expire on May 9.
Salter A. Hayden,J. F. Van Lane, and W.J. Beattie as directors. Lewis J.
The company states
Seidensticker remains President while Mark J. Savage, Secretary-Treasurer be issued to provide for that 14,595 additional shares of class A stock will
the exercise of warrants to purchase the new stock.
goes on the new board.
-V. 130, p. 4244.
All fractional shares, and all shares not subscribed for on this pro rata
offering, will be cumulated and offered for sale at $10.80 per share to
Atlas Utilities Corp.
-Offers to Acquire Stock of Iroquois stockholders desiring to purchase more than their pro rata. Stockholders
Shale Corp.
-President F. B. Odium, April 13 in a letter to may therefore tender additional subscriptions for such number of shares
the holders of capital stock of the latter corporation, says: as they desire to purchase. Right to make such additional subscriptions
will expire May 16 1931.
The Atlas Utilities Corp. hereby offers to acquire your holdings of shares
and (or) scrip certificates for fractions of shares of capital stock of Iroquois
Balance Sheet Dec. 31 1930.
Share Corp., by issuing to you in exchange therefor either (a) 1-6th of a
Assets
Liabilities
share of $3 preference stock, series "A," and 4-10ths of a share of common Cash
$48,410 Common A stock outstanding $2,391,153
stock of Atlas Utilities Corp. for each full share (including fractions of Notes and accounts receiv
41,638 Common D stock outstanding
521,490
shares represented by scrip certificates) of capital stock of Iroquois Share Inventory (crude oil in storage)
11,495 Accounts payable
53,113
Corp.: or (b) 1 4-10ths shares of common stock of Atlas Utilities Corp., for Investments (net worth)._
63,871 Notes payable
25,000
each full share (including fractions of shares represented by scrip cer- Real estate in fee (cost)_ _ _ _
46,825 Dividends payable
145
tificates) of capital stock of Iroquois Share Corp.
Leases
deplection). 2,819,378 Accrued payables
9,357
In lieu of the issue of fractional shares Atlas Utilities Corp. will issue Equip.(cost less deprec.)___
130,612 Surplus
(cost less
426,995
non-dividend bearing scrip.
.
Pier (cost)
72,028
The $3 preference stock, series "A," of Atlas Utilities Corp., is entitled Pipe lines
2,114
(cost)
to cumulative dividends at the rate of $3 per share per annum,is redeemable Wells(tangible costs less depr.) 173,744
at $55 per share and accrued dividends and is entitled to receive on liquida- Prepaid charges
17,141
tion $50 per share and accrued dividends before distribution is made to the
conunon stock. Dividends have been paid regularly on this stock since its
Total
Total
$3,427,253
53,427,253
issue.
The directors of Atlas Utilities Corp. are: E. K.Hall(a director of Electric -V. 131, p. 2383.
Bond & Share Co.); L. Boyd Hatch (Vice-President of Atlas Utilities Corp.);
-Earnings Fall Off.
Borden Co.
George H. Howard;Floyd B. Odium (Vice-Chairman of the board of
At the annual meeting held on April 15, President Arthur W. Milburn
American & Foreign Power Co., Inc.) and Reeve Schley) Vice-President
stated, in reply to a stockholder, that an estimate of first quarter profits
and a director of the Chase National Bank of the city of New York).
This offer terminates on April 27 1931, but it may be extended to May 18 10% lower than those in the period last year would be fair, but pointed out
1931, at the option of Atlas Utilities Corp. Shares of capital stock and (or) that profits in the March quarter of 1930 were a record for that period
scrip certificates for fractions of shares thereof of Iroquois Share Corp. -V. 132, p. 2201.
should be sent to the Marine Trust Co. of Buffalo, Rand Building, Buffalo,
-Earnings.
Bowman Biltmore Hotels Corp.
N.Y.
1930.1929.
1928.
1927.
Years Ended Dec. 31Consolidated Balance Sheet March 31 1931, of Atlas Utilities Corp.
Income from rentals,
and Subsidiaries.
rest, sales, priv., &c--510,451,868 $12,216.885 $12,571,913 $12.840,596
(Incl. Atlas Utilities & Investors Co., Ltd.;_ Allied Atlas Corp. and Power xNet inc. after exp., &c_ 1,021,992
1,874,460
1,888.006
2,398,297
& Light Securities Trust.)
401,699
395,024
Intpresiation & amortiz_
Dee ect
385,901
414,303
407,344
423,455
407,251
Assets299,309
Liabilities
65,000
Cash and ctfs. of deposit, less
Federal income taxes payable
$22,063 Federal taxes
69,395
accounts payable
$3,069,492 yCapItal and surplus
18,820,332 Sundry profit & loss chgs
xSecuritles owned, at market
$238,985 $1,078,963 81,055,981 $1.540,145
Net profit
12,739,105
values
117,786
y462,869
First pref.dividends--Invest. in Mill. invest. trusts. 2,770.318
678,600
Second pref. dividends- Notes rec., syndicate parties.,
263,480
and other assets
$938,195
$398,676
$238,985 $1,078,963
Surplus
6,075,167
3,269,527
7,666,927
$18,842,395
Total
Total
$18,842,395 Profit and loss surplus-. 1,090,528
x Less than 10% of the securities owned is represented by securities Shs. corn, stock
406,860
400,819
406,840
ing (no par)
400,8111
9
that are not listed on a major stock exchange and have no readily ascertainNil
Nil
$0.98
Nil
able market value. For the purpose of this balance sheet these securities Earnings p share
x Includes interest accrued on advances to subsidiaries. y Includes
have been appraised at what is believed to be a conservative value.
co
issued for shares of predecessor constituent
yRepresented by-2,002 shares $6 pref. stock of the Atlas Utilities & In- dividend
on shares
vestors Co., Ltd. (entitled to $100 per share and accrued dividend in
liquidation); 167,454 25-40 shares $3 preference stock, series "A, of Atlas
-Surplus Dec. 31 1929, $3,269,527; net for 1930,
Surplus Account.
Utilities Corp.; 1,733,631 shares common stock of Atlas Utilities Corp.; $238,985; additions incident to treasury stock transactions, $57,016: total,
option warrants to purchase at any time 511,150 1-3 shares of common $3,565,528. Deduct: Reserve for contingencies, investment in and adstock of Atlas Utilities Corp. at $25 per share; option warrants to purchase cances to subs., $2,000,000, guaranty of rental of Belmont Hotel,$450,000:
at any time 53,757 shares of common stock of the Atlas Utilities & Investors moving, Sec., expense, $25,000. Surplus Dec. 31, $1,090,528.
Co., Ltd., at $25 per share; 28,939 shares common stock of the Allied
Balance Sheet Dec. 31 (Company only).
Atlas Corp.; 6.462 shares common stock of the Power & Light Securities
1930.
1929.
1929.
1930.
Trust; option warrants to purchase at any time 8,890 shares of common
Liabilities
Assets
stock of the Power & Light Securities Trust at $75 per share.
a6,823,682 6,945,554 7% pref.stock.... 6,602,400 6,685,700
Note.
-All organization expense, financing costs and other like charges Riddling
1,37 : 00 1,379:70
d639 22
97 0
639 22
0
Furn.& fixtures--b1,716,781 1,689,734 First pref. ctfs_
have been written off the books of the company.
c2,624,163 2,694,988 Sec. pref. Ws
On basis of above balance sheet, total investments of Atlas Utilities Corp. Leaseholds
.e2 0 90 5 3 095
4:3
:52
04
770,409 Common stock- 2:0827 005 2 0 :300
456,747
Cash
are divided as follows:
428,693 Funded debt
16.0% Banks and insur. stocks
Cash
3.1% Accts. receivable._ 366,780
438
0
310,00
Notes payable__
11.4% Invest, trust, common stocks
24.2% Notes receivable_ _ 469,169
Bonds
11 000
1
8
:
0
3 :813 3-yr 6r coo t 8
02
258,364 1,480 048 Res f % gnlinn7_ 23, 75,.000
Inventories
11.0% Invest, in affiliated companies
Preferred stocks
_13.3%
229,652 Building loan
3,704,528
Public utilities, corn. stocks
12.4% Other assets
2.5% Cash value life ins_ 250,933
500,000
204,412
Other assets
6.1%
- Industrials, corn,stocks
22,748
24,804
Cap.stk.of sub.cos. 4,833,104 4,936,404 Deferred income_ _
payable_
170,402
Balance Sheet as of April 7 1931, of Iroquois Share Corp.
Accounts
145,271
Subside notes rec.
368,930
Liabilities
& accrued int _ _. 4,013,794 4,538,834 Accr. Int., tax., &c 334,363
Assets- .
136,847 Earned surplus_ _ 1,090,528 3,269,527
118,265
$112,992 Accts. payable (partly est.).Cash
$3,850 Deferred charges
130,338 Capital stock
Notts receivable
795,157
Total
22,136,197 24,074,076
22,136.197 24.074,076
11,680 Net capital surplus
Total
receivable
Accounts
1,053,275
Invests.. (at indicated mkt.
a Less depreciation of $1,676,564. b After depreciation of
1,207,877
value)
C After amortization of $875,336. d Represented by 135,944 no par shares.
$3,690,272.
367,721
17 Court Street, Inc
e Represented by 400,819 no par shares.
Buffalo Stock Exqh.(memberConsolidated Balance Sheet Dec. 311930.
11,700
ship at estimated value)_
[Corporation and Subsidiary Companies.]
7,678
Furniture and fixtures
Liabilities
2,297
Assets
Prepd. taxes, unexp. ins., dm._
$357,922
Cash (incl, special deposits)-- $553,792 Notes payable
972,459 Accounts payable
1,415,497
$1,852,283
Total
$1,852,283 Accounts receivable
Total
410,493 Accr. payroll,taxes, int., &c_
409,602
Inventories
x Represented by 157,522 72-100 no par value shares outstanding and
250,933 6% gold notes (1931)
841,000
Life insurance (cash value)--1,508% shares to be issued for stock of Williamsville Share Co.
3,451 Long-term notes & accts. pay
516,383
date the corporation had 71,500 capital stock purchase Cash with trustees
-At this
Note.
Building loan
warrants outstanding, entitling the holders thereof to subscribe for one Mtges. taken in part payment 1,436,118 Mortgage payable (1933).
3, )4
N1,(
2
for real estate sold, dm
Share of stock at $20.50 for each warrant held. These warrants expire
199,594 Funded debt
4,247,500
Accts. receivable, allied oes•
April 1 1935.-V. 132, p. 2200.
46,284 Reserve for contingencies__ _ 2,629,747
Accts. rec., officers, emol.&O
-Sales Higher.
15,976 Deferred income & rent dos.
Auburn (Ind.) Automobile Co.
71,395
Miscellaneous investments....
118,851
With shipments of 2.168 Auburn and Cord cars in the first 11 days of Permanent assets.(book val.) _ 15,528,304 Minority int. In sub. company
2,624,163 7% preferred stock
6,602,400
April, total shipments since January 1 have exceeded shipments in the Leaseholds
518,151 1st pref. ars (par $100)
1,094,200
Deferred charges
entire year of 1930 by 195 cars.
1679,720
Shipments of Auburas and Cords for the period Jan. 1 to Apr. 11 totaled Organization expenses, &c._ 3,232,484 $5 non-cum.2nd pref
Common stock
y1,946,845
13,888 cars, against 13,693 cars shipped in the full year 1930. Current
Surplus
-V. 132, p. 2771.
1,064,705
production is at an average rate of 220 cars a day.
-New Directors.
Aviation Corp. of the Americas.
Richard K. Mellon (nephew of the Secretary of the Treasury), Colonel
E. A. Deeds (a director of the United Aircraft & Transport Corp.) and
-V. 132, p. 2201.
J. H. Whitney have been elected directors.
-New Subsidiary.
Aviation Corp. (Del.).
Total
$25,790,208
Total
$25,790,206
x 135,944 shares (no par) at declared capital of $5 per share. y 389,369
-V. 131, p. 633.
shares (no par) at $5 per share.
-Defers Preferred Dividend.
Brown Co. of Maine.
The directors have voted to defer the regular quarterly dividend of $1,50
pref. stock. The last quarterly
The American Airplane & Engine Corp., a subsidiary, has been formed Per share due May 1 on the 6% cumul.
under New York laws to consolidate the properties and assets of the Fair- distribution on this issue was made on Feb. 1 1931.-V. 130, p. 3883.
the Fairchild Engine Corp. and the Faircam
child Airplane Mfg. Corp..
-Earnings.
-(E. G.) Budd Manufacturing Co.
Realty Corp., which were acquired by the Aviation Corp. when it gave up
-V. 132, p. 1418,
For income statement for three months ended March 31 see "Earnings
its 55% interest recently in the Fairchild Aviation Corp.
preceding pago.-V. 132. 9. 1418.
Department" on a
2771.
-Earnings.
Budd Wheel Co.
-Sales Increase.
Best & Co., Inc.
In his remarks to stockholders, supplementing the annual report, President Philip LeBoutilller, mentioned the sales increase achieved thus far
this season-February, March and April to date being ahead of the same
period last year.
-V.132, p. 2589.
-Earnings.
Bing & Bing, Inc.(& Subs.).
For income statement for three months ended March 31
Department" on a preceding page.
-V. 132, p. 2589.
see "Earnings
For income statement for three months ended March 31 see "Earnings
-V. 132, p. 2589.
Department" on a preceding page.
-1930 Annual Report.
Butte & Superior Mining Co.
--
President D. C. Jackling says in part:
The adverse economic and metal market conditions as previously mentioned under which your company was finally unable to continue disposing of
its products, forced, in November, the complete cessation of underground
APRIL 18 1931.]
FINANCIAL CHRONICLE
operations. This was forecast as an eventuality in the last annual report
and the situation has been repeatedly commented upon in the quarterly
reports for the year. As continuing development work during the year did
not indicate either currently or for the future anything in the way of ore
disclosures or otherwise to warrant keeping the underground workings open,
it was decided to salvage all material and equipment from the mine and dispose of these as rapidly as possible. This program is now being effected
and expenses at the property are being reduced to a minimum.
It is impossible to determine within any reliable limits the net returns that
may be derived from sale of a large quantity of surface and underground
mining equipment and materials for which the company has no further
operating use. The net proceeds of such disposition will, of course depend
in great measure on how long a time will be required for realization and,
correspondingly, on the expense of supervision and sales.
Since the inception of your company's productive operations the distributions paid to stockholders have mounted in total to 320.277,531, equal to
$69.87 per share on the 290,197.7 shares outstanding at the present time.
During the period stated there was produced 5,884,603 dry tons of zinc ore
with a net salable metal content of 1,717,074,872 pounds ofzinc,37.182,642
ounces of silver, and 148.965,205 pounds of lead and in addition, 558.685
dry tons of copper ore containing the following metals paid for: 44,133,709
pounds of copper and 3.366,644 ounces of silver. Using zinc production as
the unit. the distributions to shareholders represent 1.18 cents per pound of
zinc sold.
As there will be no future statements of operating results or earnings to
submit to stockholders, there is no legitimate ground for issuing further
quarterly reports, which have, accordingly, been permanently discontinued
as of Dec. 31 1930.
Erlo V. Daveler, General Manager, says in part:
The total production of zinc ore amounted to 79,242 dry tons during the
year. The output ofzinc ore decreased 65% in 1930 as compared with 1929.
The total production of copper ore amounted to 729 dry tons during the
year. The production of copper decreased 86% in 1930 as compared with
1929.
During the year continuing reductions in operations occurred, due to increasing losses and difficulty in disposing of zinc ore. This was caused by
,
the increasing stocks and declining prices of zinc throughout the world.
Until May.operations were on a one shift basis,and from May to November
only development ore and some salvage ore was produced. In November,
as even this tonnage could not be disposed of, the mine was closed down anti
a program of salvaging all underground equipment started in preparation
for a permanent discontinuance and abandonment of underground operations. The equipment is being prepared for sale and at the time of writing
this report all material has been removed to the surface for disposal.
Earnings for Calendar Years.
1928.
1929.
1930.
1927.
Net value of zinc and
$526,688 $2.115,632 $2,117,876 32,670.697
copper ore
2,133,917
2,064,963
782,136
Operating costs
2,360,802
Net income
Other income
def$255,449 def$18,285
41,329
17.289
$52.913
62.351
$309,894
55,758
Total income
Depreciation
Accrued taxes, &c
loss$238,160
$23,044
$115,265
5,667
29,027
33,812
$365,653
36,000
56,741
Net Inc. before deple--def$243.826
849,820
Previous deficit
Excess res. against book
value ofinvestments4,030
Miscellaneous credits.--
def$5,983
259,775
$81,453
$272,911
39,032 sur270,275
278,199
def$1,089,616 def$265,758
Total surplus
$320.620
Capital distributions
580.395 • 580,395
Adjustments
3,665
Def, develop, written off
66,759
3543,186
580,395
1,823
Bal., Burp., Dec.31 _deal,156,376 def$849,820 def$259.775 def$39.032
Shares of capital stock
outstanding (par $10)290,197
290,197
290.197
290,197
Earns, per share on corn_
Nil
Nil
$0.28
$0.94
Comparative Balance Sheet Dec. 31.
LiabilitiesAssets1930
1929.
1930,
1929.
Shipts. in transit__
$48,701 Accounts payable- $23,424
$46,913
Materials & supers
49,530
77,709 Pay rolLs accrued-2.334
25,776
351 Reserve for taxes__
Accounts reseiv.._
406
7,500
32,720
1,003
Prepaid Insurance_
861 Res. for deprec. of
plant & equip.-- 2,604.157 2,604,157
Cash
586,384
873,959
Res. for compensaProp. acets. (book
tion Insurance._
30,581
values): Mining
35,238
claims & develop 3,186,570 3,186,570 Capital stock ($10
par)
2,901.977 2.901,977
Plant & equip 2,786,572 2,785,679
Surplus from sale
of securities_ _ _ 2,176,888 2,176,868
Excess of distributions to stockholders over surplus from oper.def1,156,376 def849,820
2971
Century Ribbon Mills, Inc.
-Earnings.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 1624.
Cincinnati Advertising Products Co.
-Expansion.
The company has purchased the advertising globe and sign division
of the Edwards Manufacturing Co. of Cincinnati, Ohio, paying therefor
1,000 shares of no par common of the Cincinnati Advertising Products Co.
It was stated that the Edwards company will continue to hold the Advertising Products stock.
-V. 131, p. 4059.
City Stores Co.
-Defers Class .A Dividend.
The directors have decided to defer the quarterly dividend of 8734 Cents
per share due May 1 on the $3.50 cumul. class A stock, no par value.
From Nov. 1 1925 to and incl. Feb. 2 1931. the company made regular
Quarterly distributions on this issue of 873.5 cents per share.
While earnings of the company were more than sufficient to meet the
dividend requirement, Treasurer L. B. Reiffer explained that the omission
was considered advisable for the purpose of conserving the cash assets and
liquid position of the company.
-V. 132, p. 499.
Colgate-Palmolive-Peet Co.
-Listing of Additional 6%
Preferred Stock.
The New York Stock Exchange has authorized the listing of 42,000
additional shares of 6% preferred stock (cumulative) ($100 par value)
upon official notice of issue from time to time and payment in full; with
authority to add 7,500 additional shares of preferred stock which are to be
reserved for sale to employees of the company or its subsidiaries, making
the total amount applied for 266,490 shares of 6% preferred stock.
V. 132, p. 2774. 2397.
-Earnings.
-Collins & Ackman Corp.(& Subs.).
Feb. 28 '31. Mar. 1 '30. Feb. 28 '29.
Years EndedNet profit
$1.746.896 $3,084,227 $2,950.080
676,551
712,769
735,293
Depredation
81,755
Interest, &c
215,000
250,000
Federal tax reserve
35.000
Excess of par value of pfd. stk. purch. Cr.217,031 Cr.101,033
Reserve for adjust. & inventories...-.
870,481
405,980
Oper. loss incidental to starting new
58.321
Canadian plant
Net income
Preferred dividends
$3323,152 $1.829.407 31.905.555
630,744
710.500
810.133
def$307,592 $1,118,907 $1,095,422
Balance
Earnings per share on 597.000 shares
Nil
$1.84
$1.88
com. stock (no par)
Comparative Consolidated Balance Sheet.
Feb. 28 '31. Mar. 1 '30
Feb. 2831. Mar. 1 '30.
$
I Liabilities$
$
Assets-$
Preferred stock... 8,520.000 9,760.000
Real estate, buildloss, plant, &c_11,714,224 12,201,219 Common stock__:10,000,000 10,000.000
703,805 Res. for Fed. taxes
35,000
215.000
Cash
846,238
851,357
Accts.receivable
1,789.781 2,385,271 Other curr. Itab__ 567,863
8.391 Mortgages payable
2.400
Due from employ_
7,617
100,314 Sundry reserves.-61,453
21.572
789,574
Investments
2,295,841 2,653,339
Invest. In corp.'sSurplus
67,937
coat. stock
299,846
Cash surr. val. life
166,338
197,949
insurance
Mtge.received and
337.573
Inoe tr tin vest
vtror es
337,574
5,155,885 7,183,068
349.751
Deferred accounts 341,470
Total
21,480.157 23,503.669
21,480,157 23,503,669
Total
-V. 132, p. 661.
x Represented by 597,000 shares of no par value.
-Earnings.
-Congress Cigar Co., Inc.
For income statement for three months ended Mar. 31 see "Earnings
-V.132, p. 1420.
Department" on a preceding page.
-Earnings.
Consolidated Film Industries, Inc.
For income statement for three months ended Mar. 31 see "Earnings
-V. 132, p. 2397.
Department" on a preceding page.
-Proposed New Name.
Consolidated Industries, Ltd.
See De Forest Crosby Radio Co., Ltd., below.
-Earnings.
Consolidated Laundries Corp.
For income statement for three months ended March 31 see "Earnings
-V. 132. p. 2775.
Department" on a preceding page.
-Suits Against Bankers.
Continental Shares, Inc.
The following is taken from the New York "Times":
"Charging that Cyrus S. Eaton. public utility head. and Otis & Co..
$6,590,465 $6.973,829
Total
Total
$6,590,465 $6,973,829
a brokerage house of which he is a partner, sold stocks to Continental
-V. 132, p. 1806.
Shares, Inc., at prices greatly in excess of their market value, three suite
asking for the return of $9.110,934
were filed at
-Results for First Quarter.
- to have been Cleveland April 15by the financier and his associates. alleged
Carew Tower, Cincinnati.
illegally obtained
Building in Cincinnati, the 48-story
Operations of the new Carew Tower
"Two of the suits, filed by Charles S. Wackner as attorney, ask to set
multi-use structure owned by the Starrett Corp.. make a bright spot in aside the sale of 308 shares of Goodyear Shares, inc., valued at 34.107.192,
the general building picture, according to advices received in New York and to compel the return of $3,321.142 paid to Eaton, Otis & Co. and
showing results for the first three months of 1931. Occupying an entire others for the purchase of Continental Shares common and preferred stocks.
city block, this huge edifice which will have a total rent roll of about $3,100,
"The other suit, filed by the Paramount Coal & Coke Co., asks the
000, was b
built as a unit to provide facilities for offices, two department return of $1,682,599 in part representing the purchase of Youngstown
stores, a large hotel, an automatic garage, and a number of specialty shops, Sheet & Tube stock, which the petition says was to aid Eaton in his fight
all virtually under one roof.
against the merger with Bethlehem."
Leases for office space, it is stated, have been made at the rate of $75.000
Regarding the lawsuits, counsel for Continental Shares, Inc. declared
a month and are well ahead of renting conditions prevailing elsewhere in April 15 that the allegations would be promptly answered and that the
Cincinnati. The total rental for the office section alone will approximate "charges are without merit."
-V. 132, p. 2592, 2205.
$850.000 annually, of which about $500,000, it is expected, will be contracted for during the present year.
-Earnings.
Corno Mills Co.
Netherland Plaza, the new building's 750-room
Gross business of the
For income statement for three naniths ended Mar.31 1931 see "Earnings
hotel, which opened in February, has been about 50% greater than the Department" on a preceding page.
-V. 131, p. 943.
total assumed by the management as a fair operating result for this enterprise in its initial stages.
-New Treasurer=
Crowley, Milner & Co., Detroit.
The parking garage. with room for 650 automobiles, and occupying the
less valuable inside space of the structure, is operating at capacity, as To Continue Dividend.
-hour period.
many as 1.000 cars frequently being parked during a 24
At the annual meeting of the stockholders, Daniel T. Crowley was reV. 130, p. 2398.
elected President and in addition was made Treasurer. Elmer B. Schick
was elected Assistant Treasurer, a new office.
-Earnings, etc.
Carrier Corp.
Mr. Crowley, in his annual report to stockholders,said:"It Is the opinion
Consolidated net profit of $51.888 is reported by the corporation and of the officers that the regular dividend on the common stock should be
subsid aries for the six months dating from the close of its fiscal year, continued as, in addition to having a surplus of $3,910,822, the company
June 30 1930 to Dec. 31 1930. Effective as of Jan. 1 1931, the interests has an average earning over a period of 12 years of $1,373,709, and even
of Carrier Engineering Corp., the Brunswick-Kroeschell Co. and the under the most trying conditions, such as existed in 1930. we earned
York Heating & Ventilating Corp. were combined, and the fiscal year of $682,685 after Federal taxes and setting up very substantial reserves to
take care of any condition which might arise.' See also V. 132, P. 2592.
the Carrier Corp. was changed to end on Dec. 31.
Consolidated Balance Sheet Dec. 31 1930.
-Operations, &c.
Crucible Steel Co. of America.
Liabilities
Assets
Horace Wilkinson, Chairman of the board, at the annual meeting of
Cash
$ 751,772 stockholders held on April 15 stated:
$ 1,116,071 Accts. payable
Notes et aoets. roe., less on.. 1,279.788 Accrued liabilities
70,075
"We are now operating at about 50% of capacity. Our business for the
Inventories
1,818,076 Res. for Federal tax
28.714 first quarter of 1,,31 was about 50% of that of the corresponding period of
Value of life Insurance
100.210 Divs. pay. Jan. 10 '31
1930. However, it showed a gain of 10% over the last quarter of 1930.
Accts. rec.-affil. ens
dit),.7 ) Crucible cannot make money on a 50% operating rate. We will just about
4
95.920 1st mtge. 6 Si% real est. bds.
Due on subscrip. to cap. stk.
17,407 Mortgages Payable
220,000 have an even break. We would have to operate at a rate of 75 to 80% to
Adv. to empl. & exp funds__ 130,203 Rea. for conting. liability...,
95.066 cover our usual common dividend obligations. At 50% we cannot cover
Inv.In cap,stook of affil. cos_
362,775 Equity of non-depositing
preferred dividends.
stockholders
Other investments
45,171
181,613
"However, we are moving forward,and if this improvement is permanent,
Land, bldgs.. mach. & equip.
7% pref. stock
1,500,000 we look forward to resuming our common dividends. To date it would in--less deem°
3,241,369 Common stock
x6.258.165 dicate we would hold our own this quater, a gain having been shown for the
Deferred charges
283.114 Surplus at organization
1,404,933 first two weeks of April.
Exp. & develop. expenditures 1,788,884 Earned surplus, Deo. 31 1930
51,888
"Prices in some lines are lower and are holding in others. Carbon and
Patents & copyrights
600,000
alloy steel prices are oft, but crucible steel prices are holding."
Goodwill
1
Regarding the company's bonus system, Mr. Wilkinson stated that of the
past 12 rfars, bonuses had not been paid at all in the first seven years. and
t
thea.
e,
Total
Total
$10,876,988
$10.876,983
t five Years had aggregated $634,000. having been paid to 40
S Represented by 280,181 shares, no par value.
-v. 132. p. 317.
people.
-V. 132, p. 2205.
FINANCIAL CHRONICLE
2972
-Earnings.Crown Cork & Seal Co., Inc.(& Subs.).
1928.
1929.
1930.
• Calendar Years$9,690,709 $11,734,847 $11,164.619
Gross sales
Returns, cost of sales, sell. & gen.exp. 7,563.275 9,307,520 8,913,537
449,467
489,728
417,339
Depreciation
246.035
270,415
152,275
Amortization of patents
Other ordinary expenses less net of
36.532
130,361
Cr28,110
income
other ordinary
Profit bef. extraordinary items.
bond int. and discount, profit of
sub. cos. and Fed. income taxes_ $1,585,929 $1.536,823 $1,519,049
Net extraordinary items incl. net
profit on sales of inv, after deduct.
of losses on sales of secur. and on
scrapping of mach. and equip.,
moving expenses and rental of
550,664
1,032,996
24,999
vacant space
$1,610,928 $2,569,819 $2,069,713
Total profit
329,795
279,511
272,189
Interest on bonds
debt discount
Amortization of bond
49,088
59,017
27.793
and expense
Profit before profits of foreign subs.
$1,310,946 $2,231,290 $1.690,829
and Federal taxes
Proport. share of profits of foreign
301,798
subsidiaries more than 50% owned
273,000
170,000
Allowance for Federal income tax_-$1,140,946 $1,958,290 $1,992,628
Net profit
392.634
392,634
Preferred dividends
342,152
Common dividends, cash
$406.160 $1,565,656 $1,992,628
Balance. surplus
Shares common stock outstanding
268.765
272,752
302,116
(no par)
$5.95
$5.74
$ 2.48
Earnings per share
-Balance earned surplus Jan. 1 1930, $2,909,298: add
Earned Surplus.
refund of Federal taxes for 1917 and
net profit for year 1930, $1,140,946;
1918. $164,295; total, $4,214,539; deduct: preferred dividends. $392,634;
common dividends, $342,152: stock dividend on common, $157,913;
balance earned surplus Dec. 311930. $3,321,840.
-Balance capital surplus Jan. 1 1930, $697,103; add:
Capital Surplus.
holders during
excess of cash received for common stock issued to warrant earned surplus
to
1930 over stated value thereof, $22,359: excess of charge over stated value
common stock issued as stock dividend during 1930 and buildings acfor
of stock, $20,597; adjustment of ledger values of land to sound value as
quired from predecessor company as of Dec. 31 1927,
appraised as of Oct. 11930, all appreciation being considered by appraisers
total, $2,018,708: deduct:
to have arisen prior to Dec. 31 1927, $1,278,649: patents and trademarks,
reduction to nominal value of investments in
surplus Dec. 31 1930. $302,986.
$1,715,722; balance capital
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$
LiabilitiesAssas$2.70 cum. pf.stk.b6,180.355 8,180,355
Land, bldgs., ma1,383,760
chinery, Sco- --86,815.739 5,247,116 Common stock-c1,510,580 4,545.000
1,475,203 1,173,612 First mtge. bonds_ 4,494,500
Cash
Accounts payable_ 230,882 d403,212
and accounts
Notes
131,139
1,228,599 1,835,130 Accr. wages,int.oke 74,772
receivable
363,965
492,253
3,743,278 3,423,260 Federal taxes
Inventories
36,016
16,833 Employees' deposreceiv. 18,333
Accrued int.
Account pay. (not
Cash Burr. value
41,220
27,360
current)
32,130
39,650
Insurance policy
41,490 Reserve for llabll.
28,304
Loans to employees
27,683
334,362 insurance
Sundry investments 323,218
Capital surplus
697.103
302,986
Notes receiv. (not
Earned surplus__ 3,321,840 2,909,298
83,489
current)
Approp. surplus as
Invest. in and adv.
25,830
insurance reserve
to Crown Cork
Internat. Corp.
and subsidiaries 1,874,571 1,720,152
Invest. in and adv.
308,809
to foreign subs_ - 367,085
Employees' stock
135,825
161,574
account
Patents and trade1 1,830,391
marks
561,772
564.183
Deferred charges
[Vol:. 132.
On May 8 1930 a distribution of 10% (less expenses of depositary) wa
-V. 129, p. 3641.
made on these shares.
-Earnings.
Devonshire Investing Corp.
For income statement for 3 months ended March 31 1931 see "Earnings
Department" on a preceding page.
Balance Sheet March 31 1931.
Liabilities
Assets
$93,283 Cap. stk.(34,000 no par slis.)- $850.000
Investment bonds
46,503
1,442,004 Accounts payable
Investment stocks
377
230,556 Tax liability
Cash
802,250
417 Surplus-paid-in
Bond interest receivable
67,409
Earned surplus
299
Suspense
$1,766,539
Total
Total
$1,766,539
The liquidation value of the common stock taken at market March 31
1931 was $37.76 as compared with $34.52 on Dec. 31 1930.-V. 132, p. 662.
Di Giorgio Fruit Corp.
-Financial Report-Changes Capitalization-Writes Off Good-Will Item.
President Joseph Di Giorgio, April 4, says in part:
The readjustment of the accounts of the corporation contemplated in
connection with the disposition of the stock of the American Fruit &
Steamship Corp. has been carried to consummation.
Through the action of the new owner ofsuch stock in substituting therefor
its own obligations, the nominal indebtedness of our subsidiary. International Fruit Corp., on its $1,000,000 of 7% notes, has been discharged
by the cancellation of such notes. Also in furtherance of such readjustment, all corporate proceedings have been taken for the retirement and
stock
cancellation of the then-acquired 22,500 shares of the preferred42,142
(including all accrued dividends) of the Di Giorgio Fruit Corp. and
shares of the preferred stock (including all accrued dividends) of International Fruit Corp., and there has been charged off against capital surplus
the aggregate sum of $5,687.907 in eliminating from the balance sheet
the asset items of good-will, patents, trade-marks and contracts and
bond discount and expense, and in making some reductions in the book
value of certain properties and assets.
Consolidated Profit and Loss Account, Years Ended Dec. 31.
1927.
1928.
1929.
1930.
Gross profit from oper__ $2,046,679 $2,447,248 $2,687,811 $1,816.723
453,635
1,608,758
1,479,881
1,524.547
Admin.,sell. & gen. exps.
$967,367 81.079.053 11,363,088
Profit from operations $522,132
43,376
155,584
347.809
484.434
Other income
$1,006,566 $1,315,177 $1,234,637 $1,406,464
Total income
2,195
353,515
410,101
403,813
Interest paid or accruedx450,869
x334,836
191,134
196,650
Provision for deprecia'nbad debts.
Provision for
7,393
100,112
17,025
43,937
less recoveries
26,557
39,663
Miscellaneous deductions
$919,451
$406,511
$696,916
8362.166
Profit for year
x Including provision for amortization.
Worth, Year Ending Dec. 31 1930.
Statement of Net
19.171.300
-Preferred stock
Balance
-Dec. 31 1929
10,696,771
Common stock without par value
$19,868,071
Total
Add-Excess consideration received on April 19 1930 from sale
of American Fruit & Steamship Corp. stock over its book
value, $2,890,083; Less-Proportion thereof taken up by
company at Dec. 31 1929, in anticipation of consummation
2,021,695
of transaction, $868,388; total
$21,889,766
-a authorized by directors on March 26 1931:
Deductions
Goodwill, pats., tr.-marks, & contracts writ. off.. _ $4,962,055
332,919
Bond discount and expense written off
64,974
Reduction in book value ofsundry outside invest312,308
Reduction in book value of certain properties_ _ _ _
15,650
Increase in reserve for contingencies (net)
5,687,907
816,201,859
Add-Profit for year ending Dec.31 1930. 5362,166:Less-Pref.
dividend paid (1(%), $118,507, and div. paid on capital
stock of Klamath Lumber & Box Co. (held outside), $6,000:
237,658
leaving a balance of
16,899,207 16,860,882
18,699,207 16,660,882 Total
Total
b Represented by 145,420 no-par shares. c Repinto consideration unpaid
a After depreciation.
Balance Dec.31 1930(before taking
-V. 131.
payable.
resented by 302,116 no par shares. d Includes notes
dive. on the cum. pref. stock amounting at that date
816.439.518
P. 4059.
to 83,403,589)
on
Stated Capital.
-Reduces
Subdivision of Capital and Surplus Accounts, as Determined by Directors
Curtiss-Wright Corp.
in capital
March 26 1931.
The stockholders on April 15 approved the proposed reduction
$10,198,302
common stock from $75,192,888 to Paid-in capital
represented by class A stock and
3,712,050
account of net
$40,000,000 by transfer from capital to capital surpluschange of assets Capital surplus
2,529,166
Earned surplus
assets in excess of $40,000,000 but without reduction or
-V.13k, p. 1040. 2776.
or number of shares.
116,439,518
Total
-New President,
Cutler-Hammer, Inc.
to
Frank R. Bacon. former Chairman, has been elected President succeed
abolished.
the late B. L. Worden. The office of Chairman has been
members. New directors elected are:
The board has been increased to 10
SecH. F. Vogt, Treasurer; J. C. Wilson, Vice-President; W. C. Stevens, of
retary; G. S. Crane, General Manager; and E. A. Bacon, Vice-Presidentrewho have been
the First Wisconsin National Bank. The directors
A.
elected are: F. L. Pierce, Frank R. Bacon, T. Johnson Ward, Carl
-V.132. p. 2776,
Johnson and Louis Lecher.
-To Issue Debs.Beers Consolidated Mines, Ltd.
Consolidated Balance Sheet Dec. 311930.
to above, the
(Giving effect as of that date to the transactions referred worth.)
details of which are shown on the statement of net
Liabilities
Assets
81,122,742
8745,150 Notes payable
Cash
750,391
Acc'ts receivable, less res'ves_ 1,458,067 Accounts payable
74,185
641,746 Mtge. notes & perch. agreels
A dvs.to growers, less res'ves.
240,760
114,972 Drafts and acceptances
res'ves_
Notes receivable, less
245,566
1,094,870 Customers' deposits
Inventories
x Eastern Seaboard Corp_...._ 1,800,000 Earl Fruit Co. let mtge.634%
2,759,600
198,649 sink, fund gold bonds
Contracts & mtges. receivable
1.098,085 Mtge. notes & Purchase agreeInvestments
453,288
menu payable,long term
Prop. acc't (less deprec. res.). 14,920,592
contingencies, inDef'd charges to future oPer.
289 548 Reserve for
253,847
cluding deferred items,__ _
Capital stock of Klamath Ce.
20,000
(held outside)
710,198,302
Capital stock
3,712,080
Capital surplus
2,529,166
Earned surplus
De
The London transfer office has received the following statement from the
head office in Kimberley:
the chairman in his speech
In pursuance of the policy foreshadowed bythe company has contracted
15 last,
at the annual general meeting on Dec.Jagersfontein Mining & Exploration
large interests in the New
to acquire
Africa, Ltd.,
Co., Ltd, the Consolidated Diamond Mines of South-West
of
and the Cape Coast Exploration, Ltd., from the Anglo-American Corp. to
and Barnato Brothers. It has been decided not
South Africa, Ltd.,
make any issue of shares for this purpose, but to provide the consideration
company will therefore
for the acquisition by the issue of debentures. The years, with power to
% debentures redeemable in 25
create £2,500,000
822,359,878
Total
$22,359,678
expiration or three years at
Total
the company to redeem at any time after the will issue £2,414,705. A
company
x Contract
pay in installments 82,250,000 either in cash or in 1st
10234%. Of the above amount the
will be no offer of these debentures mtge.6;t% s.to gold bonds of Earl Fruit Co. valued by directors at $1.800,2
f.
sinking fund will also be created. Therewill be issued at par to the Anglo000. y Represented by 69,461 shs. of 7% cum. pref. stock, par $100
to the public by the company, but they
"Stock (excl. ofAmerican Corp. of South Africa and Barman Brothers. (London
22,500 shs. retired on March 31 1931), and 490,874 shs. of no
-V. 132, p. 2398.
par value common stock.
Exchange Weekly Official Intelligence.")
-year coll. trust 7% gold notes were
-International Fruit Corp. 5
Note.
Name.
Ltd.
connection with satisfaction
De Forest Crosley Radio Corp.,at the-To Change in May, satisfied on Feb. 5 1931 as of Dec. 31 1930 in Corp.
annual meeting
ratification by the shareholders
of $1.000,000 obligation of Eastern Seaboard
Subject to
preferred stock at Dec. 31 1930 amount to
will be changed to Consolidated Industries, Ltd.,
Accumulated dividends on
the name of the corporation
announced on April 14.-V. 132, p. 1231. 83403,580.-v. 132, p. 2593.
Major James E. Hahn,President,
-Change in Portfolio.
& Distributors Corp.
Depositors
-Annual Distribution.
-Semi
Distributors Group, Inc.
Co. of New York, as trustee for Trust
The Continental Bank & Trust
The minimum semi-annual distribution on North American Trust Shares
Central RR. Co. from the portfolio
Fund Shares, has eliminated Illinois Reynolds Tobacco "B" This has amounting to 30c. per share will be made to holders of the June 30 1931
of Trust Fwd Shares and substitutedof the trust indenture which provides coupon despite the absence of rights, stock dividends and split-ups on the
been done in accordance with the term
in the portfolio is lowered it shall underlying stocks for the first half of 1931, according to an announcement
that when the Moody rating of any stock
by Distributors Group, Inc., sponsor, depositor and national distributor
invested in another stock having
be eliminated and the proceeds of sale than the original stock withdrawn. of the trust.
better
Moody rating equivalent to or
This distribution of the minimum semi-annual coupon amount is assured
recently been changed from A
The Moody rating of Illinois Central has A.
through the cash reserve fund which will be drawn upon to supplement the
-V. 131, p. 3212.
to BAA. Reynolds Tobacco "B" is rated
amount available for distribution from cash dividends, the announcement
(Berlin). says.
-V. 132, p. 2593.
Deutsche Bank und Disconto-Gesellschaft
-Smaller Dividend.
(less expenses of deThe company recently declared a dividend of 6%
bmrer shares, payable
positary) on the American deposit receipts for
Apr. 25 to holders of record Apr. 20.
-Receiver.
(D. A.)1Dobry Securities Co.
Judge George A. Carpenter in U. S. District Court at Chicago has
-V. 132, p. 1809, 1025.
appointed Sam Howard receiver.
APRIL 181931.]
FINANCIAL CHRONICLE
Dome Mines, Ltd.
-Value of Production.
Month ofValue of output
-V.132, p. 663.
Consolidated Intorno Accountfor Calendar Years.
1930.
1929.
1928.
$160,113
$530,110
$663,847
126,170
182,796
124,473
March 1931. Feb.1931. March 1930.
$258.635
$271,750
$361,767
Operating income
Other income
1927.
$464,319
218,036
Total
Depreciation
Interest on funded debt_
Federal income tax
1286,283
95,001
38,062
5712,906
90,521
55,140
65,055
$788,320
81.532
71,200
85,000
$682,355
93.239
79,060
62.500
Net income
Dividends
Stock dividends
Durant Motors of Canada, Ltd.
-Meeting Postponed.
-
The special general meeting of shareholders, which was to have followed
the regular meeting on April 7, was postponed until May 7, because of an
injunction obtained by Durant Motors, inc. The latter is attempting to
prevent a transfer of the assets of the Canadian concern to the new company,
1.3ominion Motors, Ltd., claiming that a 1921 contract is still
The York Acceptance Corp., a subsidiary of Durant Motors ofin effect.
Canada,
Ltd. is named as a co-defendant and it is claimed that a note dated Oct.
30 1929, for $1,250,000 has been fully paid.
The York Acceptance Corp., it is understood, held as collateral for this
loan 166,259 shares of Durant of Canada, owned by Durant of Delaware,
and which represented control of the Canadian company. The note was
due Oct. 30 1930, and one month's extension was granted by the York Acceptance Corp. When neither interest nor prinicpal had been paid at the
close of the year, the Durant of Canada stock was sold, this time to a Canadian group by the York Acceptance Corp, at the then prevailing market
price and the amount realized left Durant of Delaware debtor to the York
Acceptance Corp. to the amount of $186,000, representing interest and a
portion of the principal. Durant of Delaware now is claiming, apparently,
that sale of the collateral by the York Acceptance Corp. wiped out the
indebtedness. (Toronto "Financial Post.")
-V. 132. p. 2776.
2973
$153,220
397.554
$502,190
399,634
5550,588
385,250
234,562
5447,556
x348.991
Balance
def$244,334
$102,556 def$69,224
598.565
Shares of common stock
outstanding (no par)_
499,543
499.543
499,543
452.562
Earnings per share
$0.30
$1.01
$1.10
$0.99
it The company paid stock dividends of 2.72% each quarter from Otcober
1926 to October 1928, but amounts are not available for 1927.
Consolidated Surplus Account: Surplus Jan. 1 1930, $3,714,032; net
profit for year 1930, $153,219; excessive provision for prior years' Federal
tax, $6.244; total, $3,873,495. Deduct: dividends. $397,554; provision for
contingent losses on used trucks, inventories, notes and accounts. dic.,
$450.000; surplus, Dec. 311930, $3,025,941.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
Educational Pictures, Inc.
-To Function as Holding Co. Land, bldgs. dr eq_51,423,051 $1,497,767 Capitalstock_ ___:52,497,i15 52,497,715
Cash
for Tiffany Productions and World Wide Pictures.
1,243,841 1,080,535 Accts. payable___ 228,003
394,357
Notes accept. dr
Divs. payable_ _ _
98,749
99,908
The reorganization of Tiffany Productions, in progress for several weeks,
accts. reedy__ _ _ 774,492 1,701,938 Accruals
10,828
13,027
has been completed under an agreement whereby Educational Pictures,Inc.,
2,173,171 2,555,880 Debenture notes__ 409,000
686,000
will function as a holding company both for Tiffany and World Wide Inventories
187,672
346,200 Fed, tax reserve64,600
Pictures,according to a joint announcement on April 15 by E.W.Hammons, Investments
68,899
95,940 Other reserves__ 112,738
68,729
President of Educational Pictures and Chairman of the executive committee Deterred charges
511,847
260,109 Surplus____ ____ 3,025,941 3,714,033
of World Wide Pictures; L. A. Young, President and Grant L. Cook, Vice- Other assets
President of Tiffany Productions.
Total
$6,382,975 $7,538,369
Total
56.382.975 $7,538,389
Under the agreement the sales, exploitation and distribution activities of
x Represented by 499.543 no par shares.
Tiffany will be taken over within a few weeks by a consolidated organization
-V.132. p. 1626.
headed by Mr. tiammons. One exchange system will operate for the disFederated Metals Corp.
tribution of Educational, Tiffany and World Wide productions, Educa-Omits Dividend.
tional's exchanges being retained for this purpose except in a few localities
The directors have voted to omit the quarterly dividend ordinarily payable about April 15. Previously the company made regular quarterly
where the Tiffany exchanges offer more adequate facilities.
Production of pictures still to be made on the current Tiffany program distributions of 25 cents per share.
-V. 132, p. 1041.
will go forward immediately, through a newly formed corporation known as
Tiffany Productions of California, Inc., Ltd., of which Mr. Hammons is
Federated Publications, Inc.
-Smaller Common Div.
President.
The directors have
Educational's policy of dealing in short features exclusively will not be common stock, no pardeclared a quarterly dividend of 15c. a share on the
value, payable Apr. 30 to holders of record Apr. 15.
affected by this arrangement Mr. Harnrnons said. The Educational com- This compares with quarterly dividends of 30c.
a share paid from Jan. 31
pany will take over the handing or Tiffany's short subjects,leaving Tiffany 1930 to and incl. Jan.
31 1931.-V. 130, p.3721.
and 'World Wide to deal in full-length feature pictures only. A separate
sales force will handle the sale of Tiffany and World Wide features, operat(Marshall) Field & Co., Chicago.
-New Building.
ing from Educational's branches in the United States but maintaining the
A permit for the construction of a $12.000,000 43
-story office building
Tiffany identity.
In
Mr. Young will continue as President and Mr. Cook as Vice-President of to Chicago is held by this company,it is reported. Construction is expected
begin about Nov. 1. The building will occupy the entire bloock on the
Tiffany. In addition, Mr. Young has been elected to the board of directors
-V.132, la • 2399.
of Educational Pictures, Inc. Mr. Hanamons announced. Properties north side of Adams St., between La Salle and Clark Sts.
with a combined value of more than $20,000,000 were invloved and several
FilmSecurities Corp.
-Acquires Loew's, Inc. Stock
millions changed hands in the deal, Mr. Hammons said. (New York
'Times.")
-V. 129, p. 482.
from Fox Film Corp.for $29,000,000 Cash and 462,000 Shares
-Earnings.
Electric Ferries, Inc.
For income statement for three months ended Mar. 31 see "Earnings
Department" on a preceding page.
-V. 131, p. 2703.
Electric Shareholdings Corp.
-No Common Dividend.
-
The directors have voted to omit the quarterly dividend ordinarily Payable about June 1 on the common stock. A quarterly distribution of 1A %
In stock was made on this issue on March 1 last, as compared with four
quarterly dividends of 25 cents per share in cash in 1930, and in addition
In each of she first three quarters of last year a 1% distribution in stock
was made.
The directors have declared the regular quarterly dividend on the $6
pref. stock of 44-1000ths of a share of common stock, or, at the holder's
option, advised to the company by May 15 1931 31.50 in cash, payable
June 1 to holders of record May 5.-V. 132, p. 858. 842.
Emporium Capwell Corp.
-Balance Sheet Jan. 31.1931.
1930.
1930.
1931.
Assets$
RI est., leasehlds.,
rd, bldgs., 810_215,479,478
Cash
750,708
Acc'ts receivable 3,704,393
4,334,555
Inventoried
Other assets
152,834
Deferred charges
892,498
$
15,962,021
568,197
4,220,022
5,079,756
344,797
1,238.741
Liabilities$
Pref. stook (The
Emporium)__- 250,300
Corn. stock (Emit.
Capwell Corp.)-b6,880,883
11,878,000
Bonds, &c
Notes payable__._ 1,975,000
Acels payable-- 1,762,895
16,250
Est. Fed. taxesAccr'd accounts-- 208,262
121,854
Reserves
Ded liabilities29,579
Paid-in surplusProfit dr loss surp. 2,193,443
250,300
of Class A Stock-20,000,000 2
-Year 6% Notes Sold.
-See
Fox Film Corp. below and in V. 132, p. 2778.
Finance Co.of America at Baltimore.
-Proposed Merger
A meeting of both the preferred and common stockholders has been
called for May 6 for the purpose of approving the proposed merger agreement between the National Discount Co. of Philadelphia and the Finance
Co. of America at Baltimore.
Securities of the two companies will be exchanged upon the following
basis: For one share of 8% cumul. pref. stock of the National Discount
Corp,Par $5, one share of new class A 7% pref. stock of the Finance Co.
of America, par $5. For three shares of National common stock, par $2,
one share of Finance Co. class A common of no par value.
The National Discount Corp. has outstanding 32.713 shares of8% cumul.
Pref. and 42,000 shares of common stock. The Finance Co. of America
has 7.900 shares of 7% cumul. pref., $25 par, 75.000 shares of class A nonvoting common stock of no par value and 50,000 shares of class B voting
common stock, also of no par value.
The stockholders will also vote on a recommendation of the directors to
increase the capital stock by authorizing a new issue of 100,000 shares of
class A 7% cumul, pref.stock, par 55.-V. 132, p.2399.
First National Stores, Inc.
-Sales Lower.
7,000,000
Period End. Mar. 28- 1931-5 Wks.
12,166.170
-1930.
1931-13 Wks.
-1930.
Sales
2.475,000
$10.352,188 $10,734,561 $26,562,300 $27,717.256
2,060,921 -V. 132, p. 2593, 1811.
Flint Mills, Fall River, Mass.
-Liquidating Dividend.
-
262,299
187,183
22,546
804.832
2,184,283
The directors recently declared a liquidating dividend of $11 per share
on the common stock, payable on April 13. This makes a total of $46
Per share paid during I931.
-V. 132, p. 2399.
Tota27.413,534
14 4
Total
25,314.486 l25,3 , 68 27,413,534
a After depreciation and amortization of $2,050,101. b Represented by
412,853 shares no par value.
Our usual comparative income account for the year ended Jan. 31 was
published in V. 132. p. 2777.
It is announced that the 20,000,000th Ford car was assembled at the
company's Rouge plant at Dearborn on April 14.-V. 132, p. 2778.
Ford Motor Co., Detroit, Mich.-20,000,000th Car
Assembled.
-
Fox Film Corp.
-Transfer of Stockholdings in Loew's,
-To Create Bond Inc. to Fox Film Securities Corp. Accepted in Government
Enamel & Heating Products, Ltd.
Suit
-Anti
-Trust Suit Ended.
Issue.
-
Segregation of the controlling interest in Loew's. Inc., owned by the Fox
A special general meeting of the shareholders is being called for the
purpose of authorizing a bond issue not exceeding $500,000, the proceeds Film Corp., as was announced in the financing plans for the latter company
of which will be used to reimburse the company for expenditures made in last week, was approved by Judge John C. Knox of the Federal Court
Victoria, B. C.. capital March 15. The approval was signified by the signing of a consent desree
the acquisition of the Albion Stove Works,
ordering the Fox companies to divest themselves of all stocks and Interests
Ltd..
expendituressince the date oforganization,and for other corporate purposes. In
Loew's, Inc., and terminated a suit alleging violation of the Clayton
An agreement was entered into in August 1929, whereby H. B. Robinson
& Co.Ltd., were to subscribe for 5,000 shares of the capital stock of this Act begun by the Government in November 1928.
With the separation of the Loew's interests from those of Fox Film, Fox
company. In January 1930, 500 of these shares had been issued and paid
for, when II. B. Robinson & Co.. Ltd., went into liquidation. Under these Theatres, and William B. Fox, there is also forbidden by the decree retenCircumstances, they were unable to fulfill their undertaking and the agree- tion of any interest in the Metro-Goldwyn Pictures Corp. and the MetroGoldwyn-Mayer Distributing Corp. These companies are controlled by
ment was accordingly cancelled,together with the subscription to the balance Loew's,
Inc., and the purpose of the provision is to prevent the Fox interests
of 4,500 shares.
The issued stock of the company now stands at 29,500 shares, it is an- from keeping the Metro units while disposing of the 660.900 shares of
Loew's stock oWned.
nounced.
-V. 132, p. 2776.
The decree entered by the Court adjudged the acquisition of the stock a
violation of the law,
corporations
-Estimated Earnings.
Federal Mining & Smelting Co.
- their officers, agentsand perpetually enjoined the defendantor indirectly
and employees from either directly
At the annual meeting, President Francis 11. Brownell stated that oper- acquiring,
ating profits for the three months ended with March would be somewhat companies receiving, holding, voting or acting as the owners of stock in the
mentioned.
over $80,000 with earnings for March esamated.
Ile added that the company had at present $136,000 in csah and $600,000 to Special conditions in the decree expressly authorized the Attorney-General
apply to
In U. S. Government securities. Ile further stated it would be the policy is made to the Court for a further appropriate remedy in case any attempt
lessen competition between the Fox group and Loew's, Inc.
of the management to conserve the company's ore reserves as much as
The plan
possible and to operate at the lowest rate which would permit meeting the Knox in an of divestment for the Loew's stock was submitted to Judge
affidavit by Harley L. Clarke, President of Fox Film, and
preferred dividends and yet enable the mines in Idaho to be kept unwatered. Robert L. Clarkson. Chairman of the executive committee
of the Chase
-V.132,p. 2399..
Securities Corp. The Chase company headed the syndicate which last
week offered the new Fox bond issue.
Federal Motor Truck Co.
-Annual Report.
The order of the Court approved the plan of segregation, whereby the
Loew's stock has been transferred to a new corporation formed to hold it,
President M. L. Pulcher says in part:
In view of general business conditions which have created special problems named the Film Securities Corp. Consideration received from the new
in connection with notes and accounts receivable and inventories, directors company by Fox Film for the stock was approximately $29.000,000 In
felt that it was desirable to provide adequate reserves to take care of losses cash and 462,000 class A shares of Film Securities.
The cash received, together with the proceeds of the sale of $330,000.000 of
which the continuation of present conditions might make necessary. To
that end the directors have authorized a charge to surplus in the amount new 6% convertible bonds of Fox Film, provided that company with funds
of $450,000 to provide allowances against notes and accounts receivable, with which to pay off 555,000,000 of one-year notes which matured April 16.
The Film Securities Corp. secured the funds for the cash payment to
invetories, &c., as well as to increase the general reserve for contingencies
Fox Film by the private sale of520,000,000 of 2
-year 6% notes,to be backed
as further protection.
The financial position of company remains very strong, with cash sum_ by the holdings of Loew's stock, and the private sale of 100.000 shares of
dent to pay all liabilities and to provide for the retirement of gold debenture $100 par 7% preferred stock. It is understood the same banking groups
which offered the new Fox Film bonds bought the notes and the
notes which will become due on Nov. 1 1931.
stock. This syndicate was headed by Chase Securities Corp. preferred
(Vote 132.
FINANCIAL CHRONICLE
2974
Fox Meeting Postponed to May 1.
The annual meeting of the Fox Film Corp.. scheduled for April 15, was
adjourned until May 1 after a short session. Election of the board of
directors, to include Albert H. Wiggin, Chairman of the governing board
of the Chase National Bank, was deferred until that date. Harley L.
Clarke. President of Fox Film, stated that the meeting was adjourned
because financial statements of the company were as yet incomplete, the
three firms of auditors not having completed their work.
Financial Statement Being Prepared.
"Stockholders will have observed that in connection with the new financing a statement of earnings for the 52 weeks ended Sept. 27 1930 was made
and that it was at variance with interim reports previously Issued by the
company," said Mr. Clarke. "This is due to the fact that the public
accountants whose figures have been published adopted an amortization
table for the sound pictures which differs drastically from that heretofore
accepted by the company upon the recommendation of other public accountants at the beginning of the year 1930 and continued by the present
management. The management believes that the adjustment, which
accounts in large measure for the variation between interim figures and the
figures published in connection with recent financing, is excessive and
misleading.
"The dividends received by the company from its ownership of varying
interests in theatre companies (except those owned 85% or more) were not
included in the statement. It has been the company's practice to include
these funds in its earnings and the company will continue to do so.
"The amortization table on which these published figures were based
provides for charging off 93%% of the cost of a sound film in 26 weeks.
Experience shows that this rate of amortization far exceeds depletion of
the earning capacity of productions.
"The published figures referred to eliminated all dividend income from
the common stock of Loew's, Inc., heretofore owned by the Fox Film Corp..
and they did not include any income from the 462.000 shares of class A
stock of Film Securities Corp. received in part payment for the Loew's stock.
"So far as stockholders are concerned, it makes little difference what
amortization table b used so long as it results in the cost of a film being
charged off when its earning power is exhausted. New and excessive
amortization charges result in a material decrease in earnings one year
and an increase in like measure in the following year.
"The expansion of the foreign business of the company was accomplished
at a time when competitive effort abroad against American motion pictures
was unusually keen. The foreign field offers an exceptional opportunity
to Fox Film, winch serves every country in the world through 130 of its
own exchanges. In the United States only the smaller and, more remote
theatres are without sound equipment. Abroad, however, the installation
of sound made little progress until last year. At the beginning of the year
only 1.941 theatres outside the United States and Canada had been wired
for sound. At the close of the year the number bad reached 8.882. This
is but 25% of the theatres abroad that will be wired for sound in the near
future, thus largely increasing the potential sales outlet for American films."
Rights to Subscribe for Debentures.
Holders of class A common stock and class B common stock of record
April 20 1931 will be offered the right to subscribe on or before May 13 at
-year 6% con$98.71 per $100 bond (which includes accrued interest) for 5
vertible gold debentures, due 1936. to the extent of $11.87 principal amount
2778, 2594.
for each share of stock laeld.-V. 132
-Earnings.
Gabriel Co.
For income statement for three months ended March 31, see "Earnings
-V. 132, p. 1627.
Department" on a preceding page.
-Earns Dividends.
Galland Mercantile Laundry Co.
Earnings for the first three months of the current year were substantially above earnings reported for the first quarter of 1930, it is announced.
The directors have already declared the annual dividend of $3.50 per
share for the entire year 1931, the initial payment this year having been
made on March 1 to holders of record Feb. 15. Dividend payments for
-V. 132,
the initial quarter of 1931 were earned by substantial margin.
D. 1232.
-Receivership Suit.Gardner Motor Co. Inc.
the
company.
A receivership suit was filed at St. Louis, April 16 against
by Oliver T. Remmers, owner of 80 shares of the company's stock.
He asked that the company be enjoined from changing the character
says
of its business and that an accounting of assets be made. His petition 1929
that last year the company suffered a net loss of $861,000 and that inis set
the loss was $430,000. The hearing on the receivership application
for April 23.
Several months ago the company, suspended tho manufacture of auto-V. 132. D
.
.
mobiles and went into the warehouse and airplane business.
2779, 2594.
-Earnings.
General American Tank Car Corp.
1927.
1928.
1929.
1930.
Calendar Years537.860,545 530,966,151 823,354.316 $20,199,066
Gross sales & rent
31,342,363 25,195,410 19,443.561 17,278,020
Cost of sales Ac.incl.tax
$6.518,181 $5,770,740 $3,910,753 12,921,046
Net income
553.924
481,117
Preferred dividends1.220,605
1,801.922
2,783.494
3.169,140
Common dividends
Balance to surplus_ -- $3,349,041 $2.987,247 $1.627,714 $1,146,517
163.030
608,399
763,772
811.647
(no par)
Elba.com.stk.out.
$6.55
$5.63
$7.56
$8.03
Earnings per share
Balance Sheet Dec. 31.
1929.
1930.
1929.
1930.
$
1 Liabilittes-t
i
Assets
4,247,324 2,183,020 Accts. payable_- 2,087,184 2,376,301
Cash
270.373
316,277
Notes receivable 1,996,956 4,928,522 Accr.taxes,int.,&c. 913,991
870,881
134,936 Div. payable
Cash val. lee las_
Aocts.receivable_ _ 1,856,679 2.745.147 Res. for conting.& 1,949.402 1,523,286
taxes
165,662
Sinking Made
1,901,300
1,390,220 3,737,493 Pref. stk. of sub
Inventories
344,035
962,874 Deferred income
4,436.905
Marketaole see
Tank car eq. notes29,697,385 14,475,000
7.387,403 15,140,967
Investments
Common stock &
Rolling stk. (tank
a52,807,292 49,122,235
surplus
59,507.705 32,281,081
ears. &c)
Real estate, plants
8.078.124 0,099,954
& machinery
424,102
Prep. int.. ins.. Ito 951.847
1
1
Patents et goodwill
90,016,866 68,638,077
90.016.868 88.638.0771 Total
Total
value.
a Common stock outstanding. 811,647 shares of no par
Improving.
-Total Sales to Dealers.
United States
Incl. Canadian Sales
Sales to
Sales to
& Overseas shipments.
Dealers.
Consumers.
1930.
1931.
1930.
1931.
1930.
1931.
106,509
Jan
76,681 94,458 89,349
61.566 74,167
96.003
126,195
Feb
68,976 88,742 80,373 110,904
135,930
Mar
98,943 118,081 119,195
101,339 123,781
Unit sales of Chevrolet, Pontiac, Oldsmobile, Marquette, Oakland,
Viking, Buick. LaSalle and Cadillac passenger and commerdal cars are
included in the above figures.
-V. 132. p. 2780, 2594.
-Defers Dividend.
General Steel Wares, Ltd.
The directors have voted to defer the regular quarterly dividend of
13(% due May 1 on the 7% cum. pref. stock, par $100. The last regular
quarterly distribution on this issue was made on Feb. 2 1931.-V. 131,
IL 3214.
-Smaller Dividend.
General Tire & Rubber Co.
The directors have declared a quarterly dividend of 75c. per share on the
common stock, payable May 1 to holders of record April 20. From Feb. 1
1929 to and incl. Feb. 1 1931,the company made regular quarterly distributions of 21 per share on tals issue, and in addition, on Jan. 1 1931 paid an
extra of $1 per share and on Jan. 1 1930 an extra of $2 per share on the
-V. 132, p. 2001.
common stock.
-Obituary.
Gimbel Brothers, Inc.
Chairman Isaac Gimbel died at Greenwich, Conn., on April 11.-V. 132.
P. 2401, 320.
-Earnings.Godchaux Sugars, Inc.
-Years Ended Jan. 31- -Years Ended June 301928.
1929.
1930.
1931.
Period$735,102
Profit from operations-- 11,030.657 $1,617,877 $1,509,552
193,060
303,887
285.729
257,267
x Interest. &c
200,000
200,000
200,000
200,000
Depreciation
38,500
Prov. for Fed. Inc. tax$342,052
$534,890 $1,132,148 $1,005,665
Net income
x Including amortization of bond discount and expense.
quarterly dividends of $1.75 per share have been
Note.
-The regular
paid on the $7 pref. stock since Oct. 1 1929 and of 50 cents per share on the
$2 class A stock since Jan. 1 1930.
Consolidated Batance Sheet Jan. 31.
1931.
1930.
1930.
1931.
$
$
Liabilities$
Assets$
3.050.000 3,050,000
$7 pret.stock
Real eat., bides.,
a8,832,957 8,817,345 Corn. stk. & surp.x5,225.980 5,064.868
equip., etc
1 First mtge. bonds 2,050.000 2,150,000
1
Good-will, &c
364,754 6% notes payable_ 1,100.000 1,300,000
393,162
Cash
161.589
993,104 Acc ts payable__ __ 295.706
5cols & notes roe_ 6795,210
38.500
Res. for Fed. taxes
171.047
Expenses re suit
Sugar & molasses_ 1,825,774 2,037,146 Drafts & notes pay. 880,000 1.070,000
223,572 Other notes & aciMaterials AZ seep- 175,584
7,644
26,064
counts payable_
57,902
Plant & grow.crops
81,189
73,769
38,035
2,500 Res. for coating__
Mtge. notes rec.__
23.540
1,232
106.512 Accrued accounts..
Prop,held for sale_ 109,613
50.000 '
50,000
Empis. acc'ts rem
27.815
29.911
Investments
216,872
197,874
Deferred charges
12,685,866 12,897,524
Total
12,685,866 12,897,524
Total
a Includes real estate, 12,097,853; buildings, machinery and equivalent,
loss depreciation, $8,105,998; live stock, $147,991; lees reserve for depreciation of 81.518.885. b Less reserve for doubtful accounts and discounts. x Represented by 71,622 shares of class A and 83,617 shares of
-V. 131, p. 2903.
class B stocks, no par value.
-Dividends OutGoodyear Tire & Rubber Co., Akron.
look.
President P. W.Litchfield on April 10 stated that considering the outlook
for the company, he saw no reason why the current dividend rate on its
common stock should not be maintained. The directors recently reduced
the dividend from a $5 annual basis to $3. See V. 132, p. 2595.
-Balance Sheet Jan. 31.Gorham, Inc.(& Subs.).
1930.
8
1931.
1930.
3
1931.
Liabilities-.
$
Assets
6
558,853
577,535 Notes payable....
473,095
Cash
Acc'ts payable and
Bankers' accept's,
511,370
351.989
152,639 accruals
at cost
73,102
65,986
Dividend payable_
200,000
Ctrs. of deposit _ _
French. tax of sub.
U.S. Lib. Ln. bds. 128.789
8,0011
10,729
co., estimated__
Invest. in afM.cm. 100,815
145,215 Reserve for i08M in
77.654
Notes receivable__
connection with
A eels receivable__ 756,625 1,472,827
Mdse. inventories_ 8,079,421 9,157,687 subleas'g of 47th
93,472
49.852
Street store....
19,801
405
Treasury stock...
4.583
1 Lease deposits....
1
Good-will
23 cunL pref.stock 4,400.000 4.900.0011
Furniture, fixtures.
501.147 Common stock-x4,680.661 4,680,661
7464,400
property, &c
819,300 1,293,306
91,915 Surplus
101,894
Deferred charges
10,383,100 12,118,706
Total
12,118,768
10,383,100
Total
x Represented by 125,000 shares class A stock and 25.000 shares class B
stock, both of no par value. y After depreciation and amortization of
1308,535.
ended Jan. 31
Our usual comparative income statement for the year
was published in V. 132, p. 2780.
Granby Consolidated Mining, Smelting & Power Co.,
-Earnings.
Ltd.
Calendar YearsGross earnings
Operating costs
Expenses, taxes, &c
1928.
1927.
1929.
1930.
$7,397.335 $11,828,725 $9.942,397 88.411,949
5,892,104 7,490,774 6,691.170 6,597,482
521,395
576,988
332.239
265,063
Balance
Other income
$1,240,168 $3,760.963 $2,729.832 Si.482.228
253,259
71,790
418,132
236.116
Total income
Interest
Depreciation
Depletion
$1,476,284 $4,179.095 $2,983.091 $1,554,024
12.019
125,445
1.418,878
1,372,599
1.332.371
1,351.470
776,258
785,084
607,438
940,859
New Director-Business
$775.936 def$844,651
def$482,624 $2,021,412
Net profit
Elias Mayer.
Bennett Epstein has been elected a director to succeed
3,149,787
1,344.515
432,262
2,362.341
Dividends
retired.
showing improveChairman Max Epstein said: "Our business has been March very much
$568,579 $1,276,912
82.844.965 81,128.376
Deficit
was dull. but February was better and
ent. January
Consolidated Balance Sheet Dec. 31.
been particularly heavy. 1 do not think
better. Transportation of oil has important effect on our business. The
1930.
1929,
1929.
1930.
the gasoline pipelines will have an
LiabilUfes-2
consumption amounts to about 15% annually. If our
1
$
Assetsincrease in gasoline
would affect but 4% of our business. Mining & timber
Capital stock....c15,496.919 17,859,259
gasoline business ceased completely it
0,241,477 3.848.916 Accounts payable_ 453,330
developing new cars and expect to contknue expanding
553,648
lands
We are constantly
for much business from our manuAccrued liabilities_
33,705
223,992
our car leasing business. I do not look will buy few cars this year. We Plant .4 equIpm1_65,067.777 6.307.459 Deficit
579.0.56
1,711,869 1,229,244
579,056
Securities
facturing division, for I believe railroads
-V.132, p. 2001.
divisions.
3,160,542 3.969.308
Cash & call loans_
hope to make up for this in our
2,047,235 2.560.857
Inventories
-Sales for March 1931.
102,297
140.403
A cets receivable
General Motors Corp.
sold 101,339 cars to consumers in the
In March, General Motors dealers over deliveries to consumers in the Deferred & prepaid
39,763
35,595
charges
or an increase of 47% 1930 General Motors dealers sold
United States,
United States in February. In March cars, or an increase of 39% over
Total
14,272.085 17.407,666
14,272,085 17.407,656
Total
to consumers in the United States 123,781
February 1930.
a After deduction of depletion reserve amounting to 113,441.936. b Mter
United States in Mar.amounted
Sales by General Motors to dealers in the In Mar. 1930.
deduction of depreciation reserve amounting to $12,336,913. c Reproto 98.943 cars, as compared with 118.081
Canadian sales and overseas sented by 450.000 $100 par shares and is after deduction of discount on
Total sales to dealers in Mar.. including
compared with 135,930 in Mar. capital stock of 822,208.876 and capital distributed to shareholders. of
shipmenta, amounted to 119.195 ears, as
87,294,271.-V. 131, p. 2705.
1930.
of General Motors cars in
-The following table shows sales to consumers
Greenway Corp., Baltimore, Md.-Extra Pref. Div.
divisions of General
Continental United States, sales by the manufacturing and total sales to
The directors have declared an extra dividend of 50c. per share on the
States,
Motors to their dealers in Continental United shipments:
panic. pref. stock. payable Aug. 15 to holden of record Aug. 1, and a
dealers, including Canadian sales and overseas
•
APRIL
18 1931.]
FINANCIAL CHRONICLE
2975
semi-annual dividend of 30c. per share on the common B stock, payable
Balance Sheet Dec. 31.
en the same date. The company on Feb. 15 last paid a regular quarterly
Assets
1930.
1929.
Liabilities1990,
1929.
dividend of 15 cents per share on the class 13 common stock and an extra Plant,&c:
x$3,488,442 $3,268,191 1st pref.stock _ _ _ _$2,250,000 $2,250,000
at 25 cents and the regular quarterly of 75 cents per share on the prof. stock. Inventories
,
2nd pref. stock_
.
100,000
On Nov. 15 last the following dividends were paid: On the common Investments
344,750
242,750 Common stock__ -y1,895,541) 1,795,540
B stock, 5% in stock and a regular quarterly of 15 cents per share; on the Bills receivable
794,935 1,244,013 Reserves
110,266
109,917
prof. stock, a quarterly of 75 cents and an extra of 25 cents.
-V.132 p.861. Dep.on contract..
11,025 Accounts payable_ 274,814
532,958
168,015 Dividends
89,184
86,583
36,563
Great Atlantic & Pacific Tea Co. of America.
-Earns. Outlay on contract 200,758 112,111 Surplus payable 605,212 398,129
Cash
1931.
Years End. Feb. 281930.
1929.
1928.
Deferred charges....
7,715
8.059
Total earnings
341,162,998 334,593,223 $31,558,713 324,547.717
6,212,223
Depreciation
5,092,592
4,024,731
3,266.597
Total
55.172,412 $5,423,116
Total
$3,172,412 $5,423,116
Federal taxes
4,208,000
3,281.000
3,313.000
2,870,000
x After reserve for depreciation of $297,811. y Represented by 100,000
-V. 132, p. 2401.
Net profit
330.742.775 $26,219,631 $24,220,982 $18,411,119 no par shares.
Dividends paid
13,284,292 11,620,792
9,384,027
7,410,566
Hamilton Watch Co.
-New Director-Orders Increase.
Surplus adjustments_ _ _ 7.342
39,675
Cr.42,352
10,333
W. J. Neuhauser. President of the Farmers Trost Co., Lancaster, has
been elected a director to succeed the late J. Richard Brinamer.
817,451,141 314,559,164 $14,879,307 $10.990,219
Balance, surplus
President Charles F. Miller stated that during the past 13 days orders
com. stk. outstandhave shown a decided
ing (no par)
2,039,592
2,086,748
2,073,916
2,025,008 Several departments are increase, and increased production is planned.
working full
Barns. per share on corn.
$11.02
$11.77
$13.86
$8.23 working four and five days a week. time, he said, and the remainder are
--V. 131, P. 40131.
Consolidated Balance Sheet Feb. 28.
Hartman Corp., Chicago.
-Reduction of Capital.
1931.
1930.
1931.
1930.
Acute$
Liabilities
s
With reference to the proposal to retire 64,879 shares of class B stock,
Plant & equip__ 31,837,785 29,489,887 Preferred stock- 26,036,200 26,036,200 an official of the company says: "The press notices were erroneous in
Cash
70,744,589 38,315,086 Common stock_a36.390,340 35,812,900 stating it was acquired In the market as only part of it was so acquired. A
Good-will
1
1 Pref.stk.of subs.
large part was acquired by us in connection with the sale of the majority
Merchandise
59,973,792 69,269,520
not owned___
10,000
10,000 interest in our Denver business and another large block Was acquired by
U. S. Govt. sees 2,628,981 2,517,100 Notes & accepts
472,539
457,957 repurchase of stock from employees. This stock had been sold to rnStocks di bonds_
31,800
114,258 Accts. payable. 28,791.425 24,835,582 plloyees in 1929 under certain guarantees of repurchase, which we met."Accts. receivable 2,754,664 3,106,887 Res. for self Ins_
251,816
111,288 V. 132, p. 2595, 2781.
Deferred charges 2,492,188 4,578,201 Res. for Inctax_ 4,259,872 3,326,145
-A new
-Notes Offered.
74,251,609 56,800,467
Hawaiian Pineapple Co., Ltd.
Surplus
Total
170,463,801 147,390,939
170,483,801 147,390,939
Total
a Consisting of 1,150,000 shares voting and 936,748 shares non-voting.
Sales.
-
issue of $5,000,0005
-year 5%gold notes was offered publicly
April 7 by a California syndicate headed by American
Co. The notes were
Securities Co. and Peirce, Fair
priced at 99 and int. to yield 5.22%.
86
Sales for the four weeks ended Mar. 28, without consideration of change
In the number of stores during the year, compare as follows:
Dated April 11931:due April I 1936. DEMOMS $1,000. Interest payable
Changes.
% A. & 0. Bishop Trust Co., Ltd., Honolulu, trustee, American Trust Co.,
Four Wks. End. Mar. 28- 1931.
1930.
Sales
382,718,571 383,975,552 Dec. 31,256,981 1.5 San Francisco, paying agent.
391,987 Inc.
43,305 1.5
Natimated tonnage
435,292
Data from Letter of James D. Dole, Pres. & Gen. Mgr., Dated
The average weekly sales In Mar. 1931 were $20,679,643. compared
April 6 1931.
with $20,993,888 in Mar. 1930, a decrease of $314,245. Average weekly
Dec. 4 1901. Is the largest grower and canner of
Incorp.
tonnage sales in Mar. 1931 were 108,823 compared with 97,997 in Mar, pineapples in Hawaii
in the world. Its production has increased from 1,893 cases in
1930, an increase of 10,826.-V. 132, p. 1426, 861.
1903 to 4.577,091 cases In 1930, which latter figure is more than 36% of
Islands in that year. During 1930 the
the
-Balance Sheet Jan. 31. areatotal pack of the Hawaiian company was 25,143 acres from whichtotal
Hahn Department Stores, Inc.
86.
under cultivation by the
1931.
1930.
444.904 pineapples were produced. Its canning plant at Honolulu is the
LiabilitiesAssets$
$
$
largest fruit cannery In existence.
Land, buildings,
615% cony pref stk23,126,900 24,236.840
The company sells its product almost entirely through brokers. In
equip., &a-- _x25,189,683 23,164,193 Common stock ___y9,869,373 9,869.373 the spring of 1927 the company inaugurated a national advertising camNotes payable____ 224,500 2,847.500 paign, since which time a major portion of the pack has been distributed
Goodwill, lease1 Accts. pay. & aeer.
holds, ace
1
in cans with the name Dole (the founder of the business) embossed on the
Cash
accts. Inc. Fed.
2,585,616 4,357,198
top. The benefits from this advertising are indicated by the fact that
Motes and accounts
tax
5.083,592 7.171,033 less pineapple was on hand in company warehouses on Dec. 31 1930, than
re3celvable
15,845,408 16,431,722 Mortgages and long
on the corresponding date of 1027, notwithstanding the fact that the pack
Inventories
13,228.982 14,882,658
term notes
8,325,750 5,615,583 of 1930 represented an increase of more than 45% over 1927.
Marketable secur_
47,154
369,625 Coating.reeerve,Ac 1,441,016 2,243,654
Balance Sheet.-From an initial investment of $20,000 in 1901, the capital
MIseell. securities_
60.796
150,375 Minority interest_
1.495
8,498 and surplus of the company has grown to $21.665,610 as of Dec. 31 1930.
Sundry notes, sects.,
Surplus
10,567,007 9,583,405 On that date, without giving effect to this note issue, current assets, indepree., ace_ -- 604,927 1,236,826
cluding $984,957 cash, amounted to 37.686.622. as compared with current
Deterred charges.... 1,077,066
983,288
liabilities of $3,051,259, a ratio of over 2 to 1. Good will, patent rights,
contracts and trade marks are carried at a valuation of only $1. (Compare
Total
58,639,633 61,575,886
Total
58,639,633 61,575,886 V. 132, p. 1427.)
x After depreciation and amortizat on of 35,774,857. y Represented by
Sales and Earnings -Company's sales, and its net income after deducting
1,357,489 no par shares.
interest and depreciation, but before deducting Federal and Territorial
Our usual comparative income statement for the year ended Jan. 31
income taxes, have been as follows for calendar years:
was published in V. 132, p. 2781.
Net Income.
Sales.
310.936.208 $2,8.14.243
1926
Hale Bros. Stores, Inc.
-Balance Sheet, Dec. 31.1,600.174
9.127,181
1927
Assets1930.
1929. I Liabilities-2,828,236
1930.
15.732.674
1929.
1928
Equip (turn fixCapital stock.---y$5,284,781 $5,284,781 1929
16.201.488 3.683,756
tures, da))
x$609,259 $666,710 Long-term contract
12,237,957 2,979.670
1930
Int. in radio broadpayable
166,100
192,800
Net income during
past five years, as above, averaged $2,785,215.
casting equip.As
52,522 Notes payable_
42,546
350,000
800,000 equal to more than 11the
times the annual interest on this note issue, or over
laiPts. to leased
Accounts payable_ 1,193,626
982,397 55% of the principal amount thereof.
133,515 Mdse.orders outst.
Property (net)._ 125,196
21,950
23,639
Purpose.
-Notes are being sold to provide additional working capital.
Investments
363,337
541,396 Prov.for 1930 Fed.
Cash
479,807
424,450 income tax
51,000
85,000
Stockholders to Vote April 24 on Approving Issue.
U.S.Liberty Loan
4,345
Deferred credits
2,645
The stockholders will vote April 24 on approving the i•suattoe of $5.000,bonds
54,337
54,337 Insurance reserves
65,130
65,130 000 five-year 5% non-convertible notes.
-17. 132, p. 2595
Other marketable
Doubtful acete. ree
15,000
15,000
securities
72,175
72,175 Surplus
515,315
252,844
-Earnings.
Hayes Wheels & Forgings, Ltd.(& Subs.).
Accts. receivable_ _ 2,681,336 2,657,945
1928.
1930.
1929.
Calendar YearsNotis receivable_
211,778
$4460,381
$457.212
aProfit from opera. & other income_ _ _ loss$67,435
Mdse. on hand_ _ _ 2,745,585 2,574.623
94,801
152.141
121,253
Deprec, of plant and equipment
Mdse. in transit__ 142,450
124,737
33,224
54,856
31,457
Bond interest
Materials & supers
43,858
42,601
Employees stock
$304.273
loss$193,694
$271,846
Net profit before income tax
Porch, contrasts 198,513
40,670
43,750
30,503
Preferred dividends
97,389
Deferred charges__ 108,846
32,500
110,000
Common dividends
Good-will
1
1
3260,523
loss$256,697
$121,176
Balance
Total
57,667,247 $7,654,237 Shares corn,stock outstand'g (no par)
Total
$7,667,247 $7,654,237
50,000
60.000
68,000
x After depreciation of $1,077,303. y Represented by 225,000 shares Earnings per share
$4.33
Nil
$3.48
(no par).
a After providing for all manufacturing, selling and administrative
Our usual comparative income account for the year ended Dec. 31 1930,
expenses.
was published in V. 132, p. 2595.
Consolidated Balance Sheet Dec. 31.
_(W. F.) Hall Printing Co.-Pref. Stock Approved.
Liabilities-line.
1929.
1930.
1930.
AssetsThe stockholders on April 13 increased the authorized capital stock from Cash
Capital stock:7%
5304.713
$201.082 cum.ILL pi.stk. $581,001 von.00.
$4,000.000 to $5,000,000, by the creation of an issue of $1,000,000 6% Call loan
Coin. stock
*PLOW
118.000
eumulative preferred stock, par $100.
Unpd.subserlp. on
$2,936
266,080 Bank overdraftcommon stock_
To Acquire Control of Art Color Printing Co.
Sink,fund cash_ - 237,825
97
82 Accts. payable
$3.31111
The stockholders also approved on April 13 plans for the proposed Accts. St bills ree__ 107.980
40,167
230,645 Div. pay.fan. 119
acquisition of the entire outstanding stock of the Art Color Printing Co. of Inventories
514,786 Res.for income tax
394.570
$1,000
Dimellen, N. J. The purchase price will be $2,700,000, to be paid Life Incur. policies
9,300
105,706 1st mtge. 8% U. I.
$1.700,000 in cash and $1,000,000 in 6% pref. stock of the Hall company. Investments
519,200
439,7011
177,684
gold bonds
Frank R. Warren says: "For some months past we have been Deferred charges... 127,685
President
$29,748
$98,250
65,120
72,542 Capital surplus
negotiating for the acquisition of the Art Color Printing Co. of Duneloen. Fixed assets
71,849,515 1,943,205 Earned surplus__ 207,198 1,113,395
N. J., with a view of merging our eastern subsidiary, the Edward Langer
Printing Co. Inc., with it. The consummation of this merger will
Total
Total
22,858,981 $2.511,773
$2,858,982 $3,511,773
strengthen materially our business in the East. The increase in the volume
x Represented by 68,000 shares of no par va1ae. y Less reserve for
of our Eastern business, which can be handled without proportionate Indepreciation of 3721,718.-V. 131, p. 4222.
crease in overhead. will make for greatly increased earnings. Certain
other economies can also be effected which will benefit the company. Our
Hazeltine Corp.
-Wins Patent Suit.
Eastern plant will thereby be put on a basis, that in conjunction with our
A decree ordering a perpetual injunction restraining the Atwater Rent
Chicago plant, we shall be enabled to extend to our customers and prosplate circuit
pective customers advantages which cannot now be afforded by any other Manufacturing Co. from infringing the Hazeltine Omp.'s Dickinson in
printer. This should mean an increase in business, in addition to the neutralization patent has been signed by Judge Oliver B.
the U. S. District Court for the Eastern District of Pennsylvania at Phila.
volume now enjoyed by the Art Color Company.
"Our negotiations for this merger have not been completed," Mr. Warren The decree appoints John Arthur Brown as Specie) Master to determine
added, "but it is probable that final arrangements will be effected within profits and damages due to Hazeltine Corp. because of the manufacture,
the next few weeks. The net earnings of the Art Color Company for 1930 sale and use of the infringing apparatus. proceeding In the Bastern DisA similar accounting action Is already
were in excess of the total carrying charges of all financing required for
New York against
this deal, including the preferred dividend payment. It seems certain trict Court of Manufacturing Co. E. A. Wildermuth. a distributes' of the
no decrease of the Hall Company's earnings applicable Atwater Kent
that there will be
The accounting proceedings against the Atwater Kent company in
to its common stock, and we confidently believe that such earnings will be
Philadelphia involves the manufacture and sale of approximately two
Increased."
-V. 132, p. 2776.
million Atwater Kent radio receivers coming within the scope of the Plate
-V. 132, P. 2002, 1627.
circuit neutralization patent.
-Earnings.
Hamilton Bridge Co., Ltd.
Calendar YearsNet profit after deprec. & inc. tax-Preferred dividends
Common dividends
Surplus
Previous surplus
Profit and loss surplus
1930.
$303,340
146,250
150,000
1929.
$553,273
162,468
1928.
$408,690
201,375
27,090
598,129
$390,805
207,324
$207,324
$605,219
$598,129
$207,324
-New Director.
Hoover Steel Ball Co.
-V.132. p. 2208.
B. K. Baker was recently elected a director.
-Officers-Directors-Sales.
Houdaille-Hershey Corp.
-
Claire L. Barnes was re-elected President. following the annual meeting
of stockholders held on April 14. Other officers were elected as fellows
Fred L. Flanders, Executive Vice-Prosident and General Manager: Charles
Getler and George V. Foy, Vice-Presidents; M.D. Harrison, Vice-President
and Treasurer: Melville C. Mason, Secretary.
2976
FINANCIAL CHRONICLE
[VOL. 132.
p
The board of directors as elected by the stockholders is composed of:
Consolidated Balance Sheet Dec. 31.
Claire L. Barnes, Thomas J. Bosquette, Sandford Brown, Paul H. Davis,
1930.
Liabilities1929.
Fred L. Flanders. Fred W. Frazier, Charles Getter, Laurence 0. Gordon, Mining property_x$1,734,645 21,730,150 Preferred stock___ $230,940 $227,790
M. D. Harrison. Charles W. Hills Jr., and Melville C. Mason.
Plant, bldgs. &
Common stock..__ 1,586.550 1,621,800
Mr. Barnes stated that sales in March had been nearly 40% greater
mach
Y579,668
532,240 Minority interests 568,912
505,327
than sales in February.
-V. 132, P. 2782, 2003
No.4 shaft develop
23,460
79,056
1st mtge.8% bonds
23,460
Tailings disp'l site
11,995
11,995 10-yr. 7% notes of
59,000
61,000
20,741
21,241 subs
Imperial Tobacco Co.of Canada,Ltd.-A(quisitions.- Investments
915
141,355
942 Notes payable____ 221,830
During 1930 a total of 348,840 of this company's ordinary shares (par Sinking fund
146,864
Accts. payable___ 110,811
$5 each) were issued in exchange for 11,628 shares (par $160 each) Funds In hands of
trustee of 8%
2,370
2,310
Res.for bond Int__
of the Tuckett Tobacco Co., Ltd., Hamilton, Ont., it is announced.
bonds
3,235
3,235Receipts from stk.
Having already acquired by purchase 13,372 shares, the Imperial company
38,273
3,676
48,073 subs
now holds 100% of the issued ordinary shares of the Tuckett Tobacco Co., Cash
Accts.receivable__
6,882
3,848
41,836
56,657 Res. for conting
Ltd. Thie company was established in 1845 and has for a number of years
218,263
278,403
Surplus
held a prominent and progressive position in the tobacco trade throughout Due from sale
Tennessee Min.
the Dominion as manufacturers of cigarettes, cigars and smoking tobacco.
Prod. Co
400,000
550,000
SkiThe directors also reported the purchase of the outstanding minority
preference and ordinary shares of the General Cigar Co., Ltd. Together Cash dep.with Ariz
Indus. Accident
with the shares already: held, the Imperial company now owns 100% of
Commission
14,336
the issued capital of the General Cigar Co., Ltd., which is the largest manuNotes receivable
933
1,100
facturer of cigars in the Dominion.
Inventories
28,551
25,094
Subsidiary and Associated Companies of Imperial Tobacco Co. of Canada, Ltd. Deferred charges
14,515
35,107
Manufacturing.-Tuckett Tobacco Co., Ltd.; The B. Houde Co., Ltd.;
$2,969,018 $3,015,834
Total
Total
General Cigar Co., Ltd.; National Tobacco Co., Ltd. and Liggett & Myers
$2,969,018 $3,015,834
Tobacco Co. of Canada, Ltd. The General Cigar Co., Ltd., controls and
x After depletion of $1,426,172. y After depreciation of $182,308.operates Andrew Wilson & Co., Ltd., and Punch Cigar Co. Ltd.
V. 131,p. 3717.
'
Distributors.
-United Cigar Stores, Ltd., and Scales & Roberts, Ltd. The
Iroquois Share Corp.
latter controls and operates the II. Fortier Co., Ltd., James Kirk, Ltd., and
-Stockholders Receive Exchange
John Erzinger, Ltd.
-V. 132. p. 1628.
Offer.
See Atlas Utilities Corp. above.
-V. 129, P. 807.
-Earnings.
Indian Refining Co.(& Subs.).
Earnings for Year Ended Dec. 31 1930.
cal
$18,241,701
Net sales
Cost of sales
Selling and general expenses
Miscellaneous income charges
-Net
Depreciation
Interest on bank loans and funded debt
Amortization of bond discount and expense
14,228,916
5,539,542
44,148
1,096,074
300,795
68,112
Net loss for year
Profit and loss charges
$3,035,886
1,769.967
-Earnings.
Jackson 8z Curtis Investment Associates.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
Balance Sheet March 31.
1931.
1930.
1930.
LiabilitiesAssets1931.
x Industrial securs. 8686,301 8872,975 Reserve for tames_
84,300
821,469
x Pub. util. emirs. 558,944
1,544,896 1,930,575
453,517 Net worth
x Railroad secure_ 111,611
218,903
145,705
Miscel. securities 116,849
Cash on deposit_
86,957
3,790
8,624
Accr. Int. Sc divs__
6,398
165.359
Treasury stock_ __
28,073
Accts. receivable__
37,229
Gross deficit
$4,805,853
Profit and loss surplus Jan. 1 1930
1,025,101
Loss from sale of Indian Pipe Line Corp., $535.375, and from
$1,549,196 $1,952,045
Total
Total
$1,549,196 $1,952,045
abandonment of Fleming Cracking Unit, $155,836 (transx
certificates of beneficial interest
ferred by company to capital surplus)
691,211 (no At cost. y Represented by 29,000
par).
-V. 132, p. 863.
Service department overhead expenses for prior years, originally
charged to operations (capitalized by company during 1930)
383,478
Johns-Manville Corp.
-Earnings.
For income statement for
months ended Mar. 31 see "Earnings
Profit and loss deficit, Dec. 31 1930
$2,706,064 Department" on a preceding three -V. 132, p. 1817.
page.
Capital Surplus Account Dec. 31 1930.
-Premium on issue of 895,800
Jordan Motors Corp.
-Grants Option on 100,000 Shares
shares of common capital stock, net, $8,500,868. Net appreciation of
property through appraisals of Coats & Burchard Co. as of June 30 1924, of Common Stock.
July 15 1927, and Dec. 31 1927, adjusted to Dec. 31 1930, $1,275,825.
The company has granted an option on 100,000 shares of its common
Total, $9,776,693. Less: Stock dividend paid on preferred capital stock to the
are originators of its new plan of
stock. $1,012,700; unamortized bond discount and expense, premium on distribution.interests of the company who
The identity
the interests has not been disclosed. The
redemption of 1st mtge. serial gold bonds and outstanding refunding pref. option is for 100,000 shares of common stock less such amount as may be
of
capital stock, and expenses incident to financing, $1,38.2,258. Cost of issued in payment of advances made and to cover subscriptions made at
Central Refining Co. common stock in excess of book value, $2,333.788.
share until Jan. 2 1936.
Loss from sale of Indian Pipe Line Corp.. $535,374, and from abandonment $10 athe same time 45,000
At
has
of Fleming Cracking Unit, 5155,835 (transferred by company from profit optional to various personsshares of the new stock $10 been set aside to be
of the management at
a share.
and loss surplus). $691,211. Adjustment to conform book value of
The company recently gave an option on 30,000 shares of common at
Goyers Process Lubricating Plant to appraised reproductive sound value $10 a share to the Brotherhood of Locomotive Engineers, in exchange for
as of March 31 1930, $1,578.557. Total, $5,985,815. Remainder
capital surplus.83790.877. Profit and loss deficit Dec.31 1930,$2,706.063 good-will in promulgating the sale of the new Jordan car. offered to the
It is expected that 214,072 shares of the new stock will be
Remainder-surplus, $1,084,813
.
public at $10 a share within the near future,
The company has secured better than two-thirds of both common and
Condensed Consolidated Balance Sheet Dec. 31.
preferred stock of the old Jordan Motor Car Co. in exchange for its own
1930.
1929.
1930.
1929.
stock on the basis of one share of the new common for one of old Jordan
LiabilitiesAssets
$
$
$
common and five shares of new common for one of old preferred stock.
Accts. payable___ 1,745,915 2,491,478
Cash in banks and
445,986 Notes payable__ 400,000 1,459,831 -V. 132, p. 2402.
on hand
559,318
Receivables
1,001,9.58 1,844,716 Accr. int,on funded
Katz Drug Co.
-March Sales.
24,750
debt
Work, funds with
25,667
1931-March-1930.
Increased 1931-3 Mos.-1930.
Increase.
27,899
5 M % eg.tr. cat__ 1,200,000 1,400,000
employees
$637,189
$405,528
8456,825
$141,661f$1,837,459 81,380,634
34,368 Station realty obAdvances
20,630 ligation
595,805
721,422 -V. 132, p. 2209.
Special deposits..._
25,884
113,383 534% gold notes 3,500,000
Prepaid expenses_
91,584
(Julius) Kayser 8c Co.
-Dividend Rate Reduced.
-The
2,090,632 3,889,450 Accr. wages, int.,
Inventories
directors on April 12 declared a quarterly dividend of 25
204,227
Securities owned.._
15,736
taxes, &c
3,006
14,300
14,500 cents per share on the no par value common stock, payable
Cash in sink. funds 110,833
92,333 7% pref.stock__ _ _
12,701,220 12,576,470
Refiners' tank cars
Common stock
3,790,878 6,265,141 May 1 to holders of record April 25. This compares with
sell'g stat's, Arc.x16,241,406 18,039,174 Capital surplus
Havolive tradem'k 850,000
850,000 P. & L. sur_def2,706,064 1,025,101 quarterly dividends of 623. cents per share paid from
Deferred charges
468,507
633,832
Aug. 1 1930 to and including Feb. 1 1931.-V. 132, p.864.
Total
21,471,031 25,979.609
Total
21,471,031 25,979,609
x After reserve for depreciation of $6,877,248.-V. 132, p. 1816.
Industrial & Power Securities Co.
-Report.
The company, an investment trust of the supervised type, in a letter to
stockholders, reveals that as of March 31 1931 its resources were divided
as follows: Common stocks, 44.73%; preferred stocks, 29.70%; bonds,
11.07%, and cash, &c.. 14.50%.
Waiter L. Morgan, President, states in his letter that "at the close of
business on March 31 1931 the investments had a market value substantially in excess of book value." Market value of the shares has increased
from 2014 as of Jan. 1 1931 to 2234 as of March 31 1931, or 9%. "If
consideration is given to the quarterly dividend of 25 cents per share paid
on March 1, the increase in your shares during the period under review
would have been in excess of 10%," Mr. Morgan states.
-V.132, p. 1233.
International Business Machines Corp.
-To Retire Bds.
ii,The corporation has decided to deposit with the Guaranty Trust Co.,
trustee, sufficient funds to retire $250,000 of Computing-TabulatingRecording Co. collateral 65 of 1941.
There were originally outstanding $7,000,000 of this issue, of which
$4.012,000 has been retired. This issue represents the only outstanding
funded indebtedness of the International corporation.
-V. 132, p. 2782.
2596.
International Paper & Power Co.
-January Net Earns.
The company reports that notwithstanding the severity of the current
business depression, its consolidated earnings in January available for
preferred dividends, both before and after depreciation, were greater in
amount and in their percentage to capital and surplus than in any previous
January since 1925.
The improvement indicated by these figures, the company states, will of
Course be interrupted by variations from month to month, and will very
likely be interrupted by further effects of the business depression, but may,
it is believed, safely be taken as a promise of further progress when con.
ditions improve. In the meantime, the company adds, no definite prophe-V. 132, p. 1816, 1429.
sies as to earnings are possible.
-Earnings.
Iron Cap Copper Co.
1930.
Calendar Years$691,196
Gross income
Transportation. smelt'g,
644,965
market.& milling exp_
7,894
Taxes
16.891
Int.& disct. on bonds..35,849
Admin. & litigation exp..
52,209
Deprec. & obsolescence_
0 10.,
Net income
def$66,612
Preferred dividends_ _ _ _
18,616
Balance, surplus
def$84,228
1929.
$652,874
1928.
$526,306
1927.
$287,949
539.022
9,937
13,878
37.567
20,481
389,891
6,783
25,164
31,415
32.006
190,193
7.112
19,511
21,971
25,000
$31,988
18,616
$41.044
13,968
$24,160
11,208
$13,372
$27,076
$12,952
Kimberly-Clark Corp.
-Earnings.
For income statement for three months ended Mar.31 1931 see "Earnings
Department" on a preceding page.
-V. 132, p. 2403, 2004.
(G. R.) Kinney Co.
-No Action Taken on Dividends.
Bank Loans Decreased.
-At the regular quarterly meeting
of the directors held on April 15, it was decided to omit
payment of the regular dividends on both the 8% cum. pref.
and common stocks. From April 1 1929 to and incl. April 1
1931, quarterly distributions of 25 cents per share were made
on the common stock. The last regular quarterly dividend
of 2% was paid on the pref. stock on March 11931.
President E. H. Krom, April 15, says:
It is apparent that the return to times of normal prosperity will be slow
and it is believed that it is the part of wisdom to conserve the surplus
account.
This step is taken despite the fact that the current financial condition of
the company at the present time shows a material improvement over the
corresponding date a year ago. There has been a steady improvement in
the inventory situation for more than a year. There has likewise been a
steady reduction in bank loans. The company continues to operate on a
carefully outlined budget system which, during the first quarter of this
year, enabled it to obtain better results than during the corresponding
quarter of the previous year, despite a reduction in sales of 20%.
A chart of the sales of your company and likewise of the profits follows
very closely the line of production of the steel companies, which are generally
regarded as an index of business conditions. The company's business
fundamentally consists of selling shoes to families in industrial and farming
districts. The continued patronage which our stores receive from our
customers demonstrates their faith in the value of our products. At the
present time, however, with the steel companies operating at approximately
50% of capacity, with unemployment throughout the manufacturing districts in which many of our stores are located, and with the purchasing
power of the farm population decidedly lessened by the price at which farm
products are selling we naturally find a diminished market for our footwear.
It is the belief of the directors that stockholders, insofar as is consistent
with the best interests of the company, should receive regular dividends on
their holdings. With improvement in business, the excellent financial
Position and present low inventory of the company will enable us to promptly
restore our normal earnings and thus to resume the liberal dividend policy
Which has characterized the G. R. Kinney Co. since its founding in 1898.
Eight New Offices Created.
The following officers have been re-elected: E. H.ICrom, Pres. and Treas.;
W. H. Goodyear, 1st V.
-Ps.; G. L. Smith, V.
-Ps. in charge of research and
planning; Wm. Herbert, Asst. Treas.; L. R. Kinney, Asst. Sec.; Edward
Holloway, Sec.
In keeping with the company's policy of centralized control and
more
effective management, the following new offices were also created: H. J.
-Ps. in charge of buying; Wm. Herbert, V.
Wood, V.
-Ps. and Asst. Treas.;
APRIL 18 1931.]
FINANCIAL CHRONICLE
-Ps. in charge of
L. It. Kinney, V.
-Ps. and Asst. Sec.; F. E. Tuttle, V.
-Ps. in charge of accounting; H. P. Rees, Amt.
stores; P. S. Franks, V.
V.
-Ps. in charge of stores.—V. 132, P. 2783, 2597.
2977
Leverage Fixed Trust Shares.—Fixed Trust Shares
Offered.—Steelman & Birkins are offering certificates of this
new trust. Price at the market.
(D. Emil) Klein Co., Inc.—Retires Pref. Stock.—
Bearer coupon certificates, registerable as to principal; issued in denom.
The company has cancelled an additional $116.000 of preferred stock, of 25, 50. 100, 500, and 1,000 shares; coupons payable at the principal
outstanding. See also V. 132, p. 666.
leaving $796.000 still
office of the trustee or at any other designated paying agency. Empire
Re-investing Corp., depositor.
Kresge Department Stores, Inc.—Bal. Sheet Jan. 31.- Trust Co. New York, trustee. National were created for the purpose of
Purpose.—Leverage Fixed Trust Shares
safety.
1931.
1930.
1930.
1931.
enabling investors to take advantage, with the maximum degree ofholding
$
Liabilities—
$
$
It
Assets-of a market situation existing in a selected group of investing and
stock__ 3,540,380 3,540.380 company common stocks, which offer unusual possibilities for future
8% pref.
Furniture,fixture.
162,847 Common stock—y5,357.026 5,357,026 appreciation in market value.
x167,584
equip., dor
Accts. pay.. &c___ 225,369
247.127
167,195
Land
Common Stock Leverage.—When the market decline set in all of the de22,500
150,000 Mortgage payable_
150,000
Goodwill
preciation suffered by these companies in the market value of their invest86,002
76,002 ments was necessarily deducted from the equity of the common stock in6,513 Conting. reserve__
9,513
Sundry invest_ ___
910,251 asmuch as the bonds and preferred stock enjoyed prior claim to the extent
1,212,273
78,444Surplus
78,444
Dividends receiv__
Inv. in and adv. to
of their face values, par values, or stated values. It naturally follows,thereaffiliated cos__- 8,160,699 7,119,927
fore, that in a rising market, the common stock will be credited with all the
830,745
750,749
Inventories
appreciation in the market value of the company's investments since bonds
518,826
Accts.and notes rec 425,175
and preferred stocks are limited in participation to their face values. Par
448,529 1,206,251
Cash
values, or stated values. At their present deflated levels, these common
57,233
85,662
Deferred charges
stocks offer unusual possibilities for appreciation in market value. Their
times the
net asset values can increase over a given period at a rate several
10,443,550 10,130.786 Increase in the general market.
Total
10,443,550 10,130,786
Total
The 27 companies represented in this unit were selected after an exhaustive
x After depreciation of $246.645. y Represented by 243,524 no par
analysis of all the well known investing and holding companies which
shares.
of bonds and (or) preferred
Our usual comparative income statement for the year ended Jan. 31 have outstanding senior capital in the shape junior or common stock capistocks of a face or stated value in excess of the
p. 2783.
was published in V. 132,
to, management, character of investtal. Due consideration was given
Kreuger 8c Toll Co.—Subsidiary Increases Capital.—
ments, marketability of the shares, and relation of the current market
The Svenska Cellulose A. B. has increased its capital to 100.000.000 quotations to net asset value.
company, organized in 1929 by Kreuger
kronor from 50,000,000. This
Unit.—Each Leverage Fixed Trust Share represents 1-2500 participating
& Toll, will sell the shares to the parent company. The proceeds of the non-voting ownership in a unit of common stocks, consisting of 840 shares
nearly 813,000,000, will permit repayment of unfunded of the following list of 27 companies deposited under a trust agreement
issue, amounting to
credits from Kreuger & Toll Co. and also finance the construction of a dated as of Mar. 1 1931 with the Empire Trust Co., New York, as trustee.
•
huge sulphate plant now under way ("Journal of Commerce").—V. 132. Shs.—
p. 2004.
40 Blue Ridge Corp.
10 Adams Express Co.
Securities Co. 40 General Amer. Investors Co.Inc.
Lower.—
10 American European
Kroger Grocery & Baking Co.—Sales
40 National Securities Invest. Co.
10 American International Corp.
1931-12 Weeks
-1930.
-1930.
Period End. Mar. 28— 1931-4 Weeks
40 Overseas Securities Co. Inc.
Corp.
Public
820,342.167 820,719,495 $59.080,265 362,212,783 10 GeneralCorp. Service
Sales
40 Reliance Intern'l Corp. (class A).
10 United
The average number of stores in operation for the third period of 1931 20 Allegheny Corp.
40 Reliance Management Corp.
was 5,094, as aga
6.60%.inst 5,454 for the corresponding period in 1930, or a 20 Atlantic Securities Corp.
40 Shenandoah Corp.
decline of
40 Utility Equities Corp.
according to the Bureau of Labor Statistics 20 Capital Administration Co. Ltd. 50 American British & Continental
The company reports that
(class A).
of the United States Department of Labor, food prices have declined 20 Continental Chicago Corp.
Corp.
18.3% between Feb. 15 1930 and Feb. 15 1931.—V. 132, p. 2597.
50 Interstate Equities Corp.
20 Tr -Continental Corp.
United States & Foreign Secur. Corp. 50 Selected Industries Inc.
Lake Superior Corp.—Resignation.—
50 Standard Investing Corp.
20 United Founders Corp.
Alexander Taylor has resigned as Vice-President and Secretary of this 40 American Funders Corp.
50 Sterling Securities(.orp.(class A).
corporation and as Secretary and director of the Algoma Steel Co. and of 40 Atlas Utilities Corp.
the Algoma Central Ry.—V. 132, p. 1045
No Substitutions.—No substitutions may be made in the stock unit
a merger, consolidation,
in the case
Lake of the Woods Milling Co., Ltd.—To Issue Bonds.— deposited with the trustee exceptOnce a stock ofeliminated for any reason
is
reorganization or reclassification.
F. S. Meighen, in a letter to the stockholders. says:
President
to authorize an issue It may not again be added to the deposited stocks.
The directors have decided to ask the shareno.ders
Eliminatfon.—In order to provide for taking profits when the opportunity
of bonds to the amount of $6.000.000.
trust agreement whereby
in
It is proposed to actually issue only $4,000,000 of these and it is not to do so occurs, provision has been made thethe showing an increase in
unit
thought that the extra $2,000.000 will be required at any time, but that to all or any part of any stock or stocks in
management of the depositor
of
save expense it will be better to have authority for $6,000,000. in the market value which in the judgmentcan theexpected, may be sold and the
be
corporation is as much as reasonably
improbable event of a further amount being required.
incidental costs of disbursement, paid pro rata
The reason for this proposed action is as follows: The payment for the proceeds of such sale less
special distribution
one of
bakeries controlled by the company involved borrowing considerable sums to shareholders by calling for paymentadding the
of the sale to
from banks though much of this loan has been repaid by the baking coupons attached to the certificates or by on the the proceeds distribution
next regular
the accumulation fund for distribution
companies.
the trustee at the
The maintenance and payment of dividends to the shareholders in the date. Stock may also be withdrawn from the unit by
and proceeds distributed to
years 1925, 1926 and 1930, when such dividends were not completely direction of the depositor corporation, sold that any change occurs in the
shareholders In the usual manner in the event
earned, has reduced the working capital of the company.
makes it
it has been necessary to market situation of the stock or the status of the company which from the
To replace the working capital thus reduced
the issue
borrow considerable sums from the banks, on which loans interest has to advisable in the interest of the shareholders to remove
unit.
be paid.
which is being
Marketabilitg.—In addition to the active re-sale marketShares and the
The issue of bonds will replace the depleted working capital and will do
maintained by the distributors of Leverage Fixed Trust in the following
away with the necessity of large borrowing from the banks.
now paid to the banks on such oorrowings will be replaced depositor corporation a permanent market is provided for
The interest
by the interest on the bonds. The amount of such interest will be practi- manner:
Any holder of a full unit of 2,500 shares may at any time present his cercally the same in both cases, therefore the position of the shareholders will
with any
tificate to the trustee and receive the underlying stocks together surrender
not be prejudiced by the issue of bonds.
of one unit or 250 shares may
The stockholders will vote April 22 on the approval of the issuance of accruals. Any holder of 1-10th receive the underlying stocks or 1-10th of
his certificate to the trustee and
667.
the bonds.—V. 132, p. 2783,
one unit with any accruals. The trustee may before actual delivery of the
event
Property deduct or require the payment of a reasonable charge (in no
Lambert Co.(Del.).—New Directors.—
presented)
William C. Bird have been elected exceeding $10 for each 2,500 shares or $2 for each 250 shares the receipt
Robert L. Lund, William P. Day and
expenses incurred in connection with
to cover its services and its
directors.—V. 132, p. 2210.
and cancellation of the certificate or the split-up of units into tenth units
and in addition shall require the payment of any tax or other Governmental
Langendorf United Bakeries, Inc.—Earnings.—
transfer.
For income statement for 9 months ended March 31 see ''Earnings De- charges imposed upon such conversion or
Distributions.—Two coupons for each year of the life of the trust are at4224.
partment" on a preceding page.—V. 131, p.
one dated and the other, a special distribution
tached to the certificates,
Lautaro Nitrate Co., Ltd.—To Become Subsidiary of coupon payable when and as called for payment by the trustee at the direction of the depositor.
"Cosach."—
Distributions from the proceeds of eliminations rather than regular disWith reference to the arrangements being made with the Compania de tributions from income are contemplated. As outlined in the paragraph
Salltre de Chile (Cosach), the Lautaro Nitrate Co., Ltd., authorizes the under elimination the depositor corporation may sell all or any part of any
following statement:
item or items of the trust units on deposit with the trustee for the purpose
"It is intended that the company will become a subsidiary of • Cosach' of taking profits when the opportunity to do so occurs or for the purpose
the acquisition by 'Cosach,' directly or indirectly, of all the of eliminating any of the deposited stocks when in their opinion it appears
through
ordinary share capital of the company. [See Anglo-Chilean Consolidated advisable to do so in the interest of the shareholders. The proceeds of such
Nitrate Corp. in V. 132, p. 2779.1 The company will, therefore, remain sales may be distributed by calling one of the special distribution coupons
In existence and no change will be made in the status of its' preference or for payment or if the sales should occur reasonably near a regular distribution
debenture capital. By virtue of having become a subsidiary of'Cosach' date the proceeds of the sale may be added to the accumulation fund for
the company will enjoy the exemption from export duties on nitrate and distribution when the next dated coupon is due for payment.
Cosach' and its subsidiaries, although nitrate of the
Iodine extended to'
All accumulated funds whether from elimination or regular income
company embarked will be subject to a prior charge of about El 10s. per available for distribution to shareowners up to and including Feb. 20 of
by Presidential Decree for the service of the bonds each year will be distributed on the regular distribution coupon due and
Per metric ton imposed
of'Cosach.' Such prior charge is El per ton less than the present export payable Mar. 1 of that same year.
duty which your company paid the last nitrate year on 456,017 tons, and
Cash Dividends, Stock Dividends, Stock Split-ups. Rights.—All dividends
since such prior charge will be suspended in each calendar year at the time received on deposited stocks will be credited to the accumulation fund for
when the funds necessary for the service up to the end of the said year on distribution when the next special or regular distribution occurs. Stocks
all bonds enjoying the benefit of such prior charge have been raised, the received as the result of split-ups and stock dividends will be retained
saving is expected to be more than El per ton.
except where to do so would make it impossible to split the unit into tenths
"The Lautaro Nitrate Co.. Ltd., believes that the carrying through of without fractional shares resulting therefrom. All excess shares caused
the plan will greatly improve the position of the shareholders and debenture by compliance with this provision and all rights will be sold and the proceeds
holders of the company.
of the sale added to the accumulation fund for distribution. accumulates
"Since'Cosach' will own only the ordinary lautaro shares, It can derive
Interest on Distributable Funds.—Interest on the fund as it
no return from its interest in Lautaro until all interest on debenture capital for distribution will be credited to the fund.
and dividends on preference shares of Lautaro have been paid. In addiNo Reserve Fund.—There is no cash reserve fund.
tion, the company's earnings during the coming year should be greatly
Extension.—The trust agreement and the life of the trust may be eximproved by reason of the coming into operation of the new Pedro de tended for periods of one year by mutual consent of the depositor,the trustee
Valdivia plant."—V. 132, p. 322.
and the owners of 51% or more of the trustee shares outstanding.
Leaders of Industry Shares.—Sales Increase.—
Industry
Pr First quarterly sales this year of Leaders ofCorp. of Shares, fixed
Shares
Lewin-Mathes Co., St. Louis.—Organized.—
This company, a holding corporation with assets aggregating $4,000,Chicago, were 000 has been formed as a result of the consolidation of the General Metals
Investment trust sponsored by General
138% ahead of those of the fourth quarter last year, President August Refining Co., and Lewin Metals Corp., of Monsanto. Ill., it was announced
Gatzert, announced. March sales were 33% above those of February. on April 13. The new company owns the properties of the constituents
Mr. Gatzert attributed the growth of sales to the steadily increasing outright, together with the G. Mathes Co. another St. Louis firm.
number of bankers and dealers distributing Leaders of Industry Shares
'
The General Metals Refining Co. and Lewin Metals Corp. are refiners
throughout the country. Southworth, Dierdoffr & Co.. New York, are of non-ferrous metals, producing principally electrolytic copper and virgin
Metals plant at
eastern distributors.—V. 132, p. 1431.
lead. Under the consolidation plan, the Generaland smelting and
North Broadway, St. Louis, Mo., will be dismantled
Lee Rubber & Tire Corp.—Sales Agreement.—
refining operations will be confined to Lewin plants. The G. Mathes
See Phillips Petroleum Co. below.—V. 132, P. 305; V. 130, p. 4253.
unit will operate separately as a producer of paper mill supplies. Joseph
Mathes, head of the G. Mathes Co., will be Chairman of the board of
Lefcourt Realty Corp., N. Y. City.—Resignation.—
the holding company.
Arthur Tarshis has tendered his resignation as a director of this corporation to become effective April 30.—V. 132. p. 2597.
Lincoln Printing Co.—Earnings.-For income statement for three months ended Mar. 31 see "Earnings
Lehigh Valley Coal Corp.—Earnings.—
Department" on a preceding page.—V. 132, p. 1236.
," For income statement for three months ended Mar. 31 see "Earnings
(P.) Lorillard Co.—Cou7t Continues Restraining Order on
Department" on a preceding page.—V. 132, p. 1629.
gp
Proposed Revision of the Bonus By-Law.—
t Lehn & Fink$Products Co.—Retires Bank Loans.—
An order temporarily restraining the company from adopting
It is announced that the $400,000 bank loans outstanding at Dec. 31
on April 15 by Vice-Chancellor
1930 have been paid off, leaving the company free of indebtedness. See
alsolV. 132, p. 1431.
acaah
John 0. Bigelow
bonus plan was continued
in Jersey City, I J., who ruled that the plan, which proposes distribution
FINANCIAL CHRONICLE
2978
[Vox.. 132.
of a bonus to employees and officers in proportion to their holdings of
Consolidated Balance Sheet, Dec. 31.
common stock, is illegal in New Jersey, unless unanimously approved by
1930.
1980.
1929.
1929.
the stockholders.
Assets
$
Liabilities-$
$
Shelton Pitney, attorney for the company, said an immediate appeal Cash
657,335
371,674 Accts. payable ar
would be taken to the Court of Errors and Appeals. Plans for the annual U.S.Treas. ctts_ _
40,000
sundry accruals_ 1,197,698 1,026,767
meeting on May 5 will be held in abeyance pending the appeal, it is stated. Notes receivable._
77,315 Purch money mtge
13,086
The restraint order granted originally last month on petition of Scott & Accts. rec., incl.
30,000
Instalments...
Stringfellow of Richmond, Va. 'brokers, representing 11 minority stockPercent. of oontr.
Res. for U. S. dr
holders in that city, was amended to allow the election of directors. That
billing withheld_ 2,236,046 2,007,451
taxes_
72.515
68,000
Can.
election has since been attacked in the Supreme Court, Scott & Stringfellow Work in process.. 443,621 1,295,648 Bank inc.
650,000
loans
asking that it be set aside and a new one held.
Accr. fees on fin1,421,000
Notes payable_ _
The Vice-Chancellor held that while the present bonus plans had been
ished portions of
Mtge. on Staten
in effect since 1921 under a by-law adopted in that year and the plaintiffs
uncompl. contr.
255,000
21,038
42,960
Island plant.. 225,000
had acquiesced in it, they were not stopped from opposing an amendment Claims
310,068
315,764
438,500
445,901 Min.int. in subs
of it, and that no majority of the stockholders, however large, could bind Insur. claims rec
100,000
9,530
21,597 Res. for coatingcomplaining minority to an amendment. He declared also he would Materials & suppl_
a
60,588 Preferred stock... 2,906,800 2,500,000
76,907
enjoin a vote by the stockholders to amend their resolutions of 1925 and Plant, equip., real
Common stock._ _y4,013,275 3,634,150
1929 confirming authority upon the directors to sell stock to officers and
& leaseholds._ _ _x6,457,109 4,763,875 Earned surplus.. _ _
833,829
842,094
employees at reduced prices.
-V. 132, p. 2783.
surr. value of life
insur. policies_ _
4,941
-Consent Decree in Anti-Trust Suit-Stock Treas, stk. purch_ 63,432
Loew's, Inc.
83,100
46,073
-See Fox Film Prepaid Maur, &c_ 77,428
Owned by Fox Transferred to New Company.
Goodwill, patents,
-V. 132, P. 2403, 864.
Corp. above.
licenses, &c_
2,006
235,259
_
Refinancing dc or165,311
245,308
McKesson & Robbins, Inc. (Md.).-Two New Directors. ganization exp
McKay Van Vleet of Memphis, Tenn., President of the McKesson,
Total
11,019,541 9,383,500
11,019,541 9,383,500
Total
Van Vleet, Ellis Drug Co. of Memphis, Tenn., and Jackson. Miss., and
x After depreciation of $1,411,915. y Represented by 292,505 shares
J. O. Isdahl of Bergen, Norway, have been elected directors, succeeding
(no par).
-V. 132, p.2783.
F. E. Bogart and W. F. Geary.
-V. 132, p. 2598.
Magdalena Syndicate.
-German Oil Properties Acquired.
Acquisition of three oil properties in Germany by this syndicate is revealed
In a letter to stockholders by President W. S. Thomas. Included in the
properties all of which are operating on a profitable basis, the letter states,
are two refineries now under lease and operation. Through additional
working capital the output of these properties will be greatly increased, Mr.
Thomas says.
The acquisition is being affected through the issuance of 2,408,000 additional shares of common stock, which issue has been approved for listing
on the Now York Curb Exchange.
-Rights,
Mavis Bottling Co. of America.
'mu
g:. Elliott adds; "The overhead expense of the parent company has
been materially reduced during the past few months and with the changes
being made in the capital structure and other economies that are being
put into effect, it is expected that only a small amount of additional capital
will be required by the parent company.
"A major portion of the new funds will be employed in financing the
operations of the New York and Philadelphia companies, control of which
has been just recently reacquired. With our efforts concentrated in these
territories, it is expected that with any marked improvement in general
business these plants should be in a position to show earnings sufficiently
large to reflect a good income to the Mavis Bottling Co. of America for
the current year. No elaborate advertising campaigns are contemplated,
but a conservative program of effective publicity and merchandising at
the points of purchase has been prepared. The popularity of the Mavis.
NuGrape and NuIcy products in these territories is recognized, thereby
making costly expenditures for advertising unnecessary. Sales promotion
work will be confined to territories within reasonable distances of the
plants in order to eliminate the expense and loss incurred in trying to cover
too large a field. Proper jobbing and wholesale arrangements will be made
for distribution at the more distant points. With this conservative,
constructive program, we feel that with these additional funds we should
be able to achieve the success which the stockholders have long expected.
"The net cost to the stockholders will be only $4.50 per share. The 50e.
difference between this cost and the par value is a credit granted by the
company to the stockholders in lieu of paying an underwriting charge to
outside parties. If desired, the stockholders may make settlement on the
deferred payment basis, one-third ($1.50 per share) or more being paid
upon exercising the right, the balance being paid in two equal payments,
one on or before June 10 and the final payment on or before Aug. 10."
Stockholders who desire to exercise their rights under stock purchase
warrants may do so merely by sending a proper check or money order
with warrants to the Mavis Bottling Co., 140 Cedar St., N. Y. City. The
warrants expire April 30 1931.-V. 132, 13. 2598.
Media Drug Co., Philadelphia.
-Recapitalization Proposed.
meeting will be held on June 8 to vote on the following capital
A special
changes:
-On changing the capital from 20,000 shares of preferred stock (par
1.
$100) and 40,000 shares of common stock, no par, to 100,000 shares of no
par common stock. The basis of exchange will be five shares of new
common for each share of preferred held and one share of new common for
each old share of old common stock held.
-On authorizing the directors to dispose of the authorized but unissued
2.
stock from time to time as they see fit.
3.
-On authorizing an increase in indebtedness of the company to
$500.000 from nothing by the issuance of debentures or notes.
Merritt-Chapman & Scott Corp. (& Affil. Cos.).Earnings.
Calendar Years.Net operating income
Provision for Federal taxes
Amt,accruing to min.int.in subs_
1930.
$729.637
70,179
58,026
1929.
$967,669
68,000
104,640
1928.
$990,280
53,505
34,386
Net profit before int., bond exp. &
& other extraordinary charges- - _
Dividend paid
$601,431
587,937
$795,029
593.690
$902,389
473,608
$13,494
833,829
Dr4,428
$201,339
750.412
Dr117,921
$428,781
514,349
Dr192,719
8842.894
$1.52
$833,829
$2.34
$750,412
33.23
Balance,surplus, Dec.31
Earns. per sir. on corn.stock (no par)-
-To
Merchants & Manufacturers Securities Co.
Increase Stock.
The stockholders will vote May 12 on increasing the authorized prior
-V. 132.
pref. stock from 160,000 shares to 500,000 shares, no par value.
P. 1820.
-Earnings.
Mexican Seaboard Oil Co.(& Subs.).
At the annual and special meetings of stockholders held on March 16
there was present in person or represented by proxy stockholders representing a substantial majority of the outstanding stock of the company.
After the election of directors, the stockholders present by a unanimous
vote passed the amendment to Article 4 of the certificate of incorporation,
thereby reclassifying the capitalization of the company from 1,500,000
shares of no par value common stock to 500.000 shares of a class A common
stock, par $5 per share. The amendment provides that 300,000 shares
of the new class A common stock shall be set aside to be exchanged for the
existing 1,500.000 shares of no par value common stock; the exchange to
be on the basis of one share of class A common stock for five shares of the
existing no par value common stock. It further provides that voting
and distributions to holders of each class of stock shall be upon the same
proportionate or pro-rata basis as that described above for the exchange
of shares.
The board at a subsequent meeting, in accordance with the power given
to it by the stockholders, designated the close of business March 31 1931
as the time when the change should become effective.
President James M. Elliott says; "It is estimated that this new classification of stock will save the company between $15,000 and $20.000 annually
in stock transfer expense and taxes. Likewise the stockholders will be
saved 99% of their stock transfer taxes in the selling and transferring of
their holdings in the company, as the tax in New York on the transfer of
100 shares of the present stock is $4, whereas the tax on the transfer of
the same investment as represented by the new stock will be only 4 cents."
Simultaneous with the exchange of existing shares for the new class A
shares, there was granted to each stockholder a right to purchase one additional share of the new class A stock for each three shares to which he may
be entitled in the exchange (or for each 15 shares of the old stock that was
registered in his or her name at the close of business March 311931). The
purpose of the additional funds is to provide new working capital for the
operations of the business and to strengthen the cash position of the com-
Balance,surplus
Previous surplus
Surplus charges (net)
Meline Mortgage Co.
-Bonds Called.
A total of $300,000 534% guaranteed 1st mtge. coll, gold bonds, series
A, dated April 2 1927, have been called for redemption May 1 next at
101 and interest at the Chatham Phenix National Bank & Trust Co.,
149 Broadway, N. Y. City.
-V. 131, p. 4063.
Calendar YearsGross earnings
Costs and expenses
Gross profits
Other income
1930.
x$2,639.556
1,333,378
$1,306,178
81,000
Total income
$1,387,178
Depr., depl., &c., chges_
781,305
1928.
$1.439,468
1,915,442
1927.
$3.112,759
2.819,738
$1,529,624 def$475.974
495,772
98,186
$293,021
253,117
$19,798
1,352,704
$546,138
2,778,384
1929.
$3,269,979
1,740,355
$1.627,811
1,656,661
Deficit
$28,850 $1,332,906 $2.232,246
sur$605,873
Earnings per share on
NH
capital stock (no par)Nil
Nil
$0.48
Above earnings include International Petroleum Co.
x After deducting $655,499 share of products accruing to operators of
Kettleman Hills Absorption plant.
Surplus Account Follows -Paid-in surplus Dec. 31 1929 86,249,746.
Deduct deficit as of Dec. 31 1929 $3.661,931; loss In connection with
liquidation of Jones y Compania, Mexico, $2,498,534: balance $89.281:
add net profit for year 1930, $605,873; surplus Dec. 31 1930 8695,154.
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
Assets
Liabilities-$
8
8
Property, plants,
78,710.681 8,710.681
Capital stock
equip., &c
:7,347,554 7,609,253 Accts. payable
279,404
556,609
Cash
350,000
1,092,607 1,829,822 Res. for tax
350,000
Marketable scours_
19,483
50,475
900,000
Deferred credits__
Accts. rec
265,225
403,377 Res.for prop.aban 100,000
270.481
Crude oil
88,202
29,168 Def. liability
8,249,746
Mat'l & supplies_
Paid-in surplus_
36,199
3,661,931
Investments
'
362,783 2,558,392 Deficit
695,154
Deferred charges_
65,057 Profit & loss surp_
93,144
Total
10,185,714 12,495.069
x After depreciation and depletion
no par value.
-V. 131, p. 3217.
10,185,714 12,495,069
Total
y Represented by 1,244.383 shares
-Earnings.
Midland Steel Products Co.
Calendar Years1930.
Manufacturing profit__ _ $2,599,555
Expenses
595,220
1929.
$4,701,893
617,421
1928.
$4,086,275
486.313
1927.
$3,012,094
408,258
Operating profit
$2,004,335 $4.084,473 $3,599,862 $2,603,836
244.507
230,495
Other income
245,534
239,299
Total
$2,249,869 $4,323,771 $3,830,457 82,848.343
87,353
167,503
Interest, discount, &c_
399.738
366,295
276,099
392.403
179,989
Employees' prof. sharing
428,015
576.206
466,884
594,912
Depreciation
Federal taxes (est.)._ - 203,000
400,000
400.000
280.000
Net income
$1,271,968 $2,555,424 $2,429,773 $1,770'75
1,163,160
1.162 686
Preferred dividends- 7704192
0 , 1m8
A543
(12%)
(1%)
Rate
$2 pref. dividends
172,0
297,000
296,000
Common dividends
328.875
717,346
$5.94
$5.92
Rate
$6.63
$3
$969,613
$917,994
Balance, surplus
def$387,841
$318,189
Note.
-After deducting dividend requirements of $8 a share on the
preferred stock and $2 a share on the $2 non-cumulative dividend shares,
the remaining net income was equal to $1.25 Per share on the 242,325
common shares outstanding in 1930 and compares with $6.54 a common
share in 1929 on the same 'basis.
Surplus Account.
-Surplus Dec. 311929. $5,404,673: net profit for year
1930, $1,271,968: credits arising from adjustments of depreciation. Federal
taxes and reserves, applicable to prior years. $161,560. total. $6,838,201.
Deduct: Net charge arising from changes in capitalization and stated
capital, less balance in capital surplus account, $2,408,276; lit preferred
dividends, after deducting dividends on treasury stock. $770.402; dividend
on $2 dividend shares after deducting dividends on treasury stock,$172,060:
common dividends after deducting dividends on treasury stock, $717,347;
surplus Dec. 31 1930 of $2,770,116.
Balance Sheet Dec. 31.
1930.
1929.
1930.
1929.
Assets$
$
Land. mach., dic-- 5,733,859 6,013,761 Preferred stock _ __ 9,693,000 9,693,000
Good-will & pats-- 1,675,000 1,675.000 Common stock_ _x2.423,250
5,000
Cash
86,925 $2 non-cum. div.
52,911
Treasury stock.
stock
9,693
736.586
Govt.securities
618,340
6,687,362 7,193,418 Accts. payable_
946,707
Joint stock land
Accrued acoounts_
281,617
484,152
bank bonds_
82,500 Reserves
67,500
1,000,000
900,000
Accrued interest
27,357 Capital surplus_
29,437
135,307
Notes & accts. rec. y682,493
982,237 Profit dr lees surp_ 2,770,115 5,404,673
Inventories
866,629 1,132,456
Other assets
207,388
40,933
167,794
Deferred charges
223,315
Total
Total
16,796,026 17,568,839
16,796,026 17,568,839
x Represented by 242,325 no par shares, including 562 shares reserved
for exchange in 1930 and 50,000 shares in 1929. y After deducting
$25.000 allowance for doubtful notes, discounts, accounts and allowances.
-V. 132, p. 2006.
Missouri Illinois Bridge Co.
-Interest Due May 1 to
Be Paid.
The committee formed to protect the holders of the 1st mtge. 7% bonds
says:
APRIL 18 1931.]
297
FINANCIAL CHRONICLE
On March 25 this committee was advised that interest due on May 1 on
the above meationed bonds would not be paid when due. After the formation of this committee, arrangements were made to meet on April 7 Lloyd
Stark, President, and A. J. Murphy. General Manager, of the company,
when assurance was given us that arrangements would be made to advance
the funds necessary to pay interest promptly on Ma3 1.
The purpose of this committee has been accomplished and the depositaries will be instructed to return bonds to those holders who have deposited
them, free of all expense.
The officers of the Bridge company explained that the disappointing
earnings of 1930 are accounted for in a large measure by the fact that the
anticipated road program had not been carried out, and improvements in
the main arteries of traffic feeding the bridge had thus been delayed. In
the early fall of 1930 the hard roads leading to the bridge on the Illinois
side were completed and it Is definitely stated that by the end of 1932 the
bridge will be connected by hard word with Federal Highway No. 54, and
will thus lie on the most direct route between Chicago and Kansas City.
A new lake in the Ozarks, now being formed by the Bagnall Dam, with
an extensive shore line, will be approached by Federal Highway No. 54,
and this should provide considerable additional traffic for the bridge.
Experience has shown the impossibility of making an accurate prediction of the volume of traffic which may be expected when the new hard
roads are completed, but there is good reason to believe that sufficient
revenue will be provided to service this issue of bonds with an ample margin.
-V. 132, p. 21 00.
'
-New Director, &c.
Neisner Brothers, Inc.
•.•
Milan F. Pratt. formerly connected with the International
Co. of London, and now President of the Ontario Finance Corp., h‘.
elected a director, replacing David Garfinkle.
The regular quarterly dividend of $1.75 per share on the preferred stn.,
was declared, payable May 1 to holders of record April 15 1931.-V. 131,
p. 2600, 2008.
-161.50 Back Dividend.
New River Co.
The directors have declared a quarterly pref. dividend of $1.50 on account
of accumulations, payable May 1 to holders of record April 17. This represents the dividend due Nov. 11923.
A quarterly distribution of $1.50 per share was also made on Feb. 2 last.
-V.132. p. 324.
-Annual Report.New York Dock Co.
Grigerl Benonson, President, says in part:
Principally by reason of the most unusual world-wide financial conditions obtaining since 1929, your board has been constrained from taking
drastic action concerning the amounts due New York Dock Trade Facilities
Corp. in connection with the participation in the British Syndicate referred
the
to in the 1929 report. Negotiations are now under way looking toward
liquidation of the total sum of $1,953,761 and your board is hopeful of the
entire matter during the year 1931.
conclusion of the
Income Account for Calendar Years.
-Guarantees 84,940,000
Missouri-Kansas Pipe Line Co.
x1927.
x1928.
x1929.
x1930.
Calendar Years-See latter company in last Total revenue
Panhandle Corp. 6% Notes.
$4,184.319 $3,954,470 $3,633,920 $3,738.037
566.252
583.706
764.607
533,634
Maintenance
week's "Chronicle," page 2787.-V. 132, p. 1433.
349.980
350.799
360.838
385,599
Deprec'n & retirement
891.185
956,825
1,038,598
1,122,242
Other expenses
-Earnings.
Mohawk Investment Corp.
856.585
851,267
836,928
940,100
For income statement for three months ended March 31 1931 see "Earn- Taxes
ings Department" on a preceding page.
$891.320 $1,074,025
5953.497
Net operating income_ $1,202,743
Securities which cost $3,338.268 had a market value of $2,390.887"on
325,621
820,473
1.154.900
736.501
March 31. last. Liquidating value of the stock was $47.24 a share at the Other income
end of March against $43.07 on Dec. 31 last and $74.03 on March.,31 a
$1,939,244 $2,108,397 $1,711,794 $1,399,646
Gross income
668.
year ago
132, p.
502,000
502,000
502,000
502,000
Bond interest
351.388
481.250
456.250
Moon Motor Car Co., St. Louis, Mo.-Receivership Serial gold note interest_
27.355
97.560
317,920
242.422
Other deductions
Permanent.
We have been informed that at the present time the involuntary petition in bankruptcy has been dismissed, but that the State receivership
has been made permanent as of Doc. 2 1930, and will continue through
the liquidation of the company
132, p. 505.
-Earnings.
Motor Products Corp.
For income statement for three months ended March 31 see "Earnings
-V. 132. p. 2784.
Department" on a preceding page.
-$1 Preferred Dividend.
Mount Royal Hotel Co., Ltd.
The directors have declared a dividend of $1 on the 6% curnul. pref.
stock, payable April 25 to holders of record April 15. On Dec. 20 last, a
-V. 131. p. 3719.
dividend of $2 per share was paid on this issue.
-Balance Sheet Dec. 31.(G. C.) Murphy Co.
LtabtlUtes1930.
1929.
1929.
1930.
Assets-$818.372 $241,511 Accts. pay -trade $34,167 $216,578
Cash
61,946 Accts. pay.-orers
107,499
Notes & accts. ree_
& employees___ 253,778
318,609
Accts. re*. (Mack
Divs. payable...__
80,000
126,415
Realty Co.)....._
60,000
Notes payable_
Life ins.
-cash Bur.
548,669
15,200 Res. for Fed. Inc.
15.822
value
86,150
taxes
2,371,569 2,823.897
Inventories
110.221
6,255 Mtge'. payable
661,855
Investments
888,539
Funded debt
2,180,000
Fern. & fixtures,
3,000,000 3.000,000
leaseh'd improv_x4,997,847 5,622,519 Preferred stock
88,038 Common stock
267,937
y1,190,914 1,072,224
Deferred charges
Surplus
2,556,307 2,644,525
$9,367,316 $8,859,366
Total
Total
$9,367,316 58,859,366
After depreciation of $1,150,546. y Represented by 149,938 shares
(no par).
Our usual comparative income account for the year ended Dec. 31 1930
was published in V. 132. D. 2599.-V. 132. D. 2784.
-Decrease in Capital.
National Air Transport, Inc.
The stockholders on April 9 voted to reduce the authorized common
-V.132, p.2211
stock from 2,000,000 shams to 650,000 shares, no par value.
National Cash Register Co.(Md.).-Resignation.Charles E. Steffey has resigned as general sales manager and director,
-V. 132. p. 2404, 2379.
effective at once.
Net Inc. N.Y.Dock Co
Pref. dies.(5%)
$738,572
500,000
$807,228
500,000
$760,844
500,000
$260.844
$307,228
5238,572
Balance. surplus
Shares of common out70,000
70,000
70,000
standing (par $100)-$4.38$3.72
$3.41
__
Earns. per sh. on
Trade Facilities Corp.
cornx Includes New York Dock
Balance Sheet Dec. 31.
1930.
1929.
1930.
-Liabilities
Assets
stock_ __10,000,000
Capital assets....x32,878,746 32,691,921 Preferred stock__ 7,000.000
Common
Cash on deposit
23,560,000
2,014 Funded debt
3.385
with trustee____
136.942
Depreciation fund 3,952,452 3,695,191 Vouch's & payrolls
79,172
Accounts payable.
Compensarn ins.
42,175 Notes payable
31,767
fund
488,458 Accr. Fed. & other
1,152,947
Cash
273.901
taxes
458,198
U. S. Gov. secure.
Accrued bond int_ 209,167
Loans sec. by real
1,883.815 3,680.993 Accrued serial note
estate
112,500
Interest
0th. secs. & hives_ 4,394,574 3,296.599
Acer. other mtge.
Secured advances
19,818
670,975
Interest
376,025
on merchandise_
250.000
157,388 Dies. payable._
138,072
Accts. receivable
5.541
148,255 Deferred liabilities
160.443
Charges accrued
52,348 Deferred credits_ 749,679
Marls & supplies65,979
728.302
132,368 Reserves
141,829
Interest accrued
4,600 Profit & loss Burp_ 4,407,436
41,819
Special deposits
772,563
1,011,138
Deferred charges
204,464
313,396
assets
Deferred
N.Y. Dock Ry.:
532,090
Current account 638,866
370,692
346,906
Property acct
300
300
Com. cap. stock
5870.290
500,000
$370,290
70.000
$5.25
1929.
10,000,000
7,000,000
22,080.000
216,447
122,375
1,250.000
250,960
209.167
118,750
18
250,000
15,776
977,519
733,293
4.177,288
Total
Total47,532,45S 47.401,595
47,532.458 47,401,595
p. 2600.
a After reserve for depreciation of $5,768,803.-V. 132.
-Earnings.
(The) New Yorker Hotel. profits of the Now
Yorker Hotel,
An increase of 105% in the operating
announced by Ralph
New York, for the first three months of 1931 has been
Profits for this period totaled 5490.966. com-New Directors, &c.
- Ritz. Managing Director.
National Dairy Products Corp.
period in 1930. an Increase of $251.521.
K. C. M. Harding, Charles Bowman. and R. S. Gordon have been pared with $239,445 for the same
increased 25% from 81.080,967 in 1930 to
elected directors. The first two succeed C. Eldredge and A. P. Hunt, Total sales for the same period
51,327,189 in 1931.
respectively, and Mr. Gordon fills a vacancy.
of room guests
The hotel also recorded an increase of 41% In the number
II. McInerney stated that business in the first three
President
number of restaurant patrons. These figures are
months of this year was off in certain sections. but that he looked for served and 38% in the
-month calendar which
days each in the 13
He said that the price situation for the first three months of 28 accurate comparisons.
1931 to be as good or better than 1930.
gain more
was not very good but that economies had made possible a fair showing Is used by the hotel to
In the first three months. Profit per dollar of sales is showing a slight
-Smaller Diiridend.New York & Hanseatic Corp.
Increase. Percentage of expenses was being gradually reduced. The
per share
The directors have declared a regular semi-annual dividend of $2 April 9.
company has made no general wage cut but is maintaining wages, Mr.
on the capital stock, payable April 15 1931 to holders of record
-V. 132, p. 2404.
McInerney said.
with semi-annual distributions of $3 per share previously
This compares
made.
-V. 130, p. 3369.
-Dividend Outlook.
National Lead Co.
President Edward J. Cornish says: "The company has anticipated
-Sales Show Gain.
New York Indemnity Co.
Securities
and is prepared to meet conditions now prevailing throughout the world.
It is announced that this company, a division of Insurance premium
I do not make It a rule to forecast the dividend policy, but I can assure
,
Co. Inc. enjoyed a satisfactory businem in January with a York Instockholders that if it becomes necessary to reduce the dividend on the Income of $489.000. Subsequent figures released by the New
common shares then all the planning and thought of the company's managers demnity Co. indicate a profit for February of $4,009 as compared to a
for the last 15 years will have proved in vain.'-V. 132, p. 1610. 1434.
loss of 841,807 in the same month last year.
a loss of
Profits for the first two months of 1931 were $8,950 against
-9c. Dividend.
Nation-Wide Securities Co.
reduced to
5198,982 last year, and loss ratio for the two months was
The company announces a quarterly cash distribution of 9 cents per 54.20% this year from 75.82% last year. The expense ratio for two months
series B share, payable May 1 to holders of record April 15. A quarterly was down from 19.18% of last year to 16.66%.-V. 129, p. 1456.
dividend of 11 cents per share was paid on Feb. 1 last, as compared with
-Loans.
Scents on Nov. 1 1930 and 12 cents on Aug. 1 1930.-V. 132, p. 505, 1049.
New York Title & Mortgage Co.
The company has made a loan to the Brant Realty Corp. of 5125,000
-Earnings.
Newmont Mining Corp.
dwellings at 147-9 East 45th St.
on the two four-story
1930.1928.
1927.
Calendar YearsCompany has made to Adelaide Goan and Cushing Donnell a mortAage
$2.744,430 $13,291,690 $8,328,623 $16.791,516
Gross earnings
four-story
0,0on the fo-story and basement apartment house at 54 West
TofenSt4h
9,487
33,899
Interest paid
Street.
five.
State tax and reserve for
Company has made to Clara B. Bauer a mortgage of $23,000 on the
716,522
1,267,967
63,000
2,124,340 story furnished room house at 302 West 109th Street.
Federal tax
184,763
129,080
183,191
92,499
Admin. & other exps- - $18,000 on the three.
Company has made a loan to Vincent Peppe of
52,325
94,663
131.568
81,227 story 8n 7.basement private dwelling at 134 West 13th Street.
-V. 132, p.
Exp.for investig.,&a__
a6c1
0
$2,332.770 $11,777.049 $7,438,357 $14,493,450
Net income
1,910.132
2,016,096
1,630,136
Cash dividends paid-- -- 2,122,584
Nitrate Co. of Chile ("Cosach").-Acquisition.
252,212
239,154
226.480
Stock dividends
-V. 132, p. 2786. 2600.
See Lautaro Nitrate Co., Ltd. above.
$210,186 $9,508,741 $5.289,071 $12
.636.834
Balance, surplus
-Smaller Dividend.
Shares of common outNoma Electric Corp.
504.425
479,325
531,646
452,960
standing (par $10)- - The directors have declared a quarterly dividend of 10 cents per share
$15.53
$23.35
$4.38
Earns. per share on coin_
$31.99 on the common stock, payable May 1 to holders of record April 20. The
distributions of 20
company, since and incl. Aug. 1 1930 made quarterly
Comparatios Balance Sheet Dec. 31.
-V. 131, p. 487.
cents per share.
1930.
1929.
1929.
1930.
$
-Liquidation Voted Down.
Assets$
Nonquitt Mills Co.
Stocks owned__x42,996,200 44,980,855 Common stock. _ _ 5,316,460 5,296,460
The stockholders at a special meeting held on April 14 voted against the
29,862 liquidation of this company.
Miscell. stocks__ 2,893,653 2,268,583 Accounts payable_ 302.650
p. 4621.
-V. 130,
Loans pay.(secur.) 1,000,000 1,363,895
Bonds of domains
-Directorate Reduced.
504.424
co's (at cost)___ 481.209
323.694 Divs. payable._. 531,646
North American Aviation, Inc.
75,000 1.347,899
840,991 Tax reserve, &I.__
871.811
Cash
The stockholders on March 12 voted to reduce the directorate from 60
66,988 Capital surplus__ 4.321,757 4,226,650 to 45 members. Captain Thomas B. Doe and Thomas A. Morgan were
209,204
Other meets
Earned surplus_ _ .35,904.656 35,781,922
elected to the executive committee.
now are: Francis S. Appleby, W. R. Crawford Jr. John
Total
47,452,168 48,551,111 J.The directors
47,452,168 48,551,111
Total
Redfield, George N. Armsby, Charles H. Blyth, Roy D. Chapin, Howard
a Stocks of listed dividend paying corporations at cost, $21,534,367 E. Coffin, J. 0. Cowell's, Chester W. Cuthell, Philip Dalton, Thomas B.
(market value Dec. 31 1930, $13,086.803); stocks of listed non-dividend Doe, Victor M. Drury, Thomas B. Eastland, Hannibal C. Ford, Reginal E.
paying corporations at cost, $21,461,833 (market value Dec. 31 1930. Gilimor, George deB. Greene, Lindsey Hopkins, Henry G. Hotchkiss,
Leonard Kennedy, C. hi. Keys, C. Roy Keys, O. T. Ludington. Cyril
58.600,676).-V. 131, n• 4064•
2980
FINANCIAL CHRONICLE
[VOL. 132.
McNear, Walter S. Marvin, J. J. Mitchell Jr., Henry Moakley, Thomas A.
Packard Motor Car Co.(& Subs.).
Morgan, Roland L. O'Brian, Frank Phillips, E.
-Earnings.
nolds, James A. Richardson, H. N. Rodenbaugh,A. Pierce, Earle H. ReyJohn Sanderson, Morton
Year End.
Years Ended Aug. 31
L.Schwartz, Daniel M.Sheaffer, J. A.B.Smith, Herbert B.Swope, Harold
Period'
'
1929.
1928.
1927.
E. Talbot Jr., Eugene B. Thompson, B. A. Tompkins, Eli T. Watson, Sales-Carriages,trucks,Dec.31'30.
G. C. Westervelt, James C. Wilson and Elmer A. Sperry Jr.
parts, marine and avi-V. 132,
p. 2008.
ation engines
$57.690,021 $107,542163 $94,677,390 $71,659,188
Cost ofsales
42,134,783 76,970,833 64.691,541 53,266.727
North German Lloyd (Steamship Co.).
-Smaller Div.
- Depreciation
3,002,673 3.123,335 5,503,523 4.625,698
The company has declared a dividend of 6% on the common stock for
the year 1930. This compares with 8% paid on April 10 1930 for the
Gross profit
$12,552,565 $27,447,995 $24,482.326 $13.766,763
year 1929.-V. 130, p. 3369.
Other income
984,763
1,744,957
1,664,315
1,284,396
Nova Scotia Steel & Coal Co., Ltd.
Gross income
-Resignation.
$13,537,328 529,192,952 $26,146,641 $15,051,159
J. E. McLurg has resigned as a director.
Sell.,gen.& adm.exps_ _ 3.310,965 4,612,354 4.272,390 3.689,992
-V. 132, p. 2786.
Federal taxes
1,215,610 2,884,605
2,676,165 1,529,942
Ogilvy Realty Corp., Montreal.
Res.for general purposes
-Bonds Called.
750,000
All of the outstanding 30
-year 1st (closed) mtge. s.
% gold bonds.
due Dec. 1 1952, have been called for payment June 1f.
Prof.from fac'y oper _ $8,260,752 321,695,993 519,198,086
next at 105 and int.
$9,831,225
at the Montreal Trust Co., trustee, 511 Place d'Armes, Montreal, Canada. Profit from operation of
The holders of the above mentioned bonds may surrender
branches & subs
773,467 3.487,263
2,687.330
1,912,273
the office of the trust company, or at any branch in Canadathe same at
of Nesbitt.
Thomson & Co., Ltd., prior to the date fixed for redemption, and upon
Net profit
$9,034,220 825.183,256 $21,885,416 811.743.498
such surrender will receive a sum equal to 105 and int. accrued on said Previoussurplus
15,584,419 30,428,943 20.986.439 16.438,303
bonds to date of surrender thereof.
-V. 115, p. 2486.
Totalsurplus
$24,618,639 $55,612,199 $42,871,855 528,181,801
Ontario Bakeries, Ltd.
-Bondholders to Meet.
Transf'd to capital sect_
20,000,000
The holders of the 20
-year 6% 1st mtge. s. f. gold bonds, series A, will Common diva.
7.195,363
meet on April 23 to determine which of the rights of remedies available to Adjustments (cash).. _ - 9,741.306 17,234,244 12,442,911
yCr728,394
the bondholders under this mortgage shall be exercised.
-V. 132. P.1436.
Profit & loss surplus_ _$14,877,332 $19,106,349 $30.428,943 $20,986,439
Ontario Steel Products Co., Ltd.
-Dividend Decreased. Shares com, stock outThe directors have declared a quarterly dividend of 20 cents per share
standing (no par)-.. _ - 15,000,000 15,000,000 x3,044.264 x3,004,264
on the common stock, payable May 15 to holders of record April 30. This Earns.per sh.on com.stk.
$0.60
$1.68
$7.28
compares with quarterly distributions of 40 cents per share made previously
x Par $10. y Transferred to capital account in connection with $3.91
on this issue.
-V. 131, p. 1432.
ment of income tax of items charged to operations in prior years. adjustConsolidated Balance Sheet Dec. 31.
Oregon Linen Mills, Inc.
-Reorganization.
The continued operation of this company under the name of the Salem
1930.
1929.
1930.
1929.
AssetsLinen Mills, was assured recently when a majority of the stockholders,
$
$
Liabilitiesat a reorganization meeting, accepted an offer of F. J. Galbraith and aProperty account35,911,425 37,870,254 bCapital stock_ _50,000,000 50,000,000
Rights, privileges,
associates, who offered new capital. Mr. Galbraith is the present manager
Accts. payable, dre 1,776,660 4,251,542
franchises, das_ _
of the Miles Linen Mills of Salem, Ohio. The Oregon Linen Mills must
1
1 Federal tax reserve 1,577,471 3,236,079
Mtges.
pay off outstanding indebtedness of nearly $55,000 after which the Salem Del. & land coin 1,079,227 2,526,951 Miscell. liabilities_ 1,124,253 1,073,683
install. notes_ 3,218,181
Linen Mills, backers agree to put in $80,000 new capital, for which
Dividends payable
3,750,000
11,092,140 13,624,228 Reserves
will be issued sufficient stock to place them in control of the mills.they Inventories
2,265,000
893,059
In
consideration of the new capital, the present stockholders agree to surrender Accts. dr notes fee_ 1,046,686 6,545,393 Surplus
14,877,332 15,684,419
four shares of preferred stock in the Oregon Linen Mills for one share of Munic.sees., &o 6,096,928 6,150,648
.
the Salem Linen Mills. The deal is to be completed at once. Reorganiza- Govt.securities_ _ 8,349,088 7,309,671
4,166,196 4,450,240
tion was necessary to prevent default of interest on mortgage bonds, due Cash
Deferred charges
April 1. (American Wool and Cotton Reporter.)
660,846
311,396
-V. 131, p. 1575.
Otis Elevator Co.
-Earnings.
--
For income statement for three months ended March 31 1931 see' Earnings Department" on a preceding page.
-V.132. p. 2787.
Owens-Illinois Glass Co.
-Dividend Rate Reduced.
-
The directors have declared a quarterly dividend of 50 cents per
on the common stock, payable May 15 to holders of record April 30. share
This
places the stock on a $2 annual basis, against $3 previously. The regular
quarterly dividend of $1.50 per share was declared on the pref. stock.
payable July 1 to holders ofrecord June 15.
Earnings.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
Total
71,620,717 78,788,782
Total
71,620,717 78,788,782
a After reserve for depreciation of $13,335,805. b Represented by 15.000.000 no par shares.
-V. 132. D. 2601.
Phillips Petroleum Co.
-To Sell Lee Tires.
-
Company has concluded arrangements with the Lee Rubber & Tire Corp.
whereby stocks of Lee tires and tubes will be carried in the 1,600 service
stations operated by the Phillips Petroleum Co. in the 16 States in which
it has marketing facilities. A plan for the sale of Lee tires and tubes will
also be offered to the 8,500 dealers in Phillips products.
-V. 132, p. 2788.
Pond Creek Pocahontas Co.
-Earnings.
-
Calendar Years
1930.
1929.
1927.
1928.
Coal produced
825,951
849,928
814,907
Expansion-Management Bonus Plan Approved-Unit Total earns, of(tons)- _ _ 1,065,043
the main.
& sub. co. from coal &
Sales Higher.
miscall, operations_ _ - $666,911
At the annual meeting held on Apr. 15 it was stated that plans were under
$330,095
$533,999
$459,937
way for the building of a plant in the San Francisco Bay-Alameda District Admin. & gen. expa.,
incl. sundry taxes_ _ _ _
of California as well as the construction of a silica sand plant at Enterprise,
96.064
49,583
67,253
71,325
Int.& chgs.on gold debs.
Ky., the latter to supply West Virginia factories with glass sand.
less int.on bk.dep.,&c.
74.022
The stockholders approved a management bonus plan which is not to
48,919
95.286
69,314
156.711
exceed 1% of the invested capital nor 10% of earnings over and above Res.for deprec. & deple.
170,925
157,242
161,396
10% on capital and surplus. This plan will become operative next year.
Net profit for the year $340,114
President W. E. Levis stated that the company's bottle sales in the
$210,062
$60,668
$162,054
first quarter of the current year were 9,000 gross greater than in the corre- Shs. of cap. stk. out,
standing (no par)_ _ _ _
126,404
126.380
sponding quarter of 1930. However, dollar volume decreased $640.000
125,000
125.000
Earns,per share
$2.69
$0.48
$1.29
due to price cutting sending prices to the lowest point in 20 years.
$1.69
-V.
132. p. 2405. 2212.
Balance Sheet Dec. 31.
Assets-1930.
1929,
Liabilities1930.
1929.
Packard Electric Co.
-Earnings.
Coal lands & leaseCapital stock ----Y$1,798,400 $1,798,000
holds, mines devel.
10-year 7% cony.
Earnings for Year Ended Dec. 311930.
plants, construe.
Gross profit
gold deb
972,100 1,028,000
$118,492
& equipment_ _x$2,463,812 52,553,202 Accts. payable &
Mfg.& gen.exp..Incl. allow,for deprec.on plant dc equip
79,886 Sinking
fund
Provision for contingencies
304
drafts in transit
85,312
217
133,539
6,500 Cash
Federal taxes
199,025
651,600 Accrued Payrolls- 10,393
13,170
6.000 Accts. receivable
420,074
154,832 Accr. int. on debs11,341
11,993
Materials
Net profit
70,248
70.854 Accrued taxes_ _ _ _
19,854
12,682
$26,106 Inventory& suppl_
Previous surplus
of coal_ 259,538
2,568 Sundry reserves_ _
4,832
22,156
463,368 Deferred charges_
78,648 Surplus
_ 110,281
512,480
600,946
Total surplus
$489,474
Total
Dividends paid
53,523,280 $3,511,921
Total
$3,523,289 $3,511,921
228.429
Adjustment ofreserve for Federal taxes and depreciation
x After deducting $601.785 reserves. y Represented by 126,404 shares
Cr.3,138
(no par).
-V. 132, p. 2788.
Profit and loss surplus
$264,183
Earnings per share on 134,370 shares capital stock (no par)
Prairie Pipe Line Co.
-March Deliveries.
$0.19
Condensed Consolidated Balance Sheet Dec. 31 1930.
Period End. Mar,31- 1931-Month-1930.
1931-3 Mos.-1930.
Crude oil deliveries (bbla.) 2,095,788 6,114,572 6.450.849 17,805,360
Assets
Cash
$19,299 Notes payable
5125,000 -V. 132, p. 1631. 1437.
U. S. Government securities_
532,449 Accounts payable
128,344
Railway & Light Securities Co.
-Earnings.
Note, trade accept. & adds.
Dividend payable
33,593
For income statement for three months ended March 31 see "Earnings
receivable
187,627 Accr. taxes dr quan. discounts
49,316 Department" on a preceding page.
Inventory
414,851 Res. for purchase commitm'ta
Company reports increase In the value of its assets in terms of
Other assets
224,413
conting., &c
34,155 shares from $45.22 a share on Dec. 31 1930 to $52.17 on Marchits common
31 1931.'44
Land
Capital stock
b1,794,800
At the close of the quarter the company had, in addition to $2,578,402
Bldgs., mach., equip., &e
a 978,769 Profit dr loss-surplus
264,183 cash, representing 17% of total assets, bonds and pref. stocks aggregating
Deferred charges
18,233
at market $5,116,848, 34% of total assets. The remaining 49 0 was
Invested in common stocks, which were divided as follows: Banksand
Total
52,429,391
Total
$2,429,391 insurance companies, 3%; industrials, 14%; public utilities, 28%;
steam
a After reserve for depreciation of $229,398. b Represented by 134,370 railroads, 4%; total, 49%•
no par shares.
-V. 131, p. 4226.
As of March 311931, the market value of securities held was $2,193,8S
less than cost as compared with $3,096,501 on Dec.31 1930.-V. 132,p.2406.
Palmer Shares Corp.
-Fixed Trust Sales Gain.
Sales of National Industries Shares, series A. increased 50% in March
Railway & Utilities Investing Corp.
-Earnings.
over February, which in trun represented an increase of 90% over January'
For income statement for nine months ended March 31 see "Earnings
according to an announcement by Palmer & Co., sponsors. See also Department" on a preceding page.
V. 132, p. 2009.
Condensed Balance Sheet March 31.
Assets1931.
1930.
a LiabilitiesPan American Petroleum & Transport Co.-Expan- Invest,
1931.
1930. ...4
'
at cost- -- -$4,367,864 $4,287,535 Reserve for taxes-57,745
337,846
sion.Cash
36,679
219,056 Reserve for exits...
875
1,700
Negotiations are now being completed by which this company, a sub- Net balance due on
Due for purch. of
purchases & sales
securities
o
sidiary of the Standard Oil Co. of Indiana, will acquire a 507 interest
3,785
of securities deCony. pref. stock_ 2,228,200
in the Petroleum Storage & Finance Corp., Ltd., of Manchester, England.
liverable April 1
3,126 Common stock.. _ 1,559,390 2,226,200
The latter company has a capital of E250,000 of which £220,037 is issued
1,559,390
Divs. rec. (not
Prems. on capital
and £193,309 paid up.
aswi
incl. stook dim)
7,897 stock
7.312
This step marks the entry of Pan American on an important scale in the
278,735
277,640
5,935 Surplus
British gasoline market. Reports from Manchester state that the com- Interest accrued_
416,955
420,573
81,831
pany recently entered an agreement with the Petroleum Storage & Finance Treasury stock_ _ _
Corp.,Ltd., for the supply of 30,000,000 gallons this year and for further
Total P.506.
54,493,686 $4,523,349
Total
amounts in succeeding years. This action by the Pan American company
54,493,686 84,523,349
reflects the curtailing of imports of gasoline into the United States,rendering -V.132,
it necessary for the company to arrange outlets for its Venezuelan oil in
RCA Radiotron Co., Inc.
-New President.
-V. 132, p. 1051.
other markets.
Appointment of Elmer T. Cunningham as President of this company,
-Earnings.
tube manufacturing subsidiary of the Radio Corp. of America,
Paramount Publix Corp.
was anended March 31 see "Earnings nounced by David Sarnoff, Chairman of board of directors.
For income statement for 3 months
T. W. nech, former President of RCA Radlotron Co., Inc..
-V. 132, p. 2754.
Department" on a preceding page.
his former duties with General Electric Co. as Vice-President inreturns to
charge of
its incandescent lamp department.
-Smaller Dividend.
Parker Pen Co.
The RCA Radiotron Co., Inc., was formed Jan. 1 1930 as a
The directors have declared a dividend of 3734c. per share, payable
whollythe company has been owned subsidiary of the Radio Corp. of America with
,
May 15 to holders of record May 1. Previously
headquarters at
Harrison, N.J. The company operates factories at Harrison, N.J.,
-V. 132. p. 671.
Paying quarterly dividends of 62%c. per share.
Newark
APRIL 18 1931.]
FINANCIAL CIIItONICLE
2981
and Cleveland and has warehouses in Newark, Cleveland, Chicago, San
Officers.
-Howard Van S. Tracy. Pres.; E. W. Rogers, Vice-Pres. &
Francisco, Atlanta and Dallas. Tubes marketed by the company are sold Treas.; Gordon D. Gregory, Vico-Pres.: Ralph S. Longstaff, Vice-Pros.;
under the trade name of "Radiotron."
W. Paul Shook, Vice-Pros, and R. J. Hickey, Sec.
The E. T. Cunningham, Inc., radio tube organization, of which Mr.
Directors.
-Howard Van' Tracy, Gordon D. Gregory, E. W. Rogers.
S.
Cunningham is the founder, is likewise a wholly-owned subsidiary of the Ralph S. Longstaff and W. Paul Shook.
Radio Corp. of America. Its product is mraketed under the Cunningham
All of the present officers and directors of the R. and T Syndicate, Inc..
trade name through an entirely separate and distinct channel of Cunning- are associated with Rogers & Tracy. Inc., 120 South La Salle St., Chicago.
ham distributors and dealers. Warehouses and sales offices are strategically
•
Ruud Manufacturing Co.-Earnmgs.located throughout the country.
Mr. Cunningham's new headquarters will be at Harrison, N. J.
-V.129,
Calendar Years1930.
1929.
1:). 4150.
Net profit from operations
$510.210
$204,611
Other credits
3,012
6,315
-Balance Sheet Dec. 31.Reiter-Foster Oil Corp.
1929.
1930.
1930.
1929.
3
Liabilities$
Assets5
302,215 Accounts pay,and
59,469
Cash
55,927
accrued Items__
18,577
20,989
Accounts receivable
20,011
53.942 Capital stock
17,276
Notes receivable
y2,236,037 2,259,942
38,890 Surplus appreciated
10,436
Contracts reo3iv-83,203 and earned
88,641
Warehouse stocks_
433,073
667,982
10.937
11,803
Stocks in other cos.
600
Treasury stocks23,622
Develop. in prog_
Proper. & equlp-x2,483,124 2,376.759
1,942
773
Prepaid expensesTotal
2,690,100 2,947,935
2,690,100 2,947,935
Total
x After deducting reserve for depreciation and depletion of $1,333,309.
y Represented by 383,957 shares of no par value.
Our usual comparative income account for year ended Dec. 31 was
Published in V. 132, p. 2213.
-Chairman Elected -Option on
Rio Grande Oil Co.
Substantial Block of Common Stock Granted.
Total income
Dividends paid on old stock
Dividends paid on new no par stock
Dividends provided for on new no par stock (Pay.
Feb. 1 1930)
Prov. for additional taxes
Balance, surplus
Previous surplus
3210.927
352,375
$513,223
92.475
240,435
80.145
2.104
def$143.547
726.327
$100,167
626.160
Total surplus
$582,780
$726,327
Shs. corn, stock outstanding (no Par)
123.721
123,300
Earns, per share
$4.16
$1.65
Consolidated Balance Sheet Dec. 31.
1929.
AssetsLiabilities
1930.
1930.
1929.
Cash
$622,308 $316,392 Accounts payable,
Marketable scours 1,005,898
purchases, ex965,735
Customers' notes,
penses, payroll,
etc
$71,281
$99,379
acceptances Se
80,224
accounts reedy_ 527,053
80.145
759,145 Dividends payable
31,428
64,081
Inventory
1,025,706 1,266,724 Accrued taxes_ _ _ _
Real estate mtge.
Reserves for FedSe int. accrued_
eral taxes St con51,042
30.316
37,156
Securities owned St
tingencies
int. accrued_ _ __
y3,093,025 3,082,500
18,505
19,155 Capital stock
Co. capital stock__
532,780
726,327
4,745 Surplus
8,979
Adv, to salesmen
Se other empl._ _
12,726
70,538
Misc. notes et accts
receivable
12,931
57,856
Ruud Mfg. Co.,
Ltd. (London,
England)
136,633
135,770
Land, buildings,
machry., equip.,
Stc
x400,845
409,102
Patents
1
1
Unexpired insur.
prems., staty.,
adver. supplies,
78,310
72,543
H. F. Sinclair. Chairman of the Sinclair Consolidated Oil Corp. on
April 13 was elected Chairman of the board of directors of the Rio Grande
Oil Co. At the same time the following new directors were elected: Robert
D. Cavanaugh, representative of Bancamerica-Blair Corp. on the Pacific
Coast and If. H. Rogers, President of Exchange National Bank, Tulsa.
and a director of Sinclair Consolidated Oil Corp. R. W. Miller (Pres. of
Bankamerica Corp. of California), Lee L. Lockhart (President), Charles S.
Jones (%lee-Pres.)i. M. Lockhart (Vice-Pros.). Harry Dunnigan (attorney) and Frank'A. Morgan was re-elected.
Mr. Sinclair stated that he had accepted the invitation to become Chairmen of the board of the Rio Grande Company with the purpose of assisting
in its management and to provide an opportunity for both the Sinclair and
Rio Grande organizations to ascertain whether or not it would be mutually
advantageous to establish a closer relation between them.
No present investment in the stock or properties of Rio Grande is involved.
It is announced, however, that an option to acquire a substantial block of
Rio Grande common stock has been given by the latter company. Sinclair
Consolidated, Bancamerica-Blair Corp. and others were participants in h
syndicate which last year provided a revolving credit of $5,000,000 for
Rio Grande.
Sinclair products are not now sold through its own outlets on the Pacific
Total
Total
53,889.054 $4,089,588
53.889,054 $4,089,588
Coast,and while plans to that end have been under contemplation for some
x After depreciation of $532,633 y Represented by 123.721 shares
time it was not to be assumed, it was stated, that Mr. Sinclales acceptance
.-V. 131. p. 3220.
of the Chairmanship of the Rio Grande board made the absorption of Rio (no par)
Grande by Sinclair a foregone conclusion. The arrangement now entered
-Dividend Outlook.
Into simply affords an interim period during which the managements of
Safeway Stores, Inc.
both companies will arrive at conclusions with respect to their future
Commenting on rumors that this corporation may pass its dividends
course.
-V. 132. P. 2789.
due July 1, W. R. Griswold, Secretary and Treasurer, stated there has
been no discussion of such action and no meeting of directors at which the
(The) R & T Syndicate, Inc.
-Stocks Offered.
-Rogers matter could come up.
"Sales have been satisfactory under existing circumstances and con& Tracy, Inc., Chicago, Ill., are offering the pref. and
ditions in general are
common stock in units of one share of each at $105 per unit the future," he said. improving in our business, with a good outlook for
"In comparing sales for the first quarter with those
(the pref. at $100 per share and the common at $5 per sh.). of last year, it should be remembered that the first three months of last
not expect to
-The R and T Syndicate, Inc., has been organized in Year were exceptionally good, and, while we will should be talkequal those
Corporation.
of passing
Delaware by Rogers & Tracy, Inc. to take advantage of opportunities now sales this year, I know of no reason why there
-V. 132, p. 2789, 2407.
offered by many stocks selling at low prices. This Syndicate will be in the dividends."
operation approximately 23.6 years on the theory that the prior chosen for
-Bonds Called.
Saks Realty Corp.
Its activities will coincide with the next period of business and stcck market
All of the outstanding leasehold mtge. 6% series gold bonds, due Oct. I
recovery.
1931, were recently called for payment as of April 1 1931 at 10031 and int.
-The R and T Syndicate. Inc. will be managed by
Plan of Operation.
-V.
Rogers & Tracy, Inc., who have paid its organization fees and assumed by at the Chase National Bank, trustee, 11 Broad St., N. Y. City.
123. p. 1644.
contract its fixed overhead expense.
The managers will purchase for the Syndicate such securities as, in their
Sally Frocks, Inc.
-New Director.
judgment, give promise of an early and substantial market recovery.
Reinvestment of accumulated profits in the continuous opportunities
Abner Parker has been elected a director to succeed Frederick Mayer.
almost certain to occur during the next several years sh3uld be attended Secretary of the company.
-V. 132, p. 2789, 2012.
with very gratifying results.
The managers will contribute to the market appreciation of many of the
-Acquisition, &c.
Salem (0.) Linen Mills.
securities owned by the Syndicate, by focusing the attention of the investing
See Oregon Linen Mills, Inc., above.
public, through widespread publicity, upon their respective merits.
The Syndicate should also derive large profits from options obtained
-Sells Rights.Saratoga State Water Corp.
for it by Rogers Sr Tracy, Inc.
Pierrepont B. Noyes, Chairman of the Saratoga Springs Commission,
Favorable options can be obtained from time to time from interests announced on March 11 last that the State of New York has recovered full
associated with companies who consider it desirable to enlist the services use of the mineral waters on the Saratoga Springs Reservation. This was
of brokers in providing a better market position for their securities which, one of the moves in the State's plan for the development of Saratoga Springs
for a variety of reasons, are selling below their intrinsic worth.
as a health resort. The tentative plan calls for an expenditure of $7,000.Earnings from this source will be particularly attractive because the 000 over a period of seven years. An appropriation of $1,000,000 already
Profits will accrue to the Syndicate, whereas no investment of its funds is has been made.
required and the services to be performed under the terms of the options
Through an agreement signed by all members of the Commission and
will be undertaken by Rogers St Tracy, Inc., who have had wide experi- by Governor Roosevelt, Mr. Noyes said, the State has acquired from the
ence and success in operations of this character.
corporation for $285,000 the right it gave to that corporation 15 years ago
The Syndicate will also have other opportunities for profit not ordinarily to bottle and distribute the waters on the reservation. The State has been
available to the investor, such as participation in underwriting syndicates using the surplus waters in its bath houses. The agreement will be effecat bankers' levels, &c.
tive May 1 1932.
The sale of securities owned by or under option to the Syndicate will be
effected upon the open market or through the agency of Rogers &
Schulco Company, Inc.
-Earnings.
Tracy, Inc.
Years Ended Dec. 311930.
1929.
1927.
1928.
The operations of the Syndicate will not necessitate the employment of Rentals earned
$1,007,119 51,055.225 31,055.000 51,055,000
a large amount of capital, as it is not intended to acquire a great variety of
542,675
580,400
565,204
562,885
securities to be held for a long period of time, but to concentrate upon a Operating expenses
relatively few highly desirable situations as they successively appear
Net profit from oper-- $464,444
$492,115
$474,824
$489,796
during the life of the Syndicate.
Other income
479,972
34,239
6,212
9,091
-Authorized 7,500 shares of 6% cumulative preferred
Capitalisation.
stock ($100 par) and 15.000 shares of common stock (no par).
Gross income
$944,416
$498.886
$498,326
$509,064
The preferred stock is redeemable at $100 and dividends and in liquida- Int. accrued on guar.
tion is entitled to first call on the assets up to $100 per share.
% mtge. sinking
For each unit issued by the Syndicate. Rogers & Tracy, Inc., have the
fund aold bonds
475,422
481,642
435,860
467,188
right and agree to purchase one share of common stock at $5 per share, Federal taxes
15
2,677
780
but shall not have the right to subscribe for more than a total of one-half
of the common stock issued and outstanding.
515,905
Net income for period_
$20,786
$508,556
$41,860
Both classes of stock have equal voting power. While it is provided
Balance Sheet Dec. 31.
by contract that Rogers & Tracy, Inc., shall manage the Syndicate, they
1929.
1930.
1930,
LiabilitiesAssets
1929.
will nevertheless have a minority interest and the management can be
$5,359,000 $7,115,000
Funded debt
Real estate, land &
changed if deemed advisable by the stockholders.
5,075
4,802
$6,450,250 $7,515,750 Accounts payable..
The Syndicate automatically expires May 22 1933, at which time its
buildings
Interest accrued on
Mt.sing. fund 6%
assets will be distributed to the stockholders.
173,460
142,537
217,800 gold bonds
gold bond parch. 115,833
Balance Sheet.
-The following balance sheet has been adjusted to show
16,225
13,629 Interest accrued on
Cash in banks_
the effects of the proposed financing
113,355
. 74,698
1st mortgages_
Cash deposit with
Assets
Liabilities
32,500
Loans payable_ _ -trustee for int.on
Cash
$825,000 Preferred stock, 7,500 shs_ -$750,000
113,355 Reserve deprec. on
74,698
1st mortgage_
Common stock. 15,000 shs. 75,000 Cash for am ort. 1st
555,024
buildings owned 600,469
500
500
750 Capital stook__ - _x
750
mortgages
Total
$825,000
Total
594,884
86,329
Surplus
$825,000 Cash deposit, with
Manaoement Contract.
-The contract provides, among other things, that
trustee for int. Sr
Rogers & Tracy,Inc.'
sinking fund on
I. Shall pay all of the syndicate's organization fees.
181,642
147,280
gold bonds
2. Shall receive no commission for the sale of its capital stock.
5,818
4,355
Accts.receivable
3. Shall at no time sell to the syndicate any securities now owned by
Total$
Rogers & Tracy, Inc., and all future transactions of this nature are carefully
6,809,391 $8,048.744
56,809,391 58,048.744 Total
safeguarded.
-V. 132, p. 143.
x Represented by 10000 par shares.
And, so long as a majority of the syndicate's directors are elected with
the approval of Rogers & Tracy, Inc.
-Cent to $1 Stores, Inc.
Schulte-United 5
-Files
4. Shall assume Its fixed overhead, including the payment of all salaries,
Schedule.
bookkeeping, rent, light, heat, &c.
5. Shall at no time borrow the funds of the syndicate.
The company has filed schedules in bankruptcy listing liabilities of
6. Shall receive no profit of any kind from the operations of the syndicate 510,501,050 and assets of $16,772,981, of which $16,734,184 is said to be
save through ownership of its capital stock (with one minor exception cover- due from Schulte United, Inc., for money loaned plus interest. Of the
ing the payment of stock exchange commissions).
liabilities $10,479.750, it is set forth, are unsecured.
2982
FINANCIAL CHRONICLE
[vol.. 132.
Principal creditors are D. A. Schulte. 386 Broadway. owing $1,801,700, a business founded in 1906 and the R.F.Conway Cm..successor to a business
founded in 1871.
and the "1931" Corp. of the same address which is owed $8.000,000.
Security -The bonds will be secured by a first preferred veesel mortgage
The schedules explain that the entire capital stack of Schulte United.
Inc., Schulte United. Ltd. of Canada, and Millers. Inc., in Del., belongs upon the three vessels: "J. R. Sensibar, appraised at $1,868,608; "Sandof the stock is unknown. Among the master," appraised at 8658,000; "Sandcraft, appraised at $481,000.
to the bankrupt, though the value
Operations.
-Construction Materials Corp., the lessee, uses these vessels
-V.132. p. 1825. 327.
assets is $38,797 in bank deposits.
to transport sand and gravel from its plant near Grand Haven. Mich., to
its principal markets on the Great Lakes, for channel deepening and for
Stores Corp.(& Subs.).-Earnings.Schulte Retail
reclaiming low lying or submerged water front properties through the sand
Barnings for Year Ended Dec. 311930.
$28,487,202 fill method. They are able to load and unload sand and gravel with their
Sales- _ _
22,390,376 hydraulic equipment in places where close approach to the shore is imCost ofsale.
possible.
Earnings.
-Consolidated earnings of Construction Materials Corp. and
$6,096,826
Gross profit on sales
97.805 its subsidiaries available for interest, as reported by Ernst & Ernst, were
Other operating income
as follows: 1927.$716,977: 1928,$1.080,620; 1929,3988.830; 1930,3483.378.
282.963
Miscellaneous income
The annual average.was $817,451.
361,901
Dividends on stocks of affiliated companies
Average annual consolidated earnings as shown above amount to 7.26
Undistributed profits applicable to stocks owned:
times the maximum interest requirements of this company, for the four508,556
Schulco Company, Inc. (100% owned)
198,279 year period and 4.29 times for 1930. Including the parent company debt
Affiliated companies
consisting of 31,500,000 two-year 6% notes, and $225,000 purchase money
earnings
37.5'6.129 mortgage, and subsidiary funded debt, average consolidated times for
Total income
554.867 amount to 3,78 times the total interest requirements and 2.23
Loss on securities sold
1930.
9,398
Fixtures written off on stores closed
Sinking Fund.
-Mortgage will provide for a minimum annual sinking
6,081,059
Expenses
The annual
161.419 fund, sufficient in amount to retire all bonds by maturity.
Depreciation
amounts to be retired, beginning with $120,000 on March 15 1934. gradually
principal amount of bonds
$739,385 Increase so that there are to be retired $210,000
Net income
to be used in
753.834 in 1943. To provide funds for the minimum sinking fund provide funds
Preferred dividends
the retirement of bonds by purchase or redemption, and to
that the moneys
$14,449 for the purchase of bonds at or below par to the extent
Loss
Paid exceed the requirements for the minimum sinking fund, the company
-Balance, surplus, Dec. 31 1929, $4,111,- will make quarterly payments to the trustee, beginning May 25 1933.
Consolidated Surplus Account.
667; add, adjustments (net), $176.548; net income for year 1930, $739,385- equal to 4 cents per ton of cargo carried on the mortgaged vessels for the
unexpended reserve for Federal income tax on deferred profits reported preceding quarter year, and to the extent that they exceed the minimum
on installment sales basis in 1930, $40,317; total. 35.067,917: dividends sinking fund requirements, such payments will be used In the purchase
on preferred stock, $753,834; balance, Dec. 31 1930, $4,314,083.
of bonds for retirement, if obtainable at or below par; otherwise such excess
Consolidated Balance Sheet Dec. 31.
amounts will revert to the company.
1929.
1930.
Pro Forma Consolidated Balance Sheet Construction Materials Corp. & Sub1930.
1929.
LiabilUies$
&text-sidiaries Dec. 31 1930 (Exclusive of Sensibar Transportation Co.)
$
Real est.,b1dgs,hcb2.0137,771 2,013,967 Preferred stook_ _ 9,425,000 9,425,000
(Based upon balance sheet as of Dec. 31 1930. adjusted to give effect
Common stook_.a 9,326,906 9,609,013 to the following proposed transactions: (a) Organization of Sensibar TransFurniture dt fist_ _ 640,076
1 Accounts payable_ 2,325,724 2,088,848 p mtation Co. and sale of certain assets to it for $1,650,000 principal amount
252,077
Leaseholds
150,000
Loan payable_
Mash.& equip_ _ _
54,895
b )nds and its entire capital stock: (b) Sale of preferred stocks of MouldingAccrued charges__ 313,424
Due on sale of real
Brownell Corp. for note secured by collateral; (c) Sale of 31,850,000 bonds
188,460
643,683
Pref. Env. pay__
estate de lease
-year 6% notes for cash;(d) Applicaacquired in (a) above and $1,500,000 2
854,480 tion of portion of proceeds in liquidation of certain indebtedness.]
Deferred liabilities 267,365
Amt.rec. for lease. 133,125
103,503
148,581
1
1 Reserves
Good-will
Liabilities
Assets4,314,083 4,111,667
Cash
2,613,997 1.368.462 Surplus
$482,380
Cult
$721,296 Accounts payable
Accts. receivable 1,093,503 1,356,762
130,350
455,728 Accrued
Accounts receivable
Inventories
4,058,316 5,624,551
1,500,000
-year6% notes
106,768 2
Retainer certificates
676,784 2,071,603
Mtgs. receivable
137,541 Purch, money mtge. on vowel_ 225,000
Inventories
Investments
13.828,150 13,341,830
150,000
29.680 Reserve for contingencies
Cash value of insurance
460,411
Deferred charges._ 352,083
526,695 53.50 cum. cony. pref. stock
Note receivable-secured
3,375.000
322,393 (75,000 shame)
Investment In affiliated co.
26,414,464 26,237.590
Total
Total
'26,414,464 26,237,590
Common stock(185,000shares) 925,000
a Represented by 1,138,711 no par shares. b After deducting mortgages Investment in Sensibar Trans1,390,998 Reserved (115,000 shares)--Donation Co
amounting to 32.005.500.-V. 131. P. 1433.
1,693.321
Misc, non currnt acounts
303,447 Surplus
246,247
Vessels
--Earnings.
Scott Paper Co.
Sand dr gravel deposits
783,815
For income statement for 3 months ended Mar. 29 see "Earnings De- Land, buildings, machinery &
partment" on a preceding page.
2,483,608
equipment
Condensed Statement Comparing Current Assets and Current Liabilities, Cash dc notes res, for compl. of
March 31.
850,000
Ferrysburg plant
1931.
1930.
Current Assets1
Goodwill
$302,562
$163,013 Deferred
Cash
102,809
2,101,726
1.598,675
All other
$8,461.031
Total
$68,461,031
Total
$2,404,289 $1,759,688 -V. 132, p. 2603.
Total current assets
492,224
497,721
Total current liabilities
4.8 to 1
3.5 to 1
Ourreat ratio
-Earnings.
Service Stations, Ltd.
-er. 132. p. 2408.
1929.
1930.
Calendar Years$1,555,313 $1,804,061
Gross operating profit
--Earnings.
Seagrave Corp.
323,127
387,086
For income statement for 3 months ended March 31 see "Earnings De- Provision for depreciation
143,540
118.098
Provision for income taxes
partment" on a preceding page.
-V. 132, p. 2408.
$1,070,129 $1,337,394
Net income
-Earnings.
Seneca Copper Mining Co.
306,016
489,011
Class A dividends
107,500
130.000
1930.
1929.
Calendar YearsClass B dividends
79.751
102,612
$3363.440
Received from copper
$385.496 Preferred dividends
87,350
67.275
25,281
145,354 Preferred series A dividends
Inventory of copper on hand Dec.31
34,827
pur_
Received from miscellaneoussources
18,157 Int. paid in lieu of dive. to vendors ofsub.cos.
Total income
0_pmeit1ng expense
Taxes
General expense
Stamp mill maintenance
Depletion
Depreciation
Bond intereee fended with capital stock
3338,159
723,944
21,649
48,299
4,541
145.734
12,000
103,775
$721,782
Balance Sheet Dec. 31.
1930.
Liabilities1930.
Assess1929.
Mining property__85,132,575 35,085,007 Capital stock.......02,725,000
54,117
Advances
Mfil site & right of
1,482,500
38,040 Bonded debt
way
30,040
Reserve for conting
40,000
Dwellings. Copper
53,098
21,500
22,500 Accounts payable_
City. Mish
69,902
Accrued tax & Int_
Lake MilL.Smoltk
350,000 Capital surplus__ 2,024,366
& Rerg Co.stk_ 350,000
Connote*, mark.
769,848
777,593
& equipment
143,2'29
5,115
Cash
1.940 y129,004
Aocts. resolvable_ _
145.354
120.071
Copper on hand_ _
113.164
4,465
Materials dt supp
6,429
3,519
Share adjust.sect.
Deficit for year
$549.007
480,502
23,008
60,088
6,817
89,996
12.000
164,566
$287,970
1929.
82,725,000
1,482,500
45,849
2.455,081
$6,448,983 $6,708,410
Total
80,448,983 $6,708,410
Total
x Represented by 630.000 no par shares. y Includes notes receivable.
Y. 132. p. 1632.
-Equip. Bonds Offered.
Sensibar Transportation Co.
An issue of $1,650,000 1st mtge. marine equip. 6% sinking
fund bonds is being offered at 99 and int. by Union Cleveland
Corp. and Cleveland Trust Co.
3741,950
$280 629
Balance, surplus
$5.00
$A.130
Earns, per share on combined class A and B shame
says in part:
A. L. Ellsworth, Prosident,
transDuring the year the business of your subsidiary at Bryan, 0., was sold.
ferred to the Bennett Pumps Corp.at Muskegon, rilich. and the factoryeconThe loss entailed in this sale has been deducted from surplus, but the more
omies effected in overhead and manufacturing from the change will be
than sufficient to offset the loss on the sale of this property.the Richmond,
In the last annual report mention was made of the sale of
Calif., plant to Rheem Mfg. Co.,for which company received shares in the
Rheem company. This consolidation has proven so satisfactory that it was
decided to make a similar arrangement in respect to the Los Angeles plant
of the John Wood Mfg. Co. This plant has, therefore, been sold to the
Rheem Mfg. Co., and additional pref. and common shares of the Rheem
Mfg. Co. have been received from this sale.
Company now owns a substantial amount of the issued capital stock of
Rheem Mfg. Co.
During the first quarter of 1931 earnings have been affected by the lack
of buying of gasoline pumps and other service station equipment by practically all of the important oil companies. This situation makes evident
the wisdom of having diversified the company's products, the other manufacturing lines being well maintained. A substantial reduction in costs haa
been effected and further reductions sre being made at the present time.
A dividend of 65c. a quarter was declared on "A"and "B"stocks, payable
on April 1. but until there is a resumption of normal demand for service
station equipment, directors feel it may be wise to reduce the dividend tis
40c. a quarter on "A"and "B"shares, beginning July 11931.
Consolidated Balance Sheet Dec. 31.
1929.
1930.
1929. 1
1930.
$
1 Liabilities-.
$
$
Assets
410,277 Notes & accounts
1,035,081
Cash
payable & neer.
200,000
Call loan
321,883
660,068
charges
299,430
Marketable scours. 539,066
154,903
196,227
Bills Ee sects. rec.., 1,624,158 1,895,161 Div.declared
Res. for Dominion
Accts. rec.-MM.
167,474
75,967 & Fed. Inc. taxes 142,244
38,437
company
978,816
2,528,076 2,666.923 Bankers advances_
Inventories
75,326 8% oum.conv.pret.
80,121
Adv. Az ppd. exps.,
3,261,100 1,262,101)
34,265 stock
62,093
Other assets
6% cum.conv.pref.
Land, hides., plant
1,495,000 1,495,0011
stock series A
& equipment _ _ _x3,784,242 3,800,152
Coin.stk., class A 1 y7,783,457 7,782,457
Prems, paid for
she. of sub. cos__ 6,078,036 6,078,086 Com.stk., class SI
3,558.773 3,554,716
761,271 Surplus
Invest. in aftII co_ _ 750,000
I
1
Patent rights &Ile_
Dated March 15 1931; due March 15 1943.
Unconditionally guaranteed by Construction Materials Corp. as to principal, interest and sinking fund. Principal and interest payable at the
main office of the Union Trust Co.,leveland, Ohio, trustee. Interest
payable M. & El. vrithout deduction' for normal Federal income tax not
2%. Denotes. 31.000 and $500 c• Company will agree to
ex
refund !ch.5 mill secured debt tax; Penn.4 mill tax, and Kentucky 5 mill
tax, to resident holders upon timely application. Red. all or part by lot
on any interest date upon 30 days' prior notice at 104 up to and incl. March
and incl. March
Total
16,717,361 16,096,857
16,717,361 16,096,857
Total
15 1934, at 103 up to and incl. March 15 1937, at 102 up tohit. in
each case.
15 1940. and thereafter and prior to maturity, at 101: plus
x After depreciation of 33,784,242. y Represented by 188.312 shares
-V.131. p. 1908.
President ofithe Company.
of class A stock and 50,000 shares of class B (no par).
Data from Letter of J. R. Sensibar,
Compang.-Company. a Delaware corporation, is a wholly owned sub70 Park Avenue (Lecadi Realty Corp.), N. Y. City.
the
"Sandmaster..
sidiary of Construction Materials Corp. Company ownshas vessels
The Marine Midland Trust Co. of New York, as trustee under the trust
leased to
'and "Sandcraft, which it
"J. R. Sensibar."
of these bonds, mortgage, dated May 1 1929, securing the 1st mtge. 6% serial gold
Construction Materials Corp. for a period equal to the life
loan certificates has received from the Empire Bond & Mortgage Corp.
at annual rental sufficient to most the interest and sinking fund charges in and the
Metropolitan Casualty Insurance Co., notices of existing defaults
each year.
by a request that the
Operating Compang.-Conatruction Materials Corp. is the largest pro- under the terms of said trust mortgage accompanied
the Great Lakes and is also engaged in the trustee declare the principal secured thereby forthwith due and payable
ducer of sand and gravel on
construction, road build- and commence foreclosure proceedings.
ransportation of these materials for building and
In accordance with such notice and request, the trustee declared the
ing, street paving, water-front improvement and harbor developments.
Construction Materials Corp. was organized in Delaware in 1929, taking principal amount of outstanding certificates to be forthwith due and payover the busiaess of Construction Materials Co. of Indiana, successor to able and made demand for the payment thereof, whereupon there was paid
Mtn.18 1931.]
FINANCIAL CHRONICLE
2983
to the trustee a sum sufficient to pay par and int. March 4 1931. against
(G. A.) Soden & Co.
-Defers Ditidesi.which payment the tru: tee delivered a satisfaction piece of said mortgage.
The directors have voted to defer the regular quarterly dividend of $2
Holders are, therefore, requested to promptly present their 1st mtge.
per share due April 1 on the 2nd pref. stock. The last quarterly dividend
certificates to the trustee for cancellation and receive the amount distributof this amount was paid on Jan. 2 1931.-V. 119. P. 2773.
able thereon, viz., par and int. to March 4 1931.-V. 122. p. 3516.
• (A. 0.) Smith Corp.
-Bonds Called.
-
Shares in Maine, Inc.
-Omits Dividend.
-
The directors recently voted to omit the quarterly dividend usually paid
about April 1 on the capital stock, par $20. The last quarterly distribution
o(25 cents per share was made on Jan. 11931.-V. 128, p.2481.
Shawmut Association.
-Earnings.
-
For income statement for 3 months ended Mar. 31 1931 sae "Earnings
Department" on a preceding page.
Condensed Balance Sheet Mar. 31.
1931.
AssetsLiabilities-.
1930.
1931.
1930.
Invest, at cost_ _J$7,214,484 $6,638,025 Reserve for taxes_ $18,422 $155,132
Accr. interest &
Equity for capital
161,283
account rec. _ _. 150,525
shares
19,059,757 9,451,002
Cash
1,713,220 2,806,826
Total
Total
119,078,179 $9,606,134
$9,078,179 $9,606,134
x Paid in capital for 400,000 no par issued shares, $8,150.000. less 2,300
treastuT shares $46,868 plus surplus and profits $956,620. y Market
value $6,477,329.
Note.
-Based on Mar. 31 1931 market values, the asset value was $20.93
-V. 132, p. 1054.
Per share on that date.
-Resignation.
-Shell Petroleum Corp.
w. De B. Daly has resigned as President of this corporation and also
as a director and as a member of the Executive Committee of the Shell
Union Oil Corp.
-V.131, P. 127.
Shell Union Oil Corp.
-Resignation.
See Shell Petroleum Corp. above.
-V. 132. p. 1054.
-Earnings.'-Signal Oil and Gas Co. (& Subs.)
income Account Year Ended Dec. 31 1930.
Gross operating income
Cost of operating, royalties paid & general expense
$4.586.107
3,315.487
Gross operating profit
Non-operating income
21,250,620
609,385
Total profits
Prov. for deprec., depletion, abandonments & Fed. inc. taxes_
Applicable to minority Interests in subsidiary companies
$1,860,005
1.166,796
3,493
Net profit accruing to corporation
Dividends paid
$689,716
439.696
Balance, surplus
Earns, per sh.on 226,940 comb. A & B abs. outatand'(par $25),_
Consolidated Balance Sheet Dec. 31 1930.
Liabilities
A ssets$367,617 Accounts payable
Cash
Due from banks on demand_
232,760 Notes payable
508,474 Royalties payable
Marketable securities
Accts. & notes receivable
740,679 Taxes payable
Inventories
189,387 15-yr.6 A % cony.gold debs..
Investmls in & adv. to MM.
series A
cos
597,667 Res. for amortiz. of gas conOther investm'ts & advances 1,151,489
tracts & leases
Real est., producing proper.,
Res. for intang. drilling costs
plants & other operating
Iles. for depletion & deprec.
facilities
9,411,929
of oil leases, equip.& dev._
Prepaid & deferred charges._
378,065 Res. for depletion of royalty
Interests
Res. for deprec. of plants &
facilities
Res. for contingencies
Capital applic. to minority
Interests in subs
Class A coin. stock
Class B coin. stock
Surplus
$250020
25.04
Total
-V. 132. p. 1632.
613,577,967
Total
$241.708
58,085
135,725
30,824
2,425,000
1,028,079
779,657
217,826
116,001
1,098,114
250.000
18.878
4,375,975
1,297,525
1,506,568
$13,577,967
Sinclair Consolidated Oil Corp.
-Rights in the Trademark "Mobiline" Transferred to Vacuum Oil Co.
-
The oirporation has called for redemption on May 1 next 2125,000 of
1st mtge. bonds, dated May I 1923 at 101 and int. Payment will be made
at the First Wisconsin Trust Co.trustee, Milwaukee, Wis., or at the'
-Y.122. p. 1826W
holder's option, at the Irving Trust
New York City.
-Liquidating ratio.
SpencerTrask Fund, Inc.
The company, as of March 31, reports -liquidating value of $26.13 a
share, against $41.65 March 31 1930. Securities owned at cost of $12.017
468 had a market value based on closing bid prices March 31 of approximately $5,323.000 less than cost. against a depreciation of approximately
$432,000 March 311930.-V. 130, p. 4259.
-Government Loses on
Standard Oil Co. of Indiana.
Cracking Case-Supreme Court Holds Companies Not Guilty
of Monopoly in Use of Patents.
-
In a dec sion agreed to by the eight justices sitting. the U. S. Supreme
Court April 13 handed down an opinion stating that the Standard Oil
Companies of Indiana and New Jersey, the Texas Co., the Gasoline
Pros Co. and other oil concerns have not violated the Sherman antitrust law by their agreements for use of the gasoline cracking process.
The suit was instituted by the Department of Justice in 1924.
Associate Justice Brandeis, in handing down the opinion, said:
"No monopoly or restriction of competition in the production of either
ordinary or cracked gasoline has been proved. The output of cracked
gasoline in the years in question was about 26% of the total gasoline
duction. Ordinary or straight run gasoline Is indistinguishable
cracked gasoline and the two are mixed or sold interchangeably.
"Under these circumstances the primary defendants [the companies
named] could not effectively control the supply, or fix the Price of cracked
gasoline, by virtue of their alleged monopoly of the cracking processes,
unless they could control, through some years, the remainder a the total
gasoline production from all sources. Proof of such control is lacking."
Through the decision the court reversed the findings of the Federal
the suit six
District Court for Northern Illinois. The government
Years ago. After the oil companies filed answers the case was referred
to a special master, who took 4,300 Pages of evidence during a three-year
hearing.
"The master," Justice Brandeis stated, "found that the primary defendants had not pooled their patents relating to cracking processes: that
they had not monopolized or attempted to monopolize any part of the trade
or commerce in gasoline and that none of the defendants had entered into
any combination in restraint of trade. He recommended that the bill be
dismissed for want of equity."
Justice Brandeis explained that most of the issues in the case had been
eliminated and that the violation of the Sherman act "now complained or
rests substantially on the making and effect of three contracts entered
into by the primary defendants."
"There is no provision in any of the agreements," he goes on, "which
restricts the freedom of the primary defendants individually to issue licenses
under their patents alone or under the patents of all the others; and no
contract between any of them and no license agreement with a secondary
defendant executed pursuant thereto now imposes any restriction upon
the quantity of gasoline to be produced, or upon the price, terms or conditions of sale, or upon the territory in which sales may be made.
"The government urges that the mere insertion of the provisions for
the distribution of royalties constitutes an unlawful combination under
the Sherman act, because it evidences intent to obtain a monopoly. This
contention is unsound.
"An interchange of patent rights, and a division of royalties according
to the value attributed by the parties to their respective patent claims.
Is frequently necessary if technical advancement is not to be blocked by
threatened litigation. If the available advantages are open on reasonable
terms to all manufacturers desiring to participate, such interchange may
promote rather than restrain competition."
In discussing a government claim that the fees charged are "onerous.".
Justice Brandeis said:
"This argument ignores the privileges incident to ownership of patents.
Unless the industry is dominated or interstate commerce directly restrained.
the Sherman act does not require cross-licensing patentees to license at
reasonable rates others engaged in interstate commerce.
"The rate of royalties may, of course, be a decisive factors in the cost
of production. If combined patent owners effectively dominate an IndustrY the power to fix and maintain royalties is tantamount to the power
-licensing in division of royalties
to fix prices. But an agreement for cross
violates the act only when used to effect a monopoly or to fix Prices, or to
Impose otherwise an unreasonable restraint upon interstate commerce. V. 132, p. 2791.
E. W. Sinclair, President of the Sinclair Refining Co. and Charles E.
-New Plant.
Standard Oil Co.(Pennsylvania).
Arnott, President of the Vacuum 011 Co., jointly announced on April 14
The company has construction work under way on a $100,000 bulk
that pursuant to an agreement recently entered into between the two distributing and storage plant at McKeesport, Pa., it is stated. The
companies Sinclair is transferring Le Vacuum its rights here and abroad in project will include storage facilities for 300,000 gallons of gasoline, which
the trade mark "Mobiline," which Sinclair acquired when it purchased tho will be shipped to Glassport, Pa., on the Monongahela River and pumped
Union Petroleum Co. of Philadelphia in 1919, and which had been owned into storage tanks from river barges.
-V.131. P. 1728.
and used for years by that company and since by Sinclair as a brand for its
Pennsylvania motor oils. With the further extension of Sinclair's distri-Rumor Denied.
Standard Plate Glass Co.
bution of Pennsylvania motor oils, it was felt that the similarity between
See Triplex Safety Glass Co. of America. Inc., below.
-V. 130. p. 4625.
the word "Mobiline" and Vacuum's well-known trade mark Mohnen"
might lead to confusion to the public. Hereafter Sinclair Refining Co.
-Earnings.
State Street Investment Corp.
will market its Pennsylvania motor oils under the name "Sinclair PennFor income statement for 3 months ended March 31 1931 see "Earnings
sylvania Motor Oil."
Department" on a preceding page.
During the
Given Option on Common Stock of Rio Grande Oil Co.
-No were made inthree months to March 31 additional sales of common stocks
order
-See that company accounts receivable, to Increase liquid funds. On March 31 last cash,
Present Investment in Latter Is Involved.
interest, short-term notes and preferred stocks at
market value constituted 43% of total assets.
above.
Liquidating value of the stock on March 31 last, was $70.57 a share
To Use Prairie Pipe Line Co. Lines.
against 865.17 a share on Dec. 31 1930 and $115.81 a share on March 31
The company on April 10 announced that an agreement had been made 1930. Common stocks, which coat $10,645,440, had a market value of
for the daily transmission of 60,000 barrels of oil to either its Northern $7,165,457.-V. 132. p. 2013.
refineries or those on the Gulf of Mexico through the Prairie Pipe Line Co's
Sterling Securities Corp.
-Earnings.
system. This will be accomplished by the Sinclair interests building a 12
For Income statement for 9 months ended March 31 see "Earnings
inch pipe line from Eastern Texas to the Prairie line at Mexia, Tex. The
new line will be 100 miles long, and it will provide the Sinclair company with Department" on a preceding page.
Investments costing 232.981,647 had an aggregate indicated market
transmission from Houston, Tex, to the Great Lakes.
Through the new connection, oil from the new flush pool of Eastern Texas value on March 31 1931 of $20,755,834, a depreciation of $12,225,813.
and other pools in the Southwest may either be shipped northward to the On Dec. 311930, depreciation in market value of securities held amounted
Great Lakes or southward to the Gulf for transhipment by tank steamship to $13,528,629. On March 31 1930 securities costing $32,478,702 had
to the East. The arrangement links Sinclair refineries near Chicago and at market value of $33,241,798.
Kansas City. Coffeyville and Houston.
-V. 132. P. 2603.
Balance Sheet March 31.
1931.
1930
1931.
1930.
68 Park Avenue (Lecadi Realty Corp.), N. Y. City.
- AssetsLiabilities-$
$
$
s
To Pay Off Certificates.
Invest, at cost__ _32,981,647 32,476.702 Cony. 1st pfd.stk_14.873.250 14,873,250
.
2,330,176 2.874,735 Preference stook__ 2,500,000 10.000.000
A recent notice to the holders of 1st mtge.6% serial gold loan certificates Cash
Accrued dive, and
Class A corn.stock a603,802 3,622,815
says:
See (d)
int. receivable
120,871
354,936 b Class B eomstke Marine Midland Trust Co. of New York as trustee under the trust
42,443
Accts.pay.& accrd
44,629
Treasury stock... c147,908
mortgage, dated Feb. 1 1926, securing the above-described issue of cer85,433
282,075
293
186 Fed I tax accrued_
tificates, received from the Empire Bond & Mortgage Corp. and the Prepaid expenses
Res.for dlv,on pfd.
Metropolitan Casualty Insurance Co., notices of existing defaults under
& pref. stook- 124,366
124.366
the terms of said trust mortgage accompanied by a request that the trustee
Delve°. reserve for
declare the principal secured thereby forthwith due and payable and com1.000,000 1,000,000
securities
mence foreclosure proceedings.
Capital surplus_ _ _14,311,337 3,792,325
In accordance with such notice and request, tho trustee, declared the
Profit & loss surp_ 2,040,264 1,967.099
Principal amount of outstanding certificates above described to be forthwith due and payable and made demand for the payment thereof, where35.580.895 35.706.559
Total
35,580.895 35.706,559
Total
upon there was paid to the trustee a sum sufficient to pay par and interest
to March 4 1931. against which payment the trustee delivered a satisa Represented by 603,802 no-par shares. b Represented by 298.297
faction piece of said mortgage.
no-par shares. c Represented by 4 600 convertible 1st preferred shares.
Holders are, therefore, requested to promptly present their 1st mtge, d Value not given.
-V. 132, p. 780.
certificates to the trustee for cancellation and receive the amount dis-Earnings.
tributable thereon, viz., par and interest to March 41931.
(John B.) Stetson Co.
1930.
Years Ended Oct. 311929.
1928.
811,521,275 $15.333.687 814.711.423
Sales
Skelly Oil Co.
Director, dcc.-New
Net profit after deprec., charges &
•sv. T. Atkins was recently elected a director to fill the vacancy caused
Federal taxes
599,710
1,671.468
by the death of F. A. Pielsticker. Mr. Atkins also was elected a
1.466.844
Vice
The company reports surplus as of Oct. 31 1930 of $8.927,945, as comPresident and a member of the executive committee.
-V.132, p. 2603, 2408 pared with $9,967.735 Oct. 31 1929.-V. 131.
p. 4228.
2984
[VoL. 32
FINANCIAL CHRONICLE
-Earnings.
Stouffer Corp.
For income statement for 3 and 8 months ended March 31 1931 see
-V. 130, p. 480.
"Earnings Department" on a preceding page.
-Gross Sales Lower.
(Nathan) Strauss, Inc.
Increase.
1931-3 Mos.-1930.
Decrease.
1931-March--1930.
$10,446
5135.673 I 52.271.684 $2,261,238
5825.306
5689.633
On March 31 1931 the company operated 91 stores, as compared with 93
stores at the end of March 1930.-V. 132, p. 2013, 1633.
-Sales Show Gain.
Stutz Motor Car Co. of America, Inc.
According to an announcement made on April 15, by Colonel E. S.
Gorrell, President of the company, Stutz automobile shipments during the
first quarter of 1931 were approximately 9% times as great as those of the
corresponding quarter of 1930.
During March of this year, shipments were approximately four times
those of March 1930.
Col. Gorrell also states that the number of "carry-over" or unfilled
orders for Stutz automobiles on April 1 of 1931 was greater than the entire
shipments for the month of April 1930. The April 1 "carry-over" orders
were likewise greater than the number of automobiles shipped during any
month so far this year -V.132,P• 2791.
Super-Corporations of America Depositors, Inc.
Sales of Fixed Trust Shares.
Sales of fixed trust shares passed the $40,000,000 mark April 7. This
represents a total distribution of 4,556,000 trust shares since the trust was
organized in May 1930.-V. 132, p. 1055.
-Supervised Fixed Trust.
Supervised Shares Corp.
An advanced type of fixed investment trust, unique in the fact that it
a
provides participation in economic growth by drawing for substitution onof
primary and secondary list of stocks, is being offered under the name by
a group of bankers headed
Supervised American Fixed Equities by
Supervised Shares Corp. . The plan of the trust '"supervision without
management."
Supervision is carried out through the joint action of nationally recognized
is called
investment counsel and the depositor corporation and the trustee and subupon to act as arbitrator in event of disagreement. Elimination
stitution in the portfolio may be made for threatened impairment of investment standing of an individual stock or its unavailability. Initiative for
this action may be taken by either the depositor corporation or the independent investment counsel. If they concur, it is made effective through the
decides.
trustee,the Bank of America N.A.,and if they disagree,the trustees, (1) corThe original portfolio has been selected from two classification
porations with assets of a billion dollars or more, (2) corporations which
to general
have demonstrated by their recent earnings unusual resistancereserve list
business depression. This portfolio is fortified by a primary
frem which stocks may be selected in event the course of time should impair
the investment value of any stock in the original portfolio. The primary
reserve is drawn upon for substitution in the original portfolio and the
primary reserve in turn draws on a secondary reserve of common stocks
of industries believed to hold unusual promise in connection with the
growth of the country. Stocks comprising the secondary reserve, may be
advanced to the primary reserve when, in the joint opinion of the depositor
and independent investment counsel, their progress warrants such advancement. The thought behind the new trust is to safeguard the investor's
interest by anticipating impairment of a stock and to eliminate it before,
not after, losses have been incurred, while restricting substitution solely
to stocks pre-approved by the investor.
"Thirty corporations are represented in the stocks deposited against the
25 and
wile. Their total assets are approximatelynational three-quarters billion
wealth. Their total
dollars, or equivalent to about 7% of the
surplus is six billion dollars or sufficient to pay dividends on the companies,
average age
at present rates for nearly nine years. The of
common stocks
unbroken
of the companies is 53 years and the average number of years
dividends, 30 years.
fund, invested in the trust shares themselves, is provided.
A reserve
designed to stabilize a semi-annual return to the investor. Provision has
also been made for the continuation of the trust independent of the depositor,
and neither the trustee nor the depositor has any lien for its services on the
the trust.
deposited stocks or the income therefrom during the life of
follows:
The original portfolio, with the number of shares in each unit,
3 National Biscuit
2 Chase National Bank
Co.
3 Borden
2 National City Bank
4 National Dairy Products
1 Guaranty Trust Co.
&
Great
2 Connecticut General Life Ins. Co. 1 F. W.Atlantic Pacific
Woolworth
3
Home Insurance Co. of N. Y.
C
3 Corn Products Refining
Surety Co.
3 Aetna Casualty &
3 Proctor & Gamble
1 Atchison, Topeka & Santa Fe
2 American Can
4 Canadian Pacific
1 Internatl Business Machine
2New York Central
3 North American Co.
1 American Tel & Tel.
2 Public Service, N. J.
Gas. N. Y.
2 Consolidated
6 United Gas Improvement
4 Electric Bond & Share
2 American Tobacco Co. B
2 U. S. Steel
2 Liggett & Myers B
J.
4 Standard Oil, N.
5 R..1. Reynolds Tobacco B
4 General Electric
-hour service, that was.
-day postponement iii starting the 24
"As to the 30
necessitated not by any desire or action of the Postmaster-General's, but)
by our own requirements, including familiarizing our pilots with the characteristics of the now planes and with night flying over the country which.
they will traverse when public operation begins.
"We have received magnificent co-operation Irian the Post Office De-hour coast-to-coast
partment and all of its officers in planning our 24
service, and making its early initiation possible. We deplore the fact that
our relations with the Department should have been misrepresented In,
this wholly unwarranted manner."
-Hour Air Mail Service.
Inaugurates 24
-to-coast
-hour mail and express coast
The corporation inaugurated a 24
service on April 20, it is stated. Under the new schedules, the fastest yet
between the Atlantic and Pacific coasts, westbound tri-motored planes.
carrying mail and express will leave Newark airport at 10.45 a. m., arriving
at Kansas City at 9.10 p.m. Therethe mail and express will be transferred
to single motored planes for air transport to Los Angeles. Planes will leave
Kansas City at 9.30 p. m., arriving at Los. Angeles after a night flight at
7.42 a. us. On the eastbound trip the planes will leave Los Angeles late in
the afternoon, arriving at Newark airport at 8.44 p. m. the next day.
-V. 132, e. 2215.
-Contracts,
Transue & Williams Steel Forging Corp.
The corporation has closed a contract with the Vitaulic Company for the
manufacture of fittings and couplings for natural gas, gasoline and water
pipe lines. This is a new type of business for the Transue & Williams
corporation and will require a material increase in operations, for congo
siderable tonnage nill be involved as soon as the company is ready to
into operation.
and some of the
The Vitaullc Company controls patents for the fittings,its development,
Standard Oil interests are understood to be identified with
it is stated. The Transue & Williams company is now making the dies.
-V. 132, p. 2792.
and will go into production shortly.
-Increases Capital Stock.
tal Corp.
Tr -Continen
stock
The stockholders on April 14 increased the authorized common
(no par value)from 6,000,000 shares to 14,000,000 shares and the authorized
shares. See
preferred stock (par $100) from 433,650 shares to 1.000,000
also V. 132, p. 2605, 2792.
Triplex Safety Glass Co. of North America, Inc.
-Expansion.
Denies Purchasing Standard Plate Glass Co. of the Triplex
W. C. Alcorn, Vice-President and General Managerit had completed
Pittsburgh that
company,on April 13, denied reports from
Co., which fornegotiations for the purchase of the Standard Plate Glass Pa.
merly operated plate glass factories at Springvale and Butler,grown to such
had
Mr. Alcorn said, however, that the Triplex business
factory
an extent that the company was considering purchasing an existing .
-V.
ui constructing a new plan. to take care of part of its requirements
er i, p
is
tIng
s
-Files Suit.
Corp.
Tubize Chatillon
SouthThe corporation on April 15 filed suit in the U. S. District Court, that
alleging
ern District of New York, against Princeton Rayons, Inc.
the latter is using, selling and offering to the trade circular knit underwear
by
cloth made from so-called Spun-lo yarn manufactured has the Industrial
a suit pending
Rayon Corp., against which Tubize Chatillon Corp. also
alleging infringement of patents.
Tubize Chatllken Corp. against Princeton
This action on the part of the
corporation
Rayons, Inc., is looked upon in the trade as evidence that the
intends to fully protect its patent rights for pigment delustered yarns.
rs of yarns, but also
against infringement not only against manufacture
against knitters and others who may use, or sell yarns, fabrics, or garments
patents, under
manufactured under the so-called Singmaster and Gardnerare now owned
which the present action is taken, both of which patents
by the Tubize ChatIllon Corp.
The suit against Princeton Rayons, Inc., is brought under the patent
laws of the United States for infringement of U. S. Letters Patent No.
1.692,372, which was granted to Henry A. Gardner and now known as the
Gardner patent, and U. S. Letters Patent No. 1,725.742, granted to
James A. Singmaster and known as the Singmaster patent.
April
Whereas the action taken against Princeton Rayons, Inc., filed on
15, is to enjoin the latter company from using and offering pigment delustered yarns in the form of knitted goods or otherwise, the previous action
taken against the industrial Rayon Corp. In Wilmington, Del., on Feb.
25 last, was to restrain the latter from manufacturing pigment delustered
yarns under a process which Tubize Chatillon Corpl alleges is an infringeagainsi
ment of the Singmaster and Gardner patents upon which the suit are still
Princeton Rayons, Inc. is based. Proceedings in the latter suit time to
recently asked for an extension of
'
pending, the defendants having
file its answer.
Corp.,
At the time of the filing of the suit against the Industrial Rayoninvestihad
officials of the Tubize Chatillon Corp. announced that they
Corp., and as a
gated Spun-lo yarn manufactured by Industrial Rayon the manufacture
result of this investigation they are of the opinion that manufactures it:,
and sale of this yarn infringes its patents under which it
Chardonize yarn.
restraining
In addition to requesting the Court to issue an injunction
yarns
Princeton Rayons, Inc., against using and offering for sale low-lustre bill
in its
Personnel.
manufactured by Industrial Rayon, the Tubize Chatillon Corp.
Chairman of the board and J. A. Ritchief of complaint requests an accounting and damages to the full extent of the
Robert Law has been elected
and the Bank o,
President. Mr. Law Is a director of the Barnsdall Corp.
-V. 132, p. 1631.
Co., invest- law.
America, N. A. Mr. Ritchie is President of J. A. Ritchie &
-100% of Ordinary Stock Now
ment bankers.
Tuckett Tobacco Co.,Ltd.
of America,
William Dewey Loucks, lawyer and director of the Bank
---See that
of Canada, Ltd.
Maynard
Chairman of the executive committee,and Inc. and Owned by Imperial Tobacco Co.
N.A.. has been elected
Goodwin,
-V. 131, p. 4229.
8. Bird, formerly Chairman of the board of Bond & of the finance com- company above.
'
a director of manufacturers' Trust Co., as Chairman
-Reduction in Capital Authorized.
mittee.
Ulen & Co.
Banking Corp.
Other officers are Fred E. Linder (a director of Industrial Co. and Love,
The stockholders on April 2 approved a reduction in the authorized
America, and formerly a partner in Clark Williams &
shares of 8% pref. stock.
of
with Gilbert capital stock by 50,000
Macomber & Co.) and H. Russell Taylor (formerly associated T. Furlong
J.
New Director.
Elliot & Co. and John Nickerson & Co.), Vice-Presidents;
and Treasurer of the Barnsciall Corp.), Treasurer:
(formerly a director
At a recent meeting the Hon. Angus McDonnell, C.B. 0.M.B., ChairHoover & Co.,
Charles A. Wolcott (formerly Vice-President of Loring R.
man of Stewart & McDonnell, Ltd., of London, England, was elected a
Secretary: and John
Inc., and associated with United States Shares Corp.),
director of Ulen & Co. Edward P. Currier and C. M. Bounell retired
-V.132, p. 2409.
Francis Fowler. Jr.. consultant.
as directors. It has previously been erroneously reported that the Hon.
Angus McDonnell had been elected Treasurer. Mr. Fosdick continues his
-Defers Preferred Dividend.
Thermoid Co.
-V. 132, p. 2792.
due May 1 on office as Treasurer.
The directors have voted 6ce defer the quarterly dividend quarterly payregular
-New Director.
the 7% cum. cony. pref. stock, par $100. The last
Union Bag & Paper Corp. a director, succeeding Philip G.
ment on this Issue was made on Feb. 1 1961.-V. 132. p. 1826.
Anson C. Goodyear has been elected
-Series B Div. Certifs. Off List. Mumford, resigned.
-V. 131, p. 1910.
Products Corp.
Tobacco
e on
Series B dividend certificates dated April 16 1928, and exchangeabl
-New President, &c.
United Cigar
Union Oil Associates, Los Angeles.
and after April 16 1931. for shares of common stock of the
was stricken from the list of
E. W. Clark, Chairman of the board of directors, of the Union 011 Co.
Stores Co. of America represented thereby,1931.-V. 132, p. 676.
President of the Union 011 Associates
of California, was recently elected
the New York Stock Exchange on April 16
created by the resignation of Henry M.Robinson. Dwight
as 2d ViceW.
-Rumors Denied. to fill a vacancy
Transcontinental & Western.Air, Inc.
Whiting was elected 1st Vice-President, Stanley nt. Morenead
Lee B. Milbank was
statement was issued on April 15 by Daniel M. Sheaffer, President and I. B. Newton, as 3d Vice-Preside Executive Vice-President
The following
of the Pennsylvania RR., and Chairman elected Secretary-Treasurer. R. D. Matthews,
chief of passenger transportation TAT-Maddux Air Lines and Transcontiof directors, replacing the
of the Union Oil Co., was elected to the board
of the executive committee of the
-V. 131, p. 2549.
Stewart.
nental & Western Air, Inc.: called to reports published in the newspapers late W. L.
"My attention has been
-Sale of Union Cigar Co. Holdings.
progress at Detroit,
Union Tobacco Co.
in connection with the National Aircraft Show now in has coerced TransWalter F. Brown
Counsel for the United Stores Corp. announces that the Union Tobacco
Intimating that Postmaster-General the purchase of airplanes of a certain Co., a subsidiary, has recently relinquished its control of the Union Cigar
continental & Western Air, Inc., into
-hour all-air coast-to-coast service; also Co. No details of the disposal were given.
make for use in its proposed 24 starting of this 24
-hour service in order
31 1929 the company held 25,700 shares of Union Cigar Co.
At
that he had delayed by 30 days the Air Line, by postponing for that period whichDec. $135,775.-V. 130. p. 2604.
cost
carrier, the Boeing
to favor a rival
with the Boeing Line in the carrying
our company's increased competition
Unit Corp. of America, Milwaukee, Wis.-Earnings.-89
Act.
oftranscontinental mail under the Watres reports were attributed anonyCalendar Years
"To my great regret these rumors and
3
8
18 0
loss9 2;370
Transcontinental & Western Air Inc. Net operating profit
5462.782
mously to persons associated with
1118
17 10
Miscellaneous charges (net)
and TAT management.
foundation, and no director, officer Amortization of patents
"The reports are absolutely without
any such statement. Organization expenses
7.570
has made
•
or employee of either of our companies
Brown took no part of any Special expenses in connection with moving plant
publicly or privately. Postmaster-General
we gave to the purchase
and offices
kind, direct or indirect, in the consideration which
reached.
which we finally
32 8
: 924
51;0
of plances for the new service or in the decision Northrup low-wing mono- Income taxes
The facts are that we have purchased five
$376 591
Angeles. We did so solely
def$119,279
Net income
planes for use between Kansas City and Los we concluded the Northrup
Nil
Earns, per sh. on 110,000 shs.corn.stock (no par).
bemuse after study of various available types
addition, they were
best met the demand of this particular service. In
-V. 132, p. 2016.
for prompt delivery.
available
APRIL 18 1931.]
FINANCIAL CHRONICLE
2985
Union Oil Co. of California.
-Earnings.
-
ordinarily payable about May 15 on the outstanding
378,367 1-3 shares of capital stock, no par value. From
May 15 1926 to and incl. Feb. 16 1931 the company made
United Biscuit Co. of America.-Earnznys regular quarterly distributions of 75c. per share, and in
For income statement for quarter ended March 31 see "Earnings
Department" on a preceding page.
-V. 132. P. 1826.
December of each year from 1926 to and incl. 1929, the
United Engineers & Constructors, Inc.
-New Contracts company paid an extra dividend of $1 per share.
The corporation secured
Statement
For income statement for 3 months ended March 311see "Earnings
Department" on a preceding page.
-V. 132. P. 2792
now contracts in 1930 for engineering and construction work in the United States totaling $62,861,843, according
to
President Dwight P. Robinson. Work executed by
last year totaled $68,500,000, Mr. Robinson stated. the company during
Among the projects
handled were the following: Completion of the Lincoln Building,
City; new plate mill and new power station for the Illinois Steel Co.,N. Y.
Chicago; additions to the plant of the American Potash & Chemical South
Trona, Calif.; zinc smelter for the St. Joseph Lead Co., Josephtow Corp..
and extensions to the storage plant of the Gulf Refining Co., Staten n, Pa.,
Island.
-V.126, p.429.
United Paper Box Co., San Francisco.
-Defers Div.
The directors recently decided to
issued by the company says in part:
Although the Vanadium Corp. of America made a profit of approxima
tely
$150,000 for the first quarter and has a substantial earned surplus, the
directors, owing to depressed business conditions prevailing during
and continuing through the first quarter of 1931, and the futher fact 1930
that
considerable sums have been and are being expended for development,
improvements, and expansions, voted to pa s the dividend which otherwise
would have been payable May 15.-V.132, p.2110.
Van Raalte Co., Inc.
-New Vice Presidents, &c.
-
m.G.Van Arsdale has been elected President: Irving K. Hessberg as VicePresident; and E. C. Anderson as Secretary and Treasurer. Mr. Hessberg
succeeds Arthur Van Raalte.
Herbert Scott and Lawrence W. Griffis have been elected new directors.
-V. 132, p. 2410.
defer the quarterly dividend of 40
per share due April ion the 61.60 cum. class A stock, no par value. cents
From
April 1 1929 to and incl. Jan. 1 1931, the company made regular quarterly
distributions at this rate on the class A shares.
-V. 130, p. 4071.
Waco Aircraft Co.
-Earnings.
U. S. Industrial Alcohol Co.
-Dividend Rate Reduced.
Earnings for Year Ended Dec. 31 1930.
The directors on April 2 declared a quarterly dividend of 50c.
per share Net sales
on the outstanding common stock, no par value. payable May 1 to
Cost of sales
ofrecord April 15. From Feb. 1 1929 to and incl. Feb. 2 1931 the holders Engineering, selling
and administrative expenses
company
made quarterly distributions of $1.50 per share and in addition on
Feb. 1
1930 paid an extra dividend of $1 per share. See also V. 132. p. 2606.
Net operating loss
Other income less other deductions
Bookings Increase
-New Directors.
At the annual meeting held on April 16. Chairman
Net loss for the year
"We have booked a considerable increased amount ofC. E. Adams said:
alcohol to be sold
this year, as compared with last year, but this, of course, does
Condensed Balance Sheet Dec 31 1930.
that we will make a profit." He stated that business has been not mean
Assets
LiabUUAesbooked for Cash • the last three quarters of the current year at prices under the 24
$3,827 Accounts payable
-cent
price pow prevailing for alcohol. Regarding the average price fora gallon Liberty bonds
124,715 Accrued liabilities
alcohol Accounts receivable
for 1931, he said, that this could not be determined, because of the
12,128 Guar. dep. by distributors
fact Inventories
that the company sells some higher priced alcohol. "Some of the
295,812 Other current liabilities
which the present low price brings in will undoubtedly be retained business Other current assets
10,605 Reserves for refinancing loss &
when the Investments
price advances," stated Mr. Adams.
distributors' discount
3,070
Fixed assets
Charles S. Munson has been elected a director in place of Russell
347,826 Capital stock (145,000 shares.
R. Deferred expense
Brown.
-V. 132, p. 2606, 2409.
4,453
no par value)
Surplus
United States Realty & Improvement Co.
-Smaller
Total
Dividend.
-The directors on April 16 declared a quarterly
$802,437
Total
-V. 131. p. 3724.
dividend of 50e. per share on the capital stock, no
par value,
payable June 15 to holders of record May 16. A quarterly
distribution of 75e. per share was made on Dec. 15 1930
and on March 16 1931. Previously the company paid
quarterly dividends of $1.25 per share.
Earnings.
-For income statement for 3 months ended March
31 see
"Earnings Department" on a preceding page.
-V. 132. p. 1057.
United States Steel Corp.
-New Pension Plan.
-
A revised pension plan will be submitted to stockholders
at their annual meeting April 20. The new pension system for ratification
will
the compulsory retirement of executives at the age of 70, where provide for
such executives have not been retired already at their own request
or that of their
superior officers, at 65 years.
To Sell Utility Subsidiary.
-
The corporation has arranged to sell its wholly-owned
utility subsidiary,
the Gary Heat, Light & Water Co., to the Midland
United Co., an Insult
organization.
The Gary company was organized by the United States
Steel Corp. in
1906 to furnish electric, gas and water services
in Gary,
corporation had decided to centre its Western activities. Ind., where the
All
company's $1,250,000 of $100 par stock was owned by the of the utility
Steel corporation. The company has a funded debt of $275,000. It
serves a population of about 110,000 under an indeterminate permit from
the Indiana
P. S. Commission.
The Midland United Co. through subsidiaries, incl.
supplies electric light and power, gas, water and streetthe Gary Rys. Co.,
railway transportation services to towns in the Indiana industrial belt.
Eugene J. Buffington, President of the Illinois Steel Co. is
Chairman
of the board of the Gary Heat, Light & Water Co. The company's
electric output in 1929 totaled 36.240.000 kilowatt hours,
compared with
32,700.000 in 1928.
Sub. Co. Acquisition.
-
5855.468
725.571
247.361
$113.464
9.913
3105,550
$12,796
9,717
19,500
9.841
1,260.
520,000
229,322
$802.437
Waldorf System, Inc.
-Earnings.
-
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 132, p. 2793.
Walker & Co.
-Smaller Class B Dividend.
-
The directors have declared a quarterly dividend
share
on the class B stock, no par value, payable May 1of 15 cents perrecord
to holders of
April 20. The company from Aug. 1 1929 to and incl. Feb. 1 1931, paid
regular quarterly dividends of 30 cents per share on this issue.
-V. 131.
D• 2238.
Walworth Co.
-New Directoi
Baxter Jackson. 1st Vie-Yresident of the Chemical
Bank of
New York, was receatly elected a director, succeeding NationalC. Hunt.
Robert
-V. 132. p. 1828. 1442.
Warren Brothers Co.
-Authorizes Debentures and Increases Common Stock.
The stockholders on April 14 authorized an issue of 65,000,000 of 6%
10
-year cony, debentures and amended the charter of the corporation;
(a) so as to increase the authorized common stock without par value from
600,000 shares to 1.000,000 shares; (b) so as to empower the directors to
issue the aforesaid $5.000,000 of debentures convertible into shares of
stock without par value for such considerations as the board may deem
advisable; (c) so as to empower the directors, without first offering the same
to the stockholders in proportion to their holdings-to issue and sell the
55.000.000 of debentures as now proposed to be issued, and to issue common stock without par value as may be required upon the conversion
thereof and under the terms of an option granted with respect
shares of common stock; and (d) ao as to reduce the amount of to 50,000
the authorized convertible preferred stock from 50,000 shares to 47.945 shares.
See also V. 132, p. 2216.
This corporation, through its subsidiary, the American Steel
Consol. Bal. Sheet Dec. 31.
Co. has acquired the business and smelting plant of the Edgar & Wire (Including wholly
owned subs., except Warr n Brothers Financia Corp.]
Zinc Co.
one of the largest zinc smelters in the southwest.
-V. 132, p. 2792.
1930.
192).
1930.
1929.
AssetsUniversal Pipe 8c Radiator Co.(& Subs.).
LiaNtities5
-Earnings. Cash in banks and
Notes and loans
Calendar Years1930.
1929.
on hand_ __ --- 2,308,843 1,620,554
1928.
payable
1927.
3.623,270
Total earnings
$176.157 4554.174
$882.816 $1,452,534 Accts. receivable__ 1,760,953 9,724,003 Accounts payable_ 1,474,057 2,267.680
Int., taxes, depreciation,
Notes receivable__
198,104
243,059 Accrued interest &
depletion, &c
390,708
458.659
577.231
other charges_ _
504,936 Road construction 510,011 1,666,806
545,453
602,071
Interest, dividends
Provision for !nNet income
loss$214,551
$95,515
and Federal tax_ 204,954
$305,585
$947,59S
93,207
come taxes
410,158
653,422
Preferred dividends182,700
182,694
Accts. & notes rec.
180,936
Dividends payable 390,088
309.342
508,832
Common dividends
308.271
(employees)____ 156,624
162,828 Contract obliga's. 2.572.221 3,169,929
462.403
Inventories
520,950
718,117 Funded debt
3,088,027 3,744,044
Balance, deficit
8397,251
$87,179
$183,622 sur$175,853 Govt. and munic.
Reserves
2,373,119 1,344,775
Shs.com.stk.outst.(no par) 488.287
458,287
oblig.& unpledg.
458.287
308.287
El cum 1st pref.stk a454,3.50 1,987,700
Earned per sh. on corn...
Nil
Nil
tax liens
$0.27
13,235,803
$1 1-6 c ,m. 21
$2.07
x After deducting cost of operation, including repairs and
MIInicipal
preferred stock_ 6121,550
maintenance Accts. & tax__ 997,810 1,665,536
498.150
and upkeep and expenses of sales and general offices.
notes rec.
$3 cum cony. pref.
(&e.(not curr.)_ 1,093,176 3,256,376
Condensed Consolidated Balance Sheet Dec. 31.
stock
c1,821,350
Investments
6,098,230 4,109,033 Common stock_ __d7,564,623 7.448,484
1930.
1929.
1930.
1929.
bites., mach'y
Assets
Surplus
4.534,082 4,091,262
Liabilities
equipment. &e.x1,781.882
Cash
$158,878
291,950 Accounts payable- $459,771 3400,166 Deferred charges__ 178.076 2.678,533
376,296
Trade sects Anotes
Notes payable_ ___ 780,000
854,000 Patents,
license
receivable
947,686 1.137,833 Sundry payable &
agreements, and
Other accts., notes
accrued nab_ ___ 132,752
goo-dwill
147,979
1
rec. & sundry
1
Funded debt
3,367,520 1.824,420
advances
66,026
408,396 Land purch. contr.
41,000
Total
75,884
28,972,411 26,314,349
Inventories
Total
3,198,801 4,097,640 Res. for accidents.
28,972,412 26,314,349
a Represented by 27,261 shares of no par value. b Represent
Land.bldgs.,plants,
oontingenciesotc 127,544
ed by
83,333 7,293 shares of no par value. c Represent
equip., mineral
Cap,stock of subs_ 487,657
ed by 36,427 no par shares.
501,430 d Represented by 472,938 shares of no
rights,dtc_ :11,046.503 10,828,905 Bonds & mtges. of
par value. x After depreciation of
Patents & goodwill 6,190.099 6,188,030 subsidiary
64,45 708.
4
The.
766,100
Employees' stook_ 193,289
pro forma balance sheet Dec. 31 1930. after giving effect to recent
255.536 7% cum. pref.stk. 2.610,493
2,610,493
Sundry invest'ts,
Common stock_ _y14,407,417 14,222,417 financing, was given in the "Chronicle" of March 14, p. 2016.
notes rec.&accts.
Our usual comparative income account for years ended Dec. 31 was
Surplus
148,040
898,770 published in V. 132. p. 2216.
rec.(partially secured)
413,029
Edward C. Delafield, B. Thacher Feustman and Henry A. Wentworth
Deferred items__
347,883
have been added to the board. Roy W. Price and Roy F. Williams re378,701
signed as directors.
-V. 132. p. 2216.
Total
22,562,194 23,384,993
Total
x After depreciation of $3,100,137. y Represent 22.562.194 23,384,993
Warren Foundry & Pipe Corp.
-Balance Sheet Dec. 31.
ed by 488,287.0145
shares and scrip (no par).
A8SetS--V. 131, p. 3547.
1930.
Liabilities1929.
1930.
1929.
Plant, property Sr
Capital stock __ ...y$6,442,800 $8,850,000
Vacuum Oil Co.
-Merger with Standard of New
equipment
$7,635,370 $8,098,151 Fund debt
1,304,700
York Cash
384,065„
Not in Violation of Original Consent Decree.
Accts. payable,&c. 136,235
163,917
Notes & accts. rec. 737,047 1,043,684 Dividends payable
The U. S. Department of Justice has received the
91,634
99,630
856,016 1,212,413 Accrued accounts_
of the St. Louis Federal Court, which decided that theorder in the decree Inventories
21,882
merger of Vacuum War F & P stock
939,367 Reserves
011 Co.and Standard 011 Co. of New York was not in
65,127
381,266
264,589 Surplus
consent decree entered in the U. S. Supreme Court violation of the original Other investments 164,773
3,215,884 2,772,549
179
companies were segregated. Further action by the when the Standard Oil Advances, &c_...315,
Government is under- Cash with trustee_
7,978
stood to have been held up awaiting the final order
271,101
Court,and it is probable that an appeal will be taken from the St. Louis Deferred clogs.,&c. 174,409
direct to the Supreme
Court in the near future.
-V. 132, p. 2606, 1244.
Total
59,951,680513,593,744
Total
29,951,680E13,593,744
a After depreciation, depletion and development of
Vanadium Corp. of America.
$6,648,076. y Rep-Omits Dividend.
-The resented by 182,000 no-par shares.
directors on April 15 voted to omit the quarterly
Our usual comparative income
dividend was published in V. 132. p. 2217.account for the year ended Dec. 31 1930
11
FINANCIAL CHRONICLE
2986
[vol.. 132.
Stock Reduction Authorized.
Cash and Liberty bonds
Receivables (less reserve)
Inventories (materials only)
$1,000,914
284,812
497,029
Earns Dividends in First Quarter.
Total current assets
Accounts payable for merchandise (not yet due)
Miscellaneous accruals, payrolls, royalties, taxes
51,782,755
39,364
78,505
The stockholders on Marcn 31 approved the proposed reduction in the
authorized common stock by 50,000 shares and the reduction in capital
represented by common stock from $35.40 per share to $10.
President Leondard Peckett said: "Although March figures are as yet
only estimated, in my opinion first quarter earnings will be close to dividend
requirements of 50 cents per share paid to stockholders April 1, these
requirements amounting to 891,000. Although the selling price of cast
iron pipe hae declined somewhat along with prices of other iron and steel
-V. 132,
products, prospects for the second quarter are quite promising."
p. 2217.
-New Director.
Webster Eisenlohr, Inc.
Ralph E. loolz, Vice-President of the company, was recently elected an
-V. 132, p. 1828.
additional director.
-January Mail Business.
Western Air Express Corp.
The company during January carried 68.690 pounds of airmail on its Los
Angeles-Salt Lake City route for which $97,556 was received as compensation. This compares with 63,569 pounds in January 1930. for which
$190,705 was received and with 50,476 pounds in January 1929, for which
$151,427 was received.
Transcontinental & Western Air, Inc., jointly owned by the above company and the Transcontinental Air Transport, Inc., during January carried
15,921 pounds on the Los Angeles-New York transcontinental route for
which $E57,433 was received from the Government. See also V. 132, p. 2606.
-Earnings.
Westvaco Chlorine Products Corp.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
Dollar sales for the first quarter of 1931 decreased 24.05%. but through
economies effected the net earnings were reduced only 7%. These econolast
mies reflect improvements to plant and in operating methods started curyear and further improvements are being carried forward during the
rent year. The company's financial position shows total current assets
at the end of the first quarter of $1,485,731 and current liabilities of $397,671.-V. 132, p. 1245.
-Earnings.
Wheeler Metal Products Corp.
For Income statement for 3 and 6 months ended March 31 1931 see
-V. 130. p. 3737.
"Earnings Department" on a preceding page.
-New Director.
White Rock Mineral Springs Co.
Former Judge Morgan J. O'Brien has been elected a director to succeed
-V. 132, p. 510.
the late William A. Marburg.
-Sale.
Williams Alloy Products Co., Elyria, Ohio.
This cornpany has passed to the control of the Studebaker Chemical Co.,
South Bend, Ind.,of which George M.Studebaker is Chairman of the board.
-V. 129,p. 1144.
("Steel.")
-Dividend Decreased.
(R. C.) Williams & Co., Inc.
The directors have declared a quarterly dividend of 17% cents per share
on the capital stock, payable May 1 to holders of record April 20. From
Feb. 1 1929 to and incl. Feb. 2 1931, the company made regular quarterly
-V. 130. p. 3725.
distributions of 35 cents per share.
-Earnings.
Wil Low Cafeterias, Inc.
For income statement for 3 months ended March 31 see "Earnings
-V. 132, p. 2411.
Department" on a preceding page.
-Omits Class A Dividend.
Wizard, Inc.
ordinarily
The directors have voted to omit the quarterly dividendand Jan. 1
Oct. 1 1930
payable about April 1 on the class A stock. On were made,as compared
1931 quarterly distributions of 1254 cents per share
-V. 131. p. 2082.
with 25 cents previously.
gs..-Earnings.Woods Brothers Corp.(& Subs.)
Calendar Years
Gross profits from contracts and sales
income
Other
Total gross profits and income
Selling, administrative and general expenses
Depreciation
Interest on mortgages and bank loans
Interest on collateral trust bonds
Bond discount and expense
Provision for Federal income tax
Net income
Previous surplus
Adjustments affecting prior periods
1929.
$1,944,722 $1,105,027
646,397
218,335
$2,163,057 $1,751,425
747,772
752,047
179.905
83.518
125,425
131,810
120.937
31.229
30,701
100.000
81.500
$854.043
1,318,296
Dr26,349
$675,595
979.313
$2.145,991 $1,654,909
336,612
348.948
Total surplus
Preferred dividends
$1797,043 $1,318,296
Earned surplus, Dec. 31 1930
Earnings per share on 167,788 shares common stock
$3.00
$2.01
(no par)
Consolidated Balance Sheet Dec. 31.
1930.
1929.
1929.
1930.
Liabilities
$
Assets
650.000
552.856 Notes pay., banks 750,000
874,217
Cash
72,235
69,735
Notes pay., others
Inventory of trad312,242
105.712 Accts. pay., trade 274,417
(at
ing scour. cost) 218,898
39,336 Accounts pay., ofFairfax Airport stk
38,363
11,416
ficers & employ.
Mtge. notes for
144,838 Accrued taxes, Int.,
resale
207,714
payroll. dm_ _ _ _ 165,935
Notes and accounts
1.842,018 1,709.845 Prov. for Fed. Inreceivable
126,572
100,000
come taxes
Install. contr. reel,.
208,322 Current sink, fund
within I yr. 387,151
-due
134,500
176,000
requirements_ _ _
Accrued int reedy. 137.881
Mtge. due within
Cull surrender value
11,744
23,000
one year
68,525
73,705
of life insurance_
300,529 Mtges. on farms &
283,710
Inventories
651,363
improvements._ 643,127
2,071,014 2,217,039
assets
Other
152,317
Equip. notes pay. 109,271
Real estate for rea2,785.181 2,791.838 Interest accrued.
sale. Arc
9,927
799,580 due Dee.31 1931
888,881
Investments
Deposits,subscriP.
Constr. equip.,offlce
,
15. 374
to capital stock_
1,800,783 1,570,955
building,&c
10 year 6% coll. tr.
Patent licenses and
sinking fund gold
405.638
406,638
patents
1,744.683 1.986,031
bonds
164,529
170,413
Deferred charges
7% cum, pref. stk. 4,988,352 4,980,988
6% cum. pref. stk. 461.350
Common stock and
62,164,936 1,761.816
surplus
11,898,287 11,077,144
Total
11,898,287 11,077,144
Total
resale as appraised by American Appraisal
a The value of real estate for to 84.449,843. b Represented by 166,191
Co. at Dec. 31 1930 amounted
an authorized issue of 8350,000 shares of which
shares (no par value) ofUnder the terms of a trust agreement relating to
1,596 held in treasury. warrants, 2,500 shares of the prior issue of comstock purchase
common
issued and are still outstanding in the
mon stock, without par value, were for exercsing the option to purchase,
hands of the trustee. The time limit
therefore, this stock
of the agreement, has expired and,
under ther terms
-V. 132, p. 510.
subject to cancellation.
-Earnings.
Srping & Wire Corp.
(L. A.) Young
ended March 31 1931 see "EarnFor income statement for three months
-V.132, p. 1635.
ings Department" on a preceding page.
-Earnings.
Zenith Radio Corp.
Jan. 31 1931 see "Earnings
For income statement for 3 months ended
Department" on a preceding page.
satisfactory as shown by
current financial position continues to be
The
April 11931:
the following figures taken at the close of business
$1,664,886
Net current assets
The company has no bank loans, preferred stock or bonded indebtedness,
A new line of low-priced receivers, bearing the trade name "Zenette"
was placed on the market late in Jan. and two new Zenith models with
Hyperrnetron circuita were introduced hi Febuary. These stimulated
post-season sales and enabled the company to operate at a profit during
the months of February and March. A line of Superheterodyne models,
in which are incorporated all of the latest developments as well as many
new and novel features developed in the company's laboratories, will be
-V.
placed on the market at popular prices, about May 1, it Is stated.
131. p. 4230.
-New Control.
(William) Zoller Co., Pittsburgh.
President H. Oscar Fisher recently announced that the controlling interest of this company has parsed into the hands of Oswald & Hess, North
-V. 13,1 p. 1911.
side, Pa., a packing concern.
-Par Value Changed-Earnings.
Zonite Products Corp.
The stockholders on April 17 approved a reduction in the stated capital
to $845,556 from $14,216,280, and a change in the par value to 81 from
no par.
For income statement for 3 months ended March 31 see **Earnings
-V. 132. p. 2793.
Department" on a preceding page.
CURRENT NOTICES.
just
-"The Stock Exchange Official Intelligence" for 1931 (Vol. 49) has
been published by Spottiswoode, Ballantyne & Co., Ltd., 1 New Street
Square, London, E. C. 4, England. This volume is a carefully revised
Colonial,
compendium of information regarding British, Indian. Dominion,
American and foreign securities, including securities of governments.
&c.; railways; banks and discount
counties, municipalities, public boards,
and
companies; breweries and distilleries; canals and docks; commercial
land
industrial companies; electric lighting and power; financial trusts;
and steel;
and property; gas; insurance; investment trusts; iron, coal
telemines; nitrate; oil; rubber; shipping; tea and coffee; telegraphs and
also
phones: tranways and omnibus; and water works. The volume
decisions, and
contains special articles on Indian finance, company law
finance,
war debts and reparations; also statistics relating to munidPal
finance,
county finance, Dominion and Colonial finance, British and foreign
and the National debt; a list of brokers who are members of the London
Stock Exchange; and information as to stamp duties, trustee investments,
The Public Trustee. income tax, company registrations, &c. The volume
contains 2,246 pages and is edited by the Secretary of the Share and Loan
Department of the London Stock Exchange.
At
- a regular meeting of the board of directors of the Shawmut Corp.
of Boston William C. McClelland was elected an Assistant Vice-President.
Mr. McClelland, who will be resident in New York, will be the senior officer
In the New York office of the Shawmut Corp. He will be in charge of the
corporation's acceptance department. For the past twelve years he has
been with the National City Co. and in recent years has been in charge
of acceptance business.
-Several promotions in the official staff of the J. Henry Schroder
Banking Corp. were recently announced. Carlton P. Fuller and V. LadeMocarski, formerly Assistant Vice-Presidents, were elected Vice-Presidents.
Norbert A. Bogdan was promoted from Assistant Secretary to Assistant
Vice-President; Harold A. Sutphen, formerly Assistant Treasurer, was
made an Assistant Vice-President, and Joseph Mlller-Alchholz becomes
Assistant Treasurer.
-George II. Burr & Co., which was organized in 1897, announces that
the firm has been admitted to membership in the New York Stock Exa
change and the New York Curb Exchange. The firm was originally
commercial paper house and has since specialized in that field and in the
Investment banking.field. In addition to a general brokerage business,
paper
they will continue to transact a general investment and commercial
business.
Inc.,
-Announcement is made of the formation of Scott, Banal & Co.,
New
which will engage in a general investment business at 120 Broadway,
York. The principals are Wm. A. Scott, formerly of Greenlee & Scott,
and P. W. Banal, having been a resident partner of the Syracuse office of
the Stock Exchange firm of Williamson, Gilbert & Co., now dissolved.
-Philip L. Saltonstall, formerly a general partner in the New York
Stock Exchange firm of Henry G. Lapham & Co., now Lapham. Potter
S: Holden, has become associated with Doremus & Co. in their London
office. Mr. Saltonstall is the first American to become affiliated with the
European organization of Doremus & Co. and will represent the interests
of its American clients abroad.
Announcement is made of the organization of J. J. Brodrick Co.,
Inc., with headquarters at 955 Main St., Bridgeport, Conn. The new
of the investconcern, headed by J. J. Brodrick, formerly vice-president
ment banking firm of Ellis-Milley, Inc., of 120 Wall St., New York City
will conduct a general investment and brokerage business in listed and
unlisted stocks and bonds.
Roosevelt & Son, 30 Pine St., New York City, announce that Mr.
Irving Brown, Mr. Van S. Merle-Smith, Mr. Charles B. Robinson, Mr.
Charles E. Weigold have been admitted as general partners in their firm
and that Mr. John K. Roosevelt and the Estate of W. Emlen Roosevelt
have been admitted as special partners.
-Halle & Stieglitz announce the opening of a Boston office at 24 Federal
St., under the management of Charles Ulin, formerly Chairman of the
board of the Boston Continental National Bank. John E. Sullivan,
recently manager of the Boston office of Jackson Bros., Boesel & Co.,
will be associated with Mr. Ulin.
-Scott, Burrows & Christie, Chicago, announce the retirement of
Harold N. Scott and Killian V. R. Nicol as general partners of their firm
The remaining partners are Wm. F. Burrows Jr., F. M. Murphy, 9, 0'
Harris, Theo. H. Price Jr., T. K. Christie, J. C. Pitcher, and E. L:
Hicks Jr.
-Thomas S.: McKinnon announce that George Briggs Buchanan of
New York, Harold N. Scott of Chicago and George It. Ross of Toronto
have been admitted to partnership in their firm. They also announce
that Harry L. Winters has retired as a partner of their firm.
-Stevenson, Gregory & Co., members New York Stock Exchange, Hartford, Conn., have published a booklet "A Letter to a Salesman of Securities," written by George S. Stevenson, a copy of this booklet will be furnished upon request.
-William H. Fleischmann of Jackson Bros. Boesel & Co. has been elected
a member of the New York Hide Exchange, Inc. The firm has also become members of the New York Hide Clearing Association.
John F. O'Mahony and Laurence J. McNamara announce the formation of O'Mahony & McNamara to deal in bank, insurance and unlisted
securities with offices at 42 Broadway, New York.
APUIL
FINANCIAL CHRONICLE
18 1931.}
2987
rports and 311ottuntuts.
PUSLISNED AS ADVZSTISESIENTS
ILLINOIS CENTRAL RAILROAD COMPANY.
EIGHTY-FIRST ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31, 1930.
To the Stockholders of the Illinois Central Railroad Company:
The Board of Directors submits the following report of
the operations and affairs of the Illinois Central Railroad
Company for the year ended December 31, 1930, including
The Yazoo & Mississippi Valley Railroad Company, the
entire capital stock of which is owned or controlled by the
Illinois Central Railroad Company. For convenience the
two companies are designated by the term "Illinois Central
System."
The number of miles of road operated as of Dec. 31. 1929. was.... 6,712.34
Additions for Year:
3.00
Trackage rights over Vicksburg Bridge
Less:
Retirement of line-Webb, Miss., to Parchman, Miss_ -11.68
2.61
Various changes due to remeasurement, etc
14.29
11.29
6,701.05
The number of miles operated as of Dec. 31, 1930, was
The average number of miles of road operated during the year was 6,711.08
INCOME.
A summary of the income for the year ended December 31,
1930, as compared with the previous year is stated below:
Per
increase
Cent
Decrease 1929.
1930.
Average miles op-10.01 -0.15
8.721.09
8,711.08
erated during yr.
Railway operating
revs. (I able 2)_148,455,904.55 180,976,182.11 -32,520,277.56 -17.97
Railway operating
exps. (Table 10)113,813,197.27 139,430,071.30 -25,618,874.03 -18.37
Net rev, from
railway oper- 34.642,707.28 41.548,110.81 --8,903,403.53 --18.82
Ry. tax accruals.... 9,141.528.09 12,448,014.00 --3,306,485.91 --26.56
Uncollectible rail43,923.31
53,998.01
-10,074.70 -18.66
way revenues__
Railway operating income- 25.457.255.88 29,044,098.80 --3,586.842.92 --12.35
Equipment rents
1,956.088.19
A-391,343,61 A-20.01
2,347.431.80
net debit
Joint facility rent
--168.551.83 --25.72
655,248.48
488.896.83
-net credit
Net railway operating income 23,596,520.91 27.743,259.07 -4,146,738.16 -14.95
-756,528.34 --16.43
Non-oper. income 3.849.211.29 4,605,739.83
Gross income..- 27,445,732.20 32.348,998.70 --4,903,268.50 --15.18
Deductions from
--672,473.44 --3.57
gross income-- 18,156,141.99 18,828,815.43
Income balance
transferred to
credit of profit
9.289,590.21
and loss
Earned on common stock, on
basis of shares
outstanding at
the close of the
year, after deducting dividend
accrued on Preferred Stock....
6.02%
13,520,383.27 -4,230,793.06 -31.29
9.14%
-3.12% -34.14
The depression, starting in October, 1929, continued
through 1930 and became worldwide in its effect. The loss
of tonnage and revenue in 1930, in comparison with 1929,
was the most marked and drastic decline in our experience.
There was a decrease in freight revenue of $25,974,832.21,
or 18.14 per cent. This radical decline was accelerated by
the drought prevailing during the crop growing season in
the Middle West and the Mississippi Valley territory. Not
only was there a short crop yield, but there was a drastic
decline in crop values to the extent that at the close of the
year there were in storage in territory contiguous to the
lines of your railroad more than 1,000,000 bales of cotton
and 100,000,000 bushels of grain. There are stored at our
Gulf ports in excess of 70,000 tons of imported fertilizer
materials awaiting farm purchase. Furthermore, the present
winter has been the mildest in our experience, resulting in
a curtailed movement of coal, a commodity which produces
a very large share of our revenue. In addition to this, the
buying power of our territory has been further curtailed
during the year by the closing of approximately 735 banks
with depositors' funds therein lost or frozen.
The passenger revenue has been declining from year to
year more or less steadily, due to other modes of transportation in competition, but a very drastic decline obtained in
1930 in comparison with 1929, wherein the decrease was
$4,691,317.23, or 19.48 per cent, largely reflecting the
existing depression, drought and factors incident thereto.
The condition is further emphasized in our express revenue,
which declined $1,053,734.40, or 23.24 per cent.
The decline in the foregoing major operations was likewise
reflected in the auxiliary revenues.
RAILWAY OPERATING REVENUES.
"Railway Operating Revenues" were $148,455,904.55 this
year, as compared with $180,976,182.11 last year, a decrease of $32,520,277.56, or 17.97 per cent. For details of
"Railway Operating Revenues," see Table 2 [pamphlet
report].
The number of tons of revenue freight carried one mile
was 12,568,231,120, a decrease of 2,899,138,353, or 18.74
per cent compared with last year. The average rate per
ton per mile was .933 cent, an increase of.007 cent, or 0.76
per cent, compared with the previous year. The decreases
were general throughout, the major items being in products
of mines, forest products, manufactures and miscellaneous
shipments. The increase in the average rate per ton mile
was due to the large decrease in shipments of low-rate
commodities.
The number of passengers carried one mile was 799,604,523,
a decrease of 122,322,778, or 13.27 per cent, compared with
last year. The average revenue per passenger per mile
was 2.424 cents, a decrease of .188 cent, or 7.20 per cent,
compared with the previous year. The decrease in passenger revenue was due to a continuing decline in passenger
travel, resulting in part from motor competition and in
part from the general business depression. The decrease in
the average revenue per passenger per mile was due to an
increase in special low-rate excursion business and a decrease
in regular through business.
"Mail Revenue" decreased $130,948.48, or 4.32 per cent,
due to a decrease in annual authorizations by the United
States Post Office Department and to the taking off of trains
by the railway company, the latter automatically canceling
authorizations.
There was a decrease of $210,229.01, or 17.79 per cent,
in the other items of passenger train revenue, consisting of
"Excess Baggage," "Parlor and Chair Car," "Milk" and
"Other Passenger Train Revenue." The decrease in revenue
from these sources other than "Milk" was due to a decline
in passenger traffic; in the case of "Milk" to losses caused
by motor truck competition and by general business conditions.
"Switching" and "Special Service Train Revenue" decreased $394,739.51, or 17.38 per cent.
"Incidental" and "Joint Facility Revenues" decreased
$64,476.72, or 2.41 per cent, as a result of the general decline
in business, the decline being offset in part by an increase
in the storage of freight and by the inclusion in joint facility
revenues of Chicago Produce Terminal Company revenues
for the entire year, as compared with six and one-half
months in the previous year.
RAILWAY OPERATING EXPENSES.
Nineteen thirty was an unusually trying year for the
management, and measures of the strictest economy were
necessitated. "Railway Operating Expenses" amounted to
$113,813,197.27, as compared with $139,430,071.30 last
year, a decrease of $25,616,874.03, or 18.37 per cent. Details will be found in Table 10 [pamphlet report]. Fortunately this reduction was possible without impairment of
either the property or the service, due to the loyalty and
ability of the personnel, and the long-continued high state
of maintenance of your property. Notwithstanding a decline of $32,520,277.56 in revenues, "Net Revenue from
Railway Operations" declined only $6,903,403.53, or 16.62
per cent, and "Net Railway Operating Income" declined
$4,146,738.16, or 14.95 per cent.
There was a decrease of $6,750,634.41, or 28.41 per cent,
in "Maintenance of Way and Structure Expenses," the
details of which are shown in Table 10 [pamphlet reporti.
Notwithstanding the decreased expenditures, the way and
structures were properly maintained.
There was a decrease of $10,301,640.33, or 25.03 per cent,
in "Maintenance of Equipment Expenses." The expenditures made were adequate under the existing conditions.
"Traffic Expenses" decreased $34,533.10, or 0.93 per cent,
the principal decreases being in expenses for superintendence
and outside agencies, partly offset by increases in industrial
and immigration bureau expense.
2988
FINANCIAL CHRONICLE
[VOL. 132.
ADDITIONS AND BETTERMENTS—EXPENDITURES.
The decrease of 8,301,316.95, or 12.87 per cent,in "Transportation Expenses" was due to a decrease in the volume of
There was expended during the year for "Additions and
business handled.
Betterments" (including improvements on subsidiary and
The decrease of $170,942.93, or 13.27 per cent, in "Mis- lessor properties) $1,937,032.20. The following is a classicellaneous Operations" was due to a decrease in dining car fied statement of these expenditures:
Total
and restaurant expense.
Road—
Expended.
"General Expenses" decreased $41,522.02, or 0.81 per Engineering
$110,733.67
Cr. 62,839.74
cent. There were substantial savings in salaries and ex- Land for transportation purposes
Grading
103,650.62
penses of general officers and clerks and attendants, law Tunnels and subways
Cr.
687.41
expenses, general office expenses and stationery, which were Bridges, trestles and culverts
421,682.44
Ties
Cr. 7,254.60
partly offset by increases in pensions and valuation outlays.
Rails
129.172.25
Other track material
202,778.46
RAILWAY TAX ACCRUALS.
Ballast
26,134.74
Track laying
17,010.47
"Railway Tax Accruals" for the year amounted to Right-of-way and surfacing
fences
24,327.86
Crossings
335,520.63
$9,141,528.09, as compared with $12,448,014.00 last year, Station and signs
and office buildings
182,874.27
a decrease of $3,306,485.91, or 26.56 per cent. There was Roadway buildings
4.920.91
55,312.41
a substantial decrease in Federal income taxes, due to a Water stations
8,288.64
refund for 1918, 1920, 1921 and 1922 and an adjustment of Fuel stations houses
Shops and engine
Cr. 137,950.24
the accruals for 1917 to 1927, inclusive (the Federal refund, Storage warehouses
4,225.99
Wharves and docks
2,047.76
including interest, was $1,366,422.71), and a decline in Telegraph and telephone lines
6,628.81
taxable income for the year. There was also a decrease in Signals and interlockers
120,619.56
Power plant buildings
Cr.
774.48
the amount of State taxes principally in Illinois State Power transmission systems
Cr.
478.38
Charter taxes.
Power distribution systems
8,098.39
Power line poles and fixtures
14,358.35
Underground conduits
EQUIPMENT RENTS—NET DEBIT.
34.75
Cr. 2,715.19
Miscellaneous structures
1,324.89
"Equipment Rents—Net Debit" amounted to $2,347,- Paving
Roadway machines
107,191.95
431.80 this year, as compared with $1,956,088.19 last year, Roadway small tools
365.80
anlincrease of $391,343.61, due principally to a decrease in Assessments for public improvements
254,269.94
Cr.
Other expenditures—Road
1,636.65
the use of System equipment by foreign lines.
Cr. 157,902.91
Shop machinery
Cr. 26,460.69
Power plant machinery
JOINT FACILITY RENT—NET CREDIT.
•
Total
$1,742.823.27
"Joint Facility Rent—Net Credit" was $486,696.83 this
year, as compared with $655,248.46 last year, a decrease
Equipment—
Cr. $26,903.83
of $168,551.63, due principally to tolls paid for the use of Steam locomotives
Other locomotives
812,031.62
the new Vicksburg bridge, superseding car ferry transfer Freight train cars
Cr. 506,126.87
across the Mississippi River on the Vicksburg Route Division. Passenger train cars
Cr. 152,122.52
Motor equipment of cars
2,731.40
NON-OPERATING INCOME.
Work equipment
59,030.14
Cr. 11,152.95
"Non-operating Income" amounted to $3,849,211.29 this Miscellaneous equipment
Total
$177.486.99
year, as compared with $4,605,739.63 last year, a decrease
of $756,528.34. The decrease was due principally to the
General—
discontinuance of interest accruals amounting to $679,- Organization expenses
$148.37
Cr.
11,040.99
513.06 on bonds of, and advances to, the Dubuque and General officers and clerks
Law
5,910.61
Sioux City Railroad Company, which was offset by a de- Stationery and printing
147.00
Cr.
Taxes
147.00
Cr.
crease of the same amount in "Rent for Leased Roads," Interest during construction_
219.71
to a decrease in interest on temporary loans and deposits, Other expenditures—General
and
7.00
Cr.
which was partly offset by items from miscellaneous sources.
Total
$16,721.94
DEDUCTIONS FROM GROSS INCOME.
Grand Total
$1,937,032.20
"Deductions from Gross Income" amounted to $18,The foregoing statement includes 54,411.81 advanced
156,141.99 this year, as compared with $18,828,615.43 last
year, a decrease of $672,473.44. The decrease was due during the year for additions and betterments to the propprincipally to a decrease in "Rents for Leased Roads" on ac- erties of subsidiary and lessor companies as follows:
Baton
$6,783.82
count of discontinuance of interest accruals on bonds of, BentonRouge Hammond & Eastern RR. Co
100.11
Southern RR. Co
7,791.35
and advances to, the Dubuque and Sioux City Railroad Blue Island RR. Co
14,951.22
Canton Aberdeen and Nashville RR. Co
Company, which was offset by a decrease of the same Chicago St. Louis & New Orleans RR. Co
613.751.98
11,987.18
amount in "Non-operating Income," to a decrease of $235,- Chicago Memphis & Gulf RR. Co
160,735.94
Dubuque and Sioux City RR.Co
871.02 in "Interest on Funded Debt" due to the maturity Golconda Northern Ry
694.41
Cr.
.45
and retirement of Equipment Trust Certificates, partly Herrin Northern RR. Co
Cr. 46,245.87
Johnson City Southern RR. Co
offset by the inclusion of interest for the entire year on Kensington and Eastern RR. Co
Cr. 199,898.63
Equipment Trust Certificates, Series "P," issued last year, South Chicago RR. Co
Cr. 2,623.68
16,683.41
and to an adjustment of interest accruals resulting from the Southern Illinois and Kentucky RR. Co
acquisition of the Chicago Produce Terminal.
$583,422.87
Total Subsidiary Companies
CAPITAL STOCK AND FUNDED DEBT.
$67,809.81
The Alabama & Vicksburg By. Co
203,179.13
Preferred stock of the par value of $403,400.00 was con- Vicksburg Shreveport & Pacific BY. Co
verted into common stock during the year.
$270,988.94
Total Lessor Companies
Under the terms of the Illinois Central Railroad Com$854,411.81
pany and Chicago St. Louis & New Orleans Railroad Com- Grand Total
.
pany Joint First Refunding Mortgage there were issued
PHYSICAL CHANGES.
$38,500.00 par value of Series "A,' or Dollar, Bonds in
exchange for L7,700 Sterling Bonds, the equivalent of
.
The following summary includes the more important im$37,345.00 of Series "B," or Sterling, Bonds upon payment provements during the year, the cost of which was charged
wholly or partly to "Road and Equipment":
of the difference of $1,155.00.
There were retired and canceled during the year, under
ADDITIONS AND BETTERMENTS—ROAD.
the terms of the respective trust agreements: Illinois Central
The Chicago Terminal Improvement work was continued.
Equipment Trust, Series "F," $737,000.00; Series "G,"
$324,000.00; Series "H," $217,000.00; Series "I," $443,- Construction of the new Randolph Street suburban terminal
000.00; Series "J," $1,273,000.00; Series "K," 63,000.00; and viaduct was begun. Work in connection with the reSeries "L," $616,000.00; Series "M," $386,000.00; Series location of the St. Charles Air Line bridge over the new
River was
"N," $311,000.00; Series "Ot $564,000.00; Series "P," channel of the South Branch of the Chicagowet sand com"
bins, a
$466,000.00; Government Equipment Trust No. 33, $647,- pleted. A brick sand drying house, frame were
bins
constructed
100.00. There was also a retirement, under the equipment steel fuel oil tank and elevated sand accommodate
oil and
agreement with The Pullman Company, of $209,387.37. at South Water Street, Chicago, to service.
electric locomotives in freight switching
The retirement total for the year was $7,056,487.37.
Seventy-one company sidings, covering 11.54 miles of
SECURITIES OWNED.
track, were built or extended, and 7.27 miles were taken up.
United States Three and One-Half Per Cent Treasury Ninety-one industrial sidings were built or extended.
Notes, Series "A," of 1930-1932 to the par value of $3,250,Subways were constructed at Watson and Central City,
000.00 and United States Three and One-Half Per Cent Ill., and work was begun on one at Alma, Ill.
Overhead bridges at Logan, Ia., Bloomfield, Ind., Spring
Treasury Notes, Series "B," of 1930-1932 to the par value
Lick, Ky., Memphis, Tenn. (Railroad Avenue), and Vicksof $250,000.00 were sold during the year.
Vicksburg Shreveport & Pacific Railway Company Re-. burg, Miss. referred to in the 1929 report, were completed,
funding and Improvement Five Per Cent Gold Bonds, and overhea:d bridges were constructed at Webster City, Ia.,
Series "B," having a par value of $1,845,000.00, were sold Milan, Tenn., Brookhaven, Miss., and Memphis, Tenn.
(Nonconnah Yard).
in May, 1930.
A steel viaduct near West Point, Ky., was reinforced to
The Chicago & Illinois Western Railroad redeemed
equipment trust certificates, permit the operation of heavier power, and similar work
$32,633.34 par value of its
dated August 1, 1926, in two installments maturing Febru- was started on another near that point. The work of replacing the old drawbridge and steel truss over the Green
ary 1, 1930, and August 1, 1930, respectively.
The Peoria & Pekin Union Railway Company redeemed River, Rockport, Ky., with a new bascule bridge and new
$10,000.00 par value of its Five Per Cent Debenture Bonds steel trusses is in progress, and the masonry work has been
maturing November 1, 1930.
completed.
APRIL 18 1931.]
2989
FINANCIAL CHRONICLE
The construction of the new station facilities at Monroe,
referred to in the 1929 report, was completed. Extensive alterations and the enlargement of mail facilities were
made at Central Station, Chicago.
An extension to the icing platform was constructed at
Waterloo, Ia., and a single-track, single-deck icing platform
was constructed at Fulton, Ky.
A 75
-ton mechanical coal chute was constructed at
La Salle, Ill.
A 600,000-gallon steel water tank was erected at Markham
Yard, and 10,980 feet of 16-inch cast iron pipe were installed
in order to obtain water from the Chicago municipal supply.
Eight hundred eighty-eight lineal feet of permanent
bridges and trestles were constructed, replacing pile and
timber bridges and trestles; 164 lineal feet of permanent
bridges and trestles and 9,305 lineal feet of pile and timber
bridges and trestles were rebuilt.
The steam pressure was raised from 175 to 185 pounds on
seven Mikado type locomotives and from 200 to 220 pounds
on ten Mallet type locomotives. The net increase in tractive power of locomotives for the year was 453,025 pounds.
Eleven passenger cars were added, and ninety-four passenger ears were retired or transferred to other classes,
resulting in a net decrease of eighty-three cars.
Five hundred fifty-four freight cars were retired or transferred to other classes during the year.
GENERAL.
The stockholders of record at the close of the year numbered 20,220. Of these, 15,224 held common stock and
4,996 held preferred stock. There were 20,314 stockholders
at the close of the preceding year.
The Board of Directors takes pleasure in expressing its
appreciation to the officers and employes for their loyal
and efficient service.
-EQUIPMENT.
ADDITIONS AND BETTERMENTS
L. A. DOWNS, President.
Five oil-electric and four electric locomotives were added.
By order of the Board of Directors.
Seven steam locomotives of various types were retired.
•INCOME STATEMENT FOR THE YEARS ENDED DECEMBER 31, 1930 AND 1929.
Per Cent
Table 2.
1930.
Total rail-line transportation revenue
Per Cent
of Total
Increase.
Operating
Decrease.
Per Cent.
10.01
0.15
6,721.09
$117.232,122.17
19,385,264.62
77,837.49
44,055.65
2,900,997.74
3,480.097.38
396,385.96
452,967.75
1,840,049.04
35,892.50
78.97 $143,206.954.38
24,076.581.85
13.06
100,666.70
0.05
58,634.11
0.03
3,031,946.22
1.95
4,533,831.78
2.34
479,863.21
0.27
542.311.84
0.31
2,197,349.83
1.24
73,331.22
0.02
79.13
13.30
0.06
0.03
1.68
2.51
0.26
0.30
1.21
0.04
125.974,832.21
4.691,317.23
22,829.21
14,578.46
130,948.48
1.053,734.40
83,477.25
89,344.09
357,300.79
37,438.72
18.14
19.48
22.68
24.86
4.32
23.24
17.40
16.47
16.26
51.05
$145,845.670.30
98.24 $178,301,471.14
98.52
132.455.800.84
18.20
$116,478.12
47,052.93
10,666.08
5,679.00
2,623.18
195,055.00
1,766.97
11,318.18
40,392.18
15.03
17.91
4.39
15.39
35.33
23.47
43.30
22.36
12.01
12.76
$384,673.66
16.52
$10,249.23
81.21
16.80
Incidental Operating Revenue
Dining and buffet
Hotel and restaurant
Station. train and boat privileges
Parcel room
Storage-freight
Storage-baggage
Demurrage
Telegraph and telephone
Rents of buildings and other property
Miscellaneous
$658,273.74
215,611.30
232,339.52
31,218.20
177,560.57
8,551.81
255,429.00
6,135.14
82,916.22
276,103.31
0.44
0.15
0.16
0.02
0.12
0.01
0.17
0.00
0.05
0.19
$774,751.86
262,664.23
243,005.60
36,897.20
131,202.59
11,174.99
450,484.00
7,902.11
94,234.40
316,495.49
0.43
0.15
0.13
0.02
0.07
0.01
0.25
0.00
0.05
0.18
$1,944,138.81
Total incidental operating revenue
Joint Facility Operating Revenue
Joint facility--Cr
Joint facility-Dr
1.31
$2,328,812.47
1.29
$46,357.98
0.22
6406,919.19
Dr.61,020.69 Dr.0.03
$330,446.17
$345,898.50
0.19
1320,196.94
$148,455,904.55 100.00 $180,976,182.11
100.00
132.520.277.56
17.97
$23,764,278.22 13.13
41,160,186.32 22.74
2.04
3,695,605.08
64,512,117.15 35.65
0.71
1,288,400.62
2.84
5,138,038.11
Cr.128,554.20 Cr.0.07
$6,750.634.41
10,301.640.33
34.533.10
8,301,316.95
170,942.93
41,522.02
16,284.29
28.41
25.03
0.93
12.87
13.27
0.81
12.67
18.37
$737,365.36
0.50
Dr.71,269.92 Dr.0.06
Total joint facility operating revenue
Total railway operating revenues
1929.
6,711.08
Average miles operated
Railway Operating Revenues
Rail-Line Transportation:
Freight
Passenger
Excess baggage
Parlor and chair car
Mail
Express
Milk
Other passenger-train
Switching
Special service train
i
f
6)ierig,
Revenues.
$666,095.44
Railway Operating Expenses
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation-rail line
Misce laneous operations
General
Transportation for investment-Cr
0.45
$17,013,643.81
11.46
30,858,545.99 20.79
3,661,071.98
2.47
56,210,800.20 37.86
1,117,457.69
0.75
5,096,516.09
3.43
Cr.144,838.49 Cr.0.10
92.57
76.66 1139,430,071.30
77.04
$25,616,874.03
$34.642,707.28
23.34
141,546,110.81
22.96
16,903.403.53
16.62
Railway tax accruals
Uncollectible railway revenues
$9,141,528.09
43.923.31
---
112,448,014.00
53,998.01
13.306,485.91
10,074.70
26.56
18.66
Railway operating income
$25,457.255.88
---
$29,044,098.80
13,586.842.92
12.35
$737,699.91
516,661.40
1,536.12
139,388.96
2,705,817.56
$751,290.97
583,647.82
3,505.25
196,703.42
2,588,691.04
$13,591.06
66,986.42
1,969.13
57,314.46
1.81
11.48
56.18
29.14
4.52
$44,101,103.95
64,123,838.50
$22,734.55
0.55
$2.497,706.00
619,289.70
548,192.54
4,402.00
73,127.95
2,219,120.73
12,266,327.80
576,194.32
565,273.47
6,209.99
77,230.07
1,933,442.58
$17,080.93
1,807.99
4,102.12
10.21
7.48
3.02
29.11
5.31
14.78
$5,961,838.92
15.424.678.23
$4,146,738.16
14.95
Total railway operating expenses
$113,813,197.27
Net revenue from railway operations
Additions to Railway Operating Income
Rent from locomotives
Rent from passenger-train cars
Rent from floating equipment
Rent from work equipment
John facility rent income
Total additions to railway operating income
Deductions From Railway Operating Income
Hire of freight cars-debit balance
Rent for locomotives
Rent for passenger-train cars
Rent for floating equipment
Rent for work equipment
Joint facility rent deductions
Total deductions from railway operating income___
Net railway operating income_
Non-operating Income
Income from lease of road
Miscellaneous rent income
Miscellaneous non-operating physical property
Separately operated properties-profit
Dividend income (Table 5, pamphlet report)
Income from funded securities (Table 5, pamphlet report)_
Income from capital advances to affiliated companies (Table
6, Pamphlet report)
Income from unfunded securities and accounts
Miscellaneous income
Total non-operating income
Gross income
Deductions From Gross Income
Rent for leased roads (Table 8, pamphlet report)
Miscellaneous rent deductions
Miscellaneous tax accruals
Separately operated properties-loss
Interest on funded debt (Table 7, pamphlet report)
Interest on unfunded debt
Amortization of discount on funded debt
Maintenance of investment organization
Miscellaneous income charges
$23,596,520.91
----
$117,126.52
$231,378.20
43,095.38
285,678.15
----
127,743,259.07
$215,680.54
659,058.47
52,710.63
2,156.08
2,008,624.95
194,965.04
00
1,929.495.
643,240.55
212.043.54
488,032.83
15,939.21
519,362.89
679,216.71
18.754.20
$81,478.00
655,939.91
78,252.37
31,719,509.01
22,012.94
2,833.20
10,161.90
15,808,726.13
188,070.90
379,028.55
628.00
25,171.36
$134,202.54
3,118.56
2,156.08
79,129.95
$25,541.74
448,275.51
307,319.35
191,183.88
2,814.99
14,605,739.63
$3,849,211.29
$27,445,732.20
9.90
$537,160.69
----
2756,528.34
$32,348,998.70
$4,903,266.50
$2,377,386.64
25,672.46
863.08
15,145.62
16,044,597.15
Cr.48,360.09
391,796.91
766.50
18.747.16
$1,970.12
234,430.99
6,424.20
$657,877.63
3,659.52
4,983.72
235,871.02
12,768.36
138.50
Total deductions from gross income
118,156,141.99
$18,828,615.43
$672.473.44
Income balance transferred to credit of Profit and Loss
19,289,590.21
$13,520,383.27
$4,230,793.06
-
__-_
2990
[VOL. 132.
FINANCIAL CHRONICLE
PROFIT AND LOSS.
Table S.
Dividend appropriations of surplus:
Preferred:
Payable Sept. 2,1930(3%)
2. 1931 (3%)
Common:
Payable June 2, 1930
" Sept. 2, 1930
" Dec. 1. 1930 (13j%)
" Mar. 2, 1931 (1%%)
(131%)
8560,133.00
559,371.00
$1,119,504.00
Balance, December 31, 1929
Balance transferred from income
Profit on road and equipment sold
Donations
Miscellaneous credits
$84,399,869.33
9,289,590.21
169.788.29
47.347.96
28,651.33
$2,375,415.00
2,376.050.25
2,376,494.75
2,376,494.75
9,504,454.75
47,347.96
surplus appropriated for investment in physical property__
Unaccrned depreciation prior to July 1, 1907, on equip224,126.12
ment retired
Difference between cost of property retired and not replaced
1,114,162.79
and net value of salvage recovered
176,359.54
Miscellaneous debits
81,749,292.01
Balance, December 31, 1930
393.035.247.17
$95,035,247.17
CONDENSED GENERAL BALANCE SHEET-DEC. 31, 1930, AND COMPARISON WITH DEC. 31, 1929.
ASSET SIDE.
Table 4.
Investments—
Road and equipment to June 30, 1907
Road and equipment since June 30. 1907
Dec. 31, 1930
Dec. 31. 1929.
Increase.
Miscellaneous physical property
Investments in affiliated companies:
Stocks
Bonds
Notes
Advances (Table 6„ pamphlet report)
Other investments:
Stocks
Bonds
Notes, advances. etc
$1,082.620.39
$1,968,424.37
$1,831,44970
$136,97467
$42.653,867 28
18,894,331 02
1,040.167 36
176.610,409 00
$41,868,377 08
18,936.964 36
1,000.000 00
177,119,867 40
Decrease.
$1,082.620.39
$464.456.800.74 8463,374,180.35
$786,499 20
8239,198,774 66 $238,925,20884
Total road and equipment
$169,510,131.34 $169,510,131.34
293,864,049.01
294,946,669.40
$273,56582
$42,633 34
40,167 36
809,458 40
851.052 00
21.10000
1.499,826 90
$1,571,978 90
Current Assets—
Cash
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Other current assets
86,745.271 25
$5,173,292 35
8707,195,978 67 $710,876,110 14
Total investments
851,052 00
1,866,20000
4.828,01925
$3.680,131 47
$1.845.10000
3.328,192 35
81,041,937 30
LIABILITY SIDE.
$2,806,456.01
$31,035.38
36,189,105.89
3,479,160.69
88.681.367.48
89,668,266.58
$986,899.10
3752.043.048.49 1760,783,332.55
Grand Total
$44,149.63
85,810,757.84
2,870,609.64
Total unadjusted debits
878,088.06
2,728,367.95
$2.837,491.39
Total deferred assets
$37,432,499.82
864,973.81
2,772,517.58
Unadjusted Debits—
Discount on funded debt
Other unadjusted debits
37.786,371 25
618,830 87
2,280,444 26
2,134,794 24
2,318.495.35
10,554,413.21
10.846,930.43
684,885.44
207,334.77
333,328.210.95
Total current assets
-Deferred Assets
Working fund advances
Other deferred assets
88.828,308 55
61.354 28
110.619 02
1,790,907 86
1,726,933 06
10,329,816.21
9,874,252.78
523,793.39
82,225.80
38.740.284.06
Dec. 31, 1930.
Dec. 31. 1929.
$557,476 59
2.169.82524
343,886 38
591,562.29
224,597.00
972,677.65
161.092.05
125,108.97
34.104,288.87
$13.114.25
$3378,348.05
608.551.05
Increase.
Stock-Common stock
Less, Held in treasury
3135,799.700.00 $135,396,300.00
208.33
208.33
Total common stock outstanding
Preferred stock. series "A"
Premium on capital stock
8135.799.491.67 $135,396.091.67
19,049,100.00
18,645,700.00
138.754.53
138,754.53
$403.400.00
Total stock outstanding
Decrease.
3403.400.00
$154,583,946.20 $154,583,946.20
Governmental Grants—
Grants in aid of construction
Long-Term Debt—
Funded debt
Less, Owned within the System (Table 7, pamphlet report)
Total long-term debt outstanding (Table 7, pamphlet report)
Current Liabilities—
Loans and bills payable
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total current Debilities
Deferred Liabilities—
Other deferred liabilities
Total deferred liabilities
$10,460.68
$7.055,332.37
$359,310,837.93 $366,366,170.30
$7.055,332.37
$654,065.27
3,036,596.12
11,597,743.47
495,166.47
1,805,845.09
22,387.55
17,558.32
2,935.865.75
2,692.466.65
314,075.26
761,719.95
8654,065.27
.807.686.04
3
16,788,009.27
1.415.986.45
1,835,042.32
20,469.80
19,598.32
2,940.847.00
2,734.823.68
395,742.52
615,893.22
$24,333,489.90
831,228,163.89
$771,089.92
5,190,265.80
920,819.98
29,197.23
$1.917.75
2,040.00
4,981.25
42,357.03
81,667.26
145,826.73
86.894,673.99
$4,921,482.17
84,707.367.52
$214,114.65
$4.921,482.17
$4,707,367.52
8214.114.65
38,947,587.19
79,804,139.05
7,045,203.96
$9,349,183.48
$95,796,930.20
$7,597,527.25
$10,385.674.66
81.749,292.01
810,338,326.70
84,399,869.38
847,347.96
$92,134,966.67
894,738,196.08
all intercompany items, securities of
As this consolidated balance sheet excludes
Company owned by the Illinois
The Yazoo & Mississippi Valley Railroad
not included. The differCentral Railroad Company and its subsidiaries are
on the
par value of such securities as carried amount books of The
ence between the
at which the
Company and the
Yazoo & Mississippi Valley Railroad
securities are carried on the books of the Illinois Central Railroad Company is
$13.353,407.49
entered here to balance
Grand Total
$1.309.81
8419,979,837.93 8427,035.170.30
60,669.000.00
60,669,000.00
Unadjusted Credits—
-------------------------------------------------- 87,913,546.02
Tax liability---------89,153,322.53
Accrued depreciation—Equipment
6,327,588.90
unadjusted credits
Other
$103,394,457.45
Total unadjusted credits
Corporate Surplus—
surplus
Additions to property through income and
Profit and loss (Table 3, pamphlet report)
Total corporate surplus
$9,150.87
$403,400.00
$1.034,041.17
717,615.06
82
.650,577.37
$2,603,229.41
$13,353,407.49
3752,043.048.49 $760,783,332.55
88,740,284.06
T991
FINANCIAL CHRONICLE
APRIL 181931.]
CHICAGO AND NORTHWESTERN RAILWAY COMPANY
SEVENTY-FIRST ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31, 1930.
To the Stockholders of the Chicago and
At Milwaukee, Wisconsin, the Kinnickinnic elevator was
enlarged by the addition of 2,000,000 bushels storage capaNorth Western Railway Company:
The Board of Directors submits herewith its report of city, and a mechanical car unloader was installed.
At Sioux City, Iowa, an addition with a acpacity of
the operations and affairs of the Company for the year
40,000 bushels was made to the Pearl Street elevator.
ended December 31, 1930.
At Beverly, Iowa, 2.2 miles of yard tracks were added
Average mileage of road operated, 8,458.52.
for the classification and storage of grain cars intended for
Operating Revenues—
unloading at Cedar Rapids, Iowa.
Freight
$95,922,883.43
19,366,434.73
Passenger
At Rapid City, South Dakota, a concrete and brick
Other Transportation
12,023,460.80
building, 130 by 225 feet, having two stories and a base2,717,694.93
Incidental
land. •This building
$130.030,473.89 ment, was constructed on Company
Operating Expenses—
has been leased as a storage warehouse, with a portion of
$19,195,307.76
Maintenance of Way and Structures
the space being reserved by the Railway Company for use
24,389,363.16
Maintenance of Equipment
as a freight house.
2.601,531.16
Traffic
Spurs in the logging district of Northern Wisconsin and
49,853.179.96
Transportation
Michigan were built, viz.: 5.6 miles at the end of the Gogebic
992,815.06
Miscellaneous Operations
General
4,621.581.92
Line; 2.4 miles at Long Lake, Wisconsin; and 2.8 miles at
Cr.562,355.33
Transportation for Investment—Cr
Phelps, Wisconsin.
101,091,423.69
77.74
Work was continued during the year on the new L. C. L.
Percentage of Expenses to Revenues
,
freight house, at Wells Street; on the Railway Express
Net Revenue from Railway Operations
$28,939,050.20
Terminal at Milwaukee Avenue and West Kinzie Street;
Deductions from Revenue—
and on the grade separation at Sixteenth and Canal Streets,
Railway Tax Accruals (6.51% of Revenues)- $8,462,677.16
21,346.03
on the South Branch Line; all in the city of Chicago.
Uncollectible Railway Revenues
Equipment Rents—Net
2.755,707.44
At Kenosha, Wisconsin, elevation of the tracks through
Joint Facility Rents—Net
266,468.89
commenced. The work will be spread over a
11,506,199.32 the city was
period of three years.
Net Railway Operating Income
$17.432,850.88
Non-Operating Income—
During the year the Company received and placed in
Rental Income
$751.906.93
service new equipment, as follows:
3,112,734.00
Dividend Income
Income from Funded Securities
1.821.835.74
Income from Unfunded Securities and Accounts, and Other Items
1,610,093.45
Gross Income
Miscellaneous Deductions from Gross Income
Income Available for Fixed Charges
Fixed Charges—
Rental Payments
Interest on Funded Debt
Interest on Unfunded Debt
Locomotives
-ton, 600 H. P. Diesel Electric Switching Locomotive.
1 100
Passenger Train Cars
-ft. All Steel Horse Cars, for use in passenger train service.
5 70
Freight Train Cars
7.296.570.12
383 50-ft. Steel Underframe, 50 ton capacity Flat Cars.
-ton capacity, Steel Underframe Flat Cars.
10 70
$24,729,421.00
During the year, 528 new industries were established
54,233.45
$24,675,187.55
$19,635.85
16.241,372.31
71.988.44
16,332,996.60
Net Income
Dividends
7% on Preferred Stock
4% on Common Stock
$8,342,190.95
$1,567.650.00
6,337,558.00
7,905,208.00
Balance Income for the Year
$436,982.95
GENERAL REMARKS
During the year additions and betterments chargeable to
capital account in the amount of $16,430,823.25 were made.
An analysis of this expenditure by accounts and classes of
property will be found in another part of this report under
the heading "Additions and Betterments."
The more important improvements carried forward during
the year are as follows:
At Chicago, Illinois, Wood Street Yard, in the area
formerly occupied by the Wood Street freight transfer
house, a potato and vegetable yard was constructed. A
series of tracks with concrete paved driveways capable of
handling 540 cars were built. A brick office building, platform scales in various locations, and other auxiliary facilities necessary to adapt the yard to the handling of this
important item of traffic were installed as a part of the
facility.
An additional main track on the Wisconsin Division,
extending from the end of the third track system at Des
Plaines, Illinois, was built northward to Barrington, a
distance of 13.8 miles. Additional platforms were provided
at each of the suburban stations throughout the territory
in which the track was constructed. Additional team tracks
were installed at Arlington Heights, and additional coach
tracks at Barrington, and a new passenger station was
erected at Mount Prospect. New automatic signals of the
light type were installed in this area, replacing the old disc
signals.
At Omaha, Nebraska, 8.27 acres in the Dodge Street
Yard were leased to the Cargill Grain Company of Nebraska, who constructed thereon a concrete grain elevator
having a storage capacity of 5,000,000 bushels. The Railway Company constructed a concrete and steel workhouse
to be used in connection therewith, having a capacity of
230,000 bushels. Additional yard tracks at this point and
atIthe South Omaha Yard were provided, increasing the
car capacity of these yards from 190 cars to a total of 450
ears.
at
various places on the lines of the Company. These indushandled,
tries, classified in accordance with the products
are as follows:
6
Agricultural Implements
a
Automobiles, Vehicles
Coal
Foodstuffs (Dairy Products, Poultry)
Iron and Steel. Machinery, etc
Petroleum Products
Sugar Beets
Construction Materials
Forest Products
Live Stock
Sand and Gravel
Manufacturing and Miscellaneous
Building Material
Farm Products
Grain and Grain Products
Lumber
Stone
Road Building Contractors
State Institutions
Storage Warehouses
41
19
14
..213
7
15
17
14
24
61
18
13
18
33
3
6
1
2
628
Total
The traffic anticipated as a result of the operations of these
industries will produce from $500,000 to $750,000 revenue
annually in normal times.
CAPITAL STOCK
During the year the Company issued $500.00 of Common
Stock in exchange for a like amount of Common Stock Scrip,
which had previously been issued pursuant to resolutions
adopted by the Board of Directors and Stockholders, providing for the issue of Common Stook in exchange for the
Preferred and Common Stocks of the Chicago, St. Paul,
Minneapolis and Omaha Ry. Co.
The only other change during the year in the Capital
Stock was the purchase by the Company of $60.00 of its
Common Stock Scrip.
The authorized Capital Stock of the Company is Three
Hundred Million Dollars ($300,000,000.00), of which the
following has been issued to December 31, 1930:
Held by the Public—
Common Stock
Common Stock Scrip
Preferred Stock
Preferred Stock Scrip
$158,439.200.00
5,535.26
22,395,000.00
120.00
$189,8$9,855.25
Total Stock and Scrip held by the Public
Held in Treasury—
$2.342,000.00
Common Stock
1,877.15
Common Stock Scrip
3,700.00
Preferred Stock
134.56
Preferred Stock Scrip
2,847,711.71
Total Stock and Scrip held in Treasury
Total Capital Stock and Scrip, December 31, 1930—.4183,187,566.96
FUNDED DEBT
At the close of the preceding year, the
amount of Funded Debt held by the Public
$351,096,400.00
was
The above amount has been increased by
Bonds and Equipment Trust Certificates sold
during the year ending December 31, 1930, as
follows:
2992
[VOL. 132.
FINANCIAL CHRONICLE
Expenditures for Equipment
9 Steam Locomotives (Rebuilt)
$256,615.37
115 Freight
158,459.39
-train Cars
14 Work Equipment Cars
48,731.71
357,383.57
Improvement of Equipment
Account Trust Equipment of 1929:
510 Freight-train Cars,9 Passenger-train
Cars and 1 Oil-Electric Switch Loco1,329,664.52
motive
-year Convertible Gold
0.& N. W.By. 20
Bonds, Series A,44%,authorized at a
special meeting of the stockholders held
November 18, 1929. being the balance
due on $2,060,000.00 of bonds sold on
$1,030,000.00
partial payment plan
0. & N. W. By. General Mortgage Gold
Bonds of 1987,44%,sold to reimburse
the Company for past expenditures made
for construction, and in reedeming and
5,031,000.00
retiring underlying bonds
C.& N.W.By. First and Refunding Mortgage, Series "C," 44%, sold to reimburse the Company for past expendi12,000,000.00
tures made for construction
C. & N. W. Ry. Equipment Trust Certi1,425.000.00
%,Series"X"
ficates of 1929,
Total Funded Debt Sold
Forwarded
19.486,000.00
$370,582,400.00
Retirements of Road
Retirements of Equipment:
10 Steam Locomotives
1132 Freight-train Cars
13 Passenger-train Cars
160 Work Equipment Cars
Other Items
$3.595,723.04
$160,118.75
982,947.44
72,055.37
54,818.40
72.578.51
1.342,518.47
Total
4,938,241.51
Total Retirements of Road and Equipment
Net Additions to "Investment in Road and Equipment".311,492,581.74
$92,000.00
of 1933,5%
-year Secured Gold
C. & N. W. By. 10
14,421,000.00
Bonds.7%
C. & N. W. By. Equipment Gold Notes
664,900.00
of 1920,6%
C. & N. W. Ry. Equipment Trust Cer%:
tificates of 1920,
$186,000.00
Series "J"
267,000.00
Series "K"
453,000.00
C. & N. W. By. Equipment Trust Certificates of 1922, 5%:
$345,000.00
Series "M"
317,000.00
Series "N"
662,000.00
C. & N. W. By. Equipment Trust Certificates of 1923, 5%:
$412,000.00
Series "0"
104,000.00
Series "P"
516.000.00
C. & N. W. Ry. Equipment Trust Cer44
tificates of
$361,000.00
1925'
Series "Q"
130,000.00
Series "R"
174,000.00
Series "5"
665,000.00
C. & N. W. By. Equipment Trust Certificates of 1927. 44
$183,000.00
Series "T"
143,000.00
Series "U"
330,000.00
Series "V"
656,000.00
0
C. & N. W. Ry. Equipment Trust Cotof 1929,44%:
255,000.00
Series "W"
Leaving Funded Debt held by the Public,
December 31. 1930
$16,430,823.25
The credits to "Investment in Road and Equipment" for property retired during the year ended
December 31, 1930, were as follows:
And the above amount has been decreased
during the year ending December 31, 1930, by
Bonds and Equipment Trust Certificates redeemed, as follows:
o.& N. W.By.Sinking Fund Debentures
Total Funded Debt Redeemed
2,150.854.56.
Total
Total Expenditures for Road and Equipment
COMPARATIVE GENERAL BALANCE SHEET
(8,384.56 Miles)
December 31.
December 31,
1930.
ASSETS.
1929.
Investments
$
574,015,751.72
562,523,169.98 Investment in Road and Equipment
1,012,633.85
1,035,787.77 Miscellaneous Ph steal Property
Investment in A Mated Companies:
Stock of Chicago,St. Paul, Minne10,337,152.29 Capital
apolis and Omaha Ry. Co. (149,200
10,337,152.29
Shares), acquired by purchase
13,288.971.43 Capital Stock ofChicago,St. Paul, Minneapolis and Omaha By. Co. (130.060
Shares), acquired in exchange for C. .3c
13,288,971.43
N. W. Ry. Co. Common Stock
Bonds of C. St. P. M. & 0. Ry. Co., due
15,925,769.51
in 1930
Note of C. St. P.M.& 0. Ry. Co.5%,45,186,000.00
due in January 1, 1940
2,725,486.48
2,416,453.15 Miscellaneous
Investment in Other Companies:
of Union Pacific Railroad
3,910,575.93 Preferred Stock
3,910,575.93
Company (41.715 Shares)
151,770.00
151,770.00
Miscellaneous
73,449.75
577,956.16 Other Investments
610.167,606.22
Total Investments
650,701,791.45
18.384,900.00
$352.197.500.00
LANDS
During the year ending December 31, 1930, 4,253.95 acres
and 1 town lot of the Company's Land Grant lands were
sold for the total consideration of $12,791.15. The number
of acres remaining in the several Grants December 31, 1930,
amounted to 64,001.95 acres, of which 249.01 acres were
under contract for sale, leaving unsold 63,752.94 acres.
Appended hereto' may be found statements, accounts and
statistics relating to the business of the fiscal year and the
condition of the Company's affairs on December 31, 1930.
The Board gratefully ;acknowledges its appreciation of
the loyal and efficient services rendered by officers and
employes during the year.
By order of the Board of Directors.
FRED W. SARGENT,
President.
Chicago, April 1, 1931.
PROFIT AND LOSS ACCOUNT, DECEMBER 31, 1930
Dr.
Charges for the Year Ended December 31, 1930:
Depreciation accrued prior to July 1. 1907, on equipment
$92,376.98
retired or changed from one class to another
2,091,723.07
Net loss on property sold or abandoned and not replaced
Debt discount incurred during the year extinguished
358,226.97
through surplus
Credit Balance, December 31, 1930, carried to Balance Sheet 75,113,855.53
Current Assets
Cash
Loans and Bills Receivable
Traffic and Car Service Balances Receivable
Net Balance Receivable from Agents and
Conductors
7,829,013.46 Miscellaneous Accounts Receivable
11,684.629.53 Material and Supplies
774,598.02 Other Current Assets
Total Current Assets
77,638,182.51
51,833,195.34
2,518,500.00
334,892.86
2,663,353.30
8,368.443.42
34,000.00
289,418.55
2,082.255.95
9,164,952.58
11.091.876.03
579,070.29
31,610,016.82
Unadjusted Debits
2,347,651.71 Capital Stock and Scrip, C. & N. W. By. 2,347,711.71
Co., Held in Treasury
Company Bonds Held in Treasury and Due
from Trustee: (See statement below)
40,975,000.00
Unnledged
13,399.000.00
18.000.000.00
Pledged
35,500,000.00
2,622,407.05
Debits
2,634,799.39 Other Unadjusted
53,881,451.10
741,687,239.83
Total Unadjusted Debits
Total Assets
December 31.
LIABILITIES.
1929.
Capital Stock (See statement above)—
$
Held by Public
180,839,915.25
2,347,651.71 Held in Treasury
Total Capital Stock
183,187,566.96
29,657.75 Premium Realized on Capital Stock
183,217,224.71
Total Capital Stock and Premium
63.945.118.76
746,256.927.03
December 31,
1930.
$
180.839,855.25
2,347,711.71
183,187,566.96
29.657.75
183,217,224.71
Lang Term Debt (See statement below)
_ ______
$77,656.182.55 351.096,400.00 Funded Debt Held by the Public_ and Due352,197,500.00
Funded Debt Held in Treasury
from Trustee:
Cr.
40,975,000.00
Unpledged
13,399,000.00
$77,210,817.53
Credit Balance, December 31, 1929
18,000,000.00
Pledged
35,500,000.00
Credits for the Year Ended December 31, 1930:
Credit Balance of current year's Income, brought forward
411,172,500.00
Total Long Term Debt
399.995,400.00
436.982.95
from Income Account (see statement below)
5,175.97
Net profit from sale of Land Grant lands
3,206.10
Net Miscellaneous Credits
Current Liabilities
4.415,803.93 Traffic and Car Service Balances Payable_ _ 3,867.728.42
$77,656,182.55
4.066.431.90
Accounts and Wages Payable
9.025,290.23 Audited
172,864.80
246,590.46 Miscellaneous Accounts Payable
672.504.09
ADDITIONS AND BETTERMENTS
686.747.34 Interest Matured Unpaid
57.074.45
Unpaid
46,808.70 Dividends !Matured
2.811.081.18
2.811,746.20 Unmatured Interest Accrued
Additions and Betterments to the property of the Company
744,294.19
Current Liabilities
983,558.92 Other
for the year ended December 31, 1930, were as follows:
12,391,979.03
Total Current Liabilities
Expenditures for Road—
18,216,545.78
$328.444.17
Ballasting
1,283,643.78
Rails and Other Track Improvements
1,851,047.64
Unadjusted Credits—
Bridges, Trestles and Culverts
709,263.61
Track Elevation or Depression
7,101,850.00
8,632,703.35 Tax Liability
446,616.85
Crossing Improvements
567,919.56
567,668.95 Premium on Funded Debt
243,222.97
Additional Main Tracks
52.905.157.44
49.462,032.75 Accrued Depreciation—Equipment
2,071,413.83
Additional Yard Tracks and Sidings
738,225.47
Unadjusted Credits
1.407,479.40 Other
209,637.68
Signals and Train Control
2,840.161.48
Station and Office Buildings
61,313,152.47
Total UnadJusted Credits
60,069,884.45
326,102.24
Fuel and Water Stations
399,131.64
Shop Buildings and En ()houses
203,366.22
Shop and Power Plant Machinery and Tools
Corporate Surplus
213,862.65
Docks
649,642.12
2.977,367.36 Additions to Property Through Surplus_ ___ 3.048,215.29
Grain Elevators
75.113.855.53
77,874.53
77.210,817.53 Profit and Loss
Assessments for Public Improvements
124,661.59
Yard and Other Improvements, Proviso, Illinois
78,162,070.82
Total Corporate Surplus
2,157,361.83
80.188,184.89
Railway Express Agency Facilities, Chicago
144,513.86
MI Other Improvements
746.256.927.03
Total Liabilities
741,687.239.83
$14,279,968.69
Total
APRIL 18 1931.]
FINANCIAL CHRONICLE
2993
COMPARATIVE STATEMENT OF INCOME ACCOUNT
Year Ending
Year Ending
December 31, 1929. December 31,1930.
Average mileage of road operated
Increase.
Decrease.
8,465.38
$16,106.818.77
4.497,502.10
3,473,918.46
624,234.21
$130,030,473.89
$24.702,473.64
$22,000,106.93
28,536.623.83
2,650,107.21
56,832.275.62
1,158,959.63
4 634 700.91
(Jr. '526:733.74
$19,195,307.76
24,389,363.16
2,601,531.16
49,853,179.96
992,815.06
4 621 581.92
Cr. '562:355.33
$2,804,799.17
4,147,260.67
48,576.05
6,979,095.66
166,144.57
13,118.99
35,621.59
$115,286,040.39
$101,091,423.69
$14,194,616.70
$39,446.907.04
$28,939,050.20
$10,507,856.84
$10.238,843.71
17,621.88
2,741,070.89
229,221.10
Total Operating Expenses
$95,922,883.43
19,366,434.73
12,023,460.80
2,717.694.93
$154,732,947.43
Total Operating Revenues
Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Invesiment=er
6.86
$112,029,702.20
23,863,936.83
*15,497,379.26
3,341,929.14
Operating Revenues:
Freight
Passenger_
Other Transportation
Incidental
8,458.52
$8,462,677.16
21,346.03
2,755,707.44
266,468.69
Net Revenue from Railway Operations
Deductions from Revenue:
Railway Tax Accruals
Uncollectible Railway Revenues
Equipment Rents Net
Joint Facillty Rents-Net
$1,776,166.55
$3,724.15
14,636.55
37,247.59
Total Deductions
$13,226,757.58
$11,506,199.32
61,720,558.26
Net Railway Operating Income
$26,220,149.46
$17,432,850.88
$8.787.298.68
$698,252.74
1,512,734.00
122,280.90
858,099.45
$751,906.93
3,112,734.00
1,821,835.74
1,610,093.45
$5:1.654.19
1.( .0,000.00
1,t.9,554.84
'r 51,994.00
$4,105,203.03
Nonoperating Income:
Rental fncome
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts, and Other Items
Total Nonoperating Income
$3.191,367.09
$7.296,570.12
$29,411,516.55
$24,729,421.00
$66,817.33
$54,233.45
$12,583.88
$29,344,699.22
$24,675,187.55
$4,669,511.67
$22,645.67
13.612,06713
110,930.39
$19,635.85
16,241,372.31
71,988.44
$2,629,305.18
Total Fixed Charges
$13,745,643.19
$16,332,996.60
$2,587,353.41
Net Income
$15,599,056.03
$8,342,190.95
$1.567,650.00
7,129,735.50
$1,567,650.00
6.337,558.00
$792,177.50
$8,697.385.50
$7,905,208.00
$792,177.50
$6,901.670.53
nciucles -- - - - --- -- - - - - -- - ror period May 9, 1925. to July 31.
l,349,492.99 Backa
ay 1928.
$436,982.95
$6,464,687.6E
Gross Income
Miscellaneous Deductions from Gross Income
Income Available for F xed Charges
Fixed Charges:
Rental Payments- _ -...--------------------------- _ -----------Interest on Funded bebt
Interest on Unfunded Debt
Dividends:
On Preferred Stock (7%)
On Common Stock (434-1929)(4%-1930)
Total Dividends
Balance Income for the Year, carried to Profit and Loss
$4,682,095.55
$3,009.82
38,941.95
$7.256.865.08
FUNDED DEBT, DECEMBER 31 1930
(8.384
Held by the
Public.
Held in Treasury
and Due from Trustee.
Unpledged.
0.&N.W. Ry. Sinking Fund Debentures of 1933
$6.555,000
$16,000
Fremont, Elkhorn & Missouri Valley R.R. Consolidated
7,724,000
1.000
Minnesota & South Dakota Ry. First Mortgage
528,000
Iowa, Minnesota & North Western Ry. First Mortgage
3,900,000
C. & N. W. Ry. 15
-Year Secured Gold Bonds
15,000,000
Sioux City & Pacific R. R. First Mortgage...
4,000,000
Milwaukee & State Line Ry. First Mortgage
2,500,000 Manitowoc,Green Bay & North Western .y.First Mtge.
3.750,000
St. Paul Eastern Grand Trunk Ry. First Mortgage
1,120,000
Milwaukee, Sparta & North Western Ry.First Mortgage 15,000,000
Des Plaines Valley Ry. First Mortgage
2,500.000
St. Louis, Peoria & North Western Ity. First Mortgage_ 10,000,000
C.& N. W.Ity. 20
-Year Convertible Gold Bonds, Ser. A 72,335,000*
C.& N. W. Ry. General Mortgage Gold of 1987, 334% 31,316,000
C. & N. W. Ry. General Mortgage Gold of 1987,4%-C. & N. W. Ry. General Mortgage Gold of 1987. 434%
0.& N. W. Ry. General Mortgage Gold of 1987. 4%%
33,855,000
O.& N.W.Ry. Gen.Mtge.Gold of 1987,due from Trustee
Rate.
Payable.
May 1.1933
Oct. 1, 1933
Jan. 1, 1935
Jan. 1, 1935
Mar. 1, 1936
Aug. 1, 1936
Jan. 1, 1941
Jan. 1, 1941
Jan. 1, 1947
Mar. 1, 1947
Mar. 1, 1947
July 1, 1848
Nov. 1, 1949
Nov. 1, 1987
5
6
334
3%
6%
3%
334
3%
434
4
43
5
4U
334
30,554,000
Nov. 1, 1987
4
8,902,000
Nov. 1, 1987
434
_23,663,000
Nov. 1, 1987
4%
54.355,000
Nov. 1, 1987
5
555,000
Nov. 1, 1987
---
May
May
May
May
434
4%
5
6
May 1, Nov.!
Apr. 1, Oct. 1
Jan. 1, July 1
Jan. 1, July 1
Mar. 1, Sept. 1
Feb. 1, Aug. 1
Jan. 1. July 1
Jan. 1, July 1
Jan. 1, July 1
Mar. 1, Sept. 1
Mar. 1, Sept. 1
Jan. 1, July 1
May 1, Nov. 1
Feb. 1, May 1
Aug. 1, Nov. 1
Feb. 1, May 1
Aug. 1, Nov. 1
Feb. 1, May 1
Aug. 1, Nov. 1
Feb. 1, May 1
Aug. 1, Nov. 1
Feb. 1, May 1
Aug. 1, Nov. 1
Feb. 1, May I
Aug. 1, Nov. 1
June 1. Dec. I
June 1, Dec. I
June 1, Dec. 1
June 1, Dec. 1
$6,571,000
7,725.000
528.000
3.900,000
15.000,000
4,000,000
2,500,000
3,750,000
1.120,000
15,000.000
2,500,000
10,000,000
72,335,000
31,316,000
23,663,000
C.& N. W. Ry. General Mortgage Geld of 1987, 5%
Date of
Maturity.
Pledged.
30,554,000
3,577,000
Interest.
Total.
5,325,000
2.500,000 $18.000,000
555,000
0.& N. W.By. First and Refunding Mortgage,434 %_ _
& N. W. Ry. First & Refund. Mtge., 434%,Series C
0.& N. W.By. First and Refunding Mortgage,5%____
0.& N. W. Ry. First and Refunding Mortgage,6%-
C.
20,572.000
12,000.000
15.250,000
Equipment Gold Notes of 1920
0114'.74ve's"!1Trustbi? 7atTrust Certificates of 1920:
C.& N. W.By.Equipment
$3,324,500
$3,324,500 Jan.15, 1931-35
6
Jan.15, July15
1,116,000
1,602,000
1,116,000 Mar. 1, 1931-36
1,602,000 Apr. 1, 1931-36
1,122,000 May 1, 1931-36
634
634
634
Mar. I, Sept. 1
Apr. 1, Oct. 1
May 1, Nov. 1
2,760,000
2,536,000
2,760.000 June 1, 1931-38
2,536.000 June 1. 1931-38
5
5
June I. Dec. 1
June I. Dec. 1
3,296,000
936,000
3,296,000 Dec. 1, 1931-38
936,000 Feb. 1, 1931-39
5
5
June 1, Dec. 1
Feb. 1. Aug. 1
3,610,000
1,560,000
2,088.000
3,610.000 Oct. 1, 1931-40
1,560,000 May 1, 1931-42
2,088,000 Oct. I. 1931-42
434
434
434
Apr. 1, Oct. 1
May 1, Nov. 1
Apr. 1, Oct. I
2,196,000 Nov. 1, 1931-42
1,859,000 May 1, 1931-43
4,620,000 Aug. 1, 1931-44
434
434
434
May 1, Nov. I
May 1, Nov. 1
Feb. 1, Aug. 1
3,570,000 Sept.!. 1931-44
1,425.000 Feb. 1, 1931-45
434
434
Mat-. 1, Sept.!
Feb. 1, Aug. 1
Series J
Series K
Series L
C.Sc N. W.By.Equipment Trust Certificates of 1922:
Series M
Series N
C.& N. W. Ry.Equipment Trust Certificates of 1923:
Series 0
Series P
0.& N. W.By.Equipment Trust Certificates of 1925:
Series Q
Series It
Series 5
C.& N. W.Ry. Equipment Trust Certificates of 1927:
Series T
Series U
Series V
C.& N. W.By. Equipment Trust Certificates of 1929:
Series W
Series X
Total Equipment Trust Obligations
20,572,000
28,456,000
15,250,000
15,000,000
16.456,000
15,000,000
1,122,000
2,196.000
1,859,000
4,620,000
3,570,000
1,425.000
636,498,500
-
1, 2037
1, 2037
1, 2037
1, 2037
$1,122,000
337,620,500
Total Funded Debt
$352.197,500 340,975.004 418.000.000 3411.172.500
* Includes $45,186,000 for advances made to the C.St.P.M.&
0. St. P. M.& 0. Ry. Co.for $45 186 000, and a like amount of its0. By.Co.for the retirement of its bonds matured in 1930. The promissory note of the
First
tv, ity. Co. x Pledged OS security for Mortgage 5% Gold Bonds, Series A, dated March 1, 1930, pledged as collateral
thereto, are held by the C. &
the $15,000,000 C. & N. W. Ry. 15
-Year Secured Gold Bonds.
[VOL. 132
FINANCIAL CHRONICLE
2994
CHICAGO, SAINT PAUL, MINNEAPOLIS AND OMAHA', RAILWAYICOMPAN
FORTY-NINTWANNUALIREPORT—YEAR ENDED DECEMBERI31, 1930.
To the Btockholders of the Chicago, Saint Paul, Minneapolis
and Omaha Railway Company:
The Board of Directors submits herewith its report of
the operations and affairs of the Company for the year
ended December 31, 1930.
Average mileage of road operated, 1,740.94
Operating Revenues:
219,264,178.73
Freight
3,202.982.52
Passenger
1.669.739.01
Other Transportation
299,387.57
Incidental
$24,436,287.83
Operating Expenses:
$3,731,981.42
Maintenance of Way and Structures
4,788,218.41
Maintenance of Equipment
487,715.74
Traffic
10,362.239.19
Transportation
168,503.20
Miscellaneous Operations
1,029,153.68
General
0%50.908.27
for Investment—Cr
Transportation
20,516,903.37
83.96
Percentage of Expenses to Revenue
83,919,384.46
Net Revenue from Railway Operations
Deductions from Revenue:
Railway Tax Accruals (5.21 per cont. of
21.274,194.51
Revenues)
4,305.53
Uncollectible Railway Revenues
569,918.08
Equipment Rents—Net
410,972.68
Joint Facility Rents—Net
blonoperating Income:
Rental Income
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts,and Other Items
2,259,390.80
21,659,993.66
Net Railway Operating Income
263,906.41
37,856.90
5,715.07
59,162.06
166,730.44
Gross Income
Deductions from Groin Income.
Rental Payments
Interest on Funded Debt
Other Deductions
$1,826,724.10
21.882.14
2,450,036.78
561,036.55
3.012,955.47
Net Deficit
21.186,231.37
GENERAL REMARKS.
Freight revenues for the year 1930 decreased $1,421,413.81
or 6.87 per cent., as compared with the preceding year.
The loss in revenue from grain was 10.38 per cent., and from
handling of coal 2.67 per cent. Passenger revenues decreased $820,459.10 or 20.39 per cent., the greatest loss
again occurring in local traffic, which decreased 30 per cent.
Other operating revenues also showed declines, the total..
crease in operating revenues for the year being $2,782,710.26
or 10.22 per cent. Excluding from the comparison the
back mail pay adjustment taken into revenues for the year
1929, as noted in the preceding report, the decrease for the
year may be stated as $2,549,854.22 or 9.37 per cent.
There was a marked difference between the revenue returns for the first six months and last six months of the
year 1930. Freight revenues during the first six months
showed an increase of 1.8 per cent. The decline characterizing the last half of the year was violent. Freight revenues during that period decreased 14.0 per cent.
In spite of the excessive decrease in passenger revenues,
the transportation ratio for the year 1930 was actually held
to a slight decrease as compared with the preceding year, as
result of additional economies in freight and passenger operation. The transportation ratio for 1930 was 42.40 per
cent., while that of 1929, excluding the back mail pay adjustment above mentioned, was 42.44 per cent. In comparison with the decrease of 6.87 per cent, in freight earnings
and 6.5 per cent. in gross ton miles, it may be noted that
freight train miles were decreased 9.27 per cent., gross tons
per train were increased 2.0 per cent., train speed was increased 6.3 per cent., and the fuel consumption per gross ton
mile was decreased 3.9 per cent.
In order to meet the growing decrease in passenger revenues, trains were discontinued at various times during the
year with a total net annual reduction in passenger train
miles of 651,507 or 18.1 per cent., of 1929 passenger train
miles. Of this amount the actual saving in mileage effected
in 1930 was 364,289, leaving a further saving of 287,218
miles which will be reflected in 1931.
Charges for Maintenance of Way and Structures deGreased $299,584.51 as compared with the year 1929. Of
this amount $95,513.78 was in the non-productive item
snow, ice and sand removal, leaving an actual decrease in
effective maintenance expense of $204,070.73. Charges for
ties decreased $197,546.41 and for rails $39,718.94. While
approximately 46 miles of ballasting was done in 1929, this
WEIS increased to more than 130 miles in 1930.
Charges for Maintenance of Equipment decreased $190,
185.59. Excluding the items of depreciation, retirements
and joint facilities, the decrease was $429,599.87 or 10.1 pe
cent., in effective equipment maintenance.
LONG TERM DEBT.
At the close of the preceding year the amount of Long Teem
548.206.800.00
Debt held by the Public was
The above amount has been increased during the year ended
December 31, 1930, by the sale of Equipment Trust Certificates and the issuance of a note to the Chicago and
North Western Railway Company, as follows:
Chicago, Saint Paul. Minneapolis and Omaha
Railway Equipment Trust Certificates of
2390,000.00
1928,Serles"E,"434%
Note to Chicago and North Western Railway
Company dated June 1, 1930, payable on or
45,186,000.00
before Jan. 1. 1940. 54%
45.576.000.00
804.383.800.00
And the above amount has been decreased during the year
Equipment
ended December 31, 1930, by Bonds and
Trust Certificates redeemed, as follows:
North Wisconsin Railway First Mortgage
$474.006.00
Bonds, 6%
Chicago, Saint Paul, Minneapolis and
Omaha Railway Consolidated Mortgage
24,478.000.00
Bonds, 6%
Chicago. Saint Paul, Minneapolis and
Omaha Railway Consolidated Mortgage
3,734,000.00
Bonds, 34%
Superior Short Line Railway First Mort1,500.000.00
gage Bonds,5%
Chicago, Saint Paul, Minneapolis and
Omaha Railway Debenture Gold Bonds
15.000.000.00
of 1930, 5%
Chicago, Saint Paul, Minneapolis and
Omaha Railway Equipment Gold Notes.
156 800.00
6%
Chicago, Saint Paul, Minneapolis and
Omaha Railway Equipment Trust Certificates of 1917;
95,000.00
Series "B," 7%
41,000.00
Series "0," 44%
83,000.00
Series "D," 44%
48,000.00
Series "E." 44%
54.000.00
Series "F." 434%
69.000.00
Series "G," 44%
iihicago, Saint Paul, Minneapolis and
Omaha Railway Equipment Trust Certiflcates of 1928:
26.000.00
Series "H." 434%
$45,738,800.00
Total Long Term Debt Redeemed
Debt held by the Public and the Chicago
Leaving Long Term
December 31,
and North Western Railway Company.
$48.624.000.00
1930
CAPITAL STOCK.
the preceding
There has been no change since the close of
Company.
year in the Capital Stock and Scrip of the
Fifty Million
The Company's authorized Capital Stook is
of which the following has been
Dollars ($50,000,000),
issued to December 31, 1930:
Held by the Public:
Common Stock
Common Stock Scrip
Preferred Stock
Preferred Stock Scrip
218.556.700.00
2,386.69
11.259.300.00
559.09
529.818.945.78
Total Stock and Scrip held by the Public
Held in Treasury:
$2,844,200.00
Common Stock
6.64
Common Stock Scrip
1.386,900.00
Preferred Stock
74.20
Preferred Stock Scrip
4.231,180.84
Total Stock and Scrip held in Treasury
Total Capital Stock and Seep, December 31, 1930
$34,050.126.62
Appended hereto may be found Statements and Accounts
relating to the business of the Company for the year, and
the condition of its affairs on December 31, 1930.
The Board desires to express its appreciation to the officers
and employees of the Company for their loyal and efficient
service during the year.
By order of the Board of Directors.
FRED W. SARGENT,
President,
St. Paul, Minnesota, April 1, 1931.
APRIL IS 1931.]
FINANCIAL CHRONICLE
COMPARATIVE GENERAL BALANCE SHEET.
COMPARATIVE STATEMENT
ACCOUNT.
(2,667.12 Mlles)
December 31
1929.
December 31
1930.
ASSETS.
Investments
392.943,003.87 Investment in Road and Equipment
$93,384,458.33
30,660.85 Improvements on Leased Railway Property
50,442.13
249.240.93 Miscellaneous Physical Property
258,668.84
593,089.58 Investment in Affiliated Companies
667,606.23
15,152.44 Other Investments
13,140.25
$93.831,147.62 Total Investments
$94,374,315.78
Current Assets—
$878,930.70 Cash
44,118.85 'Traffic and Car Service Balances Receivable
463,557.61 Net Balance Receivable from Agents and
Conductors
512,364.96 Miscellaneous Accounts Receivable
2,056,483.55 Material and Supplies
$3,953.435.67
$17,935.89
2,844,206.64
1.386,974.20
634.09
437.484.25
$4,687,215.07
$102.471.798.36
Total Current Assets
61,434.74
342,265.24
494,676.24
2,034.296.13
$3.379.130.10
$49,811,982.05
Total Assets
$147.565.407.93
LIABILITIES.
Capital Stock—
(See statement above)
$29.818,945.78 Held by Public
4.231,180.84 Held in Treasury
$34.050,126.62
$446,457.75
Unadjusted Debits—
Discount on Funded Debt
$11,407.99
Common Stock and Scrip, 0. St. P. M.&
0. Ry. Co., Held in 'Treasury
2,844.206.64
Preferred Stock and Scrip, O. St. P.M.&
0. Ry. Co., Held in Treasury
1.386.974.20
Consolidated Mortgage Bond Scrip Due
from Central Union Trust Company_
O. St. P. M. & 0. Ry. First Mortgag2
'
Five Per Cent. Gold Bonds, Series A,
Pledged
45,188.000.00
383,373.22
Other UnadJusted Debits
Total Unadjusted Debits
$29,818,945.78
4.231,180.84
Tetal Capital Stock
$34.050.126.62
Long Term Debt—
(See statement below)
$48.806,800.00 Long Term Debt Held by the Public and
Affiliated Companies
$48,624,000.00
Long Term Debt Owned by the Company
—Pledged
45.186.000.00
634.09 Scrip Owned by the Company
548.807.434.09
$885,278.24
3,919,404.87
135,732.94
41,841.00
8,072.50
457,712.83
500.00
$5,428,542.38
3373,808.87
28,467.50
7.711,168.98
544,661.96
$8,657.907.09
Total Long Term Debt
893,810,000.00
Current Liabilities—
Traffic and Car Service Balances Payable_
Audited Accounts and Wages Payable_ ___
Miscellaneous Accounts Payable
Interest Matured Unpaid
Dividends Matured Unpaid
Unmatured Interest Accrued
Funded Debt Matured Unpaid
Total Current Liabilities
$331.911.78
12,202.28
8,066,864.82
471.489.24
Total Unadjusted Credite
$8.882,468.12
Corporate Surplus—
$1,194,242.99 Additions to Property Through Surplus_
4.333,545.19 Profit and Loss
$5,527,788.18
$102,471,798.38
Total Corporate Surplus
$1,205,998.83
1,597.662.11
$2,803,660.94
Total Liabilities
$147,565,407.93
PROFIT AND LOSS ACCOUNT,DECEMBER 31, 1930.
Charges for Year Ended December 31, 1930:
Debit balance of current year's income brought forward
from Income Account (sec statement below)
$1.186.231.37
Depreciation, accrued prior to July 1. 1907, on equipment
retired or changed from one class to another
56,544.97
Net loss on property sold or abandoned and not replaced.-- 142,204.18
Surplus appropriated for investment in physical property
11,755.84
Debt discount incurred during the year extinguished
through surplus
1,330,288.25
Miscellaneous Debits
32,270.58
Credit Balance, December 31. 1930, carried to Balance
Sheet
1,597,662.11
or INCOME
Year Ended
Year Ended hums@ 1-) or
Dec. 31, 1929. Dec. 31, 1930. Decrease (—)•
Average mileage of road
operated
1,746.53
1,740.44
--5.59
Operating Revenues—
Freight
*20.685.592.54 519,264,178.73 —51.421.413.81
Passenger
4,023,441.62 3,202,982.52
—820.459.10
Other Transportation
*2,126,953.05
1.669.739.01
—457.214.04
Incidental
383,010.88
299.387.57
—83,623.31
Total Oper. Revenues._ 427.218.998.09 $24.436.287.83 —$2.782,710.26
Operating Expenses—
Maintenance of Way and
Structures
$4,031.565.93 $3,731,981.42 —$299.584.51
Maintenance of Equipment 4,978.404.00 4,788,218.41
—190,185.59
Traffic
477,227,80
487.715.74
+10,487.94
Transportation
11,451,794.20 10.362,239.19 —1.089.555.01
Miscellaneous Operations
191,738.87
168,503.20
—23.235.67
General
985,462.29
1,029.153.68
+43,691.39
Transportation for Investment—Cr
Cr.46,953.34 Cr.50.908.27
—3,954.93
Total Oper. Expenses.._ _822,069,239.75 $20,516.903.37 —31452.336.38
Net Revenue from Rail$5,149,758.34 33,919.384.46 —41.230.373.88
way Operations
Deductions from Revenue—
Railway Tax Accruals.. _ __ $1,339,793.74 $1,274,194.51
4.305.53
Uncollectible Railway Revs
2,817.26
569.918.08
Equipment Rents—Net. __
424,104.52
Joint Facility Rents—Net..
410.972.68
414,309.65
Total Deductions
—$65,599.23
+1.488.27
+145.813.56
—3,338.97
32,181,025.17 82.259,390.80
+$78,365.63
Net Railway Oper. Inc__ $2,968,733.17 81.659.993.66 —$1.308.739.51
Non-operating Income—
Rental Income
Dividend Income
Income from Funded Secs.
Income from Unfunded Securities and Accounts—.
Other Items
Total Non-oper.Income_
Gross Income
$60,433.19
37,432.40
5,603.12
$63.098.41
37.856.90
5,715.07
+53.563.22
+424.50
+111.95
31,065.54
62,632.71
24,966.29
34.195.77
—6,099.25
—28,436.94
$197,166.96
$166.730.44
—$30.436.52
$3.165,900.13 $1,826,724.10 —81.339.178.03
Deductionsfrom Gross Income—
Rental Payments
$1,841.15
Interest on Funded Debt_.. 2.649.968.96
Interest on Unfunded Debt
204,282.80
Other Deductions
33,171.43
Total Deductions
$705,402.44
5,648,852.14
1,364,334.59
8,208.50
8,072.50
253,782.08
30,500.00
$8.019,152.25
Unadjusted Credits
Tax Liability
Premium on Funded Debt
Accrued Depreciation—Equipment
Other Unadjusted Credits
2995
Net Income, Balance for
the year carried to Profit and Loss
$1,882.14
2.450,036.7S
547,418.47
13,618.06
+540.99
—199,932.18
+343.135.67
—19,553.35
$2.889.264.34 $3.012.955.47
+3123,691.13
$276,635.79def$1186.231.37 —51,462.867.16
* Includes 5232,858.04 Back Mail Pay,for period May 9. 1926 to July 31.
192
8.
ADDITIONS AND BETTERMENTS.
Additions and Betterments to the property of the Company for the year ended December 31, 1930, were as follows:
Expenditures for Road:
Widening Cuts and Fills
Ballasting
Rails and Other Track Material
Bridges Trestles and Culverts
Grade Crossings and Crossing Signals
Additional Yard Tracks and Sidings
Station and Office Buildings
Water Stations
Shop Buildings and Enginehouses
Shop Machinery and Tools
All Other Improvements
Total
Expenditures for Equipment:
Trust Equipment added:
3 Locomotives
$52.582.94
105.717.37
242,333.65
182.377.76
95.715.58
70.511.57
234.484.81
99,719.06
63.242.75
24,815.63
64.860.46
$4.6,341.58
8325,376.05
$325.376.06
82.620.32
Improvement of Equipment
Total
407.996.37
Total Expenditures for Road and Equipment
81.4184.837.96
The credits to "Investment In Road and Equipment" for
property retired during the year ended December 31.
1930, were as follows:
Retirements of Road
$380.909.81
Retirements of Equipment:
7 Locomotives
$79,929.74
133,323.23
14 Passenger-Train Cars
$4.356,957.30
695 Frelght-Train Cars
570.636.95
58 Company Service Cars
26,413.58
$4,333.545.19
Other Items
1,670.18
4,845.44
811.978.11
Total
11,755.84
6.810.83
Total Retirements of Road and Equipment
1.192.838.4*
84.356.957.30
Net Additions to "Investment in Road and Equipment"... $441,454.48
Credit Balance, December 31. 1929
Credits for Year Ended December 31, 1930:
Unrefundable Overcharges
Donations
Miscellaneous Credits
LONG TERM DEBT, DECEMBER 31, 1930.
-Chicago, Saint Paul. Minneapolis and Omaha Railway
Equipment Gold Notes
Ohlcago, Saint Paul, Minneapolis and Omaha Railway
Equipment Trust Certificates of 1917:
Series "B"
Series "C"
Series "D"
Series "E"
Series "F"
Series "G"
Chicago, Saint Paul, Minneapolis and Omaha Railway
Equipment Trust Certificates of 1928:
Series "H"
Note to Chicago and North Western Railway Company
dated Juno 1, 1930, payable on or before Jan. 1,
1940
Chicago, Saint Paul, Minneapolis and Omaha RallwaY
First Mortgage Five Percent Gold Bond., Series
Long Term Debt
Held by the
Long Term Debt
Public and
Owned by the
Interest.
Date of
Total Long
Affiliated
Company.
c
Term Debt.
Maturity.
Companies.Payable.
Pledge
.
$784,000
95,000
246,000
581,000
384,000
432,000
552,000
95.000
246.000
581.000
384,000
432,000
552,000
Jan.
Nov.
Nov.
May
Sept.
Nov.
1, 1931
1, 1931-36
1, 1931-37
1, 1931-38
1, 1931-38
1, 1931-38
7
4
4
4
43(
434
Jan. 1
May 1 Nov. 1
May 1 Nov. 1
may 1 Nov. 1
Mar. 1 Sept. 1
May 1 Nov. 1
384,000
364.000
Oct.
1, 1931-44
454
pr. 1 oct, 1
45.186,000
45,186,000
Jan. I. 1940
554
June 1 Dec. I
$45,186,000
Total
$784,000
45.186,000
mar.
845.188.888
102 Rio non
848.024.000
Jan. 15 1931-35
1,2000
6
amt. 15 Petty 15
[VOL. 132.
FINANCIAL CHRONICLE
2996
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
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.
Friday Night, April 17 1931.
COFFEE on the spot was quiet with Santos 4s, 83 to
/
83c.;Rio 7s,5% to 538c. Fair to good Cucuta,12 to 123c.;
prune to choice, 14 to 15c.; washed, 15 to 17e.; Ocana, 12
to 123/so.; Bucaramanga, natural, 123/i to 13%c.; washed,
163 to 16%c.; Honda, Tolima and Giradot, 17 to 173c.;
4
Medellin, 173 to 18c.; Manizales, 173 to 17%c.; Mexican
washed, 16% to 183c.; Surinam, 12 to 12%c.• East India
'
Ankola, 23 to 24c.; Mandheling, 23% to 32e.; Genuine
Java, 233' to 243/sc.; Robusta washed,83 to 83/2e.; Mocha,
16 to 163/2c.; Harrar, 16 to 163c.; Abyssinian, 11 to 113/ac.;
Salvador washed, 143 to 163/s04 Nicaragua washed, 133
to 140.; Guatemala prime, 173/i to 173,c.; good, 15 to
153c.; Bourbon, 13 to 133c.; Hayti Trio-a4a-main, 13 to
133/sc.; Machine, 123 to 13c.; San Domingo washed,
153 to 153/c. Rio cabled the New York Exchange: "Rio
receipts from April 15 to 30 will be 23,245 bags daily. Rio
regulating warehouse stocks on March 31 were 1,367,000
bags, including stocks in interior warehouses, stations and
wagons." On April 14, cost and freight offers from Brazil
were rather scarce. Prices unchanged to lower. For prompt
shipment, Santos Bourbon 2s were here at 8.60c.; 3s at 843.;
3-4s at 8.10 to 83'c.; 3-5s at 73% to 83je.; 4-5s at 7.70 to
8.10c.; 5s at 7.550.; 5-6s at 73 to 734c., 6s at 7.20c.; 7-8s
at 6.10 to 6.35c.; Peaberry 3-4s at 8e.; 4s at 7.85c.; 5-6s at
7.35c. Santos 4s for April-June shipment equal were offered
at 7.60 in one quarter. There were no reported offerings of
Rios except of 4s at 5.40c. for prompt shipment. Victoria
.
7-8s were offered at 4.55e. for prompt shipment and at 4 ye
for April-June equal.
On April 15 cost and freight offers were in comparatively
small supply at prices unchanged to 10 points lower, most of
them being lower. For prompt shipment, Santos Bourbon
2s were quoted at 9.150.; 2-3s at 8.80c.; 3s at 83/sc.; 3-4s
s
at 73/ to 8.95c.; 3-5s at 7.85 to 83c.; 4-5s at 7.60 to 7.900.;
5s at 7.45c.; 5-6s at 73 to 73/sc.; 6s at 7.20 to 734c.; 7s at
63( to 7.00c.; 7-8s at 6.10 to 6.35e. Part Bourbon 3-4s at
9.15c.• 3-5s at 7.90c.; 6s at 7.60 to 8c.; Peaberry 3s at 83c.;
2-3s al 8.40c.; 3-4s at 8.00c.; 4s at 7.85 to 7.90c.; 4-5s at
73/se.; 5-6s at 7.35c.; Rio 7s at 4.60 to 4.70c.; 7-8s at 4.60c.
Victoria 7-8s at 43c. On April 16 with a larger supply of
cost and freight offers from Brazil at prices averaged ten
points lower. Demand continues. Prompt shipment, Santos Bourbon 2s were quoted at 9c.; 2-38 at 83/s to 8.80c.;
3s at 83c.; 3-4s at 7.95 to 8.80c.; 3-5s at 7.40 to 8.20e.;
4-5s at 7.40 to 7.80c.; 5s at 7.35 to 7.85c.; 5-6s at 7.40e.;
6s at 7.20 to 73'c. Peaberry 2-3s at 8.15c.; 3s at 83<c.;
3-4s at 7.90c.; 4s at 7.65 to 7.90c.• 4-5s at 7.35 to 7.70c.;
'
5-6s at 6% to 7.15c. Rio 7s at 4.55 to 4.65c.• 7-8s at 4.45
to 4.55c.; 8s at 4.30e. Victoria 7-8s at 4.45c. Santos
Bourbon 2-3s were offered for prompt shipment via Rio at
8.15e. and 4s at 73'e. There were offerings of Victoria 7-8s
at 43'c. for May-July and 4.40e. for July-September shipment. New York dull at 83 to 83/2c. for Santos 4s and
3
53 to 5%o. for Rio 7s. These are nominal prices. To-day
cost and freight offers were scarce and steady. For prompt
shipment, Santos Bourbon 3s were quoted at 8.40c.; 3-4s
at 7.95 to 8.80c.; 3-5s at 7.90e.; 4-5s at 7.40 to 7.65c.; 5s at
7.35c.; 5-6s at 7.15 to 73c. Peaberry 3-4s at 7.90e.; 4s at
73e. Rio 7s at 43' to 4.60c.; 7-8s at 4.40 to 43'c.; 8s at
43i and Victoria 7-8s at 4.45c. For May shipment which
is practically prompt, Santos Bourbon 2-3s were offered
/
at 83c.; 3-4s at 730.; 4s at 73'c.; and 4-5s at 75'c.
On April 11, Rio futures here ended unchanged to 2
points lower with sales of 3,000 bales. Santos futures ended
1 to 4 points net lower with sales of 4,000 bales in a dull
market. On the 13th inst. Rio futures here declined 4 to
7 points with Brazil lower and Europe selling; sales here
30,250 bags. Santos futures declined 10 to 14 points with
sales of 32,000 bags. On April 13, Rio wirelessed: "Political
dissension long brewing in the State of Sao Paulo has broken
out with a movement against the Provisional Governor by
the Democratic Party and has proved so serious that Provisional President Getulio Vargas, head of the Central
Government at Rio de Janeiro, has promised justice to the
Democrats." Futures on the 14th inst. ended 1 to 4 points
higher despite reports of political disturbances in Brazil.
Exchange was 1-32d. off, but regained 1-64d. later. On
April 14, Brazilian exchange was 1-32d. lower at 3 21-32d.
on both Rio and Santos with the dollar rate at Santos 15
higher at 133550 and 100 higher at Rio at 133500. Brazilian
terme was unchanged. Rio spots declined 125 reis to 123125.
On the 15th inst. futures declined 6 to 14 points in response
to weakness in Brazil; sales 41,500 bags of Rio and Santos.
On April 15 Rio Exchange opened 1-64d.lower at3 21-32d.
with the dollar 60 higher at 133510. Rio spot price unchanged at 123125. A later cable from Santos quoted the
exchange rate at 3$21-32d. with the dollar at 133500
or 1-32d. lower and 120 higher respectively from this
opening. On the 16th inst. prices ended 5 points lower to
1 higher on Santos futures with sales of 39,000 bags and 2
points lower to 2 higher on Rio with sales of 25,000 bags.
Lower cost and freights, hedge selling and general liquidation
gave prices a downward turn and at one time Rio was 7
to 10 points lower; and Santos 11 to 16 points lower. The
rally later was due to New Orleans trade buying and general
covering. To-day futures closed with Rio 2 points lower
to 7 higher and Santos 15 to 20 points higher; sales 24,000
of Rio and 48,000 of Santos. Final prices show a decline
for the week of 5 to 12 points on Rio and Santos futures.
To-day Rio exchange rate at the hour of the New York
opening was 1-32d. lower at 3 19-32d. and the dollar 120
higher at 133750. Rio spot price was 200 lower at 115925.
Santos exchange was 1-64d. lower at 3 39-64d. and the dollar
100 higher at 133750. Terme prices were unchanged to
275 lower. To-day an official cable to the New York Exchange said the visible supply the world including interior
stocks at Rio, Santos and Victoria on April 1 were 28,710,351
bags as against 28,926,768 on March 1 and 27,455,173 on
April 1 last year. Rio cabled to the Exchange: "Institute
De Cafe do Estado de Sao Paulo" reports coffee stocks Sao
Paulo interior warehouses and railways (including Minas
Geraes) on March 31, 20,956,000 bags against 21,067,000
on Feb. 28. Victoria regulating warehouse stocks on March
311931, 424,000 bags, against 469,000 on Feb. 28.
Rio coffee prices closed as follows:
Spot unofficial
May
July
4.47
4.63
-September
December
March
Santos coffee prices closed as follows:
Spot unofficial
May
July
834 §
7.65
7.70
I September
December
March
4.73@ --4.82 nom
4.90@
7.661 --7.67 nom
7.71 nom
COCOA to-day closed 5 to 8 points off with May,5.3004
July, 5.49c.; September, 5.630. and October, 5.71o. Sales
were 49 lots. Final prices are 11 to 13 points lower than a
week ago.
-Spot raws were quiet at 3.35 to 3.38c.; 1,000
SUGAR.
tons of Philippines sold on April 11, January-July shipment
at 3.48e. Futures on that day ended unchanged to 1 point
lower. Earlier in the day prices were 1 point lower to
1 high with sales of only 7,450 tons. Cuban interests were
supposed to have sold early. Receipts at United States
Atlantic ports for the week were 65,744 tons, against 55,745
in previous week and 49,352 in same week last year; meltings
55,473 tons, against 53,541 in previous week and 62,578
last year; importers' stocks, 142,994, against 147,994 in
previous week and 235,123 last year; refiners' stock, 179,041
against 168,770 in previous week and 171,845 last year;
total stocks 327,035 against 316,764 in previous week and
406,968 last year. The London Board of Trade put the
imports for March this year at 126,000, against 121,000 in
the same month last year; consumption 163,000, against
153,000 in March last year; stocks 293,000, against 381,000
in March last year. On April 11 London closed barely
steady at 2%d. advance for .April and unchanged to %d.
lower for later deliveries. Liverpool closed steady and unchanged to %d. higher.
Spot Cuban raw was 3.35c. duty paid on the 13th inst.
Refined 4.50c. with rather disappointing withdrawals.
On the 13th inst. futures advanced 2 to 3 points with sales
of 16,500 tons. Wall Street, Cuban and Porto Rican interests
seemed to give support. Some large Cuban interests, it is
said, sold. On April 13th, London opened steady, unchanged
to %d. higher; Liverpool opened quiet and unchanged to ld.
lower. Liverpool last week sold 7,100 tons. Early London
4
cables were steady, with very few sellers at 6s. 63 d. to 6s.
73/sd., with buyers at 6s. 6d. On April 13, Havana cabled the
following particulars of the Cuban crop movement for the
week ending April 11: Old Crop-Arrivals, 11,105; total
exports, 29,274; stock, 579,214. Exports to New York,
9,236; Philadelphia, 3,766; Galveston, 3,999; United Kingdom, 11,829; Belgium, 444. New Crop-Arrivals, 76,971;
total exports, 19,629; stock, 951,926; exports to New York,
2,772; Baltimore, 3,843; New Orleans, 3,928; Galveston,
69; Charleston, 1,393; Brunswick, 1,394; Norfolk, 1,441;
ri
Inteor U. S., 347; United Kingdom, 4,442. Weather rainy,
cool. 63 mills grinding. On April 13, London cabled:"Under
details of the terms recently agreed upon relating to export
quota adjustments of pi,igaa: producing nations at the International Sugar Stabilization Conference, Paris advices
point out that in the event of price rises, Java interests
i
have another avenue for export increases in addition to the
step-ups allowed the agreement participants. A special
'APRIL 181931.]
FINANCIAL CHRONICLE
provision permits a 5% increase in the Javanese export
proportion to become automatically operative if the Javanese
succeed in selling 400,000 tons white sugars at a parity of
12 florins Java. No limitation as regards date of such sales
is specified by the provision."
On the 14th inst. futures opened 1 to 2 points higher but
closed that much lower as Cuban selling increased and
general liquidation accompanied it. The sales were 41,300
tons. There was some liquidation of May. It was reported
that 7,000 bags of Porto Rican raw due next Monday sold
at 3.30e. delivered. Some 8,000 tons of Philippine raw
sugars due this week sold late on the 13th inst. at 3.33e.
delivered. On the 14th London reported raw firm with
refiners buyers at 6s. 73d. c.i.f., equal to 1.28c. f.o.b.
"There are very few sellers of prompt sugar at this price.
Mauritius Crystals afloat offered at 10s. 103d., equal to
1.28c. f.o.b. for Cubas. Preliminary agreement signed.
Powell elected Cuba voting 35, Java 30, others 25. London
also cabled, opened steady at 13'd. advance for April and
M to Md. higher for later months. Liverpool opened steady
and unchanged to Md. highbr. On April 14th it was remarked: "The official exports from Java during the month
of March were 110,000 tons to Far Eastern destintions according to our cable to-day. Up to the end of March, Java
has shipped 1,916,0000 tons out of a crop of 2,923,010 tons
which allowing for consumption would leave a carryover of
600,000 tons as of April 1. The new crop, harvesting of
which is about ready to begin, is estimated slightly above
3,000,000 tons and as only 2,300,000 tons can be exported
there is, allowing for local consumption, an additional 300,000 tons to add to the 600,000 tons just mentioned. It is
extremely doubtful though, if Java can export the 2,300,000
tons allotted to her by the Chadbourne plan so in our opinion
the carryover in Java will more likely reach between 1,250,000 tons and 1,500,000 tons. What is to be done with this
segragated sugar is puzzling Java merchants and exporters,
as Java white sugars show deterioration when carried for a
long period. From the above it can be readily seen the object
of Java's earnest efforts to have extra opportunity of dispsoing of her excess supplies."
On the 15th inst. futures declined 4 to 5 points on reports
of heavy selling by large Cuban interests and also because
of disappointment at the failure of the market to brighten
up on the acceptance of the Chadbourne Plan by Europe.
Liquidation of May partly on stop loss orders was a feature.
Cuban interests bought at one time, but this had no marked
effect. On April 15,the Cuban National Export Corp.sold to
unspecified European destinations 22,500 tons of raw sugar
for May shipment at 6s. 68 d. c.i.f. and 7,500 tons for June
%
shipment at 6s. 83d. c.i.f. On April 15, private cables from
London reported an easier market for raw sugars. There
were sales there yesterday at 7s. 63/2d. c.i.f., equivalent to
1.28e. f.o.b. Cuba, and to-day while the general asking
price is 6s. 73/2d., it is thought possible that sellers could be
found at 6s. 6%d. Refiners not willing to pay even 6s. 6d.
On the 15th, Paris cabled: "World's sugar agreement probably will be formally signed on June 5 at The Hague, where
permanent commission is to be located under chairmanship
of Francis E. Powell, now Chairman of the Anglo-American
Oil Co. Export quotas will become retroactive to Oct. for
European beet producers, Jan. for Cuba and April for Java
to coincide with opening of grinding seasons. Delegates
admit possibility of difficulties on Russian exports or an
increase in duties by importing countries, but they believe
they have done their utmost to make agreement workable."
On April 15, London opened easy at 1M to Md. lower.
Liverpool opened M to id. off. On the 16th inst. prices
ended unchanged to 2 points lower with hedge selling here
by London. Early prices were off 1 to 2 points. The trading
was in 29,250 tons. The sales late on the 15th inst. included
8,400 tons of Porto Ricos half due on April 23 and the other
half for clearance on that date, and 4,200 tons of Porto
Ricos for prompt shipment, all on the basis of 3.30e. delivered. Despatches from Cuba said that 84 mills have
finished grinding and in principle the Senate had agreed
to the formation of a Sugar Institute, an organization which
will represent Cuban sugar producers in matters pertaining
to the Chadbourne Plan.
Sales on the 16th inst. included 7,000 bags of Porto Ricos
due April 27 and 15,000 Porto Rico for prompt shipment at
3.28c. delivered. On the 16th inst. the first sale of the
1931-32 Philippine sugar crop was made to an operator, i.e.,
2,000 tons for December-January shipment at 3.57c. c.i.f.
On April 16 private cables from abroad, the delay in final
ratification of the Chadbourne agreement has been caused
by the fact that but two of the countries that signed the
protocol have as yet passed necessary legislation to put it into
effect. To-day futures closed unchanged to 2 points off
under Cuban selling and general liquidation. Sales were
27,850 tons. Some 1,000 tons of Philippines sold for December-January shipment at 3.55c. Final prices show a
decline for the week of 6 points. To-day London early
cables reported a decline with sellers at Os. 53jd. c.i.f.,
equivalent to 1.223 f.o.b. Cuba. A parcel was sold at
%
6s. 434d., equal to about 1.21Mo. f.o.b. London opened
easy with April unchanged and later months % to Md.
lower. Liverpool off M to id.
Prices were as follows:
Spot unofficial
1.28
j December
1.491
May
July
September
1 24(1.25 January
1 33 nom March
1.40o
1.50
1.56 1.57
2997
LARD futures on the 11th inst. advanced 10 to 13 points
with hogs and grain firm. Europe was supposed to be
buying. Prime Western cash 9.30 to 9.40c.; refined Continent, 9/c.; South America, 93/sc.; Brazil, 103/sc. Futures
on the 13th inst. ended unchanged to 2 points lower. Hogs
were 10 to 15c. lower. Receipts at Chicago were 42,000 and
at all points 125,000 against 124,000 a year ago. Export
clearances of lard from New York last week were 7,012,000
lbs., against 5,645,000 in the previous week. Prime Western
9.30 to 9.40e. Futures on the 14th inst. declined 3 to 5
points. Hogs were about steady. Receipts at Chicago were
18,000 against 27,000 last year; total 88,000 against 107,000
a year ago. Exports of lard from New York were 504,000 lbs.
all to Hamburg. Cash lard was weaker. Prime Western,
3
9.25 to 9.35c.; refined to Continent, 9%c.; South America,
5
9/se.; Brazil, 1058c. On the 15th inst. futures ended 5
/
points lower. Western hog receipts were 67,700, against
80,400 a year ago. Exports from New York were 110,000
lbs. large to Antwerp. Contract stocks of lard at Chicago
on April 14 were 24,896,000 lbs. against 22,262,000 on March
31 and 35,278,000 on April 14 1930. Stocks of other kinds
of lard were 5,951,000 lbs. Prime Western, 9.20 to 9.30c.;
refined Continent, 9Mc.; South America, 9Mc.;
10Mc. On the 16th inst. prices ended unchanged to 2
points lower; cash prices were unchanged. To-day futures
ended unchanged to 5 points lower. Final prices show a
decline of 2 to 7 points on May and July with Sept. the same
as a week ago.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs. Fri.
Sat.
Mon. Tues.
8.70
8.65
8.70
8.75
8.80
8.82
8.80
8.85
8.87
8.92
8.95
8.95
8.97
9.00
9.02
9.07
9.10
9.10
May
July
September
PORK quiet; Mess, $26; family, $27; fat, $19-$21. Ribs
cash, 10.37e. Beef steady, but quiet; Mess nominal; packet,
$14 to $15; family, $17 to $18.50; extra India mess, $32 to
$34. No. 1 canned corned beef, $3.25; No. 2, $5.50; six
pounds South America, $16.75; pickled tongues, $70 to
$75. Cut meats quiet and steady; pickled hams, 10 to 16
lbs., 143/ to 163'Ie.; pickled bellies, 6 to 12 lbs., 153 to
184c.; bellies, clear, dry salted, boxed, 18 to 20 lbs., 12c.;
16 to 18 lbs., 123/2c. Butter, lower grades to high scoring,
233/ to 27e. Cheese, flats, 14 to 223/20.; daisies, 15 to
193'e.; young America, 15% to 20c. Eggs, medium to extra
firsts, 17 to 213/2c.; closely selected heavy, 21% to 22e.;
premium marks, 223/i to 240.
OILS.
-Linseed was still quiet, though there was some
improvement in the inquiry from larger manufacturing
consumers. There was a fair movement against old contracts. Raw oil in carlots, cooperage basis, was still quoted
at 9.2e. There was a little better demand from jobbers.
Cocoanut, Manila, coast tanks, 4/so.; spot, N. Y. tanks,
5
47' to Sc. Corn, crude tanks, f.o.b. mills,63 to 7c. Olive,
g
%
Den., 82 to 85e. Chinawood, N. Y. drums, carlots, spot,
7 to 73c.; tanks, 7c. Soya bean, carlots, drums, 7.1c.;
tanks, Edgewater, 6.5c.; domestic, tank cars, f.o.b. Middle
Western mills, 6c. Edible, olive, 1.50 to 2.15. Lard,
prime, 13c.; extra strained winter, N. Y., 9%c. Cod,
Newfoundland, 48c. Turpentine, 55 to 61e. Rosin, $4.70
to $9.15. Cottonseed oil sales to-day, including switches,
37 contracts. Crude S. E., 63 0. nominal. Prices closed
/
as follows:
Snot
April
May
June
July
August
7.65
September
7.65
7.75(87.85 October
7.79©7.9() November
7.87
7 907.99
7 96(87.98
7 77(87.95
7.70(87.95
The estimated consumption of 289,201 bbls. for March
of cottonseed oil, based on the Census Bureau reports was
a trifle bearish. The trade was anticipating a disappearance of 200,000 to 230,000 bbls.
-Gasoline was in better demand. The
PETROLEUM.
fine weather conditions has resulted in a big gain in consumption. Refiners are still concerend over the East Texas
%
situation, however. Prices were 63 to nic. in tank cars
at refineries. Domestic heating oils were rather easier of
late. The demand for bunker oil grade C was fair and spot
oil was quoted at $1.05 refineries. Diesel oil was quiet and
unchanged at $1.75 same basis. Kerosene was weaker with
3
water white 41-43 gravity freely offered at 5% to 6c. Export
demand lags. Mineral spirits were in better demand. So
were mineral lubricants.
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 on the 11th inst. advanced 5 to 10 points with
sales of only 50 tons. Native rubber exports from Sumatra
during 1930 amounted to 51,614 tons, against 66,191 tons
during 1929 and those from Borneo 37,317 tons against
41,365 tons or total native exports of 88,931 tons, against
107,556 tons during 1929. Estate exports on the other
hand increased. Those from Java during the year were
71,005 tons, against 66,991 tons during 1929 and exports
from "outer possessions" 83,865 tons, against 83,786 tons
the year before. At the Exchange on the 11th inst. the
closing was with May, 6.660.; Oct., 7.15c.; Nov., 7.25e.;
Dec., 7.36 to 7.37c. Old "A" May, 6.60c.; July, 6.80c.;
Nov., 7.20c.; Dec., 7.30c. Outside prices: Spot and April,
63 to 630.; May, 6% to 678c.; June, 6 8 to 70.; July
%
/
/
/
-Dec., 7K to 73 c.; spot first latex
Sept., 67 to 73o.; Oct.
%
%
thin pale latex, 734 to nic.; clean thin
4
thick, 634 to 630.;
/
brown No. 2, 634 to 630.; specky crepe, 61 to 6%c.;
%
rolled brown crepe, 634 to 634c.; No. 2 amber,63 to 6%c.;
%
2998
FINANCIAL CHRONICLE
No. 3,6% to 6%e.; No. 4,6% to 6Mc. On April 11, Singapore closed steady and unchanged; April, 2%d.; July-Sept.,
-Dec., 3 5-16d.; No. 3 Amber Crepe unchanged
33d.; Oct.
at 2%cl. London opened dull and unchanged to 1-16d.
lower, and closed steady at 1-16d. decline to 1-16d. advance;
April, 330.; May, 3 5-16d.; June, 3%d.• July-Sept.,
3 7-16d.; Oct.
'
-March, 3%d., and April-Dec., 3%d.; Jan.
June, 3Md. The British Board of Trade reports for March
show imports of 15,391 tons against 15,611 in Feb.; exports
3,948, against 3,385 in Feb.; to America 79, against 25
in Feb. On the 13th inst. prices here despite a new low level
in London of 3 3-16d. ended only 2 points off to 5 points
higher; sales were 1,545 tons. No. 1 standard contract
on the 13th inst. ended with May, 6.66e.; July, 6.90c.;
Sept., 7.10c.; Dec., 7.38 to 7.40c.• March, 7.65 to 7.67c.;
9
sales 1,410 tons. New "A" July, 6.860.; Dec., 7.40c.; sales
30 tons. Old "A" May, 6.60c.; Sept., 7c.; sales 105 tons.
%
Outside prices spot and April, 63 to 63(c.
On April 13 London's stock was 84,421 tons, an increase
of 82 tons. Unofficial estimates on Friday were for a decrease of 150 tons. Stock at this time last year was 71,477
tons. Liverpool's stock was 49,733 tons, an increase of 231
tons. Estimates on Friday were for an increase of 160 tons.
On April 13 Singapore closed dull, unchanged to 1-16d.
-Dee.,
higher; April 2, 15-16d.; July-Sept., 3Mcl.; Oct.
3 5-16d.; No. 3 Amber Crepe,2 13-16d., up 1-16d. London
opened quiet, and unchanged to 1-16d. lower at 2.38 p. m.
was quiet and unchanged to 1-16d. higher April 3, 5-16d.;
-Dec.,
May 3, 5-16d.; June, 3%d.; July-Sept., 3%d.; Oct.
%
-March, 33 d. and April-June, 3%id. On April
%
35cl.; Jan.
13 consumption of crude rubber in U.S.for March estimated
at 32,788 tons, an increase of 13 9-10% over Feb. said the
Rubber Manufacturers Association. Imports in March were
40,338 long tons, against 36,645, in Feb. and 45,430 long
tons in March 1930. This Association estimates total
domestic stocks of Crude rubber on hand and in transit
overland on March 31 at 217,804 long tons, an increase of
2 3-10% over Feb. and 53 6-10% over March 1930. Crude
rubber afloat for U. S. ports on March 31 estimated at 63,133 long tons, against 63,680 on Feb.28 and 63,646 on March
1930. On the 14th inst. prices fell 10 points towards the
close though London was steady; sales were 440 tons of No.
1 standard,92 of old"A"and 40 of new "A". No.1 standard
ended on the 14th inst. with May, 6.65c.• Sept., 7.05 to
'
7.10c.; Oct., 7.15c.; Dec., 7.35 to 7.37c.• March, 7.60 to
'
7.62c.; old "A" contract May, 6.60 to 6.70c.; June, 6.60
to 6.700.; July, 6.80 to 6.90e.; Dec., 7.200.; new "A" April,
6.550.; May, 6.60c.; July, 6.80c.; Sept., 7c.• Dec., 7.300.
A gain of 46% in car registrations during darch over the
previous month was larger than expected. The tire industry
it is not believed will sell 53,500,000 tires to distributing lines
this year, the same as in 1930. On April 14 London opened
quiet, 1-16d. off to 1-16d. up and at 2:37 p. m. was dull
and 1-16d. lower to 1-16d. rise; April, 33d.; May, 3%d.;
-Dec., 3 9-16d.;
June, 3 5-16d.; July-Sept., 3 7-16d.; Oct.
-March 3 11-161; April-June, 3 13-16d. Singapore
Jan.
closed steady at 1-16d. advance; April 3d.; July-Sept.,
3 3-16d.; Oct.-Deo., 3%d.; No. 3 Amber Crepe, 2 13-16d.
unchanged.
On the 15th inst. prices declined 6 to 10 points as exports
from producing countries increased. Yet there was no
great pressure to sell. London was not greatly affected
either. Malayan shipments for April on the basis of first
half exports, were unofficially placed at about 45,000 tons.
This was some 3,000 tons below the March total but was
3,000 tons larger than earlier estimates. They far outrun
consumers' needs, it is believed. Some think stocks here
increased over 53% between March 1930 and March 1931
while the consumption fell off, it seems, 14%. On April 15
London at 2.35 p. in. was quiet and unchanged to 1-16d.
decline; April, 33(d.; May, 33(d.; June, 3 5-16d.; JulySeptember, 3%d.; October-December, 3 9-16d.; JanuaryMarch, 3 11-16d.; April-June, 3 13-16d. Singapore closed
dull and 1-16d. to Hd. lower; April, 23/gd.; July-September,
33.sd.; October-December, 3 5-16d. No. 3 amber crepe,
Md., off 1-16d. London cabled: "Further efforts for
Anglo-Dutch co-operation in rubber output restriction are
being made and there will be a meeting to-morrow in Amsterdam to ascertain the extent of support of the new association." On the 16th inst. with renewed liquidation prices
fell to a new low of 6.30e. on the Exchange. Actual rubber
was quiet. Futures ended unchanged to 14 points lower.
No. 1 standard contract ended on the 16th inst. with May,
6.510.; July, 6.70 to 6.73c.• September, 6.890.; December,
'
7.16 to 7.17c.; March, 7.43 to 7.460.; sales, 1,130 tons.
New "A" contract ended with July, 6.670.; October, 6.940.;
December, 7.12c.; sales, 30 tons. Old "A", April, 6.300.;
May, 6.400.; June, 6.40 to 6.50c.; July, 6.60c.; October,
6.90 to 7c.,• December, 7c.; sales, 460 tons. Outside prices:
Spot and April, 63/i to 6 9-I6c.; May,6% to 6 9-16o.; June,
6% to 6%c.; July-September,6% to 6%0.; October-December, 63 to 73c.; spot first latex thick, 6% to 69/sc.; thin
pale latex, 63/i to 7o.; clean thin brown No. 2, 69' to 6%c.;
/
sneaky crepe, 63/8 to 638c.; rolled brown crepe, 63' to 63(c.
No. 2 amber, 63( to Mo.; No. 3, 63( to 63.c.; No. 4, 63/8
8
89/c.; coarse,
to 69/s. Paras, Upriver, fine, spot,
4 to 60. Acre,fine, spot,85 to 8%43. Caucho Ball, upper,
%
4 to fie. On April 16 London rallied 1-16d. late in the day
in some of the more distant positions and final prices were
net unchanged to 1-16d. lower at 3 3-16d. for May and
sq to
[Vox,. 132.
June, 3.
5-16d. for July-September; nid. for October%
December, 35cl. for January-March, and 38 d. for April%
June.
On April 16, London opened quiet and unchanged to
1-16d. lower, and at 2:39 p.m. was unchanged to 1-16d.
off; April offered at 3 3-16d.; May, 3 3-16d.; June, 33(41.;
-March,
July-Sept., 3 5-16d.; Oct.
-Dec., 3 7-16d.; Jan.
3 9-16d.; April-June, 33(cl. Singapore closed dull, and
1-16 to Md. off; April, 2 13-16d.; July-Sept., 3 1-16d.;
-Dee.,3 3-16d.;N- 3Amber Crepe,2 11-16d.,off 1-16d.
Oct.
o.
To-day prices closed 5 points lower on No. 1 standard with
sales of 46 lots 8 to 16 lower on new "A" and unchanged to
20 off on old "A"sales 66 lots of old "A." Final prices show
a decline for the week of 21 to 25 points. The decline to-day
was due to lower London cables and selling by dealers.
To-day Amsterdam cabled the New York News Bure?,u:
"At yesterday's meeting for discussing rubber restriction
plans, Dutch East Indies producers present represented
64,000 tons, of which those representing 34,000 tons agreed
.
to form a restriction association. Including British growers
with whom a provisional agreement has been included
there was represented at the meeting 80,000 tons. Views
of interests representing 40,000 tons are still unknown."
On April 17, London opened quiet, unchanged to 1-16d.
lower, and at 2:40 p.m. was quiet at 1-16 to Md. decline;
April, 3Md.; May,330.; June, 3 3-16d.; July-Sept., 33jd.;
-March, 33d.; April-June, 3 11-16d.
Oct.
%
-Dec., 33 d.; Jan.
Singapore closed unchanged to 1-16d. advance; April,
-Dec., 33(d. No. 3
2 13-16d.; July-Sept., 3 1-16d.; Oct.
Amber Crepe, 2 11-16d. unchanged. Unofficial estimate of
British rubber stocks this week: London, 1,400 tons increase;
Liverpool, 1,200 tons increase; total, 2,600 tons increase.
HIDES on the 11th inst. advanced 30 to 40 points, with
sales of 1,440,000 lbs. Chicago was reported rather better
and 5,000 March-April light native cows sold at 8%0.,
unchanged from the last sale. Closing futures here on the
11th inst. were with May, 10.05c.; July, 10.90e.; Sept.,
11.65 to 11.69c.; Dec., 12.95 to 13.10e. On the 13th inst.
prices ended 10 to 35 points higher, with sales of 2,240,000
-April light native
lbs. Sales in Chicago included 3,600 Feb.
%
cows at 8Me. and 2,000 April light native cows at 88 c.
Of Argentine the buying was credited to Russian, German
and British tanners, who bought 3,000 at 12 Xic. to 12 13-16o.,
a drop of Mc. German and other foreign buyers also
bought 9,000 Uruguayan steers at 13 1-16c. to 13 15-16c.
At the Exchange the closing was with May, 10.25e.; Sept.,
11.86c.; Dec., 13.16c. On the 14th inst. prices advanced
25 to 33 points with sales of 4,840,000 lbs. May ended
at 10.40 to 10.45c.; Sept., 12.03c.; Dec., 13.30e. City
packer hides were quiet. A little better demand prevailed
for common dry. Common dry Cucutas, 13 to 14c.; Orinocos, 103/8c.; Maracaibo, &c., 93'c.; Savanillas, 9 to 93'c.;
Santa Marta, 103'2c.; Puerto Cabello, 10c.; packer, native
steers, and butt brands. 9c.; Colorados,83c.; Chicago, light
native cows, 8%c. New York City calfskins, 5-7s 1.45c.;
7-9s, 1.750.; 9-12s, 2.50c. On the 15th inst. prices advanced 17 to 25 points on covering in a short market. Shoe
manufacturers are said to be getting larger orders. FrigorWoo hides were quiet, as they are figured as 1 to 2c. above
American prices. The sales at the Exchange were 2,920,000
lbs. On the 15 inst. prices closed with May, 10.60 to
10.65e.; Sept., 12.20c.; Dec., 13.48 to 13.50e. On the
16th inst. prices closed unchanged to 20 points lower with
sales of 1,400,000 lbs. Chicago was firm with further
trading in April light native cows at 9%c. In Argentine
sales of 7,000 April frigorifico extremes were made at 12e.
Chicago's sales included 15,000 extreme light native steers,
-March, at 83/8c.; 2,000 light native cows, April,
-Feb.
Jan.
-March, at 8Mc.;
-Feb.
93‘0.: 5,700 light native cows, Jan.
1,500 heavy native steers, March,at 90.;800 Colorado steers,
March, 83/8c. The following group sale, aggregating 1,600
hides, was also reported: Heavy Texas steers, March, 9e.;
butt-branded steers, March, 9c.; Colorado steers, March,
83'c. To-day prices closed 10 to 15 points lower with May,
10.20 to 10.40e.; July, 11.250.; Sept., 12.10c.; Dec., 13.300.;
sales, 52 lots. Final prices show an advance for the week
of 55 to 75 points.
-Rates were steady or higher.
OCEAN FREIGHTS.
.
CHARTERS included grain: 35,000 o s Atlantic range, April 25May 11, to Antwerp-Rotterdam, 9 and 934c.• Bordeaux-Hamburg, 10c.;
•
35,000, early May, Montreal to Antwerp- otterdam, 10)ic..• Hamburg,
11%c.,• 35,000, Montreal, May 1-10, option Quebec or Sorel, AntwerDRotterdam, 10Mc.• Hamburg, 11c.; 31,000. May. Montreal to one
-May 5, MediterPort Greece, 2a. 10d.; 42,000 qrs. Genoa, April 25
'
ranean, 13. 13%. and 14c.; 21.000. Montreal, May 8-25, Denmark, 13.
14, and 15c., option Finish ports, lc. more: 30,000 qrs. Montreal, MaY
.
15-29, Antwerp-Rotterdam, 9Mc.; Antwerp-Bremen, 1034c..• barley, lc.
more; 35,000 qrs., Montreal, early May. Antwerp-Rotterdam. 103c.;
-May 15, 15s.
Hamburg-Bremen, 11Xc.; 27,000 qrs., Montreal, April 20
basis; 30,000, Montreal, May 1-15, Antwerp-Rotterdam, 10c.; HamburgBremen, 11c.; Havre. Dunkirk, 11c.; 27,000. Montreal, May 10-25, Antwftv
Rotterdam, 914c.; Hamburg, 11c.• Marseilles, 13%c.. Grain booked
'
included a few loads Venice, 15c.,for May;3loads May, New York-Cardiff,
7Hd.; 3 same, May, Liverpool, is. 6d.; 12 loads, New York. May,__Ant;
werp. 83ic.; one load, Havre-Dunkirk, April, 10c. 27 loads NewYorkCopenhagen.9c., April-early May;three loads, New York, April, Antwerp,
8c.; two loads, Genoa, April, 11c.; three loads, Rotterdam, April, 8c.:
40 loads, Antwerp, 7 to 84c.; Hamburg, May. 9c.: 20 loads, French
Atlantic, April and May. 25 loads at 10c. and furnished such details at
16 loads New York-Antwerp. spot, 7c. and 4 loads Baltimore-Rotterdam,
April, 8e. Sugar, Cuba, first half May to United Kingdom-Continent.
14s. 9d.Trip. May redelivery, United Kingdom-Continent, about S1.25.
Tankers: Part cargo fuel oil, Trinidad, April-May, United KingdomContinent, iris. 6d.•, motor, Black Sea, clean, May, Vladivostok, 16s.:
May, Teneriffe, two trips, 6s. 7d.
-Nothing of striking interest has taken place
TOBACCO.
here recently. Havana advices to the U. S. Tobacco Journal
stated that buying again slowed-up in the Cuban market,
APRIL 18 1931.]
FINANCIAL CHRONICLE
Total sales were 2,145 bales. Little tobacco arrived from the
growing districts. Farmers have decided to concentrate on
good quality yield, new crop developing at the normal rate.
At Hopkinsville, Kentucky, during the past week, sales
here 717,950 lbs. of Dark tobacco at an average of
$6.20. This brings the total sales for the season up to 20,382,660 lbs., at a general average of $7.49. Richmond, Va.,
Virginia sun-cured tobacco traded on the Richmond market
during the season which closed last Friday amounted to
3,705,054 lbs., at an average price of $7.73. Last year sales
4,096,688 lbs., at an average price of $13.25. In 1928-29
The Richmond market sold 4,941,043 lbs., at an average of
110.07. In eastern \ or. Carolina acreage it is said will be
'decreased considerably. Virginia 1931 crop is not be marketed
by co-operatives. Washington., D.C.,exports of leaf in 1930
were considerably above the average and second only to
1928 in the last decade, a report issued by the U. S. Department of Commerce states. A total of 579,704,000 lbs.
was exported in 1930, which exceeded the ten-year average by
'65,362,000 lbs. and was only 5,000,000 lbs. less than the
record year of 1928. The first two months of 1931 kept up
•the pace, the Commerce Department declared, 97,317,946
lbs. valued at $23,609,111 being exported.
COAL was quiet in most markets but firm. In adjusting them to other conditions, block and lump premiums fell
sharply from those of April-May 1930. Southern Illinois
lump is $2.25; Central, $1.75; Danville, $2; Pocahontas,
12.25; Beckley, $2 to $2.25; Sewell, $2; Indiana fourth vein,
lump, $2 to $2.50; Elkhorn and Hazard block, $2 at the
top; Kentucky Eastern premiums, $2.25 to $2.75. Some
production cost has been changed. Wages and freight are
the Mediean gods of the coal industry. Some Long Island
anthracite retailers cut prices 25c. a ton or so on domestic
sizes. Pocahontas mine run, the chief stay of the Chicago
fuel market, is quoted in Western markets all the way from
$2 to $1.50. The low price covers only inferior grades, but
it is a curb on the $2 quotation. The "Coal Age" spot index
for March stood at the equivalent of $1.68%, against
4
11.763 for February. The decline was not only a seasonal
anticipation of April price reductions in the circular, but
also evidenced the slow state of absorption by industries,
which rounded out March with a gust of pessimism now
realized to have been a little more violent than conditions
warranted.
COPPER was in good demand for export early in the week
and there was a fair domestic business reported. Sales were
made on the 11th inst. at 10c. but later on the market
-weakened, and on the 15th inst. the price was down to
/
-93 0. again. There was a noticeable slowing down of foreign
buying when the domestic market weakened. The export
price remained at 10.30o. Futures on the 16th inst. here
.fell 5 points; 5 lots sold including 4 June at 8.60c. and 1
'Sept. at 8.75e.; closing prices: April, 8.45e. nominal; May,
8.50 to 8.75e.; with 5 points higher for both bid and asked
prices for each successive month. In London on the 16th
inst. spot standard fell 6s. 3d. to £42 16s. 3d.; futures off
7s. 6d. to £43 8s. 9d.; sales 450 tons futures; electrolytic
dropped 5s. to £45 15s. bid and £46 15s. asked; at the
second session standard advanced Is. 3d. on sales of 50
tons futures. To-day May ended at 8.50 to 8.70c.; July at
8.60 to 8.80c.; Sept., 8.78 to 8.90e., and Dec., 8.85 to
9.05c.; no sales.
TIN dropped to another new low on the 16th inst., closing
/
at 247go, for Straits prompt shipment. Earlier on that day
sales were made at 25.050., 25c. and 24.90c. successively.
Purchases were estimated at 150 tons which was better
than average for recent months. Futures on the National
Metal Exchange closed with May 24.75c., Aug. 25.15e.;
sales 55 tons. Tin afloat was 3,490 tons; arrivals so far
this month: Atlantic ports, 3,425 tons; Pacific ports, 5 tons.
In London on the 16th inst. spot standard dropped £3 to
• £111 15s.; futures off £3 2s. 6d. to £113 2s. 6d.; sales, 50
tons spot and 800 futures. Spot Straits fell £3 to £114;
Eastern a. i. f. London ended at £116 15s. on sales of 225
tons; at the second London session standard was unchanged
with sales of 10 tons spot and 50 futures. To-day futures
• closed 25 to 40 points higher with sales of 80 tons; April
ended at 25 to 25.05c.; June, 25.200.; Aug., 25.45o.; Dec.,
26.10e.
LEAD remained unchanged at 4.50c. New York and 4.25e.
East St. Louis. There was not much demand, however.
March statistics were unfavorable. Lead stocks in March
Increased 7,600 tons over February. Stocks of refined lead
in the United States at the end of March amounted to
130,426 tons, against 122,826 tons the previous month and
42,469 tons at the close of March 1930, according to the
American Bureau of Metal Statistics. United States refined
lead production amounted to 44,450 short tons in March
against 44,118 tons in February and 65,152 tons in March
1930. In London on the 16th inst. spot dropped 2s. 6d.
to £12 12s. 6d.; futures off is. 3d. to £12 16s. 3d.; sales, 150
tons futures; at the second session prices fell Is. 3d. with
sales of 150 tons of futures.
ZINC dropped to 3.70e. East St. Louis. A fair business
developed when the market first broke but generally demand
has been slow. Prices are now the lowest since 1901 when
2999
the price was 3.90e. In London on the 16th inst. spot
dropped 35. 9d. to £11 7s. 6d.; futures fell 5s to £11 17s. 6d.;
sales 50 tons spot and 525 tons of futures.
STEEL has been as a rule quiet and in some cases prices
have, it is understood, weakened a little. Produotion has
fallen off further. The inquiry for structural material
is steady and larger sales are reported or railroad material
and equipment. Auto production is larger than in March.
But taken for all-in-all, the situation in steel remains very
much as it has been with plenty of room for improvement.
Production was estimated at 50%, against 52 in the
previous week and 55 two weeks ago. The U. S. Steel
6
Corp. is operating at 53%, against 54 last week and 56 ,
two weeks ago. Independents are running at 49, against
51 last week and 54 two weeks ago. A year ago the U. S.
Steel Corp. was running at 78 and independents at 74. In
1929 all interest were working at 96% and in 1928 at 89%.
The "Times" adjusted inder of steel mill activity has risen
slightly, last week's drop in the actual rate of operations
having been less than the usual seasonal decrease. For
the week ended April 11 it was 57.1, as against 56.6 for the
week ended April 4 and 84.1 for the week ended April 12 1930.
PIG IRON has remained quiet though there is a gradual
increase in the shipments. Barge canal shipments of iron
from Buffalo east will not begin until the close of this month.
A fleet of barges at New York must get to Buffalo with coal
before they can return with pig iron. New business is the
thing most desired and the demand is only for small lots
and not very eager at that.
-A Government report, wired from Boston, said:
WOOL.
"Wool rather quiet. Scattered transactions are being closed
on all grades, including 64s and finer to 48-50s, but the
volume of sales is inclined to be small. Average lines of
original bag 64s and finer territory wools are selling at 58 to
60c., scoured basis. Odd lots move occasionally at prices
slightly in the buyer's favor, but the bulk of the offerings
are firm at 58 to 60e.; some offerings are being held above
this range." Another report said that demand had slackened
and that prices of medium wools were lower, stating: "Ohio
and Michigan quarter and three-eights combing wools in
the last day or so have slipped about lc. a pound; threeeights being quotable at about 22c. and quarters at 20c.,
or possible 21e. for a choice wool." Boston quotations:
Fleeces, unwashed Ohio and Pennsylvania fine delaine, 26 to 26c.: 34blood, 25c.; 3t-b1ood. 22c.; st. 20 to 21c.; Territory, clean basis, fine
staple. 65 to 66c.. fine medium. French combing, 58 to 60c.; fine, fine
medium clothing, 55 to 56c.; 34-blood staple, 58 to 60c.; 34-blood, 47 to
-months, 62 to 64c.;
50c.; St-blood, 42 to 45c.; Texas, clean basis, fine 12
fine 8
-months, 59 to 60c.; fall, 55 to 57c,; pulled, scoured basis, A super,
60 to 65c.; D. 48 to 52c.; 0, 40 to 45c. Domestic mohair, original Texas,
24 to 25c. Australian, clean basis, in bond: 64-70s. combing super,
48 to 50c.; 64.70s, clothing, 42 to 440.; 64s combing, 46 to 48c.; 60s. 43 to
45c.; 58-60g. 40 to 41c.
Washington wired April 12: "Due to expected reductions in Southern Hemisphere countries, present indications
point to a probable slight decrease in the world wool clip
for this year, according to a bulletin on world wool prospects issued by the Department of Agriculture yesterday.
An increase in production in Northern Hemisphere countries
may result this year, it was added, but these countries account
for only 30% of the world's production of combing and
clothing wool. Clearances from Southern Hemisphere
markets have been large and it seems likely that the bulk
of the clip will be disposed of before the new Northern
Hemisphere clip comes on the market, according to the
bulletin." At Dunedin on April 11 28,000 bales were
offered and 27,000 sold. The crossbred selection was
representative but merinos were poor. Competition from
Yorkshire, the Continent and Japan was keen. Compared
to the Christchurch sales on March 31, crossbred prices
favored sellers. Fine and medium crossbreds were wanted
and closed firm. Prices paid: Average merinos,8 to 9%d.;
crossbreds 56-58s, 8 to 12d.; 50-56s, 8 to 105'd.; 40-50s,
4
73-6 to 9Md.; 46-48s, 63 to 9d., and 44-46s,6 to 73.6d. At
Brisbane on April 13 an average selection; demand from
Germany and Japan was good. Japan bought the most.
Compared with the close of the last series, good and average
fleece was 5% higher, while ordinary fleece and merino
skirting was 5 to 7% higher.
Liverpool cabled April 14: "Carpet wool sales opened
here to-day; tone quiet and prices about unchanged.' At
Timaru on April 14 11,600 bales were offered and 10,900
sold. The selection of crossbreds was representative, but
merinos were poor. Competition between Yorkshire, the
Continent and Japan was keen. Compared with the last
Dunedin sale, crossbreds were about unchanged, with fine
and medium grades wanted. The closing tone was firm.
4
Prices realized included: Merinos average, 83 to 103%d.;
/6
crossbreds 56-58s, 93% to 113 d.• 50-56s, 811 to 10d.; 48-50s,
%
Boston wired April 15:
%
73i to 8304 46-48s, 63 to 7
"Cables from the East India wool auctions at Liverpool
indicate that the two days' series was a very tame affair.
Evidently prices were steady and without change, except
that in some instances Kandhars were Jout 5% higher.
Offerings were only 9,206 bales for the series." At Brisbane on April 16 sales closed with a good average selection.
Demand excellent. Continental demand was better. Japan
also bought. Final tone very firm. The opening sales of
the 1931-32 season will be held at Adelaide on Sept. 11.
SILK to-day closed 1 point lower to 1 point higher with
sales of 540 bales. April ended at 2.40 to 2.430.; May at
3000
FINANCIAL CHRONICLE
2.32c.; August at 2.30 to 2.3204 October and November at
2.31 to 2.320. Final prices show a decline for the week
of 5 points on May.
COTTON
Friday Night, April 17 1931.
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
52,119 bales, against 40,426 bales last week and 53,101
bales the previous wek, making the total receipts since
Aug. 1 1930, 8,169,896 bales, against 7,677,473 bales for
the same period of 1929-30, showing increase since Aug. 1
1930 of 492,423 bales.
Receipts at-
Sat.
Mon.
Tues,
Wed.
Thurs.
Fri.
Total.
Galveston
Texas City
Houston
Corpus Christi
1,413
689 4,972
839
60
292 8,265
-------------------399
_
_
399
1
0
2,728 5,009
23
21
1
170
57
298
26
-------------250
250
New Orleans
12 7,778
218 18,499
Beaumont. 1,68.i 3.607 5,301
Mobile
755 6,973
137 2,814
131
222 2,914
Pensacola
--------1,288
1,288
Savannah
436 4,341
942 1,692
236
708
327
Charleston
38
30
---- 2.460 2,587
59
---Lake Charles
__ ____
_ .
__140
140
Wilmington
i
50
46
61
239
5
8
Norfolk
105
253
132
216 1,565
566
293
Boston
3 1,392
Baltimore
874
874
a.
Totals this week_
_
4.8171 9.389 13.302
3.975 11.997
8.639 52.119
The following table shows the week's total receipts, the
total since Aug. 1 1930 and stocks to-night, compared with
last year:
Receipts to
April 17.
Stock.
1929-1930.
1930-1931.
This SinceAug This Since Aug
Week. 11930. Week. 1 1929.
1931.
Galveston
8,265 1,373,161 6,537 1,705,830 556.082
Texas City
31,900
399 111,081
200 135,487
Houston
5,009 2,803,334 6.1432,570,083 1,099,588
Beaumont
298 572,459
130 383,005
53.148
Port Arthur,&c
15,138
250
--_24,356
New Orleans
18,499 1.337.702 24,711 1,542,403 732,024
Gulfport
Mobile
6,973 562,562 3,314 376,486 245,809
Pensacola
32,296
1,288
257
62,300
384
1,360
Jacksonville
493
--Savannah
4,341 689,628 1,876 445.523 362.174
7.094
Brunswick
49,050
Charleston
273 184,638 166,710
2,587 286,300
Lake Charles...
140
59,213
___8,780
Wilmington
90,657
12,113
239
525
61,230
Norfolk
427 140,590
84,696
1.565 150,406
N'port News, &c3.903 228,379
New York
1,175
762
3,026
Boston
1.719
1,392
4,436
54
Baltimore
20,918 1,410
32,704
1,314
874
753
Philadelphia
5,213
12
74
Totals
1930.
263,993
6,346
751,169
8,439
432,000
11,278
867
40,030
16,197
19,208
50,218
96,765
2,708
1,310
5,212
52.119 8.189.898 46.693 7.677.473 3.583.536 1.705.740
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1930-31. 1929-30. 1928-29. 1927-28. 1926-27. 1925-26.
Galveston.._ _
Houston
New Orleans_
Mobile
Savannah_
Brunswick
Charleston
Wilmington _ Norfolk
N'port News _
All others- --_
8,265
5,009
18,499
6,973
4,341
6,537
6,143
24,711
3,314
1.876
12,417
12,369
21,212
2,785
3,754
20,041
10,266
17.460
2,583
10,357
19,567
15,160
28,342
3.655
10,860
14,920
9,189
19,997
5,123
8,789
2,587
239
1,565
273
525
427
315
775
1,467
2,970
4,292
3.510
9,981
4,981
5.665
5.336
1.519
4,776
4.641
2,887
Total this wk_
52.119
46.693
2,257
57,351
1,463
3.896
2,044
72.882
102,107
71,673
Since Aug. 1-- 8.169.896 7.677.473 8.646.017 7.561.846 11873626 8.714.437
The exports for the week ending this evening reach a total
of 90,926 bales, of which 26,131 were to Great Britain, 8,289
to France; 9,420 to Germany; 3,886 to Italy; nil to Russia;
33,939 to Japan and China, and 9,261 to other destinations.
In the corresponding week last year total exports were
93,257 bales. For the season to date aggregate exports
have been 5,739,317 bales, against 5,995,356 bales in the
same period of the previous season. Below are the exports
for the week.
ExportedtoWeek Ended
GerGreat
Apr. 17 1931.
Exports from- Britain. France. many.
Galveston
Houston
1,028
Corpus Christi.. _
Beaumont
New Orleans_- 18,797
Mobile
Pensacola
1.996
Savannah
3,108
Charleston
Norfolk
New York
Los Angeles_ _ _
502
San Francisco_
700
Lake Charles_ _
2,570
2,624
Italy.
Japan&
Russia. China. Other.
3.005
424
1,851
719
3,881
-
1,611
2,437
2,413
20;ioi
1,558
3.207
663
Lo
4,298
3,547
"ioo
40
Total.
2,880 9,030
5,081 15,850
1,028
"250
250
300 43,919
100
100
1,288
200 5,403
3,108
663
50
150 5,650
200 4,447
100
140
Total
26,131
8,289
3,886
33,939
9,261 90,926
Total 1930_ _ _
Total 1929..
24,808
34.661
4,844 21,048 13,145
3,029 35,079 17,062
20,710
3,466
8,702 93.257
7,129 100,426
9,420
[VOL. 132.
From
Aug. 1 1930 to
Apr. 17 1931.1 Great
, GerExportsfrom-j Britain. France.' many.
Exported to
-
Galveston__ -Houston
Texas City...
CorpusChristi
Beaumont _ _ _
New Orleans_
Mobile
Pensacola_ _
Savannah _
Brunswick _
Charleston _ _
Wilmington _
Norfolk
Gulfport
New York
Boston
Baltimore_
Los Angeles_ _
San Diego.. _ _
San Francisco
Seattle
Lake Charles_
27.307199.179 1,028,924
89,719
64,987 3,435 416,890 248,564 1,884,507
3,749 5,864 52,983
1,425
- -119,850 45,314 508,395
20,365
4,300 24,528
300
91,425 25:844 223,469 81,856 846,073
2,244
- 12,996 3,367 219,775
202 62,431
5,267i
1,272
---- 32,809 8,795 400,757
10,707
49,050
a;iii 172,606
47,471
3,501
24,600
1,588 1.174 76,381
691
50
20,541
2,449 5,861
1,506
4,475
645
55
---205
158,312 12,092 210,446
400
400
400
44,845 1,657 56,966
50
13,000
13,000
5,906 2,383 59,353
9,806
Total
139,625 163,715
180,590429,860
15,167 13,840
65,848 157,4771
38
4,
5,822,
180,862 89,6431
108,497 7,240
12,579
131,858 1,864
7,793
313
60,480
7,845
39,460 2,599
50
1,919 6,652
3,080
300
205
14,622 3,395
193,379
439,881
12.938
99,541
9,726
149,974
85,431
43,111
214,724
41,257
101,981
11,525
31,097
2,154
395
21,625
3,685
6,729
2,252 12,953
26,053
Japan&
Italy. Russia. China. Other.
Total.
983.636 95,878 1,488,417419,197 29,279 284269 37,986 5,739.317
Total 1929-301,186,542 780,327 1,627.829605,931 78,040 097118 i19.569 5,995,356
Total 1928-291.727.356 738,215 1.766.950578,357 155,552 318355 390,348 6,975,603
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
GerGreat
Other CoastAprtt 17 at
- Britain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleston_ _ - _
Mobile
Norfolk
Other ports *_ _
2,800
1,020
1,500
2,078
2,700 11,000
2,847 4,473
1.051
200
1.203
3,000
1,000
3,000 18.000
Leaving
Stock.
Total.
1,500 19,500 536,582
100 10,518 721,506
200 361,974
200
180 166,530
180
2,454 243,355
84,696
25,000 1,411,041
Total 1931---- 7.871 4,778 8,547 34,676 1,980 57,852 3,525,684
Total 1930_
9,751 8,320 19,851 64,968 4,091 106,981 1.598,759
Total 1929_.. 17,243 9,973 11.070 62,734 8,444 109,464 1.368,477
* Estimated.
Speculation in cotton for future delivery has been on a
very moderate scale, but the undertone has been comparatively firm. Under the circumstances steady liquidation of May cotton and other selling has been well handled.
Latterly contracts have been in smaller supply. The outstanding fact within a day or two is that bearish news has
fallen comparatively flat. The technical position is better.
On April 11 prices advanced some 15 points, with stocks
and grain higher, less May liquidation, less pressure to sell,
generally, and more to cover, not to mention steady trade
buying both domestic and foreign. Liverpool, Continental,
and Japanese interests were said to be buying. Washington wired: "The world cotton crop for 1930-1931 season is
likely to be about 25,500,000 bales against 26,300,000 last
season," the Department of Commerce announced. In the
United States ginnings totaled 13,930.000 bales, off 313,000
bales from December estimate and 898,000 bales less than
the final estimate of last year's crop. In most of the
principal foreign cotton producing countries recent estimates are considerably below earlier estimates for this
season and are frequently less than estimated at this time
last season. In the United States and 16 foreign countries
for which production statistics are available for the 19301931 season the crop totals 23,752,000 bales compared with
24,736,000 bales for last season. In India the latest estimate of 4,047,000 bales is 83,000 lower than on the corresponding date last year and 355,000 bales below the final
estimate for last season.
The Hunter Co. stated: "Last week was the quietest of
the year. Yardage sold for the first quarter of this year
was far in excess of anything anticipated in December.
As regards the second quarter, the general feeling to-day
in the trade is hopeful, but it is never as easy in advance
to figure intelligently on the second quarter as it is for
the other quarters of the year. The big spring business,
as a rule, is done in late January, February and early
March. The fall business in September and October, and
may even begin in August if the crop outlook encourages
buying; or it may be deferred until after the middle of
September. April, May, June, and July are uncertain
months, however."
On the 13th inst. prices advanced 14 to 16 points, with
contracts rather scarce, stocks higher, textile figures for
March in some respects bullish, trade demand persistent,
and shorts covering freely. Co-operatives sold May but
bought December and January. The report of the Association of Cotton Textile Merchants of New York for the
month of March covering a period of five weeks showed
production of 271,638,000 yards, an increase of 2.4% over
the February rate. Shipments were equivalent to 116.8%
of production. Sales were equivalent to 108.7% of production. Stocks on hand showed a decrease of 14.3%, and unfilled orders a decrease of 5.5%. The decrease in unfilled
orders, however, was more than offset by the large decrease in stocks. Unfilled orders at the end of the month
amounted to 373,951,000 yards, compared with 395,802,000
at the end of the previous month, and stocks on hand were
273,781,000 against 319,328,000 the previous month. Production was at the rate of 54,328,000 yards compared with
53,042,000 in February, per week.
APRIL 181931.]
3001
FINANCIAL CHRONICLE
On the 14th inst. prices advanced slightly at first on
trade and co-operative buying and covering, but soon declined under a lower stock market and renewed liquida
tion of May. Worth Street was quiet and rather weak.
Manchester remained dull. The technical position was
weaker. Yet the Census Bureau showed that the stocks
of cotton at the mills were only 1,477,758 bales against
1,547,750 in February and 1,758,171 bales a year ago,
showing that the total now is 280,413 less than in 1930.
On the 15th inst. prices declined 10 to 15 points, with
May liquidation still on and the stock market lower. Also
the weather was better. Worth Street was dull, and Manchester also neglected. Both seemed rather depressed than
otherwise. Spot markets declined 10 to 15 points, with
sales of 5,187 bales at all ports against 3,774 on the same
day last year. The co-operatives bought October and December, but sold May. Liverpool and Alexandria were
lower. It was a weak, listless affair.
On the 15th inst. Tattersall cabled from Manchester:
"The demand in the local cloth markets remains poor, and
London Board of Trade returns for March are disappointing. Spinners and manufacturers experience much difficulty in maintaining present production schedules. Cloth
sales for India are confined to odd lots, chiefly in light
bleaching descriptions, and anti-British feeling in India
is still very strong. Small orders for fancies have been
reported for China. There is now slightly more activity
in printed and dyed goods for South America. Home trade
buying, after being quiet for some time, now shows signs
of improving. Yarn quotations are irregular, and there is
a tendency for stocks to increase. There is much doubt
in the market if the scheme for the elimination of surplus
machinery will be adequately supported."
On the 16th inst. prices at one time were 6 to 8 points
lower, but ended practically unchanged. Co-operatives sold
May and bought July and December. Spot houses bought
May freely. New Orleans was a noticeable buyer. The
trade and the Continent bought. But the weather was
better. Speculation was quiet. Spot markets were slow
and generally unchanged. The exports were small. Some
were looking for bearish week-end statistics. Some were
holding aloof awaiting more reliable information about
the size of the acreage.
To-day prices were irregular, at one time slightly lower,
and at another some 15 to 18 points higher, finally winding
up with most of the advance lost but with the tone steady
in spite of a decline in stocks and a report on the grading
showing that of 11,621,100 bales of upland cotton of the
1930 crop 84.6% was tenderable on contracts as against 75%
last year and 82.2% two years ago. Liverpool cables were
not at all stimulating. If the co-operatives bought December they sold May. The Dallas "News" crop report for
the week was rather more favorable. Worth •Street was
quiet. Spot markets were slow. Egyptian cotton was
down. Bombay prices were lower. Manchester reported
rather more inquiry from India and South America for
cloths. It is believed that many of the East Indian bids
were too low to admit of busines. But the technical position was better, contracts were scarce much of the time,
and the trade was a steady buyer. Liverpool and the Continent bought. New Orleans has been buying for two days.
Final prices for the week are 3 points lower to 4 points
higher. Spot cotton to-day was unchanged, which means
that it was 5 points lower than a week ago at 10.15c now
for middling.
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
Range of future prices at New York for week ending
April 17 1931 and since trading began on each option:
Option for
Apr. 1931
May 1931_ _ 10.10
June 1931
July 1931_ 10.36
Aug. 1931._ 10.62
Sept.1931_ _ 10.61
Oct. 1931__ 10.69
Nov. 1931
Dec. 1931_. 10.92
Jan. 1932.. 11.01
Feb. 1932._
Mar. 1932._ 11.24
Range for Week.
Range Since Beginning of Option.
Apr. 17 10.49 Apr.
Apr.
Apr.
Apr.
Apr.
17 10.73
11 10.88
15 10.68
17 11.05
Apr.
Apr.
Apr.
Apr.
10.85
14 9.80
10.76
14 10.00
14 10.44
15 10.19
14 10.22
Mar. 19 1931 13.34
Dec. 16 1930 15.00
Jan. 23 1931 10.76
Dec. 16 1930 13.82
Dec. 13 1930 12.15
Dec. 16 1930 12.57
Dec. 16 1930 12.31
June 18 1930
June 2 1930
Jan. 23 1931
Aug. 7 1930
Oct. 28 1930
Oct. 28 1930
Nov. 13 1930
Apr. 17 11.27 Apr. 14 10.76 Jan. 2 1931 12.32 Feb. 25 1931
Apr. 17 11.37 Apr. 14 10.88 Apr. 10 1931 12.42 Feb. 25 1931
Apr. 17 11.59 Apr. 13 11.06 Apr. 10 1931 11.59 Apr. 6 1931
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.
April 17Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
tock at Hamburg
tock at Bremen
tock at Havre
tock at Rotterdam
tock at Barcelona
tock at Genoa
tock at Ghent
tock at Antwerp
Total Continental stocks
1931.
pales 901,000
226,000
1,127,000
1930.
831,000
1929.
965,000
124,000
1928.
763.000
87,000
89.000
955,000 1,052,000
852.000
539,000
395,000
10,000
127,000
56.000
462,000
290,000
6.000
89,000
49,000
489,000
237,000
18,000
89,000
46,000
471,000
276.000
14,000
108,000
51,000
1,127,000
896,000
879,000
920.000
Total European stocks
2,254,000 1,851,000 1,931,000 1,772.000
India cotton afloat for Europe
109,000 238,000 155,000 164,000
American cotton afloat for Europe 230,000 221,000 335,000 437,000
80,000
Egypt,Brazil,&c.,afloatforEurope
58,000
81.000 111,000
Stock in Alexandria, Egypt
675,000 534,000 397,000 373,000
Stock in Bombay. India
1 019,000 1,292,000 1,306,000 972,000
Stock in U. S. ports
3.583,536 1.705,740 1.477.941 1,527,314
Stock in U. S. interior towns_ _ _ _1,213,994 1,024,125 646.881 773,381
U. S. exports to-day
10,203
Total visible supply
9,152,533 6,946,865 6,359,822 6,098,695
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
446,000 356,000 670,000 541,000
93,001)
65,000
72,000
68,000
1,012,000 816,000 805,000 868,000
230,000 221,000 335,000 437,000
3,583,536 1,705,740 1,477,941 1,527.314
1,213,994 1,024,125 646,881 773,381
10,203
Total American
East Indian, Brazil, &c,
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
6,588,733 4,194,865 4,002,822 4,211,695
Total East India, .Szc
Total American
455,000
295,000
222,000
133,000
52,000
19.000
115,000
80,000
74.000
109,000 238,000 155,000
58,000
81,000 111,000
675,000 534,000 397,000
1,019,000 1,292,000 1,306,000
475,000
24,000
52,000
164,000
80,000
373.000
972.000
2,564,000 2,752,000 2,357,000 1,887,000
6,588,733 4,194,865 4,002,822 4,211,695
Total visible supply
9.152,733 6,946.865 6,359,822 6,098,695
Middling uplands, Liverpool
5.568. 8.61d.
10.69d.
11.25d.
Middling uplands, New York_..-- 10.15c.
16.20c. 20.30c. 20.45c.
Egypt, good Sakel, Liverpool_
- 9.70d. 15.20d. 19.568. 22.268.
Peruvian, rough good. Liverpool_
14.50d. 13.50d.
Broach, fine, Liverpool__ _-___- 4.52d.
6.268.
8.90d.
9.90d.
Tinnevelly, good, Liverpool
5.27d.
7.60c1. 10.068. 10.603.
Continental imports for past week have been 95,000 bales.
The above figures for 1931 show a decrease from last
week of 94,688 bales, a loss of 2,205,868 bales from 1930,
a decrease of 1,792,911 bales from 1929, and a loss of
3,054,038 bales from 1928.
NEW YORK QUOTATIONS FOR 32 YEARS:
The quotations for middling upland at New York on
FUTURES.
-The highest, lowest and closing prices at April 17 for each of the past 32 years have been as follows:
New York for the past week have been as follows:
1931
1O.15c. 1923
28.75c. 1915
11.10c.
10.35c. 1907
April 11 to April 17Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
10.30 10.45 10.30 10.15 10.15 10.15
1930
1929
1928
1927
April
-1926
Range
1925
Closing_ 10.2210.36 -- 10.19-10.0410.0510.07- 1924
Saturday,
Apr. 11.
Monday,
Apr. 13.
Tuesday, Wednesday. Thursday,
Apr. 14.
Apr. 15.
Apr. 16.
Friday,
Apr. 17.
16.20c. 1922
20.45c. 1921
20.35c. 1920
14.50c. 1919
19.10c. 1918
24.95c. 1917
30.70c. 1916
18.05c. 1914
12.45c. 1913
43.25c. 1912
28.65c. 1911
31.50c. 1910
20.50c. 1909
12.00c. 1908
13.10c. 1906
12.40c. 1905
11.80c. 1904
14.85c. 1903
15.25c. 1902
10.75c. 1901
9.90c. 1900
11.90c.
7.85c.
14.40c.
10.40c.
9.38c.
8.31c.
9.88c.
May
Range__ 10.18-10.38 10.22-10.46 10.27-10.49 10.14-10.24 10.12-10.20 10.10-10.30
MARKET AND SALES AT NEW YORK.
Closing_ 10.32-10.33 10.4610.29-10.30 10.14-10.15 10.15-10.16 10.17-10.19
JuneThe total sales of cotton on the spot each day during the
Range.-Closing. 10.43 -- 10.5710.40 -10.26 -10.27 -10.30- week at New York are indicated in the following statement.
AlbFor the convenience of the reader, we also add columns
Range-- 10.46-10.58 10.45-10.69 10.48-10.73 10.37-10.48 10.37-10.45 10.36-10.57
10.38-10.40 10.39-10.40 10.43- which show at a glance how the market for spot and futures
Closing. 10.55-10.57 10.68-10.69 10.52Aug.
closed on same days.
Range.._ 10.62- -10.88
Closing_ 10.6710.5010.51 -10.5610.6510.80Sept.
SALES.
Futures.
Range._ -- -- -- -10.67 -10.61-10.68
Spot Market
Market
Closing_ 10.7810.6310.92 -- 10.75 -- 10.6210.70Spot. Contr't Total.
Closed.
Closed.
Oct.
Range__ 10.81-10.90 10.70-11.04 10.82-11.05 10.71-10.81 10.70-10.77 10.69-10.88 Saturday__ _ Steady, 10 pts. adv_ Steady
Closing. 10.88-10.89 11.02-11.04 10.85-10.87 10.72-10.73 10.73 -- 10.78-10.79 Monday _
Steady, 15 pts. adv.. Firm
Range
-- --- ---Closing 10.99 -11.13 -- 10.97 ---- -- 10.85 -- 10.89.
10.83
--Dee.
--Range... 11.04-11.13 11.02-11.25 11.06-11.27 10.94-11.05 10.94-11.01 10.92-11.12
Closing. 11.1010.95-10.97 10.97 -- 11.00-11.01
11.24-11.25 11.10Jan.
Range._ 11.13-11.21 11.10-11.35 11.17-11.37 11.03-11.11 11.02-11.09 11.01-11.16
Closing_ 11.20-11.21 11.3511.05-11.08 11.05 -- 11.10-11.11
11.18-
Tuesday _ _ _ Quiet, 15 pts. dee--Wednesday Quiet, 15 pts. dec--Thursday __IIQuiet, unchanged - Friday
'Quiet, unchangedTotal week
Since Aug. lj
Barely steady-Barely steady
Barely steady- Steady
------ --300
-556
300
300
35.275 400:566 500,575
AT THE INTERIOR TOWNS the movement
-that is,
Range__
-- -- -- -- the receipts for the week and since Aug. 1, the shipments for
Closing. 11.30 -- 11.45 -- 11.29 -11.17 -11.1611.21 - the
week and the stocks to-night, and the same items for the
MarchRange- 11.33-11.41 11,33-11.5911.38-11.58 11.27-11.35 11.27-11.3411.24-11.44
--11.30 -11.2711.32-
closing_ 11.4011.56-11.59 11.41
corresponding period of the previous year, is set out in
detail below:
FINANCIAL CHRONICLE
3002
Movement to Apr. 17 1931.
Movement to April 18 1930.
Ship- 1Stocks
Rece(pts.
Receipts.
mews, April
Week. I Season.
Week.
17.
Week. Season.
378 33,083
371 108,996
248
97,502
Ala,.Birming'm
19,692
243 13.723
146
Eufaula
16
28.58
60,405
261
Montgomery.
169 68,495 1,226 61,803
115
72,257
Selma
109 98,734 1,703 44,106
80 127,735
Ark., Blythvil
26
76,722 1,422 19,176
491
14,505
793, 5,283
110
30.533
Forest City_
Helena
150 61,233
27 41,311 1,125 14,613
t
32,25
3681 4,490
63 55,099
Hope
12
82 39,586
i Jonesboro__ _
16
86,363
1613', 2,414
589 101,238
878i 31,819
321 126.925
, Little Rock51,343
Newport_ _
____
27,65
...._I 5,461
_
18
175
86,788
620 16,883
412 186.916
Pine Bluff
55,884
23,886
Walnut Rids,
____
180 2,626
56
____
7,393
____
6,482
Ga., Albany _ _ _
71 3,772
75 41,597
Athens
75 44,833 1,200 28,472
972 180,756
Atlanta
3.602 202,603 1.897164,498
2,745 323,784 5,916 85,915 1,711 299.823
Augusta
25,121
Columbus _ .. _
200
49,18
650 14,500
251
311 31,881
75,184
143 91,452
172
Macon
30 20.886 1,050 11,502
6' 23,356
Rome
253 107,368 1,863 66,763
235 144,423
La., Shreveport
Miss., CP .... ,
147 112,330 2,775 30,739
195 191,079
32
25.128 1,233', 10.384
401
28,614
Columbus
68 137,979 3,5411 44,30.9
259 231,079
Greenwood
152
688 21,822
52,627
Mer1dian_ _ _ _
188
60,627
GI
12.192
3981 7.313.
81
Natchez
25.128
594 12,276 I
69
6
35.040
32,74
Vicksburg_ _
7651 9,533
6
Yazoo City
2 32,870i
41,776
Mo., St. Louis_ 6,064 210,833 6,069 9,953 5,201 272,833
817
200 43,961
4681 36,445
20,679
N.C..Gr'nsb'ro
Oklahoma
375 531,608 1,7571 37,484
426 749,043
I. 15 towns._
S. C..Greenvllh 1,054 134,519 3,452 57,613 2,151 165,367
10,172 1,250.478 28,717237.587 18,549 1,851,858
Tenn.,Memph
151 26,985
67
152
1
.7
Texas, Abilene_
24.802
____
559
Austin
147
11,395
10
19.411
49 4.805
Brenham_ _ _ _
9
10,941
178 144.126 1,560 9,505
49
111,260
Dallas
60 63.500
2851 1.218
84
Fails
74,370
Robstovrn
9 54,781
292 9,742
____
32,711
-___
25.177
4181 1,340
176
23,557
San Antonio.
83 34,556
2161 3,856
Texarkana -100
60.200
28
61,226
84; 4,762
Waco
261 105,367
Total. 66 to
Ship- Stocks
mews,' April
Week.
18.
603;
89
431
916
2,704
615
582
116
356
844
49
1,360
369
__
1,100
6,352
2,614
100
1,333
240
253
1,541
237
1,498
481
67
___
204
5,075
605
13,077
0,018
26,017
20,039
27,484
8,529
13,292
1,601
2,873
20.485
2,461
25.312
4,116
2,494
18.683
80,817
77,604
2,590
15,551
16,846
49,925
27,226
6,197
57,940
5,920
9,208
6,062
7,283
11,339
10,619
2,606 42,052
6,427 60,760
34,060310,184
208
223
159
819
129 2,834
446 11,981
85 2,686
4 2,009
51
848
176 4.418
493 7,553
27.586 4.613.668 75.399 1213990 35.3675.894.661 75.584 1024125
{Vol,. 132.
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Apr. 11.
Monday,
Apr. 13.
Tuesday, Wednesday, Thursday,
Apr. 15.
Apr. 16.
Apr. 14.
Friday,
Apr. 17.
kprli
day
10.33 10.42-10.44110.26 -- 10.15-10.16110.14-10.15 10.16-10.13
lune
- fuly
10.41-10.42110.41 --110.4410.56 -10.6710.51 -tugust _ -- ieptember -10.73-10.74 10.76 -)ctober _ 10.88 Bid. 10.99-11.01 10.84.
10.73govember
10.95 -- 10.99-11.0C
December- 11.1011.22 - 11.07-11.08 10.95ranuary - 11.20 Bid, 11.32 Bid. 11.16 Bid. 11.05 BM. 11.05 -- 11.11 February.
- --- --- -- --- ---- --tlarch ---- ---------- ---- -tprli
ToneQuiet.
Quiet
Quiet un3pot
Steady.
Steady.
Steady.
Quiet but changed.
)ptions_ _ - Steady.
Steady.
Steady.
Steady.
steady.
steady
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND, &c., IN MARCH.
April 14 by the Census Bureau, will be found in an earlier
part of our paper in our department headed "Indications of
Business Activity."
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that planting is under
way from Alabama westward. Cool nights and wet soil
have retarded germination of cotton in some districts,
with local replanting probable.
-The past week has been very favorable
Mobile, Ala.
for planting and germination. Use of fertilizer about
55% of last year.
-Farm work is progressing satisfactorily,
Memphis, Tenn.
and cotton planting has been started.
Thermometer
. Rain. Rainfall.
Galveston, Texas
1 day 0.01 In. high 76 low 59 mean 88
high 80 low 44 mean 62
dry
Abilene. Texas
2 days 0.25 in. high 78 low 52 mean 65
Brownsville, Texas
2 days 0.36 in. high 74 low 52 mean 63
Corpus* Christi, Texas
Dallas, Texashigh 80 low 48 mean 64
Del Rio, Texas
- .04 in. high 80 low 42 mean 61
1 day di6
high 82 low 54 mean 68
dry
Houston
Palestine,Texashigh 82 low 48 mean 65
San Antonio, Texas
1 day drg.32 In. high 78 low 52 mean 65
high 80 low 44 mean 62
Ardmore, Okla
drY
Altus, Okla
1 day 0.18 in. high 83 low 40 mean 62.
Muskogee, Okla
2 days 0.20 in. high 82 low 42 mean 62
Oklahoma City, Okla
2 days 0.33 in. high 80 low 47 mean 64
Brinkley, Ark
1 day 0.02 in. high 90 low 41 mean 66
Eldorado, Ark
1 day 0.02 in. high 87 low 45 mean 66
Little Rock, Ark
1 day 0.52 in. high 85 low 50 mean 68
1 day 0.01 in. high 88 low 44 mean 68
-1930-31-1929-30 -- Pine Bluff, Ark
7
high 89 low 48 mean 69
dry
Since
Since Alexandria, La
April 172 days 0.06 in. high 84 low 50 mean 67
ShippedWeek. Aug. 1.
Week. Aug. 1. Amite, La
New Orleans, La
2 days 0.96 in. high _ _ low __ mean 69
Via St. Louis
6.064 214.882
5,075 270.623 Shreveport. La
dry
high 84 low 48 mean 66
49.425
Via Mounds, &c
1,595
784
62,436 Columbus, Miss
dry
high 87 low 47 mean 67
1.509
Via Rock Island
100
45
3.596 Greenwood, Miss
high 89 low 39 mean 64
dry
162
16,147
Via Louisville
300
29,486 Vicksburg, Miss
2 days 0.03 in. high 86 low 47 mean 87
4,233 138.761
Via Virginia points
4.653 155,858 Mobile, Ala
3 days 0.32 in. high 84 low 57 mean 68
13.697 465.840
6.883 522,568 Decatur, Ala
Via other routes, &c
1 day 0.04 in. high 87 low 47 mean 67
2 days 0.60 in. hlgh 82 low 56 mean 69
Montgomery, Ala
25,851 886,564
Total gross overland
17.740 1,044.567 Selma. Ala
1 day 0.37 in. high 85 low 52 mean 69
Deduct Shipments
3 days 1.03 in. high 82 low 57 mean 70
Gainesville, Fla
2,266
26.541
2,300
Overland to N. Y., Boston, &c
38,766 Madison, Fla
3 days 0.62 in. high 83 low 55 mean 69
413
11,635
439
Between interior towns
14,468 Savannah, Ga
1 day 0.01 in. high 82 low 54 mean 68
2,345 235.110
10,380 366.576 Athens
inland, dec., from South
2 days 0.14 in. high 81 low 47 mean 64
high 82 low 50 mean 66
dry
Augusta, Ga
5,024 273.286
13,119 419,810 Columbus, Ga
Total to be deducted
1 day 0.09 in. high 84 low 50 mean 67
dry
high 78 low 53 mean 66
Charleston. S.0
Leaving total net
__ _20,827 613,278
4.621 624,757 Greenwood, S.0
dry
high 81 low 42 mean 62
* Including movement by rail to Canada.
overland*_high 78 low 48 mean 83
dry
Columbia, S. 0
high 83 low 43 mean 63
dry
The foregoing shows the week's net overland movement Conway, S.00
2 days 0.14 in. high 80 low 47 mean 62
N.
this year has been 20,827 bales, against 4,621 bales for Charlotte,N.0
high 85 low 37 mean 61
dry
Newbern,
high 83 low 31 mean 57
dry •
Weldon, N.0
the week last year, and that for the season to date the Memphis, Tenn
2 days 0.13 in. high 87 low 50 mean 67
decrease
•Inoludes the combined totals of 15 towns iri Oklahoma.
The above total shows that the interior stocks have
decreased during the week 50,855 bales and are to-night
189,865 bales more than at the same time last year. The
receipts at all towns have been 7,781 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
from a year ago
aggregate net overland exhibits a
of 11,479 bales.
-1930-31
In Sight and Spinners'
Since
Takings.
Week.
Aug. 1.
Receipts at ports to April 17
52,119 8,169.896
Net overland to April 17
20.827
613.278
Southern consumption to April 17100.000 3,080,000
-----1929-30-- -Since
Week.
Aug. 1.
46,693 7,677.473
4,621
624.757
105.000 3.895.000
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Above zero of gaugoAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
New Orleans
Memphis
Nashville
Total marketed
172.946 11,863.174
Interior stocks in excess
*50,855
652,295
Excess of Southern mill takings
317.684
over consumption to April 1 _ _ _ ______
Came into sight during Week... _122.091
Total in sight April 17
12.833,153
North.spinn's's takings to Apr.17 26.505
850,535
156,314 12,197,230
*42,419
814,215
667.257
113,895
13,678,702
22,200 1,010.344
* Decrease.
Movement into sight in previous years:
Bales.
Since Aug. 1144,228 1928
148.749 1927
199,082 1926
Week-April 18
1929
-April 20
1928
-April 21
1927
Bales.
14.420,273
12,767.906
17,703,165
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
April 17.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock - Dallas
Fort Worth
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
10.25
10.08
9.60
9.92
10.06
10.15
9.81
9.15
10.10
9.08
9.55
10.35
10.18
9.70
10.06
10.19
10.30
9.94
9.30
10.20
9.20
9.70
9.70
10.20
10.01
9.55
9.89
10.06
10.40
9.81
9.15
10.05
9.05
9.55
9.55
10.10
9.90
9.40
9.74
9.94
10.25
9.63
9.00
9.90
8.90
9.40
9.40
10.10
9.90
9.40
9.76
9.94
10.15
9.63
9.00
9.90
8.90
9.40
9.40
10.10
9.90
9.40
0.79
10.00
10.15
9.69
9.00
10.00
8.90
9.40
9.40
Shreveport
Vicksburg
April 17 1931. April 18 1930.
Feet.
Feet.
6.2
8.9
23.8
17.4
13.6
9.0
10.2
7.9
30.5
27.8
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
figures do not include overland rethe plantations. The
ceipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Receipt, at Ports.
Ended
1930.
1929.
1928.
Stocks Cl Interior Towns. ReceiptsfromPlantationa
1930.
1929.
1928.
1930,
1929.
1928.
De
26.... 161.383187,78&255.661 1,800,744 1,493,0151.255,901 151,065204,101 279,131
1930.
1929.
1931.
Jan.- 1931. 1930. 1929.
2-- 122,377 154.364 188,298 1.777,081 1,476,971 1.240,631
9__ 115,570 137,699 172,3401.750,8591.477,3451,203,459
16__ 106.805 104.523 151,177 1,725.1641,456,833 1,181,140
23.._ 80,428 98.388171.761 1.696,148 1,432.387 1,118.699
30-- 115,045 87.594 155,731 1.858,372 1,403,107 1.072,678
Feb.6.- 105,953 82,277 135,078 1.627,316 111.825 1,355.621
13.... 106,106 53,506 81,5701,588,762 1,326,078 966.412
20._ 113,043 85.886 80.866 1,556.997 1,306,632. 936.027
27_ 119,362 55,748 91,438 1,514,682 1.288,139 906,387
Mar.
6-- 118,571 50,312 86,941 1,461,836 1,256,075 849.195
__ 93,477 44,919 106.3501,420,753 1.228,666 814,522
20._ 68.139 46.415 97.085 1.379,378 781,667 1,202 911
27__ 61,738 46,906 78,041 1.349.0181.163.170 752.959
Apr.
3_ _ 53,101 49.351 59,8841,312.856 1.113,592 711.349
10._ 40,426 47.498 48.659 1,264,845 1,066,544 679,205
17._ 52,119 48,693 53,351 1,213,990 1,024,125 646.881
1931, 1930. 1929.
98.714138,320173,028
89,348 138 073 135,168
81,110 84.011108,826
51,41 73.942129,320
77,269 58,314109,710
74.8971
67,552
81,673
1
77.047'
34,791
23,972
46.440
37,255
70.313
40.089
50,481
61.796
65,725 18,21 29,749
41,01 17,51 71,677
26,70' 20,692 64,230
31,37
7,133 49,333
16.939
Nil
1.264
N11 18,27
450 16,51
4.274. 26 027
APRIL
3003.
FINANCIAL CHRONICLE
181931.]
Bales.
The above statement shows: (1) That the total receipts
from the plantations since Aug.1 1930 are 8,807,478 bales; in
1929-30 were 8,467,460 bales, and in 1928-29 were 8,944,757
bales. (12) That although the receipts at the outports the
past week were 52,119 bales, the actual movement from
plantations was 1,264 bales, stock at interior towns
having decreased 50,855 bales during the week. Last year
receipts from the plantations for the week were 4,274
bales and for 1929 they were 25,027 bales.
-President Cleveland, 948
LOS ANGELES
-To Japan-April 7
_April
April 11-Silverwillow. 840_.April 13-Pres. Hayes.
560; Tatsuno Maru, 825
-President Cleveland, 950--April 13To China-April 7
Tatsuno Meru, 175
To Manchester-April 11-Pacific Reliance, 190
To Liverpool
-Sacramento, 312
-April 13
To Bremen-April 11-Los Angeles, 700
To India-April 13
-President Hayes. 50; Tatsuta Maru, 100LAKE CHARLES
-To Havre-April 11-Endicott, 40
To Ghent
-April 11-Endicott. 100
-American Press. 1,782
HOUSTON-To Genoa-April 10
-.American Press, 69
To Naples-April 10
To Dunkirk-April 13-Braheholm, 500
WORLD'S SUPPLY AND TAKINGS OF COTTON.
-George Pierce, 2,124
To Havre-April 13
The following brief but comprehensive statement indicates
-April 13
-George Pierce, 232
To Ghent
To Copenhagen-April 13-Braheholm, 168; Torsol, 200
at a glance the world's supply of cotton for the week and
To Bergen-April 13-13raheholm, 25
since Aug. 1 for the last two seasons from all sources from
To Rotterdam-April 13-Torsol, 149
To Japan-April 13-Tatsuno Maru, 1,1501 Hakutatsu Maim,
which statistics are obtainable; also the takings or amounts
2.731
gone out of sight for the like period:
To Barcelona-April 14-Aldecoa, 4,307
To Bremen-April 15-NIshmaha, 2,407
To Hamburg-April15-Nishmaha,6
1930-31.
1929-1930.
Cotton Takings
-Nevada, 783; Middleham
Week and Season.
GALVESTON-To Havre--April 10
Week.
Season.
Season.
Week.
-George Pierce, 756
Castle,874_ April 14
-Nevada,107_ _April 14-Braheholm,50
To Dunkirk-April 10
7,043,427
9,247,421
Visible supply April 10
To Ghent-April10--Middleham Castle, 1,779; Nevada, 505,302,014
3,735.957
Visible supply Aug. 1
-George Pierce, 218April 14
122,091 12,833,153 113,895 13,678,702
To Bremen-April 11-Karlsruhe, 432; Nishmaha, 1,197..
American in sight to April 17..
95.000 2,861,000
95,000 2,633,000
Bombayreceipts to April 16---April 15
-August Leonhardt, 808
40.000
459.000
2,000
-Geroge
615,000
Other India ship'ts to April 16.
To Rotterdam-April 11-Nishmaha, 250„April 14
25,000 1,521,200
7,000 1,278,900
Alexandriareceipts to April 15.
Pierce, 50_ _April 15-Torsol, 401
516,000
7,000
9,000
616,000
Othersupply to April 15 * b _ _
To Genoa-April 11-American Prom,293
To Naples-April 11-American Press, 131
9482,512 23,022,067 7,324,322 23.027,859
Totalsupply
To Japan-April 11-Nakutatsu Maru,719
Deduct
To Copenhagen-April 14-Braheholm, 132
9.152.733 9,152,733 6,946,865 6,946,865 NEW YORK To Dunkirk-April 15
Visible supply April 17
-Waukegan,50
329,779 13,869,334 377.457 16,080,994 BEAUMONT-To Barcelona-April 11-Aldecoa,250
Total takings to April 17_a
-Clyde Mans,588
243,779 9.651,434 266,457 11,247,794 PENSACOLA-To Japan-April 14
Of which American
-Clyde Mans, 700
86.000 4.217,900 110.000 4.833,200
To China-April 14
Of which other
MOBILE
-To Barcelona-April 11-Mar Caribe. 100
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
-Eifel, 663
-To Bremen-April 16
a This total embraces since Aug. 1 the total estimated consumption by NORFOLK
700
-30
Southern mills, 3.080.000 bales in 1930-31 and 3.895,000 bales in 1929 - SAN FRANCISCO
(7)
-To Great Britain-April 15
takings not being available-and the aggregate amounts taken by Northern
3,477
To Japan-April 15
(7)
and foreign spinners, 10,789,334 bales in 1930-31 and 12,185.994 bales in
(7)
100
To China
-April 15
200
1929-30. of which 6,571,434 bales and 7,352,794 bales American.
(7)
To India-April 15
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1930-31.
1929-30.
1928-29.
Since
Week. Aug. 1.
April 16.
Receipts at
-
Since
Week. Aug. 1.
Since
Week. Aug. 1.
9500012633.000 95,000 2,861,000 96,0002,574000
Bombay
Since August 1.
For the Week.
Exports
from-
I
Great
Great Conti- Japan&
Britain. neat. China.1 Total. Britain.
Bombay
1930-31._
1929-30__
1928
-29-Other India
1930-31_
1929-30- _
1928-29_ _
12,000 22,00 106,
37,000 50,000 67,
44,
69,000i 75,
2,000
2,000
1,0
Japan &
China. I Total.
545,000 1,433,000 2,084,000
617,000 1,201,000 1,885,000
588,0001.270,0001.902,000
2,000 106,000 353,0001
489,0001
40,000 126,
425,000:
26,000 84,
17:568
2,000
Total all
1930-31._ 2,
1929-30._ 19,
,
1928-29._ 3
Contineat.
459,000
615,000
509,000
10,000 12,000 24,000 212,1 St 898.0001,433,0002,543.000
34,000 37.000 90,000 193,0001,106,000 1.201,000 2,500,000
29,000 69,000101,000 128,0001,013,0001,270,0002,411,000
According to the foregoing, exports from all India ports
record a decrease of 66,000 bales during the week, and since
Aug. 1 show an increase of 43,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
April 15.
Receipts (cantors
This week
Since Aug. 1
Exports (bales)
-
1930-31.
1929-30.
1928-29.
35,000
6,238,813
125,000
7.591.599
140,000
7,480,504
ThisI Since
This Since
Week.. Aug. 1. IVeek. Aug. 1
_.._'104.840 4,000 125.340 4,000 145,550
To Liverpool
95,632
-1118,950 3,000 140,310
To Manchester, &c
To Continent and India_ 7.000 432,289 12,000 374,337 11,000 388,217
I 14,115
_-1 88,350 16,000 157,278
To America
7.000 646,876 15,000706.977 34,000 831,355
Total exports
Note.
-A canter is 99 lbs. Egyptian be es weigh about 750 lbs.
This statement shows that the receipts for the week ended Apr. 15 were
35.000 canters and the foreign shipments 7,000 bales.
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 90,926 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
10,2003oles.
-To Japan-April 8-Nakutatsu Maru,
NEW ORLEANS
Buchaness, 2,571.. _April 10-Fernglen, 2,781---Apr. 14
Havana Marts 3,554
19,106
To Dunkirk-April 10-Braheholm, 700-- _April 14
-Nevada,
1.286
1.986
To Havre-April 14
-Nevada, 1,019
1,019
To Oslo-April 10-11raheholm. 100
100
To China-April 10-Fernglen, 400- _April 14
-Havana
Maru, 700
-West Totant, 1,181; Designer, 8,995 1.100
To Liverpool-April 10
_April 13-Duquesne,5,954
16.130
-West Totant, 301: Designer, 1,160
To Manchester-April 10
- 1
2,667
To Genoa-April 13-Nicolo &tem,1,601
1,601
-April 13-Nicolo Odero, 10
To Naples
10
To Porto Colombia-April 11-Iriona, 100
100
To Lapse-April 11-Iriona 100
100
10
SAVANNAH-To Bremen-April -Coldwater,2,395
2,395
-Coldwater, 812
To Hamburg-April 10
812
-Coldwater,200
To Rotterdam-April 10
200
-Tulsa, 1,456
To Liverpool-April 15
1,456
-Tulsa,540
To Manchester-April 15
MO
Liverpool-April 10
CHARLESTON-To
-Tulsa. 682
682
-Tulsa, 2,426
To Manchester-April 10
2.426
-To Liverpool-April 15
CORPUS CHRISTI
-West Harshaw,401
401
-West Harshaw,627
To Manchester-April 15
627
1,12.5
190
312
700
150
40
100
1,782
69
500
2.124
232
368
25
149
3,881
4,307
2.407
2.413
157
2,047
2,437
'
701
293
131
719
132
so
250
588
700
100
663
700
3.447
100
200
90.926
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks,&a.,at that port:
Mar. 27. Apr. 3. Apr. 10. Apr.17.
32,000
18,000
24,000
36,000
8,000
12,000
1:0 0
0
1: 01)
0
1.003
1.000
41.000
34,000
44,000
43,000
920,000 919,000 918,000 901,000
458,000 452,000 453,000 446,000
31,Sit
30,000
33,000
56,000
14,itt
16.000
7,000
26,000
96,000 106,000
117,000 100,000
53,000
42,000
56,000
50,000
Sales of the week
Of which American
Sales for export
Forward_
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market, {
12:15
P.M.
Mid.17prds
Sales
Saturday.
Quiet.
5.61d.
3,000
Monday.
2`uesday. Wednesday. Thursday.
Good
Inquiry.
A fair
business
doing.
5.66d.
5,000
5.708.
5,000
Moderate
demand.
5.606.
8,000
A fair
business
doing.
5.618.
5,000
Fridcw.
Quiet.
5.558.
5,000
Quiet, Barely stdy Quiet, un- Q'tunchgd.
Quiet.
Futures.{ Quiet,
Market
6 to 7 pta. 7 to 9 pta. 10 toll pta 5 to 8 pta. ch'gd to 2to 1 point
pta. adv. decline.
decline.
opened
advance. advance. advance.
Market,
Easy. Barely stdy Barely eddy Steady, Quiet but Steady;
4
1 to 2 pts. 3 to a Pts• 8 to 9 pta. 9 toll pta st'dy, 1 pt. 1 point deadvance.
cline.
decline.
P.M. 1 advance. advance. advance.
Prices of futures at Liverpool for each day are given below:
Sat.
This Since
Week. Aug. 1.
3.173
Mon.
Tues.
Wed.
Tatars. I
Fri.
April 11
to
April 17.
2.1512.30 12.1 4.00 12.15 4.00 12.15 4.00 12.15 4.0W2.lSI 4.00
p.m.p.m.P• m.P. in. p.m p.m.p.m p.m.D. p.m. .sLip. 111.
d. d. d. d. d. d.
d. d. d. d.
New Contract d. d.
April
5.42 5.51 5.45 5.55 5.54 5.45 5.44 5.46 5.45 5.4 5.44
May
5.46 5.55 5.49 5.59 5.58 5.49 5.47 5.49 5.48 5.4 5.47
5.50 5.5 5.53 5.64 5.62 5.53 5.51 5.53 5.52 5.47 5.51
June
July
5.55 5.6 5.58 5.68 5.66 5.58 5.56 5.58 5.57 5.5 5.56
5.59 5.67 5.62 5.72 5.70 5.62 5.60 5.62 5.61 5.56 5.60
August
September.__ _
5.62 5.7 5.65 5.75 5.73 5.65 5.63 5.65 5.64 5.5 5.63
5.65 5.73 5.69 5.79 5.77 5.69 5.67 5.69 5.68 5.6 5.67
October
5.67 5.71
5.68 5.77 5.73. 5.8 .81 5.7 5.71 5.72 5.
November_ _ -5.72 5.81 5.77 5.85 5.85 5.76 5.75 5.76 5.7 5.71 5.75
December
5.76 5.8 5.81 5.90 5.89 5.8 5.79 5.80 5.88. 5.79
January 1932_
5.80 5.89 5.85 5.945.93 5.84 5.83 5.84 5.4 5.7 5.83
February
5.8 5.87
March
5.84 5.93 5.89 5.98 5.97 5.88 5.87 5.88 5.
5.87 5.96 5.92 6.01 6.00 5.91 5.91 5.92 5.92 5.88 5.91
April
BREADSTUFFS
Friday Night, April 17 1931.
Flour was quiet but firm at one time. Mill shipments
were described as large, but now business was dull. Feed
prices were rather weak. Exporters here insisted that the
general demand was very quiet, with very little effort to
take anything in particular. Later on the tone was firmer.
Still later flour was firmer, with feed steadier.
Wheat speculation has widened out, and, what is more
to the point, the export trade has been on a big scale,
reaching on more than one day as much as 2,009,000 bushels.
All of which has offset the big supplies. It should not
be forgotten, too, that dry weather is still complained of
In the spring wheat belt of this country, and also in
Canada. On the 11th inst. Chicago ended unchanged to %c.
3004
FINANCIAL CHRONICLE
/
higher. Winnipeg advanced 114e. Export sales were estimated at 1,000,000 bushels of Manitoba and Canadian
durums; also around 700,000 bushels of Canadian barley.
Foreign houses bought futures freely for account, it was
said, of Germany and other parts of the Continent as well
as England. Continental cables were firm. Domestic wheat
at Genoa advanced 4c. a bushel last week, Hamburg 3%c.,
and Paris 4%c. Antwerp was reported to have bought a
/
1
parcel of No. 1 hard winter wheat at equivalent to 774c. a
bushel. Dry weather in the American Northwest was
stressed.
4c. higher,
On the 13th inst. prices ended unchanged to 7
with export sales, it was said, of something over 1,000,000
bushels of Manitoba and 2,000,000 of barley, besides some
rye. Also in the Northwest there were big dust storms.
That section needs rains. The United States visible supply
decreased last week 2,605,000 bushels against 3,031,000 last
year; total, 199,227,000 bushels against 143,519,000 last
year. On the 14th inst. Chicago ended unchanged to %c.
lower, on reports of rains in the Northwest and Canada, and
the export demand smaller. The sales were estimated at
00,000 bushels. But within 10 days the export sales have
been large.
/
1
On the 15th inst. prices advanced % to 14c. in Chicago
and 1% to 1%c. in New York on export sales of 2,000,000
bushels and dry weather in the Northwest. The Farm
Board was said to have sold 500,000 bushels to China, but
this was denied later. Dust storms prevailed in Canada.
On the 16th inst. prices at Chicago closed %c. lower to %c.
higher, with persistent dry weather in the Northwest and
teanada. Exports fell off. Liverpool, too, was ld. lower
than due. The Government report, issued after the close,
indicated stocks of wheat on farms April 1 at 114,983,000
bushels, as against 102,352,000 bushels last year and 117,664,000 on hand April 1 1929. The disappearance of wheat
from the farms during the month of March was estimated
to have been the largest in the period from Mar. 1 to
April 1 in some six years and amounted to around 45,299,000
bushels as against 27,402,000 during the same period
in 1930.
To-day the "Modern Mill" report on the crop of winter
wheat said the condition continued good to excellent, and no
deterioration is claimed. Precipitation in American and
Canadian Northwest has been well below normal this
spring. To-day Chicago closed unchanged to %c. higher,
with export sales estimated at 1,500,000 bushels of Manitoba and 400,000 to 500,000 bushels of barley sold to England, France, Germany, and Holland. Speculation broadened. The cables were responsive to Thursday's better
prices. Moreover, there was a lack of the needed rains
in the Northwest and Canada. Dust storms were reported
in Canada. Later on there was a reaction from the top
in some cases of lc., with a forecast for unsettled weather
in Canada and the spring wheat section of this country.
Winter wheat advices continue favorable. Argentine and
Australia shipped this week 8,414,000 bushels against
2,944,000 for the same week last year. The Far East and
Europe was credited with buying 3,750,000 bushels of Australian wheat yesterday. It is partly a weather market.
Rain is needed over considerable areas of the domestic
spring wheat section and•Canada. Final prices show no
/
3
4
change for May but a rise of 2 to 3 c. on July and
September.
DAILY CLOSING PRICES OF BONDED WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed.Thurs. Fri.
6334 6434 6334 6534 65% 6634
May
6534 6734 67
6754
6534 66
July
.
69
6734 69
6934
October
6734 68
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
9334 9434 9434 9434 9474 9474
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
84
84
84
8434 8434 84
May_
6274 6374 63% 64% 64
6434
July
64% 6234 6134 62% 6334 6334
September
64% 654 6434 653 6634 6774
December
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
6034 6034 6274 6134 6234
60
May
61% 6234 61% 63% 63% 64
July
63% 6434 6334 6534 65
6534
October
Indian corn has been comparatively quiet. The cash
demand has not been altogether satisfactory, and some think
corn is relatively too high. Under the circumstances there
has been selling of corn and buying of wheat, but the net
changes in corn prices for the week are negligible. On the
4c. higher. It was
11th inst. prices closed %c. lower to 1
steadied by wheat. On the 13th inst. prices ended % to %c.
higher, with wheat up. The United States visible supply
decreased last week 802,000 bushels against an increase
of 44,000 last year; total, 19,645,000 bushels against 23,380,000 a year ago. The country offered sparingly. Receipts at Chicago fell off to 79 cars. Sample prices were
1c.
2
unchanged to / higher. On the 14th inst. prices declined
/
% to 14c., taking its cue from wheat, but showing no real
weakness, though there was a drop from thekarly high of
% to Trac. On the 15th inst. prices ended Y4c. higher, supported by wheat's advance, but professionals have been
3
4c.
4c. lower to /
Belling. On the 16th inst. prices ended 1
[VOL. 132.
higher on moderate trading. The receipts were 'moderate
and the country offerings light. Some called it a two-sided
affair, awaiting further developments.
To-day prices ended % to lc. lower, with professional
operators selling vigorously. Also there was not a little
liquidation. Some sold corn and bought wheat. The Eastern cash demand was nothing like what was expected.
Otherwise the cash trade was fair. The basis was comparatively firm. Country offerings were light. The
weather was favorable for new crop preparations. Final
prices are 34c. lower to 12c. higher for the week.
/
/
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
7934 7934 7934 7934 79
7834
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
6134 6234 6231 6234 6234 6134
July
6234 6334 6334 63
6334 62%
September
60% 6134 6134 6134 6134 6134
December
5334 5434 5434 5434 54% 5434
Oats have shown no activity, but at the same time have
been firm, with some covering of hedges coincident with
cash sales. On the 11th inst. prices ended %c. lower to
%c. higher. On the 13th inst. prices advanced % to %c.
The United States visible supply decreased last week
1,130,000 bushels against 421,000 last year; total, 15,836,000
against 1'7,439,000 a year ago. On the 14th inst. prices ended
3c.
4
1X
3c. lower to / higher, with reports of a particularly
good cash demand. On the 15th inst. prices ended unchanged to 14 higher. On the 16th inst. prices closed un/
.c.
changed to %c. lower. To-day prices ended unchanged to
%c. lower, with a moderate trade in futures and a fair cash
demand. Dry weather in the Northwest is talked about
to some extent, although it is not an active factor. Final
to %c.
prices show a rise for the week of
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Wed. Thurs.
Mon. •Tues.
Sat.
No. 2 white
40-40% 40-4034 40-4034 40-40% 40-4034 40-4034
FUTURES IN CHICAGO.
DAILY CLOSING PRICES OF OATS
Sat. Mon. Tues. Wed. Thurs. Fri.
31
30% 3074
May
300 3034 31
3134
31% 3134 31
31
30
September
31
31% 3131 3134 31%
30
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
294 294
May
2834 29
2934 29
July
2934 3034 2874 2934 29% 2934
Rye has been firm not only because of an advance in
wheat, but also because of dry weather in the Northwest.
Moreover, there has been an excellent export demand for
barley, which may mean that sooner or later rye will have
its turn in foreign buying. On the 11th inst. prices advanced % to %c., helped by the rise in wheat. On the 13th
inst. prices advanced % to %e. The United States visible
supply decreased last week 225,000 bushels against 55,000
last year; total, 11,879,000 bushels against 14,004,000 a
/
year ago. On the 14th inst. prices ended 14 to %c. lower,
owing to the decline In wheat. On the 15th inst. prices advanced %c. in response to the rise in wheat. On the 16th
3
4c.
inst. prices were virtually unchanged, closing / lower
tc.
3
4c.
to %c. higher. To-day prices ended / lower to li
higher, in a dull market. Final prices show a rise for
the week, however, of 11/2 to 2c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3734 3674 3734 3731 3734 3734
39
3934 3934 3934 3934 394
41%
4034 4134 ____ 4134 42
May
July
September
Closing quotations were as follows:
GRAIN.
Oats, New York
Wheat, New YorkNo. 2 white
40@403g
9434
No. 2 red, f.o.h., new
No.3 white
3734 @38
Manitoba No. 1,f.o.o. N.Y. 7734
-No.2,f.o.b. N.Y
Rye
45%
Chicago, No. 1
44%
Corn, New York
7834 Barley
No.2 yellow,all rail
2c.l.f
7834 ChNicao.g0, i N. Y.. domestic--59%
No.3 yellow.all rall
cash
39@63
FLOUR.
83.45 83.75
Spring pat, high protein 84.75 85.25 Rye flour patents
234
4.40 4.75 Seminole. med., No. 3- 2%
l.95
3.90w 4.35 Oats goods
0 ring fPiarsttensptsring
8p rs,
lea
Soft winter straights-- 3.85 4.25 Corn our
Hard winter straights-- 4.20 4.50 Barley goods
Coarse
frard i ter cu aents - 4.50 4.85
Hard w n er pltrs
nt
Fancy pearl, Nos. 1 6 :
15
. 3 25
:
3.60 4.10
2.,, and 4
6.50
patents 5.70 6.30
5.90 6.75
City mills
5.90(5
2909.
For other tables usually given here, see page
?.:S2
WEATHER REPORT FOR THE WEEK ENDED
APRIL 14.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended April 14,follows:
The weather of the week was characterized by an almost complete lack
of storms. Rainfall was light, and was largely confined to central and eastern sections, with clear weather general in other parts of the country.
Temperatures were not unusually low, while, toward the close of the week,
maxima of well over 80 deg. were reported from the central Great Plains
and the western Lake region.
Chart I shows that, while temperature readings were again subnormal
in the more southern sections, there was a distinct moderation of the
coldness that has prevailed for a number of weeks past. Temperatures were
from 6 deg. to 9 deg,subnormal in Texas, but in other Gulf sections they
were fairly close to normal. Throughout the more northern parts of the
country the week was abnormally warm, with the plus departures from
normal ranging from 10 deg. to as much as 17 deg, over the upper Mississippi
Valley and the northern Great Plains. It was somewhat cooler than normal
in portions of the Pacific Northwest.
Minimum temperatures were rather high for the season, with freezing
weather confined to the northern portions of the country and the Rocky
Mountain region. In Southern States the minima ranged from 38 deg. to
50 deg., while they were generally above 40 deg, north to the lower Lake
APRIL 181931.]
FINANCIAL CHRONICLE
:region. The lowest reported for the week from a first-order station was
18 deg. above zero at Duluth, Minn., on Apr. 11.
Chart II shows that precipitation for the week was generally scanty,
with much of the South reporting only light, or inappreciable amounts.
Rainfall was also generally deficient throuhout much of the Northwest,
while the extreme Southwest reported no rain. Moderate to fairly heavy
falls were reported from the central Mississippi Valley, parts of the south.ern Great Plains, and locally in the Northeast. Elsewhere in central sections of the country, the amounts averaged mostly less than 0.5 inch.
The warm weather and mostly light rains made early ideal conditions
for field work throughout the country. Vegetation responded rapidly to
the warmth and in those sections where moisture was adequate made
unusually good advance. In the Ohio Valley farming operations progressed extremely well, and those crops that had been backward are nearly
up to the seasonal average; the subsoil is still dry in this region, however,
with local complaints of dry surface soil.
In the Northwest the prevailing drouthy conditions have caused the
top soil to dry considerably, with widespread dust storms reported from
Iowa and South Dakota northward and northwestward. In this area
storms caused more or less injury by drifting soil to winter and springseeded grains; in some places small oat plants were blown out. The lack
of rainfall in the Lake region has caused forest vegetation to become alarmingly dry, with many forest and brush fires reported.
Planting operations were favored in central sections And preparation
of the soil advanced rapidly, with this work, completed in some parts.
The supply of moisture is now adequate for all present needs throughout
this region, while in some areas spring work was delayed by wet soil. In
the extreme Southwest conditions are seriously dry, with almost continuous sunshine and high temperatures very unfavorable for most crops.
The water shortage is so acute that farmers are already beginning to irrigate.
SMALL GRAINS.—In the main winter Wheat Belt progress and condition of the crop were generally very good to excellent; winter wheat responded excellently to the warmth, with stooling begun northward to
Nebraska, and the crop reported about ready to Joint in Missouri. In
the extreme northwestern portions of the belt there was some injury by
dust storms, and in the far Southwest the extreme dryness has caused
.some burning. In other sections the crop is generally in satisfactory condition, except for some complaints of rank growth in Texas.
In the Spring Wheat Belt dust storms caused considerable damage to
the newly-seeded grain, with some reseeding necessary in parts. Except
for the storms, however, plowing, disking. and seeding progressed almost
uninterruptedly; rain is needed generaily in this area. Oat seeding is well
along, and nearly completed north to southern Iowa, while progress is
largely satisfactory. Rice planting made fair to good advance and other
.small grains are doing well.
CORN AND COTTON.—The weather of the week was very favorable for
the preparation of the soil throughout the Corn Belt; planting has now begun
northward to southern Kansas and the southern parts of the Ohio Valley.
In southern sections, from the Mississippi Valley westward, the progress
And condition of corn were poor to only fair, while in the western Gulf
.area germination was unsatisfactory locally, with some replanting necessary.
In theleastern CottonlBelt, planting is under way in the Coastal Plains
of the Carolinas, and has begun in Georgia northward to Augusta and
Macon. From Alabama westward cool nights, and wet soil have retarded
_germination of cotton in some districts, with local replanting probable.
.A little has been put in northward to southern Oklahoma and central
Arkansas.
3005
the outstanding source of encouragement in the dry goods
trade at present. Meanwhile mills, converters, and distributors still have large orders on their books and prospects that they will be supplemented and replaced by a
steady stream of filling-in business are bright, if retailers'
expectations of a protracted buying movement by the public
are well founded. The bargain values now available at
retail, handing on to consumers at least a large proportion
of the drastic cuts sustained in primary markets, are apparently fulfilling the hopes of those Nvlio felt confident that
public buying would revive. That the current good public
demand is attributable in important measure to the lower
values continues to be attested by the fact that it is the
low-price stores which are really doing good business. Unsettlement in the silk trade continues, and agitation for
organized study to determine the best methods to fight
the responsible underlying evils is still in evidence, though
definite plans are still unformulated. That there is a
great superfluity of silk producing machinery in existence
is generally admitted. Orders for moderate quantities of
finished goods are being steadily received, notably for novelties in mesh and weavy type weaves, and some of the better
types of eponge, it is reported. Certain printed goods lines
are reported sold ahead for several weeks. The demand for
cream and white flannel worsteds is reported to have
virtually exhausted stocks in a number of directions, and
sold-ahead conditions exist in most mills manufacturing
these, for upwards of a month.
DOMESTIC COTTON GOODS.—Despite the fact that
the Association of Cotton Textile Merchants' statistics for
March showed a heavy reduction in stocks on hand, to the
lowest levels reported since such statistics became available, pressure to sell superfluous stocks during the present
period of quiet has again been in evidence this week, with a
resultant easing trend in prices in the gray goods market.
While the statistical position in the trade is seen to be
sounder than ever, the confidence which it might be expected to instill into buyers, other things being equal, is
The Weather Bureau furnishes the following resume of the less marked than it might be. For the time being retailers
are chiefly occupied with the good business they are doing
•conditions in the different States:
arginia.—Richmond: Mostly moderate temperatures and precipitation; with the public, and such orders as they are placing for
-adequate sunshine. Favorable for all crops, but some damage from frost replenishment are generally for small quantities for fillin east. Preparing corn land and some early planted. l'otatoes, wheat,
oats, rye, pastures, and meadows improved in central. Planting oats and ing-in purposes. The relative quietude which has resulted
early truck in west.
in primary channels, together with further unsettlement
North Carolina.—Raleigh: Moderate temperatures, light rainfall, and
.sunshine above normal made favorable week for crops and farm work. in raw cotton, and the general atmosphere of pessimism
Vegetation backward, though good advance during week. Considerable which is being currently reflected from financial markets
early corn planted and some•up. Beginning to plant cotton on Coastal
has accelerated the pressure from sellers, who are much
Plain. Small grains good growth. l'astures starting, but short.
South Garohna.—Uolumbla: Warm, seasonable weather, with some more concerned, apparently, about getting goods off their
.scattered showers and abundant sunshine. Marked transformation in
vegetation, with woods leafing rapidly. Winter cereals, truck, gardens, hands than with the prices they are able to obtain. It is
potatoes and spring oats considerably improved, but pasturage still
noted by market observers 'who fear that the market's
Tobacco and sweet potato transplanting begun. Corn planting increasingly sound
short.
statistical situation may be weakened by current
.active and some cotton planting on Coastal Plain.
Georgia.—Atlanta: Moderate temperatures and light rains only one day tendencies to step up production schedules, that heavy shipover north made almost ideal week for plowing, and planting crops of all ments
of goods ordered during the previous month played
kinds progressing rapidly. Planting cotton under way as far north as
Macon and Augusta; germination improved. Planting corn almost general, a large part in reducing stocks on hand during March
except in extreme north; much up and growing nicely. Wheat, oats and (though the fact that sales for the month were
nearly 9%
rye in good normal condition and growing fast. Setting tobacco plants in
fields and transplanting early varieties of sweet potatoes made rapid in excess of production was reassuring), and that a subprogress.
Florida.—Jacksonville: Week dry and sunshiny, except showers and stantial decrease in the volume of unfilled orders partially
locally heavy rains in extreme southeast. Better cultivation improved offset the decline in stocks. However, the majority of procorn, melons, truck and tobacco. Cool nights and local frost in interior ducers of print cloths, sheetings, fine goods, and others
of north and central; slight damage.
Alabama.—Montgomery: Light rains middle of week, otherwise fair; who have been observing regulation of production right
,cool at Willnning, but temperatures slightly above normal thereafter. along are said to be still conunitted to the
policy of strictly
Favorable for farm work. Much cotton land prepared; planting progressed
rather slowly in most sections of south and very little planted locally in limiting their output to demand. Finished goods are fairly
north. Oats and wheat mostly in good condition. Corn planting general; steady. Consistent, though gradual, improvement
continues
little up locally. Planting potatoes continues: early-planted coming up.
Mississippi.—Wicksburg:Cool nights and wet soil affected corn and cotton to feature the fine goods picture, reflecting the drastic
planting operations to Friday, inclusive, with progress slow in south and curtailment of output, and. In part, the elimination
of weak
central, but fair thereafter. Fruit, gardens, pastures and truck generally
units from the industry. Print cloths 27-inch 64x60's consatisfactory progress.
Louisiana—New Orleans: Light precipitation favored work. Fair to struction are quoted at 3%c., and 28
-inch 64x60's at 4c.
good progress in planting cotton, corn, and rice; cool weather unfavorable in retarding germination of cotton and some replanted in northeast. Gray goods 39-inch 68x72's construction are quoted at 614c.,
/
Considerable yellow, backward corn in south and poor stand of corn in and 3D-inch 80x80's at 7%c.
north. l'astures fair. Oats, potatoes, truck, and sugar cane mostly
doing well.
WOOLEN GOODS.—In the aggregate, business in woolTexas.—Ifouston: Warm in extreme nest and northwest and cool elsewhere; general light to moderato rain in south and scattered showers in ens and worsteds continues to be good, considering the
north. Progress and condition of pastures, wheat, and oats good to very
good, although complaints of rank growth of winter grains. Progress between-season character of the present period. However,
and condition of corn, cotton and spring truck poor to only fair due to long it is distinctly spotty. Increased demand for men's and
series of cool nights. Early corn small and yellow and much not yet up. women's wear flannels, cream cheviots, soft wool travel
Cotton planting backward, but extending to central; germination slow.
Oklahoma—Oklahoma City: Mostly clear, with seasonable temperatures; coatings, considerable duplicating demand for suitings for
light to moderate rains. Very favorable for advance of crops and field immediate delivery, and a developing call
for moderatework. l'rogross and condition of wheat and oats generally very good;
not materially damaged by March freeze. Corn planting well advanced; priced fall suitings are among tile favorable features. Flanearly-planted poor stands and much replanting necessary. Cotton planting nels and soft wool coatings are
both active as the week
begun in extreme southeast.
Arkansas.—Little Rock: Corn bzing planted rapidly during past few draws to a close. The brisk demand for light-weight spring
•days. Some cotton planted in south and some central portions. Ger- suitings, which has continued
in evidence, has uncovered
mination and growth slow first of week due to low temperatures, but high
temperatures and light to moderate showers latter portion very favorable for further shortages and forced some cutters to order more
farm work and growth of all vegetation. Wheat, oats, meadows, pas- piece
goods. • Men's wear mills are now concentrating on
tures, potatoes, truck, and fruit in good to excellent condition.
Tennessee.—Nashville: Much sunshine, moderate temperatures, and fall business, which is, on the whole, only in tile sampling
light rains permitted considerable conditioning of cotton and corn land;
much corn planted. Progress and condition of wheat generally excellent. stage so far. Women's wear mills are in a seasonal lull,
Weather favorable for winter oats, while spring oats extensively sown and
with spring business practically completed. Prices on
reaching good stands. Bedded tobacco coming well.
Kentucky.—Louisville: Warm. with moderate showers. Vegetation spring women's wear goods remain remarkably firm, conmaking rapid strides. Wheat has nearly caught up: condition mostly sidering the slackening in demand that has recently
excellent. Tobacco plants up; somewhat late, but doing well. Oats
.coming up. Corn planting commenced in south. Pastures developing occurred.
more rapidly; some on warm, limestone soils meeting needs of stock.
FOREIGN DRY GOODS.—Activity in linen goods markets continues to center in dress goods, though a good movement of handkerchief linens and menlis suitings is also
THE DRY GOODS TRADE
going forward. It is estimated that this season's consumpNew York, Friday Night, April 17 1931.
tion of dress linens is approximately 25% greater than last
Heavy sales of textiles at retail, featuring the movement year's. Burlaps have held steady and quiet,
fortified by a
-of merchandise cut of department stores, and in many lines recurrent though moderate spot demand. Light
weights
in greater volume than in the same period last year, is are quoted at 4.15c., and heavies at 5.55c.
FINANCIAL CHRONICLE
3006
ffitate and Txtg pepartuxent
NEWS ITEMS
Connecticut.—Additions to List of Legal Investments.—
A bulletin was issued on April 8 by the State Bank Commissioner listing the following additions to the list of investments considered legal for savings banks and trust
funds:
Pennsylvania RR. Co. general mortgage 4 Xs, 1981.
Public Service Electric & Gas Co. let & refunding 4s, 1971.
Southern New England Telephone Co. debentures 5s, 1970.
Fabens, Texas.—Dissolution of Town Approved by Voters.
—In response to our inquiry regarding a report to the effect
that this town had voluntarily dissolved its corporate
existence we are advised as follows by the officials:
Fabens, Texas, Apr. 7 1931.
Commercial & Financial Chronicle, New York City.
Gentlemen:—An election was held on Mar. 14 1931 with returns of 122
votes to dis-incorporate and 22 to not.
The reason was because the County furnishes courts, peace officers,street
repair and maintenance without additional taxation. Also the town is so
small at the present time that the values are not large enough under our
restricted tax laws to produce sufficient revenue to provide public improvements. Water works, electric light, telephone and gas companies supply
the necessary utilities.
Very truly yours,
H. LA SALLE, City Secretary.
[VOL. 1.32.
the issuance of $50,000,000 in corporate stock for the construction of an aqueduct tunnel between the Kensieo and
Hillview reservoirs as the means of a better distribution of
water in the. Bronx, Queens and Brooklyn.
New York State.—Additional Supplemental List of
Securities Legal for Investment by Savings Banks.—Pursuant
to his previously announced policy, another supplemental
list (No. 4) of securities legal for savings banks was issued
on April 11 by Joseph A. Broderick, State Superintendent of
Banks, amending the original list issued on Dec. 1 1930,
published in its entirety in V. 132, p. 159. This new list
shows changes in all three divisions of securities with the
additions consisting chiefly of municipals, as is usually
the case (V. 132, p. 2440). Quite a few public utility
issues have been removed from the eligible group and a small
number of railroad securities were dropped. The bulletin,
as issued by the Superintendent of Banks, is as follows:
NEW YORK STATE BANKING DEPARTMENT
Albany, N. Y.
Announcements to the List of Securities Considered Legal Investments for
Sayings Banks. Dated Dec. 1 1930.
The statement with reference to purpose and preparation of list as set
forth on pages 3-4 of Dec. 1 1930 legal list apply as well to this announcement.
JOSEPH A. BRODERICK,
Superintendent of Banks.
Massachusetts.—Additions to List of Legal Investmentsfor
Savings Banks.—The following bulletin was issued on April
13 by Arthur Guy, State Bank Commissioner, giving these
additions to the list of investments considered legal for savings banks and trust funds:
Pitts. Youngstown dr Ash.Ry. Co.—
Additions—
let 4s. 1977, series D.
Windham. Conn.(town).
(Only bonds of this issue bearing
Berkshire County. Maas.
guaranty endorsement of Pennsylvania
Medford, Maas.(city).
RR.Co. are considered legal.)
Norwood, Mass. (town).
-United New Jersey RR. dv Canal Co.
Southbridge, Maas.(town).
General 4Ms, 1979.
Swampscott, Mass.(town),
(Only bonds of this issue bearing guarRailroad Bonds.
Red Bank, N. J. (borough).
anty endorsement of Pennsylvania RR.
Red Bank School District, N. J.
-is, 1981.
Pennsylvania RR. general 43
Co. are considered legal.)
Western Fruit ExPress Co. equip. trust ctf. series E, serially 4s, 1945. Summit. N. J. (city).
Westfield, N.J.(town).
Public Utility Bonds.
Removals—
Westfield School Distriet, N. J.
Bangor Hydr-Electric Co. let lien & ref. mtge. 40, 1960.
Indianapolis Union Ry. Co.—
Clairton, Pa. (city).
Kansas City Power & Light Co. 1st mtge. 43s, 1961.
Gen. & ref. 5s, 1965, series A.
Clairton School District, Pa.
Gen. & ref. is. 1985, series B.
Montgomery County (P. 0. Dayton), Ohio.—Tem- Conshohocken, Pa. (borough).
Louisville & Jeffersonville Bridge Co.
Cumberland
1st 48, 1945.
porarily Deferred Payment on Paving Bonds to be Met—A Elk County,County. Pa.
Pa.
Pitts. McKeesport & Tough. RR. Co.
payment of principal and interest on an issue of 5% paving Ellwood City. Pa.(borough).
1st 6s, 1932.
assessment bonds, due on April 1, was temporarily deferred Ellwood City School District,Pa,
68, 1934.
2d
Kingston, Pa. (borough).
Texas & Pacific Ry. Co.—
at that time, the county officials explaining that delinquent Kingston School District, Pa.
Ls. Div. 1st 55, 1931.
North Braddock School District, Pa.
taxes and over-development had caused the situation.
Pittston, Pa. (city).
Additions—
District,
Harrisburg Gas Co. lot Ls, 1970.
The following statement was issuedron7Aprilf16jbylthe Pittston Schoolof WarrenPa.
Borough,Pa.
Southern California Edison Co. ref. 416s;
olarifyithe School District
Board of County Commissioners in orderitoj
Glendale, California.
1955.
Sacramento, California.
situation:
*Sacramento City Elem. S. D., Calif.
Removals—
To Whom It May Concern:
*Sacramento City High S. D., Calif.
Empire District Electric Co. 1st & ref. 5s;
On account of numerous inquiries regarding Montgomery County Bonds, *Sacramento City Jr. College S. D.,Calif.
1952.
we have drafted the following letter:
*Sacmmento County(Sacramento). Calif. Indiana Lighting Co. let 45, 1958.
All Montgomery County bonds and coupons due and payable, except *Wyandotte County (Kansas Cfty), Kan. Mount Whitney Power St Electric Co.
bonds, will be redeemed by sending road and street *St. Clair County (Port Huron). Mich.
sanitary sewer and water
1st 65, 1939 (called for redemption Oct.
bonds and coupons to the Merchants National Bank, Dayton, Ohio, other Pontiac. Mich.
I 1930).
obligations direct to the County Auditor.
Northern Indiana Gas it Electric'Co.
redeemed at the present *Pontiac Union S. D.(Pontiac). Mich.
Sewer and water bonds and coupons cannot be
*Butler County (Hamilton), Ohio.
1st dr ref. fft, 1952.
time, owing to a recent decision of the Supreme Court of Ohio, "Bowman
Public Service Co.
Nole.-1JnIlmlted tax obligations only Northern Indiana
vs. Allen County." holding that sewer and water bonds were not a direct
1st & ref. 5s, 1986, series C.
are legal for places indicated with an (*).
obligation of the County in which Issued.
1st & ref. 5 As, 1980, aeries B.
A rehearing of this case has been granted by the Supreme Court and will
Removals—
let & ref. is, 1969,series D.
be heard May 13. The Commissioners are powerless to issue refunding Bridgeton, N. J.
Ozark Power dv Water Co. let 5s. 1952.
bonds until this decision is reversed or modified. If the Supreme Court
Pacific Light & Power Corp. 1st & ref. 55.
Additions—
its decision, the County will issue refunding bonds, and Connecting Ry. Co. 1st 4)4s, 1951.
should reverse
1951 (called for redemption March 1
money should be available on or about July 1 1931, to redeem all out- Pennsylvania RR. Co. gen. 4js, 1981,
1931).
standing bonds and coupons.
series D.
Owing to delinquent taxes, especially special assessments, the sewer and
water sinking fund has been depleted.
New York State.—Legislative Session Ends.—The 1931
Very truly yours,
F. A. KILMER, Secretary Board of
State Legislature adjourned sine die at 7:35 p. m.on Apr. 10.
Montgomery County Commissioners.
Contrary to the closing hours of the 1930 session when the
New Jersey.—Assembly Passes Old-Age Pension Bill.—
By a unanimous vote on Apr. 14 the Assembly passed an
old age pension bill, providing for an allowance of $1 a
day to persons over 70 years of age, resident in the State
for 15 years and who own less than $3,000 in real estate,
according to Trenton press dispatches on that day. It is
stated that the measure was passed after the Democrats had
failed to obtain an amendment lowering the age limit to
65 years. It is arranged, according to report, that the State
will. contribute 75% of the pension money, taken from inheritance tax funds, and the remainder will be furnished
by the counties. Administration of the pension will be
handled by county boards under the supervision of the State
Institutions Department. The first year requirement is
estimated at about $3,500,000.
New York City.—$10,000,000 in Bonds To Be Issued
for Unemployment Relief.—On Apr. 10 the Board of Estimate,following the signing of the authorizing bill by Governor Roosevelt—V. 132, p. 2814—appropriated $10,000,000
to be raised by the issuance of special revenue bonds to relieve
the unemployment situation. The "Journal of Commerce"
of Apr. 11 reported on the action as follows:
to be raised
The Board of Estimate yesterday appropriated $10,000,000
in that amount for the purpose of reby the Issue of special revenue bonds
work to as many persons
the unemployment situation here by giving
lieving
improvements.
as possible in the carrying out of public
a grant of $25,000,000
request by Norman Thomas, Socialist leader,for to give them employamong the needy of the city not only
to be distributed
families who cannot find work, was
ment,. but as doles to the heads of
that there was no _precedent for such
denied by the board on the ground it, which, Mayor Walker said, was not
action, even if the law would permit
the case.
Meserole that the Board of Estimate
A request was made by Darwin J.
session of Congress to obtain
appeal to President Hoover to call a specialseveral billion dollars" for the
authorization for an issue of "a billion or
throughout the country. Mr. Meserole said he
relief of unemployment
Unemployment. His petition
represented the National Committee on
also was denied.
expended at the rate of $2,000,000
The $10,000,000 appropriation is to be
employment by the city at
a month so long as may be necessary to provide works for heads of families
customary wages for three days a week on public speeded up so that every
who are residents of the city. Public work is to beincreasing the number of
Possible Job may be made available at once and
citizens given employment during the coming months.
On April 7 the Board of Estimate in committee of the
whole, at the request of the Board of Water Supply,approved
Senate was blocked from voting on the Cuvillier dry repeal
bill by a technicality, the present session passed this measure
which was signed by Governor Roosevelt on Mar. 31—
V. 132, p. 2814—and on Apr. 7 the Senate adopted a concurrent resolution introduced by Assemblyman Saul Streit,
New York City Democrat, calling upon Congress to provide
for a national referendum on repeal of the Eighteenth
Amendment. One of the outstanding bills in the total
output for the final day was a concurrent resolution for
reapportionment of the Congressional districts of the State;
another was a bill placing water companies, except municipal
plants, and bus companies, except those operating in cities
of the first class, under the supervision of the Public Service
Commission. The entire program of judicial reform bills,
designed to correct conditions disclosed in investigations
relating to the New York judiciary was defeated. The New
York 'Times" of April 11 gave the following list of the major
measures passed and rejected at the 154th session:
Measures Passed.
IVater Power.—Provislons for State development of hydroelectric power
on the St. Lawrence.
Reapportionment.—RedistrIctinis of State for Congress seats.
Transit.—Unification of New York City systems under Untermyer plan.
City Inquiry.—Leglslatlye investigation of the New York City depart,.
ments.
Reforestation.—Constitutional amendment for expenditure of 920,000,000
for tree planting.
Parks.—Addition of 1.500,000 acres to the Adirondack I'ark.
Holland Tunnel.—Reflnancing plan and return of $24,000,000 to the
State treasury, most of which has been appropriated for public works to
aid in relieving unemployment.
Budget.—Providing for expenditure of 8347,000,000, the largest amount
ever appropriated.
Crime—Modification of the Baumes "fourth offender Act" and restoration of compensatory time allowance for good behavior in prison,
Bridges.—Creation of a commission to study proposal for State Bridge
Authority to have control and supervision of bridges; provision for four
3
new bridges across the Hudson and Mohawk in the capital district.
Automobiles.—Increase in speed limit from 30 to 40 miles an hour on
State highways.
Judges
.—Twelye new Supreme Court Justices in the Second Judicial
District; constitutional amendment setting up the Tenth Judicial District,
to be composed of the counties of QUCEMS, Nassau and Suffolk; 15 new citycourt justices and some additional Justices of the municipal court for New
York City.
Unemployment.—Board of Estimate empowered to spend $10.000,000
for relief.
Prohibition.—Resolutions asking Congress to take steps looking to the
repeal of the Eighteenth Amendment.
APRIL 18 19311
FINANCIAL CHRONICLE
Measures Rejected.
Immunity.
-Requiring public officials to waive immunity in investigation of their, official acts.
Judiciary.
-Barring judges from sousiness activities and giving the
Appellate Division investigatory power over all courts below the Supreme
Court.
Banking -Giving to thrift accounts in commercial banks the protection
afforded accounts in savings banks and provision for putting teeth in the
banking law.
State Reapportionment.
-Redistricting of Senate and Assembly districts.
overdue since 1926.
Unentployment.-Unemployment insurance, unemployment study and
unemployment relief, including Governor's recommendation that his
unemployment commission have official status.
Employment.
-Placing regulation of private employment agencies in the
State Labor Department.
Four-Year Term.
-Constitutional amendment for a four-year term for
the Governor, with elections in non-Presidential years.
-More rigid regulation of public utilities, as recomPublic Utilities.
mended by the Governor.
Elections.
-Provisions urged by the Governor for bipartisan boards in
counties throughout the State; for election returns within 24 hours.
Corrupt Practices Art.
-Requiring report on campaign contributions
prior to election.
Oklahoma.
-Legislature Passes Income Tax Measure.
-On
April 4 the Legislature passed a bill providing for a net
income tax on both corporations and individuals which is
expected to receive the approval of Governor Murray,
reports a dispatch from Oklahoma City to the "United States
Daily" of April 6, which reads as follows:
"The bill (1L480) providing for a net income tax on corporations and
individuals passed both Houses of the Legislature and was sent to Governor
Murray on April 4. The Governor announced that he would approve it
immediately."The bill rovides for a tax of 2% on incomes up to $10,000 a year, 3%
on 310,000 to $20,000, 4% on $20,000 to $100,000 and 5% on all above
3100,000. Individuals are allowed an exemption of $75 and $750 additional
for each dependent.
"The first tax year is 1931 and the first payment is to be made in 1932.
Three-fourths of the proceeds of the tax go to the common school fund
and one-fourth to the general revenue fund of the State."
St. Louis, Mo.-Nine City Charter Amendments Rejected
by Voters.
-At the city election held on April 7 the nine proposed amendments to the city charter designed to promote
rapid condemnation procedure and to correct inequalities
alleged to exist in the law, described on page 2630 of our
issue of April 4, failed to receive the prescribed three-fifths
majority necessary for passage, although all received a
favorable majority, according to the St. Louis "Globe..
Democrat" of April 8.
-New City Charter Adopted.
San Francisco.
-At a special
election held on March 26 the voters adopted a new city
charter and at the same time approved a proposition providing for the government of territory in San Mateo County
in the event of its consolidation with San Francisco County.
The new charter, replacing the present one which was written
1897, establishes a plan of government somewhat similar to
the "Strong Mayor" governments of Detroit and Boston,
giving the mayor broad powers of appointment, budget
responsibility and veto. The vote on the two propositions
was reported as follows: For the new city charter, 59,146;
against, 45,581. For the San Francisco-San Mateo enabling
act, 79,402; against, 22,002. The outstanding features of
the new charter were listed in the San Francisco "Chronicle"
of March 27 as follows:
Written by Board of 15 Freeholders. Submitted to people and approved
. majority vote. Becomes operative Jan. 8 1932, Establishes Strong
by
Mayor" government. Reduces Board of Supervisors from 18 to 11.
Mayor to name chief administrative officer. Elective offices under charter
-mayor, supervisors, assessor, treasurer, city attorney, district attorney,
sheriff, public defender, judges of municipal and superior courts. Appointive under civil service-county clerk, tax collector, recorder, coroner
and public adminstrator. Creation of controller, with powers of county
auditor. Businesslike public utilities commission of five created. Continuation of many present boards and commissions created. Bond issue
procedure simplified. Civil service and pension rights preserved. New
charter approved by 10 out of 12 assembly districts, including Richmond,
Sunset, Marina, Western addition, apartment and hotel sections, North
Beach, downtown section, west of Twin Peaks section, Pacific Heights,
Ocean View, Ingleside, Park-Presidio, Hayes Valley, Eureaka Valley,
south of Army St., Haight-Fillmore.
Texas.
-Senate Passes $212,000,000 Road Bond Plan.
-On
March 31 the Senate passed by a vote of 19 to 10, the Woodul
administration plan of issuing State bonds for highway construction, according to an Austin dispatch to the Dallas
"News" of April 1, which reports in part as follows:
"Eleven negative votes will be sufficient to kill the resolution when it
comes up for final passage, inasmuch as a joint resolution must have 21
affirmative votes on final passage, although only a majority is needed to
engross it.
Doubtful on Final Vote.
"Administration leaders were uncertain when they would seek a final
• vote, but it was definitely understood that none would be sought until after
Mr. Pollard returns and until the administration believes one of the negative votes of Tuesday will be switched to an affirmative. However, a
losing vote on final passage of a joint resolution does not preclude further
voting,for it has a special privilege by which it can be voted on any number
of times during a regular session.
"As engrossed after having been amended, the measure totals $212.000,000, of which $100,000,000 is to be used for new construction, $100,000.000
for reimbursement of counties for funds spent since Jan. 1 1917, for the
construction of roads now a part of the State system and $12,000,000 for the
retirement of outstanding bonds, the proceeds of which have been spent for
construction of roads now a part of the State system since Janl 1 1907.
Amendments Defeated.
"Practically all of Tuesday was spent in battling numerous amendments
Presented by opponents of the plan. All were defeated, while a few corrective amendments were adopted with the support of the administration."
Senate Finally Passes Joint Resolution on Road Bond Amendment.
-Press dispatches from Austin on April 8 reported
that by a vote of 22 to 8 the State Senate hakfinally passed
the joint resolution submitting to a vote of the people at an
election to be held next November the proposed $212,000,000
road bond constitutional amendment.
-Special press disHouse Defeats Road Bond Resolution.
p_atches from Austin on April 15 report that on that day the
House defeated the joint resolution which had been already
approved by the Senate, as noted above,calling for a referendum on the issuance of $212,000,000 of State road bonds.
3007
$5,000,000 University Building Bonds Approved by"Legislature.-A bill has been passed recently by the State Legislature which permits the issuance of $5,000,000 in bonds to be
used by the University of Texas for building and permits
the investment by the University of its permanent fund in
these bonds.
BOND PROPOSALS AND NEGOTIATIONS.
ALBANY SCHOOL DISTRICT (P. 0. Oakland) Alameda County,
Calif.
-MATURITY.
-The $130,000 issue of 43 % semi-ann. school
bonds that was purchased by the Bankamerica Co. of San Francisco, at a
Price of 103.05-V. 132, p. 2630 and 2814
-is dated Jan. 1 1931 and is due
as follows: $3,000 Jan. and July 1 1933 to 1947, and $4.000 Jan. and July
1 1948 to 1952, all incl., giving a basis of about 4%. Interest payable
J. & J.
ABBEVILLE, Vermillion Parish, La.
-BOND OFFERING.
-We are
informed that sealed bids will be received until April 28, by Mayor P. W.
Broussard, for the purchase of a $31,500 issue of 6% city hall and fire
station building bonds.
ALBION, Orleans County, N. Y.
-BONDS VOTED.
-At an election
held recently the voters authorized the issuance of $390,000 in bonds to
providefunds for the purchase of the necesntry land and the erection thereon
of a new junior high school building. The measure was passed by a vote
of 652 to 286.
ALLEGHENY COUNTY(P.0.Pittsburgh), Pa.
-MATURITIES OF
SEVERAL BOND ISSUES, TOTALING $7,000,000, SCHEDULED FOR
SALE APRIL 21.
-The various 4%% improvement bond issues, totaling
$7,000,000,scheduled for sale on April 21 (\.132,P.2814). mature annually
as follows:
$3,150,000 bridge bonds. Due $105,000 from 1932 to 1961, inclusive.
1,500,000 public auditorium bonds. Due $50,000 from 1932 to 1961, incl.
1,250,000 road bonds. Due as follows: $41,000 from 1932 to 1960, incl.,
and $61,000 in 1961.
800,000 road bonds. Due as follows: $26,000 from 1932 to 1960. bad..
and $46,000 in 1961.
100,000 road bonds. Due as follows: $3,000 from 1932 to 1960, lad .
and $13,000 in 1961.
100,000 bridge bonds. Due as follows: $3,000 from 1932 to 1960,
incl., and $13,000 in 1961.
100,000 work house extension bonds. Due as follows: $3,000 from
1932 to 1960, incl., and $13,000 in 1961.
The entire offering of $7,000,000 matures annually as follows: $231,000
from 1932 to 1960, incl., and $301,000 in 1961.
-BOND OFFERING.
ANN ARBOR, Washtenaw County, Mich.
Fred C. Perry, City Clerk, will receive sealed bids until 10 a.m. on April
28, for the purchase of $325,000 coupon not to exceed 434 interest water
works bonds. Dated May 15 1931. Denom. $1,000. Due annually as
follows: $6,000 in 1934 and 1935; $8,000, 1936; $12,000 from 1937 to 1955,
lad.;$14,000 in 1956 and 1957;$15,000, 1958; $16,000 in 1959,and $18,000
in 1960. The bonds are redeemable, however, at the option of the city,
on any interest payment date. A certified check for $2,000, payable to
Ernst M. Wurster, City Treasurer, must accompany each proposal. The
approving opinion of Miller, Canfield. Paddock & Stone, of Detroit, will
be furnished the purchaser. Award will be made at a meeting of the
common council to be held on May 4 at 7:30 p.m.
-BOND SALE.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
-The
$83,000 43. % Irene Byron Tuberculosis Sanitorium improvement bonds
-were awarded to the Old National
offered on April 14-V. 132, p. 2242
Bank, of Fort Wayne, at par plus a premium of $2,880, equal to 103.46,
a basis of about 3.795%. The bonds are dated April 2 1931 and mature
$4,150 June and Dec. 1 from 1932 to 1941, incl.
-BOND DETAILS.
-The $24,500
ALTOONA, Lake County, Iowa.
Issue of coupon water works system bonds that was purchased by the
White-Phillips Co. of Davenport, as 431s, at a price of 100.51-V. 132,
p.2814
-is dated May 1 1931. Denom. $500. Due on Nov. 1, as follows:
$500. 1932; $1,000, 1933 to 1940; $1,500, 1941 to 1948, and $2,000 in
1949 and 1950, giving a basis of about 4.19%. The other bidders and
their bids were as follows:
Rate.
Premium,
Bidder43i%
Carleton D. Beh Co
$120.00
4%%
Glaspell, Vieth SZ Duncan
240.00
-BOND OFFERAPPANOOSE COUNTY (P. 0. Centerville), Iowa.
ING.
-Bids will be received until 2 p.m.on April 24 by W.E.Elgin,County
Treasurer, for the purchase of a $40,000 issue of annual primary road
bonds. Denom. $1,000. Dated May 1 1931. Due on May 1 1946 and
optional after May 1 1936. Sealed bids will be received up to the hour of
calling for open bids, after open bids are in, sealed bids will be opened.
Approving opinion of Chapman & Cutler, of Chicago, will be furnished by
the County. Purchaser to furnish blank bonds. A certified check for
3% of the bonds offered, payable to the County Treasurer, must accompany the bid.
ARCHER COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 10
-BOND OFFERING.
(P. 0. Gainesville) Alachua County, Fla.
-Sealed
bids will be received until 2 p. m.on May 5, by E. R. Simmons, Secretary
of the Board of Public Instruction, for the purchase of a $10,000 issue of
6% coupon semi-ann. school bonds. Denom. $500. Dated Jan. 2 1930.
Due $1,500 from 1938 to 1943. and $1,000 in 1944. A certified check for
$100, payable to the above Board, must accompany the bid.
ARKANSAS CITY, Cowley County, Kan.
-BOND SALE.
-The
$20,700 issue of internal improvement bonds offered for sale on April 10-was purchased by the Central Trust Co. of Topeka, as
V. 132, p. 2814
4s, for a premium of $10.55, equal to 100.05, a basis of about 3.99%.
Due in from 1 to 10 Years.
ATHENS, McMinn County, Tenn.
-BOND SALE.
-A $9,000 issue
of 6% semi-annual refunding bonds Is reported to have been purchased
recently by Little, Wooten & Co. of Jackson. Dated March 1 1931.
Legality approved by Benjamin H. Charles, of St. Louis.
BAY COUNTY (P. 0. Bay City), Mich.
-BONDS VOTED.
-At an
election held on April 6 a measure providing for the sale of $375,000 in
bonds, the proceeds to be used to finance the construction of a new court
house building, received the approval of the electrorate.
BEAUMONT, Jefferson County, Tex.
-BOND OFFERING.
-Sealed
bids will be received until 10 a.m. on April 22, by Raymond Edmonds,
City Clerk, for the purchase of five issues of coupon bonds, aggregating
31,100,000. divided as follows:
$200,000 4%% street and highway, 1929, series C bonds. Dated Feb. 1
1931. Due on Feb. 1 as follows: $2,000, 1932 to 1941; $4,000,
1942 to 1951; $6,000, 1952 to 1961, and $8,000, 1962 to 1971,
all incl. Bonds are issued by authority of majority vote at an
election held on May 14 1929. Legality has been approved by
Clay, Dillon & Vandewater, of New York.
150,000 434% sewerage, 1929, series B bonds. Dated Feb. 1 1931. Due
on Feb. 1 as follows: $1,000, 1932 to 1941: $3,000, 1942 to 1951:
$5,000, 1952 to 1961, and $6,000 1962 to 1971, all incl. Bonds
are issued by authority of majority vote at an election held on
May 4 1929. Legality has been approved by Clay, Dillon &
Vandewater.
50,000 434% water works, 1929, series B bonds. Dated Feb. 1 1931.
Due on Feb. 1 as follows: $1,000, 1932 to 1961, and $2,000, 1962
to 1971, all lad. Bonds are issued by authority of majority vote
at an election held on May 4 1929. Legality has been approved
by Clay, Dillon & Vandewater of New York.
600,000 4%% wharf and dock extension, 1929, series A bonds. Dated
March 1 1931. Due on March 1 as follows: $6,000, 1932 to
1941; $12.000, 1942 to 1951; $18,000, 1952 to 1961, and $24,000.
1962 to 1971, all incl. Bonds are issued by authority of majority
vote held on May 4 1929. Legality has been approved by Clay,
Dillon & Vandewater of New York.
100,000 fair park bonds. Int. rate is not to exceed 5%. payable M.& N.
Dated May 1 1931. Due on May 1 as follows: $1,000. 1932 to
1941; $2.000, 1942 to 1951; $3,000, 1952 to 1961, and $4,000,
1962 to 1971. all incl. The interest rate is to be stated in a
multiple of g of 1%. Bonds are issued by authority or a
maJority vote at an election held on March 28 1931. Legality
will be approved by Clay, Dillon & Vandewater, of New York.
3008 -
FINANCIAL CHRONICLE
[VOL. 132.
purchased jointly by the National City Co. of California, and Weeden &.
at the office of the
Francisco, at 103.10, a basis of about 3.84%-V. 132.
Denom. 51.000. Prin. and semi-annual int. payableNew York. Bonds Co., Inc., of San offered for general investment by the successful bidders.
in
-is being
Director of Finance, or at the National City Bank Bids may be offered p. 2815 103.85 to yield 3.757 to the optional date and 4% thereafter.
priced at
either as to principal or interest.
are not regLsterable
Due on July 2 1989, optional after 1954. These.
July 2
. A certified check for 2% of the bond
on one or more of the five issues required. (This report supplements that Dated are legal 1915.
investments in Massachusetts, New York, &c.
bonds
bid for, payable to the Mayor, is
The following is an offical list of the bids received:
given in V. 132, p. 2815)•
Premium.
0. Xenia),
Name and Bidder$23,250.00'
BEAVERCREEK TOWNSHIP SCHOOL DISTRICT (P.
-The 1180.- *National City Co. of California and Weedon & Co
-ADDITIONAL INFORMATION.
23,200.00
Greene County, Ohio.
Co
Teachers Retirement Dean Witter & Co. and Continental Illinois
000 43 % school bonds sold recently to the State
to 100.60-V. 132, California National Co., R. H. Moulton & Co. and Security 21,900.00.
System, of Columbus, for a premium of $1,080, equal from 1932 to 1956,
of Los Angeles
First
-mature semi-annually on March and Sept. 1 Net interest cost Anglo London Paris Co., Bankamerica Co., First Detroit Co.,
p. 2630
19,700.00
inclusive. Coupon bonds in denominations of $1,000.
Eldredge & Co. and First National of New York
16,000.00
basis about 4.44%.
Securities Co. and R. W. Pressprich Co
-The following American
-BOND SALE.
Harris Trust & Savings Bank, Heller Bruce & Co. and Wells 14,000.00
BELLAIRE, Belmont County, Ohio.
132, p.2242
Fargo Bank & Union Trust Co
issues of bonds aggregating $39,437.50 offered on April 6-V.
11,000.00'
Co. of Cincinnati, at par Anglo California Trust Trust Co. and Darby & Co
were awarded as 414ii to the Well, Roth & Irvingof about 4.49%:
a premium of $41, equal to 100.10, a basis
plus
Dated Feb. 15 1931. Due Sept. 15
*Successful bid.
$26.500.00 water works bonds.
incl.
as follows: 13,250 in 1932, and $1,000 from 1933 to 1955 Due
-LOAN OFFERING.18 1931.
CAMBRIDGE Middlesex County, Mass.
13,187,50 city's share street impt. bonds. Dated Jan.
1932, and $1,500 from 1933 to Edward A. Counihan, City Treasurer, will receive sealed bids until 12 m.
Sept. 15 as follows: $2,687.50 in
of a $1.000.000 temporary
on April 21 for the purchase at discount basis
1939 incl.
in bid. The loan
- loan. Dated Apr. 22 1931. Denoms. to be suggested of Boston, or at
-BOND OFFERING.
BENTON COUNTY (P. 0. Fowler) Ind.
is payable'Nov. 3 1931 at the National Shawmut Bank,
will receive sealed bids until 10 a.m. on the Chase National Bank,of New York,at the option of the holder. Notes.
William Small, County Treasurer,
highway improveTwp.
April 24 for the purchase of 16,800 414% Grant Due $340, July 15 1932; evidencing the existence of the loan, will be certified as to the genuineness
National Shawmut Bank, which will further
ment bonds. Dated April 15 1931. Denom.$340.
$340. Jan. 15 1942. of the signatures thereon by the
$340, Jan. and July 15, from 1933 to 1941 incl., and office of the County certify that the validity of the notes has been approved by Ropes. Gray,
Principal and semi-annual interest are payable at the
& Perkins, of Boston.
Boyden
Treasurer.
CAMERON COUNTY WATER CONTROL AND IMPROVEMENT
-FINANCIAL STATISTICS.
-PROPOSED ELECTION.
BERKS COUNTY (P.0. Reading),Pa. April 20 of $2,600,000 314% DISTRICT NO. 19 (P. 0. Brownsville), Tex.
on
In
- connection with the proposed sale and description of which appeared -We are informed that this District has newly been created by the Comwill probably be held in the near
coupon or registered impt. bonds, notice
reports an assessed valuation missioners' Court and that an election proposed issuance of 11,000,000 in
-we learn that the county
in-V.132, p. 2815
the loan now offered, future to have the voters pass on the
of $215,000,000 and a bonded indebtedness,including
irrigation bonds.
of $7,596,000. Population: 234,000.
-The
SALE.
West Leesport,
CARROLL COUNTY (P. 0. Carroll), lowa.-BOND
BERN TOWNSHIP SCHOOL DISTRICT (P. 0. .
April 14-John B. Am-BOND OFFERING
300,000 issue of ann. primary road bonds offered for sale onCo. of Des
R. D. No. 1), Berks County, Pa.
sealed V. 132, p. 2815
-was purchased by the Iowa-Des Moines
of the Board of School Directors, will receive
marell, Secretary
May 19 for the purchase Moines, as 4345, paying a premium of $3,193, equal to 101.064, a basis
bids until 12 m. (Eastern standard time) on
1936 to 1945, incl., and optional on May 1
Dated May 1 1931. Denom.
of 150,000 43.6% coupon school bonds. 1932 and 1933. and $4,000 from of about 4.01%. Due from
$3,000 in
1936.
$1,000. Due May 1 as follows:
May and November.
in
-BOND OFFERING.
1934 to 1944 incl. Int. is payable semi-annually bid for, payable to the
CASS COUNTY (P. 0. Logansport), Ind.
2 p. m.
A certified check for 27 of the amount of bonds
each proposal. The Herbert D. Condon, County Treasurer, will receive sealed bids until
order of the District Treasurer, must accompany Townsend, Elliott & on May 11 for the purchase of 116,608 434% Harrison Twp. road imDue 1830.40
bonds are issued subject to the favorable opinion of
provement bonds. Dated May 1 1931. Denom. $830.40.
Munson of Philadelphia as to their validity.
to 1941, incl.
-The $180,000 Jan. and July 15 from 1932
-BOND SALE.
Iowa.
BOONE COUNTY(P.O.Boone),
R. -BIDS REJECTED
on April 14-V.132, p. 1815
CENTRAL FALLS, Providence County, City1.
'Treasurer, informs us
issue of ann. primary road bonds offered for sale
-J. T. Curran,
ISSUE.
, as 4%s, paying a
$500,030
issue of
was awarded to the White-Phillips Co. of Davenport3.99%. Due from FOR all of the BOND
bids received on April 15 for the purchase of the for sale
that
of about
basis
premium of $2,155, equal to 101.197, a1936.
interest refunding bonds offered
$500,000 not to exceed 434%
1939 to 1944, and optional on May 1
(V. 132, p. 2815) were rejected.
-On
-BONDS REGISTERED.
BORGER, Hutchinson County, Tex.
Financial Statement April 1 1931.
of 6% refunding,
April 10 the State Comptroller registered a 130,000 issue
125,391,083.00
a Assessed valuation June 16 1930
series 1930 bonds. Denom. 11,000. Due serially.
Debt limit for City of Central Falls as fixed by Legislature
761,732.49
3% of assessed valuation
VALLEY UNION SCHOOL DISTRICT (P. 0.
BRENTWOOD DEER
1,505,000.00
included)
-BOND OFFERING -We are
Marines), Contra Costa County, Calif. May 4, by the County Clerk, Total bonded debt (present issue not
950,000.00
*Total note indebtedness
sealed bids will be received until
informed that
school bonds.
for the purchase of a $15,000 issue of 5% semi-ann.
$2,455,000.00
Total debt
-BOND OFFERING.
BRIDGEPORT, Fairfield County, Conn.
Population 1930, census, 25700.
sealed bids until 11 a.m. on
* Of this amount, 1500,000 is to be paid from proceeds of this issue.
William Chew, City Comptroller, will receive series "D," coupon or reof 1150,000 434%.
appraisal engineers are engaged
April 20 for the purchase
Denom. $1,000. Due a At the present time, a crops of expert
result
gistered sewer extension bonds. Dated May 11931. semi-annual interest in the work of revaluing property throughout the entire city. As a15 will
from 1932 to 1961 incl. Principal and
assessment to be made June
of this work, we expect that our 1931
15,000. May 1
at the office of the City Treasurer. The
(May and Nov.) are payablethe supervision of the First National Bank, show an increase of from $8.000,000. to 110,000,000 in valuation.
bonds will be prepared under opinion of Ropes, Gray, Boyden & Perkins,
-LIST OF BIDS.
CHAGRIN FALLS, Cuyahoga County, Ohio.
of Boston, and the approvingof the issue, will be furnished the purchaser. The following is a list of the bids received on March 23 for the purchase
of Boston, as to the validity face value of the bonds bid for, payable to of the $90,000 park bonds awarded as 434s to the Guardian Trust Bank
for 2% of the
A certified check
each proposal.
of Cleveland for a premium of $1,045. equal to 101.27, a basis of about
the order of the City Treasurer, must accompany
-The following 4.37%-V. 132, p. 2435:
-BOND SALE.
Int. Rate. Premium.
Bidder
BROOKLINE, Norfolk County, Mass. aggregating 1585,000 offered
$1,045.00
4
0_
Guardian Trust Bank, Cleveland
issues of 3%7 coupon or registered bonds
918.00
-were awarded to the Atlantic Corp., of Prudden & Co., Toledo
434
on April 13-V. 132, p. 2815
567.00
Braun, Bosworth & Co., Toledo
Boston, at 101.132. a basis of about 3.26%:
567.00
construction bonds. Due 134,000 Jan. 1 from 1932 BancOhio Securities Co., Columbus
$340,000 school bldg.
540.00
4
e
Davies-Bertram Co., Cincinnati
to 1941 incl.
bonds. Due $9.000.
.526.00
4
Otis & Co., Cleveland
road and street construction and alteration
90,000
523.00
434
1941 incl.
Jan. 1, from 1932 to
Mitchell, Herrick & Co., Cleveland
505.00
434
1 as follows: $13,000 in 1932, Stranahan, Harris & Co., Toledo
Due
85,000 bridge approach bonds. 1941 Jan.
1,809.00
4
incl.
from 1933 to
& Trust Co.. Cincinnati
Provident Savings
and $8,000
1,062.00
1 from 1932 to 1941 incl.
& Co., Toledo
70,000 locker bldg. bonds. Due $7,000 Jan.
1,026.00
submitted for the issues were as Ryan,Sutherland
4
o
McDonald, Callahan & Richards. Cleveland
Each issue is dated Jan. 1 1931. Bids
1,360.00
Cincinnati
follows:
Rate Bid. Bohmer, Reinhart Co.,
Par
50
Chagrin Falls Banking Co., Chagrin Falls
Bidder101.132
Atlantic Corp.(purchaser)
-The
-BOND SALE.
101.061
Lowber Stokes & Co
TE, Mecklenburg County, N. C.
CHARLOT
H.C. Wainright& Co.,and Edward
101.052 six issues of coupon or registered bonds aggregating $2,200,000, offered for
Blodget, Inc
Curtis & Sanger, and Stone & Webster and & Co
101.009 sale on April 13-V. 132, p. 2631-were awarded to a syndicate composed
& Co.,and Eldredge
Brown Bros., Harriman
-Old Colony Corp., Geo.
100.837 of the Bancamerica-Blair Corp., the First National
F. S. Moseley & Co
Sanderson &
100.82
Colony Corp
B. Gibbons & Co., Inc., Dewey, Bacon & Co., and Wallace,
Harris, Fofbes & Co., and First National Old
100.677 Co., all of New York, and the American Trust Co. of Charlotte, as 434s,
Shawmut Corp
100.621 at a price of 100.419, a basis of about 4.21%. The issues are as follows:
Chase Securities Corp
Due on May 1 as follows:
100.56
$400,000 street widening and extension bonds. to 1955; 510,000. 1956 to
Estabrook & Co
100.549
55,000, 1934 to 1943; 57,000. 1944inclusive.
R. L. Day & Co
all
100.47
1966. and 512,000, 1967 to 1979,
Salomon Bros. & Hutzler
$3,000, 1934 to 1938;
200,000 water bonds. Due on May 1 as follows: 16,000, 1951 to 1960.
-At the
-BONDS VOTED.
BROWNSVILLE, Cameron County, Tex. -the voters approved the
$4,000. 1939 to 1943; 55,000, 1944 to 1950;
P. 2630
special election held on April 9-V. 132.
and 57.000, 1961 to 1970.
$10 9
as 382 "for" and 10
500
Due on May 1 as follows:
issuance of 1916.500 in bonds by a count reported
75,000 grade crossing and elimination bonds.1953; 14,000, 1954 to 1957,
and
"against." The issuesare as follows: $766,500 refundingyears.
12.060, 1934 to 1944; 53,000, 1945 to
Due over 40
water and power plant improvement bonds.
and 15,000 in 1958 and 1959.
1 as follows: $40.000,
.
600,000 street improvement bonds. Due on May 125,000, 1944 to 1949,
BRUNSWICK, Frederick County, Md.-BOND OFFERING -Sealed
be received until April 24
1934 to 1938; 150,000. 1939 to 1943, and
bids addressed to Harry C. Allgire, Mayor, will
impt. bonds.
all inclusive.
water
for the purchase of an issue of $35,000
Due on May 1 as follows: 18,000, 1934
-La Salle E. 455,000 sanitary sewer bonds. to 1948; 112.000, 1949 to 1956; 115,000,
-BOND OFFERING.
CALDWELL, Essex County, N. J.
to 1941: 510,000. 1942
$20,000,from 1964 to 1969, all inclusive.
Clerk, will receive sealed bids until 8 p. m. on May 5
Jacobus, Borough
1957 to 1933, and
1 as follows: 112,000,
exceed 6% int. coupon or registered
470,000 public improvement bonds. Due on May
for the purchase of $199,000 not to
1942 to 1944;
1934 to 1938; 115.000, 1939 to 1941; $20,000,
bonds, divided as follows:
bonds. Due April 1 as follows: $6,000 from 1932
and 130,000 from 1950 to 1955, all incl.
$25.000, 1945 to 1949,
8167.000 public impt.
and $8,000 in 1954.
-The successful syndicate
to 1944 incl.; 19,000 from 1945 to 1953 incl., to 1964 incl.
FOR SUBSCRIPTION.
BONDS OFFERED
1 from 1933
general investment at prices to yield from
32,000 water bonds. Due 51,000 April
Denom. $1,000. Rate of int. to be is offering the above issue for
Each issue is dated April 1 1931. and must be the same for all of the 3.75% to 4.15%, according to maturity. These bonds are reported to
in a multiple of 14 of 1% & 0.) are payable at the Caldwell constitute direct and general obligations of the entire city, payable from
expressed
bonds. Prin. and semi-ann. int. (A. bonds are to be awarded than will unlimited taxes. They are said to be legal investments in New York State.
more
National Bank, Caldwell. No over the total of 1199,000. A certified Newspaper reports gave the other bids as follows:
group that submitted the
produce a premium of $1,000 bonds bid for, payable to the order of the
Halsey Stuart & Co., Inc.. headed a banking as 434s. This
of
syndicate
check for 2% of the amount
second highest tender of 100.10 for the bonds
accompany each proposal. The purchaser will be furnished included also E. H. Rollins & Sons, Lawrence Stern & Co., Darby & Co.,
Borough, must
of Clay, Dillon & Vandewater of New York, the M.& T. Trust Co. of Buffalo and the People's National Bank of Rock
with the approving opinion
Hill, N. C.
without charge.
Financial Statement.
Harris, Forbes & Co. in association with the Chase Securities Corp..
& Co.. the Hibernia Securities Co:
Assessed Valuations
$10,452,200.00 Kean, Taylor & Co., Ames. Emerich of Winston-Salem were third highest
improvements
516,000.00 and the Wachovia Bank & Trust Co.
Real estate and
4345. A bid of 102.324 for 434s was
Personal property
20,000,000.00 bidders with a tender of 102.324 for
Eldredge & Co.. the First
submitted by the Chemical Securities Co.,
Actual valuation,estimated
& Hagon Co.,
$524,000.00 Detroit Co., Inc., William R. Compton & Co., Mason
Debtissue
bonded debt, including this
62,000.00 Richmond, and the Union National Bank of Charlotte.
Total
included above
headed a syndicate which bid 102.037 for 450. Other
Lehman Brothers
Water debt,
and Blodget, Inc., Kountze
34,184.575,184.32 members of the group were Stone & Webster
Floating debt
& Co., R. S. Dickson &
above
61,173.42 Brothers, the Wells-Dickey Co.. Stern Brothers Orleans, Schluter, Green
Floating water debt, included
assessments levied
Savings Bank of New
Trust &
Co., the
619,357.9
Floating debt, covered by
for
491,
90 0.25 & Co. and the Page Trust Co. of Raleigh. Also bidding and 4J4s. the
Total indebtedness
Hannahs,
Guaranty Co. of New York, together with Estabrook & Co.
Net indebtedness
hand in a sinking fund, which is applic- Bailin & Lee, offered 101.513.
(The Borough has $24,000.00 on indebtedness.)
part to the water
NO.100(P.O. Wenatchee)
able for the major
assessed valuation.
CHELAN COUNTY SCHOOL DISTRICT of
semi-ann. school bonds
Tax rate for 1931: $38.40 per 11.000
Wash.
-BOND SALE -The 533,000 issue
-was purchased by William 1'.
Population: Estimated 1931. 6.000.
p. 2815
Sacramento).-BANKEESRE-OFFER offered for sale on April 11-V. 132,
CALIFORNIA,State of (P. 0. coupon harbor impt. bonds that was Harper & Son, of Seattle, as 5s.
-The $750,000 issue of 4%
BONDS.
APRIL 18 1931.1
FINANCIAL CHRONICLE
CHICAGO SOUTH PARK DISTRICT, Cook County, Ill.
-$2,500.000 BONDS SOLD AT PRIVATE .
SALE.
-A total of $2,500,000 4% bonds
of an original issue of $3,500,000 was sold at private sale on April 16 as
follows:
$1,000,000 bonds to R.E. Herczel & Co. of Chicago at a price of 96.21.
1,000,000 bonds to Lawrence Stern & Co. of Chicago at a price of 96.13.
500,000 bonds to the H. C. Speer & Sons Co. of Chicago at a price of
96.15.
These bonds are part of an issue of $3,500,000 originally offered on March
18, at which time all of the bids submitted were rejected (F. 132, P. 2243).
The issue was subsequently reoffered on March 27, when a block of $500,000
bonds was sold to the Northern Trust Co. of Chicago at 95.634 (V. 132.
P• 2631). The current sale leaves but $500,000 bonds of the original issue
unsold, and it is reported that negotiations are in progress looking toward
the sale of these remaining bonds.
CHRISTIAN COUNTY (P. 0. Hopkinsville) Ky.-BOND SALE.
A $65,000 issue of 43i% semi-annual road bonds that was unsuccessfully
offered on Dec. 2-V. 132, p. 523
-is reported to have since been purchased
by the Planters Bank & Trust Co. of lIopkinsville. Dated Jan. 1 1931.
Due from Jan. 1 1936 to 1951. Incl.
CLALLAM COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Port
-BOND SALE.
Angeles), Wash.
-The $71,000 issue of school bonds
offered for sale on April 14-V. 132, p. 2631
-was awarded to tha First
Seattle Dexter Horton Securities Co. of Seattle, as 430. at a price of
100.117, a basis of about 4.49%. Due serially in from 2 to 23 years.
CLAR,IC COUNTY (P. 0. Jeffersonville) Ind.
-BOND OFFERING.George Groher, County Treasurer, will receive sealed bids until 10 a.m. on
April 30 for the purchase of $3,600 4)i% road improvement bonds, comprising the following issues:
$2,500 Jeffersonville Twp. bonds. Dated Oct. 18 1930. Denom. $125.
Due $125. Jan. and July 15 from 1932 to 1941 incl.
1,100 Washington Twp. bonds. Dated April 6 1931. Denom. $275. Due
$275, July 15 1932; $275, Jan. and July 15 1933, and $375, Jan. 15
1934.
CLAY COUNTY (P. 0. Spencer), Iowa.
-BOND OFFERING.-Bids
(both sealed and auction) will be received until 2 p. m. on April 21 by
C. C. Bender. County Treasurer, for the purchase of a $200,000 issue of
annual primary road bonds. Denom. $1,000. Dated May 11931. Due
$20,000 from May 1 1936 to 1945 incl. Optional on May 1 1936. The
conditions governing the sale of these bonds are as listed under Appanoose County.
CLEBURNE,Johnson County, Tex.
-WARRANT SALE -A $66,000
issue of funding warrants is reported to have been purchased recently by
H. C. Burt & Co. of Houston.
CLEVELAND, Cuyahoga County, Ohio.
-BOND OFFERING.
S. G. Rusk, Director of Finance, will receive sealed bids until 12 m. on
May 8 for the purchase of $1,100,000
% coupon bonds, divided as
follows:
$600.000 public hall annex bonds. Due $24,000 on Sept. 1 from 1932 to
1956 inclusive.
500,000 street improvement bonds. Due $20,000 on Sept. 1 from 1932
to 1956 inclusive.
Each issue is dated April 1 1931. Denom. $1,000. Principal and semiannual interest (March and September) are payable at the Irving Trust
Co., New York. Bids for the bonds to bear interest at a rate other than
• %,expressed in a multiple of 3 of 1%, will also be considered. The
offering notice states that the $500,000 street issue was authorized at the
election in November 1930 and is payable from taxes levied outside of tax
limitations. A certified check for 3% of the amount of bonds bid for,
payable to the order of the City Treasurer, must accompany each proposal. Bonds are registered as to both principal and interest. Bids to
be on blank form furnished upon application to the Director of Finance.
Bids may be made separately for each lot or for "all or none." Split rate
bids will not be considered on any single issue, but different interest rates
may be bid for different issues. The favorable opinion of Squire, Sanders
& Dempsey of Cleveland wita a full transcript of the proceedings will be
furnished to the successful bidder.
COCKE COUNTY (P. 0. Newport), Tenn.
-BOND SALE.
-The
$110,000 issue of 53i% semi-ann. court house and jail bonds offered for
sale on April 10-V. 132, p. 2243
-was purchased by I. B. Tigrett & Co.
of Jackson, paying a premium of $1,200, equal to 101.0909, a basis of about
5.38%. Dated March 1 1931. Due from March 1 1936 to 1950 incl.
COHOES, Albany County, N. Y.
-ADDITIONAL INFORMATION.
-In connection with the proposed sale on May 11 of $133,000 coupon or
registered judgment funding bonds, notice of which appeared in-V. 132,
-we now learn that the issue will bear interest at 4X %, payable
p. 2243
semi-annually. Sealed bids for the issue will be received until 11 a. m. on
May 11 by William F. Mooney, City Comptroller, Principal and semiannual interest are payable at the Central Hanover Bank Sr Trust Co.,
New York.
COLORADO,State of (P.0. Denver).
-BOND SALE.
-The following
recent bond sales have been reported from Denver: Bosworth, Chanute,
Loughridge & Co. of Denver purchased $14.000 431% Weld County S. D.
No. 59 bonds (election on May 4); $12,000 5% Montrose County S. D.
No. 25 refunding bonds; $27,000
% Montrose County S. D. No. 15
refunding bonds; $38,000 431% Montrose County High S. D. bonds.
The U. S. National Co. of Denver purchased at 99.17 a $15.000 issue of
4% Larimer County S. D. No. 17 school building bonds and $15,000 Grand
County S. D. No. 2 building bonds, subject to election. Causey. Brown
& Co. of Denver have purchased $27.000 531% El Paso County S. D. No.
54 refunding bonds, subject to election. $5,000 Lincoln County S. D.
No. 13 refunding bonds were sold to Heath, Larson & Co. of Denver, prior
to election; $10,000 5% Ridgeway water extension bonds to Sidlo, Simons,
Day & Co. of Denver: $60,000 5% Brush water refunding bonds to
Joseph D. Grigsby & Co. of Pueblo. Peck, Brown & Co. of Denver
Purchased $13,500 4% El Paso County S. D. No. 29 refunding bonds
subject to an election to be held on May 6.
COLUMBIA HEIGHTS, Anoka County, Minn.
-PRICE PAID.
The $4,500 issue of 6% emergency debt certificates that was purchased
by the Phelps
-V. 132. p. 2631-was awarded for
-Drake Contracting Co.
a premium of $33, equal to 100.73,a basis of about 4.53%. Dated Dec. 1
1930. Due on Dec. 1 1931.
-FINANCIALSTATEMENT.
CORTLAND,Cortland County, N. Y.
-In connection with the proposed sale on April 21 of $188,000 coupon or
registered street improvement bonds, notice and description of which appeared in V. 132, P. 2631), we are in receipt of the following:
Financial Statement.
Estimated actual value of real estate
$20,000,000.00
Assessed valuation (1930) real estate, incl. special franchises_ 14,133,834.00
*Bonded debt, exclusive of present issues, and exclusive of
bonds due in 1931, for which appropriation has been made
and taxes levied
1,173,400.00
Floating debt to the payment of which all proceeds of the
present bond issues will be applied
230,952.41
Total debt
Deduct from total debt: Water bonds
$1,404,352.41
213,000.00
Total net debt
$1,191,352.41
Population, 1930 Census
15,041
*The city has no separate school district indebtedness. All bonds issued
for school purposes in the City of Cortland are included in the above statement of bonded debt.
-BOND OFFERING._
CRAWFORD COUNTY (P.O. Whiskey), Ind.
John H. Brown, County Treasurer, will receive sealed bids until 2 p. in.
on May 15 for the purchase of 38,200 5% Whiskey Run Twp. road imProvement bonds. Dated May 15 1931. Denom. $410. Due $410.
July 15 1932; $410, Jan. and July 15 from 1933 to 1941 incl., and
$410,
Jan. 15 1942.
CUERO, De Witt County, Tex.
-BOND SALE.
-The $30,000
Issue of 5% semi-ann. street extension bonds offered for sale on
April
-V.132, p. 2816
-was purchased by the Dallas Union Trust Co. of
Paying a premium of $11, equal to 100.37, a basis of about 4.95%. Dallas,
Dated
Jan. 15 1931. Due $1,500 from 1932 to 1951 inclusive.
3009
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BONDS PUBLICLY OFFERED.
-The various issues of road improvement bonds aggregating $1,478,000 awarded on April 10 to the First National Bank and
Halsey, Stuart & Co., Inc., both of New York, jointly as 431s. at. 100.369,
a basis of about 4.17%-V. 132, p. 2816
-are being reoffered by the successful bidders for general investment at prices to yield 3% for the 1932
maturity; 1933, 3.50%; 1934. 3.75%; 1935 and 1936, 3.80%; 1937 and
1938, 3.90%, and 4% for the securities maturing from 1939 to 1941 incl.
According to the bankers' notice, the bonds, in the opinion of counsel,
constitute general obligations of the entire county, for the payment of
which all taxable property therein is subject to the levy of ad valorem taxes
within the limits imposed by law. The county's assessed valuation for
1930, it is said, is officially reported as $2,914,824,100 and the net debt.
is $50,407,194. Population, 1930 Census, 1,201.455.
CUYAHOGA FALLS, Summit County, Ohio.
-BOND SALE-The
following issues of coupon bonds aggregating 5785.789.06 offered on April
14-V. 132, p. 2435
-were awarded as 4518 to the McDonald-CallahanRichards Co., of Cleveland, at par plus a premium of $4,877, equal to
100.62,a basis of about 4.58%:
$744,633.18 improvement bonds. Due on Oct. 1 as follows: $74,633.18 in
1932; $75,000. 1934: 574.000, 1935; $75,000, 1936: $74,000.
1937; $75,000, 1938: $74,000, 1939; 575,000 in 1940, and
$74,000 in 1941.
29,380.51 improvement bonds. Due Oct. 1 as follows: $5,280.51 in
1932; $6,000 from 1933 to 1936, inclusive.
9,485.37 improvement bonds. Due Oct. 1 as follows. 51,845.37 in
1932. and $2,000 from 1933 to 1936, inclusive.
2.290.00 improvement bonds. Due Oct. 1 as follows' $290 in 1932,
and $500 from 1933 to 1936, inclusive.
Each issue is dated April 1 1931. Bids submitted at the sale were as
follows:
BidderInt. Rate. Premium.
McDonald-Callahan-Richards Co.(purchaser)
4,51%
$4,87
Stranahan, Harris & Co
3,078
4% 0
Blanchet, Bowman & Wood
531
7,860
Otis & Co
3,145
53%
DALLAS, Dallas County, Tex.
-BONDS VOTED.
-At the election
held on April 7-V. 132, p. 2042
-the voters approved the issuance of
$300,000 in 5% airport bonds.
DEARBORN, Wayne County, Mich.
-BOND OFFERING-Myron A.
Stevens, City Clerk, will receive sealed bids until 4 p. in.(Eastern standard
time) on April 21 for the purchase of $890,000 not to exceed 43% interest
coupon or registered sewer bonds. Dated on or about April 15 1931.
Denom. $1,000. Due April 15 as follows: $390,000 in 1946; 5400.000 in
1951, and $100.000 in 1956. Prin. and semi-ann. int, payable at the offfce
of the City Treasurer. Bids will not be received for part of the issue. The
city will furnish printed bonds. A certified check for $10,000 must accompany each proposal. Proposals to be conditioned only on the approval
as to legallity by Miller, Canfield, Paddock & Stone of Detroit.
DECATUR COUNTY (P. 0. Greensburg), Ind.
-BOND OFFERING.
-E. E. Winker, County Treasurer, will receive sealed bids until 1 P. in.
onApril 24 for the purchase of $4,400 434% road improvement bonds.
Dated April 15 1931. Denom. $220. Due $220. July 15 1932; $220..
Jan. and July 15 from 1933 to 1941 incl.. and $220, Jan. 15 1942.
DES MOINES, Polk County, lowa.-BOND SALE.
-The $268,000
Issue of water works improvement bonds offered for sale on April 13V. 132, p. 2816
-was awarded at auction to Wheelock & Co.of Des Moines.
as 4s, paying a premium of 54.000,equal to 101.49.6 basis of about 3.875%Dated March 11931. Due from June 1 1943 to 1950, inclusive.
DONNA INDEPENDENT SCHOOL DISTRICT (P. 0. DonnaL.
Hidalgo County, Tex.
-BOND OFFERING-Sealed bids will be received
until May 14 by J. E. Wier. Secretary of the Board of Trustees, for the
.
purchase of an issue of $195,000 school bonds. A certified check for $10,000
must accompany the bid.
DOUGLAS COUNTY (P. 0. Superior), Wis.-PRICE PAID.
-The
$50,000 issue of 4 % semi-ann. sanitarium bonds offered for sale on
Feb. 19 and awarded to the BancNorthwest Co. of Minneapolls-V. 132,
p. 1663
-was purchased for a premium of $785, equal to 101.5%. a basis
of about 4.17%. Due from 1932 to 1941 inclusive.
DOUGLAS COUNTY (P. 0. Superior), Wis.-BONDS VOTED.
-At
a special election held on April 7 the voters approved the issuance of$455,000
in road bonds by a count of 9,214 "for" to 4,003 "against."
Interest rate is not to exceed 5%. Payable within 10 years at the County
Board shall determine. The bonds will be sold as the funds are required.
DU BOIS COUNTY (P.O. Jasper), Ind.
-BOND OFFERING-Sealed
bids addressed to Jacob P. Frick, County Treasurer, will be received until
10 a. m. on April 30 for the purchase of $4,700 4 yi% Madison Twp. road
improvement bonds. Dated April 15 1931. Denom. $235. Due $235.
July 15 1932: $235, Jan. and July 15 from 1933 to 1941 incl., and $235.
Jan. 15 1942.
EAST ROCKAWAY, Nassau County, N. Y.
-BOND OFFERING.
Guy E. Thompson, Village Clerk, will receive sealed bids until 8 P. in.
(Daylightsaving time) on May 1 for the purchase of 528,500 not to exceed
5% interest coupon or registered bonds,divided as follows:
$15,000 street impt. bonds. Due $1,000, May 1 from 1933 to 1947 incl.
13,500 fire equip. bonds. Due May 1 as follows: $2,000 from 1933 to
1938 incl., and 51.500 in 1939.
Each issue is dated May 1 1931. Rate of interest to be expressed in a
multiple of 31 or 1-10th of 1% and must be the same for all of the bonds.
Prin. and semi-ann. int. (M. & N.) are payable at the East Rockway
National Bank & Trust Co., East Rockway, or at the Bank of America
National Association, New York. A certified check for 2% of the bonds bid
for, payable to the order of the Village, is required. The approving opinion
of Hawkins, Delafield & Longfellow of New York, will be furnished the
purchaser.
EATONVILLE CONSOLIDATED HIGH SCHOOL DISTRICT (P.0..
Hattiesburg), Forrest County, Miss.
-BONDS VOTED.
-At an election held on April 4 the voters approved the issuance of 525,000 in school
bonds by a count of 105 to 74.
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 3 (P. 0. Ecorse),
Wayne County, Mich.
-BOND SALE.
-The $36.000 issue of refunding
bonds offered on March 23-V. 132, p. 2043
-were awarded as 5s. at a
price of par, to Mr. Matthew Finn. of iDetroit. The bonds mature $3,000
annually from 1932 to 1943. inclusive.
EL NIDO IRRIGATION DISTRICT(P.O.El Nido), Merced County,
Calif.
-BOND SALE.
-An issue of 5135,000 6% coupon canal construction bonds was purchased on March 5 by the West Coast Life In
Co.of San Francisco, at a piece of 100.88.6 basis of about 5.89%. D
irgir
$1,000. Dated Jan. 1 1931. Due from 1934 to 1951, inclusive. Interest
payable on Jan. and July 1.
(This report supersedes that given in V. 132, P. 2043.)
ESCANABA, Delta County, Mich.
-BOND ELECTION.
-An election
has been called for May 4 on which date a proposal calling for the issuance
of $180,030 4 % sewage treatment bonds will be passed upon by the
qualified electors. The bonds. if voted, will be issued in denom.of $1,000
and $500 and mature serially on July 1 in from 1 to 18 years.
ESSEX FELLS, Essex County, N. J.
-BOND SALE.
-C. A. Preint
& Co. of New York, are reported to have purchased on April 13 an issue
of $10b.000
,
45i% temporary improvement bonds at par plus a premium
of $7, equal to 100.007, a basis of about 4.24%. The bonds are dated'
Aug. 15 1931 and mature June 15 as follows: $75,000 in 1935 and $25,000.
in 1936. Interest is payable semi-annually in June and December.
ERIE, Erie County, Pa.
-BOND OFFERING-Michael J. Henry,
Acting City Clerk, will receive bids until 10 a.m. (eastern standard time)
on May 1, for the purchase of $257,000 431% coupon bonds, divided as
follows:
5142,000 (1931) paving improvement bonds. Due May 15 as follows:
$22,000 in 1932, and 520.000 from 1933 to 1938, incl.
100,000 (1931) municipal improvement bonds. Due $5,000 May 15 from,
1934 to 1953, inclusive.
15,000 (1931, series A) snaitary sewer bonds. Due $3,000 May 15 from
1932 to 1936, inclusive.
Each issue is dated May 15 1931. Denom. $1,000. Only the $100,000
issue will be issued with the privilege of exchange for registered securities.
Principal and semi-annual interest are payable at the office of the City
Treasurer. According to the offering notice, the city will assume the cost
3010
FINANCIAL CHRONICLE
The bonds are dated April 15 1931 and mature in 20 years. Bids for the
issue were as follows:
Premium,
Int. Rate.
Bidder4%
33,011
Fletcher Savings & Trust Co. (purchaser)
903
4 q‘7
Kent, Grace & Co.. Chicago
434
1,256
Ames, Emerich & Co., Chicago
Par
434 o
Gary State Bank, Gary
-The following
-LIST OF BIDS.
GASTONIA, Gaston County, N. C.
is a list of the other bids received for the two issues of coupon bonds, aggregating $214,000, that were purchased by Stranahan. Harris & Co., Inc.,
as 53,s at 100.40, a basis of about 4.21% (V. 132, P. 2876):
Premium.
Rate.
Bidder$2,505
4
,
53 %
C. W. McNear & Co. of Chicago
1,858
5$5%
Ryan, Sutherland & Co. of Toledo
1,124
534
Well, Roth & Irving Co. of Cincinnati
779
534 o
Braun, Bosworth & Co. of Toledo
-BOND SALE.
-The
(P. 0. Chardon), Ohio.
GEAUGA COUNTY
bonds offered on April 13
$25,857.14 special assessment improvement Provident Savings Bank &
V. 132, p. 2632) were awarded as 434s to the
Trust Co. of Cincinnati at par plus a premium of $240.47. equal to100.92,
a basis of about 4.32%. Due Sept. 1 as follows: $2,857.14. 1932:33.000.
1938:
1933; 32,000, 1934: 33,000, 1935; $2,000, 1936: $3,900, 1937; 32,000.list of
The following is a
33.000. 1939: 32,000, 1940, and $3,000 in 1941. as 4448:
the bids received, all of which were for the bonds
Premium,
Bidder$240.47
Provident Savings Bank ot Trust Co. (purchaser)
44.00
Guardian Trust Co
55.00
BancOhio Securities Co
• 135.00
Ryan, Sutherland So Co
36.00
& Mayer
Seasongood
-BOND OFFERING.
GIBSON COUNTY (P. 0. Princeton), Ind.
until 10 a. m.
Fred E. Graper, County Treasurer, will receive sealed bids
road impt. bonds, comprising
%
on April 27 for the purchase of 339,500
the following issues:
July 15 1932:
313,000 Center Twp. bonds. Denom. $650. Due 3650. $650, Jan. 15
$650, Jan. and July 15 from 1933'to 1941 incl.. and
1942.
Due 3600. July 15
12,000 White River Twp. bonds. Denom. $600. 1941 incl., and 3600.
1932; $600. Jail. and July 15 from 1933 to
Jan. 151942.
Due 3375, July 15
7,500 Barton Twp. bonds. Denom. $375. 1941 incl., and $375,1932:
Jan.
$375, Jan. and July 15 from 1933 to
15 1942.
Due S350, July 15 1932:
7,000 Barton Twp. bonds. Denom. $350.
and $300, Jan. 15
$350, Jan. and July 15 from 1933 to 1941 incl.,
1942.
Each issue is dated April 15 1931.
-Wilmot
-BOND OFFERING.
GLOUCESTER, Essex County, Mass. bids until 3 p. m. on April 22
A. Reed, City Treasurer, will receive sealedh% coupon bonds aggregating
following issues of 3
for the purchase of the
$80,000:
May 1 from 1932 to 1941 incl.
360.000 highway impt. bonds. Due $6,000, 1 from 1932 to 1936 incl.
20,000 sidewalk bonds. Due $4,000, May $1,000. Prin. and semi-ann.
Denom.
Each issue is dated May 11931. First National Bank of Boston, under
int. (M. & N.) are payable at the engraved and which will certify as to
whose supervision the bonds will be approved by Ropes, Gray, Boyden
their genuineness. Legality will be
purchaser.
& Perkins, whose opinion will be furnished the
Financial Statement April 14 1931.
342,733,457
Assessed valuation for year 1930
2,277,000
Total bonded debt (incl. these issues)
938,000
debt)
Water debt (incl. in total
None.
Sinking funds
23,811.
Population,
0. Gold Hill), Jackson
GOLD HILL SCHOOL DISTRICT (P.
-The 32,000 issue of school
-WARRANTS NOT SOLD.
County, Ore.
-was not sold as
132. ja. 1663
warrants offered for sale on Mar. 30-V. $500 was later purchased by
there were no bids received. A portion of are still being offered. The
remaining $1,500
local investors at 6%. The
$1,500 have been sold locally
original issue was for $6,000 and all but the
at 6%.
-BOND SALE.
Tenn.
-A
GRAINGER COUNTY (P. 0. Rutledge),
has been jointly purchased by Joseph,
$90,000 issue of 534% school bondsLittle, Wooten & Co. of Jackson, at a
& Estee of Nashville, and
Hutton
Due in 1945 and 1946.
Price of 101.00, a basis of about 5.40%.
-PROPOSED BOND ISSUE.
GRAND RAPIDS,Kent County, Mich. for sale an issue of $200.000
It is reported that the city will shortly offer 1 1932 and $75,000 on Jan. 1
mature $50,000 Jan.
public welfare bonds, to
Manager.
In 1933 and 1934. George W. Walsh is City
-BOND OFFERING.
Ind.
GRANT COUNTY (P. 0. Marion),
sealed bids until 2 p. m.
Claude Hamilton, County Treasurer, will receive Johnson et al. highway
414% Guy
on April 21 for the purchase of $47,000
Denorns. $500 and $350.
Improvement bonds. Dated April 15 1931. 15 from 1933 to 1941, incl.,
July
Due $2,350 July 15 1932; 32,350 Jan. and
semi-annually on Jan. and
and $2,350 Jan. 15 1942. Interest is payable'
July 15.
-Sealed bids
-BOND OFFERING.
GREELEY, Weld County, Colo.
by W. A. Hartnett, City Clerk,
will be received until 8 p.m.on April 21,
Paving District No.8
for the purchase of a $28,000 issue of 5% semi-ann.
A certified check for 2%
bonds. Dated June 1 1931. Due in 1953.
must accompany the bid.
-BOND OFFERING.
Bloomfield), Ind.
GREENE COUNTY (P. 0.
will receive sealed bids until 10 a.m.
Lewis V. Brewster, County Treasurer, 434% highway improvement bonds,
purchase of $18.800
on April 27,for the
comprising the following issues; Denom. $475. Due $475 May and Nov.
39,500 Taylor Township bonds.
15 from 1932 to 1941, incl. Denom. $465. Due $465 May and
9,300 Highland Township bonds. incl.
Nov. 15 from 1932 to 1941,
and semi-annual interest
Each issue is dated April 15 1931. Principal
(May and Nov. 15) are payable at the office of the County Treasurer.
-PRICE PAID.
-The
N. C.
GREENSBORO, Guilford County, that was purchased by T. A.
$250,000 issue of 5% tax-anticipation notes awarded for a premium of
was
Uzzell of Greensboro (V. 132, D. 2817)
4.90%. Dated March
$5, equal to 100.002, a net interest cost of about
31 1931. Due on May 1 1931.
-NOTES AUTHORI7ED.Ohio.
GREENWICH, Huron County,
for the issuThe village councll recently adopted an ordinance providing
ance of $29,500 water works system improvement notes, in anticipation
approximately March 1
of the sale of a similar amount of bonds, to be dated
1932 and mature semi-annually as follows; $50 April 1 and $500 Oct. 1
1932; 3500 April and Oct. 1 from 1933 to 1952, incl., and $1,000 April and
Oct. 1 from 1953 to 1956, Incl.
-BOND SALE.
HAMBLEN COUNTY (P. 0. Morristown), Tenn.
A 340,000 issue of county bonds has been purchased by Joseph, Hutton
& Estes, of Nashville, as 5s, for a premium of $155, equal to 100.38.
-Arthur T.
-BOND SALE.
HAVERHILL, Essex County, Mass.
Jacobs, City Treasurer, awarded an Issue of $25,000 334% coupon (101st
issue) sewer bonds on April 16 to Estabrook & Co., of Boston, at a price
of 100.52, a basis of about 3.31%. The bonds are dated April 1 1931
and mature $5,000 April 1 from 1932 to 1936, incl. Principal and semiannual interest (April and Oct.) are payable at the First National Bank
of Boston, under whose supervision the bonds will be engraved and which
will certify as to their genuineness. Legality to be approved by Ropes,
$7,400,090 Gray, Boyden & Perkins. of Boston. The following is a list of the bids
received at the sale:
Net debt
1930 census, 53,427.
Rate Bid.
BidderPopulation:1920 census,44,255:
Legislative Act, donated its ad valorem taxes in
100.52
& Co. (purchaser)
* The State of Texas by
applied to the redemption of Grade Raising and EstabrookCorporation
100.427
Galveston County to be
which produces an amount sufficient Shawmut
thereon,
100.399
bonds and the int.
bonds at maturity. R. L. Day & Co
Seawall
sum of these
100.39
and retire the principal
Harris. Forbes Sc Co
to pay the interest of
100.38
-The $27.000 Stone & Webster and Blodget. Inc
-BOND SALE.
County, Okla.
100.13
GARBER, Garfield
offered for sale on April 8- First National Old Colony Corp
system bonds
Co. of Oklahoma
Issue of coupon natural gas
Financial Statement April 8 1931.
purchased by the Taylor-White
-was
V. 132, p. 2436
366.348,333
Net valuation for year 1930
3 to 12 years.
1.491,000
City, as 63, at par. Due in from
-The Total bonded debt, inclusing this Issue
-BOND SALE.
County, Ind.
272,000
GARY SCHOOL CITY, Lake
132,_ p. 2245) Were Water debt (included in above)
14 (V.
22,000
school bonds offered on April
other than water
$115,000 coupon
Savings & Trust Co. of Indianapolis at Sinking funds(1930), 48,687.
awarded as 4s to the Fletcher equal to 102.61, a basis of about 3.81%.
Population
par plus a premium of 33,011,
-.of the-payment..of the lithographing of the bonds and the payment of the
-Pennsylvania 4-mill State tax. A certified check for $2,570. payable to
'the order of the City Treasurer. must accompany each proposal. (These
.are the bonds mentioned in-V. 132. p. 2816.)
Financial Condition of the City of Erie.
•
* Bonded debt, including the $257,000 now offered for sale_ _88,719,000.00
q...ess collectible liens filed and to be filed on special assessment
• improvements, by authority of the State of Pennsylvania 520,000.00
Department of internal Affairs
$8,199,000.00
73,078.87
0*
'Floating debt
38.274,078.87
743,470.51
Assets in sinking fund
87.530,608.36
a
a Net debt of the City of Erie. Pennsylvani
bonds.
a $4,823,500 of the net debt, which includes $1.500,000 of water
have been authorized by the votes of the electors and $2,707.108.36 thereof
'Is Councilmanic debt.
$1,730,012.58.
* Water debt included in the above bonded debt is is 3207.010.56.
debt
Assets in sinking fund to apply on redemption of waterdamages, mortgages,
** The floating debt consists of re-paving, property
25% in
&c. It is expected that the floating debt will be reduced about
the near future.
a.
personal property owned by the City of Erie, Pennsylvani
Real and
on Jan. 1 1931: Land and buildings. $11.786,880: equipment, 31.513.134;
total. 313,300,014.
the City of Erie
The values represented by building permits granted by
during the year of 1930 amounted to 33,311.396. Clearing House banks,
debits to individual accounts of Erie
The total
3461,200,540.22.
$157,785,395.
Taxable valuation of the City of Erie, for the year 1931,
Estimated actual valuation for 1931, $200.000.
valuation.
City tax-rate for 1931 is $1.38 per $100 1851. Population of the city,
Erie was chartered as a city on April 14
66,525; in 1920,
according to United States Official Census: In 1910,
102,093; in 1930. 115,917.
a direct general obligation of the City of Erie,
amte..__Theee heeds are
valorem tax. The two
Pennsylvania, payable from an unlimited ad addition, are to be retired
Issues of $142,000 and $15.000. respectively. infrom owners of property
from the collections of special assessments
benefited.
NDS OFFERED.
- FAYETTE COUNTY (P.O. West Union),lowa.-BO
16 by F. G. Lee, County
-Bids were received until 10 a. m. on Aprilannual primary road bonds.
Treasurer, for the purchase of a 39.000 issue ofon May 1 1944. Optional
'Denom. $1.000. Dated May 1 1931. Due
Cutler of Chicago.
after May 1 1936. Legal approval by Chapman &
-TEMPORARY LOAN.
FRAMINGHAM, Middlesex County, Mass. purchased on April 13 a
of Boston
The First National Old Colony Corp.discount basis. The loan matures
$100.000 temporary loan at 2.06%
Dec. 2 1931 and was bid for by the following:
Discount Basis.
Bidder2.06
First National Old Colony Corp. (purchaser)
2.10
N. Bond & Co
S.
2.12
Co
Bank of Commerce & Trust
2.13
. Salomon Bros. & Hutzler
-Edwin F.
-BOND SALE.
Norfolk County, Mass.
FRANKLIN,
of 338,000 3SI% coupon
Ribero. Town Treasurer, informs us that an issue awarded on April 10 to
school building addition construction bonds was
101.539. a basis of about 3.50%. The bonds
R. L. Day & Co.of Boston at
$3.000 from 1932 to
are dated April 1 1931 and mature April 1 as follows:
semi-annual interest (April
1943. incl., and 32,000 in 1944. Principal and Bank of Boston. Legality
National
and Oct.) are payable at the Merchants Perkins of Boston. The following
&
approved by Ropes, Gray. Boyden sale:
Is a list of the bids submitted at the
•
Rate Bid.
, Bidder
101.539
H. L. Day & Co. (purchasers)
101.327
Corp
National Shawmut
101.06
First National Old Colony Corp
100.626
Corp
Atlantic
100.85
• Harris, Forbes & Co
the bonds for general investment
(The successful bidders are reoffering
from 2.00 to 3.45%.)
Priced to yield
.
FREDERICK, Frederick County, Md.-BOND OFFERING -Aubrey
sealed bids until 7.30 p. m. on
A. Nicodemus, City Register, will receive issues of 4 % coupon bonds
for the' purchaseof the following
May 6
aggregating
from 1932 to
bonds. Due May 1 as follows: $4,000 from 1942 to 1936
.
1946
incl.: 36,000
to
incl.; $5,000 from 1937 to 1941 incl.; $8,000 from 1952 to 1956
1951
incl.; $7,000 from 1947
incl., and $10,000 from 1957 to 1961 incl.
as follows: $1,000 from 1932 to 1941
35,000 airport bonds. Due May 1 incl., and $3,000 from 194710 1951
incl.; $2.000 from 1942 to 1946
•
incl.
31.000. The bonds may be
• Each issue is dated May 1 1931. Denom.
semi-ann. int. (M. Sc N.) are
registered as to principal only. Prin. and
Citizens National Bank, Frederick. The offering notice
payable at the
county and municipal taxation
states that the bonds are exempt from State, taxes. A certified check for
income
In Maryland and from the payment of payable to the order of the Mayor
the bonds bid for,
2% of the par value of
each proposal.
and Board of Aldermen, must accompany
OFFERING.
COUNTY (P. 0. Sidney), lowa.-BOND on April
' FREMONT
23 by
received until 10 a. m.
Both .sealed and open bids will bethe purchase of a $42,000 issue of annual
Case, County Treasurer, for
C.B.
Dated May 1 1931. Due on
primary road bonds. Denom. $1,000.and 36,000 in 1945. Optional on
May 1 as follows: 34.000, 1936 to 1944, this sale are as given under AlmaThe conditions governing
.May 1 1936.
noose County.
County, Ind.
-BOND
GALENA SCHOOL TOWNSHIP, Laporte
offered on April 15
-The $24,000 434% coupon school bondsSavings Bank. Price
SALE.
to the Laporte
awarded
AV. 132, P. 2436) were bonds are dated April 15 1931 and mature $1,000
paid not disclosed. The
Jan. and July 15from 1932 to 1943, inclusive.
-An issue
-BOND SALE.
GALVESTON, Galveston County, Texas. bonds has been
purchased
and sewer
of $150,000 5% grade raising, drainage
&
Guarantee Securities Corp. and Taylor, Wilson on Co., both
by the Title
Dec. 1 as
Dated Dec. 1 1930. Due
of Cincinnati. Denom. $1,000. $3,000, 1942 and 1943; $6,000, 1944 to
to 1941;
• follows: _32,000, 1933 1948; 38,000, 1949; 315.000, 1950 and 1951; 39,000,
1946; $7,000, 1947 and
1955L$8,000. 1956: 36,000 ni 1958 and
1952 and 1953: $10,000. 1954 and & D.) Payable at the National City
int. (J.
$4,000 in 1959. Prin. and Galveston. Legality approved by Thomson,
Bank in New York or in York.
Wood & Hoffman of New of the $1.655.000 issue offered without success
(These bonds are a part
on Feb. 5-V. 132, p. 1073.)
Financial Statement (Officially Reported).
$75,000,000
property
Actual value of taxable property, 1930
60,302,719
taxable
Assessed value of
10,172,000
these issues
bonded indebtedness,Including
3732,500
• Total
464,410
• Water bonds
Sinldngfund
1,575,000
bonds
*Grade raising and seawall
2,771,910
•
[VOL. 132.
AI'RIL 15 1931.]
FINANCIAL CHRONICLE
3011
HIGH POINT, Guilford County, N. C.
-ADDITIONAL DETAILS.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND OFFERING.-The $100,000 6% temporary loan that was purchased by the North ING.-Homer A. Lambert, County Treasurer, will receive sealed bids
Carolina Bank & Trust Co. of High Point
-V. 132. p. 2817-was awarded , until 1 p.m. on April 25, for the purchase of 32.000 4i-4'Wheatfield
at par. Dated March 31 1931. Di ue on June 1 1931.
Township road improvement bonds. Dated April 15 1931. Denom. $100.
Due $100 July 15 1932; $100 Jan. and July 15 from 1933 to 1941, incl., and
HIL
SCHOOL DISTRICT NO
. .
00 Jan. 15 1942.
Mont.
-BOND SALE.
-The $35,500 issue of school bonds offered for sale
Homer A. Lambert, will also receive sealed bids until 2 p.m. on April 28.
on April 8-V. 132, p. 2044
-was purchased by the State Land Board.
for the purchase of $4,100 43.4% road improvement bonds. Dated April 15
-BOND OFFERING.
HOLLAND, Ottawa County, Mich.
-Oscar 1931. IJenom. $205. Due $205 July 15 1932; $205 Jan. and July 15 from
Peterson, City Clerk, will receive sealed bids until 7:30 p.m.(Eastern stand- 1933 to 1941, incl., and $205 Jan. 15 1942.
ard time) on May 6 for the purchase of $80,000 not to exceed 4%% interest
JAY COUNTY (P. 0. Portland), Ind.
-BOND OFFERING.
-Forest
general obligation bonds, divided as follows:
L. Miller, County Treasurer, will receive sealed bids until 10 a.m. on
$50,000 general street improvement bonds. Due $5,000 Aug. 1 from 1932 April 17 for the purchase of $10,097 4347 cement road construction bonds.
to 1941, inclusive.
Dated April 15 1931. Denom. $504.85. Due 3504.85, July 15 1932;
30
4000 main sewer bonds. Due $2,000 Aug. 1 from 1932 to 1946, incl.
$504.85, Jan. and July 15from 1933 to 1941 incl., and $504.85. Jan. 151942.
Each issue is dated April 1 1931. Prindpal and semi-annual interest
JOHNSON COUNTY (P.O. Iowa City), Iowa.
-BOND OFFERING.
(Feb. and Aug.) are payable at the office of the City Treasurer. Proposals
to be conditioned upon the successful bidder furnishing printed bonds Both sealed and open bids will be received by Chas. L. Berry, County
ready for execution. A certified check for $1,600 must accompany each Treasurer, up to 2 p. m.on April 20 for the purchase of an issue of $173,000
county road bonds. Int, rate not to exceed 41
/
4
1%, payable M. & N.
proposal.
Denom. $1,000. Dated May 1 1931. Due as follows: $6,000, May, and
HOLLAND FIRST FIRE DISTRICT, Erie County, N. Y.
-BOND $7,000, Nov. 1 1942; $18,000, May and Nov. I 1943 and 1944; $22,000.
OFFERING.
-The Board of Fire Commissioners will receive sealed bids May and Nov. 1 1945, and $44,000 on May 1 1946. The approving
until 7 p. m. (Eastern standard time) on April 30 for the purchase of opinion of Chapman & Cutler of Chicago will be furnished. A certified
38,000 not to exceed 5% interest coupon or registered Fire District bonds. check for 3%, payable to the County Treasurer. is required.
Dated Jan. 1 1931. Denom. $800. Due $800 July 1 from 1932 to 1941,
KALAMAZOO COUNTY (P. 0. Kalamazoo), Mich.
-BONDS DE(Jan. and July) are payable
Inclusive. Principal and semi-annual interest.
-At the annual spring election held on April 6 (V. 132, p. 2437)
at the Bank of Holland. A certified check for 2% of the amoun t of bonds FEATED.
bid for, payable to the order of the District, must accompany each proposal. the measure providing for the issuance of 31,000,000 in bonds to finance
The purchaser will be furnished with the opinion of counsel that the bonds the construction of a new court house building and a jail structure is said
to have met defeat by a vote of 8.737 "for" to 4,943 "against."
are binding and legal obligations of the Fire District.
-BONDS VOTED.
-At an
HORNELL, Steuben County, N. Y.
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Jackson
-The $500,000
election held on April 9 the voters authorized the issuance of $70,000 water County, Mo.-BONDS OFFERED FOR INVESTMENT.
supply improvement bonds, according to H. P. Babcock, City Chamber- issue of 4% coupon (J. & J.) school bonds that was purchased by the
lain. Date of sale is to be decided shortly. The issue will mature annually Harris Trust & Savings Bank of Chicago, at 102.098, a basis of about
on May 1 as follows; $5,000 from 1933 to 1936. incl.; $15,000 in 1937 and 3.82%-V. 132, p. 2633
-is being offered by the successful bidder for
public subscription at prices to yield 3.70 and 3.75%, according to ma1938, and $20.000 in 1939.
turity. Dated Jan. 1 1931. Due from Jan. 1 1941 to 1951, incl. These
-BONDS DEFEATED.
-We are bonds are
HOUSTON, Harris County, Tex.
considered as being direct general
informed that at an election held recently, the voters rejected a proposal and are reported as eligible for security onobligations of the entire district
postal sayings deposits.
to issue $1,000,000 in parks and playgrounds bonds.
The following is a complete official list of the bids received:
Premium.
Name of BidderHUNTINGTON (P. 0. Huntington), Suffolk County, N. Y.
$10,491.00
-Richard W. Hawkins, Town Supervisor, will receive * Harris Trust & Savings Bank, Chicago
BOND OFFERING.
sealed bids until 2 p. m. on April 24 for the purchase of $96,000 not to M. M. Freeman & Co., Inc., New York, and First National
Company, St. Louis
4,690.00
exceed 6% interest coupon or registered water system improvement bonds.
7,040.50
Dated Apr. 1 1931. Denoms. $1,000 and $500. Due April 1 as follows: Phelps, Fenn & Co., New York
32,500 from 1936 to 1970, incl., and $8,500 in 1971. Rate of interest to Continental Illinois Co., Chicago, and Boatmen's National
7,450.00
CO., St. Louis
be expressed in a multiple of ji of 1% and must be the same for all of the
3,385.00
Lawrence Stern & Co
bonds. Principal and semi-annual interest (April and Oct.) are payable City
Bank & Trust Co. and Chemical Securities Co
10,295.00
at the Bank of Huntington & Trust Co., Huntington. A certified check
for $2,000, payable to the order of the above-mentioned Supervisor, must Prescott, Wright, Snider Co., Kansas City, and First Union
Trust & Savings Bank, Chicago
6,650.00
accompany each proposal. The approving opinion of Clay, Dillon &
Stern Bros. & Co., and Mercantile-Commerce Co.
8,076.00
Vandewater, of New York, will be furnished the purchaser.
William R. Compton Co., Inc., and Stifel Nicolaus & Co., Inc- - 8,265.00
-BOND SALE.
HUNTINGTON COUNTY(P.O. Huntington),Ind.
- First Detroit Co., Chicago. and Mississippi Valley Co.. St. Louis 8.835.00
7,088.50
The $35,000 4 q.% coupon subway construction bonds offered on April 14- The National City Co. and Commerce Trust Co.
V. 132. p. 2246-were awarded to Ell Kirkendall of Huntington at par plus Morris Mather & Co.,Inc., Chicago; H.M.Byllesby & Co..Inc.,
800.00
Chicago, and A. C. Allyn & Co. Inc., Chicago
a premium of $2,400, equal to 106.85, a basis of about 3.12%. The bonds
Co
7,657.00
are dated April 1 1931 and mature $1,750 July 15 1932: $1,750 Jan. and Chatham Phenix Corp. and Stir &,
9,552.00
July 15 from 1933 to 1941 incl., and $1,750 Jan. 15 1942. Bids for the First National Old Colony Corp. and Fidelity National Corp
Foreman-State Corp.; Ames, Emerich & Co., and Wells-Dickey
Issue were as follows:
Co.
6,876.00
BidderPremium.
2,639.00
Eli Kirkendall, Huntington (purchaser)
$2,400.00 Halsey, Stuart & Co.
1,975.00
Breed, Elliott & Harrison
1,340.00 Otis & Co. Cleveland, and Wallace, Sanderson & Co., N. Y.
Fletcher American Co
7.500.00
1,205.50 The Northern Trust Co.
Union Trust Co.(Indianapolis)
1,208.00 Bankers Co. of New York; Guardian Detroit Co., Detroit. and
First & Tri-State National Bank & Trust Co
1.845.00
Smith, Moore & Co., St. Louis, Mo.
1.155.25
First National Bank of Huntington
7,235.00
1,113.00 Guaranty Co. of New York
* Successful bid.
State of (P. 0. Boise).
IDAHO,
-LIST OF BIDS.
-The following Is a
complete official list of the bids received for the $1.000,000 issue of general . KEENE, Cheshire County, N. H.
-H. A. Page, City
-BOND SALE
fund treasury notes that was awarded to the BancNorthwest Co. of Minne- Treasurer, informs us that an issue of $50,000
44% coupon water bonds
apolis, at 2.39%-V. 132, p. 2633:
was awarded on April 10 to the Peerless Casualty Oto. of Keene at a price
Rate. Premium. Amount of Bid. of 102, a basis of about 4.015%. The bonds are dated April 15 1931 and
Name of BidderNational City Co., New York; First
mature $2.500 on April 15 from 1932 to 1951 incl. Denoms. $1,000 and
Par
National Bank of Idaho, Boise
2.75
$1,000,000 $500. Principal and semi-annual interest (April and Oct. 15) are payable
R. W. Pressprich & Co., New York;
at the Merchants National Bank of Boston. Legality approved by Storey.
Salt Lake City;
Central Trust Co..
Thorndike, Palmer & Dodge of Boston. Bids for the issue were as follows:
Par
Edw.L.Burton & Co., Salt Lake CI 2.84
1,000,000
Rate Bid.
Bidder$100.071
First Detroit Co.; Stone & Webster
500,000 Peerless Casualty Co. (purchaser)
102.00
and Blodgett, Inc.; The Seattle Co. 2.80 for each $100 minimum amt. Atlantic Corp
101.515
First Security Corp., Odgen, Utah;
101.17
Corp
Par
All or none Shawmut & Co
First National Old Colony Corp_ -- - 2.73
99.579
100,001
All but no part Stephens
Guaranty Co.of New York; First Sea-1
J 2.93 for each $100 lessthan$500.00
tle Dexter Horton Secur. Co
KEWAUNEE COUNTY (P. 0. Kewaunee), Wis.-BOND SALE
International Co. of Denver; Bankers
The $300,000 issue of 5 7,, semi-annual highway improvement series B
,
All or none bonds offered for sale on April 14 (V. 132, p. 1664) was purchased by the
Par
2.88
Co. of New York
Securities Corp. of Minnesota;
First
Continental Illinois Co. of Chicago for a premium of $26,300, equal to
First National Bank,New York City;
108.76, a basis of about 4.03%. Dated May 1 1931. Due on May 1 from
21.00
Salomon Bros. & Hutzler, New York 2.74
1,000.000 1941 to 1943.
Not less than
Denver'
United States National
The following is an official list of the bids received:
75.00
Co.,d
$500,000
Continental Illinois Co., hicago- f 3.00
BidderPremium. BidderPremium.
Par
*2.39
BancNorthwest Co. of Minneapolls
1,000,000 *Continental Illinois Co ----$26,300 Central Illinois Co
$23,042
Par
2.94
F. S.
1.000.000 Ames, Emerich & Co
25,396 A. B. Leach & Co
22,382
Par
Treasurer Bannock County, Idaho_ _--5
18,000 The Milwaukee Co
24,090 First Union Tr. & Say. Bank- 21,100
Par
250,000 Harris Trust & Savings Bank 23,917 Lawrence Stern & Co
First National Bank of Moscow. Idaho 43
20,790
* Successful bid.
First Wisconsin Co
23,050 H. M.Byllesby & Co
18,960
-NO BIDS SUBMITTED
*Accepted offer.
INDIANAPOLIS, Marion County, Ind.
-William L. Elder, City
FOR BOND ISSUES AGGREGATING $409,000.
KLAMATH COUNTY UNION HIGH SCHOOL DISTRICT NO. 2
Comptroller, reports that no bids were received for the purchase of the fol- (P. O. Klamath Falls), Ore.
-BOND SALE.
-The
lowing issues of 4% sanitary district bonds aggregating $409,000, offered school bonds offered for sale on April 13 (V. 132. p. $100,000 issue of
2633) was jointly
for sale on April 15(V. 132, p. 2437):
Purchased by Ames,
David$266,000 first issue, 1931 bonds. )enom. $1,000. Due $7,000 on Jan. 1 son Co. of PortlandEmerich & Co. of Chicago and the Armstrong, 101.60.
as Vis for a premium of $1,600, equal to
from 1933 to 1970, inclusive.
a basis of about 4.57%. Dated June 1 1931. Due $5,000 from June 1
108,000 second issue, 1931 bonds. Denom. $1,000. Due $3,000 on 1933 to 1952, inclusive.
Jan. 1 from 1933 to 1968,inclusive.
35,000 third issue 1931 bonds. Denom. $500. Due $1,000 on Jan. 1
KOSCIUSKO COUNTY (P.O. Warsaw), Ind.
-BOND OFFERING.
from 1933 to 1967, inclusive.
William Shaffer, County Treasurer, will receive sealed bids until 2 p. M.
on April 28 for the purchase of $39,900 434% road improvement bonds.
Each issue is dated April 15 1931.
Dated May 15 1931. Denom. $665. Due
July 15 1932: $1,995.
-BOND SALE.
ISLIP (P. 0. Islip) Suffolk County, N. Y.
-The Jan. and July 15 from 1933 to 1941 incl., and $1.995. Jan. 15 1942. Interest
$1,995,
$300,000 coupon or registered town hall bonds offered on April 11-V. 132, Is payable semi-annually on Jan. and July 15.
2633-were awarded as 4s to Wallace, Sanderson & Co. of New York,
1:t•
at par plus a premium of $2,559. equal to 100.853. a basis of about 3.90%.
LANSING, Ingham County, Mich.
-BONDS VOTED
-SEALED
The bonds are dated March 1 1931 and mature $15.000 on March 1 from BIDS INVITED FOR SAME.
-At the election held on April 8-V. 132.
1932 to 1951, incl.
p. 2045
-the voters by substantial majorities authorized the issuance of
The following is an official list of the bids submitted at the sale:
$400,000 sewer extension bonds and $250,000 water emergency bonds.
BidderBOND OFFERING.
Premium.
-R. E. Sanderson, City Comptroller, will receive
Wallace Sanderson & Co.(purchasers)
$2.559.00 sealed bids until 8 p. in. on April 27 for the purchase of $650.000 coupon
B. J. Van Ingen & Co., and Stranahan, Harris & Co ______
1,409.70 or registered not to exceed 47 interest bonds, divided as follows:
Dewey Bacon & Co
1,260.00 $400,000 sewer extension bonds. Due $40,000, May 1 from 1933 to 1942
Bankers Co. of New York
inclusive.
1,079.70
That National Old Colony Corp
250,000 welfare emergency bonds. Due $125,000, May 1 in 1933 and 1934.
954.00
George B. Gibbons & Co., and Roosevelt & Son
Each issue is dated May 11931. Denom. $1.000. Principal and semi952.20
A. C. Allyn & Co., and Sherwood & Merrifield, Inc
837.00 annual interest(May and Nov.) are payable at the office of the City TreasEmanuel & Co
711.00 urer. A certified check for $6,500 must accompany each proposal. The
Phelps. Fenn & Co
.00 approving opinion of Thomson, Wood & Hoffman of New York will be
Stephens & Co
x4,677.00 furnished the purchaser.
x This offer was for the bonds as 430; all other bids were for 4s,
Financial Statement.
JACKSON, Jackson County, Mich.
-RESULT OF VOTE ON BOND
$7,155.700.00
-At the annual spring election held on April 6, the voters Total bonded debt,incl. current offering of $650,000
PROPOSALS.
17,103.10
authorized the issuance of $147,000 water improvement bonds by a vote of Other debt (contracts, &c.)
1,210,000.00
Water debt (included in above)
4,548 to 2,853, and at the same time defeated a measure providing for the Sinking fund for general debt
623.736.79
sale of $233,000 in bonds also for water system purposes.
77,624.17
Sinking fund for water debt
119,562,115.00
JACKSONVILLE, Duval County, Fla.
-BOND REDEMPTION._ Assessed valuation, realty only
154.668.091.00
It is announced that $2,000,000 city bonds, due on April 1, are being Total assessed valuation
Total tax rate per 21,000 for 1930:$27.12(lidded as follows: City $11.62;
retired through the Irving Trust Co. of New York, fiscal agents, proceeds
of the sale of $2,000,000 5% and 534% refunding bonds being in the hands State, $3.63; County. $3.36; School, $8.51.
Population: 1930 census, 78,425.
of the fiscal agents. The bonds to be retired are: $1,000,000 docks and
Date of incorporation, 1859.
terminals; $200,000 war bonds; $550,000 sewers and drain; and $250,000
city's portion, county paving bonds.
-BONDS NOT SOLD.
LEBANON, Wilson County, Tenn.
-The
We are informed that the City Commissioners have approved the addition $200,,000 is.4110 of 5% coupon semi-annual water works bonds offered on
of $800.00 in bonds for city hall and auditorium purposes to $1,700,000 April 15-V. 132, p. 2633
-was not sold as no bid for par or better were
In various impt. bonds to be voted upon early in the summer.
received. Dated Aug. 1 1930. Due from Aug. 1 1931 to 1960.
3012
FINANCIAL CHRONICLE
-BOND ELECTION.
LEFLORE COUNTY (P. 0. Greenwood), Miss.
-On May 12 a special election will be held in order to pass upon the proposed issuance of $500,000 in highway paving bonds. These bonds, if
voted, will be matched by Federal aid.
-The
LEXINGTON, Dawson County, Neb.-BOND DETAILS.
S70,000 issue of 4X% semi-ann. refunding bonds that was reported sold
-was purchased at par by the Omaha National Co. of
-V. 132, p. 2817
Omaha. Due from 1932 to 1951.
LEXINGTON COUNTY SCHOOL DISTRICT NO. 29 (P. 0. New
-The $100,000 issue of 6% (A. & O.)
-BOND SALE.
Brookland), S. C.
-was purchased
school bonds offered for sale on March 30-V. 132, p. 2437
by Taylor, Wilson & Co., Inc. of Cincinnati. Dated April 1 1931. Due
from April 1 1934 to 1951 incl.
Financial Statement (Officially Reported March 30 1931).
34.304,800
Actual value
860,960
*Assessed value. 1929
133.500
Total debt
17,010
Sinking fund
116.490
Net debt
Population. Estimated now. 6.500.
* The assessed valuation in South Carolina is carried at the very low
rate, as indicated above, because the State levies a State tax on all property
and in order that this State tax be not made burdensome, all the political
subdivisions carry their assessed valuation at a minimum.
--The $40,000
-BOND .SALE.
LIBERTY, Sullivan County, N. Y.
434% coupon sewage disposal bonds offered on April 13-V. 132. p. 2633were awarded to Batchelder & Co., of New York, at par plus a premium of
$688. equal to 101.72. a basis of about 4.29%. The bonds are dated May 1
1931 and mature $2,000. May 1 from 1932 to 1951 incl. The following is a
list of the bide submitted for the issue:
Rate Bid.
Bidder
101.72
Batchelder & Co.(purchasers)
101.279
Gibbons & Co., Inc
George B.
101.229
Edmund Seymour & Co
100.64
Graham, Parsons & Co
100.82
Dewey, Bacon & Co
100.897
Marine Trust Co.(Buffalo)
101.689
T. Trust Co
M.&
-NOTE OFFERING.LINCOLN PARK, Wayne County, Mich.
John M.O'Connor.City Clerk, will receive sealed bids until 7 p.m.(Eastern
standard time )on April 20 for the purchase of $165,000 6% special assessment tax anticipation notes. Dated April 15 1931. Due as follows: $10,000,
Oct. 151931;$25,000, April and Oct. 151932;$50,000, April 15,and $55,000
Oct. 15 1933. Denoms. to suit purchaser. The notes are said lobe a general
obligation of the city. Sale of the issue is subject to the approving opinion
of Miller, Canfield,Paddock & Stone, of Detroit. Successful bidder to pay
for the printing and delivery of the notes,and for the legal opinion.
LIPSCOMB COUNTY ROAD DISTRICT NO. I (P. 0. Lipscomb),
-BONDS VOTED -At the election held on April 9-V.132, p.2438Tex.
the voters approved the issuance of $350,000 in road bonds by a count
reported to have been 506 to 179.
-A $60,000
-BOND SALE.
LIVINGSTON, Overton County, Tenn.
issue of 6% coupon water system bonds was awarded at par as follows:
$38,000 to the American Cast Iron Pipe Co. and $22,000 to local investors.
Denom.$1,000. Dated June 1 1930. Due $5,000 from June 1 1941 to 1952,
incl. Interest payable J. & D.
LOGAN INDEPENDENT SCHOOL DISTRICT (P. 0. Logan)
-Sealed bids will be
Harrison County, lowa.-BOND OFFERING.
received until 8 p.m. on April 20, by W. I. Wolfe. Secretary of the Board of
School Directors, for the purchase of a $75,000 issue of school bonds. The
interest rate is to be named by the bidders. Denom. $1,000. Dated May 1
1931. Due as follows: 32,000, 1933 and 1934; $3,000, 1935 to 1939: $4,000,
1940 to 1945;$5.000, 1946 to 1949. and $6,000 in 1950 and 1951. Authority
for issuance: Chapter 225. Laws of Iowa, Code of 1927. No certified check
is required.
(These are the bonds that were voted on Feb. 11-V. 132, P. 2878).
-The
-BOND SALE.
LONG BEACH, Los Angeles County, Calif.
$800.000 issue of water works impt. bonds offered for sale on April 14-was purchased by R. H. Moulton & Co. of San Francisco,
V. 132, p. 2818
1940, and
as follows: $75,000 as 5s, due on June 1, as follows: $30,000 in as
follows:
$45,000 in 1941; the remaining $725,000 as 4s, due on June 1,The
award
$15,000 in 1941; $60,000, 1942 to 1952, and $50,000 in 1953.
was made on April 17.
-BOND SALE POSTLOUISIANA, State of (P. 0. Bator. Rouge).
-We are informed that the sale of the $2,000,000 issue of not to
PONED.
exceed 5% coupon semi-annual Confederate Veterans and Widows Pension
-has been postponed. It
bonds scheduled for April 15-V. 132, p. 2634
Is stated that these bonds will again be offered in the near future. The
-Picayune" of April 11 commented on the action as follows:
"Times
"Thomson, Wood & Hoffman, New York bond attorneys, have approved
$2.000,000 of bonds, which were scheduled to be sold by the State Board
of Liquidation April 15 to pay increased Confederate pensions, after inquiring into the validity of a constitutional amendment providing for the
issue. George Wallace. Secretary to Governor Huey P. Long, was advised Friday.
Sale of the Confederate pensions issue was indefinitely postponed several
"
days ago at the request of the bond attorneys, who questioned validity of
the constitutional amendment providing for the issue. Now that the bonds
approved by the New York attorneys, the State Board of Liquidation Is
expected to set a date In the near future for their sale.
"Sale of approximately $502,000 of drouth relief bonds, which also was
scheduled for April 15 and postponed when the question of the Confederate
pensions bonds was raised, is expected to be negotiated when the latter
issue is sold."
-The $7,000
-BOND SALE.
LOVELAND, Clermont County, Ohio.
p.
coupon street improvement bonds offered on March 28-V. 132.par2045plus a
m Co. of Cincinnati, at
were awarded as .5s to the Davies-Bertra
premium of $20. equal to 100.2R, a basis of about 4.95%. The bonds are
1 1931 and mature $350. April and Oct. 1 from 1932 to 1941
dated April
incl. Bids for the issue were as follows:
Premium.
Int. Rate.
Bidder$20.00
5%
Davies-Bertram Co.(purchaser)
6.00
5X%
Weil, Roth & Irving Co.. Cincinnati
26.00
5%
Sutherland & Co., Toledo
Ryan,
2.10
5%
Provident Savings Bank & Trust Co., Cincinnati
-We are inLOVELL, Big Horn County, Wyo.-BOND OFFERING.
formed that sealed bids will be received until May 4, by the Town Clerk
for the purchase of an issue of $50,000 434% reftnading bonds. Denom.
$1,000. Dated June 1 1931. Due from 1932 to 1951.
LOWER HEIDELBERG TOWNSHIP SCHOOL DISTRICT (P. 0.
-BOND OFFERING.Wernersville, R. D. No. I), Berk, County, Pa.
receive
Charles K. Staudt, Secretary of the Board of School Directors, will coupon
8 p. m.on May 8for the purchase of $50,000 43(%
sealed bids until
May 1 as
school bonds. Dated May 1 1931. Denom. $1,000. Duein 1951 and
in 1946, and $15,000
follows: $5,000 in 1936 and 1941; $10,000 in May and Nov. A certified
1956. Interest is payable semi-annually
for, payable to the order
for 2% of the par value of the bonds bid proposal. The bonds are
check
each
of the District Treasurer, must accompany
Townsend, Elliott & Munson, of
issued subject to the favorable opinion of
Philadelphia, as to their validity.
-Sealed
LUVERNE, Steele County, N. Dak.-BOND OFFERING. County
20. at the office of the
bids will be received until 10 a.m. on April Clerk, for the purchase of a
Finley, by Mable Jordan, Village not to exceed 6%, payable
Auditor in
rate is
$5,000 issue of light system bonds. Int,
May 11931. Due $500 from June 1 1931
J. & D. Denom. 3500. Dated for 2% of the bid is required.
to 1940, incl. A certified check
6-V. 132, p. 1665).
(These bonds were offered for sale on March
47 (P. 0. Clayton) St. Louis
McKENZIE SCHOOL DISTRICT NO. issue of 5% semi-ann. school
-A $39,000
County, Mo.-BOND SALE.
recently by the Baum. Bernbonds is reported to have been purchased 1 1931. Legal approval by
Kansas City. Dated April
heimer Co. of
Benj. H. Charles of St. Louis.
-The $18,000
-BOND SALE.
MACEDONIA, Summit County, Ohio. bonds offered on April 7coupon fire department equipment purchase Davies-Bertram Co. of Cinthe
V. 132, p. 2438
-were awarded as 5s to
a basis of about
„innati, at par plus a premium of $135, equal to 100.75,semi-annually as
-.90%. The bonds are dated April 1 1931 and mature
4
[VoL. 132.
follows: $500 April and Oct. 1 from 1932 to 1943, incl., and $1,000 April
and Oct. 1 from 1944 to 1946. incl. The Well. Roth & Irving Co., and
Ryan, Sutherland & Co., also bidding for 5s, offered premiums of $26 and
$114. respectively. The firm of Slier, Carpenter & Roose, of Toledo, bid
a premium of $55 for the bonds as 530.
-BOND SALE.
MAHASKA COUNTY (P. 0. Oskaloosa), Iowa.
The $85.000 issue of annual primary road bonds offered for sale on March
24-V. 132, p. 2045
-was purchased by the Iowa-Des Moines Co. of
Des Moines, as 4 Xs, at a price of 100.30, a basis of about 4.18%. Dated
April 1 1931. Due from May 1 1936 to 1945. Optional on and after
May 1 1936.
-BOND OFFERING.
MAMARONECK, Westchester County, N. Y.
-James M. Smith, Village Clerk, will receive sealed bids until 8 p.m. on
Aril 28, for the purchase of $15,000 coupon or registered, not to exceed
4
6 , interest, fire department apparatus purchase bonds. Dated April 1
1 31. Denoms. $1,000 and $500. Due $1,500 April 1 from 1932 to 1941.
incl. Rate of interest to be expressed in a multiple of X of 1% and must
be the same for all of the bonds. Principal and semi-annual interest (April
and October) are payable at the Guaranty Trust Co.. New York. A
certified check for $500, payable to the order of the Village, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater,
of New York, will be furnished the purchaser.
MANDAN SPECIAL SCHOOL DISTRICT (P. 0. Mandan) Morton
-The $35,000 issue of certifiCounty, N. Dak.-CERTIFICATE SALE.
-was
cates of indebtedness offered for sale on March 30-V. 132, p. 2247
jointly purchased by the First National Bank, and the Farmers State
Bank. both of Mandan, as 6s. Due in two years.
$18,000 of the bonds were awarded to the First National Bank, and the
remaining $17,000 went to the Farmers State Bank.
MARINETTE COUNTY (P. 0. Marinette) Wis.-BOND SALE.
We are informed by L. E. Ness, Chairman of the County Board, that an
issue of $110,000 highway ponds has been disposed of recently to local investors.
-NOTE SALE.
-The
MARION COUNTY (P. 0. Indianapolis), Ind.
-were
$3380,000 poor relief notes offered on April 13-V. 132, p. 2438
awarded to the Merchants National Bank, and the Indiana Trust Co.,
both of Indianapolis, to bear interest at 3.73%. The notes are dated
April 1 1931 and mature $190,000 on May 15 and Nov. 15 1932.
-BOND OFFERING.
MARION COUNTY (P. 0. Knoxville), Iowa.
Both sealed and open bids will be received up to 10 a.m. on April 24. by
F. T. Metcalf. County Treasurer, for the purchase of an $85,000 issue of
annual primary road bonds. Denom. $1,000. Dated May 1 1931. Due
on May 1 as follows: $8,000. 1936 to 1944. and $13,000 in 1945, optional
after May 1 1936. The conditions of sale are as listed under Appanoose
County.
-BOND OFFERING.
MARTIN COUNTY (P. 0. Shoals), Ind.
J. R. Marshall, County Treasurer, will receive sealed bids until 10 a.m.
on April 27. for the purchase of the following issues of 434% bonds, aggregating $9,380:
$3,890 Center Township road improvement bonds. Denom. $194.50.
Due $194.50 July 15 1932; $194.50 Jan. and July 15 from 1933 to
1941, incl.. and $194.50 Jan. 15 1942.
3,340 Brown Township road improvement bonds. Denom. $167. Due
$167 July 15 1932; $167 Jan. and July 15 from 1933 to 1941, incl.,
$167 Jan. 15 1942.
2,150 George Medford et al., road improvement bonds. Denom. $107.50.
Due $107.50 July 15 1932: $107.50 Jan. and July 15 from 1933 to
1941, incl., and $107.50 Jan. 15 1942.
Each issue is dated April 27 1931.
-BOND OFFERING.
MARYLAND, State of (P. 0. Annapolis).
John M. Dennis. State Treasurer, will receive sealed bids until 12 m. on
June 10 for the purchase of $1,000,000 4 X% bridge construction bonds
dated June 15 1931 and to mature serially on June 15 from 1934 to 1946.
inclusive. The bonds are part of a total of $8,163,000 authorized at the
recent session of the State Legislature, the maximum interest rate for which
was set at 434% and the purposes for which the bonds are to be issued were
listed as follows: $2,000,000 bridge construction, of which the remaining
$1,000,000 is scheduled for sale, it is said, on June 15 1932; _$5,663.000
for general construction projects, to be issued as follows: $590.000, Aug. 15
1931; 31,977,000, Feb. 15 1932, and $3,076.000. Aug. 151932; also $500,000
Ocean City inlet bonds, issuance of which is contingent upon contribution
of one-third of cost of project by the Federal Government. This last issue,
according to report, will be sold in separate amounts of $125,000 and $375.000, respectively, on Feb. 15 1932 and Aug. 15 1932.
-John J.
-BOND SALE.
MEDFORD, Middlesex County, Mass.
Ward, City Treasurer, informs us that an issue of $65,000 33. % coupon
water mains bonds was awarded on April 10 to the Shawmut Corp. of
Boston, at 100.43, a basis of about 3.435%, The bonds are dated April 1
1931 and mature April 1 as follows: $5,000 from 1932 to 1936 incl., and
$4,000 from 1937 to 1946 incl. Principal and semi-annual interest (April
and October) payable in Boston. The bonds will be engraved under the
supervision of and certified as to their genuineness by the First National
Bank, of Boston; the legality thereof will be approved by Ropes, Gray,
Boyden & Perkins, of Boston. The following is a list of the bids submitted
at the sale:
Rate Bid,
Bidder100.43
Shawmut Corp. (Purchaser)
100.359
R. L. Day & Co
100.15
Stone & Webster and Blodget, Inc
100.08
First National Old Colony Corp
100.07
Harris, Forbes & Co
Financial Statement, April 6 1931.
$84,872,280.00
Assessed valuation 1930, net
4,355.750.00
Total debt (present loan included)
451,000.00
Water debt, included in total debt
82,869.12
Sinking funds, other than water
Population 1930. census, 59,700.
-The $250.000
-BOND SALE.
MEMPHIS, Shelby County, Tenn.
Issue of coupon school bonds offered for sale on April 14-V. 132, p. 2247
was purchased by a syndicate composed of the Continental Illinois Co., the
Harris Trust & Savings Bank, and E. It. Rollins & Sons. all of Chicago.
the Mercantile Commerce Co. of St. Louis, the Union & Planters Co., and
the Commerce Securities Co.. both of Memphis, as 43413. at a price of
101.03, a basis of about 4.16%. Dated Jan. 1 1931. Due from Jan. 1
1935 to 1964, incl.
-BOND SALE.
-The four issues
MEMPHIS, Shelby County, Tenn.
of coupon bonds aggregating 1,740,000 offered for sale on April 14-V.132,.
-were awarded to a syndicate composed of the Chemical Securities
P. 2438
Corp., Eldredge & Co., and Hemphill. Noyes & Co., all of New York,
and the First Securities Corp of Memphis, at a price of 100.05, a basis
of about 4.14%, on the bonds divided as follows:
$400.000 sewer and drains bonds as 430. Due from April 1 1934 to 1958
incl.
50,000 fire department bonds as 4Xs. Due from April 1 1934 to 1958
incl.
1,000,000 water department bonds as 4s. Due from Jan. 1 1936 to 1971
incl.
290,000 street inapt. bonds as 5s. Due from April 1 1932 to 1936 incl.
-The successful syndicate is offering
PUBLIC OFFERING OF BONDS.
the above bonds for general investment at the following prices: the two
Issues of 434% bonds aggregating $450,000, are priced to yield from 3.60
to 4.10%. according to maturity; the 31,000.0004% bonds yield from 3.80
to 4.10%, and the $290,000 5% bonds yield from 2.75 to 3.80%. all accordng to maturity. They are reported to be direct general city obligations,
-BOND SALE.
-George G. FredMETHUEN, Essex County, Mass.
erick, Town Treasurer, awarded an issue of $100,000 3li% coupon water
to Stone & Webster and Blodget. Inc., of New York,
bonds on April 16
at a price of 100.51, a basis of about 3.38%. The bonds are dated Jan. 1
1931 and mature Jan. 1 as follows: $12,000 from 1932 to 1936, inclusive,
and $10,000 from 1937 to 1940, inclusive. Denom. $1,000. Principal
and semi-annual interest (Jan. and July) are payable at the First National
Bank, of Boston. The bonds will be engraved under the supervision of
and certified as to genuineness by the aforementioned bank. Legality
will be approved by Ropes, Gray, Boyden & Perkins, of Boston. Bid&
for the issue were as follows:
APRIL 18 1931.]
FINANCIAL CHRONICLE
BidderRate Bid.
Stone & Webster and Blodget, Inc. (purchaser)
100.51
H. C. Wainwright & Co
100.348
Shawmut Corporation
100.327
Eldredge & Co
100.336
R. L. Day & Co
100.399
First National Old Colony Corp
100.20
F. S. Moseley & Co
100.227
Estabrook & Co
100.28
Harris, Forbes & Co
100.07
Faxon, Gade & Co
100.01
Financial Statement April 1 1931.
Net valuation for year 1930
$20,343,196.00
Debt limit
607,640.29
Total gross debt, including this issue
837,900.00
Exempted Debt
$161,500.00
Water bonds
274,900.00
School bonds
73,000.00
County Tuberculosis Hospital
25,000.00
Sinking funds for debts inside debt limit
534,500.00
3013
NEWBERRY COUNTY(P.O. Newberry) S.C.
-BOND OFFERING.
Sealed bids will be received until 11 a.m. on April 23, by C. H. Cannon,
County Treasurer,for the purchase of an issue of $148,500 coupon refunding
bonds. Bidders are to name the rate of interest in multiples of Si of 1%.
Denom. $5,500. Dated May 11931. Due $5,500 from Jan. 1 1934 to 1960.
incl. Prin. and int. (J. & J.) payable in gold or its equivalent at some bank
designated in New York. Bidders must bid for all of said bonds and state
a single rate of interest. A $2,000 certified check, payable to the County.
must accompany the bid.
NEWPORT, Newport County, R. I.
-BOND OFFERING.
-B. F.
Downing, City Treasurer, will receive sealed bids until 5 p. m. on April 23
for the purchase of $60,000 43. % coupon bonds, divided as follows:
$35,000 series C pavement and sewer bonds. Due May 1 as follows:
$3,000 from 1932 to 1942, incl., and $2,000 in 1943.
25,000 permanent pavement bonds. Due May 1 as follows: $3,000 in
1932, and $2,000 from 1933 to 1943, incl.
Each issue is dated May 1 1931. Denom. $2,000. Principal and semiannual interest (May and Nov.) are payable at the office of the City
Treasurer, or at holder's option at the First National Bank, of Boston.
The bonds will be engraved under the supervision of and certified as to
genuineness by the aforementioned Bank. Legality will be approved by
Ropes, Gray, Boyden & Perkins, of Boston, whose opinion will be furnished
Net debt
$303,500.00 the purchaser.
$304,140.29
Borrowing capacity, April 1 1931
Financial Statement April 1 1931.
$81,699.000.00
MILWAUKEE, Milwaukee County, Wis.-BONDS DEFEATED.- Valuation for year 1930
-the voters rejected Sinking fund bonds
$303,000.00
At the special election on April 7-V. 132, p. 2247
153,543.52
149,456.48
the proposal to issue $500,000 in bridge bonds by a count reported to have Less sinking funds
been 18,828 "for" and 54,407 "against."
1,490,000.00
in a letter to us from Wm. H. Serial bonds (including issues advertised)
The following information is contained
Wendt, Deputy Comptroller, under date of April 9:
Total net debt
$ 1,643,543.52
"Answering your letter of April 7 relative to the issuance of $1,100,000.00
Population, 1930, 27.430.
sewer bonds:
"Please be advised that this proposal has not materialized and that there
.-A
-BOND ELECTION
NEW BUFFALO, Berrien County, Mich.
is nothing new to report as to the bond situation in Milwaukee other than
voters will
that an issue of $500,000.00 bridge bonds voted on April 7 was defeated by a special election has been called for April 27 on which date the
for
vote of approximately 54,000 to 20,000. The issue was defeated principally decide the fate of a proposition providingthat the issuance of $25,000 fundthe issue will bear interest
because of the fact that plans for this project involve a grade separation ing bonds. The election notice states
project which has not been thoroughly studied and it was felt that until at 5%, be dated May 1 1931 and mature $1,500 annually.
worked out it would be useless to try to
the grade separation problem was
NEW CANAAN, Fairfield County, Conn.
-BOND OFFERING.
J. R. McWilliam, Chairman of the Finance Committee, will receive sealed
build a bridge at this point.
"We will probably not have any bond sale until late in June, at which bids until 8 p. m. on April 22 for the purchase of $85,000 not to exceed
% interest coupon sewerage filtration bonds. Dated April 1 1931.
time we shall be pleased to send you the usual official notice of the sale."
Denom. $1,000. Due $5,000 April 1 from 1932 to 1948, incl. Principal
-BOND OFFERING.- and semi-annual interest
MINNEAPOLIS, Hennepin County, Minn.
payable at the First National
standard time) on April 27 Bank, of Boston, under(April and Oct.) are the bonds will be prepared.
Sealed bids will be received until 2 19.1/1. aentral
whose supervision
by Dan C. Brown, City Comptroller, or the purchase of a $974,325.57 Rate of Interest to be expressed in multiples of .4%. A certified check
issue of coupon special street impt. bonds. Int. rate is not to exceed 5%. for $2,000,_payable to the order of the Borough, must accompany each
Denoms. $50, $100, $500 or $1,000 at the option of the purchaser. Dated proposal. Legality will be approved by Ropes, Gray, Boyden & Perkins.
May 11931. Due from May 1 1932 to 1951,incl. Open bids will be received of Boston, whose favorable opinion will be furnished the purchaser.
after all sealed bids are in at 2 p.m. All bids must include accrued interest
Financial Statement April 1 1931.
and will be for not less than par. The approving opinion of Thomson, Assessed valuation, 1930 (Borough) '
$4,445,166.00
Wood & Hoffman, of New York, will be furnished. A certified check for
560,000.00
Total bonded indebtedness of the town
required.
2% of the par value of the bonds bid for, is
Total bonded indebtedness of the borough (incl. this issue) 145,000.00
(The official advertisement of this'offering will be found on p. 3018 of
23,486.48
Borough sinking fund
this issue.)
No water debt. Population,(borough) 2,372; (town), 5,431.
INDEPENDENT SCHOOL DISTRICT (P. 0. Mitchell)
MITCHELL
NEW CASTLE WATER
(P. 0. Chappa4ua),,
-The $200,000 issue of re- Westchester County, N. Y.DISTRICT NO. 1 .
Davison County, S. Dak.-BOND SALE.
-BOND OFFERING -Leroy Potter, Town
-was purchased Clerk, will
funding bonds offered for sale on April 10-V. 132, p. 2634
on April 22 for the purchase
the BancNorthwest Co. of Minneapolis, the of $85,000 receive sealed bids until 8 p. m. or registered bonds. Dated
by a syndicate composed of
not to exceed 6% int, coupon
First Securities Corp. of St. Paul, and the Commercial Trust Savings Bank April 1 1931. Denom. $1,000. Due $5,000 April 1 from 1936 to 1952
of Mitchell, as 4 Ms, paying a premium of $600, equal to 100.30, a basis of incl. Rate of int. to be expressed in a multiple of
or 1-10th of I%
Due from Nov. 2 1931 to May 2 1951. and must
about 4.21%. Dated April 20 1931.
be the same for all of the bonds. Prin. and semi-ann. int.
MOHAWK MUNICIPAL WATER CONSERVATION DISTRICT (A. & 0.) are payable at the Mount Pleasant Bank & Trust Co., Pleasant-BONDS NOT SOLD.
-The $328,000 ville, or at the Chase National Bank, New York. A certified check for
(P. 0. Roll), Yuma County, Ariz.
issue of not to exceed 6% semi-ann. water bonds offered on April 4-V. 132, $2,500, payable to the order of the town of New Castle, must accompany
each proposal. The approving opinion of Clay, Dillon & Vandewater
-was not sold as there were no bids received.
13. 2634
of New York will be furnished to the purchaser without charge.
-BOND OFFERING.
MONROE COUNTY (P. 0. Monroe), Ohio.
Financial Statement.
The Board of County Road Commissioners will receive sealed bids until
Valuations
April 28 for the purchase of $153,900 road improvement bonds.
$27,681,367.00
MONTCLAIR, Essex County, N. J.
-BOND SALE.
-The Montclair Real estate and special franchise, 1930-1931
35,000,000.00
Actual valuation, 1931 (estimated)
Trust Co. purchased on April 14 an issue of $420,000 temporary improve- TotaDebtment bonds, to bear interest at 2.30%•
1,449,550.00
l bonded indebtedness,including this issue
491,250.00
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND OFFER- Water district bonds included above
42,000.00
-F. A. Kilmer, Clerk of the Board of County Commissioners, will Street improve.(special assessment) bonds,included above
ING.
The net bonded indebtedness will be about 3%% of the assessed valuation
receive sealed bids until 10 a. m. on May 2 for the purchase of $206,989.40
bonds. Dated April 1 1931. One bond for $989.40, others upon the issuance of these bonds.
6% refunding
Population: 1925 State census. 5,899; 1930 Federal census, 6,749.
for $1,000. Due semi-annually as follows: $9,989.40 April and $10,000
.Oct. 1 1932; $10,000 April and Oct. 1 from 1933 to 1937 incl.; $10,000
-TEMPORARY LOAN
NEWTON, Middlesex County, Mass.
April 1 and $11,000 Oct. 1 1938, and $11,000 April and Oct. 1 from 1939 A $150,000 temporary loan was awarded on April 13 to the Shawmut Corp.,
to 1941 incl. Prin. and semi-ann. int. are payable at the office of the of Boston, at 1.91% discount basis. The loan matures Nov.5 1931 and was
County Treasurer. A certified check for $2,000, Payable to the order of the bid for by the following:
County Treasurer, must accompany each proposal. Bids for the bonds
Discount Basis.
to bear int. at a rate other than 6% will be received in accordance with Shawmut Corp. (purchaser)
1.91%
the provisions of section 2293-28 of the General Code. According to the Salomon Bros. & Hutzler (plus $1)
1.92%
offering notice, D. W. and A. S. Iddings of Dayton and Peck, Shaffer & Boston Safe Deposit & Trust Co. (plus $1)
1.94
Williams of Cincinnati, have been employed to assist in the preparation Newton Trust Co
2.00
of legislation for the issue and sale of these bonds, and will certify as to the S. N. Bond & Co
2.00
legality thereof.
2.01%
Goldman, Sachs & Co
These bonds are being issued to pay the prin. and int, of an issue of Bank of Commerce & Trust Co
2.025%
paving assessment bonds which fell due April 1 1931, as mentioned in an Atlantic Corp
2.08%
item in the earlier portion of this Department, captioned "Montgomery
-Comptroller
-TEMPORARY FINANCING.
appearing on page 3006.
NEW YORK, N. Y.
County," and
Berry on April 16 effected the sale of $41,000,000 corporate stock notes
MONTGOMERY COUNTY (P. 0. Independence), Kan.
-BOND and revenue bills at a 1.78% interest basis, as follows: $7,500,000 revenue
-Sealed bids will be received by Lee Kelley, County Clerk, bills, dated April 17 1931 and due June 17 1931,sold to the Chase National
OFFERING.
until 11 a. m. on April 20, for the purchase of a $43,869.75 issue of 4% Bank, of New York City, and a block of like amount and maturity went
road impt. bonds. Denoms. $1,000 and $500, one for $369.75. Dated to the National City Bank, J. P. Morgan & Co. obtained $7,500,000
May 1 1931. Due on Aug. 1, as follows: $3,369.75 in 1932; $4,500 from revenue bills,dated Apr. 22 1931 and due June 22 1931. while the Bank of
1933 to 1941 incl. Int. payable F. & A. A certified check for 2% of Manhattan Trust Co. purchased $3,500,000 revenue bills, dated Apr. 22
the bids, payable to the Chairman of the Board of County Commissioners, 1931 and due June 22 1931, also $4,000,000 corporate stock notes, dated
is required.
Apr. 22 1931 and due June 30 1931. A block of $5,500,000 corporate
MORRIS COUNTY(P.O. Daingerfield), Tex.
-BOND OFFERING.
- stock notes, dated Apr. 22 1931 and due June 22 1931, was sold to the
We are informed that sealed bids will be received until April 28, by W. Z. Empire Trust Co., while an issue for like amount, dated Apr. 22 1931 and
Beasley, County Judge, for the purchase of a $70,000 issue of 53. % Road due June 30 1931, was taken by Barr Bros. & Co., Inc.
It is believed that the city will appear in the market sometime during
District No. 3 bonds. A certified check for 5% must accompany the bid.
May with an offering of about $75,000,000 long-term bonds, inasmuch as
MORRISTOWN,Hamblen County,Tenn.-BONDSALE.
-A $40,000 the recent issue of $100.000,000 was rapidly absorbed, and Comptroller
issue of municipal bldg. bonds is reported to have been purchased on April 6 Berry announced in February that improvement projects already under
by Joseph, Hutton & Estes, of Nashville, as 5Ms, paying a premium of construction or scheduled to be under way this year would necessitate the
$310, equal to 100.775, a basis of about 5.33%. Due $4,000 from 1932 to expenditure of $247,000,000, to be obtained through the flotation of per1941, inclusive.
manent bond issues. Bonds of the recent award of $100,000,000 are now
MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT (P. 0. being offered to yield 3.98%, it is said, as compared with 4.08%, the yield
-BOND OFFERING.
Pittsburgh), Allegheny County, Pa.
-Lena Z. at which they were offered by the successful banking group.
Kenney, Secretary of the Board of School Directors, will receive sealed
NEW YORK, State of (P. 0. Albany).
-REMARKS OF GOVERNOR
% coupon ROOSEVELT REGARDING SALE OF $34,075,000 BONDS.
bids until 7 p• m. on May 14 for the purchase of $80,000
-Commenting
school bonds. Dated April 1 1931. Denom. $1,000. Due $20,000 on on the market success of the sale of $34,975,000 bonds to a syndicate
1946 and 1951. Interest is payable semi-annually in headed by the Bancamerica-Blair Corp., of New York
April 1 in 1936, 1941,
-V. 132, p. 2818
April and Oct. A certified check for $1,000, payable to the order of the Governor Franklin D. Roosevelt, according to the April 9 issue of the
District Treasurer, must accompany each proposal. Successful bidder to New York "Evening Post," said:
pay for the printing of the bonds. All bids shall be subject to the approval
The marked success of the sale of the bonds was referred to in a statement
of the issue by the Department of Internal Affairs of Pennsylvania.
issued by Governor Roosevelt, the text of which, as given in the New York
-BONDS VOTED.- "Evening Post" of April 9,follows:
MOUNT MORRIS, Genesee County, Mich.
"The low interest cost shows that there is plenty of money for investAt an election held on April 6 the voters authorized the issuance of $10.000
-and this cheap money will, we hope, soon
in bonds for sidewalk construction purposes. The measure was passed by a ment in the high-grade bonds
be effective in starting the major construction plans in the railroad world,
47.
vote of 242 to
in industrial and building and general development. It seems to point
SCHOOL DISTRICT
MYRTLE BEACH -BOND DETAILS. (P. 0. Myrtle Beach) the way to better conditions later on.
-The $15,000 issue of school
Horry County, S. C.
"The record high price for New York State bonds obtained yesterday,
that was purchased by the South Carolina Bank of Charleston
- costing the State less than 3%% interest has created Nation-wide notice
bonds
-was awarded at a price of 100.16, and matures as follows: in the financial world. Most of these securities already have been absorbed
V. 132, p. 2634
by investors scattered from the Atlantic to the Pacific. This shows
$1,000, 1933 to 1943, and $2,000, 1944 and 1945.
the confidence the whole country has in the integrity of New York State
DISTRICT, Montgomery
NARBERTH SCHOOL A. King, Secretary of the County,
obligations."
-Leroy
School Board, will
BOND OFFERING.
-BOND OFFERING.
NORTHAMPTON COUNTY P.0.Easton), Pa.
receive sealed bids until 7 P. m.on April 30 for the purchase of $55,000 4%
coupon school bonds. Dated April 1 1931. Denom. $1,000. Due -Ellwood T. Bauman, County Comptroller, will receive sealed bids until
April 1 as follows: $9,000 in 1936; 1941; 1946; 1951 and 1956, and $10.000 10 a. m. (Eastern standard time) on May 4 for the purchase of $550,000
in 1961. Interest is payable semi-annually in April and Oct. A certified coupon or registered funding,and impt . bonds. Dated May 1 1931.
check for 2% of the par value of the bonds bid for, payable to the order of Denom. $1,000. Due May 1 as follows: $10,000 from 1932 to 1941 incl.,
the School District, must accompany each proposal. The approving and $450,000 in 1961. Bids will be received for all of the bonds to bear int.
opinion of Townsend, Elliott & Munson, of Philadelphia, will be furnished at either 3%,4, or 4 %. Interest is payable semi-annually in May and
November. A certified check for 2% a the amount of bonds bid for,
the purchaser.
3014
FINANCIAL CHRONICLE
payable to the order of the County Treasurer must accompany each proposal. The bonds are issued subject to the favorable opinion of Townsend.
Elliott & Munson of Philadelphia. as to their validity.
NORTHVILLE AND NOVI TOWNSHIPS FRACTIONAL SCHOOL
-BOND .SALE.
-The
DISTRICT NO. 2, Oakland County, Mich.
Fidelity Trust Co., of Detroit. is reported to have purchased recently an
issue of $45,000 43 % refunding school bends at par plus a premium of
7
$337, equal to 100.748, a basis of 4.37°.. Bids submitted at the sale were
as follows:
Rate Bid.
Bidder100.748
Fidelity Trust Co. (purchaser)
100.722
Watling, Lerchen & Hayes
100.44
First Detroit Co
100.496
Whittlesey, McLean & Co
-FINANCIAL STATEOCEAN CITY, Cape May County, N. J.
-In connection with the proposed sale on April 20 of $321,000
MENT.
coupon or registered bonds, notice and detailed description of which ap-we are in receipt of the following:
peared in-V.132, p.2319
Financial Statement.
$36.124.315
Assessed valuation of real estate for year 1931
1,902,425
Assessed value personal property, year 1931
3,323,500
Bonded debt(not including this issue)
345.500
Amount of sinking fund bonds (included in above bonded debt)Population, 6.500.
The bonds are dated April 1 1931 and mature $3.000 annually on April 1
from 1932 to 1946 incl.
OLD GLORY RURAL HIGH SCHOOL DISTRICT NO.4(P.O. Old
-The State
-BONDS REGISTERED.
Glory), Stonewall County, Tex.
Comptroller registered on April 10 a $28,000 issue of 5% serial school bonds.
Denom.$700.
-BOND OFFERING.
OSCEOLA COUNTY (P. 0. Sibley), Iowa.
Both sealed and open bids will be received by George B. Brunson, County
Treasurer, up to 10 a. m. on April 22 for the purchase of a $300,000 issue
of annual primary road bonds. Denoin. $1,000. Dated May 1 1931.
Due $30,000 from May 1 1936 to 1945 incl. Optional after May 1 1936.
The conditions governing the sale are as given under Appanoose County.
-BOND OFFERING.
County, N. Y.
PEEKSKILL, Westch
William F. Gallagher. Village Clerk, will receive sealed bids until 8 p. m.
on April 28 for the purchase of $351,598.96 not to exceed 5% int. coupon
or registered bonds, divided as follows:
$290,654.11 street paving bonds. Due April 1 as follows: $15,654.11 in
1932: $15,000 from 1933 to 1941 incl., and $14,000 from 1942
to 1951 incl.
41,944.85 fire department equipment purchase bonds. Due April 1
as follows: $5,444.85, 1932; $5.500 from 1933 to 1936 incl.;
$5,000, 1937; $2,500 from 1938 to 1940 incl., and $2,000 in
1941.
19,000.00 park bonds. Due $500 April 1 from 1932 to 1969 incl.
Each issue is dated April 1 1931. Rate of int. to be expressed in a multiple
of 1-20th of 1% and must be the same for all of the bonds. Prin.and semiann. int.(A. & 0.) are payable at the Westchester County National Bank,
Peekskill. A certified check for $7,000, payable to the order of the Village,
must accompany each proposal. The approving opinion of Clay, Dillon &
Vandewater of New York will be furnished to the purchaser.
Financial Statement.
Assessed Valuation 1930
-1931
$23,880,070.83
Real estate (not including exempt property)
639,940.00
Special franchise
Total assessed valuation
Debt
Bonds outstanding April 1 1931
These issues
Total bonded debt
Less: Water bonds,included above.
$24,520,010.83
1,298,170.18
351,598.96
$1,649,769.14
507,736.18
$1,142,032.96
Net bonded debt
79,423.69
*Sinking funds on hand applicable to water bonds
The other contract debt of the Village, including certificates of indebtedness outstanding to be later refunded by bonds, is $415,712.73.
Population: 1920 Federal census. 15,868; 1930 Federal census, 17,125.
-The net bonded debt of the Village will be less than 5% of the
Note.
assessed valuation upon the issuance of these bonds.
PENNSAUKEN TOWNSHIP AND BOROUGH OF MERCHANTS-BOND SALE.
VILLE (P. 0. Merchantville), Camden County, N. J.
Rufus Waples & Co., of Philadelphia, and H. L. Allen & Co., of New York,
Jointly, bidding for $199,000 bonds of the $200,000 coupon or registered
-were awarded
water issue offered for sale on April 13-V. 132, p. 3440
the securities as 4%a, paying $200.160, equal to 100.58, a basis of about
The bonds are dated Dec. 15 1930 and mature Dec. 15 as follows
4.71%
.
$5,000 from 1931 to 1969, Incl.. and $4,000 in 1970. The Merchantville
Trust Co. bid for $200,000 bonds and offered par plus a premium of $444.44
for same.
-A $40,000
PENNSBORO, Ritchie County, W. Va.-BOND SALE.
Issue of 53 % semi-ann. water supply improvement bonds is reported to
have been purchased at par by the State Sinking Fund Commission.
-BOND OFFERING.PERRY COUNTY (P. 0. Cannelton) Ind.
Ernest Weatherholt,County Treasurer, will receive sealed bids until 10 a. m.
ontApril 27 for the purchase of $17,000 4X% road improvement bonds.
Dated Apr. 15 1931. Denom. $425. Due $850 July 15 1932; $850 Jan,
and July 15 from 1933 to 1941. incl., and $850 Jan. 15 1942.
-We are
-BOND OFFERING.
PHOENIX, Maricopa County, Ariz.
Informed that sealed bids will be received until May 6 by the City Clerk
for the purchase of an issue of $130,000 refunding water bonds. Int. rate
Is not to exceed 5%, payable semi-annually . Due $25,000 from 1932 to
1936, incl.
-BOND OFFERING,
PIKE COUNTY (P. 0. Petersburg), Ind.
Sealed bids will be received utnil 11 a. m. on April 24 for the purchase of
I'atoka Tvrp. highway improvement bonds.
an issue of $14,000 43.5
William C. Drof. County Treasurer, will receive the bids. The bonds are
dated April 7 1931 and will be issued in denems. of $350. Due $700,
July 15 1932: $700, Jan. and July 15 from 1933 to 1941 ine.L. and *700,
Jan. 15 1942.
WSPIMA COUNTYISCHOOL DISTRICT NO.10(P.O. Tucson), Ariz.
-The $6,500 issue of school bonds that was purchased
BOND DETAILS.
-bears interest at 5%. Denom.
-V. 132. p. 2635
by the County Treasurer
$500. Due as follows: $1,000, 1931 to 1936, and $500 in 1937.
-BOND OFFERING.
-It is
PIMA COUNTY (P. 0. Tucson), Ariz.
reported that sealed bids will be received by the Clerk of the Board of
Supervisors, until May 11 for the purchase of an issue of $150,000 43 %
semi-annual county bonds.
-BOND ORDINANCE APPLYMOUTH, Wayne County, Mich.
'
-The Village Council recently adopted an ordinance providing
PROVED.
for the issuance of $10,000 in bonds, the proceeds to be used for water
works improvement purposes.
-LIST OF BIDS.
PORTAGEICOUNTY (P. 0. Ravenna), Ohio.
The following is an official list'of the lbidskeeelved on April 6 for the purchase of the two issues of bondslaggregating $122.607.25 awarded as 4s
and 43s to the Well. Roth & Irving Co. of Cincinnati at 100.38, a basis of
about 3.98%-V. 132, p. 2819:
Interest Rates and Premiums
-Both
-Hospital-Roads-Bidder- Fill
Irving
Well Roth
$427.00
4X
$40.00
4%
Co
4(% $146746
BancOhio Secur. Co. ---------Braun, Bosworth &
3.00
4%
50.00
4X%
Co
4
421 613
.
.
-Bertram Co_
Davies
61 003
5.9
48652..00
Otis & Co
_Bk.( - -Provident Say.
4-X-%;
14%& Trust Co
Ryan, Sutherland
121.00
4%
iw Co
43(
237.00
Seasongood Mayer ---Stranahan Harris
4g% 134.86
Co
[voL. 132.
POLAND, Herkimer County, N. Y.
-BOND OFFERING.
-R, W.
Read, Village Treasurer, will receive sealed bids until 2 p. m. on April 28
for the purchase of $4,500 5% street improvement bonds. Dated May 31
1931. Denom.$500. Due $500 Nov. 1 from 1931 to 1939, incl. Interest
is payable semi-annually in May. and Nov. Payable at the Citizens
National Bank, Poland. A certified check for 10% of the bid must accompany each proposal.
PORT CLINTON, Ottawa County, Ohio.
-BOND SALE.
-The
$13,554.21 coupon special assessment street improvement bonds offered
on April 7-V. 132, P. 2249
-were awarded as 4s to Ryan, Sutherland
& Co. of Toledo at par plus a premium of $82, equal to 100.46, a basis of
about 4.395%. The bonds are dated March 1 1931 and mature Sept. 1
as follows: $554.21 in 1932. $1,000 from 1933 to 1935 incl. and $2,000
annually from 1936 to 1940 incl. Bids for the issue were as folle ws:
i,remium.
Bidder
Int. Rate.
4X %
Sutherland & Co. (purchasers)
Seasongood & Ma er
4X
8.00
Weil.Roth&IrvingCo
o
4
Asset, Goetz & Moerlein
56
73
2
4
Davies
-Bertram Co
Mitchell, Herrick & Co
4 25
107..60
9
4
Provident Savings Bank & Trust Co
Hanchett Bond Co
9..79
108 4 9
4
Stier, Carpenter & Roose
31.00
-BONDS VOTED.
PORTLAND, Multnomah County, Ore.
-At a
special election held on April 10 the voters approved the issuance of 51,000,000 for unemployment relief purposes by a ratio of more than 2 to 1.
At the same election the voters of the county also approved an issue of
81,009,000 In bonds for unemployment relief in the county by about the
same majority.
-ADDITIONAL BID FOR
PORTLAND, Cumberland County, Me.
-We now learn that S. N. Bond & Co.
$1,000,000 TEMPORARY LOAN.
of New York bid a 2.24% discount basis, plus a premium of $4, for the
$1,000,000 temporary loan awarded on April 9 to the Shawmut Corp.
-V. 132, p. 2820.
of Boston at 1.98% discount basis
PUEBLO COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Pueblo),
-The $250,000 issue of semi-ann. school bonds
-BOND SALE.
Colo.
-was awarded to Joseph D.
offered for sale on April 14-V. 132. p. 2440
Grigsby & Co. of Pueblo. as 4s, at a price of 99.99.a basis of about 4.01%.
Dated June 1 1931. Due on June 11956, optional on June 1 1946.
-BOND SALE.
-A
PULASKI. COUNTY (P. 0. Little Rock), Ark.
$325,500 issue of 4X% semi-ann. refunding bonds is reported to have been
purchased by M. W. Elkins & Co. of Little Rock. Dated March 1 1931.
Legal approval by Boni. H. Charles of St. Louis.
-BOND SALE WITHDRAWN.
RALEIGH, Wake County, N. C.
We are informed that the sale of the three issues of coupon or registered
bonds aggregating $450,000. and bearing not to exceed 6%, interest payable
-has been withsemi-annually, scheduled for April 2I-V. 132, p. 2820
drawn due to pending litigation concerning the $250,000 municipal auditorium bonds that were voted on March 24-V. 132, p. 2440. The Raleigh
"News and Observer" of April 15 had the following to say:
"A restraining order preventing the city officials and the Local Government Advisory Commission from going forward with arrangements for selling the $250,000 in auditorium bonds authorized by a special election on
March 24. was signed by Judge Si. V. Barnhill in Wake County Superior
Court yesterday.
"The order was sought by Dr. W.C. Horton, who alleged 'that by reason
of the unlawful registering and voting of citizens and taxpayers, tho returns
showed a majority of 104 in favor of the bond issue, when in fact the bond
issue was defeated by a substantial majority,' and who called attention to
the recent action of the Wake County Grand Jury in indicting the registrar
and judges of election in one precinct on charges of fraud in connection with
the bond election. T. D. Parrish signed the complaint as attorney for
Dr. Horton.
RARITAN TOWNSHIP (P. 0. Flemington) Hunterdon County,
-M.M.Freeman & Co.of Philadelphia, are credited
-BOND SALE.
N. J.
with having purchased recently an issue of $130,000 5 % tax revenue
bonds. Dated Maqch 1 1931. Denom. 31.000. Due ec. 1 as follows;
Principal and semi$60,000 in 1932. and $35_,000 in 1933 and 1934. the
Citizens National
annual interest (June and December) are payable at
Bank, New Brunswick, Legality to be approved by Caldwell & Raymond
of New York.
RED BANKS SEPARATE ROAD DISTRICT (P. 0. Holly Springs),
-Sealed bids will be reMarshall County, Wis.-BOND OFFERING.
ceived until 2 p. mu. on May 4 by J. T. Wade. Clerk of the Board of Super
for the purchase of a $35.000 issue of 5X and 6% semi-ann. road
visors,
bonds. Denom. $500. Dated April 1 1931. Due on April 1 as follows: $1,500, 1932 to 1953. and $2,000 in 1954. All proceedings are
reported to have been approved by the State Bond Attorney and validated
by the Chancery Court of Marshall County.
-BOND OFFERING.
-Wilbur
RIDGEWOOD, Bergen County, N. J.
Morris, Village Clerk, will receive sealed bids until 8 p. m.(daylight saving
time) on April 28 for the purchase of $611,000 43(, 4.% or 4%% coupon or
registered bends, divided as follows:
$236,000 improvement bonds. Due May 1 as follows: $10,000 from 1932
to 1943, incl.; $15,000 from 1944 to 1950, incl., and $11,000 in
1951.
$5,000 from 1932 to 1960.
200,000 Water bonds. Due May 1 as follows: and
$6,000 in 1968.
incl.; $7.000 from 1961 to 1967, incl.
$15,000 in 1932. and
bonds. Due May 1 as follows:
175.000 assessment
$20,000 from 1933 to 1940, incl.
Each Issue is dated May 11931. Denom. $1,000. Principal and semiannual interest (May and Nov.) are payable at the First National Bank &
Trust Co., Ridgewood. No more bonds are to be awarded than will
produce a premium of $1,000 over the amount of each issue. A separate
certified check for 2% of the amount of bonds of each issue bid for, payable
to the order of the Village, is required. The approving opinion of Hawkins,
Delafield &Longfellow, of Now York, will be furnished the purchaser.
RIO GRANDE INDEPENDENT SCHOOL DISTRICT (P. 0. Ri
-The $109,003
-BONDS REGISTERED.
Grande), Boxer County, Tex.
was awarded on March
issue of 5% coupon school bonds thatComptroller on April 8. 1-V. 132,
Due from
-was registered by the State
p. 2440
Feb. 10 1932 to 1970 tad.
County, III.
--BONDS VOTED.
RIO TOWNSHIP (P.0. Rio), Knox
At an election held on April 7 the voters authorized the issuance of $37.000
bonds by a vote of 103 to 69. The issue is said to
5% road improvement
have been sold immediately following the election.
ROANOKE COUNTY (P. 0. Salem), Va.-BOND ELECTION POST-We are now informed that the election previouslycheduled
PONED.
for April 14 on the issuance of $350,000 in school bonds has been postponed until May 12. The founds will be divded as follows: Salem high
school, $150,000; Vinton, $45,000; Williamson road. 385,000: Pleasant
View, 47,500; Mount Pleasant, $7,500; Garden City, $13,000; Back Creek,
$15,000; Catawba, $7,000, and Conehurst, $20,000.
.ferfo w Api l
ROME, Oneida County, N.aggregating SALE-TheY.BOND 9860fed11on Ing r ssees6
$
of coupon or registered bends
-were awarded as 3.70s to Stephens & Co. of New York
p. 2820
-V. 132,
at par plus a premium of $157, equal to 100.16, a basis of about 3.65%;
pr 5
3
$76,000 assessment bends. Due $19,000, April 1 from 1932 to 19em
1 ::1
2
22,000 storm water sewer bonds. Due $2,000, Apr. 1 from 1932 to 19:5 0
.
Each issue is dated April 1 1931. The following is an official list of the
bids received for the bonds:
3 1rte.
Int..7 7
Bidder
Stephens & Co. (purchaser)
3.75
Salomon Bros. & Hutzler
178.40 •
3.75
Marine Trust Co
3.90
M.& T. Trust Co
181..22
59
4.00
Graham, Parsons & Co
503.72
4.00 0
George B. Gibbons & Co
138.18
-BOND SALE.
-The two issues
ROXBORO, Person County, N. C.
of coupon bonds, aggregating $87,500, offered for sale on April 13-V.132
8
'
-were purchased by Ryan. Sutherland & Co. of Toledo, as 53(
p. 2636
for a premium of $159. equal to 100.18, a basis of about 5.72%. Th.;
Issues are divided as follows:
475,000 street and sidewalk bonds. Due $5,000 from April 1 1933 to
1947. inclusive.
12,500 street improvement bonds. Due from April 1 1933 to 1941, incl.
APRIL 18 1931.]
FINANCIAL CHRONICLE
RUPERT INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
Rupert) Minidoka County, Ida.
-BOND SALE.
-The $87,000 issue
of 411% coupon refunding bonds offered for sale on April 6-V. 132, P.
2048
-was awarded to Childs & Co. of Boise. Dated July 1 1931. Due
from My 1 1933 to 1943, incl. The other bidders and their bids were;
State of Idaho, 4.86%; Causey. Brown & Co. bid 414% if the District
would allow $870 for printing, &c.
-BONDS PUBLICLY
RUTHERFORD, Bergen County, N. J.
OFFERED.
-J. S. Rippel & Co. of Newark, are offering for public investment an issue of $153,000 435% coupon or registered improvement bonds,
dated April 1 1931 and due serially on April 1 from 1932 to 1953, incl.,
at prices to yield 3% for the 1932 maturity; 3.25%, 1933; 3.50%, 1934;
3.75%, 1935; 3.90% for the 1936 to 1941 maturities; 4% for the 1942 to
1949 maturities,and 4.10% for the bonds due from 1950 to 1953,incl. The
securities are said to be legal investment of savings banks and trust funds
In the States of New York and New Jersey, and in the opinion of counsel,
direct obligations of the entire city, payable from unlimited ad valorem
taxes levied on all the taxable property therein. (Therse bonds were
awarded on April 7-V. 132. P. 2820.)
Financial Statement.
Assessed valuation taxable property 1930
$23.762,750.00
Total bonded debt including this issue
1.127,648.78
Less: Sinking funds
160,698.24
Net bonded debt
966,950.54
Population 1930 Census, 14,906.
SAINT JOSEPH, Buchanan County, Mo.-LIST OF BIDDERS.
The following is an official list of the bids received for the $136.000 431%
coupon semi-ann, refunding bonds that were awarded to the First Union
Trust & Savings Bank of Chicago, at a price of 105.33, a basis of about
3.87%-V. 132, p. 2820:
Price Bid.
Names of Other BiddersHarris Trust & Savings Bank
$142,357.00
First Detroit Co
142,349.57
Commerce Trust Co
141,563.76
Stern Bros
141,535.20
Prescott, Wright & Snider
141,508.00
Mississippi Valley Co
140,678.00
ST. LOUIS, Mo.-BOND SALE.
-The $8,200,000 issue of 4% semiannual coupon or registered public buildings and 'rapt. bonds offered for
sale on April 15-V. 132, p. 2636
-was awarded to a syndicate composed
of the Guaranty Co. of New York; the Bankers Co. of New York; Stone
& Webster and Blodget, Inc.; Eldredge & Co., and Ames, Emerich & Co.,
all of New York; the Northern Trust Co. of Chicago: the Mercantile
Commerce Co.; the Mississippi Valley Co., and the First National Co.
all of St. Louis; the Wells
-Dickey Co. of Minneapolis; Stern Bros. &
and the Fidelity National Co., both of Kansas City; at a price of 102.539,
a basis of about 3.74%. Dated May 1 1931. Due from May I 1936 to
1951 inclusive.
-OFFER BONDS.
PURCHASERS RE
-The successful bidders immediately
re-offered the above bonds for public subscription at prices to yield from
3.50% on the earliest maturity up to 3.70% on the later maturities. Legal
approval by Benj. St. Charles of St. Louis. These bonds are reported to
be legal investment for savings banks and trust funds in New York, Massachusetts and Connecticut. Interest is exemptfrom all Federalincome taxes.
The following is a complete official list of the bidders and their bids:
Amount Price per
Name of Bidderof Bid.
Bond.
*Guaranty Co.of N.Y.; Bankers Co.of N.Y.; Stone &
Webster and Biodget, N.Y.;Eldredge & Co., N.Y.;
Ames,Emerich & Co.. Chicago; Northern Trust Co.,
Chicago; Mercantile-Commerce Co., St. Louis; Mississippi Valley Co. St. Louis; First National Co.,
St. Louis; Wells-Dickey Co., Minneapolis; Stern
Bros. & Co., Kansas City. and Fidelity National
Co., Kansas City
$8,408,198 $1,025.39
First National Bank, N. Y.•, Kissel, Kinnicutt & Co.,
N. Y.; Barr Bros.& Co., Inc., N. Y.,• First National
Old Colony Corp.. Boston' Phelps. Fenn & Co., N.
Y.; Salomon Bros. & Hutzler, N. Y.; Rutter & Co.,
N.Y.; Marine Trust Co.. Buffalo, N. Y.;Lawrence,
Stern & Co., Chicago; M. F. Schlater & Co., N. Y.;
Stix & Co., St. Louis; Wm, R. Compton & Co.,
St. Louis, and Smith, Moore & Co., St. Louis
8,397,538 1.024.09
Continental Illinois Co.; National City Co.; First
Union Trust & Savings Bank; Harris Trust &
Savings Bank; Foreman-State Corp.; ChathamPhenix Corp.; L. F. Rothschild & Co.; Curtis &
Sanger, and Guardian Detroit Co
8,387,251 1,022.83
Bancamerica-Blair Corp.; Halsey, Stuart & Co.. Inc.;
Chase Securities Corp.', Hallgarten & Co.; A. B.
Leach & Co., Inc.; R. W. Pressprich & Co.: B. J.
Van Ingen & Co.; Stifel, Nicolaus & Co., Inc.; H.L.
Allen & Co.', Batchelder & Co.;C. W. Walker & Co.,
and F. S. Moseley & Co
8,377,202 1,021.61
Estabrook & Co.; R. L. Day & Co.; E. H. Rollins &
Sons; Kountze Bros.; First Detroit Co.. and Boatmen's National Co
8,355,800 1,019.00
*Successful bid.
SALISBURY, Wicomico County, Md.-BOND ,SALE.
-The $75,000
sewer and water extension bonds of 1931 offered on April 13-V.
V. 132, p. 2636
-were awarded to John P. Baer & Co. of Baltimore, at a
price of 106.249, a basis of about
The bonds are dated May 1
1931 and mature May 1 as follows; 4.03%.
$2,000 from 1941 to 1944, incl.*, $4,000
from 1945 to 1951,incl.; $7,000 from 1952 to 1956,incl., and $4,000 in 1957.
The following is a list of the bids submitted for the issue:
Rate Bid.
BidderBidderRate Bid.
John P. Baer & Co
*106.249 C.T.Williams & Co
105.678
Stein Bros. Ss Boyce and
National City Co
105.609
Mercantile Trust Co
105.948 First National. Securities__ - _105.326
Union Trust Co
105.910 Robert Garrett& Sons
104.796
Wellepp-Burton & Co
105.8221
•Successful bid.
SANFORD WATER DISTRICT (P. 0. Sanford), York County,
-The $534,000 411% coupon water bonds for which
Mo.-BOND SALE.
no bids were received on Dec. 31-V. 132. p. 347
-were subsequently
sold at private sale on Jan. 27 1931 to Watson & White of Portland. Price
Paid not disclosed. The issue is dated Jan. 1 1931 and matures Jan. 1 1956.
SAN FRANCISCO (City and County), Calif.
-BOND OFFERING.
-Sealed bids will be received until 3 p.m. on May 4 by J. S. Dtuanigan,
Clerk of the Board of Supervisors, for the purchase of five issues of bonds,
aggregating $10,400,000, divided as follows:
18.000,000 41.1% Hetch Hetchy water bonds. Dated July 1 1928. Due
$200,000 from 1938 to 1977, incl. These bonds are part of an
issue authorized at an election held on May 1 1928.
2,000,000 434% memorial hall bonds. Dated July 1 1927. Due $100,000
from 1932 to 1951, incl. These bonds are part of a $4,000,000
Issue authorized at an election held on June 14 1927.
100,000 4.h % playground bonds. Dated Feb. 1 1931. Due $4,000
from 1936 to 1960, incl. These bonds are part of an authorized
Issue of $200.000, voted at an election held on Feb. 6 1931.
150,000 4h % boulevards and roads bonds. Dated Feb. 11931. Due
$6,000 from 1936 to 1960, incl. These bonds were also authorized on Feb. 6, as above.
150,000 414% public parks and squares bonds. Dated Feb. 1 1931.
Due $6,000 from 1936 to 1960. incl. This issue was authorized
on Feb. 6, part of $1,400,000.
Denom. $1,000. Prin. and semi-annual In, payable in gold at the office
of the Treasurer of the City and County or at the fiscal agency in New York
City. The approving opinion of Thomson,Wood & Hoffman,of New
City, as to the legality of these bonds is on file in the Clerk's office. York
The
bonds may be registered as to principal and interest, and a tax is levied each
Year to pay the principal and interest falling due during the succeeding
year. Bidders may bid for the whole or any part here offered, and
a less amount of the whole amount offered is bid on, the bidder shall when
the year or years of maturity thereof. The bonds shall not be soldstate
price less than par. Delivery of the bonds to the purchaser shall be at a
made
within 10 days from the date of award, or within such time
may be agreed upon by the purchaser and Finance Committeethereafter as
of
Board
of Supervisors. A $10,000 certified check, payable to the BoardtheSuperof
visors, must accompany the bid.
(This report supplements that given in V. 132. p. 2820.)
3015
Official Financial Statement.
The outstanding bonded debt of the city and county as of April 1 1931.
was.
$40,000,000
Spring Valley, 1928(exempt from charter limit)
34,000,000
Water, 1910 (exempt from charter limit)
9,500,000
Fetch Hetchy, 1925 (exempt from charter limit)
12,000,000
Fetch Hetchy. 1928(exempt from charter limit)
1,800.000
Exposition, 1912 (exempt from charter limit)
Other bonds (not exempt)
$97,300,000
47,604,400
$144,904,400
Total
The city has no floating indebtedness nor debt created in anticipation of
taxes. The assessment roll for the current fiscal year is:
$1,303,025,065
City and county non-operative property
438,751,824
State operative property
$1,741,776,889
Total assessment
Property assessed at approximately 50% of its value.
-BONDS VOTED.
-At the elecSAN MARCOS, Hays County, Tex.
-the voters approved the issuance
tion held on April 7-V. 132. P. 2250
$200.000 in school bonds by a count of 524 "for" to 290 "against."
SANTA CLARA COUNTY WATERWORKS DISTRICT NO. 1
-We are informed that
(P. 0. San Jose), Calif.
-BOND OFFERING.
sealed bids will be received until 10 a.m. on May 4, by the District Clerk,
for the purchase of a $23.000 issue of 6% waterworks bonds. Due from
193$ to 1956, incl.
-The
SCOTT COUNTY (P. 0. Davenport), lowa.-BOND SALE.
$93,000 issue of coupon primary road refunding bonds offered for sale on
April 10-V. 132, p. 2441
-was awarded to the American Commercial
and Savings Bank of Davenport, as 4s, paying a premium of $1,701. equal
to 101.829, a basis of about 3.84%. Dated May 1 1931. Due on May,1
1946. The other bidders and their bids were as follows:
Premium.
Bidder$1,700
Geo, M.Bechtel & Co.
1.650
Glaspell, Vieth & Duncan
1.600
White-Phillips Co.
SALE.
-The $1,000,000
--BOND
SEATTLE, King County, Wash. series LV2, bonds offered for sale
Issue of municipal light and power, 1927
on April 10 (V. 132, p. 1667). IVIIS awarded to a syndicate composed of
C. W. McNear & Co. of Chicago, Stifel, Nicolaus & Co. and Stix & Co..
both of St. Louis, and Richards & Blum of Spokane, as 410 at a price of
95.47. a basis of about 4.88%. Dated May 1 1931. Due in from 6 to
30 years from date. The nest highest bid was an offer of 97.81 for 411s,
tendered by a syndicate headed by the Bancamerica-Blair Corp.
-John
-BOND OFFERING.
SEYMOUR, Jackson County, Ind.
Hauenschild, City Clerk, will receive sealed bids until 5 p.m. on May 4Jor
the purchase of $75.000 431% bonds. Denoms. $1,000 and $500. Due
$1,500 July 1 1932; $1.500 Jan. and July 1 from 1933 to 1956, incl.; $1,500
Jan. I and $1,000 July 1 1957. Principal and semi-annual interest are
payable at the First National Bank, Seymour.
SHALER TOWNSHIP SCHOOL DISTRICT (P. 0. Glenshaw),
-A special election has
-BOND ELECTION.
Allegheny County, Pa.
been called for May 26 on which date the voters will decide the fate of a
Proposed $250,000 bond issue, the Purpose of which is to provide funds
to finance the construction of a grade and high school building.
SMITH COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 67'
-The $35,000 issue of
(P. 0. Winona), Tex.
-BONDS REGISTERED.
5% semi-ann, school bonds offered for gale on April 15-V. 132. p. 2820
was registered by the State Comptroller on April 10. Denom. $875.
Due serially.
SOUDERTON SCHOOL DISTRICT, Montgomery County, Pa.
BOND OFFERING.
-Jordan B. Allem, Secretary of the Board of School
Directors, will receive sealed bids until 6 p. in. on April 24 for the purchase
of$150,0004% coupon school bonds. Dated May 11931. Denom.$1,000.
Due May 1 as follows: $20,000, 1941; $25,000, 1946; $30,000, 1951; $35.000
in 1956, and $40,000 in 1961. Int. is payable semi-annually in May and
November. A certified check for 2% of the par value ofthe'bonds bid for,
Payable to the order of Willard S. Detwiler, Treasurer, must accompany
each proposal. The bonds are issued subject to the favorable opinion of
Townsend, Elliott & Munson of Philadelphia as to their validity.
-BOND OFFERING.
SPENCERPORT, Monroe County, N. Y.
Bernard A. Colby, Village Clerk, will receive sealed bids until 8 P. m. on
coupon or registered, not to exceed
April 21 for the purchase of $114,000
6% int. sewer bonds. Dated May 11931. Denom. $1,000. Due Sept. 1
as follows: $3,900 from 1935 to 1944 incl.. and $4,000 from 1945 to 1965 incl.
Prin, and semi-ann. int.(M.& S.) are payable at the Bank of Spencerport.
or at the Chase National Bank, New York. Rate of int. to be expressed
In a multiple of h of 1% and must be the same for all of the bonds. A
certlifed check for 2% of the amount of bonds bid for must accompany
each proposal. The successful bidder will be furnished with the opinion
of Reed. Hoyt & Washburn of New York that the bonds are valid and
binding obligations of the Village.
Financial Statement.
$1.867.222
Assessed valuation
28.906
Total present bonded debt
12,996;
Water bondsincluded
1930 tax rate: $3.50 per $1,000.
Population: 1925, 1,157; 1930. 1.249.
SPRINGFIELD CITY SCHOOL DISTRICT, Clark County, Ohio.
-BOND SALE.
-The $403.000 4% coupon school building construction
and equipment bonds offered on April 14-V. 132, p. 2820
-were awarded
to the Continental Illinois Co. of Chicago, at par plus a premium of $3,650.
equal to 100.90, a basis of about 3.91%. The bonds are dated April
1931 and mature April 1 as follows; $17.000 from 1933 to 1955, incl., and
$12,000 in 1956.
The following is an official list of the bids submitted for the issue:
Rate of Int. Prem.
BidderThe Continental Illinois Co., Chicago
$3,650
4%
7,176
Guardian Trust Co., Cleveland
434%
6.860
4h %
Stranahan. Harris & Co., Toledo
6.690
434%
Halsey, Stuart Sc Co., Chicago
Otis & Co., Cleveland
6,368
431%
6.247
Assel. Goetz & Moerlein, Inc.. Cincinnati
434%
5.560
First National Bank & Trust Co., Springfield
434%
The Provident Savings Bank & Trust Co., Cincinnati_ _ _ _4 %
5.361
-PROPOSED SALE
STAMFORD (Town), Fairfield County, Conn.
OF $150.000 TEMPORARY LOAN POSTPONED.
-Harold S. Nichols,
Town Treasurer, informs us that the date of sale of a $150,000 temporary
loan, originally set for April 16-V. 132, p. 2820
-has been postponed.
LOAN OFFERING.
-Harold S. Nichols, Town Treasurer, will receive
sealed bids until 12 m. on April 22 for the purchase at discount basis of a
$150.000 temporary loan. Dated April 17 1931. Denom.$25,000, mom
and $5,000. Due Nov. 5 1931. The notes of the city, evidencing the
existence of the loan, will be authenticated as to genuineness and validity
by the First National Bank of Boston, under advice of Ropes. Gray,
Boyden & Perkins of Boston.
SULLIVAN, Franklin County, Mo.-ADDITIONAL DETAILS.
The $22,000 issue of 5% sewer extension and septic tank bonds that was
purchased at par by the Bank of Sullivan (V. 312. p. 2830) matures on
March 15 as follows: $1.000. 1932 to 1938;$2,000, 1939 to 1944. and $3,000
In 1945. Interest payable March and Sept. 15. Legality to be approved
by Benj. H. Charles of St. Louis.
SUNFIELD TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0. Sun.
-George Coppess, Secre-BOND SALE.
field), Eaton County, Mich.
tary of the Board of Education, received sealed bids until April 15(V. 132.
P. 2821), for the purchase of an issue of $30,000 school bonds, the award of
which was made to the Grand Rapids Trust Co. of Grand Rapids, the
nature of whose bid was not disclosed. Due March 15 as follows: $500
from 1932 to 1941, incl.; $LOW from 1942 to 1951. incl. and $1.500 from
the
1952 to 1961, incl. The offering notice stipulated that ' successful bidder was to pay for the printing of the bonds and the legal opinion.
-BOND OFFERING. SUMMIT COUNTY (P. 0. Akron), Ohio.
7
J. P. Riddle, Clerk of the Board of County Commissioners, will receive
sealed bids until 1 p.m. (Eastern standard time) on May 8 for the purchase
3016
FINANCIAL CHRONICLE
of the following issues of5% road improvement bonds, aggregating $263,500:
$82,000 bonds. Due Oct. 1 as follows: $9,000. 1932; $8,000, 1933; $9,000
in 1934 and $8,000 from 1935 to 1941, inclusive.
46.000 bonds. Due Oct. 1 as follows: $8,000 from 1932 to 1934, incl.;
$7.000, 1935; $8,000 in 1936 and $7,000 in 1937.
30,000 bonds. Due $5,000 Oct. 1 from 1932 to 1937, inclusive.
25,000 bonds. Due Oct. 1 as follows: $5,000, 1932, and $4,000 from 1933
to 1937, inclusive.
20,500 bonds. Due Oct. 1 as follows: $2,000 from 1932 to 1940, incl.,
and $2,500 in 1941.
25,000 bonds. Due Oct. 1 as follows: $3,000, 1932: $2,000, 1933: $3,000,
1934; $2,000, 1935: $3,000, 1936: $2,000, 1937; $3,000, 1938;
$2,000, 1939; $3,000 in 1940, and $2,000 in 1941.
19,000 bonds. Due Oct. 1 as follows: $4,000, 1932, and $3,000 from 1933
to 1937, inclusive.
16,000 bonds. Due Oct. 1 as follows: $3,000, from 1932 to 1934, incl.;
$2.000, 1935; $3,000 in 1936, and $2,000 in 1937.
Each issue is dated May 1 1931. Denom. $1,000. Prin. and semi-ann.
int. (April and Oct.) are payable at the County Treasurer's office. Bids
for the bonds to bear interest at a rate other than 5%, expressed in a multiple of X of 1%, will also be considered. A certified check for 2% of
the amount of bonds bid for, payable to the order of the Board of County
Commissioners, must accompany each proposal.
-H. D.
-BOND OFFERING.
SWANTON, Fulton County, Ohio.
Allen, Village Clerk, will receive sealed bids until 12 m. on April 27 for
the purchase of $8,007.10 5%, special assessment street improvement
bonds. Dated Jan. 1 1931. One bond for $477.10, others for $400.
Due as follows: $4477.10 March 1 and $400 Sept. 1 1932, and $400 March
and Sept. I from 1933 to 1941, inclusive. Interest is payable semi-annually
in March and Sept. Bids for the bonds to bear interest at a rate other
than 5%, expressed in a multiple of y, of 1%, will also be considered.
A certified check for $875, payable to the order a the Village Clerk, must
accompany each proposal.
TEMPLE ROAD DISTRICT NO. 9-A (P. 0. Temple), Bell County,
-BONDS VOTED.
Tex.
-At an election held on April 10 the voters ap,
proved the issuance of $625,000 in highway bonds by a majority reported
to have been nearly five to one. The issue will be matched with $890,000
in State aid.
-BONDS VOTED.
TERREBONNE PARISH (P. 0. Houma), La.
We are informed that the voters approved the issuance of $160,000 in school
building bonds at a recent bond election.
It is reported that the vote on these bonds was 501 "for" and 169
"against." They are stated to be due in 25 years.
-BOND
TOLEDO CITY SCHOOL DISTRICT, Lucas County, Ohio.
-The $100,000 school building construction and equipment bonds
SALE.
.
offered on April 11(V. 132, p. 2442) were awarded as 45 to the Well, Roth
& Irving Co. of Cincinnati at par plus a premium of $210. equal to 100.21,
a basis of about 3.98%. The bonds are dated May 1 1931 and mature
$4,000 on Nov. 1 from 1932 to 1956, incl. The following is an official list
of the bids submitted for the isuse:
Int. Rate.
Premium.
Acme*Weil, Roth & Irving Co., Cincinnati (purchasers)_ _4%
$210.00
Provident Savings Bank & Trust Co., Cincinnati_1,731.00
%
434
First Detroit Co., Detroit
1,561.00
t%
43'
Braun, Bosworth & Co., Toledo
1,037.00
4I%
1,004.00
Prudden dr Co., Toledo
Bohmer-Reinhart Co. and Assel, Goetz & Moerlein,
%
912.00
Inc., Cincinnati
725.00
4Yi %
Otis & Co., Cleveland
*Successful bidders.
-BOND SALE.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
David H. Thomas, Clerk of the Board of County Commissioners, informs
us that the amount of the road improvement bonds sold on April 9 was
reduced from $100,000 ,the figures given in the notice of proposed sale
-to that of $75,900. Bonds for this latter amount were
V. 132. p. 2442
awarded to R. E. Herczel & Co., of Chicago, at par plus a premium of
$445.53, equal to 100.58. The total of $100,000, the amount originally
offered, was made up of the following:
$61,000 road bonds. Due semi-annually as follows: $4.000 and $3,000,
Oct. 1 1932, and $3,000, April and Oct. 1 from 1933 to 1941 incl.
39,000 road bonds. Due semi-annually, as follows: $1,000. April and
$2,000. Oct. 1 1932 and 32,000. April and Oct. 1 from 1933 to 1941
incl.
Each issue is dated April 11931.
-BOND SALE.
-The
UNION COUNTY (P. 0. Elizabeth), N. J.
Chase Securities Corp., and R. W. Pressprich & Co., both of New York.
bidding jointly for 793,000 coupon or registered general improvement
bonds of a total issue of $800,000 offered for sale on April 14-V. 132,
-were awarded the former amount as 4s, paying $800,501, equal
1)• 2637
to 100.44, a basis of about 3.91%. The bonds are dated April 15 1931
and mature April 15 as follows: $30.000 from 1933 to 1942, inclusive;
$35.000 from 1943 to 1954, inclusive; $40.000 in 1955, and $33,000 in 1956.
The successful bidders are reoffering the bonds for general investment at
prices to yield from 3.00 to 3.90%, according to maturity. The securities.
according to the bankers, are legal investment for savings banks and
trust funds in the States of New York and New Jersey, and are direct
obligations of the County, payable as to both principal and interest from
unlimited ad valorem taxes levied on all the taxable property therein.
An official list of the bids submitted at the sale follows:
No. of
Amount
Int.
Bonds
Bid.
Bid For. Rate.
BidderChase Securities Corp.. and R. W. Pressprich
4% $800,501.00
793
& Co.(purchasers)
800,017.05
785 4 Yi%
Elizabethport Banking Co
800,235.55
4
796
Union County Trust Co., Elizabeth
800,725.42
4%
Elmora State Bank & Trust Co., Elizabeth_ _ 798
800,359.39
4%
796
J. S. Rippel & Co
Phelps, Fenn & Co.,& B. J. Van Ingen & Co. 800800.320.00
800,268.60
Fidelity Union Stock & Bond Co., Newark_ _ 784 4
800,625.42
4%
Bankers Co. of N. Y., and National City Co. 798
Edmund Seymour & Co.: A. C. Allyn & Co.,
800,479.20
4%
800
Inc., and Rapp & Lockwood
800,503.65
4%
C. A. Preim & Co., and Charles P. Dunning_ 796
The First National Old Colony Corp.. and
800,025.00
4%
795
H. L. Allen & Co
800.108.00
4%
798
The National State Bank, Elizabeth
Guaranty Co. of New York, and Hannahs,
800,265.00
4%
799
Bailin & Lee
Seasongood & Mayer, M. F. Schlater & Co.,
800,877.00
4%
797
Inc., and Stephens & Co
UNION TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0. Union
-C. S. Bartlett,
-BOND OFFERING.
City) Branch County, Mich.
Secretary of the Board of Education, will receive sealed bids until 2:30 p.m.
(eastern standard time) on April 20, for the purchase of $95,000 not to
exceed 55.6% interest school bonds. Dated April 15 1931. Due April
15 as follows: $1,500 from 1933 to 1936, incl.; $2,500 from 1937 to 1941.
1956, incl., and
ind.; $3,000 from 1942 to 1947. Incl.: $4,000 from 1948 to interest payable
$4,500 from 1957 to 1961, incl. Principal and semi-annual check for MO,
at the depository designated by the purchaser. A certified
Payable to the order of the Distnct Treasurer, must accompany each
of the bonds and the
Proposal. Successful bidder to pay for the printing
valuation of the District is given as
opinion attesting their validity. ThePopulation, 2,000.
no bonds outstanding.
$1,186.870;
-BOND ISSUE AUTHORIZED.
UNIVERSITY HEIGHTS, Ohio.
ordinance providing for the
The Village Council recently adopted an improvement bonds. To be
$10,198.23 5% village portion
issuance of
in 1932 and $1.000
dated April 11931. Due Dec. 1 as follows: $1,198.23
semi-annual interest payable
from 1933 to 1941, inclusive. Principal and
Cleveland.
at the Guardian Trust Co.,
-The
-OFFERED.
-BONDS RE
.
VALPARAISO, Porter County, Ind.
for which no bids
issue of $104,000 4% city's share improvement bonds
-is now being re-offered for
p. 1850
were received on Feb. 27-V. 132,
received by Flora
award on April 24. Sealed bids for the issue will be
1931. Denom. $1,000.
Kenny, City Clerk. The bonds are dated Jan. 1 $2,000 Jan. and July 1
1946;
Due semi-annually as follows: $2,000 July 1
from 1947 to 1971, incl., and $2.000 Jan. 1 1972. A certified check for
$500 must accompany each proposal.
41
[VOL. 132.
VENTURA COUNTY WATER WORKS DISTRICT NO. 3 (P. 0.
Ventura), Calif.
-BONDS NOT SOLD.
-The $6,500 issue of 6% semiannual waterworks bonds offered on April 7-V. 132. p. 2637
-was not
sold as there were no bids received. It is stated that these bonds wil
probably be sold at private sale. Due $500 from April 1 1933 to 1945.
-BOND OFFERING.
WASHINGTON COUNTY (P.O.Salem), Ind.
C. H. Smedley, County Treasurer, will receive sealed bids until 10 a.m. on
April 25 for the purchase of $10,600 5% Franklin Twp. highway improvement bonds. Dated April 6 1931. Denom. $530. Due $530 July 15 1932:
$530 Jan. and July 15 from 1933 to 1941, incl., and $530 Jan. 151942.
-BOND SALE.
-The
WATERTOWN, Jefferson County, N. Y.
$125,000 coupon or registered sewer bonds offered on April 14-V. 132,
p• 2821-were awarded as 3.85s to Harris, Forbes & Co., of New York. at
par plus a premium of $73.75, equal to 100.05, a basis of about 3.84%.
The -bonds are dated April 1 1931 and mature $5,000 April 1 from 1932 to
1956, incl. The following is an official list of the bids submitted for the
issue:
Int. Rate,
And. Bid.
Bidder$125,212.50
3.90
Phelps, Fenn & Co
125,073.75
*Harris, Forbes & Co
3.85%
125,525.00
Emanuel & Co
3.90%
E. H. Rollins & Sons
125,725.00
4.00%
125,059.13
Rutter & Co
3.90%
M. M. Freeman & Co., Inc
125,373.75
4.10%
A. C. Allyn & Co., Inc
125,116.00
4.00%
125,111.25
3.90%
Mfg. & Traders Peoples Trust Co
3.90%
125,410.00
Northern New York Securities Corp
125,237.50
3.90%
Sherwood & Merrifield
125,723.75
4.00%
Jefferson County Securities Corp
* The successful bidders are reoffering the bonds for general investment priced to yield from 2.25 to 3.80%. according to maturity.
-ADDITIONAL
WAUKEGAN PARK DISTRICT, Lake County, 111.
-The $180.000 4 Yi% park improvement bonds purINFORMATION.
chased by the Continental Illinois Co. of Chicago, at 100.66. a basis of
-are payable as to both principal and semiabout 4.17%-V. 132. p. 2637
annual interest (April and October) at the Continental Illinois Bank &
Trust Co., Chicago. Coupon bonds in $1,000 denoms. registerable as to
'
principal only. The bankers are re-offering the bonds for general investment, subject to approval of legality of Chapman & Cutler, of Chicago,
0
at prices to yield from 3.50 to 4.007 for the maturities from 1932 to 1940
incl., and 4.05% for the bonds due from 1941 to 1951 incl. The District,
according to the bankers, includes the city of Waukegan (with the exception of a small portion recently annexed) and some adjacent territory.
The issue is dated April 1 1931 and matures $9,000 annually on April 1
from 1932 to 1951 incl.
Financial Statement.
325,246,455
Assessed valuation, 1930
487,390
Total bonded debt,this issue included
35.000
present estimate
Population,
-At a
WAUPACA, Waupaca County, Wis.-BONDS DEFEATED.
special election held on April 7, the voters rejected a proposal to issue
$75.000 in school bonds by a count of 384 favorable votes as compared
with 444 unfavorable.
-The $175.000
WAYCROSS, Ware County, Ga.-BOND DETAILS.
issue of general improvement bonds that was purchased by the Citizens &
Southern Co. of Atlanta
-V. 132. p. 2821-bears interest at 43i% and
was awarded for a premium of $1,500, equal to 100.85, a basis of about
4.43%. Due from 1936 to 1960.
-BOND SALE.
WEST CONSHOHOCKEN,Montgomery County, Pa.
-The $10,000 43 % coupon bonds offered on April 14-V. 132. p. 2637
were awarded to E. H. Rollins & Sons. of Philadelphia, at par plus a
premium of $476.49, equal to 104.76. a basis of about 3.88%. The bonds
are dated April 1 1931 and mature April 1 as follows: $1.000 in 1933 and
1935, 1937 and 1938, 1940 and 1941, and from 1943 to 1946, inclusive.
Bids for the issue were as follows:
Premium.
Bidder$476.49
E. H. Rollins & Sons (purchasers)
301.70
Stetson & Blackman
430.00
A. B. Leach & Co., Inc
WESTLAND TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-ADDITIONAL INFORMAClaysville), Guernsey County, Ohio.
TION.
-The $22,000 school improvement bonds purchased recently by
the State Teachers Retirement System. of Coumbus-V. 132. p. 2251
bear interest at 5% and were sold at par. Coupon bonds in $1,000 denorns.,
due serially until Sept. 1 1942. Interest is payable semi-annually in
March and September. Award was made on March 10.
-TEMPORARY LOAN.
WEYMOUTH, Norfolk County, Mass.
Salomon Bros. & Hutzler of Boston, were awarded on April 14 a $100,000
loan at 2.03% discount basis, plus a premium of $1. The
temporary
loan matures Dec. 18 1931.
WHITE COUNTY (P. 0. Monticello), Ind.-BONI) OFFERING.
W. R. Alkire, County Treasurer, will receive sealed bids until 10 a. m.
on May 1 for the purchase of $12,800 434% West Point Twp. highway
improvement bonds. Dated April 15 1931. Denom. $640. Due $640
July 15 1932: $640 Jan. and July 15 from 1933 to 1941, incl., and $640
Jan. 15 1942.
-BOND SALE.
WILKES COUNTY (P. 0. Wilkesboro), N. C.
The $127,000 issue of school funding bonds offered for sale on April 13V. 132, p. 2821-was purchased by the Bank of North Wilkesboro. as Is,
at par. Dated Feb. 1 1931. Due from Feb. 1 1933 to 1946, incl.
-BOND OFFERING.
WILLIAMS COUNTY (P. 0. Bryan), Ohio.
Mont Stuller, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on May 2 for the purchase of $27,787.45 6% road
improvement bonds. Dated May 10 1931. Due semi-annually as follows:
$2.787.45 March 10 and $2,000 Sept. 10 1932: $3,000 March and Sept. 10
from 1933 to 1935. incl.: $2,000 March 10 and $3,000 Sept. 10 1936. Bids
for the bonds to bear interest at a rate other than 6%,expressed in a multiple
1
:
of Y. of 1%, will also be considered. A certified check for $1,389.35,
payable to the order of the Board of County Commissioners, must accompany each proposal. The approving opinion of Squire, Sanders & Dempsey,
of Cleveland, will be furbished the purchaser.
-A 312.000
WILLSBURG, Grundy County, Lowa.-BOND SALE.
Issue of 43% semi-annual water works bonds is reported to have been
White-Phillips Co. of Davenport.
purchased by the
WILSONVILLE, Furnas County, Neb.-BOND DETAILS.
-The
$20,000 issue of 434% coupon refunding transmission bonds that was
-V. 132,
purchased by the United States National Co. of Omaha, at par
-is dated July 11931. Denom. 31,000. Due in 20 years, optional
p. 2638
in five years. Interest payable J. & J.
-The entire issue of 6% transmission bonds, dated
BONDS CALLED.
July 1 1921, optional July 1 1931 and due on July 11941, are called for payment as of July 1 at the office of the U. S. National Co. in Omaha.
-TEMPORARY LOAN.WORCESTER, Worcester County, Mass.
Harold J. Tunison, City Treasurer, awarded a $1,000.000 temporary loan on
April 15 to the Shawmut Corp. of Boston at 1.91% discount basis. The
loan is dated April 16 1931 and is payable Nov. 25 1931 at the First National
Bank of Boston, or at the First of Boston Corp., New York. The notes
will be certified as to genuineness by the aforementioned bank under opinion
of Storey, Thorndike, Palmer & Dodge of Boston as to legality.
The following is an official list of the bids submitted for the loan:
Discount Basis.
Bidder1.91%
Shawmut Corp. (purchaser)
1.94
Salomon Bros. & Hutzler (plus $12)
1.97
Worcester County National Bank (plus $15)
1.98%
Merchants National Bank (Boston)
1.98
Faxon, Gade & Co.
2.00
S. N. Bond & Co.
2.03
Grafton Co.
-BOND SALE.
WINNEBAGO COUNTY (P.O. Forest City), Iowa,
The $300,000 issue of coupon annual primary road bonds offered for sale
-was purchased by Ames, Emerich & Co.,
on April 15-V. 132, p. 2822
Inc., of Chicago, as 434s, for a premium of 32.705, equal to 100.901, a
APRIL 181931.]
FINANCIAL CHRONICLE
3017
basis of about 4.097. Due from 1936 to 1945. inclusive, and optional
after May 1 1936. The following bids (all for 43s) were also received:
Premium.
BidderGeo. M. Bechtel & Co
$2,700
Iowa-Des Moines Co
2,040
White-Phillips Co
2,000
YAKIMA COUNTY SCHOOL DISTRICT NO. 88 (P. 0. Yakima),
-Sealed bids will be received until 1 p.m. on
Wash.
-BOND OFFERING.
May 9 by R. W. White, County Treasurer, for the purchase of an $8,000
Issue of school bonds. Interest rate is not to exceed 6%, payable semiannually. Denom. $200. Dated June 1 1931. Due in from 2 to 10
years. Prin. and int.(J.& D.) payable at the office of the County Treasurer. A certified check for 5% must accompany the bid.
-NOTE SALE.
-The AtYARMOUTH, Barnstable County,•Mass.
lantic Corp., of Boston, purchased on April 13 an issue of $265,000 3%%
notes at a price of 100.24, a basis of about 3.465%. The issue is dated
May 1 1931 and matures serially on Nov. 1 from 1932 to 1951, incl. Bids
submitted at the sale were as follows:
Int. Rate. Rate Bid.
Bidder
100.24
Atlantic Corp. (Purchaser)
101.26
Eldredge & Co
100.08
Estabrook & Co
0
101.03
3
e
Shawmut Corp
MONTREAL, Que.-BOND SALE.
-The $2,500,000 43 % school
bonds offered on April 14-V. 132, p. 2638
-were awarded to a syndicate
composed of Wood, Gundy & Co.. and the Royal Bank of Canada, both of
Toronto: A.Iselin & Co., of New York; Greenshields & Co. of Toronto, and
Societe De Placements Du Canada, of Montreal, at a price of 98.867, for
bonds payable in Canada only, the net interest cost of the financing to the
city being about 4.56%. The bonds are dated May 1 1931 and mature
May 1 1971.
The following is an official list of the bids submitted for the issue:
-Price Offered for Bonds Payable
Canadian
Canadian and
BidderFunds Only. American Funds.
Banque Canadienne Nationale; Dominion
Securities Corp., Ltd.; Hanson Bros.,
Inc.; A.E.Ames & Co.,Ltd.; Geoffrion
& Cie, Ltd
98.26
98.61
Nesbitt, Thompson & Co., Ltd.; R. A.
Daly & Co., Ltd.: Bank of Nova Scotia,
Matthew & Co., Ltd.; Gairdner & Co.,
Ltd.
98.381
99.071
Wood, Gundy & Co., Ltd.; Royal Bank
of Canada;Societe de Placements, Ltd.
Greenwhields & Co.; A. Iselin & Co.__ *98.867
99.117
Fry, Mills Spence & Co.; Bell, Gouinlock
& Co., Ltd.; Canadian Bank of Com98.621
98.921
merce
Bank of Montreal, McLeod, Young,
Weir & Co.; National City Co.; L. G.
98.38
97.78
Beaubien & Cie, Ltd
* Accepted bid. The group is reoffering the bonds for general invest-STATEMENT REGARDING PROBABLE
CANADA, Dominion of.
-A special dispatch ment priced at 100 and interest.
REFUNDING FINANCING BY THE DOMINION.
from Montreal, published in the April 1 issue of the New York "Journal
-The Town Treasurer will reof Commerce" is given herewith in full:
NICOLET, Que.-BOND OFFERING.
"The financial situation of the Dominion of Canada is the outstanding calve sealed bids until April 27 for the purchase of $44,000 5% serial bonds.
and engrossing concern of the Prime Minister today. Overshadowing all
efforts to devise a co-ordinated plan is the dark cloud of Canada's matur-The Milner, Ross SecuriONTARIO COUNTY, Ont.-BOND SALE.
ing obligations. Within the next two and a half years, Canada will have ties Corp. of Toronto recently purchased an issue of $40,000 5% improveto make payments on her loans amounting to more than a $1,000.000,000- ment bonds at a price of 102.31, a basis of about 4.73%. The issue matures
$53.000,000 matures next October and $73,000,000 in November 1932. serially in from 1 to 20 years.
In November 1933, there is a loan maturing of $446,000,000, while twelve
months later an additional $512,000,000 must be found.
PORT DALHOUSIE, Ont.-BOND SALE.-Dyment, Anderson & Co.
In order to mature those large loans, it is anticipated that Canada will of Toronto recently purchased an issue of $10,170 10
-year serial bonds and
float a huge internal loan under a new financial plan devised by the Prime an issue of $1,395 20
-year serial bonds. Both issues aggregate $11.565
Minister. This will also provide for future necessities."
and bear interest at 5%. The bankers paid a price of 99.76 for the obli-The 8168,000 5% serial im- gations, the net interest cost basis being about 5.02%. Bids submitted
CHICOUTIMI, Que.-BOND SALE.
provement bonds, comprising an issue of $150,000 maturing in 30 years at the sale were as follows:
Rate Bid.
and one of $18,000, due in 20 years, offered on April 14-V. 132, p. 2638Bidder99.76
were awarded to Dube, Leblond & Co., of Quebec, at a price of 97.35.
Dyment, Anderson & Co
99.591
R. A. Daly & CO
The accepted bid was the only one submitted for the bonds.
99.59
C. II. Burgess & Co
-The Dominion
ETOBICOKE TOWNSHIP, Ont.-BOND SALE.
99.278
Securities Corp. of Toronto recently purchased $262,787 5% improvement Dominion Securities Corp
98.71
bonds at a price of 101.968, a basis of about 4.78%. The sale consisted of H. R. Bain & Co
98.50
$11.570 bonds maturing in five installments, $33,885 in 10 installments, Gairdner & Co
$132,822 in 20 installments and $84,510 in 30 installments. Bids sub-A syndicate composed of Wood.
QUEBEC, Que.-BOND SALE.
mitted were reported as follows:
Rate Bid. Gundy & Co., Nesbitt, Thomson & Co. and the Royal Bank of Canada
Bidder
improvement
Dominion Securities Corp
101.968 was awarded on April 10 an issue of $1,457,000 4;4% coupon
Fry, Mills, Spence & Co
101.173 bonds at a price of 99.569 (Canadian funds), a basis of about 4.53%•
successful
1
Gairdner & Co
101.072 The bonds are dated May a 1931 and mature May 1 1961. The
99.672
group also offered to pay price ofgiven inin United States funds for the
Wood, Gundy & Co
101.07
V. 132, p. 2822.) The followsupersedes that
issue. (This report
C. H. Burgess & Co. and J. L. Graham & Co
100.53
ing is a list of the bids reported to have been submitted for the bonds:
FORT WILLIAM, Ont.-BOND SALE.
-H. A. Daly & Co. of Toronto
-Payable in
% improvement bonds at a price of 97.046.
recently purchased $171,430
U.S. Funds.
Can. Funds.
BidderThe award consisted of $140,430 city improvement bonds and $31,000
hospital improvement bonds. The bonds mature in 15. 20 and 25 annual Wood, Gundy & Co., Nesbitt, Thomson & Co. and
99.672
x99.569
Installments. Alternative bids were requested for the entire offering
Canada
the Royal Bank of
of $171,430 bonds and for the hospital bonds and city bonds individually. C. H. Burgess & Co., J. L. Graham & Co., Dyment,
98.91
Tenders received were as follows:
Anderson & Co. and Drury & Co
Entire Hospital
Hannaford, Birks & Co., Greenshields & Co., Mead &
City
99.28
BidderBlock.
Co. and Societe et Placements du Canada
Bonds.
Bonds.
R. A. Daly & Co
Dominion Securities Corp., Bank of Montreal, A. E.
97.046
99.438
J. L. Goad & Co. and Bank of Commerce
96.88
Ames & Co.,and Banque Canadienne Nationale_ _ -99.03
Bell, Goulnlock & Co
96.02
Guaranty Company of New York, National City Co.,
99.539
A.E. Ames & Co
95.777
Harris, Forbes & Co.,and the Bank of Nova Scotia99.089
Wood, Gundy & Co
94.20
R. A. Daly & Co., Hanson Bros., Bancamerica-Blair
95.55
99.309
Dyment, Anderson & Co
Corp.and Kountze Bros
93.72
95.548
C. H. Burgess & Co.and J. L. Graham & Co_
92.04
95.187 Royal Securities Corp., Halsey, Stuart & Co.,and the
99.625
Fry, Mills, Spence & Co
94.571
Guardian Detroit Co
McLeod, Young, Weir & Co
McLeod, Young, Weir & Co., Fry, Mills, Spence &
92.13
93.12
Gairdner & Co
93.687
Co., Bell, Gouinlock & Co. and the Canadian Bank
94.987
99.29
of Commerce
GODERICH, Ont.-BOND SALE.
-The $43,982.57 5% local im- Gardner & Co., A. Iselin & Co. and the Dominion
provement sidewalk bonds offered on April 9-V. 132. p. 2638
99.17
-were
Bank
awarded to Cochrane & Co. of Toronto, at a price of 102.28, a basis of
x Accepted bid.
about 4.71%. The bonds mature in 20 equal annual installments of
principal and interest.
-Sealed bids will be received
RIMOUSKI, Que.-BOND OFFERING.
The following is a list of the bids submitted for the issue:
the purchase of $55,000 5% serial impt. bonds, of which
Rate Bid. until May 4 forin from 1 to 20 years and $25,000 in from 1 to 10 years.
Bidder$30,000 mature
Cochrane & Co
102.28
J. L. Goad & Co
101.91
-H. E. Wardroper, Common
-BOND OFFERING.
ST. JOHN, N. B.
R.A. Daly & Co
101.411 Clerk, will
receive sealed bids until 3 p. m. on April 21 for the puschase of
Avinent, Anderson & Co
101.398
$655,000 4%% impt. bonds, comprising the following issues:
Wood,Gundy & Co
101.20
McLeod,Young,Weir & Co
101.188 $325,000 bonds. Dated April 15 1931. Due April 15 1971.
A.E. Ames & Co
164,000 bonds. Dated Dec. 1 1930. Due Dec. 1 1960.
101.14
J. L. Graham & Co
72,500 bonds. Dated April 15 1931. Due April 15 1946.
• 100.73
52,000 bonds. Dated April 15 1931. Due April 15 1961.
Griffis. Fairclough & NorsworthY
100.65
34,500 bonds. Dated April 15 1931. Due April 15 1941.
Matthews & Co
100.43
C.H.Burgess & Co
7.000 bonds. Dated April 15 1931. Due April 15 1951.
100.36
Bids will be received for the purchase of all or any portion of the above
HULL, Que.-BOND SALE.
-The $100,000 5% improvement bonds
bonds. Prin. and semi-ann. int. will be payable in gold at the main offices
offered on April 14-V. 132. p. 2638
-were awarded to Dyment, Anderson & Co.. of Toronto, at a price of 100.58. a basis of about 4.93%. The of the Bank of Nova Scotia in Toronto, Montreal, New York and St. John.
Denoms. $1,000 and $500. Bonds are non-callable.
bonds are dated May 1 1931 and mature serially in from 1 to 20 years.
CANADA,its Provinces and Municipalities.
The following is an official list of the bids submitted for the issue:
Rate Bid,
BidderDyment, Anderson & Co. (purchaser)
100.587
Mead & Co
100.39
Gairdner & Co
100.37
Dominion Securities Corp
100.29
Credit Anglo-Francais, Ltd
99.72
C.H. Burgess & Co
99.53
L.G.Beaubien & Co
99.31
La Banque Provinciale du Canada
99.15
LONGUEUIL, Que.-BOND OFFERING.
-Sealed bids addressed to
J. Arthur L'Heureux, Secretary-Treasurer, will be received until 5 p, m.
on may 1 for the purchase of $300,000 5% improvement bonds, due serially
In from 1 to 10 Years.
NEW TORONTO, Ont.-BOND SALE.
-Wood, Gundy & Co. of
Toronto, recently purchased $185,761 5% impt. bonds at a price of 100.47,
a basis of about 4.94%. Of the entire issue, $92,100 mature in 20 installments: $78,686 in 15 installments, and $14,975 in 10 installments. The
following is a list of the bids submitted at the sale:
Bidder
Rate Bid.
Wood,Gundy & Co
100.47
C. H. Burgess & Co., and Canadian Bank of Commerce
100.301
McLeod,Young, Weir & Co
100.08
Harris, McKeen & Co
99.30
Bank of Nova Scotia; McLeod, Young, Weir & Co.; Fry, Mills.
Spence & Co.; Bell, Goulnlock & Co.: J. M.Robinson & Co., and
T.m.Bell& Co
Dominion Securities Corp.; Wood, Gundy & Co.; A. E. Ames & Co.; 99.438
Royal Bank, and Eastern Securities Co
Bancamerica-Blair Corp.; Royal Securities Corp.; Kountze Bros. 99.281
& Co.; R. A. Daly & Co.; E. H. Rollins & Sons; Canadian Bank of
Commerce
99.2099
Dominion Bank; Nesbitt, Thomson & Co.; A. Iselin & Co.,• C. II.
Burgess & Co.; Dyment, Anderson & Co.,and Gairdner & Co_ __ _ 99.17
National City Co
99.079
First National Bank of New York; Bank of Montreal; First National
Old Colony Corp.; Stone, Webster & Blodgett; Salomon Bros. &
Hutzler. and Hanson Bros
98.808
-BIDSREJECTED FOR
SASKATCHEWAN,Prov. of (P. 0. Regina).
$2,500,000 BOND ISSUE.
-It is reported that all of the bids received on
April 16 for the purchase of an issue of$2,500,000 impt. bonds were rejected.
Alternative tenders were requested for 4% bonds, due in 5 years. and 4%%
bonds, due in from 10 to 25 years.
-The $307,500 5% impt.
SHAWINIGAN FALLS,Que.-BOND SALE.
bonds, of which $270,000 mature serially in from 1 to 40 years and $37.500
-were awarded
in from 1 to 20 years, offered on April 15-V. 132, p. 2638
to Hannaford, Birks & Co., of Toronto, at a price of 103.09, a basis of about
4.72%.
-The following issues of4%% coupon
TORONTO,Ont.-BOND SALE.
0
(registerable as to principal) improvement bonds aggregating 510,084.00
offered on April 15-V. 132. p• 2822
-were awarded to a syndicate composed of the Bancamerica-Blair Corp.. Halsey, Stuart & Co. Inc., both
of New York; First Union Trust & Savings Bank, Chicago; KoUntze Bros•,
New York; Guardian Detroit Co., Inc., Detroit; the Marine Trust Co.,
Buffalo; R. A. Daly & Co. and the Dominion Bank, both of Toronto;
the Bank of Nova Scotia; Matthews & Co.. Toronto; W.C. Pitfield & Co.,
Montreal; Flemming, Depton & Co., of Toronto, and the Wells-Dicky
Co. of Minneapolis. The group paid a price of 100.3595 for the bonds.
•
the net interest cost of the financing to the city being 4.457%•
'
$5,101,000 local impt. consolidation bonds. Due in from 1 to 10 years.
3,000,000 water works extension bonds. Due in from 1 to 30 years.
803,000 parks and playgrounds bonds. Due in from 1 to 30 years.
456.000 high school bonds. Due in from 1 to 30 years.
427,000 public school bonds. Due in from 1 to 30 years.
156,000 parks and playgrounds bonds. Due in from 1 to 30 years.
141,000 water works extension bonds. Due in from 1 to 30 years.
All of the bonds will be dated April 1 1931 and issued in denom. of $1,000
each. The amounts of the principal of $10,084,000 maturing each year
annually on April 1 are as follows: $496.000, 1932: 8519,000, 1933: 9543,000, 1934; $568,000, 1935; $593,000. 1936; $818,000, 1937; $647,000, 1938;
$676,000, 1939; $707,000. 1940: 5738,000. 1941: 5128.000, 1942: 9132.000.
,•
1947;
$166:000. 1'948:$173,000. 1449; $181,000, 19e0: Si88.004. 1951; $08,000,
3018
FINANCIAL CHRONICLE
1952; $206,000, 1953; 1216,000, 1954; $224,000, 1955: 2234,000. 1936;
$246,000, 1957; 1255,000. 1958; 1268.000, 1959; $281,000 in 1960, and
$292.000 in 1961.
.—Members of the successful syndicate
BONDS PUBLICLY OFFERED
are reoffering the bonds for general investment at prices to yield from 3.00
,
to 4.40% for the 1932 to 1945 maturities, and at a price of 100.50 for the
1946 to 1961 maturities. The bonds are payable in either New York
City. Toronto or London. Eng. The bankers' public offering advertisement will be found on page XIII of this issue.
The following is an official list of the bids submitted for the bonds:
Rate Bid.
Syndicate—
R. A. Daly & Co.; Bancamerica-Blair Corp., N. Y.; Halsey,
Stuart & Co., Inc., N. Y.; First Union Trust & Savings Bank
cChicago); Kountze Bros.. N. Y.; Guardian Detroit, Inc.,
Detroit; Bank of Nova Scotia, Toronto; Matthews & Co., Ltd.,
Toronto; Marine Trust Co., Buffalo; The Dominion Bank,
Toronto; W.C.Pitfield & Co.. Montreal; Flemming,Denton &
*100.3595
Co., Toronto; Wells-Dickey & Co Minn.
Bank of Montreal; McLeod,Young,Weir & Co.,Ltd.;Fry,Mills,
Spence & Co.; Bell. Gouinlock & Co., Ltd.; Hanson Bros., Inc.;
First National Bank, N.Y.'Stone & Webster & Blodgett,Inc.;
Salomon Bros. & Hutzler; First Old Colony Corporation; First
100.279
Detroit Co
Wood, Gundy & Co., Ltd.; A. E. Ames & Co., Ltd.; Royal Bank
100.146
of Canada; Chase Securities Corp.; Continental Illinois Co.The National City Co., Ltd.; Dillon, Read & Co.; Guaranty Co.
of N. Y.; Bankers' Co. of N. Y.; The Dominion Securities
99.8899
Corp., Ltd.; The Canadian Bank of Commerce
Gairdner Co., Ltd.; Imperial Bank of Canada; Nesbitt, Thomson
& Co., Ltd.; Dyment, Anderson & Co.; C. H. Burgess & Co..
Ltd.; Drury & Co.; Greenshields & Co.; Griffis, Fairclough
99.625
& Norsworthy, Ltd
* Accepted bid.
-•
(Incl. Present Debentureassue).
emeilt
aNT— of Funded Debt March 31 1931
Grout funded debt—
$51,624.911
Sinking fund bonds
(Sinking fund accumulation, $21,228,119)
142.434.792
Installment bonds
$194,059,703
Dem
Deduct specially rated & rev, producing debts_ $13,546.2g_
11,321,438
Less sinking fund on these debts
P.1
$102,224,794
Sinkingfund21,228,119
123.452,913
[Vol,. 132.
The following is an official list of the bids submitted for the bonds:
—Rate Bid For BondsPay. In—
Bidder—
Canada Only. Canada & U.S.
Royal Bank of Canada; Chase Securities
Corp.; Pemberton & Son (Vancouver)
Ltd.; Wood,Gundy & Co., Ltd
*104.70
104.30
McLeod, Young, Weir & Co., Ltd.; Fry.
Mills, Spence & Co., Ltd.; Bell. Goillnlock & Co., Ltd.; Victor W. Odium,
104.079
Brown & Co.; Canadian Bk.of Commerce
103.629
Gairdner & Co., Ltd.; Iselin & Co.; Nesbitt,
Thomson & Co.; Burgess & Co.; Dyment,
104.052
Anderson & Co.; Western City Co
Bank of Montreal; Dominion Secure. Corp.,
Ltd.; Dillon, Read & Co.; A. E. Ames &
103.698
Co., Ltd
Bank of Nova Scotia; Matthews & Co.,
Ltd.; R. A. Daly & Co., Ltd.; Hanson
Bros.; Kountze Bros.; R. W. Pressprich
102.617
& Co_
* Accepted bid.
VERDUN,Que.—BOND SALE.—The 5376,0005% impt. bonds offered
on April 10—V. 132. p. 2638—were awarded to McLeod, Young, Weir &
Co. of Toronto, at a price of 102.07, a basis of about 3.82%. The bonds
are dated May 1 1931 and mature serially in from 1 to 40 years.
The Secretary-Treasurer informs us that an additional issue of $166,000
bonds will be offered for sale shortly.
WESTMOUNT, Que.—BOND OFFERING.—Arthur F. Bell. SecretaryTreasurer, will receive sealed bids until 5 p. m.on April 21 for the purchase
% coupon various local impt. bonds. Denoms. $1.000 and
of $300,000
$500. Due Nov. 1 as follows: $6,000, 1931; 57,000, 1932: 58.500 from 1933
to 1936 ncl.; 39,500, 1937; 310.000, 1938 and 1939; $11,500. 1940: $8,500,
1941; 27.500, 1942;19,500,1943; 58.000, 1944; 510,000, 1945; 59,500 1946;
511,000 1947: 110.500, 1948; 511.500. 1949: $12,500, 1950; 53,500. 1951
and 1952; $4,500, 1953: $4,000, 1954; 54,500, 1955; $4,000, 1956; 25,000
from 1957 to 1960 incl.; 15,500, 1961; 26,000, 1962 and 1963; 56,500, 1964:
57,000, 1965; 56,500, 1966;$7,500, 1967: 58,000, 1968 and 1969.and $8,500
in 1970. Prin. and semi-ann. Int.(M. & N.) payable in gold at the Bank
of Montreal, or at any branch of said bank in Canada. A certified check
for 1% of the amount of the issue must accompany each proposal. According to the official offering notice the city's annual reports, certified by
chartered accountants, show the following:
Total bonded debt,including present and all authorized issues- _ $8.420,166
Less bonds issued and authorized for the electric light and
995,000
$70.606.790
debt
Net general
destructor plant
Assessment. &c.
$7,425.166
Assessed value of rateable property—
$1.048,377,649 Less sinking funds in hand (excl. of electric light sinking funds)- 1,943,564
For school purposes (1931)
976.771,653
P For general purposes 1931)
$5,481,602
Net authorized bonded debt
1,011,970,429
11 For school purposes (1930)
71,128,406
941,283,372 Net tangible value ofland. buildings,&c
"P For general PurPoses1920
2,845
144,648,926 Value per capita
Exemptions not Includedin 1931 figures
7.70%
219,482,551 Net authorized bonded debt of the taxable value
Capital assets as Dec. 31 1930
37,267,617 Combined rate of taxation for general administration and school
Total revenue 1930
2.3%
25,965 acres
Area ofcity
Purposes
123,721
621,596 Surplus in the sinking fund at present
Population 1930
33.6 mills General fund has in it at present built up from revenue surpluses
Tax rate for 1931
163,475
during recent years
The city has fixed assets in general lands and buildings in excess of this
Cost value of the electric light plant, exclusive of the cost of the
debt in addition to the taxing power on an assessment of 91.048,377,649.
1.395,608
destructor
VANCOUVER, B. C.—BONDS PUBLICLY OFFERED.—The various Net surplus (after paying operating costs, interest and sinking
issues of 5% coupon (registerable as to prin.) impt. bonds aggregating
fund on bonds, and providing for depreciation) for the 14
$3.667,733.19 awarded on April 9 to a syndicate composed of the Chase
37,110
months ended Dec.31 1930
Securities Corp., Wood, Gundy & Co., the Royal Bank of Canada and Total bonded debt of the electric light plant
425,000
Pemberton & Son at 104.70 (New York funds), a basis of about 4.71%— Less,sinking fund in hand
226,045
V. 132, p. 2822—are being reoffered by members of the successful group
at prices to yield from 4.50 to 4.60% for the bonds maturing from 1940
5198.955
Net bonded debt of the electric light department
to 1951, and at a price of 106.34, to yield about 4.625%, for the 22,800,000
The surpluses and derpreciation funds have been used in the extension
bridge bonds maturing in 1970. The bonds and semi-ann. Int. are payable
25,000.
of the plant. Estimated population.
in either N. Y. City or Canada.
NEW LOANS
FINANCIAL
$974,325.57
Chartered1836
City of Minneapolis
SPECIAL STREET IMPROVEMENT
BONDS
DAN C. BROWN.
City Comptroller.
Minneapolis, Minnesota.
$130,000
of Southampton,
Town
New York
HAMPTON BAYS WATER
DISTRICT BONDS
that
NOTICE IS HEREBY GIVEN, of
Town
Minnesota
NOTICE IS HEREBY GIVEN that the Committee on Ways and Means of the City Council
of the City of Minneapolis, Minnesota, will sell
at a public sale, at the Office of the City Comptroller of said City, on MONDAY, APRIL 27TH,
1931, at 2:00 o'clock p. m. (Central Standard
Time). $974,325.37 Special Street Improvement
Bonds, at a rate of interest not exceeding five
per cent per annum.
To be dated May 1st, 1931.
Payable in equal annual inataliments, of
which $60,696.37 will be payable in five years;
$886,814.20 in ten years and $26,815.00 in
twenty years, as follows:
-°18t, 1932: $102,000.00, May
IT037=May
1st in each of the years 1933 to 1936, inclusive: 290,000.00. May 1st in each of the
years 1937 to 1941, inclusive; $2,000.00.
May ltit in each of the years 1942. 1943 and
1944; and 21,000.00 May 1st in each of the
years 1945 to 1951, inclusive.
To be in denominations of $50. $100, $500 or
$1,000, at the option of the purchaser, and coupon
rate must be the same for all bonds bid for.
Sealed bids may be submitted until 2:00 o'clock
p. in. of the date of sale. Open bids will be
asked for after that hour.
All bids must include accrued interest from
date of said bonds to date of delivery and a certified check for two per cent of the par value of the
City
bonds bid for made to C. A. Bloomquist,
Treasurer, must accompany bids.
amount less
No bid will be considered for an
than the par value of the bonds.
is hereby
The right to reject any and all bids
reserved.
•
Thomson, Wood &
The approving opinion of
these
Hoffman, Attorneys, will accompany
bonds.
Circular containing full particulars will be
mailed upon application.
NOTICE OF SALE
the
Southundersigned, Supervisor of the
ampton, New York, will receive sealed proposals
at the Town Clerk's office in the Town of Southampton, Suffolk County, New York until 2:00
o'clock P. M., on the 29th day of April, 1931, for
the purchase of the following described bonds of
the Town of Southampton. New York. to wit:
One hundred and thirty thousand dollars
($130,000) Hampton Bays Water District(coupon)
Bonds, dated May lst, 1931, denomination Five
hundred dollars ($500) each, maturing Thirtyfive hundred dollars ($3,500) on May 1st, 1936,
and three thousand five hundred dollars ($3,600)
on May 1st in each of the years 1937 to 1970,
both inclusive; and seventy-five hundred dollars
($7,500) on May 1st in the year 1971, bearing
interest at the rate of five (5) per cent per annum,
payable semi-annually May and November first.
Both principal and interest will be payable in gold
coin or its equivalent in lawful money of the
United States, at the Hampton Bays National
Bank, Hampton Bays, Suffolk County. New
York. in New York exchange. Bonds will be
registerable as to principal only or as to both
principal and interest.
The right is reserved to reject any and all bids.
Unless all bids are rejected said One hundred and
thirty thousand dollar (2130,000) bonds will be
awarded to the highest bidder complying with the
terms of sale, provided however, that if two or
more bidders submit a bid for the same amount.
then the bonds will be awarded to the bidder
offering the highest price therefor upon an auction
at the same time and place. No bid for less than
par value will be considered. Any bid not complying with the terms of this notice will be rejected.
Each proposal must be enclosed in a sealed
envelope addressed to the undersgned Supervisor and marked on the outside "Proposal for
Bonds" and must be accompanuod with a certified check drawn upon an incorporated bank or
trust company in the State of New York, or a
cashier's or other official's check of such bank or
trust company payable to the order of the Supervisor of the Town of Southampton for $1,000.
The deposit of the successful bidder will be
credited upon the purchase price. Checks of
unsuccessful bidders will be returned on the award
of the bonds. The successful bidder will be
required to pay the Par value of said bonds and
the accrued interest thereon from May 1st, 1931,
to the date of delivery.
Dated Southampton, N. Y.
April 15th, 1931.
.1. AUGUSTUS HILD It ETii,
'
Supervisor.
8c Chestnut Sts., Philadelphia
Institutions Desiring
Philadelphia Connections
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this Company, which is now
serving many clients in other
cities.
The continued steady growth
of this Company, without consolidation, since its establishment under perpetual charter
in 1836, is evidence of the
satisfactory service rendered.
GIRARD
TRUST COMPANY
Broad
@FedFRASER